Charity Number 1071220 THE C. & J. B. MORRELL TRUST REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2025
THE C. & J. B. MORRELL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS page Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balan Sheet Notes to the Accounts 9-14
THE C. & J. B. MORRELL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reference and Administrative Details of the Chari its Trustees and Advisers Charity name and number The C. & J. B. Morrell Trust.. registered charity number 1071220 Correspondence Address 54 Bootham, York, North Yorkshire. Y030 7XZ Trustees Susan Mendus CBE (Chairman) Nicholas Morrell Margaret Morrell Matt Matravers Olivia Morrell Mary Haworth (appointed 14 November 2024) Secretary Charles Walker FCA Professional Advisers Accountants.. HPH Chartered Accountants, 54 Bootham, York. Y030 7XZ Bankers: CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Independent Examiner." Sarah Wearing FCA DChA, HPH Chartered Accountants, 54 Bootham, York, Y030 7XZ Investment fund managers: Charles Stanley & Co Ltd., Windsor House, 6-10 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1 EE
THE C. & J. B. MORRELL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Trust for the year ended 31 March 2025. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Apted Practice as it applies from 1 January 2019. Structure Governance and Mana ement The Trust is a charity created by a Declaration of Trust 29 June 1955 and a Deed of Trust dated 28 May 1956 supplemental to the earlier Declaration. The Trust Deed provides for a maximum of six trUSts. Vvhere there is a requirement for new trustees, these are identified and appointed by the remaining trustees. The Secretary is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing documents, administrative procedures, the history and approach of the Trust. A new Trust* receives copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee.. What You Need to Know,. The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate the exposure to those risks. To date, these have related mainly to investment management, and these have bn mitigated by diversified portfolio management undertaken by the Trust's stockbrokers. The Trustees are aware ofthe risks associated with making grants (for example fraud and charities seeking two grants for the same project) but these risks are managed by the Trustees, own detailed knowledge of the relevant organisations and the careful assessment of any requests reived. The Trustees detemiine the general policy of the Trust The day to day management of the trust is delegated to the Chairman and Secretary. As disclosed elsewhere in this report ('Achievements and Performance,), and in Note 6 to the accounts, the Trustees renewed their existing gift agreement with the University of York. Professor Matt Matravers (Trustee) and Mary Haworth (Trustee) are also employed by the University but do not benefit personally from this grant arrangement. All of the Trustees give their time voluntarily and receive no benefits from the Trust. Any expenses reclaimed from the Trust are set out in Note 2 to the accounts. The Trustees completed a review of the Trust's governance during the year and adopted additional internal policy documents.
THE C. & J. B. MORRELL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Ob"ectives and Activities The Trust was established to promote education. In particular, the promotion, development, improvement, maintenance or furtherance of any educational establishment which may have been founded with a view to the creation of the University of York, or for the benefit of such other educational bodies as the Trustees may think fit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant-making policy for the year. The Founders expressed the wish that, if possible, the Trust should fund, or support the funding of, a Chair for the study of Toleration, preferably at the University of York, and that the Trustees should endeavour to support and encourage those charitable objectives which the general public would be less likely to support. For many years, the Trustees have provided substantial funds for'The Morrell Centre for Legal and Political Philosophy (previously 'The Morrell Centre on Toleration,), which is a 'free standing, centre based in the Law School at the University of York. In recent years, funds have been used for.. a grant to be administered by the University of York's 'Justice and Equality, Research Champion; the University of York's 'Festival of Ideas, to fund a day of events; the Ebor Lectures,. and other applications as decided by the Trustees. Following discussion, the Trustees have adopted a new pattern of funding and from 2024125. The funds will be allocated to the Morrell Centre for Legal and Political Philosophy- to bursaries for students on the LLM in Legal and Political Theory,. the University of York's 'Festival of Ideas, to fund a day of events., a 'Morrell Human Rights Defenderf in the Centre for Applied Human Rights., an undergraduate 'Morrell Sanctuary Scholarship. to be administered by the University of York., and the Ebor Lectures. The Trustees meet a year to decide upon the financial support which they are able to provide to the University of York and to any other bodies that have requested grants. Where funds permit, the Trustees also make grants to other charitable educational bodies which they consider fall within the provisions of the Trust Dd, and the Founders, declared wishes. Financial circumstances are relevant only in determining the amount of a grant awarded. The Trustees believe they have complied viith the duty in section 17 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit. Achievements and Perforniance The Trustees met twice during the year. For the academic year 2023124, the main activity of the Trustwas to fund the Festival of Ideas (£15,000), work in justice and equality (£20,000), the Morrell Centre for Legal and Political Philosophy {£20,000), and bursaries for students on the LLM in Legal and Political Theory (up to £15,000).
THE C. & J. B. MORRELL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Perfomiance- continued The Trustees entered into a fresh grant agreement with the University of York, effective from January 2025, extending the previous commitment to include the academic years 2025126 and 2026127 at an annual rate of £70,000. Further details of the Trust's grant commitments for the year are given in Note 6 to the financial statements. Financial Review The Founders made a generous gift to the Trust which has been invested to generate income and ensure the stability of the grant making programme funded by it. The Trustees do not seek funds externally and so they hold reserves primarily as an investmentfund to generate income. The nature of the Trust is such that the reserves are to be held indefinitely. The Trustees aim to spend the income generated by the investment portfolio, after deducting the expenses of managing the Trust. The current level of grant making activity requires an annual income of approximately £100,000. The unrestricted reserves (regarded as 'free reserves,) held at 31 March 2025 were £3,078,172, and the underlying investments and cash balances held by the Trust during the period under review generated an annual income of £105,366 which was within the target range. The Trustees consider the current level of free reserves held therefore to be sufficient but not excessive. The investment powers are govemed by the Trust Dd. which permits the funds to be invested at the absolute discretion of the Trustees. The Trustees have set a policy that the Unrestricted Funds {'free reserves,) should be invested so as to retain a reasonable liquidity to meet grant requirements, and thereafter to keep a balance between income and capital growth with medium risk level. The Trust's investment fund managers manage the Trust's investments in accordance with a discretionary management agreement, reporting regularly to the Trustees. The fund managers charge a fee, quarterly in arrears. based on the value of the investment portfolio ranging from 0.5 % for the first £2,000,000 to 0.3 % on the balance over £2 million. The portfolio produced a total retum of +3.4°A during the period under review which was broadly in line with comparable benchmark IndiS. The Trustees have chosen not to adopt formal ethical investment policies.
THE C. & J. B. MORRELL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Plans for the Future The Trustees have recently completed a review of the Trust's affairs and endorsed the funding plan described above. Statement of Trustees, Res onsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and regulations. Charity law requires the Trustees to prepare financial statements each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the year and its financial activities during the year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). In preparing these financial statements, the Trustees are required to: select suitable accounts.ng policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent; follow applicable UK Accounting Standards and the Charities SORP, disclosing and explaining any departures in the accounts., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity viill continue to operate The Trustees are responsible for ensuring that adequate accounting records are maintained that are sufficient to show and explain the Charity transactions and 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 Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and ensuring their proper application in accordance with charity law. and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Trustees Susan Mendus Chaim7an 9 June 2025
THE C. & J. B. MORRELL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE C. & J. B. MORRELL TRUST I report to the trustees on my examination of the accounts of The C. & J.B. Morrell Trust (the Trust) for the period ended 31 March 2025. This report is made solely to the Charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. for my independent examination work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the Charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trusfs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S B Wearing FCA DChA HPH, Chartered Accountants 54 Bootham York Y030 7XZ 9 June 2025
THE C. & J. B. MORRELL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Fund Total Total Year ended Period ended Notes 31 March 2025 31 March 2024 Income and endowments from: Investments 105,366 89,397 Total 105,366 89,397 Expenditure on: Raising funds Investment management costs Charitable activities 16,323 150,915 15,589 4,794 Total 167,238 20,383 Net movement in funds before gains on investments {61,872) 69,014 Net gains on investments 19,035 188,826 Net movement in funds {42,837) 257,840 Reconciliation of funds: Total funds brought forward 3,121,009 2,863,169 Total funds carried forward £ 3,078,172 £ 3,121,009 The notes on pages 9 to 14 fonn part of these accounts.
THE C. & J. B. MORRELL TRUST BALANCE SHEET AT 31 MARCH 2025 Unrestricted Fund Total Total 2025 2024 Notes Fixed assets Investments 8&9 3,106,244 3,083,489 Current assets Cash at bank and in hand 187.356 112,723 Creditors: amounts falling due within one year 10 145,428 75,203 Net current assets 41,928 37,520 Total assets less current liabilities 3,148,172 3,121,009 Creditors: amounts falling due after one year 17 70,000 Net assets £ 3,078,172 £ 3,121,009 Represented by: Unrestricted funds 3.078,172 3,121,009 Funds £ 3,078,172 £ 3,121,009 Approved by the Trustees on 9 June 2025 and signed on their behalf by: Susan Mendus Chainnan The notes on pages 9 to 14 fomi part of these accounts.
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Legal entity The C. & J. B. Morrell Trust is regulated by the Charity Commission for England and Wales (1071220). The registered address and principal pla of business is 54 Bootham, York, Y030 7XZ. Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The Trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. Funds structure The unrestricted income fund comprises those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the TrUSts. at their discretion. have created a fund for a specific purpose. Income recognition All incoming resources are recognised once the Charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Expenditure Raising funds These are the costs incurred in the management of the Trust's investment portfolio. Charitable activities Grants are payments made to third parties in the furtherance of the charitable objectives of the Trust and are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. The other costs are associated directly with the management by the Trustees of the Trust's activities, including professional fS and costs of meetings.
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) Irrecoverable VAT The Trust is not VAT registered and accordingly all expenditure is shown gross of irrecoverable VAT where applicable. Fixed asset investments I nvestments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are Initial recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. REMUNERATION AND EXPENSES OF TRUSTEES None of the Trustees received any remuneration or benefits by virtue of being a trustee of the Trust. Trustees were reimbursed £888 (2024 £1,390) for travelling expenses to trustee meetings. Expenses were reimbursed to two Trustees (2024 three). 10
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME 2025 2024 UK equity International equity Property Alternatives Fixed income Interest on cash deposits 29,709 24,062 4,082 20,364 23,828 3,321 34,794 20,269 4,030 16,106 12,595 1,603 £ 105,366 £ 89,397 ANALYSIS OF TOTAL EXPENDITURE Support costs Grants 2025 2024 Raisin funds Stockbrokers, fees Charitable activities Grants (Note 6) Secretary's salary Trustees, expenses Administration fees Independent examinerfs fee Insurance Subscriptions Bank charges 16,323 16,323 15,589 146.975 146,975 1,500 888 24 1,380 88 250 1,500 1,390 246 1,050 194 124 40 1,500 888 24 1.380 88 60 60 £ 20,263 £ 146,975 £ 167,238 £ 20,383
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS AND NUMBERS Payroll costs in respect of staff were" 2025 2024 Wages and Salaries 1,500 1,500 £ 1,500 £ 1,500 No employee received employ benefits in eXsS of £60,000. The average monthly head count was one (2024 one). The key management personnel of the Trust comprise the Trustees and the Secretary (2024 the Trustees and the Secretary). The total employee benefits of the key management personnel of the Trust were £1.500 (2024 £1,500). ANALYSIS OF GRANTS 2025 2024 Recipients of institutional grants- To fund 'The Morrell Studies in Toleration,: University of York The partnership with York St John University to fund the Ebor Lectures programme 140,000 6,975 250 £ 146,975 £250 GAINS ON INVESTMENT ASSETS 2025 2024 Realised gains on investment portfolio Unrealised gains on investment portfolio 4,013 15,022 8,520 180,306 £ 19,035 £ 188,826 12
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 SCHEDULE OF INVESTMENTS Martet Value 2025 Market Value 2024 Summa UK equity International equity Property Alternatives Fixed income 789,598 1,132,408 76,440 421,346 686,452 782,045 1,299,361 84,500 388,377 529,206 £ 3,106,244 £ 3.083,489 SUMMARY OF MOVEMENTS IN INVESTMENTS Opening mart(et value at 1 Apn"12024 Additions Closing Unrealised market value investment at Disposals gain(lOSses) 31 March 2025 UK equity International equity Property Alternatives Fixed income 782,045 1,299,361 84,500 388,377 529,206 77.000 78,356 187.553 8,909 20,600 (8,060) 735 (7,162) 789,598 1,132,408 76,440 421,346 686,452 32.234 164,408 £ 3,083,489 £ 273,642 £ 265,909 £ 15,022 £ 3,106,244 10. CREDITORS: amounts falling due within one year 2025 2024 University of York - grant Accruals 140,000 5,428 70,000 5,203 £ 145,428 £ 75,203 13
THE C. & J. B. MORRELL TRUST NOTES TO THE ACCOUNTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 11. CREDITORS: amounts falling due after one year 2025 2024 University of York - grant 70,000 12. RELATED PARTY TRANSACTIONS Other than those disclosed in Note 2. there were no other related party transactions during the reporting period. 14