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 inCUr￿d 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