The Mermaid Appeal Trust Trustee's report and accounts For the year ended 31 March 2025 Charity registration number 1043029 The Mermaid Appeal Trust Contents Pag8 Reference and administrative details Trustee's annual report Independent examinerfs report Receipts and payments account Statement of assets and liabilitie8 Notes to the accounts Page12 The Mermaid Appeal Trust Referen￿ and administrative details Trustee Duchy Health Charity Limited Charity number 1043029 Address Duchy Health Charity Limrted PO Box 352 ST AUSTELL Comwall PL25 9JE Independent Examiner Darren Perry Francis Clark LLP Lowtn House Tregolls Road TRURO TR12NA Page13 The Mermaid Appeal Trust Trustee's annual report The Trustee pr&8ents the annual report together with the accounts of the charity for the year ended 31 March 2025. Background The Trust's Deed, dated 14 December 1994, was amended by a Deed of Variation on 9 September 2020 to appoint Duchy Health Charity Limrt8d as Corporate Trustee of The Mermaid App￿1 Trust, assuming responsibility for managing the remaining funds of the chanty. Thes8 funds were ringfenced for building improvements and other essential needs that could not be covered by the 'Friends' sister charity, which had been established to help equip the Memiaid Centre, part of the Royal Cornwall Hospitals Trust (RCHT). As the Charity is managed by a Corporate Trustee, there is no requirement to recruit and appoint new Trustees directly for the Mennaid Appeal TrusL Objects oftho charfty The aim of the charity is to preseNe and protect the life of the people of Cornwall and the Isles of Scilly through the provision of a Breast Care Centre for Comwall. Its mission is to support and relieve individuals suffering from breast disease. Actlvltles Since 2020, Duchy Health Charity has worked closely with representatives of RCHT to identlfy and develop a building project that directy beneffts Memaid Centre users arKI ensures the effeGtNe investment of the remaining funds. To ensure the funds are uts'lised effectively. the charity has: Conducted meetings and consultations with senior managers, clinical staff and patFents Temporarily invested funds in high4nteres( short4erm deposit accounts while awaiting agreement on the project Establlshed a Task and Flnlsh Group, In 2024, cornprlsing represenladves from the Mermald Centre Clinical Team, RCHT Strategic Estates. Procurement, Finance, and RCHT Charity to develop comprehensive ath'on plan for use of the funds Patlentprlorftles A patient survey Identified key areas for improvement as: Courtyard garden enhan￿rrMts e.g. seating, flat paths, planting, undercover areas New flooring e.g. mre homely wood effect Refreshing interior paint New artwork to enhan￿ the surrounding8 Improved hot drinks provision Proposed Investment plan In February 2025. a formal proposal was presented to the Trustee, recommerKling fund allocation towards.. INaiting room improvements to create a calmer, more relaxing environment Extension of upgrade arKI design elements throughout patient spaces Coutyard ￿stOratiOn, transforming the space into a haven for patients, staff and visitors Page14 The Mermaid Appeal Trust Trustee's annual report Acce5sibilty enhancements for patient toilets to comply wth the Equalty Act 2010 The Trustee supported the proposal and requested RCHT to develop detailed costings and advance to the delivery planning stage, with completion expected by Spring 2026. Publk beneflt Flnanclal revlew Until work begins, the charity's funds continue to be held in short-tem deposits to maximise financlal benefit and ensu￿ readiness ft)r the proposed developments. The Trust Is in good standing and by working with RCHT to fund building works at the Mermaid Centre is fulfilling its purpose of supporting and relieving individuals suffering from breast disease. Re8ervo• pollcy The Charity's totsl reserves of £497,064 are currently held to generate investment Incorne to support the Implementation of building works intended to improve the environment at the Mempid Centre for the benefit of breast Ca￿ patients. Out of the total reserves referred to above. the Charty holds cash in instant a￿sS bank accounts of £47,064 to cover any immediate expenditure required. The annual report was approved by the trustee of the charity on 4th August 2025 and signed on ts behalf by., Mark ￿llIamS BA IHons) FCA DChA Trustee - DuGhy Health Charity Limtied Page15 The Mermaid Appeal Trust Independent Examiner's Report to the Trustee of The Mermaid Appeal Trust I report to the trustee on my examination of the accounts of The MemBid Appeal Trust for the year ended 31 March 2025, which are set out on pages 7 to g. Responslbllltl88 and basis of report As the charity trustee of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,), I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlner'8 Statement I have completed my examination. I confirm that no material matters have come to ry attention in connection with the examlnauon glvlng me cause to believe that in any material respect. accounting records were not kept in respect of the Twst as required by section 130 of the Act., or 2. the accounts do not ac￿rd with those records,. or 3. the accounts do not Gomply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement . that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to ènable a proper understanding of the accounts to be reachad. Darren Pery BA (Hon8) ACA DChA CHARTERED ACCOUNTANT For and on behalf of FRANCIS CLARK LLP Lowin House Tregolls Road TRURO TRI 2NA Date: Page16 The Mermaid Appeal Trust Receipts and payments account For the year ended 31 March 2025 2025 2024 Receipts Donations Bank interest received 1,930 24,042 125 1,741 Total receipts 25.972 1,866 Payments Governance costs Total payments Surplus for the year 25,972 1,866 Reconclliation Bank and cash at 31 March 2024 Surplus for the year 471,092 25,972 469,226 1,866 Bank and cash at 31 March 2025 497.064 471.092 The Mermaid Appeal Trust Statement of assets and liabilities As at 31 March 2025 2025 2024 Monetary assets ' Lloyds Bank accounts Lloyds Bank Tenn Deposit (matures 26th August 2025) 47,064 450,000 21,092 450,000 Total monetary assets 497,064 471,092 Other monetary assets 2025 2024 Debtors: Other debtors Liabilities: other creditors 90n These accounts were aDDroved bv the trustee on 4 August 2025 and were sianed on behalf of Duchv Health Charitv Limited (CorDorate Trustee) bv: Mark Williams BA (Hons) FCA DChA Trustee - Duchv Heatth Ch817tv Limited The Mermaid Appeal Trust Notes (fonning part of the accounts) Govemance costs 2025 2024 Examination and accountancy fees Miscellaneous Trustee rèmuneration and expens88 The Trustee received no remuneration or reimbursement of expenses in either financial year. Duchy Hèalth Charlty Llmlted Duchy Health Charty Limited is the sole Corporate Trustee of The Mermaid Appeal Trust. Page19