OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Ken And Edna Morrison Charitable Trust

2025-04-05-accounts

The Ken & Edna Morrison Charitable Trust

Trustees’ report and financial statements Registered number 327639 5 April 2025

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

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 2025

2

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

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

LGT Wealth Management Limited 14 Cornhill London EC3V 3NR

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 2025

3

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

Trustees’ report (continued)

The trustees present their report along with the financial statements for the year ended 5 April 2025. 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 £78,000. There were 3 grants and a brief description of the donations are as follows:

A grant of £48,000 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 two Marie Curie Nurses. 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 £20,000 was made to Yorkshire Air Ambulance. The grant was used to contribute towards the establishment of a new Northern airbase near Skipton on Swale. This will allow the charity to expand their clinical offering and will benefit the public by enabling Yorkshire Air Ambulance to continue to provide a life-saving rapid response emergency service to Yorkshire

A grant of £10,000 was made to The Royal Agricultural Benevolent Institution (RABI). The grant was used to support the RABI’s Return to School grant programme and its digital professional development and skills training portal for farming people. This will benefit the public by supporting the farming community through practical and financial assistance.

Registered number 327639 / 5 April 2025

4

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

Trustees’ report (continued)

Total income exceeded expenditure in the year by year by £75,893 (2024: expenditure exceeded income by £19,875)

Investment losses (realised and unrealised) amounted to £423,587 (2024: investment gains of £405,092) to give an overall decrease in funds of £347,694 (2024: increase of £385,307).

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 £183,029 (2024: £182,098) and there was a decrease in the value of the investments over the year of £423,587 (2024: increase of £405,902).

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 2025

5

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

The trustees have the same full and unrestricted powers of investing and transferring investments as if they are beneficially entitled to the Trust Fund.

e) Key management personnel remuneration

The Trustees are responsible for the day to day running of the Trust and are deemed to act as key management personnel. No trustees, or person with a family or business connection with a trustee, received remuneration in the year, directly or indirectly, from the Trust (2024: £nil).

f) Risk management

The trustees 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 board

William James Duncan Morrison Trustee

Registered number 327639 / 5 April 2025

==> picture [6 x 11] intentionally omitted <==

----- Start of picture text -----
6
----- End of picture text -----

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

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:

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 2025

7

Independent examiner’s report to the members of The Ken and Edna Morrison Charitable Trust

[ report on the accounts of the Trust for the year ended 5 April 2025. which are set out on pages 9 to 15.

Respective responsibilities of trustees and independent examiner

As the charity’s trustees you are responsible for the preparation of the accounts: you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of the Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from vou as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to those matters set out in the Statement below.

Independent Examiner’s Siatement

In connection with my examination, no matter has come to my attention:

have not been met: or

(2) to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Mr M Walker

4 West Winds Menston

LS29 6QD

)

8

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

Statement of financial activities for the year ended 5 April 2025

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 income/(expenditure)
Net movement in funds
Reconciliation of funds
Funds at 6 April 2024
Funds at 5 April 2025		 Total
2025
Total
2024
£
£
183,029
182,098
507
640
183,536
182,738
(82,370)
(179,677)
(25,273)
(22,846)
(107,643)
(202,523)
(423,587)
405,092
(347,694)
385,307
(347,694)
385,307
5,995,086
5,609,779
5,647,392
5,995,086

Registered number 327639 / 5 April 2025

9

==> picture [451 x 326] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |The|Ken &|Edna|Morrison|Charitable|Trust| |Trustees’|report|and|financial|statements| |5|April 2025| |Balance|sheet| |as|at 5 April 2025| |Note|2025|2024| |£|£| |Fixed|assets| |Investments|6|5,423,642|5|857,565| |Cash|investment|151,626|137,24]| |5,575,268|5,994,806| |Current|assets| |Cash|at bank and|in hand|159,718|184,637| |Debtors|7|431|574| |160,149|185,211| |Creditors:|amounts|falling due within|one year|8|(88,025)|184,931)| |Net|current|assets|72,124|280| |Net assets|5,647,392|$995,086|

----- End of picture text -----

These financial statements were apploved by the board of trustees’ on 3/o7y/2 and were signed on its behalf by:

William James Duncan Morrison Trustee

Eleanor Marie Kernighan Trustee

Registered number 327639 / 5 April 2025

10

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

Cash Flow Statement
for year ended 5 April 2025
Note
Cash flows from operating activities
Net (expenditure)/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 sale/(purchases) 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		 2025
£
(347,694)
423,587
(183,536)
(96,906)
143
(204,406)
183,536
10,336
193,872
(10,534)
321,878
311,344		 2024
£
385,307
(405,092)
(182,738)
91,941
(20)

(110,602)
182,738
(300,402)

(117,664)
(228,266)
550,144

321,878

The notes on pages 12 to 15 form part of these financial statements.

Registered number 327639 / 5 April 2025

11

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

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 (2024: £nil) .

Registered number 327639 / 5 April 2025

12

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

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)		 2025
£
78,000
4,370
82,370		 2024
£
175,438
4,239
179,677

3 Grants payable

There were 3 grants made to organisations during the year amounting to £78,000 as detailed below:

2025 £ Marie Curie 48,000 The Royal Agricultural Benevolent Institution 10,000 Yorkshire Air Ambulance 20,000

78,000

4 Governance costs

Management and administration costs:

Accounting advice and other professional fees
Independent Examination		 2025
£
3,732
638
4,370
 2024
£
3,607
632
4,239

Registered number 327639 / 5 April 2025

13

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

5 Trustees’ remuneration and expenses

No remuneration or expenses were paid to the trustees for their services during the year (2024: £nil).

No staff were employed by the Trust during the year ( 2024: none

6 Listed Investments

Investments at market value at 6 April 2024
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 (loss)/gain on revaluation
Investments at market value at 5 April 2025
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 loss
Net (loss)/gain on revaluation
Realised loss
(Losses)/gains on investments
7 Debtors
Tax refund due
Investment income due		 2025
£
5,857,565
843,236
(932,286)
-
(344,873)
5,423,642
853,572
(932,286)
-
(78,714)
(344,873)
(78,714)
(423,587)
2025
£
431
-
431		 2024
£
5,152,071
987,666
(639,170)
(50,000)
406,998
5,857,565
687,264
(639,170)
(50,000)
(1,906)

406,998
(1,906)
405,092
2024
£
574
-

574

Registered number 327639 / 5 April 2025

14

The Ken & Edna Morrison Charitable Trust Trustees’ report and financial statements 5 April 2025

8 Creditors: amounts falling due within one year

Accruals - Investment managers fees
Accruals - Accountancy fee
Accruals - Independent Examination fee
Accruals - Donations made		 2025
2024
£
£
5,671
5,280
3,732
3,607
622
606
78,000
175,438

88,025
184,931

Registered number 327639 / 5 April 2025

15