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2022-07-31-accounts

Charity number: 1127514 The Marcela Trust Trustees. report and financial statements for the year ended 31 July 2022

The Mar¢¢la Trust Contents Page Rgf¢rence and admlnlstrative dgtails of the Charty, its trustees and advisers Trustees. report Independent audltors. report on the flnanclal statements Consolidated statement of flnanclal actlvltles 8-12 13-14 Consolldated balance sheet 15 Charity balance sheèt Consolldated $tatgment of cash flows 16 17 Notgs to the flnancial $tatements 18-38

The Marcela Trust Referenu and admlnl$trative detalls of the Charity, it$ Trustees and advffisers for the year ended 31 July 2022 Trustees Mrs J Franklln MBE Mrs D P Rose Mr M R Spragg Mr P Holham Charlty reglstered number 1127514 Prin¢lpal offic The Trustees, Office The Marcela Trust East Hill House 76 High Sireel Colchester C01 1UF Independent audltors Kreslon Reeves LLP Chartered Ac¢ountants Sprin9field House Springfield Road Horsham Wesl Sussex RH12 2RG Bankers HSBC Bank UK 16 Goring Road Worthing West Sussex BN124AW Solicitor$ Dean Wilson Ridgeland House 165 Dyke Road Brlghlon BN3 1TL Page 1

The Marcela Trust Trustees. rgport for the year ended 31 July 2022 The trustees presenl their annual report together with the audited finarscial statements of the Charity for the 1 August 202110 31 July 2022. Objectives and actlvStlès a. Pollcles and objè¢tSves In Decembef 2009 the Trust received a donation of 95.5 /0 of the share cèpital of Omarca Investment Holdings Limited. a dormant intermediary holding company which holds 1000/0 of the shares of OMC Investments Limited. The princlpal activities of OMC Investments Limited, which was founded in 1971, are property investment, management and development 2nd the operation of three hotels through its subsidiary companies. Both OrTbarca Investment Holdings Limited and OMC Investments Limited are companies reglstered in England and Wales. The Trust is named after M8rcela Botnar (1928-20141, the wife of the founder of OMC Investments Limited, Octav Botnar11913-1998}- The aim of the Trust is to administer donations received from OMC Investments Limited which are made from that Company's operating profits. The trustees do not a¢lively fundraise. Reslrioled donations are administered in accordance with the wishes of the donor. In the absence of any restrictions, the trustees are empowered to invesl the funds in accordance with Trust Law as they deem fil and lo support charitable activities and organisalions of merit and integrity, al their discretion in accordance with the Trust Deed and havin9 due regard foi the public benefit guidance published by the Charity Commission for England and Wales. In setting objectives and planning for aclivilies, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {PB2}'. b. Grant4naklng poll¢io$ Since the TNsl's inception in 2009. the Iruslees have made grants using restricted and unrestricted fvnds donated by OMC Investments Limited. administering restricted funds in accordance with the wishes of the donor and unreslrfcted funds to support charitable actSvities anLI organisalions of merit and integrity, at their discretion in accordance with the Trust Deed. c. Maln actlvltles undertaken to further the Charity's purposes for the public benefit In setting objeclives and planning for aclivilies. the Iruslees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. The trustees consider that through its aims and the donations it has made. the Trust has provided public benelil. Specifically, through donations made in previous financial years, the Trust has provided clear public benefit by funding projects in the fields of medical research. the Arts, education and the ￿lief of povety in disadvantaged communities. All of the beneficiaries of (he Trust's donations rely fvndamenlally. if not exclusively, on financial suppot1 from the charitable and not for profil sectors in order to fund the services, research. activities and philanthropic work they carry out. Page 2

The Marcela Trust Trustees. report {¢ontinued) for the year ended 31 July 2022 A¢hlevements and perfomiance a. Maln achievements of the Charlty Donations of £450.00012021.. £200,000) were received fiom OMC Investments Limited in the financial year. Donations from the Trust to other charttable organisalions and activities amounting 10 £427,00012021.. £Nill were made in the year In further2nce of the Trust's legal purposes and lor the public benefit. as explained below. b. Peformance revlew A consolidated sL91emenl of financial activities is presented on page 13. Cha￿table donations made by the Trust are administered in accordance with the wishes of the donor in the case of restricted donations and in the the case of unrestricted donations. in accordance with the TNSI Deed and al the trustees. discretion, as explained in this report. As the Tru51 is the ultimate majority shareholder of the trading and investment company. OMC Investments Limited, the results ol that company and ils subsidiary companies are consolidated into the financial statements of the Marcela Trust. How the consolidated figures impact on the Ttusl's accounts is explained in the Notes to the Financial Statements. The Directors, Report included in the Financial Statements of QMC Investments Limited outlines the significant factors affecting that company's performance and outlook and the Irustees are kept ir)formed of the comp8nls activities al trustee meetings during the year. . Impact of Covid.19 on the Charity The Iruslees. policy is lo make donations from cash resourees in the Charity's bank account and always lo leave funds available for the administration and audit of the Charity. This reduces the risk of financial exposure. The Trust has no direct operational 2Ctivities which could represent other direct risk exposure. The Trust's main asset is 95.54/0 of the shares of Omarca Investment Holdings Limited, which is a dormanl intermediary holding company which owns 1000/0 of the share5 of OMC Investments Limited. OMC Inveslmonts Limiled's principal activities are property investment, management and the operation of three hotels through ils subsidiary companies. The risks lo which OMC Investments Limited is exposed are therefore by extractign indirect iisks for the Marcela Tnjst. According lo the 8ccounls of OMC Ir¢vestments Limited, the negative imparts and challenges caused by the Covid-19 Pandemic at the lime of wrilirsg are considered to be largely behind us. The major risks to vthich the company is currently exposed arise as a direct consequence of the Russian invasion of the Ukraine earlier in 2022. This has caused soaring electricity, gas and oil prices not only in the U.K. where the company operates, but W0￿dwIde. This in turn, coupled with the difficulties of exporting grain from the Ukraine, has impacted on prices of the majority of goods includirkg food, resulting in a rapid and sharp rise in inflation, currently al 11.1 Q (October 20221, the hlghest rate for 41 years, and the Bank of England has increased inlerosl rates on seven occasions this year in response. The directors of OMC Investments Limited consider that the company remains fvndamenlally robust to face the expected economic challenges brought on by high inflation and that revenues and prolits will be steady in the Coming year. Page 3

The Mar¢ela Trust Trustees. report Icontlnuedl for the year ended 31 July 2022 Achlevements and perfoThance (contlnuedl d. Performance and impact of subsidiary undertakings OMC Investments Limited makes charitable donations lo the Trust from ils annual operating profits and the Trust administers the donations. The truslees do not actively fund raise. In the financial year ended 31 July 2022 the Company reported a proftl of £2,974.124. The trading figures of OMC Investments Limited's Iwo subsidiary companies which operate hotels in Leeds and Colchester la profil of £174,457 and a loss of £72.576 respectively} are consolidaled in the results of OMC Investments Limited. The company's business activities and that of its subsidiary companies and some of its tenants. particularfy those in the hospitslily sector, continued lo be impacted by the Pandemic and Government imposed restrictions in the first eight months of the financial period. which saw the rise ol the highly infectious Omicron Variant from late November 2021 through to March 2022. This resulted in mass Cancellations of hotel and restaurant bookings for the Grucial Christmas period from late November through to the New Year. Similarly, the re-introduction of the Work from Home" ruling caused a marked slowdown in office letting activty in the London market and cancellations of hotel reservations in the first few months of 2022. The business climate slart8d lo improve from late March 2022 onwards and overseas travel possibilities also started to open up, albeit travel was plagued for months by disruption at the main airports and ports due lo labour problems resulting from the Pandemic. This adversely impacted revenues from overseas tourists al our hotels. Against this background during the financial year five new high street leases and one high street lease renew81 were concluded and two new office leases and Iic8nces were completed at Robert Street. meaning that all available Spa￿ in the building is now let. In October 2021 a small high yielding estsle was acquired in Ipswich town centre comprising five retail unlls. Two new leases and one lease renewal were completed post purchase and a small amounl of capital expenditure has been invested in upgrading the extemal parking and circulation areas. The shares of the company's subsidiary company in Romania which held the property known as Castel Salbek In Wèstern Transylvania, were sold during the period. The funds were allocated for use towards fulure asset Pu￿haseS in the U.K. Towards the end of the reporting period a large retail store in Scarborough town centre, occupied by a malor national retailer, was acquired. Two donations amountin9 10 £450.000 in tolal were made lo the Marcgla Trust during the year. The negative impacts and challenges caused by the Covid-19 Pandemic ale now considered lo be lar9ely behind us. However serious economic difficulties have arisen as a direct consequence of the Russian invasion of the Ukraine eartier this year. This has caused soaring electricity, gas and oil prices not only in the U.K. where the Company operates, but worldwide. This in lum, coupled with the difficulties of exportin9 grain from the Ukraine, has impacted on the prices of the majority of goods including food, resulting in a rapid and sharp rise in inflalion, currently at 11.1 % (October 20221, the highest rale for 41 years, and the Bank of England has increased interest rates on seven occasions this year in response. A forecast has been prepared for Ihe next twelve months. The directors consider that the company remains robust lo face the expected challenges brought on by high irbflalion and that revenues and piofits will be steady. Page 4

The Mar¢¢la Trust Trustee$. report (continued) for thè ygar ended 31 July 2022 Achievements and perforniance (continued} e. Investment pollcy and pgrfonnance The trustees are empowered to invest the funds of the Trust in stocks, shares, securities, debts, options or other investments as they consider fil and in accordan¢e with Trust Law. The trustees have had no significant funds lo invest in the current year. The uncommitted funds at the year end were held in the TTUSt's bank account in readiness for charitable donations post year end and in order to discharge audit and accountancy fees. Financial review . Going concern After making appropriate enqltiries, 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 10 adopt the going concem basis preparing the financial slalemenls. FurtheT delails regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trust Since ils inception in 2009, the Trust's sole source of income has been represented by donations received from OMC Investments Limited. The Trust has no operating acbvilies of its own and ils only unavoidable overheads are audit and aecounlancy fees, insurance and bank charges. At the year end the Trust had unencumbered fL¢nds on deposit of £230,35712021'. £212.4391. These funds are held by the charity for the purpose of making donations in future reporting periods. The Group The reserves of the OMC Investments Limited sub group are £69,373,834 {2021.' £66,655,970). This is largely represented by investment and developmenl properties and properties used within the group l01811ing £65,866,803 {2021.. £55,265,239) and net current assets of £3,507.031 {2021.. £11.390.6411. The directors of the group manage Ihe property porttolio with the aim of maintaining and improving the value and earning polenlial of the portfolio for the longer lerm while maintaining a cautious attitude to risk and making donations from income, subject to ongoing and future investment considerations, lo the Marcela Trust to fund the Trust's charitable donations. c. Principal risks and uncertalnties The trustees have reviewed th8 major potential financial risks to which the Trust may be exposed and systems and procedures are in place lo mitigate SLtch risks. The Trust currently has no direct operational activities which could represent other risk exposure. The Trust's main asset is 95.5Yo of the shares of Omarca Investment Holdings Limited, which is a dormant intermediary holding company which owns 1 OOVO of the shares of OMC Investments Limited. OMC Investments Limiled's principal activities are property investment. management and the operation of three hotels through ils subsidiary comparkies. The risks to which OMC Investments Limited is exposed are therefore by extraction. indirect risks for the Marcela Trust. According to the accounts of OMC Investments Limited, the negative irnpacls and challen9es caused by the Covid-19 Pandemic at the lime of writing are considered to be largely behind us. The major risks to which the company is exposed arise as a direct consequence of the Russian invasion of the Ukraine earlier in 2022. This has caused soaring electricity, gas and oil prices not only in the U.K. where the company operates. but worfdwide. This in turn. coupled with the difficulties of exporting grain from the Ukraine, has impacted on prices of the majority of goods including food, resulting in a rapid and sharp rise in inflation. currently al 11.1Vv (October 20221, the highest rale for 41 yeaTS, and the Bank of Eng12nd has increased interest rates on seven occasions this year in response. Page 5

The Marcela Tru$t Trustees. rgport {continued} for the yearended 31 July 2022 The directors of OMC Investments Limited consider Ihat the company remains fvndamenlally robu$t to face the expected economic challenges brought on by high inftation and that revenues and profits will be steady in the oming year. d. Principal fvnding The Trust received donations amounting lo £450,000 in the financial year12021-. £200,000) from OMC Investments Limited. The donations meet and correspond with the objectives of the Trust which are for general charitable purposes and in the case of restricted donations, are administered in accordance with the donorfs wishes. Structure> governance and management a. Constitution The Marcela Trust is a registered charity, number 1127514. and is ¢onstiluted under a Trust deed. b. Methods of appointmont or electlon of trustees The management of the Group and the Charity is the responsibillty of Ihe Iruslees who are elected and co-opted under the lems of the Trust deed. ¢. Organlsatlonal structure and deci$lon-maklng pollcles The TNSI was established by Deed on 1st December 2008 as amended by a Deed of Amendment dated 5 January 2009. It was fomied for general charitable purposes In the expectation that il was to receive a donation ol shares in Omar¢a Investment Holdings Limited. 11 is registered by the Charity Commission under Registration Number 1127514. The Trustees are resporssible for the appointment of trustees and meet periodically during the year when funds become available for makirsg donations andlor to discuss progress reports from beneficiaries of the Tnjsl and other important Issues. The day lo day management of the Trust is undertaken by the trustees. Appropriate induction and training of new trL¢Stees is undertaken as necessary. Trustees who acted durlng the year are listed at the beginning of the report. d. Pay policy for key management Pgrsonnel (Including those of subsidiarios) The Trustees consider that they, together with the directors of the subsidiary company OMC Investments Limited, comprise the Key Management Personnel (see Note 11 to the accounts}. The Trustees give their lime freely. The pay and remuneration of the directors of OMC Investments Limited are sel by the Board and are reviewed annually based on the nature, role and extent of the respective director's reponsibililies and comparable remuneration levels in relevant industry sectors. Plans for future periods Charitable activty in the coming financial year will depend on th8 level of donations received from OMC Investments Limited. The trustees do not actively fund raise. Unencumbered funds held al the year end are sufficient lo discharge the Trust's audit and accountancy fees. insurance and bank charges and to make donations to organisations of merit and integrity al the discretion of the trustees. On receipt of further donations from OMC Investments Limited if any, during the coming year. the Iruslees expect to continue lo support charitable activities and organisalions at their discretion lor in the case of restricted donations in accordance with the wishes of the donor) in accordance with the general charitable purposes sel out in the Trust Deed and havin9 due regard for the public benefit guidance published by the Charity Commission for England and Wales. Page 6

The Marcela Trust Trustees. report l¢ontinuedl for the year endfjd 31 July 2022 ststement of trustees. responsibilities The Iruslees are responsible for preparing the Truslees. report and the f5nancial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the trustees lo prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial stalemenls. the trustees are required to.. select suitable accounting policies and then apply them consislenuy., observe tho methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that ate reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless It is inappropriate to presume Ihal the Group will continue in business. The trustees are responsible for keeping adequate accounting ￿cOr(1S that are sufficient lo show and explain the Group and the Charills transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are also sponsible for safeguarding the assets of the Group and the Charity and henee for laknng re8sonable steps for the prevention and deleclion of fraud and other irregularities. Di$¢losuTe of informatlon to auditors Each of the persons who are trustees al the time when thi5 Trustees, report is approved has confimied that: so far as thal trustee is aware, there is no relevanl audtl infomation of which the charitsble group's auditors are unaware. and Ihal trustee has taken all the steps that Oughl to have been taken as a Injslee in order lo be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that Informatlon. Approved by order of the members of the board of Ifustees and signed on their behalf by.. Mrs J Franklln MBE, Trustee Dale- Page 7

The Marcela Trust

Independent auditors' report to the Members of The Marcela Trust

Opinion

We have audited the financial statements of The Marcela Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 July 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Marcela Trust

Independent auditors' report to the Members of The Marcela Trust (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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 otherwise 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 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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The Marcela Trust

Independent auditors' report to the Members of The Marcela Trust (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 statements 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) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity, the group and their sectors as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to employment law, anti-bribery, GDPR, the Companies Act and the Charity Commission. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of subsidiaries and valuation of investment properties, as well as posting inappropriate journal entries to increase revenue or reduce expenditure within the trading subsidiaries’ accounts. Audit procedures performed by the engagement team included:

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The Marcela Trust

Independent auditors' report to the Members of The Marcela Trust (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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The Marcela Trust

Independent auditors' report to the Members of The Marcela Trust (continued)

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 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 audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor Horsham

2 December 2022

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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The Marcela Trust Consolldated balance sheet as at 31 July 2022 2022 2021 Note Flxed assets Tangible assets Investment propety 14 10,278,251 56,358.447 10.470,922 45.707,434 15 66.636,698 56,178,356 Current assets Stocks Debtors Cash al bank and in hand 17 18 29,571 1,305,983 4.055,646 29,545 1,222.354 10.716,681 5,391,200 11,968,580 Creditors.. amounts f811ing due within one year 19 (1.605,2771 {1.304,1691 Net Gurrent assets 3,785.923 10,664,411 Total assets less current liablllties 70,422,621 66,842.767 Creditors.. amounts falling Llue after more than one year Deferred laxalion 20 1823,0301 (23,9231 45,365 21 Net assets 69,599,591 66.864.209 Charlty funds Unrestricted funds 22 66,468,091 63,855,392 Tolal funds 66,468,091 63.855.392 NO￿￿ontrollIng interests 3,131.500 3,008,817 69,599,S91 66,864,209 The financial statements were approved and aulhorised for issue by the trustees and signed on their behalf by.. Mrs J Franklln MBE. Trustee Date.. 23- 1%. The notes on pages 18 to 38 form part of these financial statements. Page 15

The Marcela Trust Charity balance sheèt as at 31 July 2022 2022 2021 Notg Fixgd as50ts Investments 16 66,242,334 63.647,153 66,242,334 63,647,153 Current assets Cash at bank ar¢d in hand 230,357 212,439 230,357 212,439 Creditors.. amounts falling due withln one year 19 (4,600) 14.2001 Net current assets 225.757 208,239 Net assets 66.468,091 63,855.392 Charity funds Resliicted funds Unrestricted funds 22 22 66.468,091 63,855,392 Total funds 66,468,091 63,855,392 The financial statements were approved and aLrthorised for issue by the trustees and signed on their behalf by.. Mrs J Franklin MBE, Trustee Date.. The notes on pages 18 10 38 form part of these financial statements. Page 16

The Marcela Trust Consolldated statement of Cash flovts for the year ended 31 July 2022 2022 2021 Note Cash flows from operating activities Net cash used in operating activitie$ 26 2,237,762 209.418 Cash flows from Investing actlvltles Divldends, interests and rents from investments Purchase of tangible fixed assets Purchase of investments Dispos81 of investments and langible fixed assets 16,794 14,802 {69.392) {378,6651 (9,272,330) {2.123,655) 426,131 Net cash used In Investlng actlvltles {8,898.797} {2,487,518) Change In cash and cash equivalenls in the year Cash and cash equivalents at th8 beginning of the year (6.661,035) {2,278,1001 10.716,681 12,994,781 Cash and cash equlvalents at the end ot the year 27 4,055,646 10,716.681 The notes on pages 18 10 38 form part of these financial statements Page 17

The Marcela Trnst Notes to the Ilnanclal statem¢nts for the year ended 31 Juty 2022 General Infomatlon The Marcela Trusl is registered by the Charity Commission, incorporated in England & Wales. Details of the registered address can be found on the reference and administrative detsils page. The Marcela Trust owns 95.50￿ of the share capital of Omarea Investment Holdings Limtted. OmarGa Investment Holdings Limited holds 100U/o of the share capital of OMC Investments Limited. All of the companies are regISte￿d In England and Wales. vAth Ihe exception of Castel Salbek SRL which is registered in Romania. Accountlng policle$ 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial ststemenls have been prepared lo give a and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fairf view. This departure has involved following the Charities SORP {FRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The M8reela Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Irarssaclion value unless otherwise slated in the relevant accounting policy. The Consolidated ststemenl of financial activities ISOFAI and Consolidated balance sheet consolidate the financial slatemerÈls of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. No separate SOFA has been presented for the charity alone because the charity has taken advantage of the exemption available. These financial statements are presented in stewling which is the functional currency of the 9roup and are roLFnded lo the nearest £1. 2.2 Golng ton¢ern The financial statements have been prepared on a going concern basis as the truslees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for the nexl 12 months from aulhorising these financial stslemenls. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as 8 going concern. Page 18

The Marcela Tru$t Notes to the financlal statements for the yearended 31 July 2022 Accounllng pollcles (contlnued) 2.3 In¢ome Income in respect of donations is accounted for on a receivable basis once the charity has enlrtlemenl to the income, it is probable that the income will be received and Ihg amount of income can be measured reliably. For donations to be recognised the charity will have been notified of the amounts and the settlement dale in wriling. If there are conditions attached to the donation and Ihls requires a level of performance before enlillement be obtained then income is deferred until those conditions Ère fully mel or the fuifilmenl of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Income from other trading activities represents the amount derNed from the sale of properties. rents receivable, car parking charges and hotel operations (nel of VAT) receivable by the subsidiary companies. 2.4 Expenditure Expenditure is recognised once there is a legal or conslruclivè obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lotal of direct costs and shared costs. including support costs involved in undertaking each activity- Direct cosls attributable to a single activity are allocated directly to that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attrbbulable lo a single activity are apportioned be￿en those activities on a basis consister¢l with the use of resources. Expenditure on raising funds includes all expenditure incurTed by the Group to false funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support cost$. Grants payable are charged in the year when the offer is made except in thosg cases where the offer is conditional, such grants being reco9nised as expenditure when the Conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. bLrt not accrued as expenditure. 2.5 Government grants Govemmenl 9ranls received relate lo the CoronaviNs Job Retention Scheme. Eat Out To Help Out. local government grants and small business grants. Such grants are credited to the Consolidated statement of financial a¢tivtties as the related expenditure is incurred. 2.6 Interest recelvable Inlerest on funds held on deposit is included when receivable and the amount can be measuTod reliably by the Group,. this is normally upon notification of the interest paid or payable by Ihe inslilulion with whom the funds are deposlted. Page 19

The Marcela Trust Notes to the financial statements for thè year ended 31 July 2022 Accountlng poll¢les (contlnuedl 2.7 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meels the definition of a charitable company for UK corporation lax purposes. A¢¢ordingly, the Charity is potentially exempl from taxation in respect of income or capital gains feceived within calegories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The corporats'on tax charge relales to taxable profits arising in the trading subsidiaries. The Charity receives no exemption in respect of Value Added Tax (VATI and is not VAT registèred. 2.8 Tanglble flxed as$ets and depreciatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangibl8 fixed assets are measured al cost less aecumulaled depreciation and any accumulated impaimient losses. All cosls incurred to bring 8 tangible fLxed asset into ils intended workin9 condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost ol tangible fixed assets less their Tesidual value over their estimated useful lives. using the slraighl-line method. Depreciation is provided on the following basis.. Plant and equipment 3 10 5 years straight line basis 2.9 Investments Investments in subsidiaries are held at fair value. 2.10 Inve$trnent property Investment property is carried at fair value delemined periodically by external valuers and the directors and derived from the current market rents and investment propety yields for comparable real eslale, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in thè Statement of Financial Activities. 2.11 Sto¢ks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is based on the cost of purchase on a first in, first out basis. 2.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade diseount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2,13 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurity of three months or less from the dale of acquisition or opening of the deposit oi similar account. Page 20

The Mar¢ela Trust Notes to the flnancial statgmgnts ft*r the year ended 31 July 2022 A¢¢ounting policies Icontlnuedl 2.14 Liabilities and provisions Liabilities are recognised when there is an obligallon at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benafil will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilitses are recognised at the amount that the Charlty anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specifie lo the liability. The unwinding of the discount is recognised in the Consolidated slalement of financial activities as a finance cost. 2.15 Doforred taxatlon Full provision is made for deferred lax assets and liabilities arising from all timing drfferences beiween the recognition of gains and losses in the financial statements and recognition in the lax computation. A nel deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the undertylng timing differences can be deducted. Deferred lax assets and liabilitie5 are calculated at the lax rates expected to be effective al the lime the liming differences are expected lo reverse. 2.16 Flnancial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instwments. Basic financial instrumer¢ls are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest melhod. 2,17 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. 2.18 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the trustees in furtherance of the general objeclNes ol the Group an(J which have not been designated for other purposes. Restricted funds are lunds which are to be used in accordance with specific restriction5 imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administerin9 such funds are charged against the specifi¢ fund. The aim and use of each restricted fur¢d is set out in the notes to the financial slatemenls. Inveslmenl income. gains and losses are allocated to the appropriate fund. Page21

The Maicela Trust Notes to the financial statements forthe yeargnded 31 July 2022 Crltical accountlng estlmates and are•$ of Judgment Eslimales and judgments are eontinually evaluated and are based on historical experience and oiher factors. including expectslions of future events that are believed to be reasonable under the circyjmslances. Critrcal aeeounting estimates and assumptions.. The Group makes estimates and assumptions concerning the future. The resulting acco￿ntIng estimates and assumptions will. by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of eausing a material adjustment to the amounts of assets and liabilities within the next financial year are discussed below. The key a$5umptions concerning the future and other key sources of estimation uncertainty al the reporting dale that have a significant risk of causing material 8djuslment to the carrying amounts of assets and liabilities within the next financial year relate to delem)ining the fair value of the investment properties, which are sensitive to fluctuations in the propety market. Income from other tradlng activities Income from non charitable trading activities Unrestrlcted funds 2022 Total funds 2022 Trading income from subsidiary undertaknngs 6.916.849 6,916,849 Unreslricled funds 2021 Total fvnds 2021 Trading income from subsidiary undertakings 4.517.319 4,517,319 Page 22

The Marcela Trust Notes to the financlal statements for the year ended 31 July 2022 Government grants receivable Unrèstricted funds 2022 Total funds 2022 Government grants receivable by subsidiary undertakings 112,187 112,187 Unrestricted funds 2021 Total funds 2021 Govemmenl grants receivable by subsidiary undertakings 643,943 643,943 The govemmenl grants re￿1vable are included within lolal trading income from subsidiaries as detailed in note 4. Greyfviars Colchester ￿mited,. The enlily received government assistance in the form ol the coronavirus job retention scheme totalling £Nil (2021.. £198,039), local government support grants lolalling £77,874 {2021.' £109,710) and the eat- ouI-tO-helpNOUt scheme tolalling £Nil12021= £22,172}. QHH Limited,. The enlily received government assistance in the form of the coronavirus job Tetenlion scherne totalling £Nil {2021.. £216,421 }, local govemmenl support grants lolalling £34,31312021.' £92,01418nd the eat- out-to-help-oul scheme lotalling £Nil12021.. £1391. OMC Investments Limited., The entity received govemment assistance in the form of the coronavirus job retention s¢heme tolalling £Nil {2021= £5,448}. Investment income Unrestrlctèd funds 2022 Total funds 2022 Investment income 16.794 16.794 Unrestricted funds 2021 Total funds 2021 Invostment income 14,802 14,802 Page 23

The Marcela Trust Notes to the financlal statements for the year ended 31 July 2022 Expendlturè on ralslng funds Costs of rai$lng funds Unrestricted funds 2022 Total funds 2022 Legal and professional Direct costs of let properties and holel oporalions Recruitment and weltare Office adminislralion Travel 218.521 1.458,656 33,124 112,242 33.129 164,447 299,851 121,472 127,412 11,807 106,347 218.521 1.458,656 33,124 112.242 33,129 164,447 299,851 121.472 127,412 11,807 106,347 Rent, rates and service charges Light, heal and cleaning Repairs and maintenance Bank ¢harges Advertising Insurance Fees payable lo the charity's auditor for the auditin9 of accounts ol subsidiaries of the charity Wages and salaries National insurance Penslon costs Depreciatson 23,603 2,412,395 53.759 31,787 212,525 23.603 2,412,395 53,759 31.787 212.525 5,421.077 5.421,077 Page 24

The Marcela Trust Notes to the finanGial statements for the year ènded 31 July 2022 Exp¢ndlture on ralslng fund$ (¢ontlnued) Costs of ralslng funds (continued) Unrestrieled funds 2021 Total funds 2021 Legal and professional Direct costs of let properties and hotel operations Recnjitmenl and welfare Office administration Travel Rent. rates and seNce charges Light, heat and cleaning Bad debts Repairs and maintenance Bank Charges Advertising Insurance Fees payable to the charivs auditor for the auditing of accounts ol subsidiaries of the tharity Wages and salaries National insurance Pension costs Depreciation 170,834 1,033.818 27,176 90.827 21,695 99.429 139,126 117,635 140.293 52,945 9,059 89,786 170.834 1,033,818 21,176 90.827 21,695 99,429 139,126 117,635 140,293 52,945 9.059 89,786 23.542 2.158,277 50.821 30,862 168,924 23,542 2,158.277 50,821 30,862 168,924 4,419,049 4.419,049 Page 25

The Marcela Trust Notss to the financlal statèments for the year ended 31 July 2022 Analysls of grants Grants to Instltutlons 2022 Totsl funds 2022 Total funds 2021 Grants paid 427,000 427.000 The Group made the following grants lo institutions during 2022 from unreslri¢led funds.. Nuffield Orthopaedic cent￿ - £275,000 Society of Portrait Sculptors - £2,000 Fauna & Flora International - £150,000 No grants to institutions were made during 2021. Support cosls Unrestricted fund5 2022 Totsl funds 2022 Fees payable to the charity's auditor for the audit of the charity's annual accounts 2,380 3,060 2,380 3.060 Fees payable to the charity's auditor for non-audit ¢osts Total 2022 5,440 5.440 Unrestricted funds 2021 Total funds 2021 Fees payable to the charity's audilor for the audit of the charity's annual accounts 1,980 3,060 1,980 3.060 Fees payable to the charity's altditor for non•?udit cosls Tolal 2021 5,040 5,040 Audit fees of the subsidiary ¢ompar¢ies are allocated to raising funds and the audit fee of the Charity is allocated to charitsble activities and wgre unreslricled in the Cu￿ent and preceding year. Page 26

The Marcela Trust Notes to th8 financial statements for the yèar ended 31 July 2022 10. Auditors, remuneration 2022 2021 Fees payable to the Chartly's auditor for the audit of the Charitys annual accounts 26,483 24,110 Fees payable lo the Charity's auditor in respect of= The auditing of accounts of associates of the CharFty 11.690 12,320 11. Staff GostS Group 2022 Group 2021 Wages and salaries Social security costs Pensions 2,412,395 53,759 31,787 2,158,277 50.821 30.862 2.497,941 2,239,960 The average number of persons employed by the Charity during the year was as follows.. Group 2022 No. Group 2021 No. Management Administration Hotel staff lexduding hotel manager) 98 99 111 Tho number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. Group 2022 No. Group 2021 In the band £110.001- £120,000 In the band £220.001- £230.000 In the band £150,000 - £160,000 The total employmenl benefits including employer penslon contributions of the key management personnel were £394,06712021: £384,112). Page 27

The Marcela Trust Notes to thg financial statements for th¢ y¢ar ended 31 July 2022 12. Trustees, remuneratlon and expenses One of the truslees is a director of a subsidiary company. One difoctor receives remuneralion. benefits and reimbursed expenses in respect of their employment by that company. No remuneration or reimbursed expenses have been paid lo the trustees, in their role as tnjslees, by the charity. During the year, former trustee B A Groves (deceased 14 April 20211 charged the trading subsidiary £Nil (2021.. £27,083) in respect of directors. services for B A Groves. Trustees, emoluments for the perlod {including employer's national insurance) were as follows= D P Rose £224,87912021: £223,631). The remuneration paid lo D P Rose is in respect of her employment as a director by the trading subsidiary and not for her n)le as a trustee of the charity- During the year ended 31 July 2022, no trustee expenses have been incurred12021- £NIL). 13. Taxation 2022 2021 Coiporation tax Total Current tax Deferred tax Changes lo tax rates Tax losses carried forward (14,3261 59.691 {45.3651 Total deferrgd tsx 45,365 145,365) Taxatlon on net tn¢omo1{oxpendlture} 45.365 {45.365) Page 28

The Marcela Trust Notes to the Ilnancial statements for the year ended 31 July 2022 13. Taxation (Continued) The tax assessed for the year is lower than12021 lower than) the standard rale of corporation lax in the UK of 19 /012021 19Q/ol. The differences are explained below.. 2022 2021 Nel incomellexpendilure) before lax 1,025.473 108,002 Net incomel{expenditurel multiplied by the standard rate of corporation L in the UK of 1912021 19¥01. Effects of: 194,840 20,520 Expenses not deductible for lax purposes, other than goodwill amortisation and impaimenl Capital allowances for year in excess of depreciation Utilisalion of lax losses Other timing differences leading lo an increaselldecreasel in laxalion Unrelieved tax losses Carried forward Group relief Subsidi2ries not eligible for Corporation lax Deferied taxation - losses to be ulilised 25.712 (43,4461 142,261) (354) 25,130 (93,5271 (37,540) 79,298 {135,838) 1,347 45.365 6,119 145,3651 Total tax charge for the year 45,365 (45,365) The tax charge is in relatign to the trading subsidiaries. On 24 May 2021, the Finance Bill 2021 was Sltbstanllvely enacted, increasing the main rate of corporation tax to 25 /0 on 1 April 2023 for companies with taxable profits above £250,000. Companies with taxablè profits below £50.000 will continue lo pay corporation tax at 19 Jo and a marginal relief will apply between these thresholds. Deferred taxes have been measured using the rates substantively enacted al Ihe reproting dale and reflected in these finan¢ial slatemenls. Page 29

The Marcela Trust Notes ¢0 Ihe flnanclal statements for the year ended 31 July 2022 14. Tanglble fFxed a$sots Group and Charlty Freehold property Plant and machlnery Total Cost or valuation Al 1 August 2021 Additions Disposals Revaluations 9.557.895 3,663,833 13.221,728 69.392 69.392 1426,130) 376,591 {426,1301 376,591 Al 31 July 2022 9,508,356 3,733.225 13,241,581 Depreciatlon Al 1 August 2021 Charge for the year 2,750,806 212,524 2.750,806 212,524 At 31 July 2022 2,963.330 2,963,330 Net book value At 31 July 2022 9.508.356 769.895 10,278,251 Al 31 July 2021 9.557.895 913.027 10,470,922 Included within the freehold property class of fixed assets are properties which were revalued on 31 July 2022 by Deloitte LLP who are exlemal to the company. Such properties have a current value of £6,408.358 and a carrying amount at historical cost of £7,311,706. The depreciation on this historical cost is £nil. One other propery included within freehold property was not included in independenl valuations undertaken during the year and has been revalued by the directors at the year end. one of whom is a chartered surveyor. This propety has a Cuffent value of £3,100.000 and a carying amount at historical cost of £10.517.934. Page 30

The Marcela Trust Notes to the financial statèm¢nts for thè year ended 31 July 2022 15. Investment property Group Freehold Investment property Valuatlon At 1 August 2021 Additions Deficit on revaluation 45,707,434 9,272,330 1.378.683 At 31 July 2022 56,358,447 Ilncluded wtthin the investment properties class of f￿ed assets are properties which were revalued on 31 July 2022 by Deloitte LLP who are external to the company. Such properties have a current value of £48,377,172 and a carrwng amount al historical cost of £80,298,649. The depreciation on this historical cost is £nil. Included within the investment properties class of fixed assets are properties which were revalued on 20 August 2022 by Sowerybys who are external to the company. Such properties have a current value of £375,000 12021.. £325.0001 and a carrying amount at historical cost of £282,998. The directors do not consider this value lo be materially different at the year end. The depreciation on this historical cost is £nil. Included ￿thin the investment properties Glass of fixed assets are properties which were revalued on 24 June 2022 by T B J Noble Bsc {Honsl MRICS of Nicholas Percival Limited who are external lo the company. Such properties have a current value of £1,300.000 {2021= £1,359,200) and a carrying amount al historical cost of £2,828,901. The directors do not consider this value lo be materially different al the year end. The depreciation on this hlslorical cost is £nil. Certain properties included within the Investment properties class of fixed assets PLErchased during the year were not included in the valuations undertaken. These properties have been revalued by the directors al the year elld. one of whom is a chartered surveyor. Such properties have a current value of £5,996.275 and a carrying amount al historical cosl of £6,000,175. One olher property included within the inveslmenl prop&rties class of fixed assets was not included in independent valuations undertaken during the year and has been revalued by the directors al the year end, one of whom is a chartered surveyor. This property has a current value of £310,000 and a carrying amount at historical cost of £252.477. Page 31

The Mar¢ela Trust Notes lo the finan¢ial statements for the year ended 31 July 2022 16. Fixed asset investmen1$ Investmènts In subsldiary companiès Charlty Co$t OT valuatlon Al 1 August 2021 Revaluations 63,647,153 2.595.181 At 31 July 2022 66,242,334 Net book value At 31 July 2022 66,242,334 Al 31 July 2021 63,647,153 Prin¢ipal subsidiarles The following were subsidiary ijndertakings of the Charity.. Names Company nurnber Prln¢lpal place of bu$lnoss Prln¢lpal activity Holding Qmarca Inveslmgnl Holdings Limited OMC Investments Limited, QHH Limited. 02264609 3 Robert Street. London, WC2N 6RL 3 Robert Streel. London. WC2N 6RL 9 Quebec Street. Leeds, LS1 Hotel and luxury 2HA apartments High Street. Colchestef. C01 Luxury hotel and 1UG restaurant Dormanl inlemiediary holding company Propety development 950 00991581 100Yo 07637088 Greyfriars Colchester 08835219 Limited" IOO¥o The financial results of the subsidiaries for the year were: Namos Income ExpÈnditure ProfiV{Loss> for tho period Net assets Omarea Investmenl Holdings Limited OMC Investments Limited. QHH Limited, Greyfriars Col¢he5ter Limited. 4.000.000 2.974.124 69.577.403 137.116 1174.5041 172.5761 (3.289.524) 3,094.382 2,030.886 2,143.250 120.258 1.893.770 2.215.826 Indirect subsidiary undertakin9 Castel Salbek SRL was also an indirect subsidiary undertaking al 1 August 2021. OMC Investments Page 32

The Marcela Trust Notes to the flnancial statgments for the year ènded 31 July 2022 16. Flxed asset investments {continued) Limited disposed of ils 247,420 shares held in Caslel Salbek SRL on 22 November 2021. 17. Stocks Group 2022 Group 2021 Finished goods and goods for resale 29,571 29.545 The cost of stocks recognised as an expense In the year amounted to £26 (2021.. £6,795). 18. Debtors Group 2022 Group 2021 Due after more than one year Olher debtors 579,184 593,114 579,184 593,114 Due within one year Tiade debtors Olher debtors Prepayments and accmed income 104.165 155,187 467,447 143.275 113,337 372,628 1,305,983 1.222.354 Page 33

The Marcela Trust Notes to the financial statfjmgnts for the year ended 31 July 2022 19. Credltors: Amounts falllng due wlthln one year Group 2022 Group 2021 Charlty 2022 Charity 2021 Trade creditors Other taxation and soci81 seGUlIty Other creditors Accruals and deferred income 368,562 286,758 266,987 682,970 453,961 95.648 206,005 548.555 4.600 4,200 1,605,277 1,304.169 4,600 4,20D Deferred income 2022 2021 Deferred income al the start of the year Incoming resouces deferred during the year Amounts released from previous years 425.677 523.513 1425,6771 323.987 425,677 {323,987) Deferred in¢ome at the end of the year 523.513 425,677 Deferred income is In relation to rental income invoiced in advance. 20. Crgd5tors: Amount$ falling due after more than one year Group 2022 Group 2021 Olher creditors 823.030 23,923 21. Deferred taxation Group 2022 Al the beginning of the year Charge for the year (45.365) 45,365 Page 34

The Marcela Trust Not05 to the financlal statem¢nts for the year ended 31 July 2022 21. Deferred taxatlon {¢ontlnued) The defe￿d tax asset is made up as follows-. Group 2022 Group 2021 Tax losses carried forward 45,365 45.365 22. Statement of funds - Group The purpose for which funds are held is detailed in the Trustee's Report on pages 2 to 7. Statèmenl of funds . cuffent yèar Balance at I August 2021 Gainsl Balance at ILosses) 31 July 2022 In¢ome Expendlture Taxation Unrestrlcted funds General Funds- all funds 66,864,209 6,933.643 {5.853,5171 {45,3651 1,700,621 69.599.591 Staternent of funds . prlor year Balance at 1 August 2020 Gainsl Balan￿ al (Losses} 31 July 2021 Income Expenditure Taxalion Unrestricled funds General Funds- all funds 70,723.653 4.532.121 {4,424,119} 45.365 (4.012.811) 66,864,209 Page 35

The Marcela Trust Notes to the financial statements forthe ytsarended 31 July 2022 23. Summary offunds. Charlty Summary of funds- current year Balance at 1 August2021 Gain l Balance at (losses) 31 July 2022 Incomè Expondilure General Funds - all funds 63 855 392 432 482 2 595 181 66 468 091 Summary of funds - prior year Balance at 1 August 2020 Galn I Balance al (losses) 31 July 2021 Income Expendilure General Funds- all fijnds 67 531 824 71 50811 LUL11 3 855 392 24. Non<ontrolllng Intsrest Equlty Al 1 August 2021 Proportion of profil after laxalion for the year 3,008,817 122,683 At 31 July 2022 3,131,500 25. Analy$ls of net a$set8 between funds Analy$ls of net assets between funds - Current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Investment property Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year 10,278,251 10,278,251 56,358.447 56,358,447 579.184 579.184 4,812,016 4.812.016 11,605,277} {1,605,277) {823,0301 {823,030) Total 69,599,591 69.599,591 Page 36

The Marcela Trust Notgs to the financlal statem8nt$ for the year ended 31 July 2022 25. Analy$ls of net assets between funds (¢ontiftued> Anatysis of ngt assets between fund5 - prior year Unrestricted funds 2021 Reslricled funds 2021 Total funds 2021 Tangible fixed assets Investment property Debtors due after more than one year Current assets Creditors due within one y8aF Creditors due in more than one year Provisions for liabillties and charges 10,470.922 45.707,434 593,114 11.375,466 {1,304.169) 123,923} 45.365 10.470,922 45,707,434 593.114 11,375,466 (1,304,169) 123,923) 45.365 Totsl 66.864,209 66,864.209 26. Recon¢Sllatlon of net movement in funds to net ¢ash flow from operating aGtivitles Group 2022 Grovp 2021 Nel income for the year {as per Statement of Financial Activities} 980,108 153,367 Adjustments for.. Depreeiation charges Dividends, interests and rents from investments Increase in stocks (Increase)Idecrease in debtors Increase in creditors Taxation 212,524 168,924 (16,794) (14,802) 126) {6.795) {83.6301 {800,371 } 1.100,215 754,460 45,365 {45,3651 Net cash provlded by 0￿ratIng activities 2,237,762 209.418 27. Analysis of cash and Gash equivalents Group 2022 Group 2021 Cash in hand 4,055,646 10.716.681 Total cash and cash equlvalents 4.055,646 10,716,681 Page 37

The Marcela Trust Notès to the flnanclal statement$ for the year ended 31 July 2022 28. Analysls of ¢hange$ In net debt At 1 August 2021 Cash flows At 31 July 2022 Cash al bank and in hand 10,716.681 {6,661,035) 4.055.646 10,716,681 16.661,035) 4,055,646 29. Pen$lon Commitments The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group lo the scheme and amounted lo £60,600 {2021.. £53,818). At the balance sheet dale £7,811 {2021 £7,058) were payable lo the fund and are included in creditors. 30. Related party transactions Mrs J Franklin (Trusleel During the year the charity paid donations of £275,000 lo the Nuffield Orthopaedic Centre Appeal {RegiStered Charity No. 10462431. Mrs J Franklin MBE is also a trustee of this charity. Mr P Hotham (Trusteel During the year the charity paid donations of £150,000 lo Fauna & Flora Inlernalional (Registered Charity No. 1011102). Mr P Hotham is also a trustee of this charity. Pa9e 38