# **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** # **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** Charity No: 1185713 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2021** |**CONTENTS**|**PAGE**| |---|---| |General information|2| |Trustees’ Annual Report|3| |Responsibilities of the Trustees|4| |Independent Examiner’s report to the members|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the fnancial statements|8-10| Charity number: 1185713 1 ## **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **GENERAL INFORMATION** Registered charity name The Ellen Macnamara Memorial Foundation Charity number 1185713 Principal & registered office address Heyford Manor Church Lane Lower Heyford Oxfordshire OX25 5NZ Trustees James Macnamara Freddy Macnamara Sir Jonathan Portal Accountants SPX Oxford Ltd Peace House Paradise Street Oxford OX1 1LD Independent examiner Investment managers Sheila Parry FCCA Cazenove Capital Management Charity number: 1185713 2 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** ## **CONSTITUTION** The Ellen Macnamara Memorial Foundation is constituted by a trust deed dated 10 July 2019 and registered with the Charity Commission with number 1185713. ## **GOVERNANCE** The Foundation was established at the beginning of the previous period by a bequest from the will of Dr Ellen Macnamara. It currently has three trustees, listed on page 2, all of whom served throughout the year. The trustees continued the appointment SPX Oxford Limited as the Foundation’s accountants and Sheila Parry FCCA as Independent Examiner. Cazenove Capital Management continue to manage the Foundation’s financial assets on a discretionary basis. ## **OBJECTIVES AND ACTIVITIES** The object of the Foundation is to advance education in the field of Etruscan archaeology and related Italic studies. The trustees envisage carrying out this object by sponsoring relevant academic research at an institution with an appropriate speciality. During 2021, the covid pandemic and consequent restrictions on movement prevented the trustees from making tangible progress with this but they were able to continue the successful build up of the Foundation’s investments towards a level where they could fund research sustainably for the long term. During the period, the Foundation’s assets have been increased by a further £72,075 to £794,821, getting close to achieving this level. The trustees have had regard to the Charity Commission’s guidance on public benefit and believe that the Foundation will fulfil this when they bring it to a state where it can advance education. ## **REFERENCE AND ADMINISTRATIVE DETAILS** See p2 Charity number: 1185713 3 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** ## **RESPONSIBILITIES OF THE TRUSTEES** The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Charity Law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 which enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **INDEPENDENT EXAMINATION** Sheila Parry will be considered for re-appointment at the next trustees’ meeting as independent examiner for the ensuing year. Signed on behalf of the trustees ## Date: 20[th] March 2022 Charity number: 1185713 4 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE ELLEN MACNAMARA MEMORIAL FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2021** I report on the accounts of the charity for the year ended 31 December 2021, which are set out in pages 6 - 10. ## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER** The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination it is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **BASIS OF INDEPENDENT EXAMINER’S REPORT** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is expressed as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **INDEPENDENT EXAMINER’S STATEMENT** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act - have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Sheila Parry FCCA ……………………………………………… Date………..…21[st] March 2022……………. Charity number: 1185713 5 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021** ||**Endowm**
**ent**|**Total**
**Funds**|**Endowm**
**ent**|**Total**
**Funds**| |---|---|---|---|---| ||**Funds**|**2021**|**Funds**|**2020**| |Note|**£**|**£**|**£**|**£**| |**Income from:**||||| |Donations and
legacies
3|-|-|650,000|650,000| |Investments
4|29,196|29,196|17,424|17,424| |Total income|29,196|29,196|667,424|667,424| |**Expenditure on:**||||| |Raising funds
5|2,432|2,432|1,665|1,665| |Charitable
activities
6|660|660|660|660| |Total expenditure|3,092|3,092|2,325|2,325| |Net gains / -losses on
investments|45,971|45,971|57,647|57,647| |**Net income /**
**-expenditure**|72,075|72,075|722,746|722,746| |**Transfers between**
**funds**|-|-|-|-| |**Net movement in**
**funds**|72,075|72,075|722,746|722,746| |**Reconciliation of**
**funds:**||||| |Total funds brought
forwards|722,746|722,746|-|-| |**Total funds carried**
**forward**|794,821|794,821|722,746|722,746| The Statement of Financial Activities includes all gains and losses in the period and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. All of the above amounts relate to the endowment fund. The notes on pages 8 to 10 form part of these financial statements. Charity number: 1185713 6 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **BALANCE SHEET AS AT 31 DECEMBER 2021** ||**2021**|**2021**|**2020**|**2020**| |---|---|---|---|---| |Not
e|**£**|**£**|**£**|**£**| |**Investments**
7||767,730||721,758| |**Current assets**||||| |Debtors: Amounts falling due within
one year|-||-|| |Cash at bank and in hand|28,991||2,175|| ||28,991||2,175|| |**Creditors: Amounts falling due**
**within oneyear**
8|- 1,900||- 1,187|| |**Net current assets**||27,091||988| |||||| |**Net assets**||794,821||722,746| |**The funds of the charity**||||| |**Funds**||||| |Unrestricted income funds||-||-| |Endowment funds||794,821||722,746| |Total funds
10||794,821||722,746| For the year ended 31 December 2021 the charity was entitled to exemption from audit under section 145 of the Charities Act 2011. Trustees responsibilities: - The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 145; and - The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements were approved by the members of the committee and authorised for issue on …20[th] March 2022…….. and are signed on their behalf by: Trustee Charity number: 1185713 7 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. ORGANISATION STATUS** The Ellen Macnamara Memorial Foundation is a Charity governed by trust. ## **2. ACCOUNTING POLICIES** ## **Basis of accounting** These financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards and the requirements of the Statements of Recommended Practice 2015 (SORP 2015), ‘Accounting and Reporting by Charities’, issued by the Charities Commission. ## **Accounting period** These accounts cover the year to 31 December 2021. The comparative period was the first accounting period and covered the period from 9 October 2019 to 31 December 2020. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. ## **Income** All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donations and legacies are reported in the Statement of Financial Activities if they are received or due in the financial year. ## **Expenditure** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure represents amounts invoiced, including value added tax. ## **Taxation** The Charity is exempt from corporation tax on its charitable activities. Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the statement of financial activities. Charity number: 1185713 8 **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** |**3. INCOME FROM DONATIONS AND LEGACIES**|**3. INCOME FROM DONATIONS AND LEGACIES**|**3. INCOME FROM DONATIONS AND LEGACIES**|||| |---|---|---|---|---|---| |||**Unrestric**
**ted**|**Endowm**
**ent**|**Total**
**Funds**|**Total**
**Funds**| |||**Funds**|**Funds**|**2021**|**2020**| |||**£**|**£**|**£**|**£**| |**Donations and legacies**|||||| |Donations||-|-|-|650,000| ||||||| |||-|-|-|650,000| |**4. INCOME FROM INVESTMENTS**|||||| |||**Unrestric**
**ted**|**Endowm**
**ent**|**Total**
**Funds**|**Total**
**Funds**| |||**Funds**|**Funds**|**2021**|**2020**| |||**£**|**£**|**£**|**£**| |**Investments**|||||| |Dividends and other investment
income||-|29,196|29,196|17,282| |Interest||-|-|-|142| ||||||| |||-|29,196|29,196|17,424| |**5. EXPENDITURE ON RAISING FUNDS**|||||| |||**Unrestric**
**ted**|**Endowm**
**ent**|**Total**
**Funds**|**Total**
**Funds**| |||**Funds**|**Funds**|**2021**|**2020**| |||**£**|**£**|**£**|**£**| |Investment management fees||-|2,432|2,432|1,665| ||||||| |||-|2,432|2,432|1,665| |**6. EXPENDITURE ON CHARITABLE**||**ACTIVITES**|||| |||**Unrestric**
**ted**|**Endowm**
**ent**|**Total**
**Funds**|**Total**
**Funds**| |||**Funds**|**Funds**|**2021**|**2020**| |||**£**|**£**|**£**|**£**| |Governance costs||-|660|660|660| |||-|660|660|660| ## **NOTES TO THE ACCOUNTS** Charity number: 1185713 9 ## **THE ELLEN MACNAMARA MEMORIAL FOUNDATION** ## **FOR THE YEAR ENDED 31 DECEMBER 2021** ## **7. INVESTMENTS** |**7. INVESTMENTS**|| |---|---| ||**Endowm**
**ent**| ||**£**| |Market value at 1 January 2021|721,758| |Unrealised revaluation gain|45,972| ||767,730| |**Investments at fair value**
**comprised**|| |CharityMulti-Asset fund|767,730| |**Historic cost**|619,898| ## **8. CREDITORS** |**8. CREDITORS**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Other creditors|1,900|1,187| ||1,900|1,187| ## **9. ANALYSIS OF FUNDS** ||**At 1**
**Januar**
**y 2021**|**Incom**
**e**|**Expendi**
**ture**|**Gains**
**/**
**-**
**losses**|**At 31**
**Decem**
**ber**
**2021**| |---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**| |**General Funds**|||||| |Unrestricted income funds|-|-|-|-|-| |**Endowment Fund**|722,74
6|29,196|3,092|45,971|794,82
1| ||722,74
6|29,196|3,092|45,971|794,82
1| |**Total funds**|**722,7**
**46**|**29,19**
**6**|**3,092**|**45,97**
**1**|**794,82**
**1**| ## **10. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS** No member of the board of trustees received any remuneration or incurred any expenses during the year. There were no related party transactions during 2021. Charity number: 1185713 10