The PTC Trust
Dated 29 August 1989
(Charity Commission No 802322)
Accounts
for the year ended 30 September 2024
Mercer
Hole
Trustees

The PTC Trust
Dated 29 August 1989
Trustees. Annual Report
for the year ended 30 September 2024
Reference and administrative delails
Name of Charity:
The PTC Trust
Charity No. 802322
Trustees:
Timothy John Marks
Rupert Philip Marks
William Robert Marks
Christopher James Marks
Farrer & Co Trust Corporation Limited
The present directors of Farrer & Co Trust Corporation are..
K N Dunnell
SPShah
BLACove
D E Davidson
W J A Gordon
A M L Hollingshead
C A Kirby
R S McDermott
OIGPiper
S J Pring
AAGTumer
S S Von Schmidt Auf Altenstadt
L R C Horwood
S H J MacDonald
J C Ridgeway
N J Pomfret
C V Fraser
l R M Kerber (Apwinted on 19 November 2024)
Principal Office Address: Farrer & Co LLP
66 Lincoln's Inn Fields
London, WC2A 3LH
Solicitors:
Farrer & Co LLP
as above
Bankers and Investment
Managgrs:
Evelyn Partners
45 Gresham Street
London, EC2V 7BG
Accountants:
Mercer & Hole Trustees Ltd
72 London Road
St Albans, Hertfordshire
AL1 1NS
Independent Examiner:
Steve Robinson FCA
Mercer & Hole LLP
72 London Road
St Albans. Hertfordshire
AL1 1NS
Page 1

The PTC Trust
Dated 29 August 1989
Trustees. Annual Report
for the year ended 30 September 2024
structure, governance and management
Settlor=
Timothy John Marks
Governing Document:
The principal goveming document is a trust deed dated 29 August 1989.
The trust is a private charitable trust controlled by its trustees.
Appointmenl of Twstees: The setuor. Timothy Marks has the power to appoint trustees during his lifetime.
Existing trustees have been drawn from family members. plus a professional Trust
Corporation. The lay trustees ￿lY on outside advisors as necessary.
Managemgnt and control The settlor and trustee. Timothy Marks, has control and overall responsibility of the
day to day management of the charity.
Investment Powers:
The truslees have wide investment powers, including power to delegate to
professional investment managers and to invest in the name of nominees.
Rlsks:
The trustees do not consider that they are exposed to any material risks other than
fluctuations in the value of their investment portfolio. They have appointed
professional invesknent managers and review the investment performance on a
regular basis.
Objectives and activities
Objectives of the Charity: The trust was created for the benefit of the followng=
1) Any body or organisation whose objects are exclusively charitable by the law of
England and Wales.
21 Any other exclusively charitable purpose.
The trustees had power to accumulate income until 29 August 2010.
Activities..
The trust supports a range of social and community concems. It achieves its
objectives for the public benefit by making grants to other charitable bodies at the
discretion of Ihe trustees, having regard to the public benefit guidance published by
the Charity Commission.
A¢hievem¢nts and perfomance
No grants were made during the year ended 30 September 202412023: £48.4611.
The repayment and interest due on the funds lent lo Cotswold Water Park Society
Lld remained outstanding and the charty received minimal income. The charily did
not, therefore. make any donations in the year ended 30 September 2024.
Review of activities:
Financial review-
Tolal income was £51,027.10 {2023= £16,127) with expenditure amounting lo
£9,347.23 12023: £58.536). Net assets at the end of the year were £958,220.00
12023= £915.0581
Plans for future periods=
The truslees short-term and long-term objectives are to continue lo make grants in
accordance with their grant making policy. The trustees aim to utilise the
unrestricted and endowment fijnds to achieve this objective.
The trustees plans are to release funds from the endowment fund and the Charity
intends to ¢2ry out its purposes by making grants.
Grant making policy..
The grant making policy and approval of individual grants is made by the trustee
body as a whole.
The Irustees, objective is to facilitale charttable causes and objects chosen by them,
to create OPPK)rtunites and lo make a difference lo those causes and objects.
Page 2

The PTC Trust Dated 29 August 1989 

## Trustees' Annual Report 

for the year ended 30 September 2024 

Reserves: The trustees' policy is to make grants as they consider appropriate. They had power to accumulate income until 2010. They have no requirement to retain reserves for any specific purpose, and may draw on expendable endowment to fund activities. Investment Policy: The trustees' investment portfolio is managed on a discretionary basis by Evelyn Partners. 

Signed: ....................................................... Chris Marks on behalf of the trustees Date: ....................................................... 

Page 3 



Independent Examiner's Report to the Trustees of
PTC Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30
September 2024 which are set out on pages 1 to 10.
Responsibilities and basis of report
As the charivs trustees you are responsible for the preparation of the accounts in accordan￿ with the
requirements of the Charities Act 2011 (Ihe Acl'}.
I report in respect of my examinalion 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 confimi that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the
Act., or
2. the accounts do nol accord with those records., or
3. the accounts do not comply with the applicable requirements conceming the fomi and content
of accounts set out in the Chartties (Accounts and Reports) Regulations 2008 other than any
requirement that the accounts give a ttrue and fair view which is not a matter considered as
part of an independent examination.
I have no GOn￿rnS and have come across no other matters in connection with the examination lo which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Signed..
Steve Robinson FCA
Mer￿r & Hole LLP
72 London Road
St Albans
Herts
AL1 1NS
Date=
Page 4

The PTC Trust
Dated 29 August 1989
Statement of Financial Activities
for the year ended 30 September 2024
2024
2023
Endowment Unrestricted
Funds
Funds
Total
Total
Note
Income and endowments:
Investment income
Investment managers gross interest
Annual loan inlerest
Interest on late loan repayment
3.829.95
13.45
44.474.70
2,709.00
51,027.10
3,829.95
13.45
44,474.70
2,709.00
51,027.10
104
15.047
976
16,127
Expenditure on:
Costs of raising funds
Charitable activities
725.23
725.23
8.622.00
9,347.23
475
58.061
58,536
8.622.00
8,622.00
725.23
Net incomel{expenditure) before net
gainsl{lossesl on investments
(725.23) 42.405.10
41,679.87
(42,409)
Net gainslllosses) on investments
1.481.56
1.481.56
2.904
Net incomel{expenditure)
756.33
42.405.10
43,161.43
(39,505)
Net movement in funds
756.33
42.405.10
43,161.43
{ 39,505)
Reconciliation of funds
Total funds brought forward
894,747.97
20,310.60 915,058.57
954,563
Total funds carried forward
895,504.30
62.715.70 958.220.00
915,058
Page 5

The PTC Trust
Dated 29 August 1989
Balance sheet
30 S•pt•mb•r 2024
2024
2023
Note
Fixed assets
Listed investments at rnarket value
Loan to Cotswold Water Park S￿￿ty Lld- balance not y8t r8paydb18
Loan to Cotswold Water Park s￿Iety Lld- repayable amount including interest
Totsl loan and capitalised interest to Cotswold Water Part( Soaety Ltd
103,225.23
99,068
5 747,183.63
118,532.42
865,716.05
968.941.28
818,532
917.600
Current assets
Investment managers. bank accounts
1.158.72
1.158.72
3.716
3,716
Liabilities
Creditor5- amount5 falling due within one year
Legal charges
Aceountsnts, eharges
720.00
11,160.00
11,880.00
3.258
3,0(X)
6,258
Net ¢urrent assets
10.721.28
2.542
Net assets
958.220.00
915.058
Allocatlon of the chartys net assets
The net assets are held for the various funds as follows..
Exp•ndabla •ndowm•nt
895,504.30
894,747
Unr85trict8d income funds
Total ¢harityfunds
62,715.70
958.220.00
20,311
915.058
Approved by the trustees on ................................. and &gne(l on their behalf by
Trustee
Page 6

The PTC Trust
Dated 29 August 1989
Notes to the accounts
for the year ended 30 September 2024
Accounting policies
a) AGcountsng convention
The trust constitutes a public benefit entty as defined by FRS 102. The financial statements
have been prepared in accordan￿ wth Accounting and Reporting by Charities: Statement of
Recommended Practi￿ applicable to charities preparing their accounts ir) ac(x)rdance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 issued in
October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic
of Ireland, the Charities Act 2011, and UK Generally Accepted Accounting PraGtiGe.
The financial ststements have been prepared to give a 'true and fair. view and have therefore
necessarily departed from the extant Charities {Accounts and Reports) Regulations 2008 only to
the extent reqUI￿d to provide a 'true and fairf view. This departure has involved following the
Statement of Recommended Practi￿.. Accounting and Reporting by Charities applicable to
charities preparing their financial statements in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather
than the Statement of Recommended Practice: Accounting and Reporting by Charities effeclive
from 1 April 2005, which has since been withdravm.
The accounts are prepared in steding, ￿lch is the functional currency. Monetary amounts in
these financial statements are stated to the penny.
The accounts have been prepared under the historical cost convention.
b) Going concem
The trustees consider that there are no material uncertainties about the Trusl's ability to continue
as a going concern. There are no material uncertainties affecting the current yearfs accounts.
c) Income
Dividend income and interest from investment managers are received gross and shown gross.
Recoverable foreign tax deducted froffl dividends is recognised when it is received.
d) Investments
All investments held are listed on a recognised stock exchange and are included in the accounts
at their market value.
e) Grants payable
Grants are included in the accounts when paid.
Governance costs
These are the costs associated v￿th the govemance arrangements of the charity which relate to
the general running of the charity as opposed to those costs associated with fundraising or
charitable activity. The costs wll normally include intemal and external audit, legal advice for
truslees and costs associated with constilutional and statulory requirements e.g. the cost of
trustee meetings and preparing statutory accounts. Included wthin this category are any costs
associated wth the strategic as opposed to day to day management of the chariws activities.
g) Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at
the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are
recorded at the rate ruling at the date of transaction. All differences are taken lo the Statement
of Financial Activities.
h) Endowment fund- income
Any gifts made to the Charity as additions to the end0￿￿ent fund will be Ireated as expendable
endowment unless otherwise directed by the donor.
Page 7

The PTC Trust
Dated 29 August 1989
Notes to the accounts
for the year ended 30 September 2024
Accounting policies (continued)
i) Expenditure and irTrcoverable VA T
Expenditure is recognised once there is a legal or constructive obligation to make a payment to
a third paty, it is probable that settlement wll be required and the amount of the obligation can
be measured reliably. Expenditure is classified under the following activity headings..
Expenditure on charitable activities includes costs of exhibitions and other
educalional activilies undertaken to further the purposes of the charity.,
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activty for vthich the expenditure was
incurred.
J)
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered.
Prepayments are valued at the amount prepaid after taking account of any discounts offered.
k) Cash and cash equivalents
Cash and cash equivalents includes cash and short temi highly liquid investments with a short
maturity of three months or less from the date of acquisib'on or opening of the deposit or similar
account.
Credilors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third paty and the amount due
to settle the obligation can be measured or estimated reliably.
Creditors and provisions are normally recognised at their settlement amount after allowing for
any discounts due.
Fixed asset investments
2024
2023
Market value at 30 September 2023
Additions
Disposals
Net realised investment gainsl{losses)
Transferred to The Mulberry Trust
Accumulated interest
Net unrealised investment gainsl(losses)
Market value at 30 September 2024
99,068.49
149,153
(4,528)
(731
148,4611
(1,154.77)
11.45
3,829.95
1,470.11
103,225.23
2,977
99,068
Investments outside the UK
103,225.23
99,068
Historical cost at 30 September 2024
98,810.64
96,091
Investment income
Investment income of £3,829.9512023'. £104) was re￿iVed during the year, of which £nil {2023:
£11MI was received from investments listed in the UK and £3.829.95 (2023.. £nil) from
investments outside the UK.
Page 8

The PTC Trust
Dated 29 August 1989
Notes to the accounts
for the year ended 30 September 2024
Charilable activities
Grants and donations (note 6)
Governance costs (below)
2024
2023
48,461
9,600
58,061
8,622.00
8,622.00
2024
2023
Legal charges
Prior year adjustment - legal fee payable by
Cotswold Water Park Society Ltd
Accountants, charges
Independent examinerfs charges
720.00
9,600
{ 3.258.00)
8,760.00
2,400.00
8,622.00
9,600
The legal fees for 2023 were overstated by £3.258 because a fee note of £3,258 was payable by
Cotswold Water Park Society Ltd. An adjustment has been made in the 2024 accounts.
Loans to the Cotswold Water Park Society Ltd
2024
818,532.35
2023
852,509
(50,000)
15,047
976
818,532
Loan balance brought forward
RepayTnent
Annual loan interest
RepayTnenl interest
44.474.70
2,709.00
865,716.05
Loan split..
Amount due for repayTnent
Balance of loan not yel repayable
2024
118,532.42
747,183.63
865,716.05
2023
55,156
763,376
818,532
On 16 August 2010, the Trustees made a loan of £575,000, wth a further addition of £67,551 on
15 December 2014. to the Cotswold Water Park Society lo assist it in its activities. The loan was
secured on the Cleveland Lakes and was for a period of 20 years, although the lender had the
option to demand repayrrEnt in case of default or, after 8 years, by giving 9 months notice. The
loan was interest free, but the repayment amount was indexed by 5°/0 pa or in accordance with
the Famland Index published by Knight Frank. whichever was the lower. In accordance with
these temis the value of the loan was £852.509 at 1 April 2022.
Following an agreement signed on 18 April 2023, the borrower agreed to repay £50,000 from
the amount outstanding as at 1 April 2022. The revised loan effective from 31 March 2023 was
£802,509. The terms of the 2010 and 2014 loans have been fully replaced and superseded.
The agreement provides for a repayment and interest to be made on 1 August each year. The
repayment amount {RAI is calculated as follows:
RA- (L+l) l {n+1) where:
L= the outstanding Loan on the Interest Payment Date
I the accrued inlerest which shall be capitalised and be added onto the outslanding Loan on
such Interest Payment Date
n - the number of whole years remaining until the RepayTnent Date. Repayment Date means the
15th anniversary of the date of this Agreement.
Interest is charged at a rate of 1 /0 above the Bank of England base rate up to a maximum of 7 %
and is payable on 1 August each year beginning on 1 August 2023. The loan is for a period of
fifteen years until 18 April 2038. In accordance with the loan agreement annual interest totalling
£44,474.70 has been charged in these accounts and since the repayment amount was not
repaid by 1 August 2023. interest on the overdue amount totalling £2.709 has also been
charged.
Page 9

The PTC Trust
Dated 29 August 1989
Notes to the accounts
for the year ended 30 September 2024
A previous loan of £100.000 to the Cotswold Water Park Society, made in 2003 to finance the
building of a visitor centre, was waived in July 2011.
Donations
2024
2023
The following donations were made during the year..
The Mulbery Trust
48,461
48,461
Employees
The charity had no employees during the year.
Trustees remuneration and expenses
During the year the trustees. remuneration and reimbursed expenses were £nil12023'. £nill.
Transactions with related parties
During the year the Irust inCu￿ed legal Servi￿ fees of £720 (2023- £9,600) from Farrer & Co
LLP. As explained at note 4, the 2023 Farrer & Co LLP fees are overstated by £3.258. Farrer &
Co LLP is related to Farrer and Co Trust Corporation Ltd. There were no other related party
transactions in the year12023: £48,461).
10. Analysis of net assets between funds
2024
Endowment
Funds
Unrestricted
Funds
Total
Funds
Fixed assets
Net current assets
968.941.28
73.436.98
895,504.30
968,941.28
10,721.28
958,220.00
62,715.70
62.715.70
2023
Endowment
Funds
Unrestricted
Funds
Total
Funds
Fixed assets
Net currenl assets
917,600
22,853
894,747
917,600
2,542
915,058
20.311
20.311
Page 10