Registered Company No.. 07401007 Registered Charity No: 1139109 PIMCO Foundation Europe (a company limited by guarantee) Report and financial statements for the year ended 31 December 2023
PIMCO Foundation Europe Report and financial statements for the year ended 31 December 2023 Contents Charity deta5 Directors, repryt IndeFendent auditors, reFQrt statement of financial activit 11 Balance sheet 12 statement of cashkn 13 Notes to the finanaal statements 14
PIMCO Foundation Europe Charity details Stsfv$ PIMCO Foundation Europe is a wivate corrpny limited by gUalee, company numbèr 07401007. was incorporated on 8 Odober 2010. It was reg¢slered in England and Wales as a charity on 18 Novernber 2010. nwnber 1139109. Dlr•¢tor4 and Trust••• Ms Vishalak5hi Maroala Ananthanarayanan Andreas 8emdt (Apwinled 27K17120231 Mr Ryan Bkjle Mr Cravj Dawson. Chairman Mr Ketishweran Pothalingam IResvJned 2710712023) Mr Thomas Re, Company Secrdwy PrInci1 offico l R•glst¢rgd offic¢ 11 Bakèr Strget London W1U dfjpendt Auditorn Saffèry LLP 710ueen Victoria Street London EC4V 48E Bank•rs Citsbank NA 25 Canada Square Canary Wharf London E14 5LB Sollcltors Stone KiThJ LLP 16 Sl Jthn's Lane London EC1M 48S
PIMCO Foundation Europe Directors. report for the year ended 31 December 2023 The Directors, who are aLso the Trustees of PIMCO FouThJatr)n Europe Foundation"). present th"r reF4Jrt and audf(ed financaal stalements for the year to 31 December 2023, which have baèn prepared in accordance wrth the Char.S Aet 2011. the Companies Act 20(. Ihe Memorandum and Artides of Assooation. and Accounts"ng and Repc¥ling by Chariti"es." Slatement of R8wmmended Prath'ce I'SORP") appIAble to thanties preparsrrfj their accx)unts in accordance wrth thè Financial Roporting StsrKlard applicab18 in the UK arbj Republi¢ of IrelaThJ IFRS1021 IS8d edition). The ¢h¥rity detai15 C page 1 fomi part ofthis rw. Gov•rnlng doCumts Thè Frwndalion is a Charitab hmited by guarantee governed by rfs Memorandum and Artides of Association. # was irKx)rporated on 8 October 2010 and regislered with the Charity Comrnisshjn as a charity on 18 Novemtr 2010. The $ole men4)er of Ihe FoundatNJn is PIMCO Ewcye Ltd I'PIMCO Ewcfje). ObJts and actlvltles for the publk benefft The objects of Ihe FWnda1i we to help rthnmunty and other charitable causes where it belydves a FK)SitibE difference can be made. Th• chaiity is regist8red in ENJland and Wakn. The ongow)g strategy of the FouTrJatlr 1$ to make gwts pursuant lo tts objects from funds donaied currenl empknyees and directors of PIMCO Europe and its affiliate5. The Foundation ha èstablished benchmarks for making donalions for th¥11ae purposes. These KJude a programmè of matching eontrilmth.tsns rnade by employees of PIMCO Ewope rts affilates. In addon the Oirectocs may make conth"bub"ons to othw registered chattrs whK satisfy the uiieria they have $stablished. Gonsequentty. the DirectrKs consKleT that it is apprcynate to disdose the lunds as unrestrtSd. Thè Directors pursue a Ioad $tratg9y of ensurn9 proper due diligence in the assessment of sffant applulions re9ard to. amcry othw thirws; proper idènbfieAtitin of grant reripwls.. establishing that grant rpO$ are charitab- and ensuring the gaIof making grants to the recipi&)ts. The Directors have paKI due regard to thè Charrty C¢)mmissK>n's gLidan¢e on pubkc benefi( as required by Sectth)n 4 of th& Chaiities Act 2011, when reviewi)g the obj.ects and ongoing strategy of thè Foundation. In particular. the Directors have &)nsidered wthether grants being awarded by thè Foundation are for the pubk bèn•1 The FoundatK)n has estatIShed its 9ranl rnakirs pobcy to achieve its obie(ts for the publ benefit. ensures that proper due dth"9ence 15 [rtaken to establish that pr0$ed proje¢t$ are chWItab. Directorn and TnNt¢•s The Oire(#ors of the Fothidalion ¥tho held offic during the yw ar• nolèd on page 1. Th• Director5 did not hohj any benefi¢ialinlere5t in FOu18tiOn at 31 Decmb8r 2023 or at any time dLrring the year.
PIMCO Foundation Europe Directors, report for the year ended 31 December 2023 (continued) Appointmwrt ot Dir?r• The Dwectors of FOundatn are aL80 the Trustees for tha of chaity L7w. AJI Di18etors are elected by PIMCO ELtrope wrsuant to the Foundalion's ArtS of Association. Th¢ number of Director5 appointed shal noi be les5 than three t5 not subj'eci to any maximum numbèr. Tr etIoN and tsainln9 New Oyectofs are briefed on their gaI obl•Jatn$ and powers as company Directors and charity Trustees. New Directors are also provhd wAh a copy ofthe Foundalion's Memorandum and Articl oIAssCIation. and nformation w the history and stwclure ofthe Foundation. as wdl as the dec4sion making wocesses. prJi¢ies and the fuiwe rAans and ObltiveS of the FourhdatKJn. Oryanlsatlon The Directors are responsible for the Strateg [reCtI)n and poliy of the Foundation and, subject to any prudent delegation to ath5er5 and agents. make all substantive deci5KJns in relation to the Foundation. In thJrtheranrE of thts. the Diredors mtet a5 arKI when required. The Directors may delegatè any of their PMfS funciThs to committees bth the tems of dèl8gakn.on must b agreed in advance. The Fwndation has established an investment CLMnmtttee chair•d by onè of thè rectors. The Directors meet regularty to the 9Wt #thryty of ts Foundati and its veStment R•vi•w of activits•• The Foundation's acts¥ibe5 are Imited lo the making of grants pursuant to its ch¥itabJe purposes and the putrlic benefft. In the year. the Foundab"on has receNed donations. lsUred that fvnds are held scur•ly and invest1 arKI mada grants for charitablè purKNJSèS in aecordan¢e wrth the Crrteria it has established. In addth"on, the Ftyjndat acbvefy encovrages staff of PIMCO Europe tts en9a9e in other direct charitat4e aciNii*s. Cash grants awarded during the year arTh)le lo £1.410.270 {2022'. £980.1611. The employees of PIMCO Europe also worked th a number of chan"be5 on a variety of volunteerirvj projects. The Trustees take Ihew resp)nSIlitIeS under the Chaithes (Protection and Sotsal Irwèstmenll A 2016 seriousty and have conswjered thew impact on the charity's actithbes. The Charrty not raise fvnds from the general ptknlr. Its polry is nol to engage in active bJndra1ng at this timè and it has received no ccfflplaints in relalion lo its fvThYraising athiiies.
PIMCO Foundation Europe Directors, report for the year ended 31 December 2023 (continued) R•vl•w of transactlons and fneal posltion During thè yèar, thè FLwndab"on reNed donatws of£1.386,81512022'£1,133,4911 and invests))8nt income of £150,541 12022".£126.6381. This incomt was appled to fvrihemg Ihe ObjecVe5 of the Foundation and the Direciors mad8 grants totalling £1,410.270 {2022..£980.161} during the year. The net rnovement in funds for th& yèar. a$ shm) in the statement offinancial thibes, anM)unttd to a surpkls of £481.075 (2022.. defi(il of £188.030). The value ofthe Foundation's nèt assets al 31 Dewnbw 2023 was £6.861.624 {2022'. £6,380,549). Inve$lJnent pobcy •nd p•rformanc• In accordance wrth the Foundatson's Ad•S ofAssocth"on lh# OYe(knr5 have Ihe lo invest in such 5tocs. share5 and investments as they see frt and the power to dekgate the mana9èment of Such investments lo a sulFo)rnmittee or a Onal expert. Folkmting consideration of the investment management semces of variw5 service provider5, and mindful of Ihew duties as charity Trustees to act pnKlenty and to diversfy ihe investments of the FJndat10n appropriataty. lh& Directors 3reed to invest a pNtlcAio of fvnds managed by PIMCO Europe. PIMCO Evrc4)e does not charge a feè for managing the Foundation's fvnds. The irwestment polry is subjecl to regular rep¢ytirvJ and rewew. The Directors consider Ihe grant requirements each year and thè amount of investment inrne that w1 be generated from the investments held. Thg tlrectors have monitored the perf0mnCe of investments in the ytaf by wewing investment report5. InvÈslment income in the year amounted to £150.541 12022'£126.6381. The value ol Ihe FouThjth"('S inveslments Ina$¢ during the y¢¥ by £453.123 (2022.. decleed by £28.1981. Th toial F4ytlc4io grtswlh forthe year was a p05itiNE 112%12022'. Negati4e 7.1%). Polky •tstsm•nt on r•r•S The lunds at 31 December 2023 wll be retained to generate investhnI irKLYne and to m&è grants ) accordate wth the FOundatK,5 charrtable 0tr4'e¢ts and pothc. Plans lor lubJ developments The Foundalion aims to lI[le lo encovrw gi¥ing by the empbyees of PIMCO Europe by matching their char5table donalions up to limrts sét by thè FtsUrbdat. h will also continue lo make grants to chants approved by the Directors.
PIMCO Foundation Europe Directors, report for the year ended 31 December 2023 (continued) The Direclors Ivtho aro aso TnJst6es of Ihè FouThJalThi for the purposes of dlIty lawl are responsible for prepThJ the Directors, Report and the financial 5tstements in accordan( with applicable law and United lQngdom Accounting Stand¥th (Unrted Kingdom GOralty ApIed A¢¢ounting Pra¢tKe}. Cornpany law rewires the threctors to wep• financial statements for eath year which s¥ve a true and fair of Ihe state of affairs of the Foundalion and of the incoming resour$ and apPI1n of resources. inrAuding the income and expendrture. of the Foth)dab'on for that finanaal year. In preparirrfJ these financial statements. the Dweclors are rwuired to.. selecl suitable xcounting pcAicies and th apply thèm o$istsntly', Pfepare the accounts in ac(rdanCe with the SORP". m8kejudgements and estimates that are reasonab wudenl". stalé whèther applicable UK aco)unling slandards have been fcllowed, subject to any matenal departures disch)sed and expbined in the fin8nc4al statements.. and prepare the finanaal statements on the going conc8m basis untes$ it is inapkyoprth to presume that the Foundaticm ¥1 ccmtynue in business. The Directors are responsible for keermrg adequale accounting Tecords thal a sufficieni to show and extyain the FoundatK)n's transath.ons al disdose wth rea50nabbe aowrary at any lirne the financial poSit)n of the Foundats" and 8nat)la thèm to ènsure th the finanryal statements comply th the Companies Aca 2(H)6 and the SORP. They are also responsible for safeguarding tht assets ol the Foundation and hen fcff taking reasonable sleps for the prevention and d&tectb)n of fraud and other ineguL4nbt$. Audlt So lar as each Director is aware. there is no relev1 audit nfOalon of which the FoLtndation's 3jit is unawa. and they have taken 81 the steps they oughl lo have taken as Directors in order to make themselves awarè of any alIt informab.on and lo that the Foundaticffl's auditor is aware of Ihat Inf0Ml)n. Internal conlmlj the mitigation of m•ior risks The FouThJation has a risk manapment woeess that en5ure5 that arvropriate steps are taken to mitigate risk. The Directors have assessad Ihèse and are $"sfied that reasonable steps are being t¢en to mitigale exposure to these risks. The DireCtS havè 0¥oral resFonsknility for en$urbng thal the Foundab'on has a system of intemal ryjntrol to mitNJate the risks idenbfied. In respect to specfft financial risks 1mpath.ng thè FoundaliM. Il Oire¢Aors rnonitorthe performance of the FoundatKJn's investmènts and approvè the lèvaf of gTants to be awarded laking into aCC)Unt avalable funds. Suffhient reserves have been allated for working caprtal needs and there are no lon*tefrn bofrowings.
PIMCO Foundation Europe Directors, report for the year ended 31 December 2023 (continued) Audi¢0 Saffery LLP wérè rèapptynled as audrtiws of the c(¥npany at the Board maèling hald on 14 March 2024. This raport has been ac¥xrdance wilh the SORP.. Aco)wrting Rewth"NJ by Charitiès IFinancial Repthling sIdards app&cabl• in the UK and the Repubk of Ireland IFRS1021 Isecond edItnI. (Charities SORP- FRS102} and in acCOrdar the prowsK)n, applicable to companies •tttd to the small exempl1. On behalfof the Board of Dreclws CravJ Dawson Chairnian Oate.. 21 May 2024
PIMCO Foundation Europe Independent auditors, report to the Directors of PIMCO Foundation Europe Opinlon We have audited the finanraal statements of PIMCO Fc4mdation Ewope for th• yèar èndèd 31 December 2023 whil comwi5e the Ststement of Financaal Actmbes, Balance Sheet. Statement of C8shfflryws notes to the fincIal statements. induding SnffThnt amyjnting polici•s. The flnancal reports.ng framwoth that has been applied in thèir preparath)n 15 apF4icable law and United Kingdom Accovnting Standards. inchJdw)g Financial R•porbng Stsndard 102. thè Financial Reporting Standard applicable in the UK and Republ of Ireland (United Kingdom GenernI Awpled A¢UntIng Practice). In our ownion thè financwl ststwnents.. gNè a true and lairmèw ofthe (arrtlg company's stste of affairs as al 31 December 2023 and of its (In1rj resources and appltsknon of rèsourtss. widudin9 rt5 income and expenditure. for the year then ended.. havè en properly prepared in wilh United lfjngdom Generalty Accepted Accounting Pract,. and have been prepared in a¢>>)vda with the Cornpar4es Act 2(Kl6. Basls for oplnlon We conduded our audit in 0rdarKe with Internall Standards on Audrting {UK) IISAS (UK)) and applcable law. Our reSSibI1rts under those standards a further described in th• auditoTs' responsibilities lor the audit of the anual 5talementS sectw of our report. We are independent of the charitable company in accordance with the ethical requirements Ihat are relevant to our audit of Ihe financAal statements in Ihe UK, inchjding the FRC'S Eth Standard, arml we have fvlfrlled our other ethical responsiblities in accordanc• wilh thèse requirèments. We beffièvg that the audit e¥idence we have obtained is suffKxent and ap0pe to provide a basrts for our Lynitin. Concluthths rnltlng to golng ¢on¢¢m In auditing the finanual statements, we have conthded that the trustees. use of the 9ong nCern basis of uting in the preparation of the finarKial statemènts is appropnalè. Based on the work we have perfrned. we have not identified any material UnrtaIntieS retating to events LY conthtK)ns that. irKli¥1alPY or collecthty. may cast wgnificanl doubl on the chantable compan$ abilty to contitwe as a going concém (C a period of at le•$t twohe months from when the financral statements are authortsed for issue. Our pOnSIbl1e5 and the re5ponsibikn"e5 of fv trustees wlh respect to goiThJ concern are described in the rdevant sections of thss rep)rt. Olh•r infomiatlon The trustees are respcfflsble for the (rtheT infomiation. The other information comwsès the infofmation inc4uded in the 8nnu rert. other than the finala1 ststements and our auditors, report Iher8on. OLW opinion on Ihe finan1 statements does not c4)verthe other infomation and, except to the ext&nt othe1$& expffiaty $tsted in thjf reFty1, w¢ do not ¢xwe55 any forn of assurance c(dUsln ther•on.
PIMCO Foundation Europe Independent auditors, report to the Dlrectors of PIMCO Foundation Europe (continued) Our rasponsibdty is lo read the other infomiation and. in doing . ¢on5ider whether the other Informat is materialty inconsistent with the finanaal ststements or wr knOWge obtained in the course of the audit or otherwise appears to be malerrafty misslaled. If we identify such material Inconsisténcies or apparent material misststements. we e rewired to delernr vthether Ihis gives rise to a material misstatam8nt in Ihe finanaal slalements themselves. If, based M the workwe have performed. we c•ndude that there is a material mIsststemt of this other rf0MtIon we are r8quwad to report that f. We have noth9 to reFI in this ward. Oplnlon# on othor moll•r¥ pres¢rfb•d by thè Companlg¥ 2006 In our based on Ihe wort lertaken in the course of thg autht Ihe informalion giwi in the Truslees. Annual Re W"Ch Indudes the Directors. Report for the finanaal year for whith the financi4 statements arè prepared 15 consistent wth th8 finanaal stal8m&nt$', ar the Truslee$' Annual Reporl whith indudes the tAr•ctors' Rwort ha8 been prepared in accordance with apPh'ca legal requirements. Matl•Ys on whleh wo arn requived to r•port by ox¢•ptk>n In the IvJht of the knowledge and underslandiTrJ of the tharitab company and its environrnenl obtained in Ihe course of the audit. we have nol identified material misstalemenls in the Twstees. Annual RewL We have nothng to report in resFect ofthe foknw matters where theComPan5ACt 2CMJS requi$ us to report to you rf, in our opinw.. adgiuate aco)untiThJ records have not been kepl. rA rebjms adequale for our athrt have not been Ter1ved frcm branches not $It•d by us; or the financ4al statements are not in ayreernent wilh the acCtirj re$ arKI retwns.. or crtain th$cknsure5 Qftwstees. MneratiOn SpeCTr by law are not made". or we have not recved all the infomiatbjn and explanalions we require for OUT audit.: c the trustees were not anljued lo prepare the financial statements in ldance with the small rnmpaJNes' regime and to take advantage of the small CoMnIes, exernpts'on in prepaiing the Trustees. Annual Report and the stratèg Report. R•spon$lbllttlM of trustees A5 explaine¢J more luty in thè Trustees. Re5ponsibilties Stalement set out on pago 5. the Iruslees (who are also directors of thè tharitable company the purposes ol company lawl are TespJnsible lor thè pr¢paration of the fjnanaal slatements and for bèiny $ati5fied that they give a true and fair vw, and for 5uth intemal c¥)nlfol as the trustees t1etennine is necessary to enable ihe preparation of finanaal statèmènts Ihat ¥e free frryn material misstatement, her due Its fr8ud OT error. In preparing the financial ststemènts, the trustees are resp)n&ble for assessing the thitable eompany's ablity to ntinUe as a gonig concem. disdosin9. a5 appl¢ab. matters lated to goin9 CM and using the going ctsncem basi5 of accounting unlèss the trustees either inlend io h'quidata the chartsble ccrfnpany to ¢eos¥ OperatS. or have rKJ realith attemalN* lo do so.
PIMCO Foundation Europe Independent auditors, report to the Directors of PIMCO Foundation Europe (continued) Audltorn. Mponslbllt50 forth• audlt of th• flnandal stat•ments Wa havè been appomtad as auditors undgr th• CtyN)ani8$ Act and reptyl in •¢¢tydw¢o with regulations made that A Our objectNes are to obtain reasonable assurance at)ut whetherthe finanaal sialements as a whole
re fretr from matenal misststement. ether due lo fraud rm elror. and to issue an auditors, report
that includes our opinbjn. Rea50nabte assurar 15 a hh level of a55urartt, bul is not a guaranlee that an audit conductetl 1 accordance wth ISAS {UK) wll aayS deted a material misstalement when it exists. Misstatements can arise from fraud or error and are considèr8d matèrial rf, indNiduaUy or in the aggregate. they coukl reasonabty te expected to inffluence the economic deosions of users taken on the basis of these financial statemenis. 1rregtslares. fraud. are inslaKs 0fnon-owW11h kw$ and wulatbon$. We desb3n procedures in line with our fesponsit¥lrfies. outlined above, to detect rnaterial mi5Statements In respect of irregulanties, ind(Jing fra. The speufic procedures for this engagement and Ihè extent to which these are capable ofdetectry irregularthes, IndJ19 fraj are detailed bekyw. Idenb'fyin9 and a55e55ing risks related to irregulaiilies.. We assassed thè suscepts.blty of Ihè charrtable company's finan¢ial statèmants to material misslatement and how fraud mitht occui. rncknling through iscussions with thè management. discussions wrfhin our audit team planniig meetng, updab.ng our record of intemal eontrols and ensuring these o)ntrols operaled as intended. We evafualed poss1 iwtives opportunities for fraudulent manipula1b of the finawal ststwnents. We identsfd law5 and regulations that are of 5ignTrficanee in Ihe COEhtext of the charrtable company by discussions With trustees and updating our Lmderstanding ofthe sector in whth the cht4e company operats$. Laws and Wations of direct sbJnffKance in the context of the tharitable company indtwje Th8 Ccmnpanies Ad 2(. and guidance issued ty the Charity CommrAicffi for ElaThj aThJ Wales. Audit responsè to risks idantifd: We considereil lh& extent of o)nWkance with trse laws and wÈ9dalion$ as part of our audit procedures on the related financial statement items dIng a review of fmanual statemènt disclosures. We revkwed the chwitst4e company s records of breaches of laws and iegLdations, rThnutes of meetings and correspondence wilh relev1 authorsties to identfy potentsal material misstaternÈnts arisirfj. Wè discussed the tharitable companls polKAes and procedures for comFAiancé wth laws and r8gulab.ons wth mambèrs of managèment rè$kK)nsible lor ¢ompliance. trIng the planning meetiThJ with the aLtht team. the engagement partner drew attent¥)n to thè kèy areas which might involve non-compliance WTth laws and regLAations or fravd. We enquired of management whetherthey were aware of any instances ofnonTrcomIanCe with laws regulatsons or knowledge of wy adual. suspected or aled fraud. We addre55ed Ihe r15k of fraud Ihrough management ovèrrida of contrcAs by testing the appropriatènèss oljoumal entrie5 and identifying any sKJnificant transadions that wefè unusua or outside the norm eoutsè of trSineSs. We assessed whether judgements made wi makjng accounling estwnates gavè rise to a pOs&tt indieation of management bias. At ihe cornpletw stage of the audit, Ihe engagement partnei's revièw indLtrded ensuring Ihal the leam had aPPf0aCd thwr work wrth appropnate professKJnal sceplicism and thus the capacrty lo identify noTrwnpliance laws and regulation5 arbd fraud.
PIMCO Foundation Europe Independent auditors. report to the Directors of PIMCO Foundation Europe (continued) There are inherent limitalKJns in thè audit W0ureS descri above and the fvrther removed non- ornpIKqnce with laws and regulaticms is from the events and transxbons ffected lh& financial statsmènts, Ihè less likely we woukl aware of it. Also. the risk of not detecting a material misstatement due to fraud is hKJh than the risk of not deteth.ng one resuming from error. as fraud may in¥ofve deliberate ConceMent by. for examF4e. forgery or intentn31 misrepre$entslions. or through edlusion. A fijrther doscription of our raspMikn is avatsile the FirwK>al Reporting cOurlfS wèbsiie .uklaudrtorsres sI1rtie& This desuwwyi part of our audiiors, porL U#• of our rnport Thi5 rert is made solety to the chartith coMpan.S members. as a bth, in xoydance with Chapter 3 of Part 16 of the ¢panIeS Act 2CKJ6. Our aud1 work ha5 been undertaken so thal we might state to the chitable company's rnember5 those matters we are required to state to them in an aydiior's report and lor no other purpose. To Ihe ftAlest •xtent pwtnitl8d by law, do not accept or assume responsi"ty to anyrme other than the charilable compary and the charitabk company's mèmbers as a body, for our awjrt w(wk, for this reFrt or ts the opinions we have fOed. Cara Turtington ISen)r Statutory ALKknr) for and on behalf of Saffery LLP Chartgrgd A¢¢ountants Stslutory Auditors 71 Queen VKtoria Street Lryhdon EC4V 48E Date.. 23 May 2024 Saffery LLP i8 elIge to t as an Jditty in tern of Se¢11 1212 ofthe Companies Ad 21J06 10
PIMCO Foundation Europe Statement of financial activities for the year ended 31 December 2023 Notes Yèar •nd•d 31 DoC•ml 2023 urtrI lynd Year ended 31 D•e•mb•r 2022 Unr•strlct•d funds Inc¢)me Ivom: . DonalM)ns Inveslmènts TO Income 1J86.815 150.541 1.537.356 1.133.491 1.260.129 Exp•ndliuY• on: Grant Making Support Costs CharItae Aetivitiès 1A10.270 980.161 33,386 1.013,547 1N46.902 Gainluoss) on le•t)ft of investments 390.621 1414,612 Net income for th• porfod 481,075 1168,0301 R•¢¢)nclllallon olfvnds: Total funds brought foThvard 6.380.549 6,548,S79 Totsl fvnd• carrled forwa 6.861.624 6A80.549 l ol the Foundation's ¥tr4itse$ ar& d&n¥8d c4nlinuiig opeTalions. Thè Fna.0ft has rbQ recognised gwns arHI105ses other than those shtr*n abow. Th& nolos on pages 14 10 19 form part of these finaM¥al statements. 11
PIMCO Foundation Europe Balance Sheet at 31 December 2023 2023 2D22 Flx•d assets Investments 5.732.740 5.732.740 5,279.617 5,279.617 CuYY•nt •sets Debtofs Cash at bank and li hand 1.358.191 2B.306 1.386,497 1.174.568 32.737 1.207.305 Creditors.. amounts fall d Ihin one year Net currentass•ts 10 {40,6511 {106.3731 1.345.846 1.100.932 Credrtors: amounts fakng after om yaar 11 {216.9621 Mot as$•ts 6.861.624 6.380.549 Funds Unrestricted 6,861,624 6.861.624 6,380,549 6,380,WJ financial stsiemenls have b&gn prepared in accAydance wh the pn)visions applicable to companEs 5uty.ed lo the 5m)I compan*s rè9imè. The financAal stat8rnts on pages 11 to 19 were apwo¥ed by the Directors ffi 21 May 2024 and were svJned on their behalf by.. Craig Daw Chairman 12
PIMCO Foundation Europe Statement of Cashflows Year ended 31 December 2023 yreed 31 D•t¢mber 2023 Y•ar•ndod 31 D•cèmbor 2022 Cash loubfvwylnflow fw op•r4lkng #¢lJvl¢lo# {92.470) 276,271 Cash fl4)wa fmm In¥•stkng •thlU Sale of inVestmt$ Investrnent income cornm15sn investment Purc*ase of investments Cash used in invtsting aetMtI•s 1.999.013 150,541 {172N151 1 889 100 88.039 3.663,530 126,638 1148,8611 3 901,083 1259,7761 (Decreaseifincrease in cash and eqwaknts in the year 14A31 1S,495 Cash and cash equivdents at Ihe begInng ofthe year Total cash •quI1 atth• •nd ofth• y•ar 32.737 17,242 28,306 32.737 The by OFwating is cakxlaled as f. Y••rond•d 31 Do¢¢n4Jer 2023 Y•ar •nd•d 31 Decemb•r 2022 SurplusllD&fkit) as porthè ststwent offinancol actithtiès Ilncreaselldeueas8 in debtors Increase in credrtors Investmenl incomè Unrealised IgaoilAo$$ on inen1$ Net cash louthow)fll0Irnm op•rnting actlvlligs 481.075 1168,030) 1183.623} 151.240 76.057 79,27 1126.6381 414,612 275,271 390.621 {92A7•1 The Charrty doos not hold Y deirt and has therefe Th)t Prepared a reti)nU.atTh of nèt dèbt for the year. 13
PIMCO Foundation Europe Notes to the financial statements for the year ended 31 December 2023 PRINCIPAL ACCOUNTING POUCJES The financial statements have been prepared in accordatKe wrfh alcab aeix)unting standards in the United ngdorn. Ihe Stalemenl of Recommended Pfaclice, "Acccwjnting and Rèporting by Charrties SORP- IFRS102), (Second Edition) the Cornpanies Act 2006. and applicaNe accounting stsndards in the United Kingdom. A Smary ol Ihe acoJunb"r¥a W)1leS, have been applied nsISteIty. is set out belryw. PIMCO Fndation Euro meèts the d¢finthn ofa P1¢ Bewfft Entty under FRS102. B••ls of a¢¢ountlng The financial statements are wepared in aecordance with the historicaj c05t convention as modffied by Ihe revaluatyrm of investmenls. The financml ststements a prwed in sterlirg whith 15 the fUndTraI lenry of the charty. Monetary amowts in these fmancial slatements are rounded to the nearest vthole £1. Incom• InStment inccAne is reoJgrMsed on an acx¥ua15 basis. Volunlary Ccrfne i8 cfediied to the statemènt of financi?1 on a receNatle basi5. Donat8d semces and are IAuded in the ffinanryal slatements in the financial year in which they are receib where arè quanlif¢blo, 8nd whwe a third party is bewing the cosL Exwidlth Liabililps are recolSed whon there is a lagal or 0)nsInliVe 0gab"on commithng the Foundation to the eX[KIrtUre. Gralrts, tM)th single and muKYear, ilany, rewised inlhe finanrA81 ststemenls as liabrfitEs after they have been approved by the Direclors. the recyients have beèn notsfd and Ihere are fvrtheT tem)s and e0nd"0nS to be fulfimed which are wrthin Ihe control of the Foundath)n. In these cAcumsiances there is a valid expectabon by the that they will receive Ihe grant. Goveman¢¢ ¢osts ind4th those costs associ wrfh meeting the c4)nststubonal and stalthory requiremenls ofthe FouNlalion. Golng toneem At the time ofappmMng the ffinancial statèments the "reCtorS have Yeewed the apwopriateness of the adoplion of the going concem basis. The Directors have satisfied themselves that for the forèseeable future the 90ing ¢oncwn basis is appropn'ate to be used. No material uncèrtainity that may cast doubt over the abilty ofthe charity to as a going ¢oncem has been identified, with the syze of investment fund suffiuent to cover a full ytarfs tharitable ac11v.S even in a worst case strass of donalK)n income and a wnrfKant fal in investrnenl values. It shwld be notèd that Ihe fixed Costs of the FndatIOn remain as sh(Mn in N(rte 5. 14
PIMCO Foundation Europe Notes to the financial statements for the year ended 31 December 2023 (continued) PRINCIPAL AccouimNG POUCIES Icontinuedl Inveslments Inv&slm&nts are induded in the finanua statements at mathèt vahjè at thè balance sheet date. Realised and unrèajisèd gains and bsses are (xediled or debited to the statement of fmanwl activiknes in the financial year in whth they arise. Foreign ¢uryenci Transadions in foreyn currencie5 we translaled into stwkng at the rate of exchangè mling at the date of the transaction. Assets and tr"abIlèS in forevjn cAJrrenryes are translated into sterfing at tt)è rate of exchange ruling at the balance shaet date. Exchange difference5 are chargedlcredited to lh• Stalement of financAal activities and herKe are taken rnto aceount in arrF¥ing at Ihe r1 movement in funds. Fund accountlng The unrestricted fijnd comprises general funds wtiic arè to metrt the tharilable objects of the Foundab"on at the di5uetion of the Directors. Taxatlon The Foundalion is a registered charity. and Iheiefotè is not fiabje for in(x)me lax or corporation tax on in¢ome deiived from its dwIlab The$. as it lalL8 wiihin Ihe v*ious èxÈmptkin5 availab to registèrèd VAT is ¥Kded wilhwi eXj1[e whwe it is nol [0verable. VOLUNTARY INCOME 2023 2022 Individual donalions Donated s•rvw and supK¥yt (Note 13) 1.364.191 22.624 1.386.815 1.110.068 1.133,491 No other income has been Ilud respe(a of servw pro¥id&J by PIMCO Europe tt)is is not quantffiatle. 15
PIMCO Foundation Europe Notes to the financial statements for the year ended 31 December 2023 (continued) INVESThIENT INCOME 2023 2022 Gross inveslment inc4xne TeceNable - DNidend income 150.541 150.541 126.638 126,638 CHARITABLE ACTMTIES EXPENDITURE 2023 R•stat•d 2022 Grants Children CuhuTal . Education Environment - Gender EqUlty Health - Hcnelessness - Hunger - Overseas ad SAIS 5A58 9.063 12.560 108.000 51.622 429.107 732,998 $6,047 1.4111270 22.330 fj.165 15,720 65,104 101.IXIO 23.053 408.900 201,000 136.889 980,161 108 grants12022.' 1131 were made during the yew in rtsFe¢t of the ¢hanlable ¢auws shown abovo. Thè Separate donatK)ns Of£5,115 to Foodcloud. and £171,OlXI to MyBnk represented 54% ofthe total donations. Induding in this is an Olgath)n of £216.962 to Foodckjud to be paid in 2025. No other indNidual charty was in rept of more than 10% of the total donations made. The amounts donated by PIMCO Europe stsff. and matched by thg FOdatiOn. wKr¢ased dumg the year to £45,389 from £38,281 in the pri yèar. FollowiThJ a review of the CaIegcSat of gr car1 out in 2023. the 2022 categorisation has been restated to be compar*Ae to the new ¢alegcATzation us8d for thè 2023 mbers. SUPPORT COSTS 2023 2022 Swjwrt ¢o$ts - Legal and accounling 18es - Bank charges - Forei Exchange Igainsl I b55e5 - other Audit fee5 Total 8wpport cost• 23.221 1.323 121 120 11.970 20.62fj 1.213 1191 166 11.400 16
PIMCO Foundation Europe Notes to the financial statements for the year ended 31 December 2023 (continued) INCOME FOR THE YEAR Net in¢ome for th¥ year 15 Staled after charging.. 2023 2022 Auditors. remuneration - Audit offinancba slattmerrts 11.970 11.970 11.4110 STAFF COSTS AIID OTrECTORS' REMUNERATION No staff were employed by Ihe Founda dumg thè yè¥ {2022". nc*e}. The Directors received no remuneration in r•sped of their 5er¥ice51o the Foundation during the year 12022.. Th)ne}. No Dwector received any reimbursemènt of expènse$ dLYng Ihe year12022.' none). FIXED ASSEf INVESTMEPtTS 2023 2022 Quoted investments: Opgning value Addltions during the financial year Disposals at market value Unrealised gain on revaluation Other investment income and donaled serv Market value at 31 December 5.279.617 1.889.100 (1,999,013 390,621 172 415 5.732.740 5.307,815 3.901,083 13,663,530) 1414.612) 4279.617 Cost a131 Decernber 4 483 $26 _23.297 Tha fixèd asset investments are invest•Y in PIMCO Fund5 Glob Investors Sèrigs l-GIS"l. which 15 established in IrelarKI. and PIMCO AllemalNe fijnds. established in the Cayman Islands. Inve5trnenls irKlu¢Jed in the above al 31 December 2023 we as fc4lows: 17
PIMCO Foundation Europe Notes to the financial statsments for the year ended 31 December 2023 (continued) FIXED Ass wESTME1s l¢0nlknU 2023 2022 GIS Dynamic MlAsset Fund IGBP Hedged) GIS Global Bond ESG Fund IGBP Hedg•d) GIS Global Real Reln Fund (GBP Hed9erfJ GIS PIMCO Slo¢ksPLUS AR Fund USD GIS Income Fund (GBP Hedged) GIS Global Bo1 (GBP Hedged GIS PIMCO TRENDS Fund IG8P Hedged) PIMCO Tactical OpportunNies Fund USD PIMCO Global Credit Opportunty Fund USD PIMCO Commodty Alpha Fund USD 220.069 418.091 698.946 12 679.080 13 4S1.541 415.501 S16.829 417.698 1.119.770 21 1.217,095 23 236.388 1.515.426 1.368.257 431.352 380.683 472.419 383.205 5.732.740 100 279,617 100 DEBTORS 2023 2022 Donalion$ Receivable Other ReceNables 1.358.191 1.1114568 70,000 1.174568 1.358.191 10 CREDITORS: AIAOUNTS FALUNG DUE WITHIN ONE YEAR 2023 2022 Accruals other cseditors 30.163 10.488 40.651 36.373 70.000 106.373 18
PIMCO Foundation Europe 11 CREDrroRS: AIAOUNTS FALUIIG DUE AFTER ONE YEAR 2023 2022 (her Creditors 216,982 216.962 12 CAprrAL The Foundalion is a company th"mrted by guarantee and has no sharè capital. In Ihe event of the Foundation being wound up. the h'ability of the sole mernber. PIIACO Europ¢ Ltd, k% limited to £1. 13 RELATED PARTY TIiAN&4CTIOMS The FOundatn recognists PIMCO Europp ts alNiates as related parlies. The uttimate parent ¢ompany of PIMCO Europe is Alianz SE. a ccffipany Irmxtted in Gerniany. All thè Directors ol PIMCO Foundation EuroFe are erthèr Th"re¢Aors or employees of PIMCO Europe or rts affibates. Thè Directors take steps lo ensure thal any potential of intwesl is both dedared and managed. Indmdual don*"ons to the Foundabon made by some Trustees amounted 10 £377.30112022.'£Y39.1781. Thes• amounts were owirwj at year end. The Foundation has invested in vaihjus fvnds managed by PIMCO Europe or affithates of PIMCO Europe. PIMCO Europe and or affiliates of PIMCO Europe do I1 charge any fee for the serwcès provided. Because the PIPICO funts. management fees are chaw against capiial. the lunds allot néw unrts lo the Fovndalion equr¥alent to the valuè of these fees. In the year to 31 Decémber 2023 thesè alk)tments amounted to £22.62412022."£23,4231. This amount has been induded in the figure of donations received. PIMCO Ewope also alknys Ihè FoundatKJn to hold its m8atirwJs at the Company's offices and doè$ not make a charge ts this. 19