THE MAGMUS EDUCATIONAL FOUNDATION TRUMES, REPORT AND Accoup¥rs FOR THE YEAR ENDED S APRIL 2024 Charlty No 528253 THE MAGNUS EDUCATIONAL FOUNDATION YEAR ENDED 5 APRIL 2024 CONTEIITS Charlty Referen¢0 and Admln15tratl¥e Detslls Trystees, Report 2tg5 Statement ot Flnan¢kl Artlvttles Balance Sheet Unre5trfrted Funds Ae5tr1rted Furhls Endowmertt Funds io Notesto ihe Accounts iito21 Independent Examlnerfs Report 22 THE MAGNUS EDUCATIOIIAL FOUNDAnoN CHARITY REFERENCE AND ADMINISTRATIVE DEfAILS YEAR ENDED 5 APRIL 2024 Charlty No. 528253 7RUSTEES SERVING IN YEAR TO S APRIL2024 AT DATE OF APPROVAL OFTAUSTEES, REPORT iINLESS OThERWISE INDICATED EM Offlclo Trustees The Mayor of Newark- Cllr D Ledger- Appolnted 15 May 2024 Thè Mayor of Newark- Cllr P Ball- Appointed 14 May 2023, Resigned 30 April 2024 The Mayor of Newark- Cllr L Goff- Resigned 14 May 2023 The Recto¥ of Newark- fleverend C Llon Nottinghamshlre County Coundl Trustees Cllr S Smith Newark Town Coun¢ll Trust￿5 J Baggaley- Reslgned l June 2023 Cllr l Henderson- Reslgned l June 2023 Cllr D Moore- Appolnted l June 2023 Cllr E Cropper- Appolnted l June 2023 Olstrlct Church Councll Trustees J Howlett Cwptsilve Trustees M D 8eaumont CBE A J Fearn Ichairrnanl J l Derry Ivice Chairman) G S CartledgÈ CBE M Fufnes5 KC R L Watklnsort N Wild- Reslgned 30 ApTII 2024 Clerk to the Trusteès Mr5 A AllSson Admlnlstrator Duncan & Top115 NG14 ITW 14 London ftoad, Newark. Nottln8hamshire, Charfty Offlces Olymplc House, Doddln8ton Road, Lincoln LN6 3SE Independeni Examlner Adrlan Halgh, Stephenson Nuttall & Co., CharteTed A(¢ountsnts, 618 Castle Gate, Newark, Nottlnghamshire NG24 IAX BankeTS Natlonal We5tminaèr Bank PIC l Market Pla￿, Newarl Nottln8homshire, NG24 IOY Property Aynts Brown & Co., The Old Bakery. 3 Norman Way. Melton Mowbray, LE13 IJE Investment Ad￿Sor$ Brewn Dolphin Seojfities Ltd. Olymplc House. Doddington Aoad, Uncoln, LN6 3SE THE MAGNUS EDUCAYIONAL FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2024 The Trustees piesent thelr annual report and financial statements for the yeat ended S April 2024. The Finandal statements have been prepar￿ In accordan￿ with the Accounting Policies set out in note i to the accounts and in actordance with the provisions of the Statement of Recornmended Practlce ISORPI "Aecounting and ReportÉng by Charlties" IFRS 1021. ObJertEves and Artlvttles for the Put>lk Bènefit Subject to payments to the Charlty called Magnus Charity number 222S45 IrÈferred to as Non-Education Attount the Financial Statementsl the main obje¢ts of the Charity are broadw as follows-.- To provlde for the Magftus Church of En8land School such special bÈnefits not nomially Pfovided by the local educatlon authority. Promoting the education vf such prjpils and former puplls under the age of 25 In need of financial a5$1Stance. Promotlng musital education of pupils attendlng the school and of young thoristers of the Parish church. The objects of the Magnus Charlty number 222545 arè to appty three ei8hts of the dear yearly Intome ol The Magnus Etlucatlonal Foundation as follows: As to two-ninths thereof in paying six Choristers and SIX Low Boys or A5Si5tant Chorlsters in the Parfsh Church of the Ecde51astlcal Parlsh of St Mary Magdalene, Newark upon Treftt. lfi such proportions as the Vicar and Churehwardens of the sald ecdesla5tlcal par15h thlnk ftt. As to a fvrther two-ninths thereof in makln8 payments In such proptsrtions as the 5ald vlcar and churchwardens Ihirtrk fit io the Parish Clerk. Sexton and Vergers of the said eccleslastlcal parish, or if ihere be no parish clerk then to the person or persons for the timè beln8 performiA¥ the dutles in the sald parlsh customarlly performed by the parlsh clerk. As to a further iwo-nlnth5 thereof in repalTin8 and maifttslnln8 the sald parish thurch ènd the furniture and fittings therein. As to the refflainin8 three-nlnlhs thereof In paylng the same to the Nottlngham and Olstdrt Hospital Management Comrnittee or Sts lawful 5uttessor for applicatlon In provlding fadlities for the benefit of the patlents in Newark hospltal for whith provision is not made out of publlc funds. The Trustees confirm that they have referred to the guidan￿ £ontained In the Charity Commlsslon's general guldance on publlc benefit when ￿VIewIng the Trusi's aims and objectives and in planning future artivities and selting the gyant makin8 poll¢y for the year. Grant Maklng Polity The Truste￿ consider specific application5, relevant to the tharltable obJective5 of the Foundation, from the Son8 khool. the Church. arld the Ma8nus Church ol England Sthool. The Trustees encourage the recipients of speclal 8rants to provide reports of their subsequent achievements. The Magnus Chartty 8rant payments are made annually to the appropriate reclplents prescribed by the scheme. These p3yment5 are made in iherr entirety normalty in November following the year end of S Aprll. AchlevemÈnts and Performance The Trustees consider that the performance of the Charity thls year has been satisfactory. The following grants were charged to the Education Account'.- Ibl 12 131 141 stltutlon: The Magn¥5 Church of England School.. General Gfant Music Tultlon Grant Mu5¥C tultion wa8e Icorredlonl Church: Newark Team PCC- Choral Scholarshlps Church Grant Cholr Germany Trip Reawaking St Mary Magdalene 8.400 24,000 17,0201 5,500 2.500 dlvlduals". Pupils of the Magnus Chvrch of England 5chool- Intern Pro8ramme Grants to Pupi15 15 x £250 THE MAGNUS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES- ¢ontlnued YEAR ENDED 5 APRIL 2024 l# addition, the Edutatlon Account provlded fund5 for the expenses of the Song School of £14,095, and Son8 Sth¢ol Master Grant of £30,50Q. The Edueatlon Account a150 provlded a grant of £10,500 for rowing tultlon to thè Magnus Church of England Academv. The following Brants were charged to the Non-Edtst3tlon Account S¢holarshlp Fund, for whith an advance of £12,000 was paid durlng the year leaving £42,048 to be paid after the year end to the piescribed reclplents of the Magnus Charltv.. lil Chorlsters and Low 8oys {21 Parlsh Clerk, Sexton and Vergers {31 Repalrs to Parish Churth {41 Newark Hospltol 12,011 12,011 12,011 oi Flnanclal Rèview Review of financial perforniancè Thè Statement of Finanual Arttvities indicates fotal Income of £263,34112023 £228,927) and Total Expendlture of £283,14412023 £293.7931. Total Expenditure in¢ludes Charltabte Attivitiès of É195,30912023- £216,0291. The Tfystees are able to transfer £gyI,079 to the Edutatlonal Account and £54,048 to the Non-Educational Aceount for the year, a5 shown on pa8e 8. Imie5tment Pollty and P•rforn)arKe The Charlty Is ieliant on the in¢ome from Investments. The investment incorne is bttsadly recelved fiom stock exthange Investments and securltles, bank interest and rental Income. The Trustees have appointed quallfled professlonal adVIso￿ as detalled on page I to manage the Investments. Blown & Co m3nage thè a8ricultural and commercial properry in accordance wfth their tender for th$5 work. Brewln Dolphin Secvrities Ltd mana8e the security Investments on the terms of the Investment Pollry siatement 5ubmltted to them by the Trustees in accordance with the Trustee Act 2000. The Trustees Intend thai the real value of their assets be malntained and enhanced over the lon8 terrn by investment cornprising equities, fixed income stock, agricultural and commercial propertv. The currént stock market portfolio objtrtwe Is for a tsalan￿ between Income and capital growth wlth a medlum rt5k preference. In the year to 5 April 2024 de5Plte uncertainty and ￿rtfliCt the stock market made galns as 2023 saw inflation tiend downwards and on anticipaiion that interest rate5 will be cut during 2024. The stockbrokers continued to a¢tlvety manage the portfolio and durfng the course of the year the Investments Show￿ a galn on revaluation and on investment asset dispgsals of £116,769, a5 Shown on page 6. Investment Pfoperties show a loss on revaluatitsn of £93.203. The net gains on revaluation and on Investment asset dlsposals of £23,566 were £13,815 credited to Unrestrirted Fund5 and £9.751 credited tg Endowmefit Funds. There wa5 an inuease In total Investment inctsme of E34.414 compared to the prevlous year. The Investment Income recelved forthe year amounted to£263,341 compared with £228,927 in the prÈwlousyear.Therewa5 an intrease In dlvldend income of £14.443. Bank interest reeefved Increased by £6,158. Rèntal Income increased by £13.813, due to an increase In rertts. Rlsk Management The Trustees have examined the major strate8lc busine$5 and operatlonal rtsks whith the Charity fates and confirm that systems have been establtshed toenable regular report% to be produced so that the necessary steps can be taken to lessen thesè rlsks. The future rernalns somewhat uncertain, and the charity's aims and oblectlves may be limSted flnanclally In the short term, but the resource5 of the F¢und3tlon are suffidently diverse to enable the Financial Forecastfor 2024-2025 to be formulated on a prudent basis whilst stlll meeting the basic aftnual commitments. THÉ MAGNUS EI>UCATIONAL FOUNDATION. REPORT OF TH£ TRUSTEf5. continued YEAA ENDED 5 APRIL 2024 Reserves Pollcv Endowm nt Ftsn The sum of £6,326,46712023'. £6,322,8731 Is held In Permanènt Endowment for the provisson of income for thè Charlty. Investments repiesentingthe fund may be changed from tirne to tlme but cannot be distributed to beneficlaries. Income Fund The Non - EducatlonaS Account transfer frorn general account of £54,048 less £12.OC4) pald In the year, is payable at S April 2024 and is Included withln creditors Isee note Ill. AS a result, there is a nil balan￿ at 5 April 2024. The amousx payable Is dlstributed in its entirety normally in Novemberfollowlngthe April year end. nrestricted In rne Fund- Es atè Malnten Fund The Charity ha5 an Estate Maintenance Fund for the purpose of provldlngfor the malntenance. repair and improvement of ts property (excluding the Song khool land and bullding51. Some of the buildlngsthe Charityownsareold and theTrustees ¢on51der it necessary to provlde for their repair and maintenance. Unrestrtcted In MÈ Fun ation Acc The Trustees are aware that they need to improveand maintain the Son8School whlch is a Grade11 Listed Buildln8 and falls within Newark Town Centr¢ Conservation Area. Lar8e amounts of money have been spent in the past on the S¢ng School. The Trustees expert to providecontlnuSngsupport to the Songsthool. Addttionally, theTrusteeswish to 5upportthe Magnuschurch of England Schoolwlth special benefltsnotnormally provlded b¥ the relevant education authorlty and in the past havè devoted considerable resources to thls end. Prolert5 will require Trustee5 approval and theTrustees mayattachconditlonswhere they deem them appropTiate.TheTrustÈeshavesupported the enga8ernent ofihe MJ5ter ofihe Son8School at St Mary Magdalene Churth. Newark and made grantsto chorlsters for thelr muslcal education when appropriate. The Trustee5 wish to contlnue to hold sufficient funds In hand to ensure that they can continue to meet ihelr long-term obligatlons in these respects. Pl*n$ lor the Future The Trustees have hlstorlcallycomfflltted considerable resourcesto SUPPOrttheMagnus Church of England Sthool and wish to continve this tradition. TheTrustee5continually revlew and finance the Improvement of the song Sthool which Is a Grade11 Ilsted buildlng and falls within Newark Town Centie ConseTVatlonArea. Strurture, Governance and Mana8ement The original endowment of land and property was provided by Thomas Magnus, Archdeacon of the East RldSng in the Metiopolltan Church of York clrca 1530 and has been the sublect of nymerous charstable schemes over the years. The Magnus Educational Foundailorh is presentty constituted by Charity Commlsslon Stheme number 528253 sealed on 26 June 1985 35 varied by schemes dated 24 June 1996 and IS Apfll 1998. The scheme sealed on 26 lune 1985 refers to payments to the Charity called thè Magnus Charity whtch is constituted by Charlty Commission scheme numbei 222545 sealed on 19 November 1973 whlch In turn contalns prowsions Yelatin8 to payments by that Charlty, The payments by the Magnus Charlty a¥e included in thè financial statements and notes and d15tinguished separalely as app¥opriate. The Magnus Educational Foundatlon does not actlvely fundralse and Seeks to continue ihe phllanthroplc work through careful stewardship of its exlstSng resources. Appolntrnent tsl Trustees is 8overfted by the Charity Scheme as follows.'- 2 Ex Officlo TfUStee5 (The Mayor of Newark and the Rertor of Newark) 4 Nominative Tiustees ITWO appointed by Newafk Town Coundl. one by the Oistrlct Church Council and one by Nctttinghamshire County Council) 7 Co-optatlve Trustees (Person5 who ihrou8h re5*dence, occupation oremployment or otherwlse have special knowledge of the town of Newark) THE MAGNUS EDUCATIONAi FOtJP4DATION REPORT OFTHE TRusfEES- comlnyed YEAR ÈNDED 5 APRIL 2024 Stru¢ture, Governance and Manosem¢nt. eontl#ued Each NomInat￿e Trustee appolnted by the County Council shall hold off ct for a tern endln8 the day of the èppolntment ol his cr her successor. Every other Nominative Trustee 5h?11 hold office for a term of four ye8Y5. CO￿ptatIVe Tn&5tees shall be appofnted for 3 term of ffve years. Ori41nary 8eneral meetin8s are usvèlty held In June ¥nd NryembÈr each ¥tar at %vhich tbe Trustees agree the broad strategy and areas of attivity for the Charity. intludlng gr3nt maklng* Investrnent, reseNes, ￿s1 mana8ement pdlcles and perfofmance. The day to day admln15trètlon of 8rants and the prctrsslnE and héndllng of opp1ka￿on$ prlor to consideraJon by the Trustees Is deleiated to the Clerk to the Trustees. TheTrustees keep the sklll rt4uirements forthÈTrustee 8ody under revlew. Intheevent of8 Co￿ptst￿veTrust*¥acanCy, the BDard endeavours ttr Te£ruit a 51Jcce$50r w]th appropriatt speclal knowledge. The induction Process for any ne￿V appolnted Trustee Includes an Inltial meetln8 with the 8oord of Trustee5, 0 h15tory of the Trust, coples of thÉ latest Tru5tee5' Regort and Finartelèl Statrments and Charity c1￿MISSIon scheme. Norrnalty. in every second yearthe Trustees a5 3 body phy51cally Inspert the land and property investment5 ofthe Charlty. The Charity ha5 appolnted p¥oporry agents ènd investment advisors tp as51St In the ma*aiement of the ITwestrnentS. Kty M8nagementPtrsonnel and remunwation TheTrustees considerthe 8oard ofTFlJStees and the Clerk totheTrustees ès compr151rKthE ke¥ management pewnelof the thatlty In char8e ol dlrectln8 and controlllns the Charity 8ThJ runnlni and operatyn8 the Chartty on a day to day ba%ls. All Trustees Èlve of their time freefv and no Trustee remuneration was paid In the yeèr. In ac¢ordance wlth the ChaTltVs 80vernini document the Trustee5 mJ¥ pay the Cletr* to the Trustee$ such 8 selafv as fflay be approved by the Ch3r Commlssioners. fJet•llsof Trustee expenses ond related partytransactlonsare dlsclesed In note 13 to the account5. Trustees are requlred to dlsclose all relevant Interests and re*sterthem ￿th the Clerk to the Trustees and In occordance wlth the Charity's pollcywlthdr8wfrom detisionSwhe￿ a confllrtof Interèstartse$. Tiustees. responslb115Ueslo relatlon t¢J the fftnancial 5taiements The law applicbbleto charlYe5 In En$5and and W3le5 Teqvlre5theTrttsteesto pr2parefinanclal ststementsforeathfinandal vear which ￿Ve a true and falr ￿eW of the state ol affèlrs of the Charty of the Incoming resource5 and 4ppfftcation of resources of the Charity for that period. In prepartn8tl)ese 14nandal ststements. th& Trusrees should follow best pratttte and-. SeTrectstsitable accountingpollcle5 ond applythem con$btentW' Observe the methods and principles of theCI)aritles SORP 2019 IFR5 1021- MakeludgernÈnts and estlrnates that are re350N3bte and prudent., st8te whether applicable accoun￿￿1 standards have been followed. sublert to any materlol dEp8rtures dlsclosed and explalned the finantlèl statements, ènd Prepèrethefinancial 5tatementson a wlngconcern ba$4s unless It 15 Inapptoprlatetopresume lh* thecharitywlll £ontlnueln operatlon. TheTrusteesarE resptsnslbleforkeepint proper a(co￿nt￿ngrecord5thatdtscI0se w1th ￿￿nable accuracyatany tlmethe f5nantlal positygnofthÈ Charltyand enablethemtoen5ure thatthe fin3ncialstatementscomplywith thtCharflesAct2011, the Charltles IA£counts and Reportsl Regulation5 2008and the provislothsof the Chafity CommlsslorTrScheme.Theyare8lso responsible for sofEguardlng the assets of the Charity and hence for 18kln8 reasonable steps for the prevention afid detectlon of fraud and otherlrr¢8ularltie5. Appvoval Thls report was approved byth@ TTUSteès on.. nd $18ned on thelrbehall. Andrew Fearn- TFU5tee THE MAGNUS EDUCA L FOUNDATION THE MAGNUS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES YEAR ENIXD 5 APRIL2024 UnrestrSrt¢d Fynds Pa8È 8 Restrfct Funds Pale 9 Endowment Funds Paee 10 Tot?1 Funds 2024 Total Fund5 2023 Incom ande owm Investmeni Income 263 41 26 Total Incorne and endowments IIIL27 ndlture Costs of rai51ng fvnd5 ChaTltable actlvities 81.678 6,157 87,835 77,764 21 Total expendtture 939 144 r rpco lrts Gainslllossesl on revaluatlon and on Investment asset dlsposa15 Galns/llossesl on revaluation and ort Investment property disp05als Total other reCO￿lsed talnsll10$5esl 13,815 102.954 116.769 1123,8971 13 66 Net in￿Me/(eX￿￿1itUreI $4.21? 154048) 3￿94 3,763 1107.9301 Transfers be￿¢eTh funds Net movement In furtds 169 3,594 3.763 1107,930} Recon IlatEon of nds Total Funds brought forward 73 Total Funds Carried forward THE MAfjNUSEDUG4TIONALFOUNDATION BALANCE SHEET AS AT 5 APRIL2024 Unrestrtcted Furtds Paze 8 Rest¥itt¢d Funds Pale 9 Endowment Funds Pa8e 10 Total Fur4ds 2021 Funds 2024 Note FIXED KSSETS Tan8ible a5set5 Investments S50,C￿0 550,(XJO S$0,￿)0 TOTAL FIXED ASSETS 6A57A55 6.457A55 6M54 CURREi¥fASSETS Debtors and p￿paYmentS Investments Cash at bank, In translt and In hand 6&542 141,808 66.542 14L808 85.261 127,993 io TOTALCURRENT A%SETS 525.857 42.048 1130,9881 436￿17 489234 LEABILMES Creditors.. Amounts falllnedue wf(hln one year 11 470 NET CURRE•￿ ASSETSIIUABILITIESI do￿38? 1130,9881 329,399 328N45 TOTALNET ASSETS THE FUNDSOF THE CHARrrY fndowrnent funfss Re5trlcted intome Funds Un￿strIcted Income fund5 12 12 12 6.326,467 6,326.467 322,873 460 TOTALCHARITY FUNDS Approved ihe Board of TFUStees on.............. . and signed on its ￿h￿lf Andrew Fe rn- Trusree THE MAGNUS EDUCATIONAL FOUNDAnOt4 UNREsfRicfED FUNDS FOR THE YEAR ENDED 5 APRIL 2024 G¢nèral Eslate Education Note A¢¢ount MaIntena￿e Attount TOTAL 2024 TOTAL 2023 Come and èndowme Oonatiorns Investment intomt Dividerbds Interest Rents 49,054 9.410 49,054 9,410 204 877 263 341 34,611 3.252 263 341 228 927 Total Income 263 341 cts5t of raislng funds: Insurance Commission lettlng5 and expenses Malntenance at)d estate inspertion Bank charges and sundry expenses Drainage rates artd toundl tax Lisht and heat Legal feès 6,773 20,133 13.170 281 7,366 9.464 6,773 20,133 13,170 281 7,366 9,464 3.065 14,245 22.754 901 3,668 6,142 Charltable actlvltles Song School expenses 8enefits Musical education Salary and d¢sbu¥sements - aerk to the Trustèes Accountanty and compliance Independent examination 14.095 48,630 41,CQO 14,095 48,630 41.OCKI 17,288 51,100 41.000 20.083 15.653 20,083 IS.653 16,250 Total •xpendlturo 119 222 939 Other reco Ise ses Realised 8ainsJllossesl on investment disposals Revaluation recogni5ed In previous years reallsed current yeai Revaluation gainslllossesl for the year Totsl other recognlsed g¥lns/llosMsl Net ￿n￿me/{eXpend1t￿re) 767 1.664 13 15 528 144,127 113 IYJ,0231 S4,217 Transfer to Education Account 190,0791 90,079 Transferto Restricted Fund5 154,0481 154.0481 173,7911 Transfer from Endowment funds Net movement In funds 113 56 169 71 Aeconcll atl rt of funds,. Funds brought forward 455 558 Funds carrfed lorward THE MAGNUS EDUCATlOt4AL FOUNDATION ftEsTricfED FUNDS FOA TIIE YEAA ENDED 5 APRIL 2024 NoTrEdu¢atlon TOTAL 2024 TOTAL 20 Note Stholarshlp Fund Income and en owments Tran5ferfron2 general account 54 791 Total lficom& 79 tharltable A£tlvltJes Grants payable Total expendlture Nel movements In funds Reconciliatlon o Funds brouBht forward Funds carrled forward THE MAGNUS EDUCATIONAI FOUNDATION ENDOWfrAENT FUNDS FOR THE YEAR ENDED S APRIL 2024 Inv•stment propertles revaluatlons TOTAL 2024 TOTAL 2023 Note Permanent me and èn ow Interest recelved Totsl Incorne rtditure Costs of ralslng fuwtds.. Investment rnarnagement costs 6,157 6,157 9,503 Total expendlture hér r•c nlsed ns losses Realised gains on investment dlsposals Revaluation recognlsed In previous yeats iealised In current year Revaluation gainsll105sÈsI for euNent year Property revaluatlors losses for yèar Gainslllossesl on disposal of property Total other recognlsed BaIn￿{lO$Se5j 11,915 11,915 8,984 116,9921 108,031 116.9921 108,031 193.2031 118,0861 1101,2671 193,2031 536 Net In¢oMelle￿tndotUrtl 96.797 195,2031 3A94 139.0391 Transfer to UnrestrlLted Funds Net movement In funds 96,797 193,2051 3A94 1108.0011 dllatk*n tur￿5. Funds brought forward 177 506 145 367 Funds Earrfed f0ry43rd io THE MAGNUS EDUCATIONAL FOUNDATION NOTESTOTHE ACCOUNTS FOR THE YEAR ENOED S APRIL2024 PRINCIPALACCOUNTING POUCIES 1.1 Basls of Preparatlon The financial statements are prepared on a goin8cc￿￿[n bast5 under thè historical ttjst convention as modified by the Inclusion of tangible fixed a55ets and Investments at market value and Include the Tesults of the Chèriry's operations which 3re described in the Tiustee5' Report a¢MI all of whlch are ¢ontinuln8. In pr*parin8theflnancial statementsthe Charity follows best practice as lald down in Accountin8 and Reporting by ChaTltiès.' Staternent of Recommended Practice applkable to d)aritles preparing their accounts In a￿￿dan￿ vAth the Flnandal Reportlng sI￿dard appllcable In theUKand RepublkofSreland issued in cthber2019,the Flnandal Reportin8Stsndard applkableinthe UThttdK1￿Qrnand RepU￿lE01 Ireland IFAS 1021,the Charl¥esAct 2011and UK GenerallyAccepted Accountin8 proct1￿. The finan¢lal statements have been prepared to 8ive a'tNe and falrf ￿eW and have departed from the char￿e5 IA¢counts and Reportsl Regulations 2(￿8 only to the èxtent requtred to provlde ? 'true and tsirf vlew. Thls departure has )nvotv followng theAccounting and Reportiryg Lry Charit¢es.. Statemeiitof Recommertded Practtce appllcable to tharitses prep￿[na thelr accounts in accordance whh the Finandal Reportin8 Standard inthe UK and Republlc of IrÈland i%sued in Ortober 2019 ratherthantheAccountln8and fleportir¥byCharttles'.StstementofRe¢ommendedPrath￿efIec1iVÉfrOM 141rf120J5whKh ha5s#)Trbeenwithdrawn. The Chaiity constitutes a public benefft enilty as defined by FRS 102. 1.2 Fund5 Structure Unrestrided funds ofè available fot use at the dlscretion of the Trustees in furtheran¢e of the general objectives ol the charity and which have not been designated tor tsthef purposes. Designated funds comprlse Uftrestr1￿ed funds that havè been set aside by the Tntstees for partfjcular purposes. The alm and use of each designated fund is set out in the notesto the flnancsal statements. Restricted funds are funds which are to be used In accordancewith specffic restrlttlons Imposed by donors or which have been ralsed by the Charity for partlcular purposes. The ¢ost olra151ng and admln15terln8su£h funds are Charged against the Specific fund. The aim and L¢se of each restrlrted fund Is set out in the notes to the financlalstatements. Endowment fund5 represent thosè assets whlch must be held pemanently by the Charlty. Incorne arising on the endowment funds can be used in at¢ordancewlth the objects of the charity and is included as unrestrlcted Intome. An¥ capital gains or10s5e5 arising on the investments form part of the fund. Investment mana8ement charges and legal advite relating to the fund are chaT8es agalnst the fund. 1.3 Income recognltlon All income ss induded in the Statement of Flnancial AdS¥ities when the Charity is legally entitled to the tncome after any pèrlormance conditlons have been rnet, the amoupt can be measured reliably, and it is probable that the income wlll be received. Investment income is earned throu8h holdln8 assetsfor Investmentpurpose5such as 5h3res and property. It Includes dividends. interest, and rent. Interèst Income, d¥¥idend and rent incomè ts reco8nised as the Chariws right tu receNe payment is established. 1.4 Expendlture reco8nltlon All expenditure is accot3nted for on an accruab basis. ExpendTrturÈls reco8nised wherethere Is a legal orconstrucuve obligatlon to make payments ¢0 thlrd partie5. it Is probable that the settlement YAII be required, and the amount of the obli8ation can be rneasured Te14ably. It is categorlzed underthe Following headings.. Investment mana8ementCOSts include portfolio managemenL rent collecuon, Investment property costs. Expenditure on charitable artivltles includes grants made and governance costs which includes all ¢osts invofvin8 the publlc accountabl1￿ of the Charlty and its complian¢e wlth constitutlonal and statutory regulation5 and good practice. Grants payable to third partles are wlthln the charltable objèdives. Where unconditlonal giants are offered, this 15 at¢rued as soon as the recipient ss notified of the grant, as thi5 glves rlse to a reasonable ¢xpectatlon that the redplent will reeeive the grants. Where grants are conditlonal ielatin8 to performaneè then the grant is only acuued when any ¢onditions are fulftlled. li THE MAGNUS EDUCAnoNAL FOIJNDATION NofES TO THE ACCOUNTS . contlnued FOR THE YEAR ENDED 5 APRIL 2024 1.5 Value Addtd Tax Thè Charity is registered for VAT and treated as partially exempt. Income 15 shown net after dedudiDn of output VAT and expenditure is shown net of VAT lli the inStan￿S where it is appropriate to reclaim Input VAT. 1.6 Tangible FIMed assets for use bythe Chartty Tangible Fixed assets 3fe stated at C05t lor deemed cost on transitlon to FRS 1021. Freehold properties a malntainèd In a state of repalT such thai thelr estirnated residual value Is not less than thelr carrylngvalue as a result of which the annual charge for depreciatlon is nil. The Freehold propertie5 are revlewed by the Trustee5 at the ènd of each reporting period for any indlcation of Impalrmertt. Ef such iftdication exists. the retoverable amount is estimated and compared to the carryirtg amount. Where the carrylng am¢)unt exceeds the recoverable amount. an Smpairment1055 is recognised in expenditure ihrough the Statement of Flnancial Activities. 1.7 Htritage assèts Heritage assets are reco8rised on the balance sheet and Initlally measured at cost when purchased or If donated, Ihelr valuatlon. &1ssets are subsequently stated at cost lordeemed cost on transitlon to FRS 1021 and for the reasons ststed on 1.6 above the annual tharge for depreciation 15 nll. Falr values for donated assets are estimated reference to market prices. Where IAformatlon on the c05t lor deemed cost on transltlon to FKS 1021 of heritage assets Is noi available or the cost of providin8 such information signlftcantly outwel8h5 any benefit to the users of the accovnls then herftage assets are not reco8ni5ed on the balance sheet. 1.8 Imiestmefit propertles Investment propeities are valued at open market value by the trustees wlth changes In value Teco8rtlsed In'net 8alns/l10s5esl on Investments, In the Statement of Flnancial Attlvltles. 1.9 Investn￿ts Investments In securities are recognlsed initlally at falr value whlch Is n￿MallY the tran5actlon prtce exdudlng transartlon costs. Subsequently. they are measured at fair value w￿h change5 retognlsed in 'N￿ 8ainslllossesl on Investments, in the Statement of Flnanclal ACt￿ltIeS i* ihe shares are publicly traded or thelr fair ¥alue can otherwise be meas¥Jred reliably. Cufftnt ass￿$ investments arè short term hlghly IlquÉd investments and are held at fair value. 1.10 Debtors and Credit¢￿ recelvoblelpayable wlthln one yoar Debtors and creditors Ye￿1Vable or payable wlthin one year are recorded at transaction prlce. 1.11 TaK The Charity Is an exempt Char51Y wlthin the meaning of schedule 3 of the Charities Act 2011. 1.12 Go5n8 Concern The flnaftdal staternents have been prepared on a going concern basls as the tiustees belleve that no maierlal uncertainties exist. The Trustee5 have considered the level of fvnd5 hèld and the expected level of Incorne and expenditure for 12 months from authori5in8 these flnancial statements. The budgeted Incomè ènd expenditure Is sufflaent with the level of funds for the Charity to be able lo contlnue as a goln8 concern. 1.13 External Scrutlny Under the Charities Act Regulations ielating to the audlt threshold no audTrt is requlred for the year to 5 Aprll 2024 but the financlal statements foi that year requlre an Independent Examination. 12 THE MAGNUS eDUCATIONAL FOUNDAnON NOTES TO THE ACCOUNTS - continued FOP THE YEAR ENDED 5 APRIL 2024 L14 FSnanclal Instruments The chaTlty has chosen to adopt SEttlons 11 and 12 of FRS 102 in respect of fifianclal Instruments. 8asK financlal assets. Indudln8 trade and other debtors and cash and bank balances are inltlalty reco8nh5ed at transaction price, unless the arrangement constltutes a finantin8 transactlon. where the transaction Is measured at the present value of the f￿Ure recelpts di5countod at a market rate of interest. At thè end (Jf each reporting period financia5 assets measured at amortised c05t are assessed for oblertlve evidence of Impalrment. If an asset is impaired the impairment loss is the difference between the carrying amount and thè present value of the estimated cash flows discounted at the assèt's original elfectwe interest rate. The Impaifment loss És recognised In profft or loss. other financial asset5. indudin8 investmenls In equlty Instiuments which are not subsidiaries, assoclates, or lolnt ventures. are Inltlally measured at falr value. which Is nomially the transaction prlce. Such assets are subsequently carried at fair value and thè changes in falr value are recognlsed in the ￿ncOrne statèment, except that investments in equlty Instruments that ale not publlcly tTaded and whose fail values cannot be Measured reliably are rneasured at cost less Impalrment. Flnantlal a55etS are deTecognised when lal the Contractual rights to thè cash Ilows from thè asset explre or are settled. or Ibl subsiantially all the risk5 and rewards of the ownership of the asset are transferred to another party or Itl tontrol of the asset has been transferred to another party who has ihe practlcal ablllty to unilaterally sell the asset to an unrelateil thlrd party wlthout Imposln8 additional restrirtlons. 8aslc finantial Ilabilities. Includlng trade and other creditors, bank loans. loans from fellow group ¢ompanie5 and preference shares that are classified as debt. are Initially recognised at transaction PTÈce, unless the arrangement constitute5 a flnancing transactÈon. where the debt instrument Is measured at the present value of the fvture receipis dlscounted at a market rate ol Interest. Debt Énstruments arè Subsequent￿ carrled at amort15od cost, usiftg the èffective tnierest rat¢ method. Tiade creditors are obligètior¢s to pay for Èoods or servlces that h3ve been acquired in the ordinary ¢ourse of bus5ness from suppllers. Account5 payable are £lassified as Current liabllltle5 if payment ts due within one year or less. If not. they aTe presented as non-current liabllities. Trade creditors are recognlsed InltlaSly at trarsartton price and Subsequent￿ measured at amortlsed cost Using the eff￿ve Interest method. SONG SCHOOL EXPENSES 2024 2023 Water rates Councll tax Improvements and repairs Vehlcle right of access Electrlclty 1.794 3,447 6,878 loo 423 2.624 12,679 loo 462 13 THE MAGNUS EDUCATIONAL FOUNDAnON NOTES TO THÉ ACCOUNTS - to#tlnued FOA THE YEAR ENDED 5 APRIL 2024 BENEFITS 2024 Z023 Ma8nus Church of En8land Sthool: General Grant Grants to pupils.. 15 x £25012023.. 19 x £2501 Muslc Tuition Grant Newark Team PCC - Choral scholarships Music Tultion Wa8es Grant Church Choir Germany Trip Giant Reawaklng St Mary Magdalene Intern Pro8Tamrne 8,400 4,750 25*30 5,100 7.020 3.750 24,Cl)O 17,0201 2,500 10,000 MUSICAL AND SPORT EDUCATION 2024 2023 Song School Master Grant Rowlng Grant 30,500 30,5 41 RESTrICYEO FUt4DS-GRANTS PAYABif 2024 2023 No (ation Accounts St Mary Magdakne Churth Choristers and Low 8oys12191 Parlsh Clerk, Sexton and Ver8ers IV91 Repalrs to Parlsh Church12191 12.011 12,011 16.398 16,398 36.033 49,194 Nvwark Hospitsl Newark Hospital13191 TANGIBLE FIXEO ASSETS Freehold Land and Buildlngs Total Deemed tost At 6 April 2023 Additlons At 5 +4pril 2024 550.000 550,000 S50 Net book value At S April 2024 At S April 2023 The Charlty owns freehtyld land and buildin85 Otcupled by the Ma8nus Church of En8tand School and freehold land and buildlngs known as The Son8 School. 80th of these pyoperties are considered 10 be herltsge assets. TheTru5tees elected to use a valuation of Freèhold Land and Building5 at5 April 2016 as falrvalue on transltion to FRS 102 and used thatfairwdluèas deemed o)St. A deemed c05t of £550,000 has been placed on The Son8 Sthool repre5efttlngthemaiket wdlue at 5 Aprll 2016. It is not intended that thi5 asset wlS1 bÈ subject to revaluation. No deerned cost has been placed on Magnus Church of En8laAd S