## **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
3
## **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
4
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:
- examine the accounts under section 145 of the 2022 Charities Act,
- 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
- 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
1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- **·** 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
2. 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
6
## **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
7
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;
- the trustees are virtually certain they 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 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.
9
## **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**|
|||
10
## **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
11
## **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
12