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## 

|`NameofCharity:`|`ThePenchantFoundation`|`ThePenchantFoundation`|`ThePenchantFoundation`|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||`CharityNo.1188402`|||||||||||
|`Trustees:`|`SirCharlesChadwyck-Healey`|||||||||||
||`CatherineDavies`|||||||||||
||`LadyAngelaMary`|`Chadwyck-Healey`||||||||||
||`FaithMiller`|||||||||||
||`EdwardAlexander`|`Chadwyck-Healey`||||||||||
|`PrincipalOfficeAddress:`|`5MadingleyRoad`|||||||||||
||`Cambridge`|||||||||||
||`CB3OEE`|||||||||||
|`Bankers:`|`NatwestBank`|||||||||||
||`21PettyCury`|||||||||||
||`Cambridge`|||||||||||
||`CB2 3NE`|||||||||||
|`InvestmentManagers:`|`BrownAdvisory`|||||||||||
||`6-10BrutonStreet`|||||||||||
||`London`|||||||||||
||`W1J6PX`|||||||||||
|`Accountants:`|`Mercer& HoleTrustees`||`Ltd`|||||||||
||`72LondonRoad`|||||||||||
||`StAlbans,Hertfordshire`|||||||||||
||`AL11NS`|||||||||||
|`IndependentExaminer:`|`SteveRobinson`|||||||||||
||`Mercer& HoleLLP`|||||||||||
||`72LondonRoad`|||||||||||
||`StAlbans,Hertfordshire`|||||||||||
||`AL11NS`|||||||||||
|`Structure,Governanceand`|`Management`|||||||||||
|`Settlors:`|`SirCharlesChadwyck-Healey`|||||||||||
||`LadyAngelaMary`|`Chadwyck-Healey`||||||||||
|`GoverningDocument:`|`Theprincipalgoverning`||`document`||`is`|`atrust`|`deed`|`dated`|`6March`|`2020.The`||
||`trust`<br>`is`<br>`a`<br>`private`|<br>`charitable`||`trust`||`controlled`<br>`by`||<br>`its`|`trustees.`|`Power`|<br>`of`|
||`appointmentofadditionaltrustees`||||`lieswith`||`theexistingtrustees,whoare`||||`the`|
||`original`<br>`trustees.`|`No`|`additional`||`trustees`||`have`|`been`|`recruited`|`since`|`the`|
||`inceptionofthecharity`||`anditis`|`not`|`consideredthat`|||`anyadditionaltrustees`|||`are`|
||`requiredatpresent.`|`The`|`trusteesare`|||`permittedtoappoint`|||`incomeorcapitalto`|||
||`beneficiariesinthe`|`courseofmeeting`||||`thefund'spurpose.`||||||





## 



## 

|`Assets:`|`TheFoundation'sassetscanbeinvestedwidely andshouldbediversifiedby`|
|---|---|
||`assetclass,bymanagerandbysecurity.Assetclassescouldincludecash,`|
||`bonds,equities,property,hedgefunds,structuredproducts,privateequity,`|
||`commodities,propertyandanyotherassetthatisdeemedsuitableforthe`|
||`Foundation.`|
|`Currency:`|`ThebasecurrencyoftheinvestmentportfolioisSterling.`|
||`Investmentmaybemadeinnon-Sterlingassets,butshouldnotexceed50%`|
||`ofthetotalinvestmentportfoliovalue.`|
||`Hedgingispermitted.`|
|`Credit:`|`TheFoundation'scashbalancesshouldbedepositedwithinstitutionswitha `|
||`minimumratingofA-orinvestedina diversifiedmoneymarketfund.`|
||`Bond`<br>`exposure`<br>`should`<br>`be`<br>`predominantly`<br>`focused`<br>`on`<br>`investment`<br>`grade`|
||`issuers.`|
|`LiquidityRequirements:`|`TheFoundationaimstodistributegrantsofbetween£150kand£200kper`|
||`annum.Thiscanbefundedfrombothincomeandcapital.`|
||`TheTrusteeswishtokeepatleast70%oftheassetsininvestmentsthatcan`|
||`berealisedwithinthreemonths.`|
||`Toallowforvolatilityofcapitalvalues,thetrustees wishtomaintainatleast3 `|
||`years'`<br>`worth`<br>`of`<br>`budgeted`<br>`grant-making`<br>`in`<br>`cash`<br>`or`<br>`lower`<br>`risk`<br>`liquid`|
||`investments.`|
||`Aminimumof2%ofthetotalassets shouldbekeptincashornear cash`|
||`investmentsatalltimes.`|
|`TimeHorizon:`|`TheFoundationisexpectedtoexistinperpetuityandinvestmentsshouldbe`|
||`managedtomeettheinvestmentobjective andensurethissustainability.`|
||`TheFoundationcanadopta longterminvestmenttimehorizon.`|
|`Management,Reporting`|`TheInvestmentManagerisrequiredtoproducea valuation andperformance`|
|`andMonitoring:`|`report`<br>`quarterly.`<br>`The`<br>`Foundation`<br>`has`<br>`nominated`<br>`a`<br>`list`<br>`of`<br>`authorised`|
||`signatories,twoofwhicharerequiredtosigninstructionstotheInvestment`|
||`Manager.`|
||`TheTrusteeshaveresponsibilityforagreeingstrategyandmonitoringthe`|
||`investmentassets.TheTrusteesmeetatleastannuallytoreviewtheportfolio,`|
||`includingananalysisofreturn,riskandassetallocation.Performancewillbe`|
||`monitoredagainstagreed marketbenchmarks,and againsttheinvestment`|
||`objectiveofinflationplus4%overthelongterm.`|
|`ReviewofActivities:`|`Grants`<br>`totalling`<br>`£227,300`<br>`were`<br>`made`<br>`in`<br>`2022`<br>`(2021:`<br>`£269,196).`<br>`The`|
||`breakdownofthegrants`<br>`isshown`<br>`innote`<br>`9oftheaccounts.Thetrustees`|
||`monitortheir levelofgrant-makingandarepreparedtoutilisecapitalforthis`|
||`purposewhereneeded.`|
|`FinancialReview:`|`Totalincomewas£36,989(2021:£5,280,944includingthe£4,201,796`|
||`donationreceivedand£1,050,449giftaidrepayment)withexpenditure`|
||`amountingto£270,168(2021:£297,550).Netassetsattheendoftheyear`|
||`were£4,902,770(2021:£5,867,948).`|





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## 



## 

||||`2022`||`2021`|
|---|---|---|---|---|---|
|||`Expendable`|`Unrestricted`||`Total`|
|||`Endowment`|`Income`|`Total`||
|||`Funds`|`Funds`|||
||`Note`|`£`|`£`|`£`|`£`|
|`Incomeandendowments:`||||||
|`Investmentincome`|`3`|`-`|`36,564`|`36,564`|`28,699`|
|`Otherincome`|`6`|`-`|`425`|`425`|`1,050,449`|
|`Donationsandlegacies`||<br>`-`|<br>`-`|<br>`:`|<br>`4,201,796`|
|`Totalincome`||<br> <br>`-`|<br> <br>`36,989`|<br> <br>`36,989`|<br> <br>`5,280,944`|
|`Expenditureon:`||||||
|`Costsofraisingfunds`|`4`|`27,810`|`-`|`27,810`|`16,538`|
|`Charitableactivities`|`5`|<br>`:`|<br>`242,358`|<br>`242,358`|<br>`281,012`|
|`Totalexpenditure`||<br> <br>`27,810`|<br> <br>`242,358`|<br> <br>`270,168`|<br> <br>`297,550`|
|`Netincome/(expenditure)before`||||||
|`netgains/(losses)oninvestments`||`(27,810)`|`(205,369)`|`(233,179)`|`4,983,394`|
|`Netgains/(losses)oncurrencyexchange`||`.`|`-`|`-`|`1,794`|
|`Netgains/(losses)oninvestments`||<br>`(731,999)`|<br>`-`|<br>`(731,999)`|<br>`882,760`|
|`Netincome/(expenditure)`||`(759,809)`|`(205,369)`|`(965,178)`|`5,867,948`|
|`Transferbetweenfunds`||<br>`(205,369)`|<br>`205,369`|<br>`-`|<br>`-`|
|`Netmovementinfunds`||`(965,178)`|`-`|`(965,178)`|`5,867,948`|
|`Reconciliationoffunds`||||||
|`Totalfundsbroughtforward`||<br>`5,867,948`|<br>`-`|<br>`5,867,948`|<br>`-`|
|`Totalfundscarriedforward`||`4,902,770`<br>|`-`<br>|`4,902,770`<br>|`5,867,948`<br>|





## 

## 

||||`2022`||`2021`|
|---|---|---|---|---|---|
|||`Expendable`|`Unrestricted`|`Total`|`Total`|
|||`Endowment`|`Income`|||
|||`Funds`|`Funds`|||
||`Note`|`£`|`£`|`£`|`£`|
|`Fixedassets`||||||
|`Investmentsatmarketvalue`|`2`|`4,587,281`|`-`|`4,587,281`|`5,349,228`|
|`Currentassets`||||||
|`Investmentmanagers’bankaccounts`||<br>`226,411`|<br>`-`|<br>`226,411`|<br>`187,487`|
|`NatWestbankaccounts`||<br>`97,478`|`12,720`|<br>`110,198`|<br>`339,184`<br>|
|`GiftAidrepaymentdue`||<br>`-`|<br>`-`|<br> <br>`-`|<br> <br>`449`<br>|
|||<br>`323,889`|<br> <br>`12,720`|<br> <br>`336,609`|<br> <br>`527,120`|
|`Liabilities`||||||
|`Creditors:amountsfallingduewithinoneyear`||||||
|`Accountants’charges`||`7,200`|`10,320`|`17,520`|`7,200`|
|`Independentexaminers'remuneration`||<br>`1,200`|<br>`2,400`|<br>`3,600`|<br>`1,200`|
|||<br> <br>`8,400`|<br> <br>`12,720`|<br> <br>`21,120`|<br> <br>`8,400`|
|`Netcurrentassets/(liabilities)`||<br>`315,489`|<br>`-`|<br>`315,489`|<br>`518,720`|
|`Netassets`||<br>`4,902,770`|<br>`-`|<br>`4,902,770`|<br>`5,867,948`|
|`Allocationofthecharitynetassets:`||||||
|`Thenetassetsareheldforthevariousfundsasfollows:-`||||||
|`Expendableendowmentfunds`|`10`|<br>`4,902,770`|<br>`:`|<br>`4,902,770`|<br>`5,867,948`|
|`Unrestrictedincomefunds`|`10`|<br>`:`|<br>`-`|<br>`:`|<br>`-`|
|`Totalcharityfunds`||<br>`4,902,770`|<br>`-`|<br>`4,902,770`|<br>`5,867,948`|





## 

## 

|`StatementofCashFlows`<br>`fortheyearended30June2022`||||
|---|---|---|---|
|||`Total`|`Total`|
|||`Funds`|`Funds`|
|||`2022`|`2021`|
||`Note`|`£`||
|`Netcash usedinoperatingactivities`||`(256,999)`|`(287,805)`|
|`Cashflowsfrominvestingactivities:`||||
|`Dividendsandinterestfrominvestments`||`36,564`|`28,699`|
|`Proceedsfromsaleofinvestments`||`319,948`|`534,595`|
|`Purchaseofinvestments`<br>`Otherincome`||`(290,000)`<br>`425`|`(5,001,063)`<br>`1,050,449`|
|`Netcashprovidedbyinvestingactivities`||`66,937`|`(3,387,320)`|
|`Cashflowsfromfinancingactivities:`||||
|`Donationsandlegacies`|||`4,201,796`|
|`Netcashprovidedbyfinancingactivities`|||`4,201,796`|
|`Changeincashandcashequivalentsinthereportingperiod`||`(190,062)`|`526,671`|
|`Cashandcashequivalentsbroughtforward`||`526,671`||
|`Cashandcashequivalentscarriedforward`||`336,609`|`526,671`|
|`Representing:`||||
|`Investmentmanagers’accounts`||`226,411`|`187,487`|
|`Charity'sbankaccount`||`110,198`|`339,184`|
|||`336,609`|`526,671`|





## 

## 



## 

## 

|`2.`|`Fixedassetinvestments`|`2022`|`2021`|
|---|---|---|---|
|||`£`|`£`|
||`Marketvalueat30June2021`|`5,349,228`|`-`|
||`Additions`|`290,000`|`5,001,063`|
||`Disposals`|`(319,948)`|`(534,595)`|
||`Netinvestmentgains/ (losses)`|`(731,999)`|`882,760`|
||`Marketvalueat30June2022`|`4,587,281`|`5,349,228`|
||`Historicalcostat30June2022`|`4,511,194`|`4,541,194`|
|`3.`|`Investmentincome`|`2022`|`2021`|
|||`£`|`£`|
||`Dividendsandinterestreceived`|`36,564`|`28,699`|
|`4.`|`Costofraisingfunds`|`2022`|`2021`|
|||`£`|`£`|
||`Investmentmanagementcharges`|`27,810`|`16,538`|





## 

## 

## 

|`ritableactivities`|`2022`|`2021`|
|---|---|---|
||`£`|`£`|
|`Charitableactivities`|`242,358`|`281,012`|
|`Thebreakdownofcharitableactivitiesisasfollow:`|||
||`2022`|`2021`|
||`£`|`£`|
|`Grants- note9 `|`227,300`|`269,196`|
|`Donations- Chadwyck-HealeyLiberationCollection1944-1946`|`1,088`|`1,796`|
|`Governancecosts`|`2022`|`2021`|
|`Accountants’charges`|`10,320`|`8,820`|
|`IndependentExaminationcharges`|`2,400`|`1,200`|
|`Feeforlogodesign& guideline`|`1,250`|`-`|
||`13,970`|`10,020`|



||`institutionsinfurtheranceofitscharitableactivities.`|||
|---|---|---|---|
||`Totalcharitableactivities`|`242,358`|`281,012`|
|`6.`|`Otherincome`|`2022`|`2021`|
|||`£`|`£`|
||`Investmentmanagersgrossinterest`|`223`|`-`|
||`CompensationfromNatwest`|`200`|`-`|
||`Giftaid`|`-`|`1,050,449`|
||`Repaymentinterest`|`2`|`-`|
|||`425`|`1,050,449`|



## 

||`2022`|`2022`|`2021`|
|---|---|---|---|
||`£`||`£`|
|`Netmovementinfunds`|`(965,178)`||`5,867,948`|
|`Deductinterestincomeshownininvestingactivities`|`(`|`36,989)`|`(1,079,148)`|
|`Deductdonationreceiptsshowninfinancingactivities`||`-`|`(4,201,796)`|
|`(Deductgains)/addbacklossesoninvestments`|`731,999`||`(882,760)`|
|`Decrease(increase)indebtors`||`449`|`(449)`|
|`Increase(decrease)increditors`||`12,720`|`8,400`|
|`Netcashusedinoperatingactivities`|`(256,999)`||`(287,805)`|
|`ntsmade`||||
||`2022`||`2021`|
||`£`||`£`|
|`ArthurRankHospiceCharity`||`10,000`|`5,000`|
|`BirdlifeInternational`||`20,000`|`-`|
|`BritishTrustforOrnithology`||`10,000`|`-`|
|`BrittenPearsArts`||`2,500`|`-`|
|`CamValleyForum`||`5,000`|`-`|
|`CambridgeCitizensAdvice(CAB)`||`20,000`|`5,000`|
|||`67,500`|`10,000`|



## 



## 

|`bif`|||`67,500`|`10,000`|
|---|---|---|---|---|
|`CambridgeArtsTheatre`|||`975`|`-`|
|`CambridgeLiteraryFestival`|||`1,200`|`-`|
|`Centre33`|||`50,000`|`-`|
|`ClockTowerSanctuary`|||`3,000`|`3,000`|
|`Fauna& FloraIntl`|||`10,000`|`-`|
|`FeedingFamilies`|||`2,500`|`-`|
|`FitzwilliamMuseum`|||`1,350`|`-`|
|`FNLHonresfield`|||`20,000`|`-`|
|`Granttoindividualtosupportstudies`|||`15,000`|`-`|
|`Granttoindividualtosupportstudies`|||`2,000`|`-`|
|`MakhadTrust`|||`5,000`|`-`|
|`NewOrfordTownTrust`|||`-`|`250,023`|
|`NewOrfordTownTrust(legaladvice)`|||`-`|`2,673`|
|`OpenTrust`|||`5,000`|`-`|
|`ResurgoTrust`|||`1,000`|`1,000`|
|`RSPB`|||`10,000`|`-`|
|`SmartWorks`|||`1,000`|`1,000`|
|`UKMen'sShedsAssociation`|||`2,500`|`-`|
|`UniversityofCambridge(Library)`|||`10,000`|`-`|
|`UniversityofCambridge(Kettle'sYard)`|||`2,775`|`-`|
|`VICSintheCommunity`|||`1,500`|`1,500`|
|`WildlifeTrustforBedfordshire,Cambridgeshire& Northamptonshire`|||`15,000`|`:`|
||||`227,300`|`269,196`|
|`Thegrantsabovearecategorisedasbelow:`|||`2022`|`2021`|
||||`£`|`£`|
|`BiodiversityandConservation- 6 donations`|||`70,000`|`-`|
|`Social& Community- 8 donations`|||`81,500`|`264,196`|
|`OverseasPovertyRelief- 3 donations`|||`27,775`|`-`|
|`Arts& Culture- 5 donations`|||`6,025`|`-`|
|`Education- 4 donations`|||`32,000`|`-`|
|`Medical- 1 donation`|||`10,000`|`5,000`|
||||`227,300`|`269,196`|
|`Analysisofcharitablefunds`|||||
|`2022`|`Expendable`||`Unrestricted`|`Total`|
||`Endowment`||`Income`|`Funds`|
||`Funds`||`Funds`||
|`Analysisoffundmovements`|`£`||`£`|`£`|
|`Balanceb/fwd`|`5,867,948`||`-`|`5,867,948`|
|`Income`||`-`|`36,989`|`36,989`|
|`Expenditure`||`(27,810)`|`(242,358)`|`(270,168)`|
|`Foreignexchangegains/(losses)`||`-`|`-`|`-`|
|`Gains/(losses)`|`(`|`731,999)`|`-`|`(731,999)`|
|`Transfersbetweenfunds`|`(205,369)`||`205,369`|`-`|
|`Fundc/fwd`|<br>`4,902,770`||<br>`-`|<br>`4,902,770`|



## 



## 

## 

|`2021`|`Expendable`|`Unrestricted`|`Total`|
|---|---|---|---|
||`Endowment`|`Income`|`Funds`|
||`Funds`|`Funds`||
|`Analysisoffundmovements`|`£`|`£`|`£`|
|`Balanceb/fwd`|`-`|`-`|`-`|
|`Income`|`5,280,944`|`-`|`5,280,944`|
|`Expenditure`|`(297,550)`|`-`|`(297,550)`|
|`Transfers`|`1,794`|`-`|`1,794`|
|`Gains/(losses)`|`882,760`|`:`|`882,760`|
|`Fundc/fwd`|<br>`5,867,948`<br>|<br>`-`<br>|<br>`5,867,948`<br>|