Charity Registration No. 1125643 THE MORGAN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS 31 AUGUST 2024
THE MORGAN FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES J Morgan A Morgan PRINCIPAL ADDRESS clo James Morgan Morgan Trusts & Tax Planning Limited Westgate House, 42 Chapel St, King's Lynn Norfolk PE30 1 EF INDEPENDENT EXAMINER Larking Gowen LLP Chartered Accountants Summerhill House 1 Sculthorpe Road Fakenham Norfolk NR219HA BANKERS UBS Wealth Management 5 Broadgate London EC2M 2AN CHARITY NUMBER 1125643
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 2024. 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 lo benefit appropriate charitable causes. Currently the Trustees look to provide the majority of grants to benefit charitable causes with foundations in education. Furthemiore the Charity, at the Tnjstees, discretion, made smaller grant5 to other charities (see note 3}. The Trustees serving during the year ended 31 August 2024, were as follows: J Morgan A Morgan New Trustees, if required, are recruit&d 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 Stalement of Financial Activities of the Charity is set out on page 5. At 31 August 2024 the Trust had lotal funds of £1,786,78612023 £1,582,416). Of these £19,791 (2023 £11,140} are unrestricted general funds. Unrestricted designated funds are £506,009 (2023 £429.940). Expendable endowment funds are £1,260,98612023 £1,141,336). During the year income has increased from £57.582 to £78,757. This is comprised of receipts of dividends and interest. There was an unrealised gain on investments this year amounting to £136,504 {2023 gain of £47,742) and realised gains amounted to £22,918 (2023 gain of £51,473). 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 2 to the financial statements. The Charity will also endeavour to make grants to other charities, al the discretion of the Trustees. The Trust made grants to Young Organ Scholars, Trust and Glyndebourne in the year of £7,000, these are the first of 3 annual donations. RISK MANAGEMENT The Trustees consider that the main risks of goveming the Charity are in nneCtiOn with the dissemination of grant awards which are reviewed periodically.
THE MORGAN FAMILY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT continued RESERVES POLICY The Trustees maintain sufficient funds to cover the pledges that have been made and other grants that are payable on a one-off basis. The level of unrestricted funds at 31 August 2024 is set out in the balance sheet on page 6. The endowment fund is expendable, meaning ihe Trustees have the power to hold the funds to generate gains and income, but may also spend as income to the right charitable causes. Investment income is unrestricted. PUBLIC BENEFIT The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Coinmission in exercising their powers or duties. STATEMENTS OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standatyjs (United Kingdom Generally Accepted AGcounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of Ihe incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any Material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitv will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose wilh reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulalions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By Order of the Trustees J Morgan Trustee Dated .
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 2024 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act: or
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the accounts do not accord with the records: or
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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
14 May 2025
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THE MORGAN FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Unrestricted Expendable General Designated Endowment 2024 2024 2024 Total Funds 2024 Total Funds 2023 Notes INCOME FROM: Volunlary income: Donations received Gift Aid receipts Investment income: Investments Total income 78,757 78,757 57,582 EXPENDrruRE ON.. Charitable activities Governance costs 29,925 29,925 30,500 Total expendlture 33,809 33,809 34,426 Realised gainsl{lossesl on Investments Unrealised gainsl(losses) on Investments 5,717 17,201 22,918 51.473 136 504 Nel in¢omel(expendlture) 44,948 39,772 119,650 204,370 122,371 Gross transfer tolfrom funds {36,297) 36,297 Net movement in funds 8,651 76,069 119,650 204,370 122,371 Total funds at 1 S8P 2023 429 940 1 141336 1582 416 1460 045 Total funds at 31 Aug 2024 19,791 506,009 1.260,986 1,786,786 1,582,416
THE MORGAN FAMILY CHARITABLE TRUST BALANCE SHE AT 31 AUGUST 2024 Notes 2024 2023 Fixed assets Investment assets 1,712,998 1,520,715 Current assets Cash at bank and in hand Current investments 22,251 53,997 13,768 50,560 76,248 64,328 Creditors.. Amounts falling due within one year {2,4601 (2,628) Net current assets 73,788 61,700 Total assets less Curnt Ilabilitle$ 1,786,786 1,582,416 Total net assets 1,786,786 1,582,416 Charity funds Unrestricted - general Unrestricted designated Expendable endowment 19,791 506,009 1,260,986 11,140 429.940 1,141,336 Total funds 1,786,786 1,582,416 Approved by the Board and authorised for issue on J Morgan Trustee rgan ee Tru The notes on pages 7 to 11 form part of these ial statements.
THE MORGAN FAMILY CHARITABLE TRUST ACCOUNTING POLICIES General notes The financial statements have been prepared in accordance with Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls 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 slatements have been prepared to give a 'true and fairf 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 1021 (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 Gosls comprise those expenses related to Ihe govemance oflhe Charity, such as independenl examinerfs fees. Investments Current asset investments are a fonn of financial instrument and are initially recognised at their transaction costs and subsequently measured at fair value at the balance sheet date, unless fair valu8 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 Statemenl of Financial Activities.
THE MORGAN FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment Income 2024 2023 Dividends Investment interest 73,058 5,699 51,410 6,172 78,757 57,582 Charitable Activities - Grants Payable 2024 2023 Grants to institutions.. Corpus Christi College Beanstalk, Volunteer Reading Crisis The Trussell Trust Lady Eleanor Holles School Glyndebourne Productions Young Organ Scholars, Trust 11,100 2,025 2.400 2,400 5,000 6,000 1.000 11,100 4,000 2,400 2,400 5,000 5,600 29,925 30,500 Trustees During the year, no Trustees received any remuneration (2023 £nil). During the year, no Trustees received any berlefits in kind (2023 £nil). During the year, Trustees received T)0 reimbursement of expenses12023 £nil). There were no transactions requiring disclosure with persons andlor entities closely connected to Ihe charity or its Trustees during the year {2023 none). Taxatlon The charity is exempt from tax on its Gharitable activities.
THE MORGAN FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investments 2024 2023 Market value at 1 September 2023 Additional investment Reinvestment Additions Disposals Realised gainl(loss) Unrealised gainl{loss) 1,520,715 1,220,305 250,000 2,101 3,527 263,784 322,583 (233,024) (374,915> 22,918 51,473 136,504 47.742 At 31 August 2024 1,712,998 1,520.715 Investments comprise of a portfolio of shares held by UBS and Cazenove who hold the Shares as custodians on behalf of the charity. Current asset investments 2024 2023 JP Morgan Liquidity Cazenove Liquidity 46,094 7,903 50,560 53,997 50,560 The liquidity funds in JP Morgan and Cazenove are accessible at short notice and as such excluded from investments and treated as current asset investments. Creditors: Amounts falling due within one year 2024 2023 Accruals 2,460 2,628 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 destgnated 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 iii furtherance of the Charity's objects.
THE MORGAN FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 9. Statèment of funds Statement of funds - current year Galnsl(losses) Balance on at 31 Aug Expenses Transfers Investments 2024 Balance at 1 Sept 2023 Income Unrestrl¢ted funds: General funds Designated investment fund 11,140 429.940 78,757 (33,809) (36,297) 36,297 19,791 506,009 39,772 Expendable Endowment: Expendable endowment 1 141 336 1260 986 Total funds 1,582,416 78,757 (33,809) 159,422 1,786,786 During the year a transfer was made to the unrestricted designated investment fund from the unrestricted general fund of £36.297. Statement of funds - prior year Gainsl(loss&s) Balance at on 31 Aug Investments 2023 Balance at 1 Sept 2022 Income Expenses Transfers Unrestricted funds: General funds Designated investment fund 79,451 315.989 57,582 (34.426) {91,467) 91,467 11,140 429,940 22,484 Expendable Endowment: Expendable endowment 1064 605 1 141336 Total funds 1,460,045 57.582 (34,426) 99,215 1,582,416 During the year a transfer was made from the unrestricted general fund to the unrestricted designated investment fund of £91,467. 10
THE MORGAN FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysls of net assets between ftinds Analysis of net assets between funds- current year Unrestrlcted Unrestricted Expendable Total Designated Endowment Funds 2024 2024 2024 2024 Notes Fixed assets Current assets 452,012 1.260,986 1,712,998 53,997 76,248 22.251 Creditors due within one year {2,460) (2,4601 19,791 506,009 1.260,986 1,786,786 Analysls of net assets between funds - prior year unstrICted Unrestricted Expendable Total Designated Endowment funds 2023 2023 2023 2023 Fixed assets Current assets 379.380 1.141,336 1,520,716 50,560 64,328 13,768 Creditors due within one year (2,628) (2,628) 11,140 429,940 1,141,336 1,582,416