ATI TR T ANDA DITED FINANCIAL TATEM FOR THE YEAR ENDED 31 IA4RCH 224
JAMES MARSHALL FOUNDATION CIO DFI CL TATEMEMt THE UAL 20 INDEX Charity information Report of the TNstees 3to6 Report of Ihe IrKJepend8nt AlitorS 7and8 Statements of Financial Actiwties Balance Sheet 10 Notes to the Financial Slatements 11 to19
REFERENCE AND ADIAINISTrATIVE INFORMATION Trust••s for Ihe yw ended 31 March 2024 CHAIR OF TRUSTEES VICE£HAIR OF TRUSTEES Ms. A Davles TRUSTEES Mr. C. J. Canfield - resigned on 19 Juty 2023 Ms. J. . appointed on 4 Sept6mber 2023 Mr. J.M.R. Finch Ms. V. FIrWwno. appoinw on 4 Septemb8r 2023 Mr. A J. Large Mr. R. J. Pn Ms. J. Rithard - appointsd on 4 September 2023 Mr. A. Shapton - appointed on 4 September 2023 Mr. N. Wallis - 8ppointed on 9 January 2024 Mr. M. Whrt*- reSWJrd on 14 November 2023 EMAIL olfK•mesmh8llfOuJaIhjn.cXj.uk WEBSITE wém.iamesmarshallf0undat..uk CHARI REGISTRATION NUMBER 1181004 COMPANY NUMBER CE015811
JAMES MARSHALL FO ND TION CIO OFFICE Unit 6. 17 Leykn Road Hertf0shlre AL5 2HY ADMINISTRATION Foundation Manager Grant Manager M. P. Whiting Mr. N. HodgirK8 Ms. F. Br¢x Ms. Lthcher AUDITOR Merix & Hole LLP 72 LorKlon Road St Albans Hertfothire AL1 1NS SOLICITOR SALawLLP Gladstone Place Sl Albans HerordthIre AL13UU Veale Wasbrough Vryards LLP 45 Clarerxk)n Road Watford Hertfordshire WD17 1SZ BANKER CAF Bank Ltd 25 KirvJs Hill Avenue Kings Hill West MallirKJ Kent ME19 4JQ PROPERTY MANAGEMENT H02 (Brighton) Ltd Suite G, PavilKm House West Business Centre East Sussex BN6 9LS BUILDING SURVEYOR Evans & Cray Bridge House Water Meadow BuckirKJhamshre HP5 ILF
JAMES MARSHALL FOUNDATION CIO REPOFU OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees their annual reFKKt and finaThial Statnents of Ihe dritable incoTP(Kated organisation the year ended 31 March 2024. The finanoal slalements have been yepared in accordance wth the accounting policies set out in Note 1 to the financial statnts and (xjmply with the cortslittthn of the FoundatM)n when the entity was established on 5 December 2018 {26 September 2022 reVIs)n). the Charities Act 2011. and the Charitss Statement of Recommethj Practi ("CharlS SORP") applicable to Charities preparing th8ir financial statements in a(xXjrdan with the Finan(xal Rewrtir¥J Slar¥Jard applicable in t United Kingdom and ReputAic of Ireland (FRS 102) se(xThJ edition iss1 in Odober 2019. James Marshall Foundation CIO is a charitable irwrated ganisatIon registered nLnber 1181004. It was incorporated on 5 December 2018 as sCess enbty to James Marshall Foundation. a Charity with registration number 312127 established by the Will of Mr James Marshall dated 30 December 1719 and beqLJeathed on his death in 1722. James Mathll FoundatK)n ceased operatirKJ on 31 March 2019 and the ass8ts arKI operatK>ns were transferred to James Marshall Foundation CIO on 1 Awl 2019. The remit of the charitable intsjrporated wJanisation remained the same, bui transfwring the assets and oper81ions into this structure fa(alitated better govwnance and greater proteclion over sustainabilty of the Charity. The purpose of Jame5 Marshall Foundation CIO is lo advan in lrfe yourKJ peop IMThJ in Harpenden, Wheathampstead. Kimpton. Redboum, Flamstead arKJ Markyate ¥ are under th8 age of 25 and in finandal hardship by the provision of grants to assist with their educats'on arKI career developmenL To fulfil that purpose, the Foundation awards grants the )st of thè follwTrJ itemslaobth: Travel and equiKYnent for work includiThJ apFKenticAships Accommodation, books. equirAnenL travel for diplomas. degrees and KThtyraduate d8grees Further u(tional o)urses and career deVeloent opFyiunitie8 School trips. sctK)ol unrfomi. tK)oks. 8quipment and18Ptops Extra-ojrricular aCtiviS such as MUSK aNJ swKi In Setting the aims and otyecbves topther with plannirvJ the fuiure &t1¥it5. tho Tntste88 have given careful consideration to the Chanty CommisSic'S genwal gUKlan on pubk benefft and in particular to its supplementary wblic berffi1 guidance on adv8nciThJ edu(xtion. Grants are awarded to irwjividuals in the local community who meet the e1l"1ty uiteria. These grants providè opportunities to youryJ people where. withcxrt such furKlirvJ, the financial cost would be a barrier. In this way. th& FourKlatK)n is abb8 to make a difference to th6 cirwmstances of its beneficia8 in assistiNJ to devdop their ore8r enrich their u[tional experien. The financaal objective of the Foundation is to at18asl mainlain lh8 r8al value of the assets whi18t generating a stab18 arKI sustainable reium to fund grant maknng. The Endent Fund comprises invesknent properties and loThJ term financial investrnents in pooled funds (invested primarily in equities) managed by an indep8ThJent advisor. The assets of End<Yt Fund are held for the purpose of nerating income for the Unrestricted Fund. fTDm which ts gants are paKI. In re(wrt years there has been considerable economic volatilty and high infiation whidi has affected asset valu8s, h(rwever. Ihe inv8Stmgnts are for Ihe long term and have continued to generate a strrry inrne stream. The pn)pety p(¥ttolio was professii)nalty valued al 31 March 2021 inclusirm in the FourKlation's accounts by Mr. R. Hayler FRICS. Registered Valuer of H02 (&KJhton) Limited. Chartered Surveyors. at £5.300.1)00. The Trustees have perform an intemal Vdluation of the proK portft)fK) at 31 March 2024, considering ft)IlowirYJ relevant factors: All rent relatirKJ to the firpncial year vrds refxT¥ed. There is diversrfKation across the porttolio. Iwth tenants from diffwent sectcry lessens the effect of srAafiG fluctuations relevant to one se(kn.
JAMES MARSHALL FOUNDATION CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 supported Ihe fact that ts propertEs are in a stste of ryr. The properties are all hekl the tem arvj the Trustees have rKJ intention to disF#xe of any proFwty. The Trustees have revthwj the (x)mmercial propth InVestr hekl in the Endowment Fund to ensure they are appropriate to deliver thè obiedive of maintaining the real value over the Ier temi and generating a retum for dIstrAlI. Mediurn temi pnS have been devebwl for eath tKopety. The TnBtees confimi that maintainirvJ the overall market value at £5.300.000 is reas(x)abl8. howevw they are aware of the addiiiona uncertainties around this vduation due to th8 difficLIt ecoTrynbc corKlitions. Tr next independent valuation is due at 31 Marth 2026. Th8 principal risks far by the FourKlation are warant periods in rental income, unpawj rent. unexpeded repair & maintenance costs and losses crystallisirwJ on the sale of I term investments. The Trustees have risk management strategy wtiich comprises a regular review of tt)e major rth whiGh the Foundats'on faces and the establishmenl of systems and I0(¥dUreS to intify ttrM)se risks. This enab19s Ihe Tnle8S to implement required a&K>ns to minimis8 any potential impad on the FowKlation. Roserves pollcy The Foundation has ngt ajrrent assets In its UntTted Fund amounting to £1.035.690 at 31 Marth 2024 (2023: £952.668). Reser4W are required to meet the costs of potenlial vaont periods, repalrs & maintenanca costs. any losses crystsllised on the sale of propth and gerwally to safeguard the Foundation financially. In additKJn, it is recognised that as the ErKjonent Fund 15 prynarily invested in pro[Y. reserves are also need to be available to capitalise on development opp(¥tunities. wtuth will assist to maintain the real value of the permanent erKlowment over time. The Foundalion has net assets in its End¥ment Fund of £6.152,599 at 31 March 2024 {2023.' £6.081,811). Reviow of wInCe During ts year 862 ants wer6 awarded and a breakd(pn of the 190th of grants was: Year ended 31 March 2024 y ended 31 March 2023 Degree & postgraduate degree Diploma & Educational cA>ur88 ComputerlDwital device Travel School Unifomi Extra-cufTi¢ular. Music- Drama . Swt ScoutslGuKlesltXJke of EdinlYJrI School Trips Education81 equipment 8ooks Total 31 126 11 316 145 13 189 181 12 144 27 230 41 14 1021 The total Wdlu8 of ants awarded was £239.248 (2023: £307.119). There were also grants ouistaThJlng for awards in the [evI0uS year of £29.284 (2023: £17,176) unpald at 31 March 2023. mainly due to cancellations. The grant18vel has redwed from the peak of 202Z123 8nd moved towards a more sustainable level. Tha Trustees feel that in these difficutt eLxJfK)mic times it is important that the FourKlatic¥n was ablé to respond and adapt to meet thé needs of eligbi le youTr3 peop18 in ts (x)mmunty. A detsiled review of the effect of dtfferent grant awards has been perfomied and fvrttr prXIureS introduced to assess suth impac in the fuiure. This has Jed to some minor refinements of grdnt Offeris with a fO(X on tIKsse v•l)ich are nsidered to have the most posilive lnfiUen an individual's edtIon or reer.
JAMES MARSHALL FOUNDATION CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Financial rnviow The Foundation's prindpal sources of fundiNJ are renlal in(X) from commerixal woperties and dividerxl income from financial inveslments. The income received supports the grant makn'ng each year and grants are only awarded rf the income is available. Durin9 the year the FourKlation received a total of income of £436.886 {2023: £411.416) of whith £382,225 {2023: £1.009) Wds propety income. ProFwty expenditure and )sts totalled £133.483 (2023: £64.IK)O) (induding an exceptrfftal item of £60.IX)O r8feTred to below) being a retum on the fair value of the prOFe[ti of 4.7% (2023: 5.6%). Of the available income after all sts of £222.258 (2023: £269.093). grants were adrd of £239.248 (£307.119). In addition. there were grants outstanding for awards in earLEr year5 unpaNJ at 31 Marth 2023 of £29.284 (2023.. £17.176) whith were cancelled. The swplus in income after alkncation of the reYdluath)n of invesbnent of £70.728 {2023: £52.972) has been addéd to the Unrestricted FuThJ. A t[ty repair matter is beirwJ addressed and a wovision of £60.000 {2023: £0) has been set aside for the remedial WO required. Tr Trustees are (x)mfortable that there will be no lorvJer terrn irnpaim)ent to the value of the prot. A plan has been prepar1 to addrèss the issue. th8 cost of the work has been estimated reliabty and a contractor will be apFKJinW in the rw future. A provision has bean made for the cost of the work requir8d. Plans for tho firtwe James Marshall Foundation CIO is a last1r t8sts'm(Kiy to ts gerwow of James Marshal. Th8 Foundation is oxpeded to exist in rpetUIty and Investme arè manw to ensure thts suslainabilty. The Trust88s are aware of n1 to assist tKJlh current and fuiure blieS maintain an approwmte b8&nce. The Board of Trustees o)nsists of up to ten Trttees who should live in the catchment area of thè Charity. Trustees attend approximately ft)ur Board mtwvJs a year. There are four Committees of the Board: Grant Awatding, Finance & 0$ationS, Prop&ty & Investment and External Engagement. These Committees meet regularly durfrKJ the year. The FourKJatK)n has been avrdrded the Chaiity EXllenC Framewo Qualty Ma, acknowledging the attention given to effectiv8 govemance and managemenL Trust•• appoinlrn•nl Inductlon and training When a vaccY for a Trusteè position arises. the FoundatK)n adverlises ldelY in b)th local publications and websrtes and with appropriate n81KY1 organisalh)ns. The vacancies are also highlighted in social media postings. The applicants are then Sh(IliSted and a number invjted to an interrfiew to meet with a panel of Trustees. The selected candidat8$ are then end¢K5 by the full Board. The starwjard temi of offic8 is three years and a Tntste8 may only be reapFK)inted after nine years under exc1 circumstances. Trustees sign a Dedarats'on of Acceptsnce of offi when appointed rfras)F)0intj. On electM)n as a Trustee. an individual assumes a number of responsibilitss. Tntstees are remiThled that tt)ey are accountable in law for tho good governance of the Foundation and all new Tnjstees re1ve a thorough induction. Truste8s are requested to )mplete training courses as required to update arvj devebp Iheir skills. Decisions rel8tirYJ to the structure of the Charity. policies and proGedures and the management (A Ihe Fwndation's assets are made by the Board of Trustees after lakir¥J prof8ssional advice where approtxiate. All Trustees give of their time freety and no Truste8 remur*ration was paid in the year. K•y pers(ne1 The day to day operatsns of the Foundation are managed by the F(ndalKIn Marw. assisted by a Grant Manager and two Foundation Associates. They twovide support and infomiation to the Board and Committees. irnplement the decisions. ensure Wl and regulat(xy cxxnpliance induding preparing appropriatè risk assessments and maintainirYJ ac(wrale finantial recx)rds. They vrt) with rxofessional adviser5 and other organisations. The team manages the grant awardir#J process from the initial erffjuiry ttwough to making grant payments. Al members of staff work on a part-b.me basis. Website and wcial modla The ¢harity's websile. W4Y4V. mesmarshallfourK1abon.u). provides infomation and supplies details of the types of grants awardod by the Foundatic>n armj has a link to the online appli(2tion fomi. The Foundation also has a social media presence with FacebrM)k afKI Twitter accxxmts (handle mf1722) to pr(xnote greater
JAMES MARSHALL FOUNDATION CIO REF>ORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trusto•8' rospon8ibilitws In relatlon to the flnanclal statemorts The Charity Trustees are responsible for preparir¥J the Trnstees, annual report and ffinaaal statements in accordance with applioble law and Unit&J lfjngdn Ac¢xnIIn9 StarKlards {UnJted KirvJdom Generally Accepted AC(xnting Practi). The law applicable to charilies in England and Wales requires the (knrity Trustees to Kryore financial Ststnts for each year which give a and fair of the state of affars of the Charity arKI of incoming resources and applicalion of resrCeS. of the Charity for that period. In Wepar1 these financial statements, the Trustees are required to: observe the rnethods aThJ Principles in the applitxble Charities SORP: make judgements and estimates that 8re reasorrdble and pnMJen( state whether applicable accounting stsrmjards have been foliowed. subieci to any material departures that must be disdosed and explained in the financial statements; prepare the financial slatements on the goiryj corKem basis unless it is inappropriate to presume that the Charity will continue n business. The Trustees are responsible lor keepirvJ woper aLxounbng reLX)rds that dis(kn with reasonable accuracy at any time the finanaal position of the Chanty and enable th8m to ensure that the financial statem8nts ry)mply wlth the Charities A(a 2011, the applicable Charilies {Ac0ts and Rep(ts} Regulations and the provisions of the Constitution. They are also responsibl8 for safeguardiThJ the assets of the Charity and laking reasonable step5 for the prevénti and dètection d fr8thJ and other irregulwilies. The Trust are reSpOlbIe for the maintenanc aNI integrity of the Chty and financial infonnation included on the Charity's website in acC¢Xdan wilh legislatM)n in the United Kirodom goveming the eparation and disseminalN)n of fin8n(aal statnents. Auditors Mercer & Hole LLP were selecAed and appolnted for the year erNJed on 31 Marth 2024 and for the year ding 31 March 2025. Approved by the Trustees 10 June 2024 arKI signed on their bghalf by: Unit 6. 17 Leyton Road Hertfsh1rn AL5 2HY Mr. K Andrews Chair of Tntstees
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JAMES MARSHALL FOUNDATION CIO Opinion We have audited the finanijal statements of James Marshall FoUr#jai CIO {the 'tharity') for the ended 31 March 2024 (x)mprise Statement of Financial Acti¥itss. Balance Sheet and notes to the financial ststements. including signfficant ac(x)unting tNJlraes. The finan(>al reportiNJ framewo that has been applied in their preparation is akwicable law aNI United KIn A(Xxntin9 Standards. inclLJing Financial Reporting Standard 102 The Finanual Repc¥ting Standwd Kable in the UK and RepublK of Ireland (United Kingdom Generalty Accepted Accounting Pradire). In (r opinion the fffiancial statements: give a true and fair view of th8 state of the charity's a1frdi as at 31 M8rch 2024. and of ts incomirvJ resour(s arKI applitIon of resources. induding its income and expenditure. for the year then ended: have been properly wepared in accorda with United Kir¥JdcKn G8n8rally Accepted AoUnting Practirx: and have been wepared in accxJrdarM% wilh the requira)ients of the Charities Ad 2011. Basis for oplnlon We conducted our a11 in ac(Xdan Tmth Intem8tK)nal Standards on Audrling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilrties for the alIt of the finanaal statements secl¥)n of our reporL We are indeent of the chanty in acc(Kdance with thg ethical requirements that are relevant to our audit of the finarKial statements in the UK induding the FRC'S Ethical Stsndard. arKI we have fulfilled our other ethical resprmsibiltties in a¢c¥)rdance with these requirements. We bVe that the a11 evKlen(¥ we have oblainod is suffi(¥e and aprmwiate to Fwvid6 ba818 for cr opinion. Conclusions r•laling to golw conc•rn In audlting the finanoal statements. we have Concl that the trustees. use of th8 golng (x)n(wn basis of accounting in the preparation of financial statements is aP[priate. Based on the work we have p8rfomied. V•P have rt identsfied any materbal uncertainties relati to events or conditions that, individually or collectivety. may (xst &gnificant th)ubt on the charilys ability to continue as a going coneem for a perK)d of at 18ast twelve MthS from when the financial statements are authorised for issue. Our responslbilities arKI the ponSIbIlitieS of the trustees wilh res to concem are descflbed in the relevant sections of this reFM)rL The other infomiation cyxnprises th8 Infi110n in the trustees. annual report. other than the financial stst6m8nts and our auditorfs rewt thereon. The trustees are reSp)nSib for the other infomiation. Our opinion on the financial ststements do8S t the 01t inforrrHtM)n arKI we do not expr6ss any fonn of Our resportsibilty is to read ts ottrw InfnatiOn and, in doirvJ so. consider whelher the olher Inf0mtiOn ' materially inconsistent with the financial statements or our k11• obtsined in the course of the audit or otherwise appears to be materially rnisstated. If identify sud) material inwnsistencies or apparent material misstatements, we are required to deterni1 ether Ihis gives rise to a material misstatement in the finanGial ststements themselves. If. based on tre work have perfmed. we ndUde 1hat tsre is material misstatement of this I)r infomation. we are required lo rewt that fact We have nothkng to rep1 in this regard. IAattors on which w• are lequv to report by •x¢tytion We have nothing to report in resFd of the followiThJ rnatt5 in relatK)n to 11th the Charities (Ac(xJunts arKI Reports) RegulatK)ns 2008 require us to reF#Yt to you rf. in our opinion: tho information gi4wi in the ITU5tees' retth is inoxtsistent in any malerial respect with the financial staternents: or sufficient ac(wntiry rerS have not been kept or the financial statements are not in agreement with the a(%Xntir¥j reixxds: or we have not f1Ved all the inforniation and explanations we require for our audiL
Responslbllitles of trustees As explained more fully in the tnjstees, responsitxlities statement 6, trustees are responsible for the preparation of the finanoal 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 misstatemert whether due to fraud (Y errty. In preparing The financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disdosing, as applicable. malters related to going concern and using the going concem basis of accounting unless the trustees eiiher intend to kquidate the charity or to cease operations, or have no realistic altematNe txrt to do so. Auditor responsibllities for the audlt of the financlal statements We have been appointed as auditor under.sedi¢Jn 144 of the Charities Ad 2011 and report in accordance with the Act and relevant regulalions made or having effe<l th8reunder. Our objectlves are to obtain reasonable assurance aboui whelher the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs r8POrt that indud8s our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance Wlth ISAS (UK) will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are consKlered material rf, indr¥Klually or in the aggregate, they could reasonabty be expected to influerlce Ihe economic decisions of users taken on the basis of financial statements. Irregulariiies. including fraud, are instances of non-complrdnce with laws and regulations. We design pr¢)cedures in line wilh our responsibiltlies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exterrt to which ow procedures are ¢xpable of detecting irregularities, including fraud is detailed below.. discussion8 With management, induding considerations of kntThi or suspected instances of non- compliance with laws and regulation5 and fraud; evaluation of the opernting effe(XJ'veness of mwagement's contrds designed to wevent and detect irregulariiies., Identrfying and testing journal entrN?8. Because of the inhererrt limitations of an audiL there 18 a risk that we will not detect all irregularities, including those leading to a material misstatement in the finanaal statements or nonrycomplianGe with regulation. This risk increases the more that compliance with a or regulation is removed from the events and transactions refleded in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is al80 greater regarding irregularities occurring due to traud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrewesentatii)n. A further description of our responsilxlrties is available on the FRC'S website at: htt '.IlwwM.frc.or .ukJauditorslaudtt-assurancelauditor-s-res nsibi1tiies-for-the-audit-of-thfi1de8Cri the-auditoffAE20A800k99s-res nsibilits"es-for.This description foms part of our auditorfs report. ion4)f- We communicate with those charged wilh governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. induding any signfficant deficienues in internal control that v identrfy dunng our audit. Use of our report This report is made solely to ts charity's truslees. as a body. in accordance with Part 4 of the Charities (AGUntS and Reports) Regulations 2(HJ8. Our audrt work has been undertaken so that we Mht state to the chartty's Irustees those matters we are required to slate to them in an auditorfs repcmt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other the charity and thp charity's trustees as a body, for ow aLKlit woyk. for this report. or for the opinions we fomied. rcer & Hole L London Road St Albans Hertfordshire. AL1 1 NS
JAMES MARML FOUNDATTON CIO sTATEmEp OF ACTlVtriES FOR THE YEAR 31 N14RI>I 2tr24 Funds 2024 Funds Tolal F15 Funds 202 &32.837 332.613 25.587 25.587 21,828 22$) 17.nJ5 54.511 22S> 17.705 54.511 2,150 48,972 411,416 EXp•ndIrfr 95,261 37.439 783 40.734 22.513 753 37.439 783 1&1.483 Grants awarded ts) kndMdual8 In 239.248 239248 -29284 307.119 -17.176 289.943 51.656 51.656 10 28,635 368.266 291.109 291.109 424,592 424,W2 12294 70.r28 12294 141.516 -20.850 14 70.788 70.788 6,081.811 6.152.Y>3 153.810 7,034.479 7,188289 -83.r29 7.118.208 7 034,479 Funds al 1 Apr 2023 FU18 8131 Mar<* 2tr24 1.035.691
10- JAMES MARSHALL FOUNDATION CIO AT 2024 FIXED ASSETS 13 14 15 5.XMJ.(MK) 1.W2.772 5.3(KJ.IXY) 1.551.256 Tangible assets Tota red assets 6.993.716 6.851.954 CURRENT ASSETS 16 30.217 364.188 18.346 412.751 15.3Z3 315.640 20.531 351,494 Short te inveslments Cash at bank Total rrent assets LIABILITIES creditS. arnnts fallirwJ thIn yaar 17 -158,178 .168.969 254.573 182.525 Provisions for liabilities TOTAL NET ASSETS 18 7,188.289 7,034.479 ENI)OWMENT FUNDS 19 5.827.599 5.756,811 UNRESTRICTED FUNOS 19 1.035, REVALUATION RESERVE- ENDOWMENT FUKIS 19 325.C TOTAL FUNDS 7,188,289 7,034,479 Slgned on behal of the Trustees Ms A Daffts VICE CHAIR OF TRUSTEES Approved by the Truslees on 10 June 2024 Charity Number 1181(KM
11
ES MARS FOUNDATION CIO
AT
TE
SIGNIFICANT ACCOUNTING POUCIES
std applKabie In the Unlled KhvJl¢m Ir?1 (FRS 102). arxl th8 Cfwbties Ad 2011.
(wl bekm.
Going Conc•rn
Th8 financial statements ha¥e In (m a OYKem bosls. The Trustees ider that Ihere
e rb) matwial uncertainll8s abjrt James Mwshau F181 CIO'S ablity to contwiue as a goKvJ
(X)ncn. The most significwrt areas of urKwtsinty that affecl the vdue of assets ?Id by James
Mwshall Fndat)n CIO we level rental and Thestment retyms the perfomiance of the prop
arwj Investmenl markets. Tr Trustees level
12- JAMES MARSHALL FOUNDATION CIO NOTES TO THE FINaNCIAL STATEMENTS AT 31 MARCH 2024 Grants are paydble lo third partLs in lh8 of the of tt18 FratiOn. VAT the fknaTh?21 statements rf the de mYMmis rules we meL Ifreco¥ttth VAT is • a5 an exwlse Investsnent propth are meaSUrj at f val at rewting date as determIrd perKMlicalty by a rKofessMwty qUalj independent vkn. Tth irtswn assessmerrts by Trustees wllh advKe from Ihe mawng aw( FK)2 (BryhtLM)) Limited. Th8 Statemwrt of FkwKial Pdi¥i1188 Investments are a fom of ba8K finwKlal wlrument a1 rwiimwl at ther f Val b fair value &s at the balarte Sheet date usiw the dosirwJ MKI Mwket Vauation. The Statement of FlnaThial Actbviknes Indudes the losses arising c revaluat arnl ds tlwwgfw)ut >¢ar. R•fili8od gdns and 10•8•8 The main forni of finar101 rk faced by the Is that ofvolalllty in rA)mmerdal prop¥ty •)d Uty markets to wkler ec4)nom c(xMJitJns. the attlde (rf wNestrxs to irNestment rlsk. All gakns and108ses are taken to ts Statement of Flnartk4 kli¥ities as they lS8. Reali5ed gains KI openiNJ fair vthe or they FrtJn)ase Tlalue rf sulM<wit to the fw51 day of the finarn?al . Urweaised gains and losses are as the diifemce itheen far vaje at the Far ond and al the beginnirvJ of the w. Realised aThJ unrealised ¥estrnent 9aTh losses arn Combid in th8 Statement rrf Flnancwl klivltr. P•nBlon Msts CW to the Slatement of FwwKaal tr in Ilw we payatrA8 to tr PskIn Tanglblo fixed a•Mt8 and dr•GI4)n Cash and cash •quivabfjnts Cash at bk arKI in harKI Is trld to meel day to day ca)sts of Ihe Charity as fall due. Current assel Investrnents are slM)rt twm. hNY IhwKI YNethents and are hekl at fair vthe. These ude on dewsl cash U0vaents lIh a Mality date of less than one Jear.
13- JAMES MAR FLALL FouNDATK CIO Debto to pay to setue the debt. AnKNMts are nx)rE than a ar are as long twm creditcrt. Provlslons for Ilablllde8 A liabilty is mead at the best of tha arnt rwwj to seld8 the OWti al the repoird date. Owatlw leas Rentals paydble and (wating leaw are Larged to the starttht ol F¥wl81 Advllios a straighl lin8 basis 0r the p1 of the le88e. I JUDGEMENTS MADE IN APPLYING ACCjNnNG POUCIES The Chwity was establ1gjd in 2018 aThJ th8 8ss£ts and op8r8tions of the prnd8cessor chatity re tr8nsfefred to the Charity on 1 Aprd 2019. The value of ts investr1 properties was £4.975.0 at the dale of transfer. The revaluatmin sets out th8 rrK)Nfj in thg faw value of the kn¥estrrw)t prop8rti88 Sin 1 .12019. Prov5•ltyw lor Ilabllltl•• An Xped rgpair hos been KJent5fied al a prwerty ronJia1 Work bs requlred. The Trustee8 have made an assessm1 of the best esdmale of the ctht (rf tho rectikation works based on the inf(rfmation avallablo.
14- JhAIE FINAN NCIO PRIOR YEAR STATEMETr OF FINANflALACTMTIES Funds Funds T4>ts1 Funds Propty knctsxe 332,613 332.613 21.828 21,a28 2.1 2.150 48.9T2 411.416 48.972 411.410 Talal Incon 40,734 22.513 753 40.734 22.513 753 Gr8nls •4V¥ftknJ to inthviduals hi th•¥ Grants 4vwd8 in 88rllw X17.119 -17.176 17.119 -17.176 289,943 49,888 Support 10 368.288 T(rt•l •xp•ndlluv• 14 42.122 ).757 -62,879 MET I>vEE11T IN FUNDS FOR YE Funds ai 1 Aprll 2022 Funds ¥131 2073 2.972 1.005.640 952.e68 -.757 8.112.568 6,081.811 7.118,%)8 7,034,479
15- JAMES MARSHALL FOUNDATI cio DONATIONS 2024 FouThJation vas recwt ol a mmUntyfurrflrs £150 £1.435 INVESTMW INCOME Interest Nationol Sawngs and In¥estrnenl IrK¥Th BoTrl 2024 5.071 2.259 3S2 1,049 Natiormryde Saver Tota interest on cash deFYAits Omdends COIF Charities In¥estrnert FuThJ Units COIF Chwitss Eth Investrnert Fund iknits 40,971 4.341 48,972 4.376 $4.511 PROPERTY EXPENDffURE 2024 50.711 25.818 1782 15. 7.176 22.033 Insura GrndS ma¥rtenan( 6,897 VAT partia exempli(xi . VAT r¥>t rerxNer 95.261 40.734 PROPERTY MANAGEM Management fees Legg1 and wof088knnal I$ Offlce expenses . (2023. 4%) {N(rte 6) 18,075 13.885 5.479 37.439 14.642 3.011 22.513 OFFICE EXPENSES 2024 BuldiNJ m8interwKe watef 379 Prlnting & stalKY Postage sundrn8 Staff sa IT devek)pment and SUPKXXt 711 319 64.649 3.776 3.198 302 Ligm. Iwt & tdeplK Bank thwge5 1.420 11K> 351 291 1.491 75.284 PutrAKity VAT pa exefflpti. VAT Th)t recA)ve
-16- JAMES MARSHALL FOUNDATION OFFICE EXPENSES Continued Allocaleé the basAS of staff tirn as ftAIcAV&' 2024 2024 202 Properties Grnnts Governance Investrnents 5,479 51.656 3.011 49,688 21.832 753 75.284 783 78.268 11Y) 2024 02 GRANT EXPENDITURE Grants avrdrded to indivkluals In th8 ants for awards in eller 239.248 -29.284 209. 307,119 -17,176 289.943 All the granL% are to eligible indr¥iduals undw 25 live in the catchment area of the Fndation for the purp)ses ol education and eer dv¥fdopryl Th& a(aivities or ilems fw 7hith granl funding has been rded has been set out in the Tru5tees' Rep( 10. SUPPORT COSTS Govemance and support costs Office expenses- 26% (21Y23. 29%) (N(rte 6) ditorfs remuneration Trnlng, meetETh> and other c(ts 31K)th Anni¥ewry bratiOn Trustees insuran( 20,350 5,750 2,5SMJ 21,832 1.239 837 727 28.635 11. ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL Salaries Employers Nauonal Insuran Pension wsts (defined ContrilmrtN> 68.010 63,337 14 1,298 64.649 69,598 The average rnonthly headLwnl was 4 skff (2023- 3) arKI the avwage monthly number offull time equbvalent emplo)ees during the vrds 1.5 (2023- 1.5). toled £34.136 (2023- £43.515). No P10yeeS rVed erlunTr in in exc (I£60.(YXI (2023. N(e). Slaff we alkKZted to i¥ities Ihe basis staff time. REMUNERATION AND EXPENSES PAIO TO TRUSTEES No remuneration is paid to any Trus. £110 {2023. £137) in tota Vds reimbufsed to ftyjr Twstees for dWItyAaj expertses. 12. AUDITOR'S REMUNERATION The audWs remunerat1 an audit fee cl £5.750 (21Y23- £4.IMI).
17- JAMES kiARSHPLL FOUNDATION CIO TES TO THE FINANCLAL STATEMEMTS AT 31 MARCH 2024 13. FIXED AW INVESTMENT PROPERTIES Invostment wokwbes * fair vkn- At 14wil 2023 5,300.(KM) At 31 Mch 2024 5.SXI.IXWJ S,3.0(m) at 31 Marth 2024. The prr4fy wytfth is revalu&l arwj TAI ne b8 ofessicfflalty valued at 31 2tr26. The Chariws office UTht 6. 17 Leykn Rwj. h85 a faw of£60.(XX)12ff23. th).IKK)) aThJ is us&J by the FcAXKlation a5 its offic WKI is Ind in the fair valu8 atx>ve of £5.3.C (2023. £5.&.0(KI 14. FIXED ASSETS INVESTMENT COIF kNe$by COIF Ett¥cal IrNeslmen value at 1 Arrfm W23 Inveslment dumg Net U10$S) i)n revalualion mark value at 31 Much 2W24 781.811 627258 142.187 781.811 ,445 1,551.256 70.788 ,7SS 852,W 684.016 13.970 1,157 70,788 70.728 852,599 840.173 141,516 1,6V2.772 tr8nsfefred to the Charity on 1 ArKil 2019. The VH1 (rf ts Ih)ancia wNeslments w&8 £833.413 at Ihat date. 18 £1.333.413. c8rriwJ at fw val. The bass d fair Is (¥msiderJ to lo Iho mld market vaua ovNled ty CCLA FuTrJ Marwrs Lmnlted as the fuTrJ is Th)t admfttfyj to IrJJr#J on a sKI0ry marknt. Pwcthases are recojrlsed at Ihe dale of at cost (Ihat is their v&Je). 15. TANGIBLE FIXED ASSEfs fLY ui At 1 A11 21Y23 704 At 31 March 2W24 4,054 2.652 Charge forthe Dlsposas A(xjJMSIed de?all( at 31 Mweh 21f24 Net Bcmjk Val As at 1 Awil 223 3.110 Ai 31 Mwijl 2024
18- JAMES IA4RSHALL FOUNDATION CIO TO THE FI TEM 16. DEBTORS 2024 22.012 11,787 VAT recaNernble 2,190 15.323 30.217 17. CREDITORS AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 Jjdilorfs fees Holiday pay 81 Professiond fees 5,750 1.524 2.256 7.677 14.073 24S 63,853 69.036 7.829 168.969 Tenants rent arwj charges tha Grants to be p VAT- HMRC 74,457 65,474 S.228 158.1 T8 18. PROVISIONS FOR LIABILITIES CHARGES to re501ve the matter has been estatAished arNJ quotes have been whl a wovlsK)n has been made for the kn Juno- Sept 2024. 19. MOVEMENT ON FUNDS 31 March 2024 EThJoMnent Fund unrestrrt lurKI Total fuTh18 6,081.811 6.152,599 1.035.6 7.188.289 424.592 424,W2 70,728 141.516 7,034.479 EK¥JrMm•)t UNe8trlcted 31 March 2024 APiALYSIS OF NET $Ss BY FUND AT 31 MARCH 2024 s.3L.[ 852,599 5.31XI.IO I.2.772 Investment TaNJitAe fix1 assets 840.173 30,217 364.188 18.346 1.253.868 -218.178 1.035. 30.217 364.188 18,346 7..467 -218.178 7.188.289 Cash at bank 6.152,599 6.152.599
-19- JAMES MAR NDATION CIO Es AT 31 k4ARCH 2024 OTE 20. COMMITMENTS. GUARAMfEES AND CONTINGENT ASSETS AND LIA81LmES (a) Pension lxmmitments The Foundation operates a defined tnts1 aulomth enn)Im8nt p10n s(*eme on behalf of eM(jE8s. The assets of Ihe scheme are seY fr(¥n those of the Foundation in cutrItlonS of 3% of wss salary. (b) At 31 March 2024 ljwe a(e lulure minimum lease payMts du8: Not later than 1 year Greatsr than 1 year txrt t lat8r than 5 years £212 £159 (c) At 31 Marth 2024 are fiAure minimum lea88 payThnts re•Vable )der knes Not later than 1 year Greater than 1 year txA not later than 5 year8 Later than 5 yea £322.084 £WX).9)4 f205.232 (d) Other finandal commilments There are no other outstandirKJ other fThn(aal )mMItments at the end of the year. No guarantees have been given. 21. RELATED PART( TRANSACTIONS No Trustse had any perso1 Interest in any ortransacllon entered into by the Found81ion In the year.