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← The Pamela Matthews Charitable Trust

2023-12-31-accounts

THE PAMELA MATTHEWS CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

REGISTERED CHARITY No. 1117094

THE PAMELA MATTHEWS CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
REPORT OF THE TRUSTEES 1-4
REPORT OF THE INDEPENDENT EXAMINER 5
STATEMENT OF FINANCIAL ACTIVITIES 6
BALANCE SHEET 7
NOTES TO THE FINANCIAL STATEMENTS 8-11
2022 STATEMENT OF FINANCIAL ACTIVITIES 12

THE PAMELA MATTHEWS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees are pleased to present their annual trustees' report together with the financial statements of the charity for the year ended 31 December 2023.

Reference and Administration Details

Full name: The Pamela Matthews Charitable Trust

Registered Charity number: 1117094

Principal address & Solicitors: BDB Pitmans LLP One Bartholomew Close London EC1A 7BL

Trustees: Ian Hammond McCulloch Penelope Jane Chapman (retired 15 November 2023) Elizabeth Ann Neale (appointed 15 November 2023)

Independent Examiner: Kathryn Pickering BSc FCA 18 Lannesbury Crescent St Neots PE19 6AF

Investment advisers: Rathbones 2 Gresham Street London EC2V 7QN

Structure, Governance and Management

The Charity was created following the death of Pamela Matthews and has been registered with the Charity Commission under number 1117094.

Appointment of Trustees

A Trustee or Trustees may be appointed or discharged at any time by resolution of a meeting of the Trustees provided that a memorandum declaring such appointment or discharge is signed as a Deed, either at the meeting by the person presiding or in some other manner directed by the meeting and arranged by two other persons present at the meeting. There must be no more than four Trustees at any time.

Ian McCulloch is one of the original Trustees. Elizabeth Neale is a solicitor with experience and professional knowledge of being a charity trustee. She was suitably briefed about the Charity on becoming a trustee.

Page 1

THE PAMELA MATTHEWS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Objects and Activities

The Trust was established by a deed dated 13 October 2006 with general charitable purposes. Its assets comprise the residue of the estate of Pamela Matthews who died on 5 December 2005; they were transferred to the charity following its formation on 13 October 2006.

In accordance with the Trust deed the Trustees hold the income and capital of the Trust Fund to apply the income and all of such part or parts of the capital in accordance with the charitable objects as the Trustees may in their discretion think fit.

The Trust Deed states that the Trustees in their discretion, instead of applying the income of the Charity in any year, may accumulate all or any part of the income. Any accumulations may be applied in subsequent years as though it was the income of that year.

Grant Making Policies

In general terms, the Trust aims to support the following charitable areas:-

Where proposed recipients are not registered charities, Trustees undertake a thorough examination of the organisation to ensure the purpose of the grant is properly considered to be charitable and that there are means of ensuring, so far as reasonably practicable, that any grant made shall be properly applied to such charitable purpose or repaid to the Trustees.

Report on Public Benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit. The charity’s aims are far-reaching and for the public benefit. By making grants in accordance with this charity’s objects the Trustees are confident that their public benefit duty is fulfilled. The Trustees also consider that there is no detriment, harm or more than incidental private benefit arising from carrying out the charity’s aims.

Fund Raising Policy

The Charity's income is generated from the investments held, it does not undertake fundraising activities.

Achievements and Performance

No grants were made or committed to institutions over the year (see below) (2022: 22 grants totalling £59,280). They were paid to beneficiaries who fall within the seven categories mentioned above. The grants were paid following the Trustees’ meetings held in the year. Due to the illness of one of the Trustees, there were no full Trustee meetings during the year.

Page 2

THE PAMELA MATTHEWS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Financial Review

The Trust’s Funds were held in investments and cash.

Investment income was £80,334 (2022: £85,755). Other income was £1,263 (2022: £356).

Charitable grants of £NIL in total were made or committed during the year (2022: £59,280). Support costs (administration and management) were £16,965 (2022: £25,724). Other expenditure (charged to the Trust Fund) includes investment management and safe custody fees of £18,552 (2022: £19,136).

Investment Policy and Performance

The Trust Deed gives the Trustees wide powers of investment. The Trustees have agreed an investment policy, which has been notified to the appointed investment advisors, Rathbones. The policy of the Trustees is to achieve a balanced portfolio of income producing securities and capital growth whilst adopting a medium level of risk. The performance of the funds is continually monitored by Rathbones and Rathbones' performance is monitored by the Trustees who meet with the investment manager at least once a year.

Investments are shown at market value rather than book cost in accordance with the accounting policies in note 1. In the year to 31 December 2023, the charity realised gains on listed investments of £11,400 (2022: losses of £11,380). Unrealised gains were £146,693 (2022: losses of £414,033).

Reserves Policy

The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC19) and accounting standards. Cash flow is carefully monitored to match income receipts with operating expenditure. Subject to this, the Trustees aim to apply all income to charitable purposes. As at 31 December 2023 there were reserves in the Unrestricted Fund of £93,167 (2022: £28,535), to be used for charitable purposes in future, although the Trustees can, at their discretion, instead of applying the income of the charity in any year, accumulate all or part of it as if it were an accretion to capital. The Trustees are reviewing the Reserves Policy in line with their intention to wind up the Trust over a defined period of time (see Future Plans section).

Going Concern

The Trustees have prepared the financial statements on a going concern basis. However, before reaching their decision to do so, careful consideration has been given to the ongoing impact of socioeconomic factors including rising inflation and cost of living.

The main consideration was the volatility of the stock market and its implications on both the value of the investment portfolio and the level of income arising therefrom as the charity relies on both to produce sufficient funds to meet its liabilities as and when they fall due.

Trustees are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

Page 3

THE PAMELA MAThHEWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Management The major risks to which the Charity is exposed, a5 Identified by the Trustees, have been reviewed an systems and procedures have been established to manage those risks. In particular, as mentioned above. the Trustees do not enter into commitment5 in excess of their available cash resources and as a result they operate in a very low risk environment. Any drop in income received wsll matched by an appropriate reduction in expenditure. Future Plans It is the Intentson of the Trustees to continue to manage the investment portfolio so as to produce an investment income from which grants wll be made to charitable organisalions in line with the grant-making policy set out on page 2. During th8 accounting year covered by this Report and Accounts, the Trustees transferred to The Landmark Trust for no material consideration the freehold propertie5 and the chattels. The TTUStee5 are now considering a stsged distribution and winding up of the Charity over the next few years. Audit Exemption The Charity 15 exempt from an audit. as ils gross income is less than £1 million, and its gross assets are less than £3.26 million. However, because the income exceeds £25,000 an independent examination is necessary. Responslbilities of the Trustees Law applicable lo charibes in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the charity'5 financial activitie5 during the year and of financial position al the end of the year. In preparing financial statements giving a true and fair view. the Trustees should follow best practice and." select suitable accounting policies and then appty them consislently., make judgements and estitnates Ihat are reasonable and prudentr. stale whether applicable accounting stsndards and statements of recommended practice have been followed, subject to any departure5 disclosed and explained in the financial slaternents, and., prepare the fin8n¢ial *atements on the going COn￿M basi5 unless it is inappropriate to presume that the charity wll continue in operation. The Trustees are responsible for keeping accounting records which disclose reasonable aecuraey the financial position of the ch&rity and which enable them to ensure that the financial slalements comply wth applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the p￿ventIon and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf: lan Mcculloch - Trustee Date: JI 2éU- Page 4

THE PAMELA MAThHEWS CHARITABLE TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examination of the accounts ol Th9 Pamela Matthews Charitable Trust I'lhe Trusy) for the year ended 31 Decernber 2023 which ara set out on pages 6 10 12. Respon8lblllll•s and basls af report As the charity trustees of the Trust you are responsiblè for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Acri. I report in respe¢t of my axamination of the Trust's accounts carried out under section 145 of the 2011 Act and in carryng out my @xaminab'on I have followed 811 th8 applicable Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's ststemgnt I have completed my examination. I confimi that no material matters havo come to my attenlion in connection ￿th the examination giving rne cause lo beligV¥ th81 in any material respect.. 8ccwnling r8eords were not kept in respect of thè Trust as r8quir8d by section 130 of the Act,. or the accounts do not accord wth those records", or the accounts do not comply vAth the applicable requirernents conceming th8 form and content of the accounts Set out In the Charities IAccoL>nts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairf view which is not a matter considered as p8rt of an independent examination. U¥e of my report This report made solely lo the Trustees, as a body, in accordance wth Ch8pler 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state lo the Tnjst's TrLJStees those matters which l am required to state to them in an Independent Examinè¢s Report and for no other prupose. To the fullesl extent perrnitted by law. I do not 8CCèPt or assume responsibility to anyone other than the Twsl and the Trust's Truste8S 8s a body. lor my examination, for this Report or for the opinions I h8v& fomed. Kathryn Plckerlng Bse FCA 18 Lannesbury Crescent Sl Neots PE19 6AF Date.. 15 Q. .4 go2+ Page 5

THE PAMELA MATTHEWS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND EXPENDITURE
Income and Endowments from
Investment income
2
Other income
3
Total Income
EXPENDITURE ON
Raising Funds
Investment management fees
4
Charitable Activities
Grants/Donations
5
Support costs
5
Total Expenditure
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains/(losses) on investments:
-realised
6
-unrealised
6
Net Movement in Funds
Reconciliation of Funds
Fund Balances brought forward
TOTAL FUNDS CARRIED FORWARD AT
31 DECEMBER 2023		 INCOME FUND
(unrestricted)
£
80,334
1,263
81,597
-
-
16,965
16,965
64,632
-
-
-
64,632
28,535
93,167
£		 EXPENDABLE
ENDOWMENT
£
-
-
-
18,552
2,653,817
-
2,672,369
(2,672,369)
11,400
146,693
158,093
(2,514,276)
5,655,480
£ 3,141,204		 TOTAL
TOTAL
2023
2022
£
£
(page 13)
80,334
85,755
1,263
356
81,597
86,111
18,552
19,136
2,653,817
59,280
16,965
25,724
2,689,334
104,140
(2,607,737)
(18,029)
11,400
(11,380)
146,693
(414,033)
158,093
(425,413)
(2,449,644)
(443,442)
5,684,015
6,127,457
3,234,371
£
£ 5,684,015

The notes on pages 8 - 12 form part of these financial statements

Page 6

THE PAMELA MArrHEWS CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 Fixed Assets Investments Freehold properties Chattels 3,113,150 2,985,882 2,603,000 50,817 5,639.699 3,113,150 CurrgntA$sets BDP Pitmans LLP - Client Account Metro Bank a￿oUnt Investec Accounts Total Currènt Assèts 187 3,920 126,332 130,439 72 20,900 55.720 76,692 Less: Cr•ditors Amounts falllng due wlthln ono yoar Accruals Grants committed 6,418 2.800 9,218 12.596 19,780 32,376 Net curr8nt a888ts 121,221 44,316 Net A889ts 3,234,371 £ 5,684,015 Funds ofthe Charlty Capital Funds Expendable Endowment 3,141,204 5,655,480 Incomb Funds Income Fund {unreslricted) 93,167 28,535 Total Funds 3,234,371 £ 5,684.015 Approved by the Trustees and authorised for issue on 2 Sept 2024 and signed on their behalf by.. lan McCulloch- Trustee Date.. fy(knL 2eil The notes on pages 8 - 12 form part of these financial statements Page 7

THE PAMELA MATTHEWS CHARITABLE TRUST

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

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, with the exception that investments are shown at market value as at the balance sheet date, and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (October 2019), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. Where necessary estimates and judgements are based on historical experience and other factors.

Funds

The Unrestricted Income Fund comprises the income which the Trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund represents those capital assets which are held for the longer term for the Trust, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the Unrestricted Income Fund. As an Expendable Endowment Fund the capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of the Trust Fund.

Going Concern

The Trustees are satisfied that it is appropriate to prepare the financial statements on a going concern basis. Before reaching this conclusion the Trustees considered the longer-term plans for the Trust, the impact of wider socio-economic events, inflation and the volatility of the stock market as shown in the Report of the Trustees on page 3.

Investment Income

Income from interest, royalties and dividends is recognised when receivable; royalties are recognised when receivable in accordance with the substance of the relevant agreement. Dividends are recognised when the shareholder’s right to receive payment is established, although at the year end if the dividend is due but not received (i.e. it is "ex-dividend") it is not included in these accounts, it will be shown in the subsequent year when received. Accumulation dividends are not paid in cash but added to the value of the holdings. These are included within the gains in the Expendable Endowment Fund.

Charitable Expenditure

A liability and related expenditure is recognised when there is a legal or constructive obligation at the balance sheet date as a result of a past event; it is likely to be settled and it can be measured or estimated reliably. Other than investment management fees (expenditure on raising funds), all administration expenses are charitable support costs. Grants are recognised when the Trustees have made the decision to make a payment and that decision has been communicated to the recipient and it is probable that payment will take place. However, the recognition of any liability will be dependent on any conditions attaching to the commitment.

Properties, chattels and investments

Freehold properties and chattels are valued at the probate values for Mrs Pamela Matthews' estate. Investments are valued at their mid market value at the year end. The value of the chattels has been adjusted to reflect disposals since the probate date.

Realised and unrealised gains/losses on investments

Realised gains/losses on the disposal of investments are calculated by reference to the market value of those investments at the start of the accounting period or, if purchased during the accounting period, the cost of acquisition. Unrealised gains/losses reflect the increase/decrease in value during the accounting period of investments held throughout that period or, in the case of investments purchased during the accounting period and still held at the end of the period, the increase/decrease in value compared to their acquisition cost.

Page 8

THE PAMELA MATTHEWS CHARITABLE TRUST

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

2. Income from investments for the year comprises the following:

Income from overseas holdings
Income from UK investments
- fixed interest
- equities and unit trusts
- property
3. Other Income
Investec - deposit interest
Orion Publishing royalties
4. Expenditure
Raising funds
Investec investment management and safe custody fees
5. Charitable Activities
Income Fund
(unrestricted)
£
Grants committed
-
Donated to Landmark Trust (property)
-
Donated to Landmark Trust (chattels)
-
Support and governance costs
BDB Pitmans LLP fees
15,415
Trustee expenses
-
Independent Examination fee - 2022 adj.
350
Independent Examination fee - 2023
1,200
16,965
£16,965*		 Expendable
Endowment
£
-
2,603,000
50,817
-
-
2,653,817
2,653,817		 2023
£
31,209
7,086
37,269
4,770
£ 80,334
2023
£
1,149
114
1,263
£
18,552
18,552
£
Total
2023
£
-
2,603,000
50,817
15,415
-
1,200
2,670,432
£2,670,432		 2022
£
34,139
4,968
43,160
3,488
£ 85,755
2022
£
287
69
356
19,136
19,136
Total
2022
£
59,280
-
-
24,312
102
1,310
1,310
27,034
£86,314

Page 9

THE PAMELA MATTHEWS CHARITABLE TRUST

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

6. Investments

Movements on quoted investments were as follows:
Market value at 1 January 2023
Add: acquisitions at cost
Less: Disposals at open market value, being:
realised gain
11,400
proceeds
(204,768)
Net unrealised gain/(loss) on revaluation at 31 December 2023
Market value at 31 December 2023
Historical cost as at 31 December 2023		 2023
2022
£
£
2,985,882
3,409,100
173,943
86,909
(193,368)
(96,094)
146,693
(414,033)
3,113,150
£
£ 2,985,882
2,151,905
£
£ 2,192,376

All investments are listed on a recognised stock exchange. The following investment accounted for more than 5% of the portfolio by value.

Findlay Park Funds American USD Dis 10.08%

7. Freehold Properties and Chattels

The Trust chattels, which were valued at £50,817 on 31 December 2022, were transferred to the Landmark Trust on 6 July 2023.

Main House, gardens and outbuildings
Land (22.39 acres)
The Coach House (subject to Robertson tenancy)
The Coach House (subject to K Johnson lease)
The Old Lodge
The New Lodge (subject to Lee tenancy)
Total value of properties		 2023
2022
£
£
-
1,600,000
-
110,000
-
475,000
-
90,000
-
140,000
-
188,000
-
£
£ 2,603,000

The properties detailed above were transferred to The Landmark Trust on 6 July 2023. They were not considered as being held for investment purposes.

Page 10

THE PAMELA MATTHEWS CHARITABLE TRUST

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

8. Analysis of Net Assets Between Funds

Fixed Assets
Current Assets
Creditors
Net Assets
Fixed Assets
Current Assets
Creditors
Net Assets
9. Summary of Fund Movements
2023
Income Fund
(unrestricted)
£
Balance brought forward
28,535
Income
81,597
Expenditure
(16,965)
Other recognised gains/(losses)
-
Balance carried forward
93,167
£
Total funds
2023 -
Fund balances at 31 December 2023 are
represented by:
The summary of net assets between funds for 31
December 2022 was as follows:		 Income Fund
(unrestricted)
£
-
102,385
(9,218)
93,167
£
Income Fund
(unrestricted)
£
-
60,911
(32,376)
28,535
£
2023
Expendable
Endowment
£
5,655,480
-
(2,672,369)
158,093
3,141,204
£
3,234,371
£		 Expendable
Endowment
£
3,113,150
28,054
-
3,141,204
£
Expendable
Endowment
£
5,639,699
15,781
-
5,655,480
£
2022
Income Fund
(unrestricted)
£
27,428
86,111
(85,004)
-
28,535
£
2022 -		 Total Funds
£
3,113,150
130,439
(9,218)
3,234,371
£
Total Funds
£
5,639,699
76,692
(32,376)
5,684,015
£
2022
Expendable
Endowment
£
6,100,029
-
(19,136)
(425,413)
5,655,480
£
5,684,015
£

10. Trustees' Remuneration and Expenses and Related Parties transactions

The Trustees do not employ any staff (2022: none).

No remuneration was paid during the year (2022: Nil). Travel expenses of £NIL were reimbursed to Trustees during the year (2022: £102).

During the year £15,415 (2022 £24,312) was paid to BDB Pitmans LLP for administration fees. Elizabeth Ann Neale, a trustee, is also a partner of BDB Pitmans LLP. Ian Hammond McCulloch, a trustee, was a consultant of BDB Pitmans LLP during the period covering these accounts.

Page 11

THE PAMELA MATTHEWS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
INCOME AND EXPENDITURE
Income and Endowments from
Investment income
2
Other income
3
Total Income
EXPENDITURE ON
Raising Funds
Investment management fees
4
Charitable Activities
Grants
5
Support costs
5
Total Expenditure
NET INCOME/EXPENDITURE
Other recognised gains/losses
Gains on investments:
-realised
6
-unrealised
6
Net Movement in Funds
Reconciliation of Funds
Fund Balances brought forward
TOTAL FUNDS CARRIED FORWARD AT
31 DECEMBER 2022		 INCOME FUND
(unrestricted)
£
85,755
356
86,111
-
59,280
25,724
85,004
1,107
-
-
-
1,107
27,428
28,535
£		 EXPENDABLE
TOTAL
ENDOWMENT
2022
£
£
-
85,755
-
356
-
86,111
19,136
19,136
-
59,280
-
25,724
19,136
104,140
(19,136)
(18,029)
(11,380)
(11,380)
(414,033)
(414,033)
(425,413)
(425,413)
(444,549)
(443,442)
6,100,029
6,127,457
5,655,480
£
5,684,015
£

Page 12