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2020-09-30-accounts

THE JOSEPH STRONG FRAZER TRUST

REPORT AND FINANCIAL STATEMENTS

30 SEPTEMBER 2020

Charity No: 235311

JOSEPH MILLER Chartered Accountants Newcastle upon Tyne

THE JOSEPH STRONG FRAZER TRUST

CONTENTS

Page

THE JOSEPH STRONG FRAZER TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

30 SEPTEMBER 2020
Registered charity number: 235311
Working name: Frazer Trust
Correspondence address: Floor A
Milburn House
Dean Street
Newcastle upon Tyne
NE1 1LE
Trustees: Sir W Antony Reardon Smith Bt (Chairman)
D A Cook
U Fagandini
R M H Read
W N H Reardon Smith
W I Waites
Auditor: Joseph Miller
Floor A
Milburn House
Dean Street
Newcastle upon Tyne
NE1 1LE
Investment advisers: Investec Wealth & Investment Limited
30 Gresham Street
London
EC2V 7QN
Bankers: Lloyds Bank plc
102 Grey Street
Newcastle upon Tyne
NE99 1SL
Virgin Money plc
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL
Flagstone Investment Management
1st Floor, Clareville House
26-27 Oxendon Street
London
SW1Y 4EL

-1-

THE JOSEPH STRONG FRAZER TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

The trustees have pleasure in presenting their report together with the financial statements of the charity for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 12 and comply with the charity's trust deed, 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.

Structure, governance and management

Governing document

The Joseph Strong Frazer Trust is registered with the Charity Commission and its governing instrument is the trust deed dated 29 December 1939.

Appointment of trustees

The board of trustees is responsible for the appointment of trustees, their tenure of office and the election of the chairman.

Induction and training of trustees

New trustees are briefed on the powers and responsibilities of the trustees, the grant making process, investments and the recent financial performance of the charity.

Organisation

The charity is managed by the trustees who normally meet twice a year. At these meetings, the trustees consider the key operational areas of grant making, investment, reserves and risk management.

Risk management

The trustees have carried out a detailed risk assessment to identify the major governance, financial, operational and compliance risks which the charity faces and this is reviewed each year. Procedures have been established to enable the trustees to monitor and mitigate those risks.

Objectives and activities

The objects of the Trust are to retain its capital in perpetuity and to apply its income to grant making. In planning and carrying out the Trust’s activities for the year, the trustees have considered the guidance produced by the Charity Commission on public benefit and are confident that this is achieved through the grants made.

Grant making policy

Under the trust deed, the trustees have power to apply the income of the Trust to, or for, such charitable institutions or other charitable objects or other charitable purposes as they, in their absolute discretion, select.

It is the aim of the trustees to support a very wide number of good causes and charitable objects and make best use of the Trust’s resources. Applications for grants are considered by the trustees and distributions are made where it is thought most appropriate and effective, to organisations within England and Wales.

-2-

THE JOSEPH STRONG FRAZER TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Achievements and performance

An analysis of grants made during the year is set out in note 4 to the financial statements.

Financial review

The income and expenditure of the Trust are shown in the statement of financial activities on page 8.

The principal source of unrestricted income comprised dividends and interest of £381,144 (2019: £483,372) from the investment portfolio. The remainder came from rental income of £123,230 (2019: £134,570) from the portfolio of residential and commercial property.

Investment policy and performance

The trust deed permits the charity's money to be invested in any investments in any location as the trustees shall in their absolute discretion think fit. The investment strategy is set by the trustees, who consider the income requirements, the risk profile and the investment advisers' view of economic and market conditions.

The investment objectives are to obtain a balanced return from capital growth and income. The trustees wish to preserve the real value of the portfolio in the long-term and to provide an adequate level of income to meet distributions by the charity. The investment policy is reviewed periodically.

The total return on the investment portfolio, net of investment fees and charges, reported by the investment managers over the year was -6.12% (2019 7.04%).

Reserves policy

It is the policy of the charity to maintain unrestricted income funds not invested in fixed assets (the free reserves) at an appropriate level to ensure that governance costs and other expenditure can be met out of undistributed investment income. The target level of reserves has been set at £100,000.

Free reserves at 30 September 2020 were £607,525 (2019: £714,590), which the trustees consider to be appropriate in view of the £239,000 of charitable distributions agreed at the trustees’ meeting in October 2020. The trustees review both the policy and the reserves position on a regular basis.

Plans for the future

The charity plans to continue to make grants to beneficiaries over a very wide range of charitable sectors. The potential impact of the COVID-19 pandemic is referred to in note 11 to the financial statements.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

-3-

THE JOSEPH STRONG FRAZER TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Statement of trustees’ responsibilities (continued)

The law applicable to charities in England and 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 charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the trustees

Sir W Antony Reardon Smith Bt Chairman 6 May 2021

-4-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

Opinion

We have audited the financial statements of The Joseph Strong Frazer Trust, for the year ended 30 September 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, 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 United Kingdom and Republic of Ireland (United Kingdom Generally Accepted Practice).

In our opinion the financial statements:

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 auditor’s 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 UK, including the FRC’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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

-5-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3 and 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 auditor’s 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

-6-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of the audit 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 trustees those matters we are required to state to them in an independent 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 charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Joseph Miller Statutory Auditor Floor A Milburn House Dean Street Newcastle upon Tyne NE1 1LE 6 May 2021

Joseph Miller is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor under Section 1212 of the Companies Act 2006.

-7-

THE JOSEPH STRONG FRAZER TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Note
Income from:
Investments
2
Expenditure on:
Raising funds
3
Charitable activities
5
Total expenditure
Net (losses) / gains on investments:
(Losses) / gains on
7
revaluation of investments
Realised (losses) on disposal of
investments
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net (expenditure) income and net movement in
funds in year		 Income
fund
£
504,374
51,658
559,781
611,439
-
-
-
(107,065)
714,590
607,525		 Capital
fund
£
-
86,138
-
86,138
(999,724)
(52,566)
(1,052,290)
(1,138,428)
14,895,458
13,757,030		 2020
£
504,374
137,796
559,781
697,577
(999,724)
(52,566)
(1,052,290)
(1,245,493)
15,610,048
14,364,555		 2019
£
617,942
153,860
584,674
738,534
476,743
(49,177)
427,566
306,974
15,303,074
15,610,048

The notes on pages 11 to 20 form part of these financial statements

8

THE JOSEPH STRONG FRAZER TRUST

BALANCE SHEET

AS AT 30 SEPTEMBER 2020

Note
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank
Liabilities
Creditors: Amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Funds
Capital
Unrestricted income funds
Total charity funds
10		 2020
£
13,751,952
44,924
598,233
643,157
(30,554)
612,603
14,364,555
13,757,030
607,525
14,364,555		 2019
£
14,895,590
78,237
668,722
746,959
(32,501)
714,458
15,610,048
14,895,458
714,590
15,610,048

These financial statements were approved by the trustees on 6 May 2021 and were signed on their behalf by:-

Sir W Antony Reardon Smith Bt Chairman

The notes on pages 11 to 20 form part of these financial statements

THE JOSEPH STRONG FRAZER TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Cash flows from operating activities:
Net cash used in operating activities
(a)
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of investments
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash in the year ended 30 September 2020
Cash at 1 October 2019
Cash at 30 September 2020
(b)
(a) Reconciliation of net income to net cash flow from operating activities
Adjustments for:
Losses (gains) on investments
Dividends, interest and rents from investments
Decrease in debtors
Decrease in creditors
Net cash used in operating activities
(b) Analysis of cash at 30 September 2020
Cash with Flagstone Investment Management
Cash with Lloyds Bank plc
Cash with Virgin Money plc
Cash with Handelsbanken
Cash held by investment adviser
Net (expenditure) income for the year ended 30 September 2020 (as
per the statement of financial activities)		 2020
£
(666,211)
504,374
(708,040)
762,460
558,794
(107,417)
1,040,041
932,624
(1,245,493)
1,052,290
(504,374)
33,313
(1,947)
(666,211)
299,461
145,755
77,515
75,502
598,233
334,391
932,624		 2019
£
(737,935)
617,942
(816,311)
1,197,288
998,919
260,984
779,057
1,040,041
306,974
(427,566)
(617,942)
2,784
(2,185)
(737,935)
-
516,354
76,936
75,432
668,722
371,319
1,040,041

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

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

b) Preparation of financial statements on a going concern basis

The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern.

c) Fund accounting

i) Income fund

The income fund is credited with the investment income arising from the trust's investments and is charged with charitable distributions made by the Trust, costs of raising funds and support and governance costs. Any surplus on the income fund is carried forward and is available for future distribution.

ii) Capital fund

The capital fund represents the endowed funds from the will trust of J S Frazer deceased together with the accumulated surpluses arising from the active management of the investments.

d) Fixed asset investments

i) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market value. Gains or losses arising on revaluation or disposal are recognised in the statement of financial activities in the funds in which the investments are held.

ii) Investment properties

The charity classifies land and buildings as investment properties when they are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value (which for this purpose is market value) at each reporting date with changes in the fair value recognised in the statement of financial activities.

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies ( continued )

e) Cash at bank

Cash at bank includes a current account, two instant deposit accounts and cash deposited with a savings platform.

f) Creditors and provisions

Creditors and provisions are recognised where the trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligations can be measured or estimated reliably.

g) Financial instruments

With the exception of investments described above, the trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.

h) Income recognition

All income is included in the statement of financial activities when 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.

The following specific policies are applied to particular categories of income:

l Investment income such as dividends and interest are included when receivable.

l Investment income from rents is recognised on a straight-line basis over the term of the lease.

i) Expenditure recognition

Expenditure is recognised as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, inclusive of any VAT which cannot be recovered.

Expenditure on raising funds comprise those costs directly attributable to financing, managing and maintaining the listed investments and investment properties of the trust.

Grants payable are recorded once the Trust has made an unconditional commitment to pay the grant which is communicated to the beneficiary or the grant has been paid, whichever is earliest. Grants offered subject to conditions which have not been met at the balance sheet date are noted as a commitment, but not provided as expenditure.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Support costs are allocated on the basis of time spent on each activity as shown in note 5 to the financial statements.

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Dividends - UK equities
Dividends - Alternative assets
Dividends - Property
Interest - UK fixed interest securities
Interest - Overseas fixed interest securities
Interest on cash deposits
Dividends - Overseas equities
Investment properties - rental income
Income from investments		 2020
£
206,327
58,812
17,679
9,755
76,611
10,866
1,094
123,230
504,374		 2019
£
297,118
68,904
18,268
10,887
78,000
9,085
1,110
134,570
617,942

3 Expenditure on raising funds

Investment management
Property costs
Repairs and maintenance
Provision for rent arrears
Management, insurance and other costs
Legal and professional fees
Bank management fees and charges
Expenditure on raising funds		 Income
fund
£
4,534
15,651
-
21,253
10,181
39
51,658		 Capital
fund
£
86,138
-
-
-
-
-
86,138		 2020
£
90,672
15,651
-
21,253
10,181
39
137,796		 2019
£
92,769
25,005
6,853
18,291
10,932
10
153,860

4 Grants

During the year institutional grants were made for the following charitable purposes:-

Children
Youth
Old and infirm
Hospitals and home (and connected activities)
Deaf and blind
Disabled
Mentally handicapped
Medical and other research
Maritime
Armed forces
Caring organisations
Other trusts, funds and voluntary organisations
Schools and colleges
Leisure activities, animals and wildlife
Religious bodies		 Number
33
27
3
21
18
15
5
71
15
7
52
33
3
24
10
337		 2020
£
49,000
31,100
6,000
39,000
33,500
25,500
8,000
124,500
18,500
14,000
73,000
48,000
3,500
40,000
16,000
529,600		 2019
£
51,500
38,850
6,000
39,000
35,500
27,000
8,000
128,000
22,500
15,000
77,000
52,500
3,000
34,000
15,500
553,350

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

4 Grants ( continued )

Institutional grants of £2,000 and over
Action on Hearing Loss
Age UK (Research into Ageing)
Alzheimer's Research Trust
Alzheimer's Society
Arthroplasty for Arthritis Charity
Asthma UK ( was National Asthma Campaign)
Barnet Bereavement Project
Beating Bowel Cancer
Blond McIndoe Research Centre
Blue Lamp Foundation
Boarbank Hall Convalescent Home
Bobath Cymru
Bowel Cancer UK
Breast Cancer Care
Breast Cancer Now
British Council for the Prevention of Blindness
British Heart Foundation
British Institute for Brain Injured Children
British Lung Foundation
British Tinnitus Association
Cancer Research in Wales
Centrepoint
Chance UK
Cherry Trees
Children North East
Children's Society
City Hospice
Cleft Lip and Palate Association
CLIC Sargent
Colostromy Association
Combat Stress
Community Forest Trust
Complicite
Contact the Elderly, London
Coram Family
Counsel & Care for Elderly
Cystic Fibrosis Holiday fund
Daft as A Brush
Deafblind UK
Dementia Care Newcastle
Diabetes UK
Elsing Parichial Church Council
Elvina Childrens Hospital Appeal
Everyone Can
Fight for Sight
Finchale Training College for the Disabled
Carried forward		 Number
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
1
1
1
1
1
1
1
1
1
1
49		 £
2,000
2,000
2,500
3,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
4,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
4,500
2,000
2,000
2,000
2,500
3,000
2,000
2,500
2,000
2,000
2,000
2,000
101,500

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

4 Grants ( continued )

Institutional grants of £2,000 and over
Brought forward
Forest Holme Hospice Charity
Future Trees
Guide Dogs for the Blind Association
Guy's and St Thomas' Fundraising and Supporter Development
Headway
Hearing Dogs
Heart Research Wales
Helen Arkell Dyslexia Centre
Hospice Care North Northumberland
Hospice in the Weald
Inspire Foundation
Institute of Cancer Research
Josie's Dragonfly Trust
Jubilee Sailing Trust
Kids Cancer Charity
Leonard Cheshire Disability
Leukaemia Care
Listening Books
London Air Ambulance
London Wildlife Trust
MacMillan Nurses
MACS
Maggie's Centres
Marie Curie Memorial Foundation , Penarth
Martha Trust
Mencap
MHA Chopwell and Rowlands Gill Live at Home Scheme
Mildmay
Minerva Centre
Missions to Seafarers
Moorfields Eye Charity
Motor Neurone Disease Association
Muscular Dystrophy Group
National Botanical Gardens of Wales
National Eczema Society
National Eye Research Centre
National Literacy Trust
National Meningitis Trust
National Osteoporosis Society
National Rheumatoid Arthritis Society
National Youth Choirs of Great Britain
Neuromuscular Centre
Carried forward		 Number
49
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
92		 £
101,500
2,500
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
3,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
189,000

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

4
Institutional grants of £2,000 and over(cont'd)
Brought forward
Newcastle Foodbank
Newcastle United Foundation
North London Hospice
Northern Counties School for the Deaf
Northumbria Calvert Trust
Not Forgotten Association
Nunnykirk Centre for Dyslexia
Pain Releif Foundation
Peoples Kitchen Limited
Peoples Theatre
Percy Hedley Foundation
Pestelozzi Children's Village Trust
Polka Theatre
Potential Plus UK
Princess Alice Hospice
Prisoners' Education Trust
Prostate Cancer Research Trust
Prostate Cancer UK (was Prostate Cancer Charity)
R.N.L.I. Appledore
Reed's School
Restricted Growth Association
Royal Academy Trust
Royal British Legion
Royal College of Surgeons
Royal Marsden Cancer Charity
Royal National College for the Blind
Royal School for the Blind , Liverpool
S.S.A.F.A., Tyne & Wear
Samaritans
Samson Centre for MS
Scope
Seafarers UK
SeeAbility
Sense, National Deaf-Blind and Rubella Association
Shine (formally Association for Spina Bifida & Hydrocephalus)
Shooting Star Children's Hospices
Somerset Wildlife Trust
Southwark Cathedral Development Trust
Special Boat Service Association
Spinal Injuries Association
Spinal Muscular Atrophy Support UK
St Giles Trust
Stepney Bank Stables
Stroke Association
Carried forward
Grants (continued)		 Number
92
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
138		 £
189,000
2,000
2,000
2,000
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
4,000
2,000
2,500
2,000
282,000

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

4
Institutional grants of £2,000 and over(cont'd)
Brought forward
Support Dogs
Surfers Against Sewerage
Sustrans
Teenager Cancer Trust
Terrence Higgins Trust
Thames Hospicecare
The AHOY Centre
The Bendrigg Trust
The Brain Tumour Charity
The Childrens Literacy Charity
The Donor Conception Network
The Douglas Bader Foundation
The Fountain Centre
The Friends of The Cathedral of the forest
The Gurkha Welfare Trust
The Hextol Foundation
The Josephine and Jack Project
The National Brain Appeal
The Pace Centre Ltd
The Parachute Regiment Charity
The Parochial Church Council of Sugley
The Royal Star & Garter Home
The Soldiers' Charity (was Army Benevolent Fund)
The West Horsley Wheel of Care
Trinity Hospice
Tuberous Sclerosis Association
Tyne Amateur Rowing Club
Upper Teesdale Agricultural Support Services Ltd
Versus Arthritis (was Arthritis Research UK)
Volunteering Matters
Wag & Co
We Are With You (was Addaction)
Welsh College of Music & Drama
Welsh National Opera
West Horsley Village Hall
Willow Burn
Carried forward
Institutional grants less than £2,000
Grants (continued)		 Number
138
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
175
162
337		 £
282,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,500
2,000
2,000
2,000
2,500
2,000
2,500
2,000
2,000
2,000
2,500
2,500
2,000
2,500
2,000
3,000
2,000
2,500
2,000
2,000
2,000
2,500
2,000
360,000
169,600
529,600

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

5
Total expenditure
Income
Capital
fund
fund
£
£
Grants payable (see note 4)
529,600
-
Support costs:
Auditors' fees for other services
7,150
-
536,750
-
Annuities to trustees
1,125
-
Trustees’ liability insurance
1,850
-
Auditors’ fees for audit services
3,355
-
Auditors’ fees for other services
15,031
-
Meeting, travelling and miscellaneous
1,670
-
expenses
23,031
-
Total expenditure on charitable
activities
559,781
-
6 Transactions with trustees
Under the terms of the will trust each of the trustees receives the sum of
£150 which together with the income tax due amounts to £188. The
amount charged in the financial statements is:
The trustees who acted during the year received reimbursement
for travelling, subsistence and other expenses incurred on behalf of the
trust. Three of the trustees (2019: 6) have received reimbursement
during the year, the aggregate amount being
The trustees did not receive any emoluments during the year.
The trust considers its key management personnel to be the trustees.
7 Investments
Investments at fair value comprised:
i)
Listed investments
ii)
Investment properties
Cash available for reinvestment by investment advisers
Charitable activities:
Governance costs:		 2020
£
529,600
7,150
536,750
1,125
1,850
3,355
15,031
1,670
23,031
559,781
2020
£
1,125
1,069
2020
£
10,955,061
2,462,500
334,391
13,751,952		 2019
£
553,350
6,950
560,300
1,125
1,850
3,257
14,345
3,797
24,374
584,674
2019
£
1,125
2,797
2019
£
12,061,771
2,462,500
371,319
14,895,590

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

7 Investments (continued)

i)
Listed investments
At 1 October 2019
Additions at cost
Disposals at carrying value
Unrealised (losses) gains on revaluation
At 30 September 2020
Historical cost at 30 September 2020
Listed investments at market value comprised:
UK equity shares
Overseas equity shares
Alternative assets
Property
UK fixed interest securities
Overseas fixed interest securities		 2020
£
12,061,771
708,040
(815,026)
(999,724)
10,955,061
8,504,605
5,500,539
2,648,282
361,888
194,450
1,893,440
356,462
10,955,061		 2019
£
12,015,182
816,311
(1,246,465)
476,743
12,061,771
8,351,477
6,295,197
2,676,010
359,484
265,713
2,112,473
352,894
12,061,771

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. The basis of fair value for quoted investments is the market value using the bid price.

ii)
Investment properties
Freehold properties
At 1 October 2019 and 30 September 2020
Historical cost at 1 October and 30 September 2020		 2020
£
2,462,500
359,443		 2019
£
2,462,500
359,443

The investment properties were valued at £2,462,500 by the managing agents of the Trust, Hindmarsh & Partners, Chartered Surveyors, in August 2018. The valuation basis used was market value subject to subsisting tenancies. The trustees consider that this valuation is still appropriate at the year end.

Due to the COVID-19 pandemic there was a shortage of market evidence for comparison purposes, to inform the trustees’ opinions of the values. The trustees’ valuations are therefore subject to 'material valuation uncertainty'. Consequently, less certainty and a higher degree of caution, should be attached to the valuation than would normally be the case. The 'material valuation uncertainty' does not mean that the valuation cannot be relied upon. Rather, in the current extraordinary circumstances, less certainty can be attached to the valuation than would otherwise be the case.

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

8 Debtors
Dividends and interest receivable
Amounts due from tenants
Prepayments
Accrued income
Other debtors
9 Creditors: amounts falling due within one year
Accruals
Other creditors
10 Analysis of net assets between funds
Fixed asset investments
Current assets
Current liabilities
Analysis of net assets between funds - previous year
Fixed asset investments
Current assets
Current liabilities		 Capital
£
13,797,248
(33,283)
(6,935)
13,757,030
Capital
£
14,936,319
(33,283)
(7,578)
14,895,458		 2020
£
25,067
207
1,653
17,256
741
44,924
2020
£
27,334
3,220
30,554
Income
£
(45,296)
676,440
(23,619)
607,525
Income
£
(40,729)
780,242
(24,923)
714,590		 2019
£
57,400
1,353
1,748
17,736
-
78,237
2019
£
32,378
123
32,501
Total
£
13,751,952
643,157
(30,554)
14,364,555
Total
£
14,895,590
746,959
(32,501)
15,610,048

11 Post balance sheet events

As a result of the COVID-19 pandemic, there was a decrease in listed investment values at the balance sheet date which have since made a considerable recovery. It is probable that there may be a further decrease in investment and property income during the current financial year, but at this stage, it is impossible to estimate the longer term financial effects on the charity.