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2022-04-05-accounts

CONTENTS
Page
Charity Reference and Administrative Details
Trustees'
Report
2toS
Statement of Financial Activities
Balance Sheet
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
10
Notes to the Accounts 11to 20
Independent
Examiner's
Report 21

Ex Officio Trustees Ex Officio Trustees Ex Officio Trustees Ex Officio Trustees The Mayor of Newark
—Cllr L Goff—appointed
The Mayor of Newark
—Cllr L Goff—appointed
The Mayor of Newark
—Cllr L Goff—appointed
May 22 22
The Mayor of Newark —Cllr LGeary —resigned May 22
The Rector of Newark
—Reverend
C Lion
—appointed Oct 21
Nottinghamshlre County Council Trustees 5 Wallace —resigned
May 21
5Smith —appointed
Aug 21
Newark Town Council Trustees J Baggaley
J Henderson
District Church Council Trustees I Howlett
Co-optative Trustees M D Beaumont
CBE (Chairman)
G 5 Cartledge
CBE
I
I Derry (Vice Chairman)
AJ Fearn
M Furness
QC
D Saxelby —resigned
Jul 21
R LWatkinson
N Wild —appointed
Oct 21
Clerk to the Trustees Mrs A Allison
Administrator Duncan
& Toplis
—Chartered
Accountants
and Business Advisers,
14 London
Road, Newark,
Nottinghamshire,
NG14 1TW
Charity Offices Olympic
House,
Doddington
Road, Lincoln
LN6 3SE
Independent Examiner Adrian
Heigh, Stephenson
Nuttall
& Co.,
Chartered Accountants,
6/8 Castle Gate, Newark,
Nottinghamshlre
NG24 1AX
Bankers National
Westminster
Bank Pic
1Market
Place, Newark,
Nottinghamshire,
NG24 1DY
Property Agents Brown & Co.,The Old Bakery, 3 Norman Way, Melton Mowbray,
LE13 1JE
Investment Advisors Brewin
Dolphin
Securities
Ltd.
Olympic
House,
Doddington
Road, Lincoln,
LN6 3SE

The Magnus
C
hurch of England School:
General Grant 3,400
Music Tuition Grant 27,122
NewarkTeam PCC —Choral Scholarships 6 322
42 344
Individuals:
Pupils ofthe Magnus Church of England School:
Grants to Pupils 24 x 6250 6000
48344

THE MAGNUS EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5APRIL 2022
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
Page 8
f
Page 9
E
Page 10
E
2022
E
2021
E
Income and endowments
Donations 2,988 2,988
Investment
income
229 102 229 102 227 084
Total Income and endowments 232090 232090 ~227 084
~td I
Costs of raising funds
Charitable
activities
51,299
121000
59 115 6,887 58,186
180115
82,608
~158 192
Total expenditure 172299 59115 6 87 238301 240 800
Other reco nised
ains
losses
Gains/(losses)
on revaluation
investment
asset disposals
and on 4,434 6,808 11,242 227,832
Gains/(losses)
on revaluation
Investment
properties
on 525 000 525 000
Total other recognised gains/(losses) 4434 531 8 536242 ~227 832
Net income/(expenditure) 64,225 (59,115) 524,921 530,031 214,116
Transfers
between
funds
58 357 58357
Net movement
In funds
5,868 (758) 524,921 530,031 214,116
Re onclllation
offunds
Total Funds brought
forward
454 279 758 5 905 953 6360990 ~6146874
Total Funds carried forward

BALANCE SHEET
ASAT5APRIL 2022
Note Unrestricted
, Fundt,
.Page 8
Restrtctad,
Fundy
' Page 9'
''E
,
''
End
urrnfatt
i
. Ftt+,.
'
PaoBe$0
' ""'E''-".' .
„Totat..
Fimds
2022
''E
'
..
'
. .
. , Tobd:-
Funds
W1
' E '
FIXEDASSETS
Tangible assets
lh'vestmbnts
.:"
550,000
5
''
550,000
.
'7
'
550,000
~6
TOTAL FIXEDAS5ETS 6,524~9 6524,669 . BdNOr362
CURRENT ASSET5:.
Debtors and prepayments 9 90,861 90,861, 95,293
investments
Cash at bank,
In transit and
ln hand, 8
, 10
142,303 59115 7 . . 142,303
27
2,
137,869
~23i
' '
TOTAL CURIIENT ASSETS 545,706 59,115 (99,795) 511,026 463,485
UfkBILITIES
Credltoriki
Amounts
fallln'g due'within
oiie ygar '11 . :'BS
9
NET CURRENT ASSETS/tLIABILITIES) '
'460,147 '
' -ISBPSSl ': 386,352 360,628'
TOTAL NET ASSETS
THE FUIIIDS OF'THE CHARIVyi
Endowmentfundh
i::::
'.-.'
—.':. ;:;: .12
Restricted income funds
12
Urirestrlcted
income funds
.
,::. .12,i 460
: „:,
6430AI74
":„4L430dt74
'
. :5,90S,953"
758
TOTAl CHARITY FUNDS
Approved
by the Board of
Trustaes on & Yl,.„.
;„it1...
:.e% @in„;.
,and
signeid on Itsbehalf:. ;
.

FOR THE YEAR ENDED 5 A PRIL 2022
General Estate Education TOTAL TOTAL
Note Account
f
Maintenance
f
Account
f
2022
f
2021
F.
Income and endowments
Donations 2988 2 988
Investment
Income
Dividends 29,933 29,933 32,630
Interest 85 85 228
Rents 199084 199084 194226
229 102 229 102 ~227 084
Totalincome 232 090 232 090 ~227 084
~ddl
Cost of raising funds:
Insurance 4,470 4,470 6,384
Commission
lettings
and
Maintenance
and estate
expenses
Inspection
14,561
13,568
14,561
13,568
12,115
24,070
Bank charges and sundry
Planning
inspection
expenses 36
4,500
36
4,500
52
5,750
Drainage rates and council tax 2,44S 2,448 2,220
Light and heat
Legal fees
5,155
6561
51299
5,155
6561
51299
2,838
23 000
~76429
Charitable
activities
Song schoolexpenses
Benefits
9,006
48,344
9,006
48,344
5,744
45,895
Musical education 40,500 40,500 36,620
Salary and disbursements
- Clerk to the Trustees
14,000 14,000 14,000
Accountancy
and compliance
Independent
examination
7,650
1500
23 150
97 850 7,650
1500
121000
6,000
~1500
~109759
Total expenditure 74449 97 850 172 99 ~186188
Other reco nised
alns
losses
Realised gains/(losses)
on
investment disposals 539
Revaluation
recognised
in
realised
in current year
Revaluation
gains/(lasses)
previous years
for the year
8
244 4 678 4434 3,217
~26 993
Total other recognised gains/(losses) 244 4 678 4434 30749
Net income/(expenditure) 157d641 (244) (93,172) 64,225 71,645
Transfer to Education Account (98,526) 98,526
Transfer to Restricted
Funds
59115 758 58357 48433
Net movement
In funds
(244) 6,112 5,868 23.212
Reconcglatlan
offunds:
Funds brought
forward
5 523 448 756 454 279 ~31067
Funds carried forward 27 5 ~27

Non-Education Non-Education
Account *Old Magnuslans TOTAL TOTAL
Note Scholarship Fund Association 2022 2021
E E f f
Income and endowments
Transfer from general account 59115 758 58 35 48 433
Totallncome 59115 758 58 357 4~8433
E
di
Charitable
Activities
Grants payable 59115 59 115 48 433
Total expenditure 59115 59 115 4~8433
Net movements In funds {758) (758)
Reconcglatlon
Funds brought
offunds:
forward
758 758 758
Funds carried forward

Investment Investment
Note Permanent
f
properties
revaluations
E
TOTAL
2022
f
TOTAL
2021
f
Income and endowments
Interest received
Total income
~Edl
Costs of raising funds:
Investment
management
costs 6,887 6,887 6,179
Total expenditure 6887 6887 6179
Other reco nised
ains
losses
Realised gains on investment disposals 7,990 7,990 12,052
Revaluation
recognised
in previous years
realised
in current year
Revaluation
gains/(losses)
for current year 7 (1,807)
625
525 000 (1,807)
525 625
20,845
164186
Total other recognised gains/(losses) 6808 525 000 531808 ~197083
Net movement
in funds
P9) 525,000 524,921 190,904
Reconcigatlon
offunds:
Funds brought
forward
2855 586 3050 367 5 905953 ~5715049
Funds carried forward 2855 507 3575 67 6430874 ~505953

SONG SCHOOL EXPENSES
2022 2021
E E
Water rates 718
Counciltax 2,389 2,315
Improvements and repairs 5,612 1,893
Vehicle right ofaccess 100 100
Electricity 905 718
Sundry
~9006 ~5744

THE MAGNUS
EDUCATION
THE MAGNUS
EDUCATION
THE MAGNUS
EDUCATION
AL
FOUNDATION
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 5 APRIL 2022
3. BENEFITS 2022 2021
E E
Magnus
Church
of England School: General Grant 8,400 8,400
Grants to pupils: 24 x f250 (2021.18 x6250) 6,000 4,500
Music Tuition
Grant
27,122 28,095
Newark Team PCC —Choral scholarships ~6822 ~4900
~4344 4~5895
4. MUSICAL AND SPORT EDUCATION 2022 2021
E E
Song School Master Grant 30,500 30,500
Piano Grant
Rowing Grant ~10000 6 120
4~0500 ~36620
5. RESTRICTED FUNDS - GRANTS PAYABLE 2022 2021
f E
Non-Education Accounts
St Mary Magdalene Church
Choristers
and
Low Boys (2/9) 13137 10,763
Parish
Clerk, Sexton
and Vergers (2/9) 13,137 10,763
Repairs to Parish Church (2/9) ~13136 10763
39,410 32,289
Newark
Hospital
Newark
Hospital (3/9)
19705
59115
16144
~48433
6. TANGIBLE
FIXED ASSETS
Freehold
Land and
Buildings Total
E E
Deemed cost
At 6 April 2021 550,000 550,000
Additions
At 5 April 2022 ~550 000 ~550000
Depreciation
At 6April 2021
Charge for year
At 5 April 2022
Net book value
At 5 April 2022 ~550000 ~550000
At 5 April 2021 ~550000 ~550 000

9. DEBTORS AND PREPAYMENTS: DEBTORS AND PREPAYMENTS: DEBTORS AND PREPAYMENTS: DEBTORS AND PREPAYMENTS: DEBTORS AND PREPAYMENTS: DEBTORS AND PREPAYMENTS:
AMOUNTS
FALLING
DUE WITHIN ONE YEAR
2022 2021
E E
Value added tax 555
Rents held by agents in arrears 81,710 81,819
Prepayments 3,776 7,544
Trentside
bond
5 375 5 375
~90861 ~95 293
10. CASH AT BANK AND IN HAND
2022 2021
E f
Bank deposit account 92,099 45,814
Bank current account (1,500)
COIF Charities deposit fund account 179,475 179,474
Income account 6,288 5,900
Accumulation of income capital account 14
Estate maintenance fund capital account 621
~277 862 ~230323
11. CREDITORS, ACCRUALS AND DEFERRED INCOME:
AMOUNTS
FALLING
DUE WITHIN ONE YEAR 2022 2021
E E
Accruals for rants a able
Non-Educational Account grants 59,115 48,433
Educational
grants
27 122
~86237 ~48433
Other creditors
Professional fees 8,097 7,055
Repairs
Water
1,202
718
Rates 2,388
Rent deposits due to tenants 7 975 7 975
16072 19338
~d
Investment
management
fees 1,741 1,634
Electricity 600 600
Accountancy and compliance etc. 4,000 4,000
Independent examination 1,500 1,500
Bank charges 5 5
7 846 ~7739
Deferred income
Rentsin advance 30974 27 347
Taxation
Value added tax ~3545
~144674 ~102857

ANALYSIS OF CHARITABLE FUNDS FUNDS
Fund Revaluation Revaluation Fund
Balance gains/(losses) recognised Balance
Brought Reagsed for current in previous Canled
Forward
E
Income
6
Expenditure
6
gain/(loss)
E
year
f
end years
6
Transfers
E
Forward
E
Fund name
Endowment Funds
Permanent 2,855,586 (6,887) 7,990 625 (1,807) - 2,855,507
Investment properties
revaluation 0367 2 000 3575 367
590 887 0 52 2 1807 $74
Restricted Income Funds
Non-Education account (59,115) 59,115
Old Magnuslans Association 758 (758)
Scholarship Fund
115 8 357
Unrestricted Income Funds
General Account 232,090 (74,449) (157,641)
Designated —Estate
Maintenance Fund 5,523 (244) 5,279
Designated —Education
Account 448 756 97 4 678 99 28 454 868
45 27 232 090 2 299 44 57 460 1
6360990 232 090 238 301 7990 530 059 1807 69$1 021

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