THE ELLEN MACNAMARA MEMORIAL FOUNDATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Charity No: 1185713
THE ELLEN MACNAMARA MEMORIAL FOUNDATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 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
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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
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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. In order to do this over the long term, they need to build the Foundation’s capital to a level where it can sustainably fund a researcher’s stipend out of income without diminishing the capital fund in real terms.
So far, the Foundation’s capital has been successfully increased from its original endowment from Dr Macnamara’s will of £650,000 to nearly £800,000. Given advice that it would be sustainable to draw an income of around 3% this would support a stipend of £24,000, which is not yet sufficient to support a researcher at the post-doctoral level envisaged.
While the trustees would like to start work without further delay, realising this could jeopardise the long term future of the Foundation, they have resolved to be patient and continue to huild the fund to a level where it can afford to fund its work in perpetuity.
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
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material 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 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
Charity number: 1185713
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE ELLEN MACNAMARA MEMORIAL FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2023
I report on the accounts of the charity for the year ended 31 December 2023, 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:
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examine the accounts under section 145 of the 2011 Act;
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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
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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:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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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………..……………….
Charity number: 1185713
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net gains / -losses on investments Net income / - expenditure Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forwards Total funds carried forward |
Endowm ent Funds £ 660 33,363 34,023 2,248 660 2,908 9,770 40,885 - 40,885 744,346 785,231 |
Total Funds 2023 £ 660 33,363 34,023 2,248 660 2,908 9,770 40,885 - 40,885 744,346 785,231 |
Endowm ent Funds £ 2,046 30,555 32,601 2,308 726 3,034 - 80,042 - 50,475 - -50,475 794,821 744,346 |
Total Funds 2022 £ 2,046 30,555 |
|---|---|---|---|---|
| 32,601 | ||||
| 2,308 726 |
||||
| 3,034 | ||||
| - 80,042 - 50,475 - |
||||
| -50,475 | ||||
| 794,821 | ||||
| 744,346 |
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
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2023
| Not e Investments 7 Current assets Debtors: Amounts falling due within one year Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets The funds of the charity Funds Unrestricted income funds Endowment funds Total funds 9 |
2023 £ £ 697,458 - 88,342 88,342 -569 87,773 785,231 - 785,231 785,231 |
2022 £ £ 687,688 - 57,237 57,237 -579 56,658 744,346 - 744,346 744,346 |
2022 £ £ 687,688 - 57,237 57,237 -579 56,658 744,346 - 744,346 744,346 |
|---|---|---|---|
| 744,346 | |||
| - 744,346 |
|||
| 744,346 |
For the year ended 31 December 2023 the charity was entitled to exemption from audit under section 145 of the Charities Act 2011. Trustees responsibilities:
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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
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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 ………………………….…….. and are signed on their behalf by:
Trustee
Charity number: 1185713
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 2019 (SORP 2019), ‘Accounting and Reporting by Charities’, issued by the Charities Commission.
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
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 3. INCOME FROM DONATIONS AND LEGACIES Endowm ent Funds £ Donations and legacies Donations 660 660 4. INCOME FROM INVESTMENTS Endowm ent Funds £ Investments Dividends and other investment income 30,336 Interest 3,027 33,363 5. EXPENDITURE ON RAISING FUNDS Endowm ent Funds £ Investment management fees 2,248 2,248 6. EXPENDITURE ON CHARITABLE ACTIVITES Endowm ent Funds £ Governance costs 660 660 |
Total Funds 2023 £ 660 660 Total Funds 2023 £ 30,336 3,027 33,363 Total Funds 2023 £ 2,248 2,248 Total Funds 2023 £ 660 660 |
Endowm ent Funds £ 2,046 2,046 Endowm ent Funds £ 30,555 - 30,555 Endowm ent Funds £ 2,308 2,308 Endowm ent Funds £ 726 726 |
Total Funds 2022 £ 2,046 |
|
|---|---|---|---|---|
| 2,046 | ||||
| Total Funds 2022 £ 30,555 - |
||||
| 30,555 | ||||
| Total Funds 2022 £ 2,308 |
||||
| 2,308 | ||||
| Total Funds 2022 £ 726 |
||||
| 726 |
Charity number: 1185713
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. INVESTMENTS
| Market value at 1 January 2023 Acquisitions at cost Unrealised revaluation gain Investments at fair value comprised Charity Multi-Asset fund Historic cost 8. CREDITORS Trade creditors Other creditors 9. ANALYSIS OF FUNDS General Funds Unrestricted income funds Endowment Fund Total funds |
Endowm ent £ 687,688 - 9,770 697,458 697,458 619,898 2023 2022 £ £ - - 569 580 569 580 At 1 Januar y 2023 Incom e Expendi ture £ £ £ - - - 744,34 6 34,023 2,908 744,34 6 34,023 2,908 744,3 46 34,02 3 2,908 |
Gains / - losses £ - 9,770 9,770 9,770 |
At 31 Decem ber 2023 £ - 785,23 1 |
|---|---|---|---|
| 785,23 1 |
|||
| 785,23 1 |
10. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS
Charity number: 1185713
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THE ELLEN MACNAMARA MEMORIAL FOUNDATION
No member of the board of trustees received any remuneration or incurred any expenses during the year.
There were no related party transactions during 2023.
Charity number: 1185713
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