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: 

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** 

## **14 May 2025** 

4 



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 Cur￿nt 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
un￿strICted 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