2024-12-31-accounts

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Marshall’s Charity Charity No. 206780

Consolidated Financial Statements

for the year ended 31st December 2024

Marshall’s Charity Index

Trustees, Officers and Advisors ............................................................................................. 1 Report of the Trustees .................................................................................................... 2 - 12 Consolidated and Charity Balance Sheets ........................................................................... 13 Consolidated Statement of Financial Activities .................................................................... 14 Charity Statement of Financial Activities ............................................................................. 15 Consolidated Statement of Cash Flows ............................................................................... 16 Notes to the Accounts .............................................................................................. 17 - 29 Independent Auditor's Report ................................................................................... 30 - 32

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

Mr A P Guthrie TD DL BSc FRICS (Chairman) Revd Preb. J Rust BSc MA (Vice Chairman) Mr S Clark TD BSc FCIB Chartered FCSl(HON) Mr W D Eason MA Chartered FCSI Mr J A N Heawood MSc MRICS Ms S Malhotra-Trenkel MA Mrs L Bosman BSc ACA Mr A Moss MA FRSA Mr C E R Ledsam FCIS Miss E Lang BA ACIS Ms R Shilling Mr I Maxwell-Scott Mr C Kavindele Prof. Heather McLaughlin BA MSc PhD FCA

- z * @ z @ ** # + @ ** # & # # & + * ** & ** & * @ & @
Member of the Property Committee & Member of the Grants Committee # Member of the Audit Committee @ Member of the Investment Committee z Member of the Trustee Selection Committee • Member of the Christchurch Committee ** Member of the Remuneration Committee

OFFICERS

Ms C M de Cintra BA ACA – Chief Executive and 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 Email: clerk@marshalls.org.uk Website: www.marshalls.org.uk

BANKERS

Barclays Bank plc 90/92 High Street Crawley West Sussex RH10 1YX

SOLICITORS

Cripps LLP Wallside House 12 Mount Ephraim Road Tunbridge Wells Kent TN1 1EG

Stone King LLP Upper Borough Court 3 Upper Borough Walls Bath BA1 1RG

STATUTORY AUDITOR

Price Bailey LLP 8th Floor, Dashwood House 69 Old Broad Street London EC2M 1QS

INVESTMENT MANAGER

Rathbones 30 Gresham Street London EC2V 7QN

CCLA One Angel Lane London EC4R 3AB

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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:

a) to support as Patrons the parish church of Christchurch, Southwark; b) to make grants for the support of parsonages to dioceses of the Church of England and the Church in Wales; c) to make restoration and repair grants to Anglican churches in the three counties of Kent, Surrey and Lincolnshire as those counties were defined in 1855 (currently Canterbury, Guildford, Lincoln, Rochester and Southwark); and

d) to transfer 4% of net income to Marshall’s Educational Foundation which makes grants for educational purposes in Stamford and Southwark.

The Charity is funded solely from this endowment.

Impact

Marshall’s Charity carries out its charitable purposes principally by awarding grants. The five dioceses of Canterbury, Guildford, Lincoln, Rochester and Southwark have a combined total of over 1,700 Anglican churches. Not only do they supply a spiritual need to their parishioners and others, but they are at the heart of local communities. Churches serve as places for worship, religious education and community engagement, often hosting events like services and Bible studies, and offering support to those in need, while also providing space for various social and charitable activities. Many churches run food banks and night shelters. However, many are at risk of closing for good if urgent action is not taken for repairs and maintenance. The National Churches Trust has calculated that for every £1 invested in a church building, £16 of social good is generated. Since its inception Marshall’s Charity has given more than £10m to support churches in its five dioceses (around £40m in today’s money).

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The primary task of the priests who lead the churches, generally known as rectors or vicars, is to articulate, preach, teach, interpret, uphold, exemplify, shape, and develop the stated vision of the parish. To best carry out their roles they live in vicarages or parsonage houses, ideally close to their church. Marshall’s Charity gives money to maintain these dwellings. Since its inception Marshall’s Charity has given more than £17m to maintain parsonage houses in its five dioceses (around £60m in today’s money).

The trustees measure the charity’s success by the amount awarded in grants. They aim to maximise and increase the amounts, whilst seeking to ensure that this policy is sustainable in the long term. This policy relies on the returns achieved from investments and careful husbandry of costs. In 2024 the charity spent £918,956 (excluding support and governance costs) on its charitable activities, compared to £891,229 in the previous year. This was an increase of 3%.

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 grantmaking 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 14. 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 Educational Foundation, another grant making charity. The income received from it and the costs incurred are similar and are shown separately in Notes 14 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.

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� Property

Approximately 61% (2023 – 61%) of the endowment is invested directly in property. The portfolio is diversified by size, location and class. The Charity holds about 16% (2023 – 16%) of its portfolio in residential property, 19% (2023 – 20%) in commercial, 25% (2023 – 27%) in retail and 40% (2023 - 37%) in industrial.

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

� Securities

Approximately 34% of the endowment is invested in securities. These are managed by Rathbones on a discretionary basis on a Risk Level 5 (1 being the lowest, 6 the highest), in line with the current portfolio strategy. Rathbones manage on a balanced mandate. There is an expectation that the capital will grow in line with inflation over the longer term, while producing a stable and sustainable level of income.

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 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.

Marshall’s is only able to award grants for churches that fall within the three historic counties set out in John Marshall's Will. 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 these 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. The Church is in the heart of Central London at the very north of the Diocese of Southwark close to the cathedral and on the south bank of the River Thames. It was founded in the seventeenth century and has served the needs of the local people in what was until recently a predominately industrial area. Major redevelopment over the last 25 years has markedly changed the area and is continuing to do so. The proposed development at 18 Blackfriars Road will have a significant impact on Christchurch.

The trustees exercise their responsibility 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. In addition, the Chief Executive and Surveyor provide administrative and property support and guidance as required.

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� 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 eight governors of Marshall’s Educational Foundation, up to six 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 five 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 are allocated funds, calculated on the number of parsonages within each diocese. The property 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.

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 twenty years or more the Charity has earmarked

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support to be available for such schemes. Grants are available through an online application and are awarded under the Chief Executive’s discretion.

The Charity also runs two conferences per year for the Diocesan Surveyors’ Group. The conferences allow the diocesan surveyors to exchange views and information on technical issues. This is particularly helpful in exchanging ideas on the work required to achieve the target set by General Synod that the whole of the Church of England achieve net zero carbon by 2030. Marshall’s Surveyor, Jim Keegan, is the conference convenor.

� Churches

Parochial Church Councils (PCCs) within the five dioceses of Canterbury, Guildford, Lincoln, Rochester and Southwark can apply for church restoration grants. The Surveyor visits the churches that apply before the applications are discussed by the grants committee. A shortlist of applications is then taken to a trustee meeting, in April, July or October, where grant awards are agreed.

2. ACHIEVEMENTS AND PERFORMANCE

Achievements

During 2024 the charity had a busy and successful year. The various achievements are set out below.

A) Investment Management

� Property

The Trustees were delighted to exchange contracts on the purchase of a new industrial property at the end of 2024. This followed a careful search for an asset that will generate a good return for the charity and fit within the existing portfolio. Rental income from property was slightly higher than the previous year. A number of leases were renewed by existing tenants in the year, which was a welcome situation, but resulted in a drop in annual income for properties where there were rent free periods as a consequence. This was counterbalanced by rent increases on other properties. At the end of the year all property was let apart from one industrial unit and part of a multi-unit building in the West Country. The return from properties was helped by the close relationship the charity surveyor has with tenants.

� Securities

Rathbones has managed Marshall’s securities on a discretionary basis since the end of 2022. The portfolio produced a reasonable level of income during the year. It benefitted from an allocation to US technology, though it was underweight in the sector and did not hold NVIDIA, which left its returns a little behind its peer group. Generally, however, Marshall’s is where it expected to be in the performance of its portfolio.

� Deposit Fund

A return of around 5% was achieved from the CCLA COIF Charities Deposit Fund.

B) Grant making

The Trustees frequently review their grant making policies to ensure the Charity's funds are used in the best way to achieve their objectives. Since John Marshall's death his Will has created grants worth over £100 million at current prices.

The summary below shows the grants up to and including 31 December 2024:

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	2024	2024		2023	2023
*Type ofgrant*	*Grants made* *Grants made – at* *current prices* *Number* *of grants* *made*			*Grants made* *Grants made* *– at current* *prices* *Number* *of grants* *made*

		£000s	£000s		£000s	£000s
*Alarm systems*		850	1,406 1,563		808	1,318 1,498
*Other Parsonage* *grants*		16,407	59,458 7,930		16,077	57,152 7,883
*Total Parsonage* *grants*		17,257	60,864 9,493		16,885	58,470 9,381

*New Churches*		657	14,464 649		657	13,981 649

*Restoration of* *Churches*		9,838	25,479 3,766		9,390	24,195 3,738

*TOTAL*		27,752 100,807 13,908			26,932	96,646 13,768

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.

� Christchurch

In 2023 the period of interim ministry by the Reverend Ian Mobsby, Pioneer Interim Rector, concluded. Following a selection process involving representatives of the parish and the diocese, as well as Marshall’s Charity as Patron, the Bishop of Southwark invited Fr Lee Chantler to become the next Rector of Christchurch. He was previously Associate Priest at All Saints Hove. Fr Lee was instituted on 8[th] February 2024 and has worked effectively to grow the church congregation in both depth and number. 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.

� Marshall’s Educational Foundation (MEF)

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

� Parsonages

In 2024 the Charity awarded £330,000 in grants to parsonages throughout England and Wales which were used to support the repair and maintenance of 47 parsonages (2023 - £300,000 for 46 parsonages). In addition, the Charity awarded £44,444 to fund security systems across 65 parsonages (2023 – £53,302 for 59 parsonages).

� Churches

PCCs applied for church grants through the charity’s online application system. The Grants Committee met three times in 2024 and spent time scrutinising the applications before shortlisting projects for the full board of trustees to approve. During the year the Charity awarded 28 grants to churches (2023 - 35) with a value of £467,578 (2023 - £489,000). Of these 28 churches, 21 (2023 – 24 out of 35) were awarded the full amount of the grant they applied for. Grants were spent on a range of projects including improving disabled access, installing toilets, creating catering areas, improving the internal layout and repairing roofs.

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3. FINANCIAL REVIEW

Review of Finances

The trustees agreed a budget showing a deficit of £397,526 for 2024 (2023 – a deficit of £307,884), which allowed for charitable grants of over £1,006,000 (2023 - £900,000). The actual results showed a deficit of £73,971 (2023 – a deficit of £23,116) before gains on investments. This budget variance was partly due to the increased rental income that was received because the trustees deliberately set a cautious budget. It was also due to additional returns on liquid assets. More than £2m was held in the CCLA COIF Charities Deposit account for much of the year whilst the trustees sought a fitting property to purchase (as happened in January 2025). There was also a saving on property costs when a cost-effective way for repairs to a listed building was agreed with environmental officers. The deficit became a surplus of £572,102 (2023 - £482,569) from realised and unrealised investment gains of £643,750 (2023 – £506,385) and net restricted fund income of £2,323 (2023 – nil).

Since 2008 the trustees have adopted conservative budgets resulting in accumulated income reserves of £1,155,602 (2023 - £1,230,273). The trustees have agreed another deficit budget for 2025.

Reserves Policy

At 31 December 2024 Marshall’s Charity held the following funds:

Endowment Fund £21,744,666 (2023 - £20,990,231) Restricted Funds £652,156 (2023 - £759,818) Unrestricted Funds £1,155,602 (2023 - £1,230,273)

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 2024 should be approximately £593,000.

At 31 December 2024 the level of free reserves was £788,340, about £195,000 greater than the reserves policy suggests. To reduce the level of free reserves the trustees have agreed a budget for 2025 which shows a deficit.

Going Concern

Having reviewed the financial performance for the year, the budget for the year to 31 December 2025 and plans for future years, the trustees confirm that the financial statements for the year to 31 December 2024 can be prepared on the going concern basis.

Investment Policy

The policy of the trustees is to maintain the real value of the assets while generating a stable and sustainable return for grant making within an acceptable level of risk. The value of the charity’s investments increased by 7% (2023: 2%) over the year. Part of this increase reflected a move from cash into liquid investments in order to generate a greater return. It also reflected the returns on securities and a mixed outcome for property prices in the UK. Investment income increased by 1% (2023:6%) which amounted to increased income of £12,128 (2023: £78,427). Dividends and interest increased by over 3% (2023: 20%) but property rental stayed level (2023: increase of 3%). Property investments continued to be closely reviewed by the property committee. The investment committee met three times during the year with Rathbones to review the securities that they manage. The

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investment committee reviewed the investment policy shortly after the year end and continue to be happy with its provisions. 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.

Plans for the Future

The current purposes of the Charity on page 2 are derived from the expressed wishes of the 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. Currently the trustees do not plan to make significant changes to their grant making policy or investment strategy.

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. The trustees are considering their approach to risk management.

As at 31 December 2024 the major risks facing the Charity were:

Significant loss of income due to adverse economic or political climate. The Charity is reliant on investment income to fund its running costs and grant-making activities. A significant loss of income would therefore have a major impact on the Charity's activities. This risk is managed through holding free reserves and the diversification of the investment portfolio. In addition, staff and trustees monitor economic and political trends.
Significant loss of income through bad debts or extended property vacancies. To mitigate this risk, the Charity holds diverse categories of property, actively manages debtors, draws up the rental income budget on a prudent basis and subscribes to potential tenant credit reports where appropriate.
Inflation. To mitigate this risk the trustees have both property and investment subcommittees, hold a balanced investment portfolio (i.e. direct property/securities/cash) and allow for sufficient inflation in the budget.
Additional costs arising from property due to unforeseen risks. This is managed through monitoring the property portfolio closely, holding appropriate insurance and ensuring that risks identified by the insurers are addressed.
Risk to the reputation of the Charity through actions of trustees or staff or through a data breach. Mitigating actions include having appropriate policies and systems in place including a code of conduct for the trustees.

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.

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There are currently seven committees: Property Committee, Audit Committee, Remuneration Committee, Grants Committee, Investment Committee, Christchurch 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.

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 fourteen trustees at the end of the year. The Charity benefits from having highly qualified and experienced trustees, many of whom 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 Chief Executive and the Surveyor, and the Charity ensures that both of them undertake appropriate continuing professional education relevant to their needs. The relevant knowledge gained in this training is passed on to the trustees.

Audit Committee

The Audit Committee, which currently consists of four trustees (see page 1), meets every year with the auditors. The Chief Executive attends this meeting, and she also meets the auditors to plan the audit and to identify any areas of special interest which the trustees wish to be examined by the auditor. At their meeting after the audit, the trustees review the annual accounts and the outcome of the audit work. In the absence of the Chief Executive, 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 four 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 four trustees (see page 1) and normally meets once or twice a year. In view of the close working relationship, the committee may invite Newcomen Collett Educational Foundation to nominate representatives to join them for their meeting, Mr Tim McNally, the Chair of the Foundation, attended the meeting in December 2023.

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

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meeting the committee receives a report from the Chief Executive 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 five 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 for the full board of trustees to review and award grants.

Investment Committee

The Investment Committee consists of five trustees. Its role is one of strategic direction and oversight of the organisation’s investment assets, excluding property. It is responsible for establishing a detailed investment policy.

Christchurch Committee

The Christchurch Committee consists of three trustees. The Committee oversees the charity’s interaction with Christchurch, including relevant communication with Southwark Diocese, but defers to the Property Committee on building matters.

Management

The day-to-day management of the affairs of the Charity is delegated to the Chief Executive and the Surveyor. 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 Chief Executive 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.

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 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.marshalls.org.uk which is regularly updated. The Charity uses Microsoft Teams to provide information to trustees, including the minutes of trustees’ meetings and other confidential information relating to the management of the Charity. This information source is only accessible to the trustees and staff of the Charity.

Environmental Policy

Marshall’s Charity aims to suitably control the environmental effects of its work activities by protecting and improving the environment through good management and adopting best practice wherever

Marshall's Charity Trustees. Report for 2024 possible. This InleS a c(wnmitment to develop a oJItU of continual environmentsl improvement and wherever possible. adopting greener atemalives. Stalemenl of Trustees, Responsibilities The trustees are responsible for preparing the Twstees'Annual Report and the ffnanaal statements in accordance with appiCable law and United Kirydom A¢¢oJntitvJ Stsndards (Unrted Kingdom GenerallyAccepted AccoJnting PraCte). Charity law requ5 the Trustees to epa fina181 statements for each finarrial year. Under that law the Trustees have elected to ppare the finartial statemerrts in a(fA)rdan¢ with aPpIale law and United Kingdom Accounting Stand¥ds (United Kirwom G8nerallYAcpted Accounting Practice), including Financial Reporting Stsndard 102 'The Financ1 Reporbng Standard applicable in the UK arml Republic of Ireland, and the ChtIeS SORP 2019 (FRS 102). UrKler charty law the Trustees must not approve fv financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Chty and of the Statement of Financial Activities of the Charty for that period. select suitable accounb'ng leS and then appty them c¢)nsistenty; observe the methods and prinaples in the Charities SORP IFRS 102)", make j(Mtgements and ests'mates that are reasonable and prudent.. state whether applble accounting starKld$ have been followed, sui4.ect to any material dewtures disdosed and expLqined in the financial statements.. prepare the financial statements on the going corrn basis unless tl is inapproprrale to presume that the charity wll continue in operalwjn. The trustees are responsible for keeng Fyoper acojunting rOrdS that disdose with reasonable aecuracy al any time the TInarla1 position of the charity aThJ enable them lo ensure that the fina181 statements comply with the Charities Art the Charities {Accwnts and Report$} Regulalh)ns 2rK)8 and the provisions of the trust deed. They are also resF)nsible fcf safeguwding the assets of the charity and hee for taking reasonab steps for the wevenlion and detecth)n of fraud and other irregularities. The trustees are resporksible for the mainlanCe and integrity of the charty and financial information included on the charity's website. Legislation in the United Kingdom governing the weparation and diss8minalion of financial statements may drffer from legislation in other juriséictM)r6. Signed on behalf of the Trustees on 1 Ph Juty 2025 A Guthrie L Bosman man TTUStee 12

MarJhall's Charlty Balance Sheet at 31" December2024 Group Charity 2024 2023 2024 2023 FIXED ASSETS Tanglblo Hxed Assets 7286 9)4941 367266 W1 Investments- General purpos•s Freehdds Se¢uribes Shares in SJ(&8ry 13.425.(XXI 12.870.IM 13,281 IILN) 11T2ffX•J 9.629.940 8S32.4eAI 9,629940 8.S32th 120.OLKI Investrnents- s¢181 purpos•s 517 382 Current Assets Debtors and prepawnenis Cash at bank and in hand 13),528 436 575 1243 WJ 567.103 IX2 134,7¥3 124ti 562.611 I, Credltors: Am¢)unts tslllng due within one y•ar Net Cunent Ass•ts 839.041 ASSETS FUNDS Unrnstrlci•d funds io 1.155.ew2 12>)218 1.155,602 12A71J Restrlcted fund• Other Restrictéd Funds End0ment FuThJ 652.1 7S9.8 652.156 75•*18 21,744, 20.W0231 21.716.074 20.961 TOTAL FUNDS S424 22mQ Approv by the Trustees and authorised for issue on 17th July 2025 and signed on t1r behalf rie. Chairman man. Trustee The notes on pages 17 10 29 f(xm part of these accwnls 13

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Notes INCOME AND ENDOWMENTS Investment income 13 Other trading activities 14 Total income EXPENDITURE Cost of raising funds 17 Property & investment costs Other costs Charitable activities 17 Support of Parsonages grants Repair of Churches grants Christchurch, Southwark Marshall's Educational Foundation Stamford Lectureship Total expenditure Net income before gains and losses on investment Net recognised gains/(losses) on investments Property - unrealised 3 Securities - realised 4 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 2024 2023
	£ £ £ £ £

	1,383,144 2,591 - 1,385,735 1,371,016
	52,600 - - 52,600 50,250
	1,435,744 2,591 - 1,438,335 1,421,266



	432,158 268 - 432,426 416,766
	48,812 - - 48,812 41,742
	480,970 268 - 481,238 458,508

	418,788 - - 418,788 393,673
	507,205 - - 507,205 470,601
	56,817 - - 56,817 72,841
	37,407 - - 37,407 39,568
	8,528 - - 8,528 9,190
	1,028,745 - - 1,028,745 985,873

	1,509,715 268 - 1,509,983 1,444,381


	(73,971) 2,323 - (71,648) (23,116)


	- - 201,000 201,000 249,423
	- 52,803 70,983 123,786 29,439
	- 11,416 307,548 318,964 226,823
	(73,971) 66,542 579,531 572,102 482,569

	(700) (174,204) 174,904 - -

	(74,671) (107,662) 754,435 572,102 482,569

	1,230,273 759,818 20,990,231 22,980,322 22,497,753

	1,155,602 652,156 21,744,666 23,552,424 22,980,322

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

The notes on pages 17 to 29 form part of these accounts.

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Notes INCOME AND ENDOWMENTS Investment income 13 Other trading activities 14 Total income EXPENDITURE Cost of raising funds 17 Property & investment costs Other costs Charitable activities 17 Support of Parsonages grants Repair of Churches grants Christchurch, Southwark Marshall's Educational Foundation Stamford Lectureship Total expenditure Net income before gains and losses on investment Net recognised gains/(losses) on investments Property - unrealised 3 Securities - realised 4 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 2024 2023
	£ £ £ £ £

	1,383,144 2,591 - 1,385,735 1,371,016
	52,600 - - 52,600 50,250
	1,435,744 2,591 - 1,438,335 1,421,266



	432,158 268 - 432,426 416,766
	48,812 - - 48,812 41,742
	480,970 268 - 481,238 458,508

	418,788 - - 418,788 393,673
	507,205 - - 507,205 470,601
	56,817 - - 56,817 72,841
	37,407 - - 37,407 39,568
	8,528 - - 8,528 9,190
	1,028,745 - - 1,028,745 985,873

	1,509,715 268 - 1,509,983 1,444,381


	(73,971) 2,323 - (71,648) (23,116)


	- - 201,000 201,000 249,423
	- 52,803 70,983 123,786 29,439
	- 11,416 307,548 318,964 226,823
	(73,971) 66,542 579,531 572,102 482,569

	(700) (174,204) 174,904 - -
	(74,671) (107,662) 754,435 572,102 482,569

	1,230,273 759,818 20,961,639 22,951,730 22,469,161

	1,155,602 652,156 21,716,074 23,523,832 22,951,730

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

The notes on pages 17 to 29 form part of these accounts.

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Notes Cash flows from operating activities: Net cash (used in)/provided by operating activities 20 Cash flows from investing activities: Dividends, interest and rents from investments Investment transactions 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	2024 2023
	£ £



	(1,528,167) (1,302,184)


	1,385,735 1,371,015
	(86,359) 34,560
	(577,700) (700)

	721,676 1,404,875


	(806,491) 102,691


	1,243,066 1,140,375


	*436,575* 1,243,066

The notes on pages 17 to 29 form part of these accounts

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1. Accounting Policies

a) The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), second edition effective 1 January 2019 and the Charities Act 2011.

The functional currency of the charity is considered to be GBP because that is the currency of the primary economic environment in which the charity operates.

b) The charity constitutes a public benefit entity as defined by FRS102.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

c) Trustees have discussed the additional risks arising due to high inflation and have implemented plans to mitigate those risks. Budgets have been prepared with these plans in mind. Considering all relevant matters, the trustees consider it appropriate for the going concern basis to be adopted for these accounts.
d) All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Rental income is credited when receivable. Security income is credited on an accruals basis.
e) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
f) Cash at bank and in hand includes short-term deposits.
g) Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Repairs and renewals to property are charged to the Statement of Financial Activities when incurred. Grants are treated as expenditure when authorised by the Trustees and communicated to the beneficiaries, not when the grants are paid. Rentals under operating leases are charged to the Statement of Financial Activities as they fall due.
h) Staff pension contributions are made under a defined contributions scheme, and the funds are held by fully independent insurance companies. No liability exists under the scheme except for the amount of the contributions charged in the year.
i) Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
j) 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 then been allocated between the categories on the basis of the total staff costs.
k) All assets costing more than £1,500 are capitalised and valued at historical cost. Equipment and office furniture is depreciated so as to write items off over their expected useful lives at a rate of 10% per annum on a straight line basis, except for the computer system which is depreciated so as to write it off over three years. The trustees consider the residual value of Marshall House to be higher than its carrying value in the accounts resulting in a nil value for depreciation charge.
l) All securities (general purposes) are shown at bid-market value and properties are valued at open market value. All gains and losses are taken to the Statement of Financial Activities as they arise.

Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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m) Funds required by the Charity Commissioners (for sinking or other capital purposes) are invested in the Charities Official Investment Fund (COIF) and the Equities Investment Fund for Charities. The managers do not publish details of income accumulations and therefore securities are shown at market value and the funds are adjusted appropriately.
n) The Charity has a single permanent endowment. The trustees have the powers to invest the capital in perpetuity and apply the income to the general purposes of the Charity, namely to provide church and parsonage grants. Further details of the endowed, restricted and unrestricted funds are disclosed in note 11.
o) In the application of the accounting policies, trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

p) Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

2. Tangible Fixed Assets - Groups & Charity

Cost or valuation At 1st January 2024 Transfer to investment properties At 31st December 2024 Depreciation At 1st January 2024 Charge for the year At 31st December 2024 Net Book Value At 31st December 2024 At 31st December 2023	ENDOWMENT FUNDS
	Marshall House Furniture & Computer
	Equipment Equipment Total
	£ £ £ £

	600,000 17,434 2,812 620,246
	(237,000) - - (237,000)
	363,000 17,434 2,812 383,246

	- 12,493 2,812 15,305
	- 675 - 675
	- 13,168 2,812 15,980

	363,000 4,266 - 367,266

	600,000 4,941 - 604,941

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a) Christchurch, Southwark was built and is maintained by the Charity in accordance with the will of John Marshall. The Trustees fully maintain the church on the basis of regular inspections, and do not consider that any useful purpose would be served by valuing the land and buildings. The Trustees have therefore decided to carry the Church at nil valuation.
b) Part of the first and second floors of Marshall House, Southwark are the offices of the Charity. This property is included in the accounts at a value of £363,000.
c) All tangible fixed assets are used for charitable purposes.

3. Freeholds - Group & Charity

Opening balance at 1st January 2024 Transfer from fixed assets Deposit on purchase of property Revaluation of properties at year end Closing balance at 31st December 2024	ENDOWMENT FUNDS
	Group Charity
	2024 2023 2024 2023
	£ £ £ £
	12,870,000 12,620,577 12,726,000 12,476,577
	237,000 - 237,000 -
	117,000 - 117,000 -
	201,000 249,423 201,000 249,423
	13,425,000 12,870,000 13,281,000 12,726,000

a) The cost of the Charity's freehold properties at 31st December 2024 was £4,862,663 (2023 - £4,915,753). The cost of the Group freehold properties at 31st December 2024 was £4,978,071 (2023 - £5,031,161).
b) The property portfolio was valued by the Charity's Surveyor, Mr J Keegan, MCIAT C.BUILD.E MCABE. The valuation is on the basis of open-market value.
c) All freehold properties are situated in the United Kingdom.

4. Securities - Group & Charity

Market value at 1st January 2024 Funds introduced Exchange rate differences Retained dividends Deduction of management fees Sale of investments Purchase of investments Net gains/(loss) on revaluations during year Market value at 31st December 2024 Historical cost at 31st December 2024	Total Total
	2024 2023
	£ £
	8,532,469 8,332,947
	634,904 -
	7,557 (2,279)
	122,350 11,002
	(45,871) (43,283)
	70,983 (1,375,398)
	- 1,404,837
	307,548 204,643
	9,629,940 8,532,469


	8,648,324 8,188,324

Analysis of securities and securities income

UK Investments Overseas Investments

Total

Income	Income	Investments	Investments
2024	2023	2024	2023
£	£	£	£
137,194	239,572	5,943,039	6,517,335
65,202	50,806	3,686,899	2,015,134
202,396	290,378	9,629,938	8,532,469

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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 2024 are: Income Incoming resources and net surplus for the period - rental income Payment to be made under Deed of Covenant to Marshall's Charity Assets Funds Share Capital Revaluation reserve	ENDOWMENT FUNDS 2024 2023 £ £ 4,265 4,289 (4,265) (4,289) 148,592 148,592 120,000 120,000 28,592 28,592 148,592 148,592

6. Investments - Special Purposes - Group & Charity

Rathbones Core Investment Fund for Charities
Charities Official Investment Fund, Accumulation shares
Equities Investment Fund for Charities, Accumulation shares
Movement during the year:
Market value at 1 January 2024
Acquisitions at cost
Sale of investments
Retained dividends
Investment management fee
Net gain/(loss) on revaluation during the year
Market value at 31 December 2024
Investments represent the following funds:
Funds for accumulation of income for capital purposes
Christchurch Extraordinary Repair Fund

RESTRICTED FUNDS
2024
2023
£
£
402,156
-
-
56,457
-
453,361
402,156
509,818
2024
2023
£
£
509,818
486,938
700
700
(122,101)
-
2,591
-
(268)
-
11,416
22,180
402,156
509,818
2024
2023
£
£
-
160,875
402,156
348,943
402,156
509,818

Following the direction of the Charity Commission, the Charity established a sinking fund in 1983. The fund was for the accumulation of income to replace earlier capital expenditure. The charity has met its obligations under the Supplementary Order, so the trustees shut the fund and transferred the balance to Investments - General Purposes i.e. added to the other endowment fund investments.

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7. Debtors and prepayments - Group & Charity

Rents due from tenants and agents Due from subsidiary Other debtors	UNRESTRICTED FUNDS
	Group Charity
	2024 2023 2024 2023
	£ £ £ £
	119,151 111,771 119,151 111,771
	- - 4,265 4,289
	11,377 8,013 11,377 8,013
	130,528 119,784 134,793 124,073

8. Creditors - Group & Charity

Grants approved but unpaid Property service charges held for future repairs Rent deposits held for tenants (see below) Value added tax payable Other creditors and accruals	UNRESTRICTED FUNDS Group Charity 2024 2023 2024 2023 £ £ £ £ 521,183 559,739 521,183 559,739 58,877 58,005 58,877 58,005 132,324 112,983 132,324 112,983 37,549 37,795 37,549 37,795 89,108 131,234 89,108 131,234 839,041 899,756 839,041 899,756

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.

9. 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	2024
	Balance Transfers Other Balance
	1.1.24 Gains and 31.12.24
	Losses
	£ £ £ £
	20,990,231 174,904 579,531 21,744,666

	160,875 (174,204) 13,329 -
	250,000 - - 250,000
	348,943 - 53,213 402,156
	759,818 (174,204) 66,542 652,156

	21,750,049 700 646,073 22,396,822

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Endowment Fund Funds for Accumulation of Income for Capital Purposes Development Fund Christchurch Extraordinary Repair Fund Total Other Restricted Funds Total Restricted Funds

		2023
Balance	Transfers	Other	Balance
1.1.23		Gains and	31.12.23
		Losses
£	£	£	£
20,506,726	-	483,505	20,990,231
150,216	700	9,959	160,875
250,000	-	-	250,000
336,722	-	12,221	348,943
736,938	700	22,180	759,818
21,243,664	700	505,685	21,750,049

Charity

Endowment Fund Funds for Accumulation of Income for Capital Purposes Development Fund Christchurch Extraordinary Repair Fund Total Other Restricted Funds Total Restricted Funds	2024 Balance Transfers Other Balance 1.1.24 Gains and 31.12.24 Losses £ £ £ £ 20,961,639 174,904 579,531 21,716,074 160,875 (174,204) 13,329 - 250,000 - - 250,000 348,943 - 53,213 402,156 759,818 (174,204) 66,542 652,156 21,721,457 700 646,073 22,368,230

Endowment Fund Funds for Accumulation of Income for Capital Purposes Development Fund Christchurch Extraordinary Repair Fund Total Other Restricted Funds Total Restricted Funds	2023 Balance Transfers Other Balance 1.1.23 Gains and 31.12.23 Losses £ £ £ £ 20,478,134 - 483,505 20,961,639 150,216 700 9,959 160,875 250,000 - - 250,000 336,722 - 12,221 348,943 736,938 700 22,180 759,818 21,215,072 700 505,685 21,721,457

a) Funds for Accumulation of Income for Capital Purposes Under the terms of a Charity Commission Order income was used to recoup capital monies expended on freehold property improvements and a leasehold interest in an investment property. The amount to be replenished has been exceeded so the trustees transferred the balance to the Endowment Fund.

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.

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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.

10. Analysis of Net Assets between Funds - Group & Charity

Group Endowed Funds Restricted Funds Development Fund Christchurch Extraordinary Repair Fund Unrestricted Funds Unallocated Income	2024 Fixed Assets Investments Net Current Total & Investments Special Assets/ Gen. Purposes Purposes (Liabilities) £ £ £ £ 21,744,666 - - 21,744,666 21,744,666 - - 21,744,666 250,000 - - 250,000 - 402,156 - 402,156 250,000 402,156 - 652,156 1,427,540 - (271,938) 1,155,602 23,422,206 402,156 (271,938) 23,552,424

Group Endowed Funds Restricted Funds Development Fund Funds for Accumulation of Income for Capital Purposes Christchurch Extraordinary Repair Fund Unrestricted Funds Unallocated Income	2023
	Fixed Assets Investments Net Current Total
	& Investments Special Assets/
	Gen. Purposes Purposes (Liabilities)
	£ £ £ £
	20,990,231 - - 20,990,231
	20,990,231 - - 20,990,231

	250,000 - - 250,000

	- 160,875 - 160,875
	- 348,943 - 348,943
	250,000 509,818 - 759,818

	767,179 - 463,094 1,230,273
	22,007,410 509,818 463,094 22,980,322

Charity Endowed Funds Restricted Funds Development Fund Christchurch Extraordinary Repair Fund Unrestricted Funds Unallocated Income	2024
	Fixed Assets Investments Net Current Total
	& Investments Special Assets/
	Gen.Purposes Purposes (Liabilities)
	£ £ £ £
	21,716,074 - - 21,716,074
	21,716,074 - - 21,716,074

	250,000 - - 250,000
	- 402,156 - 402,156
	250,000 402,156 - 652,156

	1,432,132 - (276,530) 1,155,602
	23,398,206 402,156 (276,530) 23,523,832

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			2023
	Fixed Assets	Investments	Net Current	Total
	& Investments	Special	Assets/
	Gen.Purposes	Purposes	(Liabilities)
	£	£	£	£
Endowed Funds	20,961,639	-	-	20,961,639
	20,961,639	-	-	20,961,639
Restricted Funds
Development Fund	250,000	-	-	250,000
Funds for Accumulation of
Income for Capital Purposes	-	160,875	-	160,875
Christchurch Extraordinary Repair Fund	-	348,943	-	348,943
	250,000	509,818	-	759,818
Unallocated Income
Unallocated Income	771,771	-	458,502	1,230,273
	21,983,410	509,818	458,502	22,951,730

11. Auditor’s remuneration

The auditor's remuneration constituted an audit fee of £17,000 (2023 - £15,500).

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

Salaries and assessable benefits Social security costs Other pension contributions Average number of staff (including full-time and part-time staff) Clerk Surveyor Other administrative staff	2024 2023 £ £ 190,485 169,110 17,763 14,363 28,654 35,393 236,902 218,866 1 1 1 1 1 1 3 3

There are no emoluments of members of staff within the range of £60,000 to £69,999 (2023 one). The emoluments of one member of staff are within the range of £70,000 to £79,999 (2023 one). The emoluments of one member of staff are within the range of £80,000 to £89,999 (2023 none).

The average number of employees during the year was 3 (2023 - 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 Chief Executive and the Surveyor. The total employment benefits including employer pension contributions of the key management personnel were £187,591 (2023 - £166,798).

No trustee received any remuneration from the Charity, nor were any expenses re-imbursed to trustees by payment to a third party (2023 - none). Trustees were not involved in any other transaction with the Charity or any related party (2023 - none).

13. Investment income

Unrestricted UK Property rental income Dividends & interest on securities Other interest Payment from Marshalls (NRH) Limited Other income	Group Charity
	2024 2023 2024 2023
	£ £
	1,068,439 1,066,221 1,064,174 1,061,932
	202,396 290,378 202,396 290,378
	110,034 11,932 110,034 11,932
	- - 4,265 4,289
	2,275 2,485 2,275 2,485
	1,383,144 1,371,016 1,383,144 1,371,016

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Restricted

Dividends & interest on securities 14. Activities for raising funds - Group Co-administration charge - Newcomen Collett Educational Foundation

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||| |---|---| |Group & Charity| |2024|2023| |-| |2,591| |2,591|-|