COMPANY REGISTIL4TION NUMBER: 890369 CllARTfY REGISTRATION NUMBEIL. 252370 FRANKGIVING LIMITED COMPANY LIMITED B Y GUARANTEE CONSOLIDATED FINANCIAL STATEMENTS for th¢ ye•r ended 30 JUNE 2024 COHEN ARNOLD Chartered AccounlaJ)ts & Statutory Auditor New Burliiigton Ho 1075 Finchley Road London NWII OPU
FRANKGIVING LIMITED COMPANY LIMITED BY CUARAprrEE INDEX TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 PAGES Trustee5' annual report (incorporatiDg the directoes retrt)rt) Ito5 Independent auditorfs report to the members Consolidat¢d slalemenl of finan¢ial activities {including the collsolidated incom¢ gnd expenditure account) otolo li Cowlidated balance sheet 12 Charity ba18nce sheet 13 Consolidated statement of cash flows 14 Notes to the financial statements ISto31
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES? ANNUAL REPORT INCORPORATINC THE DIRECTORS, REPOR YEAR ENDED 30 JUNE 2024 The tTU5tee5, who are also diredors for the purposes of company law> present th¢ir rert and th¢ financial siat¢menls of the charity and its subsidiary undertakings lor the year ¢nded 30 June 2024. REFERENCE AND ADMINISTRATIVE DETAILS Regiqtered Charlty najne Ch•rlty registration number Company registrndon numb¢r PriD¢ipal office reg15tered FraDkgiving Limited 252370 890369 New Burlington House 1075 Finchiey Road London NWII OPU The trustee5 Mr Leslie Frankel (Chairnian) Mrs Zisi Frankel Mr Laurence Allan Foux Mr Winston Samuel Gilbert Mr Maurice Moishe Frankel Mr Joel Frankel Mr Ephrairn Fronkel Mrs Zisi Frankel CompAny se¢retary Auditors Cohen Arnold Chartered Accountants & Stslutory Auditor New Burlington House 1075 Finchley Road London NWII OPU Bankers Bar¢lays Bank PIC 21 Hanover Square London wis ijw STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is constituted as a company limited by guardlltee and as Suc1 its governing dUrnents atr its Arti¢les 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 int¢rest in th¢ ¢harity. All trustees give their time voluntarily and no benefit or ¢xpenses were paid to theJD in the year.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE TRusfEES' ANP4UAL REPORT INCORPORATING THE DIRECTOR'S REPOR YEAR ENDED 30 JUNE 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT (continued) Group structure gnd relationships The charity the following wholly owned nOnwchitb1e opet3ting subsidiaries:. Spirityille Investtnents Limited - a propety inv¢stmeTrt company Heysarbour Investments Limited - a proputy investment Company Spiritville Invcstments Limited has the following wholly own¢d operdting subsidiaries.'- 2001 Nostrand Ave Inv¢stors Corp. - an inveslment holding ¢ompany Meridian US Inve5tm¢nt 2021 Inc. - an investhient holding company Meadowood Hill¢St SIL US Inc. - an investment holding company The trustees of this company, Mr Leslie Frankel and Mrs Zisi Frankel a also directors of Spiritville Inv¢stsnents Limit¢d and Heysarbor Invesllnenls Limited. Related Party Transaetion$ Detsils of trnnsactions with'Relatcd Parti&8' are disclos1 inNot¢s 17 and 25 to th¢ Financiol Statements. OBJECTIVES AND ACTIVITIES The charity is established to promote and &ssisi charitable activities and institutions both in the United Kingdom and abroad. It ha5 ¢oncentrated its activilies in promoting charitable activities of AnstitutiOtIs professing and teaching the principl¢s of traditional Judaism, advancing religion in accordance with th¢ Jewish faith and giving philallthropic aid to the Jewish needy. The Charity receiv¢s incomes from its cash deposits. subsidiary und¢rtakings and voluntary incom¢ from Compani nn¢¢I¢d with th¢ trustea8 which it utilises in the provision and distribution of grdnts aDd donations to organisations that fall within the objectives of the Charity. The bustees confirni that they have referd to the guidance contained in the Chatity Commission's general guidatKc on public benefrt when trvicwing the chity's aims and objectives and in planning future a¢tivities and setting the grant making policy forthe year. Gr4llt makinx pollcy Grants are made to charitable inslitutiolls and or8anisations both in Great Britain and abroad which accords with the obj¢¢ls of the charity. The trust consider 011 requests which they reLive and make donations b&sed on the level of funds available. ACHIEVEMENTS AND PERFORMANCE During the year th¢ ¢hatity ha5 continued its philanthropic activities and has maintained its SUPPOrt of religious, ¢dtional and other charitable institutions in Great Britain. The demands on the charity's fimds We more than those experien¢¢d l&st year with charitable donalions for the year tolalling £555.680 as against £458.480. The donations were met from curr¢nt incoTne of the eharity. The finaneial results of th¢ ¢harity and its subsidiary undertakings for the year ended 30 Jun¢ 2024 are fully refl¢cted in the attached Financial Statements iogeth¢r with the Notes theon.
FRANKGIVING LIMTTED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 30 JUNE 2024 FINANCIAL REVIEW FiDanclg1 po8ltioD The clwity is reliant on th¢ income from inVest¢11ts, the mMercIal activities of its subsidiary undertokings and voluntsry income from companies connec*d with the trustees. Income from commerciai activities of the 5ub$idiary und¢rtakings togeth¢r with income from the investm¢nts and Yoluntary donations have helped to boost thelotsl incoming resources. The financial position of the charity and its subsidiary undertakings is satisfactory. The charity's Consolidat slatement of financial activities shows net income of £1,462,071 (2023.. £1,408,124) and total reserves of £30,773.770 {2023.. £29JI1,699). Reserves policy The Company is required to maintaiT] R&serves in Order to en5ur¢ that it is in a position to wntinuc its grant- making activilie5 and cover contingencies of additional (xlls being made uFon th¢ charity for support of organisations OT II]slilutions in titnes of need. The Trustees consider it appropriate to Malntsin'Fe Reserva8, (unrestricted funds not committed or invested in Fixed Assct Investments) at a l¢vd which will not impinge on its abiliry to support Charitable Institutions. The 'Free Reserves. of £1,226.442 which are represented by (part ofj the liquid fun(ts held by the charity. ar¢ ¢onsidered to be adequate ond will be reviewed p¢riodi(¥lly by the tru5t¢es ofthe Charty. A5 Ot 30 June 2024, the charity totsl funds of £30,773.355 {Group: £30,773,770). These funds includ¢ £15,730.334 (Group: £8.237,286) which arises from th¢ revaluation of the charity's inv¢stments and is not r¢adily available for general PUTposes. Consequently? the ¢harity has r¢s¢rves of £15,043,021 (Group: £22.536,484). aft¢r making allowance for reserves not readily available. Inv¢$tment policy Under the memorandum and article8 of association, the charity has the power to make any investsnenl, which the trust¢es consider appropriate. The Tnst¢es seek inYestm¢nts whid4 over a medium terni, axe anticipated to g¢n¢rate a dependable flow of in¢om¢ coupled with ¢apital growth. The trusl¢¢s. having regard to the liquidity requirements of the charity and to th¢ reserves policy hav¢ opernted a policy of keeping available funds in an interest-bearing d¢p)sit account. The tnte¢S colder the return on investments. in tenns of iK>th Ancomc and eapital gro, to be sattsfactory.
FRANKC.tVlNG LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPOR YEAR ENDED 30 JUNE 2024 FINANCIAL REVIEW (¢ontillued) Rlsk maDagement The Trustees have a risk manag¢ment Strategy which comprises an amnual review of the principa] risks and unttrtainti¢S to whith the Company is ¢xp05ed, in particular ihos¢ to the operdtions and fiT)antts of the Company. the establishment of poli¢i¢s. systems aTLd procedures to mitigat¢ those risks identified in the annual review and the implemenlation of procedures designed io minimise or manage any ential imF4¢f on the Company should those risks m&tcrialise. The principal risks to which the charity is exwsed are.. Liabilities arising from property investmcnt ictivity Tenant defaults Damage to prOty from flood, fire or terrorist action Planning cotruction and letting risk in relation to redevelopmenl activity The availability of liquid fi$ lo make grants and donations The economic ¢ycle generally The charity seeks to manage or mitigat¢ su¢b risks wh¢rever possibl¢ through such measures as insurance, t¢nant 5cre¢ning and monitoring, rigorous reviews of acquisition and investment opportuniti¢s, external expert advice, monitoring cash and regular monitoring of lh¢ ¢conomic outlook. It 1$ r¢cogniscd that systems can only provide reasonable but not absolute assurdn¢e DJOr Ti5k have bccn adequately managed. PLANS FOR FUTURE PEIUODS The trnSte¢5 plan to continu¢ to make distributions in accord3llce with their grant making policy and to ensure that the ability to generate sufficient income is maintained io achieve that ¢nd. TRUSTEES, RESPONSIBILITIES The hsteeS, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the finan¢i21 statemcnls in accoTdan¢¢ with applicable law and United Kingdo Accounting Standards (United Kingdom Generally Accepted Ac¢ounting Practice). Company law requires the charity trustees to prepar¢ financia] ststements for each year which give a trne and fair view of the state of affairs of the group and charitable company and the incoming resouwes and application of resources, in¢luding the income and expenditure of the group) for that period. Undu company law th¢ Trustees must not approve the fmanciai statemcnts Un] they are satisfied that they give a tNe and fair view of the state of affaxrs of the Group and Company aDd the income and ¢XF¢nditure of the Group for that riod.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPOR YEAR ENDED 30 JUNE 2024 TRUSTEES, RESPONSIBILITIES (Conllllued} Ln Preparing these financial statements, the truste¢s are required to.. select suitable accounting policies and then apply them o)nsistently' observe the method5 and principles in the Charities SORP. make judgements and accounting estimat&4 that are reasonable and prndenL and prepar¢ the finan¢ial statements on the going conc¢rn b13 unless it is inappropriate to presum¢ ihat the chwity will continue in OP¢Tation. The tntee$ are responsible for keeping adequate accounting records that are sutTicient to show and Gxplain the Charity's transa¢tions and disc105¢ With re&8onable accuracy at any time the finan¢ia] position of th¢ chlty and enable them to ensur¢ that the financial statements comply with the Companies Act 2006. They are also responsible for saf¢guarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and dcte¢tion of fraud and other irregularities. STATEMEprr OF DISLOSURE TO AUDITORS Each of the persons who is a tNst¢e at the date of approval of this report confirnis that.. so far as they ar¢ awaTe, there is no relevant dit infonnation of which the ¢harity's auditors are unawar¢" and they have t8ken all the steps that Ih¢y ought to have taken as a tee to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that infonnatio AUDITORS Cohen Arnold is d¢emed to have been reappointed in accordance with section 487 of the Companies Act 2006. SLVIALL COMPANY PROVISIONS This report h&s been pr¢pared in a¢cordanc¢ with the provisions applicable to companies entitled to the small ¢ompani¢s exemption. The Intss, annual r¢port was approved onJ8 April 2025 and signed on behalf of the board of trustees by: Mr L Frankel Tnte¢
FRANKGTVING LIMITED COMPANY LIMITED BY GUARANTEE tNDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FIL4NKGIVING LIMITED YEAR ENDED30 JUNE 2024 OPINION We have audited th¢ financial stat¢nients of Frankgiving Limited (the 'chariry') for the year ended 30 JUD¢ 2024 which comprise the Consolidated Stat¢menl of Fin2nciai Activities (including incom¢ and ¢xpendituff ac¢ount), Consolidated and Parent Charity Balan¢¢ Sheets, th¢ Consolidated Statement of C&sh Flows and the related notes, including a summary of significant accounting policie5. The financial reporting framework that has b¢¢n applied Iheir preparation is applicable law and United Kingdom A¢¢ounting Standards. including FRS 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Acwted Accounting Pra¢ti¢¢). In our opinion the finan¢ial stat¢ments: give a tru¢ and fair view of the state of the group and the charitys affairs L8 at 30 June 2024 and of the group's incoming resources and application of resourccs. including its income and ¢xp¢nditure. for ihe year then end¢d' have been properly prepared in 8oc4)rdance with Unit¢d Kingdom Generally Ae¢ept¢d Accounting have been prepared in accordance with the ttquirements of th¢ Companies Act 2006. BASIS FOR OPINION W¢ Conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our rcsw)nsibilitie$ under those standard5 are furth¢r deSibed in the auditorfs r¢sponsibilities for th¢ audit of the finao¢iai statcm¥nts section of our report. We are Indendent of th¢ charity in accordan¢e with the hicaL requirements that are r¢levant to our audil of the financial statements in the UK, in¢luding the FRC'S Ethical Standard, and w¢ have fulfilled our other ethical sponsibl]IteS in accordan¢¢ with these requirements. We believe that the audii ¢videncc we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATtNG TO GOING CONCERN We have nothing to report in re$et of the following fflattets in relation to which the ISAS (UK) require us to report to you wh¢re.' the Iruste¢s' use of the going Concern basis of acrounting in the prepaTation of the financial statements is not approprial¢: or the trustees have not disclosed in the consolidal¢d financial statements any id¢ntified material unc¢rtainties tIt may ¢ast signifirant doubt aknut ihe charity's ability to continue lo adopt the going concern b&%is of accounting for a p¢riod of at l¢ast twelv¢ months from the date when the ¢onsolidated financial statements are authoris¢d for issu¢,
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTIIE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRANKGIVING LtMITED Continued YEAR ENDED30 JUNE 2024 OTHER INFORMATION The other inforntion comprises the inforniation included in the Trustees, annual report, othcr than the financial stalemenls and our auditor's report thereon. The trustees are responsible for th¢ other inforniation. Our opinion on the financial statements does not ¢over ihe other infomiation and. except to thc ¢xtent otherwise explicitly stat¢d in our report. we do not express any forni of assurance conclusion thereon. In connection with our audit of the fjnancial siatements. our responsibility IS to read the other information and, in doing so. consider whether the other infom2UOJI is materially inconsistent with the financial stat¢ments or our knowlcdge obtsin¢d in the audit or otherwise appears to be Jnaterially misstated. If we identify such material inconsistencies or apparent Mat¢ri misststemenls, we are required to deternJin¢ whether ther¢ is a material misstatem¢Dt in the fLt)2ncial statements or a material misststem¢nt of thc other infornialion. If, bascd on the work we have rfOrn1ed, we conclude that therc is a material misstalement of this other inforniation, we ar¢ required lo r¢port that fact. We have nothing to rqK)rt in this regard. OPINIONS ON OTHER MATTERS PRESCIUBED BY THE COMPANIES ACT 2006 In our Opinio based on the work undertak¢n in the course of the audit: the infonnation given in the trustees, port for the financial year for which the finan¢ia] 5tat¢ments ar¢ prepared is consistent with the fstWLcial statements. and the trustees, report has been prepara in Cordance with applicable legal requiretnents. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEFIION In the light of the knowledg¢ and und¢rstallding of the charity and its environment obtained in the coursc of the audit. we have not tdentified material mis5tstements in the trustees, report. We have nothing to rep)rt in resp¢rt of the following rnatters in relation to which the Companies Act 2006 r¢quires us to report to you if, in our opinion: adequate accounting records have not been kepL or Ietums adequate for our audit have not been received from branche5 not visited by us. or the consolidated financial statements are not in agreement with the accounting records Teturns. ¢ettiin dis¢losur¢s of trte¢s, remuneration specified by law are not made" or we have not received all the information and explanations we r¢quiTe for our audii. the tnte¢S weTe not entitled to Prepare th¢ financid staternents in accordanc¢ with the small companies regime and take advantage of the small Companies, exunptions in preparing the directors. reix)rt and from the requirement to prepare a strategic report.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARAKfEE INDEPENDENf AUDITORS, REPORT TO THE MEMBERS OF FRANKGIVING LIMITED Contlnued YEAR ENDED 30 JUNE 2024 RESPONSIBILITIES OF TRusfELS As explained more fully in the ttees. responsibilitie5 StatemenL the trust¢¢s (who are also the directors for the pu]TKts¢s of company law) are responsible for th¢ preparation of th¢ financial statements and for being satisfied ihat they give a true and fair view, and for su¢h internal control &s thc trSteeS d¢termine is nece550ry to enable the preparation of financial statements ihat are free from material misstat¢menL whether due to fraud or error. rn preparing the financial statements. the trust¢es are reswnsiblc for assessing the charity's ability lo colltinue as a going ¢oD¢ern. disclosing. as applicable, Jyotters r¢lated to going concern and using the going concern basis of accounting unless the trustees eiiher intend to liquidats the ¢h&rity or to ceasc operntitsns. or have no r¢&listic altcrn8tive bui to do so. AUDITORtS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectiv¢s are 10 obtain reasonable assurance about wh¢ther the financial stai¢ments as a whol¢ are free from mat¢rial misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Rrasonable assurdnce is a high level of &ssur2nce, but is not a guardntee that an audit condu¢ted in aceordaftce with ISAS {UK} will always dete¢t a mat¢rial misstatement when it exi51s. Misstatements can arise from fraud OT ¢ffor and are considered material if. individually or in the aggregate, they could re&sonably be &xpected to influence the ¢¢onomic decisions of users taken on the basis of thes¢ fLnancial ststemcnts. IrregulaTiti¢s. includiDg fraud, are instances of non-compliance with laws and r¢gulations. W¢ design procedures in lin¢ with our responsibilities. outlined above, to detect material mi$5tatements in respect of irregularities. including fralld. The ext¢nt to which our procedures are capable of detecting irregularilies, including fraud is dethil¢d below: We obtsined an understanding of the Icgal and regulatory frameworks that are applicable to the group through discussion with the dir¢¢lors and identified financial reporting legislation, landlord 1¢8islation and Charity legislation as being most significant to th¢se financial stalcments. We communicated these identified framcworks aOngSt our audit team and remain¢d alert to any indications of non-cotnpliance throughout the audit. We en&Ud th#t the engagement team had sufficient competence aDd capability lo identify or recognise non•compliance with the laws and regulations. We discuss¢d with th¢ directors the policies and procedures regarding compliance with these legal and regulatory frameworks. W¢ assessed the sus(zptibility of the group's fanCial statem¢nts to material misststement due to non•compliance with l¢gal and regulatory frdmeworks. including how fraud might occur, by enquiry with th¢ directors during the planning and finalisation phases stages of our audit and by using pmprietary dis¢losure checklists. The sus¢eptibility io such material misstatem¢nt was d¢terniined to b¢ low. Based on this understanding. we designed our audit priKedur¢5 to identify non-compliance with the identified legal and regulatory framworks, which were part of our Procedures on the related financial statetn¢Dt items.
FRANKGTVING LIMtTED COMPANY LIMITEI D BY GUARANTEE INDEPENDErfr AUDJTORS, REPORT TO THE MEMBERS OF FRANKClVtNG LIMITED Continued YEAR ENDED O JUNE 2024 AUDTfoR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (eontimued) Owing to th¢ inherent limitstions of an audiL th¢re is aT) unavoidable risk that we may not hav¢ detected some Material misststementg in the finan¢ial statements. ev¢n though we have properly planned and perfortn¢d our audit in a¢¢ordance with auditing standards. For example, th¢ further removcd non- compliance with laws and regulations {irregularities) is from the ev¢nts and tronsactions reflected in the financial ststements, the less likely the inherently limited procedur¢s required by audifing standards would identify it. In addition. as witl) any audiL ther¢ remained a higher risk of non-detection of IegUlaritIeS. 0$ these may involve collusion, forg#ry, intention81 omissions. misrepresentations, or the ovrrride of internal controls. We are not resp)nsible for preventing non4omplian¢e and cannot be eXpted to detect ntsn- compliance with all laws and regulations. As part of an audit in accordance with ISAS IUK). w¢ ex¢Kise professional judgment and maintain professional sc¢pticism ihroughout the audit. We also: Identify and &8sess th¢ risks of material misstatement of the financial statements. whether due to fraud or error, design and perforni audit procedures r¢sponsive to those risks, and obtain audit evidence that 1$ sufficient and appropriat¢ to provid¢ a b&sis ftsr our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one r¢sulting from error, fraud may involve collusion, forg¢ry. intentional omissions. misrepreseniations, orthe override of internal ¢ontrol. Obt&in an Und¢tandIng of internal control relevant to the audit in order to design audit procedures th8t are appropriate in the cir¢umstances. but not for the PUTPOS¢ of expressing an opinion on the effecliveness of the int¢rnal control. Evaluate the appropriateness of ac¢ountiDg policies uscd and the reasonableness of a¢untIng estimates and related disclosures made by the tnistees. Conclude on the appropriateness of the trust¢¢s' use of the going concern basis of accounting an¢1 b&sed on the audit cvidence obtained whether a materia] un¢ertainty exists related to events or ¢ot]ditions ihal may cast significant doubt on the ch8Jity'S ability to continue as a going conc¢m. If wc conclude thal a mafrrial uncertainty exists, we are required to drnw atttIOn in our auditor's r¢port to the related dis¢losures tn the financial statem¢nts or, if such disclosures are inadequate, to tnodify our opinion. Our con¢lusions are b&s¢d on the audit evidence obtained up to the date of our auditor's report. Howevcr. future events or conditions may cause th¢ chwity to ¢ee to continue as a going concern. Evaluate the overall presentation. s¢ntclure and content of the financial statements, including the disclosures, and whether the financial ststements represent th¢ underlying tra5&¢t10nS and events in a matmer that achieves fair presentation. Obtsin suffici¢nt &ppropriate audit evidenc¢ regarding the financial infonnalion of th¢ enlities or business activities wsthin the group to express an opinion on the consolidated financial statements. We are res]x)nsible for the direction, supervision and perfornian¢¢ of the group audit. We remain solely responsible ftsr our audit opinion. We Commlca1e with thos¢ charged with govemance regarding, among other matters, the planned SCOPE and timing of the audit and signifiL1 audit finding5, includiiig any significant defici¢nci¢s in interrjai Control that we identify durtng our audiL
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE JNDEPENDENT AUDITORSI REPORT TO THE MEMBERS OF FtL4NKGIVING LIMITED Continued YEAR ENDED 30 JUNE 2024 USE OF OUR REPORT This report 15 tnade solely lo th¢ charity's emberS, as a body, in accordance with Chapter 3 of Part 16 of the Compani&s Act 2006. Our audit woik been undertaken so that we mighi state lo the charity's members thos¢ matters we are required to stat¢ to them ill an auditols report and for no other purpose. To the fullest extent p¢rtnitted by law. we do not accept or Sum¢ responsibility to anyon¢ other than the ¢harity and the charity's members as a body) for our audit Work, for this report, or for the opinions we h2ve fornied. DOV HARs (Senior Statutory Auditor) For and on b¢haif of COHEN ARNOLD Chartered Accountants & Stattrtory Auditor New Burlington House 1075 Finchley Road LONDON NWII OPU Dat¢: 23 April 2025 Our audit was completed on ?8 April 2025 and our opinion was expressed at that date. io
FRANKGIVING LID+llTlI D COMPANY LIMITED B Y GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUf4T FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrestricted Funds 2023 Unrestrleted Funds Note Incom¢ And endowments Jnvestmenl income 1,458,219 1,458.219 1,636,415 1,636.415 Total income Expenditure Exp¢nditure on raising funds: Investment management costs Expenditure on charitsble activities Total expenditure Net gains on investments: Gainsl(Loss) on revaluation of inv¢stment property Gains on revaluation of unlisted investment Gains on disposal of investment propety (446,530) 70 (585,676) (701.770) {495,813) (1,032,206) (1,197.583) 85,844 (81,537) 828.720 518,025 112,940 72,898 1.027,504 1,453,517 509.386 948,218 Net illeome befor¢ tax Taxation io 8,554 459,906 N¢t income alld llet movemenl in funds li 1.462,071 1,408,124 Reconciliatiott of fullds: Total funds brought fonvard TotAI funds ¢arried forward 29,311,699 30,773.770 27,903,575 29,311,699 21 The statement of financial activities include5 all gains and losses recognis¢d in the year. All income and expenditure derive from rontinuing activities. The notes on pages 15 to 31 form part of th¢s¢ fmancial ststements. li
FRANKGIVtNG LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 No¢¢ FLXED ASSETS Jnvestm¢nts 15 28,101,178 26,082,434 CURREiYf ASSETS Debtors Cash at bank and in hand 17 3,820.934 309,163 4,130.097 4,168,193 576,508 4.744,701 cREDORS. amounts falllng due within on¢ year 18 {250,505) (286,436) IYET CURRE ASSETS TOTAL ASSETS LESS CiJRRENr LL4BILITIES 3.879,592 4,458.265 31,980.770 30,540,699 PROVISIONS 20 {1207,000) 30,773,770 (1,229.000) 29,311.699 NET ASSETS FUNDS OF THE CHARITY Unrestricted ndS 21 30.773,770 30,773,770 29,311.699 29,3 I 1.699 Totsl eharlty funds These financiaI statements w¢re approved by the board of tte¢S and authorised for issue on a8 April 2025 d are Sig d on behalf of the board by: r L Frankel Truste¢ Company Registration Number: 890369 The notes on pages 15 to 31 forni part of these fmanGial statements. 12
V114NKGThryNG LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note FIXID ASSETS Investments 15 29,546,913 27,968.105 CURREI¥4T ASSETS Debtors Cash at bank and in h8nd 17 1,232,550 137,690 1,370,240 1,332,194 167,904 1,500,098 CREDITORS: amounts falling du¢ within one year 18 (143,798) (156.405) NET CURRENT ASSETS 1,226,442 30.773,355 1,343,693 29.311,798 NET ASSETS FUNDS OF THE CHARITY Unrestricted fvnds 21 30,773,355 30,773,355 29,311,798 29.311,798 Totsl charity funds These financial statements were approved by the board of trustees and authorised for issue on 28 Apr y202kaQare signed on behalf of the board by: Trustee Company Registration Numb¢r: 890369 The notes on page5 15 to 31 fonn part of these financial statements. 13
FRANKGIVING LIMITED COMPAPIY LIMrrii D BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUIYE 2024 Note 2024 2023 CASH FLOWS FROM OPERATtNG ACTivrfiES Net in¢ome 1,462.071 1.408.124 Adjv5tmentsfor.' Net gains on Anveslments Dividends. interest and rents from investments Interest receivabl¢ and sitnilar income Accrued {income)lexpenses Payments for eX&ditUre on investtnent prop¢rties Payments for expenditur¢ on other illves¢m¢nt Int¢r¢st payable and similar charges Current and deferred tsx (1.027,504) {509.386) (1,174,809) (1.306.938) (283,410) (326,290) (38,534) 35.229 297J08 189.920 111.941 161,254 7.168 303,923 {8,554) (459.906) Changes In.. Trade and other d¢bto Trade aDd other creditors (15.325) (64.623) (3.142) (34.101) (672.790) (602.794) 9,507 7.628 (13.446) (1,094) (676.729) (596.260) Cash in generat¢d from operaiions Int¢rest receiv Tax paid Net cash used in operating adivities CASH FLOWS FROM INVESTING ACTIVITIES Dividends. int¢rest and rents from investments C8sh receipts froln the repayment of advances and loans Purchase of investment properties Purchases of other investments Pr(tteds from sale of investment properties Proceeds from sale of other investments Payments for expenditure on investment properties Payments for expenditure on other investments Net $h generated from Invting activities 1.306,140 1,889.018 518.033 747,957 (210,458) {643,2351 (1.005,663) (300.857) 112,940 1.022,898 111.941 3,488,215 (297.308) {189.920) {111,941) (161.254) 423,684 5,852,822 CASH FLOWS FROM FINANCING ACTIVITILS ReyaymcJJts of borrowings Interest paid Net cash used in financing activities (285) (4,968.314) {14,015) (367,717) (14,300} (5.336,031) NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AIYD CASH EQUIVALEPITS AT END OF YEAR (267,345) 576,508 309,163 (79.469) 655,977 576.508 26 Th¢ notes on pag&s 15 to 31 form pirt of these financial statements. 14
FRANKGIVING LtMITED COIWANY LIMITED BY GuATEE NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 30 JUNE 2024 GENERAL INFORMATION The charity is a private company limited by guantee. registered in England and Wales and a re8iStered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road Londo NWI I OPU. STATEMEN[ OF COLIANcE These financial statements have been prepar¢d in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, 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 POIJCIES Basis ofpreparation The fLnancial ststements have been prepared on th¢ historical rost basis, as modified by the revalualion of certain financial assets and liabilities and investment properties measur¢d at fair value throu) income or expenditur¢. The financial ststements ar¢ prepared in sterling, which is the functional currency of the entity. The charity meets the definition of a publi¢ benefit entity under FRS 102. 32 Going coneern The financial statements have been prepared in acGordance with the accounting principles appropriate to a going GOD¢¢rn, as the trustees have a reasonabl¢ expectstion that the charity h&s adequate resources to continue in operational existence for the foreseeable future by meeting its liabililies as they fall due, b&sed on the net CUTrent &8set position of the Charity and available sources of finance. Group financial statements These Financial Ststements 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 advantsge of the ¢xemptions Orded by section 408 of the Companies Act 2006. However, the Statement of Financial Activities for the charity is separately filed with th¢ Charity Commission. 15
FRAI¥KGIVtNG LJTrUTED COANy LIMtTED BY GUARANfEE NOTES TO THE FINANCIAL STATEMEr(rs FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTll¥G POLICIES (continued) Judgements and key sources of eslimation uncertainty Judg¢m¢nls made by the directors in the application of these accounting policies that have significant effect on the financial statements and estirnates with a significant risk of material adjustment in the next year are as ftillows: (i) Property valuation The valuation of the charity's investment property is inherently 5ubjectiv< depending on many factors including the nature of the property. its location and expected future nel rental valucs, market yields and ¢omparable market transactions. Therefore ihe valuation is subjcct to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurdt¢. particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the 8ge of trade and other debtors and the status of any disputes together with ext¢rnal evidence of the credit status of the ¢ounterparty in making judgements ¢onceming any need to impair the wrying value. Fulld g4CCOUllting Unrestrided ndS are available for use & the discretion of the ttustees to fi]rther any of the charity's purposes. Designated fund5 are unrestrict¢d fimds eamiarked by the trustees for particular project or ¢ommitknent. There are no designated funds as at the balaDce sheet date. Restricted fimds are subjected to restrictions on their Cend1(Ur¢ declared by the donor or through the terms of an appeal, and fall into one of two sub-clL8ses: restricted income fijnds or endowment nds. There are no restri¢ted fid$ as at the balance sheet date. Ineomlllg resoureoq All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the ¢conomi¢ benefits associated with the transaction will flow to the charity and the amount can be reliably measured. Thc following specific policies are applied to particular categories of income: - income from donations or grants is recognised when received. 16
FRANKGIVING LIMITEI D COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2024 ACCOiJNTING POLICIES (colltinued) Rosourca expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure in¢ludes any VAT which cannot be llY recovered. aDd is classified under headings of the statement of fLnancial activilies to which it relates.. - expenditure on raising funds includes the costs of all investment management costs. expenditure on charitable a¢tivities in¢ludes all costs incurred by a ¢harity in undertaking activities that fvrther its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to ¢haritable athivities. All costs are allocated to ¢xpenditUTe categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated dir¢¢tly to that activity. Shared costs are apportioned between the activities they contribute to on a re&50nable, justifiable and consistent basis. Thg following Splfi¢ poliGi¢s are applied to particular categories of expenditure: - grants and donations are recognised when paid. Taxation The charity is not liable to Cent tax on its income as it falls within the various exemptions available to registered 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 ex¢mpt from taxation. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax Iosscs and other d¢ferred tax assets are recognised to the extent tbat it is probabl¢ that they will be recovered again51 the reversal of defetTed tax liabilities or other ture taxable profits. Def¢ed tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting dat¢ that arc expected to apply to the reversal of the timing diff¢r¢nce. 3.9 Unlisted inve5tm¢nts Unlisted equity investments are initially recorded at ¢os¢ and subsequently measured at fair value. 17
FRANKGIVING LIMITED COMPANY LIMrfED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES (continued) 3.10 Investment in sub$idiary undertakings Shareholdings a¢quired in subsidiary undertakings are shown at market value as valued by the trustees. 3.11 Acquisltlons and dlsposals Acquisitions and disposals of propertles are considered to take plac¢ at the date of l¢gal completion and are included in the financial statements ac¢ordingly. 3.12 Investment property tnvestment properties are prop¢rties whi¢h are held either to earn rental income or for pital apprc¢iation or for IKTrth. Jnvestment properties are T¢cogn15¢d initially at cost. Subsequent to initial recognition Investment properties whose fair value be measured reliably without undue Cost or ¢ffort are held at fair value. Any gains or losses arising from changes in the fair value are Tecognlsed in the profit and loss account in the period that they arise. and No depreciation is provided in resp¢¢t of investment properties applying the fair value model. Inv¢stment property fair value is detemiined by the trustees based on their understanding of property market conditions and the specifi¢ property concemed, using a Sales valuation approach, derived from recent comparable transaclions on the market, adjusted by applying discounts to reflect statu5 of occupation and condition. 3.13 Debtors Debtors are recognised and carried forward at invoiced amounts l&ss provisions for any doubtful debts. Bad debts are written off when identified. 3.14 Creditor5 Creditors are recognised as soon as there is a legal or Constructive obligation committing the Charity to pay out resources. Cr¢ditors are recognised at transaction price less attributable transathion 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 rat¢ ruling on the date orth¢ transaction. Exchange differences are taken into account in arriving at the Net Income. 18
FRANKGlVtNG LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 30 JUNE 2024 ACCOUNTtNG POLICIES (continued) 3.16 FiD4n¢fial instruments A financial asset or a financial liability is r¢co8ni5ed only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially re¢ognised at the amount re¢ekvable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction. where it is recogtjised at the pr¢sent value of the fvture payments discounted at a market rate of interest for a similar debt instrument. Current assets and OU¢nt liabilities are subsequently measuT¢d at thc cash OT Other consideration expected to be paid or received and not discounted. Debt instrum¢nts are subsequently measured at amortised cost. Where inv¢stments in shorts or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value r¢¢ognised in income and expenditure. All other such investments are subsequently measured at cost less impairnient. Financial ass¢ts that are measured at cost or amortised cost a review¢d for objective evidence of impainnent at the end of ca¢h reporting date. If there is objective evidence of impaimient. an impairnient loss is recognised under the appropriate heading in the statement of financial activities in which th¢ initial gain was recognised. For all equity instruments regardle&8 of signifiwice, and other fiTtan¢ial assets that are individually significant. these are ass¢ss¢d individually for impainnent. Other flnancial &8sets are either assessed individually or grouped on the basi5 of similar credit risk characteristics. Any r¢versals of impairnient are recognised immediately, to the extent that the reversal do¢s not result in a carrying amount of th¢ fmancial asset that exceed5 what the ¢hnying amount would have been had the impairnient not previously been recognised. Llmited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 19
FRANKGlVtNG LIMrrED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Funds 2024 2023 Rent and charges receivable Income from unlisted investment Inter¢st receivable from unlisted investment Dividends receivable frotn unlisted investment Bank int¢rest re1Vable Loan intergst receivable Forei8n exchange gain 933,772 67,186 58.294 115,557 9.507 273,903 928.809 228,772 31,285 118,072 7,628 318.662 3,187 1,458,219 1.636,415 tNVESTMENT MANAGEMENf COSTS Unrestricled FuDds 2024 2023 Investtnent property outgoings Management and administration Investment portfolio management fees tnterest payable Foreign exchange loss 297,308 27,611 111.941 7,168 2,502 446.530 189.920 46,673 161,254 303,923 701,770 EXPEIYDrruRE ON CHARITABLE ACTIVTfIES BY FUND TYPE Unre5tri¢t¢d Total Fun(Ls Unrestri¢t¢d Totsl Funds Funds 2024 Funds 2023 Grants paid Support Costs 555,680 29,996 585.676 555.680 29,996 585,676 458.480 37,333 495.813 458,480 37.333 495,813 EXPEIYDfruRE ON CHARITABLE ACllVITIES BY AcfIvITY TYPE Gr#nt fundlng of *¢tfivltles Support Total FuDd$ Totsl Funds ¢05ts 2024 2023 Grants paid Govemance costs 555,680 555,680 29,996 585,676 458,480 37,333 495.813 29,996 29.996 555,680 20
FRANKGlVtNG LIMITED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR Ef4DED 30 JUNE 2024 ANALYSIS OF GRANTS 2024 2023 CRANTS TO INSTITUTIONS Support of education and relief of poverty Total grants 555.680 555,680 458,480 458,480 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 Aniyei Haolam Trust Baer Hatora Limited Bikur Cholim and Gemiluth Chesed Trust British Friends of Yeshivas Sha&r¢i Chochmo Care All Limited Chevras Mo'oz Ladol Craven Walk Beth Hamedrash Trust Edupoor Limited Friends of Bels Soroh Schneirer Friends of Toldos Avrohom Yitzchok GUR Community Welfare Society Keren Habinyan Limited Mifal Tzedoko V'chesed Limitsj One Heart- Lev Echod Sharei Chaim Support the Charity Worker Talmud Torah Education Limited Teshuvoh Tefilloh Tzedokoh The Rehabilitation Trust The TMC Trust Limited The Woodst(Kk Mikvah Limited Torah {5759) Limited Tov Vchesed United T&lmudical Academy Torah V'yirah United Talmudicai Associates Limited WST Charity Limited Yeshiva Karlin Stolin Lakewood Y.M.E.R CIO Y O S Yeshiva Cvedola Seminar Yetev Lev London Jerusalem Trust Yishaya Adler Memorial Fund Sundry Donations < £3,0(K) Individually 24,000 10,000 7,600 4.000 7,200 10,000 22,650 19.000 5,0(H) I I,o(M) 89,200 10,000 100,000 5,000 10,000 4.000 10.000 5.000 4,300 30.000 10,000 3,600 5,000 8,000 14,200 62,000 7,800 8,000 9,650 9,000 4,000 3.000 23,480 555,680 21
FRANKGIVING LIMrrED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2024 10. TAXATION 2024 2023 Cllrrent tsx: Current tax expense Adjustments in r¢spLXt of prior periods Total current tsx 1,094 13,446 13,446 1,094 Deferred tax: Origination and reversal of timing differences Impact of changes in tsx rates Total deferred tsx (22,000) (461,000) {22,000) (461,000) Tax on profit (8,554) (459,906) R0c1]latIOn of tax expense Th¢ tax asses5¢d on the net income for the year is lower than the standard rate of n)0ratIOn tax in the UK of 250/0 (2023: 20.500/0). 2024 2023 Net income befrire tax 1,453,517 948,218 Net in¢ome by rate of Income exempt from tax Expenses not deductibl¢ for tsx purpos¢s Adjustment to tax Charge in respeGt of prior periods Differences arising from taxation of chargeable gains Timing diff¢rences on unrealised gains Timing difftrences on gift aid payments Other differences 363,379 194.385 (366,612} (237.546) 205,866 151,484 13,446 (7,250) 1.788 (250,641) {548,645) 33,258 (21,372) T&xation (8,554) (459,906) Faclors that may affect future tax charges An increase in the main UK corporation tax rate to 250/0 (eff¢ctiv¢ from l April 2023) was substantively enathd on 24 May 2021. This will increase the subsidiaries, futtwe tax charg¢ accordingly. The deftrred tsx liability at 30 June 2024 has been Calculated based on the rate of 250/0 (2023: 250/0). 22
FIL4NKGtVlNG LIMITED COMPANY LIMITED BY GUARANfEE P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR EF4DED 30 JUNE 2024 11. NET INCOME Net income is stated after chargingl(¢rediting): 2024 2023 Fees payable for the audit of the financial statements 24,000 20,400 Additional professional fe¢s payable to the auditors aggr¢gate £22.510 (2023: £41,562). 12. STAFF COSTS The average headcount of cmployee5, including trustees during the year was nil (2023: nil). No employee received ¢mploy¢e benefits of more than £60,000 during thc year (2023: £nil). 13. TRUSTEE REMUNEIi4TION AND EXPENSES No remuneration or other benefits from employment with the charity or a related entity w¢re received by the trustee5. The charity did not mcet any individual expenses incurred by the trustees for services provided to the charity. 14. NET m0vETrNT IN FUNDS Of the net movement in funds of the group. a surplus of £1.462,071 (2023: £1,408,124) has been dealt with in the statement of financial activities of the charity itself. Turnover of the charity aggregated £1.459,080 (2023: £1.039,862) and comprised £665.074 (2023: £625,225) of donations received and £794.006 (2023: £414,637) of investment income. 23
FIL4NKGtVING LIMITED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCtAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2024 15. INVESTMENTS Fretholdl Leasehold investment Unlist¢d prop¢rty Investment. Unlisted inY¢$tment (Loan) Group Totsl Fair valueltost At l July 2023 Additions Disposal Revaluation 13,900,148 7,963,563 4.218,723 26,082,434 210.458 873,851 131,812 1,216,121 (111.941) (111,941) 85.844 817,480 11,240 914,564 14.196,450 9.542,953 4,361.775 28.101,178 13,900,148 7,963,563 4,218,723 26,082.434 At 30 June 2024 At 30 June 2023 Historical cost at 30 Junc 2024 7,800.553 6,420,298 4,436,051 18,656,902 Freeholdl Le#$ehold Share5 i investment group Unllsted property undertakings IDvestmeni* Unlisted investment (IAfvan) Charity Tot¥1 Fair valueleost At l July 2023 Additions Disposal Revaluation 5,796,450 12,269,000 7,963.563 1,939,092 27,968,105 34.300 873,851 64,418 972,569 (111,941) (111,941) 85,700 (185.000) 817,480 718,180 5,916.450 12,084.000 9,542,953 2.003,510 29,546,913 5.796,450 12,269,000 7.963,563 1,939,092 27,968,105 AI 30 June 2024 At 30 June 2023 Historical c05t at 30 June 2024 5,392,669 102 6,420,298 2.003,510 13.816,579 Investment propertles held 4t valuRlloll Freehold and leasehold investment property is in¢luded in the financial slatem¢nts at trustees, vaIuation. 24
FRAIYKGIVING LIMJ tTED COMPANY LIMtTED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 15. INVESTMENTS (Conllnued) Valuatioll techniques and key inputs of iuvestjnent properlies The group'slcharity's residential apartment were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to refl¢¢t status of o¢cupation and condition. The group's commercial units were valued using the income capitalisation method, rquiring the application of an appropriate market bas¢d yield to net operating income. Adjustments are made to allow for voids when less than five yeajs are left under the current tenancy and to reflect market Tent at the point of leas¢ expiry or rent review. Valuation teehniques of unlisted investm¢nt *Unlisted investm¢nts have been professionally VUed at the Balance Sheet dats by the investment managers at Quilter. 16. IsTENT ENTITIES The charity owns directly and indirectly the entire issued ordinary share capital of the following companies. all of which are incorporated in Gr¢at Britain and registered in England and Wales {unless othenvise indicated). Company Number Held directly: Spiritville Investments Limil¢d HeysaA)or Invesfrnents Limited 1241065 0702850 Held indirectly.. 2001 Nostrand Ave Investors Corp. (USA) M¢ridian US IDvestment 2021 Jnc. (USA) M¢adowood Hillcrest SIL US Inc. (USA) 5575356 6322825 6435707 The registered address of all subsidiary undertakings is New Burlington Housé 1075 Finchley Rorf London, NWI I OPU, with the ex¢¢ption of Meridian US Investment 2021 Inc. and Meadowo(xJ Hill¢r¢st SIL US Inc., which have their regisl¢red address at 251 Little FaIls Driv4 Wilmington, New Castle, DE 19808, USA and 2001 Nostrand Ave Investors Corp.. which has its registered address at 6608 18 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 subsTdiaries which carry on the business of investment holding. The fjnancial statements of all subsidiary undertakings are made up annually to 30 June. The market value at 30 June 2024 of investment in subsidiary undertakings 15 based on the und¢rlying 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 Statements of the subsidiary undertakings for the year ended 30 June 2024 25
FRANKGtvtNC. LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2024 16. INVESTMEiYf ENTITIES (Continued) The aggregate assets, liabilities, capitsl and reserves for the subsidiaries as at 30 June 2024 were as follows= 21 HeysaTtx)r Nostrand Ave Meridian US Meadowood Investrnellts Investors JnvestmctJ¢ Hill¢re# SIL Litnited Corp. 2021 Inc. US ITL¢. Spiritville Investments Limited Fixed et$ Current assets Current liabilities Long trm liabilities Provisions 7,160.942 3,076,761 (354,394} 2,665,(M)O 2.116,042 (73,5211 (I,003,9621 1511,0001 986.117 l28 1317,208) (790,760) 276,766 21 180) 1,095,382 375 (79) (696,000) N¢t 85sets 9,187J09 3,192,559 {121,7231 276,707 1,095.678 Aggreg8t¢ capita] and reservcs 9,187,309 3.192,559 1121,723} 276,707 1,093,678 A summary of turnover, expenditure and profitl(loss) for the year ended 30 June 2024 is &$ follows: 2001 Spiritville H¢ysartK>r NostraDd Ave Meridian US Meadowo(NJ Investments Investsn¢nts Investors Investhient Hillcr¢st SIL Limi¢ed Limited Corp. 20211nc. US In¢. Turnover Cost of saics Administrative expenses Profitl(loss} on disposa] of inytstment propety and other investments Net valuation 8ainsl(loss) on investment propety Income from shar¢s in group undertakings Income from other fixed ass¢t investments Interest recelvable and sirnilar iDcome Interest payabl¢ and similar ¢har8e5 335.584 (76.7481 17.5941 102,719 (173,4741 112,068) {1.423) (1,1021 {6041 79,220 4.720 144 1,862 2.768 211,008 {572) (13,4471 124,366 155,1 l7) 22,0(K> 163,261) Pmfitllloss) for the fInala1 year 529,313 13290 (64,684) 1,607 1604) 26
FRANKCIVING LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEprrs FOR THE YEAR ENDED 30 JUNE 2024 17. DEBTORS Group Cbarity 2024 2024 2023 2023 Trnde debtors Amount due from group undertakings Loan debtors Oth¢r debtors and prepayments 202.813 187,488 122,932 112,704 1,003,962 1,004.320 3.042,155 3,533,227 50,000 i 10,000 575,966 447,478 55,656 105.170 3,820,934 4,168,193 1,232,550 1.332,194 Loan debtors of the group and Gharity include a loan for charitable pw5es of £50,000 {2023: £Nil). Loan debtors in respect of the group and ¢harity also include amounts due from Companies, certain directors of which are also trustees or related to the direclors of companies within this group of £1,926,857 (2023: £2,467,929) and £Nil (2023: £110.000). The loans are interest bearlng. Amount due from group undertakings in respect of th¢ charity of £l,003,962 (2023: £Nil) is du¢ after more than one year. 18. CREDfroRS: amount5 f211ing due within one year Group Charity 2024 2024 2023 2023 Loan creditors Taxation and social security Accruals and deferred income Other Creditors 2,685 1 8,288 194.246 35,286 250,505 2.970 2,575 226.750 54,141 286,436 4,269 139.053 476 2,996 152.933 476 143,798 156.405 27
FRANKGivif4G LIMITED COMPATqY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ETrIDED 30 JUNE 2024 19. DEFERRED INCOME 2024 2023 At l July 2023 Amount released to inrome Amount deferred in year At 30 June 2024 123,406 23.992 (123,406) (23,992) 129,436 123,406 129,436 123.406 Deferred income arises from r¢nts receiv¢d in advance. 20. PROVISIONS Deferred tax: Group Charity At l July 2023 Credit for the year At 30 June 2024 1,229,000 (22,000) 1,207,000 The defe¢d account Consists of the tax effect of timing differences in r¢spect of fair value adjuslment to investsnent property. Therc are no defrrred tax pmvisions for the charity. it As exempt from tax due to its chartiable status on the basis that all incom¢ and gains are applied solely for qualifying charitable Purposes. 28
FRANKGIVING LIMITED COMPANY LITrirrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEF4TS FOR THE YEAR ENDED 30 JUNE 2024 21. ANALYSIS OF CHARITABLE FUIYDS Ullrestriel¢d Funds At l July 2023 Gains At 30 June losses 2024 Group Income Expenditure General fid5 29,311,699 1,458.219 (1,023,652) 1,027,504 30.773,770 AtlJuty 2023 Gains and Al 30 June losses 2024 Charlty Ineome Expenditsre General funds 29,311.798 1.459,080 {744,703) 747,180 30,773,355 General fvnds of the group at 30 June 2024 include £8.237,286 of unrealised profits which are not available for distribution. General funds of the charity at 30 June 2024 include £15,730.334 of unrealised profits which are not available for distribution. 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Charlty Unrestricted Totsl Funds Unrestrl¢ted Total Funds Funds 2024 Funds 2024 Investments Current assets Creditors less than l year Creditors greatcr than l year Provisions 28,101, I78 28,101,178 29,546,913 29,546,913 4,130,097 4,130,097 1,370.240 1,370,240 (250,505) (250,505) (143,798) (143,798) (1,207.000) (1,207,000) 30,773.770 30,773,770 30,773,355 30,773.355 Net assets 29
FRANKGIVING LIMtTED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 23. FINANCIAL L¥ISTRUNLENrs The carrying amount for each category of finan¢ial instrumenl 15 as follows: Cbarlty 2024 Group 2024 2023 2023 Financial assets measur¢d at fair value through income and expenditure 11.901,218 10,243,194 21.626,953 20,232.563 Flnancial assets that ar¢ equity instruments rneasured at cost less impairnient 2.003,510 1.939,092 2,003,510 1,939,092 Financial assets that are debt instruments measured at amortised cost 4,130,097 4,744,701 1,370,240 1,500.098 Financial liabilities measur¢d at amortised cost 250,505 286,436 143,798 156,405 24. OPERATING LEASE COMMITMENTS As Ic&sor The total future minimum lease paym¢nts receivable undgr non-cancellable op¢rating l¢&se are as follows: Group Charlty 2024 2024 2023 2023 Not later than l year Later than l year and not later than 5 years Later than 5 years 642,909 586.467 379,913 374.283 1.385,921 1.378,037 996,401 880,437 2,457,804 2,130,609 1,303,650 929,659 4,486,634 4,095,113 2,679,964 2,184,379 30
FRANKGIVIIYG LIMITED COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EfwED 30 Ju 2024 25. RELATED PARTY TiiANSAcfioNS Loan interest receivable includes amounts received from connected partigs and companies under common control of trustees of this charity of £188,446 (2023: £233,438) D¢tsils of transactions with other related parties are disclosed in note 17. 26. ANALYSIS OF CASH AND CASH EQUtVALEiYrs 2024 2023 Cash at bank and in hand Bank overdrafts 309.163 576,508 309,163 576,508 27. ANALYSIS OF CHANGES IN NET DEBT At30 Non-cash JUD¢ Movement 2024 At l July 2023 Cashflows Cash in hand and at bank Debt due within one year 576,508 (267.345) 309,163 576,508 (267,345) 309.163 31
FRANKGIVtNG LIMITED COMPANY LIMITED BY GUARANTEE MATr4AGEMENf INFORMATION FOR THE YEAR ENDED 30 JUNE 2024 The followiDg page does not forni part of the slatulory finanelal ststements Ivblcb are the subject orth¢ illdependenl auditor's report on pages 6 10 10
FRANKGTVTNG LtNllTED COMPANY LIMITED BY GUARANTEI E STATEMEI f4T OF FINANCIAL ACTtvtTTES CORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEI AR EE4DED 30 JUNE 2024 Tllls DOES NOT FORM PART OF THE FINANCIAL STATEMETrrrs 2024 Unrestricted Funds 2023 Unrestricted Funds lllcome and endowments Donations and legacies Investment inGom¢ 665,074 794.006 1,459,080 625,225 414,637 1,039,862 Total ineome Expenditure Expendithre on rnising lldS: Investment management costs Expenditure on charitable activities Total expenditure Net (lossygains on investments: Gainl(Loss) on revaluation of investment property (LossyGains on revaluation of investments in group undertakings Gain(LOsS) on revaluation of unlisted investment Gain on disposal of investment property (159,027) (585,676) (177,739) (495,813) (744,703) (673,552) 85,700 (5,566) (185,000) 427,000 817,480 620,823 29,000 747,180 1,461,557 1,042,257 1,408,567 Net iD¢ome 2nd Det movement In funds Reconellialion of funds: Total funds brought fOard Total funds ¢arried forward 29,311,798 30,773,355 27,903,231 29,311,798