Charity number: 0241971
THE PERSE TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2024

The Perse Trust
Notes to the Financial Statements
For the
ear ended 30 June 2024
The PerseTrust
Conlentg
Page
Reference and Administrative Details of the Charity, its Tru$leo$ and
Advlsers
Trustees. Report
Indepèndent Examiner's Report
statement of Finan¢ial Activities
Balan¢e Sheet
Notes to the Financial Ststements
9-14

The Perse Trust
Legal and Admlnlstrative Details
Trustees
Mr R G Gardiner
Professor P J Rogerson
Trust Address
Gonville & Caius College
Trinity Street
Cambridge
CB2 1TA
Legal Status
The Charity was created by the will of Stephen Perse dated 27 September 1615 which was
amended by Court schemes of 1841 and 1873, an apportionment agreed with the Charity
Commission in 1880 and a scheme dated 1901. The Charity was registered with the Charty
Commission Registration on 19 July 1965 No= 0241971.
Indèpendent Examiner
K Bretherick FCA
Peters. Elworthy & Moore
Chartered Accountant$
Salisbury House
Station Road
Cambridge
CB12LA
Investment Managers
CCLA Inveslment Management Limited
Senator House
85 Queen Victoria Street
London
EC4V 4ET

The PerJe Trust
Trustees, Report
For the year ended 30 June 2024
The Trustees submit their annu81 report and the finaricral statements of The Perse Trust Ilhe
Trust) for the year ended 30 June 2024. The Trustees confirm that the annual report and
financial stalemenls of the charity comply with the current statutory requirernent5, the
requirements of the charity's goveming document, the Chaiities Act 2011 and the provisions
of the Slalemenl of Recommended Practi￿ ISORPI, applicable lo charities preparing their
accounts in accordance with the Financ￿1 Reporting Standard applicable in the UK and
Republi¢ of Irelancl IFRS 1021 leffectNe 1 January 20151 as mended by Update Bulletin I
leffeclive 1 January 2016}.
Structure, governance and management
CONSTITUTION
The Charity was crealed by the will of Stephen Perse dated 27 September 1615 which was
amenijed by Court schemes of 1841 and 1873, an apportionment agreed with the Charity
Commisslon in 1880 and a scheme dated 1901. The Charity was registered with the Charity
Commission Registration on 19 July 1965. A statutory declaration of 51h July 2021
summarised the powers and provisions of the documents.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The Trustees are the Master and Senior Bursar for the time being of Gonville & Caius
coll￿e, Cambridge.
. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Tmslees who served during the year were as follows..
Professor P J Rogerson
Mr R Gardiner
The Trustees meet regularly and correspond to deal with management issues associated with
the charity.
The Registrar of the Charity was Mr R Gardiner.
d. KEY MANAGEMENT PERSONNEL
The Trustees Consider the board of Trustees as comprising the key management personnel
of the charty in charge ol directing and controlling the charity and running and operating the
Charity on a day to day basis. All Trustees give of their time freely and no Trustee
femuneralion was paid in the year.
Objectives and Acttvities
POLICIES AND 0￿ECTIVEs
The Trust was lo carry out the purposes of the will of Stephen Perse and prin¢ipally provides
accommodation and facilities for the elderly.
b. PUBLIC BENEFIT AND GRANT MAKING POLICY
The Trustees confirm that they have paid due regard to the Charity Commission's published
guidance on the public benefit requirements under the Charities Act 2011. The Perse Tru5115
a regtstered charty whose charitable purposes defined within the Charities Act 2011 15 the

The Perse Trust
Trustees, Report
For the year ended 30 June 2024
provision of accommodation for the eklerty through the upkeep of historical buildings.
Achievements and Perfomiance
a. POLICIES AND OBJECTIVES
The TTUSI treats dividend income received In the year as investment income. Total investment
income in the year amounted lo £22, 140, together with SerV￿e charge income of £15,103.
which was insufficient to cover the expenditure in the year due to further bathroom
refurbishments.
Nel assets increased by £44,452 in the yeai lo 30 June 2024, attributable to a gain in the
value of inveslfflenls at 30th June 2024 of £63,364 and lo an excess of expenditure over
investment income of £18,912.
b. INVESTMENT POLICY AND PERFORMANCE
The Trust holds a portfolio of investrEnts intended to sustain the income necessary lo
operate and maintain the almshouses and the other, limited charitable purposes of the Trust.
On the 51h July 2021 the Tfustees resolved to update the investment permissions of Ihe
Charity under s.280 Charities A¢t 2011 stjch that any ￿ndS that the Charity holds may be
deposited or invested in ar¢y manner that the Trustees see fit prgvided that, if the Tru51ees
consider il neeessary, advice is first obtained trom a financial expert lan individual, company
or firm who Is authorised to give investment advice under the Financial Services and Markets
Act 20001 and regard is had lo the suitability of investments and the need for diversification.
The Trustees may also delegate the management of investments to a fi'nancial expert.
together with other provisions lo regulate the proper investment rnanagement of the Charity,
funds.
In July 2021, the Trustees appointed CCLA as investment managers and transferred the
Trust's investments to the COIF Charities Ethrcal Investment Fund. The Trustees viewed the
performance of the investments during the year as being satisfactory.
Flnanclal Revlew
a. RESERVES POLICY
The reserves policy established by the Trustees is to maintain the capital fvnds al 8 level
which they judge to be necessary lo produce an annual income sufficient lo enable the Trust
to meet ils objectives and the cost of so doing. Given that the investment income was
insufficient to cover expenses for the year to 30 June 2024, there is a need to increase the
Charity's income, increase the value of the endowment or reduce the level of expenditure to
ensure income from reserves are adequate to cover expenditure. To that end it is the poli¢y lo
charge a modest seNice charge lo new residents.

The Perse Trust
Trustees, Report
For the year ended 30 June 2024
Plans for the future
FUTURE DEVELOPMENTS
e Trustees intend lo continue to have full re9ard to further the objects of the charity wh￿h
are now principally the advancement and provision of accornmodation for the elderly of limited
means.
STATEMENT OF TRUSTEES, RESPONS181LITIES
The Trustees are responsible for preparing the annual report and the financial statements in
accordance with applicable law and Untted Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
Law applieable to charities in England and Wales requires the Trustees to prepare finan¢ial
ststements for each financial year which give a true and fair view of the stale of affairs of the
¢harity and of the incoming resources and application of resources of the charity for that
period. In preparing these financial statements. the Trustees a￿ required to..
select suitable accounting policies and ihen apply thern consistently.
observe Ihe methods and principles in the Charitie5 SORP",
make judgements and estimates that are reasonable and prudent., and
prepare the financial statements on the going concern basis unless rf is inappropriate
to presume that the charity will Continue in operation
The Trustees are responsible for keeping proper accounts.ng records that disclose with
reasonable accuracy al any time the financial position of the charity and enable them to
ensure th8t the financial statements comply with the Charities Act 2011, the applicable
Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are
also responsible for safeguarding the assets of the charty and hence for taking reasonable
steps for the prevention and deteGb'on of fraud and other irregularities.
This report was approved by the Trustees
and signed on rt5 behalf, by..
Professor P J Rogerson
Trustee

The Perse Trusl
Independent Examiner's Report
For The Year Ended 30 June 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PERSE TRUST
I report to the Trustees on my examination of the accounts of the charity for the yeai ended
30 June 2024 which are sel out on pages 7 10 14.
This report is made solely lo the charty's Trustees, as a body, in accordanc8 with Part 4 of
the Charities IAccounls and Reports) Regulations 2008. My work has been undertaken so
that I might state lo the charity's Trustees those matters l am requir￿ lo slate lo them in an
Independent Examinerfs Report and for no other purpose. To the fullest exlenl permitted by
law. I do not 8ccept or assume responsibility to anyone other than the charity and the charity's
Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity, you ore responsible for the preparation of the accounts in
accordance with the requirements of Ihe Chaflties Act 20111'the 2011 ACVI.
I report in respect of my examination of the charity's accounts Carried out under section 145 of
the 2011 Act and in carrying out my examination I have followed all the applicable Directions
given by the Charity Commission under section 14515llbl of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn lo the fact that the charity has prepared the accounts in accordance
with Accounting and Reporting by Ch8ritses'. Statement of Recommended Practice applicable
to Charities preparing their accounts in accordance with the Financial Reporting Standard
applirable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and
Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is
referred to in the extant regulations but has been withdrawn.
l understand that this has been done in order for the accounts lo provide a Irue and fair view
in accordance with the Generally Accepted Accounting Practice effective for leporting periods
beginning on or after 1 January 2015.
I have completed my examination. I can confimi that no matters have come lo my attention in
cennection with the examinatson giving me cause lo believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 130
of the 2011 Act., or
2. the accounts do not accoTd with those records,. or
3. the accounts do not comply wilh the applicable requirement$ conceming the form and
content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008
other than any requirement that the accounts give a 'lrue and fairf view which is not a
matter considered a5 part of an independent examination.

The Perse Trust
Independent Examiner's Report
For The Year Ended 30 June 2024
I have no concerns and have come across no other matters in oonneclion with the
examination to which attention should be drawn in this report in order lo enable a proper
understanding of the accounts lo be reached.
Kelly Bretherlck FCA
For and on behalf of PETERS, ELWORTHY & MOORE
Chartered Accountants
Cambridge
Date..

The Perse Trust
ststement of Financial Activities
For the year ended 30 June 2024
Total
Funds
ToLIl
Funds
Endowment restricted
Funds
Funds
2024
2024
Notes
2024
2023
Income and endowmènts
Investment Income
other income
22,140
15,103
22,140
15,103
21,215
11,945
Total income
37,243
37,243
33,160
Expenditure
Expenditure on ch8riÈ8ble activities.-
Upkeep of Almshouses
Other expendilufe
22,767
29,709
3,679
52,476
3.679
31,065
3,107
Totsl Expenditure
22,767
33,388 S6,155
34,172
Net expenditurfj before revaluations
122,7671
3,855 118,9121 11.0121
Gains on fixed asselsl investment assets
63,364
63.364
15,315
Nel Movement in Funds for the Year
40,597
3,855
44,452
14,303
Total fvnds at l July 2023
712.173
149,786) 662,387 648.084
Tgtal Funds at 30 June 2024
752,770
145,931) 706,839 662,387
The notes on pages 9 10 14 form part of these financial statements.

The Perse Trust
Balance Sheét
As at 30 June 2024
Notes
2024
2023
Investments:
COIF Charities Ethical Investment
Fund
740,579
677.215
740,579
677.215
Current assets
Oebtors
Cash balances
5,240
20,082
25,322
5,073
31,998
37,071
Current Ilabilitl85
Creditors
59.0621 151,8991
Net current Ilabilities
133,7401 114,8281
Net Assets
70e,839
662,387
Charity funds
Expendable Endowment Funds
Unreslricled Funds
752,770
712,173
(45,9311 {49,786)
7{￿,839
662,387
These financial statements were approved by the l)oard of Trustees on
and were signed on its behalf by:
Mr R G Gardinèy
Trustee
Date..
13103115
The notes on pages 9 to 14 form part of these financial statemenls.

The Perse Trust
Notss to the Financial Statements
For the year ended 30 June 2024
1. Accounting Pollcles
1.1 Basis of preparnllon of financial ststements
The financial statements have been prepared to give a 'true and fair, view and have
departed from the Charities IA¢counts and Reports} Regulations 2008 only lo the
extent required to provide a 'true and fairf view. This departure has involved
following the Charilres SORP IFRS 102} published on 16 July 2014 rather than the
Accounting and Reporting by Charities.. Statement of Recommended Practice
effective from 1 April 2005 which has since been withdrawn.
The finan¢ial statements have been prepared untjer the historical cost convention
with ilerns recognised al cost or transaction value unless olhewise staled in the
relevant notes to these accounts. The financial statements have been prepared in
accordance with the SlalerrEnt of Recommended Pra¢ts"¢e." Accounting and
Reporting by Charities preparing their accounts In accordance with the Financial
Reporting Standard appI￿able in the UK and Republic of Ireland IFRS 1021
Isecond edition of the Charities SORP IFRS 1021 October 2019. effective 1
January 20191 and Financial Reporting Stsndard applicable in the United Kingdom
and Republic of Ireland IFRS 1021 and Charities Act 2011.
The Perse Trust meets the definition of a public benefit entlty under FRS 102.
Thefft were no significant estimates or judgements made by management in
pfftparing these financial statements other than the valuation of investments which
have been directly obtained from third parties.
1.2 Fund accounting
Unrestricted funds are funds available for use al the discretion of the Trustees in
furtherance of the general objectNes of Ihe charity and which have not been
designated for other purposes.
1.3 Incoming recognltlon
All income is included in the Statement of Financial Activities when the charity is
legally entitled lo the income and the amount can be quantified with reasonable
accuracy. In 2021-22, the Trust amended ils previous policy of allowing
expenditure to be funded from ils long term investment portfolio on a Total Return
basis and instead treated dividends received in the year as investment income.
Each yeaf It will determine the amount which may prudently be spent in the current
ye8r. consistent with the objective of maintaining the real purchasing power of the
portfolio over the long tetm and using exleTnal advi￿.
Income tax recoverable in relation to donations received under Gift Aid or deeds of
covenant is recognised at the time of the donation.
Income tax recoverable in relats'on to investment income is recognised at the time
the investment income is receivable.

The Perse Trust
Notes to the Financial Statements
For the ear ended 30 June 2023
1.4 Expenditure recognitlon
All expenditure is accounted for on an accruals basis and has been included under
expense categories that aggregate all costs for allocation of activities. Vvhere costs
c?nnot be directly attributed to particular aclwits'es, they have been allocated on a
basis consistent with Ihe use of the resources.
Grants payable are Charged in the year when the offer is made except in those
e8ses where the offer is conditional, such grants being recognised as expenditur8
when the conditions attaching are fulfilled. Grants offered subject to conditions
which have not been met at the year end are noted as a commitment, bul not
accrued as expenditure.
1.5 Fixed Assets
The Perse Trust owns the Perse Trust Alms Houses. These are held al a carrying
value of £nil {2023.' £Nill, equivalent to the cost lo the Trust.
1.6 Investments
Investments are stated at market value at the balance sheet dale. The Sialement
of Financial Activities includes the nel gains and losses on revaluations and
disposals throughout the year.
1.7 Debtor8
Debtors are reco9nised at the transaction value less any impairment value.
1.8 Cash
Cash is represented by cash in hand and deposits with financial inslitutiens
repayable without penalty on nOt￿e of not more than 24 hours.
1.9 Creditors
Liabilities are recognised when there is an obli9alion at the Balance Sheet date as
a result of a past event, it is probable that a transfer of economic benefit will be
required in selllement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates il will pay lo
Settle the debt or the amount it has received as advanced payments for the goods
or services it musl provide.
2. Going Concern
The charity's financial statements have been prepared on a going concern basis. The
Trustees continue to regularly review the income and expenditu￿ for a period of not
less than 12 months to ensure that Iheie are sufficient fvnds avgilable to continue lo
operate the Trust on a going con￿rn basis.

The Perse Trust
Notes to the Financial Statements
For the
ear ended 30 June 2024
3. Invèstment Income
2024
2023
Income from investments
22,140
21,215
GainsllLossesl on investments
Tolal Investment income & gaIns￿Otal Retu
63,364
15,315
85,504
36,530
4. Other income
2024
2023
Service charges
15,103
11,945
Total Other income
15.103
11,945
S. Other exp•ndlture
2024
2023
Independent examination fee Igovemancft)
Other
2,520
344
2,100
192
Total Other expenditure
3,679
3,107
6. Flxed asset investments
2024
2023
Market Value
Al 1 July
Additions
Disposals
Revaluations
677,215
661,900
63,364
15,315
At 30 June 2024
740,579
677,215

The Perse Trust
Notes to the Financial Ststements
For the
ear endèd 30 June 2024
7. Debtors
2024
2023
Investment dividends receivable
5,240
5,073
Total Debtors
5,240
5,073
8. Creditors
2024
2023
Inlercompany payable
59,062
51,899
Total Creditors
59.062
51,899
9. Analysis of Net Assets
As at 30 June 2024
Endowrnent Unrestri¢t¢d
Funds
Fund$
Totsl
Inveslments
Current Assets
Current Liabilities
Net assets
740,579
16,046
3,855
752,770
740,579
25,322
59,062
706,839
9,276
55,207
45,931
As at 30th June 2023
Endowment Unrestrictod
Funds
Funds
Total
Investments
Current Assets
Current Liabilities
Net assets
677,215
34,958
677,215
37,071
51,899
662,387
2,113
51,899
49,786
712.173
12

10. Related Party Transaelions
During the year ended 3D June 2024 there were no related paTty transactions that
require disclosure within the financial statemenls12023.' None}-
11. Tru$tees' Remuneration
None of the Trustees who are considered as the key management personnel
received remuneration or expenses during the current or previous period.
12. Employees
No employe85 W8r8 employed by the ¢harity In 2023-2412022-23= nill.
13