**Charity Registration No. 1125643** ## **THE MORGAN FAMILY CHARITABLE TRUST** **FINANCIAL STATEMENTS 31 AUGUST 2021** ## **THE MORGAN FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION** ## **TRUSTEES** J Morgan A Morgan ## **PRINCIPAL ADDRESS** c/o James Morgan Morgan Trusts & Tax Planning Limited Hanseatic House 7a King Street King’s Lynn Norfolk PE30 1ET ## **INDEPENDENT EXAMINER** Larking Gowen LLP Chartered Accountants Summerhill House 1 Sculthorpe Road Fakenham Norfolk NR21 9HA ## **BANKERS** Coutts & Co 440 Strand London WC2R 0QS ## **CHARITY NUMBER** 1125643 1 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **TRUSTEES’ ANNUAL REPORT** The Trustees submit their report and the financial statements of The Morgan Family Charitable Trust for the year ended 31 August 2021. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Trust was established by a Declaration of Trust dated 4 August 2008 and was entered on the Central Register of Charities under Number 1125643 on 28 August 2008. The objects of the Trust are to hold funds to generate gains and income, with a view to applying the income to benefit appropriate charitable causes. Currently the Trustees look to provide the majority of grants to benefit charitable causes with foundations in education. Furthermore the Charity, at the Trustees’ discretion, made smaller grants to other charities (see note 3). The Trustees serving during the year ended 31 August 2021, were as follows: J Morgan A Morgan New Trustees, if required, are recruited informally on the basis of their business or related experience and their interest in the work of the Charity. Nominations are approved and appointed by the other Trustees and briefed accordingly. ## **FINANCIAL RESULTS AND PERFORMANCE** The Statement of Financial Activities of the Charity is set out on page 5. At 31 August 2021 the Trust had total funds of £1,296,914 (2020 £963,225). Of these £63,572 (2020 £76,157) are unrestricted general funds. Unrestricted designated funds are £323,891 (2020 £268,242). Expendable endowment funds are £909,451 (2020 £618,826). During the year income has decreased from £164,313 to £26,017. This is comprised of receipts from investments and donations. The fall is due to a significant donation in the prior year. Costs were £38,170 compared with £34,968 in the previous year. There was a realised gain on investments this year amounting to £50,488 compared with a realised loss of £10,962 in 2020. Unrealised gains amounted to £295,354 (£334,155 unrealised loss in 2020). The Trustees are seeking to donate a substantial proportion of the trust income to benefit educational causes. During the year the Trustees made donations, including among others to The Lady Eleanor Holles School, Beanstalk Volunteer Reading, as well as to Corpus Christi College Oxford. A full list of donations made in the year is in note 3 to the financial statements. The Charity will also endeavour to make grants to other charities, at the discretion of the Trustees. ## **RISK MANAGEMENT** The Trustees consider that the main risks of governing the Charity are in connection with the dissemination of grant awards which are reviewed periodically. 2 THE MORGAN FAMILY CHAR￿ABLE TRUST TRUSTEES, ANNUAL REPORT continued RESERVES POLICY The Trustees maintaMI Suff￿nI fU￿S lo coverthe p￿d￿8 that h8ve been made and othergrantS that are p(iyable on a one-off basis The ￿ve1 of unrestr￿ed ftJrKls al 31 August 2021 is set OLrt in the balance sheet on page 6. Donaled in(yJrne is ex￿ndab￿ endowment as the Trustees have the power to ￿k1 tnE fund5 to getErate gaiF)s and in¢orne. but Th￿Y aso spend as in(x)m8 lo the righl charilable (aU5es. Ir>vestment irKome is unrestride(l. PUBLIC BENEFIT The TTUStees confifm Ihal they hawe c￿￿pIled wrth th￿r duty to have due r￿ard to guidance on Ic ￿nefit pubbshe(f ty the Cornm￿5￿)n in exerc￿Ing the￿ tK)wers ¢x duties. STATEMENTS OF TRUSTEES. RESPONSIBIUTIES The Trnstees are respon5ibk for prepariNJ the Truslee5' Annual Re￿1 and the finaTrial statements in accordan￿ with a[wlicab￿ law and Unrted Kingdom Accounting Stan¢ard5 IUnrtetS Kingdom Generalty Accepled Accounts"ng Practice). The Lgw applicab￿ to charrties in EngL7nd & wa￿ requlres the Trystees to prepare finanual staiements for each finanoal year give a and fair view of the state of aff81rs of the Charity anrt Of the incofning resources and applui¥)n of ￿$OUT￿ of the ChaTty for that period. In preparing thesé Iinancral statements. Trustees ate required to.. sele(# Sultsb￿ xcountnig FKJlicie5 and Ihen aptty them ￿)n￿Sten1ty.' observe the methods and p[inup￿S In t￿ Chant￿S SORP, ake judgements and estimates that are [eaSonab￿ and wudent.. slate whelher appficabk a￿oUnt.ng standards have teen followed. SubJ￿t to wy material departures disclosed and expLqined in the fin￿tial statements", prepare finanthal slalements on going 0)n￿rn basis Un￿$5 it is inapproprk*e io presuNE that the Chanty conlirhJe in operalwjn. The Trustees are resp￿$1￿￿ lor keeping propef a(xx>un1ing records that d￿cloSe with ieasonable accuracy al any ts.me tre financial positson of the Charty and enab￿ them to ensure Ih8t Ihe finan￿81 slalements ccmply wrth the ChariiÈS Act 2011, the Ctority (Accounts and Reports) Regulations 2008 and the prLWigK>nS ol th2 t￿$1 deed They are also responsitAe foi safeguarding the assels of the Charrity and hen￿ lor taking reasonab￿ steps the prevenlKJn and detection of fraud and other irregLAarities. By Or(ler of the Trustees Morgan Truste ## **INDEPENDENT EXAMINER’S UNQUALIFIED REPORT TO THE TRUSTEES OF THE MORGAN FAMILY CHARITABLE TRUST** I report on the accounts of the Morgan Family Charitable Trust to the Trustees for the year ended 31 August 2021 which are set out on pages 5 to 11. ## **Respective responsibilities of Trustees and Examiners and basis of report** As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent Examiners’ statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act: or 2. the accounts do not accord with the records: or 3. the accounts do not comply with the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **CHRISTOPHER YEATES DChA LARKING GOWEN LLP CHARTERED ACCOUNTANTS SUMMERHILL HOUSE 1 SCULTHORPE ROAD FAKENHAM NORFOLK NR21 9HA** ## **Date : 01.12.2021** 4 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** |**_______________________________________________________________________**
**Unrestricted Unrestricted Expendable Total**
**General Designated Endowment Funds**
**2021 2021 2021 2021**
**Notes £ £ £ £**
**INCOME FROM:**
Voluntary income:
Donations received
1
-
-
-
-
Gift Aid receipts
-
-
-
-
Investment income:
Investments
2
26,017
-
-
26,017
**Total income**
26,017
-
-
26,017
________
_________
________
________

**EXPENDITURE ON:**
Charitable activities
3
34,250
-
-
34,250
Governance costs
3,920
-
-
3,920
**Total expenditure**
38,170
________
-
_________
-
________
38,170
________
Realised gains/(losses)
on
Investments
6
-
8,061
42,427
50,488
Unrealised gains/(losses)
on Investments
6
-
47,156
248,198
295,354
**Net**
**income/(expenditure)**
(12,153)
_________
55,217
_________
290,625
________
333,689
________
Gross transfer to/from
funds
**10**
(432)
432
-
-
**Net movement in funds**
(12,585)
________
55,649
_________
290,625
________
333,689
________

**Total funds at 1 Sep**
**2020**
76,157
268,242
618,826
963,225
**Total funds at 31 Aug**
**2021**
63,572

323,891

909,451

1,296,914

|**___**
**Total**
**Funds**
**2020**
**£**
100,000
25,000
39,313| |---|---| ||164,313| ||_________
31,675
3,293| ||34,968
________
(10,962)
(334,155)
(215,772)
________
-
(215,772)| ||_________
1,178,997| ||
963,225
| 5 THE MORGAN FAMILY CHAR￿ABLE TRUST BALANCE SHEET AT 31 ALCUST 1121 2021 2020 Fixed assets Inve5trTEnt assets 1,C66.645 736.400 Current assets Cash at bank arKI in haTxI Debtots 232,165 204,237 25.000 232.165 229,237 Cfyditors". Am￿nIS faUir¥J due withn one year I1.8￿) 12,4121 Nèt ¢LtTrent a$sets 230,269 228,825 Total asset5 less curreTrt liaty"lrtips 1.kn.914 S63.225 Totsl pet assets 1,￿.914 ,225 Charlty ftsnds Unre5trictEd - general Unrestrict& - desigrbated ExperKJable endowment 63.572 323.891 )9.451 76,157 268.242 618,826 Total fvnds 1,296.914 963.225 Approved by the Bwd auihorised for issue on J Morgan Trustee rgan stee The notes on paaes 7 to 11 fomi part of Ihese fit￿￿￿1 slalement ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **ACCOUNTING POLICIES** ## **__________________________________________________________________________** ## **General notes** The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities; Statement of Recommended Practice effective 1 April 2005 which has since been withdrawn. The Morgan Family Charitable Trust constitutes a public benefit entity as defined by FRS 102. ## **Donations receivable** Donations are accounted for in the period in which they are considered receivable. ## **Grants payable** Grants payable are accounted for in the period in which they are paid. This is the date upon which an obligation to pay has arisen. ## **Resources expended** Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which can not be recovered. Governance costs comprise those expenses related to the governance of the Charity, such as independent examiner’s fees. ## **Investments** Current asset investments are a form of financial instrument and are initially recognised at their transaction costs and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are shown in the heading ‘Other recognised gains & losses’ in the Statement of Financial Activities. 7 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** **__________________________________________________________________________** |**1.**
**Voluntary income – Donations**
Donations
**2.**
**Investment Income**
Dividends
Bank interest
**3.**
**Charitable Activities – Grants Payable**
_Grants to institutions:_
Corpus Christi College
Beanstalk, Volunteer Reading
Crisis
The Trussell Trust
Lady Eleanor Holles School
Build IT International
Royal Marines
Anal Cancer & HPV|_
|**2021**
**£**
-
______
-
______
**2021**
**£**
25,734
283
______
26,017
______
**2021**
**£**
19,650
4,800
2,400
2,400
5,000
-
-
-
______
34,250
|**2020**
**£**
100,000
______
100,000
______
**2020**
**£**
38,917
396
______
39,313
______
**2020**
**£**
16,375
4,800
2,400
2,400
5,000
300
200
200
_______
31,675
|**2020**
**£**
100,000
______
100,000
______
**2020**
**£**
38,917
396
______
39,313
______
**2020**
**£**
16,375
4,800
2,400
2,400
5,000
300
200
200
_______
31,675
| |---|---|---|---|---| |||||______
**2020**
**£**
38,917
396
______
39,313| |||||______
**2020**
**£**
16,375
4,800
2,400
2,400
5,000
300
200
200
______
31,675
| ## **4. Trustees** During the year, no Trustees received any remuneration (2020 £nil). During the year, no Trustees received any benefits in kind (2020 £nil). During the year, Trustees received no reimbursement of expenses (2020 £nil). There were no transactions requiring disclosure with persons and/or entities closely connected to the charity or its Trustees during the year (2020 none). ## **5. Taxation** The charity is exempt from tax on its charitable activities. 8 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** **__________________________________________________________________________** |**6.**|**Investments**|**2021**|**2020**| |---|---|---|---| |||**£**|**£**| ||Market value at 1 September 2020|736,400|1,093,334| ||Additions|142,816|256,587| ||Disposals|(158,413)|(268,404)| ||Unrealised gain/(loss)|295,354|(334,155)| ||Realised gain/(loss)|50,488|(10,962)| |||________|________| ||At 31 August 2021|1,066,645|736,400| ||||| |||________|________| ||Investments comprise of a portfolio of shares held by Brewin Dolphin who hold the s||| ||as custodians on behalf of the charity.||| |**7.**|**Debtors: Amounts due within one year**|**2021**|**2020**| |||**£**|**£**| ||Gift Aid|-
______|25,000
______| |**8.**|**Creditors: Amounts falling due within one year**|**2021**|**2020**| |||**£**|**£**| ||Accruals|1,896
______|2,412
______| Investments comprise of a portfolio of shares held by Brewin Dolphin who hold the shares as custodians on behalf of the charity. ## **9. Fund accounting** Unrestricted general funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise restricted funds that have been set aside by the trustees for a particular purpose. The aim of the designated investment fund is to provide funds to be invested to produce income to fund future grant giving. Expendable endowment fund is a fund that must be invested in order to produce income. 9 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** **__________________________________________________________________________** ## **10. Statement of funds** **Statement of funds – current year** |**Statement of funds – current year**||| |---|---|---| |**Balance at**
**1 Sept 2020**
**£**
**Unrestricted funds:**
General funds
76,157
Designated investment
fund
268,242
_______
**Expendable**
**Endowment:**
Expendable
endowment
618,826
Total funds
963,225
|**Gains/(losses) Balance**
**on at 31 Aug**
**Income Expenses Transfers Investments 2021**
**£ £ £ £ £**
26,017
(38,170)
(432)
-
63,572
-
-
432
55,217
323,891
_______
________
______ ________
________
-
-
-
290,625
909,451
26,017
(38,170)
-
345,842
1,296,914




|| |||
1,296,914
| During the year a transfer was made from the unrestricted general fund to the unrestricted designated investment fund of £432. ## **Statement of funds – prior year** |


**Unrestricted**
**funds:**
General funds
Designated
investment fund
**Expendable**
**Endowment:**
Expendable
endowment
Total funds|**Gains/(losses)**
**Balance at**
**on**
**1 Sept 2019 Income Expenses Transfers Investments**
**£ £ £ £ £**
488,784
-
39,313
-
(34,968)
-
(268,242)
268,242
(148,730)
-
________
________
________
________
________
_
690,213
125,000
-
-
(196,387)

1,178,997
164,313
(34,968)
-
(345,117)|**Balance at**
**31 Aug**
**2020**
**£**
76,157
268,242
________
618,826
963,225| |---|---|---| During the year a transfer was made from the unrestricted general fund to the unrestricted designated investment fund of £268,242. 10 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** ## **__________________________________________________________________________** ## **11. Analysis of net assets between funds** ## **Analysis of net assets between funds – current year** ||**Unrestricted**|**Unrestricted**|**Expendable Total**|**Expendable Total**| |---|---|---|---|---| |||**Designated**|**Endowment Funds**|| ||**2021**|**2021**|**2021 2021**|| |**Notes £**||**£**|**£ £**|| |Fixed assets|-|157,194|909,451|1,066,645| |Current assets|65,468|166,697|-|232,165| |Creditors due within||||| |one year|(1,896)|-|-|(1,896)| ||_______|
________|________|________| ||63,572
_______|323,891
________|909,451
_______|1,296,914
________| |**Analysis of net assets between**|**funds – prior year**|||| ||**Unrestricted**|**Unrestricted Expendable Total**||| |||**Designated Endowment funds**||| ||**2020**|**2020 2020 2020**||| ||**£**|**£**||**£ £**| |Fixed assets|-|117,574|618,826|736,400| |Current assets|78,569|150,668|-|229,237| |Creditors due within||||| |one year|(2,412)|-|-|(2,412)| ||_______|
________|________|________| ||76,157
_______|268,242
________|618,826
_______|963,225
________| 11