THF. ROC.F.R EDWARDS EDUCATIONAL TRUST TATEMEIN'T FOR THE YEAR E.%DED 31 MARCH 2025
THE ROGER EDW.4RDS F.DLIC.4TIOYAL TRUST CIIARITI, IIYFORM.4TION FOR THE YEAR ENDED 31 ,IIARCII 2025 TRUSTKES chrIt0pher C.owburn Ricbard Morse JonJthaD Siephens JamLS O¥bornc eoffrey Hughes Gardh Edwards Laihryn BrookEr Trace) Huxley Elain¢ L¢wi8 SWCRETARY Jonathan Swhen$ REGISTERED OFFICE Ruger Edwards Flouse 18 M8ryPQrt Str¢et Llsk Munmuuth8lurL' NP15 IAE. REGISTERED CILTy NUMBER S25638 BANKER% BarLlays Ilank Leiiester LE87 2BB INDEPENDEliT EXAMtNER DaykinsAccountancy L Chartered A¢¢ounlan Redwood Suite Oak House LlaTi¢ayo Luyrt U8k Monmouthshire NP15 IHY agel
THE ROGF.R F:DII'.411DS EDI-,C.4TIONAI. TRU.ST CIL4RITr IryFORhl.ITI()ry FOR THE YE.4R E,IDED 31 M.AKCH 2U25 COPyTF.P4TS Page5 Trn¥iee5' Rewi IndL'PL¢nt Exarninevs RLVOrt s'11)LI)L ofFiDalliiul ALIiVLtiL¥ (hhcr ('(TrmprLhcnbll'L InLOII tuneni of Changes in Equity 9-14 nlc% th¢ Finan¢i5Jl Sial¢m¢uis paBe 2
THE ROGER EDIIARDS F.DL,CATIOTr AL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 ,MARCH 2025 The TTUSt¢¢s pr¢seni thciT annual rcport alld thL iTrdLIKlld¢rLily examined r]nancial siaiemen(s for the year ended 31 MarLh 20)5 ufThe Rvger Edwants Ethjcalional Trusl (Ihe ChaTiry'I. The Inforrrt10 with re¥pt Iv TruslLS. Vtrjcm advi set Oui in the Chariry Incormaiion forn part of this ThL fndnLial stlrtemts have I¢ prepared in accordance with the a¢¢ounting poli¢ies Set oui ill not¢ I to the accounts and comply with the ChLTity's detd. Ihe Charities Act ?01 l and Accowiting and Reportiiig bv Chan"ties'. Statement of Recommended PracriL¥ applicable to chatitics prcparing t1r 3CLonI4 in aLcordanct with the Financial Rcporting Stsndard atvlicable in the UK and Rtpublic of ITeland (FRS 102) published 16 July 2014. Sta8 gdmiDlStrAtion ThL ChRTity governed by a schetne daied l AprAI 2010. Obje£Siv The primary objeciive of the Cbariry, as siakd in 8overnin8 dLKUll)ents. is kn advance educhiion for the pubh'c benefit by.. l. A pay7nent of two thirds ol.thc incoTr ol'thc endowmcni ihe M(mushlre Fam) 8L'hool Etsdowmeni Trusl {rtui4tercd Lhurily numk.r 525(AYI. 2. Providing and assisljll8 in the provision of faciliiies. Thoi requir¢d to be provided by the local edu¢atio authonty for ¢ducJtion. at thc Usk Chuich IR W4Llv Prirnary School. 3. For the publiL T¢fit li) PiOTTK)¢L. thL LUld1]un (inLlvdin¥ )cid1 phyyiLal tyaining) of rthiplc resident in the ttre of bLnefit in 4uch ways as the Chariiy Trusiee4 think fil including by.. al awarding w such petsons scliolarships. th11¢an¢t oIIow4D¢¢s or grants nable at any university. ¢olleg¢ or insiituiion of high¢r or fvrthtr educaiion: bl providing their LduiALion linLlknding thc iudy ofmuiiL or oth¢r an.¥1. lo widcrtakL ¥¢1 ID furthL'rdncc ofihat ¢ducation or lu prar¢ for ¢nty Io ony o¢¢upaiion. de or prof¢ssion on l¢&i'ing any ¢du¢aiional ¢stsbli$hm¢ni,' I providin& and assisiin8 in th¢ provision of faciliii¢$ for ¢du¢aiion ai any chantsble educational csi8bli5hmenl in tbe area ocbenefit. Revlew ibf a¢(Ivlil¢% Th¢ sratement of financial tIVItieS for the year is set oui on pu8e 6 of the financial 5ta¢ements. A summary of the rman¢ial r¢sults and th¢ work of the charity ¥¢t bolow.. The fund has decreased in value by £150,124 this year. 1£294,01 l increase in value in 20231241. Inc()ming rc8ourecs cun¥i.xlcd of a dondlioft of £50 from Ilxk b3A (119 tsom Amazvn in 2023i24}. inlcrcst cush held i)f £4.349 {£7.402 ID 2Q23Q41, and renthl iocvme of£25.770 {£28.189 in 2023124). Resour¢¢8 expended consisted of managemem ind admirkistrntiv¢ co#s Of £1.871 {£1.006 in 20231241, prop¢rty eXpCl¢S of £23,9211 I£31.2411 in 2{123124), Ic¥al and profcs5ional fees vf£i.Huo (£1 760 in 207.1124) relalin& tiTr lease dilypidaiioos and renl reviews, independeni examiTr8tion ftt of £1,800 (£1.40U in 2013,'241 gF#nt% ofLYU.4811 1£45.195 in 20231241 in lin¢ with the Chariws obj¢cuN'¢s. Uor¢alis¢4 loss¢s of £69,901 (£338.974 uwea1ld 8ains in 2023124) arc on changes in fixed inve8tmenl value& I*vestm¢nt poiv¢rS1 pollcy pIrmIN¢t Lnder ibe ternis of the Trust Deed, the Trustees have genefal powers of illvestrnent. subject to tbe prowsions of thc Trus¢e¢ Ad 21MMI. Th¥ Tru¥i¥¥i vILW th¥ chIly'S Invl1YnCnt stral¢gy ¢i¢ry quart¢r and moniu are %traÈc¥ically placed In managed inve51ments iniended to yield a reliable return atsd, over the I8 term. lo rnainizin or w•w Lapital values iu real tern]s.
THE ROGER EDWAR$ EDL,CATIO,YAL TRLST
TRLSTF.F..S' REPORT
FOR THE YEAR ENDTr.D 31 MARCH 2025
GraDt maklmg pdicy
(Iraiits are madL in pursuance of ¢he CharLS objectives a6 detsilcd almli'e. AU gran awarded during th¢
Jnaneial yEar iyere made in line with th¢ curr¢nt criieri&
Chngu fixtd le1%
The tllovemeIirs in fixed assas durin¥ ihe ycar 8rf Out in note 7 to the finBnci?I statan¢Ftls.. The fTeEhold lund
and butldings were la&t reValUL in March 2016 on the b8sis of OF¢D matkth value by ¢ of thL TTuslees, Mt C
Cowburll MRICS. who is a qualifi¢d Chart¢r¢d Survcyoi TncmlKr8hip ofthe valuauon division of The Roy
In8t1D]on of Chartered Surveyors. As a T
EPE) DEST EK4.%II.%ER'S REPORT
TO THE TRI':STEES OF
THE ROGER EI)W'ARDS F.DUCATIONAL TRUST
FOR THE TrF,AR F.NDED 31 MARLH 2025
I repon lo the TThste¢i Ort my examinats"M of ihe finantial of The Roger Edwards Educational Trnst for
the year ¢nd¢d 31 March 2024. which arc sd oul on Pdges 6 to 14.
Re$pe¢tlv¢ r¢sponsllJilitles of tr¥Jtees •Ad ladepeJthAt Èxmlhr adIt dispensation
As the Charity TNstees of thc Trn%t you arc responsible for the prepdrdlioD of ihe fMwibLal stat¢m¢nts in
accordance wilh th£ qUire[S of the Ctrwiiies Aci 2(K)I Ilhe Att,). The Clwhty's Tn]5trcs c(msi(ler ihai an
duth't i& not requiTed this year undcr seition 144121 of thc Chariiics Act 2011 {thc 2Qll Aei) and an independent
examination is roauired onEy.
I r¥port in respect of my ¢xaTDiJJation of the TT1,5 financial 5talcTynL% LarfiLxI uul under section 145 of the 201 I
Act aiid in carying oul Fny c%amill4itivn I ha¥c follow
THE ROGER EDII'.4RDS EDUCATIOliAL TRUST STATENIENT OF FIJ'AJC.IALACHIryTI FOR THE YE.4R ENDED 311¥IARCH 202S ole 21125 21J24 INcoMif4G RESOURCFS Investtnent Irtcome Other incoming¥ ny)ur¢c.¥ 4J49 25.82 7.402 TOTAL INCOMINC. RESOURCES 30,169 35.+$11 EXP£NDITiIRE Property exrrtTasL Management and admi'Di5¢rnlioD Prof¢ssiollol fees Cirdnl.4 pay#blL P&yablc to.Monthouthshire Farm School Endowment Tn 23.928 1.871 3.6110 80,48fl 513 31.248 1,006 2.060 45.195 46.1 TOTAL EXPENDII'URE 110.492 80.574 NET (E¥PF.NDITIIRF.y INCC)ME AID Nl"r MOVkMkty'r IN FUNDS BF.FORE (:AINS AYD LO%SLS OF4 lNF'F.%TM.TS AND FtXED ASSETS (80,223) (44.903) Nel Gains l(Losse8) on investmenl awts (6Y,901) 338.974 YF.T MOVE.MEliT 111 FUNDS 1150,124) 294,1Jll NET FUNDS FOR THE FINANCIAL YEAR 11150,124) 294,flll The page5 9-14 form pzrt of these filnCIal staternents ge6
THE ROC.ER EDNVARDS EDL'CATlOtAL TRUST Registered (Tharity NumbL'r.' 5)q6314 F FIIANCJ.4I. POSITION AT 31 MARCH 2025 Note 2•2> 2024 FIXF.D.48.SF,TS PropETry. plant and e4uipmeni Investm£nts held as fixed &8%L15 1,128.00 2.968371 J.J28.OUO 3.0?£J.580 4.1196571 4.157,580 CLRRF.NT ASSETS Debtors Cash at hank and in hand 96,579 84579 104.U36 141),21J.I 181.1511 191.822 254.239 164.680 CRF.DITORS: Amount5 f111% du¢ wlihin ytr 10 NET CLRREIIT (LiABILiTIF.S)IA&SF.TS {10.6641 69,559 NET AE) £ 4,085,907 £ 4.227.IJY 14Tr.%I'RIC.'I'F.D RE.SERVES R¢valuatson re&erve F.nd()wmLmt Trun(L¥ (SLL pag¢ 8) {5ee page 81 JJ6.(100 4. Ill, 139 3.969.907 IDTAL FUPYDS £ I.0,9(1? 1. 4,7?7.139 Richard Morse, Trnstee Thc nolL'¥ 4)n pagLS 9-14 forni part i)f ihtre finanLial ¥tsi¥mLmt page 7
THE ROGER EDW'ARDS EDUCATIONAL TRUST STATEMENry OF CHANGES IN E L'ITY FOR THE I.R EN'DED 31 MARCH 2025 Totxl equlty rMI Ar 11 •TCh 2023 •nd l April 2023 Pn)fii the year cotF.4wJmul#son rEiffV¢St 116.r .i.80X.X49 294,011 ¥279 3,924.84 294.clll 8.279 Al Jl Mi atcb 2024 l Awl 2Tr24 Lous for the ye 116.tyJ) IIY],124) 8.892 8,892 Ai 11 2025 I1(M)I 45.( The nOl¢s OD pag¢$ 9.14 fomi port of thes¢ fittsn¢iai statements pBge 8
THE ROGER EDII'"4RDS EDLTCATION.4L TRUST NOTES TO THE.4CCOLThTS FOR THF. YF.AR F.%I)ED 31 MARCII 2025 SIGNIFICANT ACCOiJNTLNG POI.ICIF.S la. Statement of complian¢e The Roger Edwards Educational Tt IS an un1CoVtl cljarify govcrncd by J s¢heme dai¢d l April 2010. R¢¥i%tertd offic¢: Roger Edwards House 18 Maryport StrLYI Usk MunnM)Uthshire I¥I.S IAF.. Ib Basis of Trd ffibin% c(•neenh These fclaI stalerncnt5 havc heen prLpfLd un&T ihe historiul cosl convention, as modified by the in¢lusion of lnvLStMLl4 4End tangible fixcd a&8ets ai niarkei Vale. The financial Sta7 have been pr¢pared in &LeiirdancL with ihe Siatement of Recoiwnended Pra¢ti¢e'. Accountin¥ and Rcpvrting by ChatiliLS prcparing thLir accounts in accordance with the Financial RLWtTnuT S¢anddrd appliLdbl¢ in the LK and Kepubli¢ of Ireland IbRS 102) is&u¢d Iin 16 July 2014 aTJd th¥ Trin4incial XLy)rting Stsndard applicable to ihe UDlted Kthgdom and Republic ol. Ir¥l¢tnd (FRS 102} and the Clwi'ties A¢1 2011. TTU%t¢e& ci)Mid¢r ihal th¢r¢ ar¢ no mal¢rial urK¢Mainlies the Trn6V$ abiltry to coniinue as a going ¢onc¢m. 1¢. Incoffllng Tewurces All InconK rcceivcd is accuunlcd foT f¢LeiN¥blt ba%i% arml lttn c11]fIL undLY thL appropria all)e%. InLOrnL frum uperatin¥ ILastr• re¢(yiiscd a Xtraigbi line basis over the temi of the lease. Where variable busis of payment has been agreed with ihe lessec, any dIffcr¢C bcN¢en r¢ntal8 paid arid in¢omc reco8nised on a straighi linc b&4iS is ¢ithcr ¢arn¢d forward Js d¢tCTr¢d incvmL 11 Lrcdjior. Jccrned income as a d¢bLor. and Credited drbilrd againbt incLimL' Ln subsequent accL)uoiing periods. Id. Grants payib Grun15 payxble ar¢ &¢¢ounied for in full as liabiliti£S of ihe Chariry WI approved by the Tntstc&4 and #ceepted by the beneficiaries. le. a¢¢ountlng ThL C.hurily'% funds (aftcr meeting the propcf c05t5 of a4tinirrisrerin8 the chariry And managing its seL) are available for ihe general purposes of ihe Chariry. lo be used accwdance 7th the ¢harilable objects. at th¢ discreiioo of the TTu¥lee¥. If. Tll%lble fixed wets #nd deprtdltlon ThL frtthold land and bliildings wert lasl reyalued in March 2016 on the basi5 of open maTkel value by on¢ of the TThsiee¥. Mr C Cowburn MRJCS. who is a qualified Chartrfed Surveyor with meTnbcrsh¥p of the valuation divi%io of th¢ Royal Institution of Chartered SuryeyoTS. lThe4e ets forni part of the en&)wed fun¢L8 and are held &$ invL.StmL'nts. ltt ihe opinion of the Ttusttts there h&$ no maTerial iiryaimwni of value since the dat¢ of Yaluauon. No depreciation has been charged in th¢s¢ *¢4)W on ibe fr¢thold land al buildings which are included im the acCourt at valuatiotL P3ge 9
THE ROGER EDW'ARDS EDUC.4TtOlAL TRUST NOTF,S TO THL ACCoUT. FOR THE I'EAR EIDTr,D 31 11.4RC"H 2025 SIGNIFICANT ACCOUYnNG POIJCIFS ICONT.) lg. FiAed As#et Investments InvestmcrtLS inLludcd at market value at the balance 5he¢t dale. Ally rdis¢d aNI wjrealwd Bail and 1055es on revaluation or disp)sals are combiD¢d in the 5tat¢Tnent oifinancial acli17lie5. Ih. Short term debiors and ¢r¢dtto DtybLor and crediior5 receivable or payable withi.n one year are re&xded at traa¢ll0 price. Any losses arising from Arnpairn)ent are recogllised in the Siateme of Financial Aatitic& 11. Cash attd cash equlvgknls L&bh and cash equivalents comprise casb ar bank and on hand. demand dewsits with banks and othv short-tetm highly liquid inv¢stmcnts wiLh OTiginal matUTiii¢S ofthTe¢ moiith% or Ics%. IJ. C5h flow s¢attmeTrt The Chan'ty is exempi from publishing a ¢Lsh flow mtement as it qualifies for exemption as a small charitable ¢ompatJy under Finai)cial RerA)r(ing Siandard I par8raph 51fj on ihc b&sis thai it mccE¥ ihe relevant conditiony and S17c Lriicfid s[111cd in th¢ L(wnpani¢s Acl 1985 Ixcounts of Small And Medium-Siz¢d Compgnies aDO Minor Am¢ndm¢ni¥l R¢gulations 1997 ISI 1197,.'220). Ik. RevAluAtlott Res¢rv¢ surp1e¥ nr dLfiLi14 4risitig on thc revalu81ion ofirtth"vidual fixed &sxet freehold18nd and propere5 &re ¢rediicd to a nun4ti%iribui8bli reserve kno as Ihe revaluauon reserye (see pa8e 81. RLVtLluaiiort defiLiiS in exctss ofdir amoutsi ofprior maluaiioll swpluses on the same assei aye charged to the &l&iemeni of financial activities. Prothlolli Provisions are reCognis when the Chanty has a preseni lega] or construcu¥e obligation arisin8 as a re5uIi of a pa$1 tv¢ni, 11 is probable ihat an outtlow of e¢onomic benefits will be rtquired to settle tbe obligation and a reliable estimate can be made. Provisions are mca%iJred ai the Pfcseni valu¢ ol'th¢ cxpendiiurL% ¢XPCLled to b¢ r¢quircd ts) 4cttl¢ thL tTrbligalic)n ing a p-tsx r8tL' that rcflcL(s current m8rkLt 8sses%mLlJts of fhL timL valuc of mone), and Llkc T15ks Specific to the obkn8aLion. The iticrease iti the prol'ision due io passase of tin)e is reco8nised as inter¢st expense. INVESTVIENT INCOME 2025 2024 Inierest on Cosh Dep(6iis 4.-149 7,402 4.349 7,492 g¢JO
THE ROGER EDW"ARDS EDUC.4TIO.Y.4L TRUST NOTES TO THE ACCOUTS FOR THF. Tr"F.AR F.NDFD 31 M.4RCH 2025 OTHERINCOIIING RF.SOLRCFS 2025 2024 Rents Amazon donation Usk U3A donation 25,77 28.189 2() 50 25.820 PROFESSIONAL FELS 21125 2024 L¢g¥l f¥- l¢¥s¢ renewAi IDdtpendenÈ nIlnatiOn of the fancial 51aiernents 1,800 1.800 J.260 1,41KI 3,600 2,OtfO GK4MS PAYABLE 2025 2021 T(Ital payable 80,480 45,195 (ir¥niY Lollsi>ii L)f thwards tu Usk Kit¢h¢n of £512. L'sk in Lil¢)om £2,8iKI, Usk RFC Junior S¢¢tiou £2,000, Utsk Primary School £9.755, Usk Cri¢k¢r Club £1.8(K). Monkswood Crickei (."lub £5.0. Usk Rainbows £140. Ilsk ('.ivi¢ So¢i¢ty £1.040. U$k Hub Lc80 c.lub £41M). Ubk tlaby & 'foleT (wniup 151)0. (l%k Priory LhurLh Iliswry Group £gINJ. Usk Wann ?ipacL PriijeLI £987, Usk Trnik Gruup £20.(KKI and 4w#rd&" lo iw¢nry four individual appli¢anis totalling £34,046 TAXATION The Charity 15 a regi¥lLred chdrily. And yuch is cntiilryj cLrlMin tax ¢x¢mpliun5 (Trn inLUtnc PT(Trlil¥ frvm inv¢$LrnLnL%'. und %urpluse% on any Iradirt8 aciiviies camLd in furtherance ofihe Lhanly'S rrfimary vbjLtive& If thcsc profils and suryIu5es arc 11 pplied wlely for charitsble poseS. Thc (Thariry 15 not r¢¥i.4t¢Tcd for VAT aT a r¢wli all cxpcndiiure is incl]Ve of VAT. g¢ll
THE ROC.ER EDI4'.4RDS EDLC.4TIO.NAL TRLST .NOI"ES TO THE ACC"OLTh. TS FOR THb" I'F..IR F.NI)F.T) 31 M,IRC.H 21125 PRUPERTI., PLANf.4ND EQLTPMLNT Freehold ljand & Blllldlngs Total VAluatloD At l April ?024 1.1211.(M)O 1.128.000 Ai 31 March ?02S 1,1 ?¥.(KK) 1.12S,00 Deprecladott Al 31 March 2025 l%el Ik>ok AinouDts Ai 31 MarLh 2025 £ 1,128,(NJO £ 1,128,000 Ai 3 1 Marlh 2024 £ 1.12X.Th)0 £ 1,12x,(IiIII TdnuiblL, fixLd i1)n¥i.¥i %i)lely i)f fr¢eh(yld ]and and buildings subje£1 len¥nciL%. li is d wliLy nul to dLiJfLCLA* thL%C assets. page l?
THE ROGER EDII'.4RDS EDLCATIONAI. TRUST IOTES TO THE ACCOLThTS FOR THE YF.AR ETriDED 31 NIARCH 2025 IYVESTMENYS HF,I.D AS FIXF.D $T.8 co Ch4rlty Totsl C05t or Y4luatlo At l April 2024 AdditinTLS Revaiuatioft (loss) 3.029,580 8,¥Y2 (69.9011 3,029,580 s.92 (69,901) At.1 l March 2025 2.968.571 2.9611,571 Amounts Written off Ai 31 MarctrL 2025 Ntt Book AmouThtJ At 31 March 2025 £ 2.968,571 £ 2,968,571 Ai 31 March 2024 £ 3.029.580 £ .1,029,580 No uniLS were sold this year or last year. An unrealised1055 of £69.WJl ar05¢ duTing thc y¢ar (la1 yL'8T ullr¥ali%c £3J8,9741 due lo change8 in the markcl valu¢ of inv¢stMLL. Th¢ oyuall Inss (r¢aliscd and unruli) (Fn fixed a&set inY¢stmcn¢s durin¥ thib year WJS 169.¢M)l ax incllldcd itt the SOFA per the Accounting policy (£338.974 ov¢rall ¥ain l&%t ycarl. DEBTORS 2025 2Q24 Amounts f8115n due within one y¢4r'. l)IhLr (kbiors 9,030 £ 1,579 9.030 Amounls falling Ilue after more than one year. AmDullt5 owed by rclatcd companiLs (.%ee noie 11) 93.(N)O 95,01 £ 95.IM)O £ 95.QlJlJ pa&*L 13
THE ROGER EDI4'ARDS EDUCATIONJ AL TRIIST NOTF.S TC) THE ACCOLJTS CONT. FOR THE I'EAR F.NDF.D 31 MARCH 2025 10. CREDITOKS: AMOU.YTS'FALLLNG DUF. WITHIW OliF. YEAR 2025 2024 Shal't of inc4Jm¢ the to MonmoutLshire Farni Schcrf>l EndiTrwmcni TnL%I Approved gran payable Other LY¢diti)r% and acLTh&15 5R3 20.700 170.609 405 J64. )JS £ 191,822 11. RF,I.ATF.D PARTY TK4N.SACTIONI S On 3 DecemiKY 2015 £95.(KK) (se¢ nol¢ 9) w8s l(wed by Tbe Roger E4twards Educational TTU8t to the Ro¥¢r Edwards Fi¢ld Limit¢d la ¢onipany limited by guarantee in which ihr¢c of IhL' five direc(ors are also Trusiees of T]J¢ Rog¢r F.dwar4ts FAlucalional T%1) io asyisl thc cvmpJny to purchase the Spjrts Field siiualed in Maryport Street. Usk for ihe inefIt of ICKdl.¥rtkn clubs and in accurddtiLe with the Charirfs object5. Tr puhs¢ of ihe land was wmpl¢i¢d on 25 April 2016. lil order to safe8uard ihe wets of ihe c.harity a Loiiditbon of th¥ WAS lh¢ esthblishment of a eharge over the land by the C.hariry. The mongagc dccd pr()i'idcs nu fix¢d date for Lh¢ r¢paymettt of these monies which only b¢coTDC r¢p8yable lu Thc R¢i¥¢r FJlw&rds Educ*tiott&l Ttust in the eveni The Roger F.dwardg Field LimiLed defaults on the ternls ofthe mon8a8e. N(? rernunLYaLi(?n was paid or Yable either directly or indirectly ou¢ of th¢ fvnd5 of th¢ Chgrity to any TnL$IcLS during the year. pog¢ 14