**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:
1. that accounting records were not kept as required by section 130 of the Act; or
2. that the accounts do not accord with those records; or
3. that the accounts do not comply with the accounting requirements of the Act; or
4. 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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