li THE MILES TRUST FOR THE PUTNEY AIYD ROEHAMPTON COMMUNITY TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 E J Avari & Co Limited 178 Twyford Road Harroiv. Middla¢x IA•ndon HA2 OSN
THE ms TRUST FOR THE PUTNEY AND ROEHAMPTON Co1[[y TRUSTEES, REPORT AND uNA[lTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Relts- 1Sghlights Reference and Administrative detsils of the Charity, its Trusttts and advisers Report of the Board of Trustees 315 Independent Examiner's Report Summary income and expenditure account Statement of financial activities Balance Sheet as at 31 December 2023 Notes forn]ing part of the financial statements io/ii Note on investments held at 31 December 2023 (a) Investments held at market value 12 Note on donations as at 31 December 2023 13
Page I ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE VEAII ENDED 31 DECEMBER2023 FiDancial Re8uIts- Higblights 2023 2022 Total Income 28.556 26.896 Charitsbje donations (26.785) (26.978) Net Unreali gainlooss) on investments 8,878 (49.139) Year end value of investments 651.873 642,995 Unrestricted funds of the charity 650255 641.564
Page 2 FOR THE YEAR E]YDED 31 DECEMBER 2023 TRUSTEES Mr M R Whit¢ (Cbairnw) K Caseley (Vice chair) Mr R J G Holman FCA (freasurer) Mr P D C N Kitchen MA FCA Mrs C J Walters MSC, MRCSLT Mrs C V M Davey LLB. Mrs N Scotts Mrs E J Hopper Mrs A Stevens Mr N J M Hudson Mts J Hall Rev J Ivhittaker li SECRETARY AIYD ADMtNISTRATOR Mrs A J Holman CORRESPONDENCE ADDRESS I l Genoa Avenue London SW15 6DY Barclays Bank PIC CCLA Investment Management Limited l Angel Lane, London EC4R 3AB INVESTMENf FUNDS M&G Securities Limited P O Box 9038. Chehnsfort CM99 2XF Black Rock P O Box 545. Darli DLI 9TQ SOLICITORS Messrs Russell-cooke SolicitOTS 2 Putney Hill London SW15 E J Avari & Co Ltd Association of Accounting Technicians 178 Twyford Road Harn)w, Middlesex LA)ndon HA2 OSN
Page 3 REPORT OF THE BOARD OF TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have the pl¢asure in presellting their rep)rt together with the unauthted financial statements of the Tnt for the yeArende& 31 December2023. GOVERNING INSTRUMENT AND BRIEF HISTORY The Miles Trust was established by a Deed dated 23 April 1913 Under lch Miss Enuna Mil¢s and Miss EIll Miles gave land ID Putney for a community Hall. That building was supervised by the TneeS for many years. Following the sale of the HalL the prOedS have been invested and the income therefrom distributed for general cl]aritable purs4 almost entirely in Putney and The trust has adopted a new Deed of Tnjst on 23 June 2021 to bring its governance in line with current best practice. The Tn s0 asked the Chatity Con)rnission to make a Scheme to allow the payment of tnLStees and associate& The Scheme was approved by the Commission on 23 August 2021. STRucfuRE, GOVERNANCE AI¥D MANAGEMENT The Trust is governed by thc Board of trusttt4 which meets tivic¢ a year. The secretary and the treasurtt maDages all day. to- day opeTatiODS of the Trst and support and advise on all TneS receive written reports from the secretary and treasurff at Board Meetings held during the year to ensure they are kept up to date with all lltters relating to the charity. In addition, the trustees review an(L where necessary, revise the clwity's policies and pmcedures on a regular basis. OWEcfIvES OF THE TRUST The policy of the Trust is to manage all investments and funds that it holds (including both capital and income) for such Church work or public charitable purpose and in such manner as the trustees shall think fit Almost all grants ate made to Sm1 Organisations in Puthey and Roelwnpto The TteeS pursue these objectives by inviting applicatÉons from relevant blieS for single or recurri grants. All applications received by the Trust are considered fit by a sulFcommittee of Trustees with specialist knowledge of the particular area to which the request for fimds relates (churcty youth or community) and recommendations are then put IKfore full meetings of the Trustees. Related Parties The Charity has no subsidiaries. The secretary of the Tr Mrs. Angela Holma is the wÉfe of a trustee. Plans for 2024 The Tnjstees do not intend to make any changes in the nature of their activities in 2024 and hope to continue to supp)rt as many cbariL2ble projects as their income and capital will allow. FINANCIAL REVIEW A]YD RESULTS The gross income of the Trust in 2023 arnount to £28.556, (2022: £26,896) After administrative expenses and governance costs of £1.958 (2022: £1.940), £26.598 (2022: £24,956) was available for distribution. Grants from unrestricted funds totaling £26.785 w&s made to 21 differart organisatioDs (2022: £26,978) made to 22 different organisations).
Page 4 REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCJAL REVIEW AND RESULTS (continue41) The grants made by the TnteeS in 2023 were made up as follows.. 2023 2022 Youth 8,209 8.193 Community 17,576 14.450 Church On 31 December 2023 the totsl assets less current liabibties of the TrusL including quoted investments at middje market va]ue, amounted to £650255 (2022: £641.564). During the year were unreali gains on the Tn'S investment holdings of £8,878 (2022: net unrealised loss of £49.139) &8 shown in Note 2 on page I l. The trustees have taken the view thaL as a long-tenn investor. the interests of the Trust are best served by reDIlli fully invested. The results for the year set out in detail on page 8. Investment Policy The Tn is a long-tenn investor. The trust¢es decided some years ago that investment management should be delegated to specialists with particular expertise in acting for charities. The tnlst CUentlY invests in funds managed by CCLA M&G. Black Rock and Prom thcome Trust for Clwities. The tswt¢es also agreed that the Tn]st's tfoliO should contain a mix of fixed interesL equity and property fimds. The fixed interest fimds are to ensure st* income and wme capital protectio the equtties are intended to pmvide capital growth and incom& while the prnty represent an alternative forn] of asset. with a strong yield Althougb the trustees are able to pay grants out of capitat. they aim to cover almost all annual grdnts out of regular income. In 2023 the fixed interest f¢mds increased by 4.480/0 (2022: decreased by 13.2Yo) in vajue and the income yield was 2.91 % (2022:2.48%). Equity funds showed capitsl appreciation of 2.09Yo (2022: capital reduction of 4.610/0). Of the Tnt'S totsl inv¢llt holdings at the end of 2023.74% wer¢ in equity fund&160/0 in fixed interesL and l /0 in property income. The trustees are satisfied that their investment p)licy is pnent and relatively low risK while also being able to generate steady income for distribution to the organisations that the Tn]st supports. Additio11 information on the Tn'S Inves1nK £xn IK found in Notes 2 and 6. on page I l and page12 respectively. Risk Management The Tnjstees have Sed the major risks to which the Charity is extx)se(L in particular those rejated to the Operatio InVestnnts held and finances of the chaTity. and satisficd that systcms are in place to mitigatc thcir exposure to th¢ major risk&
Page 5 REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Management (Continued) On 25 May 2020, the GenerdI Data Protection Regulation (GDPR) came into force. Data protection and inforn&*ion governance w)licies are in place and are reviewed to ensu that the internal processes are rObt and comply with any new legislativ4 or regulatory requirements. There is also an awareness to protect data and all internal wlicies and pmcedures on dats pmtection. Reserve Policy The Funds of the Tn are unrestricted and the Tn]stees have resolved for the present to maintain th¢ current level of grants during the years when it does not exceed the total of income on investments. This policy is subject to regul review. Takmg into account thc unrealized gain of £8,878 (2022: Ullre investment loss of £49,139), there is a favourable net movement on funds for the year of £8,691 (2022: loss of £51,161). Independent Examiner E J Avari and Co. Limited l)ave expressed their willineSS to continue in office as an Independent Exa[nIn and a resolution to reapp)int them will prowsed at the fortIorning Annual General Meeting The reEK)rt of the Tnjstees was approved on 19 fv 24 and signed on its behalf by: H£ M R White (Chairman)
INDEPENDENT EXAMtNER'S REPORT TO THE TRUSThES OF Page 6 THE MtLES TRUST FOR THE PUTNEY AND ROEHAMPTON COTrtNUNITY I report on the unaudited accounts of the tharity for the ended 31 December 2023 which are set out on pages 8 to 13. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity, s trustees consider that an audit is not required for this year (under Section 144(2) of the charities Act 2011 (the 201 l Act) and that an independent examination is required. The ch&ity's gross income did not exceed £250,000 and I am qualified to undertake the examinalion by bein8 a qualified member of the Association of Accounting Technicians. It is my responsibility to.. Examine the accounts under Section 145 of the 2011 Act. To follow the PTocedures laid down in the General Directtons given by the Chatity Commission, (under Section 145(5Xb) of the 2011 Act). and To state whether particular matters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual itsms or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequently, no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statements below. Independent examiner's statement In com]ection with my examinatioo no matter has come to my attention: (l) which gives me reasonable cause to believe tha( in any material respec¢ the requirements to keep records in accordance with Sedxon 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been meL or (2) to which. in my Opinio attention should be draThTA in order to enable a pro understanding of the accounts to be reached. LtyllV- Edulji J Avari B M. MAAT E J Avari & Co. Limit The Assoclation of Accounting Technicians Licence Number1004948 178 Twyford Road Harrow, fvfiddlesex London HA2 OSN Dat l¥ June 2024
Page 7 li FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 li INCOMING RESOURCES RESOURCES EXPEIYDED Administration costs 1258 1240 700 Clwitable donations ET (oirrGOING) RESOURCES ( 187) (1022) OTHKR RECOGDIISED GAINS & (LOSSES) Net W)11sed gains/Ooss) on inveslments FAVOURABLE/IUNFAVOURABLE) ]YET MOVEMENT IN FUNDS FOR THE YEAR
Page 8 31 DECEMBER 2023 Notes 2023 2023 2022 Funils Total Total INCOMtNG RESOURCES Incoming resources from generated funds Investment income Bank and Other Interest: Gro&8 Income from Charity Fund 49 49 13 28 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Administration Costs Adminio¢S Fees & Expenses Governance eost Examiner's fees 700 700 700 Charitable Donations Youth Conjmunity Church (8209) (17,576) (8209) (17576) (8.193) (14,450) TOTAL RESOURCES EXPENDED Dlet (resources) expended before other gains & losses (187) (18D (2,022) Net unrealised gains/ Ooss) on investments FAVOURABLKI(IJNFAVOURABLE) NET MOVEMENT IN FUNDS 8.691 8.691 (51,161) Reconciliation of Funds: Total Funds brought forward as previously reported Total funds carried. forward at 31 Decemlxr 2023 692 725 650 55 650 The statement of financial activities includes all gains and losses regniSed in the yw. All income and expenditure derived from continuing activiti¢s. The notes on pages 10 to 13 form part of these fmancial statemrnts.
Page 9 BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS QUOTED INVESTMENTS Investments at Middle Market vUeS . Wider Range Investments 651,873 641995 CURRENf ASSETS Sundry Debtors Cash at bank and in Iwid - Community - COIF Cl]arities Dep)sit Fund 359 1.530 Creditors: Amounts falling due withxn one year IYET CURRENT LIABILTfIES TOTAL ASSETS LESS CURRENT LIABILlEs 50 These financial statements have been approved by the Tnjstees on l? . June 2024 and are si]ea on their beIlf by: Sisned...H.E GJLtL........ M R White R J G Holman The notes on pages 10 to 13 forn] part of these financial statements
Page 10 li THE MILES TRUST FOR THE pirrNEY ROEHAMFTON COMMUNfTY NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENf OF COMPLIANCE These financial statements bave been prepared in compliance with FRS 102 'The Financial Rcporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice "Accounting and Rerting by Charities (SORP 2019) applicable to cl]arities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRSI 02) and the Cl7arities Act 2011). ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in rel10n to the financial statements. (a) Basis of Accounting The financial statcments are prepared under the historical convention. The charity has taken advantage of th¢ exemption in Financial Rep)rting Standard Nol from the requirements to produce a cash flow statement on the ground that it is a small cl]arity. The financial statements are prepared in Sterling, svhich is the functional currency of the Entity. (b) Preparation of fin2neial Statemen Going Coneern basis On the basis of current financial projections and after making such enquiries as are considered appropriate. the trustees do not anticipate any changes to the Tnjst's opeTation in the foreseeable future, at least twelve months from the date of signing the financial statements. Hence the ees continue to adopt the going concern basis in preparing the f]nancial statements. (c) Investments .UnrealCd Gains & Lo&ges Investments are shown in the attached balance sheet at their market value, as indicated by the individual fund managers. The unrealised gains and10&8es on investments shown in the financial statements relate to the movement in the n]arket value of the FKJrtfolio during the financial year. (d) Investment Ineome Credit is taken in the Statement of Financial Activities in the year during which investment incom¢ is receAved or bwomes receivable. (e) Charitable Donations Charitsble donations are made at the discretion of Te£S and are debited to the statement of fu&oncial activities in the year in which they are awarde(L
Page 11 li THE MILES TRUST FOR THE PtrrNEY AND ROEHAMFTON COMMUNr 31 DECEMBER 2023 (coiYfINUED) 2023 2022 Published Total loss Market on revaluation Value Wider Ran e Fund Market Value As at l January 2023 642.995 Unrealised gain/ (lo&s) on revaluation at 31 Decell 2023 Carrying amount at 31 December 2023 51 3. DEBTORS 2023 2022 Interest receivable on COIF Charities Deposit Fund 4. CREDITORS: AMOUFUS FALLING DUE WtrH IN ONE YEAR 2023 2022 tndependent examithon of the financial statements Unclaimed Audit Feffj relating to prior years Secretary's fees and expenses 700 996 615 996 633 750 5. ANALYSIS OF NET knSSETS BY FUND 2023 2023 Unrestricted Total fund fund Quoted investments Cash at bank and in Imnd Debtors Creditors 651,873 1,456 651,873 1,456 Net Asscts as at 31 December 2023
Page 12 NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 DECEMBER 2023 (CONnNUED) 6 LIST OF INVESTMEIYTS HELD AT 31 DECEMBER 2023 Cost Values Fixed Interest COIF Charities Fixed Interest Fund 43,294.69 Units 60296.51 52.958 M & G Charibond 44,188 Units 58,768.79 49,420 UK Equities M & G Clwifu 14.035 Income Units 118,527.59 201.395 Black Rock Merrill Lynch Charishare 38,800 Income Units 99,997.36 282,645 Real Estate Propety thcome for Cbarities 88287 Units Totsl (Note 2) 412 590.25 651873
THE MILES TRUST FOR THE PtrrNEY AND ROEHAMvfoN COMMUNr Page 13 31 DECEMBER 2023 (COI¥TINUED) 7 DONATIONS: 2023 2022 YotrrH Small Steps for Parents Shine Again Wandsworth Borough (Brandlehow School) Wandsworth Boxing Club St Mary's Church of Englalld School 1,029 878 1,000 2200 500 695 500 500 920 1203 Our Lady of Victories School Roehampton Church School Cobra Boxing Club Pulney PCC Oasis School Children'5 Health Centre samari Fund YouDg Enterprise Hotham School Group 64 493 1,984 Putney Relief Committee Friends of Wandsworth Park Wimbledon & Putney Commons Conservators National Schizophrenia Society Wandsworth Bcreavement Service Regenerate Rise Homcstart Wandsworth Wandsworth Prison Chaplaincy Wandsworth Prison Welfare Tn Afgbanistan & Central Asian Association Iloel]ampton Trust 4,500 4250 SIX) 500 2,500 2,5(M) 1.000 1200 2200 286 I,(0 750 CHURCH St Margaret's Church Curate/ Assistant Priest St Mary's Parish of Puthey- Scrubbery pmject Holy Trinity, Roehampton PCC Vicar of All Saints, Pulney Team Rector of Puthey (SLMary's) 300 200 1,500 1,500 335 500 250 250 GII4ND TOTAL