## 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 - (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 reSoUr￿S 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 - the charity has not kept adequate accounting records; or - 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: - Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations; - Reviewing minutes of meetings of those charged with governance; - 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 ASs￿s 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**