2025-03-31-accounts - Marr-Munning Trust

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MARR-MUNNING TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2025

Registered Charity Number: 1153007 Registered Company Number: 08561488

MARR-MUNNING TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS	Page
Reference and administrative details	2
Trustees’ report	3-17
Independent auditor’s report	18-20
Statement of financial activities	21
Balance sheet	22
Statement of cash flows	23
Notes to the financial statements	24-33
Appendix A–Grants payable - comparative period	34-35

MARR-MUNNING TRUST REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2025

Registered Charity Number	1153007
Registered Company Number	08561488
Trustees
	Edith Parker–Chair
	Andrew MacCormack–Vice	Chair (Finance)
	Wendy Tabuteau–Vice Chair (HR and Board Development)
	Stewart Hicks
	Rahul Mathasing
	Saskia Thomas
Director	Sebastian Wilson
Principal address	9 Madeley Road
	Ealing
	London
	W5 2LA
Auditors	HaysMac LLP
	10 Queen Street Place
	London
	EC4R 1AG
Investment Managers	CCLA Investment	Sarasin and Partners
	Management Limited	LLP
	Senator House	Juxon House
	85 Queen Victoria	100 St. Paul's
	Street	Churchyard London
	London EC4V 4ET	EC4M 8BU
Solicitors	Bates Wells
	10 Queen Street Place
	London
	EC4R 1AG

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also directors of the charity for the purposes of company law, present their report and financial statements of the charity for the period from 1 April 2024 to 31 March 2025. The financial statements have been prepared in accordance with the Companies Act 2006, Charities Act 2011, the governing documents and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – Second Edition.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

Objective and aims

As set out in the charity’s Memorandum and Articles of Association, the Trust’s charitable objective is:

“ To support charities giving overseas aid.... for the relief of poverty, suffering and distress particularly among the inhabitants of territories which are economically underprivileged through want of development or of support of the necessities of life or of those commodities and facilities which enhance human existence enriched by education and free from the threat of poverty, disease, under-n ourishment or starvation”.

Grant making policy

"Our vision is a world of empowered people free from poverty. To achieve this, we will:

Make grants to organisations which can demonstrate they will make positive changes in the lives of the world’s poorest people
Collaborate with other funders where that will improve our grant making and increase our impact
Use our other assets – such as our investments – to tackle poverty wherever possible
Share our experience and knowledge with organisations where we feel it would add value
Reflect on the effectiveness of our work, and the work of our partners, so that we can learn and improve

The Trust does not have specific areas of programmatic expertise and focuses its outcomes on effective and impactful grant making. The trustees do not see their role to be in project design or management, instead they aim to identify well run, effective organisations who have the expertise and capacity to design and deliver programmes that further the overall aims of the Trust. To do this we strive to build long term relationships with grantees who can demonstrate a well thought out theory of change, track record of success and ability to reflect, learn and improve their work over time.

To reflect on and refine how the Trust achieves these aims, the Trustees hold two half day workshops to review and refine the grant making policy. In 2024/25 the trustees have been focusing on whether the Trust’s current budget setting process is the most effective way to support our grantees to achieve their aims. As a result of this the Trustees have agreed to de link grants budgets from income earned, and instead, commit to distributing a 3.5% of the total endowment each year as a base level of grant making. In addition to this the Trustees will be able to make larger strategic investments in grantees, taken from the endowment, when appropriate. This could see grant making rise from around £400,000pa to £500,000+. The Trustees do not envisage this shift in policy having a material impact on the real value of the endowment over the long term.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

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In 2023/24 the Trustees produced a set of values and ways of working based on a new theory of change.
These are articulated in the following slides:
Relationships
Equity Diversity
WE VALUE
||
Trusting Curious
Humble Creative
WE ARE
Learn
|
Be Be power
respectful conscious
Be
Collaborate
responsive
Take risks WE WILL Be
accountable
||
Be
unburdensome
Be catalytic Foster innovation
WE WANT OUR
FUNDING TO4
||
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MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

What we fund:

Geographic Focus:

Programmatic Focus:

Sub Saharan Africa
Education
Indian Sub-Continent
South East Asia - Livelihoods

Within these programme themes the trustees have identified eight key intervention areas to support the grant making process. These are shown below and, in addition, the trustees will consider gender and climate change mitigation and adaptation across all intervention areas.

----- Start of picture text -----
Supporting
early years Training
Supporting transition to work Educated Youth equitable Ensuring access technological innovationDriving Sustainable Livelihoods Supporting Businesses
Improving resilience to Building
quality shocks
----- End of picture text -----

Who we fund:

The primary focus of the trustees is to fund small to medium size organisations with an income of between £25,000 and £1,000,000 a year, however, when a grant fulfils a strategic priority agreed by the Trustees or offers particularly valuable insights into an area of work, organisations that fall outside this may also be considered.

The trustees are keen to support organisations whose operations and decision-making authority are based within the country of delivery, however, where this capacity does not exist the trustees may consider overseas based organisations delivering directly or working through partners. The long-term aim of the trustees is to ensure capacity is built locally to reduce reliance on knowledge and power being held overseas.

The Trust does not fund individuals, governments or for-profit entities.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trust does not accept unsolicited applications for funding. We identify grantees in the following ways:

Through our own research
Through an organisational profile form available on our website (open from 1[st] April – 30[th] June each year)
Through past giving
Through working with other grant makers and charities

The majority of organisations funded start their journey from an organisational form profile form submission. This is open to all eligible organisations in order to ensure the pursuit of long-term relationships with grantees does not come at the expense of organisations as yet unknown to the Trust.

Typically, first time grantees are asked to put forward an application for a single year of funding (usually in the region of £10,000 - £20,000). During this year the trustees aim to get to know the organisation, its work and build a better understanding of the theory and assumptions underpinning its work, it is also an opportunity for the grantee to learn about how the Trust works and whether it is the right type of funder for them.

After this grant, should the relationship prove to be a good fit and there are opportunities for both grantee and the Trust to further their strategic aims, follow on grant applications are discussed. At this point we will consider applications for funding over multiple years and grants typically range from £20,000 to £60,000, however the trustees are not bound by strict grant limits.

For longer term grantees, the trustees will consider applications for unrestricted or capacity building funding as well as project-based funding and, should it be beneficial, offer funding plus type support. Funding plus support is not standardised and is based on the needs of the organisation and explored through conversations between the Director and grantee.

Monitoring

In 2023 the trustees developed a theory of change. During this process the Trust ’s place and role in the grant making ecosystem was explored. The trustees believe that, as a grant maker, their role is to find and support well run, effective organisations who are experts in their fields. As such, it is not the trustee’s role, nor does it hold the expertise across all programme areas, to evaluate and take a view on individual projects. The trustees monitor the effectiveness of their grant making at the organisation level, not through programme metrics.

To monitor the Trust’s work the trustees, look at how well we are able to support grantees to achieve goals dictated by their own strategies. At the grantee level, this includes metrics such as how MMT support enables grantees to leverage additional support or funding and whether our support allows grantees to effectively develop strategy and build capacity in all areas of their operations to deliver on this. At the grant making level the trustees look at how effective the search and initial grants process is at identifying effective, well run, sustainable organisations and how many of these become longer term grantees. From a governance perspective, the trustees are always assessing whether our funds are used effectively in furtherance of our objects and our policies and processes ensure full compliance with all relevant legislation and best practice.

The trustees are committed to developing the Trust’s capacity to learn from and reflect on its grant making and accept there is always room to be a better and more effective grant maker. Every year, two half day meetings a focus on continuing the process of reflection and putting learnings into practice so we can better support grantees to achieve their goals.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Grant activity within year:

At the 31 March 2025 the Trust had 18 open grants totalling £748,139:

Theme of Work	Grantee	Grant Title	Project Start Date	Project End Date	Award Amount
Livelihoods	Mt Kenya Innovations CommunityHub	Feeder Grant: Unrestricted Funding	07/06/2024	06/06/2025	£10,000
	WAVE (West Africa Vocational Education)	Feeder Grant: Unrestricted Funding	07/06/2024	06/06/2025	£10,000
	Twende	Feeder Grant: Unrestricted Funding	07/06/2024	06/06/2025	£10,000
	WomanSave	Feeder Grant: Unrestricted Funding	01/07/2024	30/06/2025	£10,000
	Shared Interest Foundation	Unrestricted Grant	01/11/22024	31/10/2025	£30,000
	Shivia	Collaboration with Haller: App Development	01/04/2024	31/03/2026	£50,000
	Jeevika	Smart Farm PoC Programme	22/07/2024	21/07/2025	£40,000
Education	Kick4Life	Unrestricted Grant	06/06/2024	05/06/2025	£50,000
	The Learning Trust	The Catch Up Coalition	01/04/2022	30/04/2027	£138,000
	Imagine Her	Unrestricted Grant	09/05/2023	08/05/2025	£50,000
	Fundibots	Unrestricted Grant	08/04/2024	07/04/2025	£50,000
	Kids Club Kampala	Unrestricted Grant	27/05/2024	26/05/2025	£50,000
	Red Earth Education	Unrestricted Grant	01/12/2024	30/11/2026	£70,000
	AbleChildAfrica	Unrestricted Grant	01/12/2024	30/11/2026	£60,000
	Collaborative Schools Network	Unrestricted Grant	01/01/2025	31/12/2026	£50,000
	See Beyond Borders	Transform Education Programme	01/01/2024	31/12/2026	£60,000
Other	SS Cyril and Methodius University	Frank Harcourt Munning Awards 2022/23	01/05/2023	31/01/2024	£1,500
	Marr Munning Ashram	Hostel Project 24/25	01/04/2024	31/03/2025	£8,639
				TOTAL	£748,139

The trustees wish to thank all current grantees for supporting the Trust to further its objects and for providing reports and updates.

During the period, the Trust made 9 new grants totalling £360,139 (2023 £412,248) to charities tackling poverty overseas.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The tables below show the new grants awarded in the period under each of the Trust’s grant making priorities.

Funding Priority: Livelihoods

Organisation	Country	Project Title	Total Grant
Jeevika	India	Smart Farm PoC Programme	£40,000
SharedInterestFoundation	Uganda	Unrestricted Grant	£30,000
		Total	£70,000

Funding Priority: Education

Organisation	Country	Project Title	Total Grant
Kids Club Kampala	Uganda	Unrestricted Grant	£50,000
Kick4Life	Lesotho	Unrestricted Grant	£50,000
AbleChildAfrica	Uganda	Unrestricted Grant	£60,000
Collaborative Schools Network	Nepal	Unrestricted Grant	£50,000
Red Earth Education	Uganda	Unrestricted Grant	£70,000
		Total	£280,000

Funding Priority: Education

Organisation	Country	Project Title	Total Grant
SS Cyril and Methodius University	Macedonia	2023 Frank Harcourt Munning Award	£1,500
Marr Munning Ashram	India	Hostel Project 24/25	£8,639
		TOTAL	£10,139

An analysis of these donations is included in note 4 of the financial statements.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The charts below show how our grants were distributed, both by region and theme of work as well as the size of organisations we supported. The final table shows a longer-term view of our grant making by country over the last 5 years.

Projects by Region and Theme

----- Start of picture text -----
Region Theme of Work
Sub-Saharan Africa Indian Sub-Continent
South East Asia Other Livelihoods Education
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Size of Grantee: Annual Income

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6
5
4
3
2
1
0
£25k - £500k £500k +
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Grants by Country Last Five Years

Region	Indian Sub-Continent	Sub-Saharan Africa *(top 3 countries by spend shown)*	South-East Asia
Amount Awarded	£489,629	£1,459,336	£100,509
Number of Grants	13	44	2
Country Allocation	India (£257,618 / 8) Nepal (£232,011 / 5)	Uganda (£794,721 / 19) Ghana (£290,057 / 4) South Africa (£180,858 / 4)	Cambodia (£100,509 / 2)

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

How the activities of the Trust deliver public benefit

Each year the trustees review the objectives and activities of the Trust to ensure that they continue to reflect its objects as set out above. In carrying out this review, the t rustees have considered the Charity Commission’s guidance on public benefit.

The Trust delivers public benefit through its grant-making activities which seek the most effective ways to support people in poor communities overseas to find for themselves sustainable routes out of poverty. The trustees undertake periodic reviews of this process to ensure that it is fit for purpose.

As shown above (and disclosed in note 4 to the accounts which shows the detail of all the grants awarded and sums paid/withdrawn and other adjustments during the year), in pursuit of its charitable aim, the Trust made grants to a wide range of charities during the year.

It is a condition of grant that all organisations which receive funding from the Trust provide regular progress reports and feedback on the funded activities and their impact. These reports are reviewed in detail by the Trust’s Director who provides summaries of these reports to trustees. The organisations awarded grants this year will provide their first monitoring reports during 2025/26.

Due to the fact that the Trust supports a wide range of interventions and organisations with differing levels of monitoring capacity each monitoring report is evaluated individually to assess whether it has achieved its intended outcomes. Through a combination of this evaluation and due diligence on grantees, the trustees are satisfied that the Trust’s charitable donations continue to bring lasting benefit to poor and marginalised people in some of the most disadvantaged and deprived regions in of the world.

Other significant activities

In addition to our grant- making, the charity’s significant activities during the year related to:

Reviewing the structure of the Board to improve diversity and effectiveness and
Direct investment in property and holding financial investments.

The trustees are committed to board development and improving diversity. Last year, the board focused on ensuring there was a more diverse age range on the board. Two new trustees were recruited using advertising platforms specifically targeted towards young trustees. In 2025 it is anticipated that 2 more trustees will be appointed to the Board.

Restructuring the mix of assets held as long-term investments.

Over recent years the trustees have been implementing a strategy to reduce the amount of time spend managing the Trust’s investments to allow for greater focus on grant making and delivering on it objects. Since 2018 7 properties out of 11 were sold and the proceeds placed with the Trust’s two investment managers (CCLA and Sarasin and Partners). This year offers on three more properties and a plot of land were accepted. Completion on the houses took place in June 2025 and the land sale will complete in October 2025. All proceeds will be reinvested 50/50 with CCLA and Sarasin and Partners. The one remaining property containing 6 flats and the Trust office will be retained.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Direct investment in property and holding financial investments.

The increased volatility seen in recent years continued in 2024/25 and over the period under review, the Trust’s listed investments saw a loss of £ 201,523 (-1.8%), however, compared against relevant benchmarks, the Trustees feel this performance is satisfactory.

The Trust’s policy for investment property revaluations requires a formal valuation every five years. The last of these took place on 31/3/2022. Between formal revaluations the Trust’s policy is to revalue based on HPI data unless they have access to additional information that suggests a different figure should be used. With regards to the Trust’s retained property it was agreed that index linking was appropriate, however, for the 3 properties and land sold post year end it was more appropriate to use the accepted offer values.

At the year- end, most of the Trust’s funds were invested in land, pro perties and listed investments managed for us by professional investment managers (see notes 10 and 11 to the accounts).

Although this period of increased volatility in listed investments is likely to continue, the trustees are satisfied that holding the majority of invested capital in these will continue to meet the Trust’s long term investment objectives. The Trust’s investment policy sets out these objectives and funds are invested with the aim of maintaining the real value of capital and generate returns of 5% above CPI over a long-term time horizon (5+ years).

Ongoing Governance Strengthening

The programme of strengthening the charity’s governance based on the Charity Governance Code continues on a rolling basis. The Trustees are currently focusing on the topic of diversity and inclusion, specifically at board level.

FINANCIAL REVIEW

The results for the year are set out in the attached financial statements.

Rental income during the period totalled £321,114 (2024: £430,375). The decrease was due to the disposal of 10 flats in February 2024. The trustees continued to apply their policy of seeking to increase rents each year by roughly the rate of inflation taking into account tenant retention, however, in the medium-term high levels of inflation may make this unachievable and rents will be increased as much as the market allows.

Overall listed investment performance in 2024/25 has been satisfactory against relevant benchmarks. Although performance was deemed acceptable given market conditions, there was an unrealised loss of £207,103 over the period under review (2024: £664,703 gain). At year end t he Trust’s listed investments were valued at £10,627,662 (2024: £10,927,116). Total income from listed investment for the year was £310,064 (2024: £264,864) resulting in a total return of £108,541.

Expenditure for the year was £791,883 (2024: £688,642) with £425,839 (2024: £472,630) allocated to grants and grant making. The costs of raising funds over this period was £366,044 (2024: £216,012).

The net movement in funds after accounting for both realised and unrealised losses on investments amounted to £518,258 deficit (2024: £75,244 surplus).

The retained funds at 31 March 2025 were £17,870,665.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

The trustees have a duty to identify and review the full range of business risks to which the charity may be exposed and to ensure appropriate controls and risk mitigation measures are in place. The trustees have agreed a risk management policy which includes a current risk assessment and risk management plan (last reviewed in October 2024). Risk is assessed in the following areas: governance, grant making, housing and property obligations, staff performance, financial management, income generation, fixed assets, insurances, compliance with law and regulation, health and safety, data protection and ICT. From this assessment a risk framework is developed and reviewed by the Board twice a year.

At the last risk assessment two areas of potential risk were assessed as having a medium level of risk and impact: income generation and management of our property investments. The key risks and assessment of these risks are shown below:

Income Generation:

Risks:

a) Failing to invest sufficiently in the maintenance of investment properties such that the value of the properties, and the income derived from them, is affected detrimentally;
b) Capital does not keep pace with inflation over the long term.
c) Investing funds in inappropriate vehicles or failing to achieve the best available return;
d) Risk to the reputation of the Trust (e.g. from failure to balance the costs of fundraising and governance with the spend on the charitable activities of the organisation);
e) Failure to identify and secure all the property and any associated proceeds which the Trust is entitled to where the Trust’s ownership or interest has not properly been asserted or registered.
f) The Trust fails to protect its property assets from damage.
g) The Trust fails to secure best value for property assets when sold.
h) The Trust experiences a material fall in income due to poor economic conditions or shocks.

Assessment:

a) Each year, as part of the budget setting process, a planned maintenance schedule will be completed. This ensures that all flats, communal areas and the structure of the building are maintained External surveys will be completed every 5 years to inform this process. The level of risk is low;
b) Funds will be invested in diversified funds that have a track record of providing inflation + returns. An Investments Sub-Committee exists to keep performance under review and make recommendations to the board should it be necessary. The level of risk is medium;
c) Investment performance is monitored quarterly against benchmarks and reported to the Board of Trustees. The Board has the required expertise to understand these results in the context of a longterm time horizon and the investment objectives set out in the Investment Policy. The level of risk is low;
d) When setting the annual budget, the Board will assess the optimum balance of spending on (a) –
charitable activities, (b) costs of generating funds and (c) governance in line with the SORP headings. The level of risk is medium.
e) The Board will take action on a case-by- case basis to secure where possible the Trust’s interests in properties which have not properly been registered to the Trust (e.g. action being taken during 2015/16 relating to properties in Rockmount Road). The level of risk is medium.
f) The Board ensures that adequate buildings insurance is maintained for all its properties (see iv below). The level of risk is low.
g) The Director will ensure that up to date valuations are kept and this is reviewed annually. When a single freehold is sold a new valuation will also be commissioned by the Trusts appointed surveyors (Brendons). For larger disposals, independent advice will be obtained, and the Board will review and approve any sale before a solicitor is instructed to proceed. The level of risk is low.
h) The trustees receive regular updates on risks to income.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Management of property investments:

Risks:

a) Failing to discharge all responsibilities as landlord, head leaseholder, freeholder e.g. obligations to ensure the safety of our tenants;
b) Permitting the Trust’s property to be used for purposes which are illegal or prejudicial to the Trust’s reputation or charitable objects.

Assessment:

a) Although landlord’s responsibilities cannot be delegated and remain the responsibility of the Board of Trustees, the Board has agreed a contract with its agent (currently Benham and Reeves) for the management of its Assured Shorthold Tenancy, Regulated Tenancy and licensed properties – which ensures that the duties (as set out in the Landlord’s Manual produced by the London Landlord
Accreditation Scheme and elsewhere) are discharged.
b) The trustees ensure that it seeks appropriate advice in relation to its ongoing responsibilities for nonrental property where it is either freeholder or head-leaseholder.
c) The Trust’s managing agent is instructed to take action to ensure that the Trust’s property is let to appropriate tenants and to take action where the actions or behaviour of tenants is anti-social, illegal or inappropriate.

The level of risk is medium.

Reserves policy

The trustees have approved a policy of maintaining free reserves (ie the amount of unallocated money left after deducting all our existing grant commitments, investments and fixed assets) of at least 3 months’ core running costs. Based on the 2024/25 budget this would give a free reserve target for this year of £43,052 (2024: £119,390). The reduction from last year is due a reduction in property maintenance and management costs following property disposals.

Free reserves are held either in cash or within the Trust’s invested funds where appropriate liquidity exists – currently both CCLA and Sarasin and Partners deal daily and therefore meet the liquidity threshold. The trustees deem that the Trust has sufficient level of reserves for the purposes of meeting its obligations and any unforeseen costs that may arise from time to time.

The reserve policy is due to be reviewed in 2025/26 due to the increased liquidity of investment assets (held as free reserves). This reduces the need to hold cash at bank for unforeseen costs.

Principal funding source

Rents receivable from investment properties and returns from listed investment holdings continued to be the main source of income of the Trust during the year under review.

The trustees are content with t he income received during the year from the Trust’s rental properties and listed investments.

The charity has not made any fundraising appeals to the general public during the year and is unlikely to do so in the future. There has been no outsourced fund raising via professional fundraisers or other third parties. As a result, the charity is not registered with the fundraising regulator and received no fundraising complaints in the year.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

FUTURE DEVELOPMENTS

During 2025/26 the Trust will continue to enhance aspects of its governance, strategy and operations focusing on the following areas:

Grant Making

Following the development of the Trust’s theory of change, the trustees have started to develop a monitoring framework to assess and reflect on how it is performing against this and its grant making strategy. This work will continue in 2025/26 and will feed into the development of its 2026-2029 strategy. The Trust will continue to promote transparency in its giving and publish its grant making activity on its website and in its annual report.

Investments

The trustees will continue to work closely with the Investments Sub- Committee to ensure the Trust’s investments are made responsibly and in line with the Trust’s ethical investment policy. The trustees will continue to explore how all of the Trust’s assets might contribute to achieving its charitable aims.

Property improvements

The trustees will continue to keep the rental properties in good condition making improvements where needed.

Property disposals

The trustees have sold all but one of its directly held rental investment properties and have no plans to dispose of the remaining property and flats.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Marr-Munning Trust is constituted as a charitable company registered with the Charity Commission on 22 July 2013 under charity number 1153007 and at Companies House under company number 08561488. It is governed by a Memorandum and Articles of Association dated 7 June 2013 (as amended by a special resolution dated 23 April 2018).

– The Trust was established by the trustees of the unincorporated charity The Marr-Munning Trust (registered charity number 261786) - in order to take over the operations, assets and liabilities of the unincorporated charity. This followed a governance review which identified that a charitable company would be a more appropriate legal form for achieving the charitable objects of the original charity.

Under a Deed of Transfer dated 24 September 2013, the transfer took place at midnight on 30 September 2013.

On 25 November 2013 the trustees of the Unincorporated Charity passed a resolution to retire and to appoint the Incorporated Charity as the sole corporate trustee of the Unincorporated Charity. The trustees then made an application to the Charity Commission for a Uniting Direction to link the two Marr-Munning Trust charities. The Charity Commission directed that as of 18 November 2014 the Unincorporated Charity ('the linked charity') shall be treated as forming part of the Incorporated Charity ('the reporting charity') for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011.

As a result, this annual report and accounts details the assets, liabilities and operations of both Marr-Munning Trust charities.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Recruitment and appointment of new trustees

The charity’s Memorandum and Articles of Association govern the appointment of the trustees. The trustees have agreed a recruitment and appointment policy in order to identify the kinds of individuals it wishes to encourage to apply to join the board, and to have an established procedure by which to recruit, select and support those individuals during their initial period as trustees. Subject to its governing document, the Board of trustees may decide at any point that it wishes to recruit new trustees to join the board. This may be because the board has identified gaps in skills or knowledge through its periodic skills gap analyses or for other reasons, for example, to recruit particular individuals that the Board of trustees feels would strengthen the effectiveness of the board significantly.

New trustees are appointed for a term of 4 years after which they may be reappointed. Trustees may serve a maximum of two terms, after this they must retire and a year must elapse before they can put themselves forward for re-appointment.

There were no appointments to the Board in the year under review, however, it is anticipated that 2 new trustees will join the board in 2025.

Induction of new trustees

The Trust has established a process for inducting new trustees so that they are able, from the start, to understand the Trust’s objectives and subscribe to them with conviction. New trustees are given access to a data site with all the Trust’s key documents and records including: the memorandum and articles of association, the audited accounts and audit findings from the past three years, minutes and papers from past t rustee meetings, the Trust’s policies and procedures, current annual budget and information resources from the Charity Commission, the Association of Charitable Foundations and the National Council of Voluntary Organisations.

A meeting is arranged with the Director and/or Chair to answer any questions new trustees may have and to ensure that the new Trustee understands our mission and current grant priorities; the process for reviewing the effectiveness of, and changing, our grant priorities; the constitutional and financial framework; the respective roles of staff and trustees and lines of accountability, and the availability of mentoring by an existing board member if the new trustee feels this would be useful. All new trustees undertake an online e-learning course in trusteeship and governance within the first year of their term.

Organisational structure

The trustees are responsible for the overall control and governance of the Trust. The trustees give their time freely and receive no remuneration or other financial benefits although they are entitled to be reimbursed for expenses directly incurred in the role. Details of trustee expenses and related party transactions are disclosed in note 7 to the accounts.

The t rustees meet together as a body six times each year in order to set and monitor the Trust’s strategy and policies, to receive reports on the implementation of the Trust’s work programme and to authorise the distribution of grants to enable the objects of the Trust to be furthered. Two of these meetings are dedicated to grant making.

The trustees have established an Investments Sub-Committee of the board (currently comprising the Treasurer, Chair and one other member of the Board – supported by the Director) to oversee the implementation of the Trust’s Investments Policy. The Sub -Committee meets as needed and provides reports to the full Board.

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

Key Management Personnel Remuneration

The trustees govern the Trust and control its strategic direction. They delegate the management of the Trust to the Director who is supervised by the Vice Chair of the Board of trustees who reports to the Board at quarterly t rustee meetings. The Director line manages the Trust’s other paid staff member who oversees the m aintenance of the Trust’s core rental properties. As such, the trustees consider the key management personnel of the Trust to be the Director.

During the recruitment process the salary for the post of Director was set on the basis of benchmarks with grant-making charities of a similar size and activity to ensure that the remuneration set was fair and not out of line with that generally paid for similar roles. The salary is reviewed annually as part of the Trust’s budget setting process.

Trustees are required to disclose all relevant interests and register them with the Director and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

Diversity

The trustees are committed to ensuring the Trust is an effective, well-run organisation and believe a diverse board and workforce is key to achieving this. The trustees and staff will continue to use all the tools at their disposal to push for change in this area as well as reflect on how the issue of diversity is managed within the Trust.

Currently the Board of trustees is made up of six members and the Trust employs two staff. Diversity statistics for the organisation are as follows (bracketed figures show prior year statistics):

Ethnicity	Staff	Trustees & co-optees
White British	(1) 1	(4) 4
White non-British		(1) 0
BAME	(1) 1	(1) 2

Gender
Male	(2) 2	(2) 3
Female	(0) 0	(4) 3

Age
16-24
25-34		(1)2
35-44	(1)1	(1)0
45-54		(1)1
55-64	(1)1	(2)2
65-74		(1)1

MARR-MUNNING TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The t rustees, who are also directors of the charitable company, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law required the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit and loss of the company for that period. In preparing those financial statements, the directors are required to;

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the company’s transactions and disclosure with reasonable accuracy at any time th e financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the trustees is aware at the time the report is approved:

there is no relevant audit information of which the company’s auditors are unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

In preparing this report, the trustees have taken advantage of the small companies ’ exemptions provided by section 415A of the Companies Act 2006.

ON BEHALF OF THE BOARD OF TRUSTEES

Ms Edith Parker – Chair

Date: 30 October 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARR-MUNNING TRUST

Opinion

We have audited the financial statements of Marr-Munning Trust for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash flow Statement, the Appendix A and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of the charitabl e company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 responsibi lities 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 UK, including the FRC’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

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Repor t. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the Trustees’ Report have been prepared in accordance with

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARR-MUNNING TRUST

applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatemen ts in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the tru stees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 iss ue 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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity and Tenancy Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARR-MUNNING TRUST

combinations, or with unusual descriptions;

Challenging assumptions and judgements made by management in their critical accounting estimates.

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

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 charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date: 01/12/2025

MARR-MUNNING TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income & Expenditure Account)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		Unrestricted	Unrestricted
		Funds	Funds
	Note	£	£
INCOME FROM:
Investments	2	649,251	704,774
		-------------------	-------------------
Total		649,251	704,774
		-------------------	-------------------
EXPENDITURE ON:
Raising funds	3	366,044	216,012
Charitable activities
Grants and grant making	4	425,839	472,630
		------------------	------------------
Total		791,883	688,642
		-------------------	-------------------
NET (EXPENDITURE) / INCOME BEFORE
INVESTMENTS
GAINS AND LOSSES		(142,632)	16,132
Unrealised (loss)/gain on listed investment	10	(207,103)	664,703
Realised gain/(loss) on listed investment	10	5,580	-
Unrealised (loss)/gain on investment properties	11	(228,513)	66,879
Realised gain/(loss) on investment properties	11	54,410	(672,470)
		-------------------	-------------------
Net movement in funds		(518,258)	75,244
Total funds brought forward		18,388,923	18,313,679
		---------------------	---------------------
TOTAL FUNDS CARRIED FORWARD	14	17,870,665	18,388,923
		=============	=============

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes form part of these financial statements.

Company number: 08561488

MARR-MUNNING TRUST

BALANCE SHEET

AT 31 MARCH 2025

		2025	2024
	Note	£ £	£ £
FIXED ASSETS
Tangible fixed assets	9	2,872	3,829
Listed investments	10	10,627,662	10,927,116
Investment property	11	7,254,294	7,482,807
		-----------------------	-----------------------
		17,884,828	18,413,752
CURRENT ASSETS
Debtors	12	152,522	162,232
Cash at bank and in hand		72,855	222,979
		---------------------	---------------------
		225,377	385,211
CURRENT LIABILITIES
Creditors: amounts falling due within one
year	13	(239,540)	(410,040)
		---------------------	---------------------
NET CURRENT ASSETS		(14,163)	(24,829)
		------------------------	------------------------
NET ASSETS		17,870,665	18,388,923
		=============	=============
REPRESENTED BY
Unrestricted funds	14	17,870,665	18,388,923
		=============	============

The financial statements were approved and authorised for issue by the Board of the Trustees on 30 October 2025 and were signed below on its behalf by:

Ms Edith Parker Chair

The notes on page 24 and 35 form part of these financial statements

MARR-MUNNING TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

	Note	2025	2024
		£	£
Cash flows from operating activities:
Net cash used in operating activities	A	(951,716)	(733,909)
Cash flows from investing activities
Dividends, interest and rent from investments		649,251	704,774
Purchase of fixed assets		-	(2,769)
Purchase of investments less fees		(2,069)	(2,153,134)
Proceeds from sale of investment property		54,410	-
Proceeds from sale of investments		100,000	2,153,134
		-------------------	-------------------
Net cash provided by investing activities		801,592	702,005
		-------------------	-------------------
Change in cash and cash equivalents in the reporting period		(150,124)	(31,904)
Cash and cash equivalents at the beginning of the reporting
period		222,979	254,883
		-------------------	-------------------
Cash and cash equivalents at the end of the reporting period	B	72,855	222,979
		===========	===========
NOTES TO THE STATEMENT OF CASH FLOWS		2025	2024
		£	£
(A) Reconciliation of Net Movement in Funds to Net Cash Flow
from Operating Activities
Net movement in funds		(518,258)	75,244
Net loss/(gain) on investments		375,626	(59,112)
Depreciation charges		957	1,277
Decrease /(increase) in debtors		9,710	(1,907)
(Decrease)/increase in creditors		(170,500)	(44,637)
Dividends, interests and rents from investments		(649,251)	(704,774)
		-------------------	-------------------
Net cash used in operating activities		(951,716)	(733,909)
		===========	===========
(B) Analysis of Cash and Cash equivalents		2025	2024
		£	£
Cash at bank and in hand		72,855	222,979
		===========	===========

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Statement of compliance

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) (Charities SORP 2015 (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Trust is a Public Benefit Entity as defined by FRS102.

Judgements made by the trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of investment properties and are discussed below.

The trustees expect that the needs for which the Trust was established will remain for the foreseeable future and the trustees have therefore taken steps to ensure that the Trust is able to operate sustainably for the foreseeable future. These include:

carrying out an assessment of the internal and external risks and uncertainties affecting the Trust and the environment in which it operates;
adopting policies and procedures to safeguard the Trust’s assets and maintain its income at sustainable levels;
setting annual plans and budgets and overseeing expenditure to ensure it is in line with expectations and maintaining a level of unrestricted reserves which they consider prudent.

The trustees are therefore satisfied that the Trust has sufficient reserves to continue as a going concern for the foreseeable future.

Income

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

Investment income is accounted for in the Statement of Financial Activities in the period in which the charity is entitled to receipt.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Grants payables are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include its audit fees and other costs linked to strategic management of the charity. These are allocated in line with other support costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Investment assets

All investments in shares and securities were valued at their market value at the year end.

The investment properties are included in the financial statements at market value.

Both realised and unrealised gains and losses on the disposal and/or revaluation of the investment assets are included in the Statement of Financial Activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are those funds which have been designated by the Trustees for specific purposes within the objects of the charity.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contri bution pension scheme. Contributions payable to the charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

Debtors

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

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

Creditors

Creditors 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.

Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

2.	INVESTMENT INCOME	2025	2024
		£	£
	Rents receivable	321,114	430,375
	Insurance and service charges	16,335	4,301
	Dividends from equities	310,064	264,864
	Interest on cash deposits	1,738	5,234
		-------------------	-------------------
		649,251	704,774
		==========	==========
3.	RAISING FUNDS COSTS	2025	2024
		£	£
	Property management fees	38,396	51,480
	Certification and ground rent	6,013	7,786
	Rates and water	7,653	6,036
	Property repairs and renewals	79,879	25,930
	Motor and travelling expenses	-	9
	Cleaning	8,280	6,036
	Legal and professional	61,840	7,858
	Tenancy Buyout expenses	44,000	-
	Support costs allocation (see note 5)	119,983	110,877
		------------------	------------------
		366,044	216,012
		==========	==========

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

4. GRANTS PAYABLE

The trust does not run any charitable projects of its own. Instead, it supports a number of overseas charities which are actively engaged in furtherance of objects similar to those of the trust by grant funding. A detailed analysis of these grants, the recipient charities and the causes that were funded during the year is included below:

uring the year is included below:
	2025	2024
	£	£
Livelihood training for adults	70,000	190,000
Education for children	290,139	222,248
	------------------	------------------
	360,139	412,248
Support costs allocation (see note 5)	65,700	60,382
	------------------	------------------
	425,839	472,630
	==========	==========

The following charitable institutions were supported by the above grants:

	Brought	Granted	Paid in	Carried
	forward	in year	year	forward
	£	£	£	£
Livelihood training for adults
Imagine Her	45,000	-	(45,000)	-
Jeevika	-	40,000	(40,000)	-
Shared Interest Foundation	-	30,000	(30,000)	-
Shivia	50,000	-	(29,000)	21,000
Mount Kenya Innovations	10,000	-	(10,000)	-
Twende	10,000	-	(10,000)	-
Woman Save	10,000	-	(10,000)	-
Wave	10,000	-	(10,000)	-
	---------------	---------------	---------------	---------------
	135,000	70,000	(184,000)	21,000
	---------------	---------------	---------------	---------------

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

	Brought	Granted	Paid in	Carried
	forward	in year	year	forward
	£	£	£	£
Education for children
Kick4Life	-	50,000	(50,000)	-
Kids Club Kampala	-	50,000	(50,000)	-
AbleChildAfrica	-	60,000	(40,000)	20,000
Collaborative Schools Network	25,000	50,000	(50,000)	25,000
EDUKaid	12,145	-	(12,145)	-
Fundibots	50,000	-	(50,000)	-
Learning Trust	46,000	-	-	46,000
Marr Munning Ashram	-	8,639	(8,639)	-
Red Earth	-	70,000	(35,000)	35,000
Sabre Trust	50,000	-	(50,000)	-
Ss. Cyril & Methodius University of Skopje 2020	-	1,500	(1,500)	-
See Beyond Borders	40,000	-	-	40,000
	------------------	------------------	------------------	----------------
	223,145	290,139	(347,284)	166,000
	------------------	------------------	------------------	----------------
	358,145	360,139	(531,284)	187,000
	==========	==========	==========	=========

Please see Appendix A for the grants payable in 2024 .

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

5.	SUPPORT COSTS– CURRENT	Raising	Charitable	Total
	YEAR	Funds	Activities	2025
		£	£	£
	Wages and salaries	75,648	41,265	116,913
	Insurance	23,044	12,571	35,615
	Fixtures & fittings depreciation	619	338	957
	IT	983	536	1,519
	Light & heat	536	292	828
	Office administration	4,466	2,436	6,902
	Governance costs (note 6)	14,687	8,262	22,949
		---------------	-----------------	-----------------
		119,983	65,700	185,683
		=========	=========	==========
	SUPPORT COSTS– PRIOR YEAR	Raising	Charitable	Total
		Funds	Activities	2024
		£	£	£
	Wages and salaries	72,610	39,426	112,036
	Insurance	23,817	12,932	36,749
	Fixtures & fittings depreciation	828	449	1,277
	IT	931	506	1,437
	Light & heat	648	352	1,000
	Office administration	2,919	1,585	4,504
	Governance costs (note 6)	9,124	5,132	14,256
		---------------	-----------------	-----------------
		110,877	60,382	171,259
		=========	=========	==========
6.	GOVERNANCE COSTS		2025	2024
			£	£
	Auditor fees		22,791	14,000
	Bank charges		158	256
			---------------	---------------
			22,949	14,256
			=========	=========

7. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees’ expenses

During the year a total of £697 (2024: £nil) was reimbursed to the Trustees.

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

STAFF COSTS	2025	2024
	£	£
Wages and salaries	102,628	98,974
Social security costs	6,715	6,213
Other pension costs	7,570	6,849
	----------------	----------------
	116,913	112,036
	=========	=========

The average monthly number of employees during the year was 2 (2024: 2). One employee earned between £70,000 and £80,000 (2024: One employee earned between £60,000 and £70,000).

Key management personnel comprise the Trustees and the Director of the Charity. The total employee benefits of the key management personnel of charity were £77,634 (2024: £74,888).

TANGIBLE FIXED ASSETS	Fixtures and
	Fittings	Total
	£	£
Cost
At 1 April 2024	8,775	8,775
Additions	-	-
	--------------	--------------
At 31 March 2025	8,775	8,775
	========	========
Depreciation
At 1 April 2024	4,946	4,946
Charge for year	957	957
	---------------	---------------
At 31 March 2025	5,903	5,903
	---------------	---------------
Net Book Value
At 31 March 2025	2,872	2,872
	========	========
At 31 March 2024	3,829	3,829
	========	========

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

10.	LISTED INVESTMENTS
		Listed
		Investments
		Total
		£
	Market Value
	At 1 April 2024	10,927,116
	Additions	2,069
	Disposals	(100,000)
	Realised gains	5,580
	Unrealised (loss)	(207,103)
		----------------------
	At 31 March 2025	10,627,662
		============
	Historic cost
	At 31st March 2025	9,487,731
		============
	At 31st March 2024	9,580,082
		=============

The charity holds investments in pooled funds where investment manager fees are charged within the funds. The charity’s shares of these fees are £87,799 (2024; £56,305).

11. INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	£
Market Value
At 1 April 2024	7,482,807
Disposals	(54,410)
Revaluations	(228,513)
Gain on disposal	54,410
	----------------------
At 31 March 2025	7,254,294
	=============

The investment properties were valued by Cluttons as at 31 March 2022 on an open market valuation basis, having regard to the Rent Act protected tenancies where necessary. Cluttons Surveyors are independent to the charity. In 2025, the trustees have undertaken an index linked revaluation of the properties which the charity did not receive offers to purchase from the open market. Whereas, for properties the charity has received offers to purchase from the open market, the offer value has been deemed as the fair market value of the properties.

DEBTORS: Amounts falling due within one year	2025	2024
	£	£
Rent receivable	15,020	17,942
Other debtors	53,051	57,537
Prepayments	11,090	13,279
Accrued income	73,361	73,474
	----------------	----------------
	152,522	162,232
	=========	=========

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

CREDITORS: Amounts falling due within one year	2025	2024
	£	£
Rent deposits	26,449	41,348
Grants committed not yet paid (see below)	187,000	358,145
Other creditors & accruals	22,946	10,547
Social security and other taxes	3,145	-
	-----------------	-----------------
	239,540	410,040
	==========	==========
	£	£
Brought forward as at 1 April 2024	358,145	403,826
Grants approved in the year, including accumulated
foreign exchange gains and losses	360,139	412,248
Grants paid in the year	(531,284)	(457,929)
	------------------	------------------
Grants committed not yet paid at 31 March 2025	187,000	358,145
	==========	==========
See note 4 for more detail of grants payable.

MARR-MUNNING TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

RESERVES	At				At 31 March
	1 April	Income	Expenditure	Gains/(losses)	2025
	2024
	£	£	£	£	£
Unrestricted funds
Marr-Munning Trust	2,652	-	-	-	2,652
Designated property
investments fund	37,000	-	-	-	37,000
General fund	18,349,271	649,251	(791,883)	(375,626)	17,831,013
	-----------------------	------------------	---------------------	---------------------	------------------------
	18,388,923	649,251	(791,883)	(375,626)	17,870,665
	=============	==========	===========	===========	=============
RESERVES	At 1 April				At 31 March
	2023	Income	Expenditure	Gains/(losses)	2024
	£	£	£	£	£
Unrestricted funds
Marr-Munning Trust	2,652	-	-	-	2,652
Designated property
investments fund	37,000	-	-	-	37,000
General fund	18,274,027	704,774	(688,642)	59,112	18,349,271
	-----------------------	------------------	---------------------	---------------------	------------------------
	18,313,679	704,774	(688,642)	59,112	18,388,923
	=============	==========	===========	===========	=============

Property Investment Fund

The designated Property Investments Fund is to be used for purposes such as tenancy buy-outs and cyclical repairs to properties (e.g. where a future need for funds can be anticipated which cannot be met from a single year’s income - e.g. major property refurbishments on a 5-year cycle).

Marr-Munning Trust (Unincorporated Charity)

The Marr-Munning Trust (the Unincorporated Charity) obtained a linking direction with the Trust and the remaining funds of the Unincorporated Charity are reflected in a separate fund.

15. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2024: None).

MARR-MUNNING TRUST

APPENDIX - A

FOR THE YEAR ENDED 31 MARCH 2025

GRANTS PAYABLE – COMPARATIVE PERIOD

	2024
	£
Livelihood training for adults	190,000
Education for children	222,248
	------------------
	412,248
Support costs allocation (see note 5)	60,382
	------------------
	472,630
	==========

The following charitable institutions were supported by the above grants:

	Brought	Granted	Paid in	Carried
	forward	in year	year	forward
	£	£	£	£
Livelihood training for adults
Carers WW	10,000	-	(10,000)	-
Lagos Food Bank	10,000	-	(10,000)	-
Deki	10,000	-	(10,000)	-
APT MAPCO	10,000	-	(10,000)	-
Imagine Her	-	90,000	(45,000)	45,000
Hello World	58,500	-	(58,500)	-
Shivia	40,000	50,000	(40,000)	50,000
Kids Club Kampala	-	10,000	(10,000)	-
Mount Kenya Innovations	-	10,000	-	10,000
Twende	-	10,000	-	10,000
Woman Save	-	10,000	-	10,000
Wave	-	10,000	-	10,000
	---------------	---------------	---------------	---------------
	138,500	190,000	(193,500)	135,000
	---------------	---------------	---------------	---------------

MARR-MUNNING TRUST

APPENDIX - A

FOR THE YEAR ENDED 31 MARCH 2025

GRANTS PAYABLE (continued)

	Brought	Granted	Paid in	Carried
	forward	in year	year	forward
	£	£	£	£
Education for children
Kick4Life	10,000	-	(10,000)	-
AbleChildAfrica	15,902	-	(15,902)	-
Collaborative Schools Network	50,000	-	(25,000)	25,000
EDUKaid	-	39,600	(27,455)	12,145
Fundibots	-	50,000	-	50,000
Learning Trust	92,000	-	(46,000)	46,000
Marr Munning Ashram	169	12,148	(12,317)	-
Red Earth	41,942	9,000	(50,942)	-
Sabre Trust	-	50,000		50,000
Ss. Cyril & Methodius University of Skopje	-	1,500	(1,500)	-
2020
See Beyond Borders	3,891	60,000	(23,891)	40,000
Women and Children First	51,422	-	(51,422)	-
	------------------	------------------	------------------	----------------
	265,326	222,248	(264,429)	223,145
	------------------	------------------	------------------	----------------
	403,826	412,248	(457,929)	358,145
	==========	==========	==========	=========