Charity commission number: 220473
THE MICHAEL MARSH CHARITABLE TRUST
UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
THE MICHAEL MARSH CHARITABLE TRUST
Contents
Page
1
Legal and administrative information
2-4
5-6
7
8
Statement of financial activities
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 |
| Forvis 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 2024
The trustees present their report along with the financial statements of the Charity for the year ended 5 April 2024.
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 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.
e to time think fit to or for such
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 Charit 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 meetings.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
guidance on setting the grant making policy for the year.
ACHIEVEMENTS
The Trustees awarded grants totalling £533,700 during the course of the financial year, listed individually on pages 12-15.
GRANT-MAKING POLICY
-
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 2024
-
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 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 April 2024 were £2,943,074 (2023: £3,119,606).
INVESTMENT POLICY AND PERFORMANCE
The Trustees have wide investment powers. These are set out in the Trust Deed as follows: 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
stment 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
As at 5 April 2024, the portfolio was valued at £3,356,482 including cash held with the investment manager. Within this year, there were withdrawals amounting to a total value of £170,000. After taking this into account, the portfolio rose by 14.92% compared to the FTSE 100 Index which rose by 3.24%.
The income generated by the investment has risen in the year, due to recovering investments.
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.
s 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 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); 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 2024
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
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for 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;
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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
L Nuttall
Page | 4
THE MICHAEL MARSH CHARITABLE TRUST
YEAR ENDED 5 APRIL 2024
I report on the financial statements of the charity for the year ended 5 April 2024, which are set out on pages 7 to 15.
Respective responsibilities of trustees and examiner
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
mitted by law,
for my examination work, for this report, or for the statements I have made.
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 report is limited to those matters set out in the statement below.
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
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the financial statements do not accord with those records; or
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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)
Page | 5
THE MICHAEL MARSH CHARITABLE TRUST
YEAR ENDED 5 APRIL 2024
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 FCA Forvis Mazars LLP Two Chamberlain Square Birmingham B3 3AX
Date:
Page | 6
THE MICHAEL MARSH CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024
| Note Income Investment Income 2 Expenditure On charitable activities 3 Net income/(expenditure) before (losses)/gains on investments Transfer from Endowment Funds Transfer of Assets 4 Gains /(losses) on investments: 6 Net income /(expenditure) and movement in funds Balances brought forward at 6 April 2023 Balance carried forward at 5 April 2024 |
Unrestricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 £ £ £ £ 126,157 - 126,157 114,152 (560,305) - (560,305) (275,300) |
|---|---|
| (434,148) - (434,148) (161,148) 434,148 (434,148) - - 23,419 23,419 583,195 - 234,197 234,197 (242,989) |
|
| - (176,532) (176,532) 179,058 - 3,119,606 3,119,606 2,940,548 |
|
| - 2,943,074 2,943,074 3,119,606 |
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 2024 Note 2024 £ Fixed Assets Quoted Investments 6 3,354,718 3,354,718 Current Assets Cash on Current account at bank 67,815 Cash on Deposit at Stockbrokers 1,764 69,579 Liabilities Amounts falling due within one year 7 406,223 Net Current Liabilities (336,644) Total Assets less Current Liabilities 3,018,074 Liabilities Amounts falling due after more than one year 8 75,000 Total Assets less Total Liabilities 2,943,074 Funds Endowment 2,943,074 |
BALANCE SHEET AS AT 5 APRIL 2024 Note 2024 £ Fixed Assets Quoted Investments 6 3,354,718 3,354,718 Current Assets Cash on Current account at bank 67,815 Cash on Deposit at Stockbrokers 1,764 69,579 Liabilities Amounts falling due within one year 7 406,223 Net Current Liabilities (336,644) Total Assets less Current Liabilities 3,018,074 Liabilities Amounts falling due after more than one year 8 75,000 Total Assets less Total Liabilities 2,943,074 Funds Endowment 2,943,074 |
BALANCE SHEET AS AT 5 APRIL 2024 Note 2024 £ Fixed Assets Quoted Investments 6 3,354,718 3,354,718 Current Assets Cash on Current account at bank 67,815 Cash on Deposit at Stockbrokers 1,764 69,579 Liabilities Amounts falling due within one year 7 406,223 Net Current Liabilities (336,644) Total Assets less Current Liabilities 3,018,074 Liabilities Amounts falling due after more than one year 8 75,000 Total Assets less Total Liabilities 2,943,074 Funds Endowment 2,943,074 |
30,601 217,024 |
2023 £ 3,089,098 |
|---|---|---|---|---|
| 3,354,718 (336,644) |
3,089,098 153,008 |
|||
| 69,579 406,223 |
247,625 94,617 |
|||
| 3,018,074 75,000 |
3,242,106 122,500 |
|||
| 2,943,074 | 3,119,606 | |||
| 2,943,074 | 3,119,606 |
The financial statements were approved by the Trustees on
L Nuttall
Page | 8
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
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
T 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 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 management fees are disclosed in Note 3. fees.
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.
Page | 9
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
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 12-15) Management and Administration Costs Administration costs Investment management fees Governance Costs |
2024 £ 430 125,157 126,157 2024 £ 533,700 5,760 18,145 2,700 560,305 |
2023 £ 9 114,143 114,152 2023 £ 266,604 6,116 - 2,580 275,300 |
||
|---|---|---|---|---|
4. TRANSFER OF ASSETS
The trust has received a further £23,419 (2023: £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 2024
| **6. ** | QUOTED INVESTMENTS | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Market value brought forward | 3,089,098 | 3,114,916 | |||
| Disposals | (326,289) | (691,608) | |||
| Acquisitions | 357,711 | 908,779 | |||
| Gain /(Loss) on investments | 234,197 | (242,989) | |||
| Market value carried forward | 3,354,717 | 3,089,098 | |||
| Cost at year end | 2,171,770 | 2,508,254 | |||
| At | 5 | April 2024 the following holding was valued above 5% of the total value of the | investment portfolio. | ||
| Value (£) | % of Portfolio | ||||
| JP Morgan Global Growth & Income | 255,300 | 7.61% |
|||
| UK Treasury Gilt 4.25% SNR BDS 07/12/2027 | 231,775 | 6.91% |
|||
| Scottish Mortgage Investment Trust | 178,339 | 5.32% |
|||
| UK Treasury Gilt 4.5% BDS 07/06/2028 | 178,011 | 5.31% |
|||
| **7. ** | LIABILITIES amounts falling due within one year |
||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Independent examination fees | 2,700 | 2,580 | |||
| Investment management fees | 5,078 | - | |||
| Administration fees | 945 | 1,538 | |||
| Grants committed to: | |||||
| Birmingham Cathedral Chapter | - | 5,000 | |||
| The KEHS Trust | 22,500 | 30,000 | |||
| University of Birmingham (A2B) | - | 5,500 | |||
| University of Birmingham (Cancer Research) | 350,000 | - | |||
| University of Birmingham (Student Support Match Fund) | - | 25,000 | |||
| University of Warwick (IntoUniversity) | 25,000 | 25,000 | |||
| 406,223 | 94,618 |
Page | 11
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
8. LIABILITIES amounts falling due after more than one year
| Grants committed to: The KEHS Trust University of Warwick (IntoUniversity) |
2024 £ - 75,000 75,000 |
2023 £ 22,500 100,000 122,500 |
|---|---|---|
9. RELATED PARTY TRANSACTIONS
There are no related party transactions during the year ended 5 April 2024 or the prior year.
10. GRANTS MADE DURING THE YEAR ENDED 5 APRIL 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Children / Young People | ||||
| 38th Walsall Scout Group | 950 | - | ||
| B:Music | 3,500 | - | ||
| BID Services | 2,500 | - | ||
| Birmingham Children's Hospital Charity | - | 5,000 | ||
| British Disabled Angling Association | 1,000 | - | ||
| Carers Trust Heart of England | 1,000 | - | ||
| Cyclists Fighting Cancer | 3,000 | - | ||
| ecobirmingham | 2,000 | - | ||
| Edward's Trust | 1,000 | - | ||
| Free@Last | 2,000 | - | ||
| Funkykids | 1,000 | - | ||
| Grace Kelly Childhood Cancer Charity | 2,000 | - | ||
| Howley Grange Scout Group | 3,000 | - | ||
| KIDS | 7,000 | 2,500 | ||
| Kids Like Us | 1,000 | - | ||
| Leaps and Bounds Trust | - | 3,000 | ||
| Martineau Gardens | 2,000 | - | ||
| Over the Wall | 3,000 | - | ||
| Parenting Mental Health | - | 1,500 | ||
| Place2Be | 2,000 | - | ||
| Prison Fellowship | - | 1,000 | ||
| Railway Children | - | 5,000 | ||
| Saltmine Trust | 5,000 | - | ||
| Sandwell Asian Development Association | 1,000 | - | ||
| Sensory People | 1,500 | - | ||
| Sport 4 Life UK | 2,500 | 3,000 |
Page | 12
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
| Street League - Street Teams - StreetGames UK Ltd - Sudden Productions 1,000 Tall Ships Youth Trust 1,000 The Birmingham Boys and Girls Union 1,100 The Friendship Project for Children 1,500 The Haven, Wolverhampton 1,000 The Open University 3,000 The Prince's Trust 2,500 The Worth Foundation - Tiny Tim's Children's Centre 1,500 YOU WM 5,000 Education / Training City Year UK - Panathlon Foundation 1,250 Prisoners' Education Trust 2,500 S4E Limited - The Jericho Foundation 2,000 University of Birmingham (Cancer Research) 350,000 University of Warwick (IntoUniversity) - West Midlands Quaker Peace Education Project 2,000 Wildgoose Rural Training 2,000 Elderly / Old People Age UK Birmingham 2,500 Birmingham Jewish Community Care - Cubbington & District OAP Association - Dementia UK 1,500 Heart of England Mencap 10,000 KEMP Hospice 2,500 VASA 1,500 General Charitable Purposes Acacia Family Support 1,500 Batten Disease Family Association - Birmingham Cathedral Chapter (5,000) |
1,000 2,000 2,000 - - - - 2,000 - 2,500 2,000 - - 65,550 2,000 - 2,500 7,000 2,000 - 125,000 1,865 - 359,750 2,500 2,500 500 - - - - 18,000 - 2,000 - |
|
|---|---|---|
| 32,500 |
||
| 140,365 |
||
| 5,500 |
Page | 13
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
| Birmingham Hospice 5,000 Birmingham Samaritans 1,500 Climbing Out - Crimestoppers Trust 2,500 Cruse Bereavement Support Worcestershire 1,500 DEC Earthquake Appeal - Great Malvern Priory 7,500 HALOW (Birmingham) - Home from Hospital Care 2,500 Kingswood Trust 3,000 Lanesfield Methodist Church - OMEGA - On Course Foundation - SSAFA, the Armed Forces Charity 2,500 St John & Red Cross Defence Medical Welfare Service - St Luke's Gas Street Church 5,000 St Michael's Church, Stoke - Staffordshire Search & Rescue Team 2,000 Support Through Court 1,000 The Compassionate Friends 1,500 University Hospitals Birmingham Charity - Wolverhampton Samaritans - Worcestershire Acute Hospital Charity 1,000 Worcestershire Community Foundation - You Can Flourish - People with Disability ARCOS - Bipolar UK 1,500 Birmingham Disability Resource Centre 1,000 Birmingham Royal Ballet 2,500 Contact 1,000 Coundon Care at Allesley Park 1,000 Designability 6,000 Family Care Trust 2,100 FitzRoy Support - Headway Birmingham and Solihull - Horatio's Garden 1,000 Insight CCS - Kings Community Church 2,000 |
- - 2,000 - - 5,000 - 1,000 2,000 - 2,000 1,000 800 - 2,000 - 1,500 - - - 1,000 3,000 - 5,000 2,120 33,000 2,500 - - - - 1,000 - - 5,000 2,000 1,000 3,000 - |
|
|---|---|---|
| 30,420 |
Page | 14
THE MICHAEL MARSH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
| Living Paintings - Motor Neurone Disease Association 1,500 Muscular Dystrophy Relief of Poverty Support Centre 2,000 SENSE - Special Olympics City of Birmingham - The MOVE Partnership - The Sequal Trust 1,000 Unique - Rare Chromosome Disorder Support Group 1,500 Relief of Poverty Bethel Health and Healing Network 2,500 Birmingham City Mission - Birmingham Community Healthcare NHS Foundation Trust General Charity 1,500 Brierley Hill Babybank - Coventry Foodbank 5,000 Fareshare Midlands 5,000 FoodCycle 2,500 Independent Age 1,500 Joining Communities Together 2,000 Kairos Women Working Together - Ladywood Community Project 2,500 Narthex Sparkhill - Sandwell Homeless and Resettlement Project 1,200 Smart Works Birmingham - Spitfire Advice and Support Services 3,000 St Anne's Hostel 2,000 St Basil's - The Big Issue Foundation - The Poppy Factory 2,500 The Royal Agricultural Benevolent Institution 2,100 |
2,000 - - 2,500 700 2,650 - - 24,100 - 5,000 - 1,700 5,000 3,000 - - - 5,000 5,000 1,820 549 2,500 2,500 900 1,000 1,500 - - 33,300 533,700 |
|
|---|---|---|
| 22,350 |
||
| 35,469 266,604 |
Page | 15