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2021-12-31-accounts

Charity No. 206780

Marshall's Charity

Consolidated Financial Statements

for the year ended 31st December 2021

Marshall’s Charity Index

Page

Trustees, Officers and Advisors ................................................................................................................... 1 Report of the Trustees ........................................................................................................................... 2 - 8 Consolidated and Charity Balance Sheets ................................................................................................... 9 Consolidated Statement of Financial Activities .......................................................................................... 10 Charity Statement of Financial Activities .................................................................................................... 11 Consolidated Statement of Cash Flows ..................................................................................................... 12 Notes to the Accounts ......................................................................................................................... 13 - 25 Independent Auditor’s Report ............................................................................................................. 26 - 28

Marshall's Charity Trustees, Officers and Advisors

1

TRUSTEES (are appointed by resolution of the remaining Trustees for a term of 5 years)

+
Mr A P Guthrie TD DL BSc FRICS		 (Chairman)
+ # [
Mr J A N Heawood MSc MRICS		 (Vice Chairman)
z
Mr S Clark TD BSc FCIB Chartered FCSI(HON)
z
Mrs A Nicholson MA MPhil MRTPI
# [
Mr W D Eason MA FCSI
λ Ms S Malhotra-Trenkel MA
+
Revd J Rust BSc MA
# λ Mrs L Bosman BSc ACA
+
Mr A Moss MA FRSA
[
Mr C E R Ledsam FCIS
λ Miss E Lang BA ACIS
+ z
Mr A Smallwood LLB LLM MRICS
λ Ms R Shilling (appointed 22nd April 2021)
Mr I Maxell Scott (appointed 22nd April 2021)
+ Member of the Property Committee
# Member of the Audit Committee
z
Member of the Trustee Selection Committee
[
Member of the Remuneration Committee
λ Member of the Grants Committee
OFFICERS
Ms C M de Cintra BA ACA Clerk to the Trustees
Mr J Keegan DipBS MCIAT C.BUILD.E MCABE. Surveyor
PRINCIPAL OFFICE
Marshall House, 66 Newcomen Street,
London SE1 1YT
Tel : 020 7407 2979
e-mail: clerk@marshalls.org.uk
web: www.marshalls.org.uk
BANKERS
Barclays Bank plc CAF BANK
90/92 High Street PO Box 289, West Malling,
Crawley, West Sussex RH10 1YX Kent ME19 4TA
SOLICITORS
Cripps LLP
22 Mount Ephraim
Tunbridge Wells, Kent TN4 8AS
STATUTORY AUDITOR
Haysmacintyre LLP
10 Queen St Place
London EC4R 1AG
INVESTMENT MANAGERS
CCLA Schroder & Co. Limited
Senator House, 85 Queen Victoria Street 100 Wood Street,
London EC4V 4ET Lonodn EC2V 7ER

Marshall’s Charity Trustees’ Report for 2021

1. OBJECTIVES AND ACTIVITIES

Purposes of the Charity

The Charity was formed in 1631 on the death of John Marshall, a baker in Southwark. In his Will, after making provision for his family and friends, he left the balance of his modest estate to trustees to be used for various charitable purposes. Although these have evolved slightly over the centuries, they are still primarily focused on “the continuance and maytenance of the preaching of God’s holy word in this Lande forever”. Today, these purposes are:

The Charity is funded solely from this endowment.

Public Benefit

The objects and purposes of the Charity are set out in the first paragraph of this report. The trustees confirm that they have referred to the charity commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant-making policy for the year.

Activities

The affairs of the Charity are separated into two principal areas and this is reflected in the Statement of Financial Activities (“SOFA”) on page 10. The two principal areas are investment management and grant making. These are explained in more detail below.

For many years, the Charity has shared its offices and costs with Newcomen Collett Foundation, another grant making charity. The income received from them and the costs incurred are similar and are shown separately in Notes 15 and 17 of the accounts.

A) Investment Management

As an Endowed Charity one of the primary tasks of the trustees is to manage the investment assets. The trustees have adopted a policy of prudent diversification in relation to the investments and as such hold the investments in both specialist direct property and multi-asset, liquid, managed assets.

During 2016 the investment strategy was reviewed and the trustees agreed to reduce gradually the direct real estate portfolio and move the sale proceeds into a mix of property funds and mixed securities funds. One property was sold in 2018 and another in early 2019. However, given the uncertain economic climate and a further review of strategy, the trustees have agreed to continue to hold existing property for the time being.

Property

Approximately 60% of the endowment is currently invested directly in property. The portfolio is diversified by size, location and class. Over recent years the property investment strategy has required the Charity to reduce its interests in secondary and tertiary retail and to increase its holdings in industrial and warehousing units, principally in Central England.

In the region of £1.6m is invested in a managed property fund. This enables the Charity to gain exposure to a different class of asset, increasing the diversification of the portfolio and the performance of the fund.

The Charity's property portfolio is overseen by the Property Committee and actively managed by the Surveyor.

Securities

Approximately 40% of the endowment is invested in multi-asset, liquid, managed assets. The majority of these funds are divided between the Charity Multi-Asset Fund managed by Cazenove Capital, the Witan Investment Trust and the CCLA COIF Charities Property Fund and COIF Charities Investment Fund. There are also smaller amounts placed in other investment funds.

B) Grant-making

There are four current major categories of benefit as set out in the opening paragraph of our Report. The Marshall’s Charity Act 1855 also introduced provision for grants for building new churches. These were made particularly in the 19[th] Century and again in the 1930s. However, no grants have been made since 1993 and the trustees now believe

Marshall’s Charity

Trustees’ Report for 2021

that any grant made in this area would not be material to the overall cost of a new church and that their grants are more effectively directed to the other areas of benefit.

Each year, when approving the budget, the trustees first decide how much to make available for the costs associated with Christchurch, Southwark. Then, after making adequate provision for the grant to Marshall’s Educational Foundation, the trustees decide how to split the available balance between grants for the support of parsonages and those for restoration of churches.

In 2018 a pilot scheme was launched whereby the majority of the funds available were directed through the five dioceses that fall within the three historic counties set out in John Marshall's Will. These are the only areas where Marshall’s is able to award grants for churches as well as parsonages. A review in 2020 concluded that the trustees were not comfortable with the level of delegation under that system, though they did not wish to give up involvement with the dioceses. A revised system was agreed for 2021 onwards. Anglican churches within the relevant dioceses may apply for a Church Restoration Grant and particular weight is given to those applications that have the backing of their diocese. In addition, the trustees also offer grants to all dioceses in England and Wales for the purchase or improvement of parsonage houses. Security grants are also available to all dioceses, whereby grants are awarded to support the purchase and installation of burglar alarms and CCTVs in parsonages.

Christchurch

As stated in the Purposes of the Charity, the Charity holds the patronage of Christchurch Southwark. Christchurch is the first item in John Marshall’s Will and as such the trustees regard supporting Christchurch as their primary responsibility. They exercise this duty by providing administrative and financial support to the church. The financial support includes paying for building costs, meeting the stipend and pension costs of the Rector and helping towards the employment costs of the church administrator and facilities manager. In addition, the Clerk and Surveyor provide administrative support and guidance as required.

Marshalls Educational Foundation

John Marshall’s Will provided for the university education of one young man from the Parish Grammar School in Southwark (now St Olave’s & St Saviour’s Grammar School in Orpington) or from Stamford School in Lincolnshire. The 1870 Education Act required the Charity to form a separate Foundation for administering these grants, and it was settled that 4% of the disposable income of Marshall’s Charity would be paid to this Foundation annually.

Of the eleven governors of Marshall’s Educational Foundation, up to nine are appointed by Marshall’s Charity and the trustees are thus able to satisfy themselves that the affairs of the Foundation are efficiently administered. The Clerk of Marshall’s Charity also administers the affairs of the Foundation. Currently four of the governors are also trustees of Marshall’s Charity.

Parsonages

As explained above, the trustees offer grants to all dioceses in England and Wales for the purchase or improvement of parsonage houses. Dioceses that have indicated that they require a grant will be allocated funds, calculated on the number of parsonages within each diocese. The property/properties for which a grant is claimed must be a clergy house which is subject to The Repair of Benefice Buildings Measure 1972 within the Church of England or the Church in Wales, and be occupied by a Rector, Vicar, Team Rector, Team Vicar or Priest-in-charge. This includes properties provided on a 'House for Duty' basis. The work must be for building, purchasing, altering, dividing or modernising parsonages (excluding repairs or non-consequential decorations) and includes the installation of electrical car charging points. Grants are paid after the October trustee meeting.

The Surveyor visits a number of parsonage departments each year to understand how they are operating, to discuss strategy and to see examples of how previous grants have been used.

Funds are also available to dioceses as security grants. Since the early 1990s the trustees have been aware of the increasing danger to which clergy and their families are subject in their homes. Following discussions with the diocesan parsonage departments, it was clear that installation of burglar alarms, entry-phone systems and, in more dangerous situations, CCTV security systems, was needed in a large number of properties. For the last 20 years the Charity has earmarked support to be available for such schemes. Grants are available by request to the office and are awarded under the Clerk's discretion.

The Charity also provides a small amount of funding to allow a very effective website and two conferences per year to be provided to the Diocesan Surveyors’ Group, which allows the diocesan surveyors to exchange views and information on technical issues. Marshall’s Surveyor, Jim Keegan, is their convenor.

Churches

From 2020 Parochial Church Councils (PCCs) within the five dioceses described above can apply for church restoration grants. These applications are reviewed by the Grants Committee who shortlist applications to proceed to the second stage of the process. The Surveyor visits the shortlisted churches. Grants are then agreed by the whole board of trustees at one of their meetings in April, July or October.

Marshall’s Charity

4

Trustees’ Report for 2021

2. ACHIEVEMENTS AND PERFORMANCE

Achievements

2021 continued to be affected by the Covid-19 pandemic, periods of lockdown and the ensuing economic uncertainty. At the start of the year Covid-19 had a small impact on rental income, but the effect was limited so the trustees felt no need to suspend grant awards, as had happened in 2020.

The trustees were pleased that the incident management plan continued to allow staff to work seamlessly between the office and home, as requirements and circumstances dictated.

The various achievements are explored in more detail below.

A) Investment Management

Specialist direct property

The budget set for 2021 reflected a reduction in rental income from properties in areas likely to be particularly affected by the pandemic and government restrictions. However, trading exceeded expectation and actual income exceeded budget. The Charity’s resilience was partly due to the mix of properties held. These reasonably high levels of income were also helped by the close relationship the charity Surveyor has with the tenants.

Multi-asset, liquid, managed assets.

The value of securities fell considerably in March 2020, in line with most stock markets but by the end of the year the value of all the securities combined was similar to that at the start of the year. In 2021 all holdings increased in capital value. Dividends for most holdings have stayed similar to the previous year.

Investment Managers are required to produce a valuation and performance report at least quarterly. The performance of the Investment Managers is judged against the Charity’s targets on a regular basis. The Trustees plan to conduct a formal review of external Investment Managers within the next year.

B) Grant making

The Trustees are confident that their grant making policies are enabling the Charity's funds to be used to the benefit of ministry and mission of the Anglican Church in England and Wales. Since John Marshall's death his Will has created grants worth over £78 million at current prices. The trustees are proud of this history and are reminded of the responsibility they have for the stewardship of the legacy.

The summary below shows the grants up to and including 31 December 2021:

----- Start of picture text -----
Grants made – at Number of
Type of grant Grants made current prices grants made
£000s £000s
Alarm systems 714 1,014 1,365
Other Parsonage grants 15,499 46,906 7,790
Total Parsonage grants 16,213 47,920 9,155
New Churches 657 11,594 649
Restoration of Churches 8,548 19,356 3,676
TOTAL 25,418 78,870 13,480
----- End of picture text -----

In 2004 the Charity decided to transfer all its historic records to the safe-keeping of the London Metropolitan Archives, where they are both secure and available to the general public who may be interested.

A more detailed discussion of the achievements of the year follows.

Marshall’s Charity

Trustees’ Report for 2021

Christchurch

The Reverend Ian Mobsby, Pioneer Interim Rector of Christchurch, has worked with the PCC and Marshall’s on developing the mission and ministry of the church. This is in the context of the number and scale of proposed developments in the immediate area and the intrusion from building works that has had an adverse effect on the parish. In 2020 commissioned research highlighted four priorities, creating a safe hub, responding to the needs of the working, responding to the needs of those living in the area and responding to the needs of rough sleepers and the homeless. To these aims was added creating a team/spiritual community. A lot of hard work and effort has gone into tackling these priorities with much success, although this has been made much more difficult by the pandemic.

Marshall’s is committed to working with the rector, the PCC and the diocese in moving forward with the development of the parish of Christchurch.

Marshalls Educational Foundation

The achievements of MEF are detailed in the Annual Report of that Charity.

Parsonages

In 2021 the revised system was implemented for awarding grants to parsonages throughout England and Wales. This resulted in the Charity awarding £243,760 in grants which were used to support the repair and maintenance of 45 parsonages (2020 - £72,000 for 10 parsonages). In addition, the Charity awarded £25,402 to fund security systems across 49 parsonages (2020 – £33,224 for 68 parsonages).

Churches

PCCs applied for church grants through the charity’s online application system. The Grants Committee met three times in 2021 and spent time scrutinising the applications before shortlisting projects for the full board of trustees to approve. During the year the Charity awarded 39 grants to churches (2020 - 11) with a value of £371,000 (2020 - £156,000).

3. FINANCIAL REVIEW

Review of Finances

The trustees had agreed a budget showing a deficit of £131,439 for 2021, which allowed for charitable grants of over £800,000. The actual results showed a small surplus before gains on investments, despite the fact that grants awarded exceeded £840,000. This was due to the increased rental income that was received because the trustees deliberately set a cautious budget. The surplus before unrealised investment gains and losses is £11,193. This surplus increases to £1,913,812 after taking account of unrealised investment gains and losses.

Since 2008 the trustees have adopted conservative budgets resulting in accumulated income reserves of £1,099,534. The trustees have agreed another deficit budget for 2022.

Reserves Policy

At 31 December 2021 Marshall’s Charity held the following funds:

Endowment Fund £ 22,540,017 Restricted Funds £ 742,033 Unrestricted Funds £ 1,099,534

The reserves policy of Marshall’s Charity focuses on the level of free reserves. This excludes endowed funds, restricted funds, designated funds and unrestricted funds which are not readily realisable.

Marshall’s Charity seeks to maintain free reserves to manage the risks to which the Charity is exposed in the course of its business. These include an unexpected drop in investment income due to adverse economic conditions. The recommended level of free reserves is reviewed annually as part of the budget process and takes account of the current risks facing the Charity. The trustees consider that the level of free reserves for 2021 should be approximately £398,000.

At 31 December 2021 the level of free reserves was £338,919, which is in line with the policy, although slightly under the targeted amount.

Going Concern

Having reviewed the financial performance for the year, the budget for the year to 31 December 2022 and plans for future years, the trustees confirm that the financial statements for the year to 31 December 2021 can be prepared on the going concern basis.

Marshall’s Charity Trustees’ Report for 2021

6

Investment Policy

The trustees updated their Investment Policy in early 2020. Currently the trustees do not wish to impose any specific ethical investment policy; however potential investments are assessed to ensure congruence with the aims and ethos of the Charity. A working group has been formed to consider the best way to manage the multi-asset, liquid, managed investments.

Plans for the Future

The current purposes of the Charity on page 2 are derived from the expressed wishes of our Founder, John Marshall, and the trustees intend to continue to pursue these objectives whilst always seeking to apply them to the changing needs of the Church in England and Wales.

The trustees undertook a wide-ranging strategic review in 2016. In 2019 the Charity’s strategy was further considered in the light of the pilot system for giving grants and economic and other conditions. In addition to refinements to the system for awarding grants, the trustees approved the decision to continue to hold existing property and to maintain staffing at current levels.

Risk

The Risk Register is reviewed quarterly by the trustees at their meetings. At each meeting the trustees review the major risks to which the Charity is exposed and ensure that systems exist to minimise the impact of any of the risks on its future effectiveness. In addition, every year, led by the audit committee the full register is reviewed.

As at 31 December 2021 the major risks facing the Charity were:

4. STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Documents & Trustees

The Charity is governed under the terms of the Marshall's Charity Act 1855 as supplemented by subsequent Schemes of the Charity Commissioners. On 17[th] May 2017 the Charity Commission approved a Scheme to facilitate the system for awarding grants. The legal name of the Charity is the Charity of John Marshall, although it is known as Marshall’s Charity. Its Charity Registration Number is 206780.

All trustees are members of the General Meeting of Trustees and are eligible for election to any Committee. Trustees are elected to serve for a five year period, and may be re-elected for subsequent five year periods. There are a maximum of 16 trustees, all of whom are required to be members of the Church of England.

There are currently five committees: Property Committee, Audit Committee, Remuneration Committee, Grants Committee and Trustee Selection Committee. No Committee has delegated power to act without the authority of the General Meeting of Trustees. The trustees have developed and approved formal terms of reference for all of these Committees.

Marshall’s Charity

Trustees’ Report for 2021

Trustee Selection & Training

The Trustee Selection Committee meets as necessary to recommend appointments of suitable persons to fill trustee vacancies. The committee, consists of a minimum of two trustees. It considers all proposals, nominations, recommendations and applications for appointment and has the power to advertise for applicants. It also has full power and authority to interview or decline to interview applicants, to establish rules for the conduct of its own business and, subject to the known wishes of the main body of trustees, to apply such criteria for appointment as it shall from time to time consider appropriate or desirable.

There were 14 trustees at the end of the year.

The Charity benefits from having many highly qualified and experienced trustees who are also active in other charities. In keeping with the need to maintain the highest levels of governance, the charity encourages all trustees to participate in training that is relevant and which will assist them in their roles. Through membership of the Charity Finance Group and also from professional advisors, various courses are available in many of the specialist areas that affect the Charity. The Charity has two experienced professional staff in the persons of the Clerk and the Surveyor, and the Charity ensures that both of them undertake appropriate continuing professional education relevant to their needs. Both of them ensure that the relevant knowledge gained in this training is passed on to the trustees.

Audit Committee

The Audit Committee, which currently consists of three trustees (see page 1), meets twice a year with the auditor, and with the Clerk to the Trustees in attendance. One of the meetings is concerned with the planning of the audit to be carried out and identifying any areas of special interest which the trustees wish to be examined by the auditor. The other meeting reviews the annual accounts and the outcome of the audit work. In the absence of the Clerk, the auditor also has the opportunity to report to the trustees in confidence on any issues that might have arisen in their work with the staff.

This committee also oversees the process of reviewing the Charity’s policies.

Property Committee

The Property Committee currently consists of five trustees (see page 1) who work with the Surveyor in monitoring property portfolio issues and examining investment opportunities. The committee receives monthly reports from the Surveyor and meets regularly throughout the year to discuss activity and address issues. Members sometimes accompany the Surveyor on his visits to properties where they believe opportunities exist to increase the capital value of the investment.

Remuneration Committee

The principal function of the Remuneration Committee is to recommend to the General Meeting of Trustees any changes to staff salaries or terms and conditions they consider appropriate for the following year. The committee consists of three trustees (see page 1) and normally meets once a year. In view of the close working relationship, the committee may invite Newcomen Collett Foundation to nominate a representative to join them for their meeting, Mr Tim McNally, the Chairman of the Foundation, was invited to the meeting in January 2022.

Remuneration Policy

The trustees are grateful for the commitment and enthusiasm of the Charity’s staff. The trustees take the view that it is essential to attract and retain staff with the appropriate skills and capabilities and reward them fairly for delivering the Charity’s important work. In order to do this the Charity reviews its salaries on a regular basis and this is done through the Remuneration Committee. At its annual meeting the committee receives a report from the Clerk on staff issues and performance, and then considers sector and national pay rates and conditions, and levels of inflation, before preparing its recommendations to the trustees.

Grants Committee

The Grants Committee consists of four trustees, although meetings are open to all trustees. The committee is tasked with reviewing church restoration and support of parsonage grant applications and producing a shortlist of applications to proceed into the second stage of the application process.

Management

The day-to-day management of the affairs of the Charity is delegated to the Clerk and the Surveyor. In June 2021 Mr James Keegan was appointed Surveyor upon the retirement of Mr John Hutchings. The trustees believe that the operation of a Charity with assets and income of this scale requires the management of professionally trained staff with its necessary costs. They are immensely grateful to both the Clerk and the Surveyor for their continued dedication to the work of the Charity and to the Executive Officer for the able assistance she provides. The continual changes in legislation and regulation place a heavy burden on the Charity, and the trustees thank all the staff for their enthusiasm and commitment in dealing with the affairs of the Charity and supporting the trustees so efficiently.

Marshall’s Charity

Trustees’ Report for 2021

Governance

As with the corporate world, the charity sector has recognised that good governance and transparency are key responsibilities in their relationship with the community they serve. Marshall’s Charity seeks to ensure that it meets the highest standards in these areas consistent with the size of its operations and funds.

Detailed terms of reference are in place for the five committees referred to above. The trustees rely greatly on the careful and thoughtful work undertaken by these committees, which allows the General Meetings to deal more effectively with the many issues which are its concern. The Charity has also reviewed its operation against the Charity Governance Code. The audit committee carried out this review of the requirements of the Code and concluded that Marshall’s follows the seven principles. The trustees agreed with the audit committee that the Code provides useful guidance but that adoption of the Code would result in disproportionate effort for minimal gain.

In order to communicate the work of the Charity to both its beneficiaries and the wider community, the Charity has a website www.marshalls.org.uk which is regularly updated. This includes a trustees’ extranet which provides access to minutes of trustees’ meetings and other confidential information relating to the management of the Charity. The extranet is password protected and is only accessible to the trustees and the staff of the Charity. Trustees have reported that they find this a very useful resource.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

Signed on behalf of the Trustees on 28 April 2022

A Guthrie

L Bosman

.............................................................. ……………………………………………. Chairman Trustee

Marshall's Charity

9

Consolidated and Charity Balance Sheets at 31st December 2021

Notes
FIXED ASSETS
Tangible Fixed Assets
2
Investments - General purposes
Freeholds
3
Securities
4
Shares in subsidiary
5
Investments - Special purposes
6
Current Assets
Debtors and prepayments
7
Loans to churches
8
Cash at bank and in hand
Creditors: Amounts falling
due within one year
9
Net Current Assets
NET ASSETS
FUNDS
Unrestricted funds
11
Restricted funds
10
Other Restricted Funds
Endowment Fund
10
TOTAL FUNDS		 2021
2020
2021
2020
Group
Charity
£
£
£
£
760,615
613,446
760,615
613,446
13,509,790
12,705,960
13,365,790
12,561,960
9,313,605
8,264,902
9,313,605
8,264,902
-
-
120,000
120,000
492,033
441,247
492,033
441,247
24,076,043
22,025,555
24,052,043
22,001,555
150,307
164,249
154,627
168,618
-
-
-
-
1,008,382
1,147,175
999,470
1,138,214
1,158,689
1,311,424
1,154,097
1,306,832
(853,148)
(869,207)
(853,148)
(869,207)
305,541
442,217
300,949
437,625
24,381,584
22,467,772
24,352,992
22,439,180
1,099,534
1,055,787
1,099,534
1,055,787
742,033
691,247
742,033
691,247
22,540,017
20,720,738
22,511,425
20,692,146
24,381,584
22,467,772
24,352,992
22,439,180

Approved by the Trustees and authorised for issue on 28 April 2022 and signed on their behalf:

A Guthrie

………………………………………

Antony Guthrie, Chairman

L Bosman

………………………………………

Lesley Bosman, Trustee

The notes on pages 13 to 25 form part of these accounts.

Marshall's Charity

10

Consolidated Statement of Financial Activities for the year ended 31st December 2021

Notes
INCOME AND ENDOWMENTS
Investment income
14
Other trading activities
15
Total income
EXPENDITURE
Cost of raising funds
18
Property & investment costs
Other costs
Charitable activities
18
Support of Parsonages grants
Repair of Churches grants
Christ Church, Southwark
Marshall's Educational Foundation
Stamford Lectureship
Total expenditure
Net income/(expenditure) before
gains and losses on investment
Net recognised gains & losses on investments
Property - realised
Property - unrealised
3
Securities - realised
Securities - unrealised
4, 6
Net income/(expenditure) after gains
and losses on investment
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted Endowment
Total
Total
Funds
Funds
Funds
2021
2020
£
£
£
£
£
1,229,488
-
-
1,229,488
1,177,082
41,000
-
-
41,000
41,000
1,270,488
-
-
1,270,488
1,218,082
290,001
-
-
290,001
330,505
43,571
-
-
43,571
46,466
333,572
-
-
333,572
376,971
304,089
-
-
304,089
140,329
421,620
-
-
421,620
220,638
155,728
-
-
155,728
68,477
36,012
-
-
36,012
32,583
8,274
-
-
8,274
7,170
925,723
-
-
925,723
469,197
1,259,295
-
-
1,259,295
846,168
11,193
-
-
11,193
371,914
-
-
-
-
-
-
-
803,830
803,830
183,922
-
-
-
-
-
-
83,340
1,015,449
1,098,789
(60,521)
11,193
83,340
1,819,279
1,913,812
495,315
32,554
(32,554)
-
-
-
43,747
50,786
1,819,279
1,913,812
495,315
1,055,787
691,247
20,720,738
22,467,772
21,972,457
1,099,534
742,033
22,540,017
24,381,584
22,467,772

All the above amounts relate to continuing activities and include all recognised gains and losses.

The notes on pages 13 to 25 form part of these accounts.

Marshall's Charity

11

Charity Statement of Financial Activities for the year ended 31st December 2021

Notes Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
£ £ £ £ £
INCOME AND ENDOWMENTS
Investment income 14 1,229,488 - - 1,229,488 1,177,082
Other trading activities 15 41,000 - - 41,000 41,000
Total income 1,270,488 - - 1,270,488 1,218,082
EXPENDITURE
Cost of raising funds 18
Property & investment costs 290,001 - - 290,001 330,505
Other costs 43,571 - - 43,571 46,466
333,572 - - 333,572 376,971
Charitable activities 18
Support of Parsonages grants 304,089 - - 304,089 140,329
Repair of Churches grants 421,620 - - 421,620 220,638
Christ Church, Southwark 155,728 - - 155,728 68,477
Marshall's Educational Foundation 36,012 - - 36,012 32,583
Stamford Lectureship 8,274 - - 8,274 7,170
925,723 - - 925,723 469,197
Total expenditure 1,259,295 - - 1,259,295 846,168
Net income/(expenditure) before 11,193 - - 11,193 371,914
gains and losses on investment
Net recognised gains and losses on investments
Property - realised - - - - -
Property - unrealised 3 - - 803,830 803,830 175,922
Securities - realised - - - - -
Securities - unrealised 4, 6 - 83,340 1,015,449 1,098,789 (60,521)
Net income/(expenditure) after gains 11,193 83,340 1,819,279 1,913,812 487,315
and losses on investment
Transfers between funds 32,554 (32,554) - - -
Net movement in funds 43,747 50,786 1,819,279 1,913,812 487,315
Reconciliation of funds:
Total funds brought forward 1,055,787 691,247 20,692,146 22,439,180 21,951,865
Total funds carried forward 1,099,534 742,033 22,511,425 24,352,992 22,439,180

All the above amounts relate to continuing activities and include all recognised gains and losses.

The notes on pages 13 to 25 form part of these accounts.

12

Marshall's Charity

Consolidated Statement of Cash Flows for the year ending 31st December 2021

Notes
Cash flows from operating activities:
Net cash provided by (used in) operating activities
21
Cash flows from investing activites:
Dividends, interest and rents from investments
Additions to tangible fixed assets
Additions to investment property
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 2021
2020
£
£
(1,218,196)
(1,046,825)
1,229,488
1,177,082
(149,385)
(11,685)
-
(120,925)
(700)
(700)
1,079,403
1,043,772
(138,793)
(3,053)
1,147,175
1,150,228
1,008,382
1,147,175

Marshall's Charity

13

Notes to the Accounts for the year ended 31st December 2021

1. Accounting Policies

Marshall's Charity

14

Notes to the Accounts for the year ended 31st December 2021 (continued)

1. Accounting Policies (continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

Judgements made by the trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and valuation of properties and are discussed above.

In the view of the trustees, the only assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date that are likely to result in a material adjustment to their carrying amounts in the next financial year are investment properties.

Marshall's Charity

15

Notes to the Accounts for the year ended 31st December 2021

Tangible Fixed Assets - Group and Charity

Cost or valuation
At 1st January 2021
Additions at cost
At 31st December 2021
Depreciation
At 1st January 2021
Charge for the year
At 31st December 2021
Net Book Value
At 31st December 2021
At 31st December 2020		 ENDOWMENT FUNDS
Marshall House
Furniture &
Computer
& Orpington
Equipment
Equipment
Total
£
£
£
£
609,414
20,560
52,593
682,567
149,385
-
-
149,385
758,799
20,560
52,593
831,952
-
17,466
51,655
69,121
-
1,278
938
2,216
-
18,744
52,593
71,337
758,799
1,816
-
760,615
609,414
3,094
938
613,446

2. Tangible Fixed Assets - Group and Charity

Notes:

Freeholds - Group and Charity
Opening balance at 1st January 2021
Additions during the year
Transfer from fixed assets
Disposals during the year
Revaluation of properties at year end
Closing balance at 31st December 2021		 Group
Charity
ENDOWMENT FUNDS
2021
2020
2021
2020
£
£
£
£
12,705,960
12,212,301
12,561,960
12,076,301
-
120,924
-
120,924
-
188,813
-
188,813
-
-
-
-
803,830
183,922
803,830
175,922
13,509,790
12,705,960
13,365,790
12,561,960

3. Freeholds - Group and Charity

Marshall's Charity

16

Notes to the Accounts for the year ended 31st December 2021 (continued)

4. Securities - Group and Charity

Market value at 1st January 2021
Transfer from Christchurch Extraordinary Repair Fund
Net gains/(loss) on revaluations during year
Market value at 31st December 2021
Historical cost at 31st December 2021		 Total
Total
2021
2020
£
£
8,264,902
8,271,270
33,254
-
1,015,449
(6,368)
9,313,605
8,264,902
7,580,892
7,547,638
Analysis of securities
and securities income
UK Investment Funds		 Income
Investments
2021
2020
2021
2020
£
£
£
£
241,359
245,106
9,313,605
8,264,902

5. Investment in subsidiary company - Charity

In 2008, the Charity formed Marshalls (New River House) Limited, a company registered in England and Wales. The Charity owns the entire issued share capital of £120,000. The company acquired a freehold ground rent in Salford. All activities are consolidated on a line by line basis in the Statement of Financial Activities.

The results of the subsidiary for the year ended 31 December 2021 are:

Income
Incoming resources and net surplus for the period - rental income
Less: Payment to be made under Gift Aid to Marshall's Charity
Assets
Funds
Share Capital
Revaluation reserve		 ENDOWMENT FUNDS
2021
2020
£
£
4,320
4,369
(4,320)
(4,369)
-
-
148,592
148,592
120,000
120,000
28,592
28,592
148,592
148,592

Marshall's Charity

17

Notes to the Accounts for the year ended 31st December 2021 (continued)

6. Investments - Special Purposes - Group & Charity

nvestments - Special Purposes - Group & Charity
Charities Official Investment Fund, Accumulation shares
Equities Investment Fund for Charities, Accumulation shares
Movement during the year
Market value at 1 January 2021
Acquisitions at cost
Transfer to unrestricted securities
Net gain/(loss) on revaluation during the year
Market value at 31 December 2021
Investments represent the following funds:
Funds for accumulation of income for capital purposes
Christ Church Extraordinary Repair Fund		 2021
2020
RESTRICTED FUNDS
£
£
54,760
46,504
437,273
394,743
492,033
441,247
2021
2020
£
£
441,247
494,700
700
700
(33,254)
-
83,340
(54,153)
492,033
441,247
2021
2020
£
£
154,632
129,907
337,401
311,340
492,033
441,247

Following the direction of the Charity Commission, the Charity established a sinking fund in 1983. The fund was for the accummulation of income to replace earlier capital expenditure. The Order will expire in 2033 when the value of the investment holding at that date will be transferred to Investments - General Purposes.

7. Debtors and prepayments - Group & Charity

Rents due from tenants and agents
Gift Aid due from subsidiary
Other debtors		 Group
UNRESTRICTED FUNDS
Charity
2021
2020
2021
2020
£
£
£
£
149,221
164,184
149,221
164,184
-
-
4,320
4,369
1,086
65
1,086
65
150,307
164,249
154,627
168,618

8. Loans to Churches - Group & Charity

Amounts set aside at the balance sheet date to
make loans to churches at an interest rate of 3%
Offers of loans made but not taken up at 31 December 2021
Loans outstanding at 1st January 2021
Loans advanced during the year
Repayments received during the year
Loans outstanding at 31st December 2021
Interest received in the year		 UNRESTRICTED FUNDS UNRESTRICTED FUNDS UNRESTRICTED FUNDS
2021 2020
£ £
250,000 250,000
- -
- -
- -
- -
- -
- -

Marshall's Charity

18

Notes to the Accounts for the year ended 31st December 2021 (continued)

9. Creditors

Grants approved but unpaid
Service charges on managed properties
held for future repairs
Rent deposits held for tenants (see below)
Value added tax payable
Other creditors and accruals		 Group
Charity
UNRESTRICTED FUNDS
2021
2020
2021
2020
£
£
£
£
584,897
605,004
584,897
605,004
69,498
64,115
69,498
64,115
103,756
106,239
103,756
106,239
36,553
27,271
36,553
27,271
58,444
66,578
58,444
66,578
853,148
869,207
853,148
869,207

Rent deposits held for tenants

These represent the liability for rent deposits of tenants held for various future periods. The compensating deposits, in the name of the Charity, are included in cash at bank and in hand.

Restricted Funds - Group
Endowment Fund
Funds for Accumulation of
Income for Capital Purposes
Development Fund
Christchurch Extraordinary
Repair Fund
Total Other Restricted Funds
Total Restricted Funds		 Balance
Transfers
Other
Balance
1.1.21
Gains and
31.12.21
Losses
£
£
£
£
20,720,738
-
1,819,279
22,540,017
129,907
700
24,025
154,632
250,000
-
-
250,000
311,340
(33,254)
59,315
337,401
691,247
(32,554)
83,340
742,033
21,411,985
(32,554)
1,902,619
23,282,050

10. Restricted Funds - Group

Other Restricted Funds were set up following Charity Commission Order for the following purposes:

a) Funds for Accumulation of Income for Capital Purposes

Under the terms of a Charity Commission Order income is used to recoup capital monies expended on freehold property improvements and a leasehold interest in an investment property.

b) Development Fund

An annual transfer from income of £25,000 is allowed, and the fund may be applied for the

purchase of land or the development and improvement of the property of the Charity.

c) Christchurch Extraordinary Repair Fund

Transfers may be made to this fund from income and the fund may be used for the repair, improvement or rebuilding of Christchurch, Southwark.

In 2021 expenditure on Christchurch exceeded the allowable limit of 15% of distributable income.

This arose from refurbishment of the Church and Hall. The Trustees have transferred £33,254

from the Extraordinary Repair Fund to Unrestricted Funds to cover this excess annual expenditure.

Marshall's Charity

19

Notes to the Accounts for the year ended 31st December 2021 (continued)

11. Analysis of Net Assets between Funds - Group

Endowed Funds
Restricted Funds
Development Fund
Funds for Accumulation of
Income for Capital Purposes
Christ Church Extraordinary
Repair Fund
Unrestricted Funds
Unallocated Income
Marshall's Charity
Endowed Funds
Restricted Funds
Development Fund
Funds for Accumulation of
Income for Capital Purposes
Christ Church Extraordinary
Repair Fund
Unrestricted Funds
Unallocated Income
Marshall's Charity		 2021
Fixed Assets
Investments
Net Current
Total
& Investments
Special
Assets/
Gen.Purposes
Purposes
(Liabilities)
£
£
£
£
23,300,756
-
(760,739)
22,540,017
23,300,756
-
(760,739)
22,540,017
250,000
-
-
250,000
-
154,632
-
154,632
-
337,401
-
337,401
250,000
492,033
-
742,033
33,254
-
1,066,280
1,099,534
23,584,010
492,033
305,541
24,381,584
2020
Fixed Assets
Investments
Net Current
Total
& Investments
Special
Assets/
Gen.Purposes
Purposes
(Liabilities)
£
£
£
£
21,334,308
-
(613,570)
20,720,738
21,334,308
-
(613,570)
20,720,738
250,000
-
-
250,000
-
-
129,907
-
129,907
-
-
311,340
-
311,340
250,000
441,247
-
691,247
-
-
1,055,787
1,055,787
21,584,308
441,247
442,217
22,467,772

12. Auditor's remuneration

The auditor's remuneration constituted an audit fee of £10,200 (2020 - £9,700).

Marshall's Charity

20

Notes to the Accounts for the year ended 31st December 2021 (continued)

13. Analysis of staff costs and remuneration of key management personnel

Salaries and assessable benefits
Social security costs
Other pension contributions		 2021
2020
£
£
172,703
157,638
12,541
7,592
36,136
46,582
221,380
211,812

Average number of staff (including full-time and part-time staff)

Clerk
Surveyor
Other administrative staff		 1
1
1
1
1
1
3
3

In 2021, no employee received remuneration in the band £60,000 - £70,000 (2020 -1).

The average number of employees during the year was 3 (2020 - 3). All employee time involves providing support to the governance of the charity, investment management or support services to charitable activities.

The Charity considers its key management personnel comprise the trustees, the Clerk and the Surveyor. The total employment benefits including employer pension contributions of the key management personnel were £170,248 (2020 - £161,933).

No Trustee receives any remuneration from the Charity, nor were any expenses re-imbursed to Trustees by payment to a third party (2020 - none). Trustees were not involved in any other transaction with the Charity or any related party (2020 - none).

14. Investment income

UK Property rental income
UK Dividends & interest on securities
Other interest
Gift Aid payment from Marshalls (NRH) Limited
Other income		 Group
Charity
2021
2020
2021
2020
£
£
986,836
875,238
982,516
870,869
241,359
245,106
241,359
245,106
348
1,538
348
1,538
-
-
4,320
4,369
945
55,200
945
55,200
1,229,488
1,177,082
1,229,488
1,177,082

In 2021 the investment income was all attributable to unrestricted funds.

15. Activities for raising funds - Group

Co-administration charge - Newcomen Collett Foundation 2021
2020
£
£
41,000
41,000

Newcomen Collett Foundation ("NCF"), a charity providing grants to young people in the London Borough of Southwark, is also based in the offices of Marshall's Charity. All the administrative costs of both charities are paid by Marshall's Charity, in return for which NCF pays an agreed annual co-administration charge.

21

Notes to the Accounts for the year ended 31st December 2021 (continued)

Marshall's Charity

16. Allocation of governance and support costs

The breakdown of support costs and how these were allocated between Governance and other support costs is shown below:

Cost type
Staff costs
Office costs & overheads
Cost type
Staff costs
Office costs & overheads		 2021
Governance
Other
Basis of
related
support costs
TOTAL
Apportionment
£
£
£
6,841
216,663
223,504 Staff time
-
101,358
101,358 Staff time
6,841
318,021
324,862
2020
Governance
Other
Basis of
related
support costs
TOTAL
Apportionment
£
£
£
6,679
197,027
203,706 Staff time
-
133,542
133,542 Staff time
6,679
330,569
337,248

All staff support costs have been allocated on the estimated basis of time spent on those categories. All other overheads (except audit costs, which have been charged to Governance) have been allocated between the categories on the basis of the total staff costs.

17. Allocation of governance and other support costs

Investment Management fees
Newcomen Collett support costs
Support of Parsonage grants (see note 18)
Restoration of Churches grants (see note 18)
Marshall's Educational Foundation		 2021
2020
£
£
169,144
172,723
43,571
46,466
47,465
50,149
61,766
64,638
2,916
3,272
324,862
337,248

Marshall's Charity

22

Notes to the Accounts for the year ended 31st December 2021 (continued)

18. Expenditure

Cost of raising funds
Investment Management fees
Direct property costs
Newcomen Collett support costs (see Note 17)
Charitable activities
Support of Parsonage grants (see note 23)
Restoration of Churches grants (see note 22)
Christ Church, Southwark
Marshall's Educational Foundation
All Saint's Church, Stamford		 2021
Support and
Direct
governance
costs
costs
TOTAL
£
£
£
-
169,144
169,144
120,857
-
120,857
120,857
169,144
290,001
-
43,571
43,571
120,857
212,715
333,572
256,624
47,465
304,089
359,854
61,766
421,620
155,728
-
155,728
33,096
2,916
36,012
8,274
-
8,274
813,576
112,147
925,723
934,433
324,862
1,259,295
Cost of raising funds
Investment Management fees
Direct property costs
Newcomen Collett support costs (see Note 17)
Charitable activities
Support of Parsonage grants (see note 23)
Restoration of Churches grants (see note 22)
Christ Church, Southwark
Marshall's Educational Foundation
Stamford Lectureship		 2020
Support and
Direct
governance
costs
costs
TOTAL
£
£
£
-
172,723
172,723
157,782
-
157,782
157,782
172,723
330,505
-
46,466
46,466
157,782
219,189
376,971
90,180
50,149
140,329
156,000
64,638
220,638
68,477
-
68,477
29,311
3,272
32,583
7,170
-
7,170
351,138
118,059
469,197
508,920
337,248
846,168

23

Notes to the Accounts for the year ended 31st December 2021 (continued)

Marshall's Charity

19. Operating Lease Payments

At 31 December 2021 the Charity has non-cancellable
operating leases as follows:
Plant & Equipment
Payable in one year
Payable in the second to fifth years		 2021
2020
£
£
1,409
3,784
3,086
-
4,495
3,784

20. Operating Lease Receipts

At 31 December 2021 the Charity has non-cancellable
operating lease income as follows:
Lease rental income
Receivable in one year
Receivable in the second to fifth years
Receivable after 5 years		 2021
2020
£
£
727,471
753,354
1,209,432
1,562,141
351,207
142,333
2,288,110
2,457,828

21. Reconciliation of net movement in funds to net cash from operating activities

Net income/(expenditure) for the reporting period (as per
the statement of financial activities)
Depreciation charges
(Gains) on investments
Dividends, interest and rents from investments
Decrease/(Increase) in debtors
(Decrease) in creditors
Net cash provided by (used in) operating activities		 2021
2020
£
£
1,913,812
495,315
2,216
2,217
(1,902,619)
(123,401)
(1,229,488)
(1,177,082)
13,942
(28,173)
(16,059)
(215,701)
(1,218,196)
(1,046,825)

Marshall's Charity

24

Notes to the Accounts for the year ended 31st December 2021 (continued)

22. CHURCH GRANTS

Church
Diocese
£
Church
St John the Baptist, Small Hythe
Canterbury
5,000
All Saints, Holbeach
St John the Baptist, Tunstall
Canterbury
10,000
St Andrew, Rippengale
St Mary's, Willesborough
Canterbury
8,000
All Saints, Barrowby
St Mary's, West Horsley
Guildford
3,000
St Margaret, Roughton w Haltham
St Mary's, Byfleet
Guildford
5,000
St Edith, Anwick
All Saint', Fleet
Guildford
5,000
Churches in Canterbury Diocese
St Mary's, Thorpe
Guildford
3,000
St James, Weybridge
St Nicolas, Great Bookham
Guildford
10,000
St Peter's, Ash
St James, Skillington
Lincoln
9,000
St Mary and St John, Chatham
St John's, Brigg
Lincoln
10,000
All Saints, Clapham Park
St John the Baptish, Colsterworth
Lincoln
10,000
Holy Trinity w St Matthew
St Nicholas, Snitterby
Lincoln
5,000
St Helen's, East Keal
Lincoln
7,000
St Martin, Welton le Marsh
Lincoln
5,000
St John the Evangelist, Weston Hills
Lincoln
11,000
Ss Mary, Bartholomew,Guthlac,Crowland Lincoln
15,000
St Margaret's, Underriver
Rochester
15,000
St Peter's, Ridley
Rochester
10,000
St Edmund King & Martyr, Dartford
Rochester
4,000
St James w SS Peter & Paul, Isle of Grai Rochester
18,000
St Barnabas
Rochester
6,000
St Paul's & All Saints, Chatham
Rochester
8,800
St Mary's, Cobham
Rochester
10,000
St Paulinus, Crayford
Rochester
8,000
St Mary’s Riverhead with Dunton Green_Rochester_
5,000
All Saints, Birling
Rochester
15,200
St John's, Deptford
Southwark
15,000
St Matthew's, Croydon
Southwark
11,000
St Peter & Paul, Mitcham
Southwark
10,000
St Matthew's, Surbiton
Southwark
3,000
St Barnabus, Sutton
Southwark
5,000
Holy Trinity, London
Southwark
3,000
St Peter's, Streatham
Southwark
10,000
St Paul's, Thornton Heath
Southwark
15,000
St Saviour, Croydon
Southwark
15,000
St Paul's, Clapham
Southwark
3,000
St Mary the Virgin, Lewisham
Southwark
20,000
St Barts, Horley
Southwark
20,000
St Luke with Holy Trinity, Charlton
Southwark
20,000
371,000
Less cancellations
(11,146)
359,854
Total Prior Year Grants
2020
2021
£
5,000
5,000
5,000
5,000
5,000
37,000
10,000
10,000
37,000
18,500
18,500
156,000
-
156,000

Marshall's Charity

25

Notes to the Accounts for the year ended 31st December 2021 (continued)

23. PARSONAGE GRANTS

Diocese
Bath & Wells
Birmingham
Blackburn
Bristol
Canterbury
Chelmsford
Chester
Chichester
Coventry
Derby
Durham
Ely
Exeter
Gloucester
Guildford
Hereford
Leeds
Leicester
Lichfield
Lincoln
Liverpool
Llandaff
Manchester
Monmouth
Newcastle
Norwich
Oxford
Peterborough
Portsmouth
Rochester
Salisbury
Sheffield
Southwark
Southwell
St Alban's
St Asaph
St Davids
St Eds & Ipswich
Swansea
Truro
Winchester
Worcester
York
Cancellations
Total Grants		 2020
2021
Parsonage
Security
Total
Parsonage
Security
Total
7,110
-
7,110
-
557
557
5,160
-
5,160
-
-
-
6,500
2,930
9,430
-
945
945
4,040
847
4,887
-
4,208
4,208
4,180
-
4,180
-
1,980
1,980
10,910
-
10,910
-
-
-
8,590
2,802
11,392
-
1,500
1,500
10,310
-
10,310
-
-
-
4,180
-
4,180
-
-
-
4,790
-
4,790
-
-
-
5,110
794
5,904
-
1,291
1,291
4,600
445
5,045
-
-
-
-
500
500
5,000
-
5,000
4,320
500
4,820
-
2,330
2,330
5,950
-
5,950
17,000
-
17,000
3,300
-
3,300
-
-
-
11,240
-
11,240
-
-
-
4,090
-
4,090
-
-
-
9,380
-
9,380
-
198
198
5,530
-
5,530
-
2,994
2,994
6,230
500
6,730
5,000
-
5,000
6,040
1,774
7,814
10,000
3,912
13,912
7,060
-
7,060
-
-
-
3,160
-
3,160
-
800
800
3,900
1,290
5,190
-
-
-
6,920
500
7,420
-
-
-
12,400
-
12,400
-
-
-
4,970
-
4,970
-
-
-
3,490
372
3,862
-
540
540
7,340
3,399
10,739
-
3,735
3,735
6,880
-
6,880
-
-
-
4,880
1,834
6,714
5,000
1,777
6,777
11,610
-
11,610
-
-
-
-
2,000
2,000
-
3,778
3,778
8,830
253
9,083
-
379
379
3,250
-
3,250
-
-
-
-
-
-
5,000
-
5,000
4,320
-
4,320
-
-
-
3,630
2,959
6,589
10,000
1,122
11,122
3,070
-
3,070
-
-
-
5,250
-
5,250
15,000
928
15,928
3,900
-
3,900
-
-
-
7,340
1,704
9,044
-
250
250
243,760
25,402
269,162
72,000
33,224
105,224
(9,938)
(2,600)
(12,538)
(14,143)
(901)
(15,044)
233,822
22,802
256,624
57,857
32,323
90,180

26

Marshall’s Charity

Independent auditor’s report to the trustees of Marshall’s Charity

Opinion

We have audited the financial statements of Marshall’s Charity for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to VAT and other taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the valuation of investment properties. Audit procedures performed by the engagement team included:

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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP

Haysmacintyre LLP Statutory Auditors Date: 28 April 2022 EC4R 1AG

10 Queen Street Place London

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006