COTrIPANY REGISTRATION NUMBER: 890369 CHARITY REGISTRATION NUMBER: 252370 FRANKGtVING LIMITED COMPANY LImF.D BY GUARANTEE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 JUNE 2025 COHEN ARNOLD Chartered AoUntantS & StatOry Auditor New Burlington House 1075 Finchley Road London NWI I OPU
FRATrIKGtVlNG LIMITED COMPANY LIMITED BY GUARANTEE INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNL 2025 PAGES Trust¢¢s' annual report (incorpornting the directovs rep)rt) Itos Independ¢nt auditor's r¢port to the members 6tolO Consolidated stst¢ment of financial YACtivities (including the ¢onsolidat¢d income and expenditure account) Consolidated balanc¢ sheet 12 Charity balanc¢ sheet 13 Consolidated statement of ¢ash flows 14 Notes to the financial stat¢ments 15to31
FRANKGIVING LIMITED COMPANY LIMITEI D BY GUARArirEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPOR YEAR EIYDED 30 JUNE 2025 The trustees, who &re also directors for the purposes of company law, present their report and the financial tements of the charity and its subsidiary undertakings for the year ended 30 June 2025. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered charity name Charity registratioll number Company registration number Princip•l office And registered office Frankgiving Limited 252370 890369 New Burlington House 1075 Fin¢hley Road London NWI I OPU The trustees Mr L¢slie Frnnkel (Chaimian) Mrs Zisi Frankel Mr Laurence Allan Foux Mr Winston Samuel Gilbert Mr Maurice Moish¢ Frankel Mr Joel Frankel Mr Ephraim Frank¢l Mrs Zisi Frnnkel (Died 8 January 2026) Company secretary Auditors Cohen Amold Chartered Aceountsnts & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Banken Barclays Bank Pl 21 Hanov¢r Square London wis ijw STRucfuRE, GOVERNANCE AND MANAGEMEN[ The charity is ¢onstituted 8s a company limited by guarantee and as such. its governing documents are its Articles of AsSl&tion. The day to day affairs of the charity is administered by the truste¢s. each of whom may serve for lif¢ and shall not b¢ subject to any reappointment process. None of the trustees have any beneficial interest in the charity. All ttlJ5t¢es give their time voluntarily and no benefit or expenses were paid to them in the year. It is with deep regret that we report the passing of our trustee. Mr Winston Samuel Gilbert on the 8 January 2026.
FRINKGIVING LIMITED COMPANY LIMITED BY GUARAf+rrEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 30 JUNE 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (eontinued) Group strueture and relationships The charity has the following wholly owned non-ch8rilable operating subsidiaTie5'.- Spiritvtlle Investments Limited - a property investment Company Heysaibor Investments Limited - a property investment company The charity has the following 90¢/0 owned non-charitable opKrating subsidiary'.- Nobel & Jones (Brentwood) Limited - an investment holding company Spiritville Investments Limited has the following wholly owned operalin8 subsidiarie5-. 2001 Nostrand Av¢ Investors Corp. an investment liolding company Meridian US Investment 2021 Inc. an investment holding company M¢adowood Hillcrest SIL US Inc. an investment holding company Nobel & Jones (Brentwood) Limited has the following wliolly owned operating subsidiary:_ Nobel & Jones (Brentwo(xl) Sub Limited - a property company The trnstees of this company. Mr Leslie Frankel and Mrs Zisi Frankel are also directors of Spiritville Investments Limited and Heysarbor InveslJnents Limited. Related Party TrAnsactions Details of transactions with'Related Parties, are di10$ed in Notes 17 and 26 to the Fi[1¢11 Statem¢nts. ORIECTIVES AND ACTivfriES The charity is established to promote and assist charitable activities and institutions both in the United Kingdosn and abroad. Lt has Concentrated its aciivities in promoting charitable activities of institutions professing and teaching tlie principles of traditional Judaism. advancing religion in accordance with the Jewis11 faith and giving philaJithropi¢ aid to the Jewish needy. The charity r¢c¢ive5 incom¢5 from its casli deposits, subsidiary undertakings and volunt8ry income from compaiiies cOnnted widi die trustees wliich li utili5cs in the provision and distributioii of grants and donatioiis to orgaiiisations that fall within the objeclives of tl)e Charity. The trustees confimi that they have refenEd to the guidanc¢ contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant tnaking policy for the ye8r. Grant making policy Grants are made to ¢haritable institutions and organisalions both in Great Britain and abroad which accords with the objects of the chority. The trustees consider all requests which they r¢ceive and make donations based on the level of funds available.
FRANKGIVING LIMITED COMPANY LIED ]JY C.UARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 30 JUNE 2025 ACHIEVEMENTS AND PERFORMANCE During the year the charity has continued its philanthropic activities and has mainlain¢d its SUPPOrt of religious, educational and other charitable institutions iii Great Britain. The demands on the charity's fviids were less than those experienced last year with charitable donatioiis for tlie year totalling £248,998 as against £555.680. The donations were m¢t from Current income of the ¢harity. The financial results of the charity and its subsidiary undertakings for the year ended 30 June 2025 are fully reflected in th¢ attach¢d Financial Statements together with the Not¢s thereon. FllYANCIAL REVIEW Financial position The charity is reliant on the income from investments, the Commertial activities of its subsidiary undertakings aiid voluntary income froin companies connected widi the trustecs. Income from coinmercial a¢tivitlC5 of the subsidiary undertakings together with income from the inwestmeiits and voluntary donalions l)ove lielp¢d to boost the total incomillg resources. The financial position of the charity and its subsidiary undertakiiigs is 5atisf&ctory. The charity's consolidated statement of financial activities shows net income of £1,500.769 (2024: £1,462.071) and total reserves of £32,274.539 (2024: £30,773,770). Reserves policy The Company ts required to maintain R¢serves in order to ensure that it is in a posilion to continue its grant- making &¢iivities and cov¢r contingencies of additional Calls being made upon th¢ charity for supwrt of organiSl0n8 or institutions in limes of need. The Trustees consider it appropriate to maintain 'Fr¢e Reserves, (unrestricted fijnds not committed or invested in Fixed Asset Investments) at a level which will not impinge on its ability to support Charitable Inslitutions. The 'Free Reserves. of £2,207,820 which are represented by (part ofj the liquid funds held by the charity, are considered to be adequate and will be revi¢wed periodically by the trustees of the charity. As at 30 June 2025, the charity has total funds of £32,274,539 (Group.. £32,274,539). These funds include £16,197,171 (Group: £9,274,080) whicli arises from the revaluation of the charity's investments and is not readily available for general purposes. Consequently, the charity has reserves of £16,077.368 (Group: £23,000,459). after making allowance for reserves not r¢8dily available. Jnvesttttent policy Under the m¢inorandum and articles of association, the charity has the power to make any investmei?t, which th¢ trustees coiisider appropriate. Th¢ Trustccs seek investments which, over a medium temi. are antieipaled to gen¢rats a dependable flow of income coupled with capital groirtli. The trustees. having regard to the liquidity requirements of the charity and to th¢ reserves policy have operated a w)licy of keeping available funds in an interest-bearing d¢posit account. The trustees consider the rthrn on inv¢stments. in ternis of both income and capital growth, to be satisfactory.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARATrrrEE INCORPORATING THE DIRECTOR'S REPORT TRUSTEES, ANNUAL REPORT YEAR ENDED 30 JUNE 2025 FINANCIAL REVIEW (eontlDued) Risk management The Trustees l)av¢ a risk manag¢ment strategy which comprises an annual review of the priiicipal risks and uncertainlies lo which the Company is ¢xposed. in partiCLilar those to th¢ operations and finances of the Company. the estsblishment of policies, systems and procedures to mitigat¢ those risks identified in the annual review and the implementation of procedures 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 propety investment activity Tenant defaults Damage to property from fl(KKI, fire or terrorist action Planning conslruction and letting risk in relation to redevelopment activity Th¢ availability of liquid funds to tnake grants and doltiOnS The economic cycle g¢n¢rdlly The charity seeks to manage or mitigate such risks wherever possible through such measures as insurai)ce, tenant s¢reening aiid monitoring, rigorous reviews of &CqLIISilion and investment opportunities, eAternal expert advi¢¢, Inonitoring casl) and regular monitoring of the econotnic ouili)ok. It is recognised that systems can only provide reasonable but not absolute assurance that major risk have been adequately managed. PLANS FOR FUTURE PEIUODS The trustees plan to continue to make distributions in accordance with their grant moking policy and to ensure that the ability to 8enernte sufficient income is mainiained to achieve thal end. TRUSTEES, RESPONsIBlTIEs The trustees who are also directors for the PUTPOS¢5 of company law: are responsible for prepariiig the trustees, report and the financial statements in accordanc¢ with applicable law and United Kiiigdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- Company law requires the charity trustees to prepare financial ststem¢nts for each year whicli give a true and fair view of the state of affairs of the group aiid charitable company and the incoming resources and application of resources, including the income and expenditure of the groLlP, for tlial period. Ui)der company law the Trustees tnust not approvc tlie financial st&temeiils unless t]iey ar¢ satisfied tliat they give & tru¢ and fair view of the state of affairs of the Group and Company and th¢ iiicome and expenditur¢ of Èlie Group for tliat period.
FIi4NKGIVING LIMITED COLWANY LIMITED BY C.UARANTEE TRUSTEES, ANNUAL REPORT CORPORATtNG THE DIRECTOR'S REPOR YEAR ENDED 30 JUNE 2025 TRUSTEES, RESPONSIBILrrIES (Continued) In preparing these financial slatements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent: and prepare the financial statements on the 80ing concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustee5 are responsible for keeping adequate accounting records tliat are sutfi¢i¢nt to show and explain the cl?arity's transa¢tion5 and disclose with reasoi)able accuracy at aiiy time tlie financi&l position of th¢ charity and eiiable them to cnsure tlial the financial 5tateni¢nt5 coinply with tlie Companies Act ?006. Tliey are also responsible for safeguarding the asset5 of tlie charity and th¢ group wid Iieii¢¢ for taking reasoiiable steps for Ilie prevet)tion aiid detection of fraud and otiier irYegul&rilies. STATEMENT OF DISLOSURE TO AUDITORS Each of ihe persons who is a trustee at the date of approval of this report confirnis that: so far as they are aware. there is no relevant audit inforniation of which the charity's auditors are unaware. and they havc taken all the steps that they ought to have takcn as a Irustee to make themselves aware of any relevant audit inforn)ation and to establish ti)at the charity's auditors are aware of that information. AUDITORS Cohcn Amold is deemed to have been reapwiint¢d in accordance with section 487 of the Companies Act 2006. SMALL COMPANY PROVISIONS This report has been pr¢patEd in ordanc¢ with the provisions &pplicable to Companie5 entitled to the small ¢ompani¢s exemption. The trustees, annual report was approved on ie May 2026 and signed on behalf of the board of trustees by.. Mr L Frankel Trustee
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE IP4DEPEIYDKNT AUDITORS? REPORT TO THE MEMBERS OF FRANKGtVlNG LIMI'fED YEAR ENDED 30 JUNE 2025 OPINION We have audited the financial statements of Frankgiving Limited (the '¢harity') for the year ended 30 Julie ?025 which compris¢ the Consolidated Stalement of Finaiicial Activities (including ii)come and expenditu account), Consolidated and Parent Charity Balance Slleets, the Consolidated Sialement of Cash Flows aiid the related nol¢s. iiicludiiig a summary of sigiiif5cant accounting policies. Tlie financial rcporting framework that has been applied in their preparation is applicable law and United Kingdom Accountiiig Standards, in¢luding FRS 102 The Financial Reporting Standard applicable in the UK aiid Repliblic of Ireland (United Kingdom Generally A¢¢¢pted Accounting Practiee)- In our opinion the financial statements.. give a true and fair vi¢w of the stat¢ of the group and the charity's affairs as at 30 June 2025 and of the group's incoming resources and appli¢ation of r¢source4 including its incom¢ and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINIOIY We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those sttdndards are further d¢scribed in the auditoes respoiisibilitics for the audit of tlie financial slat¢menLS section of our report. We are iiidependent of th¢ cliarity in accordance witli tlic ¢t])ical rUIrementS Iliat are relcv&nl to our audit ofilie financial stat¢mcnts in the UK, includii)g the FRC'S Etliical Siandard, wid we l)ave fulfilled our other ethical respoiisibilities in accordance with these requirements. We believe that the audit ¢videiiGe we have obtsitb¢d is suificient and ppropriat¢ to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stst¢ments, we have concluded that th¢ trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pcrfonned. we hav¢ not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubl on the charity's ability to rontiiiue as a going concern for a period of at least twelve months from when the financial statements are authorised for i55ue. Our responsibilities and the r¢sponsibilities of the trustees with respect to going concern are described in the relcvant sections of this report.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRAP4KGIVING LIMITED Continued YEAR ENDED 30 JUNE 2025 OTHER INFORMATION The other infomiation ¢ompri5es the information included in the Trustees. annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the oth¢r infomjation. Our opinion on the financial statements does not cover the other inforn)ation and. except to the extent othenvise explicitly stated in our report. we do not express any form of assurance coijclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn)ation and. in doing so. consider whether the other inforn)ation is Knaterially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be mat¢rially misstated. If we identify such material inconsistencies or apparent mat¢rial misstatements, we are required to determine whether there is & material misstatemeiit in th¢ financial ststements or a tnat¢rial misstatement of the other inforn)ation. If, based on the work we hav¢ p¢rform¢d, we conclude that there is a material misstatement of thi5 Other infomlation, we are required to report that fact. We hav¢ nothing to report in this regard. OPINIONS ON OTHER mAERs PRESCRtBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the cours¢ of the audit: the infomiation given in the trustees, report for the finan¢ial year for which the financial statements are pr¢pared is CODSlStent with the financial statements. and th¢ trustees, report has been prepared in accordance with applicable legal requirements. MATTERS OIY WEUCH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charity and its environment obiained in th¢ course of the audi¢ we have not identified material misstatements in the trust¢¢s' report. W¢ 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 accounting records have not been kepL or returns adequate for our audit have not been received from branches not visited by us. or the consolidated financial statements ar¢ not in 88reement with the ac¢ounting records and retums. certain disclosures of trustees, remuneration specified by law are not made. or we have not receiv¢d all the inforn]ation and explanations we require for our audit. lh¢ trustees w¢re not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of th¢ small companies, exemptions in preparing the dItorS, report and from the r¢quiremeiit to prepare a strategic report.
FRANKGIV1Tr4G LIMITED COMPANY LlTrtrrED IIY GUARANTEE LNDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRANKGIVING LIMITED Continued YEAR ENDED 30 JUNE 202.$ RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement. the trust¢¢s (who ar¢ also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and f(Ir such internal control as the trustees detern)iiic is necessary to enable the preparation of financial statements th&t are fr¢¢ from mal¢rial inisstatement, whether due to fraud or error. In preparing th¢ financial 51atements. the trustees are resnSIble for assessing the charity's ability to continue as a going ¢oncern, disclosing, as applicable, matters related Éo going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasoiiable assurance about whdher the financial statements a whole are free from material misstatemenL whether due to fraud or ¢rror, and to issue an auditor'5 report that in¢ludes our opinion. R¢asonable assurance is a high level of assurance. but is not a guarantee that an audit conducted iii accordartce with ISAS (UK) will always detect a material misstatement when it exists. Misst&t¢ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen¢¢ the economic decisions of users taken on the basis of these finan¢ial statements. Irregularities. including fraud, are instances of non-coinpliance with laws and regulations. We design procedures in lin¢ with our responsibilities, outliiied above, to detect material misstatements iii respect of irregularities, including traud. The extent to which our proc¢dures are capable of detecting irregularities, including fraud is detailed below: We obiained an uiidejstanding of ihe legal and regulatory frameworks that are applicable to the )roup through discussion %vitli the directors and identified fiiiancial reporting legislation. landlord legislation and charity legislation as being most significant to these financial 5tat¢ments. We communicated these identified frameworks amongst our aiidit team and remained alert lo any indications of non-compliance througliou( th¢ audit. We ensured that th¢ engagement l¢am had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations. We discussed with the d1ClorS the policies and procedures regarding compliance with these leg81 and regulatory frameworks. W¢ &ssessed the 5US¢¢Ptibility of the group's financial slat¢ments to mat¢rial misstatetnent due to non-compliance with legal and regulatory frameworks, including how fraud might occur. by enquiry with tlie directors during the planning and finalisation phasc5 Stages of our audit and by using proprietary disclosure Checklists. The susceptibility to such material misslatement was detennined to be low. Based on this understanding. we design¢d our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on tiie related financial statement items.
FRAIYKGIVING LIMITED CoPAr{y LIMITED BY GUAIL4NTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FRAfiKGIVING LIMITED Continued YEAR ENDED 30 JUNE 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUD OF THE FINANCIAL STATELWtENTS {conlinued) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial slatements. even though we have properly planned and perfornied our audit iii accordance witl) auditing standards. For example. il)e furtli¢r reinovcd non- compliance witli laws and r¢gulations (irregularities) is froin the events aiid transactions r¢flecLed iii il)e finaiicial statements, die Ic5s likely the inherently limited proc¢dures required by auditing st%iiidards Ould identify it. In addiuon. as with any audil 1here remained a higl)er risk of non-delectioii of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresentations. or the override of interiial controls. W¢ are not responsible for preventing non-complian¢¢ and cannot be expected to detect non- ¢omplianc¢ with all laws and regulalion5. As part of arh audit in accordwi¢e with ISAS {UK). we exercise professional judgment and maintain professional scepticism througliout the audit. We also: Identify and assess the risks of material misstatement of th¢ financial statements, whefher du¢ to fraud or error, design and perforni audit procedures responsive to those risks, and obtain audit ¢vidcn¢e that is sufficient and appropriate to provide a basis for our opinion. The risk of not dettIng a materiai misstatement resulting from fraud is higher than for one resuliing from error. as fraud may involve collusion, forgery, intentional omissions, misr¢pres¢ntations, or the override of internal control. Obtain an und¢rstanding of internal control relevanl to tlie audit in order to design audit procedures that are appropriate in the circumslance& but not for the purpose of expressing an opinion on the effectiveness of tlie internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trnstees, use of the going concern basis of accounting and, based on tlie audit evidence obtained. whether a material Lincertainty exists related to events or conditions that may cast significaiit doubt on the charity's ability to conliiiue as a going concern. If we conclude iliat a material uncertainty exists, we are Irquired to draw attention in our auditor's r¢port to the related dis¢losure5 in the financial statements or, if such disclosur¢s are inAdequate, to modify our opiiiion. Our conclusions are based on th¢ audit evidence obtained up to the date of our auditor's report. How¢ver, future events or conditions may cause the charity to cease to continue as a going ¢oncem. Evaluate the overall presentation, structure and content of the financi&l statements, including the disclosures, and whether the financial statements represent th¢ underlying transactions and events in a manner that achieves fair presentation. Obtain 5ufficj¢nt appropriate audii evidence regarding the financial infomiation of the ei)tities or business activities within ihe group to express an opinion on Ihe consolidated financial statemeilts. We arc responsible for the direciioll, supervision &nd pcrfonnanc¢ of tlie group &iidit. We r¢main solely responsible for our audit opinion. We communicate witli those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit finding5, including any significant defieiencies in intemal control that we identify during our audit.
FRANKGIVING LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEwf AUDrroRS' REPORT TO THE MEMBERS OF FIL4NKGIVING LIMITED Continued YEAR ENDED 30 JUNE 2025 USE OF OUR REPORT This report is made solely to the Charity's tn¢tnbers. as a body, in accordance with Chapter 3 of Part 16 of the Cotnpanies Act 9006. Our audit work has been undertakei) so that we Inight stst¢ to the Charity's menibers those Inatters we are required to slate to ihem in an audito¢5 report and for no other purpose. To th¢ fullest extent permitted by law. we do not accept or assume r¢sponsibility to anyone other than the charity &nd the charity's members as a body. for our audit worl for this report or for the opinions w¢ have fornied. DAV DBERG tatutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU Date: ie May 2026 Our audit was completed on 18 May 2026 and our opinion was expressed at that date. io
FRANKGIVtNG LIMrrED COMPANY LlIMITF.D B Y GuARA[rEE CONSOLIDATF.D STATEMFNT OF FINANCbiL ACTIVITIES INCLtIDIP4G THE COP4SOLIDATF.D INCOME AND EXPENDrruRE ACCOUN FOR THE YEAR ENDF.D 30 JUNE 2025 2025 Unrestricted Funds 2024 Unrestrieted Funds Not¢ Income and endowments Donations received Investment income 130.000 1.539.797 1,458.219 1,458,219 Total income 1,669.797 Expenditure Expenditure on r&ising funds: Investment management costs Expenditure on charitable activities Total expenditure Net gains on investments: Gains on r¢valuation of investm¢nt property Gains on revaluation of unlisted investment (593,856) (273,594) (446,530) (585,676) (867.450) (1,032.206) 987,01 85.844 265.232 828.720 {LossyG&ins on disposal of Investment propety (464,045) 112,940 788,198 1,027,504 Net in¢ome before tax 1,590,545 1,453.517 T8xation io 8,554 Net income after tax I,590,545 1,462.071 Attributsbl¢ to non-controlliftg interest (89.776) Net income and ne¢ movement ID funds attributabl¢ to the charity li 1,500.769 1.462,071 Reconeiliation of funds: Total funds brought forward attributsble to th¢ charity Total funds carried fonyard attribulable to (he charity 30.773.770 29,311,699 22 32.274,539 30,773.770 Th¢ statement of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 31 fom part of these financial statements.
F114NKGIVING LIMtTED COMPANY LIfvIITF.D BY GUARANTEE cor4SOLtDATED BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note FIXED ASSETS Inv¢stments 15 35.387,536 28.101,178 CURRENT ASSETS Debtors Cash at bank and in hand 17 4,033,785 719,054 3,820,934 309.163 4,752,839 4,130.097 CREDITORS: amoullts falling due Ivithin one year 18 (724.050) {250.505) NET CURRENT ASSETS 4,028,789 3,879,592 TOTAL ASSETS LESS CURREwr LIABILrrIES 39,416,325 31,980,770 CREDITORS.. amounts fAlling due thfter one year 19 (5,845.000) PROVISIONS 21 (1.207.000) 32,364,325 (1,207,000) 30,773,770 NET ASSETS REPRESENTED BY: Unrestricted fund5 of the charty Non-controlling interest 22 32.274,539 89,786 30,773,770 TOTAL FUNDS 32.364,325 30.773,770 These financial statements were approved by the board of trustees and V¢Uthorised for issue on i ) May 20?Qattd are signed on behalf of the board by: Mr L Frankel Trustee Company Registration Number.. 890369 The notes on pag¢s 15 to 31 forni part of these financial statements. 12
FRANKGIVING LIMITED COMPANY LIMITF.D BY GUARANTEE BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note FIXED ASSETS Investments 15 30,066.719 29,546,913 CURRENT ASSETS Debtors Cash at bank and in hand 17 1,878.481 500,094 1,232.550 137.690 2,378,575 1,370,240 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 18 (170,755) (143,798) 2.207,820 32,274,539 1,226,442 NET ASSETS 30,773,355 FUNDS OF THE CHARITY Unrestri¢t¢d funds 22 32,274,539 32,274,539 30.773,355 Total charity funds 30,773.355 Th¢se financial statements were approved by the board of trust¢¢s and authorised for issue on 18MA .Ja5¢ signed on behalf of the board by: 2026. an Mr L Frankel Trustee Company Registration Number: 890369 The notes on pages 15 to 31 forni part of these financial stateme¥Jts. 13
FRANKGIVING LIMITED COMPANY LIMITED BY GUAii4NfEE COTrISOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ELYDED 30 JUNE 2025 Note 2025 2024 CASH FLOWS FROM OPERATING ACTIvfnES Net income 1,590,545 1,462,071 Adjustmertisfor.- Net gains on inv¢stments Dividends, interest and rents from investments Interest receivable and similor income Accrued (income)/expens¢s Payments for expenditu on investm¢nt properties Payments for expenditur¢ on other investment Interest payable and similar charges Current and deferred tax (788,198) {1,027.504) (1,259,924) (1.174.809) (239,894) (283.410) 14,957 (38,534) 211,708 297.308 128,066 111,941 181,560 7.168 (8.554) Changes in.. Trade and other debtors Trade and other ¢reditotS (25,453) (15.325) (5,975) (3,142) (192,608) (672,790) 5.698 9,507 (13.446) (186,910) (676,729) Cash used in generated from operations Interest received Tax paid Net cash used in operating activities CASH FLOWS FROM ll¥VESTfF4G ACTIVITIES Dividends, interest and rents from investments Cash receipts from the repayment of advances and loans Pur¢h&5e of inveslment properties Purchases of other investments Proceeds from sale of investment properties Proceeds from sal¢ of other inv¢stments Payments for expenditure on inv¢stment properties Payments for expenditure on other investments Net cash (used in)Ig¢nerated from investing activities 1,350,010 1.306.140 13,265 518,033 (6,980,332) (210,458) (275,723) (1,005,663) 516,955 112,940 240,950 111,941 (211,708) (297,308) (128,066) (111,941) (5,474,649) 423,684 CASH FLOWS FROM FINANCING ACTIvrriES Repaymenis of borrowings Pro¢¢eds from borrowin8S Interest paid Net ¢&5h generaled froml{used in) financing acttvities (285) 6,310,900 (239,450) 6.071,450 {14.015) (14,300) NET INCREASEI(DECREASE) IN CASH ALYD CASH EQUIVALENrs CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR 409,891 309,163 719,054 (267,345) 576,508 309,163 27 The notes OD pages 15 to 31 forni part of these financial statements. 14
FRANKC.IVtr*'G LIMITED COMPANI, I.IMI'fED BY C.UARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUTr4E 2025 GENERAL INFORMATION The charity is a private company limited by guarantee, registered in England and Wales and a regisl¢r¢d charity in England and Wales. The address of the register¢d office is New Burlington House. 1075 Finchley Road. LA)ndon, NWI I OPU. STATEMEwf OF COMPLIANCE These finan¢i&l stateme.nls 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 Recomtllciided Practice applicable to charities preparing their accounts in accordance witli the Fin&ncial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICLES B4si$ of preparation The financial statements have been prepared on the historical cost basis, a5 modified by the revaluation of certain financial assets and liabilities &nd investment properties measured at fair value through income or expenditure. The fJnan¢ial statments are prepared in sterling (rounded to th¢ nearest pound), which is the functional currency of the entity. The charity meets the definition of a public benefit entity under FRS 102. 3a Going concern The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trust¢cS have A re<lsonabl¢ exp¢ctstioii ihat tlie charity lias adequat¢ rwurees to continu¢ in operational existeTr¢¢ for th¢ foreseeable future by ii?eeting its liabilities as Ihey fall due, based on the net current ass¢1 posi(ion of the Charity and availtsble sources of finance. Group financial stalements These Finw)cial Staleineiits consolidate the r¢sults of the charity aiid its subsidiary Lindertakings. A s¢parat¢ Statement of Fii)an¢ial Aclivilies. for tiie c17arity itself is not prtsenled becalise the charity has tak-eii advantage of th¢ exemptions afforded by sectioii 408 of tli¢ Coinpanies Aci 2006. However, tlie Statement of Financial Activities forthe charity is s¢parately filed with the Charity Commission. 15
FRANKC.IVING LIMITED COMPANif LILWTF.D BY GUARANTEE NOI'ES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES (continued) Judgements and key sources of estimation uneertainty Judgements made by the direct()rs in the application of these accounling policies that hav¢ sigiiificai)t effect on the financial statements and estimates with a signifiwit risk of material adjustment in the next year are as follows: {1) Property valuation The valuation of the Charity's investment property is inherently subjective, depending on many factors including the nature of th¢ property, it5 lo¢ation and o¥p¢¢ted future net rental values, Market yields and coinparable market transactions. Therefore the valuatioii is subject to a degree of un¢¢rtainty and is made on the basis of a55umptiolls wliich may not prove to be accurate. particularly in periods of difficult market or economic conditions. (li) Trade and oiher debtors Management uses detsils of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty making judgements concerning any need to impair the Carrying value. Fund accounting Unrestricted funds a available for use at the discretion of the trust¢es to further any of the charity's puty)ses. Dc5ignated funds are unrestricled funds eamiarked by the trustees for particular future proj¢ct or commithnent. There are no design&t¢d funds as at the balance sheet dafr. Restricted funds are subjected to restrictions on their expenditure dlared by the donor or dirougl) die tenns of an appeal, and fall into one of two suiKlasses: r¢stri¢t&l incom¢ funds or endowment funds. There are no restricted funds as at the balance sheet date. In¢omillg rOUrCeS All incom¢ is included in the ststement of financial activities when entitlement has passed to tlie charity, it is probabl¢ that the economic benefits associated with th¢ transaction will flow to th¢ Charity and the amount can be reliably measured. The following specific policies are applied to particular ¢at¢gories of income: - income from donations or grants IS Tecognised when received. 16
FRANKGtvtNG LIMITED COMPANY I,INIITFD BY GUèiRANTEE NOTES TO THE FINANCLKL STATEMEwrs FOR THE YEAR ENDED 30 JUNE 2025 AccouwfiNG POLICIES {eontinued) Resour¢e5 expended Expendtture is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannoi be fully r¢¢overed, and is cla52*ified under headin8s of the stafrment of financial activities to which it relates: expenditure on raising funds includes the costs of all investment management Costs. expenditu on Charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, in¢luding iliose support costs and costs relaling lo the governance of the charity apportioned to charitable activilies. All cost8 are allated to expenditure cat¢gories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are &pportion¢d between the activities they contribute to on a reasonable, justifiable and consistent basis. The following specific policies are applied to particular categories of expenditure: - grants and donations are recognised when paid. Taxalion The charity is not liabl¢ to current t&x on its income it falls within th¢ various exemptions available to registered charities. The subsidiary undertakings are subject to Corporation T&x but it is expected that their income will be gifted for Charitable purposes and should be exempt from tsxatioti. Deferred tax is recognis¢d in respect of all timing differences at th¢ reporting date. Uiirelieved tax losses and other defcrr¢d tax asscts are recognised to the extent that it is probable that tl)ey will be recoveffd against the reversal of defeed lax liabilities or other future taxable profits. DefeiT¢d tax is measured using the tax rates and laws that have been enacted or substantively enacted by the rerK)rting dat¢ that are exp¢cted to apply to the reversal of the timing differenc¢. Unlisted investments Unlisted equity investments are initially recorded at cosL and subsquently measured at fair value. 17
FlL4NKcThfG LTVITED COIWANI LIMITED JIY GUARANTEE NOTES TO THE FINAP4CIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICLES (¢ontinued) 3.10 lllvestment in subsidiary undertakings Shareholdings acquired in subsidiary undertakings ar¢ sliown at market value as valued by the trustees. 3.11 Acquisitions and disposals Acquisitions and disposals of properties ar¢ consider¢d to tske place at the date of legal completion and ar¢ included in the financial statements accordin81y. 3.12 Investment property Investment properties are properties which are held either to earn rentsl income or for Capital appreciation or for both. Inv¢stment properties ate recognised initially at cost. Subsequent to initial recognition Investment properties whose fair value can b¢ measured 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 depre¢iation is provided in respect of investment properties applying the fair value model. Investm¢n¢ property fair value is deterniined by the trustees based on their understanding of property mad(et conditions and th¢ specific property concerned, using a sales valuation approach, d¢rived frotn r¢¢ent comparable transactions on the markeL adjusted by applying discounts to rellect status of (Kcupation and condition. 3.13 Debtors Debtors are recognised and wried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified. 3.14 Creditors Creditors are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Creditors are recognised at tranStIOn price less attributsble transactioii ¢osts. 3.15 Foreign ¢urrency Assets &nd liabilities denominated in foreign curr¢n¢ies are translated into sterling at rnt¢s of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into Sterling at the rate rulin8 on the date of the transaction. Exchange differences are tsken into account in arriving at th¢ Net Income. 18
FRANKGIVJNC LIlWtTF.D COMPANY LILVllTED BY GUAILiNTEE NOTES TO THE FINANCAAL STATEMENTS FOR THE YEAR EfwED 30 JUNZ 2025 ACCOUNTING POLICIES (continued) 3.16 Fin¥nci41 instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the Contractual provisions of the instrument. Basic financial instruments are initially reco8nised at th¢ amount receivable or payable including any related iransaction costs, unless ihe arrangement constitutes a financing transaction, where it is recognised at the present valu¢ of the future payments dis¢ounted at a market rale of interest for a similar debt instrument. Curr¢nt assets and current liabilities are subs¢quently measured at th¢ c&8h or other consideration expected lo be paid or received and not discounted. D¢bi instruments are subsequently measured at amortised cost. Wl)ere investments in shares or preference shares are publicly traded or their fair value can otlierwise be measured reliably, the inv¢stment is subsequently mcasured at fair value with clianges in fair value recognised in income and expenditure. All oth¢r such investments are siibsequently m¢asured at cost less impaim)¢nt. Financial assets that are measur¢d at cost or amortised cost arc reviewed for objective ¢vidence of impairnient at th¢ end of each reporting date. If th¢re 15 objective evidence of impairnient. an imlTment loss is recognised under the appropriate heading in the ststement of financial tIvitieS in whi¢h the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually signifi¢ant. these are seSSed individually for impairnlent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk char8Cteristi¢s. Any reversals of impairn]ent are recognised immediately, to the extent tliat the reversal does not result in & c8rrying amount of the financial asset that exceeds what the carrying atnount would have been had the impairment not previously been recognised. Limited by gyarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the ¢vent of winding up is limited to £1. 19
FRANKGtvtNG LImED COMPANY LTrIITED BY CUARANTEE NOTES TO THE FINANCIAL STATfi MENTS FOR THE YEAR ENDED 30 JUNE 2025 INVESTMENf INCOME Unres¢ricted Funds 2025 2024 Rent and charges receivable Income from unlist¢d investment Interest receivabl¢ from unlisted investment Dividends receivable from unlisted investment Bank interest receivable LATran interest re1vable 1,096,936 933,772 67,186 58,294 115,557 9,507 273.903 62,102 140,865 5.698 234,196 1.539,797 1,458.219 tNVESTMENT MANAGETrf£y4T COSTS Unrestricted Funds 2025 2024 Investm¢nt property outgoings Management and administration Investm¢nt portfolio management fees Bank interest payable Foreign exchange loss LAlSS from unlisted investment 211.708 27.237 128,066 181.560 5.306 39,979 297,308 27,611 11,941 7,168 2,502 593,856 446,530 EXPENDITURE ON CHARITABLE AcfiviTtES BY FUND TYPE Unrestricted Tolal Funds Unrestricted Total Funds Fund5 2025 Funds 2024 Grants paid Support eosts 248.998 24.596 248,998 24,596 555,680 29.996 555,680 29,996 273,594 273,594 585,676 585,676 EXPENDITUR£ ON CHARITAB ACTivrfIEs BY ACTIVTfY TYPE Grnn¢ fllndiDg of activities Support Total Funds Total Funds costs 2025 2024 Grants paid Governance Costs 248.998 248.998 24,596 555.680 29,996 24.596 248.998 24,596 273,594 585,676 20
FRANKGtVlNG J.IMITED COMPATrIY LILVllTED BY GUARAwfEE TrIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ANALYSIS OF GRANTS 2025 2024 GRANTS TO INSTITUTIONS Support of ¢ducation and relief of poverty Total granls 248,998 248.998 555,680 555.680 All gr&nts and donations were paid lo charitable institutions for th¢ purwses of either the advancement of education or the relief of poverty. The composltion of donations is shown below.. A¢h¢inu Limited Amud Hatzdokoh Trust Bels Ruchel D'Satm&r (London) Limited Beth Jacob Grammar Schiy)l For Girls Beih Shmuel Synagogue Limited British Friends Of Yeshivas Shaarei Chochmo Chasdei Aharon Limited Chevrds Mo'oz Ladol Edupoor Limited Friends Of Bels Soroh Schn¢ir¢r Friends Of Toldos Avrohom Yitzchok Friends Of Wiznitz Limited Mifal Tzedoko V'chesed Limited North London W¢lfare And Educational Foundation Revach Vehazola Trust Support The Charity Worker Talmud Torah Education Limited Teshuvoh Tefilloh Tzedokoh The Tm¢ Trust Limited Torah (5759) Limited Tov Vchesed United Talmudical Associat¢s Ltd Y G S Yeshiva Gedola Seminar Yeshiva Of Woodridge Sundry t)onations < £3,000 Individually 26,000 3.720 6,220 10.000 4.000 3,600 6,000 20,700 15,000 3,600 13,000 4,700 3,600 i 0,000 5,000 10,000 7,500 3,000 15,000 3,400 9.000 18,070 9,000 3,846 35.042 248.998 21
FRANKGIVtNC LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THF. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 io. TAXATION 2025 2024 Current tax: Current tax expense Adjustments in respect of prior periods Total current tax 13.446 13,446 Deferred lax.. Origination and reversal of timing differences Impact of changes in tax rates Total deferred tax (22,000) (22,000) Tax on profit (8,554) Reconciliation of tax expense The tsx assessed on the net income for Éhe y¢ar is lower than the standard rdte of Tration tax in the UK of250/0 (2024.. 250/0 2025 2024 Net income before tax 1,590.545 1.453,517 Net income by rat¢ of tax Income exempt from tax Expenses not deductible for tax purposes Adjustm¢nt to tax charge in respect of prior periods Differences arising from tsxation of char8eabl¢ gains Tiining differences on Lbnrealised gains Timing differences on gift aid payments unus tax losses 397,636 363.379 (350.370) (366.612) 87,204 205,866 13,446 (135,230) (7,250) (61,819) (250,641) 35,778 33,258 26.801 Taxation (8,554) FY4¢tors that may affect future tax eharges An increase in the main UK corporation tax rate to 25% (efft1ve from l April 2023) was substantively ¢nacted on 24 May 2021. This will increase the subsidiaries, future tax charge accordingly. The deferred tax liability at 30 June 2025 h&s been calculated based on th¢ rate of 2511/fy (2024.. 250/0). 22
FRANKcf*PTNG LIMtTED COMPANI, LIfvll'fED IIY G IIARANTEE NOTF.S TO THE FtNANCIAL STATEMENTS FOR THE VEAR ENDED 30 JIINF. 21)25 NET INCOME Net it)¢ome is stated after ¢harginty(crediting)'. 2025 2024 Fees payable for th¢ audit of the financial statements 21.600 24,000 Additional professional fees payable to the auditors aggregate £19,620 (2024: £22,510). 12. STAFF cOs The &verage headwunt of employees, including trustees during the year was nil (2024.. Nil). No employee Ttceived etnployee benefits of more than £60,000 during the year (2024.. £Nil). 13. TRUSTEE REMUNERATION AND EXPENSES No r¢muneration or other benefits from employmenl with th¢ charity or a related entity were received by the trusl¢es. The ¢harity did not meet any individu&l expenses incurred by the trustees for servic¢s provided to the charity. 14. NET MOVEMENT IN FUNDS Of the n¢t movement in funds of the group, a surplus of £1,500,769 (2024- £1,462.071) has bcen dealt with in the statement of financial activities of the charity its¢lf. Turnover of the charity &ggregated £1,528.903 {2024.. £1,459,080) and comprised £765,000 (2024.. £665,074) of donations received and £763,903 (2024: £794,006) of investment income. 23
FIL4NKGIVTNG LILiirrED COMPANY LIMITED BY GUAiIANTEE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR EP4DED 30 JUNE 2025 15. INVESTMENrs Fre¢bold/ Leasehold investment property Unlisted investmelll {an) Unlisted illvestment Group Total Fair valuelcost At l July 2024 Additions Disposal Revaluation 14.196,450 9,542.953 4,361,775 28,101,178 6,980,332 202.967 72,756 7.256,055 (981,000) {128.066) (112.874) (1.221,940) 987,011 449.566 (184,334) 1,252,243 21,182,793 10,067,420 4,137,323 35,387,536 14,196.450 9,542,953 4,361.775 28,101,178 At 30 June 2025 At 30 June 2024 Histori¢al cost at 30 June 2025 13.914,838 6.495,199 4.395,923 24,805,960 Freeholdl Shares in Leasehold group inv&stment ulldcrtaking Unlisted property investtnent Unlisted investment (Loin) Charity Total Fair vaJuel¢ost At l July 2024 Additions Disposal Revaluation 5.916,450 12,084,000 17,957 90 9.542,953 202,967 (128,066) (17,957) 35,228 449,566 5,916,450 12.119,318 10.067,420 5,916,450 12,084.000 9.542.953 2.003,510 29,546.913 221.014 (39,979) {168,045} 466.837 At 30 June 2025 1.963.531 30.066,719 2,003.510 29,546,913 At 30 June 2024 Historical cost at 30 June 2025 5.410,626 192 6,495,199 1,963,531 13.869,548 Investment properties held at valualion Freehold and le&sehold investment property is included in ihe financial stat¢m¢nts at trustees, valuation. 24
FRANKGIVING LIMfTED COMPANI, LIMITED BI, GUAILiNTEE NOTES TO THE FINANC STATEMENrs FOR THE YEAR ENDED 30 JUNE 2025 15. INVESTMENfs (Continued) Valuation techniques and key inputs of investment properti6s The group's/¢harity's residential apartment were valued using a sales valuation approach. derived from recent eomparable transactions in the market, adjusted by applying diOnts 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 to net operating income. Adjusttnents are made to allow for voids when less t]ian five years are left under the current tenancy and to refle¢t market rent at the point of lease expiry or rent review. Valuation teehniques of unlisted investment *Unlisted investments have been professionally valued at tile Balance Sheet date by the investment managers al Quilter. 16. INVESTMENf ENfTfiES The charity holds directly and indirectly the undermentioned proportion of the issued share capital in the following companies, all of which are incorporated in Great Britain and registered in England and Wale5 (unless otherwise indicated). Company Number Pereentage Holding Held directly: Spiritville Inv¢stments Limit¢d Heysarbor Investments Limited Nobel & Jones (Br¢ntwood) Limited 1241065 0702850 16348233 loo 90 Held indirectly.. 2001 Nostrand Ave Investors Corp. (USA) Meridian US Investment 2021 Jnc. (USA) Meadowood Hill¢r¢st SIL US Inc. (USA) Nobel & Jones (Br¢ntwood) Sub Limited The 90 /0 shareholding of Nobel & Jones (Brentwo(xl) Limited was acquired by the charity on 27 March 2025 for a nominal value. 5575356 6322825 6435707 16368498 100 100 loo 90 The registered address of all subsidiary undertakings is New Burlington House. 1075 Finchl¢y Road. London, NWI I OPU, with the exception of Nobel & Joiies (Brcntwood) Limited and Nobel & Jones (Brentlvood) Sub Liinited. which have their registercd address at ?nd Floor. Parkgates Bury New Road, Prestwi¢h, Manchester M25 OTL. Meridiaii US Iiivestment 20?1 Inc. and Meadowood Hillcrest SIL US Inc., whi¢h have their regist¢red address at 251 Littl¢ Falls Drive, Wiliniiigion. New Castle, DE 19808, USA and 2001 Nostrand Ave Investors Corp.. which has ils registered address at 6608 J 8, Avenue 2. Floor, Brooklyn. New York 11204, USA. All the subsidiary iind¢rtakings carry on the business of property investment witli the exccplioii of the USA subsidiaries and Nobel & Jon¢s (Brentwood) Limited which carry on ihe business of investment liolding. Th¢ fiiiaiicial statem¢nt5 of 011 subsidiary undertakings are made up annually to 30 June. 25
FRANKGIVING LIMITED COMPANY LILlrIlTED BY GUAIUNTEE NOTES TO THE FtNANCIAL STATEIIqEiYrs FOR THE YEAR ENDED 30 JUNE 2025 16. INVESTMENT ENrrriES (Continued) The market value at 30 June 2025 of investment 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, bos¢d upon the latest Financial Statem¢nts of the subsidiary undertakings for the year ended 30 June 2025. The aggregate assets, liabilities, capital and reserves for the subsidiaries as at 30 June 2025 were as follows: 2001 Heysarbor Nostrand Ave Meridian US Meadowood Investments Invesiors Investment Hillcresi SIL Limited Cojp. 2021 Inc. US Inc. Spiritville Investments Limited Fixed assets Current assets Current liabilities Long tem liabilities Provisions 6260,814 3,280,573 3.148,573 1,968,571 (183,652) (1,495.168) 836,142 45 (278.928) (728,950) 255,133 230 (1,895) 1,082,517 1.282 {73) (696,0(K)) (511,000) Net assets 8,529,735 3,242,976 (171,691) 253,468 1,083,726 Aggregat¢ eapitsl and reservcs 8,529,735 3,242,976 (171,691) 253,468 1,083,726 Nobel & Nobel & Jones Jones (Brentwood) (Brentwood) Limited Sub LiTnited Fixed assets Current $¢t5 Current liabilities Long temi liabilities Provisions 100 7,351.770 ,704,036 57.890 (700J43) (1,670,489} {3,845,000) Net assets 1,003,793 (105,829) Aggregate capital and reserve5 1,003,793 (105,829) 26
FRATriKGIVtNG LJNfrrED COMPANY LlIlllTED BI, GUA]L4NTEE Tr40TES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 30 JUNK 2025 16. INVESTMENT ENTITIES (Continued) A summary of Éumover, expenditure and pmfitl(loss) for th¢ y¢ar endd 30 June 2025 is as follows.. 2001 Heysarbor Nostrand Av¢ Meridian US Meadowood Investments Investors Investtneni Hillcrest SIL Limited Corp. 2021 Inc. US Inc. Spirifville Investments Limited Tumover Cost of sales Administrative expenses Profitl(loss) on disposal of investtnent propetty Net valuation gaIn(lo$S} on investm¢nt prop¢rty Int¢r¢st receivable and similar income Interest payable and similar Charges Tax 367,818 (74.675) {101,753) 180,748 (78,388) (8,396) {1,167) (1,611) (594} 1476,015) 11,970 187,051 109,760 (90,277) (58,316) ProfiV(loss) for the financial year (97.574) 125,417 (59,483) (594) A summary of turnov¢r. expenditure and profitl(loss) for the perii)d ended 30 June 2025 is as follows: Nobel & Nobel & Jone5 Jones (Brentwoodl (Brentwood) Limited Sub Limiied Turnover Cost of sales Administrdtive expenses Profitl(10ss) on disposal of investment property Net valuauon gainsl(loss) on investment property Interest receivable and similar income Interest payable and similar charges TAX 42,583 (5,728) (1.304) {1.275) 1.004,968 (141.480) ProfiV(loss) for the financial year 1,003,693 (105,929) 27
FRANKGIVTh'G LIMTTF.D co{PANy LIMITED B Y G L:ARANTEE NOTES TO THE blNANCIAL STATEI¥TENTS FOR THE YEAR EI¥DF,D 30 JUNE 2025 17. DEBTORS Group Charity 2025 2025 2024 2024 Trade debtors Amount due from group undertakings Loan debtors Other debtors and prepayments. 228,266 202.813 137.419 1.633,730 50,000 57,332 122.932 1,003,962 50.000 55,656 1,232.550 3,034.818 770.701 3,042,155 575.966 4.033.785 3.820.934 1.878,481 Loan debtors of tlle group and charity include a loan for charitabl¢ purposes of £50.000 (2024: £50,000). Loan debtors in respect of the group also include amounts due from ¢ompanies. certain directors of which ar¢ also trustees or related to the direclors of companies within this group of £1,919,520 (2024.. £1,926.857)- Tlie loans are interest bearing. Amount due from group iindertakings in respect of the charity of £Nil (2024.. £1,003,962) is due after more than one year. 18. CREDrroRS: amounts rling due within One year Grollp Charity 2025 202- 5 2024 2024 Bank loans and overdraft Loan creditors Taxation and social security Accruals and defei'red income Other creditors 412.043 56,542 4.247 207.866 43,352 2,685 18,288 194,246 35,286 4.247 165.942 566 4,269 139,053 476 724,050 250,505 170.755 143,798 19. CREDITORS: amounts falling due after one year Group Ch*rity 2025 2025 2024 2024 Bank loans and overdrafts 5,845,000 5.845,000 The bank loans are seoured by first legal charges over an investment property of the group. 28
FRAINKGIVTT*C. I.TNllTEI D COTrIPANI' LIqlTED BY GttARANTEE P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 20. DEFERRED IIYCOME At l July 2024 Amount released to income Amount deferred in y¢ar 129,436 (129,436) 128,099 128,099 At 30 June 2025 D¢ferred income arlses from rents received in advance. 21. PROVISIONS Deferred tax: Group Cbarity At l July 2024 Credit for the year At 30 June 2025 1,207.000 1,207.000 Th¢ deferred tax account consists of the tax effect of timing differences in respect of fair value adjustment to investm¢nt prop¢rty. Thett are no deferred t&x provisions for ihe charity. it is exempt from due to its charitable status on th¢ basis that all income and gains are applied solely for qualifying charitable Purwses. 22. ANALYSIS OF CHARrrABLE FUNDS Unrestrided Funds Groups Charity Balance at l July 2024 Income Expenditure Net gains on investments Attributable to non-controlling interest Balance at 30 June 2025 30,773,770 30,773,355 1.669,797 1.528,903 (867,450) (494,556) 788,198 466,837 (89.776) 32,274,539 32,274,539 29
FRANKGTVtNG LIMETF.I) COMPANY LIMI'I'ED BI. (:UARANTEE NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 30 JUNE 2025 23. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Cbarity Unrestricted Total Funds Unre8lricted Total Funds Funds 2025 Funds 2025 Investments CutTent assets CredAtors less than l year Creditors great¢r ihan l year Provisions 35,387,536 35,387.536 30,066.719 30.066,719 4,752,839 4.752.839 2,378,575 2,378,575 (724,050) (724,050) (170.755) (170,755) (5,845,000) (5.845,000) {1,207.OJO) (1,207,000) 32,364,325 32,364,325 32.274,539 32.274.539 N¢t assets 24. FINANCIAL INSTRUMENTS The carrying amount for each category of flnancial instrum¢nt is as follows.. Group Charity 2025 2025 2024 2024 Financial assets measured at fair value through income and exp¢nditure 12.241,212 11,901.218 22,186,738 21,626,953 Financial ass¢ts that are equity instruments m¢8sured at ¢ost less impairment .963,531 2,003,510 1,963.531 2.003,510 Financial assets that are debt instruinents measured al amortised cost 4,752,839 4,130,097 2.378.575 1,370.240 FinaT]cial liabilities measured &l amortised wst 724,050 250,505 170,755 143,798 30
FRANKGIVING LIMITED COMPANY L ThirrED RY GUARANI"EE NOTEb TO THE FtNANCL4L STATEMENTS FOR THE YII AR EIYDKD 30 JUNE 2025 25. OPERATING LEASE COMMITMENTS As lessor The total future minimum lease payments re1Vable uiid¢r non-cancellable operating lease are as follows.. Group Charity 2025 2025 2024 2024 Not later than l year Lal¢r than l year and not later than 5 years Lat¢r than 5 years I,124.197 642.909 379.356 379.913 3,138,557 2,176,986 1.385,921 2,457.804 992,339 863,833 996,401 1.303,650 6,439.740 4.486,634 2.235,528 2,679,964 26. RELATED PARTY TRANSACTIONS Loan interest receivable iiicludes amount5 reccived from connected parties and companies under common conlrol of trustees of this charity of £148,972 (2024.. £188.446) Details of transacttons with other related parties ar¢ disclosed in note 17. 27. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank and in hand Bank overdrafts 719,054 309.163 719,054 309,163 28. ANALYSIS OF CHANGES IN. NET DEBT At l July 2024 CAshflows Non-cash At30 Movement June 2025 Cash in hand and at bank Debt due within one year Debt due after one year 309,163 409.891 (412,043) (5.845,000) (5.847,152) 719,054 (412.043) (5,845.000) 309,163 (5,537,989) 31
FIL4NKGIVING LTMITED COMPANY LITrIITED IIY GUARANTEE MANAGEMEiYf INFORMATION FOR THE YEAR ENDED 30 JUNE 2025 The following page does not form part of the statutory finallcial statements which are the subjecl ofthe illdependent auditor's report on PAge8 6 to 10
FRANKGIVING LIMITED COMPANY LIMITED BY GUARArfrKE STATETrIKNT OF FINAIYCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 30 Juf4E 2025 THIS DOES NOT FORM PART OF THE FtNANCIAL STATETrIENTS 2025 UDrestricted Funds 2024 Unrestricted Funds Income And endowments Donations and legacies Investsnent incom¢ 765.000 763,903 665,074 794,006 1.459,080 Total income 1,528,903 Expenditure Expenditure on rdising fLLnds- Investment management costs Expenditure on ¢haritable activiti¢s Total expellditu Net (loss)Igains on investments: {LossyGains 011 revaluation of investment property Gains/(Loss) on revaluation of investments in group undertakings Gains on valuation of unlisted investtnent Gains on disposal of investment property (220,962) (273,594) (159,027) (585,676) (494,556) {744,703) {17,957) 85,700 35,228 (185.000) 449,566 817,480 29,000 466,837 ,501.184 747,180 ,461,557 Net income and net movement in funds Rtconeilialion of funds: Total funds brought forwanl Total funds ettrrled forward 30.773,355 32.274,539 29,311.798 30.773,355