## **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.|
2
## **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
3
## **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
4
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 ot*er 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.
6
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.
8
## **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
10
## **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|
11
**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.
12
## **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
13