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2025-03-31-accounts

Charity registration number 527473

JOHN MARTIN'S CHARITY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

JOHN MARTIN'S CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs J Westlake (Chair)
Mr P Airdrie
Mr S Allerton
Mrs V Butler (Vice Chair)
Mrs M Griffiths
Miss S Murphy
Mrs J Osborne
Mr C Scorse
Mr J Smith, OBE
Mr J Wilson
Correspondents Mr John Daniels Clerk to the Trustees
Mrs Jan Dodwell Senior Administrator
Mrs Nicky Haines Accounts Administrator
Charity number 527473
Principal address 16 Queens Road
Evesham
Worcestershire
United Kingdom
WR11 4JN
Auditor Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
Bankers Lloyds Bank Plc
19 High Street
Evesham
Worcestershire
United Kingdom
WR11 4DQ
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
United Kingdom
ME19 4JQ
Solicitors Anthony Collins LLP Saunders Roberts
134 Edmund Street 58 Bridge Street
Birmingham Evesham
B3 2ES Worcestershire
United Kingdom WR11 4SG
United Kingdom

JOHN MARTIN'S CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisors

CCLA Investment Management Limited One Angel Lane London EC4V 4ET United Kingdom

Schroder & Co Ltd T/as Cazenove Capital 1 London Wall Place London EC2Y 5AU United Kingdom

JOHN MARTIN'S CHARITY

CONTENTS

Page
Trustees' report 1 - 11
Independent auditor's report 12 - 14
Statement of financial activities 15 - 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 42

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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

Aims

Under the terms of John Martin’s original Will and a Scheme approved by the Charity Commission, the overall aim of the Charity is to benefit the residents of the town and neighbourhood of Evesham, Worcestershire. This is achieved through the implementation of four main aims:

The Trustees have had due regard for the Charity Commission’s general guidance on public benefit and its three supplementary guides for the Advancement of Religion, Education and the Relief of Poverty. They are satisfied that the current aims, objectives and activities are for the public benefit and are comparable with the updated descriptions of charitable purposes detailed in the Charities Act 2011.

The objectives shown below are shaped by these four aims and they are detailed within the above mentioned Scheme.

Objectives

Religious support

To assist the Vicar in Hampton and Bengeworth and the three Parochial Church Councils within the town of Evesham.

Relief in need

To assist generally or individually, persons resident within the town of Evesham who are in conditions of need, hardship and distress.

Promotion of education

To promote education to persons residing within the town of Evesham and to provide benefits to schools in the town.

Health and other charitable purposes

The Trustees have wide ranging authority within the Scheme to provide such charitable purposes as they see fit, for either assisting beneficiaries within the town of Evesham or within the immediate neighbourhood. The Trustees mainly use this ability to support people with chronic and other related health issues across a wider beneficial area. This area is detailed on the Charity’s website.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Activities

The Trustees look to achieve the above objectives in a number of different ways and the following activities are specifically detailed within the Scheme:

After allowing for the Charity’s normal operating costs in respect of its administration and management, the total allocation between the above beneficiaries is not allowed to exceed 21% of the remaining income. This percentage has not been exceeded.

Other activities currently detailed include the provision of items and services calculated to reduce need, hardship or distress, either directly to individuals or to organisations that will provide such support. Local schools are assisted with funding for special educational benefits over and above those supplied by the Local Education Authority. Individual students, aged from 4 to 65, are supported through the provision of grants to assist them in their education and people with chronic health and health related issues are also assisted with items or services which will either aid or help to alleviate their condition.

The Charity does not use volunteers for any of its activities.

Grant Making Policy

In providing benefits to Church of England Clergy, the Charity helps to ensure that pastoral care is available to those living within the specific parishes and by assisting the local Parochial Church Councils, that the churches’ mission and buildings are maintained. These are both in line with the benefactor’s original aims.

Assistance is not limited to the Church of England; other Christian groups are able to apply and some of these have been supported when their requests fall within the Charity’s “relief in need” criteria.

Within the terms of the Scheme, the Trustees have the authority to make such policies as they see fit in order to meet the specific objectives. These policies are reviewed on a regular basis to ensure that grants awarded still meet these objectives and a full review was undertaken in the previous financial year. They are also adjusted to take account of new legislation, best practice, grant trends or other matters. The Office assists in this process by making recommendations, although the final decision is a matter for the Trustees alone.

The Charity invites applications through a variety of methods including public notices, advertisements, leaflets, the website and via other agencies. Upon receipt, an application is checked against the specific criteria for that type of grant request and the applicant is interviewed. In some circumstances a home visit may also be undertaken. Once the relevant information has been obtained, consideration is then given to the application which is either approved, rejected or, if mitigating circumstances are evident, reported to the Board of Trustees for further deliberation. Grant assistance is sometimes tempered if an applicant becomes over reliant on the Charity. This is in order to prevent any detriment or harm that the over reliance could cause, such as the loss of general community assistance for organisations or the cancellation of state benefits for individuals.

With the exception of the Pensioners’ Winter Heating Award and the majority of Student Grants, applications can be made at any time throughout the year. The time restriction on Student Grants is to ensure that the overall budget allocation is divided fairly between all of the applicants.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In setting out their Policy the Trustees ensure that the public’s opportunity to benefit from charitable assistance is not unreasonably restricted. The town of Evesham is deemed to be a sufficiently wide area in which to distribute the majority of the funds, with a larger beneficial area being available for health related grants. Applications are accepted from anyone living within the beneficial area regardless of their religious, ethnic or national background, provided that they meet the specific criteria for the type of grant being requested. This ensures that the grants, where approved, relate directly to the Charity’s aims and objectives.

Financial assessments and specific grant criteria help the Trustees target assistance at applicants who fall within the stated aims; for instance, confirmation that a student is attending the agreed course is required before their grant is paid and evidence that state benefits have been applied for is required for other grants. Some grants are specifically targeted at those on a low income or who are in poverty, whereas others are awarded to recognise an individual’s achievement. In addition, whilst the Charity is always keen to use local suppliers for goods and services, specific contracts are not generally agreed to ensure that no one supplier is favoured over another. Any private benefit received either by the applicant or supplier is therefore incidental to the grant. The Charity does not charge fees for any of its services.

Achievements and performance

Religious support

The Charity has continued to meet its objectives under the Scheme in supporting the nominated Vicar and Parochial Church Councils (P.C.C.). The basic funding allocations are agreed at the budget meeting each year and then claims for expenditure are made against set criteria up to the agreed allocation. The three P.C.C.s each receive the same amount towards their general expenditure, with extra one-off allocations being made for special projects, such as lighting, furnishings, building repairs. The amounts are detailed in the attached financial statements.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Relief in need

The Charity approved 726 (2024: 873) applications from individuals, distributing a total of £136,111 (2024: £137,576). These applications were financially assessed in accordance with the Charity’s guidelines.

The grants took a variety of forms, for example; 30 cookers were provided to households who could not afford replacement facilities, 23 fridges and fridge freezers were provided to assist with food storage, 33 washing machines and 4 disability aids were purchased. When considering medical equipment, items are only provided when they are not normally available via the NHS and suitable advice and guidance has been received from appropriate medical practitioners.

Part of the funding under this objective was used to assist with the purchase of 68 (2024: 80) school uniforms and grants totalling £9,915 (2024: £11,625) were approved. Uniform grants are considered twice at First and High School level and once at Middle School. Pupils requiring course specific clothing at College may also apply. The monetary amount provided as a grant was increased during this year as a result of the high rate of inflation.

Within this objective ‘emergency grants’ were provided to applicants who, due to a variety of circumstances such as homelessness, unemployment, low income or debt issues, were considered to have an immediate need. 342 (2024: 459) requests were received with 273 (2024: 345) being approved. The grants normally covered a two week period and consisted of food vouchers and a small amount of cash to cover pre-payment utility meters. The total approvals amounted to £27,677 (2024: £34,415) and these assisted 441 individuals when family members were also taken into account. On some occasions an applicant’s circumstances changed prior to the full grant being paid, for instance, when a benefit payment was received earlier than originally expected and, in these cases, the grant was reduced.

The Trustees continued with the Pensioners’ Winter Heating Award to assist those on a limited income. They were pleased to be able to increase the award from £200 in 2024 to £270 to help offset the withdrawal of the Government’s Winter Fuel Allowance support for some applicants. 196 (2024: 212) applicants were assisted at a cost of £52,920 (2024: £42,400).

The Charity continues to use the services of businesses and other charities in the town to provide benefits to many applicants and their continuing co-operation is much appreciated by Trustees and staff. During this financial period, the Charity directed applicants to ‘Caring Hands in the Vale’ at the Vale of Evesham Christian Centre where they were able to collect a food parcel or have a hot meal. Referrals were also made to the Housing Department at Wychavon District Council and to a number of other local agencies. Further funds were received via the Government’s Household Support Fund and £14,337 was distributed to 69 applicants.

National charities have also been approached when it was found that longer term assistance was more appropriate. 33 single women over the age of 60 were referred in this manner and they benefited from grants totalling £18,480 to ease their household budgets.

A wide variety of local organisations have been supported and £287,760 (2024: £74,817) was awarded to 18 (2024: 9) groups. In order to be considered, groups applying for assistance must provide benefit to local residents consistent with the aims and objectives of the Charity. The Trustees consider that grants provided to these organisations are an efficient means of assisting a large number of local people.

Organisation grants are detailed in the financial accounts. In particular, the Trustees provided a grant of £13,835 to the Citizens Advice Worcester & Herefordshire to run a housing project within Evesham and also provide support to homeless people moving into private rented accommodation. The Charity continued to work closely with Citizens Advice South Worcestershire and £30,000 was awarded to assist with their service provision.

The Wallace House project, You Turn, which supports young people in the town, received £21,000 to assist towards their project costs and £30,000 commitment was given to the Evesham Adventure Playground Association for the major refurbishment project.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The three year grant provided to the Ourside Youth Centre in 2020/21 was concluded this year and they then received a further three year grant to support their ongoing costs. The Evesham & District Mental Health Support Service also received three year funding for their dementia support group.

In agreeing to longer term funding the Trustees aim to assist with the stability of these services. However, in accordance with good practice, groups do have to comply with terms and conditions that are set out at the start of the grant process. This ensures that the Charity’s funds are being used correctly to deliver agreed services throughout the project.

Grants can be reduced or withheld if agreed conditions have not been met or where funding requirements change.

The Charity continues to assist other local charitable organisations by providing them with temporary meeting rooms without charge. The estimated value of this service during the year was £1,840.

Promotion of education

Just under half of the Charity’s expenditure is allocated towards educational awards for schools, colleges and individual students.

The local schools and college received grants totalling £96,400 (2024: £107,800) to support special education needs and the School Governors have to apply each year with details of their proposed expenditure. The grants assist schools to purchase additional resources, such as books, equipment or teaching hours. Within the above amount, St Andrew's Church of England First School in Hampton receives an enhanced payment as benefits to that School are specifically mentioned within the Scheme that governs the Charity.

In addition to the above, two Schools received extra funding towards special projects – Prince Henry’s High School was granted £20,000 for their Farmhouse project and Bengeworth First School received £7,500 towards their new sensory room.

Student Grants - Individual students attending Degree and other courses throughout the country are able to apply for a grant to assist with their living and course expenses. The Trustees were pleased to be able to retain the full grant at £1,100 this year.

Overall, grants totalling £230,219 (2024: £204,780) were awarded to 216 (2024: 191) students. 204 students received the full grant, the remainder received a lower amount based on their type of course or financial circumstances.

The Trustees approved 22 (2024: 25) Miscellaneous Education Grants towards extra-curricular activities such as music, arts, sports, educational visits and club activities at a cost of £5,170 (2024: £3,268).

Health and other charitable purposes

Although the Trustees set a prudent budget each year based upon the experience of previous applications and the current objectives, surplus funds will occasionally arise. These funds then become available to support the Trustees’ health and other objectives. Whilst the funding for health related issues for Evesham residents is included under the general “Relief in Need” detailed on page 4, a further £2,381 (2024: £5,227) was provided to 6 applicants (2024: 12) who lived in the Charity’s wider beneficial area.

Organisations who provide treatment and support to residents from this area can also apply for a grant; £40,000 was awarded to St Richard’s Hospice to assist with the cost of providing specialist nurses to support residents in their own homes and £15,000 to Acorns Children’s Hospice as they also supported local children and families during the year. In total, 7 organisations were supported with grants totalling £82,711.

In the previous financial year, a funding package of £50,000 was approved for the Freedom Day Centre through a combination of grant aid and a Social Investment Loan. These funds were drawn during this year and the repayments are on schedule. The recycled funds will be available for other grants in future years.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

General matters

Across all of the objectives, a total of 253 (2024: 270) applications were either withdrawn prior to consideration at a Trustees’ Meeting or rejected because they failed to meet set financial or other criteria. 78 referrals were also made to other agencies such as Citizens Advice, Job Centre Plus, Wychavon Housing or Rooftop Housing when the possibility of additional or alternative assistance was identified.

Financial review

In order to undertake its work, the Charity is reliant upon income from its investments and other sources. Income from all sources amounted to £1,081,778 (2024: £1,085,667). Investment income was £1,069,193 and broadly similar to the previous year’s figure of £1,066,367.

After accounting for investment management fees, the investment portfolio fell to £27,068,015 as at 31 March, recording an unrealised loss of £681,285 for the year. This unrealised loss occurred during the final three months of the financial year following the unveiling of President Trump’s second term agenda and the resulting fall in stock market values.

Following consultations with both investment managers and advice received from Cazenove, the Trustees decided to move to a total return basis for managing the investment portfolio with effect from 1 April 2022. This entailed moving the investments held with Cazenove into a different fund with the aim of providing the Charity with an improved income stream over the longer term. Total return allows the Charity to generate its investment return from both the fund’s income and any capital gains or losses.

In applying total return, the Trustees were required to consider a value for the original endowment which established the Charity. It was considered that this could be obtained by reviewing the sale proceeds of the historic land sales and then applying a CPI% index from the sale dates. This process resulted in initial valuations as at 1 April 2022 of:

Investment Fund £14,724,602 Unapplied Total Return £13,403,035 Endowment Fund £28,127,637

Reserves Policy

The Office monitors the level of reserves throughout the year and provides the Trustees with details of the Charity’s cash flow position. The Reserves Policy was reviewed during the Total Return discussions and the existing funds were retained. In summary, the reserves allow the Charity to:

Unrestricted Fund - General Fund. Given the grant-making nature of the Charity, the Trustees consider that it is prudent to maintain a reserve equal to the expected governance and support costs (less depreciation) as this will enable the Charity’s office to function and meet employment obligations. This reserve stood at £199,600 throughout the year and a net transfer of £210,294 was made at the year-end in order to meet the forecast requirement of £209,000 during 2025/26.

Restricted Fund - Grant making reserve. The second requirement is to hold sufficient funds to allow the Charity to release general grants as they are approved and meet its commitments for the student and heating grants during the autumn and winter periods. It is therefore considered necessary to hold a reserve within the Restricted Income Fund of an amount equal to one quarter of the projected annual grants. This was set at £200,000 for 2024/25 and will be retained for 2025/26.

The balance in the Restricted General Income Fund ended the year at £345,893 and the reserve requirement detailed above was therefore maintained.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

As part of the Policy review it was decided to separate the value of the functional assets and any designated reserves and show these separately. This would enable the cash reserves to be more evident within the Financial Statements.

Investment Policy and Performance

The investments are currently held in a number of funds operated by the appointed Investment Managers, CCLA and Cazenove.

In accordance with good management the Trustees monitor the funds through a range of measures:

The Investment Policy was updated in 2021/22 to take account of the adoption of total return and to revise the asset allocations in light of the current economic climate. The Policy includes:

The Charity can view portfolio values over a long time horizon and so the longer-term performance objective was included in order to monitor the Policy’s overall effectiveness. The portfolio achieved an unrealised gain during the year and remains above CPI+4% over a 15 year period. However, it fell below this target over 5 and 10 years due to the high inflation rate. The portfolio remains above both the benchmark and the ARC index and exceeded the income expectation. The Investment Managers actively manage the funds, remaining alert to the current uncertainties and have made various adjustments to the portfolio to mitigate some of the risk.

The following chart shows how the Charity’s combined portfolio has performed on a total return (income and capital) basis over the last 10 years:

(Source: Cazenove Capital and CCLA)

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risk Management

The Trustees have considered the major strategic, business and operational risks relevant to the Charity and have set out a Policy to manage those risks.

As virtually all of the Charity’s income is generated from investments, the Trustees consider that the risks to both the capital and income can be managed through the diversification of these investments. The funds are therefore divided between two Fund Managers and this method of managing the risk was upheld during comprehensive reviews of the investments, the latest being in 2021. The portfolio is also viewed in its entirety to ensure that the split between the various asset classes remains consistent with the Charity’s investment objective. This also ensures that the Charity is not overly exposed to any one particular area of the investment market.

The Trustees consider that the maintenance of a steady level of income is a main priority in order to ensure that grant programmes can be maintained. At the same time a balance is also struck to maintain the value of the investments for future generations. As such the Trustees are able to take a long term view regarding the endowment funds and accept that investment values will rise and fall over short time periods.

The effectiveness of this Policy is detailed in the following chart which, using a base line of 100, shows how the income stream has been maintained in a steady manner despite fluctuations in the valuation of the Charity’s balance sheet since 1992:

Operational risk procedures and grant policies are also reconsidered on a regular basis to ensure that the combined needs of both the applicants and the Charity continue to be met.

The Trustees are satisfied that the required systems and procedures are in place and are being adhered to.

Plans for the future

Prior to each financial year a budget is agreed which identifies the expected income together with key areas of expenditure. After allowing for support and governance costs the intention is to distribute the remaining income in accordance with the aims and objectives of the Charity.

The budget is based upon forecasts from the Office and Fund Managers and from the experience of previous years. It is then adjusted in line with known factors and any change of emphasis that the Trustees may wish to introduce in their grant making.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The revised working practices that were operated during COVID afforded the Charity an opportunity to review its longer term operations. The grant systems and procedures were thoroughly reviewed and the majority of grant applications can now be made online.

The Trustees and staff continue to review the support provided to the community of Evesham and seek to ensure that their work and policies reflect current needs, particularly with regard to the current cost of living crisis. This review is achieved through regular meetings and contacts with other charities and support agencies to which referrals are often made. It has been noted that our own work can often be enhanced if other agencies can become involved and likewise, we are pleased to be able to support them by making joint grants. On many occasions the Charity has been constructive in obtaining monetary and practical assistance from other sources for the benefit of applicants. This is an area that the Charity will continue to develop to ensure that applicants can access the wide variety of help that is available from sources that are sometimes not widely known about.

The Trustees thank the Office staff for their work throughout the year and continued dedication to the Charity.

Structure, governance and management

The Charity was created by the Will of John Martin of Hampton, Evesham, who died in 1714 and left his property in perpetuity for the benefit of local residents. Over the intervening years some of the property has been sold and the capital is now invested in order to generate the income which furthers John Martin’s original aims.

The Charity Commission approved a new Scheme on 17 March 1981 and this, together with amendments made on 28 February 1989, 17 July 1998, 19 November 1998, 8 July 1999, 13 December 2001, 13 February 2008, 22 January 2015, 5 April 2018 and 7 April 2022 sets out how the Charity is regulated.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mrs J Westlake Reappointed 12 April 2024 Mrs V Butler Mr P Airdrie Mr S Allerton The Reverend M Binney Retired 30 June 2024 Mr A Booth Deceased 26 January 2025 Mrs M Griffiths Miss S Murphy Mrs J Osborne Mr C Scorse Mr J Smith, OBE Reappointed 14 April 2025 Mr J Wilson

It was with deep regret that the Board learnt of the death of Councillor Alan Booth on 26 January 2025. Alan was a well respected Trustee and had been a member of the Board since May 2019.

The Scheme allows for up to 13 Trustees and they are all drawn from the local community. The Vicar of the benefice of Bengeworth and Hampton with Sedgeberrow and Hinton on the Green is appointed Ex-Officio and serves whilst that position is held. Three Trustees are nominated, one by the Vicar detailed above and two by Evesham Town Council and they are appointed for three and four years respectively. The remaining Trustees are co-opted and their term of office is five years. All Trustees are eligible for re-appointment.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Reverend Mark Binney retired in June having served as a Trustee for 16 years. The Board expressed their thanks for his commitment to the Charity throughout that time and he was presented with a small gift.

In accordance with the Scheme, Co-opted Trustees must have “special knowledge of the Parish of Evesham” and the Board normally appoints people to these positions following general advertisements and interviews. The Board also retains its ability to invite an individual to become a Trustee if it is felt that they possess a specific skill or knowledge that would benefit the Charity.

On appointment a Trustee signs a declaration of acceptance together with a statement of eligibility and completes an induction process which, in addition to meeting the other Trustees, consists of meetings with the Clerk and Office staff to discuss the grant process, the various policies and the Charity’s operating procedures. New Trustees also commit to a more formal governance training course during their first year.

A Trustees’ Manual is issued which includes a copy of the Charity Commission Scheme, Trustees’ Code of Conduct, Declaration of Interests Return, previous Annual Reports and Accounts, current policies and guidance notes from the Charity Commission. In accordance with that guidance, the Charity undertakes Disclosure and Barring Service checks on all Trustees and Staff.

The Board of Trustees normally meets once per month to consider general business such as grant making, finance and policy matters. In addition to the Annual General Meeting, the Trustees also hold annual meetings to review the investments of the Charity, agree future strategy and set appropriate budgets.

The day to day administration of the Charity is conducted by the Clerk to the Trustees together with two staff. They undertake the initial discussions with applicants, which may include a home visit and then they present appropriate papers to the Board for consideration. In certain instances, such as when an application meets all prerequisite guidelines, the Office has authorisation to release grant payments and these grants are reported to the Board at a subsequent meeting.

The Office keeps Trustees informed about relevant issues including those relating to the compliance of Charity Commission guidance, governance, employment law, insurance, investments and benefit changes. Trustees and Staff are also able to attend more formal training sessions provided by our advisors and other bodies.

Key management personnel remuneration

The Trustees consider that the Board of Trustees and Clerk to the Trustees comprise the key management personnel. Trustees are not remunerated and give their time without cost to the Charity. The level of staff remuneration is reviewed annually with the Board taking account of the Charity’s expected income and prevailing inflation rate. The remuneration package does not have a fixed link to any indices or benchmarks.

Trustee expenses, which only relate to travel costs for attending training courses and related party transactions, are disclosed in the notes to the Financial Statements.

JOHN MARTIN'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the 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 of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This Report was approved and adopted by the Board of Trustees at the Annual General Meeting.

Mrs J Westlake (Chair) Trustee Dated: 17 July 2025

Mrs V Butler (Vice Chair) Trustee Dated: 17 July 2025

JOHN MARTIN'S CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOHN MARTIN'S CHARITY

Opinion

We have audited the financial statements of John Martin's Charity (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

JOHN MARTIN'S CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN MARTIN'S CHARITY

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which 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 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

JOHN MARTIN'S CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN MARTIN'S CHARITY

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services

.30 July 2025

Chartered Accountants Statutory Auditor

Epsilon House The Square Gloucester Business Park Gloucester United Kingdom GL3 4AD

Azets is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

JOHN MARTIN'S CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
funds
2025
Notes
£
Income and endowments from:
Donations and legacies
3
1,600
Investments
4
-
Other income
5
500
Total income and endowments
2,100
Expenditure on:
Raising funds
Investment management
6
-
Charitable activities
Religious support
7
10,601
Relief in need
7
137,814
Promotion of education
7
31,803
Health
7
31,803
Total charitable expenditure
212,021
Total expenditure
212,021
Net gains/(losses) on investments
14
-
Net (outgoing)/incoming resources
before transfers
(209,921)
Gross transfers between funds
218,050
Net movement in funds
8,129
Fund balances at 1 April 2024
435,824
Fund balances at 31 March 2025
443,953		 Restricted
funds
Endowment
funds
2025
2025
£
£
10,485
-
-
1,069,193
-
-
10,485
1,069,193
-
20,154
98,454
-
423,871
-
361,589
-
85,092
-
969,006
-
969,006
20,154
-
(681,285)
(958,521)
367,754
805,696
(1,023,746)
(152,825)
(655,992)
500,540
28,016,058
347,715
27,360,066		 Restricted
funds
Endowment
funds
2025
2025
£
£
10,485
-
-
1,069,193
-
-
10,485
1,069,193
-
20,154
98,454
-
423,871
-
361,589
-
85,092
-
969,006
-
969,006
20,154
-
(681,285)
(958,521)
367,754
805,696
(1,023,746)
(152,825)
(655,992)
500,540
28,016,058
347,715
27,360,066		 Total
Total
2025
2024
£
£
12,085
19,300
1,069,193
1,066,367
500
-
1,081,778
1,085,667
20,154
18,659
109,055
108,590
561,685
346,180
393,392
377,623
116,895
118,285
1,181,027
950,678
1,201,181
969,337
(681,285)
1,730,084
(800,688)
1,846,414
-
-
(655,992)
28,016,058		 (800,688)
1,846,414
28,952,422
27,106,008
27,360,066 28,151,734
28,952,422

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

JOHN MARTIN'S CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
funds
2024
Income and endowments from:
Notes
£
Donations and legacies
3
-
Investments
4
-
Total income and endowments
-
Expenditure on:
Raising funds
Investment management
6
-
Charitable activities
Religious support
7
10,290
Relief in need
7
133,787
Promotion of education
7
30,875
Health
7
30,876
Total charitable expenditure
205,828
Total expenditure
205,828
Net gains/(losses) on investments
14
-
Net (outgoing)/incoming resources before transfers
(205,828)
Gross transfers between funds
211,576
Net movement in funds
5,748
Fund balances at 1 April 2023
430,076
Fund balances at 31 March 2024
435,824		 Restricted Endowment
funds
2024
funds
2024
£
£
19,300
-
-
1,066,367
19,300
1,066,367
-
18,659
98,300
-
212,393
-
346,748
-
87,409
-
744,850
-
744,850
18,659
-
1,730,084
(725,550)
2,777,792
854,791
(1,066,367)
129,241
1,711,425
371,299
26,304,633
500,540
28,016,058		 Total
2024
£
19,300
1,066,367
1,085,667
18,659
108,590
346,180
377,623
118,285
950,678
969,337
1,730,084
1,846,414
-
1,846,414
27,106,008
28,952,422

JOHN MARTIN'S CHARITY

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
16
Investment property
17
Investments
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due within
one year
21
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
22
Net assets
Capital funds
Endowment funds - general
26
Income funds
Restricted funds
25
Unrestricted funds
23		 2025
£
£
211,790
195,000
27,068,015
27,474,805
-
135,692
917,570
1,053,262
(376,030)
677,232
28,152,037
(303)
28,151,734
27,360,066
347,715
443,953
28,151,734		 2025
£
£
211,790
195,000
27,068,015
27,474,805
-
135,692
917,570
1,053,262
(376,030)
677,232
28,152,037
(303)
28,151,734
27,360,066
347,715
443,953
28,151,734		 2024
£
£
213,061
195,000
27,758,673
28,166,734
87
99,865
923,942
1,023,894
(238,206)
785,688
28,952,422
-
28,952,422
28,016,058
500,540
435,824
28,952,422		 2024
£
£
213,061
195,000
27,758,673
28,166,734
87
99,865
923,942
1,023,894
(238,206)
785,688
28,952,422
-
28,952,422
28,016,058
500,540
435,824
28,952,422
27,474,805
677,232		 28,166,734
785,688
1,053,262
(376,030)		 1,023,894
(238,206)
28,152,037
(303)		 28,952,422
-
28,151,734 28,952,422
27,360,066
347,715
443,953		 28,016,058
500,540
435,824
28,151,734 28,952,422

The financial statements were approved by the Trustees on 17 July 2025

Mrs J Westlake (Chair) Trustee

Mrs V Butler (Vice Chair) Trustee

JOHN MARTIN'S CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
30
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Investment portfolio cash movements
Cash and cash equivalents at end of year		 2025
£
£
(1,077,182)
(7,756)
(588,134)
580,000
1,069,193
1,053,303
-
(23,879)
923,942
17,507
917,570		 2025
£
£
(1,077,182)
(7,756)
(588,134)
580,000
1,069,193
1,053,303
-
(23,879)
923,942
17,507
917,570		 2024
£
(9,976)
(9,605)
-
1,066,367
£
(921,578)
1,046,786
-
(23,879)
923,942
17,507		 125,208
780,213
18,521
917,570 923,942

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

John Martin's Charity is an unincorporated charity created by the Will of John Martin of Hampton, Evesham, who died in 1714. The principal address is 16 Queen's Road, Evesham, Worcestershire, WR11 4JN.

The Charity Commission approved a new Scheme on 17 March 1981 and this, together with amendments detailed in the Trustees’ Report sets out how the Charity is regulated.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011 and "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity, however under the Charity scheme, the fund is permitted to be managed by the trustees on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decides each year how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need for current grant funding as well as to invest returns for the future.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources (refer to support costs note).

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, premises costs, advertising, depreciation, legal & professional fees, payroll and governance costs which support the charity’s projects, programmes and activities. These costs have been allocated between the categories of expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes to the financial statements.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Grants payable are payments made to individuals, schools or organisations in the furtherance of the objectives of the Charity. The grants are accounted for where either the Trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property 2% Straight Line
Building renovation costs 20% Straight Line
Fixtures, fittings & equipment 20% Straight Line
Computers 25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Social investments in the form of concessionary loans are initially recognised at the amount paid and are adjusted in subsequent financial periods to reflect repayments made.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.13 Taxation

The charity is exempt from corporation tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to the charitable objects.

1.14 Provisions

Provisions are recognised when the Charity has a legal or constructive present obligation as a result of a past event, it is probable that the Charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.15 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16 Retirement benefits

Payments to defined contribution retirement benefit schemes in respect of current employees are charged as an expense as they fall due.

Previously, the charity was part of a separately administered multi-employer defined benefit scheme; as it is unable to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, the scheme is accounted for as a defined contribution scheme.

The charity is still required to make contributions to fund a deficit in the scheme and the amount recognised in the financial statements is the net present value of the future deficit contributions payable under the agreement.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

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 apparent 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Donations and gifts
Government grants		 Unrestricted
funds
Restricted
funds
Total
Restricted
funds
2025
£
2025
£
2025
£
2024
£
1,600
-
1,600
-
-
10,485
10,485
19,300
1,600
10,485
12,085
19,300

4 Investments

Endowment
funds
general
2025
Endowment
funds
general
2024
£
£
Rental income
1,055
1,056
Income from listed investments
1,030,679
1,028,107
Interest receivable
37,459
37,204
1,069,193
1,066,367
Other income
Unrestricted
funds
Total
2025
£
2024
£
Other income
500
-		 Endowment
funds
general
2025
Endowment
funds
general
2024
£
£
1,055
1,056
1,030,679
1,028,107
37,459
37,204		 Endowment
funds
general
2025
Endowment
funds
general
2024
£
£
1,055
1,056
1,030,679
1,028,107
37,459
37,204		 Endowment
funds
general
2025
Endowment
funds
general
2024
£
£
1,055
1,056
1,030,679
1,028,107
37,459
37,204
1,069,193 1,066,367
Total
2024
£
-

5 Other income

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Raising funds

Investment management
Charitable activities
Staff costs
Depreciation and
impairment
Grant funding of
activities
Travel Costs
Office Costs
Premises Costs
Share of support
costs (see note 10)
Share of governance
costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds
Religious
support
2025
£
4,158
260
98,454
12
794
351
104,029
3,438
1,588
109,055
10,601
98,454
109,055		 Relief in
need
Promotion of
education
2025
2025
£
£
54,042
12,471
3,380
780
423,871
361,589
169
39
10,318
2,381
4,567
1,054
496,347
378,314
44,710
10,318
20,628
4,760
561,685
393,392
137,814
31,803
423,871
361,589
561,685
393,392		 Health
2025
£
12,471
780
85,092
39
2,381
1,054
101,817
10,318
4,760
116,895
31,803
85,092
116,895		 Endowment
funds
general
Endowment
funds
general
2025
2024
£
£
20,154
18,659
20,154
18,659
Total
2025
Total
2024
£
£
83,142
74,934
5,200
5,170
969,006
744,850
259
180
15,874
16,535
7,026
7,455
1,080,507
849,124
68,784
68,007
31,736
33,547
1,181,027
950,678
212,021
205,828
969,006
744,850
1,181,027
950,678		 Endowment
funds
general
Endowment
funds
general
2025
2024
£
£
20,154
18,659
20,154
18,659
Total
2025
Total
2024
£
£
83,142
74,934
5,200
5,170
969,006
744,850
259
180
15,874
16,535
7,026
7,455
1,080,507
849,124
68,784
68,007
31,736
33,547
1,181,027
950,678
212,021
205,828
969,006
744,850
1,181,027
950,678
20,154
Total
2025
£
83,142
5,200
969,006
259
15,874
7,026
496,347
44,710
20,628		 1,080,507
68,784
31,736
561,685 1,181,027
137,814
423,871		 212,021
969,006
561,685 1,181,027

7 Charitable activities

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

For the year ended 31 March 2024

Staff costs
Depreciation and impairment
Grant funding of activities
Travel Costs
Office Costs
Premises Costs
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 Religious
support
£
3,747
258
98,300
8
827
373		 Religious
support
£
3,747
258
98,300
8
827
373		 Relief in
need
Promotion
of education
£
£
48,707
11,240
3,360
776
212,393
346,748
118
27
10,748
2,480
4,844
1,119
280,170
362,390
44,205
10,201
21,805
5,032
346,180
377,623
133,787
30,875
212,393
346,748
346,180
377,623		 Health
£
11,240
776
87,409
27
2,480
1,119		 Total
2024
£
74,934
5,170
744,850
180
16,535
7,455
103,513
3,400
1,677		 280,170
44,205
21,805		 103,051
10,201
5,033		 849,124
68,007
33,547
108,590 346,180 118,285 950,678
10,290
98,300		 133,787
212,393		 30,876
87,409		 205,828
744,850
108,590 346,180 118,285 950,678

8 Description of charitable activities

Religious support

To assist the Vicar in Hampton and Bengeworth and the three Parochial Church Councils within the town of Evesham.

Relief in need

To assist generally or individually, persons resident within the town of Evesham who are in conditions of need, hardship and distress.

Promotion of education

To promote education to persons residing within the town of Evesham and to provide benefits to schools in the town.

Health

The Trustees have wide ranging authority within the Scheme to provide such charitable purposes as they see fit, for either assisting beneficiaries within the town of Evesham or within the immediate neighbourhood. The Trustees mainly use this ability to support people with chronic and other related health issues across a wider beneficial area. This area is detailed on the Charity’s website.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Grants payable

Religious Relief in Promotion Health 2025 Religious Relief in need Religious Relief in need Promotion of Health 2024
support need of education support education
2025 2025 2025 2025 2024 2024 2024 2024
£ £ £ £ £ £ £ £ £ £
Grants to institutions:
All Saints’ PCC Evesham 24,300 - - - 24,300 23,400 - - - 23,400
St Andrew’s PCC Hampton 41,650 - - - 41,650 23,400 - - - 23,400
St Peter’s PCC Bengeworth 30,836 - - - 30,836 39,001 - - - 39,001
Caring Hands in the Vale - 2,000 - - 2,000 - - - - -
Citizens Advice South
Worcestershire - 30,000 - - 30,000 - - - - -
Evesham Riverside Shop
Mobility - (1,625) - - (1,625) - 6,500 - - 6,500
Evesham Volunteer Centre - - - - - - 12,000 - - 12,000
Orchestra of the Swan - - - - - - - - 2,500 2,500
Ourside Youth Centre - 41,480 - - 41,480 - (763)
-		 - (763)
Shine Out Of Schools Club - 5,000 - - 5,000 - - - - -
Roundabout - - - - - - 2,000 - - 2,000
Wallace House CC - 46,000 - - 46,000 - 12,500 - - 12,500
Yellow Scarf CIC - 8,280 - - 8,280 - - - - -
1st Evesham 1st Hampton
Scout Group - 900 - - 900 - - - - -
South Worcestershire CAB - - - - - - 27,000 - - 27,000
Bengeworth CE Academy - - 17,700 - 17,700 - - 28,700 - 28,700
Evesham College - - 3,766 - 3,766 - - 4,800 - 4,800
Prince Henry's High School - - 43,400 - 43,400 - 43,000 - 43,000
Hampton First School - - 13,800 - 13,800 - - 13,300 - 13,300
St Egwin's CE Middle
School - - 8,100 - 8,100 - - 7,600 - 7,600
St Mary's Catholic PS - - 1,772 - 1,772 - - 2,500 - 2,500
Swan Lane First School - - 5,600 - 5,600 - - 5,400 - 5,400

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Grants payable (Continued)
Religious Relief in Promotion Health 2025 Religious Relief in need Promotion of Health 2024
support need of education support education
2025 2025 2025 2025 2024 2024
2024		 2024
£ £ £ £ £ £ £
£		 £ £
The De Montfort School - - 15,800 - 15,800 - -
15,100		 - 15,100
Vale of Evesham School - - 6,600 - 6,600 - -
6,300		 - 6,300
Evesham Nursery School - - 1,800 - 1,800 - -
1,700		 - 1,700
St Richard's First School - - 5,562 - 5,562 - -
5,400		 - 5,400
Acorns Children’s Hospice - - - 15,000 15,000 - -
-		 15,000 15,000
Read Easy Evesham &
Pershore - 1,000 - - 1,000 - 1,000
-		 - 1,000
Campden Home Nursing - - - - - - -
-		 2,426 2,426
Heart of England Mencap - - - (1,146) (1,146) - -
-		 10,000 10,000
St Richard’s Hospice - - - 40,000 40,000 - -
-		 30,000 30,000
Footsteps - - - 8,200 8,200 - -
-		 5,000 5,000
Grace Kelly Childhood
Cancer Trust - - - 7,000 7,000 - -
-		 6,400 6,400
Freedom Day Centre - - - - - - -
-		 10,000 10,000
Acquired Brain Injury Trust - 3,000 - - 3,000 - -
-		 - -
Evesham Adventure
Playground - 30,000 - - 30,000 - -
-		 - -
Evesham Life Drawing - - - - - - 1,000
-		 - 1,000
Life Education Centres - - (700) - (700) - -
4,900		 - 4,900
DIAL South Worcestershire - 6,180 - - 6,180 - -
-		 - -
Evesham Town Mayor - 270 - - 270 - -
-		 - -
Evesham Unitarian
Community - 9,440 - - 9,440 - -
-		 - -
Garage Art Group - 2,000 - - 2,000 - -
-		 - -
Evesham & District Mental
Health Support Services - 75,000 - - 75,000 - -
-		 - -
Evesham Street Pastors - 3,000 - 3,000 6,000 - -
-		 - -
Evesham Volunteer Centre - 12,000 - - 12,000 - -
-		 - -

9 Grants payable

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Grants payable
Citizens Advice Worcester
& Here'd
2nd Evesham Bengeworth
Scout Group
Evesham Baptist Church
Brain Tumour Support
Mentorlink
Other
Grants to individuals		 Religious
Relief in
Promotion
support
need of education
2025
2025
2025
£
£
£
-
13,835
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,000
96,786
287,760
126,200
1,668
136,111
235,389
98,454
423,871
361,589		 Health
2025
Religious Relief in need Promotion of
support
education
2025
2024
2024
2024
£
£
£
£
£
-
13,835
-
13,080
-
10,000
10,000
-
-
-
(4,973)
(4,973)
-
-
-
1,000
1,000
-
-
-
4,630
4,630
-
-
-
-
3,000
-
500
-
82,711
593,457
85,801
74,817
138,700
2,381
375,549
12,499
137,576
208,048
85,092
969,006
98,300
212,393
346,748		 Health
(Continued)
2024
2024
£
£
-
13,080
-
-
-
-
-
-
-
-
856
1,356
82,182
381,500
5,227
363,350
87,409
744,850

9 Grants payable

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10
Support costs
Support Governance
2025
costs
costs
£
£
£
Staff costs
53,079
8,116
61,195
Depreciation
2,744
1,083
3,827
Travel costs
137
54
191
Office costs
8,460
3,507
11,967
Advertising
580
-
580
Premises costs
3,707
1,464
5,171
Legal and professional
fees
77
420
497
Audit fees
-
14,398
14,398
Accountancy
-
2,694
2,694
68,784
31,736
100,520
Analysed between
Charitable activities
68,784
31,736
100,520
11
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Fees payable to the charity's auditor for the audit of the charity's financial
statements
Depreciation of owned tangible fixed assets		 Support Governance
costs
costs
£
£
49,631
9,783
1,791
1,228
86
48
8,241
5,468
643
-
2,499
1,756
5,116
2,016
-
9,732
-
3,516
68,007
33,547
68,007
33,547
2025
£

14,398
9,027		 2024
£
59,414
3,019
134
13,709
643
4,255
7,132
9,732
3,516
68,007 101,554
68,007 101,554
2024
£
9,732
6,936

12 Trustees

None (2024: None) of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2024: £nil).

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
3
2025
£
125,424
8,333
10,580
144,337		 2024
Number
3
2024
£
117,165
7,082
10,101
134,348

There were no employees whose annual remuneration was £60,000 or more (2024 - None).

14 Net gains/(losses) on investments

Endowment Endowment
funds funds
general general
2025 2024
£ £
Revaluation of investments (681,285)
1,730,084
(681,285)
1,730,084

15 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16
Tangible fixed assets
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Freehold
property
Fixtures,
fittings &
equipment
Computers
£
£
£
216,148
71,005
46,984
3,174
814
3,768
-
(22)
(10,299)		 Freehold
property
Fixtures,
fittings &
equipment
Computers
£
£
£
216,148
71,005
46,984
3,174
814
3,768
-
(22)
(10,299)		 Freehold
property
Fixtures,
fittings &
equipment
Computers
£
£
£
216,148
71,005
46,984
3,174
814
3,768
-
(22)
(10,299)		 Total
£
334,137
7,756
(10,321)
219,322 71,797 40,453 331,572
19,033
2,050
-		 62,839
2,291
(22)		 39,204
4,686
(10,299)		 121,076
9,027
(10,321)
21,083 65,108 33,591 119,782
198,239 6,689 6,862 211,790
197,114 8,166 7,781 213,061

The Charity's freehold property was subject to an independent professional valuation at 9 June 2015. The valuation was undertaken by Roger Warrington FRICS, Chartered Surveyor on an open market basis. This valuation has been adopted as deemed cost on transition to SORP (FRS 102). These assets are being depreciated from 31 March 2014 and have a net book value of £198,239 (2024: £197,114).

17 Investment property

Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025 195,000

Investment property comprises 17.76 acres of land that was permanently endowed to the charity and is held for investment purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 12 November 2010 by Bruton Knowles, Chartered Surveyors, who are not connected with the Charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Trustees consider the market value at those dates reflects the fair value of the properties as at 31 March 2025.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18
Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 April 2024
27,730,312
Additions
588,134
Valuation changes
(681,285)
Investment portfolio cash movements
-
Disposals
(580,000)
At 31 March 2025
27,057,161
Carrying amount
At 31 March 2025
27,057,161
At 31 March 2024
27,730,312
19
Stocks
Finished goods and goods for resale
20
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Total debtors		 Cash in
portfolio
28,361
-
-
(17,507)
-		 Total
£
27,758,673
588,134
(681,285)
(17,507)
(580,000)
10,854 27,068,015
10,854 27,068,015
28,361 27,758,673
2025
£
-		 2024
£
87
2025
£
10,000
103,192		 2024
£
-
99,865
113,192 99,865
2025
£
22,500		 2024
£
-
135,692 99,865

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Debtors

(Continued)

Other debtors totalling £32,500 are in relation to a social investment loan that the Charity provided to 'Freedom Day Centre CIC' for the purpose of allowing the entity to improve its facilities and continue the provision of day centre services to benefit those with learning difficulties in the local area.

The total loan amounted to £40,000 and is repayable over 4 years in equal quarterly instalments. No interest is charged on the loan. As at 31 March 2025, the total amount still to be repaid was £32,500.

21 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
3,374
348,813
23,843
376,030		 2024
£
3,660
216,909
17,637
238,206

22 Creditors: amounts falling due after more than one year

2025 2024
£ £
Other creditors 303 -

23 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the SoFA in respect of defined contribution schemes was £10,580 (2024: £10,101).

Defined benefit schemes

The Pensions Trust - The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Retirement benefit schemes

(Continued)

Valuation

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2025 to 31 January 2028: £2,100,000 per annum (payable monthly).

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present values of provision

Present values of provision
2025 2024 2023
£ £ £
Present value of provision 471 639 1,369

An amount of £471 (2024 - £639) is included within short term creditors and £Nil (2024 - £Nil) in long term liabilities.

Reconciliation of opening and closing provisions

Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of discount factor (interest expense)
Deficit contribution paid
Actuarial remeasurements - change in assumptions
Actuarial remeasurements - amendments to the contribution schedule
Provision at end of period		 2025
2024
£
£
639
1,369
17
52
(652)
(782)
3
-
464
-
471
639

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Retirement benefit schemes

(Continued)

Income and expenditure impact
Interest expense
Actuarial remeasurements - change in assumptions
Actuarial remeasurements - amendments to the contribution schedule
Costs recognised in income and expenditure account
Key assumptions
2025
% per annum
Discount rate
4.84		 2025
£
17
3
464		 2024
£
52
-
-
484 52

2024
2023
% per annum % per annum

5.31
5.52

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The Charity recognises a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement.

Defined contributions schedule

Year ending 31 March 31 March 31 March
2025 2024 2023
£ £ £
Year 1 168 652 782
Year 2 168 - 652
Year 3 168 - -
Year 4 - - -

The charity must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the charity's balance sheet liability.

The Plan is closed to new entrants and there were no active members of the scheme during the year.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 General unrestricted funds

General fund
Functional assets fund
Designated - computer software
Designated - training
Designated - property maintenance		 Movement in funds
Balance at
1 April 2023
Resources
expended
Transfers
Balance at
1 April 2024
Incoming
resources
Resources
expended
Transfers
Balance at
31 March 2025
£
£
£
£
£
£
£
£
172,210
(197,639)
225,029
199,600
2,100
(202,994)
210,294
209,000
211,274
(8,189)
9,976
213,061
-
(9,027)
7,756
211,790
14,084
-
(14,084)
-
-
-
-
-
2,508
-
-
2,508
-
-
-
2,508
30,000
-
(9,345)
20,655
-
-
-
20,655
430,076
(205,828)
211,576
435,824
2,100
(212,021)
218,050
443,953

General Fund

The general fund balance represents surplus income brought forward from the period prior to the adoption of the 1989 Scheme together with income arising from the permanent endowment fund which is available to be spent at the Trustees' discretion. The policy is to maintain the fund at 100% of forecast annual governance and support costs (less depreciation) as this will assist cash flow and enable the Charity to operate and meet its obligations on a day to day basis. Funds held in excess of this requirement are transferred to the restricted fund.

Functional assets fund

The functional assets fund represents the tangible fixed assets detailed in the tangible fixed assets note.

Designated funds

Within the unrestricted fund, the Trustees, from time to time, establish a small number of designated funds for specific items of expected future expenditure, as described by the name of the fund. These are reviewed annually and transfers made as appropriate in light of these expectations.

Transfers between funds

The functional assets fund was decreased by £1,271 (2024: £1,787 increase), in line with the current value of the assets stated in the balance sheet at 31 March 2025. A net amount of £209,000 has been retained in the unrestricted general fund to maintain the minimum target level set in the reserves policy.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 General unrestricted funds

(Continued)

25 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

General fund
Household support fund		 Balance at
1 April 2023
r
£
371,299
-		 Movement in funds
Incoming
Resources
esources
expended
Transfers
Balance at
1 April 2024
r
£
£
£
£
-
(731,224)
854,791
494,866
19,300
(13,626)
-
5,674		 Movement in funds
Incoming
Resources
esources
expended
Transfers
Balance at
31 March 2025
£
£
£
£
-
(954,669)
805,696
345,893
10,485
(14,337)
-
1,822
371,299 19,300
(744,850)
854,791
500,540		 10,485
(969,006)
805,696
347,715

General restricted funds

Under the rules of the 1989 Scheme, once costs of governance and administration have been deducted from the annual income, all remaining monies must be distributed as grants, subject to the restrictions laid out in the Scheme. Any monies not distributed within the same year must be carried forward within the restricted fund, which can only be distributed as grants in future years.

Household Support Fund

Relates to the distribution of government funding received via Wychavon District Council and other local advice centres.

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Endowment funds

Endowment funds represent 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 unapplied total return until transferred to income. Any capital gains or losses arising on the assets form part of the fund and are included as unapplied total return until transferred to income.

Balance at
1 April 2023
as restated
£
Permanent endowments
Endowment
funds
Unapplied
14,724,602
total return
11,580,031
26,304,633		 Incoming
resources
£
-
1,066,367
1,066,367		 Movement in funds
Resources
Transfers Revaluations
expended
gains and
losses
£
£
£
-
-
-
(18,659)
(1,066,367)
1,730,084
(18,659)
(1,066,367)
1,730,084		 Balance at
1 April 2024
£
14,724,602
13,291,456
28,016,058		 Incoming
resources
£
-
1,069,193
1,069,193		 Movement in funds
Resources
Transfers Revaluations
Balance at
expended
gains and 31
losses
March 2025
£
£
£
£
-
-
- 14,724,602
(20,154) (1,023,746)
(681,285) 12,635,464
(20,154) (1,023,746)
(681,285) 27,360,066

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Endowment funds

(Continued)

The Charity received a permanent endowment of agricultural land through the will of John Martin in 1714. John Martin had lived in Hampton, near Evesham, and bequeathed his lands on condition that they were to be held as a permanent endowment with the income arising being for the specific purposes of providing for a vicar in the parishes of Hampton and Bengeworth, assisting with the education of local children and for the relief in need of the people of Hampton, Bengeworth and Evesham. Since then, most of the original land has been sold and the proceeds re-invested in investment funds, which must also be retained as permanent endowment.

Significant expenses incurred in the administration of the remaining land are also charged to this fund, in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.

The Trustees, with the approval of the Charity Commission, have subsequently expanded the beneficial area to which the bequest relates as part of a series of Schemes. These dictate that all income arising from the permanent endowment is unrestricted in the first instance, to allow for reasonable running costs of the Charity to be met. Any surplus after that must be transferred to the restricted fund to be distributed as grants in accordance with the rules of the Scheme.

Total return approach to investment

As detailed in the Trustees Report the Board of Trustees decided to adopt a total return approach to investment with effect from 1 April 2022.

In reaching this decision, the Trustees are satisfied that this is in the best interest of the Charity and that due regard was given to guidance issued by the Charity Commission. Advice was also obtained from the Charity’s Investment Managers, Cazenove Capital and CCLA Investment Management Ltd.

The Trustees also considered how the value of the Endowment Fund should be allocated between the Investment Fund, which represents the value of the original gift, and the Unapplied Total Return. Following a review of the Charity’s records with reference to the gift, the proceeds obtained from land sales together with an allowance for indexation since the final sale in 1995 was considered appropriate. This produced a valuation for the Investment Fund of £14,724,602 with the Unapplied Total Return at £13,403,035 as at 1 April 2022 (as restated).

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

27
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Endowment
funds
2025
2025
2025
£
£
£
Fund balances at 31 March 2025 are represented
by:
Tangible assets
211,790
-
-
Investment properties
-
-
195,000
Investments
-
-
27,068,015
Current assets/(liabilities)
232,466
347,715
97,051
Long term liabilities
(303)
-
-
443,953
347,715
27,360,066		 Total Unrestricted
funds
2025
2024
£
£
211,790
213,061
195,000
-
27,068,015
-
677,232
222,763
(303)
-
28,151,734
435,824		 Restricted
funds
Endowment
funds
2024
2024
£
£
-
-
-
195,000
22,916
27,735,757
477,624
85,301
-
-
500,540
28,016,058		 Total
2024
£
213,061
195,000
27,758,673
785,688
-
28,952,422

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

28 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
484
167
651		 2024
£
484
651
1,135

The operating leases represent leases of office equipment payable by the charity. The leases are negotiated over terms of 5 years.

29 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025 2024
£ £
Aggregate compensation 69,297 66,888

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

The Vicar of Hampton and Bengeworth, as an ex-officio Trustee, is entitled to have his expenses of office paid in accordance with Clause 25(1) and 25(2) of the 1989 Scheme. These amounted to £2,618 (2024: £8,591) and £100 (2024: £100).

Mrs Diana Scorse, the wife of co-optative Trustee, Mr Cyril Scorse, receives fees as an organist at St Andrew's Church, Hampton. These fees are refunded to the Parochial Church Council under Clause 25(3) of the 1989 Scheme and total £1,377 (2024: £1,581).

Mrs Binney, the wife of ex-officio Trustee, Reverend Mark Binney, receives fees as a relief organist at St Andrew's Church, Hampton. These fees are refunded to the Parochial Church Council under Clause 25(3) of the 1989 Scheme and total £Nil (2024: £182).

JOHN MARTIN'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

30 Cash generated from operations

Cash generated from operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Rents receivable from investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in stocks
(Increase) in debtors
Increase in creditors
Cash absorbed by operations		 2025
2024
£
£
(800,688)
1,846,414
(1,068,138)
(1,065,311)
(1,055)
(1,056)
681,285
(1,730,084)
9,027
8,189
87
51
(35,827)
(7,157)
138,127
27,376
(1,077,182)
(921,578)

31 Analysis of changes in net funds

The Charity had no debt during the year.