Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC Ref: NT44 Charity Registration Number: 220124 P F CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2024 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST CONTEf+rrs Pa8e Referen￿ and Administrative tnforniation Trustees, Annual Report Independent Auditorfs Report Statement of Financial Artivities io Balance Sheet li Cash Flow Statement 12 Notes to the Financial Statements 13-19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CILIRITABLE TRUST REFERENCE AND ADMINISTRATIVE ll4FORMATION FOR THE YEAR ENDED 31 MARCH 2024 The Charitable Trust was founded under a Deed of Trust dated 28 May 1951 {Settlement Deed). which established the objects and powers of the Charitable Trust. The Charitable Trust is registered with the Charity Commission for England and Wales as Charity Number 220124. TRUSTEES Philip Flemins Rory David Fleming Matthew Valentine Fleming PRINCIPAL OFFICE RFf Management Services Limited 14 Buckinsham Street London WC2N 6DF INDEPENDENT AUDITOR Hazlewoods LLP Windsor House Bayshill Road Cheltenhan) CL50 3AT REGISTERED CHARITY NUMBER 220124 Page l of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARrrABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2024 The Trnstees present their report along with the finanaal statements of the CharAty for the year ended 31 March2024. Thereference and administrative informationsetout on page I fornts part of thisreport. The finanoal statements have been prepared All accordantt with the accountins poiiaes bet out on pages 13 to 15 and comply with the Charity's SetilemeTrt Deed, the Charitie5 Act 2011 and the ￿vieWed Statement of Recommended PraCti￿- Accountin8 and Reporting by Charities ISORP 20151. STRUCTURE GOVERNANCE AND MANACEMENT The Trustees who held office throughout the year are shown on Page l. Any new Trustee TequiTed is selected and vetted by the setving Trustees ab tv their suitability and then in exercise of the powers given to them by the Trustee Art 1925 las amended) appointed by Deed to be a TTh￿tee jointly with the continuing Trustees. Trjstees are informed of the history of the Charity and acquainted with the activities of the Charity. Additional trainins an867B40975AAC P F CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2024 ICONVD TheTrustees usually meet monthly to consider applications and approve grants. Applications should be addTessed to the Secretary at the prinapal office. The Trusteeshaveindicated to ￿rtaInth8ritie8 that they may make further grants in forthcomingyears. The Trustees retain the option to discontinue those pr(Trspertive instalments at any tiD￿. The Trustees require all beneficiaries to acknowledge grants made and where possible to provide an update as to how funds have been applied by them in meeting their own charitabk i)bjectives and hence that the ￿ndS have been put to good use. The Trustees have consldered the Charity CoEtLmission guidance on public benefit including the guidan￿ "public benefit Turming a tharity. when formulating the grant makin8 poli(y. The Trustees consider how grant$ can be made to ensure maximum benefit flows through to the intended ultimate beneficiaries. ACHIEVEMENTS AND PERFORMANCE During the course of the financial year covered by this report, the Trustees awarded 8rants totalling £2.027,280. These charities benefitted by way of increased linancial re$(TrUr￿ to meet their charitable objectives. The grants benefitted a number OE public rauses as detailed in note 6. The Trustees Continued with their po]icy of makin8 a large number of smaller grants lo widen the number of tharities supported. The Trustees are also miJwlful that some proiects require much larger unding levels to be eEfective. The Trnstees, policy is to make grants to resistered charities over a ￿de range of tharitable objects which during the year were ptincipally in the areas of The adVanCell￿1t of health or the saving of lives The advancement OE education The Telief of thobe in need by reason OE youtkn age, i11-heal￿ disability, flnancial hardthip or other disadvantase The Advancement OE the arts, culture, herxtage, or scien The Trustees look forward to expanding their work with many other tharities and foundations in the years to eome in aceordance with the grant makins policy, which reflects the objectives of the Charity. FINANCIAL REVIEW The Charitys piincipal sourcE of iD¢ome is Erom its investments, whith amounted to £3,673.672 (2023- £3,175,063). FirruRE PLANS The Trustees do not envisage any material change to the operation of the Charity in the long-term. The investments will continue to be managed on a similarbasis to now. Notwithstanding this, the Trustees remain flexible in tenns of the type of or8anisations supported so as to meet the deniands of the day. Pa8e 3 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2024 (COFWDI While the Trustees are able to advan￿ funds out of the expendable endowment fund, the intention for the foreseeable future is to pay expentses and 8rants solely out of income. RESERVES POLICY It is the Trustees, intention to sustain the unrestricted filnds at a level which will provide sufficient investment incorne to increase the level of srants paid, cover the Charity's management and administration costs and to be able to respond to any emergency applications that may arise from time to time. Al the Balance Sheet date, the free reserves of the charity amounted to £1,414,925. INVESTMENT POLICY The Trustees have asreed an investment policy fi)r the Charltys investment portfolio and have instructed the investment managers that the portfolio is to be invested to produce a suitable mixture OE income, tn order that the level of grants may be maintained and capital growth to secure the future OE the Charity in the coming years. This policy is monitored by regular investment reports and meetings with the investment managers. To meet these objectives, the Charitys investments are managed aeross a range of asset classes. maintaining diversification, to produce an appropriate balance between Lisk and return. The Trustees have decided that it would be inappropriate to impose any specific ethical investment contstraints upon the investment managerover and above th08e already contained within the managers. Omrn ethical and soaally re5pollbible Investment policies. RISK MANAGEMENT The Tn￿tee5 have reviewed the major risk5 to which the (harity is exposed and are satisfied that SYStell￿ are in Pla￿ to mitigate those risks. The prinexp31 risk faced by the Charity is an investment Tisk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by theTrusteesin meeting theircharitable objectives. This risk hasbeen aadressed by the appointment of professional advisors to monitor investment performan(E and to decide on acquisitions and disposals. KEY MANAGEMENT PERSONNEL The Trustees are considered lo be the Key Managell￿nt Personnel of the Charity. The Trustees are not remuneratea £oT their services. STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Trustees are responsible for Preparing the Trustees. Report and the financial statements in accordance with applicable law and United knsdom Accounting Standards Iunited Kingdo Generally Accepted Affounting Practice). The law applicable to charities in England and Wales require$ the Trustees to prepare linancial statements for eath financial year which give a true and fair view of the state of affair5 OE the Charity and the resources and application of reSoUr￿s, including income and expendifvre for that period. Pase 4 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARrrABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2024 ICONfD) In preparing those financial statements the Trustees are required to: Select suitable acoountlng policies and then apply them consistent]y; Observe the methods and principles in the Charities SORP: Make judgments and estimates that are reasonable and prudent; State whether app]icable accountins standards and statements of rerirnmended Practi￿ have been followed subject to any departures disclosed and explained in the financial statements,. and Prepare the financial statements on a going concern basis unless it is inappropriale to presume that the Charity will continue in business. In so far as the Trustees are aware: There is no relevanl audit information of which the charitable eompany's auditor is unaware; The TTUStees have taken all steps that they ousht lo have taken to make themselves aware of any audlt inforniation and to establish that the auditor is aware ol that information. The Trustee5 are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure the finanoal Statements comply with the Charitys &ttlement Deed, the Charitses Act 2011 and the reviewed Statement of Recommended Practice Accounting and Reportins by Charities ISORP 20151. The Trustees are also responsible for 5afesuardins the assets of the Clwity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. AppToved by the Trnstees and sisned on their behalf by: P Flemin8 Trustee Datv 2Lk 20 Page 5 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST INDEPENDENT AUDrroR'S REFORT TO THE MEMBERS OF THE P F CHARTTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of the P F Charitable Trust {the'charity'} for the year ended 31 March 2024 whidi compri¥e the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kinsdom Accounting Standards, induding FRS 102 'The Finanaal Reporting Standard Applicable in the UK and Republic of Ireland, (United Kinsdom Genernlly Accepted Accountin8 Pract1￿). Yn our opinion the ffftnancial statements". give a true and fair view of the state of the charity'5 aEfairb as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom GeneTally AC￿pted Accounting PTadice' and have been prepared in aeeordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordanee with IntemAtional Standards on Audittng (UK) {tSAs{UK)l and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities Eoi the audit of the financial statements section of our report. We are independent of the tharity in accordance with the ethical requirements that are relevant to our audit of the financial statenients in the UK, indudins the FRC'S Ethical Standard, and we have fiAifilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit eviden￿ we have obtained is sufEicient and appropriate to provide a basis for our opinion. Con¢lusions yelating to goin8 867B40975AAC P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHARTTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2024 ICONT'D In ¢onnertion with our audit of the tinanaal statements, our responsibility is to read the other infi)rmation and, in doing so, consider whether the other information As materially inconsistent with the finanoal statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify suth material inconsistenaes QT apparent material misstatements, we are requiTed to detsrKnine whether there is a materxal misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfonned, we ¢onclude that there is a rnaterial misstatement of this other informatioty we are required lo report that Ead. We have nothin8 to report in this regard. Matters on which we are requiied to report by exception Tn the light of the knowledse and understanding OE the charity and its environment obtained in the course of the audit, we have not identified material misslatements in the trusteeg annual report. We have nothing to report in respecl of the following matters where the Chariiies Act 2011 require us to report to you if, in our op?nion'. the charity has not kept adequate and suffiaent accounting records, or returns adequate for our audit have not been received from branthes not visited by us,. or the charity's finanaal ststements are not inagreement with the accountins records and returns; or rtain disdosures of trustees, remuneration specified by law are not made; or we have not re￿IVed all the infornlation and explanations we Tequire for our audit. Responsibililies of trustees As explained more fully in the trustees. Tesponsibilities statemenL the trustees (who are also the directors of the charitable company for the purposes of rornpany law) are responsible for the pieparatson of the financial statements and for beins satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free Erom material misstatement, whether due to fraud or error. In preparins the finanoal stalements the t￿Stee5 are responsible for assessing the charitable company's ability to continue as a going coThttr￿ disdosin& as applicable. rnatters related to going concem and using the goiThs COn￿M basis 0£ actounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, orhave no realistic alteniative but to do so. Allditorfs responsibilities for the audit of the financial statements We have been appointed as auditor undersectivn 151 of thecharities Act 2011 and report in accordance with that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frum material misstatement, whether due to Eraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurantt, but is not a guarantee that an audit conducted in accordance with JSAS (UK) will always detect a material misstatement when it exists.. Mx&statements cam arise from Eraud or error and are considered material if, individually or in aggresate, they could reasonably be expected to infiuence the economic decisioT¥S of u&ers taken on the basis of these finanaal statements. Pase 7 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST INDEPENDEKf AUDfToR'S REPORT TO THE TRUSTEES OF THE P F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2024 ICONVD Irregularities, xndudin8 fraud, are knstances of non-compliance with laws and regulations. We desisn PrO￿dureS in line with our responsibilities, outlined above, to delect material mi55tatemenls in respect of irregularities, indudiDg fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Explanatlon as to what extent the audit was Considered capable of detecting ittegularities. indudlng traud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstaternent of the finanaal statements due to Eraud,. to obtain sufticient appropriate audit eviden regardin8 the assessed risks of material misstatement due to Eraud, thrvugh desisning and implementing appropriate responses to those assessed risks; and Io TespoThd appropriately to instAnces of fvaud or susperted fraud identified during the audit. However, the primary responsibility for the prevention and detection of traud rests with both manasement and tlu)se charged with governance of the d￿ritable company. (kjr approa¢h was as folloiv$'. We obtained an undeTStanding of the le8al and regulatory requirements applicable to the charity considered that the most si￿]£1Cant are, the 0￿rities Act 2011, the Charity SORP, and UK financial reportin8 Standards as issued by the Financial Reporting Council. We obtained an understandins of how the dthrity company complies with these requirement8 by discussions with management. We assessed the risk of mateTial misstatement of the financial statements, including the risk of material misstatement due to fraud and how it mi8ht occur, by holding dTscussions with management. We inquired of management and those d￿rged with sovernance as to any knoTrvn instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understandin& we designed specifAC appropriate audit protrdures to identify instances of n0n-cvmpl1an￿ with laws and regulations. This included making enquiries of Lanagement and obtaining additional corroborative evidentt as required. As part of an audit in accordance with ESAS (UK) we exercise proEe5sional jud8ement and maintain proEessional scepticism throughout the audit. We also: Identify and assess the risks of material misbtatement of the financial statementb, whether due lo Eraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffioent and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstalement resulting from fraud ishigher than Eorone resulting from error, as fraud may involve collusion, forsery, intentional omissions. misrepresentstions, or the override of internal control. Obtain an understandin8 of internal contToI relevant to the audit in order to desisn audit procedures that are appropriate in the circumstances, but not Eor the purposes of expressin8 an opinion on the effertiveness OE the group and parent charitable company's internal control. Eva]uate the appropriateness ol accounting policies used and the reasonableness of accountins estimates and related discl(Trsures made by the trustees. Condude on the appropriateness of the trustees, use of the goins concern basis of accounting and, based on the audit eviden￿ obtained, whether a material un￿rtainty exist5 related to Pase 8 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC F F CHARITABLE TRUST INDEPENDENf AUDrroR'S REPORT TO THE TRUSTEES OF THE P F CHARITABLE TRUST FOR THE YEAR Er￿ED 31 MARCH 2024 (CONT'D events or conditions that may Cast Si￿lf1(ant doubt on the group and parent charitable company's ability to continue as a going concern. If we conclude that a material Un￿rtaInty exists, we are required to draw attention in our auditorfs report to the related disclosures in the finanaal ststements or, if such disdosures are inadequate, to m¢xlify our opinion. conclusions are based on the audit evidence obtained up to the date of OUT auditofs report. However, future events or conditions may cause the sroup or parent tharitable company to cease to continue as a going concern. Evaluate the overall Presentatio￿ structure and content of the financial statements, indudxn8 the disclosures, arLd whetherthe financial ststements represent the underlying transactions and events in a manner that achieves fair presentation We have communicaied with those charged with sovernantt regardin& amon8 other matters, the PIar￿ed scope and timing of the audit and signiEicant audit findings, including any siwficant deficiencies in internal control that we identify durin8 our audit. Use of our report This report is rnade solely to the charity's trustees, as a body, in accordan(E with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work hab been undertaken so that we might stste to the charity's trustees those matters which we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not aC￿pt or assume responsibi]ity to any party other than the charity and the tharitys I￿￿tee$ as a body, for our audit work, for this repor¢ or for the opinion we have formed. Martin Howard {SeniorStaiutory Auditor) For and on behalf of Hazlew867B40975AAC P F CHARITABLE TRUST STATEMENT OF FINANCIAL ACTtvrriES FOR THE YEAR ENDED 31 MARCH 2024 UnrestrArted Expendable Endowment Unrestricted Income Total 2024 Total 2023 NOTE INCOME Investment income Donation Received 3,673,672 3,673,672 229,646 3,903,318 3,175,063 229,646 229,646 TOTAL INCOME 3,673,672 3,175,063 EXPENDrruRE Costs of generatins funds Charitable activilies 161029 162,029 125,966 1096,148 2,258,IT/ 2,096,148 2,258,IT7 2,156,311 2,282,277 TOTAL EXPENDITURE Losses on Eoreign exchanse (570) {5701 38,422 GAINSIILOSSES) ON INVESTMENTS Gains on foreign exchange Realised Unrealised 7.750 744,039 10,813.333 7,750 744039 10,813,333 (838,6011 ,986,799 NET (EXPENDrruRE)IINCOME 11,794768 1,414915 13,209,693 (2,894192) Transfer bettveen funds 892,803 (89U031 NET MOVEMENT IN FUNDS 11687,571 522.122 13,209,693 (2,894,192) RECONCILIATION OF FUNDS Totsl funds brought forward 140J50,180 691803 141,241983 144137.175 BALANCE CARRIED FORWARD 153.037.751 IA14,925 154852.676 141,242.985 coTrrrINUING OPERATJONS: all OE the Charitys activities relate lo continuing operations. TOTAL RECOGNISED GAINS AND LOSSES.. the Charity has no reco8ntsed sains and losses other than those shown in the statement of financial activities. Page 10 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 NOTE 2024 2023 FIXED ASSETS Jnvestments 153,037,751 153,037,751 140,350,077 140,350,077 CURRE￿ ASSETS Debtors Cash at Bank 10 99,0(B 1,376,765 1,475,774 97,768 &￿,392 934,160 iJABILITIES Creditors.. falling due within one yea li (60,849) (41,2541 NET CURRENT ASSETS 1,414,925 891906 TOTAL ASSETS LESS CURRENT LIABILTfiES Representins: 154,451676 141,241983 UNRESTRICTED FUNDS Income Expendable Endowment 12 12 1,414925 153,037,751 154,452,676 892,803 140,350,180 141,242,983 Approved and authorised by the Trustees for issue 74. P Fleming Trustee Date: 24 Jv4 10 Page 11 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 NET CASH ABSORBED BY OPERATING ACTivrriES ($¢e below) (1001997) 112(XJ,138) Cash flows from investAn8 4¢tAvities Dividends and interest from investments Proceeds from the sale of investments Purchase of investments Net Cash provided by investins activities 3,673,672 33,669,216 133.779,250) 3.563,638 3,175,1163 8,199,285 (11,851,007) 1476,6591 Change in cash and cash equivalents in period Cash and equivalents brought Eorward Cash and equivalents carried foTward 1,560,641 1,269,852 2,830,493 12,676,797) 3,946,649 1,269,852 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING AcrIvrrtES Net movement in funds for the period ended 31 March 2024 {as per the Statement of Finanaal Activities, page 13209,693 (2,89£192) io) Adjustments for: Dividends and interest from Investments Realised lossllgain) on the sale of investments Unrealised lossl(gainl in revaluing investments DecreasellIncreasel in debtOTS Increase in creditors Net cash absorbed by operating adivitles (see above) (3,673,672) (744,0391 (10,813J331 {1,241) 19,595 (2,002,997 (3,]75.(￿3) 838,601 2,986,79) 33,403 10,314 (12(M),138) io li Analysis of cash and Cash equivalents Asatl April 2023 Cash Flow Asat31 March 2024 Cash at Bank Cash held in investments 836,392 433,460 1,269,852 540,3n 1,020,268 1,560,641 1,376,765 1,453,728 2,830.493 Page 12 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTtNG POLICIES la) BasAS of Preparation The finaneial statements have been prepared in accordance wAih the Finanaal Reporting Standard appIicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and a registered Charity and therefore has also prepared its fmanaal statements in accordance with the Statement OE Recommended practi￿ applicable to diarities preparing their accounts in accordance with the Financial Reportin8 Standard applieable in the UK and Republi¢ of Ireland Olie FRS 102 Charities so1￿), and Charities Act 2011. These arrounts are prepared in sterlin& which is the functional currently of the Charity, and rounded to the nearest pound. Ibl Goins Concern The TTUStees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. With respect to the T￿t reporting period, 202¥25. the most siguficant areas of ￿n￿rtaInty that affect the carrying value of assets held by the Charity are the level of investment retum and the PerEornIan￿ of investment markets (see the investment policy and performance and risk management sections of the Trustees. annual report for more infom￿tiOnj. (cl Fund Structure Unrestricted Funds comprise those tunds which the Trustees are free to use in accordance with the charitable obierts. The Expendable Endowment Fund represents those assets which are held for the longeT terjn for the Charity, in accordance with the terms of the Settlernent Deed. Income arisins on the Expendable Endowment Fund canbe used in the Unrestricted Income Fund. As an Expendable Endowment Fund can be used in accordan￿ with the objects of the Charity and is included in the unresiTiCted ￿nds, Capital canalso be spent in Trrtain circumstances in fulfllment of the Charity's objects. Any capital gains or losses arisins on the investrnents held in the Expendable Endowment Fund fonn part of that Fund. Idl Income All income is recognAsed in the Statement of Financial Activities ISOFAI when the conditions Eor receipt have been met and there is reasonable assurance of re￿IPt. Where a daim for Tepayment ofincome tax has or wi]I be made suth income is grossed up for the tax recoverable. The Eollowlng accounting polioes are applied to diEferent catesories of income: Investment l*come Investment incorne is accounted for when receivable and is stated gross ofany redaimable taxation relief. Pase 13 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 MARCH 2024 ICONTD AccouffflNG POLICIES Icoi4rrDI le) Expendifu Liabilities are reco￿lsea as soon as there is a lesal or constwrtive oblA8ation committAn8 the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The followins accounting policies are applied to the different categories of expenditure: Costs ofgenenltingfvrtds The costs of 8eneratin8 funds consist of investment rnanaSett￿nt and related costs. Charitrtble Activities Costs of charitable activities indude srants made and support and governance costs. Grants payable are recognised when they are approved by the Trustees and the recipient of the ant has been infornied of the amount to be paid. SupportqNd Governance Costs Support and goVernaft￿ costs comprise ajj costs involvin8 the public accountability of the Charity and its compliance with ￿gulatiOn and good practice. These costs include expenses related to statutory audit fees, professional and legal fees and support costs. Fixed Asset Investments The Trustees believe that including cash held with investment managers within Fixed Asset Investments is a more accurate portrayal of how this cash is used. This cash is shown within Fixed Asset Investments. Investtnents are stated at market value at the balantr theet date. The SOFA includes the net sains and losses un revaluation and disposals throushout the year. Ig) Forei￿ Curren¢ies TTansactions in forei8n currenaes are reco8nised at the rate ol exchange at the date of transaction. Monetary assets and liabilities are translated Anto sterling at the rate of exchange on the balance sheet date. Exthange differences aTe recognised throush the statement of financial artivities. lh} Realised and Unrealised Gaxns and Losses All gains and losses are taken to the SOFA as they arlse. Realised gain5 and losses on investments are calculated as the differenee between sales proceeds and opening market value (purchase date if later). Unrealised gains and l¢)sses are calculated a5 the difference between the market value al the year end and opening market value (or PUT¢hase date it laterl- Pa8e 14 OE 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 ICONT'DI ACCOUNTING POLICIES ICONfD) Critieal attounthig estimates and areas of judgement In Preparing financial statements, it is necessary to make certain adjustmenls, estimates and ssumptions that affect the a]nountS' reCo￿lised in the finanaal stalemenls. In the view of the Trustees in applying the accounting policies adopted, no judsements were required that have a si8nificant effert on the amounts recosnised in the finanoal statements nor do any estimates or assumptions made eany a Significant risk of material adjustmenl in the next financlal year. Cash and cash equivalents Cash and cash equivalents indude cash at banks and in ￿rtd and short term deposits with a maturity date of three months of less. Ikl Ffjnanfial Instruments The ChaTitYs flnancial instruments all qualify as basic in accordance with Section 11 Baslc Financial Instnlments of FRS 102. Financial instruments a￿ recognised in the Trusvs balance Sheet when the Trustbecomes party to the contraciual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable risht to set off the recosnised amounts and there is an intention to settle on a net basis or to realise the asset ar￿ settle the Iiability simultaneously. INFORMATION REGARDING TRUSTEES AND EMPLOYEES In the financial year ended 31 March 2024 none OE the TTUStees re¢eived any remuneTalion or had expenses Teimbursed by the Charity {2023.. £Nill. The Trustees are considered to compTise the Charitys key management. The Charity has Do employees. INVESTMENT INCOME 2ff24 2023 tncome from Investrnents tncome from Interest Interest on cash deposits 3,261,550 1732,146 365,397 405,882 46,725 37,035 3,673,672 3.]75￿&3 COSTS OF GENERATING FUNDS 2024 2023 Investment Management Fees (after fee adiustmentlrebates) Custody and Admin￿tratIon Fees 94980 67,049 162,029 62,7 63,206 115.966 Page 15 of19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST NOTES TO THE F￿ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ICONT'DI CHAIUTABLE ACTtvrriES The Charity undertook no dirert charitable activities but awarded grants to a number OE institulions in furtheran￿ of its charitable acti￿tieS. These are as follows.'- Priof s Court FoLmdation ABF The Soldiers, Charity Foundation Scotland Heming-wyfold Art Foundation Institute of Cancer Research Marie Curie Cancer Care Grants above £20,000 and up to £30,000 Grants above £5,000 and up to £20,000 Grants £5,0(Xl and below Total for the year I￿,000 80,000 56,000 50,000 50,000 30,(￿0 2￿.{K)0 518,1)00 943,280 2￿27,280 ANALYSIS OF GRAwfs MADE 2024 2023 2024 2023 The prevention of relief of poverty The advancement (A education The advanCe￿ent ol reli8ion The advancement of health or the savins of lives The advancement OE citizenship or cornmunity development The advancement of the arts, culture, heritase or scien The advancement of amateur sport The advaneernent of environmental protection or improvement The relief ol thobe in need by reason of youth, age, ill- health disability, finanaal hardship or other di5advanta8e The promotion of the efficiency of the anned forces of the Crown, or of the efficiency of the police, fi￿ and scue services or ambulan￿ Ser￿￿S Theadvancemenl ofhull￿n rights, confiict resolution of reconciliation or the promotion of religious or raoal harmony or equality and diversity The advan￿rnent of animal welfare Any other purposes that are recognised as charitable under sub-secti(Trn {4) of the Charities Act 21K)6 s.2 li 47 li 46 311￿0 230,SJO 42,￿)0 179 183 1,014IK)0 1,240,000 I￿,{K)0 90.000 347, 22 127,780 113,780 41,(XKI 29,￿) 26,0(Xl 47,OLKI io 36 I45,￿)0 159,000 84,(K)O 40,5(K) 11,O(K) 341 335 1027,280 2.083,280 68,868 73,031 341 335 1096,148 1156.311 Support and Governance costs (see note 7) Charitable Activities Pase 16 of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEl+rrs FOR THE YEAR ENDED 31 MARCH 2024 ICONTD SUPPORT AND GOVERNANCE COSTS Total 2024 Total 2023 Legal and Prolessional Fees Audilorfs remuneration Auditorfs remuneration Prior year wider accrual 6,000 800 1,348 720 68,868 iO,LKK) 1.040 1,254 737 73,031 Bank d)ar8es To Charitable activitie5 MAINTENANCE OF ENDOWMENT FUND tn accordance with the Trustees. intentions lo preserve capital and enhan￿ income levels, a transfer of £892,803 was made from the Income Fund to the Expendable Endowment Fund12023: £441,8271. FIXED ASSET INVESTMENTS Movement in fixed asset investments Un]isted SeLwitie5 2024 2013 Listed Securities 21n4 Total 2024 Total 2023 2013 Market value brought forward Acquisition5 at cost Less disposal proceeds Rea]ised gains/Oosses) ¢)n dispo$al$ Cain￿(10S5e$I on revaluation 16,166,295 1£789.701 123,750322 125,300,594 139.916.617 140,090,295 1216.264 1,078,987 31561986 10,772,020 33.779,250 IIA5J,(K)7 (1,8532751 {989,128) {31,815,8411 17210,157) 133.669216) 18,199,285) 7321 100,671 746,771 1939,272) 744039 1838,601 901,299 1,186,064 9,912.034 {4,172,863) 10813,333 986,7991 16,427,751 16.166295 135,156272 i￿,750￿22 151,584A)11 139.916h17 1,453,728 433.460 Add InVestM￿t Cash Market Value Carried Forward Historic41 Costs 16A27,751 J6.166295 135,156272 IZS,750J22 153,037,751 140J50,(f7 10,376,859 10,962.325 92,061,807 98,833,240 301438.666 l(B,795,565 GeosTaphiral Analysi$ United Kingdom snvestments OveTseas Investments 1,343,504 1,088.124 134693N 117,045,690 I36￿7,3￿ 118,133.814 15,084,247 15,078.171 46Z4( 6,704h32 15546,&51 21,781803 Investment Cash 1,453,728 153W7,751 433.460 140WO,077 16A27,751 16,166295 135,156272 113,750ll22 Page17of 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC P F CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ICONTDI FIXED ASSET INVESTMENTS (CONTD) The EollowiThs inYesthient$ comprise in eX￿s5 of the 5% of the value of the portfolio.. Investment TM 5tonehage Global Equities Fund I Evenlodse Global Incorne Fund Stonehage Fleming Global Best Idea Fund Man GLG UK Income Fund TM Redwheel UK Equity PLC Ishare Core FTSEIOO ucrrs Holdln8 11,163,795 8,036,572 46,IKO 6,459,313 7,166,363 910,156 Value 49.595,160 11264,612 11,791833 8,319595 7,968,997 7,073,732 10. DEBTORS 2024 2023 Income Due 99,(K)9 99,009 97,768 97,768 ii. CREDITORS- amounts falling due iYAthin one year 2024 2011 Accruals 60,849 60W9 41,254 41x54 12. FUND ANALYSIS Unrestricted Urtrestrlcted Expendable Income Endowment 2024 Investments Cash at Bank Debtors Creditors 153,037,751 153,037,751 1,376,765 99,009 (60,8491 154,452,676 1376,765 99,009 160,849} 1,414925 153,037,751 Unrestiicted Expendable Endowrnent Unre8tricEed Income 2023 Investments Cash at Bank Debtors Creditors 140,350,0 103 140,350,077 836,392 97,768 (41,254) 141.242,983 836,289 97,768 41,254 892,803 140,350,180 Pase IS OE 19 Docusign EnvelopÈ ID." 8DE94574-F1AE41DF-BFC>867B40975AAC F F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE IEAR ENDED 31 MARCH 2024 ICONTDI 13. RELATED PARTY TRANSAcfioNS Philip Fleming is a director o£RFT Management5erYices Limited. Philip Flemin8 is also a director and substantial shareholder of RF Trustee Co. {Holdingsl Limited, the holding company 0£ RFr Management Services Limited. RFf Management Services Limited charged the Charity £60,0(M) (2023- £60,000) for the year in respect of administration services. Rory Fleming is a Trustee of The Flemin8-Wyfold Art Foundation to whom a srant OE £50,000 was paid during the year12023 £50,000). Page 19 of 19