Sir Francis Pemberton 2007 Charitable Trust Charity Registration No: 1125953
Trustees' report and unaudited accounts For the year ended 5 April 2025
Sir Francis Pemberton 2007 Charitable Trust
Legal and administrative information
Trustees JW Pemberton F J Rouhani T R Pemberton Charity number 1125953 Principal address Enterprise House Maris Lane Trumpington Cambridgeshire CB29LE Accountants S&W Partners LLP Accountants Stonecross Trumpington High Street Cambridge CB2 9SU Independent examiner Craig Henderson FCCA S&W Audit Chartered Accountants Stonecross Trumpington High Street Cambridge CB29SU Investment managers M&G Securities Limited 10 Fenchurch Avenue London EC3M 5AG James Hambro & Partners LLP 45 Pall Mall London SWIY 5JG
Sir Francis Pemberton 2007 Charitable Trust
Contents
| Page | |
|---|---|
| Trustees’ report | 1-3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notestotheaccounts | 7-11 |
Sir Francis Pemberton 2007 Charitable Trust
Trustees' report for the year ended 5 April 2025
The trustees present their annual report together with the accounts of the charity for the year ended 5 April 2025.
The accounts comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objects and activities
The trustees hold the capital and income of the Charity upon trust to 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 charitable) as the Trustees may in their discretion think fit. On 3 September 2013 the Charity Commission gave its approval to 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 (PB2)'.
Achievements and performance
Results for the year
The funds of the charity are invested in equities and bonds.
The Trust recorded a net loss on the valuation of its investment holdings of 1.1% (2024: 6.1% gain) in total during the year, and details of the investment portfolio and the changes during the year are shown in note 9 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 to pay £1million to fund the post for 10 years, the grant to be paid in 6-monthly instalments over that period, ending in 2027.
During the year no donations were made (2024: £15,000).
Investment policy and performance
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 two different firms of investment managers.
Financial review
Financial position at year end
During the year the charity received investment income of £39,374 (2024 - £38,882). Costs of managing the investment portfolio were £5,361 (2024 - £5,439), resulting in a surplus on investment activity of £34,013 (2024 - £33,446). The charity received no donations (2024 - ENil).
Grant commitments made during the year totalled £Nil (2024 - £15,000). Grants actually paid were £50,000 (2024 - £140,000). Adjustments for discounting of future grants were a charge of £15,382 (2024 - £20,665). Support and Governance costs were £2,860 (2024 - £2,780). This resulted in the Trust having free reserves at the year end of £730,718 (2024 - £727,445).
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Sir Francis Pemberton 2007 Charitable Trust
Trustees' report for the year ended 5 April 2025
Going concern
The Trustees have a reasonable expectation 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 details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
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.
Principle funding
The principal funding source is investment income and donations.
Structure, governance and management
Constitution
Sir Francis Pemberton 2007 Charitable Trust is a registered charity, number 1125953, and is constituted under a Trust deed.
Methods of appointment or election 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 time by a resolution of a meeting of the Trustees, provided that a memorandum declaring such appointment shall be signed as a deed.
Organisational structure
According to the governing document there shall be between one and four Trustees. The Trustees must 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 two Trustees (except in the case of a sole Trustee) and every issue may be determined by a simple majority of the votes 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 to day management of the Charity is delegated is
J W Pemberton.
Risk factors
The trustees have reviewed the risks to the charity's assets and are satisfied that adequate controls are in place to mitigate these risks. The risks are reviewed on a regular basis.
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The deed of trust is dated 15 November 2007, as amended by Deed of Amendment on 3 April 2014.
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Sir Francis Pemberton 2007 Charitable Trust
Trustees' report for the year ended 5 April 2025
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (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.
On behalf of the board of trustees
JW Pemberton (Chair of Trustees)
Date: 16/02/2026
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16/02/2026
Sir Francis Pemberton 2007 Charitable Trust
Statement of Financial Activities for the year ended 5 April 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|funds|2025|2024|
|Notes|£|£|£|
|Income|
|Investment|income|2|39,374|39,374|38,882|
|Total|income|39,374|39,374|38,882|
|Expenditure|
|Costs|of|raising|funds|3|5,361|5,361|5,439|
|Expenditure|on|charitable|activities|4|18,242|18,242|38,445|
|Total|expenditure|23,603|23,603|43,884|
|Net expenditure|before|gains on|
|investments|15,771|15,771|(5,002)|
|Net|gains|on|investments|(12,498)|(12,498)|47,600|
|Net|movement|in|funds|3,273|3,273|42,598|
|Total funds|brought forward|727,445|727,445|684,847|
|Total funds|carried|forward|730,718|$730,718|727,445|
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All incoming resources and resources expended derive from continuing activities.
The notes on pages 7 to 11 to form part of these accounts.
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Sir Francis Pemberton 2007 Charitable Trust
Balance sheet as at 5 April 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|Notes|£|£|£|£|
|Fixed|assets|
|Investments|8|1,105,498|1,182,708|
|Current|assets|
|Debtors|9|5,815|5,699|
|Cash|at|bank|and|in|hand|83,176|37,055|
|88,991|42,754|
|Liabilities|
|Creditors:|amounts|falling|due|within|10|(150,597)|(101,898)|
|one|year|
|Net current|assets|(61,606)|(59,144)|
|Total|assets|less|current|liabilities|1,043,892|1,123,564|
|Creditors:|amounts|falling|due|after|11|(313,174)|(396,119)|
|more|than|one|year|
|Total|net|assets|730,718|727,445|
|Charity funds|
|Unrestricted|income|funds|730,718|727,445|
|Total|charity funds|730,718|727,445|
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The accounts were approved by the trustees and authorised for issue by the Trustees and signed on their behalf by:
JW Pemberton
(Chair of Trustees)
Date: 1 6/02/2026
The notes on pages 7 to 11 form part of these accounts.
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Sir Francis Pemberton 2007 Charitable Trust
Notes to the accounts for the year ended 5 April 2025
1 Accounting policies
1.1 General information
The charity is a registered charity, number 1125953, and is constituted under a trust deed. The principal office is Enterprise House, Maris Lane, Trumpington, Cambridgeshire, CB2 QLE.
1.2 Basis of preparation
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective1 January 2019). 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 (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice 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 historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.3. Going concern The Trustees are confident that the charity has adequate reserves and resources to continue operations for the future and is well placed to manage its business risks successfully. For this reason, they continue to adopt the going concern basis in preparing the accounts.
1.4 Income recognition
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All income is recognised once the Charity has entitlement 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.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can 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 to 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 to a single activity are apportioned between those activities on a basis consistent with the use of resources. 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 its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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Sir Francis Pemberton 2007 Charitable Trust
Notes to the accounts for the year ended 5 April 2025
- 1 Accounting policies
(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 met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.7. Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 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.
1.10 Liabilities Liabilities are recognised when there is an obligation at the Balance sheet date 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 settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to 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 statement 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.
1.11 Financial instruments
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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.12 Fund accounting General funds are unrestricted 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.
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Sir Francis Pemberton 2007 Charitable Trust
Notes to the accounts for the year ended 5 April 2025
2 Critical accounting estimates and areas of judgement
Accounting estimates and areas of judgment have been used in the preparation of these accounts. Firstly in relation to the judgment that the charity is a going concern. This judgment was made based on the charity's assets and current cash flow. Secondly in relations to the discounting of a grant. The discount rate used has been 1.03%.
3 Investment income
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Dividends | 38,215 | 37,784 | ||
| Bank interest | 1,159 | 1,098 | ||
| 39,374 | 38,882 | |||
| 4 | Other expenditure | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Costs ofraising funds: | ||||
| Investment management fees | 4,929 | 4,986 | ||
| Admin expenses | 432 | 453 | ||
| 5,361 | 5,439 | |||
| 5 | Total expenditure on charitable activities | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Expenditure on charitable activities: | ||||
| Grants payable (note 5) | 15,382 | 35,665 | ||
| 15,382 | 35,665 | |||
| Supportcosts: | ||||
| Accountancy and independent examination | 2,772 | 2,/80 | ||
| Bank charges | 88 | - | ||
| 2,860 | 2,780 | |||
| 18,242 | 38,445 |
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Sir Francis Pemberton 2007 Charitable Trust
Notes to the accounts for the year ended 5 April 2025
6 Grants payable
Grants payable comprises grants to institutions for the following charitable purposes:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Stowe School | - | 15,000 |
| Unwinding of discount | 15,382 | 20,665 |
| 15,382 | 35,665 |
In the year ended 2019 the charity entered into an agreement with Trinity College, Cambridge, to make payments totaling £1 million over a period of 10 years in six-monthly instalments.
7 Independent examiner's remuneration
The fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts were £2,772 (2024: £2,640).
8 Trustees
During the year, no Trustees received any remuneration of other benefits (2024: Enil).
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024: Enil).
| 9 | Fixed asset investments | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Cost orvaluation | |||
| At 6 April 2024 | 1,182,708 | 1,252,528 | |
| Additions | 248,545 | 194,770 | |
| Disposals | (313,257) | (312,190) | |
| Revaluations | (12,498) | 47,600 | |
| At5April2025 | 1,105,498 | 1,182,708 | |
| 10 | Debtors | 2025 | 2024 |
| £ | £ | ||
| Prepaymentsandaccruedincome | 5,815 | 5,699 |
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Sir Francis Pemberton 2007 Charitable Trust
Notes to the accounts for the year ended 5 April 2025
11. Creditors: amounts falling due within one year
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||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Trade|creditors|2,759|2,519|
|Grants|payable|144,980|96,653|
|Accruals|and|deferred|income|2,773|2,641|
|Other|creditors|85|85|
|150,597|101,898|
|12|Creditors:|amounts|falling|due after more|than|one year|
|2025|2024|
|£|£|
|Accrued|grants|payable|to|institutions|313,174|396,119|
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13 Fund analysis
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||||||||
|---|---|---|---|---|---|---|
|Balance|at|Gainson|Balance|at|
|6|April|Income|Expenditure|investments|5|April|
|2024|2025|
|£|£|E|£|£|
|Unrestricted|income funds|727,445|39,374|(23,603)|(12,498)|731,150|
|Total funds|727,445|39,374|(23,603)|(12,498)|731,150|
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14 Related party transactions
During the year the charity paid £432 (2024: £432) in management fees to Trumpington Enterprises Limited, a company with directors and shareholders who are also Trustees of the charity. At the year end £86 (2024: £86) was outstanding to Trumpington Enterprises Limited. This balance was unsecured and repayable on demand.
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