In 1971 Simon, later 3rd Baron Marks of Broughton, founded the Simon Richard Marks Trust to support and encourage charitable work in the UK and also internationally. Simon wished to continue the long tradition of philanthropy in his family passed down from his great grandfather Michael Marks, founder of Marks and Spencer, to his grandfather Simon Marks, Chairman of  Marks and Spencer for 48 years and 1st Baron Marks of Broughton, to his son Michael, 2nd Baron Marks of Broughton.

In 2019, following the appointment of younger family members as Trustees, the Simon Richard Marks Trust was renamed as the Marks Family Charitable Trust. With the support of the next generation, the trust continues to fund causes and projects in the family name.