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Regi$ter¢d Charity: 248136
THE MtCHAEL MARKS CHAIUTABLE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JAL¥UARY, 2024

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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 s￿ements

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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
[t￿llfield House,
Curzon Street.
Lolldoll, WIJ 5JB

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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 Tn￿t'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 d￿ed 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 obj￿tiVeS 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$toph¢r White and MT Noel Annesley served IbtDughout the year
ended 31st January> 2024.
The Tru8t¢es meet as and Wh￿ Dece&sary to consider grant applications and this is usually Oll￿ a year. They
met in June 2023.
Re¢rni¢m¢nt and Appolntment of Trustees
Trustees are appointed by the existing Trust¢¢s whenever a vacancy o¢¢urs. Other than Marina, Lady Marks
alld Sir Christoph¢r Whit¢. they are initially appointed for three years but reappointment following that time is
possible if the retiring Trnstse Coniinues to b¢ avai18ble.
Trustee Induction and Tr•knknt
All the Trustees are familiar with the p￿tical work of the Trust. Following their nomination, new tswstees are
invited to attend a training 5e&8iOll to familiari8e th¢ms¢lv¢s with the TTUSI and th¢ wnt¢xt within which il
opernt¢s. These cover:
The niain obligations olthe Board of Tn￿lees.
Resourcing and the Cu￿ent financial posiiioll &8 set out in the latest published accoun¢s.
Future plans and obJ￿tiVes.
RISK MAI¥AGEMENT
Th¢ trustees perforni a revi¢w to idcniify the major risks to wbxch the Trust is exposed and have established
sy$iem8 and proeedures lo mitigate these risks. The Truste¢s hav¢ id¢ntified the major ri$k to which the Trnsi
is exposed 88 being poor investment ￿fornIance and the p￿VallIng uncertainty in the national aud
international ¢conomios. The Tisk has been mitigaied by ¢n$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 Tn￿t¢¢$.

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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 n￿de. 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 t￿￿t¢eS will continue to review unsolicited applications and pay out grants subject to the income received
by the T￿St. 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 I￿orne amouTht¢d to £198.984. an increase of £55,147 in comparison wilh the previous year.
Exp￿altUre 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 coMmitm￿ts 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.

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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 f￿n¢1&1 5tateTneTts Th aLtordallce
with applicable law and Ulliied K￿gdoM Accounling Standar(b including the Financial Reporting,
Stsndard appIl￿ble in the UK and Republic of Ireland (FRS 102) {UtLited KI￿gdOM Generally
Accepted Accounting Practice).
The law applicable to clmtities in England 8md WaLes requires tbe Tru5te&s to prepare f￿ancial St￿mentS
for each financial year which giv¢ a tru¢ and fair Triew of the state of affairs of the T￿st 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$¢rve the m¢thtsds attd prittciples of the Charities SORP,.
make judgernents and estimates that aT¢ reasonable aTLd pnjdent.
state whether applic&ble accowiling stalldards have been followed, subjeet lo any departures
discloged and explaitted tn the financial slat¢menls; and
p￿p￿t the financial staiements on a going con¢ern basis ulll¢ss it is inappropriat¢ to presutne that
the TTr￿t will continue in business.
The Trt￿CeS are Tesponsllble foT ke¢ping PEoper accounting records which disL105e with ￿￿onable
accurdcy at any tI￿e the fthan¢ial p)sitson of the Trust and enable them to ¢Dsurc that the fthanciiil
statements comply with the Charili&s Act 2011, the Charity {Accounts and Rewrts) Regulations and the
provisions of the Trust Deed. They are also responsible for safeguardiThg the assets of the Tr￿st and hcnL
for taking reasonable steps fof the pr¢vention and dete¢tion of fraud and other itTegulHTities.
The Trustee5 are ttsponsible for the m4iDtenanct and integrity of th¢ Thtst alld the finawial infOrn￿tIOn
included on th¢ Trust's website (if ally). Legislation in tb¢ UDit¢d Kingdom gov¢rning the ptepardtion and
dissemination of financi￿ stat¢tll¢nts may differ from l¢gidation in other juristh"ctions.
By Order of tb¢ Trwstee5 and sigtted on thelr behalf by:
Mirln4, Lady Marks
Tru$te¢
£.V_Eo24

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INDEPEI¥DENT AUDITORS, REPORT TO THE TRUSTEES OF
THE MICHAEL MARKS CHARITABLE TRUST
OplnfiDn
W¢ have audited the f￿anCIal 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 inforn￿tIOn 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.

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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$ d*miine is necessary to enable the pr¢paTati¢)n of financial ststements that are
f￿¢ from ma￿1&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&nel*l 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.

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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 Re￿rtillg 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 rn￿e 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.

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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.

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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
CRED￿0￿s. 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.

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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 t￿st are sel out on page 2.
1.2 Basis of Accounting
The fina￿1&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 $tat¢ments are also
presented in pounds sterling.
Amounts are presented to the nearest £, unless otherwise stated.
Th¢r¢ are no significant areas requiring material judgemcnts. e8titnates or assumptions.
IJ Cash statement
The trust has taken advantagc of the exemption in the Charities SORP FRS 102 from the requirement
to produ¢e a cash flow statement on the grounds that it is a small charity.
1.4 Pre￿ra￿On of the *ceounts on 4 golmg concern basls
The tTUSte¢5 ¢onsid¢Y that there are no material uncertainties about the trust's ability to continue as a
going concern for ai l¢ast twelve montbs from the date of approving the accounts. The tNstee5 have
considered th¢ inv&8tm¢nt perfornmice durillu th¢ year and the level of current rommitments. The
most significant areas of uncertainty that affect the ￿t￿re ¢arrying value of asset5 held by the Tnjst
are the level of invcstment return and the perfonnance of investment markets. The ac¢ount$ hav¢
been prepared on a goiog ¢on¢em basis.

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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 reCOg￿lS¢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 eff￿t 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 TTh￿t.
Govmiance costs represents tbose costs of slrntegic management of th¢ T￿￿t 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.

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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 reCO￿lsed 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 StateM￿t of Financial Activities wh¢n ihey arise. Realised gains
and losses on investments are calculated Lq the difference between sales proceeds and their O￿lIng
¢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 Unre￿ISed 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}

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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 nU￿b¢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 LIb￿ry
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 Ap￿2] UK
Ora Singers
Royal Pavilion and Museums Trust (Brighton & Hove Museums)
Secret World Wildh'fe Rescue
s￿les Rewvery Tn￿1
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

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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 r￿cIv￿ 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.

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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

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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

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Page 17
THE MICHAEL I￿RKs CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2024
11. CONTINGENT LIABIL￿lEs
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.