s&w The Mellon Foundation Charity Reoistration Number.. SC052661 Trustees, report and unaudited accounts For the year ended 31 December 2025
The Mellon Foundation Legal and administrative information Trustees Peter Mellon Nicola Mellon Aimee Gibbons Charity number SC052661 Principal address Evelyn Partners LLP Third Floor. Atria Two. 148 Morrison Street Edinburgh EH3 8EX A¢¢ounlants S&W Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SPI 1BG Inve8tmont advls¢r8 Evelyn Partners LLP Third Floor, Atria Two, 148 Morrison Street Edinburoh EH3 8EX
The Mellon Foundation Contents Page Trustees. report Ac¢ountants' report statement of f inancial activities Balance Sheet Notes to the accounts 7-11
The Mellon Foundation Trustees, report for the year ended 31 December 2025 The trustees present their report and accounts for the year ended 31 December 2025 The accounts Comply with the Charities and Trustee Investment IS¢otlandl Act 2005 and Accounting and Reporting by Charities- Statement of Recommended Practice applieable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Structure. governance and management Governance The chsrity was established by a trust deed dated 4 July 2023 and is registered with the Scottish Charity Regulator, charity number SC052661. Trustees The trustees who served during the period were.. Peter Mellon Nicola Mellon Aimee Gibbons The power to appoint trustees shall be vested in the founding trustees las above) and the survivor of them durino their lifetime. In selectino individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity. The charity recognises the importance of comprehensive training for new trustees to ensure they can effeetively fulf ill their roles and responsibilities. New trustees shall receive a copy of the charity's key documents and a training handbook, alono with an initial meetino with the existing trustees to provide an overview of the charity and its purpose. Any decisions made by the trustees may be taken either at a meeting of the charity trustees or by resolution agreed by all of the trustees. The trustees have a responsibility to manage the affairs of the charity and may for that purpose exercise all the powers of the charity. It is the duty of each trustee to exercise their powers in the way tY decide in oood faith would be most likely to further the purposes of the charity. The trustees have a duty to exercise. in the performance of those functions, such care and skill as is reasonable in the circumstances. Risk factors The trustees have reviewed the risks to the charity's assets and income and are satisf led that adequate controls are in place. Objects and activities The trustees shall hold the Trust Fund and the income of it to pay and apply the same to or for the benef it of or in furtherance of such charitable purposes or charitable institutions in such proportions and manner as the trustees shall think fit. In exercising their discretion in terms of this Clause the Trustees shall give primary consideration to the wishes of those persons who gift or lend funds to the Trust but this proviso shall impose no binding obligation on the Trustees. Public benefit The trustees confirm that they have paid due regard to the Scottish Charity Regulator's guidance on public benef it.
The Mellon Foundation Trustees, report for the year ended 31 December 2025 Achievements, performance and financial review Financial review The f inancial activities are summarised on page 5 of the accounts. During the year the charity received £nil12024.. £1,242,000) of donations, £nil12024- £310,500) in Gift Aid la debtor at the year endl, deposit interest of £3,14812024.. £2.6371 and investment income of £16.43512024.. £2,034). Grants totalling £l,00012024.. £50.0001 were made during the year. These are summarised in note 3 of the accounts. Reserves poli¢y It is the policy of the charity to hold reserves which are sufficient to allow f uture grants and donations to be made at the discretion of the trustees. At 31 December 2025. the total reserves atnounted to £1,579,75012024.. £1.501.2461. Investment poli¢y The charitable trust deed permits any investments to further the objects of the charity. The charity has a portfolio of listed investments that had a market value of £1.230,802 at 31 December 2025 12024- £952,053). The trustees will review the performance regularly with their investment advisors. The investments were transferred into the charity part way through the period and as such there has not yet been a full year s worth of performance to review. The investments will be held to generate income which can be used to make charitable donations. Related partles During the prior period, the Charity received £1,242,000 of donations from Peter and Nicola Mellon. There were no such transactions during the current year.
The Mellon Foundation Trustees, report for the year ended 31 December 2025 Trustees, responsibilities The trustees are responsible for preparing the trustees, report and the accounts in accordance with applicable law and regulations. The law applicable to charities in Scotland requires the trustees to prepare accounts for each f inancial period in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable regulations) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under that law the trustees must not approve the accounts unless they are satisf led that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the trustees for that period. In preparing the accounts, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable a¢¢ounting standards have been followed, subject to any material departures disclosed and explained in the accounts- and prepare the a¢¢ounts on the going Concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper a¢¢ounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable a¢cura¢y at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotlandl Act 2005, the relevant Charities Accounts Iscotlandl Regulations 2006 las amended) and the provisions of the Charity's ooverninu document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board of trustees Nicola Mellon (Jun 23. 2026 14.28.10 GMT+11 Ni¢ola Mellon Tru$t88 Date.. 2310612026
The Mellon Foundation Accountants, report on the unaudited accounts Aeeountant$' report to th& trustoos on praparation of the unaudited a¢¢ounts of The Mellon Foundation for the yearended 31 December 2025 In accordance with the engagement letter dated 15 November 2024, we have prepared for your approval the accounts of The Mellon Foundation for the year ended 31 December 2025 which Comprise the statement of financial activities, the balance sheet and the related notes I to 10 from the charity accounting records and from information and explanations you have given us. We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales IICAEWI, which are detailed at icaew.comlregulations. You have approved the accounts for the year ended 31 December 2025 and have acknowledged your responsibility for them. for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation. We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the a¢counts. Use of this report This report is made solely to you. in accordance with the terms of our engagement letter dated 15 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of The Mellon Foundation and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release TECH08116AAF. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the trustees for our work or for this report. W Partners LLP S&W Partners LLP lJun 23, 2026 14.47.07 GMT+11 S&W Partners LLP Old Library Chambers 21 Chipper Lane Salisbury Wiltshir8 SPI IBG Dated.. 2310612026
The Mellon Foundation Statement of financial activities for the year ended 31 December 2025 Y¢ar Qndgd 31 December 2025 Period ended 31 December 2024 Notes Income Donations Deposit interest Investment income 1.552.500 2,637 2.034 3,148 16.435 Total in¢omo 19,583 1,557.171 Expenditure Costs of raising funds Expenditure on charitable activities- Grants and support costs 8,477 3.135 3&4 10,138 60,752 Total expenditure 18.615 63.887 Not In¢ome bef¢re galn$ and loss$s on Inv$$tmonls 968 1,493,284 Realised and unrealised gains on investment assets 74,408 7,962 Net movement in funds 75.376 1.501,246 Fund balances brought forward at l January 2025 1,501,246 Fund balances Carried fonvard at 31 December 2025 1,576,622 1,501,246 All incoming resources and resources expended derive f rom continuing activities. The notes on pages 7 to 11 form part of the accounts.
The Mellon Foundation Balance sheet as at 31 December 2025 2025 2024 Notes Fixed assets Quoted investments 1,230,802 952,053 Current assets Cash at bank and in hand Debtors 46,395 310,949 246,472 315,552 357,344 562.024 Current liabilities Creditors.. amounts falling due within one year 111.524) 112,8311 Net current assets 345,820 549,193 Net assets 1.576.622 1.501,246 In¢omo funds Unrestricted income funds 1,576,622 1.501,246 1.576,622 1.501,246 Nicola Méllon lJun 23, 2026 14 28 10 GMT+11 On behalf of the board of Trustees Nicola Mellon Date.. 2310612026 The notes on pages 7 to11 form part of the accounts.
The Mellon Foundation Notes to the accounts for the period ended 31 December 2025 Accounting policies 1.1 General information The Mellon Foundation is a charitable trust, established by a trust deed dated 4 July 2023. It is registered with the Scottish Charity Register (No. SC0526611 and the principal address is Evelyn Partners LLP, Third Floor, Atria Two, 148 Morrison Street, Edinburgh, EH3 8EX. 1.2 Basis of preparation The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (effective l January 20191. The trustees conf irm that the charity is a public benefit entity as defined by FRS 102. The accounts are prepared on a going concern basis., there are no material uncertainties about the charity's ability to continue as a going concern. The charity's presentational currency is GBP. 1.3 Income Donations and investment income are credited to the statement of financial activities in the period in which they are receivable. 1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headinos that aggreoate all costs related to the category. Support costs consist of costs not directly attributable to direct charitable expenditure, but which are in respect of the general administration of the charity and overall management of the funds.
The Mellon Foundation Notes to the accounts for the period ended 31 December 2025 (Continued) Accounting policies 1.5 Fixed asset investments Investments are stated at Tnarket value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their cost, are credited or Charged to the Statement of f inancial a¢tivities in the year of gain or loss. Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the Statement of f inancial activities in the year of the gain or loss. 1.6 Financial instruments The Charity only has financial assets and f inancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.7 Fund accounting Unrestricted funds are those f unds which are available for use at the discretion of the trustees in f urtherance of the general objects of the charity. The charity has no restricted or endowment funds. 2 Donations received Year ended Period ended 31 December 31 December 2025 2024 Cash donations received Gift Aid receivable 1,242,000 310,500 1,552.500
The Mellon Foundation Notes to the accounts for the period ended 31 December 2025 Grants Yearended Period ended 31 December 31 December 2025 2024 Grants paid to institutions: Guide Dogs for the Blind Association St Andrew's Hospice Kindness Homeless Street Team Glasgow With Kids Young Lives vs Cancer 12.500 12.500 12,500 12.500 1,000 1,000 50,000 Reconciliation of 9rants payable Comtnitments made in the period Grants paid durinu the period 1,000 11,000) 50,000 150,0001 Commitments at 31 December 2025 4 Support ¢o$t$ Yaarended Period ended 31 December 31 December 2025 2024 Accountancy fees Audit fees Legal fees 4.446 2,520 6,360 1,872 4,692 9,138 10,752 Trustees None of the trustees lor any persons connected with them) received any remuneration during the year12024'. nill. Empl¢yoos There were no employees during the year12024- nill.
The Mellon Foundation Notes to the accounts for the period ended 31 December 2025 Fixed asset investments 2025 2024 Quoted investment summary Market value at 1 January 2025 Additions Disposals Fair value revaluation 952.053 539,186 (334,8451 74.408 944,498 14071 7,962 Market value at 31 December 2025 1,230,802 952,053 Cost of listed investments at 31 December 2025 1,146,512 944.089 Material investments (greater than 5% 01 portfolio) Holding 10.000 10,000 250 5,500 10.500 Investment Natixis Loomis Sayles US Equity Leaders Loomis Sayles Invesco Physical Gold Artemis UK Select LF Miton US Opportunities 81.735 77.124 50,146 48.336 47,880 81,735 223.486 Debtors 2025 2024 Gift Aid receivable other debtors Interest receivable 310,500 310.500 4,200 852 449 310,949 315.552 Creditors 2025 2024 Accruals 11,524 12.831 11,524 12,831 -io-
The Mellon Foundation Notes to the accounts for the period ended 31 December 2025 10 Related parties During the prior period, the charity received £1.242.000 of donations f rom Peter and Nicola Mellon. There were no such transactions during the current year. li