The Morpheus Foundation Charity registration no. 1193704 Trustees' report and unaudited fi nancial statements For the year ended 5 April 2023 ## The Morpheus Foundation ## Legal and administrative information |Trustees|Laura Holtzhausen| |---|---| ||Alexander Acloque| ||Henrietta Winand| |Charity number|1193704| |Principal address|45 Gresham Street| ||London| ||EC7V 7BG| |Accountants|Evelyn Partners LLP| ||Accountants| ||Old Library Chambers| ||21 Chipper Lane| ||Salisbury| ||Wiltshire| ||SP1 1BG| |Independent examiner|James Fletcher| ||Fletcher & Partners| ||Chartered Accountants| ||Crown Chambers| ||Bridge Street| ||Salisbury| ||Wiltshire| ||SP1 2LZ| |Investment managers|Evelyn Partners Investment Management LLP| ||45 Gresham Street| ||London| ||EC2V 7BG| ## The Morpheus Foundation ## Contents ||Page| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement offnancial activities|5| |Balance sheet|6| |Notes to thefnancial statements|7 - 9| ## The Morpheus Foundation ## Trustees' report for the year ended 5 April 2023 The trustees present their report and fi nancial statements for the year ended 5 April 2023. The fi nancial statements have been prepared in accordance with the accounting policies set out in note 1 to the fi nancial statements and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e ff ective 1 January 2019). ## Activities, speci fi c objects and relevant policies ## _Objects and activities_ The charitable objects of the foundation are to further such exclusively charitable purposes (which are charitable under the law of England and Wales) as the trustees see fi t from time to time in particular by awarding grants. The trustees con fi rm that they have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t and, when reviewing the charity's aims and objects, managing the foundation's assets and considering any applications for fi nancial assistance. ## _Investment policy_ The charity's assets have been invested with an aim to generate su ffi cient income to support the charity's activities, with investments managed on a risk averse basis. The trustees regularly review the performance of all the charity's assets and the investment criteria will be regularly discussed by the trustees, with assistance from the investment advisors. The trustees are satis fi ed with the performance of the investment portfolio. During the year the main source of funding was investment income, arising from the portfolio of investments held at Evelyn Partners Investment Management LLP. The charity has a portfolio of listed investments that had a market value of £2,751,233 at 5 April 2023 (2022: £2,886,522). ## Achievements and performance ## _Grants_ During the year ended 5 April 2023, the trustees made grants of £15,000 each to both DEC - Earthquake appeal and Medair UK (2022: £nil). ## Related parties There were no related party transactions in the year. In the previous year, non-cash donations of £1,000,000 were received from each of the three trustees. ## _Financial review_ ## Results for the year The fi nancial activities are summarised on page 5 of the fi nancial statements. During the year, the charity received net income, before net losses on investments, of £19,594 (2022: £3,018,601). - 1 - ## The Morpheus Foundation ## Trustees' report for the year ended 5 April 2023 ## Reserves policy The trustees have reviewed the reserves of the foundation and the forecast level of free reserves (those that are not restricted or designated) that will provide the foundation with fi nancial fl exibility and provide a cushion against shortfalls in income, either planned or unanticipated. The level of free reserves at 5 April 2023 was £2,828,216 (2022: £3,110,270). The trustees consider this level of free reserves satisfactory to meet annual donations to charities. ## Plans for the future The trustees will continue to make distributions to charities in England and Wales and elsewhere. ## Governance, structure and management ## Governance The CIO was established on 5 March 2021 and is registered with the Charity Commission, Charity Registration Number 1193704. The trustees who served during the year were: Laura Holtzhausen Alexander Acloque Henrietta Winand Apart from the fi rst charity trustees, every trustee must be appointed by a resolution at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the e ff ective administration of the CIO. The charity trustees will make available to each new charity trustee a copy of the current version of this constitution and a copy of the CIO's latest Trustees' annual report and fi nancial statements. All decisions a ff ecting the management of the foundation and its assets are taken by the trustees jointly. ## Structure and management reporting The trustees are ultimately responsible for the policies, activities and assets of the charity. They are in regular and frequent contact to review the developments with regard to the charity, its activities and to make any important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the charity's professional advisors including investment managers and accountants. ## Risk factors The trustees have examined the major risks to which the foundation is exposed and con fi rm that systems have been established to enable steps to be taken to lessen these risks. - 2 - ## The Morpheus Foundation ## Trustees' report for the year ended 5 April 2023 ## Trustees' responsibilities The trustees are responsible for preparing the trustees' report and the fi nancial statements in accordance with applicable laws and regulations. The law applicable to charities in England and Wales requires the trustees to prepare fi nancial statements for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the fi nancial statements unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the charity and of the income and expenditure of the charity for that year. In preparing these fi nancial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable United Kingdom Accounting Standards have been followed, subject to any departures disclosed and explained in the fi nancial statements; and - prepare the fi nancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which are su ffi cient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the fi nancial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 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. On behalf of the board of trustees ## Alexander Acloque Alexander Acloque (Feb 2, 2024 10:53 GMT) .................................................... ## Alexander Acloque Trustee > Date: 02/02/2024 - 3 - ## The Morpheus Foundation ## Independent examiner's report to the trustees of The Morpheus Foundation I report to the trustees on my examination of the fi nancial statements of The Morpheus Foundation for the year ended 5 April 2023 which comprise the statement of fi nancial activities, the balance sheet and the notes to the fi nancial statements, including a summary of signi fi cant accounting policies. ## Respective responsibilities of trustees and examiner and basis of report As the charity's trustees, you are responsible for the preparation of the fi nancial statements in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the charity's fi nancial statements carried out under section 145 of the 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 examiner's statement I have completed my examination. I con fi rm 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 charity as required by section 130 of the Act; or 2. the nancial statements do not accord with those records; or 3. the fi nancial statements do not comply with the applicable requirements concerning the form and content of the fi nancial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the fi nancial statements 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 accross 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 fi nancial statements to be reached. James Fletcher (Feb 5, 2024 09:19 GMT)James Fletcher .................................... ## James Fletcher Fletcher & Partners Chartered Accountants Crown Chambers Bridge Street Salisbury Wiltshire SP1 2LZ ## 05/02/2024 Date: ................. - 4 - ## The Morpheus Foundation ## Statement of fi nancial activities for the year ended 5 April 2023 |Notes
Income:
Investment income
Donations received
Bank interest
Total income
Expenditure:
Raising funds
Charitable activities - support costs
2
Donations
3
Total expenditure
Net income before gains and losses on investments
(Losses)/gains on investments
6
Net movement in funds
Total reconciliation of funds:
Total funds brought forward
Total funds carried forward|2023
£
64,046
-
79
64,125
9,701
4,830
30,000
44,531
19,594
(301,648)
(282,054)
3,110,270
2,828,216|2022
£
33,566
3,000,000
-| |---|---|---| |||3,033,566| |||9,265
5,700
-| |||14,965| |||3,018,601
91,669| |||3,110,270
-| |||3,110,270| All income and expenditure derives from continuing activities. The notes on pages 7 to 9 form part of the fi nancial statements. - 5 - ## The Morpheus Foundation ## Balance sheet as at 5 April 2023 |Notes
Fixed assets
Investments
6
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
7
Net current assets
Net assets
Income funds
Unrestricted funds|£
84,182
(7,199)|2023
£
£
2,751,233
231,982
(8,234)
76,983
2,828,216
2,828,216
2,828,216|2022
£
2,886,522
223,748| |---|---|---|---| ||||3,110,270| ||||3,110,270| ||||3,110,270| The fi nancial statements were approved by the board, authorised for issue and signed on their behalf by: ## Alexander Acloque Alexander Acloque (Feb 2, 2024 10:53 GMT) ..................................................................................... Alexander Acloque Trustee > Date: 02/02/2024 The notes on pages 7 to 9 form part of the fi nancial statements. - 6 - ## The Morpheus Foundation ## Notes to the fi nancial statements for the year ended 5 April 2023 ## 1 Accounting policies ## 1.1 General information The Morpheus Foundation was established as a charity by a deed dated 5 March 2021. It is registered with the Charity Commission in England & Wales (No. 1193704). The address of the principal o ffi ce is 45 Gresham Street, London, EC7V 7BG. ## 1.2 Basis of preparation The fi nancial statements have been prepared under the historical cost convention. The fi nancial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and with the Statement of Recommended Practice applicable to charities preparing their fi nancial statements in accordance with FRS 102 (e ff ective 1 January 2019). The fi nancial statements are also prepared in accordance with the Charities Act 2011. The charity is a public bene fi t entity as de fi ned by FRS 102. The charity only has fi nancial assets and fi nancial liabilities of a kind that qualify as basic fi nancial instruments. Basic fi nancial instruments are recognised at transaction value. The fi nancial statements are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern. ## 1.3 Income All incoming resources are included in the statement of fi nancial activities when the charity is legally entitled to the income and the amount can be quanti fi ed with reasonable accuracy. ## 1.4 Expenditure All expenditure is accounted for on an accruals basis and recognised where there is a legal or constructive obligation committing the trustees to the expenditure. It has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources. ## 1.5 Investments Investments are initially recognised at their transaction value and subsequently measured at fair value. Investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the di ff erence between the sale proceeds and their opening market value, are credited or charged to the statement of fi nancial activities in the year of the gain or loss. Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the statement of fi nancial activities in the year of the gain or loss. ## 1.6 Fund accounting All funds held are unrestricted and are therefore available for use at the discretion of the trustees in furtherance of the general objects of the trust and which have not been designated for other purposes. - 7 - ## The Morpheus Foundation ## Notes to the fi nancial statements for the year ended 5 April 2023 |2
Support costs
Accountancy fees
Independent auditor's fees
Independent examiner's fees
All support costs are considered to be costs of governance.|2023
£
3,630
-
1,200
4,830|2022
£
3,300
2,400
-| |---|---|---| |||5,700| |||| ## 3 Donations |DEC - Earthquake appeal
Medair UK|2023
2022
£
£
15,000
-
15,000
-
30,000
-| |---|---| ## 4 Trustees None of the trustees (or any persons connected with them) received any remuneration or were reimbursed for any expenses during the year (2022: nil). ## 5 Employees There were no employees during the year (2022: none). ## 6 Investments |Investments||| |---|---|---| |Market value at 6 April 2022
Additions
Disposals
Unrealised appreciation
Market value at 5 April 2023|2023
£
2,886,522
1,583,843
(1,613,248)
(105,884)
2,751,233|2022
£
-
5,842,658
(3,003,321)
47,185| |||2,886,522| For the year ended 5 April 2023, total realised losses on investments of £195,765 (2022: gains of £44,484) together with total revaluation losses on investments of £105,883 (2022: gains of £47,185) equal the total losses on investments of £301,648 (2022: gains of £91,669) as disclosed in the Statement of Financial Activities, - 8 - ## The Morpheus Foundation ## Notes to the fi nancial statements for the year ended 5 April 2023 ## 7 Creditors: amounts falling due within one year |Creditors: amounts falling due within one year||| |---|---|---| |Accruals|2023
£
7,199
7,199|2022
£
8,234| |||8,234| ## 8 Related parties There were no related party transactions during the year. In the previous year, non-cash donations of £1,000,000 were received from each of the three trustees. - 9 -