The Penchant Foundab'on {Chanty Commission No 1188402) Trustees, Annual Report and Financial Statements for the year ended 30 June 2023
The Penchant Foundation TNstsos' Annual Report fgr the ar 01¢d 30JuM 2023 The tru8ttse8 pr¢$•nt Iheir annual rwjrt and finanual slatsm•nts of Ihe thArity for Ihe yg8r ended 30 Ju 2023. Th8 flnancial ststsrn8nts havg baen preparpd In accordance whh thg acwunlJn9 po¥S sèt out in noie 1 to lh8 8eLY)unts and comply wilh the charivs consltth"on.Ihe Charities Act2011 and Accounting an¢J PEportin9 by Charilles.. Statement of Recx)mmended Pracce appli(%ble to charities Preparing their ¢ounts in accordance with lh8 Financ4al Reporbn9 Slant1anl applicabkn in th• UK and Republic of Ireland publi5h•d In October 2019. Nam• of Charty. The Pend)ani Foundath"on Charity No. 1188402 Tru•t•••'. Slr Charf&SCh8d-Hea18Y C8lhèrin8 Davie8 L8dy knge18 Mary Chadkle81#Y Foith Millar Edward Ajexandef ChaWHgalBy Prknclpol Ollk• A¢k•••: 5 k48dlnglgy Fè)8d Cambridge CB3 OEE Bank•rJ: NalWe81 Bank 21 Pety Ctsry Cambridg• ¢82 3NE Imi•itm•nl M•n•g•r•: Brown ArtS0ry 18 H•ntsv•r Squarn London W1S1JY A¢countsnts: Z8 Motaz8dl and Co LLP 7BeMYa London WC2AZIR Ind•p•nd•rt Examkn•r. VKJt8z8dl FCA 7 8dl Yard London WC2A2JR S•ttlorg.' Slr Char198 ChadwJrk-H08Y L8dy Angola Mary Ch#d¥•yck40aY 13overning Docum•nL' The piindpal goNpmlng docum&ntis constitybon oftho Cm) datgd 8 M8ff 2020. Power of apFdnlment of addiljonal trustees Iles wlth the exlstrng knjslees, who a Ihe original truslo8s. No addib.onal Iwst88s have been recruid Ihe Incwtion of Ihe th4rity and it 15 not LY)n5id8red kn8t any 0ddib.onal tru*8s are required at present The InJsLees a permitted io appoint in(x)m8 or (zpitsl to beneficaaries in Ihe o)urse of meeting the fund puty()89. Page 1
Tho nchant Foundatlon Trustees. Annual Report forthe >•ar ended 30 June 2023 Inv•stm•nt OW•¢tr•: The FouThdati seeks to prodLKe thg best fina18] BttJm vrithin an acceptable level of rfsk. The investmwrt obltive is lo generale a of inflation plu8 4% p anmm ovw the k)rwJ twm, after exp8nEes.This ts1d allowlh8 FoLmda to 8t least mntain the v81uo of ttr assets. whilst fundiro annual peThJitur8 In the reglon of 4% of the avwage value of tho assets over tr priorthr88 y. The FoUN1ati atota retumapproath to investff, 9•ratirj irwestment retumfrom irwne aNl¢apt4ga1ror10S It is expe¢t8J rf in any ore year the lolal uM is InSuffnt to meet budgeled gwl- making experKlituffj. in the lornJ lemthowlvalueof the FourwJ8tion V+ill sll bé rnainlainl in acCoance wtth tha Inv8Stmant Obj11¥8 Jove. Obl•cllv•• 41 th• The charftabl8 obl$ of tho Charity lo •JVaa SLth charlt8b purposeslaccuthrKJtolhelawof ErokThJaThJ Wal05las th8Charity IN$5 from time lo Ilme see flt. Thè int8ThJ8 to c•ry 118 PUIPO8e by makirYJ grant8. The Clority Is govem•d byttchoY tntstees o1th8 ch8tY fihe tIUskn8 ho 8 dLrty. aciiThJ at all Ilm8s In the besl inlefesls ol tho Charity, t) apply the Chanvs assets lo Jv8 tho objects and have U. sponsibility for all grnnl-m8klro docisions. Th8 Nmbwof projaLtsd tlIeSh canbesupF(rt8d ks Ilmled bytre amoLK)t ol fun(Is availoblo tor dislributlon. Thg piiorilie6 forlurn1ryJ ovwthe rwt year wll ba thè making of grarts ts orgonisatiLThth8t SUt¥nit8PpII(8InIOtClIty (shappIatiOIs n be by invilalbon). The tnjsloes cOnln thattlw haverefel to th8guid0 crn8d in chaiitycommissl9erlg1dar8on putAic benlIvOn reviw+ing ¢ charity's aims arKI obiectves and in settir¥J t gtsnt-makirvJ policy for year. Publlc B•n•fft: Atti¢udo to rlts: The Foundation reltes on thg investmwbt rEtum to lutKI grant4naktru. wever. gwts ar& generdly one-off •Brds aThY tha Nmb8r and el these may vy depIng on circumarK8s. The key risk to thè long-197n sustainabiltyoftr F0LTrlaliLI$lnfiatrfft. arKI tha8ss8tssh beinvsstgj to mitigate this risk ovwthe I0j twim. tmstees erS Ihal thk8 i% Ilkelyto moan IhatinvoStnntll becoNntrated in rgal assats and ¢apita value ill fluctue. The trltstges ar8 a)le to tothte vol8tilty of the capital value of the Four¥Jat, as long as the Found8th is able lo meet its short4em grat maklry commrtmetts throLbJh ettherlncome or Ilqukj c4ital assets. Page 2
The Ponchant Foundatlon Trustgos. Annual Rgport for th• ar end 30Juno 2023 A•sèt¥; The Foundaknb a889ts tan bg invest•d wid8ly and should b• dlversified by asset dass. by manager aThl by serity. et da&ses could Indude ca8h. bonds. aquib"es. property. h&dg8 fund8. 8iructurod produ¢. priva18 ulty, rxmmodlties. propety and any 0th8r assèt that is deemed suttable for Ihe Foundation. Curr•ncy. The baseeuThencyof the Inveslment kKMYollo18 Stsrtlng. knv8strn8nt may be madè in nOSt&llO 8S88ts bul should not eXC88d 50% of Ihg InV•Sfrnt portfollo value. HodglrwJ Is pwmmknd. Th8 Found8"on's cash b818nr$ shoukj be dekX)siled wlth instiknllons with a mlnlmum raljng ol Avor Investsd Sn a dlver8tfiod mwey math•l fund. Bond expo8urè should be predomlnanty fo(xwd on Inveskn8nt grade i88UO18. cr•d.. Uquldty R•qulr•m•nt•: Th• Foundats"on alm8 t+ dlstrlbuto grnnts of b8tsr8en £150k and £200k Per 8nnum. This Can be fund•(I from tlb in¢thne and captsl. Tho TnJst88S Wish l) keep atloast70% of lh• a88e18 in inv68tments thot¢an be r88li88d wilhirb Ihrn8 months. To allLW for olcaphal valu88. the tyuskngs wAsh malntaln gt1o8613 years, worfh ol budged gTrnFm8kirMJ in eash orlow8r risk liquid Inveslments. A minlmum of 2% of thè b)tsl a18 ehould bo kopt In ¢4$h or nèor c88h Inv88lm0nts At 811 dme8. Tkn• Horlz¢n: Th• Foundafjon 1$ oxpg¢d kn gxl8t In p8rp•bJlty and Invostrnents should Managed to me81th8 inbp8trnonl obj•¢ts'b and onsurs thi$ $u81ainoblllty. Th• Fnd•tim ¢an •dtspt• long t•m) In$1•nImO horizon. The Invesknent Manager is requlred t produca a valualion and perforrnanc report quarknty. The Founclabon has nominJtsd a list of 8ulh¢rised signabries. Mfo of whi( are required b 8ign in8trucon8 b) the knve3tmenl Managor. Th• Twst888 h8¥• r88pon61billty for agreelng strategy and rnonltorfng the In¥o8trnèntas60ls. The Tiustees rn88t8l teasl annuallyio reviow lh8 Portfolts), induding #n anal$ of m, rtsk and asset allocatton. PerfomiaTrce wlll be moniknred ag4in$t agreed market b•ftthrn#rks. and against Y)• inv•stsn•nt objective of inn8bon plus 4% overlhe long te¥m. Manag•mgnt. R•p •nd Monltorlw: R•vl•w ol klv5••: &8nts IDtslllng £197.600 w8r• mado in 2023 12022.. £227.3001. Thè brèakdown ol th• gr8nts 1$ shown in not* 9 of Ihè acc4)unl& Thè trusta$s monitrjf the¥r levd ol gr8ntsmakiThJ and a pPared b) ublise (apilal for this purpo whefe neeLle(l. Flmnelal Revkn: Totsl inMe was £59.41512022'. £36.9891 with eXpendire amountinglo £232,70012022". E270.1681. Net assats atlhe eThJ of tha y8ar were £5.109.445 12022.. £4.902.7701. P8ge 3
The Penchant Foundatlon Trustees. Annual Report for thg y4ar gnded 30 Jurw 2023 The poliry of Ihetrustees isloaimtod6tiibute 811theincome as il alis88 10 chaiities eachy6arand notto &(¥rThJl8t8 rnseMs.Thèy u88th6irdirdtilln lo distribute from c4ital from time lo time. Pl•M forfulur• rIod•. The tnJ8te88' $ts)rt4emi and long4em oblti are lo continueto mako grdnts In acCoarth vllh thelr granl maklng poll¢y. The twstees akn utilise thg unr8strielwJ and endo%wn&rt fu15 to achieve Ilws ObltiVe. Thg tAtas. plarts ar8 to fundsfrtNn the fu1 and Charity intgTh1s to out its p0668 by makiThJ grants. This Investmt Policy SI8¢ent Wd6 preparffl by lh8 trust8es of t Pench1 FOat to PTOVKle a fTamw)rk for the Magement of ts inv6Stmènt8ssat& ft TA1 bor11 Dnanwnl bass contirnz approprialwws. Approval •nd r•vl•w: Accourrtkng Gukl•lw•: The tnle8$ are rnspon81t4e for pr8parfrvJ t Trustees. Report arKI tt f In81¥4 slaternts in acc(jan¢8 with ap[41tle knvaTrJ United Kirgdc ACCOL11 SlarKlsrd8 OJiit•J KitYJdom GWllY Accwl•J Accourtry Procllce}. Th8 law applicabb to elwrltl8s in England & Wal85 roquir8s try1 tr> pleparefin¢1alStaMenIsfOOChfinajal y9arvknlch gi8 tru8and fw vlewof the stale of affalrs of Ihgcharfty and of the irscomlng resourns ayj applicattin of soUrceS of the chwity for that pertod. In prwahThJ tYB98 f In8r£l818la1nl3, the trustees are requir&J lo.. 81 sdecl suitable 8ccountiry pohcie8 and then pIY them conslstently; bl obseNe th8 meth)ds aThJ prin¢ipth in the Charilles SORP 2019 IFRS1021, cl makojudgThnts and &stimat6S ttrot are r898onable and pAOnI.. dl stale vthether wpllcatAe COtIng standards havg bggn f01bl. $ubjeclto Ma dyrtures 1th8doseAJ eX[ld In thg1in¥Ka sements., e} prepare th6 fIncIal stem8ntson the goi ccffjcan b8sis unl8s$ t Inapproprme to PF•Je thlll the Ghorfty ctsthtnt In oprrntlon. The trustees rgsponsit for keeping OUnting ordS Ihat dE()se th IOnable aCcyatY lim8 thofinancol positi£ oflhecharty enable them lo enswe that the fin8rKial statements compty wlh tl statgmonlofR8conYn8nd8dACctthlngPraclte".Aceounll and Reportrg by Charities (SORP 20191 UK Accounisro Standards. tho Charitles Act2011 and tha Charillstt)nSltth. They are 8180 rnspondble for Safegu8Ydlj assets ofthe 8nd tsn¢ for tak"ThJ reasonable sWsksrth8 prevfflijn and detection of f rafj and irregulJilies. Thg financial stalements h? b8en pwared in &coanCe With tre a¢countirKJ polioess8toutinthe mtestothefinanri statements aThJ cry th the Charity's cortilUtIOn, th8 charitt.es Act 2011 and the s18leml c Recommend Practice.. AcminirHJand ReplIrdbych#ritIe8 applicaA8to chanties prepariry theirf in8Thid slatemw)ts in8ccordanWitttlhe Finano Reporting SLr apdi(2tAe in the UK Republic of Ireland IFRS 1021 issued In Oclober 2019. Signed.. on belNqlf of theIrtl Dale.. 5 É&ts*&] IDI Page 4
Independent oxamlnerfs rnport to the Trustèès of the Penchant Foundatlon I report to InJstee8 on my examinion of the of th8 chaiity forthg YUarwd 30 Junè 3)23, vhiGh set out on pag&s 1 to 14. R•sponsibililles and bas13 of i•port As the chartly's tntstees you are spOnSible for prepation of t ¥Lo)urts in accord8nGe 1th the requirwnents of the Charities Act 2011 Cthe Act'}. I report in respect of my examination of th8 charl$ accounts carri out uThJer secth)n 145 of the Act 8r)d in carylwJ out my examination I hav8 follo1 al the applicabl8 Direclions giv7 by Ihe Charity Commi55ion under sectkin 145(5Xbl of the ACL Indepdont •xamln•rfs statement I have complgted my eXamInatn. I conlirn that rn) mtsia rnatt3 have come to my 8ttwrtion In c)nnlIOn llh the eXarrn•t1On givirvJ me lo belthe any malerfd r8specl'. accountirKJ Yecords t kept in rBSP&t of th• chaifty 88 requlrwl by s110 130 of the Ac(. or tho accounts do MI accord lth th)se recortl$: or tha account8 do not comply tho 8ppllcoble wuiremgnt$ concemiNa lh8 fomi an(1 Gonlenl of accounts sel OLrt In th& c18$ {Accounts and Reports) ReglallOnS 2CQ8 other than any rwuiTement that the accounts give a'tnts f8irvitr# %%thich ig IKIt a matter con8idpAed as part of an iThJepeTrJent examiMliorL I have N) concerns aNJ have come ro$S Tr) other mattern in connectlon Mth the examin8tion to whlch allenllon 8hould bedrn4•m in thi8 report In Ofderto enablo a propwundorst8ndlng of thèaccounts to be reached. Signèd.. R•za Molaz•ai FCA 7 Bell Yard London WC2A 2JR Dale.. Page 5
The Penchant Foundation Statement ol Flnanclal Actlvftles For tho y•ar end 30 Jun? 2023 2022 Expondabh Unroth¢1 Endowm•nt Inc¢m• Ftsnds Funds Totsl Totsl InMm• •nd •ndawm•nts: Investment income other income 59.415 59.415 425 Total Incomo 59,415 59.415 36,989 Expondlturn on: st$ ol rnlsing furKJs Charitable activities 28.925 28.925 203,n5 27,810 242,358 203.n5 T¢)181 •xpwdltur• 203,T15 232,7QJ 270,168 Nat In¢oMellexp•ndlrn1 b•lor• n•t gaInlI¢slI on InvMkn•nts Nat gain81(losse61 on inv68tmiYIt r28.925) {144,3) (173,2851 1233,1791 379,WJ 379, (731.9991 Net income1{expeJff(Ure1 351,035 1144,3&J) 206,675 1965,178} TrAnBt•r bètws•n fund8 1144.360) 144.W) Net mvemenl in funds R¢conclliafjon of fundj Total funds broht lorward 2C6,675 206,675 4.902,770 4,gY2,TIO 5,867,948 Totsl funds rrI•d lorw¥d 5.109,445 5.109,445 4.W2.770 Page 6
The Penchant Foundation Balanco sheet AS at 30 June 2Q23 2022 Expend•bl• Unr•strict•d Endowm•nl Income Funds Ful* Flx¢d assots Investments at m&ket Value 4.752.647 4.752.647 4.587.281 Curr•nt u8•ts Inve81ment managers, bank 8CCOLM)ts NBtWesl 8ccots 81,495 275,303 81,495 281.303 226,411 110,198 356.798 362,798 336,609 Ll8bllltles Crodltorn: amounts falllng du• wlthln on• y•ar Accountants, charges Indepgndenl exarnlrors, rnUneratIOn 17,520 3,600 21,120 N•t current Ms•tsllllabllltl¢#l 356.798 315,489 N•t alts 5.109,445 5.109,445 4.902,770 AllocatSon ol th• ch¥lty n•t a•••ts: The net oss8ts ld for the Vario fubjs a5 follo:. Exp•ndabl• •ndowm•nl fvnd• Unrestrlct•d funds 10 10 S.1,445 5.109.445 4,9W2,770 Total charlty lund¥ 5,109.445 5.109.445 4,902.770 ApprDved by the trustags 0 .and swJn•J on ttw'r bthaff by Page 7
Tho Penchant Foundalion Ststsmenl of Cash Flows for thg ygar andod 30 Jun• 2Q23 Total Funds 2022 Funds 2023 N8t ca¥h In OpW9 adlvltl 1247.8201 (256.9991 Cash flows from inv8stirvJ &tivities.' Dividar6 and interest fnm Investm18 PrO¢S from Sala of im185tments Purchase of Investmenls Oth8r Income 59.415 1.592.942 319.948 (1,378,348) (290.0001 N•1 c••h provld•d by Inv••tlng octlvltl 26,189 66,937 Chwg• ITh Qh •nd ca•h •qulv•l•nts In th• rnpordnp world CÈ8h and ca6h equlvalwls brDught forward 26.189 1190,C621 336.6C 526,671 Cuh and Qh •qulv•l•nts e•rrf•d forward 362,798 336.609 R•pT•Mnllng: Inv8stm8nt managwg, accoun18 Ch8rfty'8 bank account 81.495 281.3J)3 226,411 110,198 382.PJ8 ,609 Page8
Tha Ponchant Foundation Notes lo the accounts for the ar ended 30 Juno 2023 1. Acctsurtlng pollcl aj BasAS of prgpar8bon The accounts have been prepared in ac(r(lanCe wlh FFE102 Ihe Finana81 Reporting Standard appliratk the UKand Republicolkg18nd"{"FRS 1021. Auounbn9 and Pap0"n9 by Charib85.' Slatement of Recomrnw(knJ Pracbce appllcable to Charities preparing th8if ao)xsnts in atrX)rdan wilh the Fin8nu81 R8porb"ng Sland&d applicablo In the UK andlh8 FbpubSi¢of keland Issued in O(tbgT 2019,. lh• CharitiesAd 2011 and UK Gen&raty Accepted Practic•. The Charrty consblutBs a public benefil •nfjty8s defbned by FFIS 102. Th• financlal s18iam8rts have boon prepaYe(1kn9iv•a Iru• andfaif vigw and hav•lherelor6nece88arilydèporf6 frorn Ihe exlant Ch8rille5lAccounts and Reports) Fgulathons 2008 onty b thè extènt requIdts provldea Irue and fairf wèw. This depar has in¥ofved followng the Stst6m8nt of FkngJmm$nd¥d PrnClc'. Acun.ng Repordng by Chath•s applicabl• k) ch8rlUes weparfng Iholr flnanryal stsbrnents In prèparing Ihèlr accounts In accordancowilh the Financial R&poiting Siandard appli¢at4e in the UK and R•publicol Ir•land IFRS 1021 i8swI In Octobèr 2019, rather tran tho Slatementof Poo)rnmended Prar'¢e.' AwJunOn9 and Reporlng by Chadtie5 olfocts've frcrfn 1 hpril 2005. whith ha8 beon TltrTaWn. The accounts aTO prepared in Storting. whlch 18 the lunthon lknnatary amounts In these flnarK¥ ststements are rounded b the n8aTrSt£. The accounts on prepared undtr thohisl>ri¢al $t ts)nvtrntion. bj Golng ¢oncgm At tho ttma olappmwng Ihe finanraalststemwts.the have a TeawlA0 Wo&aYon Ihat ttlg Charfty has adequa18rosourcoskn ca)nts"nu• In Olabl)ha1 •xi818nc•lorth8 for•s••abb8 lulurn. Thu•. th• Iru8t•88 Continué to adopt the going concern baw8 of accounb.ng In ppanng the Iinancial stsmenlB. c) Fund aGcounJng The endowmertfundsreprnsèrttht origln•l eapltalglftblhetharfty, plussut)Bequenladdldons loth8endowm&t lesB amounts whlch hav•b¥•n tr•nsfwrgd unrestrc fvnd8 for dIsbU00. The trustsas ar8 to use the endowment infutheranc4 ol th•oenernlobpthvèsofthe charityallheirdil1On, and trheytranslerfur)Js Irorn the •ndowmonttrJ b)0 unrth¢tsd lund$ as requlrod. Any gifts rnado b) tho ch•rfty as •ddlb"on$ to th0 ?ndowmentare ireal8d a8 0xnd&blO •ndowmonl unlts otherwlse dlrecled by Ihe donor. d) Grants p8ygble Grants arn includèd in lh8 a(wvnts on an amals basls. and uncondydonal gr8ntcommltrnèn& p8yable wlNn on8 y6araft8rtha balan¢0 Bheetdateare indud8d In IheststementofFinanoaAdtstss. Grants whieh havg tse8n proMid 9ubl8¢t tr) $81$18cts)ry perfom)8nce are not induded unlil payablo. el Expendllurn JI axpèndlbjrs 1$ ?nted for on an aual9 b9818 •nd h•6 bn ¢18$81fjod underhoadlng8 that aggroggt8 811 cosls r•lat8d to Ihe rategory. 4 Govomance costs are Iha costs aswdaiod wilh the governancé arrangements of lh• ¢harity which rèlats to the gen8r81 runnlng of Ihe th8rtty as opposed bj Ih05e sts ¥Alh lundrnlslng or charrtable activity. The coÈts will nomally Indude intsmal and •xtsmal 8udiL Iggal adwce for truste88 and costs a$sorAatsd with constikntronal and slattiw wulr&m•nts è.g. lh8 thst of trustse meelj.ngs and prepan stabjtory 8(xounts. Indud8d within thi5 categ)ry are any cxjsls associaknd with lh• tht8gie as oppowd lo dayllt• mgnagomant of the charftys acUvllJe5. g) Foreign exch81pge Monetsryassatsand Fiabile$denrnd Infordgncutt•i8f9trJn$latsd w) stsrtlng atth&rate8of exch ruling at the balanceshèètda. Transactr"ons in foreigneurrenraes are Terxjrded alihe rale ruling at Ihe dale ol transac16on. All diff¢ren¢•8 are Èken b) th• Ststsm•ntol Finan(#8I Actsvil"e Pag8 9
Tha Penchant Foundatlon Notes to the accounts for th• •r •nd•d 30 Junb 2023 1. poklfrs (contlnu•dl h) &pendthire andiffecorab10 VA T ExpandlbJr8 Is r•cognis8d oncè Ih•r& is a18galorconstructiv8 0blkja0n to makè • paymwt to a Ihird party, it is probable Ihal 5elUementwlll be requlred.andthe amnI ofthe oblvJation can be measured rallably. EXpeThJ 1$ ¢58881fled under thg followlrwJ 8cUvlty h8adlng8-. - Expendlbjroon th8rIlab acOyldoslndud•st>)8ts ol•xhlbMonsan¢J ob)8r gducallon81 a¢1¥$ undertak•n trj lurthér h& purpos¢¥ of th• ¢h8rlty. Clhor 6xp6ndlro repnts lho rn6 notfalllng Inb) any otharadIn9. Irrecovgrabl$ VAT LI ¥$ arx4t •g•lnst the forwh1th1hè •xpèThJrB w88 Incurred. i) Debto Trado and tsth•r dobtr)TS aT• r•wnizod al th• s•l#•m•ntamount du• aft•r any dlec¢unloffor•d. Prepayments e volued 81 Ihe ¥mountpr8pold rlgkJng atojuntotany dists)unts off•rnd. j) C88h 8nd c8&ty &quiv81ents C8$h •nd ¢a$h •quival•nts Indud• c88h and short trn hhly11qUld inve8lment6 with a qhort rnaturtty of Ihmo month8 or18ss from Ihe dats ol acqu165lion oropenlng of the dgP0611orslmllar Ko)unL k? CrndltOfr¥ and pmV1on Cr•ditrs and prow&ons ar8 f•cogniz•d when the charity has o presenl oblybon resultsng from a pastevetit that wlll probabty r08uIt In tho tronsfor of fund8 to a thlrd party andthe amountoug ty 8elle th8 obll98lon Lw t¢ measured tsr•sbm8knd r•ll8bly. Cr9dr$ and proviBlon8 anormalty rno)gnitid at th•irselJemenl 8mount•ltsr8llo¥Ying for8nydlw)unts du•. l) R0811s8d gelns and10$ AJI g8ln88nd10888s aro taken b thg Ststomont of Flnandal thllTre8 as they 81180. P48llwd 9oln$ ond108 on inve8trnents aro 11818 88 tho diffw•ncebefy¥een salgs procaads and ihair op8niig C4frying value orthey urthAÈ# VAlu• W acsJulrp.d Siibqg.auenl ty the firstd8yof fi)ond81 yeAr. Unfe8lls8dgains and1035eg8re ¢8kul8bJ 8$ th¥ diffarancebetseenthefairvalu6allhe yearend And Ihairca"nqva1u&PoII80aon unr¢•ltstid Intrt ggins and losseB are combined in the Slatementof HnAnag1 Ac"vities. l. Flx•d aM•t knv••tm•nts 2023 2022 Market value al 30 Junt 2022 AddlOon$ DIspos8ls N•t investment gainsl (losseB) 4,587281 1.378.348 (1,592.9421 379. 5,349228 290,000 (319,9481 1731,9991 arkth valuts at 30 Jun• 2023 4,752.647 4.587281 Hisè)ri¢al ts)stat 30 June 2023 4,393.386 4.541,194 3. Inv•strmonl knerm• 2023 2022 Diyidend$and intere8trec*lved 59.415 3664 Page 10
The Penchant Foundatlon Nol•s to the aecounts tor the ar onded 30 Juno 2023 4. Co•t of raiiiNJ lund 2023 2022 Investrn8nt management ca 28.925 27,810 Thg Invostm8ntmana9emenl ojsls arn am atributsbla b) endcr•mienlfund¥. 5. Ch•r11abaedvI1 2023 2022 Ch8rflablo activibe8 203.775 242.358 Th• br•akdown of charttal)l• •ctl¥lli•• l• •• loltyw: 2023 2022 Grents-nots 9 197.600 227,300 DonatlonJ- ChJ(kn>rk41••l•y Lknr•llon Collectron 1944.1946 1,088 (So¥•rnan¢• ¢o•ts 2023 2022 Aceountants, chao•s kndependent Examlnaoon charg88 8 lor1090 d8sign and guid•lin• 4.500 1,500 175 10.320 2.400 1,250 6.175 13,970 Th8eharltyund•rtak98 ltscharitable ad"¥knsthrOuthgrantmth"wandaww&fj grnntsk•a number of insbtutions in furthor8nc• ol ltscharftsbl• ¥dvlb•$. 203.775 242J58 6. Olh•r Incom• 2023 2022 Invastrngnt man49gfB gross Inl&r•8t Comp&n$8tson from Nafwest Repaymontlnt•mst 223 200 425 7. Tru8ts•s' r•mun•ratm and ¢xpens•s Dijring the al, nolrustses wer8fgirnburs¢d travel and trvsio•$ m•ting exp8nse& TrustO9$' rernunerauon was Page11
The P8n¢hant Foundation NotOS to the accounts for th& y•ar •nd•d 30 JU 2023 e. R•co[lIatIOn ol n•t mthT•m•nt knlthwl• tOtrtch fhyAT frtyn ¢p•rntsvJ adr¥it• 2fr23 2022 N•t movomonl In fund8 Deduct interest IniyJme shown in inbpjb'ng athilies {Deduct gainsy add back10888s on Inv88tr7)8nts Docrease lincreasel in debts)r8 Incr•8s& Idetr&$sg1 In crnlllor8 206.675 159.4151 (379,9601 1985,1781 136.9891 731.999 449 12.720 115,1201 N•t¢•¥h u••d In op•r•tlr¥ •ctr4lU•• 1247A20) 1256,9991 g. Grnnt• m•d• 202) 2022 Arthur Rank Hosplca Chartty Baronats Trust 8lrdllf8 kntgmatton81 8rib.sh TnJ8t lor Cknilhology Britten Pears Art Cam V8llèy Forum Cambddge Arts Thè8trB Cambridge Citizen8Ad*• ICA8) Cambrfdge Llterary Fesov c4mbrfdghtrO Communlty Foundatton Centre33 Clod( Tow8r Sancttwry Fanny Bara Fauna & Flora Inll F8adlng F8mlll88 Flttwllllam Mu5¥tsm FNL k+anr•All&ld Gmnl to IndId31 b) support sludies Grant to Individual to support siudi88 Kingflghors brfdg Makhad Tw$1 Math8w Bate IUkr8ln• Blok• & Bulti ¢))8n Trust Ord8rof st£threda Oxford University {Bodl8i8n Library) PssuTgo Trust RSPB Srnartwurks UK Men's Shèds Assoc3alion Unlverslty of Carnbridgo (Museum of knthae(dogy & AJthrDpLlogyl University of Cambridga (Ketues Yard) Univ8rslty of Cambridge (univers LibTrry} VICS in the Cornmunty Viva Theatre Wildlife Tru$tfor BedfordthiTP. CamWiR & Ncrfthafflptr)nshlre 20.$00 50 15.000 10,000 10.000 20,000 10,000 2,500 5,C#JO 975 20,000 1200 975 20,OC 6.000 25,000 3,OlXI 240 10.000 3,500 1.3SO 50.000 3,000 10.000 2,500 1,350 20.000 15,000 2,000 15,000 5.000 5,000 8.200 5.000 5,000 1.000 soo 1POO 10.000 1,000 10.000 1.000 2.St)o 1.500 900 1,775 14,360 1.500 250 15.000 2,775 10,000 1500 15,000 197.600 227,300 Page 12
The Penchant Foundalion Not¢$ to the accounts for the gndad 30 JUM 2023 9. Grants mado {cotlnuod) The grants abo arn calegorised as bèknw". 2023 21122 Blodi1s1ty and Con8ervatiw- 6 donation8 Soa81 & Community- 12 donations cer5eaS Pov•ty Ralief- 2 donaon$ Arls & cutre- 5 don8Jion8 EduGatM)n- 4 don8lon$ Medical . 2 donations Religiou8- 1 donation 85.000 62,800 13.200 5,240 29.860 20.500 100 70,000 81,SCN) 27,775 6,025 32,000 10.000 197,600 227,300 10 An•lJ•l• of eh•rliabl• fimd• 2023 Expendllbh Unr•gtrlct•d kncomo Funds Total Funds Fun Analy318 of funtj mov•m•nts'. 8alanc6 bmwd 402.770 4,902,770 59,41S {232,7001 379,960 59,415 1203.7751 ExpenditUf• G8inslllo8se8 Transfers botsvèèn fund¥ (28,9251 379,960 {144.360) 144.380 Fund cd 5,109,445 5,109,445 P8go 13
Th• Penchanl Foundatlon Notes totho aGcounls for tho Jwar •nd•d 30 Jth)0 2023 10. Anal1$ ol tha11t funds Icontlnu•dl 2022 Exp•ndabl• UM•stTkted En(kMTment Total Fun Fund• Analysis of lund m0Mnts.. Balance blh¥d kncome Expendlknre Transfars Galnsl{los8I 5,867,948 5.867,948 36,989 1270.168) 36.989 12422581 205.369 {27.8101 1205,3891 (T31,9991 1731.999) Fund cthvd 4.902.770 4.902.770 J Thè andowm•rtlunds repre8•ntlhèoriginal capmalglfttotho charfty,plv$sub8¢gu•ntaddlllon8blh èndowmth less amounts which b•en tr8nsl&rred to the unrestrcted funds for dlsln"bulknn. Th• InJstees are enuthed ti US8 the endowmentlnlurth¢rnncè oftheg8neraloble(ves of tho dwiityatth•lrdls¢r•don.8ndtheytransf•rfuTr from Ihe endowrn•ntb th• unrnstn.ctod lunds as requirnd. Any glfis made to Ihe charity as addition$ to thg eThdowmentar8 tr88tbd èypend8ble endowmentunless olhtrpwise directed by the donor. P896 14