REGISTERED CHARITY NUMBER: 1187012
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE MARIE CELESTE SAMARITAN SOCIETY
Barrow LLP
Statutory Auditor
Chartered Accountants
Jackson House
Station Road
Chingford
London
E4 7BU
THE MARIE CELESTE SAMARITAN SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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Page |
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Reference and Administrative Details |
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1 |
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Report of the Trustees |
2 |
to |
5 |
Report of the Independent Auditors |
6 |
to |
7 |
Statement of Financial Activities |
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8 |
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Statement of Financial Position |
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9 |
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Statement of Cash Flows |
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10 |
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Notes to the Statement of Cash Flows |
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11 |
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Notes to the Financial Statements |
12 |
to |
20 |
THE MARIE CELESTE SAMARITAN SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES |
A J Scott-Barrett |
|
Professor T Beedham |
|
A Knapp |
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D G Thomas (Chairman) |
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T J Palmer (Treasurer) |
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Dr V L C White |
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M M Denholm |
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Dr L Langmead |
PRINCIPAL ADDRESS |
The Royal London Hospital |
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Whitechapel |
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London |
|
E1 1BB |
REGISTERED CHARITY NUMBER |
1187012 |
INDEPENDENT AUDITORS |
Barrow LLP |
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Statutory Auditor |
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Chartered Accountants |
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Jackson House |
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Station Road |
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Chingford |
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London |
|
E4 7BU |
BANKERS |
Coutts & Co |
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440 Strand |
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London |
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WC2R 0QS |
SOLICITORS |
Latham & Watkins (London) LLP |
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99 Bishopsgate |
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London |
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EC2M 3XF |
INVESTMENT MANAGERS |
CCLA Investment Management Limited |
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One Angel Lane |
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London |
|
EC4R 3AB |
Page 1
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
TheTrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2024.The Trustees
haveadoptedtheprovisionsof AccountingandReportingby Charities;Statementof RecommendedPracticeapplicableto charities
preparingtheiraccountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republicof Ireland (FRS102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Purpose and Aims
TheCharity'spurposesaretoprovideandadministersuchreliefandaidforpatientsat,orwhohavebeendischargedfrom, the
RoyalLondonHospital,thatdoesnotfallwithinthescopeoftheNationalHealthService.TheaimoftheCharityistocontinue to
renderassistance,directlyandindirectly,toasmanysuchpatientsaspossibleandthustofurtheritscharitablepurposesfor the
public benefit.
Ensuring our work delivers this aim
TheTrusteesregularlyreviewthisaimandtheoutcomesoftheCharity'sactivity,assessingtheprogressofeachactivityand the
benefitsprovidedtothegroupsandindividualsbeinghelped.SuchreviewsenabletheTrusteestobesatisfiedthatthe various
activitiesremainfocussedonthestatedpurposesoftheCharity.DuenotehasbeentakenoftheCharityCommission's general
guidance on public benefit in these reviews and in planning future activities.
Such futureactivitieswill usuallyinvolvethe makingof grantsto other local organisationsthat renderassistance,directlyor indirectly,
topatientsoftheRoyalLondonHospital.TheTrusteeswillonlysanctionsuchgrantsifadequateinformationisobtained when
considering grant requests and that appropriate reporting will be provided subsequent to a grant being made.
ACHIEVEMENT AND PERFORMANCE
All of the Society'scharitableactivitiesfocuson providingcareand support,directlyand indirectly,for patientsat, or who have been
dischargedfrom,theRoyalLondonHospital,andthatisdeemedtobeoutsidethescopeoftheNationalHealthService. This
includestangiblesupportforindividualsorforgroupsofpatients,orbywayofgrantstolocalorganisationsthatprovidecare for
them. Grants are also made from time to time to support developments in clinical care that directly benefit patients.
UseofthefacilitiesatJamesHoraHomegraduallyincreasedduring2024,thoughfellshortofpre-pandemiclevels. Unfortunately
however,thesemuchvaluedfacilitieshadtobe withdrawnin November,duetosafety-relatedissues.Whilstthoseissuescould be
mitigatedthroughsignificantcapitalexpenditure,theexpiryoftheproperty'shead-leasetotheNHSTrustinMarch2026does not
justifysuch expenditure.Discussionsbetweenthe Societyand the Hospital'sManagementhave resultedin an arrangement whereby
self-caringpatientsandrelativesofpatientscanstaywithinorclosetotheHospitalovernight.TheSocietyiscontinuingto provide
funding through 2025 for that arrangement.
On a similartheme,the Societymadea furthergrantin 2024to the Sick Children'sTrust(SCT),amountingto £30,000,to assist the
fundingofStevensonHouseinWhitechapel.Thisisavaluablefacilitythatprovidesovernightanddaytimeaccommodation for
families where a child is currently in the Hospital's Intensive Care Unit.
The'RoutestoRoots'project(R2R),operatedbyProvidenceRow(PR)inliaisonwiththeHospitalPathwaysTeamat RLH,
continuedto carryoutitsvaluableroleto prevent,as faras possible,homelesspatientsof theHospitalbeingdischargedback onto
the streetsof London.The projectalso servesto reducere-admissionratesto the Hospital.The Societymakesa grantto PR to fund
someofthestaffingcostsoftheproject,anditsTrusteesreceivehalf-yearlyreportssettingoutnumbersofpatients receiving
assistanceandsample(anonymous)casestudies.Furthertranchesofthe3-yearagreementfrom1stApril2023weregranted in
2024,amountingto£90,382.Inaddition,thesumof£15,000wasalsograntedtoPRforassistingR2Rclientswithminorcosts to
assistwithrehabilitationgiventheirlackoffinancialresources.RegularstatementsarereceivedfromPRsettingoutthe amounts
and circumstances of the individual payments made to their clients.
An applicationfor a furthergrantto assistthe therapeuticactivitiesof the Children'sBrainInjuryTrust(CBIT)withinthe Hospital was
receivedtogetherwith a reporton its recentactivitywhich is much-valuedby relevantfamilies.A donationof £15,000to CBIT for that
specific purpose was made during the year.
Over the courseof the year,the Societyalso made grantstotalling£32,372to assistpatientsof the Hospitalin 94 cases.In addition,
grants totalling £73,272 were made to other local organisations who support RLH patients in various ways, as follows:
Page 2
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
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Tower Hamlets Mission £15,000
-
City and East London Bereavement Service £ 25,000
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Griffin Community Trust £15,000
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RLH League of Nurses (Past & Present Nurses) £ 3,272
-
Friends of RLH (Music Project) £15,000
Thislattergrantfollowstheintroductionby'TheFriends'ofchambermusicrecitalsintheHospital'smainfoyeronceortwice per
weekaroundthemiddleoftheworkingday.Theperformers,oftenfromLondon'smusiccolleges,receivenofee.However, travel
expensesarere-imbursedwhich,togetherwithothercosts,areborneby'TheFriends'.ThisisanactivitywhichtheSociety is
pleased to support, bearing in mind how much it is appreciated by patients and visitors to the Hospital.
FINANCIAL REVIEW
TheSocietyhassetoutFinancialStatementsinaccordancewiththecurrentStatementofRecommendedPractice(SORP).In the
opinion of the Trustees, there are sufficient funds to permit the Society to operate in the long term.
Reserves Policy
At31stDecember2024theSociety'stotalassetsamountedto£17,843,843(2023:£17,575,682),ofwhich£16,188,726 (2023:
£15,816,764)was the value of sharesin the COIF CharitiesInvestmentFund.The increasein the value of the Society'sassets over
theyearis theresultof netgainsin thevalueof itsinvestments,togetherwithan excessof income,includingdonations,over cash
outgo of £91,574over that period.The Societyreceivesno directfundingand does not carry out fundraisingactivities,so relies on its
investments to provide its income, although the Society does receive donations from time to time.
InvestmentsformasubstantialpartoftheSociety'sreservesand,asstatedbelow,aremanagedbyanindependent investment
manager.TheTrusteesareresponsibleforsettingtheSociety'sinvestmentpolicyandformonitoringtheperformanceof the
investmentportfolio.Thecurrentpolicyaimstopreservetherealvalueoftheinvestmentsovertimeaswellasgenerating an
appropriatelevelofincomeeachyear.Careistakentoensurethatthereisalwayssufficientliquiditytofundgrants and
administrative expenses for a reasonable period if investment conditions deteriorate significantly.
As at 31stDecember2024,£1,411,294was heldas cashor cashequivalents,of which£850,000was investedin the COIF Deposit
Fundmanagedby the investmentmanagers,withthe balancebeingheldin accountswiththe Society'sbank.The Trusteesaim to
holdatleastoneyear'slikelyoutgoincashorcashequivalentstobeabletofundexpenditurewhichmeetstheSociety's objects.
Theamountheldat theyear-endsomewhatexceededthis,reflectingtheTrustees'uncertaintyaboutoutgoover2025in thelight of
the closure of the James Hora Home facility in Ashfield Street, Whitechapel.
Investment Policy
TheSociety'sconstitutionasa CIOauthorisestheTrusteestomakeandalterinvestmentsusingtheCommonInvestmentFund of
theCIO.Throughouttheyear,theinvestmentshaveconsistedofincomeunitsintheCharitiesInvestmentFund(CIF)and the
Charities Deposit Fund (CDF) managed by CCLA.
TheobjectivessetbyCCLAforCIFaretoprovideatotalreturn(growthincapitalandincome)overthelongterm(definedas 5
years).TheCIF'slong-termperformancecanbeassessedbyreferringtothetargetbenchmarkoftheconsumerpriceindex plus
5%pa(beforethedeductionofcostsandcharges).TheCIFusesa'totalreturn'approachtoinvesting,whichmeansthat,for the
incomeunits,somepartoftheincomedistributionmaybepaidfromcapitalifthereisnotenoughincomefromthe underlying
investments.The currentforecastincomeyield is such that the Society'sTrusteesexpectthat the annualincomegenerated currently
should be close to £450,000.
In2024,theCIFdistributed£443,030totheSociety,whichwas2.8%oftheSociety'saverageinvestmentintheCIF.In addition,
includingfeerebates,CCLAdeductcostsandfeesdirectlyfromtheirfunds.TheSocietyreceivesa rebateon theCIFreflecting the
sizeof theinvestment.Thevalueinvestedin theCIFgrewby 2.3%, producinga totalreturnovertheyearof around5.1%.In 2023
thereturnon theinvestmentportfolio(moniesmanagedbythepreviousinvestmentmanagerandtheCIF)wasestimatedas 7.7%.
Theannualisedreturnontheinvestmentportfoliooverthe5 yearsto31stDecember2024wasthereforec.4.8%,(c.2.2%forthe 3
yearperiod).Thisissomewhatbelowtheannualisedrateofinflation(CPI)plus3%paoverthoseperiods(viz6.9%and 9.3%
respectively),whichtheTrusteesregardasappropriatetargetsoverthemediumtermtopreservetherealvalueofthe portfolio
(assuming no drawdown of capital).
Inaddition,theSocietyreceivedincomeof£32,233fromitsinvestmentintheCDFand£5,308fromitsinvestmentinthe Coutts
Reserve Fund.
Page 3
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal Status and Governance
TheSocietyis a CharitableIncorporatedOrganisation(CIO),havingpreviouslyoperatedformanyyearsasa CharitableTrust (CT)
untilthechangeofstatusinDecember2019.TheSocietycurrentlyhas8Trustees,whoeitherhaveextensiveknowledge and
experienceofthehealthandsocialcaresectors,particularlyinEastLondon,orpossessexpertiseinfinancialand investment
matters or of the legal and regulatory environment for charities.
A formalmeetingofTrusteeswasheldon2ndAugust2024toapprovetheSociety'sReportandAccountsfor2023.Trustees also
metduringtheyearon4thMarch,15thApril,3rdJuneand21stOctobertoreceivereportsfromorganisationsinreceiptof grants
duringthatyearandtoconsiderfurthergrantapplicationsfor2024aswellastoconsider(interalia)theSociety'sfinancial position
(includinginvestments),the situationregardingJamesHoraHomeand particularneedsarisingwithinand aroundthe Royal London
Hospital, its staff and patients.
Administrationof theSociety'sactivitieshasbeenundertakenformanyyearsby ColinPitman,bothduringhistimeas an employee
andmorerecentlyonaself-employedandpart-timebasis.TheTrusteesrecordtheirappreciationofhislongperiodof valuable
servicetotheSocietyonhisretirementearlyin2024andwelcomehisreplacement,RobertFelix-whoprovidessecretarial and
administrative services through his company.
Trustees
As indicatedabove,theSociety'sTrusteesheld5 meetingsduring2024.At theOctobermeetingAlisonKnappwasre-appointed as
a Trustee for a further 1 year following completion of her 3-year term in December 2024.
Risk Statement
The Trusteesreviewall aspectsof the Society'sfinancesand will take whateveractionis appropriateto protectthe Society's financial
status.A newriskmatrixfortheSocietywasadopted,inlinewithCharityCommissionguidance,andwillbereviewedannually, or
more frequently should the need arise.
The principal risks to which the Society is exposed and a brief description of the mitigations are: -
Risk |
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Mitigation |
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Governance: - the risk that the Society does not achieve its |
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The Society |
has a diverse Trustee Board that |
has the |
charitable, regulatory and ethical |
objectives due to inadequate |
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necessary skills to provide good oversight and governance of |
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governance. |
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the Society. |
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Investment:
- The
risk
that |
the Society's
monies |
are |
The
Society |
appoints
external,
qualified
and |
regulated |
mismanaged or fail to provide the resources required to meet |
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investment managers who are subject to regular review. The |
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the Society's objectives. |
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Society aims |
to have cash, short term deposits |
or money |
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market investments sufficient to meet one year's |
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expected |
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expenditure. |
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Fraud and Financial Crime: - The risk that the Society is |
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The Society has a Fraud Policy that is regularly reviewed and |
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subject to fraud or other financial crimes. |
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describes the |
policy and procedures to minimise this risk. |
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TRUSTEES' RESPONSIBILITY STATEMENT
The trusteesare responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordancewith applicable law
and UnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)includingFinancial Reporting
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Page 4
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES' RESPONSIBILITY STATEMENT - continued
The law applicableto charitiesin Englandand Wales,the CharitiesAct 2011,Charity(Accountsand Reports)Regulations2008 and
the provisionsof the trustdeed requiresthe trusteesto preparefinancialstatementsfor each financialyear which give a true and fair
viewofthestateofaffairsofthecharityandoftheincomingresourcesandapplicationofresources,includingtheincome and
expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytime the
financialpositionofthecharityandtoenablethemtoensurethatthefinancialstatementscomplywiththeCharitiesAct2011, the
Charity(AccountsandReports)Regulations2008andtheprovisionsofthetrustdeed.Theyarealsoresponsiblefor safeguarding
the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 30 June 2025 and signed on its behalf by:
D G Thomas (Chairman) - Trustee
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Opinion
WehaveauditedthefinancialstatementsofTheMarieCelesteSamaritanSociety(the'charity')fortheyear ended
31 December2024 whichcomprisethe Statementof FinancialActivities,the Statementof FinancialPosition,the Statementof Cash
Flowsandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(United Kingdom
GenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancialReportingStandard applicable
in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthefinancial statements
sectionof our report.We are independentof the charityin accordancewith the ethicalrequirementsthatare relevantto our audit of
thefinancialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilities in
accordancewith theserequirements.We believethatthe auditevidencewe have obtainedis sufficientand appropriateto provide a
basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasagoingconcernforaperiodofat least
twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respectto going concernare describedin the relevantsectionsof this
report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedinthe Annual
Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwiseexplicitlystated in
our report, we do not express any form of assurance conclusion thereon.
In connectionwithourauditof thefinancialstatements,ourresponsibilityis to readtheotherinformationand,in doingso, consider
whethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheaudit or
otherwiseappearsto be materiallymisstated.If we identifysuch materialinconsistenciesor apparentmaterialmisstatements,we are
requiredto determinewhetherthis gives rise to a materialmisstatementin the financialstatementsthemselves.If, based on the work
wehaveperformed,weconcludethatthereisa materialmisstatementofthisotherinformation,wearerequiredtoreportthat fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothingto reportin respectof the followingmatterswherethe Charities(Accountsand Reports)Regulations2008 requires
us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Responsibilities of trustees
AsexplainedmorefullyintheTrustees'ResponsibilitiesStatement,thetrusteesareresponsibleforthepreparationofthe financial
statementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineisnecessarytoenable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilityto continueas a going concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthe trustees
either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointedas auditorsunder Section144 of the CharitiesAct 2011 and reportin accordancewith the Act and relevant
regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceis a high levelof assurance,but is not a guaranteethat an auditconductedin accordancewith ISAs (UK) will
alwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyor in theaggregate,theycouldreasonablybe expectedto influencetheeconomicdecisionsof userstakenon the basis
of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with the trustees and management, including consideration of known or suspected instances of non-compliance with
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laws and regulation and fraud;
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Evaluation of management's internal controls designed to prevent and detect irregularities;
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Reading key correspondence with the Charity Commission in relation to compliance with laws and regulations;
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Reviewing relevant meeting minutes;
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Procedures relating to the valuation of investments and vouching with third party confirmations.
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations impacting
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revaluation; and
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Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accountsand Reports)
Regulations2008. Our audit work has been undertakenso that we might state to the charity'strusteesthose matterswe are required
to stateto themin an auditors'reportandforno otherpurpose.To thefullestextentpermittedby law,we do notacceptor assume
responsibilitytoanyoneotherthanthecharityandthecharity'strusteesasabody,forourauditwork,forthisreport,orfor the
opinions we have formed.
Barrow LLP
Statutory Auditor
Chartered Accountants
Jackson House
Station Road
Chingford
London
E4 7BU
30 June 2025
Page 7
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
General
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
CONTINUING OPERATIONS |
31.12.24
Unrestricted
fund
£
13,137
481,682
494,819
113,527
289,718
403,245
371,962
463,536
17,130,012
17,593,548 |
31.12.23
Total
funds
£
11,722
448,094 |
|
|
459,816 |
|
|
170,237
213,437 |
|
|
383,674 |
|
|
803,702 |
|
|
879,844
16,250,168 |
|
|
17,130,012 |
|
|
|
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 8
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2024
Notes
FIXED ASSETS
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS |
31.12.24
Total
funds
£
16,188,726
243,823
1,411,294
1,655,117
(206,570)
1,448,547
17,637,273
(43,725)
17,593,548
17,593,548
17,593,548 |
31.12.23
Total
funds
£
15,816,764
431,147
1,327,771 |
|
|
1,758,918
(228,175) |
|
|
1,530,743 |
|
|
17,347,507
(217,495) |
|
|
17,130,012 |
|
|
17,130,012 |
|
|
17,130,012 |
Thefinancialstatementswereapprovedby the Boardof Trusteesand authorisedfor issueon 30 June2025and weresignedon its
behalf by:
D G Thomas (Chairman) - Trustee
T J Palmer (Treasurer) - Trustee
The notes form part of these financial statements
Page 9
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period |
31.12.24
£
(398,159)
(398,159)
(371,962)
371,962
5,728
475,954
481,682
83,523
1,327,771
1,411,294 |
31.12.23
£
(322,926)
(322,926)
(14,813,703)
14,414,985
1,600
446,494
49,376
(273,550)
1,601,321
1,327,771 |
|
|
|
The notes form part of these financial statements
Page 10
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
|
31.12.24 |
31.12.23 |
|
£ |
£ |
Net income for the reporting period (as per the Statement of Financial |
|
|
Activities) |
463,536 |
879,844 |
Adjustments for: |
|
|
Gain on investments |
(371,962) |
(803,702) |
Interest received |
(5,728) |
(1,600) |
Dividends received |
(475,954) |
(446,494) |
Decrease in debtors |
187,324 |
204,880 |
Decrease in creditors |
(195,375) |
(155,854) |
Net cash used in operations |
(398,159) |
(322,926) |
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.1.24
£
1,327,771
1,327,771
1,327,771 |
Cash flow
£
83,523
83,523
83,523 |
At 31.12.24
£
1,411,294 |
|
|
|
1,411,294 |
|
|
|
1,411,294 |
The notes form part of these financial statements
Page 11
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenpreparedin accordance
with the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof RecommendedPractice applicable
to charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the UK and Republic
ofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
underthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodified by
the revaluation of certain assets.
TheCharityconstitutesapublicbenefitentityasdefinedbyFRS102andisregisteredbyTheCharityCommission of
EnglandandWalesundera TrustDeed.Thecharity'sregisterednumberandregisteredofficecanbe foundon the general
information page 1. The presentation currency of the financial statements is the Pound Sterling (£).
Income
All incomingresourcesare includedin the Statementof FinancialActivities(SoFA)whenthe charityis legallyentitledto the
incomeafteranyperformanceconditionshavebeenmet,theamountcanbemeasuredreliably,anditisprobablethat the
income will be received.
Subscriptions and deposit interest are credited when due, voluntary income, donations and legacies when received.
Expenditure
Allexpenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall costs
relatedto the category.Expenditureis recognisedwhere there is a legal or constructiveobligationto make paymentsto third
parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grantspayableto third partiesare within the charitableobjectives.Where unconditionalgrantsare offered,this is accrued as
soonas therecipientis notifiedof thegrant,as thisgivesriseto a reasonableexpectationthattherecipientwillreceive the
grants.Wheregrantsareconditionalrelatingtoperformancethenthegrantisonlyaccruedwhenanyunfulfilled conditions
are outside of the control of the charity.
ItistheSociety'spolicytoallowoneyearfromthedateofapprovalforgrantstobeclaimed.Ifthegrantsarenot claimed
within this time limit then they are withdrawn.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitmentbut not
accrued as expenditure.
Support and governance costs allocation
Supportcosts are those that assistthe work of the charitybut do not directlyrepresentcharitableactivitiesand include office
costs,governancecosts,administrativeand payrollcosts.They are incurreddirectlyin supportof expenditureon the objects
ofthecharity.Wheresupportcostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocated to
expenditureon charitableactivitieson a basisconsistentwithuseof theresources.An allocationof 70% togrants payable
and 30% to directly provided services has been used.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Development costs- over the term of the lease
Taxation
The charity is exempt from tax on its charitable activities.
Page 12
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Structure of funds
Unrestrictedfundscompriseresourcesavailableatthetrustees'discretionandincludeincomeandexpenditure related
solelytothecharity'sownoperations.Withinthese,designatedfundsmaybeestablishedbytrusteesforspecific purposes
but remain legally unrestricted.
Restrictedfundsaretheresourcessubjecttodonorimposedconditionsorstipulations,legallyheldontrust,for specific
activities,timeperiods,or purposes(includingendowmentfunds).The societyhad no endowmentfundsduringthe financial
year.
Grantspayablearerecognisedas liabilitiesin theyearin whicha formalgrantofferis acceptedby therecipientand where
anyconditionsattachedto thegranthavebeenmet.Expenditureis chargedto unrestrictedfunds,withanyunfulfilled grant
commitmentsdisclosedinthenotestotheaccounts.Multi-yearorconditionallyreleasedgrantsareonlyaccrued as
expenditure once conditions are satisfied; otherwise, they are disclosed as contractual commitments.
Management and administration expenditure
Expenditureonmanagementandadministrationofthecharityincludesallexpenditurenotdirectlyrelatedtothe charitable
activity. This includes the day to day running of the charity, audit fees and administrative costs.
Fixed assets investments
Investments are stated at their fair value. Movements in fair value are recognised in the Statement of Financial Activities.
The society'sinvestmentpolicy is to preserveand increasethe capitalbase whilstprovidinga significant,sustainable income
forthesociety.TheappointedfundmanagerisCCLAandthefinancecommitteeregularlyreviewtheperformanceof the
Charities Official Investment Fund (COIF) in which the capital is invested.
Interest receivable
InterestonmoniesheldinbankdepositaccountsandtheCOIFCharitiesDepositFundareincludedwhenreceivable and
theamountcanbe measuredreliablybythecharity;thisis normallyuponnotificationoftheinterestpaidorpayableby the
bank.
Realised gains and losses
AllgainsandlossesaretakentotheStatementofFinancialActivitiesastheyarise.Realisedgainsandlosses on
investmentsare calculatedon the differencebetweensale proceedsand openingmarketvalue(or date of purchaseif later).
Unrealisedgainsandlossesoninvestmentsarecalculatedasthedifferencebetweenmarketvalueattheyear-end and
opening market value (or date of purchase if later).
In accordance with the new SORP 2015 (FRS102), the net gains and losses are shown under the heading for expenditure.
Debtors and creditors receivable / payable within one year
Debtorsandcreditorswithnostatedinterestrateandreceivableorpayablewithinoneyeararerecordedat transaction
price. Any losses arising from impairment are recognised in expenditure.
Pension
TheSocietypreviouslycontributedtoadefinedbenefitPensionSchemeforcertainformeremployees.TheScheme was
closedto new membersand futurebenefitaccrualsseveralyearsago. Accruedbenefitswere subsequentlysecured through
a buy-outby an insurer,eliminatingthe requirementfor furthercontributionsfrom the Societyand removingany residual risk
for the Society.
FormeremployeeswhoweremembersoftheSchemenowreceivebenefitsdirectlyfromtheinsurer.Thesebenefits were
lowerthanoriginallyanticipatedwhentheSchemewasactive.Tomitigatethereductioninexpectedbenefits,the Trustees
havemadeadditional'ex-gratia'pensionpayments.Intheyearended31December2024,thesepaymentsamounted to
£43,372 (including taxes).
Page 13
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
TheSocietynolongeremploysanystaff,andnocontributionshavebeenmadetoanypensionschemeduringthe period
coveredby thesefinancialstatements.The'ex-gratia'paymentsarereviewedannuallyto assesswhetherfurthersupport is
required for former employees receiving reduced benefits from the insurer.
Going concern
ThetrusteesconsiderthattherearenomaterialuncertaintiesabouttheSociety'sabilitytocontinueasagoing concern.
Therefore,the financialstatementshave been preparedon a going concernbasis.The trusteeshave consideredthe level of
funds held and the expectedlevel of incomeand expenditurefor 12 monthsfrom authorisingthese financialstatements. The
budgetedincomeandexpenditurearesufficientwiththelevelofreservesforthecharitytobeabletocontinueasa going
concern.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Withrespecttothenextreportingperiod2025,themostsignificantareaofuncertaintythataffectsthecarryingvalue of
assetsheldbytheSocietyarethelevelofinvestmentreturnparticularlyfrominvestmentincomeandtheperformance of
investmentmarkets(seetheinvestmentpolicyandperformanceandriskmanagementsectionsofthetrustees' annual
report for more information).
3. DONATIONS AND LEGACIES
DONATIONS AND LEGACIES |
|
|
|
31.12.24 |
31.12.23 |
|
£ |
£ |
Donations |
13,137 |
11,722 |
INVESTMENT INCOME |
|
|
|
31.12.24 |
31.12.23 |
|
£ |
£ |
Investment income |
475,954 |
446,494 |
Deposit account interest |
5,728 |
1,600 |
|
481,682 |
448,094 |
RAISING FUNDS |
|
|
Raising donations and legacies |
|
|
|
31.12.24 |
31.12.23 |
|
£ |
£ |
James Hora Home (JHH) |
66,667 |
80,607 |
Support costs |
46,860 |
38,858 |
|
113,527 |
119,465 |
4.
5. RAISING FUNDS
Page 14
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
5. RAISING FUNDS - continued
Investment management costs
Investment management costs |
|
|
|
31.12.24 |
31.12.23 |
|
£ |
£ |
Portfolio management |
- |
46,606 |
Investment advice |
- |
3,851 |
Safe custody |
- |
315 |
|
- |
50,772 |
Aggregate amounts |
113,527 |
170,237 |
InaccordancewiththeCharitiesSORP(FRS102),charitiesarenotrequiredtoapportioninvestmentmanagement fees
embedded within collective investment schemes in order to identify a notional cost attributable to their own holdings.
As is standardfor pooled investmentfunds,the COIF CharitiesInvestmentFund incursunderlyingcosts,the most significant
of whichis the annualmanagementcharge.Thischargeis reflectedin the fund’sunit priceand is not separatelyinvoiced to
investors.
Accordingly,therearenoinvestmentmanagementcoststoreportinrespectofthecharity’sholdingintheCOIF Charities
Investment Fund, as CCLA does not levy a direct management fee on the charity.
6. CHARITABLE ACTIVITIES COSTS
General
7.
GRANTS PAYABLE
General
The total grants paid to institutions during the year was as follows:
The Tower Hamlets Mission
The City and East London Bereavement Service
The Griffin Community Trust
Providence Row
Past & Present Nurses
TB Outreach
Sick Children Trust
Child Brain Injury Trust (CBIT)
RLH Music Project
The Royal London Hospital - Barts NHS |
Grant
funding of
activities
Support
(see note
costs (see
7)
note 8)
Totals
£
£
£
269,635
20,083
289,718
31.12.24
31.12.23
£
£
269,635
196,782
31.12.24
31.12.23
£
£
15,000
10,000
25,000
20,000
15,000
10,000
109,306
102,058
-
3,272
-
1,000
30,000
20,000
15,000
10,000
15,000
-
13,333
-
237,639
176,330 |
Totals
£
289,718 |
|
|
176,330 |
Page 15
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
7. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
|
|
31.12.24 |
31.12.23 |
|
|
£ |
£ |
Clothing fund |
|
- |
600 |
Samaritan help |
|
32,372 |
19,852 |
|
|
32,372 |
20,452 |
SUPPORT COSTS |
|
|
|
|
|
Governance |
|
|
Management |
costs |
Totals |
|
£ |
£ |
£ |
Raising donations and legacies |
6,846 |
40,014 |
46,860 |
General |
2,934 |
17,149 |
20,083 |
|
9,780 |
57,163 |
66,943 |
8. SUPPORT COSTS
ActivityBasis of allocation
ManagementAn allocation of 70% to grants payable and 30% to directly provided services.
Governance costsAn allocation of 70% to grants payable and 30% to directly provided services.
Support costs, included in the above, are as follows:
31.12.2431.12.23
|
|
|
31.12.24 |
31.12.23 |
|
Raising |
|
|
|
|
donations |
|
|
|
|
and |
|
Total |
Total |
|
legacies |
General |
activities |
activities |
|
£ |
£ |
£ |
£ |
Secretarial and administrative services |
4,695 |
2,012 |
6,707 |
2,353 |
Insurance |
120 |
52 |
172 |
457 |
Postage and stationery |
29 |
12 |
41 |
188 |
Sundries |
2,002 |
858 |
2,860 |
90 |
Pensions - Past employees |
30,360 |
13,012 |
43,372 |
41,460 |
Auditors' remuneration |
9,486 |
4,065 |
13,551 |
10,725 |
Auditors' remuneration for non audit work |
168 |
72 |
240 |
240 |
|
46,860 |
20,083 |
66,943 |
55,513 |
9. TRUSTEES' REMUNERATION AND BENEFITS
The trustees neither received nor waived any remuneration during the year.
The trustees did not have any expenses reimbursed during the year.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Page 16
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
10. STAFF COSTS
The average monthly number of employees during the period was Nil.
11. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
Development |
|
costs |
|
£ |
COST |
|
At 1 January 2024 |
627,626 |
Disposals |
(627,626) |
At 31 December 2024 |
- |
DEPRECIATION |
|
At 1 January 2024 |
627,626 |
Eliminated on disposal |
(627,626) |
At 31 December 2024 |
- |
NET BOOK VALUE |
|
At 31 December 2024 |
- |
At 31 December 2023 |
- |
TheaboverepresentstheSociety’scapitalcontributiontotheNHSTrustfortherefurbishmentofJamesHorace Evans
House(JHH).JHH was closedon 30 October2024 for healthand safetyreasons.As a result,the 2003 Agreement between
the Societyand the NHS Trust,which was due to expirein March2026, is now regardedas null and void. Consequently, the
development costs of £627,000 have been written off.
12. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023 |
Listed
investments
£
15,816,764
371,962
16,188,726
16,188,726
15,816,764 |
|
|
ThefundsareinvestedintheCharitiesOfficialInvestmentFund(COIF).Thecharityheld797,737.52unitsin CCLA's
Charities Investment Fund Income Units at 31 December 2024 which are stated at fair value.
The Society does not have any material investment holdings that require separate disclosure.
Page 17
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
12. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 December 2024 is represented by:
Valuation in 2022
Valuation in 2023
Valuation in 2024
13.
DEBTORS
31.12.24
£
Amounts falling due within one year:
Grants prepaid
196,367
Accrued investment income
3,731
200,098
Amounts falling due after more than one year:
Grants prepaid
43,725
Aggregate amounts
243,823
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
£
Grants payable
178,770
Taxation and social security
-
Other creditors
27,800
206,570 |
Listed
investments
£
14,614,344
1,202,420
371,962
16,188,726
31.12.23
£
210,880
2,772
213,652
217,495
431,147
31.12.23
£
193,008
692
34,475
228,175 |
|
|
Page 18
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
31.12.24 |
31.12.23 |
|
£ |
£ |
Grants payable |
43,725 |
217,495 |
16. MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.24
£
17,130,012
17,130,012 |
Net
movement
in funds
£
463,536
463,536 |
At
31.12.24
£
17,593,548 |
|
|
|
17,593,548 |
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
resources
expended
£
£
494,819
(403,245)
494,819
(403,245) |
Gains and
Movement
losses
in funds
£
£
371,962
463,536
371,962
463,536 |
Gains and
Movement
losses
in funds
£
£
371,962
463,536
371,962
463,536 |
|
|
|
463,536 |
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.23
£
16,250,168
16,250,168
are as follows:
Incoming
Resources
resources
expended
£
£
459,816
(383,674)
459,816
(383,674) |
Net
movement
in funds
£
879,844
879,844
Gains and
losses
£
803,702
803,702 |
At
31.12.23
£
17,130,012 |
At
31.12.23
£
17,130,012 |
|
|
|
17,130,012 |
|
|
|
|
Movement
in funds
£
879,844
879,844 |
|
|
|
|
|
879,844 |
Page 19
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.23
£
16,250,168
16,250,168 |
Net
movement
in funds
£
1,343,380
1,343,380 |
At
31.12.24
£
17,593,548 |
|
|
|
17,593,548 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
954,635
(786,919)
1,175,664
1,343,380
954,635
(786,919)
1,175,664
1,343,380 |
|
|
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
18. JAMES HORA HOME
TheSocietyenteredintoanagreementwithBartsandTheLondonNHSTrustregardingJamesHoraHomein February
2003,with a contributionof £80,000per annumfor at least20 years.The NHS Trusthas a leaseagreementon the property
thatexpiresinMarch2026,andhaspreviouslyagreedtopermittheSocietytocontinueutilisingJamesHoraHome until
then.However,itwasclosedonOctober30,2024,duetosafetyreasons.Nevertheless,theSocietyiscontinuingto make
anannualgrantof£80,000untilMarch2026toTheRoyalLondonNHSTrustforprovidingaccommodationsimilarto that
offered in James Hora Home.
19. POST BALANCE SHEET NON-ADJUSTING EVENT
In the prevailingeconomicconditions,the marketvalueof the commoninvestmentfundsat the dateof the draftingof these
accounts was £15,535,140.
Page 20