2024-07-31-accounts

Charity number: 1127514

The Marcela Trust

Trustees’ Report and Financial Statements For the Year Ended 31 July 2024

The Marcela Trust

Contents

	Page
Reference and administrative details ofthe Charity, its trustees and advisers	1
Trustees’ Report	2-6
Independent Auditor's Reporton the Financial Statements	7-11
Consolidated Statement of Financial Activities	12
Consolidated Balance Sheet	13
Charity Balance Sheet	44
Consolidated Statement ofCash Flows	15
NotestotheFinancialStatements	16-34

The Marcela Trust

Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 July 2024

Trustees

Mrs J Franklin MBE Mrs D P Rose Mr M R Spragg Mr P Hotham

Charity registered number

1127514

Principal office

The Trustees’ Office The Marcela Trust East Hill House 76 High Street Colchester CO1 1UF

Independent auditor

Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG

Bankers

HSBC Bank UK 16 Goring Road Worthing West Sussex BN12 4AW

Solicitors

Dean Wilson Ridgeland House 165 Dyke Road Brighton BN3 1TL

Page 1

The Marcela Trust

Trustees’ Report For the Year Ended 31 July 2024

The trustees present their annual report together with the audited financial statements of the Charity for the 1 August 2023 to 31 July 2024.

Objectives and activities

a. Policies and objectives

tn December 2009 the Trust received a donation of 95.5% of the share capital of Omarca Investment Holdings Limited, a dormant intermediary holding company which holds 100% of the shares of OMC Investments Limited. The principal activities of OMC Investments Limited, which was founded in 1971, are property investment, management and development and the operation of three hotels through its subsidiary companies. Both Omarca Investment Holdings Limited and OMC Investments Limited are companies registered in England and Wates.

The Trust is named after Marcela Botnar (1928-2014), the wife of the founder of OMC Investments Limited, Octav Botnar (1913-1998). 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 actively fundraise. Restricted donations are administered in accordance with the wishes of the donor. In the absence of any restrictions, the trustees are empowered to invest the funds in accordance with Trust Law as they deem fit and to support charitable activities and organisations of merit and integrity, at their discretion in accordance with the Trust Deed and having due regard for the public benefit guidance published by the Charity Commission for England and Wales.

In setting objectives and planning for activities, 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. Grant-making policies

Since the Trust’s inception in 2009, the trustees have made grants using restricted and unrestricted funds donated by OMC Investments Limited, administering restricted funds in accordance with the wishes of the donor and unrestricted funds to support charitable activities and organisations of merit and integrity, at their discretion in accordance with the Trust Deed.

c. Main activities undertaken to further the Charity's purposes for the public benefit

The trustees consider that through its aims and the donations it has made, the Trust has provided public benefit. 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 relief of poverty in disadvantaged communities. All of the beneficiaries of the Trust's donations rely fundamentally, if not exclusively, on financial support from the charitable and not for profit sectors in order to fund the services, research, activities and philanthropic work they carry out.

Achievements and performance

a. Main achievements of the Charity

Donations of £450,000 (2023: £450,000) were received from OMC Investments Limited in the financial year. Donations from the Trust to other charitable organisations and activities amounting to £280,000 (2023: £352,000) were made in the year in furtherance of the Trust's legal purposes and for the public benefit, as explained below.

• e £280,000 was donated to Fauna & Flora International, Registered Charity No. 1011102 to fund selected charitable community initiatives in the remote Zarand region of Western Transylvania.

Page 2

The Marcela Trust

Trustees’ Report (continued) For the Year Ended 31 July 2024

Achievements and performance (continued)

b. Peformance review

A consolidated statement of financial activities is presented on page 12.

Charitable donations made by the Trust are administered in accordance with the wishes of the donor in the case of restricted donations and in the case of unrestricted donations, in accordance with the Trust Deed and at the trustees’ discretion, as explained in this report.

As the Trust is the ultimate majority shareholder of the trading and investment company, OMC Investments Limited, the results of that company and its subsidiary companies are consolidated into the financial statements of the Marcela Trust. How the consolidated figures impact on the Trust's accounts is explained in the Notes to the Financial Statements.

The Directors' Report included in the Financial Statements of OMC Investments Limited outlines the significant factors affecting that company's performance and outlook and the trustees are kept informed of the company's activities at trustee meetings during the year.

c. Performance and impact of subsidiary undertakings

OMC Investments Limited makes charitable donations to the Trust from its annual operating profits, and the Trust administers the donations as mentioned in this report. The trustees do not actively fund raise.

In the financial year ended 31 July 2024, while the turnover of OMC Investments Limited was slightly down on the previous year, operating profit was higher at £845,109 (2023: loss of £659,950). The trading figures of OMC Investments Limited and its two subsidiary companies which operate hotels in Leeds and Colchester (at a profit of £169,831 and a loss of £142,415 respectively) are consolidated here in the Trust’s accounts.

The improved operating profit of OMC Investments Limited chiefly reflects the difference in fair value movements in the Company’s property portfolio between this year and last.

Interest rates remained at 5.25% throughout the financial year as part of the Bank of England's measures to bring inflation under control. This has continued to temper property values, which in turn have continued to subdue the investment market. As a result, Company funds awaiting investment have grown and interest income increased to £367,476 (2023: £193,186).

The environment of relatively high interest rates and higher inflation has continued to impact on consumer spending and to prolong the so-called “cost of living crisis". While the Company’s established tenants have proven to be resilient so far against these economic conditions, the Company's hotel and restaurant in Colchester experienced lower guest and visitor numbers and lower spending per guest compared with the previous year.

OMC Investments Limited made one donation to the Marcela Trust in July 2024 in the sum of £450,000.

Forecasts have been prepared for the next twelve months. The directors consider that the Company remains robust and that revenues and profits will be steady in the coming year.

d. Investment policy and performance

The trustees are empowered to invest the funds of the Trust in stocks, shares, securities, debts, options or other investments as they consider fit and in accordance with Trust Law. The trustees have had no significant funds to invest in the current year. The uncommitted funds at the year end were held in the Trust's bank account in readiness for charitable donations post year end and in order to discharge audit and accountancy fees.

Page 3

The Marcela Trust

Financial review

Trustees’ Report (continued) For the Year Ended 31 July 2024

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trust

Since its 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 activities of its own and its only unavoidable overheads are audit and accountancy fees, insurance and bank charges. At the year end the Trust had unencumbered funds on deposit of £486,143 (2023: £322,775). 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 £65,154,915 (2023: £67,853,684). This is largely represented by investment and development properties and properties used within the group totalling £61,398,340 (2023: £62,480,000) and net current assets of £3,756,575 (2023: £5,373,684). The directors of the group manage the property portfolio with the aim of maintaining and improving the value and earning potential of the portfolio for the longer term while maintaining a cautious attitude to risk and making donations from income, subject to ongoing and future investment considerations, to the Marcela Trust to fund the Trust's charitable donations.

c. Principal risks and uncertainties

The trustees have reviewed the major potential financial risks to which the Trust may be exposed and systems and procedures are in place to mitigate such risks. The Trust currently has no direct operational activities which could represent other risk exposure.

The Trust's main asset is 95.5% of the shares of Omarca Investment Holdings Limited, which is a dormant intermediary holding company which owns 100% of the shares of OMC Investments Limited. OMC Investments Limited’s principal activities are property investment, management and development and the operation of three hotels through its subsidiary companies.

The risks to which OMC Investments Limited is exposed are therefore by extraction, indirect risks for the Marcela Trust. According to the financial statements of OMC Investments Limited, risks have arisen as a result of measures announced in the new Labour Government's recent Autumn Budget, notably the increase in Employer's National Insurance costs to 15%, the reduction of the threshold at which Employer's NI starts to be paid to £5,000 from £9,100 from April 2025, which together with the increase in National Minimum Wage next year will increase the cost of employing a person on NMW by c. 10% or £2,600 p.a.

As a further Budget measure, business rates relief will be reduced from 75% to 40% on properties in the retail and hospitality sectors from April 2025.

These additional costs will have a particular impact upon those of the Company's tenants which operate in retail and hospitality, including the Company's subsidiary companies, as businesses in these sectors employ relatively large numbers of people while operating on very low margins.

This represents a degree of risk to the Company in the form of risk of business failure of tenants and pressure on rents in the retail and hospitality sectors in particular. If that is the case, this in turn will also adversely affect property valuation levels.

Page 4

The Marcela Trust

Trustees' Report (continued) For the Year Ended 31 July 2024

While the Directors consider that the Company’s investment portfolio across well-positioned office, leisure and high street retail locations in Central London, Central Leeds and a number of market towns and small cities in the South and East of England represents a broad and reasonable risk profile under normal circumstances, at the time of writing the consequences of higher taxation on employment and increased business rates costs for retail and hospitality in particular, at a time of weak economic growth, are uncertain.

d. Principal funding

The Trust received donations amounting to £450,000 in the financial year (2023: £450,000) 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 donor's wishes.

Structure, governance and management

a. Constitution

The Marcela Trust is a registered charity, number 1127514, and is constituted under a Trust deed.

b. Methods of appointment or election of trustees

The management of the Group and the Charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Trust was established by Deed on 1st December 2008 as amended by a Deed of Amendment dated 5 January 2009. It was formed for general charitable purposes in the expectation that it was to receive a donation of shares in Omarca Investment Holdings Limited. It is registered by the Charity Commission under Registration Number 1127514.

The Trustees are responsible for the appointment of trustees and meet periodically during the year when funds become available for making donations and/or to discuss progress reports from beneficiaries of the Trust and other important issues. The day to day management of the Trust is undertaken by the trustees. Appropriate induction and training of new trustees is undertaken as necessary. Trustees who acted during the year are listed at the beginning of the report.

d. Pay policy for key management personnel (including those of subsidiaries)

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 time freely. The pay and remuneration of the directors of OMC Investments Limited are set by the Board and are reviewed annually based on the nature, role and extent of the respective director's reponsibilities and comparable remuneration levels in relevant industry sectors.

Plans for future periods

Charitable activity in the coming financial year will depend on the level of donations received from OMC Investments Limited. The trustees do not actively fund raise. Unencumbered funds held at the year end are sufficient to discharge the Trust's audit and accountancy fees, insurance and bank charges and to make donations to organisations of merit and integrity at the discretion of the trustees. On receipt of further donations from OMC Investments Limited if any, during the coming year, the trustees expect to continue to support charitable activities and organisations at their discretion (or in the case of restricted donations in accordance with the wishes of the donor) in accordance with the general charitable purposes set out in the Trust Deed and having due regard for the public benefit guidance published by the Charity Commission for England and Wales.

Page 5

The Marcela Trust

Trustees' Report (continued) For the Year Ended 317 July 2024

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The faw applicable to charities in England & Wales requires the trustees to prepare financial statements 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 statements, the trustees are required to:

• e select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles of the Charities SORP (FRS 102);

• ° make judgements and accounting estimates that are reasonable and prudent;

• ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that:

• « so far as that trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and

• ° that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

Approved by order of the members of the board of trustees and signed on their behalf by:

De ere WRCanke .% Cee ceeuceenneecmeparceaaanssascessURTrrsaree tans Mrs J Franklin MBE, Trustee

Date. i? Detonber Bre

Page 6

The Marcela Trust

Independent Auditor's 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 2024 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 !aw and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of lreland' (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:

• ° give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 July 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• « have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• . have been prepared in accordance with the requirements of the Charities Act 2011.

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 Auditor's 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.

Page 7

The Marcela Trust

independent Auditor's 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 Auditor's 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:

• ° the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or

• e the parent Charity has not kept sufficient accounting records; or

• e the parent Charity financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit.

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.

Page 8

The Marcela Trust

independent Auditor's Report to the Members of The Marcela Trust (continued)

Auditor's 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 Auditor's 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 faws 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:

• e Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations including health and safety and fraud, and review of the reports made by management, and

• « Assessment of identified fraud risk factors; and e Checking and reperforming the reconciliation of key control accounts for trading subsidiaries; and e Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• « Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• e Challenging assumptions and judgements made by management in its significant accounting estimates; and e Reviewing the fair value of investments held in subsidiary companies, with reference to their net assets at the reporting date; and

• e Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and

• e Obtaining and reviewing bank audit confirmation letters to verify cash at bank levels at the reporting date; and

• « Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• e Review of the property valuation reports, assessment of significant underlying assumptions and of management's expers' independence and objectivity; and

Page 9

The Marcela Trust

independent Auditor's Report to the Members of The Marcela Trust (continued)

• e Proof in total workings and substantive testing conducted on income streams for trading subsidiaries; and e Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

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.

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

• ° Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• ® Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.

• ° Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• ° Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conctude that a material uncertainty exists, we are required to draw attention in my Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's Report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• ° Evaluate the overall! presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• e Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

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 contro! that we identify during our audit.

Page 10

The Marcela Trust

Independent Auditor's 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 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 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 Date: tb Detum be o ae

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

Page 11

The Marcela Trust

Consolidated Statement of financial activities For the Year Ended 31 July 2024

----- Start of picture text -----
Unrestricted Total Total
funds funds funds
2024 2024 2023
Note £ £ £
Income from:
Other trading activities 4 8,051,211 8,051,211 8,079,373
Investments 5 331,252 331,252 462,537
Total income 8,382,463 8,382,463 8,231,910
Expenditure on:
Raising funds 6 6,005,645 6,005,645 5,819,563
Charitable activities 290,595 290,595 359,895
Total expenditure 6,296,240 6,296,240 6,179,458
Net income before net (losses)/gains on
investments 2,086,223 2,086,223 2,052,452
Net (iosses)/gains on investments (99) (99) 17,483
Net income before taxation 2,086,124 2,086,124 2,069,935
Taxation 12 (467,289) (467,289) (421,739)
Net income after taxation 1,618,835 1,618,835 1,648,196
Transfers between funds 20 - - -
Net movement in funds before other recognised SO
gains/{losses) 1,618,835 1,618,835 1,648,196
Other recognised gains/(losses):
Losses on revaluation of fixed assets (1,081,660) (1,081,660) (3,076,803)
Net movement in funds 537,175 537,175 (1,428,607)
Reconciliation of funds:
Total funds brought forward 68,170,984 68,170,984 69,599,591
Net income attributable to the parent charity 1,553,162 1,553,162 4,561,236
Net (losses)/gains attributable to the parent charity (1,032,930) (1,032,930) (2,921,224)
68,691,216 68,691,216 68,239,603
Net income attributable to non-controlling interests 65,772 65,772 69,477
Net (losses)/gains attributable to non-controlling
interests (48,829) (48,829) (138,096)
Total funds carried forward 68,708,159 68,708,159 68,170,984
----- End of picture text -----

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 34 form part of these financial statements.

Page 12

The Marceta Trust

Consolidated Balance Sheet As at 31 July 2024

----- Start of picture text -----
2024 2023
Note £ £
Fixed assets
Tangible assets 13 10,189,824 9,762,993
Investment property 14 51,779,340 53,447,987
61,969,164 63,210,980
Current assets
Stocks 16 26,169 25,222
Debtors 17 1,245,729 1,227,291
Cash at bank and in hand 8,451,392 6,392,106
9,723,290 7,644,619
Creditors: amounts failing due within one
year 18 (2,136,813) (1,857,421)
Net current assets 7,586,477 5,787,198
Total assets less current liabilities 69,555,641 68,998,178
Creditors: amounts failing due after more
than one year 19 (847,482) (827,194)
Net assets 68,708,159 68,170,984
Charity funds
Unrestricted funds 20 65,628,335 65,108,103
Total funds 65,628,335 65,108,103
Non-controlling interests 3,079,824 3,062,881
68,708,159 68,170,984
----- End of picture text -----

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

SRPPenpvesecnazzenseresseaeaassDh eererEPRsLinty Mrs J Franklin MBE, Trustee (Chair of Trustees)

Date: 12? Q¢teowbe- Brar

The notes on pages 16 to 34 form part of these financial statements.

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The Marcela Trust

Charity Balance Sheet

As at 31 July 2024

----- Start of picture text -----
2024 2023
Note £ E
Fixed assets
Investments 15 65,149,192 64,790,803
65,149,192 64,790,803
Current assets
Cash at bank and in hand 486,143 322,775
486,143 322,775
Creditors: amounts falling due within one
year 18 {7,000) (5,475)
Net current assets 479,143 317,300
Total net assets 65,628,335 65,108,103
Charity funds
Restricted funds 20 - -
Unrestricted funds 20 65,628,335 65,108,103
Total funds 65,628,335 65,108,103
----- End of picture text -----

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

Mrs J Franklin MBE (Chair of Trustees)

Date: 12 VeConler wrt

The notes on pages 16 to 34 form part of these financial statements.

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The Marcela Trust

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Consolidated|Statement|of|Cash|Flows| |For the|Year|Ended|31|July|2024| |2024|2023| |Note|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|24|1,784,974|2,049,556| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|331,252|152,537| |Purchase|of tangible|fixed|assets|(57,314)|(177,009)| |Disposal|of|investments|and|tangible|fixed|assets|374|314,376| |Net cash|provided|by|investing|activities|274,312|286,904| |Change|in|cash|and|cash|equivalents|in the|year|2,059,286|2,336,460| |Cash|and|cash|equivalents|at|the|beginning|of the|year|6,392,106|4,055,646| |Cash|and|cash|equivaients|at the end|of the|year|25|8,451,392|6,392,106| |The|notes|on|pages|16|to|34 form|part|of these|financial|statements|

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Page 15

The Marcela Trust

Notes to the Financial Statements

For the Year Ended 31 July 2024

1. General information

The Marcela Trust is registered by the Charity Commission, incorporated in England & Wales. Details of the registered address can be found on the reference and administrative details page.

The Marcela Trust owns 95.5% of the share capital of Omarca Investment Holdings Limited. Omarca Investment Holdings Limited holds 100% of the share capital of OMC Investments Limited. All of the companies are registered in England and Wales.

2. Accounting policies

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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) 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 Marcela Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements 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 sterling which is the functional currency of the group and are rounded to the nearest £1.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees 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 next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 16

Notes to the Financial Statements For the Year Ended 31 July 2024

The Marcela Trust

2. Accounting policies (continued)

2.3 Income

income in respect of donations is accounted for on a receivable basis once the charity has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the contro! of the charity and it is probable that they will be fulfilled.

Income from other trading activities represents the amount derived from the sale of properties, rents receivabie, car parking charges and hotel operations (net of VAT) receivable by the subsidiary companies.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise 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 costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised 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, but not accrued as expenditure.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories 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 corporation tax charge relates to taxable profits arising in the trading subsidiaries.

The Charity receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

Page 17

The Marcela Trust

Notes to the Financial Statements

For the Year Ended 31 July 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

~ 3 fo 5 years

2.8 Investments

Investments in subsidiaries are held at fair value.

2.9 Investment property

Investment property is carried at fair value determined periodically by external valuers and the directors and derived from the current market rents and investment property yields for comparable real estate, 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 the Statement of Financial Activities.

2.10 Stocks

Stocks are valued at 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 ona first in, first out basis.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Page 18

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

2. Accounting policies (continued)

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes,

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to determining the fair value of the investment properties, which are sensitive to fluctuations in the property market.

Page 19

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

4. Income from other trading activities

Income from non charitable trading activities

					Unrestricted	Total
					funds	funds
					2024	2024
					£	£
Trading	income	from	subsidiary	undertakings	8,051,211	8,051,211
					Unrestricted	Total
					funds	funds
					2023	2023
					£	£
Trading	income	from	subsidiary	undertakings	8,079,373	8,079,373

5. Investment income

Investment	income
Investment	income

Unrestricted	Total
funds	funds
2024	2024
£	£
331,252	331,252
Unrestricted	Tota!
funds	funds
2023	2023
£	£
152,537	452,537

Page 20

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

1. Expenditure on raising funds

Costs of raising funds

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Legal and professional	187,849	187,849
Direct costs of let properties and hotel operations	4,696,207	1,696,207
Recruitment and welfare	44,933	44,933
Office administration	110,188	110,188
Travel	34,233	34,233
Rent, rates and service charges	84,690	84,690
Light, heat and cleaning	388,405	388,405
Repairs and maintenance	140,251	140,251
Bankcharges	112,740	112,740
Advertising	9,856	9,856
Insurance	131,921	131,921
Fees payable to the charity's auditor forthe auditing ofaccounts of
subsidiaries ofthe charity	31,685	31,685
Wages and salaries	2,704,573	2,704,573
National insurance	52,704	52,704
Pension costs	58,189	58,189
Depreciation	217,221	217,221
	6,005,645	6,005,645

Page 21

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

6. Expenditure on raising funds (continued)

Costs of raising funds (continued)

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Legal and professiona!	154,152	154,152
Direct costs of let properties and hotel operations	4,439,810	1,439,810
Recruitment and welfare	38,120	38,120
Office administration	114,301	114,301
Travel	34,263	34,263
Rent, rates and service charges	405,993	105,993
Light, heatand cleaning	556,335	556,335
Repairs and maintenance	135,142	135,142
Bank charges	175,917	175,917
Advertising	7,904	7,904
Insurance	124,964	124,964
Fees payable to the charity's auditor forthe auditing ofaccounts of
subsidiaries ofthe charity	28,505	28,505
Wages and salaries	2,569,753	2,569,753
National insurance	56,564	56,564
Pension costs	63,291	63,291
Depreciation	214,549	214,549
	5,819,563	5,819,563

Page 22

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

7. Analysis of grants

Grants to Total Institutions funds 2024 2024 £ £ Grants paid 282,500 282,500

The Group made the following grants to institutions during 2024 from unrestricted funds:

• e Fauna & Flora International - £280,000

• e Colchester Arts Centre - £2,500

Grants paid

Grants to Total Institutions funds 2023 2023 £ £ 353,500 353,500

The Group made the following grants to institutions during 2023 from unrestricted funds:

• e St Helena Hospice - £1,500

• e Society of Portrait Sculptors - £2,000

• e Fauna & Flora International - £150,000

• e Consensus Action on Salt, Sugar & Health - £200,000

Page 23

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

8. Support costs

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Fees payable to the charity's auditor for the audit ofthe charity's annual
accounts	3,252	3,252
Fees payable to the charity's auditor for non-audit costs	4,843	4,843
Total 2024	8,095	8,095
	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Fees payable to the charity's auditor forthe audit ofthe charity’s annual
accounts	2,870	2,870
Fees payable to the charity's auditor for non-audit costs	3,525	3,525
Total2023	6,395	6,395

Audit fees of the subsidiary companies are allocated to raising funds and the audit fee of the Charity is allocated to charitable activities and were unrestricted in the current and preceding year.

9. Auditor's remuneration

	2024	2023
	£	£
Fees payable to the Charity's auditor forthe audit ofthe Charity's annual
accounts	3,252	2,870
Fees payable to the Charity's auditor in respect of:
The auditing ofaccounts of subsidiaries ofthe Charity	31,685	28,505
The preparation ofthe Charity's annual accounts	4,843	3,525
Allnon-auditservicesnotincludedabove	24,800	8,920

Page 24

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

10. Staff costs

		Group
	Group	As restated
	2024	2023
	£	£
Wages and salaries	2,704,573	2,569,753
Social security costs	52,704	56,564
Pensions	58,189	63,291
	2,815,466	2,689,608

The average number of persons employed by the Charity during the year was as follows:

	Group	Group
	2024	2023
	No.	No.
Management	12	12
Administration	4	4
Hotel staff(excluding hotel manager)	94	92
	110	108

The number of employees whose employee benefits including National insurance contributions (excluding employer pension costs) exceeded £60,000 was:

						Group	Group
						2024	2023
						No.	No.
{n	the	band	£220,001	-	£230,000	1	1
In	the	band	£150,000	-	£160,000	1	1

The total employment benefits including employer pension contributions of the key management personnel were £409,629 (2023: £402,887).

11. Trustees’ remuneration and expenses

One of the trustees is a director of a subsidiary company. One director receives remuneration, benefits and reimbursed expenses in respect of their employment by that company. No remuneration or reimbursed expenses have been paid to the trustees, in their role as trustees, by the charity.

Trustees’ emoluments for the period (including employer's national insurance) were as follows: D P Rose £226,806 (2023: £224,614).

The remuneration paid to D P Rose is in respect of her employment as a director by the trading subsidiary and not for her role as a trustee of the charity.

During the year, no trustees received any remuneration or other benefits (2023 - £).

During the year ended 31 July 2024, no trustee expenses have been incurred (2023 - ENIL).

Page 25

The Marcela Trust

Notes to the Financial Statements

For the Year Ended 31 July 2024

12. Taxation

	2024	2023
	£	£
Corporation tax
Currenttax on net income for the year	467,289	421,739
Taxation on net income	467,289	467,104
The tax assessed forthe year is thesame as (2023 - lower than) the effective	rate ofcorporation tax in
the UK of25% (2023 - 21%). The differences are explained below:
	2024	2023
	£	£
Net income before tax	2,086,124	2,069,935
Net income multiplied by the effective rate of corporation tax in the UK of
21% (2023 ~ 21%).	§21,531	434,686
Effects of:
Expenses not deductible fortax purposes, other than goodwill amortisation
and impairment	27,943	97,624
Capital allowances foryear in excess ofdepreciation	(11,508)	(39,781)
Adjustments to tax charge in respect of prior periods	(7,711)	26,739
Shortterm timing difference leading toan increase/(decrease) in taxation	(4,789)	-
Other timing differences leading to an increase/{decrease) in taxation	(58,177)	(97,529)
Deferred taxation - losses to be utilised	-	45,365
Totaltaxchargefortheyear	467,289	467,104

The tax charge is in relation to the trading subsidiaries.

On 24 May 2021, the Finance Bill 2021 was substantively enacted, increasing the main rate of corporation tax to 25% on 1 April 2023 for companies with taxable profits above £250,000. Companies with taxable profits below £50,000 will continue to pay corporation tax at 19% and a marginal relief will apply between these thresholds.

Deferred taxes have been measured using the rates substantively enacted at the reporting date in these financial statements.

Page 26

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

13. Tangible fixed assets

Group and Charity

	Freehold	Plant and
	property	machinery	Total
	£	£	£
Cost or valuation
At 1 August 2023	9,032,013	3,468,537	12,500,550
Additions	:	57,314	57,314
Disposals	-	(374)	(374)
Revaluations	586,987	-	586,987
At 31 July2024	9,619,000	3,525,477	13,144,477
Depreciation
At 1 August 2023	:	2,737,557	2,737,557
Charge forthe year	-	217,221	217,221
On disposals	.	(125)	(125)
At 31 July 2024	-	2,954,653	2,954,653
Net book value
At 31 July 2024	9,619,000	570,824	10,189,824
At31July2023	9,032,013	730,980	9,762,993

The freehold property class of fixed assets has a current value of £9,619,000 (2023 - £9,032,013) and a carrying amount at historical cost of £17,829,640 (2023 - £17,829,640).

The three properties included within this class of fixed assets were not included in external valuations undertaken during the year ended 31 July 2024. These properties were last revalued externally at 31 July 2022. These properties have been revalued in both the current and prior year by the directors of OMC Investments Limited, one of whom is a Chartered Surveyor. The basis of the valuation was open market value assuming the properties would be sold subject to existing leases. These properties have a current value of £9,619,000 (2023 - £9,032,013) and a carrying amount at historical cost of £17,829,640 (2023 - £17,829,640) . The depreciation on this historical cost is £nil.

Page 27

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

14. Investment property

Group

	Freehold
	investment
	property
	£
Valuation
At 1 August 2023	53,447,987
Deficit on revaluation	(1,668,647)
At31July2024	51,779,340

The investment properties class of fixed assets have a current value of £51,779,340 (2023 - £53,447,987} and a carrying amount at historical cost of £89,410,724 (2023 - £89,440,724).

Included within the investment properties class of fixed assets are properties which were revalued on 12 July 2024 by Sowerybys who are external to the company. Such properties have a current value of £325,000 (2023 - £325,000) and a carrying amount at historical cost of £282,998 (2023 - £282,998). The directors do not consider this value to be materially different at the year end. The depreciation on this historical cost is £nil.

included within the investment properties class of fixed assets are properties which were revalued on 19 July 2024 by T B J Noble Bsc (Hons) MRICS of Nicholas Percival Limited who are external to the company. Such properties have a current value of £1,153,340 (2023 - £1,150,000) and a carrying amount at historical cost of £2,828,901 (2023 - £2,828,901). The depreciation on this historical cost is £nil.

The remaining properties included within the investment property class of fixed assets were not included in external valuations undertaken during the year ended 31 July 2024. These properties have been revalued in the current year by the directors of OMC Investments Limited, one of whom is a Chartered Surveyor. The basis of the valuation was open market value assuming the properties would be sold subject to existing leases. The directors consider the carrying value to be a fair reflection of the fair value of the properties at 31 July 2024. These properties have a current value of £50,301,000 (2023 - £51,972,987) and a carrying amount at historical cost of £86,298,825 (2023 - £86,298,825). The depreciation on this historical cost is £nil.

Page 28

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

15. Fixed asset investments

----- Start of picture text -----
||||| |---|---|---|---| |Charity| |Cost|or|valuation| |At|1|August|2023| |Revaluations| |At 31|July|2024|

----- End of picture text -----

Investments in subsidiary companies £

64,790,803 358,389 65,149,192

----- Start of picture text -----
||||| |---|---|---|---| |Net|book|value| |At|31|July 2024|65,149,192| |At|31|July 2023|64,790,803|

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Principal subsidiaries

The following were subsidiary undertakings of the Charity:

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Names|Company|Principal|place|of business|Principal|activity|Holding| |number| |Omarca|Investment|02264609|3|Robert|Street,|London,|Dormant|intermediary|95%| |Holdings|Limited|WC2N|6RL|holding|company| |OMC|Investments|00991581|3|Robert|Street,|London,|Property|development|100%| |Limited|WC2N|6RL| |QHH|Limited|07637088|9|Quebec|Street,|Leeds,|LS1|Hotel|and|luxury|100%| |2HA|apartments| |Greyfriars|Colchester|08835219|High|Street,|Colchester,|CO1|Luxury|hotel|and|100%| |Limited*|1UG|restaurant|

----- End of picture text -----

The financial results of the subsidiaries for the year were:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Names|income|Expenditure|Profit/({Loss)|Net|assets| |£|£|for the|£| |period| |£| |Omarca|Investment|Holdings|Limited|.|-|-|4,000,000| |OMC|investments|Limited|3,900,818|3,155,522|745,296|68,534,196| |QHH|Limited|2,497,127|1,327,296|169,831|(58,522)| |Greyfriars|Colchester|Limited*|2,004,935|2,147,350|(142,415)|(3,597,117)|

----- End of picture text -----

• These companies are 100% subsidiaries of Omarca Investment Holdings Limited.

Page 29

The Marcela Trust

Notes to the Financial Statements

For the Year Ended 31 July 2024

16. Stocks

						Group	Group
						2024	2023
						£	£
Finished	goods	and	goods	for	resale	26,169	25,222

The cost of stocks recognised as an expense in the year amounted to ENil (2023: E£Nil).

17. Debtors

	Group	Group
	2024	2023
	£	£
Due aftermore than one year
Otherdebtors	§51,322	565,253
	§51,322	565,253
Due within one year
Trade debtors	188,130	211,693
Other debtors	93,963	81,503
Prepayments and accrued income	412,314	368,842
	1,245,729	1,227,291

18. Creditors: Amounts falling due within one year

	Group	Group	Charity	Charity
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	249,432	162,190	.	-
Corporation tax	475,000	394,355	-	-
Other taxation and social security	355,122	407,247	-	-
Othercreditors	169,250	166,907	-	-
Accruals and deferred income	888,009	726,722	7,000	§,475
	2,136,813	1,857,421	7,000	5,475

Page 30

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

Deferred income

		2024	2023
		£	£
	Deferred income at the start ofthe year	425,677	323,987
	Incoming resouces deferred during the year	§23,513	425,677
	Amounts released from previous years	(425,677)	(323,987)
	Deferred income at the end ofthe year	§23,513	425,677
	Deferred income is in relation to rental income invoiced in advance.
19.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£
	Othercreditors	847,482	827,194

1. Statement of funds - Group The purpose for which funds are heid is detailed in the Trustee’s Report on pages 2 to 7.

Statement of funds - current year

	Balance at 4				Gains/	Balance at
	August 2023	Income	Expenditure	Taxation	(Losses)	31 July 2024
	£	£	£	£	£	£
Unrestricted
funds
Reserves	68,170,984	8,382,463	(6,296,240)	(467,289)	(1,081,759)	68,708,159
Statement offunds - prior year
	Balance at
	1 August 2022	Income	Expenditure	Taxation	Gains/ {Losses)	_—_Balance at 31 July 2023
	£	£	£	£	£	£
Unrestricted
funds
General Funds -
allfunds	69,599,591	8,231,910	(6,179,458)	(421,739)	(3,059,320)	68,170,984

Page 371

The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

21. Summary of funds - Charity

Summary of funds - current year

	Balance at 1			Gain/	Balance at
	August 2023	Income	Expenditure	(losses)	31 July 2024
	£	£	£	£	£
Summary offunds - prior year
	Balance at 1			Gain/	Balance at
	August2022	Income	Expenditure	(losses)	31 July 2023
	£	£	E	£	£
General Funds - all funds	66,468,091	450.000	(358,457)	_ (1,451,531)	_65,108,103
Analysis of net assets between funds
Analysis of net assets between funds - current		period
				Unrestricted	Total
				funds	funds
				2024	2024
				£	£
Tangible fixed assets				10,189,824	10,189,824
Investment property				51,779,340	51,779,340
Debtors due after more than one year				551,322	551,322
Current assets				9,171,968	9,171,968
Creditors due within one year				(2,136,813)	(2,136,813)
Creditors due in more than one	year			(847,482)	(847,482)
Total				68,708,159.	68,708,159

Summary of funds - prior year

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

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The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

22. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2023|2023|2023| |£|£|£| |Tangible|fixed|assets|9,762,993|-|9,762,993| |investment|property|53,447,987|-|53,447,987| |Debtors|due|after|more|than|one|year|565,253|-|565,253| |Current|assets|7,079,366|-|7,079,366| |Creditors|due|within|one|year|(1,857,421)|-|(1,857,421)| |Creditors due|in|more|than|one|year|(827,194)|-|(827,194)| |Total|68,170,984|-|68,170,984| |23.|Non-controlling|interest| |£| |Equity| |At|1|August 2023|3,062,881| |Proportion|of|profit|after taxation|for the|year|16,943| |3,079,824| |24.|Reconciliation|of|net|movement|in|funds|to|net|cash|flow|from|operating|activities| |Group|Group| |2024|2023| |£|£| |Net|income|for|the|period|(as|per|Statement|of|Financial|Activities)|1,618,835|1,648,196| |Adjustments|for:| |Depreciation|charges|217,096|214,548| |Dividends,|interests|and|rents|from|investments|(331,252)|(152,537)| |Decrease/(increase)|in|stocks|(947)|4,349| |(Increase)/decrease|in|debtors|(18,438)|78,692| |increase|in|creditors|219,015|256,308| |Taxation|80,665|-| |Net cash|provided|by|operating|activities|1,784,974|2,049,556|

----- End of picture text -----

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The Marcela Trust

Notes to the Financial Statements For the Year Ended 31 July 2024

1. Analysis of cash and cash equivalents

		Group	Group
		2024	2023
		£	£
Cash	in hand	8,451,392	6,392,106
Total	cashandcashequivalents	8,451,392	6,392,106

26. Analysis of changes in net debt

						At	1 August		At 31 July
							2023	Cash flows	2024
							£	£	£
Cash	at	bank	and	in	hand		6,392,106	2,059,286	8,451,392
							6,392,106	2,059,286	8,451,392

27. Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £58,188 (2023: £63,291). At the balance sheet date £8,578 (2023: £6,733) were payable to the fund and are included in creditors.

28. Related party transactions

Mr P Hotham

(Trustee)

During the year the charity paid donations of £280,000 (2023: £150,000) to Fauna & Flora International (Registered Charity No. 1011102). Mr P Hotham is an employee of Fauna & Flora International.

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