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 Trt￿te¢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 C1￿1stIanlty 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, fu￿nciaL 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 adMI￿tratOr 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 ￿talOg￿l[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¢l￿d capacity, leaving over 600 ¢hildTh o the waiting lisL as he sought God's prOv￿10n 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 19th￿enti]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 sh￿Illg the bistory of Th¢ George Muller Charitable TriL8t ("Mullers ) alotwide our present-day worL we ai to iDspire and ¢q￿p 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 I￿gital S¢ripttwe, Theology and Cultur¢ (dSTC) courses. These programme$ ar¢ designed to cultivat¢ spInts￿lly￿atUr¢ iodividuth who ¢ngage deeply with the Bible and theology to groiv in thtirknoMil¢dge of God. Th¢ STC cour8¢ conun¢n¢¢d in S¢p*nJb¢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 Yo￿tiOnal ministy, whik othets in se ular profession). alL. kno*e%""eT, share a desire to knovi Jesus more full!." and follow. Him more ". . Clo￿e1V. 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 I￿5 quicld}' fornied a praJerfi]l and en(Faoed leatning ThIoughout the }:ear. S￿dellts 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 Th￿ir dedication to learnillts and spiritual groiiyh Tetlecis the ongoing impact of Miillers th=ological "" training inktiatkS'es, equipping believers to thI￿k 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 seTh￿g 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 sal￿1&0 . Il"'e remain conllnitted to ." prL?i'iditig financial dsSi5tance to Bristol_based iaiti3ti'p¢ is that this will strengthen each ¢hurtb¢srriinisty with l￿d¢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 IllSti￿te) 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 0￿baC5 of the 11-.orld monthly grant: and 91 were SKI miS3ionaries bellefitting from our donatims admini5trdtion seTrice for mtsiionarieè andc]Mities. S.lull￿￿5 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 grate￿1 for the impa t it ]Jas made. Looking ahea￿_￿li￿ers 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 c￿tiall 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 ￿e￿IllE the nee& of the &￿Inerable in Bristol. lullers coniinue5 to proTr'ide gofvernance free of charge: aroundr￿e1¥1llg and hoidintr donations. andthen palrynts the grdllfS."One wch grant aii".arded u) The. ￿.:arni71..elCoMe Space. c.ampaiandunrestricted 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 fi￿d . 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¢sIn￿t 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 Tn￿te¢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 .￿a￿taIn 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 0￿ballS 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 Trustetrn¢u￿e and hence th- income potential bj transferrino the. neT proceeF 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 n￿11￿￿ 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 Breiiry￿D0lpbin "" IA".aJ 5.) /fj and of Sar&qin alld ParttLers was - ?6 peftiod lias qtarted Rith a decr a￿- for both inlffe5ttt￿rt portfolios dtii."en b} increaiea ￿01all[1t! in £lobal mad(ets. most notably folloTh.thg the TDJmp administration"s earl) Apry't annoiiniement of aggr￿￿Tre 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 realt*d 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 anan￿etf0Mvally with them once a year io discuss p¢rforniall¢e and strategy. The T￿￿te¢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 apprO￿h 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 S￿te￿¢￿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¢ C1￿17ty 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 Financial and.4dJninithtise Committee, (conJiStiDg of three TrJstr&< the Charits. LEader: the 0peT￿lL￿n5 Leader alld the Clthriry:.4ccouirtant).. the SkI Conllllittee. lknonsistir,g of three TnESteei: the Ch2riThr Leader and the Partllerthips Coordinator) and the ￿¢81 . MinisTiies Comulittee (knoll5iStillg of three Twste&% and the Clwity Leader). Leader and the DepLTh Leader are the oellior srafr-membeTr re)l)ons"ble for st￿¢￿751￿g tbe 'li0￿. of the staff and assiitirLg the Board in setEing straÉegv 2nd implementiag J]iR strateg5". The responsknilities of the conuttitteeo of TTUSteeE are framed L4ithin the tell￿8 of reference [￿d responsibilitie.s appro%Ed bi. the Boar(L Il"ithiry these agreed budget respons￿1 Jiti%, staff hai".e deleoated authority. subject to follo￿￿ apprffird policies. The ChariTr I£ade.-. the I)¢putv Leader andotber no rele*."ant infoTmatioTr being infOrn￿tion neojed bTr the auditor& in conllection with prep￿ing their reporL of which the cl￿111::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 ll￿ke 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 T￿steeZTr Iw"e tsken aa￿alltage of the small companies. exemptions provided b Section 415A of the Compani￿5 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 s1￿cd 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 R￿UbliC 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¢spOn￿1)i11￿¢S for th¢ auait of the financial state1n￿ts 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}". D￿terIaL 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 p￿10d of at le&s1 ts&'elN"e tnonths from i*hen the. financ.ial ¢tstemcnts are". authori￿ for is￿e. 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 ￿pon￿1b1¢ for theother infom￿110￿. The other infOrn￿l0ll comprtsei the. inf0m￿[￿oll in: in the Annual Report: olher tbau dL¢ f￿anCIal statem¢nL% and our Report ofthe Independettt Audiwrs thereo Our opinion on the financial statements does nct coi'er tbe other I￿On￿&t10￿ anil e.xcept to the eKftnt otheThise ".. explicitl>"" stated in our ieport: V¢e do not oxpress an! fomi of assurance C{x￿luSIon d￿r¢on. In coDneknXion Trith our audit of the. finallcial statemellLS. our responsibility. is to read the. other info￿atiOn an4 in dollvg so, consider ￿hether the other inforM￿lOn i$ Iiia[erially I[￿n5£s￿￿E 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 app￿ent D￿terIal n￿$Sta[C￿ents, v".e are required to to report in this ￿ard. Opinions on other matter5 preseribed bTr the CompaDie5 Act 2006 Jn our opillion: bLqed on the Thork ulldamken in the course ofthe audiL 10 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 Tn￿tee8 has been prq)a￿d 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 Tn￿te¢s, rqnxuaeration spwified by law ar¢ I￿t 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 Tn￿tees, Responsibilities, the Trnstees are also the direcLors of the ¢haritable cotnpany for the p￿￿oSeS 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 Tn￿te¢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¢ d￿ltable 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 asSl￿anCe aiK)ut whether the financial statements as a whole are free from material Jnisslattment, whether due to fraud 01 e￿0[, 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 c￿or 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 i￿gularities, 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 la￿5 and re.LVUiationb ofmoit signifi￿anCe ￿￿ere.. Chariry, SORF ' . 2019 andUK GAAP. (IÉ) Il'e obTained an Unde￿landIng of boTh the chwiry conrplies tbose legal and ￿gulator¥ fraM￿Or￿ bv makinty knqq'airies of JnanagemenL coffoboratea en¢TJirie5 throuoh our reTri=￿". oKLiaTd minu￿5 and otb re.1￿.￿11 nkeering niiuure8. (Ill) The 2sseised the SLsceptsDilÈts' of the charl￿5 finan¢ial statemenrs to marerial missttt*neni: 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 de￿cl fraud: unLrsLinding hos. those chatged z*itk goi'ernartie 0niiae￿d aT£d ad&ewJ the potential for override of control> or other inapproptiate Illfiuell￿e Ciirer the financ.ial. eporting Pro￿-s8. - challenging aiswnptioL8 and judgemellts made bv mauagemellt in its siguificallt a￿CoUL.11￿g 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 Tn￿t Tkt Ceorg¢ Muller Charit#bltTrnst Staterllentof FknanelilAc'tMtie$antorporatittgIntomt 8Dd£xp¢uththt¢ Account for th¢ year ended 28 February 2025 . curre￿ Year Unrtgtrlcted UnrestrA¢t¢d Gener41 E¥pendable Eudoivment Restricted F￿lld Total Funds Tot*l Funds 2025 2Q25 2025 2025 In¢om¢ 2nd eadowmettts fronL' . Doi4tions ÈTnd legaeies 989.837 1,048228 1,148,138 391,128 391,128 410,459 Chariiuble 4trttvits4 Totyl and endtsivnk¢Dts 989,837 1,706.689 RaisingfvTrds Charltable aatviti ' 734,524 1,767,585 1,534,931 TDtsI ¢xp¢thditllre 734.524 l.795.770 1,865,679 NéigohY/(loss¢s) o investh* 13 824,594 204527 {210,721) (34.752) (8,472) Trnnsfern &etw¢enfvds 315,043 (93,976) (221,067) 0￿:ergU￿Id￿￿sse$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?.Orytd l¢gacies 60,52.3 1,087.615 1,148,138 Invavpwits 410,459 410,459 ChGriioble a¢tiviti 148,092 Total iueome *nd endowD￿llts 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/(ap￿dlthrej {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 coM￿￿Y 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 theY￿r 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¢tli*tEes'. DivÈdetKlg aadintettst Pwcbase of property, pl￿t and offic¢quipm¢nt Coroputer softwaredevelopmenl Costs lllvestn*nt 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 . PurC1￿Se of quoted inVestn￿llts Purchase of utsils itt unlistedinvestmeths Sale of unI1st￿l invest￿5￿t$ 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 begin￿7￿8 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•$h Ilow restrietions Charity lawprobibits thejjse of net cagh infiows on ally ¢ndowe(l or otherrestticteA fvlld to offsetn¢talar4es aE]d support co The George Miiller Charitable Trust Trlotes *0 tke fiiialltlal statrments for tt￿year exd¢d28 February 2025 l A¢¢ounttng PoJirkL¥ {cgntinue4) Governan￿ wsts are those costs ill¢WTed ¢o[w￿tion wÉththe Consti￿tiOnal attd ststutory ttquir¢ments and are t￿l￿dea In multi service area costs. fj kntallgible rued Assets •ttd amor¢tsadDn Intangible fixed assets are statedat cost less accumulated amortisatioTh Softw4ff drLiary2025 NetBook Valtte a% #t 28 Febru4ry 2025 NetB￿kY21ll￿mS Xt29 Fthuory 2024 25 The George Muller Charitable Trnst Nots$ 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 I￿9,037 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 Ma￿tt value. As all tbe5eproperti¢s Bre maintaiued to a high standanl. managem¢ttt have ¢ortihcted an imp3irnient ttsqew $l￿Wi[L8 thattk¢ ¢aEryÈny valve 15 l¢ss thaTrth¢ ￿0verable amouot. Consequ¢ntly from l March 2019 d¢pr¢¢iaÉion was notptovided ¢￿the fre¢hold land alld buildings. Priorto this a chargeof 2(/*y Vths Eoa4£ A review for Indicato￿ of impaimKntis c&ried out annually tythe.Tn￿Qes. The additiom to land and b￿lIding$ 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¢v￿￿￿tiOnS 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 Feb￿￿ry 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 lnvesttt￿ts 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$*d i]3vesttThcJJts are"marJaged by RBC BrgwinDolplbn. No single kovestnKmt represented more thall 5Yo of the inv¢stm¢nt portfo]Ro {i￿luding cash). 14 Progr4DUn¢ Rekntedlnve8tments Mi¢rofillance Mortgage As •t l MAr¢h 2024 322.000 (129.430) 322,046 (129,4301 Amounts repaid Defaults andprovÉsions (charged) croJÉtrd tr) Charitable activ&ties - gtallt$ At 28 Febn￿ry 2025 192,570 192,616 27 The George Muller CharttabIe Trust NO￿ to tb¢ fiffiatttial $t*tem¢nts for the year ¢thd 28 Febrngry . 14 PTogr*Thme rdAt¢diavestments (conlinued) Pmrn related illwwtments coibsist of: l. Global mierofinance loans whi¢h ar¢ small short t¢M1ts4US to entrepren￿ in poverty. Th¢y are interest fr¢¢. The outstalldillg bttlat￿e of th¢ loans is uesligible. 2. A mortgage to ¢nable thepurcbaseof a hous¢ by a Clevedou charity providittg SLVPOrted Eiving trtpwpl¢ recovering from addi¢tioll Tliis pmp waspreviously owned by the TnESt. Inter¢# is ¢harg¢doD th¢ loan at 5.150/0 aud the loan is st¢￿rea orEthe propety. The mortgage loan is now T¢payabl¢ ill S4ltember 2025 following all extens&on granted by the Tnxstees a￿a is acwrdingty An ¢urr¢llt ass¢ts. Programwe R¢l8ted Investmellts * Prlor Year Micyoflnanee Loans As at l Ma￿￿2023 667 322.IXKI 322,667 (621) 322,046 {621) At 29 February 2024 15 Stocks of mi5eellAneolls saleg items 202S 2024 Tot*1 836 16 Debtors 2025 2024 D¢btOES 8TKI pr¢p4yuthts Iw)m¢ tax r¢wv¢rabl¢ 16,895 9.325 13,064. Tot41 37,795 26,220 17 Credltors: AmouRt$ 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 In￿rne {£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￿ $t#t¢mEttts for thr y￿r ¢pded 28 February 2025 . 18 Creditors: AJllountsf#lling due #fttr more ye4r 2025 2(124 Other tt¢ditors - pettsion obliga¢Éon 19 Movemelltln fwids Transfers lucome and Expendlture 28 Fel)rnary 2015 2J24 Unre$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¢strict*xI 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 intall￿bI¢ fixed assets held ford)aritsble pyrpos¢s..The transferor￿S.4s4 into th¢ fimd represeiits the costofDffice equipn*at 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 Consi￿￿5 pThipa%l￿ ofa mort4age io ¢llable thepiJrcba5eofa house by a ch￿7ty. in CleF'&lan: pro&iding supported 1È1.7a4 £. p¢ople re￿￿tTin￿ froEll addI￿lO[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 s￿le￿ber "0:.5. Interest is Cunt￿,¥ chaTga4 at 5.150/& 2nd the loan is sLiured on the propertr". £1 ?9:'3fJ of th- (￿¥1￿￿￿00. ￿a$ rele2sed f I)￿￿7￿g the ￿$￿tePa￿)￿nI aud traJ1sft￿ed 10 the eN10￿.]DeLi fund. The George Mullet Charitable Thist F40tr5 to¢be fin##elal st2teille]kts for tbe year ended 28 February 2025 19 Movèmell¢lttfllnd¥ {eo#tinued) Restr.icted Fund5 SKI Fullds repres¢nt atno¥knSs giv¢n to the C￿￿￿ty il) thv year ended 28 Febrdary 2025 for the work of SK[ butnol distnTrut¢d 41 28 Febn￿ryIo2s. Th¢ Chw¢h¥ City FUL￿ ts a fimd diT¢Ct¢d at s(J¢ial needs in Bristol suvh as food poverty and refugees in which tbe ChÈr&ty parln¢TS with BIAstol Churches. Restricted legacÈes (prioryear) are kegacies given for the work of SKI. Prevlous yw *thd￿l9 Februsry 21J24 At I Mmreb 2023 TTADsfers llleome and Expenditure and1￿se¥ 29 February 2024 d$ Unrestrlctsd FllJd6 Free reserv￿ ￿nresti1eted General fund) UEwestyi¢t￿l 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$trlcted Fund5 33,421 19,321 10,659 1,033,612 54.003 (1,043,520) (48.Ell) (EO,659) {1,102290) 23,513 25,213 The churc1￿S CÉtyFund R2strict¢d Les4¢i¢5 1,087,015 Exp¢lld#bl¢ Endowment Fund 12,018.236 204,527 (30.748) (65,843) 12.126,172 Totsi fllnds . 14,488,355 1.910.835 (1165.679) 14,533,511 20 All￿$ts of 4et *$sets bttweeFJ funds UDrestrlct¢d UJrestrl¢ted G¢Deral Deylgutrd Restricted Ethlowment T4rtal Fwids Fllttds Fttnds 2025 Tarjgible & Intan￿7)1¢ Fixed A5s¢ts Fixed Asset InV%t[￿ellts Progrdmme Rela￿￿ InveStD￿llts Oth¢rNet Assets 1,843,347 1.843,347 12.870,004 192,616 169,411 12,870,004 192,616 297,647 (168,490) To 297,647 2.035,963 11701,514 15,07S,378 The eDdowment liability (£168,490) is ¢asb yet tLi be IraDsferred to the￿￿r¢StrEct￿ general fillrfin respect ora fimd transfer. 30 The George Muller Charatable Trust Notes to thtfjllRik¢l4lst•tements for tke >tar ¢od¢d28 F¢bYuaYy 21)25 20 kn1s$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$tm￿ts PIr)￿R￿m¢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 aforeM￿ti0ned charge is separate from the pension ob1igationwot￿I in Not¢ 18 other CTedilor5 and ¢xplained in a¢countiJgpolicy n. Th¢pensitin ¢harg¢ is all￿at¢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