Emslie Horniman Anthropological Scholarshi Fund Financial Statements For the year ended 31 December 2024 CONTENTS Trustees, Report Statement of Trustees, Responsibilities Independent Auditorfs Report statement of Financial Activities Statement of FinanGial Position Notes to the Financial Statements 3,4 &5 8&9 50 Fitzroy Street LondonW1T 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 Ihe year ended 31 December 2023. The accounts have been prepared in ac¢orclance with the accounting policies set out in note 1 to Ihe accounts and comply with the trust's deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in March 2005. The fund is governed by a deed and scheme dated 4 December 1944, It was founded under the will of Ernslie John Horniman, who died cn 11 July 1932. The fund is vested in the Institute, which appoints four trustees in addition to the President who is a trustee ex officio. Truste88 Prof. Jonathan Spanc8r (Chair) Dr Guy Jacobs Dr Liana Chua Prof Joanna Cook Dr Jennifer French Dr Alanna Cant appoint@d appointed resigned appointed appointed appoinl8d 09-Dec-25 03-Mar-22 03-Jun-24 1 >May-25 14-Jul-23 11-Oct-23 Prlnclpal Address 50 Fitzroy Street London WIT 5BT Audltors Fri8nd-JaMes Limited 161-1 S3 Preslon Road Brighton BN16AF Bankers National Westminster Bank PLC 45 Tottenham Court Road London W1T 2EA Solicitors Jan8on8 Solicitors 40 Crawford Street London W1 H 1JL Investment advisors CCLA Investment Manag8ment One Ang81 Lane London EC4R 3AB Sarasin & Partners LLP Juxon House, 100 St Paul's Chur¢hyard, London EC4M 8BU Specific restrlctions imposed by the governing docum&nt., The income of the fund is to be appli8d to promoting anthropology and specifically to the provision of scholarships. These are restricted to citizens of the United Kingdom, the Commonwealth and the Irish Republic. Donations currently amounting lo £5,000 per year are received from the Sutasoma Trust and are applied to enhance the fund's available resources. Investment powers and pollGy'. The Institute has powers lo invesl the fund in any investment from time ID time authorised for th8 inv8Stment of Irust monies. Responsibility for investment decisions lies with the Institute, The current investment policy of the Institute, agr8ed with the trustees, is to invesl a minimum of 400/0 of th8 fund in property, Investments are held in The COIF Chariti68 Ethical Investment Fund held by CCLA Investment Management ancl the Sarasin Endowment Fund managed by Sarasin and Partners.
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND Annual Report Preference is given to graduates who do not yet have a doctorate, and to fieldwork overseas. These and other rules are advertised every year in the Institute's bimonthlyjournal, 'Anlhropology Today,, and are also obtainable from the In8titul& and on its w&bsite: wwM.therai.org.uk. The closing dale each yèar is 31 March and grants are usually paid in October, Applicants should ask for or download application fomis and are recommended to read the rules carefully before applying, The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. The present report is publlshed in order to comply with the Iruslees, legal obligations. The names of successful applicants are published annually in the annual report and financial statements of lh6 Royal Anthropological Institute. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees 8re 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 PractiC8). Th8 law applicable to charities in England and Wales r8quir8S th8 trust88S to prepare financial statements for each financial year which giv8 a true and fair view of the slate of affairs of th8 charity and of the incoming resources and application of resourc6s ofth& Charty for thai period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them ¢cnsistentty', obs8Ne th8 methods and principles in the Charities SORP- makejudgemenls and estimat88 that are reasonable and prudent., state whether applicable accountlng standards have been followed, subject to 8ny material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unle88 It is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that di8Glose 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, Ihe Charities (Accounts and Reports} Regulations 2008 and the provisions ofth8 trust 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. Friend-James Limited were appointed as auditors to the company and a resolution proposing that they b8 r8- appointed will be put at a General Meeting, Approvedby the trustees on Ir< P£eem Professor Jonathan Spencer
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE E SLIE ND Oplnion We have audited the accounts of Th8 Emsli8 Horniman Anthropological Scholership Fund for the year ended 31 December 2023 set out on pages 6 to 9. Th8 financial reporting framework that has been applied in their preparation is applicabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity's trustees, as a body, in accordance with sectlon 145 of the Charities Act 2011 and regulation5 made under seclion 154 of that Act. Our audit work has been underlaken so that we mlght state to the charty's trust8es thos8 matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, w8 do not accept or assum8 responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for th6 opinions w@ have fomied. In our opin ion the f inancial ststements.. give a true and fair view of the stale cf the charity's affairs as at 31 December 2023 and of its incoming resources and applicalion of resources, including its income and expenditure, for the period then ended. hav@ b@en properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have be8n prepared in accordance with the requirements of Ihe Charities Act 2011. Basls for opinion We conducled our audit in accordance with Internatlonal Standards on Auditing (UK} (ISAS (UKI) and applicable law, Our responsibillties under those standards are further described In the Auditor's responsibllities for the audit of the financial 8tstements section of our report. We are independent of the charily in accordance with the ethical requirements that 8re r81evanl to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with th8S8 requirements. We believe that the audit 8vid8nc8 W8 have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions r8lating to going concem I n auditing the financial statements, we have concluded that the trust8es' us8 of the going concern basis cf accounting in the pr8paration of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condbtions 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 12 month5 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ih8reon. The trustees are responsible for the other information. Our opinion on Ihe financial stateménts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to re8d 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 otherwis8 appears to be materially mi5Stated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial stalements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND Matters on whlch we are required to report by 8XC8Ption We have nothing to report in respect ofthe following matters where the Charities (Accounts and Reports) Regulations 2008 r6quires us to report to you if, in our opinion.. the information given in the trustees, report is inconsisfent in any material respect with the the financial st8t8ments', or sufficient accounting records have not been kept,. or th6 financial statements are not in agreement with the a3ccounting records and returns, or we have not received all the informaflon snd explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees 8re responsible for Ihe preparation of the financi81 statements and for being satisfied that they give a true and falr vlew, and for such internal control as the trustees delermine is necessary to enable the preparation of financial statements thal are free from material misstat8m8nt, wh8th8r du8 to fraud or error. In preparing the financial statem&nt8, the trust668 are responsible for assessing the charity's abiltty ID continue as a going concern, disclosing, as applicable, matters relaigd to going concern and using the going concem basis of accounting unless the trustees elther intend to liquidate Ihe charity or to ceas& operations, or have no re81istic alternative bul to do so, Audltor's responsibilities forthe audit of the financial 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 regulalicns made or having effect thereunder. 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 eOr, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of 85sur8nce, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect 8 material misstatement when Il exists. Misstatements can arise from fraud or error and are considered material if, individually or in th8 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial st8t8ments. The extent to which our procedu8 ar8 capable of detecting irregularities, including fraud is detailed below,, the engagement partner ensured that the engagemenl team collectively had the appropriate competence, capabilities and skills to identify or r@cognis8 non-compliance with applicable laws and regulations. we obtained an understanding of the legal and regulalory frameworks wilhin which the charity operates, focusing on those laws and regulations that have a direct effect on the delermination of material amounts and disclosures in the financial statements, The laws and regulations we considered in this cont8Xt were the Charities Act 2011 tcgether with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. id8ntrfied laws and regulations were communicated within the audbt loam regularly and the team remained alert to instances of non-cornpliance throughout the audit. we assessed the extent ofcompliance with the laws and r8gulalions identified above through making enquiries of management. We assessed the susceptibiliiy of the charity's financial statements to material misstatement, including obtsining an und6rslanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal conlrols in place to mitigate risks of fraud and non-compliance with laws and regulations., and To addr@ss the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpect6d relationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions,. and In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited., to agreeing financial statement disclosures to underlying supporting dc¢umentation and enquiring of management as to actual and potential litigalion and claims. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have d&tected some material misslatemenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities> is from the events and transactions reftected in the financial statements, the less likely
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND the inherently limited procedures required by auditing standards would identify it. sn addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, cr the override of internal controls. We are not responsib18 for preventing non- complianc8 and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for th8 audit of the financial statements is located on the Financial Reporting Ccuncil's website at,. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Roger Heber Clow FCA (Senior Statutory Audltor) for and on bohalf of FrIendaMeS Limited S T04rtu CharteredAccountsnts statutory Auditor 4th Floor, Park Gate 161-163 Preston Road, Brighton, East Sussex, BN16AF Friend-J8mes Limited is eligible for appointment as auditor of the charity by virtue of its eligibilily for appointment as auditor of a company under section 1212 of the C¢mp8nies Act 2006.
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Capital Endowm9nt Fund Restrlcted Scholarship Grant Fund Total 2024 Total 2023 Income and endowments from: Investment income Donation8 and legacies 47,757 5,000 47,767 5,000 47,977 5,000 Total income 52,757 52,757 52,977 Expendlture on: Anthrnpological Scholarshlp Fund Charitable activities Grants mad8 during th& year No of grants - 3 (2023-3) 17,474 17,474 19,000 Otherexpendlture Administration services Prop8rty maintenance A¢countancy and audit fee Investment managementfees Sundries 2,216 3,859 2,000 2,216 3,859 2,000 2,120 6,067 1,700 Total expendllure 25,549 25,549 28,931 Net income 27,208 27,208 24,046 Revaluation galnl{lossl on freehold proporties Unrealised gainl(loss) on Investment. assets 22,500 47,256 33,469 33,469 Netmovement in funds Reconciliation of funds Fund balances at 1 January 2024 33,469 27,208 60,677 93,802 981,023 412,491 1,393,514 1,299,712 Fund balances at 31 December 2024 14,492 439,699 1,454.
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 Note 2024 2023 Flxed assets Inv8Stments at market V81ue Freehold investment property 670,302 636,833 660 000 1,296,833 1,330,302 Currentassets Cash held by investment managers Amount due from relatèd charity 125887 125889 105429 105 431 Creditors.amounts falling due wlthln one year Sundry creditors 2,000 8,750 750 Net current assets 123,889 98,681 Total net assets 1454 191 1393 514 Funds of th8 trust Capital Endowment Fund- unrestricted 1,014A92 981,023 Restricted SCholahIp Grant Fund 439,699 412,491 Total charlty funds 1454 191 1393 514 Approved by the trustees on Prof8ssorJonathan Spencer
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND NOTES TO THE FINANCIAL STATEMENTS- YEAR ENDED 31 DECEMBER 2023 1 Accounting policies Basls of accounting The accounts have been prepared under the historic81 cost convention. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial ststemenls are rounded to the nearest £. The accounts have been prepared in 8ccordance with applicable accounting standards, the Statem8nt of Recommended Practice, Accounting and Reporting by Charities issued in March 2005 and th8 Charities Act 2011. Golng concem At the time of approving the financial statements, the trustee5 have a reasonable expectation that the ¢harily has adequate resources to continue in operational existence for the foresee8ble future. Thus the trustees continue to adopt the going concern basis of accounting in preparing th8 financial statements. Income All incoming resources are included in the ststement of financi81 activities when the charty 18 entitled to the incom8 and the amount can be quantified with reasonable accuracy. The following specific policies are applied to P8rticular categories of income: Investment income is included when rec8iV8ble, Expendlture All expenditure is account8d for on an accruals basis and has been included under expense categories that aggregate all costs relating to that category. Investments Th8se are stated at fair value. The net gain on revaluation has been Gredited to the respective funds in which the underlying assets are held. Freeholdlnvestmentpn)pety The fair value of the investment property has begn determined by trustees on an open market basis by reference to m8rket evidence oftransaction prices for similar prop8rties at the reporting end date. Accurnulated funds Restricted funds are subject to specrfic conditions by donors as to how they may be used. Th8 purpose and uses of the restricted funds are set out in note 7. Amount due from related charity Thi5 represents funds held by an associated charity. Flnancialinstruments The charity only has financial assets and financial liabilities of a kind Ihat qualify as basic financial instrum8nts. Basic financi81 instruments are initially recognised at transaction value and subs8quently measured at their settlement value.
EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND NOTES TO THE FINANCIAL STATEMENTS- YEAR ENDED 31 DECEMBER 2023 2 Investments at falr value 2024 2023 Listed investments Fair value as at 1 January 2024 Disposals at opening book value Additions at cost Change in the valu8 in the year 636,833 589,577 33,469 47,256 Falr value a5 at 31 Docember 2024 670 302 636 833 3 Freehold Investment property Balance at 1 January 2023 Revaluation surplus 660,000 637,500 22,500 Balance al 31 Decemb8r 2023 660 000 4 Amount due from relat charity The Royal Anthropological Institute of Great Britain and Ireland (the Instilute) nominates th8 trustees on a regular rolalion in accordance with the trusl deed. The Institute has full control ov8r the management of the ass8ts of the fund. At the year end, the Institute owed the Emslie Homiman Anthropological Scholarship Fund £125,887 (2023.. £105,429) in respect offunds pooled within the Institute. The Ernslie Hornim8n Fund is exclusively devoted to providing scholarship gr8nts for students. Bank interest is apportioned to the trust on the basis of the balance held by the Institut@. S Analysis of not assets between funds Capltal Endowmént Fund R88trlcted Scholarshlp Orant Fund Total Fundbalances at31 December2024 are represented by.. Fixed assets Current assets Creditors-amounts falling due Wlthin one year 1,014,492 315,810 1,330,302 125,889 125,889 (2,000) {2.000) 1014492 439 699 1 6 Capltal Endowmènt Fund - unrestricted The Capital Endowment Fund was established in 1944 to promot8 anthropological research and its policy is to facilitate anthropological f ieldwork by recent graduates who under the trust deed are restricted to those of British, Commonwealth or Irish citizenship. The rules of the fund ar8 advertised annually The fund is represented by fixed asset inveslmenls. 7 Restrlcted Scholarshlp Grant Fund The Scholarship Grant Fund represents an accumulation of unexpended income retained by the trustees in order to maintain the resources of the fund against ercsion by inflation,