**Registered Charity: 257636** 

## **THE MEDICASH FOUNDATION** 

**Annual Report and Financial Statements 31 December 2024** 



**THE MEDICASH FOUNDATION** 

|**ANNUAL REPORT AND FINANCIAL STATEMENTS 2024**||
|---|---|
|**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 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 17 and 18, issued in 2019. 

issued 

## **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). 

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 A Healy (Chief Executive Appointed 1 March 2025) C Oddy A Roberts S Weir (Resigned 30 April 2025) 

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> <br>Liabilities<br>Net assets<br>|**2024**<br>**£**<br>2,338,689<br> <br>(281,912)<br>2,056,777<br>|**2023**<br>**£**<br>2,213,451<br>(282,288)<br>1,931,163|
|---|---|---|



## **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 guidance on public benefit when reviewing the Charity 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. 

During the year the charity paid £362,413 (2023: £375,730) and committed to £373,446 of grants (2023: £527,154). The grants were paid to charities across the region covering Merseyside, Wirral, Cheshire, Lancashire, Yorkshire, Shropshire, 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 over 1.5m beneficiaries for projects associated with health & wellbeing, with donations totalling £193,243. 

Some of these charities have helped people within our communities such as Heron Cornmill who are a registered charity and a living heritage site located in Cumbria. The charity runs educational projects for the elderly, children and teenagers and a donation was made towards their Powsowdie project (named after a traditional northern dish) supporting the elderly community. In a social setting they enjoy lunch clubs with a difference, which includes reminisce work with a professional artist with topics such as winter nights, music, easter and school days with food themed to the occasion, provided by a local community baking group. 

received a donation towards their Time for Bed project. The charity carried out research which showed that at least 18,000 children in Merseyside were living without their own bed. In response to this, End Furniture Poverty launched their Time for Bed campaign to reduce and ultimately eliminate child bed poverty across Merseyside. 

CALM - an innovative mental health and suicide prevention charity, who are dedicated to tackling the tragic rate of suicide across the UK, were to receive a donation towards their life-saving suicide prevention helpline. The demand for this type of service has increased considerably and our donation will help them to maintain capacity, whilst inevitably answering more calls and chats from those who are in crisis and in need of support. 

The Hive Youth Zone who offer a variety of different projects to support young people, received a donation for their Bee Amazing Wellbeing project. The project incorporates six programmes that are delivered to groups of children and young people: - 

Bee Balanced introduces wellbeing and how young people can support their physical and emotional wellbeing including taking part in different activities in the youth zone. 

Bee Connected focusing on relationships and communication skills including healthy and unhealthy relationships, managing conflict and keeping safe online and with social media. 

Bee Yourself a focus on self-esteem which explores body image and self-awareness as well as strengths and celebrating diversity. 

Bee In Charge focusing on managing emotions, emotional resilience and stress. 

Bee Active exploring healthy lifestyles including balanced diet and nutrition, physical health and exercise and mental wellbeing. This also includes an induction to the gym at The Hive and other sporting activities which young people can stay involved in. 

Bee Resilient - the Lemonade Project **,** learning about the importance of healthy diet, emotional literacy, dealing with challenges, managing relationships and looking at self-esteem. 

The project is intended as an early as possible intervention to prevent escalation to more serious problems and needing support from already overstretched professional services. 

_3_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Disability** 

Donations of £40,160 were made to charities supporting those who have a disability with 21,000 beneficiaries. 

The Medicash Foundation were delighted to donate to Disability Positive who support individuals and their families to live well with a disability. They provide services, opportunities and a voice to people with lived experience of disability and long-term health conditions. This project is for their Youth Group which includes activities such as creative and therapeutic arts: drama, singing, sensory crafts including clay modelling, watercolour, art displays for family/friends to view and visits from therapy dogs. The charity organises social activities and confidence building such as talent shows, karaoke, family quiz nights and themed party nights and theatre visits. They hold physical activities and teach life skills. 

Some of the other charities donated to, supporting those with a disability were Barnstondale for their inclusive outdoor and residential activity programme, The Together Trust for their sensory project and Back up Trust providing health and wellbeing support for those with spinal cord injuries. 

## **Illness or Medical Condition** 

The Medicash Foundation donated a total of £65,488 supporting charities helping those with illness or medical conditions with 69,000 beneficiaries. 

Charities supporting those with an illness or physical condition such as Sepsis Research received a donation for their Sepsis Awareness project and Liverpool Campaign. Their mission is to save lives and improve outcomes in sepsis patients by funding research and raising awareness. 

The British Liver Trust received a donation for their Love your Liver North-West project. The charity supports adults affected by liver disease and liver cancer. Our donation helped the charity deliver public liver health screening and scanning events in our region. 

Epilepsy Action supports individuals suffering from Epilepsy, a serious neurological condition characterised by recurrent seizures, were to receive a donation for their Online Learning Resources in Merseyside project. Their online learning courses contain information, le understanding of epilepsy and how best to manage it. The courses are designed to provide user flexibility, with users able to work through at their own pace when they have the time. This has led to improvements in quality of life for many people with epilepsy, and to higher standards of professional care. 

Other charities donated to that support those with an illness or condition were Interact Stroke Support for their reading services for patients. The readings and conversation are tailored, as much as possible to the interests and comprehension levels of each patient. Leukaemia Care for their support services for those affected by Leukaemia. 

## **Hospices and Hospitals** 

Hospices and Hospitals received donations totalling £59,022 with over 7,000 beneficiaries. 

Bolton Hospice and Hospice at Home, enabling them all to provide specialist care and support for local people living with terminal or life-limiting illnesses and their families. 

nursing position at The Clatterbridge Cancer Centre and specialist infant feeding position at Alder Hey 

## **Homelessness** 

A donation of £4,500 was made to The Hope Centre Homeless charity. The donation will go towards their homeless day centre which provides, breakfasts, personal care services, support, advocacy and signposting to those experiencing homelessness, those at risk of homelessness and those seeking treatment for drug and alcohol misuse, reaching out to 300 beneficiaries. 

_4_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid** 

|**rants Paid**||
|---|---|
||£|
|Action Medical Research|500|
|Down's Syndrome Association|1,000|
|Epilepsy Action|1,000|
|KIND|1,000|
|The National Centre for Young Epilepsy|1,000|
|The Sequal Trust|1,000|
|Papyrus|1,356|
|Sepsis Research|1,500|
|The Progressive Suparanuclear Palsy Association|1,500|
|Sefton Rugby Club|1,632|
|NSPCC|1,775|
|The Neuromuscular Centre|1,988|
|Deafblind UK|2,000|
|Interact Stroke Support|2,000|
|Live Music Now|2,000|
|MedEquip4Kids|2,000|
|Mitchells Miracles|2,000|
|PKD Charity|2,000|
|Railway Children|2,000|
|Shine|2,000|
|Time Out|2,000|
|Willow Foundation|2,000|
|Guide Dogs|2,160|
|Bolton Hospice|2,400|
|Barnstondale|2,500|
|British Disabled Angling Association|2,500|
|Cash for Kids (Radio City/hits radio/rock fm)|2,500|
|Catholic Blind Institute - Bradbury Fields|2,500|
|Centre 63|2,500|
|Combat stress|2,500|
|Firefighters Charity|2,500|
|Just Drop In|2,500|
|Lancs Teaching Hospital Charity|2,500|
|Live Cheshire|2,500|
|Motherwell CIO|2,500|
|Open Door Charity|2,500|
|Ovacome|2,500|
|Space|2,500|
|St Josephs Hospice|2,500|
|The Countess Charity|2,500|
|Tom's Trust|2,500|
|Triple C|2,500|



_5_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Paid (continued)** 

|**rants Paid (continued)**||
|---|---|
||£|
|Visyon|2,500|
|Wirral Mencap|2,500|
|Young Lives v Cancer|2,500|
|Bury Hospice|3,000|
|Disability Positive|3,000|
|Leukaemia Care|3,000|
|Mahhdlo (Oldham Youth Zone)|3,000|
|Shift MS|3,000|
|Strongbones|3,000|
|Hospice at Home Carlisle|3,122|
|Parenting and Mental Health|3,480|
|CALM|3,500|
|Cruse Bereavement Support|3,500|
|APEX Charitable Trust|4,000|
|British Liver Trust|4,000|
|Burton Wheelchair Rugby|4,000|
|Cyclists Fighting Cancer|4,000|
|Heron Corn Mill|4,000|
|Lupus UK|4,000|
|Priority Youth|4,000|
|Roy Castle|4,000|
|Support after Murder and Manslaughter|4,000|
|The Spinal Injuries Association|4,000|
|Together Trust|4,000|
|Waldenstrom's Macroglobulinemia|4,000|
|Neurotherapy Centre|4,500|
|The Hope Centre|4,500|
|Be Free Campaign|5,000|
|Farnwoth Baptist Church|5,000|
|Maggies Cancer Centre|5,000|
|North West Air Ambulance Charity|5,000|
|Local Solutions|6,000|
|Liverpool Womens Charity|8,000|
|Clatterbridge Cancer Charity|35,000|
|Wirral Youth Zone - The Hive|112,500|
||**362,413**|



_6_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Committed** 

|**rants Committed**||
|---|---|
||£|
|Action Medical Research|500|
|Down's Syndrome Association|1,000|
|Epilepsy Action|1,000|
|SHINE|1,000|
|The Sequal Trust|1,000|
|Papyrus|1,356|
|Clean up UK|1,500|
|Sepsis Research|1,500|
|The Progressive Suparanuclear Palsy Association|1,500|
|Sefton Rugby Club|1,632|
|NSPCC|1,775|
|Deafblind UK|2,000|
|Interact Stroke Support|2,000|
|Live Music Now|2,000|
|MedEquip4Kids|2,000|
|Mitchells Miracles|2,000|
|PKD Charity|2,000|
|Railway Children|2,000|
|Sight advice South Lakes|2,000|
|The Callister trust|2,000|
|The Reader Organisation|2,000|
|Time Out|2,000|
|Willow Foundation|2,000|
|Guide Dogs|2,160|
|Bolton Hospice|2,400|
|BarNstondale|2,500|
|British Disabled Angling Association|2,500|
|Cash for Kids (Radio City/hits rasio/rock fm)|2,500|
|Catholic Blind Institute - Bradbury Fields|2,500|
|Centre 63|2,500|
|Combat stress|2,500|
|Firefighters Charity|2,500|
|Just Drop In|2,500|
|Live Cheshire|2,500|
|MND Association|2,500|
|Motherwell CIO|2,500|
|Open Door Charity|2,500|
|Ovacome|2,500|
|Ruddi's Retreat|2,500|
|Space|2,500|
|St Josephs Hospice|2,500|
|Team Oasis|2,500|



_7_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Committed (continued)** 

|**Grants Committed (continued)**||
|---|---|
||£|
|The Countess Charity|2,500|
|Tom's Trust|2,500|
|Triple C|2,500|
|Visyon|2,500|
|West Coast Crash Wheelchair Rugby|2,500|
|Wirral Mencap|2,500|
|Young Lives v Cancer|2,500|
|Bury Hospice|3,000|
|Disability Positive|3,000|
|Frances House Chidren's Hospice|3,000|
|Holistic Cancer Centre|3,000|
|Leukaemia Care|3,000|
|Mahhdlo (Oldham Youth Zone)|3,000|
|Shift MS|3,000|
|Strongbones|3,000|
|The Brain Charity|3,000|
|Wellbeing of Women|3,000|
|Hospice at Home Carlisle|3,122|
|Parenting and Mental Health|3,480|
|CALM|3,500|
|Cruse Bereavement Support|3,500|
|The Bren Project|3,500|
|The Handicapped Childrens Action Group|3,541|
|St Mary's Hospice|3,985|
|Back Up|4,000|
|British Liver Trust|4,000|
|Heron Corn Mill|4,000|
|Lupus UK|4,000|
|Roy Castle|4,000|
|The Derbyshire Community Healthcare S C Trust|4,000|
|The Spinal Injuries Association|4,000|
|Together Trust|4,000|
|Tranmere in the Community|4,000|
|Waldenstrom's Macroglobulinemia|4,000|
|Neurotherapy Centre|4,500|
|The Hope Centre|4,500|
|Amy & Friends|5,000|
|Beep Doctors|5,000|
|End Furniture Poverty|5,000|
|Farnwoth Baptist Church|5,000|
|L6 Community Association|5,000|
|Maggies Cancer Centre|5,000|



_8_ 



**THE MEDICASH FOUNDATION** 

## **TRUSTEE REPORT (CONTINUED)** 

## **Grants Committed (continued)** 

|**rants Committed (continued)**||
|---|---|
||£|
|Eden Valley Hospice|5,560|
|Local Solutions|6,000|
|Hope House Children's Hospice|6,590|
|St. John's Hospice Lancaster|6,845|
|Wirral Youth Zone - The Hive|112,500|
||**373,446**|



## **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 £2,056,777 (2023: £1,931,163). 

## **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 T 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 £49,299 (2023: £41,907) and the market value of investments was £1,133,458 (2023: £1,084,988). 

_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 

## **STATEMENT OF** 

## **RESPONSIBILITIES** 

The trustee is responsible for preparing the 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 

- 1 May 2025 

_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 2024 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: 

   - 4 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 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 

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 he 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** 

## **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 

- 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** 

0, 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 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. 

## **Auditors 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 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; 

- Reviewing correspondence with the Charities Commission; and 

- Reviewing all sources of income to provide assurance that income per the accounts is complete 

_12_ 



**THE MEDICASH FOUNDATION** 

## **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 www.frc.org.uk/auditorsresponsibilities. This description forms 

## **Use of our report** 

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to eport, or for the opinions we have formed. 


## **MHA** 

Statutory Auditor Liverpool, United Kingdom 

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

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) 

_13_ 



**THE MEDICASH FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) Year ended 31 December 2024** 

|**Note**<br>**Incoming resources**<br>Incoming resources from generated funds<br>Donations and legacies<br>13<br>Investments<br>4<br>Other Income<br>**Total incoming resources**<br>**Resources expended**<br>Raising funds<br>Charitable activities<br>Grants payable in furtherance of the<br>1<br>Other<br>5<br>**Total resources expended**<br>**Net incoming resources before transfers**<br>**Other recognised gains and losses**<br>Gain on investment assets<br>7<br>**Net movement in funds**<br>**Total funds brought forward at 1 January**<br>**Total funds carried forward at 31 December**|**2024**<br>**£**<br>350,000<br>49,299<br>46,679<br>445,978<br>(359,946)<br>(15,200)<br>(375,146)<br>70,832<br>54,782<br>125,614<br>1,931,163<br>2,056,777|**2023**<br>**£**<br>250,000<br>41,907<br>-|
|---|---|---|
|||291,907|
|||(523,089)<br>(10,857)|
|||(533,946)|
|||(242,039)<br>14,713|
|||(227,326)<br>2,158,489|
|||1,931,163|



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 2024** 

|**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>**2024**<br>**£**<br>1,133,458<br>1,133,458<br>374,750<br>830,481<br>1,205,231<br>(176,912)<br>1,028,319<br>2,161,777<br>(105,000)<br>2,056,777<br>2,056,777|**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|
|---|---|---|



The financial statements on pages 14 to 21 were approved by the Trustee on 1 May 2025 and were signed on its behalf by: 



A Roberts 

## **The Medicash Foundation** 

_15_ 



**THE MEDICASH FOUNDATION** 

## **CASH FLOW STATEMENT Year ended 31 December 2024** 

|**Notes**<br>Cash outflow from operating activities<br>12<br>Interest received<br>4<br>**Net cash outflow 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>Dividends received<br>**Net cash inflow / (outflow) from investing activities**<br>Net decrease in cash and cash equivalents<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2024**<br>**£**<br>(103,593)<br>23,894<br>(79,699)<br>(318,005)<br>324,317<br>25,405<br>31,717<br>(47,982)<br>878,463<br>830,481|**2023**<br>**£**<br>(421,356)<br>14,594|
|---|---|---|
|||(406,762)<br>(132,988)<br>96,941<br>27,313|
|||(8,734)|
|||(415,496)<br>1,293,959|
|||878,463|



_16_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024** 

## **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 £350,000 to The Foundation in 2024. The total donated in the last five years alone is more than £2.7m, demonstrating the strong commitment of the parent company. At the year end the level of reserves in the fund was £2,056,777 (2023: £1,931,163). 

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 2024** 

## **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|**2024**<br>**£**<br>373,446<br>(13,500)<br>359,946<br>(362,413)<br>-<br>(2,467)<br>274,188<br>271,721|**2023**<br>**£**<br>527,154<br>(4,065)|
|---|---|---|
|||523,089<br>(375,730)<br>3,000|
|||150,359<br>123,829|
|||274,188|



Included within creditors due within one year is £166,721 of grants committed that were unpaid at the year end, see note 9.  Included within creditors due in more than one year is £105,000 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 (2023: Nil). 

_18_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024** 

## **4. INVESTMENT INCOME** 

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

|Dividends<br> listed investments<br>Interest<br>listed investments<br>Bank interest|**Total**<br>**2024**<br>**£**<br>25,405<br>4,349<br>19,545<br>49,299|**Total**<br>**2023**<br>**£**<br>27,313<br>4,437<br>10,157|
|---|---|---|
|||41,907|



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

|Audit<br>Investment fees<br>Other resources expended|**Total**<br>**2024**<br>**£**<br>10,491<br>4,709<br>-<br>15,200|**Total**<br>**2023**<br>**£**<br>6,340<br>4,489<br>28|
|---|---|---|
|||10,857|



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 2024 (2023: Nil). 

## **7. INVESTMENTS** 

|**INVESTMENTS**|||
|---|---|---|
|Fair value at 1 January<br>Additions<br>Disposals<br>Scrip Dividend<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|**2024**<br>**£**<br>1,084,988<br>318,005<br>(324,317)<br>793<br>(34,438)<br>88,427<br>1,133,458<br>922,768|**2023**<br>**£**<br>1,034,228<br>132,988<br>(96,941<br>-<br>(4,580<br>19,293|
|||1,084,988|
|||840,316|



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 2024** 

|**8.**<br>**DEBTORS**<br>**9.**<br>**CREDITORS:  AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2024**<br>**£**<br>Grants (see note 1)<br>166,721<br>Other creditors<br>10,191<br>176,912<br>**10.**<br>**CREDITORS:  AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>**2024**<br>**£**<br>Grants (see note 1)<br>105,000<br>105,000<br>**2024**<br>**£**<br>Amounts due from Medicash Health Benefits Limited (see note 13)<br>350,000<br>Accrued Income<br>24,750<br>374,750|**2023**<br>**£**<br>250,000<br>-|
|---|---|
||250,000|
||**2023**<br>**£**<br>134,188<br>8,100|
||142,288|
||**2023**<br>**£**<br>140,000|
||140,000|



## **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** 

|**2024**<br>**£**<br>Net movement in funds<br>125,614<br>Investment income<br>(49,299)<br>Increase in debtors<br>(124,750)<br>(Decrease) / increase in creditors<br>(376)<br>Decrease in intercompany creditors<br>-<br>Realised (gain) / loss on investments<br>33,645<br>Unrealised loss / (gain) on investments<br>(88,427)<br>Net cash outflow from operating activities<br>(103,593)|**2023**<br>**£**<br>(227,326)<br>(41,907)<br>(250,000)<br>152,582<br>(39,992)<br>4,580<br>(19,293)|
|---|---|
||(421,356)|



_20_ 



**THE MEDICASH FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024** 

## **13. RELATED PARTY** 

Medicash Health Benefits Limited is a health benefits insurance company with earned premiums in 2024 of £61,741,760 (2023: £51,003,704).  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 £350,000 (2023: £250,000) 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 from Medicash Health Benefits Limited to The Medicash Foundation were £350,000 (2023: £250,000). 

During the year The Medicash Foundation made a donation totalling £112,500 (2023: £Nil) to Wirral Youth Zone t/a The Hive for whom S Weir is a Board Member and Trustee. At the year end grant creditor balance of £Nil (2023: £Nil) was owed to Wirral Youth Zone. 

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_