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 Ipaul@pmbi.co.uk)
Stalus..
Signed
Transaction ID..
CBJCHBCAABAAUWARVb3JPiFflz&buOEOGvTiXjLtK_V
"Fredericks Foundation 2024 - Final Accounts" History
Document created by Paul Maddison (paul@pmbi.co.uk)
2024-10-1 S- 12.'09.'59 GMT
DoGumenl emailed to Paul Barry-walsh (paul@fredericksfoundation.orgl for signalure
2024-10-1 S- 12.'10'.04 GMT
Email viewed by Paul Barry-walsh (paul@fredericksfoundation.org)
2024-10-1 S- 14.'24'.48 GMT
Document e-signed by Paul Barry-walsh (paul@fredericksfoundation.org)
Signature Date= 2024-10-15- 14.'26=00 GMT- Time Source-. seNer
Agreement completed.
202Lk10-15- 14."26".00 GMT
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