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
CHAR￿ABl￿ SETfLEMENr
TR
TEFS,
PORT
YEAR ENDED 5 APRIL 2024
totttlnlled
ACHIEVEMENfs AND PERFORMANCE OF THE TRUST
The tr￿tee$ received many grdnt requests in the year. all of which were given their consideration. The
tr￿Stee5 made further totailing £88.675 and these donations were in the following area5 of
charitsble activities:
Medi￿1 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 RE￿Ew
The trust is Teliant on the inwmc from its inv¢sth]¢nts Whic￿ including bank inleresL was £113J78
(2023 - £129204). This I￿ome facilitated the ¢lwity's xtivities in the year to 5 April 2024.
The trust's investm¢nt strat¢gy is to set a target tnve*m¢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 In￿Me 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 ma￿t value at 5 April 2024 of £4.225.468 against a valuation al the previous
year-end of £4.137.769. an In￿e￿ 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 2￿24 of £89.109.
The Trustecs have benefitted from superioT investment returns over many ye￿5 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 diff￿nI 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 eXp￿d and have
reviewed those risks and established systems and prC￿ureS 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 s￿1ve
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 DeCeM￿r 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 tr￿sleeS 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￿$1¢¢5 made cash donations of £63.675
during the year along wilh a pledge of £25.(X)O to suP￿rt iniliaiives launched by BHPT which was
paid in 2024r25. The t￿￿tee$ 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)s￿l 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 F￿VRE
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 t￿￿1¢¢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 nuM￿r 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 sIt￿e 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 ex1￿1n8 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 trU￿e¢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
d￿LS1on 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 n￿e 2 10 the accounts.
REFERENCE AND ADMINI￿RATIVE 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 ADMIN￿RATIVE INFORMATION {eoDdnued}
Bankers
Natwest Bank
l High Sir¢et
Weybrid8e
Surrey
KT13 8UA
InvestmtDt Man*gers
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 trt￿lees 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..
se1￿1 suitabl¢ accounling policie$ and then apply them ￿nSistentIy.
observe Ihe methods and pri￿1P1es 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 T￿￿t 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 orre￿rt
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 appli￿ble 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 aC￿rdanCe 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 appli￿1¢ 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:
Tot*1 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 p*rt 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 ¢h*rlty:
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 fJD*meial 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 oper*ting 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 Of￿￿8 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 St￿ed 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 Re￿rtIng 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 trUs￿e5 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 unCe￿inty 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 design￿ed 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 a￿￿nted 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 aCCoun￿d for on art
accrua15 b&sis. All expenses including supp)rt costs and governance costs are allocated or
apportioned io lh¢ applicable eX￿nditUre headings.
Grants payable are payments made to Ihird p8rttes in th¢ furtherance of the charitable
objectives of the Trust. In the case of an U￿OnditiOnal 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
CHAR￿ABLE 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
Indepe1￿ent 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 y￿r
2024
2023
Disposal Pr￿dS
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 SETTLEmE￿r
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
CHAR￿ABLE 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:
M￿lea1 Resear¢1￿￿￿1¢1￿SIekne
Purwse ofdonatlon
2024
2023
Burnhwn H￿th Pr0n¥)tl￿ Tnk
Community health W￿lon
Mcrtal hralth
20.0(
18.730
Burnhwm Hcajth ProThKrti￿ Tn
25.000
Rekindk
SUN￿rt forThKDt41 illrKss the
youttg
15.000
C4rdinlll Centr¢
Posw welier
DEC P•ki5tyD FkNx15 Awl
10.c
DEC Turkeytsyria Earthquth AFTr1
10.(
Elmbrid8¢ CAN
c0ttbn￿ity rot
10.0
Totsl Medlcal Re￿r¢1￿HeI1lh1skkn¢$J
44.000
68.730
ChildrenlIdu￿ll0tt
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 ofdoo*tlo
10.000
10.oc
TOTAL DONATIONS
88.675
104.713