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 P￿aSed 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￿-Y￿ng ￿eM￿al Trust Registered Chanty nuffthr. 1147575 Prinapal address. MrAlastair Colk¢l Broadfidd Law UK LLP Ifom*rfy 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 Novemt*r 20251 m￿ Jernima Jane waI￿r 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 Rop￿￿aker 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 exdUs￿eIY charrtable (&e(ts and purposes for the advan￿ment 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 th￿r absolute disuetion ￿eteM￿￿ I￿, in the atternative to fund students at RhcQes University for smilar stuc1￿$} Grant Making Policie5 The Trustees held extensive distsjsyons V￿lti Rh(Mles UniVer￿tY 0)n￿MIng the estsblishtnent of the Pearson-young Memorial Stholar5hips to lund South African based Honours student5 at Rhodes University evinong an Inte￿5t 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 con￿rned. 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 exr*ed the oz5h oJtrendy available to As eXplai￿d 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 ￿a￿d Ihè Incotne FurKI as Ihe reserve and stood al £182.350 at 5 April 2￿25(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 suffi￿nt 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 wiSte￿d wilh the Charity Commission un(￿r number 1147575. The Charty Is the sole resduary benef￿ary 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 a*uate resour￿ lo rx)ntinue in operational existence for the foreseeab￿ future as the Charity ger￿rallY 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 reV￿￿Ed 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 eX￿S of IIEir available G3sh resou￿$ and as a tf*y operate in a very k)w risk environrnent Any drop In income re￿Ived vthll be matched by an appropriate r&jUct￿n in exF*n¢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 pU￿1C benefit as the grants awarded support tF* *JvanoryEnt of eduL3tion IindudirvJ research into G￿n￿rI. Re$ponsibilÉlies of the Tru5tee5 Law applicable to ¢hartbe5 In England 8 Wales [eqUi￿S the Trustee5 to prepare finanaal stateTh￿ntS for each finantsal yeai which give a true and fair vw4 of the charity's finanraal adivit*s dunro the year and of rt5 financial position at the end of the year In pwarir#J finarKial ststements gNng a true fair view, Ihe Trustees shoukj f￿1￿ best and". se*t suitable actounb.ng wlioes and then 4)ply o)ns5tently", make J￿jgernents and esb"mates thal a￿ ￿8$onab￿ a￿1 prLMJent, State w*ether appliL3ble ac