**Charity registration number 1132893**
## **THE FROST FOUNDATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **THE FROST FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
## **Charity number**
## **Independent examiner**
R Adler H Radcliffe J Booth M Bury M Burtonwood J Pilling 1132893 Champion Consulting Limited 1 Worsley Court High Street Worsley Manchester M28 3NJ
## **THE FROST FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 12|
## **THE FROST FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees present their report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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).
## **Objectives and achievements**
Covid 19, although less rampant than the year before was still with us. Also, many of the business's that support us were, and still are, trying to get back on an even keel.
As people were either reluctant or unable to attend our famous fundraising dinners due to Covid we had to be very careful who we were able to support and what we were able to achieve. However, due to the fantastic support of our loyal patrons we were still able to complete our three big annual campaigns:
- **Easter** : We donated hundreds of easter eggs to local children
- **Summer** : We supported many local families with school uniforms as their children returned to school.
- **Christmas** : Our annual Christmas Campaign was again a huge success and we donated in excess of 2,000 Christmas presents to local children. Each child received a Christmas bag containing 2 or 3 toys, plus a pair of pyjamas and some smaller stocking fillers. This is not only essential for the children, but in our opinion relieves stress on the parents. Our volunteers put in many hours to ensure no child we knew about woke up on Christmas morning without a present.
Over half of our gifts are donated by our supporters and a monetary value is not included in the accounts, however, it is not unreasonable to put a value on the total gifts in excess of £35,000.
We also donated over 100 food hampers with an approximate value of £65 each. Approximately half of the goods are donated by our supporters and the charity matches their donations. This equates to possibly another £3,500 that is not shown in the accounts.
We continued our work with local healthcare workers and made several larger one-off donations of special needs equipment and other items required to support children in their care.
We are proud and honoured that our supporters have enabled us to make a difference to disadvantaged children through this difficult time and we look forward to accepting the challenge of fighting on through these still difficult times
A heartfelt thank you from myself and my fellow Trustees to our volunteers and supporters.
## **Financial review**
The charity has made donations and grants of £13,541 in the year
## **Structure, governance and management**
- 1 -
## **THE FROST FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
All this could not be possible without the amazing support we receive from our corporate sponsors including
- Cerberus Group Ltd
- The Kennedy Foundation
- The Irish Abroad Foundation
- Leonard Curtis
- Arc4 Ltd
At this point, I would like to thank my fellow trustees for their continued support. Also, the volunteers who assist and give their time at events.
A special mention to Wendy Veevers who continues to run the charity admirably which enables us to support so many local children in need
## **Our Aims for 2022**
2022 will be focussed on getting the Charity back to full working capacity which will enable us to help more children and families in need.
- 2 -
## **THE FROST FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees who served during the year and up to the date of signature of the financial statements were: R Adler
H Radcliffe J Booth M Bury M Burtonwood J Pilling
The trustees' report was approved by the Board of Trustees.
**R Adler** Chairman Dated: 15 November 2022
- 3 -
## **THE FROST FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE FROST FOUNDATION**
I report to the trustees on my examination of the financial statements of The Frost Foundation (the charity) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Ged Cosgrove
Dated: 15 November 2022
- 4 -
## **THE FROST FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Notes**
**Income from:**
Job retention scheme grants
**3**
Fundraising activities
**4**
**Total income**
**Expenditure on:**
Fundraising
**5**
Charitable activities
**6**
**Total resources expended**
**Net income for the year/**
**Net movement in funds**
Fund balances at 1 January 2021
**Fund balances at 31 December 2021**|**2021**
**£**
13,445
48,257
61,702
39,251
18,450
57,701
4,001
5,670
9,671|**2020**
**£**
11,146
42,112|
|---|---|---|
|||53,258|
|||38,055|
|||13,572|
|||51,627|
|||1,631
4,039|
|||5,670|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **THE FROST FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
11,401
(2,219)|**£**
489
9,182
9,671
9,671
9,671|**2020**
**£**
10,293
(5,275)|**£**
652
5,018|
|---|---|---|---|---|
|||||5,670|
|||||5,670|
|||||5,670|
The financial statements were approved by the Trustees on 15 November 2022
R Adler H Radcliffe **Chariman Trustee**
- 6 -
## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Charity information**
The Frost Foundation in an unincorporated charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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 are allocated on the portion of the asset’s use.
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 33% Straight Line Motor vehicles 25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.6 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 8 -
## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Job Rention Scheme Grants|13,445|11,146|
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## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**4**
**5**
**6**|**Other trading activities**
**Unrestricted** Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising events
48,257
42,112
**Raising funds**
**2021**
**2020**
**£**
**£**
Fundraising and publicity
Staging fundraising events
11,665
9,224
Trading costs
Support costs
27,586
28,831
39,251
38,055
**Charitable activities**
**2021**
**2020**
**£**
**£**
Grants and donations
18,450
13,572|**Other trading activities**
**Unrestricted** Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising events
48,257
42,112
**Raising funds**
**2021**
**2020**
**£**
**£**
Fundraising and publicity
Staging fundraising events
11,665
9,224
Trading costs
Support costs
27,586
28,831
39,251
38,055
**Charitable activities**
**2021**
**2020**
**£**
**£**
Grants and donations
18,450
13,572|
|---|---|---|
|||**2020**
**£**
9,224|
|||28,831|
|||38,055|
|||**2020**
**£**
13,572|
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## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**7**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
22,031
-
Rent
-
2,030
Printing & postage
-
365
Motor expenses
-
748
Sundry expenses
-
814
Insurance
-
1,081
Bank charges
-
354
Depreciation
-
163
22,031
5,555
Analysed between
Trading
22,031
5,555|**2021**
**£**
22,031
2,030
365
748
814
1,081
354
163
27,586
27,586|**2020**
**£**
25,893
601
525
639
221
588
2
362|
|---|---|---|
|||28,831|
|||28,831|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **9 Employees**
## **Number of employees**
||**2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
||1|1|
|**Employment costs**|**2021**|**2020**|
||**£**|**£**|
|Wages and salaries|22,031|25,893|
- 11 -
## **THE FROST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**10**
**Tangible fixed assets**
**Computers Motor vehicles**
**£**
**£**
**Cost**
At 1 January 2021
434
3,300
At 31 December 2021
434
3,300
**Depreciation and impairment**
At 1 January 2021
434
2,648
Depreciation charged in the year
-
163
At 31 December 2021
434
2,811
**Carrying amount**
At 31 December 2021
-
489
At 31 December 2020
-
652
**11**
**Creditors: amounts falling due within one year**
**2021**
**£**
Other taxation and social security
1,336
Other creditors
883
2,219|**Total**
**£**
3,734|
|---|---|
||3,734|
||3,082
163|
||3,245|
||489|
||652|
||**2020**
**£**
3,500
1,775|
||5,275|
## **12 Retirement benefit schemes**
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
## **13 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none).
- 12 -