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 mnside￿d 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 DISc￿tIOnary 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
reqU1￿MentS 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 ￿vI￿W 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 dISc￿tIOn 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 re￿ived) 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 di￿retIOnary 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 consk1e￿d, 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 re￿IVed the monetsry value of Incomlng resources can be
measu￿￿ w￿h 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 re￿1ve 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 Un￿rtaInty about either the timing of the grant or the amount of the grant
payable.
le) EX￿ndItUre 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 I0￿e$ 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 t￿se 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 Ap￿1 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