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 StateD￿nts 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 Se￿etary 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 ts1t1￿￿te
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 reSoUr￿S 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 advan￿meThI 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, CUl￿re. 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 gra￿tS 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 mar￿sers,
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 servi￿S.
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 resour￿5, 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 P￿ParIng 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 T￿st (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 resoUr￿S 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 Sl￿fi￿ent 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 un￿rtaIntieS relating to
events or condttions that, individually or collectively, may cast Si￿lfICant 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 con￿rn 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 re￿iVed all the inforniab'<)n and explanations we require for our audit.
Responsibilities of In￿lee9
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 con￿r￿ 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 InStan￿S 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 Pro￿dureS 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 arcumstan￿5, 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 disclosu￿S 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.
conclusio￿5 are based on the audit evidence obtained up to the date of our auditorfs report.
However. futt￿e 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 t￿￿tees, 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 Re￿iVed
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 INvESTME￿s
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
pr￿dS 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 pu￿05eS 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 StrUCt￿t
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
c￿laIt10n5 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 sTATEMETr￿s 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.
S￿PpOrt 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 reCogni￿d 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 rna￿rIty 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 inst￿ment.
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
retrU￿SsIOns. 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
I62￿29
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,C￿0
50,(XX>
50,000
Fleming-wyfold Art Foundation
Foundation Scotland
Helpfor
Insti￿le of CaTh￿r 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 advan￿ment 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 adVan￿rnent 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)
I53.301￿56
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
IS3￿37,751
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 Serv1￿5 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