DO¢]gn Envelrpe ID.. OE1D54AqNFDtSMgDFlI4FA MRS FIONA M MARTIN'S 1988 CHARITY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Docusign Enwly ID: 0E1D54AA-c82FDtSMgDFl14E36FA MRS FIONAM MARTIN'S 1988 CHARITYTRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EIYDED S APRIL2024 Page TTUStees' Annual Report Ind¢pendent Exwninelg Rert Stat¢m¢nl of FinpncIActlyit1&g Balance Shc¢t Schedule of Inve8th]ents and Incom¢ Notcs to the Fin1•1 Statemet 8-11
Docuslgn Envelope ID.. OE1D54AkC8204FDthAB5&39DF714E36FA MRS FIONAM MARTINIS 1988 CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR EM)ED 5 APRIL 2024 The TceS are pleased to present their rqrt together with the fmanciai ststcments of the tharity for the year ended 5 April 2024. The financia] statements have been prepared in acrdance with the accounting ry)licies set out in the notes to the financial statements and comply with the charity's governing thcum¢nL the chltieS Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Prnctice applicable to Charities preparing their accounts in accordance with the Financial Reporting StatLdard appli(2ble in the UK and Republic of Ireland published in October 2019. Objectives and Activities Thc Trustees may pay or apply the unrestricted capital and income of the CIArity to or for such charitable institutions or purposes as the Trustees in their absolute discrction think fit Thc Trustees w out these objc¢tiv¢s by regUl]Y nsId¢Ting appeaIs from other dwities and making wli¢y and funding decisions. Publie Benefit Th¢ Trustees confirm that they have complied with the duty in section 17 of the Chatitie5 Act 2011 and have ref¢rTed to the guidance contained in the Charity Commission's geral guidanc¢ on public bcrit when reviewing the Charity's aims 8J]d objectives and in planning fvture activities and setting the donations p)iicy for the year. The benefit that arises is the provision of fLmding to org8nisations that demonstrate charitable purEK>Se. A¢hi¢veme•ts and perfornignce Dwing the year the TnL5tees rnade grants totslling £1.4(Y) [2023: £550] in furthemce of their objectives and continue to make grnnts to charitable organisations iM)th on a one-off and Tccurri basis. The larger grants awarded during the year are stated in the notes to the financial statements. Th¢ Trusttts are pleased with the progress made in the financial year ended 5 April 2024 and look forward to expanding their work with many other ch8Tities in the years to come. Finantial reviMv The TnL8tees receiv £4.133 in investmeot income in the Cunt year [2023: £1,700] and the Trustc¢s have &hieved their intention of spending the income on chgritable activities. Net incoming rcsources for the ycar wcre £107.133 [2023: incoming £132]. In addition the Trst made an unrealised gain of £26.261 [2023: loss £8.836]. The nel incoming rnovcment on funds was £133.394 [2023." outgoing £8.704]. Investment policy The Trustees have instructed th¢ Iv(Ment Manager that the p)rtfolio is to be Inv to w)duce a suitable mixtur¢ of income in order thai the level of grants may be maintained and capital growth to secure the firturc of the Chlty over the coming years. The Trustee5 wnfident that the firtur¢ InMe stream is sre. The invesknent p)licy is monitored by r¢gular inveskn¢nt rqM)rts aj m¢¢tings wxth the InVent Manager. A breakdown of the investments h¢ld during the financial year ended 5 ApTiI 2024 can k se¢n on page 7. Risk MAn4gement The major risks to which the Charity is [m)sed bave been identified and steps taken to mitigate those risks. The main risk to the Charity concerns the investments held. The Trustees have mitigated this risk by engaging Cazenove Capital to manage the investments and monitor the prtfolio al financial risks to the Clwity. The Trustees regularly review the valuation of investmcnts and the income stream generated. The TnL8tees havc satisfied themselves that the tnLSt is a going concern and ha5 adequate res()urces to coThtinue in operational existencc for the foreseeable future. The charitable activities are funded by the investment portfolio and although Covid-19 did have a ncgative impact on this. the portfolio h&8 Tecovered with sufficient value to suptrf)rt continued grdnt makin
Docusign Envelope ID: OE1D54AA-C82CHFDtW55-39DF714E36FA MRS FIONA M MARTIN'S 1988 CHARTTY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Reserves policy It 1$ the intention of the Tnte¢S to SU8tain the unrestrictd funts at a level which will provide sufficient fimds for the level of grants paid and to cover the Charity's managem1 and administration costs. At the Balance Sheet date the unrestricted reserves amounted to £304.659. Future Plans The Trustccs do not envisage any material change to the operdtion of the Charity in the long-terni and the investments will continue to bc managed on a similar basi5 as they are now. Notwithstanding this. thc Trustees remain flexible in terms of the type of organisations they suppo Strueture? goverllllce and management The Trust has chaTitable status and was set up by Fiona Marlin by Deed dated 20 May 1988. Th¢ management of the Chlty is vested in the Trust¢es and they actively review the rKr¢¢iv¢d major risks which the Charity faces and the Truste¢s are Satisfied that the sys¢¢ms are in p18ce to mitigate tIM)se risks. The TnL5tees have received appropriate briefing on their reS[M)sibl17tses und¢r the law relating ts) charities 8nd their duty to ensure that their ChItable activities are for the public benefiL The apw)inttneIit of new trustees is vested in th¢ Settlor during their life. The selection of future ttustees will have regard to the skills. knowledge and experience needed for the effective administration of the Charity. Induction )d training ftir tNst¢es is provided where relevant. R¢fer¢nc¢ and administrtive illforniation Aregistered charity, registered with the Charity Commissioners for Engl and Wales as number 800046. Principat Office: 4th FIIK)r, 7 Swallow Street London WIB 4DE The Tte¢S are Cowdray Tr8t Limited and Fiona Martin. Thc Directors of Cowdray Trust Limited aJe: Thc Hon H M T Gibson (Chairnian) The Vtscount Cowdray The Hon C A PeaThon The Hon P N Gibson The Hon B C Gurdon MrJRESmith Mr R C P Troughton (Retired 13 ju 2024) Mrs S J Burrell Mrs C A Bullough (Apin1¢d 30August 2024) Mr S J Atkinson Mrs FARice Mr M P Harris Mr K Wrighi Solicitors: Currey & Co LLP 33 Quccn Anne Street London WIG 9HY
DocLkslgn Envelope ID: OE1 D54W8204FDD-A39DF7l4E36FA MRS FIONA M MARTIN'S 1988 CHARftYTRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL2024 Independent Examiner: Harriet Sergeant Martin and Company Audit Limited 25 St Thomas Street Winchester Hampshire S023 9HJ Banker.. Royal Bank of Scotland 119- 121 Victoria Street tA)ndon SWIE 6RA B8nker.' Schroder & Co l London Wall Place London EC2Y SAU Investment Manag¢r: Cazenove Capiial l London Wall Place London EC2Y SAU StAtement of Trnstees, Rupowibili¢ks The Tntstees arc restK)nsible for preparing the Trustees. Re)rt and the fuJanci81 statements in accordance with applicable law and rcgulations. The law applicable to charities in England and Wales requires the trustees to prqAre financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practicc (United Kingdom Accounting Standar(L% and applicable regulations). Under that law the trustees must not approve the financial statemenis unless they are satisfied that they give a trne and fair view of the sGite of aff8irs of the charAty and of the incoming resou and applicatlon of resources of the charity for that perio(L In preparing th&8e fmancial statements the tnjslees ar¢ r4uired to: - select suitsbl¢ accounting p)licies and then apply them consistently. - obsetve the method8 and principles in the Charities SORP (FRS 102): - make judg¢m¢nts and accounting estimates that are reasonable and prudenL' - state wh¢th¢r applicable accounting standarth have bern followryl subj¢ct to any material depar disclosed and explained in the finanGiai statements. and - pr¢paTe the financial 51atcments on the going concem basis unless it is inappropriarte to pr¢sum¢ that the charity will continue in busities& The Trustees are resp)nsible for keeping adequate accoling record8 which are sUfficit to show and explain the charity's trdttsactions and disclose with reasonabl¢ accuracy at any time the financial position of the charity and enable them to ensu that the fuwicial statements comply with the chariti Act 2011. the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trtt Deed. They aTe also respy)nsible for safe8dIng the assets of the charity and hence for tsking Teasonable steps for the prevention and detection of fraud and other iffeEuknti& Approved by the Trustees on 23 October 2024 and signed on their bchaif by: Cowdrny Trust Limited FIDD* MartiN Dlrector
Docu8ign Envelope ID.. OE1D54A821>4FDD¥B5M9DFf14E3GFA MRS FIONA M MARTIN'S CHARITY TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I rery)rt to the ch0Jity trStee8 on my mInation of the financial ststements of the tharity for the year ended 5 April 2024 which are set out on Pag 5-11. Rtsponsibiliti&s and blS of report As the cl]arity'5 trustees you are rcswnsible for the preparion of the financial statements in accordance with the requirements of the Charitie5Act 2011 (heArt'). I rewrt in res of my examination of the cljarity's financial statements carried out under scction 145 of thc Act and in canying out my examination I have followed all the applicable directiotKs given by the Charity Corntllission under section 145(5)(b) of the ACL Independent ¢mIner'S StateMt I have wmpleted my examinalion. I confirm that no material matters have rne to my attcntion in connection with the examinatton giving me cause to believe that in any mafrrial respeci: accounting recor(L5 were not kept in resp¢rt of the charity as r¢quireAI by section 130 of theAcL or the fmancial statements thj not accord with those records. or the financial statements do not wmply with th¢ applicable requirements CnCernIng the forni and content of financial ststements set out in the Charities (Accounts and Retrf)rts} Regulations 2(108 other than any Tequirem¢nt that the financial statements give a and fair view which is not a matter Consided &8 Part of an independent examinatiOlL I have no concerns and have come across no other Dlatters in connection with the examination to wbich attention should be drawn in this report in order to enable a proper underthding of the financial statements to be rcacheiL Martin and CompanyAudit LimitC41 25 St Thomas Street Winchester Hampshire S023 9HJ Date: 2DL
Docu¥h3n Envelope10: QE1D54AA-C82t>4FDthAB5M9DF714E36FA I[Rs FIONA M MARTIN'S 1988 CHARTfY TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR EIYDED 5 APRtL 2024 21A4 Unrestrieted funds 2023 Note Total fuDds Prior year tfjtsl futtds lllcome from: Donations and legacies Investments 107.249 4,133 107.249 4.133 1.700 Total 111,382 111.382 1.700 Expelldiiur¢ om: Raising fimds Charitable 7vitieS 80 4.169 62 1,506 4.169 Totsl 4249 4249 1,568 Net iDcomel(expendithre) 107.133 107,133 132 Other reeopised vinsl(loeS). Gall(lO$S¢S) on inv&8tment Sets Ji 26,261 26,261 (8,836) Net movemeot in thnds 133.394 133.394 (8.704) Reconclllation of funds: Totsl funds brought forward 15 171265 171,265 179,969 Totsl ndS c4rried forward 304.659 304,659 171,265
DO$jn Envelope ID: 0É1D54AoX82fMFDtkA39[714E36FA MRS FIONA M MARTIN'S 1988 CHARITY TRUST BALANCE SHEET AS AT 5 APRIL 2024 Not¢ 2024 Total nds 2023 Prior year funds Fixed Assets: Investments li 303,262 169.752 Total Fixed A55ets 303.262 169.752 CurrtntA5sets: Debtors Cash at bank io 1,593 13 3,326 Total CurreDt Assets 3.326 1,603 Liabilities: Creditors: Amounts falling due within one year 14 (1.929) (90) et Current Assets or Liabilities 1.397 1.513 Total NetA&sets or Lixbllltles 304.659 171,265 The FuDds of the Charity. Unrestricted funds 15 304.659 J71,265 Tot*1 Charity Funds 304.659 171.265 Approved by th¢ Trustees on 23 October 2024 and sigwj on their bf by: Cowdray Trust Limited Fw)n4 Marti• Dirertor
Docusign Envelope ID.. OE1 D54AA£821HFDLW5M9DF714E36FA MRS FIONA M MARTIN'S 1988 CHARrfY TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2024 Stststory Infornlion Mrs Fiona M Martin's 1988 Charity Trust is a registered chaTity. The registered numbeT and principal office address can be found in the R¢p)rt of the Tntstees,. Accounlinl Policies Basis of fingneial statements prep4r*tion The financial statements of the charity, which is a public benefit entity. have been prepared in a¢cordance with the Chuiti¢s SORP (FRS 102) 'Accounting and Rcry)rting by Charitie5: Statcment of Recomrncnded Practice applicable lo chaTities preparing their cOuntS in accordance with the Financial RertIng Standard applicable in the UK and Republic of Ircland (FRS 102) (effective l January 2019),. the Financial Rep)rting Standard applicable in the United Kingdom and Republic of fr¢land (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Th¢ fina111 statements have been prqjared to give a and faie view and hav¢ depart from the chariti (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and faif view. This d¢parture has involved following Accounting and Rwrting by Charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in Octs)ber 2019 rath than the Accounting and Reporting by Charities: Stat¢m¢nl of Recommended Practice effective from l April 2005 which has since been removed. The TnteeS consider that there are no material uncertaintses aixtyut the Tru5V5 ability to continue &$ a going conc b) Nature of fundy All fimds held are unrestricted and the Tnte¢S are free use them in Accordat with the charitable objects. Fixed tt investments Investments are stated at market value at the Balance Shcd date. Overseas investsnents are trdnslated into sterling at thc rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disw)sals throughout the year. d) ID¢OIM¢ Income is recognised in the SOFA once the chlty has entitletllent to th¢ fimd% it is probable that the income will b¢ received and the amount C8n be rnVr reliably. Eipellditll Liabilities are recognised &8 eXpIditre a5 soon as there is a legal or cotLStructive obligation commitDng the charity to that expenditure, it is probable that a transfer of ecoTh)mic benefits will be required in settlement and the amount of the obligation can be measLwed reliably. Expenditure is accounted for on an accruals b&8is and has beffl ¢las5ified under ljeadiw that aggregate all costs related to that cat¢gory. Where costs cannot be directly artributcd io parti¢)Jlar IMding& they have been ajlocated to activities on a basis consistent witb the Se of TCSOuf& Charitsble grnnts Grants payable ar¢ rwA)gnised in the SOFA when they ar¢ approved by the and the recipient has b¢en infornied of th¢ amount to be paid.
Docusign Envelope ID: OE1 D54M£82NFDthABS&39DF714FA MRS FIONA M MARTIN'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRtL 2024 g) Foreign eurreneies Transaction5 denominated in a foreign curncy are translatrd into Skrling at the Tate of exchange ruling at the date of the transaction. At the Balance Sheet date monetary assets and liabilities denominated in a forei cumcy are trgn51ated at the rate ruling at that date. All exchang¢ differences are dealt with in the SOFA. h) IrrecDverAble VAT ItTecovetablc VAT is written off to the same category in which the actual expendittre was incuTre4L Remuwjerntion of Trustees In the financial year to 5 April 2024 the Trustee5 did JK)t receive any remuneration or have th¢ir expense5 reimbursed by the Charity. Cowdrny Tnt Limited charged admini3lration expenses of £2.662 [2023". £866]. Donations and leycies 2024 2023 Gift from Simon Greenwcrf)ds 1988 Charity Trust 107,249 107.249 Illvestment incomè 2024 2023 In¢x)me from investments 4,133 1,700 4,133 1,700 Expendlthre on rgising funds 2024 2023 Investment management fees 80 62 80 62 Chxritxbk activities Dirett costs Support costs (see note 8) (see Aok 9) 2024 Total 2023 Totxl Charitable expenditure 1769 4,169 1.506 Direct tosts The Charity undertook no direct charilable a¢liviti&8 but awarded grants to Charities Aid Foundation of £1.400 in furtherance of its charitable objectives.
Do¢19n Envelope ID.. OE1 D54C82[FDD-A39DF714E3fjFA MRS FIONA M MARTIN'S 1988 CHARrrY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THI YEAR EIYDED 5 APRIL 2024 Support tosts 2024 2023 Athnini$tratiOTJ expenses Portfolio Stewardship fees 2.662 107 866 90 2.769 956 During the year administration expenses of £2.662 were Charg by Cowdray Trust Limited (trustee). The amount of £850 plus VAT w&8 chargcd by Harrid Sergeant of Martin and Company Audit Limited for her Indq)endent Examination of these Financial Statemerrts. 10 Stsff cfysts There are no employtts so cons4uenily Th) 5¢aff LX)sL8 have been incurre(L 11 Fixed asset investments 2024 2023 Market value brought forward AdditiOA8 Net gainsl(losses) on investments 169.752 107249 26.261 178,588 {8,836) 303,262 169.752 Geographicl ll*tysly 2024 2023 Unitsj Kingdom inv¢stsn¢nts Overseas investmmts 302.918 344 169,543 209 303,262 169.752 The investments were revalued each year to 5 April 1999. Therefore. th¢re is no historic cost figu available. The IM)ok value of thc invcslm¢nts at 5 April 2024 was £204.572. N¢t 181(1055esj on invuthhents includes realised gains for the year of £0 [2023: gain £0] and unrealised gains on revaluation to market value of £26.26] [2023: loss £8,836]. 12 D¢btors 2024 2023 Administration Expenses io io 10-
Docu3ign Envelope ID". OE1D54A82(HFD[AB5m9DF714E36FA MRS FIONA M MARTIN'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13 Cash gt bgnk 2024 2023 Royal Bank of Scotland SchTodeT & Co 2.876 450 1,063 530 3.326 1.593 14 Credito. Amounts falling due v4ithin one year 2024 2023 Athninistration exF¢llses tnvestment management fees 1,822 107 1.929 IS Movement in funds 2024 2023 Unrtstricted fimds: Balance brougbt forward Net movement in fun(ts 171,265 133,394 179,969 (8,704) Balance carrie41 forward 304,659 171.265 Net rnovement in fijnds included in the aknve are as follows: Gallls nd Movement losses in funds Income Outgoin UnrestTiCted Fun(L% 111,382 (4,249) 26.261 133.394 16 Relat Party Tr5¢*108 During the year. Millbank Financia] Services Limited (WS,) charged fees of £107 [2023: £90] for their Portfolio Stewardship seryice and Cowdray Tn Limited charged administration expe of £2,662 [2023: £866]. Th¢ Hon H M T Gibson, Thc Hon CA Ptarson and Mr M P Harris (DiTCCtor5 of Cowdray Trust Limiled) ¢ DirectOTS of MFS. It should be noted that a sibling of The Hon H M T Gibso the father of Mrs C A Bullough and the mother of Mr R C P Troughton (Director of Cowdray TTUSt Limite41) are Directors ot" MFS. n8mely "Ihe Hon W K fjibson and Mrs S H Trougbton respectively. Mr R C P Troughton retireA &8 Director of Cowdray TnL8t Limited on 13 June 2024. During the year, the Charity received a donation of £107,249 from Simon Greenwoods Charity TnL8t, the Tr of which is also Cowdray Trust Limite4L 11