Charity number: 235311 FRAZER TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Armstrongwatson. Accountants, Business & Financial Advisers
FRAZER TRUST CONTENTS Page Rofor•n¢e and admlnlstrativ• detall$ of th• ¢harlty. Its Trustees and advlsern Trustees. report Independent auditor's raport on th• financial statem•nts Statsm•nt of flnanclal a¢tlvrtlo8 Balancè sh••t 10 Statoment of cash flovA Noles to the financlal ststsments 12-27
FRAZER TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees R M H Read, Chairman C L Barnett (appointed 31 October 20241 D A Cook Iresiqned 31 October 20241 U Fagandini (resigned 19 April 20251 E G Pybus lappoinled 31 October 20251 Sir W N H Reardon Smrth Bl W I Warte5 Charlty reglstsred numbor 235311 Principal 0ffi¢o First Floor One StTawbery Lane Newcasde upon Tyne NE14BX Indop•ndont audltor Amstron9 Walson Audit Limited One Stfavknery Lane Newcasde upon Tyne NE14BX Bankor¥ Uoyds Bank F4c 102 Grey Street Ne¥Se upon Tyne NE99 ISL Flagstone Investment Marwgemenl 1 sl Floor Clareville House 2&27 Oxendon Street London SW1Y4EL Inv•stm•nt advi8•rn Ralhbones Investment Management Limited 30 Gresham stet London EC2V 7QN Working naffle The Joseph Strong Frazer Trust Page 1
FRAZER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees present their annual report together yh the audited financial statements of the charity for the year 1 October 2024 10 30 Septembei 2025. The financial statements have been prepared in accordan the a¢Unting pdiaes set out on pages 12 10 14 and comply wth the charl9 Trust Deed, the Chartties Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice apF4icat4e to charities preparing their accounts in accordance wth the Financial Reporting Standard applicatle in the UK and ReputrAic of Ireland. Objgctivos and activities a. Obl•¢tlv•s and actlYltl•s for tho puWl¢ nefit The objects of the Trust are lo retain ils caprtal in perpetuity and to apF4y its income to grant making. In planning and carrying out the Trust's aclivibes for the year. the Trustees have considered the guidance produced by the Charity Commission on public benefit induding the guidance 'PulAie benefit running a charity IPB21' and are confident that this is achieved through the granls made. Ik Grant maklng pollcy Under the Trust Deed, the Trustees have power to apF4y the income of the Trust to, or for, such Charitable institutions or other charitable objects or other charitat4e purposes as they, in their absolute discretion, select. 11 is the aim of the Trustees to support a wde number of good causes and chantstrAe objects and make best use of the Trust's resources. Applications for grants afe considered by the Trustees and distributions are made where il is thought most appropriate and effective, to organisaljons wlhin England and Wales. AchloY•m•nts and yrfomianco *. Maln achSovoments ot tho charlty An analysis of grants made during the year is sel out in note 6 to the financial statement& Financial revièw a. Golng concorn After making appropriate enquiries. the Tw$lee$ have a reasonaUe expectstion that the charity has adequate re$ource$ to continue in operational exislence for the foreseeatrAe future. For this aSOn. they continue lo adopt the going concern basis in preparing the financial statements. Further details regardin9 the adoption of the going concern basis can be found in the accounting pc4icies. Flnan¢lal rnvbow of a¢tlvltbo$ 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 £445.963 12024.. £464,745> from the investment portfdio. The remainder came from (ental InMe of £167,71312024'. £151.7341 from the portfolio of residential and commercial property. Page 2
FRAZER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 c. Investment policy and performance The Trust Deed permits the Trusys money to be invested in any investments in any location as the Trustees shall in their absolute discretion think fiL 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 a lo obtain a balanced retum from capila gr0h and income. The Trustees wish to preserve the real value of the portfolio in the lontem) and to provide an adequate level of income to meet distributsons by the charity. The investh)ent pclicy is reviewed periodically. The lolal return on the investment portfdio. net of investment fees and charges, reported by the investment managers over the year wa5 7.9'A12024 a retum of 113%). d. R•sorves policy It is the policy of the charity to maintain unrestricted income funds nol invested in fixed assets Ilhe free reserves) at an appropriate level to ensure that governance costs and other expenditure Can be mel out of undistributed investment income. The targei level ol reserves has been set at £100,000. Free reserves al 30 September 2025 were £622.764 12024." £580,153), vthich the Trustees Consider to be appropriate in view ol the £225.000 of charitae dislnbulions agreed by the Trustees in November 2025. The Trustees review both the pc4icy and the re$eThes position on a regulac basis. Structurn. govornan¢• and managomènt a. ConstItuOn Frazer Trust is a registered charity. number 235311, and is constilLrted under a Trust Deed dated 29 December 1939. Ix Mtthods of ppolntm•nt or •l•¢tion of Tru$ts•$ The Board of Trustees is responsible for the appoinlment of Trustees, their tenure of office and the eleth'on of the chairman. c. Organlsallonal stw¢ture and de¢lsloTrmaklng pdl¢l The Trust is managed by the Trustees vtho normally meet a year. At these meetings, the Trustees consider the key operational a3$ of grant making. investment, SeThe$ and risk managemenL d. Policies adopted for the induction and training of Trustees New Trustees are briefed on the powers and }nsibrtieS of the Trustees. the grant making pro¢e$s, investments and the recent finanaal performance of the TrusL Rlsk manag•ment The Trustees have carrTed out a detaled risk assessment to idenbfy the major govemance, financial. operational and compliance risks bvhich the Trust faces and this is reviewed each year. Procedure5 have been estsblished to enatAe the Trustees lo monrtor and mrtigale those risk& Plans for future periods The Trust anS to contsnue to make grants to beneficiaries over a wide range of charitable sectors. Page 3
FRAZER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Statsment of Trustees. responsibilities The Trustees are responsible lor preparing the Trustees. report and the ffinancial statements in accordance with applicat4e law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Tnjstees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, induding rts income and expendibjre, for that period. In preparing these financial statements, the Trustees are required lo.. select suitatle accounting policies and then apF4y them consistendy., observe the methods and pnn¢iKAes of the Charities SORP IFRS 1021". make judgments and accountsng estimates that are reasonable and pnjdent., slate whether appli¢able UK Accounting Standards IFRS 1021 have been felk)wed. subject to any material departures disdosed and exF4ained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will conts'nue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's Iransaclion5 and disdose wrth reasonat4e accuracy at any time the financial p051tion of the charity and enable them lo ensure that the finan¢ial slalements comply with the Ch3rilies 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 chafity and hence for taking reasonaL4e steps for the pVention and detection of fraud and other irregularits'e$. DISCIUrfr of Infomiatlon to audltor Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there 1$ no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have tjeen laken as a Tnjstee in order lo be aware of any relevant audit inform3lion and lo estat4ish that the charivs avdilor is aware of that infomation. Approved by order of the members of the board of Trustees and Signed on their behalf by.. Eickatd Eead Richard Read (Jul i 2C26 18 21 00 GMT+11 RMHRoad Chairman Date.. 7 July 2026 Page 4
FRAZER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FFIAZER TRUST Opinion We have audited the financial ststements of Frazer Trust (the '¢harityl for the year ended 30 September 2025 which comprise the statement of financial activities, Ihe balance sheet, the statement of cash flows and the related notes, induding a summary of significant accounting pdicie& The financial reporting framework that has been applied in their preparation Is apFlicatrAe law and United Kingdom Accounting Standards. including Financial Reporbng Stsntlard 102 'The Financial Reporting Standard ap1¢able in the UK and Republic of Ireland, (United Kingdom Generally Accepted Ac¢ounbng Practice). In our opinion the financial statements.. give a true and fair view of the stsle of the Charity's affairs as at 30 September 2025 and of i(s incoming resources and application of sOUrceS for the year then ended". have been properly prepared in accordance vAth United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance wth the requirements of the Charities Act 2011. Ba$ls for oplnlon We ctsnducled our audit in accordance with 1nlemab.onal Standards on Auditing IUKI IISAS IUKII and apF4icable law. Our responsiblilies under those standards are further deribed in the Audilorfs responsibilities for the audit of the financial statements section of our report We are inilependent of the charity in accordance with the elhi¢al requirements that are relevanl lo our audil of Ihe financial ststements in the United Kingdom, induding the Financial Reporting Council's Ethical Standard, and we have fLdfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons rolang to golng concom In auditing the financial stslements. we have condvded that the Trustees, use of the going conc&m basis of accounting in the preparation of the financial stslemenls is appropriate. 8a5ed on the work we have performed. we have not identified any material uncertainties relating lo evenlg or conditions that, individually or collectiv. may cast significant doubl on the charity's ability lo continue as a going concem for a period of at least hvefve months from when the financial statements are authorised for issue. Our responsibilities and the responbilitses of the Trnstees respect to going concem are described in the relevant sections of this repo Other inforniation The other inforniation comprises the infomiation induded in the annual report other than the financial statements and our auditorfs 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 exF4icrtly stated in our report, we do not express any form of assurance condusion theOn. Our responsibilty is to read the other infom)alion and. in doing so. consider whether the other information is materially inconsistent vhth the financial statements or our kno¥edge obtained in the course of the audrt, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine ether this gives rise to a material misstatement In the financia statements themselves. If, based on the work we have performed, we condude that there is a material misststement of this other information, we are required lo report that facL We have nothing to report in this regard. Page 5
FRAZER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRAZER TRUST ICONTINUEDI Matters on which we are required to report by exception We have nothing to report in respert of the followng matters ere the Charities IA¢counts and Reportsl 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 wth the financial stalement5,' or sufficient accounting records have not been kept". or the financial statements are not in agreement wth the accounting records and retums.. or we have not received all the inforMatn and exp4anations we require for our audiL R8sponsIbiliti of Trustees As explained more fully in the TnJstee$' responsibilib.es statement. the Trustees are responsitle for the preparation of the finanual statements whi¢h give a Irue and fair view. and for such inlemal Control as the Trustees determine is necessary to enat4e the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements. the Trustees are responsi1e for assessing the charitys ability to continue as a going ¢on¢em, disdosing, as applicat4e, matters related lo going wn¢ern and using the going ¢oncem basis of accounting UesS the Trustees eiiher intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 6
FRAZER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRAZER TRUST ICONTINUEDI Auditorfs responsibblities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charth'es Act 2011 and report in a¢cordan¢e wth the Act and relevant regulations made or having effect Ihereunder. Our objectives are to oblain reasonatrAe assurance about vthether the financial slalemenls as a whc4e are free from material misstatement, vthether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonatle assurance is a high level of assurance, bLrt is not a guarantee that an audit conducted in accordance wth ISAS IUKI will aways detect a matena misstatement en it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably bè expected Its Influence the economic decisions of users tsken on the basis of these financial slalemenls. Irregularities, induding fraud, are instances of noTrcomFliance Y*ith laws and regulations. We design procedures in line with our responsibilitie5, oudined above. lo detect matena mis51alemenls in respect of irregularitses, induding fraud. The extent to which our procedures are capable ol deleeting irregularilieg. including fraud is detsiled bdow". Based on our understanding of the Trust and discussions with the Tnjstees, we considered that the rnost significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP IFRS 1021, the Charitie5 Act 2011, the Charits"e5 (Account and Reports) Regulation5 2008 and UK lax legislation. As part of the engagement team discussion about Ihe susceptibilty of the Trust's financial slalemenls lo material misststement due to fraud, we did not identify any areas %wth an increased risk. Our audit procedures were designed lo respond to idents.fied risks, induding non-comF4iance wlh laws and regulations and fraud. whith may have a materia effect on the financial statements. Our audit procedures included bul were not limited to". ' enquiry of the Trustees and review of any relevant correspondence wih legal advisers regarding any instances of non-comFliance wth laws and regulations and any actual. suspected or alleged fraud.. communicating identrfied laws and regulations and the risks of fraud Trmlh our engagement team and remaining alert lo any indications of n0CoMF11an¢e or fraud.. ' gaining an understanding of the intema contrds established to mth'gate risks related to fraud,. examining sUPPOrting documents for all material balances, ITan5acb'on$ and disdosures., review of the minutes of the board of Trustees.. review of accounting estimates for management override and bias., analytical procedures lo identify any unusual transactions., identifying and lesling joumal entries. Owing to the inherent limrtations of an audit, there is an unavoidat4e risk that some material misstatements of the financial slalements may not be detected. even though the audit is properfy F4anned and performed in accordance wlh the ISAS IUKI. The potential effects of inherent limitations are particularty signfficant in the case of misstatement resulting from fraud because fraud may invc4ve collusion, forgery, intentional omissions, misrepresentstions or the override of intemal controls. The primary responsiblty for the PVen"On and detection of irregularities induding fraud re51s with those charged wrth goveinance. Page 7
FRAZER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRAZER TRUST ICONTINUEDI A further description of our responsibilities for the audrt of the financial statements Is located on the Financial Reporbng Council's websrte at.. www.fraor .uklaudrtorsres onsibilrties. Thi5 description fom15 part of our audilorfs report. Use of our report This report is made soldy to the chanty's Trustees, as a body. in accordance wth Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audrt 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 auditorfs report and for no other purpose. To the lullesl exlenl permitted by law. we do not accept or assume respon5iblity lo anyone other than the Charity and ils Trustees, as a body. for our audrt work. for this report. or for the opinions we have formed. Karen Rae (Jul 9. 2026 16'.35'.25 GMT+1) Arnistrong Watson Audlt Llmltsd One Strawberry Lane Newcastle upon Tyne NE14BX 7 July 2026 Armstrong Walson Audit Limrted is eligible to act as auditor in terms of section 1212 of the Companies Act 2006. Page 8
FRAZER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestricted EndoMnent funds fund$ 2025 2025 Totsl fvnds 2025 Total funds 2024 Not• Income and endovmients from: Investments 613.676 613,676 616,479 Total income and endov•Thents 613.676 613,676 616,479 Expenditure on: Raising funds CharilatrAe acliwbes 41.367 529,898 93.018 134,385 529,898 153,020 543,378 Total oxpondlture 571.265 93.018 664,283 696,338 Net gains on investments 504.074 S04,074 1,079,304 Not movem•nt In funds 42.411 411,056 453,467 999.445 Ro¢on¢lllatlon of funds: Total funds brought forward Net movement in funds $80,536 42,411 15,818,053 411.056 16,398,589 453,467 15,399. 144 999,445 Total funds carrl•d forKdrd 622,947 16,229,109 16.852,056 16,398.589 The Statement of financial activities inclLths all gains and losses recognised in the year. The notes on pages 12 to 27 form part ol these financial statemen Page 9
FRAZER TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Molo Fixod assèts Tangible assets Investments 183 16.223,018 383 15, 799.627 16,223,201 15,800,004 Current assets Debtors Cash at bank and in hand 10 82,455 600,818 69.746 572,079 683,273 647.825 Creditors.. amounts falling due within one year 154,4181 (43,240) Not current a¥$ets 628,855 598.585 Total a880ts1è#8 currnnt Ilabllltlè# 16,8S2,056 16,398,589 Charlty lunds Endo¥Mnent funds Unrestricted funds 12 12 18,229,109 622,947 15,818,053 580,536 Totsl funds 16,852,056 16,398.589 The financial slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. .EIGhér.4.Flf.qV. Jy.%l RMHR•ad Chairman 08te- 7 july 2026 .I.QA?. 19,RI.AQ.FMT+11 The notes on pages 12 to 27 fom part of these financial statements. Page 10
FRAZER TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Cash flov43 from operating activitie5 Net cash used in operatsng activities {Note 141 166S,614} (714, 179) Cash flows from investing activities Dividends, interests and rents ftom inve$tsnenls Proceeds from sale of investments Purchase of investments 613,676 1.063,440 11.092.116} 616,479 484, 190 f45T. 7571 Ngt cash provlded by inv¥sting acllvities SBS,000 642,912 Chango In cash and cash equlvaltnts In th• yèar Cash and cash equivalents al the beginning of the year 180,6141 711,965 171.267 783,232 Cash and cash oqulvalonts at thfr ond of tho year (Note 15 631,351 711,965 The notes on pages 12 to 27 fomi part of these financial statements Page 11
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Genoral inforn)ation Frazer Trust 15 an unincorporated charity registered in England and Wale5, charrty number 235311. The princip81 office address is First Floor, One SITavAJerry Lane, Newca51Je upon Tyne, NE148X. The prinapa activity of the Trust is grant giving from investment income. Ac¢ountlng poll¢l•$ 2.1 Basis of proparation of financial statemants The financial statements have been prepared in accordanee wlh the Charities SORP IFRS 1021- Accounting and Reporting by Charrties." Slalement of Recommended Practice appli¢able to Charities preparing their accounts in accordance wlh the Financial Repoty'ng Stsndard aprAi¢able in the UK and Republic of Ireland IFRS 1021 leffectsve 1 January 20191, the Financial Reporting Stsndard apF4icable in the UK and Republic of Ireland IFRS 1021 and the Charits'es Act 2011. Frazer Trust meets the definition of a put4ic benefit entity under FRS 102. Assets and liablilies are inilially recognise(l at historical cost or Iransacts'on value unless olhetwise ststed in the relevant a¢untr.n9 policy. The financial statements are prepared in 5terfing which is the functional and presenlalional currency of the TrusL 2.2 Golng conc¢m The Trustees consider that there are no materia uncertainties about the Trust's abilty to continue as a going concern. 2.3 Income All income is renised once the charity has entsdement lo the income, il is probable that the income wll be received and the amount of income receivat4e can be measured reliably. The following specific pc4i¢ie$ are apFlied lo partiear categories of income:_ Investmenl income such as dividends and interest a induded when receivaLle and the amount can be measured reliably by the Trust. This is nornially upon notifi¢atson of the dividend or interest paid or payatle by the insts'tution wth whom the funds are deposited. Investment income from rents is recognised on a Straight line basis over the lems of the lease. Page 12
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies (continued} 2.4 Expgndlturo Expenditure is recognised as soon as there is a lega or conslruth've otligatron lo make a payment lo a third party. il Is probable that setllemenl wll be required and the amount of the obligation can be measureil ielialAy. All eXPendrtv is accounte<l for on an accruals basis. indusive of any VAT which cannot be recoVed. Expenditure on raising funds comprise those costs directy attributable to financing, managing and maintaining the listed investments and investment properts.es of the TrusL Grants payable are recorded once the Trust has made an unconditional commitment to pay the grant which is communicated lo the beneficiary or the grant has been pai¢J. %thi¢hever is eatliesL Grants offered subject to condits'ons lch have not been mel al the balance sheet dale are noted as commitment, but not provided as expenditure. Govemanee costs comprise all costs invdving the putlic accountability of the charity and ils comrliance Trmth regulation and good pfacbce. Support costs are all¢xaled on the ba*s of bme spent on each ath'vity as shown in note 5 to the rinancial statements. 2.5 Tanglbl• Ilxed •ssots and dèproclatlon Tangible fixed assets are initially recognised at $L After recognition. under the cost model. tangle fixed as$et$ are measured at ¢o$t le$$ accumulated depreciation and any a¢¢umulated impairment losses. All costs incurred to bring a tangitle fixed asset into its intended workin9 condition shoLdd be induded in the measurement of cosL Depreciation is charged so as to allocate the cost of tangle fixed assets less their residual value over their eslimaled useful lives. using the straighl-line method. DepreatIOn is provided on the following basis.. Office equipment 20% 2.6 Investm•nts Listed investments are a fom) of basic financial instrument and are inth'ally recognised at their transaction value and Subsequently measured al their fair value a5 al the balance sheet dale using the bid price. Gains or losse5 arising on revaualion or disposal are recogni5ed in the slalemenl of financia activities in the ftjnds in vthich the investments are held. The Trust dassifies land and buildings as investment properties vknen they are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprise5 the purchase price and any direcdy attribUtale expenditure. Investment properties are subsequendy remeasured to fair value (which for thi5 purpose is market value) al each reporting dale wlh changes in the fair value cOgnised in the ststement of financial aclivilies. 2.7 Debtors Other debtors are recognised at the setdemenl amount after any trade discount offered. Prepayments are valued al the arnounl prepaid nel of any trade discounts due. 2.8 Cash at bank Cash at bank indudes a current account and cash deposried wth a savings F4atfomi. Page 13
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies (continued} 2.9 Llabllltle$ Liabilities are recognised vthen there is an otligalion at the balance sheet date as a result of a past event. rt is prObate that a transfer of economic benefit wll be required in 5etllemenl, and the amount of the setllement can be esbmated reliaily. Liabilities are recognised at the amount that the charity ants'cipates li wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.10 Flnanclal Instrumènts The charity otly has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instnJments are initially re¢ognised al transaction value and subsequendy measured at their settlement value. 2.11 Fund accountlng The Unrestried income fvnd is credite(I wth the investment income arising from the Trust's investments and is charged wth ¢harrtat4e dislribLtts'on$ made by the Tru$l, ¢o$l$ of raising funds and support and governance costs. Any surF4us on the InMe fvnd is carried foThvard and is available for future distribution. The Capit fund represents the endowed fvnds from the wll Trust of J S Frazer deceased together with the accumulated Surpluses arising from Ihe active management ol the investments. Endowment funds represent the capital fund. The capita fund comprises the endowed funds from the wll Trust of J S Frazer deceased together with the a¢¢umulaled surpluses ansing from the active management of the investment& Investmont Income Unre$trlct•d fvnds 2025 Total funds 2025 Total funds 2024 Investment properties- rental income Dividends and interest Ceivate Interest on cash deposits 167,713 433.103 12,860 167,713 433,103 12,860 751, 734 46. 138 18,607 613.676 613,676 616.479 Page 14
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Expanditure on raising funds Unre5tTiCted Endov•rynent funds funds 202S 2025 Total funds 2025 Total funds 2024 Investment management Propety costs- repairs and maintenance Property costs- management, insurance and other costs 4.896 9.047 93.018 97.914 9.047 96.063 22, 770 25.844 1.580 2S.844 1.580 29, 760 3,859 568 Legal and professional fee5 Bank management fees and charges 41.367 93,018 134,385 153,020 ro1812024 61. 759 91,261 153.020 Analysls of eXndIture by actlvltlo$ Grant fundlng of activities 2025 Support costs 2025 Totsl funds 2025 Total funds 2024 Charitat4e activrties 489,100 40,798 529,898 543,318 Total 2024 502,850 40,468 543,318 Page 15
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysis of 8xpanditur• by activiti8s Icontinu8dl Analysis of support costs Total funds 2025 Total funds 2024 A¢¢ountan¢y fees (grant making $upp¢yt) Annuities to Trustees (governance costs) Trustees, liability Insurance Igovemance cost51 Auditors, fees for audit services Igovemance $ts} Auditors, fees for other service$ Igoveman¢e costs) Meeting, travelling and other expenses IgovernarbCE costs) Depreciation1governan¢e costs) 9,828 938 8,620 938 2,153 6,498 19,656 1,525 200 2,086 7,220 16,914 4,490 200 40,798 40,468 Page 16
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysis of grants During the year inslilutional grants were made for the fcllowng charitat4e purposes:_ NuMr 2025 2024 Children 26 42,000 37.600 2.000 41,000 31,500 18.500 7,000 114,500 17.000 14,000 63,000 39.500 3.500 41,000 17,000 42,000 37.800 2.000 40,750 31,500 18.500 7.000 118,500 16.500 16.000 69,500 45.500 3.500 39,000 15,000 Youth Old and infim Hospitals and home land connected actr'vitiesl Deaf and t4ind Disabled 26 23 15 Mentally handicapped Medical and other research Maritime Armed forces Carinq orqanisations Other trusts. funds and voluntary organisab.ons Schools and colleges Leisure activities, animas and wldrfe Reliqious bodies 58 12 39 25 23 10 Instltutlonal grants of £2,000 and ovgr Number Ajington House Communty ASSlatIon Alzheimer's Research Trust Ajzheimer's Sociefy Asthma UK 2,000 2.500 3,000 2,000 3.000 2.000 2,000 2,000 2.000 2,000 5,000 2,000 2,500 Bamel Bereavement Servi¢e Bibic Blond Mdndoe Research Centre BI Star Enterprises Limrted Blyth Tall Ships Boarbank Hall Convalescent Home Bowel Cancer UK Bowel Disease Research Foundation Breast Cancer Care British Heart Foundation 15 34.000 Page 17
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Institutional grants of £2.000 and over Icontinu8d) Number Brought forward British Lung Foundation Cancer Research in Wales Centrepoint Cerebral P3l$y Cymru Iwas Bobath Cymw) Chan¢e UK Ltd Cherry Trees Child Neuroloqy Fund Children North East Children's Cancer North Children's Society Crty Hospice Cty Year UK Cleft Lip and Pate Associabon Colostomy Association Combat Stress ComF4icile Coram Crohn's in Chldhood Research Association Cystic Fibrosis Trust De¥ind UK DEBRA 15 34,000 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 4,000 3,000 2,000 2,500 2,000 3,000 2,000 2.000 2,000 2,000 2,000 2,500 2,000 2.000 Dementia UK Diabetes UK Fight for Siqhl Forest Hdme Hospite Charity Future Trees Great North Air Ambulance Guide Dogs For the Blind A8claI10ft Headway East London Hearing Dogs Heart Research Wales Carried forward 47 101,500 Page 18
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Institutional grants of £2.000 and over Icontinu8d) Number Brought forward Helen & Douglas House Helen Arkell Dyslexia Centre Holy Saviour Parochial Church Council Hospice Care North Northumbertand Hospice in the Weald Inspire Foundation Institute of Cancer Research Josie's Dragonlly Trust Leukaemia Care 47 101,500 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 2,500 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 Listeninq Books London Wildife Tfilst London's Air Ambulance Macmillan Nurses MACS Maggie's Cenlres Marie Curie Memorial Foundation, Penarth Mencap MHA Communities Gateshead West Mildmay Minerva Centre Mission lo Seafarers Moorfelds Eye Charity Motor Neurone Disease Association Muscular Dystrophy Group Myeloma UK National Botanica Gardens of Wales National Eczema sIety National Literacy Trust National Meningits's Trust National Rheumatoid Arthrilis Society National Youth Choirs of Great Britain Newcasde United Foundation Newcasde Vision Support Carried forward 80 168.500 Page 19
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Institutional grants of £2.000 and over Icontinu8d) Number Brought forward New¢aslle Wesl End Foodbank 80 168,500 2.000 2,000 2,000 2,500 2,000 2,000 2,000 2.500 2,000 2,000 3.500 2,500 2,000 2.500 2,000 2,000 2,000 2,000 4,000 5,000 2.000 2,000 2,000 2.500 2,000 2,000 2,000 2,000 2,000 2.000 2.000 North London H05pice Northern Staqe Northumbria Calvert Trust Not Forgotten Associaln NSPCC Cymru Pain Relief Foundabon PC David Ralhband's Blue Lamp F¢)undalion Penarth Headland Link Penarth Ministry Area Peoples Kitchen Limited People'5 Theatre Art5 Group Ltd Percy Hedley Foundation Percy Hedley Foundation (Northem Counties Schocl for the Deaf) Pelka Theatre Princess Ajice Hospice Prisoners, Education Trust Prospect Hospice Ltd Proslale Cancer Research Trust Prostate Cancer UK Quest Group of Ridino for the Disabled Reed5 School Restricted Growth Association RNLI Apdedo Royal British Legion Royal Marsden Cancer Chanty Royal National College for the P4ind Royal Osteoporosis Society Royal Trinty Hospice Samson Centre for MS spe Search.. Services for Cmder Peokle Carried forward 112 241,500 Page 20
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Institutional grants of £2.000 and over Icontinu8d) Number Brought forward SeeAbilty Sense, National Deaf-Blind and Rubella Association Shine 112 241,500 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 2,000 2,000 2,000 2.000 2,500 2,000 2.000 2,000 2,000 2,000 2,000 2,000 2.500 2.500 Shocsting Star Chldren'$ Hospi¢es Sight Research UK (was National Eye Research Cenlre) Society for Mucopolysaccharide Diseases Somerset Wildlife Trust Special Boat Service Association Spinal Injuries Association Spinal Muscular Atrophy Support UK Sl Andrew's Club Sl Giles Trust Stepney Bank Stables Stroke Association Suppert Dogs Support Our Paras Surfers Aqainsl Sewage Sustrans T.S.Cardiff Unit No. 68 of the Sea Cadet Corps Teenaqe Cancer Trust Terrence Hiqqins TNSI Thames Hospice The AHOY Centre The Brain Tumour Charity The Charlie Waller Tru51 The Childrens Literacy Charty The Chronicle Sunshine Fund The Donor Conception Netsvork The Evdina Childrens Hospita Appeal The Fountain Cent The Friends of The Cathedra of the FO$1 The Gurkha Welfare Trust Carried forward 144 307,500 Page 21
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Institutional grants of £2.000 and over Icontinu8d) Number Brought forward The Hext(A Found*ion 144 307,500 2.000 2,000 2,000 2,500 2,000 2,000 3,000 2.000 2,000 2,000 2.000 2,000 2,000 2.000 2,000 2,000 2,000 2,500 2,500 2,500 2.500 2,500 2,000 2.000 2,000 2,000 The King's Trust, Cymnj The National Association for Grfied Chldren The Nation4 Brain Appeal The (Xive Branch The Pace Centre Ltd The Parochial Church Councl of Suqley The Royal College of Surgeons The Royal Free Char The Royal Schod for the Blind, Liverpo The Royal Star & Garter Home The Seafarers. Chanty The Soldiers. Charity The Toby Henderson Trust The Wildf0b & Wetlands Trust Tinnitus UK Tuberous Sderosis Associabon Tyne Amateur Rowng Club Upper Teesdale AgricLAtural Support Services Ltd Waq&Co Welsh Colleqe of Music & Drama Welsh National Opera Ltd weeelS Foundation Willow Bum Women in Need World Sight Foundation Yvonne Arnaud Theatre Trust Inslilutional grants of £2,000 and over 171 365,500 Inslilutional grants less than £2,000 113 123.600 284 489 100 Page 22
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trusts8s' rnmunèration and 8xp8ns Under the term5 of the wll Trust each of the Trustees receives the sum of £150 which together with the income tax due amounts to £188 The amount charged in the financial 5ts1ements 15.. 2025 2024 RMHRead DACook U Fagandini Sir W N H Reardon Smith Bl W I Waites C L Barnett Annurty 188 788 188 188 Annuty Annuity Annuity Annuity 188 187 787 787 187 188 During the year ended 30 September 2025. expenses lotalling £1,525 were reimbursed or paid directly lo 5 Trustees (2024 £2.564 10 5 Tmslees). The Trustees acted during the year received reimbursement for Iravelling, subsistence and other expenses incurred on behalf of the Twst. The Trustees did not receive any emdument$ during the year. The Trust considers ils key management personnel to be the TnJ$tee Tanglblo fix8d asséts Offlco equlpment Cost or valuation Al 1 October 2024 1.000 At 30 September 2025 1,000 Dgpr8clatlon At 1 October 2024 Charge for the year 617 200 AI 30 September 2025 817 Ngt book value At 30 September 2025 183 AI 30 September2024 383 Page 23
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Fixad asset InVtMents Cash held for Invo$tmgnl List Invo$tmgnt Invoslmgnts proport10s Total Cost or valuatlon At 1 October 2024 12,632,235 1,092,116 11,101.9341 $42.568 3,027,SOO 139,886 15,799,621 1,064,608 2,156,724 11.173,9611 12.275,8951 542.568 Additions Disposals Revaluations AI 30 September 2025 13,164,985 3.027,500 30,533 16,223,018 Not book value AI 30 September 2025 13,164,985 3,027,500 30,533 16,223,018 AI 30 Seplember 2024 12,632.235 3.027.500 139,886 15. 799,621 All investments are carried at their fair value. Investrnents in equities and fixed interest securities are all traded in quoted putlic markets. The basis of fair value for quotèd investments is the market value using the bid pnce. The investment properties were valued al £3.027.500 by Hindmarsh & Partners, Chartered Surveyors, in March 2023. The VUation basis used was fair value subject to subsisting tenancies. The Trustees onsider that this valuatson is stsll appropriate at the year end. 10. Dobtorn 2025 2024 Due within one year Other debtors Prepayments and accrued income 22,523 S9,932 13,680 56,066 82,455 69. 746 11. Credltors: Amounts falling dua wlthln yéar 2025 2024 Other creditors Accruals and deferred income 600 492 53,818 42, 748 $4,418 43.240 Page 24
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Statsmant of funds Statsment of funds- current year Balan¢¢ at 30 Gainsl Saptèmbor {Lossesl 2025 Balanc8 at 1 Octob•r 2024 Income Expenditure Unr•$trl¢ted funds Income fund $80,536 613.676 1571.2651 622.947 EndowTnent funds Endowment Fund- Capital 15,818,053 193,0181 504,074 16,229,109 Total ol lund* 16.398.589 613.676 1664.2831 504.074 16,852.056 Stat•m•nt of funds- prlor yoar Bal8nc& at 30 Gain Sgplomber (Losses) 2024 Balance al I October 2023 Income Expenditure Unr•strlct•d funds Income fund 569. 134 616,479 (605.077) 580,536 EndowTnènt funds Endowmenl Fund- capital 14.830.010 191.261) 1,079.304 15,8Y8.053 Total of fund5 15,399, 144 616,479 (696,338) 1,079,304 16,398,589 Page 25
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 13. Analysis of n•t assets bet%wen funds Analysis of net assets bet*wn fund5- current year Unr•strl¢tod Endowm•nt fvnds funds 2025 2025 Totsl funds 202S Tangible fixed assets Fixe¢J asset investments Current assets Creditors due wthin one year 183 183 167,9651 16,290,983 16,223,018 721,356 138,0831 683,273 30,6271 123,7911 154.4181 Total 622,947 16,229,109 16,852,056 Analysls of n•t assets b•t¥wen funds- prior year un$111¢t8d Endowment funds lunds 2024 2024 Tol81 funds 2024 Tangible fixed assets Fixed asset investments Current a$set$ Creditors due vmthin one year 383 383 (64.3131 15,863,934 15, 799,621 679,908 (38,083) 641,825 (35,442J f7, 798) (43,2401 Total 580.536 15.818.053 16,398.589 1& R8concSllatlon of net mov8ment In fvnds to not cash flow from opgratlng actlvltlos 2025 2024 Net income for the year {as per Statement of Financia Aclivth'esl 4S3,467 999,445 Adlu$tments lor: Depreciation charges (Gains) on investments Dividends, Interests and Tents from investments Ilncreasel in debtors Increase in creditors 200 200 1504,074} (1,079,304) 1613,6761 (616.479) 112,7091 (20, 797) 11,178 2, 756 Net ¢a$h used in operating activities 1665,614} (714. 7 79) Page 26
FRAZER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1& Analysis of cash and cash 8quival&nts 2025 2024 Cash in cuThent accounts Cash in deposit accounts Cayh hdd by investment adviser Inole 9) 244,250 3S6,568 30.533 311.167 260,912 139.886 Total cash and cash 8quival•nts 631,351 711,965 16. Analysis of changos in net debt A11 Octobor 2024 Cash flows A130 Soptembar 2025 Cash 81 bank Cash hdd by investment adviser $72.079 139,886 28,739 1109,3S3 600,818 30,533 711.965 180,6141 631,351 17. R8lat8d party transactlons Other than as noted in note 7, the Trust has not entered into any related party transactions befvleen rdated parties and the Trnstees dunng the year ended 30 September 2025. Page 27
Final accounts 30 09 2025 signed 7 7 26 Final Audit Report 2026-07-09 Created.. 20274)8 By.. Robyn Chilton IRLty.Ch1ltcffi@arats0n..ukl Status.. &gned Transaction 10.. C8jCHBcBAAOx.kvZF0U-JZzGSF6QJHU-G "Final accounts 30 09 2025 signed 7 7 26" History Document created by Robyn Chillon {Robyn.Chillon@am)strongwatson.co.ukl 2026-07-08- 16..38..42 GMT- IP addre55.' 62.89.150.154 . Document emailed lo Karen Rae {karen.rae@armstrongwatson.co.ukl for signature 2026-07.08- 16..44".10 GMT Email viewed by Karen Rae Ikaren.rae@arm$lrongwalson.co.uk) 2020.07.08. 10'.44."14 GKff- IP addr.. 31.98.69.73 Document e-signed by Karen Rae lkaren.rae amistrongwatson.co.ukl Siqnalur8 Date.. 202&074)9- 15..35..25 GMT- Thme Source.. 8eryw- IP *Jdress'. 62.89.135.74- SvJnabJre aFP8ararrte salted.. DRAW Agreement completed. 2026-07-09- 15..35..25 GMT Armstrongwatsort A<mbat S