REGISTERED CHARITY NUMBER: 1174697
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2022
for
Elizabeth Montagu Correspondence Online
Peter Upton Bridge House
2 Bridge Avenue Maidenhead Berkshire SL6 1RR
Elizabeth Montagu Correspondence Online
Contents of the Financial Statements for the Year Ended 31 May 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
Elizabeth Montagu Correspondence Online
Report of the Trustees for the Year Ended 31 May 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and Charitable Purposes
The objects of the charity are to advance education for the public benefit by publishing an online edition of the letters of Elizabeth Montagu, her correspondents and other members of her circle ("the Montagu Correspondence") in particular but not exclusively as a means to:
a) advance scholarship and literary and historical research by making the online correspondence archive available for use as an educational tool by academic institutions and interested members of the public;
b) encourage scholars and researchers to transcribe, edit, study and publish materials arising from the online correspondence archive, and to provide them with scholarships, expense reimbursement and other forms of financial assistance for this purpose.
The trustees are mindful of the Charity Commission guidelines on public benefit.
Structure, Governance & Management
The charity was registered as a Charitable Incorporated Organisation on 18th September 2017. It is administered by its Trustees, and the day-to-day administration is carried out by Joanna Barker. The Trustees receive no remuneration from the charity.
Trustees
Professor Caroline Franklin (Chair) re-appointed 17th October 2022 Professor Mike Franklin re-appointed 17th October 2022 Professor Nicole Pohl re-appointed 17th October 2022 Dr Elizabeth Eger Joanna Barker
The founding Trustees listed above were appointed on 18th September 2017 and serve an initial term of between two and four years (as set out in the founding document), and may thereafter be re-elected for terms of three years.
The Trustees have familiarised themselves with their responsibilities and obligations as set out on the website of the Charity Commission. New trustees, when appointed, will benefit from an induction process.
Review of Activities
In September 2021 EMCO sponsored and organised a conference at Hagley Hall on the topic The Prospect of Improvement. Twenty-three papers were presented; as a result of Covid-related travel restrictions, a number of these were pre-recorded and delivered virtually. Delegates also benefited from a tour of the house and grounds of Hagley Hall, by kind permission of Viscount Cobham.
In autumn 2021, EMCO instituted an internship programme which has trained four doctoral students in transcription, editing and tagging techniques, in return for a small stipend. The programme chose as its initial focus the letters written by Elizabeth Montagu to Elizabeth Carter, and it has enabled a significant number of these letters to be transcribed and published on the website, where they are fully searchable. The programme is considered to be a success, and it is intended that it will continue.
ACHIEVEMENT AND PERFORMANCE
The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and apply them consistently
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Observe the methods and principles of the Charities SORP
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Make judgments and estimates that are reasonable and prudent
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State whether applicable accounting standards have been followed, subject to any 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 assume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure that the accounts comply with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. 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.
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Elizabeth Montagu Correspondence Online
Report of the Trustees
for the Year Ended 31 May 2022
FINANCIAL REVIEW
Donations
The trustees are grateful to the Foyle Foundation for its generous grant of £15,000, which has enabled the charity to support a research assistant at Oxford Brookes University for a further year.
A donation was received during the year from the Ardeola Charitable Trust, of which Joanna Barker is a trustee.
Reserves policy
The policy adopted by the Trustees is to hold a level of cash that, taken together with firm future pledges from its existing funders, will be sufficient to fulfil its known obligations to Swansea University and Oxford Brookes University for the next twelve months. The Trustees declare that they have approved the trustees' report and accounts for the year ended 31st May 2022.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity was registered as a Charitable Incorporated Organisation on 18th September 2017. It is administered by its Trustees, and the day-to-day administration is carried out by Joanna Barker. The Trustees receive no remuneration from the charity. The Trustees serve an initial term of between two and four years (as set out in the founding document), and may thereafter be re-elected for terms of three years.
The Trustees have familiarised themselves with their responsibilities and obligations as set out on the website of the Charity Commission. New trustees, when appointed, will benefit from an induction process.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE012241 (England and Wales)
Registered Charity number
1174697
Registered office
Creek House Fishery Road Bray Berkshire SL6 1UN
Trustees
Professor C Franklin Chair Professor M Franklin Professor N Pohl Dr E Eger J Barker
Company Secretary
Independent Examiner
Peter Upton FCA CTA Member of the ICAEW Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 1RR
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ J Barker - Trustee
Page 2
Independent Examiner's Report to the Trustees of Elizabeth Montagu Correspondence Online
Independent examiner's report to the trustees of Elizabeth Montagu Correspondence Online ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Peter Upton FCA CTA Member of the ICAEW Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 1RR
Date: .............................................
Page 3
Elizabeth Montagu Correspondence Online
Statement of Financial Activities for the Year Ended 31 May 2022
| 31.5.22 | 31.5.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 40,000 | 41,000 | |
| Other trading activities | 2 | 2,310 | - |
| Total | 42,310 | 41,000 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable Activities | 37,308 | 43,466 | |
| Other resources expensed | - | 75 | |
| Total | 37,308 | 43,541 | |
| NET INCOME/(EXPENDITURE) | 5,002 | (2,541) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 8,763 | 11,304 | |
| TOTAL FUNDS CARRIED FORWARD | 13,765 | 8,763 |
The notes form part of these financial statements
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Elizabeth Montagu Correspondence Online
Balance Sheet
31 May 2022
| 31.5.22 | 31.5.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 14,245 | 9,243 | |
| CREDITORS | |||
| Amounts falling due within one year | 5 | (480) | (480) |
| NET CURRENT ASSETS | 13,765 | 8,763 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 13,765 | 8,763 | |
| NET ASSETS | 13,765 | 8,763 | |
| FUNDS | 6 | ||
| Unrestricted funds: | |||
| General fund | 13,765 | 8,763 | |
| TOTAL FUNDS | 13,765 | 8,763 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Barker - Trustee
The notes form part of these financial statements
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Elizabeth Montagu Correspondence Online
Notes to the Financial Statements for the Year Ended 31 May 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| Conference | 2,310 | - |
| TRUSTEES' REMUNERATION AND BENEFITS | ||
| There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor | for the year ended 31 May 2021. | |
| Trustees' expenses | ||
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| Trustees' expenses | - | 1,498 |
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 41,000 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable Activities | 43,466 | |
| Other resources expensed | 75 | |
| Total | 43,541 | |
| NET INCOME/(EXPENDITURE) | (2,541) |
3. TRUSTEES' REMUNERATION AND BENEFITS
4.
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continued...
Elizabeth Montagu Correspondence Online
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 11,304 | |||
| TOTAL FUNDS CARRIED FORWARD | 8,763 | |||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.5.22 | 31.5.21 | |||
| £ | £ | |||
| Accrued expenses | 480 | 480 | ||
| 6. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.6.21 | in funds | 31.5.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 8,763 | 5,002 | 13,765 | |
| TOTAL FUNDS | 8,763 | 5,002 | 13,765 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 42,310 | (37,308) | 5,002 | |
| TOTAL FUNDS | 42,310 | (37,308) | 5,002 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.6.20 | in funds | 31.5.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 11,304 | (2,541) | 8,763 | |
| TOTAL FUNDS | 11,304 | (2,541) | 8,763 |
continued...
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Elizabeth Montagu Correspondence Online
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 41,000 |
(43,541) | (2,541) |
| TOTAL FUNDS 41,000 |
(43,541) | (2,541) |
| A current year 12 months and prior year 12 months combined position is as follows: | ||
| Net | ||
| movement | At | |
| At 1.6.20 | in funds | 31.5.22 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 11,304 |
2,461 | 13,765 |
| TOTAL FUNDS 11,304 |
2,461 | 13,765 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 83,310 | (80,849) | 2,461 |
| TOTAL FUNDS | 83,310 | (80,849) | 2,461 |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2022.
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Elizabeth Montagu Correspondence Online
Detailed Statement of Financial Activities for the Year Ended 31 May 2022
| Detailed Statement of Financial Activities for the Year Ended 31 May 2022 |
||
|---|---|---|
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grants & Donations | 40,000 | 41,000 |
| Other trading activities | ||
| Conference | 2,310 | - |
| Total incoming resources | 42,310 | 41,000 |
| EXPENDITURE | ||
| Charitable activities | ||
| Trustees' expenses | - | 1,498 |
| Sundries | 2,676 | 65 |
| Purchase of rights to digital images | 442 | - |
| Funding of research assistants | 25,410 | 41,423 |
| Governance expenses | 480 | 480 |
| Conference expenses | 8,179 | - |
| 37,187 | 43,466 | |
| Support costs | ||
| Finance | ||
| Bank charges | 121 | 75 |
| Total resources expended | 37,308 | 43,541 |
| Net income/(expenditure) | 5,002 | (2,541) |
This page does not form part of the statutory financial statements
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