Registered number: 02502427 Charity Number: 1002373 

THE Magdalen 

The Magdalen Environmental Trust 

(A company limited by guarantee) 

Annual report and Financial Statements For the year ended 31 December 2025 



## **The Magdalen Environmental Trust** 

## **Contents** 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Annual report|6 to 15|
|Independent Examiner's Report|16|
|Statement of Financial Activities|17 to 18|
|Balance Sheet|19 to 20|
|Statement of Cash Flows|21|
|Notes to the Financial Statements|22 to 38|





## **The Magdalen Environmental Trust** 

## **Reference and Administrative Details** 

**Chief Executive Officer** Mr Giles Martin Aspinall **Trustees** Mr Stephen Mackenzie Miller Mrs Gill Spence Mr William Davies Mr Rupert Guy Farthing Mrs Hilary Habberfield Mrs Sarah Helen Gleadell **Secretary** Mrs Gillian Rowe **Charity Registration Number** 1002373 **Company Registration Number** 02502427 The charity is incorporated in England & Wales. **Registered Office** The Magdalen Environmental Trust Magdalen Farm Maudlin Winsham, Chard Somerset TA20 4PA **Independent Examiner** Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG 

Page 1 



## **The Magdalen Environmental Trust** 

## **Trustees' Report** 

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2025. 

## **Structure, governance and management** 

## _**Nature of governing document**_ 

The Magdalen Environmental Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 16 May 1990 and amended by special resolutions dated 12 June 1990, 22 June 1990 and 22 March 1991, as amended by certificate of incorporation on change of name dated 19 July 2011. It is a registered charity with the Charity Commission. 

## _**Organisational structure**_ 

The Magdalen Environmental Trust is a registered charity and a company limited by guarantee. It is the sole owner of two trading subsidiaries, Magdalen Farm Ltd and Magdalen Events Ltd (which is a dormant company). 

The directors of the charitable company are its trustees for the purposes of charity law and throughout this report are collectively referred to as trustees. The trustees serving during the year and since the year end are set out on page 1. The liability of the members in the event of the charity being wound up is limited to £1. 

The charity’s overall strategic direction and policy decisions are determined by the board of trustees, who meet quarterly. The board delegates the translation of the strategic goals into the achievements of operational aims to the Chief Executive, Giles Aspinall, and staff team, who manage the charity’s resources to achieve its goals most effectively. The Chief Executive reports directly to the board at their meetings, providing up to date reports for the trustees’ scrutiny and query. 

## _**Recruitment and appointment of trustees**_ 

New trustees can put themselves forward for election, or can be proposed by any member of the existing board or by the Chief Executive. If the board accepts the nomination, a potential trustee is invited to attend one of their quarterly meetings as a guest, prior to accepting appointment to it. At the end of the meeting, if the board and candidate are in agreement, the potential candidate is formally appointed as a trustee. 

Trustees are chosen for their professional abilities and experience and commitment to the Trust’s aims. 

The Trust’s DEED provides for a minimum of three trustees, but there is no maximum. One third of the trustees shall retire by rotation annually at the annual general meeting, being those who have held office the longest since their last appointment or reappointment, but they can apply for re-election. The chairman is appointed by the board and serves for a period of one year, after which they may put themselves forward for re-election. 

The Chief Executive oversees the management of the Trust, supported by the Senior Management Team. 

## **Risk Management** 

In line with our health and safety policy, risks stemming from project activities, management and facilities are subjected to risk assessments, updated annually. This is overseen by our Health & Safety Officer (Centre Manager), with the support of the Chief Executive. Trained staff update the risk assessments relevant to their roles. 

All our activity risk assessments and health and safety procedures are documented and discussed at regular staff and trustees meetings. 

To manage financial risks, our Treasurer analyses management accounts and balance sheets in parallel with the senior management team. Financial risks beyond the immediate control of the charity are covered by Contingent Liability Insurance policies. 

Page 2 



## **The Magdalen Environmental Trust** 

## **Trustees' Report** 

## **Investment powers and policy** 

Under the Memorandum and Articles of Association, the charity has the power to invest in any way consistent with the aims and objects of the charity. 

## **Governance** 

In 2025 we have: 

• Continued to deliver the charity’s aims and extended our offer to various groups. 

• Made further investments on the estate at Magdalen Farm, for the greater long term benefit of wildlife, including using the charity’s unrestricted funds to secure the long term future of bats and other species. 

• Re-costed all our operations and adjusted pricing (up and down) to assure full cost recovery, and not-for-profit operations. 

• Further refined plans for investing reserves and borrowed funds in the infrastructure on Magdalen Farm to improve and increase the charity’s ability to meet its aims. 

## **Objectives and activities** 

## _**Objects and aims**_ 

Aims 

- Our visitors feel the connection between their wellbeing and nature 

- We all consider and understand our environmental choices 

- The recovery of wildlife 

- Inclusion and inspiration for all 

Through our 132 acres of diverse habitats, residential accommodation, interpretation materials, workshops and courses, the foundation offers visitors the opportunity to develop an understanding of sustainability, their environment and a greater responsibility towards it. The charity aims to make learning an adventure, through hands-on inspirational activities and imaginative teaching styles and resources. We take an holistic approach to our work, integrating ideas about education and sustainability and supporting best environmental practice at all times. 

In pursuance of its charitable objectives the charity provides a range of residential and one-day educational activities, courses and services aimed at school groups, other children and adults seeking environmental education, and people whose wellbeing can be improved by spending productive time in nature. The 132 acre farm with its diverse environment provides the setting for many of our activities and courses. 

## _**Public benefit**_ 

It can be seen from our achievements detailed in this report that the charity has complied with section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit. 

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

Page 3 



## **The Magdalen Environmental Trust** 

## **Trustees' Report** 

## _**Use of volunteers**_ 

The charity greatly benefits from the ongoing involvement and commitment by volunteers, whose contribution is hugely appreciated. 

We would like to thank 

• Volunteers from the local community, who have tirelessly given their time and effort for the improvement of the quality of service we provide. 

• Employee Volunteers from the private sector, who contribute enormous volumes of work condensed into single, very exciting days. 

Without all of these volunteers, Magdalen would not be so able to meet the needs of schools and communities, or support so many wild plants and animals. 

## **Financial Review** 

2025 has been another strong year for Magdalen, reflected by the financial position. The charity has maintained its policy of pricing without profit to make environmental education and care farming services as accessible as possible. The charity has progressed in its ongoing programme of improvements on Magdalen Farm, spending its funds on facilities for the benefit of people and wildlife. 

Seemingly significant changes in income and expenditure were foreseen in advance, their causes detailed in previous annual reports, and are explained here. In 2023 and 2024, two factors increased both income and expenditure in the organisation’s accounts - large scale nature conservation works on Magdalen Farm, (including one of the UK’s most ambitious river restoration projects), supported by the Countryside Stewardship scheme, and also the inclusion of the River Axe CIC in the charity’s accounts, as per the requirements of SORP. Both of these factors were temporary and have now concluded, bringing to an end the short term period of increased financial activity. 

Returning to more a usual level, income for the year has been £754,091 compared to £940,764 in 2024. Expenditure of £725,100 (2024: £767,821) has left a surplus of £28,991 (2024: surplus £172,943.) 

## **Reserves policy** 

The Trust’s Reserves Policy is specified in the Financial Policy as follows: 

It is our responsibility to safeguard the financial future of the charity. To achieve this we will maintain unrestricted free reserves approximately equivalent to three months operating costs, including salaries, unless these reserves must be drawn upon for pressing needs to further the charity’s aims and growth. 

## **Trustees and officers** 

The trustees and officers serving during the year and since the year end were as follows: 

Trustees: Mr Stephen Mackenzie Miller Mrs Gill Spence Mr William Davies Mr Rupert Guy Farthing Mrs Hilary Habberfield Mrs Sarah Helen Gleadell Mr Martin John Biss (resigned 11 November 2025) Ms Caroline Shearson Walker (resigned 11 November 2025) 

Page 4 



## **The Magdalen Environmental Trust** 

## **Trustees' Report** 

Chief Executive Officer: Mr Giles Martin Aspinall 

Secretary: 

Mrs Gillian Rowe 

## **Statement of trustees' responsibilities** 

The trustees (who are also the directors of The Magdalen Environmental Trust for the purposes of company law) 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Small companies provision statement** 

This report has been prepared in accordance with the small companies regime under the Companies Act 2006. 

The annual report was approved by the trustees of the charity on ... 07.05.2026 ................. and signed on its behalf by: 

......................................... Mrs Gill Spence Trustee 

Page 5 



## What we do 

The Magdalen Environmental Trust is here to provide transformative nature-based learning and wellbeing experiences for children, young people, adults and families. 

Each year, thousands of visitors come to us from across central and southern England to build confidence, improve wellbeing, strengthen social connection and deepen understanding of the natural world. 

This year, 

- **Over 5,000 participants** took part 

- in **354 visits** 

- spanning **540 delivery days** . 

They came to us… 

- To learn about the environment, sustainability, wildlife and the countryside 

- To make a positive contribution to the recovery of wildlife 

- For support and wellbeing outcomes, especially people whose opportunities in life are curtailed by a range of complex needs 

- For a combination of all the above 

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## Headlines 

**Over 5,000** people engaged 2025, with an increasing number attending weekly programmes 

**74%** came primarily to learn about, and contribute to, nature and the environment 

**26%** came to us more for respite, support and improving wellbeing 

**354** one-day and residential stays, spanning education, wellbeing and inclusion programmes. 

**540** total delivery days, reflecting strong operational capacity. 

**92%** reported stronger connection to nature 

**89%** of visitors were children and young people 

**847** beneficiaries referred or self-referred due to SEND 

**215** are young carers – by far the largest number we have worked with in one year 

Behind every number is a child who tried something new, a young person who found confidence, or a family who experienced calm and connection outdoors. 

## **“Arriving at Magdalen farm is a breath of fresh air…** 

**Because both my children know they won’t be judged, they’ll be able to succeed at the activities, and this precious holiday will be fun”** 

Parent of children with SEND, 2025 

**“Spending time in the woods helped me relax and stop worrying.”** Young Carer, August 2025 

Page 7 



## Connection to Nature 

Not everyone likes being in nature before they come here, but they do by the time they leave. 

Connection to nature is arguably our most important single outcome, both to foster proenvironmental behaviours and also because of the wellbeing benefits felt by people who have nature in their lives. 

On average, our participants felt their meaningful nature-connection almost doubled. 

- They rated their connection to nature on arrival at **5 / 10** 

- On departure, they this self-assessment rose to **9 / 10** 

In just a single visit or short residential stay, participants move from uncertainty or detachment to curiosity, engagement and confidence outdoors. 

We as practitioners frequently observe a familiar sequence … 

1. People often arrive believing they are moderately well connected to nature 

2. Some re-evaluate their connection downwards as they realise just how fascinating nature is, and how much there is to learn 

3. But in the end, they leave feeling significantly better connected to nature, and also better appreciating what connection to nature actually feels like 

**“ They arrived quite unsure and disconnected from the outdoors, but – by the end were completely engaged talking about wildlife and wanting to** 

**spend more time outside. ”** School, Day Visit, June 2025 

- **“ It has definitely sparked an ongoing interest in nature that we didn ’ t see before. ”** 

- Family SEND Group, Residential, July 2025 

- **“ I learned new things about nature and now I want to spend more time outside. ”** 

- School, Day Visit, March 2025 

Page 8 



## Participants describe feeling… 

- Calm and relaxed 

- Proud of themselves 

- More connected to nature 

- Happier and more confident 

- Safe and secure. 

This matters. When children and young people feel secure and engaged, they are more likely to develop confidence, build relationships, embrace new experiences and take appropriate risks. 

They are also open to making pro-environmental changes, and adopting pro - environmental behaviours when they go home and re-engage with normal life. 

## Teachers, parents & youth workers see… 

- **Growing confidence and resilience** 

- **Improved emotional regulation** 

- **Reduced anxiety** 

- **Willingness to try new things** 

- **Stronger teamwork** 

- **Clearer communication** 

Page 9 



## Highlights from the Farm 

This year we have continued to strengthen Magdalen as a place where people and nature thrive side by side. Our focus on accessibility, restoration and sustainability has brought tangible benefits for both our visitors and the wider landscape… 

**Creating a new purpose-built bat habitat** to greatly enhance the roosting and hibernating opportunities for the range of species that live on Magdalen Farm. This extraordinary new structure has been built with traditional materials largely sourced on site, and ensures the long term future for our bats. 

**Restoring 100 acres to traditional wood pasture and planting thousands of trees** , including planting 150 semi-mature parkland specimen trees this year. A small herd of Red Devon cattle now gently graze these new landscapes, helping to revive wildflower-rich grasslands, enhance carbon storage, and create a resilient, biodiverse habitat for generations to come. 

**Bringing back the wildflowers** through traditional management of the hay meadows and carefully managed grazing of fields sown with wildflower seeds, including six new southfacing butterfly banks along the floodplain. Wildflowers feed pollinators and fill the landscape with vibrant colour. 

**“Children who lack confidence in school settings were able to shine in this environment.”** 

School, Residential, March 2025 

**“I felt proud of myself for trying outdoor activities I wouldn’t normally do.”** School, Day Visit, February 2025 

**“The environment allowed children to feel calm, safe and supported.”** School, Day Visit, May 2025 

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## More Highlights from the Farm 

**Making new pocket wetlands** – to enhance last year’s successes in river restoration, we have put the smaller watercourses that thread their way through the farm back on the surface, creating 5 new pockets of wetland to support for the recovery of wildlife. We shall see what these pristine new habitats bring! 

## **Reimagining mealtimes to ensure every visitor feels cared for and included.** 

New menus meet a wide range of dietary, sensory and cultural needs, providing wholesome, locally sourced meals that bring people together and consistently receive glowing feedback from guests. 

Visiting children are more in control than ever before of what they eat. 

The options are balanced, healthy and nutritious, as well as very tasty! 

**A new website makes us more accessible** , helping visitors, carers and educators find what they need quickly and easily. We have also created introductory videos for young people, showing them the farm, accommodation and activities before their visit – offering reassurance and helping everyone arrive feeling confident and prepared. 

- **“With the age group that we bring there's that pressure of needing to look grown up, but when they're here you find them asking to play hide and seek and do things they wouldn't be seen doing at home.”** 

**“We saw a noticeable reduction in anxiety levels as the visit progressed.”** 

Observations made by youth workers in April and August 2025 

Page 11 



## In the national landscape 

Magdalen’s reach does not stop at the farm gate… 

**Environmental learning at catchment scale –** working alongside new partners, we now co-ordinate multi-agency environmental learning programmes to local children throughout the Axe river catchment. Like pieces of a jigsaw slotting together, each organisation tailors provision to fit with the others, building up to a more complete big picture for local children. 

**Landscape Recovery** will be the ultimate expression of this when it goes live next year. The River Axe Landscape Recovery project has Magdalen at its heart. New techniques are trialed here, and lessons are learned to help others increase nature in their rivers. 

**OWL (Outdoor Weeks of Learning)** remains one of the flagship programmes at Magdalen, in which we collaborate with other environmental education charities across England and Wales, sharing learning and striving to reach the children who fall through the cracks. 

**Just Act Natural** is another flagship programme. Just Act Natural serves families who have children with SEND living across the South West. We are building an ever-wider network of referrers and partners to give the project a longer reach, and to provide opportunities to more families 

- **“I've been to many venues over the 1820 years we've been working for young carers, but now we only want to come here. We all feel like family when we get here. It's the same staff, everybody is so welcoming and friendly you get a hug and a nice coffee and it's just like home from home.”** 

Young Carers group leader, Summer 2025. 

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## Working in Partnership 

Partnership is central to everything we do. Our success depends on strong relationships with schools, charities, community organisations and public bodies who share our commitment to inclusion, learning and environmental recovery. These partnerships extend our reach, strengthen programme delivery and ensure that our impact is both deep and lasting. 

Through collaboration, we are able to design programmes that respond directly to community needs, whether that means creating respite opportunities for young carers, providing outdoor learning for vulnerable young people, or managing land in partnership with local farmers and conservation agencies. 

Our delivery partners bring essential local knowledge, specialist expertise and trusted relationships with the people we serve. Together, we create inclusive, evidence-led programmes that make nature accessible to everyone. 

**“We learn so much about these young people when they are here…** 

**They are away from the realness of life and technology for a bit, and away from all the hustle and bustle and stuff. They are just themselves in that moment. The whole experience is great in that everything is so well planned and thought through…** 

**As a staff member this is the trip that we all look forward to!”** 

Team leader at the end of a residential for a group of young people, summer 2025. 

Page 13 



## : Our partners in 2025 included 

- 83 Schools, Colleges and special schools 

- 20 funders of charitable projects Thank you! We can’t do this without you! 

- 8 Young Carers organisations 

- 6 other partners supporting vulnerable and disadvantaged young people 

- 7 partners specialising in the support of people with SEND and their families 

- 5 companies in the private sector, including support with volunteers from staff teams 

- 4 partners specialising in the support of people with poor physical and mental health 

- 4 nature conservation NGOs 

- 3 local authorities 

- 2 partners supporting trafficked children and refugees 

- 1 university 

- 1 planet 

Our partnerships represent a shared commitment to inclusion, sustainability and collaboration. Together we deliver real change for people, for communities and for the environment. 

- **“The visit supported teamwork, cooperation and improved relationships within the group.”** 

School, Residential, June 2025 

- **“The change was noticeable. Participants who were hesitant at first were actively exploring and asking questions by the end of the visit.”** 

Group supporting vulnerable young people, Day Visit, April 2025 

Page 14 



## “I feel a little tearful that it’s ending… 

**It's been fantastic from beginning to end and we couldn't ask for any more… Being responsible for other people’s children is massive, but I don't want to go home. The kids have said how wonderful the food is, they've all loved it. Some of them have never been away before with us and they have had an amazing time.”** 

- **“They've grown!. One lad’s mum messaged me to say he was worried about coming. You would never think that now at the end. He was the first one in the river yesterday.”** 

- **“They've made friends as well, like the two boys who didn't know each other 2 days ago and now they say they feel like they've been friends forever…** 

- **“They're like best friends.”** 

Comments from two team leaders running a residential for young carers in August 2025. 

Page 15 



## **The Magdalen Environmental Trust** 

## **Independent Examiner's Report to the trustees of The Magdalen Environmental Trust ('the Company')** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of The Magdalen Environmental Trust as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

...................................... Dave Tucker ACA FCCA Institute of Chartered Accountants in England and Wales 

Thompson Jenner LLP 1 Colleton Crescent Exeter Devon EX2 4DG 

13/05/2026 Date:............................. 

Page 16 



## **The Magdalen Environmental Trust** 

## **Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investment income<br>6<br>Other income<br>Total income<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>7<br>Total expenditure<br>Net income/(expenditure)<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>24|**Unrestricted**<br>**funds**<br>**£**<br>92,404<br>328,042<br>69,792<br>6,625<br>420<br>497,283<br>(70,420)<br>(372,867)<br>(443,287)<br>53,996<br>53,996<br>1,045,641<br>1,099,637|**Restricted**<br>**funds**<br>**£**<br>-<br>256,808<br>-<br>-<br>-<br>256,808<br>-<br>(281,813)<br>(281,813)<br>(25,005)<br>(25,005)<br>25,005<br>-|**Total**<br>**2025**<br>**£**<br>92,404<br>584,850<br>69,792<br>6,625<br>420|
|---|---|---|---|
||||754,091|
||||(70,420)<br>(654,680)|
||||(725,100)|
||||28,991|
||||28,991<br>1,070,646|
||||1,099,637|



The notes on pages 22 to 38 form an integral part of these financial statements. Page 17 



## **The Magdalen Environmental Trust** 

## **Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

## **Prior year comparative** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investment income<br>6<br>Total income<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>7<br>Total expenditure<br>Net income<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>24|**Unrestricted**<br>**funds**<br>**£**<br>115,011<br>390,247<br>50,859<br>3,269<br>559,386<br>(66,517)<br>(327,978)<br>(394,495)<br>164,891<br>164,891<br>880,750<br>1,045,641|**Restricted**<br>**funds**<br>**£**<br>-<br>381,378<br>-<br>-<br>381,378<br>-<br>(373,326)<br>(373,326)<br>8,052<br>8,052<br>16,953<br>25,005|**Total**<br>**2024**<br>**£**<br>115,011<br>771,625<br>50,859<br>3,269|
|---|---|---|---|
||||940,764|
||||(66,517)<br>(701,304)|
||||(767,821)|
||||172,943|
||||172,943<br>897,703|
||||1,070,646|



All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 24. 

The notes on pages 22 to 38 form an integral part of these financial statements. Page 18 



## **The Magdalen Environmental Trust** 

## **(Registration number: 02502427) Balance Sheet as at 31 December 2025** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>15<br>Investments<br>16<br>**Current assets**<br>Stocks<br>17<br>Debtors<br>18<br>Cash at bank and in hand<br>19<br>**Creditors: Amounts falling due within one year**<br>20<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors: Amounts falling due after more than one year**<br>21<br>**Net assets**<br>**Funds of the charity:**<br>**Restricted income funds**<br>Restricted funds<br>**Unrestricted income funds**<br>Unrestricted general funds<br>Unrestricted designated fund - net assets<br>Unrestricted designated fund - capital<br>Revaluation reserve<br>Total unrestricted funds<br>**Total funds**||**2025**<br>**£**<br>2,678,034<br>100<br>2,678,134<br>27,018<br>264,664<br>159,581<br>451,263<br>(229,567)<br>221,696<br>2,899,830<br>-<br>2,899,830<br>-<br>221,796<br>877,841<br>-<br>1,800,193<br>2,899,830<br>2,899,830|**2024**<br>**£**<br>2,663,073<br>100|
|---|---|---|---|
||||2,663,173|
||||12,716<br>333,781<br>289,324|
||||635,821<br>(222,710)|
||||413,111|
||||3,076,284<br>(205,445)|
||||2,870,839|
||||25,005<br>238,206<br>657,435<br>150,000<br>1,800,193|
||||2,845,834|
||||2,870,839|



The notes on pages 22 to 38 form an integral part of these financial statements. Page 19 



## **The Magdalen Environmental Trust** 

## **(Registration number: 02502427) Balance Sheet as at 31 December 2025** 

For the financial year ending 31 December 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

The financial statements on pages 17 to 38 were approved by the trustees, and authorised for issue on .. 07.05.2026 .................. and signed on their behalf by: 

......................................... Mrs Gill Spence Trustee 

The notes on pages 22 to 38 form an integral part of these financial statements. Page 20 



## **The Magdalen Environmental Trust** 

## **Statement of Cash Flows for the Year Ended 31 December 2025** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash income<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>Investment income<br>6<br>Profit on disposal of tangible fixed assets<br>**Working capital adjustments**<br>Increase in stocks<br>17<br>Decrease/(increase) in debtors<br>18<br>(Decrease)/increase in creditors<br>20<br>Increase/(decrease) in deferred income<br>21<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>6<br>Purchase of tangible fixed assets<br>15<br>Sale of tangible fixed assets<br>Net cash flows from investing activities<br>**Cash flows from financing activities**<br>Repayment of loans and borrowings<br>20<br>Net decrease in cash and cash equivalents<br>Cash and cash equivalents at 1 January<br>Cash and cash equivalents at 31 December|**2025**<br>**£**<br>28,991<br>10,635<br>(6,625)<br>(420)<br>32,581<br>(14,302)<br>69,117<br>(26,171)<br>104,134<br>165,359<br>6,625<br>(25,596)<br>420<br>(18,551)<br>(276,551)<br>(129,743)<br>289,324<br>159,581|**2024**<br>**£**<br>172,943<br>4,971<br>(3,269)<br>-|
|---|---|---|
|||174,645<br>(6,177)<br>(129,080)<br>34,951<br>(102,205)|
|||(27,866)|
|||3,269<br>(32,322)<br>-|
|||(29,053)<br>(13,403)|
|||(70,322)<br>359,646|
|||289,324|



All of the cash flows are derived from continuing operations during the above two periods. 

The notes on pages 22 to 38 form an integral part of these financial statements. Page 21 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **1 Charity status** 

The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. 

The address of its registered office is: The Magdalen Environmental Trust Magdalen Farm Maudlin Winsham, Chard Somerset TA20 4PA 

## **2 Accounting policies** 

## **Summary of significant accounting policies and key accounting estimates** 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## **Statement of compliance** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

## **Basis of preparation** 

The Magdalen Environmental Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

## _**Donations and legacies**_ 

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

Page 22 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## _**Deferred income**_ 

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: 

- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. 

## _**Investment income**_ 

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## _**Raising funds**_ 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## **Support costs** 

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **Tangible fixed assets** 

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Page 23 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

Freehold property is initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date. 

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach. 

Gains and losses on revaluation are recognised in the Statement of Financial Activities, with a separate revaluation reserve being shown in the Statement of funds note. 

Other tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

|**Asset class**|**Depreciation method and rate**|
|---|---|
|Freehold property|Not depreciated|
|Plant and machinery|Straight line over 5-15 years|
|Fixtures and fittings|Straight line over 3-10 years or reducing<br>balance at 25%|
|Office equipment|Straight line over 3 years|



## **Fixed asset investments** 

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. 

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. 

## **Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). 

Page 24 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **Trade debtors** 

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

## **Borrowings** 

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. 

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. 

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

Page 25 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **Pensions and other post retirement obligations** 

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. 

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. 

## **3 Income from donations and legacies** 

|Donations and legacies;<br>Donations<br>**4**<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>Education and learning<br>328,042|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>92,404<br>92,404<br>**Restricted**<br>**funds**<br>**£**<br>256,808|**Total**<br>**2025**<br>**£**<br>92,404<br>92,404<br>**Total**<br>**2025**<br>**£**<br>584,850|**Total**<br>**2024**<br>**£**<br>115,011|
|---|---|---|---|
||||115,011|
||||**Total**<br>**2024**<br>**£**<br>771,625|



For the previous year £390,247 of income from charitable activities was unrestricted and £381,378 was restricted. 

Page 26 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **5 Income from other trading activities** 

|Trading income;<br>Tuck shop income<br>Conference and party functions<br>Venue hire<br>Other income<br>**6**<br>**Investment income**<br>Interest receivable and similar income;<br>Interest receivable on bank deposits|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>3,525<br>15,963<br>13,818<br>36,486<br>69,792<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>6,625|**Total**<br>**funds**<br>**£**<br>3,525<br>15,963<br>13,818<br>36,486<br>69,792<br>**Total**<br>**2025**<br>**£**<br>6,625|**Total**<br>**2024**<br>**£**<br>3,613<br>21,976<br>25,102<br>168|
|---|---|---|---|
||||50,859|
||||**Total**<br>**2024**<br>**£**<br>3,269|



Page 27 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **7 Expenditure on charitable activities** 

|Salaries<br>Course costs<br>Travel costs<br>Maintenance costs<br>Other costs<br>Direct charitable<br>expenditure<br>Accountancy and<br>bookkeeping<br>Cost of running farm<br>Bank charges and interest<br>Cleaning<br>Computer consumables and<br>maintenance<br>Depreciation<br>Energy<br>Food<br>Insurance<br>Printing and stationery<br>Rates<br>Telephone<br>Waste disposal<br>Water<br>Support costs<br>Governance costs<br>**2025**<br>**2024**|**Cost of**<br>**raising funds**<br>**£**<br>55,380<br>-<br>-<br>4,108<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>59,488<br>10,932|**Education**<br>**and learning**<br>**£**<br>411,995<br>1,293<br>-<br>-<br>3,163<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>416,451<br>220,193|**Governance**<br>**costs**<br>**£**<br>6,953<br>10,485<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>17,438<br>598|**Support**<br>**costs**<br>**£**<br>24,810<br>3,742<br>18,853<br>2,287<br>1,794<br>-<br>14,663<br>5,154<br>7,494<br>10,635<br>25,559<br>67,307<br>33,288<br>809<br>773<br>3,579<br>2,265<br>8,711<br>231,723<br>(231,723)|**2025**<br>**£**<br>474,328<br>26,103<br>3,742<br>18,853<br>9,558<br>1,794<br>10,485<br>-<br>14,663<br>5,154<br>7,494<br>10,635<br>25,559<br>67,307<br>33,288<br>809<br>773<br>3,579<br>2,265<br>8,711<br>725,100<br>-<br>-|**2024**<br>**£**<br>485,415<br>16,005<br>2,637<br>27,545<br>14,354<br>31,435<br>24,054<br>3,427<br>23,078<br>8,825<br>6,257<br>4,973<br>38,150<br>54,801<br>13,175<br>2,039<br>429<br>3,644<br>2,097<br>5,481|
|---|---|---|---|---|---|---|
|||||||767,821<br>-|
|||||||-|
||70,420|636,644|18,036|-|725,100||
||66,517|669,288|32,016|-||767,821|



In addition to the expenditure analysed above, there are also governance costs of £18,036 (2024 - £32,016) which relate directly to charitable activities. See note 8 for further details. 

£443,287 (2024: £394,495) of charitable expenditure was unrestricted and £281,813 (2024:£373,326) was restricted funds. 

Page 28 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **8 Analysis of governance and support costs** 

## **Governance costs** 

|Staff costs<br>Wages and salaries<br>Audit fees<br>Audit of the financial statements<br>Other fees paid to auditors<br>Independent examiner fees<br>Examination of the financial statements<br>Other governance costs<br>Allocated support costs<br>**9**<br>**Net incoming/outgoing resources**<br>Net incoming resources for the year include:<br>Audit fees<br>Profit on disposal of tangible fixed assets<br>Depreciation of fixed assets|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>6,953<br>-<br>-<br>4,800<br>5,685<br>598<br>18,036|**Total**<br>**2025**<br>**£**<br>6,953<br>-<br>-<br>4,800<br>5,685<br>598<br>18,036<br>**2025**<br>**£**<br>-<br>(420)<br>10,635|**Total**<br>**2024**<br>**£**<br>6,925<br>12,000<br>5,000<br>-<br>7,054<br>1,037|
|---|---|---|---|
||||32,016|
||||**2024**<br>**£**<br>12,000<br>-<br>4,973|



## **10 Trustees remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. 

No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

## **11 Staff costs** 

The aggregate payroll costs were as follows: 

|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2025**<br>**£**<br>415,106<br>47,757<br>11,465<br>474,328|**2024**<br>**£**<br>448,525<br>27,557<br>9,333|
|---|---|---|
|||485,415|



Page 29 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 

|Employees|**2025**<br>**No**<br>19|**2024**<br>**No**<br>20|
|---|---|---|



No employee received emoluments of more than £60,000 during the year. 

The total employee benefits of the key management personnel of the charity were £165,908 (2024 - £141,729). 

|**12 Independent examiner's remuneration**<br>Examination of the financial statements<br>**13 Auditors' remuneration**<br>Audit of the financial statements<br>**Other fees to auditors**<br>All other non-audit services|**2025**<br>**£**<br>4,800<br>**2025**<br>**£**<br>-<br>-|**2024**<br>**£**<br>-|
|---|---|---|
|||**2024**<br>**£**<br>12,000|
|||5,000|



Page 30 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **14 Taxation** 

The charity is a registered charity and is therefore exempt from taxation. 

## **15 Tangible fixed assets** 

|**Cost**<br>At 1 January 2025<br>Additions<br>Disposals<br>At 31 December<br>2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>Eliminated on<br>disposals<br>At 31 December<br>2025<br>**Net book value**<br>At 31 December<br>2025<br>At 31 December<br>2024|**Land and**<br>**buildings**<br>**£**<br>2,625,000<br>-<br>-<br>2,625,000<br>-<br>-<br>-<br>-<br>2,625,000<br>2,625,000|**Fixtures and**<br>**fittings**<br>**£**<br>57,776<br>16,128<br>-<br>73,904<br>50,882<br>6,543<br>-<br>57,425<br>16,479<br>6,894|**Computer**<br>**equipment**<br>**£**<br>24,194<br>9,468<br>(12,804)<br>20,858<br>24,058<br>1,974<br>(12,804)<br>13,228<br>7,630<br>136|**Plant and**<br>**machinery**<br>**£**<br>59,921<br>-<br>(2,570)<br>57,351<br>28,878<br>2,118<br>(2,570)<br>28,426<br>28,925<br>31,043|**Total**<br>**£**<br>2,766,891<br>25,596<br>(15,374)|
|---|---|---|---|---|---|
||||||2,777,113|
||||||103,818<br>10,635<br>(15,374)|
||||||99,079|
||||||2,678,034|
||||||2,663,073|



## **Revaluation** 

The fair value of the company's land and buildings was revalued on 30 April 2024 by Mr K Luxton RICS, an independent valuer. 

The charity has adopted a policy of revaluation for freehold property using a fair value basis, which is defined in the Charities Statement of Recommended Practice as being the amount for which an asset could be exchanged between knowledgeable willing parties in an arms' length transaction. It is the opinion of the trustees, who have given due consideration to the prevailing market conditions, that the value of the property on 31 December 2025 was not materially different to the valuation on 30 April 2024. 

Had this class of asset been measured on a historical cost basis, their carrying amount would have been £781,659 (2024 - £781,659). 

Freehold property with a value of £2,625,000 is security against borrowings totalling £nil (2024: £161,096.) 

Page 31 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **16 Fixed asset investments** 

|**16 Fixed asset investments**|||||
|---|---|---|---|---|
|Shares in group undertakings and participating interests<br>**Shares in group undertakings and participating interests**<br>**Cost**<br>At 1 January 2025<br>At 31 December 2025<br>**Net book value**<br>At 31 December 2025<br>At 31 December 2024||**2025**<br>**£**<br>100<br>**Subsidiary**<br>**undertakings**<br>**£**<br>100||**2024**<br>**£**<br>100|
|||||**Total**<br>**£**<br>100<br>100<br>100<br>100|
|||100|||
|||100|||
|||100|||



## **Details of undertakings** 

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows: 

||**Country of**||**Proportion of voting rights**|**Principal**|
|---|---|---|---|---|
|**Undertaking**|**incorporation**|**Holding**|**and shares held**|**activity**|
||||**2025**<br>**2024**||
|**Subsidiary undertakings**|||||
|Magdalen Farm Limited|England and Wales|Ordinary|100%<br>100%|Farming|



## **Subsidiaries** 

The profit for the financial period of Magdalen Farm Limited was £81,600 (2024 - £42,194) and the aggregate amount of capital and reserves at the end of the period was £43,628 (2024 - £51,900). 

## **17 Stock** 

|Stocks|**2025**<br>**£**<br>27,018|**2024**<br>**£**<br>12,716|
|---|---|---|



Page 32 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **18 Debtors** 

|Trade debtors<br>Due from group undertakings<br>Prepayments<br>Accrued income<br>Other debtors<br>**19 Cash and cash equivalents**<br>Cash on hand<br>Cash at bank<br>**20 Creditors: amounts falling due within one year**<br>Bank loans<br>Trade creditors<br>Other creditors<br>Accruals<br>Deferred income<br>Deferred income at 1 January 2025<br>Resources deferred in the period<br>Amounts released from previous periods<br>Deferred income at year end|**2025**<br>**£**<br>7,377<br>219,609<br>22,349<br>14,246<br>1,083<br>264,664<br>**2025**<br>**£**<br>208<br>159,373<br>159,581<br>**2025**<br>**£**<br>-<br>34,865<br>13,749<br>8,447<br>172,506<br>229,567<br>**2025**<br>**£**<br>68,372<br>172,506<br>(68,372)<br>172,506|**2024**<br>**£**<br>3,305<br>297,572<br>31,456<br>584<br>864|
|---|---|---|
|||333,781|
|||**2024**<br>**£**<br>187<br>289,137|
|||289,324|
|||**2024**<br>**£**<br>71,106<br>37,162<br>27,392<br>18,678<br>68,372|
|||222,710|
|||**2024**<br>**£**<br>145,837<br>68,372<br>(145,837)|
|||68,372|



## **21 Creditors: amounts falling due after one year** 

|Bank loans|**2025**<br>**£**<br>-|**2024**<br>**£**<br>205,445|
|---|---|---|



Page 33 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **22 Pension and other schemes** 

## **Defined contribution pension scheme** 

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £11,465 (2024 - £9,333). 

Contributions totalling £5,558 (2024 - £5,468) were payable to the scheme at the end of the year and are included in creditors. 

## **23 Reserves** 

|At 1 January 2025<br>At 31 December 2025<br>At 1 January 2024<br>At 31 December 2024|**Unrestricted**<br>**revaluation**<br>**reserve**<br>**£**<br>1,800,193<br>1,800,193<br>**Unrestricted**<br>**revaluation**<br>**reserve**<br>**£**<br>1,800,193<br>1,800,193|**Total**<br>**£**<br>1,800,193|
|---|---|---|
|||1,800,193|
|||**Total**<br>**£**<br>1,800,193|
|||1,800,193|



Page 34 



## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **24 Funds** 

|**Unrestricted funds**<br>**_General_**<br>Unrestricted funds<br>**_Designated_**<br>Designated funds - Net<br>Assets<br>Designated funds - Capital<br>**Total unrestricted funds**<br>**Restricted funds**<br>Restricted funds<br>**Total funds**|**Balance at 1**<br>**January**<br>**2025**<br>**£**<br>238,206<br>657,435<br>150,000<br>807,435<br>1,045,641<br>25,005<br>1,070,646|**Incoming**<br>**resources**<br>**£**<br>497,283<br>-<br>-<br>-<br>497,283<br>256,808<br>754,091|**Resources**<br>**expended**<br>**£**<br>(443,287)<br>-<br>-<br>-<br>(443,287)<br>(281,813)<br>(725,100)|**Transfers**<br>**£**<br>(70,406)<br>220,406<br>(150,000)<br>70,406<br>-<br>-<br>-|**Balance at**<br>**31**<br>**December**<br>**2025**<br>**£**<br>221,796<br>877,841<br>-|
|---|---|---|---|---|---|
||||||877,841|
||||||1,099,637<br>-|
||||||1,099,637|



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## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

|**Unrestricted funds**<br>**_General_**<br>Unrestricted funds<br>**_Designated_**<br>Designated funds - Net<br>Assets<br>Designated funds - Capital<br>**Total unrestricted funds**<br>**Restricted**<br>Restricted funds<br>**Total funds**|**Balance at 1**<br>**January**<br>**2024**<br>**£**<br>189,131<br>541,619<br>150,000<br>691,619<br>880,750<br>16,953<br>897,703|**Incoming**<br>**resources**<br>**£**<br>559,386<br>-<br>-<br>-<br>559,386<br>381,378<br>940,764|**Resources**<br>**expended**<br>**£**<br>(394,495)<br>-<br>-<br>-<br>(394,495)<br>(373,326)<br>(767,821)|**Transfers**<br>**£**<br>(115,816)<br>115,816<br>-<br>115,816<br>-<br>-<br>-|**Balance at**<br>**31**<br>**December**<br>**2024**<br>**£**<br>238,206<br>657,435<br>150,000|
|---|---|---|---|---|---|
||||||807,435|
||||||1,045,641<br>25,005|
||||||1,070,646|



The specific purposes for which the funds are to be applied are as follows: 

The net assets designated fund has been created to provide a reserve equal to the net fixed asset value less the revaluation reserve and the borrowings greater than one year. This is to give a true reflection in the accounts of the unrestricted funds available to the charitable company. 

The capital designated fund has been created to provide a reserve for future purchases of land and capital improvements. This was used to repay the loans in the year. 

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## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **25 Analysis of net assets between funds** 

|**Unrestricted funds**<br>**Restricted**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>**Other**<br>**£**<br>**funds**<br>**£**<br>Tangible fixed assets<br>-<br>877,841<br>1,800,193<br>-<br>Fixed asset investments<br>100<br>-<br>-<br>-<br>Current assets<br>345,371<br>-<br>-<br>105,892<br>Current liabilities<br>(123,675)<br>-<br>-<br>(105,892)<br>Total net assets<br>221,796<br>877,841<br>1,800,193<br>-<br>**Unrestricted funds**<br>**Restricted**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>**Other**<br>**£**<br>**funds**<br>**£**<br>Tangible fixed assets<br>205,445<br>657,435<br>1,800,193<br>-<br>Fixed asset investments<br>100<br>-<br>-<br>-<br>Current assets<br>429,616<br>150,000<br>-<br>56,205<br>Current liabilities<br>(191,510)<br>-<br>-<br>(31,200)<br>Creditors over 1 year<br>(205,445)<br>-<br>-<br>-<br>Total net assets<br>238,206<br>807,435<br>1,800,193<br>25,005<br>**26 Analysis of net funds**<br>**At 1 January**<br>**2025**<br>**£**<br>**Financing cash**<br>**flows**<br>**£**<br>Cash at bank and in hand<br>289,324<br>(129,743)<br>Debt due within one year<br>(71,106)<br>71,106<br>Debt due after more than one year<br>(205,445)<br>205,445<br>Net debt<br>12,773<br>146,808<br>**At 1 January**<br>**2024**<br>**£**<br>**Financing cash**<br>**flows**<br>**£**<br>Cash at bank and in hand<br>359,646<br>(70,322)<br>Debt due within one year<br>(18,467)<br>(52,639)<br>Debt due after more than one year<br>(271,487)<br>66,042<br>Net debt<br>69,692<br>(56,919)|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>105,892<br>(105,892)||**Total funds**<br>**at 31**<br>**December**<br>**2025**<br>**£**<br>2,678,034<br>100<br>451,263<br>(229,567)|
|---|---|---|---|
||-||2,899,830|
||**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>56,205<br>(31,200)<br>-||**Total funds**<br>**at 31**<br>**December**<br>**2024**<br>**£**<br>2,663,073<br>100<br>635,821<br>(222,710)<br>(205,445)|
||25,005||2,870,839|
||||**At 31**<br>**December**<br>**2025**<br>**£**<br>159,581<br>-<br>-|
||||159,581|
||||**At 31**<br>**December**<br>**2024**<br>**£**<br>289,324<br>(71,106)<br>(205,445)|
||||12,773|



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## **The Magdalen Environmental Trust** 

## **Notes to the Financial Statements for the Year Ended 31 December 2025** 

## **27 Related party transactions** 

During the year the charity made the following related party transactions: 

## **Magdalen Farm Limited** 

(Magdalen Farm Limited (Company number 07148851) is a 100% owned subsidiary of The Magdalen Environmental Trust) 

During the period charity has paid £53,957 (2024: £36,596) to Magdalen Farm Limited for produce. 

The Magdalen Environmental Trust operated the payroll on behalf of Magdalen Farm Limited during the period in relation to employees held on joint contracts. Payroll costs for the period and recharged from The Magdalen Environmental Trust to Magdalen Farm Limited totalled £96,893 (2024: £59,755.) 

The charity has also covered minor repairs and maintanance costing £2,870 (2024: £4,122) for Magdalen Farm Limited. 

A gift aid payment of £89,872 (2024: £113,983) was made by Magdalen Farm Limited to The Magdalen Environmental Trust. At the balance sheet date the amount due from Magdalen Farm Limited was £217,896 (2024 - £297,572). 

## **River Axe** 

(River Axe (Company number 14223756) is an associate of The Magdalen Environmental Trust as it has 25% control as one of the four directors.) 

Income was received from River Axe CIC for services provided totalling £2,773 (2024: £82,383). At the balance sheet date the amount due from River Axe was £2,674 (2024 - £Nil). 

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