Ch8ritV Dumber: 283128 THE MORGAN CHARITABLE FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE MORGAN CHARITABLE FOUNDATIO CONTENTS Page Reference and Administrative Details of the Charity Tntstees and Advisers Truste¢5' Repoft lJidcpcJid¥nl Ex￿1]inCr,S Rcporl Sujiemeni of Financial Activities Balance Sheet Notes to th¢ Financial Statements 9. 15 THE MORGAN CHARITABLE FOUNDATION REFERENCEAIIDADMINISTILITIVE DETAILS OFTHE CHARITY. ITS TRUSTEESAND ADVISERS FOR THE YEAR Ef4DED 31 DECEMBER 2023 Trustees L MoTgan N Levene M F Tiroche C Gl¢¢n RA Morgan Charity. registered number 283128 Principal office PO Box 57749 London NWII IFD Independent ex4miner ECC {A&T} Lirnited Chartered Accountants 8 Suez Streei Warrington Cheshir¢ WAI IEG THE MORGAN CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE I'EAR ENDED 31 DECEMBER 2023 The Trustee5 present their annual Tepon together with The financial ststemenis of ihe Charity for the period l January 2023 10 31 December2023. The financial statemenis have been prepared in accordance wilh the ac¢ounting policie5 sel out in note I lo the accounts and comply wilh ihe charity's trusi deed. the Chariiies Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended PrnLlice applicable to charities preparing their accounis in accordan¢¢ with ihe Financial Reporting Standard applicabl¢ in the UK and Kepublic ot. Ireland pub115h¢d on l January 2UIts. ObJeetive$ 8nd 4ctivitle$ The objeciive of the charity is 10 provide funds foi such charitable institutions as ihe InJstee5 shall in its absolute discretion thll]k fil. The trustees future aims are lo make distributions in line with net incoming resources reported in the ¢hariiy's Tnost recent accounts. The trustees have paid due regard to guidanLe issucd by the Charity Commission in deciding what aciii'iiies the chanty should undertake. The ¢haritv has had regard to the Charity Commission's guidance on public benefit whtch are illustrated in this report through the Objectives and Activities, AchieveEt]ents and Performance se¢iions of this report. Application to thc charilj foT don2tions will be considered if received in WTilIng and accompanied by Ihe charitablc organisation's latesi report and full accounts. No applications are considered from individuals. The Irusiees maintain a list ofcharatable organisations which they regularly support and the Iisi is revtewed half yearly at the truslees meeiing. They also maintain a list of all the requests for funds which have been received tn ihe previous 6 months Achffievement5 and perforJDan¢e The charity has cash deposits and a portfolio of listed investments with a market valu¢ as at 31 December 2023 of £5.91X9,39212022 - £5.590.9351 TheTe are no restri¢iions on the charity's PL)wei to invest. The investment siraiegy is set by trustees and tskes into aLeuunt incom¢ requirements, the risk prufile and the irusiee5' vicw of che matket prospeLlS in the medium lem). The ovcrall investment policy is to maximise inLome through a diver5ificd portfolio. 4Liming to providt an oi'erall ioldl return sufficient to cover 2nti¢ipated charitable distributions in any gik'en year and to cover ai least three months of management adrnini5tratii)n and support costs. During the yeaT, this prudent investmeni PL)licy produced income tot211ing £135.-173 12022 £137,065) The Irustees are satisfied ihat their inv¢stment policy is being achieved THE MORGA￿ CHARITABLE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 21b23 FinaDcial revlew The irustees can report thai Ihe foundation has Tnade grants and donation during the year totalling £106,58012022.. £92,0(K)l and hope to increase grants and donations in future yeaTS. The trnstees, policy is to operate on the basis of being able to coniinue tu gencrate sufficient it]COtning resources to Tnainiain reserves at a level suificient.. (l) to cover at least three months of manag¢meni administration and support costs," and 121 to use iowards meeting its charitable objectives and lo accord iyith its prirtcipal aims. The charity has suificien¢, but not ex¢essive funds lo maintain 115 current level of charitable distributions. The trustees have assessed ihe major risks to which thc charity is expos¢d, and are saii5fi¢d that systems are in place iv mitigat¢ exposure to the major Fisks. Strutturel govern#nee aDd managetnent Cottstitution The chariiy is constituted by a settlement deed dated 16 July 1981. It is regisiered a5 a charity with the Charity Commi%sion. The trustees who 5erv¢d during ¢he year and up to the datc of signaiuTe of the finanLial 5tatcrnenis were.. L Morgai] N Levene M F Tiroch¢ C Gleen R A Morgan Their position as Iruslees is unremuneratcd and no trustcc had any benefjcial inieresl in any cot)irdet with the foundation during the ycar. The irustees meei on a regular basis and decide on what gran15 the chariiy may make with reference io income generaied by the charity since the lasi tranche of grants made. -I'HF. 111)RG.4N CHARITABI.F. F'OlI%DATIUN TRL%'I'EES' REPORT ICO.N'TINIIF.DI FUR THF. I'F:AR F.NDF.D 31 DF.CENIBER 202.1 .%IAILmeni uf Tru5tee5 ri'spvnsihililie$ LLL)rdanLI K lili Jiipliiabli laii dl)d UnitLd kin￿d￿li) Accnunlili￿ Standards ILIiiiLJ KiiigTrdoni CILIiLf(111i'.4IiLpiLd AccL)unlinL PriicIIC¥l. Tli¥ law. api)liiahle Io Lhdriiivs 111 l--iigl4iiid & IK'alLS require% IhL Tru%iiiS 10 pripar¢ liiiaiii ial IhJl period. Iii prepdring, IhL%e finaiJL IJI siai¢ni¢nis. the Trustee% ari r¢ouir¢d io.. eleci siiilablL' aLcoun(itig rM)licies and Ih¢n appl}. Ihem consi%ieiiil)': vbALITr'L IhL iii¢ihod% dnd prinLipILi of tliL C'liariiiis SORP I FRS 11121. iiIAkL' judgieiiiKliiS and dCLouniiJiLTr L'¥li11114 les Ihltl dfL Fldsuiiable anJ prudL'iil. iaie ii'hLlhLr applicablc I Ik ilcLouniitlbT Sianddrds IfR.S I O?) liai'¢ been fvllow'ed. 5ubji'CI I 4lliN' iiiai¢rial (lepariurLSS di%clo%cd aiid expldillLd iji ihe filldiicial staiLiiienis-. prLparL lh¢ fill￿111￿7{￿l %ldlLlllflll% vii tlic oi)inL> concern basis unlc%.% il is inappropi'iaiL' 10 l-h¢ J'ru%iLV4 Jr¥ f¢5wnsiblL lor k'eepingi adeqiiiiie Charitable activities 2.875 2.875 3,699 Total exptnditure 137J18 137,318 124,219 Nei income beforc net Ilossesllgains on investTnents Nei {105ses)Igains on invesirnents (1.9451 (1.945) 12.846 339,174 339.174 1702,1881 et moi'ement in funds Reconciliation of fund5: Total funds brought fon¥ard Net rnovemeni in funds 5,677,488 5,677,488 6,366,830 337.229 337,229 1689,342) Totgl funds earried fonvard Th¢ Stsiement of Financial Activities includes all gains and losses recognis¢d in ihe year. The notes on pag¢s 9 to 15 fotm part of these financial statements. THF. IIORG,IN C-H-IRIT,IBI.F. I.-()LI%I).4TIO B.41.-ISCE SIIEfr.T FOR TIIF. I'EAR F.NDF.D.11 I)LCENIBER 202.1 2Q2.1 F-iled a4sl't* 5.909.-19• 4 $901}J. C'urri'nt a55et5 IU7.824 y9.85? 'iihin oaiL ve3r 12,499) 11.2991 et currenl 105.-125 Toial akseis le%5 Lurretii 6.014.717 4.077.4XX Nel #%sets excludinL pension 6.U14.717 5.677.488 lot¥1 net assL'tS 6.014.717 5.677,4¥11 Lhariti- fuiid5 UniesiriLILd funLI% 6.014.717 q.677.41111 lot#1 funds fi.014.717 5.077.413¥ ThL lin,InL 111 I slJlLmLnl% iN¢rL dPPlOi'Ld aiid auihoriscd IOT l%%ue bi. Ihe Tni%tee.% i)11 and Sibtn¢d (Trn theii. behdlt. by.. l. .Ili)rkian THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIALSTATEMENTS FOR THE I'EAR ENDED 31 DECEMBER 2&23 Accounting policies Accountlng policies .1 Basi$ of preparation ol financial statement5 The financial statenienis have been prepared in accordance with ihe Chanttes SORP (FRS 1021- Accounting and Reporting by Charities.. Staiement of Recommended Practice applicable to charities preparing iheir accounts in a¢¢ord3nce with the Financial Repottin￿ SiandL?rd ?pplic¢ible in thc LIK nd Repiiblic of Ircland {FRS 10?) leifective l January 2019), the Financial Reporttng Standard applicable in th¢ UK and R¢public of Ireland IFRS 102) and Ihe Charilics Act 2011. The financial stat¢ments have been prepared to give a 'true and fair, view and have departed from the ChaTilies (Accounts and Reportsl Regulaiions 2008 only to the extent required to proi'ide a 'trne and fairf view. This departure has involved followhng Ihe Chariiies SORP IFRS 1021 published in OcrLiber 2019 rather than the Aecouniing and Reporting by C.hariiies.. S12tement of Recommended Prdclice effective from l April 2005 which has since been withdrawn. The Morgan Charitable Foundation meets the definition of a publi¢ ben¢fit entity undcr FRS 102. Assets and liabilities are initially recognised at hi5tori¢al cosi or tran￿¢t10n value unl¢ss othenvise stdted in the relevant accounting policy. 1.2 Golng concern In assessing th¢ ability of the charity to operate as a going conc¢rn. trnsiees have evaluaicd curreni and forecasted anvesiment results. and the solvency of ihe charity. As a result, the Irustees have Considered it approprsai¢ to prepaTe th¢ fu)ancial statements on a going concern basis Accordingly the trusiees hai'e Lontinued to prepare the financial statemenis tsn the going concern basis. IJ ID¢ome All income LS iecognis¢d once the Charity has eniiilement lo the in¢ome. li is probable that the income will be received and ihe amount of incgme receivable call be measured reliably. 1.4 Expenditure Expenditure is recognised once ¢heie 15 a legal or constructive obligation to transfer economic benefit to a thjrd party, it is piobable that a transfer of economic benefits will be required in settlcm¢ni and the amount of Ihe obligation can be measured reliably. Expenditure is Classified by acrivity. The costs of cach aciivily aTe madc up of ihe iotsl of direci costs and shared costs. including suppon eosis iRTrolved in undertaking each activity. Dire¢t cosis atiributable to a single activity are allocated directly to that activity. Sharcd cosis which contribute to more than one adivity and support costs which are noi aitribuiable to a single aciivily are apportioned between those acliviiies on a basi5 THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 l. Aceoullting policie$ {contlDuedl 1.4 Expenditure {continuedl onsisteni with the use of resources. Ceiitral staff Losts are allocated on the basi5 of lime spent. and depre¢ialion Lharges all()caied tsn the portion of the asset 5 use. Expenditure on raising funds includes all exponditure incurted by the Charity to ralse funds for its charitabl¢ purposes and ineludes costs of all fi]ndraising aciivilies events and non-charitsble trading. ExpendiNre on charitable activities 15 incurred on directly undertaking (he activities which further the Charity's objectives. as well as any associated support Costs. Grants payable aTe charged in ihe year when the offer ib Tnade except in those Cases where the offer is conditkunal, such granis besng recognised as expenditure when the conditions aiiaching are fulfilled. Grants offercd subject to Londitions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditur¢ is inclusive of irrecovernble VAT. 1.5 Interest receivable Inlere$t r¢¢eii'able Interest on funds held on deposii is included when receivable and the amount can be measured reliably by ihe Charily. this is nomally upon noiificaiion of the interest paid or payable by ihe institulion w'ith whom the funds are deposited. 1.6 Investments Fixed asset investments are a form of financial instrumcnt and are initially recognised at thcir transaction cost and subsequently measured at fair value at the Balance Sheet dale. unles5 the value cannoi be measured reliably in which ¢ase li is nieasured at ¢051 less impairnient. Investmcnl gains and loss¢s, wh¢iher realised or unrealised. are combined and pr¢5¢nied as 'Gainsl{Lossesl on investment5. in the Sthiement of Financial Activitl¢S. 1.7 C85h al bank and in hand Cash ar bank and in hand includes C41sh and short-ierni highly liquid invesiments Wlth a short maturity of three months or less from the date of acquisition OT opcning of the deposii or SiTnilar account. 1.8 Liabilities And provlsions Liabilities are reco8nis¢d when there is an obligaiion ai the Balance Sheet date as a result of a past event, li is probable that a transfeT ofeconomic benefit will be required in settlemeni, and iht arnount of the settlement can be esiimaied reli&bly. THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR E￿,DED 31 DECEMBER 2023 I. Accounting policies (coDtiDuedl 1.9 Fin4n¢ial instruments The Chanty only has financial asset5 and financial liabilities of a kind that qualify as basic financial insttuments. Basic finaneial instrument5 are initially recognised at Ii£insaction value and subsequently measur¢d at iheir seiilement value with the exception of b¢ink Io?I ll5 which are siibseqiienil), measiired al amoftised cost l15ing ihe effcciive interest method. l.llk Fund 8r¢DuntiTrg General funds are unresiricted funds which are available for use at (he distretion of the Truslees in furtherdnce of the general objeciives of ihe Charity and which have not been designated for other purposes. Investment inconie. gains and losses are allocated to the appropriaie fund. Investment income Unrestricted Total Total funds funds fuThds 2023 2023 2022 Listed investment incom¢ IIU23 ]￿.37j IILQfi 137065 137 065 Total 2022 3. Investment management costs Unrestricted Total funds funds fu￿dS 2023 2023 2022 Investment management fees Total 2022 THE MORGAN CHARITABLE FOUNDATION NOTESTO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 4. Analv$is of grants Grants to GT4Dts to InstitutlDDS funds funds 2023 2023 2022 Giants pa)ablc Total 2022 S. Charitable gctivities Endowment Total Total funds fuDds furtds 2023 2023 2022 Independent exarniner fees Printing, postage and general offic¢ cosis 2.499 2.499 3,300 376 376 399 6. Tru5tees' remuneration expenses During the year, no Trust¢¢ received any rcrnunerdtion or oih¢r benefits {2022- £Nil} During the year ended 31 December 2023, no Twsree expcnses have been incurred (2022 - £Nil). THE MORGAN CHARITABLE FOUNDATiof* NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 7. Fi5¢d asset investments Listed investments Co$t or valu*tio At l January 2023 5.590.935 Additions 3.907.498 Disposa15 (3,697,423) Redemption5 in year I i(K),0001 Unrealised movemenl in market value 208.382 At 3 l December 2023 Net book value Ai 31 December 2023 5,909.392 At 31 Dectmber 2022 During the year, the fund managers disposed of listed inv¢stmenis of £3,828,215. The original cost of th¢se investment was £3,697,423. The recognised gain of £130,792 has been recognised in the SOFA in the Charity's account. 8. Creditors: Amounts falllng due within one vear 2023 2022 Accruals and defe￿ed incorne 2.499 3.299 THE MORGAN CHARITABLE FOITNDATION NOTES TO THE Fif4ANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 9. Statement of funds Statement of funds- current vear Balance at oi JAnuarv 2023 Balgnce at 31 December 2023 Income Expenditure GaiTrs1{Lossesl Unrcstrlcted funds General Funds- all funds 5,677,488 135,373 1137.318) 339,174 6,014,717 Statement of fund5- prior year Balance at 01 January 2022 Balance at 31 December 2022 Income Expenditurc GaiDsI{Lo$ses> Unrestrirted fund5 General Fund5- funds 6,366.830 137.065 1124.2191 1702.1881 5,677,488 10. Analysis of Ret assets between funds A Thalysis of net 35$ets between funds- Current }'e4r Unrestricted funds 1023 5,909,392 107,824 Total fuThd5 2023 5,909,392 107,824 Fixed asset investments Curreni assets Creditors due within on¢ year Total Analysls of Thet 95sels between fynds- prltsr yegr Unrcstricied fllnd$ 2022 5,590,935 89.852 (3,299) Total funds 2022 5.590,935 89.852 13,299) Fixed assei investtnents Current assets Creditors due within one year Total 14. THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINAf4CIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11. Related pgrty There were no disclosable related pany irans8clions during the year12022 - £Nill