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 28 February 2025
The George MiiUer.Charitable Trnst . Trnstees, Annual Rtport for the year elld¢d 28 Febrnary 2025 . CONTENTS Trtte¢S. AnnualRq)¢)rt . Independ¢llt Auditors, R¢port . ststemeat of FiDon¢ial Activiti¢s Balance Sheet Ststement of cash flow's 16 li'otes forming part of the Financial Statemellts
The George Muller Cbaritable Trust Trustees, Annual Report for the year ended 28 February 2025 Annual Report The Trustees, who are also directors of tbe Charity for the purposes of the Companies Act, present their Annual Report together with the audited fmancial statements of The George Muller Charitable Trust (the Charity) for the year ended 28 February 2025. The fman¢ial statements comply with the Charities Act 201 I, the Companies Act 2006, the Memorandum and Articles of Associaiion and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities prepartng their accounts in 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 the Church to meet the needs of the vulnerable by inspiring faidL nurturing families, resourcing ministy and transforniing communities." Charitable Objects The George 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 tbe world at the Trustees, discretion, are as follows.. (l) To advance education. (2) To advance evangelical C11stIanlty in a manner conslstent with holy scrtpture including, insofar as the means are available ai arly tirne, through the support of Christian workers and orgonisations. (3) To advance citizenship or community development, particularly among children and families. young people and the elderly. and (4) To relieve those in need by reason of youth, age. ill-health, disability, funciaL hardship or other disadvantage or human suffering. including those who are deprived of normal parental care. The Charity pursues ils mibsion through three aims: Freeing children from poverty.. Continuing the legacy of George Muller's otphan bomes by equipping churches around the world to care for children and widows experiencino material, relational or spiritual poverty. Focussing people on Jesus.. Sharing the life and teaching 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 SKI into the ? 1st century, prayerfully, financially and adrninistratively support mibsionaries sharing the Gospel around the world. Aetivities, Achievements and Fllture Plans When platming and conducting activities for the year, the Trnstees have had regard to the Charity Commission's general guidance on public benefit. The sun]mary of activtties below demonstrates how the Charity gives public benefit. The Charity's website www.mullers.o explains the work of the Charity and bas fithher inforniation. Staffmg and Volwiteers This year. the new role of "Y&C Development Lead" was created, looking to support churches with their youth and children's ministy. Sam Clarke was appointed in May 2024 to take a lead on our Church Partnerships initiative, Y&C Conference. Y&C Retreats and The Mix. This will build on foundations recently set to see under 18s both inside and outside of local churches experience the hope and whol¢ness of a relationship with Jesus. We also welcomed the addition of a temporary adMItratOr role in January 2025 to updale important donor infomiation. The staff team now consists of I I roles shared between 10 individuals.
The George Miiller Charitable Trust Trustees, Annllol Report for the year endèd 28 Febrnary 2025 Herltage A signAficant focus this year has beett the ongoing work of talOgl[1g ana preserving our historiGal ¢olle¢tion. Overth¢pasttw2lve months, wehave ulldertak¢o a8ySt¢maticxeview of all storedmaterials, i]iitiating th¢ process of fonllally do¢umenting alld safeguarding valuabl¢ artefacts. This included a ¢omprehensiv¢ inventory, nthtion assessmthts, the development of a conservation strategy, and th¢ accessioniDE of key items into our. recorits. It ts difficult to predi¢t how long tbis proce&8 willtak¢ due to the totsl llumber and variety of items in our ¢ollection. However, we believe to beapptoximately two-third&of thewaytlwougbthis proc. We8hall contfjnu¢ it into 2025126. This meti¢ulous prooess Iw yielded valuable diswveries, in¢ludAng previously overlooked lett¢rs written by George Mullet. These do¢umettts provide rentsrkable insight into the challenges he Face includtng one letter that descnlKs how the New Oryihan House ia Ashley Dowa had re4¢ld capacity, leaving over 600 ¢hildTh o the waiting lisL as he sought God's prOv10n for a second hom¢. Thai.v¢ry buildillg nowhous¢s the museujts-a powerful testament to God's faitbfulness in providillg for vulnerable children lli 19thenti]ry Bristol, 2nd a reminder of His wntinued PA)vision today. . In addition to this archival worL we have Continued tr) engage witb lo schools. both through museum visits aud outreach activiti¢s. In totsl, 1,269 pupils h¢ard the Geo¢ Muller Story from a member of our kam. By shIllg the bistory of Th¢ George Muller Charitable TriL8t ("Mullers ) alotwide our present-day worL we ai to iDspire and ¢qp young p¢ople a deeper uuderstatulinE of faith ana servi¢¢. Our volullteer team has also grown, with the addition of a new m¢fftber sopporting our collectioo mallagement. Looking ahead, tbe team will embark on a period of focused Tesear¢b to inforn] Sjture exhibitions, displays, and. school Tesources, ensurillg that our h¢ritage ]n5 botb accessible and relevant for years to come. Theological Training Miiuers, ongoingcommitmentto focussinEpwpleonJ¢sus continues tlrough thescripture, Theology aud Culture . (STC) and Igital S¢ripttwe, Theology and Cultur¢ (dSTC) courses. These programme$ ar¢ designed to cultivat¢ spIntsllyatUr¢ iodividuth who ¢ngage deeply with the Bible and theology to groiv in thtirknoMil¢dge of God. Th¢ STC cour8¢ conun¢n¢¢d in S¢pnJb¢r Mrytb a diY¢rK eohort of 24 swdents, ranging iti ag¢ from 18 to ov¢r . 60, 4lld i¢pres¢ntillg 11. differeut ¢burch traditious across llwltiple d¢nominations. This is a significant ittcr¢a8e on lastyear withall available space8 being takeu up. Som¢ pBrticiparits are engaged in YotiOnal ministy, whik othets in se ular profession). alL. knoe%""eT, share a desire to knovi Jesus more full!." and follow. Him more ". . Cloe1V. The dSTC cohorL %qiich began in Om)ber Trith 15 students fron] SLiUth_Afric4.41bania ltsi&', aud Great Britain. Despite being geograptiicall}' disper$4 tlLS group I5 quicld}' fornied a praJerfi]l and en(Faoed leatning ThIoughout the }:ear. Sdellts in both cohoris hai."e explored signifikailt tb¢ological tlknes: including Jesus, challen£e> to Ivestern society.. the lift and cont&¥i of the Apostle Paul: 2nd the endurino releiane= oftheola. TestamenL Thir dedication to learnillts and spiritual groiiyh Tetlecis the ongoing impact of Miillers th=ological "" training inktiatkS'es, equipping believers to thIk deeplvalld liTre ta1thtu1l in tbeircbristiall WalL". Youth and Children's IlinistTh Support The Tr&C N'ett4."ork seTres as a platforn to equip, connect and resource those winistering w children: l'oung people, and families acrosts the Bris] region. In Julv: N.lullets illtroduwed a refrtshed I"-&C Retreat forniaL deÉigned to pioNide N'outh and children's 'OrkerS Tth a space to pauge and reflckn1 amid li den. of trv. These retredts offer an opportuuits" to reconaect ith Jesus and build relauorithipi Trith seThg under-18s in BTist%31. Additionall&: thit *ear l.lullets ha) awarded nine churches a sh&re of the £20:000 Tr"i)Uth .Outrea.b Fund, supporting projects ranging from .41pha Ic'ath co'a-S To %'outh orker sal1&0 . Il"'e remain conllnitted to ." prL?i'iditig financial dsSi5tance to Bristol_based iaiti3ti'<es thaten£a£e under-18J and plaa to off¥Y fi-ther[S is .
The George Muller Charitable Tr.ust Trustees, Annllal Report for the year tnded 28 February 1025 The hffjx.1 renmined ak¢y ioiiiativ¢, pri)viding a ¥paee for yO1g people to grow iti fgith and COmthUtiity..This year, we have refined our approa¢h, ellSUtI that Th¢ Mix. Temains rèlevanL accessible, and effective ID supptsrting .younB people. 37 different churches attonded the four Mix ev¢nts in 2024-25. Over the year we retlected on the m¢aniDg of J¢sus' celrbrafrd His resuryection, heardbiblical teaching on the roLe of prdyer . alld enjoy¢d.whole.night worship sessions. . This y¢ar, aft¢r relaUbIllg ow Cknrch Partsjership scheme, we began 8UP.POrting 8 C]wwh Partows by offering Monthly Couching, wndu¢tiDg strategic revi¢ws, providing adB¢e particularly around recruitmenl priority iti ', r¢c¢ivinB. Mull¢r$ gtallw Crealing opportunities for prote&8ional dev.elopmellt and WllSiS¢ntly offeiang prayer . . . support. Ow hi>p¢ is that this will strengthen each ¢hurtb¢srriinisty with ld¢r 18s. Loo]u thea4 Mull¢rs d¢ai¢ated to delivoing a htgb.qualkty progranune that rewuwes, trains, aad . . supportsthose wotkitig fflthund¢r-18s, enabling th¢m to Jnak¢ a last£og irnpact4)n the livesof cbilthll alld young . people iii th¢ region, This iticlud¢s the Y&C COJ)f¢r¢nts whi¢h tookplace ia.March 2025. {Seripture Knowledge IllStite) and Global Partnerships . Through the LoTd"s provisioL Nfullers has been able to parnier in praler and financial support Véith 160 Global Partners acroos 60 countrie). Among the>e: 6 '¢re StraEegi. Partaers: 69 receiied an 0baC5 of the 11-.orld monthly grant: and 91 were SKI miS3ionaries bellefitting from our donatims admini5trdtion seTrice for mtsiionarieè andc]Mities. S.lull5 reLUalL comlnitted to supporting widovtrrs tkn Il'idoTh's of the Iliorld initiati%e. Illorlang in partaership Thith 2 - projects 2nd minisn&s: i¥"e ha"t proii. ded tellowèhip. spirilllal care: and l'ocational trnining ": empoTherin£ii.idoTr""s to build >wstsitiable futures for themielRFes andthe familiei.4s tbis ii.tiatiTre entets I' final ." year: :t are deeply grate1 for the impa t it ]Jas made. Looking ahealiers transition its focus toviatds The direct SUPPDrt of children andyoung people: continuitig ourmission to bring hope and transfornjation to tbos= The Bristol Thurche5 Citr Fund The Bristol Churches City: Fund (BCCF) is a platforEll tt> encourage the ctiall communits: to donate fiaances ro CriElknal needs in Bristol. Since 2018: &then the fijnd .aS eiTablièbed, BCCF and .Nlullers" hale parthereiL Cnabling the church to exercise generosit%". aod ompassion iu eIllE the nee& of the &Inerable in Bristol. lullers coniinue5 to proTr'ide gofvernance free of charge: aroundre1¥1llg and hoidintr donations. andthen palrynts the grdllfS."One wch grant aii".arded u) The. .:arni71..elCoMe Space. c.ampai<m (Wll."S). ¥.% is welcomed :"" as a safe plakne for many in Bristol c4)mmunities to gather for companionship and arn1th. vi)itiLo the)e "" . projecrs exercised good go%""em8nce aTound t1 granL% gis"aL bTr far the greatest jol ieeÈllg the impact bejnti "" made iri th= li%'es of i.ulnerable people in Bristol: OTr"er the course of this campaign the BCCF anticipated around JOOii£itsfrom 60 unique indilaUS]S all ornIng to find not only 2th".ann spacebutalso the trn1th o¢frienL¢hw. . Colluuuuit%' Houses in Cotham, Bristol The Charit¥." 3 propenie5 in Cotham which foroier 20 Year) hasre been fidfilling the Cbarits"s objectiies bl." d as retigious conMlltk' houses: illi.'oli:ed in prayer and discipleship and - are ministTr. Hovrfei"-er ill . 2n22: the TeeS avlded that th¢ reliodous comtnusitie¥ Vvere no longer core to the Charitti"s long-t¢[lll.. strate. and therefore decid=d to begin d process to rele&¥e thkn I"aRue of fIse properties u) serve the Charity. . tur? strateg. The Ttilstees hai'e been eagine F4ithpropertS' adir8 aad=onsultants: al it is hoped that sale be aehiei."ed b} the mid(Lle of tti- ial ie2r ._ FiJwi¢i3lReTrie increasè in funds for }"ear. ia¥em) ent trains o! £894 £94 (2024: £?04.5?7), £541,867 (fj0?4: 156). The chattges in inl'esttuL i-.alueè L(raill a syifiknani factor in th¢ moiement in the fun&.." in &xpenditure of £69:909 io £1,795,770 (2024: £1,865,679). The I 10/0 decre&*e"iti income. is cipaUs"du- to: donatious decre&se4a bv £99:910: income fro in54estments b& . £19:331 alld illcome trom charitable aciii11Èes bj £ iJ:808. '1]ll the charitable actiliities, the rell1 income from conynuotti." house5 decreased b. J8:43 I due to communities UkOi."illE Out. iti preparaOn fortke
The George Miiller Charitable Trust
Trusttrs? Allnu Report for the year ¢nded 28 Fthruary 2025
sale, and th¢ mortgage ititsrest eamed on the prograollne lat¢d iiivestment community mortgages decreased by
£11,907 followitig a repaymettt of £129,430.
The 40/0 decrease in expendityre is prIjp.&lly due to the decreases in: SKI grants of 60/0 to £1219,848 (2024: .
£1,297,138), and nil (2024: £50,000) heritage grants made xn theyemr. Thi5 was offset by an increase tnstaff costs .
in 2024/25 of29•/0(2024: 18,50/0) to £269,563 (2024: £208,943) due to a30/.infiationary pay in¢r¢a8e, promotions
and additional hours this y¢ar from th¢ n¢w posts, as well as an illcrease in propety maintenance expendits of
the Cotham Comttiutiity houses of £60,786 (2024: £49,087)
The total fuuds held by th¢ Charity at the ertd of th¢ y¢ar were £] 5,075278 (2L124: £14,533,511). This consists of .
ao ¢xpendabl¢ endowment fulld of £12,701.514 (2024: £12.126,172), unrestii¢ted designated fund5 of£2,035,963
(2024: £2,1fy1,691), ¥estri¢t¢d funds of £40,254 (2024: £48,726>andunrestricted general fiukds of £297,647 (2Q24;
£193,922} (See Notes 19-20).
The Charity's policies on fLmds alld reserv&gneed to be seen ill th¢ light of the fact that it does not engag¢ in fid .
rdisitigbut its core a¢tivAty ts to provide ongoiug gths and seryices to its ben¢ficiaries for Ththich sufficient incom¢
is needed each year. The Tn Consider that tbt Charity's benefacrors are aware ofthe nature of its operations
artd expect their givi-ng to be used to maintsin operaiions inthe lon8¢r tsrni,
The Trnstee$ monitor the perfornwwe of the inv¢sInt manag¢rs ond m¢el withtknn regularly. llke analysis of
the investments is set out inNote 13.
Considering tbe strength Dfthe Expendabl¢ EndowmentFund, the feasonabty low level of conuDitted rather tban
disctttionary expendittwe and the strength of the mvesttneot incoxne stream, the Tnte¢S h4v¢ con¢lud¢d that 3-
6 months expendtlute {£198,000 - £396.000 excludtng grants from donor gifts), is a prud¢nt l¢v¢l at Ivbich to
.ataIn the Charity's reseTY¢S. Free res¢rires, os measurd by tlte U]]restricted General Fund at £297,647,
represents approxitnately 4.5 months expenditure b&8ed on budgeted expenditure for 2025126 within the tsrget
Tange. It is pl&Dned to maintain the level of general reserves at the middl¢ of the rdnge.
Re&erves are necessary because:
l. DonatioDS and l¢gacies 2nd in!e8lment income can be variable yearby yearana, as a foundingprinripl¢,
the Chatity does not engag¢ in fundraising.
2. The needs of ¢hil.Or¢n and young peopje in modern soGi¢ty particularly the 0ballS of the World, 8how .
. tto signs of decltnin8 and these needs requlre long temj itivolvem¢nt by the Charity's partoers.
3. To attract and tetain staff, it is iie¢ttsary to d¢monstrate that the Charity.¢au provide them with
reasonable security of employment.
Expendable Endoiirnent Fund
The Expendabl= EUdo.entFUlld represenii fiffjds to be raained for thebenefitof tlL Charity as capitsl but there
disLYe.tton tor the Truste
The Ceorge Muller Charitable Trust Thtee$, Ajwual Report for the year ended 28 February 2025 Rtsk Management The Tnlstees 4nd staff review llwjor nsk8 alld have a syst¢ni to recorf assess and plan mitigation measures for the risks which th¢ Charity ellcoullters dwing its activiti¢6. The Cknity's long-terni fjjture ts dep¢ndent on both th¢ ongoing donations from OUT SUPPOrters but Abo on th¢ . income gerterated Ihrough irtvesthients, The key operational risks are therefore concents7t¢d around th¢s¢ issu¢8 aud include: . Chaoge6 in the ecoaojnic conditions which could iLllpa¢t on our donors, ability to give. Wbile the Tnt¢e5 are mindful of this rtsK they ar¢ encouraged to see that the lev¢1 of giiqng by our SKI doni)rs in 2024125 ¢ontinued to remain strong. G(yod ¢on]nllwcation with the donors by both th¢ Charity and the partner WOTk¢rs and OrganitIons is the key strategy to nMiaging this risk. The Charity'$ approach . . to its r¢senre5 and strong FnCIal management sbould enable it to come penods of wonomic and . geopolitical unc¢rtawty. A 5ignifi¢ant eco1MiC slowdown would ijppart on the level of the Charlty's investw¢nt income. Th¢ . . . Trustees mitigat¢ this risk by workins with the Charity's investlliellt advis¢rs to spr¢ad the risk arisill8 from the eIlty.8 iavestni#nts over various asset types andmanaging the inv¢slments with a view to the edium aod longer tetm rather than thè short terni. This 18 explaild Ore fiY under the note on InvestEn¢nt PoIicy alld Perfonnad¢e. Piolonged system probl¢ms covld have an adveTS¢ inCt on the Charity's reputstion and activities wbich aim to support partners both in the UK aud around the world who are ofto in great need. The Charity therefore aiD]S to minimise thi3 iisk by ensuring the IT systetrts are w¢ll supported, maintalned, and updated to avoid the risk of sy8tem breakdovrti. L05s of key personnel staff and Tnistees with particular skills and experience: All enwloyees have key roles and a loss of any otr of them would impact ott the running of the Clwity iu the short terni. The 1055 of the clty Leader would hav¢ the most impact and th¢ gppointment of a Deputy Lead partly mitigates this risk. Training developing the staff aad the close working relationship betwe} staff, manaEement alld certain individual Tnte¢S also partly mitisates this iisk. Early S¢¢910 planning for . Trustee Yetirements mitigates against tbe disruption caused by the retirement of key TTUStees. Tuvestment Policy and performallce The Clwity'$ finan¢ial ¢apital consists of its Expendable Endowment Fund. ThÉs is.held ill illvestwents managed by the Charity's two investment nw)agers, RBC Brewill Dolphiti artd Sara8in Ond Partn5. The ChaTity'spo]icy is fortbe investmeutinanagers to have diwretioll to ntsnageth¢irportfolios withintheparameters of a medium iisk appra¢h over the Jll¢diumQonger terth."In considering the overall asset allo¢atioD and appropii•e port£olAos, the investtlleut managers also consider tlte overall agset profile of the Charity, including the genernl asset allok-fation.s llLanaged b!. the other in'eStellt illanaoer. The T£ubts require their investment managers to ini."est onl!." in companiets an ethical code of pra.tice v.htch actii."el5"" promote hUall rights. For completelless this approai.h supplementi the long-JÈandinir . polic of &4e.Cl]arit¥' tknt the ini."eqtment portfolio% :: should not include all3" in%".eJ1ments in COEnpanKe% Thhere urnoi.er to aai. significant degree is.a¥coulled for bi¥ tobac products. alco11. gamb]ing. Znaphs or rjmiameats and the Trustee5 re5eTh".e the ritsht to request exknliJsj.)n from the portfolio of ans ini.'e.slm=nL% in companies whose representation might proiie daTnaging.. directi!" or indirecdv, to the. PUryOJes or reputallon of the Charity. "The T"ntstee& require the.ir inesmie.nt ." mallage to asie&8 alld repon to the at l-ast aDnuallk oj the EllI.onmental So ial th GoJ4eItWLC credentai Is . of the ini."estTDenL% that thev hold on behalt of the CbariTr. The. inbome froni Èil¢ Charitv's in&eiun=nts is used for the Thyork o the ChaTitv. Forthe fim&s under dÉsknretionaTr ." IDanaoemenL the inTr".estJnent po]ic.>F requires the inE'estment managers to adLI . a balan ed medium risL" poftfolio suitable the ClkaTiTh' '1th1n 1s."hich the aim is w optTmtie Tethrn oi'er the n11 to Iqng temi. Thr ain]s are a) a minimum CPI increase5 plus 30/ /0 oi".er a 5-Jear cN"cle. The 8na:Jalised CPI for the 5 Trear paiod to 78 F"ebrllarv ?fJ25 M."as 4.6fjiO and so the iaroet retum R."as 1.6OwO. The rettwn for 5 }ear peiiod of RBC BreiiryD0lpbin "" IA".aJ 5.) /fj and of Sar&qin alld ParttLers was - ?6 peftiod lias qtarted Rith a decr a- for both inlffe5tttrt portfolios dtii."en b} increaiea 01all[1t! in £lobal mad(ets. most notably folloTh.thg the TDJmp administration"s earl) Apry't annoiiniement of aggrTre tariffs. The knombined property Tralues ill the Clkarttw: propertF' fijnds 01".een bl RBC Bre11 Dolphin Secknitie5 felI aoaill in the year b l.-: ho>l"'eYe.r income lie1 of. i.?Triomeanr a positive k4)mbined totalretum foi the year was realtd for the year of ".
The Geory¢ Mither Charitable Trust
Trustees: Annryal Report for the year ended 28 February 2025
Th¢ Trustees maintain adialogue th¢ inveslEuent m8nag¢rs tbroughout the ytsr ananetf0Mvally with them
once a year io discuss p¢rforniall¢e and strategy. The Tte¢S are satisfied with the strategies adopted by of the
investnientmanagers whi¢h are for the medium to long tenn 3n tern of asset diversificatioh and managing xisks.
The Trustees decided to ejtsure their witbdrawal policy from l March 2023 thatched the total retLrn investment '
approach of the iti&'estment managers. Therefore, from l March 2023, the investment n]anag¢rs have distributed
3.5/0 of the value ofthe dAs¢retionary portfojio at th¢ begianing of the fmancial year 4)ver the course of th¢ next
12 months subje¢t to this not being less tball the values at the b¢ginDing of the previous year. Thts apprOh
enables the Clwity to plan for a thor¢ Certain Cash floiv ¢achy¢arwTrd io etllploy for the work of the Charity son
of the gains in value tbat have ac¢rn¢d ov¢r previous years, without bel liwited to the dividend incoJn¢ of the
investments. The witharawal policy of th¢ unlisted charity propety investnients mnaing on all inco¢ onlybasis,
Grxnt Maklng Policies
The Chatity makes wants to Christian wori(¢rs and orgauisations£rom fiwds receivedby donoTS and from its own
resources. Grdnts are only made to woknrs and org4Disations who are fjrstly approved by the Trustees and whose
artivities continue to folfil the cEwitable objwtives of Mullers. This is confimied on a Te¥ul&r basis through
¢ommunication with the Clwi.ty. This ¢onullunicaliort¢nabI the C]wity to forni a weau1ngfi partnership with
the workers and Organisations. Grants arenotmade bJsed onunsolicitedrequ¢sts from poteutiat recipients. Grauts
. payable are chaTsed to the Ste¢t of Financial A¢tivitte8 in the acwuntiog period 7zL which the recipient is.
notified of the awariL
Structurfy Governance and Management
History and Strueture of the Charity
Th¢ ChaTity is iegistered as a Charitable ¢otllpany registered iti England and Wales, limitedby guaraDt¢e, aud was
set up by a Meworandum of Associaiiots ill, 1997. The Charity has its origins in the scriptur Knowledge .
Institutioll for Home and Abroad (SKI), fomiedbyGeorge Muller aud Henry Craikin 1834, The initial objectives
of SM w¢re to assist dty, Suoday and adult schools in wbich.inslrn¢tion was given on rIptUrnI Principles, to
emable children ofpoor parenÉs to attend such schools, to Circulate the Script(wes and to support Missiollaries and
Missionary schools. The objeGts of that charity were added to in 1835 to ¢nable the establishment of all o4)hall
house in which destitute children 3hould be provided with food, clothes and a S¢riPiural edu¢ation. That object
formedthe basA8 of th¢ ChaTity which became known as the Mtlller Trust for.Children and Families, This Cknty,
was usa to be¢owe the single vehicle of the work when the activities of SKI and The mull HorÉes for tbe
Elderly w¢re m¢rgedinto th¢ C117ty on l March 2009. Ollthat aate the Charity changed its name to Th¢ George
Muller Charitable Trnst.
The Charity is a mpally limited by guarantee and every member of the Charity undertak¢s to contribute to the
Clwity's assets (not exceeding £10) if the Charity should be wound up while they are a mether, or within 4)ne .
y¢aT afier th¢y ¢¢ase to be a member, for tILe payment of the CIMity's debts and Ikabilities contra¢tsd before they . .
ceased to b¢ a nwmber, '
col'ern¢¢ of the charlh.
The Board of Trustees meets fii"e knes eaih and is
The George Miiller Charitable TnLSt Trustees, Annual Rtport for th¢ yexr ended 28 F¢btoary 2025 con]positiDn, balallc¢, diversityand spread of ¢xpericnce needed to governtEe affairs ofthe Charity. TheTlltees ¥eek to PTeserve a balauce between maititaining exprfience and continuity of knowledge with fr¢sh perspectives brought iiiby newTrustc¢$. Tntstees are actively engagedin dev¢1opg a pipeline ofpotelltial new TTUStees who can assLllll¢ ill tinte senior positious on the boar<L Upon appoinlment new Trustees are provided with Teceot infomiation about the Charity, including minut¢s, accounts, legal con8tttution, and Charity Commissson pub1ication8andc iuducted intothe affair8 oftbe Chlty0vertItiLe. Allthe Trtte¢s are CoUraged to undcrtak¢ tramiogwhere appropiiatr. Reference 8lld 8dininl$tratiye details of th¢ Charity, its Trustees, Offw¢rs and Advlsers . Truste¢$ . D.J..Powell (Cbixmau) C. Davies . T.D. Grieve J.N. Kingston {resigned29 11 2025) W.P. Mass¢y. (resigned 27 F¢brnary 2025) J.F.F...Squire E. Sls (appoitited 25 June 2024) E. V..Botwood (appoittted 25 June 2024) Charity Leader . Deputy Chxrlty Leader J.T. Pr¢ston C. Willcox (Compally Secretary) :. ". Company registered number 0347181? Ch2ritTr" registered number 1066832 Registered office Colleoe Road BS1 9FG Auditors Gra¥ita Audit Iyestern L4mited 6-8 Bath Street. Bristol BSI 6HL . latior[ 11-'e£ttuinster Bank PIC 32 Corn Streei BSI IHQ Solicitors . I I I I'ictoria Street Investment l.lallagers Saraiin & Partaers 100 St. Paul's cILur.hard EC4M 8BL, RBC BreR.In Dolphm Secur.iries 12 Smithfield Street London ECI_4 9BD
The George Mull¢r.Charttable Tntst Truste¢3' Anllllal Report for the year elloed 28 Febrnary 2025 Statement ofTrusttes' Responsibllltie$ Th¢ TThte¢s areresponsil)l¢ for prq)aring th¢ Trustees Annual Rq)ort and the fittancial statements in accor4lance with applitsble law and United Kingdom Accounting StandArds (United Kingdoth Gen¢rally Accepted Ac¢ounÉitig Pra¢tice). Company and charity lawrequires the to pr¢par¢ 5nallcial stalements for each fmancial year which give . a true aud fair view. ofthe stst¢ of affairs of the Charxty and of th¢ sirplus or tbe deficit of the Charity for that period. ltt prtparins thes¢ flljancial stgtem¢ats, the Trnstees i¢quir¢d to: • seleGt suitable accounting polÉ¢ies and then apply them cotisistendy. • observe the methods alld principles in the Clttrittes SORP 2019 (FRS 102). make judgwents and estiillates that are reasonable and prudeftL' state whether appli¢able UK ¢illI1g standards have been followed, subje¢t to any matthial departures di8closed and explained in thefmancial stst¢ments' and prep? the fiuaucial 5tatem¢nts on the goiffjg con¢ern basis unless it is iILappTopriat¢ to presum¢ that the ¢]tsritthle compony will continue to operate. The Trnst¢es are responsible for keeping adequat¢ arxounting records that disclo&e with rèasonabl¢ ac¢ura¢y at . anytime the fmancial positionofthecharity andwtii¢henable themto ensure that the financial statemouts¢omply with the Compatiies Aci 2006. They are also r¢sp.onsible flir safeguarding the assets of the Charity and h¢nce for taking sOnable steps for the prevetttion and det¢¢tionof fraud £ud Oth i'ti¢s, Th¢TnJste¢s are responsibl¢ forthe maintenaneeandirttegrityofthecorpor4te and fall¢la1 3nfoTmation included on the c}1"ty'S w¢bsite. t£gislatioll itt the Untted Kingdom goit¢nking tb¢ preparatioll dissemination of fwancial stateménts may differ from le£islion irt otheriurisdictiots. Statethent a$ to dtsdosurt to our audltor$ In so.faras the Tntee8 are aware at the time of approvillg our Tntstees Anniwl Rqyort". dwe 1> no rele."ant infoTmatioTr being infOrntion neojed bTr the auditor& in conllection with preping their reporL of which the cl111::5 auditors are unai%"aTe: and the Tntstees n]ade enquiries of fello. Trastets and th- Clwits'"s auditors tbat they ought To haie indiK.iduallv takeL hai"e. each taken aLT tep that h&.'th- is oblig=d to take as a TnLStee in order to llke themsel&es aM."are of ally relei'ant audit infonnation and to esiablith that the. auditOTS ate a"are of that ": iaforniation. Jn prepdrn4 ly report the TsteeZTr Iw"e tsken aaalltage of the small companies. exemptions provided b Section 415A of the Compani5 Act ?006. Auditors The aUdi.r8: Gravita Audit "e>t¢ LimiteL 'ill be proposed forreappointsnentin accordallce iTrith seLtion48 of the Companit4_4LX 2406. ApproTr'ed by the Truitees on ?4 Julle 2025 artd s1cd on their behalf by." DJ. PoiTrell
The George Miiller Cknritsble Trust
IndependeDt auditor's Teport to the members of Th¢ George Muller Cbarltable Trnst
Opinlon
, We have audited the finantial ststem¢nts of The Georg¢ Muller Chant4ble Twst (the'clwitable compang) for
the year ended 28 Febrnary 2025 which comprise tb¢ Stat¢nient of Financkal Activities, the Balance S'he¢4 the .
Cash Flow StatemeJt and notes to the fmattcial statements, includÈtig a.sumw of significant accounting.. .. ...............-.:. . .
policies. The finaocial reporting framewo that Iw b¢¢napplied in their.prep.arationis applicable law anduniied
Kingdom Accoulltitig Standard& (Unitsd Kinsdom Generalty Accepted Accounting Pracii¢e), illcludkllg Fitwicial
Reporting St4nilatd 102 'The Firt8ncial Reportin8 Standard applicable in the UK aod Republic of Ir¢land'.
In our opinion tbe fuwicial ststew¢nts.'
give a tNe and fair view of tbe state of tbe charitable Companys affairs as at 28 F¢bryary 2025 and of its
iuwmingTesour¢es and application oftesources, including its income and expenditu, for the y¢ar then ended.
hav¢ be¢ll properly piepar¢d in accordallce with United Kingdom Generally A¢cept¢d A¢counting PrActice,
including Finan¢ial Reportll Staudard 102 The Financial Rq)orting st applicthle in the UK and
RUbliC of Ireland ond
have been pr4iared in accordance with the require2nents ofthe Companies A¢t 2C(16.
Basls for oplDlon
We conductedouraudit in accordance withIrtternation& Standards onAudititi£ (UK) (ISAS (UK)) 0lldapp]icalile
law. Our responsibilities under thos¢ standards are firther descrAb¢d in the Auditors, r¢spOn1)i11¢S for th¢ auait
of the financial state1nts section of our report. We are ind¢pendent of the charitable company in accordance .
with tb¢ ethical requiren]ents that are relevant to our audit of the fill$al 8tatemwts io the UL illcludillg the
FRC'$ Ethical Standard, and we hav¢ fllIfill our other ethical responsibilities in accordance witb these
requirements: We believ¢ thattbe audit evidence we bave obtsined is sufficientand approwiatsto provide abasis
'.for our.opinion.
Colldusion8 relating to going concern
In auditing the fmancial statements,. we have concluded tiut the Trn8tees' use of th¢ going conc¢m basis of
accounting in the Preparation of the. financial statetnents ts appr(Ipriate.
-4rW
Based on the V40rk K'e have perfomieQ Tre. have not identified all}". DterIaL uncertainties relatiag to eirnts or"""
COlldÈtiolls that, illdiyidually or c0.aecll%'el ma}. -
ast si.onificant doubt on the cl]8ritabk compan}::s abilitF" to
colllinue a5 a goillg concern for a p10d of at le&s1 ts&'elN"e tnonths from ihen the. financ.ial ¢tstemcnts are".
authori for ise.
Our responskbiliti=s alld th= responsibililles of the TnLsiees tEl respect to going coL-ern are des¥ribed in the.
relevant iections Oi this reporL
Other informatioll
The Trustees are pon1b1¢ for theother infom110. The other infOrnl0ll comprtsei the. inf0m[oll in:
in the Annual Report: olher tbau dL¢ fanCIal statem¢nL% and our Report ofthe Independettt Audiwrs thereo
Our opinion on the financial statements does nct coi'er tbe other IOn&t10 anil e.xcept to the eKftnt otheThise "..
explicitl>"" stated in our ieport: V¢e do not oxpress an! fomi of assurance C{xluSIon dr¢on.
In coDneknXion Trith our audit of the. finallcial statemellLS. our responsibility. is to read the. other infoatiOn an4 in
dollvg so, consider hether the other inforMlOn i$ Iiia[erially I[n5£sE lljth the finaacial stat£mpEts or our .
knoiTrledge obtained in tbe audit iir othen&iie appears to be materiall4' misstated. If Iwe identify. .
incollsistencies OT appent DterIal n$Sta[Cents, v".e are required to
The George Miiller Charltable Trnst.:, Ind¢ptlldent auditorfs report tfj the members of The George Muller Charitable Trust theinforniation given in the Report of the Trustees for the fiftancial year for wljich the fioattcial statenmts are prepared is consistent with the fin8ncial stAten)ents: and the Report of the Tntee8 has been prq)ad in accordance with applicable legal requiretnents. Matters on whleh Trve are Tequtred to report by exceptio In th¢ light of the knowledge alld JJlld¢tstanding of the ¢Jwitable Company and its ¢nvir(inm¢nt obtaill ill the ¢ovtse ofthe audiL we have not idelltified niat¢rial misststem¢ttts iu the Report of th¢ TnJstee8. We have nothing to report inrespe¢tof th¢ following matters where the Companies Act 2006 requires to report to you if, in our opinion: adequate acwwiting recoril8 have not been kept or returns adequate for our audit have not been re¢¢ived from branc) not visited by us" or, the fwancial stattthents are not in agreèment with Ihe accollnting records and tetr. or ¢rtaiD disclosures of Tnte¢s, rqnxuaeration spwified by law ar¢ It made" or we have not r¢ceived all the iDforniation aad explanations we require for our audit. or the Trnstees were ttot entAtled to take adwantage of the small companies exemption from tbe requirenth to prepare a Strategic R¢port or iApr¢paring th¢ R4)ort of the Trustees. Responslbllttles of Trustees AS explained more fullyin the Statement of Tntees, Responsibilities, the Trnstees are also the direcLors of the ¢haritable cotnpany for the poSeS of compally law) are re8ponsTrle for the preparation of the finallcial slat¢m¢nts and for being satisfi¢d that they give a trneand fair view, and for such internal coijtrol as the Tnte¢S determitie is necessaryto enable the preparation offinancial statements that att free from nwterial n)isstatemenL whether due to fraud or error. In preparing the financial statements. tbe TTllStees are responsible for a&sessing tbe charitable Companls ability to continue &8 a goiqg Concern, disclosing, as applicable: matters related to going concern 2nd using the going contern basis of accout]tAng unless the Tntstees either int¢nd to liqukdat¢ th¢ dltable cotJpany or to cease operations. or have no realistic alternativ¢but to do so. Audltors. respollskbilitie8 for the audit of the financi41 statements Our objectives are to obtain reasonable asSlanCe aiK)ut whether the financial statements as a whole are free from material Jnisslattment, whether due to fraud 01 e0[, and to issue a Report of the Independent Auditors that . iti¢lud¢s our.opitiion. Reasonable assuranoe is a high lev¢1 of assurance, but 18 nol a guarautre that an audit:". conducted inaccordallce withISAs (UK) will alwtys detectamatetialmisstatementwhen itexists. Misststements arisefrom fraud or cor and are considered material rf, individuallyor in the aggr¢gate, they couIdreasonthly b¢ expeot¢d to inllu¢nc¢ the ¢¢onomi¢ decisions of us¢Ts tak¢n on th¢ basis of th¢s¢ finan¢ial statein¢nl$, The extellt to which our procedtJT¢S wable of detr¢tiDg igularities, including fraul is detailed below: ) We ob¢ained an understanding of the legal atLd regulatory framewots applicable to the charity and the &ector . in ll."hicb it operai¢s. IV-¢ deEennined tL following la5 and re.LVUiationb ofmoit signifianCe ere.. Chariry, SORF ' . 2019 andUK GAAP. (IÉ) Il'e obTained an UndelandIng of boTh the chwiry conrplies tbose legal and gulator¥ fraMOr bv makinty knqq'airies of JnanagemenL coffoboratea en¢TJirie5 throuoh our reTri=". oKLiaTd minu5 and otb re.1.11 nkeering niiuure8. (Ill) The 2sseised the SLsceptsDilÈts' of the charl5 finan¢ial statemenrs to marerial misstttneni: iii frdud might oc.. Auditprocedures perfornied b¥ tbe eng4oemenr teauL included: iden11fy. and assc5sing th= eEectilibneoS of =.ontrols managemellt tEas in place to pY.%"eIit and decl fraud: unLrsLinding hos. those chatged zitk goi'ernartie 0niiaed aT£d ad&ewJ the potential for override of control> or other inapproptiate Illfiuelle Ciirer the financ.ial. eporting Pro-s8. - challenging aiswnptioL8 and judgemellts made bv mauagemellt in its siguificallt aCoUL.11g eitimates; - Identifv and te.sling journal entries. ill panlcular an}"jtrarnal entiiesposted il'ith unusual accoullE ombinaaoL* luding bo 11
The George Muller Cbaritable Trust Independent auditor's report to the members of The George Muller Charitable Trust - assessing the exlent of compliance with tbe relevant laws and regulations. Because of the inherent limitations of an audit. tbere is a risk that we will not detect all irregularities. including those leading lo a material misslatemenl in the fmancial 5tatemenls 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 siatements, as we will be less likely to become aware of instances olnon-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than ernr. as fraud involves intentional concealment. forgery, colluston. omission, or misrepresentation. A rther 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 of the Independent Auditors. onsibilities. This description fornis part of our Report Use of our report This report is made solely to the charitable company's members, as 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 matter5 we are required to state lo them in all audilor5' report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assujne responsibility to anyone other than the charitable company and the charttable company's n]embers as a body. for our audit work, for this report. or for the optnions we have fornied. Matthew Bracher Bsc FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limiied Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BSI 6HL Date.. 12
The George Muller Charitable Tnt Tkt Ceorg¢ Muller Charit#bltTrnst Staterllentof FknanelilAc'tMtie$antorporatittgIntomt 8Dd£xp¢uththt¢ Account for th¢ year ended 28 February 2025 . curre Year Unrtgtrlcted UnrestrA¢t¢d Gener41 E¥pendable Eudoivment Restricted Flld Total Funds Totl Funds 2025 2Q25 2025 2025 In¢om¢ 2nd eadowmettts fronL' . Doi4tions ÈTnd legaeies 989.837 1,048228 1,148,138 391,128 391,128 410,459 Chariiuble 4trttvits4 Totyl and endtsivnk¢Dts 989,837 1,706.689 RaisingfvTrds Charltable aatviti ' 734,524 1,767,585 1,534,931 TDtsI ¢xp¢thditllre 734.524 l.795.770 1,865,679 NéigohY/(loss¢s) o investh 13 824,594 204527 {210,721) (34.752) (8,472) Trnnsfern &etw¢enfvds 315,043 (93,976) (221,067) 0:ergUIdsse$j 19 %efiAoyemenlinJund IOi.??5 (128.ry8j (8.472) 5?5.342 Iobalfts'nds brougiii 193.922 2,I64.691 1£.126,117 l4.523.jl I 14.48é.-i' roralfz4nth camed 2.034_.963 ?Lll.£14. L?.Ory<Jry8 4.5ii:511 AIE of the actrLF7ti<th O- tbc ch&iTh. are c2$ contEaL. The notss on p8ge5 17 to31 form part of these ststemeuts.
The CeorgeMullÈr Ch8rltsble Trust Sthtement of Fioarttial A¢tivitl¢s incoryor2dttg Itteome aNd ExpeiidktureAc¢gUlkt for'th year ended 29 February 2024 Vorutrletea LYnre$trieted Desiyated Funds . dokniitDt Fund Fllnds FM]kd5 2024 Totsl FllDd$ 2024 2024 2024 Note lllcome and eudoivmevts from: Donatioju a>td l¢gacies 60,52.3 1,087.615 1,148,138 Invavpwits 410,459 410,459 ChGriioble a¢tiviti 148,092 Total iueome nd endowDllts 619.074 1,087,615 l.7Q6,689 EspeMthtUTe o Ralsingfvids 30.748 30,748 Charithble t7ctivilies 699,801 32,840 1.102290 1,8H,93 1 Total expettdithre 699.801 ,102,290 30,748 1.865.679 N¢lgains/i7osses) on 13 204.527 204,527 Ne¢zUrome/(apdlthrej {80.727) (32,840) (14,675) 173,779 rrnnsfrrs bftsveenfvnds {26,000) 91.843 (65,843) Oth¢rgqins/8osses) 19 (381} {381) Na miJv¢weni inlunds (107.108) 59.003 (14,675) 107,936 Tolalfvn4¥ brought 1920 301.030 2,105,688 63,401 12,018,236 14,488J55 TrtAlfHnds cqryied 19,20 193,922 2,164,691 12,12fj.172 14,533,511 All of the a¢tivities ofthe c]wity ar¢ classed as conttnui#8. The pages 17 to31 forni par¢ of thes¢ fipaoc1418tateuEellt& 14
The George Méller Charitable Trnst coMY lluwbtr 03471812 Balance Sh¢et as at 28 FebTMary 2025 14otes 2025 2024 FlxtdA¥s¢ts Intangible fixed assets Tattgibk fixed assets Fix¢d ass¢1 investments li 12 4,310 1.839,037 12,870,004 14,713,351 1,837,066 12.126.172 13,968.818 13 Current Assets Stock 15 16 1,936 37,795 192,616 292.150 524,497 836 Debtors ProgÈ2mme related ittvesEmtnts Cash at bank and in hand 26,220 322,046 421,398 770,500 14 Creditors: Amouttts falling due wilhillon¢ year 17 (142282 (184JlO} Net Current Assets 382,215 586,190 Total 4$¥ets less current liabll&tie8 15,095,566. 14.555,008 Cr¢ditOTS: Amounts falling due aft¢rnwre than one year 18 {20,188) (21,497) 14et assets 15.075.378 14.533.511 Charity Unr¢stricied fiutds UnA¥sti7cled desi8tt8ted fillkds R¢striFt¢d Expendable endowmeTrt fiuxl Totsl Cbarfty fund$ 19 297.647 2.035.963 40.2$4 12,701,514 193.922 2,104.691 48.726 12.126,172 19 19 20 20 15,075278 14.533.511 These financial statements have beenprepared ill accordauc¢with th¢ ¥¢aal provisitills ofPart 15 of thecompanies Act 2006 relatÈn8 to small .. companieg. Approv¥1 authorised for issue by theTnts on24 Jun¢ 2025 aDd signed on its bebalf by: D. J. Poivpll Trustee The no¢e$ on pgze$ 17 to 31 forni part of these ststsmeTrts. 15
TJLe G¢orge Muller Charitsble Trust Ststemftllt of cashlltrws for theYr ettded 28 Febr41ary 2025 Totsl Fwid$ 2025 Totsl 2024 Net provldedby (Dsedth) Dperadng a¢tl%ltle$ note 2 S36903) (425.59 CAsh flows from InvesÉlMg a¢tlitEes'. DivÈdetKlg aadintettst Pwcbase of property, plt and offic¢quipm¢nt Coroputer softwaredevelopmenl Costs lllvestnnt fees .391.128 (33.413) 410,459 (9Q.921) {1,020) (30,748) 356,079 (328,977) (28,185) 550,792 (496,888) (35.017) Sal¢ofquoloJinvestxMents . PurC1Se of quoted inVestnllts Purchase of utsils itt unlistedinvestmeths Sale of unI1stl invest5t$ Cbénge cash held for investment (4.345) P4¢t Cash provided by (4sed lllvesthg a¢thliA¢s Ch¥nge IB and iosh equivalents the reportiD8period Cashand ca3h tqoivglents a¢'the begin78 of the Teportiugperlod Changc In and ¢h tquivalents due to ex£h•ng¢ r•t¢ mv¥emtnts (128,651) 42E,398 (597) (47.731) (381) Cash and Cash tquivHRents at the end of ¢h¢ r¢portiDgperiod C•$h Ilow restrietions Charity lawprobibits thejjse of net cagh infiows on ally ¢ndowe(l or otherrestticteA fvlld to offsetn¢t<asb outtlows on anyfimdoutside its own objxls, except on special authority. this T¢StrÈdioJk has ELOt had atty ¢ff¢¢t on cthflows for tILe yw. The notes on page$ 17 to 31 forntplrt of these Illlatid41 ststeyttent%. 16
The George Mblter Charitable Trust ..
l Aceountthg Polleles
)'Gen¢ral Informatio
Th¢ G¢orge Mllller ciwitrbleTnt ig a tompatty limitedby 8uarMntee(nunib¢r03471812) and 1$ a rewtered ¢harity (BunKber 1066832). ttg1st¢d in
EogEand god Wales. The registued offi¢ei$ 4547Loft House. Coll¢geRoa& BEi5tol BS7 9F6.
b)Basis of preparorfon
Th¢ fmancial statements hav¢beenpr41ored iti 8CWTdanct ryth A¢¢ounttng #TrdReportingtyCharitses.' StatenL¢nt of RecommeDded.Prarti¢e . .
appli¢able to ¢haritie5pryaE?DS th¢ir a'¢¢ounts in a¢cordan¢emilh th¢ Financial Rq)grting Staxthrd appli¢thle inthe UK theR¢public of Ireland
(FRS 102) (¢ffectiy¢ l Janu8Jy2019)- (chtleS SQRP (FRS 102)), the Fillacial Report1t Srandatxl applie8bl¢in the UK and R¢public of Ireland
(FRS 102) and the eonJpaty¢s Act2006. The ChaTity constitht¢s a public b¢o&it tnlity as defined byFRSIO2.
'. The finan¢ial stat¢meDts hav¢ b¢eupr¢parcdunder thehistOriC21 rost convention with th¢ exception of invesknents whi¢bare in¢lud¢d at nwkelvalue.
Th¢ fAtwla1 st@t¢ffjellts bave b¢enprepar¢d ona goin8 conc¢m basis. At the tÉtDe of approving the fittanGial statements, theTrnste¢s have .: '
attason8bl¢ exo¢¢tstion thattht Chwitv Iw adeouateresources to Collttrn inoperational existeu¢e for the fo¥esev4ble fjjture.. Ther¢ areno
material ut)£¢itsittties obout Charity6 abylity to cotitinue as a going¢oncenL
Th< finau¢ial $ta¢m¢nts 2tEpr¢pared irÈ St¢rtE whi¢b ks the fi2o¢tional cum¢yof thecharity. Monetaryan)puAts inth¢ fIDanctal stal•n¢nts a
roed to th¢ zwrest £,
¢) Fund gtooundDg .
." Gell'eral"fithds ar2 w)r¢sttictedfyuds ofth¢ chlty whi¢hare aMl4blefoTUS¢ at tile diwretion of theTntstees in fwtherniRofth¢ general obj¢ctive5
fth¢ ¢lwity 4nd whi¢h have i10t.be d¢signat¢d forotherpwpose&
D¢Signatl fundscosDpIiseunr¢stricted fillids thatbav¢ been set4sidebythe Tntee& forpart1ou1atpwJjses. Th¢ aimapduseof ¢Mch designated fLd
.' 15 set out in not¢ 19 to th¢ financi81 statements.
. R¢stsicta futyds include donorbalatt¢es whi¢h repres¢nt fund$ 8iV.¢Ato thtehanty foT the work of SKI aod the Churche4Cttynd- see
]ote.19.toth¢ finatscial ststenwTrkn'
Expendable are fjnds io bc Tetained forthe beoefit oftthe Cbar.iTh a5 caF'
endc.%'"ed capi, into inrn-.
itEI althoughthris dIsG? to coni"Ertthe
The Ch3fLtvallocate5 legaci¢i to l? j:th{2024. L?-.)Ij) or mgreto tF5e Exp"athble EndOlent F.d wthereno in!tnECtsou is irfei¥rd
. ¥ontrdTr. Other legacies art-
re6:1 to ¢ fi-. ThÈ5PO ict.
5 adopied because the Tnte¢S b&i=i'e thatdDrors considttthe
to be of & long Dats and ."aTrt th¢ Knisfttsio treat the1rdc.tion5 as CitPi"ol Trthile haiknig the <LTJcretÉoD to iyj0ert fid-
. ia iucome as W.fI]en Consided¢siTrble bi. thc"Tn]stees.
d) Income
All Income is incl.Jded in the Srattt of Fina17.4¢.fr [ti w.}.} the Ctra. rits.'£ l=ga] erÉtit!enkni'. to the ir.Kome is pri)bable avAlibe amount c&ibe
aantifiedfi'it4 reasonable Forlegaci4 evjldem is the eatlier oftkn b¢.llgnotiiied of an inv distribationor the legacv
beÈBg.receiked Income tax rOeEab1¢ ID to donations receii""cd45néer GÈft.4id orde&< of
rttogDised at Eue lie c.f don&tiO
e)"E4)enditure
EpendEtUrc li re£oeThi
'5td in the STrteEnent of FinCIal A-lll.'IU< an accruali br iL.-14LNjk=of i2lue 2d2A d thx as thii is no1¢¥.erable. GT2nL%
LT. to Chrisan orke.T) aDJl orgalSatiopÈ and areTtCC.Es 4 &%pendiiure heE. th.-• ar¢ paid_
Its theeaeE1.
lulti ser¥7¢e area¥O
The George Miiller Charitable Trust Trlotes 0 tke fiiialltlal statrments for ttyear exd¢d28 February 2025 l A¢¢ounttng PoJirkL¥ {cgntinue4) Governan wsts are those costs ill¢WTed ¢o[wtion wÉththe ConstitiOnal attd ststutory ttquir¢ments and are tldea In multi service area costs. fj kntallgible rued Assets •ttd amor¢tsadDn Intangible fixed assets are statedat cost less accumulated amortisatioTh Softw4ff d<v¢lopTn¢rkt oosts ar¢ rrfoguis¢d as wintartsTrE k fixed asset wh¢re the cost of d¢v¢lopm¢nt is over £E,I)00 and it Qbe dernonsts8t¢d that tk¢ softwer¢wh¢n bmugbt irklo EL¥¢ will produ¢¢ ¢¢onon)ic alld charitsble benefits for apwiod longerthall one year. Software development costs are amortised to write off the cost less estitllatlT¢sithl valu¢ of ea¢h asset oveT 5 years usTng the straight liti¢ ¢t1. g) Tngibk red 4ssets and depr¢¢iatio All &ssets ¢ostiJg ll)or¢ tban£E,000 ate capitalis¢d. Tangibl¢ fixed assets are slated at cost less depreciatio#. D¢pre¢iation is wtproVid on freeholdbuildings $in¢e the st0f th¢ pmperts'e5 is in aggr¢g8t¢ ¢onsider&bly less than ibeirmaTket value- s¢e note 12. Had depTe£iationbeen charggs at 2fyA PerannU the vhar8e this yearwould hav¢ beeri£33,890. Ot1 than Fr¢ehold lalld and btsildittgs, depreciation isprovided at ntes ¢8lcu]atrdto wrile off the $t less ¢stimat¢d trSidU value of each ass¢t, overits expected usem lif4 as follows.. Building Plant & Equipment Museum Coth¢ot Fiunitur¢ Fi¥tures'& Fittings Office e4wpm¢llt I/0 straight lille IOYfj strttitht litie 33.330/0 Stratt lilje h) Quoted illvtstoients Fixed ass¢t illv¢stDMIts ITJ qUOt¢d sha$ Wdlutd i2]2ttally at cost and subsequeutly at fairvalue (tbeir nwket vaEue) aÉ year-end. Any ohaoges in the fair valv¢of investments, whether rcalised or unrealise4 are ¢ombin¢d 8ud shown in th¢ stsleMe of FÈJ)an¢i81 Activities as net g3]n[lO$S¢s) on l) Ullquoted Inv¢stm¢nts 1llve51m¢s ar¢ stated at tbe mid.poinl of the bidjoffer prit¢ at theyear4nd as advised by $h¢ fjjnd mallager. Differences between value of investtnents held at the year end and lberth¢ bistoric cost (where Imieslnts w¢re acqutred durin8 the curyenlaccountiTr8 yrar) or the n)ark¢t valu¢ at theprevious y¢ar end (w]we investm¢ols wetr a¢qllÈr¢d itt apn'oryear) are recogmsed ill the Siatellt of Financial Aclivities as unrealis in00&$es). i) CA8h aiv#itifj% knVeStent Capital cash held as part of tbe investmert portfolio awaiting invtstment is treated as * fixed &wt ittvestttient. k) Progrmme related iDvestments ProwaD]me relalal Investents ¢onsist of.. l) global mtcrofinan¢e10gns whÉclLare sn[ sbort t¢rnk loaTJs to ontrepreneurs in povety, Ih¢y ar¢ interest freeottd 2) a mortgagepn)vid4 whi¢h enabled Èhepurchase of house ill clev¢donpr¢]O6lY OWDed by th¢ Clty a$ 8 d8 rehabtlitation centr Th¢ Jjwrtgageloan is on th¢propety andrepayabl¢ in September 2025. tntcrest on tbe loan is charg1 at 5.150Jo. This n)Ortge etrabled the Chlty to divest its¢lf of th¢property whil$t ellabling the WO0£ the pUKh¥lg ¢harity to contiau¢ in th¢prop¢ty. 18
The George Mllller Chritble Trust Note$ to tbt l]nallclRI 5tstements forthe ytar ended 28 Ftsbnry 2025 l A¢¢ovllthkg Poll¢ies (¢oJrti4ued) l) Sto¢k Sto¢k ]w been Valued at the low¢rof wst and net realisable value. m) EX¢h4e GAiTrS Losses The m&jorityof th¢ microfillollce el¢ment of the CharÉty'sprogramm¢ 1¢141ed irAvestments ar¢ manag¢d in USS. tTh Triew of there betng avery large nw7]ber of small loans the transactions are not ¢onvertedto £s atthe tra1ctIon date butth¢ USS banCeS at tlL¢y¢8r-¢nd are converted to £$ at fbe yw-endTate. Gains Ind losses on exchange are treated as othergaiB$ losses within the Stst¢m¢nt of FiAaiicial ACtItIes. n) Pension5 . The Cbarity oper4teg a defined.¢ODtribution iietision s¢beme aixl thepen5ion charge repr¢s¢nts the amoJ2Dts payable by the Clwity to th¢ fwml in . reSpt ofthe year. Paym¢nts to ex m¢Jnb¢rB of stsff inan unoffi¢&al petssion arrangement are CQDsidered an obligatioll recogtitsed atsd treated in a Simil way to a defmed bell¢fit p¢nsioo Sch¢. Use of an octuaTFal valuation was)t ¢oDsxdered necessary in vkew of Ihe sm&ll size of the schern¢. The nutnb¢rof tnéividuals treated inthis way at they¢ar<nd was 2 (2024.2) ol Debtors 9nd ¢reditors Debt0 are recognised at the settletnent anllt dEJ¢ 9ndprepalents are valuoj at the amountprep?i Creditors are recognised where th¢ CbaTTty l)as a preSt obligationr¢sulting frtsm a past event that will probably result ill the transferof funds to a third p8ty 3nd th¢ &mouDt due to settle the obligation bemeasurrd orestinDted reliably. p) VAT Irrecoverdble VAT is ¢harged awdinst theaxpenditure Iding for whtch it was incur¢ed. q) CrEti¢4lJudgewellts and key souree8 of estim4tlon uncertalDty The folloilryng judgerneTrts' {apart from those involvÉng ¢stiTn#es) have beeTJ nade in thepro¢¢ss of applying the accounttngpolices and have had tbe most si8t]lfi¢8llt¢ff¢ct'on.ptttoitS recOlS¢d 2ti the financtal Statemts. . Inv¢strent$ skown at fair att based onobs¢rvabE¢ UL&dteÈ prices as adNved by Ib¢ i)Jvtsiment managers. - Classification of community houses as fixed ass¢ts. The intention is to se]] Ibe prop¢rtie8 wilhin 12 months of the year ¢ll - The obligatson recognised regarding paym&tts to exrnetnbe of stsff as d¢$cribedin policy o Theobligation was ¢81cutated based upon the agey gender and amiual obligatian to each recipienL - Th¢ alEocatioll of l¢gd¢ies to ¢he Expendable EndownMI Fund as set ottt in poli¢y c. r) Fithgxeial iOStrpDtents The ClwfttyI ele¢ted io apply tb¢provi5ion8 of Section I I 'BasÈ¢ Fill[al Instrumet, and Section 12'0tb¢rFin8n¢io1 Instnwts Jssu¢s' of FRS 102 to all of its firjaociai illstnjments. FÉnancial instruments are re¢ogryised when the Chan'tyb¢¢owes paty to th¢ coptra¢tual proiisions of the itsstrllnt. Financ1 asseÉ$ 4ad liabilitie5 aT¢offseL with the n¢t eraowkts pr¢s¢utediEJ the financial ststements, when there is a legally etsftsx¢eable rightto setoff there) amounts there is an interttion to settle on.8 netbasis or to tralis¢ the asset ands¢ttl¢ th¢ abIlity sittw1taneoIy. - Basie financial assets Basi¢ fipaa¢ial gssets, whi¢h tDclude trade at]d other d¢btQTS. cash and bank balances, inltially measLiredat trCtiOn price itteluding transaction Costs aryd are sub5eqiieiitly ¢arrAed at aIwr¢Ésed cost. Financial assets are dejwigtiised only when the cootrnctual t2ghts to the cash flows from th¢ asset expire or are settl& or wl)enthe ClwitytrnisfeTS the finan¢iak asset and substsntially all the risks alldr¢wards ofownersbip to another entity: or if some sigwfic4ntrisks andrewards of ownership a retsined but ¢ontrol of the asset kas traosfettal to anotherpaty tbat 1$ able to sell the asset in its eiitirety to an unrelated t12irdpaty. 19
The Ceorge Mier Charitable Tru$t Note5 to the fJnD¢ial stafements for the yemr ¢nded28 February 2025 l Aceoulltillg Poticie4 (coJJtinMed). Basic fllM¢tal liabilities, induding Èrade and other creditors, are iofttially recognis¢d at traCti0npricc vnless.the arr4Ekrnt r0n5tlbeS a fiDancillgransactioll, whett the debt instnTment is measured at th¢pse0t v8lu¢ of th¢ fvture paytnellts discountal at a Jnats rat¢ of interesL Debt instn)m¢nts ar¢ subsequently carried at amortis&l ¢os( usingthe effective interest rate n)¢thod. Financial liabilities aredere¢ogDised whttn, al only whetL the ClwÈty's cOotractL] obligations are discharged, cancelloL or they ¢XPiT¢. } T8xotion The CIwity is ¢x*npt from tax on its cTrMTitable activities. t) C•sh $hort tsrm InvEstments C8sh at bat]kis h¢ld to t)rt short tenn wh ¢QEDmÈtvwtts as they f811 due rliher than for investDMIt pu4Joses and 1ClUdeS all cash e4uival¢uts held in th¢ forni of sbort te htghly liquid illv¢stments {d¢posits). Cash atbank as per the balan¢e sh¢eLin¢ludes investment income bdd as part of tb¢ inv¥tm¢ntporfolio. 2 RecoBeiliati¢)n of nttiL¢ome/(expettdlture) to tttt cash floiy from operathig a¢tlvlik8 Totsl Fwxd$ 2025 Total Fulld$ 2024 Yetlrycowel(¢xp¢drfllre) for the rq)ortillg p¢riod (4$ per the ststement of finanelal a¢dvldes) 542,404 4531 AdjustmeDts for: Depreciation aad amortisatioll ¢harges (Gatns)nosses on investrn¢#ts Investment fres. MÈ¢rofinance r¢paid (Incftaseydecttas¢inpMttme r¢l8ted Énvestm¢nts (net of interest charpl) Dlvidends and iDterest (Increaseydecr¢ase itt sto¢ks (IncreaseYde¢rease in debtors IncreaS(decreaSe) its ¢Tedttors Net cash Provided by (used iu) opeT#tiDg activities 34.752 (824,$94) 28,185 (204,527) 30,748 621 129,430 {391.128) (1.100) (11.575) (43,337) (s3903) (410,459) 377 5,286 73.979 (425,598) 20
The George Muller Charltable Tntst Notes to the fijwicial $tytsmeuts for the year ended 28 February 2025 3 Donat¢on$ alld leg¢Ée$ General Restrleted Funds Tot1 Fullds Funds 2025 Donations Legacies 989.837 7,102 989.837 1,048.228 DoTrations awl leg¢leJ- prlor year UDrestricted neral .kestrl¢ted Total FuDds . 2024 Funds Do##tions Legacies 57,177 1,087,615 ,144.792 Tot1 1.087.615 ,148,138 4 Inve8tm£lltlneottt¢ Total Full(k Totsl Funds .2025 2024 Dividends receivable Interest on ¢ash dqjosits 387,894 3,4 Totsl 391.128 410,459 All of the2025 tnv¢Stuot income was in the Ur¢strICted Geu¢ral Fulld. lllcome fr(All chorltxble activlties Totll Fun418 Totsl FuDds 202S 2024 Rental inwme (Collubunityhous¢s ID Cothaml Inlereston PrngrameRelat¢a Inv¢sknent mortgage Family records (HeritsB¢) Sa]e of books IHeriÈag¢) Sale of inisce1lanUs ttems (Heritsge) Youthand Childrens, Cokn ill¢otE 113.063 1165 598 3.805 636 Totsl 148.092 All of the 2025 iDcome frtsm charifBble activities wps inthe Unrestticled General Fuud. 21
The George Mfjller Charltable Trnst Nots$ to th't fin¥lld41 Ststsments foy tht yeareDdtd 28 FebTh#ry 2025 6 Analy$i6 of expenditure by type Dlreet Staff Dlrect Costs C(5 2025 2025 TotA] 2025 2025 . 2025 Global Parthersbips (SKf) 87.012 34.504 59.616 lJ62,973 Youth and Childr¢ll's millisty Swrt Th¢olo¢0] Trdttting . Commuwty Houses Bristol Chiirches City Fund 19.939 85,507 3,415 Ch¥rlÈable ac*lvltles Cvst of ralsth% fuTrds {Investment ntsnAgemtnt costs) Totsl expemdithre 178,517 111,665 230.493 1.246,910 1,767,585 178.517 139.850 230,493 1,246,910 1.795,770 Contmurrity house costs ar¢ the costs ofrn&ntaIng the Cotham properties which tbe Trustees hav¢d¢¢ideil to ¢alIseve fronL Bristol Chuwh¢s City Fund 8rants ar¢ di] at meeling soeiat ne41$ in Btistol 3u¢h as food povety and refitg¢¢s. VolnIcerS cOntribe to the heiitagework by welcoming visitOT5 and s¢hool groups to th¢ museum and [earChIng foroilv records. Governallct costs are £1 1,010 (2024: £10,500). They represent audi.t fees aThl are includ¢d in support eosts. An3ly$is of eJpeoditsre by type- Prior Y¢ir Direct Staff Costs Direet Costs Sllpportcosts 2024 2024 Totsl 2024 2(J24 2024 Global Partnersh£ps (SKD 1297.138 50,000 25.360 9.278 128,811. Youthaod Children's Millisty Support Theologi¢al Traintng COMEnltyHoses BrÈstol Cbvr¢hes CttyFund 27,917 32.305 2.596 48,111 Charitsble aeliyitiEs Cost of raising fwkds (investmellt n#¥eMent ¢osts) Totsl exptnditare 97.773 197596 1.395,249 1,834,931 118,521 197.596 1.395,249 1.865,679 22
2424 8 SXIGr*ats SKtwaDts iridudingthplwts of.lhe Wtstld Istrta)Dt£RA)fth WO formvty r1edOnthe SKtttt¥sL Ttsw<xk is.b) provid£Asupportknd Grontsto 107 (2024:11• individK11awotrs Grafjtsbelow£5.OOQ to Or84WSAtiow . Grants to abDv¢ZS orpr¢c¢dln8ri0) were ¥btsvt£5J)Oo m Hthtrth¢¢uTE¢nt
The George MulleT Charitoble Trust Iyotes to thfuk#llei21 ststsMej'f0r the year euded"28 F¢brllary 2025 8 SKI Crattts (eontiDlled) 2025 2024 Subtotal bmught forward Bri8ht Hope World 150,108 164.162 20,500 11,139 10.612 H¢bron Hoste.1 Tnjst AfricaNatllrally UNIVIDA H4ttds at Work in Africa-BandeAi Hart&s at Wot in Africa- Osboek Helping Th¢m to Smile Fiv¢ Talents Holl8ttd WharfGiAs Host¢l Saltmalawi (Tbe Joseph Project) House of Hope SSS NqMI DFN UK New Victorycllltd Care Ripple Effect{Send a Cow) Solid Rock Inl¢rnational Ministiies Operdtioit Mobilisation 10.803 10,706 17,375 17,515 9,391 10,000 13,699 16,312 18,952 12,000 6J6l 9.029 9,803 9,079 9,705 19,300 6,166 16J58 22053 2,300 1214 33,564 2K,S39 ForEthiopia David CbaudbaryMinistri¢s srEP UK Secd.In¢enwtional Fuod Trust Sub:'Mission Zatnbia AndetsonEducatiOD#I Charitable Trust 20.429 5,138 7.255 387.921 9 Net iti¢omel(expendftsre) This is after {¢rethting)lcharng. 2Q25 2024 Depreciationlamortisa¢ion of tangible and iDtangible fixed &s5¢ts Audittsrs, rgmuneration 34.752 24
The George Mullew Charitable Tru8t Ntste¥ to the $tAtemepts for tb¢ year ended 28 February IV25 ID Stsff Costs 2015 2024 W3s¢s gxd Salarie5 S141 Se¢uTity Costs Other Pension Costs 240,044 14,490 15,029 188.047 8,415 12,481 Tatsl 269.563 208,943 Manag¢m¢nt AdEllinistration Total The ttumkn of en)ploytts, as stat¢& is the average IAdeoUl7t number of stsff ¢Jnployed dwiug the yettr. No employ¢e received EtKsre than £60.Ib¢Jo remun¢rntion irti&¢year. The Cliarity Leadtt. Deputy Leodff {appoint&l in 2023) and th¢ TNstees comprise the key monag¢n*nt persOrT of t1 Charity. No TNstee received ally renuETheration during the current orpr¢vious year. No TTUStees were reimburstd for eKpeixses (2024.. £nil). The key n)anag¢nMtpersonnel receivvj tota] employment benefits of £105,190 {2024..£88,003). 11 Intanglble Flxed Assets Compute Software C05t as at l March 2024 AdditioJJs C05t as At28 FebruAry 1025 16,220 18260 As at l Ma2024 io.fv Charg¢ for th¢ year 3.310 As at 28 Fd>rLiary2025 NetBook Valtte a% #t 28 Febru4ry 2025 NetBkY21llmS Xt29 Fthuory 2024 25
The George Muller Charitable Trnst Nots$ to the ¥tstsments for tht yw ended 28 F¢b¥uary 2025 12 TaD8lbk FEx¢d Assets ". Lalld xud Bulldlngg P14Ut & Miehinery Total 2025 Equlpmtnt C05t as at l Mar¢h 2024 Adibtions As at 28 February 2025 1,783.559 111,821 27.392 4.682 32,074 2.084,381 1,801,806 111,821 114,108 57,985 2.117,794 Accumulated Depr¢¢loilon As at l March2024 Charge for the year As at 28 Febnwy 2025 11,182 11,202 5,786 31,442 278,757 27,599 Net Book Value as at 28 February 2025 54,923 I9,037 Net Book Value 4$ #t 29 1,688,816 3,065 1.837.066 Fre¢hold la#d andbuildings are iJLcEud¢d 41 ¢o¥t whichin aggregate is coasiderably l¢ss Iltsn their Matt value. As all tbe5eproperti¢s Bre maintaiued to a high standanl. managem¢ttt have ¢ortihcted an imp3irnient ttsqew $lWi[L8 thattk¢ ¢aEryÈny valve 15 l¢ss thaTrth¢ 0verable amouot. Consequ¢ntly from l March 2019 d¢pr¢¢iaÉion was notptovided ¢the fre¢hold land alld buildings. Priorto this a chargeof 2(/*y Vths Eoa4£ A review for Indicato of impaimKntis c&ried out annually tythe.TnQes. The additiom to land and blIding$ theyqr planning W sale ¢osts in¢wred the Coth2mprop¢rti¢s to get them adY for sat The TDJSI knlds some historical arttfacts w]Jich ar¢ cutteDdy being ¢atalpgu¢d. AJthoughth¢se a$s¢ts have aTJ intrinsÉc valu4 they are not ?n¢1 in fixed assets since their cost is zero and it is not possible to put a molletary value on tbenL 26
The George Mfiutr Charltsble Trust .. r40tss ¢0 th¢ fia4neial st4t¥tuents for the year ended 25 Febrn•ry 21J25 l3 Flxed 4Het luv¢$tmt#ts Uu115tsd IA$trd knvt$ttll¢ntg awaiting lllVEStment Tot8ls M#rketValue At l March.2024 Additions Disp05ats R¢vtiOnS 7,574,344 4,549.683 496.888 (550.792) 337.864 12,126.172 536.250 (617.012) 4,345 166,220) 486,730 At 28 Febry 2025 8,029.871 4,833.643 12,870,004 Flet H{k V4lue At 28 F¢bnw 2025 8.Q29,871 4,833,643 12,870.004 At 29 F¢bnwy 2024 7,574.3M 4.549,683 12,126,172 /• of porifolio la of p(>rtfollo 21125 2024 The unlisbl lnvestttts are held in: Sarasin Endowm¢ttts FuTLd aass A Enc Units in ChwityProperty Funds.. Mayfair Capitsl lllyesiment MGM Ltd Prop¢rty JMcomeTntst fLir Ciwities 6,699,917 52ty/0 6,221,927 5KY(t 749,350 603,067 6Y. 585J53 5Y(¢ Tb¢ li$*d i]3vesttThcJJts are"marJaged by RBC BrgwinDolplbn. No single kovestnKmt represented more thall 5Yo of the inv¢stm¢nt portfo]Ro {iluding cash). 14 Progr4DUn¢ Rekntedlnve8tments Mi¢rofillance Mortgage As •t l MAr¢h 2024 322.000 (129.430) 322,046 (129,4301 Amounts repaid Defaults andprovÉsions (charged) croJÉtrd tr) Charitable activ&ties - gtallt$ At 28 Febnry 2025 192,570 192,616 27
The George Muller CharttabIe Trust NO to tb¢ fiffiatttial $ttem¢nts for the year ¢thd 28 Febrngry . 14 PTogrThme rdAt¢diavestments (conlinued) Pmrn related illwwtments coibsist of: l. Global mierofinance loans whi¢h ar¢ small short t¢M1ts4US to entrepren in poverty. Th¢y are interest fr¢¢. The outstalldillg bttlate of th¢ loans is uesligible. 2. A mortgage to ¢nable thepurcbaseof a hous¢ by a Clevedou charity providittg SLVPOrted Eiving trtpwpl¢ recovering from addi¢tioll Tliis pmp waspreviously owned by the TnESt. Inter¢# is ¢harg¢doD th¢ loan at 5.150/0 aud the loan is st¢rea orEthe propety. The mortgage loan is now T¢payabl¢ ill S4ltember 2025 following all extens&on granted by the Tnxstees aa is acwrdingty An ¢urr¢llt ass¢ts. Programwe R¢l8ted Investmellts * Prlor Year Micyoflnanee Loans As at l Ma2023 667 322.IXKI 322,667 (621) 322,046 {621) At 29 February 2024 15 Stocks of mi5eellAneolls saleg items 202S 2024 Tot*1 836 16 Debtors 2025 2024 D¢btOES 8TKI pr¢p4yuthts Iw)m¢ tax r¢wv¢rabl¢ 16,895 9.325 13,064. Tot41 37,795 26,220 17 Credltors: AmouRt$ f•]Itng due withlo olle year 2025 2024 Trad¢ rfttors So¢ial S¢cursty a) other taxes 25,211 Swthy Creditors and SK[ 8rants notyel paid Other Creditors- pensxon obligatio 10,114 Totsl 142,282 184310 D¢re¢d Inrne {£2,305} is advan¢e ticket sales forthe 2U2i Y&C Conf¢we ivhich tookplaee inmaycb. 28
The Ceorge Lmuller Charitsble Trnst Notes to the fStiAtt¢i $t#t¢mEttts for thr yr ¢pded 28 February 2025 . 18 Creditors: AJllountsf#lling due #fttr more ye4r 2025 2(124 Other tt¢ditors - pettsion obliga¢Éon 19 Movemelltln fwids Transfers lucome and Expendlture 28 Fel)rnary 2015 2J24 Unre$trieted Ftee r¢¢$ (Unrestri¢ted Genernl fi)nd) Unttstricted Fixed ASsetFUt (d¢stgnated} Progtamnr Related Investment Fund (d¢si8nat¢d) 193,922 . 1,842,645 523,803 .(735,121) (34,752) 297,047 E.843.347 192,616 2J33,610 (129.430) 2,358,613 523,803 (769,873) Restr&¢ted Fundy SKI The Chw¢hes CktyFund (971,247) (27,062) {998.309) 989,837 Exptlldable EndoTrvmeut 12,126.172 824.594 {28.185) (221,067) 12,701,514 14.533.511 2.338,234 (1.796,367) 15.075.378 D¢o¢ription#]adpurpo¥e 4)f f$ And tr¥4usfer5 FreeT2Serves Uur¢strict¢d geM¢ral are the freeTeserves of the ¢lwity. The net trar]sf¢rs of £315.4M3 into the fiu41 ¢oxnprise tbe followin8'. A traDsf¢r of £350.497 fromthe Exp¢JMtsble Endowm¢nt Fund rq)resenting wital wftthdrawals of£70,497 frotn th¢CbariWs fixed 8sset inv¢stDwits and £280,000 to bring fre¢ reseNes up to 3-6 months expenditure. the l¢vel r¢quir¢dby the ckoritys po]icy.Th¢.transfer of £35,454 illto the illlr¢strictxI Fixed AssetFUD r¢pr¢so)ts fixedosset additions itt theyearand 2 lld balaoce #diustnwiL Vnre5tr1et¢d D¢slgngtsdFnnds Th¢ Unr¢stii¢tedFixed As&d Fund is a fulldwrtsthtins th¢ n¢t b00kval of laDgtbl¢ and intallbI¢ fixed assets held ford)aritsble pyrpos¢s..The transferorS.4s4 into th¢ fimd represeiits the costofDffice equipnat and J)ffice th¢'y¢ar, Ihe ¢o#ofd¢v¢li)puwit wothouth¢musquu a[ the Chwitys CRM sy5t¢Aoand som¢ additionalplantiingatulsales costs for.the .. Cotlumproperties. "The Progrdmm¢ Relatea Ini.'tttmaEtFuad Consi5 pThipa%l ofa mort4age io ¢llable thepiJrcba5eofa house by a ch7ty. in CleF'&lan: pro&iding supported 1È1.7a4 £. p¢ople retTin froEll addIlO[L £I?9. 3Lry ofttie loan aS rq)aid durin¢F the l'ear th¢ Tntstee5 have grairied attextensior. o-.-tbe nor.14Jats ryA!Tu£ct date to =O sleber "0:.5. Interest is Cunt,¥ chaTga4 at 5.150/& 2nd the loan is sLiured on the propertr". £1 ?9:'3fJ of th- (¥100. a$ rele2sed f I)7g the $tePa)nI aud traJ1sfted 10 the eN10.]DeLi fund.
The George Mullet Charitable Thist F40tr5 to¢be fin##elal st2teille]kts for tbe year ended 28 February 2025 19 Movèmell¢lttfllnd¥ {eo#tinued) Restr.icted Fund5 SKI Fullds repres¢nt atno¥knSs giv¢n to the Cty il) thv year ended 28 Febrdary 2025 for the work of SK[ butnol distnTrut¢d 41 28 FebnryIo2s. Th¢ Chw¢h¥ City FUL ts a fimd diT¢Ct¢d at s(J¢ial needs in Bristol suvh as food poverty and refugees in which tbe ChÈr&ty parln¢TS with BIAstol Churches. Restricted legacÈes (prioryear) are kegacies given for the work of SKI. Prevlous yw thdl9 Februsry 21J24 At I Mmreb 2023 TTADsfers llleome and Expenditure and1se¥ 29 February 2024 d$ Unrestrlctsd FllJd6 Free reserv nresti1eted General fund) UEwestyi¢tl Fixed AssetFuttd (d¢sÉ8tt&ed) graDMne Related Iov¢5tm¢nl Fynd{design8ted) 301,030 1.783,545 618.693 (699,801) (32,840} (26,000) 91,940 193,922 1,842 645 322.046 2.358,613 2,406.718 618,693 (732,641) 65,843 Re$trlcted Fund5 33,421 19,321 10,659 1,033,612 54.003 (1,043,520) (48.Ell) (EO,659) {1,102290) 23,513 25,213 The churc1S CÉtyFund R2strict¢d Les4¢i¢5 1,087,015 Exp¢lld#bl¢ Endowment Fund 12,018.236 204,527 (30.748) (65,843) 12.126,172 Totsi fllnds . 14,488,355 1.910.835 (1165.679) 14,533,511 20 All$ts of 4et $sets bttweeFJ funds UDrestrlct¢d UJrestrl¢ted G¢Deral Deylgutrd Restricted Ethlowment T4rtal Fwids Fllttds Fttnds 2025 Tarjgible & Intan7)1¢ Fixed A5s¢ts Fixed Asset InV%t[ellts Progrdmme Rela InveStDllts Oth¢rNet Assets 1,843,347 1.843,347 12.870,004 192,616 169,411 12,870,004 192,616 297,647 (168,490) To 297,647 2.035,963 11701,514 15,07S,378 The eDdowment liability (£168,490) is ¢asb yet tLi be IraDsferred to ther¢StrEct general fillrfin respect ora fimd transfer. 30
The George Muller Charatable Trust Notes to thtfjllRik¢l4lst•tements for tke >tar ¢od¢d28 F¢bYuaYy 21)25 20 kn1s$isof neta5sets behY£ttt futyds {¢tsntfHued) Analy$l8 gf net wets botw¢¢u funds- Prlor Ye Vnr¢$triet¢d Unrestri¢ted Deslgnattd Fullds Rtttrlcted Endowmeu¢ Totsl Fllttds Funds 2024 Fun4ts Tangibl¢ & Intangtbl¢ Fixed A&s¢ts Fixol Asset knve$tmts PIr)Rm¢Re[at¢d Investujents OtherNet Assets 1.842,645 1,842,645 12,126.572 322.046 12,126.172 322,046 193,922 193,922 2.164,691 12,126,172 14,533.511 21 PeDsioD commitmellts Tr Cbarity op¢rales odefin¢d ¢otÉributionp¢nsion s¢hem¢. Th¢ assets of the ¢¢h'¢tne are held s4)arately fromtho&e oftbe Clwity in an iadependently admÉnTSt¢red thnd. Th¢ p¢D5ion ¢harge repTewnts contributions payableby the Cl]arity to the fvnd and aToount¢4 10 £15.029 (2024., £12.481). There wntributions of £2,436 pgyable to th¢ fimd atthebalall¢¢ sbe¢l dat¢ {2024". £2.848), The aforeMti0ned charge is separate from the pension ob1igationwotI in Not¢ 18 other CTedilor5 and ¢xplained in a¢countiJgpolicy n. Th¢pensitin ¢harg¢ is allat¢d to adivities based on time spentby onploye¢s on ea¢h actiYity- see t)ot¢ 6. 22 Rel¥ted party trans4rtions Th¢r¢ wer¢ no relatedpatytransa¢tiot)s in the yearend¢d 28 F¢bnury 2025 or th¢ year ended 29 FebTuary 2024. 23 C4pIt41 oonJwltm¢ots The Charity had no c3pitsI.cornmitments as at 28 February 2025 {2024: £tiil). 31