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 w￿h1n 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 n￿Ss((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 w￿h 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 r￿Mial￿ 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 ag￿ed 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$.
The Trust aims lo generate annual investment incomo Icurrenl largel £16,000) which, together wllh Ihg
realisalion of investments surplus lo the Trust's reservo policy, should be sufficient to 5upplem8nt donations
and so finance the expenditures of the Trust, as budge18d and approved by the Trustee, from time lo time in
accordance wllh the Trust's objectives.
The Trust has formally agreed with Evetyn Partners a target benchmark for annu81 income and gains, al
approximately UK CPI +3Dh measured over folling five-year period8.
Evelyn Partn￿5 are unconstrained by any 80cial or environmental parameter8 Imposed by the Commiitee. The
C¢)mmittee does, however, regularly review the appropriateness of social andlor gnvironmantal matters, to
guide Evelyn Partners in their eonstruction and management of the Trust's inv$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 Tr￿t99,5 r￿ponsIbIlItIe6
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 g￿e 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 attent￿n
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 activit￿S..
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
appl￿ble 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 prot*able 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 CU￿ncY 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 resu￿Ing 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 r￿ed assets are derecognised on disposal or when no fvlure economlc benefits aro
expected. On disposal, thè difference belw8en the nel disposal pr￿eedS 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 appOrt￿ned 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 so￿are
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 unreStr￿ted 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 c￿11 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
A￿rual5
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