Charity Registration No. 263776
THE MARKS FAMILY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE MARKS FAMILY CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Lord Marks of Broughton Lady Marks of Broughton The Hon Michael Marks The Hon Mrs Miriam Ann Cooper Charity number 263776 Registered address HW Fisher LLP Acre House 11 - 15 William Road London NW1 3ER Independent Examiner Joel Courts HW Fisher LLP Acre House 11 - 15 William Road London NW1 3ER Bankers Lloyds Bank Plc 21 - 23 Hill Street Mayfair London W1J 5JW Investment advisors Canaccord Genuity Wealth Management 41 Lothbury London EC26 7AE Ruffer LLP 80 Victoria Street London SW1E 5JL
THE MARKS FAMILY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 12 |
THE MARKS FAMILY CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Deed of Trust , the Charities Act 2011 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) (effective from 1 January 2019)” .
Objectives and activities
The charity's object ive, as set out in the Charitable Trust Deed, is for the trustees to apply capital and income to or towards or for the benefit or furtherance of such charitable purposes or charitable institutions at their absolute discretion.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in section 17 of the Charities Act 2011, in deciding what activities the charity should undertake.
Achievements and performance
During the year the Trust generated income resources of £ 80,876 (20 20 : £ 105,096 ) which enabled the charity to make 11 (2020 : 2 5) grants amounting to £ 123,610 (2020: £ 123,254) .
Financial review
During the year ended 5 April 20 21 , investment income was received from the portfolio managed by Canaccord Genuity Wealth Management of £ 80,876 (2020 : £ 105,096).
As shown in the statement of financial activities, the net gain on investments amounted to £ 1,960,988 (20 20 : net loss of £ 432,005 ). The net increase in funds for the year was £ 1,836,744 ( 2020 : net decrease of £ 517,536 ).
Reserves Policy
It is the policy of the charity to maintain unrestricted funds (free reserves) at a level which, on investment, generates sufficient income to meet annual expenditure and cover management and administration costs and to respond to emergency applications for grants which arise from time to time. In situations where the income is insufficient to meet annual expenditure, the reserves are required to make up any shortfall out of capital.
The unrestricted funds of the charity as at 5 April 20 21 amounted to £ 7,114,348 (20 20 : £ 5,277,604 ).
Grant Making Policy
The trustees' grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
The trustees reviewed and accepted grant applications during the year under review. During the year the Trust made 11 (2020 : 2 5) grants totalling £ 123,610 (20 20 : £ 123,254 ).
Risk
The trustees ha ve assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Investment Policy
In order for the trustees to maintain the value of the Trust fund, Canaccord Genuity Wealth Management advise them on their approach to their portfolio of investments, in particular on asset allocation so as to achieve a wide diversification of the Trust's investment portfolio in order to spread risk. The current investment policy is to adopt a balanced return from income and capital growth.
- 1 -
THE MARKS FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management
The Marks Family Charitable Trust is registered with the Charity Commissioners (No. 263776) and constituted by Deed of Trust dated 29 April 1971 as amended on 8 March 2018.
The trustees who served during the year were:
Lord Marks of Broughton Lady Marks of Broughton The Hon Michael Marks The Hon Mrs Miriam Ann Cooper
Power of appointing new trustees is vested in Lord Marks of Broughton, the Settlor, during his lifetime. The minimum number of trustees is two. The trustees meet to assess grant applications and to review and accept individual grant applications during the year.
On behalf of the Board of Trustees
Lord Marks of Broughton
Trustee Dated: 21 January 2022
- 2 -
THE MARKS FAMILY CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2021
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.
- 3 -
THE MARKS FAMILY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MARKS FAMILY CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Marks Family Charitable Trust (the charity) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Joel Courts Chartered Accountant HW Fisher LLP Acre House 11-15 William Road London NW1 3ER
Dated: 24 January 2022
- 4 -
THE MARKS FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 80,876 | 105,096 |
| Expenditure on: | |||
| Raising funds | 4 | 71,019 | 69,617 |
| Charitable activities | 5 | 133,750 | 136,976 |
| Total resources expended | 204,769 | 206,593 | |
| Net gains/(losses) on investments | 10 | 1,960,988 | (432,005) |
| Net incoming/(outgoing) resources | 1,837,095 | (533,502) | |
| Other recognised gains and losses | |||
| Other gains or losses | 11 | (351) | 15,966 |
| Net movement in funds | 1,836,744 | (517,536) | |
| Fund balances at 6 April 2020 | 5,277,604 | 5,795,140 | |
| Fund balances at 5 April 2021 | 7,114,348 | 5,277,604 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
- 5 -
THE MARKS FAMILY CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2021 £ - 69,972 69,972 (8,220) |
£ 7,052,596 61,752 7,114,348 7,114,348 7,114,348 |
2020 £ 77 73,016 73,093 (23,597) |
£ 5,228,108 49,496 |
|---|---|---|---|---|
| 5,277,604 | ||||
| 5,277,604 | ||||
| 5,277,604 |
The financial statements were approved by the Trustees on 21 January 2022
Lord Marks of Broughton Trustee
- 6 -
THE MARKS FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
The Marks Family Charitable Trust is a registered charity. The charity meets the definition of a public benefit entity under FRS102. The registered office is Acre House, 11 - 15 William Road, London, NW1 3ER.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Deed, the Charities Act 2011 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)” (effective from 1 January 2019).
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees have considered the effect of the prolonged Covid-19 outbreak. The trustees consider that the outbreak is unlikely to cause significant disruption to the charity’s activities and are confident that the charity can continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. The trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income received net is stated gross with the relevant tax deducted included under 'cost of raising funds'.
1.5 Resources expended
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the charitable activity in the statement of financial activities.
Costs of raising funds are those costs incurred in managing the charity's investment portfolio.
Governance costs relate to expenditure incurred in dealing with donations and administration and compliance with constitutional and statutory requirements.
- 7 -
THE MARKS FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Grants payable comprise donations directly related to the objects of the charity.
Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions are recognised in the period those conditions are met, prior to this they are noted as a commitment but not accrued as expenditure.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not believe there to be judgements or estimates that would be considered critical to the financial statements.
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Interest and dividends | 80,787 | 104,786 |
| Interest receivable | 89 | 310 |
| 80,876 | 105,096 | |
| Raising funds | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Investment management | 71,019 | 69,617 |
4 Raising funds
- 8 -
THE MARKS FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 5 | Charitable activities | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grant funding of activities (see note 6) | 123,610 | 123,254 | |
| Share of support costs (see note 7) | - | 2,892 | |
| Share of governance costs (see note 7) | 10,140 | 10,830 | |
| 133,750 | 136,976 |
6 Grants payable
| Grants payable | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Grants to institutions: | ||
| Anglo-Israel Association | - | 5,000 |
| Birds Life | 10,000 | 10,000 |
| Demelza House Childrens Hospice | - | 500 |
| Exeter College Oxford | 17,000 | 17,000 |
| Give a Book | 10,000 | 10,000 |
| Glyndebourne | - | 189 |
| Holocaust Educational Trust | 15,000 | - |
| Institute of Cancer Research | 500 | - |
| Jewish Care | - | 500 |
| Jewish Music Institute | 10,000 | 10,000 |
| Kent Minds | - | 250 |
| King's College London | - | 10,500 |
| Motor Neurone Disease Association | - | 250 |
| National Gallery | - | 80 |
| National Literacy | 10,030 | - |
| Pilgrims Hospices in East Kent | - | 1,000 |
| Refugees at Home | 15,000 | 15,000 |
| Royal Academy of Arts | - | 185 |
| Sheerness Dockyard Preservation Trust | - | 5,000 |
| Shelter | 250 | - |
| St Paul's School Community Project | - | 10,000 |
| Tate Members | - | 205 |
| The Berkeley Reafforestation Trust | - | 5,000 |
| The Church of St Peter & St Paul | - | 2,500 |
| The Royal Botanic Gardens, Kew | - | 250 |
| VIMBA | 8,000 | 12,000 |
| Walter & Liesel Schwab Charitable Trust | 27,830 | 4,000 |
| West London Synagogue | - | 3,595 |
| WLS Charitable Fund | - | 250 |
| 123,610 | 123,254 |
- 9 -
THE MARKS FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 7 Support costs Support costs Governance costs £ £ Website cost - - Publications - - Accountancy fees - 9,600 Administration fees - 540 - 10,140 Analysed between Charitable activities - 10,140 |
2021 Support costs Governance costs £ £ £ - 2,630 - - 262 - 9,600 - 9,300 540 - 1,530 10,140 2,892 10,830 10,140 2,892 10,830 |
2020 £ 2,630 262 9,300 1,530 13,722 13,722 |
|---|---|---|
Accountancy fees comprise Independent Examiner's Fee of £ 1,200 (20 20 : £1,200) and fee for accountancy and other services of £ 4,500 (20 20 : £ 8,100 ).
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration, expenses, or benefits from the charity during the year.
9 Employees
There were no employees during the current or prior year.
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 1,479,968 | (389,635) |
| Gain/(loss) on sale of investments | 481,020 | (42,370) |
| 1,960,988 | (432,005) | |
| Other gains or losses | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Foreign exchange (losses)/gains | 351 | (15,966) |
11 Other gains or losses
- 10 -
THE MARKS FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
12 Fixed asset investments
| Shares | Cash in portfolio | Total | ||
|---|---|---|---|---|
| £ | £ | |||
| Cost or valuation | ||||
| At 6 April 2020 | 3,753,996 | 1,474,112 | 5,228,108 | |
| Additions | 3,788,795 | (3,788,795) | - | |
| Valuation changes | 1,479,968 | - | 1,479,968 | |
| Cash withdrawal | - | (130,000) | (130,000) | |
| Dividend and interest income | - | 80,787 | 80,787 | |
| Change in foreign currency valuation | - | (351) | (351) | |
| Management fees | - | (86,936) | (86,936) | |
| Disposals | (1,977,126) | 2,458,146 |
481,020 | |
| At 5 April 2021 | 7,045,633 | 6,963 | 7,052,596 | |
| Carrying amount | ||||
| At 05 April 2021 | 7,045,633 | 6,963 | 7,052,596 | |
| At 05 April 2020 | 3,753,996 | 1,474,112 | 5,228,108 | |
| 13 | Debtors | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Income tax recoverable | - | 77 | ||
| 14 | Creditors: amounts falling due within one year | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Accruals | 8,220 | 23,597 | ||
| 15 | Related party transactions |
There were no r elated party transactions to disclose during the year (2020 - none) .
- 11 -