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 A￿pted 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 trUSt￿s. 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 b￿n 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 re￿ived.
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 D￿d, 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 D￿d. 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 Indi￿S. 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 TrUSt￿s. 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 f￿S 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 eX￿sS 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