Registered Charity number: 296019
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2022 FOR
THE FREDERICK MULDER FOUNDATION
THE FREDERICK MULDER FOUNDATION Contents for the Financial Statements for the year ended 31 March 2022
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Contents
Page:
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Legal and administrative information
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Report of the trustees
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Report of the independent examiner
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Statement of financial activities
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Balance sheet
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Notes forming part of the financial statements
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THE FREDERICK MULDER FOUNDATION Legal and administrative information
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Settlor Dr. Frederick Mulder CBE Trustees Dr. Frederick Mulder CBE Hannah Mulder Robin Bowman Address 83 Belsize Park Gardens, London, NW3 4NJ Bankers Santander, 2 Triton Square, Regent’s Place, London, NW1 3AN Independent Haines Watts (City) LLP Examiner New Derwent House, 69-73 Theobalds Road, London, WC1X 8TA Registered Charity Number 296019
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THE FREDERICK MULDER FOUNDATION Report of the trustees for the year ended 31 March 2022
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The trustees present their report along with the financial statements of the Frederick Mulder Foundation (‘the Charity’) and its subsidiary for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with the Charity's trust deed and applicable law.
Constitution and objects
The Frederick Mulder Foundation is constituted under a trust deed dated 4 April 1986 and as amended on 6 November 1995 and 6 September 2012, and the Settlor is Dr Frederick Mulder. It is a registered Charity no 296019. The Charity was previously known as the Frederick Mulder Charitable Trust and prior to that as Prairie Trust.
The objects of the Charity are the support of any charitable purpose. In practice, the policy of the Charity is to provide financial support to a small number of organisations working on climate change and the development of social change philanthropy. The Charity also supports certain projects outside those themes brought by individual trustees.
The financial support for organisations working on climate change, and social change philanthropy is targeted as follows:
On the climate change side, we support three areas of climate change work: work which seeks to direct financial flows away from the problem (fossil fuels) and into the solutions (renewables and energy efficiency); work that supports policy change; and work which deals with natural climate solutions (rewilding and the reintroduction of the beaver).
For the development of social change philanthropy, the Charity provides help in several ways: (i) via its support for giving circles, especially The Funding Network (TFN), and the projects that present at TFN events; (ii) via support for The Funding Network’s international programme through which it seeks to support the development of giving circles based on its model around the world; (iii) via support for projects that present at giving circles based on TFN’s model around the world. (iv) and as of 2017, via a Starter Grants of £1,000 for civil society organisations, typically community foundations which have received training in the TFN methodology and wish to pilot a first event. FMF will provide Starter Grants of £1000 for each of the second and third events as well.
Organisation
The details of the trustees who have served during the year and since the year end are set out on page 2. The trustees include the settlor and trustees who have a range of experience and knowledge of the objects of the Charity and grant recipients.
Grant making policy
The trustees meet regularly to discuss the policy of the Charity and to authorise specific grants. Most of the grants to small-scale projects are made through The Funding Network (itself a registered UK Charity) to projects which present at TFN events held in London, in UK cities and in other countries.
The Charity also helps to support the operational costs of The Funding Network, both in the UK and internationally, and some of the travel costs incurred in Frederick Mulder’s (unpaid) role as the International Ambassador of TFN, which involves helping to set up TFN groups both in the UK outside London and outside the UK itself.
Larger grants are made directly to the organisations supported by the Charity.
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THE FREDERICK MULDER FOUNDATION Report of the trustees for the year ended 31 March 2022
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Financial review and investment policy
During the year the Statement of Financial Activities shows income of £52,802 (2021: £130,401).
This year donations made by the Charity were £500,194 (2021: £446,806).
The trustees have allocated a proportion of the funds of the Charity to a professional investment fund manager. Furthermore, the trustees are committed to using some of the Charity's funds for impact investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Charity's objectives. A specialist advisor has been appointed by the trustees to advise on investment opportunities in this area.
The Charity is a signatory to Divest Invest which commits the Charity to sell any shares in fossil fuel holdings and invest a proportion of the endowment in 'climate solutions', such as renewable energy, energy efficiency and clean tech. A strong ethical case not to invest in fossil fuels and invest in climate solutions aligns with a strong financial case. The future value of return from investments in fossil fuel companies is now far less certain due to falling costs of renewable energy and the increasingly likely introduction of policies to limit emissions of greenhouse gases which is anticipated to result in some fossil fuel assets being devalued.
The trustees have also agreed that up to 50% of the assets of the Charity (excluding any donations from the trading subsidiary) may be invested in the Charity’s trading subsidiary, Prairie Trust Fine Arts (PT Fine Arts). They also agreed that any donations from PT Fine Arts not yet spent may in turn be reinvested in the trading subsidiary. The trustees took legal and accountancy advice on both the prudence of these decisions and the correct structures and protocols for managing the investment in PT Fine Arts.
Reserves
The trustees have no specific target level of reserves as the Charity has few operating costs. However, the trustees expect to maintain reserves equal to at least the level of commitments for 6 months.
The level of reserves currently held provides a firm base for the Charity to move forward in fulfilment of its objects.
Risk management
The trustees have not identified any specific risks that attach to the administration of the Charity as such. The Charity believes that it would be imprudent not to have part of its funds professionally invested. The chair of trustees Frederick Mulder, who has fifty years of experience in the art world, is involved in all investments made by PT Fine Arts, and the investment managers of the other funds were carefully chosen.
Public Benefit
The trustees are conscious of the Charity Commission guidelines on public benefit and these guidelines are applied when grants are considered.
Covid-19
The trustees acknowledge the potential issues from the current outbreak of COVID-19 and are monitoring developments which may have an impact on the Foundation going forward.
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THE FREDERICK MULDER FOUNDATION Report of the trusteu for the year ended 31 Martb 2022 ThL8tees' resp)lbUllkS In reJath>D lo ana141 statements Tr Chartty trstett are respoAsible preparing a RqKft of the Trus.5 and financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kitig(k)rn Generally Accepted AcCnting Practice). The law appli¢able to charities in England arnl Wales requires the Charity truste£s to prepare fmancial statements for each year which give a true and fair view of the state of affairs of the Charity and of the iorning r&ourc&s and application of rtSfAwces. of the Charity for that perio(L In prqyamg the financial staternents, the trusteth are rawired to: Selt suitabk acc{ntIng polici&s and then appty them ¢onsistent]y' obs&Yve the aJMI Frinciples in the applicabl¢ ChaTitiGs SORP: makeiudg¢men¢s and estimates that are reable and pnmjent: state whahcr applieable accnting standards have been followed subj1 to any matfftal departures that must k disclased and explaine41 in the financial statements. prepare the financia] sthtements on the going c1c1n basis UesS it is inappr(priate to presume that Charity will contimie in bu5ine&s. Tr trte¢S are %)$1b1¢ for keeping proptr accounting rtrfxds disclose with reasonable accur&cy at any time the fuwjcial position of the Charity and to enable them ensure thai the financial statements comply with the Cljariiies Act 2011. the applicable Charities (ACCnts Reports) Regulatt'o]kS. arnl the Provisio of the Trust deed Tlw are a150 rpO81ble for safeguarding the &ss&s of the Charity and taking reasonable SWS f(ff the prevejrtion and de£ti0Th of fraud and other irregularitias. The trusteu are r&sw)nsible f(r the maintena]Ke and integrity of the Charity and finala] xnf(xnMtion iT¢lud on the Charity's website in XCLYdawe with legsslation in the United Kin8dom govuning thc prwation and dI¢mInation of finawial slaiements. Approved by the trStett aThJ sign1 m their b&lalf by: Dr Frederfck Mthr CBE Date: Iq ( L
THF FREDE4 RICK MULDEI R fi OUNDATION Report ot tlic indepeiideiit exaniiner to tlie Trustees I repoi't to the Ti'ustecs oli my examinatlDn of ihe accounts of The Fredei'ick Mulder Foundaiion ('Ihe Charity,) foi. the yeai. endcd 31 March 2022. Responsibilities and basi5 of report As thc Charity Tru4tee8 of the Charity. you are responsible for thc pr¢pardlion of the accounts in accordance with the requii'ements of thc Chai'itiG5 Act 2011 ('the Act,). I port in respect of my examtnation of the Charity's accounts carried out under section 145 of the 2011 Act and in cai'rying out my examination I have followed all the applicable Dll'ections given by the Charity Comtnission under Section 145(5)Ib) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material mattPA'S have come to my attention in connection with the examination giving me cause to believe that in any Tnaterial respect.. accounting records wei'e not kcpt in [Fect of the Charity as requll'ed by section 130 of the Act,. or 2. the accounts do not accord with those rccords; or the accounts do not comply with the applicable i'equiretnents concerning the form and content of accounts set out in the Chai'ities (Accounts Repoi'ts) Regulations 2008 oihei. than any requirement that the accounts give a 'true and fail. view which is not a mattel. considered a8 part of an independent examination. I have no concerns and have come across no other matters in connection with thc exaTrination to which attention should be th'awn in this report in ordu to enable a proper understanding of the accounts to be reached. 'ryndale FCCA Haines Watts (City) LLP New Derwcnt Hou8e 69-73 Theobalds Road WCIX 8TA Date.. LoiL
THE FREDERICK MULDER FOUNDATION Statement of Financial Activities for the year ended 31 March 2022
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Statement of Financial Activities
Notes Income Donations and legacies Investment income 2 Total Income Expenditure Expenditure on charitable activities: Grants payable 3 Direct costs 4 Governance Costs 5 Total Expenditure Net Income/(expenditure) before gains and losses on investments Net (losses)/ gains on investment assets: Net movement in funds Total funds brought forward Total funds carried forward |
2022 £ - 52,802 52,802 (500,194) (8,749) (21,809) (530,752) (477,950) 70,781 (407,169) 5,878,107 5,470,938 |
2021 £ - 130,401 130,401 (446,806) (19,340) (22,142) (488,288) (357,887) 434,226 76,339 5,801,768 5,878,107 |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. All funds are unrestricted.
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THE FREDERICK NfULDER FOLryDATION Balance Sbeet &s at 31 Marrh 2022 Balance Sbeet 2021 Unqu(ed Invtstments (b(ed InvesttnenLS 3.288,961 1,968.584 5.257J45 3.732,906 2.028.637 5,761,543 Debiors C&%h at bank and in harml 153 213,240 213.393 74,591 43,559 118,150 Crojithrs: arrynts falling thje withuj onc year io {1580) Net current &*ets 213.393 116,564 Tot41 assets k&$ current Ix•blll 5.470,938 5.878,107 5.470.938 5.878.107 li 5.470.938 5,878.107 5.470.938 5.878.107 Ttw FllwKial sels were approved by tlr trustees on signed on its behalf by: aaTrJ were 11.9 IL Dr Fre41erick Mer CBE
THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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1. Accounting policies
Basis of preparing the financial statements
The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Preparation of consolidated financial statements
The financial statements contain information about The Frederick Mulder Foundation as an individual Charity and do not contain consolidated financial statements as the parent of the group. The Charity has taken the option under section 139 of the Charities Act 2011 not to prepare consolidated Financial Statements.
Significant judgements and estimates
In applying the trustees’ accounting policies, the trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The trustees' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the Charity's accounting policies
The critical judgement that the trustees have made in the process of applying the Charity's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:
(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed:
(i) Investments
The most critical estimates, assumptions and judgements relate to the determination of the carrying value of investments at fair value through the profit and loss. In determining this amount, the Foundation applies the overriding concept that fair value is the amount for which and asset can be exchanged between knowledgeable willing parties in an arm’s length transaction. The nature, facts and circumstance of the investment drives the valuation methodology. Unquoted investments are valued using the fair value measurement in FRS102 using the hierarchy mode.
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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1. Accounting policies continued
Funds Structure
All funds are unrestricted and can be used in accordance for the charitable activities at the discretion of the trustees.
Donation Income
Donations are recognised once the Charity has been notified in writing of both the amount and settlement date.
Investment income recognition
All Investment income is recognised in the Statement of Financial Activities in the period in which the Charity is entitled to receipt.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Fixed asset investments
Quoted Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing mid-market value.
Unquoted investments are initially recognised at cost and subsequently measured at fair value unless fair value cannot be measured reliably in which case they are measured at cost less impairment.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value.
Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material.
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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1. Accounting policies – continued
Financial instruments
Financial assets and liabilities are recognised when the Charity becomes party to the contractual provisions of the financial instrument. The Charity holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables.
Financial assets - classified as basic financial instruments
(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.
At the end of each reporting period, the Charity assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.
iii) Equity investments
Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss.
Financial Liabilities - classified as basic financial instruments
(iv) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.
Going concern
After making enquiries, the trustees believe that The Frederick Mulder Foundation has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have also considered the current position regarding the ongoing COVID-19 pandemic and they consider that there are no material uncertainties about the Foundation’s ability to continue. For this reason, the trustees have continued to adopt the going concern basis in preparing the financial statements.
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THE FREDERICK MULDER FOUNDATION
Notes forming part of the financial statements for the year ended 31 March 2022
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| 2 Investment income Income on quoted investments Interest on unquoted investments Interest on cash deposits |
2022 £ 11,422 41,380 - 52,802 |
2021 £ 12,397 117,949 55 |
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| 130,401 |
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
| ------------------------------------------------------------------------------- 3 Expenditure on charitable activities Notes Grants to Institutions Against Malaria Foundation AIGAS AITEC ASAP (global) Beaver Trust Beaver Trust Emergency Fund Camden Giving CEA Ltd Chairman's Discretion Climate Bonds Initiative Climate Coalition Covid 19 Relief in the Global South Cyber Tracker Conservaion Trust Cyber Tracker (Grant 2) Cyber Tracker (Grant 3) Cyber Tracker Feeder Programme Devon Environment Foundation Directors Allocation - Bryn EFN Rapid Response Environmental Defence Fund Gallery Climate Control GIFT Give Directly Glacier Trust Global Witness Greenpeace Environmental Trust Impact Law for Social Justice Industry Tracker May Week Alternative One to One Africa Children's Fund Oxford Process Peace Brigades International (UK) People and Plannet Playback Theatre Southwest Rewilding Britain Roddick Foundation/ Help Refugees Roots and Wings Foundation (Hungary) Samaj Serva Niketan (India) Share Action Sightsavers SMK Foundation Somerset Wildlands TFN Events and Pledges International TFN Events and Pledges UK TFN Special Events TFN Starter Grant Programme TFN UK Swan Appeal TFN Office Move Trustee Allocation - Hannah Trustee Allocation - Robin Various Valence Solutions |
------------------------- 2022 2021 £ £ 15,206 - 10,000 - 7,500 - - 10,000 30,000 30,000 5,000 7,500 7,500 - 15,000 10,000 9,570 10,093 10,000 20,000 - 10,000 8,000 24,100 - - - 64,680 32,000 - - 7,000 10,786 10,000 10,000 10,000 10,000 10,000 - 2,500 - 15,206 - - 10,000 10,000 10,000 25,000 20,000 10,000 10,000 - 18,000 10,000 - - 20,000 2,500 - 10,000 - - 10,000 - 5,000 25,000 - 15,000 20,000 - 8,000 4,206 4,640 - 2,500 20,000 - 20,000 - 5,000 5,000 10,000 - 3,028 3,217 32,300 36,195 - - 12,392 18,381 30,000 10,000 7,500 7,500 10,000 5,000 10,000 10,000 - - 20,000 - 500,194 446,806 |
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
| 4 Direct Support costs – office costs Other office costs 5 Governance costs Bank charges Conference & Membership fees Travel Trust management fee |
2022 £ 8,749 8,749 2022 £ 201 11,146 657 9,805 21,809 |
2021 £ 19,340 |
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| 19,340 | ||
| 2021 £ 243 10,650 1,363 9,885 |
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| 22,141 |
6 Staff Costs
The average number of employees in during the year was NIL (2021: NIL). The equivalent number of full-time staff is NIL (2021: NIL). All employees time involves providing support services to charitable activities. No employees received emoluments (excluding employer pension costs) of more than £60,000, nor for the year ended 31 March 2021.
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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| 7 Unquoted Investments Market value brought forward Additions Disposals Movement in unrealised valuation gain in the year Market value carried forward Investments at market value comprised: PT Fine Arts Limited New Forest Company Holdings Limited Sustainable Growth Management Nordeon |
Charity 2022 £ 3,600 (438,574) (8,971) |
3,732,906 (443,945) 3,288,961 1,456,167 1,054,616 272,006 506,172 3,288,961 |
Charity 2021 £ 704,270 (660,437) (155,580) |
3,844,653 (111,747) |
|---|---|---|---|---|
| 3,732,906 | ||||
| 1,452,567 1,372,506 395,601 512,232 |
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| 3,732,906 |
Included in unquoted investments are investments/loans receivable in the following unlisted companies:
PT Fine Arts Limited (UK incorporated company)
Nature of Business: Retail sale in commercial art galleries Class of share: Ordinary Holding: 100%
All profits of PT Fine Arts Limited are donated to The Frederick Mulder Foundation. The summary financial performance of the subsidiary is shown below:
| Turnover Cost of sales and administration expenses Interest receivable Interest payable Profit/(Loss) for the year The aggregate share capital and reserves |
2022 £ - (9,071) - (14,526) (23,597) (292,894) |
2021 £ - (11,804) 2 (14,526) (26,328) |
|---|---|---|
| (269,296) |
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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7 Unquoted Investments (continued)
New Forest Company Holdings, the investment is split as follows; unlisted equity of £1,054,616 (2021: £1,008,846), the remainder of the balance £Nil (2021: £363,660) is made of loans, the average rate of interest is 9.5% (2021: 9.5%). The date of repayment of the loans is between 30 June 2022 and 29 June 2023.
Sustainable Growth Management is an unlisted equity investment.
Nordeon is an unlisted equity investment.
Included in unquoted investments are loans receivable from the following subsidiary undertaking:
PT Fine Arts Limited, the loan is secured, has no fixed date of repayment and is repayable on demand. The average rate of interest is 1% (2021: 1%).
8 Quoted Investments
| Market value brought forward Additions Proceeds from disposal Realised gain on investments Movement in unrealised valuation gain in the year Net gain/(loss) in the year Market value carried forward Investments at market value comprised: Rathbones Fund Partners Ennismore |
2022 £ 68,378 (213,129) 45,096 39,602 |
2,028,637 (144,751) 1,883,886 84,698 1,968,584 808,060 1,086,150 74,374 1,968,584 |
2021 £ 125,632 (351,838) 109,948 479,784 |
1,665,111 (226,206) |
|---|---|---|---|---|
| 1,438,905 589,732 |
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| 2,028,637 | ||||
| 906,491 1,056,530 65,616 |
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| 2,028,637 |
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THE FREDERICK MULDER FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2022
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| 9 Debtors 2022 £ Trade debtors - Prepayments and accrued income 153 153 10 Creditors: Amounts falling due within one year 2022 £ Accruals for grants payable - Other creditors - - 11 Unrestricted funds 2022 £ Total funds brought forward 5,878,107 Net movement (407,169) Total funds carried forward 5,470,938 There are no restricted funds, therefore all net assets relate to unrestricted funds |
2021 £ - 74,591 74,591 2021 £ - 1,586 1,586 2021 £ 5,801,768 76,339 5,878,107 |
|---|---|
12 Related Party transactions
During the year The Frederick Mulder Foundation received interest on a loan to its subsidiary PT Fine Arts Limited of £14,526 (2021: £14,526). For more information on the terms of the loan please see note 7.
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