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2021-12-31-accounts

Charity registration number: 272339

THE MARKETORS TRUST

ANNUAL REPORT

FOR THE YEAR ENDED

31 DECEMBER 2021

CONTENTS

Page
Trust information 1
Trustees
report		 2
8
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13

TRUST INFORMATION

Trustees
Secretary
Charity number
Address
Website
Independent auditors
Bankers
Investment advisors		 The Trustees at the date of this report are:
P. Andrew
Chairman (appointed 29 March 2021)
D. Tombs (appointed 20 March 2018)
Dr T. Brignall (appointed 30 January 2020)
G. Cartwright (appointed 27 January 2021)
J. Boulding (appointed 25 March 2021)
A.B. Mackay (appointed 29 March 2021)
D.A. Clarke Noble (appointed 29 March 2021)
D.C. Cowell (appointed 29 March 2021)
C Webb (appointed 30 June 2022)
In addition the following Trustees served during the period under review:
J. Hooper CBE (appointed 19 March 2013, resigned 5 October 2021)
J. Farrell (appointed 30 January 2019, resigned 26 January 2022)
M. White
272339
One London Wall,
London,
EC2Y 5JU.
www.marketors.org
F. W. Smith, Riches & Co.,
Chartered Accountants & Statutory Auditors,
15 Whitehall,
London,
SW1A 2DD.
CAF Bank Limited,
25 Kings Hill Avenue,
Kings Hill,
West Malling,
Kent,
ME19 4JQ.
Evelyn Partners,
45 Gresham Street,
London,
EC2V 7BG.

Page 1

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report together with the financial statements of the Trust for the year ended 31 December 2021. The report and financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust 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 the Republic of Ireland (FRS 102).

Appointment of Trustees

Four Trustees are appointed on the basis of their position within the Worshipful Company of Marketors. The Master, the Senior Warden, the Middle Warden and the Treasurer are Company appointed Trustees. Once elected an officer of the Company, the officer is appointed a Trustee and normally serves for a three year term. The Chairman of the Trustees is appointed by the Court of the Worshipful Company of Marketors. A maximum of five further Trustees can be appointed by the Trust. These Trustees cannot be serving officers of the Company and must not be Court Members of the Company. Of the five possible further Trustees, three were appointed on 29 March 2021.

Induction and training

trust Deed and historical

financial statements. Training and further guidance is provided when requested by new Trustees.

Objectives and activities

The Trust was formed to encourage education in marketing, to provide relief to any person in necessitous circumstances who is or has been a Member of the Worshipful Company of Marketors and to make grants to any charitable association established for educational or other charitable purposes in the City of London or elsewhere. The Trustees annually review the charitable activities the Trust undertakes and consider new opportunities for giving, putting in place measurable KPIs on any major new expenditure.

The Trust has a continuing programme of support by way of donations to selected charities including, St. B Church (associated with the Company), charities supported by Appeal, those connected with the Corporation of the City of London and relief of Liverymen and Freemen in necessitous circumstances.

Legal and charitable status

The Trust is constituted under a trust deed dated 12 October 1976 and is a registered charity (no.272339).

Financial review

The financial results for the year are set out in the Statement of Financial Activities on page 11.

This year, an exceptional donation of £629,266 representing the net assets of the Martyn Davis Charitable Trust (Charity no: 1140656) has been recognised in the financial statements. Whilst the Charity Commission approved this transfer and the winding up of the Martyn Davis Charitable Trust on 19 November 2021, the formal transfer of the legal ownership of the assets was not completed until spring 2022. The funds transferred are held by the t

the management and administrative costs of the Trust, between Education and Charities.

The Trustees met four times during the year including one meeting in person.

Page 2

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review (continued)

Education

The Trust has established links with a wide range of universities, colleges of higher education and schools in the UK. The Trustees review each year a range of existing and potential awards to students undertaking studies associated with marketing.

The educational awards and prizes given by the Trustees are set out in note 8 to the financial statements. These

amounted to £8,435 (2020: £2,540).

As noted above, donations this year include an exceptional donation from the Martyn Davis Charitable Trust of £629,266. These funds are held in a restricted fund, the Martyn Davis Educational Bursary Fund, for the granting of scholarships to the Harvard Business School Advanced Management Program once every five years.

Charity

The Trustees each year receive and review a wide range of appeals. Their policy is generally to support appeals

the City of London.

During the period the Trust made donations to charitable causes amounting to £40,110 (2020: £29,110) as set

out in note 10 to the financial statements.

The Trustees also consider appeals for assistance to Liverymen, Freemen and their families who are in need, usually on the advice of the Company Almoners.

During the period the Trustees provided hardship grants of £2,400 (2020: £1,200) to the widow of a former

Liveryman as set out in note 9 to the financial statements.

A separate Hardship Fund was set up by the Trust during 2020 specifically to assist any member of the Worshipful Company of Marketors who had fallen into financial difficulty due to Covid. The Trust put aside £80,000 and a communications and marketing plan was rolled out to promote the availability of this hardship fund to members of the Company. As at the date of this report there have been no drawdowns on this fund. The fund remains open but £50,000 of the £80,000 has been returned to our investment account with Evelyn Partners.

Donors

The Trust is reliant for its voluntary income on regular donations (mostly by direct debit and with gift aid) from members of the Worshipful Company of investments. The Trustees regularly seek to increase the number of members of the Company contributing. The Trustees take this opportunity to thank all those who have made donations to the Trust during the year.

Page 3

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Plans for future periods

In the autumn of 2021, the Trustees undertook a survey of the members of the Worshipful Company of Marketors to see what they would like us to focus on. The results from more than 150 respondents (nearly one third of all members) suggested that focus should be on creating opportunities for people who struggle to access marketing as a career, supporting apprenticeship schemes and to look at larger, longer term giving rather than than just being one of many donors. There was also a strong focus on increasing our annual giving amounts rather than building up reserves any further.

The Trustees have taken this feedback and built it into a 2022-23 plan that will see giving compared to previous years altered as follows:

The Trust will still continue much of our more traditional giving:

Page 4

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Public Benefit

The Marketors number of different categories of applicants all of which are open to any member of the public which fall into these categories:

How much is given

The benefits are normally for sums varying from £250 to £15,000.

How is money dispersed

A list of the charities that the Trust aims to support each year is maintained by the Trust Secretary. Each year this is reviewed by the Trustees and they consider if it is appropriate to keep the charities on the list and whether there are any other causes that should be added. The Chairman of the Trust prepares, after reviewing applications, for the consideration of the Trustees a schedule of awards and sponsorship that he feels should be considered by the Trustees. The Trustees meet regularly, and at each meeting consider any requests that have come be

donation making policy for the year

and in planning future activities.

Investment Policy

Evelyn

Partners.

an increasing level of income to fund the approximate level of expenditure envisaged by the Trustees in accordance The Trustees have established a formal benchmark of UK RPI + 3% measured over rolling five-year periods. Evelyn Partners are tasked to deliver an annual income of approximately £28,000. They are not constrained by any social, environmental or ethical considerations. The Trustees believe that the the level of risk agreed between the Trust and its advisors. Overall the portfolio should provide the opportunity for capital and income growth to meet the objectives of the Trust and should provide some protection against inflation.

Page 5

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Investment Policy (continued)

investments on a regular basis.

broadly in line with the markets. The investments at the end of the year was £1,631,718 (2020: £838,498). Investments with a value of £618,568 were donated by the Martyn Davis Charitable Trust on 19 November 2021.

Reserve policy

The Trustees have examined the requirement for free reserves, which are unrestricted reserves, and consider that the Trust should aim to maintain unrestricted reserves of around £650,000 plus the restricted funds held within the Martyn Davis Educational Bursary Fund, with the remaining balance being held for the purpose of new giving proposals, to be sought from the membership of the Company or the Trustees. It is anticipated that new giving proposals will be larger in scale and value to beneficiaries. This policy to be reviewed annually by the Trustees. The Trustees will also ensure that sufficient investment income will be generated in order to enable the Trust to continue to maximise its charitable activities in accordance with its aims whilst being very conscious of not building up reserves at the expense of fulfilling our charitable objects. As shown on page 12 of the financial reserves were £1,028,944 (2020: £930,997) £630,771 (2020: £nil). At 31 December 2021 the reserves included £189,728 (2020: £91,175) of unrealised gains on investments. It is, therefore, likely that with the performance of stock markets.

Risk management

The Trust, as a small charity, is not required to undertake a formal risk analysis.

Page 6

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Trustees responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

auditors are unaware. The Trustees have taken all the steps that they ought to have taken as Trustees in order to of that information.

By order of the Trustees

P. Andrew Chairman

28 October 2022

Page 7

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE

Opinion

for the year ended 31 December

2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 (UK) (ISAs (UK)) and applicable of the financial statements section of our report. We are independent of the Trust in accordance with the ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the T 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 Trust concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion :

Responsibilities of Trustees

As explained more fully in the T 7 the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Trust as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Page 9

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of the minutes of Trustee meetings; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Use of our report

This report is made solely to the Trust Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trust T and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

F. W. Smith, Riches & Co.

Chartered Accountants & Statutory Auditors London

28 October 2022

F. W. Smith Riches & Co. is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 10

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Not
Income
Donations, legacies and gifts
3
Exceptional donation from the
Martyn Davis Charitable Trust
3
Investment income
4
Total income
Expenditure
Costs of raising funds:
Cost of generating voluntary
Income
5
Investment management fees
Charitable activities:
Educational awards and prizes
8
Hardship grants
9
Charitable donations
10
Total expenditure
Net income and net movement
in funds before gains on
Investments
Unrealised gains/(losses)
12
Realised gains
12
Net movement in funds for the
Year
16
Fund balances brought forward
16
Fund balances carried forward
16		 2021
Unrestricted
funds
£
49,407
-
27,692
77,099
753
8,587
9,340
10,652
3,594
47,692
61,938
71,278
5,821
91,148
978
97,947
930,997
1,028,944		 2021
Restricted
funds
£
-
629,266
100
629,366
-
-
-
-
-
-
-
-
629,366
1,405
-
630,771
-
630,771		 2021
Total
funds
£
49,407
629,266
27,792
706,465
753
8,587
9,340
10,652
3,594
47,692
61,938
71,278
635,187
92,553
978
728,718
930,997
1,659,715		 2020
Total
Funds
£
47,104
-
27,523
74,627
781
7,504
8,285
3,256
1,631
35,483
40,370
48,655
25,972
(56,607)
2,209
(28,426)
959,423
930,997

Page 11

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible fixed assets
11
Investments
12
Total fixed assets
Current assets
Debtors
13
Cash at bank and in hand
14
Total current assets
Creditors: amounts falling due
within one year
15
Net current assets
Total assets less current
liabilities
Fund balances
Restricted funds
16
Unrestricted funds
16		 2021
£
252
1,631,718
1,631,970
13,293
31,449
44,742
(16,997)
27,745
1,659,715
630,771
1,028,944
1,659,715		 2020
£
-
838,498
838,498
10,036
89,701
99,737
(7,238)
92,499
930,997
-
930,997
930,997

The financial statements on pages 11 to 23 were approved and authorised for issue by the Trustees on 28 October 2022 and were signed on their behalf by:

P. Andrew Chairman

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The financial statements have been prepared in accordance 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 d the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The Trust qualifies as a small charity and has therefore taken advantage of the exemption in the Charities FRS 102 not to prepare a statement of cash flows.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust a going concern.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

1.2 Income recognition

All income is recognised once the Trust has entitlement to the income, it is probable that income will be received and the amount of income receivable can be measured reliably. The following criteria must also be met before income is recognised:

Donations and gifts

Donations and gifts are recognised when both the amount and settlement date are known.

Legacies

Legacies are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Investment income

Interest on funds held on deposit is included upon notification of the interest being paid or payable. Income from investments is recognised once the distribution has been declared and notification of the distribution due has been received.

1.3 Foreign currency translation

Functional and presentation currency

The Trust currency is the pound sterling.

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.4 Resources expended

Expenditure is recognised in the period when there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All support and governance costs are allocated or apportioned to the applicable expenditure headings. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice.

1.5 Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.

Depreciation is calculated, using the straight-line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

each reporting period. The effect of any change is accounted for prospectively.

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Trust and the cost can be measured reliably. Repairs and maintenance costs are expensed as incurred.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Financial Activities.

1.6 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value 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 does not acquire options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust 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.

1.7 Investment management fees

Investment management fees portfolio.

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.8 Funds

Unrestricted funds

Unrestricted funds are funds that the Trustees are free to use for any purpose in furtherance of the charitable objects.

Restricted funds

Restricted funds are funds, which have legal restrictions on their use, where donors have specified the funds can only be spent on specific activities.

1.9 Financial instruments

The Trust has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.11 Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice.

Governance costs and support costs relating to charitable activities have been apportioned in proportion to the amounts granted. The allocation of support and governance costs is analysed in note 6.

1.12 Charitable activities

Costs of charitable activities include grants made and an apportionment of support and governance costs as shown in note 6.

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.13 Realised and unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their original purchase value. 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 shown separately in the Statement of Financial Activities.

1.14 Taxation

H. M. Revenue & Customs has granted the Trust charity exemption and thus it is exempt from taxation.

2. Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.

3. Donations, legacies and gifts

Donations including gift aid
Exceptional donation receivable from the
Davis Charitable Trust		 2021
Unrestricted
funds
£
49,407
-
49,407		 2021
Restricted
funds
£
-
629,266
629,266		 2021
Total
funds
£
49,407
629,266
678,673		 2020
Total
funds
£
47,104
-
47,104

The exceptional donation arose on the closure of the Martyn Davis Charitable Trust on 19 November 2021. Upon closure the net

creating a restricted fund named The Martyn Davis Educational Bursary Fund .

The net assets donated comprised:

Investments (at market value)
Cash at bank and held by brokers
Current liabilities		 £
618,568
10,887
(189)
629,266

Page 16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Investment income

Interest receivable from the Martyn Davis
Charitable Trust
Interest
fixed interest securities
Dividends
equities and unit trusts		 2021
Unrestricted
funds
£
8
-
27,684
27,692		 2021
Restricted
funds
£
-
-
100
100		 2021
Total
funds
£
8
-
27,784
27,792		 2020
Total
funds
£
21
15
27,487
27,523

5. Cost of generating voluntary income

Charities Aid Foundation charges 2021
Unrestricted
funds
£
753
753		 2020
Total
funds
£
781
781

All the costs of generating voluntary income were incurred from unrestricted funds.

6. Allocation of governance and support costs

An analysis of the

Bookkeeping services
Accounting software
Bank charges
External audit fee (including VAT)
Printing
Administrative assistance
Consultancy fees
Sundry expenses
Website update
Depreciation expense
Travel		 Governance
costs
£
1,680
160
664
-
2,550
2,400
-
-
1,000
126
-
-
48
8,628		 Support
costs
£
-
-
-
112
450
-
419
700
-
-
432
252
-
2,365		 Total
2021
£
1,680
160
664
112
3,000
2,400
419
700
1,000
126
432
252
48
10,993		 Total
2020
£
1,680
160
143
74
3,000
2,200
263
-
-
-
-
-
-
7,520

Page 17

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Allocation of governance and support costs (continued)

The cost of the services of the Trust secretary is apportioned based on time spent. Other costs where directly attributable to an activity are allocated to that activity. Where a cost is not directly attributable it is allocated initially to support costs. Subsequently support costs and governance costs are allocated on a basis consistent with the use of resources. The cost allocations are given below:

Cost allocation: 2021
Governance costs
Support costs
Cost allocation: 2020
Governance costs
Support costs		 Educational
Awards and
Prizes
£
1,429
788
2,217
Educational
Awards and
Prizes
£
541
175
716		 Charitable
Donations
£
6,793
789
7,582
Charitable
Donations
£
6,199
174
6,373		 Hardship
Grants
£
406
788
1,194
Hardship
Grants
£
256
175
431		 Total
2021
£
8,628
2,365
10,993
Total
2020
£
6,996
524
7,520

All governance and support costs were incurred from unrestricted funds.

7. Trustees remuneration and expenses

The Trustees all give freely of their time and expertise without any form of remuneration. In addition, no expenses were reimbursed to the Trustees in either 2021 or 2020.

8. Educational awards and prizes

CIM Top Student award winner
Cranfield Business School award winner
Westminster Business School award winner
Portsmouth Business School award winner
Cambridge Judge Business School award winner
Bath Business School award winner
Middlesex Business School award winner
Allocated costs (note 6)
All awards and prizes are made to individuals from unrestricted funds.		 2021
£
2,525
1,260
1,260
1,130
1,130
1,130
-
8,435
2,217
10,652		 2020
£
-
500
500
-
520
500
520
2,540
716
3,256

Page 18

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Hardship grants

----- Start of picture text -----
2021 2020
£ £
Hardship grants to individuals 2,400 1,200
2,400 1,200
Allocated costs (note 6) 1,194 431
3,594 1,631
All hardship grants were made from unrestricted funds.
10. Charitable donations
2021 2020
£ £
Museum of Brands 15,000 15,000
-
The Arts Marketing Association 7,000
Unloc 5,000 -
St 2,650 2,500
GOSH 2,000 -
2,000 5,000
Archive of Social & Market Research 1,000 1,000
British Red Cross 1,000 1,000
History of Advertising Trust 1,000 1,000
-
1,000
Market Research Society 960 960
Mansion House Scholarships 500 500
Royal Navy Charity 500 -
University of Plymouth 500 -
-
Army Benevolent Fund 1,000
City & Guilds - 500
151 Regiment - 500
Hallmark Care Homes - 100
MacMillan Cancer Support - 50
40,110 29,110
Allocated costs (note 6) 7,582 6,373
47,692 35,483
----- End of picture text -----

All charitable donations were made from unrestricted funds.

Page 19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Charitable donations (continued)

Analysis of donations to institutions:
Health, welfare and advice
Education, training and cultural activities
Allocated costs		 2021
£
9,350
28,760
2,000
7,582
47,692		 2020
£
5,150
18,960
5,000
6,373
35,483

charities. Further details of the charities supported can be found at: www.the lordmayorsappeal.org.

11. Tangible fixed assets

Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for period
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Office
Equipment
£
-
504
504
-
252
252
252
-

Page 20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. Investments (listed)

Brought forward
Additions
Disposals
Realised gains
Change in fair value
Carried forward		 2021
Cost
£
741,323
704,689
(4,022)
-
-
1,441,990		 2021
Fair
value
£
838,498
704,689
(5,000)
978
92,553
1,631,718		 2020
Cost
£
784,213
157,648
(200,538)
-
-
741,323		 2020
Fair
value
£
937,995
157,648
(202,747)
2,209
(56,607)
838,498

Investments at fair value comprise:

Equities and unit trust 2021
£
1,631,718
1,631,718		 2020
£
838,498
838,498

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

Investments are financial assets measured at fair value through the Statement of Financial Activities.

13. Debtors

Prepayments and accrued income
Loan to Martin Davis Charitable Trust		 2021
£
13,293
-		 2020
£
8,556
1,480
10,036
13,293

Page 21

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Bank balances

Current account
Deposit with investment managers		 2021
£
23,877
7,572
31,449		 2020
£
49,696
40,005
89,701

15. Creditors: amount falling due within one year

External audit fee
Bookkeeping
Investment management fees
The Worshipful Company of Marketors
Bank letter fee
Donation to Arts Marketing Association
Donation to Sheriffs' & Recorder's
Donation to GOSH
CIM Award winners
Bank charges
Benjamin James Ryan		 2021
£
2,400
1,050
2,277
230
14
7,000
1,000
2,000
1,000
26
-
16,997		 2020
£
2,200
1,050
1,974
1,500
14
-
-
-
-
-
500
7,238

Page 22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Funds

At 1 January 2021
Net movement in funds in year
At 31 December 2021
Analysis of net assets between funds
Tangible fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
930,997
97,947
1,028,944
Unrestricted
Funds
£
252
1,011,745
33,944
(16,997)
1,028,944		 Restricted
Funds
£
-
630,771
630,771
Restricted
Funds
£
-
619,973
10,798
-
630,771		 Total
Funds
£
930,997
728,718
1,659,715
Total
Funds
£
252
1,631,718
44,742
(16,997)
1,659,715

At 31 December 2021 the restricted funds comprise The Martyn Davis Educational Bursary Fund. At 31 December 2020 the Trust had no restricted funds.

The Martyn Davis Educational Bursary Fund will be used to provide educational bursaries.

17. Related party transactions

The Trust is controlled by its Trustees.

The Worshipful Company of Marketors has connections with two charities. These are the Trust and the Martyn Davis Charitable Trust.

During the prior year, the Trust made a short-term interest-bearing loan of £1,480 to the Martin Davis Charitable Trust ( MDCT ). During the year, the loan was repaid in full. The loan was provided to facilitate the opening of a bank account at CAF Bank. The interest receivable on the loan during the year was £8 (2020: £21).

18. Subsequent events

Since the balance sheet date, the market values portfolios, after taking into account subsequent disposals and acquisitions, have fallen by £150,000.

Page 23

Certificate of Completion

Certificate of Completion
Document Title: M177 2021 accounts - for signing.pdf
Reference ID: QRTR59
Digital Signature ID: 6960617E499A480858535204BD591CE47D4E309E
Document Pages: 26 (Including certificate)
Security Events Status Timestamp I.P. Address
Auditor Account Authentication Complete 2022-10-28 62.232.171.82
Hashed/Encrypted Document Complete 2022-10-28 62.232.171.82
Signer Account Authentication Complete 2022-10-28 2.98.126.164
Hashed/Encrypted Signature Complete 2022-10-28 2.98.126.164
Signer Account Authentication Complete 2022-10-28 62.232.171.82
Hashed/Encrypted Signature Complete 2022-10-28 62.232.171.82
User Audit Trail User Timestamp I.P. Address
Request Created dcrawford@fwsr.com 2022-10-28 62.232.171.82
Document Signed phil.andrew@stepchange.org 2022-10-28 2.98.126.164
Document Signed dcrawford@fwsr.com 2022-10-28 62.232.171.82