JOHN PEARCE FOUNDATION
(Registered Charlty No. 1181348 and Company No. CE016045)
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RAWLINSON
& HUNTER

JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
Pagg
Annual Reporl of the Truslees
Independent Auditorfs Report
Statement of Financlal Activities {including Income and Expenditure Account)
Balance Sheet
10
Statement of Cashflows
Notes to the Financial Slatements
12-17

Page 1
JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trust8es present their report and independently audited financial statements of the John Pearce
Foundation 1.the Foundation" or 'the CIO"). for the year ended 31 December 2023. These have been
prepared in 8ccordance wth the accounting policies sel out on pages 12 to 14 and comply with
applicable charity law.
The financial statements comply with the Charities Act 2011 and where applicable the Charities Act
2022, the Foundation's Constitution dated 21 December 2018 and Accounting and Reporting by
Charities.. Slalement of Recommended Practice 8pplicable to charities preparing Iheir accounts in
accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland
Charities SORP IFRS 1021-
REFERENCE AND ADMINISTRATIVE DETAILS
John Pearce FoLtndation, {registered charity number 1181348 and registered company number
CE016045) is based and administered in th8 United lfjngdom. The registered address is 29 Queen
Anne's Gale, London. SW1H 9BU.
Trustoes:
The Trustees of the Foundation who held office during the period and continue to serve at the date
of this report are..
Rupert Bentley
Nicolas Bentley
Michael John Winarick
The Trustees did not hold any beneficial interest in the fund at 31 December 2023 or at any time
during or since that period.
Bankers:
C Hoare & Co
37 Fleet Street. London, EC4P 4DQ
Solicitors:
BDB Pitmans LLP
50 Broadway, Westminster, London. SW1 H OBL
Accountants:
Rawlinson & Hunter LLP
Eighth Floor. 6 New Street Square, New Fetter Lane, London, EC4A 3AQ
Indépendent Audltor:
Rawlinson & Hunter Audit LLP
Eighth Floor. 6 New Street Square, New Fetter Lane, London. EC4A 3AQ
Website:
https:Iljohnpearce.orgl

Page 2
JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE. GOVERNANCE AND MANAGEMENT
The Foundation is a charitable incorporated organisation governed by its Constitutior) dated 21
December 2018 and is registered a5 a charity with Ihe Charity Commission for England and Wales.
The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the
Foundation's goals and strategy and to review grant proposals and general grant requests.
The number of Trustees shall be a minimum of two al any one time and new Trustees shall be
appointed by ordinary resolution by the existing Trustees. The range of skills represented on Ihe
Trustee Board will be kept under review as th8 Foundation develops over time.
Induction and Training
As part of their training. Trustees are given an inlormation pack which includes the Foundation's
Constitution and the Charity Commission guidance on Trustees, Responsibilities. All Trustees are
aware of their legal duties and obligations in respect of the management of th8 Foundalion.
including in relalion lo the protection of its assets.
Statoment of Trustees. Responslbilltles
The Trustees are responsible for preparing the Annual Report of the Trustees and the financial
statements in accordance with applicable law and United Kingdom Accounting Slandards {United
Kingdom Generally Accepted Accounting PraGtioe).
The law applicable to tharities in England and Wales 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
Foundation and of the Ir￿OrnIng ￿SoUrCeS and application of resources. including the income and
expenditure of the Foundalion for that period. In preparing these financial statements, the Trustees
are required to..
select suitable accounting policies and then apply them consistently-,
observe the melhods and principles in the Charities SORP (FRS 102)-
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed, subject lo any
material departures disclosed and explained in the financial statements- and
prepare the financial statements on the going concem basis unless it is inappropriate lo
presume that the Foundation will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position Df the Foundation and enable them lo ensure that the
rinancial statements comply with Ihe Charities A¢t 2011 and where applicable, the Charities Act
2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Irusl deed.
They are also responsible for safeguarding the assets of the Foundation and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularitie5.
The Trustees are responsible for the maintenance and integrity of Ihe ￿rpOrate and financial
information included on the Foundation's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
No Trustee received any remuneration during the period from 1 January 2023 to 31 Decernber
2023.

Page 3
JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE. GOVERNANCE AND MANAGEMEKf l¢ontinued)
Disclosuro of bnforn)atlon to Auditor
In so far as the Trustees are aware=
there is no relevant audit infomiation of which the charlty's auditor is unaware,. and
the Truslees have taken all steps that they ought to have laken to make themselves aware of
any relevar)t audit information and to 8stablish that the auditor is aware of Ihal information.
Internal Controls
The Trustees have overall responsibility for ensuring that the Foundation has appropriate systems
of inlemal Gontrols. They are also responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the Foundation. The
Trustees are also responsible for safeguarding its assets and for taking reasonable sleps for the
prevention and deleclion of fraud and other l￿egUlarl11es.
The system of internal controls is designed to provide reasonable, but not absolute, assuran
againsl material misstatement or loss.
Rlsk Managoment & Corporato Governan¢o
A risk assessment has been undertaken which comprises:
An annual review of the risks the Foundation may face.
The establishment of systems and procedures to mitigate those risks., and
The implementation of procedures designed to minimise any potential impaGt on the
Foundation should those risks materialise.
This continuing process will identify risk areas lo which the Foundation is vulnerable and highlight
any necessary safeguards that will need to be put in place. No major risks were idenlrfied al the
date of these acoounls.
The Trustees have signed fit and proper declarations in line with HMRC guidance.
In addition, the Trustees have laken due consideration of Good Governance
A Code for the
Voluntary and Community Sector, ensuring Ihal the seven main principles of the Code are adhered
to. These are..
Organisalional purpose.,
Leadership.,
Integrity..
Decision-making, risk and conlrol
Board effediveness.,
Equality, diversity and inclusion.. and
Openness and accessibility.
The Trustees recognise that good govemance plays an essential part in securing Ihe fulure of the
Foundation and confirm that the said principles of the Code are followed by them in leading,
directing and managing the Foundation.

Page 4
JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Foundation are restricted specifically to the application of CIO funds, at such
time or times and in such manner, for the public benefit, as the Foundation Trustees may in their
discretion think fit for any exclusively charitable purposes in any part of the world. The Foundation
operates as a grant-making charity, supporting charitable projects arKI organisations with grants of
varying sizes and durations.
The Trustees are looking lo develop solid framework for future grant-making a¢tivities and have
réfined their granl-making focus areas. The Trustees have pursued a broad strategy of ensuring
proper due diligence in the assessment of potential grants and ensuring that granls are made
subject to appropriate terms and conditions.
Statement of Public Benefit
As a grant-funder. the Foundalion's activities will provide public benefil lo the individuals and
communities who are beneficiaries of the Foundation's funded projects. The Foundation's public
benefit is not limited with reference lo g8ography or otherwise. The Trustees a￿ aware of the
Charity Commission guidance on Public Benefit and confimi that they have complied with the duty
in Secllon 4 of the Charities Act 2011 to have due regard to it. They consider the informalion which
follows in this annual r8POrt, about the Foundation's aims, activities and a¢hievements in the areas
of interest that the Foundation supports, dernonstrates the benefit to ils beneficiaries and through
Ihem lo the public, that arise from those activities.
Grant Maklng PoliGifrs
The Trustees, grant making policy has been to generally consid8r making donations by way of
direct funding and also by way of grants to charilable organisations rewgnised as such in their
respective jurisdictions for projects that are exclusively charitable under English law. The
Foundation has put in place sound grant arrangements so that it can properfy select appropriale
grantees and impose prudent tems on grants, including. as appropriate, monitoring and evaluation
of the way in which fund5 are applied by granlees.
Fundraislng
The Trustees have referred to the Charities (Protection and Social Investment) Act 2016 ('Ihe Act.)
and the Guidance on Charities and Fundraising issued by the Charity Commisslon ("CC20"1- They
confirm that the Acl and CC20 have no impact on the charity as it does not engage in any public
fundraising adivities.
ACHIEVEMENT AND PERFORMANCE
Charltable Activllies
During the year the Trustees continued their grant programme awarding a number of grants lo
Horse Racing related projects and Palliative Care initiatives. Horse Raang was of particular
inlerest to the late eponymous John Pearce who bequeathed the initial funding for the Foundation.
By awarding grants to projects in the Horse Racing community Ihe Trustees believe they are both
preserving the legacy of John Pearce 8nd benefiting the general public more widely.
Grants tolalling £1,946,74812022.' £716,822) were awarded during the year, amounting to 95 /0
(2022: 880/.) of total expenditure.

Pag8 5
JOHN PEARCE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
The Slatemenl of Financial Activities on p2ge 9 shows total inooming resources for the year of
£49,977 12022.. £3,028,334), charitable activities of £2.051,518 (2022.. £816,276). There was no
expenditure on raising funds. Grant expenditure amounted to £1,946.748 (2022: £716,822),
Support costs arnounted to £104,77012022.' £99,454) and are included within charitable acts'vities.
The balance of reserves at 31 December 2023 is £2,700,577 {2022- £4,702,118).
R•s•rvos Policy
The Trustees have examined the Foundation's requirement for resources in light of the main risks
to the organisation and have no outstanding commitments or cash demands which are nol
adequately covered by exisling resources. The net assets of the Foundation are regarded as
unrestricted reserves and the funds at 31 December 2023 will be retained to make grants in
accordance with the Foundation's charitable objects and any policies. The Trustees consider Ihat
the freely expendable funds are appropriate and adequate taking into account plans for grants lo
be awarded in future and have al present therefore not designated any Specific reserves. Howev8r,
the Trustees will keep this under constant review. In future years, a specific reserves policy may be
required.
PLANS FOR THE FUTURE
The Trustees do not propose to deviate from the current objectives and activities of the FourKlation
as detailed in Section 3 of this report but will further d8velop and refine their str8tegies, policies
and procedures in future.
AUDITOR
A resolution will be proposed at Ihe Trustees, Meeting that Rawlinson & Hunter Audit LLP be re-
appointed as auditor to the Charity for the ensuing year.
Approved by the trustee5 and slgned
on tholr behalf by-
rLiJert bentle5' Ioct 9. 20L4 16..57 GMT+II
Trustee
09110124
Date

Page 6
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
JOHN PEARCE FOUNDATION
Oplnlon
We have audited the financial slatemenls of John Pearce Foundation I'th8 Foundation" or "CIO.) for the
year ended 31 December 2023 which comprise the Slaternent of Financial Aclivities {Including Income
and Expenditure Account), the Balance Sheet, Statement of Cashflows and notes to the financial
statements, inclLJding a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion Ihe financial statements:
give a twe and fair view of the state of the Foundation's affairs as al 31 December 2023, and of its
incoming rèsources and application of resources, including its income and expenditure, for the year
ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements ol the Charities Act 2011 and where
applicable, the Charities Act 2022.
Basls for oplnlon
We Gonducied our audit in accordance with Intemational Standards on Auditing IUKI IISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in Ihe Auditor's
responsibilities for the 8udil of the financial statements section of our report. We are independenl of the
Foundation in accordance with the ethical requirements that are relevanl lo our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other elhical
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 relatlng to going concem
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 nol identified any malerial uncertaintiès relating lo
events or conditions that. individually or collectively, may cast significant doubt on the Foundation's
ability to conlinue as a going concern for a period of at least twelve months from when the financial
stalements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees wth respecl to going concem a￿ described
in the relevant sections of this report.
Other information
The Trustees are reswnsible for the other information. The other inforrnation comprises the Infomiation
included in the Annual Report of the Trustees and Financial Statements. other than the financial
statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance conclusion thereon.

Page 7
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE TRUSTEES OF
JOHN PEARCE FOUNDATION
In connection with our audit of the financial 5talements, our responsibility is to read the other information
and, in doing so, consider whether the olher information is materially inconsistent with the financial
slalements or our knowledge obtained in Ihe course of the audit or olherwise appears to b8 malerially
misslaled. If we identify such material inconsistencies or apparent material misstatemenls, we are
required to determine whether this gives rise lo a material misstatement in the financial statements
themselves. If, based on the work we have perforrned, 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 thls regard.
Matters on whlch we are requiTod lo report by exception
We have nothing to report in respect of the following matters in relation lo which the Charilies (Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinion=
the information given in the financial slatements is inconsistent in any material r8spect with the
Trustees, report., or
sufficient accounting records have not been kepl,. or
the financial statements are not in agreement with the accounting record,. or
we have not re￿iVed all the informalion and explanations we require for our audit.
R•sponsibilltiès of trustees
As explained more fully in the Statement of Trustees Responsibllities set out on page 2, Ihe 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 Ihe Trustees determine is n8cessary to enable the
preparalion of financial statements that are free from material misstalement, whether due to fraud or
error.
In p￿ paring the financial slatements, the Truslees are responsible for assessing the Foundation's ability
to continue as a goirbg con￿rn, disclosing, as applicable, matters related lo going concern and using Ihe
going concern basis of accounting unless the Trustees either intend to liquidate the Foundation or to
cease operations. or have no realistic alternative but to do so.
Audltof s responsibilities for the audit of tho flnancial statements
We have been appointed as auditor under seclion 145 of the Charities Act 2011 and report in
accordance with regulations made und8r section 154 of that Act.
Our objective5 are to obtain reasonable assurance about whether the financi81 statements as a whole
are fre8 from material misstalement, whether due to fraud or error. and lo issue an auditor's report thal
Incl￿deS our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an
audit conduded 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 Ihe
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 misstalemenls in respect of
irregularilies, including fraud. The extent to which our proGeduTes are capable of detectin9 irregularities,
including fraud is detailed below.
Our assessment of the susceptibilily of the entit￿9 financial statements to material misstatement.
including how fraud mighl occur, is considereé to be low. This conclusion was reached after the
consideration of the following:

Pagè 8
INDEPENDENT AUDITOR'S REPORT (continued}
TO THE MEMBERS AND TRUSTEES OF
JOHN PEARCE FOUNDATION
due to the ￿latiVelY simple business model and low number of transactions within the Foundation
there are comparatively few unexpected fluctuations in the reported results and balances and any
such unexpected items would be specifically enquired into by us; and
Ihere are a number of individuals which comprise 'management" and therefore there is no single
individual who is likely lo be able to override controls to effecl a fraud.
We designed our audit procedures to respond to identified audit risks. including non-compliance with
laws and regulations (irregularities) that are material to the financial statements. Some of the specific
procedures performed to detect irregularities, including fraud, are detailed below-
the review of control accounts and journal entries for large, unusual or unauthorised entries-
the analytical review of the detailed statement of financial activities for variances that are either
unexpected or felt not to be in accordance with our understanding of the charitable activities during
the year-
Dbtair)ing and reviewing for completeness a list of entities and persons considered to be related
parties las defined by Financial Reporting Standard 102) ar)d reviewing the ledgets of Ihe
Foundation for previously unreported related paty transactions.,
review of transactions and joumals for any indicatK)n of fraud or managemenl overrid8.
Because of the Inhe￿nt limitations of an audit, there is a risk that we wll not detect all irregularities,
including those leading lo a material misstatement in the financial slalements or non-compliance with
regulation. This risk increases the more that compliance with a law or ￿gulatIOn is removed from the
events and transactions reflected in the financial slatemenls, as we will be less likely to bewme aware of
instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud
rather Ihan error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentalion.
A further description of our responsibilities for the audit of the financial stalements is located on the
Financial Reporting Council's website at.. www.frc.org.ukJaudl(orsresponsibilities. This description fomis
part of our auditor's report
Use of our roport
This report is made solely to the Foundation's Trustees, as a body, in accordance wilh Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we
might state lo the Foundation's Trustees those matters we are required to state to them in 8n audito¢s
report and for no other purp058. To the fullest extent permitted by law, we do not accept or 2ssume
responsibility to anyone other than the Foundation and the Foundation's Trustee5 as a body, for our
audit work, for this report, or for the opinions we have formed.
Rawlinson & Hunter Audit LLP
Statutory Auditor
Eighth Floor
6 New Streel Square
New Fetter Lane
London
A3AQ
& Hunter Audit LLP i
eligible for appointment as auditor of the Foundation by virtue of its
eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006.

Page 9
JOHN PEARCE FOUNDATION
(Registered Charity No. 1181348 and Company No. CE016045)
STATEMENT OF FINANCIAL ACTIVITIES
(Including Income & Expendlture Account)
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
Incorne from:
Investments (note 2)
Donations (note 3)
14
14
49,977
28,334
3,000,000
Total Income
49.977
3.028,334
Expenditure on:
Charitable Activities (note 4)
15
2,051,518
816,276
Totsl Expendituro
2.051,518
816,276
Net (oxpenditur¢llln¢ome
12,001,541)
2,212,058
Nel movement in funds
11
(2,001,541)
2,212,058
Reconclllatlon of funds
Total Funds Brought Forward at 1 January 2023
4,702,118
2,490.060
Total Fund5 Carrled Forward at 31 December 2023
10
£ 2,700,577 £ 4,702,118
All amounts relate to continuing OFerations.
The￿ were no recognised gains and losses for the years ended 31 December 2022 and 2023.
The notes on page 12 to 17 forrn part of Ihese financial statements

Pag8 10
JOHN PEARCE FOUNDATION
{Regist•r¢d Charity No. 1181348 and Company No. CE016045)
BALANCE SHEEr
AS AT 31 DECEMBER 2023
Page
2023
2022
Fixed Assets
Tangible Assets (note 5}
16
102
414
Current Assets
Debtor {nole 61
Cash at bank (note 71
16
16
591
2,755,470
423
4,837,826
Total Current Assets
2,756,061
4,838,249
Liabilities
Creditors - amounls falling due within one year (note 8)
16
{55,586)
{136,545)
Net current assets
2,700,475
4,701,704
Total not assets
£ 2,700.577 £ 4,702,118
The funds of tho ¢harlty:
Unrestricted funds
10
2,700.577
4.702,118
Total charlty funds
10
£ 2,700.577 £ 4,702,118
The financial statements were approved and authorised for issue by the Trustees and were signed on
Iheir behalf by-.
09110124
Trustee
Date
The notes on page 12 to 17 form part of Ihese financial stslements

Page 11
JOHN PEARCE FOUNDATION
{R8glstered Charity No. 1181348 and Company No. CE016045)
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
Net ¢ash flow from Operating Actlvltles
Nel movement on funds for the year
Less.. Inveslmenl income and deposit interest
Add- Depreciation
(Increaseydecrease in debtors
{DeGrease>lincrease in creditOTS
{2,001,541)
149,977)
312
{168)
180.959)
2.212,058
(28,334)
310
2,313
58,765
14
16
16
16
Net cash (used Inygeneratod by Operating AGtivitios
{2,132,333)
2,245,112
Cash flows from Investing A¢tivltlès
Deposit interest
14
49,977
28,334
Nèt cash generated by Invesling Acllvltios
49,977
28,334
Net (decrease}lincrease in cash In the period
£ {2,082,356) £ 2,273,446
Reconcillation of net cash Ilow to rnovemenl in net funds
Net cash resources at 1 January
4,837,826
2,564,380
Net {decrease)lincrease in cash
(2,082,356)
2,273,446
Net cash rosourcos at 31 Decern￿r
£2,755,470
£4,837,826
Analysis of net funds:
Cash at Bank (note 7}
16
2,755,470
4,837,826
£ 2,755,470 £ 4,837,826
The notes on page 1210 17 form part of these financial statements

Page 12
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
Basls of Preparatlon of Financlal Statemants
The fir)anci81 slatemenls have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland
IFRS 102) {'Charities SORP FRS 102'}, the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011 and where applicable. the
Charities Act 2022 and UK Generally Accepted Accounting Practice.
The Foundation constilules a public benefit entity as defined by Charities SORP FRS 102.
The significant accounling policies applied in the preparation of these financial slalements are sel
out below. These policies have been consistently applied to all years presenled unless otherwise
staled.
In applying the financial reporting framework, the Trustees have made a number of subjective
judgements. for example in respect of signific8nt accounting estimates. Estimates and judgements
are continually evaluated and are based on historical experience and other factors. including
expectations of future events that are believed lo be reasonable under the Circumstan￿$. The
nature of the estirllation means the actual outcomes could differ from those estimates. Any
significant estimates and judgements affecling these financial statemenls are detailed within the
relevant accounling policy below.
Incomlng Resources
Inveslment income is derived from interest and dividend5 receivable from investrnents ané is
accounted for in the period in which the Foundation 15 entitled to receipt. Interest from deposit
accounts are included as and when received only. All incoming resources are included in the
SOFA when the Trust is entitled lo the income and the amount can be quantified with reasonable
acojracy.
Voluntary donations include donation$.
Resources Expgnded
All expenditure is included on an accruals basis and is recognised when there is a legal or
constructive obligalion committing the Truslee to the expenditure.
Charltable activities include governance costs made during the period and are expended Ihrough
the SOFA when Ihe offer is conveyed to the recipienl.
Cost of raising funds relate to the costs incurred by the Foundation in managing its investment
portfolios.
Governance costs relating to the general running of the Foundation, as opposed to the
management functions inherent in generating funds.

Page13
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial instruments
The Foundation only has financial assels and financial liabilities of a kind that qualify as basic
financial instruments. Basic financial instruments are recognised at transadion value and
subsequ8nlly measured al their settlement value.
Grant$ payable
Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi-year
grants are accounted for when either the recipient has a reasonable expeclation that they will
receive a grant and Ihe Trustees have agreed to pay the grant without condilions, or the recipient
has a reasonable expectation that Ihey will receive a grant and that any conditions attaching to the
grant are OLJtside of Ihe control of the Twst.
ststus of funds
The entire resources of the fund a￿ unrestricted and the Trustees have complele discretion for
their use in pursuance of its object5.
Taxatlon
The Foundation is not subject to any laxes on its charitable activities.
Irrecoverable VAT is charged against the activity for which expenditure was incurred.
Debtors and ¢redltors recelvable I payablo wlthln one year
Debtors and creditors with no stated interest rate and receivable or payable wilhin one year a
recorded at transaction price. Any losses arising from impairmenl are recognised as expenditure.
Cash and cash oqulvalents
Cash and cash equivalents include cash in hand, depDsils held on call with banks, olher short-term
highly liquid investments wilh original maturikn'es of three monlhs or less arKI bank overdrafts. Bank
overdrafts, when applicab18, are within borrowing in current liabilities.
Provlslons
Provisions are recognised when the Foundation has an obligation al the Balance Sheel date as a
resull of a past event. it is probable that an oufflow of economic benefits will be required in
settlement and the amount can be reliably estimated.
Employee bonofits
When employees have rendered Servi￿ lo the Foundation, short-lem employee benefits to which
the employees are entitled are recognised at the undiscounted amount expected to be paid in
exchange for that serviGe.
The Foundation operates a defined contribution plan for the benefit of its employees. Contributions
are expensed as they become payable.
Tangible Fixed Assets
Tangible fixed assets are included al their cost value and depreciated using the straight line
method over 5 years.

Page 14
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES (continued)
Going con¢em
The financial statements have been prepared on a going concern basis as the Trustees believe
that no material uncertainties exist. The Trustees have considered the level of funds held and the
expected level of income and expendilure for Iwelve months from the date of signing of these
financial slalements. The forecast income 8nd reserves are sufficient to cover all of the budgeted
expenditure lo be able lo continue as a going concern.
The ongoing corbflicts in Ukraine and Middle East and other inflationary factors have affected the
global economy. Having considered the conlingency plans in place and having reviewed updated
cashflow forecasts, the Trustees consider the adopt*)n of the going Concern basis in preparing
these financial slalemenls conlinues to be appropriate.
Page
2023
2022
INCOME FROM INVESTMENTS
De[￿lt interest
49,977
28.334
£ 49.977
£ 28,334
INCOME FROM DONATIONS
Donations received
3,000,000
£ 3,000.000

Page 15
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
EXPENDITURE ON CHARrrABLE ACTIVITIES
Grants Awarded:
Priscilla Bacon Norfolk Hospice Care Ltd
Racing Welfare
Lamboum Valley Housing Trust
Her05 Charity
Hong Kong Cancer Fund
Marie Curie
BRS Education Ltd
The Wavertree Education Trust Limited
Maggie's
Racing to Relate
National Association of Racing Staff (NARS)
Reg. Charity No. 1166579
Reg. Charity No. 1084042
Reg. Charity No. 1049742
Reg. Charity No. 1115174
HK Charity 9112745
Reg. Charity No. 207994
Reg. Charity No. 1161555
Reg. Charity No. 1111771
Reg. Charity No. SC024414
Reg. Charity No. 1182855
650,000
622,446
300,000
126,195
98,301
60,306
48,000
33,000
8.500
256,777
103,368
60,308
150.000
30,000
68,902
47,467
Tolal Granls Awarded
1,946,748
716,822
Support Costs:
Staff costs
72,141
12,993
8,100
8,100
1,950
876
312
298
60,016
12,573
8,400
7,800
2.020
1,584
310
29
3,684
3,038
Accountancy fees
Independent auditor fees
Insurance
Office expenses
Depreciation
Banking charges
Legal fees
Trustee expenses
16
104,770
99,454
Total Charltable Activities
£ 2,051,518 £ 816,276
Included within Staff costs are gross salaries of £58,80212022.' £50,379), social security wsls of
£6,72912022.' £5,379), and pension Contributions of £3,264 (2022- £3,264).
There are no employ8es who received total employee benefils of more than £60,000 during the
year to 31 December 2023 (2022.. none).
The average number of employees during the year was 212022'.11.
The Trustees are the key management who received no emoluments during the year {2022= £nil}
Audilor remuneration totalled £6.750 nel of VAT (2022.. £6,500).

Page 16
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
FIXED ASSETS
Flxluros, fittlngs and equipmont at COSt
Balance al 1 January
1,554
1,554
Addilions
Balance al 31 December
1,554
1,554
Accumulated doproclatlon
Balance at 1 January
1.140
830
Charge for the year
11
312
310
Balance at 310ecember
1,452
1,140
Net Book Value al 31 December
10
102
414
DEBTORS
Prepaymenls
10
591
423
CASH AT BANK
Cash at bank
10
£ 2,755,470 £ 4,837,826
CREDITORS- amounts falling due within one year
Donalions
Accruals
PAYE & NIC
Trade Creditors
14.900
20,100
3,253
17,333
118,417
15.600
1,791
737
10
£ 55,586 £ 136,545

Page 17
JOHN PEARCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Grants Payablo - Contingent Llabllities
The Trustees made various pledges during the year with perfom)ance conditions attached. As the
conditions for receiving these pledged grants were not met al the year end, these pledges were
not recognised in these financial stalements.
10. RELATED PARTY TRANSACTIONS
No related party transactions occurred duTing Ihe year ended 31 December 2023 (2022- none).
No Trustee ￿ceiVed any remuneration or reimbursement of expenses during the year ended 31
December 2023 {2022.' £3,038 incurred on their behalf in respect of accommodation coslsl.
11. ULTIMATE CONTROLLING PARTY
The Truslees consider that the Foundation is jointly controlled by the Twslees and that there is no
ultimate controlling party.
2023
2022
13. FINANCIAL INSTRUMENTS
Financial assels measured at fair value
2,755,470
4.837,826
Financial assets measured at fair value consisl of cash at bank.