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← Marc Fitch Fund

2025-04-05-accounts

Charity registration number 313303 (England and Wales)

Company registration number 569597

MARC FITCH FUND

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

CONTENTS

MARC FITCH FUND

a a
Page
Council Members' report 1-3
Statement of council members’ responsibilities 4
Independent auditor's report 5-8
Statement offinancial activities 9
Balance sheet 10
Notestothefinancialstatements 11-19

oo

MARC FITCH FUND

LEGAL AND ADMINISTRATIVE INFORMATION

a a a a
Council Members Miss L Allason-Jones
DrW J Blair
Dr H Forde
Mr M Hall
Professor C Payne
Professor R Sweet
Mr D White
Dr H Summerson
Dr J Davis
Mr J Ford
. MrR Fisher (Appointed 18 September
2024)
Director Mr C Catling
Bankers CAF Bank
25 Kings HillAvenue
Kings Hill
West Malling
Kent
ME19 4JQ
Charity number 313303
Company number 569597
Registered office c/o Gravita Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OxX1 1JD
Auditor GravitaAudit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Solicitors Farrer& Co
66 Lincoln's Inn Fields
London
WC2A3LH
,
Investment advisors Brewin Dolphin
12 Smithfield Street, London
EC1A9BD

MARC FITCH FUND COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 5 APRIL 2025 a

The council members present their annual report and financial statements for the year ended 5 April 2025.

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 (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 2025 the Fund awarded 28 grants the value of which amounted to a total of £269,643. 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.

Financial review

Asmall 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.

Total funds have decreased during the year by £363,710 which is mainly due to the decrease in market value of the Fund’s investments. The net asset position of the Fund at 5 April 2025 was £7,969,525.

MARC FITCH FUND COUNCIL MEMBERS’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

a

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 twice-yearly 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 2025 the balance on the designated unexpended income fund was £99,470.

The council members have assessed the maior 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 Eund 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 rebalance its giving where necessary, while maintaining the objects of the charity.

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.

Organisational structure and how decisions are made Major decisions concerning the operation of the charity are dealt with by the Trustees at their twice yearly meetings. Matters of finance and investment are delegated to the Finance Committee of the Council to which the Committee reports. Management of the activities of the charity on a day to day basis has been delegated to the Director.

Risks The Council of Management at their meetings will consider potential risks to the Fund and agree policies to mitigate these.

Auditor

:

in accordance with the company's articles, a resolution proposing that Gravita Audit Oxford LLP be reappointed as auditor of the company will be put at a General Meeting.

MARC FITCH FUND

COUNCIL MEMBERS’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

a

Disclosure of information to auditor Each of the council members has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The council members’ report was approved by the Board of Council Members.

Miss L Allason-Jones Trustee

Date: ..Ideeye Caborsielien 222.sO

MARC FITCH FUND

STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025

Oe

The council members, 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 council members 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 council members are required to:

The council members 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.

: : : : : :

MARC FITCH FUND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARC FITCH FUND OO

Opinion We have audited the financial statements of Marc Fitch Fund (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (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 2025 and of its incoming resources and application of resources, including its income and expenditure, 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 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 council members 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 council members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

Opinions on other matters prescribed by the Companies Act 2006

MARC FITCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MARC FITCH FUND CTO

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the council members’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

Responsibilities of council members

As explained more fully in the statement of council members’ responsibilities, the council members, 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 council members 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 council members 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 council members 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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MARC FITCH FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MARC FITCH FUND

a

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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: https:// : www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

17/9/2025 1 ere

MARC FITCH FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

FOR THE YEARYEAR ENDED 5 APRILAPRIL 2025 FOR THE YEARYEAR ENDED 5 APRILAPRIL 2025 FOR THE YEARYEAR ENDED 5 APRILAPRIL 2025 FOR THE YEARYEAR ENDED 5 APRILAPRIL 2025
ee
Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Charitable activities 3 163 97
Investments 4 247,160 241,922
Total income 247,323 242,019
Expenditure on:
Raising funds
Charitable activities		 5
6		 41,615
297,668		 39,512
166,294
Total expenditure 339,283 205,806
Netgains/(losses) on investments 13 (271,750) 428,582
Net income/(expenditure) and movement in funds (363,710) 464,795
Reconciliation of funds:
Fund balances at6April 2024 8,333,235 7,868,440
Fundbalancesat5April2025 7,969,525 8,333,235

All income and expenditure derive from continuing activities.

a -9-

MARC FITCH FUND

BALANCE SHEET

AS AT 5 APRIL 2025

AS ATAT 5 APRILAPRIL 2025 AS ATAT 5 APRILAPRIL 2025 AS ATAT 5 APRILAPRIL 2025 AS ATAT 5 APRILAPRIL 2025 AS ATAT 5 APRILAPRIL 2025 AS ATAT 5 APRILAPRIL 2025
i
a
2025 2024
Notes £ £ £ £
Fixed assets
Investments 13 7,880,429 8,193,454
Current assets
Debtors
Cash at bank and in hand		 14 17,763
407,955		 14,492
389,486
425,718 403,978
Creditors: amounts falling due within
one year
Other creditors		 15 261,626 264,197
Net current assets 164,092 139,781
Total assets less current liabilities 8,044,521 8,333,235
Creditors: amounts falling due after
more than one year
Other creditors 16 74,996 -
—— (74,996) oe -
Net assets 7,969,525 8,333,235
The funds of the charity
Unrestricted funds 18 7,969,525 8,333,235
7,969,525 8,333,235

The financial statements were approved by the council members on cadet angBm es dt Df

Miss L Allason-Jones Trustee

Company registration number 569597 (England and Wales)

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MARC FITCH FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ee

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: C/O Gravita Oxford Lip First Floor, Park Central, 40/41 Park End Street, Oxford, United Kingdom, OX1 1JD

1.1. Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK" and the Charities SORP "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 (FRS 402)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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 council members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the council members continue to adopt the going concern basis of accounting in preparing the financial statements.

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 now accounted for when it is receivable

: : : : :

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.

a -1-

MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

ee

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.

1.8 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity 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.

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.

a -12-

MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

a

2Critical accounting estimates and judgements

In the application of the charity's accounting policies, the council members 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.

3 Income from charitable activities

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Charitable|activities| |Royaities|received|from|sale|of books|163|97| |4|Investments| |Unrestricted|Unrestricted| |funds|funds| |general|general| |2025|2024| |£|£| |Dividends|from|equities|and|income|from|listed|investments|217,705|207,322| |Income|from|Charities|Property|Fund|23,604|32,064| |Interest|receivable|5,851|2,536| |247,160|241,922|

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5 Expenditure on raising funds

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|||| |---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Investment management|41,615|39,512|

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MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |6|Expenditure|on|charitable|activities| |Charitable|Charitable| |activities|activities| |2025|-|2024| |£|£| |Direct|costs| |Grant funding|of activities|(see|note|7)|255,648|124,676| |Share|of support|and|governance|costs|(see|note|8)| |Support|29,499|29,643| |Governance|12,521|11,975| |297,668|166,294| |Analysis|by|fund| |Unrestricted|funds|297,668|166,294| |7|Grants|payable| |Research|Research| |and|and| |publication|publication| |2025|2024| |£|£| |Grants|to|institutions|194,278|47,093| |Grants|to|individuals|75,365|88,640| |269,643|135,733| |Adjustments|and|grants|not taken|up|(13,995)|(11,057)| |255,648|124,676| |During|the|year the|following|grants|were|awarded|to|Institutions:| |2025|2024| |£|£| |Derbyshire|Record|Society:|Nathaniel|Johnston’s|History|of the|Foljambe| |Family|2,000|-| |Church|of England|Record|Society:|National|Prayers.|Special|Worship|since| |the|Reformation,|volume|4:|Anniversary|Commemorations,|Additional|Material| |and|Indices|1533-2023|7,500|-| |Historic|Royal|Palaces:|Building|The|White|Tower: A|Historic|and|Petrological| |Analysis|of the|Flamstead|Tower|Stairs|9,884|-| |Hearth|Tax|Project:|Hearth|Tax|Research|Project|9,000|-| |University|of Oxford:|The|Letters|and|Charters|of King|Henry|||(1100-1135)|110,000|-| |ee|Monmouth Archeological Association: Monmouth Antiquary|digitisation|2,094|-|

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MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

a 7Grants payable (Continued)

Blandford Museum, Heritage and Arts Trust: Reform, Riot and Transportation:
Blandford Riots of 1834		 800 -
UlsterArchitectural Heritage Society: Ulster Modern: Modern Movement
Architecture in Northern Ireland, 1921-1949		 7,000 -
Coker Rope & Canvas Charity: Bucked in the Yarn 1,000 -
College ofArms:ACatalogue ofthe Visitation Manuscripts in the College of
Arms: post ofEditor
Brepols: Saints’ Lives forMedieval English NunsVols		 and II 45,000
-
Four Courts Press: Michael Healy, 1873-1941 —An Tur Gloine’s Stained
Glass Pioneer		 - 3,550
Archaeopress: London’sWaterfront 1666 to 1800
WiltshireArchaeological and Natural History Society: Avebury’sWaterscape		 -
-		 6,150
200
Reaktion Books: Squirrel Nation: reds, greys and the meaning ofhome - 1,200
Berlinn Ltd: Pedigrees and Power in Celtic Scotland: collected essays on
medieval Highland and Island history by David Sellar
The Papers ofNathaniel Bacon ofStiffkey, vol. 7, 1614-1622		 -
-		 1,250
2,000
Stalbridge History Society: Stalbridge forSale 1918, and the people whose
lives were changed
Gough Map Symposium: The Gough Map Book		 -
-		 1,000
30,493
194,278 47,093
8 Support costs allocated to activities 2025 2024
£ £
Staffcosis 28,255 27,760
Other office costs 563 337
Expenses
Governance costs		 681
12,521		 1,546
11,975
42,020 41,618
Analysed between:
Charitable activities		 42,020 41,618
2025 2024
Governance costs comprise: £ £
Auditfees 9,910 9,350
Accountancy
Expenses
Bank charges		 1,694
810
107		 4,601
916
108
12,521 11,975

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MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |ee| |9|Net movement|in|funds|2025|2024| |£|£| |The|net|movement|in|funds|is|stated|after|charging/(crediting):| |Fees|payable|for the|audit|of the|charity's|financial|statements|9,910|9,350|

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10 Council Members

No Member of Council received any remuneration.

Meeting expenses totalling £810 were paid to 6 Members of Council during the year for (2024: Expenses totalling £976 were paid to 7 Members of Council).

11 Employees

The average monthly number of employees during the year was:

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||||||| |---|---|---|---|---|---| |2025|2024| |Number|Number| |Average|monthly|number|of employees|1|1| |Employment costs|2025|2024| |£|£| |Wages|and|salaries|25,000|25,000| |Other|pension|costs|3,255|2,760| |28,255|27,760|

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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 £28,255 (2024: £27,760).

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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| i

MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

NU

13. Fixed asset investments

Charities Investments Cash held by Total
Property Fund held by ‘Investment
Investment Manager
Manager
£ £ £ £
Cost or valuation
At6April 2024 490,145 7,673,417 29,892 8,193,454
Additions
Valuation changes
Other cash movements		 -
10,770
-		 1,810,698
(282,520)
-		 (1,810,698)
-
(41,275)		 -
(271,750)
(41,275)
Disposals - (1,885,540) 1,885,540 -
At5April 2025 500,915 7,316,055 63,459 7,880,429
Carrying amount
At 05 April 2025		 500,915 7,316,055 63,459 7,880,429
At 05April 2024 490,145 7,673,417 29,892 8,193,454
2025 2024
Investments at fairvalue comprise: £ £
Fixed interest, preference and convertible shares 1,173,474 1,122,940
Equities & Similarinvestments
Private equity		 5,739,847
139,076		 5,972,713
245,019
Property trusts 206,427 220,445
Liquidity funds 57,231 112,300
7,316,055 7,673,417
14 Debtors
2025 2024
Amounts falling duewithin one year: £ £
Prepayments and accrued income 17,763 14,492
15 Othercreditors fallingduewithinoneyear 2025 2024
Grants Outstanding
Accruals and deferred income		 241,353
20,273		 244 814
19,383
261,626 264,197

MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |a| |46|Other|creditors|failing|due|after|one|year| |2025|2024| |£|£| |Grants|outstanding|74,996|-| |17.|Retirement|benefit|schemes| |2025|2024| |Defined|contribution|schemes|£|£| |Charge|to|profit|or|loss|in|respect|of defined|contribution|schemes|3,255|2,760|

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The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18 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 (net of liabilities for investment management fees); and + Unexpended Income Fund which represents income received that has yet to be expended.

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|||||||||| |---|---|---|---|---|---|---|---|---| |At|6 April|Income|Expenditure|Transfers|Gains|and|At 5 April| |2024|losses|2025| |£|£|£|£|£|£| |Capital|Fund|8,183,420|-|(41,615)|-|(271,750)|7,870,055| |Unexpended| |Income|Fund|149,815|247|323|(297,668)|-|-|99,470| |8,333,235|247,323|(339,283)|-|(271,750)|7,969,525| |Previous|year:|At 6 April|Income|Expenditure|Transfers|Gains and|At 5 April| |2023|losses|2024| |£|£|£|£|£|£| |Capital|Fund|7,789,634|-|(39,512)|4,716|428|582|8,183,420| |Unexpended| |Income|Fund|78,806|242,019|(166,294)|(4,716)|-|149,815| |7,868,440|242,019|(205,806)|-|428|582|8,333,235|

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19 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 2025 there were ten members of the company.

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20 + Related party transactions

MARC FITCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

TE

20 ~+Related party transactions

(Continued)

There were no related party transactions in 2025 (2024: none).

a

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-19-