Charity number: 298197
The Martin Charitable Trust
Financial Statements and Annual Report
for the year ended 5 April 2023
The Martin Charitable Trust
Contents
| Page | |
|---|---|
| Trustees, Officers and Advisers | 3 |
| Trustees’ report | 4 |
| Report of the Independent Examiner | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 |
2
The Martin Charitable Trust
Trustees, Officers and Advisers
| Charity number | 298197 |
|---|---|
| Trustees | E C Carlton-Smith |
| B C Gilbey | |
| T H Martin | |
| S Dolton | |
| F Gilbey | |
| Trust address | 36 Walpole Street |
| London | |
| SW3 4QS | |
| Bankers | Barclays Bank |
| UK Banking | |
| One Churchill Place | |
| London E14 5HP | |
| Investment manager | Sarasin & Partners LLP |
| Juxon House | |
| 100 St. Paul's Churchyard | |
| London EC4M 8BU | |
| Independent examiner | Angela Ktistakis, ACA, FCCA |
| GMAK Chartered Accountants | |
| 5/7 Vernon Yard | |
| Portobello Road | |
| London W11 2DX |
3
The Martin Charitable Trust
Trustees’ report
for the year ended 5 April 2023
Structure, Governance and Management
The Trust is a registered charity number 298197, governed by a Trust deed dated 25 November 1987 and amended on 1 May 2011. The Trust was established with funds previously comprised in the Estate of Mrs Kathleen Martin who died on 30 November 1985 and provides that the Trustees shall pay or apply the income and capital of the Trust Fund for the benefit of any one or more of the charity's objects.
Trustees
The following trustees have held office since 6 April 2022:
E C Carlton-Smith
B C Gilbey T H Martin S Dolton F Gilbey
New Trustees are appointed by the existing Trustees, based on their relevant skills. The Trustees' term in office is undetermined in their governing document and they do not stand for periodic reappointment. Trustees are aware of their legal obligations under charity law and of the decisionmaking process of the charity. They are strongly encouraged to seek further guidance on their role and attend seminars and training as required.
Organisation
The Trustees administer the charity and meet regularly throughout the year to discuss the current position and decide whether to make grants to charitable causes that request donations.
Related Parties
The charity has a close relationship with the Martin's Investment Holdings Group Limited. A summary of transactions with these parties is set out in the notes to the financial statements.
Reserves Policy
The charity's policy with regard to reserves is to make suitable investments in the ongoing development of the charity, whilst maintaining adequate funds to deal with current and medium-term needs. At the end of the current year, total balance sheet reserves of £1,825,884 (2022: £1,017,209) were held in unrestricted general funds.
Particulars of the Settlement
For charitable objects at the discretion of the Trustees.
4
The Martin Charitable Trust
Trustees’ report
for the year ended 5 April 2023
Financial Review
The results for the year to 5 April 2023 are set out in the Statement of Financial Activities on page 8. The position at the end of the year is shown in the Balance Sheet on page 9.
On 7 March 2021, the Trustees acquired an interest in an unadministered estate of a deceased person. As at 5 April 2023, £794,117 has been received. The remaining value of this interest remains uncertain and due to this uncertainty no further legacy income has been recognised in these Financial Statements.
Objectives, Activities and Performance
The objects of the charity are:
-
a. The relief of poverty
-
b. The advancement of education
-
c. The advancement of religion
-
d. Any other charitable purposes beneficial to the community or such Charities as the Trustees may determine
The Trustees continue their policy of distributing the Trust income for the benefit of a wide range of Charities. Details of donations in the year are shown on page 12.
Future plans
The future plans for the charity are that it is to continue receiving income from its investments and donating monies to various good causes each year so that the retained balance within the charity grows.
Public Benefit
The charity has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set.
Administration
The administration is carried out from the charity's registered office at 36 Walpole Street, London, SW3 4QS.
Risk Management
The Trustees have made an assessment of the risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The charity has no operational risks. Its risks are related to investment strategy and it guards against those risks by ensuring, with advice from its investment managers, a reasonable diversification on investments.
5
The Martin Charitable Trust
Trustees’ report
for the year ended 5 April 2023
Procedures are[in] place to review identified and new risks on a regular basis. The actions needed to be taken if a recognised potential risk occurs, or if a change in the likelihood of a risk occurring is identified, have also been considered and are monitored and reassessed by the Trustees.
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the for that period. In charity preparing these financial statements, the Trustees are required to:
-
» select suitable accounting policies and then apply them consistently;
-
¢ observe the methods and principles in the Charities SORP;
-
e make judgements and estimates that are reasonable and prudent;
-
e state whether applicable accounting standards have been followed, subject to any material departures[disclosed][and] explained[in] the[financial] statements;
-
e prepare[the][financial][statements][on][the][going][concern][basis][unless][it][is] inappropriate[to] presume[that][ the][charity][will][continues][in][business.]
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy[at] any[time][the][financial][position][of][ the][charity][and][enable][them][to] ensure[that][ the][financial] statements comply with the[Financial] Reporting Standard applicable[in] the[UK] and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic[of][Ireland] (FRS102), the Charities[Act] 2011,[UK] Generally Accepted Practice as it applies from 1 January 2015 and the provisions of the deed of trust. They are also responsible for safeguarding the assets[of the] charity[and][hence][for] taking[reasonable] steps[for] the prevention[and] detection of fraud and other irregularities.
Approved by the Trustees[and] signed on their behalf by:
----- Start of picture text -----
md [O-]
E C Carlton-Smith
(gem
----- End of picture text -----
Date: 30 june 2023
The Martin Charitable Trust
Report[of] the Independent Examiner
to the Trustees of the Martin Charitable Trust
I report on the accounts of The Martin Charitable Trust for the year ended 5 April 2023, which are set out on pages[8] to 13.
Respective Responsibilities[of] the Trustees[and] the Independent Examiner
The Trustees are responsible for the preparation of the accounts; you consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination[is][needed.][The] charity's gross income exceeded £25,000[and] | am qualified to undertake the examination by being a qualified member of the[ICAEW.]
It is my responsibility to:
-
i. examine the accounts under section 145 of the 2011 Act;
-
ii. to follow the procedures[laid][down][in][the] general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
iii. to state whether particular matters have come to my attention.
Basis of the Independent Examiner's Report
My examination was carried out[in] accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison[of] the accounts presented[with][those] records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any[such] matters.[The] procedures[undertaken][do] not provide[all] the[evidence][that][would] be required in an audit, and consequently no opinion[is] given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent[Examiner's] Statement
In connection with my examination, no matter has come to my attention which gives me cause to
believe that in any material respect:
-
s the accounting records were not kept[in] accordance with Section 130 of the 2011 Act; and
-
e the accounts did not accord with the accounting records;
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out[in] the Charities (Accounts and Reports) Regulations 2008 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,
| 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.
A de Ke
Angela Ktistakis, ACA,[FCCA]
GMAK Services Limited
Flat 1, 26 Lansdowne Road London W11 3LL
Date 4 1oZ3 Juke
The Martin Charitable Trust
Statement of Financial Activities
for the year ended 5 April 2023
| Note Incoming resources Incoming resources from generated funds Donations received or receivable 2 Investment income 3 Total incoming resources Resources expended Charitable activities: Grants to charities 4 Governance costs 5 Total resources expended Net income before other recognised gains and losses Gains/(losses) on investment assets Realised during the year Unrealised during the year Net movement in funds Funds brought forward Funds carried forward |
2023 £ 944,117 2,727 946,844 120,170 1,655 121,825 825,019 – (16,344) 808,675 1,017,209 1,825,884 |
2022 £ 225,000 – 225,000 120,062 4,750 124,812 100,188 – 36,369 136,557 880,652 1,017,209 |
|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
8
The Martin Charitable Trust
Balance Sheet
as at[5] April 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| Note | 2023 | 2022 | |
| £ | £ | ||
| Fixed assets | |||
| Investments | 6 | 1,481,056 | 649,182 |
| Current assets | |||
| Cash at bank and investment manager | 7 | 347,637 | 369,985 |
| Creditors | |||
| Amounts failing due within one year | 8 | (2,809) | (1,958) |
| Net current assets | 344,828 | 368,027 | |
| Total net assets | 1,825,884 | 1,017,209 | |
| Represented by: | |||
| Unrestricted funds | 1,825,884 | 1,017,209 |
The notes on pages 10 to 13 form part of these financial statements.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable[in] the[United] Kingdom[and] Republic[of][Ireland] {FRS102).
The financial statements were approved by the Trustees on 30 June 2023 and were signed on their behalf by: rund E C Cariton-Smith (.
The Martin Charitable Trust
Notes to the financial statements as at 5 April 2023
1. Accounting Policies
Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Funds structure
Unrestricted income and capital funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects of the Trust.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation purposes.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition relating to the grant is outside the control of the Trust.
10
The Martin Charitable Trust
Notes to the financial statements as at 5 April 2023
Value Added Tax is not recoverable by the charity and, as such, is included in the relevant costs in the Statement of Financial Activities.
Cash flow
The financial statements do not include a cashflow statement because the charity, as a small reporting entity within the provisions of FRS102, is exempt from the requirement to prepare such a statement (effective 16 July 2014).
Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals during the year.
Taxation
The Trust is a registered charity and, as such, is not subject to tax on its income and gains falling within Sections 518 to 537 of the Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from income and capital gains tax to the extent that they are applied to its charitable.
Going concern
The Trustees have a reasonable expectation that the charity has adequate resources 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.
2. Donations received or receivable
| Martin’s Investment Holdings Limited Legacy 3. Investment income Unit Trust dividends received |
2023 £ 150,000 794,117 944,117 2023 £ 2,727 |
2022 £ 225,000 -- 225,000 2022 £ 1,483 |
|---|---|---|
11
The Martin Charitable Trust
Notes to the financial statements
as at 5 April 2023
4. Grants
The charity undertakes its charitable activities through grant making and awards grants to a number of institutions in furtherance of its charitable objectives.
| Grant funded | Grant funded | |||
|---|---|---|---|---|
| activities | activities | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Kensington & Chelsea Foundation | reg. charity 1125940 | 1,000 | – | |
| Tommy's | reg. charity 1060508 | -- | 59,272 | |
| Rainbow Trust Children's Charity | reg. charity 1070532 | 24,000 | 275 | |
| Abling International CIC | reg. CIC ref 12142706 | 16,200 | 6,000 | |
| The Helen Bamber Foundation | reg. charity 1149652 | – | 6,000 | |
| The Trussell Trust | reg. charity 1110522 | 10,000 | 5,000 | |
| Disasters Emergency Committee | reg. charity 1062638 | 7,500 | 5,000 | |
| Frontline 19 CIC | reg. CIC ref 13038853 | 20,000 | 20,000 | |
| St Georges Hospital | reg. charity 1171195 | – | 6,223 | |
| Mind | reg. charity 219830 | – | 2,355 | |
| The Lucy Rayner Foundation | reg. charity 1152243 | – | 5,437 | |
| The Charlie Waller Trust | reg. charity 1109984 | – | 500 | |
| Rewilding Britain | reg. charity 1159373 | – | 4,000 | |
| Awards for Young Musicians | reg. charity 1070994 | 8,000 | – | |
| British Red Cross Society | reg. charity 220949 | 5,000 | – | |
| CW+ Best For You | reg. charity 1169897 | 26,220 | – | |
| St Giles Hospice | reg. charity 509014 | 1,000 | – | |
| Give It Your Max | reg. charity 1140804 | 820 | – | |
| Great Ormond Street Hospital | reg. charity 1160024 | 430 | – | |
| 120,170 | 120,062 | |||
| 5. | Governance costs | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Bank charges | 4 | 85 | ||
| Legal fees | 751 | 2,820 | ||
| Accounting fees | 900 | 1,845 | ||
| 1,655 | 4,750 |
12
The Martin Charitable Trust
Notes to the financial statements
as at 5 April 2023
6. Fixed Asset Investments
| 2023 £ Cost a 5 April 2022 540,435 Additions 848,218 Disposals – Cost a 5 April 2023 1,388,653 Cumulative unrealised gains/(losses) 92,403 Market value 1,481,056 |
2022 £ 533,736 6,699 – 540,435 108,747 649,182 |
|---|---|
The investments are held entirely in a multi-asset fund called the MFH Long Term Growth Fund.
7. Cash at bank and investment manager
| Trustee bank account Investment manager bank account Creditors: amounts falling due within one year Legal and Accounting fees Reimbursement payable |
2023 £ 198,993 148,644 347,637 2023 £ 1,575 1,234 2,809 |
2022 £ 369,967 18 369,985 2022 £ 1,475 483 16,005 |
|---|---|---|
8. Creditors: amounts falling due within one year
9. Contingent assets
On 7 March 2021, the Trustees acquired an interest in an unadministered estate of a deceased person. As at 5 April 2023, £794,117 has been received. The remaining value of this interest remains uncertain and due to this uncertainty no further legacy income has been recognised in these Financial Statements.
10. Related party transactions
During the year, the charity received donations which included £150,000 from Martin's Investments Holdings Limited (2022: £225,000), of which T H Martin, B C Gilbey and E C CarltonSmith are directors.
Other than the donations indicated above, there were no transactions with, or payments to, Trustees during the year (2022: none).
13