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 Prac*ce 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 Chad￿k￿le81#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 Art￿S0ry
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-H08￿Y
L8dy Angola Mary Ch#d¥•yck40a￿Y
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
recrui*d 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 fina￿18] *BttJm vrithin an
acceptable level of rfsk.
The investmwrt obl￿tive is lo generale a of inflation plu8 4% p
anmm ovw the k)rwJ twm, after exp8nEes.This ts1￿￿d allowlh8 FoLmda
to 8t least m￿ntain 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•￿ratir￿j
irwestment retumfrom irwne aNl¢apt4ga1r￿or10S￿ It is expe¢t8J
rf in any ore year the lolal ￿uM is InSuff￿￿nt to meet budgeled gwl-
making experKlituffj. in the lornJ lemthowlvalueof the FourwJ8tion V+ill sll
bé rnainlain￿l in acCo￿ance wtth tha Inv8Stmant Obj￿11¥8 *Jove.
Obl•cllv•• 41 th• The charftabl8 obl￿￿￿$ of tho Charity lo •JVa￿a SLth charlt8b
purposeslaccuthrKJtolhelawof ErokThJaThJ Wal05las th8Charity IN$*5
from time lo Ilme see flt.
Thè int8ThJ8 to c•ry 118 PUIPO8e by makirYJ grant8.
The Clority Is govem•d bytt￿cho￿Y tntstees o1th8 ch8￿tY fihe tIUskn8
ho 8 dLrty. aciiThJ at all Ilm8s In the besl inlefesls ol tho Charity, t)
apply the Chanvs assets lo *Jv￿8 tho objects and have U￿.￿
sponsibility for all grnnl-m8klro docisions.
Th8 Nmbwof projaLts￿d ￿t￿lIeS￿h canbesupF(rt8d ks Ilmled bytre
amoLK)t ol fun(Is availoblo tor dislributlon.
Thg piiorilie6 forlurn1ryJ ovwthe rwt year wll ba thè making of grarts ts
orgonisatiLThth8t SUt¥nit￿8PpII(8I￿nIOt￿Cl￿Ity (s￿happI￿atiOIs n
be by invilalbon).
The tnjsloes cOnl￿n thattlw haverefe￿￿l to th8guid￿0 cr￿￿￿n8d in
chaiitycommissl￿￿9er￿lg￿1dar￿8on putAic ben￿lIv￿On reviw+ing *¢
charity's aims arKI obiectves and in settir¥J t￿ gtsnt-makirvJ policy for
year.
Publlc B•n•fft:
Atti¢udo to rlts*:
The Foundation reltes on thg investmwbt rEtum to lutKI grant4naktru.
wever. gwts ar& generdly one-off •Brds aThY tha Nmb8r and el
these may v*y dep￿Ing on circum*arK8s. The key risk to thè long-197n
sustainabiltyoftr* F0LTrlaliL￿I$lnfiatrfft. arKI tha8ss8tssh￿￿ beinvsstgj
to mitigate this risk ovwthe I0￿j twim. ￿ tmstees ￿￿erS￿￿ Ihal thk8 i%
Ilkelyto moan IhatinvoStn*nt*ll becoN*ntrated in rgal assats and
¢apita value *ill fluctu*e.
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 se￿rity. ￿￿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 nO￿St&ll￿O 8S88ts bul should not eXC88d 50%
of Ihg InV•Sfrn￿t 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 t￿lb 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 budge*d gTrnFm8kirMJ in eash orlow8r risk liquid
Inveslments.
A minlmum of 2% of thè b)tsl a￿18 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$ $u81ainoblllty.
Th• F￿nd•tim ¢an •dtspt• long t•m) In￿$￿1•nI*mO 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 in8truc*on8 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$t agreed market b•ftthrn#rks. and against Y)• inv•stsn•nt
objective of inn8bon plus 4% overlhe long te¥m.
Manag•mgnt. R•p
•nd Monltorlw:
R•vl•w ol k*lv*5••:
&8nts IDtslllng £197.600 w8r• mado in 2023 12022.. £227.3001. Thè
brèakdown ol th• gr8nts 1$ shown in not* 9 of Ihè acc4)unl& Thè trusta$s
monitrjf the¥r levd ol gr8ntsmakiThJ and a￿ p￿Pared b) ublise (apilal for this
purpo￿ whefe neeLle(l.
Flmnelal Revkn:
Totsl in￿Me was £59.41512022'. £36.9891 with eXpendi￿re 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 u88th6irdi￿rdtilln
lo distribute from c4ital from time lo time.
Pl•M forfulur• ￿rIod•. The tnJ8te88' $ts)rt4emi and long4em obl￿ti￿￿ are lo continueto mako
grdnts In acCo￿arth vllh thelr granl maklng poll¢y. The twstees akn
utilise thg unr8strielwJ and endo%wn&rt fu￿15 to achieve Ilws Obl￿tiVe.
Thg tA￿ta￿s. plarts ar8 to fundsfrtNn the fu￿1 and
Charity intgTh1s to out its p￿0668 by makiThJ grants.
This Investm￿t Policy SI8¢￿ent Wd6 preparffl by lh8 trust8es of t
Pench￿1 FO￿￿at￿￿ to PTOVKle a fTamw)rk for the M￿agement of ts
inv6Stmènt8ssat& ft TA￿1 bor￿1￿*￿1 Dnanwn￿l bass contirnz
approprialwws.
Approval •nd r•vl•w:
Accourrtkng Gukl•l*w•: The tn￿le8$ are rnspon81t4e for pr8parfrvJ t￿ Trustees. Report arKI tt*
f In8￿1¥4 slater￿nts in acc(￿jan¢8 with ap[41￿tle knvaTrJ United Kirgdc
ACCOL￿11￿ SlarKlsrd8 OJiit•J KitYJdom GW￿llY Accwl•J Accourtry
Procllce}.
Th8 law applicabb to elwrltl8s in England & Wal85 roquir8s try￿1￿ tr>
pleparefin￿¢1alSta￿MenIsf￿OOChfina￿jal y9arvknlch gi￿8 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£l818la1￿nl3, 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 pA￿OnI..
dl stale vthether wpllcatAe ￿CO￿tIng standards havg bggn f01b￿l.
$ubjeclto ￿ Ma￿ dyrtures 1th8doseAJ ￿￿eX[l￿d In thg1in¥Ka
s￿￿ements.,
e} prepare th6 fIn￿cIal st*em8ntson the goi￿ ccffjcan b8sis unl8s$ t
Inapproprme to PF•J￿￿e thlll the Ghorfty ctsthtnt￿ In oprrntlon.
The trustees rgsponsit* for keeping ￿OUnting ￿ordS Ihat dE(*)se
th I￿Onable aCc￿yat￿Y 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)nSlt￿th. They are 8180 rnspondble for Safegu8Ydl￿j
assets ofthe 8nd tsn¢* for tak"ThJ reasonable sWsksrth8 prevfflijn
and detection of f ra￿fj and irregulJilies.
Thg financial stalements h￿? b8en pwared in &co￿anCe With tre
a¢countirKJ polioess8toutinthe mtestothefinanri* statements aThJ cry
th the Charity's cor￿tilUtIOn, th8 charitt.es Act 2011 and the s18lem￿l c
Recommend￿ Practice.. AcminirHJand Rep￿lIr￿dbych#ritIe8 applicaA8to
chanties prepariry theirf in8Thid slatemw)ts in8ccordan￿Witttlhe Finano
Reporting SL￿r￿ apdi(2tAe in the UK Republic of Ireland IFRS 1021
issued In Oclober 2019.
Signed..
on belNqlf of theIrt￿l
Dale..
5 É&ts**&] IDI*
Page 4

Independent oxamlnerfs rnport to the
Trustèès of the Penchant Foundatlon
I report to InJstee8 on my examin*ion 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 prep*ation 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 follo￿￿1 al the applicabl8 Direclions giv￿7 by Ihe Charity
Commi55ion under sectkin 145(5Xbl of the ACL
Indep￿dont •xamln•rfs statement
I have complgted my eXamInat￿n. I conlirn that rn) mtsia rnatt￿3 have come to my 8ttwrtion In
c￿)nn￿lIOn *llh the eXarr￿n•t1On givirvJ me lo belthe any malerfd r8specl'.
accountirKJ Yecords ￿t kept in rBSP&t of th• chaifty 88 requlrwl by s￿110￿ 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& c￿1￿8$ {Accounts and Reports) Regl￿allOnS 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•ndl￿rn1 b•lor•
n•t gaIn￿lI¢s￿lI on InvMkn•nts
Nat gain81(losse61 on inv68tmiYIt
r28.925)
{144,3￿)
(173,2851 1233,1791
379,WJ
379,￿ (731.9991
Net income1{expe￿Jff(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 bro￿ht 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 8cco￿ts
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, r￿nUneratIOn
17,520
3,600
21,120
N•t current Ms•tsllllabllltl¢#l
356.798
315,489
N•t al￿ts
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 OpW￿￿9 adlvltl
1247.8201 (256.9991
Cash flows from inv8stirvJ &tivities.'
Dividar￿6 and interest fnm Investm￿18
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 Q￿h •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 Q￿h •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(t*bgT 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) F*gulathons 2008 onty b thè extènt requI￿dts provldea Irue
and fairf wèw. This depa￿r* has in¥ofved followng the Stst6m8nt of FkngJmm$nd¥d PrnClc￿'. Ac￿un￿.ng
Repordng by Chath•s applicabl• k) ch8rlUes weparfng Iholr flnanryal stsbrnents In prèparing Ihèlr accounts In
accordancowilh the Financial R&poiting Siandard appli¢at4e in the UK and R•publicol Ir•land IFRS 1021 i8swI
In Octobèr 2019, rather tran tho Slatementof Poo)rnmended Prar*'¢e.' AwJunOn9 and Reporlng by Chadtie5
olfocts've frcrfn 1 hpril 2005. whith ha8 beon T*ltr￿TaWn.
The accounts aTO prepared in Storting. whlch 18 the lunthon￿ lknnatary amounts In these flnarK¥
ststements are rounded b the n8aTrSt£.
The accounts ￿on prepared undtr thohisl>ri¢al ￿$t ts)nvtrntion.
bj Golng ¢oncgm
At tho ttma olappmwng Ihe finanraalststemwts.the have a Teawl￿A0 Wo&aYon Ihat ttlg Charfty has
adequa18rosourcoskn ca)nts"nu• In O￿labl)ha1 •xi818nc•lorth8 for•s••abb8 lulurn. Thu•. th• Iru8t•88 Continué to
adopt the going concern baw8 of accounb.ng In p￿panng the Iinancial sts*menlB.
c) Fund aGcounJng
The endowmertfundsreprnsèrttht origln•l eapltalglftblhetharfty, plussut)Bequenladdldons loth8endowm&t
lesB amounts whlch hav•b¥•n tr•nsfwrgd unrestrc￿ fvnd8 for dIs￿bU00￿. The trustsas ar8 to
use the endowment infutheranc4 ol th•oenernlobpthvèsofthe charityallheirdi￿l1On, 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 0x￿nd&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 IheststementofFinanoaAd￿tstss. Grants whieh havg tse8n
proMi￿d 9ubl8¢t tr) $81$18cts)ry perfom)8nce are not induded unlil payablo.
el Expendllurn
JI axpèndlbjrs 1$ ?￿nted for on an a￿ual9 b9818 •nd h•6 b*n ¢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 prepa￿n￿ 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 Fiabil￿e$den￿r￿n￿d Infordgncutt•￿i*8f9trJn$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 andiffeco￿rab10 VA T
ExpandlbJr8 Is r•cognis8d oncè Ih•r& is a18galorconstructiv8 0blkja￿0n to makè • paymwt to a Ihird party, it is
probable Ihal 5elUementwlll be requlred.andthe am￿nI 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 6xp6ndl￿ro rep￿￿nts lho￿ ￿rn6 notfalllng Inb) any othar￿adIn9.
Irrecovgrabl$ VAT LI ¥$ arx4t •g•lnst the ￿ forwh1th1hè •xpèThJ￿rB 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 t￿rn h￿hly11qUld inve8lment6 with a qhort rnaturtty of Ihmo
month8 or18ss from Ihe dats ol acqu165lion oropenlng of the dgP0611orslmllar Ko)unL
k? CrndltOfr¥ and pmV1￿on*
Cr•dit*rs 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.
Cr9d￿r$ and proviBlon8 a￿normalty 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 ￿1￿1818￿ 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&Po￿II80aon￿ unr¢•ltstid In￿tr￿￿t
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
36￿64
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 c*a
28.925
27,810
Thg Invostm8ntmana9emenl ojsls arn am atributsbla b) endcr•mienlfund¥.
5. Ch•r11ab￿aedvI1
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[￿lI￿atIOn ol n•t mthT•m•nt knlthwl• tOtr*tc￿h 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
c4mbrfdg￿htrO Communlty Foundatton
Centre33
Clod( Tow8r Sancttwry
Fanny Bara
Fauna & Flora Inll
F8adlng F8mlll88
Flttwllllam Mu5¥tsm
FNL k+anr•All&ld
Gmnl to IndI￿d￿31 b) support sludies
Grant to Individual to support siudi88
Kingflghors brfdg
Makhad Tw$1
Math8w Bate IUkr8ln• Blok• & Bulti
¢))8n Trust
Ord8rof st£th￿￿reda
Oxford University {Bodl8i8n Library)
PssuTgo Trust
RSPB
Srnartwurks
UK Men's Shèds Assoc3alion
Unlverslty of Carnbridgo (Museum of knthae(dogy & AJthrDpLlogyl
University of Cambridga (Ketues Yard)
Univ8rslty of Cambridge (univers￿ LibTrry}
VICS in the Cornmunty
Viva Theatre
Wildlife Tru$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 {cot*lnuod)
The grants abo￿ arn calegorised as bèknw".
2023
21122
Blodi￿1s1ty and Con8ervatiw- 6 donation8
Soa81 & Community- 12 donations
c￿er5eaS Pov•ty Ralief- 2 dona*on$
Arls & cut￿re- 5 don8Jion8
EduGatM)n- 4 don8lon$
Medical . 2 donations
Religiou8- 1 donation
85.000
62,800
13.200
5,240
29.860
20.500
1￿00
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
4￿02.770
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 c￿d
5,109,445
5,109,445
P8go 13

Th• Penchanl Foundatlon
Notes totho aGcounls
for tho Jwar •nd•d 30 Jth)0 2023
10. Anal￿1$ ol tha11t￿￿ funds Icontlnu•dl
2022
Exp•ndabl• UM•stTkted
En(kMTment
Total
Fun
Fund•
Analysis of lund m0￿M￿nts..
Balance blh¥d
kncome
Expendlknre
Transfars
Galnsl{los￿8I
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