The George Muller Charitable Trust (A company limited by guarantee) Company Registration No. 03471812 Charity Registration No. 1066832 Trustees, Annual Report and Financial Statements For the year ended 29 February 2024
The George Muller Charitable Trust TnIste, Annual Report for the year ended 29 Febrnary 2024 CONTEIYTS Pag¢ Trustees, Annual Rort Indep¢tellt Auditors, R¢port 10-12 Statem¢nt of Financial Artiviti¢s 13-14 Balanc¢ Sheet 15 Stst¢m¢nt of cash flows 16 Notes fonning part of the Financial Ststetllents
The George Muller Charitable Trust Trustees, Annual Report for the yeydr ended 29 February 2024 Annual Report The TNstees, who are also directors of the Charity for the purposes of the Companies Act, present their Annual Report together with the audited fllwiciaK siatements of The George Muller Charitable Trust (the Charity) for tbe year ended 29 Febrnary 2024. The financial statements comply with the Charities Act 201 I, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporttng by Charilies.. Statement of Recommended Practice applicable lo charities preparing their accounts tn accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 2019). Mission We have continued to pursue our mission statement of "Strengthening Ihe Church to meet the needs of the vulnerable by inspiring faith, nurturing families, resourcing ministy and transforming communities." Charitable Objeets The CTeorge Muller Charitable Trust's governing document is its Memorandum and Articles of Association. The Charity's objects. which may be carried out in the UK or around the world at the Trustees. discretion, are as follows.. (l) To advance edu¢ation' (2) To advance evangelical Christianity in a manner conslstent with holy scripture including, insofar as the means are available at any time, through the support of Christian workers and organisations" (3) To advance citizenship or community development, particularly among children and farnilies, young people and the elderly. and (4) To relieve those in need by reason of youth, age. ill-health, disability, fmancial hardship or other disadvantage or human suffering, including tbose who are deprived of nornial parental care. Aims The charity pursues Ils niission through three aims.. Freeing children from poverty.. Continuing the legacy of George Muller's orphan homes by equipping churches around the world to care for children and widows experiencing material, relational or spiritual povety- Focu88ing people on Jesus.. Sharing the life and leacliing of Muller and continuing his method of teaching scripture lo point people to a lifelong relationship with Christ. Fuelling leaders for mission.. Continuing the work of SKE into the ? l %t century, prayerfully, financially and adniinistratively support missionaries sharing the Gospel around the world. Activities, Achlevements and Future Plans When planning and conducting activities for the year, the Trustees have had regard lo the Charity Commission's general guidance on public benefit. The surnmary of a¢livities below demonstrates how the Charity gives public benefit. The Charity's website www.mullers.or explains the work of the Charity and has further infotmalion. Staffg and volunteer5 This year our Operations Lead was promoted to Deputy Leader with incr¢ased responsibility for the governance and operations of the Charity, and a new role of Communicalions Coordinator was created to focus on marketing. social tnedia, and supporter communications. We also created a temporary position of "Partnerships Assistant." for three months. aiding us with the administration of clarifying the wishes for each of our donors. The Trustees are grateful for the support of our volunteers who 5UPPOrt the cbarity in welcoming visitors and school groups to the museum and in searching the archive of historical records. Heritage The George Muller Museum welcomed 2,068 vtsilors through its doors over the course of the year. On top of this we shared Ihe story of Muller with 952 school children, 237 of which were able to visit the museum in person.
The George Mfiller Charltsble Trust Trustees, Annual Report for the year euded 29 February 2024 Furtherniore, we were able to convey the story to 254 individuals through ¢onunurrity talla at pl¢S sh &8 local history groups and retired teacber groups. We continue to offer descendants of the Muller orphans access to their an¢¢stors' records, with 64 people utilising the service t]]is year. We have invested in caring for the histori¢ items we hold, as well as cataloguing our archive. We hope thls will enhance our ability to draw out stories from George Muller's life so we can shar¢ more about his amazing l¢ga over the past 190 years. We plan to update the museum with a new area to share some of the newer stories we have found, as well as th¢ WO of the Trust today. We will ointinue lo organise, a]kd wbere appropriate. restore our historical archiv¢. We will also look to in¢r¢ase the numbeT of volunteers who can help us witb the collection care and retelling of the story. During the year the Charity supported Three Arrows Media Limited as they began the development phase of a p¢riod dranw whos¢ aill e to show the reality of faith witbill the context of George Muller's life and world. The support granted of £50,000 is to be match¢d by Thr¢¢ Arrows Medi& The aim of the funding is to enable Three Arrows Media to create a sample script, pitch deck and a kniler of the proposed drama to take to individuals and organisations Seeking to identify the right partners for both fullding for production and l&unch of the dran to ensure MlMUM reach. Such a d[all if succ¢ssful Could inspire milliolls With the story and faith of George Muller. The Trustees k¢¢p a monthly dialogue with Three Arrows Media as to progress and Three Arn>ws Media will keep an account of how the gtallt funds are spenL TheoIoglcal TralllAng Th¢ 2023-24 cOlrt of our in-pernon scrIptEe, Theology and Cultur¢ Course fSshed well with 17 students graduating in July. Th¢ September 2023 intake was lower than we would have like& with 10 starting the course. It is hoped that tbis would be an an0nly, and llre wxlljoin in Septemb¢r 2024. The pilot for tb¢ thgital course con¢luded successfully and we decided to roll thi¥ out more publicly in September. I S stud¢nts ar¢ currently studying on this "learn at your own pace" plarform. This includes 3 SKI partuers. We have plans to widen our th¢ologi¢al offer in the next year, particularly to church leadeTS in the Bristol Tegion. In addition to the in-person and digital courses, we will host JnonthLy theology"refr¢shern" to ministry leaders, a5 well as a theological training day. Youth and Children's ministry support This year Saw the launch of the Y&C Conf¢ren¢¢, a training day for W0e[s, churcb leade and volunteeTS of th¢ Bristol region who minister to ¢hildren and young people. The 2023 ¢vent was held ill September, and the 2024 evellt at tb¢ end of Febnwy. Both events were well received with more than 100 people attending and an average feedback score of 9110 for ¢a¢h. Stories were shared of how p¢opl¢ felt the conference had equipped tbem and encouraged them to stsy in ministy wirh under 18$ for lortgeT. We merged the Youth Ministy Netwo with the Children's Ministy Network as there was a recognition that hosting both events doubled resource input unnec¢ssarily. Engag¢tnent with the netwoik has been slightly disappointing with lower attendance than we would have liked. However, we had an av¢rage att¢Ddance of 9 pwle over our 3 events. The events focussed on topi¢s such as all age minRsty and r¢cnLiting volunleeTS. The Mix contlnues to meet four times a year, offering youth groups and teenagers a lif¢-¢haDging encounter with Jesus. Attendance and engagemeAt from the wider ohuwh¢s wntitkues to increase with an average of 210 people per event (162 yowig peopl¢ and 48 youth l¢aders). We have seen young people come to faith at these events, as well as te¢nag¢rs passionately ¢ngag¢ in worshw and sincerely respond to pray ministy. Our r¢fr¢sh¢d Clw¢h Partllersh offer launched in October 2023, with a focus on Supporting and growitig ¢hurch¢s' youth ministries. Th¢ past 6 months have seen us promote and ¢n¢ourage sign ups and we expect our rSt fomial panuership agreenwits to be signed early in the next year.
The George Muller Charitsble Trust Trustees, Allnual Report for the year ended 29 February 2024 We will continue to inv¢st in this area of our work by employing a fjjl1-tlll Co0]natOr for this d¢parttnellt. The Mix wkll c{intinue to meet, and the Y&C Netwo will be revAew¢d to ensure it is rekvant forthe churches it exists to serv¢. We aim to Cxpand the Y&C COerenC¢, planned for March 2025 by engaging llr¢ churches. SKI (Scripture KlloTYledge Instltute) SKI, now entering its 190th year, colltinues to minister to missionarkes and Christian organisations arourkd the world. This year, we prayerfialy and fuwicially supported 191 partners. This Can b¢ categorised as.. 5 strategic partller8, organi5ations caring for vulnerable children on a larger scale, 68 0ryl]ans of the World partners, individuals and orgatlisations caring for vulllerable chil(tren at a grassroots l¢vel, 22 Widows of the World partner4 individuals and organisations caring for widows and the vulnerable elderly at a gr&ssroots lev¢1 and 118 SKI parthers. MA10nd[leS sharing tbe gospel in their local context. W¢ sought io strengthen the conunurrication with our partners, rolling out a Memoralldum of Understanding to larify our off¢r o.f 8upport and expectations for both parties. As a result of fornialising these ternis, a handful of parto¢rs have ami¢4bly ended their association with us. We regard thks &s healthy as we ¢nwre we are honouring God, ¢ff¢clively supporting partners, and ¢0pIY1g with our regulatory obligations. Going fonvar<L we shall continue to offer support to our partners, and fmd ways to increase th¢ communication with tb¢m and Clanfy the nature of SKI'S palerShip witb them, Community Houses in Cotham, Bristol The Charity owns 3 properties ill Cotham which for over 20 years have been fiLlfilling the Charity's objectives by being used as religious Communtty houses,.involved in prayer, and discipl¢ship and caFe LninÉsty. However, in 2022, the Tnistees decided that the religious communities were no longer wre to the Charity's longer-tellll strategy and tb¢r¢for¢ decided to begin a process to release the value of these properties to serv¢ the Clwity's ture strategy. Th¢ Tnl¢eS have been eugaging with propety adviseTg and consultants and it is hoped that sales will be achiev in the year ended 28 February 2025. FIDaDcAal ReeW The increase in fimds foi the year, after illvestffient gains of £204,527 (2023: losses £540,057), was £45,156 (2023: decrease £652,245). The changes in investment values wer¢ again a stgnificant factor in the Mov¢ent in the fikud4 but this year also saw a 9Q/o increase Éu income of £147276 to £1,706.689 (2023.. £1,559,413) and an I IY• in¢rease ill expenditure of £191,110 to £1,865,679 £ (2023.. £1,674.569). The 9 /0 increase in Fncome is principally due to: dollations increased by £101,875, income from investments by £23,026 aad income fronj charitable aCtilltieS increased by £22,375. Within the charitable activities, the rental io¢owe from community houses increased by £7,310 and th¢ mortgage inter¢st ¢am¢d on the commullity oJortgag¢s incre&s¢d by £9 J24 du¢ to som¢ interest rate incrcas¢s. The I 10/0 increase in expenditwe is principally due to the incr¢&w in.. SKI.grants of 6Tr/0 to £l297,138 {2023.. £1,218 633), staff costs of18.50/o to £208,943 (2023: £176,362), propety maitttenance ¢xp¢nditure of the Cothtstn Conununity houses of £49,087 (2023., £ 10,622) and the grant to Three knows Media Limited of £50,000 (2023.. £nil) see note 6. The illcrease in salary costs in 2024 wa5 due to a 6 /0 inflationary pay in¢r¢ase, promotions and additional hours this year from the ll¢W posts. Governance costs represent 0.6 0/0 of income (2023." 0.7 0/0) and the cost of trustees, indemnity insurance was £174 (2023: £169). Reserves The total fifftds h¢ld by the Clwity at the end of the year were £14,533,511 (2023: £14,488,355). This ¢onsists of an expendable endowment fimd of £12,126.172 {2023: £I2,018,236), unrestricted designated funds of £2,164,691 (2023: £2,105.688). restricted funds of£48.726 (2023: £63,401) attduw¢stri¢ted general fidS of £193,922 (2023.. £30E,030} (See Note8 19-20). The Charity's policies on fidS ana reserves need to be seen in the light o£the fact that it does not engage in fund raising but its core activity is to provlde ongoing gifts and servk¢es to its beneficiartes for which sufficient incom¢
Th¢ George Miiller Charitable Trn$t Trustees, Annual Report for the year ended 29 February 2024 is needed each year. The Trustees Consider that the Charity's benefactors are aware of tbe nature of its operations and expect their giving to be us¢d to maintsin operdtions in the longer terni. The Trustees monitor the perfonnance of the investment managers and meet with them regularly. The analysis of the investments is set out in note 13. Considering the str¢ngth of the Expendable Endowtn¢nt Fund, th¢ reasonably low level of committed rather th8n discretionary expelld1re. and the strength of the inv¢stment incom¢ stseam, the Trustees have concluded that 3- 6 month8 expenditure (£190,000 - £380.000 excludtag grants from donor gifts}, is a prud¢nt level at which to maintsin the Charkty's reserves. Free reserve4 &s me&sured by the Unrestticfrd General Fund at £193,922, represents approximafrly 3 months expenditure b&s¢d on budgeted expenditure for 2024125 within the target range. It is plawi¢d over the next two years to move the level of gen¢ral r&serves tL) the middle of the rallge. Reserves are necessary bauSe.. l. Donations and legacies and investment income can be variable year by year and, as a founding principle, the Clwity does not engage in fundraising. 2. The needs of children and YoUJ people in modern society particularly the Orphans of the World, show no signs of declinlng alld these lleeds requir¢ long term involvement by the Charity's partners. To attract and retsin staff, it is necessary to demonstrate thai the Charity can provide them with reasonable security of employment. Expendable Endowment Fund The Expendable ElldowmeAt Fulld represents fLmds to be retained for the benefit of the C]wity as capital but tlwe is discretion for the Trnstees to convert endowed capital to incolne to be expended on the Clwity's activities. The Charity allocates legacies 8mouJiting to £25,000 or mor¢ to theExpendable Endowment Fundwhere no instruction Is received to the contrary. This policy follows the Charity Commission's operational guidance in OG 43 as the Trustees believe that donors would ¢onsAder the Charity's work to be of a long-terni nature and would want the Trustees to treat substslltial lega¢i¢s &8 capÈtal for th¢ longer-Éerni benefit of the Cliarity. The Ttustees allo¢at¢ 10 ts/o of all l¢ga¢ies over £25,000 to make 8rants to local initiatives to support pressing needs as identified by ib¢ Local Ministries Committee. Th¢ Charity takes the net pm¢eeds of the sale of properties to the Expendable Endowment Fulld. These properties, whilst used for charitable puOses, are part of the capilal strncture of the Charity having the potential to produ¢e Incon to be used by the Charity. The Tntres consider it appri)priate to maintain this capital strncture aad hence the income potential by ttansfetting the net pn)ceeds of sales to the Expendable Endowment Fund. The Expendable Endowment Fund is matched by investhiellts managed by the Charity's investnmlt advisers and cash yielding an income. Risk Management The Ttustees and staff review n)0r risks and hav¢ a syslem to record, assess and plan mitigation measures for the risks which the Charity encounters during its activities. The Clwity's long-tenn future is dependent on both the ongoing donations from our supporters but also on the income generated througb inveslments. The key operational risks ar¢ th¢Tefore concelltrated around these i&SLies and include.. Changes in the economic conditions which could impact on our donors, ability to give. While the Trustees are mindful of this risk, they are encouraged to see that the level of giving by our SKI donors in 2023124 continued to remaiu strong. Good comn]vnication with the donors by both tbe Charity and the partner workers and orgallisations is the key stralegy to nwtsgillg this risk. The Charity's approach to its resenres and strong ftskallcial management should enabl¢ it to come periods of ¢con01C and geopolitkcal uncertainty. A significant economic slowdown would impact on the level of the CIMrRty's investjnent incom¢. The Twstees miligate this risk by workillg with the Cbarity's investment advisers to spread the risk arising frotn the Chaiity's inv¢stments overvarious asset types and tDanagillg the investments with a view to the ediuni and longer terftn rather than the short terni. This is explained more llY under the uote on Investment PoiiLy and Perfonhance.
The George Mfiller Charitable Trust Trustees, Annual Report for the year ended 29 February 2024 Prolonged system problems could have an adverse inkpact on the Charity'8 reputation and activities which aini to support partners both in th¢ UK and around the world who are often in great need. The Charity therefore aims to minimise this risk by ¢nsuTiDg the rr SYSten are well supported, tllaintained. and updated to avoid the risk of rysteth br¢akdow Loss of key personnel staff al Ttee9 with particular skills and experience. Al] enwloye¢s hav¢ key roles and a loss of any one of them would impact oll the rnnning of the Charity in the short t¢rni. The loss of the Charity Leader would have the most impact and the appointment of a deputy lead partty mitigates this risk. Traiuillg and developing the staff and the close working r¢lationship between staf£ managemellt and certaill individual T8¢¢$ also partly mitigates this risk Early su¢¢ession planning for trustee retirements mitigates against th¢ disruption caused by Ibe retirement of k¢y Trntees. Investment Policy and performanee Th¢ Clwity's fuwicial capitsl consists of its Expendable Endowment Fund. This fund is held in inveslments anaged by th¢ Clwity's two inv¢slm¢nt managers, RBC Brewin Dolphin and Sorasin and Partners. The Charity's policy is for th¢ investmentmanagers to havediscr¢tion to manage their portfolios witbin the parameters of a Jn¢diutn risk approach over the meaiumnottg¢r term. In ¢onsidering the overall asset allocation and appropriate portfolios. the itivestment mallagern also consider the overall asset PToflle of the Charity, including the general asset allo¢ations nw)aged by the other itivestment mak¢r. The TAtee3 require their investment managers to inv&%t only irt companies with an ethical code of practi¢e which actively prOOte human rights. For completeness this approach suppl¢m¢nts the long-standing policy of th¢ Chatity the investment portfolios $Ill1d not include any investinents in companies where tL10Ver to ony signifIcant degree is accounted for by tobacco products. alcohol. gambling. pornography or amiaments aod the TntteS reseTve tbe right to request exclusion from the portfolio of any investments io conwallies whose representation might prove damaging, directly or tndirectly, to the puryoses or wutstion of the chlty. Th¢ Trnstees requiretheir inveslment managers to assess and report to them at least annually on the Environmental So¢ial and Governance credentials of the inve8ttlleDts that they hold on behalf of Charity. The incotne from the Charity's investments is used for the work of the Charity. For th¢ funds under discretionary nwiagement. the invesknent policy requires the investment managers to adopt a balanced medium risk portfolio suitable to the Charity within which the aim is to optimise rett over the medium io long t¢mi. The relum aitlls are as a mtnimum CPI InCaSe5 plus 3 % over a 5-year cycle. The annualised CPI for the 5 year period to 29 Febrnary 2024 was 4.30/0 and so the target return was 7.30/0. The r¢twn for 5 perKod of RBC Brewin Dolphi was 4.4ty/0 and of Sarasin and Partner8 was 6.90/0. The 2024125 period has started well for both investment portfoIios. The combined property values in the Charity property funds overseen by RBC Brewin Dolphin fell again in the year by 3.4D/o, however income yields of 6 % nieant a positive combin¢d total retLun for the Ye was realised for the year of 2.6Y.. The Twstees maintain a dialogue with the investnwit D]anagers tlroughout the year and meet formally with them once a year to discuss perfornwice and strategy. The Trustees are satisfied with the strat¢gi¢s aaopted by of the investment managers whAch are for the nd£Uni to loag term in ter of asset divasifiration and managing risks. The Trustees decided to ensure tbeir withdrnwal policy from l March 2023 matched the investment approach of the investjllent managers. Therefore, from l March 2023, tb¢ iovestment nwers hav¢ distiibuted 3.50/0 of th¢ value of the discretionary portfolio at the beginnillg of the ancial year over the cours¢ of the next 12 montbs subject to this not being less than tbe values at the beginning of the previous year. This approach enables the Charlty to plan for a more certsin cash flow each ye41r and to employ for the wod( of the Clwity some of the gaiDS in value that have aCcnd over previous years. without b¢iJg limited to tbe dividend income of the investments. The witbdrawal policy of tbe unlisted charity propety investments remains on an income only basis. Grant Making Policie$ The Charitymakes grants to Chrkstian work¢r8 and organisations from hnds received by donors and from its own resources. Grants are only made to wots and organtsations who ar¢ fwstly approved by th¢ trust¢es and whose activities continue to fulfil the charitable objecttves of Mullers. This is co&firnied on a regular basis through communication with the Charity. This communication enables the ChariÉy to forn ameaairtgful partaership with tbe workers and organisations. Grauts are not made based on unsolicited requests fropOtential recipients. Gr&Trts
The George Mu]ler Charitsble Trust Trustee$, Annual Report for the year ended 29 February 2024 payable are charged to the Statement of Financial Activilies itt the accounting period irt which the Tlplent is notified of the awar Structure, Governance and Mallagement History and Strueture of the Charity The Charity is regislered as a charitsble coMpaY registered in England and Wales, limited by guarantee, and was set up by a Memorandum of Association in 1997. The Chariiy has Its origi¢Js in the Scriptural Knowledg¢ Institution for Ho¢ and Abroad (SKI), fornied by George Muller and Henry Craik iti 1834. Th¢ initial objectives of SKI were to assist day, Sunday and adult Schools in which instruction w&8 given on riptural princÈples, lo enable chil(Iren of poor parents to attend such schools, to circulatr the Scriptures and to support Mi8sionaries and Missionary schools. The objects of that charity were add¢d to in l 835 to enable the establishment of an 0h&ll house iti which destitute children should be provided with fool clothes and a scriptural education, That object foTElled the basis of the Charity which beca¢ as the Muller Trnst for Childrell and Families. This Charity was used to beme the single vebkcl¢ of tlke work when the activities of SKI and The Muller Homes for the Eldetly were merged into the Charity on l March 2009. On that date the Clwity changed its name to The George Muller Charitable Trust The Charity is a company limited by guarantee and every tnember of the Charity undertakes to contribut¢ to the Charity's assets (not exceeding £IO} if the Charity should be wound up while they are a tnewber, or witbm one year after they cease to be a metuber, for th¢ payment of the Cl]arity's debts and liabilities Contracted before they ce&ged to be a member. Governance of the charÉty Th¢ Board of TteeS meets five times each year and is assisted by tb¢ Finallcial and Administrative Committee, (Consisting of three Trustees. the Charity Leader. th¢ Op¢rations Leader and the Ckwity Accountant), the SKI Conunitfre (consisting of three Trustees, the Charity Leader and the Partnernhips Coordinator) and the Loca] Ministries Conunittee (consisting of three tntee8 and the Charity Leader). The Charity Leader and the Deputy Leader are the senior staff emberS responsible for supervising the work of the staff and assisting the Board in setting strategy and implemenÉsng this strategy. The responsibilities of the comrnitt¢es of trustee5 are framed within the ternis ofreference and budget responsibilities approved by tbe Board. Within these agreed budget responsil)tlitie6. stsff have delegated authority sUbJt to following approved policies. The Charity Leader, the Deputy I£ader alld other staff as require joins the trust¢¢s' meetings. Reerultment and app0llltellt of Trustees Trust¢¢s are selected by the Board based oll the experience and skills which th¢y can bring to the Charity. Trustees are appointed for a peTiod of four years and retire by rotation at the next AGM aft¢r the four years are completed. A retiring twstee may be Teappointed. The Board's composition is regularly reviewed to ¢nsure the right conwosition, balance, diversity and spread of experience needed Éo govern the affairs of the Charity. The Trustees seek to pre8eTve a balanc¢ between maintsining experience and continuity of knowledge with fresh perspectives brought in by new Ite¢s. Trustees are actlvely engaged in developing a pipeline of pot¢ntial n¢w lrnstees who can assume in tim¢ 8enÉor positions on the board. Upon appoinlment new trustees provided with recent infonnation about the Charity, Includillg Ellillutes, accounts, legal constitution, and Charity ConullissioD publications and are t2thicted into the affairs of the Charity over Éijlle. AIR th¢ twstees are ¢n¢ouraged to Ulldertske training where appropriate.
The George Muller Charitable Trnst Trustees, Annllal Report for the year ended 29 Febrnary 2024 Reference alld admlnlstrative d¢taib of the Charlty, it$ Tru$tee4 Officers and Advisers Trustees: D.J Powell (Chairnian) A.C. Davies (Company Secretary) R. Giles (appointed 17 November 2023) T.D. Grieve S.M. Home J.N. Kingston E.J. Marsh (retired 3 July 2023) W.P. Massey E.F.C. Small J.F.F. Squire (appointed 17 November 2023) Charity Leader Deputy Cbarity Leader J.T. Preston C. Will¢ox (appoinfrd 17 November 2023) Company registered llumber 03471812 Cbarity registered llumber 1066832 Registered office: 4547 Loft Hous¢ College Road Bristol BS7 9FG Auditors: Haines Watts (Western) Limited Bath House 6-8 Bath St, Red¢iiffe Bristol BS16HL Bankers: National Westmins*r Bank PIC 32 Com Street Bristol BSI IHQ Solleltors: Knights Pl¢ Springfield House 45 Welsh Back Bristol BSI 4AG Investmellt Managers Sarasin & Pxrtners 100 Sl. Paul's Cburchyard Londoll EC4M 8BU RBC Brewill Dolphin [2 smit1le1d Street London ECIA 9BD
The George Muller Charitable Trust Trustses, Annual Report for the year ended 29 Febrnary 2024 Stateent of Trustees. Responslbllltles The TteeS responsible forpreparing the Trustees ADnual Rq)ort and the financial slatements in accordance with applicable l&w and UnÉted Kingdom Accounting Standards (UDited Kingdom Generally Accq)t¢d Accounting Pwti¢¢). Company and charity law requires the Trustees to prepare fAnancial statements for each fjnancial year which give a true and fair view of the state of affairs of the Clthtity and of th¢ SulUS or the deficit of the Cljarity for that period. In preparing these funCIal statements, the Tntstees ar¢ requir¢d to,. sel¢ct suitable awounting policies and then apply them consistently; observe th¢ methods and priAp¢S in the Clwities SORP 2019 (FRS 102)" make judgments and estiniates that are reasonable and prndent. state wbether applicable UK accoullting standards h&ve been followed, subject to any material departures disclosed and explained in the fancIal statements" and prepare the filtsncial statements on the going concern basis unles8 It is inappropriate to presume that the cbaritsble company will continue to operate. The Trustees ar¢ respoJL8ible for keepiag adequate accounting recor&s that disrlose with Teasonable accuracy at any time the financial position of the Charity audwhich enable th¢m to ensure that the finan¢iaI statements comply with the Companies Act 2006. They are also responsible for safeguarding the ass¢ts of tbe Charity and hence for taking re&sonabk st¢ps for the prevention aud detection of fr4ud and other Iegularl¢S. The Tntee8 are responsible for the maintenance and integrllty of the corporats and fuwi¢Aal inforniation in¢luded on the Cltsrity's website. Legislation in the United Kitigdom governing the preparation and dissejnination of financial statements may dtffer from legislation in other jurssdictions. statCellt as to disdosure to our auditors In so far as the Trnstees are aware at the time of approving our Tnte¢S Report.. there is no relevant inforniation, being InfOrntiOll needed by the audito in conawtion with preparing their reporL of which tbe Charity's auditors are unaware, and th¢ Trustees having made enquiri¢s of fellow Tnlee9 and the Charity's auditors that they ought to have indtvidually taken, have each taken all steps that helshe is obliged to tske as a Trustee in order to make themselves aware of any relevant audlt infom]ation and to establish that the audito are aware of that inforniatio Inpr¢p7n thtsreporttheTrust¢eshave takenadvantsg¢ of th¢ small companies'exemptions provided by Srftion 415A of the Companies Act 2006. Approved by the TnsSte¢s on 25 Jull¢ 2024 and signed on tb¢ir be1]f by: D,J, Powell Chainnan C, Davies Trustee & Company Secretsry
The George Mfiller Charitable Trust Independent auditor's report to the members of The George Mflller Charltsble Trnst We have audited the furAC[al Statements of The George Muller Charitable Trust (the 'charitable cotnpany) for the year ended 29 February 2024 which cOpSe the Statement of Finan¢ial Activities, the Balall¢e SheeL the Cash Flow Statement alld notes to the financial statements, including a sumjnary of significant accounting policies. The fulancial rtIng framewo that has beeu applied in tbeir pr¢paration is applicable law aad United Kingdom Acrountitig Standards (United Kingdom Genernlly Accepted Accounting Pra¢ti¢e), including Finaa¢ial Rqx)rting Standard102 'The Financial Reporting Standard applicabl¢ ill th¢ UK and R¢publi¢ of Ireland,. In our opinion the fillancial statements,. give a true and fair view of the stat¢ of the cllaritable ¢oJ2]pattgs affairs as at 29 F¢bn 2024 and of its incoming resources and application of resources, including its income and expendiftwe, for the y¢ar th¢n ended. have been prop¢rly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice, xn¢luding E£naticial Reporting Standanl 102 Tr Financial Reporting Standard applicable iti the UK and Republi¢ of Irelalld," and have b¢en prepared in accordance with the requirenllts of the Companies Act 2006. Basis for opinion We conducted our audit in cordce with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finallcial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stat¢ments in the UK, irtcluding the FRC'S Ethical Standarl and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thai the audit evidence we have oblained is sufficient and appropriate to provide a b&8is for our opinion. Conclu51ollS relathig to golDg coneern In auditing the financial statements, we hav¢ concluded that the trustees, use of the going ¢on¢¢rn basis of accoulltstig Èn the preparation of the fmancial statements is appropriate. Based on the work we have perforni¢d, we have not identified any material uncertainties relating to evettts or conditions that, individually or Collectively. may cast significant doubt on the charitable company's ability to continue as a going Concern for a perKod of at least twelve months from when the futsncial slatements are authorised for issue. Our responsibilities and th¢ responsibilities of the trnstees with respect to going concern are described in the relevant s¢¢tions of this reporL Other Information The trustees are r¢sponsibl¢ for the other inforn]ation. The other inforniation cottiprises the inforniation included in the Annual Repo¢ other than the fuwicial statements and our Report of the Independent Auditors ther&Jn. Our opinion on the financial statements does not cover the other itiforniation and, except to the extent OtheIst explicitly ststed in our report, we do not express ally forni of assurance conclusion thereon. In connection with our audit of the fmanctal statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other information is materially incongistent with the fan¢[al stst¢ments or our knowledge obtsined Èn the audit or otherwise appears to be nterIallY misstated. If we identify such mat¢rial inconsistencies or apparent Materi misstatements, we are required to detennine whether this giv¢s rise to a material misststeniellt in the fiuancial statements themseliies. If, based on the work w¢ have perfornied, we conclude that tbere is a material misstatement of this other tnforniation. we are required to report that fact. We have Tthing to report in this regard. 10
Th¢ George Miiller Charitable Trust Independent Auditor's report to the members of The George Moller Charffitable Trnst Oplnlons on other matter$ prnscrlbed by the Coxnpanfies Act 2006 In our opinion, based on the work undertaken in tbe cou¢ of the audit." the Inforntioll given in the Report of the Tnistees for the fanCIal year for which the finallc1 statements are prepared is coftsistent with the fmancial statements. and the Report of the TstetS been prepared in accordance with applicable legal requiremellts. Matters on wlJi¢h we are required to report by exception In th¢ light of the knowledge and lderstandIng of the clwitable company and its environment obtained in the ours¢ of the audiL we have not identified material misstatements in the Report of th¢ TnJstee8. We have nothing to report in respect of the following matters where th¢ Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have oot been kept or returns adequate for our audit have not been receiv¢d from brnches not visited by us. or the financial statem¢nts are not in agreement with the accounling records az returns" or Certain disclosures of trustees, remunerdtion specified by law are not nde. or we bave not received all the infonnation and explanations we require for our audit" or the trustees were not entitL¢d to take advantage of the small companies exemption from the requirement lo prepar¢ a Stratsgic Report or in pr¢paring the Report of th¢ Trnst¢es. Responslbfilltles of trustees As explained more fully in the Statement of Trustees, RespOnbilItieS, the trustees (who are also the dire¢tors of the chlble company for the purposes of company law) are responsible for the preparation of the fuwicial statements and for being satisfied that they give a true and fair view, and for guch internal ¢ontrol as the trustees deterniine 18 necessary to enable the preparation of financial statements that are free from nut¢rial misstat¢m¢llL whether (tue to fraud or effor. In preparing the fllwicial statements, tb¢ trustees are responsible for assessing the clwitable compangs ability to continue as a going collcern, d&sclo$ing, as applicable, matters related to going concern and using the going concern b&sis of accounting unless the Itustees either intend to h'quidate the clwitable company or to cease operations, or have llo reallsttc alten)ative bul to do 80. Audltorg, respon81Thilities for the audit of the fmaneial statements Our objectives are to obtain reasonable &sgurance about wh¢ther the fmancial slatements a8 a whole are free from aterial JnisstatemenL whether du¢ to fraud or error, and io issue a Report of the Independent Auditors that includes our opinion. Reasonable Bssuwice is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAs(UK) will always defrct a material misstatement when it exists. Misstatements can arise from fraud or error and are considered terial if, individually or in the aggregate, they couldreasonably be expecfrd to iDfiuen¢e the economic decisions of users tsken on the basis of these fuwicial statemellts. The extent to wbich our procedures are capable of detecting irregularities, including fraud is detailed below.. i) We obtained an understsnding of the legal and regulatory fr8mewoS applicable to the charity al the 8ect itt which it operates. We deterniined the following laws and iegulatiDns of most significance were: Charity SORP 20 19 and UK GAIP. (li) We obtained an understandÈng of ho. the eharttable company complies with those legal 2nd gulatOry frameworks by making. inquities of management. We eotroborated our enquiries througb our review of board minutes aud other relevant meeting minutes. (iii) We assessed the susceptkbility of the cbaritable company's fanCIal statements to material misststemenL including how fraud might occur. Audit pn)cedures perfomied by the ellgagenwit team include£l. - identifying and &8se8sing the effectiveness of controls management has inplace to prevent and detect fraud. 11
The George Muller Charitable Trust Independent auditor'5 report to the member5 of The George Muller Charitable Trust understanding how those charged with governance considered and addressed the potential for override of coniro15 or other inappropriate influence over the financial reporting process. - challenging assumptions and judgements made by management in its significant accounting estimates. identifying and testing joumal entries, in particular any journal entries posted with unusual account combinations; and - assessing the extent of compliance with the relevant laws and regulations. Because of the knherenl limitations of an aLEdit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the fmancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the Fmancial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.o .uklauditorsres nsibilities. This description forn]s part of our Report of the Independent Auditors. Use of our report This report is made solely to tbe charitable company's members, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate lo them in an auditors, report and for no otber PLLrpose. To the fullest extent pernlitted by law. we do not accept or assume responsibility to anyone other thall the charitable company and tbe charitable company's members as a body, for our audit worK for this report, or for tbe opinions we have formed. Andrew Jordan FCA (Senior Statutory Auditor) foi and on behalf of Haines Watts (Western) Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BSI 6HL Date:............................................. 12
The George Mllller Charitable Trnst The Ge¢rge Muller Charltsble Trust Sf4$eullt of FinaDclal Acrfvltle3 Ineorporatlng Income and ExpexdEthre Ae¢ount fot the year ended 29 February 2024 Curr¢ni Yeor Unre$Érlcted Unrestrietfd GeDeral Designated Funds ExpendAble Endowment Restrleted Funds Funds FRnd Totsl Fulld5 Total Funds 2024 2024 2024 2024 2024 2023 Note Income endowjnepts fToJJJ Donalion5 andlcgocies 60.523 1.087,615 1,148,138 1,046,263 InvÉsthients 410.459 410,459 387,433 Chrtntablt Aclivities 148.092 148,092 125,717 Total Income alld ettdowllbettts 619,074 I,OS7,615 1,706,689 1.559.413 Expeudlthre OD Rui5iRg Fund5 30.748 30,748 34204 Charitable tt¢iTvities 699.801 32,840 1,102,290 1.834.931 1,640,365 Total Expe*1thre 699,801 32,840 1,102,290 30.748 l.865.679 I,674,569 Netgains/flosses) 0 Envestwents l3 204,527 204.527 (540,057} Nert tncome/IryN.Irt) 180,727) (32,840) (14.675) 173,779 45,537 (055,213) Transfers befweenfvndl 19.20 126,000) 91.843 {65.843) Othergains/(lo.%sEs) 19 (381) (381) 2,968 Netlnovemettt iKft4lld5 (107,108} 59,003 (14,675) 107,936 45.156 (652,245) Toialfvnds brought foTWai 19,20 301,030 2,105,688 63,401 12,018,236 14,488,355 15,140,600 rotalJuvds ¢4rried for1rd 1920 193,922 2,164,691 48,726 12,126,172 14,533,511 14.488,355. All of the activkties of the charity are classed a$ Cootinuing. The notes on pago$ 17 to 31 form part r)f tlw fin¢111 statements. 13
The George Muller Charitable Trust StatsThent of Fi1¢181 ACtiti¢$ in¢orporgtiJTrg Income Expenditure Aeeoullt for the ye3r ¢nd¢d 28 Febru4ry 2023 UDrestrlcted UBre$trictsd GenerAI De5igR8ted Expelldable Ed0ment Restrficted Funds Fundy Trtal Fund 2023 2023 2023 2023 2023 Note Iucome And endowments frorn Donations and legacies 67,641 978,622 ,046,263 IpTVeStments 387,433 387,433 Choriioble Aciiviiies 125,717 125.717 Total Income alld endtswmellts 580,791 978,622 1,559,413 Expelldlthre on RoisikTg Funds 34,204 34,204 Charilablé attivities 583,790 33,508 1,023,067 1,640,365 Total Expenditure 583.790 33.508 1,023,067 34,204 1.674,569 Netgnrns/llossetr) ort inyÉstmÉnts 13 {S40,057) (540,057) Net irttom*Jf£rpendlfvre) 12,999) {33,508) (44,4451 {574,261) {655,213) rransfers bÉtweenfvS 19,20 75,636 (3,425) {72,211} OthÉrgainsl(loJses) 19 2,231 737 1968 74,868 {36,196) (44,445) 1646,472} {65? 2451 TalIp brougki fonvurd 19,20 226,162 2,141,884 107,846 12,664,708 15,140,600 TotalfuNds corried formird [9,20 301,U30 2,105,688 63,401 12,018,236 14.488,355 Ail of the activities of the cbarity are cla5seJJ as continuing. 14
The George MÉiller Charitable Trust Company nvmber 03471812 Bal&nEo Shtet as at 29 February 21124 Note5 2024 2023 Ffxed A6seÉ Intangible fix¢d ass&s Tangible fixed assets Fixed asset investments 5,580 1,837,066 12,126 172 13,968,818 7,600 1,775,945 12,011,742 13,795,287 12 13 Current Assets Stock 15 836 1,213 31,506 322,667 469,510 824,896 Debtors 16 26,220 322,046 421,398 770,51X Prograll)me related investments Casb at bank and in hand 14 Creditors.. Amowits falling due within one year 17 {184,310) 1111,780) current assets 586,190 713,116 Creditors: Amounts fa51ing due ft¢r nio¥e than one year 18 (21.49n (20,048} Net #Ssets 14,533,511 14,488,355 Charity funds UnrestrÈcted futKIs Uw¢stricted desigllal¢d funds Restricted funds Expendabl¢ endowment fuDd Total funds 19 193,922 2.164,691 48,726 12.126,172 301.030 2.105.688 63.401 12,018.236 19 20 20 14,533.511 14.468,355 These financÉ8] statements bav¢ b¢¢n prepared in a¢¢ordance with th¢ sp¢¢ial provisions of Part 1 S of the CotnpanEes A¢t 21)06 r¢lating to small compantes. Approved alld awhorised for issu¢ by the Ttustees on 25 Jun¢ 2024 and signed on its behalf by: D. J. Powelj C. D8vie5 Tru$tse & Company Seeretory c1&ll 15
The George Muller Charitable Trust Statement ofc4sh flaw3 for the year ended 29 February 2024 Total Fund5 Total Fullds 2024 2023 Net r#$h provlded by (used A#) operatirtg aetli4tles ttote 2 (42S,598) (457,770) Cash Iloivs from Invtstlng actlvldes: Divid¢nds and interest Purchase of PrOpY, plant and equipment Cnmputer software development costs Invesknent feeslproperty fund Sale of quoted investments Capital withdrawn from investments Purchase of quoted investsnents from other cash Sale of unlisted investments 4IO,459 (90,921) (1,020) (2,658) 356,079 64,939 {328,977) 40,819 (70,853) 387.433 11,247) (6,108) 226278 69,611 {240,535} 28,273 {24,69D Change Én cash held for investment Net cash proded by (Used SB) lllvestill¥ Aetivldes 377,867 439,1108 CbaJge Ill Cash alld c45h equlv8lent5 the rePorg perlod Cx5b and cash equlvalents at the beglnning of the ropDrtillg perlod Change Ill cash and cash oqufvalellts due to exchaDge rate movemellts (47,731) 469,510 (381) (18,762) 485,304 2,968 C*sb and cash equlyalents at the endof tke reportlng pet4od 421J98 469,510 Cash flow rvtrlctlons Charity law prohibits the u5¢ of net cash infjows on any ¢ndow¢d or oth¢r testsiot¢d fynd til offset net cash outfiows on any nd outside its own objects, except on special authority. Inprdctice, ihÉs restriction has not had any efft on cash flows for the year. The notes on pages 17 to JI form pirt of these fint4ncl&] statements. 16
The George Muller Charitable Trust Notes to the finandal $tstewents for tbe yer ¢nded 29 February 2024 Aceountin% Polieits a) General information The George fvtull¢r Charitabl¢ Tnjsl is a ¢ornpaTry limit by guarantee (number 03471812) and is a registereAI ciwÈty Ittumb 1066832), regist¢red in EnyJ3nd and Wales. The registered office is 4547 tA)ft House, Coll¢ge Road, Bristol BS7 9FG. b) B1$ of prtparatloll The financial statements have been prepared in a¢¢oTdanc¢ with A¢¢ouMing and Reporting by Charities.. Statement tsf R¢comTllaLded Practice applicable to charities pr¢pating th¢ir aGcount5 in a¢cordaiKe with the FinaDcial ReponiJg StaIard applicable in the UK and the R¢pub17¢ of Ireland (FRS 102) (effc¢tive l January 2019)- {chItteS SOIiP (FRS 102)), th¢ FiT)an¢ial Reporting Standard applicable in th¢ al Republic of Ireland (FRS 102) and Èhe Companits Act 2006. Th¢ CharÈty constitutes a public benefit enuty as d¢fined by FRSIO2. The financial stttem¢nts bave beer¢ pr¢paTed under the historical cost convention With the exception of tnvestme]2ts whtch are included at fflarket value. The fiDan¢ial statements have been prepared on the going concern basis. Th¢ fiDan¢Éal Stslemefjls are prepared in sterlimg, whtcb is the fiEnctioDal currency of th¢ Charity. Monetary amounts itt the financial statements are rouuded to the nearest £. ej Fund accoundng General are unr¢stri¢loJ fvnds of th¢ Chartty which are available for use at the discretion of th¢ Tru$te¢s in fvrtherance of ihe general obje¢tives of th¢ Charity and wlu'ch have not been desIated ftsr other puzptss¢s. Desited funds lpriSe unrestr&¢t¢d funds tbathave been set aside by the Trustees for particular PUTPOS¢S. The aim and use of eachdesignaÈ¢d fund js set out ÉA note 19 to the fu¢1a] statements,. Restricted funds include doTK>r balances which repre$ent ful$ given to the Chwity foi the work of SKI aThl th¢ Chwches City Fund. s¢e ote 19 to the financial staterllents. ExPe[ble Endowrn¢Dts are fiind5 to be retained for the benefit of the Charity as Capitak although there És discretion to ¢onvert the ¢ndowed ¢epitrl iuto in¢om¢. The Charity allocates legacies amounting to £25,000 (2023.. £25.000) or moie to the Exp¢ndabl¢ Elldowineut Fund where no ittsttu¢tion is re¢ei.ved to th¢ Contrary. Other legacies are creditrd to the L¥nr¢strÈ¢ted funds. Thi"s policy ig adopted because the TnEstets believe that do[rS Consider the C,hartty'& work ts be of a long trmi nkthre and would want tkn Tnjstecs to treat their donation$ as oapital whil¢ having the disrtioll to ¢onvert fvnds to income as and when considered desirable by the Tnte¢s. d) Ineome All income is included in the Statement of Ftnancial A¢tiviti¢s wh¢n th¢ Charity's legal ¢ntsdement to the income is probable and the amount can be quantified with reasonable accuracy. For legacies, ¢nlitlenwrt is the earlier of the CharÉty being wlifjed of an ijnpending distributiot7 or ibe legacy being rKeived. In¢oTne tax recoverable ITr relation to dotlations re¢¢2v&I under Gift Aid or deeds of covenant is r¢cognised at the tirne of the donation. e) ExpeDditure Expenditvre is recognised in the Statemet]t of Finan¢Éa] A1VIti£$ on an accruals basis, inclusive of valu¢ added t&x as this is not recoverdble. Gr8lliS are ]llade lo Chn"sts"an workers and organisations and are recognIs as expendIre when they are paid or comrnitted whichever is th¢ rlIer. Multi service area costs are those costs kDCUTTed in SLWPQrt of ¢xp¢nditure on the objects of the CbaTity and Bre alliKat¢d on the basis of time spent. Thes¢ in¢lude salaries and support ¢os. 17
The George Muller Charltsble Trust Notc$ to thefinaDelAI ststemtots for the yur ended 29 Febrnary 2024 l A¢¢oun¢ing Policies {condved) . Governance costs are those costs incurred iu conuxtiorL With the constltutional and statylory reqUIremt$ atr IncldelI ifL multi service awd Costs. fj IAlall8lble fmxed assets And amort15atloD Intattgible fixed ass¢ts ar¢ sial¢d at CQs1 less accumulat amorti38tiou. software developEnent costs ar¢ re¢ognised as an intangible fixed set where th¢ cost of d¢v¢lopm¢nt is OV £1,000 and it ¢an be demonstrat¢d that the software when brought into use will produce enomiC and charilable benefits for a period longer than one year. Software developm¢nl Costs are amortised to write off th¢ Cost less estimated residual valu¢ of ¢acb a5sd ovu 5 years usillg the starigbt line m¢tbod. g) Tallglble fixed ass¢ts ard depr¢ClaOn All assets costing more thall £l,IXM) art ¢APttalised. Tangibl¢ fix¢d assets are slated at ¢osl less depreciation. Drpreciation i& not providedon freehold buildings stnc¢ tbe cost of thes¢ properties is i aggregate collsid¢rably less than their market value- see xot¢ 12. thh¢r than Freehold land and buldill8s. depreciation is pmvided at nt¢s ¢al¢ulat¢4J to Tte off the ¢o$t, l¢ss estimated residual value of each asset, ov¢rits expected useful life. as follows: Building Plant & EquÉpmenl Museum Content FumitUTeFiKtur¢5 & Fittings Office 4uipment slraight line IWO straight line IOYO straight line 33.33Q/o straitht line h) Quoted lllvestments Fixed asset investmellts in quoted shares are valued inÉtially at t05t and subsequently at fair value (Ibeir market value) at the year en(L Any changes in th2 fair valu¢ of iLvestsn¢tJk5, whdher realis1 or unrealise4 are combinal and $lwn the Ststement of Fin2ntÈal ActiN7ties as nel gainsl {losses) on investment$. il Unquoted Investments Inveslanents are slated n)id-point of the bidlofferprice at the year-end as advised by the fund manager. Differeu¢¢s b¢tw¢¢n the value of inve6trtt¢nts beld at the yvar.end and either tbehistori¢ ¢osÉ (Wh# inv¢sÉJn¢uts were acquired during the Current accounting year) or the matket value at tbeprevious ye8r ¢i)d {wh¢r¢ investments were acquired itt a prtor year) are recognised in the Statement of Fitttill¢É21 A¢ttIeS as UDTealised gaim&lEoss¢s. ]} Cash 4waltto% Investment Capital cash ljeld as part of the investrn¢¥tt Portfolio awaiting investsnent is treated as a fiKd asset investn. k) Programme r¢latsd thY¢$tDllts Prograrnme Telated investtnents conskst of: l) global mi¢rofivan loans which are small shon t¢mi loans to entrepreneurs in poverry, thty ar¢ tttterest free and 2) a lirtSage provided, which d purchase of house in Clevedoryprevtously owned by t1 Charity as a rehabditation centr¢. The mortgage loan is secured ot) theproperty and r¢pay4bl¢ in S¢ptenther 2024. IteI on the loan is charged at 5.65Ytr. This mortgag"e enable4t the Charity to dtvesi itself of th¢ property whilst enabling tke work of the purchasing cbarity to continue in th¢prop¢rty. The Trnstees have dtttded to bring the Charity's involvement in the global m[¢rOfae loaD5 to a close aod teallo¢ale the assets eLsewh¢r& As it 1$ our intention lo close th¢mortgoge and realis¢ th¢ cash 4)ver the next year, the outstanding balan¢¢ is included in current assets, The programme r¢lated investments are carried at costle5s there appropriate a provtsÉon for iEDpairnieni less any rq)aym¢uts recei1rL The proviston is ¢harged to charitable activities as grants whilst the exchange loss¢slgain5 are Charg to Oth¢r gainsllosses in the SOFA. 18
The Ceorge Muller Charitable Trust Notss to the fJnanci41 Jtstemeuts for th¢ year ended 29 Februar} 2D24 l Accountthg Pollcle5 {eollthiued) l) Stock Siock has been vallled At the lower of ¢ost and net rfalisable value. m) Eiebange Galllg and Losses The majority of the mÉcmfinance element of tbe Cl]ty'S proy8mm¢ lated investmEnts are managed in US$. IA VI of there being a very large numb¢r of small loans th¢ trans8¢tions are not converted to £s at the transaction date but the USS balances at the year-¢nd ¢onverted io £$ * the year-eThl rnt& Gains and losses on exchange are treat as other gaiDs and losses within the Statement of Finan¢ial Activities. ) Penslon5 The Charity operales a deftned ntrIbutIonpefjs10ll sdwn¢ aTrd the p¢nsioTr charge reprcs¢nts the amounts payable by th¢ CharÈty to the fuAd in respe¢l of the year. Paymettts to ex Tnembers of staff in an unofficral P¢DSiOn arrangemcftt are Considered att obligatioll r¢cognised and treated in a similar way to a defined benefit pension scheme. Us¢ of on a¢tyarial valuation was not Coldered De¢es$ary ilk view of the small sÉz¢ of the s¢h¢me. The Murnber of individuals treated in this way at the year-end w'as 2 (2023.2) o) Debtors and ¢redl¢o Debtots are recognised at the settlern¢nt anUt du¢ and prep&5m)ents aTe valuaj at the araount pr4)ai Creditors are re¢ognised wh¢tr th¢ Clwity has a present obligation resulting from a past event that will probably result Èn the transfer of fuThds to a tbird party and the amount due to sett]e the obligation can be measured or estimated reliably. p) VAT ltrecoverable VAT is charged against the exp¢udilur¢ h¢ading for which it was incuJTrl. q) Crltl£al jdeMents A#d key sitrurces of estinJatiOn uncertsinty The following judgeEnents {apart from those involv&ng estiniates) have b¢eo njade in th¢ process of applying the accoTJEEting polices and have had the ost &gntficant effttt on amounts reu)gnised in th¢ financial statements: . Investmenls shown at fair value which are bas¢d on observJbl¢ Jllarkd pri¢¢s as advised by the investment managets. - Classific8titsll of ¢oÈnmunity houses 85 fix¢d a85¢15. Th¢ intention 15 to sell the properti¢s witkn"p 12 months of tlke year end. - The obligation re¢0]sed regarding paymetLts lo ex members of staff as describcd in policy n The obligdtion was calculated based upon the age> gender at)d annual obligation to each recipi¢nt. - The allo¢ation of legactes to the Expendable Endowme1 Fund as set in policy c. r) instrwneTrts Tb¢ Chariry has ele¢t¢d lo apply the pmvisions of Section I I 'Basic Fllnancial ILnjrncnts, aThl Section 12'ot1 Financial Instnmts tssu¢s' of FRS 102 to all of its fina{al instruments. Financial instrtmjents at¢ rt¢Ogns¢d the ChaTrty bOIeS party to th¢ ¢ontractual provisio of the insttwllmt. Finao¢ial ass¢ts ad liabiEJ"ties are offset, with the net amounts present&1 in the financial staiernent& when thtr 1$ a Icgally ¢Of0¢ab]e right to set off the recogniscd amounts and there is an intention to s¢ttl¢ on a basis or to realise the w¢È aud settle the liability simulianeousty. - Baslc fitwicial assets Basic financial a55et& which include trad¢ 2nd oth¢r d¢btors, allUllts due fn)m Chan'ty u[ertaking$ and ¢8sh and baTrk baIance& are initially tnwured attransaditsn price in¢ludillg trJllstction costs and are subsequently canied at 2mortis¢d ¢05t. Financial assets a der¢¢0]Sed only wben the contractual ri]ts to the ¢&sh flows from th¢ asset p}re or are s¢ulc<L or when the Clwtty transfers th¢ fit[5 asset and substantially all th risks and r¢wards of owuership lo another entity. or if sotne signtficant risks and r¢wards of ownership are retained but Control of the asset ha6 trallsferr&l ro anotberparty ibat is able to sell ihe asset in its entirety to an unrelat1 third party. 19
The George Mul]er Charltable Ti'ust Notes to the fin¥lleial ststements for tht year eJded 29 FebrArY 2024 I A¢¢outing Poli¢1 (continued) - B$i¢ fin4ttci#l liibilitits Baslc financial liabiliÉie4 includinD trade and other creditors and anllts due Éo ClwRty wuie¥takAn8s are IDitkally reCOlEs] trtion pri¢e unless the arrangenmt ¢onslitutes a fiuan¢ing transa¢ts"on, where the debt iiistrurttent is tlleasured at the pent value of the future payryts discounted at a matet rate of interest. Debt instTuments are subsequently carried at amiFrtis¢d c05t, using the effective interest rate metlLod. Financi liabiliti¢s are d¢r¢cfjgnised Whe aThl only Wh th¢ CIwi5 ¢ontrd¢tyal obligations are discharg& cancelled, or th¢y expi s) T8xatlon The Charity is exempt from tax on ils charitable activities. t) Cish 4nd $hort tsnn Investments Cash al bank is h¢ld io meet short ¢¢nn cash commitments as fall due rnllw than for investment purposes alld includes all ¢4sh equivalents kld in th¢ forn) of short t¢rni highly liquid ir>v¢stm¢nts {deposits). Cash at bank as per the balance sheet includes ÉDv¢8tTn¢nt ij)com¢ held as part of the investm¢nl portfolio. 2 Reeo]Ecltlatioll of Det IneomeJ(expeDdltsre) to llet Ca5b flow fro)m t)per&tlllg xetlvldes Total F¥nd% Total Funds 2024 2023 Net lll¢omel(expeydltur¢) for the reportlpg p¢rlod (89 per tkn $tAtsntrMt of fiDan¢lal actii4tle5} 45,537 (655,213) AdJusÉDJents foT: DepreciatioTh aud amortisatron charges {GaiJk5NIosses orl illvestmeFJts Defaults & provisions IDveslTnenÉ f¢¢5 32,840 (204.527) 33.508 540,057 {90) 34,204 {737) 5.499 (387,433) 198 30,748 E¥chaTrye rdle Eossesl (gains} on PR inv¢5tm¢uts Microfinanc¢ repaid DivideTK15 and lu1¢t 621 (410,459) 377 [1CTeaSeydCcasC in StkS (IIKreaseydeCas¢ debtors tncrea5eI{decr¢c) in credilvrs 5,286 73,979 11,405) 126.358) Net ¢a$lt proTr4ded by (Used Im) operating actitIeS (425,598) (457,770) 20
The George Miiller Charitable Trust Notes to the 17nanelal statements for the year ended 29 February 2024 Donatiolls a legad¢$ Uttrestri¢ted General Fund$ Restricted Elldowmellt Tot1 Fllttds FuDds Fulld5 21124 Donations Legacies 57.177 3,346 1,087.615 1,144,792 3.346 Total 60,523 1,087,615 1,148.138 Donationg And legacie5- prior year. UDrestrieted General Re$trleted Endowmtnt Total Funds Funds Fuvds FuTrd5 2023 Donations 56.641 I 1,000 978.622 1,035,263 11,000 L¢ga¢ies Total 67,641 978.622 1,046,263 4 1nvestDienÉ Income Unre5tri£ted General Totsl Funds Tot1 Ftsllds Funds 2024 2023 Dividends rcceiwdble 404,379 6,080 404.379 6.080 387.420 13 Intcrest ott cash dLysits 410,459 410,459 387.433 All of the 2023 tnv¢stntrt Éncorne WAS in the Unrestsicted Qetrral Fund. 5 Ineome from charitable aclfvities Ullrestritted Gellerai Totsl Funds Totsl Funds Fund5 2024 2023 Rental income {ConllEty houses tn Cotham) tnt¢resÉ on Prowulle Related tnvesttllent mortgage Fan)ily tvords (lfrntagel S21¢ of books {HeriÈag¢) Sale of mis¢ellauo)us items {Huitage) Youth and Childrens, Couleremce in¢ome 113,063 26,511 1,950 2.165 598 3.805 113,063 26,511 1,950 2,165 598 3,805 105.753 17,187 1.281 1,496 Totsl 148 092 148 092 125 717 All of the 2023 income frolm charitsble activities was in the Unrestricted General Fun 21
The George Miiller Charitable Trust rlotes to the fiuRncial statements for the year ended 29 February 2024 6 Analy513 of expendlthre by typt Dlrect Staff C05¢5 Direet Costs Support Costs 2024 2024 CraDts 2024 Total 2024 2024 GLob81 Partn¢rships (SKI) Heritage Youth and Childm's ministy support TlwlogÈ¢al Trnining coE[lu1ty Houses Bristol Cbur¢h¢$ City FuDd 58,934 22,561 27,917 32,305 2,590 8,002 25,360 9,278 4,954 50,179 80,695 30,890 38,224 44,232 3,555 1,297,138 50,OIy) 1,444,769 128,811 75,419 81,491 56,330 48,111 48.111 Chrit4ble a¢tivktie$ C06t of ii$lng fund$ (inv¢slm¢nt mnog¢ment cts) Totsl expellditure 144,3 13 97,773 30,748 128,521 197,596 1,395,249 1,834,931 30,748 1,865.679 144,313 197,596 1,395,249 The Iritage grdnt of £50,000 is to support Three Arrows MedÈa through the d¢v¢lupment phase of the production of a period drama about George Mullels life of faith. Community house costs are the costs of maintaning tbe Cotham prop¢rti¢s W"¢h the Trustees have decided to realise value frDnL Bristol Churches City Fund gra ar¢ dir¢tted at meeling Social needs in Bristol such 2$ food poverty and refvgees. Volunteers contribut¢ to the h¢n"tag¢ work by welcoming visitors and school groups to the muse aTJd resear¢hÈng family records. Governance cJ)sts are £1 0.500 (2023.. £10,705}. They tepresrni audit f¢ a[ are included in support cosls. Analys1$ of expettdlmre by type- Prlor Yet4r {reclsslfled) Dlrect Staff Costs Dlrect Costs Support Costs 2023 2023 CT*nts Tot81 2023 2023 2023 Global Parttlersknps (SKI) Heritage Youtb and ChÉldreris "¢sty Support ThwI0C8[ Training Conllnwiity Houses Bristol Church¢s City Fwjl 45,581 21,229 25,570 25,961 2,050 3,040 16,631 2,533 7,265 34,392 65,697 30,594 36,849 37,413 2,954 1218,633 1,332,951 68,454 64,952 70,639 39,396 63,973 63,973 Ch[ble a¢atIeS 120,391 63,861 34,204 98,065 173,507 1282,606 1,640,365 34,204 1,674,569 Cost of ral$lng fwid$ (Inv¢$tment m&n#gemettt Costs) Total expellditure 120,391 173,507 1,282,606 This oote has been updaled due to Ihe reclassification tsf cbaritable a¢tivites. 22
The George Muller Charitable Trust Note5 to tbe fiDaueil $ttements for tbe year tded 29 Febrn#ry 2024 7 Sw)port eosts 2024 2023 Staff costs Suff related ¢osts Office Premis exp¢ns¢s Admit)istration expenses Ikpreciation 36,944 29.911 37,371 18,240 10,500 21.630 27,457 38,836 18.908 10,705 8 SKI Grants SKI grdnts including Oryhang of the World is the continuation of th¢ work fomwrly carried on by the SKI tnist, IÉS Work is to provide 8Tants, support and ¢n¢ourag¢m¢nt to thos¢ involved irA Christian work and ethation both in the UK and overseas. It bas an ¢n)ph8$i$ on work amongst ¢hildre¥L and in particular olphans and widows. 21124 2023 Grnnts to 118 (2023..119j ldIvIdUal Christian workers Grants above £5,000 Organisations (details b¢low. Wh grants wer¢ abov¢ £5,000 in the ¢urremt or preceding period) Grants below £5.000 to Organisations Other grallts D¢fauJts and exch'ange (lY losses for Programme related illvestments {see note 13) 781,90S 673,489 430,462 76,319 8,452 467,577 76,740 827 TotsI 1297 138 1.218633 Grauts to organisatiolls ¥bove £SOOO ( detalls below, whtre grattts were above £5,000 ift elther ¢he £urT¢Dt gr PTe¢ediMg p¢rlod) 2024 2023 Go5p¢I of Kin8doEn Associates Rwandan 0ba&PrOjeCt H8VenHon thphanage 25..40 komanta Eb¢n¢2eT CbÈldren's Centre Subtotal carried fotivard 8,905 05,566 42.812 23,150 23,729 164.162 8,413 71,764 46,119 25,125 28,060 180,087 23
The Geoigc Midler Charitable Trust Notes to the f?4¢$al ststements for the year ended 29 Febrary 2024 8 SKI GrADts {tollliMued) 2024 2023 SubtDtal brought forward Bright Hope World Shared Hop¢ Hebron Hostel Trus¢ Africa Naturally UNIVIDA Hands at Work. in AftSca-Bp4ndi Hands at Wot* im Africa- Oshoek HelpingTM to Smile Five Talents Holland WharfGirl$ Hostel Saltmalawi (The Josq)h P¢Dj¢¢t) House of Hope SSS Nepal DFN UK New Vi¢tory Child Car¢ Ripple Eff¢d (Swl a Cow) so"d Ro¢k International Ministries UM OpetatÉon. Mobiltsation 164.162 20,919 20,500 180,087 13,314 15,500 12,300 14,865 8,219 I7,803 18,690 7,388 10,000 14,044 7,581 5,398 9,296 15,550 5.987 14.898 21,314 10,000 19,800 25.256 20.287 10.612 4.558 16,312 18.952 6,526 12.000 16,501 6,561 9,029 9,863 6,166 16,358 22,853 2,300 1.214 33,564 5,235 10,000 5,138 430 462 For Ethiopia David Chaudhary Ministries srEPUK Seod Snternational Fund Trust Titstsl 9 f4et iMcoTrel(e¥peuditsre) ThÉs is after {crediting)Ichargtll8: 2024 2023 Dq>reci8tiOEJlkmortÉsation of tangible and intsngible fixed assets owned by the Charity Auditors, remuneration 32.840 lo,5) 33,508 10,500 24
The GeoiEe Muuer Charitable Trust Notes to the fiDarycio1 $tsttmeLts for the yexr eJME¢d 29 February 2024 10 St•ff Co$ts 2024 2023 Wages and Salaries Social Security ¢osls Other Pension ¢O$És 188,047 8,415 12,481 160.057 5,872 10,433 Totsl 208.943 176362 Management Administration Totsl The numbers of employees, as is the averdge headcourLt number of staff ezuployed during the year. No employee rtteived rttor¢ thwa £60,IKIO remUon in th¢ y¢ar. Th¢ Chatity Leader, Deputy Leader (appointoa in 21123) and the Trustees comprise the key tnaoagemellt p¢rsonn¢l of ib¢ Charity. No TNslee received any remuneratioTJ during the current or ple0u$ Yr. No Trnstees were rCimbtsrs for expenses {2023: £llil). The key managethet perSOlle1 received Èotsl emplosrynent benefits of £88.003 {2023..£44,029). 11 Intsngible Fixed A$5ets cOPU¢¢r Softsvare To¢1 2024 Cort #s at J March 21123 15,200 15,200 1,020 16.220 Additlony Cogt •$ at 29 February 2024 16,220 AmortisatioD As at l .Match 2023 7,600 7,600 Charge for the year As at 29 F¢btuary 2024 Net Book Vallle $ at 29 February 2024 Net Book Value is at 28 Febru8ry 21)23 3,040 10.640 10,640 5.580 5,580 7,600 7,600 25
The George Miiller Charitxble Trust Not¢s to the ffinanclAI stateTh¢nts for fhe year ¢Dded 29 Febr 2I24 12 TaDglblt Flxed Assets Bulldlng Plv&Ht & Furnlture Flxtsre5 & Lnd alld useum Offi£e Bvildiag5 M#ehineTy Content Flttings Equipment 2024 Cost #s at A MAreh 2023 ,693,915 89.644 1,783,559 111.821 104.690 56,91.9 26.115 1,277 27,392 1,993,460 90,921 2,084,381 Additions A5 al 29 Febnry 2024 111,821 104,690 56,919 Aeeumullted Depre¢l&tlon As al l Mar¢b 2023 Charge for the ye As at 29 Febnwy 2024 94,743 40,069 11,182 51,251 37,514 10,469 47,983 23,319 5,692 29,011 21,870 2.457 24.327 217,515 29,8(10. 247,315 94.743 Net Book VAlut 4$ 4t 29 Febnthry 2024 1,688I16 60,570 SA707 27,908 3,065 1,837,1I66 Net Book Value as at 2¥ February 2023 1,599,172 71,752 67,176 33,600 4,245 1,775,945 FreelKld land and buildings are included at cost which in aggregate is considerably less than their market value. As all these properties are maintained to & higb srandard. n)anag¢tn¢ol haye conducted an impaiTment review thowius that Éb¢ (ryIng value is le55 thalt th¢ rxoverable aTnouuL Consequently from l Mar¢h 2019 depreciation was not provided on the freehold land and buildings. Prior to this 8 charge of 20/0 was made. A review for indicators of impaimynt is carried out annually by tlje TTU5te¢5. Tbe additions to land and buildsThgs in the year are planning and sale costs incurred on the Cotham properttes to get them ready for sale. 26
The George Muller Chaiitable Trust Note6 to the fittÉtseikl statepients for the ytar eF4ded 29 FebTUXfy 2024 IJ Flxed Asset I$tents Cash Unllst¢d Investmettts Llsted vestmettts inYe5tm¢nt Totals IT VALUE At l M2wh 2023 Additions Disposals Revaluaiions 7.320,049 4.650,804 328,977 {356,0791 174,0191 40,889 12.011,742 328,977 (419,074) 204,527 (40,819) 295.114 122,176) (16,568) Al 29 February 2024 7,574,344 4.549,683 2,145 12.l26.172 NET BOOK VALUE At 29 FebNary 2024 7,574.344 4 549 683 12 126172 At 28 FebrLWy 2023 7 320049 4.650 $04 40,889 12011742 •/• of porrfollo value /• of portfollts 2024 2023 The unlisted investments ar¢ h¢ld in: sa1Th Endowm¢nts Fund Class A Inc nits Èn Cliarity Property Funds.. MayfaÉr Capital Inv¢stmet)t MGM Ltd Propety Incon Trust for Charities 6,221.927 5,906,787 491/10 749.350 603.067 794,000 619,262 7° The listed Investme$ o¥¢ by RBC Brewin Dolpbin. h'o SlAgJe investment represented more than 50/0 of th¢ investtnent portfolio (including cash). 14 Pro2ramme Related InveitmeDts Mlcroflnxttee Loans Mortgage Totsl As at l March 2023 667 322,000 322,667 Additions (new loans} Exchange rate gains (losses) Amounts repaid Defaults and propistons (charged) ¢redited to Charttable activiti¢s- anis (621) (621) At 29 February 2024 46 322,000 322,046 27
Tlie George Miiller Charltsble Trust Notes to the flnancftal slxtemettts the yexr tded 29 Febnw 2024 14 Pro8rarnme r¢lat¢d thv¢stm¢uts (eonthiued) ProttLe related inve8tmertts consist of: l. Global microfitkan¢¢ loan5 whtch are sm3115hort terni loans to entr¢preneurs in povety. They are Intere free. As the TnÈstees have decided to realis¢ thes¢ inYestm¢lll$ over the next year, these loans 2r¢ included in curreut a38ets. 2. A mortBag¢ lo enable the purcb&s¢ of a house by a Clevedon Clwity to be run as 8 dru8 T¢habilitat¢on centre. This property w#s pTrviously owned by the Tntst. tnt¢rest is ¢harged on the loan at 5.65YJ and the loan is secLw&I on the property. The rtrtgage loan is 0W repayabl¢ in S¢ptember2024 followiA% an ¢xt¢Nion grant1 by tb¢ Tntee$ and is awordingly iDcluded in ctsrrtht 4SS¢t3. tknrtng the year, the TNst¢es de¢ided to gift back £8,452 ofintcr¢st to the Cl¢v¢don ¢harity. Progr*JDme ReEAted Investments- Prior Ye4r Mkroflnance Mortgage Totsl As at l March 2022 Exchange rate gains (Ios5¢5) Asnounts repaid D¢faults and provisions (charged) credited to Charitable #¢tivities- 5,339 737 322,0 327,339 737 (5,4991 (5,4991 90 90 At 28 FcbTuary 2023 667 322,(KJO 322,667 IS Stoek8 2024 2023 Tot 836 1,213 16 Debtors 2024 2023 Debtors aMdprepaymeu15 Income tsx recoYeE8ble 16,895 9,32S 22.585 8.921 Totsl 26,220 31,506 17 Creditors." Amowits falllDg dme wlthlD Oll¢ year 2024 2023 Trade CrlI0rS Social S¢¢urity and other taxes Accruals and deferrtsj income Surmlry ¢re(1itors and SKI not yd paid Otb¢rcreditors- pensionobligation 14,275 4,077 78,699 77.659 13,676 5,513 20.552 65,617 6,422 9,600 Total 184,310 111,780 28
The George MiÉller Charftable Trust Notes to the finAn¢W tsttements for the year ended 29 Febrymry 2024 l¥ Credifors: Amounts flllng due aftsr more tbAa Ollc y 2024 2023 Other e¥editors- peD$v obligation 21.497 20.048 19 MovemeDt In fwid$ Year ended 29 February 2024 At l March 2023 TraTrsferA betiyeen futtd5 At 29 February 2024 GAins and losses Unr¢$trietrd Funds Free reserv¢s (UTrrestricl¢d General fund) Unrestticted Fixed Asset Fund (desi8Dat Prngramme R¢J8ted Investsnettt Fund (desited) 301,030 ,783,545 322,143 2.406,718 618,693 (699,801} (32,840> {26,IX)O) 91,940 {97) 65.843 193,922 1,842,645 322,046 2,358,013 618,693 1732,641) RestrA¢t¢d Funds 33,421 19,321 IlJ.659 63,401 1.033,612 54,003 (1.043,520) (48,111) (10,659) (1.102,290) 23,513 25,213 The ChuTcb¢s City Fund kestricted Legacies 1.087,615 48,726 Expenthble Endomment Fund 12,018.236 204,527 130,748) (65,843) 12,126,172 Totsl funds 14 488.355 1,910835 1865 679 14.533 511 Description alld pwpose of fund$ ajd tr#ll5fer$ Free reserves urtrICted genttal funds are the fiv r of t1 ¢harity. The net transfers of £26.0(X) out of the fvnd compnse the following". ' Transfer of £91,940 into the Urtrestrickd Fixed Asset Fund F¢pr¢s¢nting fixed Rss¢l additions in the year, a transfer r¢c¢ived from the Expendable Endowment FUE of £64,939 in r¢spe¢t of capitsl withdrawals from the Clwivs fix¢d asset investmenty £380 added for some fijnd balance adjusttnents atkl £621 received fiDm the Programme Related Ittvestsnent Fund represetttiog repayments of micro finanee loaDS ill th¢ y¢ar. Unrestrf¢ted Designated Fundg The Unrestricted Fixed Asset Fund is a fund repreSen$u the net book valueof tangible atyj intan¥ible fixed assets held for ch2rÉt8ble PUTposes. The transfer of £91,940 into the fund rcpresents th¢ cost of office equIpMentpchaSed during th.e year. th¢ cost of development work on th¢ ChwiWs CRM system and some pmperty additions (£89,044). The Programme Related Investmellt FUMI consists of global interesi free mÉ¢tofinance loans to entrepreneurs tll poverty and a mortgage to ¢nable the purchage of a house to be run 95 a dnjg rehabilitlon centre, by a charity in Clev¢don. ]e microfinance loans hav¢ be fully repaid sa.ve for £46. TraDsfers outof the fiind F¢pf¢sent repa)qWES of microfin¢¢jo8lls received during the year partially offset by an 2djustm¢nl to a PTtor year balance. The Tnte have anted the charity in Cl¢vedon an ext¢nsion of the mortgage repaym¢ol date to. 30 S¢pt¢mbtr 2024. The propety on which the mottgage has be¢n gtven was preNiously own2d by tb¢ Trust. Inte¥est on th¢ EIrtgage loaD is ¢Rwged at 5.65Q/4 and the loall is secured on the propety. 29
The George Muller Charitable Trust NotsB to th¢ fiuaDci#I ststen)ettts for tht year euded 29 Ftbru4ry 2024 19 Mov¢JNcnt AU funds {contlnue6) Restriited Fund$ ' SKI donor bF4lances represent amoullts giv¢4 to the Charity in the year ended 29 Febnthry 2024 for th¢ work of SKI but not distribtsted at 29 February 2024. The Chllr¢h¢s City Fund is a fund directed a¢ so¢Tral ed5 ifA Bristol such as food poverty aTMI refugees tn which the Ctwity partneis wÉth Bristol Chur¢hes. Restricted legacies ar¢ lega¢R¢$ 8iv¢ry for the work of SK[. Pr(% yc4r ¢Ied 28 February 2023 At Tr•usferJ betwee funds At 28 Febrnary 2023 l M4rf 2022 Income and Expe#ditllre Giu5 and los$e$ UDrestrleted Futtd$ Frtt reserves (Unr¢stri¢led G¢n¢ral fi5nd) Uttr¢$trict Fixed Assei Fund (designated) Progran)m¢ Related tnve5tment Fund (designated) 226,162 1,813,806 326.078 2,368.046 583,022 {583,790) {33,508) 75.636 1,247 (4,672) 72.211 301,030 1,783,545 322,143 2,406.718 737 583.759 {617,298) Re$trIct Funds SKI The Churches City Fund liestn"ct¢d Legacies 34,058 63,129 10,659 107,846 958.457 20,165 {959,0941 (63,9731 33,421 19,321 10,659 63,401 978.622 (1,023.067) Expendable Fund 12,664,708 {574,261) 172,211} 12.018.236 Tot funds 15,140.600 1,562,382 (2 ?14,626) 14.488,355 20 Amaly$l$ of net assets between fndS Unrestrleted Unrestricted General De5ignAted Funds Restricted Endoivment TotAI Fund$ 2024 Tarwble & IDtsngible Fixeil A$s¢ts Fixed Asset lllV¢Sttnents Prograllkm¢ Relat ]nv¢stmenls Ot1 Net Assets 1.842.645 1.842,645 12.126.172 322,046 242.648 11126.l72 322,046 193,922 48.726 Total 193,922 2.164,691 48,726 12.126,172 14,533,511 30
The George Muller Charitsble Trust Notss to the fioaneial statements for the yvdr ended 29 February 2024 211 Anatysls of net a$$et$ between f¢md$ (¢oMtlnued) Attglysis of net Assets betheen funds - Prior Year Unrestrietsd UDrestrlited Geuer&l Desigllated Restri¢ted Fllttds Eudowme4t Totsl Fwids Funds Fuud$ 2023 Tanble & Intangible F&xed Assets Fixed As6et Investlnellts 1,783,545 1.783,545 12,011,742 322,667 370,401 12,011.74 Progrdmme Related Investents Other Net Asseis 322,667 (524) 301,030 63,401 6.494 Tothl 301,030 2,105,688 63,401 12,018,236 14,488,355 21 P¢nsIoD.eomtmeThts Th¢ Charity operates a defiti&l contribution peThsion scheme. The assets of the scheme are held.s¢pardtely from those of the Charity in an independently adEninistered fund. The pension charge repTeseuts contribution5 payable by the Charity to Èhe fund and 0nKkunt&l to £12,481 (2023: £1O,433).There were contributions of £2,848 payable the fund at the balatjce sheetdate12023.. £2,612). The afOreMli0ned Char is separate from the pet]sio# obligation noted in Note 18 tsther crlI10rS and explain in accounting polÉcy D. 22 Relatsd party tr4ll$a¢tlo¥$ There were no related party tr2nsactions in the year endd 29 February 2024 or the year etmled 28 FebTUXry 2023. 23 Copi¢al ¢ommitme#ts The Charity had no Gapital ConlIttS as at 29 February 2024 {2023.. £DKIJ. 31