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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|
##
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|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||||||||
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|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|
##
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|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|
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||||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|
##
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||||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|||
##
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||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|
##
##
|3|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||
##
|7|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|
##
|11|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|
|12|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|