**Charity Registration No. 263776**
## **THE MARKS FAMILY CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
## **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|
## **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 - 11|
## **THE MARKS FAMILY CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees present their report and financial statements for the year ended 5 April 2022.
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 objective, 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 £98,430 (2021: £80,876) which enabled the charity to make 11 (2021 : 11) grants amounting to £115,400 (2021: £123,610).
## **Financial review**
During the year ended 5 April 2022, investment income was received from the portfolio managed by Canaccord Genuity Wealth Management of £98,430 (2021 : £80,876).
As shown in the statement of financial activities, the net loss on investments amounted to £4,337 (2021 : net gain of £1,960,988). The net decrease in funds for the year was £94,284 (2021 : net increase of £1,836,744).
## **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 2022 amounted to £7,020,064 (2021 : £7,114,348).
## **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 (2021 : 11) grants totalling £115,400 (2021 : £123,610).
## **Risk**
The trustees have 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 CHARrrABLE TRusr
TRUSTEES. REPORT (CONTINUEO)
FOR THE YEAR EhlDED 5 APRIL 2022
The Marks Famlly charal* Trust ts registered with theCtharityCOmfflI0ner5 (No. 2637161 ccfflstitijted by Deed ofTNst
datsd 29April 1971 as afflended 8 Marth 2018.
The tru5tee5 who sew durtqthe y**Ye'.
Lord Marks of 8rouÈhton
Lady Mark5of Brou8hton
The Hon Mithad Marks
The Hon Mrs Mlriam Cc
Powerofappointiry newtN5te45 S*Sted In iortl Marks0fWtr, the5euk*.dvrin8hs Ilfetsne. The rnlnlmum nuthr of
twustees IS0. Thetrustees meet to assessm to att*pt •WJ1dUal 8wtapplitationsdurln8thÈ
Year.
On bthalfofthe Board ofTIustees
Lord Marksd B
Trustee
Dated..
## **THE MARKS FAMILY CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
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 2022.
## **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
Joel Courts Chartered Accountant HW Fisher LLP Acre House 11-15 William Road London NW1 3ER
## 23 Jan 2023
Dated: .........................
- 4 -
## **THE MARKS FAMILY CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2022**|**2021**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Investments|**3**|98,430|80,876|
|**Expenditure on:**||||
|Raising funds|**4**|67,426|71,019|
|Charitable activities|**5**|127,130|133,750|
|**Total resources expended**||194,556|204,769|
|Net gains/(losses) on investments|**10**|(4,337)|1,960,988|
|**Net (outgoing)/incoming resources**||(100,463)|1,837,095|
|**Other recognised gains and losses**||||
|Other gains or losses|**11**|6,179|(351)|
|**Net movement in funds**||(94,284)|1,836,744|
|Fund balances at 6 April 2021||7,114,348|5,277,604|
|**Fund balances at 5 April 2022**||7,020,064|7,114,348|
The Statement of Financial Activities includes all gains and losses recognised in the year.
- 5 -
THE MARKS FAMILY CHARrrABLE TRusr
BALANCE SHE
AS Af5 APRIL 2022
zo
2021
FIKed a$5et$
Investments
Current assets
Oebtcrs
Cash atbank and im hd
6Y)5.403
7.052.596
71.944
69372
1.944
2831
69,972
18.2201
cridi1LafftaUnhI1ry tkn **lNn
Net Cufrent 055ets
114.661
61,752
Totsl assetsltss EwrentllAbinues
7.020.C64
7,114,348
Income fu1$
Unrestricted funds-wer
7.10
7,114,348
7m2o.Ld
7.114,348
The fiTranu* statements wereappro%*d by theTrnstees on._
L+yd M*rks
Trustee
## **THE MARKS FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **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 amounts 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 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing these financial statements.
## **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 2022**_
## **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**|
||**2022**|**2021**|
||**£**|**£**|
|Interest and dividends|98,391|80,787|
|Interest receivable|39|89|
||98,430|80,876|
## **4 Raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Investment management|67,426|71,019|
- 8 -
## **THE MARKS FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **5 Charitable activities**
|**Charitable activities**|||
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2022**|**2020**|
||**£**|**£**|
|Grant funding of activities (see note 6)|115,400|123,610|
|Share of support costs (see note 7)|30|-|
|Share of governance costs (see note 7)|11,700|10,140|
||127,130|133,750|
**6 Grants payable**
|**Grants payable**|||
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|£|
|Grants to institutions:|||
|Birds Life|-|10,000|
|British Heart Foundation|500|-|
|Exeter College Oxford|17,000|17,000|
|Give a Book|-|10,000|
|Holocaust Educational Trust|-|15,000|
|Institute of Cancer Research|-|500|
|Jewish Child's Day|2,500|-|
|Jewish Council|2,000|-|
|Jewish Music Institute|10,000|10,000|
|London Music Fund|4,000|-|
|National Literacy|15,000|10,030|
|Parochial Church|8,400|-|
|Refugees at Home|-|15,000|
|Royal Horticultural Society|50,000|-|
|Shelter|-|250|
|St Paul's School Community Project|5,000|-|
|VIMBA|-|8,000|
|Walter & Liesel Schwab Charitable Trust|-|27,830|
|West London Synagogue|1,000|-|
||115,400|123,610|
- 9 -
## **THE MARKS FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **7 Support costs**
|**Support costs**
**Governance**
**costs**
**£**
**£**
Bank charges
30
-
Accountancy fees
-
10,260
Administration fees
-
1,440
30
11,700
Analysed between
Charitable activities
30
11,700|**2022**
Support costs
Governance
costs
**£**
£
£
30
-
-
10,260
-
9,600
1,440
-
540
11,730
-
10,140
11,730
-
10,140|2021
£
-
9,600
540|
|---|---|---|
|||10,140|
|||10,140|
Accountancy fees comprise Independent Examiner's Fee of £1,200 (2021: £1,200) and fee for accountancy and other services of £9,060 (2021 : £8,400).
## **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**|
||**2022**|**2021**|
||**£**|**£**|
|Revaluation of investments|(5,033)|1,479,968|
|Gain/(loss) on sale of investments|696|481,020|
||(4,337)|1,960,988|
|**Other gains or losses**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|£|
|Foreign exchange (losses)/gains|(6,179)|351|
## **11 Other gains or losses**
- 10 -
## **THE MARKS FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **12 Fixed asset investments**
|||**Shares **|**Cash in portfolio**|**Total**|
|---|---|---|---|---|
|||**£**||**£**|
||**Cost or valuation**||||
||At 6 April 2021|7,045,633|6,963|7,052,596|
||Additions|2,538,148|(2,538,148)|-|
||Valuation changes|(5,033)|-|(5,033)|
||Cash withdrawal|-|(180,000)|(180,000)|
||Dividend and interest income|-|98,391|98,391|
||Change in foreign currency valuation|-|6,179|6,179|
||Management fees|-|(67,426)|(67,426)|
||Disposals|(2,800,340)|2,801,036|696|
||At 5 April 2022|6,778,408|126,995|6,905,403|
||**Carrying amount**||||
||At 05 April 2022|6,778,408|126,995|6,905,403|
||At 05 April 2021|7,045,633|6,963|7,052,596|
|**13**|**Debtors**||||
||||**2022**|**2021**|
||**Amounts falling due within one year:**||**£**|**£**|
||Other debtors||50,000|-|
|**14**|**Creditors: amounts falling due within one year**||||
||||**Unrestricted**|**Unrestricted**|
||||**funds**|**funds**|
||||**2022**|**2021**|
||||**£**|**£**|
||Accruals||7,283|8,220|
|**15**|**Related party transactions**||||
There were no related party transactions to disclose during the year (2021 - none).
- 11 -