REGISTERED CHARITY NUMBER:
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FOR THE MAGDALEN HOSPITAL TRUST
Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
THE MAGDALEN HOSPITAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
THE MAGDALEN HOSPITAL TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
Principal address
c/o Rod Arthur (Treasurer) 7 Finch Lane Harvington Evesham Worcestershire WR11 8D
Trustees
Rev R H Mitchell Rev I M Mathias E Barnett E Wood L Wood Ms D Mclaren
Independent examiner
Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 1
THE MAGDALEN HOSPITAL TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
The trust was formed under a Charity Commission set out in Parliament Statutory Instrument No.196 dated 8th February 1973, from the proceeds, then valued at £417,419, of the assets of the original Magdalen Hospital established in 1758 "to provide women and girls on the streets a safe, desirable, and happy retreat from their wretched and distressful circumstance". It is believed to be the oldest charity in this country to be formed to work on behalf of women and girls. Since 1973 this small trust has aimed to promote the welfare of children and young people, regardless of gender, under the age of 25 years, who suffer from various effects of social deprivation, abuse, mental and physical handicap, inadequate housing, lack of education or training, and the problems derived from unemployment and lone parent families.
After meeting these needs, grants may be made where funds are available, to finance research into the cause of delinquency in young persons, and any project involved in this.
Applications are accepted mainly from Charities registered in the UK. The preferred areas of work are small community groups, with an element of trained volunteers, and self help, who are varying out practical work in front line situations.
Grants are usually in the £200 to £3,000 range. The Trust's annual disposal income at the present time does not usually exceed £50,000.
There is a maximum of twelve trustees, three nominated by the Archbishop of Canterbury, the Bishop of Southwark, and a Principal Secretary of State, and nice co-opted by existing trustees. The nominated trustees serve four years and the co-opted for five years.
The trustees at their meeting of 12th November 2003 agreed that in order to minimise the administrative charges they reduce the number of their meetings to consider applications to three times a year. The Charity Commissioners have made an order under Section 26 of the Charities Act which empowers the Trustees to make their own changes to the administrative provisions in their governing document and in 2012 it was further decided to only hold two meetings a year, one in May and one in November (further changed to one meeting in June and one in December year year). There is no office, and application forms can be obtained online from the Trust's website, www.magdalentrust.org.uk. Applications should be supported by a copy of the latest annual report and independently examined or audited accounts.
The Trust's capital investments are managed by Gore Browne Investment Management Ltd.
As the Investments are perpetually endowed it had been assumed that the Capital could not be spent. However, following an approach by the Trustees, the Charity Commissioners have issued a formal scheme which would enable them under certain conditions to spend part of the Trust's growth in capital as well as it's income. This order was dated 2nd October 2001.
During the year the trustees approved grants for a total of £53,150. A list of grants made is included within the accounts. The policy of the Magdalen Hospital Trust for making grants is set out above. This has been the same for some time, and no change is envisaged at present. The Trustees seek to achieve some long term growth in their assets to protect future grants, but it's aim is, nevertheless, to use at least the net annual income in making grants. The trust has in the past considered advertising but so far has not done so as applications have been sufficient for our purpose. I believe that we are discharging our primary responsibility which is to assist the most vulnerable young people in our society today.
Approved by order of the board of trustees on 28 November 2024 and signed on its behalf by:
Rev R H Mitchell - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MAGDALEN HOSPITAL TRUST
I report on the accounts for the year ended 5 April 2024, which are set out on pages four to ten.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
that accounting records were not kept as required by section 130 of the Act; or
-
that the accounts do not accord with those records; or
-
that the accounts do not comply with the accounting requirements of the Act; or
-
that there is further information needed for a proper understanding of the accounts.
Independent examiner's statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.
Mark Ashfield ICAEW Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
28 November 2024
Page 3
THE MAGDALEN HOSPITAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024
| Unrestricted fund Notes £ INCOMING RESOURCES Incoming resources from generated funds Investment income 2 - Other incoming resources - RESOURCES EXPENDED Costs of generating funds Costs of generating voluntary income - Charitable activities Grants - Governance costs (1) Other resources expended 4,254 Total resources expended 4,253 NET INCOMING/(OUTGOING) RESOURCES BEFORE TRANSFERS (4,253) Gross transfers between funds 8 3,920 Net incoming/(outgoing) resources (333) RECONCILIATION OF FUNDS Total funds brought forward (1,785) TOTAL FUNDS CARRIED FORWARD (2,118) |
Restricted fund £ 25,674 44,513 - 48,880 7,150 - 56,030 14,157 (3,920) 10,237 827,282 837,519 |
2024 Total funds £ 25,674 44,513 - 48,880 7,149 4,254 60,283 9,904 - 9,904 825,497 835,401 |
2023 Total funds £ 21,773 - 130,402 53,150 7,680 8,667 199,899 (178,126) - (178,126) 1,003,622 825,496 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
THE MAGDALEN HOSPITAL TRUST
BALANCE SHEET At 5 April 2024
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Investments 6 - 801,526 CURRENT ASSETS Cash at bank 42 35,993 CREDITORS Amounts falling due within one year 7 (2,160) - NET CURRENT ASSETS/(LIABILITIES) (2,118) 35,993 TOTAL ASSETS LESS CURRENT LIABILITIES (2,118) 837,519 NET ASSETS/(LIABILITIES) (2,118) 837,519 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 Total funds £ 801,526 36,035 (2,160) 33,875 835,401 835,401 (2,118) 837,519 835,401 |
2023 Total funds £ 771,789 55,868 (2,161) 53,707 825,496 825,496 (1,785) 827,281 825,496 |
|---|---|---|
The financial statements were approved by the Board of Trustees on 28 November 2024 and were signed on its behalf by:
Rev R H Mitchell -Trustee
The notes form part of these financial statements
Page 5
THE MAGDALEN HOSPITAL TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024
1. ACCOUNTING POLICIES
Accounting convention
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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Other fixed asset invest - FII Interest receivable - trading |
2024 £ 22,414 3,260 25,674 |
2023 £ 21,460 313 21,773 |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Page 6
THE MAGDALEN HOSPITAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 5 April 2024
4. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: No employees received emoluments in excess of £60,000. GRANTS APPROVED IN YEAR |
2024 £ 2,221 2024 1 |
2023 £ 2,880 2023 1 |
|---|---|---|
| Ashfield Home Safety Equipment Project Down Syndrome Training and Support Services Limited The Gifted Organisation Limited Autism Inclusive The Blackmoore Vale Charity The Gina Project CIC Drum Works CIC Mitchell's Miracles Stand Against Violence Prout Bridge Project Escape Support Group In Chaley's Memory The Windfall Centre Limited Chichester Information Shop for Young People African Women Impact UK CIO Seen Ltd Cassandra Centre Harmony Youth Project The MARS Trust The Windmill Trust Ebbw Vale Children's Contact Centre Selsey Community Forum Counselling in the Community Home-Start Surrey Heath St Mary's Centre Community Trust Ipswich Community Playbus Little Green Pig Ashdon Jazz Academy Soundmix UK-DRC Bridge North Taunton Partnership ASCape Parenting Cooperatives Groundswell Arts Rekindle Home Total |
£1,000 £1,000 £1,500 £1,500 £1,000 £500 £1,000 £500 £1,500 £1,500 £1,000 £1,000 £2,000 £600 £2,000 £1,750 £2,000 £2,000 £1,800 £2,000 £2,000 £500 £2,000 £2,000 £1,000 £2,000 £2,000 £2,000 £1,000 £1,500 £2,000 £2,000 £2,000 £2,000 £2,000 £53,150 |
5. GRANTS APPROVED IN YEAR
Page 7
THE MAGDALEN HOSPITAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 5 April 2024
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 NET BOOK VALUE At 5 April 2024 At 5 April 2023 There were no investment assets outside the UK. 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors |
Listed investments £ 771,789 433,048 (438,559) 35,248 801,526 801,526 771,789 2024 2023 £ £ - 1 2,160 2,160 2,160 2,161 |
|---|---|
8. MOVEMENT IN FUNDS
| Unrestricted funds | Net Transfers movement in between At 6.4.23 funds funds At 5.4.24 £ £ £ £ |
|---|---|
| General fund | (1,785) (4,253) 3,920 (2,118) |
| Restricted funds | |
| Restricted Fund | 827,282 14,157 (3,920) 837,519 |
| TOTAL FUNDS | 825,497 9,904 - 835,401 |
Page 8
THE MAGDALEN HOSPITAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 5 April 2024
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund - Restricted funds Restricted Fund 70,187 TOTAL FUNDS 70,187 Comparatives for movement in funds Net movement in At 6.4.22 funds £ £ Unrestricted Funds General fund 652 (5,150) Restricted Funds Restricted Fund 1,002,970 (172,976) TOTAL FUNDS 1,003,622 (178,126) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund - Restricted funds Restricted Fund 21,773 TOTAL FUNDS 21,773 |
Resources Movement in expended funds £ £ (4,253) (4,253) (56,030) 14,157 (60,283) 9,904 Transfers between funds At 5.4.23 £ £ 2,713 (1,785) (2,713) 827,281 - 825,496 Resources Movement in expended funds £ £ (5,150) (5,150) (194,749) (172,976) (199,899) (178,126) |
|---|---|
Page 9
THE MAGDALEN HOSPITAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 5 April 2024
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
Net movement in At 6.4.22 funds £ £ 652 (9,403) 1,002,970 (158,819) 1,003,622 (168,222) |
Transfers between funds £ 6,633 (6,633) - |
At 5.4.24 £ (2,118) 837,518 835,400 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Movement in resources expended funds £ £ £ |
|---|---|
| General fund | - (9,403) (9,403) |
| Restricted funds | |
| Restricted Fund | 91,960 (250,779) (158,819) |
| TOTAL FUNDS | 91,960 (260,182) (168,222) |
Page 10
THE MAGDALEN HOSPITAL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024
| INCOMING RESOURCES Investment income Other fixed asset invest - FII Interest receivable - trading Other incoming resources Gain on sale of tangible fixed assets Unrealised gain on investment Total incoming resources RESOURCES EXPENDED Costs of generating voluntary income Sundries Impairment losses for tangible fixed assets Charitable activities Grants to individuals Governance costs Legal fees Other resources expended Loss on sale of tangible fixed assets Support costs Management Treasurer's fees Postage and stationery Finance Bank charges Other 4 Accountancy and legal fees Total resources expended Net income/(expenditure) |
2024 £ 22,414 3,260 25,674 9,265 35,248 44,513 70,187 - - - 48,880 7,149 - 2,221 175 2,396 - 1,858 60,283 9,904 |
2023 £ 21,460 313 21,773 - - - 21,773 203 130,199 130,402 53,150 7,680 3,721 2,880 197 3,077 13 1,856 199,899 (178,126) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 11
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