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2021-04-05-accounts

CONTENTS
Page
Charity Reference and Administrative Details
Trustees'
Report		 Zto5
Statement of Financial Activities
Balance Sheet
Unrestricted
Funds
Restricted
Funds
Endowment
Funds		 10
Notes to the Accounts 21to 20
Independent
Examiner's		 Report 21

Charity Iao. Charity Iao. Charity Iao. Charity Iao. Charity Iao. 528253 528253 528253 528253 528253 528253 528253 528253 528253
TRUSTEES SERVING IN YEAR TO 5APRIL 2021 AT DATE OF APPROVAL OF TRUSTEES' REPORT UNLESS OTHERWISE
INDICATED
Ex Officio Trustees The Mayor of Newark
- Cllr		 I Brown —resigned May 2021
- Clfr L Geary —appointed May 2021
The Rector of Newark -Reverend D Pickersgill —resigned October 2020
Nottinghamshire County Council Trustees 5Wallace
Newark Town Council Trustees I Baggaley
I Henderson
District Church Council Trustees I Howlett
Co-optative Trustees M D Beaumont CBE (Chairman)
G SCartledge CBE
) I Derry (Vice Chairman)
A) Feam
M Fumess QC
D Saxelby
R LWatkinson
Clark to the Trustees Mrs A Allison
Administrator Duncan
&Toplis		 - Chartered Accountants and Business Advisers,
14London Road, Newark,
Nottinghamshire,		 NG14 1TW
Charity Offices Olympic
House,		 Doddington Road, Lincoln LN6 3SE
Independent Examiner Adrian
Haigh,		 Stephenson
Nuttall		 & Co., Chartered Accountants,
6/B Castle Gate, Newark,
Nottinghamshire		 NG24 1AX
Bankers National
Westminster
Bank		 PN
1 Market Place, Newark,
Nottinghamshire,		 NG24 1DY
Property Agents Brown 8 Co.,The Old Bakery, 3 Norman Way, Melton Mowbray,
LE131)E
Investment Advisors Brewin
Dolphin		 Securities
Ltd.
Olympic
House,		 Doddington Road, Lincoln, LN6 3SE

THE MAGNUS EDUCATIOFIAL FOUNDATION THE MAGNUS EDUCATIOFIAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5APRIL 2021
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
Page 8 Page 9 Page 10 2021 2020
E E E E E
Income and endo
ments
Donations
Investment
income		 227 084 227084 230 064
Total income and endowments 227 084 227084 ~230 064
ddd
d
Costs of raising funds 76,429 6,179 82,608 53,213
Charitable
activities		 109 759 48433 158 192 2~03 587
Total expenditure 1$6 1$8 48 33 6179 240800 ~256 800
Other reco nised
aine
losses
Gains/(losses)
on revaluation		 and on
Investment
asset disposals		 30,749 197,083 227,832 (151,947)
Gains/(losses)
on revaluation		 on
Investment
properties
Total other recognised
gains/(losses)		 30 749 1 7083 227$32 ~251 7
itet ilncome/(expenditure) 71,645 (48,433) 190,904 214,116 (178,6$3)
Transfers between
funds		 4 433 433
Net movement
In funds		 23,212 190,904 214,116 (178,683)
Reconcgla
I
n off nds
Total Funds brought
forward		 431 067 7585 71504 6146874 ~32 7
Total Funds carried forward

THE MAGNUS EDIKATlONAL FOUN
BAIANCE SHEET
ASATSAFIBL2021		 DATI ON
Unrasutrtad ~sutrsad Eadowmenl Tolei Terai
Fumb Fumb Fun& Fumb Fumb
Note FMe ~ fsba9 fats 10 2023 2020
E E E E E
CIEIAENT ASSETS
Debtors and prepayments
msestmrnts		 9
3		 95.293
137469		 95M3
1373I69		 105/01
Cash at hanb in transit and in hand 10
Amoums
IaWnE due witmn one 7ear		 11
TNT El%BENTASSETSrsQIABitlllRQ ESA279 790 Stere003 300/20
THE FUTOS OF TIN CNIUETT
Endowment
funds		 12 5,905,953 5,90S,9S3 S,715,0s9
Bsstnttsd interns
funds		 12 750 - 7SB 750
Unrestdrtsd
Inmme funds		 12 4
ih$48
1
HFTsrusedtrytfieBosrctofTtusbmson		 ~ MY& e Aa endsignedonhsbehaif
FOR THE YEAR ENDED 5 A PRIL 202 1
General Estate Education TOTAL TOTAL
Note Account Maintenance Account 2021 2020
E E E E
Income and endowments
Donations
Investment
income
Dividends 32,630 32,630 40,194
Interest 228 228 1,240
Rents 194226 194226 188630
227 084 227 084 230064
Tatal Income 227084 227 084 ~230
64
~Edit
Cost of raising funds:
Insurance 6,384 6,384 9,127
Commission
Iettings and expenses		 12,115 12,115 10,655
Maintenance
and estate		 inspection 24,070 24,070 15,451
Bank charges and sundry expenses 52 52 177
Planning
inspectian		 5,750 5,750 1,963
Drainage rates and council tax 2,220 2,220 2,566
Light and heat
I.egal fees		 2,838
23 000
76429		 2,838
23000
764		 3,966
~160
4~5865
Charitable
activities
Song school expenses 5,744 5,744 11,628
Benefits 45,895 45,895 50,925
Musical education 36,620 36,620 57,631
Salary and disbursements
—Clerk to the Trustees 14,000 14,000 14,000
Accountancy
and compliance
Independent
examination		 6,000
1500		 6,MO
1500		 7,425
~1500
21500 259 ~143109
Total expenditure 97929 1$61 ~188974
Other reco
ise
Ins		 losses
Realised gains/(losses)
on		 investment dlsposals 539 539 (3,428)
Revaluation
recognised		 in previaus years
realised
in current year
Revaluation
gains/(losses)		 forthe year 8 3308 3,217
23 685		 3,217
26993		 3,833
~1667
Total other recognised gains/(losses) 27 441 3074 16270
Net income/(expenditure) 129,155 3,308 (60,818) 71,645 Z4,820
Transfer to Education
Account		 (80,722) 80,722
Transfer ta Restricted
Funds		 433 48433 (60478)
Net movement
in funds		 3,30$ 19,904 23,212 (35,658)
R
glation offunds:
Funds brought
forward		 2215 428852 431067 466 725
Funds carried forward SS23 448 756 454 27 431067

Non-Education Non-Education
Account *Old Magnusians TOTAL TOTAL
Note Scholarship Fund Assodation 2021 2020
E f f E
Income and endowments
Transfer from general account 48433 48 433 60478
Total Income 48433 48 433 60478
~Edi
Charitable
Acthritles
Grants payable 48433 4 433 60478
Total expenditure 48 433 6~0478
Net movements in funds
Reconcgiation
Funds brought		 offun
forward		 758 758 ~75
Funds carried fonuard 75 758

Investment
properties TOTAL TOTAL
Note Permanent revaluations 2021 2020
E E E E
Income and endowments
Interest received
Total Income
~668
Costs ofraising funds:
Investment
management		 costs 6,179 6,179 7,348
Total expendilture 6 179 6179 ~7348
Other rec
nl ed
ins		 losses
Realised gains on investment disposals 12,052 12,052 40,208
Revaluation
recognised		 in previous years
realised
in current year		 20,845 20,845 (35,795)
Revaluation
gains/(losses)		 for current year 7 1 186 164 186 ~140090
Total other recognised gains/(tosses) 197083 197083 ~736 677
Net movement
in funds		 1907904 (143,D25)
Reconciliation
of fu
Funds brought
forward		 2664 682 3050367 5 715049 85
74
Funds carried forward 2855 6 3050367 59059 3 5~715049

THE YEAR ENDE D 5 A PRIL 2021
BENEFITS 2021 202D
E
Magnus
Church of England School:
General
Grant		 8,4DO 8,400
Grants Io pupils
18x E250(2020: 14x 6250) 4,500 3,50D
Music Tuition Grant 28,095 35,025
Newark
Team PCC - Choral		 scholarships 4909) 400)
4~5 5~092
MUSICAL AND SPORT EDUCATION
2021 2020
f E
Song School Master Grant 30,S00 30,500
Piano Grant 12,052
Rawing Grant ~6120
3~662D		 ~1507
5~
RESTRICTED FUNDS —GRANTS PAYABLE
2021 202D
E E
~No
gdg getion ~Ace
StMary Magdalene Church
Choristars
and Low		 Bays (2/9) 10,763 13,44D
Parish
Clerk, Sexton		 and Vergers (2/9) 10,763 13,44D
Repairs to Parish Church (2/9) 10763 ~1
32,289 40,320
Newark
Hospital
Newark
Hospital		 (3/9) ~L6 144 ~20
' 48,433 60,478
Idbi
n
n		 ngch F nd
Old Magnuslans Association
TANGIBLE FIXED ASSETS
Freehold
Land and
Buildings Total
f f
Deemed cost
At 6April 2020 550,000 550,000
Additions
At 5 April 2021 ~550 5~50000
Depreciation
At 6 April 2020
Charge far year
At 5 April 2021
Net book value
At 5 Aprg 2021 5~50000 550050
At 5 April 2020 ~550 ~550000

2021 2020
f
Value added tax 555
Rents held by agents in arrears 81,819 64,265
Prepayments 7,544 10,667
Trentside
bond		 ~537 ~575
95293 8~0307
10. CASH AT BANK AND IN HAND
2021 2020
f
Bank deposit account 45,814 41,937
Bank current account (1,500) (35,025)
COIF charities deposit fund account 179,474 179,474
Income account 5,900 8,232
Accumulation
ofincome
Estate maintenance
fund		 capital account
capital account		 14
~21		 75
567
~230 23 ~19526
CREDITORS, ACCRUALS AND DEFERRED INCOME:
AMOUNTS
FAI.UNG		 DUE WLTHIN ONE YEAR
2021 2020
f f
Accruals for rants a able
Non-Educational Account grants 60478
~IAI
d
Professional fees 7,055
Repairs 1,202
Electricity 190
Water 718 379
Rates 2,388 120
Rent deposits due totenants 7975 7975
19338 8664
A~d
Investment
management		 fees 1,634 1,722
Electricity 600 600
Accountancy and compliance etc. 4,000 6,000
Independent examination 1,500 1,500
Bank charges 5 5
7739 ~9827
Deferred income
Rents m advance ~27347 22854
Taxation
Value added tax 4782
~102 57 ~106605

Fund Fund Reve)oat)en Revaluation Revaluation Fund
Balance Rains/(losses) recognised Balance
Brought Realised for current in previous Carried
Forward
6		 Income
E		 Expenditure
f		 Sale/(loss)
E		 year end
f		 years
f		 Transfers
f		 Forward
f
~F
Endowment Funds
Permanent 2,664,682 (6,179) 12,052 164,186 20,845 2,855,586
Investment properties
revaluation 0 367 3 50 367
5715 049 6 179 12052 164186 20 845 5905 953
Restricted income Funds
Non-Education account (48,433) 48,433
Old Magnusians Association 75S 758
Scholarship Fund
758 48 433 75S
Unrestricted Income Funds
General Account 227,084 (97,929) (129,155)
Designated —Estate
Maintenance Fund 2,215 5,523
Designated —Education
Account 4 8 2 88 259 539 3 722 448 756
186 188 39 26 327 454 279
1 4 227 D84 240 12 9 191179 4 2 6360 0

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