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End of Year Financial Statement Year Ending 31 December 2024

Trustees Report for the period 1 January to 31 December 2024

1. Introduction

a. The Trustees of Menadue Management Trust (MMT) are pleased to present their annual report together with the financial statements of the Charity for the year ending 31 December 2024. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice as described below in Note 1a. of the Financial Statement.

2. Chairman’s report

a. 2024 has been a year of consolidation of the work at Menadue through closely managing the operation of the site, with the result that we have ended the year with an operating surplus of more than £6,000.
b. Above all, the work at Menadue has been greatly blessed this year through the generosity of a few supporters, including members of Gerston Chapel, Paignton, whose donations have reduced the amount of our outstanding loans from £141,000 at the start of the year to £20,000 at the end. Although some of these supporters have asked to remain anonymous, the Trustees wish to record their grateful thanks to them all for their support for the work at Menadue.
c. We are also thankful to report that, through the generosity of G Bartlett and K & K Bartlett, the cottage has been thoroughly gutted and refurbished to a high standard to provide a very attractive unit of accommodation. We will market the cottage via Airbnb as a separate unit from the rest of the site and hope that it starts to provide us with a lucrative income stream during 2025.
d. We were pleased to welcome Gemma to the team during year as she took on the role of Bookings Secretary. Karen, who was our Finance Assistant, gave notice that she would be leaving in February 2025 to pursue other career opportunities and we were pleased to welcome Gill into that role. We have appointed Will to the role of Caretaker to be responsible for the day-to-day operation of the site, its supplies and services. All these staff are employed on a self-employed part-time basis.
e. We continue to experience difficulty in finding suitable staff to prepare and cook meals for schools, so we were extremely thankful that Naomi and her friend Alison came forward and took on this task. Thanks to their efforts all school children and staff were well fed. Naomi also provided catering for a group of students from University of the West of England.
f. 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.
g. The Trustees wish to place on record their gratitude to those individuals, churches, charities, suppliers and other organisations which have supported the work at Menadue over the past year through their giving of time, resources, services, advice and expertise. We acknowledge with gratitude that “in all things God works for the good of those who love him.” (Romans 8:28 NIVUK) and we are thankful to God for His provision of everything we have needed.

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3. Objectives and activities

a. Objects

i. The primary object of the trust is to advance 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.
c. Our Mission
i. To be a part of God's work of seeing youngsters and adults become followers of Jesus Christ through developing and maintaining Menadue as a safe and comfortable facility.
d. Our Aims
i. To maintain the site as a safe, comfortable, and attractive facility throughout the year
ii. To increase usage during Monday - Fridays and over weekends
iii. To provide all-year-round accommodation
iv. 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 subsidised rates to other like-minded charities

e. Our Activities

i. Maintaining the site and its current facilities to make it safe, comfortable and attractive to all our tenants.
ii. Continuing to establish the facilities, processes and procedures which we need to carry out the objects of the Trust.

f. Public benefit

i. 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 activities.
ii. The Trust achieves its objects by providing facilities, accommodation or services 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.

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4. Achievements and performance

a. The policies and procedures covering all aspects of the financial side of the Charity are now well established. We continue to use Xero as our accounting software application.
b. Our Reserves Policy was reviewed during the year and remains unchanged.
c. We achieved 32 bookings in 2024, for a variety of durations, from the following sources:
i. Family groups - 7
ii. Schools - 4
iii. Churches/Charities – 20
iv. Menadue Camps – 3 weeks
d. The cottage was completed gutted, refitted and reequipped during the year, made possible by the provision of all the required finance by some of our generous donors, for which we are very thankful. We expect the letting of the cottage to provide further valuable income from 2025 onwards.
e. Updating the website at www.menadueactivities.co.uk is an ongoing task.
f. We continue to subscribe to the safeguarding services offered by www.thirtyoneeight.org and have adopted their policies and procedures for our own use. All our staff, volunteers and Trustees and onsite activity providers will have the appropriate DBS checks in place.
g. Our main marketing tool is maintaining a presence on the websites www.planmyschooltrip.co.uk and www.ukschooltrips.co.uk which has resulted in several contacts from schools. A number of these enquiries have turned in to firm bookings.
h. We continue to be members of the Christian Residential Network (formerly CCI UK) www.crnet.co.uk and share in the benefits of purchasing through the Christian Supply Chain.

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5. Financial Review

a. Income

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Our income for the period is summarised as follows: £
Charitable activities 47,425
Grants, interest, insurance & gift aid 19,961
Donations from individuals and to repay loans 131,893
Donations from trusts and churches 1,000
Total Income 200,279
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b. Expenditure

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Our expenditure for the period is summarised as
follows: £
Site Development 10,717
Repairs & Maintenance 15,586
Cleaning & Laundry 11,470
Insurance 4,444
Other Supplies & Services 3,414
Electricity & Gas 4,082
Waste Disposal, Water & Sewerage 3,591
Staffing 3,736
Professional Services 3,038
Replacement Equipment 80
Interest on Loans 1,732
Depreciation 4,651
Total Expenditure 66,541
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c. Bank Balances

i. Our bank balance at 1 January 2024 was £12,689. Our bank balance at 31 December 2024 was £19,166
ii. The total amount due from debtors was £Nil (2023 £54). The total amount included in creditors falling due in one year was £5,767 (2023 £23,674), resulting in net current assets/(liabilities) of £13,399 (2023 (£10,931)).
iii. The total amount included in creditors failing due in over one year was £20,000 (2023 £125,500) resulting in net asset of £216,804 (2023 net asset of £83,066).

d. Funds

i. General Fund Balance (Unrestricted Fund) - £211,804 (2023 £83,066).
ii. Site Maintenance & Repairs (Designated Fund) - £5,000 (2023 £Nil)

e. Principal Funding Sources

i. Our charitable activities at the site contributed £47,425 (2023 £64,929) in fees and charges.
ii. In addition, voluntary donations received from individuals, churches and trusts amounted to £154,406 (2023 £78,021).
iii. Voluntary donations in terms of loans written off amounted to £106,482 (2023 £59,981).
iv. No additional loans were taken on during 2024.

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6. Plans for future periods

a. Having completed the refurbishment of the main kitchen and the cottage during 2024, no further development of the site is envisaged in the short to medium term.
b. We shall continue to use the services of self-employed, part-time staff to support the day-today operation of Menadue. Our Booking Secretary carries out the roles of enquiries and bookings management and our Finance Assistant manages our finance administration & bookkeeping. As the need arises, we will call upon the services of our willing volunteers to provide a catering service for schools. Early in 2025 we will take on a caretaker to oversee the day-to-day operation of the site, particularly in terms of maintenance and supplies & services.
c. In the short term we will no longer include activities in our provision to schools, leaving it to school leaders to arrange their own programmes.
d. The Trustees themselves will concentrate their energies into enabling the trust to fulfil its public benefit objectives by seeking opportunities to get new clients to avail themselves of the facilities and at the same time, introduce them to the Christian faith.

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7. Structure, governance and management

a. Governing document

i. Menadue Management Trust was established with a Foundation Constitution as a Charitable Incorporated Organisation (CIO) by the Charity Commission for England and Wales on 19 February 2015. Charity Commission Registration No. 1160566

b. Appointment of Trustees

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.
ii. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
iii. Prospective Trustees shall confirm their adherence to the Statement of Belief set out in Appendix 1 of the Foundation Constitution upon appointment or re-appointment and shall demonstrate their adherence by their manner of life and conduct.
iv. Under a Memorandum of Understanding with The Plymouth and District Assemblies Youth Camp Trust (the Holding Trust), the Holding Trust will nominate three people to be Trustees (and, in due course, their respective replacements) of the Menadue Management Trust.

c. Induction and Training

i. All existing Trustees have familiarised themselves with the Charity Commission’s Guidance ‘The essential Trustee: what you need to know, what you need to do (CC3)’.
ii. Trustees are aware of the need to invest in the training, support and development of their Trustees, to increase the contribution that the board 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 (CC30)’ will be used to help the Trust to recruit, select, appoint and induct Trustees.

d. Organisation

i. The Board of Trustees administers the Charity. The board has met 7 times in the past year. There are sub-committees of Trustees who meet with our professional advisors as required. Decisions 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 a Trustee for a further three years from 1 January 2024. He was also reappointed as Treasurer.
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 Trustees are volunteers who give their time freely to the Trust.
v. Mr Graham Massey resigned from the Board of Trustees in February 2024. Since then, responsibility for the day-to-day operation and maintenance of the site, formerly undertaken by a Management Team, reverted to the Trustees.
vi. We employ a Finance Assistant who raises all payments and carries our bookkeeping function, a Booking Secretary who deals with the administration of bookings and a Caretaker to oversee the day-to-day operation of the site. These positions are on a self-employed basis.

e. Relation to other parties

i. We took on responsibility for the site at Menadue Farm, Tintagel PL34 0HR from the current owners, The Plymouth and District Assemblies Youth Camp Trust (the Holding Trust). We entered into a 25-year lease from 1 March 2015. Operation of the site is subject 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 is no donation or rent charge shown in the accounts in respect of this lease.

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ii. We are committed to supporting the work of the Menadue Christian Camp Trust (MCCT) by giving them priority booking rights and by making the site available to them for their summer camps at a reduced rate.
iii. Since they were written in 2015, the Memorandums of Understanding between MMT and the Holding Trust and MMT and MCCT will be redrafted in 2025 for discussion and agreement with these other trusts.
iv. We have an outstanding loan from a party being a relative of one of the Trustees of MMT.

f. 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 £5,000 be designated as positive reserves and held for use in such circumstances. A designated fund of £5,000 was created for this purpose following approval of the accounts for the year ended 31 December 2023 and this amount has been held in this fund throughout the year.
ii. Should the level of reserves fall below this level, the Trustees will carry out regular reviews to ensure that additional funds can be made available and used as additional reserves, if required.
iii. The level of reserves 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 permanent staff are appointed.
iv. 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 Plymouth and District Assemblies 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 designed to minimise or manage any potential impact on the Charity should those risks materialise.
ii. During 2024 the Trustees have examined all areas of the Trust’s 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 normal conditions, would allow these risks to be mitigated to an acceptable level in its day-to-day operations. This review will be repeated annually.

h. Trustees’ responsibilities statement

i. The Charity Trustees are responsible for preparing a Trustees’ 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 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 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 (FRS102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

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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 2008 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.
i. Statement as to disclosure to our independent examiners
i. In so far as the Trustees are aware at the time of approving our Trustees’ annual report:
- there is no relevant information, being information 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 information.

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8. Reference and administrative details

a. Registered Name

Menadue Management Trust

b. Working Names

The following working names are used to represent the Trust: Menadue Activities

c. Trustees

Mr Christopher Stephen Bartlett[(A) ] - Chairman until 31 December 2027 Mr Philip John Willcocks[(A)] until 31 December 2027 Mr Philip John Cranch[(A)] - Treasurer until 31 December 2026 Mr Graham Massey Resigned February 2024 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.

(A) These Trustees have been appointed by the Holding Trust.

d. Principal Office

1 Peaslands Road, Sidmouth, EX10 9BD

e. Contact Details

Address: 1 Peaslands Road, Sidmouth, EX10 9BD Telephone: 01395 515677

Email: admin@menadueactivities.co.uk

f. Principal Place of Business

Menadue Farm Trenale Lane Tintagel PL34 0HR

g. Charity Registration Number

1160566

h. VAT Registration Number

275257776

i. Website

www.menadueactivities.co.uk

j. Bookkeeper/Accountant

Gill Vokes Accountancy & Bookkeeping Services Cringles Bosvenna View Bodmin PL31 1AZ

k. Accountants and Independent Examiners

Michael Young BSc FCA Peplows Limited Moorgate House King Street Newton Abbot, TQ12 2LG

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l. Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling, ME19 4TA

9. Exemptions from disclosure

a. The likelihood that any person associated with the Charity being placed in personal danger is considered so remote that no Charity or Trustee details have been withheld from publication.

10. Funds held as custodian Trustee on behalf of others

a. Neither the Trust nor its Trustees are acting as custodian Trustees on behalf of others.

11. Trustees’ remuneration

a. All Trustees give of their time freely to support the ongoing work of the Trust. This mainly involves repairs and maintenance of the site and liaising with our contractors and suppliers over the work they are doing for us. None of the Trustees receive any remuneration.
b. During 2024 none of the Trustees was paid any expenses, however costs incurred by Trustees in providing supplies and materials used at the site were reimbursed on production of receipts.

By order of the Board of Trustees

Christopher Bartlett (Chairman) Trustee Dated: 1 September 2025

Philip Cranch (Treasurer) Trustee Dated: 1 September 2025

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Statement of Financial Activities for the year ending 31 December 2024

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Note Total Funds Prior Year
Funds
Income
Donations and legacies 2 £152,406 £78,012
Charitable activities 3 £47,425 £64,929
Investments £448 £149
Total income £200,279 £143,090
Expenditure
Charitable activities 4 £64,122 £82,063
Governance costs 6 £2,419 £3,822
Total expenditure £66,541 £85,885
Net income £133,738 £57,205
Total funds brought forward £83,066 £25,861
Total funds carried forward 11 £216,804 £83,066
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Income and expenditure in both the current and prior year relate solely to unrestricted funds

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Balance sheet as at 31 December 2024

Note	Total Funds Prior Year Funds
Fixed assets Tangible fixed assets 8	223,405 £219,497
Current assets Debtors 9 Cash at bank and in hand	223,405 £219,497 - £54 £19,166 £12,689
Liabilities Creditors: Amounts falling due in one year 10	£19,166 £12,743 £5,767 £23,674
	£5,767 £23,674
Net current assets less current liabilities	£13,399 (£10,931)
Total assets less current liabilities	£236,804 £208,566
Creditors: Amounts falling due in over one year 10	£20,000 £125,500
Total net assets less liabilities Represented by Unrestricted funds Designated fund	£216,804 £83,066 £211,804 £83,066 £5,000
Funds of the charity 11	£217,196 £83,066

The financial statements were approved and authorised for issue by the Board on 1 September 2025.

Signed on behalf of the Board of Trustees

Christopher Bartlett, Chairman Dated: 1 September 2025

The notes on pages 14 to 19 form part of these financial statements.

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Notes to the Financial Statements

Note 1 - Summary of significant accounting polices

a. General information and basis of preparation

Menadue Management Trust is a Charitable Incorporated Organisation in England. The addresses of the registered office and the principal place of business are given in the Charity information on page 10 of these financial statements. The nature of the Charity’s 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 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 (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £.

The significant accounting policies 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 recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) 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 notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance 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 is included in the financial statements for volunteer time in line with the SORP (FRS102). Further detail is given in the Trustees’ Annual Report.

Income from trading activities includes income earned from fundraising events and trading activities to raise 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 as interest. Interest income is recognised using the effective interest method.

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d. Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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 activities 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 Trust. No Trustee has been paid any expenses during the period.

The Centre Manager worked for the trust on a part-time, directly employed basis until 10 December 2023.

e. 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, administrative and payroll costs. They are incurred directly 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 resources.

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 costs is included in Note 5.

f. Fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as 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 expected useful life as follows:

Leasehold land and buildings Land is not depreciated, buildings are depreciated over the remaining length of the lease commencing on completion of the building works.

g. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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c. 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 Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes.

d. Going concern

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 stays for schools 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 time to assess the situation, we continue to promote Menadue as the ideal location for any suitably-sized group who can cater for themselves and only need the minimum of involvement from our volunteers. On this basis we look forward to providing facilities for new and returning clients in 2025, including Christian Surfers (UK) who have booked a return visit to the site for a weekend with a group of 80+.

The Trustees have considered the level of funds 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 reserves for the Charity to be able to continue as a going concern.

Note 2 - Income from Donations

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Source 2024 2023
Donations: Individuals £131,893 £70,911
Donations: Churches £0 £800
Donations: Trusts £1,000 £1,000
HMRC Gift aid £19,513 £5,301
Total £152,406 £78,012
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Income from donations, legacies and grants was £152,406 (2023 - £78,012) all of which was attributable to unrestricted funds.

Note 3 - Income from charitable activities

3 - Income from charitable activities
Activities	2024 2023
Sale of goods and services Total	£47,425 £64,929
	£47,425 £64,929

Income from charitable activities was £47,425 (2023 - £64,929) all of which was attributable to unrestricted funds.

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Note 4 – Analysis of expenditure on charitable activities

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Activity Activities Grant Support Total Total
undertaken funding of costs 2024 2023
directly activities
- - - - -
Development activities
Other Charitable activities £57,975 - £6,147 £64,122 £82,063
-
£57,975 £6,147 £64,122 £82,063
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Development activities were £Nil (2023 - £Nil) all of which were attributable to undesignated funds. Other charitable activities were £64,122 (2023 - £82,063) all of which were attributable to undesignated funds.

Note 5 – Allocation of support costs

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Support Cost Raising Development Charitable Total Total
funds activities activities 2024 2023
Governance - - £2,419 £2,419 £3,822
- -
Office costs (as listed below) £4,415 £4,415 £19,748
Interest on loans - - £1,732 £1,732 £2,179
- -
Depreciation £4,651 £4,651 £4,636
- - £13,217 £13,217 £30,385
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Office costs include Bank Account Fees, Staff and Employer costs and Promotional fees. All support costs are incurred in respect of charitable activities.

During the year there have been no costs (2023 £Nil) incurred in respect of fundraising.

Note 6 – Governance costs

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Governance costs 2024 2023
Independent Examiner’s fees £1,778 £3,587
Other £641 £235
£2,419 £3,822
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The Independent Examiner’s remuneration amount includes an accrued Independent Examination Fee of £1,670 (2023 - £1,730)

Note 7 – Trustees and key management personnel remuneration and expenses and staff costs and employee benefits

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Wages 2024 2023
Wages £3,736 £16,475
Social security £0 £1,948
£3,736 £18,423
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The Trustees neither received nor waived any remuneration during the year (2023 £Nil) The Trustees did not have any expenses reimbursed during the year (2023 £Nil)

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The average number of employees during the year was zero (2023 – 1), part-time. The wages and salaries costs, including staff training, in the year were £3,736 (2023 - £18,423).

No (2023 – none) employees received total employee benefits exceeding £60,000.

Note 8 – Fixed assets

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Leasehold improvements: 2024 2023
B/fwd £224,133 £223,914
Additions in the year £8,559 £219
£232,692 £224,133
Depreciation:
B/fwd £4,636 -
Charge for the year £4,651 £4,636
£9,287 £4,636
NBV:
As at 31 December £223,405 £219,497
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The Charity’s previous policy (to 31 December 2020) 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 2020). In 2023 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 2024 and so the leasehold improvement has been depreciated from 1 January 2023.

Note 9 – Debtors

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----- Start of picture text -----
Debtors 2024 2023
Other - £54
- £54
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Note 10 – Creditors

Creditors: amounts falling due within one year

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----- Start of picture text -----
Creditors 2024 2023
Other £5,767 £23,674
£5,767 £23,674
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Page 18

Creditors: amounts falling due in greater than one year

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Creditors 2024 2023
Other £20,000 £125,500
£20,000 £125,500
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It is anticipated that the lender, when personal circumstances permit, will make a personal donation to the trust, within the next 3 years, to cover the repayment of this loan. No interest is payable on this loan.

Note 11 Fund Reconciliation

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Funds Balance at Income Expenditure Transfers Gains and Balance at
1 January losses 31 December
2024 2024
Unrestricted Funds
General Fund £83,066 £200,279 (£66,541) (£5,000) - £211,804
Designated Funds
Reserve Fund - - - £5,000 - £5,000
- -
£83,066 £200,279 (£66,541) £216,804
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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.

b. Reserve Fund

This fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity, particularly in regards to repairs and maintenance of the site and its facilities.

Note 12 – Analysis of net assets between funds

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Assets Unrestricted Designated Total Prior year
fund funds funds funds
Fixed assets £223,405 - £223,405 £219,497
Debtors - - - £54
Cash at bank and in hand £14,166 £5,000 £19,166 £12,689
-
Creditors: amounts falling due in one year (£5,767) (£5,767) (£23,674)
-
Creditors: amounts falling due in greater (£20,000) (£20,000) (£125,500)
than one year
£211,804 £5,000 £216,804 £83,066
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Note 13 – Related party transactions

During the year ended 31 December 2024 no loans were received from Trustees (2023 none). The amount of loans due to the Trustees as at the year-end was £Nil (2023: £31,000).

Page 19

For the year ending 31 December 2024

Independent Examiner’s 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 2024 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 2011 (“the Act”).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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 respect of the Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.

……………………………………………….…..

Dated: 01/09/2025