Gharity registration number 296019 THE FREDERICK MULDER FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE FREDERICK MULDER FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Settlor Dr R F Mulder CBE Trustees Dr R F Mulder CBE Mrs H R de Carteret Mr R B Bowman Charity number 296019 Registered office Castle Hill House Northgate Totnes Devon TQ9 5NX Independent examiner Mr Jason Milden FCCA Damells Chartered Accountants 30 Fore Street Totnes Devon TQ9 5RP Bankers Santander 2 Trtton Square Regenfs Place London NW1 3AN
THE FREDERICK MULDER FOUNDATION CONTENTS Page Trustees. report Independent examineffs report Statement of financial activities Balan sheet Notes to the financial statements 7-17
THE FREDERICK MULDER FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial ststements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply wtth the Charity's Trust Deed. the Charrties Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The objects of the Charity are the furtheran or advancement or for the benefrt of such one or more charities, charitable institutions or charitable purp03es. In practice. the policy of the Charity is to provide finaiiGial support Éo 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 VrkIng on dimate change. and social change philanthropy is targeted as follows: On ine 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 (amongst other things, rewilding and the reintroducts'on of the beaver). For the development of social change philanthropy, the Charity provides help in several ways: (i) via its support for giving ¢ir¢les. especially The Funding Network (TFN), and the projects that present at TFN events: (li) via support for The Funding Netsvork's intemational 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 cirGles based on TFN'S model around the wotld", and (iv) and as of 2017, via a Starter Grants for civil society organisations, typically community foundations which have received training in the TFN methodology and )Msh to pilot a first event. The Frederick Mulder Foundation will provide Stsrter Grants for each of the second and third events as well. PubliG benefit The Trustees are conscious of the Charity Commission guidelines on public benefit and these guidelines are applied when grants are considered. Grant making policy The Trustees meet regulady to discuss the policy of the Charity and to authorise specific grants. Most of the grants to small-scale projeGts are made through The Fundin9 NeOrk (itsetf 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 ofThe Funding Network, both in the UK and internationally, and some of the costs incurred in Frederick Mulder's (unpaid) role as the Intemational 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 Chanty. Achievements and perfonnance Signrficant activities and achievements against objectives Grants amounting to £663,080 (2023.. £532.437) were distributed to organisations in the year including £284,309 to support action against climate Change. Financial review There was a deficit on ordinary continuing activities for the year of £486.711 {2023= defictt of £38,662). The deficit arises from the policy of Trustees to maintain grants at an amount of approximately £600,000 a year.
THE FREDERICK MULDER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy The Trustees have no specific target level of reserves as the Charity has few operating costs. The level of reserves currendy held, however. provide a fim base for the Charity to move forward in fulfilment of its intention to make grants totalling £600,000 a year for the next decade. Investment policy The Trustees have allocated a proportion of the funds of the Charity to professional investment fund managers. Furthermore. the Trustees are committed to using some of the Charity's fijnds for impact investing that will not only result in a financial retum, but also produce social and environmental benefits that accord with the Charity's objectives. A specialist ad¥llsor 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 effictency and clean tech. A strong ethical case not to invest in fossil fuels and invest in climate solutions aligns with a strong finan¢ial case. The future value of return from investments in fossil fuel companies is now far less certain due lo falling costs of ienewable energy ancl the Increaslngiy likely introduction of policies to limit emissions ot greenhouse gases which is anticipated to result in some fossil fuel assets being devalued. Some time ago the Trustees also agreed that up to 50% of the assets of the Charity (excluding any donations from the trading subsidiary) may be invested in the Charty's trading subsidiary. PT Fine Arts Limited. They also agreed that any donations from PT Fine Arts Limited not yet spent may in turn be re-invested in the trading subsidiary. The Tnistees took legal and accountancy advice on both the prudeneo of thase decisions and the correct structures and protocols for managing the investment in PT FineArts Limited. PT Fine Arts Limited still has considerable holdings of prints. and there are no plans to increase these holdings for the moment. Risk management The Trustees have not identified any specific risks that attach to the administration of the Charity as su¢h_ The Charity believes that it would be imprudent not to have part of its fijnds professionally invested. The Chair of Trustees. Frederick Mulder, who has fifty years of experience in the art world, is involved in all investments already made by PT Fine Arts Limited. and the investment managers of the other funds were cafullY chosen. Structur0• governance and management The Frederick Mulder Foundation is constituted under a trust deed dated 4 April 1986 and as amended on 6 November 1995, 6 September 2012 and 27 February 2014, 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 Trustees who served during the year and up to the date of signature of the financial statements were.- Dr R F Mulder CBE Mrs H R de Carteret Mr R B Bowman Recruitment and appointment of trustees The power of appointing a new Trustee is vested in the Settlor during his lifetime and thereafter the ordinary statutory power of appointing a new Trustee is applicable. Organisational structure 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 Twstees who have a range of experience and knowledge of the objects of the Charity and grant recipients.
THE FREDERICK MULDER FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, report was approved by the Board of Trustees. Dr R F Mulder CBE Trustee Mrs H R de Carteret Trustee Date.. Jan 20, 2025
THE FREDERICK MULDER FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FREDERICK MULDER FOUNDATION I report to the Trustees on my examination of the financial statement5 of The Frederick Mulder Foundation (the Charity) for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charity's financial statements carried out under section 145 ofthe 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in ¢onne¢tion with the examination giving me ¢ause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the financial statements do not accord vrith those records.. or the financial statements do not comply with the applicable requirements concerning the fomi and Content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to onabla a proper understanding of the financial statements to be reached. Jason Milden FCCA Darnells Chartered Accountants 30 Fore Streer Totnes Devon TQ9 5RP Dated.. 2010112025
THE FREDERICK MULDER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from". Donations and legacies Investments 28,019 209,959 475,105 24,871 Total income 237.978 499,976 Expenditure on: Charitable activities 700.378 567,904 Total expenditure 700,378 567,904 Net gainsl(losses) on investments 10 (23,795) 23,326 Net expenditure (486.195) (44,602} Other recognised gains and losses: Other gainsl(losses) 12 (516) 5.940 Net movement in funds (486.711) (38,662) Reconciliation of funds: Fund balances at 1 April 2023 5.432,276 5,470,938 Fund balances at 31 March 2024 4,945.565 5,432,276 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE FREDERICK MULDER FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investments 13 4.945,983 4.895,937 Current assets Debtors Cash at bank and in hand 14 195,303 35.892 536,381 231.195 536.381 Creditors: amounts falling due within one year 16 (231,613) {42) Net current (liabilities)lassets {418) 536,339 Total a55ets less Gurrent Ilabllltles 4,Y45.565 5,432,276 The funds of the Charity Unrestricted funds 17 4.945,565 5,432,276 4.945,565 5,432,276 Jan 20, 2025 The financial statement5 were approved by the Twstees on ......................... Dr R F Mulder CBE Trustee Mrs H R de Carteret Trustee
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information The Frederick Mulder Foundation is an unincorporated charity registered in England & Wales and governed by a Trust Deed dated 4 April 1986 as amended on 6 November 1995, 6 September 2012 and 27 February 2014. The registered office is Castle Hill House, Northgate, Totnes, TQ9 5NX. Preparation of consolidated financial statements The financial statements contain infomiation about The Frederick Mulder Foundation as an individual Charity and do not contain consolidated financial statements on the parent of the group. The Charity has tsken the option under Section 139 of the Charitip.s Art ?011 not to prepare consolidated financial statements. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charty's Trust Deed, the Charities Act 2011. FRS 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland. I'FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharities preparing their accounts in acGordaiiGe witli Ihe FiridfiGidl Reportin9 Siandard applicable in the UK and Republi¢ of Ireland {FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Chartty has taken advantage of the provisions in the SORP for chanties not to ppare a Statement of Cash Flows. The financial statements are prepared in steding, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention with the exception of quoted investments which are included at market value. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds All funds are unrestricted and can be used in accordance for the Gharitable activities at the discretion of the Trustees. 1.4 Income All investment income is recognised in the Statement of Financial Activities in the period in which the Charity is entitled to receipt. 1.5 Expenditure 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 wll 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 costs related to the category.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.6 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 vthich case they are measured at cost less impaiment. 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 bo99n sales proceeds and their opening carying valuc 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. 1.7 Financial instruments The Charity lias eleLtEd to apply the provisions of Sectlon 11 'Basl¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Chatity'5 balance Sheet when the Charlty becomes paty to the contractual provisions of the instrument. The Charity holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. as well as investments. Financial assets and liabilities are offset. wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Financial assets classified as basic financial instruments are as follows- Cash at bank and in hand Cash at bank and in hand includes cash in hand. deposits held wtth banks, and other short-tem) highly liquid investments with original maturities of three months or less. Trade and er receivables Trade and other receivables are inttially recognised at the transaction price. including any transaction costs. Amounts that are receivable within one year are rneasured 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 eviden 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 ¢arrying amount and Ihe 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. investments Quoted equity investments Comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured. These 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 Ioss. Unquoted investments comprises of a mix of loans and untraded shares where no reliable fair value can be measured. These investments are recognised at Cost less impairnient.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Basic financial liabilities Financial liabilities classtfied as basic financial instruments are as follows-. (i) Trade and other bles and loans and borrowin 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 metlv)d. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. Derecognition of financial liabilities Financial liabilib'es are dere¢ognised when the Charity's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In applying the accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assels 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 histortcal 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 fvture periods. if the revision affects both Current and future periods. Critical u tsina in thec accountin The critical judgement that the Trustees have made in the prOsS 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.. {1) Assessin indica dim aim)ent In assessing whether there have been any indicators or impaimient 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 impaimients identtfied during the current financial year. f estimation unce The key assumptions concerning the fijture, and other key sources of estimation UnrtaInty that have a significant risk of Causing material adjustment to the carying amounts of assets and liabilities within the next financial year are discussed below-. Investments The most critical estimates. assumptions and judgements relate to the determination of the Garrying value of investments at fair value through the Statement of Financial Activity- In determining this amount, the Charity applies the overriding concept that fair value is the amount for which an asset can be exchanged beeen knowledgeable wlling parties in an arm's length transaction. The nature. facts and circumstance of the investment drives the valuation methodology. Quoted investments are valued using the fair value measurement in FRS102 using the hierarchy mode. Unquoted investments are held at cost less impairment, with assessment of impairments being undertaken at least annually.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements (Continued) Recoverabili f receivables The Charity establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability. the Trustees consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. In applying the aforementioned accounting policy, it is the Trustees. judgement that the Trustees. valuations are reliable in temis of applying the Charity's accounts'ng policy in this regard. Income from donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 28,019 475,105 Donations and gifts Frederick Mulder Limited Dr R F Mulder CBE PT Fine Arts Limited Amazon Fundrock 75,000 28,000 400.000 19 100 28.019 475,105 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income on quoted investments Inme on unquoted investments 14,462 195,497 12,646 12,225 209.959 24,871 10-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Grant funding 2024 Grant funding 2023 Direct costs Other donations 60 Grant funding of activities (see note 6) 663.080 532.437 Share of support and governance costs (see note 7) Support Govemance 21,369 15,929 13,696 21,711 700,378 567.904 Analysis by fund Unrestricted funds 700.378 567,904 Grants payable Grant funding 2024 Grant funding 2023 Grants to institutions 663.080 532,437 Grants paid are as follows= 11
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable (Continued) 20?4 2023 ALPA- Acces la Pamant pentnJ AgroecL4cgie Amos Tnjst GLa emergency ATMOS ffotnes Communitri Devd0[nI SocFety) Bewier Tn1 Black FuTrJing Nefviork Bovlllen Pilla CEALtd Cettic Reptile and Arn]1 an O(eep rl trwd) Chairnan's Discretion Coal Action Netrbvork Cyber Tracker Grant 3 and G3S2 Devon Environment Foundati¢Jn Directors 0Catson - Br EFN Ra Response Fossil Fuel Non-ProIrfati0n Treaty Gauery Ctimate Coarrtion Gl GNe Cirectri GLAf4 (Global Legal Action Netsyork) Global InAlness Globd Assembty Green AjanCE Imethane; Greenpeace Environmental TnJst IFPDA maleh funding.;Global Empoi1Rmnt hrissionl Keep rt WEd- Turue Dove project O.fjord Proce Peace Brigades Inlemation Playoack Theatre Soutlwiest Raise,•.lai Vrfeek AJlemati¥e RehIdIng Britn RNer Action Rools & Wirys Schumacher College Share Action Somerset Imdlands Slump Up for Trees TFN Events and PleJges IntematicaI TFDI MUSlralia TF1 Events and Pledges SGF UK TFN Starter Grant Prcgranm TFt.I UK Sivan Appeal TFN Starter Grant Prcgrarnrne W4 vouchers and EFN membeiship The Philanthropy Wortshop Transtb"on Tov4n Tolnes {book wopct) Trustee Alocation - Hannah Trnstee Alocation- Rootn Tsufflki' soup frifchen UPUFr Jar Child Gaza emerger Wild card INoodland Save Young lkIe[S 45,309 3.000 30,000 30.000 20.000 30.0th) 20,000 10.000 15.000 19,000 14.675 10.000 9.173 55,150 20,000 10.000 10.000 10.000 5,000 18,1 15.OIXI 10.000 12,500 10.000 5.000 25.0 5,000 15.000 25,000 10,000 10.000 13.954 15.000 5,000 10,000 25.QOO 25,0 20.000 20.000 25,000 8,670 10.000 20.000 10.000 20.000 4.fK¢O 18,810 31.530 20,000 25,000 20,000 10,OtsJ 4,240 30,790 13,940 30,000 30.000 29,986 9.600 9.000 10.000 10,IJOO 18.000 20,000 2.000 10,000 10,0 10,0£i0 3,000 26.000 5,000 12-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities Total 2024 Totsl 2023 Office stationery Computer expenses Administration expenses Sundry costs Govefnan 873 20,496 606 12,988 100 21.711 15.929 37,298 35,407 2024 2023 Governance costs Comprise: Independent examinerfs fees Bank charges Conference and mcmberghip fees Travel expenses Trust mangement fees 4,620 100 2.929 844 7.436 148 12,2GO 448 8,855 15,929 21,711 Govemance fees include payments to the independent examiner for extemal scrutiny of the accounts of £4,620 {2023: Settlement by PT Fine Arts Limited). Trustees None of the Trustees (or any persons connected with them) received any remuneration or beneffts from the Charity during the year (2023.. £nil}. One Trustee was reimbursed travelling expenses in the year of £691 (2023.. £nil). Employees The Charity had no employees during the year (2023: none). 13-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Gains and losses on investments UnTestricted Unrestrictsd funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investments Sale of investments (98,788) 74,993 (76,454) 99,780 (23,795) 23,326 11 Taxation The charty is exempt from taxation on its activities because all its income is applied for ¢haritable purposes. 12 Other gains and losses Unrestricted Unrestricted funds funds 2024 2023 Gainsl(losses) upon.. Foreign exchange 516 (5,940} 13 Fixed asset investments Listed Unlisted investments investments Totsl Cost or valuation At 1 April 2023 Additions Valuation changes Disposals 1,557,158 304,766 3.308 (113,356) 3,338,779 36.277 (99.6061 (81,343) 4,895,937 341,043 (96,298) (194,699) At 31 March 2024 1,751,876 3.194,107 4,945,983 Carying amount At 31 March 2024 1.751,876 3,194,107 4,945,983 At 31 March 2023 1,557,158 3,338,779 4,895,937 14-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Fixed asset investments (Continued) Listed investments at 31 March 2024 as stated at market value comprise: 2024 2023 Rathbones Fund Partners Ennismore 725.294 946,236 595.252 886.343 1.751.876 1,557,158 Unlisted investments at 31 March 2024 as stated at cost comprise". 2024 2023 New Forest Company Holdings Limited Sustainable Growth Management Nordeon PT FineArts Limited Kendall Sustainable Infrastructure 1.098.645 1.177.754 513.762 369,647 34.299 3,194.107 1,122.849 1.238,007 528,276 449.647 3 338 779 Unlisted investments represent inveslmentslloans. New Forest Company Holdings Limited, Sustainable Growth Management. Nordeon and Kendall Sustainable Infrastructure are all unlisted equity investments. The investment in PT Fine Arts Limited represents a loan receivable from a subsidiary undertaking. The Frederick Mulder Foundation holds 100% of the ordinary share capital of PT Fine Arts Limited whose country of registration is the United Kingdom and company registration number is 07712914. Its principal activity is retail sale in commercial art galleries. The results for the period are: 2024 2023 Turnover Cost of sales and administration expenses Donations to parent Interest payable 1,720,659 (1.154,157) (400,000) (11,612) (19.053) (3.936) Operating profiV(loss) (22.989) 154.890 Taxation 3,632 {17,146) Retained profiV(loss) {19.357) 137,744 Net assetsl(liabilities) (174,526) 155,169 15-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 195,303 15 Loans and overdrafts 2024 2023 Other loans 225,000 Payable within one year 225,000 Other loans represent a loan from R F Mulder. Trustee. The loan is unsecured. interest free and has no fixed terms of repayment. 16 Creditors: amoiints falling du@ within one year 2024 2023 Borrowings Other creditors Accruals and deferred income 225,000 1.993 4.620 42 231,613 42 17 Unrestricted fund5 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been Set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Gain5 and At 31 March losses 2024 General funds 5.432.276 237.978 1700.378) (24,311) 4,945.565 Previous year: At 1 April 2022 Incoming resources Resources expended Gains and At 31 March losses 2023 General funds 5.470.938 499,976 (567.904) 29.266 5,432,276 16-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Related party transactions R F Mulder. Trustee, lent the Charity £225.000 in the year. The amount remained outstanding at the year end. Trustees donations to the Charity in the year totalled £28.000 (2023.. Donations of £75.000 were received from Frederick Mulder Limited of which R F Mulder is both a director and shareholder.) 17-