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D G Marshall of Cambridge Trust
Annual Trustees Report and Financial Statements
For the year ended 5 April 2021 Charity Number: 286468
DocuSign Envelope ID: 5AE527CC-ED2D-4F97-9B65-AF577E3EFC42
| D G Marshall of Cambridge Trust | |
|---|---|
| _______________ | |
| Contents | Page |
| Legal and Administrative Information | 2 |
| Report of the Trustees | 3 - 7 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 17 |
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D G Marshall of Cambridge Trust
Legal and Administrative Information
Charity Number: 286468
Trustees
J A Ingham R D Marshall S J Moynihan
Principal Office
Airport House The Airport Newmarket Road Cambridge CB5 8RY
Independent Examiner
MHA MacIntyre Hudson Peterbridge House The Lakes Northampton NN4 7HB
Bankers
Barclays Bank plc 9/11 St Andrews Street Cambridge CB2 3AA
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D G Marshall of Cambridge Trust
Report of the Trustees for the year ended 5 April 2021
The Trustees present their report along with the financial statements of the D G Marshall of Cambridge Trust (the “Trust”) for the 12 months ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 13 and comply with the trust deed and applicable law.
Objectives and activities
The D G Marshall of Cambridge Trust is constituted under a trust deed dated 23 December 1982. The Trust was registered as a charity on 17 March 1983, registration number 286468 and have their principal office at Airport House, The Airport, Newmarket Road, Cambridge, CB5 8RY. Initially the trust capital was £100 but since then further donations have been paid into the Trust by the settlor, Marshall of Cambridge Aerospace Limited (hereinafter called “the Company”) and Marshall of Cambridge (Holdings) Limited.
The Trust is established to carry out such charitable objects as the Trustees, with the consent of the Company, may think fit. The ancillary objects are to support:
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needy and deserving cases arising anywhere but in particular among employees or ex-employees or their relatives or dependants of the Company or any subsidiary or associated company;
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local charities; and
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local educational institutions as are charitable in nature.
Grant making policy
The Trust will consider all applications for funding as received. Provided the application is consistent with the Trust’s objects and the Trustees and the Company are in agreement, a donation could be authorised. There is no minimum or maximum donation.
Public benefit statement
The Trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Structure, governance and management
R D Marshall, S J Moynihan and J A Ingham served as Trustees during the year ended 5 April 2021. Trustees are appointed at the discretion of the Company for an unlimited period, but must resign their office upon being called to do so by the Board of Directors of the Company. Meetings are held on a regular basis at such times as the Trustees from time to time decide. Charitable donations to be made are authorised at such meetings.
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D G Marshall of Cambridge Trust
Report of the Trustees for the year ended 5 April 2021
Structure, governance and management (continued)
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
The Trustees consider the key strategic, business and operational risks to be as follows;
Investment income risk
Risks associated with investment income relate to performance of the investee and income received from this investment. The Trust seeks to adopt a cautious and prudent investment stance to balance potential returns with appropriate levels of risk.
Liquidity risk
The liquidity of the Trust is taken into consideration by the Trustees, a proportion of assets are held in readily available assets such as cash, income bond and charity investment funds which are easily liquefiable and therefore have mitigated this risk.
Related Parties
The Trust has no employees. S J Moynihan is Company Secretary for Marshall of Cambridge (Holdings) Limited and many of its subsidiaries and director of Marshall Group Properties Limited and MGPH Limited. J A Ingham is an employee of Marshall of Cambridge (Holdings) Limited.
Marshall of Cambridge (Holdings) Limited donated £100,000 during the year (2020 - £100,000). There were no other donations during the year (2020 – £14,792).
Achievements and performance
The Trustees believe that the recipients and amounts of the donations made during the year are sufficient for the Trust to have achieved its objectives.
Training
Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Financial performance
During the year, the Trust generated investment income of £69,458 (2020 - £47,884), generated a net gain of £330,554 (2020 loss - £140,385) from the revaluation to market value of traded investments and a net loss of £211,773 (2020 loss - £26,587) on the revaluation of non-traded investments to latest transaction price.
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D G Marshall of Cambridge Trust
Report of the Trustees for the year ended 5 April 2021
Financial performance (continued)
Donations received were £100,000 (2020 - £100,000) from Marshall of Cambridge (Holdings) Limited and £nil (2020 - £14,792) from other parties during the year.
The Trustees approved charitable donations amounting to £40,000 (2020 - £122,400) in accordance with the perceived aims and objectives of the Trust. The Trust’s activities are financed by its investments and the income derived there from.
The Trust has received free accounting and administration facilities from Marshall of Cambridge (Holdings) Limited in the year.
The Trustees currently do not foresee any changes to the operation, aims or objectives of the Trust.
Investment policy
There are no restrictions on the Trust’s power to invest. The investment strategy is set by the Trustees and takes into account the requirements to make donations as well as the need to maintain capital growth so as to ensure the Trust’s future abilities to fulfil its aims. The overall policy is for investment in low and medium risk financial instruments.
The weighting of investment is reviewed annually by the Trustees .As at 5 April 2021, approximately 6% (2020 - 4%) was invested in cash and 69% (2020 – 61%) in a balanced low to medium risk portfolio, managed by J M Finn.. The remaining 26% (2020 - 35%) of funds were invested in the preference and ordinary shares of Marshall of Cambridge (Holdings) Limited because they give a fixed annual return of between 8% and 10% and potential for capital growth respectively. The preference shares and non-voting priority ordinary shares can be sold on to anyone, at the discretion of the Trustees; the sale of the ordinary shares also requires the approval of the Directors of Marshall of Cambridge (Holdings) Limited.
Reserves policy, going concern and impact of COVID-19
It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level which will generate sufficient annual income to cover expected annual donations and preserve the real value of the endowed funds. Funds were maintained at this level throughout the year and the Trustees intend to continue this in the future.
The onset and continuation of the COVID-19 pandemic has been considered. The two areas of potential impact are as follows:
Investment income – It is possible the pandemic will impact the level and frequency in which companies pay dividends. If this, happens the Trust would have less income to distribute and hence the level of donations would also be lower.
– Carrying values of investments Given the nature of the pandemic it is possible that it may impact the carrying value of investments. The Trustees closely monitor the
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D G Marshall of Cambridge Trust
performance of the investment portfolio with the Trust ’ s advisor making changes if required.
Report of the Trustees for the year ended 5 April 2021
Reserves policy and going concern (continued)
On the basis of the Trustees’ assessment of the Trust’s financial position, the Trustees have a reasonable expectation that the Trust will be able to continue in operational existence for the foreseeable future.
Trustees’ Responsibilities Statement
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with applicable accounting standards and statements of recommended practice and the regulation made under s130 of the Charities Act 2011. 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.
Statement as to disclosure to our Independent Examiner’s
In so far as the Trustees are aware at the time of approving our Trustees’ annual report:
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there is no relevant information, being information needed by the Independent Examiner in connection with preparing their report, of which the Trust’s Independent Examiner is unaware, and
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the Trustees have each taken all steps that he/she is obliged to take as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Independent Examiner is aware of that information.
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D G Marshall of Cambridge Trust
Report of the Trustees for the year ended 5 April 2021
Approved by the Trustees on 31 January 2022 and signed on their behalf by:
S J Moynihan Trustee
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D G Marshall of Cambridge Trust
INDEPENDENT EXAMINERS REPORT 2021 TO THE TRUSTEES OF D G MARSHALL OF CAMBIDGE TRUST
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 9 to 17.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Rebecca Hughes BSc (Hons) FCCA
MHA MACINTYRE HUDSON
31 January 2022
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D G Marshall of Cambridge Trust
Statement of Financial Activities for the year ended 5 April 2021
| Incoming resources (all unrestricted) | Notes | 2021 | 2020 |
|---|---|---|---|
| Voluntary income: | £ | £ | |
| Marshall of Cambridge (Holdings) Ltd | 100,000 | 100,000 | |
| Donationsreceived | - | 14,792 | |
| 100,000 | 114,792 | ||
| Investment income: | |||
| Bank interest receivable | 9 | 941 | |
| Dividends receivable | 3 | 69,449 | 46,943 |
| 69,458 | 47,884 | ||
| Total incoming resources | 169,458 | 162,676 | |
| Resources expended | |||
| Charitable activities | 11 | 40,000 | 122,400 |
| Independent Examiner's Fee | 10 | 1,500 | - |
| Management Charges | 4 | 16,515 | 16,419 |
| Other expenses | 25 | 182 | |
| Total resources expended | 58,040 | 139,001 | |
| Net incoming resources | 111,418 | 23,675 | |
| Other recognised losses: | |||
| Net gain/ (loss) on investments | 4 | 118,781 | (166,972) |
| Net movement in funds in the year | 230,199 | (143,297) | |
| Fund balances brought forward | 2,403,559 | 2,546,856 | |
| Fund balances carried forward | 2,633,758 | 2,403,559 |
The Statement of Financial Activities includes all gains and losses recognised in the twelve month period. All incoming resources and resources expended derive from continuing activities. All amounts have been rounded to the nearest pound.
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D G Marshall of Cambridge Trust
Charity Number: 286468 Balance Sheet at 5 April 2021
| Notes | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Investments at market value | 4 | 2,542,015 | 2,439,749 |
| Current Assets | |||
| Cash at bank | 162,243 | 93,810 | |
| 162,243 | 93,810 | ||
| Current Liabilities | |||
| Creditors: amount fallingdue within oneyear | 5 | (70,500) | (65,000) |
| Net Current Assets | 91,743 | 28,810 | |
| Total Assets less current liabilities | 2,633,758 | 2,468,559 | |
| Creditors: amount falling due | 6 | - | (65,000) |
| after more than one year | |||
| Net Assets | 2,633,758 | 2,403,559 | |
| The funds of the charity: | |||
| Unrestricted income fund | |||
| Fund balances brought forward | 2,403,559 | 2,546,856 | |
| Net movement in funds for the year | 230,199 | (143,297) | |
| Fund balances carried forward | 2,633,758 | 2,403,559 |
Approved and authorised for issue by the Board of Trustees on 31 January 2022 and signed on its behalf by:
S J Moynihan Trustee
The notes on pages 11 to 17 form part of these accounts.
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D G Marshall of Cambridge Trust
Notes to the financial statements for the year ended 5 April 2021
1. ACCOUNTING POLICIES
(a) Statement of compliance
The Trust is a registered charity, registered on 17 March 1983. The Trust’s registered address is Airport House, The Airport, Newmarket Road, Cambridge, CB5 8RY.
The financial statements have been prepared in accordance with the Charities Act of 2011, United Kingdom Generally Accepted Accounting Practice and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (Charities SORP (FRS 102)).
(b) Basis for preparation
The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements have been prepared in accordance with applicable accounting standards. The financial statements are prepared in sterling which is the Trust’s functional currency.
As the charity is not a ‘Larger Charity’ as defined by the Charities SORP (FRS102); the entity has taken advantage in not preparing a Statement of Cash Flows.
Going Concern and impact of COVID-19
The financial statements have been prepared on the going concern basis. On the basis of their assessment of the Trust’s financial position and of the enquiries made of the Trustees, the Trustees have a reasonable expectation that the Trust will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The onset and continuation of the COVID-19 pandemic has been considered. The two areas of potential impact are as follows:
Investment income – It is possible the pandemic will impact the level and frequency in which companies pay dividends. If this, happens the Trust would have less income to distribute and hence the level of donations would also be lower.
– Carrying values of investments Given the nature of the pandemic it is possible that it may impact the carrying value of investments. The Trustees closely monitor the performance of the investment portfolio with the Trust ’ s advisor making changes if required.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management 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 revenues and expenses during the year. The following judgement had the most significant effect on amounts recognised in the financial statements:
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D G Marshall of Cambridge Trust
Notes to the financial statements for the year ended 5 April 2021
1. ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertainty (continued)
Valuation of non-listed investment
Non-listed investments are valued at either the latest price at which transactions between independent counterparties were completed or at an annual independent professional valuation.
(c) Investment income
Dividend income is received when the right to receive payment is established. Income from fixed interest securities and other interest receivable is included on an accruals basis.
(d) Incoming resources
All incoming resources are recognised once received.
(e) Resources expended
Expenditure is included on an accruals basis. Donations made are included within charitable activities and stamp duty on shares bought, legal fees and bank charges are included within other expenses. Management charges of investments and Independent Examiners Fee are disclosed separately. The Trust did not have any employees in the current or prior year.
(f) Donations made
Donations are recognised when a constructive obligation arises that result in the payment being an unavoidable commitment, at the date of approval by the Trustees.
(g) Value Added Tax
The Trust is unable to recover input tax and accordingly expenses are shown inclusive of Value Added Tax.
(h) Fixed asset investments
Fixed asset investments are initially recognised at cost (less transaction expenses). Subsequently, the investments are measured at fair value through the Statement of Financial Activity. Listed fixed asset investments are included in the balance sheet at closing bid market value. Investments in the unlisted shares of Marshall of Cambridge (Holdings) Limited are valued at the latest transaction price. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(i) Financial Instruments
Debtors
Debtors are amounts receivable from investments. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as noncurrent assets. Any losses arising from impairment are recognised in the Statement of Financial Activities.
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D G Marshall of Cambridge Trust
Notes to the financial statements for the year ended 5 April 2021
1. ACCOUNTING POLICIES (continued)
Creditors
Creditors are donations payable once a constructive obligation arises that results in the payment being an unavoidable commitment, at the date of approval by the Trustees
If payment is expected in one year or less, they are classified as current liabilities. If not, they are classified as non-current.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.
(k) Fund accounting
Details of the nature and purpose of each fund is set out in note 12.
2. TAXATION
No provision is made for taxation by virtue of the Trust’s charitable status.
3. DIVIDENDS
Dividends received on non-traded investments are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Marshall of Cambridge (Holdings) Limited - A Preference Shares | 5,027 | 5,367 |
| Marshall of Cambridge (Holdings) Limited - B Preference Shares | 3,285 | 2,920 |
| Marshall of Cambridge (Holdings) Limited - Ordinary Shares | 1,180 | 1,180 |
| Marshall of Cambridge (Holdings) Limited - NVPO Shares | 12,390 | 12,390 |
| Investment portfolio managed by J M Finn | 47,567 | 25,086 |
| 69,449 | 46,943 |
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D G Marshall of Cambridge Trust
Notes to the financial statements for the year ended 5 April 2021
4. FIXED ASSET INVESTMENTS
The Trust holds the following fixed asset investments:
| i) Total: Cost Gain At 6 April 2020 (Loss) / gain for the year Other At 5 April 2021 Market Value At 5 April 2021 At 6 April 2020 At 6 April 2020 and at 5 April 2021* |
Marshall of Cambridge (Holdings) Ltd £ 271,410 624,338 (211,773) - 412,565 683,975 895,748 |
Traded investments Total £ £ 1,700,000 1,971,410 (155,999) 468,339 330,554 118,781 (16,515) (16,515) 158,040 570,605 1,858,040 2,542,015 1,544,001 2,439,749 |
|---|---|---|
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D G Marshall of Cambridge Trust
| ______ Cost Gain At 6 April 2020 (Loss) for the year At 5 April 2021 Market Value At 5 April 2021 At 6 April 2020 At 6 April 2020 and 5 April 2021 ii) Marshall of Cambridge (Holdings) Ltd |
__ 'A' Pref_ Shares £ 61,319 73,772 - 73,772 135,091 135,091 |
__ 'B' Pref_ Shares £ 46,341 42,343 - 42,343 88,684 88,684 |
__ Ordinary_ Shares £ 20,469 77,176 (40,120) 37,056 57,525 97,645 |
______ Non- voting Priority Ordinary Shares Total £ £ 143,281 271,410 431,047 624,338 (171,653) (211,773) 259,394 412,565 402,675 683,975 574,328 895,748 |
|---|---|---|---|---|
Notes to the financial statements for the year ended 5 April 2021
4. FIXED ASSET INVESTMENTS (continued)
The Trustees have continued to value the shares held in Marshall of Cambridge (Holdings) Limited at either the latest price at which transactions between independent counterparties were completed or at an annual independent professional valuation. The value per share at year end and the latest transaction date were as follows:
| At 5 April 2021 At 19 January 2022 |
'A' Pref Shares £ 2.15 2.15 |
'B' Pref Shares No. 2.70 2.70 |
Ordinary Shares Non- voting Priority Ordinary Shares No. No. 1.95 1.95 4.33 4.33 |
|---|---|---|---|
The number of shares held by the Trust in Marshall of Cambridge (Holdings) Limited were as follows;
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D G Marshall of Cambridge Trust
| At 5 April 2021 | 'A' Pref Shares No. 62,833 |
'B' Pref Shares No. 32,846 |
Ordinary Shares Non- voting Priority Ordinary Shares No. No. 29,500 206,500 |
|---|---|---|---|
*The other movement in the J M Finn investments pertains to management expenses paid to the advisors amounting to £16,515 (2020 - £16,419).
The Trustees have continued to value the shares held in listed funds at the latest quoted market price.
5. CREDITORS: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals | 70,500 | 65,000 |
Accruals due within one year are donation commitments made by the Trustees and which are payable within one year and the Independent Examiners fee.
Notes to the financial statements for the year ended 5 April 2021
6. CREDITORS: Amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals | - | 65,000 |
| Accruals due after more than one year are donation commitments made by the | ||
| Trustees and which are payable after one year. | ||
| FINANCIAL INSTRUMENTS | ||
| 2021 | 2020 | |
| £ | £ | |
| Financial assets at fair value through the Statement of Financial Activity | ||
| Listed investments | 1,858,040 | 1,544,001 |
| Non-listed investments | 724,095 | 895,748 |
| Financial assets at amortised cost | ||
| Cash at bank | 162,243 | 93,810 |
7. FINANCIAL INSTRUMENTS
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D G Marshall of Cambridge Trust
8. TRUSTEES’ REMUNERATION
No remuneration directly or indirectly out of the funds of the Trust was paid or payable for the year or prior year, to any Trustee nor to any person or persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the Trustees in respect of the year or the prior year.
9. FUNDS
All funds are unrestricted funds and comprise those funds which the Trustees are free to use in accordance with the charitable objects.
10. GOVERNANCE COSTS
Audit fees for the audit of the financial statements were previously borne by Marshall of Cambridge (Holdings) Limited. The Independent Examiners fee is now payable by the Trust.
Notes to the financial statements for the year ended 5 April 2020
11. CHARITABLE DONATIONS MADE DURING THE YEAR ENDED 5 APRIL 2021
The following charitable donations were made in accordance with the objectives of the Trust as set out in the Report of the Trustees.
| Donee Action for Children Addenbrookes Charitable Trust Bobby Moore Bowel Cancer Fund Cambridge Aid Cambridge United Community Trust Cambridge 104 Squadron Coachmakers Scholarship East Anglian Children's Hospice Makespace Pembroke College - Parmee Prize Red Balloon Learner Centre - Cambridge Teversham School The Arthur Rank Hospice |
Amount £ 500 6,000 500 6,000 6,000 3,000 1,000 5,000 1,000 1,000 2,000 1,000 7,000 |
|---|---|
| 40,000 |
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D G Marshall of Cambridge Trust
Analysis of charitable donations made during the year ended 5 April 2021
| £ | |
|---|---|
| Children's charities | 5,500 |
| Disability, health & life threatening | 2,500 |
| Education | 3,000 |
| Hospitals and related organisations | 13,000 |
| Local community | 13,000 |
| Aviation | 3,000 |
| Grand Total | 40,000 |
12. RELATED PARTY TRANSACTIONS
There were no related party transactions that required disclosure for the year ended 5 April 2021 (2020: nil).
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