2023-04-05-accounts

6Elhel Trustees. Annual Report for the period (HARITY COMMISSION PerK)d start date Pentsd end date Y•Nr From Section A Reference and administration details Charity name Ethel and Gwynne Morgan Trust Other nam￿ Charity Is known by Reglst8r•d charlty numbor {If any) 800272 Charlty's prfnclpal addr•s• 40 Borts Hll ChorfeYwr￿j ,, Posi¢odg WD3 SAH Name# of the charlty truste•s who manage the Charlty Dat•s •ct•d K not forwho1• TnMt•• n•m• Offiu111 •nyl Nam• of P•f8on lor bthl •ntltl•d toa Int tn4¥t Ifjn Dr Lindsay John Gwynne Morgan Mr 8ri8n David Gwynne Morgan Mr8 Elizabelh Suzanne Talbott Chairperson Secretsry M$ Calhafln• Ho￿n Morgan Mr Richard Gvrynn Mor￿￿ Nam•8 and addresses of advlsers {Optlonal Inf¢rniation) e of advis•r Nam• Address Barclays Bank City ol Swansea brnnch Cardigan HcxJse. Casde Court, Sw•n$88 Enterpn'se Park, Swansea SA7 9LA Bank Audltors B•v8n and Buckland Investment advisors Cazenove Capilal 12 Mo(xga18, Lc¥)don EC2R 6DA Section B Structure, overnance and mana ement scription of th• charlty's trusts The charity is o)ntrdled by ts ￿)¥eming document. a (198d oftrust Type of gOv￿nIng document leg. trust deed. consbtut1c￿1 How the charity is constitut& leg. trust, association, company) Tha charity is constituted as an unin¢>Jrporated charity TAR March 2012

Trustee selection methc¥Ys leg. appointed by. elected by) Trustees are aFwinted by exis￿"ng Trustees under statutory Fmywer. Trustees are ctsrrentty rnembers of the family of Ethel and Gwynne Morgan who have volunle8r8d to act as Truslees and are conshlered by all the other Trustees to have the necessary ski115, knO￿edge and exp8ri8nc8. The nurnber of Trustees shoukj provide suffici8nt control over the Safeguarding of the charity's assets and grant making proce5se5 whilst not adding excessively to administration. It is currenlly envisaged that the￿ be at Jeast one Trustee from each of Bnan Morg8n and Lindsay Morgan's descendants. Subsequ6nl to the P8riL¥J of the report Brian Morgan took over as Chair and Emma Cookson was nom¢nated and dected as a trustee. Addltlonal gov•manc• 18su•s Ioptlonal Inlorrnallonl You may choose to Indud• additional lnlomiat￿n. where relevant, about.. GNen Ihe siz• of the charity the￿ is no need a formal ￿dUctIon of new Tru3le8S. Trust885' meetings are norTnally hekl twKe a year vAth all the Trustees in vlrbjal attendance. At 98ch rneeting the Tnjstees consKler grant ap￿icatiOns. pollaes and procedures adopted for the induction and traintng of tru5tèas', As al 24 April 2023 thè Truste¢s agr¢od to ddegate the d8y to day running of the charty to an Executive Committee and a d￿ls1On making 819tirithm wa8 approved (see also Achtevements and Pèrfomianc61 tho charity's organisalional strudure and any widr nètsvork w￿h which the charity works., relationshlp ￿th any rg18ted porti8S', Irust8es' consthrabon of major risks 8nd the system 8nd procedures to manage them. One• a year Cazenove Capilal are invited ¢0 present recent perfoTrnanc8 01 investm•nts and diseuss •n snVgn￿nI str8tegy for Ihe coming pertod. Risk ig evaluated as part of the process ol producing this annual r8port. A risk r8gisl8r 15 nearing finalis*ion 85 at the time of svJning this ￿port. as Is a cOnfl￿t ol Int6r6sts policy. Ther8 are no rel818d parli8s. Section C Ob"ectives and activities The obiecl ol the charity as sel out in the governing docutnent is lo apply annu81 income %wth power to apply c8pitsI to such ch8rilies or for s￿h charitablè wrposgs 85 th? Iruslees in their absolute discrelKJn think rrt with precatory provisions Ic the advancemen¢ ol education in the science and art of medicine in all rts branches induding both tlw diagnosis and cure of disease, Ihg kn￿￿edge of how disease comes lo be, ol its eartiest WnniThJ and its prevèntion the advancemenl ol education in ihe history and welfare ol local eommunrties in Wales lh8 advancement of the Chrisban religion in Wales at)d in parts'¢ulaT by te8chirKJ of the dffterence between good and avll and thè weservation of ¢entre$ of deVot￿n hallowed by the Summary ￿ tho oblgcl• of th• charlty s•1 out In It8 gov•mlng docum•nt 3Summary ol the maln ?ctlvltles undertaken for th• public b•n•lfjt In r•lallon to these objects Ilnclude wlthln Ihl$ sectlon the statutory d•claratlon that trust••s hav• had r¢9ard lo the gultlanrA Issved by the Charity Comml$slon on publl benefitl Tho main activity ol thè charity is grant makirg. A breakdown ol the total of grants as per the accounts is appeThJed. The Trustees have COM￿le￿ wtth th& duty in S17 of thè chari￿6s Att 2011 to have ward to the Publ￿ benefft guldance published by th Charity Commission. The grants made by the charity ha￿ futh•r8d its charfjtable purpose lor the public benefrL TAR March 2012

After coVeri￿j limited direct (yjsts Trustees aim to all of the investment YlC4)me making grants. Trustees (x)nsider all applicats"ons. Th8y c¢)nsider favourably grants that satisfy the precatory provisions wh￿h were based on the concerns ol Ethd, Gwynne and Hugh Morgan in their lifetsmes. Howev8r they are now. at thew dis¢retKJn. a150 making charita￿8 grants that ￿fleet the iniefests of the wd8r famity. Addffiional details of objectives and aclivitles (Optional information} You may choose to include further stat8rnents, wherè relevant. about.. Recognising that nationwide and intemational charities play a useful part in addres51llg causes for the public benefit the Trustees SUPFK)rt number of these. However. they hav8 also gwen aiiention io local or sperjfic charities where rt ￿ considered that th8 grant will make a Sw￿￿)cant differerKe. poliw on srantmaking.. pollcy programm& relal8t1 invèstm8nt'. contributiM made by Volunto&r$. For ease of administration Ihe Trustees preler to make lewer bul18r9er donatK)ns Ihan in the Trusl's earf￿r years. Section D Achievements and erformance Summary oftho maln achlèvem•nts of the Charlty durlng th• year During thè ￿al under review th8 Charity had income (other than investmenl sales) 01 £100.025 (Previous year £51.1521. Thè significant increase, although very ￿eSsIng. was not antiup818d and the level ol expenditure k8ep pac8 wrth this. Family bereav8ment contritxrted here. Th8 trusl8•s rocognise Ih? need to Increase grant making actNilits in 2>24. However in the 22123 yaar und8r review the Char￿ granted o total of £44.065 1£44.6851 to 40 13SI different org8ni5alions. makinG the ver8ge grant £1.102 1£1.2771. The averagg was bro¢Jght ¢Jown by tho conclusion ol the signthcan¢ medvl r•s•arch grant rn8dè in thè 4vious couple of years. 71% 170%) of the grants in tho g8neral h¥atth. gducation and rdigKJn categories ￿enIffied in thè precalory provi¥ion$. The Trustees were s)roud to agaln support a bursary set up through Hglen Morgan a studant at the Centre for Aligmab"va Technology in W¥lgs. And Iha affiliabon vthh Gars1￿ Schxsl. (for childron wrth sp8cial na￿s) continues. L•tterslemails of acTryNledgam8nt. parllwlarfy from tha smaller and more narrowly I￿U5$ad bodies supported by gr8nts. highlight th benefits derived by those whom ¢hey in turn 5UPPOrt. In lin8 with ¢h8 comments abJvg. At th• trustees m￿￿n9 fiAk)wlng th8 finanaal year ￿d. the Trust89s agreed to significantly increase grant amounts and thgr8lorè th8 average grant in 202314. This resolution 1$ being successfully actKY)8d. During the financial year under r8vi•w Richard Mor9an 8nd Helen Morgan continued to Sup[￿ the secretsry wilh adrnini5tratK)n- approving paym8nts, ehecking on the inve51ment PL¥tfolkJ and building r8latKJnships with organisalions we $uppJrL Since Ihe year erKI, Ihè am of Im[￿0ving the Trust adrninistrati￿, Ihe Tnjstees approved the èsiablishment of an Exècutive Committee, cuffenljy chaired by Helen Morgan and including Beth Talt)otl and Richard Morgan. and ag￿&d its remit. set oui in an agreed derysion making 819on'thm. Meeting kn monlhly the Exocutive Cornmitt8e will assume ￿SpOnsIbl11ty for day to day work and compliance. This will enable the lull Trustees meetings to focus on the fundament31 grants making process and sirate9￿ derisions, and not be t)938d down by d81ail. As part of this initiatNè RKhard has been working on improving tha sh8rTrng of documents be￿￿en Trustee5, Helen has be8n leading a prq.ect on risk rnanage￿nI- identrfw.ng risks and procedu￿$ that should te th8m and douJmenb"n thes8. as recommended b the Charities TAR March 2012

Section D Achievements and performance CommissK)n. The s8nior Trust8e5 are indebtwl to th8 rnernb8rs of Ih8 Executive Committee wAvJ in Ihei¥ own b"rne. coordinate and administer th8 grant rnaking process and the other a$￿ts of the Trust's work. l Trustees a￿ I￿￿n9 fcwwarcl lo being I￿ne￿ by Emma Cookson, who Agread to tqcome 8 trustee in September 2023. Section E Financial review The Trustees policy on r85erves 15 lo maintain 5uffiGienl cash at bank to enable grants to be made on an On9￿ng basis and to prov￿8 for grants promisad in Fminciplè. Brlef at#ttm•nt of th• ¢harlty'• pollcy on r•••rv•s D•tails of any funds rnatedally Sn doflclt NIA Further financlal revlew detalls Ioptlonal information) The prinupal source of funds is imi•stmant incomè. You may ¢hoosg to indude additional information. where relevant about.. the charity's principal sources of funds lincluding any fundr8ising}', how expenditure has supported the key objectives of the charity.. investment policy and objectives including any ethical invesknent policy adopted. Th& Trustees. pdicy on inv8slmenl has been to protect the caprtal value ol its inves¢ments maintain a level of incomè that Supports its grant making actiV￿8s. Th8 Trustegs have now agreed thal they do not wsh to grow the caprtal valuè. Howèver this mean5 that they wdl need to intreoS9 granl makirg in order lo spend the ino)me. Fdlowng 8 rneeti￿ with Cazenove on 14 March 2022 at which the benefits wer6 outlined, the Trusiees approved ihe rnove of 811 funds lo 8 arity fund wilh an ethical focus and lower charges. This was effèctad by CaLenove in May 2022. All non rash funds are now held in SUTL Cazenove Charity Sustainable Mull￿ Assel Fund. GNen Iheir limiled experbse the Trustees have ￿lled on the advlce of Cazenove Caprtal Management to realise their objectives. However th8 incwsed incotne and reduced fees achieved in the year under revi8W are in line with th8 obj8ctiv8s discussed and the TnJ$tee$ were Ih8relor8 satisf*d wth C8zenove's performance. TAR March 2012

Reports a￿ received quarterfy in paper forrnat and can be viewed online at any tin￿. The members ol the Executive Committ88 all hav8 online access. A short trustees, rn88ting was hdd in March 2023 to deC￿e on a few grants addrtional to those agreed in February 2022. A further rneeting was held shordy after the finanrAal year end in April 2023. which was deemed as Ihe AGM for 2022-23. At the end of Ihe perk)d the charity held net assets of £3,187,190 1£162.878 in Gqsh and £3,024,312 ￿ invèstmèntslother assets less liabihti•sl. Th• Fm1(￿$ y•ar total was £3.324.689. Section F Other optional information The principal risk5 to the ¢harity land mitigating fac¢orslactionsl weie deerned to be.. that inve8trnent or markel Condi￿On$ Te5di in a signffKant10s8 in value of th¢ portfolK) Ith8 strong raL4b'onship wilh the lon9 estsblished and h￿hlY rgpuled c8z9r￿8 Cawtsl ManÈg•mènt mrtigates this risk though rt 13 importanl to conts'nue lo hold Ihem lo accountl that on& ol th trustegs mi88pproprk8le8 funds lexpendilure has to be &arood by ¥ll and aulhorisad by otloast 2 trustees) fraud Imults. 18ctor authenti¢8bon is used to miligate onlin8 fraud risk. and slrict idontfftation mèèsuras would be applied by Cazenov6 Capital to any am8ndM￿l to (yjffent instruct￿n$) compliancg failure (the se¢re¢ary to receive annual updates on govemance and ¢tympliane• m8tt•rs from the firm of accounlants lor which sh8 work8t1. Now she is •mploy8d by a charity she will Soek updat98 frryn Bèvan and 8uckl8nd as E&G 8x8miners. and also the aCc￿Unt8nts she is working with in hèr n•w rolo). A ri$k r¢9i$tor proJu¢gd by the Execubve Committee 8houbJ be P￿senIed to a Trustees meeting in •ady 2024. Section G Declaration The trustees de¢larg that thoy hav• approvod tho tru$t•o9' r•port abovo. Slgn•d on b•hall of th• chArlty' truJte• Slgnaturetil Full nam•(•l Posltlon l•9 S•cr•tsry, Chttlr. •tcl ek12MLftl Tri L6bf I olila* TAR March 2012

(IIARITYII)MmIS￿Om FOR VffjWIDANOW￿ES Eth•lnd Gwynn¢ Moryan Trust Recei ments accounts CC16a For th• period from 0510412022 0510412023 Section A Receipts and payments Unretstricted Endowrnefjl fund fvnd Total lund¥ La•ty••r A1 RK•l D￿th￿ds. 82.sJJ ARJ i(• io•mJ nv •e¢ t•bl• 8les 092.002 6,733 1099.535 J.092I02 875 298.036 3,199.110 10.17• 4AQQ 3R• S Hurn4oR hlsTh4rynO 10 N¢¢d th¢ifN••o 12,500 I.ooD 2.IJOD s.soo 12AJrn•d Forc• c 2.000 29 •oo P[ov￿OI1•@I 11&22 17 11.922 5T.•$I Sub lot•1 3•.1 71M$ A4 $•t at)d Invo8tm•Tht 3.110.BBg 311.$30 Sub tot•1 J9.IIA 3,134.B11 417&910 383.398 Net of T￿t1p1s/{paymO￿ts} A5 Tvan81r8 botwo*n A6 Calh funds last year end Cash funds thls yearend 3537 2S,1540 32.807 70.743 68.495 31,219 70.04 1373 I￿878 CCXK R1 accLwnts ISS} 16fD112024

Section B Statement of assets and liabilities at the end of the period UnrO51ii¢i•d nds ton•ar•stÉ Re6triclod lunds at•st£ Endowment lunds Cat890rf08 B1 Cash lund$ 81.3•• 51,219 Totsl c•sh funds f3t,659 31.219 OK R•slrf¢ted fvnd• End•wm•nt fund¥ Deta51s lo n••rw4t¢ loAthkh 83 In￿￿1m•nI ••••ts $28 J,Q21,912 D•tsll• t<rp￿1 B4 A88ot8 r•tsln•d for th• charltyi own u•• Fwd du• Drt¥lls B5 Llabllltl•• gned by rjne or tru6t8e8uTr behaw of ￿ the Irusle48 Date of rov81 Print N8mo il)AJ' CCXX R2 accowts ISSI 1610112024

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name members of Ethel and Gwynne Morgan Trust On accounts for the year 05/04/2023 Charity no 800272 ended (if any) Set out on pages (remember to include the page numbers of additional sheets)

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 05/04/2023.

• Responsibilities and basis As the charity trustees of the Trust, you are responsible for the preparation of report of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

• accounting records were not kept in accordance with section 130 of the Act or

• the accounts do not accord with the accounting records

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Date: 23/01/2024

Signed: Name: Michael Jones Relevant professional F.C.C.A qualification(s) or body (if Association of Chartered Certified Accountants. any): Address: Bevan Buckland LLP Cardigan House, Castle Court, Swansea Enterprise Park, Swansea SA7 9LA

October 2018

1

IER

Section B Disclosure

Give here brief details of any items that the examiner wishes to disclose .

October 2018

2

IER