DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 THE CARROLL-MARX CHARITABLE FOUNDATION ANNUAL REPORT AND TRUSTEE'S FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 REGISTERED CHARITY NUMBER: 212605 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## INDEX 1. TRUST INFORMATION 2. – 3. REPORT OF THE TRUSTEE 4. REPORT OF THE EXAMINER 5. STATEMENTS OF FINANCIAL ACTIVITIES 6. BALANCE SHEET 7. – 11. NOTES TO THE FINANCIAL STATEMENTS APPENDIX. SCHEDULE OF INVESTMENTS AND INCOME RECEIVED DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION ## TRUST INFORMATION ## Trustee The Trustee of the Fund who served during the year is as follows: Sequent (U.K.) Limited Registered Office: 1 King William Street London EC4N 7AF Directors: A J H Penney S Stevenson E Bruwer M Luethi Independent Examiner G M Nicolle, MEng, CA, FCCA ## Bankers Barclays Wealth 1 Churchill Place, 16th Floor Canary Warf London E14 5HP Investment Brokers Barclays Wealth 155 St.Vincent Street Glasgow G2 5NN 1 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION ## REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST DECEMBER 2022 The Trustee presents herewith the report and financial statements for The Carroll-Marx Charitable Foundation for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019. ## Status and objects of the Charity The Carroll-Marx Charitable Foundation is a Settlement Trust governed by the Trust deed dated 4th February 1960. The Trust is a Registered Charity, Number 212605. The Trust provides donations for such charitable purposes in any part of the world at such time or times and in such manner as the Trustee shall, in their absolute discretion, think fit. The Trustees confirm that they have had due regard to the guidance issued by the Charity Commission on – public benefit “Public benefit: reporting (PB3)”. ## Trustee The name of the Trustee who served during the year is set out on Page 1. ## Review of the year During the year, actual charitable donations totalling £24,680 were made. At year-end, the Trust held net assets of £1,092,037. ## Investment objectives The investment objective is to obtain capital growth by the way of non-taxable appreciation and to generate income for charitable donations. The return on investments continues to provide these resources. ## Risks faced by the Charity The Trustee recognises the volatility of the stock market. The investment held is considered ‘moderate risk’ and is highly regarded. ## Statement of Trustee Responsibilities The Trustee is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the Trustee is required to:- select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in the near future. 2 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION ## REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST DECEMBER 2022 - continued. Reserves Policy The Trustee aims to maintain sufficient reserves to enable the Charity to sustain its charitable donation activity at the current level and, if possible, to increase it. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable compliance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations. ----------------------------------------------Sequent (U.K.) Limited 1 King William Street London EC4N 7AF Telephone: 2039 668 599 3 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION ## INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE CARROLL-MARX CHARITABLE FOUNDATION I report to the Trustees on my examination of the accounts of the Carroll-Marx Charitable Foundation (“the Foundation”) for the year ended 31 December 2022. ## Responsibilities and Basis of Report As the Trustee of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and, in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent Examiner’s Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe, in any material respect that: - the accounting records were not kept in accordance with section 130 of the Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ----------------------------------------------G M Nicolle, MEng, CA, FCCA Independent Examiner Crossways Centre, Braye Road Vale, Guernsey, GY3 5PH Date: 4 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure account) for the year ended 31st December 2022 |Note
Income From:
Income from Investments
1
Bank interest
Total Income
Expenditure on:
Expenditure on Charitable Activity
7
Governance costs
2
Total Expenditure
Net gain/(loss) on investments
3
Net Movement in Funds
Balances brought forward at 1st January
Balances carried forward at 31st December|2022
£
30,644
40
30,684
(24,680)
(19,519)
(44,199)
(118,970)
(132,485)
1,224,522
£1,092,037|2021
£
27,488
8| |---|---|---| |||27,496| |||(18,000)
(19,833)| |||(37,833)| |||99,418| |||89,081
1,135,441| |||£1,224,522| The notes on pages 7 – 11 form part of these financial statements. 5 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION BALANCE SHEET as at 31st December 2022 |Note
**Fixed Assets**
Investments
3
**Current Assets**
Cash at bank and in hand
**Current Liabilities**
Amounts falling due within one year
5
**Net Current Assets**
**Net Assets**
**Funds**:
Unrestricted Funds:
Capital Fund
6
Income Fund
6|2022
£
1,015,465
83,015
(6,443)
76,572
£1,092,037
882,916
209,121
£1,092,037|2021
£
1,135,987
91,459
(2,924)| |---|---|---| |||88,535| |||£1,224,522| |||1,004,994
219,528| |||£1,224,522| The financial statements were approved by the Trustee, on and were signed for and on behalf of: Sequent (U.K.) Limited ----------------------------------- Authorised Signatories The notes on pages 7 to 11 form part of these financial statements. 6 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 THE CARROLL-MARX CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2022 ## 1. PRINCIPAL ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements:- ## Accounting Convention The accounts 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 the Republic of Ireland (FRS 102) issued in October 2019 (“the Charities SORP (FRS102)”) and The Charities Act 2011. The Carroll-Marx Charitable Foundation meets the definition of a public benefit entity under FRS 102. ## Going Concern In the opinion of the Trustee the foundation is able to settle all its obligations as they fall due, and to meet its charitable objectives for the foreseeable future. Accordingly, the accounts have been prepared on the basis of a going concern. ## Basic financial instruments The trust only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from or to banks and related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid. ## Investments Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst, excluding dividends. Other investments are included at the trustee’s best estimate of market value. ## Creditors Creditors are amounts owed by the trust. They are measured at the amount that the trust expects to have to pay to settle the debt. 7 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2022 ## Investment income Investment income is included on a receipts basis. Interest Interest is included on a receipts basis. Expenses Expenses are included on an accruals basis. 8 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2022 |2. ANALYSIS OF GOVERNANCE COSTS|||2022||2021| |---|---|---|---|---|---| ||||£||£| |Trustee’s Fees (including administration)|||14,389||15,068| |Investment Management Fees|||3,130||3,315| |Examiner’s Fees|||2,000||1,450| ||||£19,519||£19,833| |3. INVESTMENTS|||2022||2021| ||||£||£| |Market Value 1st January|||1,135,987||1,040,254| |Disposals|||(1,552)||(3,685)| |Net gain/(loss) on investments|||(118,970)||99,418| |Market Value at 31st December|||£1,015,465||£1,135,987| |Net gain/(loss) on investments comprises:|||||| |Unrealised gain (loss) on investments|||(119,202)||98,804| |Realised gain on investments|||232||614| ||||(118,970)||99,418| |BREAKDOWN OF INVESTMENTS||2022|||2021| ||£||£|£|£| ||Cost||Market Value|Cost|Market Value| |Ordinary shares|913,870||1,015,465|915,190|
1,135,987| |(At fair value through|||||| |Income and Expenditure)|||||| ||£913,870||£1,015,465|£915,190|
£1,135,987| 9 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2022 INVESTMENTS WHICH ACCOUNT FOR MORE THAN 5% OF THE PORTFOLIO |||2022||2021| |---|---|---|---|---| ||£|£|£|£| ||Cost|Market Value|Cost|Market Value| |Barclays Charity Distribution GBP|913,870|1,015,465|915,190|
1,135,987| Market values are based on unadjusted quoted prices in an active market – Level I in the fair value hierarchy. ## 4. INVESTMENT RISK The main form of risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, volatility in yield and the attitude of the trustee to investment risk. The trust is reliant on dividend yield in part to finance its work, however, as investments are held in sterling, the trust is not exposed to exchange rate risk. The trust manages investment risk by retaining an investment manager and operating an investment policy. The trust does not make use of derivatives and similar complex financial instruments as the trustees view is that investments are held for their longer term yield total return and that any volatility over a long term period is usually corrected. |5. CREDITORS
Income:
Sequent (U.K.) Limited: Administration fees
Collenette Jones Limited: Examiners fees
Other creditors
Capital:
Barclays Management Fee
Total Creditors|2022
2021
£
£
80
550

2,000
3,600
763
1,520
---
854
£6,443
£2,924| |---|---| 10 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## THE CARROLL-MARX CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2022 |6. FUNDS
Capital
Balance brought forward
Net gain on sale of investments
Difference on revaluation
Bank interest
Expenses
Balance carried forward
Income
Balance brought forward
Income
Expenses
Donations
Balance carried forward
7. SCHEDULE OF DONATIONS
INCOME ACCOUNT
The Holocaust Educational Trust – 13.09.22/28.01.21
World Jewish Relief – 03.03.22 / 05.02.21
Royal Horticultural Society -12.05.22/11.10.22|2022
£
1,004,994
232
(119,202)
22
(3,130)
£882,916
219,528
30,662
(16,389)
(24,680)
£209,121
2022
£

10,000

10,000
4,680
£24,680||2021
£
908,891
614
98,804
---
(3,315)| |---|---|---|---| ||||£1,004,994| ||||226,550
27,496
(16,518)
(18,000)| ||||£219,528| ||||2021
£
10,000
8,000
---| ||||£18,000| ## 8. TRANSACTIONS WITH RELATED PARTIES For the year ended 31 December 2022, amounts totalling £14,389 (2021: £15,068) were invoiced by Sequent (U.K.) Limited for the provision of Trustee and Administration services. Amounts totalling £80 (2021: £550) were outstanding at the year-end. 11 DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule I - Portfolio Assets Valuation and Turnover ## Portfolio Summary |**Category**|**Portfolio**|**Portfolio Reference / Name**|**Book**|**Fair**|**Realised**|**Unrealised**| |---|---|---|---|---|---|---| ||**Type**||**Value**|**Value**|**Gain / (Loss)**|**Gain / (Loss)**| ||||**GBP**|**GBP**|**GBP**|**GBP**| |**Bankable**|**Financial Assets**|||||| ||**Investment Portfolios**|||||| |||PF004 / 511910946 / Carroll-Marx C/F - Barclays|996,886|1,098,481|233|101,595| |||Wealth/Gerrard Inv p/f||||| |||**Total Investment Portfolios**|**996,886**|**1,098,481**|**233**|**101,595**| ||**Total Bankable Financial Assets**||**996,886**|**1,098,481**|**233**|**101,595**| ||**Total Non-Bankable and Bankable Assets**||**996,886**|**1,098,481**|**233**|**101,595**| Page 1 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule I - Portfolio Assets Valuation and Turnover ## Analysis by Asset Classification |**Category - Portfolio Type - Portfolio**|**Money**|**Fixed**|**Equities**|**Commodities**|**Hedge**|**Real**|**Multi Asset**|**Alternative**|**Private**|**Total**| |---|---|---|---|---|---|---|---|---|---|---| |**Reference / Name**|**Market**|**Income**|||**Funds**|**Estate**|**Funds**|**Investments**|**Equities**|| ||**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**| |**Bankable Financial Assets**||||||||||| |**Investment Portfolios**||||||||||| |PF004 / 511910946 / Carroll-Marx C/F|83,015|-|-|||-|1,015,465|||1,098,481| |- Barclays Wealth/Gerrard Inv p/f||||||||||| |**Total**|**83,015**|**-**|**-**|||**-**|**1,015,465**|||**1,098,481**| Page 2 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule I - Portfolio Assets Valuation and Turnover ## Detailed Analysis |Detailed Analysis|Detailed Analysis| |---|---| |**Portfolio**
**Asset Name**
**Book Value**
**Fair Value/**
**Proceeds**
**Realised**
**Book Value**
**Fair Value/**
**Proceeds**
**Realised**
**Unrealised**
**Type**
**Name**
**Date**
**Detail**
**Nominal**
**Asset**
**from Sale**
**Gain / (Loss)**
**from Sale**
**Gain / (Loss)**
**Gain / (Loss)**|| |**CCY**
**CCY**
**CCY**
**CCY**
**GBP**
**GBP**
**GBP**
**GBP**|| |**Investment Portfolios**|| |**PF004 / 511910946 / Carroll-Marx C/F - Barclays Wealth/Gerrard Inv p/f**|| |**Barclays Charity Fund GB00BBBTRH80**|| |Price GBP 1.374 (31.12.21)|| |31.12.2021
Balance B/fwd
826,773.53 GBP
915,189.84
1,135,986.84
915,189.84
1,135,986.84
220,797.00|| |05.05.2022
Disposal
(1,192.01) GBP
(1,319.49)
1,552.00
232.51
(1,319.49)
1,552.00
232.51|| |Price GBP 1.23 (31.12.22)|| |31.12.2022
Total
825,581.52 GBP
913,870.35
1,015,465.27
232.51
913,870.35
1,015,465.27
232.51
101,594.92|| |**Barclays/Gerrard Ltd GBP BNK**|| |31.12.2022
Total
GBP
-
-
-|-
-
-| |**Barclays/Gerrard Ltd GBP BNK**|| |31.12.2022
Total
GBP
1,697.02
1,697.02
-|1,697.02
1,697.02
-
-| |**Barclays CM CFDN - Inc Reserve Account**|| |31.12.2022
Total
GBP
40,769.62
40,769.62
-|40,769.62
40,769.62
-
-| |**Barclays CM CFDN - CAP Reserve Account**|| |31.12.2022
Total
GBP
40,548.72
40,548.72
-|40,548.72
40,548.72
-
-| |**PF004 / 511910946 / Carroll-Marx C/F - Barclays Wealth/Gerrard Inv p/f Total**
**Grand Total**|| ||**996,885.71**
**1,098,480.63**
**232.51**
**101,594.92**| ||| ||**996,885.71**
**1,098,480.63**
**232.51**
**101,594.92**| Page 3 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule II- Portfolio Income & Expenses ## Portfolio Summary |**Category**|**Portfolio Type**|**Portfolio Reference / Name**|**Gross**|**Expenses**|**Tax**|**Net Income**| |---|---|---|---|---|---|---| ||||**Income**|||| ||||**GBP**|**GBP**|**GBP**|**GBP**| |**Bankable**|**Financial Assets**|||||| ||**Investment Portfolios**|||||| |||PF004 / 511910946 / Carroll-Marx C/F - Barclays Wealth/Gerrard Inv p/f|30,644.07|-|-|30,644.07| |||**Total Investment Portfolios**|**30,644.07**|**-**|**-**|**30,644.07**| ||**Total Bankable Financial**|**Assets**|**30,644.07**|**-**|**-**|**30,644.07**| |||||||| ||**Total Non-Bankable and**|**Bankable Assets**|**30,644.07**|**-**|**-**|**30,644.07**| Page 1 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule II- Portfolio Income & Expenses ## Financial Assets Summary |**Category**|**Type**|**Portfolio Reference / Name**|**Money Market**|**Fixed Income**|**Equities**|**Commodities**|**Hedge Funds**|**Real Estate**|**Multi Asset**|**Alternative**|**Private**|**Total**| |---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||**Funds**|**Investments**|**Equities**|| ||||**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**|**GBP**| |**Bankable**|**Financial**|**Assets**||||||||||| ||**Investment Portfolios**|||||||||||| |||PF004 / 511910946 / Carroll-Marx C/F -|-|-|-|-|-|-|30,644.07|-|-|30,644.07| |||Barclays Wealth/Gerrard Inv p/f||||||||||| ||**Total**||**-**|**-**|**-**|**-**|**-**|**-**|**30,644.07**|**-**|**-**|**30,644.07**| Page 2 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation DocuSign Envelope ID: 98038094-8092-452A-BED4-19CEA8F23390 ## Schedule II- Portfolio Income & Expenses ## Financial Assets - Detailed Analysis |Financial Assets - Detailed Analysis|Financial Assets - Detailed Analysis| |---|---| |**Portfolio**
**Type**
**Portfolio**
**Reference/Name**
**Date**
**Detail**
**Ccy**
**Gross Income**
**Collection**
**Charges**
**Tax**
**Net Income**
**Gross Income**
**Collection**
**Charges**
**Tax**
**Net Income**|| |**CCY**
**CCY**
**CCY**
**CCY**
**GBP**
**GBP**
**GBP**
**GBP**|| |**Investment Portfolios**|| |**PF004 / 511910946 / Carroll-Marx C/F - Barclays Wealth/Gerrard Inv**
**p/f**|| |Barclays Charity Fund GB00BBBTRH80|| |31/01/2022 DIV
Dividend
GBP
1,873.47
-
-
1,873.47
1,873.47
-
-
1,873.47|| |31/01/2022 DIV
Dividend
GBP
3,035.09
-
-
3,035.09
3,035.09
-
-
3,035.09|| |30/04/2022 DIV
Dividend
GBP
5,517.89
-
-
5,517.89
5,517.89
-
-
5,517.89|| |30/04/2022 DIV
Dividend
GBP
2,257.09
-
-
2,257.09
2,257.09
-
-
2,257.09|| |31/07/2022 DIV
Dividend
GBP
2,554.35
-
-
2,554.35
2,554.35
-
-
2,554.35|| |31/07/2022 DIV
Dividend
GBP
5,787.33
-
-
5,787.33
5,787.33
-
-
5,787.33|| |30/10/2022 DIV
Dividend
GBP
6,539.43
-
-
6,539.43
6,539.43
-
-
6,539.43|| |30/10/2022 DIV
Dividend
GBP
3,079.42
-
-
3,079.42
3,079.42
-
-
3,079.42|| |**31/12/2022 Total**
**30,644.07**
**-**
**-**
**30,644.07**
**30,644.07**
**-**
**-**
**30,644.07**|| |**Total PF004 / 511910946 / Carroll-Marx C/F - Barclays**
**Wealth/Gerrard Inv p/f**|| ||**30,644.07**
**-**
**-**
**30,644.07**| Page 3 | For the financial year ended 31 December 2022 Carroll-Marx Charitable Foundation