Charity registration number 2960191England and Wales) THE FREDERICK MULDER FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 Registsred office Castle Hill House Northgate Totnes Devon TQ9 5NX Independent examiner Mr Jason Milden FCCA Darnells Chartered Accountants 30 Fore Street Totnes Devon TQ9 5RP Bankers Wetherbys Sanders Road Wellingborough Northamptonshire NN8 4BX
THE FREDERICK MULDER FOUNDATION CONTENTS Page Trustees, report Independent examinerfs report ststement of financial activilies Balance sheet Notes to the financial statements 7-17
THE FREDERICK MULDER FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CharilWs Trust Deed. the Charities Acl 2011 and "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 2019). Objectives and activities The objecls of the Charity are the furtherance or advancement or for the benefit of such one or more charities, charitable institutions or charitable purposes. In practice, the policy of Ihe Charity is to provide financial support to a small number of organisations working on climale 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 solulions (renewables and energy efficiency)- work that supports policy change., and work which deals with natural ciimate solutions (amongst other things, rewilding and thé 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 Neork ffFN), and the projects that present at TFN events; (li) via support for The Funding Neork'S international programme through which it seeks to support the development of giving circles based on ils model around the world- (iii) via support for projects that present at giving circles based on TFN'S model around the world., 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 wish to pilot a first event. The Frederick Mulder Foundation will provide Starter Grants for each of the second and Ihird events as well. Public benefit The Trustees are conscious of the Charity Commission guidelines on public benefit and these guidelines are applied when grants are considered. Grant making poliGy 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 Neiwork (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 inlernalionally. Larger granls are made directly to the organisations supported by the Charily. Achievements and performance Significant activities and aohievements against objectives Grants amounting to £684,225 (2024.. £663,080} were distributed to organisations in the year including £340,000 (2024.. £284,309) to support action against climate change. Financial review There was a deficit on ordinary continuing activities for the year of £761.083 (2024.. deficit of £486,711). The deficit arises frorn the policy of Trustees to maintain granls at an amount of approximately £600,000 a year. This policy will be revised in future.
THE FREDERICK MULDER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy The Trustees have no specific target level of reserves as the Charity has few operating costs. Investment policy The Trustees have allocaled a proportion of the funds of the Charity to professional investment fund managers. Furthermore, the Truslees are committed to using some of the Charity's funds for impact investing that will nol only result in a financial return, but also produce social and environmental benefits that accord with the Charily's objectives. A specialisl 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 lo 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 inveslmenls 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. Some time ago the Trustees also agreed that up to 500fi of the assets of the Charity (excluding any donations from the trading subsidiary) may be invested in the Charity's trading subsidiary, PT Fine Arts Limited. As PT Fine Arts had become inactive in the purchase of new trading stock the Trustees decided to wind up the company. This prOsS is well Undeay, and with the help and advice of its accountants. will be completed in the next accounting year. 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 and the investment managers were carefully chosen. structure, governance and management The Frederick Mulder Foundation is constituted under a trust deed daled 4 April 1986 and as amend&1 on 6 November 1995. 6 September 2012 and 27 February 2014, and the Settlor is Dr Frederick Mulder.11 is a registered Charity no. 296019. The Charity was previously known as the Frederick Mulder Charitable Trust and priorlo thal 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 Recruitmént 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 detsils 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.
THE FREDERICK MULDER FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, report was approved by the Board of Trustees. Itdecartere Dr R F Mulder CBE Trustee Mrs H R de Carteret Trustee Date:.... 1.811212Q25.........-........
THE FREDERICK MULDER FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FREDERICK MULDER FOUNDATION I report lo the Trustees on my examlnalion of the financial statements of The Fredeiick Mulder Foundation (the Charity) fof the year ended 31 March 2025. Responsibilities and basls of report As the Trustees of Ihe Charity you are responsible for the pparatiOn of the financial statements in accordance with the requirements of the Charilies Act 2011. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the Charities Act 2011. Independent examiner's statement I have completed my examlnalion. I confirm that no mallers have come to rny attention in connection with the examination giving me cause to believe Ihat in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of Ihe Charities Act 2011: the financial slalements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of financial slatements sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal the financial statements give a Itue and fair view. which is not a maller 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 lo enable a proper understanding of the financial statements to be reached. Jason Milden FCCA Damells Chartered Accountants 30 Fore Slreer Totnes Devon TQ9 5RP Dated.. 2211212025
THE FREDERICK MULDER FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestricted funds 2024 as restated Notes Income from: Donations and legacies Investments 59,505 163,889 28,019 209,959 Total income 223,394 237,978 Expenditure on: Charitable activities 745,251 700.378 Total expenditure 745.251 700.378 Net gainsl(losses) on investments 10 (238,710) 123.795) Net expenditure 1760,567) (486,195) other recognised gains and losses: Other losses 12 (516) (516) Net movement In funds (761,083) {486,711) Reconciliation of funds: Fund balances at 1 April 2024 As originally reported Prior year adjustment As restated 4.945,565 52,280 4,997,845 5,484, 556 5,484,556 Fund balances at 31 March 2025 4,236.762 4,997,845 The stalement of financial activities in¢ludes 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 2025 2025 2024 as restated Notes Fixed assets Investments 13 4,397,552 4,998,263 Current assets Debtors Cash at bank and in hand 14 384,421 194,169 195,303 35,892 Creditors: amounts falling due within one year 578,590 231,195 16 (739.380) (231,613) Net Current liabilities (160,790) {418) Totsl assets less current liabilities 4.236,762 4.997.845 The funds of the Charity Unrestricted funds 17 4.236,762 4.997,845 4,23S,762 4,997,845 1811212025 The financial ststements were approved by the Trustees on .............. Itlecarteke Or R F Mulder CBE Tru3tee Mrs H R de Cartet Trustee
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 SNX. 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 on 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. 1.1 Basis of preparation The financial statements have been prepared in accordance wilh Ihe Charity's Trust Deed. the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP '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 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extenl required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, 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 excepticn of quoted investments which are included at market value. 1.2 Prior period error In order to correct the omission of interest receivable prior to the conversion of New Forests Company Holdings loans to shares at 15 July 2020 of £52.280, fund balan$ al 1 April 2023 have been restated at £5.484.556 from £5,432.276. As a result of this correction. unquoted inveslments at 31 March 2024 are restated at £3,246,387 from £3,194,107 as previously reported. 1.3 Golng concern At the lime of approving the financial statements. the Trustees have a reasonable expectalion that the Charity has adequate resources to continue in operational existence for the foreseeable fulure. Thu5 the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitable funds All fijnds are unrestricted and can be used in accordance for the charitable activities at the discretion of the TTUStees. 1.5 Income All investment income is recognised in the Statement of Financial Adivities in the period in which the Charity is entitled to receipt.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. 1.6 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amounl 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 calegory. The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the lime of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks al distribution. 1.7 Fixed asset investments Quoted Inveslments are initially recognised at their transaction value and subsequently measured al 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. 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. 1.8 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial in51iuments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. The Charity holds basic financial instruments which comprise cash at bank. trade and other receivable5 and trade and other payables. as well as inveslments. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable Tight to set off the recognised amounts and there is an inlenlion to settle on a nel basis or to realise the asset and setue the liability simultaneously. Basic financial assets Finan¢ial 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 with banks, and other short-term highly liquid investments with original maturities of three months or les5. Trade and o 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 reived, net of any impairment.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) At the end of each reporting period. the Charity assesses whether there is objective evidence Ihat receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Charily will not be able to collect all amounts due according to the original lemis 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. 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 pri excluding transaction cosls and are subsequently measured at fair value through profit or loss. Unquoted investments comprises of a mix of loans and untraded shares where no reliable fair value can be measured. These investments are recognised al cost less impairment. Baslc flnancial liabilities Financial liabilities classified as basic financial instruments are as follows: (i) Trade other a ables 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 Metd. Amounts that are payable within one year are measured at the undiscounted amount of the cash expect1 to be paid. Derecognition of fJnan¢ial liabilities Financial liabilities are derecognised when the Charity's wntractual obligations expire or are discharged or ancelled. Critical accounting estimates and judgements In applying the accounting policies, the Trustees are required to make judgemenls. estimates and assumptions in determining the carrying amounts of assets and liabilities. The Truslees, judgements. eslimates 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 lo be applicable. Due to Ihe inherent subjectivity involved in making suGh 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 affeds both current and future periods. Critical adjuslments In applying the Charity's accounting policies The critical judgement that the Trustees have made in the process of applying the Charily's accounting polic¢es that have the most significant effect on the amounts recognised in the statutory financial stalements are discussed below: (i) Assessin in tors and im airment In assessing whether there have been any indicators or impairment of assets, the Trustees have considered both external and internal SoUrS of information such as market conditions, counterpaty credil ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements (Continued) Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.. Investments The most crilical estimates, assumptions and judgements relate to the determination of the carrying value of investments at fair value through the Slatemenl of Financial Activity. In delermining this amount, the Charity applies the overriding concept that fair value is the amount for which an asset can be exchanged beeen knowledgeable willing 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 impairmenls being undertaken al leasl annually. bilil of receiv The Charity establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability. the Truslees 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 terms of applying the Charity's accounting policy in this regard. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts Donations of prints 43,255 16,250 28.019 59.505 28.019 Donations and gifts Dr R F Mulder CBE Amazon Charily Bank Apple Pay GiftAid 25,000 28,000 19 5,000 13,250 43.255 28,019 10-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Income on quoted investments Income on unquoted investments Bank interest receivable 13.347 149.664 878 14,462 195,497 163,889 209.959 Expenditure on charitable activities Grant funding 2025 Grant funding 2024 Direct costs Donation of prints 17,356 Grant funding of activities (see note 6) 684.225 663,080 Share of support and govemance costs (see note 71 Support Governance 22.763 20.907 21.369 15,929 745,251 700.378 Analysis by fund Unrestricted funds 745,251 700.378 Grants payable Grant funding 2025 Grant funding 2024 Grants to institutions 684,225 663,080 Grants paid are as follows: 2025 2024 Against Malaria Foundation ALPA- Acces la Pamant pentru Agroecologie Amos Trust ATMOS (Tolnes Community Development Society) Avaaz (Syria, White Helmets) 18,605 30,000 15,200 45.309 3,000 30,000 2.500 11
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable (Continued) Aviation Environment Trust (AET) Beaver Trust Black Funding Network Black Funding Neork- pledges Black Funding NeOrk - vouchers Celtic Reptile and Amphibian (Keep it Wld) Chaiman's Discretion Climate Emergency Fund (via Movemenls Trust) Coal Action Network Cyber Tracker Devon Environment Foundation Directors Allocation - Bryn EFN Rapid Response Exeter Northcott Theatre Company Fairshare Educational Foundation Frack Free Balcombe Gallery Climate Coalition GLAN (Global Legal Action Neiwork) Green Alliance Greenpeace Environmental Trust Institute for Stategic Dialogue Keep it Wild Kindred Linacre College Development Fund Movements Trust Network of Vvellbeing (Share Shed) NNDFN ITsumkwe Garden Project) Playback Theatre Southwest Power for People Raiselmay Week Alternative Rethinking Removals Rewilding Britain River Aclion Roots & Wings Satish Kumar CIC Schumacher College Share Action solveM.E.ICFS Somerset Wildlands st Mary's Church stump Up for Trees Theatre Green Book The Herds TFN Australia TFN - core cosls TFN Events and Pledges TFN Starter Granl Programme. vouchers and membership TFN UK Swan Appeal The Philanthropy Workshop The Totnes Pulse Transition Town Totnes (book project) 2,000 30.000 1,500 2,160 1,250 30.000 20,000 19,000 14,675 20,000 10,000 32,000 10,000 12,500 10,000 32,787 10.000 25.539 10,000 2,000 10,000 24,300 28,000 25,000 10.000 20.000 1,500 2,000 15,500 2,000 15,000 25.000 5.000 5.000 25.000 25,000 10,000 25.000 20,000 22,100 20,000 25,000 8,565 5,000 20.000 25,000 8,670 10,000 20,000 10.000 10,000 2,500 10,000 20,000 15,000 10,000 13,243 40,000 17.100 25.679 14,727 9,146 500 18,810 35,530 29,986 30,000 9,600 9,000 12-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable (Continued) Transition Town Whitehead Trustee Allocation - Hannah Trustee Allocation - Robin Tsumkwe soup kitchen UPLIFT War Child Gaza emergency Whizz-Kidz (Just Giving) Wild card World Mosquito Programme 1,500 10,000 10,000 18,000 20,000 2,000 12,000 20,000 322 10.000 5,002 10,000 684,225 663,080 Support costs allocated to activities Total 2025 Total 2024 Computer expenses Administration expenses Governance 1.102 21,661 20,907 873 20.496 15.929 43.670 37,298 2025 2024 Governance costs comprise: Independent examiner's fees Accountancy Bank charges Conference and membership fees Travel expenses Trust mangement fees 4,140 108 237 3,516 5,965 6,941 4.620 100 2,929 844 7,436 20,907 15,929 Govemance fees include payments to the independent examiner for external scrutiny of the accounts of £4,140 (2024.. £4,620) and £108 (2024.. £nil) for other services. Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2024.. £nil). Two Trustees were reimbursed Iravelling expenses in the year totalling £5,812 (2024.. one trustee was reimbursed travelling expenses of £691). 13-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees The Charity had no employees during the year (2024-. none). 10 Gains and losses on investments Unrestricted Unrestricted funds funds 202S 2024 Gainsl(losses) arising on= Revaluation of investments Sale of investments (240,642) 1,932 198,788) 74.993 {238,710) (23,795) 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Other gains and losses Unrestricted Unrestricted funds funds 2025 2024 Gainsl(losses) upon.. Foreign exchange 516 516 14-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Fixed asset investments Listed Unlisted Investments investments Total Cost or valuation At 1 April 2024 Additions Valuation changes Disposals 1,751,876 157,434 (178,721) (162,444) 3,246,387 15,812 (61,921) (370,871) 4,998,263 173,246 (240,642) (533.315) At 31 March 2025 1,568.145 2,829.407 4,397,552 Carrying amount At 31 March 2025 1,568,145 2.829,407 4,397,552 Al 31 March 2024 1.751,876 3,246,387 4,998,263 Unlisted investments at 1 April 2024 are restated at £3.246,387 from £3,194,107 to correct interest receivable of£52,280 prior to the conversion of New Forests Company Holdings loans to shares at 15 July 2020. Listed investments at 31 March 2025 as stated at market value comprise.. 2025 2024 Rathbones Fund Partners Ennismore 687,331 802,153 78,661 725.294 946,236 80,346 1.568,145 1,751.876 Unlisted investments at 31 March 2025 as stated at cost comprise: 202S 2024 New Forests Company Holdings Sustainable Growth Fund Nordeon PT Fine Arts Limited Kendall Sustainable Infrastructure Charity Bank 1.127,595 1.151,569 501.966 1,150,925 1,177,754 513,762 369.647 34.299 42,077 6,200 2,829.407 3.246.387 Unlisted investments represent investmentslloans. New Forests Company Holdings Limited, Sustainable Growth Fund, Nordeon, Kendall Sustainable Infrastructure and Charity Bank are all unlisted equity investments. The investment in PT Fine Arts Limited represented a loan receivable from a subsidiary undertaking. 15
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Fixed asset investments (Continued) The Frederick Mulder Foundation holds 1000fi 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 princtpal activity was retail sale in commercial art galleries, but following the cessation of trade at 31 May 2025, il is currently being wound up. The results for the period are.. 2025 2024 Turnover Cost of sales and administration expenses Interest receivable Interest payable 395,000 (157.346) 161 (2,998) (19,053) (3,936) Operating profiV(loss) Taxation 234,817 (57,736) (22.989) 3,632 Retained profiV(loss) 177,081 (19,357) Net assetsl(liabilities) 2,555 {174,526) 14 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and acGrued income 13.250 371,171 195,303 384.421 195,303 15 Loans and overdrafts 2025 2024 Other loans 735,000 225.000 Payable within one year 735.000 225,000 Other loans represent a loan from R F Murder. Trustee. The loan is unsecured, interest free and ha5 no fixed terms of repayment. 16-
THE FREDERICK MULDER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Creditors.. amounts falling due withtn one year 2025 2024 Borrowings Olher creditors Accruals and deferred income 735,000 225,000 1,993 4,620 4,380 739,380 231.613 17 Unrestricted funds The unrestricted funds oflhe charity comprise Ihe unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the truslees for specific purposes. At 1 April 2024 Incoming resources Resources expended Gains and At31 March losses 2025 General funds 4,997,845 223,394 (745,251) (239,226) 4,236.762 Previous year: At 1 April 2023 Incoming resources Resources expended Gains and At 31 March losses 2024 General funds 5,484,556 237,978 (700.378) (24.311) 4,997,845 General funds at 1 April 2023 are restaled at £5,484,556 from £5.432,276 in order to correct interest of £52.280 receivable prior to the conversion of New Forests Company Holdings loans to shares al 15 July 2020. 18 Related party transactions R F Mulder, Trustee, lent the Charity a further £510.000 in the year with £735,000 (2024.. £225,000) outstanding at the year end. Trustees donations to the Charity in the year totalled £25,000 {2024- £28,000). 17-