CHARITY NUMBER 271067 THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMENT TRUSTEES. REPORT AND FINANCIAL sfATEMENTS 5 APRIL 2024
AI¥D VALERIE FREEDMAN CHARIfABLE SErrLEMENr PAge Independent Ex8tlliner's Report Statement of Financial A¢tivitie5 BaIance Sheet Ststement of Cash Flows Not¢s to the Financial Statements 10-14
Pa8e I THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMEN TRUSTEES, REPORT YEAR ENDED S APRIL 21)24 The trustees present their report along with the financial 51atem¢nts of Ihe charity for Ihe y¢ar to S April 2024. The financial statements have been prepared in accordance with accounting policies set out in note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charili¢s'. Statement of Recommended Practice applicable to charities preparing their a¢¢ounls in a¢cordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. OWECTIVES AND ACTIVITIES IN THE PUBLIC INTEREST The objectives of the trust are lo promote and benefit such charitable causes &8 the Freedman family in ils broader sense delemiine should receive benefit. This will normally lake the forni of 8ranl-makin The Irusiees have decided th81 this objeetive should be a¢hiev¢d boih by periodically building up successive endowment funds for significant projects or donations to be made in memory of the founders of the trust and, at the same lime. by making charitable donations lo those causes that the Iru5tees ¢on$ider are in need of 8ssistan¢¢* guided by member5 of the Freedman family in particular. The charity has in the past given a significant proportion of its grants into the area of Bumham in Buckinghamshire where the Freedman family lived for many years either directly or ihrough the Burnham Health Promotion Trust (BHPT), a tru$1 e$iablished by Mr Louis Freedman to promote good health and health education to the people of Bumham. The charity has received an application for funding fmm BHPT, which was unable lo find aliemaiive sources of finance. As the trust wanted to help BHPT io retsin th¢ momentum that has been developed in the community the trustees have agreed lo continue to support il bul have decided lo slop Ihe annual 8ranl and have inslead provided grants lo il to en&ble il lo deliver mental health services in Bumham and grant support to Bumham primary schools. Any fulur¢ SLlPPOrt for BHPT is ¢xp¢ct¢d lo be by way of fundin8 spe¢ifi¢ proj¢¢lS. The eharily also supported various other charitable causes which members of Il)e Freedman family brought lo the trustees to eonsider. Donations will eonlirtue to be related to areas of interest of the Freedman family J and also to continue to SLlPPOrt areas of interest of the late Louis & Valerie Freedman. The Trustees confirni that they paid diie regard lo the Charity Commission's guidan¢¢ on publi¢ benefit when deeiding what activities the Charily undertook in the year and in planning wh&1 activities il should undertake in the future. The grnnt rnaking policy is set out lOW. The Trustees confirni that 11 the grants referred thereirt were for the benefit of the public. PROCEDURES AIYD GRANT-MAKINC POLICY The Iruslees meet periodically (and are also in regular Contact) to consider whal 8rgnts they will make and lo review any feedback they have received relating lo past donations. The Iruslees receive many applications for assistance but are norinally minded lo help those with a link to the Freedman family. Further, the trustees invite applications for funding from the Burnham Health Promotion Trust, a rel8led Charity also est&blished by Louis Freedman. Th¢ trust donations and administration is handl¢d by a part tim¢ employ¢¢ of Hu8hes Coll¢tt Ltd. the fim) which also handles the financial affairs of ihe charity, includin8 pr¢p8ration of the a¢¢ounls. The Irusfee Fr&n¢is Hughes is principal of this firni. The amouni paid for these services was £7.170 (2023 £6.000).
Page 2 THE LOUIS AND VALERIE FREEDMAN CHARABl SETfLEMENr TR TEFS, PORT YEAR ENDED 5 APRIL 2024 totttlnlled ACHIEVEMENfs AND PERFORMANCE OF THE TRUST The trtee$ received many grdnt requests in the year. all of which were given their consideration. The trStee5 made further totailing £88.675 and these donations were in the following area5 of charitsble activities: Medi1 Rese Healthl Sickness-£44.OCK) Childr¢nlEducation -£34.675 Animat Welfare -£IO.IK)O The trLLStees ar¢ delightga with the impact their donatio have made to the Ca 5UPPOrted. FThANCJAL REEw The trust is Teliant on the inwmc from its inv¢sth]¢nts Whic including bank inleresL was £113J78 (2023 - £129204). This Iome facilitated the ¢lwity's xtivities in the year to 5 April 2024. The trust's investm¢nt strat¢gy is to set a target tnvem¢nt yield of 3% locom¢ p¢r annum and to establish a defensive investment l1¢Y with the charity's investment managers J M Finn & Co in order lo protect the value of the capital and InMe of the charity in real ternis over the medium tenn. An investment yield of 2.75% (2023 - 2.98Y) was achieved in the year. based on the avernge of the quarterly market values of the wrtfolio durin8 th¢ year. The investments had a mat value at 5 April 2024 of £4.225.468 against a valuation al the previous year-end of £4.137.769. an Ine of 2.ly Totsl gains during the year ended 5 April 2024 amounted to £92.752, which wa5 comprised of reali5ed gains of £3,643 and unrealised gains on the revalu*1 of the portfolio as at 5 April 224 of £89.109. The Trustecs have benefitted from superioT investment returns over many ye5 with JM Finn. The investment perfomiance in 2024 refiects the continued pressure on returns caused by the hi8h int¢rest envimnment artd the charity's exposure to infr&%tructure property investments whtch the broker5 invest¢d in to generate income for the trLLSt when interest rales were low. Yields are expected to return to the targeted level in the m¢dium-terni as Worldwide interest rates begin to fa]l. The brokers remain satisfied that the investhlents are of good quality but eontinue to monitor ihe lative exEK6ure of the portfolio lo diffnI s¢¢lors lo preserve the capital base. The Trustees are pleased to that the has been growth in the Val of the mfolio since the year end. IUSK MANAGEMEI The charity's tru51ees have considered the major risks to which the charity is eXpd and have reviewed those risks and established systems and prCureS to manage those risks. The trustees Consider variability of inv¢slm¢nt r¢tums on the pern)anent endowment to nstitUte the Charity's ajor risk. In order to counter this risk. th¢ tnstees have ensured that the mandate that they have given to the investment managers who are required to ertsu that a minimum income yield of 3Yo is generated and that their investhient objective Ts to protect the value of ihe capital and income in real tem15 over the medium ierni. The tru51¢es keep their choice of investment managets under s1ve consideration. The investment managers manage this obje¢tive for the charity's Portfolio under a discr¢tionary management agr¢¢ment under powers granted lo the charity by the Charily Commissioners in an order sealed on 17 DeCeMr 1996.
Page 3 E LOUIS AND VALERTE FREEDMAN CHAIUTABLE SETTLEMENT TRUSTEES, REPORT YEAR ENDED 5 APIUL 2024 continued RESERVES The iruslees reserve wlicy is now to relain sufficient capital assets to generate an income lo enable the charity to pay out beiween £90.0(Kl and £120.0 per year. The trsleeS do not aim to maintain a minimum wh balanc¢ but the trust's investment managers have invested fvnds in exc of £200.000 in funds that are readily accessibl¢ at all times. The value of capital assets at the balance sheet da* was £4.221.992 (2023 - £4.145.482). The capital generat¢d an income of £113.378 (2023 £129.204). The tr$1¢¢5 made cash donations of £63.675 during the year along wilh a pledge of £25.(X)O to suPrt iniliaiives launched by BHPT which was paid in 2024r25. The ttee$ are Confident that their income will enable them to continue making donations of at least £IOO.(K)Q a year lo xhieve the dwity's fu(uve objectives. The trust¢e5 will review and make appropriate adjustments to the reserve policy during ihe year ended 5 April 2025 in the li8hi of investment returns during that year. The trustees have assessed the major risks to which the charity is ex[K)sl in p8rticular those related to Ihe operations and finances of the charity, and are satisfied that system5 are in place to mitigate exposure to those risks. PLANS FOR THE FVRE The trustees will Continue to examine thna¢ion wuesls Carefully and will make donations to those charithble causes which a s¢le¢t¢d. Following the phased withdrawal of its supp)rt of BHPT and due io the fact that BHPT had not been able to find alternative sources of finance due to the Size of its endowmenL but wished io maintain its current level of activity. the Irust¢es r¢viewed an applicalion fri)m BHPT to resume SUP}rtIng it at a level of up to £60.LMKJ per annum. The trnstees consulted the wider Freedman family who were broadly supp)rtive of the proposal. but did not want to enter inlo a pl¢dg¢. The t1¢¢5 approv additional funding to BHPT up to a total of £49.675 durirtg the year. STRUCTURE. GOVERNANCE AND MANAGEMENT The tTUSt is an unincorporaied tiitsL constitthed under a irust deed dated 26 February 1976 and is a registered charity nuMr 271067. The st was established by an initial gift from Louis Freedman in 1976. followed by gifts lo ihe charity from various companie5 that Louis Freedman assisied during his professional life and legacies to the charity following his death and the death of his wife Valerie Freedman. Both the initial donation and additional amounts donated sIte then have been added under ternis which allow the Iruslees to either relain the amounts as capithl or them. The trust deed Elves the trustees the power to apply the funds in such a manner as they think fit. to or for ihe benefit of any charitable obj¢¢t or purpos¢. The trust does not actively fundraise and seeks to continue to benefit ¢haritie5 in memory of th¢ founders through Ihe ]Eful sl¢wardship of its ex11n8 resour$.
Page 4 LOUIS AND VALERtE FREEDMAN CHARITABLE SEThLEMEWT TRusfEEs' REPORT PRIL 2 24 ntinll STRUcru COVERNANCE AND MANAGEMENT (continued) The powers to appoint new tntstees initially ves14>J in the original settlor of the tntsL Louis Freedman. in his lifelimc and after his death vested in his widow Valerie Freedman during her lifetime. Now that boih Mr and Mrs Freedman have died, the power of appointing new trustees. vests in the continuing trustee4 one of whom is a member of the Freedman family and one of whom is a professional adviser lo the family over many years. The trustees keep the skills requiwement for themselves un(kr Teview and in the event th&1 a Irustce p¢rnanently retires or it is decided that new trUe¢S are requirnl, the trustees would initially seek applications from the Freedman family. In the fin81 s¢l¢¢tion of ony new tsvst¢¢s th¢ views of Philip Freedman. Clive Freedman and Marnlyn Ferrier would be taken into •¢¢ounl. However. the ultimate dLS1on on selection is a matter for the existing tnL4ttts. Where there is a rcguirement for new tntste4 thtse would identified and appointed by the remaining trustee. The remaining Irusl¢¢ would be Te5ponsible for the induction of any newly appointed trustee. This would involve ensurin8 the new trustee [e1Ved copies of the 8overning documen(8dministrntive procedures, the history and approach of the charity and its investment policies. Any new truslee would also receive COPI of truste¢5' minut¢S. CQPi¢5 of the last three years of annual reports and account& a copy of Ihe governi Irusl deed and a copy of the Charity Commissioners guidance "The Essential Tnstee-what you need io know. what you need to do". The Irust¢es ai50 attend regular meetings whereby trusiees are updated about changes which impaci on the work of the charity and Ih¢ir role as Trtwee& KEY IVLANAGEMENf PERSONNEL REMUNERATION The trustees ¢on$ideT lh¢ i*Mrd of trustees Is comprising lh¢ key managemenl personnel of the ¢harily in charge of directing and n¢T0111n8 the ¢harity and Tunning and operating the charity on a day-to-day basis. All trustees give freely of their time and no trustee Temunerntion was paid in the year. Details of tnJstees' expenses and related Imrty transactions are disclosed in ne 2 10 the accounts. REFERENCE AND ADMINIRATIVE INFORMATION Truste¢s M. A. G. Ferrier F. H. Hughes E.A. Freedman (appointoa 31 # July 2023) Prinelpal Offlee Bridge House I I Creek Road East Molesey Surrey KT8 9BE Independent Ex8mlDer G N Birch Birch Riddle & Co Lid 6 Orchard Close West Ewell KT19 9NS
Page 5 THE LOUIS AND VALEIUE FREEDMAN CHARITABLE SETrLEME TRusfEES' REPORT YEAR ENDED 5 APRIL 2 24 REFERENCE AND ADMINRATIVE INFORMATION {eoDdnued} Bankers Natwest Bank l High Sir¢et Weybrid8e Surrey KT13 8UA InvestmtDt Mangers JMFinn&Co 25 Copihall Avenue London EC2R 7AH TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL sfATEMENTS The charity Ir[(eeS are responsible for preparing a trustees, annual report and finaftcial statements in accordance wilh applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting Prnciice). The law applicable to charities in Engjand and Wales requires the charity trtlees to prepare financial statements for each year which give a true and fair view of ihe state of affairs of the charity and of th¢ incoming resources and application of resources. of the charity for that period. In preparing the financial slalemenls ihe trustees are required to.. se11 suitabl¢ accounling policie$ and then apply them nSistentIy. observe Ihe methods and pri1P1es in Ihe applicable Charities SORP: • make judgemenis and estimates that are reasonable and pruthnt: • state whether applicable accounting standards have b¢en follow, subjecl to ony material departures that must be discl¢)sed and explained in Ihe financial slalements: prepare the financial slalements on the going concern basis unless il is inappropriate to presume thai th¢ ¢hhriiy will tontinue in bwsinw. The trustees are responsible for keeping proper counting records thai disclose with re&%onable aetura¢y at any time the financial SitIon of the charily to enabl¢ th¢m lo ¢nsur¢ that Ihc financial statements comply with the Charilies Act 2011. the appli¢abl¢ Charities (Accounts and Reports) Regulation& and the provisions of the Tt deed. They are also responsible for safeguarding the assets of the charity and tsking reasonoble steps ft)r the prevention and detection of fraud and other irregularilies. Approved by the trnstees ott 29 O¢iober 2024 and slgned thelr b¢hAifby F.H. HU
Page 6 INDEPENDE1 EXAMINER?S REPORT T ThETR TEES AND VALERIE FREEDMAN CHARITABLE SEThLEME YEAR ENDED 5 APRIL 2024 I report lo ihe truMees on my examination of the cOunts of the TTUSt for the year ended 5 April 2024, which are set out on pages 7 to 14. RupoDslbllitles attd hsts orrert As the charity's trustee5. you are ffsponsibl¢ for thc prcparalion of the aetounts in accordance with the requirements of ihe Charities Acl 2011 ('Ihe Act"). I report in respect of my examination of ihe Tru.5 axounts carried out under stttion 145 of the 2011 Act and in carrying out my examination. I have follow ail applible Direclions 8iven by the Charity Commission under section 145{5Xb) of the Act. Independent ¢xamln¢r'$ sta¢em¢mt Y have compleled my examination. l eonfimi that no material matters have come to my attention in connection with Ihe examination whi¢h gives me caw to believe thai in any material respect.. the accountin8 records were not kepl in aCrdanCe with section 130 of th¢ Charities Act; or the a¢¢ounts did not accord with the ¥)unting records: or the accounts did not comply with Ihe appli1¢ TequiTements ¢onr£ming the forni and conient of accounts sel out in the Charities (Acwunts and R¢ptsrts) Regulations 2008 other than any requirement thai the accounts give a 'true and fair, view which is not a matter considered as part of an indcpendcnl cxJminaiion. I have no concerns and hove come Th) other matters in connection wilh the examinalion to which attenlion should be drnwn in this re)rt in order to enable 8 proper understanding of the accounts lo be reached. 6 Orchard Close West Ewell Surrey KT19 9NS G N Birth FCA Birch Rlddle & Co ixd Chartered AccoMnt*nts Date: l¥ November 2024
Page 7 THE LOUIS AND VALERIE FREEDMAN CHARrrABLE SETTLEME ATEMENf OF FINANCIAL AcfiviTI YEAR ENDED S APRIL 2024 Totsl 2024 Total 2023 Not lllcome Inv¢slm¢nt ineom¢ 113.378 129.204 Exptndlture Cojts of niSiDg funds Investment management costs 32.269 34,778 Expendltur¢ on ch&ritablt Aetlvities Donation5 to charities and relaled ¢xpens¢s 97,351 112,220 Total ¢xpendltur¢ (129.620) (146.998) Net expenditure And net movements In funds b¢Core gAIn(losseS) lttvestments (16.242) (17.794) Net gainsl(losses) on investments 92.752 (776.007) Net movement ID fuDds 76,510 (793,801) Reeonclllatlon of funds: Tot1 funds brought forn#rd 4,145,482 4,939,283 Total funds tarried fonv#rd 4,221,992 4,145,482 The notfs on page5 10 to 14 forni prt of these fiD8nci81 statements
Page 8 THE LOUIS AND VALERJE FREEDMAN CHARITABLE SErrLEMEiYr BALANCE SHEET 5 APRIL 2024 2024 2023 Note Flxed Assets Inveslmcnts 4.225.468 4.137.769 Current Assets Debtors C&5h at bank 854 14.359 27.385 Total eurrent •sJets 30.194 15.213 Creditors Amounts falllDg due wltbln owe year (33.670) (7.500) Net eurrtDt Olabllltlesyasstts (3,476) 7,713 Totsl net assets 4.221,992 4.145.482 Funds of the ¢hrlty: Unr¢s¢rl¢ted fulld$ 4,221,992 4,145,482 Approved by Ibe Trustett OD 2P Oetober 2024 .C. FERRIKR F.H. HUGH /( LA. FREEDMAN The notes OD p¥ges 10 to 14 fonn part of these fJDmeial statements
Page 9 THE LOUI AND VALERIE FREEDMAN HARITABLE EThLEMENr ATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2024 Total 2024 TotAI 2023 Notes Nel cash used operting gedyltles (105.405) (157.753) Casb flows Invejtlng a¢tlvltles Investment income 113J78 129.204 Nel salesl(purchases) of investments 5.053 (169.563) Net eash provldeOJ(•ixorbed) by IDvestln8 aetivitks 118.431 (40.359) Ch•ng¢ In e#sb In tht yelr 13.026 (198,112) Cash brought forward 14,359 212,471 CA3h ¢rrled forward 27.385 14,359 The notes on pages 10 to 14 forni part of those financial statements
Page 10 THE LOUIS AND VALERIE FREEDMAN CHARITABLE SErrLEMENr NOT O THE FINANCIAL sfATEMENTS ED 5 APRIL 2024 AccountlnE Polldej BASIJ ofprepar8tloD #ttd *ssessmeDt Of8 tottetrn The accounts (financial statements) have been prepared U[r the historical cost convention With items Ye¢ognis¢d al cost or transaction value unless otherwise Sted in the relevant notels) to these accounts. The financial statements have been prepared in accordance with the Ststement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial RertIng Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and ihc Financial Reporting Siandard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011. The tntyt ¢01181iluies a public benefit entity 8$ d¢fiJ)ed by FRS 102. The trUse5 consider that there are no material utKertainties about the Trust's ability to ontinue as * going concern. With respeci io the next rep)rting period, 2024-25. the most significant areas of unCeinty thai affect ihe canying value of &ssets held by the Trust are the level of inv¢51mcnt return and the perfonnance of investm¢nl maTket5 (see the investment policy and Frfomlance and risk management sections of the trustees, annual report for more informa¢ion). Fund strn¢tur¢ The Charity does have any restricied funds or designed funds. All the Truslee5 fund$ represent General Unrestricted Funds which are expendable at the discretion of the Trustees in furtherance of Ihe objects of the Charity. Such furth may be held in order lo finance both working capital and capitsl inveslment Income reeognltlon Donations are included in incoming Tesour¢e5 when Ihey are Ttteivable. except when the donors specify thal they musl be used in future accounting period& or where donor condition5 have not been fulfilled, the income is deferred. Investment income is anted for when rteivable. Expenditure re¢ognltlon Liabililies are r¢cognised as expenditure as soon as there is a legal or constructive obligation committing Ihe charity lo thai expenditur¢ it is probabl¢ that settlement will be required and the amount of the obli8alion can k measured reliably. All expenditure is aCCound for on art accrua15 b&sis. All expenses including supp)rt costs and governance costs are allocated or apportioned io lh¢ applicable eXnditUre headings. Grants payable are payments made to Ihird p8rttes in th¢ furtherance of the charitable objectives of the Trust. In the case of an UOnditiOnal 8r8nt offer this is accnjed once the r¢cipient h&8 notified of the grani award. The nolifi¢otion gives the recipient a re&sonable expectation thai they will receive the one-yur or mulii-y¢ar grant. Grdnts awards that are subject io the recipient fulfillin8 p¢rforniartt conditions are only accrued when the recipieni has been notified of Ihe grant and 8ny MainIng unfulfilled condition attaching to that gr&nt is outside of the control of th¢ Trust. Provisions for grants are made when the intention lo make a grant has been communicated io the recipient but there is Iincertainty as to the timing of the grnnt or the amount of grant payable.
Pagell THE LOUIS AND VALERIE FREEDMAN CHARITABLE SETTLEMEiYr TES TO THE FINANCIAL STATE Alloeatlon of governance ¢osts Governance costs are those Costs associated with meeling the constitutional and statuiory requirements of the charity. They include the costs of pr¢paring the statutory accounts, the cost of ihe independent examirtation, and costs linked to Ihe strategic management of the charity. These costs have been allocated io exp¢nditure on charitable activities. Cost of rAlsing funds The costs of generating funds consist of investment management cosls. Charltable Actlvliles Cosis of charitable activities include grants made and governance cost5 Flxed asset Investments Inveslm¢n15 are a forni of basi¢ financial instrument and are inltlally recognised at their transaction value and subsequently measured at their fair value as al Ihe balanG¢ sheet date using the ¢losing quoted market price. The slaiemenl of financial aclivili¢s includes the net gains and losses arising on revaluation and disposal$ Ihroughout the year. The Trust doe$ not acquire put options, derivaiives or oiher complex financial instruments. The main fom) of financial risk faced by Ihe charity is that of volatility in equity markets and invesimenl markets due to wider economic conditions. the attitude of inv¢stor5 to invesimenl risk, and changes in sentiment concerning equilies and within p8rti¢ular se¢tors or sub sectors. All 8ains and loss¢s are lak¢n lo the Statement of Financial Activities As they arise. Realised gains and losses on investments are calculated as the difference belween sales proceeds and their opening canying value or their purcliase value if acquired subsequent lo the first day of the financial year. Unrealised 1n$ and losses are calculated as the difference between the fair valu¢ at the year end and their carrying value. Realised and unrealised inv¢51m¢nt gains and 105s¢s are combined in the Statement of Financial Activities. Contlngent IIAbllltles A eonlingent liability is identified and disclosed for those grants resulting frojn.. a possible obligation which will only be confirnied by il)e ¢xcurrence of one or more uncertain future events nol wholly iviihin the Irustee5' contml: or • a present obligation following a grant offer where settlement is either not considered probable- or • the amount has not been commLinicaled in the grant offer or the amount cannot be estimated reliably Related p4rty tronsaetlons nnd trustees, expen5e5 and remuDeratlon The trustees all give freely their tiiiie and expertise without any fomi of remuneration or other benefit in cash or kind (2023.. £nil). In the year Hughes Collett, a firm controlled by F.H. Hughe a Iruslee, provided accountancy and adminislralion services to the Irust in the sum of £7.170 (2023- £6,000).
Page 12 THE LOUIS AND VALERIE FREEDMAN CHARABLE SEThLEME NOTES TO THE Fll¥ANCIAL STATEME KNDED S APRIL 2024 Investment ltteome 2024 2023 Dividend and interest income 113.378 129.204 4. Aoatyil$ of¢xpendl¢ur¢ on ehirltsble •thltles 2024 2023 Donations made in the year (note 9) Governan¢e Costs: Accountancy & adminislrntion Indepe1ent examiner's fees Bank ¢hArges 88,675 104,713 7,170 1,500 6,000 1,500 97,351 112,220 S. Flxed asset Investments Movement In fixed *sset ltsted IDveJtmeDts 2024 2023 Market value at 6 April 2023 Additions 81 eo Disposals al carrying value Nel unrealised 8ainsl(losses) in the ye 4,137,769 1.087.808 (1.089.218) 89,109 4,744,213 584.966 (468.868) (722.542) M•rke¢ valu¢ It 5 Aprll 2024 4,225.468 4.137.769 Net cash relea8edl(utlllsed) by InvestmeAts In ¢he yr 2024 2023 Disposal PrdS Additions al Cost 1.092.861 (1.087.808) 415.403 (584.966) Net cash rele•gedl(utlllxd) 5,053 (169,563)
Page 13 UIS AND VALERIE FREEDMAN HARITABLE SETTLEmEr THE FINANCIAL STAT ED S APRIL 2024 Fiied Asset Investments {eontinu¢d) Net gaiDsI(10sses) on Investments: 2024 2023 Net realised gainsl(1055es) on disposals in the year Net unrealised gainsl(losses) in ihe year 3.643 89.109 (53.465) (722,542) Nel galnsl{losses) OD Investmellts 92,752 (776.007) Lljted inve4trnettts 2024 2023 Equities Fixed interest equities Govemment bond5 3.797.925 87,382 340.161 3.944,541 86,717 106,511 4,225,468 4.137.769 The significance of financial instruments io the ongoing financial sustsinability of ihe Trust is considered in the financial review and inv¢slmenl policy and perfomianee seciions of ihe Trustees, Annual Report. Debtors 2024 2023 Accru¢d investment income Income recoverable 854 2.809 854 7. Credl¢on- Amounts fAlllng due wlthln ODe yeAr 2024 2023 Accrued donations Accrued adminislrniive expenses 25.OCK) 8.670 7.500 33,670 7.5(M) Re¢oD¢lll4tlon of net movement ln funds to Trel ¢*8h flow from operating activities 2024 2023 Net moY¢menl in funds Deduct invesiment & thher income Deduct Igainsyadd los on inveslrnents Increase in debtors Increasel(De¢rease) in crediiors 76.510 (113.378) (92,752) {1.955) 26,170 (793.801) (129.204) 776,007 (755) (10,000) (105.405) (157.753)
Page 14 E LOiJIS A]¥D VALERIE FREEDMAN CHARABLE SEThLEMENT NOTES TO THE FINANCIAL STATEME YEAR ENDED S APRIL 2024 DONATIONS The TnLStees have m•Je a numixr of grants to institutions in the tUTTent ye8r, all of which further the objectives of the charity, as follows: Mlea1 Resear¢11¢1SIekne Purwse ofdonatlon 2024 2023 Burnhwn Hth Pr0n¥)tl Tnk Community health Wlon Mcrtal hralth 20.0( 18.730 Burnhwm Hcajth ProThKrti Tn 25.000 Rekindk SUNrt forThKDt41 illrKss the youttg 15.000 C4rdinlll Centr¢ Posw welier DEC P•ki5tyD FkNx15 Awl 10.c DEC Turkeytsyria Earthquth AFTr1 10.( Elmbrid8¢ CAN c0ttbnity rot 10.0 Totsl Medlcal Rer¢1HeI1lh1skkn¢$J 44.000 68.730 ChildrenlIdull0tt Purpose ofdonatkj Burrtham Pmny)tion Tru 24.675 25.983 Litde GilliesNwsery S¥rtfor¢fy lty•mlly& child Te lo,(1 Total ChSldrenlFAlu¢atlon 34.675 25.983 Animal Welfare Purpose ofdootlo 10.000 10.oc TOTAL DONATIONS 88.675 104.713