## **W & M MORRIS CHARITABLE TRUST**
**UNAUDITED TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
Prepared by:Charles Russell Speechlys LLP 5 Fleet Place
London
EC4M 7RD
## **W AND M MORRIS CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' Annual Report|1 - 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance sheet|7|
|Notes|8 - 12|
## **W AND M MORRIS CHARITABLE TRUST**
## **TRUSTEES' ANNUAL REPORT AT 5 APRIL 2022**
## **Administrative Information at 5 April 2022**
**Settlors** W H A Morris Esq Mrs M A V Morris **Trustees** A S L Tether Esq Mrs S J Marriott Mrs A M Tether A M Bryant Esq Miss V A L Tether Miss P S L Tether
The power of appointing new trustees was vested in the Settlors (by virtue of Clause 11 of the settlement deed) during their respective lifetimes and, following their deaths, the statutory powers of appointing new trustees apply.
As a small grant making trust, there are no formal procedures for the recruitment, appointment, induction and training of new trustees.
**Registered Charity No.** 280554 **Registered Address** Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD **Administrators and Legal Advisers** Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD **Investment Advisers and Managers** J M Finn & Co 4 Coleman Street London EC2R 5TA **Bankers** Coutts & Co 440 Strand London **Independent Examiner** Dean Cates BA, FCA Couch Bright King & Co 2 Tolherst Court Turkey Mill Business Park Ashford Road, Maidstone Kent, ME14 5SF
1
## **W AND M MORRIS CHARITABLE TRUST**
## **TRUSTEES' ANNUAL REPORT AT 5 APRIL 2022**
## **Organisation and Decision-Making Structure**
The Trustees meet annually to review applications for funding, investment performance, income levels and the financial statements. In between Trustees Meetings applications are also considered by the Trustees and donations made as appropriate.
## **History and Objects**
The W & M Morris Charitable Trust was created by Deed dated 3 June 1980 with an initial sum settled of £1,000 cash. Further funds were added by a Deed of Assignment of Reversionary Interest under the will of J H Ahern Deceased dated 3 June 1980 whereby W H A Morris (the joint Settlor) assigned his reversionary interest in the residuary estate of the late J H Ahern (excluding the Retained Fund as defined therein) to the Trustees to be held on the trusts of the W & M Morris Charitable Trust (together "the Trust Fund").
The Trustees hold the Trust Fund upon trust to apply the same (without distinction between capital and income except in so far as conditions may have been attached to any donation or addition to the Trust Fund) for:-
(a) such charities registered under Section 4 of the Charities Act 1960.
(b) the support of any charity whose main purpose is the relief of physical ill health in particular cancer, heart trouble, spasticity and arthritis and rheumatism.
## **The Accounts**
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations.
1. All cash is held on interest bearing bank accounts except the Trustees current account at Coutts & Co.
2. The accounts comply with current statutory requirements.
3. Investments have been acquired in accordance with powers contained within the governing document (as extended by an order of the Charity Commissioners under the Charities Act 1993 Section 26 dated 31 October 1995 whereby the Trustees were empowered to delegate their investment powers to a suitable investment manager).
## **Reserves Policy**
The policy of the Trustees (which is to be reviewed annually) is to fully distribute all income received by the Charity, taking one year with another, so that no substantial reserve will be formed out of income.
## **Exposure to risk**
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate their exposure to risk.
2
## **W AND M MORRIS CHARITABLE TRUST**
## **TRUSTEES' ANNUAL REPORT AT 5 APRIL 2022**
## **Review of the Year**
During the year under review total incoming resources amounted to £148,556 (2021 - £138,345) with donations made (ranging in size from the smallest of £100 to the largest of £5,000) totalling £78,725 (2021 - £81,300). During the period, Support Costs of £22,963 (2021 - £68,784) and investment management fees of £31,603 (2021 - £24,093) were incurred. The result is net incoming resources on the income account for the year of £15,265 (2021 - outgoing £35,821).
## **Future Developments**
The Trustees envisage that, after expenses, the income of the Charity should be fully utilised each year. It is the Trustees present policy not to respond to unsolicited requests from individuals for assistance and only make donations to registered charities.
## **Investment Policy**
The investment objective for the Trust is for a balance between capital growth and income with a medium risk investment strategy as defined in a Policy Statement Agreement dated 2 May 2017. At a Trustees meeting held on 21 March 2022, it was agreed that the medium risk strategy was still appropriate. The Trustees concluded that all necessary areas of risk have been considered and precautions have been taken.
The portfolio is invested predominantly via a well diversified selection of UK equity holdings providing exposure to companies on reasonable valuations with attractive yields. These are complimented by investments in a number of specialist collective funds providing modest exposure to overseas markets with lower than UK income returns and several investments in comparatively high yielding fixed interest UK and international bonds.
## **Investment Performance**
The investment performance for the Trust for the year ended 5 April 2022 showed a gain of £365,464 (6.4%) compared to a gain of £999,536 (17.6%) in the previous year. Under the terms of the 2017 Policy Statement Agreement referred to above, the performance of the portfolio is measured against the WMA (Wealth Management Association) Balanced Index. The investment performance of the portfolio in the year under review saw a gain in value over the period, which was due to several factors including the general economic situation. The investment performance will be monitored closely by the investment managers and the Trustees and reviewed again in the usual manner at the Trustees' annual meeting in 2023 again taking account of the independent investment report from Enhance and the new benchmark referred to above.
The Trust produced investment income of £148,556 (2021 - £138,345) during the year to 5 April 2022 providing a yield of 2.5% on the value of the portfolio at 5 April 2022.
The total liquidity of the fund stood at 1.24% at 5 April 2022 and the Trustees are satisfied with this level of liquidity, as in general, liquidity should be no more than 10%.
3
## **W AND M MORRIS CHARITABLE TRUST**
## **TRUSTEES' ANNUAL REPORT AT 5 APRIL 2022**
## **Achievements and Performance - Grant Making Policies**
Although this is a general charitable trust, as shown above there is special emphasis on certain medical matters. The Trustees have therefore concentrated their efforts on supporting such charities in that, of the donations made in the year ended 5 April 2022, £59,600 (75.71% of the total of £78,725) was granted to "medical" charities. £25,600 (32.52%) was paid to charities supporting or researching into the diseases and conditions specifically referred to in the settlement deed: £17,100 (21.72%) to cancer related charities, £3,500 (4.45%) to spasicity, £2,500 (3.18%) to heart trouble and £2,500 (3.18%) to Arthritis and Rheumatism.
For a number of years the Trustees have made substantial donations to charities researching into and treating the disease lupus. Particular support has been given to St Thomas Lupus Trust and in the year ended 5 April 2022, further support of £2,500 (2021 - £2,500) was allocated to that charity. The Trustees are not supporting any long term specific projects at the present time.
## **Related Parties**
Mrs S J Marriott, a trustee, is an equity partner with Charles Russell Speechlys LLP. A M Bryant, a trustee, was a senior associate with Charles Russell Speechlys LLP who retired from practice on 6 June 2018. Charles Russell Speechlys LLP is the administrator of and legal adviser to the Trust and fees were paid to Charles Russell Speechlys LLP during the period covered by this account as indicated in note 4 to the accounts.
## **Public Benefit Statement**
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
## **Approved on behalf of the Trustees**
|**Approved on behalf of the Trustees**||
|---|---|
||28/02/2023|
|...........................................................................|.....................................................|
|Mrs S J Marriott|Date|
4
## **W AND M MORRIS CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S' REPORT TO THE TRUSTEES OF THE W AND M MORRIS CHARITABLE TRUST**
I report to the trustees on my examination of the accounts of The W & M Morris Charitable Trust (the Charity) for the year ended 5th April 2022 which are set out on pages 6 to 12.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
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 giving me cause to believe that in any material respect:
- 1) Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- 2) The Accounts do not accord with those records; or
- 3) The Accounts do 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 property understanding of the accounts to be reached.
Couch Bright King & Co Chartered Accountants 2 Tolherst Court Turkey Mill Business Park Ashford Road, Maidstone Kent, ME14 5SF
D R Cates BA, FCA Couch Bright King & Co Chartered Accountants Independent Examiners Chartered Accountants
1st March 2023
5
## **W AND M MORRIS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
||||**Capital**|**Total**||
|---|---|---|---|---|---|
|||**Income**|**Account**|**Funds**||
||**Note**|**Account**|**Unrestricted**|**Unrestricted**|**2021**|
|||**£**|**£**|**£**|**£**|
|**Incoming Resources**||||||
|Investment Income|2|148,556|-|148,556|138,345|
|Tax Repayment||-|-|-|-|
|||`─────────`|`─────────`|────────|────────|
|**Total Incoming Resources**||148,556|-|148,556|138,345|
|**Resources Used**||||||
|Donations Paid|8|78,725|-|78,725
|81,300|
|Support Costs|3|22,963|-|22,963
|66,784|
|Non-repayable foreign tax|3|-|-|-
|1,989|
|Investment Management|3|-|31,603|31,603
|24,093|
|||`─────────`|`─────────`|─────────|`─────────`|
|**Total Resources Expended**||101,688|31,603|133,291
|174,166|
|||`─────────`|`─────────`|─────────|`─────────`|
|**Net incoming/(outgoing) resources before**||||||
|**other recognised gains and**|**losses**|46,868|(31,603)|15,265|(35,821)|
|||`─────────`|`─────────`|─────────|`─────────`|
|**Gains and Losses on**||||||
|**Investment Assets**||||||
|Net Gains on Investments|5|-|365,464|365,464|999,536|
|||`─────────`|`────────`|─────────|`────────`|
|**Net movement in the year**||46,868|333,861|380,729|963,715|
|At 6 April 2021||(1,644)|5,696,526|5,694,882
|4,731,167|
|||`─────────`|`─────────`|─────────|`─────────`|
|**Balance as at 5 April 2022**||45,224|6,030,387|6,075,611|5,694,882|
|||`════════`|`════════`|
════════|`════════`|
6
## **W AND M MORRIS CHARITABLE TRUST**
**BALANCE SHEET AS AT 5 APRIL 2022**
|**AS AT 5 APRIL 2022**
**BALANCE SHEET**||||||
|---|---|---|---|---|---|
||**Note**|**5 April 2022**||**5 April**|**2021**|
|||**£**|**£**|**£**|**£**|
|**Fixed Assets**||||||
|Investments|5||6,008,059||5,682,227|
|**Current Assets**||||||
|Cash|6|115,312||56,567||
|Creditors: amounts falling due within one year|7|(47,760)||(43,912)||
|||────────||────────||
|**Net Current Assets**|||67,552||12,655|
||||────────||────────|
|**Total Net Assets**|||6,075,611||5,694,882|
||||════════||════════|
|**Represented by:**||||||
|**CAPITAL ACCOUNT UNRESTRICTED**||||||
|Balance at 5 April 2022 (2021)|||6,030,387||5,696,526|
|**INCOME ACCOUNT**||||||
|Balance at 5 April 2022 (2021)|||45,224||(1,644)|
||||────────||────────|
|**TOTAL CHARITY FUNDS**|||6,075,611||5,694,882|
||||════════||════════|
|Approved on behalf of the Trustees||||||
||||28/02/2023|||
|.............................................................|||.............................................................|||
|Mrs S J Marriott|||Date|||
7
## **W AND M MORRIS CHARITABLE TRUST**
## **NOTES TO THE ANNUAL TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
## 1 **Summary of significant accounting policies**
## (a) **General Information and Basis of Accounting**
The financial statements have been prepared under the historical cost convention except for investments which have been included at market value. 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 (FRS 102 2019) issued in October 2019 and the Charities Act 2011.
The Charity constituted a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
The financial statements were presented in sterling which is the functional currency of the Charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## (b) **Investments and Investment Income**
Quoted fixed asset investments are stated at market value at the balance sheet date. Investment income is credited to the Income Account when receivable. Realised gains and losses on the disposal of investments and unrealised gains and losses are credited to/deducted from the Capital Account.
## (c) **Incoming Funds**
Funds added to the Trust are credited to the Capital Account when received.
## (d) **Charitable Donations**
All donations are distributed from the Income Account following approval by the Trustees.
## (e) **Transfers**
Transfers are made from the capital account to the income account to facilitate the payment of donations and other expenses from the Trust.
## 2
|**Investment Income**|**2022**|**2021**|
|---|---|---|
|UK Equity Dividends|100,772|99,925|
|UK Unit Trust Dividends|952|2,065|
|UK Unit Trust Interest (Gross)|15,078|14,775|
|UK Fixed Interest (Gross)|1,408|2,592|
|UK REIT Income (Tax Paid)|7,635|3,504|
|Foreign Interest (Gross)|-|1,435|
|Foreign Unit Trust Dividends (Gross)|1,306|850|
|Foreign Dividends (Gross)|13,290|6,671|
|Foreign Dividends (Overseas Tax Paid)|8,115|6,124|
|Foreign Commission Received|-|404|
||────────|────────|
||148,556|138,345|
||════════|════════|
8
## **W AND M MORRIS CHARITABLE TRUST**
## **NOTES TO THE ANNUAL TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
## 3 **Administration**
||**2022**|**2021**|
|---|---|---|
|**Support Costs**|||
|Charles Russell Speechlys Income Fees|18,090|61,957|
|Couch Bright King Independent Examination Fee|2,460|2,400|
|Coutts & Co - Account Charges|546|582|
|Mrs A M Tether Expenses|1,750|1,750|
|Markel Tax Protection - Tax Investigation Insurance Premium|67|67|
|Trustees Expenses|50|8|
|Bank Charges|-|20|
||`────────`|`────────`|
||22,963
|66,784|
||`════════`|`════════`|
|**Non-repayable foreign tax**|-|1,989|
||`════════`|`════════`|
|**Investment Management Fees**|||
|J M Finn & Co - Management Fees|31,103|23,093|
|Enhance Investments – Investment Review Fee|500|1,000|
||`────────`|`────────`|
||31,603
|24,093|
||`════════`|`════════`|
## 4 **Information regarding Trustees and Employees**
The Trust had no employees and no Trustees received remuneration during the year. The Trustees have not purchased indemnity insurance. Mrs S J Marriott is an equity partner with Charles Russell Speechlys LLP and A M Bryant was a senior associate with Charles Russell Speechlys LLP. Fees of £18,090 (2021 - £61,957) were payable to Charles Russell Speechlys LLP in the role of administrators and legal advisers to the Trust. At the year end fees of £11,370 (2021 - £5,742) were due to Charles Russell Speechlys LLP.
One of the Trustees, Mrs A M Tether, received expenses of £1,750 during the year (2021 - £1,750) incurred while acting as the contact for charities making applications to the Trust for assistance and in maintaining bookkeeping and other records in connection with such applications and other aspects of the trust administration, including (but not exclusively) telephone, stationery and travelling expenses as appropriate.
9
## **W AND M MORRIS CHARITABLE TRUST**
## **NOTES TO THE ANNUAL TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
## 5 **Fixed Asset Investments**
The portfolio is structured to provide a wide range of diversification to protect the trust assets and to provide a balance between income and capital growth.
## **Investments: listed on a recognised Stock Exchange**
||**Investments: listed on a recognised Stock Exchange**|||
|---|---|---|---|
|||**2022**|**2021**|
||Market Value at 5 April 2021 (2020)|5,678,400|4,479,918|
||Additions at Cost|364,889|996,043|
||Disposal proceeds|(407,945)|(797,098)|
|||`────────`|`────────`|
|||5,635,344|4,678,864|
||Net Gains|365,464|999,536|
|||`────────`|`────────`|
||**Market Value at 5 April 2022 (2021)**|6,000,808|5,678,400|
||J M Finn Capital Cash Held|7,251|3,827|
|||`────────`|`────────`|
||Total|6,008,059|5,682,227|
|||`════════`|`════════`|
|6|**Cash**|||
|||**2022**|**2021**|
||Coutts & Co – Current Account|103,163|50,252|
||J M Finn & Co - Income Account|12,149|6,315|
|||`────────`|`────────`|
|||115,312|56,567|
|||`════════`|`════════`|
|7|**Creditors - amounts falling due within one year**|||
|||**2022**|**2021**|
||Agreed donations outstanding|33,550|33,550|
||Reserve Charles Russell Speechlys Income Fee|11,370|5,742|
||Reserve Couch Bright King Fees|2,340|4,620|
||Reserve Enhance Reporting Fee|500|-|
|||`────────`|`────────`|
|||47,760|43,912|
|||`════════`|`════════`|
10
## **W AND M MORRIS CHARITABLE TRUST**
## **NOTES TO THE ANNUAL TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
|8|**Donations Made in Year**|**2022**|**2021**|
|---|---|---|---|
||Action Bladder Cancer UK|350|-|
||Addenbrookes Charitable Trust|-|500|
||Age UK|350|250|
||Alzheimer's Research UK|5,000|5,000|
||Alzheimer's Society|-|250|
||The Bridge Project|500|500|
||British Heart Foundation|-|200|
||British Liver Trust|5,000|2,500|
||British Red Cross|3,750|-|
||Cambridge Convoy Refugee Action Group (CAMCRAG)|150|-|
||Cancer Research UK|500|-|
||Candlelighters|2,500|-|
||Carriers of Hope|300|-|
||Cavendish Cancer Care|500|-|
||Cerebra|250|250|
||Children's Heart Surgery Fund|2,500|3,000|
||Client Earth|-|500|
||Clock Tower Sanctuary|-|300|
||Crisis|-|250|
||Cure Parkinsons Trust|200|-|
||Demelza Hospice Care for Children|250|250|
||Ditch The Label|-|300|
||Douglas MacMillan Hospice|500|-|
||Emmaus Medway Limited|-|250|
||Epilepsy Society|-|1,000|
||Food Cycle|-|200|
||The Friends of Wisdom Hospice|250|500|
||Freedom4Girls|200|-|
||Gainsborough's House Society|1,100|-|
||Gillingham Street Angels|500|-|
||Great Ormand Street Hospital|100|-|
||Great Western Air Ambulance|350|-|
||Historic Royal Palaces|500|500|
||The Howard Academy Trust|-|500|
||Imago Community|-|100|
||IMPF Fund|-|500|
||Joss Searchlight|350|-|
||Kidney Research UK|2,500|2,500|
||Leeds Baby Bank|200|-|
||Leeds MENCAP|-|500|
||Leeds North and West Foodbank|-|500|
||Leeds Women's Aid|-|300|
||Letchworth Foodbank|500|250|
||Little Wymondley PCC|500|-|
||Macmillan Cancer Support|5,250|-|
||Magic Breakfast|-|250|
||Marie Curie Cancer Care Trust|-|2,500|
||Martin House Hospice|-|500|
|||34,900|24,900|
11
## **W AND M MORRIS CHARITABLE TRUST**
## **NOTES TO THE ANNUAL TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022**
||**2022**|**2021**|
|---|---|---|
|Medical Detection Dogs|2,500|2,500|
|Medway Foodbank - Help In The Community|500|250|
|Meningitis Now|2,500|2,500|
|Mental Health Foundation|2,500|-|
|Motor Neurone Disease Association|1,000|5,200|
|MS Therapy Centre (Northants)|-|-|
|The MS Trust|2,500|2,500|
|My Shining Star|250|500|
|National Autistic Society|2,500|2,500|
|National Energy Action|350|-|
|National Rheumatoid Arthritis Society|2,500|2,500|
|The Need Trust|-|250|
|NSPCC|-|250|
|Oesophagael Cancer Patients|-|1,000|
|Park Lane Stables RDA|-|300|
|Parkinson's UK|2,500|5,000|
|Paul Strickland Scanner Centre|-|2,500|
|The Prince's Trust|175|-|
|Protate Cancer Research Centre|-|250|
|Prostate Cancer UK|2,750|2,500|
|The Radley Foundation|250|250|
|Redwings Horse Sanctuary|150|300|
|Rise|-|250|
|The Royal British Legion|1,000|1,000|
|Salvation Army|250|250|
|Sense|-|250|
|St Thomas Lupus Trust|2,500|2,500|
|Stroke Association|5,000|5,000|
|Support Dogs UK|-|3,000|
|Sutton VA Lower School|-|400|
|Suzy Lamplugh Trust|-|500|
|Team Dominica|-|150|
|Teenage Cancer Trust|2,500|2,900|
|Time to Talk Berkshire|150|-|
|Trussel Trust|500|-|
|Waste Aid|5,000|5,000|
|Water Aid|500|500|
|White Ribbon UK|-|500|
|The Willow Foundation|-|500|
|Young Epilepsy|2,500|2,500|
|Zarach|1,000|-|
|Zeo Centre|-|150|
||────────|`────────`|
||78,725|81,300|
||════════|════════|
12