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 )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 **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. 5 ## **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 6 ## **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| 7 ## **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| 8 ## **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 9