P F Charitable Trust

Objectives

In furtherance of their objectives the Trustees continue to make a substantial number of mostly small grants to charitable organisations both on a one off and recurring basis.

Professional Advisers

Auditors Kingston Smith
Legal Advisers Currey & Co

Trustees

Mr Robert Fleming, Mr Philip Fleming, Mr Rory David Fleming

Investment Policy

The Declaration of Trust directs that the capital (expendable endowment) and income of the Fund is to be held on discretionary trusts for general charitable purposes. The Settlement Deed provides the trustees with wide powers to act as if they were beneficially entitled to the investments held by the charity. With this in mind, the trustees have therefore instructed the Asset Managers that the portfolio is to be invested to produce a suitable mixture of income, in order that the level of donations may be maintained and capital growth to secure the future of the charity in the coming years. This policy is monitored by regular investment reports and meetings with the investment managers. The Trustees have made investment acquisitions of 27.6m during the year and disposals of 26.5m. In line with the stock markets the investment portfolio remained steady throughout the year. The Trustees hold a cash balance of 4.8m as at 31 March 2010. The Trustees are confident that the future income stream is secure and more than sufficient to cover grant commitments.

Grant Policy

In furtherance of their objectives the Trustees continue to make a substantial number of mostly small grants to charitable organisations both on a one off and recurring basis. The Trustees support a wide variety of UK charitable causes. The Trustees policy is to make grants to registered charities over a wide range of charitable objects. During the year the Trustees awarded grants totalling 2,305,550 of which 807,500 represents annual grants made to 371 charities subject to the Trustees review. Major grants awarded during the year were: a) 300,000 to St Martin-in-the-fields Development Trust towards the redevelopment of the church; b) 100,000 to Eton College for their appeal to establish an Endowment Fund; c) 50,000 to The British Heart Foundation for the benefit of the Ranulph Fiennes Healthy Heart Appeal; d) 100,000 to Great Ormond St. Hospital Children's Charity towards the continued development of the Hospital. The Trustees are pleased with the rpogress made in the financial year ended 31 March 2010 and look forward to expanding their work with many other charities and foundations in the years to come.

Governance

The Trustees usually meet monthly to consider applications and approve grants. Applications should be addressed to the principal office.

Reserves

The Trustees policy towards the reserves of the PF Charitable Trust is governed by Paragraph 5 of the Settlement Deed dated 28 May 1951, which in short states: "Any part of the capital or income of the Trust Fund which may not for time being be immediately required for the purposes of the Charity and until so required may be invested by the Trustees". It is the Trustees intention to sustain the unrestricted funds at a level which will provide sufficient investment income to increase the level of donations paid, cover the charity's management and administration costs and to be able to respond to any emergency applications that may arise from time to time. At the Balance Sheet date the free reserves of the charity amounted to 92,209,277.

Future Commitments

The long term strategy of the Charity is to continue to be able expand it's grant giving capabilities to other Charitiable organisations over the forthcoming years. The PF Charitable Trust measures it's success by having, since it's inception in 1951, provided other worthy causes with 70.2m in grants and donations from it's own resources for the benefit of the public and mankind. The Charity's main objectives for next year is a) Continued growth of the investment portfolio; b) A continuing and growing income stream; c) An increasing proportion of the income distributed to other worthwhile causes.

PF Charitable Trust
15 Suffolk Street
London
SW1Y 4HG

Tel: 020 7036 5685
Fax: 020 7409 5601

CC number: 220124

Performance Guide Rankings

investment assets 124 / 1000
investment income 219 / 995
return on investments 818 / 995
investment management costs 360 / 743
inv mgmt costs as % of inv assets 648 / 743

inv mgmt costs as % of inv income 594 / 743
investment property - / 361
income from investment property - / 325
inv property inc as % of investment property - / 225

income from listed investments 97 / 661
income from short-term investments 556 / 726
listed investment inc as % of inv income 276 / 661
short-term investment assets 260 / 988

legacy income - / 226
grants received - / 88
total voluntary income - / 628

grants made 151 / 668
charitable expenditure - / 638
charitable expenditure as % of total expenditure - / 335
support costs - / 230
management & administration fees 111 / 970
audit fee per £m of income 391 / 949

total incoming resources 560 / 1000
total resources expended 479 / 1000
total assets 152 / 1000
period ending 2009 2010
INCOMING RESOURCES £m £m
legacies - -
grants - -
total voluntary income - -
activities, furtherance of charities objects - -
activities for generating funds - -
trading subsidiaries - -
sales and fees from operating activities - -
investment property - -
dividends - -
total listed investments 1.55 1.61
income from subsidiaries - -
interest on cash & short term inv 0.06 0.00
total investment income 1.72 1.67
TOTAL INCOMING RESOURCES 1.72 1.74

RESOURCES EXPENDED £m £m
fundraising costs - -
investment management costs 0.02 0.07
Investment costs 0.02 0.07
cost of generating funds 0.02 0.07
grants paid 2.94 2.31
management and admin 0.24 0.24
total charitable expenditure 3.18 2.55
TOTAL RESOURCES EXPENDED 3.19 2.61

ASSETS £m £m
intangible assets - -
tangible fixed - -
equities - -
bonds - -
listed investments 73.41 87.42
programme related investments 1.00 -
investment assets 74.41 87.42
other fixed assets - -
total fixed assets 74.41 87.42
stock - -
debtors 0.07 0.05
cash 5.83 4.86
current assets 5.90 4.91
bank loans & overdrafts - -
trade & other creditors, accruals 0.08 0.13
creditors falling due within one year 0.08 0.13
net current assets 5.82 4.78
loans - -
future long-term grant commitments - -
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year - -
provisions for liabilities and charges - -
TOTAL ASSETS 80.24 92.21

ASSETS £m £m
income funds 0.08 0.02
endowment funds 80.15 92.19
restricted funds - -
TOTAL FUNDS 80.24 92.21