Charity number.. 1125953 SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST CONTENTS Page Reference and administrativo details of the Charity. its Trustees and advisers Trustees. report Independent examlnerfs report statement of financial activities Balance sheet Notes to the flnanclal statements 8-14
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023 Trustees J W Pemberton P R W Pemberton (deceased 12 February 20231 F J Rouhani T R Pemberton (appointed 1 May 20231 Charity registered number 1125953 Principal office Enterprise House Maris Lane Trumpinglon Cambridgeshire CB2 gLE Aeeountants Evelyn Partners (East) LLP Slonecross Trumpinglon High Street Cambridge CB2 gsu Investment Manager James Hambro & Partners LLP 45 Pall Mall London SW1Y 5JG Investment Manager M&G Securities Limited 10 Fenchurch Avenue London EC3M SAG Page 1
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their annual report together with the financial statements of the Charity for the 6 April 2022 10 5 April 2023. Oblectlves and actlvltles a. Pollcles and oblectlves The Iruslees hold the capital and income of the Charity upon trust lo apply the income, and all or such parts of the capital, for such medical objects and purposes in the widest sense (provided that such objects and purposes are exclusively charilablel as the Trustees may in their discretion think fit. On 3 September 2013 the Charity Commission gave its approval lo the Trustees, proposal that the objects as specified at 3.1 of the Settlement deed be extended so that in addition to being able to benefit such Medical objects and purposes in the widest sense the charity established by the settlement can benefit such educational or sporting objects and purposes as the Trustees May in their discretion think fit In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Achlevements and performance a. Revlew of actlvltles The funds of the charity are invested in equities and bonds. The Trust recorded a net loss on the valuation of ils investment holdings of 6.70/0 in total during the year, and detsils of the investment portfolio and the changes during the year are shown in note 10 to the accounts. As reported in the previous accounts, the trustees have signed an agreement with Trinity College, Cambridge, whereby the charity have committed to fund a research post focussing on research into immune-mediated inflammatory disease. The charity have committed lo pay £1 million to fund the post for 10 years, the grant lo be paid in 6-monlhly inslalmenls over that period, ending in 2027. No other donations were made during the year12022'. £35,000 donated to Slowe School). b. Investment pollcy and perfomiance The Trustees are mindful that a prudent and conservative investment policy is the Most appropriate for the Charity. Accordingly the investment of reserves is made through interest bearing deposits with major banks. Funds have been invested in equities and bonds, with different firms of investment managers. Page 2
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2023 Flnanclal revlew a. Flnanclal posltlon at year end During the year the charity received investment income of £39,166 12022 £35,367). Costs of managing the investment portfolio were £6,44612022 - £7,225), resulting in a surplus on investment activity of £32,72012022 - £28,142). The charity received no donalions12022- £Nill. Grant commitments made during the year lotalled £Nil 12022 £35,000). Grants actually paid were £50,000 12022 - £85,000). Adjustments for discounting of future grants were a charge of £24,155 12022- £22,622). Support and Governance costs were £2,208 12022 £2,864). This resulted in the Trust having free reseNes at the year end of £684,84712022 - £748,461). b. Golng concem The Trustees have a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further detsils regarding the adoption of the going concern basis can be found in the accounting policies. c. Reserve pollcy No minimum level of reserves has been set as all surplus income of the Charity is to be distributed in accordance with the Charity's objectives. As there are few operating costs, the trustees do not consider it necessary to hold a specified amount of free reserves. d. Prlnclpal fundlng The principal funding source is investment income and donations. Structure, govemance and management a. Constltutlon Sir Francis Pemberton 2007 Charitsble Trust is a registered charity, number 1125953, and is constituted under a Trust deed. b. Methods of appolntment or electlon of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. A new trustee may be appointed at any lime by a resolution of a meeting of the Trustees, provided that a memorandum declaring such appointment shall be signed as a deed. Page 3
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2023 Structure, govemance and management Icontlnuedl c. Organlsatlonal structure According to the governing document there shall be between one and four Trustees. The Trustees musl hold at least one meeting a year, and attend meetings in person unless the Trustees shall agree another appropriate means of communication between those taking part. A quorum at a meeting of Trustees is Trustees (except in the case of a sole Trusleel and every issue may be determined by a simple majority of the voles cast at a meeting of the Trustees. A written resolution signed by all the Trustees shall be as valid as a resolution passed at a meeting. The Trustee to whom day lo day management of the Charity is delegated is J W Pemberton. d. Governlng document The charity is controlled by its governing document, a deed of trust, and consts'tules an unincorporated charity. The deed of trust is dated 15 November 2007, as amended by Deed of Amendment on 3 April 2014. Statement of Trustees. responslbllltles The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial ststements, the Trustees are required to.. select suitable aceounling policies and then apply them consistently", observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo 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. Approved b order of the members of the board of Trustees and signed on their behalf by.. J W Pemberton Ichair of Trustees Dale.. 23 Feb 2044 Page 4
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2023 Independent examiner's report to the Trustees of Sir Francis Pemberton 2007 Charitable Trust I'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the 2011 Act'i. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinor's statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 1021 in preferenTr lo the Accounting and Reporting by Charities.. Ststemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection wrth the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the fomi and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Dated.. 26 Feb 2024 Angela Sleat FCA Chartered Accountant Evelyn Partners {Eastl LLP Page 5
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Note Income from: Investments 39,166 39,166 35,367 Total income 39.166 39.166 35,367 Expenditure on: Raising funds Charitable activitie$ 6,446 26,363 6,446 26,363 7,225 60,486 Total expenditure 32.809 32.809 67,711 Net incomellexpenditurel before net {los¥esllgains on investments Nel Ilossesllgains on investments 6,357 169.9711 6,357 169.9711 (32,344) 68,569 Net movement in funds 163,6141 163,6141 36,225 Reconclllatlon of funds.. Total funds brought forward Nel movement in funds 748,461 163.6141 748,461 163.6141 112,236 36,225 Total funds carrled forward 684,847 684,847 748,461 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 10 14 form part of these financial statements. Page 6
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST BALANCE SHEET AS AT S APRIL 2023 2023 2022 Note Fixed assets Investments 10 1,252,529 1,343,278 1,252.529 1,343,278 Current assets Debtors Cash al bank and in hand 11 5,583 26,125 5,467 100,039 31.708 105,506 Creditors." amounts falling due wthin one year 12 1123,100} (123, 188) Net current liabilities 191.3921 (17,682) Total assets less current liabilities 1.161.137 1,325,596 Creditors." amounts falling due after more than one year 13 {476,2901 {577, 135) Totsl net assets 684.847 748,461 Charlty funds Reslricled funds Unrestricted funds 14 14 684.847 748,461 Total funds 684.847 748,461 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. J W Pemberton Ichair of Trustees) Dale. 23 Feb 2024 The notes on pages 8 10 14 form part of these financial statements. Page 7
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Ggnoral information The charity Is registered charity, number 1125953, and is conslituled under a trust deed. The principal office is Enterprise House, Maris Lane, Trumpington, Cambridgeshire, CB2 9LE. Accounting policios 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeetive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and 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 Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities". Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. Sir Francis Pemberton 2007 Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historieal cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Expenditure Expenditure is reeognised once there is a legal or conslruclive obligation to transfer economic benefi't to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation ean 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 lo 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 lo a single activity are apportioned between those activities on a basis consistent with the use of resourees. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-eharilable trading. Expenditure on charitable activities is inCUrd on direcuy undertaking the acb'vilies which further the Charity's objectives, as well as any associated support costs. Page 8
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Accounting policies Icontinuedl 2.3 Expenditure {continued) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Invostments Fixed asset investments are a form of financial instrument and are Inilialty recognised al their transaction cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured reliably In which case it Is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial aclivilies. 2.5 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilities Liabilities are recognised when there is an obligation at the BalanTr sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Grant commitments are recognised as liabilities in the balance sheet and charged to the stslement of financial activities when the grant agreement is signed. Grants due in more than one year are discounted to present value. The discount rate used is determined by the trustees after considering the expected time value of money for the charity. 2.8 Financial instrumonts The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exTrption of bank loans which are subsequently measured at amortised cost using the effecbve interest method. Page 9
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Accounting policies Icontinuedl 2.9 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Critical accounting estimates and areas of judgment There were no estimates of judgments made in the preparation of these accounts, other than the judgment that the charity is a going conTrrn. This judgment was made based on the charity's assets and current cash flows. Investmgnt incomg Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment income 39,166 39.166 35,367 Total 2022 35,367 35,367 Investment management costs Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Administrative expenses Investment management fees 777 777 590 5,669 5.669 6,635 6,446 7,225 Total 2022 7,225 7,225 Page 10
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Analysis of expendituro by activitigs Grant funding of activities 2023 Support costs 2023 Total funds 2023 Total funds 2022 Grantmaking 24,155 2,208 26.363 60,486 Total 2022 57,622 2,864 60,486 Analysls of support Costs Total funds 2023 Totsl funds 2022 Actlvities 2023 Accountancy and independent examination Bank interest payable 2,208 2,208 2,160 704 2,208 2,208 2,864 Total 2022 2,864 2,864 Page11
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Analysis of grants Unrestricted funds 2023 Total funds 2023 Total funds 2022 Stowe School grant Unwinding of discount 35,0(X) 22,622 24,155 24.155 Total 2023 24,155 24,155 57,622 Total 2022 57,622 57,622 In the year ended 2019 the charity entered into an agreement with Trinity College, Cambridge, lo make payments tolaling £1 million over a period of 10 years in six-monlhly instslments. Independent examlnerfs remuneratlon 2023 2022 Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts 2.160 2,160 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 12
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 10. Fixed assot investmgnts Listed Investments Cost or valuation At 6 April 2022 Additions Disposals Revaluations 1,343,278 245,149 {265.9281 169.9711 At 5 April 2023 1,252,529 11. Debtors 2023 2022 Due within one year Prepayments and accrued income 5,583 5,467 5.583 5,467 12. Credltors: Amounts falllng due wlthln one year 2023 2022 other creditors Accruals and deferred income Accrued grants payable lo institutions 22 2,260 120,818 2,370 120,818 123,100 123, 188 13. Creditors: Amounts falling due after more than one year 2023 2022 Accrued grants payable lo institutions 476.290 577, 735 Page 13
SIR FRANCIS PEMBERTON 2007 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 14. ststgmgnt offunds ststgmgnt offunds- currentyear Balance at 6 April 2022 Gainsl Balance at 5 (Losses) April 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 748.461 39,166 132.8091 169.971} 684.847 Statement offunds- prioryear Balance at 6 April 2021 Balance at (Losses) 5 April 2022 Income Expenditure Unrestricted funds General Funds - all funds 712,236 35,367 (67, 711) 68,569 748,461 15. Rolated party transactions During the year the charity also paid £43212022.. £4321 in management fees lo Trumpington Enterprises Limited, a company with directors and shareholders who are also Trustees of the charity. Al the year end £22 12022.. £Nill was outstanding lo Trumpington Enterprises Limited. This balan was unsecured and repayable on demand. Page 14