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2025-12-31-accounts

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

Charity registration number 1004477 (England and Wales) Company registration number 02593533

PENTREATH LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J D Coad
C T Hazell
L M Mannall
D McAuley
M Steer
J A Tyson
I Ross
J S Furbank
L Drummond-Smith
J M G Sandbrook (Appointed 20 March 2025)
Delegated management Chief Executive - Louise Knox
Secretary B Hill
Charity number 1004477
Company number 02593533
Registered office St Enoder Barns
Glebe Farm, Narrow Lane
Summercourt
Newquay
Cornwall
United Kingdom
TR8 5EE
Auditor Azets Audit Services
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
Bankers Natwest
1 Church Street
St Austell
Cornwall
United Kingdom
PL25 4AW

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

CONTENTS

Page
Trustees' report 1 - 12
Statement of trustees' responsibilities 13
Independent auditor's report 14 - 16
Statement of financial activities 17 - 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 36

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objective is to promote good mental health and support people experiencing, or recovering from, mental ill health or other disabilities to achieve improved wellbeing, independence and meaningful participation in their communities. It seeks to achieve this by providing personalised support that enables people to develop confidence, skills and resilience, and to access education, training, volunteering and employment opportunities. The charity also advances public understanding of mental health and recovery through partnership working, education and community engagement.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Pentreath's values are not just words on paper but are deeply embedded in the actions and commitment of our staff. This dedication to these values undoubtedly contributes to the organisation's success and the positive impact it has on the lives of the people we support. In 2025, we worked alongside the whole Pentreath team to reduce our previous 9 values into 5 values which better reflects the organisation and the passion we hold for improving the mental health, wellbeing and hope of the whole county of Cornwal. After an extensive period of consultation, our values are:

Public Benefit

The trustees confirm that they have complied with the duty under Section 4 of the Companies Act 2006 to have due regard to the Charity Commission's general guidance on public benefit. References have been made in this report as to how public benefit has been promoted through the advancement of education activities of Pentreath Limited.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Activities

During the year, Pentreath delivered a range of recovery-focused services across Cornwall for young people and adults. Activities included:

Pentreath’s services are delivered using a person-centred, trauma-informed approach. Support is tailored to individual needs and focuses on helping people identify and achieve their own personal goals, improve confidence, build coping strategies and reduce reliance on clinical services where appropriate. Many members of staff bring lived experience of mental ill health, enhancing empathy and the quality of support provided.

In planning its activities, the trustees have had due regard to the Charity Commission's guidance on public benefit. The trustees are satisfied that the charity's activities provide clear public benefit by improving mental health and wellbeing, increasing access to education, volunteering and employment, reducing social exclusion and supporting individuals to live healthier, more independent and fulfilling lives.

Strategic Context

Current health policy in Cornwall is being shaped by Lord Darzi's three NHS priorities: moving care from hospitals into communities, expanding digital healthcare, and focusing on prevention rather than treating illness after it develops.

These priorities are particularly relevant in Cornwall, where rural isolation, an ageing population, housing pressures, seasonal employment and increasing demand for mental health services create significant challenges. Local health and care organisations are working together through Integrated Neighbourhood Teams, community mental health services and wellbeing initiatives to provide earlier, more accessible support closer to where people live.

Pentreath plays an important role within this community-based model. Working alongside NHS and local authority services, the charity provides personalised support that helps people improve their mental wellbeing, gain confidence, access education and employment, and reconnect with their communities. This recovery-focused approach complements clinical mental health services by helping people remain well, independent and socially connected, reducing the need for more intensive interventions.

By working in partnership with statutory services, employers, education providers and voluntary organisations, Pentreath contributes to Cornwall's wider priorities of prevention, early intervention and reducing pressure on NHS services. As demand for mental health support continues to grow, community organisations such as Pentreath are increasingly recognised as essential partners in delivering a more preventative, person-centred and sustainable mental health system.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

Today we employ 135 staff who continue to support those aged 14 or over who require services to help to build confidence, self-esteem, skills with the goal of accessing further training or employment.

Each year Pentreath receives around 8,000 referrals and in order to provide the best support, we offer a variety of projects to our client group.

We pride ourselves on delivering 1:1 support to participants and providing a friendly, welcoming service to allow the process of achieving personal goals to go as smoothly as possible.

Since our inception in 1991 we have had more than 50,000 referrals

In the past 5 years, we have received 31,582 referrals

Of those, we have supported:

1,857 people into employment and voluntary work

1,019 people into education and training

96% of the clients we’ve supported have experienced improved wellbeing

99% of our clients have rated the service they received as good or better

97% of the clients are likely or extremely likely to recommend Pentreath to their friends and family

75% of the clients report they have improved their hope for the future.

Behind every number is a person who has gained confidence and independence, developed new skills and taken positive steps towards employment or learning.

In 2025, we completed a transition from the company’s onsite servers to cloud-based platforms including Microsoft 365 and Microsoft Teams. This migration significantly improved the way data and files are stored and accessed across the organisation. By moving to an online environment, staff are now able to securely access documents, collaborate with colleagues, and communicate more efficiently from locations outside of the office. The upgrade has also helped improve flexibility for those remote working.

In June 2025, Pentreath launched the first-ever Mental Health Hub at the Royal Cornwall Show and had the opportunity to meet HRH Prince William. The Hub brought together eight charities covering a broad range of mental wellbeing support: Papyrus, Georgia’s Voice, Kooth, Active Plus, Man Down, CRCC, Sunrise Cornwall, and ourselves. It was extremely rewarding to be able to signpost individuals directly to the most appropriate support services at the point of need, ensuring they left the tent with clear information and the right pathways for ongoing help.

During the visit, HRH showed particular interest in Pentreath, including the charity’s background, its current service provision, and the training programmes we deliver. He spoke positively about the work being undertaken and noted interest in potential future collaboration, including opportunities to engage with Duchy tenants.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Pentreath places significant value on training, delivered both online and face to face. Training is provided at induction and continues throughout employment as part of ongoing professional development (CPD). It is embedded within each employee’s journey with Pentreath, ensuring staff have the knowledge, skills, and support needed to perform effectively in their role, settle into new responsibilities, and maintain their own wellbeing.

We recognise that trauma is common both among people accessing our services and those delivering them. As part of our developing trauma-informed framework, we actively seek to avoid re-traumatisation. Re-traumatisation refers to the re-experiencing of thoughts, feelings, or sensations associated with a past traumatic event. It can be triggered by reminders of previous trauma, which may or may not appear traumatic in themselves.

In 2025 we introduced a training programme where all staff received training in trauma-informed approaches to ensure they are equipped to deliver services in a way that is sensitive, supportive, and minimises the risk of retraumatisation.

We submitted a bid to Cornwall Council Public Health through the open procurement process and were awarded a contract running from 1 December 2025 to 31 March 2030 to continue offering our Mental Health Employment Advisor service embedded in Job Centres across every Job Centre in Cornwall and Devonport Job Centre in Plymouth for Cornwall residents. The contract is valued at approximately £688,000, representing a significant achievement for Pentreath and a positive outcome for future clients accessing this service. This award enabled us to retain and transfer a full delivery team, ensuring continuity of expertise and a seamless transition into the new contract period.

Our Young People’s services are vital in terms of supporting the next generation of the workforce to thrive not just survive. We were fortunate to be approached by the BBC for our involvement in informing an article about the rise in young people who are not in education, employment or training (NEET) which showcased some of the issues young people face in the county. It was a privilege to be able to allow our young people to speak to a national audience through this filming. The article can be found here: Neets: One in eight young people not in work or education - BBC News.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Client experience

Getting real client feedback is extremely important to us. Client experience plays a key role in whether people trust us enough to stay, return, or recommend our services. A positive experience builds long-term loyalty, reduces complaints, and encourages word-of-mouth referrals.

Below are a few quotes from clients who have used our services:

“Before yep I was stuck not knowing what I wanted to do and no backup plan. I have had lots of help from making a cv, set up an indeed account, got my cscs card and a lot more. I feel am more employable now and in a more steady place with mental health”

“It has been very helpful. I have been referred for further help by Pentreath, who have identified what kind of therapy can help me move forward more positively. My advisor was none judgmental and patient.”

“Working with Pentreath has helped me make a lot of positive changes in my life. I am now engaging in things each day that I enjoy, like walking my dog and going swimming, as well as looking after myself much better than I was before I had these sessions with Pentreath. I have achieved so much more than I ever thought I could, including starting my English and maths GCSE's this September. My confidence has come a long way and I feel like I'm now ready to see where these positive changes take me.”

“My experience with Pentreath was excellent, I had constant support in my decision making, filling out relevant forms, contacting other mental health support. All of the support I received improved my mental wellbeing due to the fact it was someone else from outside my own bubble validating my feelings and confirming that support is out there. I only wish there was a few more sessions through the start of my college journey.”

“Pentreath have helped me to actualise and plan paths towards work, helping to demystify processes around employment and learning applications. They have also aided me in ulterior ways into getting an autism assessment, clearly explaining the 'right to choose' pathway and helping me to apply for that.”

“I'm happy with the support I've received from Pentreath, in regard to advice with goals & ambitions. I have been able to do things I've not done before, such as attending social group activities, and talking to new people. I've also learnt strategies to help deal with of the issues I face, such as insomnia and anxiety/stress. We have also looked at a large variety of different courses, which I may wish to pursue in the future.”

“Before I met my advisor, I was literally at my wits end. I'd heard very good things about Pentreath over the years, so when I was put forward, I was very hopeful. My advisor went above and beyond in contacting people for me, or finding me important numbers for others that have helped too. I'm seriously going to miss them and Pentreath's help. Thank you for everything.”

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

During 2025, Pentreath maintained consistent service levels for our clients despite changes affecting several projects. Income decreased slightly to £4,067,351, compared with £4,229,415 in 2024, as we continued to secure new funding, expand services, and implement changes to existing provision.

Our Recovery Service, funded by the Integrated Care Board (ICB) and launched in the previous year, continued to perform successfully and integrated effectively with our Recovery College at Harrison House. Due to ongoing demand, we continued to fund additional Recovery Service Advisors from reserves throughout 2025 to help reduce waiting lists.

The two Shared Prosperity Fund projects launched in the previous year, People Hub and Yep!, came to an end after only one year following changes to the funding programme. However, both projects secured smaller amounts of funding to continue delivering support through successor projects, People Hub 2 and Yep 2. Owing to our strong relationship with Cornwall Council, which commissions Yep 2, we were invited to participate in a pilot initiative called Skills Future. Launched in September 2025 and led by Cornwall Council, Skills Future supports young people in Cornwall to build confidence, develop skills, and plan for their future, helping them progress into education, training, or employment.

Our Cornwall Council Jobcentre contract was originally due to end in September 2025 but received a short extension. During this period, the new contract was subject to a procurement process, and we were successful in securing the award. The new four-year contract commenced in December 2025.

Early in 2025, we received notice that our Nextsteps Homelessness Support Service would be ending. We worked closely with the contractor to ensure all clients were supported through appropriate exit plans. We were also able to provide ongoing support to some affected clients through our Recovery Service.

Demand for our services remained high throughout the year, with waiting lists continuing to grow in some areas. To address this, we used underspends from certain projects to fund additional capacity. We also expanded our Pathfinders Triage Service to help manage waiting lists and, where appropriate, provide interim support while clients awaited access to services. This additional capacity concluded at the end of 2025.

We continued our work within several Primary Care Networks through the co-location of our Social Prescribers and Health & Wellbeing staff.

Our charitable activities continue to be funded primarily through contracts with NHS Cornwall and the Isles of Scilly Integrated Care Board and Cornwall Partnership NHS Foundation Trust, supporting services for the people of Cornwall in line with our charitable objectives.

We remain deeply grateful for the legacy left by our former patron, Johanna Harrison, which will be used to invest in and maintain Harrison House in Truro, ensuring a high-quality environment for both staff and clients for many years to come. During 2025, we received a second interim payment from this legacy. We were also fortunate to receive an additional legacy donation during the year, which is being used to fund an advisor role that provides additional capacity across projects where support is most needed.

We are also grateful to a number of our funders who responded positively to the increase in Employers' National Insurance contributions introduced on 1 April 2025. Several funders invited us to resubmit budgets and provided additional support to help offset the increased payroll costs incurred by the charity.

The Board of Trustees recognises that maintaining adequate reserves is essential to ensure the Charity can continue to achieve its objectives and sustain its charitable activities. We remain grateful for the support received from our funders, which has enabled us to expand both the range and quality of services available to our clients.

To ensure financial stability, the Charity operates a reserves policy requiring unrestricted funds, excluding those committed or invested in tangible fixed assets, to be maintained at a level equivalent to between nine and twelve months of Head Office expenditure. Based on the 2026 budgeted Head Office expenditure of £579,023, the target level of free reserves is therefore between £434,267 and £579,023.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

At the end of 2025, the Charity's total funds stood at £1,965,842. This comprised restricted funds of £427,772 and tangible fixed assets of £492,418, resulting in free reserves of approximately £1,045,652.

The level of reserves remained broadly consistent with the previous year, primarily due to the legacy donation received from the estate of our late patron, Johanna Harrison. Trustees have designated £241,138 of these funds for the ongoing investment, maintenance, and improvement of Harrison House in Truro. After deducting this designated reserve, the remaining free reserves totalled £804,514, which remains above the target range set by the reserves policy.

In the previous year, Pentreath introduced several income-generating activities, including training services and spotpurchase support, with the aim of generating additional unrestricted income and strengthening the charity's financial resilience.

The Board also recognises that a proportion of the Charity's reserves are either restricted or designated for specific future projects and commitments.

The Trustees review the Charity's investment strategy annually, taking into account income requirements, risk appetite, and market conditions over the medium term. All investments are currently held in low-risk, short-term fixed deposits, which generated interest income throughout the year.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for future periods Strategic aims

Pentreath has a well-thought-out strategic plan in place for the next four years, with a strong emphasis on collaboration and input from various stakeholders, including staff representatives, trustees and the Senior Management Team (SMT).

Staff Representation: The inclusion of staff representatives in board meetings and the recruitment of additional representatives demonstrate a commitment to capturing diverse viewpoints within the organisation, especially as Pentreath expands its services. This approach helps ensure that decisions are well-informed and reflective of the broader workforce.

Clear Strategic Aims: Having clear strategic aims outlined in our business plan provides a roadmap for the Pentreaths growth and development. These aims provide a shared vision for the team to work towards and help measure progress.

The focus on prevention and resilience is crucial in the field of mental health. Developing the Wellbeing Coach role and embedding them within NHS mental health services allows for early intervention and support for individuals who may not yet require clinical treatment but could benefit from guidance and coping strategies.

Collaboration with NHS Foundation Trust: Partnering with Cornwall Partnership NHS Foundation Trust demonstrates a collaborative approach to mental health support. This partnership can help ensure a seamless continuum of care for individuals seeking assistance.

Maintaining a reputation for being open and honest is crucial in building trust with clients and the community. It reinforces Pentreath's commitment to transparency and integrity in its services.

Overall, Pentreath's strategic approach is comprehensive and well-considered. By continuing to implement and adapt these strategies over the next four years, we are well-positioned to make a meaningful impact on the mental well-being of the community and further its mission of providing support and encouragement to help people move forward with their lives.

Looking Ahead: Our Ambitions for 2026

2026 is an exciting and significant year for Pentreath. As we continue to grow our reach and deepen our impact across Cornwall, one of our most important priorities for the year ahead is the development of a new strategic plan — one that will set a clear and ambitious direction for the charity over the coming years.

We are committed to making this a genuinely collaborative and inclusive process. Over the course of the year, we will be consulting with our staff team and trustees to ensure that those who know our work best are meaningfully involved in shaping what comes next. Their experience working alongside the people we support, their understanding of the challenges we face, and their passion for Pentreath's mission will be absolutely central to the conversations ahead.

The strategic planning process will give us the opportunity to reflect carefully on what we do well, to identify where we can develop and grow, and to reaffirm our commitment to supporting people experiencing mental health challenges into employment, education, and lasting wellbeing. It will also allow us to think ambitiously about how Pentreath can strengthen its partnerships, broaden its funding base, and increase its credibility and influence as a leading mental health charity in the region.

We believe that a strategy built through genuine dialogue — one that brings together the perspectives of trustees, staff, and the communities we serve — will be stronger, more sustainable, and more deeply rooted in our values. We are proud of everything Pentreath has achieved, and we are excited about what lies ahead.

The board looks forward to working together with the whole Pentreath team to build a shared vision that is bold, compassionate, and firmly focused on the people at the heart of everything we do

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management Constitution

Pentreath is a company limited by guarantee, and a registered charity.

The charitable company was established in 1990 under a Memorandum of Association, which sets its objectives and powers, and is governed by its Articles of Association. Trustees are also directors and members, and in the event of the charitable company being wound up, are required to contribute an amount not exceeding £1.

The charitable company's objectives are also outlined in its registration with the Charity Commission.

The board of trustees oversees the proper running of the charitable company and provides strategic direction. Dayto-day management is devolved to the chief executive, who is appointed by the board.

Financial matters are considered by a sub-committee of the board, which reports to the main board by exception.

It is the practice of the chief executive to solicit the views of trustees in all major decisions, and to involve them in staff training days, social occasions and planning events.

Trustees

The number of trustees is currently 10. The skills within the board are varied; we have trustees with a background in education, criminal justice system, law, governance, accounting and health.

All new trustees are given an induction to the charitable company including information on policies and procedures, and staff are able to share information about their projects. All trustees are offered courses through the training department covering a range of topics including mental health awareness, safeguarding and other related areas.

We have a number of training and strategy days throughout the year where trustees are encouraged to attend. This broadens their knowledge of Pentreath's day to day activities and allows them to get to know the staff. New project development and updates are regularly presented to the board to ensure Trustees maintain an accurate understanding of current delivery. Trustees are involved in sub-groups that develop particular areas of strategy and delivery within the charitable company. Pentreath constantly evaluates, and where appropriate updates, the methods of delivery to ensure that the organisation is utilising all its resources in the most efficient and effective way.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J D Coad

C T Hazell

L M Mannall D McAuley M Steer J A Tyson I Ross J S Furbank G E Price (Resigned 20 March 2025) L Drummond-Smith J M G Sandbrook (Appointed 20 March 2025)

Qualifying third party indemnity provisions

The charitable company has made qualifying third party indemnity provisions for the benefit of its Trustees during the year. These provisions remain in force at the reporting date.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Risk management

The existing risk register has been developed further to form part of our business continuity plan and is reviewed annually to determine and quantify the risks to which the charitable company is exposed. The board has approved the plan and risk register, which are updated through the senior management team and finance sub-committee.

Management

The Management team has 12 members of the Project Management Team and 4 members on the Senior Leadership Team.

Governance

Julian Tyson is Chair of the Board of Trustees, we are committed to maintaining a high standard of governance. Regular meetings, strong safety measures, and a focus on good quality are all essential components of effective board governance.

The board plays a vital role in setting the strategic direction of the organisation, ensuring it remains aligned with its mission, and overseeing its operations.

Bi-Monthly Meetings: Holding meetings every two months allows the board to stay engaged and informed about Pentreath’s activities and progress. Regular meetings enable the board to address emerging issues, make informed decisions, and provide necessary oversight.

Safety: Prioritising safety within Pentreath is crucial for both clients and staff. This may involve implementing new policies and protocols, ensuring compliance with regulations, and creating a secure and supportive environment for all stakeholders.

Good Quality: Maintaining high-quality projects and services is fundamental to fulfilling Pentreath’s mission effectively. Regular assessments, quality control measures, and continuous improvement efforts can help ensure that we deliver on our commitments.

Well-Governed: Effective governance is the cornerstone of a successful charity. It involves clear roles and responsibilities for the board and Senior leadership, transparency in decision-making, adherence to ethical standards, and compliance with relevant laws and regulations.

By emphasing these principles, Pentreath is positioned to operate efficiently, provide valuable support to our clients, and make a positive impact to our community. The leadership of the Board of Trustees, plays a pivotal role in upholding these standards and guiding the Pentreath towards continued success

Remuneration of Key Management Personnel

The remuneration of the charity’s key management personnel is reviewed annually and is typically adjusted in line with inflationary increases. We are committed to ensuring that our pay structure remains financially sustainable and aligned with the charity’s values and resources.

Auditor

In accordance with the charitable company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put at a General Meeting.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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PENTREATH LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. J A Tyson Trustee

19 July 2026 Date: .............................................

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PENTREATH LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees, who are also the directors of Pentreath Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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PENTREATH LTD

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PENTREATH LTD

Opinion

We have audited the financial statements of Pentreath Ltd (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes 1 to 23 to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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PENTREATH LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Webb FCA (Senior Statutory Auditor) 20 July 2026 for and on behalf of Azets Audit Services ......................... Chartered Accountants Statutory Auditor Woodlands Court Truro Business Park Truro Cornwall United Kingdom TR4 9NH

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
2
116,684
-
Charitable activities
3
1,344,459
2,560,326
Investments
4
45,882
-
Total income
1,507,025
2,560,326
Expenditure on:
Charitable activities
5
1,555,453
2,747,842
Net (outgoing)/incoming resources before
transfers
(48,428)
(187,516)
Gross transfers between funds
(14,389)
14,389
Net (expenditure)/income for the year/
Net movement in funds
(62,817)
(173,127)
Fund balances at 1 January 2025
1,600,887
600,899
Fund balances at 31 December 2025
1,538,070
427,772		 Total
2025
£
116,684
3,904,785
45,882
4,067,351
4,303,295
(235,944)
-
(235,944)
2,201,786
1,965,842		 Total
2024
£
257,443
3,933,538
38,434
4,229,415
4,087,146
142,269
-
142,269
2,059,517
2,201,786

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Prior financial year

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
257,443
-
Charitable activities
3
918,448
3,015,090
Investments
4
38,434
-
Total income
1,214,325
3,015,090
Expenditure on:
Charitable activities
5
941,407
3,145,739
Net (outgoing)/incoming resources before transfers
272,918
(130,649)
Net (expenditure)/income for the year/
Net movement in funds
272,918
(130,649)
Fund balances at 1 January 2024
1,327,969
731,548
Fund balances at 31 December 2024
1,600,887
600,899		 Total
2024
£
257,443
3,933,538
38,434
4,229,415
4,087,146
142,269
142,269
2,059,517
2,201,786

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Investments
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds-general
Designated funds
17
General unrestricted funds		 2025
£
£
492,418
113,753
200,000
1,252,323
1,566,076
(92,652)
1,473,424
1,965,842
427,772
241,138
1,296,932
1,538,070
1,965,842		 2024
£
£
495,738
123,656
200,000
1,580,340
1,903,996
(197,948)
1,706,048
2,201,786
600,899
224,958
1,375,929
1,600,887
2,201,786		 2024
£
£
495,738
123,656
200,000
1,580,340
1,903,996
(197,948)
1,706,048
2,201,786
600,899
224,958
1,375,929
1,600,887
2,201,786
2,201,786
600,899
1,600,887
2,201,786

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

19 July 2026

The financial statements were approved by the Trustees on .........................

.............................. J A Tyson Trustee

Company Registration No. 02593533

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
19
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(349,739)
(24,584)
46,306
21,722
-
(328,017)
1,580,340
1,252,323		 2024
£
£
614,720
(39,934)
35,978
(3,956)
-
610,764
969,576
1,580,340

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Pentreath Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is St Enoder Barns, Glebe Farm, Narrow Lane, Summercourt, Newquay, Cornwall, TR8 5EE, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, which is at least twelve months from the date of signing the financial statements. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties which may create significant doubt over the charitable company's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from grants is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income in respect of service contracts is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is accounted for on an accruals basis inclusive of irrecoverable VAT.

Costs of generating funds are those costs incurred in trading activities that raise funds.

Charitable activities comprise expenditure associated with providing mental health services and include both the direct costs and support costs relating to these activities.

Governance costs include those incurred in the the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include head office salaries and overheads, and are allocated to charitable activities and funds on the basis of staff hours.

Allocation and apportionment of costs

Head office costs are allocated according to the apportionment of staff hours.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Fixtures and fittings 33.3%/25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.7 Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Statement of Financial Activities.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.13 Investments

The charity has defined short-term, highly liquid investments with an original maturity greater than three months, as Current Asset Investments. Current Asset Investments are measured at amortised cost.

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 116,684 257,443

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3 Income from charitable activities

Mental
Mental
Health
Health
Services Services
2025 2024
£ £
Performance related grants and service contracts 3,904,785 3,933,538
Analysis by fund
Unrestricted funds 1,344,459 918,448
Restricted funds 2,560,326 3,015,090
3,904,785 3,933,538
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 45,882 38,434

4 Income from investments

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

5 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 3,287,591 3,093,812
Depreciation and impairment 27,904 23,817
Rent 3,722 3,002
Insurance 2,000 1,750
Utilities 23,990 20,895
Beneficiary costs 88,035 220,372
Motor, travel and subsistence 175,038 171,897
Training 17,382 13,091
Printing, postage and stationery 5,636 5,260
Advertising 1,268 1,620
Lease rental equipment 2,435 2,292
Repairs and renewals 38,491 30,961
Cleaning 8,127 5,895
Canteen 441 831
Staff recruitment 4,996 843
Other charitable expenditure 63,383 34,712
3,750,439 3,631,050
Share of support and governance costs (see note 6)
Support 512,888 410,424
Governance 39,968 45,672
4,303,295 4,087,146
Analysis by fund
Unrestricted funds 1,555,453 941,407
Restricted funds 2,747,842 3,145,739
4,303,295 4,087,146

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6 Support costs allocated to activities

Staff costs
Rent and utilities
Insurance
Motor, travel and subsistence
Training
Printing, postage and stationary
Advertising
Lease rental equipment
Repairs and renewals
Other support costs
Irrecoverable VAT
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Audit fees
Accountancy
Legal and professional		 2025
£
336,912
66,412
22,797
12,928
8,089
6,453
4,927
4,152
31,215
17,382
1,621
39,968
552,856
552,856
2025
£
22,080
4,967
12,921
39,968		 2024
£
236,733
62,661
19,249
12,791
11,924
8,761
6,342
4,024
31,893
14,886
1,160
45,672
456,096
456,096
2024
£
20,790
2,717
22,165
45,672

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024: £nil).

8 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
Mental Health Services 135 130

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 - £70,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 (Continued)
2025
2024
£
£
3,213,410
3,018,844
349,410
252,003
61,683
59,698
3,624,503
3,330,545
2025
2024
Number
Number
1
1
2025
2024
£
£
190,218
181,762		 (Continued)
2025
2024
£
£
3,213,410
3,018,844
349,410
252,003
61,683
59,698
3,624,503
3,330,545
2025
2024
Number
Number
1
1
2025
2024
£
£
190,218
181,762
3,330,545
2024
Number
1
2024
£
181,762

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2025
524,991
232,670
Additions
14,412
10,172
At 31 December 2025
539,403
242,842
Depreciation and impairment
At 1 January 2025
63,353
198,570
Depreciation charged in the year
11,345
16,559
At 31 December 2025
74,698
215,129
Carrying amount
At 31 December 2025
464,705
27,713
At 31 December 2024
461,638
34,100
11
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
16,006
Other debtors
2,494
Prepayments and accrued income
95,253
113,753
12
Current asset investments
2025
£
Term deposits
200,000
13
Creditors: amounts falling due within one year
2025
Notes
£
Other taxation and social security
61
Deferred income
14
36,711
Trade creditors
34,052
Other creditors
3
Accruals
21,825
92,652		 Total
£
757,661
24,584
782,245
261,923
27,904
289,827
492,418
495,738
2024
£
20,276
2,625
100,755
123,656
2024
£
200,000
2024
£
-
144,169
30,575
1,294
21,910
197,948

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Deferred income

Deferred income is included in the financial statements as follows:

2025
£
Deferred income is included within:
Current liabilities
36,711
Movements in the year:
Deferred income at 1 January 2025
144,169
Released from previous periods
(124,190)
Resources deferred in the year
16,732
Deferred income at 31 December 2025
36,711		 2024
£
144,169
11,188
(8,126)
141,107
144,169

Deferred income relates to contractual amounts received in advance for services not yet performed.

15 Retirement benefit schemes

Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 61,683 59,698

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 January 2024 resources expended 1 January 2025 resources expended 31 December
2025
£ £ £ £ £ £ £ £ £
NHS Kernow - Community Development
Worker 20,738 11,750 (32,487) (1) - - - - -
NHS Kernow - Community Enablement
Project 21,791 12,750 (34,541) - - - - - -
Fit for Life 2 (Big Lottery Fund) 689 - (689) - - - - - -
CCF Crisis Fund 38 - (15) - 23 - - - 23
BBO - Positive People C2C (1) - - 1 - - - - -
Glasspool Trust 26 1,429 (1,429) - 26 - - - 26
Recovery College (17,340) 3,790 13,550 - - - - - -
CCF - Winter Fund - 6,398 (4,108) - 2,290 5,000 (6,435) - 855
IPS 208,622 746,708 (778,544) - 176,786 781,889 (808,065) - 150,610
Penwith SPLW 3,809 76,710 (75,026) - 5,493 75,727 (75,610) - 5,610
South Kerrier SPLW 2,393 94,103 (91,534) - 4,962 93,499 (92,001) - 6,460
South Kerrier PCN Enabling Fund 59 - (59) - - - - - -
NHS Kernow - MHEA 2,006 23,750 (25,756) - - - - - -
Skills Your Way (1,298) (366) 1,664 - - - - - -
Re-Ignite (Youth Futures) 106,924 52,880 (142,337) - 17,467 - (17,500) 33 -
Community Health Champion (1) - - - (1) - - 1 -
VCSE Transformation Lead 80 44,754 (44,644) - 190 46,145 (46,138) - 197
Trailblazer 4,720 - - - 4,720 - - - 4,720
IPS Recovery College 54,195 3,010 (57,205) - - - - - -
ESF Foundation For Work (2,288) 1,923 365 - - - - - -
Next Steps Mental Health 24,479 - - (24,479) - - - - -

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Restricted funds

Restricted funds (Continued)
Morrab Walking Group 24 - (24) - - - - - -
IRS Service 136,961 460,702 (439,527) - 158,136 493,266 (560,802) - 90,600
Multiply - Adult Ed - 55,251 (47,093) - 8,158 16,977 (25,135) - -
Penwith PCN 2 Enabling Fund 1,515 - (727) - 788 - (561) - 227
SPOA Wellbeing Coaches 2,131 75,925 (71,257) - 6,799 78,990 (76,176) - 9,613
SPOA Peer Mentor 2,213 23,000 (16,475) - 8,738 17,250 (17,165) - 8,823
Help To Wellbeing 2 47,754 273,000 (254,977) - 65,777 283,053 (304,032) - 44,798
CCF ICB Funding (Jess Fund) 7,377 - (7,377) - - - - - -
Compass 1,095 (1) (1,094) - - - - - -
Connect To Wellbeing PHB Fund 24 200,000 (199,415) - 609 - (770) 161 -
South Kerrier PCN PHB - CVSF 2,755 - (2,755) - - - - - -
Penwith PCN PHB - CVSF 5,228 - (1,237) - 3,991 - (2,724) - 1,267
North Kerrier East PCN PHB - CVSF 4,495 - (239) - 4,256 (4,256) - - -
Plymouth Job Centre - 32,798 (32,798) - - - - - -
Next Steps 2 7,959 91,991 (82,817) - 17,133 33,580 (47,755) 2,958
People in Mind 7,599 132,937 (118,272) - 22,264 134,812 (143,439) - 13,637
Helston Downsland Trust - 700 (700) - - 600 (260) - 340
People Hub (9) 304,306 (303,370) - 927 56,073 (57,600) 600 -
Phub 2 - - - - - 58,639 (59,070) - (431)
Dual Diagnosis Coordinator 10,363 43,413 (49,459) - 4,317 54,929 (52,584) 6,662
Community Gateway Lead 62,211 15,417 (52,546) - 25,082 64,750 (57,492) - 32,340
Total Energy Solutions - Shine Workshops 425 - (425) - - - - - -
Shine Together Enabling Fund 1,787 - (1,787) - - - - - -
Macmillan Charity - 9,931 - - 9,931 - (6,017) - 3,914
YEP! - 103,126 (103,892) - (766) 49,785 (49,019) - -
Yep 2 - - - - - 49,827 (66,465) 13,594 (3,044)
Helston Town Council - 1,560 - - 1,560 860 (968) - 1,452
Next Steps 2 Cornwall Council - 70,864 (66,238) 24,479 29,105 3,594 (32,688) 11
Therapuetic Interventions - 14,581 (11,092) - 3,489 99,073 (102,353) 209
Duchy of Cornwall - Triage Role - 26,000 (7,351) - 18,649 26,000 (25,922) - 18,727
Skills Future - - - - - 33,000 (8,840) - 24,160

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16
Restricted funds
World Mental Health Day		 -
731,548		 -
-
3,015,090
(3,145,739)		 -
-		 -
600,899		 7,264
(4,256)
2,560,326
(2,747,842)		 (Continued)
-
3,008
14,389
427,772		 (Continued)
-
3,008
14,389
427,772
427,772

NHS Kernow - Community Development Workers supporting people from Black and Ethnic backgrounds to access mental health services. NHS Kernow - Community Enablement Project funds advisers to support people to access leisure and recreational activities. CCF Crisis Fund - Grant to funding to help our vulnerable clients in emergencies.

BBO/ESF Positive People C2C - Building Better Opportunities (Lottery) and ESF funded project supporting people who are socially isolated and combating poverty, aged 18 +. This project is led by PLUSS and covers the coast to coast area of Cornwall.

Recovery College – ESF funded project through the learning partnership, enabling recovery through Learning.

CCF Winter Fund - small grants scheme specifically for those facing hardship during the winter months

IPS - Specialist employment specialists embedded within Cornwall Partnership NHS Foundation Trust mental health teams.

Penwith SPLW - Social Prescribing Link Workers (SPLWs) are funded by and based within GP surgeries within the Penwith PCN.

South Kerrier SPLW Social Prescribing Link Workers (SPLWs) are funded by and based within GP surgeries within the South Kerrier PCN. South Kerrier Enabling Fund - Enabling Fund to support Social Prescriber clients in the South Kerrier Surgeries

MHEA Advisers – funded by NHS Kernow , MHEA Advisers work on a 1:1 outreach basis to support people to move towards vocational goals. (Volunteering, Employment or Training)

Skills Your Way – funded by ESF through the Learning Partnership for Cornwall and the Isles of Scilly. working with young people who are NEET on a one to one basis to help them to discover their aspirations and ambitions for the future.

Re-Ignite (Youth Futures) funded by the youth futures foundation, working with young people for (both those in education or NEET/at risk of NEET) a one to one basis to help them to discover their aspirations and ambitions for the future.

Community Health Champion –Partnership with Volunteer Cornwall working with the communities of Cornwall to provide support with Covid response and recovery plan

VCSE Transformation Lead - Commitment of resource for Louise Knox from Pentreath Ltd to CFT to fulfil the role of VCSE Transformation Lead Trailblazer - Heath Education funding to design and deliver a training programme for PSW based on the national competence framework for PSW

IPS Recovery College - NHS Kernow to deliver IPS services as part of the Recovery College model of delivery, directly through CFT Day Centres

ESF Foundations For Work - ESF/ LPCo funded project focused on supporting 520 individuals with multiple and complex needs to overcome the barriers they face in moving out of worklessness and into, or nearer to employment.

Next Steps Mental Health - The Next Steps Accommodation Programme (NSAP) is funded by the Ministry of Housing, Communities and Local Government (MHCLG) through Cornwall Council to support rough sleepers accommodated during the pandemic from returning to the streets.

Morrab Walking Group – Active Cornwall grant funding to support Morrab Walking Groups to expand groups, develop volunteers and provide the additional resources. IRS Service – funding from CPFT for well being coaches and PSW to support the mental health connect helpline.

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Restricted funds

(Continued)

Multiply – Adult Ed - A shared prosperity funded project that aims to improve Numeracy skills Penwith PCN 2 Enabling Fund - fund to support people in the Penwith area

SPOA Wellbeing Coaches – wellbeing coaches embedded in the Mental health assessment team SPOA Peer Mentor - Peer mentor ( part of the wellbeing coach team )

Help to Wellbeing 2 – A mental health support service working with people on the waiting list for MH services CCF ICB Funding (Jess Fund) – Enabling fund for young people in need

Compass – ESF funding for young people advisers’ partnership with RIO

Connect To Wellbeing PHB Fund – ICB funded personal health budget for mental health needs in Cornwall South Kerrier PCN PHB – Grant funding to provide a personal health budget for clients in this PCN area. Penwith PCN PHB – Grant funding to provide a personal health budget for clients in this PCN area. North Kerrier East PCN – Grant funding to provide a personal health budget for clients in this PCN area. Plymouth Job Centre – DWP contract for adviser based in Plymouth Job centre for Devon residents.

Nextsteps 2 – Cornwall council funding, sub contract with CPFT to deliver a service to the homeless.

People In Mind – Unrestricted contract- partnership funding through cornwall voluntary sector forum to support in debt with poor physical & mental health. Helston Downsland Trust – Grant funding to put on a Wellbeing Fair in Helston.

People Hub - Shared prosperity funding for mental health employment advisers.

Phub 2 – extension funding for people hub from Cornwall Council

Dual Diagnosis Coordinator – Cornwall Council funded post to work closely with organisations across Cornwall to build awareness of the needs of the dual diagnosis clients client group

Community Gateway Lead – funding to provide a community facilitator in West Cornwall . Total Energy Solutions – donation for the Shine Together project to run 2 events.

Shine Together Enabling Fund – Donation for an enabling fund for clients on Shine Together. Macmillan Charity – funding to run cancer support groups and activities on the Isles of Scilly. YEP! - vocational support for young people who are NEET/ at risk of NEET.

Yep 2 - extension funding for YEP from Cornwall Council

Helston Town Council – Funding to supply Veg Boxes/speakers to each diabetes group meeting.

Nextsteps 2 (Cornwall Council E2E) - wellbeing support for people who are experiencing rough sleeping or homelessness.

Therapeutic Interventions - funding for tailored support for people with lived experience of rough sleeping or homelessness through the purchase of interventions . Duke of Cornwall Benevolent Fund - Triage Role - to employ a worker / workers who will triage our waiting list and contact those people on our waiting list who are yet to begin receiving a service from us

Skills Future - Cornwall council funding for Young people with special educational needs ( Social/ emotional MH)

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
JH legacy fund
General funds
Previous year:
At
JH legacy fund
General funds		 1 January
2025
Incoming
resources
Resources
expended
£
£
£
224,958
43,727
(27,547)
1,375,929
1,463,298
(1,527,906)
1,600,887
1,507,025
(1,555,453)
1 January
2024
Incoming
resources
Resources
expended
£
£
£
-
230,985
(6,027)
1,327,969
983,340
(935,380)
1,327,969
1,214,325
(941,407)		 Transfers
At 31
December
2025
£
£
-
241,138
(14,389)
1,296,932
(14,389)
1,538,070
Transfers
At 31
December
2024
£
£
-
224,958
-
1,375,929
-
1,600,887		 Transfers
At 31
December
2025
£
£
-
241,138
(14,389)
1,296,932
(14,389)
1,538,070
Transfers
At 31
December
2024
£
£
-
224,958
-
1,375,929
-
1,600,887
1,600,887

The trustees elected to designate the proceeds of a legacy from the estate of our late patron, Joannah Harrison, to invest in and ensure the continued maintenance of Harrison House.

18 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 December 2025:
Tangible assets
492,418
-
Current assets/(liabilities)
1,045,652
427,772
1,538,070
427,772
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
495,738
-
Current assets/(liabilities)
1,105,149
600,899
1,600,887
600,899		 Total
2025
£
492,418
1,473,424
1,965,842
Total
2024
£
495,738
1,706,048
2,201,786

Docusign Envelope ID: 2DFC9CF2-95E2-8CD0-81E2-A9CDCA607B20

PENTREATH LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19
Cash generated from operations
2025
£
(Deficit)/surpus for the year
(235,944)
Adjustments for:
Interest income recognised in statement of financial activities
(45,882)
Depreciation and impairment of tangible fixed assets
27,904
Movements in working capital:
Decrease in debtors
9,479
Increase/(decrease) in creditors
2,162
(Decrease)/increase in deferred income
(107,458)
Cash (absorbed by)/generated from operations
(349,739)
20
Analysis of changes in net funds		 2024
£
142,269
(38,434)
23,817
368,634
(14,547)
132,981
614,720

The charity had no material debt during the year.

21 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
53,833
70,240
124,073		 2024
£
14,784
22,219
37,003

22 Related party transactions

Transactions with related parties

During the financial year E Price, daughter of Trustee G Price, was employed by the charity and received a gross salary of £24,758 (2024: £20,752).

23 Company limited by guarantee

Pentreath Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. The company is incorporated in England & Wales.