Charity number: 1061180
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UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE MARY MACFIE CHARITABLE FUND
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 -13 |
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THE MARY. MACFIE CHARITABLE FUND
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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
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Trustees
Robert Proctor Starling Robert Frederick Clasby Joseph James Henry
Charity registered number 1061180 Principal office Archer House Market Place Ely Cambridgeshire CB7 4QN Bankers Barclays Bank PLC 28 High Street Ely Cambridgeshire CB7 4FS Solicitors Ward Gethin Archer Market Place Ely Cambridgeshire CB7 4QN
Stockbrokers Barratt & Cooke Limited 5 Opie Street Norwich Norfolk NR1 3DW
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2 THE MARY MACFIE CHARITABLE FUND
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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
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The Trustees present their annual report together with the financial statements of the Charity for the year ended 5 April 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.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details are shown on Page1 of the financial statements.
The Mary Macfie Charitable Fund was established by the Will of the late Mrs Ivy Mary Macfie of Ely who died on 22 October 1995 and is registered charity No. 1061180. Its address is Archer House, Market Place, Ely, Cambridgeshire, CB7 4QN
Objectives and activities
a. Policies and objectives
The terms of Mrs Macfie's bequest gave the trustees discretionary power to appoint the beneficiaries of the charity. The trustees have decided that their policy for the time being will be to conserve capital and use only the income of the Charitable Fund to make grants to charitable institutions.
In setting objectives and planning for activities, the Trustees have given due consideration to generai guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
b. Grant-making policies
So far as possible beneficiaries are to be selected from registered charities based or operating in Cambridgeshire particularly those working in the Ely area.
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one . THE. MARY MACFIE CHARITABLE FUND ~ ere rr TT ile ih Fi hf SN SS SSH STEN Anne? TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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Achievements and performance
a. Review of activities
During the year under review, the Trustees made the following grants:
Grants made 6 April 2023 to 5 April 2024
| Institution | Number | Total Amount |
|---|---|---|
| Hospices: Arthur Rank Hospice Charity The EastAnglia Children's Hospice |
2 2 |
20,000 12,000 |
| Medical Welfare: | ||
| AgeUK Deaf Blind UK |
4 1 |
5,000 500 |
| Motor Neurone Disease Association | 1 | 500 |
| NARA Blind Veterans UK |
4 1 |
4,000 250 |
| Social Welfare: | ||
| Centre UK | 1 | 3,000 |
| Magpas Homestart Caring Together Ormiston Families |
1 4 1 1 |
4,000 500 500 1,000 |
| Local: | ||
| ElyMuseum HighfieldsAcademy |
2 2. |
7,000 2,900 |
| TOTAL | 18 | £54,750 |
b. Investment policy and performance
During the period under review the income from investments has remained similar to the prior year. There is an overall gain in the market value of the portfolio since the last report, however at the balance sheet date a significant portion of the portfolio is held in cash awaiting reinvestment following a change in the Charity's stockbroker/investment adviser.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 tttt
b. Reserves policy
The trustees have a policy to retain approximately six months income in reserve in case of emergency request for assistance and in case of an economic downturn in income receipts so that they could phase reduction in grants to their regular beneficiaries.
Structure, governance and management
a. Organisational! structure and decision-making policies
Mrs Macfie’s Will gives the trustees wide investment powers. The investment policy of the trustees is to seek capital growth by holding a medium to high risk portfolio consisting of fixed interest stocks and equities and to obtain an increasing income over the medium to long term.
In order to meet these objectives the trustees have appointed Barratt & Cooke (the Advisor) as their agent to advise on a diversified portfolio of suitable investments on a discretionary basis. The proportions invested in equities, fixed income stocks and cash shall be reviewed from time to time and the Advisor will provide guidance as to the suitability of the investments at that time.
The trustees generally meet twice a year to decide which grants are to be made. Record keeping and secretarial servces are provided by the Charity's solicitors, Ward Gethin Archer Ltd.
Joseph Henry is a Director of Ward Gethin Archer Ltd.
b. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The trustees plan to continue with the current investments policies.
Independent examiner
Whitings LLP has been re-appointed as independent examiner for the ensuing year.
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TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED5 APRIL 2024
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Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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° select suitable accounting policies and then apply them consistently; ° observe the methods and principles of the Charities SORP (FRS 102); . make judgments and accounting estimates that are reasonable and prudent; . state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Will. 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 order of the members of the board of Trustees and signed on their behalf by:
Joseph James Henry ie Trustee Date. <j Kea Jara 202 5
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THE MARY MACFIE CHARITABLE FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent Examiner's Report to the Trustees of The Mary Macfie Charitable Fund ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 03/02/2025
KJ Day FCCA
Whitings LLP 12-13 The Crescent Wisbech Cambridgeshire PE13 1EH
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; . THE MARY MACFIE CHARITABLE FUND : :
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
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|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|Note|£|£|£|
|Income|from:|
|investments|2|70,205|70,205|69,710|
|Total|income|70,205|70,205|69,710|
|Expenditure|on:|
|Raising|funds|3|11,044|11,044|13,897|
|Charitable|activities:|4|
|Donations|54,750|54,750|104,000|
|Governance|9,314|9,314|8,880|
|Total|expenditure|75,108|75,108|123,777|
|Net expenditure|before|net|gains/(losses)|on|
|investments|(4,903)|(4,903)|(54,067)|
|Net|gains/(losses)|on|investments|7|228,969|228,969|(160,703)|
|Net movement|in|funds|224,066|224,066|(214,770)|
|Reconciliation|of|funds:|
|Total|funds|brought forward|2,840,224|2,840,224|3,054,994|
|Net movement|in|funds|224,066|224,066|(214,770)|
|Total funds|carried|forward|3,064,290|3,064,290|2,840,224|
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The Statement of Financial Activities includes ali gains and losses recognised in the year.
The notes on pages 9 to 13 form part of these financial statements.
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| BALANCE SHEET | BALANCE SHEET | ||
|---|---|---|---|
| AS AT 5 | APRIL 2024 | ||
| en | tt | tt | |
| 2024 | 2023 | ||
| Note | £ | £ | |
| Fixed assets | |||
| investments | 7 | 1,128,937 | 2,723,537 |
| 1,128,937 | 2,723,537 | ||
| Current assets | |||
| Debtors | 8 | 342 | - |
| Cash at bank and in hand | 1,937,081 | 118,655 | |
| 1,937,423 | 118,655 | ||
| Creditors: amounts falling due within one year |
9 | (2,070) | (1,968) |
| Netcurrentassets | 1,935,353 | 116,687 | |
| Total assets less current liabilities | 3,064,290 | 2,840,224 | |
| Netassets excluding pension asset | 3,064,290 | 2,840,224 | |
| Total netassets | 3,064,290 | 2,840,224 | |
| Charity funds | |||
| Restricted funds | - | - | |
| Unrestricted funds | 3,064,290 | 2,840,224 | |
| Totalfunds | 3,064,290 | 2,840,224 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
_ Joseph James Henry Trustee
Date: $1 Sender4) 2525
The notes on pages 9 to 13 form part of these financial statements.
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- Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Mary Macfie Charitable Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 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 fevel 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.
1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
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1. Accounting policies (continued)
1.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
- 1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
4.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financia! Activities as a finance cost.
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THE MARY MACFIE CHARITABLE FUND.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which 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.
Investment income, gains and losses are allocated to the appropriate fund.
2. Investment income
| Unrestricted funds |
Total funds |
Totai funds |
|
|---|---|---|---|
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Income from UK listed investments | 31,235 | 31,235 | 39,803 |
| Incomefrom non-UK listed investments | 16,094 | 16,094 | 42,571 |
| Income from unittrusts | 14,902 | 14,902 | 13,045 |
| Bank interest receivable | 5,706 | 5,706 | 1,525 |
| Propertyincomefrom investment funds | 2,268 | 2,268 | 2,766 |
| Total2024 | 70,205 | 70,205 | 69,710 |
| Total2023 | 69,710 | 69,710 |
- Investment management costs
| Unrestricted funds |
Total funds |
Total funds |
|
|---|---|---|---|
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment portfolio managementfees | 41,044 | 11,044 | 13,897 |
| Total2023 | 13,897 | 13,897 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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4. Analysis of expenditure by activities
| Grant | ||||
|---|---|---|---|---|
| Governance | funding of | Total | Total | |
| costs 2024 |
activities 2024 |
funds 2024 |
funds 2023 |
|
| £ | £ | £ | £ | |
| Donations | 9,314 | 54,750 | 64,064 | 109,880 |
| Total2023 | 8,880 | 101,000 | 109,880 |
Details of grants made are included in the Trustees’ Report on Page 3.
| 5. | Governance costs | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Independent examiner's fees | 2,412 | 1,978 | |
| Legal fees | 6,902 | 6,902 | |
| 9,314 | 8,880 |
- Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - ENIL).
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - ENIL).
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pore mmrmma smmiit ea ET SP STS SSS Nnn NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ttet 7. Fixed asset investments
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2023 | 2,723,537 | ||
| Additions Disposals |
501,431 (2,325,000) |
||
| Revaluations | 228,969 | ||
| TS | |||
| At 5 April 2024 pril 20 |
4,128,937 | ||
| 8. | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Due within one year | |||
| Otherdebtors | 342 | - | |
| 342 | - | ||
| 9. | Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals | 2,070 | 1,968 |
10. Related party transactions
Record keeping and secretarial servces are provided by the Charity's solicitors, Ward Gethin Archer Ltd for which fees were paid in the year of £6,902 (2023 - £6,902). A Trustee, Joseph Henry, is a Director of Ward Gethin Archer Ltd.
There are no outstanding balances owing between related parties and the Charity at 5 April 2024.
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