Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
Registered Charity: 257636
THE MEDICASH FOUNDATION
Annual Report and Financial Statements 31 December 2025
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
| CONTENTS | Page |
|---|---|
| Trustee report | 1 |
| Statement of Trustee responsibilities | 11 |
| Independent auditors' report to the Trustee | 12 |
| Statement of financial activities | 15 |
| Balance sheet | 16 |
| Cash flow statement | 17 |
| Notes to the financial statements | 18 |
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT
The Trustee presents its annual report and the audited financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 18 and 19, 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 L Clinton (Appointed – 8 July 2025) J Ellis P Gambon A Healy (Chief Executive – Appointed 1 March 2025) C Oddy A Roberts S Weir (Resigned 16 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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
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 Liabilities Net assets |
2025 £ 2,050,579 (350,691) 1,699,888 |
2024 £ 2,338,689 (281,912) 2,056,777 |
|---|---|---|
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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
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
The Medicash Foundation distributed £404,828 in grants during the year (2024: £362,413) and committed a further £606,712 (2024: £373,446), supporting a wide range of charities across Merseyside, Wirral, Cheshire, Lancashire, Greater Manchester, Cumbria, North Wales, the Midlands, Yorkshire and Derbyshire. National charities were also supported where projects directly benefited communities within our core regions.
Health and Wellbeing
The Foundation supported over 140,000 beneficiaries through health and wellbeing initiatives, with donations totalling £123,002.
Sefton Opera received funding towards its “Activities for All” programme, which provides a broad range of community-based activities aimed at improving the physical and mental wellbeing of older people. The project focuses on reducing isolation, building confidence and encouraging individuals to re-engage with their communities. Activities include photography and IT skills, swimming, walking groups, complementary therapies, and social sessions, alongside practical support such as falls prevention and benefits advice.
In response to continued demand for mental health services, the Foundation supported several charities including CALM (Campaign Against Living Miserably), contributing towards its suicide prevention helpline. Additional support was provided to organisations such as Compass Counselling, YoungMinds and Open Door to help deliver vital mental health services.
Disability
Donations of £56,971 supported over 9,000 beneficiaries living with disabilities.
Funding was provided to Limb Power, a charity supporting amputees and individuals with limb differences, to help deliver a project enabling children to access cycling through bespoke prosthetics.
Hearing Dogs for Deaf People also received support for its partnership programme in Liverpool, providing practical assistance, companionship and increased independence for deaf individuals.
Further grants were awarded to organisations including Live Cheshire, supporting inclusive activities for disabled children and adults; Special Educational Needs Families Support Group, delivering advocacy and therapeutic services; and Fight for Sight, for its digital inclusion project.
Illness and Medical Conditions
The Foundation awarded £117,726 to charities supporting individuals with specific medical conditions.
The Neurotherapy Centre received funding towards a Neurological Physiotherapist role, delivering tailored therapy and support for individuals with conditions such as Parkinson’s and stroke.
Shift.MS was supported to enhance peer support services for individuals recently diagnosed with multiple sclerosis across the North West.
Epilepsy Action received funding towards its online learning resources, improving access to education and support across Merseyside.
Additional support was provided to cancer-related charities including Merseyside Against Blood Cancers, Rosemere Cancer Foundation and Maggie’s Wirral.
Hospices and Hospitals
Donations of £107,129 supported over 15,000 beneficiaries across hospice and hospital services.
St John’s Hospice in Lancaster received funding for specialist equipment to improve patient comfort, while St Ann’s Hospice in Cheadle was supported in its new hospice appeal. Wirral Hospice St John’s also received funding for essential patient equipment.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
REVIEW OF THE YEAR’S ACTIVITY (continued)
Music in Hospitals & Care was supported to deliver its “Musical Merseyside” project, bringing live music to people in healthcare settings to enhance wellbeing.
The Foundation also continued funding two key clinical roles:
-
The Medicash Nurse at The Clatterbridge Cancer Centre, supporting clinical trials
-
A Cardiology Practice Development Nurse at The Countess of Chester Hospital
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Grants Paid
| rants Paid | |
|---|---|
| £ | |
| Papyrus Prevention of YounG Suicide | 932 |
| SHINE | 1,000 |
| Kidney Research North West | 1,000 |
| The Neuromusculour Centre | 1,000 |
| Music in Hospitals and Care | 1,000 |
| Epilepsy Action | 1,000 |
| Clean up UK | 1,500 |
| The Callister trust | 2,000 |
| Sight advice South Lakes | 2,000 |
| The Reader Organisation | 2,000 |
| Talk First | 2,000 |
| Lennox Childrens Cancer Fund | 2,000 |
| The Pain Releif Foundation | 2,000 |
| Progressive Supranuclear Palsy Association | 2,000 |
| Shift MS | 2,000 |
| Spinal Muscular Atrophy UK | 2,000 |
| Crosby Riding for the Disabled Association | 2,104 |
| Jacob Billington Trust | 2,280 |
| MND Association | 2,500 |
| Team Oasis | 2,500 |
| West Coast Crash Wheelchair Rugby | 2,500 |
| Ruddi's Retreat | 2,500 |
| Deafblind UK | 2,500 |
| Young Lives V Cancer | 2,500 |
| Kings Trust (was the Princes Trust) | 2,500 |
| Space4Autism | 2,500 |
| Child Accident Prevention Trust | 2,500 |
| Cash for Kids | 2,500 |
| Asthma & Lung UK | 2,500 |
| Live Cheshire | 2,500 |
| Ovacome | 2,500 |
| Food Cycle | 2,500 |
| Open Door | 2,500 |
| Community Capacity Builders | 2,500 |
| Bury Hospice | 2,500 |
| Barnstondale | 2,500 |
| Wellbeing of Women | 3,000 |
| The Brain Charity | 3,000 |
| Francis House Chidren's Hospice | 3,000 |
| Holistic Cancer Centre | 3,000 |
| Young Minds | 3,000 |
| North West Air Ambulance | 3,000 |
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Grants Paid (continued)
| rants Paid (continued) | |
|---|---|
| £ | |
| Carlisle Youth Zone | 3,000 |
| The British Liver Trust | 3,000 |
| Cheshire Dance | 3,000 |
| Maggies Wirral | 3,000 |
| Sefton Opera | 3,000 |
| The Bren Project | 3,500 |
| Combat Stress | 3,500 |
| Tree of Hope | 3,500 |
| The Handicapped Childrens Action Group | 3,541 |
| St Mary's Hospice | 3,750 |
| The Derbyshire Community Healthcare S C Trust | 4,000 |
| Tranmere in the Community | 4,000 |
| Back Up | 4,000 |
| Compass Counselling | 4,000 |
| Dementia Together Wirral | 4,000 |
| The Wingate Centre | 4,000 |
| Limb Power | 4,000 |
| MPS Society | 4,000 |
| Make them Smile | 4,000 |
| Walking with the Wounded | 4,000 |
| Special Educational Needs Families Support Group | 4,000 |
| Woodlands Hospice | 4,200 |
| Neurotherapy Centre | 4,326 |
| Margaret Pyke Trust | 4,500 |
| Rosemere Cancer Foundation | 4,500 |
| Variety Children’s Charity | 4,826 |
| Cancer Care | 4,900 |
| L6 Community Association | 5,000 |
| Beep Doctors | 5,000 |
| End Furniture Poverty | 5,000 |
| Amy & Friends | 5,000 |
| St George Church | 5,000 |
| Aspire | 5,000 |
| Prevent Breast Cancer | 5,000 |
| The Joshua Tree | 5,000 |
| Make Seconds Count | 5,000 |
| Merseyside Against Blood Cancers | 5,000 |
| North Care | 5,000 |
| Counselling in the Community | 5,000 |
| The Breckfield Centre | 5,000 |
| Katie Piper Foundation | 5,000 |
| Rainbow Trust Children's Charity | 5,000 |
| Brainwave | 5,000 |
6
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Grants Paid (continued)
| Hearing Dogs | 5,000 |
|---|---|
| Kids Cancer Charity | 5,000 |
| Create Bolton | 5,000 |
| Fight for Sight | 5,000 |
| Eden Valley Hospice | 5,560 |
| Pure Insight | 6,000 |
| The Brain Tumour Charity | 6,000 |
| Campaign against living miserably (CALM) | 6,290 |
| St. John's Hospice Lancaster | 6,845 |
| St Johns Hospice | 7,274 |
| Clatterbridge Cancer Charity | 35,000 |
| The Countess Charity | 35,000 |
| 404,828 | |
| rants Committed | |
| £ | |
| Papyrus Prevention of YounG Suicide | 932 |
| Kidney Research North West | 1,000 |
| The Neuromusculour Centre | 1,000 |
| Music in Hospitals and Care | 1,000 |
| Epilepsy Action | 1,000 |
| London Hearts | 1,100 |
| Talk First | 2,000 |
| Lennox Childrens Cancer Fund | 2,000 |
| The Pain Releif Foundation | 2,000 |
| Progressive Supranuclear Palsy Association | 2,000 |
| Shift MS | 2,000 |
| Spinal Muscular Atrophy UK | 2,000 |
| Making Space | 2,000 |
| Meningitis Now | 2,000 |
| Crosby Riding for the Disabled Association | 2,104 |
| Jacob Billington Trust | 2,280 |
| Deafblind UK | 2,500 |
| Joss Searchlight | 2,500 |
| Young Lives V Cancer | 2,500 |
| Kings Trust (was the Princes Trust) | 2,500 |
| Space4Autism | 2,500 |
| Child Accident Prevention Trust | 2,500 |
| Cash for Kids | 2,500 |
| Asthma & Lung UK | 2,500 |
Grants Committed
7
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Grants Committed (continued)
| Grants Committed (continued) | |
|---|---|
| £ | |
| Live Cheshire | 2,500 |
| Ovacome | 2,500 |
| Food Cycle | 2,500 |
| Open Door | 2,500 |
| Community Capacity Builders | 2,500 |
| Bury Hospice | 2,500 |
| Barnstondale | 2,500 |
| Caritas | 2,500 |
| Spinal Injuries Association | 2,500 |
| Writing on the Wall | 2,800 |
| Young Minds | 3,000 |
| North West Air Ambulance | 3,000 |
| Leonard Cheshire | 3,000 |
| Bolton Lads and Girls Club | 3,000 |
| Carlisle Youth Zone | 3,000 |
| The British Liver Trust | 3,000 |
| Cheshire Dance | 3,000 |
| Burton Wheelchair Rugby Club | 3,000 |
| MASIC | 3,000 |
| Maggies Wirral | 3,000 |
| Sefton Opera | 3,000 |
| MedEquip4kids | 3,000 |
| Sepsis Research FEAT | 3,000 |
| Lancs Hospital Teaching Charity | 3,000 |
| The Great North Air Ambulance Service | 3,424 |
| Combat Stress | 3,500 |
| Tree of Hope | 3,500 |
| Compass Counselling | 4,000 |
| Dementia Together Wirral | 4,000 |
| The Wingate Centre | 4,000 |
| Triple C | 4,000 |
| Limb Power | 4,000 |
| MPS Society | 4,000 |
| Make them Smile | 4,000 |
| Walking with the Wounded | 4,000 |
| Special Educational Needs Families Support Group | 4,000 |
| Whizz Kidz | 4,000 |
| Nordoff Robbins | 4,000 |
| Neurotherapy Centre | 4,326 |
| Margaret Pyke Trust | 4,500 |
| Rosemere Cancer Foundation | 4,500 |
| Wirral Hospice St John's | 4,642 |
8
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Grants Committed (continued)
| rants Committed (continued) | |
|---|---|
| £ | |
| Cancer Care | 4,900 |
| Dementia Carers Count | 4,900 |
| St Anne's Hospice | 4,940 |
| Doctor Kershaw's Hospice | 4,976 |
| St George Church | 5,000 |
| Aspire | 5,000 |
| Prevent Breast Cancer | 5,000 |
| Variety Children’s Charity | 5,000 |
| The Joshua Tree | 5,000 |
| Make Seconds Count | 5,000 |
| Merseyside Against Blood Cancers | 5,000 |
| North Care | 5,000 |
| Counselling in the Community | 5,000 |
| The Breckfield Centre | 5,000 |
| Katie Piper Foundation | 5,000 |
| Rainbow Trust Children's Charity | 5,000 |
| Beep Doctors | 5,000 |
| Brainwave | 5,000 |
| Hearing Dogs | 5,000 |
| Kids Cancer Charity | 5,000 |
| Create Bolton | 5,000 |
| Fight for Sight | 5,000 |
| Manchester Foundation Trust | 5,000 |
| Pure Insight | 6,000 |
| The Brain Tumour Charity | 6,000 |
| Campaign against living miserably (CALM) | 6,290 |
| St Johns Hospice | 7,598 |
| The Countess Charity | 140,000 |
| North West Ambulance Service | 140,000 |
| 606,712 |
9
Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
PLANS FOR FUTURE PERIODS
The Trustee considers the future prospects of the Foundation to be strong and is confident in its ability to continue supporting a wide range of charitable initiatives.
The Foundation will continue to deliver its grant-making activities in line with its charitable objectives, with a focus on supporting health and wellbeing charities across its core regions.
The Foundation benefits from the ongoing support of Medicash Health Benefits Limited, whose long-term strategy is to provide support to ensure that donations of at least £750,000 per year can be made by the Foundation, subject to financial performance and Board approval.
In addition, the Foundation’s reserves position provides further financial resilience, enabling it to maintain consistent levels of grant funding and respond flexibly to emerging charitable needs.
The Trustee will continue to review funding levels, reserves and grant-making priorities to ensure the Foundation maximises its charitable impact in a sustainable manner.
RESERVES AND FINANCIAL POSITION AT THE YEAR END
The Trustee maintains a reserves policy to ensure that the Foundation holds an appropriate level of funds to support the continuity of its charitable activities and to manage financial risk in line with Charity Commission guidance.
During the year, the Trustee formally reviewed and approved a refined reserves framework, which clarifies the Foundation’s approach to the management, monitoring and use of reserves. The policy sets a target range for free reserves of £400,000 to £600,000, reflecting the Foundation’s grant-making commitments and its reliance on annual funding from Medicash Health Benefits Limited.
At the year end, the Foundation’s level of free reserves was above the target range set by the Trustee.
Given the strength of the Foundation’s reserves position, no operating donation has been requested from Medicash Health Benefits Limited for the current year. The Trustee is satisfied that existing reserves, together with investment income, are sufficient to meet the Foundation’s planned grant-making commitments for at least the next 12 months.
At the year end the level of reserves in the fund was £1,699,888 (2024: £2,056,777). The Trustee will continue to monitor reserve levels on a regular basis to ensure they remain appropriate to the Foundation’s activities and strategic objectives.
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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
TRUSTEE REPORT (CONTINUED)
Financial risk (continued)
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 £56,384 (2024: £49,299) and the market value of investments was £1,189,873 (2024: £1,133,458).
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 April 17, 2026 ……………………..
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
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 2025 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 2025 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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
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.
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 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:
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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;
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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;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Reviewing correspondence with the Charities Commission; and
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Reviewing all sources of income to provide assurance that income per the accounts is complete
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
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 17/04/2026
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).
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) Year ended 31 December 2025
| Note Incoming resources Incoming resources from generated funds Donations and legacies 13 Investments 4 Other Income Total incoming resources Resources expended Raising funds Charitable activities Grants payable in furtherance of the charity’s objects 1 Other 5 Total resources expended Net incoming resources before transfers Other recognised gains and losses Gain on investment assets 7 Net movement in funds Total funds brought forward at 1 January Total funds carried forward at 31 December |
2025 £ - 56,384 1,582 57,966 (466,712) (27,830) (494,542) (436,576) 79,687 (356,889) 2,056,777 1,699,888 |
2024 £ 350,000 49,299 46,679 |
|---|---|---|
| 445,978 | ||
| (359,946) (15,200) |
||
| (375,146) | ||
| 70,832 54,782 |
||
| 125,614 1,931,163 |
||
| 2,056,777 |
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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
BALANCE SHEET AS AT 31 December 2025
| Note FIXED ASSETS Investments 7 TOTAL FIXED ASSETS CURRENT ASSETS Debtors 8 Cash at bank and in hand TOTAL CURRENT ASSETS CREDITORS: amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 10 NET ASSETS TOTAL CHARITY FUNDS |
Total 2025 £ 1,189,873 1,189,873 - 860,706 860,706 (210,691) 650,015 1,839,888 (140,000) 1,699,888 1,699,888 |
Total 2024 £ 1,133,458 1,133,458 374,750 830,481 1,205,231 (176,912) 1,028,319 2,161,777 (105,000) 2,056,777 2,056,777 |
|---|---|---|
April 17, 2026
The financial statements on pages 15 to 22 were approved by the Trustee on ………………… and were signed on its behalf by:
A Roberts
The Medicash Foundation
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
CASH FLOW STATEMENT Year ended 31 December 2025
| Notes Cash outflow from operating activities 12 Interest received 4 Net cash outflow from operating activities Cash flows from investing activities Purchase of ordinary share and debt securities Sale of ordinary shares and debt securities Dividends received Net cash inflow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2025 £ (49,431) 37,473 (11,958) (51,667) 74,939 18,911 42,183 30,225 830,481 860,706 |
2024 £ (103,593) 23,894 |
|---|---|---|
| (79,699) (318,005) 324,317 25,405 |
||
| 31,717 | ||
| (47,982) 878,463 |
||
| 830,481 |
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025
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, cash flows and liquidity requirements.
The Charity maintains a strong reserves position, with total funds of £1,699,888 at the year end (2024: £2,056,777), providing sufficient resources to support its planned grant-making activities and operational commitments. Forecasts indicate that the Charity will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
While the Charity benefits from the ongoing support of its ultimate parent company, Medicash Health Benefits Limited, no donation has been assumed in 2025, reflecting the current level of free reserves, which are sufficient to meet the Charity’s funding requirements.
Accordingly, the Trustee considers 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.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025
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 Grants written back Grants paid Grants returned Balance at 1 January Balance at 31 December |
2025 £ 606,712 (140,000) 466,712 (404,828) - 61,884 271,721 333,605 |
2024 £ 373,446 (13,500) |
|---|---|---|
| 359,946 (362,413) - |
||
| (2,467) 274,188 |
||
| 271,721 |
Included within creditors due within one year is £193,605 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 (2024: Nil).
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025
4. INVESTMENT INCOME
All the investment income arises from investment assets in the United Kingdom.
| Dividends – listed investments Interest – listed investments Bank interest |
Total 2025 £ 18,911 5,013 32,460 56,384 |
Total 2024 £ 25,405 4,349 19,545 |
|---|---|---|
| 49,299 |
5. SUPPORT COSTS INCLUDING GOVERNANCE COSTS
| Audit Investment fees Other resources expended |
Total 2025 £ 10,440 4,844 12,546 27,830 |
Total 2024 £ 10,491 4,709 - 15,200 |
|---|---|---|
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 2025 (2024: Nil).
7. INVESTMENTS
| Fair value at 1 January Additions Disposals Scrip Dividend Net profit / (loss) on disposals Net unrealised investment gain Fair value at 31 December Historical cost as at 31 December |
2025 £ 1,133,458 51,667 (74,939) - 4,651 75,036 1,189,873 904,147 |
2024 £ 1,084,988 318,005 (324,317) 793 (34,438) 88,427 1,133,458 922,768 |
|---|---|---|
The investments were managed by Rathbone Investment Management Ltd, an authorised investment institution, who has provided the market values.
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025
| 8. DEBTORS 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Amounts from Medicash Health Benefits Limited (see note 13) 6,004 Grants (see note 1) 193,605 Other creditors 11,082 210,691 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Grants (see note 1) 140,000 140,000 11. TAXATION 2025 £ Amounts due from Medicash Health Benefits Limited (see note 13) - Accrued Income - - |
2024 £ - 166,721 10,191 176,912 2024 £ 105,000 105,000 2024 £ 350,000 24,750 374,750 |
|---|---|
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
| 2025 £ Net movement in funds (356,889) Investment income (56,384) Decrease / (increase) in debtors 374,750 Increase) / (decrease) in creditors 68,779 Realised (gain) / loss on investments (4,651) Unrealised gain on investments (75,036) Net cash outflow from operating activities (49,431) |
2024 £ 125,614 (49,299) (124,750) (376) 33,645 (88,427) (103,593) |
|---|---|
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Docusign Envelope ID: 1176E97C-1ED6-4439-8ABF-F68C10CD71D2
THE MEDICASH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025
13. RELATED PARTY
Medicash Health Benefits Limited is a health benefits insurance company with earned premiums in 2025 of £70,856,914 (2024: £61,741,760). 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 £nil (2024: £350,000) from Medicash Health Benefits Limited. No donation was made in 2025 as the Foundation’s level of free reserves exceeded the target range established by the Trustee.
At the year end the amounts due from Medicash Health Benefits Limited to The Medicash Foundation were £nil (2024: £350,000). At the year end the amounts due to Medicash Health Benefits Limited from The Medicash Foundation were £6,004 (2024: £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.
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