The St. Mary Magdalene & Holy Jesus Trust Registered Charity No 22S979 Report and Financial Statements For the year ended 31" March 2025 THE ST. MARY MAGDALENE & HOLY JESUS TRUST Claremnont Road, Newea5tle upon Tyne, NE2 4NN Telephone: (0191) 269 7920 email: st.m alenef&mmh'trust.com Registered Cbarity No 225979 Trustee: St Mai'y Magdalene #Dd Holy Jesus Trustee Limited ChAir: Mr J Lee, OBE st Mary Magdalene & Holy J8SU8 Trust Table ofcontents Tivstees Annual Report Independent Auditors Report 12 Statement of financial Activities 15 Bakn¢e Shcct 17 Statement of Cash Flows 18 Accowiting Poli¢i¢s and Notes to the Financial Statem¢llts 19 St Mary Magdalene & Holy Jesus Tru8t Trustee Annual Reportfor the year ended 31" March 2025 A. OBJECTI ES AND ACTIVITIES The St Mary Magdalciic & Holy Jesus 'ln]5t is an alnishouse charity located in Spital Tongue4 Neweastle iipon Tyne whose main objective is to assist older people who ￿'e in need, hardsl)ip or distress by providin& housing. In fidfilling this objective. die chai'ily also aims to assRSt its beneficiaries to live independendy. The St M￿￿ MagdaleIie & Holy Jesus TTUSt has a long history streCcl)ing back several hlmdred years. It was an amalgamation of iwo Alml)ouses, The Hospital of St. Mary Magdalene, which was founded in the 13th eentury and the Hospital ot. the Holy Jesus, which was founded in the 17th century along with three other charities. These Almshouses and cliarities wer¢ biought togetheT in the Hospital of St. Maiy MaLsdYllcne and otlier Charities INew¢astle upon Tyne), Charity, Schemc Confinnalion ACL 1959. The St M￿Y Magdalene & Iloly Jesus Trust is an unincorpui'aled ¢hai'ity with a Corporate trustee. the corporate trustee being The St Mary Magdalene & Holy Jesus Trustee Limitcd (The Trustee). The org>anisatioi)'s governitig documents have chanL?cd over the years with tlie cun'ent governing docunients being the 2008 Scheme (As aijiended by supplcmenlal scheiiies dated 25 Febniary 2022 #nd 2 May 2023) and Articles of Association (Amended July 2021). At the end of the Teporting period, t1￿ charity had 146 almshouses.. Si. Mary Magdtilene- 79 biuigalows Holy Jesus.. 49 bungalows Magdalene Couil.. 15 flats dnd 3 houses In addition, Ihe charity owns a foi'mer carc home, which is no longei. used for residenlial accommodation and as of the 31S1 of March 2025. owned two flats refeiTed to as the "Chippendale Propei'ties" Oiie of which is occupicd wilh tlie Temaining flat in the prncess of being sold (See Sectio1] r). 11 should be noted Ihat this flat was sold on the 9 ' of May 2025). The Trustee will eaiinai'k any funds froin the sale to pi'ocure altei'native accommodatioii of equivalent amenity value. In uccordance with the Ti'usl's 8elieme. when making appointments, 'I'he Trustee must give pi'eferencc to ¢ertalli classcs of pei'sons who arc IrquiiEd to meet specific eligibility crIt￿la. freemen of the City of'Newcastle upon Tyne al'e givcii prcference foi. cei'lain SPEcified almshouscs. In 2009, the Economic Developn]cnt and Construction Act gave tlie dauglilcis of Freeinell tlie 5tune pre8criplive righis a8 the sons of Freemcii. Ai the time of reporting, thei'c W¢Le eleven bungalows oceLLpied by frcrnicn uf the City of Newcastle upon Tyne. Regarding oth￿. homes, preference is given to oiherqvalifying upplicants who do not have aconnection to the Fi'eemen of the City of Ncw¢astle upon Tync. DetAils of the class of person to whom prefcrencc must be given does vary Mcross the Triist's propei'ties. Detailed infoi'malioll 15 piovided in ihe 2008 Scheine (As amended by supplcmenl81 schemes duled 25 St Mary Magdalene & Holy Jesus Trust Febn￿ry 2022 and 2 May 2023). 'I'he Ti-lisl also makLs quarlei'ly gr'aiits to the ben¢ficiaries of three'hospitals" that were originally part of the sain¢ range of biiildiiigs as the old Hospital of Huly Jesus. These benefiLiai'ies al'e non-resident and all niust be in need, ha]'dship or distress. There are no age oi. residence qualification5. Ann Davison Ilospilal Compi'ises six beneficiarie8 of whom three must be poor widows of Clei'gymen and tlie poor widows of Fieemeu with preference being given to the widows of mei'chants. Thomas Davison Hospital Compi-ises six bcnefLciaries who must be the poor widows or unmarried daugbtcrs of Freemen. Sir Walter Blackell Hospital Comprtses six beneficiaries who Must be poor unmarried Fre¢rnen. ID addition, a quartei'ly allowance is paid lo the Freemen residents who livc on the site. The Trustee providcs the following additional benefits for residents of thr Altnshouses- An on-site Handyinan Sei'vice. A frec emergency call alam] systeni th￿t can be accessed 2417 which iLicludes smoke alarm and C02 alai'm monitoi'ing and, for those residents who are assLSSed as h¢lVlng specilic needs, the pi'ovision of a fiee daily morning call 8n(Vor additional telccare seivices. SeLurity seivice whicli includes an oji-site securily guaTd. Conimunal gi'ounds. Free social Activities and events. A site chapel with a serving Chaplain. The Trustee has given due considei'aiion tr) the Cliarity Coinmission's guidance in relation to public benefil. The cl)w'itable purposes undcrtaken by thc Ti'ust which meet the i'equii'cnients uiider the Cl)ai'ities Act 201 l are.. (a) the prevention or reliefot-poverty dnd (b) the relief of thos¢ in iieed because of #ge, ill-health, disabilily, finaiicial l￿'dshIp or olhei. disadvanl%We. ACHIEVEMENTS & P The orgject Generdl Reseive Total LG-I" Asset PonfoliD 16 483.2 16 483.2 Evelyn P(lrttxer5 Portfolio EdenT￿e Portfolio 326.4 326.4 CCLA Portfolio Investment ProJ￿rty C85h & Deposit5 Operational PJDperty Assets Ilndcr CoM51ruction r'ixiuiT5 Fittings & Equipment OtherCuiTent LiabilitFes Tot81 11 124.5 38.5 538.8 836.5 11260.3 11260.3 337.7 337.7 90.7 91.4 35.4048 38.8 500.0 13.0 11,351.0 48.417.0 Pernianent r.ndowmeiit Due Lo the Trust's c u rrenl policy regarding the setting of MaintenanLe Contribiitions, the investment income from this fuiid pi-ovides the funds to covei- subsidies, niajoi- revenue expenditure aiid lu fund future capital expenditure. All irncome is credited to the Gcna'al IlcseTve arjd capital gains / losses ren)ain in the Pcrnjaneiit Endowment. General Reserve The Gcnei-al Reserve l)olicy level is £500.000 which equates to two yeai's nct cost of opei'ation5 excliiding depreciation (2024 years). Opei'alional Lstale Reserve This I'esei've i'eprescnts the capitalised operallonal assets of the TTUSI and ali aniounl equivalent to the dcpi'ecialioii ¢harge is transfeircd from il lo the Capital Projects Fiind each yeai.. The Capital Projects Fund I"hi s flin d provides for the replacement nf hoiising slock and oiher majoi. items of capital and revenue cxpeiiditure. It is maintained pr11n￿'llY by tlie remaining inveslment iiicoine after chdL'itable subsidies and traiisfers lo otheT reserves. Investment Policy Tlic Trust's lnvc5tiiieiit l)olicy is to have a divcrse base to spi'ead i'isk whilst simulianeously ainiing foi. capital appreciation at least Lqual lo inflatioii and an inLoine Teturn 5urricient lo meet on-going riiid cyclicdl opei'alional cDsls not Te¢VVCI'ed Li'om Maintenance Contributions and futuLe capilat ex￿ndi1￿.e needs. St Mary Magdalene & Holy Je8u8 Trust Ethical crit￿.1a'. The Tiiistee is inindful of the chai'ity'5 purpose4 with a focus on the position of beneficiaries and wliat eaLISCS thcm liardsliip. Taking into account negaiive impacts linked to poverty, the Trustee excludes direct inveslmeiil in coiiipanies whose pi'imai'y blksinttss is i)redaloi'y l¢iiding, gambling, tobacLo produ¢lioii and alcohol pioductioi). Lnviro]llnental, Social and governance (ESG) factoi's atld active stewardship.. ESG is an important aspect to our investments. We wish to woi'k wilh an invcstmcnt manager who integrates ESC5 research iiito their investmejil process. Our investment maniiger should be a signatory to Ihc UN Pi'incfftples foi. Responsible Investment, as a sign of best practice in this area. We wish to have a continuing dialogue with oiir investment manager about IheRr Sustainability pi'acticcs, gopJs perfoi'niancc. 1 argeted i'etui'ns are as follows.. Commercial Property AgriLultural Propeity Financial Poi'ifolio 6/0 net yield 500/4 capital growth over l O years ()utperform ARC by l 020-2 /ts over avei'age. s• Risks And Unceriainlies i factoi's Affecting k"utw'e Perfoiniance The following key i'isks and uncertaiiities which may impact future perforniancc have been idciitified.. Despite revtewing its investment policy, t1￿ Trust will continue to be exposed to a degrce of risk due to the uncertain econoniic climate wtth growlh remaining weak. With the adoption vf the new i'evised articles for the St Mary Magdalene & Iloly Jesus 'l"rustee Limiled severaI long scrving Direetoi's ai'c in the process of retiring. There is a transition pian ill place bul Tecruiting Dll'eciors, with the requiitd leiiels of cxpLrtise and knowledLie as ieplaGcm¢nts, could bc challellging tor the org1￿￿s￿tioiI as it Is for 51uall chai'ities in general. FO FUTU PERIODS There is a detailed Business Plan in place covei'ing the organisation's future plans. I"his ineludes pi'oposals tor the iedevelopment of ihe foinier residential care hotnc lind the continued refurbishment of the Mai'y Mllgdalene Buiigalows. The charity remains commitlcd to pi'oviding a conununity environment which encourages soeial wellbeing thiY)ugh Ihc piovision of a i'anLFC of faLililie8, activitieb, and events. Evenis are bcing planned in consultation with irsidents. Thc Licensee (Residenls) Comi]iiltee is helping to involve rcsidcnls in Ihe t'iinning of thc oi'ganisatlOD and i'esident involveinent is an area that the oi'ganisation pldns lo develop fuithei.. IiivestmLlIt iii (he urLTanisalioii's Viiie and Provincial House pyoperty will ¢ontiniie with impi-ovcinent works beiThLy undcilaken to the 2 floor. St Mary Magdalene & Holy Jesus Trust TURE ND MANAGEME Govei'jiing Dotiuinenl The St Mary Magdalene & Holy Jesus Trust is an uiiincoiporated cl￿rity with a corporatc trustee. the co￿Orate I"i'ustee bcinL7 The Sl m￿.Y Magdalene & Holy Jesus Trustee LimitLd. The organisation's governing dociimenls have changed over the years with the Cllritiit governing documents being the 2008 Schenie (As an]ended by siipplenient81 schemes dated 25 l",cbiv￿Y 2022 aiid 2 May 2023) and Ai'licles of Association (Amrnded July 2021). Chai'ity Govei'nance Code 'I"he Trust &dopted the Charity Governance code al a meeting of the Board of tbc Trustee iii February 2022. asse55meiil Ilas been made using the Ch&rity Governance Code templale- Iw'ger charities 2020 edition lo tdentify ai'ems whcrc impL'oven]cnt is ne¢dcd. The organisation is acttvely working tl]ruugli tliesc areas. Noniinatioii of Directors I'hc following bodies entitled to nominale Dll'ectoi's to tELe Corporate Trustee.. Tl?e Stewards Committee of the FL'eenien of the City of Newcastlc upon Tyne (Three directors), Newcastle City Council (Three directors) and the Bishop of Newcastle (One directoi')- In addition. up to thi'ee dll'cctoi's (Co-opted Directors) and a Chair can be appointed iii accordance wilh the ArLicles of Assouialion (Amended July 2021). A]1 D i Te ctors Initi￿lY hold office for a period of ihi ce years. 54 Director Induction & Training Dii'ectoi's wlio al-e J)ominaled oi. co-opted to the Boai'd eome fiDni a i-angyc of backgiDuiids. As part of theii- induction and li'aining, new Dircctoi's i'eceivc the following documents in relation to the charlty, its work and their responsibilities as a dii'ector Charity Governance Code. Charity Scheme, ￿tICIeS of A5SOtialioIi histoiy of the Lhai-ily aiid its govei'nance and objectives. lalest sct of aLidilL.d accounts and budget foi the current financial year. minutes of previous Boai'd Mectiiigs, S¢heme of Delegiatioii, Standing Financial Instruc'tioiis and Risk Management Registei-, managemeiit sttuclure and details of other D i r e c t o r s, infom)ation about tlic charity's commercial Euid agriciiliLU'al porifolio and the Charily Commission publication ' Ime E.88ential Truslce What yoii need tn know, what YOLI necd to do.. New Direetoi's also meet witii the Cl)air, Chief Extciitive lind Finance Directoi. to discu88 tlie charity, s strategy, objectives and cun'ent issues and are sliown ai'oulld the almshousc eslatc. All Dii'ectoi's are kept up to date oil i-elevant nialtei's affectiiig? the charity, reLeiv¢ 8 copy of the qiiartcrly Almshouses Gazette and ￿'e cii'culated with i'elevaiit infon)iation fi'om the Chai-ity Cumiiiis5ioiI website and oth￿. appi'opriate publications. Specific ts7ining ajid dcvelopment nccds al'e addrcssed irL consu]talion wilh Directoi's and orjc meeling, pei. yLar may be devoted lo Dii'ecloi. ti'aining and devclopiiienl. All new Directors al'e required to eomplete a skills aiidit, and the expcrience, kniowledgc, cxpei'lise aiid skills of Dii'ecloi's al'e pei'iudiLally reviewed. Inforination fron) the skills audit can idenlify any potential gap5 and. whcre possible, D2rectoiB lry to infiLieJ)L¢ aiid eiicoui'agL' appi'opriate iiomindtiojis and appollltnients to the St Mary Magdalene & Holy Jesu8 Trust 13oard in ordei. to coniplement and enhance the divcrsity of skills and pei'spcLlives. Organisation I'hv Dii'L¢toi's act as stewards for both present and futui'e beneficiaries and are dCCOUI)lable lo the piiblic by r¢350n of the Chai'itable status of Ihc Triisl. The Directors are Jesponsible for establishing struLtui'es foi. the proper governance and management of the .1 rust and the Coiporale Trustee and the developmenl of the vision and 5ti'ategy ot'the cl)ai'ity in accoi'dance with its objecls. The ]3oard mocts approxiinaiely bi-monthly to discuss operational, fmancial and development poltcy, making decisions oil key issues. I'he DirLLtOTS I'eceive reports fiDm thc Munagement Team on their i'espective arcas of i'esponsibility in addition lo regyular iepoi'ts from the charily'.s invesimenl managers ￿ld othci. pi'ofessional advisoi's. 'I"he overall day to day manageiiient of the Trust is delegated to the ManagementTeam. A framewoi4( of authoritie5 is iii pIM¢e which oiitlines the structure of deleEation as well as specifyio8 those responsibililies which irrnain the preserve of the D i recto rs. Related Parties And Co-opcration With Other Or8ant5ations Aiil)ough not part of a foimal network of othcr ¢liat'ities. the I'ru5t hes established working relationships with chariiies of similar aims. MY Paul Anderson and Mr Al￿7 Bainbridge are Members of the Stewaids Committe¢ of Th¢ Freemen ol th¢ Cily of Newwtl¢ upon Tyne. s• Pay Policy and perforniance of Senioi Sttiff Pay is nomially increased annually to reflecl a cost-of-living adjustmenl. Following the adoplioz] of thc Chai-iiy Goverllance Code t]Je Board of the Trustee will ovei'see an ai)Iiuai appraisal of tlie Chicf Exeeuliv¢. Risk Management A Risk Mattdgemenl Rcgister is iii placc. Tl)e l)irectors have assessed thc major strategic and operational risks whicli Ihe charily faces and are salisfied that control sysleins have been developed and are iii place lo niitigate the idenlified risks. The Rtsk Managenient Registcr is subject to i'egulai. review by ihe finance and Audit Cnmmittce in¢orpoTaling any iiew i'isks which inighl affect the cliai'ity along witli evaluating and assessing th¢ iinpact of coi)ti'ols and a¢tions oil ¢Kisling risks. l-h¢s¢ air reported io the Directors who continue to i'eview the risk n7￿]agemcnt proctdui'es. and the Risk Management Rcgistetr annually and as i'equired. 4. Boaixl Effectiveness The Dii'eclors have compleied a Boai'd Effe¢tivene8s Questioniiaii'e 2nd a Dirc¢loi' Skills Audit, and tliese will bc coiiipletcd cvei'y tliree year5. A progi'anllne of Direcloi. appiaisals has been agi'eed and these 5PitB15 of Thomas Davison, Ann Davison 8nd %ir Walter Blackett, and making grants to Aiid providing or paying for it¢m& services Énd facilitics for individuals and organisalion who ar¢ in n¢¢d, l)ardship or di5tiEss. The charity constitut¢s a public benefil entity as defined by FRS 102. The financial stalcments have been piipaitd in accordance witli Accounting and Reporting by Cliaritics= Statcinent of R¢commended Pi'artice applicabl¢ to ¢ha]'ities preparing their accounts in accordance witl) tlie Financial Reporting Standard applicoble the UK and R¢piiblic of Ireland IFRS 102) issued on 16 July 2014, the F"in&i)¢ial Rcporting Standard applicable in the United Kingdom 8nd Republic of Ireland (FRS 102), the Cliarities Ael 20 21 ond UK Generally Aceepted Practic¢ as it applies from l January 2015. The fiiiancial st2t¢JMents are prepared on a going concem basis under the historical ¢osl convention, this has been Inodified to include fixed asset iTrvestments at fair valiie. Tlie financial sratements are prepared in stcrling whicl) 15 th¢ functional ¢urJThJcy ot the c]iarity 8nd round¢d to thc nearest £000. 'lli¢ significallt accounting policies llpplied in the preparation of the5B fillaneial statements are s¢t out below. These policies l)ave been consistently applied to All years presented ilnless oihenvise stated. (b) Funds (l) un￿Stricted Funds (CyenerAI Re3erve) un￿strICted Fiinds al'e available for use &£ the diScret￿On of the truslees in furtliermnce of th¢ general objectives of Ilie 'lrust and wht¢li liav¢ not been dcsignatcd for other purposes. (il) Dc81gnated Funds Designhted fvnds comprise u￿.esti.1ct¢d fui)ds that have been set aside by the tru.%t for paiti¢iilar puiyoses. Tjie aim and iise of cac]i designaied fund is set oiil in thc not¢5 to Il)e finanLial statements. (iii) Restricted Fund RestrÉ¢ted fuJ]ds aiE fiiiids which 8tE to be used in aecordance with specific restrictions imposed by donors oi which havc b¢cn raiscd by thc I ￿5t for particÈilar PLirposes. The ¢ost of rnising and adiniiiislei'Éng qiich funds are charged agaiiist tl)e specific fiind. I'hc aim and ilse of each Iwtricted fund is set out in the notes to the fii)ancial slatemLnts. 19 St Maiy Magdalene & Holy Jesu5 Trust Fillalleial Stalcmellts IiiT the Ye4r £1 nde(131st MAJYh 2025 (iv) En(loivment Fund5 ￿nd0￿￿ent fiinds IEpi'eseiit those assets wl)ich mLlSt be held perinttnently by the cliai'ity, PTincipally Investmeii15 and Inveslinent PIDperties {ii)cludiiig asso¢ialed revalualion i"¢serv¢s). Incoiiie ai'isiiig oil the etldowinent funds can be used in aeeordance wilh the objccts of the cliarity and is included as iinirstricted in¢oni¢. At)y ¢api181 gains or105ses aj'ising on the invcslinents form part of the fiiiid. Invcstment maiiag¢inent charges dnd legdl advicc relaliiig to the fund sjre cl)arEed ag8in5t tlie fund. (L) Income recogiiition All incoming resoiirces are included in the Statement of Financial Activities (SOFA) wheii thc cliai'ity is legally entitled to tlie income after aiiy peJ.foi'inanc¢ ¢onditior]s liave been meL the amount can be m¢asur¢d r¢liably and it is probable ilillt th¢ ii)eome will be received. For donations to be rccognised tlie charity will have be¢n notified of the amount5 and the seiilement date iii writiiig. If there are conditions attaclied to ilie dunatioii aiid tliis requiirs a lev¢] of perfonnance b¢fore entitlefflenl can be obtained tlieii llicome is deferred iintil those conditlolls 8re fully met or the fulfilment of those conditions is within tlie control of the cl)8rity and it is probAble thal th¢y will be fulfilled. Donated facililies aiid donated professional s¢i'vi¢¢s Ircognised in income at tlieii. fair value when iheir eeonomic benefit ig provable. il ¢an be Ineasured reliably and tl)e charity lias control over the item. FAII. valu¢ is d¢tem)ined on the basis of the valEie of tlie gift io tlie charity. For example, th¢ ainount il)¢ charity woiild be willing to pay in the open market for SLich facililies sErvices. A corr¢5ponding amount is I'ecogi)ised li) expenditure. No &mount is incliided in the financial stalcmenls for volunteer time in line with the SORP (FRS 102). Whei'e practicable, gifts in kind donated for di5ts.ibulion to the b¢n¢ficiaries of Ilie cliarity are iiicluded in slock and doiiations in thc finan¢ial slalcm¢nts iipon receipt. Ef it 15 iinpracticllble to assess the fair value At receipt or if ihc cos15 to undertake such a valuation outweigh ai)y benefits. tlien tlie fair vtlue IS ￿Kog1115Cd as a cotnponcnt of donations wlien it is distributed and an equivalent amount recognised AS charitable exp¢ndituiT. When applicable. girls in kind donated for iesalc included at fair value, being iIFe expected pioceeds from sAle less the expected costs of sale. Where estimalii)g tht fail. valu¢ 15 Pi'acticable iipon receipt it is recognised in Stock and 'lncoin¢ froin otliei. trading a¢tivities' Upun sale, tlJe valve of the stock is cliai'ged against 'liicome fi'ojn otli¢r trading tiLtivAties' aiid tlie pi'o¢Eds aT¢ reco8nised as 'lncoine froin otlier ts'adiiig aLlivili¢s'. Where il 1% iffipiactioable lo faiT value the items due to ilie volume of low valiie items thcy are not ￿OgnISed in the financial stateinents until they are sold. This inLom¢ 15 recognis¢d within 'lnwnic fi'om otlier ti'ading activities,. Fixed as5Ct gifts in kind air reco8nised wheii r¢c¢iv8blo and ar¢ included al fail. value. Tlicy are t]ol defei.red over ihe life ofih¢ as5¢t. Foi. Icgacies. elltitleincnt is tlie earlier of il)e chai.ity being notifjed of an iinpcndii)s distribution oi. the legacy being received. Ai this point income is recognised. Oil occasio l¢gacics will be iiotificd to ihe cl)arity however it is not possibl¢ to [n¢asil￿ ihc amouiil expected to be dislribuled. On Ili¢s¢ o¢casions. tlie legacy is Ireated as R contingent asset and dis¢los¢d. 20 St Mary Magdalene & Holy Jesus Tntst Financial Statemenl$ for tlie YeAI' F.ndtil 3Jst Mareh 2025 Income froin trading activities iiiclydes incoine earned froin fiindraising events and trading activiti¢s lo raise funds for the cliarity. Inconie is rcceivcd in exchange for sLipplyin¥ goods and servi¢#b in order to IBis¢ funds and is reco8J)ised wheii entitlement has occurred. 'I'hc cliarity currently reccives iio goveinmenl grants. Incom¢ froin govei'ninent &i)d oih¢r gi'ants al'e recognised al fair value when the cliarity has entitlement after any perforn)2iice Londitions l)8ve been Imel, it is probable that the income will be tTceived and tlie 8moui)t can be measiiitd rcliably. If cntitleinent is not met then die5¢ ainounts are deferred. li)vcstmcnt income is earned thi'ough holding assels for inveslment purposes su¢h as shal'es &nd property. It includes dividends, interest and tent. WlieiE It is not practicable lo id¢nlTfy invcstment manabJetn¢nt costs incui"i'¥d within a scheine with Jrasor]abl¢ accur&Ly the investment income is reptrrted net of tl)ese ¢osts. It is iiicluded when ihe aynount C8n be meAsitI'ed I'eliably. Interest iiicoine is recognised usiiig tlie cffectiv¢ inlcr¢st mcthod and dividend aiid IEnl incoffle is recognised ￿ (he cl)arity's right to re¢eiYe payment is established. Othei. incoine includes the conversion of endowment funds into iiicome whicli arises wl)en capital fuiids ￿.¢ irleased io an fund from expendable endowments or when a ch￿'Ity has authority to adopt a total retum 8ppioach io its pe11nanent endowment fund. It also includes other incoine such as gains oil disposals of tangiblc r￿cd assets. (d) Expenditure re£ognition All expeiidituir is accounted for on ali accruals basis and has been cl8$sified under headings thai aggregale all costs related to the category. Expenditiii'e is recogiiised whcre theit is a legal or constructive obligation to mdkc payinents to third pwtitrs, il 15 Probable that the 5ettl¢m¢nt will be Itquired and 11)e ainount of th¢ obligation can be in¢asuiEd reliably. It is categorised undcr ￿1¢ following headings: Costs of raising funds in¢ludes'. All costs of matJaLFing th¢ charity's investments air ii)cluded iii this heading as pei. paragraph 4.46 of th¢ SORP. I'liese ii)¢lud¢ nianagLmei)I fces and thc costs of keeping inv¢stffl¢nt properties iii good repaÉr. Expenditure on charitable activities includ¢s'. All direct 2nd suppoit costs Incurr￿ in tl?e running of the ch2rity's alm5hoiises are chai'ged to tliis headii)g. Also included 2r¢ allowances to BrethrcJt and Sisters of the ILOSPitals of Thoma5 Davison, Ann Davigoll and Sir Walter Blackett. Other ¢xp¢nditurc rcpresei)ts those items not falling into cat¢gories above. l]Yeoov¢i'able VA T is char&ied as an exp¢iise againsi Ihe activity for whicli expendiliire aros¢. Grants payable to thii'd parties are within th¢ ¢harit8ble vbjectiv¢s. Wliere Linconditional grants are offei'Ed, tliis is aLCI'ued As gooji as the recipient is iiotified of tile grant, as this ive% I'ise Lu a Ttrysonyblg expLLliiliuii iliyl Ili¢ I￿1p1¥1]I will r￿¢1v¥ iii¢ grdlits. Where grants aiE conditional Irlating to pei'foi'inance Il)en the grant is only accrued when Ally unfulfilled conditions arc outside of the ¢ontiol of tlie charity. 21 St Mary Magdalene & Holy Jesus Triiyt FinanciAI StAteni¢iils for Ili¢ Year F.nde(131st March 2025 (e) Sllppoit ¢osts Allocjtion Suppo11 costs ai'¢ tliose tlial assist th¢ work of th¢ charity biit do iiot directly ￿preSe[￿l cliai'itablc a¢liviti¢s aiid include offiLe costs. governaThrk costs, and adininistrativc payroll costs. They air illCUllEd directly ii) suppoit of ¢xpcndiluiE on tlie objects of the charity and inelude projcct Inanagemeiit cai'ried out 8t H¢adquai'teis. Support cosis air fjoiisid¢T¢d lo b¢ wholly attribLltable to expenditu￿ on cliai'ilable activities. PtEm ises ov¢rh¢ads and oiliei. ov¢thcads are all coi)sidered to be suppoil costs relating directly to charitable activities. Fund-I'&ising costs those in¢iiTred in m8naging ilie charity's inveslinent portfolio and do not incliidc tl)e costs of disscminating information in suppoit of th¢ charitable activitl¢S. The analysis of these costs is incliided iii iiote 6. (D Fixed Assets TangiblE fixd 4ss¢ts ar¢ stated at cost (or deeined cost) or valuatioii less accuinulated dcpreciation and accumulatsd iinpairnient losses. Cost incliides costs directly attributable to making the asset eapabl¢ ol. opeiating as iiitende41. D¢preciation is provided on all 12ngÉblc fixed assets, at rates calculated to wrilc off the cost, less estiinated residual valiie, of each asset on a sn'aight line babi5 oycr it5 expected useful life as follows.. Biiildings (Operation81 Estate) 50 years Residcnti21 Cal'e l.loJn¢ Iluildiiig 25 years I'he Residential C￿L. Home building is now vaegnt ex¢¢pi for those airas used as office space, ch8pel aod w¢lfAre and dining facilities. At 31.3.2016 the facility was written dowii to A valuc cquatiiig to £1 O I sq. IL pEI' atllium witli an expected usEfiil life of 5 yeais. At 31.3.21 its book value was th￿'trOre z¢iv. FixliiiES and Fittings 10 years Software and Mvtor V¥hicles 5yea (iv) 'ixed assets below a value of £5,000 air not capildlftsed (g) Inv&8lmenl Assets Fliiniieiftl liiveslnieiils aiE incliidcd in the financial Statements at Market Value. Reali5ed gains and 1055e5 are included in tlie SOI.-A ￿]d aiE erediled or cl)arged to the reserves against which the assets are held. Invesinieiil Properties of tlie Trust are lield for long t¢rni investment. They aro 8ccounted frjr in a¢¢ordance with SORP (FRS 102) as follows: Tiley aiE disclosed at Market Valu¢. The valuations are cai'i'ied out cvery tliire to five years subject only lo obtaining advice as to th¢ possibility of any material movements between individual valiiations. Rcalised and Iiiirealised gains al'e includ¢d in tl)e SOFA and cirdiied or chai'ged to the Pemi£iiient Endowment fund. 22 S( Mary M&E(IAlene & Holy Jesus Trust Financial Statemeiit5 fol. the Y¢#i- Endcd 315t Mxi'ch 2025 (iv) No depreciatioii is piDvided in IESpect of tl)ese prop¢rtics. The non-agricultural elem¢nt of tlie commeTcial estate was valiied by Hindmarsli Partncrs 011 31 JanU￿Y 2025 011 the basis uf F,dir Vdlue as detailed by tl)e Royal Insliliilioi) of clihjte￿d Siiiveyors bn IlJe RICS Red Book. Th¢ valiiation of tlic Ch&ppendalc Pi'operties &ssuiDes vacant possessio11 as the trustees do not eiivisage selling subject to the existing l¢iTran¢ies. The li'ustees liavc reviewed the carrying valiie of tli¢se assets in tlie light of pi'evailing ¢¢onoini¢ conditions 31)d coiisider that Il)¥ii is no iiiipainn¢nl lu ihat value. 'rhe Famis and Woodlands etc. were valued by Galbraitli as al 31 Jai)uary 2025 by way of 8 percentage iiplifi based on the selling pi'ice achieved 01) the Great Law fam) sale over its pr¢vious book cariying value. Any developm¢nt values relaliiig lo oplioiis giveii to l)ousing developers iii farin propeities ar¢ not includcd within thesc fin8ncial statements, due to tlie inherent uncertainty or ultimately I'ealising the value on sudi arrang¢m¢nts. 711¢ trustces do llot ¢onsider that there hav¢ been any signific8nt changcs to thcsc valuafions in the p¢riod since. (h) DebtQT3 and ci'editors reLeivoble I payable withiD one year D¢btors and ciEdiioi"s wiill 110 slated interesi rate ai)d receivAbl¢ or payable williin one year al'tr recorded at Ir81?sa¢lion pricc. Any losses arisllig from ilnp4imi￿it ar¢ recognised in ex￿nditUre. (i) ImpalrmeDt Assets not measured at fair valiie are revi¢w¢d for any indication tliat tlie asset illay bc tmpaired 8t eael) bAlance .sheet dale. If such iiidicalion exists, the recoverable AIMoii#t of tl)¢ asset, or the asset's ￿511 geiiciating unit. is estimated and compared lo tl)e carjying ailloiinf. Wlieie tli¢ c&i'ryiiig amount exceeds its IEcovoiablc amouiit, arh impaiment loss is JEcognised ii) profit or loss iinless ¢li¢ asset IS Larried at a Tevalued ainoiint where thc impainllciit loss is a rEvaluation decrease. ti) Employee Benefjts Pension benefits are provid¢d thTou&Jh the Tyne & Wear Peiision Fund. whi¢li is a defined benefit sclieine. Contribiitions aiu charged io the income ai)d expenditure accoiint as ihey becomc payable in accord￿le¢ widi tlie rliles of th¢ Scheme. I'he benefils are fiiiided over tl)e cmployee'5 period of 5etryice and ¢oi)Iribulions al'e in ttCCOTdancc with tlie most acluarial valuation of th¢ fiind. The aLtii2]y to tlie Sclieine lias ¢onfirnied that It is not Possible to sepa12tely identify the asset5 and liabilities relating to e2¢h sepaiate body rhat participates in the S¢h¢m¢. The accowiting 15, tl)erefoA'e, based on a defined conlribulion basis. 23 St Mary Ma¥dalene & Holy Jesus Trust 'ioauLial Staleniellts for th¥ Year Enijcd 315t Mai'ch 2025 (k) Tax Tl)e cliai'ity 1% ali exempt chai'ity witliin tllc meaniiig of schediile 3 of the Charities Act 2011 2nd is consideied to pass the tests set out iii Pangi'apli I SchediLl¢ 6 Finaiice Act 2010 find the￿rOJE it n)cets tl)e dttfit]itioii of a cl)ai'ildble compaiiy for UK coi'poration tax purpuses. (l) Going ¢ollc¢rn The fii)anciÈl Sialements have been prepaLcd on a going COn￿M basi5 as tlie Ii'usLees bel￿eVe that no Inalerial uncertainli¢s ¢AisI. The Ii'ustees hav¢ ¢onsideTed the level of fiinds held and thc cxpected level of in¢oine and expenditure for 12 months from Rlltliorisin thcse finaiicial slatements. The budgeted cash flows are ¢011sidered sufficient willi th¢ l¢Yel of r¢serves ftir tlie cliarity to be able lo continue os a 8oiI)g con￿rn. (Jn) Judgemcnts and key yourccs of estimalion un¢ert&lllty Tli¢ following judgeinents (Apart fTOJlI tliose involviiig ¢5tirnales) liave been mad¢ in the prts¢es5 of applying the above accoui11iiig policies Ilial liave liad the most Signifi￿lit cffecl o]J amounts. recognised in ihe finaticial 5tateinenls'. The cl)arity's R¢sidcntial Care Hoin¢ was closed in 2012 Luid Ilas remained empty since apart froin ihose areas used os administration offices &nd dining room I kitcl)en, ¢l?apel and welfare facilitics. It is appreciated that in th¢ longer term this situation is unienable and that the building lias a liinited life. To that ¢nd it was re- voliied at a suitablc rental rate with a piY)posed futiire life of 5 years froin 31 Marth 2016. At 31" Mardi 2025 its n¢t book vaiue was zero. Tl)e key assumptions con¢¢rning the fuiiiir and oth¢i' kcy sources of estimation un¢¢rtaii)ty et tlie reporting dat¢ that have a significaiit risk of causing a material adjusttnent to the cai'iying amounts of assets and liabilities Mytliill Ilic iiext financial yeai. in¢lud¢.' Valllation of farm5 IliL majorily of tlic farnis are located or near to formei. ¢oal oi. indiistrial woikin85. It lias beeii llSSLlined that no past or PlEsent iises of thc land would lead to a polenlial foy contamiiiatioll. Sliould it be established subsequenily Iliat E)taminatioi), seepage or pollLltioii exists al any i)f ihe property or on any neiuibouring land, or that tlie preinis¢s have beeii or Are being piit to contaminative use, this n]ight i'ed￿Ce tl)c values now reported. 24 St Mary MAgdal¢nÈ & Holy Jesus Tru8t ininchAI St8t¢ments for the YeAr Ended 31st MHrcli 2025 I Income froDi dui1￿14￿￿$ #nd legicles 2025 £OOO's 2024 £OOO's DonAtions Received All donations represeni unresiricied funds. 2 Incoming i'e50ur¢¢5 from chaj'ltsblt 8etlvItles 2025 £OOO's 781.2 2024 £OOO's 635.0 Shelter¢d Housing 3 In¢omg fi'om iuvestinents 2025 £OOO's 701.5 707.2 25.3 1,434.0 2024 £000 684.3 788.9 33.4 1.506.6 Commercsal Estate Managed Fin8ncial Inve5ttllEnts Interest on Otli¢r Cash Balances All invcstmcnl in£ome repr¢sellrs unrestricted fullds. 4 Rai$*￿£ Funds.. lJJvcstni¢DI manag¢ment Costs Unrestrictcd Restr¥cled Endowm¢ni £OOO's £OOO's £00￿S 15.6 141.6 256.8 414.0 2025 0005 15.6 141.6 256.8 414.0 2024 £OOO's Lcgal fecs Iiivestment mallagEr f¢¢s Oth 148.3 284.8 435.0 £414.00012024- £435,000) of thc abovE costs wer attribuiabl¢ 10 ¢ndowJllcnt fund5. 25 St Mary MAgdAlcne & Htkly Jesus Ti'u$l Fitiaiielal SIAtem¥nts foi. Ihe YeAI' Ended 31st M#rch 2025 S Attelysls of ¢xptLditllrt on ehai'itable Rctivities Activiti¢s under raketj DireL'tIy £otX)'s 9r15.6 Suppon C0518 £OOO's 398.1 Total 2025 £OOO's .303.7 Total 2024 £O(Xl's Sheltered Housing Granis to Brelhren oihLI' Donaiions 912.6 398.1 1,310.7 1.258.6 6 AItD¢#tlou of Support Costs Tolaj 2025 £OOO's 2024 £￿0.5 All SupJy)rl c()515 are Biti'ibulable to Shellercd I40￿1￿B PIDvisioll ofmeals Adtnini51ration Salarics end ExptnsB5 Administraiion BuiSdin8 C051s Chaplaincy Costs Govcrnancc Othci. Support CO￿5. 235.9 69.5 217.9 45.9 46.4 38.9 398.1 30.2 12.7 Note.. The Tru51 IEgis(ered fuj. VAT )Dd ¢an only ￿l&llY recoycr illpul VAI-. 'I'he 8mtsunt irrccoverable ts incltsded in the stxjve fLgkir#. Ab. u result of r¢gislMiion, VAT 4mou]Jtillg to £324,557 (2024- £58.205.901 h8s bL'crt re¢￿ird during di¢ ycar. 7 Govei'n4nte Costs Tol8 2025 £￿0,$ 20.7 15.9 Toial 2024 £OO(Ys 10.7 12.5 Ixgal & Piy)fessional l.ees Audiloi 5 Remuneralion Insuraiice Other 46.4 30.2 8 Nol ffinLom¢ I lexpendlthlrel foi. tILe ye4r Tolal 2025 £OOO's Toial 2024 £OOO's Nei inivtn£llexpesTrdilurcl for the ye&r is ¥lUtcd Rfter Ichoryin81 / cieditiiig.. Depreciaiion tsf iangiblc fixed asse18 lJrof*t on sal¢ tsl. invesiment prupcrty Lv55 On f&ir value moveinent of iiivcstmenl pi'operty Pyofil I Ilok%l Dn fail. value movemenl ol'jiivLsiments (282.9) 1232.51 1.862.6 1.566.6 9 Audlfot's Temunerallon The audiioi 5 rctlluneratton atnount5 10 8D oudii fee of £15,¥5012024- 112.500) 26 St Mary Magdalene & IloIy Jesu5 Trttst Fingncial Stgttmellfs for tho Year Ended 31st Msirh 2025 10 Ti'ustees, ADd key m&oagtment per50bnel remuiLerAtioii #nd expenses Th¢ trubt£&8 neither rec¢ived nor Èny remuneration duTing lh¢ year12024: £Nil). The TO1￿ amouttt of Employee bet)cftts rectivcd by key ManasejT￿Jl personnel was £84,390 (2024: £75,496). The ITUSI con%idek3 its key mun&geJnent personnel tD comprise non Irustees who diiectly contribute to the Tru51's board meetings. No ts'u5tec8 ar¢ ac41.uing Ftnsion aTra518ertiEiit512024= £Nil) Thc tru51tts did not hav¢ any eX[￿n$eS ￿1mbUr3ed dllrll￿ thc yg*T {2024.. £Nill. 11 St&flcosts aTJd emplDytt hentfits The aver8gE monthly numkr of ¢￿p10ye¢S and full lime equivalent (FTE) during the yC8T was as follows:_ 2025 Avtttuge 2025 FTE 2024 Averd8e 2024 FTE Av¢rage Numb¢rof Brnploy Rdising funds Charitable activits Govcrnance The ￿tal staff ¢osts and employee IMefLt's was 85 follow3.. 2025 £000'5 232.5 17.2 26.8 276.5 2024 £OOO's Grtrss Wage5 Nl Contributions P¢n5ion Conlribution5 13.9 23.8 238.6 A8¢N¢y Staff 277.7 238.6 The tsujnber of employees whos¢ ¢tllployee benefits (excluding employerpEnsion costs) exce¢ded£60.000 wa5.. 2025 2024 ND tll the band £60.(rf)1- £70,000 27 St M#i'y MRgdalellc & Holy J¢stts I'rust FIna￿till Statemen15 for the Yemr Li nded 31$t M8rch 2(k25 12 Opei'atiollal Estate r81ional 55rts Undei. Fixliires Fittin OtJstructio 'I'otal £OOO's 19.791.2 307.1 £OOO's 19.378.8 £OOO's 358.6 23.2 CD5t at 3]51 March 2024 Additions Transfrrs Disposals Cost 0131st March 2025 53.8 283.9 1,826.9) 17,551.9 214.1 167.7 2,041.0 18.057.3 337.7 DepJ%ciation at 31st Mar¢h 2024 ChArge fory¢Ar Dispo$￿S Depre¢iotion at 315t MaT¢h 2025 7,846.5 272.0 11,826.9) 6,291.6 280.2 10.9 1214.1) 77.0 ,126.7 282.9 12.041.0} 6,368.6 Net Book V&lu¢ at 315t March 2025 11,260.3 337.7 90.7 11,688.7 Net Book Va]ue at 31st M8r¢h 2024 11.532.3 53.8 78.4 11,664.5 28 StM4ry MiÈd41ene& HolyJ￿￿$Tr￿1¢ Fwll£lilSlatenJents forfhe YtirE•ded 31&tM*rch201£ 13 Inv¢5tmtntAy5¢ts [ilDr￿CiEdI Gener31 tptDn4ncTrtF￿dQwwc￿r1 CoAuhtrcial Inv¢slrn¢Ms 2025 Jnve51mtnL tale £OO(V& 7.544.9 Tot41 2024 Cwrying ¥￿ve￿I koln￿1￿80TY Add. AédillO￿rO In￿51A￿LI￿tcQ L￿.. Disposil pruc¢ed5 fjbin511l￿￿)oll Di5p)sEIs Withdrnwols R¢wlualion Incon￿Re￿I15ed MarF48onenl FeEy Ppid 2S.031.4 3.453.0 32.576.3 4.791.8 32.576.J 4.793.8 13.14?.9) 31.662. 3,665.9 13,728.11 6?.4 1725 61 2.(W.6 1725.6) 1290.7) 7Q7J 11261.51 1566.6 788.9 2.354 3 2,tr63.6 707.2 Canyin8value81 cndofyeAr 32.576.3 IDwmuitAsgc15compT vestmEni pioptrtit Lisiedlnvest￿nts 7.544.9 25￿31.4 32.576.3 24.409.2 24.4092 24 409.2 35.5347 24409.2 15,534.7 15,125J C4sh in &}v¢st￿tiLtpQr￿1O 24 409.2 35.534.7 35.534.7 325763 1nye5vneniin(*rnE2025 IDve5thTh1 In¢On￿2024 ?07.2 7É8.9 701.5 684.3 1,473.1 1.473J LN0￿ 32 Mnin¢i&l Investn￿ts 'rhe f4wvolueoflisied inTrtsmEn15curicdth IhePetmfiEvIEndowrMtniisdEIEnninr41 byttftrt￿￿￿qUQted￿{Cll&C IhtbalFtt¢slRet&t Cojnrnerthl X51a¢e InFKi￿a￿¢s￿￿Ih actvyntin8poIity, Ih¢TTh#'stsolding5ofinvtltrED¢ lllnd. buildinSSand wasrewtwyd by 1￿Mm￿rSt Dfth¢inYtSlmeuts Bl th bthnc¢shee1d￿eW￿2,I96.lb)S(2024.' £22.691,037). Ai IhcyuttndthEFoIlowinginrtthnonls T?P5￿nted LTJoKthats5850fthiiolel Tthc•fthEiDvEthntpwlfdio'. ce￿ I￿￿t￿eThI £4.817.183 29 St MAIY Mi¥daltne & Huly J¢sus Trust Fiiillnci&l Statements for Ihe Ye4r Emded 31stMirclL 2015 2025 £00￿8 2024 £000'8 14 Dtht4)J Ren15 Rueivable P￿pay￿¢nls andAccrurd Incoille 61.6 234.0 295.6 50.7 55.0 105.7 2ff25 £OOD's 2024 £OOIYs 15 Crtditorj Tradc C.'redilt)]s A￿￿15 and Deferred Itlcome 157.4 281.4 438.8 31.0 417.5 448.5 2025 £OO(Ys 86.9 630,9 615.21 102.6 2024 £QOO's 59.4 600.4 572.9 86.9 16 Deferred Ineom¢ At 3 1 March 2024 Addiiions during the year Amounts released to illcome At 31 2025 Dcfcjycd inco]ne r¢Jak5 to comzllrrcial PLVPtrty rents paid kn advance. 30 Sl Mary Magd<n¢ & Htsly frust inan¢Sal Sl#t¢mvnls f&i' Ih¢ Ye4rL￿ded31ltm4r¢h 2L115 17 Moycmortt on Trund5 Restri¢t¢d ToiBJ Re￿tr￿ted & D￿￿￿tsted unds Pcrnianent Endowmcnl Gen￿ Fund £iY)O's C&pithi Pl0j￿[S Fw £￿0 Op¢rBiional E8rai RcsEtve GenetEI Totsi Funds £000 £OOOs bRl¥nc¢ at31sl Mo¢cli 1024 500.0 606.7 11.532.3 11199.0 33.364.9 41063.9 Net Incominty{Oui8Dill8) Resources TrAnsf￿$.. ATnOrt￿5al1oD of OperationAI EsthieRe¥. 857.5 47.0 47.0 1414.0} 490.5 2819 1282.91 0￿￿Tr￿j)sf¢rB {857.51 164.5 101.7 266.2 591.3 OauJsrtl.osses) on Inv￿rMe￿iE Balance *t 318tMartth 2015 1.862.6 1,862.6 48.417.0 50D.O 12 512.2 Trsnsfers brhveEll PeT G7J￿B￿tpQlI¢y.' l. A tr￿Sfere9u￿ tD thc annll￿ dcpr¢¢iaiion thaT8cof £282.851 was transfrtrcd Ibe OperauoDoI E51Bie ReserY¢ lo Ibc CopiiHI Projects Fund. 2. Othr ￿￿￿fer$ telule to the rcduaion of the Etrtetal r&%cTreto£50QDDO as perthe Cur5Entp￿j¢y. thc BUocAlion ofan￿llnts rtJatsDE to 31 51 Mary MAgdgltne & Iloiy Jesus Ti'ust Finanti#l StAtytfyeDtsloi' Ihc Yegr ￿nde￿ 3151 M9r¢b 2024 l? Mov¢mtnf tsn FuiidJ in&l¢d R¢si¥L¢ted Total Pe￿a￿ent C8piftil PIojE¢ts FWJO Operationol Ftsia Reserve Rc5tricte(I &D¢signate Funds EndLTrwinent TolB] F￿lld5 Rcse4ve Fund £OWs £00￿8 EOOO'S £ODtIs BAl4n¢¢ *t31rtMftrib 2023 500.0 3.759.2 7,774.9 IlJ34.1 1134.1) 34015.2 (435.01 44.049.3 Ncl Incom￿￿11)utEQlllB) TrdD8fe￿'. A￿OrtiS￿l10n ofOJKxaiional Esr¥t¢RBs. Othct Transfers Gain￿(Lo55￿$) on InvtStsn¢T B#lanc¢ at31s1 Mllrfh 2024 448.0 232.5 1232.5) 3.989.9 .1gXl.91 799.0 218.1 1,566 6 33 1.566.6 46,063.9 50DO 6[￿.? 12,199.0 TrA Th5f¢n betsyttn Pcr current poli¢y'. l. A tr￿Ster￿qUal 10 the 8nnuEI deJKe¢iaiion ¢hargE of £232.522 wa8 tra￿s[c[red from the Operati0J￿IF51@1¢ R¢serye ID capit￿ Proie¢L% Fund. 2. Othcr transfers telatt 10 thE redllcliwof ￿￿￿ener&I￿ser¥c Lo£s0Q￿O L8per th¢ wrrenipolity. and th•￿10¢allen of a￿allnts to th¢pet]n￿ent ¢i)dowmerti. St Maiy Magdaleya & Holy Jesus I'rusl FinAncial StatcmeDts for thc Year End¢d 315t Mgrch 2025 17 Movemejil on Fllnd5 (continued) Fund descriptiow Uuttstri¢ted Fu]Jds General R05erYe All incoine is uediled to the Gen¢ral ReSe￿e and all costs of chaiitable atliv¥t¢5 ¢harged to it. excEpt for those which are de¢￿¢d ¢D ￿ items covered by Ihe Capitsl ExpeDdituie Fund. The policy level for tlje Reserve was been redu¢cd to £S00.000 during the year ended 31st March 2021. Any Surp1￿ ov¢r ihis amount is trnusfBfftd to the Capital Projects Fulld. DesigthAl¢d Funds Operational Esiate Rcserve This rttserye wa5 crcated in order to bring ihe capitalised Operational E5tale of the TWSÈ (The R¢5iderttial Care Home. Sheltered Hou5iHg and a5sociatcd fjxturcs and fitting51 into th¢ FI￿￿1¢JaI St3tetllents at cost less accumulated depreciation in 8Gcordance with SORP 2005. Under SORP 2000 these assets were not va]u¢d as th¢y wer¢ Considered "in&lienable" The 5CDpe was widened in the Financial Year ended 315t March 2010 and the balance increased tD refleGt th¢ Ert)ok value of all opeAational assets. This reseiye 15 amortistd b8ck to the Capital Expenditu Re5eTV¢ ifl line with the depre¢ia¢ion ¢harg¢. (b) Capital ProjE¢t5 Fund This fijnd was G￿ted during the Financial Year Ended 31st Mar¢h 2010 to provide for the futur¢ Capitsj Expcnditurt requirements of the TT115t. lldowmeDt funds (a) Permartent EThdowment Fund Thc PeJyDaiirllt Endowment Fund is 8 forjn of restricted fi￿d and represent8 those 8s$¢ts whirh musi bE hcld pcrfftanently by the Trust, prin¢ipally investments. Tn¢om¢ Ari5in8 on the Permartcnt ￿dOWMent Fund c8n bc used in accordance with objects of the Trus¢ 8nd is included as unr¢stiic4zd ill¢ome. All costs rel*ing tts Pernjantnt EndowmtntA￿4tS ar¢ thar8¢d io this Fund. 33 St Mary ritagdalelle & Holy Jesus Trust r4lJJsnei&l StstcmeDts for the Year Ended 31st Marclk 2025 18 ADAlysi3 ufnet fi$$tts bttsveeu fund5 As ￿13] 2025 UttrcstriLted D¢signatcd Restrtcted Endowment Total £000 47,22J.4 1,336.8 (143.2) £000 £000 11.688.7 836.5 113.01 £000 £000 35,534.7 138.51 191.4) Fixed Isseig Cash and Cu￿ent asset investm¢nts other ¢ll￿ttt ￿$￿tsI11abzIileS Crediteis du¢ in more than aneyear 538.8 138.8) 500,0 12.512.2 35 404.8 48 417.0 As ot31 Mai'ch 2D24 UnTeslri¢tcd DeSi￿l￿ted Restri¢￿1 Endowmcnl £000 £000 £000 £000 11.664.5 32,576.3 607.6 1,025.0 (73.11 1236.4) Total £000 44,240. 2,165.9 (342.81 EL￿d assets Cash and curyent esget inve5(m¢ntS Other ¢urrent a55etslliabilitcs Cr¢ditors due in more than one y¢ar 533.3 {33.3) 500.0 l2.199.0 33.364.9 46 063.9 J9 P¢nsloll Conmiitrnents 'Il¢ Trust participates in the Tyne 8Hd W6ai' Pension Fund for it$ employee5. Under the defjnilions s21 Out undeT FinaTJcI￿ Reporting Stattdard 17 {Retirernent Benefits), the Tyn¢ and Wear PeLsion Fund is 8 M￿lti-¢mPI0Yer p￿siOn scheme. The Trust 15 unable to idetjlify its share of the undtrlying assets and liabtlitits ofthe 5Gheme. Accordingly, the Trust has taken advanl88e of the ¢xempiion iii Section 28 of FRS102. the Finallc2d Reportin8 Standard AppliG&ble in the UK end Ireland. P¢nsioll conlTibutions payable ter the year Endd 3lsl March 2025 amountcd to £26,751 (2024.. £2J.752) and thcrc were 7 employees {2024- 6) participating in the ￿h¢m¢ during thE year. Under the 2019 sch¢m¢ vaiu8tion. no addit2onal def￿1t ctsrttribuiions arepayable (2024.. £Nil) 20 CapltAI Commitments IJ) 2024 thE Trust cntered into a cotttr8cl with Aptus Co￿StructiOn for thc refurbishrrjent of areas of the Vine Bnd Provincial House BUild￿nE. 'fhe mojoiity of th6 Works will take pla¢¢ in 2024.5 with the cost being £1.260.000 In 2025 the Tn￿t ellte￿d into a CDntract with Me[d￿m Coll5trncting Scrvices Limit¢d for work on Mary Magdalene BunEaJows, inGluding making some of th6 propertie5 2-bed. Thc works will be ¢ompl¢ttd in 25r26 when the costs i¥ill b¢ rapitalisd. 34 St Mary Magdalene & Holy Jesus Trust FinMDciYII Statements foi. Ihe Year Ended 3151 Mal'eh 2025 21 RLlated party trAnsAetiolls: A nuillber of ts'uslees have Inembers of their Freemen Coinpanies IEL'eiviiig sl)eltered hoiisiii piovided by th¢ chai'ity. All ot. tlic beiieficiaries qiialify for housing ui)der tlie charity elL8ibility ci'itei'ia. All Ii'ansactioiis witii dios¢ I'clated pajties were al arins Iciigtii. 22 Control Tjie cliarily is Lontrolled by tli¢ Board of'Trust￿$. 35