Charity commission number: 220473
THE MICHAEL MARSH CHARITABLE TRUST
UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
THE MICHAEL MARSH CHARITABLE TRUST
Contents
Page
1 Legal and administrative information 2-4 Trustees’ report
5-6 Independent Examiner’s report to the Trustees 7 Statement of financial activities 8 Balance sheet
9-15 Notes to the financial statements
THE MICHAEL MARSH CHARITABLE TRUST
(created by a Deed of Declaration of Trust made on 18 August 1958 by Michael Leo Marsh who died 12 February 1993)
LEGAL AND ADMINISTRATIVE INFORMATION
Registered Charity Number 220473 (England & Wales)
| Trustees | Peter Gary Barber |
|---|---|
| Lee Nuttall | |
| Susan Lynn Bennett | |
| Address | c/o Pear Tree Cottage |
| Yarrington Road | |
| Alfrick | |
| Worcestershire | |
| WR6 5EX | |
| Telephone: 07812 743 485 | |
| Bankers | Cater Allen |
| 2 Triton Square | |
| London | |
| NW1 3DU | |
| Solicitors | Mills & Reeve LLP |
| 78-84 Colmore Row | |
| Birmingham | |
| B3 2AB | |
| Independent Examiner | David Hoose FCA |
| Mazars LLP | |
| First Floor | |
| Two Chamberlain Square | |
| Birmingham | |
| B3 3AX | |
| Investment Advisors | Canaccord Genuity Wealth Management |
| Slip House | |
| Princes Drive | |
| Worcester | |
| WR1 2PG |
Page | 1
THE MICHAEL MARSH CHARITABLE TRUST
TRUSTEES' REPORT YEAR ENDED 5 APRIL 2023
The trustees present their report along with the financial statements of the Charity for the year ended 5 April 2023.
CONSTITUTION AND OBJECTS
The Trust was created by a Deed of Declaration of Trust made by Michael Leo Marsh on 18 August 1958. Mr Marsh died in 1993 and the Trust was named in his Will as the residuary beneficiary of his estate. Mr Marsh’s wife died in 2001 and she had a life interest in a fund which reverted to the Charity on her death. These funds were added on 30 January 2002.
The Deed provides that the Trust Fund shall be held by the Trustees “upon trust to pay or apply the income of the Trust Fund and such parts of the capital thereof… as they shall from time to time think fit to or for such charitable institutions and charitable purposes and in such shares and proportions as… the Trustees shall from time to time in their absolute discretion determine.” The Deed also provides that the Trust shall be known as “The Michael Marsh Charitable Trust”.
ORGANISATION
The Trustees who have served during the year and since the year end are set out on page 1. The Trustees have the power of appointing new trustees. The Trustees meet at approximately 4 times a year to consider applications.
When a new trustee is appointed, they will be briefed on their legal obligations under the charity and company law and informed of the Charity’s memorandum and articles of association, the decision-making process and the financial position. Any relevant training is provided as required depending on the needs of the individual trustee.
The day to day management of the charity is carried out by the Clerk to the Trust, by whom all applications for grants are co-ordinated and presented to the Trustees, together with all financial information at Trustees’ meetings.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
ACHIEVEMENTS
The Trustees awarded grants totalling £266,604 during the course of the financial year, listed individually on pages 12-15.
GRANT-MAKING POLICY
The Trustees’ policy regarding donations is as follows:
-
Grants are made to charities working in areas of Birmingham, Staffordshire, Worcestershire, Warwickshire, Coventry, Wolverhampton and associated towns in the Black Country.
-
The Trustees do not consider applications for support from individuals, although they will consider applications submitted by charitable institutions on behalf of individuals.
Page | 2
THE MICHAEL MARSH CHARITABLE TRUST
TRUSTEES' REPORT YEAR ENDED 5 APRIL 2023
-
The Trustees do not look to contribute to operating costs that could be met out of State resources.
-
The following types of charities are not normally considered for grants:
-
Animal
-
Entertainment
-
The Trustees seek to make a roughly equal division of funds between charities concerned with old people, children, the disabled, the poor and educational needs.
RESERVES POLICY
In the light of letters of wishes written by Mr Marsh during his lifetime, the Trustees consider the investments and cash transferred to the Charity by Mr Marsh, his estate and Mrs Marsh’s fund to be expendable endowment. The Trustees aim to spend all current income each year. The Trustees do not consider it appropriate to hold any level of income reserves. Endowment reserves at 5[th] April 2023 were £3,119,606 (2022: £2,940,548)
INVESTMENT POLICY AND PERFORMANCE
The Trustees have wide investment powers. These are set out in the Trust Deed as follows: “Money liable to be invested hereunder may be paid or applied in the purchase of or in lending upon the security of any form of property whatsoever or wheresoever as if the Trustees were absolute owners thereof and whether or not the making of such payment or application amounts strictly to the investment of the money so paid or applied.”
The Charity’s investment strategy is to maintain a balance between income generation and capital growth. The Trustees accept a moderate level of risk in pursuing this objective and this level of risk is defined in the agreement with the Charity’s investment managers.
As at 5 April 2023, the portfolio was valued at £3,306,122 including cash held with the investment manager. Within this year, there were withdrawals amounting to a total value of £149,000. After taking this into account, the portfolio rose by 4.15% compared to the FTSE 100 Index which rose by 0.65%.
The income generated by the investment has fallen, this may be due to the situation regarding COVID-19 and the impact it has had on the economy.
RISK MANAGEMENT
The Trustees have reviewed the major risks to which the Charity is exposed, in particular those relating to operations and finances, and are satisfied that the systems are in place to mitigate exposure to those risks.
The major potential risks are theft, losses due to bad investments and fraudulent applications.
The Charity’s investments are managed by a reputable firm of investment managers, currently Canaccord Genuity Wealth Management and the Trustees have an agreement in place with them which sets out the terms upon which they manage the investments and a detailed Statement of Guidance which sets out the Trustees’ investment policy and attitude towards the risk and risk management. Canaccord Genuity Wealth Management report quarterly on 30 June, 30 September, 31 December and 31 March respectively.
Cash is held in two places (in the name of the Charity); Trustees’ accounts at Cater Allen Bank and a Deposit Account at Canaccord Genuity Wealth Management. No physical cash is held and funds are paid by bank transfer or by cheque, each payment requiring the appropriate authorised signatories. Cheques need to be
Page | 3
THE MICHAEL MARSH CHARITABLE TRUST
TRUSTEES' REPORT YEAR ENDED 5 APRIL 2023
approved by three authorised signatories and bank transfers need approval by two authorised signatories. All trustees are authorised signatories.
Regarding the grant making procedure, applications are reviewed by the Trustees on a quarterly basis. Cheques and/or transfer requests are then made in favour of the successful applicants and circulated between the Trustees for their signatures. Bank transfers are authorised by the Trustees directly with Cater Allen Bank. Signed cheques are returned by the Trustees to the Clerk of the Trust, and the Clerk sends them on to successful applicants. Each successful applicant is asked to acknowledge safe receipt of their payments. A bank reconciliation exercise is carried out on a quarterly basis before each Trustees’ meeting.
TRUSTEES’ RESPONSIBILITES IN RELATION TO THE FINANCIAL STATEMENTS
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on Jul 27, 2023
Lee Nuttall (Jul 27, 2023 14:08 GMT+1)
………………………………….
L Nuttall
Page | 4
THE MICHAEL MARSH CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES YEAR ENDED 5 APRIL 2023
I report on the financial statements of the charity for the year ended 5 April 2023, which are set out on pages 7 to 15.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the 2011 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of The Michael Marsh Charitable Trust in accordance with section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
Page | 5
THE MICHAEL MARSH CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 5 APRIL 2023
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
David Hoose (Jul 27, 2023 14:10 GMT+1)
David Hoose FCA Mazars LLP Two Chamberlain Square, Birmingham, B3 3AX
Date: Jul 27, 2023
Page | 6
THE MICHAEL MARSH CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2023
| Note Income Investment Income 2 Expenditure On charitable activities 3 Net income/(expenditure) before (losses)/gains on investments Transfer to Endowment Funds Transfer of Assets 4 Gains /(losses) on investments: 6 Net income /(expenditure) and movement in funds Balances brought forward at 6th April 2022 Balance carried forward at 5th April 2023 |
Unrestricted Funds Endowme nt Funds Total Funds 2023 Total Funds 2022 £ £ £ £ 114,152 - 114,152 109,029 (275,300) - (275,300) (236,136) |
|---|---|
| (161,148) - (161,148) (127,107) 161,148 (161,148) - - 583,195 583,195 - - (242,989) (242,989) 68,151 |
|
| - 179,058 179,058 (58,956) - 2,940,548 2,940,548 2,999,504 |
|
| - 3,119,606 3,119,606 2,940,548 |
The notes on pages 9-15 form part of these accounts.
All of the above results are derived from continuing activities. All gains and losses in the year are included in the above.
Page | 7
| THE MICHAEL MARSH CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2023 Note 2023 £ Fixed Assets Unquoted Investments - at par - Quoted Investments 6 3,089,098 3,089,098 Current Assets Cash on Current account at bank 30,601 Cash on Deposit at Bank - Cash on Deposit at Stockbrokers 217,024 247,625 Liabilities Amounts falling due within one year 7 94,617 Net Current Liabilities 153,008 Total Assets less Current Liabilities 3,242,106 Liabilities Amounts falling due after more than one year 8 122,500 Total Assets less Total Liabilities 3,119,606 Funds Endowment 3,119,606 The financial statements were approved by the Trustees on Jul 27, 2023 |
2,500 29,356 - |
2022 £ 167 3,114,916 |
|---|---|---|
| 3,115,083 (91,535) |
||
| 31,856 123,391 |
||
| 3,023,548 83,000 |
||
| 2,940,548 | ||
| 2,940,548 | ||
Lee Nuttall (Jul 27, 2023 14:08 GMT+1)
………………………………………… L Nuttall
Page | 8
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
1. ACCOUNTING POLICIES
a) Basis of Preparation
These financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP (FRS 102 Section 1A)), in accordance with the Financial Reporting Standard (FRS) 102 Section 1A and the Charities Act 2011. These financial statements are prepared under the historical cost convention, as modified by the revaluation of listed investments to market value. The Michael Marsh Charitable Trust meets the definition of a public benefit entity under the Charities SORP.
b) Assessment of going concern
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).
c) Judgements and estimations
Management has not made any significant judgements in the process of applying the accounting policies and there are no areas of estimation that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
d) Cash flow exemption
A statement of Cash Flows has not been produced as the charity is within the small charity thresholds under Financial Reporting Standard (FRS) 102 Section 1A.
e) Income
Income is included in the financial statements on the accruals basis, and is gross of any tax recoverable. All income arose in the United Kingdom.
f) Expenditure
Expenditure is recorded on the accruals basis. The cost of irrecoverable value added tax is included with the expense item to which it relates. The administration and management expenses represent the cost of the general administration functions of the Charity including the cost of administering the grant giving process. Grants payable are recognised as liabilities when they have been approved by the trustees. The investment advisors’ commission charges are included in the investment acquisition costs/disposal proceeds. Governance costs are made up of Independent Examiner’s fees.
Page | 9
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
g) Listed Investments
Listed investments are included in the accounts at a value based on their mid-market prices at the balance sheet date.
Unrealised gains or losses are recognised in the year in accordance with the provisions of SORP.
h) Financial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
i) Funds
The Endowment fund represents the whole value of the fund which the Trustees consider is available to them for general grant making in accordance with the policy agreed by the Trustees.
2. INVESTMENT INCOME
| Bank interest Dividend receivable 3. CHARITABLE ACTIVITIES Grants awarded (as schedule pages 12-16) Management and Administration Costs Other administration costs Governance Costs Independent Examiner's fees |
9 114,143 114,152 266,604 6,116 2,580 275,300 |
5 109,024 |
|---|---|---|
| 109,029 | ||
| 227,860 5,822 2,454 |
||
| 236,136 |
4. TRANSFER OF ASSETS
The trust has received £583,195 from the Stanley Smith Memorial Trust. This is considered to be an expendable endowment. These funds will be managed in the same way as the trust’s existing assets.
5. TRUSTEES’ REMUNERATION
The Trustees receive no remuneration and do not claim any expenses.
The Charity has no employees and therefore there are no staff costs.
Page | 10
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
6. QUOTED INVESTMENTS
| Market value at 6 April 2022 Disposals Acquisitions Gain /(Loss) on investments Market value at 5 April 2023 Cost at 5 April 2022 |
2023 £ 3,114,916 (691,608) 908,779 (242,989) 3,089,098 2,508,254 |
2022 £ 3,152,833 (185,246) 79,178 68,151 3,114,916 |
|---|---|---|
1,864,687 |
At 5 April 2023 the following holding was valued above 5% of the total value of the investment portfolio.
| Value (£) JP Morgan Global Growth & Income 205,850 North American Income Trust 154,560 7. LIABILITIES – amounts falling due within one year Independent examination fees Administration fees Unpresented cheques Grants committed to: Birmingham Cathedral Chapter NewStarts Severn Angels Housing and Support The KEHS Trust University of Birmingham (A2B) University of Birmingham (Student Support Match Fund) University of Warwick (IntoUniversity) 8. LIABILITIES – amounts falling due after more than one year Grants committed to: The KEHS Trust University of Birmingham (A2B) |
% of Portfolio 6.66 5.00 2023 2022 2,580 2,454 1,538 437 - 17,500 5,000 5,000 - 5,000 - 7,500 30,000 30,000 5,500 5,500 25,000 25,000 25,000 25,000 94,618 123,391 2023 2022 22,500 52,500 - 5,500 |
% of Portfolio 6.66 5.00 2023 2022 2,580 2,454 1,538 437 - 17,500 5,000 5,000 - 5,000 - 7,500 30,000 30,000 5,500 5,500 25,000 25,000 25,000 25,000 94,618 123,391 2023 2022 22,500 52,500 - 5,500 |
|---|---|---|
| 123,391 | ||
| 2022 52,500 5,500 |
Page | 11
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
| University of Birmingham (Student Support Match Fund) University of Warwick (IntoUniversity) |
- 100,000 122,500 |
25,000 - |
|---|---|---|
| 83,000 |
9. RELATED PARTY TRANSACTIONS
There are no related party transactions during the year ended 5[th] April 2023 or the prior year.
10. GRANTS MADE DURING THE YEAR ENDED 5 APRIL 2022
| £ Children / Young People Ackers Adventure - Birmingham Children's Hospital Charity 5,000 British Disabled Angling Association - Create (Arts) Ltd - Home-Start South Warwickshire - KIDS 2,500 Kingswood Trust - Leaps and Bounds Trust 3,000 Marine Society and Sea Cadets - Music of Life - Parenting Mental Health 1,500 Prison Fellowship 1,000 Railway Children 5,000 Sandwell Youth in Action - Sport 4 Life UK 3,000 Street League 1,000 Street Teams 2,000 StreetGames UK Ltd 2,000 The Birmingham Boys and Girls Union - The Haven, Wolverhampton 2,000 The Prince's Trust 2,500 The Worth Foundation 2,000 Tiny Tim's Children's Centre - Volunteering Matters - YMCA Heart of England - Education / Training City Year UK 2,000 |
2023 £ £ 2,500 - 1,000 2,000 2,000 2,000 3,000 - 5,000 3,000 - - - 2,500 - - 2,000 - 1,000 2,000 - - 1,500 2,000 2,000 32,500 - |
2022 £ |
|---|---|---|
| 33,500 |
Page | 12
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
| Coach Core - Prisoners' Education Trust 2,500 S4E Limited 7,000 Sandwell African Women Assocation - Shannon Trust - The Girls' Network - The Jericho Foundation 2,000 University of Birmingham (A2B) - University of Birmingham (Student Support Match Fund) - University of Warwick (IntoUniversity) 125,000 West Midlands Quaker Peace Education Project 1,865 Elderly / Old People Age UK Birmingham 2,500 Age UK Sandwell - Birmingham Jewish Community Care 2,500 Cubbington & District OAP Association 500 Independent Age - Maryvale Community Project - Rainy Day Trust - People with Disability ARCOS 2,500 Birmingham Royal Ballet - Childhood Eye Cancer Trust - Coundon Care at Allesley Park 1,000 Deafblind - Douglas Bader Foundation - FitzRoy Support 5,000 Frozen Light - Headway Birmingham and Solihull 2,000 Insight CCS 3,000 Living Paintings 2,000 Multiple Sclerosis Trust - NICE - SENSE 2,500 Special Olympics City of Birmingham 700 |
2,000 - - 1,500 2,000 2,000 - 16,500 75,000 - - 140,365 3,000 1,500 - - 1,500 2,000 2,000 5,500 - 2,500 2,500 - 1,000 3,000 - 1,500 - - - 2,250 1,000 - - |
|
|---|---|---|
| 99,000 |
||
| 10,000 |
Page | 13
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
| The MOVE Partnership 2,650 Thrive - Relief of Poverty Birmingham City Mission 5,000 Brierley Hill Babybank 1,700 Coventry Foodbank 5,000 FareShare 3,000 FoodCycle - Kairos Women Working Together 5,000 KidsOut UK - Mitchell's Miracles Neuroblastoma Charity - Narthex Sparkhill 1,820 NewStarts - ReCOM - Sandwell Homeless and Resettlement Project 549 Severn Angels Housing and Support - Smart Works Birmingham 2,500 Spitfire Advice and Support Services 2,500 St Anne's Hostel 900 St Basil's 1,000 Suited for Success - The Big Issue Foundation 1,500 The Royal Agricultural Benevolent Institution - General Charitable Purposes Azad Kashmir Welfare Association - Batten Disease Family Association 2,000 Birmingham Cathedral Chapter - CleanupUK - Climbing Out 2,000 CoppaFeel! - Cycle-R - DEC Earthquake Appeal 5,000 Family Fund - HALOW (Birmingham) 1,000 Home from Hospital Care 2,000 Horatio's Garden 1,000 Ladywood Community Project 5,000 Lanesfield Methodist Church 2,000 |
- 3,000 21,350 - - - - 2,500 - 880 2,500 - 5,000 (1,500) 1,800 7,500 - - 1,600 500 5,000 1,000 1,000 30,469 2,500 - 5,000 1,500 - 1,330 3,000 - 1,500 - - - - - |
|
|---|---|---|
| 16,750 |
||
| 27,780 |
Page | 14
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023
| OMEGA - the National Association for End of Life Care 1,000 On Course Foundation 800 Our Lady of Wayside Catholic Church - PCC Of Ecclesiastical Parish of St Matthew, Perry Beeches - Prisoner Advice and Care Trust - Ryders Green Methodist Day Centre - St John and Red Cross Defence Medical Welfare Service 2,000 St Michael's Church, Stoke 1,500 Support Through Court - The Mary Stevens Hospice - University Hospitals Birmingham Charity 1,000 Walk Ministries - Wolverhampton Samaritans 3,000 Worcestershire Community Foundation 5,000 You Can Flourish 2,120 |
- - 5,000 2,000 10,000 2,500 - - 1,000 3,000 - 2,500 - - - 36,420 266,604 |
|
|---|---|---|
| 40,830 | ||
| 227,860 |
Page | 15