Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Regi$ter¢d Charity: 248136 THE MtCHAEL MARKS CHAIUTABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JAL¥UARY, 2024
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 THE MICHAEL MARKS CHARITABLE TRUST INDEX TO FINANCIAL STATEMEI¥TS FOR THE YEAR EIYDED 31ST JANUARY, 2024 Page L¢g41 and administrative infojmation ReFth of the Tnjstees Independent Auditors. Rep)rt Siat¢m¢rtl of FinanciAI Activities Balance Sheet 10-17 Note8 to the FinaDcial sements
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page I THE LIIICHAEL MARKS CHAIUTABLE TRUST LEGAL & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST JANUARY, 2024 Charity registration number 248136 Trustees Marina. Lady Marks Professor Sir Christopher White Mr Noel Ann¢sley Reglstered Address 5 E]m Tree Road, London. NW8 9JY udltor5 Shipleys LLP 10 Orange Street. Haymarket, )ndon, WC2H 7DQ Ikgal AthTr$er$ Charl¢s Russell 5 Fleet Place. London, EC4M 7RD B*nk¢r$ EFG Private Bank Limited ri¢ld House, Curzon Street. London. WIJ 5JB Brnker8 EFG Private Bank Limited [tllfield House, Curzon Street. Lolldoll, WIJ 5JB
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 2 THE MICHAEL MARKS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JANUARY, 20 The TTUStees present their annual rq>ort aT]d financial statements of the Trust for the year ended 3 1st January 2024. The finimcial statements have been prepared in a¢¢ordanc¢ with the accounting policies s¢t oui in Note l and romply wlth Éhe Tnt'S constitution, th¢ Chhrlties Act 2011, the ChaTity (Accounts and Reports) Regulations 2008 and A¢¢ounting and Reporttng by Charitie5.' Statement of Recommendcd Practiee applicabl¢ to ¢harili¢s preparing thelr accounts ill accothce with th¢ Financial ReportiDg Standard applicable in th¢ UK and Republic of Ireland (FRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT Objects The Michael Marks Charitable Trust is registered with the Charity Comrnissioners (registration number 248136). The Deed of Trust ded 15th March 1966 is the goveming document of the Trust. The obje¢is of the Trust ar¢ to apply capitsl and income to. towards or for the benefit of, suth charitabl¢ pwposes or charitabl¢ institutions as the Tn in their absolute discretion shall detennine. In pursuance of such objtiVeS the Trustees have decided to exercise their dis¢r¢lion in favour of charitable objects concerned with th¢ educatio environment and the arts. Th¢ Trustea8 Consid unsolicited applications when fflved. Trn8tees Marina. Lady Mark5. Professor Sir Chri$toph¢r White and MT Noel Annesley served IbtDughout the year ended 31st January> 2024. The Tru8t¢es meet as and Wh Dece&sary to consider grant applications and this is usually Oll a year. They met in June 2023. Re¢rni¢m¢nt and Appolntment of Trustees Trustees are appointed by the existing Trust¢¢s whenever a vacancy o¢¢urs. Other than Marina, Lady Marks alld Sir Christoph¢r Whit¢. they are initially appointed for three years but reappointment following that time is possible if the retiring Trnstse Coniinues to b¢ avai18ble. Trustee Induction and Tr•knknt All the Trustees are familiar with the ptical work of the Trust. Following their nomination, new tswstees are invited to attend a training 5e&8iOll to familiari8e th¢ms¢lv¢s with the TTUSI and th¢ wnt¢xt within which il opernt¢s. These cover: The niain obligations olthe Board of Tnlees. Resourcing and the Cuent financial posiiioll &8 set out in the latest published accoun¢s. Future plans and obJtiVes. RISK MAI¥AGEMENT Th¢ trustees perforni a revi¢w to idcniify the major risks to wbxch the Trust is exposed and have established sy$iem8 and proeedures lo mitigate these risks. The Truste¢s hav¢ id¢ntified the major ri$k to which the Trnsi is exposed 88 being poor investment fornIance and the pVallIng uncertainty in the national aud international ¢conomios. The Tisk has been mitigaied by ¢n$uring that a diversified and ¢onseTvativ¢ investmeni portfolio is held. advice is regularly sought and the investments are fvlly maintained by a qualified invesimenl managcr and ffgularly revlewed by the Tnt¢¢$.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 3 THE MICHAEL MARKS CHARITABLE TRUST REPORT OF THE TRUSTEES- CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Objects of the Trust are shown above. To meet th¢se. the Trust has to generate income and capithl growth from ils investments. By making grants to other clthrities who support the environment. ¢(lucation and the arts. those three arus will be improved for all p¢oplc who come into contact with the specific areas. The Trustees confirn) that they have referred to the guidance contained in the Charity Commission guidance on public benefit when rcviewing the Trust's aims and objectives and in planning the activities and grant-llLaking policy for the year. Th¢ truslees of thc Trust give their lime frcely and receive no remuneration for th¢ir scrvices. INVESTMENTS The pow$ provided under the Trust Deed are broad and general and there are no restrictions on the Trust's power to inv¢st. The Trustccs review investments to consider the risk profile and the incorne requiremenls. They take prof¢ssioDal advice on the purchase and sale of inveslments where this is deemed necessary. RESERVES The Trn8t maintains a single general reserY¢ that can be used for any purpose de¢m¢d in keeping with the charitable objectives of thc Trust. RESERVES POLICY AND FufuRE PLANS The Trnstees, aim is lo retain a total unrestricted fund of a minimum of £5.000,000 to generate suffici¢nl investment income to pay charitable grdnts of up to £250,000 each y¢ar. During the year, the Trust generated income of £198,984 and grants of £129,510 were nde. The reserves and the policy are monitored and reviewed annually. Durillg th¢ year, thc genernl unr¢stricted fLmd increased by £614,031 to £5,658,514 (2023.. £5,044.483). Th¢ unrestricted fund is maintained to pay all fijthre commitments made by the Trustee4 to cover one year's management eolts and to respond to unsolicitcd applications that arise from time lo time. The tt¢eS will continue to review unsolicited applications and pay out grants subject to the income received by the TSt. Due to the pandemic. the trustees have changed their applicaiion process so thai applications are now receivcd electronically rather than through the post. ACHIEVEMENTS AND FINAIYCIAL REVIEW Th¢ Stslement of Financial Activities for the year discloses a nel income before gains and losses on inveslmenls of £58.656 (2023: £54.662). Total Iorne amouTht¢d to £198.984. an increase of £55,147 in comparison wilh the previous year. ExpaltUre on charitsble expenditure increased by £43,730 to £134,350 which the TTUStees acknowl¢dge is not in line with their overall policy to pay charitablc grants of up to £250.000 per annum. Due to ihe current economic uncertainty. the trustccs have been cautious in setting th¢ level of coMmitmts this year. Gov¢rnance costs are in line with the previous year. Investments are held to generdte a sustainable income in support of the a¢ttvities of the Trnsl and all assets are slated in thc balanc¢ sh¢et at market value. The tolal list investsment fimd incTeased by 17.5 /0 Compared with a de¢se of16.9% in 2023.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Pd8e 4 REPORT OF THE TRusfEES- coiYrtNblD FOR THE AR ENDED 31ST JANUARY, 2024 STATEMENT OF TRUSTELS• RESPONSIBILITIES The ThL5tees are resrth5ible for prq)ating the Trustees. Report and the fn¢1&1 5tateTneTts Th aLtordallce with applicable law and Ulliied KgdoM Accounling Standar(b including the Financial Reporting, Stsndard appIlble in the UK and Republic of Ireland (FRS 102) {UtLited KIgdOM Generally Accepted Accounting Practice). The law applicable to clmtities in England 8md WaLes requires tbe Tru5te&s to prepare fancial StmentS for each financial year which giv¢ a tru¢ and fair Triew of the state of affairs of the Tst and uf th¢ irAcoEDing resources and applicartioll of resoutce8 of the Tn4t for that period. In PTeparing the%e financial statenwnts. the T¢1 ar¢ r¢quir¢d to.. selxt suitsbl¢ a¢¢ountillg TK)licies and apply then) consisterttty" ob$¢rve the m¢thtsds attd prittciples of the Charities SORP,. make judgernents and estimates that aT¢ reasonable aTLd pnjdent. state whether applic&ble accowiling stalldards have been followed, subjeet lo any departures discloged and explaitted tn the financial slat¢menls; and ppt the financial staiements on a going con¢ern basis ulll¢ss it is inappropriat¢ to presutne that the TTrt will continue in business. The TrtCeS are Tesponsllble foT ke¢ping PEoper accounting records which disL105e with onable accurdcy at any tIe the fthan¢ial p)sitson of the Trust and enable them to ¢Dsurc that the fthanciiil statements comply with the Charili&s Act 2011, the Charity {Accounts and Rewrts) Regulations and the provisions of the Trust Deed. They are also responsible for safeguardiThg the assets of the Trst and hcnL for taking reasonable steps fof the pr¢vention and dete¢tion of fraud and other itTegulHTities. The Trustee5 are ttsponsible for the m4iDtenanct and integrity of th¢ Thtst alld the finawial infOrntIOn included on th¢ Trust's website (if ally). Legislation in tb¢ UDit¢d Kingdom gov¢rning the ptepardtion and dissemination of financi stat¢tll¢nts may differ from l¢gidation in other juristh"ctions. By Order of tb¢ Trwstee5 and sigtted on thelr behalf by: Mirln4, Lady Marks Tru$te¢ £.V_Eo24
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 5 INDEPEI¥DENT AUDITORS, REPORT TO THE TRUSTEES OF THE MICHAEL MARKS CHARITABLE TRUST OplnfiDn W¢ have audited the fanCIal stsl¢ments of Thc Michael Marks Charitable Tntst for the year ended 3181 Januaryj 2024 which ¢ompris¢ th¢ Statement of Financial Activities, the Balance Sheet and the related notrs, including a summary of si¥nifi¢ant a¢¢ounting policies. The fiDancial reporting fra[new0 that has becn applied in their preparation is applicable law and United Kin&.dom A¢counling Standards. including FRS 102 The FiDan¢ial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Arxepted A¢¢ounting Practice). In our opinion thc financial statements: giv¢ a true and fair view of th¢ state of the Trust's affairs as at 3 1st January, 2024 and of its income and expenditure for the year then ended. have been properly prepared tn Accordance with United Kingdom Generally kn¢epted Ac¢ounting Practice. and bav¢ been prepared in accordance with the requir¢rn¢nls of the Charities Act 2011. Bisi$ for oplnlon We conducted our audit in accordance wilh International Siandards on Auditing (UK) (JSAS (UK)) and applicable law. Our responsibilities under those SlaT]dard8 are further describ in the auditofs responsibilitLes for the audit of the fAllancial statements sc¢tion of our Teport. We are ind¢p¢ndent of the Trust in a¢¢ordan¢¢ with the ethical require]n¢ut5 that are relevant to our audit of the financial $tatements in the UK including th¢ FRC'S Eihical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believ¢ that the Audit evidence we have obtain¢d is sufficient and approprlate to provide a basis for our opinion. Con¢ludon$ relatlng to going concern In auditing the financial statements, we have Concluded that the trustees. use of the going Concern basis of accounting in the prepardtion of the f]naurial statements is appropriaie. Based on the WO we have performed. we hav¢ not identified any malwyal uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the ¢harity's ability to continu¢ as a going concern for a p¢ri<MI of at least twelve months from when the financial statements are authorised f issue. Our responsibilities and the re8PODsibiliti¢s of the trth8t¢¢s with respect to going ¢oneern are described in the relevani sections of this report. Other information other inforntIOn comprises th¢ inforn)ation included in th¢ annual repor( Other than th¢ fmancial statements and our auditor's report thereon. The trustees are responsible for the other inforniation. Our opinion on the fitsan¢ial statemenls does not cover the other inforniatioTJ and we do not expre58 any forn) of &8surdDce wn¢]S1On th¢r¢on.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 6 INDEPEI¥DEIYT AUDITORS, REPORT TO THE TRUSTEES OF THE MICHAEL MARKS CHARITABLE TRUST- CONTINUED In conn¢¢tion with our audit of the financial $taiements. our responsibility is lo read the oih¢r inforniation and, in doing so. Consider whether the other infonnation is materially inconsistent with the financial statements or our krtowldg¢ obiained in the audit or othenvise appears to b¢ materially misststed. If we identify sueh malerial inconsisten¢i¢s or apparent material misstatements, we ar¢ required to deterniine whether there is a material misstalement in the fioanrial stat¢ments or a material misstatement of the other inforniation. If, bL8ed on the WO we have perfonned, we conclude that there is a material misstatejnent of this other infonnation, we are required to ryort that fact. W¢ hav¢ nothing to report in this regard. Matters on which we are required to report by ex¢¢ption In light of the knowledge and understanding of the charity and 11$ envirotllnent obtained ID the course of ih¢ audit. we have not Adentified material mi8Statements in th¢ Report of the Ttustees. We have Dothing to Tep)rt in res of the following matters in relatLOlJ lo whi¢h the Charities (Accountg and ReFth8) Regulations 2008 requi us to r¢port to you if, in OUT opinion: the inforniation given in the financial statements is inconsistent in any material respe¢t wilh Ihe trustee5' report; or sufficient accounting re¢ord5 hav¢ not been kept; or the financial statements are not in agrccment the accounting records. or w¢ havc not received all the inforniation and explanations we require for our audit. Resfft)nslbllltles of trustees explained rn0 fvlly in the trustees, responsibilities statement. the tswslees are responsible for the preparation of the financial 8tal¢]n¢nts and for being satisfied that th¢y giv¢ a true and fair view, and for such internal control as the ITUStee$ dmiine is necessary to enable the pr¢paTati¢)n of financial ststements that are f¢ from ma1&1 misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Trust's ability lo continue as A going concern, disclosing? as applicabl¢, mattW% r¢lated to going concern and using the going eoneern basis of accounting unlws the twste¢s either intend lo liquidatr the Trust or to cease operations. or have no realistic altunative but to do so. Audltor'$ responslbllities for the audit of the fin&nell ststements We have been appointed as auditor und¢r section 145 of th¢ Chariti&s Act 2011 and report in acwrdanee with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtairt r¢asonable assurance about wbether the finan¢ial 8tat¢ments as a whole are free from material misststement, whether due to fraud or error, and io issue on auditor's report that includes our opinion. Reasonable assurance is a high level of wurance, but is not a guarantee tbat an audit conducted in a¢¢ordanee with ISAS (UK) will always detect a material misststement when it exists. Misstst¢m¢ttts can arise from fraud or error and are considered malersal if. individually OT in the aggregate. they could msonably be expected to Influence the economic de¢i8ions of wers taken on the basis of these financial statements.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 7 INDEPENDEiYf AUDITORS? REPORT TO THE TRUSTEES OF THE MICHAEL MARKS CHARITABLE TRUST- CONTINUED I¢gularitI&g, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our ffsponstbilities, ouilined above, to detect material mi$slat¢ments in respeci of irregularities. including fraud. The extent to wkn'ch our pro¢edures are capable of detecting irregularities, inclllding fraud is detaild below: We obtained und¢rstanding of the charity's a¢tivilie4 contro18 laws and r¢gulations and assessed the susc¢ptibility of the chaTity's financial statements to material misststement from iTregularities, including frdud. We deterniined that the laws and regulations that are most significant lo the charity aTe the Chariti¢s (A¢¢owits and Reports) Regulations 2008, the Charities Act 2011. the Financial ReportinE Standard applicable in the UK and Republi¢ of IrelÉmd (FRS 102), Accourtting and Reporting by Charities.. ststem¢nt of ReciKnmended Pracii¢e applicable to Cbarities Prepartng their accounts in accordance with the Flnancial Rertillg Standard appli¢abl¢ in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Trust Decd. Based on this understanding we d¢signed our audil pr(Kedures to detecting iTr¢gulwities, including fraud. Testing undertaken included making enquiries of ihose ¢harged with governance? journal enty tating; review of baok letters, trustee minutes and governing document. revieMng financial $laien)ent disclosures and testing to supporting documentotion to assess ¢ompli&nee with applicabl¢ laws and regulations. Ih¢s¢ pro¢¢dures werc designed to provide reasonabl¢ SUrance that the finan¢ia] statem¢nts wer¢ fr¢¢ from fraud or error. A further dcscription of our responsibilities for the audit of the financial statements is locai¢d on the Financial Reporting Council's websAte at: www.frc.org.uklauditor$r¢sponsibilities. This description forms part of our auditor's report. We communicate with those charg¢d with governance regarding. among other matters. Ibe planucd s¢ope and timing of the audit and significant audii findings, including any signifi¢ani deficiencies in internal ¢ontrol ihal w¢ id¢lltify during our audit. Us¢ of our report This report is made solely to the Trus¢s trustees. as 8 body* in accordance with 8¢¢tion 144 of the ChaTiIi Act 2011 and r¢gulalions rne under section 154 of that Act. Our audit work has been undertaken so thai we might state to the Tntyl's trustees those matters we required to state lo ihem in an auditoes report and for no other purpose. To lh¢ fvll¢st extent permitted by law. w¢ do not accept or assum¢ r¢sponsibility to anyone oth¢r than the TTUSt and the Trust's trnstees as a body? for our audit work. for this report, or for the opinions we have fornied. sW4s Llf Shlpley$ LLP Chartered Accountants & S¢4lutory Audltors 10 Orange Street Haymark London WC2H 7 17 July 2024 Shipleys LLP is eligible for appointment as auditor of the charity by virN¢ of its ¢ligibility for appoinlmenl as auditor of a company under section 1212 of the Companies Act 2006.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Pag¢ 8 THE MICHAEL MARKS CHAIUTABLE TRUST STATEMENT OF FINANCIAL ACTIvrriES FOR THE YEAR ENDED 31ST JANUARY, 2024 2024 Unrestricted 2023 Unrestricted Notes INCOME Investsnent income 198,984 143.837 TOTAL INCOME 198.984 143.837 EXPENDrruRE Costs of Taising funds Expenditure on charitable a¢tivili¢s 5,978 134.350 (1,445) 90.620 TOTAL EXPENDITURE 140,328 89.175 NLT INCOMEAND NET MOVEMENT BEFORE GAINS AND LOSSES ON INVESTMENTS 58,656 54,662 Net gains l Ooqses) on investments 555,375 (735,783) NET MOVEMEI¥TS IN FUND 614.031 (681.121) UNRESTRICTED FUND BALANCE BROUGHT FORWARD AT 1ST FEBRUARY, 2023 5.044.483 5,725.604 UNRESTRICTED FUND BALANCE CARRIED FORWARD AT 31ST JANUARY, 2024 £5.658.514 £5.044.483 The notes on pages 10 10 17 fonn an integral part of these financlal statements.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 9 £ MICHAEL MARKS CIIARITABLE TRUST BALANCE SHEET AS AT 31ST JANUARY, 21124 2024 Unrestrlctsd 21123 Unre8trlcted Notes FIXED A&SETS Ittvestsnents 3,998,136 3.753J31 CURRENT ASSETS Debtors Cash at bank 48,057 1,644,865 47.312 1.289,780 1.692,¥22 l J37,092 CURRENT LIABELITIES CRED0s. Amounts falling dut wllblrt one yur (32,544) (45.9401 NET CURRENT ASSETS 1.660.378 1291.152 TOTAL ASSETS LESS CtJRREI4T LIABtLTfiES 5.658,514 5.044.483 NKT ASSETS £5,658,514 £5.044.483 Represented by: iJNRESTRIcfED FUNDS £5,65&514 £5,tH4,483 Approved by the Tn]stees OD nd are SiRned on thelr behalf by: ha, iAdy Marks Trnstte The notes on pages 10 to 17 forn an integral part of these financial.8tatements.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 10 THE MICHAEL MARKS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY. 2024 ACCOUNTING POLICIES 1.1 General Inforniatlon The Michael Mark$ Charitsble Trust is an unin¢oTporat¢d tnjst governed by a tNst d¢ed and r¢gistered with th¢ Charity Commission in England. The pritjcipal address is 5 Elm Tr¢¢ Road, IAindon, NW8 9JY. The objectives of the tst are sel out on page 2. 1.2 Basis of Accounting The fina1&1 statements have b¢¢n prepared undw the historical ¢ost convention, with ilems recognised at cost or transaction value unless oih¢nvise ststed in the r¢levAnt accounting policy. The financial 8tatemen¢s hav¢ been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and R¢porting by Charittes: Statement of Re¢ommellded Practice applicable to Charities preparing their a¢¢ounis in aceordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of IrelAnd (FRS 102) (Charities SORP FRS 102) and th¢ Charities Act 2011. The financial stat¢m¢nts have been prepared to give a'tru¢ and fair, view and have departed from the Chariti¢s (Accounts and Reports) Regulations 2008 only to ihe extent required to provide a 'true and fair view.. This deparrnre has involved following Ac¢ounting and Reporting by Charities preparing their accounts in accordall the Financial Reporting Siandatd applicable in ibe UK 2nd Republic of Ireland (FRS 102) effe¢iiv¢ l January 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prnctice effective from l April 2005 which has Since been withdrawn. The TnJ81 meets the definition of a public benefi¢ entity under FRS 102. Th¢ functional currency of the trust is consider¢d to be pounds sterling be¢aw¢ that is the currency of the Primary economi¢ VIrOnment in which the Trnst operates. The finan¢id $tat¢ments are also presented in pounds sterling. Amounts are presented to the nearest £, unless otherwise stated. Th¢r¢ are no significant areas requiring material judgemcnts. e8titnates or assumptions. IJ Cash statement The trust has taken advantagc of the exemption in the Charities SORP FRS 102 from the requirement to produ¢e a cash flow statement on the grounds that it is a small charity. 1.4 PreraOn of the *ceounts on 4 golmg concern basls The tTUSte¢5 ¢onsid¢Y that there are no material uncertainties about the trust's ability to continue as a going concern for ai l¢ast twelve montbs from the date of approving the accounts. The tNstee5 have considered th¢ inv&8tm¢nt perfornmice durillu th¢ year and the level of current rommitments. The most significant areas of uncertainty that affect the tre ¢arrying value of asset5 held by the Tnjst are the level of invcstment return and the perfonnance of investment markets. The ac¢ount$ hav¢ been prepared on a goiog ¢on¢em basis.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Pagell THE MICHAEL MARKS CHAIUTABLE TRUST NOTES TO THE FII¥ANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 ACCOUIYTING POLICIES (conlinu¢d) 1.5 Income All income is re¢ognised on¢¢ th¢ trust has entitlement to the income. it is probabl¢ that the income will be rcc¢ived and the amount of income receivable can be M&Ured reliably. Interest on funds beld on deposit is in¢ludd when r¢c¢ivable and the amount can be measured reliably by the trust. this is normally upon nolifieation of ihe interest paid or payable by th¢ bank. Divid¢nd$ are recognised once the dividend has been declared 2nd llotification has been received of Ihe dividend due. This is norn)ally upon notification by our investm¢nl admsor of the dividend yicld of the inv¢stm¢nl portfolio. 1.6 Expendlthre Liabilities are reCOglS¢d as expenditur¢ as Soon as there is a legal or consffiiclive obligation committing th¢ trusl to that ¢xpenditure, it is probable that settlement Mqll be required and the amount of the obligation Lan be reliably. Costs of ratsing funds comprise the costs as80¢iated with managing the investment portfolio. Expenditure of charitable activitie5 includes grants mad¢ and governance coyts. Granls payAbl¢ aTe payments made to tbird parties in the furtherance of the charitable objectives of the trjst. Unconditional grnnt offers are accrued once the r¢cipi¢nt ha$ been notified of the grant award. The notification gives the recipient a rcasonable expectation ihat they receive the grdnt. Grani$ awards that are subject to the recipient fvlfilling perforniance ¢ottditions are only Accrned when the recipient has been notified of ibe grant and any remaining unfulfilled condition attaching to that Erant is outside of the control of the Tnjst. The provision for a multi-year grdnt is ffcognised at its Present value where s¢ttleJnent is due over more than one year from the dale of th¢ award, there are no unfulfilled perfornlance ¢ondilions under the Control of the Trust that would pennit the Trust to avoid making the future payments, settlement is probable and the efft of discounting is material. The discount rat¢ used is the avernge rate of investment yield in the year in whi¢h th¢ grant award is made. This discount rate is r¢gard by the trnstecq as provlding the most current available estimate of ihe opporrunity cost of money reflecting ihe time value olmoney to the TTht. Govmiance costs represents tbose costs of slrntegic management of th¢ Tt and of complying with ¢onstitutional and statulory requirements. ITrecov¢rabl¢ VAT is charged against the expenditure heading for which it wa$ in¢urred. 1.7 Forelgn eurrencles Foreign currency trdnsactions aff initiAlly recorded in the functiottal currency. by applying th¢ s exchange rate as at th¢ dai¢ of th¢ transaction. Monetary assets and liabilities dcnominated in foreign cuThencies are translated at the exchange ra ruling at the reporting date, with any gains or losses being lak¢n to the statement of financial actsvities.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page12 THE MICHAEL MARKS CHARITABLE TRUST NOTES TO THE FII¥ANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 ACCOUNTING POLICIES Cconilnmed) IA Investment8 Investments ar¢ a forni of basi¢ financial inslnllnenl and are inttially reCOlsed at their transaction value and subsequcntly at their fair value as al the balance sheet date using th¢ closing quoted market price. The Statement of Financial Activities includes the nel gains and10s8es arising on revaluations and disposals throughout the year. 1.9 Gaiti$ and IA)$ses on Investments All gains and losses are taken to the StateMt of Financial Activities wh¢n ihey arise. Realised gains and losses on investments are calculated Lq the difference between sales proceeds and their OlIng ¢arrying value or their purchase value if a¢quir¢d Subsequent to the first day of the financial year. Unrealised gains and losses are calculated lh¢ diff¢r¢nce between the fair value at th¢ year ¢nd and Iheir carrying value. Realised and UnreISed investment gains and losses are combined in the Stat¢ment of Financi81 Activities. 1.10 Cash It bank Cash at bank and cash in hand ineludes cash and short tenn htghly liquid invcstments with a short maturity of three months or less from th¢ date of acquisition or opening of the d¢posii or similar Account. 1.11 Finan¢l*l knstruments The lThst only has financial assets and financial liabilities of a kind th&t qualify a5 basic financial instrnments. Basic financial instrumellts ar¢ initially recognised al transa¢tion value and subsequently measured at their settlejnenl value. 1.12 Fund Accoundng The unrestricted fund comprises fimds to be used in pursuonc¢ of the Trnst's objeKtives at the dis¢r¢tion of the Trustees. INVESTMENT INCOME 2024 21123 Dividends Interest from bonds Intera8t ott bank deposits 22,579 89,474 86.931 15,193 110,969 17.675 £198.984 £143,837 COSTS OF RAISING FUNDS Inveslment custody fees Foreign currency losses l (gains} 3.638 3,477 (4,922) £5,978 (£1,445}
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 13 THE MICHAEL MARKS CHAIUTABLE TRUST NOTES TO THE FINAIYCIAL STATEMENTS - cowfINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 EXPENDITURE ON CHARITABLE ACTIVITIES The Trn81 undertakes its charitable activities through ll1 making and awardsj grants to a nUb¢r of in$tilUlions in rtherallce of its charitable actiytties. Governan¢e costs allocated to the want making
Clivities as this is the gole activity of the Trust.
2024 2023 Grants to institUiion$ Governance costs (note 5} 129,51 85.780 £134.351) £90,620 Granls w¢r¢ m#d¢ during the year or Provided &s charitable commitmenis at the end of the year to the following OTganisations:. Ashrnolean Museum 10,000 3.000 5.000 3.204 2,000 Bampton Opern Berkshire Bu¢kingha7nshir¢ and Oxfordshire Wildlife Trust Brilish LIbry Ch¢¢toh Conservation Fund Classics For All Dulwi¢h Pi¢tur¢ Gallery Etaireia Messeniakon Spoudon Felix Project Greenwich Foundation for Old Royal Naval College Lake District Foundation Little Ouse Headwalers Project Marine Conservation Society Modern Poetry in Translation Moorland Mouise Trust National Theatre Nottin&ham$hire Wildlife Trust Prince's Countryside Fund Ordngutan Ap2] UK Ora Singers Royal Pavilion and Museums Trust (Brighton & Hove Museums) Secret World Wildh'fe Rescue sles Rewvery Tn1 Si Marks Methodist Church Toitenham Suffolk Building Preservation Trust Tate Gallery Si Ives Carried fonvard 2,180 10.000 3.000 5.000 5.0(M) 4,000 2,800 10.000 5.000 6,0(K) 2,000 iO,O(KJ 10,O(K) 2.000 7.000 4.606 5.000 5,000 10,000 5,000 10,000 101,610 55.180
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 14 THE MICHAEL MARKS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEIYTS - CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 EXPENDITURE ON CHARITABLE ACTIVITIES (eDntlDued) 2024 2023 Brought fonvdrd 101,610 55.180 Welsh National Opera Trash H¢rn World Welcome ro our Future {Worcheshir¢ N¢$tins Boxes) Wordsworth TnL8t 3.500 5.000 1,000 23.400 25,600 129.510 85,780 During the year. the charity provided granls of £90.710 (2023: £50.600) lo ¢haTities relating to tbe arts. £34,800 (2023.. £30,000) for the environment and £4.000 {2023: £5,180) for ¢ducation. GOVERNANCE COSTS 2024 2023 Audit fees Accountancy fees 2,340 2,500 2,340 2.500 £4,840 £4.840 Audilors remuneration ¢onsisted of audit fees of £2,340 (2023: £2.340) and accountancy fees of £2,500 (2023.. £2,500). TRUSTEESI AND STAFF REMUNERATION AND RELATED PARTIES The Truste¢s rcIv no remuneration or expenses during Ihe year {2023: £nil). No transaclions with r¢lated parties were undertak¢n such as are required to b¢ dis¢losed under FRS 102 "The Financial Reporting Slandald applicable in th¢ UK and the Republic of Ireland" or the Charitie5 SORP FRS 102. The Trust did not ernploy any staff during the year.
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 15 THE MICHAEL MARKS CHARITABLE TRUST NOTLS TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST JANUARY. 2024 FIXED ASSET INVESTMENTS Casb held Ll$ted as part of Jnvestments portfolio Total Market Value at Isi February? 2023 Disposals in year A¢qui$ition as eost Nei unrealised invest]nent gain Withdrawal of sh 3,177,570 (50,000) 100.346 555.375 575,761 3,753.331 (50,000) 100,346 555.375 (360,916) (360,916) Matket Value at 3 1st Januaryy 2024 £3.783.291 £214.845 £3.998.136 Historlc8] Cost At 31 sl JanuAry. 2024 £2.988.773 £214,845 £3203.618 At 31st January. 2023 £2,937,144 £575.761 £3,512,905 All ihe abov¢ are UK invastmenls held in safe Custody for the Trust by EFG Private Bank Ltd. Investments at fair valu¢ comprise the following: 2024 2023 Equitics Bonds Cash held as part of portfolio 1,704.759 2,078,532 214,845 1.190,618 1,986.952 575,761 £3,998,136 £3.753.331 All inv¢$tm¢nts are carried at fair value. Investments in ¢quiti&8 and bonds are all trad¢d in qlloted public markets. primarily the London Stock ExchanE¢. Th¢ basis of fair value for quoted investtnents is equivalcnl to lh¢ mark¢1 value, using the bid price. Asset sales and pur¢ha$w ar¢ wogmsed at the date of trade at cost (Ihal is their transa¢lion value). Holdings representing mor¢ than 50/0 of the market value of the TTUSt's investments: Holdlng Market Value Marks & Spencer Group plc OrdillAry Shares of 25p each Glen¢or¢ Finan¢e 3.125 % 26103126 Deuts¢he Telekom 3.125O/ts 06102134 511,910 300.0 300.000 £1,265.953 £286,449 £263,022
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page16 THE MICHAEL MARKS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 FtXED ASSETS INVESTMENTS (conlinued) The main fom of finhncial risk faced by the chArily is that of volaiility in equity markets and invesirnenl mark¢t$ du¢ lo wider economic conditions, the attitude of investors to investment risk. and changes in sentiment ¢onc¢rning equities and within particular s¢¢tor$ or sub sectors. This risk is miligated by obtaining investh)ent advice aJ)d ¢nsuring a diversified portfolio is held. DEBTORS 2024 2023 Accrud income £48.057 £47,312 CREDrroRS: Amounts falllng dy¢ wlthin one year Accrnals Charitabl¢ CouJmilm¢llts (Note 10) 4.840 41,100 27,704 £32,544 £45,940 I(1. CHARrrABLE COMMITMENTS Provision has b¢¢n mad¢ ID the financial stal¢m¢nts for the following material charitabl¢ Commitments. the amounts shown being the gross grants:. Wordsworth TnLsI The British Library 24,500 3,204 Withill one year Within one year Re¢ondll*llon ofcharltsble Commitments 2024 2023 Commitments at 1st Febrnary. 2023 Payments made in year Commitments made in year CoutmitllL¢nts writlen off 41,100 {40,000) 27,704 (1.1)) 55.000 (39,5001 25.600 CommiiTnents At 3 1st January. 2024 £27,704 £41.100 Commiiments at 3 1st January. 2024 w¢ p&y8ble 8s follows:. Within one year Aft¢r m¢)re tlwi one year 27,704 41,100 £27,704 £41,100
Docusign EnvelopÈ ID". E872A04E-F7A44F2&B9BC-6F8CCB5D1CD2 Page 17 THE MICHAEL IRKs CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST JANUARY, 2024 11. CONTINGENT LIABILlEs There w¢r¢ no contingent liabilities as at 31 st January. 2024. 12. TAXATION The Trnst is excmpt from tax on income and gains to the extent that these are applied to its Clwiiable obj¢¢ts.