DO¢￿]gn Envelrpe ID.. OE1D54Aq￿NFDt￿SMgDFlI4￿FA
MRS FIONA M MARTIN'S 1988 CHARITY TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

Docusign Enwly ID: 0E1D54AA-c82￿FDt￿SMgDFl14E36FA
MRS FIONAM MARTIN'S 1988 CHARITYTRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR EIYDED S APRIL2024
Page
TTUStees' Annual Report
Ind¢pendent Exwninelg Re￿rt
Stat¢m¢nl of FinpncI￿Actlyit1&g
Balance Shc¢t
Schedule of Inve8th]ents and Incom¢
Notcs to the Fin￿￿1•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 T￿￿ceS are pleased to present their rq￿rt together with the fmanciai ststcments of the tharity for the year ended 5 April
2024. The financia] statements have been prepared in ac￿rdance with the accounting ry)licies set out in the notes to the financial
statements and comply with the charity's governing thcum¢nL the ch￿ltieS 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 g￿eral guidanc¢ on public b￿crit 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 Cu￿nt 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 Tr￿st 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¢ I￿v￿(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 Ch￿lty over the coming years.
The Trustee5 wnfident that the firtur¢ In￿Me stream is s￿re.
The invesknent p)licy is monitored by r¢gular inveskn¢nt rqM)rts aj￿ m¢¢tings wxth the InV￿ent 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 Tn￿te¢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 managem￿1 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? goverll*llce and management
The Trust has chaTitable status and was set up by Fiona Marlin by Deed dated 20 May 1988.
Th¢ management of the Ch￿lty 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 Ch￿Itable 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 administr*tive 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 T￿￿te¢S are Cowdray Tr￿8t 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 (Ap￿in1¢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-A￿39DF7l4E36FA
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 acco￿ling record8 which are sUffici￿t 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 Trt￿t Deed. They aTe also respy)nsible for safe8￿dIng 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.. OE1D54A￿821>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 tr￿Stee8 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 b￿lS of report
As the cl]arity'5 trustees you are rcswnsible for the prepar*ion 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 StateM￿t
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 C￿nCernIng 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 Consid￿ed &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(lo￿eS).
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: 0É1D54AoX82fMFDtkA￿39[￿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 b￿￿f 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 Inforn￿lion
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 Re￿rtIng 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¢ fina￿111 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 Tn￿teeS 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 Tn￿te¢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 ch￿lty has entitletllent to th¢ fimd% it is probable that the income will b¢
received and the amount C8n be rn￿Vr￿ reliably.
Eipellditll
Liabilities are recognised &8 eXp￿Idit￿re 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&39DF714￿FA
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 Tn￿t 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 D54￿C82[￿FDD-A￿39DF714E3fjFA
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
Geographic*l *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 ￿1￿81(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". OE1D54A￿82(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 Tr￿5*¢*10￿8
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