**Registered Charity: 257636** 

## **THE MEDICASH FOUNDATION** 

**Annual Report and Financial Statements 31 December 2023** 



**THE MEDICASH FOUNDATION** 

## **ANNUAL REPORT AND FINANCIAL STATEMENTS 2023** 

|**CONTENTS**|**Page**|
|---|---|
|**Trustee report**|**1**|
|**Statement of Trustee responsibilities**|**10**|
|**Independent auditors' report to the Trustee**|**11**|
|**Statement of financial activities**|**14**|
|**Balance sheet**|**15**|
|**Cash flow statement**|**16**|
|**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 2023.  The financial statements have been prepared in accordance with the accounting policies set out on pages 17 and 18, 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 2019. 

## **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). 

The charity’s objects are to provide for, assist, promote, encourage, improve and extend the treatment, nursing and care of persons who are sick infirm or suffering from diseases, ailments or physical defects of any kind. 

## **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: 

J Brown J Ellis P Gambon C Oddy (Appointed 1 April 2023) A Roberts S Weir W Tubey (Resigned 31 March 2023) 

Details of related parties are shown in note 13 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. 

_1_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **PROFESSIONAL ADVISERS** 

## **Independent Auditors** 

## **Investment Managers** 

MHA Rathbone Investment Management Ltd Exchange Station Port of Liverpool Building Tithebarn Street Pier Head Liverpool Liverpool L2 2QP L3 1NW 

## **Bankers** 

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

## **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 the Charity are shown below:- 

|Assets<br>Liabilities<br>Net assets|**2023**<br>**£**<br>2,213,451<br>(282,288)<br>1,931,163|**2022**<br>**£**<br>2,328,187<br>(169,698)<br>2,158,489|
|---|---|---|



## **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 Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. 

The objective of the Charity is to support other charities, local authority departments or trusts where the recipient organisation is using the funds to assist with improving the quality of health and wellbeing. 

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. 

_2_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **GRANT MAKING POLICY** 

The charity provides grants to health and wellbeing charities.  Applications for grant assistance are requested throughout the year and are then presented to the Trustee for discussion and approval.  The Trustee assigns its grant decision making to a sub committee made up of a group of its employees.  The sub committee considers a number of factors when determining which applications to support including the relevance to health and wellbeing, the wider benefit to the community, the number of people who will benefit and the number of similar projects already supported in each financial year. 

## **REVIEW OF THE YEAR’S ACTIVITY** 

During the year the charity paid £375,730 (2022: £294,404) and committed to £527,154 of grants (2022: £355,359). 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. 

## **Health & Wellbeing** 

The Medicash Foundation was delighted to support 668,655 beneficiaries for projects associated with health & wellbeing, with donations totalling £112,661. 

Some of these charities have supported people across our communities. These charities include, Vauxhall Community Law Project, providing advice and support, particularly during the cost-of-living crisis. Merseyside Counselling & Therapy Centre providing unconditional support in the form of counselling and therapy. 

Cash for Kids appeal that supports children from disadvantaged communities received a donation, as well as Food Cycle whose vision is to make food poverty, loneliness and food waste a thing of the past for every community. 

Tranmere Rovers in the Community received a donation for their Super White Xmas Project which helped disadvantaged adults and children to enjoy some festive experiences many of us take for granted. Christmas dinners took place for children, the elderly and the isolated as well as match day experiences. 

## **Disability** 

Donations of £72,785 were made to charities supporting those who have a disability with 61,098 beneficiaries. 

Some charities helped by The Medicash Foundation were Over the Wall who provide places at camp for disabled children and young people with health challenges. The camps are a welcoming space where children experience sleepovers with new friends, wear themselves out having fun during the days and share mealtimes in an exciting atmosphere. Children can take part in a wide range of activities despite their illness or disability, focusing on what they can do, rather than the things they cannot. 

Speaking up and Speaking Out are a local learning disability charity. The people they support experience isolation, lack of opportunity, discrimination, and poor mental health. We have helped support some of their activities including an outdoor allotment project as well as keep fit and dance sessions. 

The Sequal Trust, who support individuals via the use of technology and specialist equipment received a donation towards speech aids and wheelchair mounts. Funding was provided to The Down’s Syndrome Association to support people living with Down’s Syndrome. 

_3_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

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

## **Illness or Medical Condition** 

The Medicash Foundation donated a total of £79,328 supporting charities helping those with illness or medical conditions with 6,061 beneficiaries. 

Charities that support those with an illness or physical condition such as Spinal Muscular Atrophy (SMA) UK received support towards vital services for children, young people, adults and their families affected by SMA. SMA is a genetic condition that causes muscle weakness and atrophy and can also damage the muscles used for breathing and swallowing. The charity is committed to providing the best care and treatment and ensure that there are no barriers preventing full inclusion in society. 

Leukaemia & Myeloma Research received a donation to advance their understanding of blood cancer, including through use of stem cell transplants. Funding towards their research program will help in the fight against blood cancer and ultimately help to save lives. 

Other charties donated to were Crohn’s & Colitis UK, Dementia Together and Sam’s Diamonds who provide an uplifting and empowering space for cancer patients. This charity offers social events, workshops, signposting and enrichment activities which include respite support, a range of holistic treatments, exercise and access to their online peer support network. 

## **Hospices and Hospitals** 

Hospices and Hospitals received donations totalling £110,956 with 16,367 beneficiaries. 

The Chester Santa Dash was sponsored this year with funds from the event going towards The Countess Charity’s outdoor garden balcony for patients in the Countess Intensive Care Unit. The event also raised funds for the Hospice of the Good Shepherd towards vital services such as end-of-life care, bereavement support and their Living Well Centre which provides day support to help patients maintain their independence, as well as support for family, carers and friends. 

The Anne Robson Trust who assist with palliative care received a donation for their Hospital Volunteer projects. 

This year also saw the first “Medicash Nurse” position funded at the Clatterbridge Cancer Centre for their Trainee Research Advanced Nurse Practitioner. The objective is to be able to provide new and improved treatment options for patients suffering from these complex diseases. 

A second nursing position has also been funded, based at Alder Hey Children’s Hospital which is one of Europe’s biggest and busiest hospitals, who treat everything from common illnesses to highly complex specialist conditions. 

_4_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid** 

|**rants Paid**||
|---|---|
||£|
|Alder Hey Children’s Charity|610|
|The Sequal Trust|754|
|Wirral Sports Forum|834|
|Alopecia UK|1,000|
|Blood Cancer UK|1,000|
|Dementia UK|1,000|
|Epilepsy Action|1,000|
|FACT|1,000|
|KIND|1,000|
|MS Society|1,000|
|Sarcoma UK|1,000|
|Papyrus Young Suicide Prevention|1,233|
|Forge Fitness and Boxing|1,500|
|Henshaws Society for the Blind|1,500|
|Cash for Kids|2,000|
|Christians on Ageing|2,000|
|Food Cycle|2,000|
|Music in Hospitals and Care|2,000|
|Over The Wall|2,000|
|Sam’s Diamonds|2,000|
|Spinal Muscular Atrophy UK|2,000|
|Vauxhall Community Law Project|2,000|
|Willow Foundation|2,000|
|Willowbrook Hospice|2,000|
|Wirral UTH Charity|2,000|
|Disability Information Bureau|2,100|
|Age UK Cheshire|2,500|
|Bolton Lads & Girls Club|2,500|
|Bollington Community Association|2,500|
|British Disabled Angling Association|2,500|
|Countess of Chester Charity|2,500|
|Joss Searchlight|2,500|
|Lifelites|2,500|
|Manchester Foundation Trust|2,500|
|The Anne Robson Trust|2,500|
|Time Out Group|2,500|
|Whizz Kidz|2,500|
|Douglas Bader Foundation|2,750|
|Dot.art|2,900|
|Challenging MND|3,000|
|Dementia Carers’ Count|3,000|
|Inspire Foundation|3,000|



_5_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid (continued)** 

|**rants Paid (continued)**||
|---|---|
||£|
|Leukaemia & Myeloma Research|3,000|
|Liverpool Cares|3,000|
|Rosemere Cancer Foundation|3,000|
|Space 4 Autism|3,000|
|Speaking up Speaking out|3,000|
|The Wingate Centre|3,000|
|Tranmere in the Community|3,000|
|Autism Together|3,200|
|National Axial Spondyloarthritis Society (NASS)|3,200|
|Penny Lane Development Trust|3,350|
|Albion House|3,500|
|Campaign against Living Miserably|3,500|
|Crohn's and Colitis UK|3,500|
|The Joshua Tree|3,500|
|Wirral Hospice St Johns|3,846|
|Dementia Together Wirral|3,873|
|Francis House|4,000|
|Hope House|4,000|
|Mersey Counselling & Therapy Centre|4,000|
|Sefton and Liverpool Childrens University|4,000|
|Walking with the Wounded|4,000|
|Kids Out|4,250|
|West Coast Crash|4,981|
|All Together Now|5,000|
|Back Up Trust|5,000|
|Birtenshaw|5,000|
|Bowel Cancer UK|5,000|
|Bury Hospice|5,000|
|Child Brain Injury Trust|5,000|
|Day One Trauma Support|5,000|
|Down's Syndrome Training & Support Limited|5,000|
|Eureka|5,000|
|Fields in Trust|5,000|
|Newlife|5,000|
|Ruddi's Retreat|5,000|
|Teenage Cancer Trust|5,000|
|The Princes Trust|5,000|
|Zarach|5,000|
|Blesma|6,000|
|Down's Syndrome Association|6,000|
|Shaftesbury Youth Club|6,000|
|Liverpool University|6,755|
|Liverpool Heart & Chest Hospital Charity|10,000|
|Liverpool School of Tropical Medicine|10,000|



_6_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid (continued)** 

|**Grants Paid (continued)**||
|---|---|
||£|
|Swanbourne Gardens|23,594|
|Alder Hey Children's Hospital|35,000|
|Clatterbridge Cancer Charity|35,000|
||**375,730**|
|**Grants Committed**||
||£|
|Alder Hey Children’s Charity|610|
|Alopecia UK|1,000|
|Blood Cancer UK|1,000|
|Dementia UK|1,000|
|MS Society|1,000|
|Sarcoma UK|1,000|
|The National Centre for Young Epilepsy|1,000|
|The Sequal Trust|1,000|
|Papyrus Young Suicide Prevention|1,233|
|Forge Fitness and Boxing|1,500|
|Henshaws Society for the Blind|1,500|
|The Neuromuscular Centre|1,988|
|Cash for Kids|2,000|
|Dot.art|2,000|
|Food Cycle|2,000|
|Music in Hospitals and Care|2,000|
|Over The Wall|2,000|
|Sam’s Diamonds|2,000|
|Shine|2,000|
|Spinal Muscular Atrophy UK|2,000|
|Vauxhall Community Law Project|2,000|
|Willow Foundation|2,000|
|Wirral UTH Charity|2,000|
|Disability Information Bureau|2,100|
|Age UK Cheshire|2,500|
|Bolton Lads & Girls Club|2,500|
|Bollington Community Association|2,500|
|British Disabled Angling Association|2,500|
|Countess of Chester Charity|2,500|
|Lancs Teaching Hospital Charity|2,500|
|Manchester Foundation Trust|2,500|
|The Anne Robson Trust|2,500|
|Time Out Group|2,500|
|Whizz Kidz|2,500|
|Douglas Bader Foundation|2,750|
|Challenging MND|3,000|



_7_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Committed (continued)** 

|**rants Committed (continued)**||
|---|---|
||£|
|Dementia Carers’ Count|3,000|
|Inspire Foundation|3,000|
|Leukaemia & Myeloma Research|3,000|
|Liverpool Cares|3,000|
|Rosemere Cancer Foundation|3,000|
|Space 4 Autism|3,000|
|Speaking up Speaking out|3,000|
|The Wingate Centre|3,000|
|Tranmere in the Community|3,000|
|Autism Together|3,200|
|National Axial Spondyloarthritis Society (NASS)|3,200|
|Albion House|3,500|
|Campaign against Living Miserably|3,500|
|Crohn's and Colitis UK|3,500|
|The Joshua Tree|3,500|
|Dementia Together Wirral|3,873|
|APEX Charitable Trust|4,000|
|Burton Wheelchair Rugby|4,000|
|Hope House|4,000|
|Mersey Counselling & Therapy Centre|4,000|
|Priority Youth|4,000|
|Sefton and Liverpool Childrens University|4,000|
|Support after Murder and Manslaughter|4,000|
|Woodlands Hospice|4,200|
|All Together Now|5,000|
|Back Up Trust|5,000|
|Be Free Campaign|5,000|
|Birtenshaw|5,000|
|Bury Hospice|5,000|
|Child Brain Injury Trust|5,000|
|Day One Trauma Support|5,000|
|Down's Syndrome Training & Support Limited|5,000|
|Fields in Trust|5,000|
|North West Air Ambulance Charity|5,000|
|Teenage Cancer Trust|5,000|
|The Princes Trust|5,000|
|Zarach|5,000|
|Blesma|6,000|
|Down's Syndrome Association|6,000|
|Liverpool Womens Charity|8,000|
|Liverpool Heart & Chest Hospital Charity|10,000|
|Alder Hey Children's Hospital|140,000|
|Clatterbridge Cancer Charity|140,000|
||**527,154**|



_8_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **PLANS FOR FUTURE PERIODS** 

The Trustee considers the future prospects of the charity to be satisfactory and is confident the results of the parent company will continue to allow substantial donations to be made each year.  The Charity aims to ensure a wide range of health and wellbeing charities will benefit in line with grant making policy. 

## **RESERVES AND FINANCIAL POSITION AT THE YEAR END** 

The Trustee does not have a formal reserves policy in place, but considers the level of funds to be adequate for the Charity 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 £1,931,163 (2022: £2,158,489). 

## **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 donations the charity makes therefore it 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** 

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 £41,907 (2022: £35,417) and the market value of investments was £1,084,988 (2022: £1,034,228). 

_9_ 



**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** 

MHA 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 

5 June 2024 

_10_ 



**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 2023 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 2023 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. 

_11_ 



**THE MEDICASH FOUNDATION** 

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

## **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. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 10, 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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

- Enquiry of management and those charged with governance around any actual and potential litigation and claims and any known or suspected instances of non-compliance with laws and regulations and fraud; 

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and. 

- Reviewing correspondence with the Charities Commission 

Because of the field in which the client operates we identified that compliance with the Charities Act 2011 together with the Charities SORP (FRS102) 2019 is the area most likely to have a material impact on the financial statements. 

_12_ 



**THE MEDICASH FOUNDATION** 

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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. 

## **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. 

## **MHA** 

Statutory Auditor Liverpool, United Kingdom 

## 05/06/2024 

## ………………….. 

MHA is eligible to act as auditor in terms of section 1212 of the Companies Act 2006. 

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313 

_13_ 



**THE MEDICASH FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) Year ended 31 December 2023** 

|**Note**<br>**Incoming resources**<br>Incoming resources from generated funds<br>Donations and legacies<br>13<br>Investments<br>4<br>**Total incoming resources**<br>**Resources expended**<br>Raising funds<br>Charitable activities<br>Grants payable in furtherance of the<br>charity’s objects<br>1<br>Other<br>5<br>**Total resources expended**<br>**Net incoming resources before transfers**<br>**Other recognised gains and losses**<br>Gain / (loss) on investment assets<br>7<br>Intercompany write off<br>13<br>**Net movement in funds**<br>**Total funds brought forward at 1 January**<br>**Total funds carried forward at 31 December**|**2023**<br>**£**<br>250,000<br>41,907<br>291,907<br>(523,089)<br>(10,857)<br>(533,946)<br>(242,039)<br>14,713<br>-<br>(227,326)<br>2,158,489<br>1,931,163|**2022**<br>**£**<br>500,000<br>35,417|
|---|---|---|
|||535,417|
|||(339,745)<br>(9,618)|
|||(349,363)|
|||186,054<br>(101,276)<br>43,426|
|||128,204<br>2,030,285|
|||2,158,489|



All activities of the charity are continuing and unrestricted. 

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

_14_ 



**THE MEDICASH FOUNDATION** 

## **BALANCE SHEET AS AT 31 December 2023** 

|**Note**<br>**FIXED ASSETS**<br>Investments<br>7<br>**TOTAL FIXED ASSETS**<br>**CURRENT ASSETS**<br>Debtors<br>8<br>Cash at bank and in hand<br>**TOTAL CURRENT ASSETS**<br>**CREDITORS: amounts falling due**<br>**within one year**<br>9<br>**NET CURRENT LIABILITIES**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**CREDITORS: Amounts falling due after**<br>**more than one year**<br>10<br>**NET ASSETS**<br>**TOTAL CHARITY FUNDS**|**Total**<br>**2023**<br>**£**<br>1,084,988<br>1,084,988<br>250,000<br>878,463<br>1,128,463<br>(142,288)<br>986,175<br>2,071,163<br>(140,000)<br>1,931,163<br>1,931,163|**Total**<br>**2022**<br>**£**<br>1,034,228<br>1,034,228<br>-<br>1,293,959<br>1,293,959<br>(169,698)<br>1,124,261<br>2,158,489<br>-<br>2,158,489<br>2,158,489|
|---|---|---|



The financial statements on pages 14 to 21 were approved by the Trustee on 5 June 2024 and were signed on its behalf by: 


A Roberts 

## **The Medicash Foundation** 

_15_ 



**THE MEDICASH FOUNDATION** 

## **CASH FLOW STATEMENT Year ended 31 December 2023** 

|**Notes**<br>Cash (outflow) / inflow from operating activities<br>12<br>Interest received<br>4<br>**Net cash (outflow) / inflow from operating 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> <br>**Net cash (outflow) / inflow from investing activities**<br>Net (decrease) / increase in cash and cash equivalents<br>Cash and cash equivalents at beginning of year<br> <br>**Cash and cash equivalents at end of year**|**2023**<br>**£**<br>(394,043)<br>14,594<br>(379,449)<br>(132,988)<br>96,941<br>(36,047)<br>(415,496)<br>1,293,959<br>878,463|**2022**<br>**£**<br>227,573<br>6,671|
|---|---|---|
|||234,244<br>(49,043)<br>95,083<br>-|
|||46,040|
|||280,284<br>1,013,675|
|||1,293,959|



_16_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023** 

## **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 2019) – (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. 

The Charity relies on donations from its ultimate parent company, Medicash Health Benefits Limited. The Board of Medicash pledged a donation of £250,000 to The Foundation in 2023.  The total donated in the last five years alone is more than £3.1m, demonstrating the strong commitment of the parent company.  At the year end the level of reserves in the fund was £1,931,163 (2022: £2,158,489). 

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. 

_17_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023** 

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

## **Donations and gifts** 

The charity accounts for donations and gifts on an accruals basis. 

## **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** 

All grants are paid in support of the health and wellbeing of individuals. Grants are paid on submission of a bank 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 8 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|**2023**<br>**£**<br>527,154<br>(4,065)<br>523,089<br>(375,730)<br>3,000<br>150,359<br>123,829<br>274,188|**2022**<br>**£**<br>355,359<br>(15,614)|
|---|---|---|
|||339,745<br>(294,404)<br>-|
|||45,341<br>78,488|
|||123,829|



Included within creditors due within one year is £134,188 of grants committed that were unpaid at the year end, see note 9.  Included within creditors due in more than one year is £140,000 of grants committed that were unpaid at the year end, see note 10. 

Grants are only paid to institutions and not to individuals. Details of the types of activities and projects supported can be found an pages 3 and 4. 

## **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 Nil remuneration or reimbursement of expenses for the year (2022: Nil). 

_18_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023** 

## **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|**Total**<br>**2023**<br>**£**<br>27,313<br>4,437<br>10,157<br>41,907|**Total**<br>**2022**<br>**£**<br>28,746<br>3,237<br>3,434|
|---|---|---|
|||35,417|



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

|Audit<br>Investment fees<br>Other resources expended|**Total**<br>**2023**<br>**£**<br>6,340<br>4,489<br>28<br>10,857|**Total**<br>**2022**<br>**£**<br>5,047<br>4,559<br>12<br>9,618|
|---|---|---|



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

## **6. CAPITAL COMMITMENTS** 

There were Nil authorised or contracted capital commitments at 31 December 2023 (2022: Nil). 

## **7. INVESTMENTS** 

|Fair value at 1 January<br>Additions<br>Disposals<br>Net (loss) / profit on disposals<br>Net unrealised investment gain / (loss)<br>Fair value at 31 December<br>Historical cost as at 31 December|**2023**<br>**£**<br>1,034,228<br>132,988<br>(96,941)<br>(4,580)<br>19,293<br>1,084,988<br>840,316|**2022**<br>**£**<br>1,181,544<br>49,043<br>(95,083)<br>10,529<br>(111,805)<br>1,034,228<br>808,392|
|---|---|---|



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

_19_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023** 

## **8. DEBTORS** 

|**9.**<br>**CREDITORS:  AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Amounts due to Medicash Health Benefits Limited (see note 13)<br>Grants (see note 1)<br>Other creditors<br>Amounts due from Medicash Health Benefits Limited (see note 13)|**2023**<br>**£**<br>-<br>134,188<br>8,100<br>142,288<br>**2023**<br>**£**<br>250,000<br>250,000|**2022**<br>**£**<br>39,992<br>123,829<br>5,877<br>169,698<br>**2022**<br>**£**<br>-<br>-|
|---|---|---|



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

## **10. CREDITORS:  AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** 

|Grants (see note 1)|**2023**<br>**£**<br>140,000<br>140,000|**2022**<br>**£**<br>-<br>-|
|---|---|---|



## **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. 

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

|**2023**<br>**£**<br>Net movement in funds<br>(227,326)<br>Interest received<br>(14,594)<br>(Increase) / decrease in debtors<br>(250,000)<br>Increase in creditors<br>152,582<br>Decrease in intercompany creditors<br>(39,992)<br>Realised loss / (gain) on investments<br>4,579<br>Unrealised (gain) / loss on investments<br>(19,292)<br>Net cash (outflow) / inflow from operating activities<br>(394,043)|**2022**<br>**£**<br>128,204<br>(6,671)<br>-<br>46,166<br>(41,402)<br>(10,529)<br>111,805<br>227,573|
|---|---|



_20_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023** 

## **13. RELATED PARTY** 

Medicash Health Benefits Limited is a health benefits insurance company with earned premiums in 2023 of £51,003,704 (2022: £41,086,732).  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 £250,000 (2022: £500,000) from Medicash Health Benefits Limited. This donation has been recognised as voluntary income with the Statement of Financial Activities. 

The Medicash Foundation had amounts due of £39,992 to Medicash Health Benefits Limited at 1 January 2023. During the year, Medicash Health Benefits Limited recharged expenditure totalling £1,950 to The Medicash Foundation. The Medicash Foundation provided a loan of £1,000,000 to Medicash Health Benefits Limited. The balance of £958,058 was repaid in full by Medicash Health Benefits Limited by the year end. 

At the year end the amounts due to Medicash Health Benefits Limited from The Medicash Foundation were £Nil (2022: £39,992). At the year end the amounts due from Medicash Health Benefits Limited to The Medicash Foundation were £250,000 (2022: £Nil). 

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

## **14. 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. 

_21_