Ch•rtty Rrflrtntlon No. 263776 THE MARKS FAMILY CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE MARKS FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION TNstres Lord Marks of 8roughton The Hon Mlchael Mark5 The Hon Mr5 Miriam Ann Cooper The Hon Rebecca Marks CrV fiurnbei 263776 15t•r•d •ddr•ss HW Flsher LLP Acre House 11- IS William Road IDnrSon NWI 3ER Ind•pqndqnt Ex•rnln•r joel Courts HW Flsher LLP Acre House 11- IS Wllllarn Road London NWI 3ER B•nk•rJ Lloyds Bank PIC 21- 23 Hlll Street Mayfalr London Wij SJW Imi•rtm•nt id¥lsors Canaccord Genulty Wealth Management 41 Lothbury London EC26 7AE
THE MARKS FAMILY CHARITABLE TRusr CONTENTS Trusiees, report Staiement of trusiees, responsibllltles Independent examlnEr'5 report StatEment of fftnanclal actlvltles 8alance sheet Notes to the accounts 7-11
THE MARKS FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2023 The tTUStees present thelr port and IlnancSal statements for the year ended 5 Aprll 2023. The flnènclal staternents have been prepared In accordance with the a¢¢ountlng policies set out in note I to the accounts and comply with the charity's Deed ol Trust, the Charities Act 2011 ènd "Accountlng and Reportlng by Charitle5'. Statement of Recommended Practice applicable to charities preparing their accounts in accDrdance wlth the Flnanclal Reporring Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021 leffectlve frorn l January 2Qlg1" Oblecllves and actlvltl•s The charity's oble¢tlve, as set out In the Charltable Trust Deed, Is for the trustees to apply capltèl and income to ot towards or for the benefit or fuitherance of such chhritable purposes or charitable institurions èt their ab501ute discretion. Publlc benefit The trustees have pald due regard tts guldance Issued by the Chartty Comm1$51on In sectlon 17 of the Charltles Act 2011. In declding what actlvltle5 the charltv should undertake. A¢hlev¢ments •nd perform•n Durin8 the year the Trust generated Income resources of £110,781 12022.. E98,43ai which enabled the charlly to make 14 12022..1118rants amountln8 to £133,44112022.. £IIS.4001. Flnandal r•v5•w Durin8 the year ended 5 Aprll 2023, Invesiment Income was receed Irom the portfolio managed by Canaccord Genulty Wealth Manaiement ol £110,06012022'. E98,3911. As Ehnwn In the Statement ol flnanclal actlvltlos, the n2t loss on Invesimenrs arnounted to £504,381 12022,. £4.3371. The net decrease in fund5 for the year was £603.69112022.. E94,2841. R•s•r¥•s Pollcv It 15 the poliiy of the charlty to malntaln UnstrICted funrts (free reserves) at a level which, on Inve5trnent, generates 5ufflclent Income to meet aTTrnual expenditure and covei management and admlnlstratlon costs and to respond to emergency applications tor grants whlch arlse frcrn tlrne to tlmt, In situation5 where the incorne 15 In5uHiclenl tg meet annual expendlture, the reserve5 are required to mako up any shortfèll out ol capltol. The unrestrlcted funds of the charlty as at 5 Aprll 2023 arnounted to £6.416,37312022.. £7,020,064). Grnrrt MJkln8 Pollcy The trustees, grant maklng pelicy Is generally to rnake donation5 to fe8lstered charrtable DrBanisaiion$ Inot Indlvldua151 whlch support è wlde ran&e of cause5. The tru5tee5 revlewed and accepted 8rant appllcatlons durlng the year under revlew. Durlng rhe year the Trust made 1412022..111 rants totallln8 £133,44112022.. £115,4001. Rlsk The trustee5 have a55e55ed the rnalor ri5k5 to which the charity Is Exposed, and are satlstled that 5V5tems are in place to mltlgate exposure to the major r15k5. In¥È$tm•nt Poll¢v In order for the trustee5 to maintain the value DI the Tru$t fund, Canaccord Genuity Wealth Mana8Ement advise them on thelr approach to their portfolio ol inve5tment5, in particular on asset allocation 50 a5 to achieve a wide dlverslflcatlon of the Trust's Investment portfolio in order to spread risk. The current investment poliry is to adopt a balanced return from income and capltal £rowth.
THE MARKS FAMILY CHARITABLE TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Strudur•I¥ern1nte •nd m•ni¢•rn•rt The Marks Famlly Charitable Trust 5$ re8lstered with the Charliy Commissioners (No. 2637761 and constltuted by Deed of Trust dated 29 April 1971 as amended on 8 March 2018. The trustee5 who ser¥ed durlng the year We.. Lord Marks of Broughton The Hon Mlchael Marks The Hon Mrs Mifiam Ann Cooptf The Hon Rebecca Marks (Appolnted 26 August 20221 Power Df appolntSng new trustees Is ¥esd In Lord Marks ol Brou8hton, the Settlor, durln8 h15 Ilfetlme. The mlnlmum number of trustees Is two. The trustees meet to assess grnnt appllcatlons and io ie¥lew and accept Indfvldual grant appllcatlons durlng the year. On behaw of the Board ol Trustees Lord Marks of 8rou8hton Trustee Dated... LQ 11-E2rt&, 17
THE MARKS FAMILY CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023 The trustees are responslble for preparing the Trustees, Report and the flnanclal 5tatement5 In accordance wlth applIcab law and Unlted Klngdom Accountlng standards (United Kln8dorn Generally Ac£epted Accountln8 Practlcel. The law applicable tc tharltles In England and Wale5 requires the tru$tees to prepare flnancial statements lor each flnantièl year whlth eive o true ond lfjir vlew of the slate af aff8irs of the ch8rity and of the Incoming roA)urces and oppllcotlon of rosourceJ Df thc charhyforthat year. In preparlnl these Ilnanclal statement$, the trustees a requlred to- select 5ultable accountin8 policie5 and then apply them conslstently, Otssen the methods and prlThclples In the Charltles SORP,. m8ke lud&ements ènd estlrnates that are reasonable and prudent: state whether appllcable accountlni standards have been followed, subject to any materlal departures dlsclosed and explalned In the financlal statement5.' and prepare the financial 5tstement5 on the ioln£ concern basls unless It Is Inapproprlate tg presume thèt the charity wlll continue In operation. The trustees are respc*n51ble for keeplng sufflclent accoufitln6 records that dlstlose wlth reasonable accuracy at any tlrne the flnancial posltlon of the chèrlty and enable thern to ensure that the financlal statements cemply wlth the Chèritles Act 2011, the Charily (Actounts at)d Repoftsl Re8ulatlons 2CM)8 and the provisians ol ihe trust deed. They are a150 responsible for safe8uardlng the •ssets ol the chirityand hence for takln8 reasonable steps for the preventlon and detectlon of Iraud and other IrrE¢ularitles.
THE MARKS FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARKS FAMILY CHARITABLE TRUST I report io the trustees on my examlnatlon of the flnanclal statements of The Marks Farnlly Charltable Trust Ithe charltyl for the vear ended S Aprll 2023. ResponslbNltles ond basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements ol the Charitles Act 2011 Ithe 2011 Actl. I report in respect of rry exarnlnatlon of the charlty'5 flnanclal statements carrled out under sectlon 145 01 the 2011 Act. In carrylng Out rny exarnlnatlon I have followed all the applicable Dlrectlons 8lven by the Charlty Commlsslon under sectlDn 14515llbl ol the 2011 Act. IrKlep•nd•nt •ximln•rf$ tht•minf I have cornpl2ted my Exèmlllatlon. I conflrm that no matters have come to my attentlon In connectlon wlth the examlnatlon BNini me ciuse to belleve that in any materlal respect.. ccountlng records were noi kept In respect of the charlty as requlred by sectlon 130 of the 2011 Act.. or the Ilnancl31 staternent5 do Thot accord with those records.. or the Ilnanclal staternent5 do not comply wlth the appllcable requlrements cencernln8 the lorm and content of accounts set out In the Charitles (Accounts and Reportsl Regulatlons 2008 other than any requlrement that the accounts glve a true and falr vlew whlch Is not a matter considered as part of an Independent examinatlon. I have no concern5 and have come across no other matters In tonnectlofi wlth the examlnatlon to whlch attentlon should be drawTh In th15 report ln order to enable a proper understandini ol the flnanclal ststements to be reached. Jo Juel Courts Chartered Accountant HW Flsher LLP Acre House 11-IS Wlllhm Road London NWI 3ER 1 &_4. Dated: ..1.1..Q.¢1.2Q23
THE MARKS FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unrestrlrted Uhr•strftted funds funds Z023 2022 Not•1 In¢ome from.. Investments 110,781 98.430 endlture on: Ralslng funds 67,496 67,426 Charitable actlvitle$ 142.095 127.130 Totsl r•wurros •xp•nded 209,591 194,556 Net galn511105se51 on Inve5tmeThts io 1504,8811 14,3371 N•t outiolni t•sourus 1603,6gLI 1100.4631 Other reco8nlsed ylns and Iom oili¥i ¥diti& vi lusses 6,179 Net rIvement In funds 16D3.6911 194.2841 Fund balantes at 6 Aprll 2022 7,020,064 7,114.348 Fund b•lancos at 5 Aprfl 2023 6.416.373 7,020.064 The siaiement ef Ilnanclal aciivltles includes all ialns and losses recolnised In the year. All Incorne and expendlture derlve from contlnulng èctlvltles.
THE MARKS FAMILY CHARITABLE TRUST BALANCE SHEEr AS AT 5 APRIL 2023 1023 2022 Notes FIxEd •ets In¥estmentS 12 6.313,086 6,905,403 Current a5Mts Debtor5 Cash at bank and in hand 13 SO.OCpJ 71.944 112,256 112,256 18,9691 121,944 17,2831 Cr•dltori: •mountsf4llln8 du• wiihln on• y••r 14 Nei current assets 103,287 114.661 Totsl 155ets less ¢urr•nt114bSlltlqs 6,416.373 7,020.064 Income funds Unrestrlcted funds general 6,416.373 7.020,064 6.416.373 7,020.064 The flnanclal stsrements were approved by the Tfustees on Lord M•rk5 of Brouihton Trustee
THE MARKS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 A(tIng PDllcl•s Charlty Informatlon The Marks Family Charltable Trust Is a reglstered charlty. The chèrlty rneet5 the deflnitlon ol a public benetht entlty under kR51U2. Ihe re8lStered ottice 15 Acre House, 11- 15 William Road, London. NWI 3EK. 1.1 Accountln8 con¥entloTh The accounts have been prepared In accordance wlth the £harlt¥'s Deed, the Charlties Act 2011 and'AccouThtln8 and Reportln8 by Charities.. Statement of Recornmended Practice applicablÈ to charities pparIng thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republlc DI Iland IFRS 1021- leffeciive ffom l January 20191. The flnanclal statements are prepared In sterllng, whlch Is the fvnctional currency ol the charlty. Monetary amounts In these flnancial 51atement5 are rounded to the nearest £. The accounts have been prepared on the h15torical c05t conventlon, rnodilied to Include the revalvatlon of certaln flnancial Instruments at lair value. rhe principal acccuntln8 policies adopted are Set out below. I,Z Golnu concern The trustees are conlldent that the charlty can contlnue as a 8oln8 concern for a perlod ol ai least 12 Month5 from the date of approval of these flnanclal staiement5. The tru5tee5 have a reasonable expectatlon that the charlty has adequate re5Durces io continue In operation for rhe foreseeable future. Thu5 the trustees contlnue to adopt the 80in8 concerrs ba515 of aCCOUniln4 prvpdrin$ Ihese findrtilal $iaiemenl5. l.J Ch•rlt•ble lunds Unrestricted funds are available loi use at th¢ dlscretioTh 0¢ the trustee5 In furtherance of their charltable oblectlves. 1.4 Incomlni res¢wrces Income Is recognised when the charlty Is le8ally entitled to It aftei any performance condltions have been met, the arnounts can be measured relièbly, and It Is probable that Income wlll be recelvtd. Cash donatlons are recogni5ed cn receipt. Other donatlons are recognlsed once the charlty ha$ been notlfled of the donjtlon, unless performance condltlons requlr¢ deferral ol the amount. Incorne tax retovernble in relatlon to donatlons recelveLI under Gfft Ald or deeds of CD¥enant Is recognlsed al the tlme ol the donatlon. Investment Income recel¥ed net 15 Stored 8ross wirh the relevant tsx deducted Intruded under't05t of raislng funds,, 1.5 R•ioufUS •xp•nd•d Llabllities are reto8nlsed as expendlture once there 15 3 legal or Constructive obligation cornrnlttlng the charity to that expenditure, it is probable ihat settlement wlll be requlred and the arnount ol the obligation can be measured reliablv. All expenditure 15 accounted lor on an accrua15 ba515. All e¥pens25, includin8 Support tosts •nd 8OVErnance costs. are allocated Costs Df ralslng funds are th95e cost5 Incurred Sn manaelng the chafitv's Investment portfollo. Governance costs relate to expendlture Incurred in dealing with donations and èdrnini5tratlon and compliance wlth constltutional and statuiory requirements.
THE MARKS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 5 APRIL 2023 Ac¢ountlng pollcles IContinu•dl Grants payable £omprlse donations dlrertly (elated to the objects DI the charltv. Grants payable are char8ed in the year when the offer is conveyed to the reclpient. Granis offered subject to conditlDns are recogni5ed in the period ihose eondbtlons ère met, prior to thls the¥ are noied as a commltment but not accrued as expenditure. Irrecoverable VAT15 char8ed agalnst the expenditure headlng for whlch It was incurred. 1.6 Flxed •ssw In¥estmen Flxed asset Investments are Inltlally rne35ured at transaction prlce excludlng transactlon tosts, ènd are subsequently meaSud at falr value at each reportlng date. Chan8es In falr value are recognised Sn net Incornellexpendlturel lor the yeor. Tronsactlon costs are expensed as Incurred. 1.7 Fln•rtcl•l Instruments The charity has elected to apply the provislons of Section 11 '8a51c Flnancial In5tfuments' ond Sectlon 12 '0ther Financial In$trument$1ssues' of FRS 102 to all of Its flnancSal instruments. The charky only has linanclal 355et5 and Ilnancial liabillties ol a kind that qualfV as baslc Ilnancla1 Instruments. Baslc flnanclal Instruments are Inltlally recognlzed at transactlon value and 5ub5equently rneasured at thelr 5ettlernent value. Itlcil accountlnt estlrn•ies indludiements In the appllcation of the charltws accountlng pollcles, the trustees are requlred to make judgements, estlmate5 and as5umptloThs obout the carryin8 amount of assets and Ilèbllitles that are not readlly apparent from other sources. The estimates and associaied a55umptions ore based on hSloriCal experience and othe¥ factors that are £onsitlered to be relevant. Actual results may difler from these estimates. The estlmates and undeftylng assumptlons are revlewed on an oniolng ba515. Ae¥lslon5 to accountlng estlrnates are iecDBnised In the perlod In whlch the e5tlrnate 15 iev15ed where the revlslcn affects ofily th•1 perlod, or In the perlod of the fevlslon and future perlod5 where the revlsion affects both current and future periods. The trustees do not belleve there to be ludgernents or e5tirnates that would be considered critical to the flnancial 5taternents. Inveitments unremrted fundj 2023 Unr•strlrt•d fund5 2022 Interest and dividend5 Irorn investment portfolio Inte$t e1vable 110,060 721 98,391 39 110.781 98,430 Aalslngfunds Unrestrlcted funds 2023 Unrestrlcted funds 2022 Investrnent rnanagernent fee 67,496 67.426
THE MARKS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Ch•rltable ¥(Eltr*S Unrestricted Unrestrfrted funds fund5 2023 2022 Grant fundin8 of aeilvltles Isee note 61 133,441 115.400 Share of support costs (see note 71 Shore of 8overnance t05ts (see note 71 282 8,372 30 11.700 142,095 127.130 fjr•nts p•y•ble Uniestrlct•d UnMrtrlrt•d fvndi fundi 2023 2022 Grants to Instltutlons.. ActlDrs lor Humanltv rltl$h Hearr Foundation Exeter Cpllege Oxford Gl¥c o Book H•rrow Llub HolDC•USt Educational Trusr Jewlsh Chlld'5 Day Jewish Council Jewish Mu51c In5tltute London Muslc Fund New Herlta8e Foundatlun Parochlal Church St Pèul's School Communlty Project Street5 01 London The National Llteracy Trust The Separated Chlld Foundatlon The Frlends of St. Mary's Blshopsbourne The Royal Hortlcultural Society The Walter & Lie5el Schwab Charltable Trust The Wesl London Syna808ue o18ritish Jews VIMBA 2,000 5ChJ 17,OC4J La,000 L,000 15,000 2,500 2,5CrfJ 2.OC4J 10.0 10,000 1,900 8,41)J 500 15,000 10,000 loo 1S.0(KJ 50,OTrJ 45,441 io,ooo 10.000 133,441 115,4C
THE MARKS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 Support ¢os¢s support costs Go¥ernance wsts 2023 Support costs Governance costs 2022 8ènk charges Wtbslte cost 30 30 282 282 Legal and prolessionol fre5 Accountsncyfee5 Adrnin15tfation lees 720 6,212 1,440 720 6,212 1.440 10,260 1,440 10,260 1,440 282 8.372 8.654 30 11,7 11,730 Analysed between Charltable actbvltle5 282 8,372 8.654 30 11,7Cp) 11,730 Accountancy fees comprlse Independent Examlner's Fee ol £1,20012022'. £1,ZOOI and fee for accountanry Ind gther Se1£eS of £5,01212J22 ,. £9,060). Vru•e1 None of the trustees lor any person5 connected wlth them) recelved any rernuneratlon, expenses, or beneflts from the chèrltv durln8 the year. Employ• There re no ernployee5 durin8 the cuNent or prlor year. io N•t yln5llloMesl on Inveitrnents Uni•strlrt•d lund• iozi Unrestrfeted funds 2022 Re¥aluatlon of in¥e5trnents Gainlllossl on sale of Investments 1316.4771 1188,4041 15.0331 696 1504,8811 14.3371 li oih•rylns orloues Unrestrlcted Unrestrfded fund5 lund$ 2023 Forelgn exchange IIos5es118alns 16,1791 10-
THE MARKS FAMILY CHARITABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 li Flxed •sset In¥estments ShJr•s C•sh In portlollo Totsl Cort or valuathn At G AprS12022 Additions Valuation chanies Cash wlthdrawal Dfvldend and Interest Income Management fees D15P05a15 6.778.408 3,052,230 1316,4771 126,995 13,052,230) 6.905,403 1316.4771 1130.0001 110,060 167,4961 1188,4041 1130,WDI li0,(0 167,4961 3,331,035 13,519,439> At S Aprll 2023 5,994,722 318,364 6.313,086 Carryln8 amount At 05 Aprll 2Q23 5,994,722 318,364 6,313,086 ht 05 hprll 2022 6,778.408 126,995 6,905,403 13 D•bto 2021 Z2 Amounti fall1 due wlthln one y¢•r: Other debtors 50,000 Credltors: •rnOUnt5 f•lllng due wlthln one ye4r Unrestrl¢ted fvnds 202a Unrestrlcted lunds Accrua15 8,969 7,283 15 Rel•ted party transart11 There were no related party transartSons to dlsc105e durlni the current year or prlor year.