Charlty reglstratlon number: 272339 THE MARKETORS, TRUST ANNUAL REPORT FOR THEYEAR ENDED 31 DECEMBER 2024
THE MARKETORS, TRUST CONTENTS Pag& Trust Information Trustee's report Indèpendent oxamlners. rgport Statement of financial activities Balance she&t Notes to thg flnanclal statgmonts 10
THE MARKETORS, TRUST TRUST INFORMATION Trustee The Worshipful Company of Marketors lappoinled 22 June 20231 The Marketors, Trust Commlttee The members of the Committee, who are appointed by the Court of The Worshipful Company of Marketors and who served during the year were: D. C. Cowell (Chairman) (appointed 22 June 20231 G. Carlwrighl (appointed 22 Jun8 2023) {re8igned 25 J2nu8ry 20241 Professor l. Ryder lappoinled 22 June 2023) J. Boulding lappoinlod 22 June 2023} C. Webb lappoinled 22 June 2023, resigned 27 June 20241 D. Elmer (appointed 22 June 20231 P. Andrew {8ppointed 22 June 2023, resigned 11 March 20241 D. A Clarke Noble (appointed 22 June 2023. resigned 27 June 2024) A. B. Mackay {appointed 22 Juna 2023) J. Wheen {appoinled 20 September 2023, resigned 27 June 20241 S. Rawlinson lappointed 11 March 2024} D. Tomb8 {appoinled 11 March 2024} C. Gunn (appointed 27 June 20241 R. Pamphilon lappoinlod 27 June 2024) P. Harris lappoinl8d 27 June 2024) Secretary S. Rendle Charlty number 272339 Address Plaisterers, Hall, One London Wall, London, EC2Y 5JU. Wobslte Independent examiners F. W. Smith, Riches & Co.. Chartered Accounlanls & Slalulory Auditors, 15 Whitehall. London, SW1A 2DD. Bankers CAF Bank Limi(ed, 25 King8 Hill Avenue, Kings Hill, Wosl Malling, Kent. ME19 4JQ. Investment advlsors Evelyn Partners, 45 Gresham Street, London, EC2V 78G. Pag& 1
THE MARKETORS, TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee presents ts report togethèr with the financial statements of the Trust for the year gnded 31 Dgcember 2024. Thè report and financial slalem&nls have been prepared in accordance wfth the accounting policies Set out in note 110 tho financial statements and comply with the Trust's tru81 de, the Charities Act 2011 and Accounting and Roporting by Charrties.. Slalement of Recommended Practice applicable to charitv&s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021. Appolntment of mèmbets of the Commlitee Four Committee members are appointed on the basis of their position wh1n the Company. The Master, the Senior Warden, the Middle Warden and the Troasurar are Company appointed members. Once elected an officer ofthe Company, tho offi'cer is appointed a Committae membe¥ and normally 8etves for a three yearterm. The Chaimian of the Commrttee is appointed by the Court of the Company. A maximum of five further Committee members can be appointed by the Court of the Company. Only two of tho further members Gan be Court members of the Company. Induction and tralnlng New Comrnitt98 mombers ar8 briefèd on the Trust's aims and policies and are given copies of the trust deed and historical financial slatemenls. Training and further guidancè 18 provided when requested by new Committee members. The Committeg mel six times during the year, holding two additional rneelings over the annual nom) of four in order to consider the giving strategy for 2025 in detsil. The Twslee held four meetings during the year. Legal and charltable status The Trust is constrtuled under a Iru8t deed dated 12 October 1976. amended in 2013, and is a registered charity Ino. 2723391. Objectives and activiti9$ The Trust was fomied lo encourage education in marketing, lo provide relief to any person in nSs((OU$ circumstances who is or has been a Member of the Worshipful Company of Marketors and lo make grants to any charitsble association established for educational or other charrtable purposes in the Clty of London or elsewhere. Thg Commrttee annually review thè charitable activities the Trust und&rtakes and con8rders new opportunitios for giving, putting in place measurable KPIS on any major new exp6ndilure, The Trust has a continuing programme of support by way of donatlons to selected charities including, St. 8ride'8 Church lassocialed with the Company), charili&s supported by the Lord Mayor's Appeal, Ihoge connected with th8 Corpor*lon ofthe City of London and relief of Liverymen and Freemen in neces8ilous eircumslance8. Th8 Trust also manages a scholarship programme within the Martyn Davls EducatDnal Bursary Fund (restricted fund81. The scholarship is awarded once every fNe yèars forthe recipient lo allend the HaNard Business School Advanced Management Program. Tho next award will be in 2025 and is open lo Markelors aswell as the general public. Page 2
THE MARKETORS, TRUST TRUSTEE, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal rnvlew The financial r8suts for Ihe year aro set out in the Slalement of Finan¢ial Activities on page 8. Educatlon The Trust has established links with a wide range of univèrsf(ies, college5 of higher education and schools in the UK. The Committee revlews each year a range of existing and pol&nlk41 awards lo students undertaking studi88 a88ocialed with marketing. The educational awards and prizes gwen by the Trust are sel out in note 8 to the financial slatemont8. These amounted to £7,720 {2023.' £9,255). Charfty Each year tho Committee recewes and revlews a wide range of app8al8. Tho policy is generalty lo support appeals from the Lord Mayor of the yeor, St. Brido's Church and a number of charitie8 or causes mainty associated with the City of London. During 2021 8 new 2 year giving strategy was approved whereby the Tw8t's giving would b8 subslantlally increased in order lo benefit more organisalions. This strategy 18 in accordance with the Trust's agreed re8eNes policy.. lo maintain reserves of not less than £650,000 plus th8 reslricled funds held within the M8tyr> Daws Educational Bur8ary Fund. During the perlod the Trust made donations to charitable causes amounting lo £50,55012023.. £87,590) a8 Set out in note 10 to the financial slalemenls. This includes the Charity Grants Programme which runs an annu81 mpetilion for small charities requiring funds for marketing purposes. There is a lolal grant's fund of £30,000, awardod as follows: top grants of £10,000 each four grants of £2,500 each These grants are for the purpose of funding marketing campaigns and are not available for staff costs, capital Investment, hardware or infrastructure work or ongoing SEOIPPC (search engine oplimisalionlpay per cllckl aGtivty, although the campaign can include an element of PPC or SEO. Examples of campaign proposals that would be digible include.. general fundraising campaign8 activities aimed at increasing regular donations proposa18 for the recruitment of volunteers campalgns lo raise awareness of the charity's ?¢livilies. The Committee also considers appeals for assistance lo Liverymen. Freeman and thèir families who are in need, usually on the advice of the Company Almoners. During the period the Trust provided hardship grants of £6,400 12023.. £11,400) lo the wKlows of former Livgrymon a5 set out in note 9 to the financial Statements. Page 3
THE MARKETORS, TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Donors The Trust is reliant for 118 voluntary inGome on regular donation5 Imoslly by direct debit and with gift aid} from membeis of the Worshipful Company of Marketors. which is supplemènted by income from thè Trust's investments. The Committee regularly seek to increase the number of members oflhe Company conlribuling. The Committee takes this OPPOrtunrfLy lo thank all those who have made donations lo the Trust during the year. Plans for futurg p8riods The Committee concluded a review of the Trust's giving strategy in 2024, and, for 2025, will contlnue to focu8 donations as follows.. Conlinu8llDn of the partnership wh the Company to increase the impact of the Charty Marketing Grants programme. Giving lo markelng-rglaled youth project8. Support to the City, Mayoralty, Masterf$ ChoiGe and membèrs, fundraising requests. Anned soNi¢gs donations to be mad8 thIn limlls of our chartiable objects, in that il must be ielaled to an amied forces charitable activty. Marketing industry donations, which are r&vlewed for effectiveness on an annual basis. ProvKJing hardship grants as necessilaled by member requests through the Company almoner. Public Benefit The"Markelors' Tru8t h88 aim8 whlch are for the publ1¢ benefit in that they provide charrtablo assistance to a numbar of drfferenl categories of applicants all of which are open to any member of the public which fall into these Gotegories.. The education or training of a person or persons Gonnecled with the Industry of Mart(eting by means of prizes, awards, sponsorship and bursaries. This includes the awarding of scholarships under the Martyn Davis Educational Bursary Fund once every five years for the recipient to attend the Harvard Business School Advanced Management Program. The next award will be in 2025. This scholarship is opon lo applications from the general public as well as members of the Worshipful Company of Marketors. The making of grants, donations, 8ubscrlplions to any registered charity which has a8 Ils objeGls the promotion of education and training In the field of marketing. bl The making of grants, donations or subscription8 to any Gharilable organisalion or lo any fund whose purpose is educational or other charitable purposes in the City of London, or elsewhere in the UK. dl The relief of any person who 58 a member or dependent of a member or of any deceased mgmber of the Worshipful Company of Marketors. Any oth8r charitable purpose. How much is glven The benefits are rMial for sums varying from £25010 £20,000. Page 4
THE MARKETORS, TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Public Bangfit {Gontlnugdl How Is money dlspersed Funding requests are presented lo the September meeting of th@ Trusl Committee. These are then di8cus8ed in the context of the annual budget.. a final decision a5 to the recipients of payments is made at the November meeting with payments notified 8nd distributed in the following year (Note.. requests for hardship payments will be review6d on an 'as and when. basis al the discretion of the Committee). The exception to this is the Charity Grants Programme which offers modest funding to smallèr Charities to run marketing campaigns, which is managed by a sub.commillee reporting into the Trust Committee and operates on 8 Similar timelin6 to the main Awards programme. Any proposed disparsal of funds ovor a muf(i-year period will be subject lo reviow and rf aged require approval on an annual bas1S. The Trustee confimis that il has referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives, setting th¢ donation making policy for the year and in pLgnnlng future activFties. Investmenl pollcy The management ofthe Trust'8 investments is delegated to professional investment managers, currently Evelyn Partners an FCA regulated fim. The Trust'8 inveslmonl policy aims to maintain the level of funds invested in 8ccordance with the Thisl'8 resetve policy.. to maintain unrestricted funds of approximately £650,000 together with the funds held in restricted fund$. The Trust aims lo generate annual investment incomo Icurrenl largel £16,000) which, together wllh Ihg realisalion of investments surplus lo the Trust's reservo policy, should be sufficient to 5upplem8nt donations and so finance the expenditures of the Trust, as budge18d and approved by the Trustee, from time lo time in accordance wllh the Trust's objectives. The Trust has formally agreed with Evetyn Partners a target benchmark for annu81 income and gains, al approximately UK CPI +3Dh measured over folling five-year period8. Evelyn Partn5 are unconstrained by any 80cial or environmental parameter8 Imposed by the Commiitee. The C¢)mmittee does, however, regularly review the appropriateness of social andlor gnvironmantal matters, to guide Evelyn Partners in their eonstruction and management of the Trust's inv$slmenl portfolios. The Committee assesses the performance of the Trust's inveslmenls on a regular basis. During 2024 the investments performed broadly in line with marf(els. The overall market value of the Trust's investments al tha end of the year was £1,521,39912023.. £1,515,512). The value of the Trn$l's investments typically varies in line with stock markets in the UK and internalionalty. Risk management The Tru81, a8 a Small GhBrity, is not required to undertake a formal risk analysi8. Pago 5
THE MARKETORS, TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Rgserve pollcy The Committee has examined the requirement for free reservès, which are unrestricted reserves, and consider that tho Trust should aim lo maintain unreslricled reserves of around £650,000 plus the restricted funds held within the Matyn Davis Educational Bursary Fund, with the remaining balance being held for the purpose of new gNing proposals, lo be sought from the membership of the Company or the membgrs of the Committee. 11 is anlicipaled that new giving proposals will bo larger in scale and valuo lo beneficiaries. The Commltlee 1$ conscious of not building up reserves al tho expense of fulfilling our charitable objects. As shown on page 9 of the financial statements the Trust's free reservès were £852,320 {2023.' £841,434) and the Trust's restricted reserveswere £686,68312023.' £637,445). At 31 December 2024, the unreslricled reserves included unrealised gains on investments of £99,02612023". £113,207> and the restricted funds Included unrgalised gains of £63,385 12023.. £17,142). Sub68quent events The Committee completgd a review of th8 Trusvs Investment and Reserves Policies, further work will be undertaken lo review the polw of the Trust on how best to deal wilh18gacies and endowments. This is in part In response to a gonerous donation in 2025 to the Trust from the ests19 of Diana Delens and the Committee's wlsh lo ensure th81 il was approprialety acknowledged. statement of Trt99,5 rponsIbIlItIe6 Thg Trustee is responslble for preparing the Annual Report and the financial 8tatements in accordance with applicable law and regulations. The law applicable lo charities in England & Walos requires the Trustee lo prepare financial 8talemenls for each financial year in accordance with Unrted Kingdom General Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The Trustee musl not appiovg the financial slalemenls unless it is satisfied that they give a truè and fair view of the 81ale of affairB 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 8talements, the Trustee is requlred to.. select suitable untIng policies and apply Ih8m consi8tently', observe the methods and principles in the Charities SORP., make judgemènts and accounting estimates that are roasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departure5 disclosed 8nd explained in thg financi81 slatemenls. prepare the financial slatemgnls on the going concern basis unless il is inappropriate lo presume that the Trust will continue lo operate. Tha Truste8 Is responsible for keeping sufficient accountlng records that disclose with reasonable accuracy al any lime the financial position of thè Trust and enable il to ensure that the financial statements compty with th Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is also responsibl8 for safeguarding the assets of the Trust and h8nce for taking reasonable slep8 the prevention and d&lection of fraud and other irregularities. By order of the Trustee D. Cowo11 Junior Wardèn and Chalr of tho Commlttee 9 October 2025 Page 6
THE MARKETORS, TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE MARKETORS, TRUST I report to the Trustee on my examination ol th& financial statements of The Markelors, Tru8t I'the charily'l for the year ended 31sl December 2024 which comprise the Statement of Financial Activitles, the Balance Sheet and related notes. This report18 made Solely lo the charity's Tru8tee, as a body, in accordance wf(h section 145 of the Charftle8 Ad 2011. My work has bean undertakèn so that I might stsle to the charity's Tru81eo those matters l am required to slate lo the Trustee in thls report and for no other purpose. To tho fullest extent permitted by law, I do not accept or assume responsibilty lo anyone other than thè charity and the charity's Trustee as a body, for my work, for this report, or for the opinions I have formed. Responslbllltles and basls of report As Ihg Trustee of tho charity you arg rest)onsible for the preparation of the financial stalemgnls in accordance with the requirements of the Charities Act 2011 {'Ihe Acl'l. I report in respect of my examination of the charity's financial statements Carried oui undor section 145 of the Act and In carylng out my examlnalion I have followed all the applicable Directions given by the Charity Commission under section 14515llb) of the Act. An independent examinalion does not involve gathering all the aVKlence that would be required in an audit and . consequonlly.does.nol_cover.all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as lo whothor the financial statements present a 'Irue and fairf view and my report is limited to those specific matters sgt out in tho independent examinerf$ slalemenl, Indopgndgnt gxamlngrfs Statement I have completed my examination. I confim that no material matt&rs hav& com@ lo my attention in connection "with the examination gimng me cause lo believe that in any material respect..
accounting records were nol kept in respect of the charity a8 required by 88clion 130 of the A¢t,' or the financial statements do not accord wlth th088 records,. or the financial slalements do not comply with the applicable requirements concgrning th8 fomi and content of accounts set out in the Charities (Accounts and Reports) Rfjgulalions 2W8 other than any requirement thst the accounts ge a'lrue and fair view which is not a matter considered as part of an independent examinalion. I have no concorns and have come across no olhermatlers In connection with the examlnalion lo which attentn should be drawn in this report in order to enable a proper understanding ol the financial statemen18 to be reached. D. D. E. Crawlord ACA F. W. Smlth, Rlchès & Co. 15 Whitehall London SW1A 2DD g OGtober 2025 Page 7
THE MARKETORS. TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 Unrostri¢ted funds 2024 Re$trlctgd funds 2024 Total funds 2023 Total funds Income Donations. legacies and gifts Investment income 46,206 18,204 46,206 26,848 39,675 24,876 Total Income 64,410 7.644 72.054 64,551 Expendlture Costs of raising funds.. Cost of genoraling voluntary Income Investment management fèes Foreign exchange loss on cash held for investment 1,109 8,162 1.109 14,023 1,356 13,446 5,861 371 371 875 9,271 6,232 15,503 15,677 Chant&blg activitS.. Educational awards and prizes Hardship grants Charitable donations 12,775 11.216 63.103 12.776 11.216 63,103 11,223 13,580 99,471 10 87,094 87,094 124,274 Total expenditure 96,36S 6,232 102,597 139,951 Net Income and not movement In funds beft)re galns on Investm&nts {31.9551 1.412 (30,643) 175,4001 Unroalised Ilossesllgains Realised gains 12 12 {14.1811 57,022 46.235 1.s91 32.054 58.613 97,745 21.649 Net movemont in funds for the Year 16 10.886 49.238 60.124 43,994 Fund balancgs brought forward 16 841,434 637,445 1,478,879 1,434.885 Fund balances carried forward 16 852,320 686,683 1,539,003 1,478,879 Page 8
THE MARKETORS. TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 Nots 2024 2023 Flxed assets Tanglble fixed assets Investments 11 12 1.521.399 1,515,512 Totsl fixgd assgts 1.621,399 1.515,512 Current assets Debtors Cash at bank and in h8nd 13 14 9,880 47,130 4,481 37,889 Total current assets 57,010 42,370 credito.. amounts falling due within one year 15 {39.406} 179,0031 Net current assètsllliabilitie$l 17.604 {36,6331 Total as88ts1888 currènt Ilabllities 1,539,003 1,478,879 Fund balance8 Rostrfcted funds Unrestricted funds 686,683 852,320 637,445 841,434 16 1,539,003 1.478,879 The financial statements on pages 8 10 21 were approved and aulhorised for issue by the Trustee on 9 October 2025 and were signed on their behalf by: D. Cowell Junlorwarden and Chalroftho Commlttee R. Pamphllon Honorary Trea¥urer Page 9
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle$ 1.1 Ba81s of preparatlon of Ilnanclal statements and a8sessment of golng concem The financial 8talemenl8 have been prepared under the hlslorlcal cost convention with ttems recognised al cost orlfansaclion value unless othenNise stated in the relevant notes lolhese account8. The financial Slalemonts have been prepared in accordance wlh Accounting and Reporting by Charities.. Statement of Recommended Practice applicablè lo charitles preparing their financial 8ts1em&n18 In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP FRS 102, second edilionl, the Financial Reporting Standard applble in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Tru81 qualffl88 a8 a Small charity and has therefore taken advantage of the exemption In the Charities FRS 102 not lo prepare a stalemanl ¢f cash flows. Tho Trust constilules a public benglil enlty as defined by FRS 102. Thè Trustee consider8 th there are no material uncertaintie5 about the Trust's abilf¢y lo contlnue as a going concem. The pr8paration of financial stslemènts requlr88 the use of certaln crltical accounting estimates. 11 also requires management to exercise ils judgement in the process of applying the Trust's 8ccounllng policies. The areas involving a higherdegree ofjudgement orcomplexity, or areas where assumptions and estimates are Signrficaht lo the finaneial statements, are disclosed in note 2. 1.2 Incom8 recognition All income is recognised once the Trust ha5 entftlement lo the income, f( is protable that the income will be received and the amount of income ceIVable can be measured reliably. The folbwing crtteria mu818180 be met before Income is recognised.. Donatlons andglfts Donations and gifts are recognised when both the amount and settlement date are known. Legacles Legaciès are recognised on a case by case basis following the grant of probate when the adminlslratorlexeculor for the eslole ha5 communicated in writing both the amount and settlement Investment Income Interest on funds held on deposit is included upon nolificalion of the interest being paid or payable. Income from investments is recogni8ed once the dislributlon has been declared and nolificalion of the distribution due hes been received. 1.3 Forelgn currency translatlon Funetlonal andpr&sentation curr8ncy The Trust's functional and presentation currency is the pound sterling. Page 10
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 1.3 Forelgn curren¢y translatlon Icontlnuodl Transactlons and balances Foreign currency transactions are translated intothe functional CUncY using the spot exchange rates al the dales of the Iransactlons. Al each period end, foreKJn currency monetary item8 are tran8laled uslng thè closing rate. Non-monelary items measured at hislorScal c081 are translated using the exchange rate at the dale of the transaction. Foreign exchange oains and losses resuIng from the settlement of transactions and from the translation at periodend exchange rates of monetary assets and liabilities denominated in for&ign uyrencies are rewgnised in the Statement of Financial Aclivilies. 1A Resourcos expended Expenditure is recoanised in the perkjd when there is a lègal or constructive obligation committing the Trust lo that expenditure, il is probable that the settlement will be requirod ar the amount of the obligation can be measured reliabty. All expenditure 18 accounted for on an accruals basis. All support and governance costs are allocated or apportioned lo the applicable expendlcure heading8. Governance costs comprise all costs involving the public accountability ofthe Tru$tand its compliance with regulation and good pract. 1.5 Tanglble fixed assets Tangible fixed assets are slated al cost less accumulated depreciation and accumulated impairm&nl losses. Cost inclLJdes the original purchase price, costs direclty atlribulable to bringing the asset to rts working condition for 118 intended u88 and dismantling and restoration Gosls. Depreciation is calculated, using the slraighl-line method, lo allocate the cost of assets less their residual value over their e51imaled us8ful lives, as follows.. Office equipment 2 years The assets, residual values and useftjl lives are reviewed, and adjusted, rf approprfate, at the end of each reporting period. The effect of any change is accounted for prospectively. Subsequent costs ar6 included in the 888ets carrying amount or recognised as a separate asset, as appropriate, only whan it 18 probable that economic benefits associated with the rtem WIIS flow to the Trust and tha Cost can be measured reliably. Repairs and maintenance ¢0818 are expensed as incurred. Tangible red assets are derecognised on disposal or when no fvlure economlc benefits aro expected. On disposal, thè difference belw8en the nel disposal preedS and the carrying amount is recognised in the Statement of Financial Aclivilies. Page11
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnued) 1.6 Flxed asset Investments Investments ar& a fomi of basic financial instrument and are initially wognised at their Iransacllon value and Subsequent measured at their fair value as al the balance shegt dale using th? ¢losing quoted market price. The Slalemenl of financral adivilies includes tho nel gains and losses arising on revaluation and disposal8 throughout the year. The Trust does nDI ?Gquire option8, deiivalives or other complex financial instruments. The main form of financial risk faced by the Tru81 is that of volatility In equity markets and investment markets due lo wider economic condrfcions, the attitude of investors to investment risk, and change8 in sentiment conceining equities and within particular Sectors or sub sectors, 1.7 Investment management fees Investment man8g6menl fees represent the $t of the management of the Trusvs investsnent portfollos. 1.8 Funds Unrestrlcted funds Unrestricted fund8 are funds that the Trust is free to use for any purp08e in furtherance of the charitable object8. Restrlcted funds Reslricled funds are funds. whlch have legal reslriclion8 on their u88, where donors have spocrfied the funds can only be spent on specific activities. 1.9 Flnan¢lal Instruments Tho Trust has chosen to adopt Sections 11 and 12 of FRS 102 in respect of finanGial inslrumenls. Short temi debtors and crgditors Debtors and oreditors with no stated interasl rale and receivable or payable within one year ale rocorded al transaction price. Any losses arising from impairment are recogni8ed In th6 Stalemonl of Financial Aclwities. Cash and sh gqulvalents Cash and cash equivalen18 comprise cash at bank and in hand. Offsettlng Financial assets and liabilities are off881 and the net amounts presented in the financial slalemenls when there is a legalty enforceab right to sel off the recognised amounts and there is an intents'on to settle on a net ba818 or to realise the asset and settle the liabllty simultaneously. Page12
THE MARKETORS. TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Accountlng pollcles Icontlnued) 1.10 Irrocoverable VAT Irrecoveiable VAT is charged again81 the expenditure heading forwhich il was incurred. 1.11 Allocation of support and govornancg Costs Support Gosts have been allocated behveen govemance costs and other support Costs. Governance costs comprise all costs involving the publlc a¢counlability of the Trust and ils c(*npllance wfch regulation and good practice. Govemance costs and support costs relating to charitable activities have been appOrtned In proportion lo the amounts granted. The allocation of support and govemanGe costs is analysed in note 1.12 Charttable actfvitle8 Co$1$ of oharilablo adivities include grants made and an apportionment of support and govemance 51$ as Shown in not8 6. 1.13 Reallsed and unreallsed galns and lossès All gain8 and losses are taken to the Slalement of Financial Aclivf(ie8 ag they arise. Realised gains and losse8 on investments are calculated as the drfference between sales proceeds and their original purchase value. Unrealised gains and losses are calcuLqted as the difference between the fair value al the year end and their carrying value. Realised and unrealised inve$lment gains and losses are shown soparalely in the Statement of Financial Activities. 1.14 Taxation H. M. Revenue & Customs has granted the Trust charity exemption and thus it is exempl from taxation. Judgemonts In applylng accountlng pollcle8 and key sources of estlmatlon uncertalnty In proparing the financial statements management are required lo make judgemen18. e8timales and assumptions that affect the amounts reported for assets and liabilities as al the balance sheet dale and the amounts reported for income and expenditure during the year. However, Ihe nature of estimation means that actual outcomes could differ from these eslimales. Wnilst managemgnl have made judgements, estimates and as8umplion8 in preparing the financial statements, they con8id8r that these have not had a significant effect on amount8 recognlsed. Page13
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlons, 18gacle8 and glfts 2024 Unrestrlcted funds 2024 Restrlcted fund8 2024 Total funds 2023 Total ftjnds Legacies Donation8 including gfft ald 5,000 5,000 46,206 46,206 39,675 Investment Incom 2024 Unrestricted funds 2024 R8slricted funds 2024 Total funds 2023 Total funds Interest receNable Income from investments 278 17,926 1,323 6.321 1.601 24,247 475 24.401 18.204 7.644 25,848 24,876 Cost of generating voluntsry incomo 2024 Unro8trlctèd funds 2023 UnrBslricted funds Charllles Ald Foundation charges Fundraising publicty 636 473 656 700 1,109 1,356 All the costs of gen&rating voluntary inGome were incurred from unrestricted funds. Page 14
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Allocatlon of govemancè and support costs An analysis of the Trust's govemance and support C08ts 18 glven below.. Governance costs Support costs Total 2024 Total 2023 Bookkeeping services Trustees, Indemnity insurance Legal fee8 Accounting soare Bank charges Services of the Trust's Secretary External audit fee (including VAT) Independènt examiner fee linc VATI Website update Printing I stationery Administrative assistance Data protection fee 2,944 2.688 111 2,856 338 114 5,000 3,500 398 74 5,000 74 750 3.700 3,700 9,960 9.960 182 1,200 40 300 300 11.332 11,092 22A24 16,029 The ¢osl of the services of the Trust's secretary 18 apportioned based on time Spent. Other cost8 where directly allribulable to an activity are allocated lo that aclivty. Where a cost is not directly attributable it is allocalod initially to 8UPPOrt costs. Subsequently support costs and governance cost8 are allocated on basis consistent with the use of resources. The cost allocations are given below.. Cost allocatlon: 2024 Educatlonal Awards and Prlzos Charltable Donatlon8 Hardship Grants Totsl 2024 Govarnance costs Support costs 1,353 3.702 8,858 3.695 11.332 11.092 3,696 5,055 12,553 4,816 22,424 Cost allLullon'. 2023 Educational Awards and Prizes Charitable Donations Hardship Grants Totsl 2023 Governanca costs Support costs 1,178 790 11,153 728 1,452 728 13,783 2,246 1,968 11,881 2,180 16,029 All governanc8 and 8UPPOrt CO8ts wer& incurred from unre5trictod funds. Page 15
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trusteè8' r6munèratlon and expgnses The Trustees and metnbers of the Committee all give freely of their lime and expertlse without any fomi of r&muneralion. In addiliDn, no expens8s were reimbursed to the Trusteelsl or committ members In elih6r 2024 or 2023. Educational awards and prizes 2024 2023 Marteling Academy Sponsor8hlp Portsmouth Business School award winner CIM Top Studgnl award winner Oxford Brookes Busines8 School award winner Northumbria Unlversity Busines8 School award winner University of Stralhclyde Busines8 School award winner Chester Business Schooi award winner Cranfield Business School award winner Birkbeck Business SGhoK)l award winner City of London School award winner 3.000 3,000 2,145 1,000 1,000 1.000 1.145 1.145 1,145 1,145 790 140 35 260 36 7,720 5,055 9,255 1,968 Allocated costs (note 61 12,77S 11,223 - All awards and prizes are made to individuals from unreStrted funds. Hardship grants 2024 2023 Hardship grants to Individuals 6,400 11,400 6,400 4,816 11,4C 2,180 Allocated m$1$ (note 61 11,216 13,580 All hardship grants were made from unrestricted funds. Page 16
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Charltablo donatlon$ 2024 2023 London Saarch & Rescue Warringlon & District Socioty for Deaf people Shine Schools, Award Army Benevol&nt Fund IABF the Soldiers. Char¢ly} Sl Bride's Foundation The Spark Foundation Park Yoga Long Covid Support Jewish Acl¢on for Ment81 Health Lord Mayorfs Appeal SheriFfs' & Rocorderfs Fund Mansion House Scholarship Fund British Red Cross Sightsavers Operation Smile Walero RNLI Crlsis UK Shelter Unloc Harry's HAT Been There Museum of Brands Apprentice Awards Scheme Childran's H8art Foundation Papa's Park The Trollope Society The c11 Hepworth Playhouse Theatre Hoxton Finishing School CIC Market Research Society Archive of Social & Market Research History ofAdvert18ing Trust 10,000 10,000 6,000 3,000 2,650 2,500 2,500 2,500 2,500 2,200 2,200 1,200 1,000 500 600 400 300 300 300 8,500 3,900 2,200 2,000 1,600 27.500 10.000 10,000 5,000 4.500 2.500 2.500 2,500 2,500 1.250 1,140 1,000 1,000 87,590 11,881 50,550 12.553 Allocated costs (note 61 63.103 99,471 All charitable donations were madè from unrestricted funds. Page 17
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Charltable donatlon8 Icontlnued) Analysis of donations to insif(ulions-. 2024 2023 Health, welfare and advice Education, training and cultural actThiille Lord Mayorfs Appeal Allocated costs 47,150 1,200 2,200 12,553 66,500 18,890 2,200 11,881 63,103 99,471 The Lord Mayorfs Appeal supports a number of Gharities. Further d8t8118 of the ¢herilies supported can be found al.. www,Ihe lordmayorsappeal.org. 11. Tanglble flxed assets Offlce Equlpmgnt C08t Al 1 January 2024 and 8131 December 2024 604 Depreclatlon Al 1 January 2024 and al 31 Decembor 2024 504 Net book value At 31 Doc8mber 2024 Al 31 December 2023 Page 18
THE MARKETORS. TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Investments Ilistgdl 2024 2024 Falr valug 2023 2023 Fair value Cost Cost Brought forward 1.386.163 1,515,512 1,437,454 1,470,058 Addition8 Disposals Realised gains Chang& in fair value 282,681 1308,848} 282,681 1367A611 $8,613 32,054 293,249 {345,$401 293,249 1367,189) 21,649 97,745 Carried fotward 1,358,996 1,521,399 1,385,163 1,515.512 Investments al fair value comprise.. 2024 2023 Equities and unil trusts 1,521,399 1,515.512 All Investments are corried al Ihoir fair value. Inve81menls in equitiès and fixed interest securf1$ are all traded in quoted public markets, primarily the London Stock Exchange. Holding5 in common investment funds, unil trusts and open-ended investment companies are al the bid price. The basis of fair value for quolod inveslm&nls is equivalent lo the market value. Ass81 salgs and purchases are recognised al the date of trade at cost Ithal is their transaction value). Inve8lm&nts ar& flnanGial assgls m@asured al fair valu8 through the Statement of Financial Acllvilles. 13. Dobtors 2024 2023 Prepayments and accrued income 9.8BO 4,481 14. Bank balances 2024 2023 Current account Dep08118 with inve81ment managers 35,629 11,SOI 34,442 3,447 47,130 37,889 Page 19
THE MARKETORS. TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Crgdltors: amount falllng due wlthln one year 2024 2023 Donations payable lo charitable organisalions Hardship grants payable Amounts payable lo educational prize winner8 Amounts payable lo The Worshipful Company of Marketors Arual5 30,000 64,350 4,000 1.036 1,250 8,613 8,371 39,406 79,003 Funds Unr9$tridgd Funds Rgstrlcted Funds Totsl Fund5 Al l January 2024 Net movement in funds in year 841.434 10,886 637,445 49,238 1,478,879 60.124 Al 31 December 2024 862,320 686.683 1,539,003 Analysls of nèt assets between funds Unrestrlcted Funds Restricted Funds Total Funds Investments Current assets Current liabilitios 837,444 52,791 137,9151 683.955 4,219 {1.4911 1,621,399 57,010 {39,406) 852,320 686,683 1.639,003 Th8 raslricted fLtnds comprise The Martyn Davi8 Educational Bursary Fund. The Martyn Davis Educational Bursary Fund will be used ID provide scholarships. Page 20
THE MARKETORS, TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Related party transactions The Tru81 is controlled by f(s Trustee12023.' ty ils Trusteel. During the yearthe Trustee8lCommitt8e members gave unconditional donations of £7,84012023.' £7,380) to the Trust. During the period The Worshipful Company of Markelors recharged £15,44312023.' £6.6051 lo the Trust in respect of the services provided by the Trust's Secrgtary, website, IT support, use of office, award presentation and slalionery. Page 21