2022-03-31-accounts - P F Charitable Trust

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			Page
Reference and Administrative		Information
Trustees' Annual Report			2-5
Independent Auditor's	Report		6 —9
Statement ofFinancial	Activities		10
Balance Sheet
Cash Flow Statement			12
Notes to the Financial	Statements		13-19

			Unrestricted	Funds
			Expendable		Total	Total
		NOTE	Endowment	Income	2022	2021
INCOME
Investment income				2,609,356	2,609,356	2,228,905
TOTAL INCOME				2,609,356	2,609,356	2,228,905
EXPENDITURE
Costs of generating	funds			63,506	63,506	76,704
Charitable activities				2,103,944	2,103,944	1,911,135
TOTAL EXPENDITURE				2,167,450	2,167,450	1,987,839
Gains/(Losses) on foreign			32,680	(79)	32,601	(25,989)
exchange
GAINS ON INVESTMENTS
Realised		9	436,979		436,979	616,178
Unrealised		9	9,444,864		9,444,864	25,398,957
NET INCOME/(EXPENDITURE)			9,914,523	441,827	10,356,350	26,256,201
Gross transfer between funds		8	578,139	(578,139)
NET MOVEMENT	IN FUNDS		10,492,662	(136,312)	10,356,350	26,230,212
RECONCILIATION	OFFUNDS
Total funds brought	forward		133,202,686	578,139	133,780,825	107,550,613
BALANCE CARRIED FORWARD			143,695,348	441,827	144,137,175	133,7802I25

BALANCE SHEETASAT31MARCH 2022
	NOTE		Restated
		2022	2021
FIXEDASSETS
Investments		143,695,348	133,202,686
		143,695,348	133,302,686
CURRENT ASSETS
Debtors	10	131,171	47,486
Cash at Bank		341,596	559,503
		472,767	606,989
LIABILITIES
Creditors: falling due within one year		(30,940)	(28,850)
NET CURRENT ASSETS		441,827	578,139
TOTAL ASSETS LESSCURRENT LIABILITIES		144,137,175	133,780,825
Representing:
UNRESTRICTED FUNDS
Income	12	441,827	578,139
Expendable Endowment	12	143,695,348	133,202,686
		144,137,175	133,780,825

				Restated
		Note	2022	2021
NET CASH ABSORBED	BY OPERATING		(2,216,444)	(2,075,814)
ACTIVITIES (see below)
Cash flows from investing activities
Dividends and interest from	investments		2,609,356	2,228,905
Proceeds from the sale of investments			13,322,242	6,239,091
Purchase ofinvestments			(14,394,015)	(8,471,514)
Net cash provided by investing	activities		1,537,583	(3,518
Change in cash and cash equivalents in period			(678,861)	(246,177)
Cash and equivalents brought forward			4,625,510	4,871,687
Cash and equivalents carried forward			3,946,649	4,625,510
RECONCILIATION OF NET MOVEMENT IN
FUNDS TO NET CASH FLOW	FROM OPERATING
ACTIVITIES
Net movement in funds for the	period ended 31March		10,356,350	26,230,212
2022 (as per the Statement of Financial Activities, page
10)
Adjustments for:
Dividends and interest from	investments	3	(2,609,356)	(2,228,905)
Realised (gain) on the sale of	investments	9	(436,979)	(616,178)
Unrealised (gain) in revaluing	investments	9	(9,444,864)	(25,398,957)
(Increase) in debtors		10	(83,685)	(47,486)
(Decrease)/Increase in creditors		11	2,090	(14,500)
Net cash absorbed by operating	activities (see above)		(2,216,444)	(2,075,814)

		As at 1	Cash Flow	As at 31
		April 2021		March 2022
				E
Cash	at Bank	559,503	(217,907)	341,596
Cash	held in investments	4,066,007	(460,954)	3,605,053
		4,625,510	(678,861)	3,946,649

INVESTMENT INCOM	E
			2022	2021
Income from Investments			2,315,842	2,028,563
Income from Interest			293,431	200,224
Interest on cash deposits			83	118
			2,609,356	2,228,905
COSTS OF GENERATING		FUNDS
			2022	2021
Investment Management	Fees (after fee adjustment/rebates)		(2,830)	28,736
Custody and Administration		Fees	66,336	47,968
			63,506	76,704

ABF The Soldiers'	Charity									80,000
Helen &Douglas House										75,000
Game &Wildlife Conservation Trust										70,000
Foundation Scotland										56,000
Institute ofCancer	Research									50,000
Scar Free Foundation										40,000
British Heart Foundation										35,000
Grants above 620,000and up to 830,000										150,000
Grants above 65,000 and up to 620,000										503,000
Grants 65,000and	below									972,280
Total for the year										2,031,280
ANALYSIS OF GRANTS MADE
							2022	2021	2022	2021
							No.	No.	6
The prevention of	relief ofpoverty						14	15	65,500	77,000
The advancement	ofeducation						40	31	178,000	151,500
The advancement	of religion						7	3	35,500	37,500
The advancement	ofhealth or the saving oflives						177	170	1,077,500	1,042,000
The advancement	of citizenship	or		community			10	14	121,500	100,000
development
The advancement	of the arts, culture, heritage				or		31	31	130,780	127,780
science
The advancement	of amateur sport						5	6	17,000	28,000
The advancement	of environmental protection or						13	7	86,500	29,000
improvement
The relief of those	in need by reason of youth, age, ill-						56	46	174,500	144,000
health, disability,	financial hardship				or	other
disadvantage
The promotion of	the efficiency of the	armed			forces of		5	4	94,000	85,000
the Crown, or of	the efficiency of the	police, fire and
rescue services or	ambulance services
The advancement	ofhuman rights, conflict			resolution of			2	1	8,500	2,500
reconciliation or the promotion of religious					or	racial
harmony or equality and diversity
The advancement	of animal welfare						7	6	39,000	17,000
Any other purposes that are recognised			as	charitable			1	-	3,000
under sub-section	(4) ofthe Charities Act 2006s.2
							368	334	2,031,280	1,841480
Refund ofunused	donation from previous			year						(2,000)
Support and Governance costs (seenote			7)						72,664	71,855
Charitable Activities							368	334	2,103,944	1,911,135

SUPPORT	AND GOV	ERNANCE COSTS
			Total	Total
			2022	2021
			E
Legal and	Professional	Fees	60,000	60,000
Auditor's	remuneration		10,000	10,000
Auditor's	remuneration	prior year under accrual	800	500
Secretary's	fees and expenses			(200)
IT			1,140	1,140
Bank charges			724	415
To Charitable activities			(72,664)	71,855)

	Unlisted	Securities	Listed Securities	Listed Securities	Total	Total
						Restated
	2022	2021	2022	2021	2022	2021
		6			8
Market value	10845,493	9,117,934	118,591,186	91,771,187	129,136,679	100,889,121
brought forward
Acquisitions at	1,479,015	907,556	12,915,000	7,563,958	14,394,015	8,471814
cost
Loss disposal	(685,211)	(301,861)	(12,637,031)	(5,937,230)	(13,322,242)	(6,239,091)
proceeds
Realised gains on	117,554	15,989	319,425	600,189	436,979	616,178
disposal
Gains on	3,332,850	805,875	6,112,014	24393,082	9,444,864	25,398,957
revaluation
	14789/701	10+45+93	125300/94	118~59L186	140090295	1291236~679
Add Investment					3,605,053	4,066,007
Cash
Market Value	14,789,701	10345r493	125,300394	118,591,186	143,695348	133,202,686
Carried Forward
Historical Costs	10,376,859	9,369,444	95,076,683	92,061,807	109,058,595	105,497,258
Geographical
Analysis
United Kingdom	926,140	803,558	118,068,990	108,072,846	118,995,130	108,876,405
investments
Overseas	13,863,561	9,741,935	7,231,604	10,518,340	21,095,165	20,260,274
investments
Investment Cash					3,605,053	4,066,007
	14,789,701	10,545,493	125,300494	118,591,186	143,695348	133402,686

	Investment			Holding	Value
	TM Stonehage Global Equities Fund II			12,423,182	52,084,190
	Ishare Core	FTSE100UCITS ETF		1,590,182	11,762,576
	Evenlodge	Global Income Fund		8,036,572	11,453,722
	Man GLG UK Income Fund			6,459,313	7,686,582
	Pimco Global Advisors IRLLTD GISIncome Hedged			778,330	7,643,204
	Stonehage Fleming UK Equity Fund			4,327,891	7,461,285
10.	DEBTORS
				2022	2021
	Income Due			131,171	47,486
				131,171	47,486
11.	CREDITORS —amounts falling due within one year
				2022	2021
	Accruals			30,940	28,850
				30,940	28,850
12.	FUND ANALYSIS
			Unrestricted	Unrestricted
			Expendable	Income	2022
			Endowment
	Investments		143,695,348		143,695,348
	Cash at Bank			341,596	341,596
	Debtors			131,171	131,171
	Creditors			(30,940)	(30,940)
			143,695,348	441,827	144,137,175
			Unrestricted	Unrestricted	Restated
			Expendable	Income	2021
			Endowment
			6
	Investments		133,202,686		133,302,686
	Cash at Bank			559,503	559,503
	Debtors			47,486	47,486
	Creditors			(28,850)	(28,850)
			133,202,686	578,139	133,780,825