D￿￿SIgn Envelope ID." CE98C9D5-E9F1455A-A87C-34CC1862C67B
THE MUSHROOM
FUND
ANNUAL REPORT
& FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30TH JUNE 2025
CHARITY NUMBER- 259954

Do(￿SIgn Envelope ID". CE98C9D&E9FI455A-A87C-34CC1862C87B
THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025
The Trustees present their annual report and financial statements of the charity for the year
ended 301hJune 2025.
The financial statements have been prepared in accordance with the accounting policies set
out in note 110 the financial statements and comply with the charity's trLJSt deed, the Charities
Act 2011 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 IFRS 102)
OBJECTIVES AND ACTIVITIES
The Trust has been established to make grants for charitable purposes. Grants are made
only to charities known to the Trustees and unsolicited applications are therefore not
considered. The Trust is administered by its corporate Trustee, Liverpool Charity and
Voluntary Services.
Public Benefit
In planning the Trust's grant making the trustees have given consideration to Ihe Charity
Commission's published guidance on public benefit.
Achievements and Performance
Investments have been managed throughout the year by the Investment Managers, with
performance being monitored by the Trustees. The fund has therefore been able to provide
a limited grant-making programme.
Financial Review
Investment income of £45,71912024'. £39,471) was received during the year. This funded
grants of £42,900 {2024'. £33,085) to charilable organisations. Capital investments increased
in value from £1,365.739 10 £1,372,463 12024= increased in value from £1,253,246 to
£1,365,739) at the year end.
Investment Policy and Powers
The Trustees have the same full and unrestricted powers of investment in all respects as if
they were the beneficial owners. The investment strategy is set by the Trustees and takes
account of recent demands for funds and an assessment of expected future needs {see
Reserves Policy).
The investment policy and strategy are reviewed with the investment managers at regular
intervals. The investment objective is to maintain, overall, the real value of capital and income.
Risk Managernent
The main risks lo which the charity is exposed as identified by the trustees have been
considered and systems have been eslablished to mitigate those risks.
Reserves Policy
The Trustees are managing the reserves to balance the needs of current and future
beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time.

Do￿￿9n Env81op8 ID." CE98C9D&E9F1455A-A87C-34CC1882C87B
THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025
The Trustees have in recent years approved expenditure al a level higher than the annual
income to spend the revenue reserves. However, they have agreed to retain a balance of
revenue reserves in order to be able lo make more substantial grants frorn time to time.
Plans for the Future
The objectives remain unchanged for Ihe future,. the intention is for continued investment
management on a consislenl basis and distribution of income to charitable organisations.
Structure, Governance and Management
The Mushroom Fund is a registered charity, number 259954. It was established by a Trust
Deed dated 19th November 1969. The Trust is also known as Sir Alastair Pilkington's Trust.
Organisation, Management and Delegation
The Trustees, in their power, have delegated the management of the investments and the
administration of the charity, including adrninistration of grant-making and accountancy, to
LCVS.
The Trustees meet once a year to review the financial position and make grants.
The Trust Deed permits the spending of capital., the Trustees have, however, agreed to retain
the capital for the time being and to invest it to produce income lo make grants.
REFERENCE AND ADMINISTRATIVE DETAILS
Name
Charity number
Principal Office
The Mushroom Fund
259954
LCVS
151 Dale Street
Liverpool
L2 2AH
R. Christian
R K Martin
D R Morris
Dr. J. Newton
J C Pilkington
H Powis
Trustees

Dowwgn Envebpe ID. CE98egD5-E9F1-455A-A87ts34CC1862e87B
THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025
Liverpool Charity and Voluntary Services (LCVS), a corporate trustee, which is incorporated
under the Companies Act as a company limited by guarantee without share capital as
company number 181759, a registered charity, number 223485, and a charitable Trust
Corporation. LCVS trustees, who are also ils directors, were as follows during the year.
Dorcas Akeju
Sonia Bassey MBE (Chair)
Chrisloper Colwell
Maxine Ennis
Anna James
Dr Rosie Kaur
Anne Marie Reading
Ken Perry
John Price
Michael Salla
Louise S¢hole8
Gemma Shone
James Sloan
Neil John Sturmey
Michael Thomas
(Treasurer)
Paula Sanchez ACCA
Score Lane
Liverpool L16 5EF
R8thbones Investment Management
Port of Liverpool Building
Pier Head Liverpool L3 1 NW
{Appointed 3rd June 2025}
(Appointed 17th October 20241
(Appointed 17th October 20241
(Appointed 17th October 20241
(Resigned 2 September 20241
(Resigned 4th November 20241
(Resigned 2nd June 20251
(Resigned 30th June 2024)
Independent Examiner
Investment Manager

DOc￿sign Envelope10.' cEg8c9D￿EgF￿-4S5A-A87C-34Ccl862c87B
THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025
TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees, annual report and financial
statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdorll Generally A¢￿pIed Accounting Practice). The law applicable to charities in
England and Wales requires the charity trustees to prepare financial statements for each year
which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of reSoUr￿s, of the charity for that period. In preparing the financial
statements, the trustees are required to..
select suitable accounting policies and then apply them consistently.,
• observe the rnethods and principles in the applicable Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
stale whether applicable accounting standards have been followed, subjecl to any malerial
departures that must be disclosed and explained in Ihe financial statements.,
prepare the financial statements on the going concern basis unless il is inappropriate to
presume that Ihe charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy al any time the financial position of the charity and to enable them to
ensure that the financial statements comply with the Charities Act 2011, the applicable
Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed.
They are 81$0 responsible for safeguarding the assets of the charity and taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustee, Liverpool Charity and Voluntary Services.
DtsFuS&nèdbf.
Mike Thomas- LCVS Trustee
10 Odober 2025

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE MUSHROOM FUND
I report to the trustee on my examination of the accounts of The Mushroom Fund ('the charity,)
for the year to 30th June 2025, which are sel out on pages 8 to 13.
Responsibilities and basis of report
As the trustee of the charity, you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 2011 ('Ihe 2011 Act,).
I report in respect of my examination of the charity's accounts carried out under section 145
of the 2011 Act and in carrying out my exarnination I have followed all the applicable
Directions given by the Charity Commission under section 145151(bl of the 2011 Act.
An independent examination does not involve gathering all the evidence that would bè
required in an audit and consequently does not cover all the matters that an auditor considers
in giving their opinion on the accounts. The planning and conduct of an audit goes beyond
the limited assurance that an independent examination can provide. Consequently, l express
no opinion as to whether the accounts presenl a 'lrue and fair view, and my report is limited
to those specific matters set out in Ihe independent examiner's statement.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my
attention in connection with the examination giving me reasonable cause to believe that in
any material respect..
accounting records were not kept in respect of the charity as required by section
130 of the 2011 Act., or
2. the accounts do not accord with those records-, or
3. the accounts do not comply 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
fair view, which is not a matter considered as part of an independent examination.
I have no concems and have come across no other matters in connection with the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Name.. Paula Sanchez
Name of applicable listed body.. Association of Chartered Certified Accountants
Relevant professional qualification or body.. ACCA
Dale.. 13 October 2025

D￿sign Env81op8 ID." CE98C9D>E$F1455A-A87C-34CC1862C87B
THE MUSHROOM FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2025
Unrestricted Funds
Capital
Funds
2025
Income
Funds
2025
Total
2025
Total
2024
Income from:
Investments
Notes
45,719
45,719
39,471
Total income
45,719
45,719
39,471
Expenditure on:
Charitable activities
45,742
45,742
35,470
Total expenditure
45,742
45,742
35,470
Net {expenditure}lincome
123}
(231
4,001
Net gain on investment
6,724
6,724
112,493
Net movement in funds
123)
6,724
6,701
116,494
Reconciliation of funds.-
Total funds brought
forward
77,476 1,365,739
1,443,215 1,326,721
Total funds carried
forward
77,453 1,372,463 1,449,916 1,443,215
The notes on pages 9 to 13 form part of these accounts.
The net movement in the funds in the year is derived frorn the continuing activity of the
charity.

Dowsign Envdope ID.. CE98C9D5-EgF1-455A-A87C.34eC1862C87B
THE MUSHROOM FUND
BALANCE SHEET AS AT 30TW JUNE 2025
th
30 June 2025
30th June 2024
Fixed assets
Investments
Notes
1,372,463
1,365,739
Current assets
Debtors
Cash balances
80,089
79,950
80,089
79,950
Current liabilities
Creditors
(2,6361
12,4741
Net current assets
77,453
77,476
Net assets
1,449,916
1,443,215
The funds of the charity:
Unrestricted funds
Capital funds
Income funds
1,372,463
77,453
1,365,739
77,476
1,449,916
1,443,215
Approved and authorised for issue by the Trustees and signed on their behalf by
DoruSlyn¥dby'.
Mike Thomas- LCVS Trustee
Dated:
10 October 2025

Docuslgn Envelopè ID.. CE98C9D&E9F1.455A.A87C.YCQ1882C87B
THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025
1. ACCOUNTING POLICIES
Basis of A¢¢ounting
The accounts have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise stated in the relevant nolelsl to
these accounts. The financial statements have been prepared 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 IFRS102} (SORP 2019) and the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS1021 and Charities Act 2011.
The trust constilules a public benefit entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial slalernents are rounded to the nearest £.
The Charity has taken advantage of the provisions in the SORP for Charities applying FRS
102 Update BuSlelin 1 not to prepare a Statement of Cash Flows.
Going concern
Al the time of approving the accounts, the trustee has reasonable expectation that the
charity has adequate resources to continue in operational existence for the foreseeable
future. Thus the trustee continues to adopt the going concern basis of accounting in
preparing the accounts.
Investments
In accordance with Statement of Recommended Practice.. Accounting and Reporting by
Charities {SORP 2019), investments held as fixed assets are staled at fair value. Realised
and unrealised gains and losses are dealt with as movements on the Capital Fund.
Investments are valued at Ihe mid-market price on the valuation date.
Fund accounting
Unrestricted funds are considered 'free' reserves and are available for use or retention at
the discretion of the Trustees, in accordance with the charity's objectives. Free reserves
are undesignated funds available for the furtherance of the general objectives of the charity.
Income recognition
Income from investments comprises dividend income and interest and are accounted for
when re￿iVed in the financial year. Donations are recognised at the earlier of notification
or date of receipt, in the case of the third-paty donations and legacy income when re￿iVed
by the organisation.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation committing the charity to that expenditure, il is probable that settlement will be
required, and the amounl of the obligalion can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses, including support and
governan￿ costs, are allocated or apportioned to the applicable expenditure headings in
the statement of financial activities.

Docusign Envelow ID.. CE98C9D5-E9F1-455A-A87ts34CC1862C87B
THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025
Raising funds costs relate to expenses incurred in Ihe management of the investment
assets. Charitable activities include grant funding, along with associated support costs, to
beneficiaries. These are dealt with in the Statement of Financial Activities when payment
has been approved by the charity. Governance costs relate to compliance with
constitutional and statutory requirements and specifically include all costs incurred by the
charity in producing the Annual Report.
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.
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumer)ts'
and Section 12 '01her 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 paty 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 al the present value of the future
re￿iptS discounted at a market rate of interest. Financial assets classified as receivable
within one year are not amorlised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price
unless the arrangement conslilules a financing transaction, where the debt instrument is
measured at the present value of the future receipts 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 inlerest
rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or
are discharged or cancelled.
io

tIo¢usign Envelope ID.. CE98¢9D5-E9F1455A-A87C-34CC1862C87B
THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025
Taxation
The charity benefits from various exemptions from taxation afforded by lax legislation and
is not liable lo corporation tax on income or gains falling within those exemptions. Partial
recovery is made of tax credits on UK dividend income. The charity is not able to recover
Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.
Critical Accounting Estimates and Judgements
In the application of the charity's accounting policies, Ihe trustees are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities
that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions
to accounting eslimales are recognised in the period in which the estimate is revised where
the revision affects only that period, or in the period of the revision and future periods where
the revision affects both current and future periods. There are not key estimates or
judgements in the preparation of these accounts.
2. Income and endowments from:
Income
Funds
2025
Capital
Fund5
2025
Total
Total
2025
2024
Investments
Investments dividends and interest
45,719
45,719
39,471
3. Expenditure on charitable activities:
Direct Support& Total Total
Charitable Governance
2025 2024
Expenditure
Costs
To provide grants for charitable
purposes
44,424
1,318 45,742 35,470
Analysed as follows:
2025
2024
Direct charitable expenditure..
Grant funding
Grant making administration costs
LCVS
42,900
1,524
33,085
1,357
44.424
34,442
li

Dc¢usign Env4¢pe ID.. CE98e9D5-E9F1-455A-A87G34CC1862C87B
THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025
2025
2024
Support & Governan￿ costs..
Financial Adminislralion - LCVS
Independent exarnination
Trustees, expenses
Meeting expenses
762
350
57
149
617
250
161
1,318
1,028
Total expenditure on charitable
activities
45,742
35,470
During the year there was one trustee reimbursed for travel expenses of £57 (2024.. two
trustees £161).
The following grants were made during the year.. 27 grants were given out to charities
Grants of £1,000 and over
Friends Of St August
Gsd German Shepherd
Halton & St Helens
Hummingbird Centre
LCVS Donation
Newlife
Power Up To Play
Saints IBrackley}
Sarcoma Uk
Southport Offshore
St Helens Carers
St Helens Foodbank
St Patricks Church
Thames Valley Air
Welsh AirAmbulance
Yellow Submarine
1,000
1,500
1,000
1,000
15,000
1,000
3,000
1,000
1,000
2,000
1,000
2,000
1,000
2,500
2,500
1,000
37,500
5,400
Grants under £1000
Total grants
42,900
12

DO(￿sIgn Envdope ID.. CE98C9t15.E9F1_455A_A67ts34CC1862C87B
THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025
TH
4. Fixed Asset Investments
2025
2024
Quoted investments:
Market value at 1 st July 2024
Unrealised gain on investment assets
1,365,739
6,724
1,253,246
112,493
Market value at 30th June 2025
1,372,463 1,365,739
th
Book value at 30 Jung 2025
496,498
496,498
The trust holds 100 /0 of its investments in a Charity Commission approved pooling
scheme, the Settlors, Trust Fund {STF}, administered by Liverpool Charity and
Voluntary Services and managed by Ralhbones Investment Management. At 30th June
2025, the assets of the STF fund had a total market value of £34,091,813 (2024..
£33,821,443) of which £1,372,46312024'. £1,365,739) is an asset of the trust.
5. Debtors
There were no debtors during the year end 30th June 2025 (2024.. £nil)
6. Creditors
2025
2024
Administration & support- LCVS
Independent examination fee
2,286
350
1,974
500
2,636
2,474
7. Unrestricted Funds
Income Fund.. Investment income and donations received for distribution as grants to
individual young people and charitable voluntary youth organisations.
Capital Fund.. Funds held provide income for the on-going activities of the trusl.
8. Related Party Transactions
Charitable Activities.. these include grant making administration costs of £1,524 paid
to LCVS (2024.. £1,357), A grant to LCVS of £15,000. A grant of £3,000 (2024..
£4,000) was made to Power up to Play (Formerly known as Skipp Charity) of which
Dr J Newton is a trustee.
Support and Governance Costs.. these include £762 (2024.. £617) payable to
LCVS in respect of accountancy and trust administration.
Creditors.. these include £2,386 (2024.. £1,974) owing to LCVS al the year end.
LCVS is related to the Trust by virtue of LCVS being the Trust's corporate trustee.
No Iruslee received remuneration as part of their role as Trustee of the charity.
13