Charfty Reglstration No. 1131892 Company Reglstratlon NuMr. 06565087 (England and Wales) THE JUNIUS S MORGAN BENEVOLENT FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE JUNIUS S MORGAN BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEAIENTS FOR ThE YEAR ENDED 31 DECEMBER 2020 CONTENTS Pago Legal and adminislratNe informat Trustees, report Independent auditorfs report Statement of financial activities Balance sheet statement of cash ftows Notes to the financial statements 10-15
THE JUNIUS S MORGAN BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORldATION Trustees The Burdett Trust for Nursing Mr Aan Gibbs Mr Andrew Gibbs Mr Andrew Martin Smrth Secretary Rathbone Trust Company Ltd Charlty number 1131892 Company number 06565087 Rogistorod offi¢fr 8 Finsbury Circus London EC2M 7AZ Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers Couits & Co 440 Strand London IAC2R OQS Sollcltors BDB Pitmans LLP One Barthobmew Cl¢)se London EC1A 7BL Invostmont advlsors CCL4 Investment managent Limited & CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET Rathbones InveSt[nt Management 8 Finsbury Circus London EC2M 7AZ
THE JUNIUS S MORGAN BENEVOLENT FUND TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees, who are also directors of the Trust for the purposes of the Cornpanies Act, present their annual report and financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared under the provisions of the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS 102) (Second Edition, effe¢tive 1 January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard appltible in the UK and RepublK of Ireland {FRS 1021, and the accounting FM)licies set out on pages 10-11. The financial statements company with all other statutory requirements and the requirement of the Trusys goveming documents. Objectives and activilie8 The aim of the charty is to provide financial or other relf for needy practising and former members of the nursing profession through the provision of grants. The Trustees have had regard to Charity Commission guidance conceming public benelrt when considering the activities of the charty. Grant Making and Operatlonal Poll¢y The Fund assists registered nurses and heahh care assistants who have prath'sed in the UK for a minimum of five years. The Trustees cOnser applicats'ons from indwiduals within the crilerial who find Ihetrtsefves in hardship for variety of reasons. The fund does not usualty pay educatnal fees. The Fund will make ¢ash payments to assist with payments for a variety of purposes including rental & mortgage arrears, heating. telephone charges, household renewal costs Ide¢oraling, furniture. fvmishingl and adaption of homes foi individuals with disabilities. The Fund does not pay SIdential or nursing home fees. holidays or respite ca. The maximum anUnt of any indNidual in any 12 month period will not normalty exceed £1,500 for all new awards. The Fund is a membef of the ACO {The ASSClation of Charity Offieersl which is an organisation which has a helpline providing detsils on a wide range of enevalent funds to agencies such as SSAFA Cilvzens Advice Bureaux and other advisers as well as to individuals. Achlevements and perfomi*nc• There were 244 ¢1PIents of one off grants provided by the charty. at an average grant of £756 per recipi8nl 12020- 209 recIentS wrth an average grant of £750}. The asset allo¢ation of this Trust. wrth investments in COIF Investment Fund and Ralhbone Balanced Mandate, remains ¢onsisl8nt with the preservation of long-term capilal and a long term investment horizon. The Trustees key object is to help nurses in hardship. Flnancl•l r¢vl•w Total income was £309,1S8 (£409,099 in 20201, with £268.014 (£488.315 in 20201 being committed to charitable a¢tivibes of whh £57.5391£72.515 in 2020) relating to support costs and £3,600 (£3,720 in 20201 relating to govemance costs. resulting in net income of £41.144 (net expenditure £79.216 in 2020). The total nb)vement of resources in the year also includes the unrealised and realised gains based upon the market value of the investments at the year end of £510.799 (gain £218.851 in 20201.
THE JUNIUS S MORGAN BENEVOLENT FUND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees have reviewed the reserves of the TrusL At 31 December 2021. the total reseNes amounted lo £4,340,50612020'. £3.778,969}- The reserves a considered to be at a suitable level given the aim to strike sensible b8lan¢e between the needs of the present and future. Risk Managom•nt The trustees have undertaken a review of the major risks that could face the charity and have identified that the prin¢ipal risk faced lie in the performance of investments. The trustee$ ¢onsider variability of investrnenl retums lo constitute the charity's major financial risk. This is mitigat& by retaining expert investment managers and having a diversthed investment portfol0. Structurei govemance and management The Benevolent Fund is a company limf(ed by guarantee incorporated on 14 April 2CQ8 and was registered as a charty on 29 September 2thJ9. The Trustees. who are also the directors for the purpose of company law. and who seNed during the year were.. The Burdett Trust for Nursing Mr Alan Gibbs MrAndrew Gibbs Mr Andrew Martin Smith The Trustees of the corporate trustee. The Burdeli Trust for Nursing, who served during the year were.. Alan Gibbs Andrew Martin Smith Dame Christine Beasley DBE Evy Hambro Professor David Sines CBE Dr Michael Gormley Andrew Gibbs Professor Charles Anthony Butterworth (resigned 1 December 2021) Professor Mary Joy Lovegrove Iresigned 1 December 20211 Professor Ursula Maire Gallagher {deceased 25 Juty 2021) Audrey Ardern-Jones Janice Stevens (appointed 1 September 20211 Dame Donna Kinnair (appointed 1 September 2021) Rachael Corser lapF)ointed 1 September 20211 Organlsatlon The Trustees are appJinled by e$ting Trustees. On apFoinbnent, they affj informed about the activities of the charity and are made aware of developments in the se¢lor as required. The day to day administration of the charty was delegated to Rathbone Trust Company Limrted, which also acted as Secretary to the Fund.
THE JUNIUS S MORGAN BENEVOLENT FUND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 DECEM8ER 2021 Statement of trustees. responsibilities The Trustees. who are also the directors of the Juniu5 S Morgan Benevolent Fund for the purpose of company law. are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Practice). Company Law requires the Trustees lo prepare accounts for each financial year which gwe a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the incorrE and expenditure. of the charitable company for that year. In preparing these accounts, the Trustees are required to: Select suitable accounting policies and then appty them consistently- ObseNe the methcfvjs and pnnciples in the Charibes SORP". Make judgements and estimates that are reasonable and prudenl. Stsle whether applicable accounting standard5 have been followed. subject to any material departures disclosed and explained in the financial statements.. and Prepare the accounts on the gng concem basi$ unless it 1$ inappropriate lo presume that the charity will continue in operalK¢n. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the accounts comply with the Companies Act 2006. 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. Auditor The auditors. Haysmauntyre LLP. will be proFX)sed for re-appointment in accordance with section 485 of the Companies Act 2006. Dlsclosure of InformatSon to audStor Each of the tnjstees has confirmed thal Ihere is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. The Tnjstees have tsken all steps that they ought lo have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. In preparing this report, the trustees have laken Ihe exemptions available to small companies and have not prepared a strategic report. The Trustees, Report was approved by the Board of Trustees. Trustee Dated: 8 September 2022
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JUNIUS S MORGAN BENEVOLENT FUND Opinion We have audited the ffinancial statements of The Junius S Morgan Benevolent FuTrJ for Ihe year ended 31 Dember 2021 which comprise the Statement of Finan¢ial ActNibes. the Balance Sheet. the Statement ol Cash Flows and notes to the nan¢ial $talemènls, including a summary of signthcant accounting pes. The finanaal reporting framework that has been applied in their prèparation is applicAbYÈ law and United Kingdom Aco)untirvJ Standards. induding FinancAal Reporting Stsndard 102 The Financial Repoty Standanl applicable the UK and Republic of Ireland Iunrted Kingdom Generally A¢¢epled AcÉounling Pracb"(). In our opinion. th• ffinancial statements= grve a true and fair view of the 5ts1e of tl d)arrt8Ne company's affairs as at 31 Decèmber 2021 and of the charitable cx)mpany's net rnovemenl in funds. induding the incorre and expenditure, for the yoar thon &ndo(1., have been properly prepared in accordance with United Kingdom Generalty Accepled A¢¢ounting Practice., and have been par1 in accordance with the requirements ofthe Companies Aci 2006. Ya$l$ for oplnlon We ¢onduded our audit in a¢ance wth Intemational Standards on Auditsng (UK) IIS4s (UKII and applicable law. Our résponsibilities undef those stsndards are further described in the Auditorfs responsiknlthes for the audit of the financial $tatem8ntS S8Ction of our report. We a independent of Ihe charity in accordance with the ethKal requirements Ihat afe relevant lo ¢)ur audit of Ihe finanaal sts1¥mts in the UK, rncfudirYJ the FRC'S Ethical Standard, and we have fulfilled OUT other elhic81 respon5ilylities in ac£or(lan¢e vnth these wuirements. We believe that the audit evidence we have obtained is Sufflent and opprwri¥le to provide a basis for our opinion. ConcluBlons relatlng to golng ¢on¢•m In auditing the finanu81 statements. we h8ve concluded that t trLtst••'s usé of thè going concam basis of accounting in the preparation of the finanrial ststemenls is appropwiale. Based on the work we have performed, we have r1 identified any merial uncèrtainti8s rèlating to 8vents or conditions that, individually or colleclNety. rnay cast signrfKant doubt on the ¢hartsble ¢ompanYs 's ability lo ntinUe as a going concem for a period of al least iwelve rnonths fr(wn when tl finarKaal stslements 8f$ authori$ed for i$$u&. Our responsibilitses and the re5ponsibililies of the diiectors wrth rtrsFéCt to going contèm arè désuibèd in the relevant Sections of thi5 report. Other infonnation The trustees are responsiUe for the other inforffl8tion. The other infomwb.on ¢ompri$es the infomatitsn included in the Trustees, Annual Report. Our opinion on the financial statements doÈs not covèr thè 01 inf0matn and, èxcept to the extent otherwise expliatly stated in our rep)rt. we do not exwess any form of assUr8r£ condusion Ihereon. In connethn with our audit of the financk71 stslemenls, our resFwsibility is to read the other information and, in doing so. conSer whether the other information is rnatelialty irTrconsistenl wth the ffinan(i81 st8leThenls Or our kntred9e obtsined in the audil or olherwise appears to be materialty misstsled_ If we idenltfy $uch material inwnsi$len¢ios or appanI material misstatements, we are required to delermine whether there is a material mi55t8temenl in the finanual 3tslements or a material misstatement of the other infonnaticn. If. based on the work we have performe<l. we condude th81 Ihèr8 is a material misststernent ofthis other informatKJn. we are required lo report t1 hav& nothing lo pOrt in this règard. Oplnlons on other mattorn prnsCr1b by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the infomiatron gNen in the Trustees, Annual Report (which indudes the strategic rewrt and the ¢bTectors' port prepared for the purposes of company lawl for the financial year for which the finala1 statements are prepared 1$ consistent with Ihe financial statements. and the strategic report and the direclors, report induded within the Tru5tees' Annual Report have been prepared in accordae with applicable legal requirements. Matt•rs on whlch we ar• rnqulr•d to r•port by exception In the light of the knovAedge and understsnding of the charitable company and its enVirrrnent obtained in the course of the audit, hav¥ nol identifd material misstatements in Ihe Trustees. Annual Report. W& have nothing to r8POrt in resp8Ct of th• followng matters in relation to which the Companies Act 20[ requires u5 to port to you rf. in our opinion.. adequate accounting recA)rds ha not b8en kept by the tharttae company", or Ihe charitable company finanryal stslements are not in agTe8m•nt wth th8 accounting records and r•tums: or certain disclosures of tru5tees' remuneration 5peryfd by law are not made.. or we have not received all the informab'on and explanabons we require for our audr(', or the Iru$lees wér8 not entttled to prepa Ihe finanoal statements in accordance with the small c(xnpanies' regime and tske adVants of the small companies, exemptions in paring the truslees. report and from the requirement lo ppare a strategic r•porL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JUNIUS S MORGAN BENEVOLENT FUND Responslblllti•s of trustw for thg finan¢i¥l ststernents As explained more fully in the tnJstees' resptsnsibilitie$ 5tstewent set out on page 4. the trustees (who are also th• directors ol the charitable company for the purrK)ses of company lawl are responsible for the preparation of the fin8ncial 51alements and for being salisfied that gi 8 true and fair wew. and for such inlernal control as the tru$lee¥ delerrnine is necessary to enable Ihè Preparation of financi81 ststemen15 that are free from matefial mtsstatement, wheth¢r du& lo fr8ud or error. In preparing the finan¢Sal slaternènts. the trustee5 are ponSIble for assessing the charitable company's a74ty lo continue as a going concem. disclosing, as applicable. malters rdated to goirvJ concern and usin9 thè going concern basis ol accounting unless thè trust either intend to liquJate ttje tharilable company or to cease operation$. or have no realistic alternative but to ¢Jo so. Audltor'8 rn8ponslbllltt•8 l¢Y th• audtt of the financlal statements Our objectnies tts obtain rèasonable assurance about whether the finatKial statements a$ a whde are free from material misststemenl, whether due to fraud or error. and to issue an auditorfs re)rt that indudes our opinion. Reasonable assurance is ? high level of 8ssvran¢e. but is not a guarantee Ihat an audit c4ndu¢led in ac£ordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arisè Irom fraud or error and 8re considered material if, indNidually Of in the 8ggreg8te. they coukl reasonab be expected to influènce the econoTniC decisions of users takèn on the basi5 of these financk71 statements. Irragularili¥s. including fraud, are ln5tsnS of n0rrfomp1iae and fe9ulalions. We desiyn procedures in line wth our SponSibl1111¢S, ouyined above, to detect material misstatements in respect of irwulaTities. induding fraud. The exlenl lo which our prcrdures are capable of detecting irregularitiès, indudin9 fraud is detsiled below.. Base(l ow? our understandiThJ of the charitabk company the sertor in whth il operates, we identified that the principal risks ol non-compliance w¢th w$ and regUlaonS related to gUlatory requirnts of ihe Charity Commission, and we considèred the extent to which non-compliance might have a materi81 effect on the finanaal statements. W& also considered those laws and regulations that have a direct impad on the preparation of the financk?I statements such as the Ch8ri1ie5 Act 2011. Companies Act 2(6 and the taxation anvironmenl. We evaluated managernenvs opportunibes for fraudulent manipulation ol the financial statements (including the risk of override of controls). and detemined that the printipal risks weTe rd8ted lo posliro inappropriate joumal entri&s and management knas in certain accounling estimates and jud98ments. Audit pKoceduTes perfoTmed by the en9a9ement team included. Inspecting correspondence with appropriat8 regulators 8Trd ts¥ authorrtie5: Discussions with management including ¢onsid&ratn of knt)wn or su5tcted instances of non-complian¢e with laws and regulation and fraud.. Evaluating managernent's controls designed to preveni and det1 Irreguri1es.' Identifying and testing joumaL8, in par.larIOu8l enlries p)st&J th San1can1 values.. and ChallengirvJ assumptions and judgements made by management in their critical accountiro estimatss. Because of the inherent limitations of an audit. Ihere is a risk that we will not detect all irregularities, Inclurling those leading lo a material misststement in th8 financial statements or n¢yFcornplkqnce with regulation. This risk in5¢$ the mole that compliance with a or regulation is renK)veil fr(xn tho events and transactions refiecled in the finanaal statemènts. as we will be less likely to become awar6 of instan¢¢$ of [n-cOMlar. The risk is aLso grealer regarding i¥ragularrti&s oceurring due to fraLJ rather than error. as fraud involves Inttional concealment, fgery. cdlusion. omissh?n or misrepresentstion. A further description of our responsi"1.es for the audil of Ihe finalJaI statements is located on th¢ Finanu81 Rewting Council's website at.. vMw.frc. Tlws descript fom)s part ofour aL¥Jitorfs mport. Use of our r•port This report is made SOlY to Iho charitsb18 compani8 merTtsrs. a5 a t*Jty, in accordance with CIKapter 3 of Part 16 of the Companies Act 2(th. Our audit work ha$ been undertaken so thal we might stste to the charitabb GOTnpany's mEmbBr$ those matters we a required lo stste lo them in an Auditorfs report and for no other purposè. Tts Ihe fulle31 èxtènt permiited by law. we do not aept or a$surne responsibility io anyone other than the charitabl8 eompany 8nd the charrtable companws members as a for our audit work, for thi5 report. or lor the opintons havè fI)rm. Slevgn Harper (Senior Stslutory Audiiorl For and on behalf of Haysmaantyre LLP. statut{ Audiiors Dale. 16 September 2022 10 Queen Slre8t Placg London EC4R 1AG
THE JUNIUS S MORGAN BENEVOLEKf FUND STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 310ECEMBER 2021 2021 2020 Note INCOME Donations and legacies Investments 203.513 105.645 306,577 102.522 Total inme 309.158 409,099 EXPENDITURE Charitable expenditure .014 488.315 Total expendlturn 268.014 488.315 Net Incomel(expendlturo1 bofore investment (lossesvgains 41.144 {79.2161 Galnl{loss) on investrnents 520.993 218.851 Net Income and movement In funds 562,137 139,635 Fund balances at 1 January 2021 3,778.369 3,639,334 Fund balances at 31 December 2021 4,340,506 3,778,969 The statement of financial activit'es also complEs with the requirements for an inccme and expenditure account under the Companies Act 2006. The a¢¢ompanying accounting policies and notes on pages 10 to 15 fom an integral part of these financial statements
nun
THE JUNIUS S MORGAN BENEVOLENT FUND STATEMENT OF CASH FLOl•VS FOR ThE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash Ilows from operatlng actlvltle8 Cash absorbed by operations 14 177.789) (185,493} Investlng actlvltles Dividends and interest received from Investments Investment additions Investmenl disposals 105.645 (64} 1.039 102,522 784 Not ¢a6h gon¢rated from invesling acllvltles 1C6,620 103,306 Nel incr•as•l{decreasel in cash and cash •quival•nts 28,831 182,187) Cash and cash equivalents at beglnnlng of yr 43,952 126.139 Cash and cash equivalents at the end of year 15 72,783 43.952
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES Company Infomiation The Trust is a cornpany limited by guarantee registered in England and Wale5. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limrted to £1 per member of the charity. The principal accounb.ng policies adopted. judgements and key sources of estimation uncertainty in the preparatn of the financ statements are as follows: Accounting convention These accounts have been prepared in accordance wilh FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1. 'Accounting and Reporting by Charities" the statement of Recommended Practu for charrties apptying FRS 102 ISORP 20151 (Second Edition, effective 1 January 20201 and the Companies Acl 2006. The charity is a Public Benefit Entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transxt¢on value unless otheNise stated in the relevant policy note. Golng Concem The trustees Consider there a no material uncertaintss al)out the charity's ability to continue as at a going concern. The review of our financial position, reserve levels and future plans gives Trustees confidence the Charity remains a going cOnM for the foreseeable futu. Charltable funds Grants are included in the financial statements when approved by Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grant5 offered that are subject to conditions that have not been met al the year end are noted a5 a commitrnenl bul not accrued as eXpendrtu. Income Donatlon8 and glfts Donations and gifts are included in the accounts in ihe year in whh Ihey a receivable. Investment Income Investment income is accounted for on an accruals basis in the period to which il relates. Expendlture Managomont •nd administration Management and administration costs comprise those costs incurred ift Tunning the charity. They have been apportioned on the basis of ts'me spent been ¢haritable a¢tivthes, ¢ost of raising funds and goveman¢e $ts. Governance Governance costs consist of those costs asKtiated with the overall running of the Charity and meeting statutory and regulatory requirements. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern IKiuid investments with orKJinal maturitses of three mnths or less. io
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES {Gontinued) Debtots Trade and other debtors are rewnised at the Settlent amunt due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Croditors and provisions Creditors and provisions are recc¥Jnised Whe the charity has a present obligatK)n resulting from past event that will probably result in the transfer of funds to a third party and the amunt due to settle the obligab'on can be measured or estimated reliably. Financial instruments The charity onty has financial assets and financial liabilib'es that quality a5 basic fi.nancial instruments. Basic financial instruments are initialty reccgnised at transaction value and subsequenly measured at their settlement value. 1.10 Investments Fixed assets investments represent ltsted investments whh are staled at market valuation. where market value represents the bid value on the last trading day before the year end. Any unrealised or realised gains arising from inveslments are accounted for in the Slalemenl of Financial Activities. 1.11 Judgements and ostimates In preparing these financial statements. the Trustees have made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reFJOrted assets. Itabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including eXFlIanS of future events that a belteved to be reasonable under the circumstances. The Trustees do nol believe there are any significant areas of estimate or judgement within these financial stateffenls. Donations and legacies 2021 2020 Grant from The Burdett Trnst for Nursing Other donations 200.000 3.513 300.000 6.577 203.513 306.577 Inve8tmonls 2021 2020 Income from listed investments 105.645 102,522 105.645 102,522
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charitable actlvltles 2021 2020 Grant funding of activities (see note 5) 206.87S 412.080 Support costs (see note 61 Governance costs (see note 6) 57,539 3.600 72,515 3.720 268,014 488,315 Grants payable 2021 2020 Grants to indwiduals 259 grants12020'. $49 grants) 206,875 412.D80 Support costs Support Govemance Costs 2021 2021: General administration costs Sundry expenses Consultancy fees Audit fees 54,000 2,351 1,188 54,OCQ 2,351 1,188 3,600 3,600 57.539 3,600 61,139 Support Governance Costs Costs 2020 2020: General administration costs Sundry expenses Consultsncy fees Audit fees 63.OCNJ .572 63.000 8.572 943 3.720 3.720 72,515 3.720 76,235 TrustOeS None of the Trustees {or any persons connected with them) received any MUneraOn or benefits from the charity during the year. 12
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Employees There were no employees during the year (nil in 20201. Net galnsl{losses) on investments 2021 2020 Unrealised gains and losses on investhEnts Realiseé gains and losses on investments 520.800 193 218,851 Revaluation of investments 520,993 218,897 10. Flxed assftt Investments Ll$ted Investments Valuatlon At 31 December 2020 Gain in the year Additions Disposals 3.741,031 520,800 62 11,0391 At 31 December 2021 4,260,854 2021 2020 Historic cost of investments 2.243.949 2.235,366 11. Debtorn: amounts falllng due wlthln one year 2021 2020 InvestfrÉnl income accnjed 24,265 24,264 24,265 24,264 13
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 12. Creditors: amounts falling due withln one year 2021 2020 General administration costs Audit fees 13.796 3,600 27.278 3.000 17.396 30.278 Reconciliation of grant creditor 2021 2020 Opening grant ¢redilor Grants authorised in the year Grants paid in the year 206,875 120S,8751 412,080 1412.0801 13. Related party transactlons The charity Is controlled by the Burdett Trust for Nursing. an incorporated charrty. Grants from the Burdett Trust for Nursing are disclosed in note 2. During the year. Rathbone Trusl Company Limited acted as mp8fty secretsry for the charty. Fees of £54,000 12020.. £63,000) were payable lo Rathbone Trust Company Lirniled for secretarial and adminislralion services. At the year end £13.500131 December 2020 - £27.000) was due to Rathbone Trust Company Limited. 14. Cash used In operatlons 2021 2020 Surplusl{deficitl for the year 562,137 139,635 Adjustments for.. Investment income recognised in Ihe statement of financial activrties Unrealised IgainWos$ investrnents Ilnereaselldeca$e in debtots Increasel{decreasel in creditors 1105,6451 {102,522) 1520,8001 {218.851) 113,4821 13,7551 Cash used In operatlons 177.7891 1185,4931 14
THE JUNIUS S MORGAN BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2021 15. C•$h and cash equlvalents 2021 2020 Cash al bank and in hand 72.783 43.952 Anatysls of changes In net funds 1 January 2021 Cash41ow8 31 Dgcember 2021 Cash at bank and in hand 43.952 28.831 72.783 43,952 28,831 72.783 15