Charlty r¢glstratlon number 261536 (England and Wale¥l THE PENNYCRESS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE PENNYCRESS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr ChaNes Cholmondeley Lady Rose Cholmondeley Mrs Priseilla Dicketts Charfty numbèr (England and Wales) 261538 Prlnclpal address 16 Beldams Gats Bishop's Slortlord Hertfoidshir8 CM23 5RN Indepond•nt examlner Ggry Howard FCA Howard Wlson Chartered Accountants 38 Crown Rise Watford Hertfordshire 25 ONE Bankers Royd Bank of 8¢otland London Holbom (Al Brar 1271126 Migh HDlbtJrn London WC1V 6PQ Inve$tm•nt advlsors Canaccord Genuity Wealth Management 88 Wood Street London EC2V 7QR
THE PENNYCRESS TRUST CONTENTS Page Trustoes, report Stalem•nt of trustees, r8sponsibilities Independent éxaminérf$ r8wrt Slalemenl of financial activities Balance sheet Notes lo Ihe financial sEatements 7-11
THE PENNYCRESS TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5APRIL 2025 The trustees present their annual report and financial statements for the year ended 5 Aprfl 2025. The financial statements have been prepared in accordance with the aOung policies set out In note 1 to the finanaal statements and Gomply with the charity's goveming document, the Charities Act 2011 and "Accounting and Raporting by CharitigB.' Statgm•nt of Rocommondod Practi¢9 appli¢ablo to chariti88 prèparing their aecounts In accordance wth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Ob5ectivtts and actlvltles The ¢harilable obje¢ls of the PennYe$S Trust as defined by the Trust Deed 8re'. "the charitsble purposes of the bodies associations and organisalions whose name$ shall at the tsme of such application be registered as Ghaiilies PU¥suant to the Charitable Tru$15 Act 1960. Their policy is to make donations lo smaller charities and preference is given to charities based in Cheshire and Norfolk. In addltlon some donatlons are made to natlonal charftles. Publ1¢ benellt staiemem The trustees have p8ld due regard lo guldance issued by the Charlty Commlsslon In decldlng what actlvlUes the tharity Should undertakc. Flnanclal rovlow In tho y¢ar lo S April 202$ 10 donations wore made, totalling £11,30012024 £72,400} mainly of 8um8 of £1,000 and £2,000. The Tru8tee3 make a reserve of any unspent income each year, to enable them to make occasional largè donation8. The accumulated reserve to 5 April 2025 wa8 £176,10712024 £119,699) th18 re8eNe being in¢luded in the total value ol the Trust Fund as at 5 April 2025. ResgNes policy The Trustees, policy is to r8iain sufficient reserveg to enable the payment of donations to beneficiaries dunng ea¢h a¢counting period. Investrnent powe The Tru8lee8 have wide investment powers and are advise(I by Canaccord Genuity Wealth Management who have (with tho consonl of tho Charty Commis8ion8r8) cartain do10gat8d powors lo doal with invastmants Iwhieh are held In Ihelr nomlnee names). The pollcy Is to Invest to produce Income whllst malnlalnlng a reasonabl8 capital growth. Rl6k management The trustees have as$e$5ed the major risks to which the Charity ig exposed, and are satisfied that Sygtems are In plaeg to mitl9ate 8xposur• to th• major risks.
THE PENNYCRESS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Stru¢tur•i governance and management The Charity 1$ a wistered charity (Charity No. 261536} and is governed by a Trust Deed dalad 16 June 1970 anu male beNeen Ine laie Ihe Most Honourable SYDII Racnel Cecile Betty Adele Dowager Marchioness ol Cholmondeley, CBE of the one patl. Anthony James Morton Baker, the said Dowager Marchloness of Cholmondeley and Lady Aline Caroline Cholmondeley of the other part. The Settlement cgmprised 10.000 The "Sh811' Tran5PDrt & Tiading Co. PLC Ordinary 25p shares on the 16 June 1970. settted by the Dowager Marchioness of Cholmondeley. In the intervening years Lady Aline Cholmondeley has Iran:f¢rrcd variouT• holdings of =hJrcw and I47h lo Ihc Trust Fund. By hor Wll, thc Dowagor Marchionès8 of Cholmondeley bequeathed an interest in certain jewell•ry to thè Trust Fund from th8 salè of whi¢h th• Trust•O$ received £441,818. By a Doad of FamSly Arrangwn•nt mad• bo88n th¢ •X•¢Lrto of tho lata D¢)w29¢r Mar¢hiono¢¢ of Cholmondeley and herself. Lady Aline Cholmondeley gave up the greater part of her interest in 8 on&third share of the residue of the Dowager marchione of Cholmondeley'5 estate in favour of the Trustees. In the event the Trustees ceIVed shares of a total value of £407.412 and capltal ca8h of £21.579. The Iruateea ?eryed during the ye$r and up to the date of $ign8tur¢ of the fin¢n¢ial ¢tatem¢nts were: Mr Chade8 Cholmondeley Laty Rosè Cholmondeley Mrs Priscilla Dicketts The power of oppolntSng new trustees is vested in the Trustees for the lime being, The tru8tee8' report was approved by thg Board 0fTN$t$. Mr Charles Cholmondeley Trust88 Dated.. 12 February 2028
THE PENNYCRESS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025 Th8 tru$lo9¢ aro rKponsiblo for Prgparing tho TruBtoee' Report and the finan¢i?l ¢tslem¢nts in a¢¢ordanoc with 8PPIIcablé law and United Kingdom Accounting Standards (United Kingdom Generally Ac£èpted Accounting Practice). The law appli¢8ble lo ¢harilie5 in England and Wales requlres the twslees lo prepare financlal ststements for @ach finanual year which give a true and fair view of thè glata of affairs of the charity and of the incoming resourees and application of resources of the charity for that year. In preparing these finanGi¥l 51alemen15. the trustees are requlred lo.. Select 8uitsble accounting policies and then apply them conslslenly., - obsérvè tho mothods and principles in the Charities SORP; makÈ judgements and estimates that are reasonable and prudent., state whether applicable aGGounting Standards have been followed, subject Io any maledal departures dlsclosed and explained in the financial stalemenls.. and préparé the finanual ststgments on the golng concem basi8 unleÈs it is inappropriate lo presume that the charlty will continue in operation. Th8 trustees are responsible for keéplng Sufficient accounting recorejs that disclose wth reasonablè aecuracy at any Ilme the finan81 position of the chaTIty and enable tnem to ensure that the financial slalemenls comply the Charitie3AGt 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They ar8 also rgsponsiblo for safeguarding the assets of the charity and hence for taknng reasongble stepg for the prevention and detection of fraud and other irregularities.
THE PENNYCRESS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PENNYCRESS TRUST I report to the tru$loe$ on my examination of the financial slalemenls of The Penny¢ress TTu$I (the charity) for the year ended 5Apnl 2025. Responslbllltlos and basls of rèport As the irustees ot th8 Charty you are rèsponsibl8 for the preparation of th• finandal st8tsm8nts in accordance wth the requiremerrt¥ of the CharitiesAd 2011. I report in respect of my examination of the charity's financial atMentS catried out under section 145 of the ChariticsAct 2011. In earrylng out my examin$ti¢n I hgve followed the Direction8 given by the Challty C¢mmia?ion undèr séetion 14515}Ib) of the ChBrilies Act 2011. Indèpèndènt èxamlnorfs statèmeni Your attention is drawn to the f8cI that the chaty has prepared the financial statements in accordance wth the relevanl verslon of the Slalement of Recommended Practlce applicable lo chaNtl8s preparing their financial stgtemenls in accordance wlh the Financlal Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102} in prèfèr•n¢o lo th¢ A¢¢ounting and Reporting by Charities.. Statement of Recommended Practi¢• is$uod on 1 April 2005 which is r8f8rr8d to in tha 8xtant regulations but has now been wlhdrawn. l undersland that this has been done In order for the finanGial statements to provide a true and fair wew in accordance wlh UK Generally Accepted Accountin9 Practice. I have complel¢d my examinotion. l otsnfirrn Ihot no mottcra hav¢ oome to my ottonlion in connectlon wth th¢ examination giving me cause to believe that in any mat8rfal rèspèct.. occounling records were not kept In respect of the charity as required by s8Ction 130 of tho Char0$Act 2011. Ihe financial siaièm8nts (Jo noi accorcj wtn thosè r8cordX.' or th• finaneial stAtempnl# do not tomply with the gpplicable requirÈmÈnt$ eoneeming the forni and eonlgnl of financial statements Set out In the Charlties (Accounts and Reports) Regulallons 2008 olher than any roquir¢m¢nt that the finanoal 61alem¢>nts give a Itue and fair view, whiGh 13 not a matter Gonsid¢r¢d a$ pail 91 an independent exgmination. I have no concems and have come across no other matters in connection wlth the examination to which attention Ahoilld flrAwn in thlA rApart In arflAr lrt AnahlA a prrtpAr iJnd•rsL2ndino of the finaneial statements to b• rèaehed. (Jary Howard FGA Howard Wlson Chartered Accountants 36 Crown Rise Watrotd H¢rtford¥hire WD25 ONE 12 February 2026
THE PENNYCRESS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025 Unrestrlclgd Unrestricted funds funds 2025 2024 Nolgs Investments 84.148 7Q,350 Total Income 84,148 79,350 Ex èndltu Charitable aetivltiè$ 48,666 103,320 Totsl charttabl• •xp•ndltUT• 48.668 103,320 Net gaInlI¢S$¢$) on invcatments (1,044) 104,836 Not mov•m•nt In fund¥ 34,438 Fund balanc03 at 6Aprll 2024 2,AO,390 2,485,522 Fund balances at 6 Aprll 2025 2,580,828 2,546.390 The statement of finanaal activities inclLKles all gains and losses rewgni5ed in the year. All Income and exndItr derive from continuing a¢tivilies.
THE PENNYCRESS TRUST BALANCE SHEET ASAT5APRIL 2025 2025 2024 Notè# Flxed assets Investmenis ID 2,433,575 2.455,545 Current assets Cash al bank and in hand 149.233 92,645 Cr8dftots: amounts ialllng due wlthln ong ygar 11 11.980) (1.800) Net current assots 147,253 90.845 Total ass•t# IÈAA r.urr•nt Ilabllltl 2,580.828 2.548,390 The fundg of the eharlty Unreslrfctèd fvnds 12 2.580.828 2.546,390 2,580,828 2,546,390 The ffinancial statemènts r& approvéd by th• Irust•g$ on 12 Fgbruary 2026 Mr Charles Cholmondeley Tru$te¢
THE PENNYCRESS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2025 Accountlng pollGle¥ Charlty Infomatlon The PennyGre5s Trust Is an unlncorporatsd charity. 1.1 Accountlng conventlon The flnandal 51atemenls have been prepared in accordance wtn tnè tharty's governing doeum8nl, the Charities Act 2011 and "Accountinq and Reporting by Charities.. Slalement of Recommended Pr8Ctlce appti¢able to charities preparing their aceounl8 in accordance with the Financial Reporting Stsndard applicabl8 in th8 UK and Republic of Iroland (FRS 102} (effective 1 January 2019}". The charity is a Publi¢ Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charit188 {A¢counts and Reports) Regulations 2008 only to the extent requirèd to provide a tru8 and fair view. This departure has involved following the Stslement of Recommenae¢J Practtce for chantses applying FRS 102 rather than the version of the Statem8nt of Recommended Practice whlGh is referred to in the Regulauons bul whlch has since been withdrawn. The )Inanrlal statements are prepared In steming. which Is the functsonai eurrency ol the charity. Monetary amounts in these financial statements ate rounded to the nearest £. The finan¢ial ststements have been prepared under the hisloriGal cost convention. The principal accounur policias adopted are 6el out below. 1.2 Golng concern At the time of approving the finan¢ial $latements, the trustees have a reasonable expe¢talion that the charty ha$ adequate resources to ¢ontinu¢ in operational exlslen¢e for the foreseeable future. Thus the trustees continue to adopt the going cOnM basis of accounting in préparing the financial statements. 1.3 Charltable funds Unrestrict8d fvnd$ are availabl8 for use al the di8crelon of the trustees in furtheran¢e of their charitable ODjectives. 1.4 Incomo Income is recognised when thé ¢haiity is legally 8ntill¢d to it after any perfomian¢e conditions have been mel, Ihe amounts can be measured rèliably, and rt is probabla that income will b8 r8C8iV8d. Lggacies are recognised on receipt or olhemse rf th8 charity has been notified of an impending distribution, the amount 1$ known. and receipt is expected. If the amount Is not known. th8 leoacy i* IrAated As a contingent asset. 1.6 Exp•ndltu R88ourGes expendod are iluded in the 8tstement of Finanaal Activilies on an accnjals basls Inclusive of VAT. 1.6 Flxed assot Investments Fixcd a&3et Inv¢¥tmcnt¥ are Initially measured at transaction priGe exGluiJiiig Ii&ii¥¥¥tiUWl 5(5. and are subsèqu8ndy measured at fair valua at each reporting dale. Changes in fair value are recognised in net Incomellexpenditure) the year. Transaction e05ts are expenséd as Incurred.
THE PENNYCRESS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Accountlng pollcl•8 Iconllnuedl 1.7 Cash and ¢a$h gqulval8nts CaBh and caeh equivalenlB indude caeh in hand, depoelts held at oall with bank¢, other short-lcrm liquld invèstmènts wlh original maturitie$ of three months or less. and bank overdrafts. Bank overdrafts arè shown vAthln borrowlngs In current Ilabllltles. Basic financial assets. %thich include debtors and cash and bank balances. are initially measured at transaction price including transaction tosts and are sub¥equently carried at amortised cosl using the Offeclive interest method unless the arrangernent eonstitutes a financing transaction, wh8re the trans8cty.on is measured at the present value of the future receipts discounted at a mark81 rat8 of Interest. Flnandal assets dassified as ¢t1vable wlthin one year a not amort6sed. Bosk flnan¢lal Ilabllftles Baaic financial liabilitie8, including creditorn and bank loan8 are 1n1t5lY reco9ni88d at transadon pri¢¢ unl¢ss thè arrang•m•nt ¢on$titulos a finan¢lng Iran$a¢tlon, whor• the debt instrumonl is measured at the present value of the future payments discounted al a market rate of interesL Financjal liabilities dassthed as payabl8 wllhln one year are not amortlsed. Debt Instruments are subsoquently cathed at Smor$9 cost, ustng the effective interest rate method. Trade c¥edSlors are obligallons to pay for g¢)od$ or se¢vices that hav¥ been acquired in Ihg ordinary coun8e of OP9rations from suppligrs. Amoun1$ payablo grg cl8ssffied as current liabilities if payment is due vhlhin one year or less. If not, thèy ar8 pre8•nl•d as non4urr8nt liabilities. Trade crtsditors are recognised initially al transacuon prtce and subsequently meosured 8t amortlsed cost uslng the effectlve Interest method. Dgre¢ognlllon of flnanclal Ilablllues Finanaal liabS1ilies are derecognlsed when the charlty's contractual obllgauons explre or are discharged or cancalled. 1.8 Employee beneflts The cost of any unused holiday entitlement is recognised in the perlod In which the employe¢'s seNices Bre received. Temiination benefits are reGOgnised immediately as an expense the charity Is demonstrably Gommitted to tormlnat• th8 èmploymènt of an wnployo• or to provido1gmiinalion benefits. 1.9 Credltors and provl$lons Creditors and provisions are recognised ere the ¢harily has a present obligotion resulting from a past event that wll probably result in the transfer of funds to a third paty and thè amount duè to sottle the obligation can be measured or estimated reliably. Creditors and provisions are normally reGognised al their settlement amount aftar allowing for any trade discounts due. Crltl¢al •ccountlng •stlmatss and Judgemènts In the applicatSon of thè charity'$ a¢¢ounting polioics, thc tru8tee8 are requlred to m¢k¢ judgements, c8timate8 and assumptions about the carying amount of assèts and liabili11gs that are not readily apparont from othor sources. The esllmates and assoclated 888umptlons are based on historical exp8rianrA and otrer ts¢tors that are Considered lo be relevant. Actual results may differ from the8e e8tim8le8. The èstimaias and undertying assumptions ar8 rèvf8w8d on on ongolng basis. R8vlsfjons to accounting ¥sliiii¢alrb [v9[11(l in IhE PEiiod in whlch the e5tlmale 15 revlse(I wnere the revlslon affeos only Inai period, or in th• porfod of lh• mi$ion and futuro periods where th¢ visIon affcGts both GUTrent and future Periods.
THE PENNYCRESS TRUST NOTES TO THE FINANCIAL STATEMENT8 (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Intom• from Jnv•stm•nts Unrestrfcted Unrostrietsd funds funds 2025 2024 Inwme frorrt11512(J Invgstmenis Interest re1Vable 81,458 2.690 75,981 3,369 84.148 Ch•rltabl¢ aGtlvltles 2025 2024 Salaries and 8undrie8 Portfolio management costs Governance costs 14.760 20.926 1.660 12.300 16.940 1,680 37.366 30.920 Grant funding of aGtivthes (see note 5) 11.31JO 72,400 48,008 103,320 Governance costs Comprise independgnl ex?mineVs fees of £1,68012024- £1,680). Grants payable 2026 2024 Grants to organisstions 11,300 72,400 Trusts•s None of the trustees (or any peisons Conned wth them) recèived any remuneration or ben8fi1$ from the ¢harity during the ar. Employ998 There were no employees durfng the period.
THE PENNYCRESS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Galn8 and losse8 on Investmènts Unrestrlcted Unrestrlcted fvnd$ funds 2026 2024 Gainsloosseg) arising on.. Revaluation of invesknent$ Sal• of investments 14,680) 3,636 107,815 12,9771 11,044) 104.838 Taxatlon The charity is exempt from taxation on its activits&s b8caus8 all its Incom8 1$ apI•d for ch8rit8bYe purposes. 10 Flxed asset Investments Ll$ted Investments Cost or valuatlon Al 6 April 2024 Additior)s Valuation changes Nel Gash movement Disposals 2.455.545 310.455 14,680} {450} (327,2951 At 5 Aprfl 2025 2,433,575 Carylng amount At 05 April 2025 2,433,575 At OS April 2024 2,455,545 11 Cr•dltora: amounts falllng due wlthln one y¢ar 2025 2024 Ae¢ruals and deferred income 1,980 1,800 10-
THE PENNYCRESS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 12 Unrestrlctsd funds The unrestricted funds of the chartty Comp8• thè un8xpendèd balAne.0$ of donations and gr#nl$ whieh ar• not subject to s*fi¢ ¢onditsons by donors and grantors as to how they may be used. These include deBignated fvnds which have been set aside out of unrestricted funds by tha trustees for specifi¢ purposes. AI 6Aprfl 2024 Incomlng Resource$ resourcès expended Galns and 10$$9S At S Aprfl 202£ Revaluation reserve General funds 332.803 2,213.587 58.258 157,3021 389.061 2,191,767 84.148 148.6661 2,546,390 84.148 148,6e61 (1,0441 2.580,828 Prevlous year: At 6 APrtI 2023 Incoming Rosourcés •xpended Galn$ and loss•s At S Aprfl Z024 Revaluation reserve Caneral fund) 252,592 2,212,930 60,211 24.827 332,803 2,213,587 79,330 (103,320) 2,485,522 79,3SO 1103,320) 104,838 2,546,390 13 R•l•t4d PArty tran8aetlon¥ Th•r8 wor• no disdtydable related paty transadons during the year {2024- none}. 11