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 I4￿20 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
RegiSte￿d 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 ca￿ert Collett
Independent Examiner-.
Stephen MarTiOti
Pennines
Guildfoid
GU2 4EU
Investment advisers.
Charles Stanley & Co
25 Ropemaker Street
London
EC2Y 9LY
Obje¢tives and ActivI￿e$
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 eduCal￿nal 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 Performar￿e
In recognition ol Ihe value Of expert ad￿Ce. 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 rese￿e5 are conceined. Ihe chatty is dependent on the investment portfolio described above
for ils regular incotne. The Trustees cOns￿er 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 a￿ou￿[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 arIS￿g 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 resour￿S 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 op￿rtunIt￿$ 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 estat￿IShed 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 guidar￿e 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 Pla￿lce and..
selecl suitable a¢counling pol￿eS 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. SUb￿Ct lo any departures disdosed and explained in the
rinancial stalernents and.,
prepare the finanoal statements Ihe gO￿g con￿rn basis unless il is inapwopiiale lo
p￿sUme 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 MeM￿al 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 con￿MIng 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 conS￿ered as part of
an independent examination.
I have no cOn￿rn9 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#kn￿E 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 8￿rI￿anCe wrth the Statement of
Recommended prad1￿ Aecountsng a￿j 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 g￿r0 cx)ncem basis. Wl*re necessary e51imates
and iudgernenls are based on histonG81 ex￿ren￿ and other faclot5.
The accounts have been prepa￿d in accorilance with the Financial Reportrwj StaThYar(l appltabk in the United
Kingdom and Republi¢ of I￿land IFRS1021 arKI with the Chanties Act 2011.
Investments
Quoted investments are Ind￿led al market Val￿ at BalaTro Sheet date.
Grants
Grants a￿ accounted fot when the commit￿￿TrI is c￿s￿le￿I lo be bin(IiNJ
Investment Incorne
Investment income and lax ￿coVeral￿e are accounted lor on a re￿Nab￿ 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. Un￿aliSed 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 st￿le￿I9 are en[c4￿d 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 Ap￿1 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
a￿oUnted 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 be￿een funds for 5 April 2023 was 3$ follows".
Income Fund
lunrestr￿1edI
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 wh￿h 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 bel￿een 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 income1lexpenditu￿I 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