THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY CHARITY NO 246784 TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 E J Avari & Co Lirnited 178 Twiford Road Harrow, Middlesex London HA2 OSN United Kingdom
THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Financial Results- H ighl ights Reference and Administrative details of the Charity, its Trustees and advisers Report of the Board of Trustees 315 Independent Examinerfs Report Summary income and expenditure account Statement of financial activities Balance Sheet as at 31 December 2024 Notes forming pa rt of the f inancial statements 10114 Note on investments held at 31 December 2024 {al Investments held at market value 13 Note on donations as at 31 December 2024 14
Page I THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Re5ults- Highlights 2024 2023 Total Income 29,921 28,556 Charitable donations 125,4611 126,7851 Net realised gain on investments 5,243 Net unrealised gain on investments 1,815 8,878 Year-end value of investments 545,228 651,873 Unrestricted funds of the charity 660.812 650,255
Page 2 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES Mr M R White (Chairman) Mrs E Bradshaw Ivice chairl Mr R J G Holman FCA (resigned 19 June 20241 Mrs E J Hopper Mrs K Caselev Mr P D C N Kitchen MA FCA Mrs CJ Walters MSC, MRCSLT Mrs CV M DaveyL.L.B. Mrs N Scotts Mrs A Stevens Mr N J M Hudson Mrs J Hall Rev J Whittaker TREASURER Mrs E J Hopper (appointed 19 June 20241 Mr R J G Holman FCA (resigned 19 June 20241 SECRETARY AND ADMINISTRATOR Mrs AJ Holman CORRESPONDENCE ADDRESS 7a Borneo Street London SW15 IQQ BANKERS Barclays Bank PIC INVESTMENT FUNDS CCLA Investment Management Limited l Angel Lane, London EC4R 3AB M&G Securities Limited P 0 8ox 9038, Chelmsford, CM99 2XF Black Rock P O Box 545, Darlington, DLI 9TQ SOLICITORS Messrs Russell-cooke Solicitors 2 Putney Hill London SW15 INDEPENDENT EXAMINER E J Avari & Co Ltd Association of Accounting Technicians 178 Twyford Road Harrow, Middlesex London HA2 OSN
Page 3 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees have the pleasure in presenting their report, together with the unaudited financial statements of the Trust for the year ended 31 December 2024. The Trustees would like to thank Richard Holman, who has retired from his role as Trustee and Treasurer for his many years of services in his roles for the Trust. GOVERNING INSTRUMENT AND BRIEF HISTORY The Miles Trust was established by a Deed dated 23 April 1913 underwhich Miss Emm3 Miles and Miss Elma Miles gave land in Putney for a community Hall. That building was 5upervi5ed by the Trustees for many years. Following the sale of the Hall, the proceeds have been invested and the income therefrom distri buted for general charitable purposes, almost entirely in Putney and Roehampton. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is governed by tho Board of trustees, which meet5 twice a year. The secretary and the treasurer manages all day- to- day operations of the Trust and support and advise on all financial matters. Trustees receive written reports from the secretary and treasurer at Board Meetings held during the year to ensure they are kept up to date with all matters relating to the charity. In addition, the trustees review and, where necessary, revise the charity's policies and procedures on a regular basis. OBJECTIVES OF THE TRUST The policy of the Trust is to manage all investments and funds that it holds lincluding both capital and income) for such Church work or publ ic charitable purpose and in such manner as the trustees shall think f it. All grants are made to organisations in Putney and Roehampton. The Trustees pursue these objectives by inviting applications from relevant bodies for single or recurring grants. All applications received by the Trust are considered first by a sub-committee of Trustees with specialist knowledge of the particular area to which the request for funds relates Ichurch. youth or community) and recommendations are then put before full meetings of the Trustees. RELATED PARTIES The Charity has no subsidiaries, and has no related parties. PLANS FOR 2025 The Trustees do not intend to make any changes in the nature of their activitie5 in 2025 and hope to continue to support as many charitable projects as their income and capital will allow.
Page 4 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW AND RESULTS The gross income of the Trust in 2024 amounted to £29.921,12023: £28,5561. After administrative expenses and governance costs of £96112023.. £1,958), £28,960 12023: £26,598) was available for distribution. Grants from unrestricted f und5 totaling £25,461 was made to 19 different organisations 12023.. £26,785) made to 21 different organisations. The grants made by the Trustees in 2024 were made up as follows: 2024 2023 Youth 12,431 9,380 8.209 17,576 Community Church On 31 December 2024 the total assets less current liabilities of the Trust, including quoted investments at middle market value, amounted to £660,81212023.' £650,255). During the year there were net realised and u nrealised gains on the Trust's investment holdings of £5,243 and £1,815 respectively12023: net unrealised gain of £8,878) as shown in Note 3 on page 11. The trustees have taken the view that, as a long-term investor, the interests of the Trust are best served by remaining fully invested. The results for the year are set out in detail on page 8. INVESTMENT POLICY The Trust is a long-term investor. The trustees decided some years ago that investment management should be delegated to specialists with pa rticular expertise in acting for charities. Although the trustees are able to pay grants out of capital, they aim to cover almost all annual grants out of regular income. The Trustees have transferred the investments currently held in Black Rock and M&G, to CCLA, thus making fund management easier without losing either incom e or capital growth. The holdings at CCLA will still be held in diverse holdings Iproperty, equities, fixed income funds) with the continued aim of achieving income close to 4.25Yo to continue with the recent level of grants. Of the Trust's total investment holdings at the end of 2024, 10% were in COI F Charity fixed interest fund, 78% in COIF Charities investment fund Inc. and 12% in property income trust for charities.
Page 5 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT POLICY ICONTINUEDI The trustees are satisf led that their investment policy is prudent and relatively low risk, while also being able to generate steady income for distribution to the organ isations that the Trust supports. Additional information on the Trust's investments can be found in Notes 3 and 7, on page 11 and page 13 respectively. RISK MANAGEMENT The Trustees have assessed the major risk5 to which the Charity is exposed, i n particular those related to the operation, i nvestments held and finance5 of the charity, and are Satisfied that systems are in place to mitigate their exposure to the major risks. On 25 May 2020, the General Data Protection Regulation IGDPRI came into force. Data protection and information governance policies are in place and are reviewed to ensure that the internal processes are robust and comply with any new legislative, or regulatory requirements. There is also an awareness to protect data and all internal policies and procedures on data protection. RESERVE POLICY The Funds of the Trust are unrestricted and the Trustees have resolved for the present to maintain the current level of grants during the years when it does not exceed the total of income on investments. This policy is subject to regu lar review. Taking into account the net realised and unrealised gain of £5,243 and £1,815 respectively12023- unrealized investment gain of £8,878), there is a favourable net movement on funds for the year of £10,55712023: gain of £8.6911. INDEPENDENT EXAMINER E J Avari and Co. Limited have expressed their willingness to continue i n office as an I ndependent Examiner and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting. The report of the Trustees was approved on Z5 June 2025 and signed on its behalf by.. M R White (Chairman)
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY I report to the trustees on my examination of the financial statements of The Miles Trust for the Putney and Roehampton Community {the charity) for the year ended 31 December 2024, which are set out on page5 8 to 14. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Actl. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act, and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. An independent examination does not involve gathering all the evidence that wou Id be required in an audit and consequently does not cover all the matters that an auditor consider5 in giving their opinion on the financial statements. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements present a true and fair view, and my report is l i mited to those specific matters Set out in the independent examiner'5 Statement. 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 reasonable cause to believe that in any material respect.. Accounting records were not kept in respect of the charity as required by sectlon 130 of the 2011 Act or The financial statements do not accord with those records; or The financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charitie5 (Accounts and Reportsl Regu lations 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 rea hed. signed-_ Name.. Edulji J Avari B.COM, MAAT Licence Number:1004948 Name of applicable listed body: Association of Accounting Technicians Relevant professional qualif ication or membership of professional body.. Accounting Technicians On behalf of E J Avari & Co Ltd, 178 Twyford Road, Harrow, Middlesex HA2 OSN, United Kingdom. June 2025
Page 7 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Unrestricted Unrestricted Funds funds INCOMING RESOURCES RESOURCES EXPENDED Ad ministration costs 261 1,258 Governance costs 700 700 Charitable donations NET INCOMING /(OUTGOING} RESOURCES 3,499 11871 OTHER RECOGNISED GAINS & (LOSSES) Net unreali5ed gains on investments Net realised gains on investments 1.815 8,878 FAVOURABLE NET MOVEMENT IN FUNDS FOR THE YEAR
Page 8 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2024 2023 Unrestricted Funds Funds Funds Total Total INCOMING RESOURCES Incoming resources from generated funds Investment income Bank and Other Interest.. Gr055 54 54 49 Income from Charity Fund TOTAL INCOMING RESOURCES RESOURCES EXPENDED Administration Costs Administrator's Fees & Expenses Governance cost 261 Examiner's fees 700 700 700 Charitable Donations Youth 112.431} 19,380} 112,4311 19,3801 18,2091 117,5761 Community Church TOTAL RESOURCES EXPENDED Net incoming / (outgoing) resources Net unrealised gains on investments 3 Net realised gains on investments FAVOURABLE NET MOVEMENT 3.499 1.815 3,499 1,815 11871 8,878 IN FUNDS 10,557 10,557 8.691 RECONCILIATION OF FUNDS.. Total Funds brought forward as previously reported Total funds carried- forniard at 31 December 2024 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derived from continuing activities. The notes on pages 10 to 14 form part of these financial statements. 650 255 650 255 641564 660 812 660 812 650 255
Page 9 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY CHARITY NUMBER 246784 BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS QUOTED INVESTMENTS Investments at Middle Market Values Wider Range Investments CURRENT ASSETS 545,228 651,873 Sundry Debtors Prepayments Cash at bank and in hand 1,000 -community COIF Charities Deposit Fund 116,183 359 118 284 Creditors: Amounts falling due within one year NET CURRENT ASSETS/ ILIABILITIE5) TOTAL ASSETS LESS 115 584 CURRENT LIABILITIES 660 812 650 255 THE FUNDS OF THE CHARITY UNRESTRICTED FUND 650 255 These financial statements have been approved by the Trustees on their behalf by.. une 2025 and are signed on Signed......... M R White- Trustee Signe J Hopper-Tr tee The notes on pages 10 to 14 form part of these financial statements
Page 10 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice "Accounting and Reporting by Charities ISORP 20191 applicable to charities prepa ring their accounts in accordance with the Financia l Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Charities SORP IFR51021 and the Charities Act 20111. ACCOUNTING POLICIES The following accounting policies have been used con51Stently in dealing with items which are considered material in relation to the financial statements. lal Basis of Accounting The financial statements are prepared under the historical cost convention. The charity has taken advantage of the exemption in Financial Reporting Standard Nol f rom the req uirements to produce a cash flow statement on the ground that it is a small charity. The fi nancial statements are prepa red in Sterling, which is the functional currency of the Entity. Ibl Preparation of financial staternent5 Going Concern basis On the basis of current fi nancial projections and after making such enquiries as are considered appropriate, the trustees do not anticipate any change5 to the Trust's operation in the foreseeable future, at least twelve months from the date of signing the financial statements. Hence the trustees continue to adopt the going concern basis in preparing the financial statements. Ic ) Investment Policy The trustees have transferred the investments currently held in Black Rock and M&G, to CCLA, thus making fund management easier without losing either income or capital growth. The holdings at CCLA will still be held in diverse holdings Iproperty, equities, fixed interest funds) with the conti nued aim of achieving income close to 4.25% to continue with the recent level of grants. {dl Investments- Reali5ed and Unrealised Gains & Losses Investments are shown in the attached balance sheet at their market value, as indicated by the individual fund managers. The net realised and unrealised gains on investments shown in the f inancial statements relate to the movement in the market value of the portfolio duri ng the financial year.
Page 11 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) lel Investment Income Credit is taken in the Statement of Financial Activities i n the year during which investment income is received or become5 receivable. If) Charitable Donations Charitable donations are made at the discretion of Trustees and are debited to the statement of financial activities in the year in which they are awarded. 3 INVESTMENTS 2024 2023 Published Market Value Total gain on revaluation Wider Ran e Fund Market Value As at l January 2024 Disposals Additions 651,873 {538,7031 425,000 5,243 Realised gain on sale of investments at 31.12.24 Unrealised gain on revaluation of investments at 31.12.24 Carrying amount at 31 December 2024 545 228 4 DEBTORS 2024 2023 Interest receivable on COIF Charities Deposit Fund
Page 12 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 5. CREDITORS". AMOUNTS FALLING DUE WITH IN ONE YEAR 2024 2023 Independent Examiner's fees of the f inancial statements 700 700 Unclaimed Audit Fees, relating to prior years 996 Secretary's fees and expenses 633 Grants accrued 750 Unclaimed audit fees of £996 relating to prior years have been written back i n the prof it and loss account and reduced from Administrator's fees and expenses totaling £1,257 during the current year. The net figure of £261 is shown in the 31 December 2024 statement of fina ncial activities for the year on page 812023.. £1,258). 6. ANALYSIS OF NET ASSETS BY FUND 2024 2024 Unrestricted Total fund fund Quoted investments Cash at bank and in hand 545,228 117,280 545,228 117,280 Sundry debtors Prepayments Creditors 1,000 1.000 Net Assets as at 31 December 2024 660 812
Page 13 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI 7 LIST OF INVESTMENTS HELD AT 31 DECEMBER 2024 Market Values Cost INVESTMENTS Fixed Interest Col F Charities Fixed I nterest Fund 43,294.69 Units 60,296.51 54,578 COIF Charities Investment Fund Inc. 20,728.22 Units 425,000.00 425,000 Real Estate Property I ncome Trust for Charities 88,287 Units 75 000.00 Total (Note 31 560 296.51 545 228
Page 14 THE MILES TRUST FOR THE PUTNEY AND ROEHAMPTON COMMUNITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 {CONTINUED) DONATIONS: 2024 2023 YOUTH Small Steps for Parents Shine Again Wandsworth Borough (Brandlehow School) Wandsworth Boxing Club St Mary's Church of England School Cobra Boxing Club Putney PCC Oasi5 School Children's Health Centre Samaritan Fund Young Enterprise Hotham School Learn to Love to Read 765 1.029 500 684 1,203 1,850 600 400 493 1,000 3,000 1,000 1,000 600 2,032 1,500 500 1,984 Group 64 500 COMMUNITY Putney Relief Committee National Schizophrenia Society Wandsworth Bereavement Service Regenerate Rise Homestart Wandsworth Wandsworth Prison Welfare Trust Afghan istan & Central Asian Association Royal Trinity Hospice Roehampton Trust 4,250 1,700 1,930 4,500 2,200 5,000 286 500 840 3,000 1,000 1,000 750 17 CHURCH St Margaret's Church Cu rate/ Assistant Priest St Mary's Holy Trinity, Roehampton PCC Parish of Putney, Study space Vicar of All Saints, Putney Vicar of Parish of Putney 300 200 2,000 1,000 250 250 400 250 GRAND TOTAL