**Charity Registration No. 1125643** ## **THE MORGAN FAMILY CHARITABLE TRUST** **FINANCIAL STATEMENTS 31 AUGUST 2022** ## **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 2022. ## **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 2022, 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 2022 the Trust had total funds of £1,460,045 (2021 £1,296,914). Of these £79,451 (2021 £63,572) are unrestricted general funds. Unrestricted designated funds are £315,989 (2021 £323,891). Expendable endowment funds are £1,064,605 (2021 £909,451). During the year income has increased from £26,017 to £201,090. This is comprised of receipts from investments and donations. The rise is due to a significant donation received in the year. Costs were £36,672 compared with £38,170 in the previous year. There was an unrealised loss on investments this year amounting to £12,618 (2021 gain of £295,354) and realised gains amounted to £11,331 (2021 £50,488). 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 TrIE PoV)FIGAN FAMILY CHARrtABLE TRUST TRUSTEES. ANNUAL REPORT continued RESERVES POLICY The Trustees rnalnta￿ Su￿.ent fvnds to cover tIE pl&Jges thathave been made and other grants that are payab￿ on a one-off basis. TIE levd of Ur￿estio*ed furxls at 31 August 2022 is set out in the balance sheet on page 6. rhe ￿{jOwMent fynd is expendabk, meaning the Trustees have the power to hold the funds to get￿rate gains and ir￿[ne. tmrt may aso spend as i1￿0￿ lo the right ¢harttsble causes. Investrnent income is u￿￿trIcIed. PUBUC BENEFIT The Trustees c￿￿[M that they have wnplied wtth thwr dtrty to have due regard to tr￿ guidan￿ on publto benefft published by Ihe CommissK•n in exer(ysing thew p)wers or dtrties. STATEMENTS OF TRUSTEES, RESPONSI8IUTIES The Tru51ees ale responsible for preparin9 Ihe Tiusiees. Annual Rep¢xt and the financ>al Stat￿ernts in accordan￿ wilb applicabÈ and Unrted Kingtjom Accounting Standard5 Iunited Kinyl￿n Generally Accepted Accwntmg PTath"cel. The Lgw applie2ble to charit*s in ETrJland & Waks requires the Trustees lo prepare finanual statements for each financial year whth gve a true and fair view of the slate of affairs of the Charity and of the incotlling resources arKI applratK)n of resouices of the Charrty for that period. In prepari these financial st*emenls. the Truslees ale required tu_ 5eW suitaNe accountfflg p￿ICieS and then 4)pty them ￿nSIstentIy. observe the melhcxys and prinap￿S In CharitES SORP-. make judgeffents estimates that are reasonable and wudent., state whether applicab￿ ac£tsunh"ng standafd5 have been followed, subj* to any material departures disclosed and explained in the finanaal statements., prepare the financial statements on the ￿)Ing Con￿rn ba￿S unkss it ¢5 ￿apprOpriate lo piesume that Ihe Ch￿ty will continue in opwation. The Trustees ale re5pon%bk for keeping proper a¢xoLmting records that disclose with rÈa5cnable acGura¢y at ary time the finwcial pwlion of Chanty arKI enabÈ them to ensure that the financial statements comply ￿th Ihe Charites Act 2011, Ihe Charrty IAc(x)unt5 and Reports) Regulations 2(KJ8 and the pioyisions of IIE tr￿St deed_ They are responSi￿e for safeguarding tre assets ol Ihe Charity and hence for takiro reasonabk steps ￿ the pwentK)n detection of fraud and oth Irregulantes. By Order of the Tru5teES J Morgan Trust ## **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 2022 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** **4 May 2023** 4 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022** |**_____________________________________________________________**
**Unrestricted Unrestricted Expendable**
**General Designated Endowment**
**2022 2022**
**2022**
**Notes £ £ £**
**INCOME FROM:**
Voluntary income:
Donations received
1
-
-
125,000
Gift Aid receipts
-
-
31,250
Investment income:
Investments
2
44,840
-
-
**Total income**
44,840
-
156,250
________
_________
________
**EXPENDITURE ON:**
Charitable activities
3
34,200
-
-
Governance costs
2,472
-
-
**Total expenditure**
36,672
________
-
_________
-
________
Realised gains/(losses)
on
Investments
6
-
1,670
9,661
Unrealised gains/(losses)
on Investments
6
-
(1,861)
(10,757)
**Net**
**income/(expenditure)**
8,168
_________
(191)
_________
155,154
________
Gross transfer to/from
funds
10
7,711
(7,711)
-
**Net movement in funds**
15,879
________
(7,902)
_________
155,154
________
**Total funds at 1 Sep**
**2021**
63,572
323,891
909,451
**Total funds at 31 Aug**
**2022**
79,451

315,989

1,064,605

|**__________**
**Total**
**Funds**
**2022**
**£**
125,000
31,250
44,840
201,090
________

34,200
2,472
36,672
________
11,331
(12,618)
163,131
________
-
163,131
________

1,296,914
1,460,045

|**__**



|**_**
**Total**
**Funds**
**2021**
**£**
-
-
26,017| |---|---|---|---| ||||26,017| |||__|_______
34,250
3,920| |||_
_
|38,170| ||||_______
50,488
295,354
333,689
| ||||_______
-
333,689| |||_________
963,225
1,296,914
|_______
963,225| 5 THE MORGAN FAMILY CHARrrABLE TRUST BALANCE SHEET AT 31 AUGUST 2022 2022 Fixed o$sets Investment assets 1.376.555 1,[￿,645 Current assets Cash al bank and in hand D&)tors 85.￿6 232.165 232.165 Cre(litors'. Amo¢Jnts fallirKJ due wthin one year 12,0761 11,8961 Net current assets 83.4 230.269 Total assets less curfèftt liabtlities 1.460.045 1,296.914 Total netassets 1,480.045 1,296.914 Charity funds Unrestricted- general Unrestricted- ￿e￿g￿￿ted EXpenda￿e en(knwment 79.451 315.989 1.IN.605 63.572 323.891 909,451 To¢al funds 10 1,460.045 1.2Sfj.914 Approved by the Board arKt 8utlK)fi58d for issue on J Morgan Trustee an Trus The notes on pages 7 to 11 f**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|**2022**
**£**
125,000
______
125,000
______
**2022**
**£**
44,591
249
______
44,840
______
**2022**
**£**
19,600
4,800
2,400
2,400
5,000
_______
34,200
_______|_
|**2021**
**£**
-
______
-
| |---|---|---|---| ||||______
**2021**
**£**
25,734
283
______
26,017| ||||______
**2021**
**£**
19,650
4,800
2,400
2,400
5,000
______
34,250
______| ## **4. Trustees** During the year, no Trustees received any remuneration (2021 £nil). During the year, no Trustees received any benefits in kind (2021 £nil). During the year, Trustees received no reimbursement of expenses (2021 £nil). There were no transactions requiring disclosure with persons and/or entities closely connected to the charity or its Trustees during the year (2021 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 2022** |**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**|**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**|**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**|**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**| |---|---|---|---| |**__________________________________________________________________________**|||| |**6.**|**Investments**|**2022**|**2021**| |||**£**|**£**| ||Market value at 1 September 2021|1,066,645|736,400| ||Additions|197,419|142,816| ||Disposals|(42,472)|(158,413)| ||Unrealised gain/(loss)|(12,618)|295,354| ||Realised gain/(loss)|11,331|50,488| |||________|________| ||At 31 August 2022|1,220,305|1,066,645| ||||| |||________|________| ||Investments comprise of a portfolio of shares held by UBS who hold the||shares| ||as custodians on behalf of the charity.||| |**7.**|**Debtors: Amounts due within one year**|**2022**|**2021**| |||**£**|**£**| ||Gift Aid|-
______|-
______| |**8.**|**Creditors: Amounts falling due within one year**|**2022**|**2021**| |||**£**|**£**| ||Accruals|2,076
______|1,896
______| ## **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 2022** **__________________________________________________________________________** ## **10. Statement of funds** **Statement of funds – current year** |**Balance at**
**1 Sept 2021**
**£**
**Unrestricted funds:**
General funds
63,572
Designated investment
fund
323,891
_______
**Expendable**
**Endowment:**
Expendable
endowment
909,451
Total funds
1,296,914
|**Gains/(losses) Balance**
**on at 31 Aug**
**Income Expenses Transfers Investments 2022**
**£ £ £ £ £**
44,840
(36,672)
7,711
-
79,451
-
-
(7,711)
(191)
315,989
_______
________
______ ________
________
156,250
-
-
(1,097)
1,064,605
201,090
(36,672)
-
(1,288)
1,460,045




| |---|---| ||| During the year a transfer was made from the unrestricted designated investment fund to the unrestricted general fund of £7,711. ## **Statement of funds – prior year** |**Balance at**
**1 Sept 2020**
**£**
**Unrestricted**
**funds:**
General funds
Designated
investment fund
76,157
268,242
________
**Expendable**
**Endowment:**
Expendable
endowment
618,826
Total funds
963,225|**Income**
**£**
26,017
-
________
-
26,017|
**Expenses**
**£**
(38,170)
-
________
-
(38,170)|**Gains/(losses)**
**on**
**Transfers Investments**
**£ £**
(432)
432
-
55,217
________
________
_
-
290,625

-
(345,842)|**Balance at**
**31 Aug**
**2021**
**£**
63,572
323,891
________
909,451
1,296,914| |---|---|---|---|---| During the year a transfer was made from the unrestricted general fund to the unrestricted designated investment fund of £432. 10 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **__________________________________________________________________________** ## **11. Analysis of net assets between funds** ## **Analysis of net assets between funds – current year** ||**Unrestricted**|**Unrestricted**|**Expendable Total**|**Expendable Total**| |---|---|---|---|---| |||**Designated**|**Endowment Funds**|| ||**2022**|**2022**|**2022 2022**|| |**Notes £**||**£**|**£ £**|| |Fixed assets|-|311,950|1,064,605|1,376,555| |Current assets|81,527|4,039|-|85,566| |Creditors due within||||| |one year|(2,076)|-|-|(2,076)| ||_______|
________|________|________| ||79,451
_______|315,989
________|1,064,605
_______|1,460,045
________| |**Analysis of net assets between**|**funds – prior year**|||| ||**Unrestricted**|**Unrestricted Expendable Total**||| |||**Designated Endowment funds**||| ||**2021**|**2021 2021 2021**||| ||**£**|**£**||**£ £**| |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
________| 11