## **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**|| |||||| |||||| **TAR** March **2012** 1 ## **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: - 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. **TAR** March **2012** 2 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: - policy on grantmaking; - policy programme related investment; - contribution made by volunteers. **TAR** March **2012** 3 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** **TAR** March **2012** 4 ## **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: - the charity’s principal sources of funds (including any fundraising); - how expenditure has supported the key objectives of the charity; - 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 **TAR** March **2012** 5 |**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) 6 |**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) 7 ## **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) 8 ## **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: 1. 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 9