THE PELL CHARITABLE TRUST REI PORT AND FINANCIAL STATEMFNTS REGISTERED CHARITY NUMBER: 1135398 (or the year elided 31st January 2023 Messrs. Hoaie Trustees 37 Fleet Street London EC4P 4DQ THE PELL CHARITABLE TRUST CONTENTS Page TTU5tee5' Anniial Report Independent Examiner's Report Statem¢nt of Financial Activities Balance Sheet Notes to the Financial Statements 7-10 THE PELL CHARITABLE TRUST TRUSTC4 ES, ANNUAL RF.PORT FOR THE YEIAR ENDED 315tJANUARY 2023 Reference and administiytive information Settlors Gordon Francis Pell Marian Priscilla Pell Dates of Deed5 S¢ttleineDt Deed- 19th Maith 2010 Deed of Retirement and Appointinent- 23rd March 2021 Managing Trustees Gordon Francis Pell Mar￿an Priscilla Pell Oliver David Pell Victoria Lundgren Messrs. Hoare Trustees The statutory powers of appointing trustees applies and shall be exercisable by the settlois jointly or by the sui'vivor of thejn. Nature of Trust A registered charity, IEgistered witli the Charity Coin1￿1$s10ners for England and Wales as number 1135398 Registered Offsce Messrs. Hoare Tnistees 37 Fleet StiEet London EC4P4DQ Independent Exaininei. Moore Kingston Sinith LLP 9 Appold Street London EC2A 2AP Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Investsnent Managers Coutts & Co 440 The Strand London WC2R OQS THE PC4 LL CHARITABLE TRUST TRUSTCI ES, ANNUAL REPORT cont'd. FOR THE YEAR ENDED 31st JANUARY 2023 Report of the Trustees for the year ended 315t January 2023. The Trustees pi'esent their i'eporl along witl) the fiiiaiicial stal¢ments of the charity foi. the year ended 3 1st January 2023. The financial stateiments have been pirpaird in accordance with the accounting policies set out on pages 7 and 8 and coiiiply with the charity'5 Trust Deed, the Charities Act 201 l and the I'eqtiiiements of the Statoinont of Rccoininonded Pi?ctice applicable to charitie5 preparing their accoiint5 iii accordance with the Financial Repoi'ting Standard applicable in the UK and Republic gf Ireland issued in July 2014. Structure Governance and Mana ement The Pell Ch£ll'ltable Tr115t is a registeiEd chai'ity (niiinb¢r 1135398) and is govemed by tlie following Deeds:_ S¢ttleii)ent Deed dated 19th March 2010 Deed of Ainendment dated 26th June 2013 Deed of Appointment & Retircinant of T]ustees dated 5th April 2016 Deed of Appointment & Retireinent of Trustees dated 231'd March 2021 Th¢ Trustees, who are listed on page l. are responsible for the Jt)anageinent of the Charity. The Chai'ity's finances encompass an Unrest]'icted Fund that coinpri5es capital accounts and incoine accounts. The capital accounts are treated as expendable endowments under the Charities SORP. Ob ec(s and A The Deed directs that the capital (expendable endowment) and incoine of the Charity is to b¢ held on ti'ust for the benefit of all such legally Chai'itable plirposes accoTding to the laws of England and Wales in the United Kingdoin or anywhere in the world as the Ti'ustee5 inay in their absolute dI￿retion think fit. In furtherance of theii. objective5, the Tru5tee5 made a nuinber of grants to charitable organisations both on a one-off and reeuiTing basis. Fundraisin The Charity does not use thii'd paty fundi'aisers. No coinplaints were irceived in the yeai. I'egai'ding our fundiaising practices. Grant makin olic A wide vai'iety of UK chai'itable ¢ause5 have been suppoited. The policy is to Jnake grants to registered charitie5 gvey a wide 17nge of Chai'itable objects. As required by tlie Charities Act 201 l. the Truslees have referred to the Chai'ity Coininission's general guidance on public benefit when forn)ulating the grant making policy. In particular, the Trustees consider how grants can be made to ensLire maximuin benefit flow5 through to the intended ultimate beneficiaries. The grants benefit a niLmbei' of public causes, as detailed in note 4. In shaping our objectives for the yeai. and planning our activitie5, the Trllst¢e5 liaY¢ ¢onsideiEd the Charity Coinmission's guidance on public benefit, iiicluding the guidance 'public benefit.. running a charity {PB2)'. Achieveinents and Perforinance The activitie5 of the Trust reinain satisfactory and the objects of the Trust weir achieved during the year. The trust has continued to generate sufficient funds to enable it5 ￿a￿t-giving activities to cojitinue. Dui'ing the year. the Trustees awarded grants totalling £ 110,000 to registered charities. The Trustees are pleased with the Pr0￿c5S niade in tlie year and look forward to increasing the Charity in size and as such expanding the work with many other ¢hariti¢s and foundations in the years to come. Financial Review Total income received diii'ing the year amounted to £174,712. Total expcnditure, including grants, amounted to £129,474. The net expenditUTe after inveshnent gains and losses amounted to £(8,616). Th¢ financial stateinents foi. the year are Set out on pages 5 to 10. THE PELL CHARITABLE TRUST TRUSTECIS, ANNUAL REPORT cont'd. FOR THE YEAR ENDED 31st JANUARY 2023 Risk Maiia einent The Triistee5 have assessed the Inajor risks tg which the Charity is exposed, in particular those Irlated to the operdtion and finaiices of the Trust, and ale satisfied that 5ySteins air ii) place to ii)anage these inajor ri5k5. Reserves Polic Accordiiig to the Charity Coininission guidance, the Trust's expendable endowjnent is not considered part of tlie Charitys fire reserves. However. this endowment is a consideTable suin, aiid the Capital Can be used at the discretion of the Trustees to flind any deficit on expendituiE. It is theiEfore the view of the Triistees that rhe Ti'ust does not need to hold any additional money in resei've. The Triistees have contiiiiied to aim to biiild an adequat¢ Capital base to eovei. the anticipated level of gi'ants. During the year under review, the investment policy has continued to assist in It)eeting that aim. Other Matter There are no corresponding figures in the Financial Statements as the Charity's financial slateinents were prepared on a receipts and payinents basis iii 2021122. Statement of Tru5tee$' responsibilities The trustees are responsible for preparing the Report of the Trustees and the financial 5tatein¢nts in a¢¢ordance with applicable law and United Kingdoin Accounting Standard5 (United Kingdom Generally Accepted Accounting Pi'actite). Charity law requires the trll5tee5 to PTepgTe financial stateinents for each financial period that give a true and fair view of the state of affairs of the eharity and of the incoining resources and application of resources, including the incoine and expenditiiir, of the charity for that period. In preparing those financial stateinents, the Trustees are reqlliird to: select suitable 8¢coiinting policies alld then apply them consistently,. coinply with applicable acctsunting standai'ds, including FRS 102, subject to any Inat¢rial depaituirs disc105ed and explained in th¢ finan¢ial stateinents,. state whether a Stateinent of Recoininended Pi'actice (SORP) applies and has been followed, subject to any Inaterial depar￿re$ which ar¢ explained in the financial stateinents.. Inake judgements and estiinates that are reasonable and prudent. prepare the fJnan¢ial stateinents 011 a going concern basis unless it is inappropi'iate to presuine that the charity will continue in business. The Ti'ustees air reS￿liS1bIe for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable thein to ensure that the financial stateinents comply with the Chai'ities Act 2011. 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 by the Trustees on.. and signed on their behalf by.. 16-Nov-2023 Date Trustee THE PELL CHARITABLE TRUST INDEPETr4DENT EXAMINER'S REPORT FOR THE YEAR ENDED 31st JANUARY 2023 Independent examiner's report to the trustees of The Pell Charitable Trust I Irpoil to the trustee5 on iny exainination of th¢ accoiints of The Pell Chai'itable Trust (the Trust) foi. the yeai. ended 31 st January 2023. Responsibilities And basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requiitments of the Ch3rities Act 2011 ('the Act'}. I report in respect of my exainination of the Ti'usts accounts carried out under section 145 ofthe 2011 Act and in carrying out my exainination I h1( ve followed all the applicable Directions given by the Charity Commission und¢r Section 145(51(b) of the Act. Independent exarniller's statement I have coinpleted my exainination. l ¢onfii'in that no Inaterial InatteiE have coine to my attention in connection with the examina(ion giving Jne cause to belÈeve thHt in any mat¢rial iespect.. l accounting iecoixts wei'e not kept in i'espect of the T]u3t as required by 5¢Ction 130 of the Act- or 2 tlie accounts do not accoi'd with those records., or 3 the accounts do not comply with the applicable requireiments concerning the form and content of accounts set out in the Charities {Accounls and Reports) Regulations 2008 othei. than any ieqiiiTeinent5 tl)at the accounts give a'true and fair view wl)ich is not a Inatter cojisidered as part of an independeiit exainination. I have no concei'ns aiid have coine across no other Inattei's connection with the examination to which attention should be drawn in this report in ordei. to enable a pi'opei. understanding of ihe accountg to be reached. Adain Fullerton Esq For and on behalf of MooiE Kingston Sjnith LLP 9 Appold Street London EC2A 2AP 16-Nov-2023 Xt&Z U￿ THE PELL CHARITARLE TRUST BALANCE SHEET AS AT31st JANUARY 2023 Notes 2023 FIXED ASSETS Inveshnents 697,698 CURRENT ASSETS Cash- C. Hoare & Co. Cash- Coutts & Co 119,290 20,311 139,601 CURRENT LIABILITIES Creditors- falling du¢ within one year NET CURRENT ASSETS 134,201 NET ASSETS 831,899 FUNDS Expendable Endowment 831,899 Approved by the Trustees and authorised for issue on.. and signed on their behalf by.. 16-Nov-2023 Date Trustee THE PELL CHARITABLF, TRUST NOTEIS TO THE f4lNANCIAL STATEMENTS FOR THE YEAR ENDED 3151 JANUARY 2023 I ACCOUNTING POLICIES (a) Basis of Prep8ration These financial stateinents are piEpaied on a going concei'n basis, Iindcr the histoi'ical cost convention. as Inodified by the revaluation of investinellts being Iiieasured at fail. value Ilu'ough incoine and expenditure withiii the Stateinent of Financial Activities. The financial slateinents liaye been prepared in accoTdaJice with the Financial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102). The Charity is a piiblic benefit entity foi. the piirposes of FRS 102 gnd theiEfore the Charity also prepaied its finclncial stateiments in accoi'dan¢¢ with the Stateinent of Recoininended Practice applicable to chaTlties prepaTing their accounts in accordance witli the Financial Reporting Staiidard applicable iji the UK aiid Republic of Iieland {The FRS 102 Charities SORP} and the Chai'itie5 Act 2011. The financi21 statements are prepared in sterlin& which is the functional currency of the chai'ity. Monetaiy atntsunts in these fjnancipl statejnenls are roiinded to the nearesl pound. The PTincipal accounting policies adopted in the preparation of the financial statements air Set out below. (b) Fund Structure The Expendable Endowm¢nt Fund represent5 those assets which are held for the longer tei'm of the Trust, in accordanc£ with the tei7ns of the Ti'usl Deed. Incoine ai'i5ing on the Expendable Cndownient bund Can be used in the Unrestricted Funds. As an Expendable EndowJi)ent Fund can be used in accordance with the objecis of the Trust, Cdpital can also be spent in certain circumstances in fulfilineni of the Triisi's objects. Any capital gain5 01'105ses arising on the investments held in the Expendable Endowinei)t fiind forin part of that Fund. (e) lrtetsme All income is recognised in the Stateinent of Financial Activities (SOFA) when the conditions for Te¢eipt have been met and tliere is IEa50nable as5uranc¢ of re¢eipt. Where a claiin for repayinent of incoine tax has or will be inade, such incoine 15 grossed up for the tax recoverable. The following accounting policies are applied to different categories ofincoine: Grants Donations Reeeivable Grants and Dojiations are recognised in the SOFA when conditions for receipt have been complied with. Investment liicorne Interest receivable on deposit and 5e¢urities is accoiinted foi. as Et a¢ci'ues. Dividend incoine receivable on securities is accounted for when received by the investinent manger. (d) Expenditure Liabili(ies are recognised as resour¢e5 expended as 50on a5 there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accnjals basis and has been classified under headings that aggregate all costs itlated to the categoiy. The following a¢counting policies are applied to the diffei'ent categoi'ies of expenditure: Costs of Raising Fund5 The costs of raising funds consist of investment manageinent and certain legal fees. Charitable Activities Gr8nts payable are recogni5ed when they are approved by the trustees and the recipient of the grant has been infomied of the ainount to be paid. THE PC4 LL CHARITABLE TRUST NOTES TO THE FINANCIAL STATCI MENTS FOR THE YEAR ENDED 31st JANUARY 2023 I ACCOUNTING POLICIES (Contiiiued) Govern2n£¢ Cost5 Govei'i)ance cost5 coinprise all costs involviiig the public accountability of the charity and its compliance with IEgulation nd good pi?ctice. Tliese costs include costs related to statLltory independent exainination fees togethei. with support costs. (el Fixed Assets Investments al'e stated at inarket Yalue at the Balance Sheet date. The SOFA ineludes the net gains and losses on Tevaluation and disposals throiighout the year. (Q Realised and Unrealised Gains and ￿$se$ All gains and losses ai'¢ takeii to the SOFA as they arise. Realised gains and losses ot) investinents 01¢ calculated as the diff¢i'ence between sales proceed5 and opening market valiie Ipiiichase date if later). Unrealised gains and Iosges are calculated as the differejice between tlie Inai'ket value at the year end and openii)g niarket value {or puicha5¢ date if later). (g) Going concern The triistees have assessed wlietlieT the use of the going concern basis is appiDpi'iate and have considered possible eveiits or cojiditiojis that iniglit cast significant doubt on the ability of the chai'ity to eontinue a5 a going concern. The trustees have made this assessinent for a period of at least oiie year from the date of appi'oval of the fsnancial stateiments. In particiilar the ti'ustees have considered the charity's forecasts and pi'ojection5 and have taken account of pj'essures on donation and investment inconie. After Inaking enquiries the trustees have concluded ihal there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continEies to adopt the going con¢¢i'n basis in preparing ils financial stateit)ents. (h) Flnanelal Instruments The charity has elwted to apply the provisions of Section I I 'Basic Financial Instruments, of FKS 102 to all of its financial insti'umenis. Financial insh'iiinent5 are i'ecognised in the chariws balance sheet when the charity becoine5 paity to tl)e contiactual pi'ovisions of the instruinent. Financial assets and liabilitie5 are offset, with the net ainounts presented in the financial staieinents, when thtTe ig a legally onforceable right to set off the recognised amounts k)nd there is an intention to settl¢ on a net basis or to realise the asset and settle the liability siinultaneously. With the exceptions of prepayinents and deferred ineome all other debtor and creditor balances are considered to be basic financial instiiiinents under FRS 102. See note 9 for the creditor note. (l) Cash and eash tquivalents Cash and cash equiyalents include cash in hand, deposits held at call with banks, other 5hort-tem) liquid investments with original Inattirities of three Inonths or less, and bank overdrafts. ti) Key ESti￿aleS and Judgement5 In preparing financial statements it is necessary to Inake certain judg¢inents, estijnates and assuinptions that afrect the an)OLints recognised iii the financial stateinent5. In the view of the tru5tccs in applying th¢ accounting policies adopted, no judgements were reqiiired that have a significant effect on the ainounts recognised in the finaiicial stateinent5 nor do any estiinates or assuinptions Inade ¢a]ry a significant T15k of mat¢rial adju5tinent in the next financial year. THF, PELL CHARITABLE TRUST NOTES TO THE filNANCIAL STATEMCNTS (CONTINUED) FOR THE YEAR ENDED31st JANUARY 2023 2 DONATIONS RF.CFIVED 2023 Gordon Francis Pell and Marion Priscilla Pell 160.000 100,000 3 INVESTMENT INCOME 2023 Investment incoine Interest on cash deposits 14,392 320 14,712 4 CHARITABLE ACTIVITIES The chai'ity iindertook no direct charitable a¢tivities but awaiyied donations to a number of institutions in furtherance of its charitable activities. 2023 Gi?nts 110,000 Support costs GoveTnance costs (see note 51 12.554 122,554 Crant5 to Institutions British Red Cross Bi'itish Red Cix)ss Ukraine App¢al Buckinghainshire Music Trust DEC - Pakistan Flood5 Appeal DEC - Ukraine Appeal Donmar Warehous¢ Proj¢¢ts Limited ENO Garsington Opera Grange Pai'k Opera Longborough Festival Opera Magic Breakfast National Opeia Studio NatTronal Trllst Opera Awards Foundatiom Royal National The8tlE Royal Opera House Royal Opera House - Recovery Fund TTussell Trust University of Stsuthampton i 10,000 4,51)0 500 5,000 1,000 5,000 2,200 2.000 27,000 1,250 4,850 2,000 1,000 5,000 1,000 1,500 1,200 20,000 5,000 20,000 THE PELLCHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED Jlst JANUARY 2023 5 ANAL YSIS OF GOVERNANCE COSTS 2023 Independent ExamineVs reinunei?tion'.- Fee foi. the year 2,700 Coiitts & Co Platforn) Service Charge Messrs. Hoare Tr115tees.'. Administration fee for the year 747 9,107 12.554 6 FIXED ASSET INVESTMENTS Movement in fixed asset investments 2023 Li51ed investments Mai'ket Value Brought Forward Add .. Piii'chase cost5 Less.. Disposal pi'oceeds Realised loss on disposal (Loss} on revaluation M#rket Value Carried Forivard Capital cash held by bi'oker 736,584 694,065 (696,422) (40,293) {13,586) 6￿￿,348 17,350 Total InveslmeThts at 31st January 2023 697,698 Historical cost as at 3 1st January 2023 787,470 Geographieal AnalysAs United Kingdom investinents Overseas investinents 472,392 315,078 787,470 7 REMUNERATION OF TRUSTEES In the financial year ended 31 sl January 2023, the Trust has no eInploy¢e5 of its own, but has incurred administration fees froin Messi's. Hoare Trustees of £9,107. The ti'ustees are considered to be key mana&Tement personnel. No Trustee received any remuneration or reimbursement of expenses in the year under review. 8 FUND TRANSFERS The Trustees made a transfer of £107,842 from the Expendable Endowment io the UnTestTiCted Fund. 9 CREDITORS 2023 Moore Kingston Smith - Independent Exainination Fee S,400 5,400 10 RELATED PARTSES In the year the charity received donations totalling £160,0(K) from the trustees.