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2025-07-31-accounts

REGISTERED CHARITY NUMBER: 326927

Report of the Trustees and

Financial Statements for the Year Ended 31 July 2025

for

The Medlock Charitable Trust

O'Sullivan Hughes Audit Limited 185 Wellsway Keynsham Bristol BS31 1JJ

The Medlock Charitable Trust

Contents of the Financial Statements for the Year Ended 31 July 2025

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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 27
Detailed Statement of Financial Activities 28 to 29
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The Medlock Charitable Trust

Reference and Administrative Details for the Year Ended 31 July 2025

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||| |---|---| |TRUSTEES|D J Medlock| |M T Goodman| |P J Medlock| |S J Medlock| |R J Kupa (appointed 18.10.2024)| |PRINCIPAL ADDRESS|Suite 4| |St George's Lodge| |33 Oldfield Road| |Bath| |BA2 3NE|

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REGISTERED CHARITY NUMBER 326927

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||| |---|---| |INDEPENDENT AUDITORS|O'Sullivan Hughes Audit Limited| |185 Wellsway| |Keynsham| |Bristol| |BS31 1JJ|

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Page 1

The Medlock Charitable Trust

Report of the Trustees for the Year Ended 31 July 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 July 2025. 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:

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 2

The Medlock Charitable Trust

for the Year Ended 31 July 2025

Report of the Trustees

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

2025 has continued to be an extremely busy year with grants being paid or committed amounting to £4,322,260, an increase of £2,568,937 on 2024.

A total of 33 new pledges were made in the 2024/2025 year totalling £3,401,880 of which £365,305 was paid. Payments in respect of pledges from earlier years amounted to £449,700.

New Pledges included £480,000 to The Duke of Edinburgh's Award - Youth without Limits, £520,000 to The Duke of Edinburgh's Award-Conceptual Work, and £1,000,000 to the Royal Marines Museum. A full list of grants and pledges is included in note 7 to the accounts.

Total Pledges outstanding on 31 July 2025 was £4,627,575, an increase of £2,586,875 on 31 July 2024.

As in previous years, there are several 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 which this year ranged from in general from £1,000 to £30,000, with additional grants of £52,820 to Bristol and Weston Hospitals, £58,919 to RUH Charitable Fund and £50,000 to up to The New Provincial Benevolent.

Total one off Grants were made to 131 Charities and totalled £920,380 (2024: £933,623).

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 £263,153 (2024: £500,000) from family companies. In addition, we received £389 in donations in memory of Jack Welham.

FINANCIAL REVIEW

Financial position

Investment income increased in the year from £781,878 to £883,376.

The value of the investment portfolio (excluding investment properties and social investments) increased from £38million to £39 million.

The Charity's investment property was revalued during the year from £2 million to £2.7 million.

The Trustees intend to maintain the target of an average of £2m in donations per annum. Donations of £4,322,260 were made in the year (2024 - £1,753,323).

FUTURE PLANS

Our aim is to be continuing to manage the charity as we currently do and making charitable donations that make an impact as much as possible. 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.

We continue the search for significant donations which either leverage other funds or unblock a potential pathway, is still underway but opportunities remain limited.

Page 3

The Medlock Charitable Trust

Report of the Trustees for the Year Ended 31 July 2025

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.

Recruitment and appointment of new trustees

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.

Decision making

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.

Related parties

Any transactions between the charity and related parties are disclosed in note 20 to the accounts.

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).

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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

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 and The Charity (Accounts and Reports) Regulations 2008. 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.

Page 4

The Medlock Charitable Trust

Report of the Trustees for the Year Ended 31 July 2025

Approved by order of the board of trustees on 27 May 2026 and signed on its behalf by:

D J Medlock - Trustee

Page 5

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 2025 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).

In our opinion the financial statements:

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.

Page 6

Report of the Independent Auditors to the Trustees of The Medlock Charitable Trust

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:

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 7

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:

o We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operate. We determined that the following laws and regulations were most significant: The Charities Act 2011, The Charities SORP and UK GAAP.

o We obtained an understanding of how the charity are 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 corroborated our enquiries through our review of correspondence with regulatory bodies.

o 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:

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 risks 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 8

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.

O'Sullivan Hughes Audit Limited 185 Wellsway Keynsham Bristol BS31 1JJ 29 May 2026

Page 9

The Medlock Charitable Trust

Statement of Financial Activities for the Year Ended 31 July 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grants payable
Support and governance costs
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
2024
Unrestricted
Total
fund
funds
£
£
263,543
500,000
600
-
883,376
781,878
1,147,519
1,281,878
281,676
248,850
4,322,260
1,753,323
19,943
6,546
4,623,879
2,008,719
2,984,520
2,858,328
(491,840)
2,131,487
38,177,233
36,045,746
37,685,393
38,177,233

The notes form part of these financial statements

Page 10

The Medlock Charitable Trust

Balance Sheet

31 July 2025

Notes
FIXED ASSETS
Tangible assets
12
Investments
Investments
13
Investment property
14
Social investments
15
CURRENT ASSETS
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
18
NET ASSETS
FUNDS
19
Unrestricted funds
TOTAL FUNDS		 2025
2024
Unrestricted
Total
fund
funds
£
£
50,000
50,000
39,259,665
38,052,787
2,700,000
2,000,000
110,987
93,750
42,120,652
40,196,537
996
25,023
267,777
74,447
268,773
99,470
(1,208,032)
(1,278,774)
(939,259)
(1,179,304)
41,181,393
39,017,233
(3,496,000)
(840,000)
37,685,393
38,177,233
37,685,393
38,177,233
37,685,393
38,177,233

The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2026 and were signed on its behalf by:

D J Medlock - Trustee

The notes form part of these financial statements

Page 11

The Medlock Charitable Trust

Cash Flow Statement for the Year Ended 31 July 2025

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
Sale of social investments
Rents received
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		 2025
£
(1,749,273)
(1,749,273)
(5,900,618)
(62,500)
6,991,095
31,250
190,723
1,089
691,564
1,942,603
193,330
74,447
267,777		 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

The notes form part of these financial statements

Page 12

The Medlock Charitable Trust

Notes to the Cash Flow Statement for the Year Ended 31 July 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Gain on investments
Interest received
Dividends received
Rents received
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2025
£
(491,840)
(2,983,342)
(1,089)
(691,564)
(190,723)
24,027
2,585,258
(1,749,273)		 2024
£
2,131,487
(2,858,261)
(1,401)
(622,053)
(158,424)
43,336
(501,872)
(1,967,188)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank		 At 1.8.24
Cash flow
At 31.7.25
£
£
£
74,447
193,330
267,777
74,447
193,330
267,777
Total 74,447
193,330
267,777

The notes form part of these financial statements

Page 13

The Medlock Charitable Trust

Notes to the Financial Statements for the Year Ended 31 July 2025

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 1 of the 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 1January 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, as modified by the revaluation of certain assets.

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 at 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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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 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.

Income

All incoming resources are included in the Statement of Financial Activities 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 within the control of the charity and it is probable that they will be fulfilled.

Page 14

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

1. ACCOUNTING POLICIES - continued

Income

Investment income is earned through holdings 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.

Donated services and facilities donated by the Medlock family companies are included within donations at their estimated value to the charity when received, and under the appropriate expenditure heading depending on the nature of the service of facility provided.

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 and liabilities are recognised where there is a legal and 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:

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.

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 audit fees.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold property - not depreciated

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 Statement of Financial Activities, 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.

Page 15

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

1. ACCOUNTING POLICIES - continued

Investments

Cash held for investment purposes is included on the balance sheet as investments.

Investment property

Investment property is shown at most recent valuation. 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 a particular purposes. The cost of raising and administering such funds are charged against the specific fund. The charity has no restricted funds at present.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

A financial asset or 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.

Page 16

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

1. ACCOUNTING POLICIES - continued

Financial instruments

Cash and short term investments

Cash at bank is held to meet short term cash commitments as they fall due rather than 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.

2. DONATIONS AND LEGACIES

Donations
Donated services and facilities
3.
OTHER TRADING ACTIVITIES
Other income
4.
INVESTMENT INCOME
Rents received
Dividend and interest income from listed investments
Deposit account interest		 2025
£
250,390
13,153
263,543
2025
£
600
2025
£
190,723
691,564
1,089
883,376		 2024
£
500,000
-
500,000
2024
£
-
2024
£
158,424
622,053
1,401
781,878

Page 17

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

5. RAISING FUNDS

Investment management costs

Portfolio management
Property costs
Legal and professional fees		 2025
£
231,241
14,373
36,062
281,676		 2024
£
194,829
52,103
1,918
248,850

6. CHARITABLE ACTIVITIES COSTS

Grants payable
Support and governance costs
GRANTS PAYABLE
Grants payable		 Grant
funding of
activities
(see note
7)
£
4,322,260
-
4,322,260		 Support
costs (see
note 8)
£
-
19,943
19,943
2025
£
4,322,260		 Totals
£
4,322,260
19,943
4,342,203
2024
£
1,753,323

7. GRANTS PAYABLE

Page 18

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

7. GRANTS PAYABLE - continued

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|||||| |---|---|---|---|---| |Grants to|Grants to| |institutions|individuals|2025 Total|2024 Total| |£|£|£|£| |-|-| |The Duke of Edinburgh's Award|1,010,000|1,010,000| |-|-| |Royal Marines Museum|1,000,000|1,000,000| |The National Trust|250,000|-|250,000|60,000| |-|-| |The Paragon School|200,000|200,000| |Boston Grammar School|100,000|-|100,000|-| |St John Ambulance Wales|100,000|-|100,000|-| |Bath Royal Literary and Scientific| |Institution|75,000|-|75,000|-| |-| |Southmead Hospital Charity|75,000|75,000|35,000| |-|-| |St. Nicholas Church (Bathampton)|60,000|60,000| |The RUH Charitable Fund|58,920|-|58,920|-| |-|-| |Bristol & Weston Hospitals Charity|52,820|52,820| |King Edward's Bath - Inaugural Giving| |-|-| |Day|50,000|50,000| |-|-| |The National Autistic Society|50,000|50,000| |SS Great Britain|50,000|-|50,000|-| |The New Provincial Benevolent Fund|50,000|-|50,000|-| |-|-| |Theatre Royal Bath|50,000|50,000| |-|-| |University of Birmingham|50,000|50,000| |-| |Bath City Farm|45,000|45,000|15,000| |Somerset Cricket Foundation|45,000|-|45,000|-| |Bath Carnival CIC|30,000|-|30,000|30,000| |-|-| |Parachute Regimental Association|30,000|30,000| |-|-| |Alice Park Trust (BANES Council)|25,000|25,000| |Boston Preservation Trust|25,000|-|25,000|-| |Horatio's Garden|25,000|-|25,000|-| |-|-| |Variety, the Children's Charity|25,000|25,000| |Wells Cathedral Chorister Trust|25,000|-|25,000|-| |-| |Sporting Family Change Foundation|21,750|21,750|17,000| |Voices For Life|21,000|-|21,000|10,000| |-|-| |Bath City FC Foundation|20,000|20,000| |-|-| |King Edward's Bath - Bursaries|18,130|18,130| |Grow for Life|18,000|-|18,000|-| |-| |Centrepoint Outreach|15,000|15,000|20,000| |Gloucestershire Cricket Foundation|15,000|-|15,000|15,000| |Prior Park Schools|15,000|-|15,000|-| |-| |SSAFA (Wiltshire)|12,000|12,000|15,000| |-|-| |Arnos Vale Cemetery Trust|10,000|10,000| |Bath & District Citizens Advice Bureau|10,000|-|10,000|-| |-|-| |Bath Community Transport|10,000|10,000| |-|-| |Better Nature Ecotherapy|10,000|10,000| |-|-| |Boston Community Transport|10,000|10,000| |-|-| |Freshford Primary School|10,000|10,000| |Friends of Westonbirt Arboretum|10,000|-|10,000|-|

----- End of picture text -----

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The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

7. GRANTS PAYABLE - continued

----- Start of picture text -----
|||||| |---|---|---|---|---| |-| |Hope for Tomorrow|10,000|10,000|15,000| |-| |Key4Life CIO|10,000|10,000|10,000| |Methodist Homes|10,000|-|10,000|-| |-|-| |Minerva Bath Rowing Club|10,000|10,000| |-| |Percy Community Centre|10,000|10,000|10,000| |-|-| |Providing Opportunities and Support|10,000|10,000| |-|-| |Share and Repair|10,000|10,000| |-| |Sixty-One|10,000|10,000|10,000| |-|-| |Southside Family Project|10,000|10,000| |St John Ambulance IoM|10,000|-|10,000|-| |-|-| |Step Together Volunteering|10,000|10,000| |Swan Advice Network|10,000|-|10,000|-| |The Alfred Gillett Trust|10,000|-|10,000|-| |The Balsam Centre|10,000|-|10,000|-| |The Forward Trust|10,000|-|10,000|-| |Turnaround Bristol|10,000|-|10,000|-| |We the Curious Limited|10,000|-|10,000|-| |Wiltshire Music Centre Trust|10,000|-|10,000|-| |-|-| |Young Carers Development Trust|10,000|10,000| |-|-|-| |Royal United Hospital Charitable Fund|208,548| |Wells Cathedral|-|-|-|200,000| |-|-|-| |Bristol Zoological Society|75,000| |-|-|-| |Dorothy House Hospice|75,000| |The Gurkha Welfare Trust|-|-|-|67,500| |Exeter Cathedral|-|-|-|50,000| |Bath Festivals Ltd|-|-|-|45,000| |-|-|-| |Designability|45,000| |-|-|-| |Developing Health and Independence|45,000| |Bradford on Avon Town Council|-|-|-|32,200| |More Trees for BANES|-|-|-|30,000| |-|-|-| |Age UK|25,000| |The Park Centre|-|-|-|25,000| |Christ Church - Bradford on Avon|-|-|-|20,000| |-|-|-| |King Edward's School (Bath)|17,250| |Bath Mind|-|-|-|15,000| |Genesis Trust|-|-|-|15,000| |Hestercombe Gardens Trust|-|-|-|15,000| |-|-|-| |Step Together Volunteering|15,000| |Turn to Starboard|-|-|-|15,000| |-|-|-| |Central Bank of St.Botolph's|12,500| |-|-|-| |Empire Fighting Chance|12,000| |-|-|-| |Bath Area Play Project|10,000| |-|-|-| |Broadway Lodge Limited|10,000| |Citizens Advice Mid Lincolnshire|-|-|-|10,000| |-|-|-| |Focus Counselling|10,000| |-|-|-| |Friends of Jubilee Pool (Bristol)|10,000| |Grandfriends|-|-|-|10,000| |Off the Record - BANES|-|-|-|10,000| |-|-|-| |Penny Brohn UK|10,000| |-|-|-| |The Lindsay Leg Club Foundation|10,000|

----- End of picture text -----

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continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

7. GRANTS PAYABLE - continued

The Somerset Masonic Charity
The Special Boat Service Association
Voyage Education
Grants under £10,000
Cancelled Commitments		 -
-
-
350,640
(1,000)
4,322,260		 -
-
-
-
-
-		 -
-
-
350,640
(1,000)
4,322,260		 10,000
10,000
10,000
311,325
-
1,753,323

8. SUPPORT COSTS

SUPPORT COSTS
Support and governance costs Governanc
costs
£
19,943
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Auditors' remuneration
Auditors' remuneration for non audit work
Rent and utilities
Bank charges		 2025
Support
and
governance
costs
£
10,479
1,119
728
4,365
2,000
827
425		 2024
Total
activities
£
-
-
-
3,402
3,000
-
144
19,943 6,546

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Page 21

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The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

10. STAFF COSTS

During the year, the Charity received donated services and facilities. The Trustees have estimated the staff costs donated as £12,326 (2024: £NIL).

11. 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 on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricte
fund
£
500,000
781,878
1,281,878
248,850
1,753,323
6,546
2,008,719
2,858,328
2,131,487
36,045,746
38,177,233

Page 22

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1 August 2024 and 31 July 2025		 Freehold
property
£
50,000
NET BOOK VALUE
At 31 July 2025		 50,000
At 31 July 2024 50,000

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.

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 August 2024
Additions
Disposals
Revaluations
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024		 Cash and
Listed
settlements
investments
pending
Totals
£
£
£
37,686,055
366,732
38,052,787
5,891,868
8,750
5,900,618
(6,991,095)
-
(6,991,095)
2,297,355
-
2,297,355
38,884,183
375,482
39,259,665
38,884,183
375,482
39,259,665
37,686,055
366,732
38,052,787

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.

Page 23

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

14. INVESTMENT PROPERTY

FAIR VALUE
At 1 August 2024
Revaluation
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024		 £
2,000,000
700,000
2,700,000
2,700,000
2,000,000

The property investments were valued at 31 July 2025 by the Trustees using all available market information.

15. SOCIAL INVESTMENTS

MARKET VALUE
At 1 August 2024
Additions
Disposals
Revaluations
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024		 Mixed
motive
investment
£
93,750
62,500
(31,250)
(14,013)
110,987
110,987
93,750

The investment of £110,987 (2024: £93,750) in Kin Fund Services reflects the first drawdowns of a commitment of £500,000 of which £156,250 have been drawn down (2024: £62,500). During the year the investment was revalued to its market value resulting in a reduction of £14,013 (2024: £NIL).

Page 24

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
720
Other debtors
-
Prepayments and accrued income
276
996
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade creditors
6
VAT
11,311
Other creditors
16,800
Accruals and deferred income
48,340
Grants payable
1,131,575
1,208,032
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Grants payable
3,496,000
19.
MOVEMENT IN FUNDS
Net
movement
At 1.8.24
in funds
£
£
Unrestricted funds
General fund
38,177,233
(491,840)
TOTAL FUNDS
38,177,233
(491,840)
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
1,147,519
(4,623,879)
2,984,520
TOTAL FUNDS
1,147,519
(4,623,879)
2,984,520		 2024
£
-
18,130
6,893
25,023
2024
£
6,968
8,526
16,800
45,780
1,200,700
1,278,774
2024
£
840,000
At
31.7.25
£
37,685,393
37,685,393
Movement
in funds
£
(491,840)
(491,840)

Page 25

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above
Incoming
resources
£
Unrestricted funds
General fund
1,281,878
TOTAL FUNDS
1,281,878		 At 1.8.23
£
36,045,746
36,045,746
are as follows:
Resources
expended
£
(2,008,719)
(2,008,719)		 Net
movement
in funds
£
2,131,487
2,131,487
Gains and
losses
£
2,858,328
2,858,328		 At
31.7.24
£
38,177,233
38,177,233
Movement
in funds
£
2,131,487
2,131,487

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.23
£
36,045,746
36,045,746		 Net
movement
in funds
£
1,639,647
1,639,647		 At
31.7.25
£
37,685,393
37,685,393

Page 26

continued...

The Medlock Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

19. MOVEMENT IN FUNDS - continued

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
£
2,429,397
2,429,397		 Resources
expended
£
(6,632,598)
(6,632,598)		 Gains and
losses
£
5,842,848
5,842,848		 Movement
in funds
£
1,639,647
1,639,647

20. RELATED PARTY DISCLOSURES

During the year, the Charity received an unconditional donation of £250,000 (2024: £NIL) from DPRS Finance Limited.

During the year, the Charity received an unconditional donation of £NIL (2024: £500,000) from Chatleigh Limited.

D J Medlock and S J Medlock are directors of DPRS Finance Limited, Chatleigh Limited and also Trustees of the Charity. The donations were made without any conditions attached. In accordance with the Charity's conflict of interest policy, the connected Trustees declared their interest and took no decision to accept the funds.

D J Medlock is also a Trustee for The Somerset Masonic Charity. Grants totalling £NIL (2024: £10,000) were awarded to The Somerset Masonic Charity.

During the year, donated services and facilities were received by the Medlock family companies. The Trustees have estimated the use of buildings, utilities and staff costs at £13,153 (2024: £NIL).

Page 27

The Medlock Charitable Trust

Detailed Statement of Financial Activities for the Year Ended 31 July 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Donated services and facilities
Other trading activities
Other income
Investment income
Rents received
Dividend and interest income from listed
investments
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Property costs
Legal and professional fees
Charitable activities
Grants to institutions
Support costs
Governance costs
Wages
Social security
Pensions
Auditors' remuneration
Auditors' remuneration for non audit work
Rent and utilities
Carried forward		 2025
£
250,390
13,153
263,543
600
190,723
691,564
1,089
883,376
1,147,519
231,241
14,373
36,062
281,676
4,322,260
10,479
1,119
728
4,365
2,000
827
19,518		 2024
£
500,000
-
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
-
6,402

This page does not form part of the statutory financial statements

Page 28

The Medlock Charitable Trust

Detailed Statement of Financial Activities for the Year Ended 31 July 2025

Governance costs
Brought forward
Bank charges
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Net gains / (losses) on investments
Net gains / (losses) on investment property
Net gains / (losses) from foreign exchange
Net (expenditure)/income		 2025
£
19,518
425
19,943
4,623,879
(3,476,360)
2,283,342
700,000
1,178
(491,840)		 2024
£
6,402
144
6,546
2,008,719
(726,841)
2,858,261
-
67
2,131,487

This page does not form part of the statutory financial statements

Page 29