Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 Ref: Nr44 Charity Registration Number: 220124 P F CHARITABLE TRUST REPORT AND FINANCtAL STATEMEwrs For the year ended 31 Marth 2IY25
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST CONTENTS Pase Referen and Administrative Infomation Trustees. Annual Report Independent Auditorfs Report Statement of Financial Activities io Balance Sheet li Cash Flow Statement 12 Notes to the Financial Statements 13-19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATtON FOR THE YEAR ENDED 31 MAJiCH 2025 The Charitable Trust was founded under a Deed of Trust dated 28 May 1951 {Settlement Deed), which estabIished the objecLs aTLd powers of the Charttable Trust. The Charitable Trust is registered with the Charity Commission for England and Wales as Charity Number 220124. TRUSTEES Philip Fleming Rory David Fleming Matthew Valentine Fkming PRINCIPAL OFFICE RFf Management Services Limited 14 Buekingham Street London WC2N 6DF INDEPENDENT AUDITOR Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT REGISTERED CHARITY NUMBER 220124 Page l of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHAIUTABLE TRUST TRUSTEES. ANNUAL REPORT FOR YTAR ENDED 31 MARCH 2025 The Trustees present their report along th the financial statements of the Charity Eor the year ended 31 March 2025. The referen and administrative information set oul onpa8e l EoTJns partof thisreport. The financial StateDnts have been prepared in accordan with the accounting poliaes set out on pases 13 to 15 and comply with the Charitys Settlement Deed, the Charities Act 2011 and the reviewed Statement of Reconunended Prartice- Accounting and Reporting by Charities ISORP 2015). STRUCTURE GOVERNANCE AND MANAGEMENT The Trustee5 who held Offi throughout the year are shown on Pase l. Any new Trubtee required is selerted and vetted by the serving Trustees as to their suitability and then in exercise 0£ the powers 8iven to them by the Trustee Act 1925 las amended) appointed by Deed to be a Trusteejointly with the continuing Trustees. Trustees are informed of the history ol the Charity and acquainted with the activities of the Charity. Additional training andlor information Is provided to the Tnjstees on an on- 8oin8 basis when relevant. No Trustee receives a fee for the seTVitt they provide to the Charity, all time spent is donated fvee of tharse. RFf Management Services Limited provides the Charity with charity administration and thiancial reporting services. The Trustees receive regular reports from RFT Management SeEvices Limited. The Trustees meet resularly durins the year. OBJEcfs AND AcfiviTIES The Charity was established for the purpose of making contributions lo relisious and educational bodies or other legal charities, as the Tntytees shall from time to time at their discretion decAde. The Charity's objertives are wide in scope and allow the Twstees to modify thetr 8Tanl-makin8 activity to consider varying charitable demands over time. This means that ndIng can be applied where the Trustees corLsider that it is most needed. In thrtherance of the objectives the Trustees cvntinue to make a substantial number of grants to charitable orsanisations both on a one-off and recurrins basis. TheTrustees aim to continue to gerkerate suffioentincome to allow it to meet its grant-making objecttve. This will be achieved by focusin8 on the long-term sustainability of the investments and maintaining the capltal value to support this ineome requirement. The Trustees monitor the perfornianee of the investments against their income requirement and capital growth objectives in supporting income. Performance is discussed regularly wÉth the investment managets against suitable indvslry benchtnarks. GRANT MAKINC POLICY The TrLLStees support a wide variety of tharitable trusts by providing financial support to other registered charities. Whtlst the Trustees are able to advance Amds out of the expendable endowment fund. the intention for the foreseeable future is to pay expenseb and grants bolely out of income. Page 2 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2025 (CONfDI The Trustees usuaIly nleet monthly to consider applications and approve 8rants. Application5 8hould be addressed to the Seetary at the principal office. TheTrustees have indicated to certain charities that they may make Eurlher8rantsin forthcoming years. The Trustees relain the option to discontinue those prospeclive instaimenls at any time. The Trustees require all benefiaaries to acknowledge grants made and where possible to provide an update as to how funds have been applied by them in meeting their own charitable objectives and hence that the funds have been put to good use. The Trustees have considered the Charity Cornmission guidance on public benefit includins the guidance "public benelit nn]ng a tharity" when Eorniulating the grant making policy. The Trustees consider how srants can be made to ertsure maximum benefit flows through to the intended ts1t1te beneficiaries. ACHIEVEMENTS AND PERFORMANCE DLJTing the coutse of the firthncial year covered by thib report the Trustees awarded grants t¢)talling £2,297.frf)O. These charities benefitted by way of inereased financial reSoUrS to meet their charitable obieetives. The graThts benefitted a number of public causes k$ detailed in note 6. The Trustees continued with theÉr po]icy of making a larse nurnber of smaller grants to widen the number OE tharitieb supported. The Trustees are also mindful that some projects require much lar8er hjnding levels to be effective. The Trustees. policy is to make 8rants to registered tharities over a wide range of diaritable objects whith during the year were principally in the areas of The advanmeThI of health or the savins of lives The advancement OE education The relief of those in nL*d by reason ofyouth ase, ill-health, disability, finanaal hardship or other disadvantage The advancement of the arts, CUlre. heritage, OT scien The Trustees look fonyard to continuing their charitable work in the coming years in aecordance with the grant making policy, which reflects the objectives of the Charity. FINANCIAL REVIEW The Charitys principal source of income is from its investments, which amounted to £3,947,699 (2024- £3,673.672). FirruRE PLANS The Trustees do not envisage any material chanse to the operation of the Charity in the lon8-term. The investments will continue lo be manased on a simtlar basis to now. Notwithstanding this, the Trustees remain flexible In terms of the type of or8anisations supported so as to meet the demands of the day. Page 3 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARJTABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2025 (CONTD) RESERVES POLICY It is the Trustees. intention to maintain the unrestsicted funds at a level which will provide suffioent investment income to cover the Chariws management and administration costs and to be able to respond to any emergency applications that may arise from time to time. At the Balance Sheet date, the free reserves of the charity amounted to £1,349508. INVESTMENT POLICY The Trustees have agreed an investment policy for the Charitys investment porrfolio and have instructed the investment managers that the portEolio is to be invested to produce a suitable mixture of income, in order that the level of gratS may be maintained and capital growth to secure the future of the Charity in the coming years. This policy is monitored by regular investment PortS and meetings Mryth the Anve5tment managers. To meet these objectives, the Charitys investmenty are manased across a range of asset dasses, maintsining diversificatiory to produce an appropriate balanre between risk and return. The Trustees have decxded that it would be inappTOPLiate to impose any speciftc ethical investment constraints upon the investment manager overand above tho5ealready contained within the marsers, own ethtcal and soaally responsible investment policies. RISK MANAGEMENT The Trustees have considered the risks to whith the Charity is exposed and are satisfied that systems are in place to nlltigate those risks. The prinapal risk faced by the Charity is an investment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by the Trustees in meeting their cbaritable obiectives. This rlsk has been addressed by the appointment of proEes$ional advisors to monitor investment perfotmance and to decide on acquisitions and disposals. KEY MANAGEMENT PERSONNEL The Ttustees are considered to be the Key Management Personnel of the Charity. The Trustees &re not remunerated Ior theiT serviS. STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Trustees are responstbie Eor preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kinsdom Accountins StandaTd5 {Uniled Kingdom Generally Accepted Accounting PTactice). The law applicable to chaiities in England and Wales requires the Trustees to prepare financial statements for each financial year which Sive a true and fair view of the state of affairs of the Charity and the resources and application of resour5, including ineorne and expenditure for that period. Pase 4 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARtTABLE TRUST TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2025 (coDfrD) In PParIng those financial stafrments the Trustees are required to: Select suitable accounting poliaes and then apply them consistently; Observe the methods and Principles in the Charities SORP.. Make judgments and estimates that are reasonable and prudent; Stale whether applicable accountin8 Standards and statements of reeommended practice have been Eollowed, subjert to any departures disclosed amd explained in the financial statements,. epare the financial statements on a 80ins concern basis unless it is inappropriate to presume that the Charity will continue in business. In so far as the Trustees are aware: There is no relevant audit in&)rmation 0£ which the tharilable companys auditor is unaware; and The Trustees have taken all steps that they ought to have taken to make themselves aware of any audit information and to establish that the auditor is aware of that information. The Trustees are responsxble for keeping proper accovmtin8 records that disdose with reasonable accuracy at any time the financiAI position OE the Charlty and to enable thern to ensure the financial statements comply with the Charitys Settlement Deed, the Charlties Act 2011 and the reviewed Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015). The Trustees are also responsible for safeguarding the absets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTities. Approved by the Trustees and sisned on their behalf by. P Flemins Twstee Date.. 17107/ Page 5 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE P F CHAIUTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the tinancial statements of the P F Charitable Tst (the 'charity'l for the year ended 31 March 2025 which comprise the Statement of Finanaal Activities, the Balance Sheet. the Cash Flow Statement and notes to the fEnanaal statements, including a summary of significant accountins policies. The financial reporting framework that has been applied ITh their preparaiion is applicable law and United Ktnsdom Accounting Standards, in¢ludins FRS 102 'The Financial RepoTling Standard Applicable in the UK and Republic of Ireland, {United Kinsdom Generally Accepted Aecounting practi). In our opinion the financial statements.. give a true and fair view of the state of the charitys affairs as at 31 MardL 2025 and of the group's incoming resoUrS and application of resources, induding its income and expenditure, for the year then ended,. have been properly prepared in aecoTdance with United Kingdom Generally Accepted Aecountin8 Praetice; and have been prepared in accordance with the Tequirernents of the Charkties Act 2011. Basis for opirrion We conducted our audit in aceordance with tnternational Standards un Auditing (UK) IISAs{UK)) and applicable law. Our responsibilitie& under those standards are further described in the Auditor's Responsibilities tor the audit of the flnancial statements sertion of our report. We are independent OE the tharity in accordan with the ethical requirements that are relevant to our audit of the linanaal statements. in ttie UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wxth these requirement$. We believe that the audit eviden we have obtained is Slfient and appropriate to provide a basis for our opinio Conclusions relating to going eoneern tn auditing the Einancial statements, we have concluded that the lTustee use ofthe going concern basls of accounting in the preparation of the financial TrtateMents is appropriate. Based on the work we knve perfornied, we have not identified any material unrtaIntieS relating to events or condttions that, individually or collectively, may cast SilfICant doubt on the charitable company s ability to continue as a going contrrn for a period of at least twelve months from when the financial statements are authorised for issue. r responsibilities and the responsibilities of the trustees With respect ttTr goin8 conrn are describea in the relevant sections of this report. Olher inforniatioTh The olher infurrnation comprises the inforniation included in the amual report. other tharL the financial statements and our auditor'5 report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. Page 6 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHAIUTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2025 ICONT'D) In connection with our audit OE the Einkncial btatements, our responsibility is to read the other ATthrnialion and, in doing so, consider whether the other inEorniation is materially inconsistent with the finanoal statements, or our knowledge obtained in the audit or othernptse appears to be materiaIly misstated. If we identify such material inconsistencies or apparent material misstatements, we a Tequired to determine whetheTthere is a material misstatement in the finanaai statements or a material misstatement of the other information. Tf, based on the work we have perfoTmed, we conclude that there is a material mi&statement of this. other inEOrniati0 we are required to report that fact. We have nothing to report in thib Tegard. Matters on which we are required to Ttport by exeeption In the lisht of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trnstees, annual report. We have nothins to report in respect of the following matters where the Charities Act 2011 require us to report to you 1£. in ¢)ur opinio the charity has not kept adequate and sufficient accounting records, or returns adequa £or our audit have not been received from branches not visited by us,. or the diarity's finanaal statements are notin agreement with the accountin8 records and rthTns,' or certain d?sc105wes of trustees, remuneration speafied by law are not made,. or we have not reiVed all the inforniab'<)n and explanations we require for our audit. Responsibilities of Inlee9 As explained more fully in the trustees. resp)nsibilities statement, the trustees (who are also the directors of the tharitable company tor the PUTP(Trses of company lawl are responsible for the Preparation of the financial ststements and for being satisfied that they give a true and lair vieiy. and for suth internal control as the trnstees deteTmine is netrssary to enable the PTeparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the finanaal statements, the trustees aTe responsible for assebsin8 the charitable eompany's ability to continue as a going conr disclosing, as applicable. matters related to soing concern and using the going concern basis of accounting unless the trnstees either intend to liquidate the group or parent charitable company or to cea$e operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We havebeen appointed a5 auditorundersection 151 ofthe Charities Art 2011 and report in accordan with that Art. Our objectives are to obtain reasonable assurance about whether the financial statements as È whole are free from material misstatement, whether due to Iraud or error. and lo issue an audiloT'S report that indudeb OUT OPiDiOJL Reasonable assurance is a high level ol assuran, but is not a guarantee that an audit conducted in accordantr 15As IUKI will always detect a material mtsstaternent when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in a8gTegate, they could reasonably be expected to infiuence the economic decisions of Ubers taken on the basis of these finanaal statements. Page 7 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2025 (CONVDI Irregularities, including fvaud. are InStanS of non-compliance wlth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irresularities. includin8 fraud. The extent to whith ¢)ur ProdureS are capable of deterting irregularities, indudin8 fraud is detailed below. Explanation as to what extent the audit was considered capable of detectin8 irre8ularilie$, indudins fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material mi5Statement of the fllwioal statements due to fraud,. to obtain suffioent appropriate audit evidence regarding the absessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appioprAately to instances OE Eraud OT suspected fraud identified during the audit. However, the primary responsibility for the prevention and delection of fraud rests with both manasement and those charged with goveman¢e of the charltable company. Our appn)ath was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity considered that the most significant are, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporlins Council. We obtained an understanding uf how the charity company complies with these requirements by discussions with managenwit. We assessed the risk of material misstatement of the financial statements, induding the risk of material misstatement due to fraud and how it might occur, by holding discussions with management. We inquired uf management and those charged with govemance as to any known instan$ of non-compliance or susyected non-complian with laws and regulations. Based on this understandin& we designed specific appropriate audit PToceduTes to identify instances of non-compliance with laws and regulations. This induded makins enquiries of management and obtaining addAtional corroborative eviden as required. As part of an audit in accordance with ISA$ (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to Iraud or error, design and perforni audit procedures responsive to those risks, and obtain audit evidence that is suffiaent and appropriate to provide a basis for our opinion. The risk of not detectins a material misstatemene resulting from fraud is hi8herthan for one resulting from error, as fraud may involve collusiory forgery, intentional omissions, misrepresentations OT the override of internal control. Obtain an understanding of inleTThal control relevant to the audit in order to desi8n audit procedures that are appropriate in the arcumstan5, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable companys internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosuS made by the tsustees. Condude on the appropriateness of the trustees. use OE the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to Page 8 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST ZNDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE F F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2025 ICONT'D) events or conditions that may cast Significant doubt on the sroup and parent charitable company's ability to continue as a soing concern. If we condude that a material uncertainty exists, we are required to draw attention in ¢Jur auditorfs report to the relhted disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. conclusio5 are based on the audit evidence obtained up to the date of our auditorfs report. However. futte events oi Conditions may cause the group or paTent charitable company to cease to continue as a going concezn. Evaluate the vverall presentation, Structure and content of the firwiaal statements, indudins the di5dosures, and whether the tinancial ststementsrepresentthe underlying transactions and events in a manner that achieves fair presentatiorL We have communicated with those charged with g0Veman regarding, among other matters, the planned scope and timin8 of the audit and sisnificant audit findings, including any significant defiaencie$ in internal control that we identify durin8 our audit. Use of our report This report is made solely to the tharitys ttees, as a body. in accordantr with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we mi8ht state to the charity's trustees those matters which we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent perniilted by law, we do not accept or assume responsibility to any party other than the tharity and the tharity'5 trustees as a body. for our audit work, for this report, or for the opinion we have EoTmed. MartinHoward (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP. Statutory Auditor Windsor House Bayshill Road Cheltenha GL50 3AT Date: 81812025 Pase9 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST STATEMEwf OF FINANCIAL ACTIvrriES FOR THE YEAR ENDED 31 MARCH 2025 UnTestricted Expendable Endowment NOTE Unrestricted Income Totsl 2025 Total 2024 INCOME Income Donation ReiVed TOTAL INCOME 67,062 3,947,699 4,014,761 3,673.672 229,646 3,903,318 67,062 3,947,699 4,014761 EXPENDITURE Costs of generatin8 Eunds Charitable activities TOTAL EXPENDfTURE 193,417 1369,322 2,562,739 193,417 2,369,322 1562,739 162,029 1096,148 2.258,177 Losses on forei8n exthange (13,1581 1377) (13,535) (570) GAINS ON INvESTMEs Gains on fureisn exchange ReaIised Unrealised 857,217 1,412,237 857,217 1,411237 744,039 10,813,333 NET INCOME 2,323,358 1,384583 3,707.941 13,2C8,693 Transferbetween fvnds 1.450,IK {l,4,0(M)I NET MOVEMENf IN FUNDS 3,773,358 {65,4171 3,71YZ,Y41 13,21J9,693 Total Amds brought forward 153,037,751 1,414915 1x452,676 141,242,983 BALANCE CARRIED FORWARD 156,811.109 IJ49.508 158.160.617 154452,676 CONTINUING OPERATIONS: all of the Charitys activities relate to continuing operation8. TOTAL RECOGNISED GAINS AND LOSSES: the Charity has no recognised gains and losses other than those shown in the statement of fjnanoal activities. Page 10 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 NOTE 2025 2024 FIXED ASSETS Investments 156,811,109 156,811,109 153,037,751 153,037,751 CURRENT ASSETS Debtors Cash at Bank io 60,912 1,364151 1,425,063 99,009 1,376,765 1.475,T14 LIABILITIES Creditors.. Ealling due within one year li 175555) (60.849) NET CUIiRENT ASSETS IJ49,508 1,41£9 TOTAL ASSETS LESS CURREf+rr IJABILTTIES Represenlins.. 158.160,617 1x452,676 UNRESTRICTED FUNDS Expendable E[QWment Income 12 12 156,811,109 1.349,508 158.160,617 153,037,751 1,414,925 154,452,676 Approved and authorised by the Trustees for issue 74. P Flemins Trustee Date-. Page 11 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST CASH FLOW STATEMEwf FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 NET CASH ABSORBED BY OPERATING AcrtvrriES (see below) {2,456,409) {2,002,997) Cash flows from investing aclivitles Divtdends and interest from investsneThts prdS from the sale of investments Purchase of investments Net catrih provided by investing activities 3,947,699 3,673,672 18,213,039 33,669,216 119,930,672) (33,779,250) 2,230,066 3,563,638 Change in Gish and cash equivalents in period Cash and equivalents brought fi)rward Cash and equivalents carried fornFard 1226,3431 1830,493 1604,150 1,560,641 1,269,852 2,830,493 RECONCILIATION OF NET MOVEMENf IN FUNDS TO NET CASH FLOW FROM OPERATING AcfiviTIES Net movement in funds for the peri(Kl ended 31 Marth 2025 (as per the Statement of Financial Activities, pase io) Adjustments for. 3,707,941 13,209,693 Dividend$ and interest from investments Realised (gain) on the sale of invetTrtments Unrealised (gain} in revaluing investments DecTrasel(Increasel in debtors Increase in creditors Net cash absorbed by operating adivitieslsee above) 13,947.699} 13,673,672) 1857,217) {744,039) (1,412,237) {10,813,333) 38,097 11,241) 14,706 19,595 (2,456,409) (1002,997) io li Analysis of cash and cash equivalents Asat l April 2024 Asat Cash Flow 31 March 2025 Cash al Bank Cash held in investments 1,376,765 1,453,728 1830,493 112.614) (213,729) 1226.343) 1,364,151 1,239,999 2,6]50 Page 12 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEf+rrs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES lal Basis of Preparation The financial statements have been prepared in accordan with the Finanoal Reporting Standard applicable in the UK and Republic OE Ireland (FRS 1021. The Charity is a public benefit entity for the pu05eS of FRS 102 and a registered Charity and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportins Standard applicable in the UK and Republic of Ireland (The FIIS 102 Charitles SORP), and Charities Art 2011. These accounts are prepared in ster]in& which is the Eunctional currently 0£ the Charity, and rounded to the nearest pound. Ibl Coing Concem The Trnstees consider that there are no material uncertainties about the Charity's ability to continue as a soins concern. With respect lo the next reporting period, 31 March 2026, the most significant areas of uncertainty that affect the carrying value of assets held by the CharAty are the level of investment rebJrn and the perlornwice of investmentmarkets (see the investment poliey and perforrnan and risk management sections of the Trustees, annual report for more information). Icl Fund StrUCtt Unrestricted Funds comprise those ndS which the Trustees are free to use in accordance with the charitable obiects. The Expendable Endowment Fund represents those assets which are held for the longer temi for the Charity, in accordance with the tenns of the Settlement Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Inc¢)me Fund. As an Expendable Endowment Fund can be used in accordance with the objects OE the Charity and is included in the unrestricted Trds, capital can alsobe bpent in certain circumstances in fulfilment of the Charity's objects. Any capital gains or losses arising on theinvestments held in the ExFendable Endowment Fund forn part of that Fund. Id) Income All income is Tecognised in the Statement OE Financial Activities ISOFAI when the claIt10n5 for receipt have been met and there is reasonable assurance of reeeipt. Where a claim for repayment ofincome tax has or will be made suth income is grossed up for the tax recoverable. The following accounting poliaes are applied to different catesories of income.. InvtstsNent Iffcov Investment incorne is accounted for when receivable and is stated gross of any reclaimable taxation relief. Page 13 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEMETrs FOR THE YEAR ENDED 31 MARCH 2025 ICONT'D) ACCOUNTING POLICIES (cof+rrDI le) Expendtture Liabilities are recogntsed as soon as there is a legal QT constructive obligation conunitting the Chatity to the expenditure. All expenditure is accounted for on an accruals. basis and has been classified under headings that agsresate all costs related to the eate80ry. The following accountins policies are applied to the different categories of expenditure.. Costs ofgeMerAtingfvnds The costs 0£ generating funds consist of investment management and related costs. ChAritAble Activities Costs of charitable adivities indude grants made and supportand governance costs. Grant5 payable are reco8nised when they are approved by the Trustees and the recipient of the 8rant has been informed of the amount to be paid. SPpOrt GovÉrn14rtee Costs Support and governan costs comprise all costs involving the public accountability of the Charity and its compliance with re8ulation and good practice. These costs include expenses Telated to statutory audit fees, proEe5sional and legal fees, and support costs. (f) Fixed Asset Investments The Trustees believe that includins cash held with inveiltment managers within Fixed Asset nvestments is a more accurate portrayal of how this cash is used. This cashis shown within Fixed Asset Investments. Investsnents aEe stated at market value at the balance sheet dale. The SOFA includes the net gain5 and losses on revaluation and disposals throughout the year. gl Forelsn CuTrencie8 Transadions in foreign currencies are recognised at the rate of exchange at the date of transaction. Monetary assets and liabilities are translated into sterling atthe rateof exchange on the balan sheet date. Exchan8e dAffeTences are reCognid through the statement of finanoal activities. (h) Rea]ised and Unrealised Gains and Losses All Sains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value Ipurclwe dote if later). Unrealised gains and losses are Calculated as the differen between the market value at the year end and ¢)penins market value (or Purchase date if later). Page 14 of19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 201% (CONVDI ACCOUNfiNG POLICIES (CONT'DI (i) Critical accounting estimates and area8 of jndgemenl tn preparing financial statements, it is necessary to make certain adjustments, estitithtes and assumptions that affect the amounts recosnised in the financiaI statements. Jn the view of the TTUStees in applyin8 the accounting poliaes adopted. no judgements were required that have a significant effect on the amounts Teco8nised in the financiaI Statements nor do any estimates or assumptions made carry a significant risk of m&terial adiustment in the next financial year. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short-terni deposits with a rnarIty date of three months OE less. Ik) Financial Jnstnunents The Charity's financial instrnmeDts all quallfy as basic in accordance with Section 11 Basic Financial InstrLm]ents of FRS 102. Finanaal instruments. are recosrnsed in the TTUSt'S balance sheet when the Trust becomes party to the contractual provisions of the instment. Financial assets and liabilitxes are offset, with the net amounts presented in the Einancial Statements, when there is a legally enforceable risht to set off the reco8nised arnounls and there is an intention to settle on a net basis or to reAlise the asset and settle the liability simultaneously. INFORMATtON REGARDING TRUSTEES AND EMPLOYEES In the finanaal year ended 31 March 2025, none of the Trustees received any remuneration or had expenses reimbursed by the Charity 12024.. £Nil). The Trustees are considered to comprise the Charity's key Jnanasement. The Charity has no employees. INCOME 2025 2024 Investments Bank Jnterest 3,904,889 42,810 3,947,699 3,626,947 46,725 3,673.672 During the year, as a result of a daim under the Swiss Supreme Court nTlinss, in respect of retrUSsIOns. The Charity received a net compensation totalling £67,062. COSTS OF GENERATING FUNDS 2025 2024 Investment Manasement Fees (after fee adjuslmenVTebaies) Cutstody and Administration Fees 122,857 70,560 193,417 94,980 67,049 I6229 Page 15 of19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT) CHARITABLE AcfiviTIES The Charity undertook no direct charitable aciivities but awarded 8rants to a nulnber of institution5 in furtherance of its. tharilable acttvities. These are as follows:_ ABF S0,C0 50,(XX> 50,000 Fleming-wyfold Art Foundation Foundation Scotland Helpfor Instile of CaThr Researdi Oxfordshire Community Foundation PrioT'S Court Foundation Parochial ChuTth Council of St Glles Oxford Marie Curie Cancer Care Grants above £20,0 and up to £30,0(M) Grants above £5,000 and up to £20,000 Grants £5,000 below Total for the year 50,000 50,(X)O 50,000 40,000 30,0(K) 150,(K)O 680,500 967,100 2,297,6110 ANALYSIS OF GRANTS MADE 2025 2024 No. 16 47 2025 2024 The prevention OE relief of poverty The advantrment of education The advanment of religion The advancement of health or the savins of lives The advancement of atizenship or community development The advancement of the arts, lture, herita8e or scien The advancement of amateur sport The advancement of environmental protection or improvement The relief of those in need by reason of Yout age, ill- healt disability, financiaL hardship or other disadvantage The promotion of the efficiency of the arnied Eorees of the Crown, or of the efflaency of the poli, fire and rescue services or ambulance servitrs The adVanrnent ofhuman rights, confiicl resolutionof Teconciliation or the promotion of religious or racial harmony or equality and diversity The advancement of animal welfare Any other purposes that are reco8nrsed as charitable under sub-section14) of the Charities Act 2006 5.2 li 47 60,000 58,(K)O 286,500 347,500 73.0(K) 35.0(K) 1236,100 1,014,000 loo,0 i(x),000 189 179 30 128,IN)O 127,780 47,000 84,000 41,OiX> 29,0 12 41 1310(K) 145,¢XX) 80,iKW) 80,0(MI 3,500 3500 40,5(X) 6,11)0 60,0(K) 364 341 1297,600 2,027.280 71,722 68,868 364 341 1369J22 1096.148 Support and Governance costs (see note 7) Charitable Activities Page 16 of 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ICOl+Trq)I SUPPORT AND GOVERNANCE COSTS 2025 2024 Auditor's RemunerationlDisbursements - Current Year Prior year under accrual - Dlsbursements Charity Admintstration and Finanaal Reporting Lesal Fees 6,000 8(K) 126 60,000 3,426 1,397 773 (71,7221 60.(KIO Bank thatges To Charitable activities 720 (68,868) MAINTENANCE OF ENDOWMETrrr FUND In accordance wtth the Trustee< intentions to preserve capital and enhance income levels, tramslerof£l,450,000 was made from the Income Fund to the Expendable Endowment Fund12024: £892,803). FLXED ASSET INVESTMENTS 2025 2024 Market value brou8ht Eorward Acquisitions at cost Less: disFx)sal Proceeds (realised eapital cash) 151,584,023 19,930,672 (18,213,039) I53.30156 857217 1,412,237 155,5n.iio 1,239,999 156011.109 139,916,617 33,779,249 (33,669,216) 140.026,651 74£039 10,813,333 I5]84A)23 IA53,728 IS337,751 Realised gains on disposals Gains on revaluation Cash EOT Investment Morket value al 31 Marth Htslorical cosl ot 31 Morch 119,544,668 102,438,666 Analysis of investments :. Equities Alternative tnvestments Bond¥ Ventures Eqvitie5 Unquoted Liquidity Fund5 Cash held for reinvestment MaTket value #t 31 March 109,345,006 7,084,713 20,175,433 360,533 16,655.971 1,949,454 1,239,999 156,811.109 109,041,121 2,948,453 20.247,993 475,148 16,427,750 3,443.558 1.453,728 153.037.751 Pase 170£19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT) 10. DEBTORS 201 2024 Income Due &),912 60,912 99,0( 99,009 11. CREDITORS- amouThtB falling due within one year 2025 2024 Aecruals 75,555 75555 60.849 60.8419 12. FUND ANLAYSXS Unretr>tricted Expendable Endowmenl Unrestrirted Incume 2025 Invebtments Cash at Bank Debtors Creditors 156,811,109 156,8JI,109 1,364,151 60,912 (75,555) 158,160,617 1,364,151 60,912 175,555) 1,349,508 156,811,109 Unrestricted Expendable Endowment Unrestricted Income 2024 tnve5tmenti> Cash at Bank Debtors Creditors 153,037,751 153,037,751 1,376,765 99,009 (60,849) 154,452,676 1276,765 99,009 (60,8491 1,414925 153,037.751 Page 18 ot 19
Docusign EnvelopÈ ID." 2BD9D9034D8B-4CE&9BD9-3325EA86E576 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 (CONT 13. RELATED PARTY TRANSACTIONS Philip Fleming is a director of RFT Management Services Limited. Philip Flemins is also a director and substantial shareholder of RF Tnjstee Co. (Holdinss) Limited, the holding company of RFr Management Servi$ Limited. RFf Management Serv15 Limited thaTsed the Charity £60,0 (2024- £60,000) for the year in respect of administration services. Rory Flemins is a Trustee ofThe Fleming-wyfold Art Foundation to whom a grant of £50,000 was paid durimg the year {2024 £50,0(M)). Page 19 of 19