D G Marshall of Cambridge Trust Annual Twslees Report and Financial Statements For the year ended 5 April 2025 Charity Number- 286468
D G Marshall of Canibridge Trust Contents Page Legal and Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10- 16
D G Marshall of Cambridge Trust Legal and Administrative Information Charity Number: 286468 Ti-113l¥es R D Marshall 8 J Moynihan L M H Walkinshaw Principal Office Conlr()l Fluilding Tlie Aii'port Ne.market Road Cambridge CB5 8RX Indcpendeni Examiner MHA Century House The Lakes Northampton NN4 7HD Bankers Barclays Bank plc 9111 St Andrew's Street Cambridge CB2 3AA
D G Marshall of Cambridge Trust Report of the Trustees for the year ended 5 April 2025 The Trustees present their report along with the financial statements of the D Marsh(Ill of Canibridge 1.rust (the 'Trust") for the 12 months ended 5 April 2025. Tlie finai)cial statements have beeii prepared in accordance with the a¢¢ounling policics set out on pages 10 and I l and Comply witli the trust deed and applicable law. Objective5 and actii'ities The Trust is constituted under a trust deed daied 23 December 1982. The Trust was registered as a charitv on 17 March 198i, registration number 28fv168 and have their pi'incipal office at Control Building. The Airport, Newmarket Road, Canibridge. CB5 8RX. Initially the trust capital 'aS £ 100 but since then further donations hai'e been paid into the Trust by the settlor. Marshall of Cambridge Aei'ospaLe Limited (hereinafter called "'Ihe Company") and Marshall of Cambridge (Holdings) Limited. The Trust is established lo carry out such charitable objects as the Trugiees, with the consent of the Company, maj, Iliink fil. The ancillary. objects are to support- needy and deserving cases arising anywhere bul in particular among employees or ex-etnplovees or their relatives or d¢pendants of the Company or any subsidiary or associated company.. local charities; and local educational institutions as are charitable in natui'e. Granl making policy The Trust .111 consider all applications for funding as received. Provided the application 15 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 confinn they have coniplied w itll the duty in section 17 of the Charities Act 2011 lo have due regard to PLiblic b¢iiefit g7uidance published by the Charity Commission. Structureg governance and manAgement R D Marshall, S J Mo}Inihan and C M H Walkinshaw served as Trustees during the year ended 5 April 2025. Truslecs are appointed al the discretion of the Company for an unlimited period, bill must resign their office upon being called lo do so by the Board ol. Direclors ol. Ihe Coinpany. Meetings are li¢ld on a regular b(15is al such times the Trustees trom time lo time decide. Charilable donations to be made are authorised al such meetings.
D G Mai'shall of Cambridge Trust Report of the Trustees for the year ended 5 April 2025 Structure, governan¢e and management (contiuucd) The Triistees have examined the majoi. stralegyjc, biisiiiess ]d operational risks which the Triist taces and confirm that s5'Stems have been established to enable regular reports to be prodliced so that the nec¢ssar>' steps can be taken to l¢ssen these risks. The Tru5tee5 consider the key slral¢gJic. business and op¢ralional risks lo be as follows; Inveslmenl income risk Risks associated with inveslni¢nl income relate to pertomance of the investee and income received from this iiiveslmeiit. The Trust seeks to (Idopl a cautious and pnident inveslnient stance lo balaiice potential returns with appropriate levels of risk. Liqiiidilj? 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 inveslinent 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 Cainbridge (Holdings) Limited and many of its subsidiari¢s and director of Marshall of Cambridge (Engineering) I,imiled, Marshall of Cambridge (Airport Properties) Limited and Aeroacadeniy Limited. C M H Walkinshaw is an employee of Marshall of Cambridge (Holdings) Limited and director of Cambridge Aero Club Limited. Aehievements and performanee The Tnistees believe that the recÉpien15 and amounts of the donations made during the year are sufficient for the Trnst to hai'e achieved its obj¢¢tives. Training I"rustees are encouraged to attend appropriate external training events where these will facilitate tlie uiidei1akingJ of their role. Financial performance During the year, the Tnist geiierated investment income of £73,308 (2024 £77,229), generated a loss of £66,719 (2024 surplus £73,944) from the revaluation to market value ol. traded investments and a loss of £341,670 (2024 Ioss £309,160) on the i'evalualion of. noii-traded inN'estments lo lalesl Iransaction price.
D G Marshall of Canibridge Trust Report of the Trustees for the year ended 5 April 2025 Finan¢i41 performynce (continued) I'here were no donation5 received during the year (2024 - £nil). I'lie Trustees (Ipproi'ed chai'itable donations amounling lo £60,250 (2024 - £66,500) in aceoi'dance witli the perceived aims and obj¢Llives of the Trust. The Trust's actlvllies are financed by ils inw'estmenls and tlie iiiconie derived there Irom. The Trust has received free accounting and administration facilities from Marshall of Cainbridge (Holdings) Limited in the ylar. The Trustees currenilv do not foresee any changes to the operation. aims or obje¢lives of th¢ Trust. Inve.flnienl policy There are no restrictions on the Trusl""s power to invest. The investment strateg'y is sel by tlie Trustees and lakes into account the requirements to make danaiions as well as the need to maintain capital growth so as lo ensure the Trust's future abilities to fiilfil its aims. The overall policy is for investtnent in low and niedium risk fina]icial insiruments. The weighting of investment is reviewed annually by the Trustees. As at 5 April 2025, approximately 14 % (2024 - 1 l 0/0) was invested in cash and 650/0 (2024 - 59010) in a balanced loiv to medium i'isk portfolio, nianaged by J M Finn.. The ren]aining 210/0 {2024 300/0) of funds were invested in the preference aiid ordinary shares of Marshall ot. Cambridge (Holdings) Limilea because they give a fixed annual return of betweeii 8 % and IO% and potential for capital growth respectively. The PrefenCe shares and non-voting priority ordinary sli(ire5 can be sold on to any'one, at the dis¢reiion of the Trustees.. the sale of the ordinary shares also requires the approval of the Directors of Marshall of Cambridge (Holding5} Limited. RL3LriyL3' policy lind going c'(InLer 11 is the policy of the T'rust lo niainlain unrestricted funds, which are the free reserves of the Trust, at a level which will geiierate suflicient annual in¢oii)e to cuver expected annual donations and preserve the real value of the endowed fuiid5. Funds were maintained al this level throug)hoiit tlie year and the Trustees inlend lo continue this in the future. ReserN'es al 5 April 2025 were £2,429,762 (2024 - £2,818.480). On the basis of (he Trustees assessment of the Trust's financial position, the Trustees have a reasoiiabl¢ expectation that the 'l"rust will be able 10 continue in operational existence tor the torcseeable future.
D G Marshall of Cambridge 'Frust Report of the Trustees for the year ended S April 2025 Ti-u.siee.s ' Respon.sibilities Sralemenl Law. applicable to charities in England and Wales requires the Trustees lo prepare Iiiiancial stalemenls for each financial )'ear I.hICh giN'e a true and fair view of the Trust 5 fiiiancial aclivilies during the year ai)d ol. ils Iinancial position at the end of the vear. In preparing those financial statements. the Trustees are required to.. select suitable accoiinling policies and then apply them consistently: obscr'e the methods and principles in the Charities SORP (FRS 102); make judg7ements and eslimales that are r¢a50lliible and prudent. slate whether applicable accounting standards and slatements of recommended practice have been followed subject lo any departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that th¢ Twst will Lontinue in operation. The Trustees are responsible for keeping ac¢ounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable th¢m to ensure chat the financial statements comply with applicable accounting standards and Stalements of recommended praclic¢ and the regJulation made under s130 ()r the Charities Act 201 l. They. are also responsible for safegjuarding the assets of the Trust and hence for taking reasonable steps for the p%,entIOn and deteclton ot fraud 2nd other irregularities. Stalement a3 lo dis'c'losui'e lo oiir Independ¢?ni EKaminer's In 50 lar as the Trustees are a.are at the lim¢ of approving our Trustees, amiual report.. there is no relevant information, being information needed by the liidependent Examiner in connection wilh preparing their report, of which the Triist's Independent Examiner is unaware, and the Truslees have each taken all steps that helshe is obliged to lake as a 'I'rustee in order lo make Ih¢mseli.'es aware of any relevant audit infonnalion and to establish that th¢ liid¢p¢ndcnt Exaininer is a.are of ihal inlorniation. Approved by the Trustees on 23 October 2025 and signed on their behalf by- 8 J Moynihan Trustee
D G Marshall of Cambridge Ti'usl INDEPENDENT EXAMINERS REPORT 2025 TO THE TRUSTEES OF D G MARSHALL OF CAMBIDGE TRUST I repoil to the charit). Trustees on n)y exiiinination of ihe acLounts of ilie chaTIt}' for tlie }'ear ended 5 April 202) ,hICh are sct out 011 pages 8 10 16. RESPONSIBILI"flES AND BASIS OF RF,PORT As the -1 ruslees ol. the eharil>' (aiid its direLlors for the piirposes ofcoinpany law) you are i'esponsible foi. the pr¢paratioii of the accounts in accordaiiLe H.'iih the requirements of tlie Conipanies Act 2006 {'the 2006 Act,). Haviiig Satisfied nij'self that the aecounts of tlie company are not required to be audited under Part 16 of the 2006 Act and al'e eligible for independent examination, I report in respecl of m}, examination ol. the Lhai'ily's aLLOUllts carried out under sectiun 145 of the Charities Act 2011 ('th¢ 2011 Act'}. In carrying out my examiiiatiun I have followed the Direciioiis given by the Charity Commission under sectioii 145(il(b) of the 201 l Act. INDEPENDFNT F,XAMINFR'S STATEMENT I have completed Iny ex(Imination. I can confirm that no matters have come to my allenlion in connection with the examination givingJ me cause to believe that in any mat¢rial respect- l. accounting records were not kept in respect of the COTnpany as required by seelion 380 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accoiinls give a 'true and fairf view hich is not a matter considered as part of an independent examinalion; or 4. the acLoun15 liiive not been prepared in accordance with the methods and principles of the Slat¢Tneiit of Recommeiided Practice for acLountingJ and reporting by charities applicabl¢ lo 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 exatnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. SigFned- '1 I_LA Rebecca Hughes Bsc (Hons) FCCA MHA 28 October 2025
D G Marshall of CaiT]bridge Trusl Staten)ent of Financial Activities for the year ended 5 April 2025 Ineoming resour¢¢s (all unrestri¢ted) Notes 2025 2024 nwestmeiit income.. Blk interest receiwable 9,011 64297 73,308 8.879 68,350 77.229 DiNidends reCeIb]e Total incomin resources 73,308 77,229 Resources expended Charitable actilqties Independent Examiners fee Management charges Other ex nses 35,250 3JOO 15,049 38 66,500 3.900 14,401 51 Total resources ex ended 53,637 84,852 Net incomi ng / (outgoi ng) resourees 19,671 (7,623) Other reeognised {losses) I gains: Net loss ain on inTrE5tinentS (408,389) (235,216) Net movemenl in funds in the year Fund balances brought forward (388,718) (242,839) 2,818,480 3,061,319 Fund balances earried forw'ard 2,429,762 2,818,480 The Sialement of Finaneial Activities in¢lude.s all gains and losses recognised in the twelve nionth period. All in¢oining resources (ind resoiirces expended derive from continuing activities. All amounts have been rounded to the nearest pound.
D G Marshall of Cambrid&Je Twst Charity Number: 286468 Balance Sheet at 5 April 2025 Notes 2025 2024 Fixed A8sets Inwtslmcnts at Tnarket lue 2.097,829 2.521.267 Current Assets Debtors 85 625 Cash at bank 335,148 335,233 324,588 325,213 Current Liabilities Creditors.. ainount tallin due ii'ithin one year (3,300) 128,0001 Net Current Assets 331.933 297,213 r+let knsets 2,429,762 2,818,480 Thefunds of ihe cliarily.. Unrestricted i neome fund Fund balances brought forivard Net mofvtmenl in lunds for the year 2,818,480 (388.718) 3,061.319 1242.839) Fund balances carried furw#rd 2,429,762 2.818,480 Approiied and autliorised for issue by the Board of Trustees on 23 October 2025 and signed on its behalf by: S J Moynihan Trustee The notes on pagFes l O to 16 form part of these accounts.
D G Marshall ol. Cainbi'idgje Trust Notes to the financial statements for the year ended 5 April 2025 ACCOUNTING POLICIES (u) Siftlement of compliaiice -rhe -fi.usl is a i'ebJjsILI'¢d cliarily, registered on 17 March 1983. The Trust's registered address is Airy)orl House. Tlie Airport. Ne.nIarkeI Road, Cainbi'idge, CB) 8R Y. The financial stalemenl% have been prepared in accordance with the Charities Act of 201 I, UiiilLd Kingdom Generall}, Accepted Accountinby Practice and the Statement of Reconiniended Pra¢ti¢e applicable to charities preparing Ilicir aLcounls in accordaiice with the Financial Reporting Standard 102 (Charities SORP {fRS 102)). (b) Bu.si.%forprepnrulion Tlie Iinan¢ial slalemeiits have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements have been piepar¢d in accordance with applicable accounting standards. The financial statements are pi'epared in sterling which is the Trust"s functional currency. As the charity 15 not a 'Larger Charity, as defined by the Charities SORP {FRS102)' the entity has taken advantage in not preparing a Siatenient of Cash Flows. Going Coneern The financial statement5 have been prepared on the going concern basis. On the basis OF their assessment of the Trust's financial positioii aiid of the enquiries made ot the Trustees, tli¢ Trustee5 have a reasonable expectation ihal the Trust will be able to coiitinue in operational existence for the foreseeable tulure. Thus. they continue lo adopt the going concern basis of accounting in preparing the annual financial statements. Judgem¢nts #Dd key Sources of estimation uncertainty The preparation of the financial statements requires managFement to make judbyements eslimaies and assumptions that affect the amounts reported for assets and liabilili¢s as ai the balance sheet dale and the amounts reported for revenues and expenses during the year. The following judgement had the mosl significant effect on amoiints recognised in the financial statements.. Valualion of'non-li.sled iniyeslmenl Non-lisled investtnents are N'alued al eiiher the latesl price at which transactions bel'een independent counterparties were Compleled or at an annual independent professional valuation. (c) Inveslnienl iiicome Dividend income is received when the right to receive payment is established. Inconie froin tixed inter¢sl securities and other interest receivable is included on an acci'uals basis. (d) Inconiing resources All incoming resources are recognised once received.
D G Marsliall of Can)bridg)e Trust Notes to the financial statements for the year ended 5 April 2025 ACCOIINTING POLICIES (continued) (e) Resources L'xpviided Expeiidillire is iiiLluded on an accruals basis. Donations made are included H'ithin charitable activities and slan)p diit)i on shares boiight. legal fees and bank Lliarges al'e included within other expenses. Management charges of investments and Indepeiideiit F.xainiiiet3 Fee are disclosed separately. l-he Trust did not have any employees in the cui'i'eiit or prior year. Doiialion5 niade Donations are recognised H.'hen a constructive obligation arises that i'esult in the payment being an unavoidable comiMiini¢ni, al the date of approval by. the Trustees. (g) Valiie Added T( 'rhe Trust is unable to reeover inpiit tax and accordingly expenses are shown inclusive of Value Added Tax. (h) Fired asset investments Fixed asset investniei)ls are initially recogJni5ed at cost (less transaction expenses). Subsequently, the iiivesiments are Incasurcd at fair value Ihrougli the Statement of Financial Activity.. Liqlcd fixed aqset iniwestments are included in the balance sheet at closing bid market value. Investments in the unlisted shares of Marshall of Cambridge (Holdiiigs) Liinit¢d are Viilued at tlie latest transaction price. Any gain or loss on revaluation is takeii lo th¢ Statement of Financial Activities. (i) Financial Jiistrumenls Debtors Debtors are aniounts receivable froni investments. If colleclion is expected in one year or less, they are elassified as current assets. If not, they are presented as non- current assets. Any losses ari8ing trom impainnent are recognised in the Statement of F inancial Activities. Creditors Creditors are donations payable once a constrliclive obligation arises that resulis in the payment being an uliavoidable commitment, at ihe dale ol approval by th¢ l-ruslees. If pa}'Ineiil is expected in one year or less, they are classified as current liabilities. I f not, they arc cla8sified as non-current. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. (k) Fuiid accounting Details of the nature and purpose of each fund is set out in note 9.
D G Marshall of CainbridgJe Trust Notes to the financial statenients for the year ended 5 April 2025 TAXATION No provision is made for taxation b)1 virtue of the Trust's charitable slatus. DIVIDENDS Dividends received from inveslnients are as follows.. 2025 2024 Marshall of cnbridge (Holdings) Liiniled- Cl&ss A Prefs Marsliall of Cambridge (I lolding51 Liinited- Class B Prefs MaTshall of Cajnbridge (Holdings} Limited- Ordinary she5 Marshall ofcanibridge (Holdings} Limited- NVPO Shares J M Finn InsIMe17t 5,027 3,285 5.0?6 3,284 1,180 12,390 46,470 68.350 55,985 64.297 FIXED ASSF.T INVF.STMF.NTS -L-he -1 rust holds the lo110.11]g fixed asset investments: Murj'hall 0]. Cambridge (Holdings) Lid Traded inve.sfmenl.s l) Tolol.. Tuial Cost At 6 April 2024 and S April 202.fj Gain / (loss) At 6 Apri12024 Gain for the year *Other At 5 April 2025 271,410 ,700,000 1.971,410 575,350 (341,670) (25,493) (66,719) 115,049) {107261) 549,857 (408,1891 (15,049) 126.419 233.680 Market Value At 5 April 2025 505,090 1,592,739 2,097,829 Ai 6 April 2024 846,7()0 1,674,507 2,521,267
D G Marsliall of CanibridgTe Trust Notes to the financial statements for the year ended 5 April 2025 FIXED ASSET INVF.STMF.NTS (continued) ii) Marshall of Canibridge (Holdiiigs) Lid on- v(Iling Pi'ioi'ity Div'idend ()i'din(Iry A, Pi'ef Share5 B'Pi"ef Oi'diNary Sh£ii'L?s ,ghurcJ Cost At 6 April 2024 and 5 April 2025 61J19 46,341 20.469 143,281 271,410 Gain Ai 6 April 2024 Gain l (loss) for the year At 5 April 2025 30.836 14,424 66.261 463.829 575,350 {29.322) 119,708) {36,580) (256.060) (341,6701 1,514 (5,284) 29,681 207,769 233,680 Market Value At S April 2025 62,833 41,057 50,150 351,050 505,090 At 6 April 2024 92.155 60,76) 86,730 607,110 846,760 The Trustees have continued to value the shares held in Marshall of Cambridge (Holdings) Limited at either the latest price at which transactions belweeii independent counterparties were completed or ai an annual independent professional valuation. The value per share at year end and the latest transaction date were as follo5.. Nnp7- )POIip7g Pi'iorily Dii)idLnd 'B' Fre/. C)rdinary Ordinary ,ghare.s Shui-e3 ,Share3 'A'Pre/ Shares At 5 April 2025 1.00 1.25 1.70 1.70 At 5 April 2024 1.47 1.85 ?.94 13
D G Marsliall of Canibridgye Trust Notes to the financial statements for the year ended 5 April 2025 FIXF.D ASSF.T INVESTMEIYTS (eontinued) Tlie nuiiiber of shares held by the Trust in Mai'shall of Cambridge (Holdingys) l.iiniled weie as Follo's- Non- iyoling Prioril Dii'i(lend ()i'¢linaiJ' .ghui-Ll.S 'A'Pi'e[ Shares. 'B' Pi'e[ Oi-dinary .ghai'L.s ,Shai'es N(i. At 5 April 2025 62,833 32,846 29,500 206,500 iii) Traded inves1nt.$.' J IVFinn Cost At 6 April 2024 AdditK)ns DEposa Al 6 April 2025 1.700,000 1,700,000 Gain l (1055) At 6 April 2024 Proft foi. Ilie year Oiher At 5 April 2025 (25,493) (66,719) 115,049} (107,2611 MArkct Value At S April 2025 1,592,739 At 6 April 2024 1,674,507 The other nioi'enicnl in the J N4 F inn investments pertain5 to management expenses paid to th¢ advisor5 amounting to £15,049 (2024 - £14.401). The Triistees have continued to value the shares held in listed funds al the latest quoted market price. 14
D G Marshall of Cainbridge Trust Notes to the financial statements for the year ended 5 April 2025 DEBTORS: 2025 2024 Accrued diiidends receivable 85 625 CREDITORS: Amounts falling due within one Year 2025 AccruaLs 3,300 28,IX)O Accruals due within one year are donation cominitiiients made by the Trustees and .hich are payable within one year and the Independent Examiners fee. FINANCIAL INSTRUMENTS 2025 Financial assels aifair vallie ihi'ouRh ihe Sialement o]'FiF7ancialActivity Listed IiiveslnL'nts Non-iisted investnrnts 1,592,739 505,090 1,674,507 846,760 Financial assels al amoYli.s'ed Li).81 Q ash at Bank 335,148 324,588 TRUSTEES, REMUNEIiATION No remuneration directly or indireeily out of the funds of the Trust was paid or payable for the year or prior year, to any Trustee nor lo any person or persons known lo be connected with any of them. No reiinburseinent of expenses has been inade or is due to be iiiade to ]Y of the Trustees in respect ot Ihe year or the prior year. FUNDS All funds are unreslrictcd funds and comprise Ihose funds which the Trustees are free lo use in accordanLe with the charilable objecls. 10. GOVERNANCE COSTS Audit fees tor the audit of Ihe financial statements were previoiisly borne by Marshall ol. Cainbridgje {HoldingJs) Limited. 'I'he Independent Examiners lee is now payable b), tlie Trust. 15
D G Marshall of Cainbridgye Trust Notes to the financial statements for the year ended 5 April 2025 I I. CHARITABLE DONATIONS MADE DURING THE YEAR ENDED 5 APRIL 2025 I'he following charitable donation8 'ere niade in accordance with the objectives of the 'l'rust as sel out in the Repoi1 ()t the Trustees. Donee Amount Abbey Peopk A w Tralliing? Corps - 309 {Runcorn) Squadron A Trallill)g Corps - 104 (Ciiy of CambrKlge) Squadron CainbridgFe Untted Community Trust East Anglmn Chiklren s Hospice 7,000 750 4,000 7.000 7,000 7,000 4.0(X> 7.0(X) 3.0(Kl 7,0 51K) Pembroke College - Pamicc Prtie Salvation Army Teversham Sch(J)I The Arthur Rank HOspe The Bobby Moore F(xJiidation The Fields Chikjren's Centre Trust The Lennox Children s Cancer Fund 3.01)0 60,250 Reversal of prK)r year accrued (k)nations (25.000) 35,250 Analysis of charitable donations made during ¢he year ended 5 April 2025 Amount AviatK)n Children's Charitks Disability. health & life threalenll)g Education l.IKal communf(y 4.750 10.000 7,500 7.000 31,000 60,250 Reversal of prK)r year a¢¢riied donalK)ns {25,000} 35,250 12. RELATED PARTY I'IIANSACTIONS There were no related party transactions tliat rcquired disclosure for tlie year end¢d 5 April 2025 (2025.. nil).