Charfty reglstratlon numb$r 283266 (England and Wales) PENNINGTON-MELLOR-MUNTHE CHARITYTRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees A Munlhe (Chair) J Halkness IDepuly Chairl E BonhanFCarter M Drury A Kean P Mcllroy T Munlhe T Munlhe P Richey S Romito L Slalnlon A Walsh S8Grotary J Sherfdan Chartty number 283266 Principal addM$ 5 Earfs Vvalk London W8 6EP Auditor Kendall Wadley LLP Granta Lodg8 71 Graham Road Malvem WorcgslerBhiTe WR142JS Solleltor¥ Charfe8 Ru88811 Speg¢*tys 5 Reel Place London EC4M 7RD Inv8slm•ntAdvi9015 Walker Crfp8 Investment Management Ltd Old Changa House 128 Queèn VOrIa Street London EC4V 4BJ
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST CONTENTS Page Trus18es' report Statemènt of TTuslees' responsibilities Independent audltor's report Slatgm&nt of finandal actlvilies 10-11 Balance sh891 12 Statement ol cash flows 13 Note3 to the)7nanclal stgtsmon18 14-27
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5APRIL 2025 The Trusloes present their annual report and financial slalgments for the y6ar onded 5Aprtl 2025. The finanaal statements have been prepared In accordance with the accounting polici&s $91 out In note 1 to thg financlal stalomenls and comply with the charity's Trust Deed, th8 Charities Act 2011 and Accounting 8nd Reporting by Charities.. Slatomenl of Recommended Practice applbcablo to ch8riU&s preparing their acry)unts In accordance with the Financlal Raportlng Standard appThcable In the UK and Republlc of Irèland (FRS 102)" loffodive 1 January 20191. Oblgctlves and actlvittes The Charity Tru5fs oblectlves are lo protect and rnaln121n foT the benefit of the public, Hellen8 Manor, Muth Mard9, Herofordshiro, and lo rnake the house availab16 for edu¢811onal and cultural activities relevant to the local community. The Pennlnglon-mellor-munlhe Charity Ttusl IPMMCT) was given a ¢y-pros authork8alion by the Charfty Commission to sell Soulhslde House to help us MMISe our charitable purposes al Hellens. The house 15 regularly open to the general public on payment of a nomin81 enlrancg fee whith covers a guided tour. spealiSt groups are eaterèd for vAth organlsed tour8. The Charity TNSI Is engaged In a numbar of activities, most of whith are deslgned lo 6ncour8ge adivities in muslc, literacyllileraturelpoety. and the environmont, wllh emphasis placed on acllviti6s of 8pecisl benefit lo the local communlly In Herefordshlra, with the West Midlands. In order to achleve Its oblectlv6s, the Chairman, a worktng party of tha Tru8tae8, togelh8r wh the General Manager and team al Hellens Manor are actively engaged ID promoting visitors and organising special events, whilst ensuring Ihal the propety is maintained in good order, and that its unique nature is not destroyed by excessive exposur8. Thg Trustees have paid due regard lo guldance I$su8d by the Charity Commission in derjding what the charfty shtsuld undertake. Restoration and repaws wntlnue und9r the supervlslon of our hlslorfc archllecture consultant, Palrfck Mcllroy. Educallon and cuKurBI actlvlties conunue lo bg dev8lop8d In accordance with the Charfty Trust's feasibility studies. Hellen¥ Genèral Miniatures iestorallon Is contlnulng wEth Sally Higgs, from the National Portrait Gallery. We are also Creating a moro robust inventory of the enllrè eolledon whh tha help of Dr Juan Tafur, Curator for the Trust al He118n8, where the collecuon is now housed. Charlio Klmberley has continued her work succes8frJlly lo develop a volunteer progi8mme coverfng areas Such a8 guldlng. garden8 and stewardSng. Thls Is produThng axcellent results, good contacts and Improved support. Hellens supp4)rts local chaTittes and exjmmunilies through shaAng resources and faalitles. Rogularevenls Indudé monthly Produce Mark&t 8UPPOrtlng local producgrs, a local Wom6n'8 Group, an art dass, and our own Back2VVlld project forvulnerable children arKI teenagers. Also {and annually loo), the Blg Appl8 fe8tlval whlth celBbratss local cid8r and pèry prtsluc6rs, and thg Herefordshlre Forest School Association Outdoor LearnSna Confgrenc8. Other individual tharitable and comrnunlty events Includo Carriage Foundation Study Day, historical exploration day8 for local prfmary schools, a proleci wlth Hereford Collège of Arts Taxtlle D8partment, 'Young Shakespeare, for local schools In c4)IlaboralJon wmh Ledbury Poety F9$1ival, and a Green Investing Workshop.
PENNINGTON-MELLOR.MUNTHE CHARITY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Work$ Plannlng permissions for the deslgn of the Gallery 81 Hellen8 have involved consldeTable unforeseen work-, as Grade 2 Starred building, we have been required lo lake on hlslorio lat7dscape archilecls and a vallely of erKJlogiixl experts regarding badgèrs. great crested nawls. bals and bird nosting issues, whSch has dolayed tho start of construction. Tenders wlll be submSlled beginnlng February 2026, and subject to n6Wt controls, we will bo slartlng ground work In May, wKh th& m8ln conlraotor commen¢lng work al th8 end of June. Conservallon and restoration objedives at Hellens conllnue to focus on the main house., the south and east fronts, the white dSnlng room French doors, and the gallery to the tearoom. DesSgn gxp&nses for the New Ga119ry have addèd to our chall8ngas, bul pormissions are now balng sought for us lo pro¢eed on 811 front$. Actlvltles Concarts, sgmlnars for lo¢al primary school teachers, school choSrs, edu¢allonal wsits, and historical and story- telling projects have conllnutsd more vibrantly al the house for local school chlldren. Shakespeare for the Young continue Ihelr school events on slte. Communlty actlvi118s continue. as do aclimles lor Much Marcle's InnIng wlth Le Barroux, a vlllage in Southern France, initiated by the Chairman, wlth visits betwaen resSdents, and ospgcially school ohlldren. The Chairman is also President of the Ledburylslromsladl nllIng association where choir, sport and cuttural activities contlnue. In addition to these actSvilies. our yearfy local feslivili2s continue- The Ledbury Poety Fgsllval, Hallèns Garden Fe$llval (for tho local Children's Hosplce Sl Mi¢hael'sl, Hellensmuslc Festival, The Big Appl8 Fesllval, Church, Primary School actiwlies, Ba¢k2WAld prolael. and local RolarylLlons clubs evenings elc.. Workshops. avenl$ and poalry larns ware hosted again for The Lodbury P09ty Fastival lof whlch the Charfty is a Patron, and the Chalrman an odve partn6rl8dirisorl- Poets wore sponsor8d into twelve local prfmary 8¢hoo13. 3,000 chlldren are now r8a¢hed through our sponsorshlp. Hi81orical organisations from all overthe CA)unlry have made Spal visits. Tho local branch of the Arts Society continues lo be Involved wSlh lextlle reslordlion al Hellens on a weekly basi5. The needlepolnt frfeze of Hellens, hlstory over the la81 thousand years has been completed, and will be Installed in the Stone HJI Gallery. 11 conunugs lo recelve much attention from ne8dlework asso¢lations nauonally. Patron Our Patron HRH Prlncess Mgxandra ¢onllnug$ lo support thg Trust In tho mldst of hgr busy Ilfg. A¢hl•vements and perfomianca Flnanclal review The Statement of Flnanaal AdvlUe8 shtsws a net Income, Indudlng g8lns on Investments, of £131,053 compared lo a 8urplus ol £8,811.398 In the preoS year, The surplus for 2024 Induded the exceptlonal gain on sale ol Soulhsido Houso of £9,162.101. Totsl ra8erv85 are £19,761,384 12024.'£19,630.3311, of whleh £17.835,864 12024-.£17,744,1241 Is permanently endowed, £160,02812024-.£266,413} Is dasignatgd as a restorallon fund, leavSng after allowanea for tanglblo fixod ass$ls free resoNes 8 defidl of £797,80412024- de17¢it of£948,313}. Note 16 shows a gain on Inveslmant assats of £106,805 {2024- loss of £88,7e21 compared wlih an openlng value of £15,868,552. Furth8r MMent on Ihls movement Is giv&n under Inveslrngnl Pollcy below. Tha Trustees alm lo malnlaln frefy res9rves In unrostrfctgd funds al a level whlth equates lo approxlmalely 6 months of unrgslrlcted charitable eXpendur8. The Trustee8 conslder that thls lev81 wlll provide sufficlenl funds lo rgspond lo any sudden loss of Income and ensure that BUPPOrt and govemance costs are covered. Th&y also feel that a level of 6 month818 suffident glven th8 flexlblllty afforded by the total return approach towards the Inve8tmenl of the p8rmanenl andowmenl whlch allows Irust6è8 lo trantsfer amount$ from the unapplled lotal element oflha endowment fvnd In c4s& of urgent need.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 The sale of SSH was completed on 30 Juna 2023 for a lolal nel sum of £8,998.280. after deduction of expenses. Following this £8,107,000 of the proceeds have been used lo purchase a portfollo of Inv8slm&nls wllh the alm of prowding an in¢om& lo help fund the ¢onslruclion of the new gallery al Hellons. A portlon of thes& funds are hald In inleresl-bear&ng cash deposits. where they are available for IransfeT lo the Ttusl's uriTeslricled funds whenever the rnoney is required for high-value payments related to the gallery. Over an average &monlh period charitable expenditure payments In the period equated to appr0matelY £318,433, whilst the lolal value of cash balances In cuirenl bank ar£ounls and Inv88lmenl funds equates to £408.667. Thls level of readily avallable cash is, therefore, adequate forthg Trust's requlremonls. In lolal, sorne £144,985 12024..£239.0901 has been expended on th8 reslorauon of the propertles thrDugh the Statement of Flnanclal Actlvilles. Thgro wgrg no addlllons to the land owned by thg Trust during the year12024'. £325,000). The value of the investment portfolio Increased during the year by approximately 0.010A or £104,828. Indudlng the income relum1£588,457). the increase was of the order of 4.36'h. This cornpares with an increase of O.O/ts In the NUMIS All Share Ino index over the sarne pgrlod. As at S April 2025 the Endowment Fund was Invested as follows: S A rll 2025 Market value ri12024 Market value Bonds Inv8Stm&nl Tnjsls Cash Ni8toric Chattel8 Land Accrued bond Income Cash advanced for unreslrfcted activilles 2,416,474 13,243.510 333.480 105,280 1,052,189 25,494 659,437 17,835,865 10.9 1,937,259 72.4 12,851.397 741.333 105,280 5.9 1,052,189 20,084 5.8 1.036,582 100 17,744,124 10.9 72.4 100 As in th8 pr6OU8 year. Ih8re were rademplions In the Bond sedon of the portfolio and lenders and capY(al repaymants in some of tha investment Irusls. Roinvaslments were mado after dug consideration by the Truslges in Cash, Equllles, Economlc Infraslructuro and Renewable Energy. These investments wlll halp lo malntain th8 overall Irtrcome level al an anllcipaled mlnlmum of £425,000 without unduly incr8a81ng the rfsk. Durfng the year thera was an Increase In Income generated, attrlbulable lo the Investment of eertaln of the sale8 pradS of Soulhside house, from £435,808 to £594.678. Looklng ahead the rnaln Investment fear Is that in gentsral Ihare might be s8v&re dlvldend cuts whld) cou5d affeci tho dlvld6nikpang abllity of tha Investment Trusts we hold, but the Invéstment adlsor8 see thls as unllkely. The Investment managgr Is confident that the Inveslm&nl Trusts we hold will malntain their pay-outs, havlng buiFt up substantial reserves over the years lo Cary them over dMfi¢ull times such as we are now experiencing and lo keep Intsct Ihglr recA)rds ¢)f steadily rfslng pgy-outs. Ind90d, there mlght wall bo some 8urprfse Infxea8&8. So far, our income 81ream has shown a useful increase. The Truslaes hava conductsd a raeW of the malor rfsks lo whlch the Charfty Trust18 8xpos6d, In particular, th088 r8laled to the operation5 and finances of th8 Charity Trust and are salisffed that systems have been eslabllshed to mlligato thoso risks.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Plans for future periods Tha Trusvs principal activities focus on muslc and muslcal education, literacy and language worK ecology and he environment. together with programmgs of leclurgs, seminars. leaching work, con¢ert8 and communlly aollvilles. Hellensrnusle, our Fe81ival 8ach year in May, th8 Gardgn Festlval each y6ar In June, and Ihg Poetry Fesllval In Ledbury and al Helleng are the show pieces lo our year. W6 are now, and for the fulurg based at Hellens, where we serve a wide parish. exiendad rUntrywde, thanks to our growing repulalion. The Hellens Gardon F$8tival. In aid of the children's hospice movemonl. continues to fIourfsh Snvolving, however. much more work for the Trust sSnce WB became arvelY re8ponslble for the managemonl and organ18alion of the festival In 2016. Development continuas In thg parkland with new 8pecimen Ira8s. The growth In thelgvel of actiwligs relating lo 14ellensmuslc and Hgllens Gaen Festivals has becom6 such tt was decided to create two legal enlilies lo rnanage the &v&nts as separate organisalions, Independent of the Trust. Hellens Garden Fesllval was establlshed as a Community Interest Company ICICI on 16 May 2016, whilst Hélle8MuSlc was establishgd as a Charitable Incoiporaled Organisation ICIOI on l June 2016. The actmlles of both events are now aecounled for separately in the organisations, own accounts. It should also be noted that wa work wlth our iwo other family tru8t organisallons - Mlla San Michele on Caprf {ereated by Dr Axel Munlhe) www.vlll48anmichele,eu, and now ownad by the Swedish Stala, and Munlhe's Hilda5holm In Palama, Sweden ww4.hlldasholm.org.se. structure. govemance and managèm&nt The charity Trust was established by a d@claralSon of tru81 of Major M.G.M.L. Munthe dated 21 August 1981, and Is regi81ered wllh the Charfty Commlsslon, England and Wales (No. 2832661- The Trustees who 8erved during the year and up lo the (la18 of 8ignalure of th& financial slalements were- Adam Munthg Chalr, Housgs, supeNsor John Harkn8SS Deputy Chalr and Flnances Edward Bonham£artei Finances Martin Drury Houses, fabric & landscape Andrew Kean {appDinted 23 Septomber 20231 Accounts Patrlck Mcllroy (appointed 23 Spalember 20231 Building Consultant Tobie Munthe Educational, Cultural Turf Munlhe Medla. SOal. Political Sandra Romlto Collection Pelar Richey Fumllure and woodwork Lindsay Slalnlon Plctures, miniatures Alex Walsh Logal Andrew KBan, cur Flnanclal Controller slnL 1 Aprfl 2016 Gonunues to be an effective professional of Integrity and aoumen. A majority oflw¢>lhlrds of the Truslaes Is requlred to ramove or appolnl a Trust8e. Th8 pollcl88 and procgdurg$ adopted by the Chartty Trust for the indu¢fjon and tralning of Tru$loe$ Is a slmple process because new Truste98 inv8riably wlll have strong Ilnks wlh the Charity Trust bgfore thelr election. The nature of the Charity Trust a150 means that n8w Trusleos 8re only chosen If Ihgy have experlonce and gXPertl$8 In aroas that cornplemenl the oblectNe8 of the Charity Trust and, therefore. wll neod Ilttle by way of training. The Trust868 meet on a regular basis, or Ihrag times a year, Including allgasl one meeung al Hgllens. Each of tho Truste88 ha8 a partlcular funotlon In the management of the Charlty Trust, as noted above.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Tha Trust Is about lo appoint a new General Manag9r for Hellens. Juan Tafur Is Curator of the Tru*, Sam Massey, our Book.keeper, also runs the tearooms at Hellens, Jan Vemall is Head Gardener and Kleran T&rry, Eslale Manager. His wife, Kal T8rry Is responslble for th8 Back2Wld programme, Th& Arts SoLxely (being the Crèat? needle and repair leaml, and heads the Hellens Garden Commitlo9. Charliè Kimbahay does all our aOrk, guides, and is responsible for the vegetable garden. Amanda Cottom guldes and gardtsns, Jules Grifflth, taken on in May, guid88, g8rd8ns and alds wllh book-k8eplng gnd security, and Sam Panter Is Hellans. housekeeper. Durlng th6 accounting period, John Harkness, a Trustee and our Invesfmenl nsultant, worklng wllh Chlls Kelchenham from the London offi¢6s of stockbrokers Walkgr Crips Stockbrokers Urn119d ov8rsaw the invostments of tha Charity Trust. The Trustees, reportwas approved by th& Board ofTrusloes. ALLf A Munlhe (Chalrl Tru$t•o 28 January 2026
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5APRIL 2025 The Trustees aro responsible for proparing the Trustees, Roport and the finandal slalement8 In accordanco with appli¢abl8 law and Unll$d Klngdom Accounting Standards {Uniled lQngdom Generally Accepted Accounting Practlcel. The law appllc8bl? lo charities In England and Walas requires the Trustees to prèpare financlal 81alemenls for eath nancial yaar whlch glve 8 Irua and falr vlew of the slate of affalrs of the (*arfly and of th8 Incoming resources and applicyAlion of resource5 of the charity for that year. In preparlng these fin8n¢lal slalemenls. Ihg Trustees are requlred lo.. select suitsble accounting policies and then apply th&m (xJnsi3lently', observe the methods and principles in the Charities SORP., make judgements and estimatas that are reasonabla and prudent., slate whelhor applicablo accounlillg standards have baen followed, sublact to any material departures disctosed and explalned In the finana81 slalemenls., and prepare the financlal slalgmenls on the golng concem ba8ls unless k is inapproprl818 lo prasuTh that the oharlty 11 continua in operallon. The Trustees are rgsponsible for kgeplng sufficlenl accounting records that disclose with reasonable accuracy at any lime the finanaal position of the charity and enable them to ensure that the financial stalemgnls ¢omply with tha Charitigs Act 2011, the Charty (Atxounts and Reports) Regulations 2008 and the prowsions of the trust deed. They arfy also responsible for safèguarding th8 assets of the charfly 8nd hwco for tang r8asonabl8 $16ps for the prevention and detection of fraud and other irregulariligs.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PENNINGTON-MELLOR4MUNTHE CHARITY TRUST Oplnlon We have audited the flnancial Glalernenls of Pennington-M8Oor-Munlh8 Charity Trust (the 'charfl*) for the year anded 5 Aprll 2025 which comprlse Iho slalemant of flnan¢ial 8Ctlvilies. the balance sheet. the slalemenl ol cash flows and notes to tho financi81 8lalem8nl$, including slgnfficanl accounting policies. Th& flnan¢ial reporting fratllework that has been applied in their preparation is appllcable law and United Klngdom Accounting Slandanls, induding Finanaal Reporting Standard 102 Thp Financlal R&pothng Slandanl applicable the UK and Republio ol Irelond Iunlled lfjngdom Genor8lly Accepted Accounting Practice). In our opinion. the financial slatgments.. give a true and fair view of th6 stale of tha ¢harrty'$ affalrs as al SApdl 2025 and of its incoming resources and application of rasources. forthe yearthen ended., have been property prepared in accordance with UtTriled ngdOrn Generally Acc£pl£d Accounung Pracucg,. an¢J have been prepared in accordance with the CharibesAct 2011. Bas13 for opinlon We conducted our audtt In accordance with Inlernallonal Standards on Audlling (UK) IISAS (UK)) and appllcable law. Our responsibilities under those standards are rther described in thè Audilorts Trsponsibilities for the audit ol the financial slalemenls sectlan of our report. We are independent of the chartiy in accordance with the &lhical requlremenls that aré relevant to our audll of th8 financlal slateM8nls In the UK. induding the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance wSlh these raqulretnen15. Wa believ& that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions lating to going concern In auditing the financial 8talemen18, we have ¢oncluded that the Trustees, use of the golng concem ba818 of aco)unling in the preparation of the Jlnancial statements is appropriato. Based on the work we have performed, we have not Identified any malarial uncartaSntIe$ rglaung lo events or condition5 that. indlvidually or colleetNely, may cast 5ignrficant doubl on the charity's 8blllty lo ¢x)ntinue a8 a golng conc£m for a period of al least fv4elve months frorn when tha fin8naal slatgmonts are aulhortsed for issue. Our spOnsIbIle8 and the responslblles of Ihe Tmstees with respect lo going concgrn are described the relevarrt sectlons of Ihls report. Other Infomiatlon The other inforrnation comprises the inforniation included in th8 annual report other than the flnanctal statemants and our 8udilorfs report thereon. The Trustees are responsible for the other Information contalngd within thg annual report. Our oplnlon on the fflnanclal statements does not covar the olh8r Information and w8 do not exprèss any fonn of assuTancg conGIu5ion Ihereon. Our responsibility Is to read Ihg other Infolmalion and. in doing so, Gonsider wholhor the other Informallon Is materfally Incons18tent wllh the financlal statements or our knowledge obtalned in tha couise of the audll, or othemise appears lo be materially mlsslalgd. If w9 idgnllfy sud) malerfal Inconsislencle8 or appar8nt malarial misstalam9nts, wa arg r&quirgd lo delemlno whether this glve8 rise lo a rnalgrlal mis$tatgment n the flnancSal statements themselves. If, based on the work we have perfomied, we condude th81 ther8 Is a material rnisslatemenl of this other information, we are iequlrod to roport that fact. We have nolhlng lo report In thls regard. Mattors on whl¢h w• aro rgqulred to r•port by ex¢•pti¢n W$ havo nothlng lo report In respaci of the following mattars In relallon to whloh tho Chorlugs (Actounls and Report81 Regulauons 2008 requires us to report lo you if. in our opinion.. the information givon in Iho financid slalements Is irn?nsi818nl In any matsrfal respeci wlh the TnJsl888' report., or sufficAent accounting records have not be8n kept., or the financial sla18ments ar8 not in agreerngnl with the a¢tUnting records., or we have not received all the knformation artd èxplanalions wg requlrg for our aud
PENNINGTON-MELLOR.MUNTHE CHARITY TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE TRUSTEES OF PENNINGTON.MELLOR-MUNTHE CHARITY TRUST R6sponslblliti•$ of Trustoes As éxplalned morè fully in the statement of Trustees. responsibilllies, the Trustees ara rasponsible for the pr¢paratlon of th? financlal stalemonls and for belng satisfied that they give a true and falr wow, and lor such Internal control as the Tru8te8s dglemilne Is ntscessary lo enabl¢ th9 preparatlon of financial Statemanly that are free from material mlsslalemenl, whether due lo fraud or error. In preparing the ffnana[ stalernents, the Trustees are responsible lor assessing the charitys abillly lo continue a8 a golng concem. discloshg. as applicable, mallers lalgd to going con¢ern and uslng fhe going concgm bas55 ol accounting unlèss Ihe TTuslees gither intend lo cease operallons, or have no rÉ811811c allemathJ6 bul to do $0. Audttorfs rnsponslbllltle5 for tho audlt of tha flnanclal statsments We have b89n oppoinled as audttor under section 144 of the Charities Act 2011 and Teport In accordance wllh the Act and ralavanl regulations made or having eff6Ct Ihereunder. Our objecliv&s aro to oblaln reasonable assurance about whether Ihg financlal stalgmenls as a Who are free from malerfal misslatoment, whather due to fraud or error, and lo issue an audllols r6POrt that includes our opinion. Reasonable a98urance Is a high level of a38uranco but is not a guarantee that an 8udll conducted In accordance with ISAS IUIQ will always delect a matorlal misstalomenl when il axSsls. Misslalements can ansg from fraud or error and are considored material if, individually or iri the 8ggregate, Ihoy could reasonably be expected to intluence the economlo decl8ions of u8ers taken on the basis of these financlal slalemenls. The extent to which our procedures are capable of det6Cting irr8uularitles, indudlng fraud,18 detailed below. Extent to whlch tho audltwas ¢on8id&r&d ¢apabl¥ of dotgctlng Irrggularftlo$ Includlng frdud an understanding of the ri8k a8$e8smenl process Ilncluding tho assessment of the rfsk of fraud) adopted by the Board Is oblained and their attitude lo risk ascertained. an assossmgnt of the sus¢oPtlbllity lo matgrf01 ml>slalemenl of th8 finandal slalemonts 85 a r$$utt of managamgnl over-rtdg offraud18 made. it Is on8ured that Ihfy engagernenl learn have, collectively, the appropriate o)mpelence, capabilities and 6kn115 to be involved in Ihg asslgnmenl. are fvlly briefed and under8land the risks speafic to tha charity. Audlt respon80 to rl8kn Identlflod Tha Informafjon obtalned through the a8888sment to rlsk procedur88 1$ reeWed and the follovAng wotk undertaken.. processes to lest Ihg oUtmeS ol our assessrnenl Indude, g reeW of B08rd minutes, analyticel reew. the relevance and accuracy of slgnificant accoUnng estimates, substanllve leslng of signlflcanl transactlon8, work lo identity unusual or unexpected accounting entries Indudlng the testing of journal entries, inforniation disdosed in the flnandal slalemenls Is trad lo Supp0tn9 documentauon. In all Instances il is acknowledged that malerlal mls- 8talemonts that arise from fraud may Involve dellberalo ¢on¢galment or colluslon and ar8, therefore, by Ihelr vory nature harder to delect than those arislnu from error. an understandlng of Ihg legal and regulatory framework as appllGabl¢ lo the charlty Is obtalned together wllh knowledoe ofthe Procedures wt in place by the charity in order to comply wlth the same. 11 should be noted that Audlllng standards Ilm the audit procedures required to klenllfy non-compllance wth laws and regulations lo enqulry of the directors and olhar management atKI the In8p8cllon of regulatory and leual correspondenco, If any. A further dèscription of our r8sponsibllllle8 Is avalEablg on the Flnandal RepOtt9 Count41's webstte al.. http8',11 www.frc.ory.uklaudltorsresponslbllllles. Thls descrfpUon form8 part of our audlloV$ report.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF PENNINGTON-MELLOR-MUNTHE CHARITY TRUST Olhor matters Your attention is drawn lo the fact that the charity has prepared finanrAal Statements In accordance wllh "Accounting and Reportlng by Charflles.. Stalemant of Recommended Practi applIable lo charities preparing their acwunts In accordance with the Finanal Reporting Standard spplicable In thè UK and Rapublic of Ireland IFRS 102)" la$ amended) in preference lo the Accounting and Reporting by Gharilles.. Ststament of Recommended Practic£ issued on 1 Aprll 2005 which Is referred lo Sn the exlanl regulations bul has now been withdrawn. This has been done in order for the financial stslements lo prode a true and falr eW Sn accordance with current GgnerallyAccoptadAccounllng Practlce. Use of our report This report is made SLFlely to the charity's Iruslees, as a body, In a¢cordance wllh Part 4 of the Charities (Accounts and Reports) Regulallons 2008. Our audfi work has been undertaken so that we might slat8 lo th& charitls trustees thos8 rnatlers w8 are requId Éo state lo them In an auditor's report and for no other purpose. To the fullest extent P6miitted by law, we do not accept or assume responslbility to anyone other than tha tharty and the charity's trustees as a body. for our audit work, forthis report, orfor the oplnlons we have formed. Sardh Morley BA (Hon81 ACA Isgnior StatutoryAuditorl For and on behalfof Kgndall Wadley LLP Chartared Accounlanls Granla Lodge 71 Graham Road Malvgrn Worcaslershirg WR14 2JS 28 January 2026 Kendall Wadley LLP Is eligible for 8ppolntmenl as auditor of the charty by wrtue of Its gligibllity for appointment a8 auditor of 8 company under section 1212 of the CornpaniesAct 2006.
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Currant financlal year Unipstrtcted Designated Endowment funds fund$ funds 2025 2026 2025 Total Total 2026 2024 Not08 Income and endowments from.. Donations and legacies Charllable actiwlie5 Investments Other Incomo 3,740 160.938 3,599 41,891 3,740 160,938 588,457 41,891 1,965 162,912 594,676 9,162,101 169,928 414,930 Totsl Incoma and endowmonts 210,168 169,928 414,930 795,026 9,921,654 Expondltura on: Ralsing funds Charltabla actiwties 134,412 638.368 134,412 83e,366 99,808 921,885 Total Dxpèndlture 770,778 770.778 1.021.493 Nèt (lossosl I galns on Investments 11 1499) 112,7141 120,018 106,805 {88,7631 Not {8xpendlturo1 I In¢omg 1561,1091 157,214 534,948 131,053 8,811,398 Transf8rs b8iween fijnds 13 706,807 (263,5991 {443.208} Net movement In funds 145,698 1106,3851 91,740 131.053 8,611.398 Rgconclllatlon of funds.. Fund balanc4s al 6April 2024 1,819,794 268.413 17.744.124 19,630,331 10,818,933 Fund balances at S April 2025 1,765,492 160.028 17,835,864 19,761,384 19.630.331 10-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST STATEMENT OF FINANCIALACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Prforftnanclal ygar Unr&strlctsd Deslgnated Endowmant funds funds funds 2024 2024 2024 Tolal 2024 Note8 Incomè and ondowm8nts from.. Donations and legacies Charflablo ?ctSwlles Invastmonls Other Income 1,965 162,912 7,625 1.965 162,912 594,576 9,162,101 14,499 572,552 9.162,101 Total Income and gndowmonts 172,502 14,499 9.734,653 9,921,654 Expgndltur8 on,. Raising thnds Cheritable &ctiv5ties 99,608 921,885 99,608 921,885 Total axpandlturg 1,021,493 1,021,493 N61 oalnsl(T08s88} on Inwslmenls 11 (999) (17,0961 170.668) 188,7831 Nat Incomo1{gxpondlturo (849,9901 12,597) 9,e83,985 8,811,398 Transfers betwèen funds 13 721,391 {4,810) (116,5811 Net movement in funds 1128,599) 17.40n 8,947,404 8,811,398 Reconcillation of funds: Fund balance8 al 8Aprll 2023 1,748.393 273,820 8,796.720 10,818.933 Fund balance8 at 6 Aprfl 2024 1.619.794 266.413 17,744,124 19,630,331 11
BALANCE SHEET.., . ASAf,5..4.PRIL;:2025 FIx9d,'as9éts . 8,720,784 ,3.725,575. Hgillagg assets Invoslm6nts' 15,967,970 "'15,868,fJ52 19,688,735 -19,594,128 Gi¢rr4ni •5$9ts ' .., .. a8h al bank an.d In hand Crodltors: amounts failing"du8wlthln '. onè year .,115,788 18 14t:970} N9t,¢urr&ril ass0t(bIl"s} 73,816 38.203 Tot&l a04915 les# curront Ilabllltlgs 19,7S2,551 19.632,&81 . Credltors: amountsfalllng duè 4ffyr '" ..morè than ono yoar 19 11,1671 (2,(KlO} Ngt a8$0ts 19,781.384 19,ff30.331 .¢#pltg1 fvrtd8 Enduwm9nl funds . Ihcorne fund8 . Unreslrfdadfunds-da8lgnatod- rèstorÈfjon Unrogtrlctodfund$- uenar81 . 17035,864 17,744,124 1eo),028 266,413 1,619,794 1,764492 19,761,384 19,630,331 .2?li I&G> Tha flnand818WetMnts were approv bythgTntstsg$1)n.... ...:.. :...... . AMunth8 (Chalrl Hathn68s IDeNtychaè)
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5APRIL 2025 2025 2024 Not Cash fIows from oporatlng actlvlttas Cash absorbed by operations {566.704) 11,807,380) Investing actlvlties Purcha8e of tangible fL¥ed assets Procéeds from disposal of tangible frxgd assets Proceeds from disposd of herilagG assets Purchase of invastmenls Proceeds from disposal of Investments Movements on cash In investment portfolio Investment incorne received {1.545) 1341.5471 2,000 9,162,102 {991.4521 508.269 492,570 588.457 18,206,311) 576,097 (328,678) $80,112 Not cash gonorated from Invgstlng actlvtttgs s,299 1,441,776 Not Increaselldocrgasg) in cash and cash equlvalants 29,595 (365,6041 Cash and cash equiwdlents al beginning of year 45,592 411,196 Ca¥h and cash equlvalènts at and olyèar 75.187 45.592 13-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounttng policles Charity Infomation Penninglon-mellor-munthe Charity Trust (Charity NLimb6r 283268) Is an unlncorporated charity govemed by a Trust Doed, regisltsred wllh the Charity Commission, England & Wales. The principal address is 5 EarLs Walk. London, W8 6EP. 1.1 A¢¢ountlng ¢onv6ntlon The finanaal stateM6nls havo been prepared in accordance wllh the charitys goveming document. fhe Charlli88 Act 2011, FRS 102 'The Fin8nclal R8portlng Standard 8pplloxble In the UK and Republic of Ireland" and the Charilles SORP 'Acwunling and Repotting by Charities.. Statement of Re¢omm6ndad Prad]ce applicable lo charitie$ preparlng their accounts in accordance with the Finandal Reporting Standard appllcable In the UK and R8publlc of Ireland IFRS 1021. Tha charlty Is a Public Benefit Entity as Ltsfined by FRS 102. The ffnandal slatemenls havg departed from the Charittes IA¢counls and Roport81 Regulatlons 2008 only lo th@ extent r8quir6d to provld6 a truè and falr waw. Thls dèparture has Involved following the Statement of Recommended Practlce for charTtles applylnc FRS f02 rather than the version of the Statement of Recommended Prdcaicg whleh is reférred to in th8 Regulations bul whlch has $ln¢g begn wllhdrawn. Th6 financlal statements are preparod Itl 8tsrllng, whlch Is the functlonal Currency of the chartty. Monetary amounts In Ihese finanaal statements are rounded to the ngaresl £. Tho finandal slalem8nls have bean prepared under the historical cost convention, modified to indude certain finandal in3lruments al fair value and heritage a18 al a vallkatlon as describod sn th8 notes. The prfncipal accounting polie3 adopted are sel out below. 1.2 Going con¢&m At the Ume of approvlng the flnanclal statemen18, the Trustees have a r&asonable expectation that the Ghar(ty has adequate resources lo continue in operational existence for the foresgeable future and there are no material uncertainties about Ils ability to C4)nlinue. Thus the Trustees continuo lo adopt the golng concern basls of aCcounng In prep8rfng the finan¢lal stalemgnls. 1.3 Gharftable funds Unrestricted funds are av811oble for u86 al the dl8¢refjon of the Trustees in furtheranc6 of Ihair charitabl8 oblethvos. The Charity has a singl8, Toslricted Endowrnenl Fund repr8Sgnllng those a55els which rnusl be held pemianenty by the Charfly Twst, prfnclpally In th8 forrn of investments. Income arising on the Endowment Fund may bg used in accordance wlth the objects of the Charlty Trust, for whlch purp05e11 Is tran8ferr8d lo unrestricted funds. Any capital gains or losses arising on the inveslmgnts form part of the Endowrnent Fund. Investment man8gem6nl charg88 and legal advlce relating to the Ftsnd are charged agaln81 unrestrioted funds. The Endowrnenl Fund is restricted as stipulalad in an ord&r wllh the Ch8rfty Comwnissioners for England and Wale8 dalod 19 May 2000. 1.4 In¢om• All Incomo Is accounted for on s r8c8lvable basls, 8nd has been It)clud8d gross. Income Is reGDgnlsed oncB the Charty Trust has entirfemenl toll, there is sufficlenl certainty of reIpl and il is, thergfore, probable that the arnounl of Income wlll b6 received and tha amount of Income recelvable can be measured re51abty- Income may b¢ deferrod whore tt relates to a fuiure perfod. Donallon8 are recogni8ed wh8n they have been communtsted and receiv&Y In wrng, with notlflcation of both the amount and $8ttlem&nt date. 14-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 A¢¢ountlng pollcle8 Contlnuodl Tha Income frorn the Endowment Fund is unrestricted and forms part ofthB Unreslrictod Fvnd. 1.6 Expgndlturo Exponditur& is recDgnised Onc there is a legal or constructive obligation to transfer èconomie benefit to third party. it 18 probable that a transfer of economic b8nefils will be rtrqulr8d In 8etNgment, and th8 amount of the obligation can be rngasured reliably. Support Costs ar8 spIIt beiwe8n goverttance and other 8UPPOrt Costs. All running, eslabllshmenl and govemance Gosts are allocated lo charitable activities. The costs 0118lslng funds con81818 of th& c0818 of generating funds from w811ors and s18. from the sale ol goods related lo the property such as stationery and books. and the investment management fe68. Expendilur8 on ¢harlt8b18 actlvki88 Includ88 the runnlng c08ts of th8 hl8loric properts85, their repalr and rnainlenance costs, insurance and charitable donations. 1.6 Tanglble fixgd a$sgt$ Tangible fixed assets are inilialty measured at cost and subsequenuy maasured al cost or valuation, net of depredalon and any Impalmient k)8SO8. No depre¢ialion 18 provided in respect of properties and the hlstoric chattels a8 Ihe residual va0 18 con$lder8d lo be greater than thelr carylng value. All other assets costing more than £500 ara pItalIsed and Wdlued al hlstorlcal cost less depreclatlon. Depreoation is charged on fjxturas and ffttings, equipm8nl, and plant and machlnèry from the yaar of aUl$ition on a straight line basis ovar an 851irnaled sjseful life of five years120°hl. Tho g8ln or loss arfslng on the disposal of an 8sset Is det8mined as the dlffer$n¢e belween tho sale procoeds an(f the carrying value of the asset, and Is recognlsed In the slalement of financlal activitie8. 1.7 Herttage assèts The Charity TnJ8t owns a hislorfc property, Hellens, whlch together wlh its contents is protected and maintained for the bOnt of th8 publlc. The propgty is a Gradg 2 listed buildlng and Is open to the publlc during certaln months of the year. Detslls of how thls Is accounted for aro provlded in note 15. 1 Flxed gssgt It7vesfments Fixod asset investments are Inillally measured at transadion prtce gxduding transactlon costs, and are subsequ8n1 measured at falr value al each reportlng dale. Changes In falr value are recognlsad In net incomell8xpenditUTel for the year. Transaction costs are expensed as incurred. 1.9 Cash and cash gqulvalents Cash and cash equlvalenls Indudg cash in hand, depoglts hold at call whh bank8, and other 8hort-lerm Ilquld Inv88trnen18 wlh orfglnal maturflle8 of three month8 or le88, 1.10 Finan¢lal In8trumenl$ The charfty has elected to apply th& prowsions of Selon 11 'Basic Flnancial Instruments, and Saction 12 'Olher Flnancial Inslrurnents Issues. of FRS 102 to all of ts financial Inslrumenls. Financial InslNmenls are recognlsed In the L*arftys balance sheet when the tharity beojmes party to the contractual prO810n8 of the In8trumenl. Flnandal assets and Ilabl119$ are offsgt, wllh the n81 amounts presented In the flnandal statements, when there18 a legally enforceable rlght lo $81 off tha recognlsed amounts and therè18 an Intentton to Betme on 8 nel basls orto reallse the asset and 86tU8 the Ilablllty slmullaneously. 15-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Accounting policle {Contlnu*dl Basio flnancial assets Basic finanaal assets, which include debtors and cash and bank balances, are initially measured at transaction price indudlng Iransadon Qosts. Basic financial liabilities Basic financial liabilities, including ¢xediloTS are inltlally recognised al Iransaciion prfc8. Trade credltors are obllgations to pay for goods or SeCeS that have been acqulred In the ordlnEry course of 0paraon¥ from suppllers. Amounts payabl& arè dasslfied as Current liabilities if payment Is due wSlhSn on6 year or Itss8. If not, they ara prèsented as non-cutrenl liabilities. Dornco9nltlon of flnanclal liabilitiés Finanoal liabiSitias are dar$o)gnls8d when th6 charity's contractual obllgalions èxpirè 01 are dlscharged or cancellad. 1.11 Employga bonefits The cost of any unused hollday enullemenl Is recogn15ed In Ihg pedod In whlch the etnployee's servlce8 are recoived. 1.12 Rgtirgmont bengfits The Charity Trust operate5 a deflned contrfbulion workplace penslon scheme on behalf of employees whlch18 run by NEST and which complles with the slatulory requirements and regulations governing penslon auto- enrolment. Payments to dgfined conlrfbution rellrement benefil schem88 8re tharged as an expense as they fall due. crftlcal accountlng e$llmats¥ and ludgementg In the application of the charliS accounting policies, the Truslgas arg requlr8d to rnake judgements, estimates and assurnplions about the carrwng amount of assets and llab1ll8s that are not readily apparent from other sources. The ostlmal8S and assodaled assumpllons are bas6d on hlslorical experlon¢e and olhgr f4¢tor8 that are considered to be relevanL Actual results rnay drffer from Ihesa eslimatgs. The eslrnalos and undortylng assumpllons aro revlawed on an ongolng basis. Remslons lo ac¢ounling esllmales are rgcognlsed In the perSod In whl¢h the esllmale Is revised where th6 r8vlslon affecis (lY that p6rlod, or In the perlod of the revlslon and fiJlur8 periods where the re$10 affects both ¢)Jrrenl and futurts poriods. Income from donatlons and legacle Unr•$trlctsd Unre8trictsd lund8 fund8 2025 2024 Donatlons and glfts 3,740 1,965
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Income from charltable activitios 2025 2024 AdlviUe¥ fur ralsing funds Admlsslon feas. rent and book sales 69,130 71,808 75,183 87,729 180.938 162,912 Analys18 by fund Unra8tricted fiJnd8 160,938 162,912 17-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Other Incomo Unrestricted Endowment funds funds 2025 2024 Proceed8 on sale of Southslda House VAT recovered. 9,162.101 41,891 41,891 9,162,101 Expandlturo on ralslng fund$ Unroslrlcted Unrpstrlcted funds funds 2025 2024 Fundraising and publicity Slaglng fundraising events Otherfundraising wsls Staff costs 47,013 4,897 15,960 36,647 4,465 11-,121 67,870 52,233 Invgstmont manag8m9nt 66,542 47,375 Total co818 134.412 99,608 19-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5APRIL 2025 Charllablo a¢tEvrtlg 2025 2024 Staff costs- payroll Other staff costs Other running cos15 of historic propertigs Hlsloric property mainl8nanca and repair Insuran¢8 Charftsblg donatlons Depreclalion Other support and govemon¢% c08ts 283,824 21,329 70.710 144,985 26,339 15,762 4,35e 69,061 248,336 20,087 73,049 239,090 25,809 25,555 1,857 290,302 636.366 921,885 In¢lud8d In support and governance costs is £4,950 (2024.. £5,179) In respect of audit fags. The decrease in other costs Is Ihg rgsull of prior year fegs in connectlon wilh the dlsposal of Scyjlhslde House £177.662 not incurrod Ihls year. Trustegs Non8 of th8 Tru818e8 {or any pèr80nB connected with them) rec8lv8d any remuneration or benefts from the ch8rfty dullng the year. The Trustee John Harkne88 Is a c4Jnsultanl foT 0 firm of stothrok8rB who managed the portfollo ol Snveslrnents. During Ihe year the firm of stockbrokers charged £66.54212024'. £47,375) as management fees. Thelr SeCeS were piovlded on an arm8, length ba81S. Two Trusle88 receNed fees in thoir professional Capacllles as permitted by Ihg Trust D8ed. Andrew Kean propdelor of AKAS Accountancy reo8ived fees of £23,547 (2024.. £11,432) and PJM Associates of which P Mcllroy Is g dlroctorw8rg pald fee8 of £45,39212024- £35.622). Durlng the year dDnation$ of £1,000 wllhout condttlon8 Were made by Trusts85. Durfng the year one Tru8lee had expenses Telmburs8d lotdling £3112024.. £Nill for trav91 expenses. 10 Employ099 The average monthly number of omploye8s durlng tha year was.. 2026 Numbgr 2024 Numbor Hellens Central Office 14 10 Totsl 15 11 -20-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 10 Employees Icontlnuodl Employm9nt costs 2025 2024 Wagas and salarias Social sacurily costs Other pension costs 278,455 16,799 4,530 239,110 14,210 4,137 299,784 257,457 The remuneration of key management personnel, who ara the Ganaral Manager of Hg11gns and Ihg curator I admlnislralor of Southside Hovsa, lotalled £70,236 {2024- £76,254). Thgrg Wgro no employ085 whose annual remuneration wa$ more than £60,000. 21
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PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 12 Taxation Th8 charity is exempl from laxalion on ils in¢om8 and gaSns falling wllhin sg¢tion 505 of the Taxe5 Ad 1988 or section 252 ot the Taxatfon of Chargeable G8lns Act 1992 to the extent that these are applied lo ils charitabl& obledves. 13 Tran3fe Income received from th& Endowment fund Investments durlng the year is IransferTed lo the Unrestricted fund on a monthly basis. Funds reiVed frorn divid8nds and interest income arising from Endowment fund sacuri116s are transferrèd from the Endowmenl fund Income and deposit accounts held by th@ investment managerto its Unraslrict8d income deposit account and from thoro lo tha Trust's HSBC bank aiKounl. 14 Tanglble flx•d a8¥8ts FreDhoJd Fand and bulldlng8 PIAnt ttnd Flxtures and oqulpm&nt rittings Total ChattoL% Cost Al 6 April 2024 Additions Disposals 3,556,739 149,198 8,050 182,441 3,896,428 1,545 (53,523) {53,5231 At 5Aprfl 2025 3,556,739 149,198 8,050 130,463 3,844,450 Depreclatlon At e Apfil 2024 Depradalion chargod in the y8ar Eliminated in respect of disposals 8,060 162,803 4,356 151,5231 170,853 4,358 (51,5231 At 5Aprfl 2025 8.050 115,636 123,688 Carying amount AI 5April 2025 3,556,739 149,198 14.827 3,720,784 At 5 Aprll 2024 3,556,739 149.196 19,638 3,725,575 Induded within hlstori¢ chattels are a number of items received from the Estate of Mal¢olm Munthg whic* have been Induded al a nominal value of £1, as signfflcanl costs would bg Involved In valulng them, whlch would b8 on8rou8 compared with the add511onal benefit derlved by u88rs of these financlal statements. 15 Heritage eth At 6 Aprll 2024 and at 6 Aprfl 2025 -23-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 15 Horitage a8sots Icontinuedl The objectives of th& Chartiy Trust were originally lo protect and malnlaln two prope8$. Hellerts ond Southsld8 Hous6, and their wnlents for the benefit of the public. The properties were both Gradè 2 Ilslèd bulldlngs and wero open lo the public durlng certain months of the year. In December 2020 the Charity Commission granted the Trust permission lo sell Soulhslde House in order lo iaisg funds to develop the sile al Hellens, including the conslru¢tlon of a gallory to house and display tha TTUSt'8 atthmorks. The sale ol Southsldo Houso was complaled on 30 June 2023 for a total of £9.1mllllon. The remalning propety. Hellens, has been Included In th6 finandal slalgmenis al 8 nomlnal value of £1, as signrficanl costs would ba Involvod Sn valulng the building and ils conlenls, whlth would be onerous compared with the addition81 benèftt derived by users of these accounts in assesslng the stewardship of the assets by the Trustees. Later addillons and works of a capital natsjre have been capllali8ed at cost, and Included wilhln Tangible Fixed Assets. The buildSng and its contents are in8ufed for a total value of up lo £20,599,071. 16 Flxed as$et investments Llsted Invo$fments Cash In portfollo Total Valuatlon AI 6Aprll 2024 Additions Valualon Changes Cash movements Disposal8 15,042,502 991,452 106.805 826.050 15,868,552 991,452 106,805 1492,5701 1506,2691 {492,570) (506,2691 At S Aprll 2025 15,634,490 333,480 15.967,970 17 Deblors 2026 2024 Amounts falllng duo wlthln ono y93r: Other debtor8 Prepaymgnls 8nd accn¢ed Income 5,461 35,138 47,691 40.599 47,691 18 CredStoYs: amounts falllng duè wlthln one year 2026 2024 Notes Other taxallon and soclal SgWTIty D8ferred Ineome Trade credllor8 Accrual8 5,458 4,381 26,083 8,050 20 5,962 37,222 6,250 41,970 55,080 -24-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 19 Credito. amounts falllng due 8ft¥r moro than ona y•ar 2025 2024 Notes Deferred Income 20 1.167 2,000 20 Dgfgrrnd Incomp 2025 2024 Other deferred incorne 5,548 7,982 Def8rr6d incom8 Is Included In the finandal stalem8nls as follows.. 2025 2024 Dgfgrred Inwm9 is indud9d wilhln- Current liabilitlos Non-(xJrrenl IlabilkTes 4,381 1,167 5,962 2.000 5.548 7,962 Mov8ments In the year.. D8f8rr8d Income al 8 Aprll 2024 Relo88&d from prevlous p8rfods Resources deferred In the year 7,962 (5,962) 3,548 908.232 1906.932) 6,662 Deferred income at 5April 2025 5,548 7.962 Dgferred Inome relates to income received In advance of the hlre of the venue for weddlng ceremonles. 21 RgUroment hngfit $chem•$ 2026 2024 Dèfintd contslbutlon 8ch8me8 Charge to profflt or1088 In respect of deflned conmbulon schemes 4,530 4,137 The charfty operates a deflned conlrfbullon penslon scheme for all quallfylng employees. Tho a88et8 of the scheme are held 8eparalety from those ol (he charity in an irKlep&ndenlfy administered fund. -25-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 22 Endowmènt funds The Endowment fund represents those assets whlch musl be held permanently by thg chartty, prlnclpally Invgslmonts. IncDmo arising on tha endowment funds can be usod in accordan with tho objfycts of the charity and Is Iransfvrred to unreslricled funds. Any capital gains or1058es arising on thè ass6ls form part of the Endowment fund. Investment management charges and legal advice relating lo the fund are charged agalnst unreslrf¢ted funds. The Endowment fund is re81rfcted as stipulated in an order wlth the Charity Commissioners for England & Wales datad 19 May 2000. At6Aprf 2024 In¢omlng resourc85 Transfers Galns and 10969$ At S Aprll 2025 Parmanent endowments Endowmer)Ifund 17,744,124 414.930 1443,2081 120,018 17.835,864 Provlou$ year. At 6 Aprfl 2023 Incomlng resources Transfv Galn$ and los$es At 6 Aprfl 2024 P8mianant endowmer Endowmentfund 8,796,720 9,734,653 1718,5811 170,688) 17.744,124 23 Unr88trfctsd lund8 - d8$lgnatgd Theso are unrestricted fijnds whlch ara matsrfal to the charfty's a11@S. The below funds have bggn designated for usage by the Trustees against the costs of restoring Helens Manor. At 6 Aprll 2024 Incomlng rgsour¢es Trnnsfers Gains and lossgs At 5 ApTII 2026 Fiestoration fvnd 266,413 169,928 1283,599> {12,714) 180,028 Pr&vlou• yoar. At 6 Aprfl 2023 In¢omlng rosourcos TranBfar8 Galn8 and Ioss05 At 5 Aprfl 2024 Restorallon fund 273,820 14.499 (4,810) (17.096) 266,413 -26-
PENNINGTON-MELLOR-MUNTHE CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Analysis of net assets betsveen funds Unrestrlctod Deslgnated EndOnOnt funds funds funds 2025 2025 2025 Total 2025 At 5 April 2025: Tangible assets Heritage a88gIs Inve8tsnenls Current assel8llllabllille8) Long term liabllilles 2,563,296 1,157,468 3,720,764 205,341 {1.002,9781 {1,1671 145,384 14,644 15,616,245 15,967,970 1,062.150 73,816 11,1671 1,765,492 160,028 17,835,864 19,761,384 Unrestrictsd Designatgd Endowment funds funds fund8 2024 2024 2024 Total 2024 At 5 Aprll 2024: Tanglble assets Harilaga assets Invgslm8nls Curronl asselslffiabilitiesl Long term liabilities 2,568,107 1,157,468 3,725,575 90,670 11,Q36.9831 (2.0001 247,893 15,529,989 18.520 1,056,668 15,868,552 38.203 12.0001 1.619,794 266.413 17.744,124 19.630,331 25 Analysls of changes In net fund8 The tharlty had no materlai debt durfng the year. 26 Cash ab80rt)ed by oporatlon8 2025 2024 Surplus forlhe year 131,053 8,611,398 Adlu8tm•nts for.. Inv88tment Income racognl88d In Slalement of fin8ncial actiwlles Galn on dlsposal of18nolble fixed a888ts {Gainllloss on d58posal of inve8tmenls Depreaation and Impairment of tangible flxad assets 1588,4571 (594,6761 19,162,101) 88,763 1,657 1108,8051 4,356 Movomonts In worklng capftal: 06eaSe11[ncr8asI In debtor8 ID$¢reas&l in ¢reditrsrs (Decrease) In deferred Income 7,092 111,5291 (2,414) 116,7511 135,4001 (900,2701 C4$h absorbgd by oporallons 1566,704) 11.807,3801