IiEGIS-I'ERF.D CIIARI'I'I )iiillllEII: 10871J56 orl of the Tri￿le¢S and Fiiiaii¢ial Siatemei)ts for the Year E d¢d 31 March 2024 for The Sieve Mor n foiindalioii Flaiiie5 11'alts Sii?tiilor) Aiidilor 31'd floor Pa¢ific Clii?mbcrs 11-13 Vi¢iori£? Strcct LiTrci'pool Mcrsc)'side 1.2 5QQ Thc St¢v¢ an Foundatioi) Contents of the FIn￿l¢la[ Stateiiienls f r the Year Elided 31 March 2024 Page Reference and Admii)istralii'e Details Report of the Trustees Report of the Independeni Ai￿lIOrS 6 to 8 Stat¢m¢nl of Financial Aclivilies Bo18nce Sh¢et 10 Cash Floiv Statement Notes to lh¢ Cash Flow Statement 12 Notes co lh¢ Financial Sialemenls 13 19 23 Delailed Sialemenl of Finan¢ial A¢livili¢5 24 The Stel'e Mor ) E."OLindation ence and Adiiiiiiislraiive Deiails for the ye￿ Ended 31 fvlarch 2024 Chairman S P Morgan Ilonorar) 'I'veasui'er A M LcNvis 'I'ru$lcc5 S l) fvlorgart S J fvlorgan V W Fairclough R r. Walker A Kl Lewis J R C Masters (Resigned Ioih July 2023) 11 l. Clark J l. Ilarris (Appointed IOEI) July 2023) Ilonorary Se¢r¢tary V W Faircloiigh ChielExt¢utive Offictr i. r.8gleslone Bankers Barclays ljank PLC 3 FIJTdman Slreel Spinnin¥ficlds MitnLhLsleT M3 3AX Audilor Flaines Walls Pacific Ch￿nberS 13 Victoria Sir¢¢l LivertMN)I L2 5QQ Investnienl IllanAg¢¥s BarclRyS Ilf¢alili and Inves(men( Managen)ei)t I Churchill Place Loiidoii E14 5FIB Qiiili¢r Chcviol Oi)e Kings¥vay London WC2B 6AN UBS Ivealtli N.lana8enieiil 5 t4roadgatc l.oiidon EC2KI 2AN Baillie Girrord Cpment, education and training; Disability. Disadvantage and poverty, Flomelessness and poverty- Mental health Brhd wellbeitLg. The Charity has iinr¢stri¢t¢d obj¢cls to apply the corpus and incom¢ for all piirposes ￿h[ch are charitable under ihe Laivs of England J)d Wales froin liin¢ lo limc. Subject to ai)y designation or reslriction Nvhich might be allached io any suni receiY¢d by the Charity w b¢ applied in implementation of ils objccls, it is th¢ policy OF ihe Triislees to apply the incoine stream of The Sieve Morgaii Foundation to charities mainly opcralin8 in Nlerseyside, Cheshire and North Wales in support of young peopl¢ and oth¢rs ivho Are di5advanlaged or who 8r¢ otherwise worthy such as iii relation lo the pursuil or educaiional objeciives. In 011 ca￿$ Ihe financial supporl of The St¢v¢ Mor8An Foundation would k ex￿¢ted lo 'change lives for good,. Generally, an LivRrd payable ivould be made for such charitable purpose5 wh¢rc the pr(>specliYe recipient had already established initiative, albeit hoii'ever niodest. It is the policy of the Triistees io preserve tlie donations derived ivithoiit d¢5ignalion or r¢slri¢tion as a ¢4)rpus lo be enhanced by other like donalioDs And siibject to capilal gain and capilal10ss for th¢ provision of lh¢ income stream lo be applied for Ihe charilablL purpo)ses. Hoivever. the Truslees view thcir policy as on¢ which Ih¢y hav¢ full discretion lo amcnd in ordLr to add￿55 Lhwing ¢ircuinslances as Ih¢y s¢¢ fit. In sclting thcir objcctives and pla[￿lIng their services, th¥ Trustees of tlie Charily haye giv¢n care￿7 eonsideralion lo the Ch￿lty CoTnmis5ion's g¢neral guida￿¢¢ on public benefit. Tli¢ Sicye morga￿ Foundation furthers ils fjh%iritable purposes for Ihe publi¢ bcnefit Ihrough its groml-making policy which aims al: Providing funding lor small lo medium sized org￿lisations ivho are addressing s￿elF1¢ needs in Merseysid¢, Ch¢shir¢ lli'esl of the M6), North Shropshue and North IIIAles- Focussing financial siipporl mainly oil tliose ivho liork directly iviih children and families, and Supporting projecls ivhich directly contTibule lo Ihe qualiry of life of the people in the region. and nationally, ACIIIF.VF.II AEliT AND pERFO￿lIA￿L CE Th¢ Charity ha5 awarded grthts of £1 1,076,054 in the last year (2023.. £14,150,284) Io OTgarhiS84tions in lin¢ iviih th¢ir obje¢tives, representing the significanl activities of th¢ Charity. The Trnslees have considcred many applications for siipport, some OF whieli did t)ol (all iviihin th¢ fo¢us of ihe Charily. All grants ￿vard¢d are in a¢¢ordan¢e ivith rthering Ilie eharilable objectives of The Stcv¢ Morgan FoELndalion. Surplus funds continu¢ lo be inN'¢sl¢d iviih the aim oFgen¢ralin8 additional incoiiie to be used for grant making &ctivities as outlined a￿Ve. The Trustees have nol outlined key pcrforma]Trc¢ indicators for Tlie SteN'e Morgan Foundation. Illiilsl a largeted level of grant niaking is usually set. Ihi5 is no lon8cr considered to be relevani due to ihe impacl of the 2022 Diabetes UKIJDRF Grand ChrAllenge granl, Ivhich, al £50,000,000, Tepresented the largest singlc gran( ei'er aivarded bs, Ihe Foundation, and received iyorldivide recognition. Major grants of £8,409,346 ivere awarded during the year {2023.' £9,489,000). Regioiial grants ail'arded dLiring th¢ ycar of £2.299,48_1 (2023.. £3,350,914) iiere close lo Ilie 13rgcled level of £2,500,000. The Enablc division, lundiiig both spe¢ialisl disability equipnieni for people of all ages aiid our li'ell-established Smiley Biis programine, aivarded EroJJls of £306,249 during the >'ear (2023.. £384,233) and an additional £SI,605 of discretionary grants iverc aivarded. A furih¢r £9,370 01 grimls local lo tl)e Ill#rringion area i¥tre disbursed folloiviiig the receipt of a Icgacy from the estate of Ntr Ariliiir Jones, a local resident (2023.. £374,190). Page 2 The Sieve Mor an foundalion ort of the Tr Istees for ihc Year Ended 31 Njlarch 2024 FILNIl)Clèll. RF.VtEIII The reslilts for thc year ended 31 fvlarch 2024 are set oiit in the Stateiiienl of financial Activilies on page 9. This shoi%'s nei ex￿1]di[lIre beforc gains on invcstsncnts for ihc y¢ar of £2,988,362 (2023= net cxpcnditl￿c before losses £6,189,530). Total inc02ne increased marginally to £9,572,892 iyiili the rediiction in the legac) iiicoiiie 210ted above being covered by increased levels OF iiiveslni¢nt incorne received during thc year. Mewiwhile, aii'ards granted to insiilutioi)s diiring Ihe year Fell Froni £14,150,284 to £1 1.076,054. Grant coiiimitincnts due within one year increcised 10 £19,860,2i6 {2023.' £16,267,941), Ivhile grant eoniinitii)enls due after ii)or¢ thai) 01)e year ￿ere £51.021.839 (2023.. £53.044,461). The closing nei asset POgLlion irtcreased lo £270,014,659 12023- £2J1,302,226} largely as a consequenee of Sifong inveslmeni p¢rfomian¢e diiring ihe year. Invesiment gains of £41.700,795 {202J'. losses of £17,663,718) w'ere recorded. There are no reslriclions on the Charily's poiver 10 11)vesl. li is the policy of ihe Trustees io i))ai)age ihe corpus of The Sieve fvlor8arh Foundation on th¢ basis of a r¢lali%ely loiv l¢vcl of risk, balan¢in8 ¢8pilal gro1￿￿ and irtconie rcquir¢In¢nls in order IQ 5l151aiii th¢ corp115 in lh¢ lon8 term and to provid¢ pn ad¢qiiotc r¢liabl¢ itJCOm¢ 51reaffl lo servc the charitable PUTposes on A day-to-day basis. PROCIDURF,S AP*D POI,ICY FOR Gli4INT hlAKIJG Th¢ Tru51ecs usually T)ic¢I bi-monthly lo considcr Nvhal grants thcy M'ill make athd io roviciv ony fcedback Ihcy hgvc re¢eiv¢d. Gr￿)1$ are only aivarded upoii agr¢eTncnl by the 'l'rus¢¢es and All sUCC¢Ssful T¢¢ipients fflus¢ ni¢el Ihc sp¢¢ifi¢ obj¢ctiV¢5 of thc Charity, Usiially* they arc visilcd by on¢ or Inorc of thc Truslccs, and a dclailcd rcport is prcparcd for Ihc Ijoard of Tn151cc5 lo rcviciv bcforc thc grant is appiovcd. Thoiigh thc Tnisl¢cs makc soni¢ graiils of J limitcd 5iZ¢ Ivith no fornial application, thcy normally ask invil¢d or8anisaiions to siibmit a form£11 applicaiioii saying hoiv the funds ii'ould be used, Ivhat woiild be achieved, and providing Tcfer¢nws wh¢TC appropriat¢. Th¢ Trusl¢¢s havc a policy, which 15 comniunicatcd lo all bcncfi¢iirie5, Ihat Ih¢y only mak¢ granls Ihal rn￿1 the conditions sp¢¢ifi¢ iviihin Ihc final offer leli¢r approved by lh¢ Triisleos. IIESERIIES POLICI, It is ihe poli¢y of lh¢ Cliari¢)' lo m&xiinis¢ iii)reS4ri¢led funds. iylLi¢li are the free reserves of the Cliarily, io ensLire su￿1¢1¢nI fuiids nr¢ ai'ailabl¢ lo cover 4ivards payabl¥, support And adniinislraiion ¢oslb for Ihe foreseeabl¢ futurc, Tli¢re are no r¢slri¢l¢d restri'es held al preseiil, uiuestri¢led res¢rv¢s al 31 Marih 2024 amount lo £270,014,659 {al 31 m￿Ch 2023- £231,302,226). A liirge siirplus of fiiiids is lield, 511bslaiilially as a ITJatler of policy. There ar¢ nu imuni or Inillinium level of Tcscrvcs rcquircd to be held al wis. tiine. 'I'hc incoiiic derived iherefroni, and the capital accrctioii thereio fiiiid ilie expendiliirc aJ)d mciintain the etsrpus io seri'c likcm'isc in fulurc periods. IIISK I)IIliN ilC.LNILS' The Trii%tees have considered Ihe operatioiial 8￿d bLisiiiess risks i¥hich the Charily faces and confirin tliat they have eslabli51ied 5yStem5 lo niitigal¢ the significai)t risks. 'Ihe priiicip1c I risk faced by The Steve hlorgan Foliiidalioi) is olalilit>' iii ilie valiie of inve51nieiils li¢ld ivliich coiild expose the Cli', Tlie Trusl¢¢s ii'ill coiilinue lo iioik in parliiership Kviil) significanl charilies locally aiid iialionally. It is pr¢5¢1111y ¢xp¢cled thai diiriiig 202412025 11)¢ l¢¥'el of gniils aivard¢d ii'ill b¢ aboi'e Ilie lei'el aii'arded during last year. Th¢ Sieve Mor an Foundation Il ort orthe Trustees for the Year Elided 31 MaTch 2024 STRIICTURE, GOVERJL A)CE IA)AGF&illElJ T The Stel'e Morgan Foundalion is constituted iind¢i 8 Irusi deed dated 18 Odober 2000 as amended by 511ppleiy)¢i)lal deed dated 14 May 2001. It is a registered chatity 110. 1087056. The biisines5 of the Charity is condiirt¢d through & series of bi-nionihly TrustCC5' Incctings. where Triistees oversee ihe grant inaking activi11¢5, ¢nsuri118 that these continue to support a ivide rangc of organisalions beiiefilling Ihe local coniiniinity l￿d n8tionally. TnEStees are responsible for controlling expciiditiir¢ and also for the invesln)enl and r¢s¢TV¢ policies aiid ivith any associated decisions. Thus fjr Trustees, oth¢r than th¢ origii)ating Trustees. hav¢ bc¢n appoinled on the basis of a long-standing knoivled8¢, 5h3rcd by the existing Trustees, of the appointee in relation to her or his integrity and probity and proven record in hcrlhis chosen professional career. It is ¢xpe¢t¢d that the policy all&ching lo appoinlmenls will continu¢ in thai vein.The back8roui)d of each appointee is siich Ihal forn)al training is not required. "fhere are no fornial induction activilies undertaken for ¢a¢h n¢ivly appointed Trust¢¢. Ihe regist¢r¢¢Vprincipal a￿1¢¢ address is shoNvn on pag¢ ORGANISA TIOL) The Triistees Nvho hav¢ served during the Ye￿ and since the year end are s¢1 oiil on page l. Trustees are appoinled by the Bgard of Trustees iii a¢¢ordance with ihe irusl deed. Th¢r¢ shall bc ai least three Trustee4 who will be appoinl¢d by r¢solution of the Trustees as passed al a special n)eeling, No Trustee had any finwieial interest in the Charity in the urr¢nt or prior y¢ar. KEY ￿lA￿AGF.￿IENT PF.R8nNTrT.I, RENttriF.RATIONI Th¢ Trustees ¢onsid¢r the key Inanageinent personnel of ihe Charily (o be Ihe Board of Triistees. The Trustees are irt charge of directing and controlling ihe Chgxity and runnin8 and operating Il)e Charity on a day-to-day basis. All Trustees Eive Ilieir liine freely and no Iruslee remuneralioii was paid in the year. (2023: £nil), RELAI"ED PtlRI'IES The Truitees are required lo disclose all rel¢vanl inieresls aiid, in accordance wilh the Charity's policy* iyiihdraw from decisions ivhere a conflict of interest arises. GOThG CONCER) After making ¢nquiries, the I'ruslees hav¢ & r¢a5011abl¢ ¢xpeclation that Ihc Ch￿lty has adequate resources lo wnlinue in otKralional ¢xistence for the foreseeable future (being at least 12 months from tlie dalc of si81)ing Ihc a¢couThls), due to th¢ level of nei ass¢ts. Accordingly. Ihey ¢onlinu¢ lo adopt Ihe going eon¢¢rn basis iii prcparing th¢ fin£vicial 5¢at¢fflenls. Furiher deiails regarding Ilie adoption of the going concern basi5 can be found in note l of the finan¢ial stAlements. AIIDI'foR Haincs Watts liave expressed their w'illingn¢ss lo continue iii o￿lce as the Charity's auditor and a r¢solutioii ( re-appoint Iliem Ivill be prop05¢d at the forthcoming Annual General Nleeting. Page 4 Tlic Stci'c Mor R¢ ort ol. th¢ 'l'TiisI¢cs ror ihc Year I,.i)cl¢d 31 Nl(ITch 2024 'Iic 'l-ru5t¢c% arc TLspoii8iblc for PTtyPdriiiL ¢li¢ '] rii%l¢¢%' Aiii)IiAI Riporl il)L f1111{ ii¢ial SI￿1[Cli1CI1lS iii l in agreement ivith th¢ a¢¢oiiiilin8 records and retiiriis. or ve hai'¢ not received all th¢ in(orn)ulion and ¢xplanalions H'e reqllire for our audit. Re orl of Ihe Inde eLident Auditors to th¢ Tnisl¢¢s of The SievL Mur i Foundation R¢sponsibAliti¢s of Tru$lees As explained Inore fiilly in Ihe Tru5tees' R¢spoiisibilili¢s Sialeinenl, the Trustecs arc r¢s￿l}sIble for the prepari1tion of th¢ financi￿ statements M,hich gi¥e a Iriie at)d fair i'icw, and for such iiilernal coi)trol as the Truslecs dctcrininc is ecessary to enable ili¢ pi¢patalion of financial slatenienÉs that Are free froiii material misslaleinenl, Ivhethcr due io rraud or emTrr. lji prepariELg the finftn¢inl 51alcinent5, Ihe Tiiistees are responsibl¢ for assessing ihe Charily's abilily to continue as a going toncern, d&scloslll8. A5 applicable, matlers related to goiilg coii¢¢rn and iising the goii)g coi)cem basis of accouiiting iinless the TrLlStees either int¢nd to liqiiidale ihc Cliarily or lo cease operations, or hai'c no rcalislic alteriulive bLII lo do so. Our rcspon5ibilities for iht Audil of the finHncilll stfiteincnts We have been appointed as auditors linder Section 144 of Ihc Charities Act 2011 and report in Accordaiice ll'iih lh¢ Act d rel¢vatil r¢gulaii(>ns Inade or having errect thcreunder. OLir obj¢clii'¢s are lo obts1in reasoiiable assuran¢c abolit ivhcthcr the fmancial slateiiienls as a ¥¥hole are free from nialerial niisstaternenl, Ivhcrh¢r due io fraiid or error, aiid to issuc a Report of the Iiidepet)denl Aiidiiors il)at iiicludes oiir opinion. Reasonabl¢ assurai)ce 15 a l)igli levcl of &￿￿lIrance, bul is nol a 8Liaranlee ihat 8n audit condLi¢l¢d in accordan¢¢ iviih ISAS (UK) Ivill always detccl a m¢iterial misstaleineiil ivhen il exists. Misstalcment5 can 8ris¢ froni fralid or ¢ryor and are coiisid¢red niaieri¢21 if. ii)dividiially or in tlie aggregaie, Iliey could rea5011ably bc cxpcctcd lo infliienee ihe ecoiioini¢ d¢cisions of iisers lakei) on ihe basis of these financial 51gEI)i¢nls. V¢ asscsscd Ihc siisceptibility of Ilie Cl)arity'S fii)ancial statements to malcrial misslalemenl, iiicliidiiig hoiv fraud might O¢¢UT. Audii Procedures performed by ih¢ Charity cn8a8¢niei)I leain in¢liideil.. Ideiilifying and assessing the design effectiveness of ¢onlrols n)anageinenl has in place lo prevenl wid detect froud- unders1￿Iding l)oiN' Il)ose chargcd iviih governance considei'ed aiid addressed th¢ polenlial for override of conlrols or ther inappropriale influence oi¢r the financial reporting process., Revieii'ii)g financial Statement dis¢losurcs and Icslins (O SUPPOTliiig docui)ieiilation lo assess ¢omplianc¢ iviih applieable laiv and re8ulalions: Challenging ass11211ptioiis and judgeinenis made by nianageineiit in ils si8nifi¢anl ac¢ounlin8 es(imales, Despit¢ the aiidil heiiig plc?rtiieLi aiid coildueled in aceorddnce ii'iili ISAS (UK) Ihere reinaiiis an unavoidable risk il)clt material i)IiS51at¢iii¢nl irt Ilie financial sialements may iiol be detected owing lo inlierenl limilalioi)s of Ilie audit, and Ihal bs, Ilieir very naliirc, any siich ii)siai)ees of fralid or irregulariry lik¢ly iiivolve collusioi). forgery, iiitei)lional niisrepresenlalion5, or the override of internal eoiitrols. A fiirther de5criplion oiir respoi)sibiliiies for th¢ aiidit of Ihe fii)aiicial sialenienls is located on lh¢ fiiiancial Reportin8 Coui)¢il's NITbsite 1¢ t iiTri"Iv. frc.org.uklaiiditorsre5ponsibiliti¢s. Tliis descripliotb foriiis parl of our Rei?(Trrt oltl)e liidep¢ndcnl Auditors. Page 7 rt oFihe Inde The Sieve Mor ndent Aiidilors lo tE]e I'rusiees of Ilsc of our r¢port This report is Inad¢ sol¢ly to the Charit￿3 Tiuslees, As a body. in gccoidance with Part 4 of thc Charities (Accounls and Repons) Regulations 2008. Our audil w'ork has been und¢rtak¢n so that we IDight statc to the Charily's Trustees those niatters ive are required to 51ate to thetn ITh an iudilors, report and for no oth¢r purpose. To ihe fiillest extcnt perinilted by laiv, H'e do not accepl or assun)¢ r¢spon5ibility lo anyone oiher than Ihc Charity and Ihe Chayily's Trustees as a body. for oiir 8iidit ikork, for ihi5 reporl, or for lh¢ opiniong we liaye foriiied. Haines Watls Statuiory At￿ltOr 3rd Floor Pacific Chambcrs -13 Victoria Sireet Liverpool Merseysid¢ L2 5QQ l)age 8 The Stevc Mor roundation Stateiiicnt of Financial ctivitics for thc y¢￿ Eiidcd 31 March 2024 31.3.24 [Tnr¢stri¢ted fund Tolal funds Noies IICO,)IE èl)D EINDOII'LIIE.N'I'S I.'R().11 Donalions and lega¢ies 30,383 478,591 Inv¢slment iiicome 9 S42 509 8 875 276 'I'otdl 9,572,892 9 3S3 867 EXPEINDI'fuRF. O Raisiiig fuiids 1,050,316 1,050,716 CliaritAble aetis itlC5 Charitabl¢ a¢tiviti¢s 11 510938 14.492,681 Total 12 S61,254 15 543 397 Ncl 8oinsl(Ios5¢51 on inv¢slm¢nls 41,700,795 17663718) I -ET II)'COIIF.I(EXPFJiNDITIIRF.) 38,712,433 {23,853,248) RF.CONCILlèl'fioN OF FIINI DS Total fuiids brouglii fOr￿ard 2JI,302,22f) 255,155,474 TOTAL Fif%l)S CAIUIIEI) roiiii'2lllD 270,014,659 231,302,226 The iioi¢s forni port of ih¢5e finan¢i&l staiemenls Pag¢ 9 'I'he Sicve Mor I l.ouiidatioi) Bal<2nce Sheet 31 Mcirch 2024 31.3.24 Ilnrestricted fund 31.3.23 l oial funds Noies FJXF.D ASSF.TS Iiivcstineiits 13 311,921,280 264,838,860 CIIRRTr4NI T èlSSI,:-I'S Dcbtors C1£ sh at baiik 14 494,314 28,$25,3.56 196,767 35 615462 29,019,670 35,812,229 CIILDI'I'ORS AJnoiii)Is f4illin¥ due iviihiii on¢ J'¢ar 15 {19,904,452) {16,304,402) 9 Ilf,218 19 507,827 TOT,kl,,i.s.sr.'rs i,F.SS CIIRRTr.NI' I.IAIIII,I-I-ITr'S 321,OJ6,4l)8 284.346.687 CIIF:I)II'OIiS Aiiioiiiiis fiL Iliiig du¢ aft¢r more iliaii oiie year 16 151,021,839) (53,044,461) ) b.'I' ElSSI,"I'S 270,014 659 231302 226 ,'IliJ D. Uiii'LStriLi¢iI fiii)ds 18 270 014 659 231302 226 'ro-I Ill. Tr [INI l)S 270 014619 231302 226 11111icial sl£ilLinciils ii'crl api)rov¢d by il)¢ 13oArd of 'l'iiislees w)d <2uiIIL)riscd for issii¢ 01) lid ii'CTC signcd 01) 1¢$ b¢hlllf by.. S Ib Morgai) - .1 rLisI A M l.cii'is- 'l-ruslee -Ihc iiolLS forni part ()r tlicsL fiiiJiiLl￿1I sldiemeii( The Steve Mor a]1 foundaiion Casli Flow Sldteii)ei)t for ihe Year Ended 31 N.larch 2024 31.3.24 31.3.23 Notes Cssh floiv5 from operating aclii'ilies Cash generaled froiii operalioiis 11,250,990) 10 021206) Net cash Lised in 0￿rat11]g aeliviiics 112$0,990) 10,021,206) Casli flosi's frorti invostiTh8 attivitics Procceds from sale of inv¢stm¢nls Purchasc of invesln)enlg Inler¢st and divid¢nds r¢c¢ii'ed 79,911,093 (85,292.7A 8) 9.542,509 7,999,704 (7,274,868) 8 875 276 Nel cash proi'id¢d by invcsling aclivilies 4,I60,884 9,600 112 Chong¢ in cisli and ¢a5h eouivlllenls in Ili¢ reporting ptriod C95h an(1 cash ¢quivalenls *¢ Ihe b¢ginning of Ilic rtporling period (7,090,106) (421,094) 35 615 462 36 OJ6 556 C8sh antj eash eouii'alenls tsl the end of the reporting pcriod 28,525,356 35 615.462 'l-hc noics fomi pari olih¢se finai)¢iJl Slaleniei)1s Pag¢ 11 The Steve Mor an Foundation Notes lo ihe Cash Floiv Staten)enl for the Year Ended 31 fvlarch 2024 RECONI 'CILIATIONI OF NET ILNCOIIEIIEXpf.￿ujITiTRr.) TO I%ET CASII FLOIV fROII OPERATIING ACTIvrrIES 31.3.24 31.3.23 ¢t incom¢l(¢¥p¢nditur¢) for IhT reporting period (H5 per tht St4tem¢nt of Tr inAncial i¥ctivities} kldjustments for: IAisses on investments Interest received Gains on inveslnienls Increase in debtors Increase in Creditors 38,712,433 (23.853.248) 17,66J,718 (9,542,509) (8,875.276) (41,700,795) (297,547) 28 {192,518) 5236 118 Ntl tash u5od In opcratlons APiilL YSIS OF C}1A￿'CEs ￿ NET FUNT)S At 1.4.23 Cash flow At 31.3.24 ri'et ¢g$h Cash ai bank 35615462 7 090.106) 28.525.356 35615462 7 090,106 28 S25 356 Total 35 615462 7 090 106) 28 $25 356 The iioles fom) part ofihese fin1& ncial 5taleineiils Page 12 I'he Steve Mor an Foundation Noles to ihe Financial Statenieiiis for the Year Ended 31 March 2024 ACCOUN'I'ILNG FOLICIF.S BA5is of prcp&ring the financial s¢Aleinents The financial statenients of ihe Charily, iTrhich is a piiblic benefit ¢iilil} UPAdei FRS 102, have beeii prepared in accordance ¥viih the Charities SORP (FRS 102) 'Ac¢ounling and Rcportiiig by Charities= Siateiiieiil of Rccomiiiended Practice applicable lo charilie5 pr¢parins thcir occounts accordance Nviih ihe Flliancial Rcporting Standard applicable in the UK and Repiiblic of Ireland (r.RS 102) (cffective l Jaiiiiary 20I9)', Fiiiancial Reporting Stand'. Donaiioiis Donaiions Consist of donations ai)d siinilar iiieome rcsoiirces. They ar¢ includcd in Ihe accouiiliiig period it) Ivhich they are reeeivible, iihich is ivhen the Charil>' becomes entiiled lo ihe resource. Some services have been provide(] by Bridgeniere UK PLC, a company of ivliich folir of Ihe Trustees are diiee(ors. No fi(lj115tment has been made Éo reflccl thii as it is nol p)ssibl¢ lo quaniify the value of su¢li services. Iiive Inveslii)ei)l ii)C02ne is accoiini¢d for ivh¢i) receivable. oods and services DoiiLlted professioiial s¢rvi¢cÉ aiid donalcd facilities recogiiised as incoiiie wlieii the Charity l)8s conirol oier Ihe item, aiiy ¢ondili0118 associated ii'ith ihe doiiated iiein have been Inei. tlie reeeip( of ¢¢onoini¢ beii¢fi( froni Ihe us¢ by ilie Charity of ihe itein is probable And that economic b¢nefil can b¢ nieasiired reliably. In accord%?n￿ iviili the Charities SORP (FRS 102), g¢i)erRI volunl¢¢r liin¢ is not re¢ogiiised. There are no voliinlcers oilier Iliati the Trustees of tlie Cl)arity. F.xpenditure F-.xpenditLITe is recogiiised Oiice Ihere is a legal or conslriiclivc obligalion lo make a payinenl lo a third parly, il is probable Ihal seiileinenl ivill be reqtsited and the aiiioiint of the obligalion cali be Ineasured reliabl).. Expenditure 15 classified uiider the folloii'ing aclivily lieadiiigs,. ChArilable Acliviti nts Aivard payI))¢nls 8Je a¢¢ounted for 01)ce tlie boiindalioii has illadc an i￿conditIO11a7 conimilnieiil to pay ilie 8raIit ￿ld Ili15 l5 colliIiiiLiiicaled lo Ihc bci)cfi¢iary or Ilie ￿atit has been paid, i¥'hiclieiier is earlier. I'liere Mti &iv3rd is coiiditioi)al and coiiipliancc is i¥ithin ilie control of The Siei'e Morgan Fourhdation, tlie aivard 15 nol recognised iiiitil thc condit10115 arc Iiict. Vliere an a￿v￿d is condilioiial atid oiilside the conlrol of Tlie 8iei"e Nlorgan founda(ioii, Ilie aw'ard is recogiiiscd aiid &1ccoiinlcd for in Ihc saiiie iN'ay as ali uncoi)dilioiial aii'ard. ort c 'Iii5 1iiclude5 Ihosc fuiicli01is thal assisl the ii'ork of ihe Cliariiy bui do nut direcil), und¢rtakc cliaritable actii'itics. Supporl cosls iiicliide back ofrrice cost%, fiI)aJicc, personncl, pa>'roll glid goi'ci'iiaiice costs. Fuiids This incliides all expetises relaliiiE lo invc.8tnieiit niaiiagcii)ciil Page 13 Tlie Steve Mor an Foundation Notes to t eFi mei)ts- continued for ihe Year Endcd 31 March 2024 ACCOUN'TtN'G POLICIES- tontinued I'&x&tion The Charity is ex¢iiipt froni l&x on its charitsble acli%'ities. Fund aceounting The Charity holds unr¢stri¢l¢d fiinds representing unrestri¢led nel inwine aiid nel recognised gaiD5 Ivhich are expendable al ihe discrelioll of tl)e TTuslees in furiheronce to tlie objeclives of ihe Chgrity. INv¢8lments Inveslm¢nts Consist of listed iiiveslmertl4 unlisled inveslmenls aJ)d social inveslmenls. Listed Inv Listed inveslnienls or¢ stfited at market value al the balan￿ sheet dAle and derived from invcstm¢nl ￿tI$ in tho Uniied Kingdom. Unlisied Investments Unlisted invesinienls are staled iniiially at cost and subsequently measurcd at f74ir value. unless Ihi5 cannot be measiired reliably in ivhich case measurement ivill be al cost Icss impairin¢nl. Sotial Inveslmenis Thc Charity holds u social inv¢stmeiit properly to fulfil ils charitablc obje¢tiv¢s. The so¢i81 inveslm¢nl property is slalcd at nel buok Yalii¢, being cost net OF depreciation and any provisions for impaimienl. No depreciation is provided on ihe social invLslrncni due lo the anlicipaled high residual value ivhich ivoiild result in iminaterial depiecialion for thc asset. Employee benefits The Ch￿lty participal¢s in A fflon¢y purch￿¢ pension arrangeTtieii(. T]ie amount ¢har8ed to the statement of rinancial activities in res￿¢1 of pension costs is the ¢onlribiilioii payable ii) the year. Financixl inslrum¢nl$ Financial assets and fLngn¢ial liftbilities Are recognised when Ihe Charity becomes a pariy lo the coiilraciiial provisions of ilie inslriim¢nl. All fmaJi¢ial assets aiid liabilities ar¢ initially measured at transaction price. The Charity only has fiiiHt)ciRI assets #md financial liabilities of a kind tl)at qualify basic financial inslrum¢nls. Basi¢ financittl instriinLenls are iniiially recognised at transaction value and subscqiiently measured al Iheir settlement value. Trad¢ and other debtors are recognised at th¢ settlement amount due after any trade discount offcTed. Prepayn)enls ar¢ valii¢d at the ￿Mou111 prepaid nel of any tradc discounts due. Cash al bank and cash iii hand ii)¢liides cash and shori term 11ighly liquid inN¢stmcnts iviih a short maturily of three months or less froin the dale of acquisitioii or opening of the dep05lt or 5irnilar 2ccount. Creditor5 and provisions are re¢oEnis¢d ii,here the Charity has A presenl obligation r¢suliii)g from 8 past el'ent that ivill probably result in iILe transfer of funds lo a Ihird potty #nd the amount due to settle th¢ obligation can be measured or eslimatcd reliably. Creditors and provisions ure norinally recognised al their settlcnienl a¥noiiiil after alloiving for any ITade diseounls due. l>age 14 continu¢d.. Thc Si¢v¢ Mor an Foundaiion tes t ihe Finai)cial Statem ills- coiilinued for the Year Ended 31 March 2024 c￿'[IcI￿L ACC.OUN'I'IIC. JIIDGEII IENTS KEY SOIRcr,s or F.S'l'I.)IA'I'ION' LINI CLRTA Th'TY In lh¢ api)Iiciltion oF11)¢ Ch&rit}'s a¢coiiiiling policies, Ivhich are described iii nole I, the Tn15t¢¢s are required io n)ake jiidgeinciits, cstiniates ai)d assiiinplions about the cgJrying ￿nOU]ItS of assels and liabilities that are not readily Hpparei11 froiii olher sourccs. The esliiiiates aiid associalcd ￿suinPIIOnS arc based on historical expcri¢n¢e ￿ld other fa¢lors Ihal are coihsidered to be relevant. ACtL￿1 results i)iay dI￿¢r froiii ih¢se estiiiial¢s. The cstiniates aiid und¢rl}'ing assuniplions are revicilrd on aii ongoing basis. Rcvisions lo accoiinling ¢s1imates are recognised in ihe ￿[jod in ivl)icli ilie esliiiialc is r¢vised if the rekision affects only ihai period, or in the period of ihe revision and futtjre periods if the revision af(¢cts boil) Currenl and futLirc periods. Th¢ Tnistees do i)ol consider there are any critical jLid8ciI)cniS or sour¢¢s of cstii)ialion iincerlainly rcquiring di8closiii.e beyond th¢ RCCOLlI)ling policies listcd ab(>ve. DONATIONS IIND LECAcir.s 31,3.24 31.3.23 Donations iiicliidiiig 8ift aid 478591 I.NVF.STilllJiN-I' IINCONIE 31.3.24 31.3.23 Iiiv¢stnient ineoii)e 9 542 $09 8,875 276 IiAISI.NG fIL￿Tr5 Inv¢$tm¢rbl i)iana¥eiii¢nt co$ls 31.J.24 31.3.23 Portfolio maiiageiiienl I.OSOJ16 1,050,716 CllèlRI'I èlBI,E tlCTII'ITif.&* COS'i'S Svppon costs (see iiote 7} Direet Cosis Totals Charilablc ac(ivilies AI 076054 434 884 11,510,938 Pa8¢ 15 coiitiniicd... The Steve Mor an Foundation Noles io the Financial Statenieiits- for the Yeas Ended 31 Marcli 2024 SUPPOIIT COS'I'S Cjovernance costs Manageiiienl Finance Tota15 ChaTitable activities 416.498 668 434.884 AIIDITORS, RETrLIW*ERATIONI ' 31.3,24 31.3.23 Fees payable lo the ChaTity's auditors for the audit of the Charity's financial 5tat¢ments 12.360 TRUS'IEES, REhlUNERAI'ION AP*'D BFJNI EfiTS There iitre no Iruslees, remiineralion or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Truslets, eypenses There ￿ere £95 il'onh of Iriislces expenses pftid for in lh¢ year cnded 31 Nlar¢h 2024. There iv¢r¢ none in the year ended 31 March 2023 io. s'rAI,'r COSTS 31.3.24 31.3.23 Wages and salari¢s JIO,760 256.503 The &v¢rag¢ Inonthly niii)Ib¢T of¢niploy¢¢s during lh¢ y¢ar iv85 Js follow5.. 31.3.24 31.3.23 Support l eniplo>ee received ¢iiiolumeii¢s in ¢x¢ess of£60.000. (£80,000 . £90,000 2024: 12023.01 ii. PRIOR YEAR COIIPAILI'fivES FOR TIIE STATEhlEIl'T OF FlINIKINClIlL IIC'I'IVI'I'IES UnTestricled rund I)'CO,IIE AJU) ENDOIVIllLIN'I"S I.'IIO,11 Doi)alioiis amd legaeies 478,591 Ini'e5tiiienl income 8,875,276 Total 9 353 867 r.Ypr.NDITIIRr. o R11 ising funds 1,050,716 conliiiiicd... Tl)e Stev¢ M an foundation Notes to the FI￿ncial for ihe Year Ended 31 ￿Idr¢h 2024 tatettLeiit tin rRIOII YEAR CO,NSPpllblTivf.s FOR Tiif. STtlTEIllF&iNT or rtN'ANelAL ACTII'I'riEs- ontinuod Unre5triclcd fiind Charil*bl¢ Aclii'itic$ Charil8bl¢ aclivilies 14 492.681 'I'olal 15 543 397 Nel gaii)slllosses) on invesiinenls 17,663 718) F.T IN'COIJEI(F.IPF*iNDITIIRE) (23,853,248) RECONCII,LITIO)L OF FW*DS TotAI funds broughi forw'Drd 255,155,474 'I'O'l'AI, rUN￿S CARRif.D foRII:IiRD 231302 226 Pagc 17 coiiliniied... The teve Mor an Foundation Notes to ihe Financial Statements- ￿nt for ihe Year Ended 31 March 2024 12. IINI ALYSIS OF GILCINT AII'ARD EXPEN'DI'fiiR Grunts to institutions 2024 Gianls to instituthoijs 2023 Grtsnt5 Aivarded in pursuit of the Charit) s objectives L IAJOR GRA￿'Ts M&ggi¢s Clatterbridge wyz Diabetes UK- Our lii'es, Our Chol￿S Liverpool FC Foundation Right to Siicceed (Liverpool City Region) Centr¢ for Socilll Justice erseyside ai)d North Wales Food Hub Everton in the Conimunily JDRF . DigiBete Project liito University Liverpool & Knoivsley 2,000,000 4,000,000 114.000 5,000.000 747.200 2.498.063 25.000 890,000 2,158,597 124,576 375 000 Subiotttl 8,409,346 9,489,000 REGIOI)AL GRA￿'T I Coinpass Advanc¢ Bri8hter Fiiture5 Ainsdale Lunch and L¢isiire Ainy and Friend5 Bee Wirral Brighter Living Pann¢Tship Can()IlaI) C￿rdd ￿rIllIa[n Maihiag Cells Proj¢cl LIO Credu D¢sign5 in fvlind Doivn Sydioine Chcshir¢ End fumiture Poverty Equglity And Lmployment L&%v Centre Ltd run 4 Kidz Halion Carers Centre FIom¢ Sigrt fiintshir¢ Eloni¢slar( Warriiigton Kindred LCR Koala North Wesl NF.0 Asso¢ial¢ L¢i'¢l Neuro Thcrapy Cenlr¢ (N-rc) North Birk¢nhettd Dev 1 rust St J&iies Cenlre Nortli IV8les Ilfomeil's Cenlre Ltd Open Door Charity Paiitry for Blacoii {]uioivii as Blacon Il¢a¢on) Passion For leai'ning PLaiForiii for Life Positivo Futiircs Purc liisight 93.653 104,910 75,000 75.000 41,040 84,750 75,000 75,000 77.100 100,568 90,536 90,000 68,022 i 00,000 85,000 108,992 150,000 105,000 75,000 150,000 100,000 91,278 108,354 89.784 100,000 91,812 300,000 93,278 69,000 54,000 Pag¥ 18 oiitiniied... The Sieve Mor i boLindation Notes (o ihe Finaiicial Siatetnent for the Year Elided 31 March 2024 ntiniicd 12. AINALYSIS 01.. GILiNI 'f AIV*lRD F,XPF.NDITURE- eontinue(I RAISE Ltd RASA North Il'al¢s Sav¢ Ihc fginily S¢cins Place Shaftesbury Youth Cliib Si iindreii's Community Nclivork Slick 'n' Step Sivan Woinens Cei)tr¢ Tape Coinimuiiity Miisic Tl)e Hope Foundation Tl)e FDF Centre for inde￿nd¢n1 l.iving The Joshua Tree The Neiimark Foundaiion Th¢ Orrcll Trust The Posilivitree The Wliilechapel Centre The Illishii)g Well "romorrow's Ik'omen W'irral Toiiis Trust Veniis Associate Level I'irral Cl)urches' knk. Proj¢cl Wirral Society of the Bliiid Ifrexham Ivarehouse Ykids Regional Granls linder £50K. 87.552 112,500 90,833 98,031 90,000 i 00,000 90.000 75,000 67.768 88,500 53,100 60,000 94,500 -94,500 75,000 90,000 18,418 87.875 143,960 120.01 loo,000 -30,924 78,726 75,000 100,000 322 393 475,639 Subtotal 2,299,483 3,350,919 Dis ¢fl Uliraininn fund Wizz Air Ukraiiiiaii Fli8his IN'arrinElr>n Ukraiii¢ Faiiiily Supporl 150,875 i 00,000 IibtotHI 250,875 En ramni r.nabl¢ Grants 216,329 239921 bt tal 216.329 239,921 Slll l.li I. Biisr.s > £50K Sniilcj Buscs 89,921 144314 Subtotal 89,921 144,314 DISCRF.110SAIIY GIIIS'1'> £5 l<- Paid 26120241, 26 (20231 DisLcelioiiar)' Graii15 111)der £iOK 301064 Sijbtotal 51,605 301,064 Thc Steve Nlor an Foundaiion Notes to the Financial Statements - coi)liniied for ihe Year Ended 31 March 2024 12. ANALYSIS OF GRANI T AII'AIU) EXPL)DITURE- eontiMu¢d Unrtstritttd Le Grants Active Hope Y Project and RooLll al Ihe Inn Warriiigton Youth Zone Honieslarl Warrin810)1 Warringlon Con)munily Transporl 174,900 60,000 75,000 32.145 4,685 9,370 374,190 Totlll 1076 054 14 150284 All grant aii'ards were made in ihe pursiiit of the Charity'5 objecliv¢5 as out in the Trustees. r¢port on page 2. 13. FIXED ASSET iyifEsTNIEN'TS Flyed Asset Investments Li51ed Investments Unlisted InTr'eslni¢nls Total IArke¢ VAlue At l April 2024 £264.838,860 £0 £264,838.860 fvlovem¢iilS In Ye84r £41923 170 £5 359 250 £47 282 420 Al 31 March 2024 £306,762 030 £5 359 250 £312,121,280 Li5tcd Investmcnls Ilnlisted Invcstrnent5 INel Book V#lue Total Al 31 fvtai¢h 2024 Al 31 Nlar¢h 2023 £306,762,030 £264,838,680 £5,359,250 £312,121,208 £0 £264.838,680 All inve5tmcnt holdin8$ oivned kre lield via fuiids coiitrolled by Unilcd Kiiigdoim based inN'eslm¢nl niaiia8er$. Cost or valLialion at 31 klar¢li 2024 is repres¢nled by.. I'Aluatio Listed It)N'e&lments Unlisl¢d InFeslmenl$ I'otal £5,359,250 £312,121,208 £0 £264,838,680 Valiialioii in 2024 Valiialioii in 2023 £306,762.030 £264,838,680 P￿Be 20 continued... The Steve Mor an FoL￿dation Notes to ihe r. ncial Sialcnienls - co for thc Year End¢d 31 hlarch 2024 iniicd 14. r.IlTORS: IllL IOUIJTS FAI,l.IIN'G DIIF. IJ'ITIIIJ ONE YI.AR 31.3.24 31.3.23 Qilier debior5 Prcpayinciits aiid Accriicd Iiicoinc 200,095 294 219 196.767 494,314 196,767 15, CREDITORS: AIIOUNTS FALLINIG r)iir. IVITIII) ONE I'EklR 31.3.24 31.3.23 T￿￿tIOn and social seeurily Oth¢r ¢redilors 12.904 19,891,548 6,253 16 298, 149 19 9Q4 452 16 304 402 l6. CIILDI'I'ORS• il)IOLN'I'.S I, IlLI.ILIG DIIE ATrI'LR Il Iollb 'l'lLINI O,NL I'LIlll 31.3.24 31.3.23 O¢lier crcditors 51021839 53044 461 17. I,F.ASI)G AGRr.r.Niri.NTS qiiiin)Lini lease Pdymenls under non-cancelluble operatiiig leases fall dLie as folloivs.. 31.3.24 31.3.23 Ilithin one s'ear Betii'een one ond five J'ears 8,752 21,880 18. i ioIFf•iNif.INT IN FI)'DS Nel moi'cni¢nl ii) funds Ai 1.4.23 A¢ 31.3.24 iinr¢3tricttil fun<1 G¢neTal fiiiid 231,302,226 38,712,433 270,014,6$9 'I'O'l'èlL I,"UNI 'DS 231302 226 38 712 433 270 014 659 Page 21 coniiniicd... The Sieve Mor ) Foundation Notes to the Financial Staleinenls- eoi)linued For the Year Ended 31 March 2024 18. IOvEN.IE￿'r P* FifN'DS- eonlinucd N¢1 movcnient in funds. Incli￿¢d in thc above are as folloNNs'. Inroiiiin8 resources Resources expended Gains and losses Moveinent in f￿ndS Unrejtritted funds General fund 9,S72,892 {12,561,254) 41,700,79S 38,712,433 TOTAL FUhl)S 12 5612)4 41700 795 38 712 433 Conipar81iv¢s for mov¢ni¢nl in funds Nel movement in funds Ai 1.4.22 Al 31.3.23 Unrestrielcd flind8 General fund 255,155.474 (23,853,248) 231,302,226 TOTAL FIINT)S 255 1 $5 474 23.853,248) 231302 226 Comparative net movernent in (uiids, includcd in ihc abov¢ arc as follosvs.. Incomiiig r¢soiir¢es Resour¢e5 ¢xp¢nd¢d Gain5 and losses Movenient in funds Unr¢stricltd funds Gen¢ral fund 9.353,867 (15.543.397) (17.663,718) {23,853,248} TOTAL FCThIIS 23 853 248) A eurrent Ye￿ 12 monihs and prior year 12 mortihs conibined posiliort is as follo￿%., Net rnovrtnenl in fiinds Ai 1.4.22 At 31.3.24 LTnrestrirted funds GenerlE I fund 255,155.474 14,859.185 270,014,659 TO'ftlL r[iN￿S 255,155,474 14 859 185 270,014 659 Pag¢ 22 continLlCd... The Sieve Mor Lllidation cs to ihe Financial Stateniei)t for the Ycar Elided 31 March 2024 ued 18. IIOITE.IIENI' LN I,'LlINDS- ¢oniinu¢d A currcni year 12 monihs and prior year 12 Iiionth5 co]llbincd nel inoveii)eiit ii) funds, includod in thc above are Ms folloNvs'. Incoming rcsoiirccs Resources expended Gains Imd losses Moveinenl in fiinds ITnre5triclcd funds G¢iieTal fiind 18,926.759 128,104,651) 24,037,077 14,859.185 TOTAL ruNll)s 24 037 077 14.859.185 19. r.)IPLOYIE BEINEI,'I"I' OBI.IGATIONS Dtfintil Contrlbution Sclitiiie The Charity operates a dcfiiied eoi)Iribulion reliremei)t beiiefit schcmc for all qLialifying einployees. 'I'he Cliarii) s contribiition to Ilie scheme in ihe year iNas £17,700 (2023.. £17,808). 20. 111.:LA Tf.D PARTY DISCLOSURES 'Ilic TTiisIcc5 are required io disclose all relevant iiil¢rcsis and, in accordance iTritli the ClTrarity's policy. Iviih(Iraw (rom d¢cision5 iihcre a contlicl of inlerest arises. Some s¢riri¢¢s hai'c been Provided b) Bridgemere IJK Limilcd, a company of i¥,hich foiir of ilie Trnslccs are direciors, No adjusirt)ei)t has been mHd¢ lo r¢flecl this as it 15 not p055ible to quatilify il)e i'aliie of Slich services. P