Company Number: 10038349 Charity Number.. 1168170 The Middleton Foundalion (A company limited by guarantee) Trustees, Fleport and Financial Statements for Ihe year ended 31 March 2024
The Middleton Foundation Contents Page Report of the Trustees Independent Examiner's report Statement of financial activities Statement of financial activities Balance sheet Statements of cashflows Notes to the financial statements 10-21
The Middleton Foundation Reference and Administrative Details Trustees P R Woolston C Middleton J P Middleton L E Middleton Secretary R L Johnston Key Management Personnel C Sells Registered Office Haylofts 5 St Thomas, Street Newcastle upon Tyne NE14LE The charity is incorporated in England and Wales. Company Registration Number 10038349 Charity Registration Number 1168170 Independent Examiner CLA Evelyn Partners 17 Queens Lane, Newcastle upon Tyne. NE1 1RN Bankers Handelsbanken Durham 43 Old Elvet Durham DH1 3HN
The Middleton Foundation Trustees. report For the period ended 31 March 2024 The Trustees, who are directors for the purposes ol company law, present the annual report together with the financial statements and accountants, report of the charitable company for the year ended 31 March 2024. Structure, governance and management Nature of governing document The company is constituted a charitable company limited by guarantee, registered in England and Wales (company number 10038349), governed by its Memorandum and Articles of Association dated 10 February 2016 and is a registered charity with the charity commission in England and Wales (charity number 1168170). Recruitment and appointment of trustees The management of the charitable company is the responsibility of the Board of Trustees. The trustees give their lime and experience freely. Trustees are elected and co-opted under the terms of the Articles of Association. Induction and training of trustees An induction is provided to new trustees. This allows them to understand their role in the charity, gain clarity on their legal responsibilities, and acquire knowledge on the key policies and procedures of the charity. Relationships with related parties The company had a wholly owned trading subsidiary, Charity Escapes Trading Company Limited {CoTnpany number 104808071 during 2024. Major Risks and management of those risks The trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to miligale our exposure to the major risks. The Board of Trustees reviews the risk register at least annually lo ensure transparency and control of all identified risks. Objectives and activities Objects and aims To provide accommodation to vulnerable people with learning disabilities in the North East England and Cumbria. To promote any charitable purpose for the benefil of the public generally, both in the UK and overseas.
The Middleton Foundation Trustees. report (Continued) For the period ended 31 March 2024 Objectives and activities (Continued) Obiects and aims (Continued) To apply the income or all such part or pans of the capital, at such time or times and in such manner as Ihe trustees may in their discretion think fit in making donations andlor grants for the public benefit worldwide for charitable purposes andlor to existing charities whose charitable objects are principally.- -The relief of those in need by reason of youth, ill health, disability, financial hardship, or other disadvantage -The prevention or relief of poverty -The advancement of education, the arts, culture or heritage Our ambition is to provide a long term forever home to individuals with learning disabilities. in the North East ol England and Cumbria. We understand that providing the right home is the foundation lo empowering individuals with disabilities to live a fLrlfilled life with dignity, independence, and empower a sense of belonging in the local community. The Trustees have named this housing project Molly's Project. Objectives. strategies and activities Molly's Project has continued to make progress throughout 2024, purchasing an additional two homes. The project has focused on four key pillars to achieve progress towards its objectives; Finding the forever home.. The Middleton Foundation recognises the challenges faced by individuals with learning disabilities and their families in finding suitable accommodation. Through Molly's Project, the Foundation aims to bridge this gap by creating housing options that prioritise accessibility, safety, and inclusivity. Long-Term: The project emphasises the importance of stability and continuity in the lives of individuals with learning disabilities. By providing long-term housing solutions, Molly's Project aims to create a sense of belonging, independence, and security for its residents. Collaboration and Partnership.- The Middleton Foundation is working in partnership with registered Housing Associations who have expertise in this field. Communication: building relationships and continued dialoglje with families, Local Authority commissioners, The Integrated Care Board in the North East and Cumbria. care providers. social workers and Housing Associations. The Foundation has continued to make donations during the year to other charities. Through the Foundation's investment in its trading subsidiary, Charities Escapes Trading Company Limited, the Foundation has been able to further support charities to raise much needed funding. In September 2023 the trustees made the decision to cease supporting the operating of the trading subsidiary. An orderly windup of the company was facilitated, with operations ceasing on 31 January 2024 and the company bèing wound up on 10 September 2024. Public benelit The trustees consider that through providing housing to vulnerable people with learning disabilities, the enabling olher charities to raise greater funds for their charitable purposes and by the provision of grants, the Middleton Foundation is delivering public benefit. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The Middleton Foundation Trustees. report (Continued) For the year period 31 March 2024 Achievements and performance The trustees continued to progress and support the Molly project. the charities housing project for individuals with learning disabilities in the North East of England and Cumbria in 2024. 2024 has continued to be a year of investment, building a stable foundation for Molly's Project in terms of developing relationships with strategic partners and securrng additional homes for those in need. During the year the trustees made significant progress on its four key pillars of Molly's project: The charity purchased an additional two forever homes in the North East of England, supporting live additional people with learning disabilities to live and thrive independently in a long term forever home. These acquisitions took the total number of homes provided to three. The rental income received on all properties has been designated to Molly's project lo help more individuals with learning disabilities find their forever home. The trustees (Jeveloped their working collaboration and partnership with two registered housing providers. The project has continued to invest significanl resource into building and maintaining relationships with seven local authority commissioning teams in the North East and the Integrated Care Board in the North East and Cumbria Key non-financial performance indicators In the year Molly's project has provided., Housing for an additional five people with learning disabilitieslautism in the North East and Cumbria., bringing the total number of people supported by Molly Project to eight people with learning disabilities in the North East and Cumbria The project purchased an additional two forever homes, bringing the total number of forever homes provided to three. The trustees were pleased to be able to award grants totalling £36K (2023: £ 96K) to 80 charities. Financial review The charity received £168K in the y@ar, of this £40K was from donations and E128K earnt from rent and interest. Policy on reserves In line with Charity Commission guidelines the trustees monitor the levèl of reserves held to ensure they are being used lo help the objectives of the charity. The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP}. which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity lo hold free reserves - those reserves not invested in tangible fixed assets, excluding intercompany loans, long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of three months expenditure. Three months expenditure would equate lo holding approximately £5K in free resetves. On this basis free reserve are £88K negative at the year-end (£6K FY231. Fundraising disclosures The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundRiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set oul by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors. The charity's brand awareness is facilitated through a public relation consultant, social media feeds and positive word ol mouth advertising. We report on any fundraising complaints for which there were none in 2024.
The Middleton Foundation Trustees, report (Continued) For Ihe year period 31 March 2024 Plans for future periods The trustees are encouraged by the progress ma(Je on Molly's project to date. The trustees remain committed to providing housing to individuals with learning disabilities in the North East and Cumbria. There is a substantial need in the local community for this provision. Over the long term the ambition is to provide a legacy of a substantial property portfolio which provides valuable forever homes, linking with colleges and schools lo provide the next step in the personal development of young people with learning disabilities. Post year end the charity has purchased an additional property housing one individual. Going concem The charity's forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period. The charity has a significant posilive cash balance and is forecasting for this to continue through execution of the project plan. Statement of Trustees, Responsibilities The trustees (who are also the directors of The Middleton Foundation for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice} and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law Ihe trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required lo-. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent,. slate whether applicable UK 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 Ihat the charitable company will conlinue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Gompany's transactions and disclose with reasonable accuracy at any time the financial position of the haritable company and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularities. The ann I report was approved by the trustees of the charity on 51h November 2024 and signed on ils behalf by.. P R Woolston Trustee
The Middleton Foundation INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MIDDLETON FOUNDATION For the year ended 31 Mar¢h 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of cotnpany lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act,). Having satisfied myself that the accounts of Ihe Company are not required to be audited under Part 16 of the 21)06 Act and are eligible for the independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In Carrying out my examination I have followed the 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 altention in connection with the examination giving me cause to believe: accounts records were not kept in respect of the Company as required by section386 of the 2006 Act-. or 2. the aOuntS do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounling and reporting by charities. I have no concerns and have come account no other matters in connection with the examination to which attention should be drawn in this repot in order to enable a proper understanding of the accounts to be reached. Stephen Easton FCA CLA Evelyn Partners Accountants Date: 17 Queens Lane Newcastle upon Tyne NE1 1RN
The Middleton Foundation Statement of Financial Activities (Including Income and Expenditure Account) For the year ended 31 March 2024 Unrestricted funds Total 2024 Total 2023 Note5 Income and Endowments from: Donations and legacies Charitable activities Investment income 39,852 51,305 77,227 39,852 51,305 77,227 2,615.089 14,676 38,629 Total income 168,384 168,384 2,668,394 Expenditure on". Charitable activities (179,966} 1179,966) 1267,0431 Total Expenditure (179,966) {179.966} (267,0431 Net movement in funds (11.5821 (11,5821 2.401,351 Reconciliation of funds Total funds brought forward 2,484.731 2,484,731 83,380 Total funds carried forward 17 2,473,149 2,473,149 2,484,731 All income and expenditure derive from continuing activities.
The Middleton Foundation Comparative Statement of Financial Aclivities For the year ended 31 March 2024 Unrestricted funds Tolal 2023 Notes Income and Endowments from: Donations and legacies Charitable activities Investment income 2,615,089 2.615,089 14,676 14,676 38,629 38,629 Total income 2,668,394 2,668,394 Expenditure on: Charitable activities (267,043) (267.043) Total Expenditure (267.0431 {267.043) Net movement in funds 2,401,351 2,401,351 Reconciliation of funds Total funds brought fotward 83,380 83.380 Total funds carried forivard 17 2,484,731 2,484,731
The Middleton Foundation Balance Sheet As at 31 March 2024 2024 Notes 2023 Fixed assets Tangible assets Investments 1.024,747 12 396,024 1.024.748 396,025 Current assets Debtors Cash at bank and in hand 13 784,135 676,251 14 772.950 1,336,223 Creditors: amounts falling due within one year 1.460,385 2,109,173 15 {11,985) 120.467) Net current assets 1,448,401 2.088.706 Net assets 2,473,149 2,484.731 Funds of the charity". Unrestricted funds 17 2.473.149 2,484,731 The financial statements were approved and authorised for issue by the trustees on 51h November 2024 and signed on their behalf by., P R Woolston Trustee The notes on pages 11 to 23 form part of these financial slatements. Company registration number 10038349
The Middleton Foundation Statement of Cash Flows As at 31 March 2024 Note 2024 2023 Cash flows from operating activities: Net cash (expenditure}lincome 111,582) 2.401,351 Adjustments to cash flows from non-cash items Depreciation of tangible fixed assets Profit on disposal ol tangible fixed assets Investment income 435 1541 (77.2271 45 (38,6291 Working capital adjustments Increase in debtors increase/(Decrease) in creditors (88.428) 2,362,767 (11,185) (8,482) {680.3371 (2,286) Net cash flows from operating activities 108,095 1,680.144 Cash flows from investing activities Interest receivable and similar income Donation of tangible fixed assets Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets 77,227 38.629 (395,0001 (1,0691 (630,0041 900 Net cash flows from investing activities (551,8771 (357,440) Net increase in cash and cash equivalents (659,972) 1,322,704 Cash and cash equivalents at the beginning of the year 1.336.223 13,519 Cash and cash equivalents at the end of the year 10 676,251 1,336,223
The Middleton Foundation Notes to the financial statements For the period ended 31 March 2024 Charity stalu5 The Middleton Foundation is a Company Limited by Guarantee in the United Kingdom, incorporated in England and Wales. and consequently does not have share capital. Each of the trustees is liable lo contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of ils registered office is: Haylofts, 5 St Thomas, Street, Newcastle upon Tyne, NE1 4LE Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all Ihe years presented, unless otherwise stated. Statement of compliance 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} (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation The Middleton Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to Ihe nearest £. Going concem The charity's forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. This also considers the elfecliveness ol available measures to assist in mitigating the impact. The charity has strong positive cash balances and is forecasting to invest the cash in propety to generate renlal income. The trustees have stress tested their forecasts. taking into account various scenarios, and remain confident Ihat the uncertainties do not cast significant doubt on the company's ability to continue as a going concern. Exemption from preparing group accounts The charily has taken advantage ol the exemption in section 398 of the Companies Act 2006 Irom the requirement lo prepare consolidated financial statements, on the grounds Ihal it is a small sized group and has taken advanlage of section 24.13A ol the Charities SOFIP on the basis that the financial results of its only subsidiary afe immaterial lo the financial statements of the group. 10
The Middleton Foundat(on Notes to the financial statements For the period ended 31 March 2024 Estimation uncertainty and judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. In preparing these financial statements the directors do not consider there were any significant areas of judgement that were required in applying the company's accounting policies as set out above. Income and endowments All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Investment income Interest is recognised when it is recognised on the earlier of being nolilied of the amount or it being receipted into the bank. Expenditure All expenditure is recognised once there is a legal or constructive obligalion to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion ol the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support Ihem. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating propety costs by floor areas. or per capita, stalf cosls by the lime spent and other costs by their usage.
The Middleton Foundation Notes to the financial statements For the period ended 31 March 2024 Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements. including audit, strategic mallagement and trustees. meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £1,000 or more are initially recorded at cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Computer Equipment Land and Buildings Depreciation method and rale 25°A straight line Over 50 years The depreciation policy for land and buildings has been calculated on the cost of the buildings al a rate of 20ts per annum. However, the board will not depreciate Ihe buildings further below recoverable amount. The value of Ihe buildings was determined by an external valuation. performed prior to the building being donated or purchased. The value of the donations has been taken as deemed cost. The properties are held as fixed assets on the basis that it aligns with the charitable objectives to provide accommodation and forever homes to its beneficiaries. As a result, all rental income received is recorded as charitable activities income. Cash and cash equivalents Cash and cash eqltivalents comprise cash on hand and call deposits. and other short-lerm highly liquid investments that are readily convertible to a known amount ol cash and are subjecl lo an insignificant risk ol change in value. Trade creditors Trade. creditors are obligations to pay for goods or services that have been acquired in the ordinary coursè ol business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, al the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right lo defer settlement lor at least twelve months after the reporting date, they are presented as non-current liabilities. 12
The Middleton Foundation Notes to the financial statements For the period ended 31 March 2024 Trade creditors are recognised initially al the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds and designated funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Income from donations and legacies Unrestricted Funds General Tolal Total 2023 2024 Donations and legacies.. Donations 39,852 39,852 2,615,089 39,852 39,852 2,615,089 All prior year income was unrestricted. Income from charitable activities Unrestricted Funds General Total 2024 Total 2023 Provision of Housing 51,305 51,305 14,676 51,305 51,305 14,676 5 Investment income Unrestricted Funds General Total 2024 Total 2023 Interest receivable and similar income.. Interest receivable on bank deposits 77,227 77,227 38,629 77,227 77,227 38,629 13
The Middleton Foundat40n Notes to the financial statements (Continued) For the period ended 31 March 2024 Expenditure on charitable activities Unrestricted General Total 2024 Total 2023 Grant funding of activities Housing activities Provision of support to other charities Governance costs 36,011 3,663 131,445 8,847 36,011 3,663 131,445 8,847 96,083 7,606 155,368 7,986 179,966 179,966 267.043 An analysis of grants made to organisalions is provided below. Unreslricted General Total 2024 Total 2023 Red Sky Foundation New Covenant Ministries Cancer Research UK Dragonfly Cancer Trust Tiny Lives Trust Charlie Gard Foundation Newcastle Cal & Dog Shelter Feeding families Children's Hospices Across Scotland Edinburgh Cal & Dog home Action for A-T Yorkshire Cal Rescue Scottish Cot Death Trust Scottish Association for Mental Health The Childrens Adventure Farm Trust Children in Need Ukraine Appeal Children of Choba Changing lives Myaware Remembering Flebecca Scollish SPCA North East Air Ambulance Sports Newcastle Other donations (less than £1,000) 35,613 8,615 6,637 3,814 3.572 3,003 2,500 2,500 2,230 2,274 2,195 2,149 2,064 2,000 1 .037 1 ,040 1,000 1,000 1.000 4,566 4,566 1,900 4,248 1,900 4,248 2,121 2,121 2,316 2,170 2,009 1,848 1,968 12,866 2,316 2,170 2,009 1,848 1,968 12.866 11,840 36,011 36,011 96,083 14
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2024 Provision of support to other charities Support costs Total 2024 Total 2023 Wages and salaries Insurance Telephone Computer software and mainlenanee Printing, postage and stationery Travel and subsislence Marketing and PR Accountancy fees Depreciation Bank charges Professional Fees Fund raising Fees Staff training Foreign exchange loss 86,672 1,767 292 18,366 66 1,217 5,686 9,190 435 86,672 1,767 292 18,366 66 1,217 5,686 9,190 435 211 576 5,479 1,488 98,613 900 568 21,364 67 3,521 16,360 8,613 45 281 649 211 576 5.479 1,488 4.215 172 131.455 131,455 155,368 Governance costs Unrestricted General Total Total 2023 2024 Audit fees Audit of the linancial statements Other fees paid to auditors Independent examiners fees Examination of the financial statements Other fees lo Independent examiners Legal fees 7,200 660 4,500 960 3,387 4,500 960 3,387 126 8,847 8,847 7,986 Trustees, remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. £48312023 = £2591 of expenses were reimbursed to P R Woolston during the year. No trustees have received any reimbursed expenses or any olher benefits from the charity during the year.
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2024 Staff costs The average number of employees during the period was as follows." Management Support 2024 2023 The total staff costs and employee benelits was as follows- 2024 2023 Wages and salaries Social security costs Pension costs 82,531 2,304 1,836 86,672 92,309 4.364 2,349 99,022 No employee had employee benefits in excess of E60.00012023 - £60,000). Independent examiner's remuneration 2024 2023 Examination of the financial statements 10. Taxalion The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gaines Act 1992. 10 the extent Ihat such income or gains are applied exclusively to charitable purposes. 16
The Middleton Foundation Notes to the financial stalements (Continued) For Ihe period ended 31 March 2024 11 Tangible fixed assets Land and buildings Computer equipment Totsl Cost At 1 April 2023 Additions Disposals 395,000 628,632 1,069 1,372 {1,0691 396,069 630,004 11,0691 At 31 March 2024 1.023,632 1,372 1,025,004 Depreciation At 1 April 2023 Charge for the year Depreciation on disposals 45 435 (223) 45 435 12231 At 31 March 2024 257 257 Carrying amount At 31 March 2023 395,000 1,024 396,024 At 31 March 2024 1,023,632 1,115 1,024,747 Included within the net book value of land and buildings above is £1,023,632 (2023- £395,000) in respect of Ireehold land and buildings and £ Nil12023 - £ Nil) in respect of leaseholds. During the year ended 31 March 2023. the Charity was donated a property, 116 Wigton Road, Carlisle which will be used as a rental property as part ol the Molly Project. The property was valued on 22 July 2022 at a value of £395.000 for the purpose of being donated to the charity by Vickers and Barrass Chartered Surveyors. The value of the donation has been taken as deemed cost. The property is held as a fixed asset on the basis that it aligns with the charitable objectives to provide accommodation and Forever Homes to its beneficiaries. As a result, all rental income received is recorded as charitable activities income. 17
The Middleton Foundation Notes to the financial statements (Conlinued) For the period ended 31 March 2024 12 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests Subsidiary undertakings Total Shares in group undertakings and participating interests Cost Al 1 April 2023 At 31 Mar¢h 2024 Net book value Al 1 April 2023 At 1 April 2024 Details of undertakings Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows.. Country of incorporation Undertaking Proportion of voting rights and shaS held 2024 2023 Holding Subsidiary undertakings Charity Escapes Trading Company Limited England and Wales 100¥. 100/. 100/0 18
The Middleton Foundalion Notes to the financial statements (Continue For Ihe period ended 31 March 2024 Subsidiaries undertakrngs The profit for the financial period of Charity Escapes Trading Company Limited was £25,740 {2023 - £35,564) and the aggregate amount of capital and reserves at Ihe end ol the period was £24,308 {2023 - £50,047). The Charity has taken the exemption of preparing group accounts on the basis that the subsidiary, Charity Escapes Trading Company Limited's results are immaterial to the group. 13 Debtors 2024 2023 Trade debtors Due from group undertakings Prepaymenls Accrued income Other debtors 7,032 18.793 2,305 34,560 721,444 2,006 48,593 7,030 9,647 705,674 784.135 772.950 Amounts due from group undertakings are repayable on demand. 14 Cash and cash equivalents 2024 2023 Cash at bank Short-lerm deposits and liquid investments 376,251 300.000 666,570 669.653 676.251 1,336.223 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 3,338 5,087 2,240 411 12,729 189 8,457 11,985 20,467 19
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2024 16 Pension and other schemes Defined contribution pension scherne The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,836 (2023 £ 2,3491. Contributions totalling £189 {2023-. £ 411) were payable lo the scheme at the end ol the year. 17 Funds Balance at 1 April 2023 Incoming resources Resources Balance at 31 expended March 2024 Unrestricted funds General Unrestricted funds 55,691 45,256 (168,788) 167,8411 Designated Molly Project 2,429,040 123,127 (11,178) 2,540,989 Total fund 2,484.731 168,383 (179.966) 2,473,148 18 Analysis of net assets belween funds Unrestricted General Designated Total Funds Tangible fixed assets Fixed asset investments Net current assels/lliabilitiesl 1,115 1,023,632 1,024.747 168,957} 1,517,357 1,448,400 rotal net assets {67,841) 2,540,989 2.473.148 Unrestricted Total Funds at General Designated 31 March 2023 Tangible fixed assets Fixed asset investments Net current assetsl{liabilitiesl 1,024 395,000 396.024 54,666 2,034,040 2.088,706 Total net assets 55,691 2.429,040 2,484,731 20
The Middleton Foundation Notes io the financial statements (ContiTnuedJ For the period ended 31 March 2024 19 Analysis of net funds At 1 April 2023 Financing Cash flows At 31 March 2024 Cash at bank and in hand 1.336,223 (659,9721 676.251 Net cash 1,336,223 (659,9721 676,251 At 1 April 2022 Financing Cash flows At 31 March 2023 Cash at bank and in hand 13,519 1,322,704 1,336,223 Net cash 13,519 1,322,704 1,336.223 20 Related party transactions A balance of £18,793 (2023: £48,593) was owed by the charity's subsidiary Charity Escapes Trading Company Limited at the year end. Advances were made to the charity's subsidiary lolalling £ Nil Repayments were received from the charity's subsidiary totalling £29,800. The amount is repayable on demand. During the year donations of £nil 12023: £2,536,700) were received from Jeremy and Catherine Middleton, the founders of The Middleton Foundation. A balance 01 £721,444 (2023.. £ 705.674) was owed by Middleton Enterprises Limited, an entity in which there is common control in which trustees ol Ihe charity are also directors of the company. 21