REGISTERED CHARITY NUMBER:SC022939
THE MORRISON FOUNDATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Armstrong Watson LLP Accountants 89 Seaward Street Glasgow G41 1HJ
The Morrison Foundation
Contents of the Financial Statements
for the year ended 5 April 2025 Report of the Trustees 1-4 Statement of Financial Acuvities 5 Balance Sheet 6 Notes to the accounts 7-11 Independent Examiner’s Report 12
The Morrison Foundation
Report of the Trustees for the year ended 5 April 2025
The trustees present their annual report and the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Ireland (FRS 102) (effective 1 January 2019).
Administrative Information
| Name ofCharity | The Morrison Foundation |
|---|---|
| Scottish Charity number | $C022939 |
| Principal Address | c/o Armstrong Watson LLP |
| Caledonia House | |
| Seaward Street | |
| Kinning Park | |
| Glasgow | |
| G41 1LHJ |
|
| - | ee |
| Bankers | Virgin Money 27 Douglas Street |
| Milngavie | |
| Glasgow | |
| G62 6PU | |
| Solicitors | Levy& McRae 70 Wellington Street |
| Glasgow | |
| G2 6UA | |
| Secretaries | Armstrong Watson LLP Caledonia House |
| Seaward Street | |
| Kinning Park | |
| Glasgow | |
| G41 1HJ | |
| Aiton & Co | |
| Chartered Accountants | |
| 1 Elizabeth Street | |
| Stirling | |
| FK8 2HL | |
| Stockbroker | Evelyn Partners |
| 177 Bothwell Street | |
| Glasgow | |
| G27ER |
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The Morrison Foundation
Report of the Trustees for the year ended 5 April 2025 (Cont'd)
Structure. Governance & Management
Governing document The Morrison Foundation was established in Terms ofa Deed of Trust by W B Morrison dated 19 September 1994 and constitutes an unincorporated charity.
Recruitment and appointment of new trustees Che initial trusiees were appointed by W B Morrison on creation of the Trust. The number of the Trustees shall not be less than wo or more than seven hut any person who is sole Trustee may act for the purposes of increasing the number of Trustees to not less than two. The power of appointing new or additional Trustees is vested in the Trustees. ‘There is no formal procedure for the induction and training of new Trustees.
Management and administration Under the terms of the Deed, the Trustees have the fullest powers of administration, investment and management of the Trust Fund as if they were absolute owners of the Trust Fund, including all powers available or which may become available to Trustees, gratuitous or otherwise, by the Laws of Scotland. All decisions are made by the Trustees at meetings held regularly and also by regular contact throughout the year.
The Trust is administrated by the Secretaries, Armstrong Watson LLP, Caledonia House, Seward Street, Kinning Park, Glasgow, G41 1HJ to whom applications should be made.
Risk Management The Trustees have endeavoured to identify and manage the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Management of risk is reviewed at meetings of the trustees and where new areas of risk are identified, appropriate responses are implemented. The principal risk faced by the Foundation lies in the performance of investments and the capacity to make effective grants and donations maintained. This risk is mitigated by retaining expert investment managers and having a diversified investment portfolio.
Objectives and Activities
The objectives of the charitable trust are to generate investment income to enable grants and or donations to be made. The Trustees may at any time and from the time to time hold, pay, apply or allocate the whole free income of the Trust Estate and shall at any time and from time to time hold, pay or apply the whole or any portion or portions of the capital of the Trust Estates, towards or for the benefit of or in furtherance of such purposes or such institutions, foundations, ; bodies or trusts as the law regards as charitable.
The Trustees consider the main categories to be supported with donations from the Trust are as follows:
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Advancement of education
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Sports - to assist sportsmen and women achieve their competitive aims
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To provide funds to assist with the gainful employment of the young and disadvantaged
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Funding for the more obscure charities, with the emphasis on Scotland
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Health - Specific links eg alcohol abuse and drugs
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Provision of Funds for Scottish Institutions eg Museums and the College of Piping
The permitted period to accumulate income expired on 19 September 2015 and the trustees will distribute all the income arising from that date.
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The Morrison Foundation
Report of the Trustees for the year ended 5 April 2025 (Cont'd)
Achievements and Performance
In furtherance of the Foundation's objectives, during the year donations of £65,132 were made being £27,383 awarded to thirteen other charities and £37,749 of education grants to nine students. This was a decrease on the previous year’s donations of £75,184.
During the year under review, income from investments increased to £68,611 from £67,683 in the previous year.
Overall, with the inclusion of realised and unrealised gains on investments and taking into account the charitable donations made, there has been a decrease in funds of £213,780
Financial Review
Investment policy and objectives
The Trust Deed gives the Trustees the power to invest the Trust Estate in the purchase of heritable or real property, corporeal moveables, investments, stock, shares, deposits and securities whether within the United Kingdom or abroad.
The Trustees are not restricted to the class of investment known as trustee investment and have full powers of investment as if they were absolute owners of the Trust Fund. The Trustees have power to delegate the investments to a wholly discretionary portfolio management basis, provided always that the investments are reasonably prudent and have regard to the Charitable Trust.
The policy is to adopt a medium risk investment strategy with a view to achieving a balance between income and capital growth but with the objective of achieving long term growth ahead of inflation.
The market value of investments held at the year end decreased by approximately 8.56% (2024 an increase of 6.59%)
At the end of the year the Trust held total reserves of £2,225,544 (2024: £2,439,324) of which £43,993 was required to meet grant commitments.
Reserves policy
It is the policy of the trustees to hold cash reserves adequate to cover at least twelve months running costs and grant commitments payable in the following twelve months. The trustees are satisfied with the current level of reserves.
Plans for Future Periods
The Trustees will continue their policy of distributing all the net annual income of the Trust. The Trustees plan to consider all appeals from registered charities at regular meetings held throughout the year.
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The Morrisen Foundation
Report of the Trustees for the year ended 5 April 2025 (Cont'd)
Statement of Trustee's Responsibilities
The trustees are responsible for preparing the Report of the Trusiees and ihe financial statements tn a scordanee with applicable law and United Kingdom Accounting Standards (Generally Accepted Accounting Practice). The law applicable to charities in Scotland, the Charitics and Trustce Investment (Scotland) Act 2005 and Chanities Accounts (Scotland) Regulations 2006 require the trustees to prepare financial statements for cach financial year vhich give a tris and fair view of the state of affairs of the charity and of the incoming resources and apolicator ofresources, including the income and expenditure, ofthe charity for that periad. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concen basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are respousible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charitics Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that the Financial Statements comply with the above requirements and the Trust's governing document
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The Morrison Foundation
Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 5 April 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Note | General Fund | General Fund | |
| 2025 | 2024 | ||
| £ | rd | ||
| Income from: | |||
| Investments | 3 | 68,611 | 67,863 |
| Other | s | - | |
| Total income | veveeee O8)511 | 67,863. | |
| Expenditure on: Raising funds Charitable activities |
4 4 |
8,575 67,367 |
7,991 77,284 |
| Other | 4 | 7,785 | TA55 |
| Total expenditure | 83,727. | oe_.92,730_ | |
| Net income/(expenditure) and net movement in funds before gains and losseson investments |
(15,116) | (24,867) | |
| Netgains/(losses)on investments | 5 | __..(198,664) | 149,166 |
| Netincome (expenditure) | (213,780) | 124,299 | |
| Reconciliation of funds | |||
| Total fundsbrought forward | 2,439,324 | 2,315,025 | |
| Totalfundscarriedforward | 2,225,544 | 2,439,324 |
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fhe Morrison Foundation (§C022939)
Balance Sheet
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Total
Unrestricted fund funtis
Note 2025 2025 2924
Fixed assets
investments (Cost £1,458,8 10: 2024 £1,431,381) 5 2,162,593 2,362,545
Cash held for investment 0 2,389
2,162,593 2,364,934
Current assets
Debtors - tax repayment 147 147
- funds beld by investment manager 1,172 286
Clydesdale Bank - Professional Firms account 80,472 92.225
$1,791 92,658
Current [abilities
Accruals (18,840) (18,268)
Net current assets 62,951 74,390
Net assets ~ 2,225,544 ~ [2,439,524]
Represented by:-
Unrestricted Funds
General Fund 2,225,544 2,439,324
The—Financialae Siatements se Fi maces Stoll- ; were coved : by the Tryctenc ArseZick NS NoweUS acne 2025he >
Trustee
Trustee .
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The Morrison Foundation
Notes to the Financial Statements for the year ended 5 April 2025
1 Statutory Information
The Morrison Foundation is a charity registered in Scotland. The charity’s registered number and registered office can be found in the Report of the Trustees.
2 Accounting Policies
2.1 Basis of preparation
The financial statements of the Trust, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) “Accounting & Reporting by Charities: Statement of Recommended Practice applicable 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)”, Financial Reporting Standard 102 “ The Financial Reporting Standard in the UK and Republic of Ireland”, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The financial statements have been prepared under the historical cost convention as modified by the inclusion of fixed asset investments at market value in accordance with the Charities SORP (FRS 102).
2.2 Going Concern
The trustees have reviewed the charity's operating costs for the next twelve months and the sources of funds available, and are satisfied that there are no uncertainties about the trust's ability to continue as a going concer.
2.3 Investments
Assets held for investment purposes are stated at market value at the balance sheet date. The market value of equities is based on the closing middle market price. The market value of unit trusts is based on the average of bid and offer price at the balance sheet date.
Realised and unrealised gains and losses
All gains and losses are recognised in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and market value at the opening balance sheet date (or purchase price if purchased subsequent to the last year end). Unrealised gains and losses are calculated as the difference between the market value at the year end date and market value at the opening balance sheet date (or cost if purchased since the last year end). Realised and unrealised gains and losses on investments are combined in the Statement of Financial Activities.
2.4 Income recognition
All income is recognised once the charity has entitlement to the income, it is certain that the income will be received and the amountofincome receivable can be measured reliably.
Investment income- distributions and interest which are receivable by or before the period end are treated as income for the period. Investment income includes the relevant amounts of recoverable taxation.
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The Morrison Foundation
Notes to the Financial Statements for the year ended 5 April 2025 (Cont'd)
2.6 Expenditure recognition
Expenditure is recognised once there is a legal or constuctive obligation to make a payment to a third party. itis probable that settlement will be required and the amount ofthe obligation can be measured realiably. Expenditure includes any VAT which cannot be recovered and is allocated between:
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Cost of raising funds comprise the costs charged by the Investment Managers for managing the Investment Assets.
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Charitable Expenditure comprises grants awards and donations.
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Support costs include costs associated with meeting the constitutional and statutory requirements of the charity and include external scrutiny fees and costs linked to the strategic management of the Charity.
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All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the usage of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a usage basis.
Grants awarded are recognised as liabilities when the trustees approve the grant unconditionally.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
2.7 Fund Structure
Unrestricted funds comprise accumulated surpluses or deficits on general funds and they are available for use at the discretion of the Trustees in furtherance of the objectives described in the Trust Deed.
| 3.Income | 2025 | 2024 |
|---|---|---|
| s | £ | |
| Investments | ||
| Income fromQuotedUKStocks&Shares Income fromQuoted Foreign Stocks& Shares |
50,832 14,401 65,233 |
47,165 16,103 63,268 |
| Bank Interest | 3,378 | 4,595 |
| 68,611 | 67,863 |
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The Morrison Foundation
Notes to the Financial Statements for the year ended 5 April 2025 (Cont'd)
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|4,|Expenditure|2025|2024|
|£|£|
|Raising|funds|
|Investment manager's|fees|8,574|7,991|
|Charitable|Activities|
|Charitable donations|(Note|6)|65,132|75,184|
|Proportion|of Secretarial|and|Accountancy|fees expended|
|on|Charitable|Activities|2,235|2,100|
|67,367|77,284|
|Other|
|Support|Costs:|
|Bank Charges|35|
|Independent|Examiner's|fees|1,080|1,048|
|Proportion|of Secretarial|and Accountancy|fees expended on governance|6,705|6,300|
|LEI|Registration|fees|0|72|
|7,785|7,455|
|The|Secretarial & Accountancy|fees|are|allocated|between|"Charitable|Activities"|and|"Support|Costs”|
|based|on|the|actual|time|spent|on|each of these|cost|groups.|
|5.|Fixed|Asset|Investments|2025|2024|
|£|£|
|Market|value|at 6|April 2024|2,362,545|2,217,893|
|Funds|invested|248,920|204,115|
|Disposals|(250,208)|(208,629)|
|Net|realised|and|unrealised|investments|(losses)/gains|(198,664)|149,166|
|Market|value|at|5|April|2025|2,162,593|2,362,545|
|Cost|at|5|April|2025|1,458,810|1,558,370|
|Investments|are|wholly|in|respect of|listed|investments.|
|Material|investment|holdings|-|market|value|at|5|April|2025|
|Individual|investments representing|more|than 5%of|total|market value of investment|portfolio:|
|£|
|A G|Barr|Ple|199,368|
|J|P|Morgan|Global|Growth &|Income|136,127|
|Polar|Capital Technology Trust|169,958|
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The Morrison Foundation
Notes to the Financial Statements for the year ended 5 April 2025 (Cont'd)
;
| 6. Charitable Donations | 2025 | 2024 |
|---|---|---|
| £ | 3 | |
| Paid to Individuals | ||
| Educational to nine individuals (twelve in 2024) | 37,749 —_ |
42.752 ———o—eEE |
| Paid to Institutions: | ||
| Education | ||
| Glasgow Gaelic Musical Society | 2,000 | |
| RubertRTJuncs Menmtial Trust | 1,750 | |
| PrestwickGolfClubCaddies Bursaries | 3,758 7,508 |
- |
| Health | ||
| ButterflyTrust(Cystic Fibrosis) | 1,000 | - |
| BoreFoundation | 4,000 | |
| CanineDogSociety | 1,200 | |
| Childrens Yorkhill Hospital(¥eCronies) | 2,500 | |
| Canine Partners | - | - |
| Cancer Research | 500 | |
| Maggies Mental; Health Association |
1,000 750 |
1,000 |
| HoneypotCharity | 3,232 | |
| JDRF Scotland Saintsand Sinners |
3,500 | 1,000 ‘ |
| Saints and Sinners | 625 | |
| St Vincent Hospice | 2,000 | |
| Children's Hospices across Scotland | - | - |
| Scottish Huntington Association | - | : |
| YeCronics(December2024) | 2,500 | - |
| Moira Anderson Foundation | 2,000 | - |
| 17,375 ——— |
9,432 See |
|
| Other | ||
| RespiteAssociation (Respite forCarcrs) | 2,500 | - |
| Sunshine Wishes | - | - |
| FifeYoungCarers(Support forCarers) | 1,000 | |
| Textile Conservation | - | |
| Dean& CauvineYoung People's Charity Bugsy Malone |
1,000 5,000 |
|
| Scotland's Ukraine Appeal | 5,000 | |
| FetlorYouth Club | 1,000 | |
| TheKing’s Foundation TheMuseumofIslay Life |
2,500 —OCC— |
3,000 5,000 23,000 ——— |
| Total Donations | 65,132. od |
75,184 ee |
7. Trustees Remuneration and Related Party Transactions
No expenses or remuneration were paid to any Trustee.
Expenses for year includes £8,940 (2024: £8,400) for accountancy services supplied by Armstrong Watson LLP {formerly Parkhill Mackie& Co). firms in which Trustee) 1s 2 partner.
.
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8. Movement in Funds Net movement
At 6.4.24 in funds At5.4.25
Unrestricted funds £ £ £
General unrestricted fund 2,439,324 (213,780) 2,225,544
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The Morrison Foundation
Notes to the Financial Statements for the year ended 5 April 2025 (Cont'd)
9. Commitments
The Trust makes annual grants to students mainly from Islay attending private schools or universities to help defray their costs of fees, rent, books etc. Each year students must report exam results and a progress report to enable them to receive grants for a following year. The amount committed for future performance related annual grants was £25,725 at 5 April 2025 of which £13,725 was payable in the year ended 5 April 2026.
In addition, £18,268 was committed to donations to other charities.
Sufficient reserves are held at 5 April 2025 to cover payment of these committments which total £43,993 (2024: £82,417).
10. Taxation
The trust has charitable status and is exempt from taxation. The Trust is not registered for vat and accordingly any irrecoverable vat is included in the expenditure concerned.
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The Morrison Foundation
Independent Examiner’s Report to the Trustees of The Morrison Foundation
I report on the accounts of[the][charity][for][the][year][ ended][5][April][2025][which][comprise][the][Statement][of][Financial] Activities, the Balance Shect and the related notes.
Respective responsibilities of Trustees and Examiner
The charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Examiner's Statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in any material respect the requirements:
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° to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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- to prepare accounts which accord with the accounting records and comply with Regulation 8 of[the] 2006 Accounts Regulations. have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
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Date
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Aiton & Co Chartered Accountants 1 Elizabeth Street Stirling FK8 2HL
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