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 Ne￿ork ffFN), and the projects that present at
TFN events;
(li) via support for The Funding Ne￿ork'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 prO￿sS is
well Unde￿ay, 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 p￿paratiOn 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 Carte￿t
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 re￿ived, 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 Met￿d.
Amounts that are payable within one year are measured at the undiscounted amount of the cash expect￿1 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 SoUr￿S 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 be￿een
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 Ne￿ork- pledges
Black Funding Ne￿Ork - 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-