REGISTERED CHARITY NUMBER: 313811
Report of the Trustees and Financial Statements for the Year Ended 31 July 2024
for
Ramsay Memorial Fellowship Trust
Ramsay Memorial Fellowship Trust
Contents of the Financial Statements for the Year Ended 31 July 2024
| 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 2024
Professor D Phillips (retired 3[[rd]] December 2024) Dr D Allen Professor C Carmalt Ms S Ellis Professor E Campbell Professor J Wilton-Ely
TRUSTEES Professor D Phillips (retired 3[[rd]] Dr D Allen Professor C Carmalt Ms S Ellis Professor E Campbell Professor J Wilton-Ely PRINCIPAL ADDRESS c/o Society of Chemical Industry 14-15 Belgrave Square London SW1X 8PS
REGISTERED CHARITY NUMBER 313811
AUDITORS Aspen Waite Chartered Certified Accountants Rubis House 15 Friarn Street Somerset, TA6 3LH 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 2024
INTRODUCTION
The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. 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 2024
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 2023/24:
Dr S Janke (01/02/23 – 31/01/25) Co-sponsored by University of Warwick
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 has deemed to be insufficient to fund forthcoming fellowships in the near future, due to the necessity of improving the offer to potential fellows as there was growing resistance on behalf of prospective candidates to the poor terms in comparison with other fellowships available, and the resistance of host institutions to part fund the fellowships. One fellowship was recruited for in 2023/4. Links between the Trust, host institutions and other bodies have been pursued vigorously to provide co-sponsorship of Ramsay Fellows and plans are being put in place.
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Ramsay Memorial Fellowship Trust
Report of the Trustees for the Year Ended 31 July 2024
FINANCIAL REVIEW
Financial position
The accounts on pages 8 to 14 summarise the transactions of the Trust for the year ended 31 July 2024. During the year total investment income amounted to £37,193 offset by a drop in provisions from the previous year of £13,125 giving total income of £24,068. Administration expenses totalled £11,607 which was offset by a drop of provisions from unclaimed fellowships from the previous year of £27,250, giving overall incoming resources for the year of £39,711. Net gains on investment assets amounted to £91,885 for the year, giving an overall increase in funds of £131,596. Some of this gain is indicative of historic fellowships not being taken up, which demonstrates the rising cost which in the long term would lead to depletion of the capital in the Fund. This would be unsustainable in the long term, and steps are being taken to resolve this position.
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 2024 stood at £1,229,447.
Reserves policy
Unrestricted General Fund reserves are maintained at a level to generate sufficient return to support at least 1.5 new 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. The Trustees exercised prudence in restricting the number of fellowships to be offered in 2022/3, such that only a single new fellowship was awarded
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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 2024
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.
Approved by order of the board of trustees on 16 May 2025 and signed on its behalf by:
Eleanor Campbell
Professor E Campbell
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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 2024 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).
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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 2024 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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Report of the Independent Auditors to the Trustees of Ramsay Memorial Fellowship Trust
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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.
Paul David Waite (Senior Statutory Auditor) for and on behalf of Aspen Waite Chartered Certified Accountants Rubis House, 15 Friarn Street Bridgwater TA6 3LH
Date: 16 May 2025
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Ramsay Memorial Fellowship Trust
Statement of Financial Activities for the Year Ended 31 July 2024
| Note Unrestricted Funds £ INCOMING RESOURCES Donations and legacies - Co-sponsorship receivable (13,125) Investment income 29,611 Total 16,486 RESOURCES EXPENDED Raising funds - Direct charitable expenditure Grants payable 2 (27,250) Other expenditure Administration expenses 3 11,607 Total (15,643) Net income/(expenditure) before transfers 32,129 Transfers between funds 7,582 NET INCOME/(EXPENDITURE) 39,711 Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets 73,154 Net movement in funds 112,865 RECONCILIATION OF FUNDS Total funds brought forward 937,169 TOTAL FUNDS CARRIED FORWARD **1,050,034 ** |
Permanent Endowment Funds £ - - 7,582 7,582 - - - - 7,582 (7,582) - 18,731 18,731 235,825 254,556 |
31/7/24 Total Funds £ - (13,125) 37,193 24,068 - (27,250) 11,607 (15,643) 39,711 - 39,711 91,885 131,596 1,172,994 1,304,590 |
31/7/23 Total Funds £ - 55,417 33,165 88,582 - 109,834 11,499 121,333 (32,751) - (32,751) (43,540) (76,291) 1,249,285 **1,172,994 ** |
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Ramsay Memorial Fellowship Trust
Balance Sheet 31 July 2024
| 31/7/24 Unrestricted Restricted Total fund funds funds Notes £ £ £ FIXED ASSETS Investments 6 974,891 254,556 1,229,447 CURRENT ASSETS Debtors 4 2,979 - 2,979 Cash at bank and in hand 88,221 - 88,221 91,200 - 91,200 CREDITORS Amounts falling due within one year 5 (16,057) - (16,057) NET CURRENT ASSETS 75,143 - 75,143 TOTAL ASSETS LESS CURRENT LIABILITIES 1,050,034 254,556 1,304,590 FUNDS Endowment funds - 254,556 254,556 Unrestricted general funds 1,050,034 - 1,050,034 TOTAL FUNDS 1,050,035 254,556 1,304,590 |
31/7/23 Total funds £ 1,156,849 38,335 69,345 107,680 (91,535) 16,145 1,172,994 235,825 937,169 1,172,994 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 16 May 2025 and were signed on its behalf by:
Eleanor Campbell
Professor E Campbell
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
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 2024
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 (i.e. deferred to future periods).
iv) Grants payable
Grants payable relate to fellowships awarded and paid in the current year. Fellowships awarded in respect of future years 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 2024
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 £29,166 (including £14,583 contributed by co-sponsors) as stipends. Two fellowships awarded in the previous financial year were unclaimed, so provisions for these were reversed out in this year’s accounts leading to a negative value for co-sponsorship receivable and grants payable.
3. Administration expenses
Administration expenses include the annual audit fee of £1,680.
4. Debtors
| Prepayments and accrued income 5. Creditors: amounts falling due in less than one year Audit fees Other creditors |
31/7/24 £ 2,979 2,979 31/7/24 £ 1,680 14,377 **16,057 ** |
31/7/23 £ 38,335 38,335 31/7/23 £ 1,680 89,855 91,535 |
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Ramsay Memorial Fellowship Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2024
| 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 |
31/7/24 £ 1,156,849 205,546 (224,833) 91,885 1,229,447 981,777 31/7/24 £ 78,498 13,387 91,885 31/7/24 Market Value £ 515,812 716,635 1,229,447 |
31/7/23 £ 1,165,321 299,675 (261,017) (47,130) 1,156,849 835,857 31/7/23 £ (34,950) (12,180) (47,180) 31/7/23 Market Value £ 561,984 594,865 1,156,849 |
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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 | |
| £ | % | |
| Charity Equity Income Fund | 167,100 | 13.5 |
| Findlay Park American Fund | 105,126 | 8.4 |
| Fidelity GIobal Dividend Fund | 96,280 | 7.7 |
| Charities Property Fund | 94,296 | 7.6 |
| M&G Global Dividend Fund | 85,398 | 6.9 |
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 2024
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 £ 974,891 254,556 1,229,447 2,979 88,221 - - 38,335 69,345 (16,057) - (91,535) |
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| 1,050,034 254,556 1,304,590 |
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 bank account with the Society of Chemical Industry (“SCI”) for ease of transactions (Note 5). The balance at 31 July 2024 was £70,957. 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 and meeting costs (2023 – none).
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 2024/26 have an expected gross cost of £17,500 in stipends and £1,000 in research expenses with grant income expected to offset those costs of £8,750.
12. Employees
The Trust has no employees.
13. Contingent Liabilities
The Trust had no material contingent liabilities at 31 July 2024.
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