2023-12-31-accounts

Marshall's Charity Cljdriry No. 206780 Consolidated Financial Statements for the year ended 31st De￿mber 2023

Marshall's Charity Index Re￿rtOftheT￿￿tee$................................................................. Consol#Jated and Charity B￿a￿e Stets............................................................ .. Consdwjaled Statanentof FinanLial h£tMtss.......................................... .... . . 10 hartiy Statement ol Finar￿181 A(aMIs.................................................................................... ... . Consc4idat&J Statement ol Cash Fkx¥s............. .. .. 12 Notes to th8 Accounts........................................................................... ... ...... ..... ... . .. . ..... . ... . .. 13- 27 IndeF¢nd*itAuditof$ R¥port............................................................................................................. 28- 30

Marshall's Charity Tmstee4 Officers and Advtso TRUSTEES lare appointwl by rè501ubon ofthe remairvng Tnjstees for a teryn of 5 y99￿) Mr A P Guthrie TD DL Bsc FRICS + rf # l MrJANtrkav￿dMs¢mRIcs Mr S Clark TD Bsc FCIB Charter&J FCSIIHON)

l MrWDEasonMAFCSI

A Ms S Malhotra-Trenkel

Revd J Rust BS¢ MA

A Mfs L Bosman BSCACA

MrA Moss ￿ FRSA l Mrc E R Ledwn FCIS A Miss E Lang BA ACIS A MS R Shilling Mr l maxwell￿coll Ar C KaM"nde M5 Heather KkLwgNin (Ch8inn8n) (VKe Chainnanj (app¢￿ted 271h Apil 2023) {apwynte£l 27th Odolw 2023) Member ofthe Property Ccmmittee

Member ofthe Awlii Cornmth&

Mernb8r ofthe Trustee se￿et￿l C￿￿￿tee Ilernber ofthe Rem¢me1atic￿ Committee A ofthè Grants C(￿mIttee PAernbw ofthe In￿tment Crynmth ￿￿ber Of￿ Chnstchurc Cornmitl OFFICERS Ms C M de Cintra BA ACA Mr J Keegan DipBS MCIAT C.BUILD.E MCABE. ClwfE¥ecub¥p and lo fh6 Tmste&s PRINCIPAL OFFICE Matshall House, 86 Neromen Street. London SE1 1 020 7407 2979 marshalLs.org.uk ¥Y4M.marshall&or9.1 e-mail.. BANKERS Barclays Bank plc J192 High Street Crthey. West Sussex RH10 1YX SOUCITORS Cripps LLP Wallsid• Hous8, 12 Mount Ephraim Ro*J Tu[￿ridge Wells, ￿nt TN1 1EG STATiwfoRY AUDITOR Price Bailèy LLP 8th Floor, Dashwood House 69 Old Bioad Street London. EC2M 1QS INVESTMENT M4NAGER Rath￿nèS 8 Fin5bury Circus, London EC2M 7AZ CCLA LonLkn EC4R 3AB

Marshall's Charity Tnjslees. Report lor2023 1. OBJECTIVES AND ACTivmES Puwes ofthe Charlty The Charity was foM&J in 1631 on Ihe death ofJonn M&sNI. a bak￿ in Soultrart In his wn, after making ovision for hks famty and friends. he left the bal￿￿ ol lu's rncJest estate to trustees to Used forvarK)us charitable wrposes. ￿th0￿h these have evol¥ed slpjhty th? ￿lUrES. they ¥e 8ti11 prirnanty fow5ed on 7ho ¢￿tin￿JC and m8ytenanGe ofthe prtracti￿g ofGorfs Iity tfvsLande fNevef. TcJay, these purposes are.. to sw)w)rt as Patron$ lh¢ pansh dwr¢h ofCI¥￿uth, &)LthwK' to make 9rants for the swjport of par50n&Jes lo dirreses of Ihe Churcth of El￿3nd xnd the Churth in W410S,' to make restorat¥)n and repairgrants to +￿j1￿ cwJrctss in of Kert Surrey a￿1 Lincolnshire as th)se coJntie5 were defin8d ￿ 1855." aThJ to transfèr 4% of n•t irt£rnè to Marshall's Ed￿atson￿ Ma￿ grants for 8ducatK)nal purposes in Stamford and S¢)ullNdar bl The Charity is funded so￿ty from tlis endo¥tsThent. Publlc Bengfft The Ci￿ts and puwes oftho Charty are set cth ffi￿t par¥aFkn ofthi8 rem The t￿￿tee$ thatthey have re[er￿ to chaiity commission's general guKlaKe on Fxth"c beneft￿tsrn revpMNJ ￿ Chw's aims and j¢¢tives aTrJ In ￿anning fuhxe acti￿￿ and setbng the 9rnnI￿8knng poliw trthe Y￿r. Activttle8 The affair3 of the Charity a￿ separakny into areas and tt¥s i8 refiKaed in the Ststerrnt of Firtaneial Actiths I'SOFA'I on page 10. The tsvo prinapa rns we ￿￿e$l￿t rn￿agernent anrj grant maknn9. TIEse expkined in MO￿ detail below. Foi many years. th8 Charity has shar&Y ts Offi￿ arkj CostsT￿th NvwcAxnen Collett Fo￿￿allOn, athèrgrant making 8rity. The reraved from r( and theo)51s inrArred are s¥nilar and are Sh￿ separately in Notes 15 17 ofth8 accounts. A) Inv￿lIn￿nt managen￿￿t As an Endowy Chanty one of wimary tasks ofthe tnts￿ is to manage the investmwt assets. The Irustees have adw a of prudent (fversificab"on in to the myes1￿ aThJ as suth hold the in¥Estrnents in t)th $pxialist dire¢1 propety multi-assel I￿U￿. m8n•J assets. Property Appr0MMate￿ 60% ofthe endc•mi•nt is invèsted Frywty. The portth is di￿{$￿•￿￿ by size, Ictat￿n and das3. Charity hobas a￿￿t 17% of its FKXtfrAKJ wtwty. 20% in CLNnmÈreial, 27% in rtsil 36% in industrial. Th• Charivs prop•rty F¢)rtfr40 is ov•Ee￿ by tha Prwty Ccrnmit*8 aThJ maTrag￿ by Ihe Suryeyor.

Securiii AFwxirnatety 34% oflhe en¢￿￿ent is investe(l in Se￿nIES. TW are by Rathbones on a discrttionary basis a Risk Level 511 beiThJ th¢ ￿￿85( S the h￿h￿st). in lir￿ with the oJrr&nt portfol￿ strategy. Rathbones m8n•a6 on a balancèd mandat•. T￿r8 is an w￿l10n that ¢4x"tal will gr(M h"n$ Infla￿)n the kjnger term, wh'le produung a Stab￿ and Sustainab￿ ofincomè. D•po•lt Fund Appr0￿Matety 8% 01 ts ￿d￿￿inenl is in¥ested in Ihe CCLA COIF Charrts Deposit Fund. The fund ams to prowde ? hI￿level ofcapitsl sewrity arvj a yiJ •KI a dNers"rfEd wJrt￿￿o ofstetlirvJ denomiiabj morw market dep(6ts and oiher instnjmenls. The tr￿tee$ are activety knoknng to purthase &y￿t￿nal proFErty and ¥0 hohj I￿Se lunds in an ￿lty inveslrnent Gr•nt4naklng Thgro are four current mw categw ol ￿ as sett)Jt in tr cyMrrfJ paragratth ofour Report. The Mar8hal'8 Charity Act 1855 8lso intrtyJuc*J prowsion forgrants for bwkJirrfJ churches. Th8s• were made parti￿la￿Y in the 19° Century again in th& 19￿￿. HcY•Mw. noWs have madè sinc8 1993 ￿ th8 tnj$t￿ b81￿ve

Marshall's Charity Tn￿tees, Report for2023 th8t any grant maye in this area woukl not bè mat￿18[ to the overai o)3t of a rw and that thwr graftts 8ro more effectivdy directed to t1￿ otherareas of te year, approvng the bLMW tt 1ntstsès first d•>Je mwh to mak9 aWdilab forthe costs ass¢￿iSlad with Christchurth. ￿thwath. Then. after Ma￿r0 que W0￿$10n for ts &Yant to Marshall's Educabonal Foundation, the trustees decAde how to split the availablg bakIn￿ beteen grants ts the surwi ol pgrscffiages and those for restoTrts'on ofourthes. Marshall's is C￿lY aNe to award grants for ¢hurrtw tho1 tsl vthlun the ljwee historic ojunbes sat out in John Marnhall, 11 Anglican churches thin the rdevant d￿r￿se$ msy aFpty for a ChLrth Restoration thnt and particular weight is given to thosg gpplIL3t￿ns that have tre baGirg 0fthWrtho￿8È. In •m￿"0n. thè trustees also offer grants to all diotÈ5È5 in Ery18fKJ and Wa lar tr• purd)as8 or imwovement of pwsonage houses. Sacurity grants arg abo available to trse cloceses. vthereby grants are to Sl4)FMYt tre purchase and ir6tallation of￿1rglar alJmi8 and CCTVS in parsonages. yb Chrl8tchurth As stated in thè Purpws ol Its Charity, the Charity IKAd5 ts pthage of Christchurch Soulhwath. Chriskknurch i the first item in Jthn Marshall's ￿11 aThJ as such the tr￿￿tees regwd supporbry Chnstchurch as their primary responsibility. They exercise tris duty by prowding admini8trabve and financi￿ Support to Ihè church. The finan￿81 support inJudes pa￿Trg for ￿lIding (¥Jsts. rreetirvj the s￿"per￿ aThJ pens￿ cYJsts ofthe Rettttsr and helpiro towrdrds the employment costs oftre church alministrator facilibas M￿￿Je[. In ajdition, the Clerk and Surveyor prowde adrnini5traknve and prokrty sUp￿rt aThJ guhJarKe as required. hlarshalls Educauonal Foundal1¢ John Marshall's Wll prowded brthe univernity of one yOLry man frcm the Parish Grammar Sthool in Southwark {row St Olavè's & St S8vKxJrfs Gfammar ScK)l in Ctrpirfjknl orfrryn StsmYDrd School in LIr￿In#hiItr. The 1870 Education Act requirwl the Chaiity to fc¥m a separate Fwndation for administsn"rvJ these granb. and itwa8 settled that4% of the disposable of Marshal'5 Chity w(yJkl te paid to ihi8 Foundali¢n arnnually. Ofthe eleven gov8rnor5 of Marshafs Ed￿alb)n￿ F¢XThYat1r￿. ￿ to ni￿ $r ¥FW"nt•d by Marshall's Chwity 8nd th• trustees are thus able to $8tsfy thEmSe￿e5 that￿ affairs ofts Fountstion ar8 effieiènlty administer￿1. The Clefk of Marshall's Charity also ajministers the atsr5 ofttp FourMkb"on. CAJrrenty four ofthe govemtsrs 8r• also trustees of Marshall's Charity. Parnonag¢• AS 9xplain&Y above. ￿ trvstees offer grants to all di(K£sès in ENJland and Wa￿$ for￿ purthaw or Mnprovement of PXfsona9è htsusas. Dicts￿$ that ha￿ i￿￿ated that they rewire a grant are allocated fijnds, cal¢ul8ted on Ihe n￿ber of pwsonage5 Within éad) ￿￿eSe. prowty ts whKh a granl 15 d•mgY rnu51 be a clergy how which L subject to The Repair of Be[￿fice Buiklings Measure 1972 within fv Churth of El91￿d orthe Chutch in Wales. and bè ocCUp￿d by a Rector. Vicar. Tewn Reclor. Tw Vicar ￿ P￿t4￿harge. Thi8 irrjudes prwrtos prov￿￿￿ on a 'House for Duty basis. The work must be frjr builth"rvJ. pwchasiryJ. aternig. dI￿thg or m¢)Yemising parsonages {exduding repairs or llDrFcc¥tsequenbal decorations) incknles Ihe tn$tsiiatn of •￿tr￿1 car cha￿Ing ￿irts. The Surveyor wsrls a nwntxr ofparwnagè dèpathients eath yearto understand how Ilw arè op•rating. to di5CU55 strategy and to see eL￿np￿S ef wèvious grants haw been wd. Funds #rn also availabk to d￿Se$ as seoxity gr. sin￿ the early 19￿$ 1he trustees have been awar¢ of increasiry dangèr to vthid) clargy )d th8irfrdmil￿s are ￿tIe£l in their h(xnes. discussicffis ¥Mth I diocesan par50nwJe departments, it was dearthat lnsta1atm￿ of burglar al8rrn$. Qnty-phl￿e systems and. in morè dangerous situatiorts. CCTV sec4Jnty syslom$, Wds needed in a lar￿ numter ofprcperbe& Ftx thè llqsttrEnty years or more thè Chwty has eannarked support to te avail)1g for su¢ sthwnes. (knnts availatAe IhrowJh an onlin8 i¢'orb 8nd are 8%Yard&J under the C￿$ di8cethon. The Charity also prtsvJ¢s o small #M￿nI 0fftMdw￿ to a ebgte aThY r￿)n￿rtn¢S pery•ar for the DY)cesa Survgyors. (oup. The ￿nfe￿￿ aiow thè itheoman SLrnyOts to excharoe and Irtrformation on technical 188u$$. Marshall's Surveyor, Jirn Keegan, I￿rA￿￿n￿.

Churcheg P8rtsehio1 Church c￿ncIS IPCCS) wlhin dK)Lwes of Canie(oury, Gl￿fr￿1J. Lincoln. Rothèstsr and Soulhwark e8n 8ppty for church restOratic￿ wants. Surveyormsts Ihe churches that ap￿Y before 8ppltsb.ons are di$￿$Sed by the grarts c￿mm￿tee. A shoruist then takèn to a trustè8 meeting. in A)ril. Juty or Octoter, where grant awords ggr98d.

Marshall's Charity Trustees. Report for2023 I ACHIEVEMENfs AND PERFORIAANCE Achfj•v•m•nts During 2023 the ¢hanty had a busy aTrJ suc£esshJl Jtar. The wious ad*eVe￿nts we set out beknv. Al Invwlment man￿￿9nt

Prop•ty The Tr￿tee5 ar& thatts proFty F￿L¥jl￿ed a higher ￿Ve1 of inctmme in 2023 than il dKI in 2022. At tho stsrt of Ihe year the portfolio w8$ fijlty kt exr4tkn ore retail pr¢rntsg. w industrial unit and ofke suite5. By the end ofthe yearthe retail p￿MIse was in the pr(Kess of te¥ig kt and the industhJ unf(was ctcupied. Sèval properties generate higher ￿nts from leases or Irom rent revE￿. The rebjm frcffi the pro￿rbe5 wa5 helFéd by th& dosè rélationship tr ¢hority su￿Yor has wilh twwnts. Securltte8 R8thbon8s has managed Marshall's secuiibès on a dLser&th￿ry tjasis Ihe end of 2￿￿2. The inveS￿ent rnanage￿ sumtnari5e(J the year by stating thatttE ovw41 inWent reiums ￿Ere SL¥newl)atsubJued in 2023 but th8 portlolio remains ¥SEI diversified aThY not o%trfy expod to any ￿n￿. hly raby sector wch as chwk>Jy. There is also an extremely po$￿'ve meswe on inccne a good (thocl¢ for Ihe foreseeable hJturg. They I￿1￿e that as Inte￿$1 rates stsrt to 1811. tl recovw li wty mattets ￿11 br£Jen OLrt aThJ ￿ portfolio wll ber￿fft frcKn diversty of holdings. Depo•it Fund A le￿rn of over 5% wa5 acwed frcrfn the CCLA CCIF thrities OeFWt Fund. Bl Grnnt maklng The Trustees are confidert that thw'r grart mthTrJ pdicies we Chwivs ftJThts to b2 used to tha bènèfit ol ministry and missi¢Jn ol the Anglican C￿r¢h in EThJlaThJ aTrJ Ws. SI￿ John Marshall's death his Ihlll ha5 created grants w)rth over £IE million at Current prics. trus8s are of this hisknry are rern1nd￿ ofthg responsl)ty they ha￿ ts the stewardship ofthe bJxy. Th@ summary below Sho￿ the grants ￿ trJ aThJ 31 De￿ber2023.' Grants made- 8t Number of Cuffent rices rartts mad• Type olLant Grants made £OOOs 1.318 Alami s OtherParsona 77 5B.470 New Churches 13.981 RestoTrtlon Ofclwrcl￿s 24.195 TOTAL In 2CM)4 the Chatity de(ided to transter al its li5toric teeL¥ts to the saw.ffj oflhe Lon(Jon Metrwlitan Arthiv8s, wh8r• they are both seojre aThl availJle to the genera who may be interested. A rnorÈ dÈlaI￿d disoJsS￿n olthè ￿l￿•ments ofthè yw folcms. Ctrtstchurch The Rèverend lan Mow, PioM•r Int•rim Rèc0rofChr￿tchvrCh. was in 2019 to give thurch new direction. He arran￿d 8 missional listèning y48ct and (Itsv￿O￿d th• parsh in ￿)r(1￿ce with its recommendation5 th much Su￿$$. In 2023 Ifv's pe￿1 of int￿￿ nwnisty o)n(aMJed and a new reGtor was appoin￿, thè Revèrend Lee Chanler. Marshall's is comrnitted to workiThJ wth the T￿lOr, ts PCC dkxwe in mowing fDrward with the dov¢lopm*rt ofthè pari$h of Chnstchurth.

Marshall's Charity Trustees. Re&h￿rOr2o23

Marshalls Edu¢allonal F+)undallon Th? achievements ol MEF are dotaled in An[￿81 Re￿1 ofthat Chwity. Parsonag85 In 2023 ihe Charity awarElal £300,1JX to POISL￿￿ 1tswJhwt Ennd 8r¥J ￿1￿$ whth We￿ used ¢0 supp(w1 the repair afft1 rnainlenan￿ of46 pawnages12022- £278,537 for 47 parwagesl. In Jtbon, Charity awarded £53,302 to lund security syslems a¢ro55 $9 parsiMW12022-£40,e4)8 for 59 parsonage5). Churc17e8 PCCS applied for ￿reh grants fvough the charitys ¢yling apPT￿a￿Qn system. Tr Grants Commrtt88 mel three times in 2023 and S￿nI tirne 5crutinisNvJ the apr4uticfft beth shordtsb.rg projwts Ihe ftjll board of tntssteès to approve. During the year the Chawity a¥Yarded 35 grants to ￿rChes12(y22- 27) ¥￿th a valua of£489,(J)012022- £352,7601. The netvalLb8 of grwts award￿ atsr c8fK4latws vra5 t419,135 {2022- £282,824}. 3. FINANCIAL REVIEW Review of Finances Th6 trus￿$ 89r•td a budg•tshwThJ a deftit of£307.884 tr 2023. alltrAEd tr Charitab￿ grants ofover £900,000. Thg actual Tesutts $I￿￿e￿ a dèfiat of £23.81612022- a surpkjs of £154.5551 before gain5 on invesb))ents. This budget¥arian￿ was paruy due b the i￿￿aSed rentsl incx)nE Ihal was recgived because the trLtsteÈs delibera￿lY sèt a C￿l"0U$ budg•t. It was also due to addits'wal Ir>CL￿ from securilies fo11th￿n9 tha appointrllenl ol Rathbones as fLKI rnanage￿ The deficrt tecame a of£482,56912022- a defitAt ol £1,883,831) frcm realiwj and unrealised invgstrnent gain5 of £5C6.38512022- k)sses of £2.038,3861. Since the trustees have adoptsd cOr￿VatrIe W ￿U￿"n9 i) >￿ulat￿ Ir￿ne re5erbes of£1,230.273 12022- £1.254,0891. The trustees ha agreed wtherdefKil bw for￿24. Regervos Pollcy At 31 D•c•mb8r 2023 Marshall's Charity lld ts klkrning furKIs." Endowinwt Fund £ 20.￿).231 12022-£20,yM,7￿l Restrthd F￿lS £ 759.81812022. £7￿.938) unffjstrlct￿ Funds £ 1,230.27312022-£1.254.0891 The re¥ervg5 poliw of Morsh4's Chaity frxttses on oftreÈ rÈsèMs. Thi% &xdth eThj(p￿1 ftJrKts. reStn0t￿ fvnds. des'gnd ftjntjs unrostrKtsY luThls we not reajity Mar¥hall'5 Charity seeks to maintain free reserve5 to man>> to whth the Charity is exposed in the course of its busin￿$. Thasè indud• an un8xp￿d drcp in in¥Estrnent irwTre lo S￿rSe economic Cor￿l￿On$. The recommenrted ￿Ve1 offree reser￿ i% rèvièd annualy as part of b￿J￿ pruoxss and takes account oflhÈ currant risks faC1r￿ the Charity. The Irustees consKler Ihaithe J&4tl ol free reserves for 2023 shguld be approxirnately £575,OCQ. At 31 De￿rnber 2023 the level of frye r85e1￿5 was £825.432, exceeds ts￿eted ￿0￿nt Tr budg&tfor 2024 forecasts a defiol or £397.526 in ortler Ihe ol free rese1b￿. Going Concern Having reviewÈd Ihè fift￿al p8rfomianc8 lor the year. the txty for year to 31 D￿rnber 2024 and pl?n5 for f[rtU￿ years. the trustees eonfimi that Ihè finarrAa statements for ts year to 31 Decem￿ 2023 can ba préparod on th¢ going concem basis. Inve8lrnent Polky The policy of the tnjstees is kn maintsin tho wl Valuè oftl)e asselswhile gerwalw￿ a stablè aThJ wstsinable rettjm grant making wthin ￿ a(x7Ptable levèl of r￿k. vahJ• Ctfthe charity's inve5knents increased by 2%12022'. of 8%1 over kne yearwhich rthcted the retums on th• FTSE 1(M) index and a mixed outcome for propety in tha UK Inv•stsrent income inc￿$￿￿ by 6%12022"5%1 WIt￿h amoun￿ to increased inwrng of £78,427 12022". £63,101). p[￿rtY inv•stsn8nts o)ntinue to be cJsdy le￿￿d by property committee. The nÈwly fomiad investment C4ynmittee rrEt wlh Rathbones to the securities Ihat tsy manage. Ratt)bones presèntÈd to tha trltstéés al their October rnu￿. Tr inNEstsnent c(#nmrttee ¥ev￿Ed the invèstrTrènt policy which was apprc)ved by the ftdl board oftruste&s in Juty. Currenty ts In￿￿e¥ do rK>twrth to impose speryfL èthical inv8str)ent policy,.

Marshall's Charity Trustees, Report for 2023 )wever potential inveslments are assessed to ensure C¥)ngruer￿￿Ih t￿ ains ethc6 ofts Chty. Plan¥ fry thg Futurv The current purposes ofthe Charty on page 2 are ¢n"%ed from the &Ypre5s&I wishes of the Fountsr, John Marshall, and tru5tss intgnd to continuè to pursuè (tyth"ves th"Ist aKways seeking to y them to the changing na•d$ ofthè Churth In ErKJlaThY and Wal•s. During the year tntstees approved a reV￿j grant mthrvJ broadly continues the &xistiry system br awarding gr￿ls. Th•y also apwobl th• d8cisK)n to•xpaFNI lh8 portfd¥) rf appropriate properb8s are avail￿￿ to pwchasè and to maint￿ stalfvYJ at ojrrent Kgv818. Rlsk Th¢ Risk Registoi reVE￿d quart¢tty by Ihe Iwustees attha"r meth"￿$. At each meeb.ng trustees revEw the major rth to wlmch the Charity is exposed arnj enswe thaisyawn$ •xistto mirimis¢ thg mpa¢tof8ny oftr risks on rts lUtU￿ effectiveness. As * 31 D¥Èmbèr 2023 th• maj.ty risks f"rrfJ th& Chanty • Signific£nt loss of Incune du&to a(￿erSe pOltW￿ camate. Tr Charty rdiant on invosbnent lo hjnd its Junning and gran1-moki￿ A svJnTkant Ictss ol )ccme W(¥j￿ the￿fOre have a major impact ¢>n tha Chaity'$ tNibas. This risk is maiaged thrtyjgh holding free reserves and the diver5ifi(TrJn of thè inVest￿t ￿1￿?. In ￿ld￿on. Stsff and tD&%tè8s morMtor8corwJnic ond rxlitul trends. • SvJnificant kjss of throu￿ baj debts or 0Xten￿ prwrty vxarbxs. To rnibgats Ihis risk, the Charty hokys dNerse categories of Pro￿ty. debtcn, dra￿ up the rental t￿Jgat on a pmdent basis arKI subscribes to potent[￿ tenant crnjrt rewts where appropriats. • Inflaton. To mth"gatèthis risklh• trust••s hav• both kycwty and in%sknentsthxmmitkes, hold a balarKed investrnent [￿[01[0 li.e. (rec prcwtytsecu1rt￿Cash} a)d ¥Jfficient infiab"L￿ in Ihe buw. • Addil'onal costs arisirs frDm woteity th to UDfore¥een ris. This is Manag￿ 1hrou￿1 w￿￿nng the prop portfolK+ closely, h￿dIng wrcynate irsuranca aTrJ that rth baentir￿d ty ths I￿￿￿r$ ara &Jdr•ss•d. • Risk to the mputall.on ofth• Charity throLW acb￿S of11￿ or staff Ortfv￿gh a data breach. Milvjating actions v)clLxlè having Apprcpriate and sySt￿S in Fle ￿LJthng a cxth of crnjuct for the tNstee$. STruCTu￿ GOVERNANCE & MANAGEID Gov•mlng Documgnts & TnJ•t•e8 The Charrty is govemed ur¥Jerthe tem￿ ofthe Marshalls Charity 1B55 a5 by suwuent Schemès of thè Charity C(%hmissitsnèrs. On 1P May 2017 thè Chanty Comftmssion approved a Sdme to facilitate Ihe system for awardi5wJ grarhts. Thè leg81 namè oflhè Charity is thè Charity ofJohn Ma¥shaU. aN￿)u￿ rt is known as Marshall's Charity. Its Charity Regkstratron Numtrr AJI InJste•s arn m8ntsts ofthe Gewa M88tivJ ofTrustees are fijr toany Committee. TN51ee$ are ekcted to serve for a year arxl may be re-ele￿￿ fN sut6equent ￿ ￿ar pwiods. Thefy • maxirnum of 16 trustses. all ofwhorn arg required to LE Me￿LEfs oftt Church of England. There are CU￿n1[YSe￿n o)rnmittees.' Prorerty Ccmmiitee. A￿lf( Crynmrttee, RernureralKJn CrAnmittèè, Grants Committee, Invesknent C¢Jnmiltee, Chfistchurch Committee TrLLe Selecon Committee. No Committée has dg8tsd powèr to act Mthoutthè authonty ofth• G￿ra1 MeetiThJ ofTrustees. The trustees have developed and apwovÉd ftsm￿ of rnl•r8ncè for all ofth8s• Cmitk8S. Trustee Seleclion & TI￿nIng Trustee select.on Committee mets as nwEssary to reC￿￿￿End apwtheNs of 5uilabk peryons to fill trust4• vacancaes. The c£)rnrnittse consists of a minvnuwn oftwo It consider5 all Fryosals, nominats.or￿. recomm￿datiOnS and wF4'cations lor appointrn¢nl and has Ihe •Jverti58 for 4yIK3nts. It ako has full power and aulhonty to mknriew or d￿lne to intervw ¥Wicants, to establish nJ18s forth8 conduct of ts businass and, sutyecl to Ihe known wishes of the rnan bcKty 01th￿tee5, toaptAy 5tKh criteria fr)r 8Fwintrrbent as li shall from l¥ro to bmo ¢ons•r opprcpriat• orda&"r8W. There were fourteen trustees at tre end ol Ihe year. The Charrty Lwfits frcm havir¥J Iwghly qualffied aThJ experienced trustees many ofbvhom are abo active in otsr carilie& In keepiry wjlh ts need to maitTrtan the hiLthest kvels ol gov8mance, lh• charity encourages all Ij￿tee$ to pa￿>pate in tr•niry that 1% rebovanl end whith ￿11 a55i5t thern ift

Marshall's Charity Twslees. Report for2023 thèir roles. Thrwgh mernbèrshi) ofthe Charity Fin8nc• GroLP aThJ also from professional athsor5, various courses are availa￿ in many offv ¥eaali8t areas that atst the Charity. The Chity has e￿rie￿d pro1￿[Onal staff in the p8rsons oflha Clark and tha s￿YOr, the Charity ensures that bJth ol IIHn vndertake appropria continuTr)g protssSic￿al educb"on ￿￿VAntt0 th￿r n8ts. ￿Ure that ts reknnt gained in this training i8 passed on to the tNstse AudltCommltt•g The Audit Ccfflmittee. ￿lch uJThently consists offWrtr￿￿t0gSl58e ￿ 11. m￿ts twKe a yearwth Ihe auditor, wrEh ts Clerk to the Trustees in attendan￿. One of Ihe mètbngs ￿nCaMed %Mth the ￿annIng of the aLrditto b8 carried out atKI identfying any areas of speaal inlerest the trusteés wsh to examined by the auditor. The other mtèting r8Mèw5 thè annual a¢￿Unts and thè ¢JJtccne olthe auLt work In absence of th& Clerk. the auditor also has opportunity to reportto the trustÉ•s in eL¥)fiden￿ on any issues that might have artsen in their rk with the stsft. Thi8 ttfflmitke a150 oversees ofmiwmng tho Charity's p)lii PTopty Comrnlttee The Property Committee wrrently cutsists offour tnJ$ Isee page 1}vrt￿ wrth the Surveyor in morMtorirrfJ property w)rtft￿lO i&%ues and exsmining w)v&brent owli￿. The re￿￿95 fTKJnthly report5 frorn thè Surveyorand meets regularty throughoyl the year to discuss aCts￿ty and address i8vs ￿MbèlS sometimes accompany the Sumyor on hi% vssits to wowbe5 where ￿kov￿ opwJrlunits exjsl to increase the egpital ¥AIu8 of the investment Romun•rnllon Comrnltt•e The prinapal function ol Remunerai¥)n Committee 15 to ￿T￿mÈnd Its thè Ganeral M8thg of Twste95 ?riy ¢hang6s to stsff sal8ms or t8ms and conditions trw ojnsthr wJprE)wwte forthe fr)IltrMrwJ year. The c>ynmittee consists of four tnL8tees Isee page 11 a￿1 normalty m8ets LYK a In vw of the dose workirNJ ielah"c)ship, the committee may Newcomen Collett FoundaliM tts nthrinate rewesentstiv8S to join th￿n tDrtheir meeting, Mrfrn McNally, tha Chair of Ihe Foundat￿, attenthd the rneelirvJ in DecemLw2023. Rwnungratlon Poll¢y The tnjstees a￿ gratefijl forts c#￿rn￿ment and entPwsiasm of tha Charity's staff. The tnBtses tske lh& vS8w that it is essenbal to attract and retsin stsff with the appropiiatÈ $kilL% and eap8bilth"•s ar￿ rv•Rrd them fawty for deliverfng the Chanty's ImPQrtanl wurk In oTil8r to do this Charity revws rts salaries on a regular basis and this is done through thè Rèmunèration Commrtt••. At its annual m•ètiThJ tt wimittee receive5 a report fr(xn the Cle￿( on stafl issueB and perf(￿Man￿. and then sector and naiwA pay rates and CLmdrfKJns. aThJ levels ol inllab'on, befr)re preparing rts recommendaticms to the tsustee& Grdnts Commlttoe Th• Grants Committee consists 01 fourIn￿leeS. attrW)￿h i)FEn to all trustees. The wnrnittaè is task8d th revI￿￿j chutd) restorab.on and support of parscy ￿ant prtsd￿￿ a shorukst ol applicatFDns to prcteed into the se￿d $twJe gfth8 ￿p￿th"on process. Inve8trnent CornmNts• The Invèstm¢nt Commrtt•è ctnsists offrXrtruSt￿. Its rcle is c￿e ofsirawc directipn oVers￿ht of ihe organisatiorn's in¥estrnerrt 8sséts, ÈxdudThwJ propety. It is reSpOns￿e kn establishing a detsiled investment poliw. Chrlstchurch Cornmltke The Christehurch c￿nmIttee conststs ofthrne tntstees. Ccrfnmitlee om09s chaitys interaction with Chrishurch. induding rpbvarrt ￿Mun￿a￿￿ DKxe, ￿ defers to ts ProF•ty Crjnmittee on building matters. Manag8m8nt The day-ttrday management of th• afPa"rs of ts Ch￿lty ro delegated to ts CleTk tre Surveyor. The trusos believe that the opwalon ol a Charrty with a55ets arKI income of this scale requires the Man￿ernent of professionally trained staff with its ￿￿$Sary costs. They are inrnen5ety grate￿ to both the Clerk and the Surveyor fDT IhEir rA)ntinued d8dicatty)n to the wcKk ofthe Charity and to the Execub"¥e Offi￿r for￿ abk assistance she providas. Tr• (x)ntinu81 thanges in lws1ati￿ and regUlab¢￿ a heavy burdgn on Charrty, the tNslees thank all lh8 staff for theirenthu$iasm and C￿m￿Ment in dealiw vrfth Ihe affa￿$ of ts Charity arKI yupwting thè trustees so effirjentty. Govemanco As Wth the ¢orpor8t8 *tJrfd. ￿ rtharty sedorhas rwLwI that grKKf ￿Mant￿ a¥J trwtsparency are kgy

Marshall's Charity Trustees' Report for 2023

8

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 seven 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.marshalts.or.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.

Statement of Truste s' Responsibilities

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

Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities SORP 2019 (FRS 102). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the Statement of Financial Activities of the Charity for that period.

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 charity 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 legislation in other jurisdictions.

Signed on behalf of the Trustees on 11 tt1 July 2024

A Guthrie J Heawood Chairman Trustee

9

Marshall's Charity Consolidated and Charity Balance Sheets at 31st December 2023

Notes FIXED ASSETS Tangible Fixed Asset 2 Investment. General purposes Freeholds 3 Securties 4 Shars in subsiar 5 Investments - Special purposes 6 Current Asset Debtors and prepayments 7 Loans to churhes 8 Cash at bank and in hand Creditors: Amount falling due within one year 9 Net Current Asset NET ASSETS FUNDS Unrestricted funds 11 Restricted funds Other Restricted Funds 10 Endowment Fund 10 TOTAL FUNDS I

Group Charit 2023 2022 2023 2022 E ' £ ' 604,941 es.s1e 604,91 88HJ 12,870,00 12.65 12,726,000 12 ◄79 fi/1 8,532,469 83M7 8,532,469 839 120,000 2. .,9J 509,818 -9 509,818 22,617,228 tf 22,493,228 2 01 119,784 128,3 124,073 130,8 1,243,0 1141375 1,234,185 1131 . 94 1,362,850 1.28714 1,358,258 12 8 i899,756� �815 02 t899,756) 463,094 G11'71 458,502 22,980,322 ~~2~~,713 22,961,730 5111 ** 1,230,273 1,2.0 1,230,273 1�5.0 759,818 73,8 759,818 73,9 20,99,231 20),72 20,91,639 20.4813 ~~z,~~m 217,713 251,730 U,111**

Approved by the Trustees and authorised for issue on 11 July 2024 and signed on their behalf:

Antony Guthrie, Chairman John Heawood, Trustee

The notes on pages 13 to 27 form part of these accounts.

Marshall's Charlty CcYJsdKkted Statement ￿FInar￿lalACtThrt￿s forth8 yearenLknd31stLknmtw 2023 10 iJnrg4tri¢to0 R•strietsd Ertdown￿ftt Funds Funds Funds Total 2023 Tota 2022 IPKOME AND ENDOWMEIITS InVeStn￿lt ti70Y 14 1.371,016 1.371.016 Olhgrtredry aGtivits Total Incom 15 50250 SJ250 1.421,266 1.421.266 EXPENDITURE Cost of Alslng furKIs Fropgrty & invgstfnent ox<s Oth&rcests 18 416.786 41.742 418,766 41,742 458.608 Charltable acllvlti Support 01Pawna￿ grnnls RepairofChtKches gmpts Chnst Churd), SoulhwArk Marshalls EducatwatFoundat 18 393.873 4T0,￿1 72.841 393.673 470.601 72,841 39.568 9.190 314.71 38,78a.: 8.8'. .873 986.873 Total expendlture 1W.381 1AM.381 1.111.334 Nei Income before galn• I￿le¥ on In¥e8th)ent {23,118) 123.1161 166* Net recogni8ed gairnl(loMe•l on an¥￿tments lknperty. tsntsafised Sècur￿￿$. real￿d Se¢unbes- unre8lised Not In¢omellexpendllurÈl after 9ains ond tO8ges oll Invo•tmeThi 249,423 29.439 249.423 11,W,OS4 22.1WI 4180 226,823 482Wg 11813mlJ 123.116 483.605 Tran￿er$ behseen funds Net movement In funds 123.816} 482169 11 R8con(JI￿1#?￿ of funds.. Totsl funds brought fcMi•wd 1254,(￿ 736,938 20.￿ts.726 22.497,753 24.381,581'£ Totsl lunds ¢arrled forward 769 20 990.231 22.58Q.322 22N97.763 AA the above am¢xnts reme to c￿ntinU￿ aCINit￿ and all re￿3￿￿1 gains arnj k6ses. The notes on pages 13 10 27 form part of1hese a(fAwnts.

Marshall's Charlty Charity Statement of Fin8nualActivtss yearentsd31stDecember 2023 11 Unregtricted Restricted Endowrneni Funds Fun115 Totsl 2023 Total 2022 INCOME AND ENDOWENTS In¥gsfmenl 14 1.371.016 1,371,016 Othert￿Wad Total i￿9rne 15 50.250 1￿21 EXPENDITURE Cost of rnfskng funds Pmpgty & inv&stmert LY 18 416.766 41.742 418,766 41,742 468.508 43. JJ•. Ch#rltabFè aetivttl•s Support of Parson8g8s grtnls Repairofchurtl)es grants Chnst Churdj. &Krthwark Ma￿a￿S EduCatK)n8lFou￿1a1K stèmford Lactu￿ship 18 393.673 470,eoi 72.841 393,873 470,601 72,841 39,%8 9,190 9,1 gBSA73 5.873 Total expendliure 1W301 1A44381 Net incorne before galn• and 10$80s on InveStm￿t Net re¢ogni••d galns1l1os￿) on In%alments Pffj￿rty. unr881issd s￿￿111t￿s-1e8￿Sed SeCunt￿￿- unrealAs&d Nèt incom•llexpendSturel ts galn• and los8è on Invmtment 249.423 29.439 204.643 249.423 I1.0￿. 29,439 226.823 22,1 22,180 (23.116) TrdnsfeF5 bet￿￿ fiinds 7D) Net movement In fund8 (23116) 4846￿ 482,669 111 Reconciliation olfund8.' Total furJ8 bwht foThvard 1.254.Cfj9 Th.938 20.478,134 22,469,161 24,3511P. Total fund¥ earrl•d lorwa 18 20981638 22.961730 . All tho Jo¥e amcwnts relatè to eontinuiThJ ac*vitEs inclwje all rec(gnBed gains arwj k6ses. The notes on pwjes 13 to 27 form part of Ilw attgyJnts.

Marshall's Charity ConsOJ￿316d Statement of Cash Flows forthe yearendmu 31sl D￿Mt￿r2O23 12 2023 2022 Cash flows from operating aetl¥ltl•s: Net cash fusedlnypmvifledby opernbngacowlllos 21 (1,302,184) P.1SQ. Cash Ilows from Inv•stlngactivAtes.' Divid8nds. Inte￿$landrents Irom inVests￿#S Addit￿nS to tan￿019 fixgd assets Investment transactions Pureljase Gf investrnents NetcKh pmvld•dby{us•dlnJ Inv•stin9 •divit 1.371.016 rn.51 41 17 12V279 1,404,876 Change In cash and ¢￿h •qufv41gnts kn the r•portlnq p•rfod iOZ691 Cash and cash èqulvalents atthg brylnnlng of th? r*portlng p•rlod 1, 140.375 C•8h and eash •quival8nts at tho ond of th• reporting p•rfod 1.243.066 1,14V7 The notes cfi p&Jes 13 to 27 fomi p¥iofth￿ acCc￿nts.

Marshaifs Charfty Notes to Ihe AC￿untS lorthe yeareThlBd 31stDecemtsr2023 13 Accounting Pollcles Thè accourts Ifthanc4d Stat￿￿) habp been wopar•J urbr lh8 Iwslorical cost corNention wth items recryn1￿1 at cost ￿ tr￿saC￿00 Val￿ unless stated ￿ the rel8vant Mte(sl te these xcounts. The financ41 stat•monts teen accurkn wilh the Statemontof R￿UnMe[￿d Pr8Ct4c8: Attounting and Repthry ty Chariti85 their accoLmts in aeeordarte with the F￿anc￿l Reporb"ng Standard appl￿8 in the UK 3￿j of Irelwxl IFRS1021. secoTrJ eff8ttiwa 1 January 2019 and th8 Charitse5 Ad 2011. Treyunctional wrancy oflhE Sclth is to bB GBP L￿ause that ￿ Ihe curTBnCy ol the prim onDmie in tr Chity c￿￿816$. The finar￿1 State￿nts bew) wepw8d togh a Yrue arKI ¥iv aTrJ h8V• Lparted frcrfn the Charikn IAcctxJnts Rep)rt51 ￿jU￿1￿J￿5 2CQ8 OW iothe exlent wulred to prov￿8 a Itue and fair w￿. This 4ep8rtuTr ha5 invol￿d foll￿"￿ ts Charfies S¢JIP IFRS 1021 publish•S ￿ Octotw 2019 ralhèrthan the AccDunimg arKI RerortirwJ by chtt￿.. StatomnT of RecfThmaTrJed PractKe effecti%e from 1 P•ril 2005 which has ithdra￿. Trustees ha% 1kn8•J t￿addl￿e￿al risks arisry dLPto h inflation and impknEnteé plan8 to rrwt¥Jatè thos• rrtsks. BU(￿ts ha¥&È trAen Fryarthy With Flans in miTrJ. CoTLsthriry all relavarn matters. the trustees consler i(apprewiats Ihe basi5 to LE forthese ac¢ounts. l irm Is reccgni8gY Mcethe Ch8rity ha5enthlknt to th8 incom8.11 thatthB Inco￿ will b• Trade and ts1￿r d•btus are recoJn¢&l al the setlknwt tJe aft¢r any Ir di6¢wnt dfered. Pr•payn￿S a￿ at Ihe arr￿n1 wepaid net otarry tr d￿ljr￿ due. Cash at bart aThY in haTrJ i￿Y￿e$ ¥by￿rrn tyslts. Liabilities are recxfjni8ed as eX￿di￿jre 85 sow as lh￿e is a bjal ore0nstrucb.l￿ 0tr38fjon ccrnmMln9 Charity tg th818xr￿drtU￿. il 15 wthble Ihat Settle￿￿￿ te rwjuired the arnowtt of Ihe ob1yation can LE meaSu￿j reliaNy. Rewr5 r8w to kY(4vty we to the Statement of Fmancial Activth8& when tncurred. Grarrt5 are Ired a$ eW￿lit￿e by t￿T￿￿&S and cunmunicatèj to thè ben•fftiaries. not Ten ts grants are wj. ReNats wthrwratmg lea5e5 chargèj to the Stat￿)￿nt of Finanoa1 Actsth as Ilwf41 d￿. Stsff pension ujntrtth.ons are mad• urthr a ccrfrtrkn and Ihe ar• held by iTrJeFentsnt insurance ¢iryies. No exists stheme exceptfor the •wKJnt ofth8 nt￿￿￿tiOnS ¢hargèl in the yew. Irrewrabk VAT i8 tharg•l agai)stts e￿￿1￿[￿ fwwhith rt I[￿r￿a. 8laff cosis hast bew allo￿ted on Ihe e51wnabJ tosis oftwne on those Cat￿or￿. Al otlr ove￿adS lexwt a￿1 Costs. ?￿h We l)een charg#d kn G￿m￿￿1. ha th8n be8n allculed ￿h¥een V* ca￿9￿18$ on Ihe ba515 of th8 foial staff ccst> AM assets r￿S11n9 [Tr)￿ than £1.5LKe 3rJ W￿1￿1 at h6t(ta cc6L E¢wvrnnt offKe furniture is depreciated $0 as te write Item$ off o¥er thetr exkEcted useftA at a ￿ of 10% per wnum on 8 Stra￿ht line basis. except for Ihe computer system is so as to tt off overthree ye8rs. The truJlo85 ider re￿dul vakof Marshall HC￿ to ￿ 13her ttn its caThyiTrJ vabJE in the x¢ounts resul￿n9 in a nil lu6for depre¢thI￿ charyJ8. I sewnb.es (genera w￿0￿e5) Je S￿￿¥n at bbrnth8t vahje arny w0￿r￿a$ are valued at or>en rnarkètvalue I gains and l(6ses ￿ tsken lo the stat￿ d Finanoal AC11wt￿ as tIEy aris8. R￿￿￿ed gains ano Iosw on insestments are cakuL4t•d as the IJfflew￿ teh¥e8n sales prof*eds thèirepning ¢arrying val or their purchase if yired 9JbseqL￿tto ts first ¢tsy ol the fina￿al )tar. Unrealtsed gains and I￿se& are cakulated as the (lifberre tse￿n Va￿ at the yearefKI and their rArrying Wdlue. Reali$&l and

Marshall's Charlty Notes to the Accounts for the ywern18d31stL￿¢emL2O23 (t7 14 AccO￿￿ng Poli¢ies (continued) Futhjs required by Chawty GomNMsswrs Ifw$inkw4 or DtI￿[capilal pwpose5I are invefjed in the Charities Official Investhent FuThJ IC(XFI a￿1 Ihe Equs In¥esthnl Fund fotCharilE8. The managers do not publish delai15 of ino)m8 accLwnuLqtth)ns therefore s￿rItiES arE shobvn at mark8lvalu8 and funds •re adBid apprffjri•. The Charty has 8 ￿ryle permanenterKJtrthnt. Th• Iwu5es haNY the prr￿ to invest the capital and appty the Income Ic¢the general PUTposes of ts Charty, ftamelyto pro¥ide chtsrch and parwTrage grant$. Futherd•tsils ofth• •rwj0v￿, restrid£d unrestrthd lurKts are drsdmed in note 11. In the aFylic4tion ofthe WKaes. trwlees ar• rnquwedto makejudgernent, ?sb"mates, and assumpdons 8bout Ihe carrytng value of asseLS and liabftl¢S that art noi Teadty ¥pwent from other sources. The •strnatss and undtrrfying assurnptions are based on hstDricA ex￿￿￿% and otherfaLlorys that are c3Jnsidered to be relevant Afaual ￿SUm$ may drfler these 88tThath. Th8 e¥tJma¢g$ and under￿ty a35urnptsons af8 revwEd on an basis. Re￿$b)rts to a¢(x>unb"ng e$b"mare$ ++4 are rewgnised in the paod 411•1)ith th8 esDmate rfthe rwK%h)n aftects only Ihat period, or irt the period ofthe mi5icffl and bjbjre wods rfthe r￿lon affe(d uJne•t and I￿[￿ perioJ5. jUdgeMer￿ rnade by the tN5tses, in th8 aWKabon of the88 aco)untry polldes that have $i9nffjcanleffecton the finanaol $tat¢rr¢nts estimale¥ a 5bJnffKarQ rth olmarMI adjustment in the next ￿¥rare da￿ to t relation to th8 depreriotion rate$ of tarybl• fixed 855ets and valuation of properbes and are dI￿SSed above. In the ofthe tiustoes, [￿a58￿￿)nS Con￿m￿￿j the futu￿ or wKertainty affeclins assets or liaiMlitie5 atth? balants she8t dats aw Wtrj rgsum in a rnorl •Ji¥sb7rttots[rcat￿ry amounts in th& next finanaal Jtai. Ba5K finanoal Instru￿nts ère intshsf recognoed ￿￿$•￿10￿ valu• sub5equenlty measured at arnorti8ed with the XL*pts"on ol irw•5lm￿whIcfr are hehj at fair value. FinanaJ a55ets heh# amorfi5ed c05t comprise cash at bank arxl in hand. loyetherbth trad8 ond otherdebtus. Aspe)fi¢ pr￿1)n is rn￿1e fordebts forv4hich recoverabilly is in daubt. Cash at bank haTrJ ts rte￿ed as all cash hgbj in ￿$tOnI a¢￿$ bank a¢xounts and d ￿ working ￿p￿¥1. Finani>al labifth5 hew at co# all creditor8 8XC8Pt sorial 8ecurty and other taxes and prOv￿￿n$.

Marshall's Charlty Notes to the Ac(xwnts forthe y88rentsd 31&December2023 15 ENOOWMENT FUNDS Marshall HOU FUrnrtu￿ & CompuTrr & CkpwKq￿ Eww)rwt Total ¢081 orY•luatlon At 1st January 2023 Wlo fvlly dèpr•uated 8 Un￿e￿ assets At 31s1 D8eember 2023 52.593 49.781 2.812 ,601 17.434 57.W2 620.246 D¢p￿cla￿n At 1st January 2023 Wlo fully deprnuatod & ur¢used a¥8ets Ch8rgo forthe year At 31st D•cember2023 19,419 .601) 675 12,493 52.593 (49.781) 72,012 {5T.382) 675 15.305 2.812 Net Book Value At 315t OecSm￿r ￿)23 At 31st D•¢omber 2022 804,•41 605 618 600.OCKJ 5,616 Chri$tthurth. southwa￿ vra5 built and is Ma￿tair￿ by th• Charity in acctydarKe with Ihe wll of John Marshall. The Twusteesf￿ maintain Ihe thurch On the ba￿ of regul¥ inspect￿n$, and do not consder that any useful puw be seThed by valuiTrJ tIE land bulkj￿9$. Th8 Tnjstees hava th•rnffft lo the Chwth at nil valuati)n. Part ofthe first ar￿ 5etfjnd of Mwshall Hwse, Southwèth are offic8s of thè Chai6ty. This propety is Nielud&J in the a¢￿￿ts at a Val￿ of £￿.{￿J). AJI tangiblè fued a&8els are used chart8bb• pvrpose Frn8holds. Group and Ch ENDOWMENT FUNDS Group Charity 2023 Openmw bal&n￿ at IstJanuary 2023 Transferlm fixed assels Revaluahon of￿￿per￿eS8tY&argnd 12.620.577 13.flYJ.Th) 12.476.577 11103J 249.423 (1.￿.054 249,423 Cbsing balan￿ at 31st De[￿￿20¥0 The cc4t oftr Chaftty i￿ehold properbes at315t D8()tsr2023 wa$£4,915.753 (2022- £4,915,7&3). Th8 eost ofthÈ Grwp freeho￿ wwbes at 31st Doc￿ber 2tr23 was £5,031.161 (2022-£&031,161). Thè property portfolio wa5 valuod by the Charl￿S Surveyor. MT J Keegan. MCIAT C.BUILO.E MCA8E. The vahbon i8 on fv basts of(WN￿rkat Val￿. Al fr•thold properties are situated ffl the Lln*•Y lQ"Wom.

Marshall's Charity Notes to the Accounts forfhe ye8rerthl 31sl Decemtw2023 (LThtMued) 16 8ecurftlos- Group and Charlty Totsl 2023 Total MaFkel value at IStJanu￿ 2023 8.332,947 V13, 279) Ret￿&d￿v￿ndS 11.crfx Deduction ofmatweffientfv {43283) Sèlè of fftV8stn￿ts (1.375,3981 1393.71 Purchase ofinv8s&Thnts 1,404,837 Netgain￿l0&sJ TrvaluolvJns yoar 204,643 Market value at 31st December 2023 8.532A69 4332,947 HistOFFc&ILv5tat 3151 D8comlw2023 8.188.324 7>10￿, Income 2022 tnvg$lments 2023 2022 Anatysig of 8•CUriti•s and securt1￿ Incorne 2023 UK Investments Overseas InvestnMts Total 239.572 248,3n 6,517,335 8,217.gQB, 2,015,134 114.951 Inveslm•nt In subsldlary company- Charfty In 2￿, thè Charity formed marshal￿ (Néw RNer Hcxts•l Lmnthl. a company r8gistar•J in EnglaThJ and Wales. The Chartty the &rfire iSsL￿d share caprtal of£120,(NX). The mpany acquired a freehckl wuThY rent in Sallwd. Al a(#Mbes wnsolKlated on a li￿ by line basis in th* stsiwn¢ntof Finan¢ial A¢b"th. The results ofthe subshJr￿ fort￿ year eThYed 31 De¢￿tr￿ 2023 are.. ENDOWMENT FUNDS 2023 2022 IncorF7ffng ￿$oU￿&S 8nclnetswplus fvth8p8fRxJ.rnrfalmco P8yrn8nt to be m8de urK18rDeed ofCov8n8nt lo Al8thaffs Ghwjty 4.289 4.289 4.28 14.28 A8￿ts 148.592 148. Fund8 sha￿ Cawtal Revaluatton r&s8rve 120,tThXI 28.592 120.0ffj, 28.5921 148.692

Marshall's Charlty Notes to the Accounts for the yeare￿ad3ySl Decemtr2023 {0￿￿nuedj 17 Invegtments - Speclal Purposes- Group & Charity RESTRICTED FUNDS 2023 2022 Charities OffKial 1nvestrr￿nt FurKI, ACt)jm￿l0￿ shaos Equibes In¥e8im$nt FuThJ lor c￿nIEs. Aounulalion shares 56.457 453,361 509.818 20rJ 2022 Movement duriro the year. Markgl value * 1 January 2023 Acquisibons at cost Net gainllloss) on revaluation during ￿ Jtar Ilarket Val￿ at 31 D￿nI¥ 2023 486.938 700 22.180 509M18 2023 2022 Inv•skn8nts reFffesent the follmbryr#J furas: Funds for accumulation of incthi)e for ￿￿tal purptssos Chnstthureh Extraordinary Repair FuThY 'Y 160.875 509.818 1￿.21 Follo*ing thè dir•th"on ol the CharTty CIMnmi55KJn, the Charity estatAi4hÈd a sinkiw fvnd in 1983. The fund was for the acC￿nMu1atlc￿ of income to replace earlier caprtal exreThliturè. Th• ord￿ wll expl￿ in 2033 when thè val￿ of Ihe InTr￿str￿￿t hotrjw￿ at that will te translwt￿j to Invesirnents- Ge￿￿￿1 Purposes. DebtoTr and prepayments - Group & Charlty UNREsT￿cTED FUNDS Group Charity 2023 2022 2Q23 2022 Rents due from tenants and agents DUÈ trom suL)SKliary Other doNors 111.TT1 119,473 111,771 4.289 8.013 124.073 119,4 &013 119.784 Loans to Chur¢hes- Group & Charity UNRESTRICTED FUNDS 2023 2022 Amounts set asid• at th• balar￿e sh￿l date to make loans to ehurth•s at an interest rate of 3% Olfers ol loans made trtrt nol tsken up at 31 Decwntw 2023 LOO￿ outstanding at 1st January 2023 Loans advanced during the year Repayments re￿Ned durirg ts year Loans o¢Jtstsnding * 31st D￿￿2(y23 Intere8t reeaiwd in the year

Marshall's Charity Notes lo the Accounfs fc￿the yeareThled 31stDecember2023 (c(th￿d) 18 9. Creditors UNRESTRICTED FUNDS Group Charity 2022 Grants approved Prcperty se￿￿ charges held forfftrturè repairs Rent deposits held fcrf tenants {see W(yw} Value added tax payab Other creditors and accruaLs 559.739 531.791 559.739 58.th)5 112.983 37.795 131.234 531.791 112. 37. 131,234 108.2 .407 T7.gn to8 299 20 407 77 977 899 766 099k Rent d•wlts h•ld fOrt￿ants Thèsè rnpr8s8nt the liability for rent deposits of tenants hekl for varKMJS fulura wiods. The crxnpen8alirvJ deF¥)sits, in the name of thè Chanty, ar• lliduded in cash at ts￿k arvj in haThJ. 10. Restricted Funds- G￿up 2023 Oth Gains and Balance 1.123 Balan 31.12.23 Endowment Fund 20.606.n6 483105 20.950.231 FuThJs for Ac0Jm￿ation of Inccrfne for Capitsl Purpo Developmènt Fund Christchurch Extraordinary Repair FuThJ 150,216 250.C 336,722 700 9,959 180,875 250,C¥X) 348,943 12,221 Total ¢Xher kntrlct8d Funds 22.1eo 75gA18 Total Restricted Funds .664 21.750 2022 Balan 31.1222 1.1.22 Gains and Endovment Fund 21640.017 11033.2 20.506.728 Funds for AccxKnuLgtion of Inc¥yne for Casxtal Purposes Devd0[￿ent Fund Chrtstchurch Extraorfinaty Rapair FuThJ 154.632 250,CiKI 337.401 7CAI 15,1161 150.218 250,000 336.722 18791 Totsl Other Restrictsd Funds 741033 736,938 Total Restrfcted Funds 1039 21343.664

Marshall's Charity Not&s to the Accounls ftwthe ye8rended 31st DeGemlw2ff23 (COnt￿l￿d) 19 10 (¢ontlnuedl Restri¢t¢d Funds- Charlty 2023 other Goin¥ and Losses Balance Tfansfe 1.123 Balance 31.12.23 Endowmgnt Fund 20M78.134 483WS 20.961.639 F￿d$ forAcoJnulation of Income for Capital pur￿￿￿e$ D•v•lopm•nt Fund Chnstchurch Extraordinary Repair FuThY 150.216 7(Kl 9,959 160,875 250.0 348,943 .722 12.221 Total Other Restrict￿ Funds 21180 7159 Totsl Re5tri¢ted Funds 2022 Other Galns af7d Losse8 Balane• Transfo 1.122 Balanc• 31.12.22 Endowmènt Fund 22.511A5 (2.0312911 20M78.134 Funds f0rA￿MuI8Ihjft of Income for Caprtal PurF)ses Develop¥nent FuThJ Chri8tchur¢h Extr8ordin¥y Repair FuThl 154.632 7(Kl 15.1161 150,216 250,OtY) 336,722 337.401 1679) Totsl Other Restrfctfjd Funds 741033 4795 736.938 Total Restricted Funds Other Restricted Funds 7AYre set ￿ fOltr￿n9 Chawity Cemmkss)n Order follThing purp)se5'. al Fund8 for Accumula￿On of Ineome for Capttal Purpose¥ Under the terms of a Charity Commission Order incrjne is used to ree04) eaprt4 monies on freehokl prope￿ Impwo￿neTrts ar¥J a int•r8st in an In￿t￿nt Fwrwty. bl D•wlopm•nt Fund An annual tranS￿r from irwn of£25,W) i8 allopd. and ts tund may b8 appl￿￿ for thtr purchase of land or the devel¢)pmenl and ofthe prcwty ofts (Jarity. el Chtstchurch ExtraordThry Repalr Fund Transftts may ba made to this fthThJ frcm aThl Il Jnd may b• used forthe rgp8ir, improvementu rthMklir¥J of Chr*tthwth. S(Krtfv•rn

Marshall's Charity Not&s to th& Accounts forthe yearended 31st D￿nter2023 (L￿￿nued) 20 1 l. Analy￿8 of Net Assets between Funds- Group 2023 Gon.Pwp(88 Purpo885 ILiabIll￿all Endow4d Funds 3).99J,ZJ1 20.￿331 20.99).231 20.990.2 Rgstrlctad Funds Development Fund Funds lor Accumulab"on ol Income for Capital Purposes Chrnt¢hur¢h Extr8tsrdinary Rwr FfjJThJ 250,ofM) 180.87$ 348,943 509.811 160,875 348.943 759.818 Unrestrlctèd Funds Unalloc8ted Inr(Nne Matsh811's Charity 767.179 463.ry34 1.230273 22 007A10 509A18 463.094 22.980 322 2022 Endowod Funds 21.309.140 21.309.140 802,414 18014141 20,5(￿,728 20.506.726 Restrlcted Funds Developrnent FurKJ Funds forAcoJmula"on ot Income for Capital Purpose5 Christehureh Ethordinary R￿all FUTh 250.(KKI 250,( 150.216 150,216 336,722 736,93B Unrestricted Funds un￿lOcated Income Mar8hall* Charity 1,254.QB9 1,254.089 21A59,140 486M38 451676 22.497.753

Marshall's Charity Notes to Ihe A¢counfs forthe yearended 31sl DeCemtsr2￿23 (COnfvK￿j 21 11 {contlnuedl Analysls of Net Assets betw••n Funds. Charlty 2023 Endowed Funds 20.961.639 20.961.639 20,￿1.639 20.961,639 Rgstricted Funds D&v6lowMnt Fund Funds for Accurnula￿.On of Inoxmne lor Capitsl Purposes Christchurch Extraordinary Repa¥ Fu￿1 250.CIXI 250.1)C4J 160,875 348.￿3 $01818 160.875 348.943 YS9,818 Unrestricted Funds Unallocated Inc￿Me Marshall's Charity 771.771 458.502 1,230.273 10 601818 468.502 22.￿1.?30 2022 Totsi Endovml Funds 21.285.140 21.28S.140 7,C(l%l IW7.0061 20,478.134 20h78,134 Restricted Funds DeveloFNnent Fund Funds for Aeeumulathon of Income for capit￿ Purpose5 Christchurch Extraordinary Repair FutNJ 250.000 150.216 336.722 150,218 336,722 736,931 Unrestrlcted Funds Unallocated Inec¥ne Mshall's Charity 1,254.089 1,254.089 .140 486.938 447.083 12. Audito¢s remuneration The ￿dIto￿5 rernurw8tion consbtiJtgJ an JJil fee of £15.5￿ (2022- £14,(￿￿)).

Marshall's Charity Not85 to the Accounts forlhe yearended31sl DeCeM￿r2￿13 (Cr￿1￿￿9d) 22 13. Analysls of staff costs and remunoratlon of key management personnel 2023 2022 Sala17es and 8sse8sable b•nefits Sooal securitycosts Olherpensth con&7"buiths 169.110 14,3S3 158 349 14 591 36.854 . Average number of staff {Includlng fu1141me and part4ime staffj SuN8yor The ernokjrnents ol rnember of staff ￿T￿lIhin ￿ rarvJe 01 £60.(￿ to £69,99912022 ong). The ern￿Uments ol mwYth¢r Of Stsff ￿ ¥￿thIn the rar9e Of£70.(￿ lo £79.99912022 e average ￿rnber of employe95 dwing tte yearwds 3 {2022- 31. Al amployee time involves promding support to thè gowmanc oftr th$rty. instrwt M￿&Jerr￿nt or swjport stfyice$ to thar[tab￿ arwtk. The Charity Con￿derS its key Manag￿nI p8r$￿TraI Cjyrytse lh8 Irusi•ès, thè Chièf Ex￿j11¥• lor Cl&￿} and th& Survèyttr. The totsl employrnent tenefits I￿1￿￿1r￿ employer ￿ens￿n contritwJb"ons Of￿ key management person￿1 £166.798 {2022- £1%.453}. No trusts• wc•Ntd any rèmunèralK)n fr¢yn ts Charity. normwe any eynses le4mbur￿ to trustees by pa￿￿ènt to a third paty12022- ncThl. Tntslees here Thjt In￿led in any othertsar￿{ti￿ ￿1th the Charity or any rdate(I patty12022- n￿). 14. Investment Incom Group Charity 2022 2023 2022 UK Propety rental inc£The UK Diwdgnds & interest on securits Other •tsr8st Paymént from Marshalls INRHI knmtsj Other income 1.￿6,221 29).378 11.932 1,038 703 248,373 3.418 1.061.932 290.378 11.932 4.289 248 373 3 4191 4.2891 2.037 Iw.x 1,371.016 In 2023 the investment ir￿OMe was all attrtjutabk to Un￿l￿ed fuThJs. 15. Activities for raising funds- Group 2023 2022 C(Fadministratton chwge. Comett F￿￿jatiOn 50.250 Ntrwcomen Cc41ett F￿ndat￿)n fNCPI. a charity grants to w)ung kw)J8 In tm Lonth)n Borough of S¢uthwt4k, 1$ 81$0 Imed in th8 Offi￿ of Marshaifs CharTty. Al the thini5trative costs of both charities e paid by Marshal's Chanty. in relum NCF pa)* an agr￿ annual o>a(knirti$tration thary.

Marshall's Charlty Notes to lh8 Accorjnts forffte yeareThled 31sl Decemter 2o231contini￿Ij 23 1& Allocatlon of govgmanrx and support costs The brè8kdovm OfSuFv￿ costs aThJ hcw these wèo 4lts¢ated tel￿en GO¥wnW￿ xThJ oth8r support costs is Sh￿¥n b￿￿. 2D23 Cost type Staft co¥ts (note 131 Offi¢e ¢osts & 7.791 211.075 145.779 218.8fj6 Slaff time 145.779 St•ff time 7.791 2022 ¢osts TOTAL Apport￿rme Cost typ• Stsff costs (note 131 Office CA)sls & 0￿￿e$￿S 7.147 201647 209.794 Staff lim 108.491 108.491 Staff li 311,138 ￿ 31Q385 7.147 I staff support costs ha% beèn ￿loCated on thè esixnated basT5 ollvne SFnt on those cat•gorf0s. l other 0Vwhe￿I$ lexLEPt audrt costs. ha%* betn eharg&Y to GoNemance and invesknent managèm8nt fe8s have been charpj lo inbestrment & Fryerty maintsnancel ha¥e been alkxat8d bets%Een the categories ijn thÈ b￿"$ of lh• lotsl staff cr6ts. 17. Allocation of govemanco and othersupport costs 2023 2022 Investrnent a prcwty m8intenan￿ Isee Th)le 18} NeWEL￿en Ccdlett support cctsts Isee noiÈ 18} Suppc¥t of P8r3onagg grants1588 note 181 Restoratic¥) of Churches grants (see note 181 Morshall's Ed￿tional Fou1kyati￿15ets notè 18} Z28,259 41,742 40.371 51.4 1807 IOQ908 4J.477 61.15&3 3J18

Marshall's Charity Notes to the Accounts for ttD8 y￿￿K1&￿ 31st tknber2023 (CC￿n￿d) 24 18. Expendtture 2023 &JkW and TOTAL Cost d rn18tno fund• Investment 8 propety maintenan Dirgct pici)sty ¢osts 228,259 228.259 188.507 416,786 41,742 458.508 188.507 188.507 228.259 41.742 270.001 NewrA)men Colbtt swrt costs (see Note ln 188W7 C￿rItIbl* aciMtI•B Support of Paisonage grants (see rth 23) Rèstoration of ¢hurth¢$ 9r¥nts lsetr notR 221 Christchurch, Southwark Mar5haif5 Educabonal Fwndat'on All SainV$ Church, Stsmfryd 353,302 419,135 72,841 36,761 9,1 40.371 51. 393.673 470,PA)1 72.841 2,807 9,11XI 1.079.736 36464 .311 2022 Swrt TOTAL Co¥t of rni$ing fund• Investment Management fees DYeGt propety costs 160.986 160,986 135,039 296,025 135.039 135.039 160.986 43,588 204574 Nwrtom¢n ¢￿10tt Support Costs I￿ Nole ln 134039 339.613 Charltsble a￿1¥111e$ Support of Parscmage gr￿ts (see note 231 Restoratic￿ of ChurGle$ grantslsee note 221 Christ Church, Southwark Marshall's Edvcatitsnal Founda1ion Stsmlotd Lectureship 315,￿5 282,824 84.¥29 48.477 81.886 364,442 344,710 84,929 28,782 8.858 010 113.711 063.049 31J,286 1.181,334

Marshall's Charity Notes lo the Acc￿nts for the yearended 31st Decemb8r2023 fc0nti1N￿￿J 25 19. Operating Lease Paymenls Al 31 Decemter 2023 the Charity has rnrbcancel￿ opèratiThJ l•asès as f￿lOws.. 2023 2022 Plarrt & Equipmènt Payable in one year Payable in the seumdlo fifth ￿a￿S 730 Net debt reconclliatlon stat￿Tr￿t 2023 Cash Flovts 01.01.23 31.12.23 Finan￿ lease liabilrties 2022 01.01.22 Cash Flows 31.12.22 Finano lease liabilities 20. Operating Lease Racolpts At 31 DecernbÈr 2023 thè Charity has non4￿￿￿￿ble operabng lease irKX)me as fol0￿. 2023 2022 L•as8 rental income Re￿1vable ￿ ore year Receivabl? in t1￿ s8cl￿d to fthh ￿rS RecaNatrf• after 5 years 755.717 978,693 214,633 1.334.) 281,8Jl 21. Recon¢lllatlon of net mov•m•nt In funds to net cash from operating actlvltles 2023 2022 Net incomd{exponditure) ftthe ryortlng pwiod{asp8r the 5tat•ment of ffnanclal aclfvitles) DeKweciation thargès LossesllGainsl on investments DNMJends. inte￿1 and frum In￿S￿ments DecreaselllncYeas81 in d8btOfS {DaC￿aSe￿ in creditor5 Net ¢osh prn¥ld•d bN(usedln) opwlng Retfvths 482.569 (1,8$3,1..1 675 1gJS.8851 1039, {1.371.0161 iimi' 6.61S 23.fA*

Marshall's Charity Notes to the Accounls forthe yeareth 31s1 Derxntw2023 (C￿tin 26 22. CHURCH GRANTS 2023 2022 Church St Saviourfs, Wamer st MiFdr•f5, Tenterden St Mary th• Virgin, Up¢hurth St Gregory & St Marbn, St Marfs, Wakn Cdntthry 15.C All Saints Cante￿ury 25.( st Poler & St Paul, Upper Har(BS twbwy 5.1 St Paul's, East MrAesey 10.Cts) AN Saints Crondall G￿lIffOrd 15,C( st. John the EvarwJo1iyt Chmh. Wotton Gli￿trd St Johns. Church Stoke, GyikJf(Kd c1llldfth￿ lo,￿) St Peters Shared Church. Sioko Hll Grfft 25,1)Xl I Saints Lincoln 15.C StAndrs Bolingb 10.LKQ St Nirhobs. Ul St Patefs. CLqwolè St Michael aThJ All Angels St Mtins' Church St Mary th¢ Virgin St Marg￿ts Chureh, Huttoft St Nicholas ith St Mary. Stroc¥J st FrarKi5 Church, Strood st Mary thè Vioin, Bo￿¢Y StAugusb"n•¥, Gillln St Andrews. Paddcd( Wcoj St Peter & St Paufs Chwch. TrottisCli￿ RI￿￿1￿r AJI Saints Churth. Alhallr Salnts. SncxYlaThJ Chrisys Church, Oartford StAlban's Chur stAndrews, Ham stPauls, Newington stLukg8, R￿g￿ts stmary Neh￿n9 16.(I)J tothwy 10,(XKI Cantethy 14.C( io. io TiThy, W&EAI I Wulfrw. Grwlh•h l Heten's. St<by t Pew & P•4. Qd Bow• SJnts. Searfe t Mary's. Gf•8nhrtb• 12.( 20.OCO 7100 15.COJ 20.( Staiie XJ OQQ 50CQ 15.CO) 14.IX •1￿haefs. Betchwty M•rtyr si11￿Y 1fir￿n. Well.. R￿Ster 10.C( Tt￿&$ fjd Chardon Rc¢h8Ster 14.(KQ IFt Mary Ihe Moin Qthl 6.(XXI Peter s Vauxhall io.coo 20 armi 20.0 Rochester 9,IKKI SÈxthwart( 18.1 Soulhwart( 13.IXKI 352.780. Less can(*latKJr le9,￿) 169.9381 41 9.135 Tow Prtor Y••rGrnnl• 281824

Marshall's Charlty NLes fo thg Acownls forlhs ytr8refKfed 31st Decem￿2￿￿3 (ith￿> 27 23. PARSONAGE GRANTS 70 2022 Totsl BaTvJor Balh & Wel$ Bltmiryjham Blackbum Bristol Canterbury Cheknsfurd 9.$30 8.970 5.410 11,850 12.183 4.929 4.1K¢ 749 10.8XI 11450 15.950 JO,950 10.330 6.220 ChKhe8ter Coventry 11.$70 1Q3>) 4270 4tio 141 7.1 Ely GbLwler Guihlford Hereford Lee¢lE L￿r￿ter Lkhfie Lincdn Lh￿[pO LL8r¥Jaff LO￿On S.491 &770 4300 1.015 10. 11,610 5.240 11.610 12.2 4.910 320 14920 4070 4.578 &¢)70 16.80) 10.310 2.1 8.roo 15.070 9.420 15ffj70 9.420 10 4.410 IQ310 4130 Monmuth Ne%rasUe Noric 4.410 6.2 11.440 13.220 5.810 4.180 12. Petertjorou Portsmouth Rothestsr SalEb Sheffield Sod 5.810 Z070 1070 Q760 4340 1Q140 11140 9.050 SOU￿￿11 St A1barfts stAsaph St DavEd$ St Eds & Ip5i¢h S￿￿ea Trwo V4Snche5t &314 &87 3.510 11.49) 1040 &4S¥J 4490 4770 660 700 JS1*2 4.ISO 4.150 11292 J141 Yo 112W) dlati(f5 1240} 119401 13,1 Total Grnnts 314

28 Marshall's Charity Independent auditorfs reporttothe trusteesof M¥shafs Ch Opinion We have audited the ffnanoal statements of Matshaifs Charity {the'thariVI forthe year ended 31 Oecember 2023. which comprFse the Consolidated Statefflent of Finanoal Activitles, the Charity Ststement of Financial Activities, the Con5vlidated and Charity BaIan(e￿eets. the Consc4idated Statement of Cash Flows and the related notes. induding a summary of significant ￿)untr"n8 policies.The financial reporting framework that has been applied in their preparation 15 applicable law and United ￿ngdUffi Accounting Standards, including Finana81 Reporting Standard 102'The Finanoal Rewtyng Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom GenerallyAccepted Accounting PractKel. In our opinion the financial ststements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resour￿ and ap￿itation of resourtesfor the year then ended.. have been properly prepared in accordance wTrth Unrted Kingdom Generally Arcepted Accounting PractI￿- and have been prepared in a(c￿￿ance with the ￿Ul￿ments of the (hartiies Act 2011. Baslsfor opinlon We have been appointed as auditor undersection 144 olthe Charltie5 Art 2011 and report in accordance wlth the Art and relevant re8ulations made or hawng effett thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI I1￿ IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We a￿ independent of the tharpty in accordance with the ethical requirements that a relevant to our audit of the finantial statements ¢n the United Kin8doni. includin8 the Financial Reportin8 Council's IFRCS) Ethital Strdndard. Hnd we have fulfilled our other ethiol responsibilities in accordance with these requirements. We believe thatthe audit evldence we have obtained is suffioent and appropriate to provide a basis for our 05ynion. Conclusb)ns relatlng to goinz concern In auditin8 the financial statements. we ha￿ conduded that the Trustets. use of the 80ir8 toncem basis of accounting in the preparnti¢)n of the financial statements is appropriate. Based on the work we have perfurmed. we have not identified any material uncertrdintie5 relating to events or conditions thaL Indlvldually or colledivelyl may cast5ignificant doubt on the chariws ability to continue as a 80ing concern for a period of at least twelve months from the finanual State￿nts a￿ airthori5ed for Issue. Our responslbillt5es and the responshbilitses of theTru5tees wtth resF*rt to 8oing Con￿rn are desuibed in the relevant 5eclion5 of this reporL Other Informatlon The other inforrnation mmprises the information induded in theAnnual Reportother than the financial Statements and our Auditors. Report thereon. The Trustees are responsible for the other Information contained withln the Annual Report. Our opinion on the finantial statements does not cover the other Infomatlon and. except to the èXtentothe￿tse explia￿V stated in our reporL we do not express any forni of as5ur3nce conclusion thereon. Our responsibility 15 to rEad the other infomiation and. in doing w. consider whether the other inforniation 15 materially inwn5iStent with the financial ststements w our knovled8e obtained in the cwrse of the audit. or otherwise appears to be materially misststed. Ilwe identify such material Inconsistenci￿ or app8￿nt material misstatements, we are required to deterniine whetherthis give5 rise to a material misstatement in the nancial staternents themselves. If. based on the WO￿ we have perforThed. we tonelude that there is a aterial misstatement of this other information. we are required to reportthatfact. We have nothln8 to report in this ￿ard.

29 M4tters on whkh we arè rÈ4uired io report byexcept We have nothing to report in respect of the followin8 rratters where the Chattiies IAccount5 and Reports) Regulatlon5 2008 requires u5 to report to you if, in ￿Jr￿￿n1OTh". the inforrnation g￿en in theTnFstees' Report is incon￿Stent in any materlal re5PÈCt wlth the financlal statements,. or sufficient accounting recfjrds have not been kÈpL or the financial ststements are not in agreementwtth the accountlng records and returns,. or we have not received all the information and explanations we require for our auillt. Responslbllltles of trustees As explained more fully in the Trustee5' R￿ponsibIlItIeS Ststement. the T￿￿teeS are responsible forthe preparation of the financial statements, whith give a tnje and fair view. and for such intwnal control as the Trustees determine Fs rne￿Saryto enable the preparation offinanoal statements that are free from matÈrial mlsstatement, whether due tts fraud or error. In preparing the financial statements the Trustee5 are rESpon￿ble assessing the charity's ability to continue as a going concern. disclosin& as appI￿able, matters related to goi￿ con￿rn and u51ngthe going OffttÈm basis of accounting unless the Trustee5 either intend to liquidate the charity orto ￿3$e operations. or have no realistic alternative but to do so. Audllors. responsibllltlesfor the audlt of thè ￿￿3￿cIal statsments We have been appointed a5 auditor under section 145 of the Chèrities Act 2011 and report in accordance wlth the Act and relevant regulation5 made or hawng effert thereunder. Our obletttves are to obtain reasonable assuran￿ abtxrt whetherthe finandal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that in¢ludes our opinion. Reasonable assuran￿ Is a hlgh level of assurance, is nota guarantee that an audlt condurted in accordance with ISAS IUKI will alway5 detect a n￿terial misstatÈmentwhen it exists. Misststements can arise from fraud or error and are conydered material rf, indwidualty or in the aggregate. they could reasonably be expected to influence the economic decisions of user5 taken on the basis of thè5È financial StateTh￿nts. Irregularities. including fraud. arè instsnces of nortr<ompliance wtth law5 and ￿gUlatiOns. We design pr￿edureS in linewith our responsibilibes. indudlng fraud. The e¥tent detailed below.. We gained an understanding whith it operates and Considered intluding fraud in particular those ￿gUlationS directly related material impart on the finanoal with the tharitTres Act and SORP Thè risks were diswssed with outlined above. to detert material misstatements in respect of irregularr(ies, to our procedures are capable of detecting i￿egUla￿ties. including fraud is of the legal and regulatory framework applicable to the(harity and the sector in the risk of the Charity not cornplying with the applicable laws and regulation5 those that could have a material impact on the finantial statements. This intluded to the finanoal statements. including financial reporting which could have Statements. In relation to the Operations of the Charity this induded compliance 2019. The risks were di5CUS5ed with the audlt team and we Temained alert to any indicatifyns of non-compliance throughout the audit We carried out speofic procedures toaddre55the risks identified. The5È included the following= ReviewTng minutes of Trustee Board mÈetings. any cOr￿pOndence with the Charity Commission. a8reeing the finanaal statement disdosures to undÈrtyinE SUPPOrtin8 documentation and enquiries of mana8ement ofthe Charity. We have also revlewed the protÈdures in Pla￿ for the reporting of any incidents to the Trustee Board induding serious inodent reporting of these matters as necessary with thÈ Charfty Commission. Mana6ernent override- To address the risk of management override of controls, we carrled out testin8 of journal entries and other adjustrnents for appropriatenes& We reviewed systerns and procedures to identify potential areas of mana8ement overridÈ risk. In particular. we carried out testing of journal entries and other adjustments for appropriatene￿ We a150 assessed management

30 bias in relation to the accounting policies adopted and in detem)ining significant accounting estitnates. Valuation of investment properties.. ReviewinÉ valuations of investment propertyes induding the qualifications of the valuer. approach tsken, inforn)ation used and conclusions reathed, and thallenging assumptions and judgements made by management in their critical accounting e5tymates. 8e￿uSe of the inherent limitations of an audtL there is a risk that we ￿11 not detètt all irregularilies. in¢luding those leading to a rnaterial misststement in thefinancial staternents or nortr-compliance with regulation. This risk intrea5e5 the more that Complian￿ a law orregulation 15 remgved frgm the events and transattions rÈflected in the financial statements. as we will be less likdy to become awa￿ of instances of non-eompliance. The risk is a150 greater rEgard¢ng irre8ulariries occurring due to fraud rather than error. as fraud involves intenticffial concealment, forgery. eollusion. omission or rni5representatK)n. A furthèr destription of our respcmsiknlttse5 fot the audit of thefinanaal 5tateffEnts is l¢xated on the Finanaal Rèportin8 Counol's website atr. www.frc.org.uklauditorsrespon5ibilitie5. This description fomis part of our Audltors. Report Use of our report This report is made solely to the tharity's trustees, as a bo(ty. in accordance Part 4 of the Charitie5 IAccounts and Report51 Re8ulations 2(KJ8. Ourauditwork has undertaken so that we might state to the tharity's trustees those fflatters we are reqvired to stste to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilityto anyone other than the charity and its trustees, as a btsyy. for ¢)ur audit work for this reporL or forthe opinlons we have forw*d. Price Bailey LLP Statutory Audito 8th Floor, Dashwood House 69 Old Bond Street London EC2M Iqs 12 August 2024 Price Bailey is e1￿ible to art as an auditor in tem￿ of sedion 1212 of the Companies Art 2006.