Charity Registration No. 1168503 THE MEDBURN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Begbies CHARTERED P£CQUNTAFirs
THE MEDBURN TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees S H Davis R R Davis O Lelhbridge Charity number 1168503 Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ
THE MEDBURN TRUST CONTENTS Pago Trustees. report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities statement of financial positlon Notes to the financial statements 6-12
THE MEDBURN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The trustees present Ihelr annual report and financial statemenls for the year ended 31 January 2024. The financial statemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and Comply with the charity's Igoverning documentl, the Charities Act 2011 and Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. Objectives and actlvltles The charily's objects are such general charitable purposes or objects (according to the law of England and Wales) as the trustees shall determine from tSme to time. This is achieved by making grants for educational and religious promollon. The grants are made primarily lo other charities registered in the United Kingdom. Public ben8fil Publlc benefit The trustees confirm Ihal the charily has given due regard to the Charity Commission's general guidance on public benefit when reviewing the Irusl's 8ims and objectives and in planning future activities and setting the grant-making policy for the year. Volunleers Use of volunteerg All the truslees donale their services without Charge. The charity often also relies on the contribution of unpaid general volunteers in carrying out its activities. The Iwstees have considered the specific provisions regarding the valuation of donaled services and concluded Ihat placing a monetary value on their contribution would not be possible or appropriate. A¢hlevements and performanc¢ Significant aclivities and achievements 8g8inst objeclives During the peTiod the charily helped in the furtherance of education, medical research and the provision of as818lance to underprivileged children. The charity plans to continue lo do this in the foreseeable future for the public benefil. Financial review The net decrease In funds for the year was £8,683 {2023'. £27,619) brtnglng the lolal carried forward surplus balance lo £7,085 (2023: deficit of £1,598}. Reserves policy Reserves poll¢y It is the policy of the charity that the reserves should provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be 8ble lo continue the charity's current activities while consideration Is given to ways in which addillonal funds may be raised. Major risks Rlsk assessrngnt The trustees has assessed the major risks to which the charity is exposed, and 8re satisfied that systems are in place lo mStigale exposure to the major rlsks. GoTng concern In response lo the ongoing COVID-19 pandemic, the truslees have reviewed current available resources and considered relevant information including review(ng the Gash flow requirements of the charity. The trustees have concluded that they can contlnue lo adopt the golng conrn basis in preparing the financial stalements.
THE MED N TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 strurtur81 goveYri8niA and management The charity was e8tabli$hed by a De¢laration of Trust dated 12 January 2016. It changed It• name from The Rita and Stanley Davis Charftabl8 Trust by a 8peGlal re$olutlon on 8 May 2016. The charity was reglstered wlth the Charity Commls8ion on 29 Juty 2016. The Iru6tee$ who sewed durlng the year and up to the date of 8i9naturo of Ihe finandal gtataments w8re.' S H l)avl8 R R Davi8 O Lethbridgg Recrultmgnt aftpd appnIfflnt of Inistees The trust deed. which e8tabll8h8S the objects and powers of tha charlty, Stator. thal th8re must bg at lag$t three trustpes, S H I'lavis and R R Davis are entitled to hold office for life. l-utura trustees must be appolnted by 8 resolution of th¢, tnJbtee8 passed at a $pèclal meeting as set out under thi> dè.ed. In Selecting individual$ for 8ppolntrn•nt ag Iwstp.es, the trustees must havé regard to the skills, knowledge and experlence needed for the 6ffective adminl8lration of tha Ghartty. The tru8tees' ro 8 approved by the Board of Trustees, Trustee 22 Novembe
THE MEDBURN TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2024 The trustees are responsible for preparing the Trustees, Report and th8 financial stal8menls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). The law applicable to charities In England and Wales requires the trustees to prepare financial 8latemenls for each financial year which give a true and fair view of Ihe state of affairs of the Gharily and of the incoming resources and application of resources of Ihe charity for that year. In preparing these financial statements. the trustees are required to- selecl suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements. and prepare Ihe finanGSal statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Irvstees are responsible for keeping sufficient accounting records thal disclose with reasonable accuracy al any time the financial position of the charity and en8ble them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Injst deed. They are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE MEDBURN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MEDBURN TRUST I report to the trustees on my examination of the financial slalements of The Medburn Trust (the charity) for the year ended 31 January 2024. Thig report is made 801ely to the Iruslees in accordance with Sections 144-147 and 151-155 of the Charities Act 2011. My work has been undertaken so that I might state to the trustees those mallers l am requlred to state to them in an Independent Examiner's Report and for no other purpose. To the fullest exlent permilted by law, I do not accept or assume responsibility lo anyone olher than the charity and the charity's truslees for my examination work. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the flnancial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financlal statements carried out under section 145 of the 2011 Act. In Garrying out my examination I have followed all the applicable Directions given by the Charity Commission under seclSon 14515llbl of the 2011 Act. Indopondenl examlner's statement I have completed my examination. I confirm thal no matters have come to my attention in connection with th8 examination giving me cause to believe that in any malerial respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do nol accord with those records., or the financial statements do not Gomply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other Ihan any requirement that the accounts give a true and fair view which 18 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connectSon wlth the examin8tion to which attenllon should be drawn in this report in order to enable a proper understanding of Ihe financi81 statements to be reached. Christopher Bales F Begbies Chartered Accountants Dated: 22 November 2024
THE MEDBURN TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unrestricted Restricted funds funds 2024 2023 Notos Income from: Donations and legacies 31,250 31,250 Expendlturo on: Charitable activities Granl-making 22,536 58,828 Total charitable expenditure 22,536 58,828 Other 10 31 41 Total resources expended 22,567 58,869 Net incomel(expenditurel for the yearl Net movement in funds 8,683 (27,6191 Fund balances at 1 February 2023 11,5981 26,021 Fund balances at 31 January 2024 7,085 (1.598) The statement of financial activities includes all gains and losses recognised in the year. The statement of financial a¢livities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE MEDBURN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 A¢¢ountlng policies Charlty information The Medburn Trust is an unincorporated ¢h8rily registered in England & Wales. 1.1 Accounting convention The financial slatements have been prepared in accordance with the Gharily's Declaration of Trust, the Charities Act 2011, FRS 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland. I'FRS 102") and the Charities SORP "Accounting and Reporting by Char611es: Slalement of ReGommended Practice applicable to char6ties preparing their accounts in accordance wilh the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of Ihe charily. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the hSstorical cost convention. The principal accounllng policies adopted are sel out below. 1.2 Going concern At the lime of approving the financial stalemenls, the Iruslees have a reasonable expectation that the charity has adequale resources to conlinue in operational exislence for the foreseeable future. The trustees have concluded Ihat they can conlinue to adopt the going concern basis in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discrellon of Ihe trustees in furtheran of Ihelr charitable objectives. Restricted funds are subjecl to specific Gonditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. Endowment funds are subject to specific conditlons by donors Ihat the capital must be maintained by the charity. 1.4 Income Income is recognlsed when the charSty is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the ¢h8rily has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tax recoverable in re18tion to donallons received under Gift Aid or deeds of covenant is recognised at the time of the donallon. Inlerest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Donated servlces and fa¢llities Donated professional services and donated facilities are recognised as income when the charity hag control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charily of the item Is probable and Ihal economic benefll can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of Ihe Iruslees is not recognised.
THE MEDBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng poll¢les (Conlinued) 1.5 Expendituro Liabilities are recogni8ed as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure 18 accounted for on an accruals basis and has been classified under headings that aggregate all Gosls related lo the category. Grants payable are paymenls made to third parties in the furtherance of the charitable objects of the charity. Grants are accounled for when either the recipient has a reasonable expectation that they will recelve a grant and the trustees have agreed lo pay the grant without condSlion, or the recipient has a reasonable expectation that they will recelve a grant and any condition attachlng to the grant is outside of the control of Ihe charity. Expenditure is classified under Ihe following activity headings.. Costs of raising funds comprise the costs seeking donations and their associated support costs. Expenditure on charitable adivilies includes grants made, governance cosls and an apportionment of support costs. Irrecoverable VAT is charged as a cost against the activily for which the expenditure was incurred. 1.6 Cash and cash equivalents Cash and cash equivalenls Snclude cash in hand, deposits held al Gall wSth banks, other short-term Ilquid investments with original maturitie8 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The chafiiy has elected to apply the provisions of Secllon 11 'Basic Financial Instrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. It only has financial assels and fSnanclal liabilities of a kind thal qualify as basic financial instruments. FlnancSal instruments are recognised In the charity's balance sheet when the charity becomes party to the conlra¢lual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented In Ihe financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo sellle on a net basis or to realise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assets, whlch include trade and other receivables and cash and bank balans. are Initially measured al transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment. Financial assets, other than those held al fair value through profit and loss, are assessed for indicators of impairment al each reporling end date. Financlal assets are derecognised only when the conlr8CtU81 rights to the cash flows from the asset expire or are sellled, or the risks and rewards of ownership are transferred. Basic financial Liabilities Basic financial liabililles, including tr8de and other payables, are InllSally recognised at transaction price and subsequently measured at amortised cost using the effective interest method unless Ihe arrangement conslilutes a financing Iransaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabilities are derecognised when the ¢harity's contractual obligations expire or are discharged or cancelled.
THE MEDBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 A¢¢ounting policies {Continuedl 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNi¢es are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.9 The funds of the charlty The funds of the charity are classified as general and are all unrestricted and expendable al Ihe discretion of the trustees in furtherance of Ihe oble¢ts of the charity.
TFIE ME IBURN TRUST STATEMENT OF FINANCIAL POSITION A.%AT31 JANUARY2024 2024 2023 Note5 Curront 088•t Det)tors Cash at bank dnd iri h8nd 11 10 12,083 10 1.954 12,093 Credltors: amountg falllng du• wlthln ona yoar 12 (5,008) 13,562) Nei CUTrenl assotsl(liabllltles) 7,085 (1.698) In¢ome funds Unrestrkled funds 7,085 11,598) 7,085 11.598) The fin tem8nts ware approv8d by thg Trustees on 22 November 2024 SHD8 Trust
THE MEDBURN TRUST STATEMENT OF FINANCIAL POSITION {CONTINUED) ASAT31 JANUARY2024 Crltlcal accountlng estimatgs and Judgements In the application of the Gharity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about Ihe Carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and a880cialed assumptions are ba8ed on historical experience and other factors thal are consldered to be relevant. Actual results may differ from these estimates. The eslimates and underlying assumplions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future perSods where the revision affects both current and future periods. Income from donatlons and legaclo$ Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 31,250 31,250 Charitable activities Grant. making 2024 Grant- making 2023 Grant funding of activities {see note 6) Share of governance costs 21,156 1,380 57,568 1,260 22,536 58,828 Governance costs comprise accountancy fees. Net movement in funds 2024 2023 The nel movemenl in funds is stated after chargingl{crediting}: 10
THE MEDBURN TRUST STATEMENT OF FINANCIAL POSITION (CONTINUED) ASAT31 JANUARY2024 Grants payable Grant- maklng 2024 Grant. maklng 2023 Grants lo institutions- Nomood Ravenswood Beth Shalom Limited Friends of Alyn United Synagogue Noah's Ark- The Children's Hospice Teenage Cancer Trust Chai Cancer Care Variety Mill Hill Synagogue other 12,250 3,000 200 1,134 21,750 2,500 3.400 5,250 1,000 200 3,250 122 100 22,950 336 1,282 21,156 57,568 Trustees None of the trustees lor any persons connected with them) received any remuneration or any reimbursement of expenses during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Numbor Total Taxatlon The charity is exempl from income tax on ils charitable activities. 10 Other 2024 2023 other expenditure 31 41 11
THE MEDBURN TRUST STATEMENT OF FINANCIAL POSITION (CONTINUED) ASAT31 JANUARY2024 11 Debtors 2024 2023 Amounts falling due within one year: Other debtors 10 10 12 Creditors: amounts falllng duo withln one year 2024 2023 Tr8de Creditors Other creditors Accruals 1,348 1,020 2,640 1,282 1,020 1,260 5,008 3,562 13 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designaled funds which have been set aside out of unreslricled funds by the trustees for specific purposes. At 1 February 2023 Incoming resourcgs Resources At 31 January expondod 2024 General funds (1,598) 31,250 (22,567) 7,085 Previous year: At 1 February 2022 Incoming resources Resources At 31 January expended 2023 General funds 26,021 31,250 (58,869) (1,598} 14 Related party transactions As the year end, Ihe trustees were owed £1,02012023.' £1,020) for expenses paid on behalf of the charity. This is interest-free and repayable on demand. 12-