2023-12-31-accounts

me adue Nrtlk Cthwall r4 End of Year Financial Statement Year Ending 31 December 2023 Mwwdue ManagerMntTThrt | i Peagands Roal. SidrrA)Lth. D￿nEx10 98D l Td." 01395 515677 1 Ern￿1". [e-mail]

Trustees Report for the period l January to 31 Decernber 2023 l. Introduction a. The trustees of Menadue Management Trust Immn are pleased to present their annual report together with the financial statements of the charity for the year ending 31 December 2023. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice as described below in Note la. of the Financial Statement. 2. Chaimian's report a. 2023 has been a disappointing year in ternis of our plans to expand the mission of Menadue by hosting more school residentials and increasing the income from other bookings. We hosted 7 schools Ithe same number as in 20221 and our income from lettings to other than schools contributed less than £30,IXJO of our totsl charitable activities, which was similar to 2022. b. We saw a substantial increase in some of our premises, costs, particularly cleaning and laundry. Our local cleaner who had served us well for many years moved away and we had to engage the seryices of two cleaning companies. Thi5 factor alone contributed a major element in our operating deficit for 2023 of£14,490. Zoe Wilson worked throughout the year as our Centre Manager. being on site to host our schools during their visits. Zoe gave noti￿ of her intention to resign during November and left on 10 December. d. Following the difficulties in 2022 of finding suitsble staff to prepare and cook meals for schools, we were extremely thankful that Naomi Perkin came forward and took on this task. Thanks to Naomi's efforts, and those of Kath Bartlett and Susanna Perkin in a voluntary capacity, all school children and staff were well fed. We also provided catering for a group of students from University of the West of England. e. We were pleased to welcome a number of new clients to the 51te and trust that they will return in future. These include Shelterbox. Barnardo's, St John Ambulance and Totnes Rugby Club. f. Sad5y. owing to ill health and personal responsibilities, our long-time colleague Austen Knapman had to relinquish his role as Managing Director. We are grateful for his support and wise counsel over the years. and we will find wt difficult to replace him. g. There has been no substantial building work carried out on site this year. CCTV has been installed to improve security and Wi-Fi has been installed throughout the site. We are grateful to those individuals who funded these initiatives. h. Trustees recognise the need to recruit the next generation of trustees to take on responsibility for the work when the existing members are no longer able to continue. The trustees wish to place on record their Bratitude to those individua15. churches. charities, Suppliers and other organisations which have supported the work at Menadue over the past year through their giving of time, resources, Sery1￿5, advice and expertise. We acknowledge with gratitude that "in all things God works for the good of those who love him.. IRomans 8=28 NIVUKI and we are thankful to God for His provision of everything we have needed. Page 2

1. Objectives and artfvitles Objerts The primary object of the trust is to advan￿ the Christian faith. for the public benefit, primarily but not exclusively. amongst young people, by providing facilities, accommodation or services for that purpose. ii. The second object of the trust is to promote education amongst young people, for the public benefit by providing facilities. accommodation or services for that purpose. b. Our Vision i. Our Vision as a Trust is that Menadue continues to be the home for Menadue Camps and becomes the venue of choice for schools. academies, universities, organisations and other not-for-profit organisations seeking a residential centre in North Cornwall. Our Mission i. To be a part of God's vnrk of seeing youngsters and adults become followers of Jesus Christ through developing and maintaining Menadue as a safe and comfortable facility. d. (￿rAIMS To maintain the site as a safe. comfortable, and attrartNe facility throughout the year ii. To increase usage during Monday- Fridays and over weekends iii. To provide all-year-round accommodation N. To offer all school groups a daily Christian assembly v. To provide a quiet space for prayer and reflection vi. To be self-supporting and non-profit making vii. To be able to offer the site at subsidi5ed rates to other like-minded charities e. Our Activities i. Maintaining the site and its current facilitie5 to make it safe. comfortable and attractive to all ourtenants. Continuing to establish the facilities, processes and procedures which we need to carry out the objects of the Trust. f. Publlc benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives in planning future artivities. li. The Trust achieves its objects by providing facilities. accommodation or Se￿iCe$ to advance the Christian faith amongst young people. for the public benefit. iii. Through providing opportunities both on and off the site for all children staying at Menadue we were able to promote education amongst young people. for the public benefit. Page 3

2. Achievements and perfom13nce a. The policies and procedures covering all aspects of the financial side of the charity are now well established. The implementation of 'Making Tax Digital. involved moving to Xero which we continue to Use as our accounting software application. b. Our Reserves Policy was reviewed during the year and remains unchanged. c. We achieved 30 bookings in 2022, for a variety of duration5, in addition to our own youth camps, from the following sources: i. Family groups- 16 ii. Schools- 7 iii. ChurcheslCharities- 7 d. Updating the website at wNw.menadueattNitie5.co.uk is ongoing. We sent details of our schools residentials to 4CK) schoo15 in Devon and Cornwall. e. We continue to subscribe to the safeguarding services offered by www.thi oneei ht.or and have adopted their policies and procedures for our own use. All our staff, volunteers and trustees and onsite artivity providers will have the appropriate DBS checks in place. f. Our main marketing tool is maintaining a presence on the websites www. lanm schooltri .co.uk and www.ukschooltri S.to.uk which has resulted in several contacts from schools. A number of these enquiries have turned in to firm bookings. g. We have been successful in obtaining bookings from national, well-known organisations, including 5helterbox, St John Ambulance and Barnardo's. h. We are members of the Christian Residential Network Ifomierly CCI UK) %&VWW.cmet.co.uk and share in the benefits of purchasing through the Christian Suppty Chain. We have signed up with an 'energy baskev managed by UtilityAid with electricity supplied by SSE. P￿4

3. Financial Review Income i. Our income for the period is summarised as follow5: Charitable actNities £64,929 Grants. interest, insurance & giftaid £S,450 Donations from individuals £70.911 Donation5 from trusts and churches £1.8CN) Totsl Income b. Expenditure i. Our expenditure for the period is summarised as follows- Other Supplies & Services £32,281 Electricity & Gas £13,189 Staffing £18,423 Repairs & Maintenance £4,296 Insurance £4,402 Professional Servi￿5 £5,087 Asset Replacement £1.392 Interest on Loans £2.179 Depreciation £4,636 Total Ex ndlture Bank Balances i. Our bank balance at lJanuary2023was£14.643. Our bank balance at 31 December 2023 was £12,689. ii. The total amount due from debtors was £5412022 £01. The total amount included in creditors falling due in one year was £23,67412022 £32.2231, resulting in net current assets/lliabilitiesl of I£10,931112022 IE17.58011. iii. The total amount included in creditors failing due in over one year was £125,50012022 £180.4731 resulting in net asset of £83,06612022 net asset of £25,861). d. Funds i. General Fund Balance Iunrestricted Fund) - £83,066 {2022 £25,861). e. Principal Funding Sources i. Our charitable artivities at the site contributed £64,92912022 £48.2471 in fees and charges. In addition, voluntary donations receNed from individuals. churches and trusts amounted to £78,16112022 £90,3701. iii. Voluntary donations in terms of loans written off amounted to £59.98112022 £Nill. iv. No additional loans were tsken on during 2023. P￿e5

4. Plans forfuture perlods a. As a result of a gift of £IO,CXXI received. we will refurbish the main kitchen and replace the two ranges, both of which have come to their end of life. If sufficient gifts are received 5pecificalty to cover the cost of the refurbishment of the cottage. then that will go ahead. OtheThvise no further development of the site is envisaged in the short to medium tem). b. In the short terni we will not employ anyone in the role of Centre Manager, rather we shall look to appoint other temporary part-time staff and volunteers to fulfil the functions of housekeeper. meet & greet. sales & marketing, booking5 management and catering. In the short term we will no longer include attNlties in our provision to schools, leaving it to school leaders to arrange their own programmes. d. The trustees themsefves will concentrate their energies into enabling the trust to fulfil its public benefit objective5 by seeking opportunities to get new clients to avail themselves of the facilities and at the same time, introduce them to the Christian faith. Page 6

5. Structure, Eovernance and management Governing document i. Menadue Management Trust was established with a Foundation Constitution as a Charitable Incorporated Organisation ICIOI by the Charity Commission for England and Wales on 19 February 2015. Charity Commission Registration No. 1160566 b. Appointrnent of trustee5 i. After the initial appointment of the first charity trustees. every trustee must be appointed or re-appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustee5, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the cio. Prospettive trustees shall confirm their adherence to the Statement of Belief set out in Appendix l of the Foundation Constitution upon appointment or re-appointment and shall demonstrate their adherence by their manner of life arld conduct. Under a Memorandum of Understanding with The Ptymouth and Distritt Assemblies Youth Camp Trust (the Holding Trust). the Holding Trust will nominate three people to be trustees {and. in due course, their respectNe replacementsl of the Menadue Management Trust. c. Indurtion and Training i. All existing trustees have familiarised themselves with the Charity Commission's Guidance he essential trustee: what you need to know. what you need to do ICC31'. ii. Trustees are aware of the need to invest in the trainin& support and development of their trustees, to increase the contribution that the I￿ard can make to the Trust's management. iii. When new trustees are appointed, the Charity Commission's Guidance 'Finding new trustees: what charities need to know ICC301' will be used to help the Trust to recruit, selert, appoint and induct trustees. d. Organisation i. The board of trustees administers the charity. The board has met 7 time5 in the past year. There are sub-tommittees of trustees who meet with our professional advisors as required. Decision5 taken by sub-committees are ratified at board meetings. ii. At a meeting held on 11 January 2024, Mr Philip Cranch was elected to serve as trustees for a furtherthree years from ljanuary 2024. iii. Trustees are responsible for taking the lead on various aspects of the work of the trust according to their individual skills, expertise and abilities. iv. All trustee5 are volunteers who give their time freely to the Trust. v. Day-to-day operation and Maintenan￿ of the site has been undertaken by a Management Team, consisting of members drawn from the existing trustees, staff, and volunteers. For personal reason5, Austen Knapman stepped down from the role of Chaim)anlCEO overseeing the work of this team and we have yet to appoint a replacement. vi. We have a Finarbce Assistant so that all payments via BACS are raised and authorised by two people. This position is voluntary and unpaid. e. Relation to other parties i. We took on responsibilty for the site at Menadue Fam, fintagel PL34 OHR from the current owners, The Plymouth and District Assemblie5 Youth Camp Trust (the Holding Trust). We entered into a 25-year lease from l March 2015. Operation of the site is subjert to the terms of a Memorandum of Understanding which we signed with the Holding Trust. A peppercorn rent is payable under this lease. Due to the nature of the farm and the nature of the lease, it is not possible to obtain a reliable market rent for this. Therefore, there 15 no donation or rent charge shown in the accounts in respect of this lease. ii. We are committed to supporting the workofthe Menadue Christian Camp Trust Imccn by giving them priorty booking rights and by making the site available to them for their summercamps at a reduced rate. Page 7

iii. We have outstanding loans from several parties related to the Trust, specifically Trustees and their relatives. and other charities with which trustees are involved. Reserves policy i. The trustees consider that. to be able to maintain the site and its facilities in a working and safe state during any period where insufficient rental income is forthcoming, an amount of £5.[￿ be designated as positive reserves and held for use in such tircumstance5. A desigfiated fund of £5,IKKJ will be created for this purpose Iby the Tru5teesl following approval of the accounts for the year ended 31 December 2023. ii. Should the level of reserves fall below this level, the trustees will carry out regular reviews to ensLEre that additional funds can be made available and used as additional reserves, if required. iii. The level of rese￿e5 will be reviewed by the trustees at least annually, and at any point when the financial commitments of the trust change significantly, for example, when permarbent staff are appointed. If the value of realisable reserves rises Significantly above the current approved level. then the trustees will consider the possibility of furthering the aims of the trust by making donations to charities with similar objects to our own. that deliver services in the local area, particularly The PlymO￿h and District A5￿mblie5 Youth Camp Trust. g. Risk Management i. The trustees have a risk management strategy which includes- an annual review of the principal risks and uncertainties that the charity Could face; the establishment of policies, Systems and procedures to mitigate those risks identified in the annual review: and the implementation of procedures desiBned to minimise or manage any potential impact on the charity should those risks materiaSise. ii. During 2023 the Trustees have examined all areas of the Tru5Ys operation and considered the major risks faced in each of these areas. In the opinion of the Trustees, the Trust has established resources and review systems which, under nom)al conditions. would allow these risks to be mitigated to an acceptsble level in its day-to-day operations. This review will be repeated annually. h. Trustees. responsibilities statement The charity trustees are re¥K)nsible for preparing a Trustee< Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ii. The law applicable to chartties 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 IFRS102},' make judgements and estimates that are reasonable and prudent- state whether applicable UK accounting stsndards have been ft)Ilowed- prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operation. Page 8

iii. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial Statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2C()8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to disclosure to our independent examiners In so far as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant infomiation. being infomiation needed by the Independent Examiner in connection with preparing their report. of which the Independent Examiner is unaware. and the trustees, having made enquiries of fellow trustees and the Independent Examiner that they ought to have individually taken, have each taken all Steps that they are obliged to take as a trustee in order to make themselves aware of any relevant information and to establish that the Independent Examiner is aware of that infom)ation. Page 9

1. Reference and administrative details a. Registered Name Menadue Management Trust b. Working Names The following working names are used to represent the Trust.. Menadue Artivities c. Trustees Mr Christopher Stephen Bartlett IAI_ Chairman until 31 December 2024 Mf Philip John Willcocks (Al until 31 December 2024 Mr Philip John Cranch W_ Treasurer until 31 December 2026 Mr Graham Massey until 31 December 2025 Mr Kevin Rodney Bartlett until 31 December 2025 Mr Philip Cranch is responsible for the day-to-day management of the financial affairs of the Trust. IA) These Trustees have been appointed by the Holding Trust. d. Prlncipal Office I Peaslands Road, Sidmouth, EXIO 9BD e. Contart Details Address= I Peaslands Road. Sidmouth. EXIO 9BD Telephone: [phone] Ernail- admin menadueactivities.co.uk Principal Place of Business Menadue Farm Trenale Lane Tintagel PL34 OHR g. Charlty Registration Number 1160566 h. VAT Registration Number 275257776 Website www.menadueactiwties.co.uk Accountants and IndeperHlent Examiners Michael Young BSC FCA Peplows Limited Moorgate House King Street Newton Abbot. TQ12 2LG k. 8ankers CAF Bank 25 Kings Hill Avenue Kings Hill West Mallin& ME19 4TA Page 10

Solicitors Gilbert Stephens Solicitors 15- 17 Southernhay East Exeter, EXI IQE 9. Exemptions from disclosure The likelihood that any person associated with the charity being pla￿d in personal danger is considered 50 remote that no charity or trustee details have been withheld from publication. 10. Funds held as custodlan trustee on behalf of others Neither the Trust nor its trustee5 are acting as custodian trustees on behalf of others. 11. Trustees, remuneratlon All Trustees give of their time freefy to support the ongoing work of the Trust. This mainly involves repairs and maintenance of the site and liaising with our contrartors and suppliers over the work they are doing for us. None of the trustees recerve any remuneration. b. During 2023 none of the trustees was paid any expenses. however costs incurred by trustee5 in providing supplies and materials used at the site were reimbursed on production of receipts. By order of the Board of Trustees Christopher Bartlett IChaim)anl Trustee 25 July 2024 Philip Cranch (Treasurer) Trustee 25 July 2024 Page 11

Statement of Financlal Artivities for the year endlng 31 December 2023 Note Total Funds Prior Year Funds Incorne Donations 2nd legacies Charitable activities Investments Total income £78.012 £64.929 £149 £143.090 £90,353 £48,247 £17 £138,617 Expenditure ChaT11able activities Governance costs Total expenditurg £82,063 £3,822 £85,885 £50,544 £1,273 £51,817 Net Income £57,205 £86,800 Total funds brought forward £25,861 {£60,9391 Total funds carried forward 10 £83.066 £25.861 Income and expenditure in both the current and prior year relate solely to unrestricted funds Page 12

Balance sheet as at 31 December 2023 Notg Total Funds Prior Year Funds Fixed assets Tangible r￿ed assets £219,497 £219,497 £223,914 £223.914 CurTgnt assgts Debtors Cash at bank and in hand £54 £12,689 £12.743 £14,643 £14.643 Liabilities Creditors= Amounts falling due in one year 10 £23.674 £23.674 £32,223 £32,223 Net current assets legs current Ilablllties (£10,9311 1£17.5801 Total assets less current liabilities £208,566 £206.334 Creditors: Amounts falling due in over one year 10 £125.500 £180.473 Total ngt assetslgss liabilitigs £83.066 £25.861 Rgprgsented by Unrestricted funds £83,066 £25,861 Funds of the charity £83.066 £25,861 The financial ststements were approved and authorised for issue by the Board on 25 July 2024. Signed on behalf of the Board of Trustees Christopher Bartlett. Chairman 25 July 2024 The notes on pages 14 to 19 form part ofthe5e financial statements. Page13

Notes to the Financial Ststements Note l- Summary of signtficant accounting poli￿$ a. General informatlon and basis of preparation Menadue Management Trust is a Charitable Incorporated Organisation in the England. The addresses of the registered offfice and the principal place of business are given in the charity infom)ation on page 10 of these financial statements. The nature of the chariws operations and principal activities are the advancement of the Christian faith, for the public benefit and promoting education amongst young people for that purpose. The charity constitutes a public benefit entity as defined by FRS 102. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2020. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practice. The financial statements are prepared on a going con￿rn basis under the historical cost convention. The financial statements are prepared in Sterling which is the functional currenLry of the charity and rounded to the nearest £. The significant accounting wlicies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless Otherwise stated. b. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. c. Income recognitlon All incoming resources are included in the Statement of Financial Activities {SoFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations to be recognised the charity will have been nottfied of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount 15 included in the financial ststements for volunteer time in line with the SORP IFR51021. Further detail is given in the Trustee￿ Annual Report. Income from trading activities includes income eamed from fundraising events and trading activities to rdise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding cash deposits and received a5 interest. Interest income is recognised Using the effective interest method. Page 14

d. Expendlture recognition All expenditure is accounted for on an accruals basis and has been classified under heading5 that ag8regate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required. and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds- Expenditure on charitable attivities includes all other expenditure: and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Trustees are not remunerated by the Trust. The Trust does have an Expenses Policy which allows Trustees to claim expenses incurred whilst engaged on business on behalf of the Tmst. No Trustee has been paid any expenses during the period. The Centre Manager worked for the trusi on a part-time, directly employed basis until 10 De￿rnber 2023. Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrattve and payroll costs. They are incurred direttty in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resour￿5. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these tosts is included in Note 5. f. Fixed assets Tangible fixed assets are stated at cost lor deemed costl or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs dIrett￿ attribLrtable to making the asset capable of operating a5 intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost. less estimated residual value, of each asset on a systematic basis over its experted useful life as follows: Leasehold land and building5 Land is not depreciated. building5 are depreciated over the remaining length of the lease commencing on completion of the building works. Debtors and creditors receivable / payable within one year Debtors and creditors wtth no stated interest rate and re￿1vable or payable within one year are recorded at transaction price. Anylosses arising from impaimient are recognised in expenditure. Loans and borrowings are initially recognised at the transaction price including trnnsattion costs. Subsequently, they are measured at amortised cost using the effective interest rate method. less impairment. Page 15

Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in ParaEraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax pijrposes. Going concem The financial statements have been prepared on a going concern basis. At the close of the summer season in 2023, trustees concluded that the difficulties in providing and staffing residential stay5 for schoo15 at a price that schools were prepared to pay. involved a great deal of work by staff and volunteers with little operating surplus in terms of finance. We failed to achieve the level of occupancy that we had planned for. but had we done so, then our staff resources would have been stretched to the limit. While trustees take tirne during 2024 to assess the situation, we shall continue to promote Menadue as the ideal location for any suitably sized group who can cater for themsefves and only need the minimum of involvement from our volunteers. On this basis we look fotward to proving facilities for new client5 in 2024. including Christian Surfers IUKI who have booked the site for a weekend for a group of 8￿. The trustees have considered the level of fund5 held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charity to be able to continue as a going concern. Note 2- Income from Donations Source 2023 2022 Donations.. Individuals Donations.. Churches Donations.. Trusts Donations: Legacies HMRC Grftaid Grants £70.911 £28.947 £21.340 £33.000 £0 £4.399 £2.667 £1.000 £0 £5.301 £0 Total £78.012 £90.353 Income from donations, legacies and grants was £78.012 {2022- £90.3531 all of which was attributable to unrestricted funds. Note 3- Income from charitable artivities Activities 2023 2022 Sale of goods arKI services £64,929 £64.929 £48,247 £48,247 Total Income from charitable activitie5 wa5 £64,92912022- £48,247) all of which was attributable to unrestricted funds. Page 16

Note 4-Analysis of expenditure on charitsble artNltles Activity Activrties undertaken directly Grant funding of activities Support costs Total 2023 Totsl 2022 Development activities Other Charitable actNities £32,105 £18,439 £60.136 £21.927 £82,063 £60.136 £21.927 £82,063 £50.544 Development activities were £Nil12022 - £32.1051 all of which were attributable to undesignated funds. Other charitable activities were £86,69912022- £18,439) all of which were attributable to undesignated funds. Note 5- Allocatlon of support costs Support Cost Raising Development Charitable funds activities activities Total 2023 Total 2022 Governance orrice costs (as listed below) Interest on loans Depreciation £3,822 £19,748 £2,179 £4,636 £3.822 £19,748 £2.179 £4.636 £1.273 £16.919 £1,520 £30,385 £30.385 £19.712 Office costs include Bank Accx)unt Fees, Staff and Employer costs and Promotional fees. Al support costs are incurred in respect of charitable activities. During the year there have been no (￿ts12022 £Nil) incurred in respect of fundraising. Note 6- Governance costs Governance costs 2023 2022 Independent Examinerfs fees Other £3.587 £235 £471 £800 £3.822 £1.273 The Independent Examinerfs remuneration amount includes an accrued Independent Examination Fee of £2,0(X) {2022- £1.7301 Note 7- Trustee5 and key management personnel rernuneration and expenses and staff costs and ernployee benefits Wages 2023 2022 Wages Soaal security £16,475 £1,948 £13.768 £1.687 £18.423 £15.45S The trustee5 neither received nor waived any remunerotion during the year12022- £Nil} The trustees did not have any expenses reimbursed during the year12022- £Nill Page 17

The average number of employees during the year was I12022- 11, part-time. The staff member was employed entirely on charitable activities. The wages and salaries costs. including staff trainin& in the year were £18.42312022 - £15.4551. These costs include employer costs. including pension contributions, of El,94812022 £1,6871- No12022- none) employees received total employee benefits ex￿edIng £60.1XQ. Note 8- Fixed assets Leasehold improvements: Bl￿d Additions in the year 2023 £223.914 £219 2022 £171.444 £52.470 £224.133 £223.914 Depreciation: Blfwd Charge for the year £4,636 £4,636 NBV: As at 31 December £219,497 £223,914 The chariVs previous policy {to 31 December 20201 was to account for all site development costs as charitable expenditure. The work has consisted of a mix of renovations and improvements. The fixed assets above exclude expenditure charged to charitable activities in the SOFA {this totalled £344,436 in the 6 years ended 31 December 20201. In 2022 additional accommodation was added and so elements of the development project were capitalised to reflect the additions to the site. The overall development project was concluded in late 2022 and so the leasehold improvement has been depreciated from l January 2023. Note 9- Debtor5 Debtors 2023 2022 Other £54 Note 10- Creditor5 Creditors: amounts falling due wlthin one year Credltors 2023 2022 Other £23.674 £32,223 £23.fT4 £32,223 Page 18

Creditors: amounts falling due in greater than one year Credltors 2023 2022 Other £125,500 £180.473 £125,500 £180,473 Loans which fall due after 5 years by instalments are £Nil12022 £8501- Interest is payable on these loans at between 0% and 3%. Note 11 Fund Reconciliation Funds Balance at 1 January 2023 Income Expendituro Transfers Galns and Balance at losses 31 December 2023 Unrestricted funds General fund £25,861 £143.090 £￿,521 £78,430 £25,861 £143.090 £90.521 £78,430 Fund descriptions a. General fund: This fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Note 12- Analysis (rf net assets between funds Assets Ggneral fund Total Prior year funds funds Fixed assets Debtors Cash al bank and in hand Creditors- amounts falling due in one year Creditors: amounts falling due in greater than one year £219.497 £219.497 £54 £54 £12,689 £12,689 £14,643 {£23.674) 1£23.674) 1£32,2231 (£125.51XI) (£125.500) {£180,473} £223,914 £83.066 £25.861 Note 13- Related party transactions During the year ended 31 December 202312022 none) no loans were recewed from Trustees. The amount of loans due to the Trustees as at the year-end was £31.IXK) {2022= £31,(KX)I. Page 19

For the year ending 31 December 2023 Independent Examinerfs Report to the Trustees of Menadue Management Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 2 to 19. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Acfl. I report in respect of my examination of the charitys accounts carried out under section 145 of the Act and in carryinE Out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerf5 Statement I have completed my examination. I confirm that no materral matters have come to my attention in connection with the examination givin8 me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by 5ertion 130 of the Act,. or the accounts do not accord with those records: or the accounts do not Comp￿ with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2(X)8 other than any requirement that the accounts give 'true and fair Vie￿ 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 understsnding of the accounts to be reathed. 25 July 2024 Michael Young Bsc FCA Peplows Limited Moorgate House King Street Newton Abbot, TQ12 2LG Page 20