THE PEARSON-YOUNG MEMORIAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 REGISTERED CHARITY No. 1147575 Broadfield One Close London ECIA 7BL DX 339401 LMdonWdll 20 Slat R( Camt CBI 2JD DX 339601 C•nWe 24 4 Grosvtywt Squwe scrffiham SO15 2BE DX 38516 Swlhwnk*on 3 Y 8)e street Readiw RGI 2LU DX I420 ReathNJ 21 +44 10134S 2229222
THE PEARSON-YOUNG MEMORIAL TRUST ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CONTENTS Page REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 7-10 2C)23 STATEMENT OF FINANCIAL ACTIVITIES SHOWING ALLOCATION BEfwEEN FUNDS 11
THE PEARSON-YOUNG MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are pleased to eSen1 thwr annual twustees. ieport together bmlh the finanaal statements of the harrty for the year endeil 5 Awil 2024. Reference and Administration Details Full name." The Pearson-young Memorial Trust RegiSted char(Y number". 1147575 Principal address.. Mr Alaslaii Collett 8D8 Pitmans LLP One Bartholomew Close Londo EC4A 7BL Tiuslees. Mis Marie Challotte Grrffiths Mr John Calvert Griffilhs KC CMG Mrs Jemima Jane Waller Mr Alastair John caert Collett Independent Examiner-. Stephen MarTiOti Pennines Guildfoid GU2 4EU Investment advisers. Charles Stanley & Co 25 Ropemaker Street London EC2Y 9LY Obje¢tives and ActivIe$ The TTUStees sh311 hold the caprtal income of ihe Tmst Fund upon trust to apply Ihe income and all or such part of Ihe capital to or lor the benefit of exclusively charitable objects and purposes for the advancement of education to fund scEnce students nominate(I by Rhodes Unweisity. Grahamsttswn. SoLrth Africa Iwhelher for that university of elsewhwel. lor one yeai of study or research at Glasgow School of Cancel Studies ScotL8nd or such other similai eduCalnal or research instrtution in the United Kingdom as the Trustees in their absolute di5¢retion delemiine lor. in the altemative to fund studenls al Rhodes Unwersily for similar sludEs). Grant Making Policies The Tiustees held extensive discussions %wth Rhodes Univefsity concerning the establishment of the Pearson-young Memorial Schola15hips lo fund Soulh African based Honours sludenls at Rhodes University ewncing an interest in cancer-related studies 01 research. Page 1
THE PEARSON-YOUNG MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDEO S APRIL 2024 IconL} Investment Policy and Performare In recognition ol Ihe value Of expert adCe. the Trustees have delegated the management of their investtnelll portfolio lo Charfes Stanley & Co with the staled objective of achieving a reasonable long- term overall ieturn subject to a fftedium approach to risk. The investtnent portfolK> showed an increase in martet value over thè year. wth unrealised gains of £6.097 12023". uniealtsed losses of £147.8451. Disposals were made during the yeaf which resulted in alised losses or £18.71012023". iealised losses of £12.0351. The Imstees have consmlered Ihe impact o)f COVID-19 pandemic continues to have on the investment porffolio. Financial Review arml Reserves Poli¢y As far as resee5 are conceined. Ihe chatty is dependent on the investment portfolio described above for ils regular incotne. The Trustees cOnser grant-making on the basis of the income received after alkiwing lor normal administrative expenses. The Trustees do not enter into commitments that exceed the cash currenlty available to them. As explained In Note 2 to the aou[S. the Ttuslees hold an investment portfolio for income generation and as a reseive should they feel thè neeil lo make donalKTrrvs in excess of Iheir avaiLgble income. For practiral purposes, the Trustees regaid the Income Fund as the reserve and this stood al £126,785 at 5 April 202412023.. £107,1281_ During this year, Ihe market value of the funds invesled with Charles Stanley & Co has shown an increase of £14,655. The income arISg on these investments was SLrfficient to cover Ihe grants committed and paid in the year. Structure. Governance and Management The Charity was created by Will following the death of the Mrs Morag Buchanan Young on 18 Juty 2011 and has been registered wilh the Charity Commission uThJer nufflber 1147575. The Charity is the sole residuary beneficiary of Mrs Young's estate. There shall be al least thiee Trustees and fLrtuce Trustees shall be appointed by resolution of the Trustees. The Trustees have wde powers of investment. Going Concern The Tiuslees have confmlence fhal the Charity has adequate resourS to continue in operational existence for the foreseeable fulufe as the Charity geneially only awards granls from available income. 11 has accumulated an unspenl income balance during the Cokid-19 pandetnic which the Ttustees intend lo expend over the next three financial years 50 as oprtunIt$ fw normal projecl awards resutne, and applioalions for awaids revert lo pre-covid levels. For Ihis reason the Tiustees continue to adopt a going concern basis In preparing the financial statemenis. Page 2
THE PEARSON-YOUNG MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 Icont.) Risk Managemeni The major risks lo vthich Ihe Chaiity t5 exposed. as idenfthed by the Trustee5. have been ieviewed and systems and pioGedures have been estatIShed to manage those risks. In particular. as mentioned above. the Trustees do nol enter into Gommrtrnents in exGe55 of Iheir avaiL3ble cash resources and as a ie5ult they operatè in a very low risk ènvironment. Any drop in income received will be matGhed by an appropriale reductK>n in expenditure. Rèport on Public Benefit The TTUStees confirm Ihal they have had due regard to the general guidare on publ benefit issued by the Charity CommissK)n. The aclwilies of the charity are carried oul for the public benefit as the grants awarded support the advancement of educatK)n lincjuding research into can¢xrl. Responsrbilities of the Trustees Law applicable to charities in England & Wales requires the Ttuslees to prepare financial Statements for each financial year which gNe a twe and fair vrew of the charrtl5 finanoal acliwties dLtring the year and ol its finanGial kK>Sith)n al Ihe end of the year. In weparing finanaal statements giwng a true and lair view. the Trustees should follow best Plalce and.. selecl suitable a¢counling poleS and then appty them ¢onsislenily'. make judgements and estimates thal are reasonable and prudent". state whether applicable accounts.ng slandards and 5talemen(s of recommended practice have been followed. SUbCt lo any departures disdosed and explained in the rinancial stalernents and., prepare the finanoal statements Ihe gOg conrn basis unless il is inapwopiiale lo psUme that the charty wll continue in operalK>n. The Trustees are reswnsible loi keeping accounting iecords whith discbse with reasonable accuracy the financial position ol the (*arity and which enable them lo ensure that the financial slalemenls comply with applicable law and regulations. They are also responsible IOT 5afeguaTding the assets of the charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other iffegularities. Slgnèd on behalf of thè tnjstees: MARIG (diFftTrS Oate: Page 3
THE PEARSON-YOUNG MEMORIAL TRUST REPOR T OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 I report lo the trustees on tny examination of accounts ol the Pearson-young MeMal Trust for Ihe year ended 5 Apnl 2024 which are set out on pages S 10 10. Responsibilitiés and basis of report As the charity trustees of the Trust you are responsible for the preparation of accounts in accoidan¢È k*th the Qutrefflents of the Charities Act 2011 I'the A¢t'l_ I report in respect of my examinalK)n of the Tiust's accounts carried out under 5ectson 145 01 the 2011 Act 8nd in carrying out my examination I have followed all the applicable DirecDons given by the Chaiity Commission under section 145151 Ibl ol the Act_ Independent examinerfs statement I have completed my examination. I confirm Ihal no material matters have come to my attention in connection with the examination giving me cause to believe Ihat in any material iespecl.. accounling records were not kept in respect of the Trust as required by section 130 of the Act,. or the accounts do not accord with those records." or the accounts do not comply wrth the apphcable requiiefflents conMIng the fomi and content of the acco)unls set OLJt in the Charities (Accourils and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf VEW which is not a matter conSered as part of an independent examination. I have no cOnrn9 and have come a(xoss no other maiters in connection wrth the èxatninalion to which attention should be drawn in this report in older to enable a proper undeistanding ol the ac¢ounls to be reached. Stephen Marriott PennirTres Guikjford GU2 4EU Dale.. Page 4
THE PEARSON-YOUNG MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 INCOME FUND EXPENDABLE lunreslriciedl ENDOWMENT TOTAL 2024 TOTAL 2023 Noles Ipage 111 INCOME AND EXPENDITURE Income and Endowments from: Investment Income Bank interest 61.339.97 6.116.16 61,339.97 6.116.16 55.737 2,000 Total Incoming 67,456.13 67,456.13 57,737 EXPENDITURE ON Raising Funds Investment management fees 11.9S8.92 11,958.92 12.552 Charitablè Activities Grants Support costs 38,155.38 9.SS4.iXI 38.155.38 9,554.00 76,982 6.473 10 Total Expenditure 47,709.38 11,958.92 59.668.30 96,007 Net lexpenditurèllincome before investment gains 19,746.75 111.9S8.921 7,787.83 138,2701 (Lossesllgains on investments.. Realised Ufirealised 118.710.441 6.096.95 118.710.441 6,096.95 112,0351 1147.8451 Net lexpenditurèllineome 19,746.75 124,572.411 14.825.661 1198,1501 Other rècognised gainsllosses Currency gainslllossesl Net movement of funds 19.746.75 124,572.411 14,825.661 1198,1501 Reconciliation of Funds Fund Balances brought forward 107.128.37 1.714,806.38 1.821.934.75 2.020.084 Fund Balances ¢arried fon*ard £ 126.875.12 £ 1.690,233.97 £ 1.817,109.09 £ 1,821.934 Page 5
THE PEARSON-YOUNG MEMORIAL TRUST BALANCE SHEET AS AT S APRIL 2024 Notes 2024 2023 Fixed Assets Investments 1.633.498.IXI 1,618.843 Current Assets Metrobank account Charles Stanley & Co accounts 66.063.76 1S9,424.71 48,876 198.372 Total Current Assets 225,488.47 247.248 1,858.986.47 1.866,091 Less: Creditors Amounts falling due within one year Accruals GrarTrls committed 3.722.IMI 38,1SS.38 4.256 39,901 41,877.38 44,157 Total Nèt Assèts £ 1,817.109.09 £ 1.821.934 Funds ofthe Charity apital Funds Expendable Endowment 1.690.233.97 1,714,806 Income Funds Income Fund lunrestrictedl 126.875.12 107,128 Total Fund¥ £ 1.817.109.09 £ 1.821,934 Approved by." f#knE fJ94ffif4S Dale.. Page 6
THE PEARSON-YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1. Accounting Pollcle$ Basis of accountin The financial stalefflents have been prepared under the historical ¢))st convention. with the exception that Inve51rnenls are shown at mart(et value as Jt the tsalan sheet date and are In 8rIanCe wrth the Statement of Recommended prad1 Aecountsng aj ReportiThJ by Charrtes epariThj their accounts In accordance with the Financial Reporting Standard applicabk HI Ihe UK at¥J Republic of Ireland IFRS 1021 and the ChantEs Ad 2011 The Charity constitutes a public LEnefft entity as defined by FRS 102 Having assessed the Gharitls finan(ial posrtion and plan5 for the forseeable future th the ¢tybsderabon of COVID-19 the Trustees a satisfied that rt remains appropr13te lo prepare the financral stalernenls on a gr0 cx)ncem basis. Wlre necessary e51imates and iudgernenls are based on histonG81 exren and other faclot5. The accounts have been prepad in accorilance with the Financial Reportrwj StaThYar(l appltabk in the United Kingdom and Republi¢ of Iland IFRS1021 arKI with the Chanties Act 2011. Investments Quoted investments are Indled al market Val at BalaTro Sheet date. Grants Grants a accounted fot when the commitTrI is csleI lo be bin(IiNJ Investment Incorne Investment income and lax coVerale are accounted lor on a reNab basis. Realk8ed and unrealised ainsllosses on Invesirnenls Realised gainsllos5e5 On the disposal of Investments a cakulated by ference to the mart(et value of those investments al the start of the attoutTrtill9 or. rf purchased dumg the a¢ntIng pen(Kl, the cost of acquisltion. UnaliSed gainsllosses refiect the In¢reaseldecrease in value dunng the accounting period of investments h&ld throughout thai pencKI or. in the (xse of Inveslrnents rAJrchased dunro the accountln9 period and strii held al the end of the the In(wse1dec>$e in value cornpared to thei¥ ac4UlSrtion ¢ost. 2. Expendable Endowment The Trustees have resow to retain Ihe EThJowrnent Fund for flrture rAyne generation aThJ as a e1ve for an penods atyj to as51St with the mpact ofCOVltk19 3. ¢haritsble Expenditure- Grants The fdlowing scholarship awards were ma¢Je lo Rwes Universty tn the year ended 5 Apnl 2024.. Total 6.139.95 5.262.81 5.262.81 5.262.81 5.262.81 5.262.81 5.701.38 Committed 6,139.95 5.262.81 5,262.81 5,262.81 5,262.81 5.262.81 5,701.38 Paid I Mwanawene P R Macyane N Taperevera S M Rutherford S Sekeleme Z N9oIoyi KG Tauyakhak HOn(¥j student Masters Siuljeni Masters sl¢Jdenl Masters student Ma5ter5 student Maslers student L%xtordl slLKlent £ 38.155.38 £ 38,155.38 S¢holarship awards anv)untin9 to £38.155 38 *re made lo Rhfyyes Unwersily In the year ended S April 2024 12023. £76.982 grants were awarded) All stleI9 are en[c4d al Rhodes Uni¥ersrty for the 2024 academic year Iwhi¢h falls within the calen¢Jar ye8rl Page 7
THE PEARSON-YOLING MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Icont.) 4. Investments Movements on quoted investments were as follows.. 2024 2023 Markel value al 6 Ap1 2023 Add.. acquisitions al cost Le55." realised gainllloss Less." pr(wds 1,618,843.14 257.524.29 1.809. 126 58.283 118,710.44} 230.255.94 1248,%6.381 1100.7211 Nel Ilossllgain on fewalualK*n al 5 April 2024 Market value at 5 April 2024 6.096.95 È 1.633.498.00 1147.8451 £ 1,618,843 Historical cost as al 5 April 2024 1,438,705 £ 1.442.497 All investments are listed on a recognised stock exd)ange_ There were rto investments which aoUnted for more than 5°A ol the portfolio by value. The total market value is made up as folk)ws'. 2024 2023 Overseas investmenls UK investments - equrties Iixeil interest equilie5 - property 284.432.00 108.196.00 1.197,158.00 43.712.00 484,8 189.624 861.163 83.148 £ 1,633,498.00 £ 1,618.843 Income froffl Investments for Ihe year comprises Ihe folk)wing'. 2024 2023 Income from ovèrseas holdings Income from UK inveslmenls fixed interest - equities and unit trusts - property 13,034.65 12.671 4.816.39 41,651.S6 1,837.37 3,982 37.686 1.398 £ 61,339.97 E 55.737 Page 8
THE PEARSON-YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Icont.) 5. Analysis of Net Assets Between Funds Fund balances at 5 April 2024 are represenled by Income Fund lunreslrictedl Expendable Endowment Total Funds 2023 Investments Current Assets Creditors 1.633,498.00 56.735.97 1.633.498.00 225,488.47 141.877.381 1.618.843 247,248 144. 1571 168.752.50 141,877.381 Total Net Asset5 £ 126,875.12 £ 1,690,233.97 £ 1.817.109.09 1.821.934 The sumrnary of nel assets beeen funds for 5 April 2023 was 3$ follows". Income Fund lunrestr1edI Expendable Endowmellt Total Funds Investments Current Assets Crèditois 1.618.843.14 95.963.24 1.618.843.14 247,248.40 144,156.791 151.285.16 144,1S6.791 Total Nel Assets £ 107,128.37 £ 1.714.806.38 £ 1,821,934.7S 6. Summary of movement in funds 2024 Income Fund {unrestrKted) 2024 Expendable Endowment 2023 Income Fund luniÈstiictedl 2023 Expendable Endowmenl Balance brought forward 107.128.37 1.714.806.38 132.846 1.887.238 Income Expendilure Olher gainslllossesl 67,4S6.13 147.709.381 57.737 183.4551 {11,958.921 {12,613.491 112.5521 1159.8801 Balance carrie(I lorwaid £ 126.875.12 £ 1.690.233.97 107.128 £ 1,714,806 Total funds 2024 - £ 1.817.109.09 2023- £ 1.821,934 Page 9
THE PEARSON-YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Icont.I 7. Trusts•s' Remuneration and Expenses No remuneration was paid during U)è year12023." Nill. No expenses were paid lo the Trustees dunng the year {2023.' Nill. 8. Transactions with Related Parties During the year £9,03612023". £5.9401 was paKI to BOB Prtmans LLP for administiation fee5. of whh Alastair Collelt (Trusleel is a partner ol the firm. 9. Staff Costs The Trustees do not employ any staff12023'. none). 10. Support Costs Incom& Fund lunrestricledl Expendable Endowment Total 2024 Total 2023 Metro Bank charges Legal and piofessional fees Independent Examinalion fee 68.00 9.036.00 4SO.00 £9.554.00 68.00 9.036.00 450.00 £9,554.00 93 5.940 440 £6.473 Page 10
THE PEARSON-YOUNG MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 (showing allocation beleen fundsl INCOME FUND EXPENDABLE lunreslricledl ENDOWMENT TOTAL 2023 INCOME AND EXPENDITURE Income and Endowments from Investrnent income Bank interest 55,736.67 2.IJOO.41 55.736.67 2.000.41 Total Incoming 57.737.08 57,737.08 EXPENDITURE ON Fundraising costs Investment rnanagemenl fees 12,551.89 12,551.89 Charitable Expenditure Grallts Support costs 76.981.68 6,473.00 76,981.68 6,473.00 Total Expenditure 83.454.68 12.551.89 96,006.57 Net income1lexpendituI before investm•nt gains 125.717.601 112,551.891 138,269.491 Gain511105se51 on investments.. Realised Unrealised 112,035.431 (147,844.691 {172,432.011 112.035.431 (147.844.691 1198,149.611 Net incomellexpenditurel 125,717.601 Other recognised gainsllosses CvrFency gainsllk>sses1 Nèt movèmént of funds 125,717.601 (172.432.011 (198,149.611 Reconciliation of Funds Fund Balances brought forward 132.84S.97 1,887,238.39 2.020.084.36 FLtnd Balancès carrièd foThYard £ 107,128.37 £ 1,714.806.38 £ 1,821,934.75 P4e 11