T. F. C. Frost CbArhable Tnut Aeeounts for the year ended 5° April 2024
T. F. C. Frost Charitable Trnst Accounts for the year ended 5 April 21ll4 Page Funding Ill¢1p1CS of the TDJSt Trustees and Professional Adviso Report of th¢ Truste¢s Independent Exan)iner's RqM)rt Statement of Financial Activities Balance Sheet Notes lo the Accounts Accounting Policies DortionS Appendie¢8 Inv¢stments & Net Income (incl:Portfolio Valuation) Sale of Investtnents
T. F. C. Frost Cbxritable Trust Funding Thineipks of the TruBt Our Founder's wish in establishing the Frost Clwitable Trust vrns to foster research into the prevention of blindness by supporting programm¢s submitted by senior trainees and by enhancing their horizons by Undeling the costs of educational or research periods of training at home or abro at recognised centres. He was not in favour of the Trust's financing of th¢ H¢alth Service by underwriting staff salaries Nvhich he regarded as the res}nSibl11ty of the Department of Health.
T. F. C. Frost Charitable Tn Trust Deed dated Ll Scptember 1966 R¢gi8t¢red Charity Iyo. 256590 Trugteej Thomas A. F. Frost F. C. A. (Ch[pe)n) Michael H. Miller, M.D.. F.R.C. S (Glasg). FRCOphth Profe&sor John Marshall. BSc(hons). Pl, F. R. C. F.L.l.& F.R.S.A Dr Elizabeth Graham Keith Barton MD FRCP FRCS Anthony Khawaja MA (C4nlab), MPhil, FRCOpbth Harry Petrusbkin MA (Cantab), PhD. FRCOphth Bankers Natwest Bank plc Southampton Customer Service Centre Brunswick Gate 23 Brunswick Place Southampton SOI 5 2AQ Reporting Accountants Holmes & Co Ltd l O Torrin8ton Road Claygate. Esher, Surr¢y KTIO OSA Stockbrokers Cazenove Capitsl l London Wall Place London EC2Y SAU Solicito Charles Russell Speechlys 5 Fleet Place London EC4M 7RD
T. F. C. Frost Charitable TnL8t Report of th¢ Trustee8 for the yegr ended 5th Apiil 2024 A meeting of the Trustees took place on the 29th Novellther 2023. Half-yearly rep)rts were received from the ffcipients and were Circulated prior to the meeting together with fimding applications NvhiclL following interviews, were discussed at the meetings by the TTh. Future donation con)mitments and estimated future income were also presented and reviewed. All funding was distributed via a Hospttsl or University. Thomas A. F. Frost Michael H. Miller Dr Eli7abeth Graham Profesg)r John Marshall Keith Barton Anthony Khawaja Date: 28th November 2024
T. F. C. Frost Cknitable Trust Independent EiamllleS Report to the Truste08 f>f the T. F. C. Frost Charitable Trust I report on the accounts of The Trust for the year end 5 April 2024, which are set out on pages 5 to 9. Respective responsibilities of Trustees and Examiner The charity's trustees are responsible for the pr¢paration of the a(xounts. The charity's tnteeS consider that an audit is not r¢quired for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an indeFtht examinthon is needed. It is my responsibility to: examine the accounts under ¢tion 145 of the 2011 Act to follow the procedures laid down in the general Directions given by th¢ Charity Commission under section 145(5Xb) of the 2011 ACL and to state whether particthar matt¢rs have come to my attentio Basis of Independent Eiaminerfs Report My examination was caTried out in accordance with the general DirectiODS given by the Charity Commission. An eXamiOn includes a review of the accounting records kept by the clwity and a comparison of the accounts presented with those records. It also includes consideralion of any unusual items or disclosures im the accounts and seeking explanations from you as tnLStees concerning any such matters. The procedur¢s undertaken do not provide a]1 the evidence that would be requi in an audiL and consequently no opinion is given &$ to whether the accA)unts present a 'true and fair view, and the rep)rt is Jimited to tlx)se matters set out in the stat¢m¢nt below. Independent ExamRner'$ StatsmeDt In connection with my ¢XaMino no matter has rne to my attention: l. which gives me reasothle cause to believe that in any material respect the . to keep accounting r¢¢ords in accor with section 130 of the 2011 Act and . to prepare accowits which accord with the accounting record5 and to comply with the accounting rUIrements of the 2011 Act. have not be¢n met" or 2. to whi¢lL in my Opinio attention should be drawn in order to enable a proper understanthg of the accounts to be reacheiL Holmes & Co Ltd CEwtered Accountants Claygate Date: 28th November 2024
T.F.C.Frost Chydritable Trnst Ststement of Finaneial A¢tivities For the Year Ended 5th April 2024 2024 2023 Ineomittg Resources Net Dividends Exchange rate (lossesygains Broker & Bank Interest 97.555 (4260) .507 94.312 26.424 1.711 Total Incomimg Ruoor¢es 101,802 122.447 Resources Eipeuded Grants & tkinations Professional Fe Holmes & Co Ltd Cazenove Bank charges Tot1 Resources Ixpended 63,518 82.567 5.728 23.675 5.287 17.430 92.926 105.291 Net Ineomingl{Outgoing) Res•)ur¢ey for the Ytar 4876 17.156 Net Movement in value of investments Realised {loss&sygains Unrealised Oossesygains 17.889 601,830 3.569 (133.458) Net Movemellt ill Funds 628.595 (112.733) Fund balanc brouglJ¢ fonvrd at 6th Apr Capital Account Income account Meetings 3251.192 685.084 3J81.081 667.928 606 3.936.882 4,049.615 Fund balAn¢e4 earricd fornrd at 5th April Capital Account Income oUnt Meetinss 3.870.910 693.961 3251.IW2 685.084 4.565.477 3.936.882
T.F.C.Frost Charitabk Trust lallce Sheet as at 5th April 21)24 2023 Investments at Market V*he 4J64J96 3.892.186 Current Aets C&8h at Bank. Natwest Current acct Cash at Brokers- InvestTnent ac 4.073 4,31J5 40,3 201.081 M,696 Net Assets 44477 3.936,882 Funds Capitsl In¢ome (iticl Designated Futxts- ncée 2) Meetings 3.870.910 693.961 3251,192 685.084 4J65A77 3,93A8K2 The notes on pages 7 to 9 forni part of th¢s¢ accounts Thomas A.F.Frost Chaimian Micbael Hmiller Dr EIi7Aith Graham Keith Barton Harry Petrushkin Anthony Khawaja Lkn: 28th Novemlw 2024
T. F. C. Frost Cknritable Tnt Appendix I Investments & Net Income (incl: Portfolio VUation}
N•)trs ts the Net 0 3.102 31 1.885 Antofa8a 615 AsrraletC& 722 Bau CIKp 33.679 BBGI Gl(thi SA 1(632 2(723 5lJ57 41857 63J98 59.067 49.071 87.135 38.435 65,670 38.496 46J83 63.469 101.765 1.745 938 1749 391 3,394 1302 128 4.763 698 781 14,017 CK TnfrasttwJT¢Holdmp Lld 1.714 CRH P]¢ 1.749 CSX C(xp 3.200 (kry4) H(ddin8s 213 E]1 Lilty Co 6S7 Ern¢T51 Eledric Co 298 Estee iwthco In 37,281 HICL Infr&qtsuLkn 186 Hotne D 295 1IliTrJis Tojl Wths ltte 38.000 Publi¢ Putrmhip 5,405 Ishwts PhysLeal Cdd 4,633 Ishwu ]nd¢x Link>J Thlty 21137 USD TTew 3.136 M411h¢y 2J.130 Leg81 & (ktrjp 8,763 L&G mu]ti Sts#eBy ath•Jc)l ¢lqDr I(M) LVMH m¢ Ilemessy 830 LyAorCoyeUS TIPS 474 Mh & m¢LenD C(• In¢ 383 m10n•1& Cup 141 M&aPlatfum I 127,5JS M&G Etu¢w Mk¢ts BtfAI£ 330 Miurthft Cf 4,844 MO ASA 580 Ntstle 8A 678 64,W24 117.030 51J20 67,614 97296 984 36J61 47.123 56.477 61657 47.120 184.63J 61944 91.720 X+.103 58.843 95.499 71.269 8S,644 Tl,283 8J.477 54.195 103.740 109.897 70.310 43,727 5Q854 2A508 47.211 55.942 63.075 41,797 47.419 63.721 13&160 3.076 3,013 274 5.512 1,837 1824 11(834 59) 61.9)5 7J7 5(119 95,101 51.472 65.389 31.732 117229 63.242 79.716 53.713 1.631 47 6.895 656 1.829 824 860 hknv&rtis AG 963 N)Vo-Ndk AS 157 Nvidia C( 5&729 W12 21.7WJ 66.021 97201 111288 1.629 835 17 331 Phdip lthl 41315 S7,1 44.943 55241 41.451 50.087 4£tVJ3 63.146 73.571 35.¥10 55.58B 61.206 871 4.034 05 i.ioi 1257 3,176 945 1.462 Publicii 549 795 Reckntt B¥J¢knw fjr 1.108 Rio Tilllo 52 SwE]e¢trornu Co 382 Schno"d¢r Ekthn"¢ SE SutsaTrdL Hoidw85 Pl¢ 1,240 Sctmkr SSF Ak 939 Taiwgtt s¢JJJia8 Co Lld 255.fj UK (k)vt 4.Y% 7j32 137 United He4]th JJJ¢ 3.405 VaD8wrd Gk)bal C(fp tr1 13.730 Wisd(x)L Treel*d NL8 67.647 217 6,159 133.139 TlJ74 27Ql 14 263.135 34265 46.598 344.034 34&499 134.711 159.234 8,510 197.283 10&041 7.839 601 li9 Cwh IStediti& & US thll•r) 461U89 $5 22%
T. F. C. Frost Ch*ritsbl¢ Trust Appendix 2 Sales of Investments
T.F.C.Frost Cbaritable Trust Notes to the Accounts Sales of Investments 2024 Profits 89 Astrazeneca 1,967 CRH 51N) DBS Group 102 Eli Lilly 28 Home Ikpot 43 Illinois Tool Works 15 LVMH Moet Hennessy 51 Marsh and McLennan 41 McDonalds Corp 49 Microsoft Corp 71 Novartis N 53 N0VN0rd1sk B 319 Novo-Nordisk Ord 23 Nvidia Corp 42 Prockr and Ganble 79 Reckitt Benckiser Grp 163 Sandoz Grp 56 Schneider Electri¢ 18 Unitrd Health Grp 2,995 476 lJ76 27.383 297 794 1,920 1,608 3,042 908 3,774 15,726 2,385 529 48 1,158 1,137 1,813 69,833 Los 106 Ball Corp 87,050 Chartties Propety Fund 1,475 Cisco Systems 1,743 CK Infrastructure Holdings 30 E$ Lauder A 830 Amundi US TTPS Bond 1,760 Legal & General Grp 21 Meta Platfomi In 365 Mowi Re8 284 Norfolk Southern 2,221 Pearson 628 Philip Morris Intl 131 Rio Tinto 8 Samsung Electronics Sp 572 Sensata Tech 79 Taiwan Semicon Sp Net Proflt 11A} on Salu of Inve8tmeDts (1,698) (6,039) (1.322) (182) (2.123) (9,125) (945) (999) (1,189) (7,962) (425) (6,786) (1.683) (2.092) (8,572) (802) (51.944) 17,889
T.F.CJrost Cbaritble Trust Notu to the Attounts DontionJ 2024 Univ¢rgity of Colorado Michael Gilhooley 41,028 Sight ReJear¢b UKIUniverslty of Bristol David Copland (final payment) 22,490 63,518
T.F.C.Frost Chritble Trust Note8 to the Accounts Donation CommitiDats from 6th April 21J24 2025 2626 2027 moorrIdS Ey¢ Hoypital Shafi Balai 34559 34559 34.559 103.677 Yokahoma CEty University Jared Ching 26.t546 26.646 Stsnford Unfvenlty Tasneem Khatib &).077 60,077 121282 34.559 34.559 190,400