OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-04-05-accounts

Charity registration number 1165170 (England and Wales)

MAXWELL MORRISON FAMILY CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

MAXWELL MORRISON FAMILY CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr. M J Morrison Mrs. L Greenhill Mrs K Groves Charity number (England and Wales) 1165170 Principal address The Lodge Acklam Malton Yorkshire YO17 9RG

MAXWELL MORRISON FAMILY CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

MAXWELL MORRISON FAMILY CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report and financial statements for the year ended 5 April 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are to apply the trust fund both as to capital and income thereof to or towards or for the benefit or in furtherance of such charitable purposes or charitable institutions in such proportion and manner as the trustees shall in their absolute discretion from time to time think fit. The policies adopted in furtherance of these objects are to discuss and agree on suitable beneficiaries from time to time and as applications are presented, and there has been no change in these during the year.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The trustees are pleased to report that the Charity has continued to operate effectively with a wide range of charities, both local and national, supported with grants and donations in varied amounts but all in keeping with the objectives of the Charity.

Financial review

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure.

The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

This level of reserves has been maintained throughout the year.

Major risks

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity was established by a deed ot trust created on 31st October 2015.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr. M J Morrison

Mrs. L Greenhill Mrs K Groves

Recruitment and appointment of trustees

The trust deed empowers the trustees for the time being to recruit and appoint suitable additional or alternative trustees as they may see fit..

MAXWELL MORRISON FAMILY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The Trustees' report was approved by the Board of Trustees.

Mr. M J Morrison Trustee

7 September 2025

MAXWELL MORRISON FAMILY CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MAXWELL MORRISON FAMILY CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of Maxwell Morrison Family Charitable Trust (the charity) for the year ended 5 April 2025.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Andrew Nicholson

Member of the Institute of Financial Accountants

As director for Alexander James & Company Limited, Chartered Certified Accountants 7 September 2025

MAXWELL MORRISON FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Investments 3 36,747 32,494
Total income 36,747 32,494
Expenditure on:
Raising funds 4 3,250 3,214
Charitable activities 5 46,505 53,970
Total expenditure 49,755 57,184
Net gains/(losses) on investments 9 (926) 21,368
Net expenditure and movement in funds (13,934) (3,322)
Reconciliation of funds:
Fund balances at 6 April 2024 524,745 528,067
Fund balances at 5 April 2025 510,811 524,745

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MAXWELL MORRISON FAMILY CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

Notes
Fixed assets
Investments
11
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
13		 2025
£
33,663
(1,762)		 £
478,910
31,901
510,811
510,811
510,811		 2024
£
26,730
(4,558)		 £
502,573
22,172
524,745
524,745
524,745

The financial statements were approved by the Trustees on 7 September 2025

Mr. M J Morrison Trustee

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

Maxwell Morrison Family Charitable Trust is an unincorporated charity established by a deed of trust dated 31 October 2015.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 6,433 6,575
Other income 29,788 25,558
Interest receivable 526 361
36,747 32,494

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment management 3,250 3,214

The charity's main source of regular income which it applies to meeting its objectives is from the professionally managed investment portfolio. The investment manager's professional fees are deducted from the investment portfolio on a quarterly basis.

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

5 Expenditure on charitable activities

Direct costs
Donations and grants to other charities
Share of support and governance costs (see note 6)
Governance
Analysis by fund
Unrestricted funds		 2025
£
44,683
1,822
46,505
46,505		 2024
£
52,155
1,815
53,970
53,970

6 Governance costs

Support
costs
Governance
costs
£
£
Accountancy
-
1,764
Bank charges
-
58
-
1,822
Analysed between
Fundraising
-
-
Charitable activities
-
1,822		 2025
£
1,764
58
1,822
-
1,822		 2024 Basis of allocation
£
1,761 All are governance costs
54 Governance
1,815
-
1,815

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

9 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 20,476 35,953
Sale of investments (21,402) (14,585)
(926) 21,368

Listed investments are recorded at the market value advised to the trustees by the external professional fund manager.

Unlisted investments are carried at cost unless the trustees are able to establish a reliable third party market value.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 6 April 2024
448,965
53,608
Valuation changes
20,476
-
Disposals
(44,139)
-
At 5 April 2025
425,302
53,608
Carrying amount
At 05 April 2025
425,302
53,608
At 05 April 2024
448,965
53,608		 Total
£
502,573
20,476
(44,139)
478,910
478,910
502,573

The Trustees have placed funds under discretionary management with Rathbone Investment Management, a firm authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The charity's investment funds are held in a diverse portfolio, and the investment performance and strategy is reviewed periodically with the investment manager. The Trustees are satisfied that an appropriate investment policy is therefore adopted for the charity.

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 1,762 4,558

MAXWELL MORRISON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

13 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April Incoming Resources Gains and At 5 April
2024 resources expended losses 2025
£ £ £ £ £
General funds 524,745 36,747 (49,755) (926) 510,811
Previous year: At 6 April Incoming Resources Gains and At 5 April
2023 resources expended losses 2024
£ £ £ £ £
General funds 528,067 32,494 (57,184) 21,368 524,745

14 Related party transactions

There were no disclosable related party transactions during the year.