Charity number: 298197
The Martin Charitable Trust
## **Financial Statements and Annual Report**
for the year ended 5 April 2024
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|
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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|
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The Martin Charitable Trust
## **Trustees’ report**
for the year ended 5 April 2024
## **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 2023:
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 Limited group. 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 £2,216,644 (2023: £1,825,884) were held in unrestricted general funds.
## **Particulars of the Settlement**
For charitable objects at the discretion of the Trustees.
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The Martin Charitable Trust
## **Trustees’ report**
for the year ended 5 April 2024
## **Financial Review**
The results for the year to 5 April 2024 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 individual. The legacy has now been settled, and £912,064 has been received of which £117,946 was within the year.
## **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.
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.
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> The Martin Charitable Trust
> Trustees’ report for the year ended 5 April 2024
## Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statementsin 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 charity for that period. In preparing these financial statements, the Trustees are required to:
- e select suitable accounting policies and then apply them consistently;
- e observe the methods and principles in the Charities SORP;
- 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 -----**
nd [(5,]
E C Carlton-Smith
—
**----- End of picture text -----**
Date: 24 July 2024
## The Martin Charitable Trust
## Report[of] the Independent[Examiner]
## to the Trustees of the Martin[Charitable] Trust
> | report on the accounts of The Martin Charitable Trust for the year ended 5 April 2024, 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:
- e the accounting records were not kept in accordance with Section[130] of the[2011] Act;[and]
- ¢ 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.]
> Ak. Kate de,
Angela Ktistakis,[ACA,][FCCA] GMAK Services Limited 42 Crescent Lane London, SW4[9PU]
Date 16 Ag. 074
The Martin Charitable Trust
## **Statement of Financial Activities**
for the year ended 5 April 2024
|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**|2024
£
267,947
17,006
284,953
108,685
1,292
109,977
174,976
–
215,784
390,760
1,825,884
2,216,644|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|
|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
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> The Martin Charitable Trust
## Balance Sheet
as at[5] April 2024
**----- Start of picture text -----**
Unrestricted Unrestricted
funds funds
Note 2024 2023
f £
Fixed assets
Investments 6 1,968,805 1,481,056
Current assets
Cash at bank and investment manager 7 248,839 347,637
Creditors
Amounts failing due within one year 8 (1,000) (2,809)
Net current assets 247,839 344,828
Total net assets 2,216,644 1,825,884
Represented by:
Unrestricted funds 2,216,644 1,825,884
**----- End of picture text -----**
> 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 24 July 2024 and were signed on their behalf by:
> E C Carlton-Smith amy—
The Martin Charitable Trust
**Notes to the financial statements** as at 5 April 2024
## **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.
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The Martin Charitable Trust
**Notes to the financial statements** as at 5 April 2024
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|2024
£
150,000
117.947
267,947
2024
£
17,006|2023
£
150,000
794,117
944,117
2023
£
2,727|
|---|---|---|
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The Martin Charitable Trust
## **Notes to the financial statements**
as at 5 April 2024
## **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|
|||2024|2023|
|||£|£|
|CW+ Best For You|reg. charity 1169897|26,220|26,220|
|British Red Cross Society|reg. charity 220949|17,500|5,000|
|Action for Conservation|reg. charity 1157297|15,000|–|
|Marine Conservation Society|reg. charity 1004005|15,000|–|
|Rainbow Trust Children's Charity|reg. charity 1070532|10,000|24,000|
|Awards for Young Musicians|reg. charity 1070994|8,000|8,000|
|Jamie’s Farm|reg. charity 1129544|5,000|–|
|English National Opera|reg. charity 257210|5,000|–|
|The Nucleo Project|reg. charity 1169328|4,000|–|
|Ovacome|reg. charity 1159682|2,630|–|
|Mind|reg. charity 219830|335|–|
|Frontline 19 CIC|reg. CIC ref 13038853|–|20,000|
|Abling International CIC|reg. CIC ref 12142706|–|16,200|
|The Trussell Trust|reg. charity 1110522|–|10,000|
|Disasters Emergency Committee|reg. charity 1062638|–|7,500|
|St Giles Hospice|reg. charity 509014|–|1,000|
|Kensington & Chelsea Foundation|reg. charity 1125940|–|1,000|
|Give It Your Max|reg. charity 1140804|–|820|
|Great Ormond Street Hospital|reg. charity 1160024|–|430|
|||108,685|120,170|
|**Governance costs**||||
|||2024|2023|
|||£|£|
|Bank charges||67|4|
|Legal fees||–|751|
|Accounting fees||1,050|900|
|IT costs||175|–|
|||1,292|1,655|
## **5. Governance costs**
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The Martin Charitable Trust
## **Notes to the financial statements**
as at 5 April 2024
## **6. Fixed Asset Investments**
|**Fixed Asset Investments**|||
|---|---|---|
||2024|2023|
||£|£|
|Cost a 5 April 2023|1,388,653|540,435|
|Additions|271,965|848,218|
|Disposals|–|–|
|Cost a 5 April 2024|1,660,618|1,388,653|
|Cumulative unrealised gains/(losses)|308,187|92,403|
|Market value|1,968,805|1,481,056|
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
**8.**
**Creditors: amounts falling due within one year**
Legal and Accounting fees
Reimbursement payable|2024
£
237,207
11,632
248,839
2024
£
1,000
–
1,000|2023
£
198,993
148,644
347,637
2023
£
1,575
1,234
2,809|
|---|---|---|
## **9. Related party transactions**
During the year, the charity received donations which included £150,000 from Martin's Investments Holdings Limited (2023: £150,000), 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 (2023: none).
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