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2025-03-31-accounts

Charity registration number 1177423

THE PEMBERTON-BARNES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE PEMBERTON-BARNES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Trustees who served during the period and up to the date of this report were
as follows:
Ian McBryde
Simon Males
Victoria Muir
Bridget Cass
John Stephenson
Charity number 1177423
(Registered as a Charitable Incorporated Organisation on 5 March 2018)
Country of registration England and Wales
Registered office 9 Thorney Leys Park
Witney
OX28 4GE
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditors
110 Golden Lane
London
United Kingdom
EC1Y 0TG
Bankers C. Hoare & Co.
37 Fleet Street
London
United Kingdom
EC4P 4DQ
Accountants Azets
9 Thorney Leys Park
Witney
Oxfordshire
OX28 4GE
Investment managers Rathbones Investment Management Limited
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
United Kingdom

THE PEMBERTON-BARNES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Investment managers

Sarasin and Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU

THE PEMBERTON-BARNES TRUST

CONTENTS

Page
Trustees' report 1 - 6
Independent auditor's report 7 - 9
Statement of financial activities 10 - 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 26

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report and the audited financial statements for the year ended 31 March 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the governing document, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Pemberton Barnes Trust is a Charitable Incorporated Oganisation (CIO) created on 5 March 2018. The object of the CIO is, for the benefit of the public, to advance such exclusively charitable objects or purposes (according to the law of England and Wales) in any part of the world as the charity trustees may in their discretion think fit, but without limitation by the provision of financial support to charities. The CIO exercises all the powers available under the will and codicils of Miss E A Pemberton-Barnes (in respect of which a grant of probate was issued on 2 June 1948 and as amended by resolutions of the charity trustees of the Will Trust dated 31 July 2016 and 28 July 2017) governing the Will Trust, as may be amended from time to time. The trust seeks to principally support charities in the East End of London and Essex, and further afield, having recognition of the wishes of Miss Pemberton-Barnes, but reflecting today’s needs and challenges. The core interests and areas of support continue to be Christianity, Young people and those with Disabilities.

The trustees review the aims, objectives and activities of the charity each year and look at what the charity has achieved and the outcomes of its work in the reporting period. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

As previously reported the trustees reviewed its grant giving policy in 2021, on the basis that grants would be provided to charitable organisations based on a three-year term. As part of its grant giving policy, the trustees focus on organisations where the grant will be between 1% and 25% of its total funding. In practice this means charities that are neither so large that the contribution has little impact, or so small that they are overly dependent on the trust’s support. The trustees will not approve grants to charities with large reserves, unless there is a specific reason,

To be considered, potential grantees are required to fill in detailed application forms providing full information on its aims, financial position, governance, safeguarding policies and the reporting of any incidents to the Charity Commission. Grantees are then required to submit annual updates outlining how the grant was used and the impact that the funding had on its activities.

The year ending 31st March 2025 was the first year in a new cycle of three-year grants. In accordance with the Trustees’ grant policy new applications for grants were received from charities, churches and other organisations. The trustees approved 15 three-year grants for the period up until the financial year ending 31st March 2027. The total amount of these grants given during this financial year was £335,000 as listed in this report below. It should be noted that all ‘three-year grants’ are unrestricted, enabling recipients to target funds where they are most needed.

The Trustees aim to visit all the grantees it supports over a three-year grant cycle. These visits are invaluable, not only to build stronger relationships with those supported by the Trust but also to enable Trustees to see firsthand the support being delivered.

The trust also makes ‘one-off’ grants to organisations where appropriate. This could be for specific projects or to general expenditure. Trustees approved a £25,000 ‘one-off’ grant for the financial year ending 31st March 2025 as noted in the schedule. The grant of £25,000 was given to Hackney Quest to ensure continued funding of a vital counselling service for young men in the Borough.

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

A designated fund has been created to show the amounts Trustees have committed to funding the annuitants, subject to the satisfactory reporting. See Note 18.

Grants provided in the financial year ending 31st March 2025

PCC of Havering-atte-Bower £40,000
PCC of St Dunstan's and All Saints, Stepney £35,000
PCC of St. John on Bethnal Green £20,000
Mission To Seafarers £10,000
Royal National Mission to Deep Sea Fishermen £20,000
Soldiers and Airmen's Scripture Readers Association £30,000
Lake District Calvert Trust £25,000
King George and Queen's Hospitals Charity £15,000
Mind in Tower Hamlets and Newham £20,000
Royal Sailors Rest £30,000
Annie McPherson Home of Industry £20,000
Future Youth Zone £15,000
Hackney Quest £20,000
St. Sepulchre-without-Newgate £15,000
Queen Victoria's Seamen's Rest £20,000

The trust also made a ‘one-off’ grant totaling £25,000 to the following organisation to help with specific projects:

Hackney Quest £25,000

Financial review

With the gradual reduction of exposure to directly held property, and the move to more diversified investments, the trust holds most of its investments in managed charity funds. As at 31 March 2025 the trust held £1,708,955 Rathbones Core Investment Fund for Charities and £1,473,057 in Sarasin Endowment Fund. A further £1,181,122, being unrestricted funds, is managed by Sarasin in a ring-fenced account. In addition, as at 31 March 2025, £535,531 was held in a 35-day notice account with Hoare’s Bank. At the start of March 2025 this originally held a balance of £2,135,531 however before the end of the reporting period £1,600,000 was drawn down from this account. Since the end of the reporting period £800,000 has been invested with Rathbones and £800,000 with Sarasin to provide improved longer-term returns.

There are two properties still held by the Trust. These are a Royal Mail Depot at Halesowen, West Midlands, extending to 17,373 sq ft, and let until 2030; and an office building in Windsor, with a net floor area of 2,287 sq ft, let until 2035. Following rent reviews during this financial year, the income received from these two properties increased from £169,865pa to £216,319pa. The trustees will consider the sale of the last remaining properties as and when timing is deemed expedient, but for the time being the rents provide a significant portion of the trust’s income.

Every three years the trust’s property holdings are externally valued. As at 31st March 2025 the aggregate value of the two properties increased from £2,175,000 (2024) to £2,900,000. This increase being predominantly attributable to the significant increase in the rent agreed at Halesowen and improvement in market sentiment for well let industrial property.

The trust has a Responsible Investment Policy incorporating Environmental, Social and Governance oversight over all its investments and the managers invest in line with that policy.

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

With all the high street shops sold, the risks inherent in holding secondary property has been significantly reduced. Most investments are now held in pooled charity funds.

The trustees review the Investment Policy on an annual basis to ensure that it remains up to date and fit for purpose. The policy sets out the investment objectives, attitude to risk, and ethical investment policies.

The trustees are aware of the risk of losing the skills of the individual trustees and the need for succession planning. The current Trustees have a broad range of skills and were all appointed in the last six years.

The risk of administrative failure and the loss of key personnel have been reduced following the outsourcing and appointment of administration to Moore Insight in 2022. Moore Insight provide a full administration service to the Trustees, organise and attend trustee meetings, maintain all information on grants and investments and ensure all grants and other payments are made.

As only two properties are now owned by the trust, BNP Paribas Real Estate no longer manage the portfolio. Rents are demanded directly and collected by Azets, the trust’s accountants. Both properties are let on a ‘full repairing and insuring’ basis. Property investment and general advice is provided by external firms when required.

Reserves policy and going concern

The financial statements are drawn up on a going concern basis, which assumes The Pemberton-Barnes Trust will continue in operational existence for the foreseeable future. The trust relies on income from multi-asset charity funds and investment property to fund its grants and the trustees seek to manage the risks around this income stream. By their nature, these funds invest in a diversified variety of assets and provide a more stable capital and income base, with lower outgoings. Going forward, the trust intends to adopt a total return approach from its investments, which should enable trustees to manage annual cash flows more easily.

The going concern basis used in the preparation of these financial statements is based upon the expectation that The Pemberton-Barnes Trust’s income and expenditure on grants are at a level to ensure reserves and cash flow requirements are met. The Trustees have reviewed the financial position and financial forecasts, taking into account the levels of cash, working capital, net current assets and the systems of financial control and risk management. The Trustees believe that they are well placed to manage operational and financial risks successfully. The trustees consider the current and forecast cash resources to be sufficient to cover the working capital requirement for at least 12 months from the date of signing the accounts and has determined that it remains appropriate to continue to adopt the going concern basis in preparing the accounts.

Plans for the future

The trust will provide support to organisations and good causes, continuing the wishes of Emily PembertonBarnes and building on the work of increased oversight of grants to ensure the maximum benefit. The trustees will continue to work closely with those organisations it supports now, and in the future, to ensure that the trust’s income is used in the most effective way.

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

The trustees who served during the year and up to the date of signature of the financial statements were:

Ian McBryde Simon Males Victoria Muir Bridget Cass John Stephenson

This Charitable Incorporated Organisation was registered on 5 March 2018 under charity number 1177423. With the authority of an order of the Charity Commission dated 16 May 2018 the assets and undertaking of the E A Pemberton-Barnes Will Trust - charity number 207399 (‘the Old Trust’) - were transferred to it on 1 June 2018. The Old Trust was constituted under the terms of the 1924 will (with thirteen codicils) of Miss Emily Ann Pemberton–Barnes who died on 23 August 1943. The Will provided that the whole of the income be distributed in stated proportions called annuities between charities named in the will or later substituted by the trustees. In 2020 the trustees reviewed its approach to grant giving with effect from the 2021/22 year. This has enabled the trust to provide grants to a wider set of beneficiaries and provide flexibility to use the income as effectively as possible.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

Appointment of trustees

Trustees are appointed by the continuing and retiring trustees. Every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

At a meeting of the trustees on 11th March 2025, it was agreed that trustees would in future be appointed for a term of four years. To assist in future succession planning and good governance, as four of the present trustees were appointed at the same time in 2020, it was further agreed that the current trustees would now serve further terms expiring by rotation between March 2028 and March 2030.

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are

required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was re-appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

THE PEMBERTON-BARNES TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

The trustees’ annual report has been approved by the trustees on 07 October 2025 and signed on their behalf by

.............................. Ian McBryde Trustee Dated: 26 November 2025

.............................. Bridget Cass Trustee Dated: 26 November 2025

THE PEMBERTON-BARNES TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PEMBERTON-BARNES TRUST

Opinion

We have audited the financial statements of The Pemberton-Barnes Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Pemberton-Barnes Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE PEMBERTON-BARNES TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PEMBERTON-BARNES TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

THE PEMBERTON-BARNES TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PEMBERTON-BARNES TRUST

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sayer Vincent LLP

01 December 2025

Statutory Auditor

110 Golden Lane London EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

THE PEMBERTON-BARNES TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR

THE YEAR ENDED 31 MARCH 2025

Current financial year

Unrestricted Endowment
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Income from Investments
2
394,743
-
Other income
3
46,000
-
Total income and endowments
440,743
-
Expenditure on:
Raising funds
4
19,490
22,100
Charitable activities
Grant making
5
398,561
-
Total charitable expenditure
398,561
-
Total resources expended
418,051
22,100
Net income before gains on investments
22,692
(22,100)
Net (losses)/gains on investments
10
12,054
700,068
Net incoming resources before transfers
34,746
677,968
Gross transfers between funds
(35,705)
35,705
Net (outgoing)/incoming resources
(959)
713,673
Fund balances at 1 April 2024
1,380,300
7,645,117
Fund balances at 31 March 2025
1,379,341
8,358,790		 Total
2025
£
394,743
46,000
440,743
41,590
398,561
398,561
440,151
592
712,122
712,714
-
712,714
9,025,419
9,738,131

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE PEMBERTON-BARNES TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year

Unrestricted Endowment
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Income from Investments
2
395,538
310
Other income
3
75,384
-
Total income and endowments
470,922
310
Expenditure on:
Raising funds
4
30,895
67,060
Charitable activities
Grant making
5
348,396
-
Total charitable expenditure
348,396
-
Total resources expended
379,291
67,060
Net income before gains on investments
91,631
(66,750)
Net (losses)/gains on investments
10
83,969
203,822
Net incoming resources before transfers
175,600
137,072
Gross transfers between funds
(20,865)
20,865
Net movement in funds
154,735
157,937
Fund balances at 1 April 2023
1,225,567
7,487,178
Fund balances at 31 March 2024
1,380,300
7,645,117		 Total
2024
£
395,848
75,384
471,232
97,955
348,396
348,396
446,351
24,881
287,791
312,672
-
312,672
8,712,745
9,025,417

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE PEMBERTON-BARNES TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Investment properties
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
18
Income funds
Unrestricted general funds
Designated funds
18		 2025
£
£
2,900,000
4,363,110
7,263,110
63,279
2,510,433
2,573,712
(98,690)
2,475,022
9,738,131
8,358,790
909,341
470,000
9,738,131		 2024
£
£
2,175,000
4,308,699
6,483,699
82,795
2,563,620
2,646,415
(104,695)
2,541,719
9,025,417
7,645,117
1,380,299
-
9,025,417		 2024
£
£
2,175,000
4,308,699
6,483,699
82,795
2,563,620
2,646,415
(104,695)
2,541,719
9,025,417
7,645,117
1,380,299
-
9,025,417
6,483,699
2,541,719
9,025,417
7,645,117
1,380,299
-
9,025,417

The financial statements were approved by the Trustees on 07 October 2025

Ian McBryde Trustee

THE PEMBERTON-BARNES TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Proceeds from disposal of investment
property
Purchase of other investments
Proceeds from disposal of other investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(380,641)
-
(70,709)
3,420
394,743
327,454
-
(53,187)
2,563,620
2,510,433		 2024
£
£
(510,134)
850,000
(68,275)
3,331
395,848
1,180,904
-
670,770
1,892,850
2,563,620

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Pemberton-Barnes Trust is a charitable incorporated organisation registered on 5 March 2018 with the Charity Commission in England & Wales. The office address is 9 Thorney Leys Park, Witney, OX28 4GE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The charity meets the definition of a public benefit entity under FRS 102.

1.2 Going concern

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next reporting period.

1.3 Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Endowment funds are those subject to specific conditions set by donors or testators requiring that the capital must be maintained by the charity. The Endowment fund reflects the original benefaction to the charity from the will of Miss Emily Ann Pemberton-Barnes together with subsequent gains and subsequent losses.

Designated funds are included in the income funds of the charity, these are funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Where income received does not meet the requirement for income recognition in the current year, as entitlement does not exist at the balance sheet date, the charity recognises this as deferred income. The charity recognises deferred income as a liability in the balance sheet until the charity has entitlement.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings;

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of costs

All support and governance costs are allocated to Grant Making.

Donations payable

Charitable grant payments are made to named beneficiaries in the furtherance of the charity's objects. Donations have now moved to fixed-term grants on a rolling basis. Grant recipients will be fully reviewed each year to ensure they reflect the values and interests reflected in Emily Pemberton-Barnes' will. The payments will be recognised where there is a legal or constructive obligation to expense the grant.

Provisions for donations are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the donation or the amount of the donation payable.

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.7 Fixed asset investments

Listed investments are a form of basic financial instrument initially measured at transaction price excluding transaction costs, and are subsequently measured at their fair value at the balance sheet date using the closing quoted market share. Changes in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading "Net gains / (losses) on investments" in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1922 to the extent that these are applied to its charitable objects.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

1.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using effective interest method.

Total
2024
£
210,133
115,747
69,968		 395,848
Endowment funds 2024 £ - - 310 310
Unrestricted funds general 2024 £ 210,133 115,747 69,658 395,538
Total 2025 £ 196,714 117,408 80,621 394,743
Income from Investments Unrestricted Endowment funds
funds		 general 2025
2025		 £
£		 Rental income
196,714
-		 Income from listed investments
117,408
-		 Bank interest
80,621
-		 394,743
-

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3 Other income

Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Insurance claim 46,000 75,384

Other income relates to an insurance claim and dilapidations receivable for former properties of the Trust.

4 Raising funds

Unrestricted Endowment
funds
funds
general
2025
2025
£
£
Trading costs
Legal expenses
-
22,100
Investment property
expenses
3,058
-
3,058
22,100
Investment property
manager fees
16,432
-
19,490
22,100		 Total
Unrestricted
Endowment
funds
funds
general
2025
2024
2024
£
£
£
22,100
-
67,060
3,058
5,702
-
25,158
5,702
67,060
16,432
25,193
-
41,590
30,895
67,060		 Total
2024
£
67,060
5,702
72,762
25,193
97,955

5 Charitable activities

Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)		 Grant
making		 Grant
making
2025
£
360,000
9,622
28,940
398,561		 2024
£
319,000
8,384
21,012
348,396

All expenditure on charitable activities shown in the 2024 and 2025 figures was unrestricted.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6 Grant making

Cost
Havering Church
St Dunstan's Church
St John's Bethnal Green
Bethnal Green Mission Church
SASRA - Scripture readers
Calvert Lake District
Intercontinental Church Society
East London Scouts
Mission to Seafarers
Fishermen's Mission
King George Hospital
Mind
RABI
Aggies
Future Youth Zone
Hackney Quest
St. Sepulchre without Newgate
QVSR Seafarers’ Centres Group
Sailors Society (Ukraine)
Fellowship Afloat		 Grant
making
2025
£
40,000
35,000
20,000
20,000
30,000
25,000
-
-
10,000
20,000
15,000
20,000
-
30,000
15,000
45,000
15,000
20,000
-
-
360,000		 Grant
making
2024
£
40,000
32,000
24,000
16,000
24,000
32,000
8,000
48,000
8,000
8,000
16,000
16,000
8,000
24,000
-
-
-
-
5,000
10,000
319,000

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7
Support and governance costs
Support
costs
Governance
costs
2025
Support
costs
Governance
costs
£
£
£
£
£
Insurance
-
930
930
-
1,975
Legal expenses
-
13,180
13,180
-
7,063
Bank charges
388
-
388
369
-
Administration
charges
8,026
-
8,026
6,575
-
Accountancy fees
-
7,490
7,490
-
6,979
IT software costs
1,007
-
1,007
1,288
-
Travel and
subsistence
200
-
200
152
-
Auditor's
remuneration
-
7,340
7,340
-
4,994
9,621
28,940
38,561
8,384
21,011
8
Net movement in funds
2025
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the auditor for the audit of the financial statements
8,400		 7
Support and governance costs
Support
costs
Governance
costs
2025
Support
costs
Governance
costs
£
£
£
£
£
Insurance
-
930
930
-
1,975
Legal expenses
-
13,180
13,180
-
7,063
Bank charges
388
-
388
369
-
Administration
charges
8,026
-
8,026
6,575
-
Accountancy fees
-
7,490
7,490
-
6,979
IT software costs
1,007
-
1,007
1,288
-
Travel and
subsistence
200
-
200
152
-
Auditor's
remuneration
-
7,340
7,340
-
4,994
9,621
28,940
38,561
8,384
21,011
8
Net movement in funds
2025
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the auditor for the audit of the financial statements
8,400		 7
Support and governance costs
Support
costs
Governance
costs
2025
Support
costs
Governance
costs
£
£
£
£
£
Insurance
-
930
930
-
1,975
Legal expenses
-
13,180
13,180
-
7,063
Bank charges
388
-
388
369
-
Administration
charges
8,026
-
8,026
6,575
-
Accountancy fees
-
7,490
7,490
-
6,979
IT software costs
1,007
-
1,007
1,288
-
Travel and
subsistence
200
-
200
152
-
Auditor's
remuneration
-
7,340
7,340
-
4,994
9,621
28,940
38,561
8,384
21,011
8
Net movement in funds
2025
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the auditor for the audit of the financial statements
8,400		 2025
Support
costs
Governance
costs
£
£
£
930
-
1,975
13,180
-
7,063
388
369
-
8,026
6,575
-
7,490
-
6,979
1,007
1,288
-
200
152
-
7,340
-
4,994
38,561
8,384
21,011		 2025
Support
costs
Governance
costs
£
£
£
930
-
1,975
13,180
-
7,063
388
369
-
8,026
6,575
-
7,490
-
6,979
1,007
1,288
-
200
152
-
7,340
-
4,994
38,561
8,384
21,011		 2025
Support
costs
Governance
costs
£
£
£
930
-
1,975
13,180
-
7,063
388
369
-
8,026
6,575
-
7,490
-
6,979
1,007
1,288
-
200
152
-
7,340
-
4,994
38,561
8,384
21,011		 2024
£
1,975
7,063
369
6,575
6,979
1,288
152
4,994
29,395
2024
£
6,820
2025
£
8,400

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024: £nil). No trustees received payment for professional services supplied to the charity. Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £153 (2024: £130) incurred by 1 (2024: 1) members relating to attendance at meetings of the trustees.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
2025
2025
£
£
Revaluation of
investments
-
(25,457)
Gain/(loss) on sale of
investments
12,054
525
Revaluation of
investment properties
-
725,000
Gain/(loss) on sale of
investment properties
-
-
12,054
700,068		 Total
Unrestricted
Endowment
funds
funds
general
2025
2024
2024
£
£
£
(25,457)
83,969
229,094
12,579
-
(272)
725,000
-
-
-
-
(25,000)
712,122
83,969
203,822		 Total
2024
£
313,063
(272)
-
(25,000)
287,791

11 Investment property

Fair value
At 1 April 2024
Net gains or losses through fair value adjustments
At 31 March 2025		 2025
£
2,175,000
725,000
2,900,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by MK2 Real Estate Asset Management Limited, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Fixed asset investments

Cost or valuation
At 1 April 2024
Valuation changes
Distribution received
Disposals
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
Investments at fair value comprise:
UK Investment fund
13
Financial instruments
Carrying amount of financial assets
Equity instruments measured at cost less impairment
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Listed
investments
£
4,308,699
(13,403)
70,709
(2,895)
4,363,110
4,363,110
4,308,699
2025
2024
£
£
4,363,110
4,308,699
2025
2024
£
£
4,363,110
4,308,699
2025
2024
£
£
10
11,731
-
3,265
63,269
67,799
63,279
82,795

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Operating lease commitments receivable as a lessor

Gross amounts receivable under operating leases:
Within one year
Within two and five years
In over five years		 2025
£
218,575
933,688
366,482
1,518,745		 2024
£
181,061
711,853
440,411
1,333,325

The Charity has entered into operating lease arrangements on their two investment properties. The lease on the first property is non-cancellable and runs until January 2030, with no break clauses. The lease on the second property is non-cancellable and runs until December 2035. This lease also has no break clauses but is subject to annual rent uplifts, in line with the retail prices index.

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
17
Trade creditors
Other creditors
Accruals
Deferred income
Other deferred income		 2025
£
6,392
44,174
13,466
12,824
21,833
98,690
2025
£
44,174		 2024
£
13,328
42,455
4,976
32,659
11,277
104,695
2024
£
42,455

17 Deferred income

Deferred income includes rent demands which were raised prior to 31 March 2025. The rent demands are invoiced and due quarterly in advance. The income has been deferred as to be recognised in the following accounting period to which it will relates and when the entilement exists.

Movement in deferred income

Deferred income brought forward at 1 April 2024
Increase/(decrease)
Deferred income carried forward at 31 March 2025		 42,455
1,719
44,174

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 April 2024
£
Permanent endowments
Investment portfolio
3,171,100
Cash in portfolio
139
Investment property
2,175,000
Cash
2,311,701
Creditors
(12,824)
7,645,117
Balance at 1
April 2023
£
Permanent endowments
Investment portfolio
2,907,719
Cash in portfolio
89
Investment property
3,050,000
Cash
1,528,451
Debtors
13,744
Creditors
(12,824)
7,487,179		 Incoming
resources
£
-
3,420
-
-
-
3,420
Incoming
resources
£
-
3,331
-
850,310
-
-
853,641		 Movement in funds
Resources
expended
Transfers
Revaluations
gains and
losses
Balance at
31 March 2025
£
£
£
£
(2,895)
39,243
(25,457)
3,181,991
-
(3,538)
-
21
-
-
725,000
2,900,000
(22,100)
-
-
2,289,601
-
-
-
(12,824)
(24,995)
35,705
699,543
8,358,790
Movement in funds
Resources
expended
Transfers
Revaluations
gains and
losses
Balance at 31
March 2024
£
£
£
£
(3,603)
37,890
229,094
3,171,100
-
(3,281)
-
139
(875,000)
-
-
2,175,000
(67,060)
-
-
2,311,701
-
(13,744)
-
-
-
-
-
(12,824)
(945,663)
20,865
229,094
7,645,117

Purpose of endowment funds

At 31 March 2025 the charity held endowment funds of £8,358,789 which comprised of an investment portfolio and investment properties transferred from the subsidiary on 1 April 2019, including a new portfolio invested in during November 2021, with subsequent gains and losses being recognised.

Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Revaluations,
Balance at
Incoming
Resources
Transfers
Revaluations,
Balance at		 1 April 2023
resources
expended
gains and
1 April 2024
resources
expended
gains and
31 March 2025		 losses
losses		 £
£
£
£
£
£
£
£
£
£
£		 Designated funds
304,000
-
(304,000)
-
-
-
-
(265,000)
945,000
-
680,000		 Cash
60,301
436,286
(179,826)
(64,989)
-
251,772
460,259
(159,058)
(1,012,171)
-
(459,198)		 Debtors
34,410
34,640
-
13,744
-
82,794
-
(19,516)
-
-
63,278		 Creditors
(196,397)
104,527
-
-
-
(91,870)
6,007
-
-
-
(85,863)		 Investment portfolio
1,023,246
-
-
30,386
83,969
1,137,601
-
-
31,466
12,054
1,181,121		 Cash in portfolio
6
2
-
(6)
-
2
-
-
-
-
2		 1,225,566
(575,455)
483,826
20,865
(83,969)
1,380,302
466,266
(443,574)
(35,705)
12,054
1,379,341		 The designated funds for grants awarded represent multi-year grants that the charity has the intention of making, but which are not recognised as a liability as future years of funding are subject to satisfactory reporting from the grant recipient.

THE PEMBERTON-BARNES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2025
2025
£
£
Fund balances at 31 March 2025 are represented by:
Investment properties
-
2,900,000
Investments
1,181,121
3,181,991
Current assets/(liabilities)
198,219
2,276,798
1,379,341
8,358,790
Unrestricted
funds
Endowment
funds
2024
2024
£
£
Fund balances at 31 March 2024 are represented by:
Investment properties
-
2,175,000
Investments
1,137,601
3,171,100
Current assets/(liabilities)
242,701
2,299,016
1,380,302
7,645,117		 Total
2025
£
2,900,000
4,363,110
2,475,022
9,738,131
Total
2024
£
2,175,000
4,308,699
2,541,719
9,025,419

21 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

22 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investment property
(Gain)/loss on disposal of investments
Fair value gains and losses on investment properties
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
(Decrease) in creditors
Increase/(decrease) in deferred income
Cash absorbed by operations		 2025
£
712,714
(394,743)
-
(12,579)
(725,000)
25,457
19,516
(7,725)
1,719
(380,641)		 2024
£
312,672
(395,848)
25,000
272
-
(313,063)
(34,641)
(97,126)
(7,400)
(510,134)