ATI TR T ANDA DITED FINANCIAL TATEM FOR THE YEAR ENDED 31 IA4RCH 2￿24 JAMES MARSHALL FOUNDATION CIO DFI C￿L TATEMEMt THE UAL 20 INDEX Charity information Report of the TNstees 3to6 Report of Ihe IrKJepend8nt A￿litorS 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. P￿n 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*- reSWJr￿d on 14 November 2023 EMAIL olfK•mesm￿h8llfOu￿JaIhjn.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 Hertf0￿shlre 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 Her￿ordthIre 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 Stat￿nents of Ihe d￿ritable 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 stat￿￿nts 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￿ ("Charl￿S 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 iss￿1 in Odober 2019. James Marshall Foundation CIO is a charitable irwrated ￿ganisatIon registered nL*nber 1181004. It was incorporated on 5 December 2018 as s￿Cess￿ 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 deVelo￿￿ent opF*yiunitie8 School trips. sctK)ol unrfomi. tK)oks. 8quipment and18Ptops Extra-ojrricular aCtivi￿S such as MUSK aNJ swKi In Setting the aims and otyecbves topther with plannirvJ the fuiure &t1¥it￿5. tho Tntste88 have given careful consideration to the Chanty CommisSic￿'S genwal gUKlan￿ on pubk benefft and in particular to its supplementary wblic ber￿ffi1 guidance on adv8nciThJ edu(xtion. Grants are awarded to irwjividuals in the local community who meet the e1￿l￿"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 beneficia￿8 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 End￿ent Fund comprises invesknent properties and loThJ term financial investrnents in pooled funds (invested primarily in equities) managed by an indep8ThJent advisor. The assets of ￿ Endns to minimis8 any potential impad on the FowKlation. Roserves pollcy The Foundation has ngt ajrrent assets In its Un￿tT￿ted 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 ErKjo￿nent 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 wI￿nCe During ts year 862 ￿ants wer6 awarded and a breakd(p*n of the 1*90th 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 EdinlYJr￿I 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 fvrtt*r pr￿XIureS introduced to assess suth impac* in the fuiure. This has Jed to some minor refinements of grdnt Offeri￿s with a fO(X￿ on tIKsse v•l)ich are ￿nsidered to have the most posilive lnfiUen￿ ￿ an individual's ed￿tIon 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 a￿drd￿ 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 prepar￿1 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 n￿1 to assist tKJlh current and fuiure b￿lieS maintain an approwmte b8&nce. The Board of Trustees o)nsists of up to ten Trt￿tees who should live in the catchment area of thè Charity. Trustees attend approximately ft)ur Board m*twvJs a year. There are four Committees of the Board: Grant Awatding, Finance & 0$￿ationS, Prop&ty & Investment and External Engagement. These Committees meet regularly durfrKJ the year. The FourKJatK)n has been avrdrded the Chaiity EX￿llenC* Framewo￿ Qualty Ma￿, acknowledging the attention given to effectiv8 govemance and managemenL Trust•• appoinlrn•nl Inductlon and training When a vac￿cY for a Trusteè position arises. the FoundatK)n adverlises l￿delY in b)th local publications and websrtes and with appropriate n81KY￿1 organisalh)ns. The vacancies are also highlighted in social media postings. The applicants are then Sh(￿IliSted and a number invjted to an interrfiew to meet with a panel of Trustees. The selected candidat8$ 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 exc￿￿1 circumstances. Trustees sign a Dedarats'on of Acceptsnce of offi￿ when appointed ￿ rfras)F)0int￿j. 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 re￿1ve 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 ffina￿aal statements in accordance with applioble law and Unit&J lfjngd￿n Ac¢x￿nIIn9 StarKlards {UnJted KirvJdom Generally Accepted AC(x￿nting Practi￿). The law applicable to charilies in England and Wales requires the (knrity Trustees to Kryore financial Stst￿nts for each year which give a and fair of the state of affars of the Charity arKI of incoming resources and applicalion of res￿rCeS. 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 {Ac0￿￿ts 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 reSpO￿lbIe 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 stat￿nents. 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 Hertf￿sh1rn 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 KI￿￿n A(Xx￿ntin9 Standards. inclL*Jing 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 appli￿tIon of resources. induding its income and expenditure. for the year then ended: have been properly wepared in accorda￿ with United Kir¥JdcKn G8n8rally Accepted A￿oUnting Practirx: and have been wepared in accxJrdarM% wilh the requira)ients of the Charities Ad 2011. Basis for oplnlon We conducted our a￿11 in ac(X￿dan￿ 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 a￿lIt of the finanaal statements secl¥)n of our reporL We are inde￿￿ent 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 b￿￿Ve that the a￿11 evKlen(¥ we have oblainod is suffi(¥e￿ and aprmwiate to Fwvid6 ba818 for c￿r 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 r￿t 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 M￿thS 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 Infi￿110n 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 Inf￿natiOn and, in doirvJ so. consider whelher the olher Inf0m￿tiOn ' materially inconsistent with the financial statements or our k1￿1• 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 rep￿1 in this regard. IAattors on which w• are lequv￿ to report by •x¢tytion We have nothing to report in resF*d of the followiThJ rnatt￿5 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 re￿r￿S have not been kept or the financial statements are not in agreement with the a(%X￿ntir¥j reixxds: or we have not f￿1Ved 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 effeI 2tr24 Funds 2024 Funds Tolal F￿￿15 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•ndI￿rfr 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 FU￿18 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 r￿ed 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 credit￿S. arn￿nts 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 st￿￿d 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 I￿n (m a OYKem bosls. The Trustees ￿￿ider that Ihere e rb) matwial uncertainll8s abjrt James Mwshau F￿￿181￿ CIO'S ablity to contwiue as a goKvJ (X)nc￿n. The most significwrt areas of urKwtsinty that affecl the vdue of assets ?￿Id by James Mwshall F￿ndat￿)n CIO we level ￿ rental and Thestment retyms ￿ the perfomiance of the prop arwj Investmenl markets. Tr Trustees level )me and Funds 8truclure The Charity has 8￿ky￿nefit aTrJ UThtrh￿1 fuThl8 . aval1￿8 io luThl ￿ant mthryJ. tho investments held In tho restrKaed fijnd. Investrnent gains arnJ10ssos are th¢ated to ts aprfforffth fuThl. InGomo r•cognition Al irtome ts recogntsed lh8 Clw6ty has enlDtknnent to tha ir*4me. it is tyobaljle that inmme Inve5tmert k¥))me is ewned 1hroJ￿ trK4dirvJ d a53ets for imsknent purposes such as shwe8 aThl mea6ured reliaby by ts F￿￿￿all0n'. {1} Rent receivatrje is reLY)gnlsed on an basis to the y uThler revlvw. (li) DivKlend In(W￿ is retcyK&l as CIwit￿$ rvJM to reeei¥e paYM￿tt L% established. (i¥> Intttest IrKX)me is irknest paAI (* payatAe ty the ba￿{. Liablities are recogr#sed as expendlture as 8¢ar. R•fili8od gdns and 10•8•8 The main forni of finar￿101 r*k faced by the Is that ofvolalllty in rA)mmerdal prop¥ty •)d ￿Uty markets to wkler ec4)nom￿ c(xMJit*Jns. the attl￿de (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 sulMts1 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￿>vE￿E11T 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 ￿mmUntyfurrflr￿s￿￿ £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 $4.511 PROPERTY EXPENDffURE 2024 50.711 25.818 1782 15. 7.176 22.033 Insura Gr￿ndS ma¥rtenan( 6,897 VAT partia exempli(xi . VAT r¥>t rerxNer 95.261 40.734 PROPERTY MANAGEM Management fees Legg1 and wof088knnal I￿$ 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 e￿ller 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 F￿ndation for the purp)ses ol education and ￿eer dv¥fdopry￿l Th& a(aivities or ilems fw 7h*ith 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 Tr*nlng, 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). to￿led £34.136 (2023- £43.515). No ￿P10yeeS r￿￿Ved er￿lun￿Tr￿ 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 dWIty￿Aa￿j 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 M*ch 2024 5.SXI.IXWJ S,3￿.0(m) at 31 Marth 2024. The prr4*fy 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$by￿ COIF Ett¥cal IrNeslmen value at 1 Arrfm W23 Inveslment dumg Net ￿U￿10$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 (¥msider*J to lo Iho mld market vaua ovNled ty CCLA FuTrJ Marwrs Lmnlted as the fuTrJ is Th)t admfttfyj to IrJJr#J on a s￿KI0ry marknt. Pwcthases are recojrlsed at Ihe dale of at cost (Ihat is their v&Je). 15. TANGIBLE FIXED ASSEfs fLY ui At 1 A￿11 21Y23 704 At 31 March 2W24 4,054 2.652 Charge forthe Dlsposas A(xjJM￿SIed de￿?all(￿ at 31 Mweh 21f24 Net Bcmjk Val As at 1 Awil 2￿23 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 ￿$S￿s BY FUND AT 31 MARCH 2024 s.3L￿.[ 852,599 5.31XI.I￿O I.￿2.772 Investment TaNJitAe fix￿1 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 E￿s AT 31 k4ARCH 2024 OTE 20. COMMITMENTS. GUARAMfEES AND CONTINGENT ASSETS AND LIA81LmES (a) Pension lxmmitments The Foundation operates a defined t￿nts1￿ aulomth enn)Im8nt p￿￿10n s(*eme on behalf of eM(￿jE8s. The assets of Ihe scheme are se￿Y fr(¥n those of the Foundation in cutrIt￿lonS of 3% of wss salary. (b) At 31 March 2024 ljwe a(e lulure minimum lease payM￿ts 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 r￿e•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 perso￿1 Interest in any ortransacllon entered into by the Found81ion In the year.