**Charity number: 280695**
## **MORRIS LEIGH FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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 2024**
**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 2024**
The Trustees present their annual report together with the financial statements of the charity the charity for the year ended 5 April 2024.
## **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 2024, donations totalling £121,050 (2023: £62,050) 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 an increase in the value of its total funds under management to £2,110,872 (2023: £1,985,902).
The charity generated income of £47,488 (2023: £43,907). Investment manager charges, the costs of managing the investment portfolio, amounted to £10,804 (2023: £10,899). Expenditure on governance and other support totalled £5,499 (2023: £3,960).
Page 2
## **MORRIS LEIGH FOUNDATION**
**Trustees' report (continued) for the year ended 5 April 2024**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 25 October 2024 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 2024**
## **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 2024 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 2024**
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: 25 October 2024
Page 5
## **MORRIS LEIGH FOUNDATION**
## **Statement of financial activities (incorporating income and expenditure account) for the year ended 5 April 2024**
|**Unrestricted**
**funds**
**Note**
**2024**
**£**
**INCOME FROM:**
Investments
2
**47,488**
**TOTAL INCOME**
**47,488**
**EXPENDITURE ON:**
Raising funds:
Investment management costs
**10,804**
Charitable activities:
Other charitable activities
3
**121,050**
Governance
4
**5,499**
**TOTAL EXPENDITURE**
**137,353**
**NET EXPENDITURE BEFORE INVESTMENT GAINS**
**(89,865)**
Net gains/(losses) on investments
**217,925**
**NET INCOME/(EXPENDITURE) AND MOVEMENT IN**
**FUNDS**
**128,060**
**NET INCOME/(EXPENDITURE) AND MOVEMENT IN**
**FUNDS**
**128,060**
**RECONCILIATION OF FUNDS:**
Total funds at 6 April 2023
**1,978,557**
**TOTAL FUNDS AT 5 APRIL 2024**
**2,106,617**|**Total**
**funds**
**2024**
**£**
**47,488**
**47,488**
**10,804**
**121,050**
**5,499**
**137,353**
**(89,865)**
**217,925**
**128,060**
**128,060**
**1,978,557**
**2,106,617**|_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_|
|---|---|---|
The notes on pages 8 to 12 form part of these financial statements.
Page 6
## **MORRIS LEIGH FOUNDATION**
## **Balance sheet as at 5 April 2024**
|**Note**
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS:**amounts falling due within
one year
7
**NET CURRENT LIABILITIES**
**NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**£**
**3,682**
**(7,937)**|**2024**
**£**
**2,110,872**
**(4,255)**
**2,106,617**
**2,106,617**
**2,106,617**|_£_
_316_
_(7,661)_|_2023_
_£_
_1,985,902_
_(7,345)_
_1,978,557_
_1,978,557_
_1,978,557_|
|---|---|---|---|---|
The financial statements were approved by the Trustees on 25 October 2024 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 2024**
## **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 2024**
## **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 2024**
## **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
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
Jerusalem Foundation
Chief Rabbinate Trust||**Unrestricted**
**funds**
**2024**
**£**
**43,484**
**2,888**
**1,116**
**47,488**
**Total**
**2024**
**£**
**121,050**
**2024**
**£**
**15,000**
**13,000**
**200**
**5,000**
**5,500**
**500**
**2,000**
**1,000**
**1,000**
**4,300**
**2,500**
**250**
**5,000**
**300**
**-**
**62,500**
**3,000**
**121,050**||_Total_
_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_|
Page 10
## **MORRIS LEIGH FOUNDATION**
## **Notes to the financial statements for the year ended 5 April 2024**
## **4. GOVERNANCE COSTS**
|Independent examiner's fees
Legal fees
Foreign currency gains
Bank charges
Total|**Unrestricted**
**funds**
**2024**
**£**
_Total_
_funds_
_2023_
_£_
**5,160**
_4,920_
**350**
_350_
**(11)**
_(1,319)_
**-**
_9_
**5,499**
_3,960_|
|---|---|
## **5. NET INCOMING RESOURCES FOR THE YEAR**
This is stated after charging/(crediting):
|Independent examiner's remuneration
Foreign currency gains
During the year, no Trustees received any remuneration (2023 - £NIL).
During the year, no Trustees received any reimbursement of expenses|**2024**
**£**
**5,160**
**(11)**
(2023 - £NIL).|_2023_
_£_
_4,920_
_(1,319)_|
|---|---|---|
## **6. INVESTMENTS**
## **Movement in market value**
|Market value at 6 April 2023
Acquisitions at cost
Disposals at opening book value
Net gain/(loss) on revaluations in the year ended 5 April 2024
Movement in cash held as part of portfolio
Market value at 5 April 2024
Historical cost at 5 April 2024|**2024**
**£**
**1,985,902**
**1,387,982**
**(1,467,506)**
**151,728**
**52,766**
**2,110,872**
**910,593**|_2023_
_£_
_2,107,803_
_1,382,490_
_(1,418,324)_
_(72,982)_
_(13,085)_
_1,985,902_
_1,601,446_|
|---|---|---|
Page 11
## **MORRIS LEIGH FOUNDATION**
## **Notes to the financial statements for the year ended 5 April 2024**
|**Listed investments**
UK quoted fixed interest
UK quoted equities
Overseas quoted investments
**Other investments**
UK Cash held as part of portfolio
|**2024**
**£**
**59,023**
**589,070**
**1,398,572**
**2,046,665**
**64,207**
**2,110,872**|_2023_
_£_
_145,679_
_560,333_
_1,268,449_|
|---|---|---|
||||
||||
|||_1,974,461_
_11,441_|
||||
||||
|||_1,985,902_|
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**|||
|---|---|---|
||**2024**|_2023_|
||**£**|_£_|
|Accruals and deferred income|**7,937**|_7,661_|
## **8. STATEMENT OF FUNDS**
|**Unrestricted funds**
General Funds
Total
|**Brought**
**Forward**
**£**
**1,978,557**
**1,978,557**|**Income**
**£**
**Expenditure**
**£**
**47,488**
**(137,353)**
**47,488**
**(137,353)**|**Gains /**
**(Losses)**
**£**
**217,925**
**217,925**|**Carried**
**Forward**
**£**
**2,106,617**|
|---|---|---|---|---|
||||||
||||||
|||||**2,106,617**|
## **9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|||**Net current**||
|---|---|---|---|
||**Investments**|**(liabilities)/**|**Total**|
||**£**|**assets**|**£**|
|||**£**||
|Unrestricted Income Funds|**2,110,872**|**(4,255)**
|**2,106,617**|
Page 12