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Charity number.. 1170544
The Fruiterers Foundation
Unaudited
Trustees, report and financial statements
for the year ended 31 January 2024

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The Fruiterers Foundation
Contents
Page
Reference and administrative details of the charity. its Trustees and advisers
Trustees. report
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the financial statements
8-17

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The Fruiterers Foundation
Reference and administrative details of the charity. its Trustees and advisers
forthe year ended 31 January 2024
Trustees
Professor John Frederick Price
John Robert Wamer
Laurence Stephen Olins
Matthew Hancock
Blair Gullands lappoinled 18 October 20231
Professor Stephen James Challacombe lappoinled 18 October 20231
Christopher Bishop (appointed 25 January 20241
Charity registered
number
1170544
Principal office
British Growers Association Ltd
BGA House
Nottingham Road
Louth
Lincolnshire
LN11 OWB
Accountants
Kreslon Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E16RA
Bankers
HSBC UK Bank plc
1 Corn Market
High Wycombe
Buckinghamshire
HP112AY
Investment advisors
JM Finn
25 Copthall Avenue
London
EC2R 7AH
Page 1

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The Fruiterers Foundation
Trustees. report
forthe year ended 31 January 2024
The Trustees present their annual report together with the financi81 statements of the charity for the ended 31
January 2024. The Trustees confirm that the annual report and financial statements of the charity comply with
the current statutory requirements, the requirements of the charity's governing document and the provisions of
the Statement of Recommended Practi￿ ISORP}, applicable to charities preparing their accounts in accordance
with the Financial Reporting Standards applicable in the UK and the Republic of Ireland IFRS 1021 leffeclive 1
January 20191.
Objectives and activities
a. Policies and objectives
The Foundation has two principal objectives..
To advance education and research in fruit and all other areas of the fresh produce industry.
To advance such other charitable purposes as the trustees see fit from time lo lime.
Monies are received by both funds from individuals and business organisations, as well as one half of the St
Paul's Day Livery Service Collection. The income of both funds is supplemented by income from the
Foundation's investments.
Details of the donations and awards made during the year are included in these Accounts in Notes 4 and 5.
b. Main activities undertaken to frjrther the charity's purposes for the public benefit
In considering the activities and grants made during the year, the Trustees have paid due regard to the published
Charity Commission guidance on the operation of the Public Benefit requirements of the Charities Act 2011.
Once again, during continuing uncertain and volatile limes the current year priority has remained to maintain
income for the Trust while ensuring its capital is protected.
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The Fruiterers Foundation
Trustees. report Icontinuedl
forthe year ended 31 January 2024
Achievements and performance
Financial review
a. Financial risk management objectives and policies
Expenditure exceeded incoming resources by £7,751 12023- £1,878) during the period before realised and
unrealised investment gains and losses.
It is the policy of the Charity to maintain its free reserves al a level lo enable it to be administered efficiently,
meet ils short-term expenditure requirements, and have adequate resources lo fund its charitable activities and
projects. In estsblishing this policy, the Trustees have considered the disposition of its incoming resour￿$,
which are mainly derived from investments and supplemented by fundraising activities. The Trustees are
satisfied that the current level of free reserves are adequate for the foreseen requirements of the charity.
The trustees reviewed the performance of their investment managers,. J M Finn for the twelve-month period
ending 31 sl January 2024. The trustees are pleased that the net value of the Foundation's investments have
risen during the course of the year. The global financial markets have experienced mixed results during 2023
and the Trustees continue to monitor J M Finn's performance on a regular basis.
Structure. governance and management
Constitution
The Fruiterers Foundation is a registered charity, number 1170544, and is constituted as a CIO under a Trust
deed. The charity was incorporated on 5 December 2016 and commenced trading on that date.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the
terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the
operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our
exposure lo the major risks.
Plans for future periods
The Trustees plan lo continue to finan￿ their charitable activities primarily from investment income and
donations received, and from some other activities. Trustees wll receive and act upon recommendations from
the Committee of the Foundation's Awards Council to make payments which support research and recognise
achievement in the fruit industry, and from the Master for donations to more general worthy causes.
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The Fruiterers Foundation
Trustees. report Icontinuedl
forthe year ended 31 January 2024
Statement of Trustees, responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial ststements in accordance with
applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting
Pradicel.
The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the stale of affairs of the charity and of its incoming resources
and application of resources, including ils income and expenditure, for that period. In preparing these financial
statements, the Trustees are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting estimates that are reasonable and prudent.,
stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material
departures disclosed and explained in the financial stalemenls.,
prepare the financial statements on the going concern basis unless il is inappropriate to presume that the
charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the charity's transactions and disclose with reasonable accuracy at any time the financial posttion of the charity
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Matthew Hancock
Dale..
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The Fruiterers Foundation
Independent examiner's report
forthe year ended 31 January 2024
Independent examiner's report to the Trustees of The Fruiterers Foundation I'the charity'l
I report lo the chartty Trustees on my ex8minalion of the accounts of the charity for the year ended 31 January
2024.
This report is made solely lo the Charity's Trustees. as a b(Idy, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charity's
Trustees those mallers l am required lo stale to them in an Independent examinerfs report and for no other
purpose. To the fullest exlenl pemiitled by law. I do not accept or assume any responsibility to anyone other than
the Charity and the Charity's Trustees as a body, for my work or ftir this report
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 I'the 2011 Act'l.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and
in carrying out my examination I have followed the applicable Directions given by the Charity Commission under
section 14515llb) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance wtth Accounting and
Reporting by Charities= Slalement of Recommended Practice applicable lo charities preparing their accounts in
accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in
preferen￿ to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April
2005 which is referred to in the extsnl regulations but has been withdrawn.
l understand that this has been done in order for the accounts to provide a true and fair view in accordance with
the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come lo my attention in connection with the
examination giving me cause to believe that in any material respect=
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act- or
the accounts do not accord with those re￿rdS,. or
the accounts do not comply with the applicable requirements conceming the fom and conlenl of
accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and faiv view which is not a matter considered as part of an independent
examination.
I have no Concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached.
Signed..
Dated.. 16 August 2024
S.P. Tanner BS¢ IE6nl FCA
Kreston Reeves LLP
Chartered Accountants
London
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The Fruiterers Foundation
Statement of financial activities
forthe year ended 31 January 2024
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from..
Donations and legacies
Investments
48,896
29,946
48,896
29,946
48,531
26,712
Total income
78,842
78,842
75,243
Exp9nditurg On..
Raising funds
Charitsble activities
9.284
77.309
9,284
77.309
9,736
67,385
Total expenditure
86.593
86.593
77,121
Net expendlture before net losses on
Investments
Nel losses on investments
Net movement in funds before other
recognised gainslllosses)
17.7511
15.7491
17.7511
15.7491
11,8781
119,6071
113,5001
113,5001
121,4851
Other recognised gainslllosses)-
Gainslllossesl on revaluation of fixed
assets
19,320
19,320
1112,3071
Net movement in funds
5.820
5.820
1133,7921
Reconciliation of funds:
Total funds brought fotward
Nel movement in funds
1.260.219
5,820
105
1.260.324
5,820
1,394,116
1133,7921
Total funds carried forward
1,266,039
105
1,266,144
1,260,324
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 10 17 form part of these financial statements.
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The Fruiterers Foundation
8alance sheet
as at 31 January 2024
2024
2023
Note
Fixed assets
Investments
1,239.161
1,208,263
1.239.161
1,208,263
Current assets
Stocks
Debtors
Cash at bank and in hand
1,817
3.755
30,894
2,779
1,598
63,370
36,466
67,747
Creditors.. amounts falling due within one
year
10
(9,4831
115,6861
Net current assets
26.983
52,061
Total assets less current liabilities
1,266.144
1,260,324
Total net assets
1,266.144
1,260,324
Charity funds
Restricted funds
Unreslricled funds
11
11
105
1,266.039
105
1,260,219
Total funds
1,266.144
1,260,324
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Matthew Hancock
Dale..
The notes on pages 8 10 17 form part of these financial statements.
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Accounting policies
1.1 Legal form
The Fruilerers, Foundation Ilhe Charity) is a Charitable incorporated organisation domiciled in the
United Kingdom. The address of ils registered office and principal place of business is British
Growers Association Ltd, BGA House, Nollingham Road, Louth, Lincolnshire, LN11 OWB.
1.2 Basis of preparation of financial statements
The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fail view and have departed from
the Charities (Accounts and Reports} Regulations 2008 only lo the exlenl required to provide a 'lrue
and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
The Fruilerers Foundation meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised al historical cost or transaction value unless olheN4ise slated in the
relevant accounting policy.
1.3 Income
All income is recognised On￿ the charity has entitlement lo the income, it is probable that the income
will be re￿iVed and the amount of income receivable can be measured reliably.
Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is
recognised at the lime of the donation.
1.4 Expenditure
Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and
the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs allributable lo a single activity are allocated directly
to that aclivily. Shared costs which contribute to more than one activity and support costs which are
not allributable lo a single activity are apportioned between those activities on a basis consislenl with
the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Costs of generating funds are costs incurred in allracling voluntary income, and those incurred in
trading activities that raise funds.
Charitable activities and governance costs are incurred on the charills educational operations,
including support costs and costs relating to the g0Veman￿ of the charity apportioned lo charitable
activities.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for ils
charitable purposes and includes wsts of all fundraising activities events and non-charilable trading.
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Accounting policies {¢ontinued)
1.4 Expenditure {continuedl
Expenditure on charitable activities is incU￿ed on directly undertaking the activities which further the
charills objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions allaching are
fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as 8
commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured al fair value at the Balance sheet dale. unless the value
cannot be measured reliably in which case il is measured al cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented in the heading as
'GainsllLosses} on investments, in the Statement of financial aclivilies.
Investments held as fixed assets are shown al cost less provision for impaiment.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity.. this is normally upon notification of the interest paid or payable by the Bank.
1.7 Stocks
Stocks are valued al the lower of cost and net realisable value after making due 8IIow8nce for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed
and variable overheads.
1.8 Debtors
Trade and other debtors are recognised at the selllemenl amount after any trade discount offered.
Prepayments are valued al the amount prepaid net of any trade discounts due.
1.9 Cash at bank and In hand
Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Llabllltles and provlslons
Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past
event, il is probable that a transfer of economic benefit will be required in setllemenl, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised al the amount that the charity anticipates it will pay lo sellle the debt or the
amount il has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Accounting policies {¢ontinued)
1.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind th8t qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured al their settlement value wtth the exception of bank loans which are subsequently
measured 8t amortised cost using the effective interest method.
1.12 Fund accounting
Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial
statements.
Restricted funds are funds which are to be used in accordance wth specific restrictions imposed by
donors or which have been raised by the charity for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes lo the financial stalemenls.
Income from donations and legacies
Unrestricted
fund5
2024
Total
funds
2024
Total
funds
2023
Donations received
Gift Aid reclaim
46,914
1,982
46,914
1,982
45,592
2,939
Total 2024
48,896
48,896
48,531
Total 2023
48,531
48,531
Investment income
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Income from listed investments
29,946
29,946
26,712
Total 2024
29,946
29.946
26,712
Total 2023
26,712
26,712
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Analysis of donations made
Unrestricted
Donations
Total
funds
2024
Total
funds
2023
2024
Donations
12,500
12,500
8,000
3,945
Grants, Designated - Benevolent Society
Total 2024
12,500
12.500
11,945
Total 2023
11,945
11,945
The charity has made the following material donations to institutions during the year-
2024
2023
Name of Instltutlon
TC Fox
Royal British Legion
Teddy's Vvish
Britten Pears Arts
3,945
1,000
1,500
1,000
1,500
1,000
1,500
500
The Ruth Stauss Foundation
Barts Charity
City Harvest
ABF The Soldiers, Charity
Sea Change Sailing Trust
The Sheriffs, & Recorder's Fund
4.000
500
3,000
5,000
12.500
11,945
12.500
11,945
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Analysis of expenditure by activities
Activities
undertaken
directly
2024
Grant
funding of
activities
Support
costs
Total
funds
2024
Total
funds
2023
2024
2024
Designated - General
Charitable
1,670
12,500
6,531
20,701
17,490
Designated - Education and
Research
Designated - Benevolent
Society
48,970
7,638
56,608
45,075
4,820
Total 2024
50,640
12,500
14,169
77,309
67,385
Total 2023
45,861
11,945
9,579
67,385
Analysls of support costs
Deslgnated Deslgnated
Designated Education
- General
and Benevolent
Charitable
Research
Society
2024
2024
2024
Total
funds
2024
Total
funds
2023
Accountancy fees
Sundry expenditure
Bank charges
5,832
6,706
328
12,538
372
8,754
655
604
1,259
825
Total 2024
6,531
7,638
14.169
9,579
Total 2023
2,151
6,553
875
9,579
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Analysis of awards given
2024
Plum Demonstration Centre Award
5.000
21,970
500
NIAB EMR
Travel Bursary Donation
Fruit Focus Sludenl Prize
1.500
2.500
5,000
7,500
5,000
Fruit Focus David Hohnen Prize
University of Reading
Nuffield Farming Scholarships
Marden Fruit Show
48.970
Trustees. remuneration and expenses
During the year. no Trustees received any remuneration or other benefils12023 - £NILI.
During the year ended 31 January 2024, no Trustee expenses have been IncUr￿d<2023 - £NIL).
Fixed asset investments
Other fixed
Listed
asset
investments investments
Total
Cost or valuation
At 1 February 2023
Additions
Disposals
Revaluations
1.208,262
256.738
1245,160}
19,320
1,208,262
256.739
{245.1601
19,320
At 31 January 2024
1,239,160
1,239,161
Net book value
At 31 January 2024
1.239,160
1,239,161
At 31 January 2023
1,208,262
1,208,262
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
Stocks
2024
2023
Finished goods
1.817
2,779
Debtors
2024
2023
Dug aftgr more than ong ygar
Trade debtors
Due within one year
Prepayments and accrued income
3,515
1,598
3,755
1,598
10. Creditors.. Amounts falling due within one year
2024
2023
Trade creditors
Accruals and deferred income
10,186
5,500
8,840
9,483
15,686
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
11.
Statement of funds
Statement of funds - current year
Balance at 1
February
2023
Balance at
Gainsl 31 January
(Losses)
2024
Income Expenditure
Unrestricted funds
General Charitable
EdLJcalion and Research
227,137
1,033,082
28,033
50,809
(21.2591
165,3341
82
13,489
233,993
1,032,046
1,260.219
78,842
186.5931
13,571
1,266.039
Restricted funds
Franklands Gift Fund
105
105
Total of funds
1,260,324
78,842
186.5931
13,571
1,266,144
statement of funds - prlor year
Balance at
1 February
2022
Balance al
Gainsl 31 January
(Losses}
2023
Transfers
inloul
Income Expenditure
Unrestricted
funds
General
Charitable
241,655
27,805
{19,200}
{23,123}
227,137
Benevolent
Society
Education and
Research
152,701
2.978
15,917}
{147.5231
12,239}
999,655
44,460
{52,004}
147,523
1106,552}
1,033,082
1,394,011
75,243
{77,121}
1131,914}
1,260,219
Restricted funds
Franklands Gift Fund
105
105
Total of funds
1,394,116
75,243
177,1211
1131,9141
1,260,324
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The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
12.
Summary offunds
Summary offunds - current year
Balance at 1
February
2023
Balance at
Gainsl 31 January
(Losses)
2024
Income Expenditure
Designated funds
Restricted funds
1.260.219
105
78,842
186.5931
13,571
1,266,039
105
1,260,324
78,842
186.5931
13,571
1,266,144
Summary offunds - prior year
Balan￿ at
1 February
2022
Balance at
Gainsl 31 January
(Losses)
2023
Transfers
inloul
Income Expenditure
Designated
funds
Restricted funds
1,394,011
105
75,243
177,1211
1131,9141
1,260,219
105
1,394,116
75,243
177,1211
1131,9141
1,260,324
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VirtualSignalur£ Transaction Rel M24G￿￿3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 19119
The Fruiterers Foundation
Notes to the financial statements
forthe year ended 31 January 2024
13.
Analysis of net assets between funds
Analysis of net assets between funds - Current year
Unrestricted Restricted
funds
funds
2024
2024
Total
funds
2024
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Difference
1,239,161
240
1,239,161
240
36,121
111,4831
2,000
105
36,226
111.4831
12.0001
Total
1,266,039
105
1,266,144
Analysis of net assets between funds - prior year
Unreslricled
funds
2023
Reslricled
funds
2023
Total
funds
2023
Fixed asset investments
1,208,263
67,642
115,6861
1,208,263
67,747
115,6861
Current assets
105
Creditors due within one year
Total
1,260,219
105
1,260,324
Restrlcted Funds
The Franklands Gift Fund was created to support the needy of the Company and those associated with it.
14. Related party transactlons
There were no related paty transactions during the year, or outstanding related party balances al the
Balance Sheet date.
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