THE CARROLL-MARX CHARITABLE FOUNDATION
ANNUAL REPORT AND TRUSTEE'S FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31ST DECEMBER 2024
REGISTERED CHARITY NUMBER: 212605
INDEX
|1.||TRUST INFORMATION|
|---|---|---|
|2. – 3.|2. – 3.|REPORT OF THE TRUSTEE|
|4.||REPORT OF THE EXAMINER|
|5.||STATEMENTS OF FINANCIAL ACTIVITIES|
|6.||BALANCE SHEET|
|7. – 13.|7. – 13.|NOTES TO THE FINANCIAL STATEMENTS|
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
Alison Welton FCA, David Allen Chartered Accountants Dalmar House, Barras Lane Estate Dalston Carlisle CA5 7NY Bankers Barclays Wealth 1 Churchill Place, 16th Floor Canary Warf London E14 5HP
## Investment Brokers
Barclays Wealth 155 St.Vincent Street Glasgow G2 5NN
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## THE CARROLL-MARX CHARITABLE FOUNDATION
## REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST DECEMBER 2024
The Trustee presents herewith the report and financial statements for The Carroll-Marx Charitable Foundation for the year ended 31st December 2024. 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 as amended on 14 July 2025. 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)”.
## Trust Deed Requirements for the Appointment of Trustees
In accordance with the provisions of the Trust Deed the statutory power of appointing new or additional Trustees shall be vested in the Settlor during his life.
## 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 £47,420 were made. At year-end, the Trust held net assets of £1,152,798.
## 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.
## 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.
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THE CARROLL-MARX CHARITABLE FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST DECEMBER 2024 - continued.
Statement of Trustee Responsibilities
The trustee is responsible for preparing the report of the trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustee 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 accounting 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.
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 668 591
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Docusign Envelope ID.. 4C0131 B6-29CC42DB-BC36-5E8852B3F6B1
THE CAIiROLL-MARX CHARITABLE FO
ATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEE OF TFtE CAIiROLL-MARX CHARJTABLE FOLfNDATION
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 2024.
Res
onsibilities and Basis of Re
As the Trustee of the Foundalion you ar¢ responsibl¢ for th¢ preparation of the accounts in a¢cordance
with the requirem¢nts of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Foundation's accounts carried out under seGtion 145 of the
Act and, in carrying out my examination, I have followed all the applicable Directions given by the
Charity Comtnission under section 145(5Xb) of the Act.
Inde
end¢i)t Examiner's Statement
I have completed my exatnination. I confirm thal no malei'ial mallers httve come to my Attention in
connection with the examination which gives me cause to believe, in any material respect that..
the accounting records w¢r¢ not kept in a¢cordan¢e with section 130 of the Act; or
the accounts did not accord with the a¢¢ounting records, or
the accounts did not comply with the applicable requirements concerning the forni and content
of accounts set out in thc Charili¢s (Accolints and Reports) Regulations 2008 other tliart any
requirement that the accounts give a 'true and fair, view, which is not a matter considered as
part of an indcpendeiit examination.
I have no concerns and have come across no ot'her matters in connection with the exaniination to which
attcnlion should be drawn in this report in order to enable a proper understanding of the a¢¢ounts to be
reached.
Alison Welton FCA, David Allen Chartered Accounlants
Independenl Examiner
Dalmai. Flouse, Baill'as Lane Estate
Dalston, Carlisle, CA5 7NY
Date.. 23 OctobLsr 2025
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## THE CARROLL-MARX CHARITABLE FOUNDATION
## STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating the Income and Expenditure account) for the year ended 31st December 2024
|Note
Income From:
Income from Investments
1
Bank interest
Other income
Total Income
Expenditure on:
Expenditure on Charitable Activity
8
Governance costs
Raising funds expenditure
2
3
Total Expenditure
Net gain/(loss) on investments
4
Net Movement in Funds
Balances brought forward at 1st January
Balances carried forward at 31st December|2024
£
34,469
791
---
35,260
(47,420)
(18,201)
(3,306)
(68,927)
42,698
9,031
1,143,767
£1,152,798|2023
£
31,869
588
229|
|---|---|---|
|||32,686|
|||(20,000)
(18,841)
(3,120)|
|||(41,961)|
|||61,005|
|||51,730
1,092,037|
|||£1,143,767|
All income received, expenditure and funds movements relate to unrestricted funds during the above two periods.
All of the charity’s activities derive from continuing operations during the above two periods.
The notes on pages 7 – 13 form part of these financial statements.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
BALANCE SHEET as at 31st December 2024
||Note|2024|2023|
|---|---|---|---|
|||£|£|
|Fixed Assets||||
|Investments|4|1,113,154|1,073,776|
|Current Assets||||
|Cash at bank and in hand||47,087|77,943|
|Current Liabilities||||
|Amounts falling due within one year|6|(7,443)|(7,952)|
|Net Current Assets||39,644|69,991|
|Net Assets||£1,152,798|£1,143,767|
|Funds:||||
|Unrestricted Funds:||||
|Capital Fund|7|973,983|940,801|
|Income Fund|7|178,815|202,966|
|||£1,152,798|£1,143,767|
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 – 13 form part of these financial statements.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2024
## 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.
## Fund Structure
Unrestricted funds are general funds that are available for use at the trustee discretion in furtherance of the objectives of the Trust.
The unrestricted funds are split between the capital and income funds.
## 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.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
## 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.
## Investment income
Investment income is included on a receipts basis.
## Interest
Interest is included on a receipts basis.
## Expenditure on charitable activities
Costs directly incurred on delivering charitable objectives, such as donations are included on an accrual basis.
## Governance costs
Governance costs include trustee fees, independent examiner’s fees and other administering costs. All such costs are recognised on an accrual basis.
## Raising funds expenditure
Costs of raising funds relate solely to the management of Trust’s investment portfolio and are included on accrual basis.
## Taxation
The Trust is exempt from corporation tax on its charitable activities.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
|2. ANALYSIS OF GOVERNANCE COSTS
Trustee’s Fees (including administration)
Examiner’s Fees
Bank charges
3. ANALYSIS OF RAISING FUNDS COSTS
Investment management fees
4. INVESTMENTS
Market Value 1st January
Disposals
Net gain/(loss) on investments
Market Value at 31st December
Net gain/(loss) on investments comprises:
Unrealised gain (loss) on investments
Realised gain on investments|2024
£
14,411
3,790
---
£18,201
2024
£
3,306
£3,306
2024
£
1,073,776
(3,309)
42,687
£1,113,154
42,687
11
42,698|2023
£
14,967
3,870
4|
|---|---|---|
|||£18,841|
|||2023
£
3,120|
|||£3,120|
|||2023
£
1,015,465
(2,694)
61,005|
|||£1,073,776|
|||60,673
332|
|||61,005|
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
|BREAKDOWN OF INVESTMENTS
Ordinary shares
(At fair value through
Income and Expenditure)|2024
£
£
Cost
Market Value
908,699
1,113,154
£908,699
£1,113,154|2023
£
£
Cost
Market Value
911,509
1,073,776
£911,509
£1,073,776|2023
£
£
Cost
Market Value
911,509
1,073,776
£911,509
£1,073,776|
|---|---|---|---|
||||£1,073,776|
INVESTMENTS WHICH ACCOUNT FOR MORE THAN 5% OF THE PORTFOLIO
|||2024||2023|
|---|---|---|---|---|
||£|£|£|£|
||Cost|Market Value|Cost|Market Value|
|Barclays Charity Distribution GBP|908,699|1,113,154|911,509|1,073,776|
Market values are based on unadjusted quoted prices in an active market – Level I in the fair value hierarchy.
## 5. 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.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
|6. CREDITORS
Income:
Sequent (U.K.) Limited: Administration fees
David Allen: Examiners fees
Other creditors
Capital:
Barclays Management Fee
Total Creditors
7. FUNDS
Capital
Balance brought forward
Net gain on sale of investments
Revaluation of investments
Expenses
Donations
Balance carried forward
Income
Balance brought forward
Income
Expenses
Donations
Balance carried forward|2024
£
-
3,000
3,600
843
£7,443
2024
£
940,801
11
42,687
(7,096)
(2,420)
£973,983
202,966
35,260
(14,411)
(45,000)
£178,815|2023
£
569
3,000
3,600
783
£7,952
2023
£
882,916
332
60,673
(3,120)
---|
|---|---|---|
|||£940,801|
|||209,121
32,686
(18,841)
(20,000)|
|||£202,966|
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
|8. SCHEDULE OF DONATIONS
INCOME ACCOUNT
The Holocaust Educational Trust – 07.08.24 / 21.08.23
World Jewish Relief – 05.01.24 / 16.03.23,11.04.23
Save the Children – 15.08.24
Royal Horticultural Society – 23.10.24
CAPITAL ACCOUNT
Royal Horticultural Society – 18.03.24|2024
£
10,000
10,000
20,000
5,000
£45,000
2,420
£2,420|2023
£
10,000
10,000
---
---|
|---|---|---|
|||£20,000|
|||---|
|||---|
## 9. TRANSACTIONS WITH RELATED PARTIES
For the year ended 31 December 2024, amounts totalling £14,411 (2023: £14,967) were invoiced by Sequent (U.K.) Limited for the provision of Trustee and Administration services. Amounts totalling £nil (2023: £569) were outstanding at the year-end.
The Trustee did not receive any further remuneration or expenses during the year.
## 10. STAFF COSTS
The Trust had no employees during the financial year ended 31 December 2024.
Accordingly there were no staff costs incurred, and no employee received emoluments exceeding £60,000.
## 11. TAXATION
The Trust is exempt from taxation on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010, to the extent that such income and gains are applied to charitable purposes. In accordance with the Charities SORP (FRS 102) and the Charities Act 2011, no provision for taxation is required in the financial statements.
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## THE CARROLL-MARX CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS – contd. For the year ended 31st December 2024
## 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Net Assets as at 31 December 2024
|Net Assets as at 31 December 2024||||
|---|---|---|---|
|Investments
Cash at bank and in hand
Current liabilities
Total Net Assets|Unrestricted Funds
1,113,154
47,087
(7,443)
£1,152,798|Restricted Funds
0
0
0
£0|Total Funds
1,113,154
47,087
(7,443)|
||||£1,152,798|
Net Assets as at 31 December 2023
|Net Assets as at 31 December 2023||||
|---|---|---|---|
|Investments
Cash at bank and in hand
Current liabilities
Total Net Assets|Unrestricted Funds
1,073,776
77,943
(7,952)
£1,143,767|Restricted Funds
0
0
0
£0|Total Funds
1,073,776
77,943
(7,952)|
||||£1,143,767|
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