**REGISTERED CHARITY NUMBER: 211415**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **FOR**
## **MAGDALEN AND LASHER CHARITY GENERAL FUND**
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 AND LASHER CHARITY GENERAL FUND**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|4|
|**Report of the Independent Auditors**|5|to|8|
|**Statement of Financial Activities**||9||
|**Statement of Financial Position**||10||
|**Statement of Cash Flows**||11||
|**Notes to the Statement of Cash Flows**||12||
|**Notes to the Financial Statements**|13|to|21|
|**Detailed Statement of Financial Activities**|22|to|23|
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025**
|**TRUSTEES**|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 A B Pope (appointed 1/6/2025)|
||Mr I Gallagher|
||J A Rogers|
|**PRINCIPAL ADDRESS**|Unit 27|
||The Innovation Centre|
||Highfield Drive|
||St Leonards On Sea|
||East Sussex|
||TN38 9UH|
|**REGISTERED CHARITY**|211415|
|**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 AND LASHER CHARITY GENERAL FUND**
**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:**
The Charity's has one object, namely: To provide for the relief of need of residents of Hastings.
## **Public benefit**
Giving grants to relieve poverty, paying pensions to the elderly poor, employing an outreach worker inter alia to raise previously unclaimed benefits for disabled and elderly people are self evidently public benefits. Especially given that the only qualifications for the recipients are that they are poor and resident in Hastings and (where appropriate) over 65 years old.
## **Implementation and Outcome**
The Trustees carried out their activities under the committee structure described in the Annual Reports for the years ending 31 March 2008 and 2009. These administrative arrangements have enabled the Charity to maintain a consistent level of charitable giving.
The Pensions and Outreach Committee continued to provide for pensioners. Pension payments during the year totalled £80,816 (this includes a Christmas payment made to all pensioners).
The contracts with the Hastings Advice and Representation Centre (HARC) were renewed for a further year (£57,939) to provide 1) an outreach worker to serve as the Charity's Visitor and to act as an expert benefits' adviser to the elderly poor of Hastings, and 2) an adviser to guide applicants through the Universal Credit system.
The Grants Committee met frequently to consider numerous applications for grants from individuals and organisations for a wide variety of purposes consistent with the objects of the Charity. Those approved totalled £81,945 (2024 - £211,521).
## **FINANCIAL REVIEW**
## **Investment policy**
Other than property and cash at bank, all the assets of the Charity are invested with the Charities Official Investment Fund (COIF). All sales and purchases are made with the approval of the Board of Trustees or the Finance, Property and General Purposes Committee in accordance with the Charity's Scheme of Delegations.
Rental income delivered a gross return of 3.5% (net return of 1.9%) on the portfolio's market value. The Charity's investment property portfolio has a value of £7,319,500 (revalued in 2025).
The COIF share investments provided a dividend return of 2.9% whilst their capital value decreased by 4.58% The Trustees continue to consider that their policy to use COIF is giving the Charity both a satisfactory return and stability in the market.
Page 2
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **FINANCIAL REVIEW**
## **Reserves policy**
The free reserves, which are those unrestricted funds not invested in 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 Finance, Property and General Purposes Committee. The Trustees formally consider the Charity's cash reserves at each of their meetings.
At 31 March 2025 the free reserves totalled £440,884 (2024 - £209,971). Trustees view the present level of reserves as appropriate, having regard to the Charity's current activities. Trustees remain conscious of the need to hold sufficient reserves to manage risks. The Charity has not acquired or disposed of any property in the year 2024-25 . The trustees continue to improve the property portfolio.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity is run by a Board of Trustees which delegates some of its functions to the committees namely Finance Property and General Purposes, Grants and Pensions and Outreach.The Chairman of the Charity is Clive Galbraith. The various management committees and the Administrator of the Charity, who is Mrs Heather Suggitt, assisted by Mrs Joanna Thomas, run the day-today operations.
The Charity originated prior to 21 March 1294 but is now governed by a scheme of the Charity Commissioners made on 12 February 1951, as amended in 1965, 1981 1989, 2013 and 2014.
## **Related parties**
The Charity's Trustees are also Trustees of the Magdalen & Lasher Educational Foundation and Magdalen & Lasher Charity - Old Hastings House, Charitable Incorporated Organisation.
## **Risk management**
The Charity's Trustees have considered the major risks to which the Charity is exposed and have 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).
## **Political Contributions**
The Charity made no political contributions.
## **Funding**
The Charity's funding sources are exclusively from investments and property rents.
Page 3
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees are required under the constitution of the Charity to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its results for that period. In preparing those financial statements the Trustees are required to follow best practice and:
1) select suitable accounting policies and apply them consistently;
2) make judgements and estimates that are reasonable and prudent;
3) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
4) prepare the financial statements on a 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 and balance sheet have regard to the substance of the reported transactions or arrangement, in accordance with the generally accepted accounting principles and practice.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................
Mr C Galbraith - Trustee
Page 4
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **Opinion**
We have audited the financial statements of Magdalen And Lasher Charity General Fund (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'.
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 5
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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 6
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **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.
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 7
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **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 8
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Grants in Aid
Pensioner's Christmas Bonus
HARC-Outreach worker
Governance Costs
Support Costs
Pensions
Investment property cost
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2025**
**2024**
**Unrestricted**
**Total**
**fund**
**funds**
**£**
**£**
**927**
1,000
**552,521**
540,810
**553,448**
541,810
**81,945**
211,521
**9,350**
9,450
**57,939**
57,939
**9,363**
3,216
**32,913**
28,982
**71,466**
71,750
**115,348**
132,831
**378,324**
515,689
**1,133,003**
889,543
**1,308,127**
915,664
**16,586,397**
15,670,733
**17,894,524**
16,586,397|**2025**
**2024**
**Unrestricted**
**Total**
**fund**
**funds**
**£**
**£**
**927**
1,000
**552,521**
540,810
**553,448**
541,810
**81,945**
211,521
**9,350**
9,450
**57,939**
57,939
**9,363**
3,216
**32,913**
28,982
**71,466**
71,750
**115,348**
132,831
**378,324**
515,689
**1,133,003**
889,543
**1,308,127**
915,664
**16,586,397**
15,670,733
**17,894,524**
16,586,397|
|---|---|---|
|||541,810|
|||211,521
9,450
57,939
3,216
28,982
71,750
132,831|
|||515,689|
|||889,543|
|||915,664
15,670,733|
|||16,586,397|
The notes form part of these financial statements
Page 9
## **MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **STATEMENT OF FINANCIAL POSITION 31 MARCH 2025**
|**Notes**
**FIXED ASSETS**
**Investments**
Investments
9
Investment property
10
**CURRENT ASSETS**
Debtors: amounts falling due within one year
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds:
General fund
**TOTAL FUNDS**|**2025**
**Total**
**funds**
**£**
**10,142,085**
**7,319,500**
**17,461,585**
**19,495**
**440,884**
**460,379**
**(27,440)**
**432,939**
**17,894,524**
**17,894,524**
**17,894,524**
**17,894,524**|**2024**
**Total**
**funds**
**£**
10,628,821
5,699,761
16,328,582
58,774
209,971
268,745
(10,930)
257,815
16,586,397
16,586,397
16,586,397
16,586,397|
|---|---|---|
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 10
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **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 operating activities
**Cash flows from investing activities**
Purchase of investment property
Sale of fixed asset investments
Dividends received
Net cash provided by investing 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**
**£**
**(67,181)**
**(67,181)**
**-**
**-**
**298,094**
**298,094**
**230,913**
**209,971**
**440,884**|**2024**
**£**
(307,675)
(307,675)
(90,261)
100,000
291,347
301,086
(6,589)
216,560
209,971|
|---|---|---|
The notes form part of these financial statements
Page 11
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025**
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING**|**ACTIVITIES**|
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||**Net income for the reporting period (as per the Statement of**|||
||**Financial Activities)**|**1,308,127**|915,664|
||**Adjustments for:**|||
||Gain on investments|**(1,133,003)**|(889,543)|
||Dividends received|**(298,094)**|(291,347)|
||Decrease/(increase) in debtors|**39,278**|(46,116)|
||Increase in creditors|**16,511**|3,667|
||**Net cash used in operations**|**(67,181)**|(307,675)|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
||**At 1.4.24**|**Cash flow**|**At 31.3.25**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Net cash**||||
|Cash at bank|**209,971**|**230,913**|**440,884**|
||**209,971**|**230,913**|**440,884**|
|**Total**|**209,971**|**230,913**|**440,884**|
The notes form part of these financial statements
Page 12
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**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 address of the principal place of operation is given in the charity information appended to these financial statements. The nature of the charity's operations and principle activities are shown in the report of the trustees.
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.
## **INCOMING RESOURCES**
All incoming 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 requires 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 ts 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.
Investment income is earned through holding assets for investment purposes such as shares and property. It 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.
## **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 and other expenditure represents those items not falling into the categories above.
continued...
Page 13
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES - continued**
## **INVESTMENT PROPERTY**
Investments are stated at market value at the balance sheet date. The realised and unrealised gains and losses are included in the Statement of Financial Activities.
## **TAXATION**
The Company is a registered charity and no liability to tax 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.
Designating 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.
## **DEBTORS**
Debtors are recognised at the settlement amount due.
## **CREDITORS**
Creditors are recognised where the charily has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## **GOING CONCERN**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **FIXED ASSETS INVESTMENT**
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. Transacation costs are expensed as incurred.
continued...
Page 14
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
|**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**INVESTMENT INCOME**
Rents received
Dividends
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grants in Aid
Pensioner's Christmas Bonus
HARC-Outreach worker
Governance Costs
Support Costs
Pensions
**5.**
**SUPPORT COSTS**|**Direct**
**Costs**
**£**
**78,585**
**9,350**
**57,939**
**-**
**-**
**71,420**
**217,294**|**2025**
**£**
**927**
**2025**
**£**
**254,427**
**298,094**
**552,521**
**Support**
**costs (see**
**note 5)**
**£**
**3,360**
**-**
**-**
**9,363**
**32,913**
**46**
**45,682**|**2024**
**£**
1,000
**2024**
**£**
249,463
291,347|
|---|---|---|---|
||||540,810|
||||**Totals**
**£**
**81,945**
**9,350**
**57,939**
**9,363**
**32,913**
**71,466**|
||||**262,976**|
|||||
|Grants in Aid
Governance Costs
Support Costs
Pensions|**Finance**
**£**
**180**
**-**
**482**
**-**
**662**|**Other**
**support**
**Governance**
**costs**
**costs**
**£**
**£**
**3,180**
**-**
**-**
**9,363**
**32,431**
**-**
**-**
**46**
**35,611**
**9,409**|**Totals**
**£**
**3,360**
**9,363**
**32,913**
**46**|
|---|---|---|---|
||||**45,682**|
continued...
Page 15
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **6. 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**
During the year no Trustee has been reimbursed for expenses totalling £nil (2024 - £nil).
## **7. STAFF COSTS**
|**STAFF COSTS**||||
|---|---|---|---|
||**2025**|**2024**||
||**£**|**£**||
|Wages and salaries|**4,167**||-|
|Other pension costs|**46**||-|
||**4,213**||-|
The average number of staff for the year ended 31 March 2025 was 1. (2024: nil)
The average monthly number of employees during the year was as follows:
|No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grants in Aid
Pensioner's Christmas Bonus
HARC-Outreach worker
Governance Costs
Support Costs
Pensions
Investment property cost
**Total**|**2025**|**2024**
**Unrestricted**
**fund**
**£**
1,000
540,810
541,810
211,521
9,450
57,939
3,216
28,982
71,750
132,831
515,689|
|---|---|---|
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
continued...
Page 16
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**9.**
**FIXED ASSET INVESTMENTS**
**Market value**
At 1 April 2024
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:
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025||**Unrestricted**
**fund**
**£**
889,543
915,664
15,670,733
16,586,397
**Listed**
**investments**
**£**
**10,628,821**
**(486,736)**
**10,142,085**
**10,142,085**
10,628,821
**Listed**
**investments**
**£**
**10,114,606**
**(375,328)**
**889,543**
**(486,736)**
**10,142,085**|
|---|---|---|
||||
||||
||||
||||
||||
continued...
Page 17
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **10. INVESTMENT PROPERTY**
|**INVESTMENT PROPERTY**||
|---|---|
|**Fair value**
At 1 April 2024
Revaluation
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 March 2024|**£**
**5,699,761**
**1,619,739**|
||**7,319,500**|
||**7,319,500**|
||5,699,761|
The above investments are held primarily for rental income as part of charitable activities but also provide a return on investments in the event of a sale.
The investment properties (apart from 103 Bohemia Road) were valued by Oakfield Estate Agents as at 11th September 2025, who are the Charity's rental agents. They have no other connection to the Trustees.
Fair value at 31 March 2025 is represented by:
|Valuation in 2025
Valuation in 2019
Cost|**£**
**1,619,739**
**4,073,638**
**1,626,123**|
|---|---|
||**7,319,500**|
|**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Rent arrears|**2025**
**£**
**17,753**
**1,742**
**19,495**|**2024**
**£**
54,696
4,078|
|---|---|---|
|||58,774|
continued...
Page 18
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
Unpaid grants
Accruals and deferred income
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above a
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|re as follows:
**Incoming**
**resources**
**£**
**553,448**
**553,448**||**At 1.4.24**
**£**
**16,586,397**
**16,586,397**
**Resources**
**expended**
**£**
**(378,324)**
**(378,324)**
**At 1.4.23**
**£**
15,670,733
15,670,733||**2025**
**£**
**-**
**22,100**
**5,340**
**27,440**
**Net**
**movement**
**in funds**
**£**
**1,308,127**
**1,308,127**
**Gains and**
**losses**
**£**
**1,133,003**
**1,133,003**
**Net**
**movement**
**in funds**
**£**
915,664
915,664||**2024**
**£**
1,000
6,851
3,079
10,930
**At**
**31.3.25**
**£**
**17,894,524**
**17,894,524**
**Movement**
**in funds**
**£**
**1,308,127**
**1,308,127**
**At**
**31.3.24**
**£**
16,586,397
16,586,397|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||||||
**13. MOVEMENT IN FUNDS**
continued...
Page 19
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **13. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
541,810
541,810|**Resources**
**expended**
**£**
(515,689)
(515,689)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
889,543
915,664
889,543
915,664|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1.4.23**
**£**
15,670,733
15,670,733|**Net**
**movement**
**in funds**
**£**
2,223,791
2,223,791|**At**
**31.3.25**
**£**
17,894,524|
|---|---|---|---|
||||17,894,524|
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
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
1,095,258
1,095,258|**Resources**
**expended**
**£**
(894,013)
(894,013)|**Gains and**
**losses**
**£**
2,022,546
2,022,546|**Movement**
**in funds**
**£**
2,223,791
2,223,791|
|---|---|---|---|---|
continued...
Page 20
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **14. CAPITAL COMMITMENTS**
There were no capital commitments at the time of signing this report.
## **15. RELATED PARTY DISCLOSURES**
The Trustees are also responsible for the activities of Magdalen and Lasher Educational Foundation and Magdalen & Lasher - Old Hastings House, Charitable Incorporated Organisation.
During the year the charity had the following related party transactions:
Magdalen and Lasher Educational Foundation
Contribution for insurance costs of £4,489 (2024 - £2,544).
Magdalen & Lasher - Old Hastings House. Charitable Incorporated Organisation
Contribution to payroll costs of £27,638.63 (2024 - £19,194) and contribution to office costs of £4,779.65 (2024 - £9,509).
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 the financial year 2024/25.
These transactions were in respect of charitable purposes and in accordance with the charity's objects.
## **16. GAINS /(LOSSES) ON INVESTMENTS**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**Unrealised**|||
|Revaluation on fixed asset investments|**(486,736)**|889,543|
|Revaluation on investment property|**1,619,739**|-|
|**Realised**|||
|Loss on disposal of fixed asset investments|**-**|-|
|**Total (Loss/(Gain)**|**1,133,003**|**889,543**|
||||
## **17. GRANTS**
During the year grants to institutions amounted to £81,945 (2024 - £211,521).
The above amount includes a grant of £Nil (2024 - £Nil) awarded to Magdalen & Lasher - Old Hastings House. Please see the related party note for further details.
Page 21
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Rents received
Dividends
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
HARC - Outreach worker contribution
Pensioner's bonus
Pensions
Grants to institutions
**Investment property cost**
Insurance
Expenditure on properties
Rent collection
Property repairs
Legal fees
**Support costs**
**Finance**
Bank charges
**Other support costs**
Sundries
M&L contribution to OHH office
M&L contribution to OHH payroll|**2025**
**£**
**927**
**254,427**
**298,094**
**552,521**
**553,448**
**57,939**
**9,350**
**71,420**
**78,585**
**217,294**
**10,678**
**1,469**
**35,087**
**68,114**
**-**
**115,348**
**662**
**3,192**
**4,780**
**27,639**
**35,611**|**2024**
**£**
1,000
249,463
291,347|
|---|---|---|
|||540,810|
|||541,810
57,939
9,450
71,750
211,521|
|||350,660
10,234
24,879
32,243
60,786
4,689|
|||132,831
686
593
9,509
18,194|
|||28,296|
This page does not form part of the statutory financial statements
Page 22
**MAGDALEN AND LASHER CHARITY GENERAL FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Other support costs**
**Governance costs**
Wages
Pensions
Audit fees
Accountancy fees
Total resources expended
**Net income**|**2025**
**£**
**4,167**
**46**
**3,900**
**1,296**
**9,409**
**378,324**
**175,124**|**2024**
**£**
-
-
3,216
-|
|---|---|---|
|||3,216|
|||515,689|
|||26,121|
This page does not form part of the statutory financial statements
Page 23