The Ken & Edna Morrison Charitable Trust Trustees, report and fmancial statements Registered number 327639 5 April 2024
The Ken & Edna Morrison Ch&ritable Tnt TNslees' rewrt and f]nancial stat¢rnents 5 April 2024 Contents Trustees, Report Statement of trustees. responsibilities in respect of the Trustees, Teport and the financial statements Independent Examinerfs report to the members of The Ken and Edna MolSOn Charitable Trust Statement of flnancial activities Balance sheet io Cashflow Siatement Notes 12 Registered number 32763915 April 2024
The Ken & Edna Mols0n Charithble Trust Trnses' reEYirt ?d fJ3Ydneia] stateTnenls 5 April 2024 Trustees, report Reference and administr4tive details Trustees Eleanor Marie Kernighan William James Duncan mOlSOn Coverning doeument Deed of Trust dated 5 May 1987 Registered address clo Haddocks Farni HaddoGks Lane Myton on Swale York Y0612RB Bankers C&ttcr Allen Privalt Bank PO Box 826 Bradford BDI SUL Investment Mgn4gers LGT Wealth Management Limid 14 Cornhill London EC3V 3NR Accountsnts KPMG LLP I Sovereign Square Sovereign Street Leeds LSI 4DA Independent Examiner Mr M Walker 4 West Winds Menston LS29 6QD Registered number 327639 15 April 2024
The Ken & Eth Morrison Charitable Trust Trnstees, report and financiaj statements 5 April 2024 Trustees, report (conlinued) The trustees present their Teport along with the financial statements for the year ended 5 April 2024. 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 Aci 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). Prlneip*l risks and uncertginties Finaneial rlsk m#nagemenÉ objectives and policies The Ttust uses financial inslruments comprising cash and investments. The main PUTpose of these is to finance the working capitsl of the Trust and the longer-tem income and capital needs. The Trust eongTrders movements in investment prices and returns to be its main risk. This risk is mitigated by using an invesitnent fund manager and having a diversified investment portfolio. Objectives and activities The objectives of the trustees are to apply the incoming resources of the Trusl 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 oiher 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 organisalions they wish to support. Requests from people or organisations who apply speculatively will be considered if they are pertinent lo the Trust's objectives. Unsolicited requests from national cl)arities will generally only be considered if there is some public benefit to the Yorkshire region. The trustees $0 have a policy thal they make only one-off grants with no guarantees of future funding. The Charity does not cary out fundraising activities. Publlc benefit The trustees are awa of the Charity Commission's advice on Charities and Public Benefit. The trustees confim) that they have referred to the guidance Contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aitns and objectives and in planning future activities and setting the grant making policy for the year. The trnstees 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 Ind performance a) Review of 4¢tivi¢i¢s and financial review The main activity in the year is grant making. During the year the trustee5 made, or committed to rnaking, grants totalling £175,438. There were 17 grants of value between £2,000 and £48,000. The list of grants is detailed in note 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 £48,000 was made to Marie Curie (Bradford Hospice). The grant was used towards their nursing servi¢e in the Marie Curie Bradford Hospice to enable the Hospice to nd two Marie Curie Nurses. This will benefit the publi by enabling Marie Cure Bradford Hospice to provide 5pe¢iv41ist care and support to those living with atemiinal illnes5, and their families. A grant of £20,000 was made to Mind in Bradford. The grant was used to support Mind's wellbeing service in Bradford, in parliGular to help fund Know Your Mind which provides one to one 5UPPOrt for young people with additional ne¢ds in Bradford District. This will benefit the public by enabling Mind in Bradford to support young people in Bradford experiencing mental health issues from early intervention through to crisis support and r¢¢ov¢ry. A grant of £20,000 was made to Yorkshire Air Ambulance. The grant was used to fund the daily costs of consultant doctors who are part of the flight crew. This will beneflt the public by enabling Yorkshire Air Ambulance lo continue to provid¢ a life-saving rapid response emergency service to Yorkshire. Registered tiumber 32763915 April 2024
Th¢ K¢n & Eth)a Morrisoll Charitablc Trust Tntees, report and financial statements 5 April 2024 Trustees, report {conlinued) Total expenditure exceeded income in the year by yeaT by £19,785 (2023.. expendilt4re exceeded income by £27, 154) Investment gains (realised and unrealised) amounted to £405,092 (2023.. imiestment losses of £501, 089) to give an overall incre&8e in funds of £385.307 Q023.. decreaye of£528.243). b) Investment policy and performance The Trust's investment policy seeks to achiev¢ a balanced retum from income and ¢apital appreciation whilst controlling the level of risk. The investment income, which is the source of funding for the trust, was £182,098 (2023.. £205,516) and there was an increase in the value of the investments over the year of £405,902 (2023. decrease of £501,089). 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 thal the income of investments will be used for charitable purposes in acwrdance wilh the objectives and strategies of the Trust. The charity's grant making is funded out of invegtmenl 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 organisalions thal the trustees have identified. The plan for the futur¢ is to donate a5 much as possible, to deserving applicants, to a level that btDadly matches the annual incom¢ reGeived. Ihus enabling the Trust's funds to be maintained at a steady level. Other policies A) Reserves poliey The trustees intend to dislribute Ihe npA incoming resources, which relale to invesiment incotne and realised 8ains/losses, arising from yearto year, although the trustees have the power to accumulate all or part of such incoming resources for investment purposes or tre Brant Inakin8 as they see fit. b) Prin¢ipal funding The trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations. Structure? govern4nee, xnd mgn8gement A) Constltution 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 Cuent trustees are listed on page 3. e) Poliei&* Adopted for induction The trustees are mindful of their duties in connection with the induction and training for trnstees and the tSte¢S are Ltndertaking appropriat¢ training and advice in relation to being a Charitable trustee. d) Organisation stru¢ture and decision making At annual trnstee 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 ihe income of the Trust for any charitable putFQ5e they think fit subject to the objects of the Trust. R¢gi$tered number 32763915 April 2024
The Ken & Edna Morrison Charitable Trust Trustees, report and fanCIal statements 5 April 2024 The trusteeg have the same full and unrestricted powers of investing and transferring investments as if th¢y are beneficially entitled to the Trust Fund. e) Key management personnel reD]uneration The Trnstees are responsible for the day to day running of the Trust and are deemed to act as key management personnel. No trustees, or p¢rson with a faTT]ily or business connection with a Iruslee, received remuneration in the year, directly OT indirectly, from the Trust (2023- £nil). Risk mAn*gement The trnstees have reviewed the effectiveness of internal controls and are happy with the controls in place given the simple nature of the Trust. There is also currently no need for an internal audit function given the straightforward nature of the Trust. By order of the Ixiard William James Dunc4n Morrison Truslee Registered number 32763915 Aprs12024
The Kcn & Edna Morrison Charitabl¢ Trust Trustees, report and fmaneial stalcments 5 April 2024 Statement of trustees, responsibilities in respect of the Trustees, report and the rinancial 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 stalements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporling Siandard applicable in the UK andRepublic ofJreland. The financial stalements are required by law to give a true and fair view of the state of affairs of the charity and of ihe exc¢ss of expenditure over in¢ome for that period. In preparing these financial statements, generally accepted ac¢ounting praeti¢e entsils that the trustees: select suitable accounting tK)lioies and then apply them consistently. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed. subject to any material deparfures disclosed and explained in the financial statements. state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements. asse55 the charity's ability to continue as a going ¢on¢ern. disclosing. as applicable, matters related to going concern. and use the going concern basis of accounting unless they either intend to liquidale the charity or to cease operations or have no realistic alternative but to do 59. The trustees are required to act in accordance with the trust deed of the ¢harity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficieni 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 stat¢ments of accounts are prePed by them under 5CCtion 132(1) of the Charitie5 Act 2011. those statements of accounts comply with the requirements of gUlatiOnS under Ihat provision. They are responsible for such internal control as they deterniine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or eOr, 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. Registeted nurnb¢r 32763915 April 2024
I report on the accounts of the Tn1 the year 5 ApJil 2(Y24. whJ¢b are sd out (m EBges 9 to ] 5. required for this year under section 144(2) of the chariti Art 2011 (the 2011 Act) and that an sndependa ¢xaminaSion is need to follow the PTledureS laid down in the General DiTectsonswven by the communicatson under seLtion 145(5)(b) the2011 J5a$ty ol.the Independent li¥aminer'J Meport My exfiffiirbation was carried out in accA)rd&ncc with the General Directions given by the Charity Commissioners. An seeking explanations trom you &s trustees concerning any such matters. 1'he procedures utmlertaken do not provide all the evidence that would be ruIrA in an audit. and consequently no opinion is given as to whether the arxounts present a and fair. view. and the report is limited to those mattus Sel out in the Ststement below. knaepenoent Sl*teiiittii In nnectIOn with my ffxamitiation. no matter has rme to my attention.. (l J whith gives n)e re&wwble cae to believe that in any matttial rtspecl the re4ulrants to keej) a¢wunting recA)rds in acLx)riYance sertton ljts ot Ihe 2UI l Act to prepare the accounts which accord with the aecL)unting records and to comply with the accounting iequirem¢nts of the 2011 Act h&ve not tRen met or (2) to which. in my opinion. attention should be drawn in Ord to enable a proper understsndin8 of the accounts to be reached. r M Walkff Menston LS29 6QD 202f
The K¢n & Edna Morrison Charitsble Trust Trustees, report •nd financi21 statements 5 April 2024 Statement of financial activities for theyear ended S April 2024 Total 2024 Totsl 2023 Noie IDeome and endowment$ from: Investrnents Other income 182,098 640 205,516 628 Totsl Income and endowments 182.738 206,144 Expenditsre 0. Charitable activities and governance Raising funds (inyesiment managem¢ni) (179,677) {22,846) (210.1751 {23.123) Total expenditurc (202,5231 (233.298) Net gainsJ(losses) on investsnertts 405,092 {501.089) Net incom¢l(¢xp¢nditur¢) 385,307 (528.243) Net movemeDt in fund8 385,307 (528,243) Rttonrlli#tiOll Df funds Funds at 6 April 2023 5,609,779 6,138,022 UDd5 llt S April 2024 5,995,086 5,609,779 Regist¢r¢d number 327639 15 April 2024
The Ken & Edna MolSOn Charitable Trust Trustees, report and financia] statements 5 Apiil 2024 Balance sheet as ot 5 April 2024 Nole 2024 2023 Fixed assets Investmenls Cash investrnent 5,857,565 137,241 5.152.071 424.709 5,994.806 5.576,780 CurreDt ass¢ts Cash at bank and in h8nd Debtors 184.637 574 125,435 554 185,211 125.989 Credltors: amounts f4Uifjg due within one year (184,931) (92,990> N¢1 ¢yrr¢nt assets 32.999 Nti assets 5,995,086 5.609,779 These financial statements weypproved by the board of trustees, on 23'",1'*4 and were signed on its behalf by: William James Duncan Morrlson Jruslee Eleanor Marie Kernlghan Truslee Registered number 327639 15 April 2024 10
The Ken & Edna MOls0n Chositable Ttust TnJste¢s' report 8ffld finan¢iai statemcnts 5 April 2024 Cash Flow Statement for year ended 5 April 2024 Nole 2024 2023 Cash flows from op¢rating activities Net income/{exndjre) for ihe reporting period Adjustments for- Gainsl{Ios5e5) on inv¢skn¢nts Dividends. interest from investments In¢reasel{decrease} in crediiors (Incre&8e)Id¢¢r¢ase in debiors 385J07 (528.243) (405,092) (182,738) 91.941 (20) 501,089 {206,144) {111,1031 1,800 'et tash (u$¢d in)/provided by operntin% 4¢tiviti¢s (110,602) (342,601} Cash llows from investinR artiTrities Divid¢nd& intercst from investments Net pro¢¢¢ds from (pur¢has¢sysale of investsnenls 182,738 (300,402) 206,144 {118,679) Net cash (used in)Iprovided by investing activities (l17,664) 87,465 Change in eash and ea$h equivalents in the year Cash and cash equivalents ai the beginning of the year (228,266) $50,144 {255,136) 805,280 CA$h gnd ¢i$h equivllents at the end of the yeAr 321,878 SSO,144 The notes on pages 12 to 15 forni part of these financial statements. RegistetEd number 327639 15 April 2024
The Ken & Edna Morrison Charitable Trust Trustees, report and financial stkternenL 5 April 2024 Notes (tormingparl oJlhefinancialsÉotemeAts) l Accounting policies The following accounting policies have been applied consistently in dealing with tmS which are considered materi81 in relation to the Trust's fllwicial ststements. Basis ofpreporalion and seSsMent ofgoing concern Th¢ 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 valu¢ and ar¢ in accordance with A¢counting 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 I January 2019) ('the SORP,). the Charities Act 2011 and applicable United Kingdom accounting standards. The aocounts (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 lo provide an 'trne and fair view, This departure has involved following Accounling and Reporting by Charities preparing their accounts in accordance with Ilie Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) effective from l January 2019 rather than the Accounting and Reporting by Charitie5.' Statement of Recommended Practice effeclive from l April 2005 which has since been withdrawn. The Trustees consider that there are no material LEn¢ertaintieg about the Trust's ability to continue as a going concern. The rnost Significant area of risk in ihis year and for the future is around the valuation of the investments. This however is not a going con¢¢rn risk as Ih¢r¢ is a significant net asset bal&nc¢ 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 wended All expenditure is accounted for on an accruals basis and hks been listed under headings that aggregate all the costs directly attributable to thal activity, Where ¢osts (including overheads} cannot be direcily attributed they have been allocated to activities on a basis con5isl¢nt 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 lo the general running of ihe charity a5 opposed to those ¢ost5 associated with generating funds or charitable activities and its costs are primarily a5socialed with con5titulional and statutory requirements. Toxotion The Ken & Edna Morrison Charitable Trnst is Considered to pass the tests sel out in Paragraph I Schedule 6 Finance A¢t 2011 and therefore it meets the definition of a Charitsble 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 gain5 are applied exclusively lo charitable purposes. No tax Charge has arisen in the year (2023.. £nil). Registered nulnber 327639 15 April 2024 12
The Ken & Edna Morrison Charitable Tntst Tru5tees' report and FuncIal statements 5 April 2024 Notes (continued) Accounting policies (conlinued) Cash and cash equivalenls Cash at bank and in hand is h¢ld to meet the grant making activity and th¢ day to day running costs of the charity. Cash investments are cash balances held within the Trust's investment portfolio. Fiyed qsset investments Investments are stated at market valu¢ being the bid pric¢ or the lasi traded price 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 &8 the difference between the markei 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. Expenditure on eharltable Activities And governance 2024 2023 Grants (note 31 GoY¢rnan¢¢ cosis Inole 4) 175,438 4239 206.000 4,175 J79,677 210,175 3 Grants payable There were 17 grants made to organisations during the year amounting to £175,438 as delailed below: 2024 Awards for Young Musicians Bradford Hospitals Trust Bradford Inclusive Disability Service British Wireless for the Blind fund Different strokes Epilepsy Action HENRY 3,000 18,338 2,000 3.100 3,000 5,000 5,000 48,000 20,000 2,000 5,000 5,000 10,000 6,000 10,000 10,000 20,000 Marie Curie Mind In Br&dford The 3H Foundations The Autism Angels Team The Cellar Trust The Fanning Community The National Literacy Trust The Prince's Trust The Royal Agriculwrn] Benevolent Institution Yorkshire Air Ambulance 175,438 Registcrcd numkr 32763915 April 2024 13
The Ken & Edna Morrison Charitable Trust Trustees, Teport and financial ststements 5 April 2024 4 Governance eosts Management and administrdtion costs: 2024 2023 Accounting advice and other professional fees Independent Examindtion 3,607 632 3,540 635 4,239 4,175 5 Trustees, remunergtion and expenses No remuneration or expenses were paid to the trustees for their services during the year (2023., £nil). No staff were employed by the Trust during the year (2023.. none). 6 Listed Investments 2024 2023 Investments at market value at 6 April 2023 5,152,071 5,534,481 Add: investments purchased in the year (al cost) 987,666 684,439 Deduct: investments sold in the year (at market value) {639,170) (603,910) Deduct.. investments purchased and sold during the year (50,000) (21,323) Net gainl{loss) on revaluation 406,998 (441,616) Investments at m*rket V91ue at 5 April 2024 5.8.57,565 5.152.071 Proceeds of investments sold in the year 687364 565,760 Deduct.. investments sold in the year (at market value) (639,170) (603,910) Deduct: investments purchased and sold during the year (50,000) (21,323) Realised10$8 (1,906) (59.473) Net gainl{loss) on Trvaluation Realised loss 406,998 (1,906) {441,616) (59.473) Gains1 (losses) on investments 405,092 (501,089) Registered number 327639 15 April 2024 14
The Ken & Edna Mottison Charitabl¢ Trust Trustees. report and financial statements 5 April 2024 7 Debtors 2024 2023 Tax refid due Investment income due 574 533 21 574 554 8 Creditor5: amounls falling due within one year 2024 2023 ACCIals- Investment managers fees A¢¢ruals- A¢eountsn¢y f¢e A¢¢ruals- Independeni Examination fee Accruals- t)onalions mad¢ 5,870 3,540 580 83.000 3,607 606 171,438 184.931 92,990 Registered number 32763915 April 2024 15