PATRIC￿ DONALD, CHRISTINE & PATRICK SHEPHERD FOUNDATION
(Reglstered Charlty No. 1206602 and Company No. 14950743
ANNUAL RepoftT OF THE TrUSTEES AND FINANCIAL STATEMEKrs
FOR THE PERIOO FROM 1 JANUARY 2024 TO 31 MARCH 2025
¥AECBZMIX•
02111Y2025
CQMPANIES HOUSE
#142
RAWLINSON
& HUNTER

PATRICW OONALD. CHRISTINE & PATRICK SHEPHERD F¢)UNDATION
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMEKrs
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
CONTEp¥rs
Annual Report of the Trustees
Independent Examinerfs Re[￿￿1
ststement of Financial Athiti'es {including Income and Expenditure Accounl)
B81ance Sh8&t
Noles lo Ihe Financial Ststement5
9-14

P•ge 1
PATRIC￿ DONALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
The Trustees present their report and the independerbtly exarnined financial statements of the Patricia,
Lbnsld. Christine & Patr￿k Shepherd Foundation (Ihe Foundation" or'lhe charitable company"), for the
period from 1 January 2024 to 31 M8rch 2025. These have been prepared in accordance with the
accounting policies set out on pages 9 to 11 compty with appliCat￿e tharity Iw. During th8 previous
period the charity was donnanl.
The financial stslements compty with the Charities Act 2011 and Whe￿ appluble, the Chaiities A¢1
2D22, Companies Acl 2006. the Memorandum and Articles of Association. and Accounting aTh
Reporting by Charities.. Slatefflent of Recommended Practice appluNe to charilies preparing their
3ccounls in ￿OrdanCe with the Finanual RetK>rting Sta"ndard appl￿ble in the UK and Republic of
Ireland IFRS 102) I'chanlies SORP FRS 102.). tt* Financi81 ReFrf)thg Standard ?pplicatle in the
United Kingdom and Republic of Ireland {FRS 102)-
REFERENCE AND ADMINISTRATIVE DEfAILS
The Patricia. Donald. Christine & Patri(* Shepherd Foundalion, (registered charity number
1206602 and company number 14950743) is based and administered in the United Kingdom. The
regisleffjd adthess is Third Floor. 20 Old Bailey. LoThJon. EC4M 7AN.
Dirgdors and Tru$tees:
The Directors and Truslees of the Foundation held Of￿ during the period and continue to
serve at the date ofthis rewt a￿..
Chfistine Margaret Shethrd
Joseph Oliver Shfjpherd
Mthael James Shepherd
Patrid( m￿hael Shepherd
The Trustees dld rnt hold any benefthl h)terest kn the FouThJatk)n at 31 March 2025 or at any time
during or since the period.
Bankers:
C Hoare & Co
37 Fleet St. Temple. London EC4Y 1BT
Sollcbtors:
Withers LLP
20 Okl Bailey, London. EC4M 7AN
Accountants:
Rawlinson & Hunter LLP
Ejghlh FkM)r. 6 New Street Square. New Fetter Lane. Lor•S)n. EC4A 3AQ
Investment Advisor-
Broadstone Investment Management Lwnited
100 Wood Street. Lonthsn. EC2V 7AN
Indepond•nt Examiner.
Yueling Wei FCCA
Eighth Fk)or, 6 New Street Square. New Fetter Lane. London. EC4A 3AQ

Page 2
PATRICIA DONALD, CHRISTINE & PATRICK SHEPHERD FOUNDATION
ANNUAL REPORT OF THE TRUSTEES ANO FINANCIAL STATEMENTS (continu•d)
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is a privatè Iwnited company govemed by its Merrw)randum and Art￿leS ol
Association and is registered as a charity with the Charity Commission for England aThJ Wales. 11
was incorF(srated on 21 June 2023 befcffe receiving recognrtion by the Charity Commlssknn on 18
January 2024.
The Trustees are resident in Ihe United Kingdcxn meet regularly to discuss and develop the
Foundation's goa15 and strategy arvj to review grant prop05a15 and general grant requests.
The number of Trustees shall be a min1mL￿ of iwo at one lime and r￿¥ Trustees shall be
apF(Jinted by ordinary resolution by the existing Trustees. The ratwJe of skills represented on the
Ttustee Board wll be kept under revw as the FoundatK)n develops over lime.
Induction and Trainlng
As part of their training. TnJslees are given an infmtion pack whth includes the Foundallon's
Memorandum and Artides of Associalion and the Charity Commission guKlan¢e on Trustees.
Responsibilities. AJI Trusle&s are aware of Iheir legal dul*s and oblualions in respect of the
management ofthe FoundatK)n. ￿hjdi￿j in relation to the protect￿n of its 8ssets.
Ststement of Truste￿, Re$ponsibilities
The Trustees {v*tho are also Dir&tots of the FourKlation for the purposes of cornpany lawl a
responsible for pweparing the Annual Report of the Truste&s and the fina￿la1 statements in
accordance with aPp￿b￿ law and United King&)m A￿OUnting Standards (United Kingdom
Generally Acceprted Acwunting Prac￿￿).
Compary law requires Ihe Tr￿tee5 to prepare financial staternenls fLY exh fmanoal period.
Under Company Law the Trustees m￿t not approve the financial statemenls unless they are
satisfied that tsy give a true and fair view of the stale of affair5 of the tharitable company and of
the incoming resources and applicat￿n of resources. including the income an(i expendit(Jre. of thè
charitsble Gompany for Ihe pen'od. In weparing these f￿an￿￿al statements. the Truslees are
required to..
select suitable 2tt0unting polic￿$ and then aFoty them eonsistently:
ob5evve the methods and princip￿$ in the chari￿es SORP IFRS 1021:
make judgements and estimates that are reasonab￿ arvj prudent..
stale whether appkab￿ UK Ac¢ounting Standards have been folk>wed. subject to any
material departures discbsed and explained in the financial 5taterfftnts". and
prepare the financial statements on the going concem basis unless it Is inapprowiate to
presume Ihal the chertsble company will continue in operation.
The Trustees are r8swnsible for keeping adequ*e ac(ounting records that di￿lOse with
reasonable accuracy al any lime the financlal position of the charitabl8 company and enable Ihem
10 ensure Ihal the financral stslemenls compty wrth tre Compan￿$ Act 2006. They a￿ also
responsible for safeguarding the assets of the charitable company and hence for laking reasonable
sleps for the prevention and dele(aKtrn of fraud and other irreguLaTities.

Page 3
PATRICIA, DONALD, CHRISTINE & PATRICK SHEPHERD FOUNDATION
ANNUAL REPORT OF THE TRUSTEES AND FIIIANCIAL STATEMENTS {¢ontlnu•d)
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEME1￿ {continued)
Internal Controls
Th8 Trustees have overall responsiblty for ensuring Ihat the Foundation has aPPTopriate Systems
of intemal c4Jntrols. They are respOr￿1bIe for keeping proper accounting records wh￿h disckjse
with reasonable accuracy at any time the financial position of the Foundation and enab￿ them lo
ensure that the financkil statements foik)w test practice and all applicable law regulation and
gui(Jance. The Trustees 8re also reswnsible for Foundation $8fegu8rding its assets and for
taking reax)nable steps for the prevention and detectirm ol fraud and other irregularit18S.
The syslgm of internal ￿ntrOl$ is desigwd to provide reasonable. but not ats0￿1e, assur8nce
against matèrial misststement or k)ss.
Rlsk hlanaggment & Corporate Governance
A risk assessment has ￿en undertaken whth comprises..
An annual ￿VIeW of the risks Ihe Foundalion face;
The e5tsbli5hmenl of syslems and Fwocedures to mitNJate those risks. and
The IMp￿Mental10n of procedures dest9￿1 lo ffiirwmise any potential impact on the
Foundation should those risks materialise.
Thi$ continuing Kyocess will Klentify risk areas to whth the Foundation is Vulnerab￿ and highlight
any necessary saleguards that will need to be wt in place. ￿ major risks were identified at the
dale of these accounts.
The Trustees have signed fft and proper declarations in line wilh HMRC guidan¢e.
In addIt￿Tr. the Trustees have laken due cgn5NJerdtion of Good Governar￿e - A Code for the
Voluntary and Communty Sedcff. en5wing Ihat the seven main princiFAes of Ihe C(Kle are adtr*red
to. These are".
OrganisatKinal purpose.,
Le8dership'.
Integriiy..
DecisioTrmaking. risk arxl control
Board effeetiveness",
Equality. diversrty 8nd inclusion- and
O￿n￿e$S and aCCess￿lIrty.
The Trustees reLX)gni5e that good govemance plays an essential part in securing the future of the
Foundation and confimi that the sa•Y prinoF4es of Ihe Code are followed by them In ￿dIng.
directing and m8naging the Fovndalion.

Page 4
PATRICIA DONALD, CHRISTINE & PATRICK SHEPHERD FOUNDATIOhl
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS (contlnu•dl
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
OBJECTNES AND ACTMTIES FOR THE PUBUC BENEFrr
The objects of Ihe Foundation we s￿h exclu5ivefy chavilat4e purposes as the Trustees m8y in
their absolute discretion detennine. The Foundalion Ok*rates as a grant-making charity, supporting
¢harilable projects and organisations wlh grants of V8￿n9 sttes and dUral￿n$.
The Truslees have developed a solKY framework for future grant-making activities and have refined
their gran1-MakK￿ focus areas. The Trustees have pursue(l a broad strategy of ensuring proper
due di1ven￿ in the assessment of potential grdnts and ensuring that grants are made svbject lo
appropriate tern￿ and cryiditions.
ststemenl of Publlc Beneflt
As a grant-funder. the FoUndat￿￿'S actNil*s will provKle public benefrt to the Individuals and
communities who are bener￿l8neS of the Foundation's funded projects. The Foundation's public
benefrt is not limited with referonc* to geography. by the charging of fees or other￿Se. The
Tfuslees are aware of the Charty COmmis￿On guIda￿e on Public Benefit and confimi that they
have Com￿led with Ihe duty in Section 4 01 the Charilies Act 2011 to have due regaré lo h. Thay
consider the information which fdknws in this annual repKJrt. about the Foundation's aim5. activities
and achievements in the areas of interest that the FouNJ8lion supports demonstrates the benefll to
its benekiaries and through them lo the public, that arise from those &tNib"es.
Gront Maklng Policles
The Trustees. grant making policy has been to generally consider making donalions by way of
grants to charilable organisations r8cognBed as such in their respectrve juriséKb"ons lor projects
that are excluS¢ve￿ charitable under English law. The Foundation has begun lo put in place souncs
grant arrangements so that it can continue to propety select approprrdte grdnlees and Impose
prudent levms on grants, indudin9, as appropriate, monitoring and evaluation of the way in which
funds are apsJ*d by gfantees. The Trustees wish lo supwrt charities based in and arourvj York,
recognising the Foundation's thse Comections to the area, but are keen lo expand grant making
to support specifK causes across the UK as the opwrtunrt•es arise.
ACHIEVEMENT AND PERFORMANCE
Invosim•nts
The assets of the FouThJation consist Principally of quoted inveslmenls and cash and thes6 are
collectively rewded on the Balance Sh*t a￿1 supporting notes at their market value at the year
end. Addrtionally they hold a number ol unquoled investments whth are held at their lasl valuation
date. An impairrnenl review has been conducted on the unquoled inVeStr￿nts and the Trustees
believe r( appropriate lo hokj them al their current value.
Any increase or decrease over the previous years, market value of these investments is recorded
in Ihe Statement of Finanryal klNitses. As al 31 March 2025. Ihe value of the Foundation's
investments was £15,9)5.297 {2023 - £nKI) induding cash under management and bng temi fixed
deposits. Investment performance is ffK*nitore4J by Broadstone who report their findings lo the
Truslees quarledy.

A1•4114L REPORT OF IIE TPIISTEES AND FIK4IXaAL STATeiiENTS (cothu•d)
DvKt dwilaNe exwmmure kn the totaled E233,373 (2023 . £rnD *fiiL* elphl
donAtsons totalhw £118,(rx) (2023- £1￿) p••J to swon LIK rngisler•d ¢hwdi•s in aTrJ around t
Y*)rksPfft region. as ts F¢MTrJ*ion's ¢0*. All ￿re paid in line tr
A ofwts mad• duwrfJ tho wiod is pago 12
£17.1)32.561 (21riJ. £fi￿. of £16.798.398 TKaS as an exp8rKl*l• fixKI
regist•rod LIK (*•wil*s of £118,OCKI and suppwl c¥)sts of £115.373 {20rJ . £nil and thl).
Expenditurn on rdising fuids th>￿n￿ £48,881 (2023 . £rI￿ and ftlated ¢rlirnty to the
The bdanc* of in thè at 31 2025 NS £16.511.rn (l £T40 is
Ufftsts￿ rn50ry•4 retsined to fund wnts vi *ith th FO￿￿oI￿n,$ tharitab
ond adequate takirfj into plkn for to b• *￿•d in fubJro ar￿ haw al hyèsent
The Tnjsleos do not pn¥Jose lo deviate from the ¢)Jrrnrt obi¢diw$ of th• Foundalton
*Jelatted in Section 3 rf Ilws rw txrt IMII fi¥trw dweknp and rnfine th*r wkciws
APpr￿d by th• on

Page 6
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES
OF THE PATRIC￿ LK)NALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
I report lo thc Truslees on my examination ol the Finanoal Statements of the Patricia. Donakj. Christine
& Patr￿k Shepherd Foundation l-compary" or "Charty-} for the period from 1 January 2024 to 31 March
2025 which are Set out on page$ 7 to 14.
R•sponsibillties and Basls of Report
As the Charity Trustees of the company {aThJ also its directors fof the purposes of company lawl you are
responsible for the preparation of the Fina￿la1 Statements in accordanL* with the reqU1￿MentS of t
Companies Act 2006 {Ihe 2006 ACY).
Having satisfied myself that the financial statements of the CLinpany are not required to be audtted under
Part 16 of Ihe 2tKJ6 and arg eligible for independent examination. I repK)rt in ￿sPect of my
examination of your company's Financial Stat￿nts as carried out under section 145 of the Charities
Ael 2011 I'the 2011 Act,). In carrying out my examination I have folkswed the Directions given by the
Charily Commission under section 145(5Xb} of Ihe 2011 ACL
Independent Examiner's Statement
Since the Company's gross inGome exceeded £250.000 your examiner musl be a member of a body
listed in 145 of the 2011 Act. I confirm that l am qualffi8d to undertake the examinalion because I
am a rnern￿r of Associalton of Chartered Certified Aoxjuntants. which is one ol the It5t8d bodies.
I have com ￿eted my examination. I confirni that no matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect..
accounting recy)rds were nol kept in respecl of Ihe company as required by seclion 386 of ihe 2006
Act., or
the Financial Slalements do not accord wilh those records., or
Ili¥ Finaiicial Statements do not cA)mFAy with accounting rcquircmcnLv of 396 of thc 4OC
Act other than any requirement that the finart￿l statements give a Xrue arKI fair vieNW which is not a
matter considered as part of an independent examinatKJn: or
the Financi81 Statements have not L*en prepared in acts)rdan¢e with the methods and principles of
the Statement of Recommended Praclice lor accounting and rew)iffjng by charities applicable lo
charities preparirrfJ their Financial Statements in accordance w51h the Financial Reporting Standard
applicable in the UK atid Republic of Ireland IFRS 102).
I have no concems 8nd have eorne across no other matters in ¢onnecti¢)n with the examinalion to which
attention should be drawn in thi5 reFx)rt in order lo enabk a proper understanding of the Financial
Statements tD be read)ed.
Yueling Wei FCCA
Eighlh FI￿)r
6 New Street Square
New Fetter Lane
London
EC4A 3AQ
13ty"

Page 7
THE PATRICIA DONALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
STATEMENT OF FINANc￿L AcnvmES
IlnGluding InGome & Expenditure Account)
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 IAARCH 2025
Unrgstri¢t•d Exp¢ndable
Funds
Endowment
2025
2025
Total
Funds
2025
T¢)tal
Fund$
2023
Page
Incomo flom:
Donations {note 2)
Investrnerts {note 3)
16,798.398
16.798,398
234.163
234.163
Tolal Income
234.163
16.798.398
17.032.561
Exp•nditur• on:
Charitalje activtties (note 4)
Raising furnjs {note 5)
12
12
233.373
233.373
48,881
48.881
Totsl Expenditure
233.373
48.881
282.254
Net loss on investmènt assets
(note 61
13
{238.519)
{238,519}
Not Incomè
790
16.510.998
16.511,788
Net movement In funds
790
16.510.998
16.511.788
R•conclllatlon of funds
Totsl Funds 8rought Forward at
1 January 2024
Total Funds Carri•d Fobiyard at
31 March 2025
7W £16.510,998 £16,511,788 £
l amounls Telale to conbnuiThJ ot*ralions.
The pr*Jr period o)mparats"ves run for the peric￿ from 21 June 2023 to 31 December 2023.
There were no re¢ognised gains anol losses for tho pgriods onding 31 December 2023 or 31 March 2025
other Ihan those included in the Income arKI Eynditure Account.
notes.on pages g to 14 fomi pwt of the finanoal stalem8nts

AT31 MAITh 2025
13
15.W5,297
Cash (n(*• T)
13
631.V25
631.925
Li•bilill•&'
13
25.434
I￿.491
£ 16.511.7e6 £
16￿11.780
£ 11511,788 £
ir b•h&Y ty.

Page 9
PATRICIA. DONALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 IAARCH 2025
ACCOUNTING POLICIES
The Patricia Oonald Christine & Patrick Shepherd Foundation. (registered charity number 1206602
and company numbor 149507431 is based and administered in the United Kingdom. The registered
address is Third Floor. 20 Okj Baijey, London, EC4M 7AN.
Basis of Preparation of Flnanclal Statements
The fina￿￿1 statements have been prepared in acwdance with Accounting and Reporting by
Charities". Statement of Recommended praC￿e applicab18 to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
{FRS 1021 I"Charilies SORP FRS 1021. the Financial Re￿rting Standard applicab￿ in the United
lthngdom and RepublTrc of IreLqnd IFRS 102), the Charities Act 2011 and sthere applicable. the
Charities Act 2022, the Companies Act 2006 and UK Generalty A¢¢epted Accounb"ng Practice.
The FoUndat￿)n constiiutes a publ¢ benefft entity as defined by Charities SORP FRS 102.
The FOundat￿n has applied the provisions Set out in FRS102 as published on 5 October 2019 and
does not include a cash flow statement on this basis.
The financial statements are prepared on a going concem basis under the historical cost
onvention. modifml to indude certain items at fair value.
The si9nificanl accounting policie5 apylieé in the prePa￿l￿)n of these finar￿131 Statements ar8 set
oul below. These policies have been consislentty applied lo all periods presented unless otherwise
st8te(J.
In applyir¥J the financial reporting fvamev•ork. the Trustees may have to make a number of
subjective IlK￿eMentS. for example in respect of signsficanl accounting estimates. Eslimales and
juthJements are continually evaluated and are based on historical eXper￿￿te and olher factors,
including expectations of fiJture events that are iElieved lo i* ￿asOnable under the
rcumstsnces. The nalure of ihe eslimation means the actual ouicomes could drffer from those
estimates. No signifKant estimates and judgements have been made.
The fInar￿la1 sL*ements a￿ presented in GBP which is the fundional Cur￿ ￿Y of FoundatK)n.
Investments
Investments 8re a fom) of basic financ01 instru￿Ent and are initially recognised al their transaction
value antl subsequently measured al their fair value as at the baknee sheet date using the closing
quole(J market price. change in fair value will be recognised in the statement of financial
activities. Investment gains and losses, whether realis8d or unrealised. are ￿mbined and shown in
the heading "Nel gainsl(losses) on investhients" in the statement of financial activities. The
Foundation does not acquire put Opt￿ns, derivatives or other complex financial instruments.
Cash hdd for inve5trnent and term deF*)sits maturing in more than one year are ITK1￿jed wilhin the
Fixed Assets Investments in aCc￿danCe with the appl￿ble slatemenl of Recommended Practice.

Page 10
PATRICIA. DONALD, CHRISTINE & PATRICK SHEPHERD FOUNDAnoN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
ACCOUNTING POLICIES (¢ontinued)
In¢ome R•¢ognition
Investment incomc 13 derr4cd from inlcrv.t ond dNithnd* receivoblo from investment
and i:
counted for in the pellod in which the FoundatKsn ￿ entrtled 10 Teceipt. Interest from deposit
counts are includèd when re¢%ivable onty. All in(x)ming resources are included in the SOFA
when the Foundaiion is entrt￿ lo Ihe income and the amount can b8 quantthed with rgasonable
curacy.
Resources Expond¢d
All expenditure is H1¢lu(￿d on an ￿u?1$ basis and is recognised when there is a legal or
constructive obligation committiTh3 the Truslees to the expenditure.
Charitable aGltrvrties comprise grants lind donot10￿ mtsje and govemanee Incu￿e￿ during
the period and arg exF¢nded through the SOFA when the offer is cx)nveyed to the recipient.
Governance costs relale to the genoral running of the Foundation. as opwsed to th• management
functions inherent in generating fur¥Js.
Financial instwments
Tlie fuundatKJn only ha8 financial ond finoncial k.abililias of a kind thal quah'fy a-. baGIC
I￿ancIal instruments. B8si¢ financial instruments are recognised al Iransaction value and
subsequently measured at their seluement value.
Status of lunds
The entire resources of the hjnd are unres￿ted and the Trustees have cornplete discretion for
their use in pursuance of its obJ"e¢tives.
For•ign currency
A55els and liabilities denominated in foreign cUT￿ne4&S are tTanslated at the rale of exchan9e
ruliiig at th& Balan￿ oheet date. Transaction- dcnominatcd in foroign curroncieo orc convcrtcd ol
the rate of exchar¥Je ruling al the dale of Ihe transxtion. All tranSlat￿n drflerences are taken to the
Stslemenl of Financial Activities as they arise.
Taxation
The Foundalion is not subject lo any taxes on its charitable activrtie5. Irrecoverable VAT is charged
against the category of resources expended for vthich il was incurred.
Debtors and creditors receivable I payable wilhin one year
Dgblors at"Id creditors wth no 3tatGd Intcrest rotc and receivoblc or payablo within onc ycar arc
recorded at Iransaction price. Any losses arising from impaimient are reu)gnised as expenditure.
Cash and cash •quivaleThts
Cash and cash equivalents include cash in hand. depx)srts hel(J on call banks. olher short-tem
highty liquid investments wth onginal maturities ol ihree months or less and bank overdrafts. Bank
overdrafts. when applicable, a￿ With￿ t￿rrow7ng in current li8bilrtie5.

Page11
PATRICW DONALD, CHRISTIME & PATRICK SHEPHERD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
ACCOUNTING POLICIES {continued)
Provisions
Provksions are recognised when the Foundat￿ft has an obligalion al Ihe Balance Sheet date as 0
resum of a past event, il is probable that an OLrtfk)w ol econorni¢ benefit$ be required in
settlement and the arTh)unt can be reliably ests'mat¢d.
Golng Concorn
The financial statements have been prepared on a ￿Ing wncem basis as thg Trustees believe
that no materol uncertainties exist. Th8 currenl Un￿rta￿ty in the global economy. including cosl
inflating factors. have increased fina￿la1 pressure on tharit￿$. The Trustees have however
considered Ihe ¢onlingertcy plans in place. the ￿Ve1 of fu￿1$ held and the exr*ded level of income
and expenditu￿ for fr￿1ve months from Ihe date of signing of these financial statements. The
Trustees are salisfied the forecast income and reseNe5 are sufficient lo cover all of the bud9gled
expenditure to be able to continue as a going concem_ The Trustees therefore consider the
adoption of Ihe going concern basis in preparing these financial statements continues lo be
appropriate.
Pagg
2025
2023
INCOME FROM DONATIONS
From UK Charita￿e Trusts
£16.798.398
During the period the FouTrdat￿)n receiv￿1 a don81N)n totallin9 £16.798,398 from awher UK
reGistered charity. This dOnat￿n comprised a shareholding in an unq￿ted traying company. cash
and quoted investments all transferred in specie.
2025
2023
INCOME FROM INVESThIENTS
UK gecLrrilies Income
Dewsrf( interest
19).971
43.192
£ 234.163

Pa9e 12
PATRIC￿ I>ONALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 PaARCH 2025
2025
2023
EXPENDITURE ON CHARITABLE ACTWThIES
UK Grants Award￿.
Yorkshir8 Air Museum
The Island Y¢yk
Shepherd Group Brass Band
R￿hard Shephard Musrc Foundation
The Hut York
The York Foundation lor Conservatw)n
and Craftsmartship
Door 84
Reg. Charity No. 516766
Reg. Charty no. 1120420
Reg. Charty No. 1101867
Reg Charity No 1189066
Reg. Charity No. 1147146
50.oc
35.OCrf]
15.000
5.OCK)
5,000
Reg. Charity No. 1075135
Reg. Chanty No. 1203574
s.000
3,000
Total Grants Awarded
118,000 £
Support Costs
Legal fees
AcGounlan¢y fees
Independent examination fees
Bank charges
99.800
12,060
2.400
1.113
£ 115.373
Total Charltable Actlvhles
£ 233,373
Thg kly management personnel of the charty comF*tse the trustees and there werg no emF4oyees
during the peri(￿1.
2025
2023
EXPENDITURE ON RAISING FUNDS
Investment Advisor fees
Advisory Mandale lees
46,971
1.910
£ 48,881

Pag¢13
PATRICIA DONALD. CHRISTINE & PATRICK SHEPHERD FOUNDATION
NOTE5 TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2025
Pa
2025
2023
FIXED ASSETS
Investments and Cash under management
Investments at market value al 1 January 2024
Total investment purchases at cost
Total investsnenl disposals ai ¢arying value
21.119.137
15,516,219)
15.602.918
UnTealised loss on revaluation
(238.519)
Net loss ¢)n Investment Assets
{238,519}
Market value ai 1 January 2025
Cash held on bng temi deposits
Cash held for investment
136,754
404.144
Total Value * 31 March 2025
£ 15.905.297
CASH AT BANK
Cash hehj on fixed tem deposits and dewsrt aco)unts
Cash held in bank accounts
551,312
80.613
£ 631.925
CREDITORS . amounts falling due within one year
Grants payab
Accountancy fees
Loan from Trustee
Legal fees
Independenl examination fees
10.CKrfJ
3.634
2,400
25,434

Page 14
PATRIC￿ DONALD. CHRISTINE & PATRICK SHEPHERO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2024 TO 31 IAARCH 2025
UnTestricted Exp•ndable
General
Endowrntnt
2025
ANALYSIS OF NEf ASSETS BEfwEEN FUNDS
Investments
Cash at Bank
Current liatslitEs
15.364,399
1.146.599
15.364.399
1.172.823
{25,434)
26.224
{25,4341
Total Fun(ts
£16,510,998 £ 16,511,788
10. RELATED PAR￿ TRANSACTIONS
The Foundation received donation5 lOt8lfing £16.798.398 frcffi the Patricia and Donald Shepherd
Charitsble Trust of whK* the four tnjstees were abo truslees. The donations were capital additlons
to an ex[￿ndable endi)wment fund.
One Irustee baned the Fcwndat*)n £4.000 ffi an Int#est free short term basis to assist with
settlement of professional fees whilst funds were hdd on fixed terrn deposit. The loan remains
outstanding al perK)d end and is ￿Payable on ￿em?￿J.
No Trustee received remuneration durng the per*)d from 1 January 2024 to 31 March 2025 {2023
£nil).
11. ULnMATE CONTROLLING PARTY
The Trustees consider that the FoundaticKI is jointy ￿tr￿le￿ by the Tnjstees and that Ihere is no
ullimate Control￿n9 paty.