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	`Page`
`Legalandadministrativedetails`	`1`
`Trustees’report`	`2`
`Independentauditors’report`	`7`
`Statementoffinancialactivities`	`10`
`Balancesheet`	`11`
`Statementofcashflows`	`12`
`Notestothefinancialstatements`	`13`

`TheTrust`	`The` `Patrick` `&`	`Helena`	`Frost` `Foundation`
	`(formerlycalledThePatrick`		`FrostFoundation)`
	`is` `a` `registered`	`Charity`	`(number1005505)`
	`establishedbya deedof trustdated2 April`
	`1991.Theregisteredaddress`		`isc/oTrowers&`
	`HamlinsLLP,3 BunhillRow, London,EC1Y`
	`8YZ.`
`Trustees`	`MrLukeValner`
	`MrDominicTayler`
	`MrNeilHendriksen`
	`MrMarkHendriksen`
	`MsClareArmitage`
`Bankers`	`ArbuthnotLatham`	`&Co.Ltd`
	`ArbuthnotHouse`
	`7WilsonStreet`
	`London`
	`EC2M2SN`
`Solicitors`	`Trowers& Hamlins`	`LLP`
	`3BunhillRow`
	`London`
	`EC1Y8YZ`
`Investmentmanagers`	`CazenoveCapitalManagementLimited`
	`1LondonWallPlace`
	`London`
	`EC2Y5AU`
	`RufferLLP`
	`80VictoriaStreet`
	`London`
	`SWIE5JL`
	`QuilterCheviotLimited`
	`SenatorHouse`
	`85QueenVictoria`	`Street`
	`London`
	`EC4V4AB`
`Auditors`	`SafferyChampness`	`LLP`
	`71QueenVictoria`	`Street`
	`London`
	`EC4V4BE`

`Quarterended`	`Valuation(£)`
`31December2020`	`22,676,849`
`31March2021`	`23,103,577`
`30June2021`	`23,903,611`
`30September2021`	`23,854,355`

`Period`	`Averagemonthlyinvestmentincomereceived(£)`
`1Januaryto30September2020`	`40,099.01`
`1Januaryto30September2021`	`41,986.51`

	`£`
`Broughtforward`	`387,500`
`SENSETheNationalDeafblindandRubellaAssociation`	`15,000`
`StrokeAssociation`	`7,500`
`SupportingWoundedVeteransLtd`	`10,000`
`ToolsforSelfReliance`	`10,000`
`ToynbeeHall`	`10,000`
`TreeAid`	`10,000`
`TreloarTrust`	`10,000`
`RoyalTrinityHospice`	`20,000`
`VeteransAid`	`5,000`
`WheelPower(TheBritishWheelchairSportsFoundationLtd)`	`15,000`
`WillowFoundation`	`10,000`
`TheYardTheatreLtd`	`20,000`
`YeldallChristianCentres`	`5,000`
	`535,000`

21 December 2021

	`Note`	`2021`	`2021`	`2021`		`2020`
			`Expendable`
		`Unrestricted`	`Endowment`
		`Fund`	`Fund`	`Total`		`Total`
		`£`	`£`	`£`		`£`
`Income`
`Investmentincome`	`2`	`478,524`	`-`	`478,524`		`664,423`
`Interestincome`		`4,554`	`-`	`4,554`		`5,656`
`Totalincome`		`483,078`	`"`	`483,078`		`670,079`
`Expenditure`
`Investmentmanagementfees`		`-`	`(124,351)`	`(124,351)`		`(142,799)`
`Netincomeavailablefor`
`charitableapplication`		`483,078`	`(124,351)`	`358,727`		`527,280`
`Charitableexpenditure`
`Charitableactivities`	`3`	`(599,170)`	`-`	`(599,170)`		`(629,912)`
`Totalexpenditure`		`(599,170)`	`(124,351)`	`(723,521)`		`(772,711)`
`Netgains/(losses)oninvestments`	`4`	`-`	`4,731,226`	`4,731,226`		`(2,295,776)`
`Netincome/(expenditure)`		`(116,092)`	`4,606,875`	`4,490,783`		`(2,398,408)`
`Transferbetweenfunds`		`75,925`	`(75,925)`		`-`	`-`
`Netmovementinfunds`		`(40,167)`	`4,530,950`	`4,490,783`		`(2,398,408)`
`Findbalanceiatdrapdbagag`		`40,167`	`18,847,304`	`18,887471`		`21,285,879`
`Fundbalanceat5 April2021`		`-`	`23,378,254`	`23,378,254`		`18,887,471`

			`2021`		`2020`
		`£`	`£`	`£`	`£`
`Fixedassets`
`Quotedinvestments`			`23,116,616`		`18,601,860`
`Currentassets`
`Cashatbank`	`297,922`			`354,109`
	`297,922`			`354,109`
`Creditors:amountsfallingduewithin`	`(36,284)`			`(68,498)`
`oneyear`
`Netcurrentassets`			`261,638`		`285,611`
`Creditors:amountsfallingdueafter`
`oneyear`
`Netassets`			`23,378,254`		`18,887,471`
`Funds`
`Unrestrictedfund`					`40,167`
`Expendableendowmentfund`			`23,378,254`		`18,847,304`
			`23,378,254`		`18,887,471`

	`Note`		`2021`		`2020`
`Cashflowfromoperating`
`activities:`
`Netcashusedinoperating`	`9`		`(755,735)`		`(785,004)`
`activities`
`Cashflowfrominvesting`
`activities:`
`Dividendsandinterestincome`		`483,078`		`614,228`
`Proceedsfromsaleofinvestments`		`15,998,853`		`4,848,445`
`Purchaseofinvestments`		`(15,569,151)`		`(4,887,505)`
			`912,780`		`575,168`
`Cashflowfromfinancing`
`activities:`
`Receiptofendowment`
`Changeincashandcash`
`equivalentsduringthereporting`			`157,045`		`(209,836)`
`period`
`Cashandcashequivalentsatthe` `beginningofthereportingperiod`			`709,403`		`919,239`
`Cashandcashequivalentsatthe` `endofthereportingperiod`	`10`		`866,448`		`709,403`

`Investmentincome`	`2021`	`2020`
	`£`	`£`
`OninvestmentsintheUK`	`278,802`	`464,626`
`OninvestmentsoutsidetheUK`	`199,722`	`199,796`
	`478,524`	`664,422`

`Charitableactivities`	`2021`	`2020`
	`£`	`£`
`Grantstoinstitutions`	`535,000`	`552,000`
`Supportcost- administrationfeesandcharges`	`51,652`	`62,186`
`-Trusteetravellingexpenses`	`-`	`388`
`-Lossonforeignexchange`	`(1,822)`	`1,358`
`Governancecost— auditandaccountancy`	`14,340`	`13,980`
	`599,170`	`629,912`

`Investments`	`2021`	`2020`
	`£`	`£`
`Quotedinvestments`
`Marketvalueat6 April2020`	`18,246,566`	`20,447,431`
`Additions`	`15,569,151`	`4,943,356`
`Disposals`	`(15,998,853)`	`(4,848,445)`
`Netrealised/unrealisedgains/(losses)`	`4,731,226`	`(2,295,776)`
`Marketvalueat5 April2021`	`22,548,090`	`18,246,566`
`Historicalcostat5 April2021`	`19,565,680`	`17,908,733`
`Themarketvalueofinvestmentsismadeupasfollows:`
`UKlistedinvestments`	`12,689,154`	`10,495,659`
`Non-UKlistedinvestments`	`9,858,936`	`7,750,907`
	`22,548,090`	`18,246,566`
`Capitalcashdeposits`	`568,526`	`355,294`
`Marketvalueat5 April2021`	`23,116,616`	`18,601,860`

		`2021`	`2020`
		`£`	`£`
`Equities(includingequityfunds)`		`16,817,467`	`10,163,212`
`Alternativeinvestments`		`3,335,227`	`5,728,202`
`Bondsand`	`Bondfunds`	`2,395,396`	`2,355,152`
		`22,548,090`	`18,246,566`
`Investmentswitha valueinexcessof5%oftherespectiveportfolio:`				`£`
`134,711`	`LFRufferGoldC Acc`		`340,980`
`74,902`	`LFRufferJapaneseC Acc`		`281,361`
`664,992`	`RufferMultiStrategiesInternationalZ GBP`		`633,766`
`7.410`	`RufferSICAVFixedIncomeZ GBPCap`		`1,019,246`
`806,900`	`CharitiesPropFDPropertyFundIncome`		`1,001,847`
`7,400`	`FindlayParkFDSAmericanGBPDis`		`624,708`
`6,006,912`	`QuilterInvestorsLtdQCGlobalIncome& GrowthFundGBPDis`		`6,451,423`

`Creditors:amountsfallingduewithinoneyear`
	`2021`	`2020`
	`£`	`£`
`Grantspayable`	`-`	`10,000`
`Othercreditors`	`5,656`	`14,825`
`Accruals`	`30,628`	`43,673`
	`36,284`	`68,498`
`Creditors:amountsfallingdueafteroneyear`
	`2021`	`2020`
	`£`	`£`
`Grantspayable`	`-`	`-`

`Funds`
	`Unrestricted`	`Expendable`	`Totalfunds`
`Currentyear`	`fund`	`endowment`
		`fund`
	`£`	`£`	`£`
`At5 April2020`	`40,167`	`18,847,304`	`18,887,471`
`Income`	`483,078`	`-`	`483,078`
`Expenditure`	`(599,170)`	`(124,351)`	`(723,521)`
`Gainsoninvestments`	`-`	`4,731,226`	`4,731,226`
`Transferbetweenfunds`	`75,925`	`(75,925)`	`-`
`At5 April2021`	`-`	`23,378,254`	`23,378,254`
`Representedby:`
`Investments`	`-`	`23,116,616`	`23,116,616`
`Netcurrentassets`	`-`	`261,638`	`261,638`
	`-`	`23,378,254`	`23,378,254`

	`Unrestricted`	`Expendable`	`Totalfunds`
`Comparativeyear`	`fund`	`endowment`
		`fund`
	`£`	`£`	`£`
`At5 April2019`	`-`	`21,285,879`	`21,285,879`
`Income`	`670,079`	`-`	`670,079`
`Expenditure`	`(629,912)`	`(142,799)`	`(772,711)`
`Gainsoninvestments`		`(2,295,776)`	`(2,295,776)`
`Transferbetweenfunds`	`-`	`-`	`-`
`At5 April2020`	`40,167`	`18,847,304`	`18,887.471`
`Representedby:`
`Investments`	`-`	`18,601,860`	`18,601,860`
`Netcurrentassets`	`40,167`	`254,444`	`285.611`
	`40,167`	`18,847,304`	`18,887,471`

			`2021`	`2020`
			`£`	`£`
	`Netincome/(expenditure)`		`4,490,783`	`(2,398,408)`
	`(Gains)/lossesoninvestments`		`(4,731,226)`	`2,295,776`
	`Lessdividendandinterestincome`		`(483,078)`	`(670,079)`
	`Increase/(decrease)increditors`		`(32,214)`	`(12,293)`
	`Netcashusedinoperatingactivities`		`(755,735)`	`(785,004)`
`10`	`Analysisofcashandcashequivalents`
			`2021`	`2020`
			`£`	`£`
	`Cashatbankandinhand`		`297,922`	`354,109`
	`Cashheldaspartofinvestmentportfolio`		`568,526`	`355,294`
			`866,448`	`709,403`
`11`	`Analysisofchangesinnetdebt`
		`At6 April`	`Cashflows`	`At5 April`
		`2020`		`2021`
		`£`	`£`	`£`
	`Cashatbankandinhand`	`354,109`	`(56,187)`	`297,922`
	`Cashheldaspartofinvestmentportfolio`	`355,294`	`213,232`	`568,526`
		`709,403`	`157,045`	`866,448`

		`2020`	`2020`	`2020`
		`Unrestricted`	`Expendable`	`Total`
		`Fund`	`Endowment`
			`Fund`
		`£`	`£`	`£`
`Income`
`Investmentincome`	`2`	`664,423`		`664,423`
`Interestincome`		`5,656`	`-`	`5,656`
`Totalincome`		`670,079`	`>`	`670,079`
`Expenditure`
`Investmentmanagementfees`		`-`	`(142,799)`	`(142,799)`
`Netincomeavailablefor`
`charitableapplication`		`670,079`	`(142,799)`	`527,280`
`Charitableexpenditure`
`Charitableactivities`	`3`	`(629,912)`	`-`	`(629,912)`
`Totalexpenditure`		`(629,912)`	`(142,799)`	`(772,711)`
`Netgains/(losses)oninvestments`	`4`	`-`	`(2,295,776)`	`(2,295,776)`
`Netincome/(expenditure)`		`40,167`	`(2,438,575)`	`(2,398,408)`
`Transferbetweenfunds`		`-`	`-`	`-`
`Netmovementinfunds`		`40,167`	`(2,438,575)`	`(2,398,408)`
`Fundbalanceat6 April2019`		`}`	`21,285,879`	`21.285.879`
`Fundbalanceat5 April2020`		`40,167`	`18,847,304`	`18,887,471`

2021-04-05-accounts

21 December 2021