2024-03-31-accounts - The Marchus Trust

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Charity number: 1137768

THE MARCHUS TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

THE MARCHUS TRUST

CONTENTS
	Page
Reference and administrative details of the charity, its trustees and advisers	1
Trustees' report	2 - 5
Independent auditor's report	6 - 9
Statement of financial activities	10
Balance sheet	11
Notes to the financial statements	12 - 23

THE MARCHUS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees	Mr Spencer de Grey, Trustee
	Mrs Lucy de Grey, Trustee
	Mrs Caroline Reekie, Trustee
Charity registered
number	1137768
Principal office	The Marchus Trust
	Barnes Roffe LLP
	Leytonstone House
	3 Hanbury Drive
	Leytonstone
	London
	E11 1GA
Independent auditor	Barnes Roffe LLP
	Chartered Accountants
	Leytonstone House
	Leytonstone
	London
	E11 1GA
Bankers	Coutts & Co.
	440 Strand
	London
	WC2R 0QS

Page 1

THE MARCHUS TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of The Marchus Trust (the charity) for the year ended 31 March 2024. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in January 2015.

Structure, governance and management

a. Constitution

The Trust is registered as a charity (with charity number 1137768), and was set up by a Trust Deed on 22 December 2008, as amended by supplemental deed dated 16 August 2010.

The Trustees, who were Trustees at any time during the financial year, and who were Trustees at the date this report was approved, are detailed below;

Mr Spencer de Grey Mrs Caroline Reekie Mrs Lucy de Grey

There have been no changes in the objectives since the last annual report.

b. Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Policies adopted for the induction and training of Trustees

The Trustees are familiar with the practical work of the charity and take an active role in the work of the charity and the grants it awards.

d. Organisational structure and decision making

The Marchus Trust has three dedicated Trustees who are responsible for the strategic direction and policy of the charity. Although there are no distinct and separate roles between Trustees, all Trustees have an equal say in the decisions of the charity and no one Trustee has overall control. We feel that this organisational structure best meets the polices and objectives of the charity.

e. Related party relationships

The charity regards the Trustees and the organisations it makes charitable grants as related parties and transactions between the charity and related parties are described in the notes to the accounts.

f. Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions.

Page 2

THE MARCHUS TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and Activities

a. Policies and objectives

The advancement of culture and the arts particularly but not exclusively through sponsoring or commissioning musical works, performances and the development of construction of buildings or parts of buildings for music and other art forms; and the advancement of education.

b. Activities for achieving objectives

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. They intend to advance culture and the arts by:

Sponsoring/commissioning musical work or jointly commissioning with others;
Sponsoring performances of music and education in music;
Commissioning art or jointly commissioning work with others; and
The development/construction of buildings or parts of buildings.

The above activities will be carried out by the provision of grants to individuals.

The Trustees also intend to advance the education of architect and/or the study of architecture by sponsoring (amongst other things):

Lecture series;
Awards;
Exhibitions;
Travel; and
The development/construction of buildings or parts of buildings for architectural or music use such as a school of architecture.

c. Grant making policies

All incoming resources are used in the furtherance of charitable activities.

Achievements and performance

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. Review of activities

The charity has complete support of the Trustees and most of its funding requirements are satiated by the Trustees. If the funds of the charity appear to be inadequate at any stage, the Trustees will seek to develop plans for raising monies through other fund-raising activities like sponsorship events etc.

Page 3

THE MARCHUS TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

c. Investment policy and performance

The Trustees invest surplus funds in market investments to gain a rate of return to maximise the charity’s objectives. Investments are closely monitored by the Trustees and management of investment funds is delegated to an external, reputable fund provider.

Financial review

a. Reserves policy

The Trustees have established a policy where unrestricted funds are not committed to any other purpose than the working capital of the charity and to the charity’s objectives and policies.

At the period end the charity had unrestricted funds of £13,420,439.

b. Principal funding

Principal funding sources are in the form of voluntary donations.

Plans for the future

a. Future developments

The charity plans to continue the activities and objectives outlined above in the forthcoming years subject to satisfactory funding requirements.

Trustees' responsibilities statement

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 law 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

THE MARCHUS TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the Trustees, on

and signed on their behalf by:

Mr Spencer de Grey, Trustee

Page 5

THE MARCHUS TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARCHUS TRUST

Opinion

We have audited the financial statements of The Marchus Trust (the 'charity') for the year ended 31 March 2024 set out on pages 10 to 23. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources 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 charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material

Page 6

THE MARCHUS TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARCHUS TRUST

inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the 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 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 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 charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE MARCHUS TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARCHUS TRUST

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relavant 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the relevant sector;

• We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company;

• We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify and unusual or unexpected relationships;
Tested journal entries to identify unusual transactions;
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
Investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.

Page 8

THE MARCHUS TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARCHUS TRUST

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

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.

Barnes Roffe LLP

Chartered Accountants Leytonstone House Leytonstone London E11 1GA Date:

Barnes Roffe LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 9

THE MARCHUS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted funds Note 2024 £ INCOME FROM: Donations and legacies 2 762,144 Investments 4 313,206 TOTAL INCOME 1,075,350 EXPENDITURE ON: Other charitable activities 593,614 TOTAL EXPENDITURE 7 593,614 NET INCOME BEFORE INVESTMENT GAINS/(LOSSES) 481,736 Net gains/(losses) on investments 1,171,923 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES 1,653,659 NET MOVEMENT IN FUNDS 1,653,659 RECONCILIATION OF FUNDS: Total funds brought forward 11,766,780 TOTAL FUNDS CARRIED FORWARD 13,420,439	Total funds 2024 £ 762,144 313,206 1,075,350 593,614 593,614 481,736 1,171,923 1,653,659 1,653,659 11,766,780 13,420,439	Total funds 2023 £ 3,190,000 151,813 3,341,813 549,781 549,781 2,792,032 (503,041) 2,288,991 2,288,991 9,477,789 11,766,780

The notes on pages 12 to 23 form part of these financial statements.

Page 10

THE MARCHUS TRUST

BALANCE SHEET AS AT 31 MARCH 2024

Note FIXED ASSETS Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS:amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 14 TOTAL FUNDS	2024 £ £ 13,020,863 16,007 391,669 407,676 (8,100) 399,576 13,420,439 13,420,439 13,420,439	2023 £ £ 11,590,673 - 184,207 184,207 (8,100) 176,107 11,766,780 11,766,780 11,766,780	2023 £ £ 11,590,673 - 184,207 184,207 (8,100) 176,107 11,766,780 11,766,780 11,766,780
			11,766,780
			11,766,780
			11,766,780

The financial statements were approved by the Trustees on

and signed on their behalf, by:

Mr Spencer de Grey, Trustee

The notes on pages 12 to 23 form part of these financial statements.

Page 11

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) effective from January 2019 and Charities Act 2011.

The Marchus Trust constitutes a public benefit entity as defined by FRS 102.

1.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

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.

1.4 Investments

Investments are stated at market value at the balance sheet date. The Statement of financial activities includes the net gains and losses on revaluations and disposals throughout the year.

Page 12

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

1.5 Debtors

Short-term debtors are measured at transaction price, less any impairment.

1.6 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 charity and which have not been designated for other purposes.

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

1.7 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and open market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

1.8 Non-recoverable VAT

Non-recoverable VAT is charged against the category of resources expended for which it was incurred.

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted funds 2024 £ Donations 762,144 Total 2023 3,190,000	Total funds 2024 £ 762,144 3,190,000	Total funds 2023 £ 3,190,000

3. EMPLOYEES

The average number of employees, including trustees, during the period was 3 (2023 - 3) . The Trustees received remuneration of £Nil (2023 - £Nil) .

Page 13

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT INCOME

INVESTMENT INCOME
Unrestricted funds 2024 £ Income from listed investments and interest received 313,206 313,206 Total 2023 151,813	Total funds 2024 £ 313,206 313,206 151,813	Total funds 2023 £ 151,813 151,813

Page 14

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. RESOURCES EXPENDED - CHARITABLE ACTIVITIES

		Total		Total
	Number	2024	Number	2023
		£		£
Grants made	124	511,347	55	485,364

Page 15

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

The above grants were to: - 5th Studio Ltd - £5,000 - 97 Ensemble - £5,000 - Alex Mills - £3,500 - Amy Green - £5,000 - Angela Elizabeth Slater - £3,000 - Arcangelo Ltd - £5,000 - Architecture Foundation - £5,000 - Architecture Foundation Young Trustees - £5,000 - Art Sung - £2,500 - Atefeh Einali - £5,000 - Aurora Orchestra - £5,000 - Benjamin Goldscheider - £5,000 - Benjamin Tassie - £4,240 - Border Crossing Ltd - £5,000 - Brighton Early Music Festival - £3,000 - Brina Kren - £2,000 - Bristol Music Trust - £5,000 - Camden Music Trust - £2,500 - Chris Ward - £5,000 - Christina McMaster - £5,000 - Creative Youth Network - £7,000 - David Zucchi - £3,000 - De La Warr Pavilion - £3,000 - Delia Stevens - £5,000 - El Parnaso Hyspano - £500 - Emma Attwell - £3,893 - EXAUDI vocal ensemble - £2,000 - Explore Ensemble - £3,000 - Fiona MacDonald - £5,000 - Future Classical Music - £2,000 - Gabrieli - £5,000 - Heidi Jean Fardell - £2,000 - Hermes Experiment - £7,100 - Ian Tindale - £800 - Illuminate Women's Music - £5,000 - Imogen Whitehead - £3,000 - Iris Tahiti Toom - £4,500 - James Oldham - £4,845 - Jasper Schoff - £1,400 - Jennifer Anne Hogan - £2,500 - Josh Spear - £1,500 - Julian Amand VanMellaerts - £5,000 - Leeds Lieder Limited - £5,000 - London Handel Society Ltd - £4,500 - London Philharmonic Orchestra - £5,000 - London Song Festival - £2,800 - London South Bank University - £5,000 - London Symphony Orchestra Ltd - £5,000 - London Youth Choirs - £5,000 - Lucy Nolan - £1,920 - Luke Styles - £4,000 - Matthew Barley Arts Foundation - £5,000 - Michael Betteridge - £5,000 - Michelle Hromin - £3,000

Page 16

THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Milda Viartaite - £2,000 - Mimi Doulton - £3,600 - Miss F R Le Lohe - £2,400 - Mr C F Alexander - £3,500 - Nathaniel Dye - £5,000 - National Youth Brass Band Of Great Britain - £5,000 - New London Architecture Ltd - £5,000 - NMC Recordings Ltd - £5,000 - Noah Max - £5,000 - Nonclassical Projects - £5,000 - North Music Trust - £40,000 - Northern Opera Group - £3,750 - Opera on Location - £5,000 - Opera21 Ltd - £3,000 - Oxford Lieder - £4,800 - Peasmarsh Music Trust - £2,000 - Peterborough Sings - £5,000 - Phillippos D Rousiamanis - £5,000 - R.S.N.O Society - £1,750 - Rebecca Lea - £5,000 - Red Note Ensemble Ltd - £5,000 - Robert Allan - £4,850 - Rosa Woolf Ainley - £4,800 - Roxanna Albayati - £2,154 - Royal Opera House Covent Garden Foundation - £5,000 - Royal Philharmonic Orchestra - £5,000 - Shadwell Opera - £5,000 - Shiry Rashkovsky - £2,000 - Six Dance Collective - £4,800 - Smorgaschord Festival - £1,500 - Somerset International Festival of the Arts - £4,600 - SongEasel - £5,000 - Sophie Glenny - £1,300 - Southbank Sinfonia - £4,625 - Southern Bird Limited - £4,000 - Southwell Music Festival Ltd - £3,500 - Spiritato - £3,000 - Spitalfields Festival Limited - £5,000 - Spotlight Chamber Concerts - £5,000 - Tete A Tete Productions Ltd - £3,650 - The Architecture Foundation - £4,500 - The Architecture Foundation - Part Four - £5,000 - The Gemini Trust - £1,000 - The Ketner Society - £2,400 - The Linarol Consort - £2,000 - The London Chamber Orchestra Trust - £4,800 - The Marian Consort - £5,000 - The Music Troupe - £5,000 - The Platti Quartet - £1,000 - The Purcell School - £5,000 - The Roundhouse Trust - £5,000 - The Telling - £5,000 - The Tenebrae Choir - £4,770 - The Wiltshire Music Centre Trust Ltd - £3,000 - Tunnell Trust - £5,000 - United Strings of Europe - £4,800 - Wigmore Hall Trust - £30,000

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Wiltons Music Hall - £2,500
Young Musicians Symphony Orchestra - £5,000

6. GOVERNANCE COSTS

Unrestricted funds 2024 £ Auditor's remuneration 5,400 Accountancy 9,960 Investment managers' fees 53,707 Legal and professional fees 13,200 82,267	Total funds 2024 £ 5,400 9,960 53,707 13,200 82,267	Total funds 2023 £ 3,600 1,680 59,137 - 64,417

Governance costs include non-recoverable VAT where applicable.

7. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Grants made Expenditure on governance Total 2023	Total 2024 £ 511,347 82,267 593,614 549,781	Total 2024 £ 511,347 82,267 593,614 549,781	Total 2023 £ 485,364 64,417 549,781

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Grants made Governance costs 2024 £ 2024 £ Grants made 511,347 82,267 Total 2023 485,364 64,417	Total 2024 £ 593,614 549,781	Total 2023 £ 549,781

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. NET INCOMING RESOURCES

NET INCOMING RESOURCES
This is stated after charging:
	2024	2023
	£	£
Auditor's remuneration	5,400	3,600

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. AUDITOR'S REMUNERATION

The Auditor's remuneration amounts to an an Audit fee of £5,400 (2023 - £3,600) , and other services of £9,960 ( 2023 - £1,680) .

11. CREDITORS: Amounts falling due within one year

Accruals 12. FIXED ASSET INVESTMENTS Market value At 1 April 2023 Movement on final valuation At 31 March 2024	2024 £ 8,100	2023 £ 8,100	2023 £ 8,100
		Investments £ 11,590,673 1,430,190 13,020,863
			13,020,863

Included within the £1,430,190 ( 2023 - £2,239,635 ) movement on final valuation above is investment income of £311,975 ( 2023 - £151,8 13), less investment managers’ fees of £53,707 ( 2023 - £59,137 ) and £1,171,923 net gain ( 2023 - £503,041 net loss) on market value. There were net purchases in the investment portfolio of £Nil ( 2023 - £2,650,000 ).

Investments at market value comprise:

Investments at market value comprise:
	2024	2023
	£	£
Investments in equities and funds	13,020,863	11,590,673

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. FIXED ASSET INVESTMENTS (continued)

Material investments

The overall composition of the investment portfolio is held 44.88% (2023 - 48.08%) in UK equities and funds and 52.09% (2023 - 42.33%) in overseas equities and funds. The remaining 3.03% (2023 - 9.59%) is held in cash and deposits and other investments.

The Trustees regard any investment representing more than 5% of the total market value of the investment portfolio as at 31 March 2024 as material. These investments are as follows:

I Shares III Plc UK Gilts GS Global Credit Portfolio Bluebay Global High Yield ESG Bond Fund UK Fund - Pimco GIS Global Bond Fund I GS Global Equity Partners Portfolio Alliance Bernstein Sustainable Global Thematic ISHARES IV Plc _ ISHARES MSCI W CMN Class ETF Series ISHARES MSCI USA SRI UCITS ETF CMN CLASS ETF ETF ABN Amro Funds Parnassus US Sustainable equities Coutts Actively Managed US Equity Fund Coutts US ESG Insights Equity Fund Coutts UK ESG Insights Equity Fund Other listed investments not individually material	31 March 2024 £ 1,571,845 190,521 1,008,549 464,232 993,444 814,047 678,747 698,227 405,617 759,114 812,269 1,098,034 3,526,217 13,020,863	31 March 2023 £ 1,286,235 1,062,330 807,051 391,733 729,379 619,747 504,330 497,790 274,772 426,737 808,119 927,094 3,255,356
		11,590,673

Included within the portfolio of fixed asset investments of £13,020,863 (2023 - £11,590,673) is cash held by the investment managers of £391,350 (2023 - £1,093,333) .

13. DEBTORS

DEBTORS
	2024	2023
	£	£
Other debtors	16,007		-

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1 April 2023 £ Unrestricted funds General Funds - all funds 11,766,780 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 April 2022 £ General Funds - all funds 9,477,789 Total of funds 9,477,789	Income £ 1,075,350 Income £ 3,341,813 3,341,813	Expenditure £ (593,614) Expenditure £ (549,781) (549,781)	Gains/ (Losses) Balance at 31 March 2024 £ £ 1,171,923 13,420,439 Gains/ (Losses) Balance at 31 March 2023 £ £ (503,041) 11,766,780 (503,041) 11,766,780

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 April 2023 £ General funds 11,766,780 SUMMARY OF FUNDS - PRIOR YEAR Balance at 1 April 2022 £ General funds 9,477,789	Income Expenditure £ £ 1,075,350 (593,614) Income Expenditure £ £ 3,341,813 (549,781)	Gains/ (Losses) Balance at 31 March 2024 £ £ 1,171,923 13,420,439 Gains/ (Losses) Balance at 31 March 2023 £ £ (503,041) 11,766,780

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THE MARCHUS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Fixed asset investments Current assets Creditors due within one year ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Fixed asset investments Current assets Creditors due within one year	Unrestricted funds 2024 £ 13,020,863 407,676 (8,100) 13,420,439 Unrestricted funds 2023 £ 11,590,673 184,207 (8,100) 11,766,780	Total funds 2024 £ 13,020,863 407,676 (8,100) 13,420,439 Total funds 2023 £ 11,590,673 184,207 (8,100) 11,766,780

16. RELATED PARTY TRANSACTIONS

In the year Mr Spencer de Grey, a Trustee of the charity, donated £762,144 (2023 - £3,190,000) to the charity.

Included within other debtors is an amount of £6,822 ( 2023 - £Nil ) owed to the Charity by Mr Spencer de Grey.

During the year no Trustees received any remuneration, benefits in kind or were reimbursed any expenses.

17. TAXATION

As a charity, The Marchus Trust is generally exempt from tax on income and gains.

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