Emslie Horniman Anthropological Scholarship Fund Financial Statements For the year ended 31 December 2023 CONTENTS Trustees, Report Statement of Trustees, Responsibilities Independent Auditor's Report Statement of Financial Activities Statement of Financial Po¢iiion Notes to the Financial Statvments 3,4 &5 8&9 50 Fitzroy Street London W1T 5BT Charity Registration No.. 1063942 EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND (also known as Emslie Horniman Fund) TRUSTEES, REPORT The trustees present their report and financial statements for the year ended 31 December 2023. The accounts have been prepared in aCcL)rdan￿ wth the accounting policies se.l out in not8 1 to the accounts and comply with the trust's deed, the Charities Act 2011 and the Stat8ment of Recommended Practice, "Accounting and Reporting by Chafities". issued in March 2005. The fund is governed by a deed and scheme dated 4 December 1944. 11 was founded under the will of Emslie John Homiman, who died on 11 July 1932. The fund is vested in the Institute. which appx)ints four truslees in addition to the President who is a trustee ex officio. Trustees Professor Deborah Swallow (Chair) appointed Dr Guy Jacobs appointed Dr Liana Chua appointed Prof Paul Lane resigned Dr Jennifer French appoiiiled M., R. Gosling resigiied Dr Alanna Cant appointed 18-Oct-22 03-Mar-22 21-Feb-18 14-Jul-23 14-Jul-23 11-Oct-23 11-Oct-23 Honorary Secretary Amanda Vinson Prlnclpal Address 50 fitzroy Street London W1T 5BT Audltors Friend-James Limited 161-163 Preston Road Brighton BN16AF Bankers National Westminster Bank PLC 45 Tottenham Court Road London W1T 2EA Sollcltors Jansons Solicitors 40 Cra￿ord Street LondL)n W1H 1JL Invostmont advisors CLLA Investment Management One Angel Lane London EC4R 3AB Sarasin & Partners LLP Juxon House. 1CNJ Sl Paul's Churchyard. London EC4M 88U SpeGiflc rostrlctlons Imposed by the governing document: The income of the fund is to be applied to promoting anthropology and specifically to the provision of scholarships. These are restricted li citizens of the Uniled Kingdom. the Commonwealth and the Irish Republic. Donalions currently amounting to £5,000 per year are received from the Sutasoma Trust and a applied lo enhance the fund's availal)le resources. Investment powers and pollcy: The Institute has powers lo invesl the fund in any investment from time to tiine authorised for the investment of trust monies. Responsibility for investment decision5 lies with the Institule. Th& current inveslment policy of the Institute. agreed with the trustees. is to invest a minimum of 40Vo of the fund in property. Investments are held in The COIF Charities Ethical Inveslmenl Fund held by CCLA Investment Management and the Sarasin Endowment Fund rnanaged by Sarasin and Partners. EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND Annual Report Preference is given lo graduates who do not yet have a doctorate, and to fieldwork overseas. These and other rules are advertised every year in the Institute's bimonthly joumal. 'Anthropology Today., and are also obtainable from the Institute and on its website.. ￿.theral.0rg.Uk. The closing date each year is 31 March and grants are usually paid in Oclober. Applicants should ask for or download application forms and are recommended to read the rules carefully before applwng. The truslees have paid due regard to guidance issued by the Charity Commission in deciding whal aclivilies the trust should undertake. The present report is published in order to comply with the trustees. legal obligations. The names of successful applicaDts are published annually in the annual report and financial statements of the Royal Anthropological Institute. 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 chanties in England and Wales requires the trustees to prèpare financial stalemenls for each financial year which give a true and fair view ol the state of affairs of the charity and of the incoming resources and applicalion ol resources of the charity for that period. In preparing th8se financial statements. the trustees are required to: • select suitable accounting policies and then apply them consist8ntly- obseNe the methods and principles in the Charities SORP: make judgements and eslimates that are reasonable and prudent.. slate whether applicable accouDling standards have been followed. SUDiect to any material departures disclosed and explained in the financial statements.. and prepare the financial statements .Jn the going concem basis unless it is ii)appropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records Ihal disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulalioi)s 2008 and the provisions of the trust deed. They ar8 also responsiblts for safeguarding the assets of the ch 'ty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Friend-James Limited were appointed as auditors to the o?mpany and a resolution proposing that they be re- appointed will be pul at a General Meeling. Appmv•d by the trustees on Pr?fessor Deborah Swallow EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE EMSLIE H RNIMAN ANTHR ICAL CHOLARSHIP FUND Opinion We have audited the accounts of The Emslie Homiman Anthropological S¢holership Fund for the year ended 31 December 2023 set out on pages 6 to 9 The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards (United Kj'ngdom Generally Accepted Accounting Practice). This report is made solely to the Charty's trustees. as a body. in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of thal Act. Our audrt work has been undertaken so thal we might state to the charitys trustees those matters we are required to stste to them in an auditors. report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and rts trustees as a body, for our audti work. for this report. or for the opinions Y￿ have formed. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 De￿rnber 2023 and of its incoming resources and application of resources, including its income and expendilure, for the period then ended., have been proper5y prepared in accordance with Unrted 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 Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibil-rties 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 charty in accordance with the ethical requirements that are relevant to our audit of the financial ststements 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 identffied any material uncertainties relating to events or conditions that, individually or collectively. may cast signrficant doubl on the charty's abilty lo continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilit￿S of the trustees with respect to going concern are described in th8 relevant sections of this report. Other infomiation The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements d￿S not cover the other information and we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent wrth the financial ststements. Of our knowledge obtained in the audit or othery4ise appears to be materially misstated_ If we identrfy such material inconsistencies or apparent material misstatements, we are required to detemiine 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 perfomied. we Conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND Matters on which we are requlrnd to report by excepllon We have nothing to report in respect of the following matters where the Chartlies {Ac¢ounts and Reports) Regulations 2008 requires us to reFrf)rt to you if. in our opinion. the information given in the trustees report is inconsistenl in any material respect with the the financial statements,. or sufficient accounting records have not been kept", or the financial statements are not in agreement with the accounting records and retums,. or we have not received all the information and explanations we require for our audit. Responsibilitles of trustees As explained more fully in the trustees. responsibilities slalement. 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 d8lennine is necessary to enable the preparalion of financial statements that are free from matèrial misslatem8nl. whether due to fraud or èrror. In preparing the financial slatemenls, the trustees are responsible for assessing the charity's ability io conlinue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees" either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltor'8 respon8lbllill•s for Ihe audlt of the flnancial statements We have been appointed as auditor under the Charities Act 2011 s 145 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whelher the financial stalements as a whole are free from.material misstatement, whether due to fraud or error. and to issue an auditor's reFM)rt that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance Wlth ISAS (UK} will alway5 Jelecl a material misstatement when it L)xisls. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b8 8xpected lo influence the economic decisions of users taken on the.basis of thpse financial statements. The extent to bvhich our procedures are capable of detecting irregularities, jnrluding fraud is detailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this conlext were the Charities Act 2011 together with the Charities SORP {FRS 1021. We assessed the r8quir&d compliance with th8S8 laws and regulations as part Lf our audit procedures on the related fiTpancial statement items. identified laws and regulations were communicated within the audit team regularly and th6 team remained alert to instances of non on investment assets 22.500 47.256 22.500 47.256 (83,0591 Net movement in funds Reconciliation of funds Fund balances at 1 January 2023 69,756 24,046 93,802 (57,8451 911.267 388,445 1,299,712 1,357.557 Fund balances at 31 December 2023 981,023 412,491 1,393,514 .1,299,712 EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 Note 2023 2022 Flxed assets Inv8Stments at market value Freehold investment property 636,833 660,000 1,296,833 589,577 637.500 1.227,077 Current assets Cash held by investment managers Amount due from related charity 105.429 105,431 73,635 73.635 Creditors•amounts falling due withln one year Sundry creditors 8.750 1,000 8,750 1,000 Net èurrent assets 96,681 72,635 Total net a88ets 1.393,514 1.299.712 Funds of the trust Capital Endowment Fund - unrestricted 981,023 911,267 Restricted Scholarship Grant Fund 412,491 388,445 Total charlty fund8 1.393,514 1,299,712 Approved by Ihe trustees on 13 *• Lt Professor Del)orah Swallow EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2023 1 Accounting pollcles Basis of accounting The accounts have been prepared under the historical cost convention. The financial statements are prepared in sterling. which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice. "Accounting and Reporting by Charities" issued in March 2005 and the Charrties Act2011. Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Income All incoming resources are included in the statement of financial activities when the charrty is entitled to the income and the amount can be quanlrfied with reasonable accuracy. The following specific policies are applied to particular categories of income.. Investment income is included when receivable. Expendlture All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs relating to that category. Investments These are stated al fair value. The net gain on revaluation has been credited to the respective funds in which the underlying assets are held. Freehold investment pmperty The fair value of the Investment property has been detennined by trustees on an open market basis by reference to market evidence of transaction pnces for similar properties at the reporting end date. Accumulated funds Reslricled funds are subject to speclfic conditions by donors as to how they may be used. The purpose and uses of the reslncted funds are set out in note 7. Amount due fmm related charfty This represents funds held by an associated charty. Flnanclal instruments The Charity only has financial assets and financial liabilrties of a kind that qualify as basic financial instruments. Basic financial instruments are inrtially recognised at transaction value and subsequently measured at their settlement value. EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2023 2 Investments at fair value 2023 2022 Listed investments Fair value as al 1 January 2023 Disposals at opening book value Additions at cost Change in the value in Ihe year 589,577 672.636 47.256 183.0591 Falr value as at 31 December 2023 636.833 589.577 3 Freehold Investmenl property Balance at 1 January 2023 Revaluation surplus 637,500 22,500 637,500 Balance at 31 Decembèr 2023 660.000 637,500 4 Amount due from related charity The Royal Anthropological Institute of Great Bnlain and Ireland (the Institute) nominates the trustees on a regular rotation in accordance with the trust deed. The Inslilute has full control over the management of the assets of the fund. At the year end, Ihe Institute owed the Emslie Horniman Anthropological Scholarship Fund £105,42912022.. £73.635) in respect of funds pooled within the Inslitule. The Emslie Horniman Fund is exclusively devoted to providing scholarship grants for sludents. Bank interesl is apportioned to the trust on the basis of the balance held by the Instilule. 5 Analysis of net assets between funds Capttal Endowm•nt R••trlct•d scholarship Grant Fund Fund Total Fund balances at 31 December 2023 are represented by.. Fixed assets Current assets Creditors-amounls falling due withiri one year 981.023 315,810 1.296.833 405.431 105,431 (8,750) <8.750) 981.023 412.491 1.393,514 6 Capllal Endowment Fund - unresiricted The Capital Endowment Fund was estsblished in 1944 to promote anthroF)ological research and its policy is to facilitate anthropological fieldwork by recent graduates who under the trust deed are restricled lo those of British. Commonwealth or Irish crtizenship. The rules of the fund are advertised annually. The fund is represenled by fixed asset investments. 7 Rostricted Scholarship Grant Fund The Scholarship Grant FLJnd represènts an accurnulation of unexpended income retained by the trustees in order to maintain the resources of Ihe fund against erosion by inflation.