DocusbJn Etwelope ID." 2C22E991-C37WB4A1-83E7-70CEC4C56AS8 THE MAGNUS EDLICATIONAL FOUNDATION TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2026 Charlty No 528253
Dot0 Envelope ID.. 2C22E09fj?9-84A1.8J7-7oCFc4C5G6 THE MAGNUS EDUCATIONAL FOUNDATION YEAR ENDED 5 APRIL 2026 CONTENTS Page Charlty Refeien¢è and Adminlstrative Detsils Tru5tees' Report 2to5 Statementof Financlal Activlties Balaneè Shèet Unrestrlcted Funds Rèstrittèd Funds Endowment Fund5 io Notes to the Atttsunt5 llto21 Independent Examlnerfs Report 22
Docuslgn Envelope ID_. 2C2?l£37U-84Al43E7-7OCEC4¢58As6 THE MAGNUS EDUCATIONAL FOUNDATION CHARITY REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED S APRIL 2026 Charlty No. 528253 TRUSTEES SERVING IN YEAR TO 5 APRIL 2026 AT DATE OF APPROVAL OF TRUSTEES. REPORT UNLESS OTHERWISE INDICATED Ex Officio Trustees The Mayor of Newark- Cllr D Ledger- Appointed 15 May 2024, Resigned 11 May 2025 The Mayor of Newark- air B Corrigan- Appointed 11 May 2025, Resign&d 10 May 2026 The Mayor of Newark- Cllr L Roulstone-Appointed 10 May 2026 The Re¢tOT of Newark- Rèverènd C Llon - Appointed 18 October 2021 ResÉgned 21 July 2025 The Rector of Newark Reverend D Marshall Appointed 6 September 2026 Nottln8hamshlre County Councll Trustees Cllrl Barlow Newark Town Councll Trustees air D Moore Cllr l Geaiy D55tYl¢t Chur¢h Coun¢il Trustees I Plowlett Co-optatlve Trustees M D Beavmont CBE AJ FÈ2rn Ichalrmanl I l Derry (Vice Chairman) G S Cartledge CBE M Furness KC R L Watklnson J John50n- Resigned 14 May 2026 Clerk to the Trustees Mrs A Allison Admlnistrator Dunczn & Topli5 NG14 ITW 14 tondoll Rodd, Newark, Nottinghamshire, Charity Offices Olympic House, DoddinBton Road. Lincoln LN6 3SE Independent Examlner Adrlan Halgh, Stephenson Nuttall & Co. Chartered Accountants, 618 Castle Gate. Newark. Nottinghamshire NG24 IAX Bankers National Westmlnster Bank PIC Property Agents Brown & Co., The Old Bakery. 3 Norman Way. Melton Mowbrav, LE13 IJE InvestmentAdv150rs Brewin Dolphin SecuritlE5 Ltd. Ojymplc House, Doddlngton Road, Llncoln, LN6 3SE
Dow5iqn Envelope ID." 2C22E991.C379.84A1.83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED S APRIL 2026 The Trustees present their annual report and financial statÈmÈnts for the year ended S April 2026. The Flnancial Statements have been prepared in accordance with the At¢ountln8 Pollcies set out in note I to the aceount5 and in accordan with the provisions of the Statement ol Recommended Pr2cticÈ ISORPI "Accounting and Reporting by Charities" IFRS 1021. Oblectlves and Actlvltles for the Pub¢ Benefit Subject to payments to the Charity called Magnus Charlty number 222545 (referred to as Non-Education Account In the Financial Statements) the maln objects of the Charity are t)roadly as follows'.- To provide for the Magnus (hurth of England School such special benefits not normalty provided by the local education author%ty. Promotlng the education of such pupils and former pupils under the age of 25 in need of financSal assistance. Promoting musical education of puplls attending the school and of young choristÈrs of the P2rlsh church. The objects of the Magnus Charity number 222545 are to apply three ei8ht5 Of the clear yearly Income ol The Magnus Educational Found3tlon as follows.. lal Ibl As to two-ninths thereof in paying six Choristers and six Low Boys or Asslstant Chortsters in the Parish Church of the Etcleslastlcal Parlsh of St Mary Magdalene, Newark upon Trent, In such proportions as the Vicaf and Churthwardens of the said e¢clÈsiastical parish think fit. As to a further two-ninths thereof in maklng payments in such proporti¢Trns as the said vicar and churchwarden5 think fit to the Parish Clerk, Sexton and Vergers of the said eccleslastlcal parlsh, or il there be no parish clerk then to thÈ person or persons for the time beln8 performlng the dutles in the said parish customarily performed by the paylsh clerk. As to a further two-ninths thereof in repairing and malntaining the sald parlsh church and the furniture and fittings thereln. to the remaSning three-ninths thereof in paying the same to the Nottingham and Distrirt Hospital Management Committee or its lawful successor for application In providing facilities lor the benefit of the patients in Newark hospital for which provision is not made out of public funds. The Trustees confirm that they havo referred to thp gUSdan contalned In the Charlty Commlsslon's gener318uldan gn publlc beneflt when revlewln8 thè Trust's alms and oblpctive5 and in planning future attlvltiÈs and settlng the 8r•nt maklng pollcy for the year. 141 Grant Makin8 Poll£y The Truste25 consider 5pedfic applleations. relevant to the charitable objectives of the Founijatlon, from the Song School. thE Church. and the Magnus Church of England School. The Trustees encourage the recipSents of speclal grants to provlde reports of their subsequent achievements. The Magnus Chaiity grant payments are made annually to the appropriate recipient5 prescribed by the 5ch2me. These payments are rnade in their entirety normally in November following the year end of 5 April. Achievements and Performance The Tr¢Jstees tonsider that the perforrnance of the Charlty thls year has been satisfactory. The following grants were charged to the Edutation Account.. - Instltutlon- The Ma8nus Church of England School: General Grant Music Tuitlon Grant European Tour Church- Newark Team PCC- Choral Scholarships 8,400 30,000 3,000 Indlvlduals- Pupils of the Magnus Church of England School.. Grants to Pupils 18 x £250
Docusign Envetope ID.. 2C22E991-C379-84A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES- ¢ontÈnued YEAR ENDED 5 APRIL 2026 In additlon. the Edurdtion Account provided funds for the Expenses of the Song School of £12,987, and Song School Master Grant of £36.905. The Education Account also provldÈd a grant fjf £12,(YJO for rowlng tultlon to the Magnus Church of England Academy. The followin8 grants were charged to the Non-Educ8tion Account Scholarship Fund, for which an advance of £36,000 was pald durlng the yèar leaving £6,442 to be paid alter the year end to the prescribed reciplents ol the Ma8nus Charitv.. 111 Choristers and Low Boys 121 Parlsh ClerK Sexton and Vergers 131 Repairs to Parlsh Church 141 Newark Hospital 9,432 9.432 9.431 Hnan¢lal Revlew Review of financlal performance The Statement Financial Activities Indicates Total Income of £234.07312025 £246.2081 and Total ExpÈndityre ol £284,22112025- £297,99GI. Total Expenditure includes Charitable Activities of £187.42912025- £206,681). The Trustees are able to transfer £70,738 to the Educational Account and £42,442 to the Non-EdUCa0ndl Account for the year. as shown pa8e 8. Investment Pollcy and Performance The Charity is rollant on the inwme from Énvestments. The investment income is broadly received from stock exchange investments and securities, bank interest and rental income. The Trn*stees have apptiint&d qualified professional advtrsors as detsiled on page I to manage the investments. Brown & Co manage the agricultural and commeTclal property in accordance wlth their tender for this work. Brewin DoSphln Securitie5 Lttl manage the security investments on the terms of the Invostment Policy Staianent submitted to them by Ihe Trustees in accordance wilh theTrustee Act 2000. ThoTrustees intend that the real value of thelr assets be maintained and enhanced over the lon8 temi by investmenl comprlslng equsties, fixed income stock, agricultural and Commercial property. The current Stock market portfollo oblettive is for a balance between income and capital growth with a medSum rlsk preference. The stockbrokers continued to attive manage the portfolio and durln8 the course of the year the investments showed a gain on revaluation and on investment asset disposals of £145,964, as shown on page 6. The net gains on revaluation Ond on Investrrent asset dlsposals of £145,964 were £21,296 credlted to Unrestrirted Funds and £124,668 credited to Endtswment Fund5. There was a decrease in total investment income of E12,135 compared tothe previousyear.The investment income received forthe year amounted to £234,073 compared with E246.208 In the previousyear. There was an increase in dlvldend Intome of £1,919. Bank interest receSvÈd decreased by £4,009. Rental Income decreased by £10,045. Rlsk Management The Trustees have examined the rnajor strate8lc business and operational risks whSch the Charity faces and ¢onfirm that systems have been established to enable re8ulof reports to be produced $0 that the neces5arysteps can be taken to lessen these risks. The future remalns somewhat uncertain, and the charity's aims and objÈttlvÈs may be limited financially In the shortterm. but the resources ol the Foundation are sufficiently diverse to enable the Finanoal Forecastfor 2026-2027 to be formulated on a prudent basis whilst still meeting the basic annual commitments.
Docusvjn Envelope ID." 2C22E991-C379-84A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION. REPORT OF THE TRU5TEES- CDntlnued YEAR ENDÉD 5 APRIL 2026 Reserves Policy Endowment Funds The sum of £6,476.49212025.. £6,36L8231 is held In Permanenl Endowment lor the prowls1on ot income for the Charlty. Inve5trnentsrepreseJ)tingthe fund may be changed from time to time but cannot be dlstributed to beneflciaries. Restricted Income Funds The Non - Educational Account transfer from general atcount of £42,442 less £36,0 paid In the year, is payable at 5 April 2026 and is induded within creilitors (see note 111. As a resul¢ there is a nil balan at 5 Aprll 2026. The amount payable is dlstrlbuted Its entirety normally in Novemberfollowing the AprÉl year end. Unrestricled Income Fund - Estate Malntenan The Charity has an Estate maintenan Fund for the purpose of providlngfor the matenan, repair and improvement of its propertylex£luding the Songschool land and bulldlngsl. Some of the buildings the Charity owns are old and theTrustees conslder it necessaryto provldo lor their repair and rnaintenance. nrestricted Income Fund- Education Accotsnt Tre Trusteps are aw3re that they nèed to improve and maintain the Song School which 15 a Grade11 Listed Building énd falls within NewarkTown Centre Conservation Area. Latge amounts of money have been spent in the past on the Song School. TheTrustoÈs expoctto provide contittuingsupporito the Song School. Additionally, theTrustees wish to supportthe Magnus Church of Englandschool with special benefit5 not normally provided by the relevant edutatlDn authorlty and In the past have devoted tonslderable resources to thi5 end. Project5 wfill requlre TrustÈÉsapprovaland theTrustees may attach tofiditionswherethey deemthemappropriate.TheTrustees havesupported the engagement ofthe Masterofthe Song School at St Mary Magdalene Church, Newark and made grantsto choristers for thelr musical education when appropriate. The Trustees wtsh to continue to hold sufficient lunds In hand to ensure that they Can ¢ofinUe to meet their long-term obligations in these respects. Plans for the Future TheTrustees have historically committed Considerable resourcesto supportthe Magnus Churth of England School and wlsh to contlnue thSs tradltlon. The Trustees contlnually VIeW and finance the improvementof the Song School whlch is a Grade11 listed buildingand falls wlthin NewarkTown Centre Conservation Area. Structure, Governance and Management The orlglnal endowment ol land and property was provided by Thomas Magnus, Archdeacon of thp East Riding in the Metropolitan Church of York circa 1530 and has been the subleet of numerous charitable schemes over the years. Thé Magfius Edueatioxal Foundation is presently constltuted by Charity Commission Scheme numbeT 528253 sealed on 26 June 1985 as varled by schemes dated 24 June 1996 and 15 April 1998. The scheme sealed on 26 June 1985 refers to payments to the Charity called the Magnus Charity which i5 constituted by Charity Commission scheme number 222545 Sealed on 19 November 1973 which in turn cont3ins provisions rÈlatlng to payments by th3t Charity. The payments by the Magnus Charity are included in the financial statements and notes and distinguished Separately as appropriatÈ. The Magnus Educational FoundatSon does not actlvely fundralse and seeks to continue the philanthropic work through careful stewardship of Its existing resources. Appointment uf Trustees is governed by the Charfty Scheme as follows'.- 2 Ex Offlcio Tfustees (rh2 Mayor of Newark and the Rector of Newark) 4 Nominatwe TTUStees ITWO appointed by Newark Town Councll, one by the Distrirt Church Council and one bv Nottln8hamshlre County Counclll 7 Co-optatlve Trustees (Persons who through residence, occupatton or employment or otherwise have speclal knowledge of the town of Newark)
Docuslgn Envelope ID.. 2C22Eg91-C379-84A1-B3E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOLINDATION REPORT OF TNE TRU5TEES- contlnued YEAR ENDED 5 APRIL 1026 StTUCture, Governancè and Management- continued Each Nomlnative Trustee appointed by the County Counal shall hold office for a term ending the day of the appointment of hls or her successor. Ewery other Nomlnatlve Trustee shall hold office for a term of four years. Coptative Trustees shall be appointed for a term of five years. Ordinary general meetings are usually held in June and November each year at whlch the Trustees a8ree the broad strategy and areas of attivity for the Charity, includFng grant rnakln& Investment, Serves, risk manègement policies and performance. The day to day administration of grants and the processing and handling of applications prior to considèration by the Trustees is deleg8ted to the aerk to the Trustees. TheTrustees keep the skill requiretments fortheTru5tee Body under review. In the event of a Co-optativeTrustee vacancy, the Board Èndeavour5 to recruit a successor with appropriate special kt70wled8e. The induction process for any newly appolnted Trustee includes an initlal meeting with the Board of Trustees. a history of the T¥ust, coples of the latESt Twstees, Report and Financlal Statements attd Charity Commi55ion Scheme. Norrnally, In 2very second year the Trustees as a body physlcally i¥bspect the land and property Investments of the Chartty. The Charlty has appointed property 3gents and investrnent advlsors to assist in the management of the snvestments. Key Management Personnel and remuneratlon Th2Trustees considerthe Board of Trustees and the Clerk to the Trustcos as comprising the key management personnd of the Charity in charge ot dlrectlng and controlling the Charity and runnlng and operating the Charily on d day to day basis. All Trustees give of their time freely and no TrustÈe rernuneration was pald In the year. In ac(ordance with the Charity's governing document the Truslee5 m3y pay the Clerk to the Trustees such 3 salary as may be approved by the Charity Commissitsners. Details of Trustee expenses and related party tran5actlOll5 are disdos2d in note 13 to the arcounts. Tru5tee5 are required to disclose all relevamt Sntérests and register them wlth the Clerk to the Trustees and in accordance wlth the Charity's policy withdraw from decisions whÉr¥ a confl%ct of interest arises. Trustee5' responsSbllltiès In relatlon to the flnatt¢lal statements The lawapplicableto charities In England and Wales requirestheTrustees to preparefinancial statementsforeach flnanclal year which 8tve a true and falr vlew ol the State of affalrs of thE Charlty 3nd of the ¢ncomin8 resour$ and appllcation of resources of the Charity for that period. In preparln8 these financial statements, the TrusteE5 should follow best practice and: lal Ibl Select suitable accounting policles and apply th&m consls¢ently,' Observe the methods and principles of the Charitles SORP 2L119 IFRS 1021; Make judgemènts and estimates that a reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explalned in the financial statements, and Prepare the financial statementson a going concern basis unless it Is inappropriate to pre5urne that the tharity will continue in operation. Idl le The Trustees are responsSble for keeping proper accounting reconls that disclose with reasonable accuracy at any time the flnancial positionof the Charityand enablethem to ensurethattheflnancièl statementstomplywith the CharitiesAct 2011. the U)èrities (Accounts and Reports) Re8ulations 2008 and the provisionsof the Charlty Commi55ionScheme. They are a150 responsible for safeguardir¢g the assets ol the Charity and hence for takln8 rea50nable steps for the pwention and detertion of fraud and other IrSu1aritie5. Approval This report wa5 approved by the Trustees on and signed on their behalf. 26-Aug-26101.'41 PDT D¢tDSlgnEdb¥.' TJWD2CG918tI.,............ Andrew Fearn- Trustee THE MAGNUS EDLICATIONAL FOUNDATION
DocU9n Envelope ID.. 2C22&991-C37&84A1.83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIALACTIVITIES VEAR ENDED 5 APRIL 2026 Un¥estrlcted Funds Page 8 Restricted Funds Pa8e 9 Endowment Funds Page 10 Total Funds 2026 Total Funds 2025 Inc me and endowments Investment In¢or¥te 234 073 234 073 Totsl Income and endowments 234 073 Z4 enditure Costs of raising funds Charitable actlvitles 86.793 9,999 96,792 91.315 206 681 Totsl expendlture 297 996 Other reco nlsed alns losse Gainslllossesl on revaluatlon and on investment asset dlsposals Galns/llossesl on revaluation and oh Investment property disposals 21,296 153,345 174,641 52,050 77 Total other recognlsed ga5nslllosses1 145 050 Net Incomellexpendlturel 23.589 142.4421 114,669 9516 262 Transfers between funds Net movement In funds 114.669 95A16 262 ontlllatlon of funds Total Funds broughtforward 425 293 636182 6 787 116 Total Funds carrle(t forward
Docuslgn Envdop& ID.. 2C22E991-C379-84A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION BALANCESHEET AS AT 5 APRIL 2026 Unrestrlcted Funds Page 8 Restricted Funds Pagè 9 Endowmènt Funds Pagé 10 Total Funds 2026 Total Funds 2025 Note FIXED ASSETS Tanglble assets Investments S50,0(XJ 6 085 368 550.000 6 085 368 550.000 5 942 317 TOTAL FIXED ASSETS 635,36$ 6.635368 6A92,317 CURRENT ASSETS Debtors and prepayments Investments Cash at bank, in translt and In hand 10 69.715 90,693 307 342 69.715 90,693 61,499 147,195 224 167 158 876 TOTAL CURRENT ASSETS 467.750 I969 158,8761 328.543 432,861 LIABILITIES Creditors.. Amounts falling due withln one yeaf 11 128 062 NET CURRENT ASSETSIILIABIUTIESI 406.4dlO 1158,8761 247.564 294,799 TOTAL NET ASSETS THE FUNDS OF THE CHARITY Endowment fvnds Restricted income funds Unrestricted income funds 12 12 12 6,476,492 6,476,492 6,361,823 406 440 425 293 TOTAL CHARttY FUNDS Approved bythe Board of Trustee5 on and signed on its behalf 2S-ALkg-26101..41 PDT Andrew Fearn- Trustee
DOCU) Envelop8 ID.. 2C22E991-C379-84AI-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION UNRESTRICTED FUNDS FOR THE YEAR ENDED S APRIL 2026 General Account Estate Eduotion MaSntenance Account TOTAL 2026 TOTAL 2025 Note Income and endowments Donations Investment Income Dividends Interest Rents Total income 52,401 4.722 176 950 234 73 52,401 4,722 176 950 50,482 8.731 186 995 endlture Cost ol ralsln8 funds.. Insurance Commissitsn lettln8s and expenses Malntenance and estate inspecti¢ Bank charges and sundry expenses Draina£e rates and council tsx Light and heat Legal tees 8,624 16,522 26,531 8.624 16.522 26,531 289 17,027 10,304 7,351 14,760 29,822 289 17,768 4,184 17,027 10.304 Charltable 8CtivittÈ$ Song school expenses Benefits Musical education Salary and dlsbursements Clerk to the Trustees Accountancy and compliance Independent examination 12,987 48,995 48,905 12,987 48.995 48.5 30,854 49,2(Kl 44,050 18,000 14,100 18.000 14,100 18.000 13.440 87 Total expendlture 120 110 887 239 039 Other reco nised Ins losses Re21ised gainslllossesl on investment disposals Revaluatlon recognlsed In prevlous years realised in current year Revaluatlon galns/llossesl for the year Total other recognised gainslllossesl 182 19.060 19,242 815 11341 110,5841 63 IlQ,7181 2,568 Net Incomel(expendltyrel 113.180 5A57 195.0481 23.589 14.133 Transfer to Education Account 170.7381 70,738 Transfer to Restrlctod Funds Net movement In fuNIs 5N57 124,3101 118.8531 I3594) econcillatlon of funds: Funds brought forward 420 528 425 293 Funds carrled forward
Docuslgn Envelope ID.. 2C22Eg91-C379-84A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIOI4AL FOUNDATION RESTRICTED FUNDS FOR THE YEAR ENDED 5 APRIL 2026 Non-Educatlon A¢¢ount Scholarshlp Fund TOTAL 2026 TOTAL 2025 Note Income and endowmenis Transfer from general account Total Income endit re Charitable Activities Grants payable Total èxpènditure Net movèmènts In funds Reconcillation of funds.. Funds brought forward Funds tarried forward
Docuslgn Envelope ID.. 2C22E991-C379-84AI-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION ENDOWMENT FUNDS FOR THE YEAR ENDED S APRIL 2026 Investment properties TevaSuattun5 TOTAL 2026 TOTAL 2015 Note Permanent Income and endowments Interest received Total income EM endlture Costs of ralsln8 funds: Investment management cost5 9,999 9,999 9,730 Total expendlture Other reco nised ains losses Realised %ain5 on listed investment di5posa15 Revaluatson cOgnised in prevlous years reallsed in current year Revalu2Uon gain5111055esl on listed Investments for current year Revaluatlon gainslllossesl on investment properties for current year Totsl other recognlsed galnslllossesl 69.611 69,611 12,051 144,0001 144.0001 16.0951 127,734 127,734 39,130 153 45 Nèt income/lexpendlturel 143,346 128,6771 114.669 35356 Transfer to Unrestrlcted Funds Net movement In lunds 143,346 128,6771 114,669 35356 Reconclllatlon of funds: Funds brought fotward 3 309 659 3 OS2 164 6 361 823 6 326 467 Funds carrled fonvard io
D(Usign Envelope ID." 2C22E991.C37&84A1.83E7_7DCEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE Accoumrs FOR THE Y&4R ENDED 5 APRIL 2026 PRINCIPALACCOUNTING POLICIES 1.1 Basls of Preparatlon Thelinancial statements are prepared on a goingconcem b35 underthe historical c05t convention as modllied by the incluslon of tan8ible fixed assets and investments at market value and Include the results of the Charity's operatlorts whlch are déstribed in the Tru5tÈes' Report and all of whl¢h are contlnulng. In prepar¢ng thetinancial statement5 the Char(ty follows best prattice as laid down In Accountlttg and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepartng their accounts In accordance with the Financlal Reporting Starkd3rd appticable in the UKand Republicof Irdand issued in O¢tober2019. theFinancrdl Reportingstandard applicableitFthe United Klngdom 2nd Republicof Ireland IFRS 1021, the CharitiesAct2011 and UKGenernlW Accepted AccountirEpractice. The fTnanaal sratements have been prepared to £we a'true and lairf vlew and have departed from the Charitses IA£counts and Reportsl Regulatic5 2(K)8 only to the extent required to pmmde ? 'true and fairf view. This departure has invdved foSlowing the Accounting and Reporflng by Charities.. Statement of Recommended PraLtice applicable to diarities preparlng their accounts in accLYdance wf(h the Financial Reporti Standard in the UK and Rewblic of Ireland Issued in October 2019 rdtherthan theAccounti$18ènd ReportingbyCharities.'statlefttof Recommended Practieffectivefrorn IAwil 25WhiCh has since been wtthdr3wn. The Charily constitutes a public benefit entity as dèfined by FRS 102. 12 Fund5Structure unstrIcted lunds are avallable for use at the dlscretlon of the Trustees in furtherance of the general objtiveS of the charity and which have not been designated for other purptsses. Designated funds comprise unrestricted funds that have been set aside by the Trustee5 for particular purposes. The alm and use of each deslgnated fund Is set out In the notes to the financlal statements. Restricted funds are funds whith are to be used in accordance with specific restrictions imposed by donor5 or which have been raised by the Charlty for particular purposes.The cost of raising and admlnlsterlnEsu¢h funds are charged ag8inst the speclflc lund. The alm and use of each restrlcted fund Is set out In the notes to the tTnanclal statements. Endowtnent funds represent those assets which must be held permarsently by the Charity. Incgme arising on the erhdowmentfunds can be used in accordance with the obsects ol the charity and is included as unrestricted Income. Any capital gains or losses arislng on tho investments form part of tho fund. Investmont management charge5 and 1É8al advice rÈlatlng to the fund are ¢harge5 against the fund. 1.3 Income recognltlon All IncomÈ Is included in the Statement of Financial Activitie5 when the Charitv 15 legally entitled to the income after any performance conditlons have been tneL the amount can be rnea5ured reliably* and it 15 probable thatthe Income will be received. Investment Income Is earned through holdÈngassetsfor inveslment purposes such as shares and property. It iticludes dividend5. Iteres¢ and Tent. Interest income, dividend and rent income is recognised as the Charity's right to receive payment is established. IA Eypendlturerecognltlon All expenditure is aecotsnted for on an accruals basis. Expend¢ture is recognised where there is a legal or constructive obli6ation to make payments to third parties, It 15 probable that the settlement wlll be requlred, and the amount of the obligation caTI be measured rellably. It is categorised underthe following headings: Investment managementcosts include portfolio management. rent collection, Investment propertycost5. Expenditure on charitable activltles Includes grants made and governance costs whlch Includes all costs Involvlng the publlc accourttability of the Charlty and Its compllanee wlth constitution31 and statEttory re8ulations and 8ood practi. Grant5 payable to third parties are withln the charitable objÈttives. Where unconditional grants aye offered, this Ss acuued as soon as the reclplent is notified of the grant. 3S this gives rlse to 8 reasonable empectstlon Ihat the recipient will recetv& the 8rants. Where grants are conditional relating to perforrnance then the grant is only accrued when any conditions are fulfilled. li
Dc(usign En¥eknpe10.' 2c22E991-c374AIsE7-7EC4Cs6A56 THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS - contlnued FOR THE YEAR ENDED 5 APRIL 2026 1.5 Value Added Tax The Charity is registered for VAT and treated as partlally Èxempt. Income is shown net after dèduction of output VAT and expenditure Is shown net of VAT in the instances where it is appropriate to reclalm Input VAT. 1.6 Tanglble Fixed assets for use by the Charlty Tan6ible Fixed assets are stated at cost lor deemed cost on transltlon to FRS 1021. Freehold propertie5 are maintained In 3 stste of rep3irsuch that theirestimated resldual value is not lessthan theircarrylngvalue as a result of which the annual charge for depreciation is nil. The Freehold properties are reviewed by the Trustees at the end of each reporting period lor any indlotion of Impairment. If such indication extsts. the retoverable amount is estimated and compared to the carrying arnount. Where the carrylng amount excÈeds the recovelable amount. an impairment loss is recognised in expenditure through the Statement of Flnanclal Activities. 1.7 Hèrltage assets Heritage assets are recognised on the balance Sheet and Initially measured at cost when purchasÈd or if donatèd, theirvaluation. Assets aro SUbseqentlY stated at Ctsst lor deemeil tost on transition to FRS 1021 and forthe Teasons stated on 1.6 above the annual tharge for depreclatlon Is nll. Fair Values for donated 35sets 3re estimated by refercnce to market prices. Where informatlon on the cost lor deemod cost on transition to FRS 1021 of heritage assets Is not èvailable or the cost of providin8 such Information sienificandy outweighs any benefit to the users of the accounts then heritage assets 3re not recognlsed on the balance sheet. 1.8 Investment propertle$ Investment properties are valued at open market value by the trustees with changes Sn value recognlsed in 'net gainslllossesl gn investments, in the siatement of Financlal Activities. 1.9 Inve5tment5 Investments in securities are reco8nised initially at fair value which 15 normally the transaction price excludin8 transaction costs. Subscquenlly, they are measured at lair value with changes recognised in'net gains/llossesl on Investments, in the Statement of Flnanaal AVitieS if the shares are publldy traded or thèir fair value can otherwlse be Meured rellably. Current assets investments are short term highly Ilquid Investments and are held at fair value. 1.10 Debtors and creditors reIV&ble1paYab1e within one year Debtors and creditors Teceivable or payable within one year are recorded at transaction price. 1,11 Tam The Charlty Is an exempt CharSty wlthln the meanlng of schedule 3 01 the Charities Act 2011. 1.12 Goln8 Concern The financlal statements have been prepared on a going concern basis as the trustees believe that no material uncèrtainties exist. The Trustee5 have con51dered the level of funds held and the expected level of income and expendlture lor 12 rnonths from authorising these flnanclal Statements. The budgeted income and expendlture is sufficlent wlth the level of funds for the Charity to be able to eontSnue as a £oing concern. 1.13 External Scrntlnv Under the Charitles Act Regulations relating to the audlt threshold no audlt is r@qulred for the year to S April 2026 but the linanclal statements for that year requ1 an Independent Examlnation. 12
DO($10 EnveJope10: 2C22E991-C37u4A143E7-7(Ec4cS6A5fj THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCQUNTS - continued FOR THE YEAR ENDED 5 APRIL 2026 1.14 Financial tnstruments The charity has chosen to adopt Sertions 11 and 12 of FRS 102 In respect ol financlal Instruments. Basic financial assets. including trade and other debtors and cash and bank balances are initially recognised at transactlon price, unless the arrangement constltutes a fin8ncing transactlon, where the transaction is measured at the present value of the future receipts dlscounted at a market rate of interest. At the end of each reporting period financial assets measured at amortised Cost are assessed for objective evidence of impairment. If an asset is irnpaired the impairment loss is the dillerence bÈtweeri the carrying amount at7d the present value of the estimated tash flows discounled at the asset's original effective Interest rate. The impalrment loss Is recognised in proflt or lo55. Other financial assets, includln8 investments in equf(y Instiurnents which are not subsldiaries. associates, or joint ventures, are initially measured at fair value, which is normally the transattion price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income ststement, except that investments in equity instruments that are not publicly traded and whose fair val(tes cannot be measured reliably arc measured at Cost less imp21rment. Financial assets are derecognised when lal the contracttsa5 rights to the cash flows from the asset expSre or ale settled. or Ibl substantially all the risks and rewards of the Dwnership of the asset are transferred to another pafty or It) control of the asset has been transferred to another party who has the practlcal abllily to unllaterally sell the asset to an unrelated third party wlthout lrnposing addltlonal restrictions. Basic financial liabilities, including trade and other creditors, bank loans, loans from follow group companies and preference sharE5 that are classlfled ès debt, are initially recognised at transaction price. unless the arrangement constitutes a financing transaction, whère the debt instrument is measured at the present value of the future recelpts discounted at a market rate of Sntere5t. DÈbt instruments are subsequently carried at amortised cost, Using the effectlve Interest rate rnethod. Trade creditors are obligations to pay for goods or sorvices that have been atquired In the ordlnary course rjf buslness from suppller5. Accounts payable are classified as turrent Ilablllt1È5 if payment is due within one year or less. If noL they are presented as non-current liabilities. Trade edItorS are recognised initially at transaction price and subsequently measured at amortised cost uslng the effective interest rnethod. SONG SCHOOL EXPENSES 2026 2025 Water rates Council tax Improvements and repair5 Vehicle right of access Electricity I,iii 3,624 24,252 IOD 3,793 7.570 13
Docusbw Enveknpe ID.. 2C22E991-C379-84AI.83E7-7DCEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS - contlnued FOR THE YEAR ENDED S APRIL 2026 BENEFITS 2026 2025 Ma8nus Church of England School.. General Grant Grants to pupils= 18 x £25012025- 11 x £2501 Muslc Tuitlon Grant Newark Team PCC- Choral scholah1ps European tour 8,400 4,500 30.0 3,095 8,4(X) 2,750 30,O¢J) 8,050 MUSICAL AND SPORT EDUCATION 2026 2025 Song School Master Grant Rowln8 Grant 36,905 33,550 RESTRicfED FUNDS-GRANYS PAYABLE 2026 2025 Non.Educatlon Atcounts St Mary Magdalene Church Choristers and Low Boys12191 Parish aerk, Sexton and Vergers12191 Repairs to Parlsh Church12191 9,432 9,432 10.939 10,939 28,295 32*17 Newark Hospltal Newark Hospital13191 TANGIJLE FIXED ASSETS Freehold Land and Buildings Total Dèemed cost At 6 April 2025 Additions At 5 April 2026 550,000 55D,OOD Net book valve At S April 2026 At 5 April 2025 550 000 550 000 550 000 The Charlty owns freehold land and buildings occupled by the Mtgftus Church of England School and freehold land and bulldlngs known as The Song School. Both ol these properties are considered to be heritsge assets. The Trustees elected to use a valuatlon of Freehold Land and Buildings at 5 April 2016 as fairvalue on transition to FRS 102 end used that fairvalueasdeemed cost. Adeemed cost of£SS0,OOOha5 been placed onThe Song School representlngthe market value 3t 5 April 2016, It is not tntended that thi5 asset wlll be subject to revaluation. No deemed cost has been plèted on Magnu5 Church of England Sdiool as the cost of provldlng sud) information s(gnilicantly outweighs any benefit to users of the accounts and therefore this heritage asset has not been reco8nlsed on the balance sheet. 14
Docusign Envdope ID." 2C22E991-C379-84A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS . contlnued FOR THE YEAR ENDED 5 APRIL 2026 FIXED ASSET INVESTMENTS Permanent Endowment Llsted InvèstmÈnts Note 15 Investment propertles Cash Total At 6 April 2025 1,512.117 25,200 4,405,000 5,942,317 Additlons 249,162 28.677 277,839 Disposal 1217,8611 1217,8611 Revaluations 127,734 128,677 99,057 Cash Movement At 5 ApAI 2026 36 Listed investments represent investsments managed by 8WIn Dolphln and are shown at S April 2026 marketvalue. The Investment propertie5 were valued on an open marketvalue basis by theTrugtees on 5 April 2026.TheTru5tee5 ttsnsider these valuations to be reasonable and in Ilne with the m05t ent independentvaluation dated IOAugust 2023 by 3 professional va5uer who has ret expèrlÈn¢e in the location and cla55 of property being valued. The Trustees do not consider it nece%saryto [tain a formal external valuation asvaluations are considered reasonable and are supported by alternative sources of information. The historic cost of the listed investments on S April 2026 was £1.412.02212025 £1,336,722). The historic cost of the tnvestmenr propertles on 5 Apri12026 was £L38L51912025 - £1.352.8261. CURRENT ASSET INVESTMENTS Educatlon Actount- Accumulatlon of Income Note 17 Estate Malntenance Note 16 Total At 6 April 2025 9,654 137.541 147,195 Addltions 40.0 40,000 Disposals 12521 1109,0221 1109.2741 Revaluatlons 36 At 5 Aprll 2026 The hlstorlc ¢ost of the Estate maintenan investments on 5 Ap¥il 2026 was £10,11512025- £10,233). The histortc cost of the Educatlort Account investments on 5 April 2026 £46,77812025- £105,2161. 15
Envelope ID.. 2C22E991-C378-84A1-83E7-70CEC4C56A66 THE MAGNLJS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 5 APRIL 2026 DEBTORSAND PREPAYMENTS: AMOUVfS FALLING DUE W5THIN ONE YEAR 2026 2025 Value added tax Rents held by agents In arrears Prepayments Trentside bond 748 44,858 10,518 375 57,348 6.992 10. CASM AY BANK AND IN HAND 2026 2025 Bank deposlt account 8ank current account COIF ChatieS deposit fund account Income account 253 78,614 79,475 10,247 27,766 179.475 16 224 167 11. CREDITORS. ACCRUALS AND DEFERRED INCOME-. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2026 2025 Accruals for rants able Non-Educational Account grants Educatlonal gr(Ints 19,669 13,227 other creditors VAT Professlonal lee5 Rates Repairs Rent deposits clue to tenants 2,198 17.282 4,904 774 161 Accrued ex enses Investment management fees Electrl¢ity Accountancy and complianTr etc. Independellt examination Bank charges 2,587 700 6,700 2,000 21 2,425 700 5,090 1.910 25 Deferred income Rents in advance 979 16
Ds[g Enve]Dpe ID.. 2C22Eo91-C3784A1-83E7-7oCEC4C58As6 THE MAGNUS EDUCATIONAL FOUNDATION NOTES YO THE ACCOUMtS- contlnued FOR THE YEAR ENDED 5 APRIL 2026 12. ANALYSIS OF CHARITABLE FUNDS Fund alance Bwought Fon¥srd Revaluati Vlevaluatlon Fund gaimslllossesl recognised Balance Reallsed for curreAt In prevlous Cayrled Incomp Expenditure 8ainll10551 year end vear5 Transfers Forward Fund Trame Endowment Funds Permanent Investment propertles Revaluation 3,309.659 19,9991 69.611 127,734 144,(M)01 3,453,005 3 052 164 3 OZ3 487 Re5trlrted Income Funds Non-Educatlon account 142,4421 42.442 42 42 Uttrestrl¢ted In¢ome Fund5 General Account Deslgnated-Estate MalntenarKÈ Ftsnd Desl8natÈd- Education Attount 234.073 1120.8931 1113.1801 4.765 182 5.409 11341 10,222 420 528 li 70 396 218 406 6 787 116 234 07 21 6 882 932 Endowment Funds The purpose of the Endowment Funds Is to generate inctsmè for the Charity. Inve5trnents representln8 the fund may be changed from tlme to time but cannot be distributed to beneflclaries. Restrlcted Income Funds NDn-Educational Account the transfer from general account is distrlbuted In its entirety normally in November following the April year end. This year an advance 01 £36,000 was pard leaving £6.442 to be distributed In November 2026 and is included wlthln ¢dItOrs(see note 111. Unrestricted Income Fund5 General Account- the'Free funds, after allowin8 for all des16nated funds. Designated Estate Malntenance Fund - the Charity has an Estste maintenan Fvnd for the purpose of providing the maintenance, repalr, and improvement of Its property lexduding the Song School land and buildingsl. Designated Educatlon Account- the purpose ol the Education Account Is to improve and maintsin the Song School, support the Magnus Church Schctol with spectal beneflt5 not normally provided by the relevant education 3Uthorlty and support other specific edu¢8tlon31 projects. Transfers tsut of the General Account comprise the following amounts.. TransfErto Non-Education Acwunt Transferto Educatlon Account 42,442 113 180 17
Docusign Envdope ID." 2C22EQ91-C379-64A1-83E7-70CEC4C56A56 THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS- contlnued FOR THE YEAR ENDED 5 APRIL 2026 12. ANALYSIS OF CHARITABi£ FUNDS- contÈnued As stated in the object of the Charity. net income on the General Account i¢7 the proportion three eighths is dlstributed to varlous charltles. Accordlngly, as shown on page 8 thls represents three elghths of £113.180 8lvlng rise to £42,442 which is to be transferred to the RestrScted Income Fund - Non-Educatton AccOnt for subsequent payment. The remalnlnE balance Is transferred to the Dessgnated Educatlon Account wlthln nstrIcted funds. RELATED PARTY TRANSACTION5 R L Waikinson is a Trustee and a partner In Rithard Watkinson & Partners, Syrveyor5, Valuers. Auctloneers and Estate Agents. This firm rent two Car parkinE spaces from the Charity at a current commercial annual rent of £990 12025- £9761 excluding Value Added Tax. The rent was reviewed by Brown & Co, the property agents acting for the Charity In 2006107. The Charitvs governing document states that the Trusteès may pay a Clerk tty the TrnsteÈs a salary as may be approved by the Charity Commission. The Clerk to the Trustees, A Allisors is a partner of Knights Sollc6tor5. Durln£ the year, Kn*ghts Solicitor5 cha¥6ed the Charity an amount of £18,00012025- £18,000) for the Clerk'5 se¥vices. At 5 Aprll 2026 ENII12025 £16,2171 was due to Knlghts SolScltors. 14. ACKNOWLEDGEMENT TO THE JOSEPH GILSTRAP SCHOLARSHIP In 1998199 theTrustees of theloseph Gilstrap Scholarship Trwt resolved under theCharitSes Act 1993 S.74 totransfer the property of that trusttoThe Magnus Educational Foundation and the donalions from that Charity were recorded In the accounts of The Ma8nus Educatlonal Foundatlon In the year to 5.4.99.
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Docu4gn Envelope ID.. 2C22Eg91.C379-B4A14JE7.70CEC4C56A56 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE ACCOUNTS OF THE MAGNUS EDUCATIONAL FOUNDATION IREGISTERED CHARITV NO. 5282531 FOR THE YEAR £NDED 5 APRIL 2026 Independent Examiner's Report to the Trustees of The Ma8nus Educatlonal Foundatlon I report to ihe charity trusiees on my examination of the accounts of the charity lor the year ended 5 Aprll 2026 which are set out on pages 6 to 21. Responsibilitiès and 8as15 of Report As the ChariWsTrustees you are spOnSible forthe preparatlon of the accounts In accordan with the requlrements of the Charities Act 20111'the ACVI. I report in respect of my examination of the Char¢tWs accounts carried oltt under section 145 of the Act and in carrylng tsut my examlnatlon I have followed all the applicable Dire¢tion$ glven by the Char5ty Commlssion under sectlon 14515llbl of the Act. Independent Examlnerfs Statement I have coMpled my examination. I confirm that fio Material matters have come to my attention In Connectlon with the examlnation givlng me cause to believe that in ahy materlal respect.. accounting ¥ecords were not kept In respect olthe Charity as requlred by sectlon 130 of the Act,. or the account5 do not aword with those records,. or the accounts do not comply with the applicable requirements cOnrnIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherthan any requirement that the accounts glve a'true nd faÈr vip.W which 15 not a matter considered as part of an independent examinat¢on. I have Tho conceins and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Adrian Haigh FCA Stephenson Nuttall & Co Chartered Accountants 618 Castle Gate Newark Nottlnghamshire NG24 IAX Date= 22