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2023-03-31-accounts

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

Charity registration number 1009195

THE PEARS FAMILY CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir Trevor Pears CMG (Executive Chair) Mark Pears CBE David Pears Charity number 1009195 Principal address Clive House 2 Old Brewery Mews Hampstead London NW3 1PZ Auditor Gravita II LLP 30 City Road London EC1Y 2AB London EC1Y 2AB Senior Staff Amy Braier (Director) Bridget Kohner (Deputy Director) Ian Shaw FCA (Finance Director)

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 10
Independent auditor's report 11 - 14
Statement of financial activities 15
Statement of financial position 16
Statement of cash flows 17
Notes to the financial statements 18 - 29

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their Annual Report for The Pears Family Charitable Foundation (the “Foundation”) for the year ended 31[st] March 2023.

LEGAL AND ADMINISTRATIVE DETAILS

The legal and administrative information page attached to the Financial Statements forms part of the Trustees’ report and the required information can be found there.

INTRODUCTION

During the period of these accounts, the Covid-19 pandemic and accompanying restrictions came to an end but many of the Foundation’s grantees, along with their beneficiaries, were hit hard by rising inflation and the cost of living crisis.

The Trustees continued to provide flexible and responsive funding, increasing many of our unrestricted grants by 10% to enable our partners to meet increased costs. The Trustees also committed £5million to UK Youth for a new fund to support youth organisations.

The Foundation continued to provide support beyond funding through the Pears Hub and the Pears Professional Development Programme.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

The charity was created by a deed dated 31 October 1991 as a trust exclusively for charitable purposes and was registered with the charity commission on 4 March 1992, Charity Registration Number 1009195. The charity uses the working name Pears Foundation.

Governance

The Foundation is led by the Pears family with the support of a small professional team. The trust deed provides for a minimum of three Trustees and during the year there were three Trustees. New Trustees may be appointed by those Trustees in office at the time of appointment.

As part of the induction process, anyone proposed as a trustee would meet with the existing Trustees and key staff and receive a written induction pack. The grant making processes, powers and responsibilities of Trustees, as well as the Foundation's finances, would be explained and discussed.

Decision making

The Trustees meet quarterly to consider general strategy and priorities across the areas of grant-making activities and receive reports on expenditure and the performance and impact of major grants. They discuss progress against strategy as well as reputational matters and approve and review major new grants and partnerships. Authority to approve smaller grants is delegated to the Executive Chair who also sets the Foundation’s annual priorities.

Trustees are required to disclose all relevant interests and register them with the Finance Director and, in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.

Operations

The Trustees delegate the day-to-day management and operation of the Foundation to the Director and Deputy Director who give direction and support to the staff, working closely with the Executive Chair. The grant management team implements policies and strategy on the Trustees’ behalf, supported by the Operations Manager and Pears Hub Coordinator. The Foundation has a consultant based in Israel who acts as its representative there, liaising closely with the Executive Chair and line managed by the Director.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Pay and remuneration

The pay and remuneration of Foundation staff are set by the Trustees following annual appraisals and are benchmarked against comparable roles in other trusts and foundations of similar size and activity. We will continue to pay the Living Wage for staff directly employed by the Foundation.

Job vacancies at the Foundation are openly advertised and our policy is to always publish a salary range.

Risk management

The Trustees regularly review the major risks to which the Foundation is exposed and have established systems and procedures in place to manage them.

With a small staff team and a focus on relational grant-making, the Trustees continue to consider the principal risk to the Foundation to be the loss of key staff and every effort is taken to ensure strong record-keeping and good communication between staff members.

A major risk is that of funds not being spent for the public benefit. The Foundation has established robust due diligence and grant monitoring processes and regularly reviews its grant agreements to ensure they are up to date with changes in legislation.

In recent years cyber-fraud has become a major operational risk. Staff and Trustees now receive regular training on cyber security including online training modules and simulated phishing attacks. Financial processes are regularly reviewed to ensure that the risk of fraud is minimised.

OBJECTIVES AND ACTIVITIES

The Foundation operates for the public benefit. Our ultimate beneficiaries are the thousands of people that the organisations and institutions we fund work with and support. The Trustees have taken into account the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives, in planning future activities, setting grant-making policy and awarding grants.

The objectives of the Foundation are to create social benefit across a broad range of activities, based on the open nature of the founding trust deed. The Foundation promotes understanding of key issues through research and education programmes, drives engagement in social progress across the UK and globally, particularly in young people, and supports organisations focused on wellbeing for everyone.

The Foundation’s aims are to:

Grant-making policy

We build long-term relationships based on a clear understanding of our grantees’ needs, with a preference for providing unrestricted funding when appropriate.

We do not accept unsolicited applications which allows us to focus our time and resources on building strong partnerships with our grantees.

We prefer to make grants to charities, as recognised under the laws of England and Wales or conforming to a similar standard subject to the rules of a different jurisdiction but are not limited to doing so.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

We use research, reports, surveys and expert opinions to build and enhance our understanding of specific issues and challenges and enable us to direct funding most effectively. We have built a sizeable and diverse network of individuals and organisations who provide knowledge and expertise including existing grantees, other funders, and community stakeholders.

Once we have developed an understanding of the context and identified a potential opportunity, we then develop a funding approach. Alongside the development of a funding proposal, we go through a due diligence process to get to know the organisation and ensure it has the capacity to deliver the work proposed.

We build long-term relationships based on trust, mutual respect and our values of passion, professionalism and integrity. Often this is expressed through core funding and unrestricted grants. The Executive Chair and staff team are closely involved with grantees and support and guide them in the pursuit of their goals.

We understand that charities go through difficult times and encourage our grantees to be honest about the challenges they face, both external and internal. When we understand the challenges, we can work with our grantees to address them through our grants and also through our non-grant support, which includes our inhouse professional development programme, organisational development consultancy and physical space at the Pears Hub. We also create opportunities, and provide additional funding when appropriate, for our grantees to collaborate and share learning and best practice.

Our staff participate in wider networks enabling them to build relationships across the sector and share learning and best practice. We were one of the first foundations to sign up to the Institute for Voluntary Action’s Open and Trusting Grantmaking scheme and participated in one of the working groups for the Association of Charitable Foundations Stronger Foundations initiative. We are committed to transparency and publish details of our grant-making on 360Giving.

Funding review

The Foundation builds long-term partnerships. The vast majority of our annual expenditure goes towards grant renewals and the continuation of existing relationships and projects, with grants over £50,000 listed in the table below.

We value all of our grant relationships, but the following are some of the significant partnerships and grants agreed during the year, many of which are multi-year grants.

1. REVENUE FUNDING

Cost of living crisis

The Foundation worked with all of its partners to understand the impact of the cost of living crisis and inflation on their work. In addition to the funds listed below many of our unrestricted grants were increased by 10% at the time of renewal in recognition of the increased costs faced by organisations across the charity sector.

UK Youth: £5,000,000

To create the UK Youth Fund to support youth organisations through the cost of living crisis. The fund will award multi-year, unrestricted grants to youth organisations with an annual income of £500,000 or less. At the time of writing this report the fund had already been heavily oversubscribed.

Care and Support

The Trustees made two major capacity building grants to enable grantees and their members to cope with the cost of living crisis:

Home-Start UK: £1,000,000

To establish a ‘Breathing Space’ fund to support local Home-Starts and families through the cost of living crisis. Targeted support for local Home-Starts and capacity building for the network.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Samaritans: £1,000,000

Mix of central capacity building and local pass-through support to ensure the sustainability of the network of 204 local branches across the UK and Ireland.

The Trustees also gave grants to organisations that build the capacity of smaller, local organisations to meet need in their communities:

StreetGames UK: £261,500

Fit and Fed programme which gives children and young people the opportunity to take part in fun physical activity and enjoy nutritious, healthy meals during the school holidays. The funding goes out to local organisations to help them meet the need in their communities.

Mencap: £50,000

Capacity-building for two Mencap clubs.

Whilst we recognise the need for, and support organisations that work towards, broader social and systemic change to tackle inequality, we know that there are households in need right now. In order to support individuals in need and with low incomes, the Foundation partners with organisations that are able to make onward grants to individuals or grassroots groups.

This year we supported three schemes that provide grants to individuals in need:

The Family Fund: £690,000 for the Your Opportunity fund, which supports disabled and seriously ill young adults, aged 18 to 24 years old, living at home (renewal).

Carer’s Trust: £500,000 for their grants fund to support unpaid carers (renewal).

Turn2us: £150,000 for the Turn2us Response Fund, which offers financial support to individuals and families who have experienced a life-changing event in the last twelve months.

Mental health

Anna Freud: £300,000 unrestricted funding to continue our long-term partnership.

The Mix: £90,000 unrestricted funding.

Young people

Association of Colleges: £565,900 to extend and expand the youth social action apprenticeships programme.

DFN Project Search: £300,000 unrestricted grant to fund their transition to work programme for young adults with a learning disability and autism or both.

Leeds Community Foundation £300,000 to continue the Pears Youth Fund, which provides unrestricted grants to youth organisations in Leeds and Bradford.

YMCA George Williams College: £75,000 for a project to build a new youth sector data and evidence approach. Funded in collaboration with other youth sector infrastructure organisations and funders.

Higher education

University College London: £500,000 funding for the UCL Centre for Holocaust Education.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

University College London: £253,000 for public engagement and outreach at the Centre for Research in Autism and Education.

International development

The Hebrew University of Jerusalem: £1,000,000 annual funding for the Pears Scholars initiative.

Jerusalem Policy Institute £325,724 ongoing funding for the Pears Program for Global Innovation.

Society for International Development – Israel: £274,486 ongoing unrestricted funding.

RESTRICTED FUNDS

Pears DCMS Volunteering Futures Fund

The Government created the Volunteering Futures fund in 2021 as a short-term boost to help more people access volunteering opportunities across a range of sectors with a particular focus on those experiencing loneliness, those with disabilities and those from ethnic minority backgrounds.

As a match funding partner, the Foundation invested £553,000 matched with £550,000 Government funding to six of its existing partner organisations to assist the development and expansion of their volunteer models. All grants were made the previous financial year. The Foundation’s portion of the grants were paid this year and the fund is now closed.

Pears #iWill Fund Youth Social Action Grants 2021-2022

Initiated in 2017, the Pears #iWill Fund is a £10million fund (£5 million from Pears Foundation matched by DCMS and the National Lottery Community Fund) to support the creation of new youth social action opportunities in the areas of health and social care, education and the environment, as well as continuing to identify and fund initiatives that can sustain and support the sector in the long-term.

No grants were made this year. The remaining funds are ringfenced for the next stage of our work supporting youth volunteering in the NHS and discussions are ongoing with NHS England.

2. CAPITAL FUNDING

Coram: £500,000

Funding for campus redevelopment to create the Coram Institute for the Future of Children. The institute will inform and influence policy and practice to improve the life changes of children including the Coram Story Studio space for workshops, projects, and performance.

Kaye Academic College of Education: £457,477

Funding to expand the Pears Arts Center. Kaye College is one of the main teacher training colleges in the South of Israel with a significant cohort of Bedouin students.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

All grants above £50,000

The Foundation is committed to transparency. We publish information about our grants and a full list of grants is available at www.threesixtygiving.org or www.pearsfoundation.org.uk/annual-accounts.

----- Start of picture text -----
Organisation Purpose Amount £ Multiyear Renewal Unrestricted
UK Youth UK Youth Fund 5,000,000 ✓
Hebrew University of Pears Scholars Initiative 1,000,000 ✓
Jerusalem
Home-Start UK 'Breathing Space' fund for 1,000,000 ✓
HSUK's network
Samaritans Capacity building to support 1,000,000 ✓
sustainability of branch network
Family Fund Direct grants for disabled and 690,000 ✓ ✓
severely ill people aged 18-24
Association of Colleges Youth Social Action 565,900 ✓
Apprenticeship Programme:
Phase Two
Carers Trust Direct grants for carers 500,000 ✓
Coram Coram Institute - Story Studio 500,000
Cafe
University College London Funding for the Centre for 500,000 ✓
Holocaust Education
Kaye Academic College of Additional classrooms for the 457,477
Education Pears Art Center
Jerusalem Institute for Policy Pears Programme for Global 325,724 ✓
Research Innovation
Sense Children’s Multi-Sensory 300,000 ✓
Impairment Team
Anna Freud Core Funding 300,000 ✓ ✓
Leeds Community Pears Youth Fund 2023-25 300,000 ✓ ✓
Foundation
DFN Project Search Core Funding 300,000 ✓ ✓
The Linking Network Schools Linking in partnership 275,000 ✓ ✓
with DfE and DLUHC
Society for International Core Funding 274,486 ✓ ✓
Development - Israel
StreetGames UK Fit and Fed 261,500 ✓ ✓
University College London UCL Centre for Research in 253,000 ✓ ✓
Autism and Education: Public
engagement and outreach
The Duke of Edinburgh's Core Funding 250,000 ✓ ✓
Award
NALA Ltd Core Funding 240,000 ✓ ✓ ✓
Carers Trust Core Funding 220,000 ✓ ✓ ✓
Contact a Family Core Funding 220,000 ✓ ✓ ✓
First Give Core Funding 220,000 ✓ ✓
----- End of picture text -----

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Organisation Purpose Amount £ Multiyear Renewal Unrestricted
AJDC JDC Pears Fellows and UK Staff 210,000 ✓
Member
The National Holocaust Core Funding 200,000 ✓ ✓
Centre and Museum
Center for Countering Digital Core Funding 200,000 ✓ ✓ ✓
Hate
Marie Curie Marie Curie Community Nursing 200,000 ✓
Service
School-Home Support Core Funding 200,000 ✓ ✓ ✓
Mencap Family support early 200,000
intervention in Newham
OLAM Core Funding 195,000 ✓ ✓
AJDC JDC Entwine Pears Fellows and 188,556 ✓
UK staff member
Center for International Core Funding 165,725 ✓ ✓ ✓
Experiential Learning
Jewish Care Core Funding 165,000 ✓ ✓
Norwood Core Funding 150,000 ✓ ✓
Rene Cassin Stop Uyghur Genocide 150,000 ✓
Campaign
AJEEC-NISPED Core Funding 150,000 ✓ ✓ ✓
Hand in Hand Core Funding 150,000 ✓ ✓ ✓
Bradford Literature Festival Bradford Literature Festival 150,000 ✓ ✓ ✓
2023-25
Institute for Jewish Policy Core Funding 150,000 ✓ ✓ ✓
Research
Bridging Insights Core Funding 150,000 ✓ ✓
Turn2Us Turn2us Response Fund direct 150,000
grants
Young Citizens Primary Years Programme 130,000 ✓
Child Poverty Action Group Core Funding 110,000 ✓ ✓ ✓
Access Social Care Core Funding 110,000 ✓ ✓ ✓
Antisemitism Policy Trust Core Funding 100,000 ✓ ✓
Antisemitism Policy Trust Core Funding 100,000 ✓ ✓
JW3 Core Funding 100,000 ✓ ✓
UJIA Core Funding 100,000 ✓ ✓
Tevel b'Tzedek Core Funding 100,000 ✓ ✓
Cranfield Trust Core Funding 100,000 ✓ ✓ ✓
Sightsavers Treating and preventing 100,000 ✓
Trachoma in Ethiopia
AJWS Core Funding 100,000 ✓ ✓ ✓
Holocaust Centre North Core Funding 100,000 ✓ ✓ ✓
Institute for Voluntary Action Core Funding 100,000 ✓ ✓ ✓
Research
----- End of picture text -----

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Organisation Purpose Amount £ Multiyear Renewal Unrestricted
The Felix Project Core Funding 100,000 ✓ ✓
The Mix Core Funding 90,000 ✓ ✓
Autism Initiatives Core funding for Autism Alliance 90,000 ✓
Crisis Action Core Funding 80,000 ✓ ✓ ✓
Merchavim Core Funding 80,000 ✓ ✓ ✓
Independent Provider of Core Funding 80,000 ✓ ✓ ✓
Special Education Advice
Antisemitism Policy Trust Core Funding 75,000 ✓ ✓
YMCA George Williams Youth Infrastructure 75,000 ✓
College Collaboration: Building a
Healthy Data Ecosystem for the
Youth Sector
Beit Halochem UK Funding for Veteran Games 60,000 ✓
2023
The Wiener Holocaust Core Funding 60,000 ✓ ✓ ✓
Library
360Giving Core Funding 60,000 ✓ ✓ ✓
Carefreespace Core Funding 60,000 ✓ ✓ ✓
International Alert Research project 57,000
Why Philanthropy Matters Core Funding 55,300 ✓
Eden Project Campaigns Ltd Core Funding 55,000 ✓ ✓
TOTAL GRANTS OVER £50,000 20,504,668
----- End of picture text -----

During the year the charity received a total income of £23,859,518 (2022: £19,698,907). At the year end total funds held by the charity were £30,384,197 (2022: £28,614,709).

The general unrestricted reserves of the charity at the year end were £30,075,667 (2022: £28,306,179) and the restricted funds were £308,530 (2022: 308,530). The trustees review the level of reserves held on a regular basis to ensure there are sufficient funds available for the charity to meet its commitments as and when they fall due and make further commitments according to its strategic aims.

Pears Foundation is funded by donations and returns on investments.

3. NON-GRANT SUPPORT

Financial grants are central to our relationships, but they are not the only way in which we support our grantees.

Relational funding

We are a relational funder. Grant managers provide a high level of support and engagement outside of the formal grant monitoring and reporting structures.

Office space

Opened in September 2021, the Pears Hub provides hot desks, co-working and meeting space free of charge for the Foundation’s grantees.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Professional development

In 2022/23 we offered a mixture of online and face to face professional development workshops for our UK grantees delivered by our Director of Learning and Leadership and a small number of external providers including our philanthropy expert in resident Rhodri Davies and Dr Daniel Wehrenfennig, CEO of the Center for International Experiential Learning.

Workshops are offered as open sessions for anyone associated with a grantee organisation, although aimed mainly at professional staff. The open workshops provide an opportunity for grantees working in different sectors to meet and learn from each other.

In addition to our open sessions, we also offer bespoke sessions in which the Director of Leadership and Learning works with the leadership team, or entire staff team, of a partner organisation to design the session and delivers the training in the Pears Hub as an away day or via zoom. This format enables our grantees to achieve several goals: learning a new skill, applying it to their own organisation and context and spending time together reflecting on strategic issues away from the day-to-day demands of their work.

In 2022/23 we provided over 20 workshops and bespoke training for 11 organisations.

Topics covered in open workshops and/or bespoke training sessions included:

We collect feedback to inform programming and ensure it meets our grantees’ needs.

Action learning

We partner with Action Learning Associates to run facilitated action learning sets for the Foundation’s grantees. Two online sets continued meeting during 2022/23, one of which is continuing as a self-facilitating set.

Organisational development consultancy

We work with an organisational development consultant to provide support and coaching for our grantees.

Engagement with philanthropy

We work with Rhodri Davies as our ‘expert in residence’ consultant to deliver advice and workshops on philanthropy for the Foundation’s staff and grantees.

Convening

We bring grantees and other funders together when there is added value in doing so, for example to discuss new research or a collaboration.

Voluntary sector infrastructure

We fund the Annual Foundation Giving trends report produced by the Association of Charitable Foundations and give core funding to ACEVO, the Association of Chairs, the Charity Finance Group, IVAR and NCVO.

PLANS FOR NEXT YEAR

We will continue to be guided by our principles and provide flexible and responsive support to our partners to enable them to respond to continuing uncertainty and rises in the cost of living which will affect many of their beneficiaries as well as their own core costs. The areas in which we are working will not change substantively and, as always, we will adapt our strategy to meet our partners’ changing needs and circumstances.

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

We plan to build on our learning and continue to look for ways to work through our partners to reach local organisations.

We will continue our focus on enhancing engagement with philanthropy in the UK.

We will expand our professional development programme to include offering training to other trusts and foundations.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

…………………………..

Sir Trevor Pears CMG (Executive Chair)

Trustee

…………………………..

David Pears

Trustee

………………………….. Mark Pears CBE

26 January 2024

Date: ……………………

Trustee

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DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PEARS FAMILY CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The Pears Family Charitable Foundation (the ‘Charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the Charity’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PEARS FAMILY CHARITABLE FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PEARS FAMILY CHARITABLE FOUNDATION

We assessed the susceptibility of the charity financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are note responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PEARS FAMILY CHARITABLE FOUNDATION

Gravita II LLP ......................... Chartered Accountants 30 January 2024 Statutory Auditor 30 City Road London EC1Y 2AB

Gravita II LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
Notes
£
Income from:
Donations and legacies
3
23,713,209
Investments
4
146,309
Total income
23,859,518
Expenditure on:
Charitable activities
Revenue Funding
5
21,371,934
Capital Funding
5
1,021,414
Discretionary Funding
5
1,521,103
Other funding/support
5
452,182
Total charitable expenditure
24,366,633
Net gains/(losses) on investments
9
2,276,603
Net movement in funds
1,769,488
Fund balances at 1 April 2022
28,306,179
Fund balances at 31 March 2023
30,075,667		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
308,530
308,530		 Total
2023
£
23,713,209
146,309
23,859,518
21,371,934
1,021,414
1,521,103
452,182
24,366,633
2,276,603
1,769,488
28,614,709
30,384,197		 Total
2022
£
19,563,749
135,158
19,698,907
17,216,647
1,800,882
391,187
310,981
19,719,697
881,482
860,692
27,754,017
28,614,709

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

2023 2022
Notes £ £
£		 £
Fixed assets
Investment properties 11 595,000 794,750
Investments 12 47,401,707 45,172,601
47,996,707 45,967,351
Current assets
Debtors 14 14,827
14,016
Cash at bank and in hand 15 4,110,308 2,904,509
4,125,135
2,918,525
Creditors: amounts falling due within 16
one year (16,323,451)
(16,294,146)
Net current liabilities (12,198,316) (13,375,621)
Total assets less current liabilities 35,798,391 32,591,730
Creditors: amounts falling due after 17
more than one year (5,414,194) (3,977,021)
Net assets 30,384,197 28,614,709
Income funds
Restricted funds 18 308,530 308,530
Unrestricted funds 30,075,667 28,306,179
30,384,197 28,614,709
26 January 2024
The accounts were approved by the Trustees on .........................
.............................. ..............................
..............................
Sir Trevor Pears CMG (Executive Chair) Mark Pears CBE
David Pears
Trustee Trustee Trustee

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
22
Investing activities
Proceeds on disposal of investment
property
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
812,243
247,247
146,309
393,556
-
1,205,799
2,904,509
4,110,308		 2022
£
£
(6,101,077)
-
135,158
135,158
-
(5,965,919)
8,870,428
2,904,509

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

The Pears Family Charitable Foundation (the "Charity") is an unincorporated charity. Charity Registration Number 1009195.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include investments and investment properties at fair value. The principal accounting policies adopted are set out below.

The Charity has not consolidated subsidiary undertakings on the basis that they are dormant.

Subsidiaries and associates have been included in investments at their fair value.

1.2 Going concern

At the time of approving the financial statements, the Trustees have the expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Gifts in kind are recognised at the cost the Charity would have had to pay for these gifts.

Income from investments is recognised on a receivable basis.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay.

Grants payable are charged in the year when the offer is conveyed to recipient except in those cases where the offer is conditional, such grants being included as expenditure when the conditions attaching are fulfilled.

Governance and support costs relating to charitable activities have been apportioned based on the amount of time spent on awarding, monitoring and assessing each category of grant.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income and expenditure account.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net gains/ (losses) on investment for the year. Transaction costs are expensed as incurred.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the Charity holds a long-term interest and where the Charity has significant influence. The Charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand.

1.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Valuation and impairment of investments

The calculation of the fair value of unquoted investments involves the use of valuation techniques and the estimation of future cash flows to be generated over a number of years. The value of net assets are also considered. The Charity makes an estimate of the recoverable amount of other investments. When assessing impairment of investments, the Trustees consider factors including the current economic climate and historical experience. Minority shareholdings have been discounted.

3 Donations and legacies

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
23,713,209
18,421,318
Grants
-
-
23,713,209
18,421,318		 Restricted
funds
2022
£
553,000
589,431
1,142,431		 Total
2022
£
18,974,318
589,431
19,563,749

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 8,155 6,042
Income from unlisted investments 128,918 128,919
Interest receivable 9,236 197
146,309 135,158

5 Charitable activities

Staff costs
Grants
Office admin
Exchange (gains)/
losses
Analysis by fund
Unrestricted funds
Restricted funds		 Revenue
Funding		 Capital
Funding
Discretionary
Funding
2023
2023
£
£
4,016
-
1,015,669
1,512,034
1,944
10,146
(215)
(1,077)
1,021,414
1,521,103
1,021,414
1,521,103
-
-
1,021,414
1,521,103		 Other
funding/
support
2023
£
164,668
243,985
48,700
(5,171)
452,182
452,182
-
452,182		 Total
2023
£
535,506
23,649,841
202,832
(21,546)
24,366,633
24,366,633
-
24,366,633		 Total
2022
£
501,954
19,023,404
200,719
(6,380)
2023
£
366,822
20,878,153
142,042
(15,083)
21,371,934
21,371,934
-
21,371,934		 2023
£
4,016
1,015,669
1,944
(215)
1,021,414
1,021,414
-
1,021,414
19,719,697
17,606,970
2,112,727
19,719,697

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities

(Continued)

For the year ended 31 March 2022

Revenue
Funding
Capital
Funding
Discretionary
Funding
£
£
£
Staff costs
359,811
21,165
10,583
Grants
16,705,251
1,770,000
376,718
Office admin
156,561
10,036
4,014
Exchange (gains)/losses
(4,976)
(319)
(128)
17,216,647
1,800,882
391,187
Analysis by fund
Unrestricted funds
15,103,920
1,800,882
391,187
Restricted funds
2,112,727
-
-
17,216,647
1,800,882
391,187
6
Auditor's remuneration
Fees payable to the Charity's auditor and associates:
Audit of the Charity's annual accounts		 Other
funding/
support
£
110,395
171,435
30,108
(957)
310,981
310,981
-
310,981
2023
£
15,000		 Total
2022
£
501,954
19,023,404
200,719
(6,380)
19,719,697
17,606,970
2,112,727
19,719,697
2022
£
6,500

The auditor's were not remunerated for their services in the current or prior year. The value of services rendered have been treated as a gift in kind in the current year.

7 Trustees

No remuneration or expenses were paid to the Trustees of the Charity.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Employees

Number of employees

The average monthly number of employees during the year was:

Foundation Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
8
2023
£
473,395
29,729
32,382
535,506		 2022
Number
7
2022
£
424,806
49,828
27,320
501,954
The number of employees whose annual remuneration was £60,000 or more were:
2023 2022
Number Number
£60,000 - £70,000 1 1
£70,000 - £80,000 1 -
£80,000 - £90,000 - 1
£100,000 - £110,000 1 -
£120,000 - £130,000 1 1

Pension contributions for employees whose annual remuneration was £60,000 or more amounted to £15,855.

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

Aggregate compensation
9
Net gains on investments
Revaluation of investments
Revaluation of investment properties
Gain on sale of investment properties		 2023
£
324,109
2023
£
2,229,106
29,750
17,747
2,276,603		 2022
£
332,537
2022
£
862,357
19,125
-
881,482

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Investment property

Fair value
At 1 April 2022
Disposals
Net gains or losses through fair value adjustments
At 31 March 2023		 2023
£
794,750
(229,500
29,750
595,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Trustees at the balance sheet date.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

Cost
Accumulated depreciation
Carrying amount		 2023
£
505,846
-
505,846		 2022
£
661,951
-
661,951

12 Fixed asset investments

Listed
investments
Other
investments
£
Cost or valuation
At 1 April 2022
177,073
44,995,528
Valuation changes
(21,442)
2,250,548
At 31 March 2023
155,631
47,246,076
Carrying amount
At 31 March 2023
155,631
47,246,076
At 31 March 2022
177,073
44,995,528		 Total
£
45,172,601
2,229,106
47,401,707
47,401,707
45,172,601

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Fixed asset investments (Continued)
2023 2022
Other investments comprise: Notes £ £
Investments in associates 20 18,987,404 18,647,514
Investments in joint ventures 28,258,672 26,348,014
47,246,076 44,995,528
Subsidiaries
Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Copthall Investment Co. Ground Floor, 30
Dormant		 Ordinary 100.00
Limited City Road,
London, EC1Y
2AB

12 Fixed asset investments

13 Subsidiaries

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Copthall Investment Co.
Limited - 1,863
14 Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 14,827 14,016

Other debtors disclosed above are classified as receivables and are therefore measured at amortised cost.

15 Cash and cash equivalents

Cash and cash equivalents consists of:
2023 2022
£ £
Cash at bank 4,110,308 2,904,509

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Creditors: amounts falling due within one year

Other creditors
Grants (Note 17)
17
Creditors: amounts falling due after more than one year
Grants
Movements on grants
At 1 April 2022
Additional grants in the year
Utilisation of grants
At 31 March 2023
Amount outstanding at 31 March 2023 payable in less than one year
Amount outstanding at 31 March 2023 payable in more than one year		 2023
2022
£
£
26,592
30,217
16,296,859
16,263,929
16,323,451
16,294,146
2023
2022
£
£
5,414,194
3,977,021
£
20,240,950
23,072,136
(21,602,033)
21,711,053
16,296,859
5,414,194
21,711,053		 2022
£
30,217
16,263,929
16,294,146
2022
£
3,977,021
21,711,053
16,296,859
5,414,194
21,711,053

18 Restricted funds

The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

DCMS Community Match
Challenge
Pears iWill Fund		 Balance at
1 April 2021
£
530,219
748,607
1,278,826		 Movement in funds
Incoming
resources
Resources
expended
£
£
1,142,431
(1,672,650)
-
(440,077)
1,142,431
(2,112,727)		 Movement
in funds
Balance at
1 April 2022
Incoming
resources
Balance at
31 March 2023
£
£
£
-
-
-
308,530
-
308,530
308,530
-
308,530		 Movement
in funds
Balance at
1 April 2022
Incoming
resources
Balance at
31 March 2023
£
£
£
-
-
-
308,530
-
308,530
308,530
-
308,530
308,530

The Pears iWill Fund was established in 2016/2017, committed to helping young people in social action.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

19 Analysis of net assets between funds

Unrestricted
2023
£
Fund balances at 31
March 2023 are
represented by:
Investment properties
595,000
Investments
47,401,707
Current assets/(liabilities)
(12,506,846)
Long term liabilities
(5,414,194)
30,075,667
Associates		 Restricted
Total
Unrestricted
2023
2023
2022
£
£
£
-
595,000
794,750
-
47,401,707
45,172,601
308,530
(12,198,316) (13,684,151)
-
(5,414,194)
(3,977,021)
308,530
30,384,197
28,306,179		 Restricted
Total
Unrestricted
2023
2023
2022
£
£
£
-
595,000
794,750
-
47,401,707
45,172,601
308,530
(12,198,316) (13,684,151)
-
(5,414,194)
(3,977,021)
308,530
30,384,197
28,306,179		 Restricted
Total
Unrestricted
2023
2023
2022
£
£
£
-
595,000
794,750
-
47,401,707
45,172,601
308,530
(12,198,316) (13,684,151)
-
(5,414,194)
(3,977,021)
308,530
30,384,197
28,306,179		 Restricted
Total
Unrestricted
2023
2023
2022
£
£
£
-
595,000
794,750
-
47,401,707
45,172,601
308,530
(12,198,316) (13,684,151)
-
(5,414,194)
(3,977,021)
308,530
30,384,197
28,306,179
Details of the Charity's associates at 31 March 2023 are as follows:
Name of undertaking
Registered
Nature of business
office
Trendgrove Properties
Limited
Ground Floor,
30 City Road,
London, EC1Y
2AB
Property investment
Bickenhall Investments
Limited
Ground Floor,
30 City Road,
London, EC1Y
2AB
Property investment
CHP Management Limited
Ground Floor,
30 City Road,
London, EC1Y
2AB
Property investment
Registered Holdings Limited Ground Floor,
30 City Road,
London, EC1Y
2AB
Property investment		 Class of
shares held
Ordinary
Ordinary
Ordinary
Ordinary

20 Associates

21 Related party transactions

Several of the trustees are also directors of the unquoted companies whose shares are owned by the charity and during the year, £23,563,473 (2022- £18,733,183) was received in donations from The William Pears Group of Companies Limited, £128,919 (2022 - £128,919) was also received in dividends from William Pears Group Limited and Bickenhall Investments Limited. In addition £134,736 (2022 - £134,635) of gifts in kind were received from related parties and £275,000 (2022 - £175,000) of donations were made to Antisemitism Policy Trust, a related charity, and £nil (2022 - £100,000) of donations were received from related charities.

DocuSign Envelope ID: 1191CCDF-572E-4001-B94C-D834CF266505

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

22 Cash generated from operations 2023 2022 2022
£ £
Surplus for the year 1,769,488 860,692
Adjustments for:
Investment income recognised in statement of financial activities (146,309) (135,158)
Gain on disposal of investment property (17,747) -
Fair value gains and losses on investment properties (29,750) (19,125)
Fair value gains and losses on investments (2,229,106) (862,357)
Movements in working capital:
(Increase) in debtors (811) (200)
Increase/(decrease) in creditors 1,466,478 (5,944,929)
Cash generated from/(absorbed by) operations 812,243 (6,101,077)
23 Analysis of changes in net funds
The Charity had no debt during the year.