CHARITABLE INCCKIPOIIATED ORGANISATION ftEGISTEREO CklARITY NUMBER: 116S641 ST MARY MAGDALEN'S NospifALALMSHOUSE CHARITY FINANCIAL STAT£MENT5 FOR TIIE YEAR ENDED YI DECEMBER 2023
STMARY MAGDALEN'S klOSPITALALMSTrIOUSI CHARITY CONYÉNTS OF THE FINANCIAL¥fATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 Pege Report ottheTrustee5 Independent Examlrnes Report statement of Flnanclal AEtfvlties Ba18nce Sheet Note5to the Fhan¢lal Statements 7 to 15 DEtslled Stst£¥nent of Flnancl-l A¢tlvltles IG
sr MARY MAGDALEN'S HOSPITALALMSHOUSE 04ARITY REPI)RT OFTHE ThUSTEE5 FOR THE YEAR ENDED JI DECEMBER 2023 Yhe Trustees present thelr report alon8 Wlth the financial stateTllEnts of the charity for the ¥ear ended 31 December 2023 The trustees have 8dopted the prov10S of the Statement ol Recommended Pracrice ISORpI"Accounting and Reportlng by Charities. in preparingthft annual report and finaKial Statements of the charity. The finanr.I81 statements h8ve been prepared In accordance wlth the aCcounng polkles set out in notes to the accounts on pages 7, 8 and 9 and comply with the tharity'5 goveming document, the Charlties Act 2011 and Accountlng and Reporting by Charities: Statement of Recommended Practice appllcable to charltles preparlng thelr accounts in accordanc& wlth the Flnantial Reportlng Standard applicable in the UK 2nd Republic of Ireland puljished In Ocrober 2019. OBJEcfivES AND ACTlVtriES Objectlvesand alms The obffect Oi the Ch¥Ry15 the provision Oi alii)shouses on land belonglng to the Charityfor the benefk of residents whose qualification shall be poor slngle persons of good character. The Trustees h3ve decided to further restrict this qualiflcation to person5 wlth leamin£ di5abilit¢es who, ex£ept In Special cases to be approved by the Charlty Commlssloners, are inhabitsnts of Colchestw. Appli¢atlon of Income The net Income thall be applied Ilrst to Tepair, Insure and meEt all other outgoSnEs in respect of the Charlly's propertles and all proper cost5 of the Charity's 2dministtation aThJ ma¢7agement. Thereafter net Income shall be applied forthe betheflt of the alm5people of the Charltv. A¢tivltlès The Charity CUTently provldes slx flats and its aim is to utilise these as far a5 possible to meet the objective5 of the Charityand promote Independent Ilving. Publlt benÈflt actiwties of the Charity are COEE5rdered to be for the public benefit and In runnlng the Charity the Trustees have regard forthe Charity Commlsslon gUIdan on public bertefit. ACHIEVEMENT AWD PERFORfdANCE Charftable artivlttès The charty contltbues to support Its beneficiartes and encour8ges 8 healthy and calm community environment. riNANCIALf¢EVIEW Flnancial positÉDII The Charity'g fiFkancial position Is as set out In the Balance Sheet on page 6and isconsldered 5atlsfactory. Rese¥ves pollcy The Charity's polley on reserves is to mainlaln sufficient reserves to enae the CharfLy to contlnue to athieve Its prirripal objectives. FUTURE PLANS The trustees a currently working throuEh recommendations of the recent quinquenrrial surveyors, retommendatioThs with the alm of sustain5ng the chzrity's housing stock. STRLicfuRL GOVERNAIICE AND IWANAGEMENT Governing dacument The chaTlty is a Charit3ble Incorporated Organlsatlon ICIOI governed by a constitut4an iegistered by the Charity Commlssion on 18 Febrn¢ary 2016 and as amended by WTttten rE5olutlons dated 23 March 2019 and 21 November 2022. The charity Ss 8 Re6istered Social14ou51n8 Prader, registratlon numberA4089.
ST ivfARY MAGDALEN'S HOSWTALALMSHOUSE CHARITY REPORT OFTHETRVSTEES r.oR THE YEAR ENDED 31 DEC£MBER 2023 STRUCTiIRE. GOVERNANCÉ AND MANAGEMENT Recyultment and appolntment of newtrustees AS vacancies for Trustees arise applicalk)ns are 50U8ht from potenal candidats5 known to the Trustees and oth suitable local pÈople. Applicants are then considered by the Trustees and apIntMents made by resolutlon of the Trustees. Organ15ational structurè Day to day admlnistratton of the Charity iscarried our bythe aerkwho reports to the Trustees. Induitlon and tIning of new trustees New TTUStees are briefed by the Clerk and the exist¢ne Trustees on the hlstory and activitles of the Chartty. They are provided with a copy of the Char¢ty Commi551on publication The Essential Trustee. detailing their responsibilities and providing guldance on being a TIu5tee. New Trustee5 are p¥ovlded wlth a ¢opy of the Charity Scheme and the latest accounts. Related partles Th@rÈ are no other charttiÈs related to the Salnt Mary Magdalen's HospFtal. The Clerk to the Charfty Is also aerk to other alrnshouse charities. Rlsk management The trustees hav2 a duty to Idendfy and revlew the risks to whlch the charity Is exposed and lo ensure apprtsprlate controls are In to provide reasonable assurance agaln5tfraud and error. REFERENCE AND ADMINISTAAnvE DAlL5 Registered Charlty number IIG5641 Prlntlpal address 286 Mersea Road Colchester Essex C028QY Trustees Reverend L Badger-watts ICh8lr) Iresigned 1191231 C P[le Mrs T Flig8Sns Ichalr-from 011091202ai A King (resigned 9141231 Mrs E Bull lappoinled 15151231 Mrs S Scott lappointed 211101231 Independent Examlner 51mon Wetllng Certlfied Accountsnt Halne5 Watt5 Town Wall House Balkerne Hlll Colchester Essex C03 3AD
ST MARY NAAGDAIEN'S HOSPITALAIMSHOUSE CHARITY REPORT OF THETRVSTEES FOR THE V&qR ENDED 31 DEMBER 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Solltiiots Anthony Colllns Sollcltors LLP 134 Edmund Street Bl¥mingham B3 2ES Bankèr5 N3twe5t 36 High Street Maldon Essex CM9 SPW aerkto the Charlty i5on Srnith 286 Mersea Road Colchester Essex COZ 8QY Approved by orderof the board of trustees on... 201 and sgned on Irs behalf by.. MrsT Hi8gins- Trustee
DEPENDENTEXAMINERS REPORTTOTHETRUSTEES OF 5T MARY MAGDALEN'S HOSPITALALMSHQVSE CHARITY Independent éxamkner's reportto thetwstoes ofst Mary magdal,$ Hospltal Almshouse Chaylty I report io the chartty trustees on ffly exam1nation ol the accryjnts oFSt Mary Masdol¢n's Hospital Almshouse Char¥ ItheTrustl for theyearended 31 December 2023. Respons#>llltle5and basb of report As the charity trustees of the Trust you are rponSIble for the preparation of the accounts In aCcordare wlth the rèqutrements ol the CharitlesAct 20111'theAcVI. I report In pect of my effirninatloTh of the Trust's accounts carrled out undersection 145 of the Act and In carrylng cwt my examinaln I havefomowed all applicable Dlrections given by the Charity thmffli551on under Section 14515llbl rhe Act. Independent eMamln8e5 Statement I have complated my examination. I confirm that no material mHttErs have come to my attention in conection with the examination w"vlrE me causeto belleve thatln any material respect.. accountlng records were not kept in respect of the Trust as requlred by Section 130 of the Act., or the accounts do notaccord vrtth those records; or the accounts th notcomply wlth thaapplirdble requirements conceming the form and content of accounts set out In the Clprlties IAccounts and Reportsl Regulation5 2008 other than any re4uirement that the accounts give a true and fairviewwhich is rK)t a matrerconsidered a5 Part of an independent examlnatlon. I have no concerns and have come across no other matter5 In conne¢tlon with the examlnatlon to which attentlon should be drawft In thls report in order to enable a proper undergtandinB of the accounts to be reached. Slmon WellinE Certified Account3nt Haines Watts Town Wall Flouse Balkerne Hlll Colchester Essex C03 3AD Datè..
STMARY MAGDALEN'S HOSPITAL ALMSHOUSE CHARITY STATEMENT OF FINANCIALAcfivffiES FOR THE YEAR ENDED 31 DECEiVIBER 2023 2023 Total funds 2022 Total fund5 Unre5trtcted funds Restrlcted funds Endowmefit funds Notes INCOME AND ENDOWMENTS FROM Charltable ertivltie5 Almshouse activity 19,881 19A81 Inwestment income other.. Introduction of funds 1,707 1.707 106.653 182A40 802,060 1.091,153 Total 128,241 182,440 1,112,741 EXPENDITURE ChN Charltable attlvltles Almshouse Jctniity 12,171 116,070 802.060 3,229 Net gains on investments 1?55 1,274 3,229 NET INCOME 118,025 182A40 803,334 ¥103,799 RECONCILIATION OF FUNDS Total fund5 brou8ht forward TOTAL FUNDS CARRIECI FORWARD 118,025 181440 B03A34 1,103,799 CONTINUING 0RATIoNs l income and expe1tre has arisen from contlnulry actmlies. The iiotes fomi part of these fin3ndal 5tatenients
STMARY MAGDALEN'S HOSPITALALM&IOUSE CHARITY gALANCE SHEEr 31 DECEMBER 2023 2023 Totsl ftjnds 2022 Total IndS Unrestricted funds Restricted funds Endowment fndS Noies FIXED ASSETS Tanglble assets Investments 182.000 778,471 24,863 960,471 94,288 io 69,4Z5 69025 182.000 803.334 054,759 OJRRENT ASSET5 Debtors Cash at bank li 3.314 48,448 3.314 440 51,76Z 440 52,202 (T<EDITORS Amounts falling due wlthin one year 12 (a,1621 13,1621 NET CURRENT ASSETS 48.600 440 49,040 TOTAL ASSEfs LESS CURRENT LIABILITIES 118.025 803.334 1,103,799 NET ASSErs 118.025 182040 802,334 1,103.799 FUNDS Unrestricted funds RÈstriÉted fDnd5 Endowment funds 13 118,025 182.440 803.3a4 TOTALFUND5 1,103,79 tKial statements We approved by the Pard of Trustees and authorssed for issue on and were slgned on Its behalf by.. Mrs T Higglns-Tru5te I g.mtrs Scott- TruMee The note5 fom part of thesefinanclal statements
ST MARY MAGDALEN'S HOSPITALALNSHOUSE CHARITY NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 DECENBER 2013 TRANSFER OF ENGAGEMENTS On l July 2023 the attimtles. assets and liabllities of the St Mary Maedalen's Hospltal (Charity Reglstratlon Number 2575081 were transferred tothi5 Charity. The funds and res@rwes IntroducÈd on l July 2023 were as follows.. Unr8strf¢ted fund5 Revenue Reserye BulldlnE Reserve Fund Extiaordln¥y Repalr RwÈrve Cyclical Maintenance Reserve 21,256 41.918 11,928 31,S51 IOS.653 Restrlrted fvnds Sotsal HousSnE Grant FuThd g(X)th Anniversary Celebrdtlon Fd 182,1100 440 182A40 Endowment lunds Houslng Property Revaluatlon Reserve Permanent Endowment Fund 627,649 174.411 802,060 Total 1,091,153 ACCOUNTING POLICIES as15 of pteparkhgthe flnanclal ateMentS Tho fiftanci21 sraternents of the charity, which is 8 publlc benefit entity urxler FRS 102. have been prepared i accordan with the Cha¥itie5 SORP IFRS 1021 'Accountln8 and Reports by Charit(e5: Statement of Recommended Practlce appllcable to charltles preparlng thelr accounts in accordance wlth the Financlal Reporting Staodard applicable in the UK and Republlc of Ireland IFRS 1021 (effective l January 20191,. Flnancial REPOrting Standard 1O2'The Flnanclal Repijrtlng Standard èppllcable In the UK and Republic of Ireland, and the Charities Act 2011. The financial statenients have been piepared under the historical cost convÉntion. with the exception that houslng propertle5 are Induded at ¥aluatlon and Snvestments whlch are IncltFded at rketVaIUe. Whilst thi5 ch3rity is a Registered prolder of S¢*ial Housi following the Issue of new SORPS for both Charltles and Reglstered Provlders, these accounts are prepared In accordance with appllcable Charlty SORP IFRS 1021 sinte Its prfnclpal actiI4tie5 afE not governed by the Landlord and Tenants Act 1985 and arE for ¢harttoble purpose$. Fund accountlng Unrestricted fvnds tan be used in accordancew¢th thecharitable objectives atthe discreti(xi of the trustees. DesiEnated funds are unrestrlcted funds of the charity whlch the trustees have declded at thelr dlscretlon to Sèt aside to use fora specwic purpose. Restrl£ted funds c8n only be used frir parlkular restricted purpDSES wlthin the objects of the tharfty. Restrictlons a¥ise when spedfled bythe donor orwhen funds ale ralsed for partIcar restricted purposes.
5T MARY MAGDALEN% M05PITALAIMSFIOUSE CHARIYY NOTESTOTAE FINANCIAL 5TATEMENTS-contlrnied FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued Fund accot¢ntlng Icortlnuedl Pennanent endowmentfunds are norFexpendablefunds which are normally held indefinitely. Further explanatlon of ihe nature and purpose of each fund Is Included in the notes to the f5nanclal statements. GolTg con¢ern The accounts ale prepared on a golnE concern ba515 asthere are no material thKertaintie5 about the Charity's ability to continuÈ. Income All income Is reco8nised in the Statement of Flnancial Actlvitles once the charity has entltlemenl to the funds, Ir15 probable that the Income w¢ll be recelved and the an)ount can be measured reably. Income from goveTnment and other grants, whether 't3Pital' Brant5 or 'rewenue' grants, Is recognised when the Charlty has entltlement to the fund5, any pertormance cortditlons attathed to the 8rants have been rnet, it is probable thatthe incomÈ will be received and the amountean be nRa5ured reliably and is not deferred. For legacles, entltlernent is tsken a5 the eadler of the date on whFeh either.. the Charlty 1$ aware that probate has been granted, the estate has been 1Snallsed 8nd notificatlon has been made by the executorlsl to the ChHr¢tythat 2 distribution will be niad4 or when a Llstributlon Is received frofll the estate. Inwme Donations and other voluntary Sncorne are flected in the accounts for the per¢od whlch they are received. Donatlons In klnd are recognised by the Charity when received except In the c8sÈ of Servi$ provlded f¥ee or undervalue byvoluTrtary staff orothers which are not reflected in the accounts. Interest recelvable Interest CTrn funds held on deposit Is included when receivable and the arnount be measured reThably bythe Charlty,. thls is normally upon notllicatioD of the irterest paid or payable by the Bank. EXpendYe Liabilities are recogn¢sed as expenditure as soon as tre 15 a legal or tonstructive obligatfon committing the chariiy to that expendlture, It is probable tliat a transfer of Èconomic benefits will be requlred in settlenient and the zmount of the obllgation can be measured rellably. Expenditure Is accounied for on 8n accruals basls znd hès bÈen c12ssilied nd headlngs that aggregate all cost related to the tategory. Where costs cannot be dlrectly attributed to partl£ular headin85 they have been allocated to srtiyities on a basis consistent with the se of resources. Repalr5 and m81ntenanceof ptopertle5 The charges in the Statement of Financial Actwitie5 In respect of Cyclic31 Malnten8nce and Extraordlnary Repairs reflect the TrusteÈs' constant concern to keep t17e properEi@s lrt good Conditio and are In accordance wlth the Almshouse A5socSations' recommÈndatlon that Almshouse Charities struld Set asSde each year speclfic sums In this respett. Transfers are made from the Revenue ReseFve each year to the Extraordlnarv Repalr Resetve to Cover extraordinary repalrs as tIV 8rise and to the Cycltcal Malntenance Reserve to cover repairs which arfse on a cycllcal basis.
r MARY MAGDALEN'S HOSPITALAiMSMOUSE CHARITY NOTESTO THE FINANCIAL5TATEMENTS- contlnued FOR THEYEAR ENDEO 31 DECEMBER 2013 ACCOUNTING POLICIE5- continued T2n8lble Itxed assets Houslng propertles The housln8 properties aré included in the accounts at their Insurance reEnstatement value. Addlts"ons after each ValUatIon are included at cost until a further revaluation. The housing propertles are not depreciated a5 r¢valuatlons are perfomied w4th sufficlent regularlty to Ènsure that the cariwng amounts aré not m3terially misstated. The c05t ol refurblshment and lrnprovements to thÈ esting property ale written off to Revenue Reserve a5 incurred. Any rnajorimprovementsor extenwons tothe property are capitali5ed. Ihve51ments Investments are shown on the Balance Sheet at thelr market V31ue. Change5 In market value durlng an accountihg perlod are refletted Sn the accounts a5 unreallsed 88lns OY losses. Upon dIspol of on Investrfient the difference between original cost and disposal proceeds is refiected in the account5 a5 a realised gain or loss and an adjtjstment Is made to unreallsed glins or 1055es to reverse unreali5ed mo¥Èments In value In earner years. Debtors Contrlbutlons and other debtors are reco8ni5ed at the settlement amount due. Prepayment5 are valued at the amount prepald netof anytrade dlscounts due. Cash and bank ahd IN hand Cash at bank and cash In hand Indudes 5h and shDrt term hlghly Ilquid investments wlth a short maturity of three finths or less from the date of acquisitton or openlng of the depDsFt or similaraccourt. CrEdltors and provlslons Creditors and provlsions are recoEnbed where the Charity has a present obligalton resiiklng fram a past •vent that will PTobabSy result In the transfer of funds to a third party and the amount due tts settle the obllgatton can be measured or e5tirnated rellably. CredStors and provlsions a nonrally vecognlsed at thelr settlement amount. Flnancial In5tmments The Charlty only has flnancial assets and financlal liab(lities ol a klnd that qualY as basic fin3ncial instruments. Baslc financial instruments are [rtiallY recogiii5ed at tr*n58Ctlon value and 5ubseque#tfy measured at thelr settlement Wdlue. raxatlon The charity 15 exemptfrom tax on tts charltaLle activitles. INVESYMENT INCOME 2023 2022 Charifund income divldends COIF deposit account 1,628 79 J,707
ST MARY MAGDALEN'5 HOSPITALALMSHOUSE CHARITV NOTESTOIHE FINANCIAI STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM CHARITABLEAcllviTIES 2023 2022 Almshouse aclivtty Contributions recewable 19,881 CHARIYABLE ACTIVITIES COSTS Olreci Costs (see ote 61 Support costs (see not@ 71 Totals Almshouse activity 6,198 5,973 12,171 DIRECTCOSTS OF CHARITABLE AcfiviTIES 2023 2022 Rates and water Insurance Lighi 3nd heat Repalrs and maIntnCe Gardenlng Careline Sundry expenses aeaning 16 648 310 2,142 1.12fj 1,379 197 380 6,198 SUPPORT cosrs Governance costs Management Totals AlrnshDtJse aclivltv 3.160 2,813 -1
ST MARY MAGDAIÉN'S HOSPITAL AIMSNOiISE tMARITV NOTESTO THE FINANCIALSTATEMENTS-tontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS- continued Support Costs, IKluded in the above. are asfollows.. 2023 Almshouse aciivltv 2022 Alm51¥)use actlvlty Clerksfees Subscriptions Independent examination fees Accountancy fees Legal and professlonal fee5 3,062 98 160 1,232 1,421 5,973 TRUSTEES. REMUNERATION AND BENEFITS There were no iiustees, remuneration or other beTrefits forthe year ended 31 December2023 rhjr for the year ended 31 December 2022. Tru5tee5' e4)en$Ès There were no trustees, expenses paid fw the year ended 31December2023 nor for the year ended 31 DeMbÈr2022. TANGIBLE FixeD ASSETS Housin8 propertles COST OR VALUATION Transfe¥from The St Mary Magdalen's Ho5tal 960A71 BOOI( VALUE At 31 December 2023 960A71 At 31 prnber 2022 Cost Drwaluation at 31 DeTrmber 2023 15 represented by.. Housin propertoes Accumulated rewaluatlon galns 627,649 332,822 960,471 -li-
ST MARV MAGDAIEN'S H05PITAIALMSIIOUSE CHARITY NOTESTO THE FINANCIAL STATEMENTS- tohtinued FOR THE VEIIR ENDED 31 DECEMBER Z023 io. FIXED AssEfiNVESTMENTS Listed investments MARKETVALLIE Transferfrom The St Mary Mogdalen's Hospital Additions Revaluations 81309 8,7SO 3,229 At 31 December 2023 94,288 NErBOOK VALUE At 31 December 2023 94,288 At 31 December 2022 There were no Ènvestment #ssets outsidethe UK. Cosrorvaluatlon at 31 December 202315 represented bw. Llsted Investments Aecumu5ated rEYdluation gains Cost 43,783 50,505 94288 ii. DEBTORS: AMOUNTS FALLING DUE WIYHIN ONE YEAR 2023 2022 Contributions in krrears Prepayments and accrued Income 10113 2,301 3A14 -12-
SY MARY MAGDALEN'S HOSPITAL ALMSHOUSE CAARITY NOTESTOTHE FINANCIALSTATEMENTS_coThtlnued FOR THE YEAR ENDED 31 DECEMBER 2023 12, CREorroRS.. AMOUNT5 FALLING DUEWITHIN ONE YEAR 2023 2022 Contributlons recelved in advance AccTua15 and deferred income 1,610 1.552 3,162 13. MOVEMENT IN FUNDS Net rnowement in funds Transfeis between fuhds At 31.12.23 At 1.1.23 Unrèstrlcted fund5 Revenue Reserve uilding ResoTve Fund Extraordinary Aepair Reserve Cycllc81 MaintenanEe Reserve 30,694 41,918 12N96 3Z.917 18,7501 141,9181 21,944 15.996 80,085 47,168 118,025 118,025 Re5trf¢ted funds Social14ousing Grant fund 900th Anniversary Celebratlon Fund 182,1100 181O0D 182,440 182,a40 Endowmentfunds Housing PrertY Revaluation Reserve Permanent Endowment Fund 627,649 175.685 627,649 175,685 83,334 803,334 TOTAL FVNDS I.IDJ.799 1,103.799 -13-
SY MAriY MAGDALEN'S HOSPITALALMS140USE CHARITY NOTESTO IHÉ FINANCIALSTATEMENfs- continuèd FOR THE YEAR END£D 31 DECEMBER 2023 ia. MOVEMENT IN F4JND5- Continued Net movement In funds, Iluded In the above are 8s follows.. Incomin8 Ye50urces Resources expended Gains and 105ses Movement in funds Unrestr1 funds Revenue Reserve Bullding Reserv& Fvnd Extraordlnary Repolr Reserve Cyclical MaintenatKe Reserve 42,844 4L918 11,928 31,551 IIZ.1711 21 30,694 41,918 12,4g6 32,917 1,366 128.241 112,1711 118.025 Rthrlrted fund5 Social HousingGrant Fund 900th Annlversary Celebr*ion Fund 182,000 440 182.000 182A40 182040 Endowment lunds Houslng Property Revaluatlon Reserve Permanent Endowment Fund 627,649 174,411 627,649 175,685 1,274 802,060 1,274 803,334 TOTAL FUNDS 1,112,741 112,1711 3,229 L103,799 Fund5 RÈsesvos Pem)anent EndDwment Fund The Permanent Endowment Fund represents the cost of the housing properties financed by the Charity's own resources togetherwith the Permanent Endowment investments. Hou51nB Proporty Revaluation Reserve The Houslng Property Revaluation Reswve Is pmanent endowment of the Charfty and represents the surpluse5 revaluatlon of the hou5¥ng propertles. So£lal Hou51ng Grant Fund The Social Housing Grallt Fund is a restricted fund and represents the grant recelved of £182.000 In connectlon wlth the bulldlrg of the housinR properties durlne the yearended 31 December IYJ4. 900th Anniversary Celebration Fund The fund represenls donations reiVed to assist flnance the Charity's gth annlversarycelebratory event, Extraordlnary RepalrReseNÈ rhe ExtraordSnary Rèpair Reserve is an vnre51rlctEd fund designated by theTrustees for future major repairs t the Ch8rlty's housin8 properties. A tr?t15fer is made fr1 the Revenue Resetve e8ch year to the Extraordinary Repzir Reserve, thi5 15 a specific amount as agreed by the Trustees each yr and Is SncFuslve of income attrfbutablp to InvEStÈd funds. The Fund Is specillcally Invested. -14-
STMARY MAGDALEN'S HOSPITALALMSHOUSE CHARITY NOTES TO THE FINANCIALSTATEMENTS-coDtinued FOR THE YEAR ENDED 31 DECEMBER Z023 13. MOVEMENT IN FUNDS-¢ontlnued Cycllcal Maintenance Rese4 The Cyclkal MaSntÈnènce ftesÈrve Os an unreslrltted fund de51gnaled by the Trustees for future cyclical repalrs to the Charlty's houslng propertles. Cyclical repalrs are those repalrs to the almshouses whlch ar15e Infreqtjently such a5 redecoration and also the replacement of white good5. A transfer 15 made frorn the Revenue Reserve each year to the Cyclical M3intenan¢e Reserve, thls Is a spethflc amount as agreed by the Truxees each year and Is [lUsIVe of Income attrfb¢rtèble to Investedfunds. The Fund Is speclfically Invested. 8ulldwtg Furtd Reserve The Bulln8 Fur*t ReSe Is an unrestrlcted fund deslgnated b¥ tl)e Trustees to make provlslon for new accommi)dation for the benEfiaal class of the Charity in the future. A transfer 15 made from the Revenue Reserve each yearto the Bulldlng Fund Reserve. thls Is H 5pecifir amount as 8greÈd by theTrusteEs e4chyear. Revenue Reserwe The Revenue Reserve represents éccumulated 5urplu5es of the Charity and is unrestrkted and awollable for the Beneral purpose5 of the Charf(y. 14. RELATED PARTY DISCLOSURES There were no related party transactions forthe year ended 31 December 2023. -15-
MARY MAGDALEN'S HOSPIYALALMSHOUSE CHARITY DAlLED 5fATEMENT OF FINANCIAL ATIEs FOR THE YEAR ENDEO 31 OECEM8ER Z023 2023 2022 INCOME AND ÉND¢)WMENTS Investment Income Charlfund Income divldends COIF depositaccount 1.62S 79 1,707 Charlt8ble act5vltles Contributions receivable 19,881 OtherlAtome Introdu¢.tion of funds 1,091,153 Total Incoming resOuS 1,112,741 EXPENDIIUIIE Charkable activitl Rate$ and water Insuran Lightand hezt Repair5 and malntenance GardeTrir Careline Sundry expense5 aeanlng 16 648 310 2.142 1,126 1,379 197 380 6,198 Support Costs Monagement Clerk5 fEe5 Sub5crlptlons a62 98 3,160 Governance costs Independent examinatlon fees Accountsncy fees Legal and professional fees 160 1.232 1,421 215 Total resource5eMpended 12,171 Ngt Income LIOO.570 Thts page doe5 0t fomi part of thejtalutory flnonclal Statements -is-