The Ken & Lynne Morrison Charitable Trust Trustees, report and f￿anCIal statements Registered number 1125586 5 April 2021 'Ibe Kin & Lyi)iie Jmorrisoii Chariiable TTU$t Tru51e£s' report &id fiiiancial siaicmenis 5 April 2021 Contents Trustees. report Statement of tnjstees, responsibilities in respect of the Trustees. report and the financial statements Independent auditor's report w the membeTS of The Kelk and Ly¥Jne Morrison Charitable Tn￿t Statement of financial activittes Balance sheet 10 Cash Flow Statement Notes 12 Regist¢red nurnbcr 1125586 15 April 2021 'll)¢ Ken & Lynne Morr￿&0￿ ch￿iLable Trust l i'usiees, report and finiinLial staieittents 5 April 2021 Trustees, report Ref¢r¢Bce and 4dmini$trativ¢ detsils Trustees Lady Lynne Christina MO￿ls0n Andrea Shelley Governing document Deed of Trnst dated 28 March 2008 Re8lStered address I Sovereign Square Sovereign Street Leeds LSI 4DA Bankers Natwest West Yorkshire Retain CSC I Vicioria Place Holbeck Leed5 LSII SAN Auditor Roben Whowell & Partners Westwood House 78 Loughborough Road Quorn Leicesiershire LE12 8DX Solicitors Gordons LLP Riverside West Whitehall Road Leeds LSI 4AW Inve5tJn¢nt Managers Aberdeen Standard Capital Minerva Ilouse 29 East Parade Leeds LSI 5PS Rcgist¢rcd nurnb¢r 1125586 15 April 2021 The Kcn & Lynne M(ItTison Charital)le Ttwsi I'ru8tees' repon ￿ld finan¢i#l %tsteinenls 5 Api'il 2021 Trllstees, report (eontinlled) The trustees present their report along with the financial statemeots for the year end￿ 5 April 2021. The financial statements have been prepared in accordance with the &ccounting policies set out gn pages 12-13 and comply with the trust deed. Cliarities Act 201 l aTtd Accounting knd reporting by Charities.. Statement of Re¢otnm¢nded Practice ID accoTdan¢e with the Financial Reporting Standard 102 applicable in the UK and Republic Of Ireland (fRS 102). Prineipal risks and uneertaintiL FinaR¢ial risk objeLtlves aEhd pol£cles The Trust uses fiDan¢ial instrun]ents comprising ¢ash and invesbnents. The purpose of these to finance the working capital of the Tn]5t and the longer-tenn incolne and capital needs. The Trust considers movements in investmeTtt prices retums to be its main risk. This risk is incre8s¢d as a result of the impact of the Covid-19 pandemic on the financial markets. This risk is mitiga￿d by using an investment ￿nd manager 2nd havsng a diversified investment portfolio. Objeetiyes *nd activiti¢s The objectives of the trustees are to apply the incoming resources of the Trust by rnaking grants for the benefit of on¢ or more charitable instit￿tiOnS or individuals, including but not restricted to people with a disability or special needs. education. trainino or for suth other charitable p￿ry￿Se* at the trustees. discretion. The capital may b¢ applied for charitable purposes or retained by the trustees at their discretion. The tNstees identify proje¢ts and ortsanisaiions rh¢y wish to support. R¢quests from p¢ople ororganisations who apply spec￿l&l1v¢1Y will k considered if the>, are pertineni to the Trnst's objectives. The truste￿ also hav¢ a policy that they mak¢ only one-off grdnts with no guarantees of future funding. The charity does not carry out significant fundraising activtties. Publie benefit The trustees are aware of the Charity Commission's advice on Charittes and Public 8enefJt. Tli¢ trustees confirm ihat they have ref¢￿ed to the guidance contaiiied tn the Charity CommissÉon's general guidance on public benefit whe reviewing the Trust's aims knd objectives and in planning fijture activities and seiting the grant making polÉcy for the year. The trnstees do not distriminate against any party when considering the2r grant making policy. The benefits of the rharitable a¢tivit1¢5 of the Trust ar¢ prirnarily to a se¢tioTk of th¢ public in accordance with the haritable obj¢cts de5crib¢d abgv¢ in th¢ tru5t¢¢'s objectives and activities. A¢biev¢ments SDd performgR¢e a) Review of activities and finAnci81 review The main activity in the year is grant making. During th¢ year the trnstees made, or ¢ommitted io making, grants total]ing £66,400. There were 4 grdnts made or committed. of value between £2.400 and £40,(K)O. The list of grants is detailed in note 3. A grant of £40,000 was made during the year to Marie Curie (Bradford Hogpice}. Tjit grdnt was used towards their nursing service in the Marie Curie Bradford Hospice io enable the Hospice ro fvnd a Marie Curie Nurse. This will benefit the public by enabling Marie Cure Bradford Hospice to provide specialist care and support to those living with a terminal illne￿, and their familie5. A grant of £21,000 was made during the year to Henshaws. The orant was used by the charity to acquire te¢hnology nd eqthipmenr to help deliver their digital enablement services. This work benetits the public by enabling people living with sight loss to build skills and increase their independence. Ihis was even more important during the Covid pandemi¢ as it allow¢d people living wiih sight Ioss 10 Sta) Ell ¢ODts¢t with their networks during lockdown meagures. Total income and endowments exceeded expendature i]J the year by £268,658 (2020. (£184,503)). Other investment gains (both realised and unreali5ed) amounted to £3,254,460 (2029.- losses of£l.182,884) to give an overall increase in funds of £3,523,118 12020.. decreuse infu￿d8 of£J,367.387). R¢gisi¢red number 1125516 J S April 2fr21 '1 lic Kcn & l.yniic mutt1￿￿ Chéritabl¢ Trust rru5t1*5' 1"¢port and financial Sta￿mentS 5 Api'il 2021 Trustees, report (continued) b) Ini'estment poliej performance The TNst's investment policy seeks to achieve a balanced return from income and capital appreciation whilsi ¢ontrolling the level of risk. Th¢ iiivestment income was £404.960 (2020.. £490, 787) and there was an incr&ise in the value of the investments over the year of £3,254,460 (2020.. decre¢Lre of£l, 182,884). Given the circumstsnces in whicl) we found ourselves due to Covid-19, is a solid achievement. Th¢ results for the year are given on page 9. The trustees consider the results for the year to be satisfactory given curreni market conditions. The source of funding for the Trugt during the year ended 5 April 2021 is the above iiivesth)ent income of £404,960 and other income of £1.508. c) Pl8n$ for future peri(KEs li is the intention of th¢ trustees that the in¢otne of investittenis from the expendable endowment fund will be used for ¢h&ritable purpos¢s in accordance with Ihe obj¢ctives and strategies of the Trust. As the charity's grant makillg 15 out of income fro￿ the endowFnent fund the charity does not undertak¢ any fundraising activities and therefore does not have a fundraising policy. The grant making policy of the charity includes small dottaiions (on application) to causes wiihin the objectives and also larger donations to projects or organisaiions Ihal the trustees have identified. The pla]1 for the ￿tUre is to donate as much as possible. ro deserving applicants, to a level that broadly matches th¢ annual iDCOm¢ w¢ived. thus enabling the Trust's funds to be anaintained at a st¢ady l¢vel. Other polieies a) Reserves policy The trustees intend to distribute the net incoming resources, which relate to investment income and realised gains/losses, arlsiiig from yearto yekr, although the trnsiees have ihe powerto accumulate all or part of such in¢oming resource% for investment purposes as ihey see fit. Th¢ ¢har2ty received a donation of £9,536,460 in the year ended 5 April 2009 as an expendable endowment fund whi¢h will provide an annual income to support aciiviiies and cover administration and suppon costs. Th¢ endowed funds have increased over the years from capiial apprecialion. Free reserves for thetrust total £1,723,651 (202J..£ 1,086. 725) being the unrestricted funds ofthe charity. Frce r¢s¢rv¢s have increased as total income exceeded expenditLtre. The cost of running the charity each year is estimated at £75.000. The CUJTent level of free reserves exceeds the annual ¢ost of n￿ning the charity however as noted above the trustees have the power to accumulate the incoming reserves for investment purposes or filture grarÈts and donations. b) Principal funding Th¢ trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations. Regi.￿ered ftumbcr 1125586 15 Aprjl 2021 The Ken & Lynne Morrison Charitable Trust Trustees' report and financial statements 5 April 2021 ## **Trustees' report** _(continued)_ ## **Structure, governance, and management** ## **a) Constitution** The Ken & Lynne Morrison Charitable Trust is an unincorporated charity (registered charity number 1125586) established under a Trust Deed dated 28 March 2008. ## **b) Method of appointment or election of trustees** The power of recruiting and appointing future trustees' vests with the current trustees. The current trustees are listed on page **I.** ## **c) Policies adopted for the induction** The trustees are mindful of their duties in connection with the induction and training for trustees and the trustees are undertaking appropriate training and advice in relation to being a charitable trustee. ## **d) Organisation structure and decision making** At annual trustees' meetings, the trustees collectively agree the broad strategy and areas of activity for the Trust, including those of grant making, investment and risk management. The Trustees are responsible for day to day running of the Trust and are deemed to act as key management personnel. They do not receive remuneration from the Trust. The trustees are empowered by the Trust Deed to apply the income of the Trust for any charitable purpose they think fit subject to the objects of the Trust. The trustees have the same full and unrestricted powers of investing and transferring investments as if they are beneficially entitled to the Trust Fund. ## **e) Key management personnel remuneration** The Trustees are responsible for the day to day running of the Trust and are deemed to act as key management personnel. No trustees, or person with a family or business connection with a trustee, received remuneration in the year, directly or indirectly, from the Trust (2021: £nil). ## **I) Risk management** The trustees have reviewed the effectiveness of internal controls and are happy with the controls in place given the simple nature of the Trust. There is also currently no need for an internal audit function given the straightforward nature of the Trust. ## **Disclosure of information to auditor** The trustees who held office at the date ofapproval of this Trustees' report confirm that, so far as they are each aware, there is no relevant audit information of which the Trust's auditor is unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Trust's auditor is aware of that information. By order of the board **Lady Lynne Christina Morrison** _Trustee_ 20th January 2022 _Myton Hall Myton on Swale Helperby York Y06/2QX_ Registered number 1125586 / 5 April 2021 4 'lth¢ & Lynne MoJTisoii C.harilabl¢ l TikSt Trusiees, report and finknci&l statrmertls 5 April 2021 Statemenl of Trustees, responsibilities in respect of the Trustees, report and the financial statemellts Under the trust deed and charity law, the trustees are responsible for preparing the Trustees, Repon and ihe fjnancial statements in accordance with applicable law and regulations. The trusiees have el￿tell to prepare the financial ststements in a¢¢ordanre with UK Accountin(7 StandRrds, including FRS 102 The FiKanciql ReportiKg Siandard pplicable in ikg UK andReptéblic oflrgland The financial statements are requircd by law to give a true and fair view of the stste of affairs of the charity and of the income that exceeds eXpendi￿re in 2021. In preparing ihese financial ststements, g¢Derally ac£¢pt¢d ac£ountÉng practice eniails that the t￿Stee$.. stlect suitable accounting policies and then apply tliem wnsisl¢ntly,' mak¢ jud8em¢nts and estirnatrs that are reasonable and pn]dcnt' state whether applicable UK A¢¢ounting Standards and the Statement of Recommend¢d Practice have been followed, subject to any material departures disLlosed and explained in the finan¢ial staternents. state whether the financial statrments comply with the trnst deed. subject to any material departures disclosed and explained in the f￿nancial staternenis; assess the charity's ability to continue as a going coneern, disclosing, as applicable, matters related to going concern.. and use the going concem basis of accounting unless rhey ¢ither intend to liquidate the charity or to cease operdtions, or have no realistic alEernaÉive but to do so. The tNstees ar¢ r¢qU￿ed to act in accordance with the trust deed of the charity, within the fr&Tnework of trust law. They are r¢sponsible for keeping proper accounting records, sutTicient to disclose at an>, tRme. with reasonable accuracy, Éhe financial position of the chartty at that time, and to enable the trustees 10 ensure that, where any stat¢m¢nts of accounts are prepared by them under secritsn 132(1 l of the Charities Act 2011. those Sta￿MentS of accounts comply with the requir¢menis of regulAtions under thai provision. They are responsible for sud) internal control as they determine is n¢c¢s52ry to enable the preparation of financial staiements that are free from material nii5Statement, wh¢ther due to fraud or error, and have general responsibility for taking such steps as are reasonably opeo to them to safeguard the assets of the charity and w prevent and detect fraud and other ÉLYegularities. Registered llumber 1125586 J 5 ApTiI 2021 Independent auditor's report to the Trustees of Keu & Lynn¢ Morrison Charitsble Trust Opinion We have audiied the financial statements of Ken & Lynne Morrison Charitahlc TnEst ("the charity") for thc yc2r cnd¢d 5 April 2021 which comprise th¢ Stat¢nient of financial &ctivitie4 Balancc sh¢¢t, Cash flow st8i¢m¢nt and ￿lated noies. including th¢ accounting polici¢s in note l. In our opinion the financial statements.. give a mie and fair view of the stale of the chariry's affairs as et 5 April 2021 and of its incoming resoutce5 and appli¢ation ofresources for the year then ended. have been properly prepared in accordance with UK a¢counting standards, itt¢luding FRS 102 The Finanéial ReporiiKg Si(wdapd opplEcable in ihe UK und Republi¢ ofJr#lond' and have been properly prepaxed in accordance with the requiremenis of the Charities Act 2011. Basis for opinÈo We have been appointed as auditor under section 144 of the Charities Act 2011 (or lis predecessors) 8nd report in accordance with r¢gulatioRs made under section 154 of that Act. We conducted our audit sn accordanc¢ with International Standards on Auditing (UK) I'ISAS (UKI") and applicable law. Our responsibilities are described below. We have fulfilled our ethie21 responsibilities under, and are independent of the charity in accordance with. UK ethical requirements including the FRC EthEeal Standard. We believe that the audit evidence we have obtained is a sutTicient and appropriate basis for our opittion. The impact of COVID 19 pand¢mic on our audit Due to the effects of COVID 19 pand¢mi¢ are relevant Èo undersianding our audit of the finthcial ststem¢nts. All audiis assess and Challenge the reasonablen¢ss of eslirnates made by the trustees, such as recoverdbility of tijvestrnents and related disclosures aTLd the approprialeness of the going concem basis of prep&ration of the financial statements. All of th¢s¢ depend on as5e5siiieIits of the future economic environment and the charity's future prospects and p¢rforfftance. COVID 19 was one of the most significant events for the UK, and at the dale of this report its effects are SubJ￿t to soEne uncertainty of outcomes, with the ￿1] range of possible effects unknowD. We applied a standardised firni-wide approach in response to that uTrcen2int>' when assessii)g the chariry's future prospects and perfom]ance. However, no audit 9hould be expected to pred2ct the unknowable factors or all possible future implications for a charEty and this is particularly the ease in relation to COVID 19. Goin8 ¢oncern The trusTres have prepared the financ￿21 stAtements on the goRng concern basis as th¢y do not intend tg liquidat¢ the chaTsty or io c¢ase its operations, and & they have concluded that the charity's financial posstion rneaus that this IS re&tlistic. They have also concluded that there Éire no material uncertainties that could have cast significant doubt over its ability to continuE Ès a going coneern for at leas( a year from the date of approval of the financial statement5 ('*he going concern period"). IndepeDdeiit auditor's report to the rnembers of The Ken and Lynne Morrison Ch#rit4ble Trust (coni1￿￿ed) We are required to r¢port EO you if we hav¢ conolud¢d that the use of the going coneem b25is of ac¢ountillg is inappropriate or there is an undisclosed material unrxrtainty that In3y cast Significant doubt oyer the use of that basis for a period of at least a year from the date of approval of the f]nancial statements. In our evaluation ofthe trustees, conclusions, we considered the inhereiit risks to the charity's busines5 model and analysed how those risks might affect ihe charity's financial resour¢e5 or ability to continue operaiions over th¢ going coiJcem period. We have othing to report in these respects. However, as we cannot predict ail future events or conditions and as subsequent ¢venL% may re4ult in outcomes that are inconsist¢nt wsth judgements that were reasonable at the time they w¢re madc, thc absence of reference to Tnaterial uncertainty in this auditorfs report is not a guaraniee ihat the charity will continue in operation. Oth¢r Tnformatio The trusiees are respoDsibl¢ for th¢ other infomiation, which COrnPFises the Tmstees. Report. Our opinion the finat)ci&l statem¢nts does not rover the other information and. accordingly, we do not express an audit opinion or, except as explicitly s¢ated below, any forni of assurance conclusion thereon. Ourresponsibility is to read the otherinfomiation and, in doÈng so. consider whether, based on our financial statements audit work, the infomialion therein 15 mat¢rially misstated or Énconsistent with the financial statemenls or our audit knowledge. We are requir¢d to r¢port to you if.. based solely on that work, we have identified material misstatements in the other infonnation. or in our opinion. Ihe information given in the Trnstees, Report is incon5iSteni in My material respect wilh the fthancia] statements. We have •othing io report in these respecis. Mgtters wbieh we are required to report by exceptlon Under the Charities Act 2011 we are required to report to you if. in our opinion.. the charity has not kept sufficient accounting records. or the finan¢ial statem¢nts are not in agreement with the accounting rttords,. or we have not r¢c¢ived all the information 2nd explanations we require for our audit. We have nothing to reporr in these respe¢ts. Tru5tees' responsibilities As explained more fully in theirstatement set out on page 5, the irustees are responsible for.. the preparation of financial stateEnents which give a true and fair view; such internal coiitrol as they deirnnin¢ 1$ n¢¢essary to enable the PFepaFation of financial statements ihat are free froin material mi8Statelliellt, whether due to fraud or error. assessing the Charity's ability to coniinue as a going Concern, disclosing, as applic2blc, matters related to going concem,. and using the going Concern basis of accounting unless they eiih¢r intend to liquidaie the chtirity or to ce&se operatioi)s, or have no realistic altcrnativc but to do so. Auditor's resp(>nsibiliti¢$ Our objectives are to obtain reasonable assurance aboui whether che financial statemeDts as a whole are free from material missla￿men[ whether due to fraud or error, and to issue our opinion in an auditor's report. Rca%on2ble assuranct is a high level of assurance but does not guarantee thai an audit conducted in accordatJLe with ISAS (UK} will always deteci a material misststement when it exists. Misstalements ¢an arEse from fraud or error and are considered material if. individually or in aggregate, th¢y could reasonably be expected to influence the economic decisions of users takeii on the basrs of the fina]icial statements. A full audit has b¢en UDd¢rtaken without any restr￿ctionS to provide reasonable assurance that any acts of omission or commi55i0n int¢lltioiial or ￿n￿tentIOnal, committed by the organisation, or by those chLuged with governanre, by manageineni or by other indiv2duals Working for or undet the diTectiot) of the organisation, which are contrary to the prevailing law5 Qr regulations have not occuNed. This included assessing the control environment, testing of the robustDess of the organisttion's exi5tiTrg systems and controls and reviewing the organisation's risk assessment Independent *uditor's report to the mcrnb¢TS ofThe Ken and L}'Dn¢ Morrlson Ch8rithbl¢ Tru$1 (conlinued) process. The matters of 5Ègnifi¢ance giving ris¢ Lo risk. noL8bly th¢ ¢ffe¢ts of COVID-19 on the gen¢ral economy and on the perforniance of the organisation, have not given u5 any concerns thai this re8son&ble assurance cannot be achieved. ruller description .u￿aUdItOr￿eS of our responsibilities provided FRC'S websi ww Th¢ purpose of our #udit work and to whoTh w¢ owe our r¢s￿￿51b]lEt1eY This report is made solely to the charity's trusiees as a body. ith accordance with 5¢dion 144 of the Charitie5 Act 2011 (or its pr¢detessors) and regulations made under section 154 of that Aci. Our alldit has been unde]tsk¢n so that we rnighi state to rhe charity. s trustees those matT¢rs we are required io state to them in an audiior'5 report 8nd for no other purpose. To the fullest exteni pennitted by law. we do noi accept or assume responsibility to anyon¢ other than the ¢hariiy and its tystees a5 a bod}.. for our audi( work. for ihis repori or f￿ the opinion5 we have forn]¢d. lan Agar FCA lor on behalf of RobertWhow¢ll & Partller5* Statutory Audltor Chanered Accountants Robert Whowell & Parthers W¢siwood House 78 I,oughbon)ugh Road Quom Leice.8tershire LE12 8DX Roberi Whowell & Pariners is eligible Io L7cI oudiior in ierms ofsedwn 1212 ofihe Companies Acr 2006 Tli¢ Kcii & L)'nne mon'1￿11 Charilablc Trust Trust¢es' rlpon aiid fJJEancial siaienjeni. 5 April 2021 stat¢￿ent of financial activities for tAÉyear ended5 April 2023 Unrestricted fuDd$ Total 2021 Noi¢ fund$ 2020 I￿£0￿¢ and endowments from: InvesimenL Other incoJll¢ 404.960 1.508 404,960 490,787 4.932 Total itbcomeand ¢ndownE¢Dts 406,468 406,468 495.719 Expethdi¢vr¢ on: Charitable activities Raising fullds lini'e5tment M￿ager￿¢￿t tostsl {73,1201 (64,69DI 173.1201 (64.690) 1619,7201 160,5021 TotAI expenditsr¢ (137.810) {137,810) 1680,2221 Net Ilossesygains ott invcslments 368268 2186,192 3,254,460 11,182,884) Net lexpeDditureYincom¢ 636,926 2,886,192 3523,1 18 (1.367.387) N¢t movetllent ill funds 636,926 2J86,192 3.523,118 11,367,387) R¢¢on¢ili#tiott of fllnds Fund5 ai 6 April 2020 1.086,725 12.255598 13J42,323 14,709,710 Fwnds at 5 April 2021 1.723th51 15.141.7911 16J65.441 13,342,323 The notes on pages 12 to 16 (otm part of these f]nancial statements. Regist¢r¢d nurnber 1125586 15 April 2021 The Ken & Lynne Morrison Charitable Trust Trustees' report and financial statements 5 April 2021 ## **Balance sheet** _as at 5 April 202 I_ |**Fixed assets**
Investments
Cash investments
**Current assets**
Cash at bak and in hand
Unpresented income
Income ta refund due
**Creditors: amounts flling due within one year**
**Net current assets**
**Net assets**
**The fnds of the charity**
Endowment fnds
Unrestricted funds
**Total charity funds**
_Note_
_6_
_7_
_8_
_8_
_8_|**2021**
**15,278,452**
**873,ll4**
**16,151,566**
**734,751**
**1,922**
**701**
**737,374**
**(23,499)**
**713,875**
**16,865,441**
**15,141,790**
**1,723,651**
**16,865,441**
-· ·-
·-- --·-·|2020
£
12,496,203
389,566
12,885,769
476,846
312
477,158
(20,604)
456,554
13,342,323
~~·---· -~~~~**-** -·-~~
12,255,598
1,086,725
13,342,323
--·�-·| |---|---|---| The notes on pages 12 to 16 form part of these financial statements. These financial statements were approved by the board of trustees' on 20 th January 2022 behalf by: and were signed on its **Lady Lynne Christina Morrison** _Trustee_ _Trustee_ **�ey** Registered number 1125586 / 5 April 2021 10 The Ken & LynnL Mi otrisuii Charitablc l-rusi Trusi¢¢s' r￿ort and finan¢i&l.%taYernents 5 April 2021 Cash Flow Statement foryear ertded 5 April 2021 2021 2020 Cash flow5 from operAting 2£tivitie$ Net incomtllcxp¢nditurel for the reportiSk8 period Adjusunents for". (Gainslllosses on investments Dividcods, iiiiercst frojn invesim¢nts InCrC¥￿¢I(dCcrca%el in Qrfditors Ilrterea5¢lld¢ciras¢ in debtors 3,523,118 11,367,387) (3254N601 (406,468) 2895 (2,311} 1,182,884 1495,719) {300,0871 1,008 Net cash provid¢d by optrxtÉng xttivitlts 1137,226) (979.3011 Cash l]ows from investiDg #ttivitlts Dividen(fs inteiesi from investM￿ts Net pro¢¢eds from salcllpu¥ch¥sesllof investments 406.468 472211 495,719 1117,400} N'eÉ cash provided by iDv¢stihg attivitits Nrt c4sh provided by1(￿&￿d itt) fln*thtlng attlvities 87&679 378.319 Change in cash and e*h ffjuival¢nrs tn the year C￿h end cash ¢qulvaleiits at the bt£inning olihe year 741,453 866.412 1600.9821 1,467,394 Cash and ca$h t4￿1Valents at the end of dje year 1,607,865 866.412 Cash invesunents Cash 8t bank and its hand 873,114 734,751 389.566 476,846 Cash and ¢4sh eq¥ivglents at tht erEd of the y¢#r 1,607365 866,412 The notes on pages 12 to 16 form part of these financial statements. Regisiertd number 1125586 15 April 2021 l-lie Kell & LvJm¢ Morrison Lhariiuble'l'rusl Trustees. report &nd financial.%iatrmenis 5 April 2021 Notes (fttrmingpart ofihèfin&AeldlsialemenlJ) A¢¢ounting policies The following accounting polici¢s have been itpplied consistently dealintt with items which are considered material in relation to the Trusl's financial siatements. B(uis olpreporulion ofgoing comcern The Trust is a publie benefit entity. The financial stateineDts hav¢ been preptred under the histori¢01 cost convention. witli the exception of invesiments wliich are included at maTket value. The ftnancial statements have been prepared in accordance with the Siatement of Recoillmended Practice.. Accounting and Reponing by Charitie5 preparing their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July ?014 and the Financial Reporting Standard applicable in tbe United Kingdom and Republic of Ir¢land (FRS 102) and the Chariiics A¢t 2011 and UK Generally A¢c¢pted Prartice as it applies from l January 2016. The financial statements have been prepared to give a 'tr￿E and fair, view and have departcd from the cliariti￿ (Ac¢ounts and Reports} Regulations 2008 ORly to the extent required to provide a 'true and fatr view.. This departure kn involiied following A¢¢ounting and Reporting by Charities prepartng their ￿COUnts in a¢cordance with the Financial Reportiiig Standard applicable I￿ the UK and Repllblie of Ireland IFRS 102) issued on 16 3uly 2014 rath¢r than th¢ Accounting and Reporting by CharitÈes'. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Trnstees consider that there are no material wi¢¢rtaintEes about the Th￿st'S kbility to Cont￿nUt as 2 going concem. The most signif￿cant area of risk in this yeaT and for the fu￿re is around the valuation of the investinents. This however is not a going ¢OnG¢1￿ risk as there is a signifjcant net asset balanee at year end and tht trustees have tontrol over the lev¢1 of gfdnts the Tmst awards. Incoming r¢sourees Investment income and bank inierest is ac¢ouni¢d for on an accrual basi5. Resources expendtd All expenditure is accounted for on an accruals basis and h2s been listed under headings that aggregate all the costs direcily aitributsbl¢ to that activity. Where Costs (including overheads) cannot b¢ directl), attribul¢d they have been allo￿ted to activities on a basis consistent with the use of reSoU￿eS and th¢ time spcnt on those activities. Gov¢mance costs are those IncU￿¢d ID th¢ governance arrangement of the charity which relaTr to the general running of the charity as opposed to those costs asg0¢iated with generating tunds or charitable activities and its costs are primarily associat￿ with constitutional and sta￿tOry requirements. The Ken & Lynnc Morrison Charitable Trust is Considered lo pas5 the iests set out in Paragraph I Schedule 6 Financc Act 2011 and therefore it mee¢s the definition of a charirable trllsl for UK income tax putposes. A¢¢ordingly, the chariry is potentially exempt from taxation in respect of inLome or capiial gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to th¢ extent thai such income or gains are applEed exclusively to charitable purpoges. No taK charge has arEsen in the year (2020.. £nil). Registe￿d nutnh¢r 1125586 15 April 2021 12 I'lie Keli & Lvnne Morriyon ChariiablL'frus1 Trustces. report ￿ld rtnantial stattments 5Apri12021 Notes (coniinued) Ateounting policies (con11￿￿ed) C&sh Lush equiwlen¢.$ C&h at bank and in l)aiid is held to meet the grant making activity and the day to day running costs of the th￿lty. Cèsh invesimenis are cash balances held within the T￿$t,5 investment portfolio. Creth'tor5 Creditors ar¢ amounts owed by the charity. They are measured at the amounl that th¢ charity expects to haye to pay to settle the debt. Funds aCeO¥niin8 The expendable endowment fi]nd has been established by the donor to generate in¢om¢ to be used for the objectives of the Trust and ther¢fore will represeni a core ￿lld fLir¢ontinuing activities. However, Ihetru5tee5 do have the option (if ll¢￿ed) to spend the expendable endomineni fund as and when requir¢d. The Tncoming resourc¢s froni eThdowmeni fundg are unrestricted. The capiial 8ppr¢¢iation of these fund5 reiiiain endowed funds. Unrestricted funds are available for the use ot the discretioll of the truste￿ in fi￿herance of the charitable objectives of the Tw#. XEda￿e* inveslpnents Inv￿lMen1$ are slated ai market value being the bid price or the last traded price at the date of ihe net assets statement. The realised and unrealised gains on investments are reflected in the statement of fmaneial £￿tIVitieS as they arise. Reali5ed gaiiis and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later)- Unrealis¢d gains and losses are calculated as the differellce between the rnarket value at the year end and opening market value (or purchase date if later). Realised and unrealis¢d gains art Separated in the noles to the accounts. Expendlture on eharltable activitles 2021 2020 Grants ITJOt¢ 3) Governanc¢ cost5 (nok 4) 66,400 6,720 613.000 6.720 73,IZO 619.720 R¢gisttred numb¢r 1125586 15 April 2021 13 lic K£n & L>nn¢ Mori'ison Cltstitable Truil 1tU51ees' report finattcial stai¢niciiis 5 April 2021 Notes (conlinued) 3 Gr8uts payable Donations totallin(t £66.400 were made during th¢ y¢ar. There were 4 grattis made to organisations dui'ing the year amounting ¢0 £66,400 as det8iled below.. 2021 Bradford Inclusive Disability Service Henshaws Marie Curie Parocha&l Church Council of Idle 2,400 21,000 40,0110 3,000 66,400 Govern8nce eosts mw]a8e￿enÉ and administration costs.. 2021 2020 Audit ftts Accounting advice znd otherprof¢SsioJ￿[ ft¢s 3,600 3,120 3,600 3,l2U 6,720 6.720 R¢8lStered number 1125586 15 April 2021 14 Th¢ K¢n & Lynnc Morri¥(Trn Lhari¢ablL TTUSI Tiusi¢es' report ojid finwicial 51ai¢m¢nls S April ?021 Notes (conlinued) Tru$ltts remunera¢ion #nd expenses No remun¢rniion or expenses w¢re paid io the trustees for their services during ihe year (2020.. £nil). No staff were ernplo)'ed by tl?e Tru51 during the year (2Q20.' none). Listed Investments 2021 2020 Invc5tsn¢Dts at m&rket va]ue at 6 April 2020 12,496.203 13,561.687 Add.. invesun¢nts purchased in th¢ yrw(* ¢os(I 1161.467 1.984224 D¢dua.' it)vestments y>ld in the ytar (￿ markd valu¢l 11.965.410) 11,973,970) Deduct.. investments purchased and sold durin8 the year N¢t 8ainl{loss} on revai￿a￿On 2080.192 11.075,7381 Invtttments at maTk¢t v*lue At 5 April 2021 15278,452 12.496,203 PTo¢ceds of invesimeDts sold in the yC*LT 2JJJh78 1.866.824 DeJuct.' invcstmcnts sold in the year lal markrf v￿￿¢} (1.965,410) {1.973.970} D¢dua'. investments pUrch￿¢d and dyring the ycar R¢*liS￿ %#inllto&s) at mark¢t valut #i S Aprll 2021 368.268 1107.1461 8ainl(loss) on TcvalvativD Reali$ed 8&inlllossl 2,886,192 11.075.738) {107.l46 G2lnsl Ilosse5) on in¥¢$tm¢ni$ 11.182.884) R¢gi5t¢r¢d nurnb¢T 1125386 15 April 2021 15 Tlic KCTI & Lyiirte Moiyison Ch2ritdble Trust Tiust¢e%' t¢Jxirl and finaT)¢iJl staiemeiiis 5 Apyil 2021 otes (conlinued) Creditors: an]ount5 falling due wlthin one year 2021 2020 Accruals- IDVCSt￿eni ￿L￿agerS fccs ALcrua15- Audit and a￿un[all(y fr¢ 16.779 6.720 13.884 6,720 23,499 20,604 Analysi5 of net assets betweeA fund$ The reserves of the charity can be allocated to net assets as follows.. ExpettdAble endowment Totil 2021 Tolal 2020 Unrestricted Inv&8tments at value Cash at bank and in he￿d Other curymt d$S¢t￿lI1abI1ll1esI 15,141,790 136,662 ,607065 120876) 11378.452 J.607.865 120,8761 12,496,203 866,412 120.2921 15,141.790 1,723,651 13,342,323 R¢gist¢r¢d number 1125586 15 April 2021 16