The Penchant Foundation
(Charity Commission No 1188402)
Trustees, Annual Report and
Financial Statements
for the year ended 30 June 2024

Th• P•nchant Foundatlon
Tru*l•M' Attnual R•port
lorth•Y￿r •nd•d 30Jun• 2024
Th• TnAtt•a prtsent th•'r •nnu81 reFQrt and fin8nd#l ststements ol Ihe charity fofthe y•afendéd 30 June
2024. Tho ffftanual statwnents ha￿ been prepar•d in ac￿￿an¢0 wth the vxounttry rdicie• set otst In
note 1 tothe xcrxmts arKj¢¢Yn￿Y Chanty'8 Ih8Charibes Act201 l and Awunting and
RwrbvJ ty Charities. stat￿￿nI of Recornm•rK*¢ Pradts •rplicatAtr to chaiTlW pr8parir*J ththr
•ccounts in •coyd¥ne* wilh tho Finano•l ReporbTrg Standard ap￿•ca￿• in the UK and R•WbI￿0r Ire￿Tra
N•rn• olCh•rfty:
Th• Penchant FourKlation
Chanty No 1168402
Sircharles Chthryd¢.H8a* Bt
Catherine Oawe8
L*ly Angela Mary Cha￿￿￿ea
Faith Mil
Edward A￿Tr￿eT ChathwyL*.Hea
PrlndW Offlc• Adth•u: 5M8dinglèy Ro#d
Carnwe
CB30EE
N8tW8st Bank
21 Petty Cvry
C8mbri¢J9e
CB2 3NE
18 Hanover Square
London
W1S IJY
Reza Motszadi and Co LLP
7 Bell Yard
Lcffidon Iht2A 2JR
Indepth￿￿t Exantr. Reza Motszedi FCA
7 Bell Yarrl
L(￿dOn Iht2A 2JR
&"r Charles Chathch.Hea
Mary Cha￿￿-&￿$2Y
Do¢wrt Tho Pri￿paI 90¥8miry docU￿nI￿$the ofthe CIOdatod 6 M¥¢h
21r20 PL)wer of appoIn￿ent of a*SJitsonal bitstees Iha exssbryJ
Trustees who afo the ori￿n￿ tnote88 No •ddrtsonal InJ5tees have been
fecwrted *nc• the InCept￿n of the chwrty aThJ It Is nc4 con5thred that any
a&Jibono1 trwte88 are required at KKg3ent. TnJsteg5 aro porTnrtt￿ 10
akw*nt incom• or caprt81 to benefioaries in ts courso of meebTY4 th0
purpo
Pty•l

Th• P•nch•nt Foundatlon
Trustèes. Annual Roport
lortl￿y••r•￿1Od 30Jun• 2024
The Foundallon seeks to produc¢ Ihe best Ilnandal retum vfithin aft
accÈptstrAe ol risk.
The Inveslment obiethtr l& lo gentrale a rebjm of Inffalwytr ￿ul 4% per
annum over the long ttr￿. after expenses. This should the Foundalton
lo at least maintain the real value of the assels, whtlst funding annual
&XFenditure kn Ihe re9￿ of 4% of the average v*ue of Ihe 8ssets over Ih
ior thret yearn.
The Fc¥JndalKJn adopts a lotsl rttum approach to Inveslment. genef*ing the
invesbnenl relym troffl and c8Prtal gain5 Ot losses. It is expecled that
rf in any ¢)ne year the tolal ￿turn is insuffiryenl lo meet Ihe buflgeled grant-
maknng expendilure. in the Img tenn the ￿al value of the Foundation wll sbll
be maintained in accordarTh wththt investn*nt objective 8b(Ne.
ObJectt¥M of th• Ch•ilty: The charttatsle objectryes of the Chanty are to advan￿ such charitab
purposes laoX￿1n9 iothe lthv ofEnLdand and WaSeslasthe Charity trustee5
from lo time see fit.
The Chaity rrteThYs lo wy outits FwKJse ty makw grants.
Thecharity is govemed tythe¢harity Trustees ofthe Charity fthe Trusteès?
who have a duty. acling at in the best interests of Ihe Charty, to
appty the Chanty$ 8s$ets to thance the objects and have un]"maie
responsibdity for au grant-maknng de(isions.
The numberofwoject5 and actrVit￿S whx* can be 5UPPOrted is liwrited tythe
a¥Munl ol fvnds available for distrilwlion.
The pric￿lIeS lor ftjndtng over the next y8Br will bè the making of grant5 to
oDJanisat*)ns that submrtan ￿p￿Ka￿"0n to the Chavty (such appthcalw)ns nwy
be ty irNrtatx)nl.
TheTrustees confTh thalthey have referred tolhe giMdan¢e cA)nlwned inthe
Charity Corrrrissions geneTal guK1ance on public benefftwhen revie￿￿¥) the
Chanty's alms and objectives and ￿ setts'ry the 9ranbmakiNJ pdKy for the
year.
AttIti￿ to thk:
The Foundatth rel(es on the investment relum lo frjnd grant-maki￿.
However, grants are generaW one.off awards and Ihe number and value of
these may vary depending on arCU￿￿trn￿. The key risk to the long-l•rm
sustainabdity ofthe Foundation is H)fiatson, and the assets should be invested
to mrtvJale this risk over the k)ng lem Thtr Trustees understsnd that this is
'kety to n*an thal investsnent w￿1 be c4)rKentrated in real ass&ts aFNJ thatthe
capitsl v31ue wll ffluctuate.
The Tnjslees 8ro able to Idefale volaidty ol Ihe w*al va￿e of I
Foundabon, as loThJ as the FO￿d￿￿ 15 atye to rreet its short-temi gwt
makin9 comnylments through erther￿0)me or ￿uK*CaPrtaI asset5.
P•9• 2

Th• P•n¢hant Found*tlon
TwAtee8' Annual Report
forth• y￿r￿n￿ed 30Jun• 2024
The Foundation's assets can be inve&t•J ￿delY and JhwkF b• dtversrf*&J by
asset da￿. by manager and ty $8cu¥ity. Asset classes ¢oukl incJud8 ¢a$h,
bonds. wu11￿$. property, h8dgo funds, Structured prrmlucts. prNatg eqLffty,
c￿nmo￿t*s, property atNJ •ny olher as￿1 Ihol is d8ern•d $4JrtaÈ40 lor the
Foundabon.
Th•ba*c￿rrencY of tho im8tmerrt p￿ff￿10 i• St8rfhyJ.
In￿Stment may be made in nofystefling a3￿t8 but S￿)￿k[ not exceed 50%
olthe total inv851m8nt portfolKJ valu8.
HedgiThJ is Fermitted.
Th• Foundaiion 8 ¢8ih balance5 should bè depoJited InstrtLrtions wrth
MIn￿uM fobryj ofA-or inv￿1¢￿ in a dNersffied rnoney Ma￿et htsThd.
Bond exposure 8hovKI be prknninantty fopJ50d on in¥estrnent grad8
tssuers.
Uquldlty R¢qulr¢m•nlx: The Foundatson airns to distnbute grants of between £JSOk and £2(th pgr
annum Th¢5 can be funded frc¢Th both income and carrtal.
The Tfvstee$ Msh to keep at ￿ast 70% of Ihe 88sets in inv•5tm•nts thatcan
Èe r8alised within thw month5.
To allcwforvdalilty of c8pilal values. the Trusl8e$ wish to maintsin at ￿a￿l 3
yeard. Worth ol bu¢Ygeted grant-rnaki¥*J in cash or lower risk liqu
inve$trnenls.
A Thinimum of 2% of the total assets should be kept in cash or near <ash
investrnents 8t all b"me$
The FouTrdation is to oxist In perpe￿rtY and investments shouhj
managed to meetthe tnvestment objective and ensure thi8 5UslaiDab14ty
The Foun¢Jabon can adopi a long term investment time horizcn.
M*n*gem•n( R•pordng The In¥e8tmenl Manageri5 requifed to pr[xju￿ a valvèb.on an¢J perfofman¢
and Monltorfng:
report quarterfy. The Foundation has n<minated a li8t of atrthoftsed
svJnatories, hvo of whi¢h are wuised to sign ins1n￿On$ tc* Investment
Manager.
Th¢ Trustees hav8 r8spon5ibilty for ¥g¥e¢ing Strategy arKI monitoring thè
inb*$bnefit a&sets. The Tyust8es meet at ￿aSt annually to ￿VieW the portldio.
induding an a￿•1y$l$ ol relurn. n$k and asset allocabon. Pertomiaw TrMII be
monito￿d a9ainst agreed rnarket benchrnarks, and again51 the inveslment
obJethb* of inftatson plLB 4% over the lortrg te
Re¥l•wolAcU¥lIl￿.
Grants totaling £176,158 We￿ fftade in 2024 12023.. £197.6CQI.
breakdown of the grant8 is shcp*n in note 9 of th8 attounts. The Tru$toe5
rnrritor thwr knvel ol grant-MakI￿ and a￿ p￿pared to ublk%e cwal fcrf th
purFY)se where needed
Fln•n¢l•l R•vlr*:
Total irKome was £80.74912023.. £59,415) with expenditure amountiroto
£213,83212023". £232.7001. Netassets at Ihe endofthoyear werg £5.464.275
12023 £5,109.4451
Page 3

Th• P•n¢h•rt Foyndatlon
Th•pc4ky ofth• Toj￿•￿ l•kn ￿mI0drI1￿trArte •1 It Arf80• to
Th• Truststri I￿.1¢mi and kywemi obiectNes •r• to con0n￿l to m•k
Th• TnAleo•' plan¥ •r• f•l••w l￿dI l(rrfn the fvnd and
Ch**y ￿1￿*18 tj c•ny wt ty M￿ThJ gMI*
TN• IrN•strrwrt PCAV prep￿ ty lh• Truit￿* of
P￿%￿ce)
Thè W •F*•bl• lo chwthi In Eng￿nd & wa￿ tha TnJst¢¢s 10
pT•p•r• itst•monis 1oreachfln￿a8I Year￿￿h gN• a ￿nd￿r
of ¥tat• ol aft￿rn ofth¢ charlty •nd of the r•aource• aTrJ
bl oba•Ne the methoJ¥ and wnaplei th th• Ch•rR￿* SORP 2019
(FRS1021,
In•FVOFrfWts ttsk¥esumo trotthe Inoper4Ow.
CharlO•s ISORP 20191 UK A￿￿tIn9 Sland8th. the Charfles Ad 2011
and fv C￿$ Tlw ore a40 rgifftblo fry sAfeguafdin9 the
•$80ts 01th0 th•rtty aThJ henc• forts￿n9 stepslorth• prnv•n
Th• lkn)nd•l stsloments h•¥e weparnd kn JwdarK• thlth
w•parfty ththr fln•nclal slaiemenls In whthth•
R•wtyng swdanj •ppi*8ble In th• UK oTra Rewtth of Iwlwd IFRS 1021
•uoO In Oclob¥2019.
- /7c*A7
2•2S
P•9•4

Inde￿nd￿nt èx•mlner'• report to th•
Tnmtees of th• Ponchant Foundatlon
I re￿ tothe Trustees M my examinatk)n ofthe aco)unts ofthe charty fofthe year erth 30 Ju
2024. are set tyjt on pw 1 to 14.
R•wMlblllll•• •nd b••l• of r•port
As the Charty'$ Trustees you are reS￿￿311￿e for the yepara1￿n of the acctydarte
the reqwern￿ ￿the Chanbe$ Act 2011 llhe Act?
I rep￿ kn rnspect of rrry exarrmtww ofthe Charty's %£cw*ts carr￿ out urKler 145 ofthe Act
d m c¥ryty crtrt my eXaminalK￿ I have follo*rd all the applubfje Dire¢bcffi$ given by the Chanty
C<¥7M￿ sec*M)n 145(511b} ol the A¢L
I have cs)mpW my examMiatb)n l o)nfim that M malerial mattefs have come lo my attenl>)n in
c￿le(kn the eXaMinat￿n gr¥ing me cause to bekve that in any malenal resped."
cixintiw records not kept in fe5pect of the ¢harty as requ¥ed by sectiw* 130 of the A¢L
the aCC(￿ts th) ¢tynpty the appltsbk reqwrerwrts concern¥w the form and ¢c#)t¢nt of
acc￿ftts set out in the Charrt*s IA¢¢oun15 and Reports) ReguLat￿3 2008 other Ihan arky
requrement the accounts gNe a and fair view wtiich is a matter consthr¢d as part
ol an mdepe1￿1 examinabon.
attentw* stmythj be Ihts rekNxt in orderto enab￿a pr0perunderstsfid￿g olthe ac¢ounls
lo te reached.
JA (((
7 Bel
V4C2A 2JR
L)
Pw6

The Penchant Foundatlon
Statement of Financlal Activlties
F(Y th• y••r •nd•d 30 Jum 2024
2024
Expndabl• UnrMtrfd¢d
In¢omg
Fund•
2023
Totsl
Totsl
Fund•
80.749
80.749
59,415
Totsl Incom•
80,749
80.749
59.415
Expendiiure on:
28.1(*
28.fc
185.724
28.V25
203.T75
185,724
Totsl expenditur•
28,108
185.724
213,832
232.7(X)
Net iTrCom&llexpendi￿r•I before
net gain￿￿$0$¥0%} on I￿eS￿nentS
Net gan￿(k￿¢S) M irNestrnent
(2B.108)
{104.9751
It33.￿) 1173285)
487,913
487.913
379.99)
1104,975)
354.8x1 X*,675
(104,9751
104.975
354.830 206.675
R•cO￿lIa*1￿00 ollun¢h
T¢rtat ILnJs tK¢xJW Ic¥i¥ard
5.1C8.445
5.109.445 4,￿2.rn
5.464275
5.464275 5.1Ce.445
Page 6

Th• P•nch*nt Foundltlon
Bllance sh••t
A• It JO 2024
2024
2023
Tolal
Total
$287
5287,8H
4,752.647
105,8n
),7S3
105,6ni
81.495
97,953 281.303
198.431
203.031 3f2.798
UablUO••
Crndknrn: l•Sllng
¥Jfjthln on• y••r
198.431
190,431
6,484275
5.484275
5.109.445
S,404275
S,484,275
5,1(*,445
10
5,404275
5,48427S
S.1￿,449
-4r4442<JAI_-
P•9• 7

The PenchantFoundatlon
Statement of Cash Flows
for the ytaf •nded 30 Jun• 2024
Totsl
Fund•
2024
Totsl
Funds
2023
Not•
14•t c••h u••d in op•rntlng •ctlvltl••
Cash fi￿*1$ invesling 8(*wties.'
t*vidwKls aThJ interest from invtstmonts
Preceeds frtyn sale of Invèstments
1212,032) 1247.820)
80.749
59,47S
757,595
1,592.942
1784.879) 11,378.348)
N•t ¢••h provld•d by Inve•tlng •ctlvltl
1159,167}
26,189
Ch¥ng• In cash and ush *qulval¢nts in the reportlng worl
Cash and cash eqU￿￿ents brought lo￿ard
{159.16n
362,798
26.189
336.809
¢￿h and ca*h •quival•nts e*rri•d forwArd
203,631
362,798
105,678
97.953
81,495
Charity's bwk acoJw¢t
281.303
203.631
362.798
PJ9e 8

Th• P•nchant Foundatl¢)n
Not•• to th• *c¢ount8
forth• y*•r•nd•d 3• Jun• 2024
UK Row*kollrdarrf fFRS 10ri. 8nLI Reportirbg by ChaFth8. Slaten*rt ol Reclynr￿ftded
in the UK thè Repu￿￿ of IrtlaTrJ issuwj ￿ Octr*er 2019.. Ihe Chant*s 20118nd UK
F*xaKe. Tr ￿arty oms*tutes 8 Publ￿ tenefit enbty as defineo by FRS 102.
The st•t•rnnts h•wa teen prepa￿* to ￿ve a'tfue and fai¢ and have thereffft nectsswfy depart
tm the t￿￿1 Chbnitt IArx3yJnts Reports) Re￿bIat￿5 2Cth to ¢he extent requwd to prov#Je a Ir
larf vpw (Wrture h81 invofved fotl¢hwfig the Stalerrent of Re¢(mmeTrJed Pra¢tsx'. Acuwntsng aTr
ReF￿j by charrt￿ to thant*s p￿parir￿j the￿ fmancial stslements in prepartThJ Iheff accounts
•(X0rts￿ the Fwwioal Reportrry sta￿lard applicable in the LSK arKI Rewbhc of IrelaThJ IFRS 1021 QSL
(￿ter 2019. rnther than the Stst￿nt of Re0>￿Ther￿d Pradpz." AcryJunbrwJ and Re￿rtiry ty Chan*es
Thts pwared in 8terfiThJ, th8 frJrK*on81 ¢urTency. arrtwts in Owe f¥kifKaal
•Jequate ￿soUt(*S to Lymbnue In operath)nal existenr* for Ihe loreseeable fL￿re. Thus, Tnk5tees 0)ntin￿ to
Irpt the gory basts of￿￿ntsry in prepariTrJ the f￿￿n(A￿ ststements.
The errtknTr*rt frjxts reprawtthe otyinal captal9rftto Ihe chatrty. ￿uS 5ub5equerrt arkJitM)nsto
uye tr* fiJ[thefar￿ oftt* general obJec*¥es olthe thanty attheir(hsueI￿. and tlwtranthifvjnds
frcffn tr* to the ￿TeStrKled ￿1￿$ a$ required Any grts made lo Ihe tthanty as addtts)rts to the
￿rtsthe balarKe sheet date are induded In Ihe StsterrEnl of Finanaal Athit*& GrafttsvknKh teen
rLmr4J of the¢hanty #S OPFosed totho$8c05ts assocsated vthh fuThY¥asing orcharitsiAe actNIty. Tlk)
costs nr#in￿ty indvd? Intem￿ and exlemal audit, kgal advice for Trustees and c051s 8ssoc18ted wth
corr6trtL￿¢￿8l and $tatLrttyy reqwrernents &.g the cost of trustse meetsngs and prepanThJ staiut¢xy a¢￿￿nts.
Induded this category we any costs assouatad with the strate9Kas oppose<l today*tsy manwjement
I*)￿•5￿tr tsWwder￿WIated Iwin ￿[￿ncle5 aretsan￿8tsd witosledw althe rntesofex¢h¥
Ot tr* bfil￿ theet date Transactbons ￿ loreMJn curTenues are rn¢￿￿¢d ai the rnte Tulw ai the date of
P•q•9

Th• P•n¢hant Fovnd•tlon
Not•• toth• •¢¢ounts
forth• y••r•nd•d 30 Jun• a)24
l. poll¢kn{eonOnwll
EyK*r%Jrtur• li Cfjfjl therv li a Its981 Of c￿stru&￿e to make * pa￿￿3n1 to a th.rd party. rt
- tharrtab￿ •ctMbe• wKavJe8 olexh￿￿￿• •Tr1 oiheredLt•bMal a(aryth$
LKthrtaken to fvth•r the purrx)seJ Oft￿ charty
. Cxher repreaents those not f8iir8 into any otherh•8dry.
TTrde •nd cthr debt(n are rKoyz•A at Seldor￿n1 Wh￿t aft¢r •ny dw)¢Jnt offered. Pfepaym•nts
•t thè takmg any offered.
Cash ush •Aurwal•rtts c48h and jhort tenn hwJhly Investrnents ¥s1th a she4t maiunty ofth
*yths r* frcffi the d•t• c4 or£￿ir9 oftho d¢po*t Of 8mlar ac￿
th•t resurt m th• ts3naf¢r oi to a third party and the 8mount du• to settle bKI oblvjatron can bg
c￿51￿5 v#JwoYAw •re r•o>Jnv£wl ottr*"r*tl8rnenl amount afi•i hyany docthnts
garn k)*￿ are lak•n to the Ststwnent of Financial Arambes 8$ tw aw. Re8h￿￿ aThJ ￿$le*
¢xi ￿?￿￿ner￿ are cak#J￿knl as tP* drflererKa 98*s woc•eds and their opening carrying or
dwe d x4uired sthequent to the firnl day offinancaal year UnrealLryOd gal￿ and k)sse>are c•tJAated
a• the drtltrrer￿ tsir¥akneatthe yearend a￿1 IhtrircarryiThJ value Realtsed ￿ Lmrea4yed WNesb))ent
•r*J L)Jnbrnd ￿ the Slal•nenl ol Fmwrwl Acts¥il*s.
2024
4,752.647
4,587,281
784,879
1,378.318
1757.5951 11,592,942)
487.913
379.S
$267,844
4,752.847
4,e26,W 4.393.388
2023
.749
59,415
P•J• 10

The P•nchant Foundatlon
Not•8 toth• •ecounts
lorth• y•*r•nded JO JuTr• 2024
CoBt ofTrhln9 fvndl
2023
28.1
28,925
2023
185,724
203,775
Th• of ¢h•rfi*bl• *ellvlU•4 1• •• folltrAT.'
2024
2023
•nts- rvJle 9
176,158
197.eo)
Gov•rn•nc• eoits
2024
2023
F•• k)30 4J•iw
175
£9,M6
6,175
>￿, Tn•*eJ **re rem1￿16¢11 lrnvel •)d Tr￿1¢98 meelng •y$4n¥es. TnAt••¥' renNIMrabon
P•0• 11

Th• P•n¢hant Foundatlon
Not•$ to lh• accounts
forth• Y￿r•nO￿ 30Jun• 2024
•. R¢COn¢l￿tIOn0I netmtrnnwnl In fvndl to n•1 c••h flow Imm op•r•tlng xll¥lO••
2023
2L%.675
159,41S}
1379.wl
115.120)
180,7491
1487.9131
1,2C
IDedLLt gaKBy athj baca ljsw t￿
N•tu4h umd In op•rntlng xtMUM
1212.8321
1247,8201
•. Gr¥nts mid•
2)23
20.tJy)
Tnrnt
15.L
10.C(O
rtish TruBt br Ornrtk
975
975
cam￿ Ccfnrnunty FourKl8bon
CthtrE33
25,C(Q
25.CNJ)
Fanny Basa
816
10.C
240
iO,C4J)
Feednva F•r4ie5
J DaHwway IlTr*vth81
15,C
15.(￿
Makhad Trymt
atth￿ Bate ILA(r•re &ake & Bull
Ctrder gfst Ebwreda
Oxford UnNeW IB(%l*n Ltsaryl
Res￿￿ Try￿1
RSPB
t5,(￿
10.C(Q
11.T75
io,c
10.LYi)
1.775
14.
Utherw ol C*r*ryJge (L￿￿￿)
of Carnbrktr IL*Aw Vwtsvj schC￿rI
15.C(O
15,CQ)
15.(
176.158
197.6
P•9• 12

Th• Pgn¢hant Foundallon
Not•• to th• a¢¢ount8
forih• ymf •nd•d )OJun• 2024
•. Gr•nts m•d• Icorbllnu•dl
55.(K#)
36.615
13,2CA)
$240
22.477
37,1￿6
RelwJw-O ¢Jonalw$
176.158
197.
10 Amlysh olcMrltsbl• fund•
Total
Fund•
Funds
Funds
5.109,445
5,109.445
80,749
(213.832}
487.913
80.749
1185,7241
128.1Cel
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P*WJ• 14