The Truemark Trust TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2024 Charfty Number. 265865 Contents Page Legal and administrative information Tru8ts88 annual report Independent audIt0￿S rnport Statement of flnanclal activltles Statement of financlal po8ltlon Noto8 to the accounts 10-16 THE TRUEMARK TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs J Hayward, Senior Trustee Mrs S Knight. Honorary Treasurer Ms J Dunham Mrs S Vening Mr S Collins Mr P Summerfield Auditors Branston Adams Chartered Certtfied Accountants Suite 2 VIGtoria House South Street Famham Surrey GU9 7QU Principal registered address Clare Pegden Administrator POBox2 Liss Hampshire GU33 6YP Charlty Registration Number 265855 Bankers Cazenove and Co Limited (Cazenove) 1 London Wall Place London EC2Y SAU Solicitor5 Moore Badow The Oriel Sydenham Rd Guildford GU13SR Investment Advisors Cazenove Capital Management {Cazenove) 1 London Wall Place London EC2Y SAU THE TRUEMARK TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 April 2024 The Trustees present their Report and Accounts of the Charriy for the year ended 5 April 2024. The financial ststements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed. the Charities Act 2016 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their a¢¢ounls in ac¢ordan¢e wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. 1. STRUCTURE, GOVERNANCE AND MANAGEMENT The Truemark Trust is an unincorporated Trust creat8d by a Trust Deed datèd 9th April 1973. It is Regislered Charity, number 265855. The Trustees who seprfed the Charity during the year were as follows: Mrs J Hayward, Senior Trustee Mrs S Knight, Honorary Treasurer Ms J Dunham Mrs S Vening Mr S Collins Mr P Summerfield The Truemark Trust's Trustees are elected by a majonty vote of all the Trustees. In the past ten year8 our policies and proceduffjs for induction and training of our Trustees have been called into play in six cases. In general. our policy is to seek potenlial Truslees who,. a) come highly recommended by more than one referee already known to the Trustees. or b) are known already to one or more Trustees to be like-minded in tems of our objectives and activities (see 2 bel¢)w} and who at the same time are able to contribute their knowledge and experienc2 of the areas from where our income is derived18e8 4 below). The procedure is for Ihe potential trustee to be first interviewed by the senior trustee and the Ireasurer and then, afier discussion of the issues and accountabilities relating lo our part of the charity world, he or she will be invited - subject lo mutual agreement - to attend our next three or four quarterly meetings as our guest. The Trustees will then discuss the appointment and vote on it. Provided the majorty are in favour the Senior Trustee will then invite our guest to formally attend our next meeting and complete the necessary documentation as a new Trustee. In terms of training and getting familiar with our work, they are referred to the Trust Deed, we have developed a 'Trustee's questions. letter, and we recornmend that all Trustees should visit the Charty Commission's webstte at www.charit commission. ov.uk from time to time to acquaint themselves wrth the guidelines for Trustees, the public character of charity, the emergence of new charitable purposes, Gharities for the relief of sickness, etc. In addition. we try to make opportunrties for a new trustee to "shadow. a more experienced tnjstee, possibly alongside our professional advisors, as we are constsntly seeking to optimise particular aspects of our operations (see 2, 3, 4 and 5 below) 2. OBJECTIVES, ACTIVITIES. RISK MANAGEMENT AND RESPONSIBILITIES The Trust's purpose is to make grants to other charitsble bodies for the relief of all kinds of social distress and disadvantage. There has been no material change in the Trust's policy of making donations to mostly small local Chartties dealing with all kinds of disadvantage, with preferences to neighborhood-based community projects and for innovatory work with less popular groups. The routine business of the Twst continues to be carrted out on a voluntary basis by the Senior Trustee, the Honorary Treasurer and four further Trustees. During thi5 year the Trust's Auditor has also agreed to assist in an advisory capacty. A part-time Administrator assists them. There are currently six Trustees in"total. Decisions on Grants and the management of the Trust's assets continue to be made by the Board of Trustees as a whole at regular meetings. As Trustees of the Truemark Trust we are duty bound to demonstrate not only cornpeten￿, challenge, and knowledge of Charity affairs, but to make ourselves aware of any significant risks which the Charty may fa￿ on a regular basis and to ensure that the annual review of our financial and operational affairs carried out through our intemal discussions and audit programme will provide sufficient resources to deal with any adverse conditions. As to any fresh and significant risks and responsibilities which the Chanty may face in the future, we have been concemed that 'digital continuty. of docJJrnents (that is the abilty to use our infonnation in the way we need. for as long as we need) and the availability of two signatures re cheques and other legal documents can both be put at risk by death, accident, ¢hanges in organisation, management, pro￿sses, technology, holidays, or travel. In practical temis. our information is onty usable if we can find it, open it, work with it. understand it and trust ii. In order therefore for us to maintain information continuity and the ability to do our business, we ensure that our Administrator acts as a hub for all infomiation, and in case of accident that her infomiation system will be urKlerstood and ac￿Ssible to at least one named Trustee. The Trustees have assessed the disdosures made in the Trustee's report and Gonsider that these sufficiently detsil the signtficant artivities undertaken in order to carry OLrt the charity's aims for the public benefrt. When planning the Charity's activiti'es. the Trustees have given regard to the Charity Commissions guidan￿ on public benefft. 3. ACHIEVEMENTS AND PERFORMANCE In the year ending 5th April 2024. the Truemark Trust made: 62-grants totaling £316,500, giving an average grant of £5.105 (compared to the year 8nding 5th April 2023.. 59 grants totaling £317,000 giving an average of £5,372 per grant) A detailed list of grants and loans made in the year is included in note 5 of the attached accounts. Historically the Trustees met quarterly but more regular meetings have taken place since the Covid 19 Pandemic to ensure a swtfter distribution of funds and there are no plans for this to change. The Trustees feel that their objectives have been adequately met this year. However the Trustees are aware that there are extemal factors which could affect the achievements of their objectives. In resFeCt of investrnents these are dependent on the general perfomiance of the UK markets. In order to minimize this. the Trustees have set prudent investment policies and place relian￿ on the technirAI expertise and foresight of the investment managers to monitor and advise on necessary investment changes and suitable asset allocations. There are no restrictions on the Charrty's power to invest. The investment strategy is set by the Trustees and takes into account income requirements. the risk profile and the investment manager's view of the market proskEcts in the medium term. The overall invesbnent policy is to rnaximize total return. During the year the charity has FrfNttolios of investJnents managed by Cazenove. The investments market value as at 5 Aprtl 2024 £373,487 (5 April 2023 of £508.6731. Overall the investment portfolio has maintained performance and the investments are being made in aGcordanGe with the Trustees, investment policy set out above. The Trustees are satisfied with the overall performan￿ of the investments and remain satisfied that their investment objectives are being met and their policy is being achieved. 4. FINANCIAL REVIEW The Twst's strategic income policy is to increase both the ¢apital value wherever possible and the income of its assets and to achieve the maximum distribution of income consistent with prudent management. As an endowed Charity, the Trust has never made an appeal for fijnds. The Trust's income continues to derNe from residential properties, from charrtable common investment funds and from bank interest. In recent years the govemment reduced our dividend income by taxation and introduced legislation that has steadily added to our residential property costs over and above inflation. and Ihus to the level of reserves required to maintain the Properties both to a satisfactory standard and to ensure that they meet current regulatory requirements. Accordingly, we continue to carefully review Ihe performan of our residential properties (see 5 below), and whilst we keep infomied aboLrt our Investment Fund Managers, policies we continue to be satisfied with their overall perfomance. The Trustees confimi that all the Trust's investments are in line with the original deed, being in ethical common investment funds, and the Trustees have been advised by their Fund Managers that our indirect exposure is less than 5% in areas of concern e.g. toba¢co, armaments etc. After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial ststements. Investigation into the merits of becoming an Incorporated b¢xly is ongoing 5. PLANS FOR FUTURE PERIODS During the year under review, in conjunction with our respective managers, we have continued our previously established strategic approach to the individual and collective Strengths, Weaknesses, Opportunities and Threats, in respect of all our investment funds and residential properties. Working closely with the Trust's legal advisor's consideration is being given to estsblishing a CIO for Truemark as a replacement for The Truemark Trust. This would allow the incorporated body to enter into ¢ontracts in its own name rather than requiring the Trustees to do this in their individual capacity on behalf of the Charity We have conlinued with our more attentive approach to residential properties; we continue to dispose of selected older properties in which the￿ are no longer Regulated Tenants. in favour of acquiring more modern properties. Property to repla￿ The Quadrangle-has been purchased in accordance with the Trustees plan referred to in last yearfs report 6. STATEMENT OF TRUSTEES, RESPONSIBILITIES The charity's Trustees are responsible for preparing the Trustees Annual Report and the financial statemenls in accordance with applicable law and UK accounting standards (UK Generally AC￿pted Principles). The law applicable to (*ariiies in E￿J1￿￿j and W81es requires the Trustees to prepare financtal Statemants for each financial year ￿thIch give a true and fair view of the state of affaKs of the charity and of the irmmlng resourc8s and application of resour￿ for the charity for that perK)d. In pr8paring these financial statements. the Tn￿tee$ are required to: select suital)le accwntnig PDIici8s and then apply them conststsnty, obsem the arml winaples ofts Charities Statemerrt of Recornnded Practice make Judgments a￿1 estinotes that are reasonable and rxudent,. state ￿thether appli(zble ac(x)untlng standards have been folk)wed. sulieca to any matertal departures disckJs&Y and explained In the financial statements and prepare the financial statemerts on the g)ing Concwn basls unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disdose reasonable accuracy at any time the finan￿al position of the charity and to enable them to ensure that the finan¢>al ststem8nts comply with Ihe Charities Act 2016. the appIl￿ble Charittos (Accounts and Reports) Regula￿￿S, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity arKI taking reasonable steps for the prevention and detectk)n of fraud and other irregularities. The trustees are responslile for the Maintenan￿ integrity of the d￿rity and financial information included on the charity's website in a(Lordance legislation in th8 United Kingdom goveming the preparati￿ and dissemination of finan(#al statements. 7. DISCLOSURE OF INFORMATION TO AUDrroRS In so far as the Trustees are avrare: there is no relevant audit inf£￿￿on of whbch th8 tharrtys audttors a￿ unaware; and the Trustees have tsken atl steps that they ought to have taken to make themselves avMre of any relevant audit infornwtion and to establish that tt* auditors are avrare of that inf0m￿t￿)n. Signed on I￿lf of the Trustees ofThe Truenth Trust by Ju¢iy Hayward Date Independent Audltorfs report to the Trustees of The Truemark Trust tor the year ended 5 April 2024 We have audited the financial statements of The Truemark Trust for the year ended 5 April 2023 set out on pages 8 to 17 which have been prepared on the basis of the accounting policies set out on page 10. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom accounting standards {United Kingdom Generally AC￿pted Accounting Practice). This r8port is made solely to the Gharity's Trustees as a body, in accordan￿ with Section 144 of the Charities Act 2016 and the regulations made under Section 164 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law, we do not ac￿pt or assume responsibility to 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. Respective responslbllities of trustses and auditor As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 144 of the Charities Act 2016 and report in accordance with regulations made under section 164 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Audtting {UK and Ireland). Those standards require us to comply with the Audrting Practices Board's ethical standards for auditors. Scope of the aud5t of the financlal statements An aud-rt involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of.. whether the accounting policies are appropriat8 to the group's circumstances and have been consistently applied and adequately dis¢losed', thè reasonableness of significant accounting estimates made by the Trustees,. and the overall presentation of the financial statements. We read all the infomiation in the report of Trustees to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies, we consider th8 implications for our report. Oplnion on financial statemants 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 the charity's incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿ and have been prepared in accordance with the requirements of the Charities Act 2016. Matters on which we are raqulred to report by oxception We have nothing lo report in respect of the following matters where the Charities Act 2016 requires us to report to you rf, in our opinion- the infomiation given in the report of Trustees is inconsistent in any material respect with the financial statements; sufficient accounting records have not been kept- the financial statements are not in agreement with the accounting reGords and retums and we have not receNed all the infomiation and explanations we require for our audit. Paul Branston Adams {Senior Statutory Auditor) For and on Behalf of Branston Adams statutory Auditors and Chartered Certified Accountants Suite 2 Vlctoria House South Street Farnham Surrey GU9 7QU Dato The Truemark Trust Statement of Financial Activlties For the year ended 5 Aprll 2024 2024 2023 Note INCOMING RESOURCES vestment income Interest Receivatle Rental Income 24,457 17,305 589,126 25,244 11,169 670,097 TOT￿ INCOMING RESOURCES 630.888 706,510 RESOURCES EXPENDED Costs of generating funds: Rental expenses Charitable activities Govemance costs TrIAnagement and adminisration 184,241 316,SCIJ 172,426 317.000 190,245 199.442 TOTAL RESOURCES EXPENDED 690,988 688,868 NET RESOURCES EXPENDED BEFORE ASSEf DISPOSAL (60,098) 17,642 Gainsl(Loss) on disposals of proFerty assets Gainsl(Loss) on disposa￿ of investrnent assets (1,670.000) NET RESOURCES EXPENDED BEFORE REVALUATIONS (60,098) (1,652,358) Gainsl(Loss) on revaluations of property assets Gainsl(Loss) on revaluations of investment assets 10,039 (43,079) NET MOVEMENT IN FUNDS FOR THE YE (50,059) (1,695,437) T¢)tal furKls at 1 N4xiI 2023 17,845,360 19.540,797 TOTPL FUNDS AT 31 MARCH 2024 17,795,301 17,845,360 The Truomark Trust Statement of Financial Position As at 5 Aprll 2024 2023 FIXED ASSETS Tanglble assets knvestments 17.115.000 373.481 17,488,481 10,615.0(M) 508.673 11,123.673 10 CURRENT ISSErs Debtors Caslj 11 7.976 8.718.593 6.726,569 305.620 311.620 CREDITORS: amounts f8lllNJ due wlihln one year 12 (4.800) (4,882) NEf CURREKf ASSETS 306,820 6,721,687 TOTPL ASSETS LESS CURRENT LIPBILITIES 17,795,301 17,844380 THE FUNDS OF THE CHPRITY Unrestrlcted I￿￿ne funds 13 17,795,301 17,845.360 TOTPLFUNDS 17,795,301 17,845,360 The financlal statemants V￿re approved by the Truste8s on . Io Zrt.¥ and were signed on their behalf by: Mrs Judy Hayward Notes to the financial statements For the year ended 5 Aprll 2024 1. ACCOUNTING POLICIES a) Basls of preparadon and Going concern The financial statements have been prepared in accordance with the Statement of Recommended Practi￿.. 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102} and the Charities Act 2016. The trustees consider that there are no material uncertaintias about the Trust's ability to continue as a going concem. b) Incomlng resources Income comprises gr038 investment income, deposit interest and prop8rty revenue. All incoming resources are included in the Stat&ment of Financial Activities when the charity has entitlement to the fund8, certainty of receipt and the amount can be measured with sufficient reliability. c) Resources.expended Resources 8xpended are included in the Statement of Financial Activities on an accrua18 basis, inclusive of any VAT which cannot be rècovered. All expenditure has been classified under headings that aggregate all costs related to the category. Costs that Cannot be directly attributed to particular headings have been allocated to activili8s on a basis consistent with Use of resources. Grants payabl8 are only recognised in the accounts wh8n a commltment has been made and there are no Conditions to be met relating to the grant which remain in the control of the charity. d) Fund accoundng Funds held by the charlty are unrestricted general funds. which are available for use in accordance with the charitable objects al the discretion of the Trustees. e) fanglble fixed assets and depreclatlon Freehold investment properties are professionally valued every five years, which is in accordance with recommended practice. In intervenlng period8, investment propertl8s are shown at market value based on the trustee's review. The last professional valuation took place March 2022. Leasehold properties are shown at market valuès allowing for the length of t8rm remaining on the lease and are professionally valued every fNe years. The last valuation took place March 2022. 10 No depreciation is provided on freehold or leasehold properttes as they are held as investment properties and recorded at mark8t value. fj FIx8d a888t Investments Investments are a fonn of basic financial instrument and are initially recognised at Ih8ir transaction valu8 and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust doe5 not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or Sub sectors. g) Realised gains and lossè$ All gains and losses are taken to the Statement of Financial Activities as they arEse. Realised gain8 and losses on investments are calculated as Ihe differen￿ between sales pro¢geds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year 8nd and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. h) Assets and Ilabllltles Current assets are included at the lower of cost and net realisable value. Liabilities are generally reGognised as soon as there 18 a legal or constructive obligation committing th8 charity to the expenditure. Liabilities are included at their settlement value. 2. INVESTMENT INCOME 2024 2023 UK quoted investments 3. INTEREST RECEIVABLE 2024 2023 Interest receivable 17,305 11,169 4. RENTAL EXPENDITURE 2024 2023 Community charges and gen8ral rates Agent's fees Repairs and maintenance Light & heat and insurance 25,333 66,244 69,276 23,388 184,241 7.579 85,698 60,622 18.527 172,426 S. GRANTS PAYABLE 2024 2023 Grants 316,500 317,000 Grants wer8 made as follows in the y8ar 8nded 5 April 2024: 2024 1210512023 Activity Club for Children Wth Special Needs 1210512023 Youth Space 1210512023 The Freyaq Foundation 1210512023 Tools 4 Teens 1210512023 Howlet Grange Scout Group 1210512023 Wellspring Counselling 1210512023 The Separated Children Foundation 1210512023 SPYP 1210512023 SMASH 1910612023 Prodigal Arts 1910612023 Provide Devon 1910612023 Trauma Breakthrough 1910612023 Dad's House 1910612023 Deaf World 1910612023 Down Right Brilliant 1910612023 CF Dream Holidays 1910612023 Jedidiah UK 1910612023 Helping Disabilitl8S 3110812023 Us In A Bus 3110812023 The WHY Project 3110812023 Yellow Door Solent 3110812023 Apart of Me 3110812023 Humans MCR 3110812023 Bramber Bakehouse 3110812023 Sidmouth Science Festival 3110812023 Oxford Hospitals Charity 3110812023 Spotlights Cornmunity Youth Project 2311112023 Winchester Gold 0210112024 Windmills Kent 0210112024 Clapton Common Boys Club 0210112024 No Judgement No Spa 0210112024 TRIP Community Transport 0210112024 Clothing Collective 0210112024 SOFA Project 0210112024 Friends of Ashton 0210112024 The Bike Experience 0210112024 Cruse Scotland 0210112024 Altofts Community & Sports Foundation 0210112024 Eighteen and Under 0210112024 Kinrossshire Youth Enterprise 0210112024 Sayers Croft 0210112024 The Bridge Renewal Trust 0210112024 Woodwork to Wellness 0210112024 Sunbeams 4,000 7,000 7,000 5,000 7,000 5,000 3,000 7,000 7,000 9,000 5,000 5,000 7,000 3,000 8,000 3,000 8,000 7,000 5,000 5,000 5,000 2,000 6,000 5,000 4,000 5,OC(J 4,000 4,000 5,000 4.000 3,000 2,000 7,000 5,000 5,000 5,000 4,000 3,000 3,000 2,C(JO 6,000 3,000 6,000 2,000 12 0210112024 Young and Free 0210412024 Age UK Hertfordshire 0210412024 Cerebral Palsy Plus 0210412024 Children's Scrap Store 0210412024 Community Hub 0210412024 Hot House Theatre 0210412024 Just Friends 0210412024 Leith Athletic FC 0210412024 Our Hidden Treasure 0210412024 Positive Help 5.000 2,500 10,000 5,000 3,000 1,000 10,000 3,000 3,000 3,000 IEI 0210412024 Refuge 4 Pet8 0210412024 Relat8 Avon 0210412024 Rural Coffee Caravan 0210412024 Ryan Neuro Therapy Centre 0210412024 Safe and Sound Dorset 0210412024 Spark in the Dark 0210412024 William Merritt Centre 0210412024 Wycombe Youth Action 10,000 5,000 10.000 5,000 10,000 2,000 10,000 2,000 316,500 6. GOVERNANCE COSTS 2024 2023 Management and admlnlstration costs Professional and legal fees Accountancy fees Audit fees Staff salaries Pension costs Insurance Travel, stationery. postage and offi'ce expenses 150,928 2,616 2,880 27.574 638 299 5,310 190,245 164,805 2,824 3,280 22,011 424 870 5,228 199,442 7. TRUSTEES None of the Trustees or any persons connected with them re￿iVed any remuneration during tl period. Five Trustees and one employee werè reimbursed a total of £5,014 12023 - £5,228) for travel, stationery, postage and office expenses. STAFF The average number of person's employed during the year was 1 (2023 - 1) 2024 2023 Staff costs were as follows: staff salaries Social security costs Pension costs 26,615 959 638 20,373 1,638 424 13 28,212 22,435 No Employee or Trustee received emoluments above £60,000. 9. TANGIBLE FIXED ASSETS 2024 2023 Freehold and leasehold investmant property AS at 6 April 2023 10,615,000 18,045,000 Additions Disposals Revaluations 6,500,000 17,430,000) Balance as at 5 April 2024 17 115,000 10 615.000 Properties ar8 freehold and leasehold and were last professionally valued during March 2022 on an op8n market value basis su￿.ect to the tenancies subsisting at the valuation dale and the leasehold t8nn8 remaining. Trustees have confirmed thal the value shown accurately reflècts the properties at market value, in accordance wlth the charity's accounting policy. 10. INVESTMENTS 2024 2023 Investments Valuatlon Market value as at 6 April 2023 508,673 550,382 Disposals Revaluations (145,231) 10.039 41,709 Market value as at 5 April 2024 373,481 508,673 The charity held the following material UK investment portfolios as at 5 April 2024.. 2024 Matsrial UK Investments Cazenove Income Maximiser Fund Cazenove Charity Multi-Asset Fund 103,152 270,329 Market value as at 5 April 2024 373,481 11. DEBTORS 2024 2023 14 Trade debtors Other debtors 2,476 5,250 6,000 12. CREDITORS: Amounts falllng due wlthln one year 2024 2023 Accruals 4,800 4,800 4,800 4,800 13. FINANCIAL COMMITMENTS At 5 April 2024 the Charity had no financl81 Commitments (2023 - £Nil) 14. RELATED PARTY TRANSACTIONS There were no related party transactions in the year. (2023 - £Nil) 16. TAXATION The Truemark Trust 18 a registered charity and therefore is not liable to income tax or corporation tax on income deriv8d from its charitable 8Ctivities, as it falls within the various exemptions available to registered charitie8. 15