2025-03-31-accounts - The Douglas Pennant Family Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE DOUGLAS PENNANT FAMILY FOUNDATION REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 Ch8rlty Reg18trallon No: 1166909

THE DOUGLAS PENNANT FAMILY FOUNDATION CONTENT8 Pago TRUSTEES, ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES ON ACCOUNTS

THE DOUGLAS PENNW4T FAMILY FOUNDATION UNAUDrrED TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025 Th8 Trustees present their report and accounts of the Charity for the year ended 5 Aprll 2025. Constitutlon The Douglas Pennant Famlly Foundation 1$ constituted by Deed of Trust dated 2 December 2015. It is an unincorporatsd registered charlty, No. 1166909. The addr&ss of the Charty is 22 Bakèr Street, London, W1 U 3BW. Prfncipal alms and objoctlves The objectlves of the Charity a8 8et out in the TTUSt Deed are the advancement of publlc beneflt by such charttable purposes as the Trustees may decide, in particular: - provision of grants to charS1ies prln¢ipally operatlng in and aroun(18ethesda and Bangor, North Wales - provision of grants to •ducallonal charities in J8maica Truste•• Thè followlng people h8vo 8¢led a8 Trustees ol the charlty during the year: Rlchard Douglas Pennant Mlchael Amistrong Emyr Wynne Hughes Edward Chartos Sample Prola•slonal Advl•orn 88nkers.' C Hogre & Co 37 Fleet Street London EC4P 40Q Sollcltorn.- For8ters LLP 22 Baker Street London W1U3BW Accountant 8nd independent examlngr H8zlewoods LLP Staverton Court Slaverton Cheltenham GL51 OUX Stockbrok8rs,' Qullter Chevlot One Klng8way London WC28 6AN Management and gov•rnanco arr•ng•m•nl8 The Trust Deed provlded for a mlnlmum of three Trusts&s bul four Trustees hava Served during the y8ar. Were th•re a requiremont for further Trustees, these would bo Identlfled by tho remalnlng Trustees. Organl8Otlonal structuro The Charity is operated by the Trustees and h08 no pald employee8 or volunteers. Rlsk manag•ment The major risks. to which the Charfty18 exposed, as identlfled by the Trustees. have been revlewed and syslems have been established lo mltlgate those risks. Procedures and policios for grant maklng The Trustees have sole discretion in the seledion of applicants and the size of the aw8rds. Plans for future porlods There are no major Ghange8 envisaged to Ihe management and advlti88 of the Charfty.

THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED TRUSTE&8' ANNUAL REPORT (CONTINUED) FOR ThE YEAR ENDED 5APRIL 2025 Achievements and perfonnance The Trustees belleve that the objectiv88 of the Charity have been fulfllled during the PBrfod and wlll continue to operate In Ihi8 manner for the foreseeable future. Flnanclal revlgw The Charivs total income for the period w8s £43,667 {2024- £43,638). Grants of £20,078 (2024 - £17.400) were made to charities. The excess of 8xpendilure over income for the period amounted to £13,698 {2024- £9591. Tho nel movement In funds Is Garfed forward as aGGumulated unrestrlcted funds. R•8orves pollcy It is the pollcy of the TnJs18es to Invest unre8trlc18d fund8 for capital growth. The Trustees Gonslder thi8 wlll be adequate to generate income to me6t the day to day requlr&ments of the Charity and to enabl8 to Tru8t888 to make grants as they feel appropriate. The balance of the unrestrlcted fund at Ihe p6rlod end wa8 £1.263.829 {2024- £1.330,2801 Publlc ben•fft In dramng thls report, the Tru8t8es have compll8d wllh the duty In Sectton 4 of Ihe Chadlle8 Act 2011, to have due regard to public b8n6fit guidance published by the Charity Commis81on.

THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Truslo0s' r•spon$lbilltles The Trustees are responsible for preparing the Trustees. Annual RerM)rt and the flnanclal 6tat8ments Sn a¢wrdance with applirAble law and Unlted Kingdom Accounting Standards {Unlted Klngdom Generally Acc*pted Accountin9 Practicgl. The law appllcabl8 to Charities in England and Wales requires the Tru¥te85 to prepare financial Statements ft)r each financial year whlch give a true and fair view of the slate of affairs of th8 Charity and of its incoming $our¢85 and application of resources of the Charity for that Period in preparing these flnan¢ial statements, the Trustees are requlred lo: select suliable accounting policies and then apply them consistently, make judgements and 88llmates that are reasonable and prudent. stale whether applicable a¢t>)unting $tsndards hava been followed, 8ubjecl to any material departures disclosed and explalned In the financlal st8t8m8nls; prepare the financial statements on th8 9olng concem basls unle8$ It18 inappropriate to pre8ume that the Charity wlll continuè in bu8inass. The Trustees are responslble for keeplng proper a¢untIftg records that dlsc1098 wlth reasonable accuracy al any Ilme thè financial posltlon of the Charity and en8blg them lo ensure that the fin8ncial slatemgnls comply wlth the Charille8 Act 2011 and the Charlly (Accounts and Reports) Regulatlons. They are also r8sponslble for safeguardlng the as8els of the Chadty and hanco for tsklng reasonable staps for the prevention and detectlon of fraud and other Irregularltle8. Approv8d by the Tru8te88 and signed on their bghalf by: Slgned.. Michael Armstrong Date: 0 <th 202f

THE DOUGLAS PENNANT FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 l report on the accounts of the Charity for th8 year ended 5 Apdl 2025 whlch are set out on pages 5 to 9. This report is made solely to the Trust's Trustees, a8 a body, in accordance with Sgction 145111 of the Charities Act 2011. My work has been undertaken so that I might slate to the Trustees those matters l am required to state to them in an independent examinerfs Port, and for no other purpose. To the fvllesl extent permitted by law, I do not accept or assume responsibility to anyone other than Ihe Trust and the Trustses, as a body, for my work, for his rep, or for the opinions I have formed. R•spctlv• rnspon#lbllltl•# of Trust••s and Examln•r The Charills Trustees are responsible for the preparation of the accounts. The Charlty's Trustees consider that an aLwJit Is not required for this year under Section 144121 of the Charities Act 2011 (the 2011 Act), and that an indepondenl examination 18 needed. 11 is my responsibility to.. examine the accounts under Section 145 of the 2011 Act., follow the procedureB18id down in th• 9gngral directions given by the Charity Comrnis¥ion under S8clion 14515)Ib} of tho 2Q11 Act-, and 8tat8 whathar partlcu18r matters have come to my attenlon. Ba•1* of Indopend•nt Examln•r'8 report My examlnalion wa5 carrfed out In accordance with the Gen8ral Directlons glven by the Cttarlty Commlsslon8rs. An examination Includes a review of the accountlng records kept by the Charlty and a comparlson of the accounts pr888nted wlth those records. It also includes consléerallon of any unusual Stems or dl8c108ure8 Sn the accounts, and the seeklng of explanatSons from you 8s Trustegs concernlng any such matters. The proceduT88 undertaken do not provSde all the evldence that would be required in an audit, and consequently no opinion is glven as lo whether the accounts present a Irue and falr vi, as this report IB Ilmlled lo thosg matters s8t out in the st8tem8nl below. Ind•pgnd•nt Examln•r'• •tatomont In connection with my examination, no matter ha8 come lo my attention: 1) whSch glves me reasonable cause to belleve that. In any materlal re8P8Ct, the requlremenls.. to keep accountlng records In accord8nce th Sectlon 130 of the 2011 Act.. and lo prepare accounts whlch acGord wlth the aGGountlng reGord8, arKI comply wllh the accountlng requlremen18 of the 2011 have not been met., or 2) to which, In my oF4nlon. attentlon should be dr8wn In order to enable a proper under6tandlng of thg accounts to bg reached. M Howard FCA on bahalf of Hazlewoods LLP Wlndsor House Bayshlll Ro8d Chellenham GL50 3AT

THE DOUG PENNANT FAMILY FOUNDATION UNAUDITED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED S APRIL 2025 2025 2024 Tot•1 Unrestrlcted Funds Total Unrestricted Funds Incomlng rè8ourceB Incomlftg rèsources trom generated funds Voluntsry income Oonations Inv•stm•nl incom8 43,867 43.638 Total Incomlng f••OU•s 43,667 43,638 R•sourc•• •xp•nd•d Costs of genoratlng fvnd8 Charitable activities 57,365 44,597 Total mourcos oxp•nded (57,3651 (44.5971 Net Incomlngl(outgolngl resource• b•fore Iransfers 113.698) 19591 Unroallsod Ilo$$ygaln on Investments Reall$ed {los$ygaln on dl8PO8al of Investrnents 1107,0171 54,264 152,7531 92,062 15,787 76.295 R8con¢lllollon of fund• 8alancas brought forward 1,330,280 1,254,944 Balances eArded forward 1.263,829 1,330.280 The notes on pages 7 - 9 fomi part of these accounts. The Ststemenl of Flnanclal Advltles Includes 811 galns and108888 In the y68r. All acuvltles Ara cla888d 88 contlnulng,

THE DOUGLAS PENNMT FAMILY FOUNDATION UNAUDrrED BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Flxed assets Investments 1,258.518 1,318,871 Curront a88et• Cash at bank Cash held by $lo¢kbrok8r 8,877 5,556 10,981 7.340 14,433 18,321 Curront Ilabllltl•• Accruals 8,122 (9,122) 6,912 16.912) N•t ¢Ufr•nt a88•ts 5,311 11,409 N•t 0••Ot• 1,283,829 1,330.280 R•pr•8•nl•d ty. Unre5tdcted funds 1,263,829 1.330,280 The accounts on p8ge8 5- 9 were approved by the Tru8tses and authodsed for IBsue and slgned on thelr behalf by.. Mlchael Amislrong Dale.. 414 Da 202f

THE DOUGW PENNANT FAMILY FOUNDATION UNAUDITED NOTES ON AccouKrs FOR THE YEAR ENDED S APRIL 2025 Prlnclpal accountlng policies Basis of accountlng The accounts have been prepared under the historical cost convention, as mc*Jrfied by the Inclusion of investments at market v81ue, adopung the following principal accountin9 policies, all of which are In accordance wllh the Stalement of Recommended Practice.. Accounting and Reporting by Charities preparing thelr accounts in ac¢ord8nce with the Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland (FRS 1021 Issued on 16 July 2014 and the Charities Act 2011. The Charlty con8tltute$ o public benrt entity as defin8d by FRS 102. Incomlng r•sour¢o$ Income 15 recogni3ed In the p8ri0d when the Charty Is entllled to r•¢olpl and lh6 amount can moasured with rea80nable certalnty. togelher wllh any 8&90Giated tax refund. Grants p•yable Grant exp8ndllure Ss recognised only when th8 grant becomes payabl8. Gr8nls approved for payment In future year¥ are disclosed as commitments. bul not recorded as exp8ndilure unt51 they bewme due. Rgsour¢es oxpendod Llabllllles are recognlsed as r880urces expended as 8oon 8$ there18 a bgal or construdive obllgatlon mmltting the Charlty to the exp6ndlture. All exp¢ndllur8 is InGluded on the 8GGruals basis and has been dasslfied under headlngs that aggregate all costs relaled to the category. Tho only resources exp6nded by the Charlty are gTanl$ and govemance costs and there18 therefore no requlrement for 8PPOrtionm8nt of resources expanded. Governance costs comprise all costs Involvlng the publlc accountablllty of the Charfty and Its compllan¢e wlth regulats'on and good practice. Funds accountlng Gen&ral unreslrlcted funds comprise accumulated 8urplu8es and defldls on gener81 actlvities. They are avallable foT U50 al the dlscretlon of the Trustees in furtherancg of the Chadty's obléctlves. Restricted funds are funds subject to specific condition8 Imposed by the donorls). Investments Inveslm8nl8 listed on a recognised stock exchange 8re stated at m8thet valu8 In the balance she8t. All movements In value arfslng from changes and r8valuallons are Included In the Stslament ol Financlal Actlvllies. Unllsled Inveslmonts are shown 81 cost unless there is a pérmanent dlminution in value. TruBt•e remuneratlon and expon8•8 No remuneratlon directly or indlr8Ctly out of th8 funds of th8 CharSty was pald or payable for the year to 8ny Trustee or lo any person or persons known to be connected with Any Trustee. No reimbursemènt of expenses has been made or18 due lo be made to any of the Trusteog In re8P8Ct of the year. Inv••tment Incom• 2025 2024 Investment interest Bank interest Divldends 10,966 136 32,565 43.667 10,050 90 33.498 43.638

THE DOUGLAS PENNANT FAMILY FOUNDATION UNAUDITED NOTES ON ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (contlnued) Charitable actlvlties expendlture 2025 2024 Grants Accountancy Legal and professional fees Investment management fees Independ8nt Examlnerfs r8muneration Bank charges 20,078 1,816 26,349 8,168 590 364 57,365 17,400 1,594 17,133 7.601 365 44,597 Net Incoming re8ources for Ihe year Thls Is stated after charglng.. 2025 2024 Accountanys remuneration Independent Examlnerfs remuneratlon 1,816 590 2,406 1,594 504 2,098 Taxatlon The Charity is a register8d charity and as such is not generally liable to taxation on its income or capital gains. Flxed a$•01 Investments 2025 2024 Mark8t value at 6 April 2024 Additions during the period Disposals during the period Equalisation Net investment galnl{loss) Market valuo at 5 April 2025 1,318,871 188,282 <141,618) 1,241,002 68,725 (66,976) (175) 76.295 1,318,871 107,017 1,258,518 Investmont summary Quoted shares Unlisted shares 1,248.518 10,000 1,258,518 1.308,871 10,000 1,318,871

THE DOUGLAS PENNAwf FAMILY FOUNDATION UNAUDITED NOTES ON ACCOUNTS FOR THE YEAR ENDED S APRIL 2025 (contlnued) Flxèd asset inveitments (contlnued) The historlGal ¢ost of the Investments, excludlng Cash. held at 5 Aprfl 2025 was £1,222.979 (2024 - £1,176.632) The followlng Investments were hald at 5 April 2025 with a value In excess of 5% of the total market value of118ted Inv85tm8nts: Blad(rock Fund Managers Ltd BR CIF 18hs Nrth Am Eq Idx Fd UK S Acc Fldelity UCITS ICAV US Quality Inco Thesis Unil Trust Management Ltd Cllmate Assets C Schroder Internatlonal Selectlon Fd US Large Cap C X GBP

THE DOUGLAS PENNANT FAMILY FOUNDATION REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 Ch8rlty Reg18trallon No: 1166909

THE DOUGLAS PENNANT FAMILY FOUNDATION CONTENT8 Pago TRUSTEES, ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES ON ACCOUNTS

THE DOUGLAS PENNANT FAMILY FOUNDATION

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2025

Charity Registration No: 1166909

THE DOUGLAS PENNANT FAMILY FOUNDATION

CONTENTS
	Page
TRUSTEES' ANNUAL REPORT	1 - 3
INDEPENDENT EXAMINER'S REPORT	4
STATEMENT OF FINANCIAL ACTIVITIES	5
BALANCE SHEET	6
NOTES ON ACCOUNTS	7 - 9

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their report and accounts of the Charity for the year ended 5 April 2025.

Constitution

The Douglas Pennant Family Foundation is constituted by Deed of Trust dated 2 December 2015. It is an unincorporated registered charity, No. 1166909. The address of the Charity is 22 Baker Street, London, W1U 3BW.

Principal aims and objectives

The objectives of the Charity as set out in the Trust Deed are the advancement of public benefit by such charitable purposes as the Trustees may decide, in particular:

provision of grants to charities principally operating in and around Bethesda and Bangor, North Wales
provision of grants to educational charities in Jamaica

Trustees

The following people have acted as Trustees of the charity during the year:

	Richard Douglas Pennant
	Michael Armstrong
	Emyr Wynne Hughes
	Edward Charles Sample
Professional Advisors
Bankers:	C Hoare & Co
	37 Fleet Street
	London
	EC4P 4DQ
Solicitors:	Forsters LLP
	22 Baker Street
	London
	W1U 3BW
Accountant and independent examiner:	Hazlewoods LLP
	Staverton Court
	Staverton
	Cheltenham
	GL51 0UX
Stockbrokers:	Quilter Cheviot
	One Kingsway
	London
	WC2B 6AN

Management and governance arrangements

The Trust Deed provided for a minimum of three Trustees but four Trustees have served during the year. Were there a requirement for further Trustees, these would be identified by the remaining Trustees.

Organisational structure

The Charity is operated by the Trustees and has no paid employees or volunteers.

Risk management

The major risks, to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.

Procedures and policies for grant making

The Trustees have sole discretion in the selection of applicants and the size of the awards.

Plans for future periods

There are no major changes envisaged to the management and activities of the Charity.

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance

The Trustees believe that the objectives of the Charity have been fulfilled during the period and will continue to operate in this manner for the foreseeable future.

Financial review

The Charity's total income for the period was £43,667 (2024 - £43,638). Grants of £20,078 (2024 - £17,400) were made to charities. The excess of expenditure over income for the period amounted to £13,698 (2024 - £959). The net movement in funds is carried forward as accumulated unrestricted funds.

Reserves policy

It is the policy of the Trustees to invest unrestricted funds for capital growth. The Trustees consider this will be adequate to generate income to meet the day to day requirements of the Charity and to enable to Trustees to make grants as they feel appropriate.

The balance of the unrestricted fund at the period end was £1,263,829 (2024 - £1,330,280)

Public benefit

In drafting this report, the Trustees have complied with the duty in Section 4 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission.

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED TRUSTEES' ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in England and Wales 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 its incoming resources and application of resources of the Charity for that period in preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping proper 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 Charities Act 2011 and the Charity (Accounts and Reports) Regulations. 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.

Approved by the Trustees and signed on their behalf by:

Signed:

………………………… Michael Armstrong

Date: 4 December 2025

THE DOUGLAS PENNANT FAMILY FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2025

I report on the accounts of the Charity for the year ended 5 April 2025 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: 6 November 2025

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 5 APRIL 2025

Note Incoming resources Incoming resources from generated funds Voluntary income Donations Investment income 2 Total incoming resources Resources expended Costs of generating funds Charitable activities 3 Total resources expended Net incoming/(outgoing) resources before transfers Unrealised (loss)/gain on investments Realised (loss)/gain on disposal of investments Reconciliation of funds Balances brought forward Balances carried forward	2025 Total Unrestricted Funds £ - 43,667 43,667 57,365 (57,365) (13,698) (107,017) 54,264 (52,753) 1,330,280 1,263,829	2024 Total Unrestricted Funds £ - 43,638
		43,638
		44,597
		(44,597)
		(959) 92,082 (15,787)
		76,295 1,254,944
		1,330,280

The notes on pages 7 - 9 form part of these accounts. The Statement of Financial Activities includes all gains and losses in the year. All activities are classed as continuing.

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED BALANCE SHEET

AS AT 5 APRIL 2025

Note Fixed assets Investments 6 Current assets Cash at bank Cash held by stockbroker Current liabilities Accruals Net current assets Net assets Represented by: Unrestricted funds	2025 £ 1,258,518 8,877 5,556 14,433 9,122 (9,122) 5,311 1,263,829 1,263,829	2024 £ 1,318,871
		10,981 7,340
		18,321 6,912
		(6,912)
		11,409
		1,330,280

		1,330,280

The accounts on pages 5 - 9 were approved by the Trustees and authorised for issue and signed on their behalf by:

………………………… Michael Armstrong

Date: 4 December 2025

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED NOTES ON ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2025

1 Principal accounting policies

Basis of accounting

The accounts have been prepared under the historical cost convention, as modified by the inclusion of investments at market value, adopting the following principal accounting policies, all of which are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

Incoming resources

Income is recognised in the period when the Charity is entitled to receipt and the amount can be measured with reasonable certainty, together with any associated tax refund.

Grants payable

Grant expenditure is recognised only when the grant becomes payable. Grants approved for payment in future years are disclosed as commitments, but not recorded as expenditure until they become due.

Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is included on the accruals basis and has been classified under headings that aggregate all costs related to the category.

The only resources expended by the Charity are grants and governance costs and there is therefore no requirement for apportionment of resources expended.

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.

Funds accounting

General unrestricted funds comprise accumulated surpluses and deficits on general activities. They are available for use at the discretion of the Trustees in furtherance of the Charity’s objectives.

Restricted funds are funds subject to specific conditions imposed by the donor(s).

Investments

Investments listed on a recognised stock exchange are stated at market value in the balance sheet. All movements in value arising from changes and revaluations are included in the Statement of Financial Activities. Unlisted investments are shown at cost unless there is a permanent diminution in value.

Trustee remuneration and expenses

No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any Trustee. No reimbursement of expenses has been made or is due to be made to any of the Trustees in respect of the year.

2 Investment income Investment interest Bank interest Dividends	2025 £ 10,966 136 32,565 43,667	2024 £ 10,050 90 33,498
		43,638

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED NOTES ON ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2025

(continued)

3 Charitable activities expenditure 2025 £ Grants 20,078 Accountancy 1,816 Legal and professional fees 26,349 Investment management fees 8,168 Independent Examiner's remuneration 590 Bank charges 364 57,365 4 Net incoming resources for the year This is stated after charging: 2025 £ Accountant's remuneration 1,816 Independent Examiner's remuneration 590 2,406 5 Taxation 6 Fixed asset investments 2025 £ Market value at 6 April 2024 1,318,871 Additions during the period 188,282 Disposals during the period (141,618) Equalisation - Net investment gain/(loss) (107,017) Market value at 5 April 2025 1,258,518 Investment summary Quoted shares 1,248,518 Unlisted shares 10,000 1,258,518 The Charity is a registered charity and as such is not generally liable to taxation on its capital gains.	2024 £ 17,400 1,594 17,133 7,601 504 365
	44,597
	2024 £ 1,594 504
	2,098
	2024 £ 1,241,002 68,725 (66,976) (175) 76,295 income or
	1,318,871
	1,308,871 10,000
	1,318,871

THE DOUGLAS PENNANT FAMILY FOUNDATION

UNAUDITED NOTES ON ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2025

(continued)

6 Fixed asset investments (continued)

The historical cost of the investments, excluding cash, held at 5 April 2025 was £1,222,979 (2024 - £1,176,632)

The following investments were held at 5 April 2025 with a value in excess of 5% of the total market value of listed investments:

Blackrock Fund Managers Ltd BR CIF Ishs Nrth Am Eq Idx Fd UK S Acc Fidelity UCITS ICAV US Quality Income Thesis Unit Trust Management Ltd Climate Assets C Schroder International Selection Fd US Large Cap C X GBP