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 F￿ancial 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
rebil1￿cL 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 Tn￿t
The London Children's Floiver Society
London Na￿oW 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 appe￿S 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, a￿d 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 t￿￿te￿8 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 F￿ancIal 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 Signific￿Ce in the context of thL charity by discussions with
trustecs and updating our understandiDg of Ihc sector in which the chi￿lLY 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 aS￿sed 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
Ch￿ItabLe activili¢s
(696,913)
(696,913)
(736,242)
Total expelldi￿re
(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 fl￿d%
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 th￿e 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 FIl￿NCIAL 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 follo￿Ing 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 fi￿CtIOnal cU￿encY 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 fi￿herance 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 gra￿t 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 fi￿h¢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. AC￿al 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 E￿￿ED 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/(eXpenditL￿e)
{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￿￿￿¢1￿1 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