Cb4rity number: 283128 THE MORGAN CHARITABLE FOUNDATION UYALTDITED TRUSTEES, REPORT AND FINAf4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE MORGAN CHARITABLE FOUNDATION COISTENTS Page Reference and Admiiiistrative Details of the Charity Trustees and Advisers Trustees, Rcport lJidcp￿I]d¥L1t Exaiiiii)iF'S R¥POff Statement ofFinancial Aciivlties Balan¢e Sheet Noies io the Financial Statements 9- 15 THE MORGAN CHARITABLE FOUNDATION REFERENCEAND ADMINISTRATIVE DETAILS OFTHE CHARITY. ITSTRUSTEESAND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees L Morgan N Levene M F Tiroche C Gleen RAMorgan Charih. registered n￿mber 283128 Princip81 office PO Box 57749 London NWII IFD Independent examiner ECC {A&T) Limited Chartered Accountant5 8 Suez Streei Warrington Cheshire WAI IEG THE MORGAN CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tn]5te¢s present theiT annual repon io¥ether wiih the financial siaiemenis of rhe Charity for the period l January 2024 to 31 December 2024. The financial statements have been prepared in accordance with the ac¢ouniing policies sel oul in note 110 the account5 and comply with the charity's irnst deed, Ihe Charilies Aci 2011 and Accounting and Reporting by Chariiies.. Statement of Reconimended Pra¢tlLe applicable to charitie5 preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Kepublic ot. Irellind published on l Janudry 201b. ObJeetives and activities The objective of the charity is to provide funds for such charitable instiThlions as the irusiecs shall in ils absolute discretion think fit. The tru%tees fuluTe airn% are lo n)ake distributions in line with nei incoming iesources reported in the chariiy's rnost recent accounts. The irnstees have paid duc regard to guidance issued by ihe Charity Commi.ssi()n in decidin¥ what activities the charity shvuld undcrtake. The chariiy has liad regard to the Charity Cornmission's guidancc on public bcnefii ￿'hILh are illustrated in thi5 report through the Objectives and Activities. Achic￿eMentS and P¢rfomiance seciions of this report. Application to the chaTity for donations will be consideTed if receivcd in wrilii?g and accoinpanied by the chariiable OTgani.%aiion'% laicsi report and full accounis. No application5 ar¢ considered from individuals. The Iruslees maintain 2 lisi of charitable organi5ations which ihey re¥ularly support and the Iisi is reviewed half yearly ai the iTU5tees meetin¥. Thev alsv maintain a Iisi of all the request5 for funds whiLh haN'e been itteived in ihe previous O months. Achiei'em¢nts and performAnet The charity has cash deposiis and a portfolio of liqied Investments with a n)arket value as ai 31 DecembeT 2024 of £6,523,053 (2023 - £5.909.3921. There are no restrictions on the Lharity's p)wer to invest. The investment srraiegy is set by trustees and takes in¢(¥ aLcount inL()me requirement5, the risk pr(Ifile and the tnLsiees' view ofthe market pro%pec15 in thc medium terni. The uverall investmcnt policy is to maximise inLume through a diNcTsified p(?rtfolio, aiming to proi'ide an overall iotal return suffjcicnt 10 Lover anticipated charitable distribution5 in any given year alld to cover ai least three months of n)anagemeni administration and support costs. Dunng the year, this prudeni investmeni policy produced tncume lotalling £140.359 12023 £135,373). The Irustees are saiisfied that their investment policy is beinuj achieved. THE MORGAN CHARITABLE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial revltw The Irusiees can report thai the foundation has made granis and donaiion during Ihe year io¢alling £100.85512023.. £106,5%0} and hope to incTease granis and donation% in future years. The trustees, policy is to operate on the basis of being able to Lontinue to geT]erate suificient incoming resource5 to maintain reserves ai a levcl sufficient.. (I I lo cover ai least three mtsnfhs of management admini%tration and support cosis,. and 121 to use ioivards rneeiing its charitable objectives and to acctsrd with il% principal alins. The Charity has sutTicieni, but not excessive funds to maintain ils current level of Lharitable distributions. The trusiees have assessed the major risks lo which the charity j5 cxposed. and are saiisfied ihat 5yStem5 are in place to miiigaie exposur¢ io the major risks. Strueturel governance and maThagement CoM5tituti&n The charity IS Lonstituted by a settlement deed dated 16 July 1981. It is regisrered as d charity with the Charity Commission. The trustees who served during the y¢ar and up to the date of signature of the financial stat¢ments were.. L Morgan N Levene M F Tiroche C Gleen R A Morgan Their position as tru%tees is unremuneraied and no trustee had any b¢neficial interest in any contract with the foundation during rhe year. The irustees meei on 2 regular basis and decide on what grants the charity may make with reference 10 income generated by the charity since ihe last tranche of granis rnade. THF" 11()RC.'4N C'H4RIT.4RI F. FOI'NI).4TI() TRI %"I"F.F.%' RF.PORT IC'UN'T'IN I'tr."I)I .-UII I'II I-. I-I.'.IR F'N I)Tr.-I) .1 I 111.-C'I-.IqBF.I{ ?U74 .StJti'mini ¢Jl' l-ru%iee8 rcipnniihiliriii 1.4ccouiii8 aiid Repiins) Ri'gTulaliiin¥ l.J, THE MORGAN CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR E￿DED 31 DECEMBER 2024 Independent ExamlneT'5 Report to the Trustees of The Morggn Charitable Foundation ('the Charih I repon 10 the charily Trusiees on my examination of ihe a¢counts of ihe Charity for the year ended 31 Decernber 2024. Responsibilities and Basis of Report As th¢ Tru5Tee.% of the Charity you are responsible for the prepaiation of the accounis in accoidane¢ with ihe requirernenis of the Charities Act 2011 I'the 2011 Act'l. report in respect of my examination of ihe Charity's occounts carried ouc under section 145 of the of the 201 I Aci and in carying out my exaTnination I have followed the applicable Directions given by the Chariiy CoTllTlltssion under seclion 14515}Ibl of the 201 l Acl. Independent Ex4miner's Statement Your attention is drawn io the faci that the Charity has prepared the accounis in accordance with Accounting and Reponing by Charities.. Statement of Recommended Practi¢¢ applicable to charities prcparing Ilieir accounts in aecordance M'iih the Financial Reporting Siandard applicable in the UK and RepublEc of Ireland {FRS 1021 in prcfeience io Ihe Accounting and R¢porting by Charities.. Siatemeni of Rccommended Practice issued on l April 2005 which is referred 10 in The exiani regulaiions bul has been withdrawn. undersiand Ihar Ihis ha.% been dojie in order foT the accounts lo provide a [￿e and fair vieTh in accordance with the Generally Accepted AcLounting Practice effective for retrf)rting periods beginning on or afieT l January 2015. I have Completed my examination. l confirni that no matters have con)e to my attcntion in L(>nnection w'ith the examination giving me cause to bclieve cause io believe Ihal in any material rc%pe¥t'. accounting reeords M'ere not kept in respect of the Charity in as required by secrion 130 of th¢ 2011 Aci", or the account5 do not accord with those records,. or the accounts do noi Comply wilh the applicable requiremenis concerning the forni and conient of a¢counts sei out in the Chariiies {Accounts and Reportsl ReoulatlUll5 2008 other than any requirement that the aLcountS givc a 'truc and fair, view which is not a matter cnnsidcred as part of an independent cxamination. I have no concerns and havc come across no giher matters in connection w'ith the examination to which att¢niion should be drawn in this Feport in ord¢r io enable a proper understanding of th¢ accounts to be rcached. THE MORGAN CHARITABLE FOUNDATION INDEPENDEP*'T EXANIINER'S REPORT ICONTIYI UED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report is madc solely lo th¢ Charity's Trnstces, as a body, in accordance ivith Part 4 of the Charities (Accounts and Reports} Regulations 2008. My work has been undertaken so that might State to the Charity's Trusiees Ih05e mariers l am required to slate to them in an Independeni Examiner'5 Report and for no other purpose. To the fvllest extent pemitted by law, I do not accept or assume responsibiliry to anyone other than the Charity and the and th¢ Charity's Trustees as a body. for my work or for ihi5 repori. EdTrJ"ard Gilbert Cobb FCA tlo ECC IA&TI Limited 8 Suez Street Warrington Cheshire WAI IEG Dated: (6LXfL￿v bJ5 THE MORGAPI CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIN'ITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrieted Total Total funds fllnds 2024 2024 Note Income from: 140,359 140.359 135,373 Total incomt 140J59 140J59 135,37.1 Expendlture on: Raising fi]nds Charitable activilies.. 29.522 29,522 27,863 Grants payable Charirable activities 100,855 100,855 106.580 2,924 2,924 2,875 Total txpenditure 133,301 133.301 137J18 Nei income before net Ilossesllgains on inveslrnents Nei gains on inve5tm¢nis less realised loss 7,058 7.058 11.9451 654,480 654.480 339.174 Net moi'ement in funds Reconciliation of funds: Total funds broughi fotivard Net movement in funds 6,014,717 6,014,717 5.677,488 661.538 661,538 337,229 Total funds carried forward The Statemeni of Financial Actiwitie5 includ¢s 311 gaiTts and losse5 recognlsed in the year. The note5 on pages 9 to 15 fom) part of thcsc financial sta¢ernents. -riiF- IIC>RC:.1S" C'II.IRII'.4FII.F F'OI'Nn.ii-10 BII_.INC-F. SHEF.T P()R "114 r. I'F...IR F'%Dfr'D .1 I I)F".C-F-11 BF-.R 2Tr?4 711?4 nte Fii¢d a4se15 909..I97 C urrL tit 41%51't5 1*5 702 1{17.X)4 12.4001 ).4C}91 el curreijt alsetb 15.1.?V2 6.676.?5£ 6.U14.717 6.fi76.144 6,1tr14.717 6.67(),?$4 Ib.V14.717 C'hdi-iti- flinds .676.255 6.U14.717 IDtal lunds 6.1b76.7$4 6.014.717 THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE I'EAR ENDED 31 DECEMBER 2024 Aecounting policics Accounting pollcles 1.1 Basi5 of preparation of finan¢l#l statements The finai)cial staiemenis hai'e been prepdred in accordance with ihe Charities SORP (FRS 102) - ALLounting and RepL)rting by Charitie5.' Statement of Recommended Practice applicable to charitlcs Preparing their accounts ill accordance with the FinLIP.Cjn the basis of tiine spent, and depreciatii)n Lharges allo¢ated on the portivll of thc asset's usc. Expenditure on raising funds in¢ludes all expenditure incurred by tho Charity to raise funds for its Ll)ariiable piirposes and includcs costs of all fundiaising aciivilie% events and n(Trn-charitable trading. Expenditure on chaiiiable aciivilies is ineurred on directly undertaking the activiiies which funher the ChaTjly'S objectives, as well any associated support costs. Grants payable are ¢hdrged in the year when ihe offer is made excepi in those ¢ases where the offeT 15 conditional. such grajiis being recogn15ed as expenditure when the conditions attaching are fulfillcd. Grants offered subjeLt tn condiiivns which have not been met al the year end are noted as a commitment, but noi accrned as expenditure. All expcndiiure is inclusive of I￿e£OVerable VAT. 1.5 Interest rectii'able Interest rec¢ii'able Inieresi on funds held on depofii is included when receI￿ab]e and the amount can be measiiredreliably by the Charity., this is nomially upon noiifi¢alion of the inieresi paid or payable by the insiitulion w'iih whtsm Ihe funds are deposi¢ed. 1.6 Investments Fixed asset investments are a form of financial insiwmeni and are initially reeognised at theirtran5aclion cost and subsequently measured at fair value at thc Balance Sheei date, unlcss the Vic tue cannot bc tneasur¢d reliably in which cas¢ li is measured ai cost less impairnicnt Inveslmenr gains and losscs, wheihcr realised or unrealised, are cornbincd ond presented as 'Gainsl{Losses) on inv¢stmcnts' in the Siaiement of Financial Activities. .7 Cash at bank and in hand Cash ai bank and in hand includes casli and short-tcrni highl}, liquid inve5tnicnts with a short maturily of tlir¢¢ months or less froim thc dale of a¢quisiiiun or opening of the deposit gr similar account. 1.8 Ligbilitles and provisions Liabilities are recognised when there is on obligation at the Balance Sheet date as a iesult of a pasi event, it is probable th81 a transfer of econoinic benefii will be required in settlemenl, and the anioutjt of the setile¥nent ¢an be estirnaied reliably. THE NIORGAN CHARITABLE Fouf4DATION NOTES TO THE FINAf*CIALSTATEMENTS {cONTI￿UED) FOR THE YEAR Ef+4DED 31 DECEMBER 2024 l. Accountlng policics (conrfnuedl 1.9 Fin#nri31 instruments The Charity only ha.% financial assets aiid findncial liabililies of a kind that qualify as basic finaiicial instrument5. Basic ftnancial instruments are initially reLognised at transacrion i'alue and subsequently measured ai Ih¢ir seiilemenl value with the exreplinn of bink lo'.tns 11,hich ?re 511bseqitcntl Jr meisiired at LgmoTtised cost tisin(T the effective interest Jnethod. 1.10 Fund aeeounting General fund% are unresiricled funds whieh are available for use ai the discreiion of the Twsiees in furtherance of the general objeCti￿eS of ihe Chariiy and which have oi been designated for other purposes. InTrestment income. gains and losses are alli)cated to the appropriaie fund. Investment Intome URrestri¢ted Totgl TotAI funds fund$ funds 2024 2024 2023 Listed invesmjenl ineome Total 2023 135373 135 373 lThvestment management cost$ Unrestricted Toial Tot#1 funds funds funds 2024 2024 Invc5tment n)anagement fees Tot4LI 2023 THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIALSTATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 4. Analysis of grants Grants to Grant5 to Total Institutions funds funds 2024 21124 2023 Gi-asils payabl¥ o.&& Total 2023 106580 106580 S. Charitable actiiities Endowment Total Total fund$ fuMds runds 2024 2022 Independent examiner fees 2.500 2,500 2,499 Priniing, p051agc and general office costs 424 424 376 6. Trustees, remuneration and expenses During the year. no Trustee r¢ceived any remun¢ralion or other benefits (2023 - £Nil) During the year ended 31 Dccember 2024, no Trustee expen5¢s have been incurr¢d {2023 - 12. THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIALSTATEMEN'TS (CONTINUED) FOR THE I'EAR ENDED 31 DECEMBER 2024 7. Flxed a55et inve$tmeDts Listed Ini'estments C05t or i'aluAtion At l January 2024 5.909.392 Additions 1,371,380 Disposa15 {1,328,3821 Redemptions in year { 109.087) Unrealised movernent in market value 679.750 At 3 l Decernber 2024 QS.3 Net book %'%lu¢ Ai 31 Deceinber 2024 6,523,053 At 31 Decetnber 2023 During the year, thc fund mana¥yeTS disposed of listed investment5 of £1.299.940. The original cost of Ihesc investments was £1,321.423. The recognised loss of£21,483 has been iecognised in the SOFA in ihe Charity'.% accouni. 8. Creditors: Amounts falling due ivlthin on¢ vear 2024 2023 Accruals and deferred income 2.500 2.499 THE MORGAN CHARITABLE FOUNDATION NOTES TO THE FINANCIALSTATEMEYTS ICONTJNUED) FOR THE I'EAR E.NDED 31 DECEMBER 2024 9. Statement of funds Statement Ibf fuNd5- current lear Balance at oi January 2024 Income Balance at 31 December Expenditure Gainsl{L055e51 2024 Unr¢stri¢ted fund5 Gcneral Funds- all funds 6,014,717 140,359 1133.301) 654.480 6.676,255 Stattment of funds- prior year Balanee at oi Janu#rY 2023 Income Balance at 31 December 2023 ExpendRture Gain51lLoss¢sl Unrestrleted funds General Fiinds- funds 5.677,488 135.373 1137,3181 339,174 6,014,717 10. Analysi5 of net assets betweeTr funds An#lvsis of net assets between funds- current l'ear Unrestri£t¢d funds 2024 6,523,053 155,702 Tot31 fund5 2014 6,523,053 155,702 Fixed asset investmenis Current assets Credirors due within one year Total An*l)sis of net assets betweeD funds- prior >ear Unrestrieted funds 2023 5.909,392 107.824 12,499) TotAI fuDd5 2023 5.909.392 107.824 12,499) Fixed asset investments Current assets Creditors due within one year Total THE MORGA￿ CHARITABLE FOUNDATior4 NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE I'EAR ENDED 31 DECETrIBER 2024 11. Related party There were no disclosable related pany itan5aclions during the year12023 £Nil}