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 pU￿OSe$ 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 reCei￿ed
i 00,000
i 00,000
Investment income..
Bank interest receI￿ble
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 for￿rd
Net MO￿￿Ment 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) State￿ent 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 No￿rnber 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
*od￿r
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 T￿￿tte$ 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
FA￿alL)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