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← Magdalen & Lasher Charity - Old Hastings House, Charitable Incorporated Organisation

2025-03-31-accounts

REGISTERED CHARITY NUMBER: 1158933

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

Ad Valorem Audit Services Limited Chartered Certified Accountants & Statutory Auditors 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14 to 25
Detailed Statement of Financial Activities 26 to 28

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES Mr K S Donaldson Mr K S Donaldson
Mr G Bendon (resigned 11/6/2024)
Mr I M Steel
Mr M Foster
Mr C Galbraith Chairman
Mrs S Phillips
Mrs A Wing
Cllr J Bacon
Dr P Lock
Mr J Bilsby
Mr M Boles
Rev M Phipps
Mr I Gallagher
J A Rogers
Mr A B Pope (appointed 1/6/2025)
PRINCIPAL ADDRESS Unit 27
The Innovation Centre
Highfield Drive
St Leonards On Sea
East Sussex
TN38 9UH
REGISTERED CHARITY 1158933
NUMBER
AUDITORS Ad Valorem Audit Services Limited
Chartered Certified Accountants & Statutory
Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN
TRUSTEES EMERITUS A Slack
G R D Kellie

Page 1

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees were appointed pursuant to the scheme of the Charity Commissioners dated 28 December 1951.The Board of Trustees is authorised to appoint new Trustees to fill vacancies among the co-optative Trustees. Up to three Trustees are nominated by Hastings Borough Council. The Rector (Priest-in-Charge) and the churchwardens for the time being of the Parish of St Clement & All Saints are appointed ex-officio Trustees.

OBJECTIVES AND ACTIVITIES

Objectives and activities

In its report for the 2024 accounts the Trustees signalled that unless the occupancy rate improved significantly and thus the home's finances returned to a break-even position as, at the then current position they were unsustainable, the Charity would look to alter the way it supported social care from the direct running a care home to a more indirect method. The Charity's auditors had also advised that things needed to improve significantly and speedily as the current situation could not continue.

For background the key turning point for the home was the COVID pandemic since which time the home had been significantly under-occupied leading to the six-figure loss in 2024, depletion of the home's reserves, the need for several injections of cash loans and a significant grant from the main Charity. With no signs of improvement, the Trustees decided early in the year that the main Charity could no longer prop up the home and the OHH asset should be sold and if successful the proceeds would be used to support social care for the needy of Hastings in a more indirect way. This decision was arrived at with all Trustees voting in favour save for one abstention.

Accordingly, the Trustees engaged professional specialists to value the home and put it on the market for a trade sale as a going concern. Following a number of expressions of interest detailed negotiations were carried out over several months eventually leading to the sale of the home on 3 March 2025 to a commercial company, Simicare. Simicare are specialists in the care home sector and in fact already owned a nursing home in the vicinity of OHH. The sale embodied numerous safeguards including continued employment for all the staff under the TUPE regulations and unchanged care provision for the home's residents.

Whilst the sale process progressed the OHH Management Committee, reporting to the Board of Trustees continued to:

Staff turnover remained low, and all staff had appropriate vocational qualifications and new staff were required to acquire them.

During the year the Charity used several volunteers to drive a minibus, used to take the residents out on local trips. The volunteers are unpaid. All hold the requisite driving licence and are insured centrally. A chaplain, Brother Aelred Partridge A Cist, BA continued to be retained on an unpaid basis. There were also five volunteers who helped with coffee mornings and other similar occasions.

Page 2

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW Financial Review

Until the date of the sale:

After a protracted process including detailed legal negotiations and consultation with the Care Quality Commission the sale of OHH was completed. The buildings and business were sold for £2,107,000 and after disbursements, debt repayment etc. the Trustees were able to deposit £1.5M in a CCLA managed fund whose future income will be used to provide relief to the elderly, primarily in the form of funding care costs.

Investment policy

Other than property and cash at bank, all the assets of the Charity are invested with the Charities Official Investment Fund (COIF) which is managed by CCLA. All sales and purchases are made by the Management Committee in accordance with the Charity's Scheme of Delegations.

The COIF share investments are in accumulation funds. A Residents' Amenity Fund (known as the Honour Cooper Fund after an early benefactor) is also maintained with funds invested with CCLA. Most of the donations given to commemorate former residents are directed into the Fund. The Trustees consider that their policy to use COIF is giving the Charity both a good return and stability in the market, even in times of market turbulence.

Reserves policy

The free reserves which are those unrestricted funds not invested in tangible fixed assets or properties held for investment, designated for specific purposes or otherwise committed, are represented by net current assets and funds held on deposit with CCLA. Treasury management of the Charity's cash reserves is delegated to the Old Hastings House Management Committee.

At 31 March 2025 the free reserves totalled £266,418 (2024: £138,513). Trustees view the present level of reserves as a minimum level and intend wherever possible to increase the Charity's cash reserves. The Trustees are currently reviewing the Charity's level of reserves and the Magdalen and Lasher Charity General Fund has committed to supporting the Charity for the foreseeable future.

Political Contributions

The Charity made no political contributions.

Page 3

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is run by a Board of Trustees which delegates its operational functions to the Old Hastings House Management Committee. The Chairman of the Charity is Clive Galbraith. Gareth Bendon is the long-term Chairman 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 the Administrator of the M&L Charity, who is Mrs Heather Suggitt, assisted by Mrs Joanna Thomas and Mrs Natasha Seymour, and the Manager, who is Mr Jason Denny, run the day-to-day operations.

The Charity originated prior to 21 March 1294 but is now governed by a scheme of the Charity Commissioners made on 3 December 2014. See the Section on Recent Developments for further information.

Related parties

The Charity's Trustees are also Trustees of the Magdalen & Lasher Educational Foundation and the Magdalen & Lasher 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 Trustees keep their risk policy under regular review and act as necessary (see also Reserves Policy above).

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are required under the constitution 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 the charity trustees to prepare financial statement for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements the Trustees are required to:

a) select suitable accounting policies and apply them consistently;

d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the detection and prevention of fraud and other irregularities.

The Trustees of the Charity must, in determining how amounts are presented within items in the statement of financial activities the balance sheet and the cash flow statement have regard to the substance of the reported transactions or arrangement, in accordance with the generally accepted accounting principles and practice.

Page 4

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................................... Mr C Galbraith - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

Opinion

We have audited the financial statements of Magdalen & Lasher Charity - Old Hastings House, Charitable Incorporated Organisation (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur, as low by way of enquiry, prior knowledge and current year analytical review and testing

We have enquired with management and those charged with governance to obtain an understanding of the legal and regulatory framework applicable to the entity and, through our audit testing, our findings have confirmed that the entity is complying with the relevant frameworks

We have enquired with management and those charged with governance to obtain an understanding of the entity's policies and procedures relating to compliance with laws and regulations. Through our testing, we have reviewed all relevant documentation and confirm that there have been no instances of non- compliance

Through enquiry, analytical review and substantive testing we have obtained an understanding of the entity's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud.

We have confirmed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations and fraud

Listed above is the extent of procedures we have taken to detect material misstatements in respect of irregularities, including fraud, to which we have found no instances.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,

omission or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

Use of our report

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

Ad Valorem Audit Services Limited Chartered Certified Accountants & Statutory Auditors 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN

Date: .............................................

Page 9

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Residential Home fees
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Residential Home fees
Residential Home Running Costs
Other expenditure
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
1,891
2,455,938
6,566
43,145
2,507,540
1,463,725
1,093,404
30,712
2,587,841
(167,055)
(247,356)
1,711,826
1,464,470		 Restricted
funds
£
-
-
-
-
-
792,469
995
-
793,464
139,618
(653,846)
1,145,121
491,275		 2025
Total
funds
£
1,891
2,455,938
6,566
43,145
2,507,540
2,256,194
1,094,399
30,712
3,381,305
(27,437)
(901,202)
2,856,947
1,955,745		 2024
Total
funds
£
139,071
2,293,173
6,607
44,333
2,483,184
-
2,392,630
96,587
2,489,217
(1,318,197)
(1,324,230)
4,181,177
2,856,947

The notes form part of these financial statements

Page 10

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

STATEMENT OF FINANCIAL POSITION 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
11
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 2025
£
-
1,615,930
-
1,615,930
-
98,047
266,418
364,465
(24,650)
339,815
1,955,745
1,955,745
1,464,470
453,334
37,941
491,275
1,955,745		 2024
£
2,252,878
143,365
227,500
2,623,743
6,000
236,061
138,513
380,574
(147,370)
233,204
2,856,947
2,856,947
1,711,826
314,710
830,411
1,145,121
2,856,947

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

............................................. Mr C Galbraith - Trustee

The notes form part of these financial statements

Page 11

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Impairment of investment property
Dividend,Interest & Rent from investment
Net cash provided by/(used in) investing activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(43,288)
(43,288)
-
(1,500,000)
1,664,629
(2)
-
6,566
171,193
-
-
127,905
138,513
266,418		 2024
£
1,329,495
1,329,495
(34,392)
-
-
105,002
(1,329,026)
6,607
(1,251,809)
40,000
40,000
117,686
20,827
138,513

The notes form part of these financial statements

Page 12

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Loss on disposal of fixed assets
Dividend,Interest & Rent from investment
Impairment of property
Decrease in stocks
Decrease in debtors
Decrease in creditors
Net cash (used in)/provided by operations		 2025
£
(901,202)
-
27,437
815,749
(6,566)
-
6,000
138,014
(122,720)
(43,288)		 2024
£
(1,324,230)
11,802
1,318,197
-
(6,607)
1,329,026
-
20,419
(19,112)
1,329,495

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 138,513 127,905 266,418
138,513 127,905 266,418
Debt
Debts falling due within 1 year (40,000) 40,000 -
(40,000) 40,000 -
Total 98,513 167,905 266,418

The notes form part of these financial statements

Page 13

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Magdalen & Lasher Charity - Old Hastings House, Charitable Incorporated Organisation is a charitable company limited by guarantee and incorporated in England and Wales. In the event of the charity being wound up. The liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information appended to these financial statements. The nature of the charity's operations and principle activity is that of managing Old Hastings House.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

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

INCOME RESOURCES

All income resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this require a level of performance before entitlement can be obtained then the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the chanty. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The trustees approach to income recognition is to include thirteen four weekly charges to it's residents in each accounting year, no adjustment is made where income overlaps the year end so as not to distort the results in any years accounts.

Investment income is earned through holding assets for investment purposes such as shares and property. lt includes dividends. interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.

continued...

Page 14

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

1. ACCOUNTING POLICIES - continued

EXPENDITURE RECOGNITION

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds includes expenses directly related to fund raising, such as advertising a fundraising event;

Expenditure on charitable activities includes expenses involved in the running of charitable projects, such as staff salaries; other expenditure represents those items not falling into the categories above.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings - 7.5% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost

The freehold property was last valued in 2002 and is not depreciated as the useful life of the building is considered to be more than 50 years and any depreciation charge is considered to be immaterial.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

The Trust is a registered charity and therefore no liability to taxation arises.

FUND ACCOUNTING

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the report of trustees.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific Fund.The aim and use of each specific fund is set out in the notes to the financial statements.

PENSION COSTS

The charity operates the required pension scheme for employees.

continued...

Page 15

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

1. ACCOUNTING POLICIES - continued

FIXED ASSET INVESTMENTS

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

GOVERNMENT GRANTS

Grants receivable under the government's Job Retention Scheme are recognised as government grants within donations and legacies income, within the statement of financial activities when there is reasonable assurance that the entity will comply with the conditions attached to the grant and that the grant income will be received. Grant income relating to the Job Retention Scheme will be recognised in the period to which the underlying furloughed staff costs relate to and when the payroll liability has been incurred by the company. Amounts not received by the reporting date are included in other debtors.

2. DONATIONS AND LEGACIES

Donations
M&L Grant
Grants received, included in the above, are as follows:
M&L Grant
INVESTMENT INCOME
Interest received		 2025
£
1,891
-
1,891
2025
£
-
2025
£
6,566		 2024
£
39,071
100,000
139,071
2024
£
100,000
2024
£
6,607

3. INVESTMENT INCOME

continued...

Page 16

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Residential home fees
Residential Home fees
CHARITABLE ACTIVITIES COSTS
Residential Home fees
Residential Home Running Costs
Other expenditure
SUPPORT COSTS
Finance
£
Residential Home Running Costs
-
Other expenditure
2,281
2,281		 Direct
Costs
£
2,256,194
1,065,445
-
3,321,639
Other
£
28,954
20,411
49,365		 2025
£
2,455,938
Support
costs (see
note 6)
£
-
28,954
30,712
59,666
Governance
costs
£
-
8,020
8,020		 2024
£
2,293,173		 2024
£
2,293,173
Totals
£
2,256,194
1,094,399
30,712
3,381,305
Totals
£
28,954
30,712
59,666

5. CHARITABLE ACTIVITIES COSTS

6. SUPPORT COSTS

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of resources. Premises overheads have been allocated by a calculation based on the amount of time that an activity uses a facility and the floor area occupied by that activity and other overheads have been allocated on a staff hours basis.

7. AUDITORS' REMUNERATION

The charity has accrued for the Audit fees for the year which amount to £6,300 (2024: £8,409,).

continued...

Page 17

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

8. TRUSTEES' REMUNERATION AND BENEFITS

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

TRUSTEES' EXPENSES

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

9. STAFF COSTS

Wages and salaries
Other pension costs		 2025
£
1,968,049
46,541
2,014,590		 2024
£
1,862,586
53,759
1,916,345

The average monthly number of employees during the year was as follows:

Care and domestic staff
Administration and management		 2025
91
2
93		 2024
116
2
118

No employees received emoluments in excess of £60,000.

The charity operates a pension scheme managed by Source Pensions and the administration is managed by Prism to all qualifying employees.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Residential Home fees
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Residential Home Running Costs		 Unrestricted
fund
£
101,130
2,293,173
6,607
44,333
2,445,243
2,391,535		 Restricted
funds
£
37,941
-
-
-
37,941
1,095		 Total
funds
£
139,071
2,293,173
6,607
44,333
2,483,184
2,392,630

continued...

Page 18

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Other expenditure
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
Freehold
property
£
Cost
At 1 April 2024
2,116,278
Disposals
(2,116,278)
At 31 March 2025
-
Depreciation
At 1 April 2024
-
Eliminated on disposal
-
At 31 March 2025
-
Net book value
At 31 March 2025
-
At 31 March 2024
2,116,278		 Fixtures
and
fittings
£
386,132
(386,132)
-
252,410
(252,410)
-
-
133,722		 Unrestricted
fund
£
96,587
2,488,122
(1,468,073)
(1,510,952)
3,222,778
1,711,826
Motor
vehicles
£
24,890
(24,890)
-
22,012
(22,012)
-
-
2,878		 Restricted
funds
£
-
1,095
149,876
186,722
958,399
1,145,121
Computer
equipment
£
9,872
(9,872)
-
9,872
(9,872)
-
-
-		 Total
funds
£
96,587
2,489,217
(1,318,197)
(1,324,230)
4,181,177
2,856,947
Totals
£
2,537,172
(2,537,172)
-
284,294
(284,294)
-
-
2,252,878

The care home was sold during the year.

continued...

Page 19

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

12. FIXED ASSET INVESTMENTS

Market value
At 1 April 2024
Additions
Revaluations
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
There were no investment assets outside the UK.
Cost or valuation at 31 March 2025 is represented by:		 Listed
investments
£
143,365
1,500,000
(27,435)
1,615,930
1,615,930
143,365
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost
INVESTMENT PROPERTY
Fair value
At 1 April 2024
Disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Listed
investments
£
243,624
(6,086)
(94,173)
(27,435)
1,500,000
1,615,930
£
227,500
(227,500)
-
-
227,500

13. INVESTMENT PROPERTY

The investment property was sold during the year.

continued...

Page 20

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

14.
STOCKS
Stock of provisions and cleaning
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and other debtors
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 17)
Trade creditors
Other creditors
Resident' fees paid in advance
Accruals and deferred income
17.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans		 2025
£
-
2025
£
98,047
-
98,047
2025
£
-
1,930
1,999
10,127
10,594
24,650
2025
£
-		 2024
£
6,000
2024
£
224,016
12,045		 2024
£
6,000
236,061
2024
£
40,000
30,093
29,811
19,005
28,461
147,370
2024
£
40,000

continued...

Page 21

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities
19.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 Unrestricted
fund
£
-
1,473,873
15,247
(24,650)
1,464,470
re as follows:
Incoming
resources
£
2,507,540
-
-
-
2,507,540		 Restricted
funds
£
-
142,057
349,218
-
491,275
At 1.4.24
£
1,711,826
314,710
830,411
1,145,121
2,856,947
Resources
expended
£
(2,587,841)
(995)
(792,469)
(793,464)
(3,381,305)		 2025
Total
funds
£
-
1,615,930
364,465
(24,650)
1,955,745
Net
movement
in funds
£
(247,356)
138,624
(792,470)
(653,846)
(901,202)
Gains and
losses
£
(167,055)
139,619
(1)
139,618
(27,437)		 2024
Total
funds
£
2,252,878
370,865
380,574
(147,370)
2,856,947
At
31.3.25
£
1,464,470
453,334
37,941
491,275
1,955,745
Movement
in funds
£
(247,356)
138,624
(792,470)
(653,846)
(901,202)

continued...

Page 22

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 At 1.4.23
£
3,222,778
165,930
792,469
958,399
4,181,177		 Net
movement
in funds
£
(1,510,952)
148,780
37,942
186,722
(1,324,230)		 At
31.3.24
£
1,711,826
314,710
830,411
1,145,121
2,856,947

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 Incoming
resources
£
2,445,243
-
37,941
37,941
2,483,184		 Resources
expended
£
(2,488,122)
(1,095)
-
(1,095)
(2,489,217)		 Gains and
losses
£
(1,468,073)
149,875
1
149,876
(1,318,197)		 Movement
in funds
£
(1,510,952)
148,780
37,942
186,722
(1,324,230)

continued...

Page 23

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

19. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 At 1.4.23
£
3,222,778
165,930
792,469
958,399
4,181,177		 Net
movement
in funds
£
(1,758,308)
287,404
(754,528)
(467,124)
(2,225,432)		 At
31.3.25
£
1,464,470
453,334
37,941
491,275
1,955,745

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Honor Cooper
EMI Suite Extension
TOTAL FUNDS		 Incoming
resources
£
4,952,783
-
37,941
37,941
4,990,724		 Resources
expended
£
(5,075,963)
(2,090)
(792,469)
(794,559)
(5,870,522)		 Gains and
losses
£
(1,635,128)
289,494
-
289,494
(1,345,634)		 Movement
in funds
£
(1,758,308)
287,404
(754,528)
(467,124)
(2,225,432)

EMI Suite Extension

The fund is restricted for the purpose of being used to contribute towards the ongoing construction of the EMI Suite extension.

continued...

Page 24

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

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

20. CAPITAL COMMITMENTS

CAPITAL COMMITMENTS
2025 2024
£ £
Contracted but not provided for in the financial statements 24,405 24,405

21. RELATED PARTY DISCLOSURES

No Trustees received remuneration nor were any expenses claimed in the year.

The Trustees are also responsible for the activities of Magdalen and Lasher Educational Foundation and Magdalen & Lasher - General Fund.

During the year the charity had the following related party transactions;

Magdalen & Lasher - General Fund and Magdalen & Lasher Educational Foundation

Contribution to payroll and office costs - £32,667 (2024 - £34,629)

As at the year-end the charity owed £Nil (2024 - £40,000) to Magdalen & Lasher General Fund in respect of a loan made to the charity. The loan was repaid in financial year 2024/25.

A grant of £Nil (2024 - £100,000) was received and a donation of £1,891 (2024: £39,072) was received.

These transactions were in respect of charitable purposes and in accordance with the charity's objects.

Page 25

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
M&L Grant
Investment income
Interest received
Charitable activities
Residential home fees
Other income
Non resident's meals
Resident's fundraising
M&L contribution OHH payroll contribution
M&L contribution OHH office costs
Other income
Income from 4 Old London Road
Total incoming resources
EXPENDITURE
Charitable activities
Wages and social security cost
Pension contributions
Water
Insurance
Light and heat
Telephone and internet
Provisions and cleaning materials
Medical Expenses
Resident's comforts
Health and safety expense
Cleaning and waste disposal
Garden expenses
Carried forward		 2025
£
1,891
-
1,891
6,566
2,455,938
75
2,850
28,500
4,167
353
7,200
43,145
2,507,540
1,939,517
46,541
3,048
37,161
157,560
6,496
136,127
994
14,450
20,106
40,063
3,929
2,405,992		 2024
£
39,071
100,000
139,071
6,607
2,293,173
30
2,934
22,743
11,886
450
6,290
44,333
2,483,184
1,812,278
53,759
3,597
26,144
162,514
13,244
136,094
1,402
13,713
21,599
41,249
5,906
2,291,499

This page does not form part of the statutory financial statements

Page 26

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Charitable activities
Brought forward
Registration fee and subscriptions
Property repairs and maintenance
Council tax
Motor expenses
Minibus costs
Repairs and renewals
Legal fees
Other staff costs including training
Residents' outings and comfort
Fixtures and fittings
Motor vehicles
Loss on sale of tangible fixed assets
Support costs
Finance
Bank charges
Other
Wages and social security
Postage and stationery
Advertising
Computer running costs
Governance costs
Auditors' remuneration
Accountancy fee
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Carried forward		 2025
£
2,405,992
3,218
53,121
-
1,557
2,336
18,022
3,035
17,614
995
-
-
815,749
3,321,639
2,281
28,532
7,581
2,674
10,578
49,365
6,220
1,800
8,020
3,381,305
(873,765)
(2)
(873,767)		 2024
£
2,291,499
10,149
46,676
2,437
2,258
504
13,956
1,019
22,780
1,095
10,842
960
-
2,404,175
2,058
50,308
8,215
2,425
13,627
74,575
8,409
-
8,409
2,489,217
(6,033)
2
(6,031)

This page does not form part of the statutory financial statements

Page 27

MAGDALEN & LASHER CHARITY - OLD HASTINGS HOUSE, CHARITABLE INCORPORATED ORGANISATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Realised recognised gains and losses
Brought forward
Impairment of Property
Net expenditure		 2025
£
(873,767)
-
(873,767)		 2024
£
(6,031)
(1,329,026)
(1,335,057)

This page does not form part of the statutory financial statements

Page 28