Charity Registration No. 1131892 Company Registration Number.. 06565087 (England and Wales) THE JUNIUS S MORGAN BENEVOLENT FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Legal and administrative information Trusteesʼ report Independent auditorʼs report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements
The Burdett Trust for Nursing Mr Alan Gibbs Mr Andrew Gibbs Mr Andrew Martin Smith Rathbones Trust Company Ltd 1131892 06565087 30 Gresham Street London EC2V 7QN HaysMac LLP 10 Queen Street Place London EC4R 1AG Coutts & Co 440 Strand London WC2R 0QS Broadfield Law One Bartholomew Close London EC1A 7BL CCLA Investment Management Limited & CCLA Fund Managers Limited One Angel Lane London EC4R 3AB Rathbones Investment Management 30 Gresham Street London EC2V 7QN
1
The Trustees, who are also directors of the Trust for the purposes of the Companies Act, present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared under the provisions of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019) - (Charities Statement of Recommended Practice (SORP) (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the accounting policies set out on pages 10-11. The financial statements comply with all other statutory requirements and the requirement of the Trustʼs governing documents.
The aim of the charity is to provide financial or other relief for practicing and former members of the nursing profession in hardship. The Trustees have had regard to Charity Commission guidance concerning public benefit when considering the activities of the charity.
The Fund assists registered nurses and midwives who have practiced in the UK for a minimum of five years as well as nursing associates who have practiced in the UK for over two years post registration.
The Trustees consider applications from individuals within the criteria who find themselves in hardship for a variety of reasons.
The Fund will make cash payments to assist with payments for a variety of purposes including rental & mortgage arrears, heating, household renewal costs (decorating, furniture, furnishing), living costs and adaption of homes for individuals with disabilities. The Fund does not pay educational fees, residential or nursing home fees, holidays or respite care.
The maximum amount of any individual in any 12 month period will not normally exceed £1,500 for all new awards. At the Trustees request, the grant monies will be paid in the form of a voucher for groceries.
The Fund is a member of the ACO (The Association of Charitable Organisations) which is an organisation which has a helpline providing details on a wide range of benevolent funds to agencies such as SSAFA, Citizens Advice Bureaux and other advisers as well as to individuals.
In December 2023, the Trustees were delighted to receive a legacy of £20,700 from The Irene Higgins Memorial Trust. The Legacy was to provide assistance to nurses in necessitous circumstances within a reasonable distance of St Margaretʼs Hospital, Epping, CM16 6TN. The legacy was fully disbursed in 2024.
There were 338 recipients of one off grants provided by the charity, at an average grant of £1,198 per recipient (2023 – 299 recipients with an average grant of £950).
The asset allocation of this Trust, with investments in COIF Investment Fund and Rathbone Balanced Mandate, remains consistent with the preservation of long-term capital and a long term investment horizon.
The Trustees key object is to help nurses in hardship.
2
Total income was £416,596 (£355,807 in 2023), with £497,757 (£408,861 in 2023) being committed to charitable activities of which £86,388 (£87,339 in 2023) related to support costs and £5,142 (£4,980 in 2023) related to governance costs, resulting in net expenditure of £81,161 (net expenditure £73,054 in 2023).
The total movement of resources in the year also includes the unrealised and realised gain based upon the market value of the investments at the year end of £117,272 (gain £305,843 in 2023).
The Trustees have reviewed the reserves of the Trust. At 31 December 2024, the total reserves amounted to £4,202,258 (2023: £4,166,147). The reserves are considered to be at a suitable level given the aim to strike a sensible balance between the needs of the present and future.
The Trustees have undertaken a review of the major risks that could face the charity and have identified that the principal risk faced lie in the performance of investments. The Trustees consider variability of investment returns to constitute the charityʼs major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
The Benevolent Fund is a company limited by guarantee incorporated on 14 April 2008 and was registered as a charity on 29 September 2009.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
The Burdett Trust for Nursing Mr Alan Gibbs Mr Andrew Gibbs Mr Andrew Martin Smith
The Trustees of the corporate trustee, The Burdett Trust for Nursing, who served during the year were:
Mr Alan Gibbs Mr Andrew Martin Smith Dame Christine Beasley DBE Mr Evy Hambro Professor David Sines CBE Mr Andrew Gibbs Mrs Audrey Ardern-Jones OBE Mrs Janice Stevens CBE Professor Dame Donna Kinnair DBE Mrs Rachael Corser Mr David Martin Smith
The Trustees are appointed by existing Trustees. On appointment, they are informed about the activities of the charity and are made aware of developments in the sector as required.
3
The day to day administration of the charity was delegated to Rathbones Trust Company Limited, which also acted as Secretary to the Fund.
The Trustees, who are also the directors of the Junius S Morgan Benevolent Fund for the purpose of company law, are responsible for preparing the Trusteesʼ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 them 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.
On 18 November 2024 the company's auditor changed its name from Haysmacintyre LLP to HaysMac LLP. The auditors, HaysMac LLP, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. The Trustees have taken all steps necessary 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 taken the exemptions available to small companies and have not prepared a strategic report.
The Trusteesʼ Report was approved by the Board of Trustees.
……………………………………... Alan Gibbs Mr Alan Gibbs Trustee Date: 10 September 2025
……………………………………...
4
We have audited the financial statements of The Junius S Morgan Benevolent Fund for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable companyʼs affairs as at 31 December 2024 and of the charitable companyʼs net movement in funds, including the income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trusteeʼs use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companyʼs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The trustees are responsible for the other information. The other information comprises the information included in the Trusteesʼ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trusteesʼ Report (which includes the directorsʼ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directorsʼ report included within the Trusteesʼ Report have been prepared in accordance with applicable legal requirements.
5
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trusteesʼ Report (which incorporates the directors report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trusteesʼ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companiesʼ regime and take advantage of the small companiesʼ exemptions in preparing the Trusteesʼ Report and from the requirement to prepare a strategic report.
As explained more fully in the trusteesʼ responsibilities statement set out on pages 3 and 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable companyʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related Charity Law and Company Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006.
We evaluated managementʼs opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:
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Inspecting correspondence with appropriate regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluating managementʼs controls designed to prevent and detect irregularities;
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Identifying and testing journals, in particular journal entries posted with significant values; and
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Challenging assumptions and judgements made by management in their accounting estimates.
6
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorʼs report.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
| ord | |
|---|---|
| Tracey Young (Senior Statutory Auditor) | 10 Queen Street Place |
| For and on behalf of HaysMac LLP, Statutory Auditors | London |
| EC4R 1AG |
Date: 18 September 2025
7
| Donations and legacies | 2 | 303,141 | - | 303,141 | 224,112 |
|---|---|---|---|---|---|
| Investments | 3 | 113,455 | - | 113,455 | 111,695 |
| ---------------------- | ----------------------- | ---------------------- | ---------------------- | ||
| 416,596 | - | 416,596 | 335,807 | ||
| ---------------------- | ----------------------- | ---------------------- | ---------------------- | ||
| Charitable expenditure | 4 | 477,057 | 20,700 | 497,757 | 408,861 |
| ---------------------- | ----------------------- | ---------------------- | ---------------------- | ||
| 477,057 | 20,700 | 497,757 | 408,861 | ||
| ---------------------- | ----------------------- | ---------------------- | ---------------------- | ||
| (60,461) | (20,700) | (81,161) | (73,054) | ||
| Gain on investments | 9 | 117,272 | - | 117,272 | 305,843 |
| ---------------------- | ---------------------- | ---------------------- | ---------------------- | ||
| 56,811 | (20,700) | 36,111 | 232,789 | ||
| Fund balances at 1 January 2024 | 4,145,447 | 20,700 | 4,166,147 | 3,933,358 | |
| ---------------------- | ----------------------- | ---------------------- | ---------------------- | ||
| 4,202,258 | - | 4,202,258 | 4,166,147 | ||
| =========== | =========== | =========== | =========== |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The accompanying accounting policies and notes on pages 11 to 17 form an integral part of these financial statements.
8
| Investments | 10 | 4,183,179 | 4,067,065 | ||
|---|---|---|---|---|---|
| Debtors | 11 | 24,865 | 24,282 | ||
| Cash at bank and in hand | 21,673 | 98,929 | |||
| --------------------- | --------------------- | ||||
| 46,538 | 123,211 | ||||
| Other creditors | 12 | (27,459) | (24,129) | ||
| --------------------- | --------------------- | ||||
| Net current assets | 19,079 | 99,082 | |||
| --------------------- | --------------------- | ||||
| Total net assets | 4,202,258 | 4,166,147 | |||
| =========== | =========== | ||||
| Represented by: | |||||
| Unrestricted funds | 4,202,258 | 4,415,447 | |||
| Restricted funds | - | 20,700 | |||
| ----------------- | --------------------- | ||||
| 4,202,258 | 4,166,147 | ||||
| =========== | =========== |
The financial statements were approved by the Trustees and authorised for issue and are signed on their behalf by
Alan Gibbs
…………………. Mr Alan Gibbs Trustee
Date : 10 September 2025
The accompanying accounting policies and notes on pages 10 to 16 form an integral part of these financial statements
9
| Cash absorbed by operations | (191,724) | (184,342) | ||
|---|---|---|---|---|
| Dividends and interest received from | 113,455 | 111,695 | ||
| Investments | ||||
| Investment disposals | 1,013 | 985 | ||
| ------------------- | ------------------ | |||
| 114,468 | 112,680 | |||
| ---------------- | ------------------ | |||
| (77,257) | (71,662) | |||
| 98,929 | 170,591 | |||
| ---------------- | ---------------- | |||
| Cash and cash equivalents at the end of year | 21,673 | 98,929 | ||
| ========= | ========= |
10
The Trust is a company limited by guarantee registered in England and Wales. 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 limited to £1 per member of the charity.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102 (SORP) (Second Edition, effective 1 January 2019) and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant policy note.
The Trustees consider there are no material uncertainties about the charityʼs 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 concern for the foreseeable future.
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.
Donations and gifts are included in the accounts in the year in which they are receivable.
Investment income is accounted for on an accruals basis in the period to which it relates.
Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.
Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.
11
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Fixed assets investments represent listed investments which are stated 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 investments are accounted for in the Statement of Financial Activities.
In preparing these financial statements, the Trustees have made judgements, estimates and assumptions that affect the application of the charityʼs accounting policies and the reported assets, liabilities, 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 expectations of future events that are believed to be reasonable under the circumstances.
The Trustees do not believe there are any significant areas of estimate or judgement within these financial statements.
| Grant from The Burdett Trust for Nursing | 300,000 | 200,000 |
|---|---|---|
| Other donations and legacies | 3,141 | 24,112 |
| ---------------------- | ---------------------- | |
| 303,141 | 224,112 | |
| =========== | =========== |
12
| Income from listed investments | 113,455 | 111,695 |
|---|---|---|
| ---------------------- | ---------------------- | |
| 113,455 | 111,695 | |
| =========== | =========== | |
| Charitable activities | ||
| 2024 | 2023 | |
| £ | £ | |
| Grant funding of activities (see note 5) | 406,227 | 316,542 |
| Support costs (see note 6) | 86,388 | 87,339 |
| Governance costs (see note 6) | 5,142 | 4,980 |
| ---------------------- | ---------------------- | |
| 497,757 | 408,861 | |
| =========== | =========== |
| Grants to individuals 338 grants (2023: 299 | Grants to individuals 338 grants (2023: 299 | 406,227 | 316,542 |
|---|---|---|---|
| grants) | |||
| =========== | =========== | ||
| Support costs | |||
| Support | Governance | 2024 | |
| Costs | Costs | ||
| 2024 | £ | £ | £ |
| General administration fees | |||
| Sundry expenses | 5,300 | - | 5,300 |
| Consultancy fees | 2,232 | - | 2,232 |
| Audit fees | - | 4,980 | 4,980 |
| Rathbones Trust Company Ltd admin fees | 79,807 | - | 79,807 |
| ----------------------- | ------------------ | ----------------------- | |
| 87,339 | 4,980 | 92,319 | |
| =========== | ========= | =========== |
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
13
There were no employees during the year (nil in 2023).
| Unrealised gains on investments | 117,127 | 305,742 |
|---|---|---|
| Realised gains on investments | 145 | 101 |
| ---------------------- | ---------------------- | |
| Net gain on investments | 117,272 | 305,843 |
| =========== | =========== | |
| At 31 December 2023 | 4,067,065 | |
| Unrealised gain in the year | 117,127 | |
| Disposals | (1,013) | |
| ---------------------- | ||
| At 31 December 2024 | 4,183,179 | |
| =========== | ||
| Historic cost of investments | 2,240,885 | 2,241,727 |
| =========== | =========== | |
| Investment income accrued | 24,865 | 24,282 |
| ---------------------- | ---------------------- | |
| 24,865 | 24,282 | |
| =========== | =========== |
14
| Accruals | 26,959 | 24,129 |
|---|---|---|
| Grant creditor | 500 | - |
| ---------------------- | ---------------------- | |
| 27,459 | 24,129 | |
| =========== | =========== | |
| Opening grant creditor | - | - |
| Grants authorised in the year | 406,227 | 316,542 |
| Grants paid in the year | (405,727) | (316,542) |
| ---------------------- | --------------------- | |
| 500 | - | |
| =========== | =========== |
The charity is controlled by the Burdett Trust for Nursing, an incorporated charity. Grants from the Burdett Trust for Nursing are disclosed in note 2.
During the year, Rathbones Trust Company Limited acted as company secretary for the charity. Fees of £79,800 (2023: £79,807) were payable to Rathbones Trust Company Limited for secretarial and administration services. At the year-end £19,950 (31 December 2023 - £19,950) was due to Rathbones Trust Company Limited.
| Surplus for the year | 36,111 | 232,789 |
|---|---|---|
| Adjustments for: | ||
| Investment income recognised in the statement of | (113,455) | (111,695) |
| financial activities | ||
| Unrealised loss on investments | (117,127) | (305,742) |
| Increase in debtors | (583) | - |
| Increase in creditors | 3,330 | 306 |
| ---------------------- | ---------------------- | |
| (191,724) | (184,342) | |
| =========== | =========== |
15
----- Start of picture text -----
Cash at bank and in hand 21,673 98,929
=========== ===========
Cash at bank and in hand 98,929 (77,256) 21,673
-------------------- -------------------- --------------------
98,929 (77,256) 21,673
=========== =========== ===========
Restricted funds
Legacies 20,700 - (20,700) -
---------------------- ------------------ -------------------- ---------------------
20,700 - (20,700) -
========= ========== ========== ==========
----- End of picture text -----
The legacy fund is to provide assistance to nurses in necessitous circumstances within a reasonable distance of St Margaretʼs Hospital, Epping.
| Investments | 4,183,179 | - | 4,183,179 |
|---|---|---|---|
| Current assets | 46,538 | - | 46,538 |
| Liabilities | (27,459) | - | (27,459) |
| ------------------- | ----------------- | -------------------- | |
| 4,202,258 | - | 4,202,258 | |
| =========== | ========== | =========== |
16
| Investments | 4,183,179 | - | 4,183,179 |
|---|---|---|---|
| Current assets | 46,538 | - | 46,538 |
| Liabilities | (27,459) | - | (27,459) |
| -------------------- | ----------------- | -------------------- | |
| 4,202,258 | - | 4,202,258 | |
| =========== | ========= | ============ |
17