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2023-12-31-accounts

Panmure Liberum Foundation

(Formerly known as Liberum Foundation)

(A Registered Charity & Company Limited by Guarantee)

Annual Report & Unaudited Financial Statements

For the year ended 31 December 2023

Company Number: 07196199 Charity Number: 1137475

Panmure Liberum Foundation

Reference & Administrative Information

Directors & Trustees: S Le Prevost (Chairman) C Doherty (Resigned 15 Jan 2024) N Clarke (Resigned 20 June 2024) W Thomas C Metcalfe C Howlett T Medak A Foster (Resigned 20 April 2023) Secretary: R Gordon Registered Office: Ropemaker Place, Level 12 25 Ropemaker Street London EC2Y 9LY Bankers: Liberum Wealth Limited 1st Floor, Royal Chambers St Julian's Avenue St Peter Port, Guernsey GY1 3JX Independent Examiners: Moore Kingston Smith LLP 6[th] Floor 9 Appold Street London EC2A 2AP Solicitors: Bates Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH

Panmure Liberum Foundation

Contents
Trustees’ Report 4
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12

Panmure Liberum Foundation

Trustees’ Report

For the year ended 31 December 2023

The Directors and Trustees (collectively the “ Trustees ”) present their report along with the financial statements for Panmure Liberum Foundation (the “ Charity ” or “ Charitable Company ”) for the year ended 31 December 2023. The Charity changed its name from Liberum Foundation to Panmure Liberum Foundation on 25 July 2024. This report is a Directors’ Report as required by Section 415 of the Companies Act 2006 and a Trustees’ Report as required under the Charities Act 2011.

The Charity is constituted as a company limited by guarantee and is governed by the Memorandum and Articles of Association dated 19 March 2010 (the “ Memorandum & Articles ”).

The financial statements have been prepared in accordance with the accounting policies set out on page 12 and comply with the requirements of the Memorandum & Articles, the Companies Act 2006, the Charities Act 2011 and the FRS 102 Charities SORP.

Structure, Governance & Management

The Charity was established in 2010 by Panmure Liberum Capital Limited (the “ Member Company ”) who is the sole member and sole guarantor of the Charity.

The Member Company has a history of charitable giving both as a company and through individual employees actively raising money themselves for their nominated charities. Following requests from its employees, the Board of the Member Company (the “ Board ”) felt that the business was established and mature enough to support a more proactive approach to “giving back” and therefore decided to establish the Charity.

The Charity relies on the financial contribution and participation from the Board and Employees of the Member Company (the “ Employees ”) in fundraising activities. The Trustees are appointed by the Member Company and include representatives from the Board and the Employees. Although they consider the views of the Employees and the Board, the Trustees collectively make decisions regarding the nature and amount of donations made by the Charity. The powers, responsibilities and decision-making authority of the Trustees are governed by the Memorandum & Articles. In 2021, the Board agreed to donate an annual amount to the Charity equivalent to 0.5% of the Member Company’s EBITDA, with a minimum payment to the Charity of £75,000 per annum.

The Trustees established a fundraising committee to meet to discuss and organise fundraising events in order to make the decision-making process in respect of fundraising ideas more efficient. All Trustees meet on a half-yearly basis to monitor the progress of Projects that the Charity has funded and to consider other donations.

All Trustees give their time voluntarily with no trustee remuneration being paid during the year. It is anticipated that further volunteers will be invited to apply to join the Charity as Trustees in the coming year on a rotation basis. When the Charity appoints new trustees they are given an introduction to the Charity’s activities and briefing information about their role as a trustee.

Panmure Liberum Foundation

Trustees’ Report for the year ended 31 December 2023 (Continued)

Objects & Activities

The objects of the Charity are for the public benefit, to pursue any purposes that are charitable from time to time, particularly:

the advancement of education, training and employment;

economic and community development.

By making grants to individuals and organisations to support Projects that are aimed at helping children and young people and other members of society or other charitable purposes as determined by the Trustees.

Grant Making Policy

In order to obtain maximum benefit, the Trustees have maintained a structured approach to grants and donations; with the majority of the funds available being used to fund Projects with charities that the Charity has previously supported, being registered charities, whose objects and activities mirrored that of the Charity’s (the “ Anchor Charities ”) being:

School Home Support (“ SHS ”): helping disadvantaged children stay in education.

During the year, the Trustees made donations totalling £70,888 (2022: £68,530) to fund specific Projects (the “ Projects ”) with the Anchor Charities described below:

School Home Support: in November 2023 the Charity donated £35,200 in order to continue to support a project which involved the provision of SHS practitioners at two primary schools in North London and a college of higher education in East London, as well as a contribution to the SHS Welfare Fund. The funding benefitted children and parents as well as leveraging further matched funds support directly from each of the institutions. Regular reports were received during the year from SHS regarding progress made by the practitioners in the schools. In addition to this a collection was undertaken by the Employees to provide Christmas hampers for families linked to SHS practitioners and the Charity made an ad hoc donation of £348 to support SHS’s World Book Day.

Place2Be : in July 2023, the Charity donated £35,200. P2B provides counsellors in schools to provide mental health support and guidance to children, parents, and teachers, with the aim of providing early intervention to prevent greater mental health issues later in life. Through the relation with P2B, webinars on mental health are made available to the Employees and Employees are given the chance to participate in DIY days to help improve the facilities at schools in deprived areas of London.

Panmure Liberum Foundation

Trustees’ Report for the year ended 31 December 2023 (Continued)

Public Benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

Achievements & Performance

The Charity’s main focus during the year was on developing its relationship with the Anchor Charities, identifying, and meeting potential Anchor Charities and exploring alternative funding opportunities and fundraising. The Charity successfully raised a total of £79,723 during the year (2022: £77,437) which mainly consisted of a donation from the Member Company, and from fundraising events organised by the Trustees and Employees throughout the year. The remaining funds were raised from other ad hoc donations and events organised by the Trustees and Employees.

Plans for the Future

On 16 January 2024, the Member Company announced its all share merger with Panmure Gordon Group Limited (the “ Merger ”) and the Member Company is now a wholly owned subsidiary within the Panmure Liberum Group (the “ Group ”). Following completion of the Merger in May 2024, the Trustees continue their ongoing review of the structure of the Charity, with particular emphasis on:

Review of the Trustees;

Financial Review

The movement of the Charity’s financial resources for the year is shown in the Statement of Financial Activities on page 10. The highlights are:

Panmure Liberum Foundation

Trustees’ Report for the year ended 31 December 2023 (Continued)

Risks

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to internal controls and the granting of funds and are satisfied that systems and controls are in place to mitigate exposure to these risks.

Related Parties

The Member Company is the sole guarantor of the Charity and it relies on the financial contribution and participation from the Member Company, the Board and Employees to achieve its objectives. Furthermore, the majority of the Trustees of the Charity are Employees of the Member Company.

During the year, the trustees made donations totalling £nil (2022: £nil). Gift aid of £nil (2022: £nil) was received in respect of these donations. During the year the trustees did contribute towards the various fundraising events that were held.

Reserves Policy

In the Trustees’ view, the reserves should provide the Charity with adequate financial stability and the means to meet its charitable objectives for the foreseeable future.

The Trustees propose to maintain the Charity’s reserves at a level of at least £35,000, over and above sufficient reserves held to cover any current liabilities, this being the typical level of one grant made to an Anchor Charity. This ensures that if minded to do so the Trustees can always make further funds available to support the Anchor Charities or for other funding opportunities that may arise, whilst ensuring that all of the Charities financial obligations can be met. Furthermore, it is not the intention of the Trustees to hold excessive reserves which could otherwise be used in supporting its charitable objectives.

The Trustees reviewed the amount of reserves that are required to ensure that they are adequate to fulfil the Charity’s continuing objectives on at least an annual basis, or prior to agreeing to any grants, donations or other methods of funding. The Trustees are aware that the reserves at the 31 December 2023 were in excess of the £35,000 minimum and given their intention to make further grants and pursue other forms of sustainable funding opportunities during 2024; the Trustees deem the level of reserves at the year-end to be appropriate.

As at the year ended 31 December 2023 the Charity held £151,429 (2022: £143,460) in unrestricted reserves and £Nil (2022: £Nil) held as designated funds.

Trustees’ Responsibilities

The Charitable Company is registered as a company limited by guarantee in England & Wales (number 07196199) and a registered Charity (number 1137475).

The Trustees, who are also directors for the purposes of company law, are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the

Trustees’ Report for the year ended 31 December 2023 Panmure Liberum Foundation (Continued)

Charitable Company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Trustees and signed on their behalf by

S Le Prevost

Chairman

13/09/2024

Panmure Liberum Foundation

Independent Examiner’s Report to the Trustees of Panmure Liberum Foundation

I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the Charity’s Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘ the 2006 Act’ ).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘ the 2011 Act’ ). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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.

6[th] Floor 9 Appold Street London EC2A 2AP Date: 17/09/2024

Adam Fullerton, FCA

Independent Examiner

For and on behalf of Moore Kingston Smith LLP

Panmure Liberum Foundation

Statement of Financial Activities (Incorporating an Income & Expenditure Account)

For the year ended 31 December 2023

Notes
Income
3
Member company donation
Member company staff donations
Interest received
Total
Expenditure
4 & 5
Donations and Grants
Other expenditure
Total
Net income/(expenditure)
Total funds carried forward
Total funds brought forward		 2023
2022
£
£
77,054
77,437
2,669
-
2,512
-
82,235
77,437
70,888
70,530
3,378
3,078
74,266
73,608
7,969
3,829
143,460
139,631
151,429
143,460
Total		 2023
2022
£
£
77,054
77,437
2,669
-
2,512
-
82,235
77,437
70,888
70,530
3,378
3,078
74,266
73,608
7,969
3,829
143,460
139,631
151,429
143,460
Total
77,437
70,530
3,078
73,608
3,829
139,631
143,460

The notes on pages 12 to 17 form part of these financial statements

Panmure Liberum Foundation

Balance Sheet

As at 31 December 2023

Notes
Current assets
Cash at bank and in hand
Sundry Debtors
Total current assets
Creditors and accruals
6
Net current assets
Net assets
Unrestricted funds
Total funds
Funds of the charity		 2023
£
154,401
28
154,429
3,000
151,429
151,429
151,429
151,429		 2022
£
146,360
-
146,360
2,900
143,460
143,460
143,460
143,460

For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

Approved by the Trustees on ………..…….……………. and signed on their behalf by

S Le Prevost

Trustee

Company number: 07196199

The notes on pages 12 to 17 form part of these financial statements

Panmure Liberum Foundation

Notes to the Financial Statements

For the year ended 31 December 2023

1 Basis of preparation

1.1 Basis of accounting

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006.

The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity's financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (including update Bulletlin 1) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

These financial statements are prepared on the going concern basis, under the historical cost convention and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principle accounting policies are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

1.2 Financial instruments

Basic financial instruments are measured at amortised cost.

Debtors, creditors and related programme investment

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price and subsequently measured at amortised cost less any impairment.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.3 Going concern

After making reasonable enquiries, and assessing all data relating to the Foundation’s liquidity the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future and do not consider there to be any threat to the going concern status of the Foundation. Therefore, the Trustees continue to adopt the going concern basis in preparing the financial statements and confirm there are no material uncertainties at the date of the approval of these financial statements.

Panmure Liberum Foundation

Notes to the Financial Statements (continued)

2 Accounting policies

2.1 Income

Recognition of income

Income is included in the Statement of Financial Activities (SoFA) when:

Income with related expenditure

Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the SoFA.

Grants and donations

Grants and donations are only included in the SoFA when the Charity has unconditional entitlement to the resources.

Tax reclaims on donations and gifts

Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.

2.2 Expenditure & Liabilities Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources.

Grants with performance conditions

Where the Charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Charity.

2.3 Taxation

The charity is exempt from corporation tax on its charitable activities.

2.4 Funds structure

Unrestricted funds are funds which are used in accordance with the charitable objects at the discretion of the trustees. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

2.5 Critical accounting estimates and areas of judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. There are no judgements and estimates are considered by the Trustees to have a significant effect on amounts recognised in the financial statements.

Panmure Liberum Foundation

Notes to the Financial Statements (continued)

3 Analysis of income

Analysis of income
Charitable activities
Member company donation
School Home Support
Other income
Member company staff donations
Interest receivable
Interest receivable		 2023
2022
£
£
75,000
75,000
2,054
2,437
77,054
77,437
2,669
-
2,669
-
2,512
-
2,512
-
Total
77,437
-
-
-
-

Panmure Liberum Foundation

Notes to the Financial Statements (continued)

4 Analysis of expenditure

Analysis of expenditure
Donations & grants
School Home Support
Place 2B
Launch IT
Bank charges & interest
Bank charges
Legal & professional fees
Independent examination - current year
Independent examination - under accrual		 2023
2022
£
£
35,548
36,277
35,340
32,253
-
2,000
70,888
70,530
206
-
206
-
3,000
2,900
172
178
3,172
3,078
Total
70,530
-
-
2,900
178
3,078

Panmure Liberum Foundation

Notes to the Financial Statements (continued)

5 Grantmaking

Grants were made during the year to fund specific projects with two main charities, being registered charities whose objects and activities mirrored that of the Charity's. Although the grants were made to fund specific projects or activities, there were no specific performance conditions attached to them.

School Home Support
To fund SHS practitioners in three schools in the London
area to help to keep disadvantaged children in education
Place 2B
Other institutions
Total grants to institutions		 2023
£
35,548
35,340
-
70,888		 2022
£
36,277
32,253
2,000
70,530

Panmure Liberum Foundation

Notes to the Financial Statements (continued)

Creditors & Accruals
Amounts falling due within one year
Independent examination		 2023
£
3,000
3,000		 2022
£
2,900
2,900

7 Related parties

Liberum Capital Limited (the "Member Company") is the sole guarantor of the Charity. The Charity relies on the financial contribution and participation from the Member Company, its Board and Employees to achieve its objectives. Furthermore the majority of the Trustees of the Charity are employees of the Member Company. During the year the Member Company donated £75,000 (2022: £75,000) to the Charity.

During the year, the trustees made donations totalling £nil (2022: £nil). Gift aid of £nil (2022: £nil) was recieved in respect of these donations. During the year the trustees did contribute towards the various fundraising events that were held.

8 Remuneration

All Trustees give their time voluntarily, no remuneration or expenses were paid during the year. The Charity has no employees.

9 Reserves

Unrestricted
Total		 Funds as at 1
January 2023
143,460
143,460		 Income
82,235
82,235		 Expenditure
(74,266)
(74,266)		 Transfers
-
-		 Funds as at
31
December
2023
151,429
151,429

10 Limited liability

The Panmure Liberum Foundation is a Company limited by guarantee and as such does not have any share capital. In the event of winding up the liability of each member is limited to £1.