THE PENNY TRUST
ANNUAL REPORT
AND
STATEMENT OF ACCOUNTS
AS AT 31 MARCH 2026
CHARITY REGISTRATION NUMBER 265887
Donna Leppitt
Copse Close Waterlooville PO7 5JS
THE PENNY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees' Report | 4 to 5 |
| Independent Examiner's Report on the Accounts | 6 |
| Statement of Receipts and Payments | 7 |
| Statement of Assets and Liabilities | 8 |
| Notes to the Accounts | 9 to 12 |
THE PENNY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
265887
WORKING NAMES Penny Trust START OF FINANCIAL YEAR 01 April 2025 END OF FINANCIAL YEAR 31 March 2026
TRUSTEES AT 31 MARCH 2026
Rosemary Jane Fry (Chair) Mark Edward Wills Hopkins Suzanne Avery Michael Lynn Green
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING INSTRUMENT
Declaration of Trust dated 29th May 1973 as varied by resolution dated 13th March 1991.
REGISTRATION DATE
28 June 1973: Standard registration
OBJECTS
Such Christian Charitable Purposes as the Trustees decide.
CORRESPONDENCE ADDRESS
24 Harding Close Redbourn ST. ALBANS AL3 7NT
PRIMARY BANKERS
Lloyds Bank plc High Street branch Andover
INDEPENDENT EXAMINER
Donna Leppitt 6 Copse Close Waterlooviile PO7 5JS
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THE PENNY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2026
OBJECTS OF THE CHARITY
The object of the Trust is to support and encourage faith-based organisations, individuals and their work worldwide.
MAIN ACTIVITIES
Grants are made to faith-based organisations and individuals known to the trustees, who work worldwide to help alleviate poverty, provide education and promote religious activities. The grants are pre-approved by the Trustees and the Penny Trust facilitates the distribution of the donations received.
Recipient organisations provide annual independent accounts. In addition, we require each organisation and individual to complete our annual accountability questionnaire.
PUBLIC BENEFIT
The Penny Trust has complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission (i.e. public benefit statement).
MAIN ACHIEVEMENTS AND PERFORMANCE
Throughout the year, the Charity facilitated the distribution of grants in the amount of £92,640. All of these grants were made in accordance with the Charity’s objectives.
FINANCIAL REVIEW
In the year ended 31st March 2026, the Charity received gross income of £98,148 (2024/5 £45,051) which comprised restricted funds of £95,649 (2024/5 43,849) and unrestricted funds of £2,499 (2024/5 £1,202). Expenditure totalled £96,419 (2024/5 £50,427) in the financial year, which included Restricted funds of £92,640 (2024/5 £46,194), making an overall gain of £1,729 (2024/5 loss £5,736). Funds carried forward at 31st March 2026 were £10,481 (2024/5 8,752) which included restricted funds of £6,815 (2024/5 £3,806). This is set out in further detail in the accompanying annual accounts.
RESERVES POLICY
Restricted funds are held and then distributed in accordance with donor wishes. Unrestricted funds are held for both administrative purposes and for distribution to good causes as decided by the Trustees.
STRUCTURE, GOVERNANCE AND MANAGEMENT
| Type of governing document | Trust deed |
|---|---|
| Constitution | Trusts |
| Trustee selection method | Appointed at trustee meetings |
| REFERENCE AND ADMINISTRATIVE | DETAILS |
| Charity name | The Penny Trust |
| Other name the charity uses | Penny Trust |
| Registered charity number | 265887 |
| Charity’s principal address | 24 Harding Close |
| Redbourn | |
| AL3 7NT |
GOING CONCERN
The Charity had a reasonable cash balance at the year end. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts that the charity is a going concern. This basis is adopted within these accounts.
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THE PENNY TRUST TRusfEES' REPORT {¢ontinued) FOR THE YEAR ENDED 31sr MARCH 2026 The Charty Art 2022 wuire5 the rfTtuste& to PTry)a an¢01 Statts fr e4xh fan(bI whKh gNe a true and far vivw clthe st&e rfaffairs rfthe chwty and rfits tiicrnng r2scAJrce% and expendej for the P¥K#J. In pwng thLse st&emlts. the (tTruste shcwkl frkn best prte and are ra]uir&J to: st suknbk xcwntRig prkns and app thern Car make judgments ae prndt compty wtth pable JT¥tin9 subil to V mat¥¥ dqjatures dksl and 2XpLa1 the financ01 sLements prepare the fin(la1 statan•)ts the gg (Cn ba5i% unlss fc 15 inwproprwts to presume that chaity crtUe in wètK¥) The Eoard ofTntstees is resp5 ky pr(pw &C[hn9 twds whh dtse wth raab accuracy at any tTme the financial rfthe chkn and tOab than to Suthat the financKal StateMts c(mply wh the Ch3ritÉs Act 2022. we resp91 fvr safgJu•ding the ass rf the charty and hence fvr taknng st¢)s fv the prtI and etTh Lf fraud atd and to pn)vNJe rOnab assurance that:_ the Charty 6 fatg elfrnitty l a55ets a safeguarded èjainst unauthori5al use cr and we prcpwty appltil propw rQJ5 are maiitsfft lh7¢1 usaj the chkn pUbItati s rb the ch¥ty crmple5 Wth r<dnt kns and rn3utstws. The systems cl internal contrd dtsvjn to ptNyhJe but nrt &JsLlute a55urance against material MisStatent or bss. Approval by theTrust5 Cffl... thar by Trustee.... Print8J Name: IZ£) SéWKPs (L4 F(L4
THE PENNY TRUST
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2026
Report to the trustees/ members of The Penny Trust on the accounts for the year ended 31st March 2026.
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 of the Charities Act 2022 and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2022 Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. 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 seeking explanations from the 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 and the 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
-
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 Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements concerning the form 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
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Donna Leppitt 6 Copse Close Waterlooviile PO7 5JS
Date: 1st July 2026
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THE PENNY TRUST STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31ST MARCH 2026
| Notes RECEIPTS Donations & Legacies 3a Investment Income 3b TOTAL RECEIPTS Costs of Charitable Activities 4 TOTAL PAYMENTS NET INCOMING/(OUTGOING) RESOURCES 5 Balances Brought Forward BALANCES CARRIED FORWARD TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: |
Unrestricted Restricted Total Total Funds Funds 2025/26 2024/25 £ £ £ £ 2,452 95,649 98,101 44,984 47 - 47 67 |
|---|---|
| 2,499 95,649 98,148 45,051 |
|
| 3,779 92,640 96,419 50,427 |
|
| 3,779 92,640 96,419 50,427 |
|
| (1,280) 3,009 1,729 (5,376) - - - - |
|
| (1,280) 3,009 1,729 (5,376) |
|
| 4,946 3,806 8,752 14,128 |
|
| 3,666 6,815 10,481 8,752 |
All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages 9 to 12
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THE PENNY TRUST $rATEMEP OF ASSETS AND LIABILrrIES FOR THE YEAR ENDED 31 MARCH 2026 Ncte5 Tot•1 Totsl 3141ar-26 31-MaTr25 Cash Funds: Lloyds Current AccLxJtJt Lk)yds Deplt Accwnt 3.554 6.927 1,672 7.080 10081 7S2 Totsl Currerrt Asts IOMI 752 Credltthx due the y NEf CURREMT ASSErs 752 TOTAL ASSETS less affrert Il•bllllies 752 Credltor& due in more than £e yr io 752 RewEsented by: General Funds R&rICt Funds 3.666 6.815 4.946 306 io Liabllltles Independent Ex¢7rnrt Fee 600 TRuEE5 RESPOIISIBILfiIES IN RELATION TO FIIIANCIAL STATEMEIITS Chaity Law the Trustees to prepare h)anc01 StatnEnts anCl y&3r whrh crffipty vith the reguktwjns set in the charit Act 2022. The Truststs haVeeknt to take Jvante ( the prOvisnS that apply to 5m611 Char5t and have pr a and Payrnts Ac¢wnt and Stat and Li3biltE8 wh¢ch are set out pages 7 & 8. Approved by the Trust5 on .. th behaby Trustee.. .
THE PENNY TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2026
1. BASIS OF ACCOUNTING
The accounts have been prepared under the “Receipts and Payments” basis as prescribed by the Charity Commissioners, and they meet the appropriate legal requirements.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Fund Accounting
Funds held by the charity are either:
-
Unrestricted Funds - these are funds which are held for both administrative purposes and for distribution to good causes as decided by the Trustees.
-
They are made up from the amount of 2.5% admin fee that the charity deducts from the gifts for general expenses.
2. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects. The charity currently does not have any Designated funds.
- Restricted Funds - these are funds that are held and then distributed in accordance with donor wishes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Incoming Resources
All income is included in the accounts when actually received by the Charity. Voluntary help provided by friends of the charity is not included in a quantified way within the accounts.
Resources Expended
Resources expended are recognised when paid by the Charity.
2. TANGIBLE FIXED ASSETS
The Charity held no fixed assets investments during this or the previous financial period.
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THE PENNY TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2026
3. RECEIPTS
| Note 4. PAYMENTS Note Costs of Charitable Activities a) Donations & Legacies Gifts and Donations Gift Aid Tax Refunds b) Investment Income Interest Received Awards and Grants Office Expenses Administration Governance costs:- Professional Fees - Accountancy |
Unrestricted Restricted Total Total Funds Funds 2025/26 2024/25 £ £ £ £ 2,452 86,001 88,453 43,156 - 9,648 9,648 1,828 |
|---|---|
| 2,452 95,649 98,101 44,984 |
|
| 47 - 47 67 |
|
| 47 - 47 67 |
|
| Unrestricted Restricted Total Total Funds Funds 2025/26 2024/25 £ £ £ £ - 92,640 92,640 46,194 726 - 726 617 2,400 - 2,400 3,000 653 - 653 616 |
|
| 3,779 92,640 96,419 50,427 |
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THE PENNY TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2026
5. RESTRICTED FUNDS CURRENT FINANCIAL YEAR
| Balance | Gains & | Balance | ||||||
|---|---|---|---|---|---|---|---|---|
| 01-Apr-25 | Income | Expenditure | (Losses) | Transfer | 31-Mar-26 | |||
| £ | £ | £ | £ | £ | ||||
| Restricted funds | 3,806 | 95,649 | (92,640) | - | - | 6,815 | ||
| 3,806 | 95,649 | (92,640) | - | - | 6,815 | |||
| PREVIOUS FINANCIAL | YEAR | |||||||
| Balance | Gains & | Balance | ||||||
| 01-Apr-24 | Income | Expenditure | (Losses) | Transfer | 31-Mar-25 | |||
| £ | £ | £ | £ | £ | ||||
| Restricted funds | 6,151 | 43,849 | (46,194) | - | - | 3,806 | ||
| 6,151 | 43,849 | (46,194) | - | - | 3,806 |
The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
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THE PENNY TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2026
6. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
7. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. (2024/25- None)
8. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
9. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
10. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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