The George Muller Charitable Trust (A company limited by guarantee) CoJnwry Regisiralion No. 03471812 Charity Registration No. 1066832 Trustees, Annual Report and Financial Statements For the vear ended 28 Febrnary 2021 The George Muller Charitable Trnst TTUStees' Annual Report for the year elld￿ 28 Febrnxry 2021 CONTENTS Page Trustees, Arfftual Rcp)rt 2-10 Indep¢nd¢nt Auditors, Report 11-14 Statcment of Financial Artivities 15-16 Summary In¢orne and Expenditur¢ Account 17 Baian¢e Sheet 18 Ststem¢nt of c&sh flow5 19 Notes forming ￿ of the FinaDCi81 Statements 20-35 Tbe George Mfjller ChaTitsble Trt￿t T￿stee5, ADnual RetM)rt for the y￿r ettded 28 Febrnary 2021 Missio Further clarification h&8 F*en brought to ourmission statement this year to help us express the breadth of Curreni and future activttie5. Th¢ George Moller Charitable TnLgt exists to strcngthen the Church to meet thc needs of the vulnerdble by i]Lspiring faiil4 nurturing families. resoureing ministry and transforming communitie5. This is done in accordanc¢ with the Christian principl¢ Lffirnied by George Muller that'the provision wTn¢s by prdyer and faith without anyone being ￿kelL whereby it might i seen that God is tsithfijl still and ￿werS prayer still" Accordingly, the Chartty does T￿t fi]ndraise in any way. It is a founding principl¢. L8 P17Ctised by G¢orge Muller. that financial and other needs are brougbt to G￿{ in prnyer. Ch*ritsblt Objects The Georg¢ Mfiller Cbaritable Tn￿'S governing thument is its Memorandurn and Articles of Association. The Ctwity's Obje￿ which may be wried out in the UK or aD)und the world at th¢ Trustees. discretion, or¢ as follows: (l } To advan¢¢ education. (2) To advan¢e evangelical Christianity in a manner consistent with holy scripture including, insofar as the means are availabl¢ ai any time. through the sllp￿rt of Christian WOTkets and organi5ation$. {3) To advanc¢ citizenship or community developmenL tArticul8rly among childrenand farnilies, young people and the elderly. and: (4) To relieve thos¢ in need ty rvason of yout14 ill-heald4 disability. financial hardship or other disadvantsge or human suff¢rin& including those who #re deprived of normal parental care. Aitlls, Principles Valu¢s The Charity expresses its mission through thrtt key principles that Charact￿ George Muller's life: Faith, Hope and Love. Faith: Trusting for answered prnyer for needs without fillthising, or relying on intorming others of needs, or applying for grants. Hop¢: Seeking op[￿rtunitieS to explain and 5harc the Christian with those who are not Christians with a view to ¢ornrnitment and seeking to encourdge. teac￿ train and equip those who ar¢ Christia in their foith. Love: Providing strdtcgies to extend Christian care and supwrt utKonditionally in the lives of childre[4 fkmilies. young peopl¢ and elderly esFttially the most needy. Annu*l Report The Tn￿1¢¢5. who are also directors of the Charity foT the Pllr￿ of tbe Companies ACL present their Annual Rep)rt together with the audited fllwicia] stat¢m¢nts of The George Mull¢r Charitable TTUSt (Ihe ClJarAty) for the yew ¢nded 28 February 2021. The financial stsiements comply with the Charities Act 2011. the Companies 2￿6, the Memorandum and Arti¢l¢s of Associalion and Accounting and ReFM)rting by ClJariti¢s: Statement of Recommended Practi¢¢ applicable to charities prewing theiraccounts in accordance wtththe Financial Rew>rtiDg Standard hpplicable in the UK aTK1 the Republic of Ircland (FRS 102). The George Miiller Charitable Trnst Tru$¢ets' Attnual Report for th¢ year ended 28 February 2021 Activiti AehievemeDts and P¢rfom&nce Ai each board meetin& the trustees have st*nt time r¢viewing their practice, going through one of the sev¢n points of the Charity Governance Code. Whcn plAnning and condwting ￿tiVItieS for the year. the TA￿eeS have had regard lo tbe Chartty Commission's gcneral guidance on public beD¢fit. The SUMM￿ 0[￿tivItIeS ￿loW demonstratrs how the Charity gives public ￿ne[It. The Charity's w¢bsite www.rnullers.o explains the Work of the Charity and has further information. Leadership This year saw Chair of tr￿teeS and the Chairs of the subcotnmittee5 stsnd down due to in¢r¢asing cornmilmcnts in other areas of theiT indiTridual live5. We are very grnteful to Stewart Nort14 Ed Matsh and Tony Davies for their leadershi￿ sacrifice a￿d s¢rvice. All three remain on the board. with Tony Davies remaining Company secretary. Existtng trustee. Derek Powell voted into the role of chair for all three of these w)5iti0Th5 and we are abeady E¢nefiting from his haTd work. diligence and energy. Covid-19 pandemi¢ The pand¢￿iC and sulwuent lockdowns have inevitably had 3n I￿paCt on our activities thÉs year. The museum haq remained c105ed for the majority of the tiffle, ffopening in line with timings and guidance set out by the UK govcrnmenL Staff have ￿en abl¢ to fulfil their roles whilst w0￿1ng from home and many services have been moved onlin¢ such L8 the practical thcology course and delivering lessons to schools. However, because of these adaptation& we hav¢ not had the need to furlough any memixrs of staff this yrar, a sign of God's guidÉng aTMI pmvision in what has turbulent time for Jnany. Illspiring Faitb The G¢orge Muller Musewn was open for the few rnontlLS ttrn]itted in 2020 due to lockdown restriclions. Even wtthin this time. visitor nUIn￿[S were restricted du¢ to these limitations. However, the flow of traffic was immediate aThJ steady. with wle keen to book avisit. With the building closell attention turned to our online offcring wtth the Museurn Coordin*or offering a numF*r of l¢ssons to schools via videiKall that w¢re well receivsj by stsff 2nd pupils. Further resourrcs have also Ixen developed and placcd on our website. The Mix, a quarterly youth worship evenL a]so has had to move onlin< though thc rnfrastructure has largely remained the sam< with a MlllleTS representative le&ling and developing a team of local youth workers. Feedback has sl￿Wn youth leaders have 8ppreciaied a youth focussed online option for teenagers who hav¢ othenvffise struggled to engage with their church's digitsl services. Nurturing Families Further invcstEnent of time and exrKrti5e have Iten directed to the Bristol Youth Ministy Network (B YMN) that seeks to equip. encourdge and connect those whose Christian faith motivates them to work with young ￿OPle. Two new. lo￿ youth workers have joined thc l¢adership tearn which has expandcd capacity and accountability. A new website has beesl launched along with social Tncdi& ¢hannels. A new tKKlcast h&8 been launche& including intrrviews with youth minigteTS fiY>m aJM)und the region. sharing their story and best practice. Tlhe progrdmme ha5 twi tsilored to empoweryouth leaders to cmpgwer family-based discipleship. We continue to pray¢rfu]ly and financially supp)rt QTganisatioLs engaged wtth caring for vulnerable hildr¢n around the world from tsK>se in CaEe in the UL to girls al risk of Sexua] exploitation in India or children with IvarniDg disabilities in Chin& Resour¢iDg Ministry The Practical Theology Course continues to ￿ rA)pular, with all available places taken up for the 2020121 course. It has had io ￿ online in its entirety.. urEfui attention has been paid to the forn)at, delivery and ¢oThmunity element of the course. It h&s ￿Ven optMTrrtunity to explore ￿ltig blended learning &$ a long terni option of sthdy for future year& Tbe George Maller Cbarit*ble Trnst Trusttts, ADDyal Reprt for the year ¢Dded 28 Febrnary 2021 Church consultancy and rncntoring has cOntin￿d to fith equip church l¢ad¢TS 2TMI their teams to minister in the Bristol region. Trallsfoming The Scriptural Knowledge Institute (SKD h&$ F*en a k¢y mechanism for us in offering prayerful and financial suptKirt to missionario around the gloFK in atime olunprecedentcd nce(L 224 individuals and organisations have benefittcd from the disbursement of fuDds through Mu15ers. At the ￿8k of the Covid Crisis, we were led to pray for ¢xtra fimds to com¢ in, stttifically forthe puryN)se of giving away to our partners. God provÉded nearly double what we had been &sking him for in unrequeste(L unex￿Cled and unrestricl¢d funding. This enablcd us to extend generosity to three partners who w¢re highly involved in providing medical care and fo￿( ￿lS to the most I￿￿*ver1Shed t£ople of th¢ir communities. Th¢ properties in Mullers. ryissessioD continu¢ to le&sed to those pioneering community living with a view to caring for the vulnerable. Plans for tbe Future Inspiring Faith The immediate will ￿ the reopew of our M￿urn as soon &$ safely and practically wssible. We shall build upon our digital engagcrnent with schwls, sharing the story of George Muller with them in a way rclcvant to the curriculuwn. We will conlinuc to lead the youth workers in The Mix team, developing their eX￿rienc¢ of inter41enomtnational. ￿lonal leadership an￿ at the same lime, offering young pEople a life changing enco￿ter with Jesu& Nurtllring Families We shall continu¢ our partnership wtth recipiellts around the world who are cartng for viIlnernble childr¢n. We will plan a new progrdmme for the BYMN. continuing to equip youth workcrs for ministering to young ￿0p1¢ wbilst also equipping families for disciplcship too. We shall launch a similar network for those involved in children and families ministy. sum￿1n& reSoU￿7ng and connecting them to strengthen thcir work across the region. Resourcing Ministry We will improve our offering for church leader8 starting new leadership dev¢lopment groups to go along side otr consu]tsncy offering. We sha]l explore the digital offering of the PTC. placing some videos online to incre￿ those who can &cce&s the wching retrOst￿tiVe1y. Trnnsforming comm￿nItieS SKI will continu¢ to prnyerfully and financially Sup1￿ those WIH) serve the most vulnerable people of the world. We will conduct an int¢r[￿l review of the SKI procedures to ensure robust governance and complian¢¢ is place. FiD3nei#l Review The nel InCTe￿ in fimds for the year, after investm¢nl gains of £624.475 (2020: £2fA>,216). w&s £724:i86 (2020: £310,051). The investment gain5 are the principal reason ftir the significant ovement in the funds for the year. Ln ternis of the income of the Charity". donations Tucived increased 8Lb/o over last year at £1261,542 {2020: £1.165,596), this Incre￿ camc from the Bristol City Churches Fund . legacy income f¢ll to £29,211 (2020= £54,J77) and investsn¢nt income fell to £37i266 (2020: £401.671)' rental incolne increased 10 £99.559 (2020- £9i,988) due to more of Mull¢r House ￿Ing let oui follo￿ng the move of the offices and tnuseum to Loft House in Ashley Down. The tnortgage interest earned on the two community mortgages red￿ed to £14,770 (2020.. £2J.428) as during the previous year one mortgage wa5 ¢ompl¢tely repaid and on¢ partly repai The George Mllller Cbarit*ble Trwst TThstees' AnDu*I Re￿rt for the year ended 28 FebTU*ry 2021 staff costs were Iroadly in line with year with an inflatiOll2ry pay incre&8e. Pro[ maintenance costs at £38094 wer¢ higber than last yeaT (£18.511) due to exrKDditure on the trpairs to a wall in on¢ of th¢ Cotham Park community houses. Govcrnance costs represent2.2 OA of income (2020: 2.3 Oh}aThl the c1>5tof tr￿ste¢S. indenmity insurance was £349 {2020.. £434). ReserY¢s The totsl held by the charity at the of the y¢gr were £14.563,049. This consists of an EX￿ndable Endowmeni Fund of £l1.785.777, Unrestrictd DesIgn￿ed Funds of £2276.415, Re5triefed Funds of £169,370 and Unrestricted G¢neral Funds of £331.487 (See Notes 18-22). The Charity's ￿)1]rieS on Funds and Reserves need to be seen in the light of the fa￿ that it do¢s not engage in fund raising but its cor¢ activity is to proTrride ongoing gifts and services to its beneficiar5es for which sufficient income is n¢eded each year. Thc Trustees consider that the Charity's benefactors ar¢ awa￿ ofthe nature of its O￿lOn5 and exF¢¢t their giving to b¢ ￿Sed to maintain opcrntions in th¢ longer terni. In light of the Expendable Endowmeut the reasonably low level of committed rathcr than discretionary expenditure. and strength of thc investment incoTne stream. the T￿SleeS have oncluded that 3-6 Fnonths eX￿ndItUr¢ (excluding grants from donor gifts). is a pn￿ent level at whicb to mainlain the Charity's rescrves. The un￿Strictrd GeneTal Fund at £JJ1.487 represents apprOxim￿tIY 6 months expenditure based on budgeted eX￿ndItUre for 2021122. The slightly higher than planned unr¢striCted reserves at the year from the endowment fijnd in the earli¢r part of the year to bOl￿er reserv¢s in the light of the predict¢d negative impact of the Covid-19 pandemic on the charity's incom¢ for the yGqr. A5 Tl turned out, the impact of Covid-19 on the results was not as great as atrticiixted 50 that the reservcs t8lEet at the year end was exceeded. The projected unrestricted reserves at th¢ of the fina￿la1 year 28 February 2022 should be 6 months exp¢nditure which is at the top ¢nd of the target r￿ge on the basis of deficit budget lor the y¢aT, and in fithw¢ years will ￿ brought further withijh it. l. Donations and le￿ie5 and inveslEnent irKome can tr variable year by year and a5 a founding prin¢iple thc Charity does not cngage in fiuthising. Ther¢ is a risk that voluntary income Tnay decline as fvrther tim¢ elapses since the Charity ccL8ed to 0￿rate Childrni's r¢sidential care homes and the number of fornier residents inevitably decreases. 2. Th¢ needs of children and young wle in mod¢rn society particularly the Orphans of th¢ Worl(L show no signs of declining and th¢sc need5 cannot be m¢t by short term ￿lliativeS but require loT]g tenn involvem¢nt by th¢ ClJaTity's 3. In ordcr to attract and retail] stsff, it is necessary to d¢monstrat that the Charity can provide them wtth re&son8ble security of e￿ployme￿L ExpeDdgble Endowmettt FuDd The Expendable EndoThTnent Fund TepTesents fijnds to rrtained for the benefit of the Chwity capital but there is discretion for the Trustees to convert endowed capitsl to income to k expended on the Charity's aclivities. The ChaTity allocatC5 lewdctes amounting io £15,0(M) or MO￿ to Expendable Endowment where no instNction is received to the contrary. This pilicy follows the Charity Cott]mission's operational guidance in 43 as the Tn￿$ Ixlieve that donors would coD5ider the Charity's wotk to be of a long-temi nature and would want the Tr￿Ste¢S to t￿t substantial legacies as The Georg¢ Muller Ch*ritsble Trust Trustees, Annual Report for the y￿￿ ended 28 Febnvdry 2021 capita] for the longer-terni E*nefit of the Charity. The c￿￿lty takes the net prcKeeds of th¢ sale of propertics to the Expcndable Endowment Fund. These prO￿rtieS, Whil￿ used for charitrble purposcs, ar¢ part of the capitsl Structu￿ of the Chartty having the p)tential io pr(Kluce incolne to be used by the Charity. The Tru¥ees consider it appropriate to n￿intrIn this capitsl structure and hence ihc income potential by transferring the nel proceeds of sales ts> the Expendable EndOW￿ent Fun(L The Expendable Endowment Fund 15 Iiiatched by investments managuj by the Charity's investsnellt advisers and c&sh yielding an incofflc. Risk MaD4g¢ment The Trustees and staff review major risks and have a system to rerord, &ssess and plan mitigation measur¢s for the risks which the Clwity enco￿terS in the Cou￿¢ of its aclivities. The Chartty's long-ierni futur¢ is de￿ndent on the ongoing donatiotts from our supporters but also on the income geneTatrd thmugh investments The key 0￿ratIonal risks are therefo￿ conr£ntrated around fh¢se issues and include-. Changes in th¢ economic wTrdition5 which could imiwt on ovr don0￿. ability to giv¢. While the Tnjstees are mindfi]l of this risK they arc encouraged to see that the level of giving by our donors in 2020121 ¢ontinued to remain strong. Go(Ml communTration with the donors by both the Charity and the partsi¢r workeTS and organisations is th¢ key sirategy to managing this ris The long-tern) impact of the Covid-19 pandemic is yet to be See￿ l￿WeVer.. the Charity'5 approach to its reserves and stmng financial management should enabl¢ it to come tljmugh this riod of un¢¢rtatnty. A si￿]rIcant econornic slowdovffi would impact on the level of the Charity's investment income. The Tn￿teeS mitigate this risk working with the Charity's investmcnt advisers to spread the risk arising frotn the CharÉty'S invcsthients over vaTiOUS differenl &s5Ct types and mallagillg the inveslments Wtth a vicw io the Tnedium and longer teTm rnther than the short term. ThÉs is explained more fully underthe note OD Invcsknent Poli￿ and Performance. Prolonged system problems could have an advase imp&ct on the Clwity's rcputstion and activities which aiTn to support partners iM)th in the UK and around the world who are often in greAt need. The Charity therefore aiwns to minimise this risk by ensuring the IT systeTn5 are well supportel maintAined and uplated to #void 1be risk of systern breakdown. Loss of key personnel staff and tnL8tees. All employ¢es have key roles and a loss of any one of th¢m, and in particular the Cbarity Leader, would IM￿(1 on the running of thc charity in the Short teTTn. Trdining and developing ihe staff and th¢ close working relationship betwe¢n staff, managctnent and ¢crtain individual trustces ￿tlY mitigates thi5 risk. Early succession planning for trustee rctirements tnitigates against the di5Tuption caus¢d by the rctkrement of k¢y trustees. InvestJDent Policy and perfornanee The Chwity's fmancial (xpital consists of its ExFKThlable En(k)wment Fun(L This fund is held in inveslments rnaE￿ed by the Charity's two investment malthgers, Brewin Dolphin Securities and Sarasins and Partn¢T5. The Charity's policy is for th¢ inveslment managers to have discr¢tion to manage their wrtfoli05 Wlthin the pardmet¢TS of amedium risk approach overthe mediumAonger terrn. In considering th¢ overdll assd allocatiOTL and appropriate portfolios, the investmeDt ￿anagerS also take into account the overall asset profile of the Charity. including the genera] &8set all(Kations managed by the other investment manager. No investsnents are made in componies with significant inter¢sts in gamblin& arniam¢nL% alcohol ortok￿r0. The incoTne from th¢ Charity's investments is ￿ for the WOTk of the Charity. For the fund5 under di8crctionary managemenL the investmcnt ￿lIcY requires the investsnent managers to adopt a balanced medium risk rK)rtfolio suitable to the Charity within which th¢ atm is to 0Oimise total return over th¢ medium to lollgtertn. The totrl return aims are as amÉnirnum CPI increases plus 2Q/ts. Bothdiscretionary managed ￿tfolioS achieva this for the ￿lod U￿￿r review principa]ly due to the strong recovery in The George Muller Charitsble Trust T￿￿tee$. ADnual Re￿rt for the year ended 28 Febrnary 2021 the markets in the latrr part of the year with itKome holding up rcasonably well de5Pit¢ the impact of thc global pandemic. During the year, a divestme￿ of (xsh of £170.0￿ wa5 made a5 Cxplained in the no* on the r¢serves. The Trustees monitor the ￿rfOrMance of the inveslment manageES and meet with them regularly. The analysis ofthc 1nvest￿¢nts is set out in nwe I l. Gr*ot Making Poli¢i¢8 The Charity makes grants to Christian WOTkers and Organisatio￿ from funds rtceivcd by donoT5 and from its own r¢sources. Grants are only made io worker5 and organisations who are fsrstly approved by the tsijstees and whose a¢livities colltinue lo fulfil the COTe ¢haritable objectiv¢s of Mullers. Thi5 IS onfinned on a regular basis through communi￿tion with the Charity. This communication ¢nables the Charity to forn) a ￿e￿ningfUl partn¢rshÈp with the workers and orwdnisations. Grants ar¢ not made on the basis of UD501icit¢d requests from w)tentiai ￿CIpIents. Strncture, Governanee aDd Mallagemellt HAstory and Stntcture oftbe Charity The Charity is registered Ls a ¢lwitabl¢ companv registered itt England and Wales. limit¢d by guarantee, and was sel up by a Memorandum of Association in 1997. The Ckntirity has its origins in the Scripturdl Knowledg¢ Institution for Home amd Abroad (SKI). fornied by Georg¢ Mllller and Henry Craik in 1834. The initia] objectives of SKI were W &SSiSt day, Sunday and adult schools in which inslTuclion was given on scrtptural principles to ¢nable children of ￿r tAr¢nts to attend such schools, to circulate thc Scriptures and to support Missionaries and Missionary schools. The objects of that charity were added to in 1835 to enable the establishmeni of an orphan ho￿Se in which destitute children should IK provided wlth fml clothes and 2 scriptural edu¢¥tiotL That object fortn¢d the basis of th¢ Charity which t￿c￿e known as the Muller Tn￿l for Children and Famili¢s. This Charity was used to become the single vehicle of the work when the activitie5 of SKI and The Muller Homes for the Elderly were Tnerged into the Cl]arity on l March 2009. On thai date the Charity chang¢d its name to The George Mull¢r ChaTitsble Tn The Charity is a Company limtt¢d by guarantee and evcry memiKr of th¢ Charity undertskes to ¢ontribute to th¢ Clwity's &ssets (not exc¢eding £10) if the Charity should iK wound up while they are a meTnber. or within one year after thc). cease to be a tnember, for the payment of the Charity's debts and liabilities Contr￿ted before they ce&8ed to ￿ a member. GoverD3nee of tbe charity The board of trust¢es meets five times each year and is a&si5ted by the Financia] and Adtninistrative committee, consisting of five Tntstees, the Charity Leader and thc Clharity Accountant and th¢ SKI comfftittee (lormerly Distribution Committee) consists of three TTllStees, the Charity Leadcr and the Missions Coordinator. The charity leaderis as¢niorstaff ￿￿]berr￿S￿nSlb1e for supetvisingthe work ofthe staffand assisting the b¢)ard in setting strntegy and implemeniing this strategy. The resybn5ibilities of the comTnittees of t￿SteeS ar¢ frdm¢d within the terTnS of ref¢rence and budg¢t ￿5￿)nSIbilItieS approved by the board. Within these agreed budget reS￿nSibIlities. staff have delegated authority subject to following appmved policies. The charity leader othcr staff a5 required io join the ts￿Stee5, Tneetings. The trustees are applying the charity governarwx c(Mle to the goveTnance of the charity. Thet￿￿tte5 are taking on board thc principle5 by di￿￿$Sing one principle ID ateacb of its meetings ￿ considering how the clwity's govcrnance should reflect this. Th¢ Georye Muller Charitable Trust T￿￿te¢s. Attllual Report for the ye4r ended 28 Febrwary 2021 Recrnitinent aDd #ppointment of Tr￿￿1¢¢$ Tr￿stees are selected by the Board on the ￿51S of the expcTience and skills which they bring to the Charity. Trustees are &pp)inted for a period of four ycaTS and retir¢ by rotation Lt the next AGM after thc four years ar¢ compl¢tr& A retiring Trustee may ￿ rrappoInt￿L Th¢ Board's composition is regularly revicwed to ensure the right con)w￿ltio￿ balan¢4 divet5ity and spread of ¢K￿rienCe needed to govern the affairs of the Ch8rity. The trustees seck to preserve a balance between rnaintaining experience Alld continuity of knowledge wtth firsh ￿T$￿CtIves brought in by new tNsttts. Trustees are actively engaged in developing a pipeline of potential Dew I￿￿tee5 who can assurne in timc senior positions on the board. Uwn app)inttnent new Trustees aTe wovided wilh recent inforniation aboul the Charity. including TDTnutes. ￿cOUnts. legal constitution, and Charity CoTnmission publication5 and are indu¢ted into th¢ affairs of the c￿￿lty oyer tim¢. All thc trLL8tees arc ¢ncourdged to undertake trdining wh¢re appropriate. Reference *dmini51rdtive detaib of th¢ Ch*iity. its Trllst￿ Officer5 and Advisers Trustees: DJ Powell (Chairnwi) A.C. Davie5 (Comtmny Secretary) Q.T.S. E15ton (retired 17 June 2020) T.D. Grieve J.N. Kingston EJ. Marsh S.D. Nonh (Vice Chairman) E.F.C. Sma]I W.P. Mass¢y (app)iDted 24 March 2021) Comp*Dy registered number 03471812 Charity register¢d DUtDber 1066832 4547 Loft House College Road Bristol BS7 9FG Registered 0￿￿e. Auditors: Ma¥ATS LLP Chartered Accowttonts 90 Victoria Stre£t Briaol BSI 6DP BaDkeTS: National Westsnittster Bank PIC 32 Corn StTe BriMoI BSI IHQ Solicitors: Meade King Springfield House The Georg¢ Moller Cbaritsble Trust T￿St¢¢$' ATrDu￿ Rew)rt for th¢ year ended 28 Febru•ry 2021 IDvestmeDt M8llagers Sarasin & Partner& IW St Paul's Churchya EC4M 8BU Brcwin DolphiD SecuTities 12 Smithfi¢ld Street London ECIA 9BD Statement of Trnst¢es' Responsibilities The T￿￿teeS are r¢spoMsibl¢ for preparing the TnJst¢es Annual Rep)rt and the finanrial ststeynents in accordance with applicable law and United Kingdom Accounling Stallda￿ (United Kingdom Generally A￿ed Accounting Practice). CoEnpany and charity law requires the Tnjstees to prepare financial statements for each finaDcial year which give a tNe and fair view of the stste of affairs of the Charity and of th¢ surplus or the deficil of the Charity for that ￿riod. In pre￿rIng t￿se fmaDcial statements. the Tn]stees are required to.. 5clect suitabl¢ &ccounting pilicies and then apply them consistently" obsetve the Tnethods and winciplcs in the Clwities SORP. makc judgments And estimatrs that are reasonable and prudent. state whether applicable UK accounting standards have iwh followrf subject to any material departures disclosed and explained in the financial stat¢ments: and prepare th¢ financial 5tAtements the going concern ￿sIS unless it is inappwate to Presume that the charitable company will continve Io Qlmte. The Trustees are resp)nsiblc for keeping prow accounting records that disclose with reasonabl¢ curncy at any time the fllW]ci81 wsition of the Clwity and which enabl¢ them to ensure that the financial statements comply wkth the Comwiies Act 2006. They are also restK)nsibl¢ for safeguarding the assets of the Charity and h¢nce for tsking re&sonable sleps for the prevention and det¢ction of fraud and other irregularities. The Trustees are r¢5wible for the maintenance xnd intrgrity of the roryxirate and financia] inforniatioli included on th¢ Charity's websile. L£gislation in the United Kingdotn governing the preparation and dassemination of financial ststem¢nts may difftr from l¢gi5]￿lon in other jurisdictions. Ststemellt as to diselosurn tsty our auditors In so far a5 the Tnth5 are aware at the timc of approving our TrUSt￿S Annual R¢￿rt. there is no r¢levant infornydtioo Eting information need￿ by the auditors in connection with preparing their rewrL of which the Charity's auditors arc unaware. and The George Mllller Cbaritsble Tr￿$t Trnstees. Annual Re￿￿rt for the y￿r ended 28 February 2021 the Trust￿5 having made eDqUiriCS of fellow Trusteesand the Charity"s audit¢)rs thotthey ought to have individually tsk¢n, have each taken all steps that helshe is oblig¢d io take as a Trustcc in ordcr to make themselvcs aware of any relevant alldit InfOrn￿lI0￿ and to establish that ihe auditora are aware of that informatio In preparing this le￿rt the Tn￿te¢S knve taken thankge small companie5 eXe￿p1]01Is provided by S¢dion 415A of the CoTnpanies Act •006. Approv¢d by the Trustees OD r July 2021 and signed on their behalf by: D.J. Powell Chairnian A.C. Davies Trustee & Company Secrtary 10 The George Moller Charitable Trust Independent auditor's rewbrt to the Tru8tees of The George Muller Ch*ritsble Trust Opinio We hav¢ &udiled th¢ financial statem¢nts of The Georg¢ Mfhller Charitable Tn￿t (the 'chaTity') for the year ended 28 February 2021 which comprise the Stat¢￿ent of Financia] Activtties. Summary Income and Expenditure AccounL Balance Sh¢e¢ Statement of cash flows alld notes to the financial statements, including a of SI￿lfiCant accoijnting p)licies. The financial retKTrrting fram¢wott that has b¢¢n applied in th¢ir prep&*ion is applicable law arEd United Kingdon] Accounting Standards, including FRS 102 Yhe Financial Re￿rtIng Standard applicable in the UK and Republic of Ireland- (United Kingdom Gew2lly Awepted Accounting Pr￿tIce). In our opinion. the finallciol statements: give a true and fair view of the state of the charity'5 affairs as at 28 F¢bruary 2021 and of its income and ex￿ndIt￿re for lh¢ year theo ende(L" have been PrO￿lY prerAred in accordance with United KiDgdom Generalty Accepted Accounting Practice; and have be¢n prepared in accordance with th¢ rcquirements of the ComFfdnies Act 21M)6. B￿lS for opinio W¢ conducted ow audit in accordwK¢ with Internation￿ Standards OTJ Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desCri￿d in ihe Auditor's responsibilities for the audit of the financial stat¢TneTts section of our reiTh. We are indcpendent of the charity in Lcconlance wtth the ethical rwuirelnents that are r¢levani to our audit of the financial stalernents in the UK, including the FRC'5 Ethica] StsJKIrf and we bave fulfilled our other ethi restK>nsibilities in ￿cord&llce with these Tequirnnents. Wc ￿lieve that the audit ¢vidence we have obtained is sufficient and appropriate to provide a b&5is for our opinion. CoD¢lusions rel#tiDg to going conce In auditing the financial Stat¢Men￿ we have con¢luded that the tn]stees' ￿Se of the going concern basis of &ccounting in the Preparation of the financial ststements is appropriate. B&sed on the work we have pdOrnIe￿ we bave nol identified any material uncertainties relating to evcnts or conditions tha¢ iTKlividuaily orcoll¢ctively. may cast sIg￿fiCant doubt on the ¢haTity'S ability to continue as a going conrxrn fora of at leL8ttwelve months from when the fill￿1&1 ststements arc authorised for is5U¢. Our r¢sw>nsibilities and the responsibilities of the trustees with r¢5￿ to going concern are d¢s¢ribed in the relevant section5 of this reporL Other iDfornatioD The other inforn]ation compTi5es the infonnation Incl￿ed in the Trustee's annual rewbrt other tlwi the financial statements and our a￿lIt0￿5 r¢￿rt theyeon. The twstees are resrx)nsible for the other infOrn￿tIOn contsined within the annual ieix)It Our opinion on the fu￿claI st&ements does not cover Tb¢ George Muller Cbaritable Tr￿st lttdependettt aaditor's repjrt to the Trnstees of The George Mylltr CIMrt¢*ble Trust th¢ other inforn)ation except to the ext¢nt otherwis¢ explicidy stated in our rem we do not express any foTtn of &ssurance ¢onclusion thereoll. In connection with ow audit of th¢ fmancial Statements. ow resp)nsibility 15 to read the other inforniation and, in doing so, consider whether the other inforniation is materially incon515trnt with the financial statements or our knowledge obttiined in ts coursc of the audiL or otherwise appears lo I materially misstated. If we identify such tnatrrial inconsistencies or aptrdrent material misstatements. we are required to ddermine wh¢ther there is a matrrial mi￿ate[￿ent in the financial statements or a material misstsletn¢nt of the other inforTnation. If, on the wojt w¢ have ￿rf0M)ertunities for fraudulent manipulation of the finan¢i31 statements (including th¢ risk of override of controls) and deterniined that the principal risks were related io tK>gting manual journal entrics to manipulat¢ financial performance, managunent bias through judgements and &ssumptiOll5 ID significant accounting estimates, in particular in relation to one-off or unusual transactions. Our audit proccdures were designed to Teswid to those identifi¢d risk& including non-complianc¢ with laws and regulations {itTegularities) and fraud that are materia] to the financial statements. Our audit procedurcs included but w¢re not limited to: Discussing with the tnstees and tnanag¢ment their FKblicies and woceduEes regarding CO￿p118￿ce with laws and regulatioFs: Communicating identified laws and r¢gulations throughout our engag¢m¢nt team and remaining alert to any indications of nOn-Co￿p]Iance throughout our audiL and Considering th¢ ri5kof acts by th¢ chatiry which were contrary to applicable laws and regulation& including frau(L Our audit procedures in relation to fraud included w¢re not limited 10: Making enquiries of the trustees and management on whether they had knowledge of any actual, S￿¥peCted or alleged frau&" Gaining an und¢rstsnding of the internal controls ¢st2blished to mitigate risks re￿Ied to fraud. Discusstng amongst the engagemeut team the risks of frdud" and Addressing th£ risks of fraud through management override of controls by rKrforniing journal ¢nty tesiing. 13 Tb¢ George Moller Chxrilgble Tr￿t Independent audÈtor'5 report to the Trn$t￿5 ofThe George MiiU¢r Cbaritable Trust There are Inhere￿ IiEnitstions in the audtt woc¢dure5 deSCri￿d aknve and the primary responsibility for the prevention and detcction of i￿egUlarlticS including fra￿1 rests with management. As with any audiL there remained a risk of non-detection of incgularitie& as these may involve Coll￿$10￿ forgeryy Tntentional omissions, ￿l$represen￿tiOnS or the overridc of internal controls. A further description of our responsibilitie5 for the audit of the financial statements is located on th¢ Financial RetM)rting Coun¢il's website at www..frc.o .ukiaudirorsres nsibilities. This description forms FQrt of our auditor's rcp)rL Use of the audit report This report is made solely to the charity's trustees as a IK>dy in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ￿en ￿dertaken so that we might stste to the ch￿ity'S trustees thos¢ matters we are Yequir¢d to to them in an auditor's report and for no other purpose. To the fullesl ¢xtenl perniitted by law. we do not accept or assume ffsp)llsibility to anyone othcr than the charity and the charity's trustees as a I￿Y for our audit worl forthis rcwJrL or for the opintons we have fomied. Richard Bott (Senior Statutory Auditor) for and on behalf of MaTArs LLP Chartered Accountants and Statytory Auditor LLP, 90 Victoria StreeL Bristol. BSI 6DP 29 July 2021 14 The George Muller Charitsble Trust ststetneDt of fin8neial Attivtties Intory￿rat1ttg Ststernemt tsf Totsl Rulised G*iDs IA for the ye8r ended 28 Ftbr•ary 2021 Current Yethr Unrestrx- Unrestrieltd Expendable ted GeDer•l DesigD*¢ed Re5trictrd End*mmeDt Funds FllDd Totsi Funds Tot41 Funds 2020 21121 2•21 2•21 2021 2021 Ineome And elldoY4ments fro DO￿all0￿$ andlegacie5 1225.771 1,2g).753 1.219.973 Inveslments 373266 373.266 401,671 Charitable AclTvitie5 116J52 116J52 120,184 Totsl Income t￿d0￿meRts 554.6¢M) 1225,771 1.780,371 1,741,828 Expenditure on RuisipE Fund¥ 28217 28217 36.028 Clwilable aclivities 469219 35395 1.147,629 1.652,243 1,655.965 Total Expenditsre 469219 35.395 1.147.629 28,217 1.680,460 1,691,993 h'gi goin￿<1{A￿S) o inveslments 12 624,475 624.475 260,216 Nel income/(e-)pendifyre) 18,19 85J81 (35 J95) 7&142 596.258 724.386 310,051 Tranrfers beh*eenfvrds 2021 In216 {2216) (170.(NNJ) herga[F￿￿o￿sj 1321 (1982) (1.797) {4.779) NetmovementiNfup 254,615 (39,408) 78.142 426258 719.607 310.051 Toialfynds broughi forward 18.19 2021 76.871 1315,823 91228 I l J59,519 13.843,442 13,533,391 Tothlfundf cwrfed forward 18.19 2021 3i1.487 2276.415 169J70 11.785,777 14.563,049 l3.843,442 The George Muller Charitable Trnst Statemtnt of Finanti*l Artivities iDt•rpor•tiBg Statement of Tfjtsl Reali5ed Gains *nd IAI ffyr the year ended 29 February 2020 Unrestrit. Unrtstritttd ESpe￿d*ble trd GeDer*l DesigD*ttd Re5trithd Endowment Fwids Funds Fund Total F￿ndS Total Fwnds 202 2019 2020 21llll 2020 2020 Income a￿d ¢ndowmellts fro Dtsnoiion¥ andlega¢ies 62255 1.137235 20.483 ,219,973 1,278,163 Inveslmenis 401.671 401,671 393,713 Charilable Aclivities 120,184 120.184 127J24 oÉhÉr income Total Income eDdowme•ts 584.110 1.137235 20.483 1,741,828 ,799200 Expethditure on Raising Fu 36.028 36.028 41,464 Chtsriloble L7clivities 467J68 21,603 1.166.PM 1,655.965 1.719,164 Totsl Expenditsre 467.568 21,61)3 1.166.794 36.028 1,691,993 1.760,628 h'etgaiFts/(lo&ses) 0 irtvestments l2 260216 260216 (52,146) Nel int0mvJ(￿nthrej 1&19 116542 (21,603) (29559) 244.671 310,051 {13,574} Tramfers belweenffiwds 2021 (811448) .052545 (242,097) ol￿r gwn%lflosses) 1321 12,239 Nei movement illfunds [695.￿>6} 1,030.942 (27,559) 1574 310,051 (1,335) Tolalfynds brought fi)rward 18.19 2021 771778 1284,881 118,787 11.356.945 13,533J91 13,534,726 TOts1fMn￿ CWFTed lorword 18.19 2021 76.872 2.315,823 91228 11.359.519 13,843,442 13.533,391 16 The Georye Muller Charitable Trust Sutllm8ry Ineomt *Dd Expenditsrt Atco4ot forthe year emded 28 Febrnary 21121 Total IncoJtLe Funds Totsl Ineome Funds JDcorne Funds Restritt¢d 2021 2021 2021 2020 Income 554,6 1225.771 1.78OJ71 1.721,345 Les5: Totsl Expenditsre (504.614) {1,147,629) (1.652.243) (1,655,965) Transfers from Expettdable endowment fund 170,1)00 170,000 242.097 Other GaiDS (10&8es) (4.779) (4.779) Net movemellt in fun 215207 78.142 293,349 307.477 Thr summary income and expenditure aCc￿nt is pr¢s¢n¢ed in order to eDsuTe c(Mnplian¢e with the C(xnpanits Art 2006. The major difference th¢ figures Presented from those in the Statcmellt of Financial Activ]ties (SOFA) on page 15 is the movements on the endowment fimd are not included in the summary income aDd eX￿dits￿e accounL All a¢tÈvtÉie5 are coTrtinuin& The SOFA shown on page 15 the statement of totsl recognised gains and Ios5e5. The notes on pages 20 to 35 forni part of these finaDcial ststemen 17 The George M&ller Charitsble Trust Company number 03471812 Bslance Sheet #s *t 28 Ftbrnary 2021 21121 21120 Fixed Assets Jntangible fixed ￿ets Tangible fixed assets Fix￿ ass¢t investments Programme rel*ed investtnents io 13.680 1,831346 11.791.920 409.250 14.047.196 12.600 1.864,957 I l J58,177 406,675 13,642,409 12 13 Current Assets Stock 14 2.112 36.095 22,935 576.927 638.069 2J26 43.404 31,592 280,370 357,692 Debtors 15 13 Programme related inv¢stments Cash at bank and in hand Creditors.. Amounts falling due within one year 16 (96.631) (110,686) Net current assets 541.438 247,006 Creditors.. Amounts fa]lin8 due after more than one year 17 (25,585) {45,973) et assets 14,563.049 13,843,442 Charity fuDds Unr¢5thcted funds Unrestricted design*ed fi￿dS Restricted funds Expendable endowment fitnd Tot81 fullds 331,487 2276.415 169,370 11,785.777 76,872 2.315.823 91228 11,359,519 18 19 20 21 14.563,049 13,843,442 Th¢se ￿Count5 have Ixen Prepared in accor￿ with the St￿la1 provisith)s of Part 15 of the Companies Act 2(K)6 relating to Small ¢ompanies. Approved and authorised for issue by the Trustets on 7th Juty 2021 and sI￿￿d on its Eknlf by.. D. J. Powell C. Davits Chairman Tr￿tte & S¢trttsry The George Muller Charitable Trust Ststsrnellt of cash Iklws ffjT the yur ended 28 F¢bn￿ry 2021 Totsl Funds 2021 Total Funds 2020 Net C8sh provided by in) oper*tini activttKs note 2 (230J81) 213,465 C*$h flows froth investing *cthities: Dividends and interest Purthase of property. plani and equipment Computer sofiwaTe development costs Investtneni feeslproperty fimd S￿e of quoted invesbnet Capital withdrawn from investmel PurGbase of quoted investments from addiiional c&sh invested Pur¢hase of quoted inVestM￿ts from other e&sh Change in ea5h held for settlemet)ts 373266 (1265} {16(K)) (2J511 374,854 170.¢M>O 401,671 (1,575,706) (12.600) 19287) 275.368 {500.000) (247,090) {34.862) (387.603) 7.616 Net ¢Ash provided by (uged in) invutillg *etiviti¢s 531.917 (1,702.5061 Ch8nge ill Cash and cash e4lliv*lents in the rewjrtittg period Casb and cash equivalents at the beginning of the reportittg period Ch4nge in casb *nd tash eqMivAleDts due to exeh#tsge rxte movtmtnts 301.336 280.370 (4.779) 11.489.041) 1,769,411 Cash snd cash ¢quiv*lents •t the end ofthe re￿rtittg period 57&927 280J70 Ca$h tlow rtstrittioms Charity law prohibits the use of net cash inflows on any endowed or other restrithd fLmd to offset net e&sh outflows on any fund outside its own Objects. ex¢ept OD spe¢ial authority. In practict. this restriction has not had any effect OD cash tlows forthe year. Tbe notes on pagu 20 to 35 form prt of these stxtememl& 19 The George Muller Charitable Trust Notrs to the *etouDts for the year emded 28 F¢bruxry 2021 Aecounting Policie5 8) General InforJll*tlo The Georg¢ Moller Charitable Tnjst l5 a company limyted by guarantee (Dumber 03471812) and is a registered charity (number 1066832), registered in England and Wal&s. The Tegistered office is 4547 Loft House. C4)Uegc Road Bristol BS7 9FG. b) Basis of prewaratio Th¢ fjnancial statem¢tits have been prepared ill xcordance with Accthmttiig and Reporting by Clwities: Ststemem of Recommended Pra¢ti¢e applicable to ¢harities preparing their accounts in accordaDCe with the Financia] Rel￿]ng Stsndard applicable in the UK and the Republi¢ of Ireland (FRS 102)- (Charities SORP (FRS 102)% the FI[￿(1a] Reporting StaDd¥rd applicable th¢ UK Republi¢ of Ireland (FRS 102) and the Comp2nies Act 21x16. The Charity consiitutes a public benefit entity as defined by FRSIO2. The Tn]stee5 h&ve reviewed the CIMrtiYs financial WL$itio￿ plalls and reserves tsking into account the teduced expectations of investmeni income in 2021122 and subsequent years following the e£onoTni¢ Impact on finan¢131 markets of Covid-19 and the likelihood of reduced donations well as the inevttable fa¢t that the needs of beneficiaries will be greater. Although the eventual outcomes from Covid-19 are UD¢erts]t￿ and likety to T¢main 50 for some ye8r& the trustees believe they have adequate resources to continue operations for the foreseeable firture and they cijusider that there are no Materi￿ uu¢enainties alx>ut their ability to continue as a going conc¢rn. cl Fulld Acfounting Lnrestricted fi￿d$ are avatlable for any ¢haTitabk withtD the Clwity's objects. R¢stricted fullds Can only be used for the ststed Testricted p￿￿)Se. Restri¢trd fiLnd5 include Donor Balances which repre5eni funds given to the Charity for the work of SKI. See the a¢¢ounts note 8. Expetjdable Endowmettts are funds to be retaiDed forthc benefit of the Cbarity as cawtsl ahhougb theTt is discretiOTa to convert the endowed ¢apitsl into in¢ome. The Charity allocates legacies amounting to £15.000 or more to the Expendable endowrnent fi]nd where llo instru¢iion is received to th¢ contrary" other legacie5 art credited to the Unrestricted funds. This rK>licy 15 adooed bttause the Tnst¢¢s klieve th* donors consider the Charity's Work to be of a long term nature and would want the Trustees io treat their donatyons &s capita] while having the dI￿retion io convert funds to tncome a5 and when considered desirable by the Trustee d) IB¢om¢ All incotne is included rn the Statement of Ftnanciai Activities when the Charity's legal entit]ement to the iDcorne is probable and the amount can be quantified with reasonable accuwy. For legacie4 entitlernent is the earlier of the Charity being notifi￿ of an impending distTibution orthe legacy being received Inc4)me tax recoverdble ill rel•ion to donations re¢¢ived under Gift aid or deed5 of Covenant is recognised at the time of the donation. 20 The George Muller Charitable Trust Nfjtes to tht #ccounts for the yv4r ended 28 Fébrnary 2021 l AeeouDting Polieies (contiTrued) e) Expendifvre Expenditure is reCognis￿ in the Ststement of Ftnancial Activities on 8D accruals basis. inclu55ve of value added taK as this is not re¢overdble. GraEJts are mwje to ChristiaD workers and wisatiolls and are reCog￿$¢d as expenditure when they are paid or committed whi¢hever is the earlier. Multi service ar¢a costs are those ¢osts incurred directty in supwt of exrKDditurt on the objects of the Charity and are allocated on the basis of time spent. Governance tosts ar¢ those costs in¢urr¢d in CODDethiot) with the Consti￿onal and statutory requirements and a￿ included in multi service area costs. O Intangible r￿ed assets *Ehd xmortNti0o IDtangible fjxed &s5ets are ststed at C05t Itss a¢¢urnul8ted amortisation. Soltw*e development C4)sts awe recognised &$ an intangible fixed asset where the cost of development is over £l.000 and it can k demonstrated that the software when brought into use will prod￿Ce economic and ¢haritable bethefits for a per]￿j longer than one yeaT. SofThvare development costs are amortIs￿ io writ¢ off the cost Ic5s estimated residual value of exh asset over 5 years using the straight line meth(d. g) Tangible fixed assets •ud depreeixtiott All assets costing rnore than £l,O(K) arE capitslised. Tangiblc fixed assets are stated at ¢¢)st less depr￿lation. From l March 2019, depreciation W8S not pmvided on Freehold land and builditk8s. Prior to this a rdte of was provided. Other than Freehold land and buildings. depreciation is provided at rates calcul￿ed to TLt¢ off the cosL less estimated residual va]ue of each &s5eL over its ¢xpected useful lif¢ as follows: Building Plant& Equipment Museum Content Fumithre Fixtures & Fittings Office equipment I￿6 s(Aight line i¢rA straight line strdight line 33.33% straight line h) Quoted IDvestments Invtstsnents are stated at the market value & th¢ year end. Diffe￿nceS be￿ten the tll*ket va]lle ofinvestTnents held at the year end and either the hisioric cost (where investments were a¢quired during the curtent accounting year) or the rnatket Vdlue at the previous year end (where investttlents were acquired in t prior yeAr) are ￿COgnIsed in the Statelnent of Financial Activilie5 as unrealised gainsllosse5 Wthin net gain￿10$$eS on investments. i) Unqlloted Inve5tmettts Investments are stated * the mid-poiut of the bidlofftr price at the year-end &s advi%d by the fund manager. Differen¢es between the zlue of investments held at the yvdr end and cither the historic c05t {where inveslments were a¢quired durtng the current accounting year) or the market value at the PTevJolls year end (Whe￿ investments were a¢quiJd in a prior year) are tec4)gnised in the Statement of Financial Activities as unrealised gain￿]￿s. 21 The George Muller Charitable Trust Notes to the #ceounts for tht y¢xr e￿ded 28 February 2021 l Atcountirtg Policies (CO￿tInUed) j) Progra￿￿￿e Rel#tsd lttvestmeBts Programm¢ rel*ed investtnettts COEJSiSt of: l) global microfmance 10fi￿ whicb are small short term 103ns to entrepreneurs in poverty. they are interest free and 2) two mortgages providc¢L otle of whid) enabled the t￿￿e1￿C of house in Bristol and the other a drug rehabslitation centre. Th¢ mistees have decided to brI￿g the charity's involvement in the global mi¢rofitJance 103ns to a close and reallocate the a55cts elsewhere. As it is our inteniion to reaEi5e the invcstmeDts over the next year. the outstanding loan ba]an¢e is now ineluded in cU￿tAt assets rather than fixed assets as was preyiousty the case. The prvgramm¢ related iajvestments are carried * Cost less wh¢re appropria prow5ion for impairnient less any repayfflajts r¢£¢i¥ed. The provision is Gharged to charitable acttvities &5 8raDts wbilst ihe ex¢hange lossesl8ain5 are Cbarged to (Mber gain￿lOSseS in the SOFA. k) Stock SttKk Iw been valued at the lower of cost and n¢t rdisable value. l) ExehaNge G*ktt$ ADd iAwes The majority of the microfinancc element of th¢ ¢harity"s pro8ratttme related investhjents are managed in USS. In view of there being a very large number of small loaDs the traTJsa¢tions are n¢X C4)t)verttd to£s at the transaction datr bui the USS balances at the year-end are converted to £s ￿ the ye8r I J60.824 1.652.243 1,655,965 Total exPe￿dI1￿￿ 142519 177,117 1.360.824 1,680,4 1,691.993 Multi service area costs included in the costs disc105ed alx)ve have been all￿ated OD the b￿lS of time spent by stsff on ea¢h activity. 24 The George Muller Charitable Trust Notss to the gctounts for the ye*r e*ded 28 Febrnary 2021 6 Analys￿ of ewnditure by type- Thior Ye*r Staff Cost5 Other C(tsts 21b211 2020 Rtststed Reststed Grants Total 21120 Restated Restated Investment Management Costs 36.028 36.028 Cost of raisi￿% 36.028 36,028 Global PartDersbips {SKI) Inspiring Faith Nurturing Fa]nilies Resourcing Ministy Transfortning Communities Governance 37.852 29.989 13J27 23.975 12.136 18.711 35,522 33J61 8,950 24.134 37,882 21.774 lJ17.652 1.391.026 63,350 22,277 48.109 90,718 40.485 Charit*bk Aetivities 135.990 161.623 1,358.352 1.655,96) Tot*l ¢xpendtt¥Te 135. 197,651 lJ58.352 ,691.993 Prior year expenditure w&8 restated for¢(Mnp2rability reasous due to ¢hanges ID the allocation of ￿aff time in the current year followit)g a reassessment. SKI including OrphaDs of the World is the continuation of the work forn]eTly carried on by the SKI trLtsL Its work is to provtde grants, support and ert¢OUfdgement to those iTtvolved in chri￿lan work and edlkcation both iti the UK aud overs￿. It has an emphasis on work amot)gst children and in partieular Orphans and widows. 21121 21120 Reswed Crants to 125 {2020:133) individual Christian Grdnts abovt £5.01)O to Or8aTri5atioDs (detsi]s ￿lOw, where grants wtre atrrtjve £5.(MXI ill the ¢utreni or pre¢eding period) Grants below £5,(100 to Orwisatioiis Defaults and exchange {gainsy l(tsses f(Y Pro￿￿￿￿¢ Eel*d invest[n￿ts (see thxe 13) 686276 698,975 538,951 60.195 1.548 560.633 57,330 3,160 Totsl 1286.970 1.320.098 Grants to organi￿tionS abtsvt £5,000 { det*ils beloiv. whern gr*nts were above £5WO ID either the turre•t or precediDg period) 21b21 202 Gospel of Kingdom Asso¢iate5 Rwandan Orphan project Hav¢n Home Orphanage 25..40 Romania 22,265 71.782 49,639 24.066 32,777 200.529 28.295 75,713 63,588 25,025 36.869 229,4(Al Ebenezer Childrtn's Centre Subtotsl Ca￿led forward 25 The George Muller Charitabk Trnst Nt)tes to the atcounts for tbe year tnded 28 Febrn•ry 2021 SKI (tontinued) 2O2J 2020 Subtotsl brought fonyard Bright Hope World Shar¢d Hope Hebron Hostel Trust Africa NatUTally Cau Hog2r LaTDedas Pampa UNIVIDA Hands at Work in Afri¢a-Bandeni Hand5 * WoTk its Africa- Imoek 2(K).529 26.(K)O 30.000 13,362 7.196 5.445 7,965 34.622 31.569 8.110 10,O(K) 14.641 6,858 12.606 8.575 5,684 IlJ33 8,710 16.060 7,190 4,896 1.138 18,115 2,330 15.580 23.739 6.698 538.951 229.490 25,000 34.000 14.937 ,602 7.251 2.700 14,413 19.258 18,500 Helping Them to Sn]ilc Five TaSen15 Holland WharfGirls H05tel The Joseph Project House of Hope SSS Nepa] GTSSS 14,911 7.236 7,281 11,861 1.000 23,512 16.150 10,200 12.694 5.185 7.570 10,124 9,402 24,056 23.959 1,340 560,633 DFN UK New Vi¢tory Child Car Send a Cow Love Brisiol Sub=Mission Zambia The Hiding Place Mongolia Community Projecl Growing Hope- lanet Phythian Solid RoGk I￿¢MatiOnal Milli5tries CeHBED OEphanag¢ Total 8 Net iutomel(txp¢nditur¢) This LS after (creditingycharyng= 2021 21120 Depreciationlamortisation of taBgible and intangible fixed assets bythe clwity Allditor5' remuneration 35.395 11,830 21,603 8.728 26 The Georg¢ Muller Charitable Trust Notes to the #eeo¥nts for the ye*r ended 28 Fetsr￿ry 21121 9 StAff Costs 2021 202 Wages aDd Salaries Social Security ¢¢)5ts Other Pension costs 128.958 5283 8.278 119.754 8,952 7284 TotAI 142,519 135.9 Management AthninistralioD Totsl The numbers of ettwloyee4 &s stattsl is the avernge headcount number of staff ernployed during the year. No employee receiv¢d more than £60.(K)O remuD¢ration in the year. The Chartty IKader and the Trus￿$ comprise the key management petsonnel of the Charity. No Trustee r¢c¢ived ally remuneration during the Current or previous year. No trustees were reimbursed for expenses {2020: £nil). The Charity Leader T￿eEVe￿ totsl employment benefits of £39.393. 10 Intangible Fixed Assets Computer Softw#re Deweloptlle#t 2021 Cost gs at l Mareh 2112 Additions As at 28 February 2021 12,600 2.600 15,200 12,600 2.600 15200 Amortisation Net Book Value as at 28 Ftbrnxry 2021 1.520 1.520 13.680 13.680 27 The George Muller Charitable Trust Notes to the 4¢counts for tbe ye•r ended 28 Febrn*ry 21)21 11 Tangible Fixed Assets Builthg Pl¥Rt & FurBiture Museum Futures & Off¥r¢ Total Buildillp M*chinery Contemt Fittiogs Equipment 2021 Cost at l M*r¢h 21)2 Additions 1.693.914 111.821 104.6 56,919 18.543 1.265 19.808 1,985,886 1265 1,987,151 As at 28 February 2021 .693.914 111.821 104,6 56.919 Atcurnuiatsd Depr¢ti8tion As at l March 2020 Charge for the year As at 28 February 2021 94,743 6.523 11.182 17,705 6.107 10,469 16.576 6243 5.692 11.935 7J14 6,532 13,846 120.930 33,875 154.805 94.743 Net Book V8lue *s *128 Febrnary 2021 1599,171 94.J 16 114 5,962 1,832a46 Net Book Value as *t 29 February 21120 .599,171 105298 98J83 50.676 11,229 I,8￿,957 Freehold land and buildings are included at ¢ost which iD aggregatr is ¢onsiderably le&s than their mat*ei value. As all these properties are maintsined to a high stsndon4, management have conducted an irnwment review showng that the caryin8 value is less than the recoverdble amount. Consequently. no depreciation has been charged ou these assets. A review for indicafy)rs of impainnent is ¢arried out arbnually by the lJustees. 28 The George Muller Charitable Trust Notes to the actouDts for the year eh)d¢d 28 Febrnary 2021 12 Fiied Asset lffjve$tments 2021 2020 Listed iDvestmeBts Totsl Total Market Value As at l March 2020 4,163,765 (374.854) 3.664.865 {275,368) 500.000 237,543 38,486 {26,7411 (42.224} 67.205 Sale Proceeds Additions from additional cash inv¢sted her Additiolls 383.486 (8,381) {25,866) 148.334 47.048 Change in cash held for settlements Costs of llwiaging iTwesttn¢nts Unrealised valuation net (1055ygai Rea]ised net Sai￿(10$s} At 28 February 2021 Being.. Investments managed by Brewin Dolphin 4.333.532 4,163,765 4.305,432 4.101.418 Cash held for settlements 28,100 62,347 4J33.532 4,163,765 Analysis of Inve5tm¢nts tJK Equities UK Bonds Oversea5 Equities Overse&s Bonds Other 1.464.515 487,178 l.253,178 72.483 1,028,078 4.305.432 1,489,508 667,498 1.002.197 43,900 898.315 4,101,418 Total Htstorical G(>St of investments 3JII.003 3,255,521 2021 2020 Total Tot*1 Unlisted investments A$ at l March 2020 7,194.412 6.953,253 lieduction in ¢apitsl, c&th withdrnwn from tnvestment maDager. Purchase of Sarasin Alpha CtF for Endowmert% Change in eash held for settlements Unrealised valuation net 8ainl(Ios5) {170.000) 4,117 1,010 428.849 9.547 {6.8831 238,495 At 28 February 2021 7.458.388 7,194,412 29 The George Muller Charitable Trust Notes to the *¢counts for the ye*r ended 28 Febrn*ry 2021 12 Fiied Asset Investments (tontinwed) 2021 2020 Total Total Srnkn Endowm¢nts Fund cl￿ A Inc Units in Property FuTLds Cash 6,024,790 1.429,709 3,889 5,693,003 1.498,530 2.879 Total value of investments 7.458,388 7,194,412 2021 2020 TDtsI Total Quoted Investtnents Units in propety fijnds Sara5in Endowments Class A Inc. Cash held for settlements 4J05.432 1,429,709 6.024,79) 31,989 4.101.418 1,498.530 5,693,003 65,226 Total va]ue of inv¢stments 11.791,920 1 lJ58,177 The unlisied invesikn¢nts In property futuls are ID Units Tll the Propery Income TnLSt for Ch8ritic5 ￿anaged by Mayfair Capitsl Invesknent Management £821.300 (2020: £874,0(M)) and units in the Cordea Ch8tities Pryrty Fund £608.409 (2020: £624,530). 13 Programme Related Investmellts H•use Totsl Total IAMD5 M￿rt￿g*S 2021 2020 As 9t l Marc]k 21120 31.592 406.675 U75 438.267 2,575 (1.797) (7,109) 974,028 Additions (new loans) Exchange rate gains (los￿) Amounts repaid Defaults and provisÈons (charged) crcdited to Charilable activitie5- grants (1.797) (7.109) (2,447) (532.601) 249 249 1713) At 28 Febtiwy 2021 22.935 409250 432.185 438.267 Programme related iThve5ttncnts thJSiSI of: l. Global microfinance loan5 which are small short term loans to entrq)rtneurs in poverty. They are interest free. As the trustees have decided io rea]ise these invesLTDents over the next year, these l(wJs are included in CUTrellt assets. 2. Two mortgages lo enabl¢ the Purch￿ of two houses to be nm as a ChrI￿18n commuDty house and a dn]grehabililalion ccntre. These properties were previousty owned by the Charity. Intetest charged oll the IoHn5 ￿ prefuentiai tenns. The loans are secured on the properties. 30 The George Muller Charitable Trnst Notes to the aecoR#ts for the year eoded 28 FebrD*ry 2021 Progr4mm¢ reknied investments (coDti#wed) The following is a breakdown of PrO￿l￿me related investrnents bettveen fixed al￿ Gurrrnt assets: 2f121 2020 Fixed Assets 409250 22.935 406,675 31,592 Current Assets Totsl 432.185 438,267 Programme Related Inv¢s¢ments- Prior Ye*r MierofiTra#ee Ho•st Totsl Mortgages 21J211 As at l Mar¢h 2019 Ex¢hange rate wdins (losses) Amounts repaid Defaults and provision5 (Charged) credited to Charitable activities- grathts 57.450 (1447) (21698) 916.578 974,028 {2.447) 1532,601) (509.903) (713) (713) At 29 Febnwy 2020 31.592 406,675 438,267 14 Stoc 2021 2020 Tot#1 2,112 2.326 J5 Debtor8 2021 2020 Debtors and prepayments Income tsx recoverable 25,748 10.347 33.338 10,066 Total 36,095 43.404 16 Creditors". fxUiDg due yur 2021 2020 Trade Creditors Social Secursty and oth¢r taxes A¢¢ruals and deferred income Sundry creditOTS and SKI gifts not yet pahl Other ¢r¢diiors- pension obligation 14.789 4,549 18.452 50.286 8.555 12,781 3,155 28,087 51,891 14.772 Totsl 96,631 110,686 31 The George Muller Charitable Trust Nots$ to th¢ 8¢counts for tbt ye*r emded 28 February 2021 l7 Credttors: falling due after more th¥n year 2021 2020 Other creditors- pension obligation 25.585 45,973 18 Mov¢ment UDrestrKt¢¢d Designated Progr*mme Related Total Ullrestricted Sxed Asset Investment Unrestrieted DesigDat¢d Fund5 FllDd Fund As at l M*r£h 21120 1,877556 438,267 2.315.823 Transfer from {to} Unr¢stri¢ted Futtds Net iDcomel{expendkture) Other Gains (Lo&ses) 3.865 {35.3951 (6.081) 12,216) {35.395) 11,797) (1.797) As at 28 FebTh*ry 2021 1.846,026 430.389 2276,415 The transfer from the Unrestricted F￿￿ to the Unr¢strir*d Fixed Asset Fund of £3.865 repr￿ents fixed and intaThgible a5Stt additions in the year. The transfer to the UTJre5trtcted Fut￿ of £6.081 represents JKt repaym￿ of microfinan¢e loans of £8,657 less au ill¢￿$¢ of £2.576 in the amoutrt repayable on a mortgage loan during the year. Movetllent ill UDrestricted Design*ttd Funds- Prior Year ProgrnM)we Re￿ted Tot*1 Unrtstrfeted Unr¢$trittrd ed A￿1 Investment DesigDated Funds Fund Fund A$ •t l March 2019 310.853 974.028 1284,881 Transfer from (to) Unrestricted Funds Tran5frr to Exp¢ndable ETrdowm¢nt Fund Net in¢omellexpenditttre) 1.588.306 (25.858) (509.903) 1.562,448 (509,903) (21,6031 (21.603) As gt 29 Febrnary 2021) 1,877.556 438.267 2.315.823 32 The Ceorge Mllller Charitable Trust Note5 ¢0 the a¢tounts f¥Jr the y¢*r t￿ded 28 February 21ni 19 Moyement in Restricted Futsds Tae Cbwrehes Restrirted Crty Fund Total As #t l M#reb 2020 60.031 &197 23,1)00 91228 Income & Endowtllents 1.077.155 141.958 6.658 1225.771 Expendttitsre (1.065.893) (75.403) (6.333} (I,l47,6291 As at 28 February 2021 71,293 74,752 23,325 169.370 SKJ donorbajances repre5eDt amoullts given to the Clarity in the year ended 28 Fthuary 2021 forthe work of SKI bvt not distributed at 28 February 2021. The ChI￿¢heS City is a fitnd directed at soci31 needs in Bristol such as f(K¥J poverty and re￿ge£S an whi¢h the Charity partners with Bristhl ¢hur¢hes. Movement in Restricted Fwidy- Prior Ve*r The Churebe5 Restricted City Futtd Leg8ry As at l Mglreb 21119 86.698 29,089 3,000 118.787 Income & Endovnnents 1.099,427 17,808 20.000 1,137.235 Expenditure (1.126,094) 140,71)01 (1.166.794) Transfer tts Un￿stri¢ted general AS at 29 Febrnary 2020 60,031 8.197 23.000 91,228 20 MovemeBt in EndoTvmeot FuDds 21121 21121 As*t J Matth 202 I lJ59.519 11.356.945 Income 20.483 Expenditure on Cbaritsble Activities Exp¢nditur¢ 4)n rdising funds- m8nagem¢ttt fees Net 8ains1{Ios5ts} on investments Ttan$f¢rs from (to) other fimds (28217) 624.475 (]70,￿0) {36,028} 260.216 (242.097) As at 28 February 2021 11.785,777 11,359,519 33 The George Muller Charitsble Trnst Notes to the aecounts for ihe year ellded 28 Febru*ry 21)21 21 Movememt in all Fumds Gentrxi Designaied Rtstritttd EndoTvEneDt Tot#1 Totsl Funds ds 2021 2020 As At March 2020 76,872 1315.823 91228 11,359J19 13,843.442 13.533,391 Total income & ¢ndowiDents Total ex￿ndItUre 554.6(Kb (469219) 1225.771 (35J95) (1.147.629) 1.780.371 1,741,828 (28217) (1,680,460) (1,691.993) Net gain￿(loSses) on investments Transfers between funds Other Gains a￿d Losses 624.475 (I70.¢M)O) 624,475 260216 172216 (1982) (2216) (1.7971 (4.779) As at 28 Febrnary 21)21 331,4%7 U7&415 169J70 11.78S777 14563,049 13,843,442 Movernertt th ill Fllnds- Prior Y￿r DesigD*trd Restricted EDdowment Totsl Funds Fllnds Fullds 2019 As at 2019 771778 1284,881 118.787 11356.945 13.533J91 Total income & endowmrnts Total expenditure 584.110 (467.i68) 1.137235 (21,603) (1.166.794) 20.483 1.741,828 (36,028) (1.691.993) Net gaIn￿(lOSSeS) on investments Transfets b¢tt¥een fiEn¢ls 260216 (242,097) 260216 (812.448) 1.051545 Other Gains and Losses As at 29 Ftbrnary 2020 76372 2J15.S23 91328 IlJ59J19 J3*43,442 The George Mlllkr CharAtable Trnst Note5 the accounts for the ye*r ended 28 Febrn*ry 2021 22 Anatysis of •wts b¢tw¢¢n funds UDr¢strirt¢d UDrtstri¢t¢d GeDeral Designated Restrided ETrdowm¢Dt TotAI Funds Funds FuDds Funds Funds 2021 Tangible & kntsngible Fix¢d Assets Fixed Asset Inve5ttnents 1.846,026 1,846,026 11,791,920 430.389 494.714 6.143 11.785.777 Programme Related Investments Other N¢t Assets 430J89 325J44 169J70 Totsl 331.487 2276.415 169J70 11,785,777 14,563,049 The Unrestricted General Fund r¢presents those net assets beld for canyingout the general activities of the Charity. The Unre$tri¢*d Designated Fund 15 8 fimd representing the net value of fLxed assets held for chajitsble purpos¢¥ n¢t assets held of MicrofitwJ¢e loans and two mortgages. The Mi¢mfinance103ns a￿ small short iemj l(ons to entsepreneurs in ￿vertY alld are interest Analysis of uet ass¢ts b¢¢wttTr fvmds- Prior Y¢•r Gener*1 Designated liests1￿ Endowment Totsl Funds F￿ndS Funds F￿NdS 2020 Tangible Fixed Assets Fix¢d A$s¢t Investm¢nts Programrne Related Inve5ttllellts Other Net Assets .877,556 1,877.556 IlJ58.177 438,267 169.442 11.358.177 438267 76.872 91,228 1.342 Totsl 76.872 2.315.823 91.228 11,359,519 13,843,442 The Charity operdtes a defined contribution pension scheme. The assets of the scheme are held separately from those of Charity in an independently administered fund. The pension ¢hawge represents ¢ontributions pajable by the ￿arIty to the fi]nd aDd amounted to £8,278 {2020: £7.284).There were £2.202 of ¢ontributions payable to the fund at the balauce sheet date (2020.. £9491. The aforementioned charge is separate fro￿ the peDSiOll obligation notcd in Note 16 other crcditot5 and explained in the accouniing policy m. 24 Related party transactions Th¢r¢ have been no related party transactions in the year end￿ 28 Febn]8ry 2021 (￿the year ¢nded 29Febnwy 2020. 25 C4Pit#l eommitmeDts Th¢ Charity had no capKthI GOTn¥nitin¢nts a5 28 February 2021 (2020: £nil) 35