**Marshall's Educational Foundation**
_Charity No. 312518_
## **Financial Statements**
for the year ended 31st December 2024
**Marshall’s Educational Foundation**
_Index_
Page Governors and Officer ................................................................................................................... 1 Report of the Governors ......................................................................................................... 2 & 3 Statement of Financial Activities ................................................................................................... 4 Balance Sheet ............................................................................................................................... 5 Notes to the Accounts ................................................................................................................... 6 Report of the Independent Examiner ............................................................................................ 7
**1**
**Marshall's Educational Foundation** _Governors and Officer_
## GOVERNORS
_Six Governors may be appointed by Marshall's Charity. Two may be appointed by St Olave's & St Saviour's Grammar School Foundation (*). The term of office is for three years._
Mr C Ledsam
## _Chairman_
***** The Very Revd A Nunn Mr W Eason Mr J Heawood Mrs T Scattergood Miss E Lang Mr Chibweka Kavindele
STAFF - Clerk to the Governors
Mrs C de Cintra
## CHARITY REGISTRATION NUMBER 312518
PRINCIPAL OFFICE
Marshall House 66 Newcomen Street London SE1 1YT
Tel : 020 7407 2979 e-mail: clerk@marshalls.org.uk
## INDEPENDENT EXAMINER
Price Bailey LLP 8th Floor, Dashwood House 69 Old Broad Street London, EC2M 1QS
**2**
**Marshall’s Educational Foundation**
_Report of the Governors for 2024_
## **1. Background and Objectives of the Foundation**
The Foundation has its origins in the Will of John Marshall, a whitebaker in Southwark, who died in 1631. In that Will, he created a trust which has become known as Marshall’s Charity, and which continues to own substantial assets and mainly provides grants for the support of the Church of England and the Church in Wales.
In 1880, the Educational Foundation was separately constituted as a Charity and continues as such to this day. In accordance with the original Scheme, as amended, the Foundation is wholly funded by Marshall’s Charity, which is required to make available 4% of its net income each year.
The Foundation disposes of its income on the following basis:
- a) In accordance with the Scheme, one-third of its available income is given to Stamford Endowed Schools, to be used by them for the support of the students at those schools at the discretion of their Principal.
- b) The remaining income is then used to make grants for educational purposes to individuals, who are native of Southwark, and with a preference for those students leaving St Saviour’s & St Olave’s School. In 2024 this objective has been met through awarding grants to individuals for their tertiary education.
The Foundation has had a long relationship with St Olave’s & St Saviour’s Grammar School, which was historically located in Southwark, but is now based in Orpington. In 2015, in consultation with the Charity Commission, the Governors agreed that John Marshall’s primary concern was for young people in north Southwark and therefore the Foundation needed to establish links to Southwark schools. Over the past few years the Foundation has forged a link with the sister school of St Olave’s & St Saviour’s Grammar School, namely St Saviour’s & St Olave’s School, a girls’ comprehensive located on the New Kent Road in London. Students of St Olave’s & St Saviour’s Grammar School who are resident in Southwark remain eligible to apply for grants from the Foundation.
## **Public Benefit**
The objects and purposes of the Foundation are set out in the first paragraphs of this Report. The Governors confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant-making policy for the year.
## **2. Structure, Governance & Governors’ Responsibilities**
The Foundation is governed by a body of Governors acting under the terms of a Scheme made by the Minister of Education under Section 18 of the Charities Act 1960, as supplemented by various Schemes of the Charity Commissioners. Under this scheme six of the governors are appointed by Marshall’s Charity and two by St Olave's & St Saviour's Schools Foundation for a term of three years. All Governors serve on the General Committee, and there are no sub-committees. None of the Governors receives any remuneration or benefit from the Foundation.
The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material
**Marshall’s Educational Foundation**
_Report of the Governors for 2024_
departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Governors are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that financial statements comply with the provisions of the Scheme and applicable law. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **3. Review of Activities and Future Plans**
The Foundation seeks to distribute all of its income to beneficiaries, within the constraint that the exact allocation from Marshall’s Charity is not known until after the annual Governors’ Meeting in October to allocate the grants.
For 2024 the Foundation received a grant of £33,862 (2023: £36,761) from Marshall’s Charity plus interest and investment income of £851 (2023: £88). Its support costs amounted to £1,856 (2023: £2,762). One third of its net income, £12,115 (2023: £12,296) was allocated to Stamford Endowed Schools and £14,000 (2023: £26,200) to pupils at St Saviour’s & St Olave’s School, as described below. At 31st December 2024 total net assets were £16,315 (2023: £6,473). The governors aim to retain reserves of £5,000 in case any applications are received from eligible pupils of St Olave’s Grammar School.
The funds made available to Stamford Endowed Schools are used by them to pay for lunches for students in need, as well as supporting travel opportunities and music lessons for students unable to meet the full cost of the activities.
For the balance of the funds, following the policy established in 2015, the Governors awarded grants to pupils going on to tertiary education and committed to supporting the students. Each student was awarded a grant of £1,000 per year for the duration of their course. The decision took account of the students’ potential and commitment and each student who was awarded a grant had a strong supporting statement from St Saviour’s & St Olave’s School. In 2024 a total of £14,000 was made available to 4 students going on to tertiary education (2023 – £24,000 to 8 students). No further awards were made available to extend the grants of students for a further year (2023- £2,200) _._
## **4. Reserves Policy**
Because the Foundation has no fixed costs, and all grants are charged at the time of the meeting to approve them, the Governors’ policy is that no reserves are necessary other than those arising from minimal annual variations between income and expenditure.
Approved by the Governers and authorised for issue on 1st October 2025 and signed on their behalf
~~........................................................................~~ ....... Chairman Charles Ledsam (Oct 3, 2025, 11:12am) Charles Ledsam
03 Oct 2025
**4**
**Marshall's Educational Foundation**
Statement of Financial Activities for the year ended 31st December 2024
|**Notes**
**Income from:**
John Marshall's Charity
Investment income
**Expenditure on:**
**Support costs**
Bank account fee
Independent examination fee
ICO fee
Travel expenses
2
Tax investigation scheme
Clerk's salary
**Charitable expenditure - grants**
Stamford Endowed Schools
St Saviour's & St Olave's School
University entrant awards
Less cancellations
**Total expenditure**
**Net surplus/(deficit) for the year**
Fund balances brought forward
**Fund balances carried forward**|**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|
||**£**
60
1,500
35
-
240
21|**£**
33,862
851|**£**
74
1,650
35
814
168
21|**£**
36,761
88|
||**1,856**||**2,762**||
||||||
All income and expenditure is in relation to unrestricted funds.
**Marshall's Educational Foundation**
**5**
Balance Sheet at 31/12/24
|||**2024**|||**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
||**Note**|||||
|**Fixed Assets**||||||
|Investments|2||20,793||0|
|**Current Assets**||||||
|John Marshall's Charity||33,862||36,761||
|Cash at Bank||5,376||24,410||
||||39,238||61,171|
|**Creditors: Amounts falling due within one year**||||||
|St Saviour's & St Olave's School||||||
|University entrant awards 2019||500||1,500||
|St Saviour's & St Olave's School||||||
|University entrant awards 2020||0|||600|
|St Saviour's & St Olave's School||||||
|University entrant awards 2021||700||3,500||
|St Saviour's & St Olave's School||||||
|University entrant awards 2022||1,600||8,800||
|St Saviour's & St Olave's School||||||
|University entrant awards 2023||6,400||6,400||
|St Saviour's & St Olave's School||||||
|University entrant awards 2024||4,000|||0|
|St Saviour's & St Olave's School||13,200||20,800||
|Headteacher's Fund||6,751||6,752||
|Stamford Endowed Schools||12,115||12,296||
|Other creditors||1,650||1,650||
||||(33,716)||(41,498)|
|**Net Current Assets**|||5,522||19,673|
|**Creditors: Amounts falling due after more than one year**||||||
|St Saviour's & St Olave's School||||||
|University entrant awards|||(10,000)||(13,200)|
|**TOTAL NET ASSETS**|||**16,315**||**6,473**|
|**FUNDS**||||||
|**Unrestricted Funds b/f**|||6,473||9,082|
|**Surplus / (deficit) for the year**|||9,842||(2,609)|
|**Unrestricted Funds c/f**|||**16,315**||**6,473**|
Approved by the Governors and authorised for issue on 1st October 2025 and signed on their behalf:
~~C~~ hairman
~~………………………………………~~ Charles Ledsam (Oct 3, 2025, 11:12am) Charles Ledsam 03 Oct 2025
**6**
**Marshall's Educational Foundation**
Notes to the Accounts for the year ended 31st December 2024
## **1. Accounting policies**
a. Marshall's Educational Foundation is a Charity registered in the United Kingdom. The principal office is Marshall House, 66 Newcomen Street, London, SE1 1YT. The financial statements are prepared in sterling and are rounded to the nearest £.
## b. The Foundation has no restricted or endowed funds.
c. The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
d. Income - Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
e. Marshall's Educational Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
f. Fixed asset investments are included at cost of acquisition and then market value at the balance sheet date.
g. Debtors and creditors receivable / payable - Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
h. Grants are treated as expenditure when authorised by the Governors and when committed via communication to a third party, not when they are paid. Other expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
i. Financial instruments - The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their fair value as at the balance sheet date. All financial instruments of the charity are measured at cost.
## **2. Investments**
|**2. Investments**||
|---|---|
|Payment into CCLA COIF Charities Deposit Fund on 22nd May 2024
Income reinvested
Transferred to bank account
Market value at 31st December 2024
Historical cost|**2024**
**2023**
50,000
0
793
0
(30,000)
0|
||20,793
0|
||20,000
0|
## **3. Travel expenses**
During the year ended 31 December 2024, no expenses were reimbursed to trustees (2023 - £154 to 2 trustees) in relation to travel and subsistence costs incurred whilst fulfilling their role at the Charity.
## **4. Related party**
During the year the Foundation received a grant of £33,862 (2023: £36,761) from Marshall’s Charity. The balance outstanding at the year end included in debtors is £33,862 (2023: £36,761).
**7**
## **INDEPENDENT EXAMINER’S REPORT TO THE GOVERNORS OF MARSHALL’S EDUCATIONAL FOUNDATION**
I report to the Governors on my examination of the accounts of Marshall’s Educational Foundation for the year ended 31 December 2024 which are set out on pages 4 to 6.
Your attention is to drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
## **Respective responsibilities of trustees and examiner**
As the charity trustees of the company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do 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.
I 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.
## Signed :
.
Suzanne Goldsmith FCA Price Bailey 8th Floor, Dashwood House 69 Old Broad Street London, EC2M 1QS
Date: 8 October 2025