The St. Mary Magdalene & Holy Jesus Trust Registered Charity No 225979 Report and Financial Statements st For the year ended 31 March 2024 THE ST. MARY MAGDALENE & HOLY JESUS TRUST CIHremon¢ Road, Nèwcastle upon Tyn4 NE2 4NN Tekphone: (0191) 269 7920 email." .t.muri' daleue@Enmh' Re8lstered Ch8rlty No 2Z5979 Lco Th￿et.. St Mary Magdalene and HolyJ0s￿ Tnwtse Umlted Ch*ir: MrJ OBE St Mary Magdalene & HolyJesus Trust Table of contents Tn￿leeS Annual Rewt tndepeDdrnt Auditors Rewt 12 Stateme4tt of Fin2￿181 Aetivities 15 Balance Sheet 17 Stateme4tt of Cash Flows 18 AceouniingPoJlcles and Nok8 to the Financtal State￿> 19 st Mary Magdalene & Holy Jesus Trust Trustee Annual Report for the year ended 318t March 2024 OBJ TIE The St Mary Magdalene & Holy Jesu5 Thisl is an atmshouse charity located itt Spita] Tongu&s, Newcastle upon Tyne whose main objective is to assist older people who are in need. hardshjp or distregs by providing housinB. In fv]fillin8 this obieetivq the chartiy aLw to assist its beneficiari¢s to live independently. St Mary Masdalene & Holy Jesus Trust has a long history stretching bfflck 8evernl hundred year8. It was aMalgall￿tIon of two Aituhouses. The Hospital of St. Mary magdale￿ which was founded in the 12th century and the H05pilai of tlr Holy Jesus, wh?ch fDunded in the 17th century along with three other charitie& These AIn￿hOUse$ and ejjaritits were brought toget￿[ in th¢ HospitaI of St. Mary Ma8dalene and other c1wit1￿ (Newcastle upon Tync), awity Schem¢ Confwwtion Act. 1959. The Si Mary Magdalene & Holy Jesus Trust is an unincorporated charity with a corp)rate tru￿ the eorFrfxate trustee ￿lti8 The St Mary Magdakne & Holy Jesus T￿stee Limiied (Tr Th]ste¢). The organisations, governing d{Ku￿ntS have changed over the years with the Current governing docurnents teing the 21N)8 S¢h¢DK (As arnended by supplevnental s￿hen￿S dated 25 FebNary2G22 and 2 May 2023) aThl Articles of Associatiory{Amended July 2021). At cnd of th¢ reporting p¢rlo& ihc charity had 146 al￿￿knUSeS. SL Mary Masdakn¢: 79 bung81ows Holy Jesus.. 49 bungalows Magdalene Court: 15 flats and 3 houses tn addit*)n. the chaTity owns a ftsIrttr eare bome. which is no longer used for residential accommodAtion and ovms 3 flkts referred to As the 'thippendale Properties" 2 of which are occupied with the ren￿ltil￿g tlat in ￿ proce&8 of being sold (Sc¢ S¢Glion D). The Trnstee wiIl earnwk any funds from the sale to procure alternative accommodation of equivalent amenity valu¢. ID accordance with tbe Trust's Scheme. whell making appointments. The Thjstee must give prefeTrn¢e to Certain classes of persons who are required to meet specific eligibility criteria. Freen￿n of the City of Newcastle upon Tyne given preference for certain specified alnLshouses tn 2(X19, tFK Eo)nomic Development and Construction Act gave the daughters of Ftcemen the prescriptive rights as Il 80DS of FreellEn. Ai the time of reporting, th¢re were I I bungak)ws occupied by Fteemen of the Cty of Newcastle up)n Rcgardiagother homes. prefrrnlce is given to otherqualifying applicants who (*)not have a ConT￿li0n to the Freemen of the City of Newcastle upon Tyne. Details of the cla88 of person to whorn preference must be given does vary across the Trust's properties. Delailed information is pro vided in the 2￿8 Sche￿￿ IAS a￿Ended by 8upplernental schellrs dated 25 Febn]ary 2022 and 2 MAY 2023). st Mary Magdalene & Holy Jesu3 Trust The Thist also mak&8 qUArterly grants to beneficiaries of 3 .￿ospItal&, that were originally part of the San￿ range of buildin8S as the old Hospital of Holy Jesu8. These ￿neficiaTieS are notrresident and all llyjst b¢ in nee4 hardship or dist￿. There a￿ no age or residence qualificatiorL8. Ann Daviwn Hospital Comprise5 6 I￿efIciar1¢S of whorn three te pjor wxlows of Ckngymen and pcor widows OfF￿£men with preference being given to the widows of merchants. Thomas DavisoD Hospital Coryrises 6 teneficiaries who must be the p)or widows or unmatried dau8hier8 of Freemen. Sir Walter Blackett Hospital Conyises 6 beneficiaries who must ￿ poor Unrna￿ Ileemen. tn additio￿ a quyrterly alh)wance is paid ￿ the Freemen residents WI￿ Iive on the sit& Tr Trustee ovides the following additional Ixnefrts for residents of the Almshouses: An on.site Handyman Service. A free ¢n￿genCY ￿]1 alarm system that can be acces8¢d 24n which includes smoke aEarm atld C02 alarn] monitoring for those residents who are assessaj as having $peeifi¢ needs. the provision of a free daily morning call a￿1/0[ additional ￿k¢are servKes. Se￿rItY Service which iticludes an otrsite S￿￿rItY guard. Communal grOU￿]s. F￿¢ social activiti¢s and events. A 5lte chapel. The Tru8tee has given due ConsIderat￿n to the ClJaTity Commission's guidance in re]aiion to public benefjt. The Ch￿1t8b1c purpo￿ undertaken by the Trust which meet the requirerncnts ulldeT the Charities Act 2011 are." (a) the prevention orrelief of poverty and (b) the relief of dy)se in need because of age. iJl-heald4 disability. financial hprdship or other diswlvanta8 VEPA The organisation is continuing to deliver against its 2021-27 Business PlaL Tlr Magdalene Court scheme was completed in July 2￿23 and prvvid¢s 15 fiats and 3 family houses for ￿0PIe in need because of their disability. Refurbishment works to the Mary Magdalene BUt￿lowS have continued throughout the )ear. This has included internal refurbighrnents of 1990 Mary Magdalene bungalows wl*n they became voij and prior to being rc-kt aJMI adaptations to occupied dwellings for ￿identS with mobility and or other issu The oig8ni6ation revi¢wed its InvWlr￿nt PoJi¢y. This Investment Po]iey s¢ts out what thc Trust's investments should ￿hleve and ts fully all￿d with the Business Pla We continue to receive a high level of inter&8t from potential applicants who wish to live in our almshouse aeconm)odation. An Annual revlew of maintenance contributions was undertaken t¢ st Mary Magdalene & Holy Jesus Trust make them more commensurate with th¢ standard of property provided with a strong focus on ensuring that contriJyJtions were affordable given the increases in living costs. All Ma1￿¢nance contributions remain under th# Lo¢a] Housing AIIowAnce raies for Newcastle upon Tyne. The organisation has eommeJKed a comprehensive refurbishmeul of the first floor of Vine aNJ Provincial House building along with component repIacements and improvements to collununal a￿$ throughout the building. It is expected that the refurbishment will finish in S¢pteJnber 2024. C. FIN CIAL REVIEW The fmancial statements for rhe year endin8 31 March 2024 show., Net income (exclusive of inve8tnrnt gains I bsses) of £448,(KlO (2023: £349.8(M) net itKo]Jr) Net Investnrnt Gaiu of £1.566,600 (2(Y23., £1.532.700 loss). Cash Flow £575.6(K) negative (2023: £1.810.8(M) negative). Toial FUJNJS £46,(63.900 (2023.. £44.049,3￿). + Sources of Funding alld use of Funds The Trujt has two Pri￿1paI fiinding sources: Maintenance ContribuliotLS (charitable PTOPffj Tents) and investment i￿Ome. the latter being derived from financial and proFtrty portfo]ios. The Tru*'s policy is to set Maintenance Contributions at a level coveriti£ everyday charitable property Costs and contributing to long term repttirs. The Trustee is also mxndful of the cost- of_living erisis and Mainien&nce Contribution8 Continued to remain lower than the Local Authority Housing Allowance level8 for Newcastle upon Tyne. Investment Income from the Permanent Endowment is used to fund the 1088 on ch￿Ilable operations. with the ¢x¢ess transferred to the Capital Bxpenditure Fund to finance the business plall. + Significant Evcnts Invact￿g This YeaT'S Rcsults Resident numbers incseased &s upgraded buDgalow5 were released frnm the refiwbishment pmgranL This resulted in 98% of tlKotelical mainieDance contributi)ns being rtteiyed in the totalin8 £635,045 as opp)sed to 97% (£587,727) ill the previou8 year. Inv&8trnent income w48 18.6% higher tlwi ]ast year. which iDclude4 £96.675 sale of lease prern1U￿ but was a180 afft￿ed by £550.CQO withdrawal on the Edentree ￿￿¢sIn￿nI during th¢ year. + Review of Reser At 31° March 2024, the balance8 on the Tn￿t'S various fi]nds and the asset5 SUPPOrting tknm were as follows: St Mary Magdalene & Holy Jesu8 Trust OFeAti(Mwl Capi¥al Pwjr¢t Fund Pernianeat Endtswment Genernl LGT Assd Portfolio Evdyn PatseTS Pcftfolio Ed￿Tree Potlfolio L6.934.5 1726.2 1&9345 17262 318.1 318.1 S.0516 5.052.6 tnw¢rnent Troperty CÈsh & [k￿lts Opw•ti(￿l Propelly Asws UJ¥lerCLMSMcti 7.544.9 7J449 116&2 IlJ313 i.¢n5.0 533.7 11.5312 53.8 53.8 xthwes Rttin86 & Equipm￿¢ Cthcrcurmt Laabilityps Total 78.5 7&2 1236.4) 33a64.9 G3.7 50D.O 3.11 666.7 343.2 46 11532J PeTrnenent Endowrnent Due to the Trust's cu rrent policy tegarding thc setting of M2iDtenance COntr￿￿tiOns, the investment iucorne from this fund provides the ￿fjdS lo cover subsidies. mai)r revenue expenditure and to fiu]d Ojiure capital expenditure. All irKome Is credited to thc G¢ncral Reserve and capital gains I loss&% remain in the P¢rn]anent Elldowll￿nt. General Reserve The General Reserve Policy level is £5￿.{K)0 which equate$ to 2 yeats nei eost of owions excluding depteciation (2023 2 years). Otmuonal Estate ReseTve This represents the capitali8ed operational assets of the Tn￿ aD arnount eqiiiv8lcnl to the depreciation charge is transfe￿ed from it to the Capital Projects Fund cach year. Th? Capitsl Proje¢t5 Fund This fund provides for the rep]Rcer￿n1 of housing stock and other major Atems of capital and revenue expenditure. Il is maintained primgrily by the remaini￿ iuvestment after chaTitabl¢ subsidies and transfers to othet reserves. + Investment Policy The Thist's Investment Policy revised in the year. Given the Strong capita] ￿SItiO￿ th¢risk levels in th¢ financial portfolio were retained at high tevels rejative to previous ycars. to provide foi greater incoJrK flows during rhe period of the business plan. Fthical Crileri& The Thistee is mindful of the charity's PllTpose& with a focus on ￿ posiiion of beneficiaries aDd what causes them hardship. Taknng into account ￿vertY and negative wellbeing impacts Jinked to poverty. ¢he Tn￿tee excludes direct investment in companies wI￿t prinwy business is ￿edatory lcnding. gambling. tobxco production and alco1￿] proJu¢iion. st Mary Magdalene & Holy Jesus T￿￿t Envi[0Dll￿nta1, social and governance (ESG) factors and active stewardshtp: ESG is an iwrtsnt &spect to OUT investn￿nts. We wish to work with an inyestrnent Manager who integrdtes ESG research into their inve8tm8nt process. Our invesimettt Thnager should be a signatory to the UN Prin¢iples for Responsible Investment, as a sign of Fracticc in thi£ area. We wish to have a continuing dialogue with our investment manager aiwut their own sustslnabi￿tY p￿tICe$. goaL8 and p¢rfOrnWi￿, Targetrd retunjs ate as follows: ConunerciaI ProEtrty A8riculturnl Property Financial Portfolio 6% ne¢ yield 50% capital srowth over 10 years OutpeTfom ARC by E%-2% over avera8e. + Risks un￿intieS l Factots Affecting FU￿Te Perforu￿nce The following key risks and uncertainties which ll]ay impact future have ken Identif￿7. Despite reviewing its investnwit w]icy. the Trnst will continuc to bc exposed to a degreeof rAsk duc lo the unccrtain economic clijnate with growth renuiw weak. With the adoption of tk new ffjvised articles for the St Mary Magdalene & Holy Jesus Tn)￿ee Limited several long serving Directors are in the proc&%s of retirin8. There is a transition plan in place bul reLruiting Director& wilh the required levels of expertise and k￿W￿dge a5 replacements, could be challenging for the organlsation as li is for sllwll cbaritrs ITJ g¢ffrnl. D. PLAN8 FOR FUTURE PERIODS There is adetailed Business PIan in plac¢ covering the organisalioD'S future plans. This An¢ludes proposals for the redevelopment of the forn￿ resi(knlial c8tt home and the continued furbishment of the Mary Magdalene Bungalow& Tr charityrcmains committed to providing a wmrnuuity cnvironment which c￿Urage3 ￿cial W￿￿]ng thTOllgh tbe pmvision of a range of facilities, 4¢tiYities. a￿1 events. Events are being pjana￿l in consultation with residents. The Licensee (Residents) Committee is helping to itiyolve residents in the rnnning of the organizatlon al￿ resident involvement is aD arca that the organisation pla￿8 to develop further. The orgBniÈAtion joined tbe Almshouse Consortium in Dettmber 2023 and worked with the Consortium durin8 thc year to draft a bid for submission lo Homes England frir grant fi]nding for Ihe remode]ing of 6 of the 1950 M8ry Magdalene Bungalows. This included remodeiing I bed bungalows into 2 bed bungalows. which will help address the demaDd on the orgjnisalion for 2 bedroom ￿0mModatIon. If funding is granted it 18 expected that the proFct will sfart in st￿ernber 2024. If the project is successfvl. it is hoFxd thAt fvture fv￿lAg from HO￿￿Engla￿l will be secured for similar schemes. This will help the organisation accelerate its plans for futUT¢ r¢sidential projccts as well as deliver better quajiry. more sustainable housing for the fvture. St Mary Magdalene & Holy Je8U8 TnrJt GOVE CE + Governltig D0￿ment The St Mary magdale￿ & Holy Jesus Th￿t is an unincoTPOrnted charAty with a a>rtM)Tale t￿￿1￿. the Corporate Tru*e bcing The St Mary Magdalene & Holy J¢5U5 Trusree Limited. The Organisatio￿$. governing docuTnents have changed over the years with the current governing dcKuments t¢itt8 the 2008 Scheme (As amended by supplernental schemes dated 25 Feituaty 2ff22 2 May 2023) and Articles of Ass￿]a110n (Amended July 2021). S Charity Governance Code The Twst adopted the Charity Governance code at a meetin8 of the Board of the Trustee in Febru 2022. An assessment has been made usin8 the Charity Gov￿nanCe Code tcnwlate- larg¢r ¢haritieB 2020 edition to Id￿tifY areas where unptovelllent is needed. The organisation is actilrly wotking + Nomin8tion of Direetorg The following bodies ate entitled co nominate Directors to the CorFL)rate T The Siewards Commitleeof theFreBrnen of the City of Newcastle upon Tyne {3 d1￿c￿r8}. Newcastle City Counci] (3 directors) and the Bishop of Newcastk (I director). tn additioo up ro 3 direetors (Co- opted Di￿CtOrs) and a Chair can be appointed in accordance with the ArtKles of Associalion (Amended July 2021). All D irect o rs inilially hold office for a peziod of 3 years. * Director luduction & Training Directors who are nominated or co-opted to the Board corn¢ from a Tangc of Eockgrounds. As part of their induction and training. new Dire£tors receive the following d0cuu￿nts in relation to the charity. its woik and their responsibilitles as a director Charlty Governance Code. Charity Sche￿. Articles of Associat10￿ hi8tory of the charity and its governance and obiwtivcs. Eatest set of audited acwurf8 aTrJ budget for the curr¢nt fi[th￿la1 year. miIMIW of p￿VIOuS Board Meelings. Scheme of Dele£ation. Sta￿ling Fina￿121 Instructio￿￿ and Risk MaDAgement Register. management sttucture and details of othor D ire c t QT s. informfttion about the cknrity's commercial and agricultural p)rtfolio and the Charity Commi55Aon pubbcation The Flsential TTU5tee - What you need to knw. what you need to do.. New Directors also meet with tr£Chair, Chief Executive and Finance Director to discuss the charity's strategy, obj￿￿yeS a[￿ cu￿¢nt issues and are shown erou nd the alms ho us e cstatc. All D iTec tors are kept up to date on relevant matters affecting Ihe charity, rec¢ivc a copy of the quarterly Ahnshou$es Gazette atvj circul*ed with rlevant infi)rmation frorn the ChaTity Commission website and oth¢r appropriate publxcations. Speclfic training and development needs are addressed in ¢ODsultation with Directors aT]d I nreting per year may be devoted to Director training and devebpment. All new Directors arc required to ¢o]nplete a skills audit a￿j the experience. knowledge, expertise and skills of Direcwrs are periodically reviewed. Information from the skills audit can identlfy any potential gaps and, wheze st Mary Magdalene & Holy Jesus Trust P085ibK Directors ty to influence and encourage appropriate nominations and apwintments to the Board in QA'd¢r to ￿MpkMent dnd enhance the diversity of ski]]s and puspectives. + Organisation The DirectOT5 act as 5tewaTds for present and future beneficiaries and arr accountablc to rhe public by reason of the charitable sta￿S of ihe Trust. The Director5 are responsible for e5tablishin8 structures for the prow governance managemert of the TTh￿ and the Corwra* Tru6le¢ and the devek)pn￿È of the vision and Strategy of the ch￿ltY in accordall￿ with ils objects. The Board nKet$ approximately bi-nK)ntbly to di￿llSs operattonal. fit)aTrcial and development policy, Inab￿d¢c1slon6 on key issues. The Directors [c￿1ve ￿￿1ftS fromthe Management Team on their rewtive areas of respomibiiity in &ldition to regular rep)rts from thc charity's investment mauogeTS and other professional advtsors. The ov¢rall day to day nw)agemeni of the TTh8t is de]eg8ted to tbe Management Teafft A fraty]ework of authorities is in place which outlines the strncture of delegation as well as stttifyin8 those r¢sp)nsibilities which r¢m&in the preserve of tk Dirertors. ReIated Patties And ￿0￿eration With Other Or8anisalions Although not part of a fornyal network of oth¢r chaTitie& the Thist h&8 establisbed working rejationships wilh charities of similar aATrL8. Mr Paul Anderson and Mr Alan Bainbridge are MetDbers of ts Stewards Conunith of The Freemcn of the City of Newcastk upon Tyne. + Pay Pollcy and perfOrn￿llee of Senior Staty Pay is normally increased annually to Lyflect a C05l-of-living adiuslment. Following the adoption of the CharAty Govenwice Code the Board of the Th]steL will ovme£ an annual apprai8al of thB Chief Executive. + Ri8k managen￿nt A Ri8k Management Regisw 15 in p]ae& The Directors have assessed the major strategic and opetatMJDal risks which the charity faces and are sattsfied that control systell￿ hav¢ been developed aDd 4re in place to mitigate the identified rlsks. The Risk Management Rcgistet i$ subject to regular review by the Finance and Audit Comrnitte£ inCo￿l￿ring any new tisks which might afftcl the charAty along with evaluating assessing the in]pacl of controls and actions on existing risks. These are reported to the Directors who continue to review the rAik manage4trnt pmcedures and the Risk Management Register anttually and as requited. + Board Effectiveness The Directors have Completed a Board Effectiveness Qu￿tiOnnaIre and a D1￿clOr Skills Audit. thL8e will L* compkted every 3 year5. A progrth￿ ofD]r￿l0r appraisals has been agteed and these apwaisals have commenced. * Directors, terTh of office st Mary Magdalene & Holy Jesus Trust Under the Articles of Association (Amended July 2021). DiTectOTS are app)inted for a le￿ of 3 Calendar year5 can serve no mre than 9 years. This is a Significant chanse to the previous Articles of A580ciation (December 2008). At the start of the JEar there were 4 Directors who had served for rnore than 9 years. This included I Co-opted Director aJKI 3 Th)minated Dirwtor5, A recruittn¢nt ¢xHcise was held foi a Co-omed Dittcior and this positiDn was filled durjng the year. The 3 remainin8 Directors who have Se￿ed for more than 9 ye￿S are nominated DiTectors. Th¢s¢ 3 remaining Directors have teen appointed to serve for a further terrn of l year and discussions are being held with IIK nominating bodies io ensure thac the skill requitements of the organisation ean be rnei along with the organisatlon's requir¢ll￿ntS for Directors, tam4 of Off￿e. F. REFERE CEAND ADAII STRATIVE DEfAILS TRU CH THES MITED co POR DVISO FTHE AR TEE AG E&HOLY ESS ON GD RO JES sTru Charity Nan￿.. St Mary Magdalene & Holy Jesus ThisL The ch￿ltY Operat￿ within England and and 1$ Tegi5t¢red with th¢ Charity Commission with numkr.. 225979. Registered Office: Claremont Road. Newcastle upon T￿¢. NE2 4NN. Corporate Thistee- The St. Mary Magdalene & Holy Juu8 Trust￿ Litnite Directors of the Corporate Trustee, and officers who held office at the date of signing the report are listed below tog¢ther wkh their svminating bodies. Name Nominthd By Mr P Anderson (Directw) Tr Sicwards Collunilte¢ of the Freemen of Newc8Stle T￿ Mr A R Bainbridge (DiTecior) The Stewards Committee of the Fre¢mEn of Newcasile uw)n Tyn¢ Mrs Pau]ine Sumn￿rh1ll (Director) The Stew8rd8 Cornmittee of the Free￿￿ of Newcastle upvn Tyne (Appointed 30 May 2023) Sir L R Fenwick CBE Co-opt (R￿Igned 31P May 2023) (DrKtot) Mrs RanpDa Bell (Director) Co-op¢cd (Appolnted 30. May 2023) st Mary Magdalene & Holy Jesus T￿￿t MrJPLeeOBE Co-opted (Chait and Dire¢tor) Mr L McGray Coryopted (Resigned 17 JaDU8ry 2024) Mr D W Midgley OBE cl￿Pted (Resigned 6" June 2024) Mr Micheal James Cole C Select suitable ￿￿￿ntIng policies and then apply them consi$tenily" + Obserye the methods aTKI principles in the Charities SORP; •> Idake judgemeDts and estink4te5 that reasonable and prndent: * State whether appltcablc accouDting st8ndards have been followed, subj'ect to any mat&ial departures disclosed and eApJained in the financial statements. 4 Prepthre th¢ financial statements on a going com basis unkss it is inapprowiate to presUrn¢ that the Thi&% will con¢inu¢ to QFcrale. The Trustee is responsible for keeping accounting Tecords ¢I￿t disclose with reasonable accuracy a¢ any time the fsnanci&l position of ikn chaEity and enable tI￿rn to ensure that the io st Mary Magdalene & Holy Jesus Trust financial statements comply with tbe Charities Act 201 l. the Charity (Accounts and Report) Reguiati)ns 2CQ8 aJKI the Churiiy's Scheme. They are ajso responsibk for safeguardin8 the assets of the chaTjty and hence for tak￿g re￿nable steps for ￿ preveTrtion and detection of fraud and other itTegularitie8. UDTr Azets Audit Services were appointed as the Trust's audi￿ for a three-year term with annual review in January 2024 Teplacing Haine8 Watt8. This Report was approved by The Board of Tr Cotporate Th￿et (The St. Mary MagdaI¢ne & Holy Jesus Trustee 'ted) on. £11212*. Sig On tthalf o Thistee Limiie41 SL Mary Magdakne & Holy Jesu¥ li ST MARY MAGDALENE AND HOLY JESUS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY MAGDALENE AND HQLY JESUS TRUST Opnon We have audited financial statsrnerts ol St Mary Magdalerfj and Hoty Jesus Trust Ilhe 'charityi lu the ye eThled 31 Ma￿h 2024 whkh ¢omwise Statemert of fi¢Hwal acllvtllos. the balarte the statemcrt ol cas ftthvs and nots8 to th8 tina￿Aal stalprnents. ir￿￿dIng 8￿￿rf1cant a¢counling polld&s. The finawal roportirKJ frampwork that has begn appllad In their ptsparatnn 1$ *ppI￿￿￿e L2w and Unitfjd lfjngdc¥n Ae¢urtir¥ &aTrdard4 InClu￿Ing Fin￿r￿la1 Reportino siaThJard 102 The Finan￿al RePti￿ng St&rJdard WK8ble in UK andR8publr Iunited Klwloffl GeneRlly Accept￿ Accourtlro Praciic•l. In our op5nK)n. Ihe finanLxal statem8nts'. give a true aTrJ law vw ol the ol Ihe Char￿￿8 af12h a8 ￿ 91 K48rch 2024 and ol its I￿oM1r9 Ye￿Ul¢88 arKS awllcatlon of resources. forthe yeartt*n 8TrJed. hav8 tthn propèrfy weparéd in accordan￿ with UnitEd ffjn9dom GeneraNy A¢cÈpted A¢¢ourtlNJ Prac1r￿. IB¥e been prépared in acc4)rdancewilh the requin￿entS ol Ihg ClwthosA¢t 2011. Ba81$ for oplnlon Wt eoThJucled oui atttyit In arcordance with Intematbnal SIBndard3 on ALwJThiThJ IUKI IISAS IUKII and appI￿atsIe law. Our rgspoll&bilitb$ u￿Br those *andards ale furtF￿r descrSbed in Ihg Authtor> respon&bIll￿S forlhe aurfrt ffhe fin8nty&l stal8m&nts $ectiJn ol our r8w)rt. We are IndgpeThJerrt ¢1 charity In aecordar¢g wrfh Ihe eth￿1 requlrements that arg re￿want to our aLkdit of ￿ Ilnandal stalem8nk In Ihg UK kncIL￿1ng the FRC'S Eth￿81 &andard. arky y￿ have fuifiltgJ ow dher elhi¥al respDnslbllitos In accorda￿e wfth these requlranerrt& W8 bdiève tt*t Ihe a￿lit evlderte we havè Obtair￿tt is S￿lIcient arkl appropriate to provkde a bask5 loi our oplnlo CthguslohS relatlng to gDlng concem In a￿aitIng the finaTKi81 statemgnts, we have that th8 tnthes. of the gjiro corwD basi5 of ourtiro in the preparatron of1h& financlal Statemerts is apwcFrklfj. Basod on thg work we hav9 perfomed, we have ntst identwied any mal&ipl uncertalnllès relating to events or JThIIIK)r6 ttsl. inymdually or wllectivejy, fflay cast s￿￿nIfIcant doubt on charty's abfllty to conlinu8 a¥ a go comem Ic• a peric(l of atlgast TrNefve monihstrom ￿J￿Tr th& financial stalemgnts arg authDrlswJ lor ￿SU8. r reswn5ibllMte8 thg rewnsknlllllos of the tru*ees wlh rg4xi* to gjlrg ¢ortern are In Ihe relevant sectrjns ol Ihi8 rewt. Qlher Infomlallon Tho other Informadon comprt8es Ire tnlom)aiknn I￿1th1ed In tho annual report otP*r ItHn the Ilrdrhyal *At8ments and our audltorfs report thgtgDll. The Iruages are responsible lor olher InfomalK)n contained wfthin the annuaj r8porL oplnK?n on Ihe flnarcial 8tatèmérts does rK)I cover th8 olh¢r informauon and we do ml express any Irxm ol assurance conclus￿￿ Ihewn. Our respongfoiliy to read the otTr*r in10tmat￿n arxl, in dolng so. cOns￿er whol1￿[ IIE othor Inlormath)n is materially inconsiÈtent wlth tik fInar￿￿1 ¥lalgrTlgllts or our knovAedge Ob￿l￿ed In I￿ cours8 01 thè a￿lit. or ot￿￿Se appBars to be maleAally m￿Stated. W we kj9nlifys￿h materfal T￿n￿$t￿n¢[e¥ or appwonl Mate￿al rn&statements, we are T8quwed to determlne whet￿r thi8 glv8s rise to a mat8rlaf m&51atemènl in the ffnanG&81 stai8ments Ihern3efves. If, bas8d on the work we TrHve perforrned. we conctud8 Ihal Ihere is rHI misstal¢m?nlof thls oth8r infcwmatp)rn we are requtre¢J to rep)rt that lacL We wllNTrJ lo rswrt in th￿ rogard. Matters on which wearg r8qulred to report by exceptlon We have ￿}IhIr￿ lo report n re5Fe¢l of ltr￿ l0th)Wi￿ matter8 In relath￿ kn whkh the Charltt8$ (Accow aTrJ Rwttsl Regulatio￿ 2008 reqLrfré u5 to iepowl to you Fl, in oui opinion.. tnfrfftatKin glven kn th9 fina￿￿al *lemerts is trK¢nsthni in any mats￿1 r8SFect wfjth thg tru*ees' rep￿1.. or Jffklent accountiro records hav9 not bBen kept. or the fina￿1*1 statements are ry)t In agreement with account1￿j records., LY wè have not tgceiv&J all t￿￿ irrtOrmat￿n atKI explana￿0￿ we r8qulre for ow 12 ST MARY MAGDALENE AND HOLY JESUS TRUST INDEPENDENT AUDITORE REpoKf (cop￿INUED) TO THE TFIUSTEES OF ST MARY MAGDALENE AND HOLY JESUS TRUST Re8ponsibllillo¥ oltruslegs A8 8wlained more ful￿ In tho skternent ol trustees, resFH)nsbllttie$ ItE Iruslees are.reS￿￿SbIe lor ihp pr8paration ot tho financial statemgnls and lor bèirg Salisfiod IFHt they glve a true and lair view, for s￿h lrternal control as the tr[￿lee$ detgmihg Is r￿ceSSarY to enabb preparation ol financial slatomwis that are Iree Irom malerial M￿Sta18M8nl, bthBther due to tra￿￿ or error. In pppadng thg lina￿ll1 statements, the Irustsgs af$ resFon$ibl8 Ic a8888slng Ihg charfivs abllty to coniiNe as a going ca)r￿e￿n. di8cb8iro. as applicabkg, maltsrs re&t•J to going co￿rn usiro the go¢ro concern basls of accowllng u￿e$S Ihp trustees èf(her Intern4 to eease OFeratbns. or no real5St￿ attemtfve bul lo th by). Audltor's rè5ponslbllllles fw a￿lIt ol fIna￿l01 slalemerts We havg boon aFpolnr8d as a(bYttor uThJ8r Se￿lon 144 of lh8 Charitb$Acl 2011 arnl report in aceordar¢e thg Act re￿vant regulations made or havir4J ettect Ihereund8r. Our CknIeet￿es arè to obtain reason*Ae assurnrKe about Wttet￿ Ihe ￿na￿la1 8t8tswngN8 as a vthob 8o Irg9 fiom m8tg1ial mSsstatemenl, w1￿h￿r due lo fraud error, and to issue an auditovs report Ihat i￿ludeS our oplnkjn. Reasothle a85vrarr￿ 15 a hvJh gf assUra￿e bur is not a guararrtpe Ihal an audll corKILfted in xcordance wllh EAS IUKI will always deled a matèrial misstatem8rrt WTr￿n it exists. Mi58tatgmerts can arise Ircth Iraud or error and conslderod rngierlal il. irdlvlduolty or In Ihg aggregalg, thay coukj reag)n&bty be ewtwj lo InflUe￿e the w￿rnIC decisions of u$ors takèn on the basis ol ihosg lirA￿l81 slaternonts. A Iwllw of (Mjr respongblRies ks available on the FlndtrK￿l ReportiTrJ Courril's wetrARe ￿. hllF6JI vNM.Irc.org.uklaLrfrtorsresponslbilities. Thls dgscript'on forms part of our audrfor's report. Extent ￿ wN¢h the a￿￿tt wa$ consldered capable of detecting Irreg￿arItIe$, Inc1￿lIng Ir•ud Irre9ulorkneg, i￿UdIng IraL￿, arg Inslawws DI ￿th law5 and rggulati)ll5. We desbjn pr¢rEdu￿S In Ilng with our r¢sponsl)ilitle$, o￿lIned above and on the ￿nanC￿l Re￿1th9 Council's website, to dgtg¢1 matwial missfal￿8rtS In rsspect ol trr8gularib&s. including frdLVJ. Wg oblain ar&1 update our uThler5kt¥SITVJ of t￿ fj￿1Y. 5ts 8KtJvrttes. ts corlrol ènvirDnmert, atyl likety futu dÈvek)pmenls. incltyjiro in relation to the ￿gaI regulatory IraMewDrk appI￿ab￿ a￿1 how the entlty 15 wlth Ihal Iramework. Ba3￿1 on Ihls U￿18r$IandIF*J, we idently and assess risks of rndterial mk89taterr*nl of the linancial statemgnt8, whether due to frnLd or erior. desiqn arwj pèrform a￿j[t procedures r83wn5￿ lo tho* risk5. oblain audll 9vldfjn￿ Ihat Is sufftlent and appropiiatg to provkge a bas1$ lor ow opiniorn Thk% irKludes considpraik*n of ts rlsk ol acts bythe enlty Ihatwew corlrary lo appl￿b￿ kws arvj regu&lkJns, s￿l￿11r& fraLKJ. We klontmled tha lolowlro aFpfkablg laws awvj regulallorr4 as those m06t likely to have a materLql ImrAa on th finarokql statements.. Health Safety,. employment law Ilncluding the work*￿ firne Dlreth¢): ar￿ wilh thg UK Chariti96Act. In respDrth to it* of Irrggularftbs aTrJ TrJTrcoMplia￿9 with laws arrfj rÈgul8tk)ns, including fraud, w8 dewgn8d proCAduresw￿ch irtluI8d: Enquiry of ThaT￿gement Ihgse Charg￿ bvlth govema￿e arourwj actual aTrJ pclenlw Il*tlon and claims as well as actual, SLweded and allggod fra￿￿,. R￿neW1￿ minutes ol meetirrfJs ol thosg ¢harged wfth gtsYgrnan¢e; ASSeS￿ng the extent ol wmplianca w*h the kws aNJ r8gulations conskYer8d ID havè a thct mate￿4 effect on the fSrranckl s￿emen18 or iha operatk)ns of Ihe enttty thrO￿3h erquiry aNJ insFWtw)n,' Reviewing linarKial statgtn$nl dL8closwes and testiro to supportlng documenwuDn 10 assess l￿np￿a1￿9 with applkable law8 wulations,. PerfowtnThw al￿11 work over th& risk ol management blas and overrlde ol wntrds, lrtlL*ing lestlng 01 jOLKnal èntrK*$ ar￿ olhar adjustrnents lor apFKopilateness, evakjaling bu$lnoss rath)nele ol gunlunt Iran$acttors OUts￿e rnirmal ￿ul$8 ol buslnoss ard ￿V￿wIll3 a￿oUnt1￿ 68tlfflale8 for lThl*ators ol tèn1181 blas. B8causg ot Ihfy Inlpr8rt limltatb)ns ol an awlit. Ihore Is a rth thal we vill Th)f delect all i￿￿arItIeS, incjuthro th)se adlng to a material mL43tatsment in the IDlar￿1￿1 $latemeThts or mn-cJJmpliance wllh regulalhjn. This risk irKreases the more lI￿t comp41a￿e with a law or regulation 1$ removed from the events and trBnsacti)ns rellecled In the tina￿￿1 statements. as we will bgloss I￿elY to become awarg Qt inslancas ol non-complianc8. Tr risk of rA)I det8cling a ma8Tial mwlatemw* rgsLltiro from fra(￿ 1$ higher then lor onè rèsuhlw from error, as fraud Tnay knV￿ve co1ltL8￿n. fo￿@￿, Intentbnal omll8sbns, mlsrepresenlations, or thè overrfdo ol Inter￿ Ixjrrtrol. 13 ST MARY MAGDALENE AND HOLY JESUS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST MARY MAGDALENE AND HOLY JESUS TRU8T Us• of our rpport Th1• wort is mado 8018ty to tha Iru8tse8. 8$ o btyjy. in 8GL¥ffjdar￿ wlth part4 01 the Ch￿¢￿¥ IAwxAts d REF￿￿) 2008. Our audit work ha8 boan undertaken w Ihatwe mSJhl 8tsto t•ttro trN$taa$ those rnatt•r8 ￿ Arè requirèd to st•ts lo them in an au(Stots r•port and lor no other purposo. Yo tho fv118st èxt8At nittwj by raw, do nDt assume re￿onsIbIlitY kn any￿￿ 0th8r than thg 4rd tho th￿ty tr￿1985 85 a th>Jy. lor ow athlit w*¥k. forlhkq report, or fw (g￿lon¥ we have forni￿. 8lmoh Brown BAACADChAl8enlor statutoryAu￿1Or) forand on b•halfofAzètsAudi¢ S¢ThloE$ Chartered Accountams staiutoryAudltor &jIm￿ HoLLq• Rynt CFntr8 Goslorth Ngw¢xth up)n Tyne NE33L8 Azets Audit Servir*3 ￿ •1•3ibl• hr apponlment as authtor of lh• thority by virtub 01 *8 eligltAItyts apF<4ntrwrrt *B auditor of 8 company ￿d￿r s•Gtion 1212 of th8 CcrnpBnbsAc12006. 14 St Mary MgBdoleMe & H•ly Jtsvs Trust S19teD￿nt of nn2ndg1 Actlvltle5 lorthe YearEndlng 31sl MDreh 2024 D¢S1￿*d & unr￿￿]c*d RestTi¢red Bndowrnenr Totsl Funds rvDd5 Ftsnds T(*al 2013 Noie 2fj24 Income and endoThenlsfrom: 0.0 635.0 1,506.6 1141 oo 0.4 s￿.7 1.225.7 1.816J Charirabh J¢tsvitle5 Inve41rnents 0.0 IJQO.6 1141. Raisin8 funds ChHTiiablcariivitirs Otk*r 0.0 .124.5 oo 134.1 0.0 134.1 435.0 435.0 1358.6 0.0 1ffj93 6 289.9 0.0 435.0 .J24.5 1,467.0 N•tlthts>A*/ It4￿#dI￿jrel ￿torE SDveB(rNert g4iDs 1017.1 1134.1) 1435.0) 448.0 Net 8aiTr on investments 13 0.0 0.0 1.56&6 I.￿￿6 (1,5317) NEt the0￿%/{￿r￿01t1Ire) 1.017.1 1134.11 1014.6 (1,1819) Transftrs Gros8 trnn9fers botween fiJnds 18 11.017.1) 2J8. 0.0 0.0 664.9 1.349.7 1014AS (1.1819) Other rtto8nlsed gilns Other gains I110sscs} Nel rnoven*utJD tuhds 0.0 0,0 l(J14.6 (1.1tr2.9> 1.349.7 Recondmatlon of Funds T￿1 fi]nds b[(￿[ fdrward S[￿.0 11,534.1 s2￿152 44JM93 45.252.2 Tèrnl fuDd5 tarried fonv8rd 18 s(K).o 33.364S 63.9 44.049.3 15 St Mary Magdalene & HotyJe5usTrnit StatementofFtll8nti*l Ac¢lvldesfor thÈ YearEndln8 31st M4reh 2Qll D¢stgntrJ & R¢s¢ri¢¢¢d Unr¢5kic*d Fun05 EndtyWT￿llt nd5 Td 2023 2021 Incomè *nd éndownwitsfrom: Donotions and Ic8aci&5 Charlthble¥￿IWIti￿s InVesM￿nt¥ Tthlllth¢oMi¢ #￿4*￿1￿0wDlemffs 0.0 0.0 OA s￿.7 1.228.7 l.816.8 0.0 557.5 1,235.1 I,W2.6 587.7 1228.7 1.816.B 0.0 E¥pendi¢utYon: RAisin8 funds Chwiiabl¢ I￿111￿e5 Other 0.0 I,Ol8.7 2B9.9 278J 1.701J 158.4 1.177.1 0.0 1367.0 1.018.7 158.4 289.9 1.979.8 Netl*eomÈll•4¥Bndlturel befor¢jnv¥￿eot 798.1 (158.41 (2B9.9) (187.2) Netlwes (* Inv¢stmEMS 13 0.0 11,532.7) {lJ32.n (848ffj1 knooAiel{exportditsLTe) 798.1 {15UI {IA22ffj1 11.182.9) {1,03J.21 OT05Sts￿srfIs bEN￿n fuDds 98.11 L75.4 192.7 447.0 11.629.91 11.182.91 (1.035.21 Other TecoyM¥ed gal Other goln8 Illrts6¢51 N¢LmoYernent In fvnds oo 0.0 0.0 0.0 Ilh29.9) 11.1319) (1.03&2) 447 R￿￿ellIAtIOth of Funds Toml funds brought forivatd T(rfal (un(LIca￿l&l forw¥ s￿.0 500.0 i I.0￿.1 645.1 45,232.2 46,267.4 32.015.2 44O19J 45.232.2 16 St M•ry Magdalzne & Holy Tr￿st Dalance Sheet a5 at31st M#rch 2024 DcsigDA￿d Un￿Stri￿O & Re51TIc*￿ rv￿J3 FuDLI¥ £OW$ T(*al 2024 T¢MI Not¢ Fllthd$ £OJOs £OLVs Oper•tion*l Eswe IDV¢StnKnt5 Tothl Fixed Asi¢rs Cllrrtnt AssÈts t2 13 11,664.5 0.0 32.576.3 3257fx3 11.6645 32J7&3 44.140.8 lQ411.7 31.662.8 42,074.5 11.664.5 14 70.3 533.3 603.6 0.0 607.6 35.4 1.025.0 1,06Q4 Czsh at b8nk ud in hand TOMI 11&5.9 2271.6 2.741.5 2,717.6 U8bfjltle5 credi￿r5 Amryjnts due within onE year Net Current￿4￿ 15 103.6 500.0 (271.81 78&6 448.jl 1123.1 534.5 1.974.8 rt7ts1oJsets lessairrn#¢llobrliriei 300.0 12,199.0 33 4At*)3.9 44.049.3 500.0 12 199.0 33.304.9 049.3 Th¢fvttds (rfthe ¢harky Perrn4nent Etpjowmcrtthnd Gerrtrnl Res¢r Capital Projects Fund 0￿￿tiO￿al Estate kesern% 33J64.9 0.0 oo oo 33.361.9 32,015.2 5Lk7.0 3,759.2 s￿.0 0.0 66&7 115313 t66.7 11532.3 T£tslCharity ￿llds 18 5Tr).0 12.199.0 31364.9 063.9 The fiDaDcL¥I stthjnents w¢w¢ •pprg SIV￿ture. JPLts- Cbalr 17 St Mary Ma£dalene & Holy Jes￿$ Trust Cash Flow Statsment for Ib¢ Year Ending 31 March 2024 £(W5 2024 £cotYs 2023 Notes Net ¢ash inaow from operdting activicies (a) 256.6 1,053.8 Cash flow from inv£9ting a¢tlvltles Capital Exp￿ditUre on Opetational Estate CapitsI Expenditure on Fixtsjres Fittings & F4uipment Net investu￿nt income received Purcha5¢ of investments SalB of Inve￿n￿￿ts (1,406.9) (2,W.3} (78.4) (673.6) 1615.0) (1014.6) (3.845.4) 4,5fA>.I Net ¢ash Ilow from Investing ActlvltIes 832.2 Net Increase In cash and e4sb equivalent (575.6) (IJIO.8) C8sh And (*sh eqthvalents g4l l April 2023 1741.5 4,552.3 C¥8h and eash equlyaltnts at 31 March 2024 (b) 165.9 1741.5 {0) Re¢￿dIlatIon of net intomlng nsourcfs to net ¢a5h Inflow from operating actlvitits Net (outgoing) resourrts before other recogoisal goins and 105ses 349.8 Depre£iaiion Decrease l (thuE&8e) in Debtors In￿ease l (Decrease) in Credico 2315 (69.6) (354.3) 186.5 33.2 4843 Nei cash inflowl (outtlow) from owatiAts aetivtties 256.6 53.8 Ib) Cash and cgsh equivalents consfist or.. Cash at bank and in hand 2,165.9 1741.5 Cash and cash equiv*lents at 31 Marth 2024 2.105.9 2.741.5 18 Mary M4gd81ene & Hoty Jesu5 Trwt Fiuancial Statell*nts for the Ye*[ Ended 31st March 2024 Sumnjary of Si8DifIcant Accounthig Policies (a) General Infornmtion alld basts of Prep&￿tIOn S¢ Mary Magdalene & Holy Jesus Tn]st 1$ a Trust 5¢¢ up by a ch￿Ilable Trwsr Detd on 19 November 1963 which was last amende4J on 22 Decernber 2008 in rhe urri￿d KingdonL In the event of the charity being wound up. rlK liability in respet of the 8uaraniee Is limited LO £1 per m¢￿ber of the charity. ThE 2ddress ol the registetd offic¢ is given in the ehariiy information in the Trustees, Annual Repor¢ The naDJie of the ch￿ily'S optrations and principal artiviti¢s are the prDvision of hou5ing- A]n￿hOuSes- for oLdtt persons who ￿e in nee4 hordship or distra￿ wAthin Newcastle upon Tyn4 paY￿ts for the relief in need of the Brethren and Sister of the Hospits]s of Thrxn8S Daviso￿ Artn Davison and Sir Walter Blacket4 and rnaking grdnts to Lnd providing or payin8 for iterns. suvices and facilitie5 f￿ illdividuals and or8anisation who ate ill JKed. hardship or distress. The chwity constithtes a public berjefit entity as defined by FRS 102. The finawial siatements have been rKtpaToJ in accordarKe with Accounting And Rq)orrll]g by Charities: Stlltement of Rt£ommendd Practice applicable tr) charities prepatillK their &ecounrs in accordance with the FAnancial Reponing Standard appJic&ble in the UK and Republic of treland (FRS Iin) issuuI on 16 July 2014. the Ftnart¢ial Reporting Standard &pp]icable in the United Kingdom arjd Republic of ITeland IFRS 102), the Charities Act 2011 and UK Gene[￿Y Accepted Practice as il applies from l January 2015. Th¢ fi￿ncle1 st4tem¢nts aTe prq)ared on a goin% concern basis under rbe historical ca8t conyention. The financial statcmcnts are prcpared in st¢rling whteh is the fiutctional rency of the charity and roun(Icd io the ntarest £CI)O. The significant accountiTJg policies applied in the preparation of thue financial stateJoents are set out be]ow. ThÈse policie5 have been con5iStently applied to all years pruenl¢d unl￿S othttwis¢ stat (b) Fthids ti) Unrestrided Fut¥ls IGeneTal Reserve) Unre8tricted Funds are available for use at the discretion of rhe trustets in funherdrte of the genttal objeciives of the Trust and which hAvt nol been 41e$ignated for orher purpoKs. (il) D¢sigmated Futtds DesigEV4ted funds comprise U￿¢Stricted funds that have been set aside by th¢ trustr¢s fcr parttcular putpJses. The aim and use of euch designated fund is set out in the noie to the financial statenMis. (iii) Restricted Funds R¢strict¢d ￿ndS ar¢ fwid5 whKh are to be used in &ccordano with spccifie resrrictioAs impc6ed by donors or which have rais￿ by th¢ Trust for p￿le￿I￿r purposa8. The ¢05¢ of rdibing and adMinis￿ing suGh funds are Charged againsi th¢ specific fund. The aim and use of each r&stricred fund is set out in the notes ￿ the 19 sem￿ Magdalene & Holy Jfsu5 Trugt Financial StateJ4ents lor the Year Ellded 31st March 2024 OY) Endow￿￿￿t Funds E[￿Qw￿￿t funds repres¢nt those assets which nwt be held punmnently by the ehartty. principally tnvestments and Inv¢stment Prowties (including associated Tevaluation reserv￿1. Incom¢ arising on the ¢ndowmeffit ￿n(L$ can be used kccordance with the objects of th¢ chariry and is included os unr¢stricted incornt. Any capital gains or IC￿e3 rising on the iftYe5tments foim port of rhe fund. Inve5tmcnt man4oemenl char.￿ and Iwl advice r¢laiing to the fund 8re¢hargol agatn5t the fijt (c) Income reeognltlon All incoming res￿CeS are included in the StAttment of FinaociaI Artivities (SOFA) wh¢n the charity is legally entitled to the income after any perforllNuce ¢onditions h&v¢ been n￿t. th¢ aThM)unt Can be meastsred relxably and it is probable that the income will be rw¢ive¢ Fcr don&tions to be recognised the ct&grity will have beell notified of the amounr8 and the settlernent date in ￿lting. If there are cortditions atrAched to the donation and this tequtr&8 leveI of performance before entitlement ean be {￿tained then income 1$ deferred UDtil th05¢ conditions are fully met or the fu]fi]ment of those conditions is within the control of the cbaiiry and it is probable th4t ih¢y will be fulfill¢(L Donated facÉliti2s and donated professio￿1 servicu are recognis¢d in inwtAe at their fair value when thelr economic benef￿ is provable. it can be measurol reliably and the chariiy has control over the item. Fatr value is detetnyned on the basis of the value of the gift to the th￿1¢y. For ex2mpl& the &Mc￿nE the charity would be willin8 to pay io the coen market for such faciltties and services. A corresponding amount is recogDised in ¢xpendityre. No amount is itKluded in the financial statenKnts fcf volunteu time in line with the SORP (FRS 102). Where practicable, £itis in kind donated di$tribu¢ion to the beneficiariu of the charity are irKluded in stock and donations in the finaKial stsrements upon rtteipt. V it 1$ inwaccicabk to assess the fair value 8t receipt or rf the costs to undertake such a valwation outw¢igh any benefit4 then the fair value ffts recognised as a component of donati(￿S when it is distributed and an equivalent anwunt recogntsed as dwitsble expenditure. When applicabl4 gifts in kind donatoj for resale are included at fair valu< being the expected proceeds fro￿ sale less the expecW of sale. Where estiinaiiTbg the fair value is praciicable upon receipt it is rttogniwj in sittk and 'lncom2 from other iE8ding activiti&q'. UwTrn sal¢ the value of the str￿k is charged against 'Income from Clh￿ tradin8 a¢tiYities' and the proceeds are recognised &9 'lDcome from other trath'ng activities,. Where it is inJprdCticabl¢ to fair value the itenL* due to the volume of low value items they are not recognised in the financial statements utrtil thy thre sold ThJ"s income is reeognised within 'Income from cther trading activities.. Fixol assei gifts in kind are rp￿gnIsed when rKeivable and are i￿luded at fair valu& They are not defette41 over the life of the &8Èet. Por lewd¢ie5. entitlement is the earlier of the charity bein8 notified of an imrthdin8 distribution or the IEgacy b¢in8 rec¢ived. At rhis point Incon￿ is recognised. Op rKc&sion le8acies will be notified to the charity howev￿ it Is not posstble to rn¢a5ure the amoun¢ expe(*ed ￿ be distribut•J. On th￿C occasions. thc l¢gacy is treated as A contingent amet atKt disola8¢d. 20 St M￿Y ￿da1¢De & Holy Jesus Thkst Statements for the Year Ended 31st March 2024 Itscon￿ from trading activities includes income trdrned from fundrnisin8 ¢VCtLts aTLd dtng activitie5 to raise funds fLY the charity. Income is rtteived in exchange for supplying goods and Services in to rdise funds and is recoEniseA when eniidement hos ￿e￿rrel. The churity cU￿¢011Y receivu no goYernllNit grant&. Jucomt from government and other grants are recognised at fait value when the Ghatiiy has ¢Dtitlemcrtt afta- Omy r￿OrJ￿R¢¢ conditiotss have been mell it is pmbable that the Incon￿ will bc received and thc 2mount an be measured relillbly. If entillement is not met then these 4moun¢s are defe¥Ni. tnv¢stnw)t income is ear￿d thrwgh holdin8 assets for investnwr ￿TpOSe￿ such as slwes pioptrty. It tnclud&s dividends. intffest and renL Where it is Mot wb¢ticable LO id¢ntify invcstmcnt mllnagement costs in￿￿ed within a gcheme with reAsonable &eeuT8Cy th¢ investTh¢ut Incon￿ is reported net of eosls. It is irtcluded when the amount can be rEasuTed teliably. Interesl inconx is rccogJ)ised u5iDg the ¢ffectivt interest metbod arnl dividend rent income is recognised gs the chatily's right io recciye payttKni i5 establishe Other income includes th¢ ¢onv￿sion of endowmellt￿nd& into income whKh artses when cupital funds are re1t￿Sed to an irtome fund from expendable ￿d0VAnents or when charity has authority to adopt a tot81 return appr¢)ach to its pernian¢nt endOwTr￿t ￿rtd. It also indudes other iTJcomc Sllch a8 gains on disp(x8als of tangible fixryl ttssets. (d) Expenditure recognfidon All expenditttre is aC￿￿￿ted for on aD ac￿ualS basis and has been classifid und¢r l￿dIn￿ that We￿[e all ¢(*ts relat¢d io the category. Ex￿ndItUre ts ￿coEntsed where there is 8 legal or constructive obligation to m&ke payments 10 third p8rties, it 1$ prLthble that the settlement will be required aTMI the of th¢ (ljligatson can be measured reliably. It xs categorised undu the following heailings.. (i) Costs of Taisitsg fijnds includes: All costs of rnanaging the charity's inve51ments are Ancludcd in this headirtg a$ per paragraph 4.46 of the SORP. These include ￿nd£e￿WIt fe￿ and thc ¢csts of ping investment pr¢wiies in good repair. ExFrtditure on ch￿ttable acuviti# includ¢s". All direct and supptsrt cos¢S incu￿￿ in the Junning of the charity's alm¥lKMJses ate e]thr8ed to this heading. Abo included are allowADC&8 to Brethren Si$tffs of the hospitals ￿rTh0￿M5 Davison, Davison and Sir Walter BlackdL 01h￿ expenditttye rq)resents those l¢enLS not falling iNto categories abgv Irr￿0verable VAT is Charged as an expense a88itist tkne acttvity for wh*h expenditure Gt8nts payable to third partic5 are within the ¢haritable (ljjectivtts. Where tjnconditional granis ate offered. this is accwol as s(K)n as the [￿lpIcnI is tth"fi¢d of the grat* as this giv￿ rise to a rtasonable expeuaiion thai th¢ iecipient will rcttive the grants. Whu¢ 8ran¢s are conditional relAtinE io p￿fINI￿rKe then ihe is only accru￿ any nfulfiued conditions are outside of the control of the charity. 21 St MaTy Magdalene & Holy JesLs Tr￿t Financial Statell*nts for the Year Ended 31st March 2024 (e) Support eosts allocatio Supm costs are those that assisi the work of the charity but do direcdy rwent haritable activities and include office ca8ts. gctvernaDce costs. and administrative paymll costs. They are ]￿urred directly in support of expenditure on the ¢A)j¢CLS of the ¢hariiy aDd includc proj￿¢ nwnagem¢nt ca￿1¢d out al HeadquaTt¢rs. Support costs are considerd to be wholly attributable to expenditure on chArilable activitiu. PT¢mises overheads andlxher overheads are considered to be supwri costs Idal￿g dite£tly ￿ ¢h?ritable actiyitie5. Fund-ratsing COSLq are those ineurieAI in managing the charlty's investtneni Pcdrfolio apd do nor include the cost9 of disseminarin8 information In supwt of the charitable aciivitiES. The analysi3 of tse costs is iDclud¢d in note 6. 10 ￿￿ed A55ets Tangible fixed assets are sthted at cost (or themed cos1) or valuatioD Ius ￿￿￿￿￿j1at￿j depIeciation And accumulated impairment1058e5. C05t includes costs direL*ly attrilyjtable to making the a5sel capable of operating 45 inteTrded. Dq)reciation is provid¢d on all tslngible fixed assets. at rates Calcul￿ed to write off the 0$1, 1¢55 estitrAt¢d residual valu4 of each asset on a sttaight lille basis ovet its expeckd us¢ful life as follows.. (i) Buildings (Operaiiohal E%tate) 50 years R&sidenti81 Chre Home Building 25 years The Residential Care Home building is now vacant ￿Cept for those areas used 85 office spac< chapel aThd welfare and dining facilitie5. At 31.3.2016 facility WOS WTitteD down to a valu¢ ¢quating to £10 I sq. fi. Fer annum with an ¢Kpecied useful life of 5 years. At 31.3.21 its bTr)k value w&s therefore ztro. (iii) FIXtyr￿ and Fitting 10 year5 (iv) Softwaie and Motor Vehicles 5 years Fixed assets below a value crf£5.lJ(K) are capitslised (2) InveJtmcnt Asqets Fin¢incial InveshMe1￿ are included in the FlnaJKial Ststements at Market VAlu& Reojised gaiN and losses are ir￿luded in the SOFA and are credited or d￿rged to the reserves a8aitk8t which the assds are held. Investment Properties of the Trust are held for long tem inv&8tmeAi. They are accollnteAI f ill ￿e0rdartee with SORP IFRS Iir2) as follows: Tlw arc diselos¢d at Market Value. Tr valuations ar¢ CO￿led out every thrce to fiv¢ years S￿bj￿t only to obtaining advice as to the posslbility of any maierial nm)Ven￿llts betwttn indivithal valuations. (iii) Realised atxl unrealised gains are incluthd In the SOFA and credited or djarged to the Pernmnent Enth)wnKnt Fun(L Cli) 22 St Mary Magdalene & Holy Je5u% Trust Flnonclal Ststements for the Year EThled 31st Mareh 2024 (iv) No d¢pre¢iation is wbvided in respec¢ of tl*se ptqJerti&8. The non-agrxcultvral elenxnt of the c0mll￿1￿1 wds valued by lfjndmarsh & Part￿$ as at 31" March 2022 on rhe basis of Fair Value as detsiled by the Royal Institution of Charieml Surveyor5 in the IUCS Red Book. The valuation of the Chippertd&le Prnperti￿ assumes vacant P05susion as the trusttts do envlsage selling subject to the existing tenan¢ies. The trustw have reviewrd the c￿rying value of these asse4s in light of p￿vallIng tt I￿er1E$ by key mAna8emenl wis £75,49012023 £121.149). The Irusl ¢onslder5 its key mana%¢Meffl ￿F$annel to comrrtjsc non rmstee5 who dlrtth1yctyi¢rib￿￿ toth¢ Th]SL'S board meetings. No tNsteu or¢ lcerning p￿￿10￿ araftKements (2023.. £Ntll The tru51ee5 did ￿¢ hnve 3ny¢xpens8s reinljryd durtng the ￿t￿l2023.. £Nil). 11 Slaff costs and employee be￿Ilts The aVer￿e n￿th[Y Mmber of emplo>ws and full tlrt* equiYil¢ni (FfBI thrirJ¥ th¢ >tar w4y rdiows-. 2024 Avernge Nurni*rofEmploye 2023 2Q23 Aver#8e AveTrge Rii$ing funds Charitsble xtlvitkl Govemant¢ The totsl stafFcc**s gnd emplo>Ye E¢nefit¥ was AK fo]lows.' 2023 Gr05s Wage5 Nl ConuibuiLOnS Pension c￿tribUtiOnS 221.9 13.9 23.8 238.6 0.0 238.6 33.8 278.9 29.3 308.2 A8ethcy Staff No employees rtt¢ived tc4J employt¢ bEfteri￿ (￿el￿dIn8 4jnplo￿rpg￿SlOD costs) of thon £fyJ,C￿. 27 St Mary Magdaleht & Holy Jesus Trust Inlnclal Ststements for the Yellr Ekndod 31st 118reh 2024 J2 OptratIo￿81 E5tats B￿1 dÈn £0￿,5 15J88.9 £OJLYs 2&7.0 78.4 £￿0 18,312.? 1,485.3 Cosi ￿ 31st Mgrch 2023 Additioris TrnnKfe Disposals C051 ar31Et Marcth 2024 2.636.8 1.386.9 {3,969.91 3969.9 16.8 19.791.2 l9J78.8 53.8 358.6 Depreciation ar31$tMaT¢h 2023 Charge for￿￿ Disposals DepF￿1￿1Ifjn It 31stMarch 2024 7.614.3 232.2 D.0 0.0 0.0 0.0 286.7 7,901.0 232.5 6.8 280.2 Ntst Book ValuÈ it3Jst M￿th 2024 11532.3 53.8 Nti Book Value at 31st Match 2023 7.774.6 2,636.8 lQ411.7 28 StM*ry mi￿￿e&l￿]Y Jowyv J3 lPtmnEItEwJuw￿e1tj lA¥cJin￿ts 0.0 24m.3 3￿17A *1&81 31￿tt$ JJ.2952 4JJ IVOJ.9 1111.31 P,728.1) a728.11 112MJI (1,20¢JI 11,20Q51 1.566 781 (IJJ t￿￿￿7*xIne￿M2￿(4l￿cII IlJ32.7) 7B8 78&9 19&1) 21031.4 731&9 31576J )1.6S2.8 7J44.9 7,5M9 Z5WIA 31.57&3 oo 315702 7,SM9 W31A 31576J 0.0 3U76J 7.J83J 21716.1 31J70.1 292 3Jk*2.8 25.031.4 2S0314 7.544.9 2103L4 7.544.9 78&9 é84.3 49W2 IA732 1201) 1.4732 I￿1) LLO PErtya8th1￿￿ 31EIMtyth2022.IbcTrntteES)4veKvknwedtheprofoUoatsJew5vJGrtb111h￿IOve￿￿nVrn￿c￿Ilehwp￿￿ihc￿vth￿ ¢Ju¥L¥￿￿￿￿£49I.7ts$ vth(4rsfvc￿s￿ fixvJÉ192.149 VulwEoffsh(rt*knlnE£I.CiIg34 CCLA tnTeEvMr1&052#95 St Mary M48dJlene & K¢ly Jesus Tryst Fknthncfal Stgtemohts for the YeLr ETrded31$tMAreh2024 2W24 14 Debtors Rents R%eivubJe epaymenLS ond Accrued tncom¢ 55.0 105.7 21.7 3a1 2024 £OL¥J 2Q3 15 Credltotrs 31.0 417 47.0 755.2 2Q24 16 Doterred locome At 31 March 2C123 Athition5 durifry the year £QTrl's 59.4 O(KJ.4 5719 8&9 45￿? 1479.01 39.4 A¢31 2024 D#feNed rnEumc T¢￿Ie4 io¢onyncrciaJ Pff4XtyJ8Jtts poid in StMAry 1448dBlene & Holy JesusTrtst Flnllmclal St•teroeutsfor thr Ye4rEnded 3151 M•rdL 2024 17 MgTmWltthk Rthi¢*d Ththl R¢*rKi&J ¢knetAI RtsrTrt OFeRtlonol FJtyE¢ R¥e e0dowff￿r C￿¢￿1 nd Ptoircr¥ nd Td d5 BRlllDre4t314tMJreh1033 3.759.2 7.714.9 ilJ34.1 32￿152 44.Q49.3 (134.1 (435. 448.D ofowfjtioj￿l PAtDIB Re& 232.J C232.51 (LO Oth¥Thllmf {3.1￿1.9) ao 650.? 1989.9 0.0 799.0 Bshu¢t•t 31st Mltcli 2Tr 12 199.0 ￿64￿ 4&fK)3.9 TrAty5fers htv•tn tUDd6 P¢r¢urtEnt pdky. l. A transfere4u￿ th theanTruEldEpff¢1a￿w cbitgt•f£231522 was IrfjThsfenDI frn the opE[a￿ Bsrue R¢xtietothBCapttal 2 Other J¢fat¢ lo￿)￿￿￿¢￿i0￿ rfthB¥e4wI kn£J(KI,0￿ ￿Fer￿etU￿rpc4￿y. ￿d•he￿￿KIlljADfty)¥AMts 31 Sl MJryMa£dilent & Holy JestssTruEt FID￿CIal$l?1erntyfvr die Y¢•r ENdtd 31si Mttr¢h 2Ql3 oK￿￿10n￿l Esiite RE5&Trt RcyEIic￿d & Desiyuled FuDd¥ Endow￿1 Ra%uvc Furxi nce St 31xt 2012 5(¥J.Q 3M3J 7A53.8 33.645.1 45.￿2.2 Net JJKoThiWIOuw 798.1 IISSAI 1269.9) Aftwisoti04 ofOpwioNI 18&5 (186J) 1798.11 1917 1,531 32￿15.? i￿(Lo55￿￿OI1 32.7 44,(M9.3 7.774.9 IlJ34.1 Traurferj bEtwffnfunds l. A tr4n5fer qual iothe4nDu4id¥prt(iauon dwVf£l845￿ was wD5f¢r(ed from ope￿￿[￿￿1 Emtc ￿)￿¢Capi￿1 Pwts 2 Other transf¢rs ttIll￿t0 rugn¢w£51X).fKKiai ptrthe¢untTht p¢4i¢y. ¥od [dBli￿ tg St MDry M•gdalen¢ & Holy Jesw Trwt Fh￿￿tIoj Ststements for tbe Yewr Ended 31st Mgrch 2024 17 MovementonFun(& (eontlnued) Fund dosertpdèhs Uknrestricted Fw Ocneral ResctVB All i￿¢0￿¢ 1$ credrled to the GEneLiI Rtwve and all costs of charitable ￿lIVI[e¥ ch41gtd to li except ror those which thcrned 10 be itrJn¥ Covercd by C2piiuI Expeftditure Pund. Tk wJli¢y level for IIK Re$￿Ve was bcc reth]ttd ￿ £500J)OD duftn8 ihc ycllr cnded 31￿ Match 2021. kny surp]lls ovcr this Li ttao5feued to the Capital Projects Fond. Dpjlgnal￿ FUTM (a) C*6rntiona] ￿ta(C Reserv¢ ThES re*rve was created In order to IKkng the Capitalis￿ Operntional Fsijte of the Trnsi (The Residen￿41 C Hom& Sh¢1¢e￿￿ HousiThv and associated fixiurcs and fitlinBsI into ihe Financi81 Sta*￿￿4)￿ al ca* less 8ceumryt4led dewecigtion in at¢ordance SORP 2(Q5. Ui)der SORP 2(HX) ihvJe assets were not vallled a8 they were considered "ina]ienable" The scope wrdtntd in the FAtTrgncAal Year endtd 31st M￿￿ 2010 arnd tlle balanc increa$¢d lo refiecr the btsok value of all opeTaiioMI assets. This rE5erYe is imortised htk 10 the CapifAI Expthditur¢ Re5ern in with the d¢preci*¢ton chw. (b) Capital Projec(s FuThl This fuod was C￿atsd during the FInar￿1￿1 Year Ended 3lsi M￿ch 2010 ro provkn for the futhre Capi ExtEJ]diiure r¢quiRmEnt5 of the Th]M. Endowment fwid5 la) PernthThent Endowment Fynd The Pern)anent EndowrneTrl Fund is a furni of ttSErictrd fund Ind rtW¢5ents those assetr whith mu$¢ be held permanently by the Tn]$4 principilly investrt￿nII. Income on thÈ Permllnctit Endowrnenl Fund can be Dg¢d AO ￿e0[dance with the objecL8 of the Trust And is included as urKe$trirted iiwi)¢. All costs ￿]￿1118 ro PemJ4tsen( Enth)wmenL Assrts ate ch¥wd to this Fund. St Mary Mggdalene & HolyJésusTrvst FIDandal Statements for the Year End(yl 31rtMèreh 2024 18 AnDlysi5 of netassets between fut)ds A¥ a¢31 Mt7r¢li2024 Unre5Iric￿d Designated R¢blri¢ied EtKlowmtni Totttt £(MJO 32576.3 1.025.0 123&41 'xed asse Cath and¢umt asset inveshne]rts Oth¥cU￿eN ssset5Aiabili Credirors due in more thin one yetr 0.0 533.3 133.31 I l.M4.5 607.6 73.1) 44,240.8 1165.9 13418) 0.0 offj 12.199.0 0.0 33J64.9 4&063.9 Unr&%tricied tksi8wted Restricted E￿o0￿Ment Flx¢d asse CAsh and curtnt ￿￿et LFivtsirnenl$ Oiher curyeni 08seulliakn.li diror5 dw morethart one 0.0 561.8 {61.81 10.411.7 1,62&5 1506.11 0.0 11.334.1 31ffj62.8 42.fj14.5 SJl.2 1741J (198.81 r166.71 0.0 5(KJ.O 32 15.2 19 PEnsion cWMnl￿Qnts The Trnst participat&q in th¢ Tyne and Weu Pension Fund forlis employeÉs. Under the defiDliioJ]s ser our und¢1 Financial REp￿i￿O S[￿Jard 17 (Retirtmertt Bertefitsl, the Tyne and WeAr Pension Fllftd Is a mllltlemployeT ￿siOn 5chem& Th¢ Trosi is unllbl¢ to identify its share of the underlying a&￿ts and liabllities of the 5chern& AccoJdin8ly. the Tnjst fzken advant&g2 of t exertwiion in *tion 28 of FRS102. tht F2oancial Rq)oftin¥ Standard ippjicable in Ihe UK ahd Iretand. Pen5iDJE Contributions payxble fot the ye*r ended 31sr Much X$24 to £23.752 (2023.. £33.T171 dnd thwc emplDyees121)23: 2) participalin8 in the scheme durin8 theiw. Ullder the 2019 #Chen￿ valuaiion. no 4dditiono1 deficiicolliribDIiotKs wrFwyablc12023.. £Nil) 20 CgpItAI cA))nn￿trnents In 21Y21 theT￿s[ entertd into o conlrnti with Meldrum Con5trwiiDTr Services for the refu￿I&hffte￿t of vacaDI Mwy m18d￿ene BuJJylow5. The ￿fUrb]Shrnen1 has largely i%en comple*d durins the year. with only $rnll Imounts remainiThg on (he Con¢raci V91￿e. In 21)22 the Ttust enteftd inlo $ ¢ontract with Mddrnm &inSin￿￿On Services Ltd for the den￿lI￿on And reproYi$iort of rtecomtts)daiion M Magdalene CoKn. The reflltbishment has largely been ¢ompla&J dllrin8 the iur. with onlysmall all￿n[S rernaining ou151andtng on the cOn(r￿ Vthe. In 2024 the Trust ¢nter*J into a ¢ontract with Aptvs Constmciion fot the TefvtbishmeDt of 8rea8 of the Vine aDd Pwvincial House Buildin& The m•jcrityof the works will take plAct ill 2W.S wlth th¢ wjt iD8£1,260.fyJ) 11 ReJ•tsd ￿rtY trADS8CtIoM: A number of trU$Lees have membets OF thair FréernED Cornpnie$ r*aiYing sh¢Ite￿d housin8 provid￿1 by the chartty. All of the benEf￿larIc5 qu￿lfY for housing wnd¢r the ch•iLy eligi￿lIty critrria. All fr￿￿tiOnS with th￿C TElaled PHrtiu wcre 21 m len81h. 22 co￿trOl Charity is by tTr* Boord tsf Truslee&