THE PANASONIC TRUST
FOR THE FURTHER EOUCATION AND TRAINING OF ENGINEERS
REPORTS AND ACCOUNTS
FOR THE YeAR ENDED 31 March 2024
fegi5ter8d charity nurnber 290652

THE PANASONIC TRUST FOR THE FURTHER
EDUCATION AND TRAINING OF ENGINEERS
REPORTS AND ACCOUNTS
FOR THE YEAR ENDED 31 March 2024
P8g8
CONTENTS
REPORT OF THE TRUSTEES
STATEMENT OF TRUSTEES, RESPONSIBILITIES
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
10-11
NOTES TO THE ACCOUNTS

THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
REPORT OF THÉ TRUSTEES
Th8 TtU8tees present their annual report and unaudrted financial statemènts for th8 yéar Ènded 31 March 2024.
CONSTITUTION. AIUS AND OBJECIIVES
The Trust was establish￿ on 30 October 1984 under a cttarilable Trust DÈed between Panasonic UK Limited
and The Royal AGademy of Engineering. The Trust, whi¢h operates under the name, The Panasonic Trust. Is a
registered charity. nurnb8r 290652.
The obj8cliv8 of the Trust as 58t out in Ihe CharitableTrJst Deed is to 8d¥aDce education and training In
engineenng 98netalty Th15 may be achieved by the establishmenl and award ol grant 5thoiarships. fellowships.
lectureships, cornpetilions, priztrs and awards.
This is currenlbj 8chieved the Wdsh Valky5 Engineering Project.
MANAGEMENT OF THE TRUST
Under Ihe Trust Deed the TrusiÈes have unlimited power of inveslmenL The Trust investments are managed on
th6ir bghahf by independent fund manageis.
The adminislration Df thé Trustwa8 pniryded by Consuitdarcy Ltd.
INDUCTION AND TFiAIN114G OF TRUSTEES
Following elect￿Tr, trustees are provided wilh an InlormaliDn pack c¢mpnsing Ibe charitab￿ Trust Deed and a
Charity Commission public8lion on the rasponsibiliiies of charity trusleÈs. Ttustets are encouraged to atte￿d
recommended extèrnal trainiw couts85 for charity trustegs.
RISK MANAGEMENT
The rnaior risks 10 which Ihe Trusl is perceived lo be exposeil have been identified and mechanisms developed to
mitigate and monitor those risks. A risk register has bèen created to manage the risks faced by the Trust.
The risk af non4otnpliance with r8quirementts relating lo data protection 18 mitigated by The PaThaSon￿ Trust's
delivery pariner mainlaining GDPR compliant Ja18 protection and da￿ management policies. The rBk of fai11ng to
have adequate arrangernenls in place lo ensure health and safety of individuals Involved with The Panasonic
Trust is mitigated by conducbng risk assessments for events.

TRUSTEES
The Trustees were as follows..
Car1 Pocknell MBA. ThISc (Chairl
Ellena Williams Appointèd. 1010512023
He18n Walker- Appointed". 1311112022
Adrian Driscoll
Mark Vasey
Robert Blow8r5
Dr Jean VenablÈs CBE FREng
Professor P Guthrie OBE FREng
Prinapal Address..
22 W8ntworih Cknsè, Bamham. Bognor Regis. W8st Sussex P022 OHS
Investment Advisor.
Barclays Wealth, Royal Exchang& House. 1000 Quean Street. Glasgow G1 3DL
8gnkers
Unity Trust Bank plc. Four BrirKJleyplacè, BirMI￿ham. B12JB
AGcountsnt'.
Platinum Artountsng Servicas Ltd
Isl Flts)r. 6-7 Clock Park. Bognor Regis. West Sussex P022 9NH

THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
REPORT OF THE TRUSTÉES
PUBLIC BENEFIT
The Trustees have ref&rred 10 the guidan* conlained in the Charity Commission's general guidance i)n publ
bentrfit whèn reviewing the chariws aim and objetlive and in planning its fu￿[8 activities The Tru5taes bÈ1iave that
by providing financial support 10 encourage the uptake of tnginÈenng a5 a profession. the health and wellbeing of
society 1$ enhanced.
ACHIEVEMENT AND PERFORMANCE, INCLUDING FINANCIAL REVIEW
In the y8ar to 31 March 2023 £35,056.SO grant payTnent5 were made. In the yearto 31 March 2024 £45.887.71 was
alloGated lo be dislributed lo Ibe Royal Academy of Engineering to undertake the Welsh Valkys Engineerin9 Project
(WVEPI.
w￿EP is a funding and bursary scheme at schoo15 and FE colleges In South Wales. The bursarvas glv8n were
funded from within the expecteLI Sustainablè yield of the Tfust fund. Funding sustainability is to bé reviewed toward5
the end of tha five year project by potentially seeking third party funding 10 supplemenl a reduced bul sustsinable
ntribution trom Panasonic Trust funds.
The Welsh Vall8y5 Engine8rin9 ProiBcl is a collaborative prqacl worklng with primary and sacondary schools.
further Éducation Goll￿e$ and employers In Merthyr Tydfil and Blaenau Gwent lo inspire and encourage slu(lents to
take up science. technology, engineerirwJ. and mathemati¢s ISTEMI subjects, enabling them tD access engineering
career p81hways. WJEP ennches the curriculum. enhances pupi1 engagement, and increases attainmentoutcomes
by bnnging real-w￿d engineering pracliGe intD schools.
The Welsh Valley Engineering project continues lo be the focus ol the Trust's adivili&s. The Project itse￿ supporteLI
2 maith areas. These included th8 Employee Engagement Strand and bursari&s to support Students both for CD11eg8
partiapation and higher èducation.
EMPLOYER ENGAGEMENT STRAND
The project continued lo oller schools itte opportunity lo work wilh a business on
a STEM challenge èach iÈrrn in th15 period. An example of the activities undertaken included the seven lead primary
schooL4 participating in a STEM challenge. and each invited their cluster partner schools to run the sarne challenge.
In addition. ￿9￿t secondaries also participaleil in a challenge with a partner business.
BURSARIES.
Panasonic Trust awarded bursaries to 2 students lo help support Iheir èducalKn in higher education. In addition,
further 20 bursaries were awarded to Pan8sonic Trust Fuhjre Engineer attending Col8g Gwent and Merthyr college
114 male , 6 fefnal81.
INVESTMENT POLICY
Investment a85ets are managed by Barclay$ Wealth Management. in one portfolio. with the obiec*ve of gen8r8ling
a largel level of income lo m8el annual grant 8xpendilure includ1ng the funding schefflt al schools 8nd FE college5
whilst preseNing the value of the fund ln real terms During the year the fund generated an incorve of £49.575
12023.. £53.57118nd made a net gain on Inv851rnenl assets after dividends & interest of £78,865 12023.. k)s$ of
£134.5511.
Investment pgrfomiance is assessed by a Barclays Ch8rity ben¢hTnark that Is sei up to provide long term retums
with an assel allocation of Girca 15.4Yo Fixed Interest. 63.4'kn Equitie5, 3 6°A Cash and 17.60kn Comtllodities, Real
Estate, Alternatives & Altetnatives. The focus Is to achieve both capital and Income growth.

GRANT POLICY
Prior lo awarding any grant the Ttuslee$ consider the purpose of the application and the way in whi¢h the grant will
be used. Ilemised breakdown is revièwed showng how thÈ surn requesied has been r2lculated.
GOING CONCERN
Given the minimal running cost5 of the Ttust, with no buildings 8fKI no staff the Tru51ees are confident thattha entity
will remain 8 going concem even during tt)e fflo$t ext￿Me matkal turbulencè.
RESERVES
Charity Commission guidance delines free reser4es as'income which becomes available lo the charity and is lo bÈ
expended al the Trustee5' discretion in the furtherance of the charity's objects. but is not yel spent. committed. or
designated.. Al Ihe balance sh881 date, and alter deducting the amount invested in fixed asset investments. Iha
¢harty's Iree reserves arnounted to £91.60912023.. £68.5451. The TrusteÈs con$iderthis level of general
unrestricled reservès lo be salisf8¢10ry. The board 18 In fvll control of the future charitable èxpenditure.

STATEMENT OF TRUSTEES. RESPONSIBILITIES
Tht truste8$ are responsible lor preparing the truslee5' annual report and the financial ststemenls in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Genera11yAccepted AcGountin9
PrdCl￿8I.
Charity law requirps the trustee5 10 prepar8 financial statements for each financial year ttiat a Ilue and falr
view of the stale ol afTair5 01 the charlty and of the InrA)ming re50UTces and application ol resource8 of Ihe charily
for the year. In preparing those finanaal sialements the Iruslees are required to..
selÈct suitable 8ccountin9 policies and then apply them consislenlly..
obseN8 Ihe melhods and prin¢ip1es In th& Charities SORP".
rllake judgments and accountsng esiimates that are reasonablè and prudent",
prepar8 the financial $18teTnants on Ihe going concern basis un1e55 It is inapproprkgle to presume Ihal the
charity will conknnJe in bJsin&sS.
The tr￿Ste8$ 8re respon51ble for keepin9 accounting records that are sufficient 10 show and expl8in the chariV5
transactions and disclose wilh raa50nable accuracy at any lime the financial position of thè charity and enable
them lo ensure that the financial slatements comply wilh the Charities Act 2011 and regulations made thereunder.
They ar& also responsible for safeguarding the assets of Ihe charity and h8nGe for taking rÈ880Dable steps for the
prtrventian and delection of IRud and oth&r irregularities.
Thè tru5te8s are responsible lor Ihe maint8nanctr and integrity of the financial infomialion Included on the
charity'5 website Legi51a110n in the Uniled Kingdom governing the preparation and dis5eminalion ol the fin3nual
st8tements and other infomialion included in annual reports may differ from I￿￿81allOn In oth8r jurisdictions.
Approvèd by tt)8 trusiee5 and aulh0ri5ed for issue on 22￿￿ Octob8r 2024 and signed on their behalf..
Tru5tee.- Carl Pockn811
TrJsteè. Robert Blowers

THE PANASONIC TRUST FOR THE FURTHER
EDUCATION AND TRAINING OF ENGINEERS
STATEMENT OF FINANCIAL A¢TNITIES YEAR ENDED 31 Maith 2024
Notss
2024
2023
Ineom8
Divid8nd5. intsr&8t receivabla
49,575
53,571
Totsl Income
49.575
53,571
Expendltur8
Charltable Activities
168.2891
162,3141
Total Expenditure
68.289
62.3141
N&t IExpendlturelllncom• beft*r8 other rvtogniséd
941￿$ and Iossgs
118.7141
18.7431
other RtcogThls¢d Galn$
GainsllLossesl on Inv8slmenl Assets
78.865
1134.5511
Net movements in funds
3.2941
Balance brought forward at 1 Aprfl
2,011 $41
2,154,835
Balance carried lo￿ard at 31 Marth
Th8 atove is unrestricted. Wl amounts olate to tonlinuing operations.
I gains and1055e5 recogni5ed In Ihe year are includad In the Slatemenl of Financial Activities.
2,071 692
2,011,541

THE PANASONIC TRUST FOR THE FURTHER
EDUCATION AND TRAINING OF ENGINEERS
BALANCE SHEET AT 31 March 2024
Notes
2024
2023
Inv•8bngnts
2.059.513
2.045.566
Currènt Ass•ts
Deblor5
Cash In Bank
13.819
4,842
Short Term Deposits
13,819
4,842
Current Li4bilitI8S
Cfeditors
{38.8671
134,0241
Nat Current Assets
2,071,692
2,D11.541
Financed By..
Trust Fund-
Unre5tri¢ted
2.071,692
2,011,541
Approved by the trustees antl authorised for issue on 22nd October 2024 and signed on their bahaW..
Trustee.. Carl Pocknell
Trustee". Robert Blowers

THE PANASONIC TRUST FOR THE FURTHER
EDUCATION AND TRAINING OF ENGINEERS
NOTES TO THE ACCOUNTS YEAR ENDED 31 Ma￿h 2024
ACCOUNTING POLICIES
181 Basis of Accountlng
The ¥ccounts have baen prepared in accordance with A¢¢ounting and Reporting by Charities." Slatem8nl of
Re¢otnmended PracbGe applicable lo charities preparing their accounis in accordance with Financial Reportsng
Stsndard appliCa￿e in th8 UK and Republic of IrÈlanLI IFRS1021 (effèctive 1 January 20191- Icharitias SORP
IFRS1021. the Financial Reporting Standard appliGable In thÉ UK and Republic of Ireland IFRS1021 and the
Charitiès Act 2011.
The Panasonic Trust metrts the dèfinilion Df public banefit èntity undar FRS102.
Monetary vale8 are calculated underthe h15tori¢al cast convention. 85 rnodified by the revaluation of
inveslmenls.
The Trustees have a reasonable exp8clatitrl that th8 charity has adequate resources lo continue in operational
existence for Ihe foreseeable tulure. At the balance Sheet date. the PanasonicTrus1 held cash and highly liquid
inve5tTn8n15 toialling £2,059,513 with Do ￿gallY binding future grant commitments. The board 15 in full control of
the lulure charitsble expenditure. They thus conlinue lo adopt the going concern basis of accountsng in
preparing these financial 5tal6ments.
The Pana50nit Trusl 15 a ragisterèd charity in England and Wale5 registration numbèr 290652
Ibl Grants
Grants are charged 10 resources expended when committed. For unGtrnditronal grants the liability Is wtynised
al the point of the grant award bèing communicated.
Icl Investment Incom8
Dividends and interest ara In¢lud8d in income w a receivèd basis.
Idl Donatlon$
Donalion5 are included in full In the statement of financial aGIDiilies when receivable.
101 Investments
Investments are Included at market bid value al the balance sheet dale.
In Unre$trlcted funds
unraslr1￿ed funds are donations and other income received or generated forth8 charitable purpose5.
SERVICE CHARGE
There were no employee5 etnrloyed in Panasonic Twst during the financlal ye4r and the trust￿ have
received no remuneration from the trust in the financkll year
Consu￿darcY Ltd levied a seNic8 charge of £7.956 on tha Pana$onic Ttusi for the year ended 31 March 2024
12023.. £13.0501.

CHARITABLE ACTIVITIES
2024
2023
Charftabl& A¢tivltlos
Grants payable
Investment management fees
Audit and accountancy
45,888
12.492
1,440
35.057
12,936
1,200
SeNice Charge
7,957
13,050
Le981 & Professional Fees
General Expense5
Tot41 Charlt*ble Actlvltles
440
72
72
68,289
62,314
INVESTMENTS
2024
2023
Analysis of movtrm•nts in the y•ar
Markèt valuÈ ai 1 April
Nel Increas8 I (Decreasel in investment
Market value at 31 March
2,045,566
13.947
2,138,655
193.0891
2,059,513
2,045.566
The Trustees have unrestricled po¥vets of iThve8tmenl.
Dfrbtors
2024
2023
Pr&paymenlS and olherdeblNs
CREDITORS
2024
2023
38,867
38.867
Accruals
1.440
1,440
TRiJSTEES EXPENSES
No truslees received reimbursem&nt of any expenses forthe year ended 31 March 2024.
li