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Registered Charity Number: 1080118
THE AMARYLLIS FLEMING FOUNDATION
REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2023
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THE AMARYLLIS FLEMING FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees’ Annual Report | 2 – 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 14 |
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THE AMARYLLIS FLEMING FOUNDATION
REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
The Amaryllis Fleming Foundation was established under a Declaration of Trust dated 1 February 2000, which determined the objects and powers. The Amaryllis Fleming Foundation is registered with the Charity Commission for England and Wales as Charity Number 1080118.
TRUSTEES
Roderick John Fleming Geoffrey Adrian Richards Sir Brian Williamson
PRINCIPAL OFFICE
The Amaryllis Fleming Foundation c/o RFT Management Services Limited 14 Buckingham Street London WC2N 6DF
INDEPENDENT EXAMINER
Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT
INVESTMENT ADVISORS
Bergos Kreustrasse 5 P.O.Box 186 8034 Zurich Switzerland
SOLICITORS
Currey & Co LLP 33 Queen Anne Street London W1G 9HY
REGISTERED CHARITY NUMBER
01080118
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THE AMARYLLIS FLEMING FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2023
The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the Charity’s Trust Deed, the Charities Act 2011, as amended, and the reviewed Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015).
Reference and administrative information set out on page 1 forms part of this report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees who held office throughout the year are shown on page 1.
The Trust Deed stipulates that there shall be no less than three Trustees. New Trustees, when required, are selected by the serving Trustees, and are appointed by a Resolution of existing Trustees. New Trustees are informed of the history of the Charity and acquainted with the activities of the Charity. Additional training and/or information is provided to the Trustees on an on-going basis when relevant.
No Trustee receives a fee for the service they provide to the charity, all time spent is donated free of charge.
RFT Management Services Limited provides the charity with charity administration and financial reporting services.
OBJECTS AND ACTIVITIES
The Charity’s objects are the support of such institutions and purposes which are charitable according to the law of England and Wales, in such manner and such proportions as the Trustees shall from time to time at their discretion decide.
The Trustees have been granted wide powers to act in furtherance of the Charity’s objects.
The Trustees support UK charitable causes, with a focus on musical education and development and work with young people generally.
GRANT MAKING POLICY
The Trustees consider applications and approve grants they receive from various sources at regular meetings. However, due to the constraints on income, unsolicited applications can no longer be considered.
The Trustees have considered the Charity Commission’s guidance on public benefit including the guidance “public benefit: running a charity” when formulating the grant making policy. In particular, the Trustees consider how grants can be made to ensure maximum benefit flows through to the intended ultimate beneficiaries.
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THE AMARYLLIS FLEMING FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 (CONT’D)
ACHIEVEMENTS AND PERFORMANCE
During the year the Trustees made donations totalling £105,001 as detailed in note 5.
The five string Amati cello previously consigned to Florian Leonhard Fine Violins was sold during the year for net proceeds of $1,047,475. Based on a currency exchange rate of £1.2696 as at 6[th] July, the date of sale, this equates to £824,807.
The Trustees look forward to being able to continue their charitable work in the coming years in accordance with the grant making policy.
FINANCIAL REVIEW AND INVESTMENT POLICY
The Charity’s principal source of income is from its investments, which amounted to £33,852 (2022 - £23,991). During the year the Trustees spent £109,102 (2022- £88,026) on charitable activities as detailed in notes 5 to 7.
The Trustees have agreed an investment policy for the Charity’s investment portfolio and have instructed the investment managers that the portfolio is to be invested to produce a suitable mixture of income and capital growth. This policy is monitored by regular investment reports.
To meet these objectives, the Charity’s investments are managed across a range of asset classes, maintaining diversification, to produce an appropriate balance between risk and return.
FUTURE PLANS
The Trustees do not envisage any material changes to the operation of the Charity. The investments will continue to be managed on a similar basis to now.
RESERVES POLICY
The capital is an expendable endowment and at this time the Trustees do not consider a specific Reserve Policy necessary. At the Balance Sheet date, the free reserves of the charity amounted to £47,784.
RISK MANAGEMENT
The Trustees have reviewed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate those risks. The principal risk faced by the Charity is an investment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by the Trustees in meeting their charitable objectives. This risk has been addressed by the appointment of professional advisors to manage the portfolio and decide on acquisitions and disposals.
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THE AMARYLLIS FLEMING FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE AMARYLLIS FLEMING FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2023
I report to the trustees on my examination of the accounts of the Amaryllis Fleming Foundation for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under 145(5) (b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. Accounting records were not kept in respect of the Foundation as required by section 130 of the Act : or
2. the accounts do not accord with those records: or
3. 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.
I 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.
Martin Howard For and on behalf of Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT
10/6/2024 Date:
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THE AMARYLLIS FLEMING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 DECEMBER 2023
| NOTE INCOME Income 3 TOTAL INCOME EXPENDITURE Cost of Generating Funds 4 Charitable activities 5 TOTAL EXPENDITURE Gains on foreign exchange GAINS/(LOSSES) ON ASSETS (Losses)/Gains on investments 9 (Losses)/Gains on tangible assets 10 NET EXPENDITURE Gross transfers 8 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward BALANCE CARRIED FORWARD |
Expendable Endowment £ Income £ 2023 £ 2022 £ - 33,852 33,852 23,991 |
|---|---|
| - 33,852 33,852 23,991 |
|
| 10,614 - 10,614 8,296 4,101 105,001 109,102 88,026 |
|
| 14,715 105,001 119,716 96,322 |
|
| 34,040 - 34,040 (23,382) - (23,382) (79,432) (421,143) - (421,143) 132,944 |
|
| (425,200) (71,149) (496,349) (18,819) (71,149) 71,149 - - |
|
| (496,349) - (496,349) (18,819) 1,879,100 - 1,879,100 1,897,919 |
|
| 1,382,751 - 1,382,751 1,879,100 |
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and a registered charity and therefore has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), and Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the Charity and rounded to the nearest pound.
(b) Going Concern
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and risk management sections of the Trustees’ annual report for more information).
(c) Fund Structure
Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
The Expendable Endowment Fund represents those assets which are held for the longer term for the Charity, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the Unrestricted Funds, capital can also be spent in certain circumstances in fulfilment of the Charity’s objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that fund. To the extent that grants paid exceed the amount available from income funds, transfers are made from the Expendable Endowment.
(d) Income
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has been or will be made such income is grossed up for the tax recoverable.
Investment Income
Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.
(e) Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
1. ACCOUNTING POLICIES (CONT’D)
Costs of generating funds
The costs of generating funds consist of investment management and related costs.
Charitable Activities
Costs of charitable activities include grants made and support and governance costs. Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.
Support & Governance Costs
Support and Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include expenses related to the independent examiner’s fees, professional fees, and support costs.
(f) Fixed Asset Investments
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
(g) Tangible Asset
The Tangible asset (a musical instrument), previously stated at professional value, was sold on 6[th] July 2023.
(h) Realised and Unrealised Gains and Losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as all the difference between sales proceeds and carrying value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
- (i) Critical accounting estimates and areas of judgement
In preparing financial statements, it is necessary to make certain adjustments, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, the only judgement of note is the valuation of the musical instrument held. For this, reliance is place on the valuation of experts as per note 10.
(j) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
(k) Financial Instruments
The Charity has elected to apply the provisions of Section 11 Basic Financial Instruments of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust’s balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
1. ACCOUNTING POLICIES (CONT’D)
(l) Foreign Currencies
Transactions in foreign currencies are recognised at the rate of exchange at the date of transaction. Monetary assets and liabilities are translated into sterling at the rate of exchange on the balance sheet date. Exchange differences are recognised through the Statement of Financial Activities.
2. INFORMATION REGARDING TRUSTEES AND EMPLOYEES
In the financial year ended 31 December 2023, none of the trustees received any remuneration or had expenses reimbursed by the charity (2022– nil). The Charity has no employees. The trustees are considered to comprise the Charity’s key management.
3. INCOME
| Income from Investments Interest on cash deposits OST OF GENERATING FUNDS Investment Management Fees Custody, Administration Fees and Transaction Fees |
2023 £ 2022 £ 33,761 23,989 91 2 |
|---|---|
| 33,852 23,991 |
|
| 2023 £ 2022 £ 8,899 6,452 1,715 1,844 |
|
| 10,614 8,296 |
4. COST OF GENERATING FUNDS
5. CHARITABLE ACTIVITIES
The charity undertook no direct charitable activities but awarded donations in furtherance of its charitable activities as follows:-
| Royal College of Music Klosters Alpine Concerts Dafydd Jones Maxim Calver Solomon’s Knot Production Limited Power to Live Foundation Supporting Wounded Veterans |
£ 40,001 15,000 15,000 15,000 10,000 5,000 5,000 |
|---|---|
| 105,001 |
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
6. ANALYSIS OF DONATIONS MADE
| The advancement of the arts, culture, heritage or science The advancement of education The advancement of health or the saving of lives The advancement of religion |
2023 No. 2022 No. 2023 £ 2022 £ 4 6 70,001 71,036 2 1 30,000 7,191 1 - 5,000 - - 1 - 5,000 |
|---|---|
| 7 8 105,001 83,227 |
7. SUPPORT AND GOVERNANCE COSTS
| Unrestricted | Unrestricted | 2023 | 2022 | |
|---|---|---|---|---|
| Expendable | Income | |||
| Endowment | ||||
| £ | £ | £ | £ | |
| Independent Examiner’s Fee | 1,200 | - | 1,200 | 2,000 |
| - current year | ||||
| - prior year (over) accrual | (200) | - | (200) | 290 |
| Legal and Professional Fees | 2,379 | - | 2,379 | 1,636 |
| Bank Charges | 706 | - | 706 | 723 |
| Interest Charges | 16 | - | 16 | 150 |
| To Charitable Activities | (4,101) | (4,101) | (4,799) | |
| - | - | - | - |
8. FUND TRANSFERS
The Trustees made a transfer of £71,149 (2022 - £59,386) from the Expendable Endowment Fund to the Income Fund in respect of the charitable activities.
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
9. FIXED ASSET INVESTMENTS Movement in fixed asset investments
| Unquoted | Unquoted | Quoted Investments | Quoted Investments | Total | Total | |
|---|---|---|---|---|---|---|
| Investments | ||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Market Value | 484 | 2,920 | 629,854 | 761,511 | 630,338 | 764,431 |
| brought forward | ||||||
| Acquisition at Cost | - | - | 821,827 | - | 821,827 | - |
| Less disposal | (21) | (867) | (93,795) | (53,794) | (93,816) | (54,661) |
| proceeds | ||||||
| 463 | 2,053 | 1,357,886 | 707,717 | 1,358,349 | 709,770 | |
| Realised | (180) | (831) | 296 | (5,533) | 116 | (6,364) |
| (Losses)/Gains on | ||||||
| disposal | ||||||
| Net (Losses)/Gains | 85 | (738) | (23,583) | (72,330) | (23,498) | (73,068) |
| on revaluation | ||||||
| Market Value at 31 | 368 | 484 | 1,334,599 | 629,854 | 1,334,967 | 630,338 |
| December | ||||||
| Historical Cost at 31 | 2,908 | 4,433 | 1,281,621 | 548,827 | 1,284,529 | 553,260 |
| December | ||||||
| Unquoted Investments | Quoted Investments | Total | Total | |||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Geographical | ||||||
| Analysis | ||||||
| United | - | 201 | 616,581 | 617,216 | 616,581 | 617,417 |
| Kingdom | ||||||
| Investments | ||||||
| Overseas | 368 | 283 | 718,018 | 12,638 | 718,386 | 12,921 |
| Investments | ||||||
| Market Value at | 368 | 484 | 1,334,599 | 629,854 | 1,334,967 | 630,338 |
| 31 December |
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
9. FIXED ASSET INVESTMENTS (CONT’D)
The following investments comprise in excess of 5% of the value of the portfolio:
| Name Bergos Fiduciary Call Deposit M&G Investment Management Ltd Charifund Mayfair Capital Investment MGM Ltd Property Inc Rathbone Unit Trust Ethical Bond Link Fund Solutions Ltd Trojan Income Artemis Fund Managers Income Institutional Inc BNY Mellon Fund Managers Limited Newton Higher Income T Bailey Fund Services LTD Evenlodge Sarasin Investment Funds International Equity Income ANGIBLE ASSET Cost or value at 1 January Gains on Foreign Exchange Proceeds of sale Loss on disposal Value at 31 December |
Holding Value £ 900,000 706,795 4,034 57,887 74,534 57,883 67,163 57,820 32,245 57,198 21,642 56,163 25,742 55,711 37,016 53,614 26,368 52,389 2023 £ 2022 £ 1,245,951 1,113,007 - 132,944 |
|---|---|
| (824,807) - |
|
| (421,143) - |
|
| - 1,245,951 |
10. TANGIBLE ASSET
The Tangible Asset comprised the Amati cello which was sold for $1,047,475 on 6[th] of July 2023. Based on a currency exchange rate of £1.2696 as at that date this equates to proceeds of £824,807. As at 31[st] December 2022 the cello was valued at £1,245,951 resulting in a book loss recorded in the year of £421,143.
11. CREDITORS
| CREDITORS | |
|---|---|
| Accruals Grants Outstanding Accruals Grants Outstanding |
Unrestricted Expendable Endowment Unrestricted Income 2023 £ £ £ 1,994 - 1,994 - 20,000 20,000 |
| 1,994 20,000 21,994 |
|
| Unrestricted Expendable Endowment Unrestricted Income 2022 £ £ £ 2,460 - 2,460 - 25,278 25,278 2,460 25,278 27,738 |
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THE AMARYLLIS FLEMING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONT’D)
12. FUND ANALYSIS
| Investments Current Assets Cash at Bank Creditors |
2023 2022 £ £ 1,334,967 630,338 - 1,245,951 69,778 30,549 (21,994) (27,738) |
|---|---|
| 1,382,751 1,879,100 |
13. RELATED PARTY TRANSACTIONS
Mr G A Richards is a member of the Council for The Royal College of Music to whom donations of £40,001 were awarded during the year (2022: £22,536). A further grant of £10,000 is included in creditors at the year end. (2022: £5,279).
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