T. F. C. Frost Charitable Tn¢ Aecounts for the year ended April 2025
T. F. C. Frost Charilable Tn( Accounts for the year ended Stk April 2025 INDEX Page Funding Principles of th¢ TTht Trustees and Professional Advisors Report of the Trustees Independent Examiner's Rewt Swement of Financial Activities Balance Sheet Notes to the Accounts Accounting Policies DonatioDS Appendiees Investments & Net Income (incl: Portfolio Valuation) Sale of tnvestments
T. F. C. Frost Charitsbk Trust Funding Prin¢ipks of the Trust Our Founder's wish in establishing the Frost Clwitable TnLSt was to foster research into the prevention of blindness by supporting programjnes submitted by senior trainees and by enhancing their horizons by underwriting the costs of educational or research periods of training at home or abroad at recognised Centres. He was not in favour of the Tn.$ fjnancing of th¢ Health Service by underwriting staff salaries which he regarded as the resFK)nsibility of the Department of HeaitlL
T. F. C. Frost Charitable Thtst Trust Deed dated 23rd septernr 1966 Trujtees Thom&s A. F. Frost F. C. A. (Chaiwn) Michael H. Miller, M.D., F.R.C. S (Gl&sg), FRCOphth Profe&8or John MarshalL BSclhoL8), PhD, F. 11 C. Pat14 F.L.I.A, F.ILS.A Dr Eli721th Graham Keith Barton MD FRCP FRCS Anthony Khawaja M.A.(Cantsb). MPhil, FRCOphth Hany Petrushkin MBBS, PhD. FRCOphth Bankers Natwest Bank plc Southampton Custom¢r ServiL% Centr¢ Brunswick Gate 23 Brunswick Pla Southampton SOI 5 2AQ Reporting AeeouDtants Holmes & Co Ltd 10 Torrington Road Claygate. Esher. Sunry KTIO OSA Sto¢kbrokerJ Cazenove Capital l London Wall Place London EC2Y SAU Solieiton CharlesRussell Speechlys 5 Fleet Place London EC4M 7RD
T. F. C. Frost ClrAtb]e Trust IndependeDt Examiner's Report to the Tn of the T. F. C. Frost Charitabk Trust I rewrt on the accounts of The TnLSt for the year ended 5 April 2025, which ar¢ set out on pages 5 to 9. R¢spective respoDsibilitiu of Trnstees Examiner The ChIty'S trustees ate resIX)b]e for the prepardtion of the accounts. The clwtty's trustees ¢onsider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) aDd that an Indedent examIOn is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act to follow the procedures laid down in the general Directions given by the Ckwity Conllnission under section 145(5)(b) of the 2011 Act" and to state whether particular matters have come to my attention. Basis of Independent Examinees Report My examination w&s carried out in accordance with the general Ditections given by the Clwity Conjmission. An exan11On includes a VIeW of the accounting records kept by the clwity and a ¢omForison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trusttts concerning any such rnatte. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequendy no opinion is gtven &s to wh¢th¢r the accounts pres¢nt a 'true and fair view. and the report is limited to those matters set out in the staÉem¢nt below. IndepeDdent Examiner's Statement In connection with my examintho no matter has come to my attention: . which gives me reasonable cawe to beli¢ that in any material respect the . to ke41 ac¢ounting reconls in accordance with section 130 of the 2011 Act and . to prepare accounts wbich &cord with the accounting record8 and to comply with the accounting requirements of the 2011 ACL have not been met: or 2. to Whic in Eny Opinio attention should be drawn in order to enable a proper understanding of the accounts to be reache Holmes & Co Ltd Claygate Date: 4th Dernber 2025
T.F.C.Frost Charitable Trust Statement of Financial Activities For the Yr Ended 5th April 2025 2025 2024 Net Dividends Exchange rate (10&8esygaing Broker & Bank Int¢st 103.551 (830) 15.262 97.555 {4.260) 8,507 Total IDeomlng Resollr 117,983 101.802 Reyourceg EIpended Grants & DonatioJ)s Professional Fees Holmes & Co Ltd C&zenove Bank charges Total Re8ollrew Eipethd¢d 61205 63,518 5,288 26.477 5,728 23,675 92.975 92.926 Net IneominW{Out8oiDg) ReIrS for the Y 25.1x18 8,876 Net Movement in value of inveslm¢nts Realis¢d {10&8esygains Unre8li8ed (lossesy8ains 96,476 321.946 17,889 601,830 Movement IA FDnd8 443,430 628,595 Fund balan¢ bromgkt forward at 6th Aprll Capital Arxount Inwme ac¢ount Mtttings 3.870.910 693.961 32SI,192 685.084 606 4,565,477 3,936.882 Fund b4lall¢e8 trIed forw*rd at 5th Aprll Capital Account Incomc account Meeting5 4289,332 718,969 3,870.910 693.961 606 5.008.907 4.565,477
WlJ61 4W96 4.711 sr.446 YjLj Fu 42A9332 71 io 693961
T. F. C. Frost Charitabk Trn$t Notes to the AeeouDts Ae¢ounting Policies The accounts have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: A¢counling by Charities. The legaI requirements are contained in Part Vl of the Charities Act 1993 (&$ amcnded), The Charities (Accounts & Rep)rts) Regulations 1995 and the Chariiies (Annual Return) Regulations 1997 issued by the Charity Commissioners, and the Statement of Recommended Pra¢tice: Accounting and R¢porting by Charitie4 and the Companies Acl 21y)6. There arc rcstri¢ted funds of £20.000 designated for GlauLX)ma projects. Unrestricted funds are expendable at the discretton of the Trustees in furtheranc¢ of the obje¢ts of The Trust. A whflow statement h&8 not been pwarol in accordance with Financial Reporting ststement l a5 both The Trust Incorne and The Trust Assets fall outside the minimum size qualifications. There are no employees. The Trust does not trade. but its income 13 derived from the dividends and profits of its portfolio of shar¢& and int¢rest on uninvestcd cash.
T.F.CSro8t Charilabk Trusl Notes to the Accounts Donation8 Moorfields eye hospital Shafi Balal (first year onIy) 34,559 Yokohama City University Jared Ching 26,646 61,205
T.F.C.Frost Chritbk Trmst Notes to ¢he A¢couuts Dona¢lon from 6th Aprll 2025 Hospltsl for Slek Cllldren Tonjoto Chris Ashton 65.( 65.(KKI Yokohm Clty Unlverglty Jared Ching 9.7CKI 9.7(Kl Mlchel SnderJ ie¢thr¢ 2(X) 2(X) 74.gJX) 74.9(Kl
T. F. C. Frost Charitsble Trust AppeDdix I tnvestments & Incon (incl Portfolio Valuation)
Notrs to thtAeeouts M4rket vlle Net othe 2,681 31 G 15.400 AIA (h 830 knulldt US IIPS 2,754 Antofag 532 Astrazena¥ 1.178 Bbu C 40J03 83J22 95.101 45.482 44598 64.179 96.945 89.988 89.752 45950 59.871 47J77 1.888 451 1.307 559 1.415 528 &EVWL HowardAb)httt lidwD 838 BroJc(xn CK ITthsts7 HddwgsL 1204 Crtswick 1,413 CRH PJ¢ 1.532 CSX Corp 3,020 DBS Gm4> Holiw Ltd 108 Eji Lilly Co S9.(7 394 70.957 10&¥29 3.3 243 .539 510 4.022 453 859 501 57.684 54.267 38.302 43.631 18.119 43,761 59.056 96.415 80.953 69.187 51.791 445 HDFC Bank 11,618 21W33 161 Flom¢ Dqx 255 Illittois Twl W(dts Int 36.179 40.989 45.767 49.054 1.061 1.547 5.405 I£hattts Phw"cal Gold 4,633 Isbar¢s JndexLinked GllL8 Ishares USD TTea8w ixmd2&tyt 1818 I(0 Mattl 21.978 tL8ai & G 138.1 253.657 3214 .916 2J45 4.703 53.537 37,310 53J63 IW.078 6A056 71.416 80.198 54541 J29 138 LVMFI MLKt 409 Mytth & McLxnDmC(6 h 331 McDona]ds 122 MetaPi4rf4xm 775 14.413 wii 30.052 lJ55 169 3.6ri 613 1.743 991 1.471 248 285 Mictosoft Cp 4.844 ASA No4ie SA 743 Novarti%AG 036 NoV0ordi8kAS 854 NTri¢aCo 147 Ikn C¢)rnin 441 PFO¢tsT aDd Gatllble 64.780 Ptvputy Tn 895 bJblicL% 59J l)Jaieom 54.618 79.746 984 69,428 48253 1&831 11.853 21910 49.049 63.762 33.535 71.791 16284 5&294 48.287 70 1780 1018 1.576 21 .759 61.563 70,416 1.008 RioTu)to 1.467 58.540 28J55 278.(*3 4(232 33.962 43.055 250.147 59.744 339.469 157J73 99,871 41.843 351.516 74.705 3.611 244 Sthmcider E]Ktri¢ SE 2.840 SthT(Kkr SSF Ait A58aS 464 T4iw8ti Mfgco Lld 342,0(K) UK (knt 4.Y1 7Jun32 170,000 UK Gov¢ 4.25% 7StyL39 100.(MXI UK (knt4.25% 29j27 103 UDitsd Health GrTh]p Inc 3.405 Vallgud Globalcthp bolld 4.630 WisLknI T bedgms kn8d 9202 35&W7 166.780 8.952 29.658 344.034 45.4ri 14,614 Cth ISt¢rJm& Euro&US 497J56 104551 2.3%
T. F. C. Frost Cbaritable Tt Appendix 2 Sales of Investments
T.F.C.FroJt Charilable Trust Not£8 to Ihe Aceouats Sgleg of tDFestmeDts 2025 Pnjfits 421 31 Group 449 Antofagusta 83 Astrazeneca 132 Broadcom 14.727 CK Infr&stru¢tttre Holdings 301 CRH 217 CSX 500 DBS Group 50 Eli Lilly 48 Emerson Electric Co 25 Hom¢ Depot 40 llliDOiS Tool Wo 13 LVMH Moet Hennessy 65 Marsh and Mcl£nnan 52 McDonalds Corp 19 Meta PlatfoTm In 45 Microsoft Corp 117 Novartis N 327 Novo-Nordisk Ord 716 Nvidia Co 105 Publicis 138 S¢lJneider Electric 475 Taiwan Semicon Sp 16 United Health Group 9,100 Wisdom Tree hedged MS long gold 6,536 1218 3.168 9.683 15.220 7.535 337 3270 26.939 921 1.459 1,150 50 4.010 1,582 2,529 6.853 1179 24.200 60.727 1.583 11.571 30.516 2.319 44.978 271.533 140 Ball COTP 35,679 BBGI Global InfrdstDJCture 562 Estee tauder A 37,281 HCL Irtfrastmcture Reg 38.000 Intl Public Partnershlp 28,137 IshaTes USD Tff&8ury bond 21hyT 318 Johnson Matthcy 1.152 Legal & General Group 8,763 L&G multi strategy etthanced coMmltieS 127.555 M&G emerging markets bond 580 N¢stle SA 795 Re¢kitt Bencktsu Grp 100 Rio Tinto 7 Samsuug Electroni Sp (795) (15.112) (43.555) (16,385) (14.801) (27.489) (675) (441) (13.605) (14.548) (11,871) (13.777) (1.123) {880) Net Profit (Lou) OD Sales ofknv¥lmtnts {175.057) 96,476