The Ken & Edna Morrison Charitable Trust Trustees, report and financial statements Registered number 327639 5 April 2022 Tht K¢n & Edna Morri￿n Ctwitsble Tn TnJAee5" rttK)n and fmattcia] 5tatemeJ)ts 5 April 2022 Contents Trustees. Report StatemeTLt of trn5ttts' re5WllSbbilities ill [eSF￿tOr the Tru5ttts' report and the financial statements Independent ExamiTh&s rewbrt tt) the members of The Ken and Edna Morrison Charitable Tn]st Statement of financial auivitie5 Balance sheet io Cashflow Statement 12 Noies Regist¢red nu]nber327639 15 April 2022 Th¢ Ken & Etha Morri>)n Ctwitsble Tntst TTUSl¢¢S' reiKJrt and fllwiei2J statem¢nts 5 April 2022 Trustees, report keferertoe admiDiStr*tive details Trustees Eleanor Marie Kerni8han William Jarnes Duncan MorriwD Governing document Deed of Trust dated 5 May 1987 Registered Address clo Progeny Privat¢ Law IA Tower SquarE iK¢ds LSI 4DL Bankers Natwesi West Yorkshire Retsin CSC I Victoria Place Holbe¢k Leeds LSII SAN Investmellt Mallagers abrdn Capital Limited Min¢rva House 29 E&st Parade Leeds LSI 5PS A¢eollntsnts KPMG LLP I Sover¢Ègn Square Sovereign Streei Leeds LSI 4DA Independent Ex*miDer Mr M Walker 4 West Winds Menston LS29 6QD RegisteTed ntsmt¢r 327639 15 Nxil 2022 The Ken & Edtta MOEFI￿n CI￿l￿[e Trust Trustres. rerx>rt and fLnancial 5tatcments 5 April 2022 Trustees, report (contimiÉd) The trustees present their re￿rt along with the fiD•Jcial statements for the year emded 5 April 2022. The financial statements have been prepareAJ in accordance with the at£ounting p)licie5 set out on pages 12-1 i and eomply with the trust deed. Charilies Act 2011 and Accounting and [t￿nIng by Charities." StsteJneT)t of Recommended Pra￿1¢¢ in aecordance with the Financial Rep)rting St9J￿a[d 102 applieable in the and R¢public of treland (FRS 102). Principal risks gnd uncert&iDties Fillanti&l ttlanggement objectivts XDd policies The Trn5t Ltses financial instruments comprising cash 3￿j iDvestsn¢nts. The tDaill pww)se of these LS to finance the working capitsl of the Trust and the longer-terni income and capitsl nceds. The Trnst considers movements in investmem prices and returns io be its Enain risk. This risk has in¢r¢wd a5 a result of the iTnpaa oftheCovid-19 pand¢mie and genetal maEkd thicertainty on the fi#ancial tnatkets. This risk is mitigated by using an invt5tTneDt fimd maD3ger and having a diversified investment portfolio. Objectives alld activiti The objttts.ves of the tsustee5 aTE to apply the ineomiDg resources of the Tyusi by making grdnts forthe benefjt of one or more charitsble institutions 01 individuals. includiDg but not restrided ty people with a di5abiliry or special needs. edu¢aiion, trdining or for such other charitabl¢ pwse5 at the trust¢e5' discretion. The capitsl may be applied for charitabl¢ purposes or rethined by the trustees at their di￿re￿on. The tru5t¢¢s identify projects andorganisationsthey wishto supwJrL Requests from twle ororgani5ations who 8ppIy speculatively w511 be considered if they are pertinent to the Trust's objectives. The trustees also have a ￿)lICY th* Ihey make only ot)¢-off grants with no guardlltees of future funding. The chartty does not Carry Out fiJJJdroising auiviues. Public bellefrt The trus¢e¢s are awaTE of the Charity C(>mmission's advi¢¢ on Charities 2nd Public Benefit. The trustees wnfirn that they have referred to the guidance contained in the Chan"ty Cornmission's genera] guidance on public benefit when reviewirtg the Trust's aims and objectives artd in plathning fuwre activities aod setting the grant making [￿15¢Y for the year. The trustees do not dixriminate against any when considering theiF grani making ptsli¢y. The benefits of the charitable activities of the Trust ate primarily to a section of the public in accordan¢¢ with the charitable objects deS¢TIb￿ above in the truste¢s' objective5 and activities. Athievements alld ptrfornianee ) Review of Actsvities *nd review The main activity in the yeat IS 8rant making. During the year the trustees made, or comlnitted to making. grants totalling £194,OIK). There were 16 grants of value beNeen £4.000 ond £40.0(K>. The list of grants are detailed in note Th¢ donations We￿ made lo a variery of ch#ritsbl¢ instibjtions. A brtef de5criOiOn of three of the large￿ d0T￿lI0￿$ are as follows-. A 8rant of £40,000 was m￿e to Marie Curie {Bradford Hosptce). The grant w25 used ￿WOrdSthe1T nursing setvice in the Marie Curie Bradford Hospice to enable the Hospice a Marie Curie Nurse. This will benefit the public by enabling Marie C{￿e Bradford Hospice to provide SP￿la[15t and sllp￿rt to those living with a tern?inal illness, and their familÉes. A grant of £40,(M)O was mad¢ to FoTgd me ch11th￿'S Hospic£. The grant was used to support the Hospice's perinatal servic¢s. This will benefit the public by enablTNg the H05pi¢e to provide specialist care and support to children with life-limited conditkons and their families. A grdni of £20.OIM) was to Mind in BTadford. The gTani w&s used to suprK>rt MiTJd's wellbeilkg setvice in Bradford. This will benefit the publi¢ by enablingMiThd in Bradford to 5UPVkrt p￿pIc in Bl￿f0rd experi¢nc£n8 menta] healih issu¢5 frolll early in*rvention th￿Ugh to crisis supw>rt and recovery. Regisiered nwnber 327639 15 Apil 2022 The Ken & Edna Morrison Charitable Trust Trustees' report and financial statements 5 April 2022 ## **Trustees' report** _(continued)_ Total expenditure exceeded income in the year by year by £50,485 _(2021: income exceeded expenditure by £40,125)_ Other investment gains (realised and unrealised) amounted to £432,741 _(2021: £1,144,364)_ to give an overall increase in funds of£382,256 _(2021: £1,184,489)._ ## **b) Investment policy and performance** The Trust's investment policy seeks to achieve a balanced return from income and capital appreciation whilst controlling the level ofrisk. The investment income, which is the source of funding for the trust, was £172,455 _(2021: £141, 705)_ and there was an increase in the value of the investments over the year of £432,741 _(2021: £1,144,364)._ The results for the year are given on page 9. The trustees consider the results for the year to be satisfactory given current market conditions. ## **c) Plans for future periods** It is the intention of the trustees that the income of investments will be used for charitable purposes in accordance with the objectives and strategies of the Trust. The charity's grant making is funded out of investment income and the charity does not undertake any fundraising activities and therefore does not have a fundraising policy. Future grants will include small donations (on application) to causes within the objectives and also larger donations to projects or organisations that the trustees have identified. The plan for the future is to donate as much as possible, to deserving applicants, to a level that broadly matches the annual income received, thus enabling the Trust's funds to be maintained at a steady level. ## **Other policies** ## **a) Reserves policy** The trustees intend to distribute the net incoming resources, which relate to investment income and realised gains/losses, arising from year to year, although the trustees have the power to accumulate all or part of such incoming resources for investment purposes as they see fit. ## **b) Principal funding** The trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations. ## **Structure, governance, and management** ## **a) Constitution** The Ken & Edna Morrison Charitable Trust is an unincorporated charity (registered charity number 327639) established under a Trust Deed dated 5 May 1987. ## **b) Method and of appointment or election of trustees** The power of recruiting and appointing future trustees vests with the current trustees. The current trustees are listed on page 3. ## **c) Policies adopted for induction** The trustees are mindful of their duties in connection with the induction and training for trustees and the trustees are undertaking appropriate training and advice in relation to being a charitable trustee. ## **d) Organisation structure and decision making** At annual trustee meetings, the trustees collectively agree the broad strategy and areas of activity for the Trust, including those of grant making, investment and risk management. Registered number 327639 / _5_ April 2022 5 Tht Ken & EdDa MoNison Charitsble Trust Trn#e¢5" retx)rt and fllmicial statements 5 April 2022 The trustees are ¢mpowered by the Tnw Deed to apply the incorne of th¢ TnLSt forany ¢haritable purFAJse they think rjt Slsbjcct to the obje¢ts of the Tru51. The trllstee5 Itave the same full and unr¢stricted rM)wm of inve￿i￿g and ttan5ferring it)vestmeNts as if ih¢y are benefjcially entitled to the Trust Fund. e) Kry rn8nagemtnt persoDDel remuntrxtion The T￿￿tee5 are ￿S￿)nSI7*1e for the day ￿ day running of the Trust and are deemed to act as key manag¢TDent penonoel. No mJ5tees. or person with a family or business connection with a tswte4 received rttnuneration in th¢ year, directly or I￿LireCtIy, from the Trnst12021= £nil)- Risk management The tn]5tees have reviewed the effectiveness of intetnal tontrols and are happy with the ¢ontrols Én plxe given the simple na￿re of th¢ TrusL There is also currentty N) neul foT an internal audit function given the sttaightforward natutt of the TrusL By order of the William JatNes Morriw Trnstee Regi￿<[ed nuothr 327639 15 April 2022 Ihc Ken & Edna ChaTitsbJt Trust Trns*ees' ￿¥￿)￿ 2nd kncial statrm¢nts 5 APTLI 2022 Statement of trustees, responsibilities in respect of the Trustees, report and the rinancial statements UDder the trusi deed and charity law. the trustees are rewnsible for preparing the Trust¢es' RerKJrt and the financial siaiemetLt5 in a¢¢ordance with applicable law and wegulatK)ns. The tn]stees have elected to prepare ihe fin￿cial statements in accordance with UK A¢couDting Standard5. including FRS 102 The Fifrk7ncial Reporting Siakdvd applicoble in ihe UKUp￿RePUbliC oflrelmki Th¢ finaneiai statements are required by law to give atrue and fairview ofthe slate of affairs of the charity and of the exces5 of expenditure ov¢r ineome for that period_ In prepaTirtg these financial StsteTnen￿ generally accepted &cowiting p￿TIce entsils that the truste¢s'. select suitable accounting policies and then apply then] ¢onsistently. make judgements at)d estirn*S that art rewnable and wdenL state whether appli¢able UK Ac¢ounung Stsndards and the S12temeni of Recotnmended Praetice have been followe¢ subjcct to ally m*erid dcparturts disclosed and explained in the fJn3ncial stsiements. state whetherthe financial statements cornply with thetrustdeed. subjectto any material departuresdisclosed and explained in the ftnancial statements. assess the charity's ability to coniinue &$ 8 going conettffj disclosÉn& as applicabl< matters related to going ¢oncern' and use the going concern b&sis of accounting unless they either intend ¢0 liquidate the charity or to c¢as¢ operation5 or have no realiAi¢ aliernaiivt but to do so. Th¢ ts5tees are required to act in a¢¢ordance with th¢ tsijd ded of the charity. within the frnmework of trusi law. They are resp)nsible for keeping proper accounting record& sulricient to disclose at any lime, with reasonable a¢curdey, the ftjjantial position of the tharity 8t that time, and to enable the trustees to eTLsure thaL where any statements of aceounts are prepa￿1 by them utxler section 132{1} of the Charities Act 2011, those statements of accounts comply wilh the reqlljremet￿ of regulations under provision. They are r¢5POD$ible for such int¢rn41 control as they" deterniine is necessary to enable the prepar&ion of fmancia] stsiements that ar¢ free from material misstatemen4 whether due to frnid or eJTor. and have gemeral r&sptsnsibility for taking such steps as are reasonably Open to th¢m to safeguard the èssets of the charity and to prevent and de*ct aThl other irregularities. Registete41 numbET 327639 15 April 2022 Independent examiner's report to the members of The Ken #nd Edna Morrison Charitable Trust I report OIL the acco¢￿ts of the TTr￿t fortheye•rffldd 5 April 2022. thith are setouton pages 9 6) 15. Respective rspoDsibililies of ¢rnstees independent exathiner As th¢ tharity's tru5¢ees you aTe respor151ble for the preparatson of the accounts. you consideT that an audit Is not required for this ycar ut5der seL%ion 14412) of the Charities A¢t 2011 (the 2011 Act) and that 8n sn(Wident examination Ès neded. It is my iesyonsibility to-. ¢xamine the accounts under secttw 145 of th¢ 2011 A¢t to followth¢ pro¢edur¢slaid th¢c￿ent￿l￿dIOn$gl￿ by th¢0)Mm￿l¢8￿.on und¢rwtion 145{SXb) of the 2011 Act to state whether particular rn*ters have com¢ kn my attam(m. of the IDdepeDdent ExamiDtr?s Re￿rt My eXaTnination c8rrted out in a¢coTdanc¢ with the DiTert &nd fu]ancial 5tatem¢nts 5 April 2022 Statement of fmancial activities for Iheyeurended 5Apri12022 Tot*1 2022 2021 lllcorne and ¢Do0￿￿ents from: Investsnents 171077 578 141,447 258 Tol41 iDtome *Dd 174455 141,705 EIpelld1￿￿ OD: Ch￿Ilable a¢iiYitie8 littvestsncntmaro8eb)eDt) 1197,850) 125,090) {78,960} {22.6201 Tothl txprllditsre 1222,940) 1101.580) Net gaiD4lbsEe5) on 431741 1.144.364 Net In￿me1{£1ptDd1Iure) 38U56 1.184.489 382356 1.184.489 R¢¢oDeiliatioD of funds Funds at 6 April 2021 &755.766 4.571277 Fuods *t5 Ap￿ 21J22 A138,022 5.755,766 RegiSLe￿d nutlll*r 32763915 AFnl 2022 The Ken & Edna Morrison Charitable Trust Trustees' report and financial statements 5 April 2022 |**Balance sheet**|||| |---|---|---|---| |**_as at 5 April 2022_**|||| ||_Note_|**2022**|2021| ||||£| |**Fixed assets**|||| |Investments
Cash investment|_6_|**5,534,481**
**535,343**|5,366,604
294,751| |||**6,069,824**|5,661,355| |**Current assets**|||| |Cash at bank and in hand||**269,937**|102,842| |Debtors|7|**2,354**|919| |||**272,291**|103,761| |**Creditors: amounts falling due within one year**|_8_|**(204,093)**|(9,350)| |**Net current assets**||**68,198**|94,411| |**Net assets**||**6,138,022**|5,755,766| These financial statements were approved by the board of trustees' on 24/01/23 and were signed on its behalf by: **William James Duncan Morrison** **----- Start of picture text -----**
)J�;;q
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**----- Start of picture text -----**
Eleanor Marie Kernighan
Trustee
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Registered number 327639 / 5 April 2022 Ibe Ken & Edna MOrri￿rt Charitsble TNst T￿￿ee5. repDrt and fllwicial $tateTD¢llts 5 April 2022 Cash Floiv Statement for year ended S April 2022 N￿e 2022 2021 Cash ftow5 from optrnting atiivTths Net u]co]ne forthe reponing ￿ri( Adjusttnents for Gains on inve5m]ertts DivideEMls ￿￿terest invesimts Incre3se in etedilljrs Illcre￿ in 4Jetro 381256 1.184.489 14347411 1172.455) 194.743 11,435) {1.144.3641 1141.7051 963 {8091 Net ¢Ash provided by operatlDg 2ctiYitits 129,6321 1101,4261 Clsb floivs from iDvestillg 2etiYihes Dividend& interest fmm inv¢sm¢nt5 172.4SS 264.864 141,705 215.286 N¢t rAsh (Ised illyprnvided by i•vestiDg *tti*Trb 437J19 356.991 Change irl (xsb ¢Lsh equii'aients iftth¢y¢ar Cash and c&th equivaknts at the te8irning of Ihe ye8r 407.687 397593 255,565 141028 CL8h ind ¢*sh equiv*l¢Lts at tbt end of the yrnr 397.593 The notes on pages 12 to 15 form part of thes¢ financi81 staternen Registttedllurnt¢r 327639 15 Apri] 2022 The Kell & Edna MO￿1$0￿ ChsTitsble Tn]si Tnwees. and fmatt¢ia] statements 5 April 2Q22 Notes fformingpart t>iihefin4Tncial￿￿e￿*rttsj l AccouNtiog policies The following accounting px)licies have been applied (￿5]Stent]Y dealing with items which are wnsidered Enaterial in relation to the TTUSt's financial Statements. Basis ofpreparolion ofgoing a•ncern The Tn￿t 15 a public benefit eniity. The financial statements Ilave been PTepared under the his￿rical cost LY)nV¢ntio￿ with the exception of invcstments which ar¢ included at tnarket value. The financial statements have been prepared in accordance wilh the Ststement of Reo)mmtThded Prxtice: A¢COL￿ting and Reporting by Charities preparin8 their accounts in accordance with the Fin8neiai Rewrting Stondord applicable ith the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 and the Financial Rep)rting Standard appli¢able in the United Kingdom and Republic of Ir¢lartd (FRS 102) and the Charities Act 201 l at)d UK Genernjly Accepted Practice as it applies from l Jat)u2ry 2016. The financial ststrments have been prep￿ io give a -true a￿d fair. view and have departed from the Charities (Accounts and Reponsl Regulations 2008 only to the extent required to prowde a 'true and fair view.. Thisd¢parbJre I￿S involved following AccountiDg and RerK)rringby Charities preparingtheiraccounts in a¢cordance with the FinancÉal Rewrting Stwjdard applieable in the UK and Republi¢ of Ireland IFRS 1021 issued 16 July 2014 rather than the Aecounting and Re]x)rtiTh8 by CharitIes'. Sratement of Recommended Practice effefflive from l ApTiI 2005 which has since be￿ withdraTrYn. The Tnstees con5iderthat there or¢ no m8terial uncertwniies alK)utthe Ttusi's ability to continue as a going concern. The MO￿ significant area of risk in thts year and for the ￿tUre 15 around the va[￿lOn of the invesmients. This however is noi a going eoncern risk as there is a sigrbificanl net wet balance at year et)d and the trustees have control overthe level of grants the TTUSt awards. Incoming ￿WourCeS Invesbnent income and bank inteTe5t is xco¥nt¢d for on an atttual b&sis. Resources expended All expenditure is a¢counied for on an accrua15 basss and has l*en listed under headtng$ that aggregat¢ a]1 the costs dir¢Gtly attnljutable aciiviry. whe￿ cosl$116]¢ludJng overheads) rannot k dire¢tly attributed they have been allocated to activiti&% on a basis consistent with the use of resources and the time spent on thos¢ aCti￿lIes. Govemance costs artthose incurred in the governance arrangement of the ¢harity which re1￿CtO the gener81 nmnin8 of the cl￿ as opposed io those cosrs &s50ciated with geneNing fi￿￿S or eharitable activities and its eosts are priTnarily aSsoci￿¢d with eonstiwtiollal and 51alutory *equi￿ments. T￿￿110￿ The KeTh & Edna Morrison Charitsble TTLLrf ts conSide￿d to pass the tests sd Out in Paragraph I Schedule 6 Finance Act 2011 and therdore it meets the defmitioll of a ¢haritsble trust for UK income tax purwses. AcCOrdi￿g1Y. the charity 15 p)ientially exempt from th￿lOn in respect of income or capital gains received wiihin categories eovered by Pan 10 Income T&x Act 2(￿7 or Seaion 256 of the Taxaiion of Chargeable Gains Aci 1992, to the exteTrt that $u¢h income or 8ain5 alr applLed exclusively to ¢haritable pU￿se5. No tax charg¢ h&s arisen in the year (2021.. £nil). Registcred nwnkr327639 15 April 2022 12 The Ken & Edna Morri￿￿ Charitable Tnjst TN*¢¢s' teport and r]DaDciai sts*ments 5 April 2022 Notes (continued) Accounting policies (conlirned) Cthfh ÈTnd e4sh eqmivkn Cash at bank and in hand is held ts) meet the making adivity alld the day to day ruDning e05ts of th¢ charity. C&sh investtnents are ￿sh balances held within the Tn￿.$ tnvestment porrfolio. F&¥ed&sse#iThvesiFnents Jnvesttnents Are St￿ed at market value beingthe bid price orthe l&Q tr￿e￿ price atthe date of the net &5sets statement. The rea]ised and urtrealised gains OIL investtntnts art rcflected in the statement of fEnart¢ial attivities as they arise. Realised gains and losses on investtnents are calcula*d as the difference bemeen sales pmceeds and openitlg Tnarket value (purchase date if later). Unrea]ised gain5 and 105se5 are calculated as th¢ difference between the market value at the year end and opcning market Yalue (or purch&se date if later). Realised and utt]ralised gains are Separa￿ in the no*s io the a¢tounts. Expenditure t)D ehgrit*ble *ctivibes 2022 2021 GTZ]Jts Inote 3) &ivernarLce cosLs (rntr4) 194.wo 75,460 3,500 197WS• 78.960 3 Grnllts ￿Y*b]e There were 16 grants rnade to oryanisations during the yeaT amounting to £194,000 &5 detailed klow.. 2022 Addillgknn F￿d Asjne Fratjk Tr￿1 UK Athl5￿ Angels Batten Dise￿ FartLily Asgxiation (BDFA) Cellar Trnst CritnestoppeTS Trust cystic Fibtosis Trust Epilepsy Action Famiiog Collllnunity NeDwoTk Fotg¢t m¢ not Childrn's Hospir Lifelites Matie Curie Mind LnBr*Jford Roya] AgricultUTBJ BeT￿YOkll1 I￿All￿tKIn ￿BD Royal Nationa] College forth2 Blind Sen% Bradford io.0 io.(x)o 5.WO 5,(X)O 10.000 10,00 40,000 10.000 40.0(M) 20,000 5,000 4.000 10.000 194,(Mhl Registsred numb¢T 327639 15 April 2022 13 The Ken & Edna Morrisoll Charitable Trust Tn]stees' tew>n al￿ fthan¢ial thtetneuts 5 April 2022 4 Governgnce ¢osts Management and administration costs: 2022 2021 A¢countirtg advi￿ 8t￿ othertrnfession8] fees Ind¢r*ndent ExaU]it￿li0n 3.WO 5110 550 3,500 5 Trnstee5' remunerdtion and eipenses No remuneration or ¢xpenses were paid to the trustees fortheir services during the yrar (2021.. £nil). No staff were ernployed by the TnLSt durtng theye4r{2021." no￿). 6 Listed Inv¢stm¢llts 2022 2021 Invesb)kntsat market value at6 Arxil 2021 4.437526 263JOS 651360 Deduct: inve5trneEtts ￿]d in thc year I￿ market val￿} 157&9691 (744,4271 Deduct". investtDettts ]M]rcba*d 4nd sold duEiDgthe year Net ga1￿(￿$$)0￿ Rvaiuation 481.S41 1.021,145 lllvtskntDts #t m*Tkd wal￿ *t5 April 2022 4,481 5.36&604 Pmceeds of ittvestments sold itt the ye4r 52&169 867.646 Dedutt." ￿V&S￿￿ents ykid ill thByear(at vahrl {576,9691 (744,4271 Rtalised yi#l(loss) 123.219 Net gaillllknss) onrevaluation Rea]is¢d Ik>ssygain 451541 ,02l,145 123.219 Gain￿ Ilojsesl 04 iDvesmi¢Bts 431741 1.144.364 RegisteTed 327639 15 Aprtl 2022 14 ll* Ken & Edn? Moffi50n Ch2Titsble TTUSt Trustees. retx)rt and rtnan¢ial state1￿llts i April 2022 7 DebtOTS 2022 2021 refijnd dlle Inv¢sThent I￿rne th 246 673 1,827 2J54 919 8 Creditor5: gmouDts fglling dlle wÈthin one yur 2022 2021 6268 5,850 3.000 5(10 525 194.WJO ACffl￿s. [kn￿lOn$ mwk 204093 9.350 RegiSte￿d ThuM￿r 327639 15 Apnl 2022 15