The Pharsalia Charitable Trust
Charity number: 1120402
Report and Financial Statements
for the year ended
31st March 2025
Wenn Townsend
Chartered Accountants
Oxford

The Pharsalia Charitable Trust
Contents
Page
Legal and Administrative Infomiation
Report of the Trustees
Report ofthe Independent Examiner
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
Notes forming part of the Financial Statements
9-14

The Pharsalia Charitable Trust
Legal and Administrative Inforniation
Registered charity number.
1120402
Created:
Trust deed dated 24th April 2007
Trustees:
N S Blackwell
NPPRoots
T D Sainsbury
Correspondence address:
The Ham
Ickleton Road
Wantage
OX12 9JA
Independent examiner:
A C Rodzynski FCA
Wenn Townsend
30 St Giles
Oxford
OX13LE
Solicitors:
Freeths LLP
5700 Oxford Business Park South
Oxford
OX4 2RW
Bankers:
Handelsbanken
Suite F, Windrush Court
Abingdon
Oxon
OX14 1SY

The Pharsalia Charitable Trust
Report of the Trustees
for the year ended 31st March 2025
The Trustees present their annual report and the financial statements for the year ended 31st March 2025. The
Trustees have adopted the provisions of "Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102)° effective 1st January 2019 in preparing the annual
report and financial statements of the Trust.
Structure, govemance and management
The Trust was established by a Declaration of Trust dated 24th April 2007 and was registered with the Charity
Commission, charity registration number 1120402.
The Trustees who served during the year and since the year end were:_
N S Blackwell
NPPRoots
T D Sainsbury
All decisions affecting the management of the Trust and its assets are taken by the Trustees, who meet on a
regular basis. The Trust's quoted equity investment portfolio is activety managed by LGT Wealth Management.
The power of appointing new Trustees is vested in the Trustees. In the event of the appointment of a new
Trustee, appropriate guidance wll be given to enable them to undertake their role.
Trustees, responsibilities statement
The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity forthat period. In preparing these financial statements, the
Trustees are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP..
make judgements and estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any
time the financial position ofthe charity and enable them to ensure that the financial statements comply with the
Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and trust deed. They are also
responsible for safeguarding the assets of the charity and hen￿ for taking reasonable steps for the prevention
and detection of fraud and other irregularities.

The Pharsalia Charitable Trust
Report of the Trustees (continued)
for the year ended 31st March 2025
Risk factors
The Trustees have examined risks which the Trust could face and confirm that systems have been established
to enable steps to be taken to lessen these risks. The Trustees consider the major risk to the charity to be a
significant decrease in the value of its investments.
The Trustees do not commit funds until they are available. The Trustees do not make multi-year commitments
and only make donations or grants from investment income arising during each tax year and any investment
income from the prior year that has been carried fonNard.
Objectives and activities
The Trustees hold the income and such part of the capital as they determine for such charitable purposes as
they shall in their absolute discreb-on decide.
Such charitable object shall include=
the relief of sickness-
such other purposes, in any part of the wodd being exclusively charitable according to the laws of
England and Wales as the Trustees may from time to time determine.
The Trustees have power to accumulate the income of the Charity for a period of ￿enty one years from the
date of the Settlement Deed.
Achievements and performance
The grants awarded during the year are detailed in note 3 to the accounts. These have been made in line with
the objectives, and with due regard to the guidance issued by the Charity Commission on public benefit.
Financial review of the year
The financial activities are summarised on page 6 of the accounts. During the year the Trustees received
investment income of £64,266 (2024= £71,147) and made charitable grants of £69,250 (2024.. £69,350). When
taking into account support costs of £26,335 (2024.. £26,585), the charity made a loss before gains on
investments of £37,762 (2024.. loss of £30.025).
The investment portfolio showed an unrealised gain of £43.915 at 31st March 2025 (2024.. £36,330).

The Pharsalia Charitable Trust
Report of the Trustees (continued)
for the year ended 31st March 2025
Reserves policy
The Trustees have reviewed the reserves of the Trust and have forecast levels of unrestricted funds that will
provide the Trust with financial flexibility and provide a cushion against shortfalls of income, either planned or
unanticipated. The level of unrestricted funds at 31st March 2025 was £1,480,766 of which £40,259 {2024'.
£42,666) is considered free reserves, which the Trustees consider satisfactory to meet annual donations to
charities.
The Trustees have agreed that for the time being all donations received by the Trustees should be treated as
an accretion to the capital.
Plans for future periods and investment policy
The Trustees will continue to make grants ￿llth1n the remit of the Charity's objectives, and with regard to the
Charity Commission guidance on public benefit.
During the year the Trustees continued in their established review process and stated objectives.
The Trustees do not intend to embark upon any fundraising and it is anticipated that they will continue to be
funded only out of donations from N S Blackwell which currently form the Trust's capital and reserves.
Against this background of anticipated applications of funds, the Trustees are working with their investment
advisors on an ongoing basis and continually monitor the investment policy.
The Trustees are satisfied with the perfomiance of the Trust's investments.
The Trustees have wide powers of investment.
This report was approved by the Board on ........................... 2026 and signed on its behalf by
Mr N S Blackwell
Trustee

The Pharsalia Charitable Trust
Independent Examine¢s Report to the Trustees of The Pharsalia Charitable Trust
I report to the charty trustees on my examination of the accounts of the charity for the year ended 31st March
2025 which are set out on pages 6 to 13.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordan￿ with the
requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in
carrying out my examination I have followed all the applicable Directions given bythe Charity Commission under
section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 130 of the Act., or
the accounts do not accord wth those records., or
the accounts do not comply the applicable requirements concerning the form and content of accounts
set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the
accounts give a 'true and fairview vthich is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connectionwrth the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Rodzynski FCA
Wenn Townsend
Chartered Accountants
30 St Giles
Oxford
OX1 3LE
Date:
. 2026

The Pharsalia Charitable Trust
ststement of Financial Activities
for the year ended 31st March 2025
Unrestricted Income
2025
2024
Income
Donations
Income from investments
Gift aid
64,266
71,147
Totsl income
64,266
71,147
Expenditure
Expenditure on raising funds
Irrecoverable rental debts
Expenditure on charrtable activities
Support costs
6,443
5,237
69,250
26,335
69,350
26,585
95,585
95,935
Total expenditure
102,028
101.172
Net expenditure before net gainsl(lossesl on
Investments
(37,762)
(30,025)
Net gainsl(losses) on investments
47,414
46,216
Net movement in funds
9,652
16,191
Fund balances brought forward at 1st April 2024
1,471,114
1,454,923
Fund balances carried foN￿rd at 31 st March 2025
1,480,766
1,471,114
The notes on pages 9 to 14 forni an integral part of these financial statements

The Pharsalia Charitable Trust
Balance Sheet
as at 31st March 2025
Notes
2025
2024
Quoted assets or financial assets
Investment property
Investments
48,150
1,392,357
72,225
1,356,223
1,440,507
1,428,448
Current assets
Cash at bank
43,431
46,089
Creditors= amounts falling due
within one year
{3,172)
(3,423)
Net current assets
40,259
42,666
Net assets
1,480,766
1,471,114
Unrestricted funds
1.480.766
1,471.114
The financial statements were approved and authorised for issue by the Trustees on.......................... 2025 and
signed on their behalf by..
Mr N S Blackwell
Trustee
The notes on pages 9 to 14 fomi an integral part of these financial statements

The Pharsalia Charitable Trust
ststement of Cash Flows
for the year ended 31st March 2025
Note
2025
2024
Net cash flow from operating activities
(53,912)
(46,015)
Cash flow from investing activities
Payments to acquire investments
Interest received
Receipts from sale of investments
Dividends received
(107,671)
462
118,950
39,513
(115,000)
643
74,671
39.182
51,254
(504)
Net increas81(decrease) in cash and cash
equivalents
(2,6581
(46,519)
Cash and cash equivalents at 1st April 2024
46,089
92,608
Cash and cash equivalents at 31st March 2025
43,431
46,089
Cash at bank and in hand
43,431
46,089
Cash and cash equivalents at 31st March 2025
43,431
46,089

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2025
Accounting policies
(a}
Basis of preparation
The financial statements have been prepared under the historical cost convention, with the exception of
investments which are included at market value. The financial statements have been prepared in
accordance with the Statement of Recommended practi￿ {SORP), 'Accounting and Reporting by
Charities, preparing their accounts in accordance the Financial Reporting Standard applicable in the
UK and Republic of Ireland- effective 1st January 2019 and the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.
The charity constitutes a public benefft entity as defined by FRS 102. Items are recognised at cost or
transaction value unless otherwise stated in the related note to the accounts.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a
going concem.
(b)
Fund accounting
Unrestricted fvnds are available for use at the discretion of the Trustees in furtherance of the general
objectives of the charity and which have not been designated for other purposes.
Restricted funds are to be used for specific purposes as specified by the donor.
(c)
Income recognition
All income is included in the SOFA when the charity is legally entitled to the income, the amount can be
quantified wth reasonable accuracy and it is probable that the income will be received.
Income from investments is credited in the period in which it is receivable.
(d)
Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. Liabilities are recognised as expenditure as soon as there is a
legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will
be required and the amount of the obligation can be measured reliably.
(e}
Investment property
The leasehold property is held at open market value at date of acquisition, less the accumulated
amortisation. which is charged on a straight line basis over the 10 year lease period.
(fj
Investments
Quoted investments are ststed at mid-market value at the balance sheet date. Unquoted investments are
valued at book cost at the balance sheet date. However, the Trustees consider the market value to exceed
the book cost. The SOFA includes the net gains and losses arising on revaluations and disposals
throughout the year.
(gl
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(h}
Costs of raising funds
The cost of raising funds consists of investment management costs.

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2025
Continued
Accounting policies (continued}
Realised gains and losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are
calculated as the difference betsveen 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 be￿een the fair value at the year end and their carrying value. Realised and
unrealised gains and losses are combined in the Statement of Financial Activities.
Investment income
2025
2024
Dividends and interest received from equity shares
Rental income (net of expenses)
39,974
24.292
39,825
31,322
64,266
71,147
Charitable expenditure
During the year the Trustees approved grants payable to the following organisations in furtherance of the
Charity's objectives'.-
2025
2024
ACT (Oxford)
Adapt
Age UK
Asthma relief
All Saints Church Cuddesdon
Aspire (Oxford)
Be Free Young Carers
Blackbird Leys Adventure Playground
Brain Research
British Legion
British Ukranian Aid
Crohns and Colitis UK
Crisis at Christmas
Cyclists Fighting Cancer
Dressability
Earth Trust
Edge Housing Charity
Fight Against Blindness
Future Trees
Getting Heard
Go Kids Go
Gurkha Welfare
Great Western Railway Didcot Centre
Handicapped Children Action Group
Heart Research
Helen & Douglas House
Henry
Homeless Oxfordshire
750
750
15,000
750
250
750
750
750
1,000
1.000
1,000
1,000
750
1,000
500
500
1,000
1,000
750
1,000
(750)
750
1,000
1,000
500
1,000
1,000
750
2,000
1,000
7,750
30,750
-10-

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2025
Charitable expenditure (continued)
2025
2024
blf
Homestart
Hotline Meals
Inspire
Let's Play Project
The Listening Centre
Living Paintings
M&N Taylor Ukraine Appeal
Macmillan Cancer
Marie Curie Foundation
MS Society
My Life My Choice
My Vision Oxford
Myeloma
National Rheumatoid Arthritis Society
On&80
Oxford Churches Debt Centre
Oxford Community Emergency
Oxford Fire Station Arts Centre
Oxford Food Hub
Oxford Hospital Charity
Oxford Hub
Oxford Radcliffe Hospital Charity
Oxford University Development
The Porch
Prostate Cancer UK
Queen Elizabeth Foundation for the Disabled
Read for Good
Raw potential
Reducing the Risk of Domestic Abuse
Restore Oxford
Riverside Counselling Service
Royal Marsden Charity
Royal National Orthopaedic Hospital Charity
Salvation Army
Sebastian Action Trust
Sobell House
Swindon Therapy Centre
St Edmund hall appeal
St Luke's hospital phas 11
Tandem
Starlight
The Story Museum Oxford
Thomley
Tommys Charity
Toms Trust
Turn 2 Us
Vale & Download Museum, Wantage
Yellow Submarine
7,750
750
1,500
1,000
30,750
500
1,000
750
1,000
750
750
1,000
1,000
1,000
750
1,000
1,000
(500)
750
750
1,000
850
1,000
3,000
3,000
28,000
1,000
7,000
10,000
1,000
750
500
750
750
500
750
750
1,000
1,000
1,000
1,000
750
1,000
1,000
750
5,000
5,000
750
500
750
750
1,000
1.000
750
1,000
750
69,250
69,350
-11-

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2025
Support costs
2025
2024
These include governance costs of-
Accountancy fees
Independent examiner's fees
Bank charges
Amortisation of leasehold investment
360
2,100
50
24,075
2,190
70
24,075
26,335
26,585
Related party transactions
The Trustees neither received any emoluments or reimbursed expenses during the year {2024.' £Nil). The
Trustees donated a total of £Nil (2024= £Nil) to the charity during the year.
Investment property
Leasehold
investment
property
Cost or valuation
At 1 st April 2024
240,750
Amortisation
At 1 st April 2024
Charge for the year
168,525
24,075
At 31st March 2025
192,600
Valuation at 31st March 2025
48,150
Valuation at 31st March 2024
72.225
The leasehold investment propety is held at fair value at 31st March 2025 as estimated by the Trustees.
The historic cost of the investment property at 31st March 2025 was £240,750 (2024.. £240,750).
Amortisation is charged at 10°A per annum on a straight-line basis over the 10 year lease period.
-12-

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2025
Fixed asset investments
2025
2024
Mid-market value as at 1 st April 2024
Acquisitions
Disposal proceeds
Realised gainsl{losses)
Unrealised gainsl(losses)
1.356,223
107,671
(118,9511
3,499
43,915
1.269,678
115,000
{74,671)
9,886
36,330
Market value at 31st March 2025
1,392,357
1,356,223
Historical cost at 31 st March 2025
966,399
753,278
Creditors: amounts falling due within one year
2025
2024
Independent examiner's fees accrued
Bookkeeper costs accrued
Investment brokers fees accrued
1,830
360
982
1,740
360
1,323
3,172
3,423
-13-

The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31sl March 2025
Reconciliation of net expenditure to net cash flow from operating activities
2025
2024
Net income for the year
Dividends received
Interest receivable
Amortisation
Lossl{Gains) on investments
{Increase}IDecrease in debtors
{Decrease)Ilncrease in creditors
9,652
(39,5121
(462)
24,075
(47,414)
16,191
{39,182)
(643)
24,075
{46,216)
{251)
(240)
Net cash flow from operating activities
{53,912)
{46,015)
-14-