2022-04-05-accounts - The Patrick & Helena Frost Foundation

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		Page
Legal and administrative details
Trustees' report
Independent auditors'	repon
Statement offinancial	activities	10
13alance sheet
Statement ofcash flows		12
Notes to the financial	statements	13

The Trust		The Patrick &	Helena	Helena	Helena	Frost Foundation	Frost Foundation	Frost Foundation	Frost Foundation
		(formerly called The		Patrick		Frost Foundanon)
		is a registered	Charity			(number		1005505)
		established by a deed			of trust		dated		2 April
		1991.The registered		address		is	c/o Trowers &
		Hemline LLP, 3 Bunhill			Row,		London,		EC1Y
		BYZ.
Tl'Ustees		Mr Dominic Tayler
		Mr Neil Hendriksen
		Mr Mark Hendriksen
		Ms Clare Armitage
		Mr Luke Vainer			(retired		17November 2021)
Beakers		Arbuthnat Latham	&	Co. Ltd
		Arbuthnot House
		7 Wilson Street
		London
		EC2M 2SN
Solicitors		Trowers & Hemline	LLP
		3 Bunhill Row
		London
		EC1YBYZ
lnvestmeut	managers	Cazenove Capital Management					Limited
		1 Landon Wall Place
		London
		ECZY 5AV
		Rulfer LLP
		80 Victoria Street
		London
		SW(E 5JL
		Quilter Cheviot Limited
		Senator House
		85 Queen Victoria	Street
		London
		EC4V4AB
Auditors		Saffery Champness	LLP
		71 Queen Victoria	Street
		London
		EC4V4BE

Ability Net
Academy ofSt Manin in the Fie!ds											10,000
Acorr& Ctuisuwi Fuundatiun											5,000
Alexsndra Rose Charity											15,000
The Balsam Centre (Wincanton	Community			Venture)							15,000
Bowel Research UK											15,000
The British Eye Research Foundation			(operating as Fight				for Sight)				10,000
The Camphill Village Trust											15,000
Canine Partners for indepmdence											IG,GGG
The Catholic Agency for Overseas		Development									20,000
Childhood Tumonr Trust											iz.ooo
Cinnamon Ntswork											3,GGG
The Cleft Lip and Palate Association											10,000
CPotential (previously The London Trust)			Centre	for Children			with Cerebral		Palsy / Th	e Peter Rigby	10,000
Deaiblind UK											15,000
Demand Design and Manufacture		for Disability									10,000
Dogs for Good											10,000
The Family Holiday Association											g,ooo
Fauna A Flora International											10,000
Fellowship and Aid to the Christians			ofthe	East (FACE)							10,000
The Fforest Uchaf Horse and Pony		Rehabilitation			Centre		Clwritable	Trust			2,000
The Forward Trust											7,500
Glyndeboume Productions Limrted											I5,UUU
The Gurkha Welfare Trust											10,000
HF Trust Limited											10.000
ICAN Charity											5,UUU
The Jubilee Sailing Trust											10,000
Kings World Trust for Children											10,000
The Living Paintings Tmst											10,000
The London Children's Flower Society											10,000
London Narrow Boat Project											15,000
MacMillan Cancer Support											10,000
The Martlets Hospice Ltd											10,000
M&lecins Sans Ftonti&res (UK)											20,000
Medical Aid Films Ltd											15,000
Medical Engineering Resource Unit											10,000
Freedom from Torture (formerly	Medical Foundation					for	rture) the Care ofVirsims ofTo				7,500
Motivtaion Charitable Trust											10,000
Naomi House (Wessex Children's		Hospice		Trust)							7,500
Ocean Youth Trust South											20,000
Opponunity International UK											7.500
The Pace Centre Ltd											10,000
Practical Argon											10,000
Prostate Cancer UK											15,000
Subtotal											475,000

Brought forward						475,000
Read Easy UK						30,000
Re-engage Ltd (formerly		Contact the		Elderly Ltd)		7,500
Reverse Rett						10,000
Royal College ofMusic						30,000
Royal Marsden Cancer Charity						45,000
SENSE The National	Deatblind		and	Rubella Association		15,000
Stroke Association						10,000
Supporting Wounded	Veterans		Ltd			10,000
Tools for SelfReliance						10,000
Toynbee Hall						10,000
Tree Aid						15,000
Treloar Trust						10,0QQ
Royal Trinity Hospice						15,000
Veterans Aid						10,000
Wetwheels Foundation						10,000
WheelPower (The British		Wheelchair		Sports Foundation	Ltd)	15,000
Willow Poundation						10,000
The Yard Theatre Ltd						20,000
Yeldall Christian Centres						5,000
						762,500

			Note	2022	2022	2022	2021
					Expendable
				Unrestricted	Endowment
				Fund	Fund	Total	Total
				g	8		8
Income
investment income			2	477.438		477,438	478,524
Interest income				3,106		3,106	4,554
Total income				480,544		480.544	483,078
Expenditure
investment management		fees			(131,380)	(131,380)	(124,351)
Net income available for
charitable application				4$0,544	(131,380)	349,164	358,727
Charitable expenditure
Charitable activities			3	($36,033)		($36,033)	(599,170)
Total expenditure				(836,G33)	(131,380)	(967.413)	(723,521)
Net gains/(losses)	on invesunents		4		1,080,672	1,080,672	4,731,226
Net iocome/(expenditure)				(355,489)	949,292	593,$03	4,490,7$3
Transfer between	funds			355,489	(355,489)
Net movemeat ia	funds				593,$03	593,$03	4,490,783
Fund balance at6	April 2021				23,37$,254	23,378,254	18,887,471
Fund balance at	5 April	2022			23,972,057	23.972,057	23,378,254

					Note		2022		2021
Fixed assets
Quoted investments							23,905,748		23,116,616
Current assets
Cash at bank						195,187		297,922
								297,922
Creditors: amounts		falling due within			5	(93,878)		(36,284)
one year
							101,309		261,638
Creditotn:	amounts	falling		due ager	6		(35,000)
one yeu
Nct assets							23,972,057		23,378,254
Funds
Unrestricted	fund
Expendab)e	endowment		fund				23,972,057		23,378,254
							23,972,057		23,378,254

			Note				2021
							8
Cash flow	from operstiag
activities:
Net cash used in operating					(874,819)		(755.735)
activities
Cssb ilaw	fram iavesting
sctivitiesi
Dividends	snd interest income			480,544		483,078
Proceeds from sale ofinvestments				9,904,030		15,998,853
Purchase ofinvestments				(9,762,663)		(15,569,151)
					621,911		912,780
Cssb ilaw	from financing
activiiiesi
Receipt of	endowment
Change in	cssb sad cash
equivalents	dariug tbe reporting				(252,908)		157,045
period
Cash asd beginaing	cash equivalents ofthe reporting	st the period			866,448		709,403
Cash sad end oftbe	cash equivalents reps rting period	st the	10		613,540

	Given the nature of transactions in the current and estimates to disclose.	Given the nature of transactions in the current and estimates to disclose.	comparative year there sre no ke	y accounting
2	investment income		2022	2021
			5
	On investments	in the UK	391,295	278,802
	On invesnnents	outside the UK	86,143	199.722
			477,438	478,524

Charitable	activities	2022	2021
Grants to institutions		762,500	535,000
Support cost - administration ftxn and charges		53.351	51,652
	-Trustee travelling expenses
	-Loss on foreign exchange	(4)	(1,822)
Governance	cost —audit and accountancy	20.040	14,340
		836,033	599,170

investments		2022	2021
			8
Quoted investments
Market value at6April 2021		22,548,090	18246,566
Additions		9,762,663	15,569,151
Disposals		(9,904,030)	(15,998,853)
Net realised/unrealised gains/(losses)		1,080.672	4,731,226
Market value at5April 2022		23,487,395	22,548,090
Historical cost st 5 April 2022		20,829,738	19,565,680
The market value ofinvestments	is made up as follows:
LK listed investments		14,650,025	12,689,154
Non-UK! isted investments		8,837,370	9,858,936
		23,487,395	22,548,090
Capital cash deposits		41E353	568,526
Market value at5April 2022		23,905.74S	23,116,616

The portfol	io ofquoted investments c	ontprises:
				2022f	2021
Equities (including equity funds)				17,140,052	16,817,467
Alternative	investments			2,782,233	3,335,227
Bonds and	Bond funds			3 6 .l09	2,395,396
				23,487,395	22,548,090
Investments	with a value in excess of	5%ofthe respeoti	ve portfolio:
222,579	LF Ruifer Gold CAcc				403,603
81,952	Ruffer Protection Strategies International		2GBP		274,878
487,$$8	Suffer Multi Strategies	International ZGBP			459,339
5,609	Ruffer SICAt/ Fixed Income ZGBPDis				761,097
806.900	Charities Prop FD Property Fund Income				1,163,388
960,000	Schroder UK Corporate	Bond Fund C inc			568,224
6,304	Schroder SSFAlt Assets SGBPDis				/41,010
5,938,777	Quilter investors Ltd QC Global Income /k Growth Fund			GBPDis	6,716,757
73,063	VK (Govt Ol)2.5%I/L	22/03/2024			273337

5	Creditors;	amounts	falling due within	one year
					2022	2021
						8
	Grants payable				35,000
	Other creditors				12,665	5,656
	Accruals				46,213	30,628
					93,878	36,284
6	Crmlitorm	amouats	fugiag due utter	one year
					2022	2021
						8
	Grants payable				35,000
					35,000

Funds
			Unrestricted	Expendable	Total funds
Curreat year			fund	eudowmeat
				fuad
At 5 April 2021				23,378,254	23,378,254
Income			480,544		480,544
Expenditure			(836,033)	(131,380)	(967,413)
Gains on investments				1,080,672	1,080,672
Transfer between		funds	355,489	(355,489)
At 5 April 2022				23,972,057	23,972,057
Represented	by-
investments				23,905,748	23,905,748
Net current assets				101,309	101,309
Creditors over	one year			(35,000)	(35,000)
				23.972,057	23,972,057

			Unrestricted	Expendable	Total fuada
Comparative	year		fund	eadowment
				ruad
			8		8
At 5April 2020			40,167	18,$47,304	18,887,471
Income			483,078		4$3,078
Expenditure			(599,170)	(124,351)	(723,521)
Gains on investments				4,731,226	4,731,226
Transfer between		funds	75,925	(75,925)
At 5April 2021				23,378,254	23,378,254
Represented	by:
Investments				23,116,616	23.116,616
Net current assets				26],638	261,638
				23,378,254	23.378,254

9	RecoaciTistion of	cash flow	fro	m operstiag activities
					2022	2021
					8
	Net income/(expenditure)				593,803	4,490,783
	(Gains)/1cmci cn	invcstmcnii			(1,0$0,672)	(4,731,226)
	Less dividend and interest income Increase/(decrease) in creditors				(480,544) 92.594	(483,07$) ~22 224
	Net cash used in	operating	activities		(874,$19)	(755,735)
10	Analysis ofcash and cash equivalents
					2022	2021
					f.	f.
	Cash at bank and	in hand			195,187	297,922
	Cash held as part	ofinvestment		portfolio	41$,353	568,526
					613,540	866,448

Analysts ofebaages is net debt
		At 6 April	Casbtlows	At 5April
		2021f		2022f
Cash at bank and in hand		297,922	(102,735)	195,187
Cash held as part ofinvestment	portfolio	568,526	(150,173)	418,353
		866,448	(252,908)	613,540

Comparative statement	oflinaacial	activities
			2021	2021	2021
			Unrestricted	Expendable	Total
			Fund	Endowment
Income
Investment income		2	478,524		478,524
Interest income			4,554		4,554
Total income			483,07S		483,078
Expenditure
Investment management	fees			(]24,351)	(]24,351)
Net income available for
charitable application			483,078	(124,351)	358,727
Charitable expenditure
Charitable activities		3	(599,170)		(599,170)
Total expenditure			(599.170)	(124,351)	(723,521)
Net gains/(lasses) on investments				4,731,226	4,731,226
Net income/(expenditure)			(116,092)	4,606,875	4,490,783
Transfer between funds			75,925	(75,925)
Net movemeut ia fuads			(40,167)	4,530,950	4,490,783
Fund balance at 6 April 2020			40,167	18,847,304	18,887,471
Fund balance at 5 April 2021				23,378.254	23.378,254