THE MARLBOROUGH
MOUND TRUST
FllYAJYcI￿L STATEMENTS
FOR THE YEAR EIYDED
S APRLL 2024
Crowe UK
Registered Auditors
Charity NuML￿. 263157

MARLBOROUGH MOUND TRUST
REFERENCE AND ADMINISTRATIVE DETAllS
The Trustees are pleased to prcsent thcir report together with the fmancial statements of the charty for the year ended 5
April 2024. The f￿anCIal state￿ents bave been pr¢pgred in accordance with the Statement of Recommended Practice:
Accounting and Reporting by ch￿LtieS applicable to Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in tbe UK and Republic of Ireland (FRS 102) (second edition effective l January 2019) -
(Charities SORP (FRS102), the Finallcial Reporting Standard applÉcable in the UK and Republic of Ireland (FRS 102), the
Charities Act 201 I, and the Charity's governing d￿Ument.
The Trnst is registered with the Charity Commission number 1081520.
TRUSTEES
The Trustees who sc￿ed during the year were:
Mr C R Macfadyen (Chairman)
Dr R W Barber FSA FRSL
Mrs J Jordan
Mrs I, Moclwym-Hughe5
Mrs L Owen
Mr M Pitts
Mrs Mclanie Pomeroy (appointed I I September 2023)
PROFESSIONAL ADVISERS AND KEY PERSONNEL
Address:
Marlborougb Mound Trust
Marlborougb College
Wiltshire
SN8 IPA
Banker5:
Lloyds Commercial
Ley Court
Barnett Way
Gloucester
GIA 7RT
Investment Advisers:
Rathbones
8 Finsbury Circus
London
EC2M 7AZ
Solicitors:
Charles Russell Solicitors
8-10 New Fetter Lane
London
EC4A IRS
Auditors..
Crowe U.K
4th Floor
St Jame5 House
St James Square
Cheltenham
GL50 3PR

MARLBOROUGH MOUND TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024
STRUCTURE, GOVERNANCE AiYD MANAGEMENT
OrEalli5ation
The Trustees detennine the general EK)licy of the Tn￿L
Under the t¢rn]s of the charitable settlement establishing the Trus4 the number of Trustees shall be not less thall three nor
more thajj seven.
The origina] Trustees were appointed by the Settlor (￿1¢ Elstob) under the tern]s of the charitable settlement dated 23
January 2000, which established the Tn￿t and in addition to named indivithials, included the Master (for the time being)
of Matlborough College and the ChainnaD (for the time being) of the Council of Marlbomugh College. The Tn￿teeS are
the key management personnel of the Trust and Do Tn￿￿e receive4 or was entitled to receive, any remuneration in the
cunent or prior year.
The power of appointing new Trnstees is vested in the ¢xistiD8 Tn￿. When new Tn￿eeS are appointed, careful
consideration will b¢ given to their induction anit if appropriate, their training needs.
R2sk Review
The major risks to which the Trust is exposed. as identified by the Trustees, have beeD reviewed. This is an ongoing process
and the Trustees will carry out an annual review. The majoT risk identified is the pcrforniance of the Charity's investments
as investment values can fluctuate. However, it is not seen to be a risk in the long-tern) but the T￿￿teeS regularly monitor
the situation and discuss the position with the Trust's investment managers as necessary.
Polley
It is a polACy of the TNst that funds raised may be expended for such charitable pwposes in fiutherance of the objects of
the Thist as the Trustees in their discretion decide.
Publle Benefit
In fiutherance of its object to educate the public about the archaeological and historical significance of the Mound the
Trustees had established an annual Mound Trust lecture. the fwst of whicb was given in October 2007, whicb ran until
2021. The Trustees have also published a leaflet on The Marlborough Mound and the Mound TrusL which forn]s part of
the narrative about the history of the Mound on Marlborougb College's website. A film 15 available that gives an account
of the history and sigllificance of the Mound. Certain arcbaeologirAI artefacts have been made available to the Devizes
Museum. Another successful guided tour of the Moun(L including the Grotto, for more than 128-interested public (2023:
100) was also undertaken, known as the Mound Day. which has become an aDnual eveDL When combined with the
College's educational access and the number of local sch(M)Is who have visited, the number of people who climbed the
Mound during the year was 577 (2023: 670).
In reviewing the cbarity's aims, and putting them into actiOD. the Th￿te¢S have tsken account of the Charity Commission's
guidance on public benefit
ORIECTS
The objects of the T￿st are set out in a Tn￿t Deed dated 23 January 2000. The main objectives of the Th￿t are to:
a) restore, conserve. preserve and maintain the Mound at Marlborough College: and
b) educate the public about the archaeological and historical significance and merits of the Mound at Marlborough
College.
OBJECTIVFS, ACHIEVEMENfs AND PERFORMANCE FOR THE YEAR
The major projects tbat the Marlborough Mound Tn]st¢¢s implemented during the year (that thc Trust is working on in
conjunction with Historic England) included:
a) ongoing stabilisation monitoring of the MouD(L
b) continued liaison with the College and discussion with students, in line with the ethicational aspect of the Mound
c) an annual {fiTe) guided tour to the interested public that was once again so popular there w&s a waRting list.
d) the ongoing close wotq(ing relationship with the College for annual mainteaance incEuding the hedge planted along
the path:

MARLBOROUGH MOUND TRiJST
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR EIYDED 5 APRIL 2024
e) the fjnal ph&se of the Grotto restoration has now been completed.
fj development of the Mound Inforniation Centre within the Memorial Hall Pavilio￿ which was vacant:
g) the publication and launch of a book by Richard Barber. wbich looks at the history of the Mound.
h) feasibility study for the reinststement of parts of the Mound in areas of previous building developmen¢ and
i) a new website for the Mound Tntst delailing the history ofthe Mound with lots of images of the site over the centuries.
FINANCIAL REVIEW
Income from investments and bank interest totalled £172,774 (2023., £16,815) and investment gains of £28,686 (2023: Ioss
£66,528). Total expenditure amounted to £66,854 (2023: £78.382). This was expended mainly on tree works and
landscaping, but also on professional fees and management of the charRty. Overall. the Thist has a Det gain of £134,606
(2023: net loss of £128,095).
Investment Powers
These are governed by the Th￿t Deed whid) pern)its the Fund to be invested as th¢ Trust¢e$ in their discretion think fit.
Inveslmenl Policy
The Tntst Anvestn)ent poli¢y is, at leasL to maintsin the capital value of the Tr[￿ fimd io real tenns while generating a
reasonable income.
Reseryes Polity
The Trustees will seek to preserve the capitsl value of the Trust Fund and to devote the incorne to the purposes for which
the Trust was established. Under the ternis of the charitable settlement the Tn￿teeS are empowered to release the whole
or part of the capital of the Trust Fund to further the objccts of the Trust. No capital was released during the ye￿, following
a release in the prior year in relation to the Conservation Management PlaD. Subject to further discussions, further capital
may be released in future years to further meet the objectives of the Plan.
The TrLL8t has restricted reserves of £1,003,961 (2023: £869,355), with movements in the restricted income aDd Testricted
capital fun(Ls as noted per note 5.
RESOURCES
The fimds raised are being applied towards the restoration and on-going mainteDan¢e of the Mound as well as preserying
its history through the fortbcoming Mound Inforniation Centre and the maintenance and updates to the Mound Thjst
website.
FUTURE PLANS
The Tn]stees have drawn uppapers to discuss further pro8rammes ofworK including the Ma￿eting of The Mound, ongoing
tre£ and maintenance worL further archaeological explorations of the castle wall and improving the sigDage around tbe
area. The Trnstees are also keen to explore the thture use of the Mound by the College and further guided tours for the
interested public around the site. In conjunction with this. there is the completion of the Mound tnforniation Centre on site
dedicated to the Moulld and its sumiundings includlng the original castle and the future reinstatement of parts of the Mound
in areas of previous building dev¢lopmetrt.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The TTUStees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with
appIl￿ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounttng Practice).
The law applicable to charities in England and Wales requires the Tn￿tr¢s of the charity to prepare financial statements
for each fmancialyear which give a true and fair view of the state of affairs of the charity and of the income alld expenditure
of the ch￿lty for that period. In preparing those financial Statemen￿ the trustees are required to:
select suitable awounting policies and then apply them consisfrntly;
observe the principles in the Charities SORP.

MARLBOROUGH MOUND TRUST
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED S APRIL 2024
make judgements and estimates that are r&qsonable and p￿￿ent.
state whether applicable accounting standards have been followeQ Subject to any n￿la1 departures disclosed and
explained in the fuwicial ststements;
prepare the fuwicial statements on the going concern basis unless it is inappropriate to presume thatthis basis applies.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable aocurdcy at any time
the f￿anCIal position of the Charity and to enable them to ensure that the financial statements coniply with the Charities
Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and with the Trust Deed dated 23 January 2000, They are
also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and
d¢tection of fraud and other irregularities.
AUDITORS
A resolution to appoint Crow¢ UK will be submitted to the Annual General Meeting.
By Order of the Board
Marlborough College
Marlborougb
Wiltshire
SN8 IPA
C R Macfadyen
Chainnan
16 July 2025

INDEPEM)ENT AUDITOR'S REPORT
TO THK TRUSTEES OF MARLBOROUGH MOUND TRUST
Opinion
We have audited tbe fmancial statemellts of The Marlborougb Mound Tn￿t for theyear ended 5 April 2024 which comprise
the Statement of Financial Activitie5, the Balance Sheet and notes to the fmancial statements, including significant
accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and
Unitsd Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting StaDdard
applicable in the UK and Republic of Ireland (United Kingdom Generdlly Accepted Accounting Practirx).
In our opinion the firlancial statements:
give a true and fair view of the state of the charlty's affairs as at 5 April 2024 and of its incoming resour¢¢8 and
application of resources, including its income and expenditure for the year then ended;
haye been properly prepared in accordÈnce with United Kingdom Generally Accepted Accounting Practice; and
have been prep2r¢d in accordance with the requirements of the Charities Act 2011.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing (UK) (JSA5 (UK)) and applkcable law,
Our responsibilities under those standards are fillther described in the Audilor's responsibilities for the audit of the fmancial
statements section of our rep)rt. We are independent of the charity ID accordance with the ethical requirements that are
relevant to our audit of the fllwicial statements in the UK, including the FRC'S Ethical StsDdariL and we have fi]Ifdled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence wc bavc obtained
is sufficient and appropriate to provid¢ a basis for our opinion.
Conclusions relatlng to going coneern
In auditing the fmancial statements, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the f￿ancial statements is appropriate.
Based on the work we have perforni¢4 we bave not identified any material uncertaiDties relating to events or conditions
thaL individually or collectively, may cast significamt doubt on the cbarity's ability to wntinue as a going concern for a
period of at least twelve months from when the financial ststements are authorised for issue.
Our responsibillties and the r¢s￿nsIbl11ttes of the trustees with respect to going ¢oncern are described in the relevant
sections of this reporL
Other information
The trustees are responsible for the other information contained within the annual rq)ort. The other inforniation comprises
the inforn]atTron included in the a￿Ual rq)orL other than the fmancial statements and our auditor's report thereon. Our
opinion on thc F￿8￿¢1&1 statements do￿ not cover the other information and we do not express any form of assuTanc¢
conclusion tbercon.
Our responsibility is to read the other Anforniation and, in doing so, consider whether the other inforn]atioD is materially
inconsistent with the financial statemenls or our knowledge obtained in the audit or otherwise app¢ars to be materially
misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the fmancial statements themselves. If, based on the work we have
performed, we conclude that tbere is a material misstatemeDt of this other 1nforn1atio￿ we are required to report that fact.
We have nothing to report in this reg￿{L
Matters on which Ive are required to report by ex¢eptlOD
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulations 2008 require us to r¢port to you if, in our opinion:
the itiforniation given in the financial statements is inconsistent in any material respect with the kntees. report.
suificient accounting records have not been kepl or
the fmancial statements are not in agreement with the accounting record5 and return5; or
we have not Teceived all the inforjnation and explanatiffls we require for our audiL

XNDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF MARLBOROUGH MOUIW TRUST
Re5ponsibilltles ol trustees
As explained more fulty in the trustees. responsil)ilities statement set out on page 3, the trustees are responsible for the
preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal
control as the trustees deternjine is necessary to enable the preparaliou of fuw]cial statements that are free from material
misstatement, whether due to fraud or em)r.
In preparing the financial ststements, the trustees are responsible for as8¢ssiDg the charity's ability to continue as a going
Coll￿ disclosing, as applicable, matters related to going COU￿rn and using the going CODcern basis of accounting unless
the trustees either intend to liquidate the charity or to cease operations. or hav¢ no realistic alternative but to do so.
Auditor's responsibilities for the Audit of the fmancisl ststements
We 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 fhereunder.
Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are from material
misstatement, whether due to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance
is a high Icvel of assurance, but is not a guarantse that an audit conducted in accordance with ISAS (UK) will always detect
a matcrial misstatement when it exists. Misstatements can arise from fraud or error and arc consider¢d material if,
individually or in the 4g8Tegate, they could reasonabty be expected to influence the economic decisions of users taken on
the basis of these f￿ancial statements.
trregularities, including frauiL are iDStances of non-complianrA with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatemenls in respect of I￿egulaTIties, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is d¢tsiEed below.
A further descriptlOD of ow responsibilities for the audit of the fmallcial statements is located on the Financial Reporting
Council's webslte at: www.fro.org.uklauditorsresponsibilities. This description forn]s part of our auditor's report.
Extent to whicb the audit considered capable of detecting irregularilles, Includlng fraud
Irregularities, includillg fraud, are instances of non-compliance with laws and regulation5. We identified and assessed the
risks of material mASStatement of the fu)ancial statements from irregularities, whether due to fraud or error, and discussed
these between our audit team members. We then designed and perfornied audit procedures responsive to these risks,
including obtaining audit evidence sufficient and appropriate to provide a basis for our OPiDiOn.
We obtsined an understanding of the l¢gal alld regulatory frameworks within wbich the charity operates, focusing on laws
and regulations that have a direct effect on the deierniination of material arnounts and disclosures in the fjnanci
statements.. The laws and regulations we considered in this context were the Charities Act 201 I, logether with the Charities
SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on
the related fmancial statenlent items.
In addition. we Considered provisions of other laws and regulatioLs that do not have a direct effect on the f￿anCIal
statements but compliance with whlch migbtbe fimdamental to the charity's ability to operate or to avoid amaterial penalty.
We also considered the opportunities and incentives that may exist within the cR￿lty for frau(L
Auditing standards limit the required audit procethwes to identify non-compliance with tbese law5 and regulations to
enquiry of Trustres and other mauagement and inspection of regulatory and legal Correspondence, if any.
We identified the greatest risk of material impact on the fmancial statements from i￿egUlar1ties, including fraud, to be
within tbe override of controls by managemenL Our audit procedures to respond to these risks include enquiries of
management and the Trustees about their own identification and a5se5sment of risks of iryegularities, sample testing on the
posting of journals, reviewing accounting estimate5 for biases, reviewing aDy Tegulatory correspondence with the Charity
Commission and reading minutes of meetings with those ch￿ged with governance,
Owing to the inherent limktations of an audiL there is an UDavoidable risk that we may not have detected some material
misstatements in the fmancial statements, even thou￿1 we have property planned and peTfoTmaDce our audit in accordance
with auditlng standards. For example. the further removed non compliance with laws and regulations (iffegularities) is
from the events and transactions reflected in the fmancial statements, tbe less likely th¢ inherently limited procedures
required by audittng standards would identify IL In addition, as with any audiL there remains a higher risk of non-detection
of irregularities as these may involve collusion, forgery, illlentional omissions. misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be expccted to detect non-compliance
with all laws and regulations.

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF MARLBOROUGH MOUND TRUST** 

## **Use of our report** 

This report is made solely to the charity's 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 au auditor's 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Crowe U.K LLP Statutory Auditors Date: 22 July 2025 

4[th ] Floor St James House Cheltenham GL50 3PR 

7 



MARLBOROUCH MOUND TRUST
STATEMENT OF FINANCIAL AcfiviTIFS
FOR THE YEAR ENDED S APRIL 2024
Restrleted fuDds
2024
2023
Not
COME
Investment income and bank interest
172.774
16,815
Total income
172.774
16,815
EXPENDITURE
Cost of raising funds:
Investment manager fees
3,040
3,232
Charitable activities:
Restoration of the Mound
63,814
75,150
Total expenditure
66,854
78,382
Net income/(expenditure) before investment gainslooss)
105,920
(61,567)
Jnvestment gainsl(Ios5)
28,686
(66,528)
Net movement in funds
134.606
(128,095)
FuDd balances brought forward
869,355
997,450
Balance of fund carried lorward at 5 April
£1,003,961
£869,355
All of the above results were derived from continuing activities. There were no other recognised gains and losses other
than those ststed above.
The accompanying notes form part of the fmancial statements.

## **MARLBOROUGH MOUND TRUST** 

## **BALANCE SHEET** 

## **AS AT 5 APRIL 2024** 

||||**2024**||**2023**|**2023**|
|---|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**||**£**|
|**FIXED ASSETS**<br>Listed investments|3||628,560|||645,987|
||||628,560|||645,987|
|**CURRENT ASSETS**|||||||
|Debtors|4|355,797|797|200,000|200,000||
|Cash at bank and in hand||20,922|20,922|24,686|24,686||
|||376,719|376,719|224,686|224,686||
|**CREDITORS: amounts falling due in**|||||||
|**less than one year**|||||||
|Accruals||1,318|1,318|1,318|1,318||
|**NET CURRENT ASSETS**|||375,401|||223,368|
|**NET ASSETS**|||£1,003,961|||£869,355|
|**CAPITAL AND RESERVES**|||||||
|Restricted funds|_5_||£1,003,961|||£869,355|



Approved and authorised for issue by the Trustees on 16 July 2025 and signed on their behalf by: 

The accompanying notes form part of the financial statements. 

**9** 



MARLBOROUGH MOUND TRUST
AccoNfiNG POLICIES
FOR THE YEAR ENDED 5 APRIL 2024
The fmaneial statements have been p￿Pared in accordance with Accounting and Reporting by Charities,. Statement of
Recommended Practice applicable to ¢P￿ritieS prepaTing their accounts in a¢wrdance with the Financial Reporting
Standard applicable in the UK and Republic of treland (FRS 102) (second edition effective l January 2019) - (Charities
SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Charit¢s Act 2011,
The accounts {fman¢ia15tstements) have been prepared to give a 'true and fair, view and have departed from the Charities
(Accounts and Reports) Regulations 2008 only to the extent required to provide a ,tn￿ and fair view.. This departure has
involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the
Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since
been withdrawn.
Marlborough Mound Trnst meets the defjnition of a public benefit entity under FRS 102. Assets and liabilities are initially
recognised at historical cost or transaction value unless otheTwise stated in the relevant accounting policy note(s).
a) Having reviewed the funding facilities available to the cbarity together with the expected futhre cash flows, the
Trustees have a rwonable expertation that charity bas adequate resources to ry)Dtinue its activities for the foreseeable
future and consider that there weTC DO matcrial uncertainties over the charity's financial viability. Accordingly, they
also continue to adopt the goin8 concern basis in preparing the fmancial statements.
b) In the application of the charity's accounting policies, the Tn￿teeS are required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimatss and associated assumptions are ba￿1 on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed OD an ongoing basis. Revisions to accounting estimates are
recO￿ASed in the period in which the estimate is revised where the revision affects only that period or in the period
directly before. There are no key sources of estimation uncertainty that have A significant effect on the amounts
recognised in the a¢counts.
c) The accounts have been prepared undpJ the bistorical cost convention (as modified by the revaluation of certain f￿ed
assets).
d) Income represents covenants and iDvestmeDt income generated by the Thist's continuing activitie5 and is accounted
for on a receivable basis.
e) Expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent.
The irrecoverable element of VAT is included with the item of expense to which it relates.
The Trustees have taken advantage of the exemptions available to smaller cbaTiii¢s and have ¢hosen not to prepare
cash flow ststemenL
g) Investments consist of quoted investsnents. Quoted investments are valued at their closing bid price on the balance
sheet date. Increases and decreases in market value are reflected in the Statement of Financial Activities.
h) The interest free loan is recogt]ised at its settlement amounL less any provision for non-recoverability. as this loan
falls within the exemption from discounting to present value available to public benefit entities.
i) The charity only has f￿anCial assets and f]nanGial liabilities of a kind that qualify as basic fmancial instruments. Basic
financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and
subsequently measured at their settlement value.
j) Restricted Fun(ts
RestrictedIncome Ftsnds
These fimds are subject to specific Testrictions imposed by the donots. They are represented by inwme funds, which
are expendable in accordance witb the wnditions imposed by the donot3. The income generated by the Restricted
Capital Fund is included within this fiwd.
R￿triCtEd C(Jpitol Funds
These fimds cannot be spent other than in accordance with the tern)s of tbe endowment. Both the original capital and
future generated income must be applied consistently in accordance with the condition5 imposed by the ternis of the
endowment as detailed note 6(b).
io

MARLBOROUGH MOUND TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
TOTAL EXPEI¥DITURE
2024
2023
Total expenditure includes:
Auditors, remunerdtion
£950
£700
Governance costs comprise auditor's r¢mun¢ration of £950 (2023: £700). Within the Statement of Financial
Activities, tbis h&$ been allocated to expellditur¢ on charitable activities as this reflects the major component of the
Trnst's worL
TAXATION
A$ a charity the Th￿t is exempt from United Kingdom income tsx on its charitable activities.
INVESTMENTS
Llsted investments
Market value at 6 April 2023
Add., acquisitions
Less: disposals
Gain/(loss} on revaluation
2024
2023
645,987
254.944
(306,340)
33,969
703,480
184,033
(209,193)
(32,333)
Value at 5 April 2024
£628,560
£645,987
Cost of lllvestments
At 5 April 2024
£521,638
£574,171
The investments are quoted on a recognised UK Stock Exchange and or are valued by r¢ferenLX to investments
listed on a recognised Stock Exchange.
DEBTORS
2024
2023
Accrued Income frorn Loan
Chew Valley Trees
355,373
424
200,000
355.797
200,000
The interest free loans are repayable upon the death of the recipient, therefore is classified as a Current asset due to
the uncertain timing of the recoverdbility. One loan w&5 repaid post year end.
li

MARLBOROUGH MOUND TRusr
NOTES TO THE ACCOUNTS
FOR THE YEAR EIYDED 5 APRIL 2024
ALLOCATION OF THE CHARITY NET ASSET
The net assets are held for the various fun(L% as follows:
Investments
Current
assets
Tolal
Current year
Restricted income fimds
Restricted c￿lta1 funds
628,560
375.401
1,003,961
£628,560
£375.401 £1,003.961
Invejtments
Current
assets
Total
Prior yeAr
Restricted income funds
Restricted capital fi￿dS
645.987
223,368
869.355
£645,987
£223,368
£869,355
YEAR
Balance is
At 6 April
202J
Investment
Gains and
Transfers
B#lanee as
At 5 April
2024
Income
Expenditure
(a) Restricted Income Funds
172,774
(172.774)
(b) Restricted Capital Funds
- Elstob Fund
869.355
105,920
28.686
Total funds
£869,355
£172,774
(£66,854)
28,686
£1003,961
FUNDS- PRIOR YEAR
Balanee as
At 6 April
2022
Inve5tm¢nt
Gain5 and
Tr8nsfers
Bxlance as
At 5 April
2023
Income
Expenditure
(a) Restricted Income Funds
16,815
(1.6815)
(b) Restricted Capital Funds
- Elstob Fund
997,450
(61,567)
(66,528)
Total fi￿dS
£997,450
£16,815
(£78382)
(£66,528)
£869,355
12

MARLBOROUGH MOUND TRUST
NOTES TO THE AccouKrs
FOR THE YEAR ENDED 5 APRIL 2024
(a) Restricted income funds represent monies received for specific purposes as declared by the donors or with their
authority. The income generated by the Restricted Capital Fund is included within this fAmd. In the event of there
beiDg insufficient funds to carry out the projects or in the event of a surplus on the appeal any unspent funds will be
used for tbc general purposes of the Tn]st and henrx funds traDsfeTred to the unrestricted fijnd.
(b) Restricted Capital Funds represent an expendabl¢ endowment from monie5 received from the legacy of Mr E15tr)b,
the fornier Chairman of the ThisL The TTUSt was gifted £850.000 and made an interest-free loan of £200,000 in
2005, which is due to be received back after year end. A further distribution of £150.000 was received in the year
to 5 April 2007. The capital and income are to be used for the restoration of The Mound and any surplus thereafter
sball be held as peTTnancnt Lmdowment with income onty being applied for the genera] purposes of The Marlborough
Mound TrusL While the Trustees complete their review of the anticipated L￿St of restoralion worK the amounts
have been classified as an expendable endownenL
RELATED PARTY TRANSACTIONS
There are no related paty transactions to disclose for thc Ye￿ ended 5 April 2024 (2023: none).
No trustees rec¢ived remunerdtion for their role as tn￿teeS (2023: none). No trustees received reimbursements of
expenses during the year (2023.. none).
13