2021-12-31-accounts

Charity number: 283128

THE MORGAN CHARITABLE FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE MORGAN CHARITABLE FOUNDATION

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 4
Independent Examiner's Report	5 - 6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 - 14

THE MORGAN CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees	L Morgan
	N Levene
	M F Tiroche
	C Gleen
	R A Morgan
Charity registered number 283128 Principal office Po Box 57749 London NW11 1FD Independent examiner Neville Newman c/o Harris & Trooter LLP Chartered Accountants 64 New Cavendish Street London W1G 8TB

Page 1

THE MORGAN CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2021 to 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 1 January 2016.

Objectives and activities

The objective of the charity is to provide funds for such charitable institutions as the trustees shall in its absolute discretion think fit.

The trustee's future aims are to make distributions in line with net incoming resources reported in the charity's most recent accounts

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The charity has had regard to the Charity Commission's guidance on public benefit which are illustrated in this report through the Objectives and Activities, Achievements and Performance sections of this report.

Application to the charity for donations will be considered if received in writing and accompanies by the charitable organisation's latest report and full accounts. No applications are considered from individuals.

The trustees maintain a list of charitable organisations which they regularly support and the list is reviewed half yearly at the trustees meeting.

They also maintain a list of of all the requests for funds which have been received in the previous 6 months

Achievements and performance

The charity has cash deposits and a portfolio of listed investments with a market value as at 31 December 2021 of £6,197,668 (2020 £5,664,264)

There are no restrictions on the charity's power to invest. The investment strategy is set by trustees and takes into account income requirements, the risk profile and the trustees' view of the market prospects in the medium term. The overall investment policy is to maximise income through a diversified portfolio, aiming to provide an overall total return sufficient to cover anticipated charitable distributions in any given year and to cover at least three months of management administration and support costs. During the year, this prudent investment policy produced income totalling £136,893 (2020 £126,544).

The trustees are satisfied that their investment policy is being achieved

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THE MORGAN CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

The trustees can report that the foundation has made grants and donation during the year totalling £88,000 (2020 £85,000) and hope to increase grants and donations in future years.

The trustees' policy is to operate on the basis of being able to continue to generate sufficient incoming resources to maintain reserves at a level sufficient:

(1) to cover at least three months of management administration and support costs; and

(2) to use towards meeting its charitable objectives and to accord with its principal aims.

The charity has sufficient, but not excessive funds to maintain its current level of charitable distributions.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Constitution

The charity is constituted by a settlementdeed dated 16 July 1981. It is registered as a charity with the Charity Commission

The trustees who served during the year and up to the date of signature of the financial statements were:

L Morgan N Levene M F Tiroche C Gleen R A Morgan

Their position as trustees is unremunerated and no trustee had any beneficial interest in any contract with the foundation during the year.

The trustees meet on a regular basis and decide on what grants the charity may make with reference to income generate by the charity since the last tranche of grants made.

COVID-19

The charity is continuing to monitor developments of the COVID-19 virus and the associated near-term uncertainty on the global economy outlook. The charity is assessing the potential future operational and financial impact of the coronavirus and is seeking to take mitigating actions. Trustees continue to monitor the situation and has further plans that can be implemented as they assess the COVID-19 impact.

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THE MORGAN CHARITABLE FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Statement of Trustees. responslbilities The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable 18w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires Ihe Trustees to prepare financial slalements for each financial which give a tnje and fair view of the stste of affairs of the Charity and of ils incoming resources nd apFli¢ation of resources. including ils income and exponditure, for that period. In preparing these financial stslemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistenuy.. observe the methods and principles of the Charities SORP {FRS 102): make judgments and accounting estimates that are reasonable and prudent: stale whether applicable UK Accounting Slanf5ards IFRS 1021 have been followed, subject to any material departures disclosed and eX￿ained in the financial slalements.. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that Ihe Charty will continue in business. The Trustees are fesponsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any tirne the financial position of the Charity and enat￿e them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are also Tesponsible for safeguarding the assets of the Charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 8 April 2022 and signed on their behalf by". L Morgan Page 4

THE MORGAN CHARITABLE FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Independent Examiner's Report to the Trustees of The Morgan Charitable Foundation ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021.

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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I 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.

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.

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THE MORGAN CHARITABLE FOUNDATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Neville Newman FCA

c/o Harris & Trotter LLP Chartered Accountants 64 New Cavendish Street London W1G 8TB Dated: 8 April 2022

Page 6

THE MORGAN CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities: Grants payable 4 Charitable activities 5 Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 136,893 136,893 28,546 88,000 3,036 119,582 17,311 621,093 638,404 5,728,426 638,404 6,366,830	Total funds 2021 £ 136,893 136,893 28,546 88,000 3,036 119,582 17,311 621,093 638,404 5,728,426 638,404 6,366,830	Total funds 2020 £ 126,544 126,544 26,306 85,000 3,652 114,958 11,586 (147,470) (135,884) 5,864,310 (135,884) 5,728,426

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 14 form part of these financial statements.

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THE MORGAN CHARITABLE FOUNDAnoN BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Investments 6,197,668 5,664,264 6,197,668 5,664,264 Current assets Cash 81 bank and in hand 172,461 68,064 172.461 68.064 Creditors.. amounts falling due wlhin one year {3,299) (3, 902) Not current assets 169,162 64,162 Total assets les5 current liabilities 6,366,830 5, 728,426 Net a550ts excluding ponsion asset 6,366,830 5, 728,426 Total net assets 6,366,830 5, 728,426 Charlty funds Unrestricted funds 6,366,830 5,728.426 Total funds 6,366,830 5, 728,426 Thè hnancial statemenls were approved and authorised for issue by the Trustees on 08 April 2022 and signed on their behalf by= L Morgan The notes on pages g to 14 form part of these financial statements. Page 8

THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 UK 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.

The Morgan Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

In assessing the ability of the charity to operate as a going concern, trustees have evaluated current and forecasted investment results, and the solvency of the charity. As a result, the trustees have consider it appropriate to prepare the financial statements on a going concern basis. Potential sources of uncertainty noted by the trustees include the COVID-19 pandemic. However at the date of

this report it is not possible to reliably determine the effects that this will have on the charity.

Accordingly the trustees have continued to prepare the financial statements on the going concern basis.

1.3 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.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 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 institution with whom the funds are deposited.

1.6 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, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

1.7 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.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

1.9 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 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.

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THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Investment income

Listed investment income Interest receivable Total 2020	Unrestricte d funds 2021 £ 136,893 - 136,893 126,544	Total funds 2021 £ 136,893 - 136,893 126,544	Total funds 2020 £ 126,506 38
			126,544

3. Investment management costs

Investment management fees Total 2020 Analysis of grants Grants payable Total 2020	Unrestricte d funds 2021 £ 28,546 26,306 Grants to Institutions 2021 £ 88,000 85,000	Total funds 2021 £ 28,546 26,306 Total funds 2021 £ 88,000 85,000	Total funds 2020 £ 26,306
			Total funds 2020 £ 85,000

4. Analysis of grants

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THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5. Charitable activities

Independent examiner fees Printing, postage and general office costs	Unrestricte d funds 2021 £ 2,698 338 3,036	Total funds 2021 £ 2,698 338 3,036	Total funds 2020 £ 3,600 352 3,952

6. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .

7. Fixed asset investments

Cost or valuation At 1 January 2021 Additions Disposals Gain in market value At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	Listed investments £ 5,664,264 814,063 (859,801) 579,141
	6,197,668
	6,197,668
	5,664,264

During the year, the fund managers disposd of listed investments of £901,752. The original cost of these investment was £859,801.

The recognise profit of £41,951 has been recognised in the SOFA in the Charity's account

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THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	3,299	3,902

9. Statement of funds

Statement of funds - current year

Balance at 1 January 2021 £ Unrestricted funds General funds 5,728,426 Statement of funds - prior year Balance at 1 January 2020 £ Unrestricted funds General Funds 5,864,310	Income £ 136,893 Income £ 126,544	Expenditure £ (119,582) Expenditure £ (114,958)	Gains/ (Losses) £ 621,093 Gains/ (Losses) £ (147,470)	Balance at 31 December 2021 £ 6,366,830
				Balance at 31 December 2020 £ 5,728,426

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THE MORGAN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricte d funds 2021 £ 6,197,668 172,461 (3,299) 6,366,830	Total funds 2021 £ 6,197,668 172,461 (3,299) 6,366,830

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2020 £ 5,664,264 68,064 (3,902) 5,728,426	Total funds 2020 £ 5,664,264 68,064 (3,902) 5,728,426

11. Related party transactions

There was no disclosable related party transactions during the year (2020-£nil)

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