The Ken & Edna Morrison Charitable Trust Trustees, report and financial statements Registered number 327639 5 April 2023
The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Contents
| Trustees’ Report | 3 | |
|---|---|---|
| Statement of trustees’ responsibilities | in respect of the Trustees’ report and the financial statements | 7 |
| Independent Examiner's report to the members of The Ken and Edna Morrison Charitable Trust | 8 | |
| Statement of financial activities | 9 | |
| Balance sheet | 10 | |
| Cashflow Statement | 11 | |
| Notes | 12 |
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Trustees’ report
Reference and administrative details
Trustees Eleanor Marie Kernighan William James Duncan Morrison
Governing document Deed of Trust dated 5 May 1987
Registered address
c/o Haddocks Farm Haddocks Lane Myton on Swale York YO61 2RB
Bankers
Cater Allen Private Bank PO Box 826 Bradford BD1 5UL
Investment Managers
abrdn Capital Limited Minerva House 29 East Parade Leeds LS1 5PS
Accountants
KPMG LLP 1 Sovereign Square Sovereign Street Leeds LS1 4DA
Independent Examiner
Mr M Walker 4 West Winds Menston LS29 6QD
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Trustees’ report (continued)
The trustees present their report along with the financial statements for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 12-13 and comply with the trust deed, Charities Act 2011 and Accounting and reporting by Charities: Statement of Recommended Practice in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102).
Principal risks and uncertainties
Financial risk management objectives and policies
The Trust uses financial instruments comprising cash and investments. The main purpose of these is to finance the working capital of the Trust and the longer-term income and capital needs.
The Trust considers movements in investment prices and returns to be its main risk. This risk is mitigated by using an investment fund manager and having a diversified investment portfolio.
Objectives and activities
The objectives of the trustees are to apply the incoming resources of the Trust by making grants for the benefit of one or more charitable institutions or individuals, including but not restricted to people with a disability or special needs, education, training or for such other charitable purposes at the trustees’ discretion. The capital may be applied for charitable purposes or retained by the trustees at their discretion.
The trustees identify projects and organisations they wish to support. Requests from people or organisations who apply speculatively will be considered if they are pertinent to the Trust’s objectives. Unsolicited requests from national charities will generally only be considered if there is some public benefit to the Yorkshire region. The trustees also have a policy that they make only one-off grants with no guarantees of future funding.
The charity does not carry out fundraising activities.
Public benefit
The trustees are aware of the Charity Commission’s advice on Charities and Public Benefit. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year. The trustees do not discriminate against any party when considering their grant making policy.
The benefits of the charitable activities of the Trust are primarily to a section of the public in accordance with the charitable objects described above in the trustees’ objectives and activities.
Achievements and performance
a) Review of activities and financial review
The main activity in the year is grant making. During the year the trustees made, or committed to making, grants totalling £206,000. There were 20 grants of value between £1,000 and £40,000. The list of grants is detailed in note 3.
The donations were made to a variety of charitable institutions. A brief description of three of the largest donations are as follows:
A grant of £40,000 was made to Marie Curie (Bradford Hospice). The grant was used towards their nursing service in the Marie Curie Bradford Hospice to enable the Hospice to fund a Marie Curie Nurse. This will benefit the public by enabling Marie Cure Bradford Hospice to provide specialist care and support to those living with a terminal illness, and their families.
A grant of £40,000 was made to Bradford Hospitals Trust. The grant was used towards funding equipment to provide care and support for patients and their loved ones during difficult times. Specifically, the grant will be used to fund the cost of: VR Goggles, Baggins the Bear for a year and part of the cost of 20 video Laryngoscopes.
A grant of £20,000 was made to Mind in Bradford. The grant was used to support Mind’s wellbeing service in Bradford. This will benefit the public by enabling Mind in Bradford to support people in Bradford experiencing mental health issues from early intervention through to crisis support and recovery.
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Trustees’ report (continued)
Total expenditure exceeded income in the year by year by £27,154 (2022: expenditure exceeded income by £50,485)
Other investment losses (realised and unrealised) amounted to £501,089 (2022: investment gains of £432,741) to give an overall decrease in funds of £528,243 (2022: increase of £382,256).
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 of risk.
The investment income, which is the source of funding for the trust, was £205,516 (2022: £171,877) and there was a decrease in the value of the investments over the year of £501,089 (2022: increase of £432,741).
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 or future grant making 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.
The trustees are empowered by the Trust Deed to apply the income of the Trust for any charitable purpose they think fit subject to the objects of the Trust.
Registered number 327639 / 5 April 2023
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The K¢n & Edna MoTti50n Charitable Tn Tntys. T¢pon and fsnancial statements 5 Ap]il 2023 The tn]stees have the same full atkd unrestricted p)wer5 of inveying and transfe¥ring investments as if they gre beneficially entitled to the Tn1 Fund. e) Key Th8ngg¢Ment persouTrel rernwierdtion The Tn]st¢¢s are r¢sponsibl¢ for the day to day running of the Tn and are deemed to act as key mattagemettt peTSOtmel. No trustees. or person with a family or business ¢onnectton with a trustee, received remunention in the year. directly or ittdirectly. from the Tnjst {2022= £nil). D Ri$k mgnage¢llt The tswTres have reviewed the effectiYene&s of internal contro15 and are happy with the controls in place given the Simple nature of the Trust. There is also ¢urr¢ntty no need for an int¢mal audit fijnction given the Strdighiforward natt]re of the Trust. By order of the twrd William James DuDCaU mOrrn Truslee Rcgistrred numb¢r 327639 15 Apgil 2023
The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Statement of trustees’ responsibilities in respect of the Trustees’ report and the financial statements
Under the trust deed and charity law, the trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. The trustees have elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of expenditure over income for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
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select suitable accounting policies and then apply them consistently.
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make judgements and estimates that are reasonable and prudent.
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state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements.
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state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements.
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assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
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use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so.
The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Registered number 327639 / 5 April 2023
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Independent examiner's rert to the members of The Ken 8Dd Edna Morrison Charitsble Trust I report on th¢ accounts of the Tn f(Y theyear 5 Awil 2(r23. wbich are setout i)n F4gr5 9 to 15. Respertive reSPDD5ib¥lilig •ffntyteu •nd indepemdenl eUmiD As the charity's tnte¢S you are rns[K5b1¢ for the pre"0)? of the a¢couD you coD5ider an audit is not rtyutwl for thts year Under Sect$ 24412) of th¢ chllrs.ties Act 2011 (the 2011 Aa) Jnd th&( an Indedent It is Itiy rtsN>iL%Ebility 10.. examine theacurtY seLtion 145 of the 2011 AL% to followthepT(Kthlwd<kyvmin thecrtneraj Di1{]S81vthe(£un1¢IOn untsswtion 145(5Xb) ofthe2011 Art B•J&g of the depe#dt E¥witter's Report My eXnIna1&0n ¢%led in oecordfftnce wÉth th¢ Gryml Dir&tloftsgiv by the Clwity Commission¢T3. An examirtstion include5 a mriew of the arxountmg Fxorth kw by the charty and a (omparison of the accout)ts twented with those rewrd5. It 59 iTKluts C4YL%iduats"w of any nU81 Ttyns or discloSUEeS in the acwunts and se¢kittg explanati(XLS fromyou &$ lrustees concerwngany such ¢natt$. The 0¢6¢S uAda-t&ken do not wovtde ail the evidence that would be rwuiroj in am audil and no optnion is givell &8 to whethu the preselrt a'ttueand faiT' view. and the Eeixxi is lirnited w th)se Sdout in the below. I1MlepdeAt Examiner'• StsemeBt c(le(l10n with my eA8m1tiOfy nomatt¢r hs ry)me to alle10 (l) whi¢h 8ive& me re&%Onth1eU$¢ to bth.eve thEi i# atty m1&1 Te5Frt# the requtTem¢t to kewa¢¢£Kthtin8 r•)xds 1EaaC£d&ll( with selli 130 of the2011 Ad to pre the y4ccots which aeei)rd vAth the re¥dS At¥J to La)mply with the a¢Ilting iequir¢ments of the 2011 A have llot tr*¢ll m<. (2) to whicl in my attentton SIVId in to th}ea of the 8c£ounts to be Mr M Walker 4 W&st Winds Mension LS29 6QD D¢..
The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Statement of financial activities for the year ended 5 April 2023
| Note Income and endowments from: Investments Other income Total income and endowments Expenditure on: Charitable activities and governance 2 Raising funds (investment management) Total expenditure Net (losses)/gains on investments 6 Net (expenditure)/income Net movement in funds Reconciliation of funds Funds at 6 April 2022 Funds at 5 April 2023 |
Total 2023 Total 2022 £ £ 205,516 171,877 628 578 206,144 172,455 (210,175) (197,850) (23,123) (25,090) (233,298) (222,940) (501,089) 432,741 (528,243) 382,256 (528,243) 382,256 6,138,022 5,755,766 5,609,779 6,138,022 |
|---|---|
Registered number 327639 / 5 April 2023
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The Ken & E4Jna Morrison Chan"rable TnT Tn5Stees' report financial ststements 5 April 2023 Balance sheet 5 Apiil 21123 20Z3 2022 Fixéd #&sets Inve5bnents Cash inVest[ellt 5.534.481 535.343 424,709 5576.780 6,069.824 Current 258tts Cash at baDk and io iwnd Debtors 125.435 554 269.937 2.354 12&989 272291 Creditors: fxl]iDg dDewithiH ulleytar 1929901 1204,093} Net ¢urr¢llt assots 32.999 68,198 6,138.022 These financial Statements werypproved by the Ixyard ofttustees. on and were signed tsn its behalf by.. William Jame5 Duntgn M TTu%i¢e Ele*oor crnigb8n R¢gistered 327039 15 Atxil 2023 io
The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
| Cash Flow Statement for year ended 5 April 2023 Note Cash flows from operating activities Net income for the reporting period Adjustments for: Losses/(Gains) on investments Dividends, interest from investments (Decrease)/increase in creditors Decrease/(increase) in debtors Net cash (used in)/provided by operating activities Cash flows from investing activities Dividends, interest from investments Net proceeds from (purchases)/sale of investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ (528,243) 501,089 (206,144) (111,103) 1,800 (342,601) 206,144 (118,679) 87,465 (255,136) 805,280 510,144 |
2022 £ 382,256 (432,741) (172,455) 194,743 (1,435) |
|---|---|---|
| (29,632) 172,455 264,864 |
||
| 437,319 407,687 397,593 805,280 |
The notes on pages 12 to 15 form part of these financial statements.
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Notes
(forming part of the financial statements)
1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust’s financial statements.
Basis of preparation and assessment of going concern
The Trust is a public benefit entity.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments to market value and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice appliable 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 SORP’), the Charities Act 2011 and applicable United Kingdom accounting standards.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Report) Regulations 2008 only to the extent required to provide an ‘true and fair view’. This departure has involved following 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 from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant area of risk in this year and for the future is around the valuation of the investments. This however is not a going concern risk as there is a significant net asset balance at year end and the trustees have control over the level of grants the Trust awards.
Incoming resources
Investment income and bank interest is accounted for on an accrual basis.
Resources expended
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs directly attributable to that activity. Where costs (including overheads) cannot be directly attributed they have been allocated to activities on a basis consistent with the use of resources and the time spent on those activities.
Governance costs are those incurred in the governance arrangement of the charity which relate to the general running of the charity as opposed to those costs associated with generating funds or charitable activities and its costs are primarily associated with constitutional and statutory requirements.
Taxation
The Ken & Edna Morrison Charitable Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2011 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the year (2022: £nil) .
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
Notes (continued)
1 Accounting policies (continued)
Cash and cash equivalents
Cash at bank and in hand is held to meet the grant making activity and the day to day running costs of the charity.
Cash investments are cash balances held within the Trust’s investment portfolio.
Fixed asset investments
Investments are stated at market value being the bid price or the last traded price at the date of the net assets statement.
The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are separated in the notes to the accounts.
2 Expenditure on charitable activities and governance
| Grants (note 3) Governance costs (note 4) |
2023 £ 206,000 4,175 210,175 |
2022 £ 194,000 3,850 |
|---|---|---|
| 197,850 |
3 Grants payable
There were 20 grants made to organisations during the year amounting to £206,000 as detailed below:
| 2023 | |
|---|---|
| £ | |
| Autism Angels | 5,000 |
| Awards for Young Musicians | 3,000 |
| Bradford Hospitals Trust | 40,000 |
| Bradford Inclusive Disability Service | 2,000 |
| Concrete Youth | 1,000 |
| Contact | 3,000 |
| Different strokes | 3,000 |
| Epilepsy Action | 5,000 |
| Farming Community Network | 10,000 |
| HENRY | 5,000 |
| Marie Curie | 40,000 |
| Mind In Bradford | , 20,000 |
| National Literacy Trust | 5,000 |
| Royal Agricultural Benevolent Institution (RABI) | 10,000 |
| The Addington Fund | 10,000 |
| The Cellar Trust | 5,000 |
| The Panathlon Foundation | 2,000 |
| The Prince's Trust | 15,000 |
| The 3H Foundations | 2,000 |
| Yorkshire Air Ambulance | 20,000 |
206,000
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
4 Governance costs
Management and administration costs:
| Accounting advice and other professional fees Independent Examination |
2023 2022 £ £ 3,540 3,300 635 550 4,175 3,850 |
|---|---|
5 Trustees’ remuneration and expenses
No remuneration or expenses were paid to the trustees for their services during the year (2022: £nil).
No staff were employed by the Trust during the year ( 2022: none
6 Listed Investments
| Investments at market value at 6 April 2022 Add: investments purchased in the year (at cost) Deduct: investments sold in the year (at market value) Deduct: investments purchased and sold during the year Net gain/(loss) on revaluation Investments at market value at 5 April 2023 Proceeds of investments sold in the year Deduct: investments sold in the year (at market value) Deduct: investments purchased and sold during the year Realised gain/(loss) Net gain/(loss) on revaluation Realised (loss)/gain Gains/ (losses) on investments |
2023 £ 5,534,481 684,439 (603,910) (21,323) (441,616) 5,152,071 565,760 (603,910) (21,323) (59,473) (441,616) (59,473) (501,089) |
2022 £ 5,366,604 263,305 (576,969) - 481,541 5,534,481 528,169 (576,969) - (48,800) 481,541 (48,800) 432,741 |
|
|---|---|---|---|
Registered number 327639 / 5 April 2023
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The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2023
| 7 Debtors Tax refund due Investment income due 8 Creditors: amounts falling due within one year Accruals - Investment managers fees Accruals - Accountancy fee Accruals - Independent Examination fee Accruals - Donations made |
2023 £ 533 21 554 2023 £ 5,870 3,540 580 83,000 92,990 |
2022 £ 527 1,827 2,354 2022 £ 6,268 3,300 525 194,000 204,093 |
|---|---|---|
Registered number 327639 / 5 April 2023
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