Charity Registration No: 1175279
## **THE MELETE FOUNDATION**
**TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**THE MELETE FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|Legal and administrative information|1|
|Trustees' report|2 - 3|
|Independent Examiner’s report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 12|
**THE MELETE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Charity**|1175279|
|---|---|
|**registration**||
|**number**||
|**Trustees**|Catherine Alexandra Chisholm|
||John Alexander Raymond Chisholm|
||Emma Moody (resigned 23 April 2025)|
||Imran Ali (appointed 11 August 2025)|
|**Principal address**|Womble Bond Dickinson (UK) LLP|
|**and Registered**|The Spark|
|**office**|Draymans Way|
||Newcastle Helix|
||Newcastle upon Tyne|
||NE4 5DE|
|**Legal advisor**|Womble Bond Dickinson (UK) LLP|
||The Spark|
||Draymans Way|
||Newcastle Helix|
||Newcastle upon Tyne|
||NE4 5DE|
|**Independent**|Helen Wilkie FCA, DChA|
|**Examiner**|Saffery LLP|
||71 Queen Victoria Street|
||London|
||EC4V 4BE|
Page 1
**TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE MELETE FOUNDATION**
This report relates to the financial year ended 31 December 2024 for the Charity, The Melete Foundation Charitable Incorporated Organisation (CIO) Charity number 1175279.
## **Structure, Governance and Management**
The Charity is organised as a CIO and is governed by the Constitution, last amended on 20 October 2017.
The Constitution provides that there must be at least two Charity trustees including the founding trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the Charity trustees, or the founding trustees shall appoint a new Charity trustee. If the founding trustees cease to be Charity trustees, and the number of trustees falls below this minimum, then the remaining trustee(s) may act only for the purposes of calling a meeting of the Charity trustees, or appointing a new Charity trustee.
The maximum number of trustees that may be appointed to the CIO is seven. Apart from the first Charity trustees, every trustee must be appointed by a founding trustee. If the founding trustees cease to be Charity trustees, such appointment shall be by resolution of the Charity trustees.
The trustees manage the affairs of the CIO in accordance with the objectives and powers set out in the Constitution.
## **Objectives and Activities**
The objectives of the CIO are for the public benefit, to further such exclusively charitable purposes which support The Melete Foundation CIO's charitable purposes as per the Constitution.
The trustees operate a grant giving policy, providing funds for such charitable objects or institutions as the trustees think fit. Grants made in the year are set out in note 2 to the financial statements.
The trustees have had regard to the Charity Commission’s guidance on public benefit.
## **Financial Review**
## _**Results for the year**_
During the year ended 31 December 2024, total income amounted to £157,156 being income predominantly arising from investment income, donations and credits from HMRC. In 2023 total income was £46,247 made up of predominantly investment income and credits from HMRC.
The trustees made grants totalling £39,300 (2023 - £44,091). Investment management costs amounted to £12,767 (2023 - £9,985), governance costs totalled £8,938 (2023 – £5,358). Total expenditure was £61,005 (2023 - £59,434).
There were net investment gains during the year of £123,935 (2023 – £57,158) and a gain on foreign currency translation of £1 (2023 – loss of £6)
This results in a net increase in funds of £220,087 (2023 – £43,966).
Page 2
##
##
##
**THE MELETE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Independent examiner’s report to the trustees of the Melete Foundation**
I report to the trustees on my examination of the accounts of the Melete Foundation (the Charity) for the year ended 31 December 2024.
## **Respective Responsibilities of trustees and examiner**
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination **.**
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Helen Wilkie FCA, DChA Saffery LLP
71 Queen Victoria Street, London, EC4V 4BE
31 October 2025
Page 4
## **THE MELETE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Notes**
**Income and endowments**
**from:**
Donations
Investments
Investment income
Interest income
**Total income**
**Expenditure on:**
Raising funds
**4**
Charitable activities
**2,3**
**Total expenditure**
**Net (expenditure)/income**
**before investment gains**
Gains on investments
**5**
**Net (expenditure)/income**
Transfers between funds
**8**
Other recognised gains/losses:
FX gains/(losses)
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at
1 January
**Total funds carried forward at**
**31 December**|**Unrestricted**
**income**
**funds**
**£**
**Expendable**
**endowment**
**funds**
**£**
127,023
24,113
6,020
|**Total**
**funds**
**2024**
**£**
127,023
24,113
6,020
157,156
12,767
48,238
61,005
96,151
123,935
220,086
1
220,087
1,715,747
1,935,834|**Total**
**funds**
**2023**
**£**
24,041
18,971
3,235|
|---|---|---|---|
||30,133
127,023||46,247|
||12,767
48,238
||9,985
49,448|
||61,005
||59,434|
|||||
||(30,872)
127,023||(13,186)|
||
123,935||57,158|
||(30,872)
250,958
42,300
(42,300)
1
||43,972
(6)|
||11,429
208,658||43,966|
||(11,429)
1,727,176||1,671,781|
||
1,935,834||1,715,747|
All operations are continuing operations.
All recognised gains and losses during the year are included within the Statement of Financial Activities. The accompanying notes on pages 7 to 12 form an integral part of these financial statements.
Page 5
##
||`Notes`|`2024`||`2023`|
|---|---|---|---|---|
|||`£`||`£`|
|`Fixedassets`|||||
|`Investments`|`5`|`1,820,657`||`1,371,609`|
|`Currentassets`|||||
|`Cashatbankandinhand`|||||
|||`123,874`||`350,138`|
|`Creditors:amountsfallingduewithin`|`6`|`(8,697)`||`(6,000)`|
|`oneyear`|||||
|`Netcurrentassets`||
`LISATE`|
|
`344,138`|
|`Totalassetslesscurrentliabilities`||
`1,935,834`|
|
`1,715,747`|
|`Netassets`||
`1,935,834`|
|
`1,715,747`|
|`Funds`|||||
|`Unrestrictedfunds`|`7,8`||`-`|`(11,429)`|
|`Expendableendowmentfund`|`7,8`|`1,935,834`||`L7274176`|
|`Totalfunds`||
`1,935,834`
|
|
`1,715,747`
|
##
**THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
The Melete Foundation is a Charitable Incorporated Organisation registered in England and Wales. The registered address is: The Spark, Draymans Way, Newcastle Helix, Newcastle upon Tyne, NE4 5DE.
## **1.1 Basis of Accounting**
The financial statements have been prepared under the historic cost convention and in accordance with applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity constitutes a public entity as defined by FRS 102. The functional currency for these financial statements is £.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Income**
All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt.
Investment income is accounted for when receivable. Donations are accounted for in the period in which the Foundation is entitled to receipt and include any associated gift aid.
## **1.4 Expenditure**
Expenditure is included on the accruals basis.
Direct charitable expenditure comprises grants, directly related to the objects of the charity.
Governance costs comprise all costs involving the public accountability of the Charity and costs related with statutory requirements.
## **1.5 Foreign currency translation**
Foreign currency transactions are translated into pounds sterling at the exchange rate prevailing at the transaction date. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date.
Page 7
## **THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1.6 Funds**
The Unrestricted Income Fund may be used at the trustees’ discretion in line with the Foundation’s charitable objectives.
The Expendable Endowment Fund comprises trustee donations that are invested to generate income for future use. The fund may be spent or transferred to the Unrestricted Income Fund at the trustees’ discretion.
## **1.7 Investments**
Investments are stated at market value. Realised and unrealised gains and losses are accounted for in the Statement of Financial Activities.
## **1.8 Financial instruments**
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' if FRS 102 to all its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank debtors, are initially measured at transaction prices including transaction costs and are subsequently carried at amortised cost.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
## **1.9 Critical estimates and judgements**
In preparing these financial statements, the Trustees are required to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure. Estimates and associated assumptions are based on historical experience and other relevant factors, and are reviewed on an ongoing basis. Actual results may differ from these estimates.
The valuation of investments is a critical area of judgement. The Trustees’ valuation of these investments is based on appropriate professional advice.
Page 8
## **THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. CHARITABLE ACTIVITIES – GRANT MAKING**
|**3.**
**CHARITABLE ACTIVITIES – GOVERNANCE COSTS**
**Grants made to institutions:**
Cure DHDDS
Every DOE Ltd
Multiple Sclerosis Society
Myeloma UK
The Jinja Educational Trust
**Grants made to individuals:**
Melete scholarships
Legal and professional fees
Accountancy fees
Bank charges|**2024**
**£**
-
5,000
2,000
-
-
32,300
39,300
**2024**
**£**
2,098
6,840
-
8,938|**2023**
**£**
5,000
-
-
2,091
2,000
35,000|
|---|---|---|
|||44,091|
|||**2023**
**£**
(1,267)
6,600
25|
|||5,358|
Accountancy fees relate to the fees payable to Saffery LLP for completion of the independent examination and accounting support.
## **4. EXPENDITURE ON RAISING FUNDS**
|**4.**
**EXPENDITURE ON RAISING FUNDS**|||||
|---|---|---|---|---|
|**5.**
**INVESTMENTS**
**Market value at 1 January**
Additions at cost
Disposal proceeds
Net gains on investments
**Market value at 31 December**
Investment management fees||**2024**
**£**
1,371,609
718,715
(393,603)
123,935
1,820,657
**2024**
**£**
12,767||**2023**
**£**
9,985|
|||||**2023**
**£**
1,320,747
445,269
(451,564)
57,158|
|||||1,371,609|
Investments comprise listed investments.
Page 9
**THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
|**6.**
**CREDITORS**
**2024**
**2023**
**£**
**£**
Accruals
8,697
6,000
8,697
6,000
**7.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**8.**
**MOVEMENT IN FUNDS**
**Unrestricted**
**income fund**
**£**
**Expendable**
**endowment**
**fund**
**£**
**Total at**
**31 December**
**2024**
**£**
Investments
-
1,820,657
1,820,657
Net current assets
-
115,177
115,177
**Net assets**
-
1,935,834
1,935,834
**Unrestricted**
**income fund**
**£**
**Expendable**
**endowment**
**fund**
**£**
**Total at**
**31 December**
**2023**
**£**
Investments
-
1,371,609
1,371,609
Net current assets
(11,429)
355,567
344,138
**Net assets**
(11,429)
1,727,176
1,715,747
**Opening**
**balance at 1**
**January**
**2024**
**£**
**Incoming**
**resources**
**£**
**Expenditure**
**£**
**Transfers/**
**gains/**
**(losses)**
**£**
**Closing**
**balance at**
**31**
**December**
**2024**
**£**
Expendable endowment
1,727,176
127,023
-
81,635
1,935,834
Unrestricted
(11,429)
30,133
(61,005)
42,301
-
**Net assets**
1,715,747
157,156
(61,005)
123,936
1,935,834|**6.**
**CREDITORS**
**2024**
**2023**
**£**
**£**
Accruals
8,697
6,000
8,697
6,000
**7.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**8.**
**MOVEMENT IN FUNDS**
**Unrestricted**
**income fund**
**£**
**Expendable**
**endowment**
**fund**
**£**
**Total at**
**31 December**
**2024**
**£**
Investments
-
1,820,657
1,820,657
Net current assets
-
115,177
115,177
**Net assets**
-
1,935,834
1,935,834
**Unrestricted**
**income fund**
**£**
**Expendable**
**endowment**
**fund**
**£**
**Total at**
**31 December**
**2023**
**£**
Investments
-
1,371,609
1,371,609
Net current assets
(11,429)
355,567
344,138
**Net assets**
(11,429)
1,727,176
1,715,747
**Opening**
**balance at 1**
**January**
**2024**
**£**
**Incoming**
**resources**
**£**
**Expenditure**
**£**
**Transfers/**
**gains/**
**(losses)**
**£**
**Closing**
**balance at**
**31**
**December**
**2024**
**£**
Expendable endowment
1,727,176
127,023
-
81,635
1,935,834
Unrestricted
(11,429)
30,133
(61,005)
42,301
-
**Net assets**
1,715,747
157,156
(61,005)
123,936
1,935,834||**2023**
**£**
6,000
6,000
**Total at**
**31 December**
**2024**
**£**
1,820,657
115,177|
|---|---|---|---|
||||1,935,834|
||||**Total at**
**31 December**
**2023**
**£**
1,371,609
344,138|
||||1,715,747|
||1,715,747
157,156
(61,005)
123,936
1,935,834|||
Page 10
## **THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
|Expendable endowment
Unrestricted
**Net assets**|**Opening**
**balance at 1**
**January**
**2023**
**£**
**Incoming**
**resources**
**£**
**Expenditure**
**£**
**Transfers/**
**gains/**
**(losses)**
**£**
**Closing**
**balance at**
**31**
**December**
**2023**
**£**
1,670,018
-
-
57,158
1,727,176
1,763
46,247
(59,434)
(6)
(11,429)|
|---|---|
||1,671,781
46,247
(59,434)
57,152
1,715,747|
_Expendable endowment fund_
The expendable endowment fund reflects donations received which are required to be invested or retained and used for the Foundation’s purposes. The fund is expendable at the trustees’ discretion.
## _Transfers between funds_
During the year ended 31 December 2024, the Foundation made grants in excess of its income, making good the difference from its expendable endowment fund.
## **9. RELATED PARTIES**
During the year trustees made donations to the charity totalling £127,023 (2023: £24,041).
The charity does not have any employees (2023: nil).
Womble Bond Dickinson (UK) LLP, a law firm, raised charges for professional services in the year totalling £2,098 (2023: £1,686). At the year end, £2,098 (2023: £nil) was due to Womble Bond Dickenson (UK) LLP from the Charity. Emma Moody, who resigned as a trustee on 23 April 2025, is a partner in Womble Bond Dickinson. Otherwise, during the year no payments were made to any trustee for their services nor were any expenses reimbursed to them (2023: £nil).
There were no other related party transactions in the year (2023: £nil).
## **10. POST BALANCE SHEET EVENTS**
Subsequent to the year end, the Charity incorporated a new, wholly owned trading subsidiary, Melete Energy Limited (company number 16557435). The company is currently dormant.
Page 11
## **THE MELETE FOUNDATION**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Income and endowments from:**
Donations
Investments
Interest
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net (expenditure)/income**
**before investment gains**
Gains/(losses) on investments
**Net income/(expenditure)**
Other recognised gains/losses:
FX gains/(losses)
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at 1
January
**Total funds carried forward at**
**31 December**|**Unrestricted**
**income funds**
**£**
**Expendable**
**endowment**
**funds**
**£**
**Total**
**funds**
**2023**
**£**
24,041
-
24,041
18,971
-
18,971
3,235
-
3,235|
|---|---|
||46,247
-
46,247|
||9,985
-
9,985
49,448
-
49,448|
||59,434
-
59,434|
|||
||(13,186)
-
(13,186)|
||-
57,158
57,158|
||(13,186)
57,158
43,972
(6)
-
(6)|
|||
||(13,192)
57,158
43,966|
||1,763
1,670,018
1,671,781|
||(11,429)
1,727,176
1,715,747|
Page 12