The Marsh Hollingworth Foundation Registered Charlty Number: 1200182 Report of the Trustees and Flnanclal Statements Year Ended 5 Aprll 2025 Hlgg$ LLP 3 Waterfront Buslness Pat1( Brlerley Hlll We$t Midlands DY5 ILX
The Marsh Holllngworth Foundation Index to the Financial Statements Year Ended 5 April 2025 Page Contents Reference and Admlnlstratlve Informatlon Trustees, Annual Report Statement Of Flnanclal Actlvtles Balance Sheet 9-11 Notes to the Accounts 12 Independent Examiner5. Report
The Marsh Hollingworth Foundat5on Reference and Administrative Information Year ended 5 April 2025 Governlng Do¢ument The Charity is governed by the CIO Foundatlon Constitution dated 25 August 2022. The Charity'$ reglstered charlty number is 1200182. Truste•$ Mr.James Rlchard Hollingworth Mr Slmon Anthony Marsh Ms Klrsty McEwen Secratary Ms Klrsty McEwen Bankers CAF Bank Ltd 25 Kings Hlll Avenue Klngs H511 West Mailing Kent ME19 4JQ Sollcltors Higgs LLP 3 Waterfront Buslness Park Brlerley Hlll West Midlands DY5 ILX Investment Maftagers Canaccord Genulty Slip House Pdnces Drlve Worcester WRI 2AB Zndep•ndent Examlners Handmlll Accountants Spencer House 114 High Street Wordsley stourbrldge DY8 5QR
The Marsh Hollingworth Foundation Trustees. Annual Report Year ended 5 Aprll 2025 The Trustees present their annual report and financlal statement5 of the Charity for the year ended 5 April 2025. The financial statements have been prepared In accordance wlth the accounting pollcles set out In note I to the accounts and comply with the Charlty's goveming docurnent, the Charltlès Act 2011 and the Statement of Recommended Practlce applicable to the charities preparlng their accounts wlth the Flnanclal Reportln9 Standard applicable on I January 2019. strurture Governance and Man•g¢ment The Charfty was reglstered wlth the Charity Commlssion on 25 August 2022 under registered charity number 1200182, and Is constituted under the CIO Foundation Constitutlon dated 25 August 2022 ("the Governlng Document.). The Charity does not artlvely fundralse and seeks to contlnue charltable work through the careful stewardshlp of Its existing resources. The Governlng Document provldes for a mlnlmum of three Trustees and a maximum of slx Trustees. One of the Flrst Trustees are entitled to hold Off1 for Ilfe and the remalnlng First Trustees are enutled to hold office for four and two year5 respectlvely. Any future Trustees are appointed by resolution of the Trustees and must be appolnted for a term of Offi of three years. Trustees must hold one meetlng each yeor, either In person or by sultable electronle means. The quorurn at any meetlng Is at least one thlrd of the total number of Trustees at the tlme, or two, whichever Is the greater. At the Trustees, meetlngs, the Trnstees agree the broad strategy and areas of activlties for the Charity, Includlng conslderatior) of grant maklng, investment, reserves and rfsk management policies and performan. The day to day admlnlstratlon of grants and the processing and handllng of appllcatlons prlor to conslderation by the Trustees Is delegated to the Secretary. The Trustees would take account of the recommendations of the IISA best prartice gulde 'Recruitment, Appointment and Inductlon of Charity Trustees. should the need to recrult new Trustees arlse. The Trustees would look to recrult In Ilght of an appropriate skills audit of the current Board and taklng Into account the experlence, expertise and dlverslty of the current Board, as well as their knowledge of the Charity's area of benefit and beneficlal class. The ultlmate declslon on selertion 15 a matter for the Trustees. On appolntment new Trustees sign a Trustee Declaratlon and Undertaklng committing them to the giving of their tlme and expertlse. It also confirms thelr abillty to act in the role of Trustees. All Trustees glve of their tlrne freely and no Trustee remuneration was paid Sn 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 disclose annually (and as they arise) any potentlal Interests whlch might conflict and register them wlth the Secretsry and In accordance wlth the Charfty's wrltten confllcts of Interest pollcy. Legacy The Charity recelved a legacy to be applied for the ongolng administration of the Charity and to contlnue to award grants to beneflclarles for many years. The Charity recelved a legacy of £910,702,79, Of thls legacy, £895,664.85 was pald to the Charity durlng the flnancial year ended 5 April 2024 and the remalnlng balance of £15,037.94 was pald in the financial year ended 5 April 2025.
The Marsh Hollingworth Foundatlon Trustees, Annual Report Year ended 5 Aprll 2025 Rl$k Management The Trustees have mnsided the major rlsks to whlch the Charity Is exposed and have revlewed those rlsks and estab115hed systems and pnxedures to manage those rlsks. The major flnanclal rlsk is the varlablllty of Investment returns on the portfollo and its Impact on income levels and capltal growth. The Trustees manage thls rlsk by appolnting Canaccord Genuity as DISctIOnary Managers of the Investment portfolio. Their role is to monitor the performance of the portfolio, to take appropriate actlon to mitigate any loss to the portfolio, and to ensure that the objectlves as detailed In the Investment Pollcy Statement are followlng and revlewed annually. The major operatlonal risk whlch the Charity faces Is the extent to which grants awarded to Individuals and charitable or not for profit organlsatlons advances the objects of tha Charlty and demonstrate sufflcient public benefit. The Tru5tee5 manage th15 rlsk by retalnlng Trustees of sufflclent expertlse and experien, and through the quallty of the instytutlons and the people who they support. In addition, the Trustees rely on the Secretsry to undertake approprlate and proportlonate due dl119en on appllcatlons and ensure all grant glvlng retains a focus on the publlc benefit. The major regulatory risk whlch the Charity faces 15 its compllance wlth the flnanclal reportlng reqU1MentS of the Charlty Commls51on as regulator. The Trustees manage thls rlsk by appointing Hlggs LLP to malntain the Charlty's reg15ter with the Charity Commisslon and to prepare the Accounts, Tnjstees, Annual Report and Annual Return for approval by the Trustees and flllng, Higgs LLP also Co-ordlnate the independent examlnatlon of the Accounts (as required). Objects and Artivities for the Publlc Benefit The obj'ects of the Charfty are.to make grants to such charltles and for such charitable purposes as the Trustees shall In thelr absolute dSscretion declde". The Trustees conftnn that they have referred to the guldance contalned In the Charity Commisslon's general guidance on publlc benefit when revlewing the Charity's objects and purposes al In plannlng future actlvitles and settlng the grant maklng pollcy for the year. The Trustees have adopted a Grant Maklng Pollcy and vIW this on an annual basls. The Trustees have a wide dlxretion to rnake grants to charities and for charitable purposes. The Trustees conftrm that they have referred to the guldance contalned In the Charlty Commisslon's general guldance on publlc benefit when reviewing the Charity's objects and purp05e5 and in planning future actlvltles and settlng the grant maklng pollcy for the year. The Charity tarrles out Its Dbjects by provldlng grants to individuals (for exclusively charitable purposes) and to charitable and not for profit organisations within the area of benefit (for exduslvely charltable purposes). By focusing on these areas, the Charlty achieves Its strategic priority of maintaining a stable grant making programrne, wlth balanclng support to Indlviduals and to charities and voluntary organisatlons (for exclusively charitsble purposes). Grant Maklng Policy The Charity has established its grant making policy to achleve Its objects for the publlc benefit. to Improve support to charltles and voluntary organlsatlons (lor excluslvely charitable purposes) withln Its objects and to advance the public beneflt. The Trustees review the grant making policy annually to ensure it reflects these two principles.
The Marsh Hollingworth Foundation Trustees. Annual Report Year ended 5 Aprll 2025 The Trustees have power to spend or retain both capltal and Income. ThLts both Income and capltal Is expendable wlthout distirKtlon in furtherance of the objects. The Charity's beneflclarles are charltable organlsatlons and voluntary organlsatlons (ft)r excluslvely charltable purposes). All organlsatlons must demonstrate that the activities they undertake advantas the public benefit. The general pollcy of the Trustees Is not to glve retrospectlve grants and the Trustee5 will only consider one appllcation from any applicant. Grant Maklng Procedure The Trustees meet once a year to consider potential grants. If required. applicants are asked to complete a standard applicatlon form wlth further detalls about the project. It Is the pollcy of the Trustees to consider grants on an equal opportunities basls, regardless of gender, lIgIon and ethnlc background. Publ1¢ Benefit The Trustees confirni that they have referred to the Infornatlon contalned In the ChaNty Commission's general guidance on publlc benefit when vIeWIng the Charity's objects and adivltles, thelr grant maklng pollcy and plans for future period. The objects and actlvltles of the Charlty are largely determlned by the provlslons of the Trust deed, and from there the Trustees exerclse a dISctIOn In conslderlng how best to meet the publlc benefit test and ensure that as many Indlvlduals and charitable and not for proflt organisallons wlth partlcular needs wlll galn advantsge. Monltorlng and Achlevement The Trustees have contlnued wlth an aspiratlon to seek a reasonable retum over the long term. It is intended that the portfollo wlll show a welcomed recovery and that the long term objertlves to meet income needs and 9row the capltal are obtalnable. Flnanclal Revlew The Charlty'5 work is entirely reliant on income and investment return5 from its capltal. As at 5 Aprll 2025, the value of the capltal fund stood at £923,697.02. Durlng the year the Income (Including the legacy grotefully reived) of the Charity was £51,541.26. Investm•nt Polky and Performance The Investment powers of the Trustees are wlde and allow the Twstees to invest funds in any rnatter (after taking such advice a5 they consider necessary) and having regard to the sultablllty of Investments and need for dlverslflcatlon. The principal investment holdlngs of the Charfty tomprise funds and portfolios of quoted securitie5. A5 at 5 April 2025, it is intended the value will represent 100% of the Charlty's Investments. The management of the portfollo Ss undertaken on a dlscretlonary management basis by Canaccord Genulty and thè wrltton Investment pollcy is reviewed on at least an annual ba515 by the Secretary In conjunction with the investment manager5 and ultimately approved by the Trustees, The diretIOnary managers are instructed to maxlmise the income on the portfollo whllst preservlnq the capital. within the constraint5 of a medlum risk investment portfolio. Followlng Investment advice, the Trustees agreed to taIn cash on deposlt wlth Genuity for the capital account of £45.953.67 and for the income account of £174.53. Cash In bank with CAF Bank Ltd of £15,534.62.
The Marsh Holllngworth Foundation Trustees, Annual Report Year ended S Aprll 2025 Reserves Pollcy The whole of the Charlty's capltal Is expendable and thls distinctlon between capital and income is not relevant. The Trustees appreclate that the general principles of ch?rlty law requlre Tnjstees to spend thelr Income wlthln a reasonable perlod of recelpt. The Trustees have set and agreed a pollcy whlch broadly Identifies the framework wlthln whlch the Charlty will operate Its reserves. The Intention is that the Charlty wlll retaln an approprlate and reasonable level of reserves whllst concurrently ensuring that it uses the Income in a manner that Is within the objects at the best interests of the Charity and its beneficlarles, Slnce the Charlty ceIveS all of its income from the investment portlolS0, the Trustees are mlndful that the source of income can be volatile and subject to sudden change5 in the market, They are concerned that in any year there Is a risk that they cannot meet thelr ongoing admlnlstratlon and professlonal expense commltments as and when they arlse. due to any fluctuations in the market which may prevent or signlficantly reduce Income. The Trustees have therefore consk1ed, In conjunctlon wlth the profe551onal advlsers. the level of reserves to retsln from surplus unrestrirted funds. They have decided to hold In rÈserves a figure equlvalent tc one yearfs adminlstratlve and professional expenses but excludlng grant commltments. Thls wlll ensure that should there be any fluctuatlons In the morket whlch reduce the Income avallable for dlstrlbutlon, the Charlty can use its reserves to contlnue to meet Its obligations and Ilabilitiès as and when they fall due. Plan for Future Perlod$ The Trustees belleve thelr grants wlll translate Into signlficant public nefit. In rnentIng the arrangements already in place, and beginning wlth its actlvltles as set out in this Port, so that the rnany and varied charltable and not for proflt organlsatlons, and indlvlduals may continue to benefit In real terms from its financial 5UPPOrt, the Charlty alms to provide a long tem commltment and thereby encourage and support individuals and charitable and not for profit organlsations. The intention is to estsblish a programme of grant glvlng whlch wlll translate Into significant publlc beneflt. The Trustees will focus on those Indlvlduals and organisations who would beneflt Sn real terms (Impatt) from Its flnanclal sUPPOrt, thus provlding and ensurlng a longer- term commltment to support. Trvstees. ResponslbilitiÉs in Relatlon to the Flnanclal Statements The Trustees are responslble for preparing the Trustees. Report and the financial statements in accordan wlth appllcable law and regulation5 and United Kingdom Accounting Standards. The law applicable to charities In England and Wales required the Trustees to glve a true and falr vlew of the state of affalrs of the Charity and of the incoming reseurces and appllcatlon of sources, Includlng income and expenditure of the Charity for that perlod. In preparing these financial statements, the Trustees are required to.. •select sultable accountlng po15cles and then apply them conslstently; •observe the methods and principles of the Charities SORP; •make judgements and estimates that are reasonable and prudent: •5tate whether applicable accountlng standards have been followed, subject to any material departures disclosed and explained in the flnancial statements; and •prepare the financial statements on the going concern basls unless It Is inappropriate to presume that the Charlty will continue In operation.
The Marsh Holllngworth Foundatlon Trustees. Annual Report Year ended 5 Aprll 2025 The Trustees are responslble for keeplng adequate accounting records that are suffficlent to show and explain the Charlty's transactions and dlsclose with reasonable accuracy at any tlme the financlal position of the Charlty and enèble them to ensure that the flnanclal statements comply with the Charitles Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the Governing Document. They are also responsible for safeguardlng the èsset5 of the Charity and hen for taklng reasonable steps for the preventlon ané detection of fraud any other Irregularities. The Trustees are responsible for the Maintenan and Integrlty of the Charity and flnanclal Informatlon Included on the Reolster of Charltles. Approved by the Trustees and signed on thelr behalf by: Mrj Chalr Holllngworth
The Marsh Hollingworth Foundation statement of Financial Activities Year ended 5 April 2025 Notes Unrestrlrted Funds Total Funds 2025 2024 rncome resourees: Legacy recelved Income resources from generated funds 15,037.94 15,037.94 895,664.85 36 503.32 36 503.32 Total Incoming resources 51.541.26 51,541.26 915,251 Resources èxpended: Investment management costs Charltable attivities Cost of grant making 7,549.67 7,549.67 3,591 7,549.67 7,549.67 13,591 Governance costs 10 637.00 10 637.00 41 Total resources expended k8,186.67 18,186.67 13,632 Net {outgoingl/incoming resource5 before other recognlsed galns and losses Realised gainslllossesl on nvestment assets 33,354.59 33,354.59 901,619 6,060.17 6,060. 17 11,166 Unrealised galnslllosses) on investment assets (65,350.80) {65,350.80) 26,698 Net movement In funds Reconclliation of funds Total funds brought forwar 939 483.46 939 483.46 Total fundg ¢arried fonvard 913 547.42 913 547.42 939 483
The Marsh Holllngworth Foundatlon Balance sheet Ye•r endéd 5 April 2025 Note$ Unrestrirted Fund• Total Funds 2025 2024 Fixed Assets Investments 907 988.27 907 988.27 938,523 Totsl Flxed Assets 907,988.27 907,988.27 938,523 Current Assets Cash wlth bank Debto 15,709.15 15,709.15 960 Totsl current assets 15 709.15 15 709.15 960 Llablllties Creditors falling due within one year 10 150.00 10 150.ts) Net current assets 5 559.15 5 559.15 960 Total assets lass currant liabilitles 913,547.42 913,547.42 939,483 Creditors falllng due after more than one year Net assets 913 547.42 913 547.42 939 483 The funds of the Charlty Unrestricted Income funds 913 547.42 913 547.42 - 939,483 939 483 Total Charity funds 913 547.42 913 547.42 The notes on pages 9 to I I form a part of these accounts. Approved by the Trustees and slgned on thelr behalf by: Mr J R Holllngworth Chalr
The Marsh Hollingworth Foundation Notes to the accounts Year •nd•d 5 Aprll 2025 l. Accountlng policies (a) Ba$ls of preparatlon The financlal statements have been prepared under the hlstorlc cost conventlon, wbth the exceptlon that investments are included at market value. The financial statements have been prepared In accordan with the Statement of Recommended Practlce.. Accountln9 and Reporting by Charities (FRSEEJ issued In January 2015 and appllcable UK AceoLtntlng Standards and the Charities Att 2011. (b) Funds structure The Charity ha5 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, Unrestritted funds Include designated funds where the Trustees. at thelr dfscretlon, have created a fund for a specific purpose. (c) Incomino resources All incoming resources are recognlsed once the Charity has entltlement to the resources, It Is rtaln that the resources will be reIVed the monetsry value of Incomlng resources can be measu wh sufflclent rellablllty, (d) Expendlture on ralslng funds Hbilities are recognised as resources expended as soon as there is a legal or construrtive obllgatlon commltting the Charity to the expenditure. All expenditure is accounted for on an accruals basls and has been classffled under headlngs that aggregate all costs related to the category. Grants payable are payments rnade to charltable organisatlon5 In the furtherance of the chaMtable obJe(ts of the tnjst. Slngle or multl-year grants are accounted fcr when esther the reclpient has a reasonable expertatlon that they wlll recelve a grant and the Trustees have agreed to pay the 9rant wlthout condltlon, or the reclplent has a reasonable expectatlon that they wlll re1ve a grant and any condltlon attachlng to the grar)t is outside the control of the Charbty. l>rovisions for grants are made when the Intentlon to make a grant has been communicated to the reclpient but the is UnrtaInty about either the timing of the grant or the amount of the grant payable. le) EXndItUre on generatlng funds The costs of generating funds conslsts of investment management fees, legal fees, accountancy fees and other governance and regulatory fees. (Q Ch?rftsble actlvlties The cost of charitable activities Includes grants made. (g) Governance costs Govemance costs comprSse all costs Involving the publ1¢ accountability of the Charity and its Complian with regulation and good practice. These costs include costs related to the preparation of the accounts, the independent examination fee and legal fees. (h) Flxed asset investment Investments are stated at market value as at the balance sheet date. The statement of financial artlvltle5 indudes the net galn and losses arlslng on revaluatlon and dlsposals throughout the year. (l) Realised gain5 and losses All galns and losses are taken to the Statement of Financial Activitles as they arise. Realised gains and losses On investments are calculated as the difference betr4een sales proceeds and opening market value (purchase date if later). Unrealised gairbs and I0e$ are calculated as the difference between and market v?lue at the year end and opening market value (or purchase date if later). Realised and unreallsed galns are not separated in the Statement of Financial Activities.
The Marsh Hollingworth Foundation Notes to the accounts Year ended 5 April 2025 U) Contingent Ilabllftles and provlslons In accordance with the SORP, a contingent liability Is dlsclosed for tse grants. which do not represent liabilitles, where the possible obligation, which arises from past events. will only be confirmed by the occurrence of one or more uncertsin future events not wholly wlthln the Trustees. control. Provisions are cogniSed for those grant5 where there is uncertainty as to the tlmlng or amount, and any uncertainty regarding the amount Is more than one of deternilnlng a basts for reasonable estimation of the liability arising from that constructlve obligatlon. 2. Related party transartlons and Trustees, remuneration There were no related party transattions or Trustees, remuneratlon pald for the flnanclal year endlng S Aprll 2025. 3. Legacy Income The Charlty received a legacy of £910,702.79. Of thls legacyj £895,664.85 was pald to the Charfty In the flnanclal year ended 5 Aprll 2024 and the remalnlng balance of £15,037.94 was paid in the financial year ended 5 Aprll 2025. 4. Invastment income 2025 2024 Dividends UK equitlties Dlvldencfs - Non-UK equltles Interest - UK fixed interest securities Interest on cash depos Inte$t - Non-UK fixed Interest securltles 21,179 3,920 10,524 881 10.903 1.882 3,795 3,006 5. Investment Managarfs costs 2025 2024 Canaccord Genulty LEI Fees 7.550 3,591 6. Analysls ol charltable expendlture The Charlty Undertak its charitable activities through grant maklng and awarded grants to 8 number of organisatlons in furtherance of Its charftable artlvltles. Grant funded actlvltles: 2025 2024 The Edward Marsh Centre 10.000 Total 7. Governance costs 2025 2024 Independent examlnatlon fee Bank charges Legal fee5: Administration Accounts preparation VAT 426 61 6,000 2,500 41 41 io
The Marsh Hollingworth Foundatlon Notes to the accounts Year ended 5 April 2025 8. Fixed as8•t invo$tMents Movement in fixed asset inv¢stm•nts 2025 2024 Market value as at 5 April 2024 Additions to investments at cost D15posals at carrying value Net galn/lloss) on revaluation Net movement on cash Market value as at 5 Ap1 2025 Investments at market value comprlmd: 938,523 68,868 (29,791) (32,675) 4.0871 940.838 1,607,443 (745,833) 26,698 938 523 2025 2024 Equities Fixed interest secuNties Cash held wlthln portfello Total 692,212 202,498 46.128 940 838 707,815 180,493 938.523 9. Analys18 of current liabilities and long term creditoys Credltors under l year Legal fees Independent examiner's fees 10,150 10.150 li
THE MARSH HOLLINGWORTH FOUNDATION YEAR ENDED 5TH APRIL 2025 INDEPENDENT EXAMINERS REPORTTO THE TRUSTEES OF THE MARSH HOLLINGWORTH FOVNDATIOPI 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 2025. Res nsibilities and basis of re rt A5 the charilv trustees of the Trust. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111-the Act-l. We report in respect of our examination of the Trust's accounts c3fried outunder section 145 of the Act and in carrying out our emamination we have followed all the applicable éireciions given by the Charity Commission under seciion1451511bl of the Act. Inde ndent Examiner's Statement We have Completed our examination. We can confirm that no material matters have come to our attention in connection wilh the examination giving us cause to believe that in any rnaterial respeci.. accountin8 records were not kept in respect of the Trust as required by section 130 of the Att.. or the accounts do not accord with those records.. or the accoLtnts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Report51 Regulations 2008 other than any requirement that the accounts give a true and lair view which is not matter considered part of an independent examination. We confirm that there are no other matter5 to which your atiention should be drawn to enable a proper understanding of the accounts to be reached. Handmill Accountants Spenter House 114 High Street Wordslev Stourbridge West Midlands OY8 5QR SIGNED... ?i.l..C* 112 ik..Date...... 12