**Charity number: 211029** 

## **FREDERICK ANDREW TRUST** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2022** 



## **FREDERICK ANDREW TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the trust, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Notes to the financial statements**|12 - 21|





## **FREDERICK ANDREW TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022** 

|**Trustees**|P Denby|
|---|---|
||W Gelder|
||C Heppenstall|
||R Lamb, Chair|
||J Spencer|
||A Strawson|
||C Vitoria|
|**Charity Registered**<br>**Number**<br>211029<br>**Principal Office**<br>c/o Mrs Karen Armitage<br>PO Box 1291<br>Lincoln<br>LN5 5RA<br>**Independent Auditors**<br>Streets Audit LLP<br>Chartered Accountants and Statutory Auditor<br>Tower House<br>Lucy Tower Street<br>Lincoln<br>LN1 1XW<br>**Bankers**<br>National Westminster Bank<br>225 High Street<br>Lincoln<br>LN2 1AZ<br>**Solicitors**<br>Chattertons<br>St Swithin's Court<br>1 Flavian Road<br>Nettleham Road<br>Lincoln<br>LN2 4GR<br>**Investment Advisors**<br>Brewin Dolphin<br>Olympic House<br>Doddington Road<br>Lincoln<br>LN6 3SE||



Page 1 



## **FREDERICK ANDREW TRUST** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

The trustees present their annual report together with the audited financial statements for the year from 1 January 2022 to 31 December 2022. 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). 

## **Structure, Governance and Management** 

## Constitution 

The trust is an unincorporated body, originally established on 12 February 1922 and endowed under the will of the late Mr Frederick Andrew, a well known solicitor in Lincoln who died in 1916. Originally the trust maintained a convalescent home to provide convalescence after illness “for gentlewomen honestly striving to earn their own living”. 

The trust is now administered under a Charity Commissioners’ Scheme dated 29 June 1970 and amended 2 January 1976. The trust makes grants to individuals to enable them to benefit from convalescence and Health and Care Professions Council therapies, and to institutions providing appropriate facilities for convalescence. The scheme applies solely to women and now applies to those who are retired as well as those earning their own living. It is administered without regard to race, creed or the political views of the beneficiaries. 

The trustees who served during the year are given on the Reference and Administrative Details on page 1. 

## Policies Adopted for the Induction and Training of Trustees 

The trust is administered by a body of trustees, which when complete consists of seven competent persons. Each trustee is appointed for a term of five years by a resolution of the trustees passed at a special meeting of which not less than 21 days notice has been given and may be so appointed not more than one month before the term of the existing trustee expires. Upon the occurrence of a vacancy the trustees shall cause a note thereof to be entered in their minute book at their next meeting. Any competent trustee may be reappointed. New trustees are sought from suitable volunteers holding the skills most required by the board at that time. On appointment new trustees sign a declaration of acceptance and of willingness to act in the trusts of the scheme and are appropriately inducted and trained, being briefed on the history of the trust, the operation of the grant application procedure and are given a copy of the Charity Commission Guidance “ The Essential Trustee: What you need to know, What you need to do”. 

## Organisational Structure and Decision Making 

The trustees meet at least twice a year to agree the broad strategy and areas of activity of the trust, including consideration of grant making, investment policy, reserves, risk management policies and promotion of the trust. The day to day administration of the trust is delegated to the clerk to the trustees. All applications for grants are initially received by the clerk. These are then passed to appointed trustees for consideration at periodic intervals throughout the year. All other matters are determined by the majority of votes of the trustees present and voting on the question. The trustees have full power from time to time to make regulations for the management of the charity and for the conduct of their business including the summoning of meetings, the appointment of a clerk, the deposit of money at a proper bank, and the custody of documents. 

The trustees are considered to be the key management personnel, but are not remunerated. 

## Risk Management 

The trustees have considered the major risks to which the trust is exposed and have reviewed those risks and are satisfied that systems are in place to manage those risks. In particular the trustees continue to monitor the performance of investments to ensure sufficient income is generated to support the level of grants being made. 

Page 2 



**FREDERICK ANDREW TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Objectives and Activities** 

## Policies and Objectives 

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. 

The charitable object of the trust is detailed with the Charity Commission as: 

"assisting the restoration to health of such beneficiaries by the charity as the governors may select either by making grants to defray the expense of recuperative holidays or other convalescent treatment or by making donations or paying subscriptions in aid of the funds of any convalescent home or other institution or organisation at or from which the beneficiaries of the charity may receive care and relief. Any income not required for application in the above manner may be applied for retired women who are in need of convalescence and financial assistance who were otherwise formerly qualified as beneficiaries of the charity." 

## Activities for Achieving Objectives 

The trust's main activity is to award grants to women for convalescence, home help or Health and Care Professions Council registered therapies following illness or injury. 

The trustees aim to distribute the income received by the trust in the most appropriate way to best fulfil the key needs of its eligible applicants and within the terms of its charitable scheme. The trustees continue to devote time and resources to advertising and promoting the trust and continue to consult with professional advisors to assist with this function. Their aim is to receive sufficient grant applications to enable income generated during the year to be applied for its charitable purpose. 

## Information on Fundraising Practices 

The trust is funded through investment income from its investment portfolios and cash reserves. It therefore does not actively fundraise. 

## **Achievements and Performance** 

## Review of Activities 

Total investment income has increased from the previous year being £74,254 (2021 - £67,994). Grant expenditure for the year is £69,325 (2021 - £37,789). Grants of £1,800 were made to the Pink Ribbon Programme for the provision of classes in the year. 

During the year, 128 grants (2021 - 56 grants) were awarded by the trustees with the increase in the number of grants being due to the increased marketing activity including embracing online. The grant making process has remained the same during this period. 

Overall, the net movement on funds including movements on investments for the year was a deficit of £264,018 (2021 - surplus of £185,478) mainly the result of the change in market value of the investment portfolios held. 

## **Financial Review** 

## Investment Review 

Overall, the market value of the trust’s investment portfolios has decreased by £248,802 from £2,320,461 to £2,071,659. In line with the Charities Act 2011, the investments are shown at market value. The management of the investment portfolio is undertaken by Brewin Dolphin. The performance of investments is continuously under review by the trustees. Brewin Dolphin are represented at one trustee meeting each year. 

Page 3 



## **FREDERICK ANDREW TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## Reserves Policy 

The level of unrestricted reserves held by the trust is sufficient to ensure the trust's ability to continue for the foreseeable future, in providing funds to respond to applications for grants and cover support and governance costs. 

The trustees remain mindful of fluctations in investment values and the likely income. The trustees consider that the trust will have sufficient reserves to meet the demand for grants, in particular as many recipients may have to delay taking their grant due to the ongoing pandemic, in turn delaying the time taken before the trust needs to release the cash. 

## Going Concern 

After making appropriate enquiries, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. 

## **Plans for Future Periods** 

## Future Developments 

The trustees will continue to build on its marketing strategy to promote the profile of the trust and continue to provide grants to women to enable rest and recuperation by either a short break away, the temporary provision of domestic help or to receive Health and Care Professions Council therapies. The trustees are looking into creating an online application form to help streamline the application process. 

The trustees are committed to their continued financial support of the Pink Ribbon Programme. 

## **TRUSTEES' RESPONSIBILITIES STATEMENT** 

The trustees 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). 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation. 

Page 4 



## **FREDERICK ANDREW TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust 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 on 19 May 2023 and signed on their behalf by: 

## **R Lamb, Chair** 

Page 5 



## **FREDERICK ANDREW TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREDERICK ANDREW TRUST** 

## **Opinion** 

We have audited the financial statements of Frederick Andrew Trust (the 'charity') for the year ended 31 December 2022 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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 been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

Page 6 



## **FREDERICK ANDREW TRUST** 

**INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREDERICK ANDREW TRUST (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 7 



## **FREDERICK ANDREW TRUST** 

**INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREDERICK ANDREW TRUST (CONTINUED)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified laws and regulations applicable to the charity through discussions and from our commercial knowledge and experience of the charity, the sector in which it operates and the services it provides; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, taxation legislation, data protection and anti-bribery legislation; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- vouched the accuracy of income by reference to third party documentation; and 

- agreed grant payments in the year to approval and vouched the existence of appropriate systems and controls in place in relation to payments. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; and 

- enquiring of management as to actual and potential litigation and claims. 

Page 8 



## **FREDERICK ANDREW TRUST** 

**INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREDERICK ANDREW TRUST (CONTINUED)** 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Streets Audit LLP** 

Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW 16 August 2023 

Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 9 



## **FREDERICK ANDREW TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** 

|**Note**<br>**Income and endowments from:**<br>Investments<br>3<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>4<br>Charitable activities<br>5<br>**Total expenditure**<br>**Net income / (expenditure) before**<br>**net (losses) / gains on investments**<br>Net (losses) / gains on investments<br>**Net (expenditure) / income**<br>Transfers between funds<br>13<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>**64,784**<br>**64,784**<br>**1,200**<br>**-**<br>**1,200**<br>**63,584**<br>**(147,376)**<br>**(83,792)**<br>**(63,584)**<br>**(147,376)**<br>**1,821,769**<br>**(147,376)**<br>**1,674,393**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**9,470**<br>**9,470**<br>**3,933**<br>**88,488**<br>**92,421**<br>**(82,951)**<br>**(97,275)**<br>**(180,226)**<br>**63,584**<br>**(116,642)**<br>**534,425**<br>**(116,642)**<br>**417,783**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**74,254**<br>**74,254**<br>**5,133**<br>**88,488**<br>**93,621**<br>**(19,367)**<br>**(244,651)**<br>**(264,018)**<br>**-**<br>**(264,018)**<br>**2,356,194**<br>**(264,018)**<br>**2,092,176**|_Total_<br>_funds_<br>_2021_<br>_£_<br>_67,994_<br>_67,994_|
|---|---|---|---|---|
|||||_5,969_<br>_52,252_<br>_58,221_|
|||||_9,773_<br>_175,705_|
|||||_185,478_<br>_-_<br>_185,478_|
|||||_2,170,716_<br>_185,478_<br>_2,356,194_|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 12 to 21 form part of these financial statements. 

Page 10 



## **FREDERICK ANDREW TRUST** 

## **BALANCE SHEET AS AT 31 DECEMBER 2022** 

|**Note**<br>**Fixed assets**<br>Investments<br>9<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>12<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets excluding pension asset**<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>13<br>Unrestricted funds<br>13<br>**Total funds**|**1,091**<br>**23,092**<br>**24,183**<br>**(3,666)**|**2022**<br>**£**<br>**2,071,659**<br>**2,071,659**<br>**20,517**<br>**2,092,176**<br>**2,092,176**<br>**2,092,176**<br>**1,674,393**<br>**417,783**<br>**2,092,176**|_-_<br>_39,368_<br>_39,368_<br>_(3,635)_|_2021_<br>_£_<br>_2,320,461_|
|---|---|---|---|---|
|||||_2,320,461_<br>_35,733_|
|||||_2,356,194_|
|||||_2,356,194_|
|||||_2,356,194_|
|||||_1,821,769_<br>_534,425_|
|||||_2,356,194_|



The financial statements were approved and authorised for issue by the trustees on 19 May 2023 and signed on their behalf by: 

## **R Lamb, Chair** 

The notes on pages 12 to 21 form part of these financial statements. 

Page 11 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1. General information** 

As set out in the Trustees' report, Frederick Andrew Trust is an unincorporated registered charity in England & Wales. The principal office of the trust is under c/o Mrs Karen Armitage, PO Box 1291, Lincoln, LN5 5RA. 

The trust's main activity is to award grants to women for convalescence, home help or health and care professions council registered therapies following illness or injury. 

Further details about the trust's main activities can be found in the Trustees' report. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

Frederick Andrew Trust 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. 

The financial statements are prepared in sterling, which is the functional currency of the trust. 

## **2.2 Going concern** 

The trustees do not believe that there are any material uncertainties about the trust's ability to continue. The trust only commits to grants to the extent that funds are available. The financial statements have therefore been prepared on the going concern basis. 

## **2.3 Income** 

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

## **2.4 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 charity has a single activity in grant-making for which ongoing support costs are incurred. 

Expenditure on raising funds are fees incurred for the management of the charity's investments. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the trust's objectives, as well as any associated support costs. 

Page 12 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure (continued)** 

Grants payable are charged in the year when payments are made. Whilst applications may have been approved in a given year, liability does not exist until such time that the relevant costs have been incurred and claimed. Until that point an approved application remains as only a commitment by the charity. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.6 Taxation** 

The trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable entity for UK corporation tax purposes. Accordingly, the trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **2.7 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. 

## **2.8 Debtors** 

Prepayments are valued at the amount prepaid based on the invoiced expenditure. 

## **2.9 Cash at bank** 

Cash at bank represents cash held in current and reserve accounts to which the trust has instant access. 

## **2.10 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 trust 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. 

Page 13 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **2. Accounting policies (continued)** 

## **2.11 Financial instruments** 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## **2.12 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 trust and which have not been designated for other purposes. 

The trust has a single endowment, the income from which should be used in line with the trust's activities. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Investment income** 

|Investment portfolio<br>Bank interest received<br>_Total 2021_|**Endowment**<br>**funds**<br>**2022**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>64,784<br>9,420<br>-<br>50<br>64,784<br>9,470<br>_58,649_<br>_9,345_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**74,204**<br>**50**<br>**74,254**<br>_67,994_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_67,991_<br>_3_<br>_67,994_|
|---|---|---|---|
|||||



## **4. Investment management costs** 

|Investment portfolio management fees<br>_Total 2021_|**Endowment**<br>**funds**<br>**2022**<br><br>**£**<br>1,200<br>_1,200_|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>3,933<br>_4,769_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**5,133**<br>_5,969_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_5,969_|
|---|---|---|---|---|
||||||



Page 14 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **5. Analysis of expenditure by activities** 

|Grant-making<br>_Total 2021_<br>**Analysis of support costs**<br>Charity management costs<br>Other charity running costs<br>Governance costs<br>Bank charges|**Grant**<br>**funding of**<br>**activities**<br>**2022**<br>**£**<br>69,325<br>_37,789_|**Support**<br>**costs**<br>**2022**<br>**£**<br>19,163<br>_14,463_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**88,488**<br>_52,252_<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**12,000**<br>**4,594**<br>**2,422**<br>**147**<br>**19,163**|_Total_<br>_funds_<br>_2021_<br>_£_<br>_52,252_|
|---|---|---|---|---|
|||||_Total_<br>_funds_<br>_2021_<br>_£_<br>_10,500_<br>_1,672_<br>_2,220_<br>_71_<br>_14,463_|



## **6. Analysis of grants** 

|Grants<br>_Total 2021_|**Grants to**<br>**Institutions**<br>**2022**<br>**£**<br>1,800<br>_300_|**Grants to**<br>**Individuals**<br>**2022**<br>**£**<br>67,525<br>_37,489_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**69,325**<br>_37,789_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_37,789_|
|---|---|---|---|---|
||||||



The trust has made the following material grants to institutions during the year: 

Page 15 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **6. Analysis of grants (continued)** 

|**Name of institution**<br>Pink Ribbon Campaign|**2022**<br>**£**<br>**1,800**<br>**1,800**|_2021_<br>_£_<br>_300_<br>_300_|
|---|---|---|



## **7. Auditors' remuneration** 

The auditors' remuneration amounts to an auditor fee of £2,422 ( _2021_ - _£2,220_ ). 

## **8. Trustees' remuneration and expenses** 

During the year, no trustees received any remuneration or other benefits _(2021 - £NIL)_ . 

During the year ended 31 December 2022, no trustee expenses have been incurred _(2021 - £NIL)_ . 

## **9. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2022<br>Additions<br>Disposals<br>Revaluations<br>At 31 December 2022<br>**Net book value**<br>At 31 December 2022<br>_At 31 December 2021_|**Endowment**<br>**portfolio**<br>**£**<br>**1,822,069**<br>**1,200**<br>**-**<br>**(148,576)**<br>**1,674,693**<br>**1,674,693**<br>_1,822,069_|**Unrestricted**<br>**portfolio**<br>**£**<br>**498,392**<br>**-**<br>**(7,132)**<br>**(94,294)**<br>**396,966**<br>**396,966**<br>_498,392_|**Total**<br>**£**<br>**2,320,461**<br>**1,200**<br>**(7,132)**<br>**(242,870)**<br>**2,071,659**<br>**2,071,659**<br>_2,320,461_|
|---|---|---|---|



Page 16 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **9. Fixed asset investments (continued)** 

Revaluations are stated net of actual investment management costs paid from cash balances held within the investment portfolio of £5,352. 

Additions to the Endowment portfolio reflects cash transferred to settle the investment management costs during the year. Disposals in the Unrestricted portfolio reflects losses on disposal due to the nature of the investment portfolio meaning gains / losses are re-invested. 

## **10. Investment portfolios** 

|Equities<br>Cash held within Investment Portfolio|**2022**<br>**£**<br>**2,063,476**<br>**8,183**<br>**2,071,659**|_2021_<br>_£_<br>_2,298,400_<br>_22,061_<br>_2,320,461_|
|---|---|---|



All investments are carried at their fair value. Investment in equities are all traded in quoted public markets. 

## **11. Debtors** 

|**Due within one year**<br>Prepayments and accrued income|**2022**<br>**£**<br>**1,091**<br>**1,091**|_2021_<br>_£_<br>_-_|
|---|---|---|
|||_-_|



## **12. Creditors: Amounts falling due within one year** 

||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Accruals|**3,666**|_3,635_|



Page 17 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **13. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**Funds**<br>General Funds<br>**Endowment**<br>**Funds**<br>Endowment<br>Fund<br>**Total of Funds**|**Balance at 1**<br>**January**<br>**2022**<br>**£**<br>**534,425**<br>**1,821,769**<br>**2,356,194**|**Income**<br>**£**<br>**9,470**<br>**64,784**<br>**74,254**|**Expenditure**<br>**£**<br>**(92,421)**<br>**(1,200)**<br>**(93,621)**|**Transfers**<br>**in/out**<br>**£**<br>**63,584**<br>**(63,584)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**(97,275)**<br>**(147,376)**<br>**(244,651)**|**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**417,783**|
|---|---|---|---|---|---|---|
|||||||**1,674,393**|
|||||||**2,092,176**|



## **Unrestricted Funds:** 

Unrestricted Funds represent the free funds of the trust which are available for use towards any of the trust's objects. 

## **Endowment Funds:** 

The Endowment Fund represents those assets which must be held permanently by the trust, principally investments, and cannot be added to or spent. Income arising from this fund can be used in accordance with the trust's objects. 

Page 18 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **13. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**Funds**<br>General Funds<br>**Endowment**<br>**Funds**<br>Endowment<br>Fund<br>**Total of Funds**|_Balance at_<br>_1 January_<br>_2021_<br>_£_<br>_471,455_<br>_1,699,261_<br>_2,170,716_|_Income_<br>_£_<br>_9,345_<br>_58,649_<br>_67,994_|_Expenditure_<br>_£_<br>_(57,021)_<br>_(1,200)_<br>_(58,221)_|_Transfers_<br>_in/out_<br>_£_<br>_57,749_<br>_(57,749)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_52,897_<br>_122,808_<br>_175,705_|_Balance at_<br>_31_<br>_December_<br>_2021_<br>_£_<br>_534,425_|
|---|---|---|---|---|---|---|
|||||||_1,821,769_|
|||||||_2,356,194_|



## **14. Summary of funds** 

## **Summary of funds - current year** 

|General funds<br>Endowment<br>funds|**Balance at 1**<br>**January**<br>**2022**<br>**£**<br>**534,425**<br>**1,821,769**<br>**2,356,194**|**Income**<br>**£**<br>**9,470**<br>**64,784**<br>**74,254**|**Expenditure**<br>**£**<br>**(92,421)**<br>**(1,200)**<br>**(93,621)**|**Transfers**<br>**in/out**<br>**£**<br>**63,584**<br>**(63,584)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**(97,275)**<br>**(147,376)**<br>**(244,651)**|**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**417,783**<br>**1,674,393**<br>**2,092,176**|
|---|---|---|---|---|---|---|



Page 19 



## **FREDERICK ANDREW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **14. Summary of funds (continued)** 

## **Summary of funds - prior year** 

|General funds<br>Endowment<br>funds|_Balance at_<br>_1 January_<br>_2021_<br>_£_<br>_471,455_<br>_1,699,261_<br>_2,170,716_|_Income_<br>_£_<br>_9,345_<br>_58,649_<br>_67,994_|_Expenditure_<br>_£_<br>_(57,021)_<br>_(1,200)_<br>_(58,221)_|_Transfers_<br>_in/out_<br>_£_<br>_57,749_<br>_(57,749)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_52,897_<br>_122,808_<br>_175,705_|_Balance at_<br>_31_<br>_December_<br>_2021_<br>_£_<br>_534,425_<br>_1,821,769_<br>_2,356,194_|
|---|---|---|---|---|---|---|



## **15. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Endowment**<br>**funds**<br>**2022**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>1,674,693<br>396,966<br>-<br>24,183<br>(300)<br>(3,366)<br>1,674,393<br>417,783|**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,071,659**<br>**24,183**<br>**(3,666)**<br>**2,092,176**|
|---|---|---|



## **Analysis of net assets between funds - prior year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Endowment_<br>_funds_<br>_2021_<br>_£_<br>_1,822,069_<br>_-_<br>_(300)_<br>_1,821,769_|_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>_498,392_<br>_39,368_<br>_(3,335)_<br>_534,425_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_2,320,461_<br>_39,368_<br>_(3,635)_<br>_2,356,194_|
|---|---|---|---|



Page 20 



## **FREDERICK ANDREW TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **16. Related party transactions** 

The trust has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the trust at 31 December 2022. 

Page 21