THE ROGER EDWARDS EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ROGER EDWARDS EDUCATIONAL TRUST CHARITY tNFOILMATIO FOR THE YEAR ENDED 311IARCH 2024 TRUSTEFS c.hristopher Cowburn R]"chard Mors¢ Jonathan Stepben5 Jarne5 Osi%)rne Cieoffr¢y Hughes G¥reth Edwards Cathon Brooker Tracey Huxley Elajne Lewis SECRETARY Jonathan Stqjhens REGISTERED OFFICE Roger Edwards Hou 18 Maryw)rt Stre L'sk Monmouthshi NP15 IAE REGISTERED CHARITY NUMBER 525638 BANKERS Barclays Bank LeiLesleT LE87 2BB INDEPENDENT EXAMINER Daykins Accountsncy Ltd Chartered Accountants Redwuod Suite Oak House Llancayo Court Utsk Monmouthshire NP15 IHTr page I
THE ROGER EDWARDS EDUCATIONAL TRDST CHAIUTY INFORMATIO FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Pages Trus(ecs' Re[1 In*ndent Extiminerfs R¢r sl¢ment of Financial Aclivilies her CmpreheS1vC lllcomc Staiement of Financial Position Sthtcment of Changes in Equity 9-14 Noles to the Fimancial Statr[tnts page ?
THE ROGER EDII'ARDS EDLC.4TIOYAL TRUST TRLSTEES, REPORT FOR THE YF.AR F.liDED 31 %IARCH 2024 The Trnstees preseni their annual rerA)rt and ihe independendv examined financial ststcment5 for the yeas ended 31 March 20?4 of The Roger Edii'ard% F.ducaiional T$1 I'ihe Chariry'l. ThL infornuiion iviih re¥pt io Tnibltts. oITi¢ers and advisLYS Set out in the Charity InfoTTnatKun fomis pan of ihis report. The fn&nLial statements have been prepared in a¢COTdancL w'ith ihe accounlirbg wliric%.4ct aui in note I to the aLLoullLS and comply with th¢ Chariiy'5 trusi deed. Ihe Chariliis A¥[ •OI l and Aciouniing and RLporting by Charities.. Stai¢Enent of ReLonimend¢d PtactiLr appliiablc tu charities preparing thcÈr aLcounis rn accordance wilh the F'inanLial Reporting Standard applicable tn the L'K and R¢publtc of 1relaT (TrRS 1021 publis13Ld 16 July 2014. Statss And dmirtistrA¢iOn The Chanry is governed by a scheme dad l April 2010. Objective5 Th¢ primary objective of the Chariiy. as Slats.d guveming d4xumenl& is 10 advance education fur the publiL benefjl by.. l. A Piiyin¢nt of two thirds of thc incumc of the endowment 10 die Monm4wthbhirc Farm School Endowrnent Trust (registered charity number 5256491. 2. Providing and assisiing in the provision of faciliiies. rioi requÈred io be proN"idcd by the loLal education uihority for education. ai th¢ Lsk Church Ln Ilalcs Primary sch1. 3. For thL pllbli¢ benefit to proTfLOte ihe eduLatioll linrluding social and physical aInIng of pIe resident in the rea of benefit Ivi 511ch Wdy% 3$ Ihe Charily Twsie¢s ihink fil, Jncludiiig by.. al dwarding to such pcrsons scholarsliips. allowatKe5 or grants i¢nablc ¥ arty unii'ulity. coll¢ge or iitstiiuiion of higher or further educ#ilLOn' bl providinu iheii education lincluditjg the stud). ofmusic or other 8nsl, 10 undetldkL ifdvel in lullherance ofthat education or tu prepare for entry lo anv occupation. trade or profession on Icai'ing any ¢ducational cstablishmelli.. Ll pri)viding and assisting in the provisii)rt of r.acililies lor education ai any chanbI¢ ¢ducatitsnLi establishmenl in the area of benefit. Review of 4ctivitie5 Thc biaiemeni of financial a¢iivtli¢s for the yedr is sei oui on page 6 of the ftnancLa] 5thte7nerJ15. A summary of ihe rinancial resulLs and the work of ihe chartty is Set oui below.. ThL Furtd has inLreased In value by £?IM,01 I this y¢ar.1£19.513 increase in i?lue in 2022.'2.11. Incvming resouTCC5 CDll5isicd of a donat50n frum Ama¥.on of £1 g1£6 in 20?2J?11, a c4)mpcnsation pas'inent Irorn BaTclays Bank of £NIl1£50 in 1O2?i231. ini¢r¢si 011 Lash held of £"1.40? 1£3.542 in ?0221?3I, rett1 inLome of £28.189 1£31.041 in ?0221231. Re%ourLes expended Coftsisied ofmanagemeni aod 3dministraiii'¢ LOSLS l)f Ll.(K)6 (£506 2022.'23I. property expenses of £31.2481£30.3 18 in 20??,.231. legal and profe55ional fees of£i.260 IL9W in 2021231 lating io lease dilapkdation5 and rcni rc%'iews. independeni eKaminaiion fee of £1.4W1£1.31X) ID ?0221?31 and gTanLS of L4i.195 1£30.6Q3 in ?0221231 in line '7[h the Chariiy> obje¢iiv¢s. Unrealik.d gains of Li3%.974 (£53,599 ullreali5ed losses in 70221231 drobe on ¢hJnges in fixed &s>ei invcstmenl valuts. Invtstmeni poH"ers. poliev perform•nce Und¢r the L¢rn]s of the Trusi Deed. Ihc TTusle&s hai'c gellcral we% of invebtsneni, bubjeci io the provisions of the Trkislee Aci 2000. The Trusiees revie. Ihe c-han1",5 in%'esimeni slrai¢gy eN'ery qu3ner and monies dre s¢raiegically placed in manag¢d in%'cstm¢tkl> innded io yield a r¢liable reiuTn and. oi'er Ilic Ions Icrm, 10 mainÈJin or &iTnw capital values in redl teTms. In accordazLC¥ WÈth the ini'estmeni policy a0ed in 2021122. proceeds Irom th¥ salc ot'prop¢Tty in 2022123 (see iiote 71 were also invested in th¢ a¢cumulaiiTrn units of funds. mandged by the Charities Official InvestTheni Fund (COIFI. These uniLN do not pay a fortnal diYideDd_ page.1
THE ROGER EDWARDS EDLCATIOYAL TRL'ST TRUSTEES. REPORT (CO%T.) FOR THE YEAR ENDED 31 MARCH 2024 Granl Djaking poll Grants are madc pursuance ofthe Charity's objective¥ as daakled aknve. All grant5 awarded during Ihe rJn2tLcial year were made in line with th¢ wrreni criteria. Chg¢S in fixed a55ets The mvemenrs in fixed ass¢ts during the year aTC set nolc 7 to the financi2] sthternents. The freehold land and buildings were last reVaId in March ?016 on the basis of open markrt value by one ofThe Trtlee5, Mr C Cowbum MRICS, who is a qualified Chartered SuTheyor with membershÈp ofthe valuation division of Th¢ Royal Insiitytion of C.hartercd SurveyoT%. As a resuli no charge for depreciatson is made on fr¢¢hold land and buEldin85 &s it is the TnJstees' opinion ihere has been no material irnpaiErnent to the valuation. The endowmeni was created by a scheme dated l April 2010 10 separate the Llsk Grammar Sch1 Follndation from th¢ Montnouthshire FurtlKr Educalion Twbi Fund. The Trustres. EM)licy i& over the long teTm. to maintain 01 grow fund5 rcal tCrnJS 3nd to utilise annual inCOtT receii'ed to fimd clwi"table expenditure. The governing docum¢nts also allow the Trusttts discretion to use ihe Chariiys exrtndable endowmi for charitable objects. The Chanry is required io make an annual pat io the Monrnouthshitr Farln Schi)ol Endowmeni Trusi Fund (Charity no. 525&191 equivalent io two third5 of the aTfftual inv&s(meni aThl renthl in¢om¢ after d¢duding Tunnirtg expenses incurred. Tru$ttt$' r¢swJnslb611tles sn relatlon to tht fiMn¢ial sttements The Trustecs are responsible for preparing a IDJsteos' annual lert and financial slatements in accordance with applicable law and United Kingdom Accounting Srandards {t&NLied KiDgdoTn Gener311y Acrepted Accounting Prdctic¢). Th¢ law applicable to charitie% in England and Wales requires the Ch1 tsuses to prepar¢ financial stat¢m¢nt5 for each year which ¥¢ a true and fair view of ihe slaie ofaffairs ofihe charity and of the incoming resources and application of resources. of the charity for that p¢riod. In preparing thc financial siatCTnents. thc Trustees ase Tequired io.. l) seltci suitable a¢couniing policies and then apply them consist¢ntly: 21 JNke judgements accouniing estiTnales thal are fra3b]e and PTudertL 31 observE the rnethod5 aTkd principle5 in thE aiwlirable Chariiies SORP- 4} state whether awlicable UK Accounltng Sthndards haNe been followed. subJe¢i io any materxal depamjres disclosed and explained in the fmaniial staiements. 5) prepare the financial ststem¢nts on the going concern basi5 unless it is inappropTiate to presuTne that the company will continue iD operdtiona] existence. statenTht of dlselosure to IDdependeDt ExamiDer The TrtttE5 who held otrice on the dale of approval of this annual report confirm that.. al 50 far &5 they are aware. there is no relevant Infom[70 (infortnaiion needed bj. the Charity's Indedent examiners in conlleciion [h preparin8 their report) of which the Chariws iThdwdeTht exarninw are unaware; atjd b) they ha¥e thken all the steps that they to ha'e tsken a5 Tnjslces in order to make themselves aware of any relevant infom)alion dnd io esthblish that the Charity's indep¢Dd¢nt examinffs ar¢ awar¢ ofthat inforrnation. This report was approved by the Trustees on 30& Zo• and,"gned on their bchalf by". Signed Richard Mors¢ Signed chnsther Cowburn page 4
INDEPEThDEh EXAMINER'S REPORT TO THE TRLSTEES OF THE ROGER EDWARDS EDUCATIONAL TRUST FOR THE VEAR ENDEDJI MARCH 2024 I report lo the Ttustres on my examination olthe fmancial sthtrm¢nts of The Roger Edwards Educational Trust for the year ended 31 March 2024. which 3r¢ sei oul on pages 6 14. R¢$pectlve responsibilities of tr¥5tees independent examitr nd audit dispen5atiOII As tbe Charity TTuslees of Ihc Trnsi you are resp)nsible for the prqwation of the financial siatemeDts in accordanc¢ w'iih the requir¢ments of the C.hariiies Act ?1 I'the Aci'l. The £hariry'S TrIje5 considei thai an audil 15 tK)t rcquircd this year under scction 144121 of the ChariticsA¢t 2011 {thc 2011 Act) and an independent exaTllirtation is required only. I report in respect of my examination of (be Tnkst'5 financial statements Caled out under sectiLTrn 145 of the 2011 Art and in carrying out my ¢xaminalion I have followed all the applicable Direciions given by th¢ Chariry Cort]rnission under s¢¢tion 145151[bl of the Act. Indepfndellt examiner's 5tlement I have complffled my examination. I Confir no maierial maiters have come to rny atttntion in connection the examiiiaiion giving m¢ to believe that in any maierial r¢sl l) accounting rerdS were not kepi in respecl of the Trt fQ4uired by srftson 130 of the Act. or 2) the accounts do not accord wilh ihos¢ records- OF 3} the acci)unts do uot LL)mply with the appliLable requirements concerniDg the fornj and collteni ofthe fiDwKial stai¢meTJtS Set out in thr Charities {Accounis and Rewnsl Regulations 28 other than any requirement that the account5 8iwe a'trne and fair view" whi¢h is not a Tnatkr considered as pan oran indwndcnE eLwrJina(ion. I have no concerns and ha.¢ come across no other matters in Connection with the examin8tion to which atteniiott should be drawn tn this repon ID order io enable a PToper undeT51anding of ihe financial s(alerncnts to be reached. Philip Daykin FCA for and Lin behalf of Daykins Accountancy Li Redwo¢yJ Suite Oak House Llancayo Court Usk Monmouthshi NP15 IHY page 5
THE ROGER EDWARDS EDUCATtOllAL TRUST STATEMEIIT OF FJSkYCtALACTlVtTIES FOR THE YEAR F.NDF.D 31 MARCH 2024 2024 202J INCOMING RESOURCES lrtvtstmtnt Incorne Other incoming resources 7.402 2&209 3.54? 3J.097 TOTAL INCOMIliG RESOURCES 3S611 34.639 EXPEIYDITURE Property exr*nses Managernent and administrdiiiin Professional f¢¢s Grdnts payable Payable 10 Monmoutlthire Farni Sch1 EndowmentTnJsi 31248 1,006 2,660 45.195 465 30,3J8 500 2,200 30,6J3 J.077 TOTAL EXPENDITURE 80.574 64, 704 NET IEXPENDrrLREV INCOI¥IE NET MOVEMEh'T tN FUNDS BEFORE GAINS AND LOSSES Oli IP4VESTMEIITS A ThD FIXLD ASSETS (44963) (30.065) Net GaIl'lL0sseSI on fixed assets Nel Gails IILoss¢s) on investrnent a55ets 103.177 f53,599) 33&974 NET MOVEMENT IN FUNDS 294,1111 19.513 ET FUNDS FOR THE FINANCIAL YEAR £ 294.011 19,513 The noic5 on pages 9-14 part of these ruwIaI statejncnts page 6
THE ROGER EDWARDS EDUCATIONAL TRUST Rtgibl¢r¢d Charity Nurnr.. 575638 STATEI¥IENf OF FITh ANCIAL POSITIOII AT 31 MARCH 2024 Noie 2024 2023 FIXED ASSETS Prop¢rry. plant and equipment lllvcstments held as fixed &ss¢ts 1.12&OIHI 3,029380 I, J ?8.000 2.682.327 4.157380 3.810.327 CURRENT ASSETS Debtors Cash ai baTth and in hand 1•4.O36 1311 97.003 200, 707 234,239 164,680 297.710 183.188 CREDITORS: Amounts f*llAng due TAthin o•e jexr 10 NET CLRRENT ASSETS 69.559 114,522 NET ASSETS £ 4227,139 £ 3.924.849 RESTRICTED RESERVLS Revalua(ion res¢rve EndownTht Funds (see page 81 (see page 81 116.iKJO 4,111.139 JJ6,0110 5.80S.849 TOTAL FUNDS £ 4327.139 £ 3,9•4.849 Richard Motse. Tnjstee The note5 OR pag&$ 9.14 fomi part olihese financial stsiemenis page 7
THE ROGER EDWARDS EDLC.4TION.4L TRI",ST STATEMENT OF CHAYGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024 Toial eqwiiy ,tl 31 Mar¢h 2072 athd l Apri] ?022 3.7BI.442 3.937.465 19.513 7.894 (J5.0211 COIF A¢cumulJ¥ioD riillTrCStcd Change iii fair value oftwwetty. plaDI & 7.1144 135.0: Ai.41 llarrh !O).l and l Apnl 2023 Prolii the year LOIF AccumulaTI un115 reiny I ICK(KM) 3.808.9 294.011 ¥.279 3.9?4.849 1.2?9 Ai )1 Marth ?n14 116.(KM) i 4227 119 The no*s on pages lJ-14 fomi pan ol'these financial staitmcnis pdge 8
THE ROGER EDWARDS F_DLICATIONAL TRUST OTLS TO THE ACCOLNTS FOR THE YEAR ENDED 31 MARCH 2024 SIGNIFICANT ACCOLThTING POLICI• ]•. Ststement of cornpliaDce The Roger Edwar¢ls Educatsonal Trust 15 an UnincoOr81cd chariry governed by a scherne dated l April 2010. Registered office= Roger Edwards House 18 Maryport Stre Usk Monmouthshire NP15 IAE Ib BASIS ol Accountittt #nd goillg eoncerD These financial 51aiernents have been pTepaTed under the hisioTical cost convention. as modified by ihe imclusion olinvesiments and wigible fixed assets at mark¢t value. The financial ststemenls have been pwared sn accordance with th¢ Srntement of Reconllne Practiee". Accounting and Reporting by Charities prepIng their a¢¢ounts in accordaT]ee With the Financial Reponinb? Stsjulatd applirable in the UK and Rcpublic of Ir¢land {FRS 102} i&5ued un 16 July 2014 and the Finonciai ReFM)rting Stsndard applicable to the United KinEdofft arml RUbliC of Ireland IFRS 1021 and th£ Chartties Ad 2011. The"Iruste¢s consider that there are DO rnaterial uertaInl]eS about the Trtl's ability to roniinue as a going conceTn. Incoming resour¢¢s All incoo]e received is accounted for on a Icceivable basis and ha5 been classified under the appropriate caieBorte5. Irlcome from operating leases is recognised on a btraighi Sine basis oNer th¢ terni of the lease. Wher¢ a variable basis of paen[ has been agreed with lh¢ le&8tt. any difference betweeD renials paid and income rQSed on a strdisht lirje b&sis 15 e2ther &irried forward as deferred incotne a5 a rrediloT. or as accnjed inCOTne a5 a debtor. and crediied or drbiled agalnst income in sub&cqutrti aLcouniing periods. Id. Grantl PayAble Grdnts payable are acCouled for in full as liabilities of the Chatiry kn approved by ihe Tnjstres and accepted by the beneficiarÉes. 1¢. Fund I011n% The Charity's fvnds (after meeiing the proper costs of adminisring the charity and managing its assets) are available for the general PUTrObes of the Charity. io be used in accorddnc¢ H'ith the charitsble objects at the discretion of th¢ Tn]sttts. If. Tallglble fixed s5ets #nd deprecitio The freeholdlond and buildings were last rtvalued in March 2016 on the b2sis of open market value by one of the Ttee5, Mr C Cowburn MRICS. who i5 a qualified Chartered Surveyor with membership of the valuation division of the RoyaI Instituiion of Chancrcd Suryeyors. Thesc assets fomi part of the endowed fwids and ar¢ h¢ld as invesimcnts. In the opinion of th¢ Trust¢¢s th¢r¢ h&s b¢en no matla1 impairDKnl of value since the dale of valuation. No depre¢iaiion has beell charged in (hese accounts oll the freebold land and buildings hle are included in the accounts valuaiion. page 9
THE ROGER EDWARDS EDUCATIONAL TRUST OTES TO THE ACCOL)TS (CONT.) FOR THE YEAR E)DED 31 MARCH 2024 SIGNIFICANT ACCOUNTING POLICIES (CONT.) Ig. Fixed A$set IttvestmeDts Investments are included * maTk¢t valu¢ at the balaTJce sheet dair. Any rraJis¢d and unrealised gains and losses on revaluaiion or di5P05als aT¢ COTnbined in the statement of financial aciis'itses. I h. Short term debton and ¢redltors Debtors and creditor5 receivable or payable wiihin one year are reLordEd * transaciion price. Any losses arising frotn impairnjent are recolS¢d in the Statement ofFinancial Acii¥ities. 11. C#$h aud equlv¥leDts Cash and cash equivalents compnse cash ai bank aThd on haTKI. dcmond with banks and other short-terni highly liquid inv¢stm¢nt5 wilh 0ri8inal maturiues ofthree nxinths or less. IJ. Cash Ilvw 5tstemen¢ The Charity is exempi froTn publishing a cash flow sthiemeni as li qualifies for exetllpiion 35 3 S11 charilable company under Financial Reporting Sthndard I pargraph 510 on the basis that Il meets the releattt conditions and size criteria specitied in th¢ CiJn]panies Act 1985 (accounts of Sma]l and Medium-sized Compani¢5 and Minor Amendments) Regulations 1997 ISI 119712201. Ik Rewalutknn Res¢rve Surpluses or deficits l5}ng on the revaluaiion of Individual fixed assd fr¢¢hold land and properlie5 aTe crEdiied to a non4istribuiable reserve knowD as ihe revaluation r¢s¢vw'e (see pa8e 81. Revaluation drficits in excess of the aNMM]ni of prior rcvaluation suryTrlusts on the same aksei are charged io the statemcnt of fimancial activities. Al. Pro1$10115 Provision5 are recols¢d when the clw.ity bas a present lesal or cou5tTuctive obligauon arising as a result of pasl evenl. it is probable ihat an outflovl of eroDomi¢ benefits will be required to settle ihe obli¥ation and a reliable estima can be made. Ptovisions are measured at the presem value of the ex.JreS expecied io be required io stttlt thc obligation using a Pre-tax rate that reflec15 Lurreoi market aSSmenu% of the tin)e value of inoney and the risks 5Ptcific to the obligaiion. The increase in the provision du¢ w Pa$t of iimt is recognised as interESt exttse. INVESTMENT INCOME 2024 2023 Inierest on Cash Dwiis 7.402 3.542 7.402 3.542 page 10
THE ROGER EDWARDS EDUCATIONAL TRUST OTES TO THE ACCOUNTh {CONY.) FOR THE YEAR E)DED 31 MARCH 2024 OTHER INCOMING RESOURCES ZD24 21123 Rents ATnazi)n don8tion Compensation paymeni Irom Bank 28.189 20 Jl,041 50 28,209 31.097 PROFESSIONAL FEES 2024 2023 Legal f¢¢5 - le4se renewal Independ¢Dt examinalion of the financial statcmems 1.260 91 1.30 2.660 2,200 GRANfs PAYABLE 21J24 2023 Totsl grnnts payable 45,195 30.603 Grdnts r(m5l5t vf awards to Usk Kitchen of £712. LTsk RUAI Life Museum of £2.(K)O. Usk RFC junior sectson of £2,820, Usk Primary Sch1 of £4.260, L'sk Explorer Scouts £_,..1. Isi Raglan Scout Group £2.000. Usk Raby and Toddler Group £500. Usk Crickei Club £1.5. and awards to twenty four individual applicants totalling £29.403. TAXATION The Charity is a registered chariry, and as such is entirled to cenain lax exemptions on Incon and profits fro investmcnts. and surpluses on 2ny trading aciivites carried on in rth¢rance of the Charity's pnmary objeciives. if these profits and surplus¢s arc applied solely for chan"tsble purposes. The Charity is not registered for VAT and as a resuli all exnditre is incI1ve of VAT. page 11
THE ROGER EDWARDS EDUCATIONAL TRUST OTF.S TO THE ACCOLThTS (CONT.) FOR TH£ YEAR ENDED 31 VIARCH 2024 PROPERTY. PLANT AND EQUIPMENT Freehold l.and & Building$ Total Ai l April 2023 1,128.1)00 1.128,(N)O At 31 March 2024 1,128.(KlO 1.128.(M)O Depreclgtlo At J l March 20?4 Nei Book AJDounts At 31 March 2024 £ 1,128.(M)O £ 1.128,(HMJ At 31 March 2023 £ 1,128,IMJO £ 1.128.(MK) Tangibl¢ fix¢d 5¢L$ consisi solely of freehold land and Ixiilding5 subject tsy ienancies. It is a y)licy io depreciale these assets. Last y¢ar the final tranche of land at Llan Fann was sold for £150.OtMJ gkving rise io a r¢alised gain agaiThst original cost of £103,177. page l?
THE ROGER EDWARDS EDLC.4TIOh'AL TRbST NOTES TO THE ACCOLINTS (CONT.) FOR THE Tr'EAR ENDED 31 I¥IARCH 2014 INVEsfMEIYTS HEI.D AS FIXED ASETs COIF f.h*ritv FndS Total Cost or valuation At l Apnl 2023 AdditkC)11.S Revaluation gaitLfllvss} 2.62.327 8.279 338.974 2.682.327 8.279 338,974 Ai 31 March 2024 3.029.580 3.029.580 Amounts w'ritteD At 31 MarLh 20£4 Net Book AMouts Ar 31 March 2024 £ 3.029.580 £ 3.029,$ Ai 31 March 2023 £ 2.682,327 £ 2.65¢2,-327 No unkts were sold Ihis year or la51 ycar_ An unr¢ali)¢d gain of L338,974 arose during ihe year {las1 year unrealised 105s of £53,599) duc Io LhAnges in th¢ market l.31ue of in%eSrnL. Th¢ overall gain Irealised and unrealisedl on tlxed assei invesm)ents during ihi4 year wLs £338.974 as included in Ihe SOFA the alcounring polftcy (£53,599 overall lo&$1851 year). DEBTORS 2024 2023 AmL)unts falling due within one ycar. Other dLbtor5 9.03() 2.lJ03 £ 9.036 Amounts falling due after more ihan one year: Anivunls uwed b) relaiLd LL¥mpanies n()1tr 121 95.(M) 95.() L gS.IKJO £ 95.0011 page 13
THE ROGER EDWA EDUCATIONAL TRUST WOTES TO THE AcCOL,s (CONT.) FOR THE YEAR E.)DED 31 MARCH 2024 10. CREDrroRS: AMOUNTS FALLING DUE wrrHIY OYE YEAR 2024 2023 Sharc of income ¢kne lo MotUDouth5hire Farm School Endowmcnt TnLSi Approved granis payable Other credilors and accnjais 465 J.077 164215 18J. 131 £ 164,680 183, 18 11. RELATED PAirrY TRANSACTIOIYS On 3 DeCets¢r 2015 £95.0(5 noie 9} was loaned by The Roger Edwards Educational Tnjsi the Roger Edwards Field Limiied (a company Itmii¢d by guardDtee in which three of the five directors are also Trustees of Th¢ Roger Edwards Educatiotydl TTr1) 10 assist the comEMDy tv purchaK the Spyns Field situated ill Maryport Stre¢t. Usk for Lb¢ benefit of local Sporting clubs and in a¢¢ordance with the Cbarity's objects. The purchase of ihe land was cornplried on 25 April 2016. In order 10 safeguard the a&sets of the Chlty 3 condiiion of the loan was Ihc cbtsblishmcnt of a chaTgc over the land by the Chariiy. The morge decd providcs DO fix¢d dat¢ for th¢ rcpayrnent of thcse rnonics which only become repayable io The Roger Edwwds EthkcatiotI Tn1 in the event The Roger Edwards Field Limited defaults on the iernis of the tnorlgage. No remwJerJtion was or payable either direclly or indirectty oui of th¢ funds of the Charity to any TterS during the year. page 14