## **MARC FITCH FUND**
**(Limited by Guarantee and Registered as a Charity) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
|Registered Number|569597|
|---|---|
|Charity Number|313303|
## **MARC FITCH FUND**
## **CONTENTS**
||**Page**|
|---|---|
|Report of the Council of Management|1 - 3|
|Statement of Council Members Responsibilities|4|
|Independent Auditors' report|5 - 8|
|Statement of financial activities|9|
|Balance sheet|10|
|Notes to the financial statements|11 - 19|
## **MARC FITCH FUND**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
Marc Fitch Fund (company number 569597) is a company limited by guarantee and not having share capital. Its Charity Registration Number is 313303.
## **Council of Management**
The Company is managed by a Council of Management. The members of the Council during the year were as follows:
Mr C Catling Miss L Allason-Jones Dr W J Blair Dr H Forde Mr M Hall Mr A H Murison Mr E B Nurse Professor D M Palliser Professor C Payne Professor R Sweet Mr D White
## **Director**
Mr C Catling
## **Bankers**
Coutts & Co 440 Strand London WC2R 0QS
## **Solicitors**
Farrer & Co 66 Lincoln's Inn Fields, London WC2A 3LH
## **Auditors**
Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
## **Registered Office**
Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
## **MARC FITCH FUND**
## **COUNCIL MEMBERS REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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**
Founded in 1956 by M.F.B. Fitch, CBE, the object of the Fund is the improvement and diffusion of knowledge, and the promotion and study of education and research in, archaeology, historical geography, history of art and architecture, heraldry, genealogy, the use and preservation of archives, and other antiquarian, archaeological and historical studies. The primary focus of the Fund is the local and regional history of the British Isles.
The Policy of the Fund is to give assistance towards projects including the research and publication of works that fall within the objects of the Fund. To that end the Fund makes awards to both individuals and institutions.
Applications are considered by the Council of Management at its meetings which are usually held twice a year, in Spring and Autumn. Grants are awarded to the successful applicants, and range from relatively minor amounts to more substantial special project grants which may be paid over more than one year. It is clear that, in many cases, the awards enable work to be undertaken, or the results published either in print or on-line form, which would not otherwise be achieved. The Fund’s objectives for the year, and strategies to achieve these objects, remain substantially the same as in the previous year.
## **Public Benefit**
The charity provides public benefit through its support of research, publication and the dissemination of knowledge in the fields set down by the Founder in the charity's Articles of Association (see above). Awards are open to institutions and to all individual members of the public where the subject-matter of their work falls within the areas of study specified, and is likely to achieve the required scholarly standard.
The Trustees have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
## **Achievements and performance**
During the year to 5 April 202 1 the Fund awarded 30 grants the value of which amounted to a total of £ 70,084 . The Fund generally receives one copy of each print publication which has been grant-aided by the Fund. These publications are generally donated to university or public libraries or other libraries with charitable status.
- 1 -
## **MARC FITCH FUND**
## **COUNCIL MEMBERS REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **Financial review**
A small subcommittee of the Council of Management is responsible for financial matters including investment policy in conjunction with investment managers. The bulk of the investment portfolio is managed by Brewin Dolphin in accordance with the mandate provided by the Trustees. Some 6 % of the portfolio is invested in the Charities Property Fund managed by Savills Fund Management.
The income of the Fund is mainly derived from its portfolio of investments with a small amount of donated income.
Total funds have in creased during the year by £ 2,158,277 which is mainly due to the in crease in market value of the Fund’s investments as a result of the investments market value bouncing back following the start of the Covid-19 pandemic. The net asset position of the Fund at 5 April 202 1 was £ 8,242,425.
## **Reserves**
It is the Fund’s present policy to maintain a capital level (investment capital and money on deposit) sufficient to support its regular working expenditure and its traditional constituency of single-grant applications. It will hold on reserve one year’s working expenses and may also accumulate additional reserves in order to make larger grants to fund longer-term applications. These special projects will be reviewed at the Council’s twiceyearly meetings. The Fund operates on the assumption that all grants will be taken up. The Fund’s reserves policy is reviewed every three years and stated each year in its Annual Report and Accounts. As at 5 April 202 1 the balance on the designated unexpended income fund was £104,587.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans For Future Periods**
The Fund will continue to maximise its income for the purposes of grant aiding as many eligible projects as possible, consistent with the aim of preserving the capital value of the investment portfolio in real terms. It will continue to review the greatest areas of need, taking into account technical developments in academic publishing, and will re-balance its giving where necessary, while maintaining the objects of the charity.
The company’s annual report has been prepared to comply with SORP (Statement of Recommended Practice) Accounting by Charities.
The auditors Critchleys Audit LLP will offer themselves for re-appointment at the next Annual General Meeting.
## **Structure, governance and management**
The charity is governed by the conditions contained in its Memorandum and Articles of Association.
## _Trustees_
The Memorandum of Association of the Marc Fitch Fund allows for up to 15 members of the Council of Management, who are the charity’s trustees. The Council oversees the main purposes of the Fund. The Fund appoints trustees with specialist expertise in the academic disciplines listed in the objects of the Fund. In addition, one or more trustees are appointed for their expertise in finance and investment.
## _Induction and Training_
For new trustees, induction takes place by means of written briefings and introductory sessions of the Council of Management. Trustees may participate in trustee training courses such as those provided by the Directory of Social Change. In addition, places on financial and investment management courses were taken up by trustees.
- 2 -
MARC FITCH FUND
COUNCIL MEMBERS REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Org&nisalional stnicturg and how decisions are madg
Major decisions concerning the operation ol the charity are dealt wiltt by the Tru51ees at their twice yearty
mèétings. Matters of finance and investment are delegated to the Finance Committee ol the Council to which
the Comtnittèè reports. Management of Ihe activities of the chaiily on a day to day basis has been d61egaled
to the Director.
sks
The Council of Managemènt al their meetings will considei potential ii5ks to the Fund and agree policies to
mitigate these.
Small Company Provisions
This report has been prepared in 3ccordance with small companies regime under the Companies Act 2006.
Miss L Allason-Jones
Trustee
Dated.
## **MARC FITCH FUND**
## **STATEMENT OF COUNCIL MEMBERS RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees, who are also the directors of Marc Fitch Fund for the purpose of company law, are responsible for preparing the Council Members Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then 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; and
- 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 disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
- 4 -
## **MARC FITCH FUND**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MARC FITCH FUND**
## **Opinion**
We have audited the financial statements of Marc Fitch Fund (the ‘charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note [X] to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the council members use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions 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 twelve months 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 thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 5 -
## **MARC FITCH FUND**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MARC FITCH FUND**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Council of Management report for the financial year for which the accounts are prepared is consistent with the accounts; and
- the Report of the Council of Management have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the council members r eport; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the s tatement of council members r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
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 error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
- 6 -
## **MARC FITCH FUND**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MARC FITCH FUND**
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding 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;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
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 documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
- 7 -
## **MARC FITCH FUND**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MARC FITCH FUND**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Robert Kirtland (Senior Statutory Auditor) For and on behalf of Critchleys Audit LLP**
## **Chartered Accountants Statutory Auditor**
Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
Date: 28 September 2021
- 8 -
## **MARC FITCH FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**Notes**
£
**Income from:**
Investments
**3**
Charitable activities
**4**
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
Net gains/(losses) on investments
**Net movement in funds**
Fund balances at 6 April 2020
**Fund balances at 5 April 2021**|Unrestricted funds
**2021**
2020
**£**
233,812
259,387
75
161
233,887
259,548
38,659
38,172
89,932
293,445
128,591
331,617
2,053,481
(1,345,444)
2,158,777
(1,417,513)
6,083,648
7,501,161
8,242,425
6,083,648|
|---|---|
There are no gains or losses other than those recognised through the Statement of Financial Activities
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
MARC FITCH FUND
BALANCE SHEET
AS AT 5APRIL 2021
2021
2020
Notes
Fixed assets
Investments
Current assets
Cash al bank and in hand
11
8,137,838
6,121.196
214.014
147.251
Creditors: amounts falling due within
onè yaar
Other creditors
12
109,427
184.799
Net (xjrrent assetsllliabililie51
104,587
137.5481
Total assats lèss current liabilities
8.242,425
6.083.648
Unrèstricted fvnds
Unexpended Incotne Fund
Capital Fund
104,587
8.137.838
137,5481
6.121,196
8,242,425
6,083,648
The financial slalemenls were approved by the Trustee5 on
Miss L Allasori-Jones
Trustsè
Company Registration No. S69597
10
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
**Summary of significant accounting policies and key accounting estimates** .
The principal accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Charity information**
The company is a private company limited by guarantee, registered as a charity, incorporated in the United Kingdom. It is a public benefit entity.
Address of its registered office is: Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
All funds of the charity are unrestricted. However the Council of Management have designated the unrestricted funds for specific purposes – see note 1 2 .
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Investment income is accounted for when it is received.
## **1.5 Expenditure**
## **Grants**
Grants are normally debited to the Statement of Financial Activities in the year in which they are approved by the Council of Management. It is at this point they are communicated to the beneficiary.
## **Other expenditure**
These are accounted for on an accruals basis and split between costs in relation to charitable activities and investment management costs.
- 11 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price .
## _**Other financial assets**_
## **Investment assets**
Investment assets are included at their valuation as at the balance sheet date. Changes in valuation are reflected in the Statement of Financial Activities. For treasury stock the value includes accrued interest.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price .
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.9 Retirement benefits**
The Fund operates a defined contribution pension scheme in respect of employees. The pension costs charged to the SOFA represent the contribution payable by the Fund during the year.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 12 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **3 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2021**|2020|
||**£**|£|
|Dividends on equities|191,181|213,554|
|Property income distribution|4,831|7,934|
|Interest from fixed interest securities|17,517|14,739|
|Income from Charities Property Fund|20,109|21,969|
|Bank interest receivable|174|1,191|
||233,812|259,387|
## **4 Charitable activities**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Royalties received from sale of books|75|161|
## **5 Raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2021**|2020|
||**£**|£|
|Investment management|38,659|38,172|
||38,659|38,172|
- 13 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **6 Charitable activities**
|Grant funding of activities
(see note 7)
Share of support costs
(see note 8)|**2021**
**£**
52,803
37,129
89,932|**2020**
**£**
253,160
40,285
293,445|
|---|---|---|
## **7 Grants payable**
|To Institutions
To Individuals
Adjustments and grants not taken up
Reconciliation of movements on funding
commitments:
Grant creditors at start of year
Charged to expenses in year (as above)
Payments made
Grant creditors at end of year
During the year the following grants were
awarded to Institutions:
The Bear Garden and Hope Playhouse
Discovering Old Welsh Houses database
The Anglo-Saxon Charters of Worcester
Edward I in Wales: Wardrobe and Household
Records 1282-4|**2021**
**Total**
2020
**£**
**£**
£
47,716
47,716
218,160
22,368
22,368
40,638
70,084
70,084
258,798
(17,281)
(17,281)
(5,638)
52,803
52,803
253,160
**2021**
**2020**
**£**
**£**
169,106
127,978
52,803
253,160
(130,347)
(212,032)
91,562
169,106
**2021**
**2020**
**£**
**£**
4,000
-
2,250
-
27,500
-
1,500
-|
|---|---|
- 14 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**7**|**Grants payable**||**(Continued)**|
|---|---|---|---|
||Digitisation of the Thoresby (Leeds Historical)|1,200||
||Soceity's Journal Series 1: 1889 to 1989||-|
||2018 Harlaxton Symposium Proceedings:|1,000||
||Performance, Ceremony and Display in Late|||
||Medieval England||-|
||Waldef: a medieval French romance|500|
-|
||William Claxton: the Rites of Durham|2,000|
-|
||The Register of Simon Sudbury, Archbishop of|400||
||Canterbury, 1375-1381||-|
||Creswell Crags excavation reports|2,650|
-|
||The Vanishing Big House in Northern Ireland|1,000|
-|
||Syon Abbey: archaeological investigations in|1,360||
||Syon Park, Brentford 1997-2018||-|
||Thomas Cromwell's home at the London Austin|1,262||
||Friars'||-|
||Re-Using Manuscripts in Late Medieval England|1,094|
-|
||Church Monuments Society - St Michael's||700|
||Kirkyard, Duimfies|-||
||Dugdale Society - Stratford-upon-Avon Wills to||1,500|
||1700|-||
||Corpus Vitrearum Medii Aevi - The Medieval||2,625|
||Stained Glass of West Yorkshire|-||
||Sussex Archaeological Society - Digitisation||4,021|
||Project|-||
||Church Archaeological Society – Journal||1,032|
||digitisation|-||
||Argyll Estates - Heritable Jurisdictions in Argyll,||2,400|
||1707-1730|-||
||Institute of Historical Research - English||2,040|
||Monastic Archives database|-||
||Church of England Cathedral and Church||24,000|
||Buildings - Digitising Church of England Pastoral|||
||Measure reports|-||
||Cambridge University Group for the History of||28,000|
||Population & Social Structure - Parish and|||
||Peerage: preserving datasets for a digital future|-||
||Romisch-Germanisches Zentralmuseum Mainz -||2,700|
||The Carnyx in Iron Age Europe|-||
||Hornsey Historical Society - Hornsey Enclosure||3,130|
||Act of 1813|-||
||Oxford University Institute of Archaeology - Sark:||6,250|
||a sacred island? Vol. 1: Fieldwork and|||
||Excavations 2004-17 and Art in the Eurasian Iron|||
||Age|-||
||British Institute of Organ Studies - English organ||1,016|
||builder: John Nicholson of Worcester|-||
||National Museum of Wales - Llangorse Crannog|-|
4,000|
||Twentieth-century Society - Commercial||2,000|
||Architecture|-||
||British Academy - Sunnyside: British House||951|
||Names|-||
||Victoria County History - Notts Vol IV|-|
2,000|
- 15 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**7**
**Grants payable**
Paul Mellon Centre - The Classical Body in
Romantic Britain
Oxford University History Faculty - The Acts of
William II and Henry I
Nottingham Trent University - The Bristol, Wales
and West Midlands Journals of Joseph Banks,
1767–8
Records of Early English Drama - Records of
Performance in Wiltshire Family Papers
Royal Collection Trust and King’s College
London - The Georgian Papers Programme
Surrey Archaeological Society - A Roman Pottery
Assemblage from Flexford, Surrey
Watts Gallery Trust - Collection Online
British and Irish Furniture Makers - Online
Victoria County History - Shropshire VI:
Shrewsbury Part 2 and Cumbria: Lonsdale Ward
British Museum - English Medieval Coin Hoards
Yorkshire Archaeological Society - Record Series
**8**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
27,760
-
Travel and expenses
-
-
Other office costs
440
-
Governance costs:
Audit fees
-
7,500
Accountancy
-
1,351
Trustee expenses
-
-
Bank charges
-
78
28,200
8,929|**2021**
**£**
27,760
-
440
7,500
1,351
-
78
37,129|**(Continued)**
-
1,650
-
2,000
-
7,390
-
5,975
-
5,000
-
1,000
-
25,000
-
51,545
-
27,000
-
3,500
-
4,735
47,716
223,160
Support
costs
Governance
costs
2020
£
£
£
27,760
-
27,760
926
-
926
837
-
837
-
7,140
7,140
-
1,328
1,328
-
1,802
1,802
-
492
492
29,523
10,762
40,285|
|---|---|---|
All support costs are incurred in furtherance of the charity's one charitable activity.
- 16 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **9 Employees**
The average monthly number of employees during the year was:
|Average monthly number of employees
**Personnel costs**
Wages and salaries
Other pension costs|**2021**
**Number**
1
**2021**
**£**
25,000
2,760
27,760|**2020**
**Number**
1
**2020**
**£**
25,000
2,760
27,760|
|---|---|---|
Key management personnel are all of the Trustees and Director listed in the Council report on page 2. Total key management personnel remuneration (including pension costs and employer’s national insurance) was £27,760 (20 20 : £27,760).
There were no employees whose annual remuneration was £60,000 or more.
## **10 Trustees**
No Member of Council received any remuneration.
No e xpenses were paid to Members of Council during the year (20 20 : £ 1,802 was repaid for expenses to eight members ) .
## **11 Fixed asset investments**
|**Cost or valuation**
At 6 April 2020
Additions
Valuation changes
Disposals
At 5 April 2021
**Carrying amount**
At 05 April 2021
At 05 April 2020|**Charities**
**Property**
**Fund**
**Investments**
**held by**
**Investment**
**Manager**
**Cash held by**
**Investment**
**Manager**
**£**
524,992
5,289,997
306,207
-
1,145,847
(1,145,847)
(8,691)
2,062,172
(36,839)
-
(1,080,057)
1,080,057
516,301
7,417,959
203,578
516,301
7,417,959
203,578
524,992
5,289,997
306,207|**Total**
**£**
6,121,196
-
2,016,642
-
8,137,838
8,137,838
6,121,196|
|---|---|---|
- 17 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**11**
**Fixed asset investments**
Investments held by investment manager comprise:
Fixed interest, preference and convertible shares
UK Equities & Similar investments
Private equity
Property trusts|**(Continued)**
**2021**
**2020**
**£**
**£**
656,620
746,713
6,229,948
4,118,504
327,446
283,746
203,945
141,034
7,417,959
5,289,997|
|---|---|
## **12 Other creditors falling due within one year**
|Grants outstanding
Accruals and deferred income|**2021**
**£**
91,562
17,865
109,427|**2020**
**£**
169,106
15,693
184,799|
|---|---|---|
## **13 Unrestricted Funds**
These have been split by the Council of Management into the following designated funds: Capital Fund which represents the value of the charity's investment portfolio; and Unexpended Income Fund which represents income received that has yet to be expended.
|Capital Fund
Unexpended Income Fund
Capital Fund
Unexpended Income Fund|**Balance at**
**6 April 2019**
**£**
7,506,643
(5,482)
7,501,161
**Balance at**
**6 April 2020**
**£**
6,121,196
(37,548)
6,083,648|**Movement in funds**
**Income**
**Expenditure Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
-
40,003
(1,345,444)
259,548
(291,614)
-
259,548
(251,611) (1,345,444)
**Movement in funds**
**Income**
**Expenditure Revaluations,**
**gains and**
**losses**
**£**
**£**
**£**
-
(36,839)
2,053,481
233,887
(91,752)
-
233,887
(128,591)
2,053,481|**Balance at**
**6 April 2020**
**£**
6,121,196
(37,548)
6,083,648
**Balance at**
**5 April 2021**
**£**
8,137,838
104,587
8,242,425|
|---|---|---|---|
- 18 -
## **MARC FITCH FUND**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **14 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**2021**
**£**
Fund balances at 5 April 2021 are represented
by:
Investments
8,137,838
Current assets/(liabilities)
104,587
8,242,425|**Total**Unrestricted
funds
**2021**
2020
**£**
£
8,137,838
6,121,196
104,587
(37,548)
8,242,425
6,083,648|Total
2020
£
6,121,196
(37,548)
6,083,648|
|---|---|---|
## **15 Liability of members**
The members of the company are liable under the memorandum of association to contribute in the event of winding up such amounts as may be required to pay the debts of the company not exceeding £1 per member. At 5 April 202 1 there were ten members of the company.
## **16 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none), apart from those disclosed in note 10.
- 19 -