Charfty Reglstration No. 1131892 Company Reglstratlon NuM￿r. 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 manage￿nt 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 rel￿f 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 cOns￿er applicats'ons from indwiduals within the crilerial who find Ihetrtsefves in hardship for variety of reasons. The fund does not usualty pay educat￿nal 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 an￿Unt 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 ASSC￿lation 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 recI￿entS 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 wh￿h £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 portfol￿0. 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￿$ting Trustees. On apFoinbnent, they affj informed about the activities of the charity and are made aware of developments in the se¢lor as required. The day to day administration of the charty was delegated to Rathbone Trust Company Limrted, which also acted as Secretary to the Fund. THE JUNIUS S MORGAN BENEVOLENT FUND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 DECEM8ER 2021 Statement of trustees. responsibilities The Trustees. who are also the directors of the Juniu5 S Morgan Benevolent Fund for the purpose of company law. are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Practice). Company Law requires the Trustees lo prepare accounts for each financial year which gwe a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the incorrE and expenditure. of the charitable company for that year. In preparing these accounts, the Trustees are required to: Select suitable accounting policies and then appty them consistently- ObseNe the methcfvjs and pnnciples in the Charibes SORP". Make judgements and estimates that are reasonable and prudenl. Stsle whether applicable accounting standard5 have been followed. subject to any material departures disclosed and explained in the financial statements.. and Prepare the accounts on the g￿ng concem basi$ 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 De￿mber 2021 which comprise the Statement of Finan¢ial ActNibes. the Balance Sheet. the Statement ol Cash Flows and notes to the nan¢ial $talemènls, including a summary of signthcant accounting p￿￿es. The finanaal reporting framework that has been applied in their prèparation is applicAbYÈ law and United Kingdom Aco)untirvJ Standards. induding FinancAal Reporting Stsndard 102 The Financial Repoty Standanl applicable ￿ the UK and Republic of Ireland Iunrted Kingdom Generally A¢¢epled AcÉounling Pracb"(*). In our opinion. th• ffinancial statements= grve a true and fair view of the 5ts1e of tl* d)arrt8Ne company's affairs as at 31 Decèmber 2021 and of the charitable cx)mpany's net rnovemenl in funds. induding the incorre and expenditure, for the yoar thon &ndo(1., have been properly prepared in accordance with United Kingdom Generalty Accepled A¢¢ounting Practice., and have been p￿ar￿1 in accordance with the requirements ofthe Companies Aci 2006. Ya$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 $tatem8ntS S8Ction of our report. We a￿ independent of Ihe charity in accordance with the ethKal requirements Ihat afe relevant lo ¢)ur audit of Ihe finanaal sts1¥m￿ts in the UK, rncfudirYJ the FRC'S Ethical Standard, and we have fulfilled OUT other elhic81 respon5ilylities in ac£or(lan¢e vnth these wuirements. We believe that the audit evidence we have obtained is Suff￿lent and opprwri¥le to provide a basis for our opinion. ConcluBlons relatlng to golng ¢on¢•m In auditing the finanu81 statements. we h8ve concluded that t￿ trLtst••'s usé of thè going concam basis of accounting in the preparation of the finanrial ststemenls is appropwiale. Based on the work we have performed, we have r￿1 identified any m*erial uncèrtainti8s rèlating to 8vents or conditions that, individually or colleclNety. rnay cast signrfKant doubt on the ¢hartsble ¢ompanYs 's ability lo ￿ntinUe as a going concem for a period of al least iwelve rnonths fr(wn when tl* finarKaal stslements 8f$ 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￿￿ inf0mat￿n 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. conS￿er whether the other information is rnatelialty irTrconsistenl wth the ffinan(i81 st8leThenls Or our kntr￿ed9e obtsined in the audil or olherwise appears to be materialty misstsled_ If we idenltfy $uch material inwnsi$len¢ios or appa￿nI 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