2023-03-31-accounts - The Steve Morgan Foundation

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			Page
Reference and Administrative Details
Report ofthe Trustees		2	to	5
Report ofthe Independent Auditors		6	to	8
Statement ofFinancial	Activities
Balance Sheet			10
Cash Flow Statement
Notes to the Cash Flow Statement			12
Notes to the Financial	Statements	13	to	23
Detailed Statement of	Financial Activities		24

				31.3.23	31.3.22
				Unrestricted
			Notes	fuadf	Total funds f
INCOiME	AND ENDOVVMENTS FROM
Donations	and legacies		3	478,591	13,740
Investment	income			8,875,276	6,494,056
Total				9,353,867	6,507,796
EXPENDITURE ON
Raising funds				1,050,716	1,090,297
Charitable	activities
Charitable	activities			14~492&681	53 109680
Total				15,543@97	54,199,977
Net gains/(losses) on investments				(17,663,718)	(1,810,816)
NET INCOME/(EXPENDITURE)				(23,853848)	(49,502,997)
RECONCILIATION		OF FUNDS
Total funds	brought forward			255,155,474	304,658,471
TOTAL FUNDS CARRIED FORVVARD				231402,226	255,155,474

Balance Sheet
31March 2023
			31.3.23	31.3.22
			Unrestricted
			fund	Total funds
		Notes
FIXEDASSETS
Investments		13	264,838,860	283,227,414
CURRENT ASSETS
Debtors		14	196,767	4,249
Cash at bank			35,615,462	36,036,556
			35,812,229	36,040,805
CREDITORS
Amounts falling due within	one year	15	(16,304,402)	(19,388,350)
NET CURRENT ASSETS			19,507,827	16,652,455
TOTAL ASSETSLESSCURRENT
LIABILITIES			284446,687	299,879,869
CREDITORS
Amounts falling due ager more than one year		16	(53,044,461)	(44,724,395)
NET ASSETS			231802,226	255,155,474
FUNDS		17
Unrestricted funds			231402,226	255,155,474
TOTAL FUNDS			231,302,226	255,155,474

Cash Flow Statement
for the Year Ended 31March 2023
			Notes	31.3.23f	31.3.22
Cash tlows from operating	activities
Cash generated from operations				(27,684,924)	(13,301,234)
Net cash used in operating	activities			(27,684,924)	(13,301,234)
Cash lloivs from investing	activities
Movement in cash held by	investment	co's		(2,077,921 )	(73,906)
Purchase offixed asset investments					(50,000,000)
Disposal proceeds				2,802,757	48,534
Net investment losses				17,663,718	1,810,816
Interest received				8,875,276	6,494,056
Net cash provided by/(used	hi) investing		activities	27463,830	(41,720,500)
Change in cash and cash	equivalents		in
the reporting period				(421,094)	(55,021,734)
Cash and cash equivalents	at the
beginning ofthe reporting	period			36,036,556	91,058,290
Cash and cash equivalents	at the end		of
the reporting period				35,615,462	36,036,556

RECONCILIATIOiV OFNET E ACTMTIES	XPENDITURE TO NET CASH FLO	W FROM OPERATI	NG
		31.3.23	31.3.22
		f	f,
Net expenditure for the reporting	period (as per the Statement of
Financial Activities)		(23,853248)	(49,502,997)
Adjustments for:
Interest received		(8,875476)	(6,494,056)
Increase in debtors		(192,518)	(2,201)
Increase in creditors		5436,118	42,698,020
Net cash used in operations		(27,684„tt24)	(13,301,234)

ANALYSIS OF CHANGES IN NET	FUNDS
	At 1.4.22	Cash flow	At31.3.23f
Net cash
Cash at bank	36,036,556	(421,094)	35,615,462
	36,036,556	(421,094)	35,615,462
Total	36,036,556	(421,094)	35,615,462

Notes to the Financial Statements	Notes to the Financial Statements	Notes to the Financial Statements	Notes to the Financial Statements	-	continued
for the Year Ended		31 March	2023
3.	DOiNATIONS AND		LEGACIES
								319.23	31.3.22
	Donations	including	gilt	aid				478091	13,740
4.	INVESTMENT INCOME
								31.3.23	31.3.22
	Investment	income						8,875476	6,494,056
5.	RAISING	FUNDS
	Investment	management		costs
								31.3.23	31.3.22
	Portfolio management							1,050,716	1,090,297
6.	CHARITABLE ACTIVITIES COSTS
								Support
							Direct	costs (see
							Costs	note 7)	Totals
	Charitable	activities					14,150,283	342498	14,492,681
7.	SUPPORT COSTS
								Governance
						Management	Finance	costs	Totals
						f			f.
	Charitable	activities				321,455	1,144	19,799	342498
8.	AUDITORS' REMUNERATION
								31.3.23f	31.3.22
	Fees payable to the charity's				auditors for the	audit ofthe charity's	financial
	statements							12,360	14,700

STAFFCOSTS
				31.3.23	31.3.22
					f
VVages and salaries				256403	146,718
				256403	146,718
The average monthly	number ofemployees	during	the year was as follows:
				31.3.23	31.3.22
Support				5	4

				Unrestricted
				fund
				f
KxtCOlsIE	AND ENDOWMENTS		FROM
Donations	and legacies			13,740
Investment	inconie			6,494,056
Total				6,507,796
EXPENDITURE ON
Raising funds				1,090,297
Charitable	activities
Charitable	activities			53,109,680
Total				54,199,977
Net gains/(losses) on invesnnents				(1,810,816)
NET INCOhIE/(EXPENDITURE)				(49,502,997)
RECONCILIATION		OF FUNDS
Total finds	brought forward			304,658,471

ANALYSIS OF GRA	NT		AWARD EXPEN	DITURE
					Grants to	Grants to
					institutions	institutions
					2023	2022
					f
Grants awarded in pursuit			ofthe charity's	objectives
54lJOOR ll ANT S
Maggies Clatterbridge					4,000,000	57,573
Reader Organisation					0	120,000
DUK/JDRF - Gmnd Challenge					0	50,000,000
Duke ofEdinburgh Award			Scheme		0	100,000
WYZ					114,000	0
Diabetes UK —Our lives, Our Choices					5,000,000	0
Into University Liverpool		t/c Knowsley			375,000	0
					9,489,000	50,277,573
REGIONAL GRANTS)			f50K
Amy and Friends					75,000	0
Brighter Living Partnership					84,750	0
Canolfan Felin Fach Centre					0	62,986
Canolfan Gerdd William Mathias					75,000	0
Cells Project CIO					75,000	0
Creating Adventures					0	60,000
Designs in Mind					100,562	0
Domestic Abuse Safety	Unti North tVales				0	90,930
Down Sydrome Cheshire					90,536	0
End Furniture Poverty					90,000	0
Equality And Employment			Law Centre Ltd		68,022	0
Homestart Comvy					0	76,000
Homestart Warrington					150,000	0
Kinslup Carers					0	75,000
Koala North West					150,000	0
Liverpool Cares					0	60,000
Martin Gallier Project					0	96,000
Merseyside Law Centre					0	81,669
NEO Associate Level					100,000	0
Netherton Park Community					0	67,500
Neuro Therapy Centre (NTC)					91,278	0
North Wales Recovery					0	75,600
North Wales Women's	Centre Ltd				89,784	0
Pantry for Blacon (knotvn		as Blacon Beacon)			91,812	0
Passion for learning					300,000	0
Positive Futures					69,000	0
Pure Insight					54,000	0
RASA Merseyside					0	83,400
RASA North Wales					112,500	0
Rotunda Inclusive Hub					0	60,000
Ruby's Fund					0	78,428
Sabir House					0	81,232
Scans Place					98,031	0

Shaflesbury Youth Club		90,000	0
Speke Childrens Enviro Conununity		0	86,400
Stick 'n' Step		90,000	0
Tape Community Music		67,768	0
The FDF Centre for independent	Living	53,100	0
The First Step		0	77,000
The Joshua Tree		60,000	0
The Neumark Foundation		94,500	0
The VVishing Well		87,875	0
Thriving Spaces		0	78,600
Tomorrosv's Women Wirral		143,960	0
Venus Associate Level		100,000	0
Watrington Youth and Community		0	75,000
Warrington Youth Zone		0	50,000
Witml Churches' Ark Project		-30,924	0
Witml Society ofthe Blind		78,726	0
Wrexham Warehouse		75,000	0
26 (2023),26(2022)Regional Grants under f50K.		475,639	408,966
Subtotal		3,350,919	1,824,711
DCM FUND RANTS &850k
0 (2023) I (2022)DCMS Grants	under f50K	0	15,000
Subtotal		0	15,000
Di kai ' nFund
Wizz Air Ukrainian Flights		150,875
Warrington Ukraine Family Support		100,000
Subtotal		250,875
ENTREPRENEUR AWARDS
Entrepreneur Asvards 0 (2023),45 (2022)		0	198,000
Subtotal		0	198,000
~En bjg~rgrvr tlLme
Enable Grants		239,921	172,816
Subtotal		239,921	172,816
StVIILEY BUSES&f50K
Smiley Buses		144,314	142,508

Subtotal				144,314	142,508
DI RETIONARY GRANT &			850k - Paid
Derwen College				0	50,000
UBSCovid	Recovery			0	80,000
26 (2023), 17 (2022) Discretionary			Grants under f50K	301,064	90,551
~ut tal				301,064	220,551
Unrestricted	Le
Active Hope				174,900
YProject and Room at the Inn				60,000
Warrington	Youth Zone			75,000
Homestart Warrington				32,145
Warrington	Conununity	Transport		32,145
~Subtota				374,190
Total				14,150,283	52,851,159

FIXEDASSET	INVEST(VIENTS
			Listed
			investments
			f,
MARKET VALUE
At I April 2022			283427,414
Revaluations			(18488,554)
At 31March 2023			264,838,860
NET BOOK VALUE
At 31March 2023			264,838,860
At 31March 2022			283,227,414
Cost or valuation	at 31 March 2023 is represented	by:
			Listed
			investmeats
Valuation in 23			264,838,860

N tes	to the Financial	Statements	- continued	- continued
for the	Year Ended 31March 2023
14.	DEBTORS:	AMOUNTS FALLING DUE WVITHIN ONE YEAR
						319.23	31.3.22
						f
	Prepayments	and Accnted Income				196,767	4,249
15.	CREDITORS: AMOUNTS FALLING DUE WVITHIN ONE YEAR
						31.3.23	31.3.22
						5	f
	Taxation and	social security				6,253
	Other creditors					16498,149	19,388,350
						16404,402	19,388,350
16.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE					YEAR
						31.3.23	31.3.22
	Other creditors					53,044,461	44,724,395
17.	MOVEMENT IN FUNDS
						Net
						movement
					At 1.4.22	in funds	At 31.3.23
	Unrestricted	funds
	General fund				255)155,474	(23,853448)	231402,226
	TOTAL FUNDS				255,155,474	(23,853448)	231402,226
	Net movement	in funds,	included	in the above are as follosvs:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
	Unrestricted	funds
	General fund			9,353,867	(15,543497)	(17,663,718)	(23,853448)
	TOTAL FUNDS			9453,867	(15,543,397)	(17,663,718)	(23,853,248)

			Net
			movement
		At 1.4.21	in funds	At 31.3.22
Unrestricted	funds
General fund		304,658,471	(49,502,997)	255,155,474
TOTAL FUNDS		304,658,471	(49,502,997)	255,155,474

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds f
Unrestricted	funds
General fund		6,507,796	(54,199,977)	(1,810,816)	(49,502,997)
TOTAL FUNDS		6,507,796	(54,199,977)	(1,810,816)	(49,502,997)

				Net
				ntovement
			At 1.4.21	in funds	At 31.3.23
			f	g
Unrestricted		funds
General	fund		304,658,471	(73,356,245)	231,302,226
TOTAL	FUNDS		304,658,471	(73,356,245)	231,302,226

			Incoming	Resources	Gains and	Movement
			resources f	expended f.	losses f	in funds
Unrestricted		funds
General	fund		15,861,663	(69,743,374)	(19,474,534)	(73,356,245)
TOTAL	FUiNDS		15,861,663	(69,743,374)	(19,474,534)	(73,356,245)

e r an F	undation	undation	undation
Detailed Statement ofFinancial Activities
for the Year Ended 31		March 202
				31.3.23	31.3.22
INCOME AND ENDOWMENTS
Douations and legacies
Donations including	gift aid			478491	13,740
Investmeut income
Investment income				8,875476	6,494,056
Total incoming resources				9/53,867	6,507,796
EXPENDITURE
Investment management			costs
Portfolio management				1,050,716	1,090,297
Charitable activities
Charitable activities				14,150483	52,851,159
Support costs
Management
Wages				256,503	146,718
Sundries				64g52	95,733
				321,455	242,451
Finance
Bank charges				1,144	1,335
Governance costs
Auditors' remuneration				12460	14,700
Professional fees				7,439	35
				19,799	14,735
Total resources expended				15,543,397	54,199,977
Net expeaditure before gains and losses				(6,189,530)	(47,692,181)
Realised recognised	gains		and losses
Realised gains/(losses)		on	fixed asset
investments				(17,663,718)	(1,810,816)
Net expenditure				(23,853,248)	(49,502,997)