Charity re9i8tration number 2080741England and W31es) THE MYLNE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Caladine Chartered Cerlified Accountonls THE MYLNE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees B Daniels H Mcconnell R Picken G Riggs I C Sargeant FCA (Chairman) Rey D Uffindell A Noakes Clerk to the Trustees R Twining Charlty number (England and Wales) 208074 Principal addre$$ Goldings brfdham Hill East Worfdham Hampshire GU34 3AT Independent examingr John Caladine FCCA CTA FCIE Caladine Lim((ed Chantry House 22 Upperton Road EastLyJume East Sussex BN21 IBF Banke CAF Bank 25 ￿"n9S Hill Avenue "ngs Hill st MallirwJ Kent ME19 4JQ Investment advisors Ralhbones Midland House 2 Poole Road Bournemouth BH2 5QY THE MYLNE TRUST CONTENTS Page Trustees. report Statement of Trustees. responsibilities Independent examineffs ￿P)rt statement of finanoal activhties Statement of finanrjal postb.on Notes to the financial statements 8-13 THE MYLNE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees P￿sent their annual report arKI financial statements for the year ended 5 April 2025. The financial statements have been prepared in a￿OrdanCe wlh the accounting poliaes set out in note 1 to the financial statements an¢J comply wlh the charity's governing document. the Charities Act 2011 and 'Accounling and Reporting by Charities." Slalemenl of Recommended practi￿ applicable to charities preparing their accounts in accordance with the Financial ReportiThJ Stsodard apF4icable in the UK and Republic of Ireland {FRS 102}. (effective 1 January 20191. Objectives and actlvities The charity was created under the Wll and CcKlicil of Jessy Louisa P4tylne who died on 3 March 1940. sin￿ 27 April 1970 the charty is govemed by a Scheme of Regulth'on approve(I by the Chancery Division of Court of Justice. The yearfy income of the Charity and if thought fft any part. of the caprtal thereof shall be app&ed at the discretion of the Trustees for the benefit of such k)ef50ns of eithei sex and who are of have been engasEd in evangelistic work including retired Mis5ionanes or Misyonaries still engaged as sueh or conbnuing Christian Workers of any other description as the Trustees In their absolute discretson shall from time lo time select and in such shares and proportions and such a manner In all respecis as the TTUStees in such discrets'on shall from time lo time think fil. No person shall be eligible for any benefft under this charity unless he or she shall be a Protestant in religion and whole hearted believer in the Deity of Chnst and the fijll inspifation of Scripture. The Trustees shall have absolute disuetion wth respect to every peison selected as aforesaid either to pay any such income or capitsl as aforesaid direct lo him or her or to apply the same for his or her maintenance and personal support or otherwse for hi5 or hef benefit In suth manner a5 the Tmstees shall think fil. Public benefit In exercising their absolule discretion in the selecb.on of beneficiaries and the deployment of ts Trust's Ir￿ome and capital. the Trustees regard the undertying objecb.ve of the Trust to be the advancement of Protestant Christianity by the parb'cular mean5 of 5UPPOrting Prolestant Mis￿ona￿e5 and Christian Workers. The direct benefiaaries a￿ selected ￿￿thOut unfair discrimination antl they, through their evangelistic work and their application of the belief in, and pracb'ce of. Chrisban prinuples, advance Protestant Christs"anty lo, and for the benefit of, all people. wthout restricti￿1. In discharging their dLth'es as Trustees of the Mylne Trust Ihey have familiarized tt￿mSelveS with Ihe Charity Commis510n's guidance on public benefit, p8rttcularly that which relates to the advancement of relig'on. and are satisfied that the Trust's activities continue to qualrfy rt for charitable ststus. Tre Trustees believe that the objects of the TTusl a￿ met mosl effectively and ils funds are used to maximum benefit by the provision of financial support lo needy and able students dunng their stLJdy of the religious teachings and practices of Protestant Christsanrty in preparation for their subsequent missionary and outreach work. Achievements and perfomiance During 2024-25 the Trustees held 4 Ordinary meeth.ngs and an AGM. All of the meetings were held at the Spire Church. Farnham. During the year. the Trust receNed 283 applicabons for grants requesting glanls amounting to a total value of £450,382. The Trustees paid out £104.391 lexdudtng fees payable to CMS-A) in grants to carefully selected beneficiaries mainly in the UK and Afnca During 2024-25 the Trustees awarded 147 grants to studertts who awjied through CMS-Africa, which amounted to £64.691 and 24 grants to applicants vtho applied diiectly amounting to £23.700. THE MYLNE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 The Trustees have received a number of applications for grants duriThJ the year as a result of ther partnerships with YWAM. and The Methodist Mission {MMI The partnerships with these organisations, enable them lo recommend potenttal. eligible benefiaaries whose cirCumstan￿S and qualrties are known to them. The Trustees have received a number of applications for grants durirKJ the year as a result of thew partnership wlh OCMS (Oxford Centre for Mission stud￿5) and during the course of the year prowded 8 grants amounthng to £16 000. The partnership with OCMS was originally for 3 years. Both parties have agreed to continue wrth the relalionsbip. The Trust partnership with ICMS-A) has continued lo develop and improve. In April 2019, the Memorandum of Understanding between both parties was renewed. Finan¢lal review There was an operatsng deficit of £180,616 for the year Trre were realised gains on investments 501d in the year of £169,783. with un￿aliSed losses of £267.512 at 5 April 2025. These stjms are adjusted in the fvnd balance carried forward. The Trustees afe resolved lo ensure that income is expended upon the o*"ects of the charity. takn'ng one year ilh another. Structure. governance and managernent The charity was uealetl under the ￿11 and Codicil of Jessy Louisa Mylne who died on 3 March 1940. Since 27 April 1970 the charty is govemed by a Scheme of Regulation 8pproved by the Chancery Di¥Asion of IIE Court of Ju51i¢e. Trustees The Trustees who served during the year were" B Daniels H Mcconnell R Picken G Riggs I C Sargeant FCA Ichaimian) Rev D Uffindell A Noakes Trustees are appointed by a majority vote of the e￿$ting Irusiees. The Trustees of the charity shall be one ex officio Trustee - the Rector for the lime being of the Parish of Famham - and not more than six cckoptative Trustees ￿Ing persons resident within a radius of fifty miles of Famham in the County of Surrey The Trustees may by resolution from time lo lime aprx)int new or addtional co optative Trustees provided that the total number of co-oplalive Trustees shall not at any b'me exceed eight The Trustee5 are mindftjl of the increase in the number of applicants and consequently the significant increase in the time that they are having to spend on Trust Business. Mso to aid succession planning. Trustees agreed and passed a resolution. in January 2024. to increase the number of cmpled Trustees from 6 to 8. The Trustees meet several b.mes a year. as necessary. lo make strategic deciswjns and oversee the work of the trust. An item on the Ageftda for every Trustees meets.ng is to remew the regulatory and legislative requiTements on Charities. THE MYLNE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 The administration of the trust Nfds managed in accordance wth the Trustees. directions by RO￿"n Twining a5 Clerk lo the TTUStees. The investments are managed under a discretionary agreement with Rathbones. The portfolio, which was managed by Investec Wealth & Investrnenl Ltd has been successfully migrated to Ralhbones. The Trust's financAal affairs are monitored by Mr J Caladine. as In¢Jependenl Examiner. Since 2008 the Trustees have employed the sery1￿s of the Church Missionary Society Afn"ca ICMSAI to disliibute the payments which have been awarded to benefiuaries in Afn'ca. The Trustees have assessed the major risks to which the charty is exposed. and are satisfied that systems are in place to mitigate exposure to the majoi Tisks. Investment powerslrevlew The Trusts only source of funds is rts irNestment portfolio. Under the governing document the charity ha5 the power lo make any investment which the trustees see fil. The Iruslees have given the investment advisors discretion to manage the portfolio wthin an agreed risk profile. During 200718 the trustees instnJcted their investment advisors to dispose of any inve5trnenls in companies whose main acttvities related to tobacco or gambling and not to invest in such companies in the fijlure. This policy was reviewed during 2019 and it was agreed that the KK)rtfolio managers, should have no conslrainls imposed on where they can invest the portfolio and that they should be released trom the reslrietions not lo invest in tobacco and 9ambling shares. The Trustees when setting the budgel for 2024-2025, have bLHJgeted for a continued reduction in the income that il nomally re￿iVed from the investment portfolio prior to the start of the COV￿19 pandemic. The Trustee5 prelerred stance is to keep the level of grant distribution at the same level as in wevious years and to accept that tt)Is will mean that the￿ wll be an excess of expendrture over the dividend income r￿e1ved. The exces5 wll be mel by realising a small woportion of the capilal. The Tru51ees' reKK)rt %vas approved by the Board of Trustees. I C Saryeant FCA Ichairnianl Trustee Dated." 8 Juty 2025 THE MYLNE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025 Law applicable to ¢harib'es in England and Wales requiTes the Trustees to prepare accounts fr>r each financia1 year sthich give a true and fair wew of the charity's financi81 activrties during the year and of its firAnaal pos1tion al the end of the year (unless the tharity is entit￿ to prepa￿ accounts on Ihe altemab.ve receipts and payments bass). n preparing accounts giving a tme and far view, the Truslees should fdlow best prath'ce and. select suitable accountsng policies and then appty them consistenty.. - make judgements and eslimates that are reasorbable and W￿jen1.. - slate whether applicable accounting standard5 and stslements of recommernled practice have been followed, subje¢t lo any departures disdosed and explained in the accounts.. - prepare the accounts on the going concem bass unless rt is inappropriate to presume that the ch&ty wll continue in operation The Tfustees aTe ￿sponsible for keeping accounting records which disclose reasonable accurary the financial position of the chanty and which enable them to ensuie that the a￿UnIS comply with the applicable law. They are also responsible for safeguarding the assels of the chèrty and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregulanties. The law applicable lo charib.es in England and Wales requires the Trustees to prepare finanoal statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for Ihat year. In preparing these financial 51alemenls. the Trustees are required to". seled suitsble accounting policies and then apply them consistenYy-, observe the methods and principles in the Charities SORP", - make judgements and estimates that a￿ reaSona￿e and prudent". state whelhef applicable accounting standards have been followed, subject lo any matenal departu￿$ disdosed and explained in the finanoal statements". and prepa￿ the financial slalements on the going concem basis unless il is inappropriate lo presunE that the charity wll continue in operation The Trustees are responsible for keepirrfJ suffioent accounting records that disclose with reasonable accuracy at any time the financial position of the chanty and enable them to ensure that the financial statements comply wlh the Charities Act 2011. the Charity IAccounls and Reports) Regulations 2008 and the provisions of the tru51 deed. They are also resF)onsible for safeguarding the assets of the charty and hen￿ for taking reasonable steps for the prevention and detection of fraud and ot￿r irregulanties. THE MYLNE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MYLNE TRUST I report lo the Ttuslees on my examination of the finanaal statements of The Mylne Trust (the chartyl fof the year ended 5 April 2025. Responslbilities and basis of report As the Trustees of the tharty you are responsible for the preparation of the finanaal Statements in &cordan¢e with the requirements of the ChantiesAct 2011_ I report Tn respect of my examination ol the charity's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examinab.on I have followed the Directions given by the Charrty Commission under section 14515llb) of the Charrt￿sAet 2011. Independent examlnerfs ststement Your attention is drawn to the fact that the charrty has p￿pared the financial stslements in awrdance with the relevant version of the Statement of Recommended Practi￿ applicable lo charTties preparing their financial ststements in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which Is referreLI lo in the extant regulations but has now been wthdrawn l understand that this has been done in Order for the fin8neial ststements lo prowde a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirni that no matters have come to my attention in connection wtth the examination giving me cause to believe that in any material respect.. accounting records were rtot kepl in respect of the charity as required by seth.on 130 of the Charities Act 2011. the financial statements do not accord wlh those records. or the financial stslements do rM)t comply wrth the applicable requirements coneeming the fomi and conlenl of financial slalemenls set out in the Charlties IAccounts and Reports) Regulations 2008 other than any requirement that the financial ststements give a true and fair view. whith is not a matter considered as part of an independent examination. I have no concerns and have come auoss no other matters in connection %￿lh the examination to whith attention should be drawn in this report in order to enable a proper understaThJing of the finanaal statements lo be reached. John Caladine FCCA CTA FCIE Caladine Limrted Chantry House 22 Upperton Road Easlbourne East Sussex BN21 1 BF 8 July 2025 THE MYLNE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025 Unrestricted funds 2025 Unre$trl¢tgd funds 2024 Notes Income from: Investments 48.934 50,135 Totsl income 48,934 50,135 Expendlture on- Charitable actswtses 131,821 132,598 Total expenditure 131,821 132,598 Net gainslllosses) on investments {97,7291 140,535 Net incomellexpenditurel and movement In funds 1180,6161 58,072 Roconciliatlon of funds- Furid balances at 6 April 2024 2,108,305 2,050,233 Fund balances at 5 April 2025 1.927.689 2,108,305 The statement of financial activities includes all gains and losses re￿gniSed in the year. All income and expenditure derive frofn continuing activities. THE MYLNE TRUST STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2025 2025 2024 Notes Flxed assets Investments 11 1.850.353 2,007,209 Current assets Money market Investment Cash al bank and in hand 50.000 30.374 50,000 53.986 80.374 103.986 Current liabllltles 12 (3,038) 12.8901 Nel current assets 77.336 101,0 Total assets less current Ilabilitles 1,927,689 2,108,305 Income funds unrestn.cted ftjnds 1.927,689 2,108,305 1.927,689 2,108,305 The finan￿al slalements were approved by the Trustees on 8 July 2025 I C Sargeant FCA {Chairman) Trustee niels Trustee THE MYLNE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policles Charlty Infonnatlon The My5ne Trust Is a charitable trust governed by trust ¢Jeed and has a principal address of Goidings, Worfdham Hill, East Wortdham, Hampshire. GU34 3AT. 1.1 Accounting ¢onvenlion The accounts have been prepared under the historical cost convenb"on. The financial statements have departed from the chatiti.es IAccounts and Reports) Regulab'ons 2008 only to the exienl required to provide a true and fair view. This departure has involved following the Statement of Recommended Pratxice for charities applying FRS 102 r*her than the version of the Statement ol Recommended Practice which is feferred to In the Regulations tAJt which has since been wthdrawn. The financial statements are prepared in sterling. which is the funcbonal CUTrency of the charity. Monetsry amounts in these finan￿al slalemenls a￿ rounded to the nearest £. The accounts have been prepargj under the historical cost convents.￿. The principal a¢wunting polcies adopted a￿ sel out below. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable exF*Ctation that the charity has adequate resources to conts"nLte in operabonal existen￿ for the foreseeable fijture. Thus the T￿￿teeS conbnue to adopt the g￿ng concem basis of ac¢ounts'ng In prepanng the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in fijrtherance of their chanlable objectives. Restricted ftjnds are subject to specific condrtions by donors or grantors as to how they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the finanual stslemenls. Endowment funds are subjecl to s[￿C1￿C cOnd￿.0nS by donors th* the caprtal must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally enb"UeJJ to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income wll be received. Cash donations are recogni5ed on re￿IPt. Ott*r donabons are recognised once the charity has been notified of the donation, unless perfomance conditions require deferral of the amount. Income tax recoverable in relation to donatson5 ieceived under Gift Aid or deeds of covenant is recognised at the time of the donab"on. Legacies are recognised on re￿Ipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy 15 treated as a contingent a55et. THE MYLNE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Accounting pollcles Icontlnuedl Expenditure is recognised ofi￿ there is a legal OT Cts)Structive obligatson lo transfer economic benefit to a third party, it is protkgble that a transfer of economic beneffts will be Tequired in settlement, and the amount of the obligation can be measure(l ￿liablY. Expendrture is classified by actlvty The costs of each 8Ctivty are made up of the total of dir￿1 cost5 and shared costs. including SUPPOrt costs involved in undertaking eath activity. Direct ￿$tS attribulatAe to a single activty are allocated directly to that activrty. Shared costs which contnbute to more than one activity and support costs which are not attribLrtable to a single ath.vity are apportioned between those activitEs on a basis con51slent wlh the use of resources Central stsff costs are allocated on the basis of lime spent, and depreoalion charges are alkcated on the porbon of the asset's use. 1.5 Non