Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..05 BST{UTC +11 D 111 P Ir35 Registered number: 04112525 Charity number: 1086562 FREDERICKS FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..C6 BST{UTC +11 D 111 P ¥35 FREDERICKS FOUNDATION (A company limited by guarantee CONTENTS Page Roference and administralive details of tho company. its Trustees and advisers Chaimwn's report Trustee5' report 4-11 Independent examinerfs report 12-13 Statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes io th8 financial statements 17-33
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..07 BST{UTC +11 D 111 P 3r35 FREDERICKS FOUNDATION (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees P Barr*Walsh. Chaimian P E Kelly (resigned 29 June 20211 N Mehta D A Hert)ert Fcai Company regist8red number 04112525 Charity registared number 1086562 Registered office 2 Communications Road Greenham Business Pal Newbury Berkshire RG19 6AB Senior managemont team D Parker. Chief Executive Officer Accounthnts James Cowper Kreston Chartered Accountants Statutory Auditor 2 Communications Road Greenham Business Pat1( Newbury Berkshire RG19 6AB BankeTS The Bank of Scotland Edinburgh Royal Mile 300 Lawn Market Edinburgh EH1 2PH Solicitors Ranson Houghlon 1-5 Bridge Street Andover Hampshire SP10 1BE Page 1
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..08 BST{UTC +11 D 111 P4135 FREDERICKS FOUNDATION (A company limited by guarantee CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 The chairman presents his statement for the year. Adapt or die, this DapNinian aphorism is as true in a pandemic as ever. Even before the pandemic Fredericks was looking for a more sustainable model. one that had as big an impact, cost less to run and one that provided flexibility to our clients. A tall order bul we believe we are on the road to achieving this. We have introduced three big changès". 1. We will provide Revenue Share agreements and not loans Our clients may not have the profile to attract the millions of larger Social Enterprises so we wll offer capital in retum - we will typically gel a small Yo of the revenue. We find this more fleble because if an organisation has an issue - say a pandemic for instance- revenue irnmedialely drops and so do the repayments. We believe this innovats.ve model wll be a really useful tool and many organisab.ons seem to agree. 2. We back Social Enterprises now not indimduals There were very few organisations Providing loans lo the 'difficult to finance, back in 2000 and now there are many more organisations. However. we identified that some Social Enterprises had problems getting sufficient capital. Fredericks has been providing loans to those members of society who cannot access traditional sources of credit at a reasonable rate. Typically, we provided funds of between £5-10,000 for new bu5ine5se5. Over the years we funded neady 2,000 micro businesses, many of them sel up by women. ex-offenders. single parents or bankrupls. We believed strongly In 5elf-help and that everyone deserves a second chance. However, we found getting viable candidates more and more drfficull over the years wlh our approval rate dropping from 100kn per enquiry down to 4%. This meant we had to carry out twice the due diligence for the same re5uIt. At the same time our increasingly comprehensive reviews meant costs increased bul our default rate remained stubbomly high. Fredericks new mission is to support ORGANISATIONS doing good. We are focusing on smaller social enterprises, bcorps, often small or newsh entities which may get overfooked. We still deploy rigorous evaluations and try lo assist them in their mission. 3. We are staffed by volunteers and have no full- time employees Since we implemented our new model. we are run almost exclusively by volunteers and we have had a really encouraging start. Our very first client was Birdsong, a Social Enterprise that employs female immigrants providing them with a living wage. We have also supported a Fredericks dient who wished lo expand her business and a company raising funds for charities through digital events- which has done very well through lockdown. We have a new limit of £35,000 but expecl lo agree only a dozen or so agreements a year. CONCLUSION Some 80% of donations go to the largest 20 UK charities. The remaining 20% is shared by 166,000 charities or so. Fredericks has afvrfays had a skill at finding those great causes that cannot attract capital. We provide each one wrth a personal scheme to meet their requirements and we ty to assist them in their mission, again using volunteers. So, our objeclnie of finding a more sustainable model, but one that has as big an impact and that is cheaper to run. looks like il is has been achieved. It is early days, but l am very excited for the future. Page 2
TransadiDn Ref. SAEv493CVc 06 Jul 2W21 15..40..(* BST (UTC +11 D 111 P 5r3S FREDERICKS FOUNDATION (A company limited by guarantee) CHAIRMAN'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Finally, il is a tribute to the staff that they supported this move even though they would lose their roles. and many have opted to volunteer. Pwieltj•)ll I688TlITtlI P Barry-walsh Founder and Chairman Dale= 29 June 2021 Page 3
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..LYJ BST{UTC +11 D 111 P6r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their annual report together wilh the financial statements of the company for the year 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirrn that the Annual report and ffinancial statements of the charitsble company comply Mqth the current stalulory requirements, the requirements of the charitable companls governing document and the provisions of the Statewnent of Recommended Practice ISORP} applicable to charities preparing their accoun15 in aGcordance with the FinanGial ReFK)rting otaTrdard appliGable ITr the UK and Republic of Ireland {FRS1021 leffective 1 January 20191 as amended by Update Bulletins 1 and 2. Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omrtted. Objectives and Activities Policies and Objectives In order to benefit the public. the objectives of the Charity are as follows: to assist the disadvantaged into self-employThent'. to assist those in financial hardship lo either set up in business or obtain paid employment- to assist those whose businesses are struggling in the current climate," and to undertake other specific projects which the Trustees believe have merit. Activities have been destgned to achieve these objectives and have induded the following.. the provision of micro-finance- provision of funding via Revenue Share agreements., business support and assIstan- provision of pecuniary and other assistance-, and advancing education through the provision and assistance of training, teaching, mentoring and other services and facilits"es. Assistance and support is provided irrespective of age and provides public benefit as it is focused on those who are unable lo obtain finance through mainstream organisalions such as banks. Loans have always been available lo anyone who qualifies. Fredericks Foundation I"Fredericks'l has targeted people who are unemployed, lone parents, ex-offenders. ex-military, disabled or who live in areas of deprivation and can themselves be described as disadvantaged. These groups are usually unable to obtain financial help from conventional financial institutions. The public benefrt is therefore bNo-fold= Fredericks has provided assistance to specific parts of society to improve people'5 lives. whilst in tum benefitting the w5der public as claims for State assistan are reduced. We review our aims, objectives and activities each year in order to ensure that they remain focused on our staled purposes. We have referred to the guidance contained in the Charity Commission's general guidan on public benefit when reviemqng our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. Key to our operats'on is the free mentoring and guidance we give to those lthose applicati$ for assistance a successfvl. We have c160 registered mentors, and we have around 42 clients currently receiving the benefit of a mentor. Fredericks wrll only make an offer of financial support Mthen it believes the business will be viable. We then nurturelmentor our clients. which improves the recovery rate, and ultimately benefits Ly)th those we support and the wider public. Page 4
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..10 BST{UTC +11 D 111 P7r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Objectives and Activities Icontinuedl Charitable Activities During the year, Fredericks has continued to provide business advice, business planning, start-up and expansion loans, mentoring and ongoing assistance and suprx)rt to disadvantaged individuals wshing lo improve their economic circumstances through selfemployment. This assistan has included disadvantaged people of all ages. supporting them into selfemployrnent by offering.. repayable loans of up lo £15,000 for start-up businesses- repayable loans of up to £35,000 for existing businesses- upfronl loan application support.. on-going business guidance and mentoring. Over the la51 few years. the Trustees have continued to explore ways for the Charity to evolve and achieve sustainable longer-term operating m¢)del. This model needed lo have as big a Soaal Impact as possible, c05t less to run, but at the same lime prowde as much flexibility to our clients as possible. Towards the end of the year, we introdud a new fvnding model by way of "Revenue Share Agreements", focusing this towards the Social Enterprise sector. We continue lo support our existing dienls when additional 'Xopup" fvnding is required, but we identified Soual Enterprises, bcotps etc. which are often small andlor relatively"young" as needing support to achieve their mission of "doing good.. The Revenue Share model is also more flexible. If an organisation we have funded starts to experience financial difficulties and their revenues drop the pandemic over the Fast year being a case in point - then the "Tepayments" under the Revenue Share Agreement would also drop, providing them wrth much needed time to stabilise their business. In all cases. Fredericks endeavours to lailor business support and funding to an individual's situation. rather than just offering °off the shelf, micro-finance loans lo start-ups. Our seNices have historically been delivered by a small pool of Client Managers and a helpdesk facility employed by Fredericks. The Client Managers assumed responsibility for identrfw'ng sultable client5, analy5ing and assisting in the preparation of business plans and cash flows, and recommending suitable candidates to Lending Panels. sin implementation of the new funding model, Frederick5 is now run almost exdusively by volunteers. Lending Panels are also comprised of volunteers lincluding Trustees and mentors) wth relevant expertise such as accountants, bankers and entrepreneurs. The panels are responsible ft)r the final decisions on the fvnding of a client. Our volunteer team includes oPle with diverse commercial backgrounds who wish to apply their business skills for the benefit of the Chariws dients. We are extremely fortunate to have them and the support they provide is invaluable. Fredericks wort(s in partnership wih other organiSatn$ to cary out our charitable objectives. This extends our reach for potential clients and donors. It also expands the seNices we can offer le.g. intensive business support), enabling us to provide a fuller range of offerings wthoL5t putting excessive pressure on our funding or operations. Page 5
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..11 BST{UTC +11 D 111 P8r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Objectives and Activities Icontinuedl Indicators, Milestones and Benchmarks To monitor the success of the Char¥ty in achieving its charitable objectives through its principal activity, the Trustees idenlty and measure several key performance indicators, and monitor the Charitys achievements and actual OutMe$ against annual budgets and targets, In assessing the extent to which beneficiaries bene)It from Fredericks's aclivilies, the Trustees monitor the numbers and amounts of client loanslfunding and track the progress of repayrnent rates to ensure our charitable objects are being delivered. To date around £7 million has been disbursed to over 1,700 individuals. the majority of 0M have become successfully self-employed or retumed lo full-time employment. Benchrnarks The prime benchmarks adopted by the Trustees to monitor the progress of the Charity indude: Number of enquiries received Number of clients fijnded Number of businesses and jobs created Total amount of fvnding provided to clients Funding received by Fredericks Source of funds raised Cost of delivering funding Client loan repayments Soaal impact The Trustees receive regular reports on these key performance indicators which are reviewed in detail at the Trustee Board meetings. Many of these benchmarks are also rew1ed lo extemal funders. Achievernents and Performance We benefftted from receiving an EU award of first-loss loan guarantee funding which, since inPIlo in January 2016, protected c18¥0 of our lending. However, due lo Brexit we will ultimately lose this and await lo be advised what the UK version wll be, if any. It wll be sorety missed. Fredericks was an aulhorised Community Investment Tax Relief provider, and at rts peak we nearly £600,000 under management in this scheme. During the year. we adopted a strategy lo repay all the CITR investment and ensure that any finanual impact from the pandemic did not risk the solven¢y of the Charity. We are delighted to report that this strategy was successfvlly delivered and all CITR investments had been fijlly repaid by the year end. We are also pleased to report that during the prOsS of repaying the CITR investments. a number of the CITR holders converted part of Iheir funds that were due for repayment into donations. We have also completed the reorganisation of our Rèstricted Capital Funds, the majority of which were original provided under the Regional Growth Fund IRGF) Contract in 2012. Ajthough the contract expired in 2017. we Continued to deliver the services under this contract lor the following Iwo years. including providing loans 10 5tart- up businesses, upfront loan application support, and Onoing business guidan and mentoring 5UPPOrt. In 2019, we received formal confimiation from BEIS of completion of the RGF contract. and thi5 enabled us to undertake conversations with the Community Foundations regarding the reorganisation of the FrederFcks operab.ng model {see further comments wlhin the Chaimian's report) and the Reslricled Capital Funds. We completed this process towards the end of the finanal year and further detail can be found under note 20 of the accounts. Page 6
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..12 BST{UTC +11 D 111 P9r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Achievements and Performance {continuedl We continue to spend a signrficant amount of time and activity delivering on our strategy. We have worked very hard on reducing our default rate over the past few years through a mixture of improving the loan application and deasion-making process_ Over the past bNelve months we have seen loan balances with arrears reduce by 30%, which follows the previous bwelve months where we had seen balances wth arrears more than halve. We continue to ralionalise our operats.ons and have improved dramatically the management of our volunteering system. Financial Review Financial Results of Activitios & Events Income for the year lotalled £335.146 (2020.. £368.835}. Costs in 2021 totalled £596.824 (2020.. £448.8351. The result was a deficit of £259.67812020- deficit of £80,000). Loans, grants and donations paid Loans Revenue Share Agreements Amount £80,230 £25,000 11 Community Invesknent Tax Relief Scheme During the year. Fredericks retained accreditation for the CITR scheme. This allowed Fredericks to take investments in the form of loans from both individuas and companies and retain these investments for 5 years. These ndS could then be used for onwards lending In return, the Investor was allowed by HMRC to deduct 5% of the investment from their final lax liability- As detailed above, the CITR investments were fully repaid towards the end of the year and we have taken the decision to remove our accreditation of the CITR scheme. Roservos Policy Fredericks, policy is to set aside funds to meet financial risks associated with future UnrtaIntieS and other contingencies that are identified from time to time. The Charity's unrestrÉcted free reserve5 a5 at 31 March 2021 were £158.62112020.. £121,079). The Trustees believe that it is appropriate to carry a reserve to cover a minimum of 3 months, worth of costs. which al cutrent rates would equate lo approximately £20,000. With the cuffenl unrestricted reserves standing at £158,621, this objective has been met_ The Trustees continue to monitor this dosely on an ongoing basis and this has never been more relevant than during the current unprecedented times we are exPerienng with the COVID-19 situation. The first COVID-19 "lockdown. came just prior to the start of the current financial year. and as in previous years our major challenge has been our ability to generate income for lending and for 0ratIonal expenditure. One follows the other, as much of our revenue is generated by lending and with limited capital lo lend, it impacts on our ability to generate operational funding. We also had to cancel several projects which been originated to raise further unrestricted funds, induding fundraising event5, and it is clear that a number of corporate and individual donors have suspended support until the COVID-19 situation become5 clearer. Page 7
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..13 BST{UTC +11 D 111 p lor35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Financial Review (continued) Investments Policy The investment policy is to be risk-free and accordingly funds at the moment are only invested in current or temi deposit accounts with major banks. The temi ol such deposits is varied wth reference to fvture cash requirements and links lo the timing of existing fiJnding Commitments and the use of reserves as detailed above. Structure. Governance and Management Status and History Frederick5 Foundation is a registered charity. and a company limited by guarantee, not hawng share capital. Every member undertake5 to contribute an amount not exceeding £10 to the assets of the Charity in the event of the Charity being wound-up during the period of membership, or wthin one year thereafter. Fredericks Foundation was incorporated on 22 November 2000 and became a registered charity on 14 May 2001. The Charity is governed by the rules and regulats.ons sel down in its company Memorandum and Articles of Association as last updated on 9 April 2001. Organisational Structure The overall strateglc dlrectson or the Charlty Is detemilned by the Trustees, who are also dlrectors under the Companies Act 2006. They are empowered to take such steps as are necessary to achieve the objectives of the Charitable Company. This includes making appropriate arrangements for the sound management of the Chariws business. In practice, this is done by delegating certain of the Trustees. powers to a "management team", which includes the Chaimian of Twslees and one other Truslee, who report back to the fvll Board at the quartedy Trustees. meetings. Full Board of Trustees. meetings are held at quarterly inteNals. with addttional intwim meetings rf and when ruired. and the "management team" meet weekly. Method of Recruitrnent. Appointrnent, Election, Induction and Training of Trustees Recruitment Reflecting the principal actimties of the Charity lo assist disadvantaged individuals into seif-employment and to assist the development and expansion of the clients, an emphasis is placed on recruiting Tn&stees with comMeral. entrepreneurial and business backgrounds. Fredericks has developed a Trustees. job descriptn. to assist in the recNitmenl of Trustees, 1dent1.ng the basic skills required for individual Trustees with the aim of achieving complementary and diverse skills within the Board of Trustees, and with the intention of encouraging diversity to maximise achievement, creativity and go1 practice. Appolntment and Elecllon At 31 March 2021, there were five Trustees that had been appointed by ordinary resolution at the Annu General Meeting. Al each Annual General Meeting one third of the Trustees are subject to retirement by rotation. Induction and Training An induction process has been developed for all new TTUStees commencing wth an explanation of the roles and responsibilities of TNstees, an intrcKJuction by a senior member of staff to the services delivered by Fredericks. and the manner of their delivery including an introduction to all senior personnel. Page 8
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..14 BST{UTC +11 D 111 P t1r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Structure, Governance and Management Icontinuedl AII TTUStees are encouraged to attend extemal courses to ensure familiarity and understanding of the responsibility of Trustees in strategic planning, funding and govemance. ensuring that the Trustees are conversant wth current rules and regulations goveming Fredericks. activities. Towards the end of 2019 all Trustees successfully completed training and accreditation under the FCA Senior Manager and Certification Rules. This is crib'cal in us continuing to be accredited by the FCA lo undertake what we do. Setting of Key Management Porsonal Remunoration The remuneration for Key Management is reviewed annually and included with the Annual Budgel and Projections which is approved by the Board of Trustees. Risk and Corporate Govemance Matters The Trustees seek to identfy all areas of potential risk to Fredericks both financial and olherwse, induding ensuring that risk assessments are carried out foi the purposes of HeaAh and Safety at Work and that all recommendations are implemented. A risks register is maintained. The chief Tisk facing Fredericks is that funds generated from lending operations are insufficient to cover all expenses of the Charty. This is to be expected %%then lil the preponderance of lending historically has been to start-ups- and lil) the majority of borrowers can be described as disadvantaged. In order to mrtigale this risk, the Trustees agreed to widen the spectrum of clients lo whom loans are offered, induding Charrties and Social Enterprises, subject to the majority still remaining wthin our core target market,. i.e. unemployed, lone parents, ex-offenders. ex-military, female. disabled or live in ¥eas of deprivation. Fredericks has continued to tske steps on several fronts to maintain its plurality of funding streams and develop new ones. Funding streams include fundraising events, foundation grants, corporate and individual contributions and service delivery contracts. However. as mentioned above, we had to cancel several projects which had been originated to raise fvrther funding, including fundraising events, as a direct impact of the COVID-19 situation. The other 5ignfficant risk Fredericks ha5 faced is athieving the benchmark5 that were a condition of its funding cntracts. This risk 15 mitigated by close tracking and monitoring of performance. Existing and future funding sources are continually scrutinised, evaluated and reported quarterty to the main Board of Trustees. Professional Indemnity Insurance The Charity has taken out an insurance policy that provÈdes professional indemnity cover for the Injslees. The cost of this insurance for the year was £2,91212020.' £2.5371. Plans for Future Periods Future Strategy To achieve its goals, Fredericks, is seeking ils own long-temi sustainability through building on enduring revenue streams, partnering other charities and organisation5 that provide referrals. joint funding opportunities and post fvnding support, in addition lo building up rese)ves. Page 9
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..15 BST{UTC +11 D 111 P 12r35 FREDERICKS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Plans for Future Periods (continued) Future Activities and Events {2021120221 We remain very aware of the financial ramnlcations of CQVID-19, and our position 1$ under constant review. Our 2021-22 budget includes the following income streams= Private and Corporate donations from the primary benefactor and affiliated companies who have committed 1 % of their profits., Repayment of loans= the repayment of loans rnade lo those unable to obtain funding from conventional sources is fundamental lo the suslainability of the charity., {iiil Revenue Share.. income from the purchase of Revenue Participation Rights- and {ivl Fundraising events. Information on Fundraising Practie6s The Trustees are fully aware of their responsibilities with regards to Fundraising and Reporting and Fredericks has voluntarily registered with the Fundraising Regulator. Our fundraising practices are compliant wth the recognised standards of fundraising Isel out in the Code of Fundraising Practice) as well as those required under charity law and wder law. Our fundraising activities do not involve an unreasonable intrusion on a person's privacy. FurthemioTe. we do not undertake persislenl approaches for the purpose of soliciting or olhentyise procuring money or other propety on behalf of the Charity, or place undue pressure on a person to give money or other propety. We have not reeeived any eomplaints about our fundraising activities. Statement of Trustees. responsibilities The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GerallY Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustee5 must not approve the financial statement5 unless they are 5ati5fied that they give a true and fair view of the stste of affairs of the company and of ils incoming resources and application of resources. including ils income and expenditure, for that period. In prepanng these financial statements, the Trustees are required to= select suitable aCuntIng policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 1021., make judgements and accounting estimates that are reasonable and prudent.. stale whether applicable UK Accounting Standards IFRS 1021 have been followed, sut¥ect to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless il is inappropriale to presume that the company will continue in business. Page 10
TransadiDn Ref. SAEv493CVc 06 Jul 2W21 15..40..16 BST (UTC +11 D 111 P 13nS FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2021 Statement of Trustees. responsibilities {continued> The Trustees are responsible for keeping adequate accounting records that are suffient lo show and explain the companls transactions and disclose wth reasonable accuracy al any lime the finanaal position of the company and enable them to ensure that the finanryal statements comply wqth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Approved by order of the members of the board of Twstees and signed on their behalf by.. P Barry-walsh Chairman Dale= 29 June 2021 Page 11
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..16 BST{UTC +11 D 111 P 14r35 FREDERICKS FOUNDATION (A company limited by guarantee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Independent Examiners Report to the Trustoes of Fredericks Foundation I'the company'l I rep to the charity Truslees on my examination of the accounts of the company for the year ended 31 Mar 2021. Rosponsibilities and Basis of Report As the Trustee5 of the company land it5 director5 for the purposes of company law) you are responsible for the preparation of the accounts in accordance wth the requirements ofthe Companies Act 2006 Ilhe 20C ACVI. Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examinalh)n, I report in respect of my examinats.on of the companls accounts carried out under section 145 of the CharitEs Act 2011 1.the 2011 Acl'l. In carrwng out my examination I have followed the Directions given by the Charity CommissiC under section 145(5Mb) of the 2011 Act. Independent Examineffs Statement Since the companvs gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have Gome to my attention in Gonnection with the examination giving me cause to believe- accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.. or the accounts do not accord with those records" or the accounls do not comply with the accounting requirements of sects'on 396 of the 2006 Act other than any requirement thal the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financ¢al Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concems and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This rewt is made solety to the Gompanvs Trustees, as a body. in acGordanGe 1th Part 4 of the Charitses {Account5 and Reports) Regulations 2008. My work has been undertaken so that I might sLite to the companls Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyone other than the company and the companls Trustees as a body, for my work or for this report. Page 12
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..18 BST{UTC +11 D 111 P 15r35 FREDERICKS FOUNDATION (A company limited by guarantee INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Signed= Michael Farwell MA FCA DChA Dated= 1210712021 James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Busines5 Park Newbury Berkshire RG19 6AB Page 13
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..19 BST{UTC +11 D 111 P 16r35 FREDERICKS FOUNDATION (A company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 MARCH 2021 Uniesirieted funds 2021 Restricied funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Charitable activities- Income for assisting dients Fees and interest on loans Investment income 136,482 1.000 137,482 132.353 5.712 50.988 2.084 52.343 58,055 50,988 2,084 69.999 89,911 Easi claims Other grants Fundraising Investments 30,149 63,605 22.755 177 63,605 22,755 177 43.792 2.631 Total income Expenditure on: Raising funds Charitable activities- 281.803 53,343 335,146 368,835 600 600 36.832 Cost of a35i5ting dient5 Govemance 10 175,000 6,528 414.090 589,69fj 6,528 405,047 6,956 10 Total oxpanditure 182.134 414,690 596,824 448.835 Net Ilossesygains on investments 15 (2,0001 12,0001 4,000 Net incomellexpenditure) 97.669 (361,347) 1263,6781 176,0001 Transfers between funds 19 160.1271 60,127 Nei movament in funds 37,542 (301,220) 1263,6781 176,0001 Reconciliation of funds: Total funds brought forward Net movement in funds 121.079 37.542 857,556 (301.220) 978,635 1263,6781 1.054,635 176,0001 Total funds carried forward 158,621 556,336 714,957 978,635 The Statement of Financial Activities includes all gains and losses recognised in the year. The note5 on pages 17 to 33 fomi part of these ffinanal statements. Page 14
TransadiDn Ref. SAEv493CVc 06 Jul 2W21 15..40..20 BST (UTC +11 D 111 P 17tss FREDERICKS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 04112525 BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Fixed assets Tangible assets Investments 14 15 699 4.000 127.000 127.000 4.699 Curront assets Debtors 219,475 414,624 499,941 1,114.488 Cash at bank and in hand 634.099 1.614.429 Creditors.. amounts falling due wthin one year 17 (46,1421 {176.9931 Net current assets 587.957 1,437,436 Creditors.. amounts falling due after more than one year 18 1463.5001 Total net assats 714.957 978,635 Charity funds Restricted funds Unrestiicted funds 19 19 556.336 158.621 857,556 121.079 Total funds 714,957 978,635 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees a¢knOedge their responsibilities for complwng with the requirements of the Act wth respect to accounting records and preparation of financial ststements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companie5 regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. I*AIithlFIBTiufc+l1. P Barry-walsh Chairman Dale- 29 June 2021 The nole5 on pages 17 10 33 fomi part of these financial statements. Page 15
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..21 BST{UTC +11 D 111 P 18r35 FREDERICKS FOUNDATION (A company limited by guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Noi8 Cash flows from operating activitios Nel cash used in operating activities 23,630 199,0361 Cash flows from investing activities Interest from investments 177 2,631 16991 Purchase of tangible fixed assets Purchase of investments (125.000) Net cash {used inllprovided by invasting activitias (124.823) 1.932 Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowng 17,500 142,5001 (598,671) Nei cash used in financing activitias (598,671) 125,000) Chang• in cash and cash oquival•nts in th• yoar (699.864) (122.104) Cash and cash equivalents at the beginning of the year 1,114,488 1,236,592 Cash and cash equivalents al the end of the year 23 414,624 1,114,488 The notes on pages 17 to 33 fom) part of these f nancial statements Page 16
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..t2 BST{UTC +11 D 111 P 19r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polieies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}. the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Fredericks Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise slated in the relevant aCCntIng policy. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. 1.3 Going concern The Trustees have considered the impact of the global Covid-19 pandemic on the ability of the charity to Continue trading for the foreseeable future. This review has iiicluded considering Lhe inipact of the pandemic to the date of signing the financial statements and updating financial projections. Based on this review the Trustees believe that the financial statements have been prepared appropriately on the going concern basis. 1.4 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general objectives of Ihe company and which have not been designated for other purposes. Restricted funds are fijnds which are to be used in accordance with specthc restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the SFecific fvnd. The aim and use of each restricted fund is set out in the rteS lo the financial statements. 1.5 Income Al income is recognised once the company has entittement to the income. it is probable that the income will be received and tlie amouiit of inwrt)e receivable be measured reliably. Income lax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation to investment income 15 recogni5ed at the time the investment income is receivable. Donated services or facilities are reu4nised when the company has control over the item, any conditions associated wth the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefi* can be measured reliably. In accordance wth the Charities SORP IFRS 1021, the general volunteer time is not recognised and refer to the Trustees. Teport for more infomalion about their contribution. Page 17
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..23 BST{UTC +11 D 111 P 20r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polieies {continuodl 1.5 Incom8 (continued) On receipt, donated professional Se1¢e5 and donated faulities are recognised on the basis of the value of the gift lo Ihe Gonipany which 15 the amount the Gompany would have been wlling to pay to obtsin services or facilities of equivalent economic benefrt on the open market.. a corresponding amount is then recognised in expenditure in the period of receipt. 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned beeen those activities on a basis consistent wf(h the use of resources. Central staff costs are allctated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Experrture on raising fund5 includes all expenditure incurred by the company to raise funds for its charitable purposes and includes c051s of all fundraising activities events and non-charitable trading. EXpeliture on charitable activities is In(rred on directly undertaking the &tivities further compan¥s objectives. as well as any associated support costs. Grants payable are charged in the year Mthen the offer is made except in those cases where the offer 15 conditional. such grants being recognised as expenditure when the condition5 attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, bul not accrued as expendilure. All expenditure is indusive of Irrecoverab VAT. 1.7 Government grants Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities ovei the expected useful lives of the assets concemed. Other grants are credited to the Statement of financial activities as the related expenditure is incurred. 1.8 Interest receivable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the company.. this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.9 Investments Fixed asset investments are a fomi ol financial instrumerrt and are inilialty recognised at their transaction cost and subsequenlly measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in Mthich case it is measured al cost less impalmnt. Investment gains and losses, whether realised or unreali8ed, are combined and presented as 'GainsllLossesl on investments, in the Ststemenl of financial aclivitses. Investments held as fixed assets are shown at cosl less provision for impalmnI. Page 18
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..24 BST{UTC +11 D 111 P 21r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polieies {continuodl 1.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepaymetrts are valued at the aniount prepaid net of any trade di5Gounts due. 1.11 Cash at bank and in hand Cash at bank and in hand indudes cash and 5hort-temi highly liquid investments with a short malurty of three months or less from the date of acquisrtion or opening of the deposit or sirnilar account. 1.12 Liabilities Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it Myll pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. 1.13 Financial instrurnents The Charity only enters into basic financial instruments transactions that resu in the recognition of financial assels and liabilities like trade and other accounts re1vable and payable, loans from banks, other loans and investments in ordinary shares. Community Investment Tax Relief (CITRI loans are recognised as liabilities in the financial statement5 at the amounts reiVed on entering the agreement. 1.14 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease lem). 1.15 Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. Page 19
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..25 BST{UTC +11 D 111 P t2r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Critical accounting estimates and areas of judgemant Estimates and judgements are continually evaluated and are based on histIcal experience and other factors. including expectstions of future events that are believed to be reasonable under the Circumstances. Critical accounting estimates and assumptions.. The company makes eslirnates and assumpts'ons concerning the future. The resulting accounting estimates and assumptions will. by definrtion. seldom equal the related actual result5. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities wqthin the next financial year are discussed below. Critical areas of judgement= Provision on client loans Using infomiation available at the balance sheet date. the Charity makes judgements based on experience regarding the level of provision required to account for potentially uncollectable client loans. Ineoma from donaltons and legacias Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Donations from primary benefactor Other donation5 income 37,000 56,642 42,840 37.000 57,642 42.840 40.300 49.213 42.840 1.000 Gift in kind 136,482 1,000 137.482 132,353 Total 2020 131,053 1,300 132,353 Page 20
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..25 BST{UTC +11 D 111 P 29r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Ineoma from charitable activities Unrastrictad Restricied funds funds 2021 2021 Total funds 2021 Total funds 2020 Grants receivable 5.712 50.988 2,084 52.343 58.055 50.988 2.084 69.999 89.911 Fees and interest tharged on loans made Investment income Easi income Non-core government and other support grants for Covid-19 30,149 63,605 63.605 Total 2021 122,389 52,343 174,732 190.059 Total 2020 130,060 59,999 190,059 Ineoma from oth•r trading aetiviti8s Income frorn fundraising event5 Unrestricted funds 2021 Total funds 2021 Total funds 2020 L1 events 22,755 22.755 43,792 Total 2020 43.792 43.792 Investment income Unrestricted funds 2021 Total funds 2021 Total funds 2020 Bank interest receivable 177 177 2,631 Total 2020 2,631 2,631 Page 21
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..26 BST{UTC +11 D 111 P 24r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Expenditure on raising funds Fundraising irading exponsas Unrestricted funds 2021 Total funds 2021 Total funds 2020 Event expenses Staff costs 25,307 11,525 600 600 36,832 Total 2020 36.832 36,832 Analysis of grants Grants to Individuals 2021 Total funds 2021 Total funds 2020 Grants made to institutions 5.000 5,000 Analysis of expenditure on charitable activities Summary by fund typo Unrostricted Restrictod funds funds 2021 2021 Total funds 2021 Total funds 2020 Costs of assisting clients Repayment of Communty Funds Governance costs 175.006 223.127 191.563 398.133 191,563 6.528 405.047 6.528 6,956 181,534 414,690 596,224 412,003 Total 2020 320.109 91,894 412,CK)3 Page 22
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..27 BST{UTC +11 D 111 P 25r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of oxponditura on ehariiable activities (continued) Summary by fund typo {continuedl 10. Costs of assisting clients Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total ftjnds 2020 Other staff $t$ Administration costs and expenses Irrecoverable client loan write offs 907 125.924 128.328 30.500 101.708 1,537 3.996 233 2.232 166.664 92,523 32,176 99,605 5,327 6.520 119,837 {29,921 } 26,140 47,277 1,537 3,996 233 6,087 158,249 4,360 54,431 Accountancy Wages and salaries National insuran Pension costs Depreeiabon Grants made to Indlvlduals 5,000 5.000 175,006 223,127 398,133 405.047 Total 2020 313,153 91,894 405.047 11. Independent examinerfs remuneration 2021 2020 Independent examiners fees Fees payable lo the companls independent examiner in respect ot. All other services not induded above 5,940 5,640 198 1,316 Page 23
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..28 BST{UTC +11 D 111 P 28r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. Staff costs 2021 2020 Wages and salaries Swal security costs Other pension costs 101,708 1.537 3.996 111,130 5.327 6.520 107.241 122,977 During the year settlement C4)5ts were paid to 3 {2020.. 11 employees totalling £39.65012020.. £2.891}. The average number of persons employed by the company during the year was as follows.. 2021 2020 No. Operations Adminislration Fundraising No employee received remuneration arTh)unting to more than £60,000 in either year. Remuneration and benefits paid to key management personnel in the year totalled £45,600 12020.. £57,600}. Further details can be found in note 29. 13. Trustees. remuneration and expenses During the year. no Trustees Teceived any remuneration or other benefits (2020- £NIL). During the year ended 31 March 2021. expenses tolalling £778 were reimbursed or paid directly to 2 Trustees (2020- £1.812 to l Truste8), in respect of travel expenses. Page 24
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..29 BST{UTC +11 D 111 P 27r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Tangible fixod assets Office equipment At 1 April 2020 Disposals 41,802 141,802} At 31 March 2021 At 1 April 2020 Charge for the year On disposals 41,103 233 141,336) At 31 March 2021 Net book value At 31 Marth 2021 At 31 March 2020 699 15. Fixed asset investments Revenue Share Loans Agreements Listed investmonts Total Cost or valuation At 1 April 2020 Additions Revaluations 4.000 4.000 125.000 (2.000) 100.000 25.000 {2.000) At 31 March 2021 2.000 100,000 25.000 12T,000 Net book value At 31 Mareh 2021 2.000 100,000 25.000 127,000 At 31 March 2020 4,000 4,000 Revenue Share Agreements are amounts invested in organisations where the Charity receives a percentage of income from the organisation in retum. Page 25
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..30 BST{UTC +11 D 111 P 28r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. Debtors 2021 2020 Due after more than one year Client loans {net of provision) 103,019 271.209 103,019 271.209 Due within on8 year Client loans {net of provision) Other debtors 112.213 206 193.528 206 Prepayments and accrued income 4.037 34,998 219.475 499,941 17. Craditors: Amounts falling due wiihin one year 2021 2020 Other loans 20.301 30.472 125.000 11.486 1.736 1,679 6,620 Community Investment Tax Relief ICITRI scheme Trade creditors 13.317 3.266 1.687 7.571 other taxation and social secur other creditors Accruals and deferred income 46,142 176,993 18. Creditors: Amounts falling due after more than ono year 2021 2020 Community Investment Tax Relief ICITRI scheme 463,500 Page 26
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..30 BST{UTC +11 D 111 P 29r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. stsiemeni of funds Staiement of funds - Current year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Lossasl Income Expenditure Unr05tricied funds General Funds- all funds 121,079 281,803 1182,1341 160,12n {2,000) 158,621 Restricted funds Yadington Housing Group Loan fund 40.844 140.844) Community Foundation - Ketrt 114.976 {50,1341 (64.842) Comrnunity Foundation - Comwall 11.172 11.60n 19.565) Community Foundation - Northamptonshir 72.575 (53,624) (18.951) Community Foundation - Cambridgeshire Community Foundation - Brislol & Bath Community Findation - London 92.422 {19,225) (73.19n 268.521 1156,375) (112,146) 97.971 {42,510) (55.461) Community Foundation - Devon Community Foundation - Willshire Community Foundation - LInlnShIre SUeY County Council community sector grant Friendly Lending 30.442 15.9161 (24.526) 63.661 13.914) (59.74n 60.711 (60.711) 50,000 1,000 (55,6521 5.652 4.161 5,161 Page 27
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..31 BST{UTC +11 D 111 P FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. stsiemeni of funds {continuad) Staiemeni of funds - Current year (continued) Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Lossasl Income Expenditure Women's Loan Fund 100 100 BBO 12.3431 {23,3901 Capital Fund 574,465 551.075 857.556 53,343 1414,6901 60,127 556,336 Total of funds 978.635 335,146 1596,824) {2.000) 714.957 Capital Fund The Capital FurKI Gonsists of income reGeived under the Regional Growth Fund contract, which has now been formally completed. These funds have now been reorganised into the Capital Fund, which is restricted lo the provision of loans and revenue share agreements to partictpants. For more detail. see the Trustees. Report. Page 28
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..32 BST{UTC +11 D 111 P 31r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 31 March 2020 Balance at 1 April 2019 Gainsl (Losses) Income Expenditure Unr05tri¢ted funds General Funds- all funds 166.484 307,536 (356,9411 4.000 121,079 Restricted funds Yarlington Housing Group Loan fund Community Foundation - Kent Community Foundation - Comwall Community Foundation - Northamptonshire Community Foundation - Cambridgeshire Community Foundation - Bristol & Bath 40,844 114,976 122,349 17,3731 10,506 666 11.172 77.106 14.5311 72.575 91,860 562 92,422 271,115 12,5941 268,521 Community Foundation - London 98,313 30,102 13421 340 97,971 30,442 Community Foundation - Devon Community Foundation - Wiltshire Community Foundation - Lincolnshire 77.467 113.8061 63.661 60.701 10 60.711 Surrey County Council community sector grant Friendly Lending Women's Loan Fund 4,714 3.074 50,000 1.200 100 154.7141 11131 4.161 100 BBO 9,999 19,9991 888.151 61,299 191.8941 857.556 Total of funds 1,054,635 368,835 (448,8351 4,000 978,635 Page 29
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..33 BST{UTC +11 D 111 P 32r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 20. Summary of funds Summary of funds - current year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Lossasl Income Expenditure General fvnds Restricted funds 121.079 857.556 281,803 53,343 {182,1341 1414,6901 (60.12n 60,127 {2.000) 158,621 556,336 978,635 335,146 1596,8241 {2,000) 714,957 Summary of funds - prior year Balance at 31 March 2020 Balance at 1 April 2019 Gainsl (Losses) Income Expenditure General fvnds Restricted fvnds 166.484 888.151 307,536 61.299 (356,9411 191.8941 4.000 121.079 857.556 1.054,635 368,835 (448,8351 4.000 978,635 21. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Fixed asset investments 127,000 103,019 145,5571 125.8411 127.000 103,019 531.080 146,142) Debtors due after more than one year Cuent assets 576,637 120,3011 Creditor5 due within one year Total 158,621 556,336 714.957 Page 30
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..34 BST{UTC +11 D 111 P 33r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 21. Analysis of nei assets between ndS Iconiinuedl Analysis of net assats betwaan fun(ts - prior year Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments 699 4,000 271,209 459,534 (150,8631 {463,5001 699 4.000 271.209 1,343.220 1176.9931 1463,5001 Deblors due after more than one year Current assets 883.686 126,1301 Creditors due Mrythin one year Creditors due in more than one year Total 121.079 857.556 978,635 Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Net income for the year las per Statement of Financial Activities) (263.678) 176,0001 Adjustments for: DePreation charges Gainsl{lossesl on investsments Interest from investments Loss on the sale of fixed assets 233 2.000 1177) 466 {4,0001 12,6311 Decreasel{increasel in debtors Increase in creditors 280.466 4.320 119,4831 3.078 Not cash provided byl{used in) operating aotivities 23.630 199,0361 23. Analysis of cash and cash equivalents 2021 2020 Cash in hand 414.624 1.114.488 Total cash and cash frquivalents 414.624 1,114.488 Page 31
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..35 BST{UTC +11 D 111 P 34r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 24. Analysis of Net Dobl At 1 April 2020 Cash flows At 31 March 2021 Cash at bank and in hand 1,114,488 (463,500) (155.472) (699,864) 463,500 135.171 414,624 Debl due after 1 year Debt due thin 1 year 120,301) 495,516 (101.193) 394,323 25. Contingent liabilities The charity received funds as loans from donor5 for use in providiThJ loans to clients. As at the year end £nil12020.' £1,366) of these loans are provided against in the balance sheet as the loans to client do not appear lo be collectable. If the loans to clients were to be collected then these amounts would be due back to the donor. Pension comrnitments The Charity makes contributions into defined contribution pension schemes on behalf of certain employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The amount charged to the Statement of Financial Activities in respect of pension costs was £3,99612020'. £6.5201. At the year end £1,576 (2020.. £1,330) was outstanding lo the scheme in respect of pension contributions. 27. Oparatingloasa commttmènts At 31 March 2021 the company had commitrnents to make future minimum lease payments under non- cancellable operating lease5 as follows= 2021 2020 Within 1 year 364 Page 32
Trarr&Brin Ref. S4EV4s3cVc Jul 2021 15..40..35 BST{UTC +11 D 111 P 35r35 FREDERICKS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 28. Related party transactions During the year Trustee Mr P Barry-walsh made donations to the charity of £37.000 {2020: £40,300). He also provided free accommodation for use as the charitys office premises. the market rent of which is £42.84012020: £42.840}. During the year donations were received from the following companies in which Trustee Mr P Barry- Walsh has a significant interest.. Bluesource Information Ltd £2,50012020= £3.7501, Farm Power Ltd £nil {2020. £1.0001, Silver Arrow Systems Ltd £nil {2020- £1.000}, Dans Le Noir Ltd £nil {2020.- £3.0001 and Fortress Availability Services Ltd £1,00012020= £1,000). During the year grants of £5,000 12020.. £nill were made to The Beacon Fellowship Charitable Trust, charity in which Mr P Bary-walsh has a signifficant interest. During the year, 2 (2020.. 41 other Trustees made donations to the charity of £1,098 {2020- £4,274). CEO Mr D Parker is a director of and has a significant interest in Ethical Gcods Ltd. During the year the company supplied consultancy setvices on an arms length basis of £38,600 12020= £57.6001. Mr D Parker was also paid £7.00012020= £nill for project based setvices. During the year, the charity invested £100,000 wth Ask Inclusive Finance Limited, a company in which Mr P Barry-walsh has an equity stake. Investment income of £2,084 12020- £nil} was reiVed from this investment. Page 33