EDITH MURPHY FOUNDATION
Trustees’ Report
and Financial Statements
for the year ended 31 March 2024
Registered Charity Number 1026062
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Auditor’s report | 4 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of Cash Flows | 9 |
| Accounting policies | 10 |
| Notes to the financial statements | 12 |
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CHARITY INFORMATION
Trustees
David Leslie Tams Christopher Paul Blakesley Richard Frederick Adkinson Julian David Tams Charlotte Elizabeth Blakesley Ludlow Trust Company Limited
Principal office
1[st] Floor, Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered charity number
1026062
Independent Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Investment managers
Coutts & Co 440 The Strand London WC2R 0QS
Page 1
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Edith Murphy Foundation, set up by the late Mrs Murphy in memory of her late husband Mr Hugh Murphy, is a registered charity constituted under a deed of 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 of settlement the power to appoint trustees is vested in the settlor during her lifetime with no formal policy outlined subsequent to her death. The trustees keep the matter under review.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The charity is managed by the trustees, with decisions on investment policy, the transferring of investments and the making of grants taken by the trustees. All investment transactions are managed by Coutts & Co in accordance with the investment policy. Where practical the trustees visit recipients of potential grants before they are made and previous recipients to verify that the benefit has been obtained.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
-
(1) Such exclusively charitable purposes as the trustees shall from time to time in their absolute discretion determine and in particular (but without prejudice to the generality of the foregoing):
-
(i) The provision of relief for those who by reason of their age, youth, infirmity, disablement, poverty or social and economic circumstances are suffering hardship or distress or are otherwise in need
-
(ii) The relief of suffering of animals of any species who are in need of care and attention and the provision of maintenance of facilities of any description for the reception and care of unwanted animals and the treatment of sick or ill-treated animals
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(iii) The making of donations to any charitable institution or foundation for the purposes of such institution’s or foundation’s charitable objects of such amount or amounts and in such manner generally as the trustees shall in their absolute discretion determine
In furtherance of these charitable objects and for the public benefit the trustees make grants to charitable organisations and have had regard to the Charity Commission's guidance on public benefit. These grants are made to organisations whose core purposes meet the charity’s objects and the trustees consider in making these grants the charity is fulfilling its aims.
Grantmaking policy
The trustees will consider all applications received where the need falls within the objects of the charity.
Applicants are encouraged to write to the charity setting out their details, what the grant will be used for, who will benefit and the amount requested.
The trustees review applications received at trustee meetings held four times per year, with successful applicants notified subsequent to the meeting.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
During the year under review the charity made grants in furtherance of the objects amounting to £843,529 (2023: £920,291), as set out in note 7, with £7,500 (2023: £9,300) of this amount from restricted funds.
Investment income, which is the charity’s principal funding source, amounted to £940,017 (2023: £690,659) with £916,494 (2023: £669,230) coming from listed investments.
The charity made a deficit for the year of £139,162 (2023 deficit: £488,296) before net gains on investments of £3,184,386 (2023 net loss: £2,368,115) giving net income £3,045,224 (2023 net expenditure: £2,856,411).
Page 2
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT At 31 March 2024 the charity's total funds amounted to £37,342,296 {2023'. £34,297,072) with restrided funds of £983,938 (2023.. £889,467) and unrestricted reserves of £36,358,358 (2023.. £33,407,605). It is the trustees intention to pay out all funds generated by the investments in furtherance of the charity's objects. Investment policy The Foundation's investment goals are to sustain an investment fund growth at a level equal to: or above, inflation, using a moderately risk tolerant investment strategy to generate a retum to fund rts annL¢al grants and cost of operations. Coutts & Co are the Foundation's Investment Managers with the remit to diversify investments over a broad range of securities in order to maximise the real return on assets, while controlling the investment risk. Whilst the trustees do not have any specific policies in place in respect of social, environmental and ethical considerations Coutts & Co invest under their own Environmental, Social and Govemance (ESG) overlay policy. Income received from investments totalled £916,494 with unrealised gains of £1,995,797 revaluations of the portfolio and realised gains of £1,188,589 on investment sales. The trustees have considered the investment perfonnance in the year under review comparably to the market generally and the impact of rising interest rates on world economies at the end of the year and into the subsequent accounting year. They acknowledge the expected investment going forward is likely to be insufficient to meet the planned granl awards and costs and therefore will need to utilise capital funds as necessary. The charity does not engage in fundraising activities and there were no fundraising activities during the year under review nor the comparative year. PLANS FOR FUTURE PERIODS The trustees inlend to continue the charity's grant-making activity in furtherance of the charity's objects and Mrs Murphy's wishes. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources of the charity for that period. In preparing these financial statements, the trustees are required select surtable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements Comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trLfSt deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalf. DLTams Trusteg Date Page 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the Trustees of Edith Murphy Foundation
Opinion
We have audited the financial statements of Edith Murphy Foundation (the ‘charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its 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 of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
INDEPENDENT AUDITOR’S REPORT
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
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Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Page 5
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditols report and for no other purpose. To the fullest extent pemiitted by law, we do not accepl or assume responsibility to anyone other than the charity and the chanty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Blue Spire Limit Cawley Priory South Pallant Chichester West Sussex P019 1SY d (Statutory Audiior) Date - q4)'L9- Blue Spire Limited is eligible to acl as an auditor in tenns of section 1212 of the Companies Act 2006. Page 6
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 12, 13 Total funds carried forward 12, 13 |
Unrestricted Funds £ 1,620 915,643 917,263 158,979 910,083 1,069,062 (151,799) 3,102,552 2,950,753 - 2,950,753 33,407,605 36,358,358 |
Restricted Funds £ - 24,374 24,374 4,198 7,539 11,737 12,637 81,834 94,471 - 94,471 889,467 983,938 |
2024 Total Funds £ 1,620 940,017 941,637 163,177 917,622 1,080,799 (139,162) 3,184,386 3,045,224 - 3,045,224 34,297,072 37,342,296 |
2023 Total Funds £ - 690,659 |
|---|---|---|---|---|
| 690,659 | ||||
| 162,487 1,016,468 |
||||
| 1,178,955 | ||||
| (488,296) (2,368,115) |
||||
| (2,856,411) - |
||||
| (2,856,411) 37,153,483 |
||||
| 34,297,072 |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 7
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nots FIXED ASss Investments- rnanaged fvnds Totsl fixed assets 36,018,707 33,989,118 36.018,707 33,989.118 CURRENT ASSETS Cash at hand and in bank Total current assets 1,427,569 1,427,569 473,167 473.167 CURRENT LIABILITIES Creditors.. amounts falling due within one year Net current assetsllliabilitiesl 10 93,980 135,213 1,333,589 337,954 Total assets less current liabilities 37,352,296 34.327,072 Creditors.. amounts tslling due after more than one year- grants payable 110,0001 130,0001 Total assetsllllabilitl8sl 37,342.296 34,297,072 TrIE FUNDS OF THE CHARITY Restricted fund5 Unrestricted funds Total charlty funds 12. 13 12, 13 983,938 36,358,358 37,342,296 889,467 33,407,605 34,297,072 The notes on page5 12 to 18 form part ofthe finanad staternents. The financial ststernent5 on pages 7 to 18 were approved and authorised for issue by the irustees on ...... signed on their behalf by.. and DLTams Trustee C P Blake51ey Trustee Page 8
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF CASH FLOWS
| Note Net cash flow from operating activities (see below) Cash flow from investing activities Investment income Proceeds from sale of investments Purchase of investments Net cash flow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward Cash and cash equivalents consist of: Cash at bank and in hand Cash and cash equivalents carried forward Reconciliation of net income to net cash flow from operating activities Net income for the year Adjusted for: Investment income (Gain)/Loss on investments Increase/(decrease) in creditors Analysis of changes in net debt Total net debt brought forward Cash flows Total net debt carried forward |
£ £ (1,140,412) 940,017 24,979,919 (23,825,122) 2,094,814 954,402 473,167 1,427,569 1,427,569 1,427,569 £ £ 3,045,224 (940,017) (3,184,386) (61,233) (4,185,636) (1,140,412) 2024 Cash and cash equivalents £ 473,167 954,402 1,427,569 2024 2024 |
£ £ (1,134,715) 690,659 27,441,825 (27,744,476) 388,008 (746,707) 1,219,874 473,167 473,167 473,167 £ £ (2,856,411) (690,659) 2,368,115 44,240 1,721,696 (1,134,715) 2023 Cash and cash equivalents £ 1,219,874 (746,707) 473,167 2023 2023 |
£ £ (1,134,715) 690,659 27,441,825 (27,744,476) 388,008 (746,707) 1,219,874 473,167 473,167 473,167 £ £ (2,856,411) (690,659) 2,368,115 44,240 1,721,696 (1,134,715) 2023 Cash and cash equivalents £ 1,219,874 (746,707) 473,167 2023 2023 |
|---|---|---|---|
| (1,134,715) | |||
| 2023 Cash and cash equivalents £ 1,219,874 (746,707) |
|||
| 473,167 |
Page 9
EDITH MURPHY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Edith Murphy Foundation is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
Page 10
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
ACCOUNTING POLICIES
Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Gains and losses on foreign currency exchange are recognised in the Statement of Financial Activities.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Current asset investments
Current asset investment are cash deposits, held for investment purposes, with a maturity date of less than one year. They are basic financial instruments and are recorded at cost with income arising on maturity of the deposit.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Financial instruments
The charity's financial instruments qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction and subsequently measured at their settlement value.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the note 18 of these financial statements.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 11
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Unrestricted Funds £ Legacies 1,620 1,620 2. Investment income Unrestricted Funds £ Income from investments 892,932 Interest on cash deposits and balances 22,711 915,643 3. Raising funds - investment management charges Unrestricted Funds £ Fees paid to investment managers 158,979 158,979 4. Charitable activities Unrestricted Funds £ Grants (see note 7) 836,029 Grants written back (25,000) Administrative services (Ludlow) 84,742 Sundry expenses 145 Governance costs (see note 5) 14,167 910,083 5. Governance Costs Unrestricted Funds £ Legal fees 3,600 Trustee expenses 5,767 Independent auditor's remuneration 4,800 14,167 |
Restricted Funds £ - - Restricted Funds £ 23,562 812 24,374 Restricted Funds £ 4,198 4,198 Restricted Funds £ 7,500 - 39 - - 7,539 Restricted Funds £ - - - - |
2024 Total Funds £ 1,620 1,620 2024 Total Funds £ 916,494 23,523 940,017 2024 Total Funds £ 163,177 163,177 2024 Total Funds £ 843,529 (25,000) 84,781 145 14,167 917,622 2024 Total Funds £ 3,600 5,767 4,800 14,167 |
Unrestricted Funds £ - - Unrestricted Funds £ 652,106 20,826 672,932 Unrestricted Funds £ 158,312 158,312 Unrestricted Funds £ 910,991 - 83,263 95 12,819 1,007,168 Unrestricted Funds £ - 8,019 4,800 12,819 |
Restricted Funds £ - - Restricted Funds £ 17,124 603 17,727 Restricted Funds £ 4,175 4,175 Restricted Funds £ 9,300 - - - - 9,300 Restricted Funds £ - - - - |
2023 Total Funds £ - |
|---|---|---|---|---|---|
| - | |||||
| 2023 Total Funds £ 669,230 21,429 |
|||||
| 690,659 | |||||
| 2023 Total Funds £ 162,487 |
|||||
| 162,487 | |||||
| 2023 Total Funds £ 920,291 - 83,263 95 12,819 |
|||||
| 1,016,468 | |||||
| 2023 Total Funds £ - 8,019 4,800 |
|||||
| 12,819 |
Page 12
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS
| 6. Independent auditor's remuneration Unrestricted Funds £ Auditor's remuneration - Audit 4,800 4,800 7. Grants to institutions Unrestricted Funds £ Animals RSPCA Leicester - Other grants under £10,000. Unrestricted 12 (2023: 17) 39,300 39,300 Children Healing Little Hearts 15,000 Street Child 10,000 Spread A Smile 10,000 Tommy's 10,000 Other grants under £10,000. Unrestricted 31 (2023: 36), Restricted 1 (2023: 1) 132,605 177,605 Disabled Motor Neurone Disease Association 15,000 Natural History Museum 30,000 Parkinson's Disease Society of The United Kingdom 10,000 Other grants under £10,000. Unrestricted 13 (2023: 12) 54,900 109,900 Education Build It International 30,000 Leicestershire Cares - Markfield Institute of Higher Education - SS Great Britain Trust 10,000 The British Museum (2024: 2 Grants) 28,000 University of Leicester 10,000 Other grants under £10,000. Unrestricted 11 (2023: 13) 41,330 119,330 Heritage Anstey St Marys PCC - Bardi Symphony Orchestra - Other grants under £10,000. Unrestricted 4 (2023: 3) 13,000 13,000 Carried down 459,135 |
Restricted Funds £ - - Restricted Funds £ - - - - - - - 3,000 3,000 - - - - - - - - - - - - - - - - 3,000 |
2024 Total Funds £ 4,800 4,800 2024 Total Funds £ - 39,300 39,300 15,000 10,000 10,000 10,000 135,605 180,605 15,000 30,000 10,000 54,900 109,900 30,000 - - 10,000 28,000 10,000 41,330 119,330 - - 13,000 13,000 462,135 |
Unrestricted Funds £ 4,800 4,800 Unrestricted Funds £ 25,000 55,704 80,704 10,000 10,000 - 10,000 133,793 163,793 10,000 - - 40,157 50,157 28,000 60,000 50,000 - 14,000 - 39,350 191,350 10,000 10,000 10,000 30,000 516,004 |
Restricted Funds £ - - Restricted Funds £ - - - - - - - 3,800 3,800 - - - - - - - - - - - - - - - - 3,800 |
2023 Total Funds £ 4,800 |
|---|---|---|---|---|---|
| 4,800 | |||||
| 2023 Total Funds £ 25,000 55,704 |
|||||
| 80,704 | |||||
| 10,000 10,000 - 10,000 137,593 |
|||||
| 167,593 | |||||
| 10,000 - - 40,157 |
|||||
| 50,157 | |||||
| 28,000 60,000 50,000 - 14,000 - 39,350 |
|||||
| 191,350 | |||||
| 10,000 10,000 10,000 |
|||||
| 30,000 | |||||
| 519,804 |
Page 13
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS
7. Grants to institutions (continued)
| Brought down Research British Heart Foundation The Hope Foundation for Cancer Research The Institute of Cancer Research Other grants under £10,000. Unrestricted 6 (2023: 6) Welfare Anthony Nolan Combat Stress Leicester Hospitals Charity – Chemotherapy Suite Leicester Cathedral Charitable Trust London's Air Ambulance Charity LOROS (2023: 2 grants) Maggies Midlands Air Ambulance Charity Stroke Association Target Ovarian Cancer (2024: 2 grants) The Duke of Edinburgh's Award Other grants under £10,000. Unrestricted 52 (2023: 51), Restricted 2 (2023: 2) |
Unrestricted Funds £ 459,135 - - 23,000 22,000 45,000 - - 10,000 - 20,000 20,000 15,000 - 10,000 45,000 - 211,894 331,894 836,029 |
Restricted Funds £ 3,000 - - - - - - - - - - - - - - - - 4,500 4,500 7,500 |
2024 Total Funds £ 462,135 - - 23,000 22,000 45,000 - - 10,000 - 20,000 20,000 15,000 - 10,000 45,000 - 216,394 336,394 843,529 |
Unrestricted Funds £ 516,004 30,000 12,500 - 28,000 70,500 10,000 10,000 - 10,000 10,000 45,000 15,000 10,000 - - 10,000 204,487 324,487 910,991 |
Restricted Funds £ 3,800 - - - - - - - - - - - - - - - 5,500 5,500 9,300 |
2023 Total Funds £ 519,804 30,000 12,500 - 28,000 |
|---|---|---|---|---|---|---|
| 70,500 | ||||||
| 10,000 10,000 - 10,000 10,000 45,000 15,000 10,000 - - 10,000 209,987 |
||||||
| 329,987 | ||||||
| 920,291 |
Grant commitments
The charity had unprovided grant commitments totalling £10,000 (2023: £nil) with future payments subject to the trustees being satisfied the requirements and criteria has been met.
8. Related party transactions
During the year under review Ludlow Trust Company Limited charged the charity £84,781 (2023: £83,263) for administrative services with £21,912 (2023: £20,388) accrued at the balance sheet date.
The charity has no employees, with all administration being carried out by the trustees. No trustees or any person or entity connected to them, except for the fees noted above, were received remuneration in the year under review.
During the year under review £5,767 (2023: £8,019) for travel and subsistence were reimbursed to trustees with no amounts outstanding at the balance sheet date.
Page 14
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
9. Fixed asset investments - managed funds
| Unrestricted Funds £ Market value brought forward 33,114,955 Additions at cost 23,212,538 Disposals at carrying value (23,179,811) Gain/(Loss) on revaluation 1,944,489 Market value carried forward 35,092,171 Analysed as follows: Bonds 11,963,724 Equities 22,227,931 Commodities 900,516 35,092,171 Net gains/(losses) on investments Gain/(Loss) on revaluation 1,944,489 Gain/(Loss) on investment sales 1,158,063 Gain/(Loss) on foreign currency accounts - 3,102,552 |
Restricted Funds £ 874,163 612,584 (611,519) 51,308 926,536 315,884 586,827 23,825 926,536 51,308 30,526 - 81,834 |
2024 Total Funds £ 33,989,118 23,825,122 (23,791,330) 1,995,797 36,018,707 12,279,608 22,814,758 924,341 36,018,707 1,995,797 1,188,589 - 3,184,386 |
Unrestricted Funds £ 35,127,978 27,031,305 (28,207,719) (836,609) 33,114,955 15,237,255 17,877,700 - 33,114,955 (836,609) (1,470,744) - (2,307,353) |
Restricted Funds £ 926,604 713,171 (743,850) (21,762) 874,163 402,376 471,787 - 874,163 (21,762) (39,000) - (60,762) |
2023 Total Funds £ 36,054,582 27,744,476 (28,951,569) (858,371) |
|---|---|---|---|---|---|
| 33,989,118 | |||||
| 15,639,631 18,349,487 - |
|||||
| 33,989,118 | |||||
| (858,371) (1,509,744) - |
|||||
| (2,368,115) |
10. Creditors: amounts falling due within one year
| Grant creditors Independent auditor's fees Trustee expenses Investment management Administrative services Liabilities between funds |
Unrestricted Funds £ 25,000 4,800 - 41,181 21,900 - 92,881 |
Restricted Funds £ - - - 1,087 12 - 1,099 |
2024 Total Funds £ 25,000 4,800 - 42,268 21,912 - 93,980 |
Unrestricted Funds £ 69,404 4,800 - 39,576 20,388 - 134,168 |
Restricted Funds £ - - - 1,045 - - 1,045 |
2023 Total Funds £ 69,404 4,800 - 40,621 20,388 - |
|---|---|---|---|---|---|---|
| 135,213 |
11. Contingent asset
The charity has a one third beneficial interest in a piece of land of unknown value which is under a lease to an unrelated third party until 2028.
12. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities Non current liabilities |
Unrestricted Funds £ 35,092,171 1,369,068 (92,881) (10,000) 36,358,358 |
Restricted Funds £ 926,536 58,501 (1,099) - 983,938 |
2024 Total Funds £ 36,018,707 1,427,569 (93,980) (10,000) 37,342,296 |
Unrestricted Funds £ 33,114,955 456,818 (134,168) (30,000) 33,407,605 |
Restricted Funds £ 874,163 16,349 (1,045) - 889,467 |
2023 Total Funds £ 33,989,118 473,167 (135,213) (30,000) |
|---|---|---|---|---|---|---|
| 34,297,072 |
Page 15
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS
13. Analysis of net movements in funds
| Restricted funds Holly Hayes Capital fund Holly Hayes Income fund Unrestricted funds General fund Restricted funds Holly Hayes Capital fund Holly Hayes Income fund Unrestricted funds General fund Description of funds Holly Hayes Capital fund Holly Hayes Income fund |
Year ended 31 March 2024 | |||
|---|---|---|---|---|
| Total funds brought forward £ 876,246 13,221 889,467 33,407,605 33,407,605 34,297,072 |
Income £ - 24,374 24,374 917,263 917,263 941,637 |
Net gains/(losses) Expenditure on investments £ £ (4,237) 81,834 (7,500) - (11,737) 81,834 (1,069,062) 3,102,552 (1,069,062) 3,102,552 (1,080,799) 3,184,386 Year ended 31 March 2023 |
Transfers between funds £ - - - - - - |
Page 16
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EDITH MURPHY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 14. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
||
|---|---|---|
| Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments |
2024 Total Funds £ 36,018,707 36,018,707 |
2023 Total Funds £ 33,989,118 |
| 33,989,118 |
Fair value on fixed asset investments is determined on the basis of mid-market prices from (i) the appropriate Stock Exchange, (ii) the bid price i.e. the current price a buyer is willing to pay, from the relevant fund manager, or (iii) the last traded price where applicable.
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
| Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income Investment management fees Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments |
916,494 (163,177) 753,317 3,184,386 3,184,386 |
669,230 (162,487) |
|---|---|---|
| 506,743 | ||
| (2,368,115) | ||
| (2,368,115) |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
Page 17
EDITH MURPHY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS
15. Comparative Statement of Financial Activities
| Note INCOME AND ENDOWMENTS FROM: Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 12, 13 Total funds carried forward 12, 13 |
Unrestricted Funds £ 672,932 672,932 158,312 1,007,168 1,165,480 (492,548) (2,307,353) (2,799,901) - (2,799,901) 36,207,506 33,407,605 |
Restricted Funds £ 17,727 17,727 4,175 9,300 13,475 4,252 (60,762) (56,510) - (56,510) 945,977 889,467 |
2023 Total Funds £ 690,659 |
|---|---|---|---|
| 690,659 | |||
| 162,487 1,016,468 |
|||
| 1,178,955 | |||
| (488,296) (2,368,115) |
|||
| (2,856,411) - |
|||
| (2,856,411) 37,153,483 |
|||
| 34,297,072 |
Page 18