Charity registration number 313303
Company registration number 569597 (England and Wales)
MARC FITCH FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
MARC FITCH FUND
CONTENTS
Page
Council Members' report
1 - 3
Statement of council members' responsibilities
4
Independent auditor's report
5 - 8
Statement of financial activities
9
Balance sheet
10
Notes to the financial statements
11 - 19
MARC FITCH FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Council Members
Miss L Allason-Jones
Dr W J Blair
Dr H Forde
Mr M Hall
Professor C Payne
Professor R Sweet
Mr D White
Dr H Summerson
(Appointed 20 September 2023)
Dr J Davis
(Appointed 20 September 2023)
Mr J Ford
(Appointed 20 September 2023)
Director
Mr C Catling
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Charity number
313303
Company number
569597
Registered office
C/O Critchleys LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Solicitors
Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Investment advisors
Brewin Dolphin
12 Smithfield Street, London
EC1A 9BD
MARC FITCH FUND
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 5 APRIL 2024
- 1 -

The council members present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

 

Founded in 1956 by M.F.B. Fitch, CBE, the object of the Fund is the improvement and diffusion of knowledge, and the promotion and study of education and research in, archaeology, historical geography, history of art and architecture, heraldry, genealogy, the use and preservation of archives, and other antiquarian, archaeological and historical studies. The primary focus of the Fund is the local and regional history of the British Isles.

 

The Policy of the Fund is to give assistance towards projects including the research and publication of works that fall within the objects of the Fund. To that end the Fund makes awards to both individuals and institutions.

 

Applications are considered by the Council of Management at its meetings which are usually held twice a year, in Spring and Autumn. Grants are awarded to the successful applicants, and range from relatively minor amounts to more substantial special project grants which may be paid over more than one year. It is clear that, in many cases, the awards enable work to be undertaken, or the results published either in print or on-line form, which would not otherwise be achieved. The Fund’s objectives for the year, and strategies to achieve these objects, remain substantially the same as in the previous year.

 

Public Benefit

 

The charity provides public benefit through its support of research, publication and the dissemination of knowledge in the fields set down by the Founder in the charity's Articles of Association (see above). Awards are open to institutions and to all individual members of the public where the subject-matter of their work falls within the areas of study specified, and is likely to achieve the required scholarly standard.

 

The Trustees have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Achievements and performance

During the year to 5 April 2024 the Fund awarded 39 grants the value of which amounted to a total of £135,733. 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

A small subcommittee of the Council of Management is responsible for financial matters including investment policy in conjunction with investment managers. The bulk of the investment portfolio is managed by Brewin Dolphin in accordance with the mandate provided by the Trustees. Some 6% of the portfolio is invested in the Charities Property Fund managed by Savills Fund Management.

 

The income of the Fund is mainly derived from its portfolio of investments with a small amount of donated income.

 

Total funds have increased during the year by £464,795 which is mainly due to the increase in market value of the Fund’s investments. The net asset position of the Fund at 5 April 2024 was £8,333,235

MARC FITCH FUND
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -

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 2024 the balance on the designated unexpended income fund was £149,815.

The council members have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Fund will continue to maximise its income for the purposes of grant aiding as many eligible projects as possible, consistent with the aim of preserving the capital value of the investment portfolio in real terms. It will continue to review the greatest areas of need, taking into account technical developments in academic publishing, and will re-balance its giving where necessary, while maintaining the objects of the charity.

 

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 Critchleys Audit 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 2024
- 3 -
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
18 September 2024
MARC FITCH FUND
STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES  
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -

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:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The 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
- 5 -

Opinion

We have audited the financial statements of Marc Fitch Fund (the ‘charity’) for the year ended 5 April 2024 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 and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 5 April 2024 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

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the council members' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the council members' report has been prepared in accordance with applicable legal requirements.

MARC FITCH FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARC FITCH FUND
- 6 -
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

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the council members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the council members' report and from the requirement to prepare a strategic report.

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.

MARC FITCH FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARC FITCH FUND
- 7 -

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

To address the risk of fraud through management bias and override of controls, we:

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.

MARC FITCH FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARC FITCH FUND
- 8 -

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor)
for and on behalf of Critchleys Audit LLP
25 September 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
MARC FITCH FUND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
- 9 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Charitable activities
4
97
228
Investments
3
241,922
267,242
Total income
242,019
267,470
Expenditure on:
Raising funds
5
39,512
39,293
Charitable activities
6
166,294
406,647
Total expenditure
205,806
445,940
Net gains/(losses) on investments
13
428,582
(798,381)
Net income/(expenditure) and movement in funds
464,795
(976,851)
Reconciliation of funds:
Fund balances at 6 April 2023
7,868,440
8,845,291
Fund balances at 5 April 2024
8,333,235
7,868,440

All income and expenditure derive from continuing activities.

MARC FITCH FUND
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
8,193,454
7,789,634
Current assets
Debtors
14
14,492
24,354
Cash at bank and in hand
389,486
324,013
403,978
348,367
Creditors: amounts falling due within one year
Other creditors
15
264,197
269,561
Net current assets
139,781
78,806
Total assets less current liabilities
8,333,235
7,868,440
Net assets excluding pension liability
8,333,235
7,868,440
The funds of the charity
Unrestricted funds
8,333,235
7,868,440
8,333,235
7,868,440
The financial statements were approved by the council members on 18 September 2024
Miss L  Allason-Jones
Trustee
Company registration number 569597 (England and Wales)
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 11 -
1
Accounting policies

Summary of significant accounting policies and key accounting estimates.

The principal accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Charity information

The company is a private company limited by guarantee, registered as a charity, incorporated in the United Kingdom. It is a public benefit entity.

 

Address of its registered office is: Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 and Republic of Ireland (FRS 102)" (effective 1 January 2019). 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.

1.3
Charitable funds

All funds of the charity are unrestricted. However the Council of Management have designated the unrestricted funds for specific purposes – see note 12.

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

1.5
Expenditure

 

Grants

Grants are normally debited to the Statement of Financial Activities in the year in which they are approved by the Council of Management. It is at this point they are communicated to the beneficiary.

Other expenditure

These are accounted for on an accruals basis and split between costs in relation to charitable activities and investment management costs.

MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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.

 

MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 13 -
2
Critical 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

Investments

Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Dividends from equities and income from listed investments
207,322
244,527

Income from Charities Property Fund

32,064
21,830
Interest receivable
2,536
885
241,922
267,242
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable activities

Royalties received from sale of books

97
228
5
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Investment management
39,512
39,293
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 14 -
6
Expenditure on charitable activities
Charitable activities
Charitable activities
2024
2023
£
£
Direct costs
Grant funding of activities (see note 7)
124,676
366,182
Share of support and governance costs (see note 8)
Support
29,643
29,008
Governance
11,975
11,457
166,294
406,647
Analysis by fund
Unrestricted funds
166,294
406,647
7
Grants payable

Research and publication

Research and publication

2024
2023
£
£
Grants to institutions
47,093
274,372
Grants to individuals
88,640
93,730
135,733
368,102
Adjustments and grants not taken up
(11,057)
(1,920)
124,676
366,182
During the year the following grants were awarded to Institutions:
2024
2023
£
£
Brepols: Saints' Lives for Medieval English Nuns Vols I and II
1,250
-
Four Courts Press: Michael Healy, 1873–1941 – An Túr Gloine's Stained Glass Pioneer
3,550
-
Archaeopress: London's Waterfront 1666 to 1800
6,150
-
Wiltshire Archaeological and Natural History Society: Avebury's Waterscape
200
-
Reaktion Books: Squirrel Nation: reds, greys and the meaning of home
1,200
-
Berlinn Ltd: Pedigrees and Power in Celtic Scotland: collected essays on medieval Highland and Island history by David Sellar
1,250
-
Berlinn Ltd: Pedigrees and Power in Celtic Scotland: collected essays on medieval Highland and Island history by David Sellar
2,000
-
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
7
Grants payable
(Continued)
- 15 -
Stalbridge History Society: Stalbridge for Sale 1918, and the people whose lives were changed
1,000
-
Gough Map Symposium: The Gough Map Book
30,493
-
National Musuem Scotland: The iron artefacts from Trimontium, the Roman fort at Newstead
-
3,175
Great St Bartholomew: St Bartholomew the Great: 900 Years
-
2,000
Canterbury Archaeological Trust: Transitions and Relationships over Land and Sea in the Early Middle Ages of Northern Europe
-
3,000
University of Exeter Press: Sacrament an Alter
-
2,728
British Museum: English Medieval Coin Hoards: age of the sterling penny 1180-1351 and English Medieval Coin Hoards: from the return to gold to the Great Debasement 1351-1560
-
8,500
Archaeopress: Moel-y-Gaer, Bodfari, a small hillfort in Denbighshire, North Wales
-
960
University of Sheffield: Digitising the Medieval Guild Certificates of 1388-9: a pilot project
-
4,972
The Royal Historical Society: The Royal Historical Society and the Rise of the Modern Historical Profession
-
2,437
Hearth Tax Research Project
-
4,000
Historic Towns Atlas
-
25,000
University of Leicester: The Wilberforce Diaries, 1779-1833: Parliament, Reform, and Abolition
-
100,000
Victoria County History: Medieval Newport (Shropshire): an edition of charters and other sources to c. 1550
-
1,600
8th Darlington (Cockerton Green) Scout Group: Archive digitisation
-
5,000
Faculty of History, University of Oxford: The Writs and Charters of William II
-
4,400
Harlaxton Symposium: Medieval Travel
-
1,000
Bodleian Library, Oxford: Understanding the medieval Gough Map through Physics, Chemistry and History
-
38,476
Courtauld Institute: The National Wall Paintings Archive
-
26,000
Victoria County History: VCH Wiltshire volume XIX, Mere and the Deverill Valley
-
13,500
Victoria County History: Red Books Digitisation
-
25,000
Victoria County History: Digitisation of Northern Archaeology
-
2,624
47,093
274,372
8
Support costs allocated to activities
2024
2023
£
£
Staff costs
27,760
27,760
Other office costs
337
615
Expenses
1,546
633
Governance costs
11,975
11,457
41,618
40,465
Analysed between:
Charitable activities
41,618
40,465
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
8
Support costs allocated to activities
(Continued)
- 16 -
2024
2023
Governance costs comprise:
£
£
Audit fees
9,350
8,658
Accountancy
1,601
1,670
Expenses
916
984
Bank charges
108
145
11,975
11,457
9
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
9,350
8,658
10
Council Members

No Member of Council received any remuneration.

 

Expenses totalling £976 were paid to 7 Members of Council during the year (2023: Expenses totalling £1,132 were paid to 7 Members of Council).

 

11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Average monthly number of employees
1
1
Employment costs
2024
2023
£
£
Wages and salaries
25,000
25,000
Other pension costs
2,760
2,760
27,760
27,760

Key management personnel are all of the Trustees and Director listed in the Council report on page 2. Total key management personnel remuneration (including pension costs and employer’s national insurance) was £27,760 (2023: £27,760).

There were no employees whose annual remuneration was more than £60,000.
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 17 -
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.

13
Fixed asset investments

Charities Property Fund

Investments held by investment manager

Cash held by Investment Manager

Total
£
£
Cost or valuation
At 6 April 2023
519,212
7,189,505
80,917
7,789,634
Additions
-
1,905,044
(1,900,328)
4,716
Valuation changes
(29,067)
457,649
-
428,582
Other cash movements
-
-
(29,478)
(29,478)
Disposals
-
(1,878,781)
1,878,781
-
At 5 April 2024
490,145
7,673,417
29,892
8,193,454
Carrying amount
At 05 April 2024
490,145
7,673,417
29,892
8,193,454
At 05 April 2023
519,212
7,189,505
80,917
7,789,634
2024
2023
£
£
Investments at fair value comprise:
Fixed interest, preference and convertible shares
1,122,940
1,046,975
Equities & Similar investments
5,972,713
5,669,213
Private equity
245,019
172,477
Property trusts
220,445
177,580
Liquidity funds
112,300
123,260
7,673,417
7,189,505
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
14,492
24,354
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 18 -
15
Other creditors falling due within one year
2024
2023
£
£
Grants Outstanding
244,814
260,903
Accruals and deferred income
19,383
8,658
264,197
269,561
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,760
2,760

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.

17
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.

At 6 April 2023
Income
Expenditure
Transfers
Gains and losses
At 5 April 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
Previous year:
At 6 April 2022
Income
Expenditure
Transfers
Gains and losses
At 5 April 2023
£
£
£
£
£
£
Capital Fund
8,637,834
-
(39,293)
(10,526)
(798,381)
7,789,634
Unexpended Income Fund
207,457
267,470
(406,647)
10,526
-
78,806
8,845,291
267,470
(445,940)
-
(798,381)
7,868,440
MARC FITCH FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 19 -
18
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 2024 there were ten members of the company.

19
Related party transactions

In 2023 one grant of £700 was awarded to Professor R Sweet (Trustee) for a project they are involved in.

 

There were no related party transactions in 2024.

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