THE PEARSON-YOUNG MEMORIAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 REGISTERED CHARITY No. 1147575
THE P&4RSON-YOUNG MEMORIAL TRUST ANNUAL REPORT AND FINANCLAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 CONTENTS Page REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 7-10 2024 STATEMENT OF FINANCIAL ACTNITIES SHOWING ALLOCATION BETWEEN FUNDS 11
TrIE PEARSON-YOUfrIG mE)RLAL TRUST REPORT OF TrfE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 The Trustees are PaSed to present their annual bijstees. report l(oetlEr %%Tth the finanaal ststemenls of the chanty for the year ended 5 April 2025. Reference and Administration Detsils Full name. The Pearsc-Yng eMal Trust Registered Chanty nuffthr. 1147575 Prinapal address. MrAlastair Colk¢l Broadfidd Law UK LLP Ifomrfy BDB Prfrnans LLPI One Bathok)mew Close London EC4A 7BL Trustees." MT5 Marie Chadotte Griffiths Ito 17 Novemter20251 Mr John Cafvert Griffrths KC CMG (to 17 Novemtr 20251 m Jernima Jane waIr MrAlastsir John Calvert Colktt Df Carok Bronsdon Ifrom 17 November 20251 Dr Mabkla BNJduW)h (from 17 November 20251 Independent ExamirEr. SteplEn Mamott Pennines Guildford GU24EU Invesbrent &Jvisers- Chartes Stanley & Co 25 Ropaker Streel London EC2Y 9LY Objoctives and Activities The Trustees shall hold the capitsl and inccffie of the Trnsl Fund upon trust lo apply the incotne and a11 or such part of the capital to or for the nefit of exdUseIY charrtable (&e(ts and purposes for the advanment of edu¢Jtion to lund saence students nominated by Rhfyjes Unwersty, GiahatnstowN. South Afnca Iwhelher for that unwersty or e&ewttÈrel. fo¢ one year of Study or re5earth at Glasgow School of Cantsi Studies Scotland or suth other Similar educatB)nal or research inslrtLrtion In the Unrted Kingdom as the Trustees In thr absolute disuetion eteM I, in the atternative to fund students at RhcQes University for smilar stuc1$} Grant Making Policie5 The Trustees held extensive distsjsyons Vlti Rh(Mles UniVertY 0)nMIng the estsblishtnent of the Pearson-young Memorial Stholar5hips to lund South African based Honours student5 at Rhodes University evinong an Inte5t in Ixn(xr-reL4ted or tesearch. Page 1
THE PEARSON-YOUNG MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2025 IconLI Investment Policy and Perfomwnce In ¢¢gnItIOn of the value of expert WJvi. the Trustees have delegated the management of their investment porttolio lo Charles Stanky & Co vith the stated objective of athieving a reasonab long- tem ovetall retum 5uiyeLt to a medium approath to risk. The Inve5trnent portfolio 5hovEd an Increase in market value ovef Ihe year, wth unrealised losses of £85.910 12024. unrealised gains of £6.0971 Disposals re made during the year %thich resulted In realised losses of [8,58712024 realis losses of £18.7101 The trustees have o)nsKJered the Irnp3d of COVID-19 pandemic crjnlinues to have on Ihe invesbment rK)rtfolK). Flnanclal Revlfr%¥ and R•sorv•s Polky As far as reserves are conrned. the thafty is dyrKlent on the investrneTrt portfolio descFited above for its gUlar inc(xne. The Trustee5 consider grant-rnaking on the basis of the IrKorne receiv after allowng for nortnal adrninistratiye expenses. The Trusiees do not enter Into commitments that exred the oz5h oJtrendy available to As eXplaid in Note 2 to the acxxxjnts. the Trustees hokl an investment portfolio for ino)me generatyon and as a reserve shoukl they feel the to make donations in exw oftheir availab inc0ft. For practical purposes. the Tntstees ad Ihè Incotne FurKI as Ihe reserve and stood al £182.350 at 5 April 225(2024. £126.B751. During this year, the market value of the ftjnds Invested wth Charfes Stanky & Co ha5 5ho4Yn a decr&a5e of £95,171. The in(xKne ansirg on ¢hese investments was suffint to Ver the grants mmitted and paKI in the year Structurp, Governance and IAanagement The Chanty was created by Will followrNJ Ihe deaih of the Mr5 Morag Buthanan Young on 18 July 2011 and has been wiSted wilh the Charity Commission un(r number 1147575. The Charty Is the sole resduary benefary of Young's estate. There shall be at kast three Trustees and futu Trustees shall be apFy)Inted by resoluty'on of the Trustees. The Trustees have wide kThers of inve5trTEnt. Golng Con¢orn The Trustee5 have C0nfyJen that the Charty has auate resour lo rx)ntinue in operational existence for the foreseeab future as the Charity gerrallY only grants from availabÈ income It has accumulated an unspent InLyJrne balar during Co¥KI-19 paTrlerrNc the Trustees Intend to expend over the next three finarKAal years or so as or4)ortunrtw for nomial proiecl resurne, and applic2tions for awards revert to pr&CovhY Ve1$. For this rea$ the Trustees o)ntinue io adopl a going concern basis In prepanrKJ the finanoal statements. Page 2
THE PEARSON-YOUNG MEMORiAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 l¢onL) Rl$k Managomgnt The major risks to which the Chanty 1$ expose(l as Klentthed by the TTUStee5. have been reVEd and systems and pr(tedures have been established to tnanage those n5ks In partirxjlar. as mentioned above. the Trustees th) not enter into ctynmrtrnents in eXS of IIEir available G3sh resou$ and as a tfy operate in a very k)w risk environrnent Any drop In income reIved vthll be matched by an appropriate r&jUctn in exFn¢Jiturè. Report on Public BÈnefft The Trustees cx)nfirm that Ihey have had due 10 the general gUKjan on public benefit issued by the Chanty Commission The actNrtE5 of the thatrty a camed out fw the pU1C benefit as the grants awarded support tF JvanoryEnt of eduL3tion IindudirvJ research into GnrI. Re$ponsibilÉlies of the Tru5tee5 Law applicable to ¢hartbe5 In England 8 Wales [eqUiS the Trustee5 to prepare finanaal stateThntS for each finantsal yeai which give a true and fair vw4 of the charity's finanraal adivits dunro the year and of rt5 financial position at the end of the year In pwarir#J finarKial ststements gNng a true fair view, Ihe Trustees shoukj f1 best and". set suitable actounb.ng wlioes and then 4)ply o)ns5tently", make Jjgernents and esb"mates thal a 8$onab a1 prLMJent, State wether appliL3ble ac<xMJnting standards and staternents of re(xyntreThJed practiTr have iEen folloEd. sutyect io any departure5 disd05&I and explained in the finanaal 51alernents and". ppa the finanual ststetnents on Ihe going Con[ bays unless it is inapprcpriate to pSuMe that chartty kwll (vnbnue In operatson. The Trustees are responsible for keepir¥J acuJunknrvJ reujrds which dtsdose reasonable accuracy the financial positron of the tharity and whi( enab to ensure that the finanoal statements comply wlh applit2Ne law and regulath)ns. They a also responsible for Safeguarding the assets of the charity and hen for tskirg wsonable sleps for tt prevention arKI detec*on of traud and other Irregu&rrties. Signed on behalf of the trustees: Date.. Page 3
REPORT OF THE INDEPENDEKf EXAMINER TOTrE TRUrnS IN RESPECT OF THE FINANcL STATEIIEIITS FOR THE YE•R ENDED 5 PRIL 2025 ended 5 2025 v4hith we set (Krt (ffl p•Je5 5 to 10. reqwwnents of the Chaitie5 Ad 2011 fft W. I fwt in W ol my (rf the Trt$ (xrt undw sedkn 145 rf lh8 2011 Act CtynmissI undw sethin 14515) (b) ac&n11n0 reco ketrt kn res1 cl the Trnst as ty s•Lts 130 d Ihe Prt an iThJepuKlenl examNth. PInS GU2 4EU S1+-
THE PEARSON-YOUNG MEMORIAL TRUST STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 5 APRIL 2025 INCOME FUND EXPENDABLE lunresknctedl ENDOWME14T TOTAL 2025 TOTAL 2024 Notes Ipage 111 INCOMEAND EXPENDuRE In¢ome and Endowments from- Inve5knent in¢ome B3nk Interest Prewous year adiustm8llt 63.255.96 63,255.96 61,340 6,116 13,603.00 13.603.00 Total Incoming 76,&58.96 76.8S8.96 67,456 EXPENDITURE ON Rai$ing Funds Inv85trn8nt rnanagernent fees 9.175.04 9,175.04 11,959 Charitable Activities Grallt5 Supp)rt costs 13,620.42 7,764.00 13,620.42 7.764.00 38,155 9,554 10 Total Exponditurè 9,175.04 30,559.46 59.668 Net Incomellexpendl befor* investrnent gains 55.474.$4 19,175.041 46.299.50 7.788 ILos5esllgains on invesknents. Realised Unréalwl 18.587.261 185,909.691 18,S87.261 18S.909.69) 118.7101 6.097 Net Incomellexpenditurel $5.474.S4 (103,671.991 148.197A51 14.8251 Other COgnISed galnslloss•s Currency Ilossesllgains Nèt movement of funds {1.917.281 11,917.281 55,474.54 1105,5B9.271 150.114.731 14.8251 Recon¢llfjatlon of Funds Fund Balan$ brought foThrfard 126.875.12 I.6.333.97 1,817.109.09 1.821.934 Fund Balances carried forward £ 182,3d9.66 £ 1,584.644.70 £ 1.766,994.36 £ 1,817.109 Page S
THE PEARSON-YOUNG MEMORLAL TRUST BALANCE SHEET AS AT 6 APRIL 2025 Notes 2026 2024 Fixed Assets Investments 1.538.327.00 1.633.498 CurrenlAssets - Cash held Vdtth Rhodes Uniwergty - Metrobank account - Char5 Stanley & Co acctsjnts 28.708.40 20.159.18 210,027.68 159.424 Total Current A558ts 268,896.26 225.488 1.797.222.28 1,858,986 Less: Credito Amounts falling due within one year Accruals Grants c¢Mnmitted 1276.th) 27.951.9) 3,722 38,155 30,227.90 41,877 Totsl Net Assets £ 1,766,994.36 £1.817.109 Funds ofthe Charity Capital Funds Expendable Endobw*nt 1,584,6M.70 1.690.234 Inci)me Funds Incx)me Fund lunrestri(Xedl 182.349.66 126,875 Totsl Fun(ts £ 1.766,994.36 £1.817.109 Approved by". Date". Page 6
THE PEARSON.YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 1. knrourrting Policies Basis of ac()uniin The finanoal slatem&nls have been prepared urKler the hr61orKal c¢)St convention. wrth the excepbon that investments are shown al rnarkel value as at the baL3nce sheet date and are In ac()rdancè wrth Ihe StatetTEnt of Recommended PractKe" A¢(UntIng and Reporting by ChanlE5 preparing their accounts ln actordance wrth the Finanaal Rewrting Standard applLcabk in the UK and Rewblic of Ireland IFRS 1021 and the chare5 A# 2011 The Charity consiitutes a public benefft entsty as defirieil by FRS 102 Having assessed the Ch8nVs financial position and plans for the foiseeabk future with the cOnseration of COMLL19. Trustsès a $alfied thai it remain5 appropruqte to prepare the finan(Jal StsletrEnts on a going concern basB Where re$Sary eslimèles nd iu(trJements are based w histoal eyperieThtr and olhef faaers. The attounts have been pPared accordance %Mth e Financial Reporting StaThJard applicable in Ihe Unrted lingd(wn and Republic of Ireland IFRS1021 and with the Charibes Ad 2011. Investments Quoted investments are indud•J at market value atthe BalarK Sheet date. rant Grants are accounted for en the IX%ThnitrrEnt i4 wnsKJered lo be birk19 Investrrenl Income InvestmÈnl incorTE atKI lax Vera0 are accounted for M a reCeab bas Realised 2nd unrealised ainsn Realised gains11oes on the dtsposal of Investtnents are tal(jJ1at by referen to the market value of th058 inve51menls at Ihe stsrt of the accounbn9 perhjd or. rf purchased dunng the a(ounhrvJ peri(xJ. the o)st of ao]uisrfLion. Unaled gainsnosses rened the inctèa5eldecrea5e in value during the accounting perh)d of inve51menls IEkl throughout that peiioJ or. In the case of invesbnents purchased during Ihe accounting penlxl and still hekl 2t the end ol the perwxl. the increaseldeuease in Value ffiared 1¢ I1r aojuisilion cost on Inv 2. Expendable Endowment The Ttustee5 have resofved lo retain the Endtrh1)l Fund lor future in(ft generation and a5 a reserve for lean penods to assisi with the of covir&19. 3. Charitable Expenditure- Grants The following stholat5hip awarLls were made to Rhcths UnNersty the yearded 5 Apnl 2025". Totsi 5.671.40 461.20 461.20 461.20 2.430.60 5266.30 1.318.07 1A54.59 30.724.56 Comm[e 5,6T1.40 4,861.20 4,861.20 4,861.20 2,430.60 5,266.30 Paid A Ndara N Zilha L Make1 S sekele Z Ngoloyi N Taperevera P Maongane Honour5 sludenl Masters *JeI Masters slwlent Masters Sludent Masters StleTrt [k¢ial Siudenl Travel grant Adverb&ng 1,318.07 1.454.59 2,772.66 27.951. Previous year adiustm8nt (grants not needed 17.104.141 17,104.14 £ 13.620.42 £ 27,951.90 £114.331.4BI Scholarship awards to Rhedes UnNetsrty amunb.ty kn £30.724.56 were paKI or CMItted in the year ended 5 April 2025 12024 £38.155 grant5 WEre awarded) A total of £17.104.14 was wnttÈn off In spe of previou5 year grants not needed All stu(tenls are enro1 al Rhodes UnNersty for the 2025 acajemt year {Whh falls within the cakndar yearl. Page 7
THE PEARSON-YOUNG MEMORLAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDÉD 5 APRIL 2025 IconL) 4. Invsstm8nts MovetnentS On quoted investments were as fo11ryS'. 2025 2024 Market value at 6 April 2024 Add acquisitions at cost Less realised loss Less pr(Keeds 1.633.498.00 303.239.89 1.618,843 257,524 18,587.261 1303,913 941 (312.501.201 I248,) Net Ilossygain on revaluab.on at 5 April 2025 Matket valu& at SApril 2025 185.909.691 t 1,538.327.00 6,097 £ 1.633,498 Histor1 cost as at 5 April 2025 1.412,826 £ 1.438.70S All inve5trnents are 115ted on a recognised stock exthange. There no investrnents which accounted for fflore than 5% of portfol by value. The total market value is made up as follov+S". 2025 2024 Overseas inveslm8nts UK inve5trnents - equibes - fixed interesl - eque5 . pr(yerty 289,941.00 105,043.00 1,117.163.00 ,180.00 284,432 108,196 1.197,158 43,712 £ 1,538,327.00 £ 1,633,498 Income frorn Inve5trnents for Ihe year 1Xpn$es Ihe follwng 2025 2024 Income from oversea5 hddings Income from UK Investments - fixed Inte$1 - eouib.es arKJ unit Irusts . pr(pety 11.380.0S 13.035 4A45.08 39.074.81 2,319.58 4.816 41.652 1.837 £ 63.255.96 £ 61.340 Page 8
THE PEARSON-YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 IconLI 5. Anatysis of Net Assets Belween Funds Fund ban at 5 Apnl 2025 are reweSentl ty Income Fund lunrestri¢tedl Expendable Endowment Total Funds 2024 Investsrent5 Current Assets Cre(Jitors 1,538,327.00 46.317.70 1,538,327.00 258,895.28 130,227.901 1,633,498 225,488 141,8771 212.577.56 130.227.901 Total Net Assets £ 182.349.66 £ 1,584,644.70 £ 1,766,994.36 1.817,109 The summary of net assets betsveen funds for S 1 2024 was as folk)ws.' Incorne Fund lunrestrictedl Expendab Endowment Total Funds Investments Current Assets Creditor5 1,633,498.00 56,735.97 1.633,498.00 225,488.47 141.877.38) 168,75150 141,87T.381 Totsl Nel Assets £ 126.875.12 £ 1,690,233.97 £ 1.817,109.09 6. Summary of M0Ment in funds 2025 Income Fund lunrestrictedl 2025 Expendable Ent1owment 2024 2024 Expendable Endowment Income Fund lunrestnctedl Balance brought fowdrd 126.87S.12 1.690,233.97 107,128 1,714,8( Income Expenditure OthergainlI08SesI 76.858.96 121.384.421 67.456 147.7091 {9.175.041 194.496.951 111.9591 112.6131 Balance carr*d forward £ 182.349.66 £ 1.586.561.98 126,875 £ 1.6.234 Total funds 2025- £ 1.768.911.64 2024- £ 1,817.109 Page 9
THE PEARSON-YOUNG MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 202S l¢onLI 7. Trustees. Remuneration and Expense5 No remuneratY)n was paid dunng the year12024" Nill. No exrEnses knEre io the Trustees the year 12024 Nil) 8. Tran$action5 With Related Parbes During the year £7.11012024 £9.0361 was paid trj Broadfiekj Law UK LLP Ifomiety BDB Pitrnans LLPI for administrat'on fees, of which Alastair Collett (rrusteel s a parlnerof the fimi. 9. staff Costs The TrusÈes do not ernploy any 5tsff12024 Th)nel. 10. Support Costs Income Fund lun$(dI Expendable End0Vot Totsl 2024 Total 2024 Metio Bank charges L31 and professional fees Irepend&nt ExarninatK)n fee 154.00 7,110.Th) 500.fy) £7.764.tK) 154.00 7.110.00 500.00 £7,764.00 9,036 450 £9,554 11. Prevlous Year Adjuslm•nt Dunng the year. rt came to IwJht that Rh(wJe5 University wEre hokliTrJ fijnds arnounting to £13,603 IZAR321,5281. This sum relates to furKls sent to thern in respect of prior year granl awards which had not been fully Utiled orwf*re an awardee withdrew from th&r course. Page 10
THE PEARSON-YOUNG MEMORIAL TRUST STATEMENT OF FINANCIAL ACTnimES FOR THE YEAR ENDED 5 APRIL 2024 (showing allocation betrween funds) INCOME FUND EXPENDABLE lun$¢ted) ENDOWMENT TOTAL 2024 INCOME AND EXPENDITURE Iwtcome and Endowments frorn Investrnent Incom8 Bank interest 61,339.97 6,116.16 61,339.97 6,116.16 Total Incoming 67.4S6.13 67,456.13 EXPENDITURE ON Fundraising costs Invesbnent management fees 11.958.92 11,958.92 Charitsble Expendlture Grants Support costs 38,15S.38 9.$54.00 38,155.38 9.554.00 Total Expendiiure 47.709.38 11.958.92 59,668.30 Net incom8118xpenditurel before Inv•stmant gains 19.746.75 {11,9S8.921 7,787.83 Gainsllk)ssesl on investsnents". Realised Unrealised 118.710.441 6.096.95 118.710.441 6.096.95 Net IncomellexpendituI 19.746.75 124,571411 14,825.661 Othèr r8cogni88d gainsnosses Currency gainslllosse51 Net movement of lunds 19,746.75 124.572.411 14,825.66) Reconciliation of Funds Fund Balances brought forward 107.128.37 1,714,806.38 1,821,934.75 Fund Balan¢•s ¢arri•d forward £ 126,875.12 £ 1.690.233.97 £ 1.817.109.09 Page11