Company Number. 10038349 Charity Number: 1168170 The Mkldleton Foundation (A company limited by guarantee) Trustees, Report and Financial Statements for the year ended 31 March 2025
The Middleton Foundatlon Contents Page Report of the Trustees Independent Examinerfs report Statement of financial acts"vities Statement of financial activities Balance sheet Statements of cashflows 10 Notes to the financial statements
The Middleton Foundation Reference and Administrative Details Trustees P R Woolston C Middleton J P Middleton L E Middleton Secretary R L Johnston 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 Stephen Easton FCA S&WAudit 17 Queens Lane, Newcastle upon Tyne, NE1 1RN Bankers Handelsbanken Durham 43 Old Elvet Durham DH13HN
The Middleton Foundatlon Trustees, report For the period ended 31 March 2025 The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and accountants, report of the charitable company for the year ended 31 March 2025. 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 trustees. The trustees give their time 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. Relatlonships wlth related partles The company had a wholly owned trading subsidiary, Charity Escapes Trading Company Limited (Company number 10480807) which was wound up on 10 September 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 mitigate exposure to the major risks. The board of trustees reviews the risk register at least annually to 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 of England and Cumbria. To promote any charitable purpose for the benefit of the public generally, both in the UK and overseas
The Middleton Foundation Trustees, report (Continued) Forthe period ended 31 March 2025 Objectives and activities (Continued) Objects and aims (Continued) To apply the income or all such part or parts of the capital, at such ts'me or times and in such manner as the 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 povety -The advanrnent of education, the arts, culture or heritage Our ambition is to provide affordable social housing to individuals with learning disabilities. in the North East of England and Cumbria. We understand that providing the right home is the foundation to empowering individuals with disabilities to live a fulfilled life with dignity, independen, 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 2025, purchasing one additional home, with more property purchases in the pipeline. Molly's Project has focused on four key pillars to achieve progress towards its objectives; Finding the forever home: The Middleton Foundation recognises the challenges fad 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: Molly's 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 dialogue with families, colleges, Local Authority commissioners, The Integrated Care Board in the North East and Cumbria, care providers, social workers and Housing Associations. 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 being wound up on 10 September 2024. Public benefit The trustees consider that by providing affordable housing to vulnerable people with learning disabilities, enabling other charities to raise greater funds for their charitable purposes and by the provision of grants, the Middleton Foundation is delivering public benefit, The trustees confim 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 2025 Achievements and performance The trustees continued to progress and support Molly's Project, the charities housing project for individuals with autism andlor learning disabilities in the North East of England and Cumbria in 2025. 2025 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 securing additional homes for those in need. During the year the trustees made significant progress on its four key pillars of Molly's Projec( The charity purchased an additional forever home in the North East of England, supporting one addits.onal person with autism andlor leaming disabilities to live and thrive independentty in a long term forever home. This acquisition took the total number of homes provided to four. The rental income received on all properties has been designated into Molly's Project to help more individuals with leaming disabilities find their forever home. The trustees developed their working collaboration and partnership with two registered housing providers. Molly's Project has continued to invest significant resour into building and maintaining relationships with eight 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; - Affordable housing for one additional person with learning disabilitieslautism in the North East and Cumbria., bringing the total number of people supported by Molly's Project to nine people with learning disabilities in the North East and Cumbria. The project purchased one additional forever home, bringing the total number of forever homes provided to four. The trustees were pleased to be able to award donations totalling £2K (2024: £ 36K) to five charities. Financlal review The charity received £145K in the year, all of which was earnt from rent and interest. All of this income has been designated to Molly's Project to provide further affordable housing for individuals with leaming disabilitieslautism in the North East and Cumbria. Policy on reserves In line with Charity Commission guidelines the trustees monitor the level of reserves held to ensure they are being used to help the objectives of the charity. The calculation of fe 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 to 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 3 months expenditure. 3 months expenditure would equate to holding approximately £5K in free reserves. On this basis free reserves are £5k at the year-end (2024 . £12k negative). Fundraising dlsclosures The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out 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 of mouth advertising. We report on any fundraising complaints for which there were none in 2025.
The Middleton Foundatlon Trustees, report (Continued) For the year period 31 March 2025 Plans for future periods The trustees are encouraged by the progress made on Molly's Project to date. The trustees remain committed to provKling affordable social housing to individuals with autism andlor learning disabilities in the North East and Cumbria. There is a substantial need in the local community for this provision. Over the long temi the ambition is to provide a legacy of a substantial property portfolio which provides valuable forever homes, linking with colleges and schools to provide the next step in the personal development of young people with learning disabilities. Post year end the charity has purchased two additional properties housing three individuals. Going concern 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 positive cash balan and is forecasting to invest this income to generate rentsl income to finan operats'ons. Statement of Trustees. Responsibilities The trustees (who are also the directors of The Middleton Foundation for the purposes of company law) are responsible for preparing the trustees, report and the fi'nancial ststements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi) and applicable law and regulatsons. Company law requires the trustees to prepare financial stateThEnts for each financial year. Under company law the 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 reSoUrS and application of reSoUrs, including its income and expenditure, for that period. In preparing these financial statements: the trustees are required to: 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; state whether applicable UK Accounting Stsndards have been followed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactsons and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chantable company and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The annual report was approved by the trustees of the charity on 29 January 2026 and signed on its behalf by: F/•(L P R Woolston Trustee
The Middleton Foundation Independent examiner's report to the trustees of The Mlddleton Foundatlon For the year ended 31 March 2025 I report to the trustees on my examination of the accounts of The Middleton Foundation for the year ended 31 March 2025, which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows, and the notes to the accounts, including significant accounting policies. Respective responsibilities of trustees and examiner and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the Companies Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the Companies 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 Charities Act,) and in carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the Charities Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have coffE to my attention in connection with the examination giving me cause to believe that in any matenal respect: accounting records were not kept in respect of the Company as required by section 386 of the Companies Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the Companies 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 accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Middleton Foundation Independent examiner's report to the trustees of The Middleton Foundation For the year ended 31 March 2025 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. Stephen Easton FCA The Institute of Chartered Accountants in England and Wales S&W Audit 17 Queens Lane Newcastle upon Tyne NE11RN 30 January 2026
The Middleton Foundation ststement of Flnancial Activities (Including Income and Expenditure Account) For the year ended 31 March 2025 Unrestricted funds Total 2025 Total 2024 Notes Income and Endowments from: Donations and legacies Charitable activities Investment income 39,852 51,305 77,227 77,172 67,622 77,172 67.622 Total income 144,794 144,794 168,384 Expendlture on: Charitable activities (37,805) (37,805) (179,966) Total Expenditure (37,805) (37,805) (179,966) Net movement In funds 106,989 106,989 (11,582) Reconciliation of funds Total funds brought fOard 2,473,149 2,473,149 2,484,731 Total funds carried forward 17 2,580,138 2,580,138 2,473,149 All income and expenditure derive from continuing activities.
The Middleton Foundation Comparative Statement of Financlal Activities For the year ended 31 March 2025 Unrestricted funds Total 2024 Notes Income and Endowments from: Donations and legacies Charitable activities Investment income 39,852 51,305 77,227 39,852 51,305 77,227 Total income 168,384 168,384 Expenditure on: Charitable activities (179,966) (179,966) Total Expenditure (179,966) (179,966) Net movement in funds (11.582) (11,582) Reconciliation of funds Total fvnds brought forward 2,484,731 2,484,731 Total funds carried forward 17 2,473,149 2,473,149
The Middleton Foundation Balance Sheet As at 31 March 2025 2025 2024 Notes Fixed assets Tangible assets Investments 1,172,826 1,024,747 12 1,172,826 1,024,748 Current assets Debtors Cash at bank and in hand 13 14 795,363 621.495 784,135 676,251 1,416,858 1,460,385 Credltors: amounts falling due within one year 15 (9,546) (11,985) Net current assets 1,407,312 1,448,401 Net assets 2,580,138 2,473,149 Funds of the charty: Unrestricted funds 17 2,580,138 2,473,149 For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors aCknOedge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees on 29 January 2026 and signed on their behalf by: P R Woolston Trustee The notes on pages 11 to 22 form part of these financial statenEnts. Company registration number 10038349
The Mlddleton Foundation Statement of Cash Flows As at 31 March 2025 Note 2025 2024 Cash flows from operating activitles: Net cash (expenditure)lincome 106,989 {11,582) Adjustments to cash flows from non<ash Items Depreciatson of tangible fixed assets Profit on disposal of tangible fixed assets Investment income 343 435 {54) 39,710 (88,428) Working capltal adjustments Increase in debtors Increasel(Decrease) in creditors Net cash flows from operating activities (11,228) (11,185) 108 095 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 Net cash flows from investing activities 67,622 77,227 (148,421) (630,004) 900 551877 Net increase in cash and cash equivalents {54,756) (659,972) Cash and cash equivalents at the beginning of the year 676 251 1336 223 Cash and cash equivalents at the end of the year 10
The Middleton Foundation Notes to the financlal statements For the period ended 31 March 2025 Charity status 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 to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: Haylofts, 5 St Thomas, Street, Newcastle upon Tyne, NE14LE Accountlng policles Summary of signlflcant accountlng policies and key accountlng estimates The principal accounting policies applied in the preparatson of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otheNise 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 F)olicy notes. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. Going concern 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 effectiveness of 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 rental income. The trustees have stress tested their forecasts, taking into account various scenarios. and remain confident that the uncertainties do not cast significant doubt on the company's ability to continue as a going concern. Exemption from preparing group accounts The charity has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial StateEnts, on the grounds that it is a small sized group and has taken advantage of section 24.13A of the Charities SORP on the basis that the financial sUltS of its only subsidiary are immaterial to the financial statements of the group. 11
The Middleton Foundatlon Notes to the financial statements For the period ended 31 March 2025 Estimation uncertainty and judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amunts reported. Estimates and Judgements are continually evaluated and are based on historical experien and other factors, including expectstions of future events that are believed to 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 wholty within the control of the charity and it is probable that these conditions will be fvlfilled in the reporting period. Investment income Interest is recognised on the earlier of being notified of the amount or it being receipted into the bank. Expenditure All expenditure is recognised once there is a legal or constructive obligation 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. Vvhere costs cannot be directty attributed to 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 spenc and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of stsff 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 directty to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central funcb.ons and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, stsff costs by the time spent and other costs by their usage. 12
The Middleton Foundation Notes to the financial statements For the period ended 31 March 2025 Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management 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 tsx 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 rate 250/0 Straight line Over 50 years The depreciation policy for land and buildings has been calculated on the cost of the buildings at a rate of 2 % per annum. However, the board will not depreciate the buildings further below recoverable arnount. The value of the 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 resul( all rental income received is recorded as charitable activities income. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readity convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve rnthS after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 13
The Middleton Foundatlon Notes to the financial statements For the period ended 31 March 2025 Trade creditors are recognised initially at 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 Total 2025 Total 2024 Charitable actlvities Donations and legacies: Donations 39,852 39,852 All prior year income was unrestricted. 4 Income from charitable activities Unrestrlcted Funds General Total 2025 Total 2024 Provision of Housing 77,172 77,172 51,305 77,172 77,172 51,305 5 Investment income Unrestricted Funds General Total 2025 Total 2024 Interest receivable and similar income. Interest receivable on bank deposits 67,622 67,622 77,227 67,622 67.622 77,227 14
The Middleton Foundation Notes to the financial statements (Contlnued) For the period ended 31 March 2025 Expenditure on charitable activitles Unrestricted General Total 2025 Total 2024 Grant funding of activities Housing activities Provision of support to other charities Governance costs 36,011 3.663 131,445 8,847 13,399 18,845 5,561 13,399 18,845 5.561 37,805 37,805 179,966 An analysis of grants made to organisations is provided below. Unrestrlcted Total Total General 2025 2024 Dragonfly Cancer Trust Action for A~T Yorkshire Cat Rescue The Childrens Adventure Farm Trust Myaware Remembering Rebecca Scottish SPCA North East Air Ambulance Sports Newcastle Other donations (less than £1,000) 4.566 1,900 4,248 2,121 2,316 2,170 2,009 1,848 1,968 12,866 2,291 2,291 2,291 2,291 36,011 15
The Middleton Foundatlon Notes to the financlal statements (Continued) Forthe period ended 31 March 2025 Provision of support to other charities Support costs Total 2025 Total 2024 Wages and salaries Insurance Telephone Computer software and maintenance Printing, postage and stationery Bad Debt Travel and subsistence Marketing and PR Accountsncy fees Depreciation Bank charges Professional Fees Fund raising Fees Staff training Foreign exchange loss 86,672 1,767 292 18,366 66 18,461 18,461 1,217 5,686 9,190 435 211 576 5,479 1,488 Govemance costs Unrestrlcted General Total 2025 Total 2024 Independent examiners fees Examination of the financial statements Other fees to Independent examiners Legal fees 4,500 1,006 55 4,500 1,006 55 4,500 960 3,387 5,561 5,561 8,847 Trustees. remuneration and expenses No trustees, nor any persons connected with them, have reiVed any remuneration from the charity during the year. £419 (2024 . £483) of expenses were reimbursed to P R Woolston during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 16
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 Staff costs The average number of employees during the period was as follows: 2025 2024 Management Support The total staff costs and employee benefits was as follows: 2025 2024 Wages and salaries Social security costs and SMP recovery Pension costs 4,950 (4,872) 482 560 82,531 2,304 1,836 86,672 No employee had employee benefits in excess of £60,000 (2023 - £60,000). Independent examiner's remuneration 2025 2024 Examination of the financial statements 10. Taxation The charity is exempt from tsxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectson 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 17
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 11 Tangible fixed assets Land and buildings Computer equipment Total Cost At 1 April 2024 Additions Disposals 1,023,632 148.421 1,372 1,025,004 148,421 At 31 March 2025 1,172,053 1,372 1,173.426 Depreciation At 1 April 2024 Charge for the year Depreciation on disposals 257 343 257 343 At 31 March 2025 600 600 Carrying amount At 31 March 2024 1,023,632 1,115 1,024,747 At 31 March 2025 1,172,053 772 1,172,826 Included within the net book value of land and buildings above is £1,172,053 (2024- £1,023,632) in respect of freehold land and buildings and £ Nil (2024 - £ 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 propety as part of Molly's Project The property was valued on 22 Juty 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. 18
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 12 Fixed asset investments 2025 2024 Shares in group undertakings and participating interests Subsidiary undertakings Total Shares In group undertakings and partlclpatlng interests Cost At 1 April 2024 Disposals (1) At 31 March 2025 Net book value At 31 March 2024 At 31 March 2025 Detalls of undertakings Details of the investments in which the charity holds 20 % or more of the nominal value of any class of share capital are as follows: Country of incorporation Proportion of voting rights and shares held 2025 2024 Undertaking Holding Subsidiary undertakings Charity Escapes Trading Company Limited England and Wales 100% 19
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 Subsidiaries undertakings The profit for the financial period of Charity Escapes Trading Company Limited was £nil (2024 - £25,740) and the aggregate amount of capital and reserves at the end of the period was £nil (2024- £24,308). 13 Debtors 2025 2024 Trade debtors Due from group undertakings Prepayments Accrued income Other debtors 6,434 7,032 18,793 2,305 34,560 721,444 1,999 65,486 721,444 795,363 784,135 14 Cash and cash equivalents 2025 2024 Cash at bank Short-term deposits and liquid investments 34,743 586,753 376,251 300,000 621,495 676.251 15 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 1,049 3,338 189 8,497 8,457 9,546 11,985 20
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 16 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scherrE. The pension cost charge for the year represents contnbutions payable by the charity to the scheme and amounted to £482 (2024 £ 1,836). Contributions totslling £nil (2024: £ 189) were payable to the scheme at the end of the year. 17 Funds Balan at 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Transferred Unrestricted funds General Unrestricted funds (67,841) (18,845) 91,686 5,000 Designated Molly's Project 2,540,989 144,794 (18,960) (91,686) 2,575,137 Totsl fund 2,473,148 144,794 (37,805) 2,580,137 18 Analysls of net assets between funds Unrestricted Total Funds at General Designated 31 March 2025 Tangible fixed assets Fixed asset investments Net current assets/(liabilitses) 1,172,825 1,172,825 5,000 1,402,312 1,407,312 Total net assets 5,000 2,575.137 2,580,137 Unrestricted Total Funds at General Designated 31 March 2024 Tangible fixed assets Fixed asset investments Net current assetsl{liabilits"es) 1,115 1,023,632 1,024,747 (68,957) 1,517.357 1,448,400 Total net assets (67,841) 2,540,989 2.473,148 21
The Middleton Foundation Notes to the financial statements (Continued) For the period ended 31 March 2025 19 Analysis of net funds At 1 April 2024 Financing Cash flows At 31 March 2025 Cash at bank and in hand 676,251 {54,755) 621,496 Net cash 676,251 (54,755) 621,496 At 1 April 2023 Financing Cash flows At 31 March 2024 Cash at bank and in hand 1,336,223 (659,972) 676,251 Net cash 1,336,223 (659,972) 676,251 20 Related party transactions A balance of £nil (2024.. £18,793) was owed by the charity's subsidiary Charity Escapes Trading Company Limited at the year end. Advances were made to the charity's subsidiary totalling £nil. Repayments were received from the charity's subsidiary totalling £332 and the balance of £18,461 was formally written-off on 4 June 2024. A balance of £721,444 (2024: £721,444) was owed by Middleton Enterprises Limited, an entity in which there is common control in which trustees of the charity are also directors of the company. 22