Company Registration Number: 02572091 MARKETING SKILLS TRUST LIMITED (A CHARITY AND A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1001865 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MARKETING SKILLS TRUST LIMITED CONTENTS Page Reference and administrative details of the Charity, tts Trustees and advisers Trustees, report Independent audltors. report on the financial statements 8-12 Statement of financial actlvltles 13 Balance sheet 14 Notes to the financial ststernents 15-22
MARKETING SKILLS TRUST LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Z V Easton, Trustee (appointed 25 April 2024) P Jones, Trustee {appointed 25 April 2024) M Troughton, Trustee C L Gillespie. Trustee F Good, Trustee M Patron, Trustee N L 8 Myers, Trustee A Gowan, Trustee (resigned 25 April 2024) Charity registered number 1001865 Company reglstered number 02572091 Prlnclpal office 18 Beningfield Drive st. Albans AL21UJ Independent auditors Barnes Roffe Audit Limited Chartered Accountants Leytonstone House 3 Hanbury Drive LeonStOne London E11 1GA Page 1
MARKETING SKILLS TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors of the company, who are the trustees for the purposes of charity law, submit their annual report and audited financial statements for the 12 month year ended 31 December 2024. The directors have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in October 2019 in preparing the annual report and financial statements of the charitable company. Objectives and activities . status of the Charity The company has been established as a company limited by guarantee and is governed by Its memorandum and articles of association dated 07 January 1991 as amended by special resolutions dated 26th March 1993, 17th March 2005 and 16th June 2006. b. Charltable objects The charitable objects of the company as set out in its Memorandum include promoting advancement of education in direct marketing, the provision of educational facilities to persons taking part or intending to take part in direct marketing and to assist in the improvement of educational and training stsndards. Following the acquisition of the DMF, the Company's objects wll be extended so that the company shall sejve and protect the interests of the consumer, especially those who are vulnerable, and to improve the consumers experience of direct and digital marketing. The Trustees have taken account of Charity Commission guidance on publi¢ benefit in planning and carrying out their adiv(ties. Page 2
MARKETING SKILLS TRUST UMITED TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continued c. Current and future plans In pursuit of these revised objects, the objectives of the company are to encourage the best young talent to enter the marketing profession. The company works to improve the employability of those graduates leaving education and entering the market. The company also works to support the advancement of education in marketing as applied to industry, commerce, govemment and the public seNice at all levels, and to provide access to educational facilities, both general and specialised, for persons taking part in or intending to take part in direct and digital marketing, management organisation and administration processes, and generally to assist in the improvement of educational and training standards. Our aim is, by supporting universities in improving the depth and quality of undergraduate education in direct, data and digital marketing we will expand the community studying the discipline and ensure the best understanding of modern marketing techniques. In addition, the company seeks to provide grants to train and qualify young people who do not go to universty but have a desire and ability to succeed in a marketing careerthrough working with providers of apprenticeships and similar schemes. The company Supports responsibl8 marketing. We encourage companies using direct and digital techniques to uphold industry codes of practice. We are concemed that the impact of direct marketing should be a positive one. To that end. we fund projects which benefrt the consumer, especially those that provide increased protection for vulnerable consumers. The company also funds projects which contribute to general compliance and enhance the reputation of direct and digital marketing, providing a well governed environment for customers to conduct business using one-to- one channels. In order to understand better the impact of data driven and digital techniques on consumers, the company funds research projects which provide insight in thi5 area. Page 3
MARKETING SKILLS TRUST LIMITED TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ObjeGtives and activities (continued) d. Main achievements of the charity The Trustees have referred to the guidance in the Charity Commission's general guidance on public benef1t when reviewng their aims and objectives and in planning their future activities. In particular the Trustees have considered how planned activities wll contribute to the aims and objectives they have set. The Trustees are pleased to report that the Marketing Skills Trust has fijnded the following projects.. Brixton Flnishing School - £104,000 Brixton Finishing School aims to connect tslent from under-represented communities with employers in the marketing and advertssing industry. We are pleased to sponsor a Head of ADventure for the school's outreach programme that's designed to introduce the next generation of diverse talent to the mynad of roles and opportunities in the marketing industry. The grant commitment is for an initial year period. School of Marketing - £88,400 Gen Z Mentoring (£50,000) The Trust provided funds towards a nationwide mentoring programme called Mentoring Gen Z, an initiative which helps young people from 16-28 years find a route into the industry through free access to virtual mentoring sessions with some of Br(tain's top marketing leaders. A total grant of £50,000 was made available to the School of Markeling this year to cover the costs of the programme and continue the initiative as previously set-up, aided by our grant from the year 2021. Content Development (£38,400) The Trust also provided matched funding from another sponsor to help the School of Marketing develop its podcast, to expand and improve the quality and deve5opment process - and to achieve brand recognition for the Marketing Skills Trust Marketlng Student Bursary Program - £16,600 This IDM Certtficate in Dlgital and Data-driven Marketing program provides additional qualifications alongside a degree to support a student's entry into the marketing industry workplace. A total of 177 students completed the course and passed the final Certfficate examination. Additional grants funded prizes for marketing competitions. DMA Professional Memberships Program: Development programme for indlvlduals - £19,750 This funding is to provide the DMA online learning materials and examination for an initial 50 students. This programme wll enable individuals from underrepresented groups to access leaming to continually build skills and knowledge, forming an ongoing leaming habit for the rest of their career. This commitrnent is for an initial one-year period but the programme is expected to run for three years. Page 4
MARKETING SKILLS TRUST LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2D24 Objectives and actlvities (Continued) e. Fundraising Plans Ther Trustees are conscious that the level of grant-making current]y eXed$ the regular income to the charity. We are adively looking to introduce new income into the charity by means of marketing industry events and fundraising campaigns and by seeking from donations from marketing industry bodies who share the same objectives as our charity. Flnanclal review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the goin9 concern basis can be found in the accounting policies. b. Reserves policy The trustees had previously identified nine months. direct charitable expendsture as an appropriate level of funds to be held in reserve to enable the organisation to ensure continuing operation in the event of contingencies and to provide working capital for day-tTrdsy operations. Free reserves are defined by the Charities Commission as unrestricted funds which are not designated or held as functional fixed assets. At the end of the year the balance of General Fund stood at £337,895 compared with £553,650 at the prewous year end. The trustees wll continue to retain funds until the reserves reach the desired target figure. The trustees re1ve regular management 1rrfonatIOn on the status of reserves. The policy is reviewed annu811y. c. Investment policy The Trustees have chosen to avoid investrnent risk and to retain 5urplu5 funds in an interest eaming bank account. d. Income The Company received Bank Interest Income of £19,588. The Company received income from the Graeme Robertson Trust of £9,365. Page 5
MARKETING SKILLS TRUST LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 e. Expenditure The total expenditure for the year was £244.708 compared to £139,286 last year. The company made grants totalling £228,750, a breakdown of which can be seen wtthin Note 6. Support Costs totalled £9,415. Legal and professional costs were £3,194 for the year made up of £3,000 audit fees and £194 on other legal costs. Computer costs were £766 made up of website development expenditure. Further administrative costs of £2,583 were incurred, relating to management's travel and subsistence for trustee meetings, marketing costs, meeting costs, insurance and bank charges. Structure? governance and management a. Constitution Marketing Skills Trust Limited is a registered charity, number 1001865. b. Methods of appointment or electlon of Trustees The charitable company is limited by guarantee, the liability of members being restricted to £1 payable in the event of the company being liquidated. Its goveming document is the Memorandum and Articles of Association. Trustees are selected on the basis of the contribution they have made to raising professional slandards within direct, data and digital marketing. Trustees are exemplary exponents of the profession and have excellent track records in running direct, data and digital marketing businesses. They are elected by a quorum of trustees. New trustees will receive an induction programme and will be assigned a trustee to act as a mentor. The trustees define the strategy of the charity and the programmes which fulfil the objects. The trustees will meet at least four times each year to set strategy, approve grants and rewew the finances of the charity. c. Risk management The Trustees will annually examine the major strategic, business and operational risks which the charity faces. Page 6
MARKEllNG SKILLS TRUST LIMITED TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 ststèment of Tru6tees' responsibilities The Tfustees ar2 responsible for pParing the Trustee$. report and the financial ststem¢nts in accordance with applicable 12w and United Kngdom Accounng Standards (United lfjngdom Generally Accepted Accounting Pradi¢e). The applicable to charttles in England & Wales requiTrs the Trustees to prepare finanrial statements for eaGh flnanryal year which give a true and fair Mew of the state of affairs of the Chartty and of sts in¢oming sources and appliLxtion of resources, induding its income and expenditure. for that period. In prepartng Ihe$e financA81 statements, the Trustees are requiTed to: select suitable 8ccounlng polic4es and then appty them consistenuy. observe the methods and principles of the ChaFitses SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent state whether applicablè UK Accounting Standards (FRS 102) have been followed. Subject to any materi81 departures disdosed and explainéd In the ffinanal statements., prepare the finanual 6tatements on the golng ¢oncEm basis unless it is Snappropriatè to prasume that the Chaiity will Gontinue In business. The Trustees are responslble for keeping adequate accounting records that are sufficient to show and explain the Chartys transct50ns and disclos8 with reasonable aGoJracy at any time the financial position of Ihe Charity and enable thom to ensure that the financial ststements comply the Charitr2s Ath 2011, the Charity (Accounts and Reports) Regulations 2008 and the Pro$10n$ of the Trust deed. They are also responslble for safvguafdlng the assets ol the Charty and hence for taking re8s0nable steps for the preventlon and detecbon of fraud and other Irregularities. Disclosure of Infonnalton to audltors E8ch oflhe persons who are Trnstees at Ihe time when this Trustees, report is approved ha5 confiTmed th8L' so far as that Trustee 5s aware, thore Is no relevant audit information of whith the (ar¢¢s auditors gre unaware, and that TrustÈe has taken all thè steps that ought to have been tsken &8 a Trustee In order to be aware of any relevant aUrt inforniation and to estabSh thatthe charfty5 audttors a aware ofthat infornatlon. Audrtorn After the year end Barnes Roffe LLP resigned as audltOT5 due to trle transfer of their audit business and its sucessor Bames Roffe Audtt Limlted was appointed by thg trustees under 5485 of the Companies Act 2006. Bames Roffe Audit Limited have indieated their willingness to continue in office. The designated Tnjstees will propose a motion reappointing the auditoTS at a meeting of the Trustees. &oproved by order of the board and signed on their behalf by. Tru*ees on 1S-Q£- IS M Troughton (Chair of Trustees) Page 7
MARKETING SKILLS TRUST LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF MARKETING SKILLS TRUST LIMITED Opinion We have audited the financial ststements of Marketing Ski51s Trust Limited (the 'chariV) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. glve a true and fair view of the state of the charitys affairs as at 31 December 2024 and of its incoming resources and application of resource5 for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordan with the requirements of the Companles Act 2006. Basls for opinion We conducted our audit in accordan with International Standards on Auditing (UK) {ISAs (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethica5 requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to 6vents or conditions that, individually or collectively, may cast significant doubt on the charivs ability to continue as a going concem for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 8
MARKETING SKILLS TRUST LIMITED INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MARKETING SKILLS TRUST LIMITED (CONTINUED) Other Information The other information comprises the information included in the annual report other than the financial statements and our auditors, report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereDn. Our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othenmise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a msterial misstatemènt in the financial statements themselves. If, based on the work we have perfomed, we conclude that th8re is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the Gourse of the audit: the information given in the twstees, report,which includes the strategic report and the dlrectors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the trustees, report has been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception n the light of the knowledge and understsnding of the charitsble companyand its envircsnment obtained in the course of the audit,we have not identified material misstatements in the strategic report or the directors, report included wtthln the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been reiVed from branches not visited by us; or th6 financial statements are not in agreemenlmth the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit-, or the trustees were not entided to prepare the financial statements in accordance wilh the small companies, regime. Page 9
MARKETING SKILLS TRUST LIMITED INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MARKETING SKILLS TRUST LIMITED (CONTINUED) Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the Trustees s (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free trom material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responslble for assesslng the charltys abillty to contlnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees erther intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Page 10
MARKETING SKILLS TRUST LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF MARKETING SKILLS TRUST LIMITED (CONTINUED) Auditors, responsibilities for the audit of the financial statements Vve have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstaternent when it exists. Misstatements can arise from fraud or error and are considered material if, indNidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misststement in respect of irregularities,includlng fraud and non-compliance with saws and regulations, was as follows: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wth 8pplicable laws and regulations,. We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector,. W6 focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companles Act 2006; We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the companys financial statements to material misstalement, including obtaining an understanding of how fraud might occur, by. Making enquires of management as to where they consSdered there was susceptibility to fraud. their knowledge of actual suspected and alleged fraud., and Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we". Performed analytical procedures to identtfy and unusual or unexpected relationships., Tested joumal entries to identify unusual transactions: Assessed whether judgements and assumptions made in detemiining the accounting estimates were indicalive of potential bias. and Investigated the rationale behind significant or unusual transactions. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at: www.frc.o .uklauditorsres onsibilrties. This de5CriPtion forms part of our auditors, report. Page11
MARKETING SKILLS TRUST LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF MARKETING SKILLS TRUST LIMITED (CONTINUED) Use of our report This report is made solely to the charitys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our a rk. for this report, or for the opinions we have formed. Simon Iggins FCA (senior for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Leytonstone House 3 Hanbury Drive Leon$tone London E11 1GA ory auditor) Date.. Barnes Roffe Audit Limited are eligible to act as auditors in tenns of section 1212 of the Companles Act 2006. Page 12
MARKETING SKILLS TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activitie5 Investments 9,365 19,588 9,365 19,588 18,127 Total Income 28,963 28,953 18, 127 Expenditure on: Charitable activities 244,708 244,708 139, 286 Total expenditur8 244,708 244,708 139, 286 Net movement in funds (215,755) {215,7551 (121, 159) Reconclllatlon of funds: Total funds brought forward Net movement in funds 553,650 (215,755) 553,650 (215,755) 674,809 (121, 159) Total funds carried foNRrd 337,895 337,895 553, 650 The Statement of financial acttvities includes all gains and losses recognised in the year. The notes on pages 15 to 22 fom part of these financial ststements. Page13
MARKETING siaLLS TRUST UMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Curront assets Debtors Investments Cash at bank and in hand 7.113 377,129 34,228 5.633 511,1S4 42,776 10 418,470 559.573 Credftors: amounts falling due wtthin one year 11 180,576) (4923) Net current assets 337.895 553,650 Total net assets 337,895 553,650 Charity funds Restricted funds Unrostrirted funds Totsl fund$ 12 12 337.895 553,650 337,895 553,650 Th$ finandat statements were approved and 8Uthorised for Issue by the Trustees on 13-G- IS and signed on their behalf by. M Troughton (Chair of Trustees) The notes on pages 14 to 21 form part ol these financial statements. Page 13
MARKETING SKILLS TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Informatlon Marketing Skills TNsts Limited is a private company limited by guarantee incorporated in England and Wales, registered Number 02572091. Details of the registered office and principal activities are included inthe company's Trustee's report. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been ppared in accordance with the Charities SORP (FRS 102} Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companie5 AGt 2006. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the 8Xtent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102} published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Praciice effective from 1 April 2005 which has since been withdrawn. Marketing Skills Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern The company has significant reseNes sufficient to cover anticipated expenditure. The trustees accordingly believe the company is a going concern for at least e1ve months from the date of approval of these accounts and for the foreseeable future. 2.3 Income All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Legacy income is recognised as soon as this ha5 been notified and can be measured with sufficient reliability. Estimates of notified legacies which cannot be reliably measured are included as notes in the accounts. Income from donations and grants is recognised when the chartty has entitlement to the fijnds, any performance conditions attached to the grants have been met, it is probable that the income will be reiVed and the amount can be measured reliably and is not deferred Page 15
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {contlnued) 2.4 Expendlture Expenditure on charitable activities is inCued on directly undertaking the activities which further the Charity's objectives, 8$ well as any associated 5UPPOrt costs. All expenditure is accounted for on an accruals basis once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. Grants payable are recognised as costs when the award is paid or the recipient notified of the grant. Resources expended on charitable activities represent the expenditure applied by the charity in undertaking its work to meet its charitable objectives. Govemance costs represent the costs of running the charity and group as a legal entity and include the costs of external audit, legal advice for trustees on constitutional issues and the costs of trustee meetings. I resources expended are inclusive of irrecoverable VAT. 2.5 Forelgn ¢urTencies Foreign currency transactions are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any drfferences are taken to the profit and loss account. 2.6 Investments Current asset investments Current asset investments are held at cost, plus any accrued income to the balance sheet date. These short-term investments have a maturity date of less than one year. 2.7 Debtors Short-temi debtors are measured at transaction price, less any impaiment. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 LiabIlle$ and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 16
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (continued) 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustee5 in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are fvnds which are to be used in accordance with specific restrictions Imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such fvnds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable undèr the circumstsnces. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions COnming Ihe future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of 8ssets and liabilities within the next financial year are discussed below. In the opinion of the Trustees there are no estimates and assumptions that may have a signfficant rlsk of causing a material •dJustment to the carrying amounts of assets and liabilitie5. Income from charitable activitles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities 9.365 9,365 Page 17
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Incorne Unrestricted funds 2024 Total funds 2024 Interest receivable 19,588 19,588 Unrestricted funds 2023 Total runds 2023 Interest receivable 18, 127 18. 127 Allocation of total resources expended Unrestricted funds 2024 Total funds 2024 Grant programme Support costs Audit fees General admin 228,750 9,415 3,000 3,543 228,750 9,415 3,000 3,543 244,708 244,708 Unrestricted funds 2Q23 Total funds 2023 Grant programme Support costs Audtt fees General admin 112,050 18,370 4,500 4,426 112,050 18,310 4,500 4,426 139,286 139,286 Page18
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of grants Total funds 2024 Grants 2024 Grant programme 228.750 228,750 Tot81 fvnds 2023 Grants 2023 Grant programme 112,050 112,050 An analysis of the above grants are as follows: 2024 2023 Talent Apprenticeship Growth Programme School of Marketing Brixton Finishing Schools DMA Professional Membership Program Southdown Housing Associallon TMA Apprenticeship Culture for Heroes 16,600 88,400 104,000 19.750 14,850 98,400 300 (1,500) 228,750 112,050 Page 19
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Grant funding of Support and activities other costs 2024 2024 Total funds 2024 All funds 228,750 15,958 244,708 Grant funding Support and of activities other costs 2023 2023 rotal funds 202S l fijnds 712,050 27,236 139,286 Debtors 2024 2023 Due within one year Other debtors 7,113 5,633 10. Current asset investments 2024 2023 Unlisted investments (liquid) 377,129 517, 164 11. Credltors: Amounts falllng due within one year 2024 2023 other creditors and accruals 80,575 5,923 Page 20
MARKETING SKILLS TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds Statement of funds - current year BalanGe at 31 December 2024 Balance at 1 January 2024 Income Expendlture Unrestricted funds General Funds- all funds 553,650 28,953 (244,708) 337,895 The funds of the charity include designated fijnds set aside by the trustees to be applied for specific purposes. ststement of funds - prior year Balance at 1 January 2023 88lance at 31 December 2023 Income Expenditure Unrestricted funds General Funds - all funds 674,809 18, 127 (139, 286) 553, 650 13. Analysls of net assets between funds Analysis of net assets between funds- current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 418,470 (80,575) 418,470 {80,5751 Total 337,895 337,895 Page 21
MARKETING SKILLS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Analysis of net assets beiween funds {Gontinued) Analysls of net assets between funds - prior period Unrestricfed fvnds 2023 Total funds 2023 Current assets Creditors due within one year 559, 573 (5, 923) 559, 573 (5, 923) Total 553, 650 553, 550 14. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 December 2024, expenses tot8lllng £547 were reimbursed or paid directly to Trustees to facilitate Trustees, meetings (2023 - £992). 15. Guarantee company and Ilablllty of members Marketing Skills Trust Limited is a company limited by guarantee and therefore does not have a share capital. There is no controlling party. The liability of members is limlted. In the event of the charity being wound up during a members period of membership, an amount not exceeding the sum of £1 may be required from that member towards the payment of the debts and liabilities of the company incurred before membership ceased. 16. Related parties There were no transactions with related party during the year. Page 22