## **THE MOREL CHARITABLE TRUST** # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **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 6|Report of the Trustees| |Page 7|Independent Examiners Report to the Trustees.| |Page 8|Statement of Financial Activities| |Page 9|Balance Sheet| |Pages 10 to 13|Notes to the Financial Statements| 2 ## **THE MOREL CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **CHARITY NUMBER** 268943 **START OF FINANCIAL PERIOD** 1 April 2022 **END OF FINANCIAL PERIOD** 31 March 2023 **TRUSTEES AT 31 MARCH 2023** 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 The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument. **CORRESPONDENCE ADDRESS** 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 2023** 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 2022/23 financial year: on 18[th] May and 1[st] August 2022 and on 19[th] January 2023. The August meeting was held in person but the two others were held by zoom. The meetings were chaired by William Gibbs, James Gibbs and Simon 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. 1973 saw the fiftieth anniversary of the establishment of the Morel Trust by James Gibbs. He 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 who were founding trustees. Trustees now include the next generation of the family. The August meeting was attended by Thomas Gibbs, James Gibbs’s grandson. The beneficiaries of the Trust have reflected the interests and concerns of the trustees and their wives and children, who are welcomed at trust meetings. VSO, Oxfam, the Africa Centre and a variety of organizations addressing the problem of book famine in Africa are among those that have been supported. Projects in cities and countries in which the trustees have lived or worked, including Bristol, Leeds, and London, Malawi, Ghana, Zambia and the Solomon Islands, have benefited. There has been a consistent interest in the activities of theatre groups presenting African drama in the UK. 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 2023 at £2,028,920 (31 March 2022: 2,158,665) and are held in the COIF Charities Investment Fund. In addition, at 31 March 2022 the Trust held £23,845 (31 March 2022: £15,787) in a COIF Charities Deposit Fund account and £4,480 (31 March 2022: £5,962) at the Trust's bankers, CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. The total of grants made was £101,700 (2021/22: £133,500). Income from dividends and bank interest was £60,068 (2021/22: £59,305). A decision made in the preceding year the Trustees to raise £50,000 by the sale of COIF Charities Investment Fund Income Units was put into effect on 16 June 2022. During the year the Trustees resolved to move to an on-line application system and A Line were engaged to develop a system to be brought into operation in 2023-24. The following grants were made during 2022-23: |UK Social & Arts|||| |---|---|---|---| |Bristol Methodist Centre|£3,000|Homemakers–UK Social Abergavenny|£2,000| |Care for the Family|£3,000|St Michael’s Church, Cwm Du|£200| |Contact Centre – Ebbw Vale|£1,000|Trinity Methodist Church, Penarth|£2,000| |Contact Centre - Pontllanfraith|£1,000|Victoria Methodist Church, Clifton, Bristol|£5,000| 4 ## **THE MOREL CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2023** |International Development|||| |---|---|---|---| |Bees Abroad|£1,500|Pembroke Settlement|£1,000| |Christian Aid|£10,000|Practical Action|£5,000| |CIFA Trust|£3,000|Pump Aid,|£2,000| |Congo Children’s Trust (Kimbilio)|£3,000|Renewable World:|£2,000| |EMMS|£3,000|Shelter Box:|£3,000| |Excellent Devt|£3,000|Sight Savers|£5,000| |Five Talents|£3,000|Solar Aid|£5,000| |Ghana School Aid|£500|ForRefugees|£2,000| |Intercare|£3,000|Tools for Self Reliance Cymru|£2,000| |IT Schools Africa|£3,000|Tree Aid|£5,000| |MAP – Medical Aid for Palestine|£3,000|Village Water|£4,000| |Oxfam|£5,000|Water Aid|£5,000| |Friends of Matthew Rusike’s C H*|£2,000||| *A grant of £2,000 to the Friends Of Matthew Rusike Children's Home (Registered charity 1120944) had been agreed during the year and was paid after the year ended on 31[st] of March 2023. 5 THE MOREL CHARrrABLE TRUST REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 St•i•m•nt of TrurtMI' r•winAlblllll•B: Th¢ Charitles Act rÈqulres the Board ot Trustees to prepare finandal statements lor finanoal year *hkh give tNe •nd falr ¥iev4 of the state of affairs ol the (hadty as ai the end of ihe fina￿1￿1 yeèr and of ihe surplus Of der￿St of the ¢ttartty. In w¢Mdn9 thw ftnandal statements the Board is requlr•1 to . select suitable occounti09 polioes and then apply them con$i$tenYy,' make ludgements an¢J estimates that are reasonoble ond prudent.. •nd . prepare the flnanJ•l st•tements on the 9oing bjsls unless tt 1$ Inapproprt•te to pr•wme thai the tha￿ty will continue In operntion,. - stste whether ￿p￿iCalle Krountyng **d•rds •Ad #at•71¢nis rf rttommended pr•¢t1￿ h•ve boen fdlowed, subJ•ct to wy matenal depwtures th"xlosed wvl expl•[h￿ lft th• fiA•hd¥ #a¢•tiiriit& The trystees •r* alxl respw*blt ftr malThtrining •Oequate èc¢ounttng r¢¢tyds whlch dlxjose wlth reèsonable ojrw at •ny time the fin•nts•l po$41ion al th¢ ¢h•rlty whkh •rt sum¢ltni to shvw and explaln the charitV'5 tr•TrsKtions ar¥1 enalle to erwrl th•t the firwKi•l ¥taterwts wlth the rrfU1•t￿nS mode under the ChaAt*es Act. They a￿ also re5Fongble f¢Y Mle9uorfSry the asxt5 01 ththty orbd hence for taking ￿0$Onable Th• trusw •* •lso rwmgble f¢Y tr* wnients trustew, r•w¢. •nO th• ￿POnsIbIlIty of the INdewiéent examirw In rdatkn)n to the tTUStees' rewrt Is IlmW to tx•miniiwJ the reotyt ond *nwvlrMJ thjt, M the lo￿ of the reFQrt. thwe are no Incm¥stenoes ¥Ath the figure5 ¢JIKlo%e(I In fi￿n￿oI 5tsterr*nts. I apwo¥e ihe attached stknr*nt ol Ilnandal ￿tIVItIeS and tkn sheet yew 31 M•rth Z023. Date PAINT ## **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 2023. 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. Zita Derbak Independent Examiners Ltd Unit 2, The Broadfields Business centre Delling Lane Bosham PO18 8NF Signed: Date: 28.11.2023 7 ## **THE MOREL CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2023** |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)**
Realised gains/Sale of COIF investments
2(b)
Unrealised gains/losses
2(b)
**NET INCOME/(EXPENDITURE)**
**Income from:**|Income
Capital
**TOTAL**
**TOTAL**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
60,068
0
60,068
59,305
**60,068**
**0**
**60,068**
**59,305**
101,700
0
101,700
133,500
828
0
828
816
**102,528**
**0**
**102,528**
**134,316**
**(42,460)**
**0**
**(42,460)**
**(75,011)**
50,000
(18,623)
31,377
0
0
(111,122)
(111,122)
168,330
**7,540**
**(129,745)**
**(122,206)**
**93,319**
0
0
0
0
**7,540**
**(129,745)**
**(122,206)**
**93,319**
Unrestricted| |---|---| |Transfers between funds|| |**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**|| |Total Funds Brought Forward|18,029
2,158,665
2,176,694
2,083,375| |**TOTAL FUNDS CARRIED FORWARD**|**25,569**
**2,028,920**
**2,054,488**
**2,176,694**| 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 9 to 13 form part of these financial statements. 8 THE MOREL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH Z023 Unrestritted Income Capi Funds Fund5 JA-Ma￿23 Tot•1 31-MaTr22 Total Plxed Axstts Investments 21bl 2.028,920 2.028.920 2,158,665 Curr•nt A•￿ts Debtors Cash at bank and In hand Totsl Currnnt A￿ets Cr•dltorA: amounts ialllfvg ￿thIn one Year 2.756 2,756 3.720 NeT CURRENT A$5rrs 25.569 25.569 18.029 TOTAL ASSETS less current Ilabllltles 25,509 1,028,920 2,OS4.488 2.176,694 Cr•dltor•: amounts ralllng due In more than one year NET ASSETS Fund¥ of th• Ch•rlty Capital Funds Income Funds 2.028.920 2,028,920 25,569 2,158,665 18,029 25.569 Total Fund• Sl¥nod b•h•lf of •ll th• truIt•￿. Slonoture Slmon E Gibbs, Trustee Q7 Date of approval ................................................... ## **THE MOREL CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **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. 10 ## **THE MOREL CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023** ## **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 (2021/22: Nil). Annual commitments under non-cancelling operating leases and capital commitments are as follows: 31 March 2023: Nil 31 March 2022: Nil |Market value brought forward
Cost of Investments sold
Unrealised gains/(losses) on investments
Market value carried forward
**2(b) Fixed Asset Investments**|**TOTAL**
**TOTAL**
**2022/23**
**2021/22**
£
£
2,158,665
1,990,335
(18,623)
0
(111,122)
168,330
**2,028,920**
**2,158,665**| |---|---| _The Historical Cost of the investments totalled £754,158._ 11 ## **THE MOREL CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023** |**3. ANALYSIS OF INCOME**
**Investments**
Dividends
Bank Interest|Income
Capital
**TOTAL**
**TOTAL**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
59,365
0
59,365
59,300
703
0
703
5
**60,068**
**0**
**60,068**
**59,305**
Unrestricted| |---|---| |**4. ANALYSIS OF EXPENDITURE**
**(a) Charitable Activities**
Grants
**(b) Governance Costs**
Independent Examination
Bank charges|Income
Capital
**TOTAL**
**TOTAL**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
101,700
0
101,700
133,500
**101,700**
**0**
**101,700**
**133,500**
756
0
756
720
72
0
72
96
**828**
**0**
**828**
**816**
Unrestricted| |---|---| |**5. GRANTMAKING**
UK Grants
International Grants|**TOTAL**
**TOTAL**
**2022/23**
**2021/22**
**£**
**£**
17,200
46,000
84,500
87,500
**101,700**
**133,500**| |---|---| ## **5. GRANTMAKING** The grant of £2,000 to Friends of Matthew Rusike Children's home was committed in this period and paid after the year ended 31st March 2023. ## **6. DEBTORS AND PREPAYMENTS** The charity had no debtors or prepayments (31 March 2022: Nil). |**7. CASH AT BANK AND IN HAND**
CAF Cash Account
COIF Charities Deposit Account|**31-Mar-23**
**31-Mar-22**
**£**
**£**
4,480
5,962
23,845
15,787
**28,325**
**21,749**| |---|---| 12 ## **THE MOREL CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023** ## **8. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Independent Examiners Fees
Accruals - Grants|**Total**
**Total**
**31-Mar-23**
**31-Mar-22**
**£**
**£**
756
720
2,000
3,000
**2,756**
**3,720**| |---|---| ## **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 2022: Nil). ## **10. STAFF COSTS AND NUMBERS** During 2022/23 The Morel Charitable Trust employed no staff (2021/22: 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 (2021/22: Nil). £5,000 was donated to Victoria Methodist Church, Bristol, where trustee J Gibbs is also a trustee. ## **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. 13