D G Marshall of Cambridge Trust Annual Trustees Report and Financial Statements For the year ended 5 April 2022 Charity Number.. 286468
D G Marshall of Cambridge Tnist Contents Page Legal and Administrative Infom]ation Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financkal Statements 10-16
D G Marshall of Cambridge Trust Legal and Administrative Information Charity Number: 286468 TrusleL)s' J A Ingham R D Marshall S J Moynihan Principal Office Airy)ort House The Airport Newmarket Road Cambridge CB5 8RY Independent Examiner MHA Maclntyre Hudson Peterbridge House The Lakes Northampton NN4 7HB Bankers Barclays Bank plc 9111 St Andrews Str¢et Cambridge CB2 3AA
D G Marshall of Cambridge Trust Report of the Trustees for the year ended 5 April 2022 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 2022. The financial statements have been prepared in accordance with the accounliiig policies sel out on page5 10 and I l and comply with the trust deed and applicable law. Objectives and activities The D G Marshall ol Cambridg7e 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 trusl Capital was £100 but since then further donations have been paid into the Trusl 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, tnay think fit. The ancillary objects are to support: 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. local charities; and local educational institutions as are charitable in nature. Granl makip7gpoliry 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 agreetnent, a donation could be authoris¢d. There is no minimum or maximum donatLOn. Public benefit statement The Trustees confirm they have complied with the duty in section 17 of th¢ Charities Act 2011 lo have due regard to public benefit guidance published by the Charity Commission. Strueturey governanee and management R D Marshall. S J Moynihan and J A Ingham served as Trustees during the year ended S April 2022. Trustees ar¢ appointed al th¢ 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 tirne lo time decide. Charitable donations to be made are authorised at such meelings.
D G Marshall of Cambridge Trust Report of the Trustees for the year ended S April 2022 Stru¢tllre* governance and management (eontinued) The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trust¢es consider the key Strategic, business and operational risks to be as follows. Investment irteome risk Risks associaled with investment incorne relate to performance of the investee and income receiv¢d from this investment. The Trust seeks to adopt a cautious and prudent investment stance to balance potential returns with appropriate levelg 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 and 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 Lirnited. J A Ingham is an employee of Marshall of Cambridge {Holdings) Limited. Marshall of Cambridge (Holdings) Limited donated £nil during the year (2021 £1 00,000). There were no other donations during the year (2021- £nil). Aehiev¢ments and performan¢¢ The Truste¢s believe that the recipients and amounts of the donations made during the year are sutTicient for the Trust to have achieved its objectives. Training Trustees are encouraged to attend appropriate external training events where ihese will facilitate the undertaking of their rol¢. Financial performance During the year, the Trust generated investment income of £67,848 (2021 £69,458), generated a gain of £61,904 (2021 £330,554) from the revaluation to market value of traded investments and gain of £566,400 (2021 loss - £211,773) on the revaluation of non-traded investments to latest transaction price.
D G Marshall of Cambridge Trust Report of the Trustees for the year ended 5 April 2022 Financial performance (continued) Donations received were £nil {2021 £100,000) from Marshall of Cambridge (Holdings) Limited and £nil (2021 £nil) from other parties during the year. The Trustees approved charitable donations amounting to £58,500 (2021 £40,000) 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 adrninistration 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. 118veslmenl 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 lo 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 ai 5 April 2022, approximately 40/0 {2021 60/0) was invested in cash and 580/0 (2021 690/0) in a balanced low to medium risk portfolio, managed by J M Finn.. The rernaining 380/0 (2021 26/0) of funds were invested in the preference and ordinary shares of Marshall of Cambridge (Holdings) Limited because they give a fixed annual retum of between 80/0 and l OQ/o 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 Cambridg¢ (Holdings) Limited. Reserves policy andgoing coneern li 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 incorne 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. Reserves at 5 April 2022 were £3,251,923 (2021- £2,633,758). On the basis of the Tnjslees, 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.
D G Marshall of Cambridge Trust Report of the Trustees for the year ended 5 April 2022 Trus'¢ec)s' ResponJibililieJ Siulemenl Law applicable lo Charities in England and Wales r¢quires the Trustees lo prepare finaneial statements for ¢a¢h financial year wliich give a true and fair view of the Trust's financial a¢livities during the year and of its financial position at the end of the year. In preparing those financial slalements, the Trustees are required to: select suitable accounting policies aiid then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102). make judgementg and estimates that are reasonable and prudenl; 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 prepare the financial statements on the going concern basts unless il 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 regiilation made under $130 of the Charities Act 201 l. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to disclosure ¢0 our Independent Examiner's In so far as the Trustees are aware at the time of approving our Trustees, annual report: there is no relevant information, being infom]ation needed by the Independent Examiner in connection with preparing tlieir report. of which the Trust's Independent Examiner is unaware, and the Trusl¢¢s have each taken all steps that helshe is obliged to take as a Trustee in order to make themselve5 aware of any relevant audit infom]ation and 10 establish that the Independent Examiner is aware of that infomiation. Approved by the Trustees on 30 November 2022 and signed on their behalf by.. S J Moynihan Trustee
D G Marshall of Cambridge Trust INDFPENDENT XAMINERS REPORT 2022 TO THE TRUSTEES OF D G MARSHALL OF CAMBIDGE TRUST I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2022 which are set out on pages 8 to 16. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity (and its directors for the pUOSe$ 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 tli¢ 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under se¢tion 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 confirn] that no Tnatters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act. or 2. Ihe accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 390 of the 2006 Act other than any requirement thal the accounts gJive a 'true and fair, view whtch is not a rnatter considered as part of an independent examination. or 4. 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 ¢onc¢rns 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 b¢ reached. Signed.. Rebecca Hughes Bsc (Hons) FCCA MHA MACENTYRE HUDSON 30 November 2022 2 December 2022
D G Marshall of Cambridge Trust Statement of Financial Activities for the year ended S April 2022 Incoming resources (all unrestricted) Notes 2022 2021 Voluntary income: Marshall of Cambridg¢ (Holdings) Ltd Donations reCeied i 00,000 i 00,000 Investment income.. Bank interest receIble 19 DiNryd¢nds receivable 67,829 67,848 69,449 69,458 Total incomin resources 67,848 169,458 Resources expended Charitable acti]tIeS 10 58,500 1,750 17,641 96 40,000 1,500 16,515 25 IndetEndent Examiners fee Management charges Ihher ex enses Total resources ex ended 77,987 58,040 Net (outgoing) l incoming resources (10,139) 111,418 Other recognised gains: Nel in on investments 628,304 118,781 Net movement in funds in the year Fund balances brought forward 618,165 2,633,758 230,199 2,403,559 Fund balances carried forward 3251,923 2,633,758 Th¢ Statement of Financial Activities includes all gains and losses recognised in the twelv¢ month period. All incoming resoiirces and resources expended derive from continuing activities. All amounts have been rounded lo the nearest pound.
D G Marshall of Cambridge Trust Charity Number: 286468 Balance Sheet at 5 April 2022 Notes 2022 202] Fi xed Assets Investments at market value 3,152,678 2,542,015 Current Assets Cash at bank 130,995 130,995 162,243 162,243 Current Liabilities Creditors.. amount falling due within one year {31,750) (70,500) Net Current Assets 99,245 91,743 Net Assets 3,251,923 2.633.758 Thefiinds of ihe charily.. Unrestricted income fund Fund balances broughi forrd Net MOMent in funds for the year 2,633,758 618,165 2,403,559 230,199 Fund balances carried forward 3,251,923 2,633,758 Approved and authorised for issue by the Board of Trustees on 30 November 2022 and signed on its behalf by.. S J Moynihan Trust¢¢ The notes on pages l O to 16 form part of these accounts.
D G Marshall of Cambridge TnJst Not¢$ to the financial statements for the year ended 5 April 2022 ACCOUNTING POLICIES (fi) Stateent of compliunce The Trnsl is a registered charity, registered on 17 March 1983. The Trust's registered address is Airport House, 'I'he Airport, Newmarket Road, Canibridge, CB5 8R Y. The financial statements have been prepared in accordance with the Charities Act of 201 I, United Kingdom Generally Accepted Accounting Pt2etice and the Statement of Recommended Practice applicable to charities prep[Ing their accounts in accordance with the Financial Reporting Standard 102 (Charities SORP (FRS 102)). (b) Ba515forpreparrttion The financial %talcments 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 accountingJ standards. The financial statements are prepared in st¢rling 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 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 lo continue in operational existence for the foreseeable future. Thus, they continue lo adopt the going concern basis of accounting in preparing the anniial financial statements. Judgemen¢s and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements estirnale5 and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and ihe amounts reported for revenues and expenses during the year. The following judgement had the most significant effect on amounts recognised in the financial statements.. Valualic)n of non-lisfed invesfmenl Non-listed investments are valued at either the latest price al which transactions between independent counterparties were completed or at an annual independent professional valuation. (c) Investmenl income Dividend income is received when the right to receive payment is eslablished. 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. 10
D G Marshall of Cambridge Trust Notes to the financial statements for the year ended 5 April 2022 ACCOUNTING POLICIES (continucd) (e) Rgsoiirces expended Expenditure is included on an accnials basis. Donations made are included within charitable aclivities and stamp duty on shares bought, legal fees and bank charges are included within other expenses. Management charges of investments and Independent Exaniiners Fee are disc105ed separately. The Trust did not have any employees in the current or prior year. Donations made Donations are recognised when a constructive obligation arises that resiilt in the payment being an unavoidable commitment. at the date of approval by the TrusLees. (g) Valiie Added T The Trust is unable to recover input tax and accordingly expenses are shown inclusive of Value Added Tax. (It) Fired asset inve5tment5 Fixed asset investments are initially recognised at cosl (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) Limiled 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 non- current assels. Any losses arising from impainnent are recognised in the Statement of Financial Aciiviti¢s. 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 paymenl is expected in one year or less, they are classified as current liabilities. If not. they are classified as non-current. Cash and cash ¢quival¢nt$ 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 8.
D G Marshall of Cambridge Trust Notes to the financial statements for the year ended 5 April 2022 TAXATION No provision is rnade for taxation by virtue of the Trust's charitable status. DIVIDENDS Dividends received from investments are as follows.. 2022 2021 Marshall of Cambridge11 loldings) Limited _ Class A Prefs Marshall of Cambridge (Holdings) Limited - Class B Prefs Marshall of Cambridge (Holdings) Liinited - Ordinary Shares Marshall of Cambridge (Holdings) Limited - NVPO Shares J M Finn Investment 5,027 3385 1,180 12J90 45,947 67,829 5,027 3,285 1,180 12.390 47.567 69,449 FIXED ASSET INVESTMENTS The Trust holds the following fixed asset investments.. Marshall of Cambridge (Holdings) Ltd Traded inveslmenl.s i) Tolal.. Tolal Cost At 6 April 2021 and 5 April 2022 Gai At 6 April 2021 Gain for the year *Oiher At 5 April 2022 271,410 1,700,000 1,971,410 412,565 566,400 158,040 61,904 (17,641) 202?03 570,605 628,304 (17,641) 1,181,268 978,965 Market Value At 5 April 2022 1,250J75 1,902,303 3,152,678 At 6 April 2021 683,975 1,858,040 2,542,015 12
D G Marshall of Cambridge Trust Notes to the finaD¢ial sta¢ements for the year ended 5 April 2022 FIXF.D ASSFT INVESTMENTS (eontinued} ii) Mursliftll of Cftmbridge (Holdings) Lld Non- voting Priorily Dividend C)rdirtury A'Pref Shar¥.5 'B' Pref Ordinary Shares Share&. Tolul Cost At 6 April 2021 and 5 April 2022 61,319 46,341 20,469 143,281 271,410 Gai At6 April 2021 Gain l (loss) for the year At 5 April 2022 73,772 42,343 37,056 259,394 412,565 70,800 495,600 566,400 73,772 42J43 107,856 754,994 978,965 Market Val ue Al 5 April 2022 135,091 88,684 128J25 898,275 1,250J75 At 6 April 2021 135,091 88,684 57,525 402,675 683,975 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.. Non- voIiF7g Priority Dividend Oi"dinary Shares. 'A' Pref Shures 'B' Pref Ordinory Shares. Shares. At 5 April 2022 2.15 2.15 4J5 4.35 At l O Nornber 2022 2.15 2.15 4.43 4.43 13
D G Marshall of Cambridge Trust Notes to the financial statements for the year ended 5 April 2022 FIXED ASSET INVESTMENTS (continued) The number of shares held by the Trust in Marshall of Cambridge (Holdings) Limited were as follows. Nop7- voling Priority Dividend Ordinary Shares A'Pref Shares 'B' Pref Shares Ordinary Shares At 5 April 2022 62,833 32,846 29,500 206,500 iii) Traded illvesiments.. JMFinn Cost At 6 April 2021 #nd 5 April 2022 1,700,0(10 Gain l (lossl At 6 Aprll 2021 Gain for the year odr At 5 April 2022 158.040 61.904 (17,641) 202,303 Martlet Value At 5 Apiil 2022 1,902,303 At 6 April 2021 1,858,040 The other movement in the J M Finn investrnents pertains to managernent expenses paid to the advisors amounting to £17,641 (2021 £16,515). The Trustees have continued to value the shares h¢ld in listed funds at the latest quoted market price. CREDITORS: Amounts falling due within one year 2022 2021 Accruals 31,750 70,500 Accruals due within one year are donation commitments made by the Trustees and which are payable within one year and the Independent Examiners fee. 14
D G Marshall of Cambridge Trust Notes to the financial statements for the year ended 5 April 2022 FINANCIAL INSTRUMENTS 2022 2021 Finap7cial assels affair value through the Sialernent of Financial Aclivity Listed Investnrnls Non-Iisted investnrnts 1,902,303 1,250,375 1,858,040 683,975 Financial assets at amorlised cos1 Cash al Bank 130,995 162243 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 knowi to be ¢onn¢cted with any of them. No reiniburseinent of expenses has been made or is due to be made to any of th¢ Trust¢¢s in r¢spect of th¢ year or the prior year. FUNDS All funds are unr¢stri¢ted funds and comprise those funds which the Ttte$ are free lo use in a¢¢ordanc¢ with the charitable objects. GOVERNANCE COSTS Audit fees for the audit of the financial statements were previously borne by Marshall of Cambridge (Holdings) Limited. The Independeni Examiners fee is now payable by the Trust.
D G Marshall of Cambridge Trust Notes to the fjnaneial statements for the year ended 5 April 2022 10. CHARITABLE DONATIONS MADE DUIUNG THE YEAR ENDED 5 APRIL 2022 The following charitable donations were made in accordance with the objectives of the Trust as set out in the Report of the Trusl¢es. Donee Amount 104 (City Of Cambridge) Squadron ATC Addenbrookes Charitable Trust Cambridge Aid Cambridge United Community Trust East Anglian Children's Hospice Red Balloon Learner Centre - Cambridge Teversham School The Arthur Rank Hospice Jimmy's Abbey People Bobby Moore Foundation Retina UK Malcolm Whale Foundation Cambridge Flying Group - CFG Flying Ltd Pembroke College 3,000 6.000 6.000 6.000 6,000 2,000 2,000 6,000 6.000 6,000 500 500 500 1.000 8,000 59,500 1,000) 58,500 Reversal of donation made in previous year Analysis of charitable donalions made during the y¢ar ended 5 April 2022 4.0(H) 12.000 23.OOQ 6,000 3,500 10.000 58.500 Hospiab arKI reknied owi%atxit IA)cal connuun Chihjren's Charit$ t)wbty. heahh& lrfe thr¢ateni FAalL)n I I. RELATED PARTY T114NSACTIONS There were no r¢lated party transa¢lions that required disclosure for the year ended 5 April 2022 (2021 .' nil). 16