REGISTERED CHARITY NUMBER: 326927
Report of the Trustees and
Financial Statements
for the Year Ended 31 July 2024
for
THE MEDLOCK CHARITABLE TRUST
THE MEDLOCK CHARITABLE TRUST
Contents of the Financial Statements FOR THE YEAR ENDED 31 JULY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 24 |
| Detailed Statement of Financial Activities | 25 |
THE MEDLOCK CHARITABLE TRUST
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2024
The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
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to make donations to other registered charities
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to make donations to universities or other establishments for educational purposes; and
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to make donations to local community charities in any part of the country.
The trustees have identified the City of Bath and the Borough of Boston as the principal, but not exclusive, areas in which the charity is and will be proactive. These areas have been specifically chosen as the founder of the charity had strong connections with the City of Bath, the home of the charity, and had family connections of long standing with the Borough of Boston.
To date, the charity has supported and funded a number of projects in these areas by making substantial grants. These grants have been made to fund projects in the areas of education, medicine, research and social services all for the benefit of the local community. The trustees also receive many applications for assistance from many diverse areas in the United Kingdom. These are all considered sympathetically. The list of grants in the notes to the accounts indicates the diverse areas in which the charity has made grants.
Grants to individuals and students cannot be considered.
There have been no changes in the charity's objects or policies during the year.
Public benefit
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, in planning future activities, and setting the grant making policy for the year.
The general scope of the charity's objectives ensures that a diverse range of deserving applicants will benefit from the charity's funds, as reflected in the list of grant recipients shown in the accounts for the year under review. As previously stated, the trustees have identified the City of Bath and the Borough of Boston as the principal areas of the charity's activities. However, applications for assistance from areas throughout the United Kingdom are considered sympathetically.
Page 1
THE MEDLOCK CHARITABLE TRUST
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The year 2023/2024 continued to be a busy year with grants paid or new commitments increasing from £1,146,474 in 2022/2023 to £1,753,323 in 2023/2024.
As noted in our 2023 accounts, the impact of the grant committed in 2022 of £1,000,000 to St John Ambulance has had the desired effect and motivated groups across the country to fund raise and re-equip their vehicle needs. A further payment of £500,000 of our £1,000,000 commitment was paid out during the year leaving a balancing commitment of £250,000 on 31 July 2024.
A total of 19 new pledges were made in 2023/2024 totalling £819,700 of which £160,000 was paid. New Pledges included Bristol Zoological Society for £75,000, Dorothy House Hospice for £75,000, Exeter Cathedral £50,000, The Gurkha Welfare Trust for £67,500 and Wells Cathedral for £200,000.
Grants of £933,623 were paid as one-off payments during the year.
Total pledges outstanding on 31 July 2024 was £2,040,700 compared to £2,564,151 at 31 July 2023.
As in previous years, there are a number of grants which we are committed to which will be dependent on other fundraising, but the commitment will hopefully inspire others. This is in keeping with the policy of trying to keep any grant to no more than a third of the total cost of a project and using our commitment to encourage others.
We have continued our policy of distributing smaller grants up to £25,000 and mainly within the £5-15,000 bracket. In total 115 grants were made in the year plus an additional grant to the Royal United Hospital Charitable Fund of £208,548. However, without paid staff this can be extremely time consuming and has certain limitations. Although highly selective, we will continue to look for projects where our funds can create leverage and make a significant difference.
Fundraising activities
The Trust continues to rely on the Medlock family and group of companies for donations. Total contributions received during the year amounted to £500,000 (2023: £1,250,000) from family companies.
FINANCIAL REVIEW
Financial position
Investment income increased in the year from £733,603 to £781,878.
The value of the investment portfolio (excluding investment properties and social investments) increased from £36m to just over £38m.
Total funds increased by £2,131,487 to £38,177,233 (2023 - £36,045,746).
The trustees intend to maintain the target of £2m in donations per annum. Donations of £1,753,323 were made in the year (2023 - £1,146,474).
FUTURE PLANS
The website continues to be more positive than negative by increasing the number of applications many of which are in non-priority areas. We are still on target to donate £50m in 40 years and if you include our sister charity, The Coles-Medlock Foundation, also funded by the Medlock family then that has already been achieved.
The search for significant donations which either leverage other funds or unblock a potential pathway, is still underway but opportunities remain limited.
Page 2
THE MEDLOCK CHARITABLE TRUST
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity's objects and regulations are regulated by a trust deed dated 1st July 1985, together with a Deed of Variation dated 5th December 1996 and, under the deed, the charity is constituted as an unincorporated association.
The trustees meet on a regular basis. At each meeting, the trustees monitor the progress of current projects in respect of which the charity is providing funding and consider new applications for grants.
The trustees also seek independent advice as to the policies relating to the investment of the charity's funds and seek other independent professional advice from solicitors, accountants and other professionals, when required.
If the trustees are in doubt on any complex matter, this is always referred to the Charity Commissioners for a decision and advice before any action is implemented.
The charity's administration is centred in Bath and is carried out under the supervision of the trustees by competent personnel.
In accordance with a Deed of Variation signed on 5th December 1996, the power to appoint new or additional trustees now vests in Mr D J Medlock following the death of Mr L Medlock in April 2013.
Any transactions between the charity and related parties are disclosed in note 18 to the accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
326927
Principal address
St George’s Lodge 33 Oldfield Road Bath BA2 3NE
Trustees
D J Medlock Mrs J M Medlock (deceased 23.1.24) P J Medlock M T Goodman SJ Medlock Ms R J Kupa (appointed 18.10.24)
Auditors
Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 3
THE MEDLOCK CHARITABLE TRUST
Report of the Trustees FOR THE YEAR ENDED 31 JULY 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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 order of the board of trustees on 31 January 2025 and signed on its behalf by:
D J Medlock - Trustee
Page 4
Report of the Independent Auditors to the Trustees of The Medlock Charitable Trust
Opinion
We have audited the financial statements of The Medlock Charitable Trust (the 'charity') for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 trustees' 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. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of The Medlock Charitable Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.
Page 6
Report of the Independent Auditors to the Trustees of The Medlock Charitable Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined that the following laws and regulations were most significant: UK GAAP, The Charities Act 2011 and the Charities SORP.
• We obtained an understanding of how the charity is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations.
• We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
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Identifying and assessing the controls management has in place to prevent and detect fraud;
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Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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Challenging assumptions and judgments made by management in its significant accounting estimates and judgments,
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Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
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Assessing the extent of compliance with the relevant laws and regulations.
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 Report of the Independent Auditors.
Page 7
Report of the Independent Auditors to the Trustees of The Medlock Charitable Trust
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 auditors' 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.
Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL
31 January 2025
Page 8
THE MEDLOCK CHARITABLE TRUST
Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grants payable Support and governance costs Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 Unrestricted Total fund funds £ £ 500,000 1,250,000 781,878 733,603 1,281,878 1,983,603 248,850 257,936 1,753,323 1,146,474 6,546 8,207 2,008,719 1,412,617 2,858,328 (75,113) 2,131,487 495,873 36,045,746 35,549,873 38,177,233 36,045,746 |
|---|---|
The notes form part of these financial statements
Page 9
THE MEDLOCK CHARITABLE TRUST
Balance Sheet 31 JULY 2024
| Notes FIXED ASSETS Tangible assets 10 Investments Investments 11 Investment property 12 Social investments 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2024 2023 Unrestricted Total fund funds £ £ 50,000 50,000 38,052,787 36,397,021 2,000,000 2,000,000 93,750 31,250 40,196,537 38,478,271 25,023 68,359 74,447 119,762 99,470 188,121 (1,278,774) (1,250,646) (1,179,304) (1,062,525) 39,017,233 37,415,746 (840,000) (1,370,000) 38,177,233 36,045,746 38,177,233 36,045,746 38,177,233 36,045,746 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2025 and were signed on its behalf by:
D J Medlock - Trustee
The notes form part of these financial statements
Page 10
THE MEDLOCK CHARITABLE TRUST
Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Purchase of social investments Sale of fixed asset investments Rent received from investment properties Interest received Dividends received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (1,967,188) (1,967,188) (10,169,732) (62,500) 11,372,227 158,424 1,401 622,053 1,921,873 (45,315) 119,762 74,447 |
2023 £ (985,518) (985,518) (6,472,416) - 6,702,938 180,834 716 552,053 964,125 (21,393) 141,155 119,762 |
|---|---|---|
The notes form part of these financial statements
Page 11
THE MEDLOCK CHARITABLE TRUST
Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 2,131,487 | 495,873 | |
| Adjustments for: | |||
| (Gain)/losses on investments | (2,858,261) | 75,113 | |
| Interest received | (1,401) | (716) | |
| Dividends received | (622,053) | (552,053) | |
| Rents received from investment property | (158,424) | (180,834) | |
| Decrease/(increase) in debtors | 43,336 | (58,130) | |
| Decrease in creditors | (501,872) | (764,771) | |
| Net cash used in operations | (1,967,188) | (985,518) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.8.23 | Cash flow | At 31.7.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 119,762 | (45,315) | 74,447 |
| 119,762 | (45,315) | 74,447 | |
| Total | 119,762 | (45,315) | 74,447 |
The notes form part of these financial statements
Page 12
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Medlock Charitable Trust is a charity set up in England. The address of the principal office is given in the charity information on page 3 of these financial statements.
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising funds includes fees paid to investment advisers and costs associated with the investment properties;
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Expenditure on charitable activities includes grants made to charities; and
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Other expenditure represents those items not falling into the categories above.
continued...
Page 13
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES - continued
Expenditure
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity and include the audit fee.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - nil Freehold buildings - 2% on cost
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Other investments are measured at cost less impairment.
Mixed motive investments are held for financial return but also contribute to the charity's purposes.
Cash held for investment purposes is included on the balance sheet as investments.
Investment property
Investment property is shown at most recent valuation and are measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
The charity is registered for VAT.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The charity has no designated funds at present.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The charity has no restricted funds at present.
continued...
Page 14
THE MEDLOCK CHARITABLE TRUST Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The charity has no endowment funds at present.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Cash and short term investments
Cash at bank is held to meet short term cash commitments as they fall due rather than for investment purposes and includes all equivalent cash held in the form of short-term highly liquid investments (deposits).
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Judgements in applying policies and key sources of estimation uncertainty
In the application of the charity's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
During the year there were no judgements in applying the accounting policies and key sources of estimation uncertainty which materially affected the financial statements.
continued...
Page 15
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Rents received Dividends and interest from listed investments Deposit account interest 4. RAISING FUNDS Investment management costs Investment management fees Property costs Legal and professional fees 5. CHARITABLE ACTIVITIES COSTS Grants payable Support and governance costs |
Grant funding of activities (see note 6) £ 1,753,323 - 1,753,323 |
2024 £ 500,000 2024 £ 158,424 622,053 1,401 781,878 2024 £ 194,829 52,103 1,918 248,850 Support costs (see note 7) £ - 6,546 6,546 |
2023 £ 1,250,000 |
2023 £ 1,250,000 |
|
|---|---|---|---|---|---|
| 2023 £ 180,834 552,053 716 733,603 2023 £ 225,490 32,446 - 257,936 Totals £ 1,753,323 6,546 |
2023 £ 180,834 552,053 716 |
||||
| 733,603 | |||||
| 2023 £ 225,490 32,446 - |
|||||
| 257,936 | |||||
| 1,759,869 |
continued...
Page 16
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
6. GRANTS PAYABLE
| Grants to | Grants to | |||
|---|---|---|---|---|
| institutions | individuals | 2024 Total | 2023 Total | |
| £ | £ | |||
| Royal United Hospital Charitable Fund | 208,548 | - | 208,548 | - |
| Wells Cathedral | 200,000 | - | 200,00 | - |
| Bristol Zoological Society | 75,000 | - | 75,000 | - |
| Dorothy House Hospice | 75,000 | - | 75,000 | - |
| The Gurkha Welfare Trust | 67,500 | - | 67,500 | - |
| The National Trust | 60,000 | - | 60,000 | - |
| Exeter Cathedral | 50,000 | - | 50,000 | - |
| Bath Festivals Ltd | 45,000 | - | 45,000 | 21,450 |
| Designability | 45,000 | - | 45,000 | - |
| Developing Health and Independence | 45,000 | - | 45,000 | - |
| Southmead Hospital Charity | 35,000 | - | 35,000 | - |
| Bradford on Avon Town Council | 32,200 | - | 32,200 | 25,000 |
| Bath Carnival | 30,000 | - | 30,000 | 20,000 |
| More Trees for BANES | 30,000 | - | 30,000 | - |
| Age UK | 25,000 | - | 25,000 | 10,000 |
| The Park Centre | 25,000 | - | 25,000 | - |
| Centrepoint Outreach | 20,000 | - | 20,000 | - |
| Christ Church - Bradford-on-Avon | 20,000 | - | 20,000 | - |
| King Edward's School (Bath) | 17,250 | - | 17,250 | 16,275 |
| Sporting Family Change Foundation | 17,000 | - | 17,000 | 23,750 |
| Bath City Farm | 15,000 | - | 15,000 | - |
| Bath Mind | 15,000 | - | 15,000 | 10,000 |
| Genesis Trust | 15,000 | - | 15,000 | 10,000 |
| Gloucestershire Cricket Foundation | 15,000 | - | 15,000 | 15,000 |
| Hestercombe Gardens Trust | 15,000 | - | 15,000 | - |
| Hope for Tomorrow | 15,000 | - | 15,000 | - |
| SSAFA (Wiltshire) | 15,000 | - | 15,000 | - |
| Step Together Volunteering | 15,000 | - | 15,000 | - |
| Turn to Starboard | 15,000 | - | 15,000 | - |
| Central Bank of St. Botolph's | 12,500 | - | 12,500 | 30,000 |
| Empire Fighting Chance | 12,000 | - | 12,000 | - |
| Bath Area Play Project | 10,000 | - | 10,000 | - |
| Broadway Lodge Limited | 10,000 | - | 10,000 | - |
| Citizens Advice Mid Lincolnshire | 10,000 | - | 10,000 | 10,000 |
| Focus Counselling | 10,000 | - | 10,000 | - |
| Friends of Jubilee Pool (Bristol) | 10,000 | - | 10,000 | - |
| Grandfriends | 10,000 | - | 10,000 | - |
| Key4Life CIO | 10,000 | - | 10,000 | - |
| Off the Record - Bath & North East Somerset | 10,000 | - | 10,000 | - |
| Penny Brohn UK | 10,000 | - | 10,000 | - |
| Percy Community Centre | 10,000 | - | 10,000 | - |
| Sixty-One | 10,000 | - | 10,000 | 10,000 |
| The Lindsay Leg Club Foundation | 10,000 | - | 10,000 | - |
| The Somerset Masonic Charity | 10,000 | - | 10,000 | 15,000 |
| The Special Boat Service Association | 10,000 | - | 10,000 | - |
| VOICES | 10,000 | - | 10,000 | - |
| Voyage Education | 10,000 | - | 10,000 | - |
| Threeways School | - | - | - | 165,000 |
| Boston College | - | - | - | 100,000 |
continued...
Page 17
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
| The Society of Merchant Venturers | - | - | - | 100,000 |
|---|---|---|---|---|
| The Holburne Museum | - | - | - | 90,000 |
| Prior Park Schools | - | - | - | 50,000 |
| Youth Connect South West | - | - | - | 45,000 |
| Bradford on Avon Boat Club | - | - | - | 25,000 |
| SSAFA Somerset | - | - | - | 25,000 |
| Combe Down C of E Primary School | - | - | - | 15,000 |
| Samaritans of Boston Lincolnshire | - | - | - | 15,000 |
| The Duke of Edinburgh's Award | - | - | - | 15,000 |
| The Key - Unlock Potential | - | - | - | 15,000 |
| Wiltshire Music Centre Trust Ltd | - | - | - | 15,000 |
| Alive Activities Ltd | - | - | - | 10,000 |
| ARK at Egwood | - | - | - | 10,000 |
| Beckington First School | - | - | - | 10,000 |
| BillyChip | - | - | - | 10,000 |
| Bookmark Reading Charity | - | - | - | 10,000 |
| Boston Volunteer Centre Charity | - | - | - | 10,000 |
| Gympanzees | 5,000 | - | 5,000 | 10,000 |
| Hilperton Cof E VC Primary School | - | - | - | 10,000 |
| Lincolnshire Youth Mission | - | - | - | 10,000 |
| Mentoring Plus Bath & North East Somerset | - | - | - | 10,000 |
| RAF Benevolent Fund Donations | - | - | - | 10,000 |
| St. Bartholomews Church | - | - | - | 10,000 |
| Staverton Cof E VC Primary School | - | - | - | 10,000 |
| The Mead School | - | - | - | 10,000 |
| The Nelson Trust | - | - | - | 10,000 |
| The Palace Trust | - | - | - | 10,000 |
| The Wheels Project Ltd | 5,000 | - | 5,000 | 10,000 |
| Voices For Life | - | - | - | 10,000 |
| Bath Recreation Limited | - | - | - | 7,000 |
| Grants under £10,000 | 291,325 | - | 291,325 | 210,199 |
| Cancelled commitments | - | - | - | (142,200) |
| 1,753,323 | - | 1,753,323 | 1,146,474 | |
7. SUPPORT COSTS
Support and governance costs
Governance costs £ 6,546
continued...
Page 18
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
7. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| Support costs, included in the above, are as follows: | ||
|---|---|---|
| 2024 | 2023 | |
| Support | ||
| and | ||
| governance | Total | |
| costs | activities | |
| £ | £ | |
| Auditors' remuneration | 3,402 | 5,256 |
| Auditors' remuneration for non audit work | 3,000 | 2,819 |
| Bank charges | 144 | 132 |
| 6,546 | 8,207 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Grants payable Support and governance costs Total Net gains/(losses) on investments NET INCOME |
Unrestricted fund £ 1,250,000 733,603 1,983,603 257,936 1,146,474 8,207 1,412,617 (75,113) 495,873 |
|---|---|
continued...
Page 19
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1 August 2023 and 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 |
Unrestricted fund £ 35,549,873 36,045,746 Freehold property £ 50,000 50,000 50,000 |
|---|---|
10. TANGIBLE FIXED ASSETS
Tangible fixed assets consist of one freehold piece of land which is used in furtherance of the charitable objectives of the Trust and leased to a charitable association at nil rent. The trustees consider it appropriate that the asset continues to be held at book cost.
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 August 2023 Additions Disposals Change in market value At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 |
Listed investments £ 36,088,426 10,111,595 (11,372,227) 2,858,261 37,686,055 37,686,055 36,088,426 |
Cash and settlements pending £ 308,595 58,137 - - 366,732 366,732 308,595 |
Totals £ 36,397,021 10,169,732 (11,372,227) 2,858,261 38,052,787 38,052,787 36,397,021 |
|---|---|---|---|
There were no investment assets outside the UK.
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
continued...
Page 20
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
12. INVESTMENT PROPERTY
| FAIR VALUE At 1 August 2023 and 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 |
£ 2,000,000 |
|---|---|
| 2,000,000 | |
| 2,000,000 |
The property investments were valued at 31 July 2016 by trustee, David Medlock, using all available market information. An impairment review was carried out at 31 July 2023 by the trustees, based on a professional valuation, and concluded that the properties are not materially misstated.
13. SOCIAL INVESTMENTS
| MARKET VALUE At 1 August 2023 Additions At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 |
Mixed motive investments £ 31,250 62,500 93,750 93,750 31,250 |
|---|---|
The investment of £93,750 in Kin Fund Services reflects the first drawdowns of a commitment of £500,000.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other debtors Prepayments and accrued income |
2024 £ 18,130 6,893 25,023 |
2023 £ 68,203 156 |
| 68,359 |
continued...
Page 21
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors VAT Other creditors Accruals and deferred income Grants payable 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE Grants payable 17. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,281,878 TOTAL FUNDS 1,281,878 |
Trade creditors VAT Other creditors Accruals and deferred income Grants payable 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE Grants payable 17. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,281,878 TOTAL FUNDS 1,281,878 |
THAN ONE At 1.8.23 £ 36,045,746 36,045,746 Resources expended £ (2,008,719) (2,008,719) |
2024 £ 6,968 8,526 16,800 45,780 1,200,700 1,278,774 YEAR 2024 £ 840,000 Net movement in funds £ 2,131,487 2,131,487 Gains and losses £ 2,858,328 2,858,328 |
2023 £ 58 8,876 - 47,561 1,194,151 1,250,646 2023 £ 1,370,000 At 31.7.24 £ 38,177,233 38,177,233 Movement in funds £ 2,131,487 2,131,487 |
|
|---|---|---|---|---|---|
continued...
Page 22
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.22 £ 35,549,873 35,549,873 |
Net movement in funds £ 495,873 495,873 |
At 31.7.23 £ 36,045,746 |
|---|---|---|---|
| 36,045,746 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,983,603 1,983,603 |
Resources expended £ (1,412,617) (1,412,617) |
Gains and losses £ (75,113) (75,113) |
Movement in funds £ 495,873 |
|---|---|---|---|---|
| 495,873 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.22 £ 35,549,873 35,549,873 |
Net movement in funds £ 2,627,360 2,627,360 |
At 31.7.24 £ 38,177,233 |
|---|---|---|---|
| 38,177,233 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 3,265,481 3,265,481 |
Resources expended £ (3,421,336) (3,421,336) |
Gains and losses £ 2,783,215 2,783,215 |
Movement in funds £ 2,627,360 |
|---|---|---|---|---|
| 2,627,360 |
continued...
Page 23
THE MEDLOCK CHARITABLE TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2024
18. RELATED PARTY DISCLOSURES
During the year, aggregate donations of £500,000 (2023: £1,250,000) were received from trustees and other related parties.
During the previous year, grants totalling £21,450 were awarded to Bath Festivals. Mr P Medlock was also a trustee for Bath Festivals until February 2023.
Mr D Medlock is also a trustee for The Somerset Masonic Charity. Grants totalling £10,000 were awarded to The Somerset Masonic Charity (2023: £15,000).
Page 24
THE MEDLOCK CHARITABLE TRUST
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Dividends and interest from listed investments Deposit account interest Total incoming resources EXPENDITURE Investment management costs Investment management fees Property costs Legal and professional fees Charitable activities Grants to institutions Support costs Governance costs Auditors' remuneration Auditors' remuneration for non audit work Bank charges Total resources expended Net (expenditure)/income before gains and losses Net gains/losses Net gains(losses) on investments Foreign exchange losses/gains on investments Net income |
2024 £ 500,000 158,424 622,053 1,401 781,878 1,281,878 194,829 52,103 1,918 248,850 1,753,323 3,402 3,000 144 6,546 2,008,719 (726,841) 2,858,261 67 2,131,487 |
2023 £ 1,250,000 180,834 552,053 716 733,603 1,983,603 225,490 32,446 - 257,936 1,146,474 5,256 2,819 132 8,207 1,412,617 570,986 (75,993) 880 495,873 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 25