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 R￿ort Indep¢t￿ellt 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. Staff￿g 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 s￿h &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 M￿lMUM 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 cOl￿rt of our in-pernon scrIptE￿e, Theology and Cultur¢ Course f￿Sshed 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 an0n￿ly, and ll￿re 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 W0￿e[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 r￿St 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 CO￿erenC¢, planned for March 2025 by engaging ll￿r¢ 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. MA￿10nd[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 ¢0￿pIY1￿g with our regulatory obligations. Going fonvarr 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 Tn￿te¢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] A￿1VIti£$ 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 expendI￿re 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 ¢o*s. 17 The George Muller Charltsble Trust Notc$ to thefinaDelAI ststemtots for the yur ended 29 Febrnary 2024 l A¢¢oun¢ing Policies {cond￿ved) . Governance costs are those costs incurred iu conuxtiorL With the constltutional and statylory reqUIrem￿t$ atr Incl￿delI 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 e￿nomiC 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 ar*d depr¢Cla￿On 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 bu*ldill8s. depreciation is pmvided at nt¢s ¢al¢ulat¢4J to ￿T￿te 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 realis￿1 or unrealise4 are combinal and $l￿wn the Ststement of Fin2ntÈal ActiN7ties as nel gainsl {losses) on investment$. 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¢t￿￿tIeS 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¢$tD￿llts Prograrnme Telated investtnents conskst of: l) global mi¢rofivan￿ loans which are small shon t¢mi loans to entrepreneurs in poverry, thty ar¢ tttterest free and 2) a li￿rtSage provided, which d￿ purchase of house in Clevedoryprevtously owned by t1￿ Charity as a rehabditation centr¢. The mortgage loan is secured ot) theproperty and r¢pay4bl¢ in S¢ptenther 2024. I￿te￿I on the loan is charged at 5.65Ytr. This mortgag"e enable4t the Charity to dtvesi itself of th¢ property whilst enabling tke work of the purchasing cbarity to continue in th¢prop¢rty. The Trnstees have dtttded to bring the Charity's involvement in the global m[¢rOf￿a￿e loaD5 to a close aod teallo¢ale the assets eLsewh¢r& As it 1$ 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 recei1r￿L 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 Co￿ldered De¢es$ary ilk view of the small sÉz¢ of the s¢h¢me. The Murnber of individuals treated in this way at the year-end w'as 2 (2023.2) o) Debtors and ¢redl¢o Debtots are recognised at the settlern¢nt an￿U￿t du¢ and prep&5m)ents aTe valuaj at the araount pr4)ai Creditors are re¢ognised wh¢tr th¢ Clwity has a present obligation resulting from a past event that will probably result Èn the transfer of fuThds to a tbird party and the amount due to sett]e the obligation can be measured or estimated reliably. p) VAT ltrecoverable VAT is charged against the exp¢udilur¢ h¢ading for which it was incuJTrl. q) Crltl£al j￿d￿eMents A#d key sitrurces of estinJatiOn uncertsinty The following judgeEnents {apart from those involv&ng estiniates) have b¢eo njade in th¢ process of applying the accoTJEEting polices and have had the ost &gntficant effttt on amounts reu)gnised in th¢ financial statements: . Investmenls shown at fair value which are bas¢d on observJbl¢ Jllarkd pri¢¢s as advised by the investment managets. - Classific8titsll of ¢oÈnmunity houses 85 fix¢d a85¢15. Th¢ intention 15 to sell the properti¢s witkn"p 12 months of tlke year end. - The obligation re¢0￿]sed regarding paymetLts lo ex members of staff as describcd in policy n The obligdtion was calculated based upon the age> gender at)d annual obligation to each recipi¢nt. - The allo¢ation of legactes to the Expendable Endowme￿1 Fund as set in policy c. r) instrwneTrts Tb¢ Chariry has ele¢t¢d lo apply the pmvisions of Section I I 'Basic Fllnancial IL￿njrncnts, aThl Section 12'ot1￿ Financial Instnmts tssu¢s' of FRS 102 to all of its fina￿{al instruments. Financial instrtmjents at¢ rt¢Ogn￿s¢d the ChaTrty b￿OI￿eS party to th¢ ¢ontractual provisio￿ of the insttwllmt. Finao¢ial ass¢ts a￿d liabiEJ"ties are offset, with the net amounts present&1 in the financial staiernent& when thtr￿ 1$ 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, all￿Ullts 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¢ulcv¢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 $tAtsntrMt of fiDan¢lal actii4tle5} 45,537 (655,213) AdJusÉDJents foT: DepreciatioTh aud amortisatron charges {GaiJk5NIosses orl illvestmeFJts Defaults & provisions IDveslTnenÉ f¢¢5 32,840 (204.527) 33.508 540,057 {90) 34,204 {737) 5.499 (387,433) 198 30,748 E¥chaTrye rdle Eossesl (gains} on PR inv¢5tm¢uts Microfinanc¢ repaid DivideTK15 and lu1¢￿t 621 (410,459) 377 [1￿CTeaSeydCc￿asC in St￿kS (IIKreaseydeC￿as¢ debtors tncrea5eI{decr¢￿c) in credilvrs 5,286 73,979 11,405) 126.358) Net ¢a$lt proTr4ded by (Used Im) operating acti￿tIeS (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 Tot*1 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$trleted Endowmtnt Total Funds Funds Fuvds FuTrd5 2023 Donations 56.641 I 1,000 978.622 1,035,263 11,000 L¢ga¢ies Total 67,641 978.622 1,046,263 4 1nvestDienÉ Income Unre5tri£ted General Totsl Funds Tot*1 Ftsllds Funds 2024 2023 Dividends rcceiwdble 404,379 6,080 404.379 6.080 387.420 13 Intcrest ott cash dLysits 410,459 410,459 387.433 All of the 2023 tnv¢stntr￿t Éncorne WAS in the Unrestsicted Qetrral Fund. 5 Ineome from charitable aclfvities Ullrestritted Gellerai Totsl Funds Totsl Funds Fund5 2024 2023 Rental income {Con￿llEty houses tn Cotham) tnt¢resÉ on Prowulle Related tnvesttllent mortgage Fan)ily tvords (lfrntagel S21¢ of books {HeriÈag¢) Sale of mis¢ellauo)us items {Huitage) Youth and Childrens, Couleremce in¢ome 113,063 26,511 1,950 2.165 598 3.805 113,063 26,511 1,950 2,165 598 3,805 105.753 17,187 1.281 1,496 Totsl 148 092 148 092 125 717 All of the 2023 income frolm charitsble activities was in the Unrestricted General Fun 21 The George Miiller Charitable Trust rlotes to the fiuRncial statements for the year ended 29 February 2024 6 Analy513 of expendlthre by typt Dlrect Staff C05¢5 Direet Costs Support Costs 2024 2024 CraDts 2024 Total 2024 2024 GLob81 Partn¢rships (SKI) Heritage Youth and Childm's ministy support TlwlogÈ¢al Trnining coE[￿lu￿1ty Houses Bristol Cbur¢h¢$ 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 Ch*rit4ble a¢tivktie$ C06t of i*i$lng fund$ (inv¢slm¢nt m*nog¢ment c￿ts) 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 I￿ritage 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 {recl*sslfled) Dlrect Staff Costs Dlrect Costs Support Costs 2023 2023 CT*nts Tot81 2023 2023 2023 Global Parttlersknps (SKI) Heritage Youtb and ChÉldreris ￿"￿¢sty Support ThwI0￿C8[ 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¢a￿tIeS 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 fiDauei*l $t*tements for tbe year t￿ded 29 Febrn#ry 2024 7 Sw)port eosts 2024 2023 Staff costs Suff related ¢osts Office Premis￿ exp¢ns¢s Admit)istration expenses Ikpreciation 36,944 29.911 37,371 18,240 10,500 21.630 27,457 38,836 18.908 10,705 8 SKI Grants SKI grdnts including Oryhang of the World is the continuation of th¢ work fomwrly carried on by the SKI tnist, IÉS Work is to provide 8Tants, support and ¢n¢ourag¢m¢nt to thos¢ involved irA Christian work and eth￿ation both in the UK and overseas. It bas an ¢n)ph8$i$ on work amongst ¢hildre¥L and in particular olphans and widows. 21124 2023 Grnnts to 118 (2023..119j l￿dIvIdUal 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 (￿l￿￿Y 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 0￿ba&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￿¢$al ststements for the year ended 29 Febr￿ary 2024 8 SKI GrADts {tollliMued) 2024 2023 SubtDtal brought forward Bright Hope World Shared Hop¢ Hebron Hostel Trus¢ Africa Naturally UNIVIDA Hands at Work. in AftSca-Bp4nd￿i Hands at Wot* im Africa- Oshoek HelpingT￿M to Smile Five Talents Holland WharfGirl$ 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$És 188,047 8,415 12,481 160.057 5,872 10,433 Totsl 208.943 176362 Management Administration Totsl The numbers of employees, as is the averdge headcourLt number of staff ezuployed during the year. No employee rtteived rttor¢ thwa £60,IKIO remU￿￿￿on in th¢ y¢ar. Th¢ Chatity Leader, Deputy Leader (appointoa in 21123) and the Trustees comprise the key tnaoagemellt p¢rsonn¢l of ib¢ Charity. No TNslee received any remuneratioTJ during the current or ple￿￿0u$ Y￿r. No Trnstees were rCimbtsrs￿ for expenses {2023: £llil). The key managethe￿t perSO￿lle1 received Èotsl emplosrynent benefits of £88.003 {2023..£44,029). 11 Intsngible Fixed A$5ets cO￿PU¢¢r Softsvare To¢*1 2024 Cort #s at J March 21123 15,200 15,200 1,020 16.220 Additlony Cogt •$ 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 & L*nd 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 Febn￿ry 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 FreelK*ld 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￿￿$t￿ents Cash Unllst¢d Investmettts Llsted vestmettts inYe5tm¢nt Totals I￿T 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 $04 40,889 12011742 •/• of porrfollo value /• of portfollts 2024 2023 The unlisted investments ar¢ h¢ld in: sa￿1Th Endowm¢nts Fund Class A Inc nits Èn Cliarity Property Funds.. MayfaÉr Capital Inv¢stmet)t MGM Ltd Propety Incon￿ Trust for Charities 6,221.927 5,906,787 491/10 749.350 603.067 794,000 619,262 7° The listed Investme￿$ 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 t￿ded 29 Febnw 2024 14 Pro8rarnme r¢lat¢d thv¢stm¢uts (eonthiued) Pro￿￿ttLe 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 rt￿rtgage loan is ￿0W repayabl¢ in S¢ptember2024 followiA% an ¢xt¢Nion grant￿1 by tb¢ Tn￿tee$ 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 Cr￿lI0rS 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 tst*tements for the year ended 29 Febrymry 2024 l¥ Credifors: Amounts f*lllng 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¢$trietrd Funds Free reserv¢s (UTrrestricl¢d General fund) Unrestticted Fixed Asset Fund (desi8Dat Prngramme R¢J8ted Investsnettt Fund (desi￿￿ted) 301,030 ,783,545 322,143 2.406,718 618,693 (699,801} (32,840> {26,IX)O) 91,940 {97) 65.843 193,922 1,842,645 322,046 2,358,013 618,693 1732,641) RestrA¢t¢d Funds 33,421 19,321 IlJ.659 63,401 1.033,612 54,003 (1.043,520) (48,111) (10,659) (1.102,290) 23,513 25,213 The ChuTcb¢s City Fund kestricted Legacies 1.087,615 48,726 Expenthble Endomment Fund 12,018.236 204,527 130,748) (65,843) 12,126,172 Totsl funds 14 488.355 1,910835 1865 679 14.533 511 Description alld pwpose of fund$ ajd tr#ll5fer$ Free reserves u￿r￿trICted 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$u￿ the net book valueof tangible atyj intan¥ible fixed assets held for ch2rÉt8ble PUTposes. The transfer of £91,940 into the fund rcpresents th¢ cost of office equIpMentp￿chaSed during th.e year. th¢ cost of development work on th¢ ChwiWs CRM system and some pmperty additions (£89,044). The Programme Related Investmellt FUMI consists of global interesi free mÉ¢tofinance loans to entrepreneurs tll poverty and a mortgage to ¢nable the purchage of a house to be run 95 a dnjg rehabilit￿lon centre, by a charity in Clev¢don. ]￿e microfinance loans hav¢ be￿ fully repaid sa.ve for £46. TraDsfers outof the fiind F¢pf¢sent repa)qWES of microfin￿¢¢jo8lls received during the year partially offset by an 2djustm¢nl to a PTtor year balance. The Tn￿te￿ have ￿anted the charity in Cl¢vedon an ext¢nsion of the mortgage repaym¢ol date to. 30 S¢pt¢mbtr 2024. The propety on which the mottgage has be¢n gtven was preNiously own2d by tb¢ Trust. Inte¥est on th¢ EI￿rtgage loaD is ¢Rwged at 5.65Q/4 and the loall is secured on the propety. 29 The George Muller Charitable Trust NotsB to th¢ fiuaDci#I ststen)ettts for tht year euded 29 Ftbru4ry 2024 19 Mov¢JNcnt AU funds {contlnue6) Restriited Fund$ ' 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 ¢I￿ed 28 February 2023 At Tr•usferJ betwee funds At 28 Febrnary 2023 l M4rf 2022 Income and Expe#ditllre G*iu5 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 f￿ndS 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 Tan￿ble & 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 Invest￿ents 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.eom￿tmeThts 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 afOreM￿li0ned Char￿ is separate from the pet]sio# obligation noted in Note 18 tsther cr￿lI10rS 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 Con￿lIt￿￿￿tS as at 29 February 2024 {2023.. £DKIJ. 31