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 t￿Y 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