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 prov1￿0￿S 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 aCcoun￿ng 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 CU*Tently 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 char*ty 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 ena￿e 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 Pra￿der, 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 poten￿al candidats5 known to the Trustees and oth suitable local pÈople. Applicants are then considered by the Trustees and ap￿IntMents 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 t￿Ining 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 D￿AlL5 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 DE￿MBER 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 r￿ponSIble for the preparation of the accounts In aCcordar￿e 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 examinal￿n 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 co￿nection 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 0￿RATIoNs l income and expe￿￿1t￿re 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 I￿ndS Unrestricted funds Restricted funds Endowment f￿ndS 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