REGISTERED CHARITY NUMBER: 313811
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2021
for
Ramsay Memorial Fellowship Trust
Ramsay Memorial Fellowship Trust
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Report of the Independent Auditors | 6 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 14 |
Ramsay Memorial Fellowship Trust
Reference and Administrative Details for the Year Ended 31 July 2021
TRUSTEES Professor D Phillips (Chairman) Dr D Allen Ms S E Todd (resigned 22 July 2021) Professor G Richards Ms S Ellis Professor E Campbell Professor C Carmalt (appointed 9 February 2021) PRINCIPAL ADDRESS c/o Society of Chemical Industry 14-15 Belgrave Square London SW1X 8PS
REGISTERED CHARITY NUMBER 313811
AUDITORS Pawley & Malyon 14 Austin Friars London EC2N 2HE INVESTMENT MANAGERS Cazenove Capital Management Ltd 12 Moorgate London EC2R 6DA
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Ramsay Memorial Fellowship Trust
Report of the Trustees for the Year Ended 31 July 2021
INTRODUCTION
The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE & MANAGEMENT
Organisational structure and governance
The Ramsay Memorial Fellowships Trust is a registered charity established by trust deed executed 7th April 1920, revised from time to time under the terms of the principal deed, most recently 6th December 1961.
The trust deed establishes that the number of Trustees shall be no more than seven, and not less than three, and that the existing Trustees have the power to add to their number within these boundaries. The Trustees may invest any capital in any manner they think fit and may vary investments at their discretion. An investment policy document has been established for the guidance of the Investment Manager, and all investments have been made in accordance with this policy.
Management
There are no formal policies or procedures for the induction and training of new Trustees, although the Executive Secretary does disseminate relevant information to new trustees including minutes and investment reports for the last few years.
The Trustees meet at least once in each administrative year. The usual place of meeting is the Society of Chemical Industry (“SCI”). The Trust makes use of the resources and assets of SCI in order to carry out its objects, and SCI makes an annual management charge for these services. Administrative decisions are made by the Executive Secretary, in consultation with the Chairman of the Trustees, on a day to day basis as required. Major decisions, such as the appointment of Ramsay Fellows, are made by the Trustees on an annual basis.
Recruitment and appointment of new trustees
The power of appointment of new trustees is vested in the Trustees at their discretion.
Decision making
The financial management of the Charity is controlled by the Trustees.
Induction and training of new trustees
The Charity does not have a formal programme for the induction and training of new trustees.
Related parties
Details of Trustee expenses and related party transactions are disclosed in the notes to the accounts.
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Ramsay Memorial Fellowship Trust
Report of the Trustees for the Year Ended 31 July 2021
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Ramsay Memorial Fellowships Trust perpetuates the memory of Professor Sir William Ramsay, KCB, FRS, in the field of chemical science pure and applied.
The objects of the Trust are the promotion of research into the study of chemical science pure and applied through providing competent advanced students the means of prosecuting chemical research.
The policy of the Trustees is to award Fellowships to competent advanced students to pursue chemical research in universities or other places of higher education, normally in the United Kingdom. The Trustees are assisted by an Advisory Council in the United Kingdom composed of distinguished academics and by committees in participating countries.
Activities
Fellowships were held as follows during 2020/21:
| Dr A Maruani | (01/09/18 - 31/08/20) | Co-sponsored by UCL Department of Chemistry |
|---|---|---|
| Dr J Garden | (05/09/18 - 04/09/20) | Co-sponsored by University of Edinburgh |
| Dr C Bakewell | (01/10/18 - 30/12/21) | Co-sponsored by UCL Department of Chemistry |
| Dr C Bentley | (17/10/18 - 16/10/20) | Co-sponsored by University of Warwick |
| Dr A Keerthi | (01/05/19 - 07/11/21) | Co-sponsored by University of Manchester |
| Dr A Clancy | (01/09/19 - 28/02/22) | Co-sponsored by UCL Department of Chemistry |
| Dr G Hwang | (01/01/20 - 07/02/22) | Co-sponsored by UCL Department of Chemistry |
| Dr J Forth | (01/09/20 - 28/02/23) | Co-sponsored by UCL Department of Chemistry |
| Dr J Gibbard | (02/11/20 - 30/04/23) | Co-sponsored by University of Durham |
| Dr C Savory | (04/01/21 - 03/07/23) | Co-sponsored by UCL Department of Chemistry |
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives for the year. The promotion of research and adding to the collective knowledge and understanding in the field of chemical science is deemed to meet the Charity Commission’s test for public benefit, in that the useful results are published and made available to the public.
FUTURE PLANS
The income from the endowment fund will continue to fund forthcoming fellowships in accordance with the trust deed. Three fellowships have been awarded for the coming year, all of which are being co-sponsored. There are sufficient resources to meet these obligations.
Links between the Trust, host institutions of Ramsay fellows and other bodies will continue to be sought to provide for co-sponsorship of Ramsay Fellows.
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Ramsay Memorial Fellowship Trust
Report of the Trustees for the Year Ended 31 July 2021
FINANCIAL REVIEW
Financial position
The accounts on pages 8 to 14 summarise the transactions of the Trust for the year ended 31 July 2021. During the year total investment income and co-sponsorship receivable amounted to £133,234 (a decrease of £33,531 from the prior year) and grants payable and administration expenses totalled £218,234 (a decrease of £44,453 from the prior year), giving overall outgoing resources for the year of £85,000. Net gains on investment assets amounted to £182,353 for the year, giving an overall increase in funds of £97,353.
Investment policy and objectives
The Trustees’ Investment Advisors (Cazenove Capital Management Limited) are instructed to invest to endeavour to maintain both income and capital, in a medium risk investment portfolio.
The original permanent endowment established by the trust deed amounted to £21,000. This was added to by the proceeds of a Ramsay Centenary Appeal in 1952. The endowment has been increased over the years by realised and unrealised profits. Income from the endowment is transferred to the General Fund in accordance with the trust deed.
The investment objectives are to maximise total returns with due respect to risk, and to outperform relevant market indices for individual asset classes. There are no investment restrictions.
The market value of the investment portfolio at 31 July 2021 stood at £1,370,298. Net gains on revaluations and disposals amounted to £182,353.
Reserves policy
The Trustees have maintained sufficient free reserves of their unrestricted funds to provide for the future commitments referred to above.
Unrestricted General Fund reserves are maintained at a level to generate sufficient return to support at least 1.5 new British fellows per year on two-year Fellowships.
There have been no other changes in the policies of the charity adopted during the year.
Risk management
The Trustees have examined the major strategic and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The major risks are:
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(i) Poor financial management resulting in the inability to carry out the objects of the Trust, leading in turn to a loss of reputation and difficulty in attracting sponsors. A control procedure has been established for the creation of financial forecasts and budgets, and these are reviewed annually by the Trustees along with financial performance. A policy has been established for the number of annual fellowships to be awarded, and the information circulated to prospective applicants is regularly reviewed.
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(ii) Unsatisfactory return from the investment portfolio resulting in financial loss or cash flow difficulties. An investment policy has been established and the portfolio is managed by an FSA regulated company in accordance with that policy. The Trustees receive an annual investment report and an annual presentation from the Investment Manager. The choice of Investment Manager is reviewed every three years by the Trustees.
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Ramsay Memorial Fellowship Trust
Report of the Trustees for the Year Ended 31 July 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Report of the Independent Auditors to the Trustees of Ramsay Memorial Fellowship Trust
Opinion
We have audited the financial statements of Ramsay Memorial Fellowship Trust (the 'charity') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 July 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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Ramsay Memorial Fellowship Trust
Statement of Financial Activities for the Year Ended 31 July 2021
| Note Unrestricted Funds £ INCOMING RESOURCES Donations and legacies - Co-sponsorship receivable 100,625 Investment income 27,252 Total 127,877 RESOURCES EXPENDED Raising funds - Direct charitable expenditure Grants payable 2 206,250 Other expenditure Administration expenses 3 11,984 Total 218,234 Net income/(expenditure) before transfers (90,357) Transfers between funds 5,357 NET INCOME/(EXPENDITURE) (85,000) Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets 6 149,413 Net movement in funds 64,413 RECONCILIATION OF FUNDS Total funds brought forward 1,010,530 TOTAL FUNDS CARRIED FORWARD 1,074,943 |
Permanent Endowment Funds £ - - 5,357 5,357 - - - - 5,357 (5,357) - 32,940 32,940 198,640 231,580 |
31/7/21 Total Funds £ - 100,625 32,609 133,234 - 206,250 11,984 218,234 (85,000) 0 (85,000) 182,353 97,353 1,209,170 1,306,523 |
31/7/20 Total Funds £ - 121,042 45,723 166,765 - 250,084 12,603 262,687 (95,922) 0 (95,922) (89,421) (185,343) 1,394,513 1,209,170 |
|---|---|---|---|
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Ramsay Memorial Fellowship Trust
Balance Sheet 31 July 2021
| 31/7/21 Unrestricted Restricted Total fund funds funds Notes £ £ £ FIXED ASSETS Investments 6 1,138,718 231,580 1,370,298 CURRENT ASSETS Debtors 4 68,542 - 68,542 Cash at bank and in hand 20,085 - 20,085 88,627 - 88,627 CREDITORS Amounts falling due within one year 5 (152,402) - (152,402) NET CURRENT ASSETS (63,775) - (63,775) TOTAL ASSETS LESS CURRENT LIABILITIES 1,074,943 231,580 1,306,523 FUNDS Endowment funds - 231,580 231,580 Unrestricted general funds 1,074,943 - 1,074,943 TOTAL FUNDS 1,074,943 231,580 1,306,523 |
31/7/20 Total funds £ 1,194,768 49,583 78,387 127,970 (113,568) 14,402 1,209,170 198,640 1,010,530 1,209,170 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements for the Year Ended 31 July 2021
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The Charity does not produce a cash flow statement in accordance with the concession granted under the provisions of the Financial Reporting Standard (FRS102).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
Grants and donations are only included in the Statement of Financial Activities when the charity has unconditional entitlement to the resources.
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
Donated services and facilities are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
The value of any voluntary help received is not included in the Statement of Financial Activities but is described in the trustees’ annual report.
Investment income is included in the Statement of Financial Activities when receivable.
Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
1. Accounting policies - continued
Governance costs
Costs include the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Allocation and apportionment of costs
Costs are allocated between those involved in pursuing charitable activities and other support costs depending on their nature.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. They will only be created after the Trustees have voted to accept a restricted gift along with any stipulations placed on that gift by the donor. Restricted funds will only be used for the specified purpose unless the donor grants permission in writing to use it in another way. Restricted funds are shown in the accounts according to their nature, restricted income funds which must be spent to further some particular object of the charity; or restricted capital funds, where the assets must be invested or retained for actual use.
All other funds are classified as unrestricted.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
The particular accounting policies adopted by the Trustees are described below:
i) Investments
Quoted investments are included at their market value at the Balance Sheet date. Realised and unrealised gains and losses on investments shown in the SOFA are taken to the fund for which the investments are held.
ii) Taxation
The Trust enjoys charitable status and is exempt from corporation tax under Section 505 of the Income and Corporation Taxes Act 1988.
iii) Revenue recognition
Income is recognised in the period in which it is earned. Co-sponsorship income is accounted for in the year in which it is received and adjusted for amounts received in advance (ie deferred to future periods).
iv) Grants payable
Grants payable relate to fellowships awarded and paid for 2019/20. Fellowships awarded for 2020/21 are included as commitments (Note 11).
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
1. Accounting policies - continued
v) Expenses
Administration and Trustees’ expenses are apportioned between the funds as considered fit by the Trustees, in accordance with the trust deed.
vi) Investment income
Permanent endowment funds are held in units of ‘Cazenove Equity Income Trust. Investment income, gains and losses on these are allocated accordingly. All other dividends, interest, realised and unrealised gains and losses on investment assets are allocated to the unrestricted General Fund.
vii) Financial instruments
Basic financial instruments are stated at amortised cost, with changes recognised in net income or expenditure. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in net income or expenditure.
2.
Grants payable
During the year the Trust paid £201,250 (including £100,625 contributed by co-sponsors) as stipends and £5,000 research expenditure to ten individuals (Fellows).
3. Administration expenses
Administration expenses include the annual audit fee of £1,674.
4. Debtors
| Prepayments and accrued income 5. Creditors: amounts falling due in less than one year Audit fees Loan from SCI Other creditors |
31/7/21 £ 68,542 68,542 31/7/21 £ 1,674 - 150,728 152,402 |
31/7/20 £ 49,583 49,583 31/7/20 £ 1,674 - 111,894 113,568 |
|---|---|---|
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
6. Fixed asset investments
| Market value at 1 August Acquisitions Disposals Net gains/(losses) on revaluation Market Value (“MV”) at 31 July Book Cost at 31 July Investment Gains/(Losses) Net unrealised gains/(losses) on revaluation Net realised gains/(losses) on disposals Net Investment Gains/(Losses) Analysis of investments Investments were held as follows: Investment assets in the UK Investment assets outside the UK Total |
31/7/21 31/7/20 £ £ 1,194,768 1,442,599 229,967 309,590 (180,588) (501,714) 126,151 (55,707) 1,370,298 1,194,768 1,101,364 1,048,108 31/7/21 31/7/20 £ £ 126,151 (55,707) 56,202 (33,714) 182,353 (89,421) 31/7/21 31/7/20 Market value Market value £ £ 1,091,888 919,999 278,410 274,769 1,370,298 1,194,768 |
|---|---|
The quoted investments include the following holdings which represent more than 5% by value of the total portfolio:
| of the total portfolio: | ||
|---|---|---|
| Market | Percentage | |
| value | of portfolio | |
| £ | % | |
| Cazenove Equity Income Trust | 231,475 | 16.9% |
| Cazenove Charities Property Fund | 153,804 | 11.2% |
| Findlay Park FDS American USD DIS | 94,374 | 6.9% |
| M&G Inv Man Global Div PP-GBP | 79,007 | 5.8% |
| Fidelity GI Dividend | 72,794 | 5.3% |
All investments are held in the UK. There are no tangible fixed assets held for charity use.
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
7. Analysis of Fund Balances between Net Assets
| Fixed assets Investments Current assets Debtors Cash at bank and in hand Creditors Due in less than one year |
Unrestricted Funds £ Endowment Funds £ Total Funds £ 1,138,718 231,580 1,370,298 68,542 20,085 - - 68,542 20,085 (152,402) - (152,402) |
|---|---|
| 1,074,943 231,580 1,306,523 |
8. Connected Charities
There are no charities connected with the Trust, as defined in the Statement of Recommended Practice: Accounting and Reporting by Charities 2005. The Trust has a current account with the Society of Chemical Industry (“SCI”) for ease of transactions (Note 5). The balance at 31 July 2021 was £13,104. The management fee charged by SCI in the year was £3,985.
9. Trustees' remuneration and benefits
The Trustees receive no emoluments from the Trust. None of the trustees received any remuneration during the year, and no trustees were reimbursed expenses for travel or meeting costs (2020 – one trustee was reimbursed £123).
10. Cash flow statement
The Trust has taken advantage of the exemption included in the Statement of Recommended Practice: Accounting and Reporting by Charities 2005 not to prepare a cashflow statement.
11. Commitments
New and continuing Fellows for 2021/22 have an expected gross cost of £207,122 in stipends and £8,000 in research expenses with grant income expected to offset those costs of £103,561.
12. Employees
The Trust has no employees.
13. Contingent Liabilities
The Trust had no material contingent liabilities at 31 July 2021.
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