**Charity registration number 1126249 (England and Wales)**
## **MARSLAND MCADOO CHARITABLE SETTLEMENT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
**Monetta LLP Chartered Accountants**
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Ms Charlotte Keating|
|---|---|
||Mr Andrew Glyndwr Cusworth|
||Mr John Philip Cusack|
|**Charity number (England and Wales)**|1126249|
|**Independent examiner**|Monetta LLP|
||232 Stamford Street Central|
||Ashton-under-Lyne|
||OL6 7NQ|
|**Solicitors**|Prosperity Law LLP|
||Vantage Point|
||4 Hardman Street|
||Spinning Fields|
||Manchester|
||M3 3HF|
|**Financial Advisors**|Concerva Ltd|
||Barnfield House|
||The Approach|
||Manchester|
||M3 7BX|
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **CONTENTS**
||**Page**|
|---|---|
|Statement of Trustees responsibilities|1|
|Trustees report|2 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 10|
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 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 England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Marsland McAdoo Charitable Settlement and of the incoming resources and application of resources of the Marsland McAdoo Charitable Settlement for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Marsland McAdoo Charitable Settlement and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Marsland McAdoo Charitable Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 1 -
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2025. The reference and administrative information set out on page 1 forms part of this report.
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 Marsland McAdoo Charitable Settlement trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.
## **Objectives and activities**
The Charity was established for the purpose of applying income and, from time to time, capital for charitable purposes. Following the merger with the Betty Stott Charitable Trust, the trustees resolved that 25% of the Trust shall be applied for the benefit of medical research.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## **Achievements and performance**
The results for the year and financial position of the charity are as shown in the annexed financial statements. The charity continued to distribute funds in the year and invest funds using professional investment advisors.
## **Financial review**
During the year ended 5 April 2025 receipts amounted to £52,585 (2024 £47,191) and expenditure on charitable activities and governance costs amounted to £60,400 (2024 £81,868).
## _Reserves policy_
The trustees meet, at least, annually, to consider charitable requests. After accounting for expected governance costs, all accumulated income funds are distributed for charitable purposes.
## _Investment policy_
The Charity's investment policy is one of capital and income growth with moderate risk. The trustees aim to achieve these objectives through use of investments managed by Financial Advisers.
The trustees have assessed the risk facing the Charity and are satisfied that they have taken sufficient steps to mitigate any liability to the Charity.
## **Structure, governance and management**
J S Marsland Charitable Settlement was established on 29 March 2008, pursuant to the Will of Mrs Joan Spence Marsland dated 8 August 2005. Funds were initially transferred to the Settlement on 27 July 2009.
On 22 April 2015 the J S Marsland Charitable Settlement and the Louis McAdoo Charitable Trust were merged and the name of the charity was changed to the Marsland McAdoo Charitable Settlement.
On 7 August 2019 the funds of the Betty Stott Charitable Trust were merged into the Marsland McAdoo Charitable Settlement.
The trustees who served during the year and up to the date of signature of the financial statements were: Ms Charlotte Keating
Mr Andrew Glyndwr Cusworth Mr John Philip Cusack
## _Recruitment and appointment of trustees_
The recruitment and appointment of new trustees is at the discretion of the existing trustees.
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## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## _Organisational structure_
The trustees are appointed by deed and hold meetings from time to time as they think fit to consider the affairs of the Trust and to make rules and regulations for the conduct of their meetings and carrying out their duties.
The Trustees report was approved by the Board of Trustees.
Ms Charlotte Keating
## **Trustee**
15 January 2026
- 3 -
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE OF MARSLAND MCADOO CHARITABLE SETTLEMENT**
I report to the trustees on my examination of the financial statements of the Marsland McAdoo Charitable Settlement for the year ended 5 April 2025.
## **Responsibilities and basis of report**
As the trustees of the The funds of the Marsland McAdoo Charitable Settlement (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
I report in respect of my examination of the Marsland McAdoo Charitable Setllement's financial statements 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 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Marsland McAdoo Charitable Settlement as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Keiron Kelly CTA Monetta LLP 232 Stamford Street Central Ashton-under-Lyne OL6 7NQ
19 January 2026
- 4 -
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||**Notes**|**£**|**£**|
|**Income and endowments from:**||||
|Investments|**2**|52,250|46,320|
|Other income|**3**|335|871|
|**Total income**||52,585|47,191|
|**Expenditure on:**||||
|Charitable activities|**4**|60,400|81,868|
|**Total expenditure**||60,400|81,868|
|Net gains/(losses) on investments|**7**|6,354|(1,552)|
|**Net expenditure and movement in funds**||(1,461)|(36,229)|
|**Reconciliation of funds:**||||
|Fund balances at 6 April 2024||1,109,368|1,145,597|
|**Fund balances at 5 April 2025**||1,107,907|1,109,368|
All income and expenditure derive from continuing activities.
All movements are in unrestricted funds.
- 5 -
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2025**_
|**2025**
**Notes**
**£**
**£**
**Fixed assets**
Investments
**9**
1,080,141
**Current assets**
Cash at bank and in hand
27,766
**Net current assets**
27,766
**Total assets less current liabilities**
1,107,907
**The funds of the Marsland McAdoo Charitable Settlement**
Unrestricted funds
**10**
1,107,907
1,107,907|**2024**
**£**
**£**
1,079,412
29,956
29,956
1,109,368
1,109,368
1,109,368|**2024**
**£**
**£**
1,079,412
29,956
29,956
1,109,368
1,109,368
1,109,368|
|---|---|---|
|||1,109,368|
|||1,109,368|
|||1,109,368|
The financial statements were approved by the trustees on 15 January 2026
Ms Charlotte Keating **Trustee**
- 6 -
## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **Charity information**
Marsland McAdoo Charitable Settlement is an unincorporated charity registered in England and Wales. The charity's registered number and principal office address can be found on the reference and information page.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the Marsland McAdoo's governing document, the Charities Act 2011 and “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 for accounting periods commencing from 1 January 2019). The funds of the Marsland McAdoo Charitable Settlement is a Public Benefit Entity as defined by FRS 102.
The funds of the Marsland McAdoo Charitable Settlement has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
## **1.2 Going concern**
At the time of approving the financial statements, Marsland McAdoo Charitable Settlement have a reasonable expectation that the funds of the Marsland McAdoo Charitable Settlement 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.
## **1.3 Income**
Items of income are recognised and included in the accounts when all the following criteria are met; the charity has entitlement to the funds; any performance conditions attached to the item(s) of income has been met or are fully within the control of the charity; there is sufficient certainty that receipt of the income is considered probable; and the amount can be measured reliably.
## **1.4 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.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **1.5 Fixed asset 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 income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.6 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.
- 7 -
**MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **(Continued)**
## _**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.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified 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 subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Marsland McAdoo Charitable Settlement's contractual obligations expire or are discharged or cancelled.
## **2 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Income from listed investments|45,051|39,327|
|Overseas dividends|-|1,876|
|Interest receivable|7,199|5,117|
||52,250|46,320|
## **3 Other income**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Bank interest and fund rebate|335|871|
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## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **4 Expenditure on charitable activities**
|**Direct costs**
Donations
**Share of support and governance costs (see note 5)**
Governance
**Analysis by fund**
Unrestricted funds
**5**
**Support costs allocated to activities**
Governance
**Governance costs comprise:**
Accountancy
Legal and professional
Trustees' expenses
Broker fees
Insurance|**2025**
**£**
35,499
24,901
60,400
60,400
**2025**
**£**
24,901
**2025**
**£**
1,680
13,349
200
9,169
503
24,901|**2024**
**£**
55,300
26,568|
|---|---|---|
|||81,868|
|||81,868|
|||**Total**
**2024**
**£**
26,568|
|||**2024**
**£**
3,204
13,500
200
9,146
518|
|||26,568|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the funds of the Marsland McAdoo Charitable Settlement during the year.
## **7 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Sale of investments|6,354|(1,552)|
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## **MARSLAND MCADOO CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **8 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **9 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2024|1,079,412|
|Additions|108,913|
|Disposals|(108,184)|
|At 5 April 2025|1,080,141|
|**Carrying amount**||
|At 05 April 2025|1,080,141|
|At 05 April 2024|1,079,412|
The market value of investments as at 5 April 2025 was £1,103,935 (2024: £1,094,836).
## **10 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous year:**
General funds|**At 6 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
1,109,368
52,585
(60,400)
6,354
**At 6 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**£**
**£**
**£**
**£**
1,145,597
47,191
(81,868)
(1,552)|**At 5 April**
**2025**
**£**
1,107,907
**At 5 April**
**2024**
**£**
1,109,368|
|---|---|---|
## **11 Related party transactions**
During the year, payments totalling £200 were paid to John Cusack for trustee expenses.
During the year, professonal fees of £13,349 (2024: £13,500) were paid to Solicitors in respect of the administration of the Charity. Charlotte Keating is a trustee of the Charity and connected to the Solicitors.
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