Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 Ref: NT44 Charity Registration Number: 220124 P F CFiARfTABLE TRUST REpoirr AND FINANCIAL STATEMEN15 For the year ended 31 Marth 2(r26
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARrrABLE TRUST CONTENTS Page Reference and Administrative ]nforniation Trustees. Annual Report Independent Auditorfs Report Statement of Fll1c[d1 Artivities io Balance Sheet li Cash Flow Statent 12 Notes to the FirnCIal Statements 13-19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHAIUTABLE TRUST REFERENCE AND ADMINIsTRATE INFORMATION FOR THE YEAR ENDED 31 MARCH 2026 The Charitable Trust was founded under a Deed of Trust dated 28 May 1951 {Settlement Deed), which established the obiects and powers of the Charitable Trust. The Charitable Trust is re8iStered with the Charity CornmissioTh for England and Wales as Charity Nuber 220124. TRUSTEES Philip Fleming Rory David Fleming Matthew Valentine Fleming PRINCIPAL OFFICE RFf Management servi timited 14 Butkingham Street t4)ndon WC2N 6DF INDEPENDENT AUDITOR Hazlew(KKls LLP Windsor House Bayshill Road Cheltenham GL50 3AT REGISTERED CHAIUTY NUMBER 220124 Pase l of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2026 The Trustees present their report along wlth the financial slatements of the Charity for the year ended 31 March2026. The refece and administrative information set out on page I forms part ofthi5 report. The financial statements have been prepared in accordance the accounting policies set out on pages 13 to 15 and comply with the Charitys Settlement Deed, the Charities Art 2011 and the reviewed Statement of Recommended Practice- Accounting and Reportins by Charities (SORP 2015}. STRUCTURE GOVERNANCE AND MANAGEMENr The Trustees who held office throushout the year are shown on Page l. Any new Trustee required is selected and vetted by the serving Trustees as to their suitabilÈty and then in exercise of the powers given to them by thè Tw5tee Act 1925 las amended) app)inted by Deed to be a Trustee jointly with the continuing Trustees. Trustees are informed of the history of the Charity and acquainted with the activities of the Charity. Additional trainin8 andlor information is Provided to the Trustees on an on- going basis when relevanL No Trustee receives a fee for the Servi they provide to the Charity, all time spent is donated free of charge. RFf Managernent servi Limited provides the Charity with tharity administration and financial reportins services. The Trustees receive Tegular teports frorn RFf Manasement Services Limited. The Trustees meet regularly during the year. OBJECTS AND ACTIVITIES The Charity was established for the purpose of makin8 contributions to Teli8ious and educational b¢)dies or other le8al charities. as the TTUStee5 shall frorn time to time at their discretion decide. The CharitYs objective5 are wide in scope and allow the Tntstees to miKlify their grant-making activity to consider varying charitable demands over time. This means that funding can be applied where the Trustees consider that it is most needed. In furtherance of the objectives the Trustees continue to make a substantial nutnber of grants to charitable OTsanisations both on a one-off and recurrins basis. TheTrustees aim tocontinue togeneratesufficient income to allow itto meet its 8rant-making objective. This will be achieved by fLKusins on the lon8-term sustainability of the investments and maintainins the eapital value to support this income requirement. The Trustees monitor the perforniance of the investments asainst their income requirement and capital growth objectives in supportin8 income. Performance is discu& regularly with the investtnent managers against suitable industry benthmarks. GRANT MAKING POLICY The Trustees support a wide variety of charitsbie trusts by providing financial support to other regsSteTed charities. Whilst theTrustees are able to advance funds out of the ydableendowment fund, the intention for the foreseeable ture is to pay expenses and grants 9)lely out of incorne. Page 2 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHAIUTABLE TRUST TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2026 IcoNfD) The Trustees usually meet monthly to consider applications and approve grants. Applications should be addressed to the Secretary at the prÈncipal office. The Trustees have indicated tocertain charities that theymay make furthergrants in forthcomin8 years. The Trnstees retain the option to discontinue those prosperttve instalments at any time. The Trustees require all beneficiarie5 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 obiectives and hen that the funds have been put to go1 use. The Trustees have considered the Charity Commission guidance on public benefit including the guidance -public benait running a charity. when forniuiating the 8rant making policy. The Trustees consider how 8rants can be made to ensure maximurn benefit flows through to the intended ultimate beneficiaries. ACHIEVEMENTS AND PERFORMANCE During the course of the financial year covered by this Tepor¢ the Trust awarded grants totallins £2,369,855. These charities benefitted by way of Incre financial resources to meet their charitable obiectives. The srants benefAtted a number of public causes as detailed in note 6. The TTUStees continued with their policy of making a large number of smaller grants to widen the number of charities supported. The Trustees are akn mxnthl that some projects require much larger fundin8 levels to be effective. The Trustees, 11 is to rnake grants to reered charlties over a wide range of charitable objects which during the year were principally in the areas of The advancement of health or the saving of lives The advancement of education The relief of those in need by rea50n of youtty age. ill-hea1 disability, financial hardship or other disadvantage The advancement of the arts. culture, herilase. or science The Trustees look forward to continuing their charitable work in the coming years in accordance with the srant makins policy. whith refiects the objective5 of the Charity. FANCIAL REVIEW The ChaTitys principal source of income is from its invknents. whith amounted to £4.425,135 (202 £3,947,699). The Trustees do not envisage anymaterial dwnge to the operation ofthe Charity in the long-terni. The investments will continue to be managed on a similar basis to now. Notwithstanding this, the Trustees remain flexible in tern of the type of orsanisations supported so as to meet the demand5 of the day. Page 3 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARrrABLE TRUST TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2026 (cO.D RESERVES POLICY It is the Trustees, intention to rnaTntain the unrestrtcted funds at a level which will provide sufficient investment income to cover the Charitys management and admxnistration 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 £i.PUifAJ. INVESTMETrrr POLICY The Trustees have ad an investment policy for the Chariti45 investment portfolio and have instructed the investment manasers that the portfolio is to be invested to Produ a suitable Mixture of income, in order that the level of grants may be maintained and capital growth to secure the future of the Charity in the coming years. This policy is monitored by regular investsnent pOrts and meeting5 with the investment manager To meet these objectives, the Charitys investments are managed across a range of asset Classes. maintsining diversification. to pr(KIuLY an appropriate balance between risk and return. The Trustees have decided that it would be inappropriate to impose any specific ethical investsnent constraints upon theinvestmentmana8erover and aboveth05ealreadycontained within the managers, own ethical and socially responsible invest[nt polioes. RISK MANAGEMENr The Trustees have considered the Tisks to whith the Charity is exposed and are satisfied that systems are in place to mitigate those risks. The principal 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 meeiins their tharitable objectives. This risk has been addressed by the appointment of profe&sionai advisors to monitor investment perforniance and to decide on acqui5ition5 ar disp05al5. KEY MANAGEMENT PERSONNEL The Trustees are considered to be the Key Management Personnel of the Charity. The TTUStees are not remunerated for their service& STATEMENT OF TRUSTEES. RESPONSIBILtTIES FOR THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Trusteeg Report and the fiDancial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practi). The law applicable to charitie5 in England and Wales requires the Trustees to prepare financial statements for each Einancial year whith 8ive a true and fair view of the state of affairs of the Charity and the resources and application of resources, induding income and expenditure for that period. Pa8e 4 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31 MARCH 2026 ICONT'D In preparing those financial statemetits the Trustee5 are required to: Select suitable accounting policies and then apply them consistently Observe the methods and prinaples in the Charities SORP: Makeiudsments and estimates that are reasonable and prudenL' State whether applicable accountins standards and statements of recommended practice have been followed, subject to any departures dilOSed and explained in the financiat statements,. and Prepare the flnanciai statements on a Soins concErn basis unless it is inappropriate to presume that the Charity will continue in business. In so £ar as the Trustees are aware: There 15 no relevant audit infomtion of which the charitsble companys auditor is unaware; and The Trustees have tska) all steps that they ou8ht to have taken to make themselves aware of any audit information and to establish that the auditor is aware of that infornution. The Trustee5 are re5pon5ible for keepin8 proper accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and to enable them to ensure the financial ststements cornply with the Charitys Settlement Deed, the Charities Act 2011 and the reviewed Statement of Recommended Practice . Accounting and Reporting by Charities {SORP 2015). The Trustees are also responsible for safeguarding the assets of the Charity and he for taking reasonable steps for the prevention and detection of fraud and other irylaritie5. Approved by the Trustees and Siwd on their be1]f by. ?4 P Fleming Trustee Date: 31 J Page 5 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE P F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2ff26 Opinion We have audited the financlal statements of the P F Charitable (the'charity) for the year ended 31 Marth 2026 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and note5 to the financial statements. including a summary of significant accountins policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards, includtn8 Flis 102 'The Financial Reportxng Standard Applicable in the UK and Republic of fre]and' (United Kinsdorn Generally Accepted Accountins Practice). In our opinion the financial statements: 8ive a true and fair view of the state of the dwitys affairs as at 31 Marth 226 and of the sroup's incoming resources and application of resouTces, indudiThg its income and expenditure, for the year then ended; have been properly prepared in accordance with United KiThgdom Generally Accepted Accounting Practice: and have been prepared in acLX)rdance with the requirements of the Charities Act 2011. Basis tor opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)l and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requireMts. We believe that the audit evidence we have obtained is suffieient and appropriate to provide a basis for our Opin[L Conclu8ions relatin8 to going concern In auditing the finanaal statements. wehave conduded that the tru5teeg use of the going conrn ba51S of accounting in the preparation of the financial Staternts is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relatins to events OT conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsthilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infornution The other information comprises the information included in the annual reporL other than the financial statements and our auditorfs report thereon. The trustees are rwonsible for the other inforniation. Our opinion on the financial thtements does not cover the other information and, except to the extent otherwise expliotly slated in our report. we do not expr any forni of assurance conclusion thereon. Page 6 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2026 (CON[> In connection with our audit of the financial statements, our responsibility is to Tead the other information and, in doing 50, consider whether the other infornMtion 15 materially inconsistent with the financial statements. or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financ1 statements or a material mtsstatement of the other information. If. based on the work we have perfornied, we conclude that there 15 a rnaterial misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are requiMI to report by exception In the light of the knowledse and understandin8 of the dmrity and its environment obtained in the course of the audit. we have not identified materlal mi&ststements in the tntstees, annual report. We have nothing to report in respect of the followin8 matters where the Charities Act 2011 require us to report to you rf, in our opinion: the charity has not kept adequate and sufficient aLrountin8 records, or returns adequate for our audit have not been received from branches not visited by us; or the charitys fir1 staternts arenot in agrèement with theaccountins records and returns; or certain disclosures of trusteeg rernuneration 5pecitied by law are not made; or we have not received all the inforniation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, resporLsibilitie5 Statement. the trustees {who are also the directors of the charitsble cornpany for the purposes of company law) are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material mis5tatemenL whether due to fraud or error. In preparing the fftnancial statements, the trustee5 are responsible for assessing the charitable company5 ability to contÉnue as a soins Con disclosin& as applicable, matters related to going cOnrn and using the going concern basis of accountins unless the trustee5 either intend to liquidate the sroup or parent charitable companyor tocease operations. or haveno realistic alternative but to do Auditorf6 responsibilities £or the audit of the financial statements We have been appointed as auditorunder 10n 151 of the Ckthrities Art 2011 and report in accordance with that Act. Our objectives are to obtain reasonable assurance about whether the Einancial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinioTL. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS (UKI will always detect a material misstatement when it exists. Misststements can arise frorn fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to infillce the economic deasions of users taken on the basis of these fÈnancial statements. Page7of19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHAIUTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2026 ICONT'D Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our re5ponsibilitses, Outlined aiK>ve, to delect material misstatements in respect of iryegularities, including fraud. The extent to which our pr<Kedures are capable of detecting irregularities, including fraud is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities. induding fraud The objectives of our audit in respect of fraud, are; to identify and assess the ri5k5 of mateTial Ini55tatement of the financial statements due to fraud: to obtaxn suffioent appropriate audit evidence re8ardin8 the assessed Ti5ks of material misststement due to fraud. through deslgning and implementing approprikte response5 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both rnanasement and those tharged with governan of the tharitsble company. Our approach was as follows: We obtsined an understandin8 of the le8al and regulatory requirements applicable to the tharity considered that the most Significant are, the Charities Act 2011, the Charity SORP, and UK flliancial reporting standards as i%gued by the Financial Reportin8 Council. We obtained an understandins of how the tharity company complies with these requirements by discussions with management. We assessed the risk of material mi55tatement of the financial statements, induding the risk of material misslatement due to fraud and how it might (*cur. by holding di5CUS5ions with manasement. We inquired of management and those dwged with governance as to any known instarLces of non-compliance or suspected non-compliance with laws and regulations. Based on thts understandin& we designed specific appropriate audit PredureS to Èdentify Instances of non-compliance with law5 and re8uiations. This induded making enquiries of management and obtainin8 additional Lwroborative eviden as required. As part of an audit in accordante with ISA5 (UK) we exercise professional jud8ement and maintain professional scepticism throughout the audit. We also: Identify and a&sess the risks of material misslatement of the financial statements, whether due to fraud or error, design and perforni audit pr(Kedures resporLsive to those risks, and obtain audit evidence that is sufficient and appToprÈate to provide a basis for our opinion. The rlsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusiorn forgery, intentional omissions, misrepresentstions. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to desi8n audit procedures that are appropriate in the circLmtstance5, but not for the purpose5 of expressing an opinion on the effectiveness (rf the group and parent charitable companys internal control. Evaluate the appropriateness of accountins poliaes used and thereasonableness ofaceounting estimates and related disclosures made by the tntstees. Conclude on the appropriateness of the tru5tees' use of the goins concern basis of accounting and. based on the audit evidence obtained whether a material uncertainty exists related to Page 8 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE P F CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 226 ICONT'DI events or conditions that may cast s11(1cant doubt on the group and parent charitable companYs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are Tequired to draw attention in our auditof s report to the related disclosures in the financial statements or, rf 5uth disciosurgs are inadequate. to mlfy our opinion. conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions Knay cause the 8tOUP OE PaTt charitable cornpany to cease to continue as a going conceTn. Evaluate the overall presentation, structure and content of the fiEwiaal statements, indudins the disclosures, and whether the firwicial statements represent theunderlying tsansactions and events in a manner that achieves fair presentation. We have communicated with those charged with g0venwi regardi among other matters, the planned seope and timing of the audit and SilfICant audit findity. indudin8 any si8nificant deficienaes in internal control that we identify durins our audit. Use of our report This report is made solely to the charitys trustees. as a body. in accordan with Chapter 3 of Part 8 of the Charities Act 2011. Our audAt work has been undertaken $0 that we might state to the charitys tSteeS those matters which we are required to skte to them in an auditorfs report 2nd for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the drity and the charitys trustees as a body. for our audit worl for this repor¢ or for the opinion we have fomied. Marttn Howard (Senior Statutory Auditor) For and on behalf of Hazlewd$ LLP. StstutoryAuditor Windsor House Bayshill Road Cheltenham GL50 3AT Date: 61812026 Hazlewoods LLP are eli&'ble to act as auditors in ternts of section 1212 of the Companies Act 2(K)6. Page 9 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST STATEMENT OF FINANCIAL AcrtVlTIES FOR THE YEAR ENDED 31 MARCH 2026 Unrestrictg Expendable Unrestricted Endowrnt Jncome NOTE Total 2026 Total 2(r25 INCOME IThcome Gift of Shares Donation Reeeived 4425,135 4,415,135 £014761 142 4,425.271 142 TOTAL INCOME 4,425,277 4,014,761 EXPENDTTURE Costs of generating funds Charitable activities TOTAL EXPENDITURE i.(k54 2,438,559 2.669.613 231.054 2,438,559 2,669,613 193,417 2,369,322 2,562.739 Gainsl(Losse5) on forei8 exthange 16.189 1.421 17.610 {13535) GAINS ON INVESTMENTS Realised Unrealised 1213.726 12.019,794 1.213,T26 12,019,794 857,217 1,412,237 NET INCOME 13249,7(V) 1.757.085 15.1Th,794 3.707,941 1,314,433 (1,314,433) NET MOVEMENf IN FUNDS 14564,142 442.652 15.(Kkn,P94 3,707.941 Total funds brousht forward 156,811.1(V) I.349 I58,1,617 154,452.676 BALANCE CARRIED FORWARD InJ75251 L791160 173.167,411 158.160.617 CONTINUING OPERATIONS: all of the Charitys activities relate to continuing operntions. TOTAL RECOGNISED GAINS AND LOSSES: the Charity has no Twised Sains and losses other than those shown in the statement of financial activitie& Page IOOf19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2026 NOTE 2026 2025 FIXED ASSETS Investsnents 171375251 156,811,109 171,375251 156,811,109 CURRENT ASSETS Debtors Cash at Bank Liquidity Fund for Income io 168,189 l.(K)2,391 7(XI,(KM) 1.870,5 60,912 1.364151 1,425.063 LIABILITIES Creditors: fallins due within one year li (78,4201 (75,555) NET CURRENT ASSETS 1,792.16AI 1,349,508 TOTAL ASSETS LESS CURRENT LIABILITIES 173.167,411 158,160,617 Representins: UNRESTiucfED FUNDS Expendable Endowment Income 12 12 171375,251 1,792.161) 173,167,411 156,811,109 1,349,506 158,160,617 Approved and authorised by the Trustees for issue P Fleming Trustee Datt. 31 J Pase 11 of19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARrrABLE TRUST CASH FLOW STATEMENf FOR THE YEAR ENDED 31 MARCH 21)26 Note 2(r26 2025 NET CASH ABSORBED BY OPERATING ACTIVITIES (see below) (2,756,273) (2,456,409) Cash flows from investing artivities Dividends and interest from Investments Proceeds from the sale of investments Purchase of investments Net cash provided by investin8 activities 4.425,135 3,947,699 28,938,T23 18,213,039 131,434,192) 119,930,672) 1.929.f 2,230,066 Chanse in cash and cash equivalents in period Cash and equivalents brought forward Cash and quivalents carried forward (1,526,() 2,(rf)4,1 1,077,543 (226,343) 2,830,493 2,604,150 RECONCILIATION OF MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIvrriES Net movement in funds tor the period ended 31 Marth 21r25 (as per the Ststement of Financial Activities. page 15.(Kkn,PJ4 3.707,941 io) Adjustments for: Dividends and interest from invesiments Reali5ed gain on the sale of investtnents Unrealised gain in revaluing investments (Increase)/Decrease in debtors Increase in creditors Net cash ab8OEbed by operating activities18ee above 14.425,135) (3,947.699) (1,213,T26) (857,217) (12,019.794) (1,412,237) (107,277) 38,097 2.865 14,706 12,756,273) (2,456,4(Yg) io li Analysis of cash and cash equivalents Asat l April 201 Asat Cash Flow 31 March 2026 Cash at Bank Cash held in investments IYA.151 1239,999 2,EA)4.1 (361,7601 {1,164,8471 {1,526,607) i.(X)2,391 75,152 1,077,543 Pase 12 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMEKtS FOR THE YEAR fNDED 31 MARCH 2026 ACCOUNTING POLICIES la) Basis of Preparation The Financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. The Charity is a public benefit entity for the purposes of FRS 102 and a resistered Charity and therefore has also prepared its fmancial statements in accordance with the Statement of Recommended Pradice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland lThe FRS 102 Tharities SORP). and Charities Act 2011. These accounts are prepared tn sterlin& which is the functional curtlY of the Charity. and rounded to the near pound. Ib) Goin8 Concern The Trustees consider that there are no material uncertainties about the Charitys ability to continue as a going concern. With respect to the next reporting period. 31 March 2027, the most sisnificant areas of uncertainty that affect the carryin8 value of assets held by the Charity are the level ofinvestment return and the perfornwiceof investment markets (see the investment policy and Performan and risk management sections of the Trustees, annual report for more infomtiOft). (c) Fund Structure Unrestricted Funds comprise those funds whith the Tnjstees are free to use in accordance with the tharitable objects. The Expendable Endowrnent Fund represents those assets which are held for the longer tenn for the Charity, in accordance with the tern of the Settlement Deed. tncome arisins on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As an Expendable Endowment Fund cdn be used in accordance with the objects of the ChaTity and is included in the unrestricted ftmds, capitsl can also be spent in certain circumstances in fulfilTnent of the Charitys objects. Anycapital 8ains or losses arising on the investments held in the Expendable Endowment Fund forni part of that Fund. (d) tncome All income is reCwIs in the Staternent of Financial Artivities (SOFA) when the condffttions for receipt have been met and there is reasonable assurance of reteipt. Where a daim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following acc(Trunting policies are applied to different categories of incorne: INvestmentInc(m Inve5ttnent incorne is accounted for when receivableand is stated gross of any ralMable tsxation relief. Pa8e 13 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT) ACCOUNTING POLICIES (CONT'D (e) Expendithre Liabilities are recognised as soon as there is a legal or Co[Ctive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basi5 and has been classified under headings that aggregate all costs related to the category. The following accounting polieies are applied to the different cate8orie5 of expenditure. Costs ofgepwrntingfvds The costs of generating funds consxst of invesiment management and related costs. Charitable Activities Costs of charitable activities includegrants made and support and governan costs. Grants payable are recwised when they are appn)ved by the Tntstees and the recipient of the grant has been infornied of the amount to be paid. Support dud Govern4ffce Costs Support and 8overnance cosls comprise all costs involving the public accountability of the Charity and its cornpliance with regulation and g(M)d practi. These costs indude expenses related to statutory audit fees. professional and lesal fees. and support Costs. (fj Fixed Asset Investments The Trustees believe that induding cash held with investment rnanagers within FAxed Asset tnvestments is a more accurate portrayal ofhow this (th is used. This cash is shown within Fixed Asset Investtnents. Investments aTr stated at market value atthebknce Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throu8hout the year. Forei Curreneieg Transactions in foreign currenoes are recognised at the rate of exchange at the date of transaction. Monetsry a55ets and liabilities aretranslated into sterlingatthe rate of exchange on the balance sheet date. Exthanse differences are rLrognised through the statement of financial actities. (h) Realised and Unrealised Gains and Los9es All gains and Iow5 are taken to the SOFA as they arise. Realised sains and losses on investments are calculated a5 the differen bettveen sales proceeds and oE>enins market value Ipurthase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and openin8 market value (or purchase date if later). Page 14 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 WCH 2026 ICONT'D) ACCOUTrtllNG FOLICIES (CONfD) Critical accountin8 estimates and aTr¥s of judsemettt In preparing finanoal statements. it is to make certain adjustments. estimates and assumptions that affect the amounts recognised in the firwtcial ststements. In the view of the Trustees in applying the accounting poliaes adopted. nojud8ements were required that have a significant effect on the amounts recognised in the financial statements nor do any estirnates or assumptiorLS made carry a silficant risk of material adjustment in the next financtal year. Ca8h and cash equivalents Cash and cash equivalents include cash at banks and in hand and short-terni deposits with a maturity date of three months 0£ less. (k) Financial Instruments The Charitys financial instnllnthts au qualify as basic in accordance with Sertion 11 Basic Financial Instruments of FRS 102. Financial instrurnts are recognised in the Tru5Ys balance sheet when the Trust becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, wheTh there is a IallY rforble risht to set off the recognised amounts and there is an intention to settle on a net basis ot to realise the asset and settle the liability simultaneously. INFORMATION REGARDING TRUSTEES AND EMPLOYEES tn the financial year ended 31 Marth 226. none of the Trustees received any remuneration or had expenses reimbursed by the Charity 12025.. £Nill. The Trustees are considered to comprise the Charitys key nnaSernent. The Charity has no employees. INCOME 2(r26 2025 Income from Investmts Interests of Cash Deposits 4.392,631 32,504 4.425,135 3,90L889 42,810 3.947,699 During 2025. as a result of a claim under the Swi5s Supreme Court rulings. in respect of retrs1OnS the Chaity received a net compensation totalling £67.602. COSTS OF GENERATING FUNDS 226 2tr25 Investment Manasernent Fees (after fee adiustmenVrebatEs) Custody and Administration Fees 157,844 73,210 231.054 121857 70.)60 193A17 Page 15of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEME1 FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) CHARfTABLE AcfiviTIES The Charity undertook no direct charitable activities but awarded 8rants to a number of instikntions in fihce of its charitable activitie& These are as follows: ABF Foundation Scotland Oxfordshire Community Foundation Clhel Branch Trust fflie) Fleming-wyfold Art Foundation Institute of Cancer Researth Priors Court Foundation Marie Curie Cancer Care Grants above QO.(KKI and up to £25,(KXI Crants above £5.0 and up to £20.(NXI Grants £5,1KX) and below TotaI for the year 120,(XK) iOO,(XKJ I,{K)0 50.0(M) 50,0 50,0(XI 30,(MX) 150,(XK) 771,500 898,355 1369,855 ANALYSIS OF GRAFITS MADE 2026 2U25 No. 21126 2025 The prevention of relief of poverty The advancement of education The advancement of religion The advancement of health or the saving of lives The advancement of citizeALship (Y community development The advancement of the arts. cultur¢ heritage or science The advancement of arnateur sport The advancement of environmental protecti(Trn or improvement The relief of thosÈ in need by reason of youd¥ age, iIK health, disability. financial hardship or other disadvantage The promotion of the efficiency of the arnied for5 of the Crown, or of the efflciency of the poli. fire and rescue services or ambulance 5eTvices The advancement ofhumanrights, confiict resolution of reconciliation or the promotion of reli8ious or racial harniony or equality and diversity The advancement of aninl welfare Any other purposes that are recosnised as charitable under SuseCtion (4) of the Charities Act 2( s2 16 47 1025(K) 283,500 35.855 186 189 1.207,5(K) 166.C 286,500 73,000 1236.1 I(K),(MK) 129.¢KKJ 128.LKKI 24,(XX) 47,Otx) 8£0(X) 12 37 41 123,5(K) 132,C 120,IKXJ 3,500 12,(M]) I,[MX) 7,5CN) 364 1369055 I29700 68.704 71,722 2,43859 2.369222 Support and Governance costs (see note 7) Charitsble Acttsvities Pase 16of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 IcoTrifD) SUPPORT AND GOVERNANCE COSTS 2026 2025 Auditorfs ReMUnatiONlDluTsernents - Current Year - Prior year under acenwl - Disbursements Charity AdmitratiOn and Financial Reporti LEgal Fee5 128 126 60.0(XI 3,426 1,397 1,452 824 (68,704) Bank tharges To Charitsble actiVAties (71.7221 En accordan with the Trusted intentions to preserve capital and enhance income levels, a transfer of£lJ14,433 wa5 made from the Income Fund tothe Expathble Endowment Fund12025.. £I.4,[xKj). FIXED ASSET INVESTMENTS 2026 2025 Market value brought forward Acquisitio5 at cost [s. disposal prfxeeds (realised capital cash) Is5.110 31,434,192 {28,938,7231 158W66579 1213,726 12.019.794 151,584,023 19.930.672 {18,213,0391 153XII.656 857,217 1.412,237 71.110 1.239,999 156.811.109 Realxsed gains on disposals Net Gain5 on revaluation Cash for tnvestment Market value at 31 March 75,152 InJ75251 Histtrricol cost 4t 31 Mor 131.569A28 119,54668 Analysis of investments:_ Equities Alternative Investments Bonds Ventures Equities Unquoted Liquidity Funds Hedge Funds Cash held for reinvestsnent 122,716,9EAI 4,445,353 20.191,088 125.610 17.256.9)7 2,793.401 3.770,670 75.152 In375251 I09.345,)6 7,OW713 20,175,433 3(AJ,533 16.655,9n 1.949,454 1,239,999 156.811,109 Market value at 31 March Page 17of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) 10. DEBTORS 2tr26 2025 Income Due 168.189 168,189 60,912 60.912 11. CREDITORS- amounts fallins due within one year 2026 2025 Accruals 78,420 78.420 75,555 75555 FUND ANLAYSIS Unrestricted Expendable Ultricted Endowment Income 2026 Investsnents Liquidity Fund for Incorne Cash at Bank Debtors 171.375151 171,375,251 71KJ,(K)O l.(M)2,391 168,189 (78,420) 173,167,411 7(X),(XMJ i.(ML391 168,189 (78,420) 1.791ld) 171.375251 Unrestricted Expendable Unrestricted Endowment Income 21Y25 Investments Cash at Bank Debtors IS61.1{) 156,811,109 1,364,151 60,912 {75,5551 158,160,617 la64,151 60,912 {75,555) 1,349,508 li6,811,It8 Page 18 of 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 P F CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) 13. RELATED PARTY TRANSAcfioNS Philip Fleming is a director ofRFf Manasement servi Limited. Philip Fleming is akna director and substantial shareholder of RF Trustee Co. (Holdlngsl LimiteLL the holding company of RFT Management Services Limited. RFT Managernent Services Limited charged the Charity ffjO,(KLI 12025- £60.> for the year in reSPt of a(Iministration Servi5. Rory Fleming is a Trustee of The Hemin8-Wyfold Art Foundation to whom two grants totallins £50,(KKJ were paid during the year (2025 £50.(MXI). Page19 of19