The Marsh Hollingworth Foundation
Registered Charity Number: 1200182
Report of the Trustees and Financial Statements
Year Ended 5 April 2024
Higgs LLP
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 ILX

The Marsh Hollingworth Foundation
Index to the Financial Statements
Year Ended 5 April 2024
Page
Contents
Reference and Administrative Information
Trustees, Annual Report
Statement of Financial Activitie5
Balance Sheet
9-11
Notes to the Accounts
12
Independent Examiners, Report

The Marsh Hollingworth Foundation
Reference and Administrative Information
Year ended 5 April 2024
Governing Document
The Charity is governed by the CIO Foundation
Constitution dated 25 August 2022.
The Charity's registered charity number is 12Q10182.
Trustees
Mr James Richard Hollingworth
Mr Simon Anthony Marsh
Ms Kirsty McEwen
Secretary
Ms Kirsty McEwen
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Mailing
Kent
ME19 4JQ
Solicitors
Higgs LLP
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 ILX
Investment Managers
Canaccord Genuity
Slip House
Princes Drive
Worcester
WRI 2AB
Independent Examiners
Handmill Accountants
Spencer House
114 High Street
Wordsley
Stourbridge
DY8 5QR

The Marsh Hollingworth Foundation
Trustees. Annual Report
Year ended 5 April 2024
The Trustees present their annual report and financial statements of the Charity for the year
ended 5 April 2024. The financial statements have been prepared in accordance with the
accounting policies set out in note I to the accounts and comply with the Charity's governing
document, the Charities Act 2011 and the Statement of Recommended Practice applicable to
the charities preparing their accounts with the Financial Reporti ng Standard applicable on I
January 2019.
structure, Governance and Management
The Charity was registered with the Charity Commission on 25 August 2022 under reg istered
charity number 1200182, and is constituted under the CIO Foundation Constitution dated 25
August 2022 ("the Governing Document").
The Charity does not actively fundraise and seeks to continue charitable work through the
careful stewardship of its existing resource5.
The Governing Document provides for a minimum of three Trustees and a maximum of six
Trustees.
One of the First Trustees are entitled to hold offfice for life and the remainlng First Trustees
are entitled to hold office for four and two year5 respettively. Any future Trustee5 are
appointed by resolution of the Trustees and must be appointed for a term of office of three
years.
Trustees must hold one meeti ng each year, either in person or by suitable eSectronic means.
The quorum at any meeting is at least one third of the total number of Trustees at the time,
or two, whichever is the greater.
At the Trustees, meetings, the Trustees agree the broad strategy and areas of activitles for
the Charity, including consideration of g rant making, investment, reserves and risk
management policies and performance. The day to day administration of grants and the
processing and handling of applications prior to consideration by the Trustees is delegated to
the Secretary.
The Trustees would take account of the recommendations of the ICSA best practice guide
'Recruitment, Appointment and Induction of Charity Trustees, should the need to recruit new
Trustees arise. The Trustees would look to recruit in light of an appropriate skills aud it of the
current Board and taking into account the experience, expertise and diversity of the cu rrent
Board, as well as their knowledge of the Charity's area of benefit and beneficial class. The
ultimate decision on selection is a matter for the Trustees. On appointment new Trustees
sign a Trustee Declaration and Undertaking committing them to the g iving of their time and
expertise. It also confirms their ability to act in the role of Trustees.
All Trustees give of their time freely and no Trustee remuneration was paid in the year.
Trustees are entitled to claim reasonable out of pocket expenses and where they do those
are noted in the accounts.
Trustees are required to d isclose annually (and as they arise) any potential interests which
might conflict and register them with the Secretary and in accordance with the Charity's
written conflicts of interest policy.

The Marsh Hollingworth Foundation
Trustees. Annual Report
Year ended 5 April 2024
Legacy
The Charity received a legacy to be applied for the ongoing ad ministration of the Charity and
to continue to award grants to beneficiaries for many years. The Charity received a legacy of
£9 10,702.79. Of this legacy, £895,664.85 was paid to the Charity in the financial year ended
5 April 2024 and the remaining balance of £15,037.94 was paid after the financial year end
and will be recorded in the annual accounts for the financial year ended 5 April 2025.
Risk Management
The Trustees have considered the major risks to which the Charity is exposed and have
reviewed those risks and established systems and procedures to manage those risks.
The major financial risk is the variability of investment returns on the portfolio and its i mpact
on income levels and capital growth. The Trustees manage this risk by appointing Canaccord
Genuity as Discretionary Managers of the investment portfolio. Their role is to monitor the
performance of the portfolio, to take appropriate action to mitigate any loss to the portfollo,
and to ensure that the objective5 as detailed in the Investment Policy Statement are
following and reviewed annually.
The major operational risk which the Charity faces is the extent to which grants awarded to
individuals and charitable or not for proffit organisations advances the objects of the Charity
and demonstrate sufficient public benefit. The Trustees manage this risk by retaining
Trustees of sufficient expertise and experience, and through the quality of the institutions
and the people who they support. In addition, the Tmstees rely on the Secretary to
undertake appropriate and proportionate due diligence on applications and ensure all grant
giving retains a focus on the public benefit.
The major regulatory risk which the Charity faces is its compliance with the financial
reporting requirements of the Charity Commission as regulator. The Trustees manage this
risk by appointing Higgs LLP to maintain the Charity's register with the Charity Commission
and to prepare the Accounts, Trustees, Annual Fieport and Annual Return for approval by the
Trustees and filing. Hlggs LLP also co-ordinate the independent examination of the Accounts
(as required).
Objects and Activities for the Public Benefit
The objects of the Charity are "to make grants to such charities and for such charitable
pu rposes as the Trustees shall in their ab501ute discretion decide"
The Trustees confirm that they have referred to the guidance contained in the Charity
Commission's general guidance on public benefit when reviewing the Charity's objects and
purposes and in planning future activities and setting the grant making policy for the year.
The Trustees have adopted a Grant Making Policy and review this on an annual basis.
The Trustees have a wide discretion to make grants to charities and for charitable purposes.
The Trustees confirrn that they have referred to the guidance contained in the Charity
Commission's general guidance on public benefit when reviewi ng the Charity's objects and
pu rposes and in planni ng future activities and setting the g rant making policy for the year.
The Charity carries out its objects by providing grants to individuals (for exclusively
charitable purposes) and to charitable and not for profit organisations within the area of
benefit (for exclusively charitable purposes).

The Marsh Hollingworth Foundation
Trustees, Annual Report
Year ended 5 April 2024
By focusing ors these areas, the Charity achieves its strategic priority of maintaining a stable
grant making programme, with balancing support to individuals and to charities and
voluntary organisations (for exclusively charitable purposes).
Grant Making Policy
The Charity has established its grant making policy to achieve its objects for the public
benefit, to improve support to charities and voluntary organisations (for exclusively
charitable purposes) within its object5 and to advance the public benefit. The Trustees
review the grant making policy annually to ensure it reflects these two principles.
The Trustees have power to spend or retain both capital and Income. Thus both income and
capital is expendable without distinction in furtherance of the objects.
The Charity's beneficiaries are charitable organisations and voluntary organisations (for
exclusively charitable purposes). All organisations must demonstrate that the activities they
undertake advances the public benefit.
The general policy of the Trustees is not to give retrospective grants and the Trustees will
only consider one application from any applicant.
Grant Making Procedure
The Trustees meet once a year to consider potential grants. If required, applicants are asked
to complete a standard application form with further details about the project.
It is the policy of the Trustee5 to consider grants on an equal opportunities basis, regard le55
of gender, religion and ethnic backg round.
Public Benefit
The Trustees confirm that they have referred to the information contained in the Charity
Commission's general guidance on public benefit when reviewing the Charity's objects and
activities, their grant making policy and plans for future period. The objects and activities of
the Charity are largely determined by the provisions of the Trust deed, and from there the
Trustees exercise a discretion in considering how best to meet the pu blic benefit test and
ensure that as many individuals and charitable and not for profit organisatlons wlth
particular needs will gain advantage.
Monitoring and Achievement
The Trustees have continued with an aspiration to seek a reasonable return over the long
term. It is intended that the portfolio will show a welcomed recovery and that the long term
objectives to meet income needs and grow the capital are obtainable.
Financial Review
The Charity's work is entirely reliant on income and investment returns from its capital. As
at 5 April 2024, the value of the capital fund stood at £939,483.46. Du ring the year the
income (including the legacy grateful ly received) of the Charity was £9 15,250.64.
Investment Policy and Performance
The investment powers of the Trustees are wide and allow the Trustees to invest fu nds in any
matter (after taking such advice as they consider necessary) and having regard to the
suitability of investments and need for diversification.

The Marsh Hollingworth Foundation
Trustees. Annual Report
Year ended S April 2024
The principal investment holdings of the Charity comprise funds and portfolios of quoted
securlties. As at 5 April 2024, it is intended the value will represent IOODlo of the Charity's
investments. The management of the portfolio is undertaken on a d iscretionary
management basis by Canaccord Genuity and the written investment policy is reviewed on at
least an annual basis by the Secretary in conjunction with the investment managers and
ultimately approved by the Trustees.
The discretionary managers are instructed to maximise the income on the portfolio whilst
preservi ng the capital, within the constraints of a medium risk investment portfolio.
Following investment advice, the Trustees agreed to retain cash on deposit with Genuity for
the capital account of £50,214.87 and for the income account of £0. Cash in bank with CAF
Bank Ltd of £960.46.
Reserves Policy
The whole of the Charity's capital is expendable and this distinction between capital and
income is not relevant. The Trustees appreciate that the general principles of charity law
require Trustees to spend their income within a reasonable period of receipt.
The Trustees have set and agreed a policy which broadly identifies the framework within
which the Charity will operate its reserves. The intention is that the Charity will retain an
appropriate and reasonable level of reserves whi 1st concurrently ensuring that it uses the
income in a manner that is within the objects at the best interests of the Charity and its
beneficiaries.
Since the Charity receives al l of its income from the investment portfolio, the Trustees are
rnindful that the source of income can be volatile and subject to sudden changes in the
market. They are concerned that in any year there is a risk that they cannot meet thelr
ongoi ng administration and professional expense commitments as and when they arise, due
to any fluctuations in the market which may prevent or significantly reduce income.
The Trustees have therefore considered, in conjunction with the professional advisers, the
level of reserves to retain from surplus unrestricted funds. They have decided to hold in
reserves a figure equivalent to one year's ad ministrative and profe55ional expenses but
excluding grant commitments. This will ensure that should there be any fluctuation5 in the
market which reduce the income available for distribution, the Charity can use its reserves to
continue to meet its obligation5 and liabilities as and when they fall due.
Plan for Future Periods
The Trustees believe their grants will translate into significant public benefit. In cementing
the arrangements al ready in place, and beginning with its activities as set out in this report,
so that the many and varied cha ritable and not for profit organisations, and individuals may
continue to benefit in real term5 from its financial support, the Charity aims to provide a long
term commitment and thereby encourage and support individuals and charitable and not for
profit organisation5.
The intention is to establish a programme of grant giving which will translate into significant
public benefit. The Trustees will focus on those individuals and organisations who would
benefit in real terms (impact) from its financial support, thus providing and ensuring a longer-
term commitment to support.

The Marsh Hollingworth Foundation
Trustees, Annual Report
Year ended 5 April 2024
Tru5tees' Responsibilities in Relation to the Financial Statements
The Trustee5 are responsible for preparing the Trustees, Report and the financial statements
in accordance with applicable law and regulations and United Kingdom Accounting
standards. The law applicable to charities in England and Wales required the Trustees to
give a true and fair view of the state of affairs of the Charity and of the incoming resources
and application of resources, including income and expenditure of the Charity for that period,
In preparing these financial statements, the Trustees are required to..
•select suitable accounting policies and then apply them consistently.
•observe the methods and principles of the Charities SORP.
•makÈ judgements and estimates that are reasonable and pmdent:
•5tate whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
'prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to
show and explain the Charity's transactions and disclose with reasonable accuracy at any
time the financial position of the Charity and enable them to ensure that the financial
statements comply with the Charities Act 20 1 I, the Charity (Accounts and Reports)
Regulations 2008 and the Governing Document.
They are also responsible for safeguarding the assets of the Charity and hence for taking
reasonable steps for the prevention and detection of fraud any other irregularities. The
Trustees are responsi ble for the maintenance and integrity of the Charity and financial
information included on the Register of Charitie5.
Approved
the Trustees and signed on their behalf by:
r J R Hollingworth
Chair

The Marsh Hollingworth Foundation
statement of Financial Activities
Year ended 5 April 2024
Notes
Unrestricted
Funds
Total Funds
2024
2023
Income resources:
Legacy received
Income resource5 from
generated funds
895,664.85
895,664.85
19 585.79
19 585.79
Total incoming resources
915,250.64
915,250.64
Resources expended:
Investment management costs
Charitable artivlties
Cost of grant making
3,590.86
io 000.00
13,590.86
3,590.86
io 000.00
13,590.86
Governance costs
Bank charges
40.75
40.75
Total resources expended
Net loutgoing)/incomillg
resources before other
recognised gains and losses
13,631.61
13,631.61
901,619.03
901,619.03
Realised gains/(losses) on
investment assets
11,166.04
11,166.04
Unrealised gains1{105ses) on
Investment assets
26,698.39
26,698.39
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
939 483.46
939 483.46

The Marsh Hollingworth Foundation
Balance sheet
Year ended 5 April 2024
Notes
Unrestricted
Funds
Total Funds
2024
2023
Fixed Assets
Investments
938 523.00
938 523.00
Total Fixed Assets
938,523.00
938,523.00
Current Assets
Cash with bank
Debtor5
960.46
960.46
Total current assets
960.46
960.46
Liabilities
Creditors falling due within one
year
Net current assets
960.46
960.46
Total assets less current liabilities
939,483.46
939,483.46
Creditors falling due after more
than one year
Net assets
939 483.46
939 483.46
The funds of the Charity
Unrestricted income funds
939 483.46
939 483.46
Total Charity funds
939 483.46
939 483.46
The notes on pages 9 to 11 form a part of these accounts.
Approved
y the Trustees and signed on their behalf by..
Mr J R Hollingworth
Chair

The Marsh Hollingworth Foundation
Notes to the accounts
Year ended 5 April 2024
l. Accounting policies
(a) Basis of preparation
The financlal statements have been prepared under the hlstoric cost convention, wlth the
exception that inve5tment5 are included at market value. The financial Statements have been
prepared in accordance wlth the Statement of Recommended Practice.. Accounting and Reporting
by Charities (FRSEE) issued in January 2015 and applicable UK Accounting Standards and the
Charities Act 20 11.
(b) Funds structure
The Charity has one fund, an unrestricted income fund. This is a fund which the Trustees are free
to use for any purpose in furtherance of the charitable objects. Unrestricted funds Include
designated funds where the Trustees, at their discretion, have created a fund for a specific
purpose.
(c) Incoming resources
All incomlng resourceg are recognised once the Charity has entitlement to the resources, it IS
certain that the resources will be received and the monetary value of incoming resources can be
measured with sufficient reliability.
(d) Expenditure on raising funds
Liabilities are recognised as resource5 expended as soon as there 15 a legal or constructlve
obligation commbtting the Charlty to the expenditure. All expendlture is accounted for on an
accruals basis and has been classified under headings that aggregate all costs related to the
category.
Grants payable are payments made to charitable organlsatlons In the furtherance of the
charitable objects of the trust. Single or multi~year grants are accounted for when either the
recipient has a reasonable expectation that they will receive a grant and the Trustees have
agreed to pay the grant without condition, or the recipient has a reasonable expectation that they
will receive a grant and any condition attaching to the grant is outside the control of the Charity.
Provisions for grants are made when the Intention to make a grant has been communlcated to
the recipient but there is uncertainty about either the timing of the grant or the amount of the
grant payable.
{e) Expenditure on generating funds
The costs of generating funds consists of investment management fees, legal fees, accountancy
fees and other governance and regulatory fees.
(f) Charitable activities
The cost of charitable activities includes grants made.
(g) Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its
compliance with regulation and good practice. These costs include costs related to the
preparation of the accounts, the independent examination fee and legal fees.
(h) Fixed asset investment
Investments are stated at market value as at the balance sheet date. The statement of financial
activities includes the net gain and losses arising on revaluation and disposals throughout the
year.
(i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains
and losses on investments are calculated as the difference between sales proceeds and opening
market value (purchase date if later). Unrealised gains and losses are calculated as the difference
between and market value at the year end and opening market value (or purchase date if later).
Re8lised and unrealised gains are not separated in the Statement of Financial Activities.

The Marsh Hollingworth Foundation
Notes to the accounts
Year ended S April 2024
(j) ContSngent liabillties and provisions
In accordance with the 50RP, a contingent liability is disclosed for those grants, whSch do not
represent liabilities, where the possible obligatlon, whlch arises from past events, will only be
confirmed by the occurrence of one or more uncertain future events not wholly within the
Trustees. control. Provisions are recognised for those grant5 where there is uncertainty as to the
timlng or amount, and any uncertainty regarding the amount is more than one of determining a
ba515 for reasonable e5timatlon of the Ilabbllty arising from that constructive obligation.
2. Related party transactions and Trustees, remuneration
There were no related party transactions or Tru5tees' remuneration paid for the flnancial year
ending 5 April 2024.
3. Legacy income
The Charlty received a legacy of £910,702.79. Of this legacy, £895,664.85 was paid to the
Charity in the financial year ended 5 April 2024 and the remaining balance of £15,037.94 was
paid after the financial year end and will be recorded in the annual accounts for the financial year
ended 5 April 2025.
4. Investment income
2024
2023
Dividends - UK equltitles
Dividend5 - Norn-UK equities
Interest - UK fixed interest securities
Interest on cash deposits
Interest - Non-UK fixed interest securlties
10,903
1,882
3,795
3,006
5. Investment Manager's costs
2024
2023
Canaccord Genuity
LEI Fees
3,591
6. Analysis of charitable expenditure
The Charity undertakes its charitable activities through grant making and awarded grants to a
number of organisatlons In furtherance of its charitable activities.
Grant funded activities:
2024
2023
The Edward Marsh Centre
Total
7. Governance costs
2024
2023
Independent exarnination fee
Bank charges
Legal fees.. Administration
Accounts preparation
VAT
41
41
io

The Marsh Hollingworth Foundation
Notes to the accounts
Year ended 5 April 2024
8. Fixed asset investments
Movement in fixed asset investments
2024
2023
Market value as at 5 Aprll 2023
Addltlons to investments at cost
Disposa15 at carrying value
Net gain/{loss) on revaluation
Net movement on cash
Market value as at 5 Aprll 2024
1,607,443
(745,833)
26,698
938 523
Investments at market value comprised:
2024
2023
Equlties
Fixed interest securitles
Cash held within portfolio
Total
707,815
180,493
938 523
9. Analysis of current Ilabilities and long term creditors
Creditors under l year
Legal fees
Independent examiner's fees

THE MARSH HOLLINGWORTH FOUNDATION
YEAR ENDED 5TH APRIL 2024
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE MARSH HOLLINGWORTH FOUNDATION
We report to the charity trustees on our examination of the accounts of The Marsh Hollingworth Foundation Ithe Trust)
for the year ended 5, April 2024
Res
onsi bilitie5 and basis of re
ort
As the charity trustees of the Trust. ytru are responsible for the preparation of the accoijnts in accordance with the
requirements of the Charities Act 20111"the Act").
We report in respect of our examination of the Trust's accounts carried out under section 145 of the Act and in carrying
out our examination we have followed als the applicable dirertion5 given by the Charity Commission under
settion 14515llbl of the Act.
Inde
endent Examinerfs Statement
We have completed our examination. We can confirm that no material matters have come to our attention in
connection with the examination giving u5 cause to believe that in any material respect..
accounting records were not kept in respect of the Trust as required by section 130 of the Act.. or
2. the account5 do not accord with those records.. or
the accounts do not comply with the applicable requirèments conceining the form and content of accounts set
out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give
a true and fair view which is not matter considered part of an independent examination.
We confirm that there are no other matters to which your 3ttention should be drawn to enable a proper understanding
of the 3ccountS to be reached.
Handmill Accountants
Spencer House
114 High Street
Wordsley
Stourbridge
West Midlands
DY8 5QR
SIGNED...
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