**Charity Registration No. 1125643** ## **THE MORGAN FAMILY CHARITABLE TRUST** **FINANCIAL STATEMENTS 31 AUGUST 2023** ## **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** UBS Wealth Management 5 Broadgate London EC2M 2AN ## **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 2023. ## **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 2023, 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 2023 the Trust had total funds of £1,582,416 (2022 £1,460,045). Of these £11,140 (2022 £79,451) are unrestricted general funds. Unrestricted designated funds are £429,940 (2022 £315,989). Expendable endowment funds are £1,141,336 (2022 £1,064,605). During the year income has decreased from £201,090 to £57,582. This is comprised of receipts from investments and donations. The fall is due to a significant donation being received in the previous year. Costs were £34,426 compared with £36,672 in the previous year. There was an unrealised gain on investments this year amounting to £47,742 (2022 loss of £12,618) and realised gains amounted to £51,473 (2022 £11,331). 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 CHARITABLE TRUST TRUSTEES. ANNUAL REPORT continued RESERVES POLICY The Trustees maintain sufficienl funds lo cover Ihe pledges thal have been Ma￿ and olhei grants that are payable on a oneryoff basis. The ￿Ve1 of un￿s1￿cted fund5 at 31 August 2023 15 set out in the balan￿ sheet on page 6. The eThJDwmenl fund is expendat4e, meaning thè Trustees have thè power lo hold the fUl￿S to generale gains and inccffie, but rnay aLso spend as inCLYne lo the r￿h1 charitable Causes. Investment income is unrestncted. PUBUC BENEFIT The Trustees eonfim l*al they have c(xnpl*d wtih their duty lo have due regard lo the guidance on public benefit published by the Commission in exercising their p)wers or dulles. STATEMENTS OF TRUSTEES, RESPONSIBILITIES The Trustees are responsib￿ for preparing the Trustees. Amnual Report and the financial statements in awordance wrth a4)plTrble kaw and Unrted Kingdom Aeeounting Standards Iuniled Kingdom Generally Accepted Accounting Prathce}. The law applicable to chanties Én England & Wales requires the Trustees to prepare financial statements for each financial year which gwe a true arKJ fair view of the stsle of affairs of the Charity and of the Inc(Kning resour￿ and applicatKJn of reS(xjr￿ of the Charity for that perK)d. In preparing these financial statements, the Twustees are reNuired to". select sulta￿e accounl.ng poI￿leS and then appty them consistently., observe the methods and principles in the Charilies SORP., make jLHIge￿Enls and estimates that are reasonable and prudent.. stsle whether applicab￿ accounting standards have b*n lollowed, subje(* to any malerial departures disclosed and explained In Ihe financjal statements.. prepare the financial statements on the goiThJ concern basis un￿S il is inappropriate lo presume that the Charrty will continue in operation. The Tnjstees are reswnsible for keeping proper ￿ountIng records that disck)se with reasonable uracy at any time the finanryal posrtK)n of the Charity and enable them to ensure that the financial slal¢ments ccmply with the Charrties Act 2011, the Charty IA¢counts and Rewrtsl Regulations 2008 and the provIs￿)nS of the trust deed. They are also ressy)nsible for saleguarding the assels of the Charity and hence for taking reasonab￿ steps for the prevention and detection of fraud and other irregularl[￿. J Moryan Trustee ## **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 2023 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** - **6 February 2024** 4 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** |**_____________________________________________________________**
**Unrestricted Unrestricted Expendable**
**General Designated Endowment**
**2023 2023**
**2023**
**Notes £ £ £**
**INCOME FROM:**
Voluntary income:
Donations received
1
-
-
-
Gift Aid receipts
-
-
-
Investment income:
Investments
2
57,582
-
-
**Total income**
57,582
-
-
________
_________
________
**EXPENDITURE ON:**
Charitable activities
3
30,500
-
-
Governance costs
3,926
-
-
**Total expenditure**
34,426
________
-
_________
-
________
Realised gains/(losses)
on
Investments
6
-
11,665
39,808
Unrealised gains/(losses)
on Investments
6
-
10,819
36,923
**Net**
**income/(expenditure)**
23,156
_________
22,484
_________
76,731
________
Gross transfer to/from
funds
10
(91,467)
91,467
-
**Net movement in funds**
(68,311)
________
113,951
_________
76,731
________
**Total funds at 1 Sep**
**2022**
79,451
315,989
1,064,605
**Total funds at 31 Aug**
**2023**
11,140

429,940

1,141,336

|**__________**
**Total**
**Funds**
**2023**
**£**
-
-
57,582
57,582
________

30,500
3,926
34,426
________
51,473
47,742
122,371
________
-
122,371
________

1,460,045
1,582,416

|**__**




|**_**
**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
|| 5 THE MORGAN FAMILY CHARrtABLE TRUST BALANCE SHEET AT 31 AUGUST 2023 Notes 2023 2022 Fixed assets Investment assets 1,520,715 1.376,555 Curr•nt assets Cash al bank and in hand Current investments- JP Morgan L4uidity 13.768 50.560 85.566 64,328 85,566 Credltors.. Amounts falling due wthin one year 12.628) 12.0761 Net currnnt assets 61.700 83,490 Total ass¢ts less current liabilities 1,582.416 1.460,045 Total n8t assots 1.582.416 1,460.045 Charity funds Unrestricted- general Unrestricted- designated Expendable enth)wmenl 11.140 429,940 1.141,336 79,451 315.989 1,064.605 Total funds 10 1,582,416 1,460,045 Approved by the 80th and aul￿)ri￿d for issue on 01 liiAIM)3+ J Morgan Trusteè Organ Trustge The notes on pages 7 10 11 form part of these financk4 statements. ## **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 cannot 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 2023** ## **__________________________________________________________________________** |**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
Glyndebourne Productions|_
|**2023**
**£**
-
______
-
______
**2023**
**£**
51,410
6,172
______
57,582
______
**2023**
**£**
11,100
4,000
2,400
2,400
5,000
5,600
______
30,500
______|**2022**
**£**
125,000
______
125,000
______
**2022**
**£**
44,591
249
______
44,840
______
**2022**
**£**
19,600
4,800
2,400
2,400
5,000
-
_______
34,200
_______|**2022**
**£**
125,000
______
125,000
______
**2022**
**£**
44,591
249
______
44,840
______
**2022**
**£**
19,600
4,800
2,400
2,400
5,000
-
_______
34,200
_______| |---|---|---|---|---| |||||______
**2022**
**£**
44,591
249
______
44,840| |||||______
**2022**
**£**
19,600
4,800
2,400
2,400
5,000
-
______
34,200
______| ## **4. Trustees** During the year, no Trustees received any remuneration (2022 £nil). During the year, no Trustees received any benefits in kind (2022 £nil). During the year, Trustees received no reimbursement of expenses (2022 £nil). There were no transactions requiring disclosure with persons and/or entities closely connected to the charity or its Trustees during the year (2022 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 2023** **__________________________________________________________________________** |**6.**
**Investments**
Market value at 1 September 2022
Additional investment
Reinvestment
Additions
Disposals
Unrealised gain/(loss)
Realised gain/(loss)
At 31 August 2023|**2023**
**£**
1,220,305
250,000
3,527
322,583
(374,915)
47,742
51,473
________
1,520,715
|**2022**
**£**
1,066,645
-
-
197,419
(42,472)
(12,618)
11,331
________
1,220,305
| |---|---|---| Investments comprise of a portfolio of shares held by UBS and Cazenove who hold the Shares as custodians on behalf of the charity. |**7.**
**Current asset investments**
JP Morgan Liquidity|**2023**
**£**
50,560
______|**2022**
**£**
-
______| |---|---|---| The JP Morgan Liquidity fund is accessible at short notice and is such excluded from investments and treated as a current asset investment. |**8.**
**Creditors: Amounts falling due within one year**
Accruals
|**2023**
**£**
2,628
______|**2022**
**£**
2,076
______| |---|---|---| ## **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 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 for grant giving. Expendable endowment fund is the capital fund of the charity. The fund is expendable insofar as the Trustees have discretion to expend the fund in furtherance of the Charity's objects. 9 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **__________________________________________________________________________** ## **10. Statement of funds** ## **Statement of funds – current year** |||||**Gains/(losses)**|**Gains/(losses)**|**Balance**| |---|---|---|---|---|---|---| ||**Balance at**||||**on**|**at 31 Aug**| ||**1 Sept 2022**|**Income**|**Expenses**|**Transfers**|**Investments**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds:**||||||| |General funds|79,451|57,582|(34,426)|(91,467)|-|11,140| |Designated investment|315,989|-|-|91,467|22,484|429,940| |fund||||||| ||_______|_______|________|______|________|________| |**Expendable**||||||| |**Endowment:**||||||| |Expendable|1,064,605|-|-|-|76,731
|1,141,336| |endowment||||||| |Total funds|1,460,045|57,582|(34,426)|-|99,215|1,582,416| ||________|_______|________|________|________
|________| During the year a transfer was made to the unrestricted designated investment fund from the unrestricted general fund of £91,467. ## **Statement of funds – prior year** |**Balance at**
**1 Sept 2021**
**£**
**Unrestricted**
**funds:**
General funds
Designated
investment fund
63,572
323,891
________
**Expendable**
**Endowment:**
Expendable
endowment
909,451
Total funds
1,296,914
|**Gains/(losses)**
**on**
**Income Expenses Transfers Investments**
**£ £ £ £**
44,840
-
(36,672)
-
7,711
(7,711)
-
(191)
________
________
________
________
156,250
-
-
(1,097)
201,090
(36,672)
-
(1,288)



|



_
|**Balance at**
**31 Aug**
**2022**
**£**
79,451
315,989
________
1,064,605
1,460,045
| |---|---|---|---| |||
|| During the year a transfer was made from the unrestricted general fund to the unrestricted designated investment fund of £7,711. 10 ## **THE MORGAN FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **__________________________________________________________________________** ## **11. Analysis of net assets between funds** ## **Analysis of net assets between funds – current year** ||**Unrestricted**|**Unrestricted**|**Expendable Total**|**Expendable Total**| |---|---|---|---|---| |||**Designated**|**Endowment Funds**|| ||**2023**|**2023**|**2023 2023**|| |**Notes £**||**£**|**£ £**|| |Fixed assets|-|379,380|1,141,336|1,520,716| |Current assets|13,768|50,560|-|64,328| |Creditors due within||||| |one year|(2,628)|-|-|(2,628)| ||_______|
________|________|________| ||11,140
_______|
429,940
________|1,141,336
_______|1,582,416
________| |**Analysis of net assets between**|**funds – prior year**|||| ||**Unrestricted**|**Unrestricted Expendable Total**||| |||**Designated Endowment funds**||| ||**2022**|**2022 2022 2022**||| ||**£**|**£**||**£ £**| |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
________| 11