Charity registralion number 1118590 MUCHLOVED CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 MUCHLOVED CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J Davies Mr J H Lomax Charity number 1118590 Principal address Nash House, Repton Place White Lion Road Amersham Bucknnghamshire HP7 9LP Independent examiner Chapman Worth Limited 2 The Old Estale Yard High Street East Hendred Wantage Oxfordshire OX12 8JY MUCHLOVED CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinerfs reEK)rt Statement of financial activities Statement of financial position Notes to the financial statements 7-15 MUCHLOVED CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees present their report and accounts for the year ended 31 December 2024. The account5 have been prepared in accordan￿ with the accounting policies set out in note 1 to the accounts and comply with the charitys Memorandum and Articles of Association. the Charities Act 2011 and 'Accounting and Reporting by Charities.. Slatement of Recommended practi￿ applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2019). Objectives and a¢tivities The charity's objects are the relief of any persons who have suffered bereavement. particulady the death of a family member or friend, by providing or assisting in the provision of bereavement support, advice and counselling. The policies adopted in furtherance of these objecls are to work with partners providing at-need bereavemenl services as well as bereaved users direcuy. In particular the charity aims to enhan￿ in-memory fundraising for good causes, by making it easier for bereaved people to fundraise in a personalised and meaningful way for any charities or causes of Iheir choosing, big or small. within an often urgent time frame following a death. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activtties the charity should undertake. During the year the main activty has been the supp)rt of in-memory services. development of bereavement partnerships within the funeral and charity sectors as well as the provision of grief resou￿$, advice and counselling. Public Benefit Statement MuchLoved Charitable Trust has carried out its duty with regard to the public benefit and the objectives of the charity. The charity does not undertake significant fundraising activilies for Muchloved Charitable Activities. Achievements and perforniance There has been continuing high demand and use of the MuchLoved tribule Servi￿ and over the year the charity has distributed nearfy £30million of donations to good causes across the UK in memory of loved ones. During the year we partnered with initiatives designed to empower society to explore and talk openly about death as well as supporting a campaign for bereavement education in sch¢)ols. We have also recruited a new Head of Charity to provide operational and strategic leadership for the work of the charity. Financial review The charity holds sufficient unrestricted cash funds to cover fluctuations in receipts and expenditure. Freely available reserves increased in the year to 31 De￿mber 2024 to £525.18912023 £465.3321. This meant that al year-end the resetves mel the policy of a minimum three months, expendilure and going fomard will provide the funds needed to support activities in pursuit of the chariws objectives. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. MUCHLOVED CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Management The charity Iruslees follow a risk management strategy designed to identify principal risks and uncertainties that the charity may face and prevent it from achieving its objectives, together wilh reviewing the effectiveness of associated systems and procedures that are in Pla￿ to mitigate against such risks. Specific areas of risk identtFied and reviewed are as follows.. Financial sustainability.. regular reviews of available funds are undertaken to ensure that all current liabilities have adequate cash coverage. Information Technology risks: the security of the IT system is controlled and supervised by experienced technical staff. Health and Safety of staff and visitors.. this is constantly under review so that all requirements are met, and accident risks are minimised. Structure. governance and management The charity was eslablished as an unincorporated organisalion by a charitable trust deed on 28 February 2007. The Iruslees who served during the year and up to the date of signature of the financial statements were.. Mr J Davies Mr J H Lomax Trustee selection is made through appoinlment by the current trustees and new trustees are required to have a high level of commitment lo MuchLoved with a suitable range of skills and experience so that they can help to constructively challenge and shape the strategy. All trustees give their time voluntarily and receive no remuneration or other benefits. Daily operational responsibililies are delegated to key management personnel. Their pay and remuneration is reviewed annually and adjusted for factors including inflation, any change in responsibilities and any clear comparative benchmarking of similar roles. MUCHLOVED CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ie truste ort was approved by the Board of Trustees. Mr J Davies Truste38 May 2025 Dated.. MUCHLOVED CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUCHLOVED CHARITABLE TRUST report to the trustees on my examination of the financial statements of Muchloved Charitable Trust (the charity) for the year ended 31 December 2024. Responsibilities and basis of report As the Iruslees of the charity you are responsible for the preparation of the financial statemenls in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial stalemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examineT'S statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Pra￿1￿ issued on 1 April 2005 which is referred to in the extant regulations but has now been wilhdrawn. understsnd that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting practi￿ effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in ￿SpeCt of the charity as required by section 130 of the 2011 Acl,. or the financial statements do not accord with those records- or Ihe financial statements do nol comply with the applicable requirements ¢x)nceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a tnje and fair view which is not a matter considered as part of an independent examination. I have no COn￿mS and have come across no other mallers in connection with Ihe examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Anna Chapman FCA Chapman Worth Limited 2 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY Dated.. MUCHLOVED CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income and endowments from: Charitable activities Inveslments Other income 3,035 18,101 30,192 1,715,657 11.886 175,000 Tolal income 51,328 1,902,543 Expenditure on: Charitable activities 40,549 1,713.329 Total expenditure 40,549 1,713.329 Net income and rnovement in funds 10.779 189.214 Reconciliation of funds: Fund balances at 1 January 2024 693,730 504.516 Fund balances at 31 December 2024 704,509 693.730 The statement of financial aclivilies includes all gains and losses recognised in the year. MUCHLOVED CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 11 12 4,320 175.000 10,898 217.500 179.320 228.398 Current assets Debtors Cash at bank and in hand 13 236.591 3,032,370 315,885 2,681,130 3,268,961 2,997,015 Creditors: amounts falling due within one year 14 (2,743,772) (2,531,683) Net current assets 525,189 465,332 Tolal assets less Current Ilablllties 704,509 693,730 The funds of the charity Unrestricted funds 16 704.509 693.730 704,509 693.730 1¢5 The ffinancial statements We￿ approved by the trustees on ... 28 May 2025 Mr J Davies Trustee MUCHLOVED CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity inforniation Muchloved Charitable Trust is an unincorporated charity registered with the Charities Commission for England and Wales. 1.1 Accounting convention The financial statements have been prepared in accordan￿ with the charity's Articles of Association. the Charities Act 2011, FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" I'FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extenl required to provide a true and fair view. This deparlure has involved following the Statement of Recommended practi￿ for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has Sin￿ been withdrawn. The financial ststements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in Ihese financial statements are rounded to the nearest £1. The financial statemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Charitable funds Unrestricted funds a￿ available for use at the di$￿tion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. Endowment fvnds are subject to specific conditions by donors that the capitsl must be mainlained by the charily. 1.3 Income Income is recognised when the charity is legally entitled to it after any perf0mlan￿ condilions have been met. the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on re￿ipt. Olher donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othe￿iSe rf the charity has been notified of an impending distribution, the amount is known, and receipl is expected. Ir the amount is not known, the legacy is trealed as a contingent asset. MUCHLOVED CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.4 Expenditure All expenditure is recognised on an accruals basis. Expenditure is recognised On￿ there is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be reliably measured. Expenditure is categorised under the following headings.. -Expenditure on charilable activities includes the costs of aclivities undertaken to further the purpose of the charity. -support costs are those costs incurred during activities that are no directly associated with the pury)ose of the charily. -Governance costs are the costs associated with the govemance arrangements of the charity. 1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairmenl losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on Ihe following bases- Fixtures, fittings & equipment Computers 33.3 % straight line 33.3°/o Straight line The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.6 Fixed assel investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity- Control is the power to govem the financial and operating policies of the entity so as to obtsin benefits from its activities. Due lo the size of the subsidiaries. the charity has not prepared consolidated accounts. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrytng amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delemine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. MUCHLOVED CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.9 Financial instruments The charily has elected lo apply Ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contraclual provisions of the inslrumenL Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently Ca￿led at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement consb"tutes a financing transackn"on. 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 inslruments are subsequently carried at amortised cost. using the effective interest rale method. Trade credilors are obligations to pay for g(y)ds or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentiy measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's ¢x)ntractual obligations expire or are discharged or cancelled. 1.10 Funds received as agent Funds received as agent are accounted for as set out in note 17. Charitable activities 2024 2023 Partner subscriplioris Donation processing fees Training and consultancy 511.789 1,199,415 4.453 3,035 3.035 1,715.657 MUCHLOVED CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income frorn investments Unrestrictod Unrestricted funds funds 2024 2023 Interest receivable 18,101 11.886 Other Income Unrestricted Unrestricted funds funds 2024 2023 Nel gain on disposal of intangible fixed assets Property rental 175.000 30,192 30,192 175,000 Expenditure