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 V￿OrIa 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 $91 out In note 1 to thg
financlal stalomenls and comply with the charity's Trust Deed, th8 Charities Act 2011 and Accounting 8nd
Reporting by Charities.. Slatomenl of Recommended Practice applbcablo to ch8riU&s preparing their acry)unts In
accordance with the Financlal Raportlng Standard appThcable In the UK and Republlc of Irèland (FRS
102)" loffodive 1 January 20191.
Oblgctlves and actlvittes
The Charity Tru5fs oblectlves are lo protect and rnaln121n foT the benefit of the public, Hellen8 Manor, Muth Mard9,
Herofordshiro, and lo rnake the house availab16 for edu¢811onal and cultural activities relevant to the local
community. The Pennlnglon-mellor-munlhe Charity Ttusl IPMMCT) was given a ¢y-pros authork8alion by the Charfty
Commission to sell Soulhslde House to help us M￿MISe our charitable purposes al Hellens.
The house 15 regularly open to the general public on payment of a nomin81 enlrancg fee whith covers a guided tour.
spe￿aliSt groups are eaterèd for vAth organlsed tour8.
The Charity TNSI Is engaged In a numbar of activities, most of whith are deslgned lo 6ncour8ge adivities in muslc,
literacyllileraturelpoety. and the environmont, wllh emphasis placed on acllviti6s of 8pecisl benefit lo the local
communlly In Herefordshlra, with the West Midlands.
In order to achleve Its oblectlv6s, the Chairman, a worktng party of tha Tru8tae8, togelh8r w￿h the General Manager
and team al Hellens Manor are actively engaged ID promoting visitors and organising special events, whilst ensuring
Ihal the propety is maintained in good order, and that its unique nature is not destroyed by excessive exposur8.
Thg Trustees have paid due regard lo guldance I$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 Sp￿al 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 pre￿o￿S 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$ls free resoNes 8 defidl of £797,80412024- de17¢it of£948,313}.
Note 16 shows a gain on Inveslmant assats of £106,805 {2024- loss of £88,7e21 compared wlih an openlng value
of £15,868,552. Furth8r ￿MMent on Ihls movement Is giv&n under Inveslrngnl Pollcy below.
Tha Trustees alm lo malnlaln frefy res9rves In unrostrfctgd funds al a level whlth equates lo approxlmalely 6 months
of unrgslrlcted charitable eXpend￿ur8. The Trustee8 conslder that thls lev81 wlll provide sufficlenl funds lo rgspond lo
any sudden loss of Income and ensure that BUPPOrt and govemance costs are covered.
Th&y also feel that a level of 6 month818 suffident glven th8 flexlblllty afforded by the total return approach towards
the Inve8tmenl of the p8rmanenl andowmenl whlch allows Irust6è8 lo trantsfer amount$ 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 appr0￿matelY £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 pr6￿OU8 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
pr￿adS 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 dlvld6nikpa￿ng abllity of tha Investment Trusts
we hold, but the Invéstment ad￿lsor8 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 ra￿eW 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 r￿Untryw￿de, 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 ar￿velY 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 Ga￿en 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
Hélle￿8MuSlc 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. SO￿al. 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 a￿Ork, 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 ta￿ng 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 ￿spOnsIbIl￿e8 and the responslbll￿es 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 ffnan￿a[ 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$ re￿eWed and the follovAng wotk undertaken..
processes to lest Ihg oUt￿meS ol our assessrnenl Indude, g re￿eW of B08rd minutes, analyticel re￿ew. the
relevance and accuracy of slgnificant accoUn￿ng 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 tra￿d lo Supp0t￿n9 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 RepO￿tt9 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￿ applI￿able lo charities preparing their acwunts In
accordance with the Finan￿al 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 pro￿de 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 requI￿d 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 a￿￿18 al a vallkatlon as describod sn th8 notes. The prfncipal
accounting poli￿e3 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 aCcoun￿ng 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 re￿Ipl 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 wr￿ng, 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 s￿￿18. 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 va￿0 18
con$lder8d lo be greater than thelr carylng value.
All other assets costing more than £500 ara ￿pItalIsed and Wdlued al hlstorlcal cost less depreclatlon.
Depreoation is charged on fjxturas and ffttings, equipm8nl, and plant and machlnèry from the yaar of
a￿Ul$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$n¢e belween tho sale procoeds
an(f the carrying value of the asset, and Is recognlsed In the slalement of financlal activitie8.
1.7 Herttage assèts
The Charity TnJ8t owns a hislorfc property, Hellens, whlch together wlh its contents is protected and
maintained for the bOn￿t of th8 publlc. The propgty is a Gradg 2 listed buildlng and Is open to the publlc
during certaln months of the year. Detslls of how thls Is accounted for aro provlded in note 15.
1￿ Flxed gssgt It7vesfments
Fixod asset investments are Inillally measured at transadion prtce gxduding transactlon costs, and are
subsequ8n1￿ measured at falr value al each reportlng dale. Changes In falr value are recognlsad In net
incomell8xpenditUTel for the year. Transaction costs are expensed as incurred.
1.9 Cash and cash gqulvalents
Cash and cash equlvalenls Indudg cash in hand, depoglts hold at call whh bank8, and other 8hort-lerm Ilquld
Inv88trnen18 wlh orfglnal maturflle8 of three month8 or le88,
1.10 Finan¢lal In8trumenl$
The charfty has elected to apply th& prowsions of Se￿lon 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 prO￿810n8 of the In8trumenl.
Flnandal assets and Ilabl1￿19$ 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 Se￿CeS that have been acqulred In the ordlnEry course of
0para￿on¥ 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 charli￿S accounting policies, the Truslgas arg requlr8d to rnake judgements,
estimates and assurnplions about the carrwng amount of assets and llab1ll￿8s 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 Se￿CeS 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

xs Lfj ¢A

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 re￿iVed 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 prope￿8$. Hellerts ond
Southsld8 Hous6, and their wnlents for the benefit of the public. The properties were both Gradè 2 Ilslèd
bulldlngs and wero open lo the public durlng certain months of the year. In December 2020 the Charity
Commission granted the Trust permission lo sell Soulhslde House in order lo iaisg funds to develop the sile al
Hellens, including the conslru¢tlon of a gallory to house and display tha TTUSt'8 atthmorks. The sale ol
Southsldo Houso was complaled on 30 June 2023 for a total of £9.1mllllon.
The remalning propety. Hellens, has been Included In th6 finandal slalgmenis al 8 nomlnal value of £1, as
signrficanl costs would ba Involvod Sn valulng the building and ils conlenls, whlth would be onerous compared
with the addition81 benèftt derived by users of these accounts in assesslng the stewardship of the assets by
the Trustees. Later addillons and works of a capital natsjre have been capllali8ed at cost, and Included wilhln
Tangible Fixed Assets.
The buildSng and its contents are in8ufed for a total value of up lo £20,599,071.
16 Flxed as$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 a￿1￿1￿@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 EndO￿nOnt
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:
06￿eaSe11[ncr8as￿I 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