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2021-09-30-accounts

THE JOSEPH STRONG FRAZER TRUST

REPORT AND FINANCIAL STATEMENTS

30 SEPTEMBER 2021

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 2021

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
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 2021

The trustees have pleasure in presenting their report together with the financial statements of the charity for the year ended 30 September 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 12 to 14 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 2021

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 9.

The principal source of unrestricted income comprised dividends and interest of £512,212 (2020: £381,144) from the investment portfolio. The remainder came from rental income of £136,123 (2020: £123,230) 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 17% (2020 -6.12%).

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 2021 were £654,100 (2020: £607,525), which the trustees consider to be appropriate in view of the £239,250 of charitable distributions agreed by the trustees in November 2021. 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 impact of the COVID-19 pandemic is referred to in notes 8 and 12 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 2021

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.

In so far as the board of trustees is aware:

On behalf of the trustees

Sir W Antony Reardon Smith Bt Chairman 29 March 2022

-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 2021 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

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 Trust’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.

-5-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

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.

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.

-6-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

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.

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:

Based on our understanding of the Trust and discussions with the trustees, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011, the Charities (Account and Reports) Regulations 2008 and UK tax legislation.

As part of the engagement team discussion about the susceptibility of the Trust’s financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk.

Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to:

-7-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE JOSEPH STRONG FRAZER TRUST

Auditor’s responsibilities for the audit of the financial statements (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance.

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 auditor’s report.

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 auditor’s 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 Date: 29 March 2022

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.

-8-

THE JOSEPH STRONG FRAZER TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Income from:
Investments
2
Expenditure on:
Raising funds
3
Charitable activities
5
Total expenditure
Net gains / (losses) on investments:
Gains / (losses) on
7
revaluation of investments
Realised gains / (losses) on disposal
of investments
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net income (expenditure) and net movement in
funds in year		 Income
fund
£
648,335
39,205
561,572
600,777
-
-
-
47,558
607,525
655,083		 Capital
fund
£
-
91,466
-
91,466
1,410,490
62,812
1,473,302
1,381,836
13,757,030
15,138,866		 2021
£
648,335
130,671
561,572
692,243
1,410,490
62,812
1,473,302
1,429,394
14,364,555
15,793,949		 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

The notes on pages 12 to 22 form part of these financial statements

THE JOSEPH STRONG FRAZER TRUST

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Debtors
9
Cash at bank
Liabilities
Creditors: Amounts falling due within one year
10
Net current assets
Total assets less current liabilities
Funds
Capital
Unrestricted income funds
Total charity funds
11		 2021
£
983
15,129,975
15,130,958
79,337
612,298
691,635
(28,644)
662,991
15,793,949
15,138,866
655,083
15,793,949		 2020
£
-
13,751,952
13,751,952
44,924
598,233
643,157
(30,554)
612,603
14,364,555
13,757,030
607,525
14,364,555

These financial statements were approved by the trustees on 29 March 2022 and were signed on their behalf by:-

Sir W Antony Reardon Smith Bt Chairman

The notes on pages 12 to 22 form part of these financial statements

THE JOSEPH STRONG FRAZER TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 tangible fixed assets
Purchase of investments
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash in the year ended 30 September 2021
Cash at 1 October 2020
Cash at 30 September 2021
(b)
(a) Reconciliation of net income to net cash flow from operating activities
Adjustments for:
Depreciation of tangible fixed assets
(Gains) losses on investments
Dividends, interest and rents from investments
(Increase) decrease in debtors
(Decrease) in creditors
Net cash used in operating activities
(b) Analysis of cash at 30 September 2021
Cash with Flagstone Investment Management
Cash with Lloyds Bank plc
Cash with Virgin Money plc
Cash with Handelsbanken
Cash held by investment adviser
Net income (expenditure) for the year ended 30 September 2021 (as
per the statement of financial activities)		 2021
£
(728,549)
648,335
(1,000)
(537,796)
426,319
535,858
(192,691)
932,624
739,933
1,429,394
17
(1,473,302)
(648,335)
(34,413)
(1,910)
(728,549)
509,833
102,465
-
-
612,298
127,635
739,933		 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

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 assets and depreciation

Tangible fixed assets are included in the accounts at their historical cost.

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of the assets over their expected useful lives. The rate used is as follows:-

Office equipment - 25% per annum on a straight line basis

e ) 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 bid price. 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.

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies (continued )

e ) Fixed asset investments (continued)

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.

f) Cash at bank

Cash at bank includes a current account and cash deposited with a savings platform.

g) 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.

h) 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.

i) 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.

j) 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.

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

j) Expenditure recognition (continued)

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.

2
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		 2021
£
332,610
68,207
18,716
16,299
64,643
11,252
485
136,123
648,335		 2020
£
206,327
58,812
17,679
9,755
76,611
10,866
1,094
123,230
504,374
3
Investment management
Property costs
Repairs and maintenance
Management, insurance and other costs
Legal and professional fees
Bank management fees and charges
Expenditure on raising funds		 Income
fund
£
4,814
14,955
17,215
1,478
743
39,205		 Capital
fund
£
91,466
-
-
-
-
91,466		 2021
£
96,280
14,955
17,215
1,478
743
130,671		 2020
£
90,672
15,651
21,253
10,181
39
137,796

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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
Institutional grants of £2,000 and over
Action on Hearing Loss
Age UK
Alzheimer's Research Trust
Alzheimer's Society
Arthroplasty for Arthritis Charity
Asthma UK
Barnet Bereavement Project
Beating Bowel Cancer
Bendrigg Trust
Blond McIndoe Research Centre
Blue Lamp Foundation
Boarbank Hall Convalescent Home
Bobath Cymru
Bowel Cancer UK
Breast Cancer Care
Breast Cancer Now
British Heart Foundation
British Institute for Brain Injured Children
British Lung Foundation
Cancer Research in Wales
Centrepoint
Chance UK Ltd
Carried forward		 Number
32
28
4
22
17
12
5
70
13
7
49
29
3
25
11
327		 2021
£
49,500
35,600
7,000
39,500
33,000
22,500
8,000
125,000
18,500
14,000
70,500
45,500
3,500
42,500
16,500
531,100
Number
1
1
1
2
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1
24		 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
£
2,000
2,000
2,500
5,000
2,000
2,000
2,000
2,500
2,000
2,000
2,000
2,000
4,000
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
50,500

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4
Institutional grants of £2,000 and over(continued)
Brought forward
Cherry Trees
Children North East
Children's Society
City Hospice
City Year UK
Cleft Lip and Palate Association
CLIC Sargent
Colostomy Association
Combat Stress
Community Forest Trust
Complicite
Contact the Elderly, London
Coram Family
Cystic Fibrosis Holiday fund
Daft As A Brush
Deafblind UK
Dementia Matters
Dementia UK
Diabetes UK
Elsing Parochial Church Council
Everyone Can
Fight for Sight
Finchale Training College for Disabled
Forest Holme Hospice Charity
Future Trees
Guide Dogs For the Blind Association
Headway East London
Hearing Dogs
Heart Research Wales
Helen Arkell Dyslexia Centre
Hospice Care North Northumberland
Hospice in the Weald
Independent Age
Inspire Foundation
Institute of Cancer Research
Josie's Dragonfly Trust
Jubilee Sailing Trust
Kids Cancer Charity
Leonard Cheshire Disability
Leukaemia Care
Listening Books
London Wildlife Trust
London Air Ambulance
MacMillan Nurses
Carried forward
Grants(continued)		 Number
24
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
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
69		 £
50,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
4,000
2,000
2,000
2,500
2,000
3,000
2,000
2,500
2,000
2,000
2,000
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
2,000
2,000
2,000
2,000
2,000
2,500
144,500

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4
Institutional grants of £2,000 and over(continued)
Brought forward
MACS
Maggie's Centres
Marie Curie Memorial Foundation, Penarth
Martha Trust
Mencap
MHA Communities Gateshead West
Mildmay
Minerva Centre
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 Rheumatoid Arthritis Society
National Youth Choirs of Great Britain
Neuromuscular Centre
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 Relief Foundation
Peoples Kitchen Limited
People's Theatre
Percy Hedley Foundation
Polka Theatre
Potential Plus UK
Princess Alice Hospice
Prisoners' Education Trust
Prostate Cancer Research Trust
Prostate Cancer UK
Reed's School
Restricted Growth Association
RNLI Appledore
Royal Academy Trust
Royal British Legion
Royal Marsden Cancer Charity
Royal National College for the Blind
Royal Osteoporosis Society
Carried forward
Grants (continued)		 Number
69
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
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
113		 £
144,500
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
2,000
2,000
2,000
2,000
2,000
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
2,500
2,000
2,000
2,000
2,000
234,500

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4
Institutional grants of £2,000 and over(continued)
Brought forward
Samson Centre for MS
Scope
Seafarers UK
SeeAbility
Sense, National Deaf-Blind and Rubella Association
Shine
Shooting Star Children's Hospices
Somerset Wildlife Trust
Southwark Cathedral
Special Boat Service Association
Spinal Injuries Association
Spinal Muscular Atrophy Support UK
SSAFA, Tyne & Wear
St Giles Trust
Stepney Bank Stables
Stroke Association
Support Dogs
Surfers Against Sewage
Sustrans
Teenager Cancer Trust
Terrence Higgins Trust
Thames Hospicecare
The AHOY Centre
The Brain Tumour Charity
The British Tinnitus Association
The Childrens Literacy Charity
The Donor Conception Network
The Evelina Childrens Hospital Appeal
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 College of Surgeons
The Royal School for the Blind, Liverpool
The Royal Star & Garter Home
The Sick Children's Trust
The Soldiers' Charity
The Wildfowl & Wetlands Trust
Tree of Hope - Amelia
Trinity Hospice
Carried forward
Grants (continued)		 Number
113
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
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
161		 £
234,500
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
2,000
2,500
2,000
2,000
2,000
2,000
2,000
2,000
2,500
2,000
4,500
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
2,000
2,500
2,000
2,000
2,000
2,500
334,000

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4
Institutional grants of £2,000 and over(continued)
Brought forward
Tuberous Sclerosis Association
Tyne Amateur Rowing Club
Upper Teesdale Agricultural Support Services Ltd
Versus Arthritis
Volunteering Matters
Wag & Co
Welsh College of Music & Drama
Welsh National Opera Ltd
West Horsley Village Hall
Willow Burn
Women in Need
Young Enterprise
Institutional grants of £2,000 and over
Institutional grants less than £2,000
5
Total expenditure
Income
fund
£
Grants payable (see note 4)
531,100
Support costs:
Auditors' fees for other services
7,293
538,393
Annuities to trustees
1,125
Trustees’ liability insurance
1,850
Auditors’ fees for audit services
3,489
Auditors’ fees for other services
16,698
Meeting, travelling and other expenses
-
Depreciation
17
23,179
Total expenditure on charitable
activities
561,572
Charitable activities:
Governance costs:
Grants (continued)		 Capital
fund
£
-
-
-
-
-
-
-
-
-
-
-		 Number
161
1
1
1
2
1
1
1
1
1
1
1
1
174
153
327
2021
£
531,100
7,293
538,393
1,125
1,850
3,489
16,698
-
17
23,179
561,572		 £
334,000
2,000
2,500
2,000
3,000
2,000
2,500
2,500
2,500
2,500
2,000
2,000
2,000
361,500
169,600
531,100
2020
£
529,600
7,150
536,750
1,125
1,850
3,355
15,031
1,670
-
23,031
559,781

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 expenses incurred on behalf of the Trust.
One of the trustees (2020: 3) has 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.		 2021
£
1,125
1,000		 2020
£
1,125
1,069

7 Tangible fixed assets

Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation
At 1 October 2020
Charge for year
At 30 September 2021
Net book value
At 30 September 2021
At 30 September 2020
8 Investments
Investments at fair value comprised:
i)
Listed investments
ii)
Investment properties
Cash available for reinvestment by investment advisers		 2021
£
12,539,840
2,462,500
127,635
15,129,975		 Office
equipment
£
-
1,000
1,000
-
17
17
983
-
2020
£
10,955,061
2,462,500
334,391
13,751,952

THE JOSEPH STRONG FRAZER TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

8 Investments (continued)

i)
Listed investments
At 1 October 2020
Additions at cost
Disposals at carrying value
Unrealised gains (losses) on revaluation
At 30 September 2021
Historical cost at 30 September 2021
Listed investments at market value comprised:
UK equity shares
Overseas equity shares
Alternative assets
Property
UK fixed interest securities
Overseas fixed interest securities		 2021
£
10,955,061
537,796
(363,507)
1,410,490
12,539,840
8,684,292
6,154,167
3,336,857
399,585
480,981
1,684,595
483,655
12,539,840		 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

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 2020 and 30 September 2021
Historical cost at 1 October 2020 and 30 September 2021		 2021
£
2,462,500
359,443		 2020
£
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 continuing COVID-19 pandemic the trustees’ valuations are still 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 2021

9 Debtors
Dividends and interest receivable
Amounts due from tenants
Prepayments
Accrued income
Other debtors
10 Creditors: amounts falling due within one year
Accruals
Other creditors
11 Analysis of net assets between funds
Fixed assets
Current assets
Current liabilities
Analysis of net assets between funds - previous year
Fixed assets
Current assets
Current liabilities		 Capital
£
15,180,034
(33,283)
(7,885)
15,138,866
Capital
£
13,797,248
(33,283)
(6,935)
13,757,030		 2021
£
59,953
173
1,783
17,428
-
79,337
2021
£
28,244
400
28,644
Income
£
(49,076)
724,918
(20,759)
655,083
Income
£
(45,296)
676,440
(23,619)
607,525		 2020
£
25,067
207
1,653
17,256
741
44,924
2020
£
27,334
3,220
30,554
Total
£
15,130,958
691,635
(28,644)
15,793,949
Total
£
13,751,952
643,157
(30,554)
14,364,555

12 Post balance sheet events

Due to the on-going COVID-19 pandemic, there is a potential future loss of investment income and capital value but it is impossible to estimate the longer term financial implications for the charity. The trustees consider that the reserves and financial position of the charity mitigate any immediate risk.