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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
The Maudslay Scholarship Foundation
(Registered Charity Number 313247)
Trustees’ Report and Financial Statements for the Year Ended 31st December 2025
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
Trustees’ Report and Financial Statements
| Contents | |
|---|---|
| Trustees’ report | 3 |
| Financial Report | 4 |
| Independent Examiner’s Report and Statement for the year to 31 December 2025 | 8 |
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2025
The Trustees present their report and the financial statements for the Maudslay Scholarship Foundation for the year ended 31[st] December 2025.
1 Overview
1.1 Origin of the Maudslay Scholarship Foundation (MSF)
The Maudslay Society was founded in 1942 by former employees and apprentices of Maudslay, Sons & Field with the primary objective of perpetuating the name of Henry Maudslay (1771-1831), a pioneer of precision engineering. Funds were raised in order to achieve this end through the endowment of a scholarship in engineering. In accordance with the Declaration of Trust dated 11 November 1946 and Order No. 67/719T (30.5.67) made by the Secretary of State for Education and Science, which created the present body of trustees, the main aim is ‘The awarding of scholarships, to be called Maudslay Scholarships, to promote the study of the theory and practice of such branches of Engineering as the Trustees shall from time to time decide’ In 1969, a Maudslay Scholarship tenable at Pembroke College, Cambridge, and administered jointly by the Society and the College, was established. At the fifth meeting of the new Trustees on 25 April 1972 (Minute 4), it was reported that the Department of Education and Science had accepted that a Maudslay Fellowship could be interpreted as a scholarship, the first Maudslay Fellow having been appointed in 1971.
1.2 Trustees
The Trustees of the Maudslay Scholarship Foundation (the Trust) are appointed in accordance with the Order dated 30 May 1967 made by the Secretary of State for Education and Science under section 18 of the Charities Act 1960. The Trustees during 2024, together with their appointing bodies, were as follows:
| Mr R H Maudslay | Chairman | Nominated by the President of the Maudslay Society |
|---|---|---|
| Dr Anna Young | Treasurer | Nominated by the Vice-President of the Maudslay Society |
| Prof J M Maciejowski | Secretary |
Fellow of Pembroke College, Cambridge |
| Lord Smith of Finsbury | (to 16/12/25) | Master of Pembroke College, Cambridge |
| Prof. Polly Blakesley | (from 18/12/25) | Master of Pembroke College, Cambridge |
| Prof Colm Durkan | Head of the Cambridge University Engineering Dept | |
| Mr W A Osborn | (to 16/02/25) | Nominated by the Institution of Mechanical Engineers |
| Mr Clive Hickman | (from 17/02/25) | Nominated by the Institution of Mechanical Engineers |
| Dr A K W Powell | Nominated by the Institution of Mechanical Engineers | |
| Dr David Eaton | Nominated by the Newcomen Society | |
| Prof David Perrett | Nominated by the Newcomen Society |
Note: Dr Anna Young was formally appointed Treasurer at the Trustees meeting held on 1 July 2025.
1.3 Duties of Trustees
The duties of the Trustees are to:
Decide from time to time the rules governing the award of the Maudslay Fellowship, Make arrangements for the selection of suitable candidates and
Be responsible for the investment and safe-keeping of funds of the Maudslay Scholarship Foundation.
1.4 Powers of Investment
The Maudslay Scholarship Foundation is a registered charity (No. 313247) and powers of investment are determined by the terms of the Trustees Investments Act 1961.
1.5 Principal Address
The principal address of the Maudslay Scholarship Foundation (MSF) is: c/o Pembroke College Cambridge CB2 1RF.
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
1.6 The Maudslay-Butler Fellow
Income available from MSF assets has been insufficient to fund a college research fellowship in its entirety, without fallow years. Pembroke College therefore decided to use the Butler fund to complement income from the MSF until such time as available Butler funds were exhausted. This allowed surplus MSF income to increase the endowment. Dr Tom Chaffey was admitted to the Maudslay-Butler Fellowship in October 2022 and resigned from the post in January 2025 when he moved to a senior role in Australia. As the Butler fund is now substantially exhausted, the recruitment of a new Fellow has been deferred until alternative supplementary funding becomes available.
2 Financial report for the year ending 31 December 2025
The MSF’s annual income increased to just over £27,000. £5,000 was paid to Pembroke College as a donation for the one term that Dr Chaffey remained in post during the 2024/25 College year. (This sum had been provided in the 2024 accounts.)
The total value of the Trust’s assets, including cash, reached another high of £668,915 at the end of the year. Highlights are presented in the following sections. This is a great reflection of the investment skills of our late Treasurer, Roger Kinns, who sadly died on 13 August 2025.
2.1 Donations
Donations via the Maudslay Society amounted to £410 during the year. The subscription arrangements for membership of the Maudslay Society have been altered such that donations are now made direct to the MSF rather than being collected by the Maudslay Society. Gift aid will be reclaimed on any such donations where applicable. The trustees are grateful to all the donors for these sums.
2.2 Assets
The value of MSF assets rose by 22% from £548,473 on 1 January 2025 to £668,915 on 31 December. There were no sales or purchases of investments during the year.
2.2.1 Equities
Long-standing direct holdings in M&G Charifund and COIF Income Fund are shown as separate items in Tables 1 (capital) and 3 (income). The holding in Schroder Income Investment Trust shown in Tables 1 and 3 is only the direct holding. The subsequently purchased nominee holding is held in the Stocktrade account. The distribution of assets and their net cost is shown in Table 1. Net cost includes realised capital gains or losses on original purchases. A direct holding in ANZ Bank shares was gifted to the MSF by the late John Sampson in 2006. The original holding of 11,250 shares was reduced to the present 6,000 shares between 2007 and 2013 when the share price was historically high, in order to diversify MSF assets. This is reflected in the low net cost. Its Sterling value rose by 27% to £109,020 during 2025.
The Stocktrade account contains nominee holdings in various international investment trusts, bonds and equities, including some overseas holdings. Most UK holdings are in businesses that operate internationally. This account used to be operated on-line by the Treasurer after agreement with the Finance Committee about specific sales and purchases. However, no trades have been undertaken in 2025 pending the conversion of all our funds into Pembroke College Investment Units which was agreed by the Trustees during 2025. It is hoped that final agreement with the College to enable this transfer to take place will be concluded during the first half of 2026.
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
Details of Investments Held on 31 December 2025
Excluding cash holdings
----- Start of picture text -----
Market
Unit price
value
Date of
Investment Units Net Cost
purchase
31-Dec-25 31-Dec-25
26-Jul-88 to
M&G Charifund (Income) 4,730 £35,000 £17.26 £81,641
23-Jan-99
COIF Investment Fund (Income) 1,838 01-Apr-99 £20,000 £19.43 £35,713
24-Dec-01 to
Schroder Income Growth Fund plc 2,657 £29,298 £3.45 £9,166
24-Mar-16
Shares and ITs in Stocktrade
From 2007 £265,797 £380,223
account (incl Schroder & Gilts)
ANZ Bank shares 6,000 14-Feb-06 £33,556 £18.17 £109,020
Totals £383,651 £615,763
----- End of picture text -----
ANZ shares valued at A$24.50 ~ £10.00 on date of acquisition. Net cost includes capital return of £951 on 1-Sep22 Cost of assets is the net cost, taking account of capital gains or losses on sales of shares and bonds.
Table 1: Distribution of investment assets and net costs in 2024
2.2.2 Principal unit and investment trust holdings
The value of the holding of income units in M&G Charifund increased by 17% during 2025 to £81,641. The value of COIF Income Fund fell by 4 % to £37,301. Both are unit trusts.
2.2.3 Fixed interest
The holding of the 2046 Government stock is included in the Stocktrade account.
2.2.4 Cash
The CAFCash account is used as the principal current account for the MSF. It paid interest of £32 during 2025, offset by bank charges of £61 during the year. The cash balance was £22,698 at the end of the year. Cash in the Stocktrade account, which paid no interest during 2025, was £15,763 at the end of 2025. The COIF ‘Fellowship Reserve’ account was established to obtain some interest on funds that are destined for early payment to Pembroke College. Cash in this account was £5,669 at the end of 2025, increased by interest payments totalling £232 during 2025.
2.3 Payments to Pembroke College
The payment of £5,000 to Pembroke College during the year covered the cost of Dr Chaffey’s Fellowship for one term prior to his resignation. This payment was made in 2025, but accrued in the 2024 accounts (it relates to the term for Dr Chaffey from October to December 2024). Table 2 shows the donations made to Pembroke College from 1984 to 2025.
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
| Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
Table 2: Summary of investment performance and payments to Pembroke College since 1984 The Maudslay Scholarship Foundation |
|---|---|---|---|---|---|---|
| Summary of Investments and Payments to Pembroke College since 1984 Cash holdings are excluded |
||||||
| Year | Cost (see note below) |
Market Value |
Increase in Market Value |
Investment Income |
Income from Assets |
Payments to Pembroke |
| 1984 | £21,290 | £23,823 | £2,648 | 11.1% | £1,500 | |
| 1985 | £21,290 | £23,790 | -0.1% | £2,648 | 11.1% | £1,500 |
| 1986 | £24,290 | £27,139 | 14.1% | £2,813 | 10.4% | |
| 1987 | £25,699 | £29,447 | 8.5% | £3,104 | 10.5% | |
| 1988 | £33,652 | £35,895 | 21.9% | £2,807 | 7.8% | £2,000 |
| 1989 | £33,652 | £38,095 | 6.1% | £3,367 | 8.8% | £4,500 |
| 1990 | £33,652 | £35,188 | -7.6% | £3,500 | 9.9% | |
| 1991 | £37,152 | £38,086 | 8.2% | £3,364 | 8.8% | £5,000 |
| 1992 | £37,852 | £42,556 | 11.7% | £3,683 | 8.7% | £5,000 |
| 1993 | £39,806 | £50,421 | 18.5% | £3,098 | 6.1% | £5,000 |
| 1994 | £44,806 | £48,526 | -3.8% | £3,325 | 6.9% | |
| 1995 | £44,806 | £52,436 | 8.1% | £3,665 | 7.0% | £5,500 |
| 1996 | £44,806 | £54,192 | 3.3% | £3,748 | 6.9% | £5,500 |
| 1997 | £42,666 | £58,588 | 8.1% | £3,582 | 6.1% | |
| 1998 | £42,666 | £62,127 | 6.0% | £3,648 | 5.9% | |
| 1999 | £51,666 | £71,808 | 15.6% | £3,367 | 4.7% | £6,000 |
| 2000 | £57,523 | £80,658 | 12.3% | £3,773 | 4.7% | |
| 2001 | £61,423 | £78,096 | -3.2% | £3,999 | 5.1% | £8,000 |
| 2002 | £61,103 | £68,116 | -12.8% | £4,332 | 6.4% | |
| 2003 | £61,103 | £75,218 | 10.4% | £3,828 | 5.1% | £8,000 |
| 2004 | £61,103 | £81,824 | 8.8% | £3,856 | 4.7% | £8,000 |
| 2005 | £61,103 | £90,577 | 10.7% | £3,939 | 4.3% | |
| 2006 | £181,303 | £240,862 | 165.9% | £10,056 | 4.2% | |
| 2007 | £187,327 | £243,356 | 1.0% | £11,040 | 4.5% | £16,000 |
| 2008 | £186,513 | £163,483 | -32.8% | £11,436 | 7.0% | |
| 2009 | £197,639 | £236,044 | 44.4% | £10,721 | 4.5% | |
| 2010 | £212,693 | £284,717 | 20.6% | £12,881 | 4.5% | |
| 2011 | £226,839 | £276,747 | -2.8% | £14,220 | 5.1% | |
| 2012 | £243,874 | £332,287 | 20.1% | £15,433 | 4.6% | £12,000 |
| 2013 | £250,764 | £392,675 | 18.2% | £15,847 | 4.0% | £12,000 |
| 2014 | £255,104 | £392,011 | -0.2% | £16,273 | 4.2% | £12,000 |
| 2015 | £262,455 | £369,679 | -5.7% | £16,850 | 4.6% | |
| 2016 | £265,271 | £432,012 | 16.9% | £17,745 | 4.1% | £15,000 |
| 2017 | £267,052 | £449,223 | 4.0% | £18,790 | 4.2% | £15,000 |
| 2018 | £274,404 | £397,200 | -11.6% | £19,271 | 4.9% | £15,000 |
| 2019 | £277,879 | £452,786 | 14.0% | £20,488 | 4.5% | £15,000 |
| 2020 | £282,031 | £423,145 | -6.5% | £14,087 | 3.3% | £15,000 |
| 2021 | £286,748 | £477,396 | 12.8% | £20,140 | 4.2% | |
| 2022 | £310,393 | £472,067 | -1.1% | £22,874 | 4.8% | £15,000 |
| 2023 | £323,271 | £501,425 | 6.2% | £23,867 | 4.8% | £15,000 |
| 2024 | £517,491 3.2% |
£24,124 | 4.7% | £5,000 | ||
| 2025 | £383,651 £615,763 19.0% |
£26,612 | 4.3% | |||
| Totals | £227,500 |
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
2.4 Income
Total income including donations during 2025 was £27,144 after account fees, somewhat above 2024. The distribution of income from investments is shown in Table 3.
| Investment | Income |
|---|---|
| 2025 | |
| M&G Charifund (Income) | £4,470 |
| COIF Investment Fund (Income) | £1,043 |
| Schroder Income Growth Fund plc | £391 |
| Shares and ITs in Stocktrade account (ex Schroder Inc Growth) |
£15,843 |
| ANZ Bank shares | £4,865 |
| Totals | £26,612 |
Table 3: Income from investments during 2025
2.4.1 Donations and tax recovery
Donations in 2025 totalled £410. These reflect the change in donations to the Maudslay Society described in 2.1 above. The IMechE decided to discontinue their annual payment from 2024 onwards. Tax recovery (Gift Aid) from personal contributions was deferred until the claim has further increased in value. Claims every four years are acceptable to HMRC.
2.4.2 Income from equities other than long-term UT and IT holdings
Dividends from ANZ Bank shares decreased slightly in 2025. The total dividend payments in 2025 were £4,865 representing a yield of 4.5% based on the share price at the end of 2025. Dividends from other equities in the Stocktrade account, excluding the principal unit and investment trusts shown below, rose to £15,843.
2.4.3 Income from long-term UT and IT holdings
There were no changes in the principal holdings in 2025. The income from COIF Income Fund, M&G Charifund and Schroder Income Growth Fund gave respective yields of 2.9%, 5.5% and 4.3%, based on unit prices at the end of the year.
2.4.4 Charges
Charges for account maintenance totalled £141 in 2025. These were: £61 by CAF; £80 by Stocktrade, which is in addition to fees paid for share sales and purchases. (The £50 + VAT the London Stock Exchange for maintenance of the Legal Entity Identifier (LEI) was paid by the Chairman who has elected not to reclaim this expense.) These charges reduced net income. Fees paid on share purchases and sales modify capital returns.
3 Future payments to Pembroke
£5,000 was transferred to Pembroke in early 2025. No further payments will be scheduled until a new Fellow is appointed. As in previous years, surplus cash will be used to increase the total asset value and future income for support of the Fellowship.
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247
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Maudslay Scholarship Foundation Trustees' report and financial statement for year ended 31 December 2025
Richard H Maudslay CBE FREng, Chairman of the Maudslay Scholarship Foundation. Charity Commission: Independent Examiner's Report on the accounts
Report to the Trustees of the Maudslay Scholarship Foundation Trust – Charity Number 313247
On accounts for the year ended: 31[st] December 2025, set out on pages 4 to 7.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5) (b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Date: 24 March 2026
Name: Catherine Rawlings
Relevant professional qualification: OECCA – DESCF
Address: Pembroke College, Trumpington Street, Cambridge CB2 1RF
The Maudslay Scholarship Foundation, Pembroke College, Cambridge, CB2 1RF Registered Charity no.313247