The Mulberry Trust
Dated 3 September 1971
(Charity Commission No 263296)
Trustees, Annual Report and
Financial Statements
for the year ended 5 April 2024

The Mulberry Trust
Trustees Annual Report
for the year ended 5 April 2024
Objectives and Activities
Objectives of the Charity
The Trust was created for the benefit of the following-
1. Any body or organisalion established for charitable purposes only, and
2. Any other exclusively charitable purpose.
The Trustees are lo distribute income and may distribute expendable endowment to charitable bodies or for
eharilable purposes at their discretion. The life of the Trust is restricted lo 80 years after which time the
endowment musl be distributed.
The Trustees review the aims, objectives and activities of the charity each year. This report looks at what
the charity has achieved in the reporting period. The review helps the Iruslees ensure the charity's aims,
objectives and activities remained focused on its stated purposes.
Grant Making Policy
The grant making policy and approval of individual grants is made by the Trustee body as a whole who meet
regularly together with an independent consultant who undertakes research and monitoring for the trustees.
The Trustees, objective is to facilitate charitable causes and objects chosen by them, to create opportunities
and lo make a difference to those causes and objects.
The Trust has a particular focus on parenting, children and the family, in order lo strengthen family life and
the general wellbeing of families from the very young to the very old., the elderly., the disadvantsged.,
homelessness,. health,. debt relief and counselling and the promotion of inlerfailh work. The Trust also
supports education research and the arts, provided that this conlribules to the aims set out above. The Trust
also supports certain community and environmental organisalions and areas of specific interest to individual
Trustees.
In order to achieve their objectives for the public benefit the Trustees make grants to charitable organisalions
or for charitsble purposes working in these areas, and review the activities of these organisalions, having
due regard lo the guidance published by the Charity Commission. All repeal grants made by the charity are
subject lo satisfactory interim and final reports by the grant recipients.
Achievements and Performance
Review of Activities
Grants tolalling £410,644 were made during the year ended 5 April 2024 Ilotal grants 2023.. £386,581). An
analysis of the grants is given in note 12.
The main grants awarded in the year were to., Pioneer Sailing Trusl1£30,0001 lo support education and
disadvantaged children,. to Colchester and Tendring Youth Enquiry Service1£20,0001 lo support provision
of housing advice and emergency support for young homeless people in Colchester and Tendring,. to Home
Start Essex 1£15,0001 lo fund the family services manager post., to Harlow Parochial Church Council
1£20,000},' to Hospice al Home Carlisle and North Lakeland 1£20,0001 to fund one week of the hospice al
home service., to Michael Roberts Charitable Trust (including Michael Roberts Charitable Trust Food Bank)
1£19,100} lo support the foodbank, the storage facility for the food bank and the admin centre and lo support
the Harlow poverty alliance., Harlow Citizens Advice Bureau Trust (£15,500) to support debt relief and
counselling,. to Inclusion Ventures1£15,0001 lo contribute lo the cost of a care tskerlmaintenance manager
for inclusion ventures bases for working with young people.

The Mulberry Trust
Trustees Annual Report
for the year ended 5 April 2024
Financial Review
During the year under review unrestricted expenditure exceeded unrestricted income by £363,730. A transfer
of funds of £363,800 was made from the Endowment Funds lo meet the excess expenditure. There was a
decrease in investment income to £73,62712023.' increase lo £83,943).
Al the year end the net assets ofthe charity were £3,720,63812023'. £3,795,438). Investments held increased
by £101,888. The investments and cash oflhe charity are held lo the order ofthe Trustees by Evelyn Partners
(formerly known as Smith & Williamsonl. During the year the charity made a gain of £315,025 on realisation
and revaluation of inveslments12023.' loss £98,053), (see note 2 to the financial stalementsl.
Risks
The Trustees do not consider that they are exposed to any material risks other than fluctuations in the value
of their investment portfolio. They have appointed professional investrnent managers and review the
investment performance on a regular basis. In addition to other Trustees, meetings, the Trustees convene
once a year to discuss the strategyfor the charity, including the long-lerm plans, the finances, the governance
of the charity and the succession planning for the charity.
Reserves Pollcy
The Trustees, policy is lo make grants in accordance with their policy above. They have no power to retain
income and routinely distribute this each year. They also distribute expendable endowment as they consider
appropriate. The Trustees decided in December 2021 that the accounts should include a reserve of
£600,000 Ipreviously £500,000) to cover grant making commitments and overhead obligations in the event
of a market downturn having a significant impact on the Endowment Funds.
Investment Policy
The Trustees, investment portfolio is managed on a discretionary basis by Evelyn Partners. The Trustees
agree their strategy for asset allocation with the managers. During the year to 5 April 2024 the value of the
portfolio increased by 8.98°/o measured on a total return basis after costs, compared to the performan￿ of
the MCSI PIMFA Balanced Index which increase by 11.7 % over the same period. The Trustees continuously
monitor the perfOrrnan￿ of the investment managers, taking into account both short-term and longer-lerm
outcomes.
Plans for Future Periods
The Trustees short-lerm objective is to continue to make grants, as sel out above, for the benefit of charitable
bodies. The Trustees aim to utilise the unrestricted and endowment funds to achieve this objective. while
maintaining the capital valLJe of the funds to ensLJre the longevity of Mulberry Trust.

The Mulberry Trust
Trustees Annual Report
for the year ended 5 April 2024
Structure, Governance and Management
Settlor=
John Graham Marks
Governing Document..
The principal governing document is a Trust deed dated 3
September 1971. The Trust is a private charitable trust controlled
by ils Trustees.
Appointment of Trustees..
The Trustee body has the power to appoint new Trustees.
If new or additional Iruslees are appointed they will be encouraged
lo receive appropriate training depending on their qualifications and
experience.
The lay Trustees rely on outside advisors as
necessary.
Investment Powers..
The Trustees have wide investment powers, including power to
invest in the name of nominees. An order extending these powers
lo include the power lo delegate to investment managers was
sealed by the Charity Commission on 7 April 1997.
Management and Control..
Following the death of the Settlor, John Marks, Timothy Marks has
become the chaiman of the charity with overall responsibility for ils
running-
Financial impact is high as due to small number of transactions, any manipulation could be significant.
limited segregation may also increase likelihood.

The Mulberry Trust
Trustees Annual Report
for the year ended 5 April 2024
Reference and Administrative Details
Name of Charity
The Mulberry Trust
Charity No. 263296
Trustees..
Ann Morwenna Marks
Leonie Marks
Charles Frederick Woodhouse
Timothy John Marks
Rupert Philip Marks
William Robert Marks
Christopher James Marks
Susan Elizabeth Hilary Gow
Principal Office Address-.
Farrer & Co LLP
66 Lincoln's Inn Fields
London, WC2A 3LH
Bankers and Investment Managers..
Evelyn Partners Investment Management LLP
45 Gresham Street
London, EC2V 7BG
Auditors..
PKF Francis Clark
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The Mulberry Trust
Trustees Annual Report
for the year ended 5 April 2024
Respectlvg rgsponslbllltle5 of Trustees and audltors
The Trustees are responsible for p￿parIng the Trustees, Report and the finAncial statements in accordance
with applicable law and United KiThJdom Ac￿U￿ting Standards Iunited Kingdom Generally A￿epted
Accounting Praclicel.
The law applicable lo charities in England & Wales requires the Trustees to prepare financial stslements for
each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial slalemenls,
the Trustees are required lo=
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charilies SORP
make judgements and eslimales that are reasonable and prudent-
ststg whether applicable accounting standards have been followed. subject to any material
departures disclosed and explained in the financial slatemenls.,
prepare the financial slalements on the going concern basis unles5 It is inappropriate to presum8
that the charity will continue in opgration.
The Trustees are responsible for keeping accounting records that disckjse with reasonable accuracy at any
time the financial position of the charity and enable them to ensure that the financial statements comply with
the Charities Act 2011. the Charity IAccounts and Reports) Regulations 2008 and trust deed. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Signed=
Dale..
On beh81f of the
rustses

The Mulberry Trust
Independent Auditors, Report to the Trustees of the Mulberry Trust
for the year ended 5 April 2024
Oplnlon
We have audited the financial slalemenls of The Mulberry Trust Ithe "Charity.) for the year ended 5 April
2024 which comprise Statement of Financial Activities, Balan￿ Sheet, Slalemenl ofcash Flows, and Notes
to the Financial Statements, including a SLJmmary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Stsndards (United Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting
Standard 102.. The Financial Reporting Stsndard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements..
give a true and fair view of the slate of the charity's affairs as at 5 April 2024 and of ils income and
expenditure for the period then ended.,
have b￿n properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice.,
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 IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
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 lo our audit of the financial statements
in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in
accordan￿ with these requirements. We believe that the audit eviden￿ we have obtsined is sufficient and
appropriate to provide a basis for our opinion.
Con¢lusions relating to going ¢on¢gm
In auditing the financial slalemenls, we have concluded that the directors, use of the going concern basis
of 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 conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue
as a going concem for a period of at least twelve months from when the original financial statements were
aulhorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concem are described in
the relevant sections of this report.
Other inforniation
The Trustees are responsible for the other information. The olher information comprises the information
included in the annual report other than the financial statements and our auditor's report Ihereon. Our
opinion on the financial ststements does not cover the other infomation and, except lo the exlenl otherwise
expliciuy ststed in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial slalemenls, our responsibility is lo read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we
identify such material inconsistencies or apparent material rnisststements, we are reqUI￿d lo determine

The Mulberry Trust
Independent Auditors, Report to the Trustees of the Mulberry Trust
for the year ended 5 April 2024
Independent Audltor's Report to the Trustees Icontlnuedl
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material rnisstatement
of this other information, we are reqUI￿d lo report that fact.
We have nothing lo report in this regard.
Matters on which we are required to report by exception
In Ihe light of the knowledge and understanding of the Charity and its environment obtsined in the course
of the audit, we have not identified material misslalemenls in the Trustees, reFX)rt.
We have nothing to report in respect of the following matters in relab'on to which the Charities Act 2011
requires us to report lo you if, in our opinion..
adequate accounting records have not been kept or returns adequate for our audit have not been
received from branches not visited by us., or
the financial ststements are not in agreement with the accounting ￿CordS and returns., or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not obtained all the infomation and explanations ne￿$sary for the purposes of our audit.
Responsibilities of the Trustees
As explained more fully in the Slalemenl of Trustees, Responsibilities set out on page 5, the Trustees are
responsible for the p￿paratiOn of the financial slalements and for being satisfied that they give a true and
fair view, and for such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misststemenl, whether due to fraud or error.
In preparing the financial statements, the TrLJStees are responsible for assessing the Charity's ability to
continue as a going concern, disclosing, as applicable, mallers related lo going concem and using the
going concern basis of accounting unless the Ttuslees either intend to liquidate the Charity or lo cease
operations, or have no realistic allernalive but lo do so.

The Mulberry Trust
Independent Auditors, Report to the Trustees of the Mulberry Trust
for the year ended 5 April 2024
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereafter. Our objectives are to obtain
reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordan￿ with ISAS IUKI will always delecl a material misstslemenl when il exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these
financial stalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect
of irregularities, including fraLJd. The extent to which our audit procedures are capable of delecling
irregularities, including fraud is detailed below.
As part of our audit planning we obtained an understsnding of the legal and regulatory framework that
is applicable to the charity. The key law and regulations relevant to the charity were identified as being
Charity law and the General Data Protection Regulation.
We also considered opportunities and incentives for fraud, which might arise in the understslement of
expenditure, or incurring expenditure for non-charilable purposes , in the payment of fraudulent gr8nts
or management bias in accounting estimates.
Based on this we designed our audit procedures to identify irregularities. Our audit procedLJres involved
the following..
Enquiries with Trustees, regarding their knowledge of any non-complian￿ or potential non-
compliance with laws and regulations that could affect the financial statements.,
Review of Trustees, meeting minutes-
Review of the controls in relation to GDPR and enquiries to Management as lo the occurrence
and outcome of any reportable breaches-
Auditing the risk of management override of controls, including through testing other
adjustments for appropriateness, and evaluating the business rationale of significant
transactions outside the normal course of business., and
Review financial statement disclosures and lesling to support documentation to assess
compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading lo a material misstatement in the financial slalements. This risk increases the
further removed non-compliance with laws and regulations is from the events and transactions reflected
in the financial statements as we are less likely to be come aware of instances of non-compliance. The
risk of not delecling a material misstatement due lo fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment, collusion, omission, or
misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibilities. This description forms
part of our auditor's report.

The Mulberry Trust
Independent Auditors, Report to the Trustees of the Mulberry Trust
for the year ended 5 April 2024
Use of our Report
This report is made solely lo the Charty's Trustees, as a body, in accordance with Part 4 of the Charities
(Account and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate
to the Charity's Trustees those matters we are required to state to them in an auditor's report and for
no other purF)ose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo
anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report,
or for the opinions we have fomed.
PKF Francis Clark
Slatulory Auditor
Centenary House
Peninsula Park
Rydon Lane
EXETER
EX2 7XE
Date.. 5/12124
PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Mulberry Trust
Statement of Financial Activities
for the year ended 5 April 2024
2024
Total Endowment Unrestricted
Funds
Fund5
2023
Totsl
Endowment Unrestricted
Fund5
Funds
Notè
Income and endowments
Investment income
73.627
73.627
83,943
83,943
Totsl income
73.627
73.627
83,943
83,943
Expenditure on..
Costs of generating funds
Charitable activities
23,899
2,196
23.899
437,357 439,553
25,334
2,094
25,334
420,047 422,141
Total oxpenditurg
26,095
437,357 463,452
27,428
420,047 447,475
Net incomellexpenditurg)
before net gainsl{lossesl
on investments
(26,0951
1363,730} (389,825) {27,428)
1336,1041 {363,5321
Net gainslllossesl on
Investments
315,025
315.025
198,0531
198,0531
Net incomellexpenditurel
288,930
1363,730) 174,800) {125,4811
1336,1041 {461,5851
Transfer between funds
{363.8001
363.800
1335,9001
335,900
Net movement in funds
(74,8701
70 174,800) 1461,3811
120411461,5851
Reconciliation of funds
Total funds brought forward
3,795,362
76 3,795,438 4,256,743
280 4,257,023
Total funds carrled for•vard
3,720,492
146 3,720,638 3,795,362
76 3,795,438
10

The Mulberry Trust
Balance Sheet
for the year ended 5 April 2024
2024
Total
2023
Total
Noto
Fixed assets
Investments al mark8t value
3,681,502 3,579,614
Current assgts
Cash at bank and with investment managers
Accrued income
61.584
886
232,469
3,804
62,470
236,273
LlabllltSes
Credltor5: amounts falllng due wlthln one year
Investment managers, charges
Accountants, charges
Audrtors, remuneration
Charity consultancy services
5,934
2,581
3,899
10,920
6,232
2,463
3,537
8,217
23,334
20,449
Net current assetsl{Ilabllltios1
39,136
215,824
Net assets
3,720,638 3,795.438
Allocatlon of the charity net assets:
The nel assets are heid for the
various funds as follows..
Expendable endowment
11
3.120,492 3,195,362
Deslgnated reserve
11
600.000
600,000
Unrestrlcted Income funds
146
76
Total charlty fund$
3,720,638 3.795.438
Approved by the Trustees on
and signgd on their behalf by
Timothy Marks
Trustee
11

The Mulberry Trust
Statement of Cash Flows
for the year ended 5 April 2024
Total
Funds
2024
Total
Funds
2023
Note
Net cash provided byl (used in) operating activities 10
(457.649)
1446,4841
Cashflows from investing activities..
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
73,627
723,392
(510,255)
83,943
1,010,247
1588,1021
Net cash provided byllused inl investing activities
286,764
506,088
Change in cash and cash equivalents in the reporting period
(170,885)
59,604
Cash and cash equivalents brought fonNard
232,469
172,865
Cash and cash equivalents carried fonvard
61,584
232,469
Representing-
Investment managers, bank accounts
61,584
232,469
61,584
232,469
12

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
Notes to the accounts
Accountlng Pollcles
Basls of preparatlon
The financial statements have been prepared in accordance with Accounting and Reporting by Charities.-
Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- Icharilies SORP IFRS
10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the
Charities Act 2011. There are no material departures from FRS 102.
The financial statements have been prepared lo give a'lrue and fair, view and have departed from the Charities
(Accounts and Reports) regulations 2008 only to the exlenl required to provide a 'true and fair view,. The
departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland IFRS
1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective
from 1 April 2005 which has been withdrawn.
The Charity meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any
material uncertainties that would cast doubt on the Charity's ability to continue as a going concern. Grants
are awarded only when there are sufficient reserves and income therefore the Trustees consider that the going
concern assumption remains appropriate.
The accounts are prepared in Sterling, which is the functional currency. Monetary amounts in these financial
statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention as modified by the revaluation of
investments.
Fund accountlng
The endowment funds represent the original capitsl gift lo the charity, plus subsequent additions to the
endowment, less amounts which have been transferred lo the unreslricled funds for dislribulion. The Trustees
are entitled lo use the endowment in furtherance of the general objectives of the charity at their discretion, and
they transfer funds from the endowment lo the unreslricled funds as required. Any gifts made lo the charity
as additions to the endowment are Irealed as expendable endowment unless otherwise directed by the donor.
Unrestricted funds represent the income arising from the endowment, and in accordance with the trust deed
musl be expended for charitable purposes within a reasonable period of receipt. Any gifts made lo the charity
for immediate distribution are added lo the unreslricled income funds.
Income
Dividend income is shown gross. Interest on Government securities is paid gross lo the Trust and shown
gross. Ex￿s8 foreign lax dedLJCted abroad is recognised when it is repaid.
Investments
Al investments held are listed on a recognised stock exchange and are included in the accounts at their market
value atthe balance sheet dale. The Statement of Financial Activities includes the net gains and losses arising
on revaluations and disposals throughout the year.
13

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
1. Accountlng Pollcles Icontlnued)
Grants payable
Grants are included in the accounts on an accruals basis, and unconditional grant commitments payable within
one year after the balance sheet dale are included in the Stslemenl of Financial Aclivilies. Grants which have
been promised subject lo satisfactory performance are not included until payable.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category.
Governan￿ costs are the costs associated with the governance arrangements of the charity which relate to
the general running of the charity as opposed to those costs associated with fundraising or charitable activity.
The costs will normally include internal and external audit, legal advice for Trustees and costs associated with
constitutional and stalulory requirements e.g. the cost of Trustee meetings and preparing statutory accounts.
Included within this category are any costs associated with the strategic as opposed lo day lo day management
of the charity's activities.
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of
exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling
al the dale of transaction. All differences are taken to the Statement of Financial Activities.
Realised gains and losses
Al gains and losses are taken to the Statement of Financi81 Activities as 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 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.
Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third paty,
it is probable that selllemenl will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings-
Expenditure on charitsble activities includes costs of exhibitions and other educational activities undertaken
to further the purposes of the charity.,
Costs of generating funds represent the investment management wsls
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Debtors
Trade and other debtors are recognised at the settlement account due after any discount offered.
Prepayments are valued al the amount prepaid after taking account of any discounts offered.
14

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
Cash and cash equlvalents
Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of
three months or less from the dale of acquisition or opening of the deposit or similar account.
Credltors and provlslons
Creditors and provisions are recognized when the charity has a present obligation resulting from a past event
that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can
be measured or eslimaled reliably.
Creditors and provisions are normally recognized al their settlement amount after allowing for any discounts
due.
Fixed asset investments
2024
2023
Market value at 6 April 2023
Additions
Disposals
Net investment Ilossesllgains
3,579,614
510,255
1723,392}
315,025
4,099,812
588,102
{1,010,2471
198,0531
Market value at S April 2024
3,681,502
3,579,614
Investments in the UK
1,399,330
1,645,410
Investments outside the UK
2,282,172
1,934,204
Historical cost at 5 April 2024
2,566,872
2,626,077
Investment Income
Investment income of £73,627 was receivable during the year 12023.. £83,943), of which £22,477 was from
investments listed in the UK and £51,150 from investments listed outside the UK {2023= £58,841 and £25,102
respectively).
Costs of generating funds
2024
2023
Investment management fees
23,899
25,334
23,899
25,334
15

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
Charltable Actlvltles
2024
2023
Grants and donations (note 12)
Support and governance costs Ibelowl
400,644
38,909
386,581
35,560
439,553
422,141
Support costs
Legal charges
Grant adminislralion
Subscription lo Association of Charitable Foundations
Sundry expenses
Govemance costs
Accountants, Charges
Auditors, remuneration
Bank charges
2,196
28,519
1,078
560
2,094
25,712
1,037
755
2,581
3,899
76
2,342
3,537
83
38,909
35,560
Related Parties
During the year the Trustees made grants to charities which included £30.000 to The Pioneer Sailing Trust
12023= £30,000).
Mr Rupert Marks and Mr. Tim Marks are Trustees of Pioneer Sailing Trust.
Transfers between funds
The Trustees have transferred £363,800 12023= £335.9001 from their expendable endowment to fund grants
which they have agreed.
Trustees remuneratlon and expenses
During the year £Nil 12023.. £Nill Trustees were reimbursed travel expenses of £Nil 12023.. £Nill. Trustees
remuneration was £Nil12023.' £Nil).
Grant commitments
As al 5 April 2024, there were no binding grant commitments.
16

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
10.
Reconclllatlon of net movement In funds to net cashflow from operatlng actlvltles
2024
2023
Net movement in funds
Deduct interest income shown in investing activities
Deduct gainsladd back losses on investments
Ilncreaselldecrease in debtors
Increaselldecreasel in creditors
174,800}
173,627}
1315,025)
2,918
2,885
1461,5851
183,9431
98,053
16781
1,669
1457,649)
1446,4841
Funds
Designated fund
Brought
Forward
Transferred Expended
2024
2023
Grants and ¢ost$ rgsgrvgd
600,000
600,000
600,000
600,000
600,000
600,000
2023 Comparative
Designated fund
Brought
Forward
Transferred Expended
2023
2022
Grants and Costs reserved
600,000
600,000
600,000
600,000
600,000
600,000
The Designated Fund's purpose is to safeguard the charity in the event of a market downturn having a
significant impact on the endowment funds.
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the
endowment, less amounts which have been transferred to the unreslricled funds for dislribulion. The Trustees
are enlilled lo use the endowment in furtherance of the general objectives of the charity al their discretion, and
they transfer funds from the endowment lo the unreslricled funds as required. Any gifts made lo the charity
as additions lo the endowment are Irealed as expendable endowment unless otherwise directed by the donor.
Unreslricled funds represent the income arising from the endowment, and in accordance with the trust deed
musl be expended for charitable purposes within a reasonable period of receipt. Any gifts made lo the Charity
for immediate distribution are added lo the unreslricled income funds.
Analysis of net assets between funds
Unrgstricted Endowment Dgsignated
Funds
Funds
Funds
Total
Funds
2024
Total
2023
Investments
Current assets
Current liabilities
3,081,502
61,584
{22,594}
600,000 3,681,502 3,579,614
62,470
236,273
123.3341 120,4491
886
(7401
146
3,120,492
600,000 3.720,638 3,795,438
17

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
2023 Comparatlve Analysls of net assets between funds
Unrestrlcted Endowment Deslgnated
Funds
Funds
Funds
Total
Funds
2023
Total
2022
Investments
Current assets
Current liabilities
2,979,614
232,469
116,721)
600,000 3.579,614 4,099,812
236,273
175,991
120.449) 118,7801
3,804
13,7281
76
3,195,362
600,000 3,795,438 4,257,023
12. Grants made in the year
During the year the trustees made institutional grants tolalling £410,64412023= £386,581 }-
There are no support costs attributed to grants made. Governance costs comprise all costs incurred by the
charity and no apportionment is made between grant making activities and running of the charity.
The material grants may be broadly categorised as follows..
2024
2023
Amount No of grants Amount
No. of grants
Parenting, the family and children's work
The elderly
Homelessness
The community
Debt relief and counselling
Christianity
Inlerfailh
Education
Health
Mental health
Alleviation of poverty
The arts
Legal assistance
Disadvantaged children
Emergency relief
Emergency relief.. Refugee l Asylum
Environment
32,125
15,500
20,000
53,903
19,000
10,000
5,000
59,222
34,550
34,500
18,750
23,166
5,000
66928
13,000
13,750
23,500
25,000
13,000
19,000
10,000
11,000
66,178
26,000
46,428
17,800
15,000
5,000
62,425
2,500
15,000
15,000
13
15
410,644
386,581
Grant returned in the year
110,000)
400,644
386,581
18

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
12. Grants made In the year {contlnued}
The Trustees made the following institutional gmnts during the year:
2024
2023
A Place lo Be CIO
Action for Family Carers
Ambitious about Autism
Arts 4 Dementl8
Bag Books
Bayswaler Institute
Brentwood Schools Christian Workers Trust
Challengers
Chance lo Shine
Chess Homeless
Churchgate School Hadow
Colchester and Tendring Youth Enquiry Servi
Disasters and Emergency Committee
Dr Edwin Doubleday Trust
Fresh Start New Beginnings (Brave Futures).
Frozen Light
Harlow Citizens Advice Bureau
Harlow Parochial Church Council 1st Mary's Church)
Heallhwalch Essex
Home Start Essex
Home Start Essex - Ulllesford
Hope House Essex
Hospi￿ at Home Carlisle and North
Ice & Fire Theatre
Inclusion Ventures
Interfaith Scotland
Jaywick Community Resource Centre
Jigsaw Trust
Magic Lantern
Maldon and District CAB
Michael Roberts Charitable Trust {Harlow Food Bank)
Millrace Foundation
MRCT
MSF UK
National Theatre
National Youth Choirs of Great Britain
New Cul Arts
NSPCC for Childline
Pleasan¢e Theatre
Prisoners, Advice Service
Rainbow Services {Harlowl
Red Balloon Educational Trust
Redbridge Carer's Support Service
School Readers
Signpost Colchester
Solomon Academic Trust
St Clare Hospice
8.000
8.000
7.500
7.500
2.222
10,000
7,500
2,200
3,000
6,000
3,750
6,000
15,000
1,000
5,000
6.000
15.000
1.000
20,000
2,500
500
500
(10.0001
10.000
15.500
20,000
3.750
15,000
1.625
5,000
15,500
20,000
10,000
5,000
20,000
7,500
20,000
7.500
15,000
5.000
12.875
4,000
12,875
10,000
8,000
7,000
2,000
4,500
17,800
6.000
7.000
2.000
3,000
17.100
8,000
10.000
1.000
3.000
8.000
2,666
5.000
8.000
10.000
10,000
1,550
3,000
8.000
4,000
8,000
4,000
5,000
13,250
7,000
5,000
5.000
13,250
7.000
5.000
19

The Mulberry Trust
Notes to the financial ststements
for the year ended 5 April 2024
12. Grants made In the year {contlnuedl
2024
2023
St Francis Hospice
Sl John's Arc
Sl Martin in the Fields Charity
Sl Paul's Harlow
Suffolk Refugee Support
Suffolk Wildlife Trust
Support Through Court
The Bearr Trust
The British Red Cross Society
The Bugatti Trust
The Gibberd Garden
The Landworkers Alliance Ltd
The Panathlon Foundation
The Pioneer Sailing Trust
The Seed Box
Think 18
Williams Syndrome Foundation
3,000
2.000
5.000
4,000
6.856
3,000
2,000
5,000
6,856
2,000
5,000
15,000
5.000
5.000
1,000
5.000
1,000
5,000
8,000
4,800
30,000
7,500
15,000
1,000
386,581
4,800
30.000
10,000
1,000
400.644
'During the year to 5 April 2024, a grant, received by Fresh Start New Beginnings (Brave Fuluresl in March
2022, was returned.
20