The PAF Foundatk>n Charlty No. 1209087 Trustees, Report and Unaudlted kcounts 31 March 2025 The PAF Foundatlon Contents Pages Trustee5' Annual Report Independent Examiner's Report Statement of Financlal Activities Balance Sheet Notes to the Accounts 6tolO Detailed statement of Financlal Attivities li Page I The PAF Foundatlon Trustees Annual Report The trustees present their report with the unaudlted financlal statements of the charity for the perlod ended 31 March 2025. REFERENCE AND ADMINISTIiATIVE DETAILS Charlty No. 1209087 Principal Office 46 Camden Road London NWI 9DR TrU￿ee$ The followlng trustees served durln8 the year.. D.R. Furie R.D.F. Furze S.S.M. Mosedale Accountants ASVSH Accountancy Servlces Llmlted 46 Camden Road London NWI 9DR OBJEcnvES AND ACTIVITIES The purpose of the chèrSty as set out In St5 governln8 document, The oblectlve of the charity Is the advancement of health or the savlng of Ilves by fundlng cllnlcal research into hormonal cancers. Statsment of irustees, responslbllltSes In r•latlon to the financlal statements The charlty trustees are responslble for preparln8 a trustees, annual report and financial statements Sn accordance with applicable law and United Kingdom Accountln8 Standards Iunlted Klngdom Generally Accepted Accountln8 Practlcel. The trustees are responsible for keeping proper accountlng records that dlsclose with reasonable accuracy at any tlme the flnancial position of the charity and to enable them to ensure that the financial statements comply with the CharltSes Act 2011, the applicable Charitie5 (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguardlng the issets of the charity and hence taklne reasonable steps for the prevention and detectlon of fraud and other irregularliles. Slgned on behalf of the charlty's trustees robbie FLIRZE (Dec 16, 2025 18:35'.06 GMT) R.D.F. Furze Trustee 12 December 2025 Page 2 The PAF Foundatlon Independent Examiner5 Report Independent Examlner'5 Report to th• trustses of The PAF Foundatlon I report to the trustees on my examination of the financial statements of The PAF Foundation for the perlod ended 31 March 2025. Responsibilit￿5 and basi5 of report As the charity's trustees you are responslble for the prepafatlon of the flnancial Statements in accordance with the requirements of the Charlties Act 20111'the Act'l. I report In respect of my examlnatlon of the charlty'5 fbnanclal statement5 carried out under sertlon 145 of the 2011 Act and In carrying out my examinatlon I have followed all the applicable Directions 8lven by the Charity Commission under 5ertion 1451511bl of the Act. Independent exarnlner's statement I have completed my examinatlon. I can confirm that no materlal matteTS have come to my attentlon In connectbon with the examSnation giving me cause to belleve that in any materlal respect.. the accounting records were not kept in respert of the charlty as requlred by sectlon 130 of the Act,. or the financial statements do not accord with those record5,' or the financSal statements do not comply wlth the applicable requirements concernlng the form and content of financlal statements set out in the Charlties IAccounts and Reports) Regulations 2008 other than any requlrement that the financlal statements give a 'true and fair, view which is not a matter considered a5 Part of an Independent examlnation. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In Ofder to enable a proper understandlng of the flnanclal Statements to be reached. Arvlnd Kohll FCCA ASVSH Accountanry Servlces Llmited 46 Camden Road London NWI 9DR 12 December 2025 Page 3 The PAF Foundatlon ststement of Flnan¢lal Acllvltle5 ft)r th• ￿rIOd ended 31 March 2025 Unrestrfrted funds Total funds 2025 2025 Notss Income and Èndowments from: Donations and le8acie5 21,060 21,060 Total 21,060 21,060 Expendlture on: Ralslng fund5 Other 746 1,415 746 1,415 Total 2,161 2,161 Net gains on Investments Net Income 18,899 18,899 Transfers between funds Net Income before other Inslllossesl 18,899 18,899 Other ialns and loss*s N•t movement In funds 18,899 18,899 Reeon¢lll8tlon of funds: Total funds ￿rrIed forward 18,899 18,899 Page 4 The PAF Foundatlon Balance Sheet at 31 March 2025 Charity No. 1209087 2025 Current a5sels Cash at bank and in hand 22,615 22,615 13,7161 18,899 Creditors: Amount fallSng due wlthln one year Net current assets Total asset5 le55 current liabilities 18,899 Net asset5 excludlni penslon asset or11oblllty 18.899 Total net asMt$ 18,899 The lunds of the th•rlty R•strlct•d fund5 Uniestrlcted lunds General funds 18,899 18,899 Reserves Total lunds 18,899 Approved by the tru5tee5 on 12 December 2025 And sl8ned on thelr behalf by.. robbie FURZE (Dec 16, 2025 18.'35:06 GMT) R.D.F. Furze Trustee 12 December 2025 Page 5 The PAF Foundatlon Notes to the Accounts for the perlod ended 31 March 2025 l A¢countln8 pollcles Basls of preparatlon The flnancial statements have been prepared In accordante with Statement of Recommended PractSce- Accounting and Reporting by Charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable in the UK anil Republic if Ireland IFRS 1021 Issue(l on 16 July 2014 and the Flnanclal Reporting Standard appllcable In the Unlted Klngdom and Republlc of Ireland IFRS 1021 and the Charities Art 2011. Change In bas15 of accountlng or to prevlous accounts There ha5 been no change to the accountln8 pollcle5 Ivaluatlon rules antl method of accountlngl slnce last year and no changes have been made to accounts for prevlous years. Fund accountlng Unrestrlcted funds These are avallable for use at the dlscretlon of the trustees Sn furtherance of the general object5 of the charity. These are unre5trlcted funds earmarked by the trustees for partlcular purposes. These are unrestrlcted funds whlch Include a revaluatlon reserve repfesentlng the restatement of Inve5trnent assets at their market values. These are available for use subject to restrictions Imposed by the donor or through terms of an appeal. Deslgnated fund5 Revaluatlon funds Restrlcted funds Income Recognitlon of income Income Is included In the Statement of Financlal Activltles ISOFAI when the charlty becomes entitled to, and virtually certain to recelve, the income and the amount of the income can be measured wlth 5ufflclent rell3blllty. Income wlth related Where Income has related expendlture the Income and related expendlturels expendlture reported gross In the SOFA. Donatlons and legacies Voluntary Income recelved by way of grants, donatlons and 81ft51s Included In the the SOFA when recelvable and only when the Charlty has uncondltional entitlement to the Income. Tax reclalms on Income from tax reclalms is Included In the SOFA at the some tlme as the donatlons and glfts giftldonation to whlch it relate5. Donated services These are only included in income Iwlth an equlvalent amount In expendlturel where the benefit to the Charity 15 reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help recelved Is not Included in the accounts. Investment incorne Thi5 is included in the accounts when receivable. Gainslllossesl on This Includes any gain or105s resulting from revalulng Investments to market value revaluatlon of flxed at the en(1 of the year. assets and facilltie5 Galnslllossesl on investment assets This inclu(Jes any gain orloss on the sale of Investments. Pa8e 6 The PAF Foundatlon Notes to the Accounts Expendlture Recognltion of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and Is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated wlth attrarting voluntary Income, fundraislng raislng funds tradlng costs and Investment management costs. Expenditure on These comprise the costs Incurred by the Charlty in the delivery of its actlvltles and charitable activities servlces In the furtherance of its objects, including the making of grants and governance costs. All 8rant expenditure is accounted for on an artual paid basis plus an accrual for grants that have been approved by the trustees at the entl of the year but not yet pald. These Include those costs assocSated with meetSnR the constitutlonal and statutorv requlrement5 of the Charity, Including any auditllndependent examlnation fee5, cost5 linked to the strategic management of the Charityi together with a share of other admlnlstratlon costs. These are 5UPPOrt C05t5 not allocated to a partlcular actlvltv. Grants payable Governance costs Other expendlture Taxatlon The charlty Is exempt from tax on Its charltable artlvltles. Freehold Investment property Investment properties are measured Snltlally at cost and subsequently at fair value at each balance sheet date and are not depreciated. All galn5 or losses are taken to the Statement of Financial Actlvlties as they ar15e. Stocks Stock Is Included at the lower of c05t or net realisable value. Donated Items of stock are recognlsed at falr value which 15 the amount the charity would have been willinB to pay for the Items on the open market. Trade and other debtor$ Trade and other debtors are reco8n55ed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade d15counts due. Cash and cash equlvalents Cash and cash equlvalents comprise cash at bank and on hand, demand deposlts wlth banks and other short-term highly liquid investments with original rnaturities of three months or le55 and bank overdrafts. In the statement of financial p051tion, bank overdrafts are shown within borrowin85 or current liabilltie5. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other uedltors Short term creditDrs are measured at the transaction price. Other creditors and provlslons are recognlsed where the charity has a Present obligation resultlfl8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estlmated rellably. Creditors and provi5ion5 are norrnally reco8nised at their settlement amount after allowing for any trade discounts due. Page 7 The PAF Foundation Notes to the Acci>unts Research and development Expenditure on research and development Is written off in the year in which It is incurred. Forelgn curren¢les Monetsry assets and liabilities denominated in currencles other than the funrtional currency of the charity ire translated at the rates of exchange prevailing at the end of the reporting period. Transattions in currencies other than the functional currency of the charity are recor(led at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arrlvlnB at net Incomelexpenditure. Leased assets Where the charity enters Into a lease whlch entails taking Substantially all the risks and rewards of ownershlp of an asset, the lease is treated as a finance lease. Leases which do not transfer 5ubstantlally all the risks and reward5 of ownershlp to charity are classified as operatlng leases. Assets held under flnance leases are Initially recognlsed as assets of the charlty at theSr falr value it the Inceptlon of the lease or, If lower, at the present value of the mlnlmum lease payments. The corresponding liablllty to the lessor Is Included In the balance sheet date as a flnance lease obllgatlon. Lease payments are apportloned between finance expen5e5 and reductlon of the lease obllgatlon so as to achieve a constant rate of interest on the remaining balance of the liablllty. Flnance expenses are reco8n15ed Immedlately, unless they are directly attributable to quallfying assets, In whlch case they are capitalised In accordance with the charlty's policy on borrowing cost5. Assets held under finance leases are depreciated In the same way as owned assets. Operatln8 lease payments are recognSsed as an expense on a straight-llne basls over the lease term. In the event that lease Incentives are recelved to enter Into operotlng leases, such Incentlve5 are recognlsed as a Ilabllity. The aggrcgate benefit of Incentives Is recoBnlsed a5 a reductlon of rental expense on a stralght-llne basls. Panslon costs The charity operates a deflned contrSbutlon plan for Its employees. A deflned contribution plan Is penslon plan under which the charity pays fixed contributions Into a Separate entity. Once the contrlbutions have been paid the charlty has no further payments obligatlons. The contributions are recognSsed a5 expenses when they fall due. Amounts not pald are shown in accrua15 in the balance sheet. The asset5 of the plan are held separately from the charlty In Independently admlnlstered funds. Recelpt of donated ioods, fa¢llltles and servlces All donated goods, facilities and service5 received are recognlsed wlthln Incomlng resources and expenditure at an estimate of the value to the charlty. 2 Inwme frorn donatlons and le8acles Unrestrlcted Total 2025 Donations 21,060 21,060 21,060 21,060 Page 8 The PAF Foundatlon Notes to the A¢¢¢unts 3 Expenditure on rai5in8 lunds Unrestrlcted Totsl 2025 Fundraislng truding costs Cost of raising funds 746 746 746 746 4 Other expendlture Unrestrlcted Total 2025 General admln15trative costs 215 215 Legal and professlonal costs 1,2Crf) 1.415 1,200 1,415 5 Staff costs No employee ￿CeIved emoluments In excess of £60,(X)O. 6 Cfedltors: amounts falllng due wlthSn one year 2025 Other creditor5 Accruals 2,516 1,200 3,716 7 Mov•m•nt In lunds Ineomlni rèsourcès At31 March 2025 Ilncludln8 other Insllosses R•sOur￿$ •xp•nd•d Re5tr1¢ted lunds: Unrestrlcted funds: General funds 21,060 12,1611 18,899 Totsl lunds 8 Analy51s of net asset5 between lunds 21,060 12,1611 18,899 Unrestrlcted funds Total Net current assets 18,899 18,899 18,899 18,899 Page 9 The PAF Foundatlon Notesto the Ac¢ounts 9 Re¢ondllatlon of net debt At31 March 2025 Cash IIow5 Cash and cash equlvalents 22,615 22,615 22,615 22,615 Net debt 22,615 22,615 Page 10 The PAF Foundatlon Detslled Statement of Flnandal Actlvltles forthe perlod ended 31 March 2025 Unrestrlrted funds 2025 Total funds 2025 Inwme and •ndowments from: Donatbons and legacles Donations 21,060 21,060 21,060 21,060 Total Income and endowments 21.060 21,060 Expendlture on: Costs of other tradlng actlvltles Cost of ralslng funds 746 746 746 746 Total of expendlture on r•lsln8 fund5 746 746 General admlnSstratlve costs, Includlng depreclatlon and amortlsatlon Bank charges Sundry expenses 6S 150 65 150 215 215 Legal and professional costs Accountancy and bookkeeplng 1,200 1,2C#J 1,200 1,2fy) Total of expendllure of other ¢osts Total *xpendltur• Net 8alns on Investments 1,415 1,415 2,161 2,161 Nel Income 18,899 18,899 Net Income before other inslllosses) Other Gains 18,899 18,899 Net movement In fund5 18.899 18,899 Re￿ncIlIatiOn of fvnds: Total funds brought forward Total funds ¢arrled forward 18,899 18,899 Page 11