Charity number: 298197
The Martin Charitable Trust
Financial Statements and Annual Report
for the year ended 5 April 2025
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 (resigned 13 May 2025) | |
| 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 2025
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 2024:
E C Carlton-Smith
B C Gilbey T H Martin S Dolton (resigned 13 May 2025)
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 £2,338,426 (2024: £2,216,644) 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 2025
Financial Review
The results for the year to 5 April 2025 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.
Objectives, Activities and Performance
The objects of the charity are:
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a. The relief of poverty
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b. The advancement of education
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c. The advancement of religion
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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.
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in
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The The Martin Martin Charitable Charitable Trust Trust
Trustees’ Trustees’ report report for for the the year year ended ended 5 5 April April 2025 2025
accordance accordance with with applicable applicable law law and and United United Kingdom Kingdom Accounting Accounting Standards Standards (United (United Kingdom Kingdom Generally Generally Accepted Accepted Accounting Accounting Practice)... Practice). .. .. ;
The The law law applicable applicable to to charities charities in in England England & & Wales Wales requires requires the the Trustees Trustees to to prepare prepare financial[financial] statements statements for[for] each each financial:[financial] year.which year-which give give a a true true and[and] fair[fair] view[view] of[of] the the state of stateof affairs[affairs] of[of] the the charity charity and and of of the the incoming incoming resources resources and and application application of of resources resources of of the the charity for charity for tha that period. period. In[In] preparing preparing these these financial financial statements, statements, the the Trustees Trustees are are required required to: to: mot a
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e e select select suitable suitable accounting accounting policies policies and and then then apply apply them them consistently;. consistently;. e e observe observe the’methods. the‘methods and and principles principles in in the the Charities Charities SORP; SORP; ~ ee . ; e e make make judgements judgements and and estimates estimates that that are are reasonable reasonable and and prudent; prudent; . - e e state state whether whether applicable applicable accounting accounting standards standards have[have] been[been] followed, followed, subject subject to to an any material[material] departures departures disclosed[disclosed] and and[explained] explained in[in] the[the] financial[financial] statements; statements; ° 9
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e e prepare prepare the[the] financial[financial] statements[statements][on] on the[the] going[going] concern[concern] basis[basis] unless[unless] it[it] is[is] inappropriate[inappropriate] to[to] presume presume that[that] the[the] charity[charity] will[will] continues[continues] in[in] business.[business.]
The The Trustees Trustees are are responsible responsible for for keeping keeping proper proper accounting accounting records records that that disclose disclose with with reasonable reasonable accuracy accuracy at[at] any any time[time] the[the] financial[financial] position[position] of[of the] the charity[charity] and[and] enable[enable] them-to[them][to] ensure[ensure] that[that] the[the] financial[financial] statements statements comply comply with[with] the the Financial[Financial] Reporting Reporting Standard[Standard] applicable applicable in[in] the the UK[UK] and[and] Republic Republic of[of] Ireland[Ireland] (FRS102) (FRS102) issued issued on on 16 16 July July 2014 2014 and and the the Financial Financial Reporting Reporting Standard Standard applicable applicable in in the the United United Kingdom Kingdom and and Republic Republic of of Ireland Ireland (FRS102), (FRS102), the the Charities Charities Act[Act] 2011, 2011, UK[UK] Generally Generally Accepted Accepted Practice Practice as as it it applies applies from from 1 1 January:2015 January 2015 and and the the provisions provisions of of the the deed deed of of trust. trust. They They are are also also responsible responsible for for safeguarding safeguarding the the assets assets of[of] the the charity charity and[and] hence[hence] for[for] taking taking reasonable reasonable steps steps for for the[the] prevention prevention and[and] detection detection of of fraud fraud and[and] other other irregularities. irregularities. -
Approved Approved by by the the Trustees Trustees and[and] signed signed on on their their behalf[behalf] by: by:
E E C C Carlton-Smith Carlton-Smith . > a _— Date: Date: 13 13 May May 2025 2025
The The Martin Martin Charitable Charitable Trust Trust
Report Report of[of] the[the] Independent Independent Examiner[Examiner] to to the the Trustees Trustees of of the the Martin Martin Charitable Charitable Trust Trust
| | report report on on the accounts the accounts of of The The Martin Martin Charitable Trust Charitable Trust for for the the year year ended ended 5 April 5 April 2025, 2025, which which are are set set out out on on pages pages 8 8 to to 13. 13.
Respective Respective Responsibilities Responsibilities of[of] the the Trustees Trustees and and the the Independent Independent Examiner Examiner The The Trustees Trustees are are responsible respansible for for the the preparation preparation of of the the accounts; accounts; you you consider consider that that an an audit audit is is not not required required this this year year under under section section 144(2) 144(2) of of the the Charities Charities Act Act 2011.(the 2011 (the 2011 2011 Act) Act) and and that that an an independent independent examination examination is[is] needed. needed. The[The] charity's charity's gross gross income[income] exceeded exceeded £25,000 £25,000 and[and] | | am am qualified qualified to to undertake undertake the the examination examination by by being being a a qualified qualified member member of of[the] the[ICAEW.] ICAEW,
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It It is is my my responsibility responsibility to: to: i, i. examine examine the the accounts accounts under under section section 145 145 of of the[the][2011] 2011[Act;] Act;
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ji. ii. to to follow the follow the procedures procedures laid[laid] down down in in the the general general Directions Directions given given by by the the Charity EiChaviy
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Commission Commission under under section section 145(5){b) 145(5}{(b) of the of the 2011 2011 Act; Act; and and m
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fii. to state whether particular matters have come to my attention. iii. to state whether particular matters have come to my attention. . .
Basis Basis of of the Independent the Independent Examiner's Examiner's Report Report
My My examination examination was. was. carried carried out out in[in] accordance accordance with[with] the the General General Directions Directions given given by by the the Charity Charity Commissioners. Commissioners. An An examination examination includes includes a a review review of of the[the][accounting] accounting[records] records[kept] kept[by] by[the] the[charity] charity[ and] and[a] a comparison comparison of[of] the[the] accounts accounts presented presented with with those those records. records. It It also also includes includes consideration consideration of of any any unusual items or disclosures in the accounts, and seeking explanations from you as trustees unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning concerning any any such[such] matters. matters. The[The] procedures procedures undertaken undertaken do[do] not not provide provide all[all] the the evidence evidence that that would[would] be be required required in in an an audit, audit, and and consequently consequently no no opinion opinion is is given given as as to to whether whether the the accounts accounts present present a a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ‘true and fair view’ and the report is limited to those matters set out in the statement below.
- Independent[Examiner's] Statement InIndependent In connection connection Examiner'swith with my my examination, examination, Statement no no matter matter has has come come to to my my attention attention which which gives Blues me me cause cause to to believe that in any material respect: believee ¢ thatinthe the accounting accounting any materialrecords records respect: were were not not kept kept in in accordance accordance with with Section Section 130 130 of of the theso2011 2011 Act; Act; and and e e the the accounts accounts did did not not accord accord with with the the accounting accounting records; records; e the the accounts accounts did did not not comply comply with with the the applicable applicable requirements requirements concerning concerning the the form form and and content content of of accounts accounts set set out out[in] in the the Charities Charities (Accounts (Accounts and and Reports) Reports) Regulations Regulations 2008 2008 other other than than any any requirement requirement that that the the accounts accounts give give a a “true “true and and fair” fair” view view whichis which is not not a a matter matter considered considered as as part part of of an an independent independent examination. examination.
| have no concerns and have come across no other matters in connection with the examination to which which | have attention attentionno concernsshould should and havebe be drawn drawn comein in acrossthis this report report no otherin in mattersorder order to to enablein enable connectiona a proper proper withunderstanding understanding the examinationof of the the to accounts to be reached. accounts to be reached.
A. Kbsbekis A. Kkneekis
Angela Angela Ktistakis, Ktistakis, ACA, ACA, FCCA[FCCA] GMAK GMAK Services Services Limited Limited 42 42 Crescent Lane Crescent Lane London, London, SW4 SW4 9PU 9PU pate 26. 6.[2025] Date 2b. G. 2O2LS
The Martin Charitable Trust
Statement of Financial Activities
for the year ended 5 April 2025
| 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 |
2025 £ 150,000 17,126 167,126 87,633 3,254 90,887 76,239 – 45,543 121,782 2,216,644 2,338,426 |
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 |
|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
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The The Martin Martin Charitable Charitable Trust Trust
Balance Balance Sheet Sheet as as at at 5[5] April April 2025 2025
| Unrestricted Unrestricted |
Unrestricted Unrestricted |
|||
|---|---|---|---|---|
| funds funds |
funds funds |
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| Note Note |
2025 2025 |
2024 2024 |
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| £ £ |
f £ |
|||
| Fixed assets Fixed assets |
||||
| Investments Investments |
6 6 |
2,043,071 2,043,071 |
1,968,805 1,968,805 |
|
| Current assets Current assets |
||||
| Donations receivable Donations receivable |
7 7 |
75,000 75,000 |
- - |
|
| Cash at bank and investment manager Cash at bankand investment manager |
8 8 |
221,355 221,355 |
248,839 248,839 |
|
| Creditors Creditors |
||||
| Amountsfailing due within one year Amounts failingdue within oneyear |
9 9 |
(1,000) (1,000) |
(1,000) (1,000) |
|
| Net current assets Netcurrent assets |
295,355 295,355 |
247,839 247,839 |
||
| Total net assets Total netassets |
. | 2,338.426 2,338.426 |
2,216,644 2,216,644 |
|
| Represented by: Represented by: |
||||
| Unrestricted funds Unrestricted funds |
2,338.426 2,338.426 |
2,216,644 2,216,644 |
The The notes notes on on pages pages 10 10 to to 13 13 form form part part of of these these financial financial statements. statements.
The The financial financial statements statements have have been been prepared prepared in in accordance accordance with with the the Financial Financial Reporting Reporting Standard Standard applicable applicable in[in] the the United United Kingdom Kingdom and and Republic Republic of of Ireland Ireland (FRS102). (FRS102).
The The financial financial statements statements were were approved approved by by the the Trustees Trustees on on 13 13 May May 2025 2025 and and were were signed signed on on their their behalf behalf by: by:
E E C C Carlton-Smith Carlton-Smith _
The Martin Charitable Trust
Notes to the financial statements as at 5 April 2025
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 2025
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 |
2025 £ 150,000 – 150,000 2025 £ 17,126 |
2024 £ 150,000 117.947 267,947 2024 £ 17,006 |
|---|---|---|
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The Martin Charitable Trust
Notes to the financial statements
as at 5 April 2025
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 | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Young Sounds UK | reg. charity 1070994 | 23,000 | 8,000 | |
| Action for Conservation | reg. charity 1157297 | 15,000 | 15,000 | |
| Rewilding Britian | reg. charity 1159373 | 15,000 | – | |
| Body and Soul | reg. charity 1060062 | 15,000 | – | |
| British Red Cross Society | reg. charity 220949 | 5,000 | 17,500 | |
| Jamie’s Farm | reg. charity 1129544 | 5,000 | 5,000 | |
| The Glass Door Homeless Charity | reg. charity 1083203 | 5,000 | – | |
| The Nucleo Project | reg. charity 1169328 | 4,000 | 4,000 | |
| Household Cavalry Foundation | reg. charity 1151869 | 260 | – | |
| National Autistic Society | reg. charity 269425 | 188 | – | |
| Alzheimer’s Society | reg. charity 296645 | 185 | – | |
| CW+ Best For You | reg. charity 1169897 | – | 26,220 | |
| Marine Conservation Society | reg. charity 1004005 | – | 15,000 | |
| Rainbow Trust Children's Charity | reg. charity 1070532 | – | 10,000 | |
| English National Opera | reg. charity 257210 | – | 5,000 | |
| Ovacome | reg. charity 1159682 | – | 2,630 | |
| Mind | reg. charity 219830 | – | 335 | |
| 87,633 | 108,685 | |||
| 5. | Governance costs | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Consultants | 2,200 | – | ||
| Bank charges | 72 | 67 | ||
| Accounting fees | 800 | 1,050 | ||
| IT costs | 182 | 175 | ||
| 3,254 | 1,292 |
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The Martin Charitable Trust
Notes to the financial statements
as at 5 April 2025
6. Fixed Asset Investments
| Fixed Asset Investments | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Cost as at 5 April 2024 | 1,660,618 | 1,388,653 |
| Additions | 28,723 | 271,965 |
| Cost as at 5 April 2025 | 1,689,341 | 1,660,618 |
| Cumulative unrealised gains/(losses) | 353,730 | 308,187 |
| Market value | 2,043,071 | 1,968,805 |
The investments are held entirely in a multi-asset fund called the MFH Long Term Growth Fund.
7. Debtors
| Donation from Martin’s Management Services 8. Cash at bank and investment manager Trustee bank account Investment manager bank account 9. Creditors: amounts falling due within one year Legal and Accounting fees |
2025 £ 75,000 2025 £ 221,320 35 221,355 2025 £ 1,000 |
2024 £ – 2024 £ 237,207 11,632 248,839 2024 £ 1,000 |
|---|---|---|
10. Related party transactions
During the year, the charity received donations which included £150,000 from Martin's Investments Holdings Limited (2024: £150,000), of which T H Martin, B C Gilbey and E C CarltonSmith are directors. The outstanding balance was £75,000 at the year end (2024: £nil).
Other than the donations indicated above, there were no transactions with, or payments to, Trustees during the year (2024: none).
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