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¢ TTh￿t
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 septern￿r 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 Cl￿rAt￿b]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 Ch￿Ity'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 Inde￿dent examI￿On
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 exan11￿On 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 D￿ernber 2025

T.F.C.Frost Charitable Trust
Statement of Financial Activities
For the Y￿r 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) Re￿Ir￿S 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 t￿rIed 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
YjL￿j
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 Ch*rit*bk Trmst
Notes to ¢he A¢couuts
Dona¢lon from 6th Aprll 2025
Hospltsl for Slek Cllldren
Tonjoto
Chris Ashton
65.(
65.(KKI
Yokoh*m* Clty Unlverglty
Jared Ching
9.7CKI
9.7(Kl
Mlch*el S*nderJ 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
v￿lle
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 Bro*Jc(xn
CK ITthsts7￿ HddwgsL
1204 Cr*tswick
1,413 CRH PJ¢
1.532 CSX Corp
3,020 DBS Gm4> Holi*w 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 C￿p
4.844 ASA
No4ie SA
743 Novarti%AG
036 NoV0￿￿ordi8kAS
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% 29j￿27
103 UDitsd Health GrTh]p Inc
3.405 Vallgu￿d Globalcthp bolld
4.630 WisLknI T￿ bedg￿ms kn8￿d
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 T￿￿t
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 coMm￿ltieS
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