Marshall's Charlty Charty No. 216780 Consolidated Financial Statements for the year ended 31 st December 2025 Marshall's Charity Index TNstees. OffKers andAdvlso￿............................................................................................. Report ofthe Trustees ...... ............................................................................................. 2- 12 Consolidated and ChartyBaknce Sheets.. ... ............................................................ con￿￿1?1¢d stateM￿t ofFinancK41 Actr¥thes..... .. ..... ................................................... 14 Charrty Statement of FinancBI Athities................................................ .. .. ..................... 15 Consol¥Jated Statement of Cash Fhjws............................................................................... 16 Notes lotheAccounts.............................................................................................17-31 IndependentAudrtor's Report....... .32-34 Marshall's Charlty Trustees, Officers and A(fvisors TRUSTEES app)inted by resolutwm ofthe remaining Trust￿ fcr a tem of 5 years) MrA P Guthrie TD DL Bsc FRICS (Chairman> Revd Preb. J Rust BS¢ (Vice Chairman) Mr S Clark TD BSC FCIB Chartered FCSI(HON) Mr W D Eason MA Chartered FCSI (rdred 2V Janw 21Y26} Mr J A N HeawocKI Msc MRICS M$ S Malholra-Trenkel MA Mrs L Bosman BSCACA MrA Moss MA FRSA fvlrc E R Ledsam FCIS Miss E Lang BAACIS M5 R ShilliNJ Mr l Maxwell-scott Mr C Kavindele Prof. Heather McLaughlin BA Msc PhD FCA Mr Chartes Wacher lappoinled 14th May 2026) Mr Dav￿ DL*Jding {8ppoint8d 14th May 20261 &# #& Member ofthe P Member of theAudit Committee Member ofthe Trustee selecti￿ Committee Member of the Remuneration Commrttee Member of the Grants Commrttee l Member of Investment Commiitee M￿ber of thè Christchutch Comn¥ttee OFFICERS Ms C M de Cintra BAACA- Chief Executive and Clgrk to the Trustees Mr J Keegan DipBS MCIAT C.BUILD.E MCABE.MRICS- SUN PRINCIPAL OFFICE Marshall House, 66 Newcomen Street London SE1 1YT Td.. 020 7407 2979 Emal" cierk..om3rsh8lls.o lebsile". www.maishalls.o .uk BANKERS Barclays Bank p 90192 High Street Crthey Wesl Sussex RH10 1YX STATufoRY AUDITOR Pl￿e Bailey LLP d Fkw, 24 Old Bond Street, LoThJon W1S 4AP SOUCITORS Cripps LLP Wallside House 12 Mount Ephrafvn Road Tunbridge Wells KentTN1 1EG INVESTMENT MANAGER Rathbc 30 Gresham Street London EC2V 7QN Stone King LLP Upper Borough Court 3 Upper Borough Walls Bath 8A1 1 RG CCLA One Angel Lw London EC4R IAB Marshall's Charity Trustees. R8POrtfor 2025 1. OBJECTIVES AND AcTI￿TIEs Purposes of the Charfty Tl* Charty was fom*d in 1631 on the death of Jthn klarshall. a baker in SoLrthwark. In his Will, aftar making provision for his famity friends, he left the balance of his modest estate to trustees to be used for various charitstAe purposes. Atthough these have evofved sl*Jhtly over the centuries, they are st￿1 prIM￿ty focused on Wi8 continuance mayt¢nance of Ihe p￿achIng of God's 1K￿Y wordin this Lande foreverf. Today. these purpc68s ¥e: to supp￿1 as Patrons the p￿h church of Ch￿urch, Soulhwark,. b) to make grants ts the SLPF¥Jt of parg)nages to dmxeses dthe Church of England and the Church in Wdles: to make restor81th arKJ r4)air grants toknJliwi churches in the three counties of KenL Surrey and Lincolnshire a5 those counties were dofined in 1855 l¢urrentty Canterbury, Guildf0￿, rKoln. Rochester arKS Southvrdrkl" arKI dl lo transfer 41/Jo of net income to Matshall's EdLK*K)nal FouTrJ*h)n which maolw fot Ihe year. Activftl85 The affairs crf the Charity are separated into I￿0 princpal areas and this 1$ refflected in the Statement of Financial Aclivities fsoFAI on page 14. The fyyo prw)ci)al areas ar8 investment management and grant making. These are exvained in more detsil belcw. For mary years. Ihe Charrty has sh¥ed its and costs whh Nehromen Co118tt Educational Foundation, another grant making tharty. The receNed from it and the costs incurr&l are similar and we shown separatety in Notes 14 and 17 of the xcounts. A) Inv￿lMont Management As an Endowed Charity one ofthe prmary tasks of the trustees is to rn￿?3e thè investment assets. The trustees have adopted a policy of prudent dNetsffic*w in rel*h)n to the investments and as such the inve8trnents in both $peual￿t direct property aThJ Mu￿￿49$e¢l￿4uKl. Man￿ed assets. Mayshall's Charity Trustees, Reportfor 2025 > Property Approximatety {2024- 61%) ofthe en¢ky•fftnt is invested d¥ecUy in propety. The portfolio is rversifi8d by size, lrtalion and class. The Charity holds about 15% (2024- 16%1 of ils portrolio in resKIent￿l propety. 2￿/tr {2024- 1VA) in corNn￿l, 25% (2024- 25%} in retail and 40%12024- 40%) in iThlu5trial. The Charty's property is overseen by the Propwty cc1￿*1ee and actNety managed by the SuNeyor. > Securttles Approximatety 34% of the endmwt rs ￿Vested in securities. These are managed by Rathbones on a dis¢retionary basis on a Risk Level 5 (1 being the 1¢7rte$t, 6 th& hKJhe51), in line wrth the current PKJrtfolio strategy, Ralht*)nes manage on a bak7nced mandale. There is an expectation that thg captsl will grow in line with infktion over the Wer term, vthile prcmjucing a stabla and Sustainable level of income. Grantamaklng There a￿ four current maior eatewies of benefft as set out in the opening paragraph of our Report. The Marshall's Charty Act 1855 also introxluced prOVi￿On for grnrrts for buikjing new churchas. These were made parti(yJk8rfy in the 19th Century and again in the 1930$. However. no grants have been rnade since 1993 and thè trustees now believe that arby grant made in this area would not be material to the overall cost d a new thurch and ttr￿t their grants a￿ rThxe eff&tNety dIr￿ted lo the other areas of benef Each year, approwng the the trustees firnt decpje how much to make available for the costs a$s￿lated wtth Christchurch, Southwark. Then, after rroking adequate provision lor the granl to Marshall's Educational Foundation. the trustees decide hu4¥ to s￿rt the available balance be￿een grants for the support of parsonages and those for restoration of churches. Marshall's is onty abk to award grants for chLW¢￿ that fall within the three histoiK count* set out in John Marshall's Will. AngI￿n ehurches within the relevant dioceses may apply for a Church Restoration Grant and parkncuk7r weight is gNen to tfrthe appl￿tiOnS that have the backing of th8ir dio¢ese. In addihon, the trustees ajso offer grants to all dic£es8s in England and Wkles for the purchasa or improvemént of parsonage houses. s￿rity grants are also available to these dioceses, whereby grants are awarded to supp￿1 the purchase and install&tDn of burglar alamis and CCTVS in paisonages. > Chrlstchurch As slat&J in the Purposes ofthe Ch*. ttE Charity hokjs the pa￿age of Chrislchurch Southwafk. Christchurch i5 the first item in John Marshall's Will and as sueh the trustees regard supporting Christ¢hurch as their primary responsibilty. The Church is in the heart of Central London at the very north of th& Dirxese of Southwark close lo the cathedral and on the south bank of the River Tha￿￿$. It was founde(l in the sevent88nlh c*ttury ar*d has seNed the needs of the kjcal pwple ￿ what was until wentty a predcrfninaldy industrial area. Major redavelopment over the last 25 y￿S has markedly changed the area and is continuing lo (** so. The pmwsed deVelO￿ent at 18 Blackfri8rs Roa will have a signrfiwt impacl on Christ¢hur¢h. The trustees exeruse their responsibility by prov¥Jing ￿MInIstrat￿e and financial support to the church. The financkql support includes payiThJ f￿ buibjwig costs. meeting the stipend and pensKJn Costs of the Rector and helping t Marshalls Educatlonal Foundation John Marshall's ￿￿11 providad for the unNeistty edwtion of one young from the Parish Grarrffiar School in Soulhwth (rthv St Olave's & St Saviour's Grammar Sthool in Orpinglonl or from Stsmford School in Lincolnshire. The 1870 Edu¢*iM Act requred Charty io fom a separate Foundation for ￿MIniStering these grants, and it was sett￿d that 4% of the d￿ab￿ income of Marshall'8 Charity would be paid to this Foundal*)n annualty. Of the eight govemors of Marshall's Educational Foundation. up to six are appointed by Marshall's Charity and the trustees are thus abre lo saisfy themselves thal the affars of the Foundaion are efficiently administered. The Clerk of Marshall's Charity also athninislers the affairs of the Foundation. Currentty fve of th8 govemor5 are also trustees of Marshall's Charity. > Par8onagos A5 explained above, the trustees offer grants to all diteses in England ￿ Wa￿S for the purchase or improvement of parsonage hjuses. DI￿eseS that have irnfjKated that they require a grant are alocaled funds. cal¢ulal8d on the number of pa￿)nageS wrthin each dirxesg. The propety for which a g￿t is ¢laimed musl be a clenjy house which $l￿le¢¢ lo The Repair d Benèfic& Buildings Measure 1972 wrthin the Chureh of England or the Church in Wal8s. arKI be occupied by a Rector, Vicar. Team Reclor. Team Vicar or Priest-1n-char￿. Thi5 includes propertie5 provided on a 'HoLBe for Duty, basis. The work must be for budding. purchaw"ng. altering. dividing or modernising parsonag8S (excluding repaws or non-consequerrtial dec￿￿1￿) and Ind￿ the Installat￿ of electrical car harging points. The Surveyor Msits a number of parsonage depatments each yearto understand hcw Ih8y are operating, lo discuss strategy and to see examples of IN)w prevrous grants have been used. Funds are also availab￿ to di¢xeses as $￿urity grants. Sinc8 the eaty 1990s trustees have been aware of the increasing dwoer lo whKh ckngy and their families are subject in Iheir home$. Followng é1sctj￿Orts with the diocesan parson￿8 depart￿nts, ti wa5 clear that in91alla￿ of burglar alamis, enty-phone systems and. in nTr)re dangerous situations. CCTV securTty systems, wa$ needed in a large number of proFerties. For the last iwenty year5 or mcrfethe Charity has eamarked Marshall's Charlty Trustees, Report for 2025 support to be avalable for such sch￿. Grants are avail* thrwgh an ￿line applrcath)n and are awardgd under the Chief Executrrfe's dkwethM. The Charity also rur￿ two Conferen￿ per year for the Ctyxesan Surwors, Group. The conferences allow the diocesan surveyors to excharge views aThJ infomi8tion on technical rssu&s. This is particuw hglpful in exchanwng ideas on the required to xhi8ve Ihe tsrw set by General Synog that the whole ofthe Church of England &h￿e r*t zero c¥bon by 2030. Marshall's Surveyor, Jim Keegan. is the conferenc* conven￿. > Churche5 Parcthial chU￿h Councils {PCCsl With￿ the fve diLKeses of Canterbury, Guildford, Lincoln. Rochest8r and Scrtrthwark ￿ apply for thurch restoration grants. The Suryeyor Msits the churches that apply l)efore the applications ¥e dIscu￿d by thè grdnls Ccrfrrnittee. A s￿rtI15t of applicatic￿$ is then taken to a truste me&ng. wi April. July or October. wlwe grant ¥e agreed. 2. ACHIEVEMENTS AND PERFORK4NCE AGhlgvements During 2025 the charity had a busy and $￿CeSS￿l year. The varths &hievemnts are set oul below. Al Invesbnenl Management > Property The Charitys property portblio is OVe￿een by the Propety Commthe and adivety managed by the Surveyor. The Trustees were deluhied to compkte the purchase of a iThJustrial propety al the start of2025. This fdkhved a ￿Te￿I swch for an a55et that wim gertrate a gCM)d retum for the ¢harity and frt within the exsting p)rtlc4KI. Rentsl income frtyn propety was 13% higher than the previous year. A number of leases were renewed by eyisting lenanls in the year. at an increased ￿nt and rent from the new propwty was r￿*ved for the year. At Ihe end ofthe year all property wa5 let apart from part of a multi-Lmit buiklin9 in the West C￿nty. Tha return from propert*s was helped by the close relationship the Ch￿ suNeycY has with t￿￿. Securftles Rathi*Jnes has managwj Marshaifs séeurrits ¢)n a discretionary basis since the end of 2022. The portfol￿ produced a reasonabie level of inccyne duriry the year. 11 benefitted from an allccation to US technology. though it was Unde￿e￿3hI in the sector, which left ts returns beh￿d ils peer group. This positBJft improved in the secorbj hair ofthe year. Gwberajty. however, Marshal's is where it expected to be in the performance ￿ ts F4Y1fd￿. > Dèposit Fund A retum of around 4.2%12024'. wa5 athievgj from tho CCL4 COIF Charkn'es Deposit Fund. 8) Grant maklng The Trustees frequently review their grant makirKJ O￿leS to ensuffj ￿ Charity's funds are used in the best way to &hieve their Obje￿Ne9. Since JLthn Marshaifs death his Will has created grants worth over £101 million at eurrent prus. The summary béb* shcws ts grants up to and 31 December 2025: Marshall's Charlty Trustees. Report for 2025 2025 Number Olgr￿lS Graots made Number - al cufftnt ofyrant5 Typq DfgrJnl Ai8mi systeffts Other Pwson•ge grants Toial Parsonage gr8nts 1.447 89) 754 450 17.645 61.251 17257 Ngw chu￿￿•S 14.464 Restoratron ol Chwehgs 25,479 10.4 131 TOTAL 101.846 27.752 1(K).￿7 In 2004 the Charity decided to trdnsfer its hist￿ reeords lo the sknkeeping of the London Metrcpolitan Archives. where they are t*)th secure arKI avail*le to the general publK who may be interested. A more detailgj discussi￿ ofthe aChieve￿￿nts ofthe yearftlbws. > Christchurch Fr Lee Chan￿er, Rector of Christchurth. has continu8(I to grow the church. In 2025 th& church worshipping eomrr#Jnty increased. Twefve peop￿ were confirmed at SoLrthw* Cathedral. There were up to fifty worshipers on 8 Sunday and there is 8 full worshipping team of up lo threè people on the altar. There i8 a lot of activty during the week when three different outrexh proje¢ts are held for ho￿l￿sS arKI other peop￿ in nee(l. Marshall's is committed to working with the Recfrf, the PCC and Ihe dI￿eSe in moving forward wilh the devel¢¥nent of the parish of Christchurch. > M•rnhall's Educatlonal Foundatkn {MEF) The achievements of MEF are detailed in thoAnnual Rewirt of that Charity. > Parsonages In 2025 the Charty aw*ed £346.5LK) in grants to p￿Son￿ thr￿gh￿t EnglarKI and Wales which were used to supwrt the repair and maintenance of 47 parsonages12024- £330,￿0 for 47 parsonagesl. In addfiion, Ihe Charty awarded £41,385 to fvnd 5ecurty systems across 57 par￿ageS {2024- £44,444 fc* 65 p¥sonaJes). > Churches PCCS applied for church grwrts thn)ugh the charity's onTrne appkcation system. Tr Granls Ccrfnmittee met Ihree times in 2025 and spent lime scrutintsing the aw)lications before shortlisting Pfoieets ￿ the full board d trustee5 to approve. Durng the year the Charty awarded 51 grants to churches12024 - 28} a value of £651.875 {2024- £467,578). Of these 51 churches, 21 12024- 21 out of 281 wer8 awarded the full anThint of the grait they applied for. Grants were spent on a range ￿ projgcts induding improving disabl8d ￿ceSS. nstslling loilels. creatiftg catering areas. improving the inlemal layout and repa￿n9 rcth. Marshall's Charfty Trustees. Report for 2025 3. FINANCIAL REVIEW Revlew of Flnan¢es The Irusl8es agreed a budget showng a dthit of £365.697 for 2Iy2512024- a deficit of £397,526), which allowed for chaiitable grants of £1,080.085 {2¢)24 - £1,￿6,0001. The actual resuth5 showed a deficit of £198,34612024- a defic(( of £73,971) b8fore gains C￿ investment$. This budget variance was pardy due to the increased rentsl thal was because the trustees deliberatety sel a cauiious budgeL It was also due to a saving ¢)n property eosls when a cost-effectNe way for repairs to a listed building was &3reed wilh environm￿1 officers. The deficit became a surplus of £1,539,434 {2024 - £572.1021 fr￿n realis&J and unrealis8d investment gains of £1.731.06412024- £643,750) and net re5trKted fund inccthe of £6.716 {2W24- £2,323). S¥ice 2008 the tru5teos have adopted b￿1￿8 reSu￿r￿j in xcunwlated incclne reserve5 of £957,256 {2024- £1.155,W2). Thg have th3r￿ another deficit budget 2026. Reservgs Pollcy At 31 December 2025 Marshaifs Charrty the fdknwng fvnds. Endowment Fu￿1 Restricted Funds Unrestricted Funds £23.464.9)7 {2024- £21,744,666) £669,69512024- £652,156) £957.256 {2024- £1.155,602) The reserves policy cé Marshall's Chatity f¢xuses on the Ievgt of free ￿serVeS. This exdude$ endcthTed funds, restncted funds. designated funds and unrestrKted fvnds which are not readily realisable. Marshall's Charity seeks to M￿nt￿n free reseryes to manage the risks to which the Charty is exposed in the course of ils business. These include an unexp8ded drop in investment i)eome due lo adverse econom￿ conditions. The recommended level of free resew is reviewed annually a5 part of the budget proces5 arKI ￿e$ ￿Unt ofthe current risks facing Charity. The trustees consider that the level of free reserves for 2025 5houkJ be 4proxunatety £353.000. At 31 December 2025 the level offree reserv8s was £589,747. about £236.000 greater than the reserves policy suggasts. To reduce the *1 offree reserves the trustees have agreed a budget for 2026 thich shows a defKil. Going Concwn Having revi&wed the finanual perfomwTh for the year. the fc( Ihe year to 31 Decembw 2026 and plans for future years, the trustees confirm thal the financHI ststemerts for the year to 31 December 2025 can prepared on the g¢ing concem basis. Investment Pollcy The polw of the trustee5 is to maintain the red value cé ihe assets wthilg generating a stable and sustainable return for grant making wtthin an &ceptable18val of risk. The value of the charty's investrnents increased by PA12024'. 7%> over the year. Thi5 Ma￿lY refiecled an increase in the value of the Pfoperty portfolio. Investment income rueased by 4%12024."10A) wh￿h amounted to increased income of £54.6Cfj12024.. £12,128). DNiderKls and interest decreased by 281fi1 (2024.. increase of 30A) but propety renta iweased by 13% (2024.. stayed level). Propty investments contin￿1 lo be elosety reviewed by the property ccrfnmittee. The invesbnent ￿rr￿nittee mel threg times during the year with R8thbones to review the securities that they mar￿99. Tha investment c(%nmittee and trustses keep the investmert pdicy under review. Currentty the trustees (kj ncrt Wish to impose any specffic eth￿1 investment pcAw,' hu#ever potent￿1 inveslments are assessed to ensure congru8nce with the aims and ethos of the Ch*ity. Marshall's Charfty Trustees, Report for 2025 Plans for the Futurn The currenl wrposes ofthe Chwity on page 2 we derTr￿￿ from the expressed wishes ofthe Founder, John Marshall, and the trustee5 intend lo continue to purs￿ these objectNes whilst a￿y8 seeking lo 4)ply them to Ihe charong neads of the Church in EngL8nd and ￿tsIeS. Currently the tfustees do not pLan lo make significant changes to their grant making poly or invesknent strategy. The Risk Register is revi84¥ed quarterty by the trusteés at thar meelings. At each meeting the trustees review the major risks lo whth the Charity exposed and ensure that systems exist to minimise the impact of any of the T￿$ its fvtufe effecir*en8ss. The audit ¢xrfnmittee also reviews the totsl risk register every yw. As at 311)ecember 2025 the majsx rtsks fxing the Charity there: Signrficant hjss of i￿(*￿e due lo advrfse e03nom￿ or pol￿"Cal clim*. The Charity is raliant on investment income to fund its runn¥￿ costs and grant-nRking 8CtNf(ies. A signrficant loss of incom would therefore have a maTr)r impxt on the Charity's aetivtties. This risk is managed thrO￿h holding free reser￿ and the diversifKation ￿the investment portfolio. In addition, staff and trustees rTr)nitor econom￿ and Ortul trends. STgnrficant b)s$ of i1￿ thrwh bad debts ex extended propety vacaKies. To mitigate this risk, the Charity hdds diverse calegories of propety, ¥tively manages debtors, draws up the rental inco￿￿ budget on a pr￿Sert t¢5is and Subscribes to ￿￿enti* tenant credit reports where appropriate. Infi8tion. To mfthjate thts risk the trustees have bcrth prcyerty and investment subcommittees, hokl a balanced investment porlfolK) (i.e. d￿e¢t propeitylsecuriti8slcash) 81x1 allow for sulTKient inflatkm In the budget Additional c0515 arising prop* due to unforeseen risks. This is managed through monitoring the property porNolio cbsdy. holding approprK* insurance and ensuring that risks Klenlrfied by the insurers are addressed. Risk to the reputal*)n of the Charity through of trustees or staff or through a data breach. Mitigating aclw)ns include having wopriate pol￿￿$ and syslern$ in place irKludi a ccde of COnd￿t for th& trustee5. 4. STRUCTURE. GOVERNANCE & MANAGEMENT Gov•mlng Documents & Trustees The Charity govemed under the tern￿ of the Mw5haifs ChartyA¢t 1855 ￿ supplem8nted by subsequent sch￿￿es of the Ch¥ity C￿Nn￿$s1¢)￿eT$. On 17th May 2017 the Charity Comrni$5ion approved a SCh￿e lo fa¢i1it8te the system ￿8rdIng grants. The legal name of the Charity tg the Charty of Jthn Marshall. atthough it is knwn as Marshall's Charity. its Charity Registration Number is 2C6780. All trustees are ffembers of the General Meelr¥J of Trustees and we gligible for eknlion to any Committee. Trustees are elected to serve for 8 ffive-year peritjd and may be re-elected for subsequent fwe year periods. There are a max¥num (rf 16 trust￿. all of whom are required to bg Tn￿nber5 of the Church of England. There are currently seven committees: Pr¢)pety C(Thmittee, Audit Commilee. Remuneration Commitiee, Grants Committeg, Investment Commiitee. Christchurch Committee aTrJ Trustee Selection Committee. No Commrtlee has delegated power lo ad wthoLrt the authorty ofthe General Meeting d Trustees. The IrLtslees have devekwl * approved fomial lems of refererte for all of these Committees. Marshall's Charity Trts$tees' Reportfor2025 TNsloe Selection & Tralnlng The Trustee Selection Comm#tee meets as to recwimend appoinlmenls of surt*Jle persons lo fill trust8e vacancies. The ¢ommittee consists of a minimum of hvo trustees. It considers all proposals. nomi1￿tiOnS. re¢￿￿￿ationS ￿ ¥pkation$ for appoinlment and has the power to •Jvertise for applicants. It also has fvll tmmer and aLrtIMxty to intemaw or decline to intervie•V plicants, to establish fU￿S for the corKluct of its cwn business atKI, Subj.￿ to the known wish95 of the main body of trustees, lo appty s￿h uiteria for app￿tMent as it shall from tim8 10 lima consider apFryriate or de5irabl& Ther8 wwe fourteen trustee$ al the end of the year. The Charty benefits from having highty qLFalified and experienced trustees, many of whom are aL80 a¢tive in thr charit￿. In keeping with the need to maintsin the highest levels of g0veman￿, the ch¥ty encourages all trustees lo participate in training that i5 relevant and which will assist them in their rc4es. Through mer￿rshIp oflhe Charity Finance Group a￿1 also from professional thisows, varx)u5 courses are available in many of the spe¢ialk8t areas that affect the Charity. The Charity has two experbenced professional staff in the persons of the Chief Ex￿lrtlve and the Survey(K. and the Charty 8nsures that both of them undertake appropriate conlinuing pr￿esSIOnal ed￿t￿]n rekvant lo their needs. The relevant knovledge gained in thi5 trainiry is passed on to the truslees. Audit Commlttog The Audrt Comm*tee. which currenUy congsts of trustees (see page 1), mggts every year wfth the auditors. The Chief Ex*utTve attends this meeting, ￿ she atso meets the auditors to plan the audit lo identfy any areas of speoal interest which trustees wish to be ex￿Ined by the audrtor. At their rrpeting aft￿ the audit. the trustees review the annual accounts and the outcome of the audil work. In the absence ofthe ch￿ ExecutNe. the audrtor also has the owortunity to report lo the trustees in confidence on any is¥ues that miglrt have arisen in their work wth the staff. This committee also oversees the prctess of revith¥irwJ ￿ Charity's pOl￿￿e Prop•rty Committee The Propety Committee ¢LtrrenUy consists of four trustees Ise8 pag8 11 WIM) work with the Surveyor in Monitori￿ propety Portfolro issues examNiing invesknent opportunities. The committae re￿IVeS monlhty reports from the survey￿ and meets wujaty throughoLrt the year to discuss tivty and address issues. m￿r5 s(metimes &company the Surrfeyor on his visit5 to properties wherg they believe opp)rtunitEs eKst to increase the Ca￿￿1 ¥￿ue of the investsnent. Romuneration Commltt The prIn￿paI functhjn ofthe ReMune￿￿)n Ccrfnmrtlee is to recornmnd to the General M88ting of Trustees any changes lo staff salaries or terrrrs and condit4)ns they cc￿$[der appr¢)priate for the following year. The ccrfnmittee consists of three trustees {see page 1} and nomalty meets once or ice a year. In view Of1￿ close wthing relationshwl. ts committee may invrte NewcoThn Collett EducatK)nal Foundation lo N)minate a reprosentalive loiThn them for their meeting. Mr Tim McNally. Chwr of the Foundati¢)n. atténded the rneetwy in Januwy 21Y25. Romuneratlon Policy The trustees *e grateful for thg COMM￿￿ent and èrthusiasm of the Charty's staff. The trust*s tske the view that rt is essanlial to aitract WKI retain staff wli h ts apwipriate ski115 and capabilities and reward them fairty for ddivering the Chartys inv￿￿nI work. In order to do thts the Charity rewews rts Salaries on a regul¥ basis and this is done through the RemUne￿10n Committee. At its annual meeting the committee receives a report from the ch￿ ExecutNe on staff issues and perfomian and then considers sector and national pay rates ￿ cc¥KlitK)ns and leveb of inflation, bef￿e prep8ring 18 recommendations to the trustees. 10 Marshall's Charity Tiustees. Report tor 2025 Grants Commlttee The Grants Commrttee consists offve trust￿. alihough meding5 are w to all trust￿. Th8 Clynmittee is tasked wilh revie•4ing church restoration support of parsonage granl appfiGqtions ald pr¢ducing a shortlist d 4>plK*hJns fer Ih8 full bcwd of trustees to review and award grants. Investment Commlttee The Investment Commritee consists ￿three tntstees. Ks ro18 of strategic d1￿cti1)n and over3ight of Ihg organisation's investswt a%sds. eXd￿IThJ prwty. It is respC￿sIble for establishing a detailèj investment policy. Chrlstchurch Commlttee The Christchurch Convnittee consK%ls cllhree trustees. The Committee oversees the charfty's interaction with Christchurch. irxluding relevant corThnuntstion with Southwark Dictese, but defers to the Propety Committee on buikling matters. Managemffit The day4Trday management of the affairs ofthe Charity is ddegated lo the Ch￿1 ExecutNe and the Suweyor. The tnjstees believe that th& operation of a Charty wrth assets inco￿￿ of this sc8be r8quire8 the management of professionally trained staff with its necessary costs. They are immensety grateful to both the Chief Executive and the Surveyor for their continued ded￿tIOn lo the work of the Charty and lo the Executive Offitsrfor ihe able assistance she provK1&5. The eonlinual changes in legislation regulation Pl￿ a heavy burden on the Chty. and the Iwsi8es thank all the staff for their enthusiasm and commiiment in dealiTrJ with the affairs ￿the CIW 8nd supwbng the trustees so efficiendy. Governanc• As with the corporate workl, the chaity sector has reccgnised that gcx)d g¢)vernance and transparency are key responsibilrties In their rei*on$hip the c(xnrNnty they serve. Marshall'$ Charty seeks to ensure that it meets the hwjhest starnlards in these weas consthnt with the srL& of 119 c¢Jerations ￿ funds. Detailed terms of refer￿ are in place for the S8V￿ commitlees referred lo above. The trustees rdy greatty On the carefvl and thoughtful work undertaken by these CLymnMttee$. which allows th8 General Meetings to deal more effectNety wrth the many issues which are its concern. The Charity has also remewed fts oper8tM)n aga￿$t the Charity Govemance Code. The trustees conshler that Ihg C(xle prowdes useful guidance, bul th* adoption of the CcKle would resutt in dtsproportionale effort for minimal gain. In order to communvte the work of the Charty to bcth ts Lweficiaries and the wider comrnunty, the Charity has a websrie %￿w.MarSl￿I1S.or-.uk whith is regularty upjaled. The Charity uses micro￿￿t Tewns lo provide infomation lo tnjstees. including tr£ minute5 of trustees, meetings and other confidential infomiation relating to the mawgement of ts Charity. Th￿ irrftymation source is only accessible to the trustees arKI staff of ihe CharTty. Envlronmèntal Policy M8rshall's Charity aims to suitabty contrd the enwror*))ental effects of ts actrvrtEs by protecling d impTOVTng the envycfflmenl through manayemenl adopting best practic8 wherever FL)S8ible. This Fndudes a coxnmitrnent to develop a culture of continual environmental improvemnt d wherever p)5sible. adopting greew atternatives. Fundrai￿ng The Gharity does not underlake any fundraisiTrJ ¥tp4it*s and therkn has not rteived any fundraising complaints durirwj the year. Marshall's Charfty Trustees. Report for 2025 ststement of Tntstees. Rgsponsibilitlos The ttustaes are resportsible for preparirvj the TnJsttts'Annua Rep¢Nt and thefinancial statements in ac¢ordarKe with 8ppIKable law and United Kiwdom A￿o￿nt￿9 Standards (United Kingdom General￿ Accepted Accwnting practi￿). Charity law requires the Trustees to pr8paig finar*u81 statem￿$ for each financial year. Under that law the Trustees have elected lo prepare the financrdl Stat￿nents in accordance wf(h applicable law and Uni18d kn'ngdom Acetsunting Standards (Unrted lfj"ngdc¥n General￿ Accepted Accounting Pracbcel. irtcluding Financial ReportirvJ StaThJard 102'The Financial Reporting Sta￿ard applicabl8 in the UK and Republic of Ireland, aThJ Charities SORP 2019 IFRS 102). Under charity law t Truslees must not approve the fin8n¢ial stat￿nIS unless they are 5ali5fied that th8y give a true and fair view of the sLIts of affairs of the Charty and of the Ststement of Financialkts'vities of the Charrty for that peritsj. selecl suitable accounting KKI1￿leS and then appty t￿M c(￿siStent￿.. observe the m8thods and prin¢p￿ in the Charilies SORP IFRS 102),. makejudgemfjnls and estimates th* are reason*)le arbj prudenL stste whether applieable accounting stsrKlards have been follcyw&J. subj&# lo any material departures disclosed and explained v) the finan¢ial ststements". prepare the financial statements on gryThJ Co￿eM basi8 unkn il inappropriate to presume that charity will ￿￿ts"nue in 0parati￿. The trustees are responsible for keeping pri)per xcounting records that disdose with reas¢Mable aceura¢y at arry time the financial position of the charty enable them to ensure that the financial statements comply with the CharitiesAct. the Charities (ACc￿nts and Reports) Regulations 2008 the provisions of the trust deed. Ttw are alw responsible for safeguarding th8 assets of the charity and h￿ce for taking reason*Jle steps for the wevenlion aTrJ detection crffraL￿j and other irrogularitses. The trustees are resp(￿sible for th8 maIntena￿e integrty of the charity and financial information included on the charrty's websiie. Leg¢slatM)n in the United Kingdcyn goveiniThJ the preparation and dissemination of financial staknents may differ fr(¥n in other jurisdictions. Stgned on behaf ofthe Trustees on 14th May 2026 A Guthrie Chainian 12 Marshall's Charity consol￿aled and ChantyBa18nce sI￿ts at 31stD8cefftber%)25 GTOUP Charity 2025 2024 2025 2024 FIXED ASSETS Tanglbl• Flx•d A•Mts 366.591 366.591 Inv•¥trents. GenwAI purpo••g FmhcAds Securit Shares in subs&Jiory 15,59),(X)J 13.425.CI)3 15.446.tt 9.057.313 9,8Mg•) 9,057.313 120,fKKJ 13.281. 1.829. InveBknents. Sp•cial PUTPOS 419.695 25A33,$99 419,695 25M09,599 23NO .362 Curr•nt AM•ts Debtor5 and W&pa￿￿ents Cash at bank and in hand 99,813 7,630 607,243 134. 516.485 611.835 4￿.5r5 507.103 Crndltorn: Amounts falllThJ due on• 54ar N•t Curr•nt A¥*•ts 953.576 341.741 953,576 346,333 839 NET ASSETS 25mlW 2J.6SI424 26.063266 W23 FUNDS Unrnstrlcted l￿d5 io 957.256 .1.155.W2 957.256 1.155. Restrkted funds Other Restrithd Funds Endtr•Jment Fund 689.895 669.695 23,484.W7 21.744.￿ 23.436,315 21.718. TOTAL Fuhris Appvobed by th8 Trustees and issue ￿ 14 May 2026 and sNJned on bèhalt. Antory Guthriè, Chaimian lèy Bosman. Trustse The notos on pages 17 10 31 forn pwt ofllme w￿rtS. 13 Marshall's Charfty Conso1￿￿t8d Statemenl clFinartial Activities yearefftlgd 31stL*6mber2025 Total 2026 Total 2024 F¥nd• Fund$ Funds INCOME AND ENDOWMENTS Investment income Other trading actiwtEs Totsl In¢(rfng 13 14 1.436.952 53.4 1.490J62 9.081 1.446,033 1.31%735 53,400 52.800 IA99A33 IMJ8.JJ6 081 EXPENDITURE Colt of Alling funds Propety & invesb7)ent o)sts 17 371.&47 45,367 417.1)04 374.002 45,367 419.369 431 48,812 4812 Charttable actl*l￿e5 Support of Par80nages g￿rts Repair of Chwches grants Christ ChurL*, Southwark Marshall's Educatiwal FoundatK Stamford LectU￿shv 17 432.369 708,487 79.529 41.672 9.637 1271A 418,rn 5072 .817 37,407 708,487 79,529 41.672 9,637 Total exp•ndliur• 1.688.698 366 1 JOg.9BJ N•t In¢om•ll•xp•ndltuY•} b•fom galns and los8•* on imit#knent 1198J461 716 {191.630) Net rEcognlsed galn51(bJss￿I on kN88lrnents PrcfJerty- unrealL8ed Securities- realised Securi¢i¢s- unrealwl Net Incom￿(0XPend1￿r&) aft•r galns and 1058eg on irjvestment Transfers betr￿en funds Net mobTmpnt In funds Rgconryliaty'9n of fvnds.. Total tynd¥ brought fcwrd 1.￿.1￿4 1.088. 175.364) 175.364} 707.S41 718.364 1,720341 1￿39￿34 201, 123, 318, 10,823 17A39 1198.3461 {19BA46) 17.53 1.720241 1.639A34 1,155.fj￿2 651156 21.744,686 ZJ,552.424 22,W.3r2 Totsl funds carrled forward 189 896 23.4H907 091808 23 562 I tho above ￿)Unts r¢lat¥ to c3YKinUu￿ ￿t￿jde al rttowised gal￿ and k)w. Th• rKJles on pages 17 to 31 form part ofthese ￿￿unIS. 14 Marshall's Charity Ghèrfly Statement ofFinancialArtNitws fortheyear8nded 31st D8cembpr2025 Unmtricled ReStr￿ted Endowffl8nt Fund• Funds Fund5 Toial 2025 Total 2024 INCOME AND EIIDOWMENTS Invaslrnent ￿COm￿ Other trègirrfJ aetivfi Total In¢om• 13 14 1.4%.9s2 9.￿1 1.446.033 53,400 t.499,433 52.ffxl tA38 335 1A90.352 9,08t EXPENDITURE Coslof rdlsing Property & inv•strMnt costs 17 371.&37 45,&57 417.im 374.￿2 45.367 419,389 Charltsble acti¥*i Support of Parsonages grants Repair of Churchès gtsnts Christ Church. SoLrthwark Marshall's E￿Cati¢￿dl Foundation Stsmforij Ledureship 17 431369 708.487 1 79.529 41.672 9,637 1.271,694 41*7011 79.529 41.672 16,817 37,407 1271.694 Total exp•ndliu 1,688.698 1,691.OS3 Net incomel{•xpendiiur•l befor• galn8 and loss￿ on Invejtmont 119434fj1 716 1191,6301 171 Nèt rnCOgnl•ed gaing111o8￿s)On Imi8stments Property- unrealisod SecyThtie$. realts Se¢uribe¥- unrèalised Net In¢ornel(expDndltsre) after gaini and lo$8￿ on Inyosknent Transfers b8tt¥een funds Not movgmont In lund$ RecKJn¢iliation olfurKI$". Total funds browJhtfmrd 1,1)e8.C64 1.088.C64 (75.3641 175,3641 707.541 1.720241 201. 121 318. 10,823 17Wg 11J8J481 IA39,434 11911.3461 17.539 1.720,241 1.5U434 f1110 1.155.￿2 652.156 21,716.074 23.523,832 ag51. Tolal fvnd$ carrl8d fonrtrd 6J15 All th8 above arr￿nts rebts to tonts.wng *ivibeB arwj indude all Tew3nised and knse8. The nots¥ on pag•s 17 to 31 fC￿n wtol a¢￿￿ts. 15 Marshall's Charity Consolidated Statemenl of Cash Flows ft*lho yeareTh*ng 31st t*c8ml)er2025 2025 2024 Ca8h flows from op•rnthwJ actlvltie•: Net ¢a8h lumd inyprovlded by oparndng acti Cash flow8 from In¥•stlng acfjth: DN&*nds. interest and rents from in¥gstrnents Investment tran$acthn5 Purcha8e of Inveslrnents Sale of investsngnts 11.487.275) 1.446.033 (1.913) (1.076,935J 1.2CKt,LXXI f¥9&360 157T.T Net cashpmvid8dby(us•dln} Invesdng•etr*it 1.5S7.185 Ch¥ng• ID cash and cash •qul¥alènlB In the r•portln9 p•rlod 79.910 (&K49IJ Cash and cash •qulvalents atth8 beglnnlng ol I pwllng I￿rIOd 436,575 1.24J140 Cash and cash equlval•nt8 *t thg end of the gportlng p•rfod 51WS, The Th)tes on p¥$ 17 to 31 form part ofthese aC￿ll￿ts. 16 Marshall's Charity Notes to the Accotmts fDrth8 yearended31stDecember2025 Aecountlng Pollelos The accounts lfinandal stsiementsl habp been Fwared thler Ihe hBtr*i¢al c¢£1 ee4)senti￿ whh itew reeegrti$ad at cost tx transacts￿ value un￿5 slaw rd8vant nDtel51 to acetyjnts. The finan¢rdl $tatemenls have FYepaTèJ with lh8 Slaternwl of Recommer￿+￿ Practfjce.. Accountiry and Rwhng by charit￿ prep￿ fvir a￿(￿nts in aCcowLIan￿ wth the Finanual RewtiThJ Sta￿ard appI￿able In th8 UK and R•wt4c of IFRS1021. sec(Thl edibon eff￿tTrffj l January 2019 and th8 Chawil*sN£t2011. The luncbonal cvrrwiw r4th8 Charity ￿ ctr6hJered to beGBP b*aus• that s tr¢ ￿rre[w oflho ￿Mary The ch8nty constitu*S a ￿1*Y as ty FR5102. The fimncipl 8tsie￿￿ts haE LEEn a XrL* vi* •d ha%Èd8part8d from the Chanti85 IAccounts Reporfsl Regulatiorts 2C¥)8 to Ihe extent r4uiraJ to wov1￿ 8'trL￿ aThl fairf vithv. Thk% ¢JwathJre has invd¥Ed f￿1Th3 th• Chth SORP {FRS 1021 ￿L$hed In October2019 ralher than the O￿ting and ReportiTrJ by Charit¢& Statement d Rthx¥nmerthd PractK8 effective from 1 April 2trfJ5 whKh ha5 sirts wumrwn. Trust•es ha%e discussed the rth atsiry ¢*Je io infiation and have imrAemenled plws to mitigat• those risks. teen tlwe plans in ffl￿d. c￿$1￿rIng all rdevant matters, th8 trust••s comhler ft 4>pr(¥Jr•ts for th8 wrvJ c(*wn to be forttme •xourts. income re￿nIsad the Chwdy has•ni1t￿ rKfjrre. It ineeffiè wlll be recwved and the ￿nI of irtom receirkn* Can be m*sured rEIW. Ronlal K* cr￿lted wh rewvat*. so￿1￿Y iie¢fft i% cr&likd on an accnwLs basis. Trade other debtor5 at sett1w￿l arrnwnt (*Je afier any tr*Je cffergJ PrePay[￿ts 8r• vahjwj at the amwnt r%t Of￿ trade d￿￿urts d￿. Ish at b* aThJ in haTrl i[￿UdE5 Stb)rt-*rm Li8bilit*S afè re¢c¥Jnks&l as exper#frtLre as sccffj as Ihw• ts a *al or con5twuC￿E cb7v￿￿On r￿mmittlTrg lh• Chanty to Ihat exFendiiure, it 15 probth thatsetuerwtwni te ￿￿re￿ arnl amounl of tt* ebllytN)n can Èe rr￿ur9d rèliaLYy. ￿￿r6 w(1 ren￿* to are charged to the Slatem•nt DfFinanryal Acts￿1￿ when I￿r￿. Grants are tr8aied as e>peThJitLJrewhen athrwd by Tr￿ ￿ ccThrnuni¢at8d to the berefici8riES, nct w￿n the grants are paMI. Rent* urb*r leases are lo the Stalerrwt of Finanoal Acb¥thes as t￿yfrI1 due. Staff ￿nSIOn con1ributio￿ ar• m*e ￿jer a d8fm•J contr*wbMs scheme, Ihe fimds are by thjlly I￿J1￿ndent InsUra￿e ¢c>￿rt Th•tn¥tg05 have Ihe w*ers to *west ihe ca￿tal In and apply Irwne to fv genera purwses d Ihe Ch•, lo pTh¥Je church and parsonage grarfs. Further d*ails ofth8 0nd￿￿J. Trstshjed ￿re$￿*￿ed1￿js are ft￿¢ 11. In Ihe #￿IKthn olthe ie¢ountiffj pokK*s, Irusiees a￿ to make J¢tyr￿, e51¥nate5, and 855umptMs •boulthe Ca￿ing value labilit*S Ihai ¥¢ ncrf re*ji￿ 4patent from Othersour￿. The e51imates and undetylng asswnptons are ba8•J on cl￿rfa￿a￿ *8 to be reb¥￿1. Actual YesuN5 may drfferfrom these e5tirDaies. are In Ihe *rMxl in *thi¢h tl* esllmate s rtwtsed rfthe r&¥￿￿)n affects0￿ Ihat PWiL>a. L¥ in tho porits Judg&ne￿$ made bythe trustees. in ofth8a• ￿0￿1¥19 ￿11￿&$ that have $lwrttant eff8cien th? financial stat￿nts 05trn*5 With a $vwffiL>rrt (Wmate￿ *lp$tmeN in th8 naxi yearare dewned lo ix9 In ￿￿711)n lo Its dep￿￿41k￿l r*$ oEtwt4e [￿j a858ts arbj vabjatm of prorert*s ard aR dI￿$S&j above. liabdths al the baL8Ke Sheet date are to¥ewA ￿ a m*W14￿nenttolheI ￿tykn9 amounts ￿ Ihe r*xt fir￿￿111 Wdr. h the ex¢xknon ofinvesiments ¥e W at faw va￿. Financial assets hebj aMorts￿ c051 Gomwsè cash * bank In h￿d. toJetherwih tr•J8 and dherdetlor5. A 5re¢kn provi%h)n i% made for detrts forwh recoverabilty inthubt Cash al bank in Iw￿j is def al wh h¢bJ in instant acc8S5 bank account5 and othei taxes arkl pro¥isions. 18 Marshall's Charlty Notgs to the Accounts forthe ￿are￿￿ed51StD￿rnt￿2025 (c&knnwd) l Tangiblo Flxod As8ets. Group •nd CIMrity ENDOWMENT FUNDS Equrmt Ewi)m8nt Costorvaluallon At 1st January 2025 Wlo fulty depreck8tsd & unused assets At 31st December 2025 Depreciation At 151 January 2025 Wlo fulty depre¢iabJ & assets Charge for th¢ year At 31$t Dgc8rnb8r2025 14et Book Valuo Al 31st Decernb8r2025 Al 318t Decèmber2￿24 17.434 2.812 70• 2.110 383,246 02 17.434 13.168 2.812 (702) 15,980. (702) 675 13,843 2.110 3,591 2672 ChriStC￿r¢h, s¢￿th*¥[k was bUItt￿ ra maiilaN*d by Ihe Chaftty in a(￿rdarKeT•rith th• of John Marshall. The Trustees fully mgWta¥i on basts of regular insp•ctiens. )d do not ￿nsider that any uselul purposo bp 5et¥*l by ¥abJing lh• land t￿ildIngS. The Tru5t£•s have therefore decbJ8d lo rxry Ihe Churth at nil Va￿ation. Part of the fitst and secand fknors of Maw5hall Ilwse, SoLrthwark ar• the i)ffw rrf Ihe Ch*ity. Thi8 proporty is ind￿d in thg accounts at a ¥akJe Df£363.(￿Q. All IarrfJIb￿ fixed assets are used fordwnlatk purFO)5es. Frneholds- Group and Charlty ENDOWMeNT FUNDS Charity Gtoup 202 2024 Openingb818ne8 8t 1stJantsary2025 Trants from fixed assets Purcha58 01 woperty Rgvaluabon Df properfM at ￿ •ThJ clo￿ng b8lane• al 31st De￿rnber 2025 13.425.(W 11.J70,1 237,( 11281.oco IiTh.•XQ 1.078.YJ6 1.￿,[ 1,076,936 . 201,LUI I.￿.064 117.(f The eostol the ch?￿S free￿￿)kI prDperll8s at31st DOC*￿r20?5 w88 £5,939.60D12024.£4,862,663). Th• cost of th8 Group Ireelw)Id woperb.es at 31st Lkwt*r 2025 was £6.C55.008 (2024- £4.978,077). The propety pQrfvl￿ wa5 valued by tF* Chanws Surv•yDr, J Keew. MRICS MCWT C.BUILD.E MCABE Tho valu8b.on Method used was the investment irKtff* c4Jibkation approach usiry market compar&*le evideneA. I freehokl properbes are ?iiuabJ li tr* United 19 Marshall's Charlty Notes io the Accounts lorthe yeareAKJ8d 31st D￿mber2025 (c¥)ntinued) Securltses- Group and Chaffty Total 2025 Totsl 2024 Al8￿81 vglu& at IslJanuwy 2025 Funds ￿￿IK￿Y1￿1rcrf1{XXd Exc*ang8 r810 diM8mncès RetainfjdthvitlwKIs 06duction 0fmanwm￿ltf6￿$ Salg olwvestsngrjts P￿￿8￿ ofinvesbTh&nts Netw"nslfb&s) t)n mVahKli￿d￿I￿￿& Market value at 31st Dec*7*er2025 9,629,940 8,531489 (1.2￿.￿)01 834.&M 14,2851 45,517 121 {46.0361 [45,811 (15.3641 70A•J 707,541 9 057.313 l629 £orf¢al Gostot 31sID6Cw￿202s Analpii of $￿￿111108 and s•¢urilr88 Incony Jn¢ome I￿￿8￿8nts 2025 2024 )25 2024 UK In￿$th￿nts Ov&tsgas Inv8strn8nts Tolal 118,487 59.667 178.1 137.191 4,712.276 s￿.1}4 9￿7213 Investh￿nt In svbsldlary company- Charlty In 2008. the Charity fom￿ Ma￿81$ (New H¢knèi Lwnited. a coryany registe￿. England and Wabs. Th• Ch8rity (￿￿ ItE erts￿ share ¢aptsl of£120,(￿O. The c(¥rpany ar4y¥e(l a Imohohj grcxjnd ￿Trt Saford. Al are 0)rAo￿ated on a r(M by lir* basis Statem•nt of F￿anUal AL*vths. The res￿ olthe SL*JsKJrdry forthe yearentsj 31 D•ceth 2025 are.. ENDOWMENT FUNDS 2025 2024 Income 4.263 1 Paym&ntto be m8d6 underiknd Orcov￿oI)e to ma￿l￿￿S Chw#y 148.592 148. Fund* 120,oc￿ 28.592 148.592 Marshall's Charfty Notes to th8 AcGY)unts forlhe year end￿1 31st L)6cemtsr2025 (Cortht￿l) Investments - Speclal Purposes- Group & Charity RESTRICTED FUNDS 2025 2024 Rathbones Core InNEslment FuThJ trcharities 419.695 411695 402.1 202$ 2024 Mo¥Èment during th• year. Markel Val￿ at 1 January 2025 Acquis￿(￿$ at cost Sale of investments Retained dividwKts Investrnent management lee Net gainllloss) on Tevaluation duFWKJ ts year Market value at 31 De¢ernI￿r 2025 401156 (122,1 9.Ll91 (2.3651 10,823 41B.695 11 402.1 2025 2024 Investrnents reprgS9nt the foll￿1r￿ fvTrts.' Chri$t¢hureh Extrthinary Repwr F￿b 419.69S D¢btors and prepayments- Group & Charfty UNRESTR5CTED FUNDS Group Charity 2025 2024 2026 2024 Rents duè from tanants aThJ aa￿ts Due from subsidiary Othèr d8btors .891 119.151,, J,891 4,283 4,459 99,613 . 4.459 1X 21 Marshall's Charity Notes to the Ac¢ounts forlhe y8arend8d 31st Decem￿r2￿5 {￿￿t￿luedj & Credito UNREST￿CTED FUNDS Group Charlty 2025 2024 2025 2024 Grdnts but ury)aNS Pr¢p$ty seN¢& charges held lor ftrture repaws Rent deposits held fortsnants (see belcw} Value added tax payab Other crEdilors and acuuaL% 835275 521.1 S8.87T." 635,275 59.652 113.543 47,427 97,679 521.1 113.513 , 47.427 97.679 132 963 Rent depo•lts h•ld fortsnarrt• These representthe li&*lty for rnntdep)sits of tenants hekl varxyjs Feriojs. The CC￿pensatI￿g deposits, in the n￿e of the Charty. are Ind￿je￿ in eash atbank arKJ in harbj. 9. Restricted Fund5. Group 2025 Othgr Galns Loss•s 8al¥nco 31.122S 1.1.25 Endowrnont Fund Development Fund Christchurch Extraordinary Repair FurKI Total Othgr Rostricted Funds Total Restricted Funds 21.744.666 250.IYXI 402,156 651156 1,720,241 23A64.907 250,L 17.539 419.895 17.539 669.695 1.737.740 24134602 2024 Balan￿ Transfer¥ 1.124 oth GaiR5 and Lasses Balan¢• 31.12.24 Endowmant Fund Funds for Accumulth"on of In¢orne for Caprtal P￿r￿e$ Devdoprngnl Fund ChTrstchurch Extr8oYdinary R•pair Futs Total Other Restricted Funds Total Restrktgd Funds 20.$￿1.231 174.904 $79A31 21.744.666 160,875 250,COJ 174,%)4 13.329 2SO,000 402,156 651156 22.396.822 53,213 66.542 646,073 759￿18 21.750,049 1174,2041 700 hlarshall's Charity Notes to the Accounts forlhe yeareThled 31sl lknmbw￿Y25 (confvil￿ 9 (continu￿> Restrictsd Funds- Charlty 2025 Othgr Gains and Loss•s Balance Trnnsfe 1.1.25 Balan¢è 31.12.25 Endowment Fund Development Fund Chnstchureh Extraordinary Repair FurKI Total Oiher Re8trlcted FurK15 Totsl Restrictsd Funds 21.716.074 250,CK*J 402,156 651156 1,720.241 23A36,310 250,OC 17.539 419,895 17,fj39 689.895 1.737.780 24,106,01Q 2024 Balance Transfers 1.124 Balance 31.12.24 Gain¥ and Lo•s•s Endowment Fund Funds forAcwrnul¥tr)n of Incorne for ca￿ts1 PiJrpos8s Do￿1￿ment Fund Christchurch Extraordinary Repar Fund Totsl Othgr Restrieted Funds Total Rgstrl¢tsd Funds 174,901 579,531 21.716,074 160,875 250.[ 348,943 759.818 21.721A67 174.204 13.329 250,1YXI 402,156 6S2.156 646J173 22,368.230 174% •) D•velopment Fund annual transfer from income of £25.CiKt is ally4BY. WKI thg fv[￿ may te ardied tDr purchase of land or thg d8velopmeftt aTrY irrpro%Am•nt of the property ofthg Charity. b) Chrfstchurth ExtraordI￿ry Repar Fund Ttansfers May be made to thts fund from aThJ thg lurKI may be tsthe f•PAir, improvernent or rthikJwvJ of Christthurch. stsulh%￿ 23 Marshall's Charlty Notes to the Accounts forlhe yeare￿I 31st tknmbw2025 (cf¥ttinued) 10. knalysls of Nèt Assets beiween Fund5- Gwup & Charfty Group 2025 Spocial AEwtsI ILlab￿li1¢¥I Endowed Funds 23.484.9)7 23.464,907 23.464.907 Rastrlct•d Funds D•vÈbpmenl Furky ChristeJ)urch ExtraOrdIr￿ Repair FuTrJ 250.oc 419.695 669.696 419,695 419.69S Unrostricted Funds Unalk<¥ted ITKome 1.298,997 26.013.904 341,741 7,256 26 091.868 Group 2024 Sp•thl Endowed Funds 21.744.e 21.741666 21,744.666 21.7rf666 Reslrfctsd Funds Deveh)pmerrt Fund Chri5tthurth Extraordinary Repay 250.000 402,1 662,156 402.1 4011 Unmtrlcted Funds Unallocated Income 1.427,5dO 271.9S9 1.155802 23.662 424 402.16$ 24 Marshaifs Charity NL7tes to the Accounts forlhe y¢arended 31stD￿0Mber202s (￿nt￿￿) 10 (contlnued) Analys1¥ of Net Assets between Funds- Group & Charyty Charity 2025 Tot•1 Gen.Purposes PurFwxes (Lfiablllllètsl Endowed Funds rJ.436.315 436.315 23,436,315 24436,316 Regtrlcted Funds Development FuThY Christthurth Exlrdordinary Repair FWKJ 250,CQ) 250.000 419,895 669.895 419.69S Unrestrkted Funds Unallocated Inc￿Me 1303.589 1346.333 2024 Total Gen.Purposes Purposes ILlabFThiesl Endowed Funds 21,716,074 21.714074 21.718.074 21,714074 R•strl¢ted Funds Development FurbJ Christchurth Eth¢ydinary Repor Furnl 250.000 4102,156 402.186 2WOOO 862,106 Uwrntricted Funds Unallocated Income 1.432,1f2 276.530 1,155.602 23 623.8J2 11. Audltoes remuneration The auditorf8 remul￿Rin c4>nstituled an 8utht tee of£17.85012024- £17.¢M). 25 Marshall's Charity Notes lo theA￿Unts fortha ￿r8r￿d3f￿De(t￿ts 2025 (C￿1￿?4 12. Analy818 of staff e(th and remuneTrts)n ol ley man•9•nMnt pèrnonnel 2025 2034 184.957 15,014 Awrage nurnb•r of#tsff (Incl￿ part-fyne sts Cknk Surysyor Tho emolumerts ofon8 m￿t￿ofsIaflz￿￿Iih(n Ihe r•¥Jod£7O,t￿A) lo £79.999 (2024 oml. erN￿umentS Of¢￿ m￿Of staft8re raffjB rf£80,(￿ to£89,93912Wk4 Lye). The abw*Je number of ern￿o)Ee5 Iheyw 312024. 3). Al ernWO￿ tsn The Charfty ¢fYWder5 it5 key matwrrw4 crytse tr¢ tr￿ee& t￿ Chef &¥ecutiYé l(*Ct*kl r￿Jana￿ VETE £181.97712024. ￿87.5911. payrrEnt lo a thid pwty12024. nonè}. Tii¢iee5werE ￿t li arry &Nlwtrawd*Jn *iih the Chanty or any rdated party12024- ￿￿e). 13. In¥estsntnt IncM Uthro¥trlct•d Group Charity 202S 2024 2025 2024 UK Prcyety rw)tal irtorne [h￿der￿lS & inkn5t On 8eoJritEs Otr*rintetesl Paym￿1 ft¢m Mar5hol￿ INRHI 1.211.344 T.Ca.4>. 1,2D7,081 178.154 178.154 44.234 44,234 &220 2376 Group & Charity 2025 ¥thds & n)ter•ston ge￿)L*S 9.081 011 14. Acti￿lIeS for Tal$h￿ lunds -Group 202S 2024 C¢>&yMlni51r￿Cfi chary¢- NEV￿X)men Colett Edwalcmal Fththicm rnCEn. a f*• io Fe0* in the L{￿th)n BorovJh of Soutfwdrk, is atsoba5ed in office5 of M¥S￿r5 Ch*ity. AJI tr*admirris1ra￿.￿ costs of b)th chari art p•d ty Mathll¥ Chanty, NCEF paFanW ar￿1 crfr•Jm5￿Str8ts)TrCh￿e. Marshall's Charity Notes to the AcLI)unts Torthe ye8r•nd8d 31StD￿m￿er2o3s (¢Lvtsinued} 15. Allocatlon of governance & support o)sts The breakth)wn of support costs and hcr*these were betsveen Govemance arxl othér supp￿1 costs shown behm. 2025 Basis of t(ts1s 70TAL Ap￿r￿)[￿Nenl C¢i8ttypp Staff Costs (note 121 Offic• costs & overheads 8.561 221.238 229,799 stsff tim• 151,8fj0 151,660 staff timo 8%61 371098 361,Pth59 2024 Ba￿$ of reIale￿ svppr￿ costs TOTAL WM)nmeni C08ttypè staff Costs (note 121 Office costs & overheads 228.052 238,￿2 Staff tima 161 ￿ Staff tim8 389.748 398.598 All stsff 5UPPOrt costs ha¥e teen allocaled on ts estimated basis of trr* ¥ent on Ih05e ￿te90￿$. AJI ovsrheads lexcept audit which havo teen charwj tg fyj¥efnan￿ and in¥èslmént man4emènt fees thch kwi (tsged to nvesiment & maintenan￿) havè bsen alocat& bats￿8n the catsgorie5 on thg 1)asis ofthe totsl staff cxJsts. 16. Allocatlon of govemance and other sup5￿ costs 202S 2024 Inve5trnent & prwty mainten Newcomen Collett support ¢mts Support olparwn89è grants Restoration ofethurches grants Marshall's Educats"onal Foundatic 8ee nots 17 232,074 45,367 56.612 27 Marshall's Charity Noles to ihe Accounts for th8 yeareThY8d 31sl t*ember2025 (c4)ntir1￿1) 17. Expendlture 2025 TOTAL C￿t of raiblng fund• Investment & prop¢rty ma1ntww￿o Direct property costs 232.074 232,074- 139,563 371,637 45.367 417.004 139.563 139. 232,074 45,367 277,441 wc(￿￿ Colett Support￿Sts Nclo 16) 139.583 Charltsbl• aetlvltl•s SLJPPOrt of parsonage gwls (see ncrte 221 Restorat¥)n of churc1￿5 grants Isee note 21) Christchwch. sOut￿ya Marshall'$ Educational Foundati All Sainfs Chjrch, Stamford 387.885 651.875 79.529 38,550 9,637 1,1 67.476 432,369 708.487 79.529 41.672 9,637 1.271.6 56.612 3.122 1H218 1X)7.039 381.669 1.688 2024 roT*I C¢xt of ral8lng fund8 Inwstmènt & prr4)erty maintenw Oirect prcyaty costs 239,997 239.997 192.161 431158 48.812 480,970 192,161 192.161 239.997 48,812 288,8Q9 Now¢omon Coll•tt suppyt ¢C*ts1see Note 161 192.161 Charitable activltie¥ Swjport of paTronage grants {see ncAe 22} R8Storation of churehè5 gwants Iw ntste 21) Christchurch. Southwa atyhall's E(hK*ti)nal FOu￿bOn Stamford Lg¢ture$hlp 371,920 447,578 Sfj,817 34,113 8,528 918.956 416.788 507,205 .817 37.407 59,627 109.789 1.028.745 1.509,715 28 Marshall's Charity Notes to the Accounts forthe y￿anded 31st Decen￿2ff25 (c(xJlinued) 18. Operatlng Lease Paym•nts At 31 December2025 the Charity has neAKanedL*Ae operating lea￿S as Idl0￿.. Plant & Equlwnent Payable in one year Payable irj Ihè S￿Ond to ffRh year5 2025 2024 959 716 12 Net debt reconclllat5on statem￿¢ 2025 Ca¥h Flows 01.01.25 31.12.25 Operating lease liabilths 1161 2024 Cash Flows 01.01.24 31.12.24 Operaknng18ase liabilities 161 19. Operatlng Lgase Receipts At 31 Decern￿r 2025 the Charity Itas operating lease it7come as k4lows: Lease rental income Receivable in on¢ year Recewable in the S￿￿nd lo ￿81S Re￿1vable after 5 sy3 2025 2024 919.786 2,039.837 1,143.293 4.102.696 857.825 1,159.401 489,283 Is￿509 20. Reconclllation of net movement In funds to net ¢ash fmm operatlng •ctivStles 2025 2024 1.539,434 the statement of Ilnanclal adivilles) Depraeiation tharges Gains on in*stmènts DiwdgTrJs, interest and rents from in￿SIM DecreasellInc￿as0I in debtors Increaselldecreasel in credilors N•t eashprnvld•d ay{us•d In) ope*adivFrf•8 875 67$ 11,731,Wl (841750 11.448.033) (1.385, 35,178 110.744 114.535 &).71 Marshall's Charlty 21. CHURCH GRANTS 2025 2024 st Luk8'¥. Maklstone St Pe*¢4 C8ntertsJry Stmgrys, Lentrom St Ni(*K49& ThaThn¥*n st NKhL4¥ (Mham St John Th• E￿ngeLrt H st Peter8wIth All Sa￿ts Chw st Paufs, Nort( th 8urW Healh St Maryof8eth8nyWokw stJam¢s'. EL*ead Holy Tdt)ty W•gt b)J I S4inf8Churth, Guthlkw 8tMK*ad 8ndAI StPtrttr, Nay￿by StNiLula4 Great Co8t8s Sl Hden'4 ￿lI￿h8￿ 8t Guthl*4 Mart¢t Deep Sl Bcthrkn. Saxi￿Y￿￿h Inglety StMary.VVhapbde Sl&*rfthun4 Lonsible for the other information contained within the Annual Rewt. Our ts￿n￿n on the financial staten￿rIts does not cover the other information and, except to the extent othenwise oxpltcitly stated in our ￿pOrt, we do not express arky of assuran¢e Cor￿lusIon thereon. Our responsibility is to read the ots Ènformkn arKI, in doing so, c￿SKIer whether the other informalK)n is m8terialty ineonsi%tent wth the firwwl statements or our knowletjge obtsined in the course of the audrt, or Othe￿Se appears lo be materially misstal&d. If we identfy sueh material inconsistencies or apparent material misst*ments. we are requffed to deternine whether this gives rise lo a material misstaternenl in the finar￿la1 statements tr*msgfves. If. based on the work we have performed, we conclude th* ther8 is a material misstatement of this other infomHb'on. we are rquired to re￿rt that fa¢t We have nothirvj to report in this regard. 32 Marshall's Charlty PAatters on whkh we are requlr•d to roport by excepUoD We have nothing to report in respect of the follcmng mattgrs ￿re the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomiat#)n gNen in the Tntstees, Rewt r& I￿nsistenI in any m*erial respect wtth the financial stst8ments,' or sufficient accounting records have Th)t been kept. or the fina￿la1 ststements are r￿t in agrgerwt with acC￿nts'n9 r8COTds and relums" or we have not receNed au the informat¥)n and expknaticrfts we requsre fcw our audit. Rosponsibilities of trustees As explained more fijlty in the Tntstees, Respo￿￿￿111beS St*trrt ￿ Trustees are resw)nsibl8 for the preparation of the financial statements, whKh give a true and fair vithy, and for such intemal control as the Trustees detemine is nExessary lo enabbe the prep*ats'on of financial statements Ihat are free from material misStaten￿rt. whdher due lo fra￿1 or error. In preparing the financial stalenEnts. the Trn￿tee$ are responsib￿ for assess¥vJ the grow), and the parent ¢harity's abilty to continue as a ￿ng concern. disck)sing, as arOl￿able, matt8rs related to g￿ng concern and Lv3ing the going concem basi8 of aecounting the Trustees either inlerKI to liquidate the group or to ￿se operalths. or have r￿ real[St￿ arternatNe but lo do so. Audltor¥' vesponsibllltles for Ihe audil of the financial slatements have b￿n appointed as auditor under section 151 otthe charit￿5 Act 2011 and report in accordance with the Act and rele¥8nt regulaticffts made or havllvj effect thereundw. Our oLyectwes are to obtain reasonable assurance atout whether the financial stal8ments as 8 whole ar8 fr88 from Thlerial misstatemenL whether due to fraud or arror. and to issue an Auditors, Report that includes our opin•)n. Reasonablè assurance is a high level of a$Surar￿e. bul is not a guarantee that an audit eonduct&l in accofdance with ISA5 (UK) wll aw detect a material misstatement when l( exists. Misstatements can aiise fraLpJ or error and are Corts￿￿ered material rf, indrvidualty or in the aggregate. they ￿Uld ￿SonablY be eXp￿ted to infiuertce the economic decisions of users taken on the b8sis of these finar￿181 ststements. Irregularitie5. including fraud, are iftstan￿ of ncfftrC4)M￿IancO wilh I￿S a￿1 reguklv)ns. We design procedures in line with our responsiblrties. inchJdiNJ fra￿1. Tr extenl detaI￿d below.. We gained ￿ understanding ofthelggal and wulalory applicable to the group and Pa￿nt chanty including how rt operates and Cc￿S1d8rad the risk of the group and porenl charty r omptyirKJ wlh Ihe applicab18 Laws and wuiations ir￿l￿dIng fraLKI. in part￿ular Ih05e that could have a material impact on the financol Ststemenls. This induded Ih¢)se (egulati)ns directty related to the financkil slaternents. In relatton to group and parerrt charity ]r￿lud￿l aiyloyment law. rinancial reporting and data proteclion. The risks were dI￿V$Se￿ the a￿lIt team and we remained a￿rt io indications of rKJn- compli8nce Ihroughout the audit. We carried out specifK w￿￿JureS to address the rtsks identffied. These induded the foll(Nwing'. RewewiNJ mmules ofTrustee Board ￿￿11rY￿S, any cOrrespmjer￿ with ￿ Charity Commission, agreeing Ihe firkAncial ststernent disdosures to undetying supwrting d(xumentation and enquiries of Managem￿tt ofthe Group. We have also reviewed the Pro￿dureS in place for the reporting of any incAdents to the Trustee Board including serr)us incident reporting of these matters as necessary *ith the Charity Commiss￿. To address the risk of manajemellt overrKle of contrds. we earried out testing ofjoumal efitries and other adjustments for appropriaten￿. We revie•ve(I systems and procedures to klentify potential areas of management overrKle risk. In particular, we carried out testing of journal entries and ot￿r adjuslmerrt5 for appropri*nes$. We also assessed management bkqs in relatton to the &counlvig poliw adoptej arKI in daterrrining signif￿nt xcountiNJ estimates. ReviewirvJ valuati￿$ of investment propwlies including the qualIficat￿rts of the valuer. approach taken. information used and condusM)ns rexhed, aThJ challenging ?ssumptKins and judgements male ty M￿gement in thgir cr￿￿￿ aceounling estinates. 33 Marshall's Charlty Becaus8 dthe inher8nt ￿mitat￿nS of an audit. there is a ri%k that we will not detect all irregularitEs. including those ￿adIng to a m*rial misstalanent n the financial statements or Th)n-cc¥npliance with ragulation. This risk increases the more that ts)mplAnce with 8 law or regulation is ￿￿Vad from the events and transactions reflected in the finanek81 statements. as we will be less likely to become aware of instances of non•cornp1iar￿e. The risk is also greater regardiThJ 1rregularrt￿S occurring due to fraud rather than error. a5 fraud involves itentA￿al ￿n￿lMent. forgery, ￿lIUS￿l￿, ¢)mission or misrepresentaticfft. A furth9r descripl¥)n of responsibiliiies forthe audit of the financial statements b)c*d on the Financial Reporting Cou￿11,5 website aL thvM.frc.org.ukJa￿1ltolSreSponsIbl1rt￿5. Thts descrption fonns part of our Audito￿. Report Usg of our rgport This rep¢)rt is made solety to the group's trustees. as a lJ)dy, in acccffdance with Part 4 of the Charf(ies (Accounts and Rep￿ls} Regulations 2008. Our wdii work has been undertaken so that we M￿h1 state lo the group's tnjstees those matters we are required to state to them in an Auditors. Report and for no other purpose. To the fijllest extent ￿rnItted by law, we do not accept or assume respon5ibilrty to anyone other than the gr￿p arKI ts trustees. as a body. for our audrt wotk. for this port, or for the opinions we have formed. Price Bailey LLP Stslutory Audrtor5 3rd FI¢x*r. 24 Old Be)1￿ Street. London W1S 4AP PTKe Bailoy is eligiljle to act as an a￿litOr in tem￿ of ￿l￿)n 1212 of the Companies Act 2006. 19 May 2026