Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E Company Re8lStered No: 03965285 Charity Registered No.. 1080197 THE FLEMING-WYFOLD ART FOUNDATION (a Company Limited by Guarantee and Re8tstered as a Charity) Reptsrl and Finaiicial Stalemeiits for the year ended 31 March 2026
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION CONTENTS Page Referen aiid Adniinistrative Information Trustees, Annual Report Report of the Independent Aiidllor Statement of Financial ActivlIeS io Consolidated Balance Sheet li Company Balance Sheet 12 Cash Flow Stsiement 13 Notes to the Financtal Statenients 14-22
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLE.MING-WYFOLD ART FOUNDATION REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2026 The FouiidalÉon is a chai'itable company limited by guarantee and incorporaled as Company Number 03965285 and re8islered as Charity Niimber 1080197 on 3 April 2000. Tile conipaiiy was established under a Memoraiidum of Ass(Kiation which established the objec.ts and powers of the charitable compaiiy and i5 governed uiider its Articles of Association. Tlie directors of Ilie cliai'ilable company are its trustees for the purposes of cliatity law and throughout this report are collectively referred lo a5 the Triistees. TRUSTEESIDIRECTORS r R D Fleniiiig Ichairnian) Mr J E Holloway CBE Mr R Dschuster Mr JPHSScolt Mrs K J Spari'ow COMPANY SECRETARY CESScott REGISTERED OFFICE 14 Buckingliam Street London WC2N 6DF INDEPENDENT AUDITOR Hazlewood5 LLP Windsor House Bayshill Road Chelienhain GL50 3AT REC.ISTERED COMPANY NUMBER 03965285 REGISTERED CHARITY NUMBER 1080197 Page I
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees are pleased to present IheSr report tO8ether with Ihe consolidated finhncial 5talemeJils of tlie Foundat017 and its Subsidiary for the year ended 31 March 2026 whieli are also prepared to meet Ihe reqiiirenienls for a Director's Report and Accounts for Conipanies Act purposes. The reference aiTrd administrative inforination sel out on Page I forms part of this report. Mie financial statenienls coniply with the Charities Act 2011, as amended, the Companies Act 2006, the Memoraiidum and ATticles of Associatioii and the reviewed Statenient of Recommended Practice AcCoLtIng and Reporting by Charities (SORP 2015). STRUCTURE, GOVERNANCE AND MANAGEMENT TRUSTEES The Triistees who held office throu8hoiit the year are shown on Page l. New'lrustees, when reqiiired, are appointed by a Resolution ol existiiig Trustees and are selected on Ilie basis of iheir expertise and knowledge of tlie Foundation's activities. New Trustees uiTrdergo ali inductioii process wlien they are fully briefed on the activities of the Foundation. They are also giiided tliroLigh the decision-making processes, recent business plaiis and management reports and aiE provided witli copies of i'elevRnt documentatÉon. When nece5sai'y, Trustees are encouraged to atteiid relevant external training events appropiiale to their role. No Tr115tee receives a fee for the service tliey provlde to the Foiindation, all time spent on Foundatioii business is donRted free of cliarse. The Trustees are indemnified by The Fleming-WyEold Art Foundation's Directors & Officers Liabtltty insuraiice policy wliich 15 renewed annually. ORGANISATION The Board of Trustees is responsible fot the policy of the Foundation and tlie futtire development of tlie arl collection as well as en5uriiig that the Charity Conimissioii's guideliiie5 on piiblic benefit are mel, aiid accordingly they meet a minimum of thi'ee tinies a yeai lo review tlie progress of the Foundatioii aiid to niake any deci5iDns. In shapin8 tl)e objectives for the year aiid planning activities, the Trustees have considered the Charity Comniissions, guidance oli public benefit, including Ilie guide, Publit Benefit: Runnin8 a Charity (P82). RISK MANAGEMENT Tiie niajor risks wliich have been identified and reported to the Trustees have been reviewed and the Trustees al'e satisfied that arrangemeiits are in place lo mitigate those risks. OBJECTS AND ACTIVITIES FOR THE PUBLIC BENEFIT "To niMI to yrottiole the eiyloralioir, IlF7ders1¢711diiis niid epijoyniepit of Scoftisli ftrt creativity uloiigside the nJRiiileiififrice oiid yiiblie (lisplrtji coll1101 of llyt. Page Z
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-wYfoLD ART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED) FINANCIAL REVIEW In addition to iiicome from the investment portfolio, Tlie Foundation conliiiued its policy of raisitig fiiiids tlirough the loaning of certaiii works of art for use by other comniei'cial organisatioiis and licensing the copyright where it is owned by tlie Foundation for use worldwide. The Fouiidalion recorded a net operating surplus of £187,933 in tlie year12025: £149,435). The Ti'uslees established an Endowmenl Fund in 2006, which totalled £7,838,081 as at 31 Marcli 2026 (2025: £7,463,064). The Arl Acquisition Fuiid (included iii Ilie Unrestricted Fuiidl totalled £149,610 31 March 202612025: £78,686) followitis donalions, gifts OE art and profil on sales of £lOJ,000 {2025: £116,750). ACHIEVEMENTS AND PERFORMANCE The Fouiidalion's Museum witliout Walls $trategy continued to develop new thenies for touring exhibitions, notably the largest Iiersion of Tl)e Scottish Colourists to date at Dovecol Studios Edinbur8h. wl)ich attraeted more than 20,000 visitors in 2025. This show will be visiting to The Arc Winchester in 2026. This Fragile Earll our standout Enviroiimenlal exhtbition, was a sreat succe55 at Stirlitig Universit1$ Pathfoot building. wliere First Minister John Swliiney received a private toiir, and spoke about tlie Fleming Collection iii oiie of his speeches. Additionally, we held a small exhibition In Paris at the Bertli MoTisoI Museuni which broadened OUT reach overseas. We will be unveiling a iiew exhibition in conjiinctioLi with the RSA'S bicentennial Joan Eardley and Ilie Sea at the Granary Gallery, Berivick upoIi Tweed in 2026. Additlonallyi MTe have increased our external loans $ysleni, with mol'e works out on loan than any year in the past. Underlyiiig the on.8oiiig strength of Ihe'museum Wiihout Walls" strategy over 375,000 vi51tors knve seen a Fleming Collection touri1i8 exhibition iii the last eighi years. The Fouiidatioii has launehed a Jiew paid curatorial and research fellowship in coiijunction witli the Paul Mellon Centre, wliicl) will support einergiiig curators to use the colleetioii in new ways, and conduct ori8inal Lesearch. The acquisition pro8ramme contiiiued to fill key gaps in tlie colleclion most notably with ai) important 1949 paintiiig by avanl-garde Scottisl) paiiiler Williani Cear, a work conipleled at tlie lieight of his inlernalional fkme. Additioiiallyi we acquired a sn)all work byc_atliei'iiie Nasm}Ith, daligliter oE"father of Scottish Landscapd, Alexaiider Nasymih, fiiriher bolstering our outstanding Scottish Women Artists lioldings. We algo acquired thi'ee pliotograplis by landscape photo81'apher Peter Cattrell, a noted plTrolo8rapher wl)o trained uiider legendary Bi'ilisli laiidscape artist Faye GIKlwin. PUBLISHING The Foundation continues lo publish Scottish Art News niagazTne on an arniual basis while at the same time pronioling its book5 at the touring exhibitions and in museiini bookshop5 across Scotland. Ils on- liiie web platforn), 5cottisli Ari News reniains k pre-eminent source of covera8e (or both contemporary and historic arl. This yearfs Scottish Art News niagazine will be a special largei. editioii, liiglilighliiig our RSA bicenteiiary partnersliip. Fage 3
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATIOP4 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 ICONTJNUED) GOALS FOR THE FUTURE To sustaiii oiir current succe55ful pro8raniine of toiiring exhibitton5 both on established themes and developing iiew oiies. To continiie to develop iiiitiatives in the sphere of ciiltural diplomacy topromote Scott1511 arl and creativity across tlie UK and beyond to reflect our diaritable goals. Additionally, we remain in 5tandEast Slipport of emergins scholars, curators and artists, to further Ilie careers aiid goals of the next geiieration OE Scotland's cvehtive ecosystem. SUBSIDIARY UNDERTAKING The SLibsidiary utiderlakiii& Fleming collec.tion Liniited, was dorniaLIt in tlie year aild tlius generated a prollt of in tlie year tv 31 Mai'ch 2026 {2025.' pi'oEit of £iTrill. INVESTMENT POLICY Tiie Trustees liave a8reed an inveslment policy for the Charitf s investment portfolio. To meet tliese objectives, the Charity's investnients are manased across & range of a55el classes, maintainiiig diversification, to prodiiee an appi'opi'iate balance between risk and return. This policy is monitored by regular knvestment reports and nieetings with the investment niaiiagers. The Trustees have decided that it w0]d be inappropriate to iinyose any speeific ethical investment coiistraiiits upon the investment manageroverand above those already contained within tlie managers, own eihkcal and socially respons&ble iiiveslmeiit policies. RESERVES POLICY It is the polir.y of tlie TEuslees lo maintain unrestricted funds at a level which will provide siifficient fuiids to covei. management and administration costs and any unexpected costs that may arise from tinie to tÉnie, iii additioii lo providing sufficient flexibility to add to the Collection when opportiinitie5 arise. The available reserves as at 31 March 2026 anioiinled lo 07,5091202s.. £349,160) which include £149,610 in Ilie Art Acquisitioii Fuiid (2025.. £78,686). The Trustees are satisfied with the level ofreserves curreiitly held. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Triistees (who are also tlie directors of The Fleniing-wyfold Art Foundation for the purposes of conipaiiy law) are respoiisible for pieparing Ilie Trustees, Report aiid the financial Statements in accordance with applicable law and Uiiiled Ki1i8dom Accouiitin8 Standards {United Kingdom Cenerally Accepted AccoLinting Pi'actice)- Con)paiiy laiv tequires the Tru31ees to pi'epare financial statements for each fiiiaiicial year which give a Iriie and fair view of the state of affasrs of the c.harity aiid the gi'oup and the iiicomÉng resoitrces and application of resources, including the income and expenditure of the groiip for that period. Pa8e 4
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE TrLEMING-WYFOLD ART T.OUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED) STATEMENT OF TRUSTEES, RESPONSIBILITIES (CONTINUED) In preparing those financial statenients the Trustees are required to: Select Suitable accounting policies and then apply them consistentlyi Observe the methods and principles iii the Charities SORP 2015,. Make judgenient5 aiid estiinates Iliat are reasonable and priideiit; Stale whethey UK Aecountiiig Standards liave beeii followed subject to any niaterial depaTtULes disclosed and explained in tlie (inaneial statements,. aiid PTepare the finaiicial stalen)ents on a going coneernbasis unless il is inappropriate to PEesunie that the cliarily will coiilinue in business. So far as tlie Trustees al'e aware: there is no relevant audit information of which the charitable company's aiiditor is uiiaware,. and the Trustees liave taken all relevant steps tliey oiight to have taken to niake Ihemselves aware of any relevant aiidit iiiformalioii and to e5tablisli that the auditoi 15 aware of Ihat information. The Trustees are responslble for keepin8 proper accounting records wliicli disclose with i'easonable accuracy at any time the financial p0511ion of the charity and to enable Ih&ni to ensure the finaiicial stateilients coniply willi the Companies Act 2006. They are also responsible for saleguardii)s Ilie assels OE the Charity and lience for taking reasonable steps for the preventioii and detection of fraud aiid other itregularifies. The Trnstees aye responsible for eiisuriTh8 that the Trustees. Annual Report is prepated in accordance with company law iii tlie United Kingdom. INDEPENDENT AUDITOR Hazlewoods LLP liave expressed their iyillingness to continue in offi. SMALL COMPANY EXEMPTION Tliis report has been pi'epaied in accordance wilh tlie special provisions of Part 15 of the Conipaiiies Act 2006 relating to small coinpaiiie5. Approved by ihe Trustees and 5isned 011 thelr behalf by: CESScoll Company Secretary Dated: 11 August 2026 The Fleniins Wyfold Art Foundation Company Regsstered Number 03965285 Charity Registered Nuniber 1080197 Pase 5
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FLEMING-WYFOLD ART FOUNDATION We have aiidited the finaiicial statements of Tlie Flemin8-Wylold Art Foundation (tlie parent company and its subsidialies I'the groLlP"I for the year ended 31 March 2026 wliich compritse IlTre Consolidated Statement of Fiiiancial Activities, tlie Consolidated Balaiice Sheet, the Balance Slieel, tlie consolidated Stalenient of Casli FIvw5 and the related iiotes. Tlie financi¢il reportiiig framework tliat has been applted 121 their prepaiation is applicable law and United Kingdom Accountiiig Standards, including Fiiiancial Reporliiig Standard 102 The Financial Reporting Standard applicable in the UK aiid Repiiblie ol Irelaiid (United Kinsdom Geiierally Accepted Accounting Practice). Opinion on financlal 8tAtements In our opiiiion the fiiiancial statements.. sive a true and fair view of tlie state of the group's aiid the charitf s affair5 as at 31 March 2026 aiid of its incoming resoiirces and applicatioi) of resources for tlie year then ended,. l)ave beeii propei.ly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,- and have beeii prepared in accordaiice with the requiremeiits of the Charities Act 2011. Basis for opinion We conducted our aiidit in accordan with IntertTralional Standards oil Aiiditing (UK) (ISAS (UKII and pplicable law. Our iesponsibilitie5 under those standai'd5 are lurtlier described tn the AuditoEs respoiisibilities for the audit of the financial statemeiits section of our i'eport. We are iiidepeiident of the group and charity iii accoi'dance with Ilie elhAcal iequiremenls that are relevant to oui. audit of the financial statements in the UK, includins Ihe FRC'S Ethical Standard, aiid we have fulfilled OLir otlier ethical re5poiisibilities in accordaiice with Iliese requirenients. We believe that ihe audit evidence we Iiave obtaiiied is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relatin8 10 80ing concem We have iiothing to report respect of the followiilg matters iii relation to wl)ich the ISAS (UK} require us to report lo yoii where.. the tru5tees' usc of Ilie solng concern basis OE accoLintins in tlie preparation of the Einancial statements 15 nut oppropriate,. or the trustees have not disclosed in the financÉal slateiiients any Édentified niaterial ui)certainties Iliat may cast signiflcant doubt abotit tlie group's or charitys ability to coiitiniie lo adopt the goin8 concern basis of accounting for a period of at least twelve tnoiiihs from the date wlien tlie financial statements are aulliorised for issue. Other infoTmation The othe¥ information comprises the iiiformation included iii the anniial report, other than the financial slatenient and our Audslorfs report thereon. The trustees are respoiisible for the other in*orniation. Tlie other information comprises the informalioii iiicluded in the annual report, other than the financial slalenient5 and our Rudllorfs report thereon. Our opinion on the fiiiaiicial statements does llot cover the other infornialioii and, except to the extent otlieiwise explicitly slated in oiir report, we do not expres5 any form of assurance conclusion thereon. Page 6
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THI FLEMING-MvfoLD ART fouNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FLEMING-WYFOLD ART FOUNDATION (CONTINUED) Iii connectton with our audit of the financial statements, our respoiisibility is lo read the otlier informatÈon and, in doing so, consider whether the other information is materially inconsistent with Ilie fiiianeial statenients or oui. knowledge obtaiiied in the audit or otherwise appe&irs to be nialerially misstated. If we identify such material inconsistencies or apparent material mibstatements, we are required to delerniine whelhet there ig a material nissstatenient in the financicil stateineiils or a malerffial misstatei)ient of tlie other inloi'niation. If, based oli the work we have performed, we conclude tliat tliere is a nialeiial Jmisslatement of tliis other inlorEnalion, we are required to report that fact. We have nothing to report this iesard. Matters on which we are required to report by exception We have nolhins to reporl in respect of the following niatlers where Ihe Charities Act 2011 requires us to report to you if, in oiir opinion: the infoi'matioi) given in tlie financial statements is incoiisistent iii any material respect with the iistees, report,. or Sufficient accounting Tecord5 have ncit been kept,. or the finaiicial statenieilts are not in agreement witli the accounting records.. or we have not i'eceived all the infoi'iiiation and explanations we require for our audit. Responsibilities of tru5tee8 As explatned more fLtlly in tlie trustees, responsibilities slalemeiit. tlie trustees are responsible for Ihe preparation of tlie Einancial statements and for being satisfied that they sive a true and fair view, and for such internal control as the trustees determiiie is iiecessary to enable the pi'eparation of fiiiancial statements that are free from material nii55tatemeiTrt, whether due to fraud or error. Audilorfs responsibilities for the audit OÉ the financial Statements Our objeclives kre to obtain reasonable assiirance about wheihei. the Fiiiaiicial statements as a wliole are free from material mi551alemeiit, iYlietheY due to fraud or error, aiid to issue an audiloi s report that incliide5 QUI. opiiiion. Re#soiiable assuraiice is a l)igh level of assurance, but is not a guarantee that an aiidit conducted iii accordance with ISAS (UK) will always detect a material misstalemeiit when it exists. Mi5Statemenls can arise from fraud or error aiid are considered materikl if, ii)dividually or in the a881'egate, tliey could Teasonably be expected lo infliience the economic decisions of iisers taken on the basis of these financial statements. As part of an aLidit ift aceordaiiee with ISAS (UK), we exercise professional judgment and maiiithin professioiial scepticisni throushout the aiidit. We also.. Ideiilify aiid assess the risks of niaterial mi8$tatement of the financial statemenls, wlietlier duc lo fraud or error, dcsign 14 nd perfoi'ni aiidit procedures responsive to tliose risks, aiid obiaiii avdit evidence that IS SLifficient and appropriale lo provide a basis for oiir opinion. The risk of not detecting a material niis51ateiiient res111iing from frkud is higher thali for oiie resulting froni error, as fraud may iiivolve collusion, forgery, intentional oniissions, misrepresentations, or tlie override of intei'nal coiiti'ol. Obtain an understaiiding of internal coiilrol relevaiit lo tlie audit in order to desigi) audit procedures tl)at al'e appropriate in the circunislaiices, butr iiot foi. tlie PLirpose of expressing an opinioi) on the effectiveness of the group's aiid charitf s interiial coiitrol. Page 7
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FLEMJNG-WYFOLD ART FOUNDATION ICONTINUED) Evaluate tlie appLopriateness of accoiinting policies used and the reasonkblenes5 of accountiiig estimate5 and related disclosures made by the trustees Concliide on the approprlateness of the trustees, use of the going concern bas5 of accounting and, b85ed on the audit evidence obtained, wlietlier a nialerial uncertainly cxists related to events or conditioiis that may cast significant doubl on Ilie group's or charst(s ability to coiilinlie as a 80iiig concetii. If we conclude that a materikl uncertainty exists, we are required to draw attention in our auditoi s yepoi't to the related disclosures in tlie financial slatemenls or, if such disclosures al'e inadequate, to niodify oiiK opinion. Our <oiiclusions are based on the audit evidence obtiiined up to the date of oiir alidilor's report. Howevei., ftiture events or conditions may caiise tlie g¥oup or charity lo cease to continue as a going coiiceTn. Evaluate the overall presentation, slructLire and coiitent of the financial statements, includiiig the disclosures, and wlieilier Ilie fiiiancial statements represent the uiiderlying tran5actioi)s aiid event5 in a nianner that achieves fair presenlalioii. Obtain sufficÉenl appropriate audit evidence regardiiig the fiiiancial iiiformalioii of the entities off busiiiess activities witliin tlie group and chai'ity to express ali opinion oli the fiiiancial statemeiit5. We are responsible lor tlie direction, SLlpervisioii aiid performance of tlie group's aiid charilfs aiidit. We reniain solely rpOliSi61e foi. our ¢2udit opinion. We coniiiiunicate iyilh tliose chai'ged with governance regardin& dmoiis other mattel's, the platined scope and timitl8 of the aiidil and significant &Lidit fiiidin8s, iiicluding any significant deliciencies in nteriial control that we identify during our audit. Exlenl lo which the audit was considexed capable of detectTng irregularities, includins fraud Owiiig to the inhei'enl limitalions of an aLidil, there is an uiiavoidable risk that material misstatements iii the fiiiaiicial statements may not be detected, even though the audit is properly plaiiiied aiid performed tn accordance wÉlli tlie ISA'S IUK}. li) identilytiig and assessing risks of material mis-slatemeiil In i'espect of fraud, incliidii)8 irregularities aiid Jion-conipliance with laws and regulations, our procedures included the following.. We obtained an understanding of the legal and re8iilatory framework5 applicable lo tlie group and charity financial statements or that had a fundamental effect on the group's and charitys operiltions. We deterniiiied that tlie most 5ignifÉcaiit laws and regiilations included UK GAAP, UK Companie5 Act 2006, Cliarities SORP and taxat20n laws. We understood how the group and cliarily is complying with those legal and relIatory frameworks by making inquiries of mana8emeLit, those responsible Eoi. le8al and compliance procedures. We assessed the susceptibility of tlie groiip's and charit)/s finaiicial statements to material misslalemeiit, tncludiiig how fraud might occur. Aiidit procedures performed by the engagement team ii?cluded.. Identifying assessin8 the desisn effectiveness of Controls management has in place to prevent and detect fraud; Underslandkng how those charsed MTiih goiwernaiice considered and addressed the potential for override of coiitrols or other inappropriate influence over il)e finaneial reporting process. Detailed analysis OE jOL%rnals posted Elirou8h the accounllng sysleni durins the year to 31 March 2026 has been undertaken- Fage 8
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FLEMING-WYFOLD ART FOUNDATION ICONTJNUEDI U11derslandin8 the controls iii place lo preveiit and detect fraud. Reliance was iiot placed oil coiitrols for the entii'ety of the audit, instead takin8 a sub5taiRtive testing approach, however controls were in place to preveiit frciud, aiid they appeared to be workiiig effectively,. Challenging assiimptions and judgements made by niaiiagemenl iii its significant accouiiting esliniales. Use of our report Tiiis report is made solely lo the group's aiid c1)hritS tsustees, as a body, iii accordance witli the Charities Act 2011. Our audit work lias beeli uiidertaken so tliat we might stale to Ihe truslees those mallers we al'e i'eqiiired to state to theni in an auditors, repoi'l aiid for no oil)er purpose. To the fiillest extent permitted by law, we do not accept oi. assuiiie responsibility to anyone otlier tlian Ilie group aiid cliarity and their ti'ustees as a body, for oiii. audit work, for tliis report, or for the opinions we have Éormed. Marlin Howard (Senior Statiitory Auditor) for and oli behalf of Hazlewoods LLP, Statutory Auditor Windsor I louse Bay4hill Road Cheltenhaiii GL50 3AT Date.. 131812026 Pase 9
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-MWFOLD ART FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVlTtES FOR THE YEAR ENDED 31 MARCH 2026 Expendable Unrestricted Endowmertl Funds Fund Total 2026 Total 2025 Note Income and endowments from: Donations liivesliiients Charitable activities B]k Interest loo,000 286,075 117,426 2,265 iOO,(K)O 286,075 117,426 2,265 116,750 270,402 108,203 3,134 Total irteome 505,766 505,766 498,489 Expettdilure on: Costs of generating funds Charilable activities 39,560 278,273 39,560 278,273 40,907 308,147 Tolal expenditure 317,833 317,832 349.054 Net operating surplus 187,933 187,933 149,435 Other recognised 8ains: P¥ufi15Jllosses) on investment a55ets io 375,017 375,017 (63,215) 375,017 375,017 <63,215) Nel surplus foK the year 187,933 375,017 562,950 86,220 Reconciliation of funds: Tolal funds brought forward 6,047,341 7,463,064 13,510,405 13,424,185 Total funds carried forward 6,235,274 7,838,081 14,073,355 13,510,405 Page JO
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE F.LIMING-IVYFOLD ART FOUNDATION CONSOLIDATED BALANCE SHEET AT 31 MARCH 2026 2026 2025 Note Fixed assets: Tangible fixed assets Investinents 5,727,765 7,838.081 13,565,846 5,698,181 7,463,064 13,161,245 io Totnlfixerf ossels Current assets: Debtors Cash at bank li 37,168 516,452 553,620 50,314 331,964 382,278 Totttl curreiil rtssets Liabilities Creditors- arnounts fklling due within oiie year 12 146,111) {33,1181 Net ciitr7eiil rtssels 507,509 349,160 Total net assets 14.073,355 13.510,405 The funds of the group: Unrestricted fund Hei'itage Assets Endownient fund 13 9&13 10&13 507,509 5,727,765 7,838,081 349,160 5,698,181 7,463,064 Tot¢rl ClifirityfvNrfs 14,073,355 13,510.405 These accouiits have been prepared in accoi'dance witli the special provisions of Parl 15 of Ihe Conipanies Act 2006 relatin8 lo siiiall compaiiies. Tiie financial statemeiits on pages 11 to 22 were appi'oved by the Trustee5 and aiithorised for issue on 11 Au8USt 2026 and are sisned on tlieir belialf by- Mr R D Schuster Tnistee The Fleiiiii)g-Wyfold Art Foundation Conipany Resistered Niiinber 03965285 Charkly Regislered Number 1080197 Page 11
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WWT.OLD ART FOIINDATION COMPANY BALANCE SHEET AT 31 MARCH 2026 2026 2025 Note Fixed asgets Tangible fixed assets Investments- in siibsidiary uiidertaking Investn)ents- otlier 5,727,764 5,698,180 15 10 7,838,081 13,565,845 7,463,064 13,161,245 Current asse18 Debtoi's Cash at baiik li 37,168 516,452 553,620 50,314 331,964 382,278 Liabilities Creditor5- aiiiouii15 falliiis dLie wtthiii one year 12 (46,111) 133,1181 Net uirrepit ossets So709 349.160 Total net assets 14,073.355 13,510,405 The funds of the charity: Unrestricted fund Heritage Asset5 Endowment fLind 13 9&13 10&13 507,509 5,727,765 7,838,081 349,160 5,698,181 7,463,064 To11 CliarityfiiiiAs 14,073,355 13,510,405 Tliese accouiits liave beeii prepared iti accordaiice wAili tlie specittl provisions of Part 15 of tlie Companies Act 2006 relating to small conipanies. The financi81 stalenienls on pases 11 to 22 were approved by the Trustees and authorised for issiie on 11 ALlSUSt 2026 aiid ate s?giied oli tlieir belialf by: Mr R D Scliusler Trustee T]ie Fleming-wyfold Art Foundatioii Compaiiy Registered Number 039652E Charity Registered Niimber 1080197 Pase 12
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMIN&WYFOLD ART FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2026 Note 2026 2025 NET CASH ABSORBED B Y OPERATING ACTIVITIES see below) (294,558) (349,961) Cash flows from inveslins aclivities Dividends and interest (roni investhient5 DoJ)ations Cliaritable activities Purchase of artwork Proceeds Iroiii the sale of artwork Pri)ceeds from tlie sale 0£ investmenls Bank interest received Purcliase of investments Net casli pi'ovided by inve5tin8 activities 286,075 loo,000 117,426 (29,584) 270,402 105,000 IOS,203 (156,157) io 1,195,374 2,265 (1,179,873) 491,683 200,tN)O 3,134 (200,000) 330,582 io Change in cash and cash equivalents in period Cash aiid cash equivalents broii8ht forward Casli and cash equivalents earried forward 197,124 361,072 558,196 (19,379) 380,451 361,072 RECONCILIATION OF NET MOVEMINT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Net niovenient iii funds for Ihe period ended 31 Mareh 2026 las pei. the Slaleiiient of Financial Activities* page 10) Adjustments for.. 562.950 86,220 Divideiids and interest Iroiii investments Donatioiis CharÈlable activities Realised losses on the sale of iiivestnients Realised Igainslllosses in revalLiins inveslnients Profit on disposal of artwork Coi'porate actions i'eceivable Decteasel(incYeasel iii debloi's Increasel{Decrease} iii creditors (288,339) {ioo,000) (117,426) 190,600) (293,733) (273,536) (116,7501 (108,203) 18,471) 71,686 io io 6,450 27,847 {1,707) 5,041 (7,1621 1,214 12 Net cash provided by operating activities (Bee above) (294,558) (349,961) Analysis of cash and cash equiv#lenl8 Asatl April 2025 Casli Flow Asat31 March 2026 Cash at Bank Casli lield in iiivestments 331,964 29,108 361,072 184,488 12,636 197,124 5J6,452 41,744 558,196 Pase 13
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMJNG-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ACCOUNTING POLICIES Basis of preparation The Eiiianctal slatementf have. been prepai'ed in accordance with Ilie Fiiiancial Reporting Staiiclard applicable in tlie UK aiid Republic of Ireland (FRS 1021. Tl)e r.oundation is a public beiiefit eiitity for tl)e purposes of FRS 102 and a i'esistered ch&Yily established as a company limited by guarantee iii the Uiiited Kingdom and therefore lias also prepared ils financial statements in accordaiice with the Stalemeiit of Reconiiiiended Practice applicable to charitie5 piepai'ing ther accolijils iii accordaiice with the Financial Repoi'ling Standai'd applieable in Ilie UK aiid Republic of Ireland {The FRS 102 Cliayities SORP}, the Cotnpanies Act 2006 aiid Charities Act 2011. The accouiits are prepai'ed In sterli1 wliicli is the functional currency of Ilie Cl?8rity, and rouiided to the iiearest poiind. GoAns concern The financial stleIe1]IS have been prepared oji a goins concern basis which assunies Ilie cliarstable conipany will continue in operational exisleiice for tlie Eoreseeable fiitui'e. llie Trustees have considered the FoLindalioii's financial forecasts aiid are satisfied of the FoLindatioii's ability to continue as a going concern. The TrLlStees have made thS assessmei)t for a period of at least one yeai. from tlie dale of the approval ol tliesp. finaiicial statenieiits. The Fouiidalion tliereEore coiitinue5 lo adopt tl)e suiiig coiicern basis in preparing ils (inancial 51atenients. The surplLlS for ihe year of the Fouiidatioii was £562,950 (2025.. surplus of £86,220). Consolidalion ot Subsidiary The Fouiidalion is the sole sliareliolder in Fleming Collection Liniiled. Consolidated financial slaletnents have been prepared in accord¢in¢e with the Cliarities SORP 2015. As permitted by sectioii 480 01 the Companies Act 2006 aiid Charities SORP 2015, tl)e Statement of Financial Activitie5 for tlie Foiindation is not presented as part of ihese fiiianeial Statements. Fund Structure Unrestricted Fuiid5 coiiiprise ihose funds which tlie Tnistees are free lo use in accordance with the cliaritable objects. The Expeiidable Eiidowmejil Fiind represents tliose assets wl)ich are held for Ilie longer term for the Clurity. Inconie ai'isi1i8 011 the Expendable Endowment Fund can be used in tlTre Uni'e51ricted Income Fiind. As tlie Expejidable Endownieiil Fund can be iised in accordance with the objeels of tlie Cliarity and i.g inclLided in Ilie iinre5tricted income. £apilal cai) also be tspent in certain circumstances iii fiilfilment of Ilic Cliarilfs objectives. Any capital %ain5 Or losses arisins on the investments held in Ilie Expeiidable Endowmeiit Fund (orm parl of that fund. Income All income is recognised in the Consolidated Statement of Finaticial Activities {SOFAI wlien the conditions for receipt have been met aiid there is i'easonable a5suronce of receipt. Where a elaim for repayment of inconie lax has been or will be niade such iiiconie is grossed up for the lax recoverable. Gran18 and Donations Receivable Grants and donations are recognised in the SOFA when conditions for receipt liave beeii complied with. Page 14
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ICONTINUED) ACCOUNTJNG POLICIES (CONTINUED) Acttvities in furtherance of the Charity'8 Objects This i'epreseLIt5 incoine recelved from tlie ownership and ulilisalion of the collection aiid is accounted for when receivable. Investment Income Investment income is accounted for when receivable aTrd is stated gross of any reclaimable laxalion relief. Expendifure Liabilities ate iecogi)ised as expendilii*e as soon as tliere is a legal or conslriictive obligation coiiiniitliiig Ilie cliaIity to Ilie expeiiditure. All expendilure is accoiinled foi on ali accruals basls aiid lias been classified uiider headings that aggregate all cost5 related to the category. The following accountiiig policies are applied to 11)e dÉfÉerent categorles of expenditure.. Costs of Charitable Aclivities Tliese costs relate lo expeiiditure incurred by the Charity in relalion to the promolion of the Charitrf5 objects, incliidiiis the exhibitin& loaning and leasiiig of the art works. Support and Governance Costs Support and goveniance costs comprise all costs iiivolving the public accountability of the charity and its compliance witli regulalioi) aiid good practice. These costs iiiclude expenses related to statutory audit fees, professioiial and legal fees and support costs. Tangible Fixed Assets in¢ludlrtg Heritage Assets Tangible Fixed Assets, which are stated at cost. include the Fleming colleetion of works of art which are avatlable to exhibit to the public. Tlie Arl Collection falls witl)iii tlie definition of 'Heritage Asse15' under FRS 102 and the Charilies SORP. Heritage assets are 51aled at cost or estiniated market value if doiiated, uiile55 a reliable estimate caiiiiol be madelthe cost ot valuation is likely to exceed the benefits piovided by the infoi'mation, and are not subject to depreciation. Inipairnients in the carryin8 value of heritage assets are recogiiised if they have suffered physicttl deterioration or doubts alise as to their authenticity. Depreciation No depreciation has beeii provided oil the collectioii as Ilie Trustees consider that the estiniated Useful life of the collection is indefinite. Depreciation is provided on fixtuies and fittinss aiid is provided at a rate calcLilated to write off cost, less esliiliated residual value, eveiily over their expecled useful life. The depreciation periods are as follows.. Fixtures and fittings Computer Equipmeiit 4 year5 2 years Pa8e 15
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE F,LEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED) ACCOUNTING POLICIES (CONTINUED) Investments Investments are slated al market value at tlie Balance Sheet date. Any gain or loss on i'evaluatioii is taken to Ilie SOFA. Pensions Conli'ibutions payable are charged to the SOFA in tlie year they are payable. Taxattott The Foundalioii, being a registered charity, is exeinpt from Ilie payment of income, corporatioii or capital saiils tax to the extent that its activities are charitable in i)alure. Forei8n c11rncY Transactions Assets aiid liabilities in forei811 ciirrencies are transtated at tlie rate of exchange i'uling at the Balance Sheet date. Transactions iii foreigii currencies are ti'anslated into sterling al tl)e rate of exchange rulins al the date of transaction. Exchaiige differences arising duriiig Ilie year ¥tre iiicliided the SOFA. Realised and Unrealised Goins and Losses All gaiiis and losses are lakeii to the SOF,A as they arise. Realised gains and losses on investments are calculated as all the diffei'ence between sales proceeds aiid opeiiiiig market value Ipiirchase price if laterl- Unrealised gaiiis and 1055es are calculated as the difEei'ence belween Ilie mai'ket value al Ilie year end and opening niarket value lor pui'chase plice if later}. Critical accounting estimate5 and areas of judgements In prepariii8 fiiia£ici&l statements it is nece.ssavy to n)ake certain judgenients, estiniAtes and assiimptioiis that affect tlie amounts recognised in the fiii¢illcicl1 statements. lil the vip.w of tlie Trustees in applying the accountill8 policie5 adopted, no judgemeiits were required that liave significant eEfect oli the aniouiils recognised in the financial statements nor do any estimates or ssuniplions made carry a significant risk OÉ material adjustment in the next fiiiancial year. Financial inslrtiments The Foiindation's financlal instrunienls all qLialify as baslc in accordance with Seclton 11 Basic Fiiiatlcjiil Iiistrunients of FRS 102. Fiiiancial inslriimeiits ate i'ecoglTrsed in the Foundatioii's balance slieel wheii the Foundalion beconies party to the contractiial provisioiis of tlie iiislrument. Financial assets and liabilities are offset, with the net amounts preseiited iii the financial stalen)enls, when there is a legally enforceable right to set off tlie recognised aniounts attd IlTrere is an intention to settle on a net basis or lo realise the asset and settle the liability siniiiltaneously. Cash and cash equivalents Cash and casli equivaleiits include cash in hand and current and fixed term deposit5 Wltli banks. Pase 16
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE T.LEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 NIARCH 2026 (CONTINUED) LIABILITY OF MEMBERS The Fleming-WyEold Ait Foundation is a cl)aritable conipany limited by guarantee. Edcli niember of the Charity underlakps to coiitribute such Illl cimounl as niay be required Inol exceeding £10) to tlie Cliarity's assets if it sliould be wound up whilst he is a nieniber. DONATIONS 2026 Unrestricted unds 2025 Unrestricted Funds The L]ll0X Hannay Charitable Trust The Wyfold Charilable Trust The PF Cliarilable Trust The Stonewall Park Charitable Ti'u81 Donalions of artwork 25,000 25,000 50,0(X) 25,000 25,000 50,000 5,000 11,750 116,750 loo,000 The above donations have been designated by the Tru8lee5 to the Ait Acquisition Fund towards the purchase of artwork. COSTS OF GENERATING FUNDS 2026 Unreytticled Funds 2025 Unrestricted Funds Group Investnient Management Fees Custodian Fees 33,215 6,345 39,560 32,355 8,552 40,907 CHARITABLE ACTIVITIES 2026 Unrestricted Funds 2025 Unrestricled Funds Advertising Loaii of paintings Reproduction charges- Bridgeniaii Art Library & Herilagc Digital Catalogue and book sales Ciiralorfs fee 3,500 97,955 97,876 1,087 12,463 3,WO 117,426 1,014 2,73 108,203 Page 17
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTJNUEDI COST OF CHARITABLE ACTIVITIES AND SUPPORT COSTS 2026 Unrestricted Funds 2025 Unrestricted Funds Bank Charges Book Cost adjuslmeiit Book Productioii Costs Btsr5ary Cost of staff {nole 7) Conservation Miscellaiieous Payroll Costs Pi'omolion and niarkeliiig Publicatioii costs Iiisurance liiteni and Traintll8 IT & Conimuijitation costs Other Profes5tonal Sei'vices Storage & Traiisport Travel C05Fs Support and Goveffiiance Costs (notre 81 559 300 4,397 3,000 115,438 14,723 75 592 4,465 4,531 124,262 4,432 1,354 28,257 2,146 45,829 4,231 16,637 17,529 295 15,807 14,456 4,750 33,826 8,084 39,906 29,328 9,355 37,856 278.273 308,147 None of tlie Ti'uslees has received any reniuneralion in the year (2025.. £nil). Travel and othei. expenses totallins £1,129 iiicurred in connection with activities 0£ the Charity was reinibuised to oiie membei. of the board of Triistees during the year12025= £1,920). The Fouiidalton coi)siders Ilie Director of Art and the Collections and Web Mai)ager a5 key maiiasemeiit personnel. The total employment beiiefits including employer pension contributions of tlie key managemeiit persoiiiiel were £115,43812025: £124,262). ANALYSIS OF STAFF COSTS Group 2026 Group 2025 Wages aiid Salaries Social security costs PeiisioiTr £ontribulion5 105,522 7,949 1,967 115,438 114,392 8,121 1.749 124,262 One employee received remuneration of between £60,000 to £70,IXJO in the yeai. (2025- 1 between £60,(KJO to £70,000). The niontlily average nuiiiber of full time employees duriiig the year was l {2025: 21. Wages and salarie5 iiicludes conti'actors. Page 18
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE T.LI,MING-ivYr.OLD ART fouNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ICONTINUEDI SUPPORT AND GOVERNANCE COSTS Total Unreslricled 2026 Total Unrestricted 2025 Siipporl IAdpiiiiiislitTliue Cosls Charity Adm*nistralionlFinancial Reporl&ng aiid Bookkeepiii8lAdniinisti'atioJi Services Goverpilliice Cost5 Auditor's remuneration Aiidit fee- curreiit year prior year uiider acci'ual - other Eees 32,000 34,750 5,750 s,0 50 106 39,906 106 37,856 YlTre Audit fee in the eurrent year iiicludÈs £750 foi Eorporhtion tax Compliance. TANGIBLE FIXED ASSETS Heritage As8els (Art Collection) Computer Equipment Total Group and Charity Cost Brought Forward Additioi)sJ(Disposals) 5,698,181 29,584 7,182 (5,966) 5,705.363 29,584 Carried Fonvard 5,727,765 1,216 5,73L947 Depreciation Broiiglit Forward Provided for the Year Carried Forward 7,182 {5,966} 1,216 7,182 15,966) 1,216 Net Book Value a8 at 31 March 2026 5.727,765 5,727,765 Net Book Valiie as at 31 March 2025 5,698,181 5,698,181 Herita8e Assets (Arl Collection) Tiie Flemiijg Colleclioii ranks as oiie of the fiiiest collection of Scottish art outside niuseunis. Acquisitioii was started iii tlie late 1960s by a Director of Robert Fleniing & Co. The collection compi'ises eii'ea 700 oils aiid ivatercolours raiiging in date from 1633 to the preseiil dayi nd is particulai'ly noted for coiitaining some of the most iconic paintiiigs of the period. 11 15 intended to reiiiain a livii)g colleetion by aequiriiig furiher works where tlie opportunity arises and wliere they are coi)sistent with tlie thenies of the colleclion. Pa8e 19
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ICONTINUEDI TANGIBLE FIXED ASSETS (CONTINUED) Dui'in8 the past five years the following movements Lll tlie collection have occurffed: Donations Purchases Disposals Proceeds Year ended 31 March 2026 2025 2024 2023 2022 29,584 156,157 59,243 88,917 48,756 11,750 600 31,800 16,100) <240) (650) As al 31 Marcli 2026 the collection was insuied for £16,250,601. 10. INVESTMENTS Total 2026 Total 2025 Market valLie brought forward Acquisitivns at cost Less.- disposal proceeds Irealised Capital eash) 7,463,064 1,179,873 (1,195,374) 7,447,563 90,600 293,733 7,831,896 12.635 7,526,279 200,000 (200,0001 7.526.279 8,471 (71,6861 7,463,064 5,041 (Unrealised)/realised 8ains oil disposals Nel {1055118ain on revaliiation Add.. iiet niovement iii realised capitsl C<?sh retained tor reinvestment Add.. iiel iiiovement in realised inton)e ca511 Market value at 31 March {6,45O) 7,838,081 {5,041) 7,463,064 Hisloricfil cost fi131 Muicli 6,499,795 6 341,292 Analysis of iiivestments :_ Equities Properly flinds Fixed Income Alieriialives LigULdity (und Casli lield for i'einvestmeiit Markel value at 31 March 5,010,481 580,530 1,331,649 373,677 500,000 41,744 7,838.081 5,038,090 574,777 1,128,704 392,385 300,000 29,108 7,463,064 No investment5 comprised in excess of IO% of the value OE the portfolio as at 31 March 2026 (2025: £nil). Pa8e 20
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAIi ENDED 31 MARCH 2026 ICONTINUED) ii. DEBTORS Group 2026 Charity 2026 Group 2025 Charity 2025 Trade debtors Prepaid expei)ses Accrued income Inconie cash Taxes repayable 456 10,089 456 10,089 977 17,052 2,400 14,081 15,804 50,314 977 17,052 2,400 14,081 15,804 50,314 13,370 13,253 37,168 13,370 13,253 37.168 12. ANALYSIS OF LIABILITIES Group 2026 Charily 2026 Group 2025 Ch4rAty 2025 Trade creditors Other creditors Deferred Iiicome Intercompaiiy I1n Accruals 1,422 2,899 14,7(K) 1,422 2,899 14,7(K) 1,727 2,430 1,727 2,430 27,090 46,111 27,090 46,112 28,961 33.118 28,961 33.119 13. FUND ANALYSIS Expendable Unrestricted DesA8naled Endowmettt Funds Funds Fund Total 2026 Gnyup Tansible fixed a55els Investnients Debtors Casli Liabilities 5,727,765 5,727,765 7,838,081 37,168 516,452 146,1111 14,073,355 7,8,081 37,168 516,452 {46,111) 507,509 5.727,765 7.838,081 Coinpfirrftivesfoy tlie Ji ear elided 31 Mftrcli 2025.. Expendable Designated Endowiiient Funds Fund Unrestricted Funds Total 2025 Group Tangible fixed assets Inveslnients 5,698,181 5,698,181 7,463,064 50,314 331,964 133,1181 7,463,064 13,510,405 7,463,064 Debtors 50,314 331,964 (33,118) 349,160 Casli Liabilitie5 5.698,181 A description of the purpose of the fjiinds is given iii Note 110 Ihe financial slaletnenls. Pase 21
Docusign EnvelopÈ ID." D162EFEF-C3FF-8650-83DB-C5E326EB3A6E THE FLEMING-WYFOLD ART FOIINDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTINUED) 14. RELATED PARTY TRANSACTIONS RFT Management Services Limited I"RFfMS") Richard Seliuster is a diiector of RFTMS. RFTMS charged tlie Foiindalion for Charity Admini.8tratioii aiid Book~keeping Services £49,250 {2025: £34,750) and recharsed costs of £7,099 {2025.. £i,9611 dLiring the yeai.. Rory Fleming 15 a Trustee of Tlie PF Charitable Trust frooi whom two grants totalling £50,000 was received durliig the year {2025 £50,000). Richard Scliuster Is a direetor of R5 Triistee Co. Limited who is a trustee of tlie Lemiox Hannay Charitable Triist from whom a grant of £25,0(KJ was received durin8 tlie year12025 £25,000) 15. INVESTMENT IN SUBSIDIARY UNDERTAKING Company 2026 Company 2025 Flemiiig Collection Limited Tlie investmeiit in subsidiary uiidertaking comprises the entire shal'e capital of Fleming Collection Liniiled (segistered company niimber 043515311. Fleming Collection Liniited Previously undei'look comniercial activities belialf of The Fleniin8-Wyfold Art Foundation. Fleniing Collection Liniited lias been dorniant throughoLII tlie financial year ended 31 March 2026. Flei)iing Collection Limited lias the same registeLed office as The Fleniing-wyfold Art FoLindatLOn. Pa8e 22