Charity registration number 1132893 THE FROST FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE FROST FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees H Radcirffe J Booth MBury M Burtonwood J Pilling Mrs N Campbell Mrs J A Bach Charity numbgr 1132893 Independent examlner Champion Consulting Limited 1 Worsley Court High Street Worsley Manchester M28 3NJ
THE FROST FOUNDATION CONTENTS Page Trustees, report Independent examiner's report Statement of financial activi(ies Balance sheet Notes to the fin8n¢ial stslements 7-13
THE FROST FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustee5 present their report and financial stslements for the year ended 31 December 2023. The financial statement5 have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's tgoverning documenll, the Charities Act 2011 and "Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reportin9 Slandafd applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Oblectrves and achlevements In 2023 we said farewell ID our beloved Chairman, RayAdler. Ray played a crucial role in shaping our programs and infoming our decisions, and he will be deeply missed by everyone who had the pleasure of knowirlg him. I have the great privilege of stepping into the Chairman's role and hope lo be able lo provide the guidance and 5UPPOrt that Ray did. In light of the ¢hallenges posed by the st-of-llvIng cris15, fundraising has not been wthoul its difficulties. Yet. the response from our supwrteT5 has been truly humbling. l am filled with gratitude for the hard work of our trustees, advisors, and supporters, whose creativity, adaptability, and passion fuel everything we do. As trustees. we remain keenly aware of the scrutiny faced by organisations like Ours, and we are committed to being thoughtful not only about what we fund bul also how we fund it. Our goal is lo continue spendng responsibly and thoughtfully, and l am confident that thi5 approach 1[ guide us moving forward. In 2023 we continued our work with local healthcare workers and made several donations of special needs equipment and other items required to support children in their Care. These specialist items of equipment make a big difference to the lives of the children we support. We also continued wlh our three big annual campaigns.. Easter.. We donated hundreds of Easter eggs to local children. Summer.. We continued to support many local families with school uniforms as their children return lo school and we Ceived far more requests for this type of support due to the cost-of-living crisis. Supporting over 200 local children with new items of school unrfoms equated lo the chaiity spending nearly £10.000 on this project. Christmas.. Our annual Christmas Campaign was again a huge success, and we donated more than 3,000 Christmas presents lo local Children. Each child ceiVed 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 pul in many hours lo ensure no Child we knew about woke up on Christmas Tnorning wilhoul a present. Over half of our gffts are donated by our supporters and a monetary value is not induded in the accounts, however, il is not unreasonable to put a value on the total gifts of over £35,000. We also donated over 100 food hampeT5 with an approximate value of £65 each. AppToxirnalely haK of the goods are donated by our supporters and the charity matthes their donations. This equates to possibly another £3,$00 that is not shown in the account5. Financlal revlew The charity has made donations and grants of £13,295 in the year
THE FROST FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 All this could not be possible without the amazing support we receive from our corporate sponsors induding.. Cerberus Group Ltd The Kennedy Foundation The Irish Abroad Foundation . Arc4 Leonard Curtis Al thi5 point, I would like ID thank my fellow Trustees for their continued support. Also, the volunteers who assist and give their time at events. A Special mention lo Wendy Veevers who continue5 to run the charity admirably which enables us to support so many local children in need. OurAims for 2024 2024 will be focused on conlinuir¥g to support local children.
THE FROST FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who served during the year and up lo the date of signature of the financial statements were.. H Radcliffe J Booth MBury M Burtonwood J Pilling Mrs N Campbell Mrs J A Bach Mr R Adler (Resigned 31 January 20231 The Iruslees. report was approved by the Board of Tnjstees. Burtonwood Chairman Dated..
THE FROST FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FROST FOUNDATION I report to the Iruslees on my examination of the financial statements of The Frost Foundation (the charity} for the year ended 31 December 2023. Responsibi5ities and basls of raport As the Iruslees of the charity you are responsible for the preparation of the financial stslements in accordance with the iequiremenls of the CharitiesAct 2011 {the 2011 Act). I report in respect of my examination of the charity's financial statements Carried out under seth.on 145 of the 2011 Ad. In carrying out my examination I have followed all the applicable Directions given by the Charity Cornmission under section 145(5llbl of the 2011 Act. Independent examlnerfs statement Your attention is drawn to the fact that the charity has prepared financial statements in accordarre with Accounting and Reporting by Charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen to the Accounting and RepDrting by Charities.. Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extsnt regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Pracu'ce effective for reporting pèriods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come lo my attenb.on in connection with the examination giving me Cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the finanaal statements dl) not accord wth those records,. or the financial statements do not comply with the applicable requirements cOnMIr*g the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any reqU1ment that the accounts give a true and fair view which is not a matter o)nsidered as part of an independent examination. I have attenti bere conce ould and have come across no other matters in connection with the examination lo which 4 drawn in this report in order lo ble a proper understanding of the financial statements to che Ged Cosgr Dated..
THE FROST FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Fundraising activities 76,340 81,335 Fundraising 34,553 30.329 Charitable activities 46,289 56,437 Total resources expendod 80,842 86,766 Net expendlturg for the yearf Net movemgnt in funds 14,5021 {5,4311 Fund balances at 1 January 2023 4,240 9.671 Fund balances at 31 December 2023 12621 4,240 The statement of financial activities includes all gains and losses recogni5ed in the year. The slalement of financial activib.es includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE FROST FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note$ Fixed assets Tangible assets Currènt assets Debtors Cash al bank and in hand 11 496 719 12 2,033 4,212 7,421 6,245 7.421 Creditors: amounts falllng due withSn one year 13 17,0031 13,900} Nel cUrnt Iliabililiesllassels 17581 3,521 Total assets less current liabilities 12621 4,240 Income funds Unrestricted funds 1262) 4,240 12621 4,240 The financial statements were approved by the Trustees on ......................... H Radcliffe Trustee M Burtonwood Chairman
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Charity information The Frost Foundation in an unincorporated charity. 1.1 Accounting convention The financial statements have been prepared in accordance wth the charitys Igoveming documenll, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. l°FRS 102,1 and the Charrties SORP 'Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffe¢live 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The d)arily has taken advantage of the provtsiorls in the SORP for char(ties not to prepare a Statent of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regul*ions 2008 only to the extent qUIred 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 bul which has since been wthdr2wn. Th& financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and ID include investment properties and certain financial instruments al fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern Al the time of approving the financial stalemenls, the trustees have a reasonable expe¢talion that the charity has adequate resources lo continue in operational existen for the foreseeable future. Thus the trustees continue lo adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable fijnds Unreslricled funds a available for use al the discretion of the trustees in furtheran of their charrf(able objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financjal statements. Endowment funds are subject lo specrfic condition5 by donors that the capital must be maintained by the charity. 1.4 Incomlng resources Income is recognised when the charity is legally enlilled lo il after any perfomiance conditions have been met. the amounts Can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the charity has been notified of the donation, unless performan conditions require deferral of the amount. Income tax recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or olherwse rf the charity has been notified of an impending distribuiion, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a conts"ngenl asset.
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les Icontlnuod} Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefrt lo a third party. il is probable that a transfer of economic benefits wll be required in settlement, and the amount ol the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dirÈrt costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared ¢osts which contribLJte to more than one activity and support costs which are not attributable lo a single a¢livity are apportioned between those activities on a ba51S consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and deprecIatOn charges are allocated on the portion of the asset's use. 1.5 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, nel of depreaalion and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of asse15 less their residual values over their useful lives on the following bases: Computers Motor vehicles 33% Slraighl Line 25% Reducing Balan¢e The gain or IOSS arising on the disposal of an asset is detemined as the difference ben 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 eaGh reporting end dale, the Charity reviews the carrying amoun15 of ils tangible assets to determine whether there is any indication that those assets have suffered an impaimienl loss. If any such indall0 exists, the Tecoverable amount of the asset is estimated in order lo determine the extent of the impairment loss Irf any). 1.7 Cash and cash aqulvalents Cash and cash equivalents include cash in hand, deposi15 held al call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnanclal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumersts Issues, of FRS 102 to all of ils fsnancial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes paty lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enfOrable right lo set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liabilty simultaneously. Basic financial assets Basic finanaal assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilutes a financing Iran5aclion, where the transaction is meaSUd al the present valLJe of the future receipts discounted al a market rale of interest. Financial assets classrfied as re¢eivable within one year are not amortised.
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counting policles Icontlnuodl Basic flnan¢ial liabilities Basic financial liabilities, including creditors and bank loans a inf(ially recognised al transaction price unless the arrangement constitutes a f1nanc5ng transaction, where the debt instrument is measured al the present Value of the future payments discounted al a market rate of interest. Financial liabil"rties classified as payable within one year are not amortised. Debt instruments are subseguently carried al amortised cost, using the effective interest rate method. Trade creditors are obligation5 to pay for goods or servi$ that have been acquired in the ordinary course of operations from suppliers. Amount5 payable are Classrfied as current liabilities if payment is due within one year or less. If not, they are PTesented as non-current liabilities. Trade credrtors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are dischaTged or cancelled. 1.9 Employee benefits The cost of any unused holiday entiuemenl 15 recognised in the period in which the employee's servi5 are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo teminate the employment ol an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charty's accounting wlicies. the trustees are required lo make judgements, esttmales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects (nly that period, or in the period of tre revision and future periods where the revision affects both current and future periods. Income from other tradlng acttvities Unrestricted Unr¢$tricted funds funds 2023 2022 Fundraising events 76,340 81,335
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) Raising funds 2023 2022 Fu in and ublic Staging fundraising events 34,553 30,329 34,553 30,329 Charitable actlvltles Charitable Charitable expendlturg expenditure Total 2023 Total 2022 Grants and donations 13,295 13,295 21,326 Share of support costs {5ee note 6) Share of governance wsts {see note 61 27,610 5.384 27.610 5.384 28.041 7,070 13,295 32,994 46,289 56.437 Analysis by fund Unrestricted funds 13.295 32,994 46,289 13,295 32,994 46,289 For the year &nded 31 December 2022 Unrestricted funds 21.326 35,111 56.437 21,326 35,111 56,437 10-
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Supportcosts Support Govarnance costs costs 2023 2022 Staff costs Depreciation Rent Printing & postage Motor expenses Sundry expenses Insurance Bank charges 27,610 27,610 223 1,588 817 439 1,729 588 28,041 166 3.823 763 519 842 571 386 223 1.588 817 439 1,729 588 27,610 5,384 32,994 35.111 Analysed betsveen Charitable activities 27.610 5,384 32,994 35,111 Net movement In funds 2023 2022 The nel movement in funds is slated after ehargingllcredilingl.. Depreciation of owned tangible fixed assets 223 166 Trustees None of the trustees {or any persons connected with thernl received any remuneration or benefits from the charity during the year. Employees Number of gmployees 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries 27.610 28,041 11
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Taxatlon The charity is exempt from taxation on ils activities because all ils income is applied for charitable purposes. 11 Tangible fixed assets Compute Motor vehicles Total Cost .At 1 January 2023 830 3,300 4,130 At 31 December 2023 830 3,300 4,130 Dgpreclation and impairment Al 1 January 2023 Depreciation Charged in the year 478 131 2,933 92 3,411 223 At 31 December 2023 609 3.025 3.634 Carrylng amount Al 31 December 2023 221 275 496 At 31 December 2022 352 367 719 12 Debto 2023 2022 Amounts falling due within one year: Prepayments and accrued income 2.033 13 Creditors: amounts falllng due within one year 2023 2022 Other taxation and social security Other creditors 5.103 1,900 3.900 7,003 3,900 12-
THE FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Unrestrfcted funds The unreslricled fun¢Js of the Charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantor5 as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incoming Resource$ resources expendod At31 December 2023 General funds 4,240 76,340 180,8421 1262) Previous year: At 1 January 2022 Incomlng resources Resources expended At31 December 2022 General funds 9.671 81,335 186,7661 4,240 15 Related party transactions There were no disclosable related paty transactions during the year12022- none). 13-