REGISTERED CHARITY NUMBER: 31)6969 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MAGDALEN AND LASHER EDUCATIONAL FOUNDATION Acuity Professional Partnership LLP Unil 2.02 High Wea]d House Glovers End Bexhill East Sussex TN39 SES
MAGDALEN AND LASHER EDUCATIONAL FOUM)ATION CONTENTS OF TRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Relerenee and Administratlvt Det#ils Report of the Trustees Report of the Independent Auditors Statement of Financia] A¢tAvities Statement of FlnanciAI Positlon 10 Notes lo the Flllanel Statement8 11 to 17 Detailed Staternent of Actiirytie$ 18 to 19
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION REFERENCE AND ADMIIYJSTRATtVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Mr K S Donaldson Mr G Bendon Mr l M Steel Mr M Foster Mr C Galbraith Chairn)an Mrs S Phillips Mrs A Wing Cllr J Bacon Dr P Lock Mr J Bilsby Mrs J Cubison (resigned 301412023) Mr M Boles Rev M Phipps (appointed 111912023) PRINCIPAL ADDRESS Old Hastings House 132 High Street Hastings East Sussex TN34 3ET REGISTERED CHARITY NUMBER 306969 AUDITORS Acuity Prufessional Partncrship LLP Unit 2.02 High Wcald House Glovers End Bexhill E&st Sussex TN39 SES TRUSTEES EMERrrus A Slack G R D Kellie Page I
MAGDALEN AIYD LASHER EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial stalemenls of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice appltcable to charities preparing their accounts in ac¢ordanc£ with the Financial Reporting Standard applicable in tbe UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTJVES AND ACTIVITIES Objectives and Adivities The charity has the following objects, namely: For the benefit of persons in need of financial assistan¢¢ who are residents of the Borough of Hastings or who have attended schools in the Borough for Tnote than 2 years to.. a) award to bencficiaries scholarships, bursaTiCS or maintenancc lenable at any school, univcrsity or other place of learning approved by the Trnstees" b) provide financial assistance (inGluding assistsnce in kind) to help beneficiaries l¢aving h0O1, university or other places of Icarning to prq)are for or en*r employment; c) award scholarships or maintenan¢¢ 10 enable benefi¢iaTies to PUT5U¢ their educalion" d) provide assistsnce for the Provision of facilities not CUentlY provided by the Local Education AuthoritylAcademy sponsor foT re¢reation and for social and physical training including sports coaching. and e) provide financial assistance to enable beneficiaries to study music and the arts and otherwise to promote education. The Board of Trustees has delegated day-tfrday managemenl of the Foundation's activities to its Education Committee (EC), comprising four Trustees and chaired by Jobn Bilsby. The EC'S delegation Includ the powcr lo thke all decisions up to a value limit of £5.000, provided that the decision is consistent with the policies approved by the Board. All matters which derogJied from the approved policies or which excceded £5,000 aTC lef¢ed to the Board for dccision. Thc EC submitted a stewardship report to each quarterly meeting of the BodTd delailing its decisions in the preceding quarter. Working to a budget. the EC met four times during the year and confetred frequently by e-mail, thus ¢nabling grant applications to bc delernlined promptly. They awaTded'. 3) University buTsaries and grants-in-aid to individuals ttbtalling £33,025 b) Major and miJ)or grants to schools and other institutions lotslling £160,676 Two generous bequests from Miss Norn]a Batl¢y at)d Mr Der¢k Hibberl with the object of promoting musical education in Haslings. are being administered by the ChaTity as th¢ Batley-Hibbert Fund. Included in the fJgur¢s above, in the year ending 31 March 2024, grants amounting to £10,335 were nlade from the Batley-Hibb¢rt Fund. Also included were pa>entS made totalling £41,546 from the William Parker Foundation (IVPF) Fund. The total value of granls ¢tc. awarded in th¢ year ended 31 March 2024 was £193,701 {2023 £195.937). Page 2
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Public benefit All educational grants to individuals are means tested and help to impiove educational opporiuDities for le55 well off sdents. All grants to institutions facilitsle enhancernents lo educational provision which might not othenvise happen. Major GraDls involvc leverage and may encouragc long-terni innovation through secd-corn funding. The Trustces are required under the conslilution of the ChaTity to preparc fu]Cial slatements for each financial year, which give a true and fair view of the slate of atyairs of the Charity and of its results for that period. In prepaTing those financial statements the Trustees arc required to follow bestpractice and.. a} select suitable accounting policies and apply them consistently- b) make judgem¢nts and estimates that are reasonable and prndent. c) state wh¢thcr applicable a¢counting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and d) prq)are the fmancial statements on a going concern basis unless it is inappropriat¢ to presume that the Charity will ontinue in operation. Th¢ Tntee$ ale responsible for maintaining proper accounting records which disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the fmancial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking re$nable steps for the detection and prevention of fraud and other irregularities. The Tntee8 of the Charity Must, in detennining how amounts are presented within items in the statement of financial activities and balance sheet, have regard to the substance of the reported transactions OT arrangement, in accordance with the generally ac¢epted accounting principles and practice. The Use of Volunteers The charity makcs no use of volunteers. FINANCIAL REVIEW Investment policy Other than property and cash at bank. the bulk of assets of the Charity are invested with the Charities Official Inve&lment Fund (C.OIF). The cbarity also has an investment in thc M&G Inve.8tments' Clwifund. All sales and purchases uf capital assets are made with the approval of the Board of TTUStees OT the Finance and General Purposes Committee F&GPC, in accordancc with the Charity's Scheme of Delegations. Rental income reprcsents a 3.2 % gr08s (1.42 /0 net) Teturn on the inv¢stment piuperty portfolio's mark¢t value of Marcb 2024 of £2.340,000. The COIF and M&G share investments have provided a dividend return of 2.7 /0 whilst their capital va]ue has increased by 8.6/0 over the year. The F&GPC, reporting to th¢ Board of Trustees, contiuues to review investments r¢gularly consultiT)g its investmellt advisers when required. The market continues to be relatively turbulent and the committee considers as appropriale its policy of keeping the bulk of ils investments in COIF. COIF continues io provide a comparatively reasonable rettm) in secure manner. The smaller investment in M&G gAv¢s some variety to the portfolio and it also has produced a reason&ble return and growth in a s&fe place in the Gurrent maTket. Page 3
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 (ARCH 2024 FINANCJAL REVIEW Reserves polley Thc free r&serves, which are those unrestricted funds not inveslcd in fixed assets OT propcrties held for investment, designated for specific purposes QT otherwise committed. are represented by net CUTrenl assets and ndS held on deposit with CCLA. Treasury managcmcnl of the ChaTity's cash reseTves is delegalcd to th¢ F&GPC. The TTuslees forn)ally consider the Charity's cash reserve5 at each of Iheir meetings. At 31 March 2024 the free reserves lotalled £322,168 (2023: £296,504). Trustees are risk averse and view the present level of rescrves as appropriate and pn]dcnt, having regard the Charity's current actsvities. They wTrll aim to relain r¢setYes of these levels as a minimum for the foreseeable fUtt. Trustees remain conscious of the need to hold sulTicient reserves to manage risks. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is run by a Board of TTUStces which delegates some of its nCtIonS to committees. Th¢ Chairnian is Clive Galbraith. The various management committees and the Admintstralor of the Charity, who is Mrs Marcia Woolf, Tun the day-to4ay operdtions. Th¢ charity originated prior 10 21 March 1294 bul is now governed by a sclLeme of the Charity Commissioners made on 12 Febnwy 1951, as amended in 1965, 1981, 1989 and 2020. Related parties The Cllarity's Trustees are TTUStees of the Magdalen & Lasher LTharity General Fund and Magdalen & Lasher Old Hastings House CTO. Risk management The Charity's Tnle¢S have considered the major risks to which the Charity is exposed and have established systems and procedurcs lo manage those risks. The Trustees keep their risk policy under regular review and act as necessary. Polltlcal CoDtributions The Charity madc no political contributions. STATEMENT OF TRUSTEES, RESPONSIBILITIES The ITUStees are rc5ponsible for prcparing the Report of the TTUStces and the fiDaucial staternents in accordance with applicable law alld United Kingdom Arcounling StandaTds (Uniled Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Fin8nctal Rcporting Standard applicablc in the UK and Republic of Ireland" The law applicabl¢ to charities in England and Wales. thc Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the wovisions of the trust deed requires the ttuslees lo prepare financial slatemenls for each fUnClaI year which gtve a true and fair vi¢w of the state of affairs of the charity and of the incoming iesoutces and appliution of resources, including th¢ income and expelld1re, of the charity for that period. In preparing those financial statements, tlie ttmstecs ar¢ Tequired to select suitable 3c¢ounting policies and then apply th¢m consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and pNdent' prepare the financial statements on the going concern basis unless il is inappropriate to presume ihat the charity will ¢ontinue in business. Page 4
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES- ¢ontinued The trnstees are responsible for keeping proper a¢counting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the fmancial statements comply with the Charities Aci 2011, the Charity (Accoujts and Reports) Regulations 2008 and the provisions of the tmsl deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention und detection of fraud and other itregularities. 2 •//." Apptoved by order of the board of Iruste¢s on ........... . and signed on its behalf by.. Mr C Galbraith - Ttee Page 5
REPORT OF THE INDEPENDEiYf AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER EDUCATIONAL FOUNDATION Opinion We have audiied the fmancial a1¢M¢llts of Magdalen And L&sher Educational Foundation (the 'charity'} for the year ended 31 March 2024 whi¢b comprise the Siaternent of Financial Activities, the Statement of Financial Posiiion and notes to the fJnan¢ial statements, including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'Tbe Financial Reportitig Standard applicable in Ihe UK and Republic of Ireland,. In our opinion Ihe financial ststements: give a true and fair view of Ihe stale of the charity's affairs as al 31 March 2024 and of its incorning resources and application of resources, for the year then ended. have been properly prepared in ac¢ordance with United Kingdoin Generally Accepted Accounling PrdCti¢e, including Financial Reporting Standard 102 'Th¢ Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. and have been Prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conduct¢d our audit in accordance with International Slandards on Auditing IUK) (ISAS (UK)) and applicable law. Our responsibililies under tbos¢ standards are thrther described in the Auditors, responsibilities for the audit of the financial ststements se¢tion of our report. We are independent of the charity in accordan¢e with the ethical requirem¢nis that are relevant to our audi¢ of the financial slatements in the UK, including the FRC'S Ethical Standard, and we hav¢ fiilfill¢d our other ethical responsibilities in accordance witb these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoneern In auditing the finaneial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Bas¢d on the work we have perforn)ed, we have not Adejitified any material uncertainties relating to events or conditions thaL individually or collectivelyj may cast significant doubt on the charitys ability to continue as a going conc¢Tn for a period of at least twelv¢ months from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the trnstees with respect lo going conceTn are described in Ihe relevant sections of this report. Other informgtion The trustees are responsible for the other inforniation. The other infomiation comprises the infonnation included in the Annual Report, other tban the fmancial statements and our Report of the Independent Auditors thereon. OUT opinion on the financial sts*ments doe5 not cover tbe other infornialion except to the extent oihenvise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of thc financial statements, our responsibility is to read the otheT infornlation and, in doing $0, consider whetber th¢ other infonnalion is materially in¢onsislent with the fmancial statements or our knowledge obiained in the audit or otberwise appears lo be materially misstated. If we identify such rnalerial in¢onsistencies or apparent material misstatements. we ar¢ required to d¢tern)iDe wheiher this gives rise lo a material misstatement in the financial slatments themselves, If, based on the work we have perfonn¢d, we conclude that there is & material misstatement of this other infom?ation, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by ex¢¢ptlon We have nothing to report in respecl of the following matters where th¢ Charities (A¢¢ounls and Reports) Regulations 2008 requires us to report lo you if, in our opinion: the infom]alion given in the Report of the Ttustees is inconsislent in any material respect with Ihe financial statements. or sufficient accounting records have not be¢n kept. or the fmancial statements are nol in aeement with the accounling records and relum$,' or we have not received all the infonnation and explanations we require for our audit. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER EDUCATIONAL FOUNDATIOIY Responslbllities of trustees As explained more fully iti the Statement of Twslees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable ihe pr¢paralion of financial statements that are free from material misstatement, wbether due to fraud or etror. In preparing the financial statements, the thee$ are responsible for assessing the charity's ability to continue as a going con¢¢rn, disclosing, &$ applicable, matters related to going con¢ern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no reIStiC alternpltive but to do so. Our responslblllties for the xudlt of the IlnaD¢lal statements W¢ hav¢ been appointed as auditors under Section 144 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the funCIal statemenls as a whole are free from material rnisstalement, whetheT due to fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Re8sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to infiuence the economic decisions of users tsken on the basis of ihese financial statements. Th¢ extent to which our procedures are capable of detecting i¢su}anties, including fraud is detailed below.. We were engaged to audit th¢ financial stalements for curr¢ht year figures. However, the comparative figures for the year ended 31st March 2023 were not audited. As such, we do not express an opinion on those comparative amounts." We have assessed the susceptibility of the entity's fuwicial statements to materia] misstatement, including how fraud might occur, as low by way of enquiry, prior knowledge and current year analirtical review and testing W¢ have enquired with management and those charged with goveTfLance to obtain an understanding of the legal and regulatory framework applicable to the entity an through our audit testing. our findings have conf1rnd that the entlty is omplying with the relevant frameworks We have enquired with management and those charged with governance to obtain an understanding of the entity's policies and procedures relating lo compliance with laws and regulations. Through our testing, we bave reviewed all relevant do¢umentslion and confmn that there have been no instances of n(m- compliance Through enquiry, anals¢ical review Imd substsntive testing w¢ have obtained an understanding of the entitys policies and procedures on fraud risks, including knowledge of any actual. siispected or alleged fraud. We have confirni¢d that the engagement team colle¢lively had ihe appropriale Competence and Capabilities lo identify or recognise non-comph'an¢e with laws and regulations and fraud Lisled above is the extent of PToc¢duTes we have iaken to detecl material misstatements in respect of Irregul111¢S. including fra to which we have found no inSLCes. Because of the inherent limitations of an audit, tbere is a Tisk thal we will not detect all irregularities, including those leading lo a material misst8l¢menl in the financial slalements or non-complian¢e with regulation. This risk increases the more that C4)mplian¢e with a law or regulation is removed fTom Ihe events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irr¢gulariti¢s occurring du¢ to fraud rather than emr, as fraud involves inl¢ntional concealm¢Dt, forgery, collusion, omission or misrepresentation. A fijrther description of our Tesponsibilities for the audit of the financial statements ks located on the FinaDcial Reporting Council's website al www.fr¢.org.uklaudiloTsT¢swynsibilities. This description fonns part of our Rep)rt of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MAGDALEN AND LASHER EDUCATIONAL FOUNDATION Use of our report Thi5 report is made solely to the charity's trustees: as a body, in accordance with Part 4 of the Charities (Accounts and Rcports) Regulations 2008. Our audit WOTk has been iindertakcn so that we might state to thc clthrity's trustees th05C matters we ¢ required to state lo them in atk auditors, report and for no other purpose. To the fullest extent pertnitted by IRW. we do not accept or assumg responsibility to anyone other than the chaTity and the charity's trustees as a b(Kly, for our audil work, for this r¢port, or for the opinions we have forn]ed. Acuity Professional Partnership LLP UDit 2.02 High Weald House Glovers End Bexhill East Sussex TN39 SES Date: ... 27.01.2025 Page 8
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION STATEMEIYT OF FINANCJAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricled funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,114 230 Investment inLome 272.872 276,441 Tolal 273986 276,671 EXPENDITURE ON Cbarltable activities Major & Minor Grants Cllznts in Aid and BursaTies Governance costs 160,676 33.025 8,777 139,430 56.507 7.976 Rental Propety Expenses 40,593 21,826 Total 243,071 225,739 Nel gainsl(Ios5es) on investments 789,580 {296,877) NET INCOME/(£XPEM)rruRE) 820,495 {245,945) RECONCILIATION OF FUNDS Total funds brought forward 9,265,516 9,511,461 TOTAL FUNDS CARRIED FORWARD 10,086,011 9,265,516 The notes forni part of these financial statements Page 9
MAGDALEN AP4D LASHER EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 Unrestrlcted funds 2023 Total funds Notes FIXED ASSETS Investmemts Inveslmenls Jnvestment property 7,423,843 2J40,000 6,839,012 2,130.000 9,763,843 8,969,012 CURRENT ASSETS Debtors: amounts falling due within one year Cash al bank 1,061 344,872 1.061 313,935 345,933 314,996 CREDfToRS Amounts falling du¢ within one yeaT (23,765) (18,492) NET CURRENT ASSETS 322,168 296,504 TOTAL ASSETS LESS CURREI¥T LiABILITIES 10,086,011 9,265,516 NET ASSETS 10,08fi,011 9.265,516 FUNDS io UnTestTiCted funds.. GencTal Fund Batley-Hibbcrt William Parker Designated Fund 6.990,792 596,005 2,499,214 6,369,560 544,269 2,351,687 10,086,1111 9,265,516 TOTAL FUNDS 10,086,011 9265,516 The finaD¢ial slatemcnts were approved by the Board of TteeS and authorised for issue on and were signed on ils b¢half by.. //-- Mr C Galbraith - Trustee The no*s forni part of these f)Dancial statements Page 10
MAGDALEN AND LASHER EDUCATIONAL FOUNDATJON NOTES TO THE FINAI¥CIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS Thc financial statements ot. the chariry, which is a public benefit entity under FRS 102, have been prepared in accordance with thc chItieS SORP {FRS 102) 'Accounting and Reporting by Charilies." Ststement of Recommended Praclice applicable lo charlties preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Rcpublic of Jreland (FRS 102) (effective l January 2019),, Financial Rcporting Standard 102 'The Financial Reporting Stsndard appllcable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statemeots have been preparcd under the histOTical co51 convention. with the exception of investments which are included at market value, as rnodificd by ihe revaluation of certain asscts. The address of the principal place of operation is given in th¢ charity infonnation appendcd to these fll)ancial stat¢ments. Th¢ nature of the chaTity'S operalton5 and principle activities are shown in th¢ report of the trnste¢5. The financial staiements are PTepared on a going concern basis under the historical cost convention. modified to include ¢ertain items at fair value. Th¢ fjnancial statements are pres¢nted in sterling which is the functional Currency of the cbarity and rounded to the near¢st £1. The significant accounting policie5 applied in the preparation of these financial srntemenls are set out below. These policies have been consistently applied to all years ptescnted unless othmvise stated. INCOMING RESOURCES All income resouxes are included m the Statement of Financial Activities (SOFA) when the chariry 18 legally entitled to the income after any perfornian¢¢ conditions have been met, the amount can be m¢asured reliably and it is probable thai the income will be received. For donations to be recognised the charity will have been notified of tbe amounts and the selllement date in Writing. If there are Conditions attached to the donation and this requires a level of perforniance befoTe entitlement can be obtained then the income is deferred until those conditions are thlly met OT the fijlfilmenl of those conditions is within the control of the charity and it is probable ihal they will be fulfilled. For legacies, cntiilement is thc carlier of the charity being notified of an impending distribution or the legacy being rcceived. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expccted to be distributed. On these occasions. the Icgacy 15 trealed as a ontingent as5¢t And disclosed. Investment income is earned thUgh holding assets for invcstment purposes Such as shares and property. It includes dividends. interest and r¢nt. Where it is not practicable to idcntify investment management costs Incued within a schcme with reasonable accuracy the investment income is reported nel of these costs. EXPENDITURE RECOGNITION All expenditUTe is accounted foT on an accruals basis and bas been classified under headings that aggregate all costs related to the category Expenditure is recognised where there is a legal or consttuctive obligation to make payments to third parties. it is Probablc that the settlemcnt will be required and the amount of the obligation can be measured reliably. Tt is calcgorised under the following headings: Costs of raising ndS includes expenses dir¢¢tly related to fimd raising, such as advertising a fundraising event. Expenditure on charitable activities includes expenses involved in th¢ running of charitable projects, such as staff salaries. Other expenditure represents tho% items not falling into the categori¢s above. Grants offered subject to condilions which have not been met at the year end date are noted as a commitmeni bul not accN¢d as expenditure. Pagell onlinued..
MAGDALEN AND LASllER EDUCATIONAL FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS - tontiDued FOR THE IEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - ¢ontinued INVESTMENT PROPERTY Investments are stated al market value at the balance sheet dale. The realised and ut)realised gains and losses are included in the Ststement of Financial Activities. TAXATION The Q>mpany is a registered chaTity and no liability to tax arises. FUND ACCOUNTING UnTe5tricled funds are available for use al the discretion of the trustees in furtherance of the general objeclives of thc charity and which have not been designated for other pury)os¢s. Designated funds comp05e unrestricted funds that have been set aside by the tnjstees for panicular PUTposes. The aim and use of ¢a¢h designated fund is set out in Ihe report of trwlees. Restricted funds are funds which are to be used in accordan¢¢ with specific restrictions imposed by the donors or which have been Taised by the charity for PartI18r pun)oses. The cost of rasing and administering such fvnds are charged against the 5pe¢ific fund. The aim and use of ¢a¢h specific fund is sel out in the note5 to the finaD¢ial slatements. DEBTORS Debtors are Tecognised at the settlement amount due. CREDITORS Credilors are recognised where the charity has a pres¢nt obligation suItIng from a past event that will probably result An the transfer of funds lo a third party and the amouni due (o settle the obligation can be measuTed. GOING CONCERN The financiaI stalem¢nts have been prepared on a going concern basis as the trnstees believe Ihat no mai¢ri&l uncertainties exisl. The trustees have considered the level of funds held alld the expected level of income and e%penditLwe for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves foT the charity lo be able to continu¢ as a going concern. FIXED ASSET INVESTME]YTS Fixed as.set investments are initially rn¢asured at transaction pric¢ excluding tran58¢tion costs, and are subsequently measured at fair value at each reporting date. Changes in faiT value are recognis¢d in net income/{expenditure) for tbe year. Transaction costs are expensed as Incu¢0. DONATIONS AND LEGACIES 2024 2023 Donations Sundry income 1,114 230 1,114 230 Page 12 conlinued...
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL.STATEMENTS - eontinued FOR THE YEAR ENDED 31 MARCH 2024 11¥4VLSTMENf INCOME 2024 2023 Rental income receivable Dividends 73,725 199,147 73,679 202,762 272,872 276,441 SUPPORT COSTS Support costs are those that assist the work of the charity but do Dot directly rePSent charitable activities and include otri¢e costs, governance costs, administrative payroll costs. They are incutt directly in support of expenditure on the objects of the charity and in¢lude project management carried out ai he8dquart¢ts. Nvhere support costs cannot be directly altTibuted to particular headings they have been alloted to expenditur¢ on haritable activities on a b8sis ¢onsistent with use of resources. Premises overh¢ads have been allocated by a calculation based on the amount of time Ihal an activity uses a facility and the floor area occupied by that activity and other overheads h8ve been allocated on a staff hours basis. TRUSTEES. REMUNERATION AIYD BENEFITS There were no ttustees. r¢muneration or other benefits foT thc year ended 31 March 2024 noT for thc year ended 31 March 2023. TRUSTEES. EXPENSES There were no trustees, expenses paid for the year ended 31 March 2024 nor foT the year ended 31 March 2023. FIXED ASSET INVESTMENTS Listed investments Mark¢¢ value At l April 2023 Additions Revaluations 6,839,013 5,250 579580 At 31 March 2024 7,423,843 Net book valut At 31 March 2024 7,423,843 At 31 March 2023 6.839.013 There were no investment assets outside the UK. Lis*d Investments - General Listed inveslments- Batley HiTrybert Designated Fund Listed investtnent- William Parker Desigmated Fund 4,916260 565,991 1,941,592 4,484,180 519,011 1,835,816 Totsl 7 423 843 6 839 013 Page 13 continued...
MAGDALE]Y AND LASHER EDUCATIONAL FOUNDATION NOTES TO THE FINANCiAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMLNT PROPERTY Fair value At l April 2023 Revaluation 2,130,000 210,000 At 31 March 2024 2J40,000 Net book value At 31 March 2024 2J40,11110 At 31 March 2023 2.130,000 Fair value at 31 March 2024 is represented by- Cost 2J40,000 The investment properties were valued independcnily in September 2019. For all properties, save for two inherited at th¢ meTger with the William PaTk¢r Foundation (WPF), Oakfield Estate Agents aTe the Charity's rental agents. They have no other connection with the Trustees. M¢ridian Surveyors continue to manage the two ex-WPF properties on behalf of the Charity. Mr M Boles is a Trnstee and also a partner at M¢ridian SuTveyors. DEBTORS: AMouNfs FALLING DUE WITHIN ONE YEAR 2024 2023 Rent arreaT5 1,061 1,061 CREDITORS: AMOUTh FALLING DUE WITHIN ONE YEAR 2024 21123 Other creditors Grants in aid - Bursaries AC¢nlS and deferred income 5,112 14,800 3,853 14,800 3,692 23,765 18,492 Page 14 )ntinued...
MAGDALEN AND LASHER EDUCATIONAL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unre$trReted funds GeneTal Fund Bailey-Hibbert William PaeT Designated Fund 6J69,560 544,269 2JSJ,687 621,232 51,736 147.527 6,990,792 596.IH)5 2,499,214 9265,516 820,495 10,086,011 TOTAL FiIIYDS 9265,516 820,495 10,086,011 Nel movement in funds, included in the above are Aq follows: Incomlng resources Resources expended Gyin5 #Thd losses Movement in ndS Unrestri¢ted funds General Fund Bailey-Hibbert William Parker Designated Fund 185,695 15,091 73,2VO (183286} (IOJ35) (49,450) 618.823 46,980 123,777 621,232 51,736 147,527 273,986 (243,071) 789.580 820,495 TOTAL FUNDS 273,986 (243,071) 789,580 820,495 Comparatives for movement im fund5 Net movement funds At 31.3.23 At 1.4.22 Unrestricted funds General Fund Batley-Hibbert William Parker Designated Fund 6,558256 559,840 2,393.365 (188,696) (15,571) (41,678) 6,369,560 544,269 2,351,687 9,511,461 (245,945) 9,265,516 TOTAL FUNDS 9,511,461 (245,945) 9,265,516 Page 15 continued...
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 21b24 io. MOVEMENT IN FUNDS- continued CompaTative net movement in fid5, in¢luded in the above are as follows: In¢omlng resources Resources expended Gains and losses Movement In funds Unrestricted funds Genera] Fund Batley-Hibbert William Parker Designated Fund 184,781 15,091 76,799 (199.959) (10,250) (15,530) (173,518) {20,412) (102,947 } (188.696) (15,571) (41,678) 276,671 (225,739} (296,877) {245.945 } TOTAL FUNDS 276,671 (225,739) (296,877) (245,945) A current year12 months and prior 12 months combined position 15 as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestrieted funds General Fund Bat1ey-Hibeft William Parker Designated Fund 6,558,256 559,840 2,393,365 432,536 36,165 105,849 6,990,792 596,005 2.499,214 9,511,461 574,550 10,086.011 TOTAL FUNDS 9,511,461 574,550 10,086,011 A cuen1 ye8T 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming esourc¢s Re$our¢e$ expended Gains and losses Movement ID fuDd$ Unrestrieted funds General Fund Batley-Hibbert William Parker Designated Fund 370,476 30.182 149.999 {383.24S) (20,585) (64,980) 445,305 26,568 20,830 432,536 36,165 105,849 550.657 (468,810) 492,703 574,550 TOTAL FUNDS 550,657 (468,810) 492,703 574,550 Page 16 continued...
MAGDALEN AND LASHER EDUCATIONAL FOUNDA TJOIY NOTES TO THE FINANCIAL STATEIIIENTS - contiDu¢d FOR THE YEAR ENDED 31 IVIARCH 2024 JJ. RELATED PARTY DISCLOSURES The charity's trustees are also responstble for the activities of the Magdalen & Lasher Charity General Fund and Old Haslings House Charitable Inco4xiraled Organisation. 12. UNREALISED GAINS/(LOSSES) ON INVESTMENTS 2024 2023 COIF Investments tnvestment propety 579,580 210,000 {290,874} Total 789J80 (290.874) 13. INDEPENDENT EXAMINER REMUNERA TION The charity has inCUrd Independeni Examiner fees for the year totalling £1,766 (2023 - £1,620). Page 17
MAGDALEN AND LASHER EDUCATIONAL FOUNDA TION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AI¥D ENDOWMENTS Donations and lega¢ies Donations Sundry incollj 1,114 230 1,114 230 Investment income Rental in¢ome receivable Dividend5 73,725 199,147 73,679 202,762 272,872 276,441 Total 5ncomfing resource5 273,986 276,671 EXPENDITURE Charitable aellvltl¢$ Major and Minor Grants Grants in Aid and Bursaries 130,441 63,260 139,427 56,507 193,701 195,934 Rental Property Expenses Insurance Expendithre on properties Comrni5sion to Smart Property Solutions Commission to Meridian Propert 3,138 27,903 7,617 1,935 3,491 9,432 7,115 1,788 40,593 21,826 Support costs Governance costs Contribution to OHH office c05És Independent examination fees Bank chaTges Contribution to OHH payroll costs 2,377 1,766 85 4,549 1,258 1,620 69 5,032 8,777 7,979 Total resources expended 243,071 225,739 Net Incorne before g*lns and losses 30,915 50,932 This page does not forni part of the statutory financial statements Page 18
MAGDALEN AND LASHER EDUCATIONAL FOUNDATION DETAILED STATEMENT OF FllYANCIAL ACTIVITIES FOR THE YEAR EIYDED 31 MARCH 2024 2024 2023 Realtsed recognised galn$ and losses Realised gainsl(Ios5es) on fixed asset investments (6,003) Iyet income 30915 44,929 This page does not forn) part of ihe statutory financial statements Page 19