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← Fredericks Foundation

2025-03-31-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 2025

FREDERICKS FOUNDATION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Chairman's report 2
Trustees' report 3 - 11
Independent examiner's report 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 27

FREDERICKS FOUNDATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees P Barry-Walsh, Chairman
N Mehta
D A Herbert
F Taylor-Cai
T Jordan
R Lovering
P G Maddison (appointed 20 January 2025)
Company registered
number
04112525
Charity registered
number
1086562
Registered office
2 Communications Road
Greenham Business Park
Newbury
Berkshire
RG19 6AB
Accountants
James Cowper Kreston
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Newbury
Berkshire
RG19 6AB
Bankers
The Bank of Scotland
The Mound
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 2025

The chairman presents his statement for the year.

Since my last statement much has changed, but much has stayed the same. It is still a very challenging economic environment and the need to provide funding to social enterprises has never been greater.

In previous reports, I have commented on the quality and quantity of appropriate deal flow. I am happy to report that the last 12 months has seen a significant improvement in both.

Fredericks is prepared to take risks if we believe the potential impact is large and we believe in the leadership team. Inevitably, this sometimes leads to failures such as Goscombe, but also it can lead to fantastic impact. Two years ago, Fredericks invested in a small start-up software cooperative. Late October it was named as one of the six worldwide Longitude prize winners and won a grant of £300,000. That cooperative is called Animorph, we have been supporting and working closely with the management team during this period.

I want to turn to another challenge, which faces nearly every charity - fundraising. The board has decided that our major fundraising effort will be the World’s Toughest Row, that is the 3000 mile row across the Atlantic from the Canaries to Antigua. Next summer Fredericks takes delivery of the Entrepreneurship. A 28 foot ocean going rowing boat (if that is not a contradiction in terms) Fredericks will support crews for 2026, 2027 and 2028 in return we ask that the teams fundraise for us. We are also offering a range of sponsorship opportunities from £1,000 - £50,000. We hope that the effectiveness of the charity and the impact on our society will inspire businesses and individuals to support us.

............................... P Barry-Walsh Founder and Chairman

Date: 11/11/25

Page 2

FREDERICKS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Fredericks Foundation (the company) for the year ended 31 March 2025. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement 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 the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and Activities

Policies and Objectives

In order to benefit the public, the objectives of the charity are as follows:

Activities designed to achieve these objectives include the following:

We review our aims, objectives, and activities each year in order to ensure they remain focused on our stated 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 trustees 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 downturn in performance with the investee. However, we tailor our funding and support to the specific needs of the investee 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 the best chance of success.

Fredericks will only make an offer of financial support when it believes the organisation will be financially sustainable. We ensure our clients have the mentoring and support they need to give them the best chance of success. In turn this 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 2025

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:

During the course of the year, we were involved in raising funding for 4 new organisations. The total funds raised was £890,000. This compares to a direct funding target from Fredericks of £200,000 in 4 organisations.

A large proportion of the funding came from working in conjunction with our partners. The Thrive fund invested £220,000 over 3 organisations. We were pleased to work with, for the first time, Esmee Fairburn who invested £585,000 in Juno. Frederick’s invested directly £85,000 over 3 organisations.

The new organisations were:

Objective Organisations Organisation’s purpose Investment
supported
(1) Abianda Support young women and girls harmed by £35,000 plus
criminal exploitation and violence to develop £35,000 from Thrive
independence and confidence. fund
Journi To improve the career progression of £50,000
diverse professionals, particularly from
black heritage, female and low socio
economic backgrounds.
Minds ahead To design and deliver the UK’s only post £125,000 all funded
graduate specialist school mental health via the Thrive fund
qualifications, as well as providing bespoke
training and support to schools and other
organisations.
(2) Bloody Good Period To ensure that no one should be at a £60,000 all funded
disadvantage because of menstruation. via the Thrive fund
They achieve this through the provision of
products, education, campaigning and
working with employers.
Juno Developing a network of high quality local £50,000 plus an
homes where children can feel safe, additional £585,000
supported and loved. Transforming provided by Esmee
opportunities for children growing up in the Fairburn
core system.

Page 4

FREDERICKS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and Performance (continued)

In addition to the 3 new companies we are supporting this year our existing client portfolio contains a further 6 companies that we are supporting. The total funds that we have invested across these 9 companies is £373,000 .

The existing portfolio consists of the following companies:

Objective Organisations Organisation's purpose Investment
supported
(1) Bloom Relief of need in those experiencing £10,000
homelessness or other disadvantage by
provision of training and support to find
employment.
The Clink Charity Rehabilitation of offenders and young £50,000
people at risk of offending through training
and support into housing and employment.
United Repair Centre Provision of employment and training to £50,000
London disadvantaged and socially excluded
groups; promotion of recycling through
repair services.
(2) Lightning Reach Support of people facing financial hardship £50,000
through improving the efficiency and
effectiveness of charities and other
organisations providing financial support.
Carefree 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
health of carers and those they care for.
Animorph Advancement of health by providing £28,000
solutions using extended reality.

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 disadvantaged groups and early-stage enterprise, it is inevitable that some of our investees will fail to develop financially sustainable operations. And of course, the last few years have been hard for all businesses, because of the impact of the covid pandemic and of macro-economic headwinds. So, whilst it is not surprising, it is still very disappointing that another 2 of our clients failed to achieve the critical scale that would enable them to be successful in the last year. The 2 companies were Goscombe and Supply Change. We are adopting a prudent approach and providing fully for the balances outstanding.

Page 5

FREDERICKS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and Performance (continued)

Impact measurement

Once an investment is made, we co design impact tracking KPI’s with the investee to 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, but each focus on a quantitative and qualitative means of assessing and tracking the impact they have. Overall, our portfolio of investees is supporting over 75,000 people per annum in the furtherance of their respective purposes and directly contribute to the following Sustainable Development Goals:

Fredericks works in partnership with other organisations to carry 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 continued to be a delivery partner for the ACCESS/ SIB funded Thrive Together Fund. This is a £6.6m blended finance fund (25% grant/ 75% loan) for investment in social enterprises and charities. As a partner on the fund Fredericks source, appraise, and refer investment opportunities and in turn earn 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.

During the year ended 31st March 2025 we delivered another 3 deals {Abianda, BGP and Minds Ahead} via the fund for a total investment of £220,000.

All the funds have now been distributed from the Thrive fund. The fund has been very successful, and it is hoped that something similar will be launched in the future.

Page 6

FREDERICKS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

Financial Results of Activities & Events

Income for the year ending March 2025 totalled £42,169 (£85,296 the prior year). Costs for the year totalled £66,558 (£137,654 the prior year). The result was a net deficit of £24,389 (Net deficit £53,358 the prior year).

During the year we invested £85,000 in charities and social enterprises. All of this was invested through Revenue Participation Agreements. We received £30,078 repayments – the low level of the repayments reflects the early stage of our current portfolio, especially as most investments are granted a repayment holiday in the first 12 months. We would expect the level of repayments to grow as the Investments come out of their respective payment holidays.

Total Provisions of £nil (2024: £82,634) were raised during the year against clients experiencing trading difficulties. As mentioned above, in supporting disadvantaged groups and early-stage enterprise, it is inevitable that some of our clients will fail to develop financially sustainable operations. We are still hopeful of recovering most of the capital invested in these businesses, but the Trustees felt it prudent, whilst we continue to support them, to recognise the 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 that are identified from time to time. The charity's unrestricted free reserves as at 31 March 2025 were £208,461, of this £81,512 were treated as designated funds. Unrestricted reserves for the prior year were £232,850.

The Trustees believe that it is appropriate to carry a reserve to cover a minimum of 3 months’ worth of costs, which at current rates would equate to approximately £20,000, plus have sufficient funds to take advantage of any investment opportunities that may arise. With the current unrestricted reserves standing at £208,461, the funds that we could make available for future investment opportunities are £188,461. The Trustees consider this a reasonable amount, 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 at 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 to the timing 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 the event 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 charity on 14 May 2001. The charity is governed by the rules and regulations set down in its company Memorandum and Articles of Association as last updated on 9 April 2001.

Page 7

FREDERICKS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 arrangements for the sound management of the charity's business. In practice, this is done by delegating certain of the trustees' powers to a “management team”, which includes the Chairman of Trustees, the CIO and one other Trustee, who report 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 to 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 charity's clients. We are extremely fortunate to have them and the support they provide is invaluable.

Investment panels are comprised of at least 2 trustees and advisors/mentors where appropriate, 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 quarterly basis, the trustees also review the following to monitor the success of the charity in achieving it’s charitable objectives:

The above are reported to the Trustees on a quarterly basis and reviewed in detail at the Trustee Board meetings.

Page 8

FREDERICKS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, Governance and Management (continued)

Method of Recruitment, Appointment, Election, Induction and Training of Trustees

Recruitment

Reflecting the principal activities of the charity to invest in social enterprises and charities and to support the growth of those organisations, an emphasis is placed on recruiting trustees with commercial, entrepreneurial, and business backgrounds.

Fredericks has developed a "trustee’s' job description" to assist in the recruitment of trustees, identifying 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 maximise achievement, inclusivity, creativity, and good practice.

Appointment and Election

At 31 March 2025, there were seven 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 services 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 governing Fredericks' activities.

Risk and Corporate Governance Matters

The chief risk facing Fredericks is that funds generated from investing operations are insufficient 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 2025-26 budget includes the following income streams;

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 9

FREDERICKS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 that 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 rate 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 reported quarterly to the main board of Trustees.

Professional Indemnity Insurance

The charity has taken out an insurance policy that provides professional indemnity cover for the trustees. The cost of this insurance for the year was £3,971 (2024: £3,574).

Plans for Future Periods

We continue to believe that 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.

World’s Toughest Row

We are always looking for innovative ways to raise funds. Therefore, to help our fund raising activities we have decided to enter the “World’s Toughest Row”.

This is an annual race from La Gomera in the Canary Islands to Antigua – a journey of over 3,000 miles. The event attracts teams from all over the world, taking between 40 and 90 days to complete this very demanding journey in extremely challenging circumstance.

We are purchasing the Entrepreneur Ship – purpose built ocean rowing boat to participate in the 2026, 2027 and 2028 race. The crew for 2026 race are Charlie Pendarves and Patrick (Paddy) Thomas.

For more details how you can support the team and sponsorship packages, please go to www.fredericksfoundation.org and click on the link “World’s Toughest Row”.

Information 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 the Code of Fundraising Practice) as well as those required under charity law and wider law.

Our fundraising activities 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 property on behalf of the charity, or place undue pressure on a person to give money or other property. We have not received any complaints about our fundraising activities.

Page 10

FREDERICKS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ P Barry-Walsh Chairman Date: 11/11/25

Page 11

FREDERICKS FOUNDATION (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Independent Examiner's Report to the Trustees of Fredericks Foundation ('the company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2025.

Responsibilities and Basis of Report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). 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 to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. 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 concerns 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 to be reached.

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Signed: Dated: 11 November 2025 ufieee Michael Bath BSc FCA DChA

James Cowper Kreston

Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Newbury Berkshire RG19 6AB

Page 12

FREDERICKS FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Fees and interest on loans
Fundraising
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities:
9
Cost of assisting clients
Governance
. Other charitable activities
Total expenditure
Net expenditure before net losses on
investments
Net losses on investments
Net expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
14,495
12,450
750
9,674
4,800
42,169
-
60,306
6,252
-
66,558
(24,389)
-
(24,389)
(24,389)
232,850
(24,389)
208,461		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
424,912
-
424,912		 Total
funds
2025
£
14,495
12,450
750
9,674
4,800
42,169
-
60,306
6,252
-
66,558
(24,389)
-
(24,389)
(24,389)
657,762
(24,389)
633,373		 Total
funds
2024
£
39,243
26,197
10,122
4,934
4,800
85,296
12,054
53,949
4,650
67,001
137,654
(52,358)
(1,000)
(53,358)
(53,358)
711,120
(53,358)
657,762

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 27 form part of these financial statements.

Page 13

FREDERICKS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 04112525

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 5,468
370,370
375,838
(26,387)		 2025
£
283,922
349,451
633,373
424,912
208,461
633,373		 1,690
456,692
458,382
(35,392)		 2024
£
234,772
422,990
657,762
424,912
232,850
657,762

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 statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ P Barry-Walsh Chairman Date: 11/11/25

The notes on pages 15 to 27 form part of these financial statements.

Page 14

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. 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 Charities: Statement of Recommended Practice 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Fredericks Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated 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 respect of the guarantee 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 the Trustees in furtherance 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 to 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 administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 15

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.4 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the 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 the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic 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 receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount 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 16

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated 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 company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.6 Government grants

Government 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 to 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 interest paid or payable by the institution with whom the funds are deposited.

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(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.

Any amounts receivable in excess of the original investment are shown as revenue.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 17

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

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 deposit or similar account.

1.11 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments 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 Statement of financial activities on a straight line basis over the lease term.

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.

2. 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 assumptions:

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 that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

Using information available at the balance sheet date, the Charity makes judgements based on experience regarding the level of provision required to account for potentially uncollectable client loans.

Page 18

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Income from donations and legacies

Unrestricted
funds
2025
£
Donations from primary benefactor
6,000
Other donations income
8,495
Total 2025
14,495
Total 2024
41,443		 Restricted
funds
2025
£
-
-
-
(2,200)		 Total
funds
2025
£
6,000
8,495
14,495
39,243		 Total
funds
2024
£
14,500
24,743
39,243

4. Income from charitable activities

Unrestricted
funds
2025
£
Fees and interest charged on loans made
12,450
Total 2024
26,197		 Total
funds
2025
£
12,450
26,197		 Total
funds
2024
£
26,197

Page 19

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from other trading activities

Income from fundraising events

Local events
Total 2024
6.
Investment income

Bank interest receivable
Total 2024
7.
Other incoming resources

Business Club income
Total 2024		 Unrestricted
funds
2025
£
750
10,122
Unrestricted
funds
2025
£
9,674
4,934
Unrestricted
funds
2025
£
4,800
4,800		 Total
funds
2025
£
750
10,122
Total
funds
2025
£
9,674
4,934
Total
funds
2025
£
4,800
4,800		 Total
funds
2024
£
10,122
Total
funds
2024
£
4,934
Total
funds
2024
£
4,800

Page 20

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2025
£
Event expenses
-
Total 2024
12,054		 Total
funds
2025
£
-
12,054		 Total
funds
2024
£
12,054

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Costs of assisting clients
60,306
Governance costs
6,252
Total 2025
66,558
Total 2024
116,766		 Restricted
funds
2025
£
-
-
-
8,834		 Total
2025
£
60,306
6,252
66,558
125,600		 Total
2024
£
119,600
6,000
125,600

Page 21

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Costs of assisting clients

Unrestricted
funds
2025
Restricted
funds
2025
£
£
Administration costs and expenses
43,502
-
Irrecoverable client loan write-offs/(write-
backs)
604
-
Accountancy
16,200
-
Total 2025
60,306
-
Total 2024
110,766
8,834
11.
Independent examiner's remuneration
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts
Fees payable to the charity's independent examiner in respect of:
Preparation of the financial statements
All other services not included above		 Total
funds
2025
£
43,502
604
16,200
60,306
119,600
2025
£
5,252
1,000
-		 Total
funds
2024
£
19,409
74,901
25,290
119,600
2024
£
5,000
1,000
990

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, expenses totalling £nil was reimbursed or paid directly to Trustees. (2024 - £41 was reimbursed or paid directly to 1 Trustee).

Page 22

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Repayment of capital
Amounts written off
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Listed
investments
£
20,000
-
-
-
20,000
20,000
20,000		 Loans
£
5,772
-
-
(5,772)
-
-
5,772		 Revenue
Share
Agreements
£
209,000
85,000
(30,078)
-
263,922
263,922
209,000		 Total
£
234,772
85,000
(30,078)
(5,772)
283,922
283,922
234,772

Revenue Share Agreements are amounts invested in organisations where the Charity receives a percentage of income from the organisation in return.

14. Debtors

Prepayments and accrued income
Creditors: amounts falling due within one year
Other loans
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
5,468
2025
£
20,301
-
110
5,976
26,387		 2024
£
1,690
2024
£
20,301
8,966
125
6,000
35,392

15. Creditors: amounts falling due within one year

Page 23

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Friendly Lending
Women's Loan Fund
Capital Fund
Total of funds		 Balance at 1
April 2024
£
81,512
151,338
232,850
2,961
100
421,851
424,912
657,762		 Income
£
-
42,169
42,169
-
-
-
-
42,169		 Expenditure
£
-
(66,558)
(66,558)
-
-
-
-
(66,558)		 Balance at
31 March
2025
£
81,512
126,949
208,461
2,961
100
421,851
424,912
633,373

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 Capital Fund, which is restricted to the provision of loans and revenue share agreements to participants. For more detail, see the Trustees' Report.

Page 24

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all funds
Unrestricted
funds
General Funds -
all funds
Total
Unrestricted
funds
Restricted
funds
Friendly Lending
Women's Loan
Fund
Capital Fund
Total of funds		 Balance at
1 April 2023
£
-
274,174
274,174
5,161
100
431,685
436,946
711,120		 Income
£
-
87,496
87,496
(2,200)
-
-
(2,200)
85,296		 Expenditure
£
-
(128,820)
(128,820)
-
-
(8,834)
(8,834)
(137,654)		 Transfers
in/out
£
81,512
(81,512)
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
(1,000)
(1,000)
(1,000)		 Balance at
31 March
2024
£
81,512
151,338
232,850
2,961
100
421,851
424,912
657,762

Page 25

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Designated funds
General funds
Restricted funds		 Income
£
-
87,496
(2,200)
85,296		 Balance at 1
April 2024
£
81,512
151,338
424,912
657,762
Expenditure
£
-
(128,820)
(8,834)
(137,654)		 Income
£
-
42,169
-
42,169
Transfers
in/out
£
81,512
(81,512)
-
-		 Expenditure
£
-
(66,558)
-
(66,558)
Gains/
(Losses)
£
-
-
(1,000)
(1,000)		 Balance at
31 March
2025
£
81,512
126,949
424,912
633,373
Balance at
31 March
2024
£
81,512
151,338
424,912
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 April 2023
£
-
274,174
436,946
711,120
657,762

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
283,922
Current assets
(69,375)
Creditors due within one year
(6,086)
Total
208,461		 Restricted
funds
2025
£
-
445,213
(20,301)
424,912		 Total
funds
2025
£
283,922
375,838
(26,387)
633,373

Page 26

FREDERICKS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
234,772
13,169
(15,091)
232,850		 Restricted
funds
2024
£
-
445,213
(20,301)
424,912		 Total
funds
2024
£
234,772
458,382
(35,392)
657,762

19. Contingent liabilities

The charity received funds as loans from donors for use in providing loans to clients. As at the year end £nil (2024: £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-cancellable operating leases at 31 March 2025.

21. Related party transactions

During the year Trustee Mr P Barry-Walsh made donations to the charity of £6,000 (2024: £14,500).

During the year donations were received from the following companies in which Trustee Mr P BarryWalsh has an interest: Bluesource Information Ltd £1,000 (2024: £2,500), Dans Le Noir Ltd £nil (2024: £2,000), Frank Investments Ltd £nil (2024: £1,800), Boldspace Group £nil (2024: £2,000) and Benji's Buns Ltd £nil (2024: £1,000).

During the year, Freedom Bi-Folds Ltd, a company controlled by Mr P Barry-Walsh's son, paid £600 (2024: £600) to the charity for membership to the Hampshire Business Club. The balance outstanding at the year end was £nil (2024: £nil).

During the year, 1 (2024: 1) other Trustees made donations to the charity of £1,210 (2024: £1,658).

Page 27