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
Dor￿tionS
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 Unde￿ling 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 Eiamllle￿S 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 tn￿teeS 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 eXami￿On 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 ¢XaMin￿o￿ 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 r￿UIrements 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
Tot*1 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¢ fonv*rd 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 A￿ets
C&8h at Bank. Natwest Current acct
Cash at Brokers- InvestTnent ac
4.073
4,31J5
40,3
201.081
M,696
Net Assets
4￿4477
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 Tn￿t
Appendix I
Investments & Net Income (incl: Portfolio V￿Uation}

N•)trs ts the
Net
0￿*
3.102 31
1.885 Antofa8a
615 Asrralet￿C&
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 Tnfrasttw*JT¢Holdmp Lld
1.714 CRH P]¢
1.749 CSX C(xp
3.200 (kry4) H(ddin8s
213 E]1 Lilty Co
6S7 Ern¢T5￿1 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 M￿h & m¢LenD￿ C(• In¢
383 m￿10n•1& Cup
141 M&aPlatfum I
127,5JS M&G Etu¢w M*k¢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-N￿d￿k 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
Suts*aTrdL Hoidw85 Pl¢
1,240 Sctmkr SSF Ak
939 Taiwgtt s¢JJJia￿￿8 Co Lld
255.fj￿ UK (k)vt 4.Y% 7j￿32
137 United He4]th JJJ¢
3.405 VaD8wrd Gk)bal C(fp tr￿1
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
li￿9
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 N0V￿N0rd1sk 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 Cbarit*ble Trust
Notu to the Attounts
Don*tionJ
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 Ch*rit*ble Trust
Note8 to the Accounts
Donation CommitiDats from 6th April 21J24
2025
2626
2027
moorr￿IdS 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