**Registered Charity: 257636** 

## **THE MEDICASH FOUNDATION** 

**Annual Report and Financial Statements 31 December 2020** 



**THE MEDICASH FOUNDATION** 

## **ANNUAL REPORT AND FINANCIAL STATEMENTS 2020** 

|**CONTENTS**|**Page**|
|---|---|
|**Trustee report**|**1**|
|**Statement of Trustee responsibilities**|**11**|
|**Independent auditors' report to the Trustee**|**13**|
|**Statement of financial activities**|**16**|
|**Balance sheet**|**17**|
|**Cash flow statement**|**18**|
|**Notes to the financial statements**|**17**|





**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT** 

The Trustee presents its annual report and the audited financial statements for the year ended 31 December 2020.  The financial statements have been prepared in accordance with the accounting policies set out on pages 19 and 20, and comply with the charity’s trust deed, applicable laws and requirements of the Statement of Recommended Practice “Accounting and Reporting by Charities” under FRS 102 issued in 2015. 

## **NAME AND REGISTERED OFFICE OF THE CHARITY** 

The name of the charity is The Medicash Foundation. The registered office and principal operating address is One Derby Square, Liverpool, L2 1AB. 

## **CONSTITUTION** 

The charity was formed under a Charity Commission scheme sealed on 17 June 1969. 

The charity is registered with the Charity Commission (number 257636). 

## **TRUSTEE** 

The Trustee that served throughout the year is Medicash Health Benefits Limited.  The directors of Medicash Health Benefits Limited during the year were as follows: 

S Weir W Tubey F Field R C Hodson P Gambon A Roberts J Ellis                               (Appointed 1 December 2020) J Brown                           (Appointed 1 December 2020) 

Details of related parties are shown in note 14 of the financial statements. 

No Trustee has any interest in the charity. 

## **METHOD OF ELECTION OF TRUSTEES** 

Trustees are appointed by Medicash Health Benefits Limited in accordance with the Charity Commission Scheme sealed on 17 June 1969. 

The Trustee meets at regular intervals, at which time relevant training is completed to ensure that Trustee has the appropriate competencies to fulfil its role as Trustee to the charity. 

## **INVESTMENT POWERS** 

The Governing Instrument makes no mention of investment powers, but the Trustee has adopted a conservative approach, operating on advice given by its Investment Manager. 

## **PROFESSIONAL ADVISERS** 

**Independent Auditors Investment Managers** Crowe U.K. LLP Rathbone Investment Management Ltd The Lexicon Port of Liverpool Building Mount Street Pier Head Manchester Liverpool M2 5NT L3 1NW 

## **Bankers** 

Barclays Bank plc 46-50 Lord Street Liverpool L2 1TD 

_1_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **ORGANISATION** 

The charity operates from its head office in Liverpool. 

## **AVAILABILITY AND ADEQUACY OF ASSETS OF EACH OF THE FUNDS** 

The charity has sufficient available assets to fulfil its obligations. 

The assets and obligations of both the Restricted fund and Unrestricted fund are shown below:- 

|Assets<br>Liabilities<br>Surplus|**Restricted Fund**<br>**2020**<br>**£**<br>**2019**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-|**Unrestricted Fund**<br>**2020**<br>**£**<br>**2019**<br>**£**<br>1,526,850<br>1,519,320<br>(296,226)<br>(365,488)<br>1,230,624<br>1,153,832|
|---|---|---|



## **GOING CONCERN** 

The Trustee of The Medicash Foundation has considered in detail the charity's forecast performance and liquidity requirements.  On this basis the Trustee has a reasonable expectation that the charity will continue in operational existence for the foreseeable future.  Accordingly, the Trustee has adopted the going concern basis in preparing financial statements. 

## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT** 

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year. The charity makes donations to charities, local authority departments or other trusts where the recipient organisation is using the funds to assist with improving the quality of health of those individuals being supported by that organisation. 

The Trustee measures performance of the charity by reviewing the various charitable grants offered during the period to ensure a broad range of health and wellbeing causes are being supported.  Performance is also measured on the level of grants offered in comparison to the donations received from the parent company during the year to ensure a healthy surplus is maintained. 

The objective of the investment portfolio is to provide the charity with additional funds should there be a requirement for the grants offered to exceed the level of donations from the parent company in any particular year.  The charity implements an investment policy which limits exposure to volatility and delivers a modest level of income each year. 

## **Restricted fund** 

The charity owned two convalescent centres situated in Colwyn Bay which were sold in 2017 for a total consideration of £1,936,091.  The Charity no longer has any specific requirements for the Restricted fund. 

## **Unrestricted fund** 

The charity provides grants to health and wellbeing charities, local authority departments or other trusts.  It does this by reimbursing local authorities with the cost of the provision of facilities purchased to make the users’ stay more comfortable and enjoyable. 

Grants are allocated by the Trustee on a regular basis.  Applications for grant assistance are requested each year and are then presented to the Trustee for discussion and approval. 

_2_ 



**THE MEDICASH FOUNDATION** 

## **REVIEW OF THE YEAR’S ACTIVITY** 

## **Restricted fund** 

The has been no activity within the Restricted fund during the year. 

## **Unrestricted fund** 

Following the decision by the Board of Medicash Health Benefits Limited to donate its entire 2019 technical surplus to the Medicash Foundation, £692,000 was made available for charitable donations during 2020. 

During the year the charity paid £737,305 (2019: £590,942) and committed to £631,909 of grants (2019: £661,779). The grants were paid to charities across the region covering Merseyside, Wirral, Cheshire, Lancashire, Greater Manchester, Derbyshire, North Wales and Cumbria. National charities have also received support for projects based in our local area. Included within this figure was £110,000 was made available for vital PPE consisting of face visors and masks for the NHS, North West Ambulance Service and local care homes. 

Children’s charities have received £69,746 in donations with 32,458 beneficiaries. Some of these charities, helped by the Medicash Foundation, support children with on-line activities and educational projects. Projects associated with child mental health have also received donations to provide on-line counselling sessions, therapies and parent helplines through Covid-19, for which many charities have seen an increase in volume and the need for support during these difficult times. School projects have also taken place helping disadvantaged children and their families providing food hampers and parcels during the winter months and parcels for the homeless. Young Minds mental health charity, Autism Together, Action Medical Research and Barnstondale provide a range of fun and inclusive activities and are some of the charities receiving donations. 

KIND’s childrens charity which provides activities such as out of school projects, summer residential breaks and supporting children in local schools to aid their development and help them reach their potential, received a donation for their Christmas Hamper Appeal. The hampers included food, toys and clothing and are given to families in need over the festive period. 

The Medicash Foundation was delighted to support 48,353 beneficiaries for projects associated with health & wellbeing, with donations totalling £244,996. Some of these charities have helped families during the pandemic by providing counselling and therapy to anyone in need. During the year, there have been many food related projects, helping those who are disadvantaged, living on a low income and suffering from food poverty within our communities. Food delivery services such as meals on wheels have also been organised and delivered to the elderly, the vulnerable and those who are socially isolated within our community particularly through Covid-19. Befriending projects have continued to take place reaching out to those who live alone or who are without family. 

Torrington Drive Community Association received funding helping to support those in the community by delivering food supplies. The charity was able to purchase a van with our donation to distribute food to those in need. Tranmere Rovers in the Community also received a donation to deliver a wide range of community focused activities for hard to reach and excluded groups. The Foundation also supported their Christmas Hamper Appeal and Centre 56 received a donation to help families with childcare, information and support for families who have suffered, or who are at risk of suffering from domestic abuse or a crisis situation. 

Hospitals, Hospices and charities supporting those with an illness or condition have received donations totalling £177,987 with 126,551 beneficiaries. 

Woodlands Hospice, Bury Hospice, Wirral Hospice St John’s, East Cheshire Hospice, Hospice at Home Services, St John’s Hospice Lancashire and Hospice of the Good Shepherd have all received donations to help with the continuation of their services and to help care for patients through Covid-19. 

The Medicash Foundation has helped provide vital medical equipment for hospitals such as The Christie Hospital Manchester and The Countess of Chester Hospital Charity. We also sponsored the Countess’s “Rainbow Structure” donating £4,000. All Funds raised will go towards their main appeal which is to build a garden balcony on their Intensive Care Unit for patients. The structure is a fitting tribute to all key workers who worked tirelessly during 2020 taking care of others. 

Alder Hey hospital also received a donation earlier in the year for their staff assistance programme which includes counselling, information and advice services, supporting the health and wellbeing of frontline medical staff. 

Cancer charities have received our continued support through Covid-19. Like so many other charities, they have seen a huge loss in income with an impact on research, services and treatment. The Roy Castle Lung Cancer Foundation, Bowel Cancer UK, Rosemere Cancer Foundation, Worldwide Cancer Research, Target Ovarian Cancer and The Brain Tumour Charity have all received donations. The Joshua Tree were also granted a donation supporting children and families affected by childhood cancers. 

_3_ 



**THE MEDICASH FOUNDATION** 

## **REVIEW OF THE YEAR’S ACTIVITY (continued)** 

Donations of £26,745 were made to charities supporting those who have a disability, such as those with sight or hearing loss. Guide Dogs for the Blind **,** Listening Books, Deafblind and Bradbury Fields all received donations. The number of beneficiaries for charities helping those with a disability is 11,114. 

This year has been an extremely difficult time for many charities with the fundraising activities that they rely on to deliver vital services being hugely affected. Despite the challenges, they have remained positive, adaptable and dedicated to their cause, continuing to help those who need it the most.  The Medicash Foundation is delighted to have been able to provide invaluable support during these uncertain times.  The Trustee is satisfied that the charity has met its stated operational and investment objectives during the year. 

_4_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid** 

|**rants Paid**||
|---|---|
||£|
|Tomorrow's Women Wirral|600|
|PAPYRUS|740|
|World Wide Cancer Research|1,000|
|Go Kids Go|1,000|
|FACT|1,000|
|Epilepsy Action|1,000|
|KIND|1,000|
|BEE Wirral|1,100|
|The Sequal Trust|1,245|
|Amy and Friends|1,300|
|Henshaw’s Society for Blind people|1,687|
|Music in Hospitals and Care|1,800|
|Action Medical Research|2,000|
|Young Minds|2,000|
|Just Good Friends|2,000|
|The Willow Foundation|2,000|
|Guide Dogs|2,000|
|Leukaemia Care|2,000|
|Action Medical Research|2,000|
|Royal Liverpool Philharmonic Society|2,000|
|Have a Heart|2,380|
|Bradbury Fields|2,500|
|Liverpool John Moore’s University|2,500|
|MAMA|2,500|
|Merseyside Jewish Community Care|2,800|
|Autism Together|3,000|
|Running Head First|3,000|
|Climbing Out|3,000|
|Rossendale Trust|3,000|
|Crohn's & Colitis UK|3,000|
|St. Cyril's Children & Youth Project|3,000|
|Penny Lane Development Trust|3,350|
|Ethos group|3,500|
|Woodwork to wellness|3,500|
|Reubens Retreat|3,578|
|Bolton Hospice|3,642|
|Wirral Hospice St Johns|3,950|
|Phoenix Foundation|4,026|
|Roald Dahl Marvellous Children's Charity|4,282|
|Sefton Children’s University Trust|4,344|
|Community Capacity Builders|4,500|



_5_ 



**THE MEDICASH FOUNDATION** 

|Royal Liverpool Philharmonic Society|4,500|
|---|---|
|The Yellow House|4,730|
|Whizz Kidz|4,938|
|Medequip 4 Kids|4,940|
|Tranmere Rovers in the Community|5,000|
|Torrington Drive Community Association|5,000|
|Everton in the Community|5,000|
|Target Ovarian Cancer|5,000|
|Deafblind|5,000|
|North West Air Ambulance|5,000|
|Baby Beats|5,000|
|St John's Hospice|5,000|
|Bowel Cancer UK|5,000|
|Launchpad|5,000|
|Lancashire Hospital Teaching Charity|5,000|
|Food Cycle|5,000|
|Hospice at home Carlisle and North Lakeland|5,000|
|Torrington Drive Community Association|5,000|
|KIND Children’s Charity|5,000|
|Stick n Step|5,000|
|Breckfield North Everton Neighbourhood Council|5,000|
|CCS Veterans Mental Health Support|5,000|
|Child Brain injury Trust|5,000|
|The Back Up Trust|5,000|
|Barnstondale|5,574|
|Merseyside Counselling and Therapy Centre|5,760|
|Huntington's Disease Association|6,000|
|MND|6,000|
|LUPUS UK|6,000|
|Rosemere Cancer Foundation|6,000|
|Liverpool Heart and Chest Hospital|6,000|
|Children’s Air Ambulance|7,000|
|Tranmere Rovers in the Community|7,220|
|Building Bridges|7,348|
|Team Oasis|7,436|
|Marie Curie|7,500|
|Cash for kids|7,500|
|CLIC Sargent|7,500|
|The Respite Association|7,500|
|Torus Foundation|8,000|
|Bosco Society Ltd|8,000|
|Alder Hey childrens Charity|8,554|
|The Christie Hospital Charitable Fund|8,955|
|The Countess Hospital Charity|9,000|
|East Cheshire Hospice|9,000|
|Liverpool Women's Charity|9,300|
|RESET|9,600|



_6_ 



**THE MEDICASH FOUNDATION** 

|PAPYRUS<br>Feeding Britain<br>The Florence Institute Trust<br>Prevent Breast Cancer<br>Crosby Hall Educational Trust<br>National Museums & Galleries on Merseyside<br>The Brain Tumour Charity<br>Newlife<br>Woodlands Hospice<br>At a Loss<br>BHA for Equality (October Meeting)<br>Sanctuary Family Support<br>Victory Outreach Liverpool (October meeting)<br>Feeding Britain<br>Brainwave<br>Clatterbridge - Sculpture for Inpatient Social Space<br>Clatterbridge Charity<br>Inovus/AD Merchandise|10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,780<br>11,824<br>12,569<br>13,430<br>15,000<br>18,000<br>21,272<br>25,000<br>40,000<br>100,751|
|---|---|
||**737,305**|



_7_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Committed** 

|**rants Committed**||
|---|---|
||£|
|Hospice of the Good Shepherd|50|
|Liverpool John Moores University|500|
|Tomorrow's Women Wirral|600|
|PAPYRUS|740|
|NMC|900|
|The Joshua Tree|946|
|Salvation Army|1,000|
|Litherland High school|1,000|
|World Wide Cancer Research|1,000|
|Go Kids Go|1,000|
|FACT|1,000|
|Epilepsy Action|1,000|
|The Sequal Trust|1,245|
|Music in Hospitals and Care|1,800|
|Christians on Ageing - Dementia|2,000|
|Action Medical Research|2,000|
|Young Minds|2,000|
|Just Good Friends|2,000|
|The Willow Foundation|2,000|
|Guide Dogs|2,000|
|Leukaemia Care|2,000|
|Action Medical Research|2,000|
|The Firefighters Charity|2,474|
|Over the Wall|2,500|
|Bradbury Fields|2,500|
|Liverpool John Moores University|2,500|
|MAMA|2,500|
|Merseyside Jewish Community Care|2,800|
|Autism Together|3,000|
|Running Head First|3,000|
|Climbing Out|3,000|
|Rossendale Trust|3,000|
|Crohn's & Colitis UK|3,000|
|Penny Lane Development Trust|3,350|
|Listening Books|3,500|
|Ethos group|3,500|
|Woodwork to wellness|3,500|
|Reubens Retreat|3,578|
|Bolton Hospice|3,642|
|Wirral Hospice St Johns|3,950|
|Crosby Group Riding for the Disabled|4,000|



_8_ 



**THE MEDICASH FOUNDATION** 

|Phoenix Foundation|4,026|
|---|---|
|Roald Dahl Marvellous Children's Charity|4,282|
|Community Capacity Builders|4,500|
|Medequip 4 Kids|4,940|
|Bury Hospice|5,000|
|Autism Initiatives|5,000|
|Whizz Kidz|5,000|
|Chance Changing Lives|5,000|
|Hospice of the Good Shepherd|5,000|
|Roy Castle Lung Cancer Foundation|5,000|
|Tranmere Rovers in the Community|5,000|
|Centre 56|5,000|
|Torrington Drive Community Association|5,000|
|Everton in the Community|5,000|
|Target Ovarian Cancer|5,000|
|Deafblind|5,000|
|North West Air Ambulance|5,000|
|Baby Beats|5,000|
|St John's Hospice|5,000|
|Bowel Cancer UK|5,000|
|Launchpad|5,000|
|Lancashire Hospital Teaching Charity|5,000|
|Food Cycle|5,000|
|Hospice at home Carlisle and North Lakeland|5,000|
|Torrington Drive Community Association|5,000|
|Liverpool Biennial|5,000|
|KIND Children’s Charity|5,000|
|Merseyside Counselling and Therapy Centre|5,760|
|The Orchard Leonard Cheshire|5,855|
|L6 Community Association|6,000|
|Huntington's Disease Association|6,000|
|MND|6,000|
|LUPUS UK|6,000|
|Rosemere Cancer Foundation|6,000|
|Health & Happiness Hub|6,400|
|Tranmere Rovers in the Community|7,220|
|Team Oasis|7,436|
|Marie Curie|7,500|
|Cash for kids|7,500|
|CLIC Sargent|7,500|
|The Respite Association|7,500|
|Torus Foundation|8,000|
|Alder Hey children’s Charity|8,554|
|The Christie Hospital Charitable Fund|8,955|
|The Countess Hospital Charity|9,000|
|East Cheshire Hospice|9,000|
|RESET|9,600|



_9_ 



**THE MEDICASH FOUNDATION** 

|Barnstondale<br>PAPYRUS<br>Feeding Britain<br>The Florence Institute Trust<br>Prevent Breast Cancer<br>Crosby Hall Educational Trust<br>National Museums & Galleries on Merseyside<br>The Brain Tumour Charity<br>Woodlands Hospice<br>At a Loss<br>Sanctuary Family Support<br>Feeding Britain<br>Brainwave<br>Inovus/AD Merchandise|10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,000<br>10,780<br>11,824<br>13,430<br>18,000<br>21,272<br>110,000|
|---|---|
||**631,909**|



_10_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **PLANS FOR FUTURE PERIODS** 

## **Restricted fund** 

There are no immediate plans for the Restricted fund following the sale of the properties in Colwyn Bay on 1 December 2017. 

## **Unrestricted fund** 

The Trustee considers the future prospects of the charity to be satisfactory and will continue to provide charitable donations in line with grant making policy. 

## **RESERVES** 

The Trustee considers the level of funds to be adequate to meet the aims of both the Unrestricted and the Restricted fund. Policies relating to the aim of each fund are reviewed on an annual basis. 

## **Restricted fund** 

At the year end the level of reserves in the fund was £Nil (2019: £Nil) 

## **Unrestricted fund** 

The charity attempts to ensure that it has sufficient reserves within the Unrestricted fund to meet its future commitments regarding donations to charities, local authority departments or other trusts.  At the year end the level of reserves in the fund was £1,230,624 (2019: £1,153,832) 

## **PRINCIPAL RISKS AND UNCERTAINTIES** 

The Charity is exposed to the following risks: 

## _Reliance on ultimate parent company_ 

The Charity relies on donations from its ultimate parent company, Medicash Health Benefits Limited, as it does not undertake any other funding activities and its only other revenue stream relates to its investment portfolio.  The income generated from investments is not sufficient to cover the costs of the charity therefore the charity would not be able to continue operating at its current level if funding from Medicash Health Benefits Limited ceased.  The risk of such an event occurring is however minimal as the board of Medicash Health Benefits Limited have no desire to cease funding. 

## _Financial risk_ 

The Charity holds a significant investment portfolio and is therefore subject to a level of investment risk associated with its portfolio and investment income. The majority of the investment portfolio is managed on a discretionary basis by an external investment manager, Rathbone Investment Management Limited, which has the authority to make the day to day investment decisions whilst operating within approved investment guidelines as set by the Trustee.  The Charity mitigates the investment risk by monitoring the performance of each asset class within its portfolio, against the most suitable index comparators as shown below, and ensures the Trustee’s approved investment guidelines are adhered to. 

Asset class Benchmark Index UK equity shares UK FTSE All Share Overseas equity shares FT/SP World (Exc UK) Debt securities UK Government All Stocks 

## **INVESTMENT POLICY** 

In 2007 the Trustee took the view that there was no requirement for part of the investment portfolio to remain restricted, and therefore a single investment portfolio was created as part of the unrestricted Fund. 

The charity invests in a mixture of government stocks, fixed interest stocks and equities with the purpose of providing capital growth and investment income whilst retaining security of assets. The portfolio is managed by Rathbone Investment Management Ltd. 

In the year under review investment income was £26,299 (2019: £32,998) and the market value of investments was £1,031,912 (2019: £1,073,681). 

_11_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **VOLUNTEERS** 

The charity does not have volunteers and does not engage in fundraising activities. 

Day to day administration of the charity is performed by employees of Medicash Health Benefits Limited. No charge is made in respect of work undertaken for the Charity by employees of Medicash Health Benefits Limited. 

## **INDEPENDENT AUDITORS** 

Crowe U.K. LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting Medicash Health Benefits Limited. 

## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES** 

The trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. 

In preparing these financial statements, the Trustee is required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments 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; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Account and Reports) Regulation 2008 and the provisions of the Trust Deed.  They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by the Trustee and signed on their behalf 


A Roberts 

29 April 2021 

_12_ 



**THE MEDICASH FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE’S OF THE MEDICASH FOUNDATION** 

## **Opinion** 

We have audited the financial statements of The Medicash Foundation for the year ended 31 December 2020 which comprise the statement of financial activities for the year then ended, the balance sheet; and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- sufficient and proper accounting records have not been kept by the charity; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

_13_ 



**THE MEDICASH FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE’S OF THE MEDICASH FOUNDATION (CONTINUED)** 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were Charity Commission regulations. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. 

_14_ 



**THE MEDICASH FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE’S OF THE MEDICASH FOUNDATION (CONTINUED)** 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. **To** the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Crowe U.K. LLP** 

Statutory Auditor Manchester 

29 April 2021 

Crowe U.K. LLP is eligible to act, and has been appointed, as auditor under section l44(2) of the Charities Act 2011. 

_15_ 



**THE MEDICASH FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) Year ended 31 December 2020** 

|**Note**<br>**Incoming resources**<br>Incoming resources from generated funds<br>Donations and legacies<br>14<br>Investments<br>Other<br>4<br>**Total incoming resources**<br>**Resources expended**<br>Raising funds<br>Charitable activities<br>Grants payable in furtherance of the charity’s<br>objects<br>1<br>Other<br>5<br>**Total resources expended**<br>**Net incoming resources before transfers**<br>**Other recognised gains and losses**<br>(Loss) /gain on investment assets<br>7<br>Gain on the sale of fixed assets for the<br>charity’s own use<br>Transfers between funds<br>**Net movement in funds**<br>**Total funds brought forward at 1 January**<br>**Movement on the revaluation reserve**<br>**Total funds carried forward at 31 December**|**Restricted**<br>**Fund**<br>**2020**<br>**£**<br>**Unrestricted**<br>**Fund**<br>**2020**<br>**£**<br>-<br>692,000<br>-<br>26,299<br>250<br>-<br>718,549<br>-<br>(625,914)<br>-<br>(8,879)<br>-<br>(634,793)<br>83,756<br>-<br>(6,964)<br>-<br>-<br>-<br>-<br>-<br>76,792<br>-<br>76,792<br>-<br>-<br>-<br>1,230,624|**Total**<br>**2020**<br>**£**<br>692,000<br>26,299<br>250<br>718,549<br>(625,914)<br>(8,879)<br>(634,793)<br>83,756<br>(6,964)<br>-<br>-<br>76,792<br>76,792<br>-<br>1,230,624|**Total**<br>**2019**<br>**£**<br>822,000<br>32,998<br>1,000<br>855,998<br>(656,554)<br>(8,289)<br>(664,843)<br>191,155<br>106,923<br>-<br>-<br>298,078<br>855,754<br>-<br>1,153,832|
|---|---|---|---|



All activities of the charity are continuing. 

All gains and losses recognised in the year are included in the Statement of Financial Activities. 

Amounts recognised in the Unrestricted fund and the Restricted fund in relation to prior year can be found in note 12. 

_16_ 



**THE MEDICASH FOUNDATION** 

## **BALANCE SHEET AS AT 31 December 2020** 

|**Note**<br>**Unrestricted**<br>**Fund**<br>**2020**<br>**£**<br>**FIXED ASSETS**<br>Investments<br>7<br>1,031,912<br>**TOTAL FIXED ASSETS**<br>1,031,912<br>**CURRENT ASSETS**<br>Debtors<br>8<br>-<br>Cash at bank and in hand<br>494,938<br>**TOTAL CURRENT ASSETS**<br>494,938<br>**CREDITORS: amounts falling due within**<br>**one year**<br>9<br>(296,226)<br>**NET CURRENT LIABILITIES**<br>198,712<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>1,230,624<br>**CREDITORS: Amounts falling due after**<br>**more than one year**<br>-<br>**NET ASSETS**<br>1,230,624<br>**THE FUNDS OF THE CHARITY**<br>**Restricted funds**<br>Restricted fund<br>10<br>Revaluation reserve<br>10<br>**Unrestricted funds**<br>Unrestricted fund<br>10<br>1,230,624<br>**TOTAL CHARITY FUNDS**<br>1,230,624|**Total**<br>**2020**<br>**£**<br>1,031,912<br>1,031,912<br>-<br>494,938<br>494,938<br>(296,226)<br>198,712<br>1,230,624<br>-<br>1,230,624<br>1,230,624<br>1,230,624|**Total**<br>**2019**<br>**£**<br>1,073,681<br>1,073,681<br>433,483<br>12,156<br>445,639<br>(365,488)<br>80,151<br>1,153,832<br>-<br>1,153,832<br>1,153,832<br>1,153,832|
|---|---|---|



The financial statements on pages 16 to 25 were approved by the Trustee on 29 April 2021 and were signed on its behalf by: 


A Roberts 

## **The Medicash Foundation** 

_17_ 



**THE MEDICASH FOUNDATION** 

## **CASH FLOW STATEMENT Year ended 31 December 2020** 

|**Notes**<br>Cash inflow / (outflow) from operating activities<br>13<br>Interest received<br>4<br>**Net cash inflow / (outflow) from operating**<br>**activities**<br>**Cash flows from investing activities**<br>Purchase of ordinary share and debt securities<br>Sale of ordinary shares and debt securities<br>Sale of fixed assets<br>**Net cash inflow / (outflow) from investing**<br>**activities**<br>Net increase / (decrease) in cash and cash<br>equivalents<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2020**<br>**£’000**<br>444,196<br>3,781<br>447,977<br>(115,372)<br>150,177<br>-<br>34,805<br>482,782<br>12,156<br>494,938|**2019**<br>**£’000**<br>(72,169)<br>3,135|
|---|---|---|
|||(69,034)<br>(158,910)<br>147,614<br>-<br>(11,296)|
|||(80,330)<br>92,486|
|||12,156|



_18_ 



**THE MEDICASH FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **1. ACCOUNTING POLICIES** 

## **General information** 

The charity was formed under a Charity Commission scheme sealed on 17 June 1969 and is registered with the Charity Commission (number 257636).  The address of the registered office is One Derby Square, Liverpool, L2 1AB. 

## **Basis of Preparation** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Medicash Foundation meets the definition of a public benefit entity under FRS 102.  Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. 

## **Going concern** 

The Trustee of The Medicash Foundation has considered in detail the Charity's forecast performance and liquidity requirements.  In its assessment of going concern the Trustee has considered the current and developing impact on the Charity as a result of the Covid19 virus. 

The Charity relies on donations from its ultimate parent company, Medicash Health Benefits Limited. The Board of Medicash has committed to a donation of £843,000 to The Foundation in 2021.  The total donated in the last four years alone stands now stands at £3.07m demonstrating the strong commitment of the parent company. 

Having regard to the above, the Trustee believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

## **Accounting convention** 

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments, the revaluation of certain tangible fixed assets and in accordance with applicable United Kingdom accounting standards. 

## **Taxation** 

The Trust is a registered charity and has no liability to corporation tax on its charitable activities. 

## **Investments** 

Investments are normally held on a long term basis but the investment manager manages the portfolio on achieving the best return on a balanced risk investment approach.  Profits or losses on the sale of investments have been included in the Statement of Financial Activities.  Investments held as fixed assets are stated in the balance sheet at the quoted market prices. 

## **Tangible assets** 

Tangible assets are stated at historic purchase cost less accumulated depreciation.  Cost includes the original purchase price of the asset and costs attributable to brining the asset to its working condition for its intended use.  All land and buildings, including freehold properties, are stated at fair value as determined by independent qualified surveyors.  All land and buildings are revalued every year with the revaluation gains or losses being recognised in the statement of financial affairs within the income and expenditure account. 

_19_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **1. ACCOUNTING POLICIES (continued)** 

## **Donations and gifts** 

The charity accounts for donations and gifts for both the Restricted and Unrestricted Funds on an “as received basis”. 

## **Transfers between funds** 

Transfers between funds are made on a discretionary basis to ensure each fund has sufficient resources to meet its objectives. 

## **Resources expended** 

Costs in relation to the convalescence centres are recognised in the Restricted fund.  All other costs are recognised in the Unrestricted fund. 

## **Exemptions under FRS 102** 

The Charity has taken advantage of the exemption from presenting financial instrument disclosures, on the basis that it is a qualifying entity and its ultimate parent company, Medicash Health Benefits Limited, includes these disclosures in its own consolidated financial statements. 

## **Grants** 

Grants are paid from the Unrestricted Fund on submission of an account from the recipient.  Any grants not claimed by 31 January following the payment year can be written back.  Grants committed during the year are detailed on page 7 and the movement in grants payable is: 

|Grants committed<br>Grants written back<br>Grants paid<br>Grants returned<br>Balance at 1 January<br>Balance at 31 December|**2020**<br>**£**<br>631,909<br>(5,994)<br>625,915<br>(737,305)<br>(111,390)<br>325,466<br>214,076|**2019**<br>**£**<br>661,779<br>(5,225)<br>656,554<br>(590,942)<br>65,612<br>259,854<br>325,466|
|---|---|---|



## **2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  There are no critical accounting estimates contained within the financial statements. 

## **3. TRUSTEE** 

The Trustee received no remuneration or reimbursement of expenses for the year (2019: Nil). 

_20_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **4. INVESTMENT INCOME** 

All the investment income arises from investment assets in the United Kingdom. 

|Dividends – listed investments<br>Interest – listed investments<br>Bank interest|**Restricted**<br>**fund**<br>**2020**<br>**£**<br>-<br>-<br>-<br>-|**Unrestricted**<br>**fund**<br>**2020**<br>**£**<br>22,518<br>3,774<br>7<br>26,299|**Total**<br>**2020**<br>**£**<br>22,518<br>3,774<br>7<br>26,299|**Total**<br>**2019**<br>**£**<br>29,863<br>3,048<br>87<br>32,998|
|---|---|---|---|---|



## **5. SUPPORT COSTS INCLUDING GOVERNANCE COSTS** 

|Audit<br>Administration<br>Other resources expended|**Restricted**<br>**Fund**<br>**2020**<br>**£**<br>**Unrestricted**<br>**Fund**<br>**2020**<br>**£**<br>-<br>4,640<br>-<br>4,238<br>-<br>-<br>-<br>8,878|**Total**<br>**2020**<br>**£**<br>4,640<br>4,238<br>-<br>8,878|**Total**<br>**2019**<br>**£**<br>3,600<br>4,689<br>-<br>8,289|
|---|---|---|---|



The charity does not have any employees.  All services and costs are borne by ultimate parent company and controlling party, Medicash Health Benefits Limited. 

## **6. CAPITAL COMMITMENTS** 

There were no authorised or contracted capital commitments at 31 December 2020 (2019: Nil). 

## **7. INVESTMENTS** 

|Fair value at 1 January<br>Additions<br>Disposals<br>Net (loss) / profit on disposals<br>Net unrealised investment (loss) / gain<br>Fair value at 31 December<br>Historical cost as at 31 December|**2020**<br>**£**<br>1,073,681<br>115,372<br>(150,177)<br>(3,463)<br>(3,602)<br>1,031,811<br>810,588|**2019**<br>**£**<br>955,461<br>158,910<br>(147,614)<br>8,656<br>98,268<br>1,073,681<br>848,754|
|---|---|---|



_21_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **7. INVESTMENTS (CONTINUED)** 

The investments are a mixture of UK and Global equity and bond-based investments. Where an individual investment is greater than 5% of the overall fund portfolio it is disclosed below: 

||**Market**|
|---|---|
||**Value**|
||**£**|
|JP Morgan Asset Managers|54,548|
|Treasury 1 5/8 Bond|55,150|



The investments were managed by Rathbone Investment Management Ltd, an authorised investment institution, who has provided the market values. 

## **8. DEBTORS** 

|Prepayments and accrued income<br>Amounts due from Medicash Health Benefits Limited (see note 14)|**2020**<br>**£**<br>-<br>-|**2019**<br>**£**<br>-<br>433,483<br>433,483|
|---|---|---|



## **9. CREDITORS:  AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Amounts due to Medicash Health Benefits (Services) Limited (see note 14)<br>Amounts due to Medicash Health Benefits Limited (see note 14)<br>Grants (see note 1)<br>Other creditors|**2020**<br>**£**<br>37,748<br>39,517<br>214,076<br>4,885<br>296,226|**2019**<br>**£**<br>35,312<br>325,466<br>4,710<br>365,488|
|---|---|---|



Amounts due to Medicash Health Benefits Limited and Medicash Health Benefits (Services) Limited are unsecured, non-interest bearing and repayable on demand. 

_22_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **10. MOVEMENTS IN FUNDS** 

## **RESTRICTED FUND** 

|At 1 January<br>Net incoming / (outgoing) resources<br>Transfer between funds<br>(Deficit) / gain on revaluation of fixed assets<br>Gain on re-measurement of loan<br>Profit on the sale of fixed assets<br>Movement on the revaluation reserve<br>At 31 December|**2020**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2019**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|
|||-|



The purpose of the Restricted Fund was to cover the costs of the two convalescent centres however these were sold in the prior year.  There are no immediate plans for future activity within the Restricted fund. 

## **UNRESTRICTED FUND** 

|At 1 January<br>Net incoming resources<br>Transfer between funds<br>Net gain / (loss) on investments<br>At 31 December|**2020**<br>**£**<br>1,153,832<br>83,756<br>-<br>(6,964)<br>1,230,624|**2019**<br>**£**<br>855,754<br>191,155<br>-<br>106,923|
|---|---|---|
|||1,153,832|



The Unrestricted Fund is for general use by the Charity to meet its objectives. 

The receipt of the above monies is not dependent on any one condition which cannot be met. There are no charitable commitments to be funded from future income. 

## **11. TAXATION** 

The Trust is a registered charity and does not trade for tax purposes.  It is not liable to corporation tax on its surplus. 

_23_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **12. STATEMENT OF FINANCIAL ACTIVITIES – PRIOR YEAR COMPARATIVES** 

The amounts recognised in the Unrestricted fund and Restricted fund in prior year were as follows: 

|**Note**<br>**Incoming resources**<br>Incoming resources from generated funds<br>Donations and legacies<br>Investments<br>Other<br>**Total incoming resources**<br>**Resources expended**<br>Raising funds<br>Charitable activities<br>Grants payable in furtherance of the charity’s<br>objects<br>Other<br>**Total resources expended**<br>**Net incoming resources before transfers**<br>**Other recognised gains and losses**<br>Gain / (loss) on investment assets<br>Gain on the sale of fixed assets for the charity’s<br>own use<br>Transfers between funds<br>**Net movement in funds**<br>**Total funds brought forward at 1 January**<br>**Movement on the revaluation reserve**<br>**Total funds carried forward at 31 December**|**Restricted**<br>**Fund**<br>**2019**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Unrestricted**<br>**Fund**<br>**2019**<br>**£**<br>822,000<br>32,998<br>1,000<br>855,998<br>(656,554)<br>(8,289)<br>(664,843)<br>191,155<br>106,923<br>-<br>-<br>298,078<br>855,754<br>-<br>1,153,832|**Total**<br>**2019**<br>**£**<br>822,000<br>32,998<br>1,000|
|---|---|---|---|
||||855,998|
||||(656,554)<br>(8,289)|
||||(664,843)|
||||191,155<br>106,923<br>-<br>-|
||||298,078<br>855,754|
||||-|
||||1,153,832|



_24_ 



**THE MEDICASH FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020** 

## **13. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES** 

|Net movement in funds<br>Interest received<br>(Increase) / decrease in debtors<br>Increase / (decrease) in creditors<br>Increase / (decrease) in intercompany creditors<br>Realised (gain) / loss on investments<br>Unrealised (gain) / loss on investments<br>Net cash outflow from operating activities|**2020**<br>**£**<br>76,792<br>(3,781)<br>433,483<br>41,953<br>(111,215)<br>3,362<br>3,602<br>444,196|**2019**<br>**£**<br>298,078<br>(3,135)<br>(328,230)<br>65,611<br>2,431<br>(8,656)<br>(98,268)|
|---|---|---|
|||(72,169)|



## **14. RELATED PARTY** 

Medicash Health Benefits Limited is a health benefits insurance company with earned premiums in 2020 of £32,238,939 (2019: £29,754,726).  The report of the auditors on the parent company financial statements was unqualified. 

## **Related Party Transactions** 

During the year The Medicash Foundation received a donation of £692,000 (2019: £822,000) from Medicash Health Benefits Limited.  This donation has been recognised as voluntary income with the Statement of Financial Activities. 

At the year end the amounts due to Medicash Health Benefits Limited from The Medicash Foundation were £39,517 (2019: £433,483 debtor).  At the year end the net amount due to Medicash Health Benefits (Services) Limited from The Medicash Foundation was £37,748 (2019: £35,312). 

Amounts due to related parties are interest free and repayable on demand. 

## **15. ULTIMATE PARENT COMPANY** 

The immediate and ultimate parent company and controlling party is Medicash Health Benefits Limited, which is incorporated in England and is the smallest and largest group to consolidate these financial statements. The principal activity of the parent company continues to be the provision and underwriting of health cash plan insurance to policyholders, either direct to Individuals or provided as an Employer paid benefit across the UK. Copies of Medicash Health Benefits Limited financial statements can be obtained from its registered office at One Derby Square, Liverpool, L2 1AB.  The company registration number of Medicash Health Benefits Limited is 258025. 

As the sole trustee of The Medicash Foundation, Medicash Health Benefits Limited has the power to govern the financial and operating policies of the charity so as to obtain benefits from its activities. 

_25_