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2021-03-31-accounts

Charity Number: 1128825

The Mark Anthony Trust

Report and financial statements

For the year ended 31 March 2021

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The Mark Anthony Trust Reference and administration information

Charity number

1128825

Registered office and operational address

12 Clarendon Road

London

W11 3AB

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Henry Maxey

Claire Maxey

Olivia Gillan-Bower (resigned 1 April 2020)

Rima Abillama Yared (appointed 1 April 2020)

Investment Fund Manager

Ruffer LLP

Independent Examiner

Patrick Morrello ACA

Third Sector Accountancy Ltd

Holyoake House

Hanover Street

Manchester

M60 0AS

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The Mark Anthony Trust Trustees’ annual report for the year ended 31 March 2021

The trustees present their report and the unaudited financial statements for the year ended 31 March 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The objectives of the charity in accordance with the Trust Deed established in 2008 are: “The promotion of such exclusively charitable purposes as the Trustees shall from time to time determine”.

The Trustees have defined a particular interest in Education, more specifically:

The Trustees meet their objectives through making donations to registered charities that deliver programmes in the above areas. The Trust is not in a position to review unsolicited funding applications.

Trustees have agreed that the Mark Anthony Trust will restrict its activities to supporting a small number of charities (at most three to four per annum), with a view to developing a close involvement with each and with the aim that funding will be on a three year cycle (subject to ongoing due diligence and review).

This approach is highlighted in activities to date as follows:

Between 2012 and 2018, the Mark Anthony Trust made regular donations to Opportunity International in support of its work to bring financial literacy and services to those who could not access a bank account, primarily in sub-Saharan Africa. Trustees held regular meetings and brainstorming sessions with the UK CEO and other members of the senior team throughout that period, and later made a one-off donation to the education finance arm of Opportunity International when this was still in the early stages of development and in order to support its launch.

The Mark Anthony Trust made 3 donations over 3 years to Farm Africa between 2017 and 2019, focused on supporting the transformation of Farm Africa into an organisation seeking to help farmers access markets and a fair price for their produce while benefitting from up to date and cutting edge information and support.

Street Child has been a beneficiary of the Trust since 2015, and trustees have built a close relationship with the senior leadership team and supported the growth of the organisation as well as fast developing programmatic work. Thanks to a deep understanding of the work of the charity, trustees have also been able to support pilot programmes including in the area of family planning education and signposting. The Trust continued to support Street Child this FY (see below).

In 2017, the Trust identified CHASE Africa as a small (income c. £100k at the time) but ambitious charity with a highly effective approach to extending the reach of family planning education and provision in hard to reach areas of Kenya. Since then, and continuing this FY, the Trust has supported CHASE to grow the number of partners that it works with in Kenya, but also to extend into neighbouring Uganda. CHASE provides another example of the Trust supporting the development of an organisation since in the last financial year, funding was specifically made available to bolster fundraising resources and to support capacity building of local partners.

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The Mark Anthony Trust

Trustees’ annual report for the year ended 31 March 2021

During FY 2020-2021, the Trust made donations to Street Child and CHASE Africa, two organisations that had benefitted from prior donations, and, in line with objectives set last year, also made a donation to Medical Aid Films, a new charity for the Trust.

Performance details for each are provided below under section ‘Achievements and Performance’.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and organisations it supports are described below. All its charitable activities are in some way related to Education and are undertaken to further The Mark Anthony Trust’s charitable purposes for the public benefit.

Mark Anthony Trust’s beneficiaries in FY 2020-2021 were as follows:

Street Child : The Trust was in a position to make two donations to Street Child in the course of the FY. The first for £25,000 was in direct response to Street Child’s COVID emergency appeal, and followed trustees attending an online webinar on this, as well as discussing Street Child’s approach with members of the leadership team. The second donation, also for £25,000 was made in February 2021 following an update meeting with the Global Head of Fundraising and was made unrestricted in order that the charity could deploy funds to priority areas within ongoing education programmes, especially in light of the risk of cannibalisation of programme funding on account of the COVID emergency.

CHASE Africa : The Trust made a donation of £25,000 to CHASE Africa in December 2020. Trustees determined that the charity had made effective use of prior funding, in particular successfully growing income to over £500,000, and that it was successfully deploying its mobile family planning model. The donation was made to allow further funding of existing partners, as well as continuing work to identify new ones.

Medical Aid Films: Following work in the prior FY, trustees determined to donate £25,000 to Medical Aid Films, a charity that aims to use innovative media to transform the health and wellbeing of women and

children around the world. Mark Anthony Trust funding was directed specifically to incorporating video based material related to the dissemination of family planning information and signposting within an existing programme in Zambia (named SCREEN). The video content developed is also intended for broader dissemination across multiple channels including film, you tube and other social media channels.

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The Mark Anthony Trust Trustees’ annual report for the year ended 31 March 2021

Financial review

The Trust’s investment income is derived from a gift in 2009 of 100 Shares in Ruffer Investment Management Limited, a private, unquoted fund management firm. The shares are not quoted or readily transferable and have not been valued in the Trust’s accounts. The Trustees anticipate that these shares may produce a dividend of £60,000 - £125,000 per year.

The Trust’s only other sources of income are likely to be bank interest, dividend income on liquid investments and gifts from benefactors. The Trust is registered for Gift Aid.

In the FY ended 31 March 2021, the Mark Anthony Trust received dividend income from Ruffer Investment Management Limited of £93,000.

The Trust does not employ any members of staff and nor does it make any financial commitments to beneficiaries.

The Trust nonetheless aims to hold sufficient funds in reserve to fund beneficiaries at a similar level over a 3 year cycle.

Structure, governance and management

The organisation is a charitable trust, formed in 2008 and registered as a charity on 25th March 2009.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

The trust received its first distributable cash income in January 2010, and as of March 2012 the Trust had accumulated enough funds to consider grants.

The trustees have no beneficial interest in the charity.

All trustees give their time voluntarily and receive no benefits from the charity.

Related parties and relationships with other organisations

Henry Maxey, a Mark Antony Trust trustee, is a partner of Ruffer LLP. Ruffer LLP holds and administers Mark Anthony Trust funds on an entirely pro-bono basis. Trustees are satisfied that this does not present a conflict.

Claire Maxey, Mark Anthony Trust trustee and Chair, was also a trustee of the charity Street Child (until 23 June 2020) during the period under review. Street Child has benefitted from Mark Anthony Trust donations in the financial year. Trustees are satisfied that this does not present a conflict.

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The Mark Anthony Trust Trustees’ annual report for the year ended 31 March 2021

Statement of responsibilities of the trustees

The trustees (who are also directors of The Mark Anthony Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees’ annual report has been approved by the trustees on 21 September 2021 and signed on their behalf by

Claire Maxey

Chair

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The Mark Anthony Trust

Independent examiner’s report to the trustees for the year ended 31 March 2021

I report on the accounts of the charity for the year ended 31 March 2021 set out on pages 7 to 14.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Other matters

Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 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.

We understand that 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.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester, M60 0AS

24 / 11 / 2021

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The Mark Anthony Trust

Statement of Financial Activities

(including Income and Expenditure account) for the year ended 31 March 2021

----- Start of picture text -----
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds funds 2021 funds funds 2020
Note £ £ £ £ £ £
Income from:
Investments 3 135,558 - 135,558 125,357 - 125,357
Total income 135,558 - 135,558 125,357 - 125,357
Expenditure on:
Raising funds - - - - - -
Charitable activities 4 100,600 - 100,600 200,600 - 200,600
Total expenditure 100,600 - 100,600 200,600 - 200,600
Net income/(expenditure) for the year 5 34,958 - 34,958 (75,243) - (75,243)
Transfer between funds - - - - - -
Net movement in funds for the year 34,958 - 34,958 (75,243) - (75,243)
Reconciliation of funds
Total funds brought forward 176,440 - 176,440 251,683 - 251,683
Total funds carried forward 211,398 - 211,398 176,440 - 176,440
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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The Mark Anthony Trust Company number

Balance sheet as at 31 March 2021

Note 2021 2020
£ £ £ £
F
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10		 211,997 177,030
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due in less than one year
11		 (600) (600)
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Unrestricted income funds
12		 211,397 176,440
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The notes on pages 9 to 14 form part of these accounts. Approved by the trustees on ___ and signed on their behalf by:24 / 11 / 2021

Claire Maxey (Trustee)

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with 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) issued in October 2019 - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Mark Anthony Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling.

b Judgments and estimates

The trustees have made no key judgments which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

c Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

d Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. The investment management is provided on a pro bono basis by Ruffer LLP of 80 Victoria St London, however it is not possible to determine the value so is not recognised as income in the accounts.

e Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021 (continued)

f Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

h Cash at bank and in hand

Cash at bank and cash 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.

i Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

j Financial instruments

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

2 Legal status of the charity

The charity is a charitable trust and has no share capital. The registered office address is disclosed on page 1.

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021 (continued)

----- Start of picture text -----
3 Investment income
2021 2020
£ £
Income from bank deposits - 61
Dividends received 93,000 117,000
Revaluation surplus on investments 42,558 8,296
135,558 125,357
All investment income is unrestricted.
4 Analysis of expenditure on charitable activities
2021 2020
£ £
Donations 100,000 200,000
Governance costs - accountancy and
independent examination 600 600
100,600 200,600
5 Net income/(expenditure) for the year
This is stated after charging/(crediting): 2021 2020
£ £
Independent examiner's fee 600 600
6 Grants paid
2021 2020
£ £
Farm Africa - 25,000
Street Child 50,000 75,000
Chase Africa 25,000 75,000
Opportunity International - 25,000
Medical aid Films 25,000 -
100,000 200,000
----- End of picture text -----

No grants are made to individuals. Descriptions of the grant-funded activities are contained in the Trustees' Report.

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021 (continued)

7 Staff costs

There are no employees (2020: Nil).

8 Trustee remuneration and expenses, and related party transactions

Neither the management committee nor any persons connected with them received any remuneration or reimbursed expenses during the year (2020: Nil).

Henry Maxey, a Mark Antony Trust trustee, is a partner of Ruffer LLP. Ruffer LLP holds and administers Mark Anthony Trust funds on an entirely pro-bono basis. The value of this service is not known and so has not been reflected in the accounts.

Other than the above, there are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2020: nil).

9 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

10 Investments

----- Start of picture text -----
2021 2020
£ £
Listed investments, at fair value
Market value at the start of the year 177,030 252,279
Add: additions to investments at cost 93,009 167,055
Disposals at carrying value (100,600) (250,600)
Add net gain/(loss) on revaluation 42,558 8,296
Market value at the end of the year 211,997 177,030
Unlisted investments, at cost
100 1p shares in Ruffer Management Limited 1 1
Total investments 211,998 177,031
----- End of picture text -----

The listed investments are all carried at fair value and are all traded in quoted public markets. The unlisted investments are stated at their nominal value as their fair value is unknown. The unlisted investement produces the dividends disclosed in note 3.

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021 (continued)

11 Creditors: amounts falling due within one year

----- Start of picture text -----
2021 2020
£ £
Other creditors and accruals 600 600
600 600
Analysis of movement in unrestricted fundsnalysis of movement in unrestricted fundsalysis of movement in unrestricted fundslysis of movement in unrestricted fundsysis of movement in unrestricted fundssis of movement in unrestricted fundsis of movement in unrestricted fundss of movement in unrestricted funds of movement in unrestricted fundsf movement in unrestricted funds movement in unrestricted fundsovement in unrestricted fundsvement in unrestricted fundsement in unrestricted fundsment in unrestricted fundsent in unrestricted fundsnt in unrestricted fundst in unrestricted funds in unrestricted fundsn unrestricted funds unrestricted fundsnrestricted fundsrestricted fundsestricted fundsstricted fundstricted fundsricted fundsicted fundscted fundsted fundsed fundsd funds fundsundsndsdss
Balance at
1 April As at 31
2020 Income Expenditure Transfers March 2021
£ £ £ £ £
General fund 176,440 135,558 (100,600) (1) 211,397
176,440 135,558 (100,600) (1) 211,397
Comparative period
Balance
at 1 April As at 31
2019 Income Expenditure Transfers March 2020
£ £ £ £ £
General fund 251,683 125,357 (200,600) - 176,440
251,683 125,357 (200,600) - 176,440
Name of
unrestricted fund Description, nature and purposes of the fund
General fund The free reserves after allowing for all designated funds
----- End of picture text -----

12 Analysis of movement in unrestricted fundsnalysis of movement in unrestricted fundsalysis of movement in unrestricted fundslysis of movement in unrestricted fundsysis of movement in unrestricted fundssis of movement in unrestricted fundsis of movement in unrestricted fundss of movement in unrestricted funds of movement in unrestricted fundsf movement in unrestricted funds movement in unrestricted fundsovement in unrestricted fundsvement in unrestricted fundsement in unrestricted fundsment in unrestricted fundsent in unrestricted fundsnt in unrestricted fundst in unrestricted funds in unrestricted fundsn unrestricted funds unrestricted fundsnrestricted fundsrestricted fundsestricted fundsstricted fundstricted fundsricted fundsicted fundscted fundsted fundsed fundsd funds fundsundsndsdss

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The Mark Anthony Trust

Notes to the accounts for the year ended 31 March 2021 (continued)

13 Analysis of net assets between funds

ed asset investments
t current assets/(liabilities)
al
m
p
a
r
a
t
i
v
e
p
e
r
i
o
d
ed asset investments
t current assets/(liabilities)
ditors of more than one year
al		 General
fund
£
211,997
(600)
211,397
General
fund
£
177,030
(590)
-
176,440		 Designated
funds
£
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
-
-
Restricted
funds
£
-
-
-		 Total 2021
£
211,997
(600)
211,397
Total 2020
£
177,030
(590)
-
176,440

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