TIIE fv7AtsNUS EDUCATIONAL FOUNDATION TRUSTEES, RIPORT AND ACCOUNTS FOR TFIE YEAR ENDED 5 APRIL 2025 Charlty No 528253
THE MAGNUS EDUCATIONAL FOUNDATION YEAR ENOED 5 APRIL 2025 tONTENTS Pige Chavlty RefèTea)ce and Adt))ID15tratlve Detalls Trusteès. Report 2*05 stptemenl of Fln?n¢lal Attlvltles BalaiKe Sheet Unrestrlcted Fiinds Restrlcted Funds Endowment Funds io Notés to tho Accounts iito21 Independent Examlt)eVs Report
THE MAGNIJS EDUCATIONAL FOUNDATION IIARITY REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 5 APRIL 2025 Chailty No, 528253 TRUSTEE5 SEAVING IN YEAA TO S APRIL 2025 AT DATÉ OF APPROVALOF TRusfEES' REPORT UNLESS OTHERWISE INDICATED Ex Offltlo Truste05 The Mayor of Newark- Cl1 P Ball-Appolnted 14 May 2023, ReslBned 30 Aprll 2024 The Mayor ol Newèrk- ellr O Ledger Appolnted 15 May 2024, Aeslgned 11 May 2025 Thè Mayor of Npwark- Cllr B Corrlgan- Appolfited 11 May 2025 The Rector ol Newa¥k- Reverend C Llon- Rtsl¥ned 21 July 2025 Nottlnglianishlre Couiity CoiEn¢ll Trustee5 Cllrs SEnlth NewdTk Town Counrll Trusiees ctlr D Moore Cllr E Cropper Dlslilct Cliuych Councll Trusteès J Howlett Co-optèti¥ TIu5tees M D Ueaumont CBE A J Fearn Ichalrmanl J l Derry (Vice ChcTrlrmanl G S Carlledge CBE M Furnes5 KC ft L W?tklnson N Wlkl- ¢ieslgned 30 Ap¥ll 2024 I lohnsort- Appo5nted l November 2024 Clerk io the Tlustoos tvlrs A Alllson AdmlD15t¥ator Diifi¢an & Toplls NG14 ITW 14 Lor¥don RoBd, Newark. 14ottliigh8insh5re, aiaiity Olflcos Olymplc House, DoddlnÈton Road, Lln£olh LN6 35E Independent Examlner Adr5an Halgli, Stephensoll Nuttall & Co., Chartered Accovfttants, 618 C8Stle Gate, Newark, Nottlnghamshire NG24 IAX Uankb¥s Notlonal Wostmlnster B?nk Pl¢ Property AgÈnt5 Brown & Co., The old Bakery, 3 Norm8n Way, Melton Mowbray, LE13 IIE Investment Advlsars BrewlTr OolphiTr SecLiritSes Ltd. Ofyrnplc House, Doddln8ton Rokd, Ilntolii, LN6 3SE
THE MAGNVS EDUCATIONAL FOUNDATIQN REPORT OF THE TRUSTEES YEAR ENDID 5 APRIL 2025 7he frustees present thelr anaual report end nnancial statements lor the year ended 5 Aprll 2025. Thé Fifianclal Statements liave been PTeF)ared In aordance wlth the Accounilng Policies. set out In nott I to the accouiits ad In 8ccoYdance wllli the provlslons ol the Statement ol Recoinmended Pr?ctiEe ISORPI 'AccountSfi8 and AeportÉng by Charltle5" IFRS 1021. Oblectlvè$ aiid A¢tivStles fai the Publle Benetii Subject lo payments to the Charity £alled M3grkUS Charily number 222545 Irelerred lo a5 Wofj-Edu¢atlon A¢coDht IA the Flnantlal StatÉmenlsl the Inoin ohlects of the Charfty are broadly as follgws'.- To provlde lor the Magnus Church ol England SchDDI such speclal benellts not normally provlded by the local edu¢atloii auihorlty. Promotlng the odutatloTr of such puplls and former pup115 under the age of 25 in need of Iln?nclal ass15ance. Promoting muslcal educallon of pup115 8ttendlng the school and ol young chor15térs ol the ParL%h church, The obletts of tl)e Magnus Chality number 222545 Bre to apply tliree elghts ol the clear yearly Income ol The a#nu5 Educational Foundatlon as lollows.. As to twts-ninlhs thprÈof In paylng slx Choristers and six low Boys or Asslstant Chori5ler5 111 the Pa¥lsh Chyr¢h ol the F.ccle5ia5tlcal Parlsh of St Mary Magdalene, Newark upon frent, In such proportlons 8S the Vlcar and Churchwardens t>f tlie said e£cleslastlcal yarlsh thlnk flt. A5 to a lurthei two-nliiihs thereof In maklng payments l) such propoitlons as the sald vicar chvrchwaFden5 think flt to thp Parlsl) Clerk, Sexton Vergers of ihe s?Id e¢(losl85tlcal p3rlsh, or Il there be no parlsh clerk thers to thE person or persoiis lor the tinie belng performln8 the dutles Iii the said parlsh tustomarlly perForrned by the parish cleik. A5 to H further two-nlnths tliereof In rep2ihng and mali)talnlnE the $131d paflsh church and Ihe fuinlture and Iiitings thereln. A5 to the Temalnlni thre¢-Dlftths thereof in paylng the same to the Ntstttnaham and Dlstrlct Hosp51al anauemenl Q)InmltteÈ or It5 lawful sut¢es%or IOT appllcatlon in provldlng lacillEle5 .for the bei)eflt of tlie p3tient5 in Newark hospltal for whlch prov15ion is not made out of publlc funds. The Trustees conflrm that ihÈy have referred to the guldènce contalned In the Charlty Cxjmmlsslon's 8eftero18uidan£e on pijbllc L)eneflt when ievlewlng tlie Trust'5 aims and objectives anrl In plannlt)g future hctlvltles and settlng the grant makin8 policy for the year. Gratht Maklng Pollty The Tiustees conslder spe¢lllc"appllcatl¢ns, relevant to the tharitabEe oble¢dves of the Foundallon, from theSon8 School, the thurcli, arsd tliè Magnu5 Church of England School. Thc Trustees encouraBÈ the recIpITrtS of speclal gr4nts lo provlde ieporis ol thelr subsequent achlevements. The Magiius Charity 8¥a¢it paymenis afe made 4noualfy to the approprlate reclpient5 pres¢ribed by the schemÈ. Thes8 p8ymenls are made In thelr entlrety normally Iii November Inlluwirtg the year end 015 ApTII. A¢hlevemei)ts Performance The Trtsstoes conslder that the perloriMan£e of thÈ Charlly this Ye h35 been satlsfactory. The lollowln8 grants were chargèd to the EdurdtloTh Account:. 121 141 The Magnus Chvrch of Ingland School.. Seneral Gfiint MiislcTultlon Grant Church.. NewarkTeam PCC- Cho¥al Scholarshlps 8,400 30,000 Pupils ol thp. Magiius Church of En8land Srhool: Grant5 to Pupils 11 x £250
THE MAGNU5 EDUCATIONAL FOUNOATION AEPORT OF THE TRUSTEES- ¢ontlniied YEAR ENDE[) 5 APRIL 2025 In addition, the Educatlon Account provlded fndS fvjr the expenses ol the sOa School of £3O.854, and Song School Master Graiir of £33,550. The EducatFon A<eount also provlded a grant of ÉJO,50D lor rowlng tultlon tts thÈ fvlègnus Church of England Academy, Tl)e followlng gf4nts were charged to the Non-Educètlon Account Scholarshlp Fund, for which an advaCe ol £36.000 wa5 p8ld duilng the year leavlng £13,227 to be yald 3lter the year end to the prescribed reclplent5 of the MèEnus Charlty.. 111 Chorlster5 Low Boys 121 Parlsli Clerk. Sext¢n bnd Ve¥gers 131 Repalrs to Porlsh Church 141 Newark Hospltal 10,939 10,939 10,939 Flnanclal Revlew Revlew of Ilnanclal performanee The Statement of FiiianGial Actlvitles Indlcates Total Income ol £246,20812024 £263,341) and Total Expendlture ol £297,99612024- E283,1441. Total ExpenditUTe Includes cliaritable Ac1ltIeS 01 £206,68112024- E195,3091. TheTrustee5 are 8blo to tfAnsfÉr IA2,046 to the Idu¢Jtlonal Account aDd £49,227 to the Non-EdticbtiDnal Account for the year, ds shown on page 8. Investment Pollcy and Performantè Yhe Charlty is rellant on the Income from Investmenis. The Investmeht income Is broadly recelved from stock exchah8e Investment5 and securltles, bank Interest and rental Income. Tlie Trustees have appolnted quolSfied professlonal advisors as dEtalled on p4ge I to thp investn)ent5. 8rown & Co manage the 8gficultur31 and commerclal propeily In accordanw wlth theli tender for th[5 work. Brewln DDlphin Securities Ltd maha8e the se¢urlty Investnients on ihe terms ol the Inve5ÈmEnt Pollcy Ststement Subntted to tliein by the Trustees in atcordance wlth the Trustee Act 2000. TlieTrustees Intend that the real valve olthelr asseis be Maintained and enhèhced over the long term by InvesEmÈnt comprising equllles, ljxed Intomp Stock, agricultural and coinmErclal property. The curient stock market portlollo oble¢tlve is lor 3 balance between in£ome and (*plt31 growth wlth 8 medlum d3k preference. Tlie stockbroker5 continued to aclively man3Be the portlollo and durlfig the course ol the year the investEhents sliowed a ttdln on revaluoilon and oft Inveslment Dsset dlspos31s of £52,050, as shown on pa8e 6. Tlie net gain5 oh révaluatlon and on Inveslment asset dl$p05a15 of £52,(150 were É6,964 crÈditod to Uiire?trltted Fund5 Bnd E45,086 credSled to Endowtheht Fund5. TherÈ wasadecrease Sn total imvestmentlncomeol £17,133 compareil to theyrevlous year. The 1nvestment1ncomere1Ved fortheyear amounted to £246,208 coillpared wlth £263,341 In the pyevlous year.There was on Increase kn dlvldehd Income 01 £1,42E. 62nk Interest recelved decreased by E679. Rental IncoFne decreased by £17,882. Rlsk MaNaEpMÉnt The Trvstees have ex3mlned ihe major strate8lc buslness and operallonal rlsks whl¢h tho Charlty laces and conllrm that systems liave en establlshed to enable ie8ulzr repoTts tobe producedso thBI the necessarysteps can bE token to lessen Ihese risk5. The future remalns somewhat uncertaln, and ihe ch3rlty's alms afid oblecllves may be1Smlled Ilnan¢lally Ih the sho¥t lerft), butthe resources of the Foundatlon aresullltlently dlverse to enable the Flnan<lal Fgrecast for2025-2026 to be forMulatEd a piudent basls whllsl sllll meelln£ the bas1¢ annual commitnienls,
THE MAGNUS EDUCATIONAI FOUNJ)ATION, IIEPORT OF TPtE TRUSTÉES- contlnued YEAR ENDED Jf APRIL2025 Rè5ErvÉs Pollcy nl The sum of £6,361.82312024.. £6.326,4671 Is held In Permanent Endowment for the provlsion of Income for the Charity. lTrveslment5 representing tlie fund may lie chanBed from tlme to Ilme btst cannot be dlstflbutod to benelklarles. edl The Non Educatlonal Account transfer from gtheF31 actountof £49,227 1¢$$ £36,O¢XI pald in the year,15 payable at S Apfll 2025 ènd Is Included wlthln (redltors (see pote 111. As a result, there Is a nll balance at S Aprll 2025. The amount payable Is dlstflbuted In Its entlrety norn)all¥ in November lollowlngthe AprllyearenrS. Unr st¥lcted In omo Fund- E The Charlly has an Estate Malnteiiaiice Fund for the Ptsfpose of providlng lortlte halntenance. repalr and iinprovernentof ts prop¢rlylexclu6lnRthe SongSEhool land and b(IlldlnEsI. Some of the bulldlnus thecharltyowns areold and theTrustees considerlt necessary to provlde lor theii fÉpalr and maittrtenancg. Unrestrleted Inco e Fund- EdLCètion Account TheTrustees are awafethat they need lo Improve aiid malntain the Song School whlth Is è Grade11 LLsted BulldlnE and falls withln NewarkTown Centre Conservatlon Area. l arsè. amounts of moftey1i3v8 beÉn spent In the past on Ihe Song School. TheTrustees expect to provide coi)Untsln8suppoit to the Song School. Addltlonallyi theTrusteeswlsh tostjpportthe Maunu$Churchof EnBlattdSchoolwith sperlalbenellts nolnormally provlded b¥ the rÈlevant erlu¢atlon a¥thoclLy aiid In the past have devoted Conslderable. resources to thls end. Projects wlll requiro Trusteesapproval and theTiustetsmayattach coiiditl¢Trn5whefetheydeem il)emaypropriate.TlieTiustees havesvpported thÈ engdgement of the Mastei ol the Song Schoul at5t Mary Magdalene Church, Newaik aiid madegrants to ch¢rlsters for their mvslca5 educationwhen appropr131e. The Trustees wish to contln¥c to hold sufficient funds In hand to ensure ihat they can tontinue to meet thelr long.ter obll8atlons In these respecls. Plat)sfotlie Future ThcTrustees hove hlstorlcallycomrnitled conslderableresou¥cestO supportthe Ma8nusChuith of England school and wlsh to Contlnue thls tr8dltlon. TheTcusteescontinuallyrevlewand Illlancethe Improvement of the ScngS¢hool whlch15 a Grade11 listed bulldlngand falls wlthin NewarkTowii Centre Con5efwatlon Area. Stiii¢ture. fjovernince and Manogemettt The origlnal endowineftt ol land and property wa5 provlded by Thon)a5 Magnus, Archdeacon ol the E3st IlldlnE tn the Metropolltan Church ol York ¢lrca 1530 and h35 beet) the subject ol numerous chatit3ble schemes over the years. The MaEfiUS Edu¢ation41 Foui)datlon is prEsently ton8iltulp.d by Cliarlty Commis5ton Scheme nrnber S28253 sealed 26 luiie 1985 9$ varled by5chemes dated 24 June 1996 arsd 15 Aprll 1998. The scheme sealed on 26June 1985 iefers to pay5nents lo the Ch8rlty called the Magn$ Charlly which is constituted by Ch)rlty Comm1s51on scheme number 222545 sealed on 19 Noven)ber 1973 which In turn contains provlslons iÉlatlng to payments by Iliat Cliarlly. The payments by th2 Magnus Charily afe includEd in tlie flnantlal statemeiits and noies and dlstlngulshed seKarately a5 appropriate. The Magnus Educ8tton21 Foundatlon doe5 not actlvely fundr?15e an(5 seeks to contlnue the philafithroplc work through carefvl stewardghlp ol Its Éxistlng resources. Appoli)tment DI Trustees Is Boveined by the Charlty Scherne as lollows'.- 2 Ex Officlo Trustees (The Mayor ol Newark and ihe Rector tjl Néw2rkl 4 Nom4natlve Trustees ITWO appointed by Newafk Town Council, one by thè Dlstrfct Church Council and one by Nottin8hamslilre County Counclll 7 Co-optatfve Trlistees (Persons who through reslden¢e, o£cupatlon or employtnent of otherwise have speclal knowledge ol the town of Newarkl
THE MAGNUS EDUCATIONAL FOUNDATION REPORT OPTHE TRUSTEES- contlnuéd YEAR ENDED 5 APRIL 2025 Strurturo, Gov¢rnance and Man?gement. contlnued Each Nomlnative Tiustee appolnted by the County Councll shall hold offlce for a temi endlng the day of the appointment of his or her suttessor. Every othei Nomlnatlve Trustee shall hold office for a term of four year5. CoptatIVe Trustees shall bè appolnted for a temi of five years. Ordinary geneyal meetings are usually held In June and Ntsvember each year at whlch the Tltistees agree the brtsad srrate8y and areas of arttvlty for the Charity, in¢luding grant makin& investment, reserves, Tisk management policies and performance. The day to day adminlstratÈon ol grants and the processlng and handllng of application5 piior to consideratioft by the Trustees is delegaied to the Clerk to the Trustees. The Trustees keep the skill requlrements for the Trustee 8ody under revlew. In the event of a Co-optatkveTmstee vacancy, thÈ Boaid Èndeavours to recruit a successor with approprlate speclal knowledge. The inductjon pro$$ for any newly appointed Trustee Include5 an inltlal meetin8 wlth the Board of Trustees, a hlstory of the Trust. coples of the latest Trustees, Report and Financlal Statements and Charlty Commission scheme. Normally. In every second year the Trustees as a body physlcally inspect the land and Property Invesbnents of thè Charltv. The Charity ha5 appointed property agents and Inve5trnent advlsors to asslst Sn the management of the investments. Key Managemefit Personnel and remuneratlon The Trustees consider the Board of Trustees and the CleFk to the Trustees as compTtsin8 the key management personnel of the Charlty in charge of directlng and controllin8 the CharSty and running and opeiatlngthe Charlty on a day to day basis. All Trustee5 give of thelr tim& freÈly and no Twstee remuneratlun was pald In the year. In accordance wlth the ChaTIty'S 8overnlng document the Trustees may pay the Clerk to the Trustees such a salary as may be approved by the Charity Commissioners. Detai15 of Trustee eKpen5e5 and related parly transacilons are disclosed ID note 13 to the accounts. Trustees are required to dlsdose all relevant Interests and register them wlth the Clerk to the Trustees and in accordance with the Charlty's polity wlthdraw from decislons where a confliet of Inte1 arlses. fiustees, respon$lbllltlesln rèlatlon to the flnanclal statements The law appllcableto charltles in En8land and Wales requiresthe Trusteesto prepareftnaneiglstatementsfareach flnanclal vear whlch give a trL*e And fair VIÈW of the state of affairs of the Charity and of the Incomin6 resour¢es and appllcatlon of resources of th¢ Charity for that peri¢d. In preparlng these flnanclal statements. the Trustees should follow bést practlce and: Select suitable accounting policies and appSy them consistently- Observe the Methods and prlncSples of the Charlties SORP 2019 IFRS 1021., Makeludgements and EStlmate5 that are rÈasonèble and prudent,. State whether applltable accountin8 Standards have been followed, subject to any materkal departures di5dosed and explalned In the fSnancÉèl statements, and Preparethellnanci31 statements on a going Concern basls unles5 It Is Inappropriate w presume that the Char5ty wlll continue in operatlon. The Trustees are responslblefor keeping woper actount6ng records that distlosewith reasonableac¢uracyat any tsme the flnanclal position of the Charlty and enablèthem to ensurethat the financlalst3tementstomplywlth the CharitiesAct 2011, the charlties IAccounts and Reports) Regulatlons 2008 and the prov151gll5 of the Charltycommlsslon Scheme. They are also responslble for safe8uardin8 the 45sets of the Charity and hence for taking reasonable sleps lor the preventlon and detecti(Trn of fraud and other irregularitles, lel Approval This report was approved by theTrustees on 18 November 2025 arbd signed on their behalf. Andrew Fearn- T ee THE MAGNUS EDUCATIONAL FOUNDATION
THE MAGNUS EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED S APRIL2025 Unr0stTIcd Fund5 Pa8e 8 Rostilcted Funds Page 9 EndDWl#èt)t Fvnds Page 10 Total FuMIls 2025 Total Funds 20Z4 Iiwonie aiid enilDwmonts Investnienl Income 246 20 24 208 263 341 Totsl Income and endowments 246 208 263 341 endltUTe Costs of ralslnB funds Charitable actfvitlÈs 81,585 9,730 91,315 206 681 87,835 Yotal expÈiidliure otliel reco nlsed al osses Galns/llosspsl on revaluatlon and on inveslmeaÉ asset (Iisp05als Galnsll1053es1 gn reyaluatlon #nd on Investment property dlsposEIs Total otlier iecogntsed galnslllos5es1 6,964 45,086 52,050 116.769 Nèt Iiicomellexpendllurel 14.133 149,2271 35,356 262 3.7fj3 Trnn$lers hetween lund5 227 Not moyemÈt)t ltt lunds 135,0941 35,356 262 3,763 econclllailon ol f nds ToEal Funds brought forward 460 987 6 326 467 6 786 854 783 091 Total fuiirfs cariled fr•ard 29_
THE MAfjNUS EDUCATIONALFOUNDATIOhl BALANCE SHEET AS AT S APRIL 2025 Unrestrlcted Funds Page 8 Restrlrted Fund5 Pale 9 Endowment Funds PaBe 10 Total funds 2025 Total Funds Note FIXED ASSETS Tangible assets Investments 550,000 5 942 317 550,000 5 942 317 55OX)00 907 455 TOTAL FIXED ASSETS 6092317 6A92,J17 6rt57055 CURRENT A55EfS Debtors and prepayments Investments Cash at bank. transit and in hand 10 61,499 147.195 341434 61A99 147,195 224 167 66,542 141,808 228 567 227 TOTALCURRENT ASSETS 550,128 13,227 1130,4941 432,861 436,917 LIABIIITIES Credltor.s'. Amounts fallSnB due wlthin one year 11 13 107 S18 NET CURREPIT ASSEtSI1L¥ABIt1E$) 425,293 11300941 294,799 3ZY,399 YOTAL NET ASSETS THE FUND5 OF TFtE CHARITY Endowment funds Restricted Income funds Unrestrlcted Intome fund5 12 12 12 6,361,823 6,361,823 6,326,467 46 TOTAL CHARITY FUNDS Approved by the Board of Trustees on 18 November 2025 and signed on Its behalf AndW FearnJEU&tte
THE MAGNU5 EDUCAYIONAt FOUNDATION UNRESTRICTEf) FUNDS FOR THE YEAII ENDED 5 APRIL 2025 General Accoiini Estate Educatlon Maliilenance Ac£oiint TOTAL 2025 TOTAL 2024 Note IhtomÈ anil 8ndowmfr Donatlons InyÈslniei)t Income Dlvldends 1fttest Rents Total Income 50,4B2 8,731 186 995 246 208 50,482 8,731 186 246 208 49,054 9,410 263 341 endlturè Cost ol ralslng fvntls: InsurontL Commlsslon lettings and expenses Malntenan£o and estate Inspection Dank cliarges ènd sundry expenses Dralnage rates and countil tax Ilglit and hoai Legal fees 7,3S1 14,760 29,822 289 17,768 4,184 411 7,351 14,760 29,822 289 17,768 4,184 li 585 6,773 20.133 19.170 281 7,366 9,464 Son8 school expenses Benellts Muslc&l edutètio Salary ai)d diybursements Clerk to the Trustee% ACCOtancY and compltanc2 Indeper¥dent exdMln3tlon 30,854 49,2CQ 44,050 30,854 49,200 44,050 14,095 48,650 41,ou) 18,000 13,440 20,083 15,653 13,440 io 157 54 T4)tal expondltiirg 935 239 222 939 Ollier re Isod alhs losses ftealised gains/l105sesl on investmenl d15posals Revtiluatlon re¢ognlsed in prevlous years realised In curfent year Revalubtion Èalnslllossesl lor the year Total otlier recoRTh15eKI gain511105sosI 3.338 12,5231 815 12,7671 579 5,335 72 964 2L15 Net Income/lÈxpehdltu¥ol 131,273 181 1117,1321 14,133 54,217 Transfer to Educallon Account 182,0461 82,046 Tran$fer to Resiil¢ted FYMIS 54 Nèt movement In f$ laS,Q06) 135.0941 169 Reconclllatlon of nd$,' Futtd5 brought forward 455.614 46 387 460 218 Fvnd5 cariled forward
THE MAGNUS EDUCAYIONAI FOUNDATION RESTRICTIO FUhtDS FOR THE YEAR ENDED 5 APRIL 2025 No#.Educatlort Account Scholarslilp Fund TOTAL 2025 TOTA 2024 Nole Income and endowmettt Transfer fiom general Bccount Total Iiieome endlture Charltable Actlvltlès Grants payable Total eKpendltiire 49 Nét movèment$ In funds RecoM¢lllatlon ol flihds: Funds brou8hi forward Funds tarrled forward
THE MAGhlLIS EDUCATIONAL FOUNDATION ENDOWMENT FiJNDS FOA THE YEAR ENDED 5 ApfiiL 2025 Investment properiles iovaliiatlot)s TOTAL 2025 TOTAL 2ll24 Nott PÈ¥M8#eiit In£omo and ondowments Inlerest receSvÈd Total Income endl Costs ol r31slng Iiinds.. Investixent nianagement costs 9,730 9,730 6,157 Total expeiidlture 730 other reco Mlsed hlns IDsses fte311sod gaSns on Investment dIspos$ Revaliiation reco8nised In previous years reallsed Ill current year Hevaluation gainslllossésl f¢rcurrentyear Properly rev3luotion losses foryear Total other feco8nlsed ga1nsllloesI 12,051 12,051 11,915 16,0951 39,130 16,0951 39,130 116,9921 108,031 86 Net Iiicomellempendiiurél Transfer to Vnrestrlcted Fund5 35,356 35.356 3,594 Net niovemenl It) Ivllds 35,356 35,356 3,594 to tlllatlon ol funds: Funds brouBht forward 6 326 467 Fuiids carrled foard io
THE MAGNU5 EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOIt THE YEAn ENDED 5 APRIL 2025 PFIINCIPALACCOUNIING POIICI£S 1,1 B8slsol Prèparatlon The linan¢131 statemeots are pfepare¢l onagoing concÈm basls linder the hlstorlc81 costconventlon a5modllled by the Incluslon ol tanglble fixed asscts and lThvestments at marketvaluc anrl include the result5 of tlie Chadly's operatlons whlcli are described In theTiuste85' Reportand all olwhlch are contlnuing. Ir¥ preparln8 Ihe Itn8n¢131 sl8ternents the Chailty lollovls best practice a5 lèid dow&1 in Aicounlln8 411d fteportiiig by Chafitles.. Sl8tÈment of AecoMmÈnded Practlce appllcable to tharltles prepar5ng thelr accounts In 3£cordattce wlih thÈ Fini& nual ReportlnEStandard apIClIe In thelJ%and ftepubllcoflielandlssved InOctober2019, the linancial ReportlnBSlandardapplkatylÈln the Unlted Klngdomand ftepublicof Irelènd (FR5 102kthe tharitlesA¢t2011 artd UKGertera1Accepted Accwntlngpraclice. The fClaI slaternents have been prepwed togwe a'tfue 3nd18irf vlew and have departed Irom the Chai5ties IA£counts ènd Reportsl Re8ulations 2(IM only to the ext¢nt required to provldÈ a'true and fall vlew. Ihls departure has invdved following the Accouiitlng and Reportlii8 by Charttles., Statementof Recommended Practi dpplkable lo tharities prep3rin8. Ihelraecounts In accordènce. with the F5n8ndal AeportlnEStandard in the UK and RÈpublkof Ireland Issuod kn Oclober2019 ratherthantheAccouTrtingand RÈportlngbyCliarIt5..Sta1ementQIRec0mMÈnded PraCtieffectIveffO IVr11?swhk1) has slncèheenwlllidrawn. The Charltyton$tltutesa pvbllc bp.#ellt entlly as deflned by Ffts IQ2. 1.2 Funds Striicture Unregtrlctod lunds ale avallable for use at the dl£crÈtlon ol the Trvst2es in lurthe[all of the geneial oblectlves of the charityafid whlch have not beei) desl8natÈd lor oiher purposes. Oe51gn£ted funds fomprlséunreslricted Ivnd5 that l)ave been set aslde by the Trustees lor parllcular purposes, Yhe alm and use of each desIgnatund Is set out In thè notes to the Ilnat)¢lalstatemehts. Restrlcted ltsnds are funds whlch are to be used In accord8nce wlth 5peciftc reslrlctlon5 Imped bydonors orwhl£h have beon raised by the Charlly for parll¢ular purposes. Tlie costol raislng 311d admlnlsterliigsu¢h lundsare diar8ed agalnst the speclllclufid. The alm afid use ol each restrlcted fund Is set out In the notes to theflnanclalstatethents. Endowment lunés represeiit lhose assets wlilcl) must bÈ held yermanently by the Cliaflty. Income ari5111B on the endowment luiids can lje used Iii accordance¥vlth the objects cf thÈ £harlty and Is Intluded as unreslrlcted In£omE. Any capital gains or losses arlslng cn tlie Investments lorrn part of the fund. In¥estthènt man3gem2nt charges and legal 8dvlce relatln8 to thefynd are tharges aÈalnst the lund. 1,3 lTh£ome re¢o8nltSon All Inctsme Is Included lft the Stateniént ol Flnanclal Actlvltle5 when the Charityls leg¥lly enlltleLI to the Income 8fter ai)y performance condlllonshave been met, theamount can be Measrere1l3bl¥, and It is probable th3tthe Income wlll be recelved. Investment Inc¢xne is earnedthroveh holdlngassets lor Inve5tmenlpurposessUth asshares and property. It includes dividpnds, InteresL and lent. Interesl incon)e, dlvldend and rent In¢oine Is recoEnlsed as the Charlty% rf8ht to recefve pèyment Is estsb115hÈd. 1,4 Expèrjdlture ie¢og¢)Itlt)n All expendlture Is accountEd lor on an Kcrvalsliasls. Expendlture Is re¢ogn15ed whF.re there Is 8 legal orconstrucllve obligallon to make payments to tlilrd pa¥lles, It Is probable that tliÈ settlement wlll be require, and the amokllt ol the obllgatlon tan be meosured rellably. It is categorlsed urÈder the lollowlng headings.. Investmtnt man3Belenti0StS Include portlollo man&gemenl, rent colle¢Llon, investn)ent properly costs, Expendlture on diaritable a¢lfvltles In£lude$ grants niade and governance costs wlii¢li includes all tOsl5 Involviag the publlc arcountablllly ol the Cliafity and Its compliance wltli coSt1tvti0naI and statutory reKulatlons and sodd pr3ctlce. Grai)ts payable to thii'd partles are within the ¢barltabl8 oblectlve5. Where untondltlonal 8rants a 151fered, Ihls Is actrued a5 soon as Ihe reclplent is notified ol the grant, as.this give5 rlse to a reasonable expectallorl that the retlplent will recelve the granls. Where grants are condiilonal latIng lo perlorrnajie then the 8ranl 15 Only ac¢rued when any condlllons are lullllled. li
THE MA(yNUS EDUCATIONAL FOUhlDATION NOTES TO YHE ACCOUNTS - coi)tlnued FOR THE YÉAR ENDED 5 APRIL 2025 1.5 Vglue Added Tax Thg Charity Is regigtèred for VAT and tre3ted 35 PartlBlly eKempt. Intome 1$ shown fiet Bfter dedutlion of o(Itput VAY and expendlture Is shown net of VAT in tlie Instances where il 15 approprlat8 to reclalin Input VAT. 1.6 Tanglblè Flxed assets for uso by the Charlty T8nglble Flxed assets a stated at t05t lor deeined cost on transltion to FRS 1021. freeliold propÈilies ale mainlainetl In è state olrepairsuch thattheirestlmated resldualvalue 15 not less Ihan their carrylngvalue 85 a fesult ol whlch the annual chaige for depre.£18tlon Is nil. The l.reehold propeitles are reviewed by the Trustees at the end of e8ch reportlng pÈrlod lor any Indicatlon of impaifment. If such ind1ctIOn exlsts, the recoverable amovnt Is estlmated and con)pared to the carrying amount. Whp.rÈ the carrying amount exceeds the retoverable zmount, ah Impalrment 505s Is reco8iilsed In expendllure through the Statement of Finantlal Actlvltles, 1.7 Herltage a55ets Heiitage assets are recogn15Ed on tlie baltbnce sheer and Initially mea5urÉd at cost when puichased or11 donated, Ihelrvalu8tion, Asset5 aresubs¢quentlysiated atcost lordeemed costoh transltlon to FRS 1021 &nd for the reason5 stateil on 1.6 abové thÈ anfiual ¢h8r8e lor depreclatlon Is nll. Fair values lor donated assels are estlMatÉd by referènce to marketprlces. WI?e Inlormatlon oli ilie eost lor deemed tost 011 transltlon to FRS 1021 of lierltaBe assetsls not ava118ble or the tost ol provlding such Inlormatlott 51gnilleantly outweighs any benefit to the users ol tlie accoufits then her*ta8É sset5 are not recognised on Ihe balance Sheet. 1, 8 Inye&tMont proiiertles Inve5tmei)t propÈrtlos a¥e valued at opeft market valuÉ by the tTUStees wlth changes In ¥alLie rew8h15ed in 'net Ealnslllossesl ort Invoslments, In the Statetnent ol Flnantlal Activltles. 1,9 l#ve5tmÈnts Investments In socuritles aye rEw8nlse¢ InltSally at lalr value whlth Is normally the trèn$3¢llon prlce exclufslng transact40rs costs. Subsequenllyj thEy are nie3sured at18lrv8lue wilh ch3n8e5 recognlsed In'net Ealn5111ossesl on Investments, in Ihe Slpteniet)t ol Finan¢l?l Actlvllle5 11 the shares are publlcly t18ded or tliÉS¥ lalr vhlut can otherwlse be me35uied rellably. CurrEnt asgets Iiivestmenls are sliort te¥m Iiighly Ilquid Investments and are held ai laSrwalue. 1.10 Debtors and cTcillto¥s Yecelvable/p)yablè wlthln one year Debtors and credltors recelvable or payable witliin one year are recorded at transactlon pilce. 1.11 Tax The Charlty Is an exempt Ch3rlty wlthlh the meaftlng o15cliedule 3 01 the Charllles Act 2011. 1.12 Goli)g Coiicern The ftnanclal statements have been prepared on 8 8olnB toncwn ba51s 3S the trustees belleve. that no mater181 ncpitalnt1È5 exlst. Tlie 7rustee5 118ve t01151dEred the level ol funds Iielil and ihe expecte.d level of Irole and expÈndllure lor 12 months from aulhorisifig these Ilnancl31 statements. The budgeted Incoine and expendlturÈ 15 sulllcieiit wllh ihe levol of funds for ihe Chailty to be able to cantlnue as a golng c¢wicern. 1.13 External Scrutlny UndÈr the ChBI'ltles Act Regulatlons relatlng to the audlt threshold no audlt Is leouired for Ihe year to 5 Aprll 2025 ut the linanclal statements for that year requlre an Independent Examinatlon. 12
E MAGNUS EDUCATIONAL FOUNDATIO NOTE5 TO THE ACCOUNTS - contl#ufjd FOR THE YEAR ENDED 5 APRIL 2025 The charlty1185 chosen to ad¢)pt Sections 11 and 12 01 FRS 102 In rospect of ftnanclal Instiuments. Basle Iliianclal a$5ets, includlng trade 8nd othÈr deblors ènd cash and bank balancès ère Inatlal reco8nised at Iransacuon piice, unless tbe arfangement constllutes a flnanclng transaction, where the transact¢on Is measured at the present value.of the future recelpl5 dlscounted at a market late ol IntÈre5t. At iho end of each reportlng pÈrlod IliiaTrcl31 as5eÉ5 nieasured at amorllsed cost are a55essed for oblettlve evldenc8 of impairment, If hn asset is Smpalied Ihe Impalrment lossls the dllleience between tl)e ¢airylng amount and the present value ol the estlmated casli flows dlstourtted at Ilie asset's orlglnal elte¢tlve Interest rate. The ImpalrmeTht loss Is recognlse<t In profit or Ios5. other Iliiandal 85sets, Includlng Inve5¢mÈnts In equlty Instruments whlch are not svbsldlaries, Jssoclales, orlolnt ventures, are Inltlally measured at falT value, whlch Is normally the transscLion prlce. 5ucli assets a subsequenity cairied at falr v31ue and the changes in lair value are reco8ni5ed In Ihe Incom 5tatEmEnt, except that Inweslments in equlty Irkstrumentg ihat arenot publlcly traded ènd whose lalrvalues canRol be mea5urÈd reliably Bre megsured at co.41 less Impalrment. Fln?hdal 8ssets are derecogn15ed when lal thE contrattual rlghts to the tash flows from the assÈt expirè or ale seltled, or Ibl subslèntl£lly all the rlsks 3nd rèw3rd5 of the ownershlp ol thè asset 3re transferred to ather party or Icl control ol the assét has been transferred to anothÈr party who has tlie practlcal ablllty to unllaterally sell the assel to an uiirÈlalÈd third party wlLhou¢ imposln8 &ddltlon81 ¥e5trictltsns, Das1£ Ilnanclal Ilabilltles, Including trpde and other credltors, bank loans, ltsans from fellow @roup comppnles and preference shares that are classified as debt, are Inltlally retognlsed at Irangattlon prlce, unless the arriingement ¢Dnstilutes a linanElnB Iransactlon, where the debt Instrument Is measyred at the present value of the future fÈcelpts dlscounted ?t a ma¥ket rate ol Interest. Debt Instrun)ents are sub5equeDtly rdrried tt <imortlsed cost, uslhg the effective Inlere5t rate method. Trade £redltors aro obllgatior15 10 pay for goods or sprvlces that hève been acqulred In ordlnary course ol bu51ne5S from suppllers, Account5 payable aro £lassllled a5 tvrrent Il£blllties If payment Is dve wlthln one year or less. If noL they are presented as non-current liabllSt5es. Trade Credltors are fecognlsèd initl3lly at t¥allsactlon prlce and sub5equElltly meèsured 8¢ 8Morlised cost uslng the elle¢tlve interest meihod. SONG SCHOOL EKPENSES 2025 2024 Water lates Councll tax Improvements and rep3Srs Vehlcle rlght ol access i.iii 3,624 24.252 loo 1,794 3,447 6,878 loo 13
T14E MAGNUS EDUCATIOIJAI FOUNDATION NOTES TO THE ACCOVNTS - contlnuert FOR THE YEAR ENDED 5 APRIL 2025 EIENEFITS 2025 2024 Magnus Chr¢ of EnEland School.. GonerJl Grant Granls to puplls-. 11 x£25012024,, 15 x £2501 fvluslc Tultion Gfént ewark Team PCC- Choral scholarshlps MuskTultion Wages Grant Clitsrch Cholr Germany Trlp Grant Rwaking St Mary M?gdolene Intern Progremme 8,400 2,750 30,000 8,400 3,750 24,000 5,500 17,0201 2,500 10,000 MUSICALAND SPORT EDUCATION 2025 2024 Song School Moster Grant Rowlng Grant 33.550 30,500 500 RESTRICTED FUNDS- GEIANTS PAYA9LE 2025 2024 Non-E tatlom Accounts st Mavy IVlogdHlone Church Chorlsters and Low Boys12191 Pa¥Ssh ClerL Sextoii anil Vergcrs12191 Repalrs to Parlsh Chur£h12191 10,939 10,939 12.011 12,011 32,817 Newark Hospltal Newark Hospltal13191 048 TANGIJJIE FIMED ASSETS Freehold Land and Bulldings Deemed CDSt At 6 Aprll 2024 Additlons At S April 2025 550,000 550,OCrf) 50 55 Net bk valye At S Aprll 2025 At S April 2024 550 000 The Charlty owns Ireel)old land Iwildings OCCL*Pitd by the Ma8ftus Church of En8land School and freehold18nd and bulldlnEs known ès The Song School. goth ofthese properlles are Eonsidered to be herll8ge 8ssell. The Trustees elected to usea valtIOn ol Freehold Laiid and Eluildliigs31 S Aprll 2016a$18lrvalue on tran51tlon to FRS 102 and used that lalivaluefis deemed £ost.Adeemed costof £550,OODh4s beenplacedonTlieSort8 Schoolrepresentlngthe market value at S April 2016. It Is iiot Intended that thls a$5efwlll be 5ubje¢l lo revaluatlon. No Oeemed cost has beeh plated on Mggnus Church of EIiE1and School as the cost ol provldinB such Infor18t1thn sl8nlflcai)Ely outwd&hs any benellt to users of the accoyi)ts and iherefore thls herltgge a55et has not been recognlsed on the b?laftcesbeet. 14
THE MAGThIUS EDUCATIONAL FOUNDATION NOTES TO TFIE ACCOUNTS - contlnued FOR THE YCAR ENDED 5 APRIL 2025 FIXED ASSET INVESTMENTS Permanont Endowment Ilsted Investnients Note IJ Ihv4stment propeitle5 Casli Total At G April 2024 1,470,430 32.025 4,405,000 5,907,455 Add511ons 253,535 253,535 Dlsposal 1250,9781 12SO.9781 Revaluatlons 39.130 39.130 Cash Movement 825 At S Aprll 2025 4 405 000 tlstÈd Inveslments represent investments malla8ed by 8rew¢n Dolphln and artshowft at 5Aprfl 2025 maiket value. Tlie InvestmentpYopertle5 werevalued on an open MOrketvalue basls bytheTrustees on 5Aprll 2025.TheTcusteos con51derthesa valuations tobe re850nablè èiid ITh Ilne wlth Ihè most recentlHdependpotV31u3tlon dated IOAiigu&t 2023 hy a prolesslon81 valuer who has ieGent experience In the lo¢atlon and cl855 01 pcoperty bclng valued. The Triistees do not coiislder It nece$5ary to obtain a formal È.Ktornal v31uation as¥aluatlons are consldeied reasonable and are supported by alternatlvts sources ol Inform8tloTr. The hlstorlt cost of the Ilsted Invesiments on 5 April 2025 wès El,336,72212024 £1,328,072). The hlstoric c05t of ihe Investmoi)t propertle5 on 5 Aprll 2025 was £1,352,B3612024 EI,352.8361. CURRENT ASSET INVESTMENTS Educatloll Aecount. Aceiimlilatloft of Income Ngte 17 Estate Mal*)tenance Note 16 Total At 6 Aprll 2024 9,713 132,095 141,808 Addltl¢ns 10.233 10,036 20,269 DIsF>os3Is 19,7131 18,7501 {18,4631 Ilevaluation$ 581 At 5 Apill 20Z5 137 41 The hlstorittost bf the Estate Maintenance Investments on 5 Aprll 2025 was EIO,23312024- E6,9461. The hlstorlc cost of the Education Account Inveslments on 5 April 202S was £105,2161202d- É109,2651. Is
THE MAGNUS EDUCATIONAL FOUNDAfioN NOTES TO THE ACCOUNTS - cijntlniied FOR 7HE YEAR ENDED 5 APRIL 2025 DEiITOftSAND PREPAYMENTS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Value addul tax Rents held by aEÈnts In arrears Prepayments Trent51de bond 748 44,B58 10,518 1,383 56,143 3,641 10. CASH AT LIANK AND IN HAND 202Y 2024 ankdeposit account 8ank current •¢¢ovnt COIFCliaritlesdeposlt fumd a¢count In£omeacc4)unt 10,247 27.766 179,475 io,ios 31,353 179,475 228 11. CREDITORS, ACCRUAISANO DÈFEJIIIED INCOME.. AMOUhlTS FALLING DVE wifHIN ONE YEA 2025 2024 ccruals I bl NO-EdUCIltSOn&l Accourit grant5 £ducatlonal gr8rtts 13,227 42,048 Other cfedl ors Prolesslon81 tees Roles RehtdepDslts due to tettants 17,282 4.904 13,844 L052 cc edeK Investnient In31)agement fees 2,425 700 5,090 1,910 25 2,177 700 4,81)0 1,800 21 498 Ar.tountanty and compli#Thce et Independent examlnatlon nk charges OEferfÉd I Rent5 iii advance 16
THE MAGNUS EDUCATIONAI FOUNDATION NOTES TO THE ACCOUNTS. tontlnued FOR THE YEAR ENDED 5 APRIL 2025 12, ANALYSIS OF CHARITALILE FUNDS Fnd ilalan¢¢ Brought Forwavtl ftevaluotlon ttevaluatlo F.und 84lnslllossesl rocoEnlsed Bala#¢e iteallsed for ¢urrÈrtt Iiiprevlotss Cwtrled Income Expendlt¥re galiilllos$1 ye?iend yeaf5 Tr8nslets Forwa¥d Fund Mame Endowmpnt Funds Péim6nent Investment propertles ftewalvdtlort 3,274,303 19.7301 12,051 39,13 16,0951 3,309,659 164 16 12 51 RestTl¢tdd Incrmé Funds Ilon-Educatlon attount 149,2271 49,227 UnrestilllÈd Intome Fundg General Atiount DE5&¥nBteil-Esl•te Ill&lntenance Fund DesEgnatÈd-Educ&¢itsn Accoiinl 246,206 1114.9351 1131.2731 4.773 3,33 15791 12,7671 4,765 35 219 39 815 Bl 8G 246 996 Iz li EndowihoNt Fiinds The purpose of the Efidowft)ent Fuhds Is to ges)erate income for the Cliaiity. Investments represerktln8 thÈ liirtd may b8 (hanged from tIMe to tlme but tannot be distAbuted to benellclarles. Restrlcted Income Funds Non-EdutaÈlonèl Acwunt - tho trJnsler from general account Is dlstributed In Its eThtlrety nort173lly In Nov8mber follDwlng theApril year ehd.Thisyearaii advaftte of £36,OOOwd5 pald leavlhg E13,227 to be distrlbuted In November 2025 atsd Is Included wlthln £redltors Isee noie 111. Unrestrltted ID¢ome Futsd$ fjeneral Account- the 'frÈe funds, after allowlng loi 411 desl8n8ted funds. De5sgnated Èstate Malntenance Fund- the chaL¥ has an Estate Malntenance Fiin¢J for thè purpose of provldlftg the malntÈnance, repali. aftd Improvement of Sis property lexcludlng the SonE School land and bulldlngsl. Oeslgnbted - Ediitation Accont- the purpose el the Educatlon Account15 to Ii*prove and maii)taln the Song School, Support Ihe Magnus Chutfh School wlth spec131 benefits not l)OTm3lly provlded by the relevant eilu¢ation authoritv and support other speclllc educatlonal projects. Transfers out Df ihe Gene.ral Account coniprlse the followlng amounts.. Transfer to Noh-Educatlon Account Traoslèr to Edu¢atlon Acrovnt 49,227 17
THE MAGNUS EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS. contlTi¥ed FOR THE YEAR ENDED 5 ApniL2025 12. ANALYSIS OF CHARITABLE FUNDS- £ontlnue4 As stated In the object ol the Cliarlly, net Iiicohie on the Geneial Account In thè proportlon three eighths Is distrlbuted to various charltles. Accordlngly. as shown on yage 8 thls represents three el8hlhs ol E131,273 givln8 rlse to £49,227 whlch Is to be transleried to the Restrlcted Income Fund - NDn-Edu¢atlon Account foi subsequent payment.7hE tethJinlnE balance Is transferr8d to the Deslgnated Educailon Account wlthln unre5trlcted luiids. Rf.LATED PARTY TRANSACTIONS R L Watkln50n is a Trustee and %1 partner in Rlthard Walklnsoh & Partners, SuNeyors, Valuers, AuctlonÈèrs and Estzte Asents, Thls Ilrm rent two tar parkln8 spa$ from the Cliarlty ot a current comrnerclÈl annual rent 01 É976 12024- É9901 eKcludit>g Value Added Tèx. The rent was rev12wed by Brown & Co, Ihe PFoperty a8ents actins for the Charlty In 2006107. The Charltls 8overnlng document stales that the Trustees may pay a Clork to the Tru$lees a salary as may be approved by the Charity Coniinlsslon. The Clerk lo tlie Trustees, A Alllson Is a pèrtnÈr of Knlghts Soliclltsrs. Durlng the yeaT, Knl8hts Sollcltors chareed the Charlty 8n amovnt ol £IB,OIXJ12024- £18,000) lor tlie ClÉrWs servlces and £NII12024- £14,518) lor legal fees. At S Aprll 2025 £IG,21712024- £10,844I was due to Knlghts Solldtor5. 14. ACKNOWLIDGEMENT TO THE JOSEPH GILSTRAP SCHOLAIISHIP In 1998199 theTrustees of theloseph G115trap Scholarshlp Trust restslved undef theChèrlllesAct1993 5.74 to transfer tlie properly Lif thattrusttoThe Msgniis Educational Foundatlort and thedonatlons from that Charliywere recorded In the actounts ol The Magnus Educational Foumdètltsn In the yeai to 5.4.99. 18
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INDEPENDENT f XAMINER'S REPORT 70 THE TRU57EES ON THE ACCOUNT5 OF THE MAGNUS f.DUCATIONAL FOUNDATION InEGISTERED CHAAIT¥ NO. 52825ai FQR THE YEAR ENDED 5 APRIt2025 Inilependeht Examliief's Rèport to the Trd5tses of The Magfius Edu¢atlonal Foundatlon I repert to the tharlty tfustees on my examinatlofi of tho accoiints of ¢he ¢harlly lor the ye?r eÈ)ded S Aprll 2025 whlch are set out on page$ 6 Its 21. Responslbllltles and ljasls of Report As the Charlt*s T¢ustee5 you are responsible lor the preparallon olthe a¢counts Inatcoidance with ihe TequlrÈmeTrts ol the Charitie5 Att 20111'the Ael'l. l leport in respett ol my examinatloft ol the Charit$ accoonts carrled out und?r section 145 ol Ihe Act and ir5 cariyiD8 out my examlnation I liave ltsllowed all the appllcable Direciions Biveh by the Charfty Commission uttder s2Ctloft 14515llbl ol the Act. IiidepÈn<lent Exanilner'sstalerneni I have completed my examlnation. I conllrm that no Malerlal matters have con)e to my attention In connectlon wlth the exèffli#atlon giving h)e c?use to belleve that In any materlal iespect.. accountlng records were not kept In respect Of the Charlty as fequlred bysecllon 130 01 the AEL. or 121 the accounts do not aico¥d wllh ih05e recoids: or 131 the accounts do not comply with the appllcable requirÈments concernlng the form and content of accounts Set out In the Charillés (Atcounts and Reports) Regulations 2008 other thali any requÈremoht that the accounts glve a'true and f3lr view, which Is not a mattérconsldered 85 part ol an Indepèndent pxamlnallon. I have no COnCErns and have ¢omo across no other matters In connect5on wlth the examlnatlon'to whlch eltentlon should be dfawn li) this rÈport In order to enable a proper Iinderstalldlngol ihe account5 to be reached. Adrian Hai8h FCA stephenson Nuttall & Co Chartered Accottniants 618 Ca511e Gate Newark Nottlnghamshlre NG24 IAX Date:... 22