THE DOUGLAS PENNANT FAMILY FOUNDATION REPORT AND ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 Charlty Reglstratlon No: 1166909 THE DOUGLAS PENNANT FAMILY FOUNDATION CONTENTS Page TRUSTEES, ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES ON ACCOUNTS THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report end accounts of the Charty for the year ended 5 April 2024. Constitution The Douglas Pennant Famlty Foundation is wnstiluted by Deed of Trust dated 2 December 2015. 11 is an unlncorporated registered charity, No. 1166909. The address of Ihe Charfty Is 31 Hill 5treeL London. W1J 5LS. Prlnclpal alms and objoctlvos The objectives of the Charity as sel out in the Trust Deed are the advancement of public benefrt by such charflable PU￿Se$ as the Trustees may dec4de. in particular. provtsion of granls lo charilies principalty operating in and around Bethesda and Bingor. North Wales - provision of grants lo educational tharities in Jamalca Truste9¥ The following people have acted as Trustees of the charity during the year: Richard Douglas Pennant Michael Amslrong Emyr Wnne Hughes Edward Charles Samplo Prote88lonal Advlsorn Bankers.. C Hoar8 & Co 37 Fleet Street London EC4P 4DQ Solkitors.. Forslers LLP 31 Hill Street London W1J 5LS Accountantand Independentexamin6r.' H8zlewood5 LLP Slaverton Court Staverton Chellenh8m GL51 OUX stockbrokers.. Qullter Chevlol One Kingswsy London WC28 6AN Manag•ment and govornanc• arrnnggments The Trust Deed provoded for a minimum of three Trustees bul foul Trustees have $8Ned durtng the year. Were there a requirement forfurth8rTrusle8S, these would be identified by the remalnlng Trustees. Organlsatlonal structure The Charity is operated by the Trustees and has no paid employees orvolunleeTS. Rlsk management The major risks, lo which thè Charity Is exposed, as identified by the Trustees. have been reviewed and systems have been established lo mitigate those risks. Proc•dum and pollcl•g for grant maklng The Trustee5 h•ve 501e dIsC￿tIon in the seleclion of applicants ond the Soe of the awards. Plans for future pgrSods There are no major Ghanges envisaged to the management and activities of the ChaAty. THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENOED S APRIL 2024 Aehlevements and perfomiance The Trustees believe that the objectives of the Charity have been fulfilled during the period and will continue to cyerale in this manner for the foreseeable luture. Flnanclal review The Charitys total income for the perii>d w88 £43,638 (2023- £39,058). Grants of £17,400 {2023- £19,824) were mada to charf(ies. Thè excÈss of expenditure over Income forthe Feriod amounted to £95912023- £14,383). The net movement In funds is carried forward as accumulated unrestricled fvnds. RfjMrves pollcy It is the policy of the Trustees to Invest unrestricted funds for capital gyth￿h. The Trustee5 conslder this will bo adequate lo generate income to meg1 the day lo day requlrements of thè Charfty and to engbl8 to Tru8te•$ to make grants as they feel appropriate. The balanc6 of the unres*rid•d fund at tho perrod end was £1.330.28012023- £1,254.9441 Publlc bene In draftang Ihis report. the Trust808 have complled wlth the duty in Sectlon 4 of the Charft￿8 Acl 2011, to have due reg8rd to publSc benefit guidance publlshed by the Ch8nty Commisslon. THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Trustees, rnsponsibiliti•s The Trustees are responsible for preparing the Trustees, Annual Report and the finanaal stslements in accordance with *pplle4ble law and United Kingdom Accounting Standards Iunlted Klngdom Generally Accepted Accounting Praclica). The law 8ppIic8ble to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year whlth give a true and fair view of the state of affairs of the Charity and of its incoming resources and applicabon of resources of the Charlty for that period in preparing these finanoal statements, the Trustees are requirèd to.. 8è1ect suf(able accounting policteg and then apply them conslstenty, mgkeludgement8 and èstim8188 th•1 ore reasonabh and prudent.. slate whtsther appllcable accounting standards have been follthved. $uble¢t to any m816rlal departures disc1058d and explained in the Iinanclal slalemenls.. preparo the finandal statèments on the going concem basis unles511 is inapproprtate lo presume th81 the Charity will continue in business. Thg Trustees aro rnspon51blè lor kaèplng proper accounting records that dlsdose wfth rtasonabla accurACy at any lime the financial position of the Charity and enable them lo ensure that the financlal slalemenls ccffipty wblh Ihe Ch8Trtie5 Act 2011 and the Charity (Accounts and Reports) Regul8tion5. They are qlso responsiblp for safeguardlng the assets of the Charity and hence for tsking reasonable steps for the prevention and delection of fraud ond olhor irTegu18Tf(kry5. Approved by the Truglees and 8igned on tholr behalf by.. Signed- MlchAel Amislrong Date.. 1.8 ## **THE DOUGLAS PENNANT FAMILY FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES** ## **FOR THE YEAR ENDED 5 APRIL 2024** I report on the accounts of the Charity for the year ended 5 April 2024 which are set out on pages 5 to 9. This report is made solely to the Trust’s Trustees, as a body, in accordance with Section 145 (1) of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report, and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trustees, as a body, for my work, for his report, or for the opinions I have formed. ## **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(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. It is my responsibility to: - examine the accounts under Section 145 of the 2011 Act; - follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **Basis of independent Examiner’s report** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 the seeking of explanations from you as 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”, as this 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: - 1) 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 2011 Act; and - to prepare accounts which accord with the accounting records, and comply with the accounting requirements of the 2011 Act; have not been met; or - 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. M Howard FCA on behalf of Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT Date: 06 November 2024 4 THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED STATEMENT OF FINANCIAL ACTlVtrES (INCLUDING THE INCOME AND EXPENDITIJRE ACCOUNT) FOR THE YEAR ENDED S APRIL 2024 2024 2023 Total Unregtrlcted Funds Total Unrestrlcted Funds Incomlng rosources Incomlng resources from generated funds Voluntaryincome Donations Investment income 200 38,858 43,638 Total Incomlng rngourc08 43.638 Resourcos •xp•ndod Costs of generating funds Charftable actl¥illes 44,597 53,441 Totsl resources exp•nd•d ,59 53,44 Net Incomlnglloutyolng) mourc•• befor• tran•f•r4 Unrealised Ilos$llgain on investments Realised Ilossvgaln on dl*posal of inveslments 92,082 15,787 76,29 1115,1431 17,202 97.9411 RgGonclllotlon of funds B818ncas brougm forward 1,254,944 1.367,268 Balances carrfed forward ,330,280 ,254,94 The not88 on page8 7- 9 fomi part of these accounts. The Sl•temonl of Fln•n¢lal A¢tlvllle$ In¢lude8 811 gains andlosses In the yeaT. All 8Ctlvllle8 are das$ed a8 ¢ontlnulng. TrIE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDrrED BALANCE SHE AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Investments 1.318.871 1,241,002 Currnnt assets Cash 8t bank C8sh hehj by stockbroker 10,981 7,340 10,314 13,176 18.321 23,490 Current Ilabllltles Aecru81s 6.912 {6.912) 19,548} Not current a•••ts 11,409 13.942 Not asots 1.330,280 1,254,944 Repr•••nt•d by: Unrestricted funds 1.330,280 1,254,9M The accounts on pages S- 9 were approved by the Trustee8 and authorfsed for1s8ue and slgned on thelr behalf by.. Ml¢hael A Irong Dale.. THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED NOTES ON ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 Princlpal •ccountlng pollcles Basis of accounting The accounts have been prepared underthe historic81 cost convention, as modrfied by the incluslon of investments al market value, adopting the following prinapal accounting policles. 811 of which are in accordance wlh the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their 8ccounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Charities Act 2011. Th8 Charity constitutes a public benefrt entity as defined by FRS 102. Incomlng r•sources Income is recognised in the period when the Charty is entitled lo recèipt 8nd the amount can be measured wllh re8son8ble cert8inty, together with any assoualed tax refund. Grants payable Grant eXpendrtU￿18 recognls6d onty when the gmnl becomes payable. Grants approved for payment In future years are dtsclosed as commitments, bul not TecoTded a5 expenditure unlll they become dug. R•Jour¢•$ •xp•ndod Liabi1rt18S are recognlsed a5 resources expended 45 500n 85 IheTe is a legal or conslructove oblégation committing the Charity to the expendilure. All expendrture l¥ Induded on the accrua15 basls and has keen dassified under he8dlngs that aggreg¥le all costs related to the category. The onty resources expended by the Charmy are grants and governance costs and there is therefore no requirement for 8PPOrtionmenl of resources expended. Govemance costs comprise all costs Involving the public accouniability of the Charity 8nd rts cornpliarbce wlh regulation and good practice. Funds accountlng Gener81 unreslrlcted funds comprise accumulated surpluses and defidls on general actlvlties. They are available for use at the discretion of the Trustees in furtherance of the Ch8rWs objectives. Restrfcted funds are funds subject to speclfic conditions imp¢>sed by the donodsl. Investments Investments listed on a recognised stock exchange gre slated at msrkel value In the balance sheet. All movements in value arlslng from chènges and Yevalu811ons are Included in Ihe Statement of Flnancl41 A¢tivitie8. Unlisted investments are shown at cost unlBSS there Is a pemanenl diminutlon in valu?. Trust•e r￿Un￿ratIon and •xpen8 No remuneration dlrectly or Indi￿¢t7Y out of the funds of the Charltywas pald or payable for the year lo any Trustee or lo any person or Fersons known to be connected with any Trustee. No relmbursement of expenses h88 been m•d6 or is due lo be mode lo any of the Trusleès in respect of the year. Invo•tm•nt In¢ome 2024 2023 Investment interest Bank intere$t Dividends 10,050 5,784 51 33,023 43.638 38.858 THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED NOTES ON ACCOUNTS FOR TrIE YEAR ENDED 5 APRIL 2024 {continuedl Charitable actfvitie$ expendlthr• 2024 2023 Grants Accountancy Legal and profession81 fee5 Investment management fee5 Independent Exgmine¢5 remuneration Bank charges 17.4(10 1.594 17,133 7,601 504 365 44,597 19,824 1,775 23.141 7.770 $68 Net Incomlng rnsourcel forthe ygar This is Stated after charglng- 2024 2023 Accountant's remunerallon Independent Examinefg remuneratlon 1,594 504 2,098 1,775 568 Taxatlon The Charfty Is a reglstèred ¢hartty and as 8uch18 not generalty Ilablo to taxatlon on its income or capllal galns. Flxod aM&t Investm•nt• 2024 2023 Mart(et value al 6 Aprll 2023 Additions during the penod Di8POS818 dudng the period Equalisallon Net Investment gainllloss) Mark•t valu• •t S Aprll 2024 1,241,002 68,725 (66,976) {1751 76,295 ,318,871 1,347,151 315,038 {322.9891 12571 97,941 41,(K12 IrNastm•nt •ummary Quoted shares Unllsted shares 1,308,871 10,OOD ,318,871 1,231,002 10,000 1,241,00 THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED NOTES ON ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Icontlnuedl Flxed asset investments Icontinuedl The hlstorfcal cost of the Investments, exduding cash, held 815 April 2024 wa8 £1,176,63212023- £1,191,251) The followlng Investments were held at 5 Aprll 2024 with a value in exc8s8 of 5% of the total mathet value of listed investments.. Blad(rock Fund Managers Ltd BR CIF Ishs Nrth Am Eq Idx Fd UK S Acc BNY Mellon Global Funds PIC US Eqvty Income E GBP Dis Fidelity UCITS ICAV US Quality Income Thesis Unit Trust Management Ltd Climate Assets C