THE MOREL CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
CHARITY REGISTRATION No: 268943
Independent Examiners Ltd Unit 2, The Broadfields Business centre Delling Lane Bosham PO18 8NF
THE MOREL CHARITABLE TRUST
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 to 5 | Report of the Trustees |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 12 | Notes to the Financial Statements |
| Page 13 | Independent Examiners Report to the Trustees. |
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THE MOREL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 268943
START OF FINANCIAL PERIOD 1 April 2021 END OF FINANCIAL PERIOD 31 March 2022
TRUSTEES AT 31 MARCH 2022
Dr James Morel Gibbs Mr William Malcolm Gibbs Mr Benjamin Morel Ohenaku Gibbs Dr Emily Angel Parry Mr Simon Edward Gibbs Dr Thomas George Richard Gibbs Mrs Abigail Keane Mrs Susanna Coan
CORRESPONDENCE ADDRESS
The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument. S E Gibbs Esq 34 Durand Gardens London SW9 0PP
GOVERNING DOCUMENT
Deed dated 9 October 1972
OBJECTS
To apply the income and all or such part of the capital thereof as the trustees shall in their absolute discretion from time to time determine for such charitable purposes as the trustees shall determine.
BANKERS
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
INDEPENDENT EXAMINER
Independent Examiners Ltd Unit 2, The Broadfields Business centre Delling Lane Bosham PO18 8NF
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THE MOREL CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The Trustees for the year were: James M Gibbs (chair), William Gibbs, Simon Gibbs (secretary), Thomas Gibbs, Benjamin Gibbs, Emily Parry, Abigail Keane and Susanna Coan.
The Trustees held three meetings in the 2021/2022 financial year: on 23rd May and 12th October 2021 and on 15th January 2022. All three meetings were held by zoom. The meetings were chaired by Emily Parry, Thomas Gibbs and James Gibbs.
The Secretary’s address remained 34 Durand Gardens, London SW9 OPP. The Trust’s aims as set out in the Directory of Grant Making Trusts are: support of the arts, in particular drama, organisations working for improved race relations, inner city projects and third world projects.
The Morel Trust was set up in 1973 by James Gibbs who has remained as Chairman of the Trustees since then. Other additions were made to the Trust shortly after by his brothers William and Simon Gibbs. Trustees now include the next generation of the family.
Projects supported are usually connected with places that the trustees have lived and worked, including the cities of Bristol, Brecon, and London and the countries of Ghana, Zambia, Malawi and the Solomon Islands. We do not support individuals and normally grant aid projects of which the trustees have personal knowledge
The Trust's investment assets were valued at 31 March 2022 at £2,158,665 (31 March 2021: 1,990,335) and are held in the COIF Charities Investment Fund. In addition, at 31 March 2022 the Trust held £15,767 (31 March 2021: £31,482) in a COIF Charities Deposit Fund account and £5,932 (31 March 2021: £30,567) at the Trust's bankers, CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent.
The total of grants made was £133,500 (2020/21: £67,500) this included a £5,000 “Covid related” grant which had been committed in the previous year but has been included in the accounts for 2021/22. Income from dividends and bank interest was £59,310 (2020/21: £60,163). At the meeting on 15th January 2022, the Trustees agreed to raise £50,000 by the sale of COIF Income units but this was not put into effect until after the end of the 2021/22 financial year.
Apart from the matter of holding all three trustees’ meetings by “zoom”, the operations of the Trust were not affected in any discernible way by the Coronavirus pandemic but the enlarged level of giving during the year and the decision to release a further £50,000 from COIF funds were both the result of the Trustees wanting to increase funds for distribution as a result of the special situation created by the pandemic.
Grants made during 2021-22:
| International All We Can Ashden Sustainable Solutions (Karuna) Christian Aid (Afghan DEC appeal) Congolese Children's Trust Deki Excellent Development Fair Trade Foundation Ghana School Aid Intercare Kaloko OXFAM Practical Action Red Cross Ripple Africa Sight Savers Solar Aid Street Child Temwa JMG Tree Aid Unicef Unicef (Vaccinaid) Village Water Water Aid Zambian Orphans Aid |
UK Social 1,000 ACTS (Old Chapel Café) 5,500 4,000 Ashden Sustainable Solutions 5,000 10,000 Awel Aman Tawe 3,000 4,000 Clarence Hall (Crickhowell) 2,000 2,000 Mind Brecon 1,000 2,000 Partners UK 4,000 3,000 Retreat House Chester 1,000 2,500 Unseen UK 2,000 3,000 Usk and Wye Foundation 2,000 2,000 Victoria Methodist Church 4,000 5,000 5,000 5,000 UK Arts* 1,500 Acta Community Theatre 4,000 2,000 Afrika Eye 1,000 5,000 Art UK 2,000 2,000 Beaufort Theatre 1,000 1,500 Brecknock Arts Trust 3,500 5,000 CRIC (Festival of Ideas) 3,000 5,000 Good Chance (Amal Theatre) 2,000 5,000 5,000 5,000 2,000 |
|---|---|
- The grant to Awel Aman Tawe was committed in this period and paid after the year ended 31st March 2022
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THE MOREL CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2022 Ststement of Trustees. resPonbIlItIes= The chatIeS Act reouires the Board of Trustees to prepa financial staletnents for each financlal year whith give true fair View of the state of affairs of the charity a5 at the eDO of the financial year and of trhe 5urplu5 or deficit of ihe charlty. In preparin9 those financial 5taiements the Board is reouire¢ to select suitable accountlng polithes and thell apply them consisteniiv make judgements and estimates that are reasonab and prudent., and prepare ihe financial statements on the going concem basis unless It IS inapprtspnate to presume thèt the chanty stste whether applicable accountlTr9 Standards ènd gtatement5 of recommended practke havE been followed, subject to any ffl6terial departures dkqcltssed and explained In the financlal statements,- The trustees are è150 responsible for malntaiThlno adeouate accounting record5 whlch disclose 4Yith reasonable accuracy at any bmc rhe flnanclal Position DI the rharit¥ and which are sufflclent tts Show and explain the charity's transactions and ernab them to ensure thal Ihe financial statements comply with the regulations made under the Charities Att. They are also reswn51ble for safeguarding the a5set5 of the charity and henEe for taking reasonable 5tep5 for the prevention and deiection tsl traud oter Irregularlties. The trustees a a15D re5pon5ible for the contents of the trustee5' report, and the responsibility of the iDdependent examiner ID relation to the trustees, report 15 limited to examinlng the report ensuring that, on the face of the report, there arÈ no inconsistencies Yéith the figures diSc105ed In the hnancial statements. approve the attached statement of financial grtivities aDd balance sheet for Ihe ¥e¥r ended 31 March 2021, and confirm that I have made available all Information necessary for ts preparation. Oite. SlgTrature.- PRIMf NAME
THE MOREL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOMING RESOURCES Investments 3 TOTAL RESOURCES EXPENDED Expenditure on: Charitable Activities 4(a) Governance Costs 4(b) TOTAL NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) Income from: |
Income Capital TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 59,305 0 59,305 60,163 Unrestricted |
|---|---|
| 59,305 0 59,305 60,163 |
|
| 133,500 0 133,500 67,500 816 0 816 789 |
|
| 134,316 0 134,316 68,289 |
|
| (75,011) 0 (75,011) (8,126) |
|
| Realised gains/Sale of COIF investments 2(b) |
0 0 70,000 |
| Unrealised gains/losses 2(b) |
168,330 168,330 283,771 |
| NET INCOME/(EXPENDITURE) | |
| (75,011) 168,330 93,319 345,645 |
|
| Transfers between funds | (30,000) 30,000 0 0 |
| NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: |
|
| (105,011) 198,330 93,319 345,645 |
|
| Total Funds Brought Forward | 123,040 1,960,335 2,083,375 1,737,730 |
| TOTAL FUNDS CARRIED FORWARD | |
| 18,029 2,158,665 2,176,694 2,083,375 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on Pages 8 to 12 form part of these financial statements.
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THE MOREL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2022 Un$ttted Income Capitsl Fund5 Funds 31-Mar-22 Total 31-Mar-21 Total Note Fixed A5set5 Investments 21bl 2,158,665 2.158.665 I,990,335 urrent Assets Debtors C3sh at bank and in hand Total Current Assets 21,749 93,760 Creilitor5- atnounts fallin9 due within one year 3.720 3,720 720 NET CURRENT ASSETS 18,029 18,029 93,04D TOTAL ASSETS less current liabilities 18,029 2,158,665 2,176,694 2.083,375 Creditors.. amounts falling due In more than one year NET ASSETS 18,029 2,158,665 2,176,694 2,083,375 Funds of the Charlty Capital Funds Income Funds 2.158.665 2,158,665 18,029 1,960,335 123,040 18,029 Total Funds 18,029 2,158,665 2,176.694 2,083,375 Slgned on behalf of all the tru5tee5 Signature SimDn E Gibbs, Trustee Date of approval Il-22
THE MOREL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Basis of preparation:
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
1. ACCOUNTING POLICIES
The particular accounting policies adopted are set out below.
INCOME
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the income;
-
it is more likely than not that the trustees will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Gifts in Kind
Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.
Donated goods
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.
Donated Services and Facilities
Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Insurance claims
Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA.
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THE MOREL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
EXPENDITURE AND LIABILITIES
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Governance and Support Costs
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
Deferred income
No material item of deferred income has been included in the accounts.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2. FIXED ASSETS
2(a) Tangible Fixed Assets
The Morel Charitable Trust have no Tangible Fixed Assets (2020/21: Nil).
Annual commitments under non-cancelling operating leases and capital commitments are as follows: 31 March 2022: Nil
31 March 2021: Nil
2(b) Fixed Asset Investments
| 2(b) Fixed Asset Investments | |
|---|---|
| Market value brought forward Unrealised gains/(losses) on investments Funds transferred to COIF deposit account Market value carried forward |
TOTAL TOTAL 2021/22 2020/21 £ £ 1,990,335 1,706,564 168,330 283,771 0 0 |
| 2,158,665 1,990,335 |
The Historical Cost of the investments totalled £754,158.
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THE MOREL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| 3. ANALYSIS OF INCOME Investments Dividends Bank Interest 4. ANALYSIS OF EXPENDITURE (a) Charitable Activities Grants (b) Governance Costs Independent Examination Bank charges 5. GRANTMAKING |
Income Capital TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 59,300 59,300 60,145 5 5 18 Unrestricted |
|---|---|
| 59,305 0 59,305 60,163 |
|
| Income Capital TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 133,500 133,500 67,500 Unrestricted |
|
| 133,500 0 133,500 67,500 |
|
| 720 720 720 96 96 69 |
|
| 816 0 816 789 |
|
| UK Arts Acta Community Theatre Afrika Eye Art UK Beaufort Theatre Brecknock Arts Trust CRIC (Festival of Ideas) Good Chance (Amal Theatre) Total UK Arts UK Social ACTS (Old Chapel Café) Ashden Sustainable Solutions |
4,000 1,000 2,000 1,000 3,500 3,000 2,000 16,500 5,500 5,000 |
|---|---|
| Awel Aman Tawe * | 3,000 |
| Clarence Hall (Crickhowell) Mind Brecon Partners UK Retreat House Chester Unseen UK Usk and Wye Foundation Victoria Methodist Church Total UK Social |
2,000 1,000 4,000 1,000 2,000 2,000 4,000 29,500 |
- The grant to Awel Aman Tawe was committed in this period and paid after the year ended 31st March 2022
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THE MOREL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022
5. GRANTMAKING (continued)
| International All We Can Ashden Sustainable Solutions (Karuna) Christian Aid (Afghan DEC appeal) Congolese Children's Trust Deki Excellent Development Fair Trade Foundation Ghana School Aid Intercare Kaloko OXFAM Practical Action Red Cross Ripple Africa Sight Savers Solar Aid Street Child Temwa JMG Tree Aid |
1,000 4,000 10,000 4,000 2,000 2,000 3,000 2,500 3,000 2,000 5,000 5,000 5,000 1,500 2,000 5,000 2,000 1,500 5,000 |
|---|---|
| Unicef | 5,000 |
| Unicef (Vaccinaid) Village Water Water Aid Zambian Orphans Aid Total International Total All Grants |
5,000 5,000 5,000 2,000 87,500 133,500 |
6. DEBTORS AND PREPAYMENTS
The charity had no debtors or prepayments (31 March 2021: Nil).
7. CASH AT BANK AND IN HAND
| 7. CASH AT BANK AND IN HAND | |
|---|---|
| CAF Cash Account COIF Charities Deposit Account |
31-Mar-22 31-Mar-21 £ £ 15,787 31,482 5,962 62,278 |
| 21,749 93,760 |
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THE MOREL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022
8. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees Accruals - Grants |
Total Total 31-Mar-22 31-Mar-21 £ £ 720 720 3,000 0 |
|---|---|
| 3,720 720 |
The grant accrued above is for the approval of a payment to Aman Awel Tawe as detailed in Note 5
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The charity had no creditors falling due in more than one year (31 March 2021: Nil).
10. STAFF COSTS AND NUMBERS
During 2021/22 The Morel Charitable Trust employed no staff (2020/21: Nil).
11. TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transactions took place between the organisation and a trustee or any person connected with them (2020/21: Nil).
12. RISK ASSESSMENT
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
13. RESERVES POLICY
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
14. PUBLIC BENEFIT
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees on my examination of the accounts of The Morel Charitable Trust for the year ended 31 March 2022.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
Responsibilities and basis of report
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 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 confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 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 accounts to be reached.
Signed:
Date: 12th December, 2022
Independent Examiners Ltd Unit 2, The Broadfields Business centre Delling Lane Bosham PO18 8NF
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