THE PAMELA MATTHEWS CHARITABLE TRUST
TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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
￿n0￿edge 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 eX￿sS of their available cash resources and as a result they
operate in a very low risk environment. Any drop in income re￿iVed 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 requireme￿ts CA)n￿mIng 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 Y￿th 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 mA￿HEWs 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
re￿1vable 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 be￿een 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