Charity re8Lstration number: 1157697
The Cherish Freedom Trust
Annual Report and Financial Statements
for the Year Ended 31 D¢cember 2023

The Cherish Freedom Trust
Contents (continued)
Reference and Administrative Details
Trnstees, Report
2103
Statcmcnt of Trusteeg Responsibilities
It￿q)endent Examinevs Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Ststements
8t014

The Cherish Freedom Trust
Reference and Administrative Details
Trustees
Cherisb Freedom
A M M&cLeod
J M Jame5 Varga
T W D BlaDey
1157697
Charity Regl$tT*tiOn Number
Principal Office
CIO Turcan Connell
6th Floor
17a Cutzon Street
London
WIJ5HS
Independent Exarniner
Thompson Elphick Limited
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
Pag¢ I

The Cherish Freedom Trust
Trustees, Report
The TTUStees present the annual report togeth¢r with th¢ fJn8n¢iAI ststements of the Charity for ihe year ended
31 December 2023.
Ob5eetiv&s actAvities
Objects ondaims
The Charity ainL4 to advan¢e education by promoting knowledge atMI understanding of the history of the 20th
cenn]ry and more recent history. PAnicularly in relation to life and work of the Rt Hon. The Baroness Thatcher
Of Kesieven LG. OM. FRS and for the general puo)oses of such charitable bodies or for such other ￿lUSive]Y
ch8ritsble pwposes as the Trustees may from time to time decide.
P¥bli¢ benefil
The Trustees conf]rni that diey have cornplied with the requirements of section 17 of the Charitics Act 201110
have due regard to the public benefit guidance published by ihe Charity Commission for England and Wales.
Stru¢tUTey £tsYerD#n¢e and maD4gemeDt
Nfithr* ofgoverning doeumettt
The Chariry is a Charitable Un]ncorpor￿ed Organisation controlled by its goveming document. its constitutioll.
Recruithent appoinlmenlof TrusleeJ
Thc Trustee5 who served during the year, and up to the date the financial statements were sign¢d, are as follows..
Cherish Freedom
A M MacLeod
J M James Var8a
T W D Blaney
The power to appoint and remove Tn￿¢S is vester in the su￿1VIng or Continuing Tr￿tte5. The numb¢r of
TJust¢es capable of being appoinled is unlimited.
All Trustees are volunteer5 and the Charity employs personnel as it deems necessary to administer the charitsble
aims.
Finincs*1 irtstrnments
Objeelives andpolicies
The Charity's activities expose it to a number of financial risk5 including credit risL cash flow risk ond liquidity
risk. The use of financial derivatives is governed by the Charity's policies approved by the board of Trustres,
which provide written principles on the use of f￿ancial derivatives to manage these risks. Tkne Ch8riry does not
use derivative fmancial instrLLment5 for speculative purpose5.
Cdshflow
The ChaTity's a¢tivities expose it prinwily to the finan¢]￿ risks of changes in foreign currency exchange rates
and interest rates. The Charity uses foreign exchange forward contrdcts and interest r&te swap contracts to hedge
these exp¢)sures.
Interest bearing assets and li8bililies are held Fdt fixed rale to ensure certainty of cash flows.
Pag¢ 2

The Cherish Freedom Trust
Trustees, Report (continued)
Credit risk
The Charity's principal financial assets are bank balances ond castl trade and other receivables. ond
investments.
The Charity's eredit risk is primarily attributsble to its trade receivables. The amount5 prc5ented in the balance
sheet are nei of allow8nce5 for doubtful receivables. An allowance for impairment is made where th¢r¢ is an
identified loss eveni which, based on previous experien¢< is evidence of & reduction in thc recoverAbility of the
cath flows.
The eredit risk on liquid fi]nds and derivative financial instruments is liinited because the counterparties are
banks with high credit-ratings asSI￿¢d by iniernai%onal credit-rating agencies.
The Charity has no 5ignifi¢ant concentration of Credit risL with exposure spread over a large number of
counterparties and custorners.
Liquidity risk
In order to EDaintsin iiquidity to eDSure that sufficient fi]nds are available for ongoing operdÉion5 and fvture
developments, th¢ Charity uses a mixtttre of lollg-ierni and short-temi debt financ¢.
Further details regarding liquidity risk can be found in the Statement of aecounting policies in the finaT)cial
statem￿1$.
51¢3NEDSE¢URELY
24/10/2024
IW2024at•."34."1•AMUTC
The annual report was approved by tbe Trustees of th¢ Charity on.................... and si8ncd on its behalf by..
SIGNEOSECUR8LY
24m012024418..34..1O￿ iITC
T W D Blaney
Trllsiee
Pag¢ 3

The Cherish Freedom Trust
Statement of Trustees, Responsibilities
The Trustee5 are responsible for preparing the Tntstees, Teporf and the fi[￿l¢La1 s¢atements in accordance with
the United Kingdom Accounting Standards {Uniied Kingdom Generally A¢¢epied Accounting Practice) and
applicable law and Tegulati¢)ns.
The law 8ppli¢able to ¢harities requires the Trnstees to prepare finan¢ial staternents for each fiDaw181 year
which 8iv¢ a tna¢ and fair view of the state of affairs of the C]wity and of the it￿0￿1n8 re50urc¢s and
application of r¢50w¢es of the Charity for that period. In preparing ih¢se financial staternent4 the Tr￿ste¢S are
required to..
sele¢t suilable a￿Ounting poli¢i¢s 8nd then apply them ¢ollsist¢lltly'
observe the methods and principles in the ChaTitie5 SORP-
make judgements and ¢stitt)at¢s that are r¢8sonable and prndenL'
state whether applicablc accounling standards have becn followed, subje¢t to any material departures
di5closcd and cxplained in the f]nancial statements. and
preparc the fJnauci81 ststements on the going eoncern basis unless it is inappropriF4te to presume that the
Charity will continue ill business.
The TTUStees are responsible foT keeping proper aceounting records that disclose with reasonable aecuracy at
any time the financRal position of the Charity and enable them to ensure that th¢ financial siatements cornply
with th¢ Charitie5 Act 2011. the Charities (A¢counts and R¢ports) Regulations 2008. and the wovistons of the
¢onstitutiorA. The Trustees are a150 responsible for safeguarding the assets of the Chatyry and lknce for tsking
reasonable step5 for the pievention and delection of fraud and other irreglalarities.
The Trustees are responsible for the maintenance and integrity of thc CO￿Orat¢ and fll)ancial tnfomiatio
included on the Charitable ￿mPan￿$ webslte. Legislation governing the preparation and dissemination of
f]nancial stst¢￿ents may differ from I
L*hEr jurisdictions.
4/ 10/2024
w1￿￿24•t￿..a￿..IOA￿I UT
Approved by the Tn￿e5 of the Charity on .................... and signed on its behalf by:
SIGNEDSECURELY
24MfjJ20244ti..M..i•AMUT¢
T WD Blaney
Trustee
Pag¢ 4

The Cherish Freedom Trust
Independent Examiner's Report to the trustees of The Cherish Freedom Trust
I report to the Trt￿treS on my examination of the ae¢owits of The Cherish Freedom Trust for the year ended 31
December 2023.
Responsibilities and basis ol report
As the Charity Trustees of The Cherish Freedom Tn￿ you are respollsible for the pryration of the accounts in
accordaDce with the requirements of the Charities Act 201 E ('the Aet.).
I report in respect of my examination of the The Cherish Freedom TnL5t's accgunts wried out under section 145
of the 2011 Act and in ¢arrying out Tny exarnination I have followed 811 the 8ppli¢able Directions given by the
Chariry Conunission under section 145{5)Ib) of the Act.
Independent examiner's ststemellt
I have Cornpleted rny examination. I confim) that no material matters hove ¢ome io ￿Y attention in CODJ]ection
with the exarnination givillg me cause to believe that in any material r¢sp¢¢t.'
￿￿OUrtting re¢ords were not kept irj respect of The Cherish Freedom Trust as required by se¢iion 130 of
the A¢¢- or
2. the accounts do not 8ccord with those re¢ords' or
3. the accounts do not comply with the accounting requir¢menis conceming the forni and CODtent of accounts
set out in the Charities {Accounts and Reports) Regulatiotjs 2008 other than any requirement that the
account5 give a 't￿￿ and fair view which is noi a matter Considered a5 part of an independent
examinaiion.
I have no eonctrns and hav¢ Come acros5 no other tThattcrs in connectlOD the examination to which &ttention
should bt drawn in this report in order to enable a propcr understanding of the accounts to be rearhed.
rlRE
Asgociation of Chartered Certified Accountants
The CorneT House
2 High Street
Aylesford
Kent
ME20 7BG
PE4ge S

The Cherish Freedom Trust
Statement of Financial Activities for the Year Ended 31 Deeember 2023
Unrestricted
funds
2023
Totsl
2022
Note
Income and Endowments from:
CbaTitable a¢tivtties
88,643
11,354
Totsl incornc
88,643
11.354
Expenditure OD:
Charitsble activities
(84,693)
(8,154
Total expenditure
(84,693)
(8.154
Net income
3,950
3.2(X)
Net movement in fimds
3,950
3,2(M)
Reeonciliation of fullds
Totsl fvnds brought forvdrd
8J29
5,129
Totsl fvJJ& ￿￿1¢d forvMTd
12.279
8,329
All of the Charitgs activities derive from continuing operatiotLS during the above two periods.
The fi]D(Ls breakdown for 2022 is shown in note 9.
The notes on pages 8 to 14 fornj an integral part of the￿ flnancial statements.
Page 6

The Cherish Freedom Trust
(Registration number: 1157697)
Balance Sheet as at 31 December 2023
Note
2023
2022
Current assets
Debtors
Cash at bank and in hand
16,154
16,716
8,329
8,329
32,870
Credltors: Amounts falling
due wlthln one year
(20.591)
Net A$$ets
12.279
8,329
Funds of the Charity:
Unrestricted income fllllds
Uwestrtcted fill￿$
12,279
8.329
Total fllnds
12,279
8J29
r4NEo$&btsfinancial siaternents on poges 6 10 14 were approved by th¢ TTh￿tees. and authorised for issue on
24/ 10/202.4......... and signed on their behalf by..
2*1DJ2•14*B.'34.'1VAM UTC
SIGNED SECURELY
IttQO24at8'.34'.10AMurc
T W D Blaney
Trust¢¢
The note5 on pages 8 to 14 forni 2n integral part of the5¢ financial 5tattments.
Page 7

The Cherish Freedom Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
l Aceounting policies
St8tement of eomplianee
The f]nan¢ial statements have been prepared ID accordance with the Second edition of the Charities Statement of
Recom￿ended Pia¢ti¢e issued in October 2019, the Financial Reporting Standard applicable in the Unit¢d
Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011.
Basis of preparation
The Cherish Freedom TnL8t meets the definition of a publi¢ benefit entity under FRS 102. The accounts
If]nan¢ial ststements) have been prepared under the historiral ¢osi convention with items recogn15ed at C05t or
tratJsa¢tion value unless otherwise stated in the relevant notelsl io these accounts.
Going coneern
The Trnstecs consider that there are no material uncertainties about the Charitys abiliry to continue as z going
¢onc¢rn.
Income endowments
Deferredincome
Deferred income represents amounts re¢eived for future p¢riod8 8nd 15 released to incoming resources in the
perÈod for which, it has been received. Su¢h income is only defeTred vknen:
- The donor specifies that the grani or donation must only be used in fvrure accounting p¢riods,' or
- The donor has imposed conditions which must be before the Charity has un¢onditional entitlement.
Expenditure
All eXpendi￿re is recognised once ihere is a legal or constructive obligation to that expenditure, li is probable
settlement is required and the alnount ¢an be measured reliably. All costs are alloc&ted to the applicable
expenditurc heading that aggregate similar costs to that category. Where costs carjnot be directly attributed to
particular headiDgs they have been allocated OD a basis ctsnsistent with the ￿se of resources. with central staff
costs allocated on the basis of time spent, aDd depreciation charges allocated on the portion of the ￿et'S use.
Oth¢r support Costs are ￿lOCated based on the spread of staff ¢osts.
Choritttble delivities
ch￿ItablE expcDditure comprises those costs incurred by the Chariry in the delivery of it5 activities and serviccs
for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an
indirect nature Jiecessary to SUPPOrt them.
Governance costs
These in¢lude the costs attributsble to the Charity's compliance Mrith constitutional and Statutory requirement
xncludin8 audit, strategic managemcnt and Trustees mectings and reimbursed expenses.
Page 8

The Cberish Freedom Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Taxatio
The Cbarity is considered to p￿5 the tests set out in Paragraph I Sehcdule 6 of the Finance Act 2010 and
therefore it meets the definition of a charitable company for UK corporation tax purposes. A¢cordiDgly, the
Charity 55 Potentially exempt from iaxation in respect of income or capitsl 8aiDS received within categories
covered by Chapter 3 Part I l of the co￿oration f8x Act 2010 or Section 256 of the Taxatiou of Ch8rgeable
Gains Act 1992. to the extent that such income or gains are applied eXcI￿$ive?Y to charitsble pu￿oSes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold OT services perfornied in the ordinary
course of business.
Tiade debtors are recognised initially at the transaction price. They are subsequently rneasuted at arnortjsed cost
using the effe¢iive interest method. less provision for impairnient. A provision for th¢ impairrnent of trade
debtors is established when there is objective evidence that the Charity will ttot bc able to eollect all amounts
due according to the origjnal t¢rms of the receivables.
Cash and ca$h equiyalents
Cash ond cash equiyalents Comprise c&sh on hand and call deposit$, and other short-terrn highly liquid
inveslments thai are readily Convertible to a known atnount of eash 8nd are subject to an Insi￿lfIcallt risk of
change in value.
Borrowing5
IDterest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest-bearing
bO￿owingS are subsquently carried at Amortised cost, wilh the differcAce between the pro¢eed5, nct of
traDsaction costs, and the atnount due on redernplion being reco￿lsed &s a charge to the Statement of FinanciÉl
Activities over th¢ period of the relevant borrowing.
Interest expense is reCO￿lsed on the basis of the effective interest Tnethod and is included in interest payable
and similar charge&
Borrowings ar¢ ¢lassified as current liabilities unless the ChaTiry ha5 an unconditional right to defer settlement
of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income fi￿dS are generdl fimds that Are available for use at the TTusrees discretion in fi￿berance of
the objcctive5 of the Charity.
Financial instrutnents
CI&s5ificaiion
Financial asscts and fillancial liabilities are re¢ogtiised when the Charity becomes 8 paty to the contractual
provisions of the instnmient.
Financial liabilities and equity LT15trnments are ¢lassified according to the substance of the contractual
arrangeTnents entered into. An quity instrument is any contract that evidences a residu81 interest in the asset5 of
the ChaTity after deducting all of its liabilities.
Page 9

The Cherish Freedom Trust
Note5 to the Financial Statements for the Yev4r Ended 31 Deeember 2023 (eontinued)
RecognitsoK and mertsurement
A]1 financial assets and liabilities aTe initially measured at trn)saction price (including transaction ¢osts), except
foi those financial assets classified as 8t fair value ihrougb profit or 105$, which are initially measured at fair
value (which is norn)8lly the tr&ns8Ction price exclud]ng tra￿ctIOn costs), unless the arrangement ¢onstitutes a
finaneing transaction. If an 8rr8ngenieut constitutes a f]nan¢ing transaction. the financial asset or fmanciAI
liability is measured at ¢h¢ present value of the ￿tllre payments discounted at a market rate of interest for a
similar debt inStrum￿t.
Financial assets and liabilities are only offset in the statement of financial position wbeJL and only when there
exists a legally enforceable right to set off the recogni5ed amounts and the ChaTiry ititends either to settle on a
net basis, or to realise the asset and settle the liabiliiy simultsneously.
Financial assets are derec0￿]Sed when and on]y whet) a} the contractual rights to the cash flows from the
financial asset expire or are Settle￿ b) the Charity transfers to another party substsntially all of the risks and
rewards of ownership of the f￿#￿¢1#1 asset. or c) the char￿ty, despite having retained som4 but not 011,
significont risks and rewards of ownership. has transferred control of the asset to another paty.
Financial liabilities are derecogllised only wthen the obligation specifled in the contract is discharged. eancelled
or expires.
Page 10

The Cherish Freedom Trust
Notes to the Finanei81 Statements for the Year Ended 31 December 2023 (eontinued)
Debt Illstruments
Debt instniments which meet the following conditions arc subsequently measured at amortised cost L5ing the
effective interest method-
(a) The contractual return to the holder is li) a fixed amount,. (li) a positive fixed rate or a positive vaTiable rnte-
or (iii) a combination of a positive or a rtcgative fixed rate and a positive vzriable rate.
{b) The contract may provide for repayments of the PriTJcipal or the return to the holder (but not both) to be
IiTJked to a single relevant observable index of general price inflation of the currency tn which the debt
instrument Is denominated, provided such links are not levuaged.
(c) The contract may providc for a detetminable v￿lation of the return to the holder during the life of the
instswmenl, provided that (i) the new rate satL5fEes cot)dition (a} and the variation is not ¢ontingent on fufttre
events other than {1) A change of o ¢orttrathal variable rate',12) to protect the holder against ciedit deterioration
of the issuer: (3) changes in levi¢s applied by a central bank Or arising from Changes in r¢levant taxation or law-
or li1} the new rate is a rnarket rate of interest and satisfi¢s ¢ondition la)-
{d) There is no ¢ontra¢rual provision that Could. by its temis, result in the holder 105ing the principal 8mount or
any interest attributable to the ¢urrent period or priorpcriods.
le) Ctsntraetual piovision5 that pemiit the i5siicr to prcpay a debt instnJn)ent OT permit the holder to put it back to
the issuer before maturity are not contingent on fiiture evcnts, other than to protect the holder against the credit
deteriordtion of the issuer or a change in ¢ontrol Of the issuer, or tts protect the holdez or issuer against Changes
in levies applied by a central baok or arising from ehanges in r¢lcvant taxation or law.
lfj Contractual provisions may perniit the extension of the tcrni of the debt instnmenl provided that the rellmi
to the holder aud any otber Contract￿￿1 provisiolls applicable dllyillg the extended term satisfy the conditions of
paragrAphs (a) to (c)-
Debt instnmenls that are classTfied &s payable or receivable within one year on initial recognition and which
meet the above wndillons are measur¢d at the undiseoYnt¢d amount of the cash OT other ¢onsideration eXpec￿d
to be paid or rec¢ive¢l nei of impaim)ent.
With the exeeption of some hedging instrnments, other debt instrnments not meeting thes¢ conditions aTe
measured at fAir value through pmfit or10sS.
Commitments to and receive loans which meet the conditions mentioned above are measured at C05t
(wbich may be nill less impairnient.
Investments in non-convertible p￿FerenCe shares and non-puttable orditwy or preference shares {where shares
are publicly traded or their fair value is reliably measurdble) are measured at fair value through profit or loss.
Where fair value camiot be measur¢d reliably, investrnents ere measured 8t ¢ost less impairn)ent.
Investments in subsidiarie5 and ￿0clat¢S arc measured al cost less Rmpairni¢nt. For investments in subsidiaries
aequired for consideration including the issue of shares qualifying foT merger relief, ¢ost is measured by
referenee to the nomin81 value of th¢ shares issued plus fair value of other consideration. Any premium 15
ignored.
Pagell

The Cherish Freedom Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
DerivolivefinaThcial instrumertts
The Charity use5 derivative finan¢ial instNments to reduce exposure to forei￿ exchange risk and ittteresi rnte
movements. The Charity does not hold or issue d¢rivative finaneial instnllnents for speculative purposes.
Derivatives are illitially recognised at fair value at the date a derivative coniraei És entered into and are
subsequently Femea5ured to theii fair value al each reporting date. The resulting gain or loss is recognised in
statement of financial actLVltie5 i7t]mediately unless the derivative is designated and effective as a hedging
instrument, in which event the t1￿1￿8 of the recognition in statement of financial activities depends on the
naturc of the hedge relationship.
Fair meosHrepNenl
The best evidence of fair value is a quoted price ftir an identi¢al asset ID an active n]arket. When quoted pritts
are un8vailAble, the price of a recent traDsaetioD for an identical asset provides evidence of fair value os long as
there has not been a significant change in economic ¢ircun￿lanceS or a significant lapse of time sin¢e the
transaction took place. If the rnarkei is not active and recent transaction5 of an identical a55et on their own arc
not a good estimate of fair value. the fair value 18 estimated by using a valuation technique.
2 Income from charitable sctivities
Unrestrieted
funds
General
TDtal
2023
Totil
21122
Donations
Fundraising
17,302
71.341
17.302
71,341
5.000
6,354
88.(A3
88.643
11.354
3 Expenditure on charitsble a¢tivitie$
Unre5tritted
fund$
GeDeral
Tot41
2023
Total
2022
Note
Internship Programme
Frcedom Festival
Conferences
Donaiions
Travel
Marketing
Fundraising Events
ConsuliaTJ¢y
Governance costs
39,059
17,113
3,023
820
774
782
20,061
39,059
17.113
3,023
820
774
782
20.061
3,481
4.5(X)
173
3,061
3.061
84,693
84,693
8,154
Page 12

The Cherfish Freedom Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 (Continued)
4 Analysis of governance and $llpport costs
Governance costs
Unr&stricted
funds
General
Total
21123
Totxl
2022
Governance
Other fees paid to auditors
IT
lJ80
931
545
205
1,380
931
545
205
173
Insurance
Bank Char8e5
3,061
3,061
173
5 Trustees remuner*tioo and expeDse$
No Trustees, nor any pet30￿s cornected with thern, h8vc received any remuneration from the Charity during the
year.
No trustees hav¢ received any reimbutsed expenses or any other benefits from the clwity during the y¢ar.
6 Taxation
Th¢ Charity is a registered charity and is therefore exempt from taxatiOJL
7 Debtors
2023
2022
Prepayments
16,154
8 Creditors- amounts falli￿£ due within one year
2023
2022
Otlfft creditors
Accrua]s
Deferred income
1,2(M)
19.390
20.591
Page 13

The Cherish Freedom Trust
Notes to the Financial Statements for the Year Ended 31 Deeember 2023 (Continued)
9 Funds
Bal¥Dce at 31
Decernber
21123
Balance at I
January 21123
IntoJDillg
resour£e5
Resource5
expended
Unrestricted fund$
G¢neral
8,329
84,693
12,279
Balanee at 31
December
2022
BalAnee at I
JADUary 2022
Incoming
resources
Resources
expended
Unrestricted funds
Genero1
5,129
11,354
(8.1541
8,329
10 Analysis of net 4$$ets betwee￿ funds
UDrestrieted
funds
General
T•t&l fund5 gt
31 December
2023
Current assets
Current liabilities
32.870
(20.591)
12,279
32,870
(20,591)
12,279
Totsl net &ssets
Unrestricted
funds
General
Total funds at
31 December
2022
Cumt assets
8,329
8.329
Page 14