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 V￿rkIng 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 Ne￿Ork (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 ca￿fullY 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 p￿pare 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 bo￿99n 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 prO￿sS 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 Un￿rtaInty 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 be￿een
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
In￿me 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 Tn￿1
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-ProIrf￿ati0n Treaty
Gauery Ctimate Coarrtion
Gl
GNe Cirectri
GLAf4 (Global Legal Action Netsyork)
Global InAlness
Globd Assembty
Green Aj￿anCE Imethane;
Greenpeace Environmental TnJst
IFPDA maleh funding.;Global Empoi1Rm￿nt hrissionl
Keep rt WEd- Turue Dove project
O.*fjord Proce
Peace Brigades Inlemation
Playoack Theatre Soutlwiest
Raise,•.lai Vrfeek AJlemati¥e
Reh￿IdIng Brit￿n
RNer Action
Rools & Wirys
Schumacher College
Share Action
Somerset Imdlands
Slump Up for Trees
TFN Events and Ple*Jges Intematic￿aI
TFDI MUSlralia
TF￿1 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-