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← The Peña Charitable Foundation

2025-03-31-accounts

Charity registration number SC053379 (Scotland)

THE PENA CHARITABLE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

THE PENA CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity registration Scotland SC053379 Principal address Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE Auditor MMG Archbold Limited 78-84 Bell Street Dundee DD1 1RQ Bankers Bank of Scotland 72 W High Street Forfar DD8 1BJ Solicitors Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE

THE PENA CHARITABLE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 16

THE PENA CHARITABLE FOUNDATION

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the period 23 April 2024 to 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The Foundation’s purposes include the prevention or relief of poverty; advancement of education, religion, health; saving of lives; community development; arts and culture; sports; human rights; equality and diversity; environmental protection; animal welfare; and relief of those facing disadvantage.

Mission, Vision and Impact

Mission: To use our resources and platform to provide hope and opportunity for those facing disadvantage.

Vision: A world where individuals, regardless of background, can access the tools they need to build brighter futures.

Impact: The Foundation provides timely financial support to individuals and communities, enabling education, hardship relief, and goal attainment. Beneficiaries report increased access to learning, reduced financial stress, and an enhanced sense of community.

Public benefit

The Trustees have paid due regard to guidance issued by the Scottish Charity Regulator (OSCR) in deciding what activities the charity should undertake.

Grant making policy

Activities during the year included supporting other charities and voluntary bodies through grants, donations, and gifts. International partnerships include Capuchin Tertiary Sisters of the Holy Family (Sri Lanka), CSUN Veteran Students (USA), Holy Family Home Makati Foundation (Philippines), and the Boys & Girls Club of Harlem (USA).

Achievements and performance

Significant activities and achievements against objectives

Highlights of 2024/25 include:

THE PENA CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Flnancial review The Foundation's total incom8 during the reporting period came from a singl8 donation. Income received during the period was applied towards the charity's charitable purposes, primarily through grants and project funding, with remaining funds retained to support future charitable activities. The Foundation has a net surplus of the period of £1,333,259, as this is the first period of financial statements the reserves to carry forward are £1,333.259, all unrestricted. Reserrfes policy It is the policy of the charity that unrestricted funds which have not been designated for a specffic use should be maintained at a level equivalent to bebNeen three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period. A prudent reserve policy is in place to sustain grant-making activity. Investment policy The Pena Charitable Foundation's policy is to manage its funds prudently in accordance with the Charities and Trustee Investment {Scotlandl Act 2005 and OSCR guidance, ensuring that all monies are held securely on bank deposit with institutions authorised by the Prudential Regulation Authority and covered by the Financial Services Compensation Scheme. The charity's objectives are to preserve capital, maintain liquidity for operational needs, and obtain a reasonable return on deposits without exposing fvnds to undue risk. Trustees will review interest rates, providers, and account arrangements at least annually, ensuring that investments remain suitable, ethical, and aligned with the charity's purposes. Major risks The trustees have considered the principal risks facing the charty. The main risk identified is the potential impact of the death of a trustee, given the small size of the board. To mitigate this, the charty has procedures in place for succession planning and the appointment of addrtional Trustees rf required. The Trustees will continue to review governance arrangements to ensure continuty. Plans lor luture perlods Future priorities include.. Expanding educational support in the UK and overseas. Deepening intemational partnerships and identifying new charitable bodies. structure, governance and management The Pefia Charitable Foundation was established through a deed of trust on 23 May 2024 and is overseen by the Trustees who allocate funds in accordance with the Foundation's purposes. Trustees bring diverse expertise in finance, education, law, and community development. They meet regularly to review grant applications, monitor impact, and oversee financial stewardship. ancial statements were: Recn1itn￿nt and appointment of trustees The Trustees have the power to appoint new Trustees. Organisational structure The Foundation considers tts key management personnel to be the Trustees. All decisions on the running of the charity are made by the Tnjstees.

THE PENA CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2025

Induction and training of trustees

The Trustees have undertaken a course run by ICAEW for charity trustees.

Relationship with related parties

No Trustee received remuneration or benefits from the charity, and no expenses were reimbursed.

Daniel Pena, Trustee, made a donation to the charity during the period of £1,355,348.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

THE PENA CHARITABLE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial period which 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 charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the trust deed. 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.

THE PENA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PENA CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The Pena Charitable Foundation (the ‘charity’) for the period ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

THE PENA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PENA CHARITABLE FOUNDATION

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our audit, we gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates, and considered the risk of material misstatement in the financial statements from non-compliance with laws and regulations, including fraud.

We considered the principal laws and regulations to be the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, and UK Accounting Standards including FRS 102 and the Charities SORP (FRS 102).

Our audit procedures included:

We assessed the risk of fraud in revenue recognition to be low, as the charity’s income comprised a single significant donation and bank interest, both supported by appropriate documentation and bank evidence. No other fraud risk factors were identified.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE PENA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PENA CHARITABLE FOUNDATION

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Chartered Accountants 78-84 Bell Street Dundee DD1 1RQ Date: .........................19/12/25

MMG Archbold Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE PENA CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2025

Unrestricted
funds
2025
Notes £
Income from:
Donations and legacies 3 1,355,348
Investments 4 16,631
Total income 1,371,979
Expenditure on:
Charitable activities 5 38,720
Total expenditure 38,720
Net income and movement in funds 1,333,259
Reconciliation of funds:
Fund balances at 23 May 2024 -
Fund balances at 31 March 2025 1,333,259

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

THE PENA CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
The funds of the charity
Unrestricted funds
13
The financial statements were approved by the Trustees on .........................
19/12/25		 2025
£
£
1,340,808
(7,549)
1,333,259
1,333,259
1,333,259		 2025
£
£
1,340,808
(7,549)
1,333,259
1,333,259
1,333,259
1,333,259
1,333,259

THE PENA CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
16
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		 2025
£
£
1,324,177
16,631
16,631
-
1,340,808
-
1,340,808		 2025
£
£
1,324,177
16,631
16,631
-
1,340,808
-
1,340,808
1,340,808
-
1,340,808

THE PENA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Pena Charitable Foundation is a unincorporated charity governed by a deed of trust. The principal address of the charity is Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.

1.1 Reporting period

The Pena Charitable Foundation became a registered charity on 23 May 2024, these financial statements cover the period 23 May 2024 to 31 March 2025.

1.2 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE PENA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Accruals

Accruals are applied at the year end based upon financial costs received post year end and the experience of the Trustees.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025
£ £
Donations and gifts 1,355,348 -

4 Income from investments

Unrestricted Unrestricted
funds funds
2025
£ £
Interest receivable 16,631 -

THE PENA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

5 Expenditure on charitable activities
Charitable
expenditure
2025
£
Direct costs
Grant funding of activities (see note 6) 15,586
Share of support and governance costs (see note 7)
Support 469
Governance 22,665
38,720
Analysis by fund
Unrestricted funds 38,720
6 Grants payable
Charitable
expenditure
2025
£
Grants to institutions (8 grants):
Religious 6,672
Youth Development 4,058
Education 812
11,542
Grants to individuals (5 grants) 4,044
15,586
-
7 Support costs allocated to activities
Charitable
expenditure
2025
£
Bank charges 469
Governance 22,665

THE PENA CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Support costs allocated to activities (Continued) 2025 Governance costs comprlse: Audit f88s Accountancy Legal and professional 6,109 1,440 15,116 22,665 Net movement In funds 2025 Tha net movement in funds is statad after chargingllcredrtingl: Faas payable for the audit of tha charity's financial statements 6,109 Trustees None of the Truste6s (or any porsons conno¢t￿ with thom) racoived any remuneration or benefrts from tho charity during tho period. During the period trustee, made a donation to the Pena Charitable Foundation amounting to £1,355,348. 10 Employees The average monthly number of employees during the period was: 2025 Number Total There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on rts activities because all its income is applied for charitable purposes. 12 Creditors: amounts falling due within one year 2025 Accruals and deferred income 7,549 14-

THE PENA CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 13 Unrestricted funds The unrestricted funds of the charity comprise the unexpend8d balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. Thes8 indud8 designated funds which have been set aside out of unrestricted funds by the trustoes for specrfic purposes. At 23 May 2024 Incomlng resources Resources At 31 March expended 2025 General funds 1,371,979 {38.720) 1.333,259 14 Flnanclal commltments. guarantees and contlngent Ilabllltles The Pena Charitable Foundation have committed to regular monthly funding to Holy Family Makati and Capuchin Tertiary Sisters, these organisations have to provKle detailed reports each month and funding could be withdrawn at any time by the Trustees. 15 Related party transactlons Transactlons wlth related partles During the period, a trustee of the charity, made a donation to the Pena Charitable Foundation amounting to £1,3 During the year. the charity reimbursed £4,058 to Guthrie Castle Limited, a related party by virtue of its connection to The reimbursement related to a grant payment made directly by Guthrie Castle Limited to the s Club of Harlem, a separate charitable organisation, on bghalf of the charity. oys Guthrie Castle Limited did not rètain any part of th6 funds or receive any financial benefrt from the transaction. Thère werè no outstanding balances with the related party at th8 rèporting datè. 16 Cash generated from operatlons 2025 Surplus for the period 1,333,259 Adjustments for: Investment income recognised in statement of financial activities (16,631) Movements In worklng capltal: Increase in creditors 7,549 Cash generated from operatlons 1.324,177 15-

THE PENA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

17 Analysis of changes in net funds/(debt)

The charity had no material debt during the year.