THE PATRICK & HELENA FROST FOII.NDATIO TRITSTF.F.S' RF.PI)RT AIND FINANCIAL STATF.MF.liT 5 APIUL 2024
THE PATIUCK & HELENA FROST FOLryDATION COIYTENTS Page Legal and administrative details Trustees. report Indcpendent auditors, report Statement of Fancial activities Balance sheet io Statement of cash flows Notes to the financial statements 12
THE PATIUCK & HELENI A FROST FOUNDATIOIN LEGAL AND ADMIMSTRATIVE DETAILS The Trust The Patrick & Helena Frost Foundation (fonnerly callcd The Patrick Frost Foundation) is a registcrLuI Charity (number 1005505} established by a deed of trust dated 2 April 1991. The rcgistered address is clo Trowers & Harnlins 1.I.P, 3 Bunhill Row, London, ECIY 8YZ. Trustees Mr Dominic .1 ayler Mr Neil Hendriksen Mr Mark Hendriksen Ms Clare Annitage Bankers Arbuthnot Latham & Co. Lid Arbuthnot House 20 Finsbury Ciwus London EC2M 7EA Solicitors Trower5 & Ilamlins LLP 3 Bunhill Row London ECIY 8YZ Investment managers Cazenove Capitaj Managemeni Limited l London Wall Place London EC2Y SAU Rutyer LLP 80 Victoria Street London SWIE 5JL {lIter Cheviot Limited Senator House 85 Queen Victoria Street London EC4V 4AB AudAtors Saffery LLP 71 Qu¢en Victoria Street London EC4V 4BE Page I
THE PATRICK & HELENI'A FROST FOUNDATIO TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 Thc I"rustees present thcir annual report and ihc financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policics set out in notc I to the accounts and comply with the Charity's Trust Deed. the Charities Act 2011. and the Charilies SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Purpose of the Charity The Charity is maintained for the benefit of such clwitable inslitution or institutions, or charitable organisation or org(ITIIS<ltions, or for suLh charilable purpose OT puwes, in such shares and propurtions between them if Tnnic than one. as the Trustecs .%ee fit. These objectives are planned to be continued by the making of donations or gTants at the Trustees. discretion to charitable organisations (rather than individuals) for charitable purposes including che relief and welfare of persons of stnall means and the less fortunate members of society and assistance for small organisations where a considerable aTnouni ()[ scif help and voluntary ort 13 rcquircd. The Trnstccs of the Foundation proactively seek and selcct organisations to which they wish to award grants. The TnL%tces kindly requLSt that unsolicited applications are not submitted as. regretfully: they will not be considered or responded to. Organisation The Trustees of the Charity are reswnsible for its etyicienl management. They meet during the year whenever required for the proper conduct of the Chariry's business, the regular review of policies and appointments and to decide upon grants to be awarded to charitable organisations. Thc Tru.stees Conf that thL"y have refaTed to the guidance containcd in ihe Charity Commission General Guidance on Public Bcncfit when reviewing thc ("harity's aims and objectives and planning future activiticq and setting grant making policies. Trustees The Trustees who served during the year are shown at page l. The power of appointing new or additional Trustees was vested in Mrs Helena Frost during her lifetime, and since her death on 16 November 2011, is now vested in the continuing Trnsiees. On appointment, a Thew Trustee is provided with a copy of the TnLSt Deed, a history of the trust and the most recent annual report and financial statLTnents. Statement of Trustees, responsibilities The Trustees are responsible for preparing the TnLStees' report and ihc financial stdtcments in accordancc with applicable law and United Kingdom Accounting Standards (Uniied Kingdotn GcnLrally Accepted ALLounling PrdCtiLc). The law applicable to charitie5 in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of aft.airs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these fjnancial statements, the Trustees are required to: select suitable accounting policies and then apply ihem consistently; obsL"rvc thc methods and principles in the Charities SORP. make Judgcmcnts and estimates that are reasonable and prudent. Page 2
THE PATRICK & HELENA FROST FOUNDATION TRUSTEES, REPORT FOR THE YEAR EINDED 5 APRIL 2024 state whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the financial staiemenls" prepare the financial statements on ihc going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustccs arc responsible for kecping proper accounting records that disclose NTrith rcasonable accuracy at any time the financial position of the Charity and to enable thcTn ID ensure that thL financial statements comply with the Charities Act 2011, thc applicable accountingF Tcgulalio$, and thc provi.%ions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and taking re&sonable steps for the prevention and detection of fraud and other irregularities. Constitutio The unincorporated Charity is constituted under a deed of trust dated 2 April 1991, r¢gistered Charity number 1005505. Risk management The Trustees have regard for the principal areas of the CharitJ"'s opcrations and the major risks which may arise in these areas. In Iheir opinion, the Chartty has established resources and review systems which, under nornial conditions, should allow the risks identified by them to be mitigated to an acceptable level in their day to day operations. The main risk to the Charity is considered to be financial, because the a]ue of, and the income from, its investments and cash may reduce: in real tenns, Ihereby iTnpinging upon the Charity's ability to maintain the level and real value of 115 grants. Variables. such as inflation, interest rates, political events, oil prices, credit markets and stock market sentiment, lead io volatility in equity and bond markets, as well as currency exchange-rate fluctuations. As regards the Charity's quoted investments. the Trustees manage this risk by having separate finns of professional Investment Managers (providing diversification of investments and strategies to minimise losses}, and by scrutinising quarterly valuations and perforniance reports from ihe Investment Managers, as well as having annual presentations from each of Ihem in person. The Investment Managers engaged by the Trustees during the year ended 5 April 2024 are named on page l of these accounts. Before m<iking any financial con]mitments, the Trustees obtain the latest investment iialuations available and details of currcnt cash balances. and makL sure that all commitmenls are covered by the Lash available. Investment Policy and Performance The Trustees have a wide power ot invL%imcnl, under clause 6 of their Trust Deed dated 2 April 1991 and the provisions of the -I'ruslee Act 2000. The inveslment policy is lo obiain a balanced re(utn from income 4ind C41Pltal Owth, with no more th( a moderate level of risk. The Charity's quoled investmenls and capital cash are Tnanaged by its Investmeni Managers on a discretionary basis. and the lerms of each company's engagement are kepi under regular review. During the year the Trustees carried out a fornial review of the investment manager services. This included presentations from the ¢xisling investment managers and three new potential inveslJnent managers. The conclusion of this review, which will take effecl in ihe year ended 5 April 2025. is that the Trustees will retain onL of thL" Lxlsting investment tD¢illdgct8 and appoint tw.o ncw investment manag¢rs. I'he 'l"rustees will ÉLISO rebil1cL thc funds invested with L"ach inveslment managcT. Page 3
THE PATRtCK & HELENA FROST FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 Fundraising The Charity does not actively fundraise and therefore Lhc Trnstees do not consider it necessary to have a fonnal tundraising policy in place. lio donatiuns werL" received in the year. Review of activities The following grant.8 were made to registered chaTitics, amounting to £592.500 in total (2023.. £656,760). Academy of St Martin in the Fields Alexandra Rose Charity The Balsam C¢ntre (Wincanton Community Ventur¢) Bowel Research UK Canine Partners for Independence Childhood Tumour Trust Thc Cleft Lip and I'alate Association CPotential (previously The l.ondon Centre for Children with Cerebral Palsy l The Peter Rigby Trust) Deatblind UK Demand Design and Manufacture for Disability Dogs for Good The Fajnily Holiday Charity Fauna & Flora tnt¢rnational Fellowship and Aid to the Christians of the East (FACE) The Forward Trust Gljmdebourne Productions LiTnited HF Trnst Limited Kings World Trnst for Children The Living Paintings Tnt The London Children's Floiver Society London NaoW Boat Project Medical Aid Films Ltd Medical Engineering Resource Unit Motivation ch<ilabl¢ I'rusi Naomi House (WcssLX ('hildren's Hospice Trusi) North Cadbury C(IF. Primary School Ocean Youth I'rust South Opportunity International UK Practical Action Prostate Cancer UK Re-engage l.td {fotmcrly Contact the Elderly Ltd) Revcrse Rett Royal Trinity Hospice SENSE The National Deaft)lind and Rubella Association 10,000 20,000 i 0,000 15,000 15,000 10,000 i 0,1100 10,000 15.000 10,000 11,000 12,000 10,000 10,000 7,500 20,000 14,000 13,000 15,000 10,000 7,500 20,000 10,000 10,000 7,500 15,000 20,000 15,000 5,000 15,000 7,500 7,500 20,000 20,000 Carried fonvard 427.500 Page 4
THE PATRICK & HELENA FROST FOUNDATION TRLTSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 Brought forward 427,500 Speech and Language UK %t John's Hospice Stroke Association Supporting Woundcd Veterans Ltd Tools for Self Reliancc Toynbee Hall Tree Aid Treloar Trust Veterans Aid Vision Foundation Wetwheels Foundation WheelPower (The British Wheelchair Sports Foundation Ltd) Willow Foundation The Yard Theatre Ltd Yeldall Christian Cenrres 5,001) i 0,0011 10,000 i 0,1100 i 0,0110 10,000 15,000 15,000 5,000 10,000 10,000 15,000 10,000 25,000 5,000 592,500 The net income for the year was £994.839 (2023= net expenditure £1,477,801) after the movement on investments. Befoie the movement on investmen15 the net expenditure for the year was £240,450 (2023.. net expenditure of £312,418). Reserves policv As shown in the balance sheet on page 10, the vast majority of the Charity's funds are represented by its fixed asset investments. Income generated from these investments is used to fund the Charity's charitable expenditure. It is the Trustees policy to control its investmencs and charitable expendicure so as to provide a stable base for the Chariry's continuing activities while at the same ttme ensuring excessive funds are noi accumulated. Any deficit on income is funded by a transfer from expendable endowment. The unrestricted funds at 5 April 2024 were £nil (2023: £nil) which is considered reasonable given the availability of the expendable endowment. Future plans The Trustees intend to continue monitoring the Charity's financial position and (to the extent that it allows them to do so) to continue their programme of grant making for the foreseeable future. On behalf of the Trustees ..2024 Mr Dominic Tayle Trustee Page 5
THE PATRICK & HELENA FROST FOLNDATION IYDEPENDENT AUDITORS. REPORT TO THE TRL'STEES Opinion We have audited the financial statements of The Patrick & Helena Frosi Foundation for the penod ended 5 April 2024 which LOTnpnsc the statement of fIn(Lia1 activities, balance sheet, statement ot LÉish flows and notes to the fin(lia1 slatcments, including significant accounting policies. -l-he financial reporting framework thal has been appliLd in their preparation 15 applicable law and Unilcd Kingdom Accounting Standards, including FinanLial Rq)orting Standard 102, Ihc Financial Reporting Standard appliLablL In the UK and Republic of Ircland (Uniied Kingdotn Gcncrally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charit) s affairs as at 5 April 2024 and of its incoming resources and application of resources for the year period then ended; have been properly prepared in accordanc¢ with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion le Lonductcd our audit in accordancc with International Standards on AuditlDg (IJK) (ISAS (UK)) and applicable law. Our rcsp()nsibilities under those standards are furthcr described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are indepcndcnt of the charity in accordance with the ethical requireTneJ]ts that are relevant to our audit of the fLnancial statements in the UK, including the FRC'S Eihical Standard. and we have fulfilled our other ethical respoiisibilities in accordance with these requirements. We believe that ihe audit evidence we hal'e obtained is sufficient alld appropriate to provide a basis for our opinion. Conelusions relating to going coneern In auditing the tinancial statements, we have concluded that the trustces, use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the wod( we have perfonn¢d, we have not identified anv material uncertainties relating to epents or conditions that. individually or collectively. maj casl significant doubt on the charity s ability to continue as a going concern for a period of at leasl twelve months from when the financial stat¢menis are authorised for issue. Our responsibilities and the responsibilities of the trnstees with respect lo goin(* concern are described in the relevant sections of this rcport. Othcr informatio The trustees are responsible for the other infornialion. The oiher infonnation comprises the infom]ation included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. Our rcqponsibility is to read the other inforn]ation and. In doing 80, consider whethcr Lhc other inforniation is malcrially inconsislenl wilh the financial statemenls or our knowledge obtained in thc course of the audil or othenvise appeS to be malerially misslated. If we identify such maierial inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstat¢ment in the financial siat¢ments themselves. If, based on the work we hav¢ perfonned. we conclude thal there is a material misstatement of this other infornialion" we are required 10 reporl that fact. We have nothing to reporl in this regard. Page 6
THE PATIUCK & HELENA FROST FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRL'STEES Matters on which Ive are required to report by exception We have nothing to report in respecl ol the follolving malters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, In our opinion: . the infomialion given in the Trustees. Annual RLport is inconsistent in any material respecl wilh the financial statemLnls- or (he charity has noi kq)t sufficient accounting records; or Ihe financial slatcmcnL8 are not in agreement with ihe accounting records and returns" or we have not rcccivcd all ihe infonnation and cxplanalions we require fDr our audit. Responsibilitie5 of trustees As explained more fully in the Trustee5 Responsibilities StateTnent set out on page 2. the trustees are responsKble for the prq)aration of ihe financial statements and for being satisfied that they give a true and fair view, ad for such inlernal control as the ITUStees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or em)r. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a gyoing conccTn, disclosing. as appliLablc, mallers related to going CQT]cern and using the going concern baqis of accounting unless the tte8 either intend to liquidate ihe charity or to ccasc npcrations, or havc no realistic alternative but to do 50. Auditors, responsibilities for the audit of the financial statements le have been appointed as auditors under the c.harities Act 201 l and report ill accordance with regulations made under that Act. 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 auditors, report that includes our opinion. Reasonable assurance is a high leN'el of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always dei¢¢t a material tnisstatement ivhen it exists. Misstatements can arise from fraud or ¢rror 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 FancIal slatements. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detectillg irrLgulariiies, including fraud delailed below. Identifying and assessing n8ks related to irregulanlles: We assessed the suscepiibility of the charity'5 financial siatements to material mi55tatctncT]l aT]d how fraud might occur, including through discussions with the trnst¢¢s, discussions H'ithin our audil team planning meeling, updating our record of internal controls and ensuring these controls operated as intetkded. We evaluated possible incentives and opportunitie5 for fraudulent manipulation of the financial stalements. We identified laws and rL"gul¢ilions that are of SignificCe in the context of thL charity by discussions with trustecs and updating our understandiDg of Ihc sector in which the chilLY operates. Laws and regulalions of direct significance in the cont¢xt of the charity include the Charities Act 2011, the Charities (Accounls and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identifjed: We considered the exteni of compliance with these laws and regulations as part of our audit procedures on the related fillancial sliltLYncnt ilems including a rL-Nicw of financial slatemL"ni disclosures. We vIl"Wed the charity's rccord% of breaches of laws and rLgulations. minutes of mLctings and correspondeDLC wilh relevanl Page 7
THE PATRICK & HELENA FROST FOI"JNDATION INDEPENDENT AUDITORS, REPORT TO THE TRL.STEES authorities to identify potential material misslalements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with trustees responsible for compliance. During the planning meeting Th'ith the audit leam, the engagement partner drc'w attention lo the key aTeas which might involve non-compliance with laivs regulations or fraud. We enquiied of the trustees whLther they were aware of any instances of non-cumpliance with laws and regulalions or knowledge of any aLlual, suspected or alleged fraud. We addrcsscd thc risk of fraud through n]anagLmcnt override of controls by testing the appropriateness of journal entrics and Idcntifying any significanl transaclion.s Ihat were unusual or outside the normal course of business. Wc aSsed wheiher judgements made in making accounting estimalLS gav¢ rise to a possible indication of managcment bias. Ai the completion stage of the audil, the engagemcnt pariner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations alld fraud. There are inherent limitations in the audil procedures descrtbed above and the further removed non- compliance with laws and regulaiions is from the events and transactions reflected in the financial statements, the less likely we would become awar¢ of it. Also, the risk of not detecting a material n]isstatement due to fraud is higher than the risk of not detecliThg one resulting from error, as fraud may involve deliberate concealment by. for examplL, foTgcry or int¢ntional misrepresentatioJ]s, or through collusion. A further description of our reswnsibililie5 15 available on the Financial Reporting Council's website at= www.frc.or .uWauditorsres nsibilities. Thi5 description fornis part of our auditor's report. Use of our report This report is made solel) to the charity's In]stees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit N4'ork has been undertaken so thai we might state to the trustees those matters we are required io state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a IK)dy, for our audit work. for this repon, or foT the opinions we have fonned. LLP Saffery LLP Statutory Auditors 71 Queen Victoria Stre London EC4V 4BE Date: 18 November 2024 Saffery LLP is eligible to acl as an auditor in lern)s of section 1212 of the Companies Act 2006 Page 8
THE PATRICK & HELENA FROST FOUNDATIOYI STATEMENT OF FLNANCIAI. ACTIVITIES FOR 'fHE YEAR EI) ED 5 APRIL 2024 Note 2024 2024 F.xpendable Endowment Fund 2024 202.3 Unrestricted Fund Total Total Income Investment income InlcrLSt income 495,321 35.206 495,321 35.206 523,616 17,376 Total income 530.527 530,527 540,992 Expenditure Investment management fees (74.064) (74,064) (117,168) jet income available for charitable application 530,527 {74,064} 4)6.463 423,824 Charitable expenditure ChItabLe activili¢s (696,913) (696,913) (736,242) Total expelldire (696,913) (74,064) (770.977) (853,410) Net gainsl(losses) on inN'estments 1,2i5,289 1,235.289 {1,165,383} et income/(expenditure) (166,386) 1.161.225 994,839 (1,477,801) Transfer between fld% 166,386 (166,386) Net movement in funds 994,839 994,839 (1,477,801) Fund balance at 6 April 2023 22,494,256 22,494,256 23,972,057 Fund balance at 5 April 2024 23,489,095 23,489.095 22,494,256 The notes on pag&8 12 to 19 fonn part of thcse accounts. The statement of financial activities contains all recognised gains and losses for the financial year. The results for the period all relate to continuing activities. Page 9
THE PATRICK & HELENA FROST FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 Note 2024 2023 Fixed assets Quoted investments 23,164,068 22,297,625 Current as5et5 Cash at bank 396,598 326,428 Creditors: amounts falling due within one year (71.571) (109,797} NL"t current assets 325,027 216.631 Creditors: amounts falling due after one year (20.000) Net assets 23,489,095 22,494,256 Funds Lnrestricted fund Expendable endowment fund 23,489,095 22,494,256 23,489,095 22,494,256 Thc flnancial statenients were approved by the Trusttts on . behalf by 6 F)0£Er ..2024 and were signed on their Mr Dominic Taylcr The notes on pages 12 to 19 forni part of the accounts. Page 10
THE PATRICK & HELENA FROST FOUNDATION STATEMENT OF CASII FI.OWS FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 Cash flow from operating activities: Net cash used in operating activities (829,205) (852,491) Cash flow from investing activities: Dividends and iThtercst income 530,527 540,992 Proce¢ds from sale of investments 5,916,356 7,032,362 Purchase of investm¢nts (6,272.650) (6,096,840) 174,233 1.476.514 Cash flow from fmancing artivities: Rcccipt of endowment Change in cash 2nd ea5h cquivalents durin% the reporting pcriod (654,972) 624,023 c.ash and cash equivalents al the beginning of thc reporting period 613,540 12i7.563 C2sb and cash equiTralcnts al Ibe end of the repnrting period io 582.591 1,237,563 Pagell
THE PATRICK & HELENA FROST FOUNDATIOI NOTES TO THE FIlNCIAL STATENIENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Basis of accounting lThe financial statements have been prepared under ihc hisloric cost convL"ntion with items rL"cognised at cost or transaclion value unless otherwise slatcd in the relevant notc(s) to these accounts. 'L'he financial statemL T]ts have been prepared ID accordance with the Chantio$ 8taternent of Rccommended Practice {"SORP (FRS102)"), Financial Reporting Standard 102 and the Charities Act 2011. The accounts have been prepared to give a 'true and fair, view and have departed fron] the Charities (Accounts and Reports) Regulation5 ?008 onl) to the extent Tequired to provide a 'true and fair, view. This deparMre has involved folloIng Accountino and Reporting by Charities preparing their accoullts in accordance with the Financial Reporting Standard applicable in the LU( and Republic of Ireland (FRS 102) raiher than the Accounting and Reporting by Charilies: Siaternent o Recotntnended Praclice effective from l April 2005 which has since b¢¢n withdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The 1 rustees consider that there are no material uncertainiies about the Chariry's ability to continue as a going concern. The financial statements are prepared in sterling, which is the fiCtIOnal cUencY of the Charity. Monetary amounts in these financial Statements are round¢d io the nearest £. Investment income Investtnent income, including dividend and interest income, is accounted for in the period in which the Charity is entitled to receipt. Voluntary income Donations or gifts together with the associated income tax recoverable where appropriate are recognised as income NTrhen the amounts are receii.'able. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expendiluic is accounted for on th dLcruals basis. All costs can be dircLtly attributed to an expcnse category. Grants payable are paymenls made to third parties in the fiherance of the charilable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or Multi-Ye4 grant. CJranls awards ihai arc subject to the rL"Lipicnt fulfilling perfomiance conditions hre only accrued when thc recipient has been notified of the grant and any remaining unfulfillcd condition attaching to thal ganl is outside of the contrtsl of the Trust. Provisions for grants are made when the inlenlion to rnake a grant has been COTnTnunicat¢d to the recipient but there is uncertainty as to the timing of the grani or the amount of grat payable. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees. Irrecovcrablc VAT is charged against thc category of resouTCCS cxpcnded for which il w&$ incurred. Page 12
THE PATRICK & HELENA FROST FOUliDATION OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2024 Fixed asset investments ITJVCStTnenls are a fonn of basic financial instrument and are initially recognised at their transaction value and subsequently m¢415urcd at their fair valuc <lS at the balance sheLi date using the closing quoted market price. The statLTncnt of financial activitics includes the net gains aT)d losses arising un revaluation and disposajs throughoui the year. The Charity does not invesl direcily in put optiotLS, derivatives or other covnplcx financial instrun]ents. Realised and unreali5ed gains 2nd losses All gains and losses are iakcn to the Statement of Financial Activities as they arise. Realised gains and losses on investments calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequenl to the first day of the fjnancial year. Unrealised gains and losses ar¢ calculated a5 ihe difference between the fair value at the year end and their carrying value. R¢alised and unrealised investment gains aJ)d losses are combined in the Statement of Financial Activities. Taxation "I"he Charity is a rcgistcrcd charity and is not liable to United KingdoTn income tax or capital gains tax on its wholly charitable activities. Funds The Charity has no restricied funds. Th¢ original donation and fih¢r donations from the Estate of Helena Frost has been included as an expendable endoThTnent fund and Ihe income arising is classed &s unrestricted. The Trustees can spend both income and capital at th¢ir absolute discretion. Key judgements and estimates In application of the Charity's accountin(v policies. the trnstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from oiher sources. The Cstimaies and associated assumpiions are based on historical experience and other factors considered io be relevant. ACal results may differ fron] these estimates. Given ihe nature of transactions in the cutrent and comparative year there are no key accounting estimates to disclose. Investment ineome 2024 2023 On investments in the UK On investments outside the UK 357,834 137,487 400,116 123,500 495,321 523,616 Page 13
THE PATRICK & HELEI%A FROST FOliNDATION NOTES TO THE FINANCIAL STATEMEJTS FOR THE YEAR ENDED 5 APIUL 2024 Charitable actisTrties 2024 2023 Grants to institutions 592,5(K) 811,253 656,760 73,473 Support cost - adminislration fe£s and charges - Trnqtec travelling expenses (Profit)/loss on foreign exchange Governance cost- audit and accountancy 391 280 (21) 23,790 (11,491) 17,220 696,913 736,242 A full lisl of granis made can be seen in ihe Trustees, Report on pages 4 and 5. No staff were employed during thc ycar (2023: none). The Tru5tL"cs did not receive any rcmuneration during the year. Trustees wcrc rcirnbursed travelling expcnscs of £391 (2023: £280). I'he 'l'rustees delegate day to day adTnini8tration to a third party organisation providing piofcs8ional services alld has no emplovees. Thcy therefore do not consider there to any key tnanagement personnel receiving remuneration. Investments 2024 2023 Quoted investments Market value at 6 April 2023 Additions Disposals Net realise(Vunrealised gain51(losses) 21,386,492 6,272,650 (5,916.356) 1,235,289 23,487,397 6,096,840 (7,032,362) (1,165,383) Market value at 5 April 2024 22,978,075 21,386,492 Historical cost at 5 April 2024 21,620,995 21,076,785 The rnarket value of investments 15 madc up as follows: UK lisled inv¢stments Non-UK listed investments 10,862,450 12,115,625 12,330,826 9,055,666 22.978,075 21,386,492 Capital cash deposit5 Market value at 5 April 2024 185 993 911 133 23.164,068 22,297,625 Page 14
THE PATRICK & HELENA FROST FOUNDATION NOTES TO THE FINANCLIL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 The portfolio of quoled investments comprises: 2024 2023 Equities (including equity funds) Alternative invcslmenis Bonds and Bond funds Liquid funds in cash 14.612.777 1,391,944 6,968,354 14,392,633 3,022,854 3,851.005 120000 22.978,075 21,386.492 Investments with a valu¢ in excess of 50/0 of the r¢sp¢ctive portfolio: 720,000 Cazcnov¢ Charities Property Fund 600,000 Man CILCJ Sterling Corporatc Bond Fund 5,858,940 Quilter Investors Ltd QC lilobal Income & Growth Fund GBP Dis 2,898,114 Ruffer Charity Assets Trust C Acc 848,664 586,620 6,620,603 4,849,421 The main fomi of financial risk faced by the Chartty is thal of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and '1th1n particular seclors or sub sectors. Creditors: amounts falling due Ivithin one year 2024 2023 Grants payable Other credilors 20,000 55,000 12,698 42,099 13,331 38,240 Accruals 71,571 109,797 Creditors: amounts falliDg due 2fter one year 2024 2023 Grants payable 20,000 20,000 Pag¢ 15
THE PATRICK & HELENA FROST FOUNDATION NOTES TO THE FtNANCL4L STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Funds Unrestricted fund Expendable eDdoiiment fund 'I"otal funds Current year At 5 April 2023 22,494,256 22,494,256 Income Expenditure Gain on investm¢nts Transfer between fi]nds 530,527 (696,913) 530,527 (770,977) 1,235,289 (74.064) 1,235,289 (166,386) 166,386 At 5 April 2024 23.489,095 23,489.095 Represented by: tnvcstments Net current assets Creditors over one year 23,164.068 396.598 (71,571) 23.164,068 396,598 (71,571) 23,489,095 23,489,095 The expendable endowment include5 the funds from the Estate of the late Mrs Helena Frost who died on 16 November 2011. Under the tern]s of the Will the ndS are expendable endowment. A transfer has been made from the expendable endowment to the unrestricted fund to cover the deficit on the fund at the year end. Page 16
THE PATRICK & HELENA FROST FOUJNDATION OTES TO THE FtYANCIAL STATEMENI rys FOR THE YEAR EED 5 APRIL 2024 Unrestricted lund Expendable cndowment fund Total funds Comparative year At 5 April 2022 23,972.057 23,972,057 Income Exp¢nditure Gains on investments Transfer between funds 540,992 (736,242) 540,992 {853,410) (1,165,383) (117.168) (1.165.383) (195,250) 195.250 At 5 April 2023 22.494,256 22,494,256 Represented by: Investments Net current assets Creditors over one year 22.297,625 216,631 (20,000) 22,297,625 216,631 {20,000) 22,494,256 22,494,256 Related party transactions During the current and previous years there were no transactions wAth any parties related to the Charity. Reconciliation of cash flow from operating activities 2024 2023 Net income/(eXpenditLe) {Gains)Ilosses on inTr-¢slmcnts Less dividend and inteicsl come Incr¢as¢l{decrease) in creditors Net cash used in operating activities 994,839 (1,235.289) (530.527) 58,228) (1,477,801) 1.165,383 (540.992) 919 (829,205) (852,491) io Analysis of casb and cash equivalent5 2024 2023 Cash at bank and in hand Cash held as part of investment portfolio 396,598 185,993 326,428 911,135 582,591 1,237,563 Page 17
THE PATRICK & HELEINA FROST FOLNDATION NOTES TO THE FINAJL CLIL STATEl¥rs FOR THE YEAR ENDED 5 APRIL 2024 Analysis of changes in net debt At 6 April 2023 Cashflows At 5 April 2024 Cash at bank and in hand Cash held as Part of inv¢stment portfolio 326,428 911.135 70,170 (725,142) 396,598 185,993 1,237,563 (6.54,972) 582,591 Page 18
THE PATRICK & HELEf*A FROST FOUNDATION OTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2024 12 Comparative statement of f¢11 activities 2023 Unrestricted Fund 2023 Expendable Endowmenl 2023 Total Income Investment income Interest income 523,616 17,376 523,616 17,376 Total income 540,992 540,992 Expendithre Investment rnanagement fees (117,168) (117.168) Net income available for eharitable application 540,992 (117,168) 423,824 Charitable expenditure Charitable activities (736242) (736,242) I'otal expenditure (736,242) (117,168) (853,410) Net gainsl(Ios5e5) on investments (1,165,383) (1,165,383) Net income/(expenditure) (195,250) (1,282,551) (1,477,80 I ) Trallsfer between funds 195,250 (195,250) Net movement in funds (1,477.801) (1,477,801) Fund balance at 6 April 2022 23,972,057 23,972,057 Fund balance at S April 2023 22,494,256 22,494,256 Page 19