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2023-04-05-accounts

Charity number: 280695

MORRIS LEIGH FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

MORRIS LEIGH FOUNDATION

Contents
Page
Members of the Board and professional advisors 1
Trustees' report 2 - 3
Independent examiner's report 4 - 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 12

MORRIS LEIGH FOUNDATION

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS for the year ended 5 April 2023

Trustees Lord Leigh of Hurley M D Paisner CBE Charity registered number 280695 Principal office 43a Trewsbury Road London SE26 5DP Independent examiner Sayers Butterworth LLP 3rd Floor 12 Gough Square London EC4A 3DW Bankers Coutts & Co 440 Strand London WC2R 0QS

Page 1

MORRIS LEIGH FOUNDATION

Trustees' report for the year ended 5 April 2023

The Trustees present their annual report together with the financial statements of the charity the charity for the year ended 5 April 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation was established by a trust deed dated 2 July 1980 (as amended by resolution dated 1 February 1988) and the Trustees are empowered to pay any part of the capital and income for the benefit of such charitable purposes as the Trustees in their discretion determine. The Trustees have met these aims by making grants to a number of charitable institutions as set out in note 3 to the accounts. These policies have not changed since the last report.

The Trustees meet at irregular intervals during the year to consider appeals from appropriate charities that may benefit under the objectives of the charity. In the year to 5 April 2023, donations totalling £62,050 (2022: £58,200) were made.

The power to appoint new Trustees rests with the existing trustees.

The charity is under the control of the Trustees and has no full or part time employees or volunteers to assist the trustees.

The charity continues to provide assistance to other charities within the objectives as set out in the trust deed.

The charity has a safeguarding policy. Whilst the charity does not work directly with children or vulnerable adults, it is committed to ensuring safeguards are in place in its grantee charities to protect vulnerable people from abuse and to prevent abuse from happening in the first place.

OBJECTIVES AND ACTIVITES

The Trustees invest in both equities and fixed interest investments as advised by the investment managers.

The Trustees are risk tolerant and have a medium-high investment risk in respect of their investment portfolio. They wish to invest in a widely diversified investment portfolio that reflects this.

The Trustees accept that the investments will be volatile and that their value will fluctuate over time.

ACHIEVEMENTS AND PERFORMANCE

The Trustees have continued their commitment to make donations to charities following its objectives and grant making policy.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and grant making policy for the year and have complied with their duty in respect of section 17 of the Charities Act 2011.

FINANCIAL REVIEW

The Charity saw a decrease in the value of its total funds under management to £1,985,902 (2022: £2,107,803).

The charity generated income of £43,907 (2022: £35,683). Investment manager charges, the costs of managing the investment portfolio, amounted to £10,899 (2022: £11,611). Expenditure on governance and other support totalled £3,960 (2022: £4,508).

Page 2

MORRIS LEIGH FOUNDATION

Trustees' report (continued) for the year ended 5 April 2023

The results for the year and the Charity's financial position at the end of the year are shown in the attached financial statements.

The Trustees have maintained sufficient free reserves of their unrestricted funds to provide for the future commitments (including those agreed in principle) referred to above.

PLANS FOR FUTURE PERIODS

The Trustees will continue to make suitable donations to charities that may benefit under the objectives of the Charity.

RESPONSIBILITIES OF THE TRUSTEES

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER

A K Burch FCA has been re-appointed as independent examiner for the ensuing year.

This report was approved by the Trustees, on 5 October 2023 and signed on their behalf by:

Lord Leigh of Hurley Trustee

Page 3

MORRIS LEIGH FOUNDATION

Independent examiner's report for the year ended 5 April 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MORRIS LEIGH FOUNDATION (the 'charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report, or for the opinions I have formed.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity'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 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I can confirm that no 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 charity as required by section 130 of the 2011 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.

Page 4

MORRIS LEIGH FOUNDATION

Independent examiner's report (continued) for the year ended 5 April 2023

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.

A K Burch FCA

SAYERS BUTTERWORTH LLP

3rd Floor 12 Gough Square London EC4A 3DW

Date: 5 October 2023

Page 5

MORRIS LEIGH FOUNDATION

Statement of financial activities (incorporating income and expenditure account) for the year ended 5 April 2023

Unrestricted
funds
Note
2023
£
INCOME FROM:
Investments
2
43,907
TOTAL INCOME
43,907
EXPENDITURE ON:
Raising funds:
Investment management costs
10,899
Charitable activities:
Other charitable activities
3
62,050
Governance
4
3,960
TOTAL EXPENDITURE
76,909
NET EXPENDITURE BEFORE INVESTMENT GAINS
(33,002)
Net (losses)/gains on investments
(102,878)
NET (EXPENDITURE)/INCOME AND MOVEMENT IN
FUNDS
(135,880)
NET (EXPENDITURE)/INCOME AND MOVEMENT IN
FUNDS
(135,880)
RECONCILIATION OF FUNDS:
Total funds at 6 April 2022
2,114,437
TOTAL FUNDS AT 5 APRIL 2023
1,978,557		 Total
funds
2023
£
43,907
43,907
10,899
62,050
3,960
76,909
(33,002)
(102,878)
(135,880)
(135,880)
2,114,437
1,978,557		 Total
funds
2022
£
35,683
35,683
11,611
58,200
4,508
74,319
(38,636)
105,010
66,374
66,374
2,048,063
2,114,437

The notes on pages 8 to 12 form part of these financial statements.

Page 6

MORRIS LEIGH FOUNDATION

Balance sheet as at 5 April 2023

Note
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
7
NET CURRENT (LIABILITIES)/ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted funds
TOTAL FUNDS		 £
316
(7,661)		 2023
£
1,985,902
(7,345)
1,978,557
1,978,557
1,978,557		 £
14,063
(7,429)		 2022
£
2,107,803
6,634
2,114,437
2,114,437
2,114,437

The financial statements were approved by the Trustees on 5 October 2023 and signed on their behalf, by:

Lord Leigh of Hurley

The notes on pages 8 to 12 form part of these financial statements.

Page 7

MORRIS LEIGH FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

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) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Morris Leigh Foundation constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, using the closing quoted market price. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net Gains/(losses) on investments’ in the Statement of financial activities.

1.4 Investment income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for an accrual basis.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Page 8

MORRIS LEIGH FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

1. ACCOUNTING POLICIES (continued)

1.6 Realised and unrealised gains on investments

Realised gains and losses on investment disposals have been calculated as the difference between the sale proceeds and the market value at the beginning of the year, or cost if purchased during the financial period.

Unrealised gains and losses on investments have been calculated as the difference between the current and preceding valuations, to reflect the change in market value due to market movements alone.

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.8 Fixed assets

All fixed assets are initially recorded at cost.

1.9 Value added tax

The charity is not registered for VAT and as such VAT is included within the relevant costs in the SOFA.

1.10 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 9

MORRIS LEIGH FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

2. INVESTMENT INCOME

3.

INVESTMENT INCOME
Income from UK listed investments
Income from non-UK listed investments
Bank interest receivable
COST OF CHARITABLE ACTIVITIES BY TYPE
Donations
Institute for Jewish Policy Research
Jewish Care
ZSF Trust/Food Lifeline
Norwood Ravenswood
Holocaust Educational Trust
ORT UK
British Friends of Ohel Sarah
World Jewish Relief
Campaign Against Antisemitism
Jewish Blind and Disabled
Community Security Trust
Mitzvah Day
B'Nai B'rith Hillel Foundation
Nightingale Hammerson
Chicken Soup Shelter
British Friends of Jerusalem Academy of Music and Dance		 Unrestricted
funds
2023
£
35,055
7,666
1,186

43,907
Total
2023
£
62,050
2023
£
15,000
15,000
200
5,000
5,000
500
1,500
6,000
-
1,000
2,000
2,500
250
5,000
600
2,500
62,050		 Total
funds
2022
£
27,322
8,297
64
35,683
Total
2022
£
58,200
2022
£
15,000
15,000
200
5,000
5,000
500
1,500
1,000
5,000
250
2,000
2,500
250
5,000
-
-
58,200

Page 10

MORRIS LEIGH FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

4. GOVERNANCE COSTS

Independent examiner's fees
Legal fees
Foreign currency (gains)/losses
Bank charges
Total		 Unrestricted
funds 2023
£
Total funds 2022
£
4,920
4,560
350
350
(1,319)
(402)
9
-
3,960
4,508

5. NET INCOMING RESOURCES FOR THE YEAR

This is stated after charging/(crediting):

2023 2022
£ £
Independent examiner's remuneration 4,920 4,560
Foreign currency gains (1,319) (402)

During the year, no Trustees received any remuneration (2022 - £NIL). During the year, no Trustees received any reimbursement of expenses (2022 - £NIL).

6. INVESTMENTS

Movement in market value

Market value at 6 April 2023
Acquisitions at cost
Disposals at opening book value
Net (loss)/gain on revaluations in the year ended 5 April 2023
Movement in cash held as part of portfolio

Market value at 5 April 2023
Historical cost at 5 April 2023		 2023
£
2,107,803
1,382,490
(1,418,324)
(72,982)
(13,085)

1,985,902
1,601,446		 2022
£
2,043,590
903,335
(919,199)
69,044
11,033
2,107,803
1,857,756

Page 11

MORRIS LEIGH FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

Listed investments
UK quoted fixed interest
UK quoted equities
Overseas quoted investments
Other investments

UK Cash held as part of portfolio
 2023
£
145,679
560,333
1,268,449
1,974,461

11,441

1,985,902		 2022
£
423,233
596,356
1,063,693
2,083,282
24,521
2,107,803

The investments of the charity are made in a portfolio that is managed by Coutts & Co under instruction to meet the Investment performance requirements determined by the Trustees.

7. CREDITORS: Amounts falling due within one year

CREDITORS: Amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 7,661 7,429

8. STATEMENT OF FUNDS

Unrestricted funds
General Funds


Total
 Brought
Forward
£
2,114,437

2,114,437		 Income
£
Expenditure
£
43,907
(76,909)


43,907
(76,909)		 Gains /
(Losses)
£
(102,878)

(102,878)		 Carried
Forward
£
1,978,557
1,978,557

9. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Net current
Investments (liabilities)/ Total
£ assets £
£
Unrestricted Income Funds 1,985,902 (7,345)
 1,978,557

Page 12