Registered Charity Number: 311442
MARCH EDUCATIONAL FOUNDATION
Trustees’ Report and Accounts For the year ended 31 March 2025
Whitings LLP Chartered Accountants Fenland House 158 Hostmoor Avenue March, Cambs PE15 0AX
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MARCH EDUCATIONAL FOUNDATION
TRUSTEES REPORT For the year ended 31 March 2025
Registered Charity Number: 311442
Trustees of the Scheme: Chairman Mr M Field (Council nominated) Vice-Chairman Mr M Purser (Council nominated) Co-opted Trustees Mrs D Blyth Mr J Orbell Ms H Orbell Ms C Griffin Other Council Nominated Mr C Elkin Mr J Gowing (Resigned 25/06/2025) Mr A Woollard (Appointed 10/07/2024) MrS Fisher (Appointed 25/06/2025) Ex Officio (as Head of Mr G Horn Neale-Wade Academy) Clerk to the Trustees: MrRC Gill 8 Orchard Close March Cambs PEI5 9DF Independent Examiner: Whitings LLP Chartered Accountants Fenland House 15B Hostmoor Avenue March Cambs PE15 OAK Bankers: Lloyds Bank Plc 27-31 Westgate, Peterborough Cambs PE] 1YH Trust Scheme: Adopted at General Meeting held on 6 January 1989
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MARCH EDUCATIONAL FOUNDATION
TRUSTEES REPORT (CONTINUED) For the year ended 31 March 2025
Registered Charity Number: 311442
Objects
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To promote the education of persons under the age of 25 years who are resident in the Parish of March, who are in need of financial assistance.
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To provide such special benefits of any kind not normally provided by the local education authority for any school serving the Parish of March as may from time to time be agreed between the Trustees and the Governors of the School concerned.
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To provide facilities not normally provided by the said Authority for recreation and social and physical training for persons who are resident in the Parish of March who are in need of financial assistance and who are receiving primary or secondary education.
The Trustees agreed in August 2005 to take over the administration of the March Silver Jubilee Scholarship Fund (which has now been dissolved). Consequently £2,536.77 was received and treated as Endowment Funds. It has now been invested into the Charities Official Investment Fund and income generated is used to fund a five yearly scholarship of £500 to one pupil of the Neale-Wade Academy - this gives each student at least one opportunity to receive the award during their time at the Academy.
From March 2020 the Trustees commenced administering the funds and property from the Estate of Mrs P M Brewin deceased, in order to start delivering bursaries under the George & Patsy Brewin Scholarship. Awards will be made annually to help students leaving the Neale-Wade Academy to commence degree courses at major UK universities. The terms of Mrs Brewin’s legacy require that the assets derived therefrom are held as a non-distributable endowment fund. Income generated from this Endowment Fund goes to a restricted income fund to finance the bursaries.
Organisation
During the year the Trustees met three times to consider any requests for assistance received and to deal with various administrative matters.
Each Council Nominated Trustee is appointed for a term of four years at a time; Co-opted Trustees are appointed for five years at a time. Thereafter each may be re-appointed, for the same term, as often as the various parties may wish. The Chairman and Vice-Chairman for the succeeding year are appointed by the Trustees from amongst themselves at each Annual General Meeting.
Owing to the increased complexity of the role and the legal framework surrounding governorship, it is no longer thought appropriate for the Foundation to have automatic representation on the governing body of the Neale-Wade Academy. Links are maintained however, through the Principal who automatically becomes a Trustee.
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MARCH EDUCATIONAL FOUNDATION
TRUSTEES REPORT (CONTINUED) For the year ended 31 March 2025
Registered Charity Number: 311442
InvestmentsFollowing a thoroughand Reservesinvestigation into investment managers, the Trustees concluded that it is not currently advantageous to have the Foundation’s investments managed on a discretionary basis. A decision was taken to place all of the Foundation’s Fixed Asset Investments with the Charities Official Investment Fund. Excepted from this are the Fixed Asset Investments of the George and Patsy Brewin Scholarship fund are being handled by Messrs. Quilter Cheviot however, in accordance with the wishes of Mrs P M Brewin deceased, expressed in her will. They will similarly be managed in a nondiscretionary way in an investment vehicle designed especially for charities. This should reduce management and dealing costs within the investments and also, it is hoped, lead to enhanced investment income. There should also be less inherent risk to the capital value of investments.
It is the Trustees policy to distribute all but a minimum working balance of the income arising each year, subject to requests for assistance. Over the years an Income Fund surplus has arisen due largely to income being realized with the sale of certain government stocks and being immediately reinvested by the Investment Managers. The Trustees are satisfied that this situation is no longer ongoing and the past income reinvested is enbancing future income streams. Surplus income arising on the G & P Brewin scholarship fund are returned to Messer Quilter Cheviot for reinvestment in accordance with the terms of the will trust of Mrs P.M. Brewin deceased. The trustees commit to making scholarship grant awards over a period of time after an interview process, and consider that the full amount of such constructive commitments should appear ona distribution in the period in which the commitment was made in accordance with charity SORP. Income is recognised as the charity becomes legally entitled to it. Although when committing to the grant expenditure the trustees are mindful to balance it with anticipated future income of the trust, this can result in the income funds having an overdrawn balance.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established so that the necessary steps can be taken to lessen these risks.
Review
During the year, completion of the sale of land, formerly being part of the garden of the house of Mrs Brewin for development was finally achieved. Disposal proceeds of £492,407, net of expenses were received on 24 March 2025 and transferred to Quilter Cheviot shortly after the year end. Consequently, investment income arising for use in the George and Patsy Brewin Scholarship Awards will be substantially enhanced in the future. Two other small properties valued for probate at £60,000 are intended to be sold at public auction but problems with the deeds of title, which are being addressed by solicitors, continue to hold up the process,
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MARCH EDUCATIONAL FOUNDATION
TRUSTEES REPORT (CONTINUED) For the year ended 31 March 2025
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Registered Charity Number: 311442
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Review(continued)
During the year ended 31% March 2024, £3,582 was received from the now defunct March Twinning Association, with instructions that it be used to assist students at the Neale-Wade Academy with foreign travel. It has therefore been added to restricted funds, although no requests were received against it until after the year end.
The George & Patsy Brewin Scholarships are currently supporting four students who commenced further education in the 2023/24 academic year with awards totaling £18,000 per annum. Two further students who commenced further education in the 2024/25 academic year, are receiving a total of £18,000 per annum. Five students have been selected to receive awards totaling £25,992 per annum commencing in the 2025/26 academic year.
There was a net decrease in the value of all funds during the year ended 31° March 2025 amounting to £45,567 (2024: increase of £162,143), after taking into account an increase in the accumulated income funds of £625 (2024: decrease £1 1,342) including recognition of future grant awards of £70,000 (2024: £65,083) in addition to actual grant payments in the year of £52,061 (2024: £48,422). The decrease in the value of endowment funds has been caused by macro-economic factors and normal stock market variations affecting the investments managed by charities agents.
It is hoped that further property sales will take place before the next year end. The trustees remain satisfied that the diversification of the investment portfolio minimizes financial risk and Quilter Cheviot have assured them that their investments will continue to have regard to environmental, social and governance matters and that they bring pressure to bear on the managers of the companies in which they invest to be responsible in these matters.
Dividends paid into restricted income funds increased by 9.55% (last year 11.4%). Overall dividends paid into the unrestricted income funds remain broadly the same (last year the same). The Trustees decided to apportion all management costs on a 50:50 basis between the restricted and unrestricted income funds. Undistributed income resources in the George and Patsy Brewin Scholarship Fund are treated as a restricted capital fund and subsequently returned to Quilter Cheviot for reinvestment in accordance with the terms of Mrs Brewin’s Will, although this year there were none due to commitments to awards in future years.
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MARCH EDUCATIONAL FOUNDATION
TRUSTEES REPORT (CONTINUED) For the year ended 31 March 2025
Registered Charity Number: 311442
Review(continued)
Under the terms of the Trust Scheme a grant of £223 is made to the March Almshouses and Pension Charities each 1 April. In addition £450 is awarded through the Paul Caller Music Awards each year and £500 every five years through the March Silver Jubilee Scholarship. If there are no other requests for assistance, the balance of income funds are made available to meet requests for assistance from the Principal of the Neale-Wade Academy.
The Trustees are satisfied with the position as the vast majority of students from March attend the Academy at one time or another and, therefore, potentially benefit from money awarded to it,
The Trustees have considered the matter and consider that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by The Charity Commission for England and Wales.
The financial position of the Foundation at the year-end was sound and the Trustees consider the income generated during the year from investments to have been satisfactory.
Methods Adopted for the Recruitment and Appointment of New Trustees
When a vacancy occurs among the co-opted trustees, it is the usual policy of the remaining trustees to seek to appoint someone who is local to the March area and known by them personally or by reputation to be a suitable, reliable candidate. That person would then be approached by the Trustees, through their clerk, to gauge their interest, after having had the objectives of the Foundation and the duties of a trustee explained to them.
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Approved by the Board of Trustees on
and signed onfits behalf by: &'\C> CAsloer 2O2Sny pe
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ee PACA Ot /|| Mr M Field (Chairman)
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weMidKA | vee nes cascesssscresscsaceeseee Mr M Purser (Vice-Chairman)
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MARCH EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARCH EDUCATIONAL FOUNDATION
I report on the accounts of the Trust for the year ended 31 March 2025 which are set out on pages 8 to 15.
Respective Responsibilities of Trustees and Examiner
As the charity's trustees you are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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¢ Examine the accounts under section 145 of the Charities Act * follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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¢ state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
- In connection with my examination. I can confirm no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: * the accounting records were not kept in accordance with section 130 of the Charities Act; or * the accounts did not accord with the accounting records; or * the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: CELMLEREL
veveee ltl Loge CEP Ben Beech A.C.A Partner - Whitings LLP Fenland House 15B Hostmoor Avenue March, Cambs, PE15 0AX
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MARCH EDUCATIONAL FOUNDATION
| STATEMENTOFFINANCIAL ACTIVITIES | STATEMENTOFFINANCIAL ACTIVITIES | STATEMENTOFFINANCIAL ACTIVITIES | STATEMENTOFFINANCIAL ACTIVITIES | ||
|---|---|---|---|---|---|
| (INCORPORATINGTHEINCOMEANDEXPENDITUREACCOUNT) | |||||
| Fortheyearended 31 March | 2025 | ||||
| Endowment | Restricted | Unrestricted | Total | Total | |
| Funds | Funds | Funds | 2025 | 2024 | |
| INCOMINGRESOURCES | |||||
| Donations, Legacies and Similar | |||||
| Resources: | |||||
| Legacies | - | - | - | - | |
| Donations | - | - | 225 | 225 | 3,582 |
| Investment income: | |||||
| Dividends | - | 48,977 | 9,699 | 58,676 | 54,216 |
| Interest onbank deposits | - | - | 702 | 702 | 689 |
| ‘Total Incoming Resources | £- | £48,977 | £10,626 | £59,603 | £58,487 |
| RESOURCES EXPENDED Direct charitable expenditure: |
|||||
| Grants (Note 2) | - | 54,000 | 2,978 | 56,978 | 65,173 |
| Otherexpenditure: | 1,532 | - | 1,532 | 2,338 | |
| Management and administration | |||||
| (Note 3) | - | 1,000 | 1,000 | 2,000 | 4.656 |
| Total ResourcesExpended | £1,532 | £55,000 | £3,978 | £60,510 | £72,167 |
| NETINCOME/(EXPENDITURE) | |||||
| BEFOREINVESTMENT GAINS/ | |||||
| (LOSSES) | £(1,532) | £(6,023) | £6,048 | £(907) | £13,680) |
| NETGAINS/(LOSSES) | |||||
| ONINVESTMENT ASSETS | £(44,660) | - | - | £(44,660) | £175,823 |
| NET INCOME/EXPENDITURE | |||||
| AND NETMOVEMENT IN | |||||
| FUNDSFORTHEYEAR | £(46,192) | £(6,023) | £6,648 | £(45,567) | £162,143 |
| Fund balances brought forward | £2,462,974 | £1,062) | £6,883 | £2,468,795 | £2,306,652 |
| FUNDBALANCES CARRIED | |||||
| FORWARD | £2,416,782 | £(7,085) | £13,531 | £2,423,228 | £2,468,795 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 13 form part of these Accounts
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MARCH EDUCATIONAL FOUNDATION
BALANCE SHEET 31 March 2025
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|FIXED ASSETS|
|Investments|(Note 4)|£1,931,848|£2,468,915|
|CURRENT ASSETS|
|Prepayments|-|84|
|Lloyds|Bank Plc|- Business Call Account|561,956|65,754|
|Current Account|1344|L045|
|CREDITORS:|£563,300|£66,883|
|amounts due within one year (Note 5a)|41,920|39,003|
|NET CURRENT ASSETS|£521,380|£27,880|
|CREDITORS|
|Amount due after one year (Note|5b)|£30,000|£ 28,000|
|NET ASSETS|£2,423,228|£2,468,795|
|CAPITAL FUNDS|
|Endowment Funds (Note|10)|£2,416,782|£2,462,974|
|INCOME FUNDS|
|Restricted Funds (Note 11)|(7,085)|(1,062)|
|Unrestricted Fund|13,531|6,883|
|,|£2,423,228|£2,468,795|
|Approved|by|the Board|of Trustees|on|
|~|22.5|
|and signed on|its behalf by:|Ol|Af|
|MrM|Field (Chairman)|EO|AAC|IA)!|1|
|Mr M|Purser (Vice-Chairman)|......|Mes.<o.0|
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The notes on pages 10 to 15 form part of these Accounts
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MARCH EDUCATIONAL FOUNDATION
CASH FLOW STATEMENT For the year ended 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| CASHFLOWSFROM OPERATINGACTIVITIES: | ||
| Netcash (used in) operating activities (Note 1) | £(55,284) | £(58,733) |
| CASHFLOWSFROMINVESTING ACTIVITES: | ||
| Incomefrom listed investments | 58,676 | 54,216 |
| Interest Received | 702 | 689 |
| CASHPROVIDEDBYINVESTINGACTIVITES | £59,378 | £54,905 |
| CASHPROVIDEDBYSALEOFINVESTMENT | £492,407 | - |
| INCREASEINCASHAND | 3, | |
| CASHEQUIVALENTS INTHEYEAR | £496,501 | (4,828) |
| CASHANDCASHEQUIVALENTS ATTHE | ||
| BEGINNINGOFTHEYEAR | £66,799 | £70,627 |
| CASHANDCASHEQUIVALENTSATTHE | ||
| ENDOFTHEYEAR | £563,300 | £66,799 |
| Note 1 - Reconciliation ofnetexpenditure tonet cashflowfrom operating activities | ||
| Netincome/{outgoings) for the reporting period | (45,567) | 162,143 |
| Adjustments for: | ||
| Investment assets acquired from legacy | - | - |
| (Gains)/losses on investments | 44,660 | (175,823) |
| Dividendsand interestfrominvestments | (59,378) | (54,905) |
| (Decrease)/increase in creditors | 4,917 | 9,936 |
| (Increase)/decrease indebtors | 84 | (84) |
| Expenses paidfrom investments | ~ | - |
| Income reinvested | - | - |
| Released from investments | - | - |
| £(55,284) | £(59,733) |
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MARCH EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS For the year ended 31 March 2025
1 Accounting Policies These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
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(a) All donations and investment income are accounted for gross when receivable.
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(b) All expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third part, it is probable that a transfer of economic benefit will be required in a settlement, and the amount of the obligation can be measured reliably.
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(c) Awards under consideration at the year end are not treated as expenditure but is subsequently granted are noted as commitments not accurred in the accounts.
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(d) Legacies are included in the Statement of Financial Activities when receipt is probable, that is when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. Legacies which cannot be measured reliably are disclosed as contingent assets until the criteria for income recognition are met.
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{e) Investment gains and losses include any realized or unrealized gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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(f) Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Quilter Cheviot takes into account the following charges when pricing the funds held by the Foundation - management charges of 0.5%, a fund administration cost of 0.1% and underlying fund/holdings charges of 0.21%.
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(g) Debtors are measured on initial recognition at settlement amount. Subsequently, they are measured at the cash or other consideration expected to be received.
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(h) Expenditure relating to Investment Property held for sale, arising from legacies, and residual Estate Administration costs are written off against endowment funds as incurred.
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MARCH EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
For the year ended 31 March 2025
| 2 | Grants Payable | ||||||
|---|---|---|---|---|---|---|---|
| Number | 2025 Value | Number | 2024 Value | ||||
| Paid to institutions | 4 | 2,353 | 2 | 5,223 | |||
| Paid to individuals | 16 | 49,708 | 14 | 43,199 | |||
| Increase in amounts payable to | |||||||
| individuals (futurecommitments) | 6 | _4917 | 7 | 16,751 | |||
| The following material grants weremade to | £56,978 | £65,173 | |||||
| institutions:- | |||||||
| Neale-Wade Academy | 480 | 5,000 | |||||
| All Saints School | 900 | - | |||||
| 20Twenty Productions | 750 | - | |||||
| Otherunanalysed grants | 223 | 223 | |||||
| Total grants payable to institutions | £2,353 | £5,223 | |||||
| 3 | ManagementandAdministration Costs | ||||||
| 2025 | 2024 | ||||||
| Accountants’ Fees | 1,500 | 4,154 | |||||
| Clerk’s Salary andexpenses | __500 | ___502 | |||||
| 4 | Fixed Asset Investments |
£2,000 Listedinvestments |
Investment | £4,656 Cash |
|||
| Property | |||||||
| FairValue at 31 March 2024 | 1,908,911 | 560,000 | 4 | ||||
| Add: additions during the period | - | - | - | ||||
| Less: disposals at carrying value | - | 500,000 | - | ||||
| Less: Impairments | - | 15,000 | - | ||||
| Add: transfer in in the period | - | - | - | ||||
| Management fees | - | - | - | ||||
| Netloss on revaluation at 31 March2025 | 22,067 | - | _- | ||||
| FairValue as at 31 March 2025 | £1,886,844 | £45,000 | £4 | ||||
| Historical Costs as at 31 March 2025 | |||||||
| Analysis ofinvestments | Fairvalue aty/e | ||||||
| lessimpairment | §Deemed | Deemed | Cost | Cost | |||
| Cash orcash equivalents | 4 | ||||||
| Investment Property | 45,000 | ||||||
| Listed investments | 1,886,844 | ||||||
| Grand Total | £1,886,844 | £45,000 | £4 | ||||
| 12 |
MARCH EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) For the year ended 31 March 2025
The fair value of the investment property is based on the original probate value of commercial properties (£60,000) less costs of disposal, estimated by the Clerk.
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|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|5a|Creditors|2025|2024|
|Amounts due|within|one|year:|
|Accrual|1,920|1,920|
|Scholarship|Awards|40,000|37,083|
|£41,920|£39,003|
|5b|Amountdue|after|one|year|=SSS5|=oSo==|
|Scholarship|Awards|£30,000|£28,000|
|6|Transactions|with|Trustees|and|Connected Persons Persons|
|As|well|as|being|a|Trustee,|Mr G|Horn|as|Head|of|School,|and|Ms|C|Griffin,|who|teaches|
|there,|are|connected|with|the|Neale-Wade|Academy.|Ms|H|Orbell|is|connected|to|the|All|
|Saints|School,|where|she|teaches.|Apart|from|this,|no|trustee|or|connected|person|was|
|involved in any|transaction with|the|Foundation. No Trustee receives|any remuneration|or|
|expenses|either|directly|or indirectly from|the Foundation.|
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6 Transactions with Trustees and Connected Persons Persons
7 Commitments
At the year end the Foundation had no commitments of a non-charitable nature. It is, however, committed under its constitution to donate £223.25 on the 1 April each year to the March Almshouses and Pension Charities, which will be met from investment income. In addition the Trustees have agreed to fund the March Silver Jubilee Scholarship award of £500 once every five years as well as a minimum of three, £150 per annum music awards on behalf of the Paul Caller Memorial Fund, from unrestricted resources.
During the year ended 31% March 2024, £3,582 was received from the now defunct March Twinning Association with instructions that it be used to assist language students at the NealeWade Academy. It has therefore been added to restricted funds although no requests have yet been received against it. Scholarship Fund awards made and payable to individuals as follows:
G & P Brewin Year Scholarship Fund ended 31-03-2026 £40,000 (8 students) Year ended 31-03-2027 £24,000 (6 students) Year ended 31-03-2028 £6,000 (2 students)
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MARCH EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) For the year ended 31 March 2025
Commitments (Continued)
In addition after the year end further scholarship grants have been awarded as follows
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|||||||
|---|---|---|---|---|---|
|G &|P|Brewin|
|Year|Scholarship Fund|
|ended|31-03-2025|£8,664|
|Year ended 31-03-2026|£25,992|
|Year ended 31-03-2027|£25,992|
|8|Year ended 31-03-2028|£17,328|
|Contingent|Assets|
|There|were|no known|contingent|assets|at the year end.|
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- 9 Contingent Liabilities There are no known contingent liabilities not provided for at the Balance Sheet date.
10 Endowment Funds
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||||||
|---|---|---|---|---|
|At|Outgoing|Gains|At|
|1.4.2024|Resources|and|losses|31.3.2025|
|MEF Endowment Fund|350,955|(16,616)|334,339|
|G & P Brewin Scholarship Fund|2.112.019|1,532|28,044|2,082,443|
|£2,462,974|£1,532)|£(44,660)|£2,416,782|
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The general purposes and restrictions of the MEF Endowment Fund are shown at the start of the Trustees Report.
The G&P Brewin Scholarship Fund was established when an endowment legacy was received from the Estate of Mrs P M Brewin deceased on trust that the Endowment should be invested and the income applied in perpetuity to provide for the further education of students who must have attended the Neale-Wade Academy in March for at least 5 years and resided locally to March during that period. In order to qualify the students must attend a major UK university to study the sciences, including Physics, Chemistry, Biology, Medicine, Mathematics, Engineering or Technology or English (or other languages) or History or Geography.
11 Restricted Funds
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||||||||
|---|---|---|---|---|---|---|
|At|Incoming|Outgoing|At|
|1.4.2024|Resources|Resource|Tfr|31.3.2025|
|March|Silver Jubilee|Scholarship Fund|117|122|-|239|
|G & P Brewin Scholarship Fund-Income|(1 1,741)|48,855|55,000|(17,886)|
|G & P Brewin|Scholarship Fund|- Capital|6,980|-|-|6,980|
|March Twinning|Association Fund|3,582|-|-|3,582|
|£(1,062)|£48,977|£55,000|0|£(7,085)|
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MARCH EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) For the year ended 31 March 2025
Restricted Funds (Continued)
‘The purposes and restrictions of the G&P Brewin Scholarship Funds are shown in note 10 above. The March Silver Jubilee Scholarship Fund provides a £500 award once every 5 years toa Student of Neale-Wade Academy at March. Students are encouraged to apply to the Trustees providing a brief academic history and stating how the award would be used to help them in their ongoing studies. In this way it is hoped that all students will have at least one opportunity to apply for the award. Students are assessed, using information from the Academy, based on a combination of diligence in study, contribution to the life of the Academy and perceived financial need. This sits comfortably within the overall objects of the Foundation.
Any unspent income of the G & P Brewin Scholarship Funds during an academic year is transferred to the Capital Fund to be re-invested by Quilter Cheviot with the endowment funds.
12 Fair Value of Assets and Liabilities
As already disclosed, Fixed Asset Investments are stated at fair value at the Balance Sheet date. In the opinion of the Trustees this asset is subject to a market risk (the risk that the value of an investment will fall due to changes in the market). This risk is managed by the Charities Official Investment Fund and Quilter Cheviot who invest the funds on behalf of the Foundation but also on behalf of a very large number of other charities, both large and small. The value of the investments will tend to rise and fall with movements in stock markets, however the risks will be mitigated by maintaining a wide range of investments within the portfolio of the fund and by the wealth of experience of the fund managers. The Trustees believe that the acceptance of this risk is justified as without it the income of the Foundation would be negligible in the current economic climate.
Two small freehold lock-up stores have been left in the accounts at the probate value used for the purpose of valuing the estate of Mrs Brewin less estimated expenses of disposal. Since the income from the fixed asset investment is being used to fund the George & Patsy Brewin Scholarships, in accordance with Mrs Brewin wishes expressed in her will, ongoing property and executors fees are being paid from the endowment capital fund.
15