THE PAMELA MATTHEWS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Broadfield Règislered Office One Bartholomew Close London EC1A 78L DX 339401 London Wall 20 Station Road Cambridge CB1 2JD DX 339601 Cambiidge 24 The Anohorage 34 Bridge Street Reading, RG1 2LU DX 14642D Reading 21 4 Grosvenor Square Soulhampton, S015 2BE DX 38516 Southampton 3 T +44101345 222 9222 , hvwN.broadfield-law.corn
THE PAMELA MATTHEWS CHARITABLE TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page REPORT OF THE TRUSTEES 14 REPORT OF THE INDEPENDENT EX4MINER STATEMENT OF FINANCIAL ACTIVITIES 8ALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 8-11 2023 STATEMENT OF FINANCIAL ACTIVITIES 12
THE PAMELA MATTHEWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are pleased lo present their annual trustees, report together with the financial statements of the charity for the year ended 31 December 2024. Reference and Administration Detslls Full name". The Pamela Mallhews Charitable Trust Registered Charity number.. 1117094 Principal address & Solicitors.. Broadfield Law UK LLP Ifomierly BDB Pilmans LLPI One Bartholomew Close London EC1A 7BL Trustees.. lan Hammond Mcculloch Elizabeth Ann Neale Independent Examiner.. Kathryn Pickering Bsc FCA 18 Lannesbury Crescent Sl Neols PE196AF Investment advisers.. Ralhbones 2 Gresham Street London EC2V 7QN Structure, Governan¢e and Management The Charity was created following the death of Pamela Mallhews and has been registered with the Charity Commission under number 1117094. Appolntment of Trustee$ A Trustee or Trustees may be appointed or discharged al any time by resolution of a meeting of the Trustees provided that a memorandum declaring such appointment or discharge 1$ signed as a Deed, either al the meeting by the person presiding or in some other manner directed by the meeting and arranged by other persons present al the meeting. There musl be no more than four Trustees at any time. lan Mcculloch is one ol the original Trustees. Elizabeth Neale is a solicitor with experien and professional n0edge 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 2024 Objects and Activities The Trust was established by a deed dated 13 October 2006 with general charitable purposes. Ils assets comprise the residue of the eslale of Pamela Mallhews who died on 5 December 2005,. they were transferred lo the charily following ils 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 accordan with the charitsble objects as the Trustees may in their discretion think fil. The Trust Deed slates that the Trustees in their discretion. instead ol applying the income of the Charity in any year, may 8ecumulale all or any part of the income. Any accumulations may be applied in subsequent years as though il was the income of that year. Grant Making Policles In general terms, the Trust aims to support the following charitable areas'.- lal Local C8vendishlSuffolk community projects Ibl Animal Care charities Icl Armed forces charities {dl Medical and disability charities lel Garden and environmental charities lfj Arts and Culture Igl Charities supported by the late Pamela Mallh8ws during her lifetime Where proposed recipients are not regi$lered charities, Trustees undertake a thorough examination ol the organisalion lo ensure the purpose of the grant is properly considered lo be ¢harilable and that there are means of ensuring, so far as reasonably practicable, that any grant made shall be properly applied to such charitable purpose or repaid lo the Trustees. Report on Public Benefit The Truslges have had regard lo the Charity Commission's guidance on public benefit. The charity'$ 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 duly is fulfilled. The Trustees also consider that there is no delrimenl, harm or more than incidental private benefit arising from carrying out the charifv's aims. Fund Raising Policy The Charity's income is generated from the investments held, il does not undertake fundrai$ing aclivilies. Aehievements and Performance 36 grants of £124,000 in lolal were made or cornmilled lo inslilulions over the year 12023.. No grants madel. They were paid lo beneficiaries who fall within the seven categories mentioned above. The grants were paid lollowng the Trustees, meetings held in the year. There were full Trustee meetings in this year. Page 2
THE PAMELA MATTHEWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal RevSew The Trust's Funds were held in investments and cash. Investment income was £86,161 {2023'. £80,334). Other income was £1,91512023'. £1,263). Charitable grants of £124,000 in total were made or committed during the year12023'. £NILI. Support costs ladminislralion and managemenll were £19,938 12023.. £16,965). Other expenditure (charged lo the Trust Fund) includes investment management and safe custody fees of £19,84212023'. £18,552). Investment Pollcy and Performance The Trust Deed gives the Trustees wide powers of investment. The Tru51ees have agreed an investment policy, which has been notified to the appointed investment advisors, Rathbones. The policy of the Trustees is lo achieve a balanced portfolio of income producing securities and capital growth whilst adopting a medium level of risk. The perfomance of the funds is continually monitored by Rathbones and Ralhbones, perforrnan is monitored by the Trustee$ who meet with the investment manager at least once a year. Investments are shown al market value rather than book cost in accordance with the accounting policies in note 1. In the year lo 31 December 2024, the charity realised gains on listed investments of £12.679 12023.. gains of £11,400) Unrealised gains were £102.39012023: gains of £146,693), There was also loss of £312 on currency exchange12023 £NILI Re$erve$ Pollcy The Trustees have established a Reserves Policy with referen lo Charity Commission guidan ICC191 and accounting standards, Cash flow is carefully monitored lo match income receipts with operating expenditure. Subject lo this, the Trustees aim lo apply all income lo charitable purposes. As al 31 December 2024 there were reserves in the Unreslricled Fund of £37,30512023". £93,167), lo 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 il as if il were an accretion lo capital. Golng Concern The Trustees have prepared the financial slalemenls on a going concern basis. However, before reaching their decision lo do so, careful consideration has been given to the ongoing impact of socio- economic factors including rising inflation and cost of living. The main consideration was the volalilily of the stock market and ils implications on both the value of the investment portfolio and the level of income arising therefrom as the charity relies on both lo produce sufficient funds to meet ils Iiabililies as and when they fall due. Trustees are satisfied that il is appropriate lo prepare the financial statements on a going concern basis. Page 3
THE PAMELA MATTHEWS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Management The major risks to which the Charity is exposed, as identified by the Trustees. have been reviewed and systems and procedures have been established lo manage those risks. In particular, as mentioned above, the Trustees do not enter into commitments in eXsS of their available cash resources and as a result they operate in a very low risk environment. Any drop in income reiVed will be matched by an appropriate reduction in expenditure. Future Plans It is the intention of the Trustees lo continue lo manage the investment portfolio so as to produ an investment income from which grants will be made lo charitable organisations in line with the gr8nt-making policy sel out on page 2. Audlt Exemptlon The Charity is exempl from an audit, 8$ Ils gross income is les5 than £1 million, and ils gross assets are less than £3.26 million. However, because the income exceeds £25,000 an independent examination is necessary. Responslbllltles of the Trustees Law applicable lo charitie5 in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position al the end of the year. In preparing financial slalemenls giving a true and fair view, the Trustees should follow best practice and.. select suitable accounting policies and then apply them consistently., make judgements and eslimales that are reasonable and prudent., slate thelher applicable accounting standards and statements of recommended practice have been followed. subject lo any departu s disclosed and explained in the financial slalements, and., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting COrdS which disc105e with reasonable accuracy the financial position of the charity and which enable them lo ensure that the financial slalemenls comply with applicable law and regu181ions. They are also sponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on thelr behalf: lan MeCullo¢h - Trustee Dats: Page 4
THE PAMELA MAThHEWS CHARITABLE TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DEGEMBER 2024 I report to the trustees on my examination of the accounts of The Pamda Matthews Charitable Trust fthe Trust,) for the year ended 31 December 2024 which are set out on pages 6 to 12. Responsibilities and basis of report A8 the Charity tru8tee8 of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Chariiies Act 2011 (Ihe 2011 Acr). l Teport in respÈct of my examination of tha Trusvs accounts carri8d out under section 145 of the 2011 Act and in carrying out my examination I have followed all th8 applicable Directions given by the Chanty Commission under section 145 (5) (b) of Ihe 2011 Act. Independent examinerfs sL1tement I have completed my examination. I conffimi that no matenal matters have come to my attents.on in connection with tho examination giving me cause to believe that in any material SPecti accounting records wcrc not kcpt in rcspcct of the Trust as required by section 130 of tho Act. or the accounts do not aGGY)rd wilh lh( reGord5: 01 the accounts do not cownply with the applicable requiremets CA)nmIng the form and a>ntent of the accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any quirement that the accounts giv8 a Irue and faiV view thIch is not a matter consKlered as part of an independent exarnination. Use of my report Thi8 report is made solely to the Truslees, ag a body, in accordance Yth Chapter 3 of Part 8 of the Charitios Acl 2011. My examination has been undertaken so that I might state to the Twst's Truste8S those matters vthich l am required to state to them in an Independent Examinerfs Report and for no other prupose. To the fullest extent pennitted by taw, I do not accept or assume responsibilty to anyone other th8n the Trust and the Trust's Trustees as a body. for my examination. for this Report or for the opinions I have formed. Kathryn Plckerlng Bsc FCA 18 Lannesbury Crescent St Neots PE19 6AF Date: IS 20 Page 5
THE PAMELA mAHEWs CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FUND EXPENDABLE {unrestrictedl ENDOWMENT TOTAL 2024 TOTAL 2023 Notes {page 13) INCOME AND EXPENDITURE Income and Endowments from Investment income Other income 86,161 1.915 86,161 1,915 80,334 1,263 Total Income 88,076 88,076 81,597 EXPENDITURE ON Ralslng Funds Investment management fees 19.842 19,842 18,552 Charitable Activiti88 GranlslDonalions Support costs 124,000 19,938 124,000 19,938 2,653,817 16,965 Total Expèndlture 143 938 163,780 2,689,334 NET INCOMEIIEXPENDITURE) {55,862} 119,8421 175,704) {2.607.737) Other re¢ognlsed galnslllosse8) Gainsl{lossesl on investments.. -realised -unrealised Loss on currency exchange 12,679 102,390 {3121 114,757 12,679 102,390 13121 114,757 11,400 146,693 158,093 Net Movement In Fund$ {55,862) 94,915 39,053 {2.449,6441 Reconclliatlon of Funds Fund Balances brought foNard 93,167 3,141,204 3.234,371 5.684,015 TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER 2024 37,305 £ 3,236,119 £ 3,273,424 £ 3,234,371 The notes on pages 8 - 11 form part of these financial statements Page 6
THE PAMELA MATTHEWS CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 Flxed Assets Investments 3,240,151 3,113,150 Current Assets Broadfield Law UK LLP - Client Account Metro Bank account Inveslec Aecounls Total Current Assets 98 43.920 187 3,920 126,332 130,439 70,473 Less: Creditors Amounts falling due wlthln one yoar Accru8ls Grants committed 1,200 6,418 37,200 9,218 Net Current a$$¢tS 33,273 121.221 Net Asse1$ 3,273,424 £ 3,234,371 Funds ofthe Charlty Capltsl Funds Expendable Endowment 3,236,119 3,141,204 Incorne Funds Income Fund lunreslrictedl 37,305 93.167 Totsl Funds 3,273,424 £ 3.234,371 Approved by the Trustees and authorised for issue on l Oclob&r 2025 and signed on their behalf by.. lan Mcculloch - Trustee Dale.. The notes on pages 8 - 11 form part of these financial slalements Page 7
THE PAMELA MATTHEWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. Accounting Policies Basis of accountin The financial slalemenls have been prepared under the historical cost convention, with the exception that inveslrnenls are shown al market value as al the balance sheet dale, and are in accordance with the Slalemenl of Recommended Practice. Accounting and Reporting by Charities (October 20191, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihg UK and Republic ol Ireland IFRS 1021, and the Charities Act 2011. The Charity conslilules a public benefit enlily as defined by FRS 102. Where necessary eslimales and judgements are based on historical experien and other faolors, Funds The Unreslrieled Income Fund comprises the income whi¢h the Trustees a free lo 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 th8 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 Unreslrieled Income Fund. As an Expendable Endowrnenl Fund the capi181 can also be spent in rtain rcumslances in fulfilmenl ol the Trust's objects. Any capital gains or losses arising on the inve$lmenls held in the Expendable Endowment Fund form part ol the Trust Fund. Goin Concern The Trustees are satisfied that il is appropriate to prepare the financial slalemenls on a going concern basis. Before reaching this condu5ion the Trustees considered the longer-lerm plans for the TrLJsI, the impad of wider socio-economic events, inflation and the volalilily of the stock market as shown in the Report of the Trustees on page 3. Inv Income from interest. royalties and dividends is recognised when receivable,. royalties are recognised when re1vable in accordance with the substance of the relevant agreement. Dividends are recognised when the shareholder's right lo receive payment is established, although al the year end il the dividend is due bul not received li.e. il is ex-dividend'l il is not included in these accounts, il will be shown in the subsequent year when received. Accumulation dividends are not paid in cash bul added lo the value of the holdings, These are included within the gains in the Expendable Endowment Fund. Charitable Ex endilure A liability and related expenditure is recognised when there is 8 legal or conslruclive obligation al the balance sheet dale as a result ol a past event.. il is likely lo be sellled and il can be measured or eslimaled reliably. Other than investment management fees lexpendilure on raising funds). all adminislralion expenses are charitable support costs. Grants are recognised when the Trustees have made the decision lo make a payment and that decision has been communicated lo the reeipienl and il is probable that payment will lake place. However, the recognition of any li?bilily will be dependent on any conditions allaching lo the commitment. Realised and unrealised ainsllosses on investments Realised gainsllosses on the disposal of investments are calculated by reference lo the market value of those investments al the start of the accounting period or, if purchaseoj during the accounting period, the cost of acquisition. Unrealisgd gainsllosses reflect the increaseldecrease 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 al the end ol the period. the increaseldecrease in value compared lo their acquisition cost. Page 8
THE PAMELA MATTHEWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Income from Investments for the year comprises the following: 2024 2023 Income from overseas holdings Income from UK investments fixed interest equities and unit trusts - propety 34,199 31.209 5,820 40,702 5,440 7,086 37,269 4.770 £ 86,161 £ 80,334 3. Other Income 2024 2023 Investec - deposit interest Orion Publishing royalties 1,843 72 1.149 114 1.915 1.263 4. Expendlture Ralslng funds Inveslec investment management and safe custody f8es 19.842 18,552 19,842 18,552 S. Charitable Activltles In¢ome Fund lunrestricledl Expendable Endowment Total 2024 Total 2023 Grants commilled Donated to Landmark Trust Ipropertyl Donated to Landmark Trust Ichattels} Support and governance costs Broadfield Law UK LLP Independent Examination fee- 2022 adj. Independent Examinats'on fee- 2024 124,000 124,000 2,603,000 50,817 18,738 18,738 15.415 350 1,200 2,670,782 1.200 19,938 1,200 19,938 £143,938 £143,938 £2,670,782 A list of grants and recipients is available from the Trustees at the registered offic8. Page 9
THE PAMELA MATTHEWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6. Investments Movements on quoted investments were as follows.. 2024 2023 Market value at 1 January 2024 Add.. acquisitions al cost Less.. Disposals al open market value, being.. realised gain proceeds 3,113,150 341.949 2,985,882 173,943 12.679 330,017 (317,3381 {193,368) Nel unrealised gain on revaluation at 31 Decèmbèr 2024 102.390 146.693 Market value at 31 Decembef 2024 3,240,151 £3,113,150 Historical cost as at 31 December 2024 2,174,310 £ 2,151.905 All investments are listed on a recognised stock èxchange. The following invéstmènt accountéd for more than 5 /0 of the portfolio by value. Findlay Park Funds American USD Ois 10,93% 7. Analysls of Net Assets Between Funds Incomo Fund lunrestricledl Expendable Endowment Total Fundg Fund balances at 31 December 2024 are represented by.. Fixed Assets Current Assèts Creditors 3,240,151 {4,032) 3,240,151 70.473 (37,2001 74,505 {37,2001 Net Assets 37,305 £ 3,236,119 £3,273,424 The summary of nel assets beeen funds for 31 D8cember 2023 was as follows, Income Fund lunrestricledl Expendable Endowment Total Funds Fixed Assets Current Assets Creditors 3,113,150 28,054 3,113,150 130,439 19,2181 102,385 19,218) Net Assets 93,167 £ 3,141,204 £3,234,371 Page 10
THE PAMELA MATTHEWS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8. Summary of Fund Movements 2024 Income Fund lunreslricledl 2024 Expendable Endowment 2023 Income Fund lunrestrictedl 2023 Expendable Endowment Balance brought fomard 93.167 3,141,204 28,535 5,655,480 Income Expenditure Other recognised gainslllosses) 88,076 1143,938} 81,597 116.9651 {19,842) 114,757 12,672,369) 158,093 Balance carried forward 37.305 3,236,119 93,167 3,141,204 Total funds 2024- 3,273,424 2023- 3,234,371 9. Tru$tee$' Remuneratlon and Expensos and Rèlated Partles tran8actlons The Trustees do not employ any staff12023.' none). No remuneration was paid during the year12023.' Nill. Travel expenses of £NIL were reimbursed to Trustees during the year12023 £NILI. Ouring the year £18,73812023 £15,415) was paid to BDB Pitmans LLP for administration fees. Elizabeth Ann Néal8, a trustee, is also a partner ol Broadfield Law UK LLP (formerly BDB Pilmans LLPI. lan Hammond Mcculloch, a trustee. was a consultant of Broadfield Law UK LLP Iformarly BDB Pilmans LLPI during the period covering these accounts. Page11
THE PAMELA MATTHEWS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FUND lunrestrictedl EXPENDABLE ENDOWMENT TOTAL 2023 Notes INCOME AND EXPENDITURE Income and Endowments from Investment income Other income 80,334 1.263 80,334 1,263 Total Income 81.597 81,597 EXPENDITURE ON Ralslng Funds Investrnenl management feès 18,552 18,552 Charltable Activities GrantslDonations Support costs 2,653,817 2,653,817 16,965 16,965 Total Expendlture 2,672,369 2 689.334 NET INCOMEIEXPENDITURE 64,632 {2,672,369) 12,607,737) Other recognlsed galnsllossos Gains on inveslmenls.. -realised -unrealised 11,400 146,693 11,400 146,693 158,093 158.093 Net Movement In Funds 64,632 {2,514,2761 (2,449.6441 Re¢on¢lllatlon of Funds Fund Balances brought forward 28.535 5,655,480 5.684,015 TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER 2023 93,167 3,141,204 3,234,371 Page 12