COMPANY REGISTRATIOIY NUMBER: 890369 CIL4RifY REGISTRATION NUMBER: 252370 FRANKGIVING LIMtTED COMPANY LIMITED BY GUARAiYfEE CONSOLIDATED FJNANCIAL STATEMENTS for the ye4r ended 30 JUNE 2023 COHEN ARNOLD Chartered A¢¢ountants & Statutory Auditor New Burlington House 1075 Finchl¢y Road tA)ndon NWI I OPU
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 PAGES Trustees, annual report (incorw)rating the dItor'S report) itos Independent auditols r¢tKTrrt to th¢ memixrs 6tolO Consolidated statement of financial activities (including the consolidated income and expenditure account) li Consolidated balance sheet 12 Charity balan¢e sheet 13 Consolidated statement of cash flows 14 Notes to the financial ststements 151031
FRANKGIVING LIMITED (COMPANY LIMITED BY GUARANTEE)
TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT)
YEAR ENDED 30 JUNE 2023
The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity and its subsidiary undertakings for the year ended 30 June 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Frankgiving Limited Charity registration number 252370 Company registration number 890369 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr Leslie Frankel (Chairman) Mrs Zisi Frankel Mr Laurence Allan Foux Mr Winston Samuel Gilbert Mr Maurice Moishe Frankel (appointed on 20 June 2022) Mr Joel Frankel (appointed on 20 June 2022) Mr Ephraim Frankel (appointed on 20 June 2022)
Company secretary Mrs Zisi Frankel Auditors Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU Bankers Barclays Bank Plc 21 Hanover Square London W1S 1JW
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is constituted as a company limited by guarantee and as such, its governing documents are its Articles of Association.
The day to day affairs of the charity is administered by the trustees, each of whom may serve for life and shall not be subject to any reappointment process.
None of the trustees have any beneficial interest in the charity. All trustees give their time voluntarily and no benefit or expenses were paid to them in the year.
1
FRANKGtvtNG LtMrrF.D COMPANY LIMITED BY GUARANTEF. TRUSTEES, ANNUAL RF.PORT INCORPORATING THE DIRECTOR'S REPORT YEAR KNDED 30 JUNE 2023 STRUCTURE. GOVERNANCE AND MANAGEMEwf (continued) Group 8tructure and relation8knips The charity has the following wholly owned non-charitable operating subsidiaries:_ Spiritvill¢ Investments Limited - a property investment company Heysarbour Investments Limited - a propety investment company Spiritville Inveslments Limited has the following wholly owned operating subsidiaries:. 2001 Noslrand Ave Investors Corp. - on investm¢nt holding wmpany Meridian US Investment 2021 Inc. an investment holding company Meadowood Hillcrest SIL US Inc. an investment holding company The trnstees of this company. Mr Leslie Frdnkel and Mrs Zisi Frankel are also directors of Spiritville Investments Limited and Heysarbor Investments Limited. RelAtsd Party TransAclions Details of transactions with'Related Parties, are disclosed in Notes 17 2nd 25 to the Finan¢ial Statements. OWECTJVES AND ACTIVITIES The charity is established lo promote and assist charitable activilies and institutions both in the United Kingdom and abroad. It has concentrated its a¢livities in promoting charitable activities of institution5 professing and teachiiig the principles of traditional Judaism, advancin8 religion in accordance with the Jewish faith and giviiig philanthropic aid to tlie Jewish needy. The charity receives incoines from its ¢Rsh dcposits, subsidiary undertakin8 and voluntary incotne from mpanies ¢onnect¢d witli th¢ trustees wlii¢h it utilises in the pn)vision and distribulion of grants and donations lo organisatioiis that fall witl)in die obj¢¢lives of ihe Charity. The trustees confirni that they have referred to the guidance coniained in the Charity Commission's g¢nerdl guidance on public benefit when reviewin8 the charity's aims and objectives and in planning future activities and setting th¢ gfdnt moking poli¢y for the year. Grant making policy Grants are made to charitable institutions and organi5ations both in Great Britain and abroad which a¢cords with the objects of th¢ charity. The trustees consider all requests which they receive alld make donations based on the level of funds available. ACHIKVEMENTS AND PERFORMANCE During the y¢ar the charity has continued its philanthropic activities and has maintained its support of religious, edu¢ational and other charitable institutions in Great Britain. Th¢ demands on the charity's funds were more than tliose experiencd last year with charitable donations for the year totalling £458,480 as against £324.200. Tiie donAtions were met from ¢ertt income of tl)e charity- The financial results of the charity and its subsidiary undertakings for th¢ year ended 30 June 2023 are fvlly reflected in th¢ attached Fillancial Statements together with the Notes ther¢on.
FRAIVKGIVING LIMITED COMPANY LtMITF.D BY GUARANTEE INCORPORATING THE DIRKCTOR'S REPORT TRUSTEES? ANNUAL REPORT YEAR ENDED 30 JUNE 2023 FINANCIAL REVIEW Financial position The charity is reliant on the income from inveslments. the commercial activities of its subsidiary undertakings and voluntary income from companies connected with the trustees. Income from commercial activities of the subsidiary undertakin8S together with income from the investments and voluntary donations have helped to boost the total incoming resources. The financial position of the Qharity aiid its subsidiary undertakings is satisfactory. The charity's consolidated statement of financial activitie5 shows net incom¢ of £1,408,124 (2022.. £985,906) and total reserves of £29,311.699 (2022: £27.903,575). Reserves policy The Company is required to maintain R¢serves in order to ensure that it is in a wsition to continue its grant- making activities and cover contingencies of additional calls being made upon the charity for supixjrt of organisations or InstilI0nS in times of need. The Trustees consider it appropriate to maintain 'Fr¢¢ Reserves, (unrestricted funds not committed or invested in Fixed Asset Inv¢stmenlS) at a level which will nol impinge on its ability to support Charitsble Institutions. The 'Free Resetves. of £1,343.693 which ar¢ represented by (part ofj the liqutd funds held by the Charity, are consid¢red to be adequate and will be reviewed peri(di¢ally by the trustees of the charity. As al 30 June 2023, the charity has total funds 01 £29.311.798 (Group- £29,311.699)- These funds include £15,012,154 (Group.. £7.300.712) which arises from the revaluation of the charity's investtnents and is not readily available for general pury)oses. Consequently, the charity has res¢rve8 of £14.299,644 (Group.. £22,010.987), after making allowance for reserves not readily av&ilable. Investment policy Under the memorandum and articles of associ&tion, the charity has the power to make any inveslm¢nt, which the trustees ¢oiisidcr appropriate. The Trust¢es seek invesbnenls which. ovcr a medium temi, are anticipated lo 8enerale a dependable tlow of in¢om¢ coupled with capital growth. The tnjstees. having regard to th¢ liquidity r¢quirements of the ¢harity and to th¢ reserves policy have operated a policy of keeping availabl¢ funds in an int¢r¢st-bearing d¢posit account The trustees consider the rern on investments. in tenns of both income and ¢apital growth, to satisfa¢tory.
FRANKGIVINC. LIMITED COlPANy LILWTED BY GUARANTEE INCORPORATtNG THE DIRECTOR'S REPORT TRUSTEES, ANNUAL REPORT YEAR ENDED 30 JUNE 2023 FINANCIAL REVIEW (Continued) Risk management The Trust¢¢s have a risk maiiagement 5trdtegy which cotnprises an annual review of ilie principal risks and uncertainties to which the Coinpany is exposed, in particular those to the operations and finances of the Company> the establishmeT]t of policies, rystems and pro¢¢dures to mitigate those risks identified in the annual reyiew and the implementation of prittdures designed to minimise or manage any potential impact on the Company should those risks materialise. The principal risks to which the charity is exposed are.. Liabilities arising from property investm¢nt activity Tenant defaults Damage to property from flood, fire or tern)rist a¢tion Planning construction and letting risk in relation to redevelotffient activity The availability of liquid funds to make grants and donations The economic cycl¢ generally The eharity seeks to maiiage or mitigate such risks wherever possible through such measures as insurance, tenant s¢r¢ening and monitoring, rigoious reviews of &cquisition and investment opportunities, ext¢rnal expert advice, monitoring cash and regular mor]itoring of the economic outlook. It is recognised that systems can only provide reasonable but not absolute assurnnce that major risk have been adequa*ly managed. PLANS FOR FtrruRE PERIODS The trustees pian to Continue lo make distributions in accordance with their grant making policy and to ensure that the ability to generate suificient incoEne is maintained to achieve that end. TRUSTEES? RESPONSIBILITIES The trustees. who are also directors for th¢ purposes of company law. are responsible for preparing the truste¢s' report and the financial stat¢ments in accordance with applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requIS the charity trustees to prepare financial statements for each year which give a true and fair vicw of the stale of affairs of thc group and chariiable company and the incoming resources and application of resources, including th¢ income and expendilure of the group. For th&1 period. Under company law the Trustees must noi approve the fi1)ancial staiemeiits unl¢ss they are satisfied tliat th¢y give a tru¢ and fair view of the state of affairs of the Group and Company and the income and ¢xpenditvre of the Group for tliat period.
FRANKGJVING LIMITED COMPANY LIMITED BY GUARAwfEE TRUSTEES, ANNUAL REPORT tNCORPOIi4TtNG THE DIRECTOR'S REPOR YEAR EIYDED 30 JUNE 2023 TRUSTEES, RESPONSIBILrrIES (Continued) In preparing these financial statemcnts, the trustees are required to- Se[t suitable accounting policies and then apply them consistently> observe the methods and principles in the Charities SORP., make judgements and awounting estimates that are reasonable and prudenL and prepare the financial slatement5 Qn the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are S1cleI to show and explain the charity's tran5a¢tions and disclose with reasonable aecuracy at any time the financial position of tl)¢ charity and enable thei1I to ensure that the financial statements coinply with Ilie Compani¢s Act ?006. Tliey are also responsible for safeguarding the assets of the charity and the group and hence for taking re&sonabl¢ steps for the prevention and detection of fraud and other itTe8ularities. STATEMENT OF DISLOSURE TO AUDTTORS Each of th¢ persons who is a trustee at the date of approval of this report confimis that.. so far &s they are aware, there is no r¢levant audit infonnalion of which the charity's auditors are unaware; and th¢y have taken all th¢ step5 thai they ought to have taken as a trnstee to make themselves aware of any relevant audit information and ts) establish that the charity's auditors are awar¢ of that inforniation. AUDoRs Cohen Arnold is deemed to have been reappointed in accordance with section 487 of the Companie5 Act 2006. SMALL COMPANY PROVISIONS This report has been prep8red in accordan¢¢ with th¢ provisions applicable to compani¢s ¢ntitled to the small companies exemption. The trustees, annual report was approved on J8 March 2024 and signed on behalf of the board of trustees by: Frank¢l Trustee
FRNKGING LIMITED COMI>ANY LIMITED BY GUARANTEE INDEPF.NDENT AUDrroRS' REPORT TO THE MEMBERS OF FRANKGIVING LIMITED YEAR ENDED 30 JUNE 2023 Op[0 We have audited the financial statements of Frankgiving Limited (the 'charity') for the year ended 30 Jun¢ ?023 whi¢h comprise the Consolidated Statement of Financial Activities (including incoime and exp¢iiditLire account), Consolidated and Parent Charity Balance SlieetS, the Consolidated Statement of Cash Flows and the relaled notes, including a summary of significant accounting policic5. The financial reporting framework that has b¢¢n applied in their preparation is applicable law aiid United Kiiigdoin Accouiitiiig Slandards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Irelaiid (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a tru¢ and fair view of the state of the group and the charity's affairs as at 30 June 2023 and of the group's incoming resources and application of resources. including its income and expenditure. for the year then ended. have been properly prepared in cOrdanCe with United Kingdom Genernlly Accepted Accounting Practice- have been prep in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We wnducted our audit in accordance with Intsrnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our respoiisibilities under those standards are further described in the auditols responsibilities for the audit of tlie financial statements section of our r¢port. W¢ are independent of the cliarity in accordance with th¢ etliical requirements that are relevant to our audit of the financial statements in the UK, inclLiding the FRC'S Etliical Staiidard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bAsis for our opinion. CONCLUSIONS RELATING TO GOING CONCER We have nothing to report in r¢spect of the following matter8 in relation to which th¢ ISAS (UK) require us to report lo you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial stat¢m¢nt5 is not appropriate. or the trustees have not disclosed in the consolidated finan¢ial slal¢ments any identified material uncertaintie5 that may cast significant doubt about the charity's ability to continue to adopt the going concem basis of accounting for a p¢riiMI of at least fjvelve months from the date when the consolidated financial ststements are authorised for issue.
FRANKGIVIP4G LIMITF.D COMPANY LIMITED BY GuARAE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRANKGIVING LIMITED Continued YEAR ENDED 30 JLll¥E 2023 OTHER INFORMATION The other inforniation comprises the inforniation included in the Trustees. annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomialion. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly ststed in our reporL we do not express any forni of assurance conclusion ihereon. In connection with our audit of the financial statemenlq. our resp)nsibility is to read tlie other infomiation and, in doing so, consider whether the other iiifomatioii is materially inconsistent with the financial slatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaÉem¢nts. we are requir¢d to determine whether ther¢ is a material misstatement in the financial statements or a material misstatement of th¢ other information. If. based on the work we have perfomied. we conclude that there is a rnaterial misststement of this other infomiation. we are r¢quiTed to r¢port that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the truste¢s' report for the fin8ncial year for which the financial statements are prepared is consistent with the financial slatements- and the trustees, rewTrrt has been preped in accordanee with applicable legal requirements. MATTERS OIY WHICH WE ARE REQUIRED TO REPORT BY EXCEvfIoN In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate ac¢ounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the consolidated financial statements are not in agreement with the accounting r¢cords and returns. ertain disclosures of trustees, r¢muneration specifi¢d by law arc not made. or w¢ have not received all the information and explanations we r¢quire for our audit. the trustee5 were not entiiled to prepare th¢ financial statem¢iits in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing th¢ dir¢¢tors' report and from tlie requirement to prepare a strategic report.
FRANKC.IVING LIMITED COMPATr4Y LIMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO TFIE MEMBERS OF FRANKGIVING LIMITED Continued YEAR ENDED 30 JUNE 2023 RESPONSIBILrrIES OF TRUSTEES As explained more fully in the trustees, responsibilities Statement, the trustees (who are also the directors for th¢ putposes of COTnpany law) are responsible for the preparaiion of th¢ financial statements and for b¢ing salisfied that they give a Irue and fair view, and fi)r such internal ¢ontrol as the trustees detemiine is necessary to enable the pr¢paration of financial statements that are free from material misstatement, whether due to fraud or error. In pParIng the financial statements, the trust¢es are responsible for assessing the charity's ability to continu¢ as a going coiiccm, disclosing, as applicable, matters related to going con¢err] and using the going ¢on¢ern basis of accounting unless the trustees ¢ither intend to liquidate the cliarity or to cease op¢rations, or have no realisti¢ alternative but to do so. AUDITOR'S RESPONSIBILrriES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonabl¢ assurar]c¢ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an a4bditor's report that includes our opinion. Reasonable a5suran¢¢ is a high level of assurance. but 18 not & 8uarant¢¢ that an audit Conducted in accordan¢e with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggre8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitie& includin8 fraud, are instances of non-compliance with laws and regulations. We design proc¢dures in line with our responsibilities, outlined abov¢. to detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the directors and identified finan¢ial reporting legislation, landlord legislation and charity l¢gislation as being most significant to these financial statements. We Cotllmunicated these identified frameworks amongst our audit team and remaincd alert to any indications of non-conipliaiice througliout the audil. We ¢nsiired that the engagement team had sufficient competence and ¢apability to identify or re¢ognise non-compliance with th¢ laws and regulations. We discussed with the directors th¢ policies and procedures regarding compliance with tliese l¢gal and regulatory frameworks. We assessed the susceptibility of the group's financial statements to material misstatement du¢ to non-compliance with legal and regulatory frameworks, including how fraud might o¢¢ur, by enquiry willi the directors during the planning and finalisation phases stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was detern)ined to be low. Based on this understanding, we desig¥J¢d our audit procedures to identify non-compliance with the idei)tified legal and regulatory framewojks, which were part of our procedures on the related financial statement i*ms.
FRANKGIVKNG LIMITED COANy LIMITED B Y GUAIL4NTEE INDEPENDEIYT AUDITORS, REPORT TO THE MEMBERS OF FRAM(GIVING LIMITED Continued YEAR EM)ED 30 JUNE 2023 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENrs (conlinmed) Owing lo the inherent lirnitations of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the financial statetnents. even though we have properly planned and perfom)ed our audit in accordan¢¢ with auditing standards. For example, the further r¢moved non- compliance with laws and regulations (irregularities) is from the events and transaclions rellected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify IL In addition, as with aiiy audit, there remained a higher risk of non-detection of irregularities, as Ih¢se may involve collusion, forgery, intentional omissions, misrepresentations. or the ovcrride of internal controls. We are not responsible for preventing non-compli&nce and cannot be expected to detect non- ¢ompli&nce with all laws and regulations. As part of an audit in acwrdance with ISAS (UK). we exercise professional judgment and maintain professional sceptieism throughout the audit. We also= Id¢ntify and assess the risks of material misstatement of the financial statements, whether due io fraud or emr, design ai)d perforin audit procedur¢s responsive to those risks, and obtaii) audit eviden¢¢ tliat is sufficient and appropriate to provide & basis for our opiiiion. The risk of not detectiiig a material misstateinent resultii)g From fraud 15 higher than for one resulting from error, as fraLid Inay involve collusion, forgery. intentional omissions, misrepresentation5, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order io design audit procedures that &r¢ appropriate in the c1umstances. but not for the purpose of ¢xpressing an opinion on the effectiveness of the internal control. Evaluate the appropri&teness of accounting tK)li¢ies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriaten¢ss of the trustees, use of the going COncn basis of acciyunting and. based on the audit evidence obtained. whether a material un¢¢rtainty ¢xisls related to events or conditions that may cast significant doubt on th¢ Charity's ability to continue as a going conoern. If we Conclude thal a material uncertainty exists, we are quired to draw attention in our auditor's report to the relal¢d disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future ev¢nts or conditions may ¢ause the oharity to ¢¢ase to continue as a going concern. Evalu&te the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion. Obtain sufficient appropriate audit evidence regarding the financial inforniation of the ¢iititi¢s or business activities withii) the group to express an opinion on tlie Consolidated financial statements. We are rcsponsible for tlie direction. supervision and pcrfomance of the group audit. We reinain solely responsible for our audit opinion. We communicate with those charged with governance regardin& among otl)er matters. the planned scope and timing of the audit and sigiiificant audit finding5. including any significaiit deficiencies in internal control that we identify during our audit.
FRANKGIVING LIMITED COMPANY LIMITED BY GUA]UNTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRANKGIVING LIMITED Continued YEAR ENDED 30 JUNE 2023 USE OF OUR REPORT This rew)rt is mad¢ $0Sely to the charity's members, as a body, in accord&nce with Chapt¢r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to ihe charity's members those fflatters we are required to state to them in an auditor's report and for no other purpose. To the fullest ¢xtent pern)itted by law, we do not accept or assume responsibility to anyone other than the ¢harity and the charity's memlxrs &$ a b()dy, for our audit work, for this reporL or for th¢ opinions we have fomied. DOV HARRIS {S¢nior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU Dat¢: ?$ March 2024 Our audit was completed on )8 March 2024 and our opinion was expressed at that date. io
FRINKGIVING LIMITED COMPANY LIMITED BY C.UARANTEE CONSOLIDATED STATEMENT OF FIIYANCIAL ACTIVITIES INCLUDING THE CONSOLIDATED INCO1[ AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 2023 Unrestricted Funds 2022 Unrestricted Funds Note Ineome and endowments Donations received Investment income 1,000 2,561,634 2,562,634 1,636,415 1,636,415 Total income Expenditure Expenditure on raising funds: Investment manag¢ment costs Expenditure on charitable activities Total expenditure Net gains on investments.. (Loss)IGains on revaluation of investhient property Gains/(Loss) on revaluation of unlisted investment Gains on disposal of investment property Loss OD disposal of unlisted investment {701,770) (495,813) (828,542) (350,694) (1,197,583) (1,179,236) (81,537) loo,000 518,025 {528,810) 72,898 92,997 (2,603) 509.386 948,218 (338.416) 1,044,982 Net income before tax Taxation io 459.906 (59.076) Net income and net 0Vement in funds li 1,408,124 985,906 Reconciliation of funds: Total fund5 brought forward Total funds carried forward 27.903,575 29,311,699 26,917,669 27,903,575 21 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditur¢ derive from continuing activities. The notes on pages 15 to 31 forra part of these financial statemenls.
FIL4NKCIVING LIMITED COMPANY LIMITID BY GUARANTEE CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2023 2023 2022 Note FIXED ASSETS Investm¢nts 15 26,082,434 29,140,069 CURRENT ASSETS Debtors Cash at bank and in hand 17 4.168,193 576,508 4,744,701 5,016,731 655,977 5,672,708 CREDITORS: amounts falling due witbin one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 18 (286,436) (5,219.202) 4,458.265 453.506 30,540,699 29,593,575 PROVISIONS 20 (1,229,000) 29.311,699 (1,690,000) 27.903,575 NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 21 29,311,699 29.311,699 27,903,575 27,903,575 Totsl charity funds These financial statements were approved by the board of trustees and authorised for issue on 98 March 2024, and are signed on behalf of th¢ board by: Trustee Company Registration Number.. 890369 The notes on pages 15 to 31 forn] part of these financial slatements. 12
FRANKGIVING LIMITED COMPANY LIMITED B Y GUARANTEE BALANCE SHEET AS AT 30 JUNE 2023 2023 2022 Not¢ FIXED ASSETS Investm¢nts 15 27.968.105 24,782,640 CURRENT ASSETS Debtors Cash at bank and in hand 17 1,332.194 167,904 2,758,575 399,667 3,158,242 1,500,098 CREDITORS: amount8 f211ing due within one year NET CURRENT ASSETS 18 (156,405) (37,651) 1,343,693 29,311,798 3,120,591 27,903,231 NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 21 29,311,798 29,311,798 27,903,231 Total eharity funds 27.903,231 These financial statements w¢re approved by the board of tnteeS and authorised for issue on 28 March 2024, and are signed on behalf of the board by: Trustee Company Registration Number: 890369 The notes on pages 15 to 31 fom] part of ihese financial statements. 13
FRANKGlVtNG LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FS.()WS FOR THE YEAR ENDED 30 JUNE 2023 Note 2023 2022 CASH FLOWS FROM OPERATtNG ACTivrriES Net irbcome 1.408,124 985,906 Adjustmenlsfor.. Net (gainsyloss on investtnents Dividends, interest and rents from investments Int¢r¢st receivabl¢ and similar income Accrued expenses Payments for expenditure on investtneTtt properties Payments for expenditure on other investment Interest payable and similar charges Current and def¢rred tax (509.386) 338.416 (1,306.938) (1,383.426) (326,290) (322,658) 35,229 4.742 189.920 206,021 161.254 158,274 303,923 420,499 (459,906) 59,076 Changes in.. Trade and other d¢btors Trade and other Creditors (64,623) (34.101) (602,794) 7,628 (1,094) (596,260) 66,165 571 Cash (used inygen¢rated from operations Interest received Tax paid Net cash (used inyfrom operating a¢tiviti¢s 533,586 150 {31,076) 502,660 CASH FLOWS FROM INVESTUrfG ACTIVTtIES Dividends. interest and rents from investment5 Cash receipts from the repayment of advances aiid loans Purchas¢ of investment properties Purchases of other investments Proceeds from sale of iiivestment properties Proceeds from sal¢ of other investments Payments for expenditure on investment properties Payments for expenditure on oth¢r investment5 Net cash g¢nerated from investing activiti¢s 1,889,018 747.957 (643,235) (300,857) (2.133.342) 1,022,898 772,997 3,488,215 1,373,807 (189,920) (206,021 } (161,254) {158,274) 5,852,822 2,256,718 1.451.681 1,155.870 CASH FLOWS FROM FINANCING ACTIVftlES Repayments of borrowings Inter¢sl paid Net used in financing activities (4,968.314) (3,278.427) (367,717) (592,342) (5.336,031) {3,870,769) NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINMNG OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (79.469) (1,111.391) 655,977 1,767,368 576,508 655,977 26 The notss on page5 15 to 31 fonn part of these financial statements. 14
FRANKCIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 GENERAL INFORMATION The charity is a private company limited by guarante¢, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House. 1075 Finchley Road, London, NWI I OPU. ST ATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'Th¢ Financial Reporting Standard applicable in the UK and the Republic of lTeland'. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historicaj cost basis. as modified by the revaluation of certain fmancial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in slerling, which is the functional currency of the entity. The charity meets the definition of a public benefit entity under FRS 102. Going eoneern The financial statements have been prepared in accordance with the aoUnting principl¢s appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the for¢seeable future by meeting its liabilities as they fall due. based on the net current asset position of the charity and available sources of finance. Group financial statements These FinaJ]cial Stalements consolidate the results of the charity and its subsidiary undertakings. A separate Statement of Financial Activities, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies 2006. However. Ihe Stslement of Financial Activities for the charity is sepat¢1Y filed with the Charity Commission. 15
FRANKGIVING LIIIIITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES (continu¢d} Judgements and key sourees of estimation une¢rtainty Judgements made by the directors in the application of these accounting policies that have significant ¢ff¢ct on the financial statements k)nd estimates with a significant risk of material adjustment in the next year are as follows: (i) Propety valuation The valuation of the charity's investment property is inher¢ntly subjective, depending on many factors including the nature of th¢ Property. its location and expected future net rental values. market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (li) Trade and other debtors Management uses details of th¢ age of trade and other debtors and the status of any dispules together with external evidence of the credit status of the counterparty in making judgem¢ntS concerning any need to impair the carrying value. Fund aecounting Unrestricted funds availabl¢ for use at the discretion of the trustees to further any of the Charity's pvrposes. Designated fimds are unr¢stricted fidS earnwked by the tnLStees for particular future project OT committment. There are no designat¢d funds as at the balance sheet date. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. There are no restricted fldS as at the balance sheet date. Incoming resourc¢$ All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The followin8 specific policies are applied to particular categories of income: income from donations or grants is recognised when received. 16
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES (conlinued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all investment management costs. - expenditure on chaTitable wtivities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to charilabl¢ activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocat¢d directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justiflable and consistent basis. The following specific policies are applied io particular categories of expenditure: - grants and donations are recognised when paid. Taxation The charity is not liable to cuffent tax on its income as it falls within the various exemptions available to r¢gistered charities. The subsidiary undertakings are subject to Corporation Tax but it is expected that their income will be gifted for charitable purposes and should be exempt from taxation. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tsx assets are recognised to the extent that it is probabl¢ that they will be recovered against the reversal of deferred tax liabilities or other future table profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Unlisted investments Unlisted equity investments are initially recorded at cost. and subsequently measured at fair value. 17
FRANKCIVINC, LIMITED COMPANY LIMtTED BY GUARAiYfEE NnTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 30 JUNE 2023 ACCOUKftNG POLICIES (continued) 3.10 Investment in subsidiary undertskings Shareholdings acquired in subsidiary undertakings are shown at market value as valued by the trustees. 3.11 Acquisitions and disposals Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financiaj statements accordingly. 3.12 Investment property Investment properties are properties which are held either to ¢arn rental income or for capital appr¢ciation or for both. Investment properties ar¢ recognised initially at cost. Subsequent to initial recognition Investment properties whos¢ fair value can be me&sured reliably without undue cost or effort ar¢ held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise. and No d¢preciation is provided in respect of investment properties applying the fair value model. Investment property fair value is detemiined by the trustees based on their understanding of property market conditions and the sp¢cific property concerned, using a sales valuation approach, derived from recent comparable transactions on the marke¢ adjusled by applying discounts to reflect status of occupation and condition. 3.13 Debtors Debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts ale writt¢n off when identified. 3.14 Creditors Creditors are recognis¢d as soon as there is a legal or constructive obligation committing Ihe charity to pay out resources. Creditors are Tecognised at Iransaclion price less attributable transaction costs. 3.15 Foreign currency Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of th¢ transaction. Exchange differences are taken into account in alYing at the Net Income. 18
FRANKGIVING LIMITED COMPANY LIIVllTED B Y GUAIL4NTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES {continued) 3.16 Financial instrumenls A financial asset or a financial liability is recognised only wh¢n the entity becomes a party to the wntractual provisions of the instrument, Basic financial instruments arc initially recognised at Ihe amount receivable or payable including any related transaction costs. unless the 3Thangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Curent assets and current liabilities ar¢ subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instnunents are subs¢quently measured at amortised cost. Where investments in shares or preference shares ar¢ publicly traded or their fair value can otherwise be m¢asured r¢liably, the investment is subsequently mcasured al fair value with changes in fair value re¢ognised in income and exp¢nditur¢. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cosl are reviewed for objective ¢vidence of impairn]ent at the end of each reporting date. If there is objective evidence of impairment. an impainnent loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impainnent. Other financial assets are either assessed individually or grouped on the basis of similar Credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that th¢ reversal does not result in a canying amount of ihe financial asset that exceeds what the carrying amount would have been had the impaimient not previously been recognised. Limited by guarantee The charity is a company limited by guarantee and has no share capita]. The liability of eath member in the event of winding up is limited to £1. 19
FRANKGIVING LIMITED COMPANY LIMII"ED BY GUARANTEE 1¥40TF.S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 INVESTMENT INCOME Unrestricted Funds 2023 2022 Rent and charges receivable Income from unlisted investment Interest receivable from unlisted investment Djvidends receivable from unlisted investment Bank interest r¢ceivable Loan interest receivable Foreign exchange gain Rele&se of debt 928,809 1,059,819 228,772 164,209 31,285 27,240 118,072 132,158 7,628 150 318,662 322.508 3,187 63,063 792,487 1,636,415 2.561,634 JNVESTMENT MANAGEMENf COSTS Unrestrieted Funds 2023 2022 Investment property outgoings Management and administration Investment portfolio managetnent fees Interest payable 189,920 46,673 161,254 303,923 206.021 43,748 158.274 420,499 828.542 701,770 EXPENDITURE ON CHARITABLE AcfiviTIES BY FUND TYPE Ullrestricted Tot81 Funds Unrestrieted Total Fvnds Funds 2023 Funds 2022 Grants paid Support costs 458.480 37,333 495,813 458,480 37,333 495,813 324,200 26,494 350.694 324,200 26,494 350,694 EXPENDITURE ON CHARITABLE ACTIVITIES BY AcfIviTY TYPE Gr*ll¢ funding of activilies Support Totsl Funds Total Funds costs 2023 2022 Grants paid Governance costs 458,480 458,480 37,333 495,813 324,200 26,494 350,694 37.333 458,480 37,333 20
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 ANALYSIS OF GRANrs 2023 2022 GRAiYfs TO INSTITirrIoNS Support of education and relief of poverty Total grants 458,480 458,480 324,200 324,200 All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the relief of poverty. The Composition of donations is shown below: Acheinu Limited Amabrill Limited Amud Hatzdokoh Trust Baer Hatora Limited Bels Ruchel School Limited B¢th Jacob Grammar School for Girls LAmited Beth Shtnuel Synagogue Limited Bikur CILolim and Gemiluth Chesed Trust British Friends Of Yeshivas Shaarei Chochmo Chevras Mo'oz Ladol Comet cl]tieS Lin]ited Friends Of Bels Soroh Schneirer Friends Of Mercaz Hatorah Belz Macnivka Friends Of Toldos Avrohom Yitzchok Friends Of Wiznitz Limited Gateshead Talmudical College Keren Habinyan Limited Mifal Hachesed Vehatzedokoh North London Welfare And Educational Foundation Tchabe Kollel Limit¢d Tov Vchesed United Talmudical Academy Torah V'yirah United Talmudical Associates Limited WST Charity Limit Y G S Yeshiva Gedola Seminar Yetev Lev London Jerusalem Trust Sundry donations less than £3.000 individually 22,000 10,000 50,000 9,900 3,000 24,300 3,500 10,000 3,600 16,480 7,000 30.000 20,000 18,000 8,000 3,000 loo,000 20,000 15,000 5,000 3,000 15,000 24,560 5,800 4,000 5,000 22,340 458,480 21
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 io. TAXATION 2023 2022 Current tax: Current tax expense Adjustments in respect of prior periods Total current tax 1,094 31,069 1,094 31,076 Deferred tax: Origination and reversal of timing differences Impact of changes in tax rates Total deferred tax {461.000) 28,000 (461.000) 28,000 Tax on profit (459,906) 59,076 Reconciliation of tgx expense The tax &8sessed on the net income for the year is lower than the standard rate of cooration tax in the UK of 20.500/0 (2022: 190/0). 2023 2022 Net income before tax 948,218 1,044.982 Net income by rate of tax Income exempt from tax Expenses not deductible for tax purposes Adjustment to tax charge in respect of prior periods Differences arising from taxalion of chargeable gains Timing differences on unrealised gains Timing differences on gift aid payments Other differences 194,385 198,547 (237,546) (338,322) 151,484 137,172 1.788 (11,184) (548,645) 109,474 (21.372) (36,480) (138) 59.076 Taxation (459,906) Factors that may affect future tax charges An increase in the main UK corporation tax rate to 25 % (effective from l April 2023) was substantively enacted on 24 May 2021. This will increasc the subsidiaries, tUre tax charge a)[dingly. The deferred tax liability at 30 June 2023 has been calculated based on the rate of 250/0 (2022: 25 %). 22
FRANKGIVINC. LIMITED COMPANY LIMITED BI, GUARANTEE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2023 ii. NET INCOME Net income is stated after Chargin(creditIng).' 2023 2022 Fe¢s payable for the audit of the financial statements 20,400 31,320 Additional professional fees payable to the auditors aggregate £41,562 (2022: £10,740). 12. STAFF COSTS The average headcount of employees, including trustees during the year was nil (2022: nil). No employee receiv¢d employe¢ benefits of more than £60.000 during the year (2022: £nil). 13. TRUSTEE REMUNERATION AND EXPENSES No remuneration or oth¢r benefits from employment with the charity or a related entity were r¢ceived by the trustees. The charity did not meet any individual expenses incurred by the Irustees for services provided to the charity. 14. NET MOVEMENT IN FUNDS Of the net movement in fiaS of the group, a surplus of £1,408,124 (2022: £985,806) has been dealt with in the statement of financial activities of the charity itself. Turnover of the charity aggregated £1.039,862 {2022.. £900,781) and comprised £625.225 (2022: £520,000) of donations received and £414,637 (2022: £380.781) of investment income. 23
FRANKGIVING LIMITED COMPANY LIMI'fED BY GUARANTEE NOTES TO THE FINANCIAL STATFMFNrs FOR THE YEAR ENDED 30 JUNE 2023 15. INVESTMENTS Freeboldl I5th01d investment property Unlisted investment (Lo¥n) Unlisted iDve8tmenÉ Group Totsl Fair valuelcost At l July 2022 Additions Disposal Revaluation 14,288,450 10,654,637 4,196,982 29.140,069 643,235 149,357 151.500 5.748,378 (950.000) (3,461.254) (26,961) (9,233,551) (81.537) 620,823 (102,798) 427,538 13,900.148 7,963,563 4,218,723 26,082.434 14.288,450 10,654,637 4,196,982 29,140,069 At 30 June 2023 At 30 June 2022 Historical cost at 30 June 2023 7,590,095 5,658.388 4,304,239 17,552,722 Freeholdl Leasehold Shares Investment group Unlisted propety undert4kiDgs investJnent* Unlisted Investment (Loan) Charity TotAI Fair value/c05t At l July 2022 Additions Disposal Revaluation 471,450 11,842,000 10,654,637 1,814,553 24,782,640 5,330,566 149,357 151,500 5,631,423 (3,461,254) (26.961) (3.488,215) (5,566) 427,000 620,823 1,042,257 5,796.450 12.269,000 7,963,563 1,939,092 27,968,105 471,450 11,842,000 10,654.637 1,814,553 24,782.640 At 30 June 2023 At 30 June 2022 Historical cost at 30 June 2023 5,358,369 102 5,658,388 1.939,092 12,955.951 Investment properties held at valuation Freehold and leas¢hold investment property is included in the financial statements at trustees, valuation. 24
FRANKGlVtNC. LIMITED COMPANY LIMITEI D BY GUARANTEE NnTF.S TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 30 JUNE 2023 15. INVESTMENTS (Continued) Valuation techniques and key inputs of investment properties The group'slcharity's r¢sidential apartment were valued using a sales valualion approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition. The group's commercial units were valued using the income capitalisation method. requiring the application of an appropriate market based yield io net operating income. Adjustments are made to allow for voids when less than five years are left under the current tenancy and to reflect market rent at the point of lease expiry or rent review. Valuation lechniques of unlisted investment *Unlisted investments have been professionally valued at the Balance Sheet date by the inv¢strnent managers at Quilter. 16. INVESTMENT ENTITIES The charity owns directly and indirectly the entire issued ordinary share capilal of the following companies, all of which are incorporated in Gr¢at Britain and registered in England and Wales (unless otherwise indicated). Comp•Dy Nuffjb¢r Held directly.. Spiritville Investments Limited Heysarbor Investments Limited 1241065 0702850 Held indirectly: 2001 Nostrand Ave Investors Cory). (USA) Meridian US Investment 2021 Inc. (USA) Meadowood Hill¢rest SIL US Inc. {USA) 5575356 6322825 6435707 The registered addr¢ss of all subsidiary undertakings is New Burlington House, 1075 Finchley Road. London, NWI I OPU, with the exception of Meridian US Investment 2021 Inc. and Meadowood Hillcrest SIL US Inc., which hav¢ their registered address at ?51 Little Falls Drive, Wilmington, New Castle, DE 19808, USA and 2001 Nostrand Ave Investors Corp.. which has its registered address at 6608 18th Avenue 2. Floor, Brooklyn, New York 11204, USA. All the subsidiary undertakings carry on the business of property investment with the exception of the USA subsidiaries wliich cary on th¢ business of investment holding. The financial statements of all subsidiary undertakings are made up annually to 30 June. The market value at 30 June 2023 of investmenl in subsidiary undertakings is based on the underlying value of assets less liabilities of the subsidiary undertakings. The valuation of the subsidiaries have been made by the trustees of this charity, based upon the latest Financial Staternents of the subsidiary undertakings for the year ended 30 Jun¢ 2023. 25
FRAPIKGIVING LIMITED COMPANY LIlITED BI, GUARANfEE NOTES TO THF. FINANCIAL STATEMENTS FOR THE YEAR EfiDED 30 JUNE 2023 16. INVESTMENT ENTITIES {Continued) Th¢ aggregate assets, liabilities, capital and reserves for the subsidiaries as at 30 June 2023 were as follows: 2001 HeysaTbor Nostrand Ave Meridian US Investments Investors Investment Limited Corp. 2021 Inc. Spiritville Investments Limited Meadowood Hillcrest SIL US Inc. Fixed assets Current ass¢tS Current liabilities Long temi liabili¢ies Provisions 7,114.652 2.488,698 3.136,810 2,466,722 (332,034) {1,143,509) 981,279 363 (251.521) (786.880) 275,408 119 1,022,944 24,581 (79) (696,000) (533,000) Net assets 9.223,428 3278,911 {56,759) 275,527 1,047.446 Aggregate ¢4)ital and reserves 9.223,428 3,278,911 {56,759) 275,527 1,047.446 A summary of turnover, expenditure and pmfitl(loss) for the year ended 30 June 2023 is as follows: 2001 Heysarbor Nostrand Ave Meridian US Meadowood Investments Investors Investment Hillcrest SIL Limited Corp. 2021 Inc. US Inc. Spiritville Investments Limited Turnover C05t of sales Athninistrative expenses Pn)ri(loS$) on disposal of investhi¢Dt property and other investments Nei valuation gainsl(Ios5) on investment property Income from shares in group undertakings Income from other fixed asset investments Interest receivabl¢ and similar income Interest payable and similar ¢harges 810,514 (124,834) (74,865) 91,762 (48,601) (16,701) {1,417) (550) (477) 99,520 {17,672) (84.921) 59,235 28,918 48,354 250,315 {321,86S) 461,000 125,542 (52,360) (62,950) (746) {348) ProfiV(105s) for the financial year ,159,020 (2,951) (64,367) 27,622 47,529 26
FIL4NKGIVING LIMITED COMPANY LIMITED B Y GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 17. DEBTORS Group Charity 2023 2023 2022 2022 Trade debtors Amount due from group undertakings Loan debtors T&xation and social security Other debtors and prepayments 187,488 114,401 112,704 2,130 1,004,320 2,400.000 i 10,000 170,000 3,533,227 4,178,145 8,464 447,478 715,721 105,170 186,445 4,168,193 5.016,731 1,332,194 2,758,575 Loan debtors in respect of the group and charity include amounts due from companies, certain directors of which are also trustees or related to the directors of companies within this group of £2.467,929 (2022.. £3.112,847) and £110,000 (2022: £170,000). The loans are interest bearing. Amount due from group undertakings in respect of the clwity of £Nil {2022.. £2,400.000) is due after rnore than one year. 18. CREDITORS: amounts falling due within one year Group Charity 2023 2023 2022 2022 Bank loans and overdrafts Loan creditors Taxation and social security Accruals and deferred income Other creditors 4,968,314 2,970 2,970 2.575 64,596 226.750 157,101 54,141 26,221 286,436 5,219,202 2,996 152,933 476 37,175 476 156.405 37.651 The bank loans and overdrafts is s¢cured by legal charges over certain of the group's investment properties which are included in the Financial Statemenls. 27
FRANKGIVING LIMITF.D COIIqPANY LIMITII D BY G UAIL4NTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 19. DEFEIiRED INCOME 2023 2022 At l July 2022 Amount released to income Amount deferred in year At 30 June 2023 23,992 56.186 (23,992) (56,186) 123,406 23,992 123,406 23.992 Deferred income arises from rents received in advance. 20. PROVISIONS Deferred tax: Group Charity At l July 2022 Credit for the year At 30 June 2023 1,690.000 (461,000) 1,229,000 The deferred tax account consists of the tax efftct of timing differences in respect of fair value adjustment to investment property. There are no deferred provisions for the charity; it is exempt from tsx due to its chartiable status on the basis that all income and gains are applied solely for qualifying chaTitable pUoSe$. 28
FRANKGlVtNG LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 21. ANALYSIS OF CHARITABLE FUNDS Unrestrieted Funds AtlJuty 2022 Gains and At 30 June losses 2023 Group Income Expenditure General fimds 27,903,575 1,636,415 (737.677) 509,386 29.311,699 At l July 2022 Gains and At 30 June losses 2023 Charity IJJ¢ome Expenditure General funds 27,903,231 1.039,862 (673,552) 1,042.257 29,311,798 General funds of the group at 30 June 2023 include £7,300,712 unrealised profits which are not available for distribution. General funds of the charity at 30 June 2023 include £15,012,154 unrealised profits which are not available for distribution. 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Chgrity Unrestricted Totsl Funds Unrestrided Total Funds Funds 2023 Funds 2023 Investsnents Current assets Creditors less than l year Creditors greater than l year Provisions 26,082,434 26,082.434 27,968.105 27.968,105 4,744,701 4,744.701 1,500.098 1,500,098 (286,436) (286,436) (156,405) (156,405) (1,229,000) (1.229,000) 29.311,699 29,311.699 29,311,798 29,311.798 Net assets 29
FIUNKGIVING LIMJTID COMPANY LIMITED BY GUA114NTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 30 JUNE 2023 23. FINANCIAL INSTRUMENTS The carrying amouni for each category of financial instrument is as follows: Charity 2023 Group 2023 2022 2022 Financial assets measured at fair value through income and expenditure 10,243,194 13,037,066 20,232,563 22,496,637 Financial assets that are ¢quity instruments measured at cost less impairnient 1,939,092 1,814,553 1,939.092 1,814,553 Financial assets that are debt instrLunents measured at amortised cost 4,744,701 5,672.708 1,500,098 3,158,242 Financial liabilities measuTed at amortised cost 286,436 5,219,202 156,405 37.651 24. OPERATING LEASE COMMITMENTS As les80r The totaI future minimum leas¢ payments receivable under non-canc¢llable operating lease are as follows: Group Ch¥drity 2023 2023 2022 2022 Not later than l ye Later than l year and not later than 5 years Later than 5 years 586,467 687,736 374.283 6,972 1,378.037 1,976,175 880,437 2,130.609 3,278,460 929,659 4,095,113 5,942.371 2.184,379 7.940 185,028 199,940 30
FRANKCIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 25. RELATED PARTY TRANSAcfioNS Loan interest receivable includes amounts received from connected parties and companies under common control of trustees of this charity of £233.438 (2022: £237,284) Details of transactions with other related parties are disclosed in note 17. 26. ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash at bank and in hand Bank overdrafts 576.508 655,977 576,508 655,977 27. ANALYSIS OF CHANGES JN NET DEBT At30 Non-cash June Movement 2023 At l July 2022 Cashflows Cash in hand and at bank Debt due within one year 655,977 (79.469) (4,968,314) 4,968,314 (4,312,337) 4,888.845 576,508 576,508 31
FRANKGIVING LIMITED COMPANY LIMITED BY GUAIUNTEE MANAGEMENT INFORMATION FOR THE YEAR ENDED 30 JUNE 2023 The following page does not form part of the statutory finaneial statements which are the subjeet of the iDdependent auditor's report on pages 6 to 10
FRANKGIVING LIMITFD COMPANY LIMITED BY GUARANTEE ST ATETrIEf+rr OF FINANCIAL AcfiviTIES INCORPORATING THE INC.OME AND EXPENDITURE ACCOUNT FOR THE YEAR F.NDED 30 JUNF, 2023 THIS DOES NOT FORM PART OF THE FINANCIAL STATEMENTS 2023 Unrestricted Funds 2022 Unrestricted Funds Ineome and endowment$ Donations and legacies Investment income 625,225 414,637 1,039,862 520.000 380,781 900,781 Tolal income Expenditur¢ Expenditure on raising funds: Investment managemenl costs Expenditure on Charitable actlVLties Total expenditure Net (loss)Igains on investments: Loss on Tevaluation of investlnent property Gains on revaluation of investments in group undertakings Gains/(Loss) on revaluation of unlisted investment Loss on disposal of investtnent property (177.739) (495,813) (164,556) (350,694) (673,552) (515,250) (5,566) 427.000 1,264,000 620,823 (651.106) (12,620) 1.042,257 1,408,567 600.274 985,805 Net income and net movement in funds Reconeiliation of funds: Total funds brought forward Total funds carried forward 27,903.231 29,311,798 26,917,426 27.903,231