Charity registration number 1090481 (England and Wales)
HON A G SAMUEL CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HON A G SAMUEL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | The Hon M J Samuel | |
|---|---|---|
| Mrs J A Samuel | ||
| Rt. Hon N A Viscount Bearsted | ||
| Mrs J E O'Halloran | ||
| Charity registration | England and Wales | 1090481 |
| Independent examiner | Gravita Audit Oxford LLP | |
| First Floor, Park Central | ||
| 40-41 Park End Street | ||
| Oxford | ||
| OX1 1JD | ||
| Investment advisors | Waverton Investment Management | Ltd |
| 16 Babmaes Street | ||
| London | ||
| SWIY 6AH |
HON A G SAMUEL CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
HON A G SAMUEL CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The trustees have discretion to pay income or capital to any charitable body or for any charitable purpose either nationally or overseas as they see fit.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
Significant activities and achievements against objectives
The trust has made its regular annual grants to charities as agreed by the trustees.
Financial review
The financial statements show investments at market value. Gains on investment revaluations and disposals in the year amounted to £138,329 (2023: Gain of £111,252). Investment management fees of £10,125 (2023: £8,690) were paid in the year. Investment income for the year amount to £27,089, an increase of £2,262 on the year before (2023: £24,827).
£1,500 (2023: £Nil) was spent on governance costs during the year. Charitable donations of £53,000 were made in the year (2023: £21,500).
Reserves policy
The trustees consider that the fund has sufficient resources available to continue to meet the objectives of the fund, in particular to provide grants to specific projects.
The policy of the trustees is to make grants to particular projects each year broadly within the annual income of the fund. They do not therefore see any need for a reserve fund.
Structure, governance and management
The trust was set up by a Declaration of Trust executed on 8 October 2001.
The trustees who served during the year and up to the date of signature of the financial statements were: The Hon M J Samuel
Mrs J A Samuel
Rt. Hon N A Viscount Bearsted Mrs J E O'Halloran
Recruitment and appointment of trustees
The trustees are the original trustees of the trust. When recruiting new trustees the current trustees will look for individuals with skills and experience which are of value to the trust. Any prospective trustees will be interviewed by the the current trustees and provided with a pack of information including the most recent accounts and a copy of the trust deed.
The trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity.
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HON A G SAMUEL CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Organisational structure
The trustees have regular contact during the year to consider recommendations for, and make final decisions on, the awarding grants.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the Investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks.
Investment Strategy
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The withdrawals may be met from income or capital.
The trustees' report was approved by the Board of Trustees.
.............................. The Hon M J Samuel Trustee
27/01/26 Date: .............................................
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HON A G SAMUEL CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HON A G SAMUEL CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HON A G SAMUEL CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Hon A G Samuel Charitable Trust (the trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Gary Pready FCA Gravita Audit Oxford LLP
First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: ............................28/1/2026
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HON A G SAMUEL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 27,089 | 24,827 |
| Total income | 27,089 | 24,827 | |
| Expenditure on: | |||
| Raising funds | 4 | 10,125 | 8,690 |
| Charitable activities | 5 | 54,500 | 21,500 |
| Total expenditure | 64,625 | 30,190 | |
| Net gains/(losses) on investments | 10 | 138,329 | 111,252 |
| Net income and movement in funds | 100,793 | 105,889 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 1,389,918 | 1,284,029 | |
| Fund balances at 31 December 2024 | 1,490,711 | 1,389,918 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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HON A G SAMUEL CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 12 | 1,480,577 | 1,347,755 | |||
| Current assets | ||||||
| Cash at bank and in hand | 11,634 | 42,163 | ||||
| Creditors: amounts falling due within | 13 | |||||
| one year | (1,500) | - | ||||
| Net current assets | 10,134 | 42,163 | ||||
| Total assets less current liabilities | 1,490,711 | 1,389,918 | ||||
| The funds of the trust | ||||||
| Unrestricted funds | 1,490,711 | 1,389,918 | ||||
| 1,490,711 | 1,389,918 | |||||
| The financial statements were approved by the trustees on ......................... 27/01/26 |
||||||
| .............................. | ||||||
| The Hon M J Samuel | ||||||
| Trustee |
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HON A G SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Hon A G Samuel Charitable Trust is a Charity set up in England and Wales. It's registered address is Mells Park, Mells, Frome, BA11 3QB..
1.1 Basis of preparation
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
As all income is unrestricted, it was decided that the fund note for the accounts was not required.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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HON A G SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Dividends | 26,618 | 23,910 |
| Interest receivable | 471 | 917 |
| 27,089 | 24,827 |
4 Expenditure on raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Investment management | 10,125 | 8,690 | |
| 5 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| grants | grants | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 6) | 53,000 | 21,500 | |
| Share of support and governance costs | |||
| Governance | 1,500 | - | |
| 54,500 | 21,500 | ||
| Analysis by fund | |||
| Unrestricted funds | 54,500 | 21,500 |
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HON A G SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 6 | Grants payable | ||
|---|---|---|---|
| Charitable | Charitable | ||
| grants | grants | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to institutions: | |||
| The Enham Trust | 14,600 | 6,000 | |
| National Deaf Children's Society | 4,500 | 2,000 | |
| Deafblind UK | 4,500 | 2,000 | |
| The West London Synagogue | 3,300 | - | |
| Norwood | 3,400 | 1,500 | |
| Jewish Assoc. for Mentally ill (Jami) | 3,400 | 1,500 | |
| Hearing Dogs for the Deaf | 2,300 | 1,000 | |
| Jewish Deaf Assoc (JDA) | 3,400 | 1,500 | |
| The Anne Frank Society | 2,300 | 1,000 | |
| Child Brain Injury | 2,300 | 1,000 | |
| CST | 4,500 | 2,000 | |
| Cancer Research UK | 4,500 | 2,000 | |
| 53,000 | 21,500 | ||
| 7 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 1,500 | - |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
9 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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HON A G SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 138,329 | 111,252 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2024 | 1,347,755 |
| Additions | 212,603 |
| Valuation changes | 138,329 |
| Cash movement | (15,035) |
| (203,075) | |
| At 31 December 2024 | 1,480,577 |
| Carrying amount | |
| At 31 December 2024 | 1,480,577 |
| At 31 December 2023 | 1,347,755 |
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 1,500 | - |
14 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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