2024-03-31-accounts

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 2024

FREDERICKS FOUNDATION (A company limited by guarantee) CONTENTS Page Reference and administrative details of the company. its Trustees and advisers Chairman's report Trustees. report 3-10 Independent examinerfs report Statement of financial activities 12 Balance sheet 13 Notes to the financial statements 14-26

FREDERICKS FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees P Barry-walsh. Chairman N Mehta D A Herbert Fcai S Waggett (resigned 31 July 2023) T Jordan R Lovering Company registered number 04112525 Charity registered number 1086562 Registered office 2 Communications Road Greenham Business Park Newbury Berkshire RG19 6AB Accountsnts James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Newbury Berkshire RG19 6AB Bankers The Bank of Scotland The Mount Edinburgh EH1 1YZ Solicitors Ranson Houghton 1-5 Bridge Street Andover Hampshire SP10 1BE Page 1

FREDERICKS FOUNDATION (A company limited by guarantee) CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The chairman presents his statement for ihe year. This last year was an ex￿pIlOnaI year for Frederick's. We invested, either directly or in conjunction with the Thrive fund. a total of £498.000. A record for the company. We believe thal despite our relatively small size we have had a disproportionately large impact in the social enterprise sector. A more detailed description of our lending activities and the social impact is included in the Trustees report. We have been able to achieve this for two reasons: The quality of our deal flow has dramatically improved over the last 12 months. Whilst we still receive enquiries from many startups that we cannot help we have found some real gems amongst our enquiries. We are able to assess potential investments rapidly. encouraging larger funders to support enterprises we have backed. This has been made possible through the generous time commitment of our volunteer Trustees and the new appointment of a CIO during the year. Last year I noted that we had made offers but that a significant percentage had not been accepted. I'm pleased to say we have continued to refine our offering, worked collaboralively with our partners and the Thrive Together Fund {Thrive), and worked tirelessly to help potential new clients achieve the structure and level of funding they require. And, as a result we have a much higher aC￿ptance rate. In addition to offering up to £50.000 per investment of our own funds, we are also able to mobilise up to £150,000 per investment of blended finance (grant and loan). through Thrive. Two of our investments this year have been a combination of both funds. We are delighted thal the investments we have completed are of a high quality. For inslance, The Clink Charity has. Ihanks lo our funding, been able to start executing on a plan to expand its event catering business, thereby increasing the numbers of offenders and ex-offenders it can train and supporl. United Repair Centre (URC) is another exciting initiative for which Fredericks was first to provide scale up financial support lo in the UK. This initiative will help miligate the negative environmental impact of the textile industry by prolonging the life of garmenls through a repair centre in east London. Paiagonia is a founding partner in URC and olher high-profile brands such as Lululemon and Levis are commilled to this initialive. Lightning Social Ventures is another highly innovalive enterprise which aims lo provide a one stop electronic platform for individuals in financial hardship, enabling them to aC￿sS help from a myTiad of potential support organisations. We see continued increased demand for the type of funding we provide. especially from small social enterprises and charities. This demand is likely to exceed our existing reSoUr￿s. So increasingly our attenlion will be focussed on raising additional funding lo enable us lo continue to support this sector. Finally, l am indebted to the employees and volunteers who have given their lime and experlise to our mission. Given our liny overheads and large impacl we must be one of the most efficient social enterprise funders in the UK. This is thanks to Ihem. Paul arry-walsh Ioct 15, 2024 15:26 GMT+ll P Barry-walsh Founder and Chairman Date: 15/10/2024 Page 2

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the charity for the purposes of the Companies Act) presenl their annual report together with the financial statements of Fredericks Foundation (the company) for the year ended 31 March 2024. The Trustees confirm that the Annual report and financial statements of the company comply with the currenl slatutory requirements, the requirements of the companls goveming document and the provisions of the Statemenl of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). Since Ihe 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 omitted. Objectives and Activities Policies and Objectives In order to benefil the public, the objectives of the charity are as follows- For the benefit of young persons (up lo 21 years of age or, rf still in full-time education, 25 years of age) and of other persons irrespective of age who are in conditions of financial hardship or who are olherwise in need due to their social or economic circUmstan￿S ("the beneficiaries"), by the provision of pecuniary or other assistance and by advancing education through assistance in the provision of Iraining, coaching, menloring and other services and facilities particularly with a view to enabling Ihe beneficiaries to set up in business or obtain paid employTnent', and for the public benefit. to advance such other charitable purposes (according lo the law of England and Wales) as Ihe trustees see fil from time to lime in particular, but not limited to. the relief of those in need by reason of youth. age. ill health. disability. financial hardship or other disadvantage., Activities designed to achieve these objectives include the following- provision of flexible. accessible funding in the form of Revenue Share agreements, loans and other investment forms deemed appropriate by the Trustees" business support and assistance to charities and social enterprises, thereby supporting them to scale their impact and improve their financial resilience. We review our aims, objectives, and activities each year in order to ensure they remain focused on our slated purposes. The Trustees confirm they have complied with the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in our assessment of potential investments. The Irustees consider how any proposed investments will further the charitable purposes of the Foundation. Securing affordable funding is often not easy for charities and social enterprises - particularly smaller or earlier stage organisations. This is exacerbated by increasingly competitive and hard to access grant funding. We provide investment through revenue participation agreements as we believe it offers flexible. patient. affordable funding that shares the risks of a downtum in performance with the investee. However, we tailor our funding and support to the specific needs of the inveslee and will therefore consider other forms of investment where it is deemed appropriate. We structure and price our funding to ensure it is affordable and gives charities and social enterprises Ihe best chance of success. Fredericks will only make an offer of financial support when it believes the organisalion will be financially sustainable. We ensure our clients have the mentoring and support they need to give Ihem the best chance of success. In turn Ihis enables the repayment of funds to Fredericks which contribute to our own financial sustainability and our continued ability to meet our charitable purpose. Page 3

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance During the year, Fredericks Foundation has focused on the objectives and activities outlined above. To this end, the main achievements of the year have been: New investments.. We invested £248.000 in six organisations during the year. compared lo a target of £200,000 in four organisations. Objective Organisations supported Organisation's purpose Investment (1) The Clink Charity Rehabilitation of offenders and young £50.000 people at risk of offending Ihrough training and support into housing and employmenl. Provision of employment and training lo £50.000 disadvantaged and socially excluded groups; promotion of recycling through repair services. Support of people facing financial hardship £50.000 through improving the efficiency and effectiveness of charities and other organisations providing financial support. The relief of need of carers and those they £50.000 care for thereby improving their conditions of life" the advancement of mental and physical healih of carers and those they care for. Promotion of the voluniary sector through £20.000 the facilitation of impactful supply chains. Advan￿ment of health by providing £28.000 solutions using extended reality. United Repair Centre London (2) Lightning Reach Carefree Supply Change Animorph Continued support of existing portfolio: Objective Organisations supported Organisation's purpose Investment (1) Bloom Relief of need in those experiencing homelessness or other disadvantage by provision of training and support to find employment. Relief of need in those experiencing financial hardship through the development of responsibly built, affordable, socially purposed housing plus Ihe strengthening of local communities. £10,000 (2) Goscombe £50,000 During the year we also deposited £85.000 with Boom Community Bank lo support it with its mission to provide accessible and affordable credit to the local community. As Fredericks Foundalion wishes to have maximum impact. we try to support not just our clients bul also wish to support potential suppliers of services whose mission is in harmony wilh our own Page 4

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance {continued) We are deeply proud of the many successes of the founders and teams that we support. There are many examples of resilience and ingenuity, examples of which can be found elsewhere. However, in supporting disadvanlaged groups and eady-stage enterprise, it is inevitable that some of our investees will fail to develop financially sustainable operations. And of course, the last couple of years have been hard for all businesses, because of the impact of the covid pandemic and of macro-economic headwinds. So, it is unsurprising that 2 of our clients failed to weather the economic storm in the last year. Nevertheless, we will recover most of the capital invested in these businesses- the businesses themselves generated significant impacl while they were operational and, not least. we took away some valuable leamings about early-stage investing. Impact measurement Once an inveslment is made, we co design impact tracking KPI'S with the investee lo ensure we can monitor their ongoing furtherance of our charitable objectives. We use the Iris+ Impact Framework to help identify appropriate KPI'S and these are reported to us by our investees on a quarterly basis. These reporting metrics vary by organisation, bul each focuses on a quantitative and qualitative means of assessing and Iracking the impacl they have. Overall, our portfolio of investees is supporting over 49,000 people per annum in the furtherance of their respective purposes and directly contribute to the following Sustainable Development Goals.. 10 12 111 4. GQ Fredericks works in partnership with other organisations to cary out our charitable objectives. This extends our reach for potential clients. It also expands the services we can offer (e.g. intensive business support), enabling us to provide a fuller range of offerings without putting excessive pressure on our funding or operations. During the year we became a delivery partner for the ACCESSI SIB funded Thrive Together Fund. This is a £6.6m blended finance fund (25°/o granu 75Q/o loan) for investment in social enterprises and charities. As a partner on the fund Fredericks source, appraise, and refer investment opportunities and in turn eam a referral fee. Our partners on the fund are SIB. Homeless Link, Groundwork and Coop and Community Finance. The fund launched in July 2023 and in the year ended 31 March 2024 we mobilised a further £250,000 investment (in The Clink Charity and Carefree) through this fund. Page 5

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial Review Financial Results of Activities & Events Income for the year ending March 2024 totalled £85,296 (£71,437 the prior year). Costs for the year totalled £137,654 (£131,492 the prior year). The result was a net deficit of £53.358 (Net deficit £60.055 the prior year). During the year we invested £248.000 in charities and social enterprises. £228.000 was invesled through Revenue Participation Agreements and £20,000 equity. We re￿iVed £8.380 of repayments - the low level of the repayments reflects the early stage of our current portfolio. especially as most investments are granled a repayment holiday in the first 12 months. Total Provisions of £82,634 were raised during the Year against clients experiencing trading difficulties. As mentioned above, in supporting disadvanlaged groups and earfy-stage enterprise, it is inevitable thal some of our clients will fail to develop finar)cially sustainable operations. We are still hopeful of recovering mosl of the capital invested in these businesses, but the Trustees felt it prudent. whilst we continue to support them, to recognise Ihe potential for a small shortfall. Reserves Policy Fredericks. policy is to set aside funds to meet financial risks associated with future uncertainties and other contingencies Ihat are identified from time to time. The charitys unrestricted free reserves as at 31 March 2024 were £232,850. of this £81,512 were treated as designated funds. Unrestricted reserves for the prior year were £274,174. The Trustees believe that it is appropriate to cary a reserve to cover a minimum of 3 months, worth of costs, which at current rates would equate to approximately £20,000. With the current unrestricted reserves standing at £304,501, this objective has indeed been exceeded. The Trustees consider however the additional reserve to be prudent in the challenging current climate, giving Fredericks security of continuing its operations without significant reliance on fundraising. Investments Policy The investment policy for our reserves is to be risk free and accordingly funds al the moment are only invested in current or term deposit accounts with UK authorised banks & institutions that are covered by the Financial Service Compensation Scheme (FSCS). The term of such deposits is varied with reference to future cash requirements and links lo the liming of existing funding commitments and the use of reserves as detailed above. Structure, Governance and Management Status and History Fredericks Foundation is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £10 to the assets of the charity in Ihe evenl of the charity being wound-up during the period of membership, or within one year thereafter. Fredericks Foundation was incorporated on 22 November 2000 and became a registered charily on 14 May 2001. The charity is govemed by the rules and regulations set down in its company Memorandum and Articles of Association as last updated on 9 April 2001. Page 6

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, Governance and Management (continued) Organisational Structure The overall strategic direction of the charity is determined by the trustees, who are also directors 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 a￿angernentS for the sound management of the charilys business. In practice, this is done by delegating certain of the trustees. powers to a "management leam" which includes the Chairman of Trustees, the CIO and one olher Trustee, who reporl back to the full Board at the quarterly trustees, meetings. Full board of trustees, meetings are held at quarterly intervals. with additional interim meetings if and when required, and the "management committee- meet weekly. Fredericks continues lo benefit from the generous time commitment of its volunteer trustees, who have varied commercial backgrounds and apply their business skills for the benefit of the charitys clients. We are extremely fortunate lo have them and Ihe support they provide is invaluable. Inveslment panels are comprised of at least 2 trustees and advisorslmentors where appropriale, with relevant expertise such as accountants, bankers. and entrepreneurs. The panels are responsible for the final decisions on the funding of a Client. In addition to the tracking of investee impact KPI'S on a quartedy basis. the trustees also review the following to monitor the success of the charity in achieving it's charitable objectives- financial health of investee organisations investee repaymenls amount invested and number of clients funded Fredericks Foundation P&L, balance sheet and cashlreserves posilion Pipeline of investments The above are reported to the Trustees on a quarterfy basis and reviewed in detail al the Trustee Board meelings. Page 7

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, Governance and Management (continued) Method of Recruitment. Appointment, Election. Induction and Training of Trustees Recruitment Reflecting the principal activities of the charity lo invest in social enterprises and charilies and to supporl the growih of those organisalions. an emphasis is pla￿d on recruiting Irustees with commercial. entrepreneurial, and business backgrounds. Fredericks has developed a 'Yrustee's' job description" to assist in Ihe recruitment of trustees. identifw'ng the basic skills required for individual trustees with the aim of achieving complementary and diverse skills and experience within the board of trustees. and with the intention of encouraging diversity to maxirnise achievement, inclusivity. creativily. and good practice. Appointment and Election At 31 March 2024, there were six trustees that had been appointed by ordinary resolution at the Annual General Meeting. At 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 trustees commencing with an explanation of the roles and responsibilities of trustees, an introduction by a senior member of staff to the ServI￿S delivered by Fredericks, and the manner of their delivery including an introduction to all senior personnel. All trustees are encouraged to attend external courses to ensure familiarity and understanding of the responsibility of trustees in strategic planning. funding, and governance, ensuring that the trustees are always conversant with current rules and regulations goveming Fredericks. activities. Risk and Corporate Governance Matters The chief risk facing Fredericks is that funds generated from investing operations are insufricient to cover all expenses of the charity. This risk is mitigated in the foreseeable future by the level of current reserves in addition to ongoing fundraising events, corporate and individual contributions, and grant applications. Our 2024-25 budget includes the following income streams" Private and Corporate donations from the primary benefactor and affiliated companies who have committed 10/0 of their profits. Donations. (iii) Revenue Share.. income from the purchase of Revenue Participation Rights. (iv) Fund-raising events. (v) Partnershiplconsultancy fees. (vi) Subscriptions from hosted business clubs. There is also the risk of fully utilising our capital fund available for investments and not having available funds when new opportunities are presented which the Trustees would like to support. Page 8

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, Governance and Management (continued) This risk is mitigated by the level of current reserves, including the Unrestricted Reserves. The Trustees continually assess the level of capital available vs pipeline of opportunities. As we build our portfolio of investments, we anticipate thal we will need to raise additional funds to increase our available investment capital. This need arises as a result of the patient nature of our revenue share investments. resulting in repayments over the medium long term; and the expected loss rale on our investments given they are generally small, earlier stage organisations. We continue to assess our fundraising need and strategy, so we are positioned ready to approach potential donors at the appropriate time. Existing and future funding sources are continually scrutinised. evaluated. and reporled quarterfy to the main board of Trustees. Professional Indemnity Insurance The charity has taken out an insurance policy that provides professional indemnity cover for Ihe trustees. The cost of this Insuran￿ for the year was £3,574 (2023: £3.569). Plans for Future Periods We conlinue to believe thal offering flexible funding and support to social enterprises and charities is the best way to achieve our charitable objectives and maximise the impact of our investments. Over the next year we will continue to build our network and partnerships in the social enterprise and charity sector and pipeline of quality investment opportunities that further our charitable objectives. Inforniation on Fundraising Practices 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 with the recognised standards of fundraising (set out in ihe Code of Fundraising Practice) as well as those required under charity law and wider law. Our fundraising aclivities do not involve an unreasonable intrusion on a person's privacy. Furthermore, we do not undertake persistent approaches for the purpose of soliciting or otherwise procuring money or other properly on behalf of the charity, or place undue pressure on a person to give money or other property. We have not re￿iVed any complaints 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 Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming reSoU￿S and application of resources, including its incorne and expenditure, for that period. In preparing these financial stalements, the Trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)" make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the company will continue in business. Page 9

FREDERICKS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities (CONTINUED) The Trustees are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the companls Iransactions and disclose with reasonable accuracy at any time the financial position of the company and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Paul arry-walsh Ioct 15, 2024 15.-26 GMT+ii P Barry-walsh Chairman Date: 15/10/2024 Page 10

FREDERICKS FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of Fredericks Foundation (Yhe company,) I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the company (and tts directors for the purposes of company law) you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Acl,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the companys accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come lo my attention in connection 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 Acl: or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the accounts give a 'true 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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the companys Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reporls) Regulations 2008. My work has been undertaken so that I might slate lo the companys Trustees those matters l am required to state to them in an Independent examiner's reporl and for no other purpose. To the fullest extent permitted by law. I do not accept or assurne responsibility to anyone other than the company and the companys Trustees as a body. for my work or for this report. Signed= Dated: 16 October 2024 Michael Bath Bsc FCA DChA James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Newbury Berkshire RG19 6AB Page11

FREDERICKS FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities- 41,443 (2,200) 39.243 29,241 Income for assisting clients Fees and interest on loans 8,223 12,901 7,226 9,597 649 26,197 26,197 Investment income Fundraising Investments Other income 10,122 4,934 4,800 10,122 4.934 4,800 3,600 Total income 87,496 (2,200) 85,296 71,437 Expenditure on: Raising funds Charitable activities: Cost of assisting clients Govemance Other charitable activities 12,054 12,054 3,655 45,115 4,650 67,001 8,834 53,949 4.650 67,001 121,539 6,298 Total expenditure 128,820 8,834 137,654 131,492 Net expenditure before net losses on investments Net losses on investments (41,324) (11,034) (1.000) (52,358) {1.000) (60,055) Net expenditure (41,324) (12,034) (53.358) (60,055) Net movement in funds (41,324) (12,034) (53.358) (60,055) Reconciliation of funds: Total funds brought forward Net movement in funds 274,174 (41,324) 436,946 (12,034) 711.120 (53.358) 771,175 (60,055) Total funds carried fonKard 232,850 424,912 657.762 711,120 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 26 form part of these financial statements. Page 12

FREDERICKS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 04112525 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments Current assets 13 234,772 120,223 Debtors 14 1,690 456,692 6,021 627,520 Cash at bank and in hand 458,382 633,541 Creditors.. amounts falling due within one year 15 {35,392) (42,644) Net current assets 422,990 590,897 Total net assets 657,762 711,120 Charity funds Restricted funds 16 424,912 232,850 436,946 274,174 Unrestricted funds 16 Total funds 657,762 711,120 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 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by: Paul arry-Wa15h (Oct 15, 2024 15..26 GMT+ii P Barry-walsh Chairman Date: 15/10/2024 The notes on pages 14 to 26 form part of these financial statements. Page 13

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Fredericks Foundation meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwise staled in the relevant accounting 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 respecl of the guaranlee is limited to £10 per member of the company. 1.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of Ihe Trustees in furtheran￿ of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and adminislering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in Ihe notes to the financial statements. Page 14

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.4 Income All income is recognised once the company has entitlement to the income, it is probable Ihat the incorne will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Income tax recoverable in relation lo investment income is recognised at the time Ihe investment income is receivable. Other income is recognised in the period in which it is re￿1vable and lo the extent Ihe goods have been provided or on completion of the service. Donated services or facilities are recognised when the company has control over the item, any conditions associated with Ihe donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees. report for more information about their contribution. On reTript, donated professional services and donaled facilities are recognised on the basis of the value of Ihe gift to the company which is the amounl the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Page 15

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a Ihird party, it is probable that a transfer of economic benefits will be required in setllement and the amounl of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including supporl 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 cosls which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of time spent, and depreciation charges allocaled on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the companls objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.6 Government grants Governmenl grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited lo the Statement of financial activities as the related expenditure is incurred. 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company- this is normally upon notification of the inleresl paid or payable by the institution with whom the funds are deposited. 1.8 Investments Fixed asset investments are a form of financial instrumenl and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investmenl gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. Social investments, including revenue share agreements, are initially measured at cost. Subsequent monies received are then used to impair the remaining recoverable value of the investment. 1.9 Debtors Trade and other debtors are recognised at the settlement amount after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposil or similar account. Page 16

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.11 Liabilities Liabilities are recognised when there is an obligation at the Balan￿ sheet date as a resull of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlemenl can be estimaled reliably. Liabilities are recognised at the amount that the company anticipates it will pay to setlle Ihe debt or the amount it has re￿iVed as adVan￿d payTnents for the goods or services it must provide. 1.12 Financial instruments The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. loans from banks, other loans and investments in ordinary shares. 1.13 Operating leases Rentals paid under operating leases are charged to the Stalement of financial activities on a straight line basis over the lease temi. 1.14 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. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumplions- The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions thal have a significant risk of causing a material adjustment to the carrying amounts of assels and liabililies within the next financial year are discussed below. Critical areas of judgement- Using information available at the balance sheet date. Ihe Charity makes judgements based on experien￿ regarding the level of provision required to account for potentially uncollectable client loans. Page 17

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donalions from primary benefactor Other donations income 14,500 26.943 14,500 24.743 3,353 25,888 {2,200) Total 2024 41,443 {2,200) 39,243 29,241 Total 2023 29,241 29,241 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Grants receivable 8,223 14,401 5,726 Fees and interest charged on loans made Investment income 26,197 26,197 Total 2024 26,197 26,197 28,350 Total 2023 28,350 28,350 Page 18

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Local events 10,122 10.122 9,597 Total 2023 9,597 9,597 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest receivable 4,934 4,934 649 Total 2023 649 649 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Business Club income 4.800 4,800 3.600 Total 2023 3.600 3.600 Page 19

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Event expenses 12,054 12,054 3,655 Total 2023 3,655 3,655 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Costs of assisting clients Governance costs 110,766 6,000 8,834 119,600 6.000 121,539 6,298 Total 2024 116,766 8,834 125,600 127,837 Total 2023 47.210 80,627 127,837 Page 20

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Costs of assisting clients Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Administration costs and expenses Irrecoverable client loan write-offsl(write- backs) Accountancy 19.409 19.409 40,287 (5,584) 31.290 8,834 3.250 31.290 48,780 32,472 Total 2024 45,115 8,834 53.949 121,539 Total 2023 40,912 80,627 121,539 11. Independent examiner's remuneration 2024 2023 Fees payable to the charitys independent examiner for the independent examination of the charivs annual accounts Fees payable to the charitys independent examiner in respect of: Preparation of the financial statements All other services not included above 5,000 4,000 1,000 990 1,000 180 12. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. expenses totalling £41 was reimbursed or paid directly to 1 Trustees (2023- £nil). Page 21

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fixed asset investments Revenue Share Loans Agreements Listed investments Total Cost or valuation At 1 April 2023 Additions RePa￿ent of capiial Revaluation Amounts written off 2,000 20.000 108,717 9,506 228,000 120,223 248,000 (42.233) {8.380) (80,838) {2.000) (42,233) (8,380) {20,126) (60.712) Disposals {2.000) At 31 March 2024 20,000 5,772 209,000 234,772 Net book value At 31 March 2024 20.000 5,772 209,000 234.772 At 31 March 2023 2.000 108,717 9.506 120,223 Revenue Share Agreements are amounts invested in organisations where the Charity receives a percentage of income from the organisation in return. 14. Debtors 2024 2023 Prepayments and accrued income 1.690 6,021 15. Creditors: amounts falling due within one year 2024 2023 Other loans 20,301 8,966 125 20,301 270 120 Trade creditors Other creditors Accruals and deferred income 6,000 21,953 35,392 42,644 Page 22

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Designated Funds - all funds 81,512 81,512 General funds General Funds - all funds 274,174 87,496 (128,820) (81,512) 151,338 Total Unrestricted funds 274,174 87,496 (128,820) 232,850 Restricted funds Friendly Lending Women's Loan Fund 5,161 (2,200) 2.961 100 100 Capital Fund 431,685 (8,834) {1.000) 421,851 436,946 (2,200) (8,834) {1.000) 424,912 Total of funds 711,120 85,296 (137,654) {1,000) 657,762 Capital Fund The Capital Fund consists of income received under the Regional Growth Fund contract, which was formally completed in prior years. These funds have now been reorganised into the Capilal Fund, which is restricted to the provision of loans and revenue share agreements to participants. For more detail, see the Trustees. Report. Page 23

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds {continued) Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds- all funds 253.602 71,437 (50,865) 274,174 Restricted funds Friendly Lending Women's Loan Fund 5,161 100 5,161 100 Capital Fund 512.312 (80,627) 431,685 517.573 (80,627) 436,946 Total of funds 771.175 71,437 (131,492) 711,120 Page 24

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds 81,512 (81,512) 81,512 151,338 424,912 General funds Restricted funds 274,174 436,946 87,496 (2,200) (128,820) (8,834) {1.000) 711,120 85,296 (137,654) {1.000) 657,762 Summary of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure General funds 253,602 517.573 71,437 (50,865) (80,627) 274,174 436,946 Restricted funds 771.175 71,437 (131,492) 711,120 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Fixed asset investments 234,772 13,169 (15,091) 234,772 458,382 (35.392) Current assets Creditors due within one year 445,213 (20,301) Total 232,850 424,912 657,762 Page 25

FREDERICKS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Fixed asset investments 120,223 176,294 (22,343) 120,223 633,541 (42,644) Current assets Creditors due within one year 457,247 (20,301) Total 274,174 436,946 711,120 19. Contingent liabilities The charity received funds as loans from donors for use in providing loans to clients. As at the year end £nil (2023= £nil) of these loans are provided against in the balance sheet as the loans to client do not appear to be collectable. If the loans to clients were to be collected then these amounts would be due back to the donor. 20. Operating lease commitments The company had no commitments under nOn-Can￿lIable operating leases at 31 March 2024. 21. Related party transactions During the year Trustee Mr P Barry-walsh made donations to the charity of £14,500 (2023.. £3.353). During the year donations were received from the following companies in which Trustee Mr P Barry- Walsh has an interest: Bluesource Information Ltd £2,500 (2023: £3,750), Farm Power Lld £nil (2023: £600), Dans Le Noir Ltd £2,000 (2023: £2.000). Frank Investments Ltd £1.800 (2023: £2,982), Freedom Bi-Folds Lld £nil (2023- £1,600), Boldspace Group £2,000 (2023- £2,100) and Benji's Buns Lld £1,000 (2023.. £nil). During the year. Freedom Bi-Folds Ltd. a company controlled by Mr P Bary-walsh's son, paid £600 (2023.. £Nil) lo the charity for membership to the Hampshire Business Club. The balance outstanding at the year end was £nil (2023- £nil). During the year, 1 (2023.. 1) other Trustees made donations to the charity of £1.658 (2023: £1.817). Page 26

Fredericks Foundation 2024 - Final Accounts Final Audit Report 2024-10-15 Created.. 2024-10-15 Paul Maddison [e-mail]) Stalus.. Signed Transaction ID.. CBJCHBCAABAAUWARVb3JPiFflz&buOEOGvTiXjLtK_V "Fredericks Foundation 2024 - Final Accounts" History Document created by Paul Maddison ([e-mail]) 2024-10-1 S- 12.'09.'59 GMT DoGumenl emailed to Paul Barry-walsh ([e-mail] for signalure 2024-10-1 S- 12.'10'.04 GMT Email viewed by Paul Barry-walsh ([e-mail]) 2024-10-1 S- 14.'24'.48 GMT Document e-signed by Paul Barry-walsh ([e-mail]) Signature Date= 2024-10-15- 14.'26=00 GMT- Time Source-. seNer Agreement completed. 202Lk10-15- 14."26".00 GMT Adobe Acrobat Sign