**Annual Report and Accounts | 2024**
**making a positive difference** together
**1**
welcome 2024 was another outstanding year for the McCarthy Stone Foundation. With a total income of £716,428, we were able to award over £514,152 to 134 charitable causes, supporting more than 22,000 older individuals. We also made our first multi-year grants, supporting 4 befriending charities and inaugurated our own Welcome Wednesday programme, which directly combats loneliness and isolation among older people.
None of this would have been possible without the enthusiasm, dedication and support of McCarthy Stone’s employees, customers and supply chain partners and the invaluable support of the McCarthy Stone Corporation. Fundraising, donations and volunteering have grown exponentially since the Foundation’s inception in 2020. In 2024 our fundraising was an amazing 30% higher than in 2023 and included exciting new activities such as a Jurassic Walk Challenge with more than 100 McCarthy Stone employees and a Strictly Come Dancing competition, as well as our tried and tested events like golf days and our annual gala dinner supplier event. Our 2025 fundraising programme promises to be even more exciting and innovative.
Corporate match funding received in 2024 for income raised by employees, customers and supply chain partners in 2023, was £167,849, a fantastic achievement. We are thrilled that in 2025 we will receive over £226,000 from our 2024 fundraising. On behalf of the Trustees and the charities we support, we would like to express our heartfelt thanks and appreciation to the Foundation’s supporters and the McCarthy Stone Corporation, who enable us to touch and enhance more older people’s lives.
on making unrestricted grants to cover charities’ core costs like salaries and energy bills, which will ensure their continued existence. Our new threeyear funding partnerships will also give our four chosen charities greater resilience and confidence that they can continue to support older people and combat isolation and loneliness into the future.
2024 also saw the start of our own Welcome Wednesday Programme. Held in 7 community cafés across the country, we invite over 65’s to meet for a free hot drink and lunch, providing interaction and purpose to those who may otherwise spend their time alone. This programme, funded by the Foundation and staffed by McCarthy Stone volunteers, hosts c. 3,000 older people every year.
Our commitment to ‘small grants, big difference’ grant-making continues. The charity sector is currently facing an existential funding crisis and this is particularly true for the small charities we support. Wherever possible, therefore, we focus
In November, we bid farewell to our Head of Foundation, Graeme Marsh, who has been a driving force in establishing and growing the charity since its inception. We are delighted to have appointed Julia Laister, previously Foundation Coordinator, as our new Head of Foundation. Julia, who has a marketing background, has the knowledge, dedication and enthusiasm to lead the Foundation into its next phase of growth. She is ably supported by new Foundation Co-Ordinator Chealsie Stewart, also an internal hire.
Heading into my second year as Chair and looking back over the past four years, I am proud of the Foundation’s achievements, the charities it supports and the invaluable contribution of our Trustees. I look forward to supporting the Foundation’s continued growth and the positive and lasting impact it has on the lives of older people.
On behalf of the McCarthy Stone Foundation Trustees, I am pleased to approve the following annual report for 2024.
Thank you.
**Paula Jordan Chair of Trustees 1st April 2025**
## **CONTENTS**
Trustees Annual Report and Accounts for Year Ending October 31st 2024
About our Foundation Welcome Wednesday **04 18** Our vision, mission, and values Christmas grants **06 22** Achievements and performance Fundraising and volunteering **08 24** 2024 in numbers Financial review **10 30** How we make a difference Looking ahead **12 38** Community grants Trustees **14 39**
> **02** _Cover image courtesy of Richmond Hill Elderly Action. Image top right: Courtesy of Village Kitchen Scotland_
**03**
**About our** foundation The McCarthy Stone Foundation is an independent charity that supports grassroots, local charities and community groups and other non-profit organisations across England, Scotland and Wales, principally through the provision of financial grants.
It is a corporate Foundation, connected to the UK’s largest retirement living developer McCarthy Stone, who generously donated goods and services to the value of £355,006 during 2024.
with both the Fundraising Code of Practice and the Charity Governance Code.
Trustees meet quarterly to set the strategic aims of the Foundation, retaining responsibility for all policy and decision making. New Trustees are appointed for a term of three years after a rigorous and inclusive process of recruitment, with due regard to the skills, experience and knowledge needed for the effective governance of the Foundation. At least two members (or one third, whichever is greatest) must be external of McCarthy Stone and its subsidiaries.
The Foundation’s charitable objectives are to advance such purposes (according to the law of England and Wales) for the public benefit as the trustees see fit from time to time, primarily by providing grants and volunteer support to charities and/or other organisations with a particular focus on assistance to older adults, aged 65 and over. The Foundation is registered with the Fundraising Regulator and complies
During 2024, the Foundation had five external trustees. Our board of trustees is committed to fostering diversity and inclusion, reflecting a broad range of perspectives, skills, and experiences. This commitment strengthens our decision-making and helps us serve our community more effectively.
In year ending October 31st, 2024, daily management of the Foundation was undertaken by the Head of Foundation, in line with the Financial Controls Policy, which outlines delegated responsibilities. Further support was provided by the Foundation Coordinator, who reported into the Head of Foundation. Foundation staff are employed by McCarthy Stone directly and seconded to the charity. Remuneration and performance management
In 2024 the Foundation awarded 134 grants an totalling **£514,152** increase of on **£174,992** the previous year.
is conducted by McCarthy Stone with the due consideration and input of the Trustees, via the Executive Liaison Sub-Committee.
The Trustees confirm that they have complied with their duty to have regard to the guidance on public benefit, published by the Charity Commission and are pleased to present their annual report and financial statements for the year ended 31st October 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes and comply with the Foundation’s constitution, the Charities Act 1993, and the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities FRS 102, 2019.
_Image courtesy of Music for Wellbeing_
**04 ABOUT OUR FOUNDATION**
**ABOUT OUR FOUNDATION 05**
**Our vision** is a society where older people are valued, connected and engaged with their communities.
**Our mission** is to help grassroots charities and community groups support older people by engaging the McCarthy Stone Group, People, Customers, and Partners. **Our values**
- We are positive about ageing
**•** We are transparent and accountable
**•** We are committed to improvement
## **OUR VISION, MISSION AND VALUES** ~~Our vision~~
**06 OUR VISION, MISSION AND VALUES**
_Image courtesy of Memories are Golden_
**Memories are Golden, Suffolk**
“The grant enabled us to continue delivering high-quality services during a challenging transition to new premises. It ensured uninterrupted care for our attendees, many of whom live with dementia or face isolation, while also providing vital respite for carers.”
**Hollie Scott, Grants and Fundraising Co-ordinator, Memories are Golden**
**OUR VISION, MISSION AND VALUES 07**
## **Achievements and**
performance This has been an outstanding year for the Foundation, surpassing our income and grant-making targets. The growth in fundraising is thanks to the passion of McCarthy Stone colleagues, supply chain partners, and homeowners. Now in our fourth year, engagement has rapidly increased, allowing us to boost our charitable funding by 25%, making a positive impact on older people’s lives.
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Julia Laister and Graeme Marsh at the
Charity Gala Dinner 2024
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Our investment in operational capacity and systems, including fully embedding Salesforce, streamlined the grant process. With a dedicated Head of Foundation and Foundation Coordinator, we introduced new initiatives to maximise social impact. One such initiative, the Welcome Wednesday Programme, launched in April 2024, supports over-65s in deprived areas with free meals and social interaction. Initially piloted in two locations, it’s now in seven, with plans for future expansion once we’ve reviewed current groups.
We continue to focus on unrestricted funding for small charities, which face rising operational costs. In our Spring Grant programme, we introduced four multi-year funding partnerships, ensuring long-term support for these organisations. We also awarded 23 grants to causes in deprived areas. By concentrating on two major grant programmes—Spring and Autumn—along with the Christmas Connections programme, we improved application reviews
and sped up payments. To further streamline,
we’ll introduce thematic grants in 2025 with clearer criteria.
Fundraising highlights included the Jurassic Walk Challenge, with over 100 McCarthy Stone participants, and our Cold-Water Dips, which grew across seven locations. The “Great Summer Raffle” and the “Strictly Come Llanthony” dancing competition, attended by Gloucester homeowners, raised significant funds and made it to the BBC News. McCarthy Stone suppliers supported us through events like golf days, clay pigeon shooting, and our annual gala dinner, which raised over £170,000.
We are deeply grateful to all our supporters— sponsors, volunteers, and donors—without whom our work wouldn’t be possible.
In November, Graeme Marsh, Head of Foundation since 2020, stepped down, and I’m honoured to step into the role. With my experience as Foundation Coordinator since 2022, I’m excited
to lead the Foundation’s next phase. We’ve also recruited Chealsie Stewart a new Foundation Coordinator to strengthen our team.
It’s been a privilege to meet so many of the organisations we’ve supported this year, and I’m continually inspired by their work. Loneliness remains a major issue for older people in the UK, but together, we can make a difference.
Thank you to everyone who’s supported the Foundation this year. Your contributions are the lifeblood of the charity, and we are immensely grateful.
**Julia Laister Head of Foundation**
**08**
**ACHIEVEMENTS AND PERFORMANCE**
**ACHIEVEMENTS AND PERFORMANCE**
**09**
2024 **£514,152 £355,006 £11,952 in grants made donations and support costs raised in our weekly lottery from McCarthy Stone numbers £716,428 22,000 £102,000 134 income raised older people supported raised by McCarthy Stone 134 charitable through our funding homeowners and employees causes supported 10 2024 IN NUMBERS 2024 IN NUMBERS 11**
**The average turnover of the organisations we supported was £87,450 per year.**
## **Our Strategic Aims for 2024:**
- Support local grassroots, volunteer-driven charities, and community groups working with older people.
- Provide funding and resources to foster connection and purpose in later life for those experiencing isolation, hardship, or ill health.
**Through our grants program, over 21,500 older people were directly impacted.**
**To achieve these aims in 2024, we delivered five principal programs, each designed to support grassroots groups and reach older people within their communities:**
**Additionally, more than 1,155 individuals aged 65 and over attended our new Welcome Wednesday social groups.**
**1. Christmas Connections Grants**
**A total of £514,152 in grants was distributed to support small charities, including four new multi-year grants that directly support core costs and provide stability to these partners.**
**2. Spring Community Grants**
**3. Autumn Community Grants 4. Multi-year Funding Partnerships 5. Welcome Wednesday Social Groups**
**12 HOW WE MAKE A DIFFERENCE** Making a difference
**Grant locations** in 2024
**Welcome Wednesday locations** in 2024
We assessed our success based on the number of organisations we could reach with funding and the total amount disbursed. Although we conduct light touch reporting with grant recipients, this is kept minimal and largely based on trust due to the size of both the grant amount and the organisations supported. Every grant awarded underwent due diligence and was made in line with the Foundation’s grant policy, which can be found in full at **www.mccarthystonefoundation.org**
Our grant funding reflects our commitment to diversity by supporting projects and organisations that represent a wide range of ethnicities, backgrounds, and communities, ensuring equitable impact across the populations we serve.
Additional monitoring was carried out through case studies, photography, video, and several site visits throughout the year by our Foundation team. We are pleased to share some of those stories with you in this report.
“This funding has helped us employ a dedicated health and wellbeing professional to develop the services we offer, ensuring our 200 members remain active and engaged in their community.”
**Helen Robertson, Town Shed Coordinator Broadstairs Town Shed**
**13**
**HOW WE MAKE A DIFFERENCE**
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Community
Grants
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**Our Spring and Autumn Community Grants offer essential support to organisations across England, Scotland, and Wales. With these grants, we strive to provide the crucial funds that help small charitable causes improve the lives of older people.**
and befriending services for individuals living alone and in care homes.
In 2024, we were proud to award 73 community grants, with a maximum individual grant value of £10,000. These grants made a significant impact on various charitable causes, including dementia support groups, social gatherings for those over 65,
Our mission is to ensure that these organisations can continue their vital work, bringing hope and companionship to those who need it most.
## **Friends of Rhyddings Park, Lancashire**
“We have been able to provide a range of wellbeing and social inclusions activities, bringing people into the park who have reconnected with friends, made new friends and learnt about what is available to support them. All sessions are oversubscribed and appreciated by the community.’
## **Ann Warrington, Chair of Friends, Friends of Rhyddings Park**
## **West Hull Community Hub, West Yorkshire**
“The McCarthy Stone Foundation’s support has helped us bring warmth, connection, and joy to our local community. We’ve been able to provide a vital social lifeline to hundreds of attendees, ensuring older adults and carers have a welcoming space to connect, share, and feel valued.”
**Matthew Wright, Business Support, West Hull Community Hub**
## **Ageing Well in Lewisham, London**
“You’re stimulated. You come back alive again! These things we do really are meaningful.”
**Joyce C, Befrienders singing group member**
**14 COMMUNITY GRANTS**
**COMMUNITY GRANTS 15**
## **Friends for Life, Bedfordshire**
“Knowing that we have money coming in for a set period gives us reassurance that we can continue with our growth plans.”
**Gillian Basnett, General Manager**
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16 COMMUNITY GRANTS
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## **MHA Communities – South Yorkshire and Bassetlaw**
“It is so exciting to know we can continue to support the vulnerable older community. It has really lifted our members, and with your support we endeavour to grow and grow.”
## **Kate Dales, Communities Manager**
## **The Opening Doors Charity, Merseyside**
“The Foundation is our lifeline and enables us to support so many people on a weekly basis, without your funding the services would struggle to continue and this would be detrimental to the health and wellbeing of the many who attend each week”.
## **Gayle McCreith, Project Coordinator**
**17**
**COMMUNITY GRANTS**
**welcome** Wednesday **Introduced in March 2024, the Welcome Wednesday social groups have been a huge success in their local communities. Held monthly in 7 community cafés across the country, they bring together the over 65’s for a hot drink and lunch.**
The incredible Hub on the Heath team in Poole.
We have already seen so many new friendships flourish within the groups. Many of the members live alone and welcome the opportunity to interact with others, without the worry of affording to pay for their meal. McCarthy Stone volunteers are at the heart of their success, helping to serve meals and chat to those who attend.
Regular members enjoying a hot drink at the Welcome Wednesday in Poole.
**18 WELCOME WEDNESDAY**
**19**
**WELCOME WEDNESDAY**
Rochford is another hugely popular monthly group.
Smiles all round at Canford Heath.
A Rochford regular arrives at the monthly event.
**WELCOME WEDNESDAY 21**
**20 WINTER WARMER GRANTSELCOME WEDNESD Y**
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Christmas
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**Connections Grants**
**This year we extended our reach even further, awarding 61 grants ranging from £250 to £1,000, with a total of £40,829.**
These grants aimed to touch the lives of older people during the festive season by supporting small, local charities and groups.
opening a venue during the Christmas period, offering a warm, comforting meal and a sense of belonging to those who needed it most.
For some, it meant providing essential food supplies or small, thoughtful gifts, bringing smiles to faces that might otherwise be forgotten. For others, it was the heartwarming gesture of
Our mission was to create a sense of connection and community, reminding older people that they are cherished and never alone, especially during this special time of year.
**Churches Together, South Tyneside**
“Many of our beneficiaries won’t be with family at Christmas, and often spend the day alone. This gave them the chance to enjoy the spirit of the season, be together, and feel loved and connected.”
**Miriam Reay, Project Lead**
## **Priory Road Community Group, Southampton**
- “Being able to come together and celebrate the Christmas season with fellow community members brings happiness and joy. It also created
- a warm spirit of being a part of the community, which matters particularly in the absence of other family or intergenerational links.”
**Marcia Hudson, Volunteer community engagement activity coordinator**
**22 CHRISTMAS CONNECTIONS GRANTS**
**23**
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Over 100 walkers and
volunteers completed
the Foundation’s
Jurassic Walk
Challenge
Fundraising and
Volunteering
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As well as their fundraising efforts, McCarthy Stone colleagues made a real difference to our social impact through the Employer Supported Volunteering Scheme.
The Foundation’s work relies on the support of McCarthy Stone employees, customers, and supply chain partners. Their commitment is essential to our mission of improving the lives of older people.
On behalf of all the charitable causes we support, we extend our heartfelt thanks to everyone who contributed throughout the year. Your determination, tenacity, and generosity have enabled us to make a significant impact.
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A brave group ran
the 48km Jurassic
Challenge
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_McCarthy Stone colleagues came together for a sea dip in Bournemouth to raise money and celebrate International Women’s Day_
Some of the record-breaking fundraising highlights include:
- Over 100 colleagues and supply chain partners tackled the Foundation Jurassic Walk Challenge, raising over £50,000 after match funding.
**2024 was an incredible year for our Foundation, filled with generosity and community spirit. Our supporters helped to raise £716,428, surpassing all of our expectations.**
- Our second year of cold-water dips saw more than 100 brave souls taking the plunge in March across 7 locations.
**24 FUNDRAISING AND VOLUNTEERING**
**FUNDRAISING AND VOLUNTEERING 25**
_Brave sea dippers in Scarborough_
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Northern Division
colleagues
volunteering at
Wyre Rivers
Trust
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Northern Division team
completed a Tough Mudder
challenge
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Colleagues from Your McCarthy
Stone completed an inflatable fun
run to support the Foundation
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- 184 McCarthy Stone developments participated in the “Great Summer Raffle,” where homeowners won luxury weekend breaks and cash prizes.
- Our inaugural “Strictly Come Dancing” competition event in Gloucester was a hit, attended by homeowners and beginner dancers from McCarthy Stone. This beloved event even made it to the BBC News.
- Individuals embraced challenges such as Tough Mudder, an inflatable fun run, Kilt Walk and a swimming challenge around Brownsea Island.
- Charity golf days at The London Golf Club and Walmley Golf Club welcomed over 140 golfers from McCarthy Stone and the supply chain.
- 68 suppliers and McCarthy Stone hosts joined our Northern Division for a Land Rover Discovery Day and quiz at the Coniston Hotel near Skipton.
- The sun shone brightly for a day of clay pigeon shooting at the Barbury Shooting School, raising thousands of pounds for the Foundation.
_Volunteers from the Southern Division helping to raise thousands of pounds at the Southern charity day._
_Strictly Come Llanthony contestants and professional dancers celebrate a memorable night of dancing and fundraising_
_Thousands of pounds were raised by suppliers at the London Golf Club charity day_
**26 FUNDRAISING AND VOLUNTEERING**
**FUNDRAISING AND VOLUNTEERING 27**
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Our Charity Ball raised
over £170,000
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- McCarthy Stone homeowners organized their own fundraising events, including a summer fair, choir singing event, and bonus ball draw.
- The year culminated with our largest fundraiser, the McCarthy Stone Foundation Charity Ball and Supply Chain Awards at the Athena in Leicester, welcoming 400 guests and raising over £170,000.
In addition to these fundraising activities, McCarthy Stone employees used their two paid volunteering days to make a meaningful difference in their local communities. Volunteers are the lifeblood of our Welcome Wednesday social groups, fostering connections and initiating conversations with those who may have limited social interaction.
We are deeply grateful to McCarthy Stone for their Employer Supported Volunteer scheme and to everyone who took the time to give back to their communities in 2024.
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Verity McKay from
McCarthy Stone
volunteering in the
community.
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Homeowners helping to raise money
at a Summer Fair at Fairway View.
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McCarthy Stone volunteers are at the
heart of the success of the Welcome
Wednesday social groups.
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_Orchid Court homeowners arranged a singing event to raise money for a local dementia charity._
**28 FUNDRAISING AND VOLUNTEERING**
**FUNDRAISING AND VOLUNTEERING**
**29**
finance
The Foundation’s primary funding source is the McCarthy Stone Group, with support from its colleagues, customers,
and supply chain partners. Despite the challenges posed by the housing market and broader economy in 2024, support remained robust, resulting in a total income of £716,428 for the financial year.
The Foundation anticipated a small deficit for 2024, with total expenditure amounting to £777,667. Of this, £588,140 was allocated to charitable activities and £189,527 to fundraising efforts. This exceeded the performance targets set by the trustees at the year’s outset.
mitigate identified risks, with a robust risk register ensuring effective oversight. Income dependence remains a key consideration due to the Foundation’s reliance on McCarthy Stone Group; however, a Memorandum of Understanding helps manage this relationship. Consequently, trustees are confident in the charity’s ability to operate as a going concern.
the trustees have set a target reserve range of £25,000–£30,000. At year-end, the Foundation held £4,326 in freely available unrestricted funds. This is due to an £80,000 commitment for multiyear funding. As the multi-year funding grant was not due until April 2025 and 2026, it still left the foundation in a strong position going into the next year.
Risk management is a continuous priority for the Foundation. Trustees review potential risks regularly, while the Head of Foundation oversees day-to-day management. Risks are monitored across six key areas: governance, regulatory compliance, external factors, operations, finances, and grant-making. Measures are implemented to
In alignment with the Foundation’s risk strategy, reserves are maintained to support cashflow needs or fulfil contractual obligations if operations were to cease unexpectedly. With core operational costs covered by McCarthy Stone,
Despite macro-economic uncertainties, the continued support from McCarthy Stone Group enables the trustees to remain optimistic about achieving the charity’s income and grant-making targets in 2025.
## **Independent Examiners Report**
I report to the Trustees on my examination of the financial statements of McCarthy & Stone Charitable Foundation (the Charity) for the year ended 31 October 2024.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 that in any material respect:
1 accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011.
2 the financial statements do not accord with those records; or
3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports)
Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Signed:
Frances Wilde FCCA, Warner Wilde Limited, Chartered Certified Accountants, 4 Marigold Drive, Bisley, Surrey GU24 9SF Date: 1st April 2025
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Statement of Financial Activities 2024 2023
Unrestricted Unrestricted
Categories by activity Notes
funds (£) funds (£)
Income from:
Donations and legacies 3 493,858 354,415
Charitable activities 4 222,570 193,707
Total 716,428 548,122
Expenditure on:
Raising funds 5 189,527 162,096
Charitable activities 6 588,140 406,798
Total 777,667 568,894
Net expenditure and movement in funds (61,239) (20,772)
Reconciliation of funds:
Fund balances at 1 November 2023 65,565 86,337
Fund balances at 31 October 2024 4,326 65,565
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**31**
**30 FINANCIALS**
**FINANCIALS**
## **Balance Sheet**
**As at 31 October 2024**
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2024 2023
Current assets £ £ £ £
Debtors 3,350 1,314
Cash at bank and in hand (note 13) 82,522 67,065
Total current assets 85,872 68,379
Creditors: amounts falling due within
(41,546) (2,814)
one year (note 14)
Net current assets 44,326 65,565
Creditors: amounts falling due after (40,000)
more than one year (note 15)
Net assets 4,326 65,565
Funds of the Charity
Unrestricted funds (note 17) 4,326 65,565
4,326 65,565
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The financial statements were approved by the Trustees on 1st April 2025
## **Paula Jordan Chair of Trustees**
## **Notes to the Financial Statements**
## **For the year ended 31 October 2024**
## **1. Accounting policies**
Charity information
McCarthy & Stone Charitable Foundation is a Charitable Incorporated Organisation.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity’s governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Charities SORP “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)”. The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity 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 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and
Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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 balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services 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 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2. Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 periods where the revision affects both current and future periods.
## **3. Income from donations and legacies**
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Unrestricted Unrestricted
funds 2024 (£) funds 2023 (£)
**----- End of picture text -----**
|Donations and gifts|138,852|221,316|
|---|---|---|
|Donated goods and services|355,006|133,099|
|**Total**|**493,858**|**354,415**|
|Donations and gifts|130,830|220,014|
|Gift Aid|8,022|1,302|
|**Total income**|**138,852**|**221,316**|
## **4. Income from charitable activities**
|**Charitable activities**
**Unrestricted**
**funds 2024 (£)**|**Unrestricted**
**funds 2023 (£)**|
|---|---|
|Fundraising events
222,570|193,707|
## **5. Expenditure on raising funds**
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Unrestricted Unrestricted
Fundraising and publicity
funds 2024 (£) funds 2023 (£)
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|Staging fundraising events|131,284|104,255|
|---|---|---|
|Incurred seeking donations|1,884|1,170|
|Other fundraising costs|11,992|13,708|
|Staff costs|38,406|34,222|
|Support costs|5,961|8,741|
|**Total**|**189,527**|**162,096**|
## **6. Expenditure on charitable activities**
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Charitable activities Charitable activities
2024 (£) 2023 (£)
Direct costs
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|Operations|9,426|19,022|
|---|---|---|
|Marketing||3,272|
|Travel and Hospitality|3,388|1,851|
|Website||1,192|
|Membership|480|75|
|Prizes and Gifts|2,326||
|Monitoring and Reporting|6,221||
|**Total**|**21,841**|**25,412**|
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Share of support and governance costs (see note 8) 47,935 39,664 Analysed between
Support 4,212 2,562 Fundraising 5,961 8,741
Total 588,140 406,798 Charitable activities 52,147 42,226
Analysis by fund Total 58,108 50,967
Unrestricted funds 588,140 406,798 Governance costs comprise
Audit fees 1,546 1,500
7. Grants payable Operations 812
Volunteer Expenses 84 250
Charitable activities Charitable activities
2024 (£) 2023 (£) 2,582
Grants to institutions:
Total 4,212 2,562
Christmas Connections 40,829 20,000
Dementia Action Week 28,811 9. Net movement in funds
Winter Warmer Grants 28,500
Community Grants 387,158 261,849 2024 (£) 2023 (£)
Other 86,165 The net movement in funds is stated after charging/(crediting)
Total 514,152 339,160
Fees payable for the independent examination of the
charity’s financial statements 1,546 1,500
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## **8. Support costs allocated to activities**
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2024 (£) 2023 (£)
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## **10. Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
|Staff costs|38,406|34,221|
|---|---|---|
|IT and Equipment|1,155|1,344|
|Facilities and Services|9,470|8,990|
|Expenses|3,388|1,850|
|Training|1,477|2,000|
|Governance costs|4,212|2,562|
|**Total**|**58,108**|**50,967**|
## **11. Employees**
**2024 2023** The average monthly number of employees during 2 2 the year was:
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## **11. Employees (continued)**
||**2024**|**2023**|
|---|---|---|
|**Employment costs**|||
|Wages and salaries|66,970|58,861|
|Social security costs|6,828|9,582|
|Other pension costs|3,014||
|**Total**|**76,812**|**68,443**|
Foundation staff are employed and paid directly by McCarthy Stone and on permanent secondment to the charity. The average headcount of the charity for 2024 was 1.6 FTE (2023: 1.6 FTE)., with the Head of Foundation employed full-time and the Foundation Coordinator on a part-time basis.
There were no employees whose annual remuneration was more than £60,000.
||**2024 (£)**|**2023 (£)**|
|---|---|---|
|**Remuneration of key management personnel**|||
|Aggregate compensation|76,812|68,442|
## **12. Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **13. Debtors**
||**2024 (£)**|**2023 (£)**|
|---|---|---|
|**Amounts falling due within one year**|||
|Trade debtors|2,850||
|Prepayments and accrued income|500|1,314|
|**Total**|**3,350**|**1,314**|
## **14. Creditors: amounts falling due within one year**
## **15. Creditors: amounts falling due within one year**
|**2024 (£)**
**2023 (£)**
Other creditors
40,000
2,814
Accruals and deferred income
1,546
1,314
**Total**
**41,546**
**2,814**|**2024 (£)**
**2023 (£)**|
|---|---|
||Other creditors
40,000|
|||
## **16. Retirement benefit schemes**
**2024 (£) 2023 (£) Defined contribution schemes** Charge to profit or loss in respect of defined 3,014 contribution schemes
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
## **17. 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 to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
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At 1 November Incoming Resources At 31 October
2023 (£) resources (£) expended (£) 2024 (£)
General funds 65,565 716,428 (777,667) 4,326
At 1 November Incoming Resources At 31 October
2022 (£) resources (£) expended (£) 2023 (£)
General funds 86,337 548,122 (568,894) 65,565
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## **18. Related party transactions**
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 to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
## **Ageing Well, Lewisham**
“Our seniors lunch club is a lifeline for our residents, some only leaving the house once per week to attend. It is vital we continue to support our residents and with such generous donations from The McCarthy Stone Foundation we can.”
## **Alex Pitula, Manager, Bentilee Volunteers**
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**FINANCIALS**
**37**
**looking** Ahead After a successful year, the Foundation is determined to achieve even more in 2025. However, this journey won’t be without its challenges. The financial climate is impacting fundraising across the charity sector, and the housing market remains tough for our colleagues and supply chain partners at McCarthy Stone.
Despite these hurdles, our commitment to supporting the Foundation is stronger than ever. We are driven by our passion to make a difference and are ready to face these challenges head-on with unwavering dedication.
We remain steadfast in our vision, mission, and values for the year ahead. We are determined to continue delivering targeted funding to those who need it most, particularly small, volunteerled organisations improving the lives of older people in the most deprived parts of the country.
The high number of grant applications from grassroots charities and community groups reflects the broader charity sector’s struggle for funding. The cost-of-living crisis is affecting older people nationwide, and loneliness remains a significant issue. Therefore, we will continue to focus our grants on areas where deprivation and loneliness are most acutely felt by those in later life.
Due to the large number of grant applications we receive, we want to make sure that small charities do not spend their valuable time applying for funding from the Foundation without a fair chance of success. With this in mind, we will introduce more specific, thematic grants in 2025, including a “Dementia Grants Programme” in the Spring and “Connecting Communities” in the Autumn. The latter will
## **Linking Lives, Bellingham**
“The grant funds the core hours of our Coordinator who maintains one-to-one befriending from volunteer visitors to older people who would otherwise experience loneliness and isolation. The support you have given us this year has helped tremendously.”
**Revd Fiona Thomas, Christ Church, Bellingham**
support charities providing vital befriending services, social groups, and transportation to reduce isolation and loneliness among older people. By clearly outlining grant guidelines and evaluating organisations within these areas, we aim to enhance the application process from every angle, ensuring it is efficient and transparent for all involved.
As the Foundation has grown over the past four years, there is a need to review and refresh both internal and external communications. We plan to update the website and intranet in 2025 while sharing more video stories of the positive impact of our grants with our supporters.
We are very grateful for the support of the McCarthy Stone group, its people, customers, and supplier partners, who make our work possible. We have a committed board and team and continue to invest in our organisational development to deliver even better service to the charitable causes we support. We continue to reflect on our practices and approaches and have set challenging but achievable objectives for 2025.
We will continue to provide unrestricted funding wherever possible, supporting core costs through a flexible funding approach built on trust with the organizations we work with. Our Welcome Wednesday Social groups will continue into 2025, fostering relationships among members. We plan to strengthen existing groups next year, with a view to expanding further in 2026.
**38 LOOKING AHEAD**
**TRUSTEES 39**
**We are grateful to the Trustees of the Foundation who provide invaluable support, knowledge and commitment throughout the year.**
## **Trustees**
Paula Jordan (Chair), Paul Teverson, Martin Edwards, Sarah Allport, Elizabeth Marsh, Kimberley Smith, Katie Fisher _Resigned 26th April 2024,_ Fiona Carleton _Appointed 2nd February 2024_
## **Head of Foundation**
Julia Laister _Appointed 1st November 2024, previously Foundation Coordinator_
Help us make a difference to the later life community across the UK by giving your support. For more information, please get in touch.
Graeme Marsh _Resigned 31st October 2024_
## **Independent Examiner**
Frances Wilde FCCA, Warner Wilde Limited, Chartered Certified Accountants
## **Registered address**
4th Floor, 100 Holdenhurst Road, Bournemouth BH8 8AQ
## **Bankers**
HSBC, PO Box 1059, Old Christchurch Road, Bournemouth BH1 1EH
## **mccarthystonefoundation.org**
The McCarthy and Stone Charitable Foundation (working name: McCarthy Stone Foundation) is a Charitable Incorporated Organisation (CIO) registered in England and Wales no. 1191504. It is governed by constitution, dated 28th September 2020, which sets out the Foundation’s charitable objects.