## 

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





## 

|`TheTrust`|`The`<br>`Patrick`<br>`&`|`Helena`|`Frost`<br>`Foundation`|
|---|---|---|---|
||`(formerlycalledThePatrick`||`FrostFoundation)`|
||`is`<br>`a`<br>`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`|||





## 

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## 

|`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`|



## 



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## 

||`£`|
|---|---|
|`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`|



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## 




# 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`||<br> <br>`483,078`|<br> <br>`"`|<br> <br>`483,078`|<br> <br>|<br> <br>`670,079`|
|`Expenditure`|||||||
|`Investmentmanagementfees`||`-`|`(124,351)`|`(124,351)`||`(142,799)`|
|`Netincomeavailablefor`|||||||
|`charitableapplication`||<br>`483,078`|<br>`(124,351)`|<br> <br>`358,727`|<br> <br>|<br> <br>`527,280`|
|`Charitableexpenditure`|||||||
|`Charitableactivities`|`3`|`(599,170)`|`-`|`(599,170)`||`(629,912)`|
|`Totalexpenditure`||<br> <br>`(599,170)`|<br> <br>`(124,351)`|<br> <br> <br> <br>`(723,521)`|<br> <br> <br> <br>|<br> <br> <br> <br>`(772,711)`|
|`Netgains/(losses)oninvestments`|`4`|`-`|`4,731,226`|`4,731,226`||`(2,295,776)`|
|`Netincome/(expenditure)`||<br>`(116,092)`|<br>`4,606,875`|<br> <br>`4,490,783`|<br> <br>|<br> <br>`(2,398,408)`|
|`Transferbetweenfunds`||`75,925`|`(75,925)`||`-`|`-`|
|`Netmovementinfunds`||<br>`(40,167)`|<br>`4,530,950`|<br>`4,490,783`|<br>|<br>`(2,398,408)`|
|`Findbalanceiatdrapdbagag`||<br>`40,167`|<br>`18,847,304`|<br>`18,887471`|<br>|<br>`21,285,879`|
|`Fundbalanceat5 April2021`||`-`<br>|`23,378,254`<br>|`23,378,254`<br>|<br>|`18,887,471`<br>|





## 

||||`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`<br>`beginningofthereportingperiod`|||`709,403`||`919,239`|
|`Cashandcashequivalentsatthe`<br>`endofthereportingperiod`|`10`||`866,448`||`709,403`|





## 

## 

## 



## 

## 

|`Investmentincome`|`2021`|`2020`|
|---|---|---|
||`£`|`£`|
|`OninvestmentsintheUK`|`278,802`|`464,626`|
|`OninvestmentsoutsidetheUK`|`199,722`|`199,796`|
||<br>`478,524`<br>|<br>`664,422`<br>|





## 

## 

|`3`|`Charitableactivities`|`2021`|`2020`|
|---|---|---|---|
|||`£`|`£`|
||`Grantstoinstitutions`|`535,000`|`552,000`|
||`Supportcost- administrationfeesandcharges`|`51,652`|`62,186`|
||`-Trusteetravellingexpenses`|`-`|`388`|
||`-Lossonforeignexchange`|`(1,822)`|`1,358`|
||`Governancecost— auditandaccountancy`|<br>`14,340`|<br>`13,980`|
|||<br>`599,170`<br>|<br>`629,912`<br>|



|`4`|`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)`|<br>`4,731,226`|<br>`(2,295,776)`|
||`Marketvalueat5 April2021`|<br> <br>`22,548,090`|<br> <br>`18,246,566`|
||`Historicalcostat5 April2021`|`19,565,680`<br>|`17,908,733`<br>|
||`Themarketvalueofinvestmentsismadeupasfollows:`|||
||`UKlistedinvestments`|`12,689,154`|`10,495,659`|
||`Non-UKlistedinvestments`|`9,858,936`|`7,750,907`|
|||<br>`22,548,090`|<br>`18,246,566`|
||`Capitalcashdeposits`|<br>`568,526`|<br>`355,294`|
||`Marketvalueat5 April2021`|`23,116,616`<br>|`18,601,860`<br>|





## 

## 

|||`2021`|`2020`||
|---|---|---|---|---|
|||`£`|`£`||
|`Equities(includingequityfunds)`||`16,817,467`|`10,163,212`||
|`Alternativeinvestments`||`3,335,227`|`5,728,202`||
|`Bondsand`|<br> `Bondfunds`|<br>`2,395,396`|<br>`2,355,152`|<br>|
|||<br>`22,548,090`|<br>`18,246,566`|<br>|
|`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`|<br>`30,628`|<br>`43,673`|
||<br> <br>`36,284`|<br> <br>`68,498`|
|`Creditors:amountsfallingdueafteroneyear`|||
||`2021`|`2020`|
||`£`|`£`|
|`Grantspayable`|`-`<br>|`-`<br>|





## 

## 

|`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`|<br> <br>`-`|<br> <br>`23,378,254`|<br> <br>`23,378,254`|
|`Representedby:`||||
|`Investments`|`-`|`23,116,616`|`23,116,616`|
|`Netcurrentassets`|<br>`-`|<br>`261,638`|<br>`261,638`|
||`-`<br>|`23,378,254`<br>|`23,378,254`<br>|



||`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`|<br> <br>`40,167`|<br> <br>`18,847,304`|<br> <br>`18,887.471`|
|`Representedby:`||||
|`Investments`|`-`|`18,601,860`|`18,601,860`|
|`Netcurrentassets`|<br>`40,167`|<br>`254,444`|<br>`285.611`|
||`40,167`<br> <br>|`18,847,304`<br> <br>|`18,887,471`<br> <br>|





## 

## 

## 

||||`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`||<br>`(32,214)`|<br>`(12,293)`|
||`Netcashusedinoperatingactivities`||<br>`(755,735)`|<br>`(785,004)`|
|`10`|`Analysisofcashandcashequivalents`||||
||||`2021`|`2020`|
||||`£`|`£`|
||`Cashatbankandinhand`||`297,922`|`354,109`|
||`Cashheldaspartofinvestmentportfolio`||`568,526`|`355,294`|
||||<br> <br>`866,448`|<br> <br>`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`|
|||<br>`709,403`<br>|<br>`157,045`<br>|<br>`866,448`<br>|





## 

## 

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