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2025-03-31-accounts

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

Charity registration number 1009195 (England and Wales)

THE PEARS FAMILY CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir Trevor Pears CMG (Executive Chair) Mark Pears David Pears Charity number (England and Wales) 1009195 Principal address Haskell House 152 West End Lane West Hampstead London NW6 1SD Auditor Gravita Audit II Limited Aldgate Tower 2 Leman Street London United Kingdom E1 8FA Senior staff Amy Braier (Director) Bridget Kohner (Deputy Director) Ian Shaw FCA (Finance Director)

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 12
Statement of financial activities 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16 - 28

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

THE PEARS FAMILY CHARITABLE FOUNDATION

The Trustees present their Annual Report for The Pears Family Charitable Foundation (the “Foundation”) for the year ended 31 March 2025.

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was created by a deed dated 31 October 1991 as a trust established 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 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. Anyone proposed as a trustee would receive a comprehensive induction covering their responsibilities as a trustee as well as the Foundation’s history, approach, finances and grant-making.

The trustees meet quarterly to consider 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, must withdraw from decisions where a conflict of interest arises.

Management

Key management personnel comprise the trustees, the Director and Deputy Director who are responsible for the operations of the Foundation. The Foundation has six members of staff and an overseas consultant who acts as its Israel representative.

Staff remuneration is reviewed annually and externally benchmarked against other philanthropic foundations. All staff directly employed by the Foundation are paid the at least the London living wage. Job vacancies at the Foundation are openly advertised with a published salary range.

Risk management

The trustees maintain a risk register which is reviewed regularly to identify, assess, and manage the major risks facing the Foundation. They are satisfied that appropriate systems and controls are in place to mitigate these risks.

The principal risks are currently considered to be loss of key staff, which could impact operational continuity; and reputational risk, particularly related to funds not being used in line with public benefit requirements.

To address these, the Foundation has established robust due diligence and grant monitoring procedures. Grant agreements are regularly reviewed and updated to reflect changes in legislation, and strong internal record-keeping and communication practices are maintained.

Cyber-fraud has emerged as a significant operational risk in recent years. Trustees and staff complete regular cybersecurity training and financial controls are routinely reviewed to minimise exposure to fraud.

Objectives and activities

The Foundation operates for the public benefit, with our ultimate beneficiaries being the many thousands of people supported by the organisations we fund. The trustees have had due regard to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and activities, setting grant-making policies and making funding decisions.

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Foundation’s overarching objective is to create meaningful social impact across a wide range of areas, as permitted by its broad charitable purposes. We do this by supporting organisations that promote wellbeing, encourage social engagement and advance understanding of key social issues through research and education.

The Foundation’s aims are:

Our grant-making is grounded in trusted, long-term relationships that empower organisations to do their best work. We adopt a relational, flexible approach, shaped by mutual respect and a deep understanding of grantee needs, providing core or unrestricted funding where appropriate. We do not accept unsolicited applications which allows us to focus on building meaningful, long-term partnerships.

While we generally fund charities registered in England and Wales, or equivalent organisations internationally, we retain flexibility to support others when aligned with our objectives.

Our grant making arises from our research (both in-house and external) and from our expert networks and lived relationships. We use insights from grantees, funders, research, and community stakeholders to shape our strategy and inform our decisions.

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

Each funding opportunity is assessed individually with tailored approaches and appropriate due diligence, particularly where unrestricted funding is being considered. These conversations also help shape our professional development offer.

We encourage openness about the challenges charities face. In return, we provide not just financial support, but also access to the Pears Hub, organisational consultancy, and our Pears Professional Development Programme. We support collaborative projects and shared learning opportunities.

The Foundation is a member of the Association of Charitable Foundations, London Funders, NCVO and the Forum of Foundations in Israel. We are an active participant in IVAR’s Open and Trusting Grantmaking initiative and publish details of our grant-making through 360Giving.

Achievements and performance

The Pears family is particularly proud to mark a significant financial milestone this year, having contributed more than £500 million to charitable causes since the Foundation’s establishment.

During the period covered by these accounts, many of the Foundation’s grantee organisations continued to face the effects of prolonged instability and increasing operational pressures. In response, the Trustees reaffirmed their commitment to open and trust-based philanthropy, providing unrestricted and multi-year funding where appropriate. A substantial proportion of the Foundation’s annual expenditure was directed towards sustaining and strengthening existing partnerships, enabling us to build on established impact and support long-term resilience.

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Foundation also strengthened its role as a thought leader, launching the Commission on Online Conspiracy in Schools and supporting More in Common’s report on progressive activists, and continuing to host a series of Polarities in Philanthropy workshops for UK trusts and foundations.

Details of new grants, major renewals, and partnerships are included in the following section. All grants of £100,000 or more made this year are listed in the table below, and a complete list is published via 360Giving.

CAPITAL FUNDING

£350,000 to the Whittington Health Charity for a courtyard sanctuary garden at the Whittington Hospital in North London to create much-needed outdoor space for patients with complex needs, including dementia.

REVENUE FUNDING

Shared society

In 2024/5 the trustees committed £3 million to Eden Project Campaigns for their flagship initiative, the Big Lunch. The Big Lunch is the UK’s biggest annual get-together for neighbours, generating new connections, celebrating community, and helping people to make change where they live.

The trustees committed £1,372,299 to the British Red Cross for a three-year strategic partnership to champion International Humanitarian Law and principles across policy, civil society and education.

A grant of £75,000 was made to the UCL Policy Lab for This Place Matters , a research and policy collaboration with More in Common UK and Citizens UK to reimagine community cohesion in Britain.

A grant of £50,000 was made to a new funding collaborative designed to address crime and violence in Arab society in Israel.

Education

The trustees provided £189,600 to Public First to act as the secretariat and delivery body for a new Commission into Countering Online Conspiracy in Schools. Launched in April 2024 and co-chaired by Sir Trevor Pears and Sir Hamid Patel, the Commission comprised thirteen (subsequently increased to fifteen) expert commissioners and an advisory board. In 2024 the Commission carried out detailed polling and qualitative research with school staff, parents and young people and held online expert evidence sessions. Its initial findings and recommendations were published in February 2025.

Three of the Commission’s recommendations focused on the need for improved teacher training to support teachers to respond to misinformation, disinformation and conspiracy theories. The trustees made a grant of £168,394 to the UCL Institute of Education to develop and roll out their existing training on responding to online conspiracies.

Health and wellbeing

The trustees agreed to the purchase and refurbishment of a property in Kent which was then leased at a peppercorn rent to Kent and Medway NHS and Social Care Partnership Trust to be used as a crisis recovery house for individuals in mental health crisis. The service is run in partnership with Hestia.

Care and support

Whilst we support organisations that work toward broader social and systemic change, we know that there are many households in need right now. As well as supporting organisations such as the Trussell Trust, the British Red Cross and the Felix Trust, the Foundation partners with organisations that make onward grants to individuals or grassroots groups. This year the Foundation supported the following organisations to provide grants to individuals in need:

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees also committed £750,000 to Home-Start UK to support local Home-Starts to adapt and strengthen their volunteer model.

Young people

The trustees committed £1,090,000 to BBC Children in Need for a new funder collaboration to tackle child poverty in the UK.

The trustees committed a further £2 million to UK Youth to extend the UK Youth Fund launched in 20234, bringing the Foundation’s commitment to a total of £9 million to date. During the year the UK Youth Fund distributed three-year, unrestricted grants totalling to 211 small youth organisations alongside an enhanced Capacity Building Grants + Programme. The funded organisations reported a reach of over 115,000 young people per annum, with 65% of grantees reporting a more stable financial position than the year before.

RESTRICTED FUNDS

Pears #iWill Fund Youth Social Action Grants

Initiated in 2017, the Pears #iWill Fund is a £10 million 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.

The remaining funds are ringfenced for supporting youth volunteering in the NHS, and this year we made three grants:

Organisation Amount Purpose
Duke of Edinburgh’s Award £194,352 to support the development of youth
volunteering in NHS Trusts
Association of Ambulance
Chief Executives		 £115,754 to support youth volunteering in the
ambulance service
Institute for Voluntary Action
Research		 £50,860 to establish a new ICS Youth Engagement
Learning Network

MAJOR GRANTS

The table below shows grants of £200,000 or more made this year and indicates which of them are

renewals, multi-year and unrestricted funding.

Pears 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.

Organisation Purpose Amount Renewal Multi-
year		 Unrestricted
Eden Project
Campaigns Ltd		 The Big Lunch £3,000,000 X
UK Youth UK Youth Fund £2,000,000 X X
British Red
Cross		 International
Humanitarian Law
Partnership		 £1,372,299 X
Hebrew
University of
Jerusalem		 Pears Scholars and
alumni		 £1,144,685 X

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
BBC Children in Child Poverty Impact £1,090,000 X
Need Collective
Trussell Financial Inclusion: £900,000 X X
from Provision to
Prevention
Home-Start UK Strengthening £750,000 X X
volunteering across
HSUK's network
Family Fund Direct grants for £690,000 X X
disabled and severely
ill people aged 18-24
University Core funding for the £600,000 X
College London UCL Centre for
Holocaust Education
Association of Youth Social Action £539,200 X X
Colleges Apprenticeship
Programme: Phase
Three
Carers Trust Direct grants for carers £500,000 X
Whittington Sanctuary garden £350,000
Health Charity project
Nura Global Core funding £359,807 X X
Innovation Lab
(formerly the
Pears Program
for Global
Innovation)
DFN Project Core funding £330,000 X X X
Search
The Pennies Core funding £300,000 X X X
Foundation
Contact a Core funding £300,000 X X X
Family
Sense Children’s Multi- £300,000 X X
Sensory Impairment
Team
Leeds Pears Youth Fund £300,000 X X
Community
Foundation
StreetGames Fit and Fed £300,000 X X
UK
Turn2us Turn2us Response £300,000 X X
Fund direct grants
The Duke of Core funding £250,000 X X
Edinburgh's
Award
The Linking Core funding £250,000 X X
Network
NALA Core funding £240,000 X X X
Foundation
Carers Trust Core funding £230,000 X X X
The National Core funding £220,000 X X
Holocaust
Museum
Marie Curie Hospice Care at Home £220,000 X
service
----- End of picture text -----

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
First Give Core funding £220,000 X X
Jewish Care Core funding £205,000 X X
Center for Core funding £207,834 X X X
International
Experiential
Learning
School-Home Core funding £200,000 X X X
Support
Total Grants over £200,000 £17,668,825
Total: All other grants £9,882,869
Total grant making £27,551,694
----- End of picture text -----

Financial review

During the year the charity received a total income of £28,513,771 (2024: £22,529,771). At the year end, total funds held by the charity were £29,570,729 (2024: £28,954,407).

The general unrestricted reserves of the charity at the year end were £29,433,572 (2024: £28,655,877) and the restricted funds were £137,157(2024: £298,530). 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.

Non-grant support

Grants sit at the heart of our relationships, but they are not the only way in which we support our partners. As a relational funder we work with our grantees to provide a tailored package of support that helps them to develop and thrive in an uncertain environment.

All Pears grantees are invited to make use of the Pears Hub, our open-plan workspace. We provide bookable hot desks, co-working space and meeting rooms free of charge as well as office and catering facilities.

Our Professional Development Programme offers UK-based grantees a dynamic mix of reflective workshops focused on developing skills in teamwork, problem-solving, and leadership. We offer these as open sessions (either online or in person) or as bespoke workshops for individual organisations and senior management teams.

Grantees gain fresh knowledge and perspectives, apply learning to their own organisational context, and step back to reflect on strategic challenges. The programme also fosters cross-sector connection, enabling participants to learn from peers across diverse fields.

We offer facilitated action learning sets for grantees to enable them to develop peer relationships and work through challenges in a confidential and supportive environment. Two sets came to an end in 2024 and, due to high levels of interest, four sets started work in 2025.

We also fund organisational development consultants to provide more intensive support to organisations who need this and partner with Why Philanthropy Matters to provide workshops on philanthropy.

In 2024/25 we provided 12 open workshops and bespoke training for 16 organisations. Topics covered included:

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 in the financial environment and increasing polarisation in society. 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.

We plan to build on our learning and continue to look for ways to work through our partners to support communities and reduce polarisation. We will continue to fund and participate in the Commission into Countering Online Conspiracies in Schools, which will move into a new phase of work overseeing the implementation of its recommendations.

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES’ 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.

EF20519B3E474B7...

…………………………..

Sir Trevor Pears CMG (Executive Chair)

Trustee

(- DocuSigned by:

922C6C2890EB48A...

…………………………..

David Pears

Trustee

(Ay by:

………………………….. 302343752E0C49F...

27 January 2026

Date: ……………………

Mark Pears

Trustee

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Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

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 2025 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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

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 requires 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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

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

Signed by: Sarah Wilson FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit II Limited [Sarl ......................... E187EBBB4D06497...Wilsov Chartered Accountants Statutory Auditor Aldgate Tower 2 Leman Street London United Kingdom E1 8FA

Gravita Audit II Limited 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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Notes
£
Income from:
Donations and legacies
3
28,359,590
Investments
4
154,181
Total income
28,513,771
Expenditure on:
Charitable activities
Revenue Funding
5
26,565,356
Capital Funding
5
448,837
Discretionary Funding
5
575,159
Other funding/support
5
634,018
Total charitable expenditure
28,223,370
Net gains on investments
10
487,294
Net movement in funds
777,695
Fund balances at 1 April 2024
28,655,877
Fund balances at 31 March 2025
29,433,572		 Restricted
funds
£
-
-
-
161,373
-
-
-
161,373
-
(161,373)
298,530
137,157		 Total
2025
£
28,359,590
154,181
28,513,771
26,726,729
448,837
575,159
634,018
28,384,743
487,294
616,322
28,954,407
29,570,729		 Total
2024
£
22,365,464
164,307
22,529,771
23,219,882
257,152
498,549
459,233
24,434,816
475,255
(1,429,790)
30,384,197
28,954,407

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

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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

2025 2025 2024
Notes £ £ £ £
Fixed assets
Investment properties 12 1,544,884 612,000
Investments 13 48,546,882 47,859,962
50,091,766 48,471,962
Current assets
Debtors 15 16,607 15,090
Cash at bank and in hand 16 1,199,493 1,746,191
1,216,100 1,761,281
Creditors: amounts falling due within 17
one year (15,592,435) (17,787,309)
Net current liabilities (14,376,335) (16,026,028)
Total assets less current liabilities 35,715,431 32,445,934
Creditors: amounts falling due after 18
more than one year (6,144,702) (3,491,527)
Net assets 29,570,729 28,954,407
Income funds
Restricted funds 20 137,157 298,530
Unrestricted funds 29,433,572 28,655,877
29,570,729 28,954,407
27 January 2026 27 January 2026
The accounts were approved by the Trustees on .........................
..............................
(teva		 by:
EF20519B3E474B7...		 ..............................
DocuSignedby:
500343 SDEOGIOE..		 ..............................
DocuSignedby:
Sir Trevor Pears CMG (Executive Chair) Mark Pears David Pears
Trustee Trustee Trustee

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
24
431,631
Investing activities
Purchase of investment property
(1,132,510)
Investment income received
154,181
Net cash (used in)/generated from investing
activities
(978,329)
Net cash generated from financing activities
-
Net decrease in cash and cash equivalents
(546,698)
Cash and cash equivalents at beginning of year
1,746,191
Cash and cash equivalents at end of year
1,199,493		 2024
£
£
(2,528,424)
-
164,307
164,307
-
(2,364,117)
4,110,308
1,746,191

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 28,359,590 22,365,464

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 5,836 4,130
Income from unlisted investments 128,918 128,919
Interest receivable 19,427 31,258
154,181 164,307

5 Charitable activities

Staff costs
Grants
Office admin
Exchange gains
Analysis by fund
Unrestricted funds
Restricted funds		 Revenue
Funding		 Capital
Funding
Discretionary
Funding
2025
2025
£
£
4,385
-
440,564
571,271
4,242
4,242
(354)
(354)
448,837
575,159
448,837
575,159
-
-
448,837
575,159		 Other
funding/
support
2025
£
179,803
264,972
190,944
(1,701)
634,018
634,018
-
634,018		 Total
2025
£
584,728
27,551,694
255,408
(7,087)
28,384,743
28,223,370
161,373
28,384,743		 Total
2024
£
552,828
23,581,430
323,863
(23,305)
2025
£
400,540
26,274,887
55,980
(4,678)
26,726,729
26,565,356
161,373
26,726,729		 2025
£
4,385
440,564
4,242
(354)
448,837
448,837
-
448,837
24,434,816
24,424,816
10,000
24,434,816

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Charitable activities

(Continued)

For the year ended 31 March 2024

Revenue
Funding
Capital
Funding
Discretionary
Funding
£
£
£
Staff costs
378,687
4,146
-
Grants
22,630,805
250,000
483,521
Office admin
226,704
3,239
16,193
Exchange gains
(16,314)
(233)
(1,165)
23,219,882
257,152
498,549
Analysis by fund
Unrestricted funds
23,209,882
257,152
498,549
Restricted funds
10,000
-
-
23,219,882
257,152
498,549
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity		 Revenue
Funding
Capital
Funding
Discretionary
Funding
£
£
£
Staff costs
378,687
4,146
-
Grants
22,630,805
250,000
483,521
Office admin
226,704
3,239
16,193
Exchange gains
(16,314)
(233)
(1,165)
23,219,882
257,152
498,549
Analysis by fund
Unrestricted funds
23,209,882
257,152
498,549
Restricted funds
10,000
-
-
23,219,882
257,152
498,549
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity		 Revenue
Funding
Capital
Funding
Discretionary
Funding
£
£
£
Staff costs
378,687
4,146
-
Grants
22,630,805
250,000
483,521
Office admin
226,704
3,239
16,193
Exchange gains
(16,314)
(233)
(1,165)
23,219,882
257,152
498,549
Analysis by fund
Unrestricted funds
23,209,882
257,152
498,549
Restricted funds
10,000
-
-
23,219,882
257,152
498,549
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity		 Other
funding/
support
£
169,995
217,104
77,727
(5,593)
459,233
459,233
-
459,233
2025
£
26,400
2025
£
26,400		 Total
2024
£
552,828
23,581,430
323,863
(23,305)
24,434,816
24,424,816
10,000
24,434,816
2024
£
26,400
2024
£
26,400

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.

8 Trustees

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

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 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		 2025
Number
7
2025
£
483,163
57,774
43,791
584,728		 2024
Number
7
2024
£
456,418
54,212
42,198
552,828

The number of employees whose annual remuneration was £60,000 or more were:

2025 2024
Number Number
£60,000 - £70,000 - 1
£70,000 - £80,000 1 -
£90,000 - £100,000 - 1
£100,000 - £110,000 1 -
£120,000 - £130,000 - 2
£130,000 - £140,000 2 -

Pension contributions for employees whose annual remuneration was £60,000 or more amounted to £19,767 (2024 : £17,339)

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2025 2024
£ £
Aggregate compensation 368,265 357,772

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Net gains on investments

Revaluation of investments
Revaluation of investment properties		 2025
£
686,920
(199,626)
487,294		 2024
£
458,255
17,000
475,255

11 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.

12 Investment property

Investment property
Fair value
At 1 April 2024
Additions through external acquisition
Net gains or losses through fair value adjustments
At 31 March 2025		 2025
£
612,000
1,132,510
(199,626
1,544,884

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.

13 Fixed asset investments

Listed
investments
Other
investments
£
£
Cost or valuation
At 1 April 2024
188,160
47,671,802
Valuation changes
(5,800)
692,720
At 31 March 2025
182,360
48,364,522
Carrying amount
At 31 March 2025
182,360
48,364,522
At 31 March 2024
188,160
47,671,802		 Total
£
47,859,962
686,920
48,546,882
48,546,882
47,859,962

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Fixed asset investments
Other investments comprise:
Notes
Investments in subsidiaries
14
Investments in associates
22
Investments in joint ventures		 (Continued)
2025
2024
£
£
1,863
1,863
19,998,705
19,220,444
28,363,954
28,449,495
48,364,522
47,671,802		 (Continued)
2025
2024
£
£
1,863
1,863
19,998,705
19,220,444
28,363,954
28,449,495
48,364,522
47,671,802
47,671,802

13 Fixed asset investments

14 Subsidiaries

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct
Copthall Investment Co. 12th Floor Aldgate Dormant Ordinary 100.00
Limited Tower, 2 Leman
Street, London,
United Kingdom,
E1W 9US

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
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
16,607
15,090
Other debtors disclosed above are classified as receivables and are therefore measured at amortised cost.
16
Cash and cash equivalents
Cash and cash equivalents consists of:
2025
2024
£
£
Cash at bank
1,199,493
1,746,191		 2025
£
16,607		 2024
£
15,090

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17
Creditors: amounts falling due within one year
Other creditors
Grants (Note 18)
18
Creditors: amounts falling due after more than one year
Grants
Movements on grants
At 1 April 2024
Additional grants in the year
Utilisation of grants
At 31 March 2025
Amount outstanding at 31 March 2025 payable in less than one year
Amount outstanding at 31 March 2025 payable in more than one year
19
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
2024
£
£
139,380
24,555
15,453,055
17,762,754
15,592,435
17,787,309
2025
2024
£
£
6,144,702
3,491,527
£
21,254,281
27,572,826
(27,229,350)
21,597,757
15,453,055
6,144,702
21,597,757
2025
2024
£
£
43,791
42,198

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 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:

Pears iWill Fund
Previous year:
Pears iWill Fund		 At 1 April
2024
£
298,530
At 1 April
2023
£
308,530		 Resources
expended
At 31 March
2025
£
£
(161,373)
137,157
Resources
expended
At 31 March
2024
£
£
(10,000)
298,530

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

21 Analysis of net assets between funds

Unrestricted
funds
2025
£
At 31 March 2025:
Investment properties
1,544,884
Investments
48,546,882
Current assets/(liabilities)
(14,513,492)
Long term liabilities
(6,144,702)
29,433,572
Unrestricted
funds
2024
£
At 31 March 2024:
Investment properties
612,000
Investments
47,859,962
Current assets/(liabilities)
(16,359,558)
Long term liabilities
(3,456,527)
28,655,877		 Restricted
Total
funds
2025
2025
£
£
-
1,544,884
-
48,546,882
137,157
(14,376,335)
-
(6,144,702)
137,157
29,570,729
Restricted
Total
funds
2024
2024
£
£
-
612,000
-
47,859,962
333,530
(16,026,028)
(35,000)
(3,491,527)
298,530
28,954,407

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22 Associates Details of the Charity's associates at 31 March 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct
Trendgrove Properties 12th Floor Property investment Ordinary 50
Limited Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US
Bickenhall Investments 12th Floor Property investment Ordinary 49
Limited Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US
CHP Management Limited 12th Floor Property investment Ordinary 25
Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US
Registered Holdings Limited 12th Floor Property investment Ordinary 20
Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US
Offenham Properties Limited 12th Floor Dormant Ordinary 20
Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US
Victoria Square Property 12th Floor Dormant Ordinary 20
Company Limited Aldgate Tower,
2 Leman
Street, London,
United
Kingdom, E1W
9US

Docusign Envelope ID: 9366E304-D0FE-4F70-8DD1-D0EA61B4F94A

THE PEARS FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 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, £28,155,854 (2024 - £22,148,078) was received in donations from The William Pears Group of Companies Limited, £128,919 (2024 - £128,919) was also received in dividends from William Pears Group Limited and Bickenhall Investments Limited. In addition £152,336 (2024 - £190,986) of gifts in kind were received from related parties and £200,000 (2024 - £200,000) of donations were made to Antisemitism Policy Trust, a charity with common trustees.

24
Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value (gains) and losses on investment properties
Fair value (gains) and losses on investments
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2025
2024
£
£
616,322
(1,429,790)
(154,181)
(164,307)
199,626
(17,000)
(686,920)
(458,255)
(1,517)
(263)
458,301
(458,809)
431,631
(2,528,424)

25 Analysis of changes in net funds

The Charity had no material debt during the year.