REGISTERED CHARITY NUMBER: 307301 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 FOR JOHN EDGAR MEMORIAL TRUST Martin and Company 25 St Thoma8 Street Winchest Hampshire S023 9HJ
JOIIN EDGAR MEMORIAL TRUST CON'fTr'NTS OF TIIE FINANCIAI. SI'AI'EMTr:NTS FOR TIIE YEAR CLYDED 30TH SEPTEMBER 2024 Page Truste, Report I to 3 Independent Examiner'8 Report Statement of Flnanclal Activllles BAIAnce Sheet Notes to the Flnanelal Statement8 7 to 11
JOHN EDGAR MEMORIAL TRUST TRUSTEES, RLPORT liOR THL YEAR ENDED 30TH SEPTEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 30th September 2024. The tNstees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND ACTIVITIES Objectlves and aims The Trusl was established in memory of the late John Edgar who died on 21 February 1970. The Tn]st was created by a Declaration of Trust exccuted by the original Trustees for Ihe advancement of cducation in agriculiure in Hampshire, the Isle of Wight and adjacent areas. The objcclives are achieved by the I'rn8tec8 yelecting award hold¢r8 at their discrction who attend a 3-module rc¥idential management training course spon%ored by the Trust. Publlc benefit The trusl¢¢s confirn] that they have taken account of ihe Charity Commission's gencral guidance on public bcnefit. The bcnefjls that arise from the aims of the John Edgar Mcmorial Tru¥l are in the continued dcvelopmenl of educating individuals in agriculture and the p081tive impact this has on thc fanning community. Beneficiaries of the Tru%t attend a ¢our4c OTgani8ed on behalf of ihe Trust by the Royal Agricultural Univcrsity. Individuals make a contribution of £500 to altend the cour8e but a bursary is available for those who cennot make this contribution and no individual or organi8ation receive% private bcnefit8 from ihe .1 rust. ACHIEVEMENT AND PERFORMANC Charitablc actlvities Thc Trustee8 conlinue to bc ¥alisfied that the Trust is meeting ils objcctives as plam]ed. Cour8e8 are run bi-annually and these financial 8tatcmenls, including thc comparatives, reflect how they have been fiu)dcd by inve4tment incomc and donations. This year the charity received a legacy of £445,710. FINANCIAL R Tr.VIEW Financial posltlon Nel surplus before gains on investments amounted to £423,321t. Unrealised gain5 on invc%tments amounted to £54,770 and realised gains on disposals in the ycar amounted lo £3,567. The fund balance at 30th S¢pi¢mbcr 2024 amount¢d to £1,026,880. Jnvestmenl policy and objeetivey Undcr the Tru.%i Deed, the charity ha¥ the power to make any investment which the Trustees See fil. 'I"he Trubtees have a policy to maintain investmcnts to ensur¢ thal a sufficient level of income is generated to fund the ongoing operalional needs of the charity. Reserves pollcy li is thc policy of the Trust to maintain its free rcserve8 at a level which generates sufficient investment income to provide as much training as possiblc in the year and to enable the charity to respond to emerg¢n¢y needs which arise from tirnc lo tin]e. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is uninCoorated and its powers are set out in ils Trust Deed dated 25 September 1970. Recruitment and appointment of nejv trustee5 By VIre of the natLwe of the charity. there are very few changes in Trustees. When a change is required, the remaining TnleeS invite a suitable successor who will already have had some involvement with the TrusL Page I
JOHN EDGAR MEMORIAL TRUST TRUSTEESI REPORT FOR TIIE YEAR ENDED 30TFI SEYfEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Trustees have carried out a review of the charit8 activities and the risks to which it is exposed and ¢onfirni that controls are in place to mitigate those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 307301 Princlpal address Carter Jonas 3 Royal Court Kings Worthy Winchester Hamp8hire S023 7TW Trustees Mr J Parker Lord William Selborne Mr8 G Strang Mr R Hall G Hood Mr8 K E Graham Secretary Mr J Read Assoclatlons Llsted in Deed Hampyhire Farnier8 Club Grasshoppers FIampshire Federation of Young Farniers Club8 Lymington Growmore Club National Farniers, Union New Forest Show Committee South Avon and Stour Agricultural Society Independent Examlner David Barr Martin and Company 25 Si Thomas Street Winche3ter Hampshire S023 9HJ B Y4nkers Barclays Bank Pl¢ 50 Jewry Strcet Winchester S023 8RG Page 2
RIAL TRU F. YEARENI)ED 30TH SRtrrEM Approvcd by thdof"the lwd 0ftru15 on..... u)z£ . and signed on its beh¥lfby. ft2.r4i&W.;P. imi Wllll4th Selborrio.:Tntee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN EDGAR MEMORIAL TRUST Independent examiner's report to the trustees of John Edgar Memorial Trust report to the charity trustees on my examination of the accounts of John Edgar Memorial Trnst (the Trnst) for the year ended 30th September 2024. Responsibilities and basi5 of report As the charity truslees of the Trnst you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my cxamination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirni that E am qualifjed to undertake the examinallon because l am a memb¢r of the Institut¢ of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirni that no material matters have comc lo my attention in connection with the examination giving me cause to believe that in any matcrial respect: accounting records were not k¢p¢ in respect of the TNst as required by Section 130 of the Act. or the accounts do not accord with th08e records" or the account8 do not comply with thc applicable requircmcnl¥ concerning the fonn and contsnt of accounts set out in the Charitie8 (Accounts and Reports) Rcgulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter conwidered as part of an indcpcndent examination. I have no concerns and have come Y4cross no other matlcr8 In connection with thc cxamination to which attention Should be drawn in this rcport in order to enablc a proper under81anding of the accounts to be reached. David Barr Martin and Company 25 St Thomas Street Winchester 14anipshir S023 9EIJ Dale.. Page 4
JOHIY EDGAR MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2024 2024 Unrestrleted fund 2023 Total funds Notes INCOME AND EI¥4DOWMENTS FROM Donations and legacies 464,818 11,037 Investment incom¢ 20,476 17,895 Total 485,294 28,932 EXPENDITURE ON Raising fimds 6,552 6,059 Charltable actlvltits Agricultural cducation 55,414 1,024 Total 61,966 7,083 Net gains on investments 58,337 2,634 NET INCOME 481,665 24,483 RECONCILIATION OF FUNDS Total funds brought forward 545,215 520,732 TOTAL FUNDS CARRIED FORWARD 1,026,880 545,215 The notes forni part of these financial statements Page 5
FIN I,;DGAR MF.MORlIlLI'RUS'I' 30TFI sr.PTEMBER 2024 2024 Uni'estrleltd fuiid 2023 Total Notes FIXED ASSF.TS 948,966 462,889 C.IIRREprt' ASSETS Debiors c.asli fit bai)k 12 1,076 77,600 1.024 82,052 78,676 83.076 CREDITORS Ili)iounls rlI[n8 di1¢ lviihln oli¢ yeai, 13 1762> 17301 NCIl' CURRLI NT ASSC'rs 77.914 TCll'AL ASSCITS Lv$ CUIIIIENT LIABILITIES 1,026,880 545,215 NL1' ASSETS 1,026,8811 545.215 ri'llNDS UiJrcslri¢i¢d tiiiids 14 1,026,880 S45,215 TOI'AL fi UNDS I,n26,880 545.215 I'l)e fiiilliicinl statC111¢1115 weit api)IDved by tlic Board of I'rLlStee8 niid llLlthoi'lscd for Issue Hiid w¢r¢ si8iied Dn ils bel)Iifby: Loi'd Williain Selboi'iic- Ti'iisiee Mi- i114all Ti'iislee 'riie i)oles fonii i)thit of tlie5e fiiiaii¢ial staleiiieiii Pnbvc 6
JOHN EDGAR MEMORIAL TRUST NOTES TO THL FINANCIAL STATEMENTS FOR'fiiL YEAR ENDED 30TII SFPTEMBER 2024 STATUTORY INFORMATION The John Edgar Memorial Trust is a charity registered in England and Wales. The charit8 registered number and registered address can be found in the Trustees, Report. ACCOUNTING POLICIES Aeeounting conventions The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prcparing their account5 in accordance with the Trinancial Reporting Standard applicable in thc UK and Rcpublic of Ircland (P'RS 102) (¢ffectiv¢ l January 2019),. Financial Reportin¥ Standard 102 "L'he Financial Reporting Standard appli¢able in the UK and Republic of Ireland, and the Charities Act 2011. The financial stat¢m¢nt8 havc been prepar¢d under thc historical cost onvention, with the ex¢eption of investments which are included at market value, as modified by the rcvaluation of certain assets. The financial 8taLements have been prepared to give a 'truc and faie view and have departcd from the Charities (Accounts and Reports) Rc¥ulations 2008 only to the extent rcquired to providc a 'tNe and fairf view. This departure ha.8 involved following Accounlin&y and Rcporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (fRS102) i8sued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommcnded practicc Cffective from I st April 2005 which has since bccn withdrawn. Thc truste consider that there are no material uncertaintiets about the Charity's ability to continue a8 a going concern. Income All income is recogni8ed in the Statcment OF F inancial ActivitieN once the charity has entitlcment to the funds, il is probablc that the income will be received and the amount can be measured reliably. Expenditure Liabilitie8 arc reCOgniCd as expenditure as soon a8 there 1% a legal or constructive obligation committing the charity to that expendIre, it is probable that a transfer of cconomic benLfits will be required in settlement and Ihc amount of the obligation can be mcasured reliably. Expenditure is accounted for on an accrnals basis and has been clas¥ificd under hcadings that aggregate all CO&+l related lo the category. Where costs cannot be directly attributed to particular hcadings they have been allo¢a*d to activities on a baiiili consistent with the usc of rcsources. Taxation Th¢ charity is exempt from lax on its charilable activities. Fund accounting All fund5 held by thc charity arc unrestricted general funds which can be used in accordance with the charitable obj¢ctives at the discretion of the 1'ntee$. Investments Stocks and shares quoted on the London Stock Exchange are included in the balance sheet at their market value at the year end. The differences between the market value and the original c05t of the investment are included in the Statement of Financial Activities. No unquoted investments are held. Profits and losses arising on the disposal of investments are included in the Statement of Financial Activities. Page 7 continued..-
JOHIY EDGAR MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH SEPTEMBER 2024 DOIYATIONS AND LEGACIES 2024 2023 Donations Gift aid Legacies 18,344 764 445,710 10,233 804 464,818 11,037 INVESTMENT INCOME 2024 2023 Portfolio income Dcposit account interest 19.974 502 17,895 20,476 17,895 RAISING FUNDS Investment management cost8 2024 2023 Inv&81ment manager fee8 4,808 4,709 CHARITABLE ACTIVITIES COSTS Direct Co8L4 (see note 7) Support costs (8ee note 8) .1 otals Agricultural education 54,322 1,092 55,414 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Cour8e expen$e8 54 J22 Page 8 ontinued...
JOHN EDGAR MEMORIAL TRUST NOTES TO THE FINANCIAL ST ATEMENTS - continued FOR TIIE YEAR ENDED 30TH SEPTEMBER 2024 SUPPORT COSTS Governance costs Management Totals Agricultural education 318 774 1,092 Support costs, included in the above, are as follows: Management 2024 Agricultural education 2023 Total activities Insurance Postage and stationery W¢bsite 180 163 75 138 318 238 Governance costs 2024 Agricultural education 2023 Tothl activities Indq)endent examiner's fee8 774 786 TRUSTEES, RLMULYERATIOIY AND BENEFITS There were no trustee8' remuneration or other bencfils for the ycar ended 30th September 2024 nor for the year ended 30th September 2023, Trustees, expenses There were no trusteet4' expenses paid for the year ended 30th September 2024 nor for the year ¢nded 30th September 2023. io. STAFF COSTS There are no employees so consequently no staff costs have been incurred. Page 9 continued...
JOHN EDGAR MEMOIUAL TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH SEIryEMBER 2024 ii. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At Isi October 2023 Additions Disposals Revaluations 462,889 527,736 (96,429) 54,770 At 30th Sq)tember 2024 948,966 NET BOOK VALUE At 30th September 2024 948,906 At 30th September 2023 462.889 There were no investment assets outside the UK. The historical book coyt of inve%tmenls held at 30th September 2024 was £862,146. 12. DEBTORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 2024 2023 1,076 1,024 13. CREDI'foRS: AMOUNTS FALLING DUE WITHIN ONE YLAR 2024 2023 Other creditors 762 750 14. MOVEMENT IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestrlcted fund$ General fund 545,215 481,665 1.026,880 TOTAL FUNDS 545,215 481,665 1,026,880 Page 10 continued...
JOHN EDGAR MEMORIAL TRUST NOTES TO THL FINAI44CIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2024 14. MOVEMENT IN FUNDS - contlnued Net movement in funds. included in the above are as follows.. Incoming resoiirc&8 Re¥ources expended Gains and losses Movement in funds Unrestrlcted funds General fund 485,294 (61,966) 58,337 481,665 TOTAL FUNDS 485,294 (61,906) 58J37 481,665 Comparatives for movement ID fund8 Net movement in fimds At 1.10.22 At 30.9.23 Unrestricted funds General fund 520,732 24,483 545,215 TOTAL FUNDS 520,732 24,483 545,215 Comparative net movement in funds, included in the above are as follows: Ineoming re%ources Resources expended Gains and losses Movement in fund Unrestricted fundB General fund 28,932 (7,083) 2,634 24,483 TOTAL FUNDS 28,932 (7,083) 2,634 24.483 15. RELATED PARTY DISCLOSURES There were no related party transaclions for the year ended 30th September 2024. Pagell