REGISTERED CHARITY NUMBER: 1158933 REPORT OF THE TRUSTEES AND AUDJTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MAGDALEN & LASHER CHARTfY- OLD &4ST]NGS HOUSE, CHARITABLE INCORPORATED ORGANISATION Acuity Professional Partnership LLP Unit 2.02 High Weald House Glovers End Bexhill East Sussex TN39 SES
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE. CHARITABLE INCORPORATED ORGANISATION CONTENTS OF THE FINAIYCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference 2nd Admthtstrative Dttslls Report of the TSte¢S Report of the Independent Audilors SLgtem¢nt of Financlil Activities Staternent of Financial Position io ststement olcash Flows Notes to the Statement of Cash Flows 12 Notes to the FiDantlal Stalem¢Dts 13 to 23 Detailed Statement of Finan¢Aal Activities 24 to 25
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION REFERFNCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 ThL4RCH 2024 TRUSTEES Mr K S Donal&8on Mr G Bendon Mr l M Steel Mr M Foster Mr C Galbraith Chaitman Mrs S Pbillips Mrs A Wing CIIT J Bacon Dr P Lock MT J Bilsby MTS J Cubison (resigned 301412023) Mr M Boles Rcv M Phipps (appoiDted 1119ll023) MT I Gallagher J A RogeTS PRINCIPAL ADDRESS Old Hastlngs House 132 High Street Hastings East Swsex TN34 3ET REGISTERED CHARITY NUMBER 1158933 AUDITORS Acuity Professional Partnership LLP Unit 2.02 High Weald House Glovers End Bexhill Fast Sussex TN39 SES TRUSTEES EMERITUS A Slack G R D Kellie The TNstees were appointed pursuant to the heme of the Charity Commissioners dated 28 December 1951.Th¢ Board of TTuslees is authorised to appoint new Trustees to fill vacancies among the co-optative Trustees. Up to three Trustees are nominated by Haslings Borough Coun¢il. The Rector IPriest-in-Char8e) and the ¢hurchwardens for the time being of the Parish of St Clement & All Saints are appointed ex-officio Trustees. Page I
MACDALEIW4 & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPOIL4TED ORGANISATIOTrI REPORT OF TIIE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trnstees present their report wilh the financial statements of the charity for the year ended 31 March 2024. The tnte¢S have adopt¢d the provisions of Accouniing and R¢porting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with the Financial Reporting StsDdard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives Ind activitie5 Th¢ Charity's constitutional dowments show one object, namely: lo manage Old Haslings House (OHH). It does so on a Dol-for-PTofit basis. Implementatlon and Out¢ome The OHH Management Committee conlinued its policy of progressive improvement to the fabric, facilities and quality of se1(¢ to residents while keeping charges lo a minimum consist¢nl with long-tem) sustainability. Staff turnover remained low. All staff had appropriate vocational qualifi¢aiions or, in the case of new staff. were in the process of acquiring ih¢m. The All-sainls Suit¢ extension was fmally completed and officially opened by The Lord Lieutenant of Sussex 27101123. Whilst providing no further bedrooms, a splendid, light filled living space has been create(L available to all residents which no doubt enhances the attra¢tiven¢ss of the home. The operations of the Charity continugj to expeTienc¢ cost pressures from inflation, increases in the national living wage and th¢ need to recruit addilional staff to maintain quality of service. In April the TThst¢es increased fee rates by an average of 50/0 in a budget which alm to produce a small sutplus. Di]CultieS remain in returning lo 11 occupancy after the pandemic. Indeed, at no time duTing the financial year was the home full. Each vacant room equates to an annualised average loss of incom¢ in excess of £35,IN)O if rooms became vacant, resuliing in an annualised average loss of income p¢r vacant room of aboul £35,000. Labour and other savings do not match lost income pound for pound. thus tbe charity drew down from its resetrves lo cover the shortfall. Publle benefit The provision of residential care at OHH is of unalloyed publi¢ benefit. It is operaied on a not-for-profil basis with no charge levied to meet th¢ cost of capital. It has becn th¢ policy of the Trustees if practicable to have a preponderance of publicly nded residents. In practice the policies of ESCC of underfunding their plaeemcnts have made this targel increasingly difficult to sustain. centlY the ratio is aboui 760/0 privately-fiujded and 240/0 pub]icly-funded. The fees are substantially below most other residential care homes in the locality and offeT the best value for money. There are "no charges for renl or cost of Capital. wbich represents a substantial subsidy foT each resident Whalever the size or outlook of the room the charge is the same and there are no charges for "extras" The standards of all aspecls of OHH are the highest. Recent and Future Developments As described under Implementation and Outcome the fact that the home has not operatd al thll capacity, with typically 6-10 rooms unoccupied, has provided a challenge which to date has been met by drawing dovm reserves. The Trustees do not feel that this position can be reversed by simply by the home trading its way out and discussions are taking place as to whether the Charity retains its appelite for providing social care in its cuent fonn, or whether this mighi be b¢lter on an indirect basis. Page 2
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE CHARITABLE INCORPORITKD ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 IRCH 2024 FINANCJAL REVIEW FiDoneial Revie The CIO was created to opctate Old Flastings Housc which had PTcviously operated as part of the activities of The Magdalen & Lashcr General Fund. All assets 2nd liabilities Telating lo the activity were transferred to the new CIO with an effective date of 1st April 2015. The statement of fmancial activities rcports the rewlts for the ycar and al80 the cquivalent details for the previous ycar in order to providc a greater undcTglanding of the year's results. The gmss income (including donations. grants and unre8lised gxtnsnosses on investments) received this year by the Chatity amounted to £2,473.194 while expenditure {ex¢luding the iD]pairment loss on the property) was £2.489,218 resulting in a global defi¢il of £16,024. Investment policy Other than property and cash at banK all the assets of the Charity are invested with the Charities Official Investsnent Fund (COIF) which is managed by CCLA. All sales and Purchases are made by the Management Committee in accordance with the Charity's Scherne of Delegations. The COIF share inv¢slments are in accumulation fvnds. A Residents, Amenity Fund (known as the Honour Cooper Fund after an early benefactor) is also maintained with funds invesied with CCLA. Most of th¢ donations given to comm¢morate fomier residents are direcfrd into the Fund. The Ttustces ¢onsid¢r that their policy to use COIF is giving the Charity both a good T¢tum and stability in Ihe market, even in times of market turbulence. Reserves poliey The free Teserves, which are those unrestricted funds not invested in tangible fixed assets or properties held for investrnenL designated for specific purposes or otherwise committed, are represented by net cuttenl asseis and funds held on deposii with CCLA. Treasury management of the Charity's cash reserves is delegated to the Old Hastings House Management Cotmnittee. Trnstees view the present level of reserv¢8 as a minimum level and intend wherever possible to incrcase the Charity's cash rescrves. The TnL8tees are currently reviewing the Charity's level of reserves and the Magdalen and Lasher Charity Gclleral Fund has comnlltted to supporting the Charity foT the fores¢eable re. Funding The Charity's Principal source of funds is the fee income from residents. Other incom¢ is from the Tcnt Teccived on the ound floor flat at 4 Old London R(ffld, interest from inv¢stme]]ts. incidental charge5 {e.g. for meals tsken by vi51tors). the proceeds of coffee mornings and fetcs. and occasional donations and bequests. The Use of Volunteers At Old Hastings Hiiuse tbe Charity uses severdl volunteers to drive a Minibvs. used to iakc the residents out on local trips. The volunteers are unpaid. All hold the requisit¢ driving licence and are insured centrally. There is a Chaplain. Brother Aelred Partridge A Cist. BA who is retained on an unpaid basis. There are 5 volunteers who help with coffee mornings and other similar occasions. Political Contributions The Charity made no political contribulioDS. Page 3
MAGDALEN & LASHER CHA]UTY- OLD HASTINGS HOUSE, CIIARITABLE INCORPORATED ORGANISATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is run by a Board of Trustees which delegates its operational fijnctions to the Old Hastings House Management Commitlee. The Chairnian of the Charity is Cliv¢ Galbraith. Gareth Bendon is ihe long-t¢m] Chairnian of OHH Management Committee but due to ill health his role has more recently been shared by Clive Galbraith & John Bilsby. The management committee, is assisted by ihe Adminkstrator of the M&L Charity, who 15 Mrs Marcia Woolf, assisted by Mrs Joanua Thomas and Mrs Natatha Seymour, and the Manager, who is Mr Jason Denny. rnn the day-to-day operations. The Charity originated prior to 21 March 1294 but is now governed by a scheme of the Charity Commission¢rs made on 3 December 2014. See the Seclion on Recent Developments for further inforniation. Related p*rties The Charity's Trustees are also Trnstees of the Magdalen & Lasher Educational Foundation And the Magdalen & Lasber General Fund. Risk management The Management Committee has considered the major risks to which the Charity is exposed and has established systems and procedures to manage those risks. The TTUStees keep tbeir risk policy under regular review and a¢t as nec¢s$ary {see also Reserves Policy above). STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are required under the consiitrjtion of the Charity to prepare financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP). The law applicable to charities in England and Wales requires th¢ charity trustees lo pr¢pare financial statement for each financial yr which give a trne and fair view of the state of affairs of the Charity and of Ihe incoming resour¢¢s and pplication of resources of the charity for that period. In preparing those financial ststements the TTUStees are required to: a) select suilable a¢¢ouniAng policies and apply them consistenily. b) observe the methods and principles in the applicable Charities SoR- c) make judgements and eslimat¢s that are reasonable and prudent. d) state whether applA¢able accounting stsndards have been followed, subject lo any mat¢ri41 deparbjres disclosed and explained in the financial statements. and e) prepare ihe fmancial ststements on the going concern basis unless it is inappiopriate to presume that the Charity will continue in operation. Th¢ TTUStees are responsible for mainlaining prop¢r accounting ordS which disclose with reasonable accuracy at any time the financial position of the Charity and able them lo ensure that th¢ financial statements Comply with the Charities Act 2011. They are also responsible for safeguarding the assets of ihe Charity and hence taking reasonable steps for the detection and prevention of fraud and other irregularilies. The Truslees of the Charity musl, in d¢ternJining how amounts are presented within items in tbe statement of financial activities the balance sheet and the cash flow statement have regard to the substance of ihe reported transa¢lions or arrangemenl, in a¢¢ordan¢e with the generally accepted a¢¢ounting principles and practice. Approved by order of the boxrd of trustees on ..... . and signed on ils behalf by.. Mr C GalbTaith- Trustee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION Opinion W¢ have audited the financial Statements of Magdalen & Lasher Charity - Old Haslings House, Charitable Jncorporated Organisation {the 'charity? for the year ended 31 March 2024 which COrnPTiS¢ the Statement of Financial A¢tivities, the Ststement of Financial Posiltoffj the Stat¢rnenl of Cash Flows and nol¢s to the financial straternents, including a summary of stgnificanl accounting policies. The fJnan¢ial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounting Stsndards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Rq)ubli¢ of Ireland,. ]n our optnion the financial statements.. give a true and fair vi¢w of ihe state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended. hav¢ been properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland,. and have been prepared ID accordance with the requiTements of the ChaTities Act 2011. Basis for opfinlon We conducied our audit in accordance with International sLdards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose standards are fvrther described in the Auditors, responsibilities for the audit of the fjnancial statements section of our report. We are independent of the charity in accordance wiib 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 fijlfilled our other ethi¢al responsibilities in accordance with these requirem¢nlS. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concenb In auditing the financial slalem¢hts, we have concluded that the tsustees, use of the going Concern basis of accounting the preparati(m of the fjllaneial statements is appTopriate. Based on the work we have perfornied. we have not idenlifjed any material uncertainlies relating to events or ¢onditions that, individually or ¢oll¢ctively, may cast significanl doubt on the charity's ability to continue as a going concern for a period of at least twelve monlhs from when the financial statements are authorised for issue, OUT responsibilities and the responsibilities of the trustees with resp¢¢t to going concern are described in the relevant sections of this report. Other thformgtion The trustees dre responsible for the other infornialion. The other infomlation Comprises the infonnation included in the Annual ReporL other than th¢ fmancial statements and our Report ofthe Independent Auditors thereon. Our opinion on the financial ststements does not cover the other infomiation and, except to the extent otherwise explicitly ststed in our report, we do nol express any forni of assur8n¢e ¢onclusion th¢r¢on. In connection with our audit of the financial atementS, our responsibility is to read the other infonnation and. in doing so, consider whether the other infotmation is materially inconsistent with the financial slatements or our knowledge obtained in tbe audit or oiherwise appears to be materially misststed. If we identify su¢h material ineonsislencies or apparenl material misstatements, we are required to delennine whether this gives rise to a material mtsstatement An the financial statements themselves. If, based on the work we have perfornied, we conclude thal there is a material misstaiement of ihis other Infomatio we are required to report that facl. We have nothing to report in this regard. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION Matters OD which we are required to report by exception We hAve nothing to rwrt in resp1 of the following matters where the Charities (Accounts aDd Reports) Regulatii)ns 2008 requires us to report to you if, in our opinion.. the infonnalion given in the Report of the TTus¢ees is Inco57St¢nt in any t¢ri41 respect wilh the financial statemcTJts- or sufficient accounting records hav¢ not been kept- or Ihe finaD¢ial slalemenls are not in agreement with the accounting records and retUrn5- or we have not teceived all the infonnation and explanations we require for our audit. Responsibilitie5 of trustees As explained more fully in the Statement of Thtees, Responsibililie8. the tnte¢S are responsible for the prepaTalion of thc financial statemcnts which give a bve and fair view, and foi such internal control as the tte¢S deterniine is necessary to enable the preparation of financial statements thal are free from material misstatement. whdher due to fraud OT eTror. In preparing the financial ststements, the trustees are responsible for assessing the charity's ability to contiuue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trSteeS eiiher intend to liquidate the charity or to cease oper4tions, or have no realistic alternative but to do so. Page 6
REPORT OF THE INDEPENDENf AUDrroRS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CIL4RJTABLE INCORPORATED ORGANISATIOPI Our re5ponsfibilities for the audil of the financial Statements Wc have been appointed as auditors under Scction 144 of thc Charities Act 2011 and report in accordance with the Act and relevant regulations made or having cffect ther¢uThdcr. OUT objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemeDt, whcther due to fraud or eor, and to issue a Rewyrt of the Independent AuditOTb that ineludes OUT opinion. Reasonable assurdnGe is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) wtll always detect a material misstatement when it exists. Misststcmenls can arisc from fruud or error and are considered material if. individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of u$¢rs taken on the basis of ihes¢ financial stat¢m¢nts. The eAt¢nt to which our procedures are capable of detecting irregularities, including fraud is detail¢d below: W¢ have assessed the susceplibility of the ¢ntity's fmancial statemenls lo material misstatement, including how fraud might occur. as low by way of enquiry. prior knowledge and CUTrent year analytical review and testing We hav¢ enquired with management and thos¢ Charged with governance to obtain an understanding of the legal and regulatory framework applicable lo the entity and, through our audit testing. our findings have confirnied that the entity is complying wilh the relevant fraMewoS We have enquired with managemeni and those charged with governance to obtain an understanding of the entitys policies and proc¢duTes relating to Compliance witb laws and regulations. Through our testing, we have reviewed all Televani do¢umentation and eonfjrni that there have been no instances of non- compliance Through enquiry, analytical VIeW and substantive testing we have obtained an underslandirjg of the entity's policies and procedures on fraud risks. including knowledge of any acmai, suspected or alleged fraud. We have ¢onf]nned that the engagement team collectively had the appropriale competence and capabilities to identify or recogn15e non-complilmce with laws and regulatiuns and fraud Listcd tbov¢ is the extent of procedures wc have taken to detect matcrial misstatemcnts ID respect of irregularities, including fraud, to which we have found no instances. Because of the inhcrenl limitations of an audit, there is a risk that we will not detect all irregularities. including those l¢ading to a material misstatement in the r)nancial statements or non-compliance with regulation. This risk increoses the more thal compliance with a law or regulalion is removed from the ¢v¢nts and transactions reflected in the financial statements. as w¢ will be less likely lo become aware of iDStances of non-compliance. The risk is also gTeater regarding irregulaTiti¢S OCCUTTing due to fraud rather than [0[. as fraud involves inlentional Concealment, forgery, collusion, omi$8ion or misrepresentation A firfer description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilili¢s. This description forms part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDoRs TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHA]UTABLE INCORPOIL4TED ORGANISATIOIY Use of our report This report is made solely to the thaTitys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and RepoTts) Regulations 2008. Our audit work has been undertaken so tbat we might state to the charity's trustees those matters we requircd to stste to thevn in an auditors, report and for no otheT pUoSe. To the fullest extent perniittcd by law. we do not a¢¢ept OT assume responsibility to anyone other than the charity and the Charity's trusl¢es as a body, for our audit work, for this r¢port, or for the opinions we hav¢ fomied. Acuity Professional Parlnersbip LLP Unit 2.02 High Wcaid House Glovers End Bexhill East Sussex TN39 SES Date- ..... Page 8
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL AciIvrriES FOR THE YEAR ENDED 31 MARCH 2024 2024 Tot41 funds 2023 Total funds Ullrestrlcted fund Restrlcted rund$ Iyotss INCOME AND ENDOWMENTS FROM Donations and legacies 101,130 37,943 139,073 502.608 Cbgrltable activfities Restdential Home fees 2393,173 2,293,173 1,684,002 Investment income Other income 6,607 44,333 6,607 41333 4,227 40,365 Total 2,445,243 37,943 2A83,186 2,231,202 EXPENDITURE ON Charitable a¢t11]eS Residential Home Rutin1 Costs Other expenditure 2,391,535 96,587 1,095 2J92,630 96,587 2,008,455 99,976 Total 2,&88,122 1.095 2889,217 2,108,431 Net gainsloosses) on investmenls (1,468,073) 149074 (lJ18,199) (25,618) NET INCOMEI(EXPENDITURE) (1,510,952) 186,722 {lJ24,230) 97,153 RECONCILIATION OF FUNDS Totsl funds brought forward 3,222,778 958,399 4,181,177 4,084.024 TOTAL FUNDS CARRIED FORWARD 1,711,826 1,145,121 2,856,947 4.181.177 The notes fomi part of these financial statements Page 9
MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUS4 CHAIUTABLE INCORPORATED ORGANISATIO STATEMENT OF FINANCLIL posflloN 31 IIIARCH 2024 2024 2023 Notss FIXED ASSETS Tangible assets Investments Investments Investment property 2.252,878 3,559.314 12 13 143a65 227,500 237,538 227,500 2.623,743 4,024,352 CURRENT ASSETS Stocks Debtors Cash at bank 14 15 000 236,061 138,513 6,000 256,480 20,827 380,S74 283,307 CREDITORS Amounts falling duc within one year 16 (147,370) (126,482) NET CURRENT ASSETS 233304 156,825 TOTAL ASSETS LESS CURRENT LIABILITIES 2,850,947 4,181,177 NET ASSETS 2056,947 4,181,177 19 U]]Testrided nds. General fimd Restricted funds: Honor Cooper EMI Suite Exicnsion 1,711,826 3,222,778 314,710 830,411 165.930 792,469 1,145,121 958,399 TOTAL FUNDS 2,856,947 4,181.177 The financial statements w¢r¢ approv¢d by the Board of TTUStee5 and authorised for issue on and w¢r¢ signed on its behalf by.. Mr C tialbraith. Tnte¢ The notes forni part of these financial siatements Page 10
MAGDALEN & LASHER CHARITY. OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operathig ¢thplties Cash generated from operations 1,329,497 (130,900) Net cash provided by/(used in) operating activities lJ29,497 (130,900) Cash flows from investing acilvities Purchase of tangible red assets Sale of fixed asset invesiments Impainnent of investh]¢nt property Dividend,Inieiest & Rent from investment (34J92) 105,000 (lJ29,1126) 6,607 (442,260) 580,00 4,227 Net cash (used in)Iprovided by investirtg activities (1251,811) 141,967 Cash flows from finanelng activities New loans in year 40,0110 Net cash provided by financing activities 40,000 Change in cash and cash equivalents In the reporting perlod Csh and cash equivaltnts At tbe beginniDg of tbe rtporting period 117,686 11,067 20,827 9,760 Cash and ¢Ydsh eqvivalents at the end of Ibe r¢porting period 138,513 20,827 The notes forni part of these financial statements Pagell
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET {EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPEIL4TING ACTtVlTIES 2024 2023 Net (expenditure)lin¢ome for the reportkng period (As per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Dividend,Interest & Rent from investhient Impairment of propety Decreasal{increase) in debtors Decrexse in creditors (lJ24,230) 97,153 11,802 1?18,199 (6,607) lJ29,026 20,419 (19,112) 13,000 25,618 (4,228) (121.012) (141,431) Net c*sh prOded byl(used in) operations 1,329,497 (130,900) ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash (low At 31.3.24 Net cash Cash at bank 20027 117.686 138,513 20,827 117,686 138,513 Debt Debts falling due within l year (40,000) (411,000) (40,0(10) (40,000) Total 20,827 77,686 98,513 The Dotes forn] part of these financial statements Page 12
MAGDALEN & LASHER C114RITY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION 'OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS Tbe financial statcments of the chiirily* which is a public bcnefit entity under FRS 102, have been prepared in accordancc with th¢ Charilies SORP (FRS 102) 'Accounting and Reporting by Charities.. Ststement of Rccommended Ptaclice applicable to charliies prepaTing their accounts in accordkmce with the Financial Reportin¥ Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. aDd thc Charities Act 2011. The fillclaI statcrnents have becn prepared under the histori¢al cost conv¢ntion. wilh the exccpti4)n of investmenls whicb are included at mark¢1 value, as modificd by thc rcvaluation of certain assets. The Magdalen & Lather Charity Old Haslings House, Charitable Incorpordted Organisation is a charitable company limited by guarantee and incorywrdted in England and Wales. In the event of the charity being wound up. Tbe liability in Tespect of the guardntee is limited to £1 p¢r member of the charity. The address of the regislered office is given in the charity inforniation appended io these financial statements. The nature of the charity's operations and principle activity is that of managing Old Hastt"ngs House, The financial statements are prepared on a going concern basis under the historical cost ¢onvention, modified 10 include ¢¢rtain items at fair value. The financial statemenls are presenled in sterling which is the functional currency of the charity and rounded to the nearest £1. The signifi¢ant accounting policies applied in th¢ preparation of these financial statemenis are set out below. These policies have been consistently applied to all years Presented unless otherwise stated. INCOME RESOURCES All in¢orne resources are included in the Ststement of Financial Activiti¢s (SOFA) when the charity is legally entitled to the income after any perfornjance conditions have been mel, the amount can be measured reliably and il is probable thal the income will be received. For donalions to be recogttised the charity will have been notified of the amounts and the 5¢tt1¢m¢nt dale in Mryiting. If ihere are eonditions attached to the donation and this rcquire a level of perforn]ance before entiilement can be obtained then th¢ income is deferred until those conditions are fijlly met or the fulfilment of those conditions is within the control of the charity and tt is probable that they will be fulfilled. For legacies, entitlement is the earlier of the charity bcing notified of an impending distribution or the legacy being rcceived. At this poinl inwme is [ognISCd. On occ&sion legacies will be notified to the charity hOW¢r it is not possiblc to msre the amount cxpected to bc distributed. On these occasions, the legacy is trcated as a contingenl a55et and disclosed. Income from trading activities includes income earncd from fundT#ising events and trading aclivitics to raise fimds for the chanty. Income is received in cxchange for supplying goods and serviccs in order to Taise funds and is recognised when entitlement has occurrd. Thc ttustee5 approach to income recognition is to include thirteen four weekly charges to it's residents in cach accounting year, no adjustment is ]nade where income overlaps the year end so as not to distort the sUlts in any years accounts. Investment incolne is earned through holding assets for investment purposes such as 5haTe5 and PTopety. li includes dividenils. interest and rent. Wher¢ it is not pra¢ti¢able to idcnlify investment management cosls incuTred within a scheme with r¢asonabl¢ accuTaCy Ihe investment inwme is reported nel of these costs. It is included when the amount can be measured reliably. Interest income is recolSed using the effective ini¢resi method and divid¢nd and rent income is re¢ognised as the charity's right to receive payment is established. Page 13 continued...
MAGDALEY4 & LASHER CHAIUTY- OLD HASTINGS HOUSE CHARrrABLE INCORPORATED ORGAMSATION NOTES TO THE FINAIYCIAL STATEMENTS- continued FOR TIIE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued EXPENDITURE RECOGNrrioN All expenditure is accountcd lor on an aCc]S basis and has been classified under hcadings that aggregate all costs related to thc category. Expcndilure is T¢gniSed whcTC there is a legal or conslructive obligation to make payments to third parties, il is probable thai the seltlcmenl will be required and the amount of thL obligation can bc measured reliably. It is categorised under the following headings: Costs of raising fvnds includes expenses dircctly relaled to fund raising. such as advertising a lundTaising event. Expenditure on chaTilable activitiC5 includes expenses involvcd in Ihe Tunning of charilable PTojects, such as staff salaries" otber expenditure represents those items not falling into th¢ categories above. TANGIBLE FIXED ASSETS D¢pre¢ialion is provided at tbe following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Motor vehicles Computer equipment The freebold property was last valued in 2002 and is not depreciated as ihc use1 life of the building is considered to be more than 50 years and any depr¢ciation charge is considered to be immalerial. 7.5V/Tr on reducing balance 251)/o on reducing balance 33/0 on rost INVESTMENT PROPERTY Invesiment property is shown at most recenl valuation. Any aggregate suryilus or deficit arising from Changes in fair value is recognised in the Statement of Financial Activiiies. STOCKS Stocks are valued at the lower of st and net realisable value, after making due allowance for obsolete and slow moving items. TAK4TION The I'rust is a Tegistered Charity and therefore no liability to taxation arises. FUIYD ACCOUNTING Unrestriclcd fvnds are available for use ai the discretion of the tsustees in furtherance of th¢ general objectives of the charity and which havc not been designated for oth¢r purposes. Designatcd funds compri5f Lmrestricted fvnds that have be set asidc by th¢ tste¢S for particular PUTEM)ses. The aim and use of each designated fund is sel out in the report of truslees. Restricted fimds are fimds which are to be used in accordance with specific r&strictions Inosed by the donors OT which have bccn raised by the charity for particular PUTposes. The cosl of raising and administering such funds are charged against the specific Fund.The aim and use of each specific fimd is set out in Ihc notes to the financial slatements. PETr4SION COSTS The charity operates the rquiTed pension s¢heme for employ¢es. FIXED ASSET INVESTMENTS Fixed asset inveslments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dat¢. Changes in fair value are re¢ow]ised in net incom£l{expenditure) for the year. Transaction Gosts are exp¢nsed as in¢U¢d. Page 14 ontinued...
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENfs- contfinued FOR THE YEAR EIWDED 31 MARCH 2024 ACCOUNTING POLICIES- conthiued GOVERNMENT GRANTS Grants receivable under the governrneDt's Job Retention Scheme are recognised as govenllnent grnnts within donations and lega¢ies income. within the statement of financial activities when there is reasonable assuran¢¢ that the entity will comply with the conditions attached to the gTant and thal the granl income will be received. GTanl incom¢ Telating lo the Job RetentlOD Scheme will be recognised in the period to which the widerlying rloughed staff costs relate to and when th¢ payToll liability has been incurred by the company. Amounts not received by the reporting dale are included in other debtors. DONATIONS AND LEGACIES 2024 2023 Donations M&L Granl 39,073 loo,000 502,608 139,073 502,608 Grants received, included in the above, ar¢ as follows: 2024 2023 M&L Grdnt loo,000 INVESTMENf INCOME 2024 2023 Interest receiv¢d 6,607 4.227 INCOME FROM CHARfTABLE ACTIVITIES 2024 2023 Activlty Residential Home fees RIdentIal hom¢ f¢es 2,293,173 1,6114,002 Page 15 continued...
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE. CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIvfTIES COSTS Support Costs {see note 61 Dlrect Costs TotAIs Residenlial Home Running Costs Other expenditure 2,392J73 11802 257 84,785 2J92,630 96,587 2,404,175 85,042 2,489,217 SiIPPORT COSTS Governance costs FinaDce Other Totsls Residenlial Home Running Costs Other expenditure 257 74Jl8 257 84,785 2,058 8,409 74,575 8,4119 85.042 Support sIS are th0 that assist the work of the charity but do not directly represent charitsble a¢tiviti¢s and include office costs, governance costs, athninistrative payroll costs. They are incurred directly in support of expeTJditure on the objects of the ¢harity and include project management ¢arried out at headquaners. Where support costs cannol be directly attTibuied to particular headings they have been allocated to expenditure on charitable activities on a basls consistent with use of resources. Premises overheads have been allocated by a calculation based on Ihe amount of time that an activity uses a fa¢iliry and the floor area occupied by that activity and other overheads have been allocated on a stsff hours basis. AUDITORS, REMUNERATION The clwity has accrued for the Audit fees for the year which amounl to £8,409 (2023: £8,081,). TRUSTEES, REMUNERATION AND BENEFITS There werc no trnst¢¢s' rcrnunerdlion OT Otber ben¢fJts for ihe year cnded 31 March 2024 nor foT th¢ y¢aT ¢nded 31 March 2023. TRUSTEES, EXPENSES There were no INste¢s' expenses paid for the year end¢d 31 March 2024 nor for the year ended 31 March 2023. Page 16 continued...
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHARETABLE INCOIIPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS - u)ntinued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Wages and salaries Other pension costs 1,862,586 53,759 1.603.493 47,439 I JIA345 1,650,932 The average monthly number of employees during the year was as follows., 2024 2023 113 Care and domestic staff Administratii)n and management 118 115 No ¢mployees received emoluments in excess of £61),000. The charity operdtes a pension 8¢h¢me managed by Source Pensions and the administration is managed by Prism to all qualifying employees. io. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTivrriES Unrestricted fut)d Restricted funds Total funds INCOME 'D EYDOWMENTS FROM Donations and legacies 2,725 499,883 502,608 Charltable activities Residential Home fees 1,684,002 1.684,002 Investment income Other income 4,227 40,365 4,227 40,365 Total ,731,3l9 499,883 2,231,202 EXPENDITURE ON Charitable activities Residcntial Home Running Costs Other expenditure 2,007,655 99,976 soo 2,008,455 99.976 Total 2,107,631 800 2,108,431 Net gainsl(losses) on investments (20,495) (5,123) {25,618) NET INCOMEI(EXPEfiDITURE) (396,807) 493,960 97,153 Page 17 continued...
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE. CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FIIYANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR TIIE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted fund funds Total funds RECONCILIATION OF FUNDS Tolal funds brought fonyard 3,619,585 464,439 4.084.024 TOTAL FUNDS CARRIED FORWARD 3,222,778 958,399 4.181.177 ii. TAIYGIBLE FIXED ASSETS Ffixtures Freehold property Motor veblcles Computer equfipment flttings Totsls Cost At l ApTiI 2023 Additions Impairnients 3,410,912 34392 {lJ29,026) 38Q132 2490 9,872 3,831106 34J92 (lJ29,020) Ai 31 March 2024 2,116278 386.132 24890 9,872 2,537,172 Depreei8tioD Ai l April 2023 Charge foT y¢ar 241,568 10,842 21,052 960 9,872 272,492 11,802 At 31 Mar¢h 2024 252,410 22,012 9,872 284,294 Net book value Ai 31 March 2024 2,116278 133,722 2,878 2,252,878 At 31 March 2023 3.410,912 144,564 3,838 3,559,314 The Freehold Property used directly for charilable pwposes throughout the period consists of: Old Hastings House, High Stted, Hastings 4 Old IA>ndon Road. Hastings Th¢ property at 4 Old London Road 15 included within Inve51m¢ni Property and the rent rollected is includ¢d in the residential home fee income. The tNstees consider the market value of the freehold property to be £6million. This figure is based upon the cost of the ¢xtension of approximalely £IOO,000 for ¢a¢h addition31 Tesidenl's room and the CUTrenl averag¢ market value for residential care homes. Page 18 conlinued...
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORCANISATION NOTES TO THE FINANCIAL STATEMENTS- eoniinued FOR THE YEAR ENDED 31 MARCH 2024 12. FIXED ASSET INVESTMENTS Lisied investments Market value At l April 2023 Disposals Revaluation5 237,538 {105,OOD ) 10027 Ai 31 March 2024 143,365 Net book v*lue At 31 March 2024 143J65 At 31 March 2023 237,538 There were no investment assets outside the UK. Cost or valuation at 31 Mar¢h 2024 is T¢presented by: Llsted Investments Valuation in 2022 Valuation in 2023 Valuation in 2024 243,624 {6,086) (94,J73) 143J65 13. INVESTMEIYT PROPERTY Fair value At l April 2023 and 31 March 2024 227,500 Net book value At 31 March 2024 227,500 At 31 March 2023 227.500 The investment propety was transferred from The Magdalen & Lasher Charity Gencral Fund at its carying value. The markel value was detemiined by Ille trnstees. Page 19 continued..
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 14. STOCKS 2024 2023 Stock of provisions and cleaniDg 6,0110 15. DEBTORS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2024 2023 Trade debtors Prepayments and other debtors A¢crned income 224,016 12,IM5 118,266 36,114 102,100 236,061 256.480 16. CREDITORS: AI4IOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Othci louns (se¢ note 17) TTade creditors Other ereditOTS Resident, fees paid in advanc¢ Accruals and deferred income 40,000 30,093 29,811 19,005 28,461 65.996 37,969 8,516 14,001 147J70 126,482 17. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand: Other loans 40,000 18. ANALYSIS OF NET ASSETS BETWEEN FUTr4DS 2024 Total lunds 2023 Total funds Unrestricted fund Restricted funds Fixed assets Investments Current assets Current liabiliti¢s 1,460,409 228,808 169,980 (147J71) 792,469 142,057 210,594 2,252,878 370,865 380,574 (147,370) 3,559,314 465,038 283,307 (126,482) 1,711,826 1,145,121 2,856,947 4,181,177 Page 20 conlinued.-.
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHARITABLE 114COIIPORATED ORGANISATJON NOTES TO THE FINANCIAL SIATElVtENTS- continued FOR THE YEAR ElED 31 MARCH 2024 19. MOVEMENT IN FUNDS Net movement in ndS At 31J.24 At 1.4.23 Unre5tr1eted funds General thnd 3,222,778 (1,510,952) 1,711,826 Restrieted fund5 Honor Cooper Emt Suite Extension 165,930 792,469 148,780 37,942 314,710 830,411 951399 18(722 1,145,121 TOTAL FUNDS 4,181,177 {lJ24,230) 2,856,947 Net movem¢nt in funds, included in the above are as follows: In¢tsmlllg resources Resources expended Gains and losses Movement in funds Unrestrld¢d funds G¢neral fi]nd 2,445343 (2,48&122) (1,468,073 } {1,510,9S2) Restrficted funds Honor C(KJper EMI Suite Exlension (1,095) 149,874 148,780 37,942 37,942 37,943 (1,095) 149,874 186,722 TOTAL FUNDS 2,483,186 (2A89317) (IJ18,199) {lJ24,230) CompArAtives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 3,619.585 (396,807) 3,222,778 Restricted funds Honor Coop¢r EMI Suite Extension 171,853 292,586 (5,923} 499,883 165,930 792.469 464,439 493,960 958,399 TOTAL FUNDS 4,084,024 97,153 4.181,177 Page21 continued...
MAGDALEN & LASHER CHARITY. OLD IIASTINGS HOUSE, CHAIUTABLE INCORPORATED ORGANISATION IYOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR EIYDED 31 MARCH 2024 19. MOVEMENT IN FUNDS - continued Comparative net movement in funds. included in th¢ above are a¥ follows. Illeoming resouT¢es Resoure¢$ expended Gains and 1055es Movement ill fund$ Unrestricted funds General fund 1,731.319 (2,107.631) (20,495) (396,807) Restricted funds Honor Cooper EMI Suite Extension (800} (5,123) (5,923) 499.883 499,883 499,883 (800) (5,123) 493.960 TOTAL FUNDS 2,231,202 (2,108.431) (25.618) 97,153 A current year 12 months and prior yeaT 12 montbs combined position is as follows: Net ovement In funds At 31.3.24 At 1.4.22 Unrestrl¢ted funds General fund 3.619.585 (1,907,759) 1,711,826 Restricted fund$ Honor Cooper EMI Suite Extension 171,853 292,586 142,857 537,825 314,710 830.411 464,439 680,682 1,145,121 TOTAL FUNDS 4,084,024 (1227,077) 2,856,947 Page 22 continued...
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE. CHARITABLE INCORPORA TED ORGANISATION NOTES TO THE FINANCIAL STATEMEiYfs- eontinued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUTrIDS . continu¢d A current year 12 months and prior year 12 months Combined net movement in fi]nds, included in the above are Ls follows.. In¢omlng resources Resources expended Glins and losses Movement fin funds Unrestri¢ted funds Gen¢ral fimd 4,176,562 (4,595,753) (1,488,568) (1,907,759) Restrlcted fuDd$ Honor Cooper EMI Suite Extension (1,895) 144.751 142,857 537,825 537,825 537,826 (1,895) 144,751 680,682 TOTAL FUNDS 4,714,388 (4,597,648) (1,343,817) (1,227,077 } EMI Suite Exten$lon The is restricted for the pu05¢ of being used to contribute towards the ongoing construction of Ihe EMI Suite txlension. 20. CAPITAL COMMITMENTS 2024 2023 Contracted but nol provided for in the financial 5tatemcnts 24,405 24,405 21. RELATED PARTY DISCLOSURES No Tn]stees received remuneration nor weT¢ any expenses claimed in the year. The Trnstees are also responsible for the activities of Magdalen and Lasher Educational Foundation and Magdalen & Lash¢r- General Fund. During the year the charity had tbe following related paty transactions" Magdalen & Lasher- General Fund and Magdalen & Lasher Educational Foundation Contribution to payroll and office costs- £34,629 (2023 - £31,453) As at the year-end the charity owed £40,000 (2023 - £nil) to Magdalen & Lasher Genual Fund in Tespe¢t of loan made to tbe charity. The loan was not repaid until financial year 2024125. A grant of £IOO,000 (20230 - £nil) was received and a donation of £39,072 (2023.. £499,883) was also reGeived from Magdal¢n & Lasher General Fund to cover the costs of the ongoing building extension works which can be seen included within the restrirted fund - EMI Suite F.xtension. Thcse transactions were in respect of charitable purposes and in ardance with the charity's objects. Page 23
MAGDALEN & LASHER CHAIUTY- OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMEiYrs Donatlons and legacies Donations M&L Grant 39,073 loo,000 502,608 139.073 502,608 Investment in¢ome Interest Teceived 6,607 4227 Charitable activltie5 Residential home fees 2,293,173 1,684,002 Other income Non resident's meals Residenvs fvndraising M&L contribution OHH paJToII contribution M&L conlribution OHH office costs Other income Income from 4 Old London Road 30 2,934 22,743 11,886 450 6,290 35 1,657 20,657 10,796 200 7.020 44J33 40,365 Total ineomlng resources 2,483,186 2.231.202 EXPENDITURE Charitable aetivitles Wages and social secwity cost Pension contributions Water Insurance Lighi and heat Telephone and internet Provisions and cleaning materials Medical Expenses Resident's cnmforts Health and safety expense Cleaning and waste disposal Garden expense5 Registration fee and subscriptions PTopety repaiTS and maintenance Carried forward 1,812,278 53,759 3J97 26,144 162,514 13,244 136,1)94 1,402 13,713 21,599 41,249 5,906 10,149 46,676 2J48J24 1,554,945 47.439 3,107 27.047 47,697 9,330 102,048 1,094 10.290 25,791 48.603 6,471 10.071 56,658 1,950,591 This page does not forni part of the slatulory financial ststements Page 24
MAGDALEN & LASHER CHARITY- OLD HASTINGS HOUSE, CIL4RITABLE INCORPORATED ORGANISATION DETAILED STATEMENT OF FINANCIAL ACTIIqTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Charit4ble actilgti Brought forward Counctl tax Motor expenses Minibus costs RepaiTS and Tenewals Legal fees Other staff costs including training Residents, outings and comfort Fixtures and fittings Motor vehicles 2,348J24 2,437 2,258 1,950,591 2.328 2,240 497 19.801 7,394 23.724 800 11.721 1,279 13,956 1,019 21780 1,095 10,842 960 2,404,175 2,020,375 Support co$ts Flllance Bank charges 2,058 2,101 Other Wages and social security Postage and stationery Advertising CompuleT running costs 50J08 8215 2,425 13,627 48.548 7.326 3.300 18.700 74,575 77.874 Governance costs Auditors, remuneration 1409 8,081 Total resources expended 2,489,217 2,108.431 Net (eJpenditure)lintome before galns and losses (6,031) 122,771 Reall$ed re¢ognl$ed gains and10$ses Realised gains/(losses) on fixed asset investments Jmpainnent of Property (19,531) (1,329.026) Net {expenditure)Ilncome {lJ35,057) 103,240 This page does not forni part of the statutory fmancial statements Page 25