2024-12-31-accounts

Charity registration number 1003316 (England and Wales)

THE FRESHFIELD FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE FRESHFIELD FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	P A Moores
	P C Kurthausen
	N Carter
	E J Potter
Charity number	1003316
Principal address	Suites C,D,E, & F
	14th Floor The Plaza
	100 Old Hall Street
	Liverpool
	L3 9QJ
Auditor	Mitchell Charlesworth (Audit) Ltd
	Suites C, D, E & F
	14th Floor The Plaza
	100 Old Hall Street
	Liverpool
	L3 9QJ
Bankers	Handelsbanken
	Oxford and Abingfon Branch
	Seacourt Tower, 2nd floor
	West Way
	Botley
	Oxford
	OX2 0JJ
Solicitors	Brabners LLP
	Horton House
	Exchange Flags
	Liverpool
	L2 3YL
Investment advisors	Rathbones
	8 Finsbury Circus
	London
	EC2M 7AZ
	CCLA
	Senator House
	85 Queen Victoria Street
	London
	EC4V 4ET

THE FRESHFIELD FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 2
Statement of trustees' responsibilities	3
Independent auditor's report	4 - 6
Statement of financial activities	7 - 8
Balance sheet	9
Statement of cash flows	10
Notes to the accounts	11 - 22

THE FRESHFIELD FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report and accounts for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Objectives and activities

The Foundation's objects, as set out in the Trust Deed, are to apply the income, and if the trustees see fit, the capital of the expendable endowment fund, towards general charitable purposes. The Foundation’s chosen primary aim is to support sustainable development charities and projects by way of well targeted grants.

Public benefit

The trustees have complied with the requirements of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission in deciding what activities the Foundation should undertake for the purposes of public benefit.

Grant making policy

The trustees proactively research and identify those organisations and projects that will best achieve the Foundation’s aims and objectives and make grants accordingly.

Achievements and performance

With partners we have continued to develop our plans in the fields of climate change mitigation and sustainable development (in particular cycling, walking and placemaking) and have paid grants of £327,145 in this field during the period to 31 December 2024. In this field at 31 December 2024 we also have outstanding commitments of £446,109 which are due to be settled over the coming two years.

In the fields of health and education, the charity paid grants of £277,000 to organisations involved in these areas in the year to 31 December 2024. In this field at 31 December 2024 we have outstanding commitments of £349,000 which are due to be settled over the next two years. The scope of this activity includes citizen’s advice ,support for the homeless and mental health and research into Motor Neurone Disease.

Financial review

The Statement of Financial Activities on page 7 to the accounts shows the charity's income of £1,258,913 of which £900,000 comprised donations from the trustee Mr P A Moores inclusive of recoverable taxation. These donations have been added to the Expendable Endowment Fund. Income from the charity's investments contributed to most of the investment income of £358,913, the balance being interest on the deposits held with Barclays Bank.

Income was applied towards the funding of the grants payable of £252,000 and governance costs of £42,252. These grants have been analysed according to each of the Foundation's activities and reflect the additional grant funding commitments undertaken by the charity.

The unrealised gain on investments amounted to £1,574,000, this along with a realised loss of £16,566 on the disposal of shares has been added to the Expendable Endowment Fund, which was £33,563,597 at the year end. This fund has arisen from accumulated donations and of this fund £33,054,784 was in the form of long-term investments, the income therefrom being used in full to fund the charitable activities of the charity, as has been explained above.

• 1 -

THE FRESHFIELD FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Each year, the trustees intend to make a full distribution of the income from the long-term investments held within the Expendable Endowment Fund, but any amounts not distributed should be accumulated within an income fund.

Investment policy

The balance held in each type of investment at any one time depends on the Foundation's cashflow forecasts. The Trustees refrain from making investments in any companies that were directly involved in tobacco production, arms manufacturing or gambling.

Risk assessment

The trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to manage exposure to the major risks.

Ethical Policy

The Trustees have no specific investment restrictions other than the companies invested in are expected to act in an ethical, socially responsible and environmentally sound manner.

Plans for the future

The Foundation’s primary objective continues to be to promote sustainable development. It plans to focus in particular on promoting sustainable development in cities by supporting cycling, walking and placemaking and long-term holistic planning.

Structure, governance and management

The Foundation was established by a charitable Trust Deed dated 2 April 1991 and was registered as a charity on 28 June 1991.

The trustees who served during the year and up to the date of signature of the financial statements were:

P A Moores P C Kurthausen N Carter E J Potter

The trustee P A Moores has the power to appoint new or additional trustees during his lifetime.

The organisational structure of the Foundation comprises a board of trustees. Day-to-day decision making is dealt with by the managing trustee, P A Moores, in consultation with other trustees where necessary.

The Foundation is related to The Formby Land Trust, a registered charity, through P A Moores and P C Kurthausen being trustees of both charities. In previous years the grant support given to the The Formby Land Trust by The Freshfield Foundation has enabled the construction of a swimming pool and leisure centre for the use of the residents of Formby and those of the surrounding areas of Merseyside.

Freshfield Research (a dormant company) was incorporated on 3 May 2011 and it is related to The Freshfield Foundation through having the same three trustees as directors, P A Moores, P C Kurthausen and E J Potter.

The trustees' report was approved by the Board of Trustees.

P A Moores

Trustee Dated: 31 October 2025

• 2 -

THE FRESHFIELD FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that year.

In preparing these financial statements, 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 estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 3 -

THE FRESHFIELD FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRESHFIELD FOUNDATION

Opinion

We have audited the financial statements of The Freshfield Foundation (the ‘Foundation’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

• 4 -

THE FRESHFIELD FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRESHFIELD FOUNDATION

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees is responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

• 5 -

THE FRESHFIELD FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRESHFIELD FOUNDATION

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mitchell Charlesworth (Audit) Limited

31 October 2025

Accountants Statutory Auditor

Suites C,D,E, & F 14th Floor The Plaza 100 Old Hall Street Liverpool L3 9QJ

Mitchell Charlesworth (Audit) Limited is eligible for appointment as auditor of the Foundation by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

• 6 -

THE FRESHFIELD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Current financial	period
				**Unrestricted **	Endowment	Total	Total
				funds	funds		(9 month
							period)
				2024	2024	2024	2023
			Notes	£	£	£	£
Income and endowments from:
Voluntary income			3	-	900,000	900,000	1,174,604
Investments			4	358,913	-	358,913	311,336
Other income			5	566,530	(566,530)	-	-
Total income and endowments				925,443	333,470	1,258,913	1,485,940
Expenditure on:
Raising funds			6	-	77,254	77,254	53,650
Charitable activities			7	551,399	-	551,399	1,031,792
Total expenditure				551,399	77,254	628,653	1,085,442
Net gains/(losses)	on investments		13	-	1,557,434	1,557,434	1,948,941
Net movement in funds				374,044	1,813,650	2,187,694	2,349,439
Fund balances at 1 January 2024				692,166	31,749,947	32,442,113	30,092,674
Fund balances at 31 December 2024				1,066,210	33,563,597	34,629,807	32,442,113

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 7 -

THE FRESHFIELD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Prior financial period

				**Unrestricted **	Endowment	Total
				funds	funds
				2023	2023	2023
			Notes	£	£	£
Income and endowments from:
Voluntary income			3	-	1,174,604	1,174,604
Investments			4	311,336	-	311,336
Other income			5	896,342	(896,342)	-
Total income and endowments				1,207,678	278,262	1,485,940
Expenditure on:
Raising funds			6	-	53,650	53,650
Charitable activities			7	1,031,792	-	1,031,792
Total expenditure				1,031,792	53,650	1,085,442
Net gains/(losses)	on investments		13	-	1,948,941	1,948,941
Net movement in funds				175,886	2,173,553	2,349,439
Fund balances at 6 April 2023				516,280	29,576,394	30,092,674
Fund balances at 31 December 2023				692,166	31,749,947	32,442,113

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 8 -

THE FRESHFIELD FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

			2024				2023	2023
	Notes	£		£		£		£
Fixed assets
Investments	14			33,563,597				31,749,947
Current assets
Debtors	16	300				-
Cash at bank and in hand		1,938,377				2,233,007
		1,938,677				2,233,007
Creditors: amounts falling due within	17
one year		(700,467)				(1,163,841)
Net current assets				1,238,210				1,069,166
Total assets less current liabilities				34,801,807				32,819,113
Creditors: amounts falling due after	18
more than one year				(172,000)				(377,000)
Net assets				34,629,807				32,442,113
The funds of the charity
Endowment funds	19			33,563,597				31,749,947
Unrestricted funds				1,066,210				692,166
				34,629,807				32,442,113

The accounts were approved by the Trustees on 31 October 2025

P A Moores Trustee

• 9 -

THE FRESHFIELD FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

			2024		2023
	Notes	£	£	£	£
Cash flows from operating activities
Cash absorbed by operations	23		(397,327)		(6,006)
Investing activities
Purchase of investments		(2,818,674)		(2,364,033)
Proceeds on disposal of investments		2,562,458		2,139,421
Investment income received		358,913		311,336
Net cash generated from investing
activities			102,697		86,724
Net (decrease)/increase in cash and cash
equivalents			(294,630)		80,718
Cash and cash equivalents at beginning of
year			2,233,007		2,152,289
Cash and cash equivalents at end of	year		1,938,377		2,233,007

• 10 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Freshfield Foundation is a UK registered charity. The principal address can be found on the Legal and Administrative information page.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Foundation's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2024 are the first financial statements of The Freshfield Foundation prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 6 April 2023. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

The financial statements cover a 12 month period compared to a 9 month period in the prior year and so the comparatives are not entirely comparable.

1.2 Going concern

At the time of approving the accounts the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The endowment fund is an unrestricted fund and is expendable. It has arisen mainly from the periodic donations made in the past by the trustee P A Moores. The fund is matched by the investments that are held and transfers are made to maintain this.

1.4 Income

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

• 11 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

The principal sources of income come from donations from the trustee P A Moores, augmented by income tax recovered from H M Revenue and Customs under the Gift Aid scheme for charities. The income tax recoverable is recognised at the time of the donation.

1.5 Expenditure

Expenditure is largely in the form of grants to institutions undertaking activities consistent with the charity's aims and objectives. These are allocated to the relevant charitable activity.

These grants and other expenditure are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure and the amount can be measured with reasonable reliability. All amounts include irrecoverable VAT since the charity is not required to register for VAT.

Governance costs are those costs associated with the governance arrangements of the charity, which pertain to its strategic management as distinct from those of the provision of charitable activities. The costs allocated to this heading include fees for the preparation of the financial statements, their audit, legal advice for trustees, and the costs of holding trustee meetings.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

• 12 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

1.9 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Recovery is made of tax deducted from qualifying income and from receipts under Gift Aid.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

2 Critical accounting estimates and judgements

In the application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There were considered to be no critical accounting estimates or judgements applied in the preparation of these financial statements.

• 13 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Voluntary income

	**Endowment **	Endowment
	funds	funds
	general	general
	2024	2023
		(9 month
		period)
	£	£
Donations and gifts	900,000	1,174,604

No restrictions have been made by the donor P A Moores over the charitable uses to which donations to the expendable endowment fund of £900,000 (9 month period to 31 December 2023: £1,174,604), inclusive of recoverable taxation, can be put.

4 Investments

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
		(9 month
		period)
	£	£
Income from listed investments	357,473	310,014
Interest receivable	1,440	1,322
	358,913	311,336

5 Other income

	**Unrestricted **	**Unrestricted **	Endowment	Endowment		Total		Total
		funds		funds		**2024 **	31 December
								2023
		£		£		£		£
Other income		566,530		(566,530)		-		-
For the year ended 31 December 2023		896,342		(896,342)				-

Transfers are made to and from the endowment fund as required in order to match the fund to the investments held and to ensure that the general unrestricted fund has adequate funds to cover grants in excess of income.

• 14 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Raising funds

	Endowment	Endowment
	funds	funds
	2024	2023
		(9 month
		period)
	£	£
Investment management	77,254	53,650

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000 000 000 000 000 ÈÈ ÈÈÈ g 000 CON 000 ££

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9	Support and Governance costs	**Governance costs **	**Governance costs **	Governance costs	Governance costs
			2024		2023
				(9 month period)
			£		£
	Audit fees		3,780		3,600
	Accountancy		11,004		4,596
	Legal and professional		1,500		300
	Bank charges		431		140
	Consultancy		25,537		123,690
			42,252		132,326
	Analysed between
	Charitable activities		42,252		132,326

Governance costs have been split equally between all active charitable activities.

10 Auditor's remuneration

The analysis of auditor's remuneration is as follows:

The analysis of auditor's remuneration is as follows:
	2024		2023
		(9 month
			period)
	£		£
Audit of the annual accounts	3,780		3,600
Non-audit services
All other non-audit services	11,004		4,596

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, or was reimbursed expenses (2023: £nil reimbursed to trustees).

12 Employees

There were no employees during the current or pervious year.

• 18 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Net gains/(losses) on investments

							2024	2024			2023
											(9 month
											period)
							£				£
	Revaluation of investments						1,574,000				1,963,860
	Profit / (Loss) on sale of investments						(16,566)				(14,919)
							1,557,434				1,948,941
14	Fixed asset investments
			Listed				Cash in				Total
		investments					portfolio
			£								£
	Cost or valuation
	At 1 January 2024		31,158,777				591,169				31,749,946
	Additions		2,818,674						-		2,818,674
	Valuation changes		1,574,000						-		1,574,000
	Cash movements		-				(82,357)				(82,357)
	Disposals		(2,496,667)						-		(2,496,667)
	At 31 December 2024		33,054,784				508,812				33,563,596
	Carrying amount
	At 31 December 2024		33,054,784				508,812				33,563,596
	At 31 December 2023		31,158,777				591,169				31,749,946
15	Financial instruments						2024				2023
							£				£
	Carrying amount of financial assets
	Debt instruments measured at amortised cost					2,447,188					2,824,176
	Instruments measured at fair value through the SOFA				33,054,785						31,158,778
	Carrying amount of financial liabilities
	Measured at amortised cost						872,467				1,540,841
16	Debtors
							2024				2023
	Amounts falling due within one year:								£		£
	Prepayments and accrued income						300				-

• 19 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Creditors: amounts falling due within one year

17	Creditors: amounts falling due within one year
		2024		2023
		£		£
	Grant commitments payable < 1 year	623,109		633,331
	Other creditors	19,606		156,744
	Accruals	57,752		373,766
		700,467		1,163,841
18	Creditors: amounts falling due after more than one
	year
		2024		2023
		£		£
	Grant commitments payable > 1 year	172,000		377,000

Commitments entered into after 31 December 2024 have been disclosed in the post balance sheet event note in the accounts.

19 Endowment funds

	At 1 January	At 1 January		Income	Expenditure	Expenditure		Gains and		At 31
		2024						losses		December
										2024
		£		£		£		£		£
Expendable endowments
P A Moores		31,749,947		333,470		(77,254)		1,557,434		33,563,597
Previous Period:	At 1 January			Income	Expenditure			Gains and		At 31
		2023						losses		December
										2023
		£		£		£		£		£
Expendable endowments
P A Moores		29,576,394		278,262		(53,650)		1,948,941		31,749,947

The Expendable Fund comprises special receipts, in particular capital items donated to the Foundation over the years and subsequent movements. Realised and unrealised movements on investments held for the Expendable Endowment Fund are credited or charged to the Fund on an annual basis.

Income arising from the Expendable Endowment Fund Investments is credited directly to the Income Fund and is applied for the purposes of the Foundation as detailed in the Trustees' Report.

Transfers are made to and from this fund as required in order to match the fund to the investments held and to ensure that the general unrestricted fund has adequate funds to cover grants in excess of income.

• 20 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Analysis of net assets between funds

	Unrestricted	Unrestricted	Endowment	Endowment		Total
		funds		funds
		2024		2024		2024
		£		£		£
At 31 December 2024:
Investments		-		33,563,597		33,563,597
Current assets/(liabilities)		1,238,210		-		1,238,210
Long term liabilities		(172,000)		-		(172,000)
		1,066,210		33,563,597		34,629,807
	Unrestricted		Endowment			Total
		funds		funds
		2023		2023		2023
		£		£		£
At 31 December 2023:
Investments		-		31,749,947		31,749,947
Current assets/(liabilities)		1,069,166		-		1,069,166
Long term liabilities		(377,000)		-		(377,000)
		692,166		31,749,947		32,442,113

21 Events after the reporting date

New commitments entered into after the year end and up to the date of signing amounted to £819,000, of which £24,000 will be paid in the year ended 31 December 2025.

22 Related party transactions

Mr P A Moores, a trustee, made a donation of £900,000 (9 months to December 2023: £1,174,604) including gift aid to The Freshfield Foundation.

There were no other related party transactions.

The trustees are also the key management of the Foundation.

• 21 -

THE FRESHFIELD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23	Cash generated from operations	2024	2023
		£	£
	Surplus for the year	2,187,694	2,349,439
	Adjustments for:
	Investment income recognised in statement of financial activities	(358,913)	(311,336)
	Loss on disposal of investments	16,566	14,919
	Fair value gains and losses on investments	(1,574,000) (1,963,860)
	Movements in working capital:
	(Increase)/decrease in debtors	(300)	12,045
	(Decrease) in creditors	(668,374)	(107,213)
	Cash absorbed by operations	(397,327)	(6,006)

• 22 -