EDITH MURPHY FOUNDATION Trustees, Report and Financial Statements for the year ended 31 March 2023 Registered Charity Number 1026062
EDITH KqURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INDEX Page CharSly Information Trustees. report Independent Audltorfs report Statement of Ilnanclal activilieg Balan¢e sheet Statornent of Cash Flows Accountlnu pollcles 10 Notes to Ihe flnanclal 8talements 12
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CHARITY INFORMATION Trustees David Leslie Tams Chrislopher Paul Blakesley Richard Frederick Adkinson Jullan David Tams Charlolle Elizabeth Blakesl&y Ludlow Trust Company Limited Prlnclpal offlce 1?t Floor. Tower Wharf Cheese Lane Bristol BS2 OJJ Registered charity number 1026062 Independent Audllor Blue Spiro miled Cawley Priory South Pallanl Chichester Wesl Sussex P019 1SY Inve8tment manager8 Coulls & Co 440 The Strand London WC2R OQS Page 1
EDITH MURPHY FOUNDATION FINANGIAL STATEMEWS FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES, REPORT The Iruslees have pleasure in presenting their annual report lor the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2023. The Iruslees have adopted the provisions ol the Slalemenl of Recommended Practice ISORPI "Accountiny and R8POrting by Charities. IFRS 1021 in preparing the annual report and liriancial slalemenls ol the charity. STRUCTURE GOVERNANCE AND MANAGEMENT The Edith Murphy Foundation, set up by the late Mrs Murphy in memory ol her late husband Mr Hugh Murphy. is a registered charity constltuted under a deed ol settlement dated 15 January 1993 as amended by scheme dated 13 May 2013 and registered as a charity 15 September 1993. Under clause 16 of the deed ol selllement the power lo appoint Iruslees Is vested in thè settlor during her lrfellme wf(h no formal policy outlined subsequent lo her death. The Iruslees keep th8 matter undèr review. On agreeing lo become a Iruslee ol the charity, the tnjsteès are thoroughly briefed by the exlsling co-ITUStees on Ihe history ol the Irusl, the day-lo-day management, responsibilities ol the trustees, the current objectives and future plans. The charity is managed by the trusl88s, with decisions on investment policy, the Iransleriing ol investments and the making of grants taken by the Iruslees. All investment transactions are managed by Coulls & Co in accordance with the investment policy, Where practical the trustees visit recipients ol potential grants before they are made and previous recipients lo verily that the tnefIt has been obtained. The Irustees have assessed the maior risks lo which the charity is exposed. The Iruslees believe Ihal by ensuring controls exist over key financial systems incorporating Coutls & Co's systems and controls they have established ellective systems lo mitigate those risks. OBJECTIVES AND ACTIVITIES The charity's objects are.. 111 Such exclusivoly charitable purpos8s as the Iruslees shall from lime lo time in their absolule discretion delermine and in particular Ibul wilhoul prejudice lo the generality ol the loregoingl.. lil The provision of relief lor those who by reason ol their age, youth, infirmity, disablement, poverty or swial and economic circumstances ale sullering hardship or distress or are otherwise in need lill The relief ol suffering of animals ol any SFecies who are in need ol care and attention and the provision of maintenance ol lacililios ol any description lor the reception and care of unwanted animals and the treatment ol sick or ill-trealed animals liiil The making ol donations lo any charitable insti(ution or foundation for the purposes ol such instillrtion's or foundation's charitable objects of such amount or amounts and in such manner generally as the trustees shall in their absolute discretion delermine In furtherance ol these charitable objects and lor the public benelil the trustees make grants lo charitable organisalions and have had regard lo Ih? Charity Commission's guidance Dn public benefit. These grants are made to organisations whose core purFoses meet the charity's objects and the Iruslees consider in making these grants the charlly is lullilling ils aims. Granlmaking poIY The Iruslees will consider all applications received where Ihe need falls within the objects ol the charity. Applicants are encouraged lo write lo the charity gelling out their delatls, whal the grant will be used for, who will benefit and the amount requested. Th8 Iruslees review applications received al trustee meetings held four times per year. wih successful applicants nolilied subsequent lo the meeting. ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW During the year under review the charity made grants in furtherance of the objects amounting lo £920,991 12022.. £1,116,746), as sel out In note 6, with £9,30012022.' £13,500) ol this amount from restricted funds. Investment income, which is the charity's principal funding source, amounted lo £690,659 12022.. £562,7951 wrth £669,23012022.. £561,468) coming from listed inveslmenls. The charity made a delicil lor the year of £488,29612022.' £823,1441 bolore ng1 losses on invfjslmenls 01 £2,368,115 12022 nel gains.. £779.1131 giving not expenditure £2,856,411 12022.. £44,0311. Page 2
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES. REPORT At 31 March 2023 the chafily's total lunds arnounled lo £34,297,072 with restricted funds of £889,467 and unrestricted reserves of £33,407,805. 11 is the trustees intention to pay out all furxjs generated by the investments in furtherance of the charity's objects. Investmentpolicy The Foundation's investment goals are lo sustain an investment fund gTOWth at 8 level equ81 to.. or above. inllalion, using a ffloderately Tisk tolerant investment strategy to generate a retum to fund its annual grants and cost of operations. Coulls & Co are the Foundation's Investment Managers with the remit lo diversfy inveslmenls over a broad range ol securities in order lo maximise the real return on assets. while controlling Ihe investment risk. Whilst the Iruslees do not have any specific policies in place in respect ol social, environmental and 81hical considerations Coulls & Co invest under their own Environmental, Social and Governance IESGI overlay policy. Income received from investments lolalled £669,230 with unrealised losse8 01 £858,371 from revaluation8 01 the portfolio and realised losses 01 £1,509,744 on investment sales. The trustèes have con8ld8redth8 investment performance in the year under revlew comparably lo the market genewally and the impact ol rising interest rates on world &conomles al the end ol the year and into the subsequent accounting year. They acknowledge the expected investment going loard is likely lo be insullicienl lo meet the tlanned grant awards and costs and therefore will need to utilise capital tunds as necessary. The charity does not engage in fundraising activities and there were no fUndrsIng activilies during the year undei review nor the comparative year. PLANS FOR FLwfvRE PERIODS The Iruslees intend lo continue the charity's granl-making activity in furtherance of the charity's objects and Mrs Murphy's wishes. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustee5 are responsible for preparing the Trustees, Report and the financial statements in accordance wrth applicable law and United Kingjorn Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the trustees lo prepare financial slalements lor each financial year wh give a true and laif view ol the slate ol affairs ol the charity and ol the incoming resources and application of resources ol the charilyfor that period. In preparing these financial slalements. the trustees are required lo.. select suitable aUntIng policies and then apply them consislenlty., observe the methods arKI principles in the Charities SORP.. make judgements and eslimales that are reasonable and prudent-, slate whether applicable accounting standards have been followed, subject lo any matenal departuros disclosed and explained in the financial slalemenls., prepare the financial slalernenls on the going concern basis unless il Is inappropriaie lo wesume thai the Charity will continue in operation. The Iruslees are responsible lor keeping prOr accounling records that disclose wilh reasonable accuracy at any time the flnancial position of the charity and enable them lo ensure that the financial slalemenls com with the Charities Act 2011, the Charity IAGcounls and RepDrtsl Regulations 2008 and the provisions ol the trust deed. They are also responsible lor safeguarding the assets ol the charity and hence for taking reasonable steps forthe prevention and detectic)n of fraud and other irregularities. Approved by the Iruslees and signed on their beha¢f. DLTams Trustee Page 3
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20¥J INDEPENDENT AUDITOR'S REPORT Independent Audltor's Report to the Trust&es of Edith Mukphy Foundatlon Oplnlon We have audited the financial statements of Edith Murphy Foundation Ithe'charily'} forthe year ended 31 hrtarch 20tJ which comprise the Slalemenl ol Financial Activities, the Balance Sheet, the Sialemenl ol Cash Flows and notes lo the financial stalemenls, including a summary of significant accounting policies. The financial reF)Orting framework that has been applied in thr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanal Reporting Siandard applb}e in Ihe UK and Republic ol Ireland (United Klngdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls.. give a IrLFe and fair view of the slate of the charity's affairs as at 31 March 2023, and of it5 incoming resources and application ol resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ol the Chariltes Act 2011. Basls for oplnlon We conducted our audit in accordance with Inlernallonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under Ihtsse standards are further described in the Audilorfs responsibilities for the audit of the financial slatemenls section ol our report. We are independent of the charity in accordance wilh the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have lullilled OLJr other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtain8d is sufficient and appropriate to provide a basis for our opinion. Concluslons relaling to going Concern In auditing the financial slalements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation ol the linancial statements is apwopriale. Based on Ihg work we have performed, we have not identified any rnalerial uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern lor a period ol al least twelve months trom when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities ol th8 Iruslees wSlh rèspect to going conc8rn are described In the relevant sections ol this report. Other Inlormatlon The trustees are responsible for the other information. The other inlormalion comprises the information included in the Iruslees, report. other than th8 financial slalemenls and our audilorfs report Ihereon. Our opinion on the financial slalemenls does not cover Ihe other information and, except lo the exlenl olherwse 8xplicilly slated in our rewrt. we do not express any form ol assurance conclusion Ihereon. In connection with our audit of the financial slalernents. our responsibility is to read thè other information and. in doing so, conslder whether the other information is materially inconsistent with Ihg financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalemenl ol the other information. If. based on thè work we have performed, we conclude that there L8 a material misslalemenl of this other information, we are required lo report Ihal fact. W8 have nothing lo report in this regard. Matter8 on which we a required to report by exceptlon We have nothing lo report in respect ol the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you il, in our opinion.. the information given in the financial slalemen15 is in¢on5151enl in any materi81 respect wilh the Irust8es' report., or the charity has not kept a(kquate aecounting records,, or the financial slalemenls are not in agreement with the accounting records and returns., or we have not received all the information arKJ 8xplanalions we require lor our audit. Page 4
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOFI THE YEAFI ENDED 31 MARCH 2023 INDEPENDENT AUDITOR'S REPORT Responslbllltles of truslees As explained more lully in the slalemenl of trustees, responsibilities, the trustees are responsible for the preparation ol the financial slalemenls and lor being satisfied that they give a true and fair view, and lor such internal control as the Iruslees determine is necessary lo enable the preparation ol financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's abilrty to continue as going concern, disclosing. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity or lo cease operations, or have no realistic allernallve bul lo do so. Auditor's responsibilllles lor the audlt of the flnanclal statements We have been appointed as auditor under section 144 01 the Charities Ad 2011 and report in accordance with regulations made under section 154 01 that Act. Our objectives are lo oblaln reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when11 exlsts. Misstalemenls can arise from traud or error and are considered material il, individually or in the aogregale, they could reasonably b& expected lo influence the economic decisions ol users taken on the basis ol these financial slalemenls. Irregularities, including fraud, are instances ol non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect ol irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including Iraud is detailed below. Based on our understanding ol the Charity and the industry in which il operates. we identified the principal laws and regulations that directly allecl the financial statements to be the Charities Act, and Trustee Act. We assessed the exlenl of cornpliance with these laws and regulations as part ol our procedures on the related financial slalement ilem8. In addition, the Charily is sut4.ecl lo many other laws and regulations where the consequonces ol non-compliance could have a material effect on amounts or disclosures in the financial slalemenls, lor instance through the imposition ol lines or liligalion. As an investment and donation funded granlmaker there is a limilalion lo areas mo81 likely lo have such an ellect. Auditing standards limit the required audit procedures lo idenllfy non-compliance wlh these laws and regulations lo erNuiry ol the Trustees and other management and inspection ol regulatory and legai correspondence il any. Audit procedures performed by the engagement learn included.. Enquiry ol those charged with governance around actual and potential liligalion and claims and any Snslartes of non-compliance wlh laws and regulations.. Reviewing minutes ol meetings ol those charged with governance., Reviewing financial slalefflent disclosures and testing lo supporting documentation to assess Complian with applicale laws and regulations. Because ol the inherent limitations ol an audit, there is a risk that we will not delect 1 irregLJlarilies. including those leading lo a material misslalernenl in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely to become aware ol instances of non-compliance. The risk is also greater regarding irregularities DC(xJrring due to fraud rather than error. as fraud Involves Inlentlonal concealment. forgery, Colls1On. offlission or misrepresentation A further description ol our responsibilTties is available on the Flnancial Reporting Council's website al.. I s'.Ilwww.Irc.or .uklOur-WorklAudiVAudit-and-assurance/Siandards-and- uidancelStalldards-ancl- uidance-lor- or IA This descriptio fomis part of OUT auditor's report. Page 5
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITOR'S REPORT Use of our report This repK)rt is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audil work has been underlaken so that we might slate to the charity's Iruslees those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the ful$1 extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, lor our audit work, lor this report. or for the opinions w& have formed. Blue Spire Limited (Statutory Auditor) Cawl&y Priory South Pallanl Chichester West Sussex P019 1SY Dalo 27 mL*rwi 6< 70£ 5 Blue Spire Limited is el118 to act as an auth'lor in lem7s of seclion 1212 of the Companies Act 2006. Page 6
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF FINANCIAL ACTIVITIES 2023 Toial Fund$ 2022 Total Fulld4 Unts%trlctod Fund$ Reslrlcted Fund$ Note INCOME AND ENDOWMENTS FROM.. Inv8siment8 672,932 17,727 690,659 562,795 Total 672,932 17,727 690,659 562,795 EXPENDITURE ON= Raislng funds- Inort m8n8gerrenlfees Charitable actiw15 15B.312 1.007,16a 4,175 9.3 162,487 1.D16.468 169,973 1.215,966 Total 1.165,480 13.475 1.178.955 1.385,939 Net income11expetitreI befote inYe8trn8nt gain(10$5e$} 1492.5481 4.252 1488.2961 1823.1441 Net gBinsl1055es1 LVI Investmeni 88sets 12,307.3531 160.7ff21 12.368.115) 779,113 Net incomel(expendlturel 12,799.9011 156.5101 12.856.411) 144.0311 Tranjfers betwoon lund8 11 Net movement Itb funds 12.799.901) 156.5101 P.856.4111 I44.1) RECONCIUATION OF FUNDS Total funth IKouohl fothrd 36.W7.5Qfj 945.gTI 37,153.483 37.1g7,514 Total funds cv4rried tOTw8rd 33,407.605 889,467 34,297.072 37,153,483 None of the charity's ac11veSwere acquired or di5¢L*tinued Ihe 8bDve IWD finantyal ye¥rs. The chsrity hll5 no recogn15ed gFAns ar k)5ses1)Iher Ihan IhD5e deallwith in th8 Statement of finantyBI athvibe Page 7
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 FIXÈD A55ETS Investments- rnandd ful$ Total lixed assets 33,989.118 36,4,$82 33.989,118 36,D54,582 CURRENT ASSETS Cash at hand and in bank Total Current asget¥ 473 167 4n,167 1219,874 1.219.874 eilRREP4T LIABILITIES CrediioT6". arnounls falliny du?11h1n year Netcurrent•g¥etsllll•tyllllle¥l 135.213 120,973 337,954 1,098.901 Totsl a8ge¢s les8 cuvrent Ilabilltl 34,327,072 37,153.483 Credilor¥'. arnountsfalling dueafter morethan on8 year- pay86 13QOOOI Totsl 888•t81ll1ablll881 34,297.072 37,153.483 THE FUNOS OF THE CHARITY RvBtrlcted funds Unrestrlcled funds Total charlty funds 889,467 33,407.605 34,297.D72 945,977 36,207. 37,153.483 The on pBges 12 lo 18 fotrn partof IhefinanLial 8tatements. TheffinanLy statetnents on paoes 710 16 We apyoved 8nd aL*hoiised tr i8stE by the tru8tees on ... . signed on their behalf bw. DL Tams Trutstse C P BlaWey Twstee Page 8
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF CASH FLOWS 2023 2022 Note Nèt ta$h flDwlrom opovatlng *ctlvltle& (teè bolowl 11.134,7151 11,335,413) Cash nuw IMM Invesllng a¢tl¥ltt•i Investment Income Pioc8eds from sale of Investments Purchase of In¥e51menls Net ¢ash now Irom Inve$llng actlvllle 890.859 27,441.625 127,744,476) $62.795 21,306,744 120.107.OS41 388,008 1,762,485 P4et In¢rei$ellde¢rea¥el In c•¥h •nd ¢•¥h equhfolents 1746.7071 427.072 Caih and Gish equival2nts biovyhtforward 1,218,874 792,602 Cash and cash equlva12nts carrled forward 473.f67 1,?19,B74 Cash and ¢a8h equlvafent8 ¢onsl8t of: Cash al bank and in hand C•Gh and cash e9ulvalBnts carrlod fovward 473.f67 473,167 1,219,674 1,219,874 Rttontlllauon of tiet Incomo io not Cash Itowfrom op•vaiithg a¢tlvltl66 20ZJ 202Z Nel income forlheye8r 12,866,411) 144,0311 Adju51ed for.. Inveslfflenl incom IGainyLoss on invesknenls Intreaselldetreasel In tfediiors IS90,8591 2.368,115 44.240 1562,7951 50.526 1,721.696 11,291,382) 11,335,4131 Amaty&l8 ol chithg•8 lth n•1 dobt 2023 Cash and cash 2021 Cash and ca$h •qulvBlents Toial nel debt brought rward Cash fiows Tolal nel debtrarried forward 1,2f9,874 1746.7071 473,167 792.602 427.072 1,219,874 Pag& 9
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES GBnBFal Informa0, tscopa and ba$16 01thè ffinanclal Btstemants Tht Edllh Murphy Found81ion is an unincorporated charity consbluled under a trust de2d. The addre&6 01 the prfnripal office giv8n In Ihe reference and adnynl$irab¥é dètslls Éeclon and the nalure of Ihe eh8rity's operallons and prfnupal scub"e$ are Ven in Ihebwslees, repNi. The charity constitute5 a public benefit &ntity ats d8frn8d by FRS 102. The flnanclal 8laternents ha¥e been prepared in 8ccord8nce with Accountsng and RepDtUng by Ch8rf11e5.' Slalemenl of Recommended Praciice applKalAe lo charities prepllring their account6 in accordan 1th the Financial Rewtung Stsnddrd applicable in the UKand Republi¢ of Ireland is5u8d in O¢lob8r 2019, the Fknantyal Reporting Standard appluble In the United ngdtsm and Republkol lieland IFRS 1021, e Charities Act 2D11 and UKGenetalty Accepted knvnting Pi3cdr. The Inar81 stalem8nls 818 prep&red on 8 going corr b951s underthe historical ¢051 convention, modifd lo Include C&1 item$ at falrwdlue. The financi91 slatements are w2senled IN slerfing whlch is the fUnctn84 cvffency of the eh8dty and rounded lo ihe neares1£. The sbanmcanl 8¢countsng pollcles aprAied In the prep8rnlkJn of thes? nandal s18tements we Set oui beiw. The58 pc41des have been tonsi8tendy applled to all yee4s pres8nied unless otherwise s191pd. IrbGomlng ré&otsrc•i All lllconthry re50urc85 gre Induded In the Statsmenl of Flnanc481 AC151[0$ ISOFAI when the charfty Is legally enlAl8d lo the Incow after @ny ptrrftrrmBrte ndIOn$ have been mel. Ihe 4rnounl can be nasured TellBbty a$ itls prObth that Ihe Inrorne will be reI¥¢d. Itrent inwe is earned Ihrougfv holding assets for investment purposes such as Sha$. 11 Includes dividends and inte$1. tre il not pracitsbltr lo idenllfy Invoslmenl management costs incuTred within a sch2The Mlh Teasonable accuraw the investment income is rpported net of Ihese c051s. 11 Is InCded when the aMnI can be measured reliably. Inleresl Income Ss recollnised u8lng the eifecvve Inlerest method and dlvidend and rent income is recognksed 85 Ihe charity'5 rvJhl lo rÈcÉive payfflent Is È8latAi5hed. R2JourceB expBnd•d All expenditure Is aE¢ounied for on an accwals ba¥15 and hA5 bBpn da5slfied under heading5 Ihal aggregBle am sts related io Ihe category. ExpeIlure is recounised where there is a legal or nStrUctSe obllg81ion io m8ke payments lo th5 p8rties. il Is probable Ihal the 8etUemenl will be required and ihe amDuni uf th? oblwllon can be measured reliabty. 11 is categoSed under the following heading5'. • Raising funds,. these Induofr invesimenl managernenl fee5 charged by the charify's inve51menl manageT5 Ch8rtt8ble actNth"e3'. these indude glants lo Ihird P8Tbes and thÈ costs of admini$iering the Inclusive of w)vtrm8nce costs Grants payable lo third parties ate the char8b160bsecI1VeS. ere uno)Trdilional wants are offered, this is accrued 05 SODn a5 the repEnI 18 nthifled of Ihe granl, 85 Ihls glves rfse lo 8 reasonable expedalion that the recipient wll receive the grants. ere 9fdnl& are CDndiliDnal Telaiing lo perf0Mwn then the gfdnlls onty acctued when any unfulfilled ndItiOnS are oulside of Ihe contrcl of the ¢h8rtty. Support and goveman costs are those 85S151 the WOTk ol the charpty bul do )1 direclly represent charitablE acliwl5. They aTe incuired Irect in 5UP4M)rt i)f expenditure Dn the DbjEGts Df the charity. Govemawe costs are those Sncurred In the govemance of the tharity and prlmarlly 8SSQCk8tedwllh the n$tutiOn and gtetulory qUIrement. VAT The thaAty is noireg1518red for VATand18 unsbk to cOVerVAT IurTed. On this ba51& CO&tsare recorded Incfuswo olVATwNhlth the SOFA. Taxatlon The ch8nty i4 considered Io pBs6 Ihe tests set In Secu0 $21 to 536 Inccme Tax Act 2007 IITA 2QD71. as such no inccthe tax 15 pey8bk on IhE charivs aclknts. Irbve%lments Inveslmenls are recogn159d inblally at fair whlch k% nonn8ly ihe transOn price excluding Ir8n8action costs. Subsequent, they are meaSUTed al falr value wSih changes recognised ift'nel gains I1105se&l on inve51tnenls' in the SOFA if the Shares Bre tiaded or their falr vabe can otheTh¥ise be rneasured rdiatAy. OlhEr in¥trslmenl8 are measured at cog1 less impmenl. Curronl asset Inveslrnents are short tenn hiohfy Ilquld in¥etsbnents and are held al I81rv. These Indud8 r*8h on deposlt and tssh equlvalents vnlh a maturity of les5 Ihan uneyear. Page 10
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Forelgh rurrency Fofeign encY Irants•s atè Inllialty rgnIsed by appWINJ to the forelgn cutyency amtsuni Ihe sw)18xthange rate bahen ihe functk)nal cuffency and the foreign currency 81 the date ollhe Iransactitsn. MOnery assets and 11a1188 danthmlnaled In a for8lon cwi8ncy atlhe balance sheet d818 are translaled Ung th6doo£ r81e. Gains and losses on fo18n currency exthange aro recogn1580 In ibe Stalemgnl of Fln8nclal Actfvives. Debtors ts¢elvable and credltorn payable wlthln one yo4r Debth and credilot5 with no stsled interest rBte Bnd reteniab or payab %thIn year are retord8d ai IransÈctlon pricè. Any Ios8ÈS arklng fvom Imp8imenl are recogised expendfture. urront •88èt InVlmnts Currenl asset Investment are cash deposits, heNY fcr In¥6slMenl purp08es, wilh a Malulty date of les5 than year. They are boslc fin9ncbl 1nslrvrn1s and we recorded alcostwith incom2 ar¥sing on turity Dfthe deposit Cash and ¢Jih •qulv8l•nt8 Cash and cash equivalents compds8 cash on haThJ and call deposiis. and other 5hcrt-lerm Nohlyliquid Snveslmenls that are adIty convertlbte lo a known gmounl of rash ond ore sth)i2GI lo in3vJnrfanl tbsk of change In value. Flt7•nclal In¥truments The tharitys (Inanual in<umenls qualify as ba¢ financlal Inslruments. Bas1¢ financlal InslNmenls are InlUaThy recogn188d al Iransaciion and sub8equenli¥ me85ured al their selllernernlvalue. Fud accountlng Unreslricted income ftjnds are avalble for use al the di8crelSon of Ihe Iw8lees It) furtherance of Ihe oenef81 ci)Jectl¥8s of the ch8iKy a whlch have not been designated lor other purpose5. RestriCi?d ftsnds 8re funds whlch are to be used Sn acrdanCe with slfIC restriclion5 imFo¥ed by donors which have been raised by the ch8rty for partlcular purposes. The cosl of raisiry alld adrninisierin9 such fu% are charyed aga51 the speL¥fic lund. The aim and use of each restricted fund Is sei out In Ihe note 18 of IAese Inan11 stalennIs. Golng ¢o#¢•rn The financlal slalefflen15 have bepn prepared on a yoing concern bas1$ a$ thè Irusiees bdleve that no malerfal un¢ert8lnlies ex181. The IIu$18es have eon$h1ered the level of funds he and tre expected level of income and eKpendilure for 12 monlh5 from athor9 these financial ststemen15. The dgeted incorne and expenditure is &uffKienl *ilh Iht level of reseTves fi)r the chaiity to be awe to conts'nue è8 8 concem. Pago 11
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 1. InlmentIn¢0rn9 2022 Tot81 Fundg 2022 Towi Fund Unrestrlctqd Fvnds Resirlciéd Fundx Lknrostrlcted Funds Funds Inr%e from investmen Interest Qll C88* depwls aNJ b8L8rtts 652,106 20.826 872.932 17,12a 6D3 17,727 669.230 21.429 6.859 $47,131 1.317 548.448 14,337 10 14,347 $61.46S 1.327 662.795 2. Rablthll f¥Tr)d8. Inveslmentmonogementchvg 2023 Totsl Funds 1022 Total Fund Unrestricted Fund8 Rejtricted Funds Uhreiirlded Funds Rostrf¢t8d Funils Fees paid to investm1 man8gers 158.312 158.312 4,175 4,175 162,487 162,487 165,644 165,644 4,329 4.329 169,973 169,973 3. Chatable actlvlUEs 2023 Totsl Funds 2022 Total Fud UnYtstrl¢tsd Pund R88lflctod Funds Unro8trlc¢ed Funds Ro8trl¢tsd Fu5tds Grants15ee nDts 61 Gr•t$written bBd¢ AdtpMn151rabv& strw¢es Icouttsl Adrrinisliative services (Ludlowl Sundryexpenses Governan cost515ee note 4) 910.991 9,300 920.291 7.133,246 130,0001 1.195 90,602 125 7,266 1,202,434 13.500 1.146,746 130.0001 1,227 90.602 125 7,266 1.215,966 32 83,263 95 1?,819 1.U07,188 83.263 95 12.819 1,016,468 9.300 13,S32 4. Govemancè Costs ZDZJ Tolal Funds 2022 TotAI Fund$ Unrestcted Funds RtrI¢l¢d Funds UnreStCted Funds Re4lthted Futhd Trustee expenses Independent aUditS remunerabon 6.019 4,800 12,819 8,019 4,800 12,819 2.466 4.800 7.266 2.466 4.800 7.266 5. Ind•pond•nt audli0S r•munpratlon 2023 TDtsI Fund$ 2022 Total Fllnd8 Unresirf¢ted Funds Rèstrlctsd Funds Unr•slrfct•d Fund8 Mgstrlcted Funds AudSlLVs remuneralk)n- A¥11 4.800 4.800 4,800 4,800 4,8 4.8(K) 4.800 4.800 Page 12
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 6. Grants lo InstllibtlDns 2023 TDlal Funds 22 Total Fud8 Unre$lrl¢ted Funds ftestrlcted Funds Unreytricted Fund8 Restricted Funds Anirn31s RSPCA Ltrter Otrwgrants under £l0.OW. Unreslncted 17 12022". 121 25.000 25,000 55.704 55,704 43,825 43,825 80,704 80,704 43.825 43,825 Chiklmn HeIng Le HesrtS NSPCC Stre¢tChld Tommws Youn9 YeS v5 CancerlCLIC Sargenll Otr)eroranls under £10,000. UNe8ln¢W 3612022 221, Restricted 112022." 11 10,000 10,000 20,000 10,000 10,000 20,000 10,000 20,Q)O 1D,( 10,(N)O 20.(K)D 10.(QO 10,000 lQOQO 10.ODD iO.ODD 133.793 3.800 137.5WJ 81,301 3,50U 84,801 163,793 3,800 167.593 151,301 3.500 154,801 Dable¢1 Hor51ey. Bookharn & Lealhethe4d ROA Muior Neurone 018ease AS8OabOD Othargrants under £10,000. Unre51ricted 121202?. 141 10.00) 10.000 10,000 10.0 40,157 40.157 51,7 51,700 50,157 50.157 61.7Q) 61.700 Edts¢ètion Buikj It Inlemaiioml Leicestershire Ca8 Matkfield Institute of Higher Educab¢NI The Bnlish Museum Olher9rantts £10,000. Unresthcled 1312Q2?. 61 28,000 6D,000 so,000 14,000 28,000 60.000 50.000 14,000 S0,0(M) 50,000 39,350 39,350 17.2Q) t7.200 191,350 191.350 87.200 67,200 Heril8ge Anstey Sl MBrys PCC Bardi Symphony Orthesira Leice51er Gramm¥i sth£, Organ Appeal Leice51eT5hire Hi&toriGChurLe5 T$1 MoufiisQtrel & Rothley CoMnxity Heri&ge Centfe Natud History SeUM Othergranl$ L¥vJer £10,0. Unre51ricled 312022. 31 10,000 io,ooo 10,000 10,000 15.00) 15,000 10.0 10,000 10.OL¥) 10,DOO 30.0 30,000 10.000 10,000 15.000 15,000 30.000 30,000 80.ODD 80,000 CanTed down 516.004 519,804 404.026 3.51K) 407,52B Page 13
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS Grants lo In5titutlons IconUnuedl 2023 Total Fvnds 2022 Total Fund$ Unrestrlcied Funds Restrlctqd Uhrgstrfcted Funds Funds Sroughl Llo 516.004 519,804 404,028 3,$00 407,526 ResewGh Age UK British Heart FwTbdation Cancer Research UK De Monlfort uVety-A[tifi(xl Pae08 Project Evelina London Children's Howtal (GU$8d 51Thom88'1 Sl Matks Foundation Stroke Associatyc Target Owdrian Cancer12022". 2 aN8) The Hope FouNl8tion for Cancer Research Other gr8nl& Ule£10,00O. Unresbicted 612Q22' 4) 30.ODO 10,000 10.000 3D,000 10,000 10,000 30,000 30,000 65,000 65,000 10,000 10.000 60,000 30,000 30,000 60,000 30.000 30,000 11500 12.5DO 2B,000 28,OOD 20.000 20.000 70,500 70,500 265,000 265,000 Welfare Age UK Leirter Shire & RuUBnd Anlhuny 3Th Combat Stress Leicester Calhedr4 L21cesler H05Pitds Charity- chem0erapY Su11e Leicester Cathedral CharitableTtu&i London's Ar thbu18n Charily LOROS12 grartsi Maggies MKllands AirAmbulBTK8Charity Motor Neulone D15ease Assotyabon North LolldL Howce Northamwon Saints Foundgbon Prison A<hfjceand Care Trust IPACTI southiepps Music Festival The Ouke ol ELlfiburgth'sAward Other yrants w饣10,000. UnreslriGted 51 12022- S71, Restricted 212022." 21 25,000 25.000 10,000 11000 10,000 10,000 10,000 25.000 10,000 25.000 so,000 50,000 10,000 10,000 45,000 15,000 10,000 10,000 10,000 45,000 15,000 10,000 10.000 10.000 15.000 15.QQO 15.000 12,000 10.000 10,000 10,000 15.000 12.000 lo.0 10.000 10.QQO 1QOOO 10,000 242,220 10.000 252,220 204,487 224,487 5,500 5,500 209,987 329,987 434.220 10.000 444,220 910,991 9,300 920,291 1,103,246 13,500 1.116,746 Grani ¢ommilments The charity (Id not have anywbwomded gFant ¢LNnmiiment¥ attr* balance sheet date Drthetomparabve ye¥ervJ. Page 14
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 7. Related party ivansaclion Fees payable to Couus & Co. whith was a trustee ol the chanty April 20?1. are included under rSIng funds forinve5tmenl manBgemenl Bnd 9DveTnance Eosts for a(knini51fative s8ceS and artr aUihci8ed under section 10 of the trust deed. In Ihe short penod ol beino a Ilustee In the crJrnpar&tive year Coulls & Cotharged fees amounliw lo £3.631. Ludlow Trvsi Compaw Limrted We appcinled as twslee of the charity in April 2021. During Ihe year der iemew Ludlow Trust CoMpY Limited charged the tharity £83.263 (2022.. £90.6021 lora<kninisiraNve swceswllh £20.36812022'. £22.4971 acuved 81 tre b818nce sheetd81e. The thaFity has no emp1oyee5. with all adfflinistration beno EaTried out by ihe Irusiee& No Imstees LY any or enbty eonwdcied to th)8m, exceptforihe fees nokd 8tN)ve. were re remuTreratyDn in theyear under rewew. During Ihe year under review £8.019 12m'. £2,466) for Ipvd and $ththnce rimbursed to Iw¥tees vrilh no omow15 oulstsnding 8tthe baanrxsheel dale. 8. Flxetl oB8¢t Irw•strngnts •managod funds Z022 Total Funds Unrestrlcted Fund8 Restrlcted FuTr)d8 Total FuDd8 Unrestrlcied Funds Rvstrlciod Funds Mthel V5e brought loThYard atcost Disposals 51 CaTrying value GainllLos$l on revaluatson Mwkel vthe Lxtried fO[d 35,127,978 27.031,305 8.207,7191 926.604 36,054.582 713.171 27,744.476 1743.8501 128,951,569) 21,762 858,371 874.163 33,989,118 35,551,027 19.668,032 120,25S,2511 164.171 35.127,979 924,132 36,475.159 439,022 20,107.054 1441,7851 120,697,036) 5.234 169,4Q5 92S.603 36,054,582 33.114,955 Anaysed asfdhyws.. 8ond5 EWI$ 15,237,255 17.877,700 33.114,955 402.376 471.788 874.1S4 15,639.631 18,349,488 33,989,119 15.762,587 19.365,392 35.127,979 414,817 511.786 926.603 16,177,404 19.877.178 36,054,582 Netonsqlossesl on Inveslments GainllLos51 on Tevalualio G81nllLossl on Investsxenl $4es GainllL0551 on foreign cUrreY accoun15 1836,6091 11.470.744) (21,7621 139,0001 1858,2711 11.509,7441 164.171 595.416 5.234 14.292 169,405 6D9,70B 12.307,3531 60,762 12.268,115 759,587 19.526 779,113 Credltors.. amounts falling duewthin one year ZDZ3 Total Funds 2021 rotsl Funds UnresldctEd Funds Resiikt8d Funds Uttted Funds Funds Grant creditLVts Indepent avdilc*$feey TTuslee expeDsqs Inveslmentmanagemenl A6mini51rabve servKes abilities belween I15 89.40 69.404 50.OLK) 50.DOO 4.800 39.576 20.3B8 1.045 40.621 20.3BB 42.556 22.497 1.709 121.562 1,120 43.876 22.497 1,709 134.168 1,045 135,213 120.973 Page 16
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 10. An8¢y818 of net 88Set8 l¥nd8 2023 Total Fund8 2022 Total Fund8 L¢nrostrlcted Funds Roslrlcted Funds Unrestrlctad Funds Aestrlcted Funds Fixed assets cut#S$ets J,114,955 456,618 1134,1681 130,000 33,407,605 874,163 16,349 33,989,116 473,167 35.127,979 1.201,089 926,603 18.785 36.054.682 1.219.874 1120,9731 Non rrent118blI1¢8 30.0001 34,297,072 889.467 36.207,506 945,977 37,153.482 11. An8ty818 of netmov•mont8 In lund8 Yearended 31 March 20fJ Not gain5111055e5 Exp•ndlture on Inve8mi•nts Total funds brou9hl lorward Transfgr8 belweEn fun08 Total lundB Carried fonvard Income Roslrthdfur Holly Hayes Cawtal fund Holly Hayes Inc(*ne lur 941,181 4.796 945,977 14,175} 19.3001 160.7621 876.244 13,223 889,467 17.727 17,727 160.7621 UnKestffpcledfuFJds Genernl fund 36,207,506 35.207,506 672.932 672.932 1.185,4801 1.165,4801 12,307.3531 2,307,353} 33,407.6D5 33,407,6D5 37.152,483 690.659 11.178,955 2,368.1151 34,297.072 Yo8r¢nded 31 M8r¢h 2022 Net 0gln$lllossesl on InvEstMènt Total funds brought forward Transfgr6 he8&n fund Total funds c8rrl8d foNMrd Resln¢ted ftsnds Holly Hayes Capital fud Hdly Hayes Incomelur 927,716 2.249 929,965 14,3611 113,SODI 19.$26 11,7001 1.700 941,181 4.796 945,977 14.347 14.347 19.526 Unre51rthdlunds General fund 36.267,549 3S,267,549 548.448 11,368,078) 1.368,078 759.587 759.587 36.207.506 36.207.506 37,197,514 562,795 1,385,939 779.113 37.163,483 Descrfptlon of fund¥ Holly H8yes C8rit81 fund This represents Ihe eS wtteeds ol the Investment ywrty which have been invesbj in listed secunlSes logenerale Inccme. Holly Haye5 Incllrn2 fund This repre¥Ents InMe arising the abo¥F in¥e¥lrnonts whith is to alled ihe bBDBfiI i asstIng In prow0 of facilities for conva1e$LYll. Tecovery and re(xealion for the benefit of per$ons In need of such facilibe5 by reason of Ir Age. youlh. Infimity. d153blemenL povetty or s81 ard eth)nomic rmstances. Page 16
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 12. Flnanclul Instvum81S The caTrying amDunis ofthe LthaTtysfinonual instruments are a5fdky4 2U23 Total Funds 2022 Tolal Fund$ Financialassets Measured Bl fair v£lue tlyough net incopnellexpendilwel.. Fixed ¥ssel Investrnenls 33,989,118 33,989,1 18 36,054.562 36,054.582 Fairvalue on fixed as5el investments 5 detemiined on the basis of mid4nark81 vice5 from Ill 8ppropriaie sic¢k Exchange, Iiil the bid ¢8 i.e. therrent price 8 buyer is willing to pay. from Ilt rele¥8nl fiJnd manager. Qr liiil the last traded pricewhere appl¢abl8. ThB hcume, expEnSe, net g$ and nellos5es aknbut8Lqe to ihe financral in5twrnents are 5umrnaris&l as fdlows. In¢oma 8ndoxpense FiDantyal as$Ets me8$LY8d al fairwa8 itwLuyh net in(yxnel(expendilLYel Inveslrnent COrne Investment rn8nagemeni rees 669,230 162,48 506,743 $61.468 169,973 391,495 etwnsandlosse5 finckidingchanges In falrvalue) Financial assets fflea5ured al fvalUe net incomellgApendihKel Net gain1108¥e$I on investments 2,368,115) 68,1 779.113 719,113 Fixed 855el Inve$tment8 are held 81 fair value wilh v81wlion¥ oblaineo by refewce to mathet from the awoprith stock exthange, trAd ices 8nd $1 lded prKe8WhE èppli¢8blo. Page 17
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS Cornparatlve Staternpnt of Fln4n¢tal Actlvlllo5 2D22 Tolal FundB Unrestricted Fn08 Restricled Fvnd$ No COME AND ENDOWMENTS FROM: vestrnenl$ 548.448 14.347 562.7 Ttstal 548.448 14,3d7 562.795 EXPENDITURE ON.. Rai*ng fund8- Itweslmenl nwiagernenl fees ChBritstye actiwb'es 165,6d4 1,202,434 4.329 13,$32 169.973 1,215,966 Totsl 1.368,078 17,861 1,365.939 Net irrnrne1(penQI1urts1 btsfore Invasimeni 981nlI0598¥I 1819,6301 1823,1441 Net gwnsl(10sseBI on invetstrnant assets 759,587 19.526 779,113 Not Incornqlltrmpotydltuvel 160.0431 18.012 144,0311 Transfers betwoon IN0& 14trt moytmènt In fund8 160.0431 16.012 144.0311 RECONCILIATION OF FU14DS To1 hmd$ imuohtfcKw8rd 36,267,549 929. 37.197,514 Tol•l lundg cArrt4d forward 36,207.506 945.g77 37.153,463 Page 18