REGISTERED CHAIUTY NUMBER: 211415 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MAGDALEN AND LASHER CHARITY GENEIL4L FUND A¢uity Professio1 PartDership LLP Unit 2.Q2 High Wea]d H5¢ Glov¢rs End B¢xhill Ea$¢ Suss¢x TN39 SES
MAGDALEN AND LASHER CHARITY GENERAL FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 21124 Rd¢ren¢e artd Adyninistrativt Detalls Report of the Trustees Report of the Indepellden¢ Audlto Statsment of FIDAnc5#1 A¢thltl Ststement •fFIDancial Posillon S¢•tement of C¥Jk FIoTFi 10 Nolts to the St*ttment of CA$h Flows Nole$ to the Flnandal Statements 12 to 19 De¢illed Statement of FlnADtia] Aetivltl¢s 20 to 21
MAGDALEN AND LASHER CHARITY GEf4ERAL FUND REFERENCE AND ADMINESTIL4TIVE DETAILS FOR THE YEAR ETrIDED 3J MARCH 2024 TRusfEES MrK S Donaldson Mr G BeTJdon Mi l M Steel Mr M F05teT Mr C Galbraith Chairm Mrs S Philli$ Mrs A Wing Cltr J Ba¢on Dr P Lock Mr J Bi15by Mrs J Cubison (r¢siglltd 301412023) Mr M Bole5 Rev M Phipps (appoutsd 111912023) PRINCIPAL ADDRESS Old Hasttngs House 132 High Street Hastings East Sws¢x TN34 3ET REGISTERED CHARITY N[ER 211415 AUDITORS Acuity Professional P8rtn¢rship LLP Unit 2.02 High Weald Hvuse Gloverts End Bexhill Easl Sussex TN39 SES TRUSTEES EMERITUS A Sla¢k G R D Kellie The TnTrstees were appoilltcd pUtsan1 to thc 5chcme of the chltY C4)TOmiS8ioner$ dated 28 Deccmber 1951. The Board of Trustees is auihori5ed to appoint new Trnsl¢¢s to fill vacanci¢5 among the Cfpoptative TTUStees. Up to three Trtl$ are nominatEd by H2stings Borliugh Cwncil. The Re¢lor (Pri¢5t-InLbar8e) aj the ¢hurchwardens for the time being of the PIsh of St ClemeDt & All Saints ate appointed ex-officiti Tn]stc¢%. Page I
MAGDALEN AND LASHER CHARrrY GENERAL FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3) MARCH 2024 The Iru5tee5 Present their repTrrt with the finall¢ial siatem¢nlS of the ¢harity for the year ended 31 March 2024. The trusi¢es bav¢ adopted th¢ PTovisions uf Accounting Reporling by Chariti&4.' Stsi¢ment of Recommended Praclice applicable to charities preporin8 their a¢¢ounts in a¢tordallee wilh th¢ FiDan¢ial Rewtin8 Standard applicabl¢ in lh¢ UK and Republi¢ of IrelaDd (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Obje¢tive$ Attivities: Thc ChariW$ has one objec¢ namely.. To provide forthe relief of need ofresldents of Hastings. Public beDefit Giving grAllts 10 relievc povty. paying peosions to the elderly p)or, employing all outreach worker inter aiia to raise previously unclairned benefits for disabled and elderly peopl¢ are self EvÈdently public benefJt5. Espe¢ia]ly given that th¢ only qualifi¢8tions for the Tecipients hre ¢hJi th¢y are and 5]dent in Hastings and (where appropriaic) over 65 ycars Implement8tion (ht<tsme Th¢ Trustecs carried their a¢tivitie5 ulld¢r the committ¢¢ 8trucbJre described in the Annua] Reports for the years ¢ndinE 31 March 2008 and 2009. These administrative XTrdng¢menis bav¢ enablfd the Charity io maintain a con8fftStent level of ¢haritsble giving. The Pensions and Outteach Committee continued to provid¢ for pensiorKr5. Pcnston piyments thjring the Y tota]le £81200 (this io¢ludes a Chrislmab paJin¢Dt made to all pensioncT%). The eontrdcls with the Hastin88 Advice aTMI Repr¢$¢nt&tion Cthtre (HARC) were renewed for 2 fvrther year (£57,939) to provid¢ l) an outreach worker to s¢rY¢ a5 the Charity's Visitor and to act as an expert benefits, adviser to th¢ elderly poor of Hasting5. and 2) an adviser to guide applicants thTOU8h the UTLiversa] Credit syslcrn. Th¢ Grarjts Commitlce met frequently to ¢onsider JwmerO wpli¢atiork8 for 8rant5 from individuals and organisaiions for a wide variety of pwposes consisteDI with the obj¢cts of the Charity. Those approved totallcd £211,521 (2023 £657,168). FINANCIAL REVIEW Investment policy Other than propetty ind cash at bank, all th¢ assets of the Charity are invest¢d with tbe Chariti¢s Official Investment Fund (COIF). All 8ale5 and pw¢hase$ are made with thE approval of the Board of Tnjstees or tbe Fin¢. Property and G¢n¢ral Putpos¢$ Comrnittee in a¢eordanee with the Ckwitys Schem¢ of Delegations. Rental incom¢ deliv¢r¢d a gros5 rrn of 4.4Q/• {nei rcturn of 2.050/fjl on the portfolio's mathet value. Th¢ c.haritys investment protErty portfolio has & value of £5.699,761 (validatcd ID 2019, som¢ Priyrry w&% revajued in 23-24 bui 4 11 revaluation is planned for 25-26). The COIF $hare invcstmcnt5 provided o dÈvidend rcturn of 2.70/• whilst their capital value d¢¢reased by 8.020/0 The TnKst¢es continuc to ¢onsid¢r that their lItY to use COIF is 8]Trg thE Charity both a satisfactory and stability itt the market. Page 2
MAGDALEN AIYD LASHER CHARITY GENERAL FUTrID REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves polS¢y Th¢ free Te%eTVC& which sre those unrestrirted ndS t] invested in fjxed a55ets or propertie5 held for ittvesttnenL deSiated for sp¢¢ific purws¢s or oth¢rwise ¢ommiti¢d, are r¢pr¢scntcd by nei Current asscts and fvDds held on deposit with CCLA. Trsury mana8ement of the Charity'5 ¢ash rescrve5 15 delegated to th¢ Finance, PrortY and General FrPOseS Committ¢¢. The Trustees forn1]Y con8id¢r th¢ Charity'5 cash T¢serv¢s at each of their n]eetings. At 31 March 2024 the frce reserv¢s totallcd £257,815 (2023 - £221,955). Trustees view th¢ piesent level of reserves a5 appropriate, having regard io the Charitys Current activiues. Trustees MDain conscious of the need to hold suffici¢nt reserves lo managc risks. The Chariry ha5 not a¢quir¢d or disposed of any ptopety in the year 2023.24 . Thc tNstecs continue to improvc the prop¢ty portfolio. STRUCTURE, GOVERNAf4CE AND MANAGEMENT Coverning dotumtn¢ The Charity is Tun by a Board of Trustecs which delegates some of its futsctiotts to the committ¢¢s namely Financt PrurtY and Genthil POse5, Grants Pensions 2nd otrCh.The Chairnian of the Chariry is Clive Galbiiilih. The variou8 mana8¢m¢nt conunitt¢¢s and the Administrator of the Charity, who is Mrs MaTcia Woolf, assist{ by Mrs Joanna Thomas, the day-today operations. The Charily originated prior to 21 March 1294 bui is now governed by 3 $¢h¢me of the Chatity Commissioi]¢T% mad¢ on 12 Febrnary 1951, as annded in 1965. 19811989, 2013 alld2014. Related prtl¢s Th¢ CTraris Tru8t¢es are also TTusie¢s (Trl the Magdalen & Lasher Eduutional Troundation and MagdaleD & Lasher Charity- Old HastiDgs House. Cb8ritable Inconmted Or8anisation. Rlsk mHnagement The Ch8ri1S Trustee5 have tonsidtted the major risks io which thc Charity is exposed and hav¢ ¢stablish¢d syst¢Tll5 aJJd pro¢¢dures to ]nanage those risk%. The Trusiees k¢¢p rhcir ri8k policy under regular r¢vi¢w aThd act as nLtCSsary (sec also Res¢TYes Policy above}. P4blitieal Contribulions The Chariry made no poliu¢al ¢ontributiott The Charity's funding sourtes are exclusively from investments andpropBrty rents. Pag¢ 3
MAGDALEN AND LASHER CHARITY CENERAL FUND REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSJBILITIES The TSt¢t$ are r¢quired under th¢ constiiulion of the Charity to prcparc fill¢181 statements for each f]nall¢ial year, whi¢h give a true arKI f3ii view of the state of affairs of the Chlty and of its results for that period. ID preparing those fllwjcial statenjtnts the Trnstees are requircd to follow FK5t pro¢iK¢ aNI.. l) select suitsble COUntIng policies and apply them Co1(ently.. 2) make judgemen15 and eslÉmai¢s thai are reasonabl¢ and pwdenl; 3) state whether applicable accounting siandards have been follow¢d, wbjttt tsi any matuial depwtures dis¢losed and ¢xpl&ined in the fJnaDcial 5ts1em¢ni$' and 4) prepare thc fJnan¢ial statetnents on a 80ing concern ba515 unle&% it is inaNYopriate to presume that th¢ Charity conlinue in operation. The Trustces are Tesponsiblc for m8illtainiJJg proper accounling re¢ords which dis¢los¢ with reasonable accurnGy al any time the financial position of the Charity and enabl¢ th¢m to e]k8ure that the fmancial staiements comply with the Charitie5 A¢1 2011. They are alsu T¢sponsibl¢ for safeguarding the assct5 of the Charity and hencc tsking reawnible 51eps for th¢ detection a1 prev¢Mion of fraud a] h¢[ itte8ularilie5. The Tntsiees of Ihe Chawity rnijst, in deiemining ]K>W amounts are prcsented within item5 in the stsiem¢nt of financial activities and balantc shcet have Tegard to the substance of the report traDsaclioD5 or ar[a8¢m¢1 in accordance wilh the geTThlly ac¢¢pted a¢o)untittgc1PS and pra¢ti¢¢. Approved by ord¢T of the Ix)•rd of trustees on.......... . and signed on its behalf br. Mr C Galbraith- Tee Page 4
REPORT OFTHE IYDEPENDEKf AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER CHARITY GENERAL FUND OplDIDn We have audited the financial siatements of Magdalen And Lasher City General Fund {the'chariry) for the year ended 31 Mah 2024 whirh Comprise th¢ Stsiement of Financi81 A¢iiYities, the stsiemeDI ol FinAllcial Positaon, the Staiem¢nt of C&%h Flow5 and notes to the r]nan¢ial statemenis, in¢ludtng a SUMM of sigthifJ¢Jnt accounting poli¢ie$. The financial rq)orting framework (hai h&s been applie(l in theiT pwar81ioo is applitablc law, and United Kingdom Accoun(ing Standards (UDiied Kingdon] Generally Accept¢d Accounting Practice), including Financial Reporting Srandard 102 The Financial R¢Kvrting Sthndard applicable sn tht UK and Republi¢ of IrclatHI'. In out opinion the financial ststement5= give a true and fair vicw of The State of th¢ charitys affair8 as ai 3 I Marcb 2024 and of its incornirtg reSoueS and aTvlication of resources, for the yearthen ¢nded: have been PToperly prepared I a¢¢ordance with Unit¢d Kingdom Generally Accepted Accounting Prartice, Includin8 Financial ReportiThg Stsndard 102 The Fi3)an¢ial Reporting StaDdard applitablc in the UK and Rcpublic of Irelalld,; and hAve been PT¢pared in a¢o)TdaDce with the requirements of thc ajarities Act 201 I. B¥si5 for oplnlon We ¢ondu¢ted our audit ITh accordance with Intemaiional Standards on Auditin8 (IJK} (ISAS IUK}) and applicable law. Our Tn5]b]Illies undeT thos¢ standards ar¢ funhcr desGribed in the Auth"iors' r¢sponsibililie5 for the audit of ¢h¢ fiDan¢ial statement5 $e¢iK)n of (Mjr repotl. We arc indep¢nd¢nt of the ¢haTity in accoTdan¢e with the ethical rcquirem¢nls that are T¢lcvattt to our audit of the finaD¢ial siatsments in the UK, Including the FRC'S Ethiral Stalldard, and we have fulfilled ow other ethic81 Tespon5ibiliii¢s in accordance with these rcquir¢ments. We believe that the audit evideD¢¢ w¢ have obtsirted is sufficient and appropriate to provide a basi5 for our opinion. C&DcIu5lOns rel•ting to g•lng concern In auditing the r]naDcial slatemenls, we have concluded th¢ trustees, use of th¢ going ¢oncem basis of accourtiillg in th¢ prepaTatiotL of the financial slaiemenL8 is approprial¢. Based on Ihe work we have PLYforn)a, we hav¢ not identified any malerial uncertainties relatiDg to ¢v¢nt8 w condition5 that. individllally or ¢oll¢ctively. Tnay ¢asi sigDifi¢ani doubl on th¢ chariry's ability to continue as a 80ing concern lor a peri4)d of at I$( Nelve month5 ftom when the financial slateincnts are authorised lor isw¢. Our respo]bIlitIeS and the responsibilitie5 of the tnjstees with rupect to going collcern aTe des¢rib¢d in the relevhnt sections of t'S report. Othty IMformfitloD The Injslees are responsible for th¢ other infonnalion. The othet infornution comprises the InforntIon included in thc Annual RepoTt, other than th¢ financial srolem¢nts and ourReport of the Independent Auditors thereon. Our opinion on the fman¢ial 5tatemenis does not rover tbe other inforniation and, except to the extent othenvis¢ explicitly ststed i)) our rewrt. w¢ do not expr$ any forni of assurance conclusiots ih¢reon. In ¢onnection with our audit of th¢ fmancial statcments, our r¢wnsibility is to read the oth¢i informauon and, in doins so, consid¢r whetheT the other inforniation is maienally incoDsistent with the finan¢ial slatement5 or our knowledge obiained ITh the audit OT othejwise appears io he mataially misstated. If we id¢ntify such matrrial inconsistencies or app3t¢nl material misstatements, w¢ are required to d¢t¢nnine wh¢lher thi5 givts ri5C to 2 mal¢rial misstaiement Jn the fthancial statcments themselves. If. bas on th¢ WOTk we bave p¢rfoTtned, we conclude thai thcre is a matttial misstst¢rnent of this oiher iDfonllation, we are required to report that fact. We have nothing to Teport iti this Tegard. Mtt¢rs on whleh w¢ aTe requirtd to report by exteptian W¢ have noihing to repotl in r¢spect of the followu¥ matters whcrc the Charities (Accoullls. and Report5) Re8ulalions 2008 require5 U5 lo rep)rt to you if. iu our opiniott.. the iThfornalion giver) in the Rep of thc Trn5tce5 is in¢on$istenÈ in any material resrd the financial stst¢rn¢nt5: or sufficicnt awounting r¢cords have nor been kept. OF the financial stsiemenis are tt ID agreemeni with the accounting r¢coTds and returns,. or we have not received 211 the informalion and explan&lions we requiTC for our audit. Pagc 5
REPORT OF THE JNDEPENDENT AUDITORS TO TIIE TRusfEES OF MAGDALEN AI¥D LASHER CHAIUTY GENERAL FUND Responsibllilies ol trustees As explain more fijlly ID the Statement of Trnstees, Respons1Thilitie5, the ttuste¢s are responsible for the preparation of thr financial stst¢menis which give a tnLC and fair view, and for Swh internal control as the ttustecs delcrmin¢ is Jiece55ary to etsable the preparation of financial statements are free from ma¢¢rial mi5ststeJDeni, whetlw due to frdud or effor. In preparing the finan¢ial statemelll¥. the trustees ate responsible for &£5CSSttig the charity's ability to continue as a going ¢onccrn, dis¢losing. a5 &ppli¢abl¢, matters reloi¢d to going concern and using the going con¢em basi5 of accounting utt1 th¢ ttwtccs eith¢r intend to liql(late the tharity tr to cuse operation4 OT hsve no realistic alternative but kn th) so. Our ruponslbilities for the Audit of thÈ fiDaneial sl*te)Mnls We knave been appointed a5 auditDrs ut)der S¢¢tion 144 of the Charities Act 2011 aDd r¢port in accordance with thc Ac¢ and rel¢vani re8ulations made or 8ng effect thercu]JCr. Our ohjettjvcs are io d)tain rcasonable assurdDCC abour whether the financial ststements a whole are free from material misstat¢menL wbeiber due to fraud or em)r, and to i55ue a Report of ihe Indq)cndent Adir% that itKlude5 opiniot). Reasoab]e assurdnce is a high level of assuran¢¢, but is not a guar&t)tee that an alldit conducted in a¢¢ordallce with ISAS (UK) will always deixt a mateTLal misslaiement when it exists. Misstatements can aris¢ from fraud or ¢Tror and are considered mat¢rial if. individually or in thc aggre8ate, they ¢oukl rcasonably b¢ expect¢(J to infiu¢n¢¢ the economic decisions of us¢15 ¢ak¢n the basts of th¢s¢ f]nan¢iai ststernents. Th¢ extenl to whith our procedvres are capabl¢ of dekcting irregulariti including fraud is detsiled b¢low'. We have a5s4ssed the sus¢eptibiltty of tk tniity's financial statem¢nts to material misstatement, Includiti8 how fra1 rnigljt o¢¢w, &s low by way of en4uiry, pnor knowledge and cU¢t analytical review and ting We hov¢ &)qllml with managemellt and those cbargd with governance lo obtain an UnderstadIng of th¢ legal and reglllatory fram¢work applicable io the entity and, through our audit le5ting. our findings have confirn)ed that the eBtity is complying with th¢ relevant frameworks We hav¢ ¢nquired with rnanagem¢Jbt and those chargcd with 8overnon¢¢ to obtain an understsnding of th¢ entity's rM>licie5 aTJd procdures Te121in8 lo compliaDC¢ Wtth laws and re8ulation5. Through our Icsting> we have reviewed all relevant docum¢ntstiOn aDd confim] that there have been llo ill5tanc¢s of non- compliaAC¢ Throll8h enquiry. analytical r¢view and substJniiv¢ t¢sting we have obtained an undcrsrarKlin8 of the tityS policies alld proc¢duies ots fraud risks, iwluding knvwl¢dge of any aclual, suspected or allcgcd fraud. We have ¢onfinned thai th¢ engagen]ent l¢am collectively had the appropriate cornpeten¢e and capabilities ¢0 identify or rrfognise non40nwliance wilh laws and regulahons ond fraud Listed above is tb¢ extcnt of wo¢¢duT¢S we hav¢ tsken to dewt mat¢rhal misslaiem¢nts in respect orieSl8Tilie8, incl118 fraud, to whi¢h we have found no iDslan¢es. Becau$¢ of tbe Inh¢ttl limitations of an audiL there is a risk that we will detect all irrcgulariiie5. in¢ludit)g those l¢&ding to a material misstatement ID the finatjcial sementS or non-compljante with regulatio. This risk Ancreases the more that compliane¢ witb a law or r¢gulation Ès t¢n]oved from the ev¢nls and transactioS reflected in th¢ finantial statemeDlS, &$ we will be Iws ]elY to beconhe aware of Jn5tsnces of nott-compliance. The risk is also grea regarth.ug irregularilies v¢¢uryin8 due to frAud rtyiher than ¢mir, fraud involves inlcntional ¢on¢e4]menL forgery, collusion, om155ion or misrepie5elltaiion. A fLbe[ description of our responsibililies for the audit of the fllon¢iai slaternents is l(Katsd on tlje Financial Reponing Council'5 wcbstte at www.fr¢.or8.uklauditorsr¢sponsibilities. This dcsuiplion forrns part of our Report of the Ind¢TrI1 Auditors. Pag¢ 6
REPORT OF THE INDEPEli"DENT AUDITORS TO THE TRUSTEES OF MACDALEF4 AND LASHER CHARITY GENERAL FUND Use rert 'S 15 made 801ely to the ¢iwitl$ tNste¢8, 8s a body, in a¢wdance with Pon 4 of thc Cbarities (Accounts and Repo} Regulalions 21M18. Our audit ha5 bcen und¢rtaken 50 tIMt we might state to the charitys tTus1¢¢5 Ihose matter8 we are requiT¢d to state to them in auditors. report and for no other pUOse. To thc fullest extent pemiitted by law. w¢ do not accept OT I$UMe rpOnsibility to atlyone other thaTh the chariry and the charity's trnstee5 as a body. for our •uditwork, for this r¢por4 or for the opinioD$ we have fomitd. fA¥c-sLf Llif Acuity Professional Partnasbip LLP Unil 2.Q2 Higb Weald Hous¢ Olovers End B¢xhJ]I Ea51 Sussex TN39 SES Page 7
MAGDALEN AND LASILER CHARrrY CENERAL FUND STATEMENT OF FINANCL4L ACTTVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrtslrlrted fund 21123 Totsl fwids Notes INCOME AND ET¥DOWMENTS FROM DoJJations And legacie5 i.o(MJ Jnvestmcnt InMe 540JIO 528.922 Totsl 541,810 528,922 EXPEf4DITURE or4 ChAYitable #ftlvlti Grallts in Aid Peion¢$ Christmas Bonus HARC4lutr¢acb worker GovcrnaDc¢ Cosrs Support Costs Pensions 111,52] 9,450 57,939 3,216 28982 71,750 657.168 57.295 2,952 33,414 72.580 Investtnent property cost 132031 107.691 Totsl 515,689 937,040 Net gaiThslOosses) on inveskncll15 889.543 (393,777) NET INCOMEIIEXPENDfruRE) 915.664 (801,895) RECONCILIATION OF FUIYDS Totsl fil1$ brought fonvard 1S670,73J 16,472,628 TOTAL FUl+lDS CARRIED FORWARD 16J86J97 15,670,733 Th¢ notes fomi part of these finartial gtaleD)ents Pag¢ 8
MAGDALEN AND LASHER CHARITY GENERAL FUND STATEMENT OF FtNA]¥CIAL POSITIODI 31 MARCH 2024 2024 Total fndS 2023 Tot#1 funds Notes FIXED ASSETS Investments InVe51MlS Invesimeni property 10,62&821 5.699,761 9,839,278 5.609.500 J6,32&582 15,448,778 CURRENT ASSETS DebtOTS". amounts falling due within onc ycar Cash atbat)k io 5&774 209971 12,658 216,560 268.745 229218 CREDITORS Amounts falling due within one year (10,930) 17263) ET CURREKf ASSETS 257,815 221,955 TOTAL ASSETS J,ESS CURRENT LIABILITIES 16,586,397 15,670,733 NET ASSVTS 16,586.397 15.670,733 12 Unr¢slli¢ted funds: G¢neral fund 16.586J97 15,670,733 TOTAL FUNDS J6,586J97 15,670.733 Tr r]nala1 statements were approved by the Board of Trnslees and authori5cd for issu¢ on .. ... and were signed on its behalf by.. MT C Galbraith- Trusttt The notes form part o*these financial staiem¢ttts P¢9
MAGDALEN AND LASHER CHARITY GENERAL FUND STATXMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH ZI124 21124 2023 Notei CA5h Ilows from operating #dlwltles Cash generated from op¢rations (307,675) (700,430) c&th used in op¢ralin8 activiti¢s (307.075) (700,430) Ca$h nows from Inve5tittg aetlvities Purchase of inv¢sDnent prop¢rty Stle of red asset investments "vidends r1Ved (911.261) IDo,000 291.147 426,468 292.363 Nd cash provided by investing activities 301,1186 718,831 Cbange in tash •Nd ¢gah equlvalents In the reportfing period CA$h Ind ¢Ash equlYalent$ at the begSnDing of the reportlDg period {W9) 18,401 216J60 198,159 Cash #nd ¢Ash equtY#lent$ at Ibe end of the reporting perlod 21J9971 216,560 The notes fonn part of these financial stai¢ments Page 10
MAGDALEN AND LASHER CHARITY GENERAL FUND NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR EIYDED 31 MARCH 2024 RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FU)W FROM OPERATING AcfivITIES 2024 2023 Nel In¢omtl{expenditure) for the reportlng perlod ($ pr the StxtemeMt of Flnn¢l•l Actlvldes) Adjustments for. {GaiTr1110ss¢5 on invesunents Divid¢uds received Ilncreaselldecrease in deior$ In¢reasel{d¢crea5e) in Creditors 915.664 {801,895} (889543) (291 J47) (46,116) J,667 393,777 1292,363) 3.553 (3,502} Nel elsh Ms¢d in oper#tions 1307,675) {700,430) ANALYSIS OF CHANGES IN NET FiJNDS At IA.23 Cash now A¢ 31.3.24 Net C5h Cash aibaDk 21(560 (6.589) 211Y,971 2Jfj560 {6,589) 209,971 Totsl 21A560 {6.589) 209,971 The no fomi part of these r]Dancial satem¢nts Pagell
MAGDALEN AND LASHER CHAIUTY GENERAL FUND NOTES TO THE FINAfiCIAL STATEMENTS FOR THE YEAR ENDED JI MARCH 21124 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial stattmtnts of the ¢hariry, which ts * publi¢ benefit entity der FRS 102, have b¢en pr¢par¢d in attordance with th¢ c.harities SORP (FRS 102} 'Accoullting and Rertillg by Charities.. Statemetst of Reio]Jmiended Practice applicable to ¢haTities preparing their accounts itt a¢coTdan¢e with th¢ Financial Reporting Standard appli¢abl¢ in thc UK and Republic of Ireland (FRS 102) leffeclive l January 2019y. Financial Rcporring Standard 102 The Financial Reponing StaDdard applicable in the UK and Republic of ]relattd' and the Charities Ad 2011. The financial slatements have been prepared llnder thc historiesl cost Convention. with the ¢x¢¢ption of investments which intludcd ai market value, as m(Kiified by the revalvation of certain ass¢is. The adthess of the principal pla¢¢ of operation is given in the ¢haTJ"ty Infom¢10 aped these financial 51a¢ements. The natur¢ of the charitys opcrdtioJJs and principle 8divities are sboww in the rq>ort of the tn15ttts. The financial statements are prq>ared on a going coDcern basis wider th¢ histori¢al eost conyention. Tnodificd in¢h]de certain itS al fair value The fuLan¢ial statements arc PTes¢nted 51crling which ts th¢ fi]nctiona] currency of the Cbarity at)d Toundcd to the n¢arest £1. Th¢ signtficant a¢rounting policies #pplt¢d in the prep11( of these finatKial Btsternents are sel out below. Th¢5e poli¢i¢s have bcen consist¢nily applicd to all years presented unless ot1KlS¢ sted. IYCOMING RESOURCES All incoming rcsources 4)r¢ included in the St8t¢m¢nt of Fithan¢ial Activilics {SoFA) whcn the rharity 2s legally entiiled to the income after any performance Condiiions have been tnet, the arnot can b¢ measured reliably and Ét 15 probable that tbe illcom¢ will be received. FOT don8ti¢)os to r¢roBmisa the ¢h•n"ty Mll have been notified of the amounts al the 5ettlemellt dale ill writing. If thwe art conditions attached to th¢ donaiion ll[ this T¢quires a level of perfonnan¢e befor¢ enti¢leTneni ¢an be tsbtained then the in¢om¢ is deft¢d until thos¢ conditions are fully Met or fiilfilm¢nt o those conditions is within Ihc Control of thc charity and li ts probable thai ih¢y will be fulfill¢d. For Icgacies, ¢ntiilemenl is the ¢arli¢r of the charily being notifi¢J of In impeThJing disthblllion or thc legacy beitig e1Ved. At this point income i5 0g$th. On occa%ion Ic8acies will be nOtifd to the cbarity how¢v¢r it is t)ol p05$ible to measur¢ the aT)M)uttl expected io bc distributed. On these occasions, th¢ kgaey is treated as a conting¢nl a&8el and disclosed. Investhlent irKomc is e8n)ed through h)Idn)g &85ets for invesknent ws¢s such a5 5haTe5 and propery. It includes divid¢JKl$. inierest and rent. Where it is praclieable lo identify invcslment management costs incuwred witbiti a scheTne with r¢as(m?ble ac¢ura¢y the inve5tsnent it)come is reptsrted net of tht costs. it is includ when tIK amouni Qan be measured reliably. Interest income 18 r¢¢0gnised using the effc¢iiv¢ intere8t Meth aThJ dividend al reni in¢om¢ is r¢co8nised a$ the charity'5 righi to r¢viYe p8yrneni is estsbli5hed. EXPENDITURE RECOGNITION All ¢xpendi¢ure is accounted for on an accruals basis alld has bern ¢lassified under headings thal a¥gTe8ate all costs related lo iht ¢at¢gory Expendiftire Is recogn15ed where there is a leg31 ot constructive obligation to make paymcnts third partie5. il 1$ probable that the setd¢ment will be 1¢4Uited and the amount of thc obligation c& be meawred reliably. Li is tegOrised under th¢ followingl]eadings,' Costs of raising fund5 in¢lteS expeDs¢s direcily related to fimd raising such as advertising a fundraising evenl expendilwe on charitabl¢ aclivilics includts ¢xw)ses involvcd in th¢ rnnnillg of rhuriiable projecls, such a5 ¥thff salaries and other expthditure represents those itents not falling into the cegoTi¢$ above. INVESTMENT PROPERTY Investments are slated at mark¢t value al Ihe balatKe sheet dal¢. The realised and unT¢alis¢d gain$ and lo&%es are i]uded in the Stsment of FiTkngn¢iai A¢tivities. Pige 12 ¢4)ntinued...
MAGDALEN AND LASHER CHAIUTY CENRRAL Fuf4D NOTES TO THE FINANCIAL STATEMENTS- ¢OL4tiE)lle41 FOR THE YEAR Ef4DED 31 MARCH 2024 ACCOUNTING POLICIES- contillued TAXATION The Company 15 a iegislcred charity and no liaknlity IO tax 2riS¢S. FUND ACCOULYTJNG Unttstricied frdS aTe available for se at the discretion of the trustees iti fiwtherance of the g¢neral objectives of the ¢haTity alld which have noi bcen de5ignat¢d for other purposes. Designating funds Lompris¢ unrestricted fimds that havc been s¢1 8sule by the mee8 for particular purposefj. The aim and use of ¢h des1¢¢d rw is Set out in the retth of trnstees.. Restricted fi]nds are fund5 which are to be used in a¢cord8nce with specifi¢ r¢strictiolls Impos by the dollor5 or which have been rais by th¢ ¢harity for particular puryoses, The cost of raisLLg and administering such fimds are charged againsi th¢ speGifi¢ fimd The al attd use of ¢ach sp¢¢ifi¢ lld is set out in the notes io the fmancial 51atemcnts. DEBTORS Debior8 are re¢ogllised at the setllement amount due. CREDITORS CFeditOT5 are recogni5ed where the charify has a PT¢s¢nt obligation r¢sultin8 fro a past event thai will probably result En the transfer of fimiLs to a third party and the amount du¢ io settle ih¢ obligulioD can b¢ measurcd or estimated r¢liably. GOING CONCERN The financial 8tsteDKnts hav¢ been ]x¢pared on a goiEJg ¢on¢ern basis a5 the INsi¢es believe that no m&ierial uncertaiT)ties ¢xi$i. The tnjstees have considered the levcl of funds held )rÈd thc cxpccieil l¢vel of incomc and expendiiur¢ for 12 months from authorisinB thcsc fmancial Ststsments. Thc budgetrd incorne gnd exp¢nd1tt¢ is Sufficient with the level of reserY¢s for the charty to b¢ able to continue as 8 80ing C¢¢. FIXED ASSETS INVESTMENT Fixed assct invc5tTnents Ar¢ Inltially me&sur¢d at ¢ra]m¢iion txcluding traDsaclion and ar¢ subSeqUtIY meawred at fair valu¢ at each reponiJ)g date. Changes iti fair value are reCols¢d iD net in¢omel(¢xptnthture) forth¢ year. TTan5a¢atioD ¢osts are exp$¢ Ls incurred. DONATIONS AND LEGACIES 21124 2023 Donation$ Pag¢ 13 continued...
MAGDALEN AND LASHER CHARJTY GENERAL FUND NOTES TO THE FINAIYCJAL STATEMEf4TS- Contilled FOR THE YEAR ENDED JI MARCH 2024 INVESTMENT INCOME 2024 2023 Rent$ received Divid¢t)ds 249,463 291.347 236,559 292,363 5411,810 528,922 CHAIUTABLE ACTIVITIL8 COSTS Support eosts (lee ote S) Direct Costs T•ta]s Grants in Aid P¢nsioner's Christtllxs Bon HARC-Ouireach workeT Govemance Costs Support Costs P•)stons 211,521 9,45 57.939 211021 9,4511 57?39 3,216 28,982 71,750 3,216 28,982 71.750 350,660 32,198 382,858 SUPPORT cosrs Other support eosts Govern*tt¢e cost$ Fin•Dce Tot8ly Governance Costs Suppon Costs 3,216 3.216 28982 28.296 28.296 3,216 32,198 TRUSTEES, REMUNERATION AND BENEFITS Th¢Te were no Iriist¢¢5' re]nunCll0n or othcr b¢n¢fil$ for the year ¢nded 31 March 2024 nor foT the year ¢thJed 31 March 2023. TRUSTEES. EXPENSES During the year no Trust¢c has bccn reiTnburs¢d for expenses totalling £nil12023- £nil). Page 14 C4)ntiDucd...
MAGDALEN AND LASHER CHAIUTY GENERAL FUND NOTES TO THE FIIYAfCIAL STATEMENTS- ¢ontiDued FOR THE YEAR EMPED 31 L4RCH 2024 COMPARATIVES FOR THE ATEMENT OF FINANCIAL AcfiviTIES UrestrIcted INCOME AND ENDOWMEhTS FROM InveSent incoTnc 528,922 EXPENDITURE ON Chkrltlble ttitieS Grants in Aid PeDsionerfs Christmas Bonus HARC-Outreach worker Governallr¢ G)stS Supwt Costs Pension5 657,168 S,940 57295 2,952 33.414 72,580 Investtneiitpropeny eost 107,691 Totsl 937,040 Net gainsl{losses) ort invc$tmeTEts {393,777) NET INCOMEI(EXPENDITURE) {801,895) RECONCILIATION OF FUNDS Total fund5 broygbt forward 16,472,628 TOTAL FUNDS CARIUED FORWARD 15.670.733 FIXFD ASSET INVESTMENTS Listed iDvestmtnts Mrkel valu¢ At l April 2021 Disposa]s Revo)llations 9J139.27 {1,000} 889J43 At 31 March 2024 10th28.821 et book value At 31 Marcb 2024 10.628.821 At 31 Marcb2023 9,839,278 There were no inv¢stmcnt assets outside the U Pag¢ 15 conlinued...
MAGDALEN AND LASHER CHARITY GENERAL FUND NOTES TO THE FINANCIAL STATEMENTS- CotInu¢d FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMENTS- continued Coslor valuation Ml 31 March 2024 is repres¢nted by.. Listed investments Valuation in 2022 Valuatiotj in 21Y23 Valuatioth in 2024 10,114,606 (375J28) 889.543 ID,62&821 INVESTMENT PROPERTY Falr value AT l April 2023 AdditlODS 5ffj09,5011 90,261 Ai 31 March 2024 5,699.761 Net book value At 31 March 2024 S,699,761 At 31 MaT¢h 2023 5.609,50( Th¢ aknv¢ inve5tm¢nts are IKld pn'm8rily for rentsl ineorne as part of cbaritsble activitiu but also provide a return on investments in the ¢veDt of a sale. The investment properties lapan from 103 Bohemia Road) were valued by Sman Property Solutions as at 17th Sepiember 2019. In January 2021 Smart Properly Solutioas mcrged with Oakficld Esiate Agents, who are now th¢ Charit$ r¢Dtsi a8ents. have no other ¢tsnn¢ction to the Tnthee5. The Trust¢es awcd the wd]uation for 103 Bohemia Road. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Otherd¢btors Reni arreaTS 54,696 4,078 8,580 4,078 ¥774 11658 Page 16 continued...
MAGDALEN AND LASHER CHARJTY GENERAL FUND NOTES TO THE FINANCIAL STATEMENTS- eontlDued FOR THE YEAR Ef4DED 31 MARCH 2024 ii. CREDITORS: AMOUNTS FALLINC DUE ITrITHtN ONE YEAR 2014 2023 Other cr¢th'tor5 Unpaid Lryants Accruals deferred income 1.000 3.467 2,796 11930 7,263 12. MOVTr.MENT IN FUNDS Net movement In fund$ A¢ 31.3.24 At IA.23 Unre5trirted fund General IS67O,733 915,664 IA586J97 TOTAL Fuf4DS 15,670,733 915.064 1&586J97 Net movemeni in funds, included in the abo as follows.. IDeomSng resourc¥s Resourtt5 expended GaiN$ 10$ges Movernettt in Unrestrfcted funds GeTLeral fund 541JlO {515h89} 889&13 915,664 TOTAL FUNDS 541,8111 (515,6119) 889y3 915,664 Comp8r¥tivea for movtment ID fund5 Net movcmellt funds At 31J.23 At 1.4.22 VDrestrl¢ted fllndi G¢t)erdl fvnd 16,472,628 {801.895} 15,670,733 TOTAL FUNDS 16,472,628 (801,895) 15.670.733 Page 17 continued...
MAGDALEN AND LASHER CHARITY GENERAL FUND NOTES TO THE FINAP4CIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 21J24 12. M0vEr+T IN FUI¥DS- toththved Comparative nei rnovemenl in funds, lncldCd in the above are as follows.. IDeomlDg r¢sourtes Rrs(*urees expended Galn$ and 1085 MovtmeHt ID funds Unrestrtcted funds GcDerdl fund 528,922 (937,040) 1393,777) (801.895} TOTAL Fuf4DS 528,922 (937,04Q) (393,777) (801.895) A current y¢aT 12 mtsnths and wior year 12 mojjths combined position is as follows-. Net movtmemt At 31J.24 At IA.22 UDre5tr1cted fuDd$ General fimd 16,472.628 113,769 16.586.397 TOTAL FIM)S 16,472,628 113,769 16,586.397 A curr¢nl yeat 12 month5 and pnor year 12 months combined Move¢ll1 in fimds, included in the above are as folluws.. Resour¢ expended GalDS and I$¢5 Movtment fund$ re$ovrtei Unrestricted funds General fund 1,070,732 {1,452,729) 495,766 113,769 TOTAL FUNDS ,070.732 {1,452,729) 495.766 113,769 13. CAprrAL COMMITMENTS There were no Lapitsl ¢onunitments at th¢ lirn¢ of.%igning thi5 report. Pag¢18 ciTrnlinued...
MAGDALEN AND LASHER CHAR]TY GENERAL FUND NOTES TO THE FJNANCIAL STATEMENTS- Contioued FOR THE YEAR ENDED 31 MARCH 2024 14. RELATED PARTY DISCLOSURES The Trusteei arc also responsible for thc activitie5 of Magdalen and Lath¢r EducalioTJal Foundation and Magdalen & La$her- Old Hastings Hou54 Charitabl¢ Iworaied Organisation. DuriJ)g the yearthe clwity had the following related paty tran&qctii)ns.' Magdalen and Lasber EthicatioDal Foundation Contribution for insurdnce costs of £xxx {2023- £17151 Magdalen & Lasher- Old Hting$ Hous& Chatitable Jncotyorated Organ15ation Contiibulion lo payroll costs of £xxx {2023 - £20.657) and contribution to offJc¢ costs of £xLx {2023- £11.414). A gTaDt of (2023- £499.883) wa$ also 8waTded to C4)v¢r the Costs of the ongoin8 builditig extension works. These rransarti4)rts w¢r¢ respect of charitable purypos&% and in 8ccordan¢e with the charitys obje¢ls. 15. GAINS I(LOSSES) OF4 IfwESTMENTS 2024 2023 thr11$*d Revaluation on red asset investmcntS Reailsed S5 on disposal of f¢d ossei inv¢stnxnts Totil (LfjsillGaln) 889,543 {375,3281 xxx (18,449) 16. GRANTS Dwing the yeAr grants to instimtion% amounted to £xxx (2023 - £657,168). The above amount ftll¢lud¢s a grant of £xxx (2023 - £499.883) awarded to Magdalen & Lasher - Old Hasting5 House. Please se¢ the related paTly note for fiJrthcT details. Page 19
MAGDALEN AND LASHER CHARITY GENERAL FUND DETAILED STATEMEf4T OF FINANCIAL ACIIVITIES FOR THE YEAR ENDED 31 MARCH 21J24 2024 2023 INCOME AND ENDOIIIMFPS legacles Donations I,fWO lttYestmeDt Income Rents received Dividend$ 249,463 291.347 236.559 292.363 54O,¥1 328,922 Totsl Incoming resources 541,810 528.922 EXPETrIDITURE Ch•rf¢abl¢ 4cdvitffies HARC. Outrea¢h Worker contributlon Pensionevs bonus Pensions GTants to iDStithllOt 87,93Y 57,295 5.940 72,580 657,168 71.750 211,521 350,660 792,983 Investment property cos¢ Insurance Expendiwre 4)n properties Rent collection PrortY Twits Lega] f¢¢s 10,2J4 24,879 32.243 60,7116 4,689 3,673 656 30,889 68,286 4,187 132,831 107,691 Support costs FiDante Bank ¢h2rg¢s 613 Other support Costs Sundries M&L contribuiion OHH offLCC M&L ¢thitribulioJi to OHH paytoll 593 9,5119 18.194 7,639 5.032 20.130 28396 32.801 Govern&D¢e co8ts Audit fee8 3,216 2,952 Thi5 page dues not f(Trnn part of the statytory f]nancial statements Page 20
MAGDALEN AND LASHER CHAIUTY GENERAL FUND DETAILED STATEMEJ¥T OF FINANCIAL ACTIvifJES FOR THE YEAR ENDED 31 WCH 2024 2024 2023 Total r¢50urces expended 515,689 937.(140 Ntt IheomeJ(¢xpeDd5ture) before galns attd 20,121 {408.118) Reallied rttognlsed galDS 10s8e$ Realis¢d 8ainsl{losses) orj red 8$set investments {18,449) l%tt ineornel{¢xptnditDre 26,121 (426.567) This page doe5 Dot form p2rt of the slatulory financial stst¢m¢nls Page21