Trustees' Annual Report for the period
Period start date Period end date Day Month Year Day Month Year From 23 April 2021 To 22 April 2022
Section A Reference and administration details
Charity name Mr Herbert Miller’s Settlement Trust
Other names charity is known by Registered charity number (if any) 233334
Charity's principal address Trustee Department 1[st] Floor, Tower Wharf Cheese Lane, Bristol Postcode BS2 0JJ
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Ludlow Trust CompanyLimited |
||||
| Names of the trustees for the charity, if any, (for example, any custodian trustees) | ||||
| Name | Dates acted if not for whole year | |||
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Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser Name Address |
||
| Investment Managers | NatWest Bank Plc | 440 The Strand, London, WC2R 0QS |
| Bankers | NatWest Bank Plc | 440 The Strand, London, WC2R 0QS |
| Solicitors | Hugh James | Hodge House, 114-116 St Mary Street, Cardiff, CF10 1DY |
| Independent examiner | Geoffrey Frost | Blue Spire Limited, Cawley Priory, South Pallant Chichester, West Sussex, PO19 1SY |
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
Settlement dated 20 February 1958
Type of governing document (eg. trust deed, constitution) Trust How the charity is constituted
- (eg. trust, association, company)
Trustees are appointed by the existing trustees. Trustee selection methods
- (eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
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policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
The Object of the charity is to hold the fund for the period of one Summary of the objects of the thousand years from the date of the Trust Deed and to pay the income charity set out in its thereof to The Society for the Propagation of the Gospel, for the governing document purposes of the Society and upon expiry of said period the capital absolutely.
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In furtherance of the charity’s objects for the public benefit the trustees provides grants in accordance with the letter of wishes. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
You may choose to include further statements, where relevant, about:
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policy on grantmaking;
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policy programme related investment;
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contribution made by volunteers.
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Section D Achievements and performance
Summary of the main During the year under review the charity made 12 grant payments achievements of the charity totalling £38,925. during the year
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Section E Financial review
Brief statement of the
charity’s policy on reserves
At the end of the reporting period the charity had free reserves amounting to £nil (2021: £3,058).
In addition to the free reserves the charity has bank balances of £44,444 (2021: £17,978) and investment assets of £2,256,218 within the expendable endowment fund.
The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives, as well as covering future needs, opportunities, contingencies and risks.
Details of any funds materially in deficit
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
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the charity’s principal sources of funds (including any fundraising);
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how expenditure has supported the key objectives of the charity;
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investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s)[Chris Thurlow ] On behalf of Ludlow Trust Company Limited Position (eg Secretary, Chair, etc)
Date 07 February 2023
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| Charity Name | No (if any) | ||||
|---|---|---|---|---|---|
| Mr Herbert Miller's Settlement Trust | 233334 | ||||
| Receipts andpayments accounts | CC16a | ||||
| For the period from |
Period start date 23 April 2021 |
To | Period end date 22 April 2022 |
Section A Receipts and payments
| A1 Receipts | Unrestricted funds to the nearest £ 34,740 69 - - - - - - 34,809 - - - 34,809 38,925 7,186 780 1,113 - - - - - 48,004 - - - 48,004 (13,195) 10,137 3,058 - |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - - - - - - - - - 1,026,055 - 1,026,055 1,026,055 - - - - - - - - - - 989,452 - 989,452 989,452 36,603 (10,137) 17,978 44,444 |
Total funds to the nearest £ 34,740 69 - - - - - - 34,809 1,026,055 - 1,026,055 1,060,864 38,925 7,186 780 1,113 - - - - - 48,004 989,452 - 989,452 1,037,456 23,408 |
Total funds to the nearest £ 34,740 69 - - - - - - 34,809 1,026,055 - 1,026,055 1,060,864 38,925 7,186 780 1,113 - - - - - 48,004 989,452 - 989,452 1,037,456 23,408 |
Last year to the nearest £ |
|---|---|---|---|---|---|---|
| Income from investments | 34,740 | 33,943 | ||||
| Income from bank interest | 69 | - | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| Sub total(Gross income for AR) |
34,809 | 33,943 | ||||
| A2 Asset and investment sales, (see table). |
||||||
| Sale of investments | - | 1,552,671 | ||||
| - | - | |||||
| Sub total | - | 1,552,671 | ||||
| Total receipts A3 Payments |
||||||
| 1,586,614 | ||||||
| Grants awarded | 38,925 | 29,728 | ||||
| Inv mgmt and admin | 7,186 | 4,956 | ||||
| Independent examination | 780 | 780 | ||||
| Administrative services | 1,113 | - | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| **Sub total ** | 48,004 | 35,464 | ||||
| A4 Asset and investment purchases, (see table) |
||||||
| Investmentpurchases | - | 1,666,816 | ||||
| - | ||||||
| **Sub total ** | - | 1,666,816 | ||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end ** |
||||||
| 1,702,280 | ||||||
| (13,195) | - | 36,603 | 23,408 | (115,666) | ||
| 10,137 | - | (10,137) | - | - | ||
| 3,058 | - | 17,978 | 21,036 | 136,702 | ||
| - | - | 44,444 | 44,444 | 21,036 |
CCXX R6 accounts (SS)
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| Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Endowment funds to nearest £ 44,444 - - 44,444 OK Endowment funds to nearest £ - - - - - - Current value (optional) 2,256,218 - - - - Current value (optional) - - - - - - - - - When due (optional) Date of approval 07 February 2023 |
|---|---|---|---|
| Categories Signed by one or two trustees on behalf of all the trustees B5 Liabilities B4 Assets retained for the charity’s own use B3 Investment assets B2 Other monetary assets B1 Cash funds |
Signature Investment management Examiner's fees Administrative services Details Details Details Investment portfolio Details (agree balances with receipts and payments account(s)) Details Capital account Income account Total cash funds |
Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Endowment - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) Unrestricted 3,100 Unrestricted 780 Unrestricted 87 - - Print Name Chris Thurlow On behalf of Ludlow Trust Company Limited |
CCXX R7 accounts (SS)
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Section C Notes to the Accounts
C1 Nature and purpose of funds (may be Expendable endowment funds are those which are required to be invested to produce income but which may be stated on analysis of funds worksheets) transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. C2 Grants to institutions Recipient - 1 grant unless annotated £ United Society Partners in the Gospel 12 payments 38,925 38,925 C3 Related party transactions No trustee received any remuneration nor reimbiursed any expenses in the year under review. During the year under review Ludlow Trust Company Limited, a trustee of the charity, was paid fees for the provision of administrative services amounting to £1,113 as authorised under clause 5 of the settlement.
CCXX R8 accounts (SS)
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Independent Examiner's Report to the Trustees of Mr Herbert Miller’s Settlement Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 22 April 2022 as set out on pages 6 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.
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 accounts to be reached.
07 February 2023
Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
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