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← Medaille Trust

2024-03-31-accounts

Annual Report & Accounts 2023/24

www.medaille-trust.org.uk

Annual Report 23/24 | 1

Contents

Welcome 03
Goodbye 05
Introduction 06
2023-24 In numbers 08
Where we work 09
Vision, values and strategic objectives 10
How we make a diference 11
Prevent 12
Protect 14
Pursue 16
Partnerships 18
Fundraising 19
Financial review 20
Reserves policy 21
Plans for the future 22
Provision of information to auditors 23
Legal and administrative details 24
Statement of Trustees’ responsibilities 25
Independent auditors’ report 26
Statement of fnancial activities 30
Balance sheet 31
Cash fow statement 32
Accounting policies 33
Notes to the accounts 35

Welcome from the Chair of Trustees

Sister Jane Maltby Chair of Trustees

As I extend a very warm welcome to all our supporters, I am very aware that this has been a year of change within Medaille. First of all, I would like to thank my predecessor Simon Young, who completed his tenure as Chair in October 2023. During his four years in office, he oversaw the review and updating of the governance, financial and legal obligations of the Trust, in line with the requirements of Charity Law and the Companies Act 2006. We are very grateful for his leadership and his commitment to the work of Medaille and wish him good health and every happiness into the future.

In introducing myself as the new Chair, I am happy to have been closely associated with Medaille since 2017. As a Roman Catholic Religious sister of the Society of the Sacred Heart, I have been associated with anti-slavery work for many years, and in 2017 collaborated with the Arise Foundation in its survey of religious men and women working on the front-line in England. I am honoured to have this new opportunity to understand more deeply the mission and tasks of Medaille, and to ensure the well-being of the Trust.

The most significant change of the year has been the resignation of Garry Smith as he moved on to take up responsibilities within his Church, The Salvation Army. We again wish him every success and happiness in his new role, thanking him for his commitment to the aims of the Trust and to all his staff and colleagues. His energy and creativity during six years of service have seen the growth and development of the work of the Trust in different areas, including new initiatives such as the project in Albania.

Following a recruitment process we have been delighted to appoint Dani Wardman as our new CEO. We look forward to welcoming her warmly, knowing that she brings with her a wealth of experience and expertise in both management and governance. Her specific background has been in working with vulnerable women, as well as devising safeguarding objectives and training for religious men and women in ministry. Dani will not be taking up her role until June 2024, Dani has plans to visit all the safe houses and projects, to familiarise herself with the issues and challenges faced at local and central level.

I would particularly like to thank the senior management team together with all members of staff, who, especially during this period of transition and change, have worked hard and with commitment to the highest professional standards. I thank too our service users for all the ways in which they teach and inspire us.

The Trustees look forward to continuing a fruitful partnership that will take Medaille forward in new ways, as we seek to fulfil our mission to provide refuge and a new life to so many trafficked and disempowered women and men.

Sister Jane Maltby Chair of Trustees

Annual Report 23/24 | 3

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Goodbye from outgoing CEO - Garry Smith

Garry Smith Chief Executive

As I take this opportunity to look back on 2023/2024, I’m aware that I’m writing this as my tenure as CEO comes to a close. I hope you will therefore forgive me a bit of self-indulgence as I look back not only over the last year but the whole six years of my time with the organisation.

Looking back over the time since I joined in January 2018, much has changed. Yet throughout the periods of change we have stayed true to the principles and values embedded in Medaille since it was founded by Sister Ann Teresa SSJA, in 2006.

We have distilled our three strategic aims into three Ps – Prevent, Protect, Pursue and this Annual Report will look in more detail at the accomplishments over the last year in these three areas.

When I joined, our prevention work was primarily focused on awareness-raising talks in the UK and collaboration with a partner charity in Albania. In September 2023, we enhanced our prevention efforts in Albania by appointing our first Country Manager there. Subsequently, we became a member of a coalition of organisations

working in Albania to prevent human trafficking, known as the United Response Against Trafficking (URAT). Additionally, our awareness-raising efforts in the UK have expanded, largely due to the tireless work of the teams in our Moving On Project hubs. They conduct these activities alongside their work of supporting victims of modern slavery in the community.

As a designated NGO first responder organisation, Medaille is able to serve as the first line of protection for potential victims of modern slavery in the UK. In 2018, official government statistics show that we made four referrals into the National Referral Mechanism (NRM); in 2023/2024, this increased to 45 potential victims being referred into the NRM.

In the 2017-18 Annual Report, we reported that we had expanded our safe house beds to 109. As of 202324, the number stands at 137 beds – an increase of over 25%. This means we can now provide refuge and support to more survivors than ever.

In addition, since 2020 we have been able to offer support and protection for survivors in the community through our Moving On Project. Our hubs in London, West Midlands, Manchester, Hampshire and Wiltshire work with survivors both inside and outside of the NRM.

Our pursuit of justice work is now unrecognisable from 2018, when we were mainly providing intelligence summaries for police forces. Now we have our Victims’ Voices project, launched in May 2021, with caseworkers trained to take evidence through video recorded interviews that are admissible in court. This project goes from strength to strength and is now enhanced through a new partnership with the Gangmasters and Labour Abuse Authority (GLAA), launched in early 2024. This sits alongside the direct support we can give on police operations and our now renowned International Criminal Justice Conference which was held for the first time in Albania in 2023, receiving overwhelmingly positive feedback from those who attended.

I have no doubt that the work of Medaille Trust will continue to go from strength to strength, due to the unwavering commitment of those who work for Medaille and those who support us. I would like to take this opportunity, for one last time, to say a huge thank you to all who have supported our work prayerfully, practically and financially over the last year and throughout the whole of my time at the helm.

With very best wishes

Garry Smith CEO Medaille Trust 22/1/18 to 31/3/24

Annual Report 23/24 | 5

Introduction

The Trustees present their report and accounts for the year ~~ended 31 March 2024. The accounts have been prepared in~~ accordance with the accounting policies set out in the accounts and comply with Medaille Trust’s Articles, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (FRS102). The principal activity of the Charity is the provision of support for those who have been victims of human trafficking. This support is given by providing safe housing and such other support as may be necessary.

Structure, governance Recruitment & & management appointment of Trustees

Medaille Trust is both a limited company and a registered charity. All Trustees are directors of the company and vice versa. New Trustees are largely recruited by personal recommendation. There are currently no vacancies, but as and when these arise the board will actively recruit for those with suitable skills and experience to fill them. Once recruited, Trustees undergo a structured induction process.

The organisation seeks to ensure that there is diversity of experience among the Trustees. Regular meetings identify the strengths and weaknesses amongst the skill set of the Trustees and the Board has actively and successfully recruited new members to improve efficiency.

Trustee induction & training

The Chair of Trustees maintains close contact with the CEO to whom the day-to-day operational management is delegated. The Trust is governed by Articles of Association lodged with Companies House.

New Trustees become familiar with the practical work of the charity through their presence at meetings and visits to safe houses. All Trustees are invited and encouraged to attend an annual away day, board meetings and visit all services in order to familiarise themselves with the charity and its work. A variety of documents exist to be used when Trustees are inducted, and all are provided with a full set of the Trust’s Policies and Procedures.

Organisational structure

The Trustees meet on a regular, formal, basis, at least four times per year but more often when required. During the year, the Trustees met on four separate occasions.

At the quarterly meetings, the Trustees approve the Charity’s Strategy and areas for activity and monitor progress against key action plans. In addition, they receive reports from the Chief Executive Officer to enable them to monitor the management of the day-to-day activities (which they have delegated to that officer and the supporting managers) and provide formal approval for proposed action where necessary. In addition, the Risk Register is reviewed at each meeting and any significant budget variations.

None of the Trustees have any beneficial interest in the Company.

The Charity receives support services from Caritas Diocese of Salford, which works from a similar ethos and has many years’ experience of health and social care. The objectives and activities of the Charity are to provide care for others in need and are therefore compatible with the objectives and activities of this Charity.

6 | Medaille Trust

Internal control - managing risk

The Trustees have reviewed the Charity’s risk management procedures. In the course of the review the Trustees determine the major risks to which the Charity is exposed, the potential impact if an individual risk materialises and what mitigating actions are in place, or need to be put in place, in order to reduce each risk to a level which the Trustees consider to be acceptable.

They have recorded this position in a Risk Register and encapsulated the necessary risk mitigation action. This Plan classifies the risks into the following four categories:

Committees of the board

The Board has reviewed and enhanced the effectiveness of its committees, which has resulted in updates to their structure and functioning. The remit of the committees include:

Remuneration

To deliver our charitable aims and meet the needs of people affected by human trafficking and modern slavery, Medaille Trust employs a committed and skilled workforce, alongside the vital support we receive from volunteers.

We are committed to making sure we pay our team a fair and appropriate salary, while making sure we have the financial resources to do so. We are a real living wage employer. This is also informed by the external job markets and the level of pay needed to attract people with the required skills.

Before the start of a new financial year, the Remuneration Committee meet to discuss levels of pay and make recommendations to the Board of Trustees.

Annual Report 23/24 | 7

2023-24 in numbers

297 service users and dependent children supported in our safehouses

143 awareness talks delivered

314

service users supported through our Moving On Project

45

times we acted as a First Responder

75

workshops delivered by our Moving On Project

15 police operations supported

20 ABE interviews conducted

8 | Medaille Trust

Where we work

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KEY:
Registered Office
Safe House
Moving On Project
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Annual Report 23/24 | 9

Vision, Values and Strategic Objectives

Values

Medaille Trust is a client-focussed charity that equips victims of modern slavery to become survivors.

Vision

Our vision is a world where people are free from exploitation through human trafficking and modern slavery.

We will act with:

Respect

Collaboration

Compassion

Empowerment

Passion

Strategic objectives

Our current strategy runs from 2020-2025 and focuses on seven areas of development (objectives) to enable us to meet the challenges of responding to modern slavery effectively and sustainably.

The seven strategic objectives are:

Protection

People

Profile

Prosecution

We will continue to We will increase the profile develop the support we of Medaille Trust as a leading offer to law enforcement anti-trafficking organisation agencies in getting justice in order to better fulfil our for survivors mission

Prevention

Property

We will enable programmes We will ensure our to discourage and prevent properties are both safe trafficking from source and fit for purpose for those countries, and broaden who live and work there our reach in educating and equipping UK opinion formers and members of Partnerships We will work in partnership the public on modern slavery

We will work in partnership with organisations and individuals that share our values in pursuit of our strategic objectives.

10 | Medaille Trust

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How we make a difference

1 Prevent

we raise awareness about modern slavery and support initiatives both in the UK and globally to help prevent those who are vulnerable from falling prey to traffickers and exploitation.

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2 Protect

we offer protection 365 days of the year to victims of modern slavery - including their dependants - from initial assistance following police raids, to providing safe and comfortable accommodation for up to 137 victims every day, through to ongoing support in the community, helping equip survivors to live independent lives.

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3 Pursue

we work with law enforcement agencies to prosecute the perpetrators of modern slavery and human trafficking crimes, causing disruption to supply chains, reinforcing deterrents and seeking justice for survivors.

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Annual Report 23/24 | 11

Prevent

The number of confirmed potential victims of modern slavery continues to rise. In 2023, the National Referral Mechanism (NRM) received 17,004 referrals, the highest number of annual referrals since the NRM began.

Preventing modern slavery before it occurs is one of our highest priorities. We do this in a number of ways.

Our advocacy and media work focuses on promoting awareness, influencing policies, and shaping public opinion. During the past year, we featured in the media 37 times, double that of the previous year. We have made significant progress in increasing our profile within the Catholic Church and with Christian audiences. Our articles have been featured in The Tablet, Catholic Universe, and Pastoral Review, Independent Catholic News and Catholic Network. Additionally, we have placed comment pieces in the wider Christian press, such as Premier Magazine and Woman Alive Magazine.

To further increase our profile and raise awareness of modern slavery, during the year we appointed a new Social Media Coordinator. This has helped us expand our social media audience by more than 10%, which includes a 45% increase in followers on LinkedIn.

Delivering awareness talks continued to play a key role in helping to prevent modern slavery. During the past year, 143 awareness sessions and talks were delivered by our Moving On Project team, reaching an audience of 1,625 individuals. This included sessions to healthcare professionals, schools, churches and general community groups.

By raising awareness of the scale and nature of modern slavery in the UK, we aim to educate people on how to spot the signs within their own communities. This includes empowering individuals to appropriately report any victims they may encounter, with the hope of making communities more resilient and preventing further exploitation.

We have also been building on our advocacy and campaigning connections. including membership of the expanding Coalition Against Slavery. The wider sector has been greatly concerned with proposed legislative changes to modern slavery policy over the past 12 months and we have worked closely with partner organisations to raise concerns with parliamentarians.

12 | Medaille Trust

Focus on Albania

Modern slavery in Albania is a significant issue and it remains the top source country for people trafficked to the UK. This is due to a number of reasons including economic challenges, social vulnerabilities, weak law enforcement, the prevalence of organised crime and a lack of support services for victims.

For more than ten years, we have worked in partnership with Mary Ward Loreto by part funding the work they do in supporting those most at risk of being trafficked in Albania. During the past year, we made the decision to strengthen our commitment to developing preventive initiatives within the country and in September 2023, we appointed our first Albania Country Manager, Ana Stakaj.

Our work now spans a wide range of programmes, from strengthening criminal justice responses, to promoting economic empowerment and facilitating cross-border collaborations.

Criminal Justice Conference

In October 2023, we held our annual International Criminal Justice Conference in Albania for the first time. It brought together representatives of the UK Border Force, the Home Office, police officers from Warwickshire, West Yorkshire, Lancashire, Merseyside and Leicestershire police forces, Albanian State Police, National Crime Agency, Interpol Tirana and the Interior Ministry.

Expert speakers provided insights into the challenges of human trafficking, illegal migration, and organised crime in Albania. Contributions from the UK police on their experiences with Albanian criminal groups added valuable perspectives to the discussions. This emphasised the complexity of these issues across different jurisdictions.

We have already begun organising the 9th International Criminal Justice Conference in Albania, scheduled for October 2024.

Criminal justice work

During 2023/2024, we actively collaborated with partners in Albania to identify and address the legislative barriers to preventing human trafficking and supporting those affected by it. Our advocacy strategy focused on a victim-centred approach and improved measures for collecting evidence to support prosecutions.

Economic-led

development programme

A mapping exercise completed by the Country Manager highlighted the importance of developing strategies that create a lasting impact on community resilience and sustainable growth. We have identified a number of start-up initiatives that need guidance, have the potential for success, and are managed by locally driven young people who can contribute significantly to their communities. We hope that further work and investment in 2024/2025 will lead to a sustainable future for these initiatives, offering local employment opportunities for Albanians.

During the last quarter of 2023/2024, the Country Manager identified three potential initiatives within northwestern Albania, a region of high poverty and inequality. The projects range from providing young people with digital skills to social economy development and promoting camping and outdoor activities.

Cross-border collaboration

In February 2023, Medaille Trust teamed up with the Bakhita Centre for Research on Slavery, Exploitation and Abuse to deliver a shared learning event, attended by 37 practitioners and researchers. Its focus was on cultural competency, both in preventive work and in service delivery.

Annual Report 23/24 | 13

Protect

Ever since our founder, Sister Ann Teresa, ventured out in the evening with a flask of coffee to share with street sex workers in Southampton, protection for vulnerable individuals has been at the heart of our work.

Protecting people affected by modern slavery gives them hope of a life free from exploitation. We achieve this in several ways.

We are one of only a small number of voluntary organisations designated as a First Responder. This means we are able to refer potential victims of modern slavery into the National Referral Mechanism (NRM), the official identification and support framework. For many, this is a crucial first step in their journey of recovery.

The referral mechanism is underpinned by a complex process. The first stage is ascertaining whether there are reasonable grounds to believe that the individual is a potential victim of modern slavery. A positive reasonable grounds decision opens up access to safe house accommodation or community support and financial benefits.

During 2023/2024, we referred 45 potential victims into the NRM. More than 90% of referrals made received positive reasonable grounds decisions, which is much higher than the national average for first responding.

The main protection work we undertake is delivered directly to survivors, either within our safe houses or through our Moving On Project.

Open 24 hours a day, 365 days a year, our safe houses provide a safe and supportive environment in which survivors can begin the process of recovery. We have ten safe houses across England including four houses for male survivors and four houses for female survivors. We also have two dedicated safe houses for families affected by modern slavery.

We have capacity for up to 137 survivors at any one time. During the year, we supported 248 adults and 39 dependent children, maintaining occupancy levels of more than 92%.

Our Moving On Project supports men and women affected by modern slavery who are living in the community. We do not duplicate government-funded support services but help survivors who may have involuntarily been left without specialist support. This includes individuals who have exited the NRM; those who have chosen not to enter into the NRM; and those identified as being at risk of becoming victims of modern slavery.

We have five outreach hubs across the country: in Manchester, West Midlands, Wiltshire, London and Hampshire. During 2023/2024, we delivered one-to-one casework support to 128 individuals. An additional 186 individuals attended our group workshops or drop-ins.

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14 | Medaille Trust

Case study

Melesse’s story: a journey to freedom and independence

Melesse* spent 20 years of her life in domestic servitude. She was not paid, rarely fed, and forced to sleep on the floor with the dogs. After being rescued during a police raid, she spent the next 10 years living in supported accommodation. Now, 30 years later, with our support Melesse is finally living independently in her own home and looking forward to the future.

Born in Ethiopia, Melesse was trafficked to the Middle East before coming to the UK. Although she can’t recall parts of her past due to a brain injury she sustained, we know that she was referred into the National Referral Mechanism and placed in a Medaille safehouse before moving to NASS accommodation. She received telephone support from a local charity and was referred to our outreach project for more intensive communitybased support in 2021.

One of Melesse’s significant achievements was learning to live independently, which initially posed a considerable challenge. Through ongoing support and encouragement, she gradually gained confidence and acquired the necessary skills to navigate daily tasks and access support when needed. Attending the group workshops organised by our team and ESOL classes provided additional opportunities for socialisation, skill-building, and personal development, positively impacting her mental health and wellbeing.

Although her future as a refugee remains uncertain, Melesse is now better equipped to face the challenges ahead and continue her journey of freedom and independence.

Initially, our team focused on addressing Melesse’s urgent needs, including health-related issues and support during her asylum claim appeal, which granted her 5 years to remain. Upon leaving NASS accommodation, with our assistance, Melesse secured long-term housing and learned essential life skills, such as managing household tasks and accessing community resources independently.

Annual Report 23/24 | 15

Pursue

In pursuing justice for victims of modern slavery, our flagship project is ‘Victims’ Voices’. The first of its kind in the UK, it aims to empower victims to seek justice by bridging the gap that can exist between victims, law enforcement professionals and the Crown Prosecution Service. This is achieved through specialist caseworkers who have been trained to do Achieving Best Evidence (ABE) interviews.

Too often, victims feel afraid to openly discuss their experiences, particularly with police and law enforcement agencies. This fear is often rooted in mistrust of authority, shame, painful memories, emotional trauma, and perceived stigma. Our ground-breaking project provides a safe space for victims to share their traumatic experiences with trusted individuals, enabling them to feel more comfortable and empowered.

We also work alongside police on operations where they suspect there are victims of modern slavery. This can be at a range of locations including business premises and residential addresses and at airports and ship docks. Our role is to offer guidance and support to victims so that they are aware of the options available to them.

During 2023/2024, we assisted on 15 separate operations, in Hampshire, West Midlands, Merseyside, Surrey, Wiltshire, Cheshire and Lancashire, supporting representatives from the police, National Crime Agency and Border Force.

We now have 23 caseworkers trained to carry out ABE interviews to a full evidential standard. In the past 12 months, we conducted 20 ABE interviews. These were in support of West Yorkshire, South Wales, Greater Manchester, Leicestershire, Northamptonshire, Cheshire, Lancashire, Kent, Northumbria, Essex and Metropolitan police forces.

16 | Medaille Trust

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Partnerships

Medaille Trust recognises that no one organisation can end modern slavery on its own and therefore we are committed to working with organisations that share our values, a selection of which are shown by their logos below.

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CSJB CSIB
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18 | Medaille Trust

Fundraising

In this challenging economic climate we are enormously grateful for the support we received from such a wide range of people and organisations and for the loyalty displayed by our existing supporters. Without this help and support from individuals, companies, grant giving bodies and other organisations, Medaille Trust would not have been able to continue delivering our vital support to those being exploited into modern slavery across the UK nor step in at times of crisis – as we have with our first responder service which helps those identified as potential victims take the first steps to safety. To all our supporters – THANK YOU every donation we receive makes a difference. It transforms the lives of the men and women we work with.

Our fundraising activity this year, raised £1,137,124 – an increase from the previous year. The majority of our fundraising efforts revolve around securing grants from trusts and foundations, as well as receiving voluntary contributions from individuals, companies, and religious communities.

Fundraising compliance

Throughout the year, Medaille Trust did not engage any third-party entities to conduct fundraising activities on our behalf. Under the guidance of our Director of Fundraising, we are committed to upholding the highest standards in our internal practices. We ensure that the way we collect and look after personal information about our supporters complies with the UK data protection legislation. The Privacy Policy, on our website, sets out how we collect, use and retain information about supporters. We are registered with the Fundraising Regulator and adhere to the Fundraising Code of Practice in all our fundraising activities. We also comply with all GDPR legislation. We are not aware of any failures to comply with the standards and have received no complaints related to our fundraising activities.

Public benefit

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity'.

Annual Report 23/24 | 19

Financial review

During the year, the Trust achieved a turnover of £5,355,089, representing a 15% increase on last year’s income. Despite significant increases in costs on many services and products the Trust purchases, the Trust still managed to generate a surplus of £23,506, although this was lower than the surplus of £98,949 achieved in the previous year.

Our sources of funds primarily comprise public funds received through contracts, grants towards our Moving On Project, as well as private charitable donations from various sources. This diverse funding base contributes to the financial stability of our charity.

Contract fulfilment amounted to £3,842,222, showing an increase from £3,218,107 in the previous year. This growth can be attributed to the availability of more accommodation spaces at the Trust’s locations, allowing us to help a larger number of individuals.

Throughout the year, our properties have benefited from works to enhance the safety and well-being of our service users to the value of £411,710 which continues to demonstrate our commitment to providing a secure environment for our service users.

The Moving On Project has been funded by a substantial donation, a couple of significant grants, and our fundraising initiatives. This strategic approach demonstrates our proactive management of funding challenges to ensure project continuity.

In terms of charitable donations, we received a total of £566,696 in the current year, up from £184,373 in the previous year. Notably, these donations included a large donation of £400,000 for which we are extremely grateful. Our dedicated fundraising team is continuously working hard amidst a difficult fundraising environment.

Remaining committed to fair remuneration, the Trust continues to be a member of the Real Living Wage Foundation. From April 2023, we conducted a benchmarking exercise to align staff wages, allowing for an increase of up to 10% based on role and industry averages. This step demonstrates our dedication to providing equitable remuneration to our valued employees.

In the year, the Trust has updated its charity objects to include our planned work overseas and those changes are now reflected at the Charity Commission and at Companies House.

In conclusion, this financial review provides a comprehensive overview of the Trust’s performance, showcasing our ability to navigate challenges while maintaining a small surplus. It emphasizes our strategic investments in maintaining our facilities, the utilisation of various funding sources, the increase in charitable donations received, and our commitment to fair remuneration for our staff.

20 | Medaille Trust

Reserves policy

In order to comply with the terms of the Trust’s Home Office contract, the charity aims to have a free reserves ratio target equal to at least 25% of unrestricted expenditure.

At 31st March 2024, the Trust’s total net assets equalled £2,429,084 and included tangible fixed assets of £1,772,402. The tangible fixed assets comprise properties, furniture and other items of equipment which are fundamental to the charity’s operations and do not represent assets that are liquid or can be expended. These assets are represented by the tangible fixed assets fund to emphasise this fact.

In addition, at 31 March 2024, the Trust had designated £20,977 as a service development fund available to underwrite the expected costs of services and activities which are not funded by contracts.

At 31st March 2024, the Trust’s free reserves amounted to £561,011 which equates to approximately 12.5% of unrestricted expenditure and so falls short of the target. Subsequent to the year end, the Trust has been notified of a one-off significant donation of £450,000 which will help replenish free reserves and working capital. In addition, over the next few years, as the Trust implements its updated strategic plan, it is hoped that there will be greater clarity around specific projects and services which might attract specific funding. With the Trust’s fundraising team now well established, there is confidence that applications for such funding will be viewed positively by funders. The Trustees, therefore, are confident that the Trust’s free reserves can be replenished and that its reserves policy can be met within the next three years.

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Plans for the future

Medaille Trust will develop and implement a new strategic plan following the recruitment of a new CEO, Dani Wardman. The Trust has already set up some processes to facilitate this initiative including a strategy working group comprised of Trustees and the Executive Team. The planning will take place throughout 2024 and will review the current strategy, alongside opportunities, gaps and the changing funding and political landscape. The new strategy will be implemented in 2025 and will look at short, medium and long term objectives.

The Trust continues to be aware of the necessity of diversifying its income and reducing dependency on a single funding stream. To this end the Trust will focus its efforts on support from religious communities,

trust funders, grants, legacies, gifts, corporate sponsorship, donors, gifts in kind and individual givers/ supporters as well as looking for opportunities to generate its own income.

Our work with the Home Office Modern Slavery Victim Care Contract will continue and remains our biggest source of income. It is confirmed that the Home Office contract, facilitated by The Salvation Army, will be extended through to 2026. During the period 2024-2025 the new contract will be drawn up before a tender process is released in 25-26, therefore we will be focusing efforts on supporting the development of the new contract and ensuring it meets the needs of our residents within our safehouses and those working with us in the community.

At home our community ‘Moving On’ projects continue from strength to strength. Our first responding service to those needing referring to the National Referral Mechanism ran at a 90% success rate (far above the national average for first responding) and our Achieving Best Evidence Interview service is in high demand from local police forces. Overseas, our work in Albania continues to be impactful and this year sees the launch of a series of projects that will start to yield results in the next 12-18 months, however all of these projects need to be funded with targeted fundraising which will be one of the primary goals moving into 24-25. In the coming year we will explore opportunities further.

22 | Medaille Trust

Provision of information to auditors

Each of the persons who are Trustees at the same time when the Trustees’ report is approved has confirmed that:

Annual Report 23/24 | 23

Legal and administrative details

Trustees:

Chair: Sister Jane Maltby Marlene Sookdeo Benedict Ryan (resigned 4th May 2023) Vice Chair: Father Robert Marsh Sister Mary Fitzpatrick Simon Young (Chair of Trustees) Chair of committees: Sister Philomena Bowers (resigned 25th October 2023) Safeguarding - Dr Rosemary Keenan (appointed 1st November 2023) (appointed 1st November 2023) Olivia Darby Colin Ward (resigned 14th October 2023) Property - Dr Barry Lynch (appointed 1st November 2023) The charity has no corporate Trustees. Finance, Risk and Audit - Amanda Mary Gandy None of the Trustees holds property on Francis (appointed 7th February 2024) behalf of the charity. Remuneration - Rvd Terry Tennens

The Charity’s professional advisors are as follows:-

Auditors:

Crowe U.K. LLP St George’s House 56 Peter Street Manchester M2 3NQ

Bankers:

Registered office:

Medaille Trust, c/o Caritas Diocese of Salford, Cathedral Centre, 3 Ford Street, Salford, M3 6DP

The Charity has no ‘headquarters’ as such, preferring not to spend its money on offices. The registered office is the office of Caritas Diocese of Salford which supplies management services to the Trust.

Trustees provide the policy framework within which executive decisions are taken. Trustees delegate day to day decisions to and take advice from our officers:

Barclays Bank PLC 31 High Row Darlington Co. Durham DL3 7QS

Solicitors:

Grant Saw Solicitors LLP Ground Floor Wood Wharf Building Horseferry Place Greenwich London SE10 9BB

Key Management Personnel:

Dani Wardman (CEO) appointed 1st June 2024

Garry Smith (CEO) resigned 31.03.2024

Benedict Ryan (Executive Director: Engagement and Strategic Development (Deputy CEO) appointed 1st July 2023

Diane Cox (Executive Director of Operations)

Charity Number: 1117830

Mark Bhagwandin (Director of Communication and Advocacy) end of contract 30th September 2023

Vasco Carvalho (Executive Director of Finance and Resources)

Treena Jones (Director of Fundraising)

Marcus Dawson (Director of Police and Justice Partnerships)

Company Number: 5965380

24 | Medaille Trust

Statement of Trustees’ responsibilities in respect to the annual report and financial status

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity and company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, 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 Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. 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.

Auditors

Crowe U.K. LLP were re-appointed auditors during the year following their successful audit of 2023/24.

Thanks

I take this opportunity to express my very sincere thanks and that of my fellow Trustees, to all staff and volunteers, friends, donors and beneficiaries and our partner agencies for their continued support .

On behalf of the board of the Trustees

==> picture [64 x 36] intentionally omitted <==

Sister Jane Maltby Chair of Trustees

Dated 6th November 2024

Annual Report 23/24 | 25

Independent Auditors’ report to the members of Medaille Trust

Opinion

We have audited the financial statements of Medaille Trust (‘the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 charitable company 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 trustee’s 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 charitable company’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.

26 | Medaille Trust

Other information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Annual Report 23/24 | 27

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 25, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

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.

Details of the extent to which the audit

was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non- compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to

28 | Medaille Trust

the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations was Employment Legislation.

Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance and sample testing on grant revenue to supporting information.

our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vicky Szulist Partner

For and on behalf of Crowe U.K. LLP Statutory Auditor

St George’s House, 56 Peter Street, Manchester, M2 3NQ

Date: 9th December 2024

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed

Annual Report 23/24 | 29

Statement of financial activities for the year ended 31 March 2024

Notes Restricted
Funds
£		 Unrestricted
Funds
£		 Total Year to
31st March
2024
£		 Total Year to
31st March
2023
£
INCOME
Voluntary Income
Charitable Activities
Investment Income
Other Trading Activities
Total Income		 1
2
1
1		 908,857
-
-
-
908,857		 601,309
3,842,222
2,626
75
4,446,232		 1,510,166
3,842,222
2,626
75
5,355,089		 1,417,301
3,218,107
1,243
345
4,636,996
EXPENDITURE
Raising Funds
Charitable Activities
Total Expenditure
Net Income (Expenditure)
Before Transfers
Transfers
Net Income (Expenditure)
and Net Movement in Funds
Funds at 31 March 2023		 3 -
916,817
916,817
(7,960)
-
(7,960)
82,654		 91,853
4,322,913
4,414,766
31,466
-
31,466
2,322,924		 91,853
5,239,730
5,331,583
23,506
-
23,506
2,405,578		 68,335
4,469,712
4,538,047
98,949
-
98,949
2,306,629
Funds at 31 March 2024 74,694 2,354,390 2,429,084 2,405,578

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

All amounts relate to continuing activities. All gains and losses recognized in the year are included in the Statement of Financial Activities.

30 | Medaille Trust

Balance sheet as at 31 March 2024

FIXED ASSETS
Tangible Assets
CURRENT ASSETS
Debtors
Cash at Bank and in Hand
Total Current Assets
Creditors: amounts falling due within one year
Net Current Assets		 Notes
6
7
8		 2024
£
1,772,402
741,828
312,248
1,054,076
(397,394)
656,682		 2023
£
1,694,381
599,303
511,553
1,110,856
(399,659)
711,197
NET ASSETS 2,429,084 2,405,578
Funds
Unrestricted Funds - General
Unrestricted Funds - Tangible Fixed assets Fund
Unrestricted Funds - Designated
Restricted Funds		 9
9
9
10		 561,011
1,772,402
20,977
74,694		 34,004
1,694,380
594,540
82,654
TOTAL FUNDS 2,429,084 2,405,578

The notes to the financial statements on pages 33 to 45 form part of these accounts. The financial statements were approved and authorised for issue by the Board on 6th November 2024

Dani Wardman Chief Executive

Sister Jane Maltby Chair of Trustees

Annual Report 23/24 | 31

Cash flow statement for the year ended 31 March 2024

Cash Flows from Operating Activities
Net Cash (Used In) Provided by Operating Activities
Purchase of Fixed Assets
Cash Flows from Investing Activities
Change in Cash and Cash Equivalents
Cash Equivalents at the Beginning of the Year
Cash Equivalents at the End of the Year
NET CASH FLOW FROM OPERATING ACTIVITIES
Net Income
Depreciation of Tangible Fixed Assets
(Increase) in Debtors
(Decrease) / Increase in Creditors
Provision of Rent Free Premises
Provision of Rent Free Premises
Net Cash Provided by Operating Activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at Bank and in Hand

(
(

(		 2024
£
(65,034)
(65,034)
2023
£
241,639
241,639
(650,504)
(650,504)		 2023
£
241,639
241,639
(134,271)
(134,271)
199,305)
511,553
312,248
2024
£
23,506
56,250
142,525)
(2,265)
366,276
366,276)
(65,034)		 (408,865)
920,418
511,553
2023
£
98,949
37,013
(67,840)
173,517
363,164
(363,164)
241,639
2023
£
511,553
2024
£
312,248		 2023
£
511,553

32 | Medaille Trust

Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared 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 (FRS102) (effective January 2022) – (Charities SORP (FRS102)), and the Companies Act 2006.

Medaille Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated.

Company information

The charity is a company limited by guarantee (registered number 5965380) which is incorporated and domiciled in the UK.

Going concern

The Trustees have reviewed the forecasts and budgets for the period ended 31st March 2026 and are confident that the charity is a going concern.

Incoming resources

This comprises amounts receivable for the year, where the criteria of certainty, entitlement and measurement have been achieved. Donated services and facilities are recognised as an incoming resource and equivalent expense where quantifiable.

Resources expended

The company recognises expenses on the accruals basis. Governance costs are charged on a direct cost basis and include audit and legal costs.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Buildings, Fixtures, fittings & equipment 4 – 40 years straight line. Items less than £1,000 are not capitalised.

Restricted funds

Any income given to the company for a specific purpose has been separately identified so as to ensure that it is spent as the donor dictated.

Financial instruments

The Medaille Trust Limited has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the transaction value and subsequently measured at amortised cost using an effective interest method. Financial assets are held at amortised cost comprise cash and bank in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.

Annual Report 23/24 | 33

Accounting policies (continued)

Pension costs

The charity operates a defined contribution pension scheme. Contributions are charged to wages and salaries in the Statement of Financial Activities as they become payable. The assets of the scheme are held separately from the assets of the charity.

Critical accounting judgments and key sources of estimation uncertainty

In the application of the entity’s accounting policies which are described on page 33, the Trustees are required to make judgments, estimates, assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

34 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

==> picture [483 x 251] intentionally omitted <==

----- Start of picture text -----
1a. Voluntary Income 2024
Restricted Unrestricted
Total Funds Total funds
Funds Funds
2024 2024 2024 2023
Voluntary Income £ £ £ £
Donations and Gifts 15,075 551,621 566,696 184,373
Grants 527,506 49,688 577,194 831,339
Donation - Provision of Rent Free Premises 366,276 366,276 363,164
Fundraising 38,425
Total Voluntary Income 908,857 601,309 1,510,166 1,417,301
Investment Income
Interest Receivable 2,626 2,626 1,243
Total Investment Income 2,626 2,626 1,243
Other Trading Income
Income from Other Sources 75 75 345
Total Other Trading Income 75 75 345
----- End of picture text -----

The Trust has been given the use of five properties rent free. The value of this benefit in kind to the Trust is equivalent to the single room rate of housing benefit in the location concerned that the Trust would otherwise have to rent.

1b. Voluntary Income 2023

Voluntary Income
Donations and Gifts
Grants
Donation - Provision of Rent Free Premises
Fundraising
Total Voluntary Income		 Restricted Funds
2023
£
50,783
828,039
363,164
34,000
1,275,986		 Unrestricted
Funds
2023
£
133,590
3,300
4,425
141,315		 Total Funds
2023
£
184,373
831,339
363,164
38,425
1,417,301

Annual Report 23/24 | 35

Notes to the accounts for the year ended 31 March 2024

2. Incoming Resources From Charitable Activities 2. Incoming Resources From Charitable Activities 2. Incoming Resources From Charitable Activities 2. Incoming Resources From Charitable Activities 2. Incoming Resources From Charitable Activities
Provision of Practical and Emotional
and Support
Totals		 Restricted Funds
2024
£
-
-		 Unrestricted
Funds
2024
£
3,842,222
3,842,222		 Total Funds
2024
£
3,842,222
3,842,222		 Total Funds
2023
£
3,218,107
3,218,107

All charitable activity income in 2024 related to unrestricted income. Provision of practical and emotional support above relates to the provision of support under the charity’s contracts with partner agencies and is all unrestricted in both years.

36 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

==> picture [483 x 172] intentionally omitted <==

----- Start of picture text -----
3a. Total Resources Expended 2024
2024 2023
Activities
Governance
Undertaken Support Costs Total Total
Costs
Directly
£ £ £ £ £
- -
Raising Funds 91,853 91,853 68,335
Charitable Activities
Provision of Practical
4,974,158 214,041 51,531 5,239,730 4,469,712
and Emotional Support
Totals 4,974,158 305,894 51,531 5,331,583 4,538,047
----- End of picture text -----

Governance costs include payments to the auditors of £12,000 (2023: £12,000) for audit fees, £39,531 (2023:£33,525) to others for professional services and £737 (2023: £338) relating to travel expenses and training. Other support costs of £214,041 (2023: £174,342) comprise outsourced general management costs of £80,422 (2023:£80,422) and administrative costs of £133,619 (2023: £93,920).

3b. Total Resources Expended 2023

Raising Funds
Charitable Activities
Provision of Practical
and Emotional Support
Totals		 Activities
Undertaken
Directly
£
-
4,234,955
4,234,955		 Support Costs
£
68,335
174,342
242,677		 Governance
Costs
£
-
60,415
60,415		 Total
£
68,335
4,469,712
4,538,047

Annual Report 23/24 | 37

Notes to the accounts for the year ended 31 March 2024

4. Employees and the Cost of Key Management Personnel

Staf costs were as follows
Wages and Salaries
Social Security Cost		 2024
£
2,838,532
257,118
57,173
3,152,823		 2023
£
2,212,554
201,737
47,038
2,461,329
Other Pension Costs
Totals

The key management personnel of the charity comprise the senior management team and are listed on page 24. The total employee benefits of the key management personnel of the charity were £391,994 (2023: £329,287). The average number of employees in the year was 117 (2023: 108). Nil employee (2023: one) earned between £60,000 - £70,000 in the year. One employee (2023: nil) earned between £90,000-£100,000.

Analysis
Management
Support Workers		 2024
17
100		 2023
17
91

5. Trustees

Trustees received no remuneration (2023: £nil) but were reimbursed for £737 (2023: £338) of travel expenses during this period.

38 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

6. Tangible Fixed Assets
Freehold Land & Buildings Fixtures, Fittings, and Equipment Total
£ £ £
Cost
At 1 April 2023 54,962 1,767,313 1,822,275
Additions - 134,271 134,271
At 31 March 2024 54,962 1,901,584 1,956,546
Depreciation
At 1 April 2023 21,347 106,547 127,894
Charge for the Year 5,021 51,229 56,250
At 31 March 2024 26,368 157,776 184,144
Net Book Value
Net Book Value 31 March 2023 33,615 1,660,766 1,694,381
Net Book Value 31 March 2024 28,594 1,743,808 1,772,402

All fixed assets are held for charitable use.

Annual Report 23/24 | 39

Notes to the accounts for the year ended 31 March 2024

7. Debtors

Contractual Debtors
Prepayments and Accrued Income
At 31st March		 2024
£
677,971
63,857
741,828		 2023
£
560,644
38,659
599,303

8. Creditors: Amounts Falling Due Within One Year

Expense Creditors
Deferred Income and Accruals
Social Security and Other Taxes
Other Creditors
At 31st March		 2024
£
111,608
196,956
63,361
25,469
397,394		 2023
£
115,411
208,610
53,065
22,573
399,659

40 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

9a. Unrestricted Funds 2024

General Fund (or free reserves)
Tangible Fixed Assets Fund
Designated funds:
Property Project Fund
Service Development
Prevention Project Fund
Working Capital
and Contingency Funds
Accumulated Funds		 1-Apr-23
£
34,004
1,694,380
200,000
44,540
350,000
2,322,924		 Incoming
£
4,445,701
-
-
531
-
4,446,232		 Outgoing
£
(4,338,716)
-
(51,956)
(24,094)
-
(4,414,766)		 Transfer
31-Mar-24
£
£
420,022
561,011
78,022
1,772,402
(148,044)
-
-
20,977
(350,000)
-
2,354,390

9b. Unrestricted Funds 2023

General Fund (or free reserves)
Tangible Fixed Assets Fund
Designated Funds:
Property Project Fund
Service Development
Prevention Project Fund
Working Capital
and Contingency Funds
Accumulated Funds		 1-Apr-22
£
459,294
850,889
434,662
50,000
450,000
2,244,845		 Incoming
£
3,361,010
-
-
-
-
3,361,010		 Outgoing
£
(3,701,097)
-
-
(5,460)
-
(3,706,557)		 Transfer
£
(85,203)
843,491
(234,662)
-
(100,000)
423,626		 31-Mar-23
£
34,004
1,694,380
200,000
44,540
350,000
2,322,924

Annual Report 23/24 | 41

Notes to the accounts for the year ended 31 March 2024

Policy on Reserves

The Trustees have decided that the following reserves are needed in order to ensure the continued operation of our services and activities.

General Fund (or Free Reserves)

In order to comply with the terms of the Trust’s Home Office contract, the charity aims to have a free reserves ratio target equal to at least 25% of unrestricted expenditure.

Designated Reserves

The following designated reserves will be held:

1. Tangible Fixed Assets fund This represents the amount of the Trust’s tangible fixed assets which comprise properties, furniture and other items of equipment which are fundamental to the charity’s operations and do not represent assets that are liquid or can be expended. These assets are represented by the tangible fixed assets fund to emphasise this fact.

2. Property Project fund 3. Service Development This represents the amount of Prevention Project fund

This represents the amount of the Trust’s accumulated net income which the Trustees have committed to:

This represents the amount of the Trust’s accumulated net income which the Trustees have committed to underwrite the expected costs of services and activities which are not funded by contracts.

The value of this reserve will be approved at each year-end and will reduce during the year as expenditure is incurred. Revisions may be approved during the year.

Restricted Reserves

Donations and grants which are received for a specific purpose or purposes – including those received as a result of appeals or applications which are for specific purposes – will be held in a restricted reserve so that they can only be expended on those purposes.

The value of this reserve will be approved at each year-end and will reduce during the year as expenditure is incurred. Revisions may be approved during the year, for example if a major unplanned project is approved; or if a planned project is cancelled.

42 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

10a. Restricted Funds 2024

Northern
Southern
Mersey
Central
London West
London East
Coastal
Bursary
Moving On Project
Provision of Rent Free Premises
Accumulated Funds		 1-Apr-23
£
7,194
9,056
-
1,459
-
-
30,168
34,777
-
82,654		 Income
£
-
-
-
5,000
240
-
-
537,341
366,276
908,857		 Expenditure
£
(7,194)
(9,056)
-
(6,459)
(94)
-
(11,412)
(516,326)
(366,276)
(916,817)		 Transfer
£
-
-
-
-
-
-
-
-
-		 31-Mar-24
£
-
-
-
-
146
-
18,756
55,792
-
74,694

MOVING ON PROJECT PROVISION OF RENT FREE These funds have been received to PREMISES extend the duration of our Moving The reserve represents the On Project via specific fundraising benefit in kind given by four campaigns and grants to enable the religious orders and one continuation of the project. individual in the form of the

The reserve represents the benefit in kind given by four religious orders and one individual in the form of the use of buildings rent free. The benefit is exhausted in the year by rent paid in kind.

REGIONAL RESTRICTED FUNDS

Each Regional restricted fund represents funds received for the specific purpose of being utilised by that service. These are solely restricted to the service they are received in but not restricted to any specific use unless restricted separately.

BURSARY

These funds have been received to provide bursaries to our services users.

10b. Restricted Funds 2023

Northern
Southern
Mersey
Central
London West
London East
Coastal
Bursary
Moving On Project
Provision of Rent Free Premises
Accumulated Funds		 1-Apr-22
£
4,837
17,023
-
-
-
-
-
39924
-
61,784		 Income
£
9,292
423,626
-
6,000
-
-
34,750
439154
363,164
1,275,986		 Expenditure
£
(6,936)
(7,967)
-
(4,541)
-
-
(4,582)
(444300)
(363,164)
(831,490)		 Transfer
£
-
(423,626)
-
-
-
-
-
-
-
(423,626)		 31-Mar-23
£
7,193
9,056
-
1,459
-
-
30,168
34778
-
82,654

Annual Report 23/24 | 43

Notes to the accounts for the year ended 31 March 2024

11. Analysis of Net Assets Between Funds

Fund Balances at 31 March 2024 are presented by:

Restricted Funds **Designated Funds ** Unrestricted Funds Total Funds
£ £ £ £
Tangible Fixed Assets - 1,772,402 - 1,772,402
Net Current Assets 74,694 20,977 561,011 656,682
Accumulated Funds 74,694 1,793,379 561,011 2,429,084
Fund Balances at 31 March 2023 are presented by:
Restricted Funds **Designated Funds ** Unrestricted Funds Total Funds
£ £ £ £
Tangible Fixed Assets - 1,694,380 - 1,694,380
Net Current Assets 82,654 594,540 34,004 711,198
Accumulated Funds 82,654 2,288,920 34,004 2,405,578

12. Operating Lease Commitments

At 31 March 2023 the charity had total future minimum lease payments under non-cancellable operating leases as follows:

Land and Buildings
Due within:
1 Year
1-2 Years
Total		 2024
£
50,742
25,372
76,114		 2023
£
49,336
24,668
74,004

44 | Medaille Trust

Notes to the accounts for the year ended 31 March 2024

13. Related Party Transactions

Dr Barry Lynch is a trustee of CSJB CIO. The Trustees of CSJB CIO made donations of £400,000 (2023: £300,000) to the charity in this year.

Subsequent to the year end, the Trustees of CSJB CIO have informed the Trust that they will be making a further donation in 2024/2025 of £450,000 (see note 14)

Sister Mary is a trustee of Faithful Companions of Jesus who provide a safe house at an annual peppercorn rent rate. The Trustees of Faithful Companions of Jesus do not have any pecuniary interest in the arrangement. Faithful Companions of Jesus also carried out property upkeep and refurbishments in the year with a total cost of £70,594 (2023: £233,845).

Sister Jane is a previous trustee of Society of Sacred Heart who provide a safe house at an annual peppercorn rent rate.

14. Post Balance Sheet Event

Subsquent to the year end, the trust has been notified by the Trustees of CSJBB CIO that it is to receive a further donation of £450,000 in 2024/2025

Annual Report 23/24 | 45

46 1 Medaille Trust

¢-) Annual Report 23124 1 47

MEDAILLE TRUST www.medaillfrtrust.org.uk