ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
THE MOREL CHARITABLE TRUST
CHARITY REGISTRATION NUMBER 268943
Independent Examiners Ltd Unit 2
The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
THE MOREL CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees' Report | 4 to 5 |
| Independent Examiner's Report on the Accounts | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9to 12 |
THE MOREL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
268943
WORKING NAMES
THE MOREL TRUST
START OF FINANCIAL YEAR 01 April 2023 END OF FINANCIAL YEAR 31 March 2024
TRUSTEES AT 31 MARCH 2024
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 Charity's governing instrument.
GOVERNING INSTRUMENT
Deed dated 9 October 1972
REGISTRATION HISTORY
11 February 1975:Standard registration
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.
CORRESPONDENCE ADDRESS
PRIMARY BANKERS
INDEPENDENT EXAMINER
34 Durand Gardens London SW9 0PP CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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THE MOREL CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2024
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 two meetings in the 2023/2024 financial year: on 23[rd] May and 27[th] November 2023. Both meetings were held by zoom. The meetings were chaired by Thomas Gibbs and William 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 2024 at £2,168,805 (March 2023: 2,028,920) and are held in the COIF Charities Investment Fund. In addition, at 31 March 2024 the Trust held £41,768 (31 March 2023: £23,845) in a COIF Charities Deposit Fund account and £1,697 (31 March 2023: £4,480) at the Trust's bankers, CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent.
The total of grants made was £80,500 (2022/23: £102,700) 2021/22. Income from dividends and bank interest was £59,934 (2022/23: £60,068). In the course of the year the Trustees determined to raise £40,000 by the sale of COIF Charities Investment Fund Income Units.
During the year, costs were incurred in setting up a Morel Trust website. This provides potential applicants with guidance on how to apply for grants and a mechanism for the submission of applications on line.
Grants made during 2023-2024:
UK Arts [£6.5k] Armonico Consort– £2k Big House Theatre £1k Kazzum Arts £1.5k Travelling Light £2k
UK Environmental [£1k] Avon Wildlife £1k
UK Social [£9k] Bridges for Communities - £1k Bristol Methodist Centre £2k Mind Brecon & District £1k Penarth Methodist Church £1k Samaritans £3k SOFA Project £1k
International Development [£50k] International Health [£14k] Bees for Development 1k APT £1k Cifa Trust 3k MAP £8k Congo Children’s Trust - £3k Sight Savers £5k Deki £2K Dream Big Ghana £2k EDU Spots 2.5k Excellent Devt £3k Ghana School Aid £3.5k Oxfam £5k Practical Action £5k Solar Aid £8k TFSR Cymru £2k Tree Aid £5k Water Aid £5k
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THE MOREL CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31sr MARCH 2024 Trustee$. Rt$pon>bilrtie$ The Charities Act 2022 requires the trustees to prepare finantol statement5 for each financial year which presents true and fair view of the state of affairs of the Char((y and of the surplus of the Charity for that peri¢. In preparing those flnanc1al statements the trustees a required to.. i) Select Suitable accounting and apply them cSistent 11) Make judgements and È%titnate5 that 4re reasonable and prudent 111) Prepare financyal 5taternents on the golng concem basL% UTrss Ls happmpriate to presume that the trust will tontinue In exlstence. The Trustees are rtrpw5ible For keeping prop¥ accounting records, whlch dlsclose wtth reasonable a¢ruracy at any tlme the financial positK)n of the Chariry. They are also r&ponsible for safeguarding the assets Df the Chèrycy and hence for taking reasonable steps for the pretk)n and detettKX) of fr and other irregularick5. l approve the attached staternent of financial actNi(S and baLance sheet and cMNrm that I have made avalabk al infOrMatK nesSary for its pparati. SKJnatur PRINT NAME.....
THE MOREL CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
Report to the trustees/ members of The Morel Charitable Trust on the accounts for the year ended 31st March 2023.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2022 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2022 Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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· to prepare accounts which accord with the accounting records and comply with the accounting 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
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF Date: 5th November 2024
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THE MOREL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes INCOMING RESOURCES Dividends on COIF Units 3(a) Interest received 3(b) TOTAL INCOMING RESOURCES EXPENDITURE Costs of Charitable Activities 4(a) Governance costs 4(b) Other Costs 4(c) NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) 2(b) 2(b) Balances Brought Forward BALANCES CARRIED FORWARD Unrealised gains/(losses) TRANSFERS BETWEEN FUNDS Realised gain/(losses) on Sale of COIF investments NET MOVEMENT IN FUNDS RESOURCES EXPENDED RECONCILIATION OF FUNDS: |
Income Capital Total Total Funds Funds 2023/24 2022/23 £ £ £ £ 58,117 - 58,117 59,365 1,817 - 1,817 703 |
|---|---|
| 59,934 - 59,934 60,068 |
|
| 80,500 - 80,500 102,700 968 - 968 792 1,364 - 1,364 - |
|
| 82,832 - 82,832 103,492 |
|
| (22,898) - (22,898) (43,424) - - - - 40,000 (14,550) 25,450 31,377 0 154,436 154,436 (111,122) |
|
| 17,102 139,886 156,988 (123,170) |
|
| 25,569 2,028,920 2,054,489 2,177,659 |
|
| 42,671 2,168,806 2,211,477 2,054,489 |
Movements on all reserves and all recognised gains and losses are shown above. All the organisation's operations are classed as continuing.
The notes form part of these financial statements, found on pages:-
10 to 12
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THE MOREL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 Income Funds Capital Funds Total Total 31-MaTr24 31-MaTr23 Assets Irivestment Asset5 Notes 21b) 2 168 806 2 168 806 2 168 806 2 168 806 2 D28 920 2 028 920 Current A51ets Debtors & Prepayments h 6t bank and In hand 43.465 43,465 28,325 Total Current As%ets Credltor5: amounts falling due within one year NET CURRENT ASSETS 794 794 2.756 42,671 42,671 25,569 TOTAL ASSETS less current li8biif(*s 42,671 168,806 1211.477 I054,489 CredItts am(xJnts falllng due In than one year NET ASSErs 41671 168006 &211,477 1054,489 FUNDS OF THE CHARrrY pital Funds Inc£xlle Funds 2,168,806 2,168.806 42,671 2,028,920 25,569 42,671 TOTAL FUNOS 2 168 806 211 477 054 SIgd on behalf ol all the trnstees: Svjnature Simon E Git>bs, Trustee Date of approval....... fk 2rt4-
THE MOREL CHARITABLE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements 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 (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2022.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
INCOME
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the resources;
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the trustees are virtually certain they will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income 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 ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
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
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
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. (2022/23- None)
Annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st March 2024 : None
31st Mar 2023 : None
2(b) Fixed Asset Investments
| 2(b) Fixed Asset Investments | |
|---|---|
| 01-Apr-23 31-Mar-24 Unrealised gain/(losses) on investments Market value as at The historical cost of the investments totalled £754,158. Market value as at Cost of Investments sold |
Income Capital Total Total Funds Funds 31-Mar-24 31-Mar-23 £ £ £ £ - 2,028,920 2,028,920 2,158,665 - (14,550) (14,550) (18,623) - 154,436 154,436 (111,122) |
| - 2,168,806 2,168,806 2,028,920 |
|
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THE MOREL CHARITABLE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
3. ANALYSIS OF INCOME
| 4. ANALYSIS OF EXPENDITURE 5. GRANTMAKING UK Grants International Grants c) Other Costs Website Professional fees b) Governance costs:- Independent Examiner Fee Bank Charges a) Charitable Activities Grants b) Interest Interest on Funds on Deposit Interest on Funds at Bank a) Investment Income Dividends on COIF Units |
Income Capital Total Total Funds Funds 2023/24 2022/23 £ £ £ £ 58,117 - 58,117 59,365 |
|---|---|
| 58,117 - 58,117 59,365 |
|
| 1,806 - 1,806 703 11 - 11 - |
|
| 1,817 - 1,817 703 |
|
| Income Capital Total Total Funds Funds 2023/24 2022/23 £ £ £ £ 80,500 - 80,500 102,700 |
|
| 80,500 - 80,500 102,700 |
|
| 794 - 794 720 60 - 60 72 114 - 114 - |
|
| 968 - 968 792 |
|
| 1,364 - 1,364 - |
|
| 1,364 - 1,364 - |
|
| Total Total 2023/24 2022/23 £ £ 16,500 17,200 64,000 84,500 80,500 101,700 |
The grant of £2,000 to Friends of Matthew Rusike Children's home was committed in the year ended 31st March 2023 and paid in the current financial year in July.
This page does not form part of the statutory financial statements
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THE MOREL CHARITABLE TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
6. CASH AT BANK AND IN HAND
| CAF Cash Account COIF Charities Deposit account |
Unrestricted Restricted Total Total Funds Funds 31-Mar-24 31-Mar-23 £ £ £ £ 1,697 - 1,697 4,480 41,768 - 41,768 23,845 |
|---|---|
| 43,465 - 43,465 28,325 |
7. DEBTORS AND PREPAYMENTS
The Charity held no Debtors during this or the previous financial period.
8. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals - Grants Independent Examiner's Fee |
Unrestricted Restricted Total Total Funds Funds 31-Mar-24 31-Mar-23 £ £ £ £ - - - 2,000 794 - 794 756 |
|---|---|
| 794 - 794 2,756 |
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial period.
10. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
11. 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. £5,000 was donated to Victoria Methodist Church, Bristol, where trustee J Gibbs is also a trustee.
(2022/23- None)
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 trustees 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.
This page does not form part of the statutory financial statements
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