**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
Page 17
**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_|
|---|---|---|
||||
Page 18
## **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_|
Page 19
## **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_|
Page 20
## **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**||_-_|
Page 21
## **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_|
|---|---|---|
Page 22
**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.
Page 23