Doeuslgn Envek)pe ID.. OEIS1071-E1C9-4171-B827-FQAC605AC82D
THE CARROLL-MARX CHARITABLE FOLTrIDATtON
ANNUAL REPORT AND TRUSTEE'S FINANCIAL STATEMENTS
R THE YEAR ENDED 31ST DECEfwiBER 2023
REGISTEIIED CHARITYNUMBER.. 212605

Docuslgn Envdope ID.. gE151071-E1CU171-8827-FOAC605AC82D
INDEX
TRUST INFORMATION
REPORT OF THE TRusfEE
REPORT OF THE EXANllNER
STATEMENTS OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTBS TO THE FtNANCIAL STATEMENrs
APPENDIX. SCHEDULE OF INVESTMENTS
AND INCOME RECETVED

Docusign Erwelope ID, 9E15t071-E1Cg-4171-B827.FOAC605AC82D
THE CARROLL.MARX CHAIUTABLE FOUNDATION
TRUSTINFORMATtON
Th¢ Trustee of tlie Fund wlio seNed during the y¢ar is as follows..
Sequeiit ffjJ.K.) Limited
Registered Office-
l Kitig Williain Street
London
EC4N 7AF
DireGtor5'.
A J HPenney
S SteVel￿On
E Bi'llwei.
M Luelhi
Inde
endent Bxamin¢r
G M Ni¢oll¢, fvLEng, CA, FCCA
BRllker5
Barclays Wealth
l Ll)uiEJiill Place, E6th Floor
C.attaiy Warf
Loado
E145HP
Investnient Broke]t
Ba￿layS Wealtli
155 St.Vincet)t StIEet
Glasgow
C2 5NN

Docusign Envelope ID.. 9E16107t-E1C94171-8827-FOAC605AC82D
THE CARROLL-MARX cFL￿TABLE FOUNDA TtON
REPORT OF THE IRUSTEE FOR THE YEAR ENDED 3 1ST DECEMBER 2023
The Tj'uslet pjtsents lierewith the ￿pol.1 and fillancial stateinents for Tlje cwroll.marx Cliaritable
Fouiidatioii for the year ended 31st December 2023. Tlie financial stateineijts have been prepaitd in
a¢¢oi.dan¢e witli tlie accoiinting policits set out in note I to the accounts and comply with the cli*'ity's trust
deed. the Cbarities Act 2011 and A¢coiinting and Repoiting by Cliariti¢s.' Ststeiment of Recoinincnded
Practice applicable to chai'ities prepai.iiig IlieTr accounts Én a¢¢ordart¢e wttkn the Finalleial Repoitln8
Standaiyl applicabl¢ in tlie UK and Repub15¢ of Ii'eland (FRS 1021 published in October 2019.
Status and ob'ects of the Chayi
71ie Can￿[I-m￿rX Cliaritable Foulldation is a Settl¢inei)t Twst goveined by tlie Trust deed dated
4tli Febriiary 1960. The niist is a Rtgisiered Charity, Numbei. 212605.
The Trtist pibvidES doTratlOn5 for siicli clia)'itable purposes in a￿Y pait of the world at such time or times and
in Si￿11 I￿all[ler as the Trustce shall, in tlieir absoltite discretiott, thitdc fjt.
The Trtsstees eonfii'm tliat they have had due r¢gard to the guidance issued by tlie Chai'ity Coillniission on
piiblic benefit-
'Public beilefit: repJrling IPB3)"
Tlie nttme of tl?e Tiustce wlTro sek'ved diii'ing tlie year is set Ollt on Page l.
Review of the
ear
Dui'iiig thc ycar, actual cliaritahle donalTons totalling £20.000 were made.
At year-end, die Trust l)eld ]]et assets of £1.143,767.
Inveshment ob-ectives
The Ellvestjnellt objecttve is to obtatn capital groivth by the way of non-taxable appi'eeiatioji and to genei?te
incomc for chai'itable dnithtions. Tlje Ittum (Jii iiivestmeTrts continues to pl￿VEde tliese Iesoui'ces.
ks fa¢ed b th¢ Chai.
Tlie Trnstee recogiiises t]ie volatillty of tlie stack marf(et. The investsnent lield is tohsidered 'inodet2te I'isk.
aiid is liiglily Tegarded.
Statetnent of Ti'ustee Res
onsibilities
Tl)e Tjustee is required to prware [￿alIcial statements for each fEnancial year whi¢li give a tili¢ and fair
view of tlie state of affairs of the Til￿1 at)d of the suiplus oi. defjtit of tlie TnE5t for tha¢ period. In PiEpariDg
those financial 5tatenients, die Trustee is reqiiired to...
select SLii(able aceountllig p)licies and tlien apply theni consEstently'
ob5erv¢ the Inethods pi'inciples of the ￿&r￿tieS SORP;
rnake judge4nents and esÉilliates that ￿'e reasonable and piud¢nt'
stale wliethei. appllcable accouiiting staiidai'ds have been followed subject to a￿Y material depaitUiE8
disclosed and explained iii the finaiicial statenients. &id
prepave tlie fiiiatieial statements on a goijig coiiccin b￿lS Unless it is inappropri2tt to presumc tliat
the fi'ust will continiie in tlie near flitti￿.

[k)CU￿9n Envelope ID.. 9E151071-E1C94171-B827-FOAC605AC82D
THE CARROLL-MARX CHARfTABLE FOUNDATION
REPORT OF THE TRUSTEEFOR THE YEIiR ENDED 31ST DECEMBER 2023- eoiitillued.
R¢seYves Poli¢
The Trustee aims to maintain Sti￿￿c[cAt i'e5eives to e￿able the Chai'ity to sustaill its charitable donation
ctivity at tlie current level and. if possible, to incre￿¢ it.
The Triistee is responsible for keeping proper accounting records whi¢h disclose with reasonable a¢cura¢y
at any tittie the fillaiieial positioii of the Trusi #txE to ellable col￿pIla￿¢t with tlie Cliarities Aet 2011. Ibe
Chai'ity {Accouiits aiid Reports) Regulations 2008 &nd the provisions of tlie trusÉ decd. The Trustee És also
responsible foi. safeguarding the assets of tlie Ti'ust and lience for taki￿£ reaso]￿ble steps foi. tlie prevelltloll
id detection of fyaud, tYJ￿1. and non-compliance witl) laiv or Yeglllations.
Sequeiit {lJ.K.) Limited
l King Willi&m Stt'eet
London
EC4N 7AF
Telephone.. 2039 668 591

Do(usign Envelope ID.. 9E161071-EIC9-4171-&827-FOAC605ACW2
THE CARROLL-MARX CHARITABLE FOUNDATION
INDL,PLNL)LN"I' LXAMLNLK'S IiLFOK'r
TO TJIB TRUSTEE OF THE CARROLL-MARX CHARITABLE FOUNDA TION
I reNNt lo the Ti'ustees on my examination of the a¢wunts of the Carm]l-Ma￿ Cl)aritable Foundatio
{"the Foundatiott") for the year emded 31 December 2023.
Res
onsibilEties and Basis of Re rt
As tlie Trustee of tlie Foundatioii you are iE$ponsible foi the pieparation of the aecounts iii a¢covdan¢e
wktli tlie requiYeinet)Is of the Cliai'ities Act 2011 r'ihe A¢t"l.
l JfPOLt in ir5pect of Eny examiiiation of tlie Foundatiotk's accounts ¢ari'ied out under Section 145 trf the
Act and, iii caijyillg out Èny ex￿ni]latiOn, I have followed &ll tlje applicable Directiotls 8iYen by tlie
Charity Coinlliission linder se¢tion 145(51(b) of th¢ Act.
lllde
dentEx%unirter's Statement
I have coinpleted niy exarnination. I coiifirji) that no m&tei'ial n]attei's have coine to niy attelltioTr i
connectioii with the ex￿1]inatiOn i¥hich gives me eause to believe. in any iJi&terial Yespect tEiat.'
tlie a¢couiiting I'e¢ords iver¢ iiot kept in a¢¢ordaii¢¢ with se¢tion 130 of th¢ Act. oi.
tlie a¢collnl$ did not ac¢ord with the a￿llnting re¢oiYf$- oi.
tlie accoiints did not colliply with tlie applicablc rcquirekncnts conceinino the foiTh and content
of accounts set OETI in the Ch3Tjties (Acwiints and Ileijorts) Regulatioiis 2008 otlier thall any
reqiiireEnent tltsat tlie aecouiits give a 'tiiie and fair, view, which i$ iiot a Énatt¢r ¢onsid¢iEd as
pat't of an independeiit examination.
I have no concerns luid hav¢ coine across llo otjier Jllatters in connectioll Wltli the exatnination to which
att¢ntioJi shoiild be drawn in tliis Jrport Én order to enable a piDp¢￿ ulld¢r5taiiding of tlie accoiints to be
reached.
G M Nicolle, ￿llg, CA. FCCA
Inde￿￿￿ent Exaininei.
CKosgways C¢nti'e, Braye Koad
Vale, Guemsey, GY3 SPH
Dale..
11 OLlibL. IQLY

Docwlgn Envdope ID.. 9E151071-EIC94171.8827-FQAC605AC82D
THE CARROLL-MARX CHARtTABLE FOUNDATION
STATEMENT OF FtNANCIAL ACT[VI￿S
{In¢otyoiatino tlie Incon)e and Expenditure account)
for tl)e yeai. ended 31st Deceniber 2023
Note
2023
2022
Iiieome Fmm:
Income from Iiivesttllents
Baiik inte]rst
Otlier Encome
31,869
588
229
30,644
40
Total lllcoine
32,686
30,684
ExpendEtu￿ oil..
Expendit(iiY on Cliaritable A¢tivity
Govei'iianee costs
(20,000)
(24,6801
19,519
Total Expenditure
Net g&iiVlloss) on investinentS
118970
Net Moyeinent in Funds
51,730
1132,485)
Balances brought fOr￿￿'d at 1st Jalluary
1,092 037
1224 522
Balaajces caii'ied fonvayd at 3 1st December
£1 143 767
£109?. 037
The notes on pages 7- 1 I foim part of thes¢ financial statejnellts.

Datusign Envelope ID.. gE151071-E1Cg-4171-B827-FOAC6U5AC820
TrTE CARROLL-MARX CHARITABLE FOUNDATION
BALANCE SHEET
as at 31stDeceillber 2023
Note
2023
2022
Fixed Assets
IDvestm¢ttts
1,073.776
1,015,465
Curi'ent A￿ets
Cash at bad( and in Iiand
77,943
83,015
Current Liibilities
An)ounts falling d￿e withiii one ye8r
Net CuYi'¢nt Assets
69,991
76.572
Net A55ets
£1 143 767
£1,092.037
Funds..
Unr¢stTl¢ted Funds..
Capital Fund
940,801
882,916
Inc(>ihe FuELd
202,966
209 121
£1,143,767
£1.092.037
Tlie finall¢Eal statejiieiits wei'e approved by the Truste4 on
nd were signed for and oll belialf of..
Sequeijt (U.K.) Ltmited
Authorised Sign31ories
Tlie ikotes an pages 7 1 I forni part of tliese fjllaiicial stateiiients.

D¢)ws10rt Envelope ID.. 9E15f071.E1C9-4171-B627-FOAC605AC82D
THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE F[NANcL￿ STATEMENTS
For ilie year ended 31st De¢ember 2023
I. PRINCIPAL ACCOUNTING POLlCtES
Tlie followiiig accounting policies have been 8pplied consistently deaL￿g witli iteitts which are
collsidei'ed niaterial ill relation to the Trnst's fithaii¢ial statements'.-
Ateourttin
Coiivuitioij
The accoiints have been pirpared linder tlie Iiistoi'i¢al cost convention with items recognised at cost oi.
tsinsa¢tiott valiie Ejnless otlierwise stated itt tlie r¢l¢vant iiole(s) to these accounts. Tlie fJJJancial
SIatel￿P￿t& have been pjrpared in accordance with the Statement of Recommended Pra¢ti¢¢.' Accol￿tIng
and Repoiting by Cliai'ities preparing accounts accordance with dje F2112ntial Rcpoi'ting
Siandail applicahle irt Ihc IJK and tlic Rcpublic of irelalld IFRS 102) issued in Octobei. 2019 ("tlie
Cliaritie5 SORP {FRSI02)"l and Tlie aJai"ities Act 2011.
The CaiYoll.Maix Cliai'itable Foundation meets tlie definill0￿ of a public benefjt entity undei. FRS 102.
Coill
Coocern
In the opinion of the Trustee tlie foundatjoti is able to settle all its obligations &$ tljey fall due. and to
me¢t its ¢haritable objective5 for tjie foreseeable futura AoLvrdingly) tlie aceouiils liave beeii prep&iEd
oji tlic basis of a going coiicein.
Bastc fin8neial iJstruments
Th¢ tiust oiily enters ijito basic fin&llcial in5tiwm¢n¢ trgnSitcliuns Éliai i'esuli iji the r￿o￿lit￿on of
fiiiattcÉal assets and liabilities like ts'ade ￿ld other debtoi's and creditors, and loaiis frojii or to banks and
ielated paities. Debt Ill8truJi)ents (oth￿. Iliat) those wholly iepayal)le tsr reccivahlc within onc ycar),
includFng loans and thÈlicr dcbtoi3 gnd cycditois, arc initially incasured at preseiit value of the fil￿re casli
flows Ind subsequerttly at al￿ortised cost usiijg the effective inteTest inetliod. Debt ill5tiuments t113¢ are
payable oi. receivabl¢ witliin one ye*., typically ti?de debtors aiid CiEditoi's. are measured. initially and
subseqEiently, at tSLe undi5COUDted amuiinl uf tiie Gash ur D￿leY consideralion, expected to be paid.
Investmejils
lllvesbll￿7tS are a form of basic finan¢ial instrument. Fixed asset investments aiE iniLi&lly recognised aÉ
theit. traiisactioii value aiid aiE 5ub5¢quenlly Inedsuved al their fail. value {tTriarketvaluel as at the balallee
sheet date. 7lie Statement of Financial Actiyities includes the net gains aild losses ai'ising oll ievaluatioTr
aDd disposals tkniDuglioiit tlie year. Quoted stocks alld shayes are ijirliided in die BalMtL¢¢ Sheet at th¢
ciiii'et)t in2a.ket value qiiottd by tlie investJn¢nt analyst, excliiding dividends. Othei. investhneiits are
ijicluded at tlie tllJ5tee's best estiiijate of In41'k¢t value.
Citditors
Creditors ale amounts owed by th¢ ti'ust. Th¢y ar¢ mea5vred at tlie an]ouDt that the tsiist expeds to liave
to pay to settle the debt.

Docusign Envdope ID.. 9E151071-EIC9-4171-BB27-FOAC605ACB2D
THE CARROLL.MARX CHARITABLE FOUNDATION
NOTES TO THB FINANCLIL STATEMENTS- colltd.
For the year ended 3 1st Deceinbei" 2023
Investinei)l illcoine
tnvestjnent inwiiie is included on a receipts ba5ES.
Inteilst
lFLterest is Included on a I'eceipts basi5.
enses
Exp¢iise5 are itjcluded oil an aecrllals basis.

DO(￿[gn Envdopa ID.. 9E151071-E1C9-4171.B827-FOAC605AC82D
THE CARROLL-MARX CHARITABLEFOUNDATION
NOTES TO THE FINANCIAL STATEMENFS- contd.
For tlie ye&i' ¢nd¢d 31st Deceinbei 2023
2. ANALYSIS OF GOVBRNANCE COSTS
2023
2022
Trustee's Fees (including adn)inistixtionl
I￿vesti￿}entManag¢meIll Fee5
Exajninei s Fees
Bank ¢b￿geS
14,967
3,120
3,870
14,389
3,130
2,000
£19519
3. INvEsT￿NTs
2023
2022
Market Value 1st Jaiiuary
Disposa15
Net gainl{lossl OL investtttents
1,015,405
(2.6941
1,135,987
(1,552)
118970
Mavket Val￿e at 3 1st Deceniber
£1073 776
£1015 405
Net 8ainl{lossl on investments comprises..
UnvealÉsed 8aitE (loss) oll inve51nieiits
Realised gain 011 investnients
60,673
312
(119,2021
232
118970
BREAKDOWN OF INVESTMEKFS
2023
2022
Cost
Mai'ket Value
Cost
Market Value
Oi'dinaiy shal'es
{At fail. valEle tliroiigh
tncoine and Expeiiditt]Ir)
911,509
1.073,776
913,870
1.015,465
£911,509
£1,073,776
£913 870
£1.015 465

Docusign Envelop8 ID.. gE151071-E1c94171-8827-FOAC605AC82D
THB CARR
LL-
LE FOUNDA TtON
NOTES TO TFtE FRNANCIAL STATE￿￿NTs- contd.
For tlie year ended 315t December 2023
INVESTMENTS WHtCH ACCOUNT foR MORE THAN 5Yo OF THE PORTFOLTO
2Q23
2022
Cost
Mai'ket Value
Cost
Mayket Value
Barclays Cliarity Distributioji GBP
911,509
1,073,776
913.870
1.015,465
Mai'kel values are based on urtadjust¢d quoted prices in all active niarket- Level l in the fail. value
liieixrchy.
4. TNVESTMENTRtSK
The Inain forjn of risk faced by th¢ chaiity is that of volatility in equity markets aiid investinent Jnarkets
due to wider ecollojnic eoJiditii)rts, volatility in yield and thc attitude of the tiustee to investinent risk. I'lie
trust is relianl on dividelld yi¢ld in part to f￿allet its work. liowcvcr, as investiijcnts arc licld itt stcrltng, the
trust is not ￿rK)Sed to exGhai)ge ratc risk. The trust maiiages investinent risk by retaining ali ittveslDient
ii)ai)aRer and uperaiiiig an investinent policy. The trust does not Inake use of derivatives Jnd siinilar
¢oniplex finan¢ial illsti'utnents as tlie tsustees view is tliat tnvesttn￿Its ale ljeld for their long¢i' le￿￿ yield
total i'ettiin at]d that any volatility over a long tell￿ period is usually Corireted.
2023
2Q22
S. CREDITORS
Iii¢ome=
Sequent {U.K.) L￿Mited.- iidministration fees
Collet)ette Jones Limited.. Bxaminei3 fe¢s
Otlier crcditors
Capital..
BaYGlays Management Fee
569
3,000
3,600
80
2,000
3,600
783
763
Total Credito
10

Doc￿81gn Envelope ID." 9E151071_E1C￿4171-B827-F0AC605ACs2O
THE CARROLL-MARX CHARITABiE FOUNDA TION
NOTES TO THE FINANCIAL STA TEMENTS- contd.
For tlie ye￿. ended 3 1st December 2023
6. FUNDS
2023
2022
Ca
Bal&nce brtsuglit foJw0rd
Nct gain oll sale of investinents
DiffeiEnce on i'evaluatio
Bank ijiteirst
Expenses
882,916
332
60,673
1.004,994
232
(119202)
22
£940 801
£882916
Balance cai'ried foiward
Income
Balance biDught forword
IncoJJie
Expei)ses
Donatioiis
20g,121
32,686
(18,8411
219.528
30,662
(16.389)
24,68Q
Jaalatjce carried fotivard
£202,966
£209.121
7. SCHEDULE OF DONATIONS
2023
2022
tNCONLE ACC015Nr
The Holocaust Edu¢*tional TKii$t- 21.08.23113.09.22
Woi'ld Jtwisli Reli¢f- 16.Q3.23,11.04.23 103.03.22
Royal Hojticiillural Soc&ety- 11.10.22
la,OOD
10,000
10,000
8,000
4,680
£20.000
£24 680
8. TRANSAcfIoNS WITH RELATED PARTIES
For the y¢ar ended 3 1 December 2021, amollnls totalling £14.967 {2022.. £14,389) were iiivoiced by
Sequent (U.K.) Limited for the provision of Trustee and Adminrstra¢ion services. Ainounts totalling
£569 (2022- £80) were outstanding at the year-end.

51
I 11
11

11
i e
,5, 5,, 5,. %',%,'%:
I .1 I i.'I i.'I 1.1