Docusign Envelope ID: 7E7F187A-6BF9-4DC7-960B-821C9CE778B9
Registered Charity: 248136
THE MICHAEL MARKS CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY, 2025
Docusign Envelope ID: 7E7F187A-6BF9-4DC7-960B-821C9CE778B9
THE MICHAEL MARKS CHARITABLE TRUST INDEX TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY, 2025
Page
| 1 | Legal and administrative information | ||
|---|---|---|---|
| 2 | - | 4 | Report of the Trustees |
| 5 | - | 7 | Independent |
| 8 | Statement of Financial Activities | ||
| 9 | Balance Sheet | ||
| 10 | - | 17 | Notes to the Financial Statements |
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Page 1
THE MICHAEL MARKS CHARITABLE TRUST
LEGAL & ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31ST JANUARY, 2025
Charity registration number
248136
Trustees
Marina, Lady Marks Professor Sir Christopher White Mr Noel Annesley
Registered Address
5 Elm Tree Road, London, NW8 9JY
Auditors
Moore Kingston Smith 10 Orange Street, Haymarket, London, WC2H 7DQ
Legal Advisers
Protopapas LLP Queens House 180 Tottenham Court Road, London. W1T 7PD
Bankers
EFG Private Bank Limited Leconfield House, Curzon Street, London, W1J 5JB
Brokers
EFG Private Bank Limited Leconfield House, Curzon Street, London, W1J 5JB
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Page 2
THE MICHAEL MARKS CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JANUARY, 2025
The Trustees present their annual report and financial statements of the Trust for the year ended 31st January 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 and comply with the Trust constitution, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Objects
The Michael Marks Charitable Trust is registered with the Charity Commissioners (registration number 248136). The Deed of Trust dated 15th March 1966 is the governing document of the Trust.
The objects of the Trust are to apply capital and income to, towards or for the benefit of, such charitable purposes or charitable institutions as the Trustees in their absolute discretion shall determine.
In pursuance of such objectives the Trustees have decided to exercise their discretion in favour of charitable objects concerned with the education, environment and the arts. The Trustees consider unsolicited applications when received.
Trustees
Marina, Lady Marks, Professor Sir Christopher White and Mr Noel Annesley served throughout the year ended 31st January, 2025. Professor Sir Chrisopher White resigned as a trustee on 4 July 2025 and Mr Alexandros Sakalis was appointed for life.
The Trustees meet as and when necessary to consider grant applications and this is usually once a year. They met in July 2024.
Recruitment and Appointment of Trustees
Trustees are appointed by the existing Trustees whenever a vacancy occurs. Other than Marina, Lady Marks, Sir Christopher White and Mr Alexandros Sakalis, they are initially appointed for three years but reappointment following that time is possible if the retiring Trustee continues to be available.
Trustee Induction and Training
All the Trustees are familiar with the practical work of the Trust. Following their nomination, new trustees are invited to attend a training session to familiarise themselves with the Trust and the context within which it operates. These cover:
-
The main obligations of the Board of Trustees.
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Resourcing and the current financial position as set out in the latest published accounts.
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Future plans and objectives.
RISK MANAGEMENT
The trustees perform a review to identify the major risks to which the Trust is exposed and have established systems and procedures to mitigate these risks. The Trustees have identified the major risk to which the Trust is exposed as being poor investment performance and the prevailing uncertainty in the national and international economies. The risk has been mitigated by ensuring that a diversified and conservative investment portfolio is held, advice is regularly sought and the investments are fully maintained by a qualified investment manager and regularly reviewed by the Trustees.
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Page 3
THE MICHAEL MARKS CHARITABLE TRUST
REPORT OF THE TRUSTEES CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Objects of the Trust are shown above. To meet these, the Trust has to generate income and capital growth from its investments. By making grants to other charities who support the environment, education and the arts, those three areas will be improved for all people who come into contact with the specific areas. The Trustees confirm that they have referred to the guidance contained in the Charity Commission guidance on public benefit when reviewing the Trust's aims and objectives and in planning the activities and grant-making policy for the year. The trustees of the Trust give their time freely and receive no remuneration for their services.
INVESTMENTS
The powers provided under the Trust Deed are broad and general and there are no restrictions on the Trust power to invest. The Trustees review investments to consider the risk profile and the income requirements. They take professional advice on the purchase and sale of investments where this is deemed necessary.
RESERVES
The Trust maintains a single general reserve that can be used for any purpose deemed in keeping with the charitable objectives of the Trust.
RESERVES POLICY AND FUTURE PLANS
investment income to pay charitable grants of up to £250,000 each year. During the year, the Trust generated income of £223,008 and grants of £246,587 were made. The reserves and the policy are monitored and reviewed annually.
During the year, the general unrestricted fund increased by £545,517 to £6,204,031 (2024: £5,658,514).
management costs and to respond to unsolicited applications that arise from time to time.
The trustees will continue to review unsolicited applications and pay out grants subject to the income received by the Trust. Due to the pandemic, the trustees have changed their application process so that applications are now received electronically rather than through the post.
ACHIEVEMENTS AND FINANCIAL REVIEW
The Statement of Financial Activities for the year discloses a net expenditure before gains and losses on investments of £38,470 (2024: net income £58,656).
Total income amounted to £223,008, an increase of £24,024 in comparison with the previous year.
Expenditure on charitable expenditure increased by £117,077 to £251,427 which the Trustees acknowledge is in line with their overall policy to pay charitable grants of up to £250,000 per annum. Governance costs are in line with the previous year.
Investments are held to generate a sustainable income in support of the activities of the Trust and all assets are stated in the balance sheet at market value. The total list investment fund increased by 15.4% compared with an increase of 17.5% in 2024.
Docusign EnvelopÈ ID." 7E7F187A4BF94DC7-9608-821CgCE778B9 THE MICIIAFL MARKS CHARITABLF. TRUST RF.P()R T ()F THF TRII%TEF.%_ CON-fiNuF.D f()R TIIF. YF.AR £NDED 31 ST.IANIIAR Y, 1025 STATEMF.NT OFTRL'STEF.S' RESP()NSIBILITIES The Trnsitts are SponSible for prep8ring Ihe Truslees, Rep and the linanLldl 51aiern¢n15 In accordance wilh applieable law aDd Uniied Kingdom Acctyjniing stal3rd$ including the Financi?1 ReporfillE Stand¥rd applicable In the UK and Republic of Ireland IFRS 1021 Iuniied Kingdom Generally Ac¥epied Accvunting PractlLel. The law applicable io ¢hariiie5 in Enbland and Wales requiTt5 Ihe Tru¢ees lo prepare financial siaiemenls lor each fin8ncial year w'hich give d Irue dnd fair view of Ihe State of affaiis of th¢ Trusi and of ihe incoTnin8 resources and application of re50urce¥ of ilie Trus1 for Ihai period. In PrerIn8 Ihese financlal s121ciiienis. Ihe frusieLs are required 10.. seleci suiiable 3ccouniin8 p)licies and apply ihem consisienily: observe the nieihods and PTin¢iple5 of the Charili¢S SORP.. makc judgenienls and esiimAies Ihai aw fe&4mable and prudent. 51aie wh¢iher applicable occomnlinb 51andard5 nave been lollowe(J. yjbjeci io any departure% disclosed aiiLt uplained in the financial RiaiemefilS- 2n prepare the financial sialemenis CTrn 3 going concern basis unless Il Is in8ppropriaie 10 presume that Ihe TNst will coniinue ID business The Trnsi¢e5 are re¥%bnsible l-or keeping proper accounting recoTds which disclose ¥s'iih rvdsonable 3ccurncy al any time Ihe financial posllion of Ihe Trust arid enabl£ Ihetn 10 eThsur¢ lha¢ ihe financial 51atements Comply wilh th¢ Charities Act 201 i. the Lhariry (Accoun and Report51 Regulations and th¢ provisions of the Tru Deed. They are al%0 responsible lor Safeguarding ihc asse of Ihe Tpjst aThJ hence for 18king fe8sonable slep5 foT the prrveniion and deicciion ol" fviud and oiheT irguIritIes. The TrUeeS are responsible for rl* mginttnoe and irte8rity ol the Tru¥ and Ihe financial Inforniliion included on th¢ I F1,5 websiie lif any). Ixgislaiion ill the Unii¢d Kingdom governing the prepRraiion and di55emination of finwcial St¢mentS may differ from IEgislwion in othtr jurixiicllDns. By Ordtr of ihe Tru5tets gnd signtd on Iheir b¢half by.. Marina, l.gdy Marks Trysiee DJte
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Page 5
THE MICHAEL MARKS CHARITABLE TRUST
Opinion
We have audited the financial statements of The Michael Marks Charitable Trust for the year ended 31st January, 2025 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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affairs as at 31st January, 2025 and of its incoming
-
resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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TRUSTEES OF
THE MICHAEL MARKS CHARITABLE TRUST CONTINUED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
-
financial statements; or
-
the charity has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we required for our audit.
Responsibilities of trustees
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities. This description forms part of our We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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TRUSTEES OF
THE MICHAEL MARKS CHARITABLE TRUST CONTINUED
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
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We obtained an understanding of the charit activities, controls and laws and regulations and irregularities, including fraud.
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We determined that the laws and regulations that are most significant to the charity are the Charities (Accounts and Reports) Regulations 2008, the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Trust Deed.
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Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries of those charged with governance; journal entry testing; review of bank letters, trustees minutes and governing document; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.
Moore Kingston Smith LLP Chartered Accountants & Statutory Auditors 10 Orange Street Haymarket London. WC2H 7DQ
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
26/11/2025
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Page 8
THE MICHAEL MARKS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JANUARY, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Notes | £ | £ | |
| INCOME | |||
| Investment income | 2 | 223,008 | 198,984 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| TOTAL INCOME | 223,008 | 198,984 | |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| EXPENDITURE | |||
| Costs of raising funds | 3 | 10,051 | 5,978 |
| Expenditure on charitable activities | 4 | 251,427 | 134,350 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| TOTAL EXPENDITURE | 261,478 | 140,328 | |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| NET (EXPENDITURE) / INCOMEAND | |||
| NET MOVEMENT BEFORE GAINS | |||
| ON INVESTMENTS | (38,470) | 58,656 | |
| Net gains on investments | 7 | 583,987 | 555,375 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| NET MOVEMENTS IN FUND | 545,517 | 614,031 | |
| UNRESTRICTED FUND BALANCE BROUGHT FORWARD | |||
| AT 1ST FEBRUARY, 2024 | 5,658,514 | 5,044,483 | |
| ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | ||
| UNRESTRICTED FUND BALANCE CARRIED FORWARD | |||
| AT 31ST JANUARY, 2025 | £6,204,031 | £5,658,514 | |
| ======= | ======= |
The notes on pages 10 to 17 form an integral part of these financial statements.
Docusign EnvelopÈ ID." 7E7F187A4BF94DC7-9608-821CgCE778B9 THF. MICIIAEI. MARK4 C"HARII'AIII.+'. THII%'I 8ALAf4CE SHEET AT J15T JANUAXY, 2024 2024 Varestf i¢t¢d Noles FIXED ASSETS Invemenis 4.386,131 J.998.136 CURRENT ASSETS Debiors Cash * bk 50.310 1.842J67 48.0$7 1.644.865 1.892.677 1.692.922 CURRENT LIABILITIES CRF.DITORS: Amounii flllg d¥¢ ithlA ome year 155.277) {J2.544 NET LURRENT ASSETS 1.837.400 1.660.378 TOTAL AETs LESS CURRENT LIABILITIES 6,223,531 5.658,514 CRIDITORS.. Amounts f¥llinB due After more ihan one year 10 (19.5001 NET A&SETS £6204.031 £5.658,514 ReprtJ¢Mied by: UNRESTRICTED FUNDS £6204,031 £I,6S14 Approved by the Trn$l¢es o# Jk) / li l M #nd ire silned nn th¢lr b¢hlf by: Mrin*, dY Mork5 Trn51ee
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Page 10
THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY, 2025
1. ACCOUNTING POLICIES
1.1 General information
The Michael Marks Charitable Trust is an unincorporated trust governed by a trust deed and registered with the Charity Commission in England. The principal address is 5 Elm Tree Road, London, NW8 9JY. The objectives of the trust are set out on page 2.
1.2 Basis of Accounting
The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Charities Act 2011.
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Trust meets the definition of a public benefit entity under FRS 102.
The functional currency of the trust is considered to be pounds sterling because that is the currency of the primary economic environment in which the Trust operates. The financial statements are also presented in pounds sterling.
Amounts are presented to the nearest £, unless otherwise stated.
Accounting policies have been applied consistently in the current and prior year.
There are no significant areas requiring material judgements, estimates or assumptions.
1.3 Cash flow statement
The trust has taken advantage of the exemption in the Charities SORP FRS 102 from the requirement to produce a cash flow statement on the grounds that it is a small charity.
1.4 Preparation of the accounts on a going concern basis
going concern for at least twelve months from the date of approving the accounts. The trustees have considered the investment performance during the year and the level of current commitments. The most significant areas of uncertainty that affect the future carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. The accounts have been prepared on a going concern basis.
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
1. ACCOUNTING POLICIES (continued)
1.5 Income
All income is recognised once the trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the trust; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
1.6 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs of raising funds comprise the costs associated with managing the investment portfolio.
Expenditure of charitable activities includes grants made and governance costs.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Unconditional grant offers are accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payments, settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.
Governance costs represents those costs of strategic management of the Trust and of complying with constitutional and statutory requirements.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.7 Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
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THE MICHAEL MARKS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
1. ACCOUNTING POLICIES (continued)
1.8 Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
1.9 Gains and Losses on Investments
All gains and losses are taken to the Statement of Financial Activities when they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.10 Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.12 Fund Accounting
The unrestricted fund comprises funds to be used in pursuance of the Trust of the Trustees.
2.
3.
| INVESTMENT INCOME | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Dividends | 30,640 | 22,579 |
| Interest from bonds | 96,978 | 89,474 |
| Interest on bank deposits | 95,390 | 86,931 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯ | |
| £223,008 | £198,984 | |
| ====== | ====== | |
| COSTS OF RAISING FUNDS | ||
| £ | £ | |
| Investment custody fees | 9,702 | 3,638 |
| Foreign currency losses | 349 | 2,340 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯ | |
| £10,051 | £5,978 | |
| ====== | ===== |
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
4. EXPENDITURE ON CHARITABLE ACTIVITIES
The Trust undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities. Governance costs are allocated to the grant making activities as this is the sole activity of the Trust.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | 246,587 | 129,510 |
| Governance costs (note 5) | 4,840 | 4,840 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯ | |
| £251,427 | £134,350 | |
| ====== | ====== |
Grants were made during the year or provided as charitable commitments at the end of the year to the following organisations:-
| following organisations:- | ||
|---|---|---|
| Alina Orchestra Ltd | 5,000 | - |
| Art History Link Up | 10,000 | - |
| Ashmolean Museum | - | 10,000 |
| Bampton Opera | - | 3,000 |
| Berkshire Buckinghamshire and Oxfordshire Wildlife Trust | - | 5,000 |
| British Library | 2,587 | 3,204 |
| British Museum | 10,000 | - |
| British School at Athens | 12,000 | - |
| Butterfly Conservation | 5,000 | - |
| Cheetah Conservation Fund | - | 2,000 |
| Curlew Action | 9,000 | - |
| CYMEPA | 10,000 | - |
| Drama Express | 2,000 | - |
| Etaireia Messeniakon Spoudon | 5,000 | 4,000 |
| Galapagos Conservation Trust | 3,300 | - |
| Idryma Istorikon Meleton | 15,000 | - |
| Keats Shelley Memorial Association | 8,000 | - |
| Lake District Foundation | - | 2,800 |
| Little Angel Theatre | 8,000 | - |
| Little Ouse Headwaters Project | - | 10,000 |
| London Wildlife Trust | 5,000 | - |
| Marine Conservation Society | - | 5,000 |
| Modern Poetry in Translation | - | 6,000 |
| Moorland Mouise Trust | - | 2,000 |
| National Theatre | 10,000 | 10,000 |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | |
| Carried forward | 119,887 | 63,004 |
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
4. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Brought forward | 119,887 | 63,004 | |
| New Alexandia Foundation | 15,000 | - | |
| New Writing North | 5,000 | - | |
| Orangutan Appeal UK | - | 2,000 | |
| Ora Singers | - | 7,000 | |
| Orchestra of the Age of Enlightenment | 5,000 | - | |
| Oxford Philharmonic Orchestra | 46,500 | - | |
| Royal Liverpool Philharmonic | 4,000 | - | |
| Royal Pavilion and Museums Trust (Brighton & Hove Museums) | - | 4,606 | |
| Science Museum Group | 10,000 | - | |
| Somerset Wildlife Trust | 1,000 | - | |
| Species Recovery Trust | - | 5,000 | |
| St Marks Methodist Church Tottenham | - | 10,000 | |
| Tate Gallery St Ives | - | 10,000 | |
| Welcome to our Future (Worcheshire Nesting Boxes) | - | 1,000 | |
| Welsh National Opera | - | 3,500 | |
| Wild Futures | 3,000 | - | |
| Wildfowl and Wetlands Trust | 5,000 | - | |
| Wordsworth Trust | 32,200 | 23,400 | |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| 246,587 | 129,510 | ||
| ====== | ====== |
During the year, the charity provided grants of £190,287 (2024: £90,710) to charities relating to the arts, £41,300 (2024: £34,800) for the environment and £15,000 (2024: £4,000) for education.
5. GOVERNANCE COSTS
| GOVERNANCE COSTS | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Audit fees | 2,340 | 2,340 |
| Accountancy fees | 2,500 | 2,500 |
| ¯¯¯¯¯¯ | ¯¯¯¯¯ | |
| £4,840 | £4,840 | |
| ===== | ==== |
Auditors remuneration consisted of audit fees of £2,340 (2024: £2,340) and accountancy fees of £2,500 (2024: £2,500).
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
6.
The Trustees received no remuneration or expenses during the year (2024: £nil).
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 SORP FRS 102.
The Trust did not employ any staff during the year.
| 7. | FIXED ASSET INVESTMENTS | Cash held | ||
|---|---|---|---|---|
| Listed | as part of | |||
| Investments | portfolio | Total | ||
| £ | £ | £ | ||
| Market Value at 1st February, 2024 | 3,783,291 | 214,845 | 3,998,136 | |
| Disposals in year | (100,000) | - | (100,000) | |
| Acquisition as cost | 118,853 | - | 118,853 | |
| Net unrealised investment gain | 583,987 | - | 583,987 | |
| Withdrawal of cash | - | (214,845) | (214,845) | |
| ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | ||
| Market Value at 31st January, 2025 | £4,386,131 | £ - | £4,386,131 | |
| ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | ||
| Historical Cost | ||||
| At 31st January, 2025 | £3,008,805 | £ - | £3,008,805 | |
| ======= | ======= | ======== | ||
| At 31st January, 2024 | £2,988,773 | £214,845 | £3,203,618 | |
| ======= | ======= | ======== |
All the above are UK investments held in safe custody for the Trust by EFG Private Bank Ltd.
Investments at fair value comprise the following:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Equities | 2,279,673 | 1,704,759 |
| Bonds | 2,106,458 | 2,078,532 |
| Cash held as part of portfolio | - | 214,845 |
| ¯¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯¯ | |
| £4,386,131 | £3,998,136 | |
| ======= | ======= |
All investments are carried at fair value. Investments in equities and bonds are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
7. FIXED ASSETS INVESTMENTS (continued)
| Holding | Market Value | |
|---|---|---|
| Marks & Spencer Group plc | ||
| Ordinary Shares of 25p each | 511,910 | £1,718,994 |
| Glencore Finance 3.125% 26/03/26 | 300,000 | £294,327 |
| Deutsche Telekom 3.125% 06/02/34 | 300,000 | £261,690 |
| ====== | ======== |
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. This risk is mitigated by obtaining investment advice and ensuring a diversified portfolio is held.
| 8. | DEBTORS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Accrued income | £50,310 | £48,057 | |
| ===== | ===== | ||
| 9. | CREDITORS: Amounts falling due within one year | £ | £ |
| Accruals | 4,840 | 4,840 | |
| Charitable Commitments (Note 11) | 50,437 | 27,704 | |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯ | ||
| £55,277 | £32,544 | ||
| ====== | ====== | ||
| 10. | CREDITORS: Amounts falling due after one year | £ | £ |
| Charitable Commitments (Note 11) | £19,500 | £ - | |
| ====== | ====== |
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THE MICHAEL MARKS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31ST JANUARY, 2025
11. CHARITABLE COMMITMENTS
Provision has been made in the financial statements for the following material charitable commitments, the amounts shown being the gross grants:-
| £ | |||
|---|---|---|---|
| Wordsworth Trust | 28,350 | Within one year | |
| The British Library | 2,587 | Within one year | |
| Oxford Philharmonic Orchestra | 31,000 | Within two years | |
| British School at Athens | 8,000 | Within two years | |
| ===== | |||
| Reconciliation of Charitable Commitments | 2025 | 2024 | |
| £ | £ | ||
| Commitments at 1st February, 2024 | 27,704 | 41,100 | |
| Payments made in year | (27,704) | (40,000) | |
| Commitments made in year | 69,937 | 27,704 | |
| Commitments written off | - | (1,100) | |
| ¯¯¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| Commitments at 31st January, 2025 | £69,937 | £27,704 | |
| ====== | ====== | ||
| Commitments at 31st January, 2025 are payable as follows:- | |||
| Within one year | 50,437 | 27,704 | |
| After more than one year | 19,500 | - | |
| ¯¯¯¯¯ | ¯¯¯¯¯¯¯ | ||
| £69,937 | £27,704 | ||
| ====== | ====== |
12. CONTINGENT LIABILITIES
There were no contingent liabilities as at 31st January, 2025 or as at 31st January, 2024.
13. TAXATION
The Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects.