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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

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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

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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
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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 fle￿ble 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.
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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.
Pwiel￿t￿￿j￿•)ll I6￿88T￿lITt￿lI
P Barry-walsh
Founder and Chairman
Dale= 29 June 2021
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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.
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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 introdu￿d 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 organiSat￿n$ 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.
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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 Out￿Me$ 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 in￿PIlo￿ 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 prO￿sS 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 On￿oing 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 finan￿al year and further detail can be found under note 20 of the
accounts.
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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 Un￿rtaIntieS 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 exPerien￿ng 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 0￿ratIonal 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.
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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
r￿uired. 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
comMer￿al. entrepreneurial and business backgrounds.
Fredericks has developed a Trustees. job descript￿n. 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 go￿1
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.
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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
c￿ntracts. 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.
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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 G￿erallY 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 aC￿untIng 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.
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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 suffi￿ent 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
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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

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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

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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 ffinan￿al statements.
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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¢knO￿edge 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.
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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
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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 aCC￿ntIng 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 r￿teS 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.
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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 Se￿1¢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 be￿een 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.
Exper￿rture 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.
EXpe￿liture 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 impalm￿nt. 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 impalm￿nI.
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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 re￿1vable 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 re￿iVed 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.
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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 hist￿Ical 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
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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
L￿1 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
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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

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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
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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

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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

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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

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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
Fi￿ndation -
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 -
LIn￿lnShIre
SU￿eY 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

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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.
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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
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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
Cu￿ent assets
576,637
120,3011
Creditor5 due within one year
Total
158,621
556,336
714.957
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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:
DePre￿ation 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
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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
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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 re￿iVed from this
investment.
Page 33