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 a￿Ou￿￿ng 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 PennY￿e$S Trust as defined by the Trust Deed 8re'.
"the charitsble purposes of the bodies associations and organisalions whose name$ 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 I￿47h 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• bo￿88n 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 finan￿81 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$I (the charity) for the
year ended 5Apnl 2025.
Responslbllltlos and basls of rèport
As the irustees ot th8 Charty you are rèsponsibl8 for the preparation of th• finandal st8tsm8nts in accordance wth
the requiremerrt¥ of the CharitiesAd 2011.
I report in respect of my examination of the charity's financial ￿at￿MentS catried out under section 145 of the
ChariticsAct 2011. In earrylng out my examin$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 cha￿ty 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$uod on 1
April 2005 which is r8f8rr8d to in tha 8xtant regulations but has now been wlhdrawn. l undersland that this has
been done In order for the finanGial statements to provide a true and fair wew in accordance wlh UK Generally
Accepted Accountin9 Practice.
I have complel¢d my examinotion. l otsnfirrn Ihot no mottcra hav¢ oome to my ottonlion in connectlon wth th¢
examination giving me cause to believe that in any mat8rfal rèspèct..
occounling records were not kept In respect of the charity as required by s8Ction 130 of tho Char￿0$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 gaIn￿lI¢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 ex￿ndIt￿r
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 cOn￿M 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 i￿luded 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 1n1t5￿lY 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 r￿e1Vable
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 Conne￿￿d 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$ ap￿I•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 Comp￿8• 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