The Ken & Lynne Morrison CharitabIe Trust Trustees, report and fmancial statements Registered number 1125586 5 April 2024
The Ken & Lynne Morri Charitsble Trust Trustees, report and financial ststements 5 April 2024 Contents Trustees, report Statement of trustees. Yesponsibilities in respe¢t of the Trustees, report and the financial statements Independent auditor's report to the members of The K¢n and Lynne Morrison Charitabl¢ Trust Statement of financial activities Balance sheet io Cash Flow Statement Notes 12 Registered nutnber 1125586 1 S April 2024
The Ken & Lynne Motrison Charitsblc T]usl Trnste¢s' report and financial staternents 5 April 2024 Trustees. report Reference and administrative details Trustee5 Lady Lynne Christina Morrison Andrea Shelley Governing dotument Deed of Trust dated 28 March 2008 Registered address Myton Hall Myton on Swale York Y0612QX Bankers Caler Allen Private Bank PO Box 826 Bradford BDI SUL Auditor Robert Whowell & Parthers LLP Westwood House 78 Lou8hborou8h Road Quorn Leicestershire LE12 8DX Solicitors Gordons LLP Riverside West Whitehall Road Leeds LSI 4AW Investment MAnAgers LGT Wealth Managernent Limited 14 Cornhill London EC3V 3NR Registered number 1125586 15 April 2024
ThE Ken & Lynne Morrison Charitable Trnst Twstees. report 8nd fmancial stat¢Tnents S April 2024 Trustees, report (conlinued) The twstees present their report along wilh the finan¢ial stst¢m¢nts for ih¢ year ended 5 April 2024. The financial statements have be¢n prepared in accordance with the accounting poli¢ies set out on pages 12-13 and comply with the trust deed. Charities Act 2011 and Accounting and Teporting by Charities.. Statement of Recommended Practice in accordance with the Financial Reporting Standard I02 applithle in lh¢ UK and Republic of Ireland (FRS 102}. Principal risks and uncertsinties Finall¢ial risk mgng2ement obj¢etives and poli¢ies Th¢ Trust uses financial instruments comprising cash and investments. The main purpose of these is to finance the working capital of the Trust and the longer-tern] income and capilal needs. The Trust considers rnovements in investment prices and returns to be its main risk. This risk is mitigated by using an investment fund manager and having a div¢rsified inv¢stm¢nt portfolio. Obj¢ctjveg And Activities The objectives of the trustees are to apply the incoming resources of the Trust by making grants for th¢ beAefit of one or more Gharitable institutions or individuals, including but not restricted to people with a disability or special needs, education. training or for such other charitable purposes at the trustees. discretion. The capital may be applied for Charitable purposes or retained by the trustees at iheir discretion. The trustees identify projects and organisations they wish to support. Requests from people ororganisations who apply speculatively will be considered if they are pertinent to the Trust's objectives. Unsolicited requests from national charities will generally only be considered if there is some public benefit to the Yorkshire region. The trnst¢es a150 have a policy that Ihey make only one-off grants with no guarantees of future fundin8. The ¢harity does not carry out fundraising activities. Publi¢ benefit The trustees e aware of the Charity Commission's advice on Charities Public Benefit. The trustees confim) that they have referred to the guidan¢¢ Contained in the Charity Commission's general guidance on publi¢ benefit when reviewing the Trust's aims and objectives and in planning future activities and setting ihe grant making policy for the ye8r. The tsustees do not discriminate against any paty when considcring their gTant moking policy. Thc bcnefits of the charitablc activitics of thc Tnist arc primarily to a section of the publi¢ in accordan¢e with the charitable objects described above in the trustee's objectives and activilies, Achievements and performance a) Review of activities and financiAI review The main activity in the year is grant making. During the year the trustees made, or committed to rnaking. grants totalling £201,003 {2023". £307.016). There were 4 Brants made or committe¢ of value between £3.003 and £lOO,000. The list of grants is detailed in notr 3. The donations were made to a variety of charitable institutions. A brief description of three of the largest donations are as follows: A grant of £lOO,000 was made Éo Centrepoint. The grant W&8 used to fund a full-time psyGhotherapist and a Training Manager role. This will benefit the public by enabling Centrepoint to provide homeless young people with accommodation, health support and life skills in order to get them back into education, trainin& and employment. A grant of £50,000 was made to Bradford LIteratu Festival to support the delivery of the event held in June & July 2024. Bryadford Literature Festival is one of the top three largest literature festivals in the UK and is Europe's most div¢r5e literature festival. A grant of £48,000 Wds made to Marie Curie (Brddford Hospice). The grant was used towards their nursing setvice in the Marie Curie Bradford Hospice to enable the Hospi to fund two arie Curie Nurse. This will benefit the public by enabling Marie Cure Bradford Ilospice to provide specialist care and support to those living with atenninal illness, and their families. Registered number 1125586 15 April 2024
The Ken & Lynn¢ Morrison Charitable Trust Trnstees. rewrt and fllwicial slai¢ments 5 April 2024 Trustee's report (continued) Total income exceeded expenses in the year by £265.645 (2023..£198,072). Other investment gains (both Tealised and unrealised) amounted lo £1,201,664 Q023.' inves¢meni losses of£l,443589) to give an overall increase in funds of £1.467.309 (2023.. decretue infynd¥ of£l245,517). b) Investment poliey And perform#llee The Trust's investment policy seeks to achieve a balanced return from income and Capital appreciation whilst controlling th¢ level of risk. The investment income was £539,401 Q023.. £576,701} and th¢r¢ was an Inc in the value of the investments over the year of £1.201,664 (2023.. deCree in value of InVlMen¢S of£l.443,589). The results for the year ore given on page 9. The trustees consider the results for ihe year to be SatiSftOry given current market conditions. The sour¢e of fjjnding for the Trust during the year ended 5 April 2024 is the above investment income of £539,401. ¢) Plans for future periods It is the intenlion of the trustees that the income of investments from the expendable endowment fund will be used for ch8ritable purposes in accordance with the objectives and strategies of the Trust. As the charity's 8rant making is nded out of income froEn the endowment fund the charity does not undertoke any fundraising activities and th¢r¢fore does not hav¢ a fundraising policy. The grant making policy of the charity includes small donations (on application) to causes within the objective5 and also larger donations to projects or organisations ihat ihe trustee5 have identified. The plan for the tllre is to donate as much as possible, to deserving applicants, lo a level that broadly marches the annual incxsme received, thus enabling the Trust's ndS to be maintained at a steady level. Other polleles a) Reserves polley The trustees intend to distribute the net incoming Tcsoufc¢5, which relate to investment income and realised gainsllosses, arising ftom yearto year, alihough ihe trustees have the pow¢r to accumulate all or part of such incoming rcsources for investment purposes as they see fit. The charity reeeived a donation of £9,536,460 in the year ended 5 April 2009 as an expendable endowment fund which will provide an annual income to support activities and cover administrdtion 8nd support costs. The endowed funds have increased over the years from capital appreciation. Free reserves forihe trust total £1,707,312 Q023.. £1,433244) being the unrestrictcd fvnds of the charity, Free reserves have inGrea5ed by £274,068 as income and reali5ed gain5 exceeded totsl expenditure. The cost of running the charity each year is estimated at £75,000. The ¢urrent level of free re5erYes exceeds the annual cost of nn1rt8 the Charity however as noted above ihe trustees have the power to accumulate the incoming rescrves for investtnent purposes or grants and donations. b) Prineipal funding The trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations. Registered number 11255861 S April 2024
The Ken & Lynne Morrison Charitable Trnst TTUStees' report and financial statenjents 5 April 2024 Trustees, report (continued) Structur4 governance, 2nd management 2) Constitution The Ken & Lynne Morrison Charitable Trust is an unincoryx)rated chariry (registered charity nurnber 1125586) estsblish¢d under a Trust Deed dated 28 March 2008. b) Method of appointment or el¢¢tion of trustees The power of recNiting and appotnting tllre trnstees. vests with the Current twstees. The current trustees are listed on page l. e) Polieies adopted for the inductlon The trustees a mindful of iheir duties in connection with the induction and training for trusle¢s and the trustees are undertaking appropriate training and advice in relation to being a charitable trustee. d) Organisation structure And decision making At annual tnjstees, meetings, the trustee5 collectively agree thc broad gtrat¢gy and are&s of tIvIty for the TrusL including those of grant making, investment and risk management. The trustees are empowered by the Trust Deed to apply the income of th¢ Trust for any charitable purpose they think fit subject to the objects of the Tnt. The trustees have the same full and unrestri¢ted powers of investing and transferring investmenls as if they are beneficially entitled to ihe Trust Fund. e) Key management personnel remunerat5on The Trustees e responsible for the day to day running of the Th]st and are deemed to act as key management personnel. No tDJStees, or person with a fornily or business connection with a trnstee, received remuneration in the year, directly or indirectly. from the Trust (2023: £nil). Q Rlsk management The truslees have reviewed the eff¢¢tiveness 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 straightfornard nature of the Trust. Dis¢losure of inforniation to auditor The truslees who held office at the date of approval of this Trustee5' report Confinn that, so far as they are eack aware, there is no relevant audit inforniation of which the Trust's audilor is unaware: and each trustec has taken all the steps that they ought to have taken as a truste¢ to make thcThselves aware of any relevant audit inforniation and to establish Ihat the Tnt'S auditor is aware of that inforniation. By order of the board Lady Lynne Christina Morrison Tiuslee 3<(J5X&kw 2024 Alylon Hall Afylon on Swale Helperby York Y0612QX Registered oumber 1125586 15 April 2024
The Ken & Lynne Morrison Charitable Trnst Ttwtees. report and financial sial¢m¢nis 5 April 2024 Statement of Ttee$, responsibitities in respect of the Trustees, report and the financial statements Under the trust deed and charity law, the trustees are responsible for preparing the Tnte¢s, Report and the finan¢ial statements in aGGordanGe with applicable law and regulations. The tnteeS have elected to prepare the financial ststements in accordance with UK Accounting Standards, including FRS 102 The Finan¢iol Reporling Siandard applicable in the UK and Republic oflreland. The financial ststements are required by law to give a Irue and fair view of the state of affairs of the charity and of the income that exceeds expenditure in 2024. In preparing these financial statements, generally accepted accounting practice entails that the trustees: select suitable 2c¢ountir)g policies and then apply them consistentlyi make judgements And estimates that are reasonable and prudent. state whether applicable UK Acwunting Standards and th¢ Statement of Recommended Practi¢e have been followed. subject to any material departures disclosed and explained in the financial statements, state whetherthe financial statements comply with the trust deed, subject to any rnaterial departures dilOSed and explained in the financial statements; assess the charity's ability to continue as a goin8 concern, disclosing* as applicable, matters related to going concern. and use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper ac¢ountin8 records, sufficient to disclose at any lime, with reasonable a¢¢uraey, the financial position of the charity at that time, and to enable the trustee5 to ensure thal, where any statements of accounts are prepared by them under section 132(l) of the Charities Act 2011, those siatements of accounts comply with the requirements of regulations under that provision. They Are responsible for such internal control as they delennine is necessary to enable the preparation of finanGiai staternents that are free from maierial misstatement. whether due to fraud or error. and have gencrdl responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. Registere¢I number 1125586 15 April 2024
Independent auditor's report to the Trust of Ken & Lynne Morrison Charitsble Trust Opinion We have audited the financial statements ofKen & Lynnemorrison CILariiable Trust C'the charity") for the year ended 5 April 2024 whi¢h comprise the Statement of financial activitie4 Balance sheeL Cash flow statement and related notes, including the accountinE policies in note l. In our opinion the financial statements: give a true and fair vlew of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporling Standardapplicable in the UK andRepublic ofjreland. and have been properly prepared in a¢¢ordan¢e with the requirements of th¢ Charities Act 2011. Basls for oplnlon We have been appointed as auditor under section 144 of the Charitie5 Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibiliti¢s under, and are independent of the charity in aco)rdan¢¢ with. UK ethical requirements including the FRC Ethical Standard. We believc that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Conelusions rel*ting to going eoocern n auditing the financial statements, we have concluded ihat the trustees, use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have perfornied. we have not identified any materiat uncertainties relating to events or conditions th&t, individually or collectively, rnay cast significant doubt on the charity's ability to continue as a going oncern for a period of at least twelve months fiom when the financi ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respe¢t to 80ing concern are described in the relevant sections of this report. Other information The trustee5 are responsible for the other infotrnation, which comprises the Thistees. Report. Our opinion on the financial statements does not cover the other inforniation and. accordingly. w¢ do not express an audit opinion or, exccpt as explicitly stated below, any form of assuran¢e conclusion thereon. Our responsibility 15 to read the oth¢r infomiation and. in doing so, consider whether. based on our finan¢ial stalernents audit work, the infomation therein is materially misstated ¢x inconsistent with the financial stst¢ments or our audit knowledge. We are required to report to you if: based solely on that work. we have identified rnaterial misstaternents in the other infonnation; or in our opinion, the infomiation given in the Trustees, Report is inconsistent in any material respect with the financial staternents. We have nothing to report in these respects.
Independent auditor's report to the members of The Ken and Lynne Morrison Charitable Trust (con(inNgd) Matters on which we are required to report by exteption Under the Charities A¢t 2011 we are required to Teport to you if, in our opinion: the charity has not kept sulTIcient accounting records; or the financial statements not in agreement with the accounting records: or we have not received all the inforniation and explanations we require for our audit. We have nothing to report in these respects. Trustees, responsibilities As explained more fully in their statement set out on page 5. th¢twst¢es ar¢ Tesponsible for: the preparation of financial statemcnts which give a true and fair vi¢w- such internal control as they determine is necessary to enable the preparation of financial statemenls that are free from material misstatemenL whether due to fraud or error, assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters related to going conGem' and using the going ¢on¢ern basis of accounting unless they either intend to liquidate the charity or to ¢ease operations, or have no realistic aLternative but to do so. Auditor's rtsponslb51ities We have been appointed as auditor under 5eGtion 145 of the ChaTities Act 2011 and report in accordance with regulations made under section 154 of the a¢1. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue our opinion in an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but does not guardntee that an audit Lx)nducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuAlly or in aggregate, they could reasonably be expected to influence the econorni¢ decisions of users taken on the basis of the financial staternents. Irregulgrities, including fraud. are instances of non-compliance with laws and r¢gulation$. We design procedures in in¢ with our responsibilities, Outlined above. to detect material misst8tements in Te5pect of irregularities. including fraud. The extent to which our procedures are capable of deie¢ting 1rre8ul8riti. including fraud, is detailed below. Extent to which the audit was considered e2p8ble of detecting irregularities We identify and assess the risks of material misstatement of the financial sts*m¢nts. whether due to fraud or error, And then design and perforni audit procedures responsive to those risks, in¢luding obtaining audit evidence that is sufficient and appropriate to provide a basi5 for our opinion. However. responsibility for the prevention and d¢te¢tion of fraud ultimately rests with both those ¢haTged with governance and managem¢nt of thc charity. In identifying and assessing risks of material misstatement in respect of IC8u1aT1ties, including fraud and non- complianc¢ with laws and regulations, our procedures included the following: obtaining an understanding of the legal and regulatory framework applicable to the charity by Considering the nature of the industy in which Ihe charity operdtes and enquiring of managemenL and identifying the key laws and regulations considered io have a direct impact on the financial ststem¢nts including UK Charities Act 2011, UK Generally A¢¢epted A¢¢ounting Practice and UK tax legislation. assessing how the charity is complying with the applicable legal and regulatr)ry framework by making further enquiries of management and observing the charity'5 control environment regarding cornpliance with regulations and fraud prevention. and assessing the susceptibility of the charity's financial ststements to material misstatemen¢ including how fraud might occur, by ¢onsidering the effectiveness of the charitys accounting systems and controls and how these were monitored by management. Where the risk of material misstatement was considered to be higher in certain , further audit procedures were designed to address this increased risl and
Independent auditor's report to th¢ Members of The Ken and Lyllne Morrison Charitable Trust (conlinmedj discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud. Audit response to risks of irregularities identified Our procedures to respond to risks idenlifjed included the following: reviewing financial sL*ement disclosures and testing to supporting documentation assess compliance with applicable laws and regulations. and enquiry of charity's Sretsry responsible for Complian to identify any instances of non compliance with laws and regulation5- and enquiry of managemenL those charged with governancc and other relevant parties around actual and potential litigation claims :and reviewing minutes of meetings of those charged with governance; and perforning audit work over the risk of management oveIde of coTJtrols, includin8 rationale of signifiCt transactions outside the nornial course of the objective5, and reviewing accounting estimates for bias. and communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and re8ul&ions throughout the audit. Because of the inherent limitations of an audiL there is a risk that we will not detect all irregularities, including those leading to a material rnisstatement in the financial statements or non-compliance with regulation. This risk increases the more that complian¢e with a law or regulation is removed from the events and transactions reflect¢d in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is a150 greater regarding irregularities occurring due to fraLLd rather than error, as fraud involves intentional concealrnenL forgery. collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRCS websste at." htt s".Ilwww.frc.or .uklaudilorsl audit-assurancelauditor-s-res nsibilities-for-the-audit-of-the-fddescri tion-of-the-auditoelc E2Yo801AI 99 onsibilities-f This description fomis part of our auditotrs ieporL Use of oyr report This report is made solely to the chartty's trustees as a body. in accordancc with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Acl. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fijllest extent pemiitted by18w. we do not accept or assumc rcsponsibilily lo anyone other than th¢ ¢harity and its trustees as a body, for our audit worK for this teporL or for the opinions we have fornied. Paul Johnson FCA, Senior Statlltory Auditor for and on behalf of Robert Whowdl & Partnen LLP, Ststutory Auditor Chartered Accountanls Robert Whowell & ParÈners LLP Westwood House 78 Loughborough Road Quorn Leicestershire LE12 8DX Robert Fthowell & Parlners LLP is eligible lo aci as an al110r in lernis ofseclion J212 ofihe CompaniesAci 2Q06
The Ken & LyLe Morrison Ch8rAtable Trnst Trustee5' report aDd finon¢Ral st21ements 5 April 2024 Statement of fmancial activities for ihe yeai. ended5 April 2024 Unreslri¢ted fund5 Endowment funds Tothl 2024 Total 2023 e Income and endowments frnm: InvestrAents Other incotne 539.401 1,638 539,401 1.638 576,701 l.664 Totsl income antl endowments 541,039 541.039 578.365 Exp¢nditure on: ch1t&b]e Aaivities Raising funds (investment MEagement) B(19.109) (66285) (209,109) (66,285) (313,676) (66,617) Total ¢xp¢nditur¢ (275J94) {275,394) (380.293) N¢t gain{loS) on investments 8,423 1.193241 1,201,664 (1.443,589) Net incomel(expendituYe) 274.1168 1,193.241 1.467,309 (1.245.517) Net movement in fvnds 274.1 1,193241 1,467J09 (1.245.517) Re¢on¢llla¢ioA of funds Funds at 6 April 2023 1,433244 Is,23654 1&670,098 17,915.615 Funds at S April 2•24 1,707J12 16,4311.095 18,137,407 16,670,098 The notes on pages 12 to 16 forni part of these financial statements. Regtstered number 1125586 1 S ApTiI 2024
The Ken & LyJ]ne MorrÈson Charitable Trnst Trustees. report and fm8ncial statements 5 April 2024 Balance sheet as at 5 April 2024 Nthe 2024 2023 Fixed assets Investments Cash investrnents 16,999,912 414,087 14.673.245 1,437,466 17,413,999 16.110.711 Current $$tts CaslL at bynk And in hand Unpresented income Incorne refid due 744602 646.131 1,638 1,521 74A240 647,652 Creditors: amounts falling due within one year (22,832) (88.265) N¢t ¢urrent aSStts 723,4(18 559.387 N¢t assets 18,137807 16.670.098 The thnds of ihc charity Endowmeftt fimd5 Unrestricd fio)ds 16,430,095 1,71J7?12 15236,854 1.433,244 Total ¢hArity funds 18,137,407 16.670,098 The notes on pages 12 to 16 fonn part of these financial statements. These financial statements were approved by the board of trustees. on S gett*ftJet &lland were signed on its behalf by: Lady Lyntle Christina Morrison Truslee Mrs Andrea Shelley Truslee R¢8iSteffd nUMr 1125586 15 April 2024 10
The Ken & Lynne Moryison Charitsble Trust TTUStees' Yert and fmancial staiernent5 5 April 2024 Cash Flow Statement foryear ended 5 April 2024 Nole 2024 2023 Cash flows from operating aetiviti Net income/(expendtture) for the reporting puiod Adjustments for.. (Gainsylosses on investments Dividends. interest from investments (Decrease)fincre8se in creditors (Increase}Id¢cr¢age in debtors 1,467J09 (1.245.517> (1,201,664) (541,039) (65,433) (1171 1,443,589 (578,365> 52,801 5.161 Net CAsh used in tsperatittg *¢tivities (341J.944) (322,331) Cash flowg from investing gCtivitie¥ Dividends. interest from inv¢slm¢nts Net proceeds from salel(purchases) of investments 541,039 {1,125,003) 578.365 (302.447) Net t#sh provided by investing aetivities N¢1 eash provided byl(us¢d in) fift•n¢inE getivitles (583,964) 275.918 Change in ¢ash and ¢ash equivalents in the year Cash and ch equivalents ai the beginnÉng of the year (924,908) 2,083,597 (46,413) 2,130.010 Cgsh and t#sh Èquivalents xt tbe end of tb¢ yur 1,158.689 2,083,597 Cth inveslrnents Cash at bank and in hand 414,087 744602 1,437,466 646.131 Cash and ¢Ash equivalents at the end of the year 1,158,689 2.083,597 The notes on pages 12 to 16 form part of these financial slatements. Regist¢red nutnber 112558615 April 2024 11
The Ken & Lynne Mofrison ChArttable Trust Truste¢s' pOrt and fJnBncial statements 5 April 2024 Notes (fOr1ngpQrt oflhefinancial statements) Accounting polici The following accounting policies hav¢ been applied consistently in dealing with items which are considered material in relation to the TTUSt's financial staiements. Bwis ofpreparntloft ond assessment ofgolng concern The Trust is a public benefit entity. The financial statements have been prepared under the historical cost convenlion. as rnodified by the revaluation of investments to market value and are in accordan¢e with Accounting and Reporting by Charities: Statement of Recommended Practice appliable to charities prep8ring their accounts in accordonce with the Financial Reporting Standard applicable in the UK and Rcpubli¢ of Ireland (FRS 102) (effective I January 2019) ('the SORP,), the Charities Act 2011 and applicable United Kingdom accounting standards. The financial stslemenls have be¢n prepared to give a 'trne and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the ¢ent required to provide a 'tNe and fair view.. This departure has involved following Accounling and Reporting by Charities preparing their accounts in accordance with the Financial Reporting StaF]dard appli¢able in the UK and Republic of Ireland (FRS 102) issued on l January 2019 rather than the Accounting #nd Reporting by Charities: Statement of ReGornmended Practice effective from l April 2005 which has since been withdrawn. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant are& of risk in this year and for the futsre is around the valuation of ihe investments. This however is not a going concern risk as there is a significant net asset balance at year end and the tSte¢S have control over the level of grants the Trust awards. Incoming resources Investment income and bank interest is accounted for on an accrual basis. Resources Qrpended All expenditure is accounted for on an accru&ls basis and hgs been listed under headings that aggregaie all the costs directly attributsble to that activity. Where costs (including overhead5) rannot be directly attributed they have been allo¢ated to a¢livities on a basis consistent with the use of resources and the tirne spent on those activities. Governance costs are those incurred in the governance arran8ement of the charity which relate to the general running of the charity as opposed to those costs a5so¢iated with generating funds or Charitable activities and its costs are primarily associated with constitutional and statutory requirements. royalion The Ken & Lynne Morrison Charitable Tn is considered to pass the tests set out in Paragraph I Schedule 6 Finan¢e A¢t 201 l and therefore it meets the definition of a charitable trust for UK income tax pUse5. Accordingly, the charity is potentially exempt from tsxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxalion of Chargeable Gains Act 1992. to the extent that su¢h in¢ome or gains are applied exclusively to Charitable purposes. No tax charge ha5 arisen in the year (2023.. £nil). Registered number 1125586 15 April 2024 12
The Ken & Lynne Morrison Charitsble nt Trustees. r¢port and fTnaDcial ststemeThts 5 April 2024 Notes (continued) Accounting policies (conlinued) Cash and cash equivalents Cash at bank and in hand is held to meet the grant moking activity and the day to day running oosts of the charity. Cash investments are cash balances held within the Trust's investment portfolio. Creditors Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt. Funds oeeounllng The expendable endowment fund has been established by the donor to generate in¢ome lo be used for the objectives of the Trust and therefore will represent acore fund for continuing activities. However. the trustees do have the option (if needed) to spend the expendable endowment fund as and when required. The incoming resources from endowment hnds ar¢ unrestrid¢d. Th¢ capitsl appreciation of these funds remain endowed fund5. Unrestricted ndS are available for the use at the discretion of the trustees in fiher2nce of the ¢haritAble objectives of the Trust. FLred Se1 Investthenls Investments are stated at market value being the bid price or the last traded price at the date of the net assets ststement. The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase dale if laler). Unrealised gains and losses are calculated a5 the difference between the market value at the year end and opening market value (or purchase dale if later). Realised and unrealised gains are separated in th¢ notes to the a¢Munts. Expendlture on eharltable aetlvltles 2024 2023 Grants (note 3) Governgnce costs (nole 4) 201,003 8,106 307,016 6.660 209,109 313.676 Registered nurnber 1125586 15 April 2024 13
The Ken & Lynne Morrison Charitable Trust Trustee5' report and fa]81 statements S April 2024 Notes (continued) 3 Grants payY4ble Donation5 totalling £201,003 (2023: £307.016) were made during the year. There were 4 grants made to organisations during the year as detailed below: 2024 Centrepoint Bradford Literabjre Festival M8rie Curie Bradford In¢lv5ive Disability Service IoD,000 5tb,000 48,0(JO 3,1103 201,003 GovernAnee costs Management and administration costs: 2024 2023 Audit fees Accounting advi and other professional fees 3.000 3,660 3,726 8,1(16 6,660 Trustses, remuner8tion gnd expenses No remuneration or expenses were paid to the trustees for their service5 during the year (2023.. £nil). No staff were employed by the Trust during the year (2023.. none). Registered number 1125586 15 April 2024 14
The Ken & Lynne MorrisrJD Charitable Trust Tr¥Jsk£s' report and financial stat¢m¢nts S April 2024 Notes (con¢inuedJ Listed Investments 2024 2023 Investments at market Yglue at 6 April 2023 14ffj73.245 15.814.387 Add: inveslments purchased in the year (at ¢ost) 2,801,225 1,849,750 DeducÉ: inv¢sth)¢nts sold in lh¢ year (at market value) {1,667.799) (1,653.750) Deducl: investments purchased and sold during the year (60.692) Net g8inl(t055) on revaluation 1.193,241 (1.276,450) Investments al mArket value gt 5 April 2024 16,999,912 14.673.245 Proceeds of investtnents sold in the year 1,676222 1,547.303 Deduct: investments sold in the Ye (at maTket VUe) (1,667,799) (1,653,750) Deduet: investments PUTchased and sold during the year (60,692) RliSed ViDI(ioss) 8,423 (167,139) Net gainl(]oss) on revaEuation Realised 88]00S$) 1,193241 8,423 11,276,450) (167,139) Gglnsl(los$ts) OD Investments 1.201,664 (1,443,589) 7 Creditors: amounts fAlling due within one year 2024 2023 Accruals- tnvestrnent managers fees Accruals- Audit and accountancy fee Arual$- Donations made 15J26 7506 16.989 6,660 64,616 22.832 88.265 Registered number 1125586 15 April 2024 15
Th¢ K¢D & LyDn¢ MoThison Chuitable Trust TTUStees' report and fithancial stalernents 5 April 2024 Notes (continued) Analysis of net Assets between funds The reserves of the charity c? be allocated to net assets as follows: Expendable TotAI 2024 Unres¢ri¢ted 2023 Investsnents at m8rkei va]ue CLsh at bank and in Ind Other net current liabilities 16.430,095 569,817 1.158,689 121,194) 16.999,912 1,158,689 (21,194) 14,673,245 2,083.597 (86.744) 16,430.095 1,707J12 18,137,407 16.670.098 Registered numkr 1125586 15 April 2024 16