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← The Steve Morgan Foundation

2025-03-31-accounts

REGISTERED CHARITY NUMBER: 1087056

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

The Steve Morgan Foundation

DJH Audit Limited Statutory Auditor 3rd Floor Pacific Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ

The Steve Morgan Foundation

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21
Detailed Statement of Financial Activities 22

The Steve Morgan Foundation

Reference and Administrative Details

for the Year Ended 31 March 2025

Chairman

S P Morgan

Honorary Treasurer

N J Burstow

Trustees

S P Morgan A M Lewis (Resigned 19th March 2025) S J Morgan B L Clark V W Fairclough J L Harris (Resigned 1st July 2025) R E Walker N J Burstow (Appointed 20th March 2025)

Honorary Secretary V W Fairclough

Chief Executive Officer

L Eaglestone

Bankers

Barclays Bank PLC 3 Hardman Street Spinningfields Manchester M3 3AX

Auditor

DJH Audit Limited Pacific Chambers 11-13 Victoria Street Liverpool L2 5QQ

Investment Managers Barclays Wealth and Investment Management 1 Churchill Place London E14 5HB

Waverton Investment Management UBS Wealth Management 16 Babmaes Street 5 Broadgate London London SWIY 6AH EC2M 2AN

Brown Advisory 18 Hanover Square 1st Floor London W1S 1JY

Registered & Principal Office Bridgemere House Chester Road Preston Brook Cheshire WA7 3BD

Page 1

The Steve Morgan Foundation

Report of the Trustees for the Year Ended 31 March 2025

The Trustees present their annual report on the affairs of the Charity, together with the financial statements and auditor's report for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies as set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland.

OBJECTIVES AND ACTIVITIES

The Charity is committed to changing lives for good, by working with partners who make a positive difference to those in need. Funding is awarded against the following areas of need: Community cohesion; Development, education and training; Disability; Disadvantage and poverty; Homelessness and poverty; Mental health and wellbeing. The Charity has unrestricted objects to apply the corpus and income for all purposes which are charitable under the laws of England and Wales from time to time. Subject to any designation or restriction which might be attached to any sum received by the Charity to be applied in implementation of its objects, it is the policy of the Trustees to apply the income stream of The Steve Morgan Foundation to charities mainly operating in Merseyside, Cheshire and North Wales in support of young people and others who are disadvantaged or who are otherwise worthy such as in relation to the pursuit of educational objectives. In all cases the financial support of The Steve Morgan Foundation would be expected to 'change lives for good'. Generally, an award payable would be made for such charitable purposes where the prospective recipient had already established an initiative, albeit however modest.

It is the policy of the Trustees to preserve the donations derived without designation or restriction as a corpus to be enhanced by other like donations and subject to capital gain and capital loss for the provision of the income stream to be applied for the charitable purposes. However, the Trustees view their policy as one which they have full discretion to amend in order to address changing circumstances as they see fit.

In setting their objectives and planning their services, the Trustees of the Charity have given careful consideration to the Charity Commission's general guidance on public benefit.

The Steve Morgan Foundation furthers its charitable purposes for the public benefit through its grant-making policy which aims at:

ACHIEVEMENTS AND PERFORMANCE

The Steve Morgan Foundation will reach its 25 year anniversary in June 2026. Since inception the Charity has made a huge impact, improving the quality of life for millions of people. Marking the anniversary, the Foundation has pledged to award a further £100m over the next five years to tackle social disadvantage in the Steve Morgan Foundation region and fund internationally ground-breaking research into Type 1 Diabetes.

The Charity has awarded grants of £7,998,415 (2024: £11,076,054) to organisations in line with their objectives, representing the significant activities of the Charity. The Trustees have considered many applications for support, some of which did not fall within the focus of the Charity. All grants awarded are in accordance with furthering the charitable objectives of The Steve Morgan Foundation. Surplus funds continue to be invested with the aim of generating additional income to be used for grant making activities as outlined above.

Major grants of £4,604,099 were awarded during the year (2024: £8,409,346). Regional grants awarded during the year of £3,097,240 (2024: £2,299,483) were above the targeted level of £2,500,000. The Enable division, funding both specialist disability equipment for people of all ages and our well-established Smiley Bus programme, awarded grants of £218,573 during the year (2024: £306,250) and an additional £61,506 (2024: £51,605) of discretionary grants were awarded. A further £90,019 Steve Morgan Foundation awards were granted.

Page 2

The Steve Morgan Foundation

Report of the Trustees

for the Year Ended 31 March 2025

FINANCIAL REVIEW

The results for the year ended 31 March 2025 are set out in the Statement of Financial Activities on page 9. This shows net expenditure before gains on investments for the year of £2,300,163 (2024: £2,988,362). Total income reduced to £7,278,862 driven predominately from re-positioning of the investment portfolio and a reduction in high income generating equities to liquid capital growth strategies. Meanwhile, awards granted during the year fell from £11,076,054 to £7,998,415. Grant commitments due within one year decreased marginally to £19,781,492 (2024: £19,860,256), while grant commitments due after more than one year were £42,904,702 (2024: £51,021,839).

The closing net asset position increased to £274,922,440 (2024: £270,014,659) as a consequence of positive investment performance during the year. Investment gains of £7,207,944 (2024: £41,700,795) were recorded; the performance of the investment portfolio being significantly impacted by geo-political activity in the final quarter which caused a decline in equity valuations.

There are no restrictions on the Charity's power to invest. It is the policy of the Trustees to manage the corpus of The Steve Morgan Foundation on the basis of a relatively low level of risk, balancing capital growth and income requirements in order to sustain the corpus in the long term and to provide an adequate reliable income stream to serve the charitable purposes on a day-to-day basis.

PROCEDURES AND POLICY FOR GRANT MAKING

The Trustees usually meet bi-monthly to consider what grants they will make and to review any feedback they have received. Grants are only awarded upon agreement by the Trustees and all successful recipients must meet the specific objectives of the charity. Usually, they are visited by one or more of the Trustees, and a detailed report is prepared for the Board of Trustees to review before the grant is approved.

Though the Trustees make some grants of a limited size with no formal application, they normally ask invited organisations to submit a formal application stating how the funds would be used, expected impact, and providing references where appropriate. The Trustees have a policy, which is communicated to all beneficiaries, to only make grants that meet the conditions stipulated in the final offer letter approved by the Trustees.

RESERVES POLICY

It is the policy of the Charity to maximise unrestricted funds, which are the free reserves of the Charity, to ensure sufficient funds are available to cover awards payable, support and administration costs for the foreseeable future. There are no restricted reserves held at present, unrestricted reserves at 31 March 2025 amount to £274,922,440 (2024: £270,014,659). A large surplus of funds is held, substantially as a matter of policy. There are no maximum or minimum level of reserves required to be held at any time. The income derived therefrom, and the capital accretion thereto fund the expenditure and maintain the corpus to serve likewise in future periods.

RISK MANAGEMENT

The Trustees have considered the operational and business risks which the charity faces and confirm that they have established systems to mitigate the significant risks. The principal risk faced by The Steve Morgan Foundation is volatility in the value of investments held which could expose the Charity to loss of income. The Trustees work closely with the investment managers and the investment reports are closely monitored to track fluctuations and to ensure investment decisions are in line with the objectives of the Charity. Both the Chairman and the Treasurer have significant financial and investment experience. In addition, to further support the investment strategy, the Trustees have appointed specialist investment advisors, Capricorn Private Investment Limited to provide expertise and advise on the investment portfolio constitution and how best to meet the investment objectives of the Charity.

FUTURE PLANS

The Foundation has set out a bold and ambitious new long-term strategy to invest in sustainable solutions which will change lives for good. The Charity has pledged to award £100m over the next five years to support collaborative partnerships that tackle the root causes of social disadvantage and to fund internationally ground-breaking research into Type 1 Diabetes. The Trustees remain deeply committed to the region they have long supported in Merseyside, North Wales, Cheshire (west of the M6) and North Shropshire. Combining the financial resources of the Foundation with the expertise of our partner institutions leverages the ability to tackle social disadvantage and create long lasting impact across these regions. The Trustees will continue to work in partnership with significant charities locally and nationally.

Page 3

The Steve Morgan Foundation

Report of the Trustees

for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Steve Morgan Foundation is constituted under a trust deed dated 18 October 2000 as amended by supplemental deed dated 14 May 2001. It is a registered charity no. 1087056.

The business of the Charity is conducted through a series of bi-monthly Trustees' meetings, where Trustees oversee the grant making activities, ensuring that these continue to support a wide range of organisations benefitting the local community and nationally. Trustees are responsible for controlling expenditure and also for the investment and reserve policies and with any associated decisions.

Thus far Trustees, have been appointed on the basis of a long-standing knowledge, shared by the existing Trustees, of the appointee in relation to her or his integrity and probity and proven record in her/his chosen professional career. It is expected that the policy attaching to appointments will continue in that vein.The background of each appointee is such that formal training is not required. Induction activities are undertaken for each newly appointed Trustee.

The registered/principal office address is shown on page 1.

ORGANISATION

The Trustees who have served during the year and since the year end are set out on page 1. Trustees are appointed by the Board of Trustees in accordance with the trust deed. There shall be at least three Trustees, who will be appointed by resolution of the Trustees as passed at a special meeting. No Trustee had any financial interest in the charity in the current or prior year.

KEY MANAGEMENT PERSONNEL REMUNERATION

The Trustees consider the key management personnel of the charity to be the Board of Trustees. The Trustees are in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid in the year (2024: £nil).

The Foundation is supported by Bridgemere UK Limited which provides resources for financial activities including accounting and investment management free of charge.

RELATED PARTIES

The Trustees are required to disclose all relevant interests and, in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises.

GOING CONCERN

After making enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the date of signing the accounts), due to the level of net assets. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in note 1 of the financial statements.

AUDITOR

DJH Audit Limited (previously Haines Watts) have expressed their willingness to continue in office as the Charity's auditor and a resolution to re-appoint them will be proposed at the forthcoming Annual General Meeting.

Page 4

The Steve Morgan Foundation

Report of the Trustees

for the Year Ended 31 March 2025

TRUSTEES' RESPONSIBILITY STATEMENT

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

12/12/2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

S P Morgan - Trustee

Page 5

Report of the Independent Auditors to the Trustees of The Steve Morgan Foundation

Opinion

We have audited the financial statements of The Steve Morgan Foundation (the 'Charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 6

Report of the Independent Auditors to the Trustees of The Steve Morgan Foundation

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur.

Audit Procedures performed by the Charity engagement team included:

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatement in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

Report of the Independent Auditors to the Trustees of The Steve Morgan Foundation

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DJH Audit Limited Statutory Auditor 3rd Floor Pacific Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ

Date: 12/12/2025 .......................

Page 8

The Steve Morgan Foundation

Statement of Financial Activities for the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Total
EXPENDITURE ON
Investment management fees
5
Charitable activities
6
Charitable activities
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.3.25
Unrestricted
fund
£
96,657
7,182,205
7,278,862
1,172,815
8,406,210
9,579,025
7,207,944
4,907,781
270,014,659
274,922,440		 31.3.24
Unrestricted
fund
£
30,383
9,542,509
9,572,892
1,050,316
11,510,938
12,561,254
41,700,795
38,712,433
231,302,226
270,014,659

The notes form part of these financial statements

Page 9

The Steve Morgan Foundation

Balance Sheet 31 March 2025

31.3.25 31.3.24
Total funds Total funds
Notes £ £
FIXED ASSETS
Investments
Investments 12 314,349,184 311,921,280
Investment property 13 254,780 -
314,603,964 311,921,280
CURRENT ASSETS
Debtors 14 223,465 494,314
Cash at bank 22,823,040 28,525,356
23,046,505 29,019,670
CREDITORS
Amounts falling due within one year 15 (19,823,327) (19,904,452)
NET CURRENT ASSETS 3,223,178 9,115,218
TOTAL ASSETS LESS CURRENT
LIABILITIES 317,827,142 321,036,498
CREDITORS
Amounts falling due after more than one year Amounts falling due after more than one year
16		 (42,904,702) (51,021,839)
NET ASSETS 274,922,440 270,014,659
FUNDS 18
Unrestricted funds 274,922,440 270,014,659
TOTAL FUNDS 274,922,440 270,014,659

The financial statements were approved by the Board of Trustees and authorised for issue on 12/12/2025 ............................................. and were signed on its behalf by:

Steve Morgan

............................................. S P Morgan - Trustee

............................................. N Burstow - Trustee

The notes form part of these financial statements

Page 10

The Steve Morgan Foundation

Cash Flow Statement
for the Year Ended 31 March 2025
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Investment fund movements
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.25
£
(17,409,781)
(17,409,781)
4,525,260
7,182,205
11,707,465
(5,702,316)
28,525,356
22,823,040		 31.3.24
£
(11,250,990)
(11,250,990)
(5,381,625)
9,542,509
4,160,884
(7,090,106)
35,615,462
28,525,356

The notes form part of these financial statements

Page 11

The Steve Morgan Foundation

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Interest received
Gains on investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash used in operations		 31.3.25
£
4,907,781
(7,182,205)
(7,207,944)
270,849
(8,198,262)
(17,409,781)		 31.3.24
£
38,712,433
(9,542,509)
(41,700,795)
(297,547)
1,577,428
(11,250,990)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.4.24
£
28,525,356
28,525,356
28,525,356		 Cash flow
£
(5,702,316)
(5,702,316)
(5,702,316)		 At 31.3.25
£
22,823,040
22,823,040
22,823,040

The notes form part of these financial statements

Page 12

The Steve Morgan Foundation

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of listed equities.

Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations

Donations consist of donations and similar income resources. They are included in the accounting period in which they are receivable, which is when the Charity becomes entitled to the resource. Some services have been provided by Bridgemere UK PLC free of charge, a company of which two of the Trustees are directors. No adjustment has been made to reflect this as it is not possible to quantify the value of such services.

Investment income

Investment income is accounted for when receivable.

Donated goods and services

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. There are no volunteers other than the trustees of the Charity.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Charitable activities - award payments

Award payments are accounted for once the Foundation has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is earlier. Where an award is conditional and compliance is within the control of The Steve Morgan Foundation, the award is not recognised until the conditions are met. Where an award is conditional and outside the control of The Steve Morgan Foundation, the award is recognised and accounted for in the same way as an unconditional award.

Support costs

This includes those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs.

Raising funds

This includes all expenses relating to investment management

continued...

Page 13

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The Charity is exempt from tax on its charitable activities.

Fund accounting

The Charity holds unrestricted funds representing unrestricted net income and net recognised gains which are expendable at the discretion of the trustees in furtherance to the objectives of the charity.

Investments

Investments consist of listed investments, unlisted investments and social investments.

Listed Investments

Listed investments are stated at market value at the balance sheet date and derived from funds controlled by United Kingdom based investment managers.

Unlisted Investments

Unlisted investments are stated initially at cost and subsequently measured at fair value, unless this cannot be measured reliably in which case measurement will be at cost less impairment.

Social Investments

The Charity holds a social investment property to fulfil its charitable objectives. The social investment property is stated at net book value, being cost net of depreciation and any provisions for impairment. No depreciation is provided on the social investment due to the anticipated high residual value which would result in immaterial depreciation for the asset.

Employee benefits

The Charity participates in a defined contribution pension arrangement. The amount charged to the statement of financial activities in respect of pension costs is the contribution payable in the year.

Financial instruments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the 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 trade discounts due.

continued...

Page 14

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees consider there to be a critical judgement and source of estimation uncertainty regarding the recognition of grants payable. A judgement is made at the year end as to whether grants awarded require recognition as a liability in the statement of financial position. This requires a review and judgement as to whether the performance conditions of the grant have or are likely to be me and the likelihood of payment of the grant awards.

3. DONATIONS AND LEGACIES

Donations
4.
INVESTMENT INCOME
Investment income
5.
INVESTMENT MANAGEMENT FEES
Fees in relation to management of investment portfolios
Portfolio management
6.
CHARITABLE ACTIVITIES COSTS
Direct costs
£
Charitable activities
2025
7,998,415
2024
11,076,054		 31.3.25
£
96,657
31.3.25
£
7,182,205
31.3.25
£
1,172,815
Support costs
£
407,795
434,884		 31.3.2 4
£
30,383
31.3.24
£
9,542,509
31.3.24
£
1,050,316
Totals
£
8,406,210
11,510,938

continued...

Page 15

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

7. SUPPORT COSTS

Charitable activities
2025
2024		 Management
£
388,272
416,498		 Finance
£
383
668		 Governance costs
£
19,140
17,718		 Totals
£
407,795
434,884

8. AUDITORS' REMUNERATION

Fees payable to the Charity's auditors for the audit of the Charity's
financial statements		 31.3.25
£
15,500		 31.3.24
£
14,400

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

Trustees expenses of £nil were paid for in the year ended 31 March 2025 (2024: £95).

10. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year w
Support		 31.3.25
£
255,445		 31.3.24
£
246,877
as as follows:
31.3.25
4		 31.3.24
4

The average monthly number of employees during the year was as follows:

1 employee received emoluments in excess of £60,000.

(£80,000 - £90,000 - 2025: 1 2024:1)

continued...

Page 16

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

11. ANALYSIS OF GRANT AWARD EXPENDITURE

Grants awarded in pursuit of the Charity's objectives
MAJOR GRANTS
Maggies Clatterbridge
Liverpool FC Foundation
Right to Succeed (Liverpool City Region)
Centre for Social Justice
Merseyside and North Wales Food Hub
Everton in the Community
Right to Succeed (North Birkenhead)
Onside Youth Zones
Zoe's Place (Capital Grant)
JDRF - BigiBete Project
Into University Liverpool & Knowsley
Subtotal
REGIONAL GRANTS £50K- £200K
OTHER SMALLER GRANTS
Total		 Grants to
institutions
2025
£
-
397,400
1,788,512
130,000
-
1,481,054
(342,867)
650,000
500,000
-
-
4,604,099
3,097,240
287,096
7,988,435		 Grants to
institutions
2024
£
2,000,000
747,200
2,498,063
25,000
890,000
2,158,597
-
-
-
124,576
(34,090)
8,409,346
2,299,483
367,225
11,076,054

All grant awards were made in the pursuit of the Charity’s objectives as set out in the Trustees’ report on page 2.

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2024
Revaluations
Reclassification/transfer
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Listed
investments
£
306,562,030
2,682,684
(254,780)
308,989,934
308,989,934
306,562,030		 Unlisted
investments
£
5,359,250
-
-
5,359,250
5,359,250
5,359,250		 Totals
£
311,921,280
2,682,684
(254,780)
314,349,184
314,349,184
311,921,280

All investment holdings owned are held via funds controlled by United Kingdom based investment managers.

continued...

Page 17

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2025 is represented by:

Valuation in 2025 Listed
investments
£
308,989,934		 Unlisted
investments
£
5,359,250		 Totals
£
314,349,184

All investment holdings owned are held via funds controlled by United Kingdom based investment managers.

13. INVESTMENT PROPERTY

FAIR VALUE
Reclassification
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and Accrued Income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Accruals and deferred income
Grants Payable		 31.3.25
£
212,864
10,601
223,465
31.3.25
£
21,799
15,840
19,785,688
19,823,327		 £
254,780
254,780
254,780
-
31.3.24
£
200,095
294,219
494,314
31.3.24
£
12,904
31,292
19,860,256		 £
254,780
254,780
254,780
-
31.3.24
£
200,095
294,219
494,314
19,904,452

continued...

Page 18

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.25
£
Grants Payable
42,904,702
17.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25
£
Within one year
8,752
Between one and five years
4,376
13,128
18.
MOVEMENT IN FUNDS
Net
movement
At 1.4.24
in funds
£
£
Unrestricted funds
General fund
270,014,659
4,907,781
TOTAL FUNDS
270,014,659
4,907,781
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
7,278,862
(9,579,025)
7,207,944
TOTAL FUNDS
7,278,862
(9,579,025)
7,207,944
Comparatives for movement in funds
Net
movement
At 1.4.23
in funds
£
£
Unrestricted funds
General fund
231,302,226
38,712,433
TOTAL FUNDS
231,302,226
38,712,433		 31.3.24
£
51,021,839
31.3.24
£
8,752
13,128
21,880
At 31.3.25
£
274,922,440
274,922,440
Movement
in funds
£
4,907,781
4,907,781
At 31.3.24
£
270,014,659
270,014,659

continued...

Page 19

The Steve Morgan Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
9,572,892
9,572,892		 Resources
expended
£
(12,561,254)
(12,561,254)		 Gains and
losses
£
41,700,795
41,700,795		 Movement
in funds
£
38,712,433
38,712,433

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.23
£
231,302,226
231,302,226		 Net
movement
in funds
£
43,620,214
43,620,214		 At 31.3.25
£
274,922,440
274,922,440

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
16,851,754
(22,140,279)
16,851,754
(22,140,279)		 Gains and
losses
£
48,908,739
48,908,739		 Movement
in funds
£
43,620,214
43,620,214

19. EMPLOYEE BENEFIT OBLIGATIONS

Defined Contribution Scheme

The Charity operates a defined contribution retirement benefit scheme for all qualifying employees. The Charity's contribution to the scheme in the year was £18,870 (2024: £17,700).

continued...

Page 20

The Steve Morgan Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

20. RELATED PARTY DISCLOSURES

The Trustees are required to disclose all relevant interests and, in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises. Some services have been provided by Bridgemere UK Limited free of charge, a company of which two of the Trustees are directors. No adjustment has been made to reflect this as it is not possible to quantify the value of such services.

Page 21

The Steve Morgan Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations including gift aid
Investment income
Investment income
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Charitable activities
Support costs
Management
Wages
Sundries
Finance
Bank charges
Governance costs
Auditors' remuneration
Professional fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income		 31.3.25
£
96,657
7,182,205
7,278,862
1,172,815
7,998,415
249,396
138,876
388,272
383
19,140
-
19,140
9,579,025
(2,300,163)
7,207,944
4,907,781		 31.3.24
£
30,383
9,542,509
9,572,892
1,050,316
11,076,054
246,877
169,621
416,498
668
14,400
3,318
17,718
12,561,254
(2,988,362)
41,700,795
38,712,433

This page does not form part of the statutory financial statements

Page 22