THE EDGAR MILWARD CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Iruslees present their report for the year ended 5 April 2023. The Iruslees during the year were= Mrs J C Austin Ichaimian) A S Fogwill Icorresponding Secretsryl S M W Fogwill J S Milward (deceased 12 August 2022) Mrs F Palelhorpe {ACAI Isecretsry and Treasurer) Mrs E M Smuts Mrs M V Roberts Mrs I C Howlell (appointed 28 November 20221 The Charity was established as The Edgar Milward Charity by a trust deed dated 29 April 1980 and is registered with the Charity Commission (number 2810181. The Charity's address is.. The Corresponding Secretary Mr A S Fogwill 53 Brook Drive Corsham Wiltshire SN13 9AX Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME194JQ Investment Managers: Redmayne-Bentley LLP Market Place House 43 Market Place Henley-on-Thames RG9 2AA Independent Examiner: Wayne Thomas ACA Bates Weston Audit Limited Slatulory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
The Iruslees confirm that the Iruslees. annual report and financial statements of the Charity comply with the current stslulory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021 {effeclive 1 January 20191. Structure. Governance and Management By the trust deed of 29 April 1980 Alfred Edgar Milward settled investments on the charitsble trusts outlined below. Alfred Edgar Milward died in 1986 and bequeathed the residue of his estate to the trustees of the Charity, to be administered in accordance with the trust deed. The trust deed has been updated by a supplemental declaration of trust dated 17 November 2009. Tru$tO9$ The Charity is managed by the Injslees themselves who meet twice a year. They are responsible for appointing any new trustees. 11 is the policy that one trustee shall be independent, preferably a chartered accountant or soliolor. Except for the independent Iruslee, new trustees normally have a direct or indirect family link to the settlor and are put forward for appointment following consultation between the trustees and an interview with the chairman. New trustees are provided with copies of the trust deed, previoLSS financial slalements and other relevant documentation together with copies of appropriate Charity Commission publications. Rlsk The Charity has appropriate operating systems and, apart from the risks associated with stock market investment. the trustees do not consider that the Charity has any major risk exposu. Objectlves and Actlvltles Distribution Under the terms of the deed, the Iruslees hold the capital and income on tnjsl lo apply the income of the Charity as il arises lor within a reasonable lime Ihereafterl as follows- a} One half for th8 furtherance of the Christian religion within the United Kingdom and throughout the world. b} Four-lenlhs for such charitsble purposes as the Iruslees shall think fil. cl One-lenlh for educational purposes within a radius of 15 miles from the Civic Centre, Reading. The Iruslees have, in any financial year, discretion lo apply the income of one of the classes for the benefit of another if they deem it fit lo do so, provided that such discretion shall not be exercised in favour of class al and class bl above for more than two suc$S1ve years in any four-year period. The trust deed requires The Edgar Milward Charity lo distribute all its income as il arises. Grants are normally decided in advance at meetings of the trustees held half yearly and are paid as cash flow permits. The Charity's grant making policy is lo support a limited number of causes known lo the trustees, particularfy those supported by the selllor. Unsolicited applications are not normally considered. The Iruslees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year. The Iruslees have sought lo benefit the public through a range of grants lo charitable causes within the conditions of the trust deed. A number of the recipients were supported by the setuor and the trustees have endeavoured to encourage the spread of Christianity and to meet different human needs in a variety of practical ways. The Charity does not undertake fund raising activities.
Investments The Iruslees have power lo invest in any stocks, fvnds or securities or investments for the timo being authorised by law for Iruslees for the investment of trust funds, including the purchase of freehold or leasehold land having an Ljnexpired term of at least fifty years. Under aLJlhority obtained from the Charity Commissioners for England and Wales by order under section 105 of the Charrf(ies Act 2011. the Iruslees have appointed Redmayne-Bentley wf(h discretionary powers in relation lo the management of the Charity's investments. The Charity's investment policy seeks to achieve a balanced return from income and capital appreciation and to maintain the value of the income stream in real terms whilst controlling the level of risk. Investment performance is monitored al the regular half yeady meetings of trustees which are attended by the investment managers. In the light of current market conditions. performance during the year under review is considered satisfactory. Financial Review Incoming resources have increased during the year. Total income from investments has increased to £58,14912022.. £53,782). In line with this increase in income, grants made during the year has also increased to £56,550 (2022.. £47,200). Al the year end, there is £75,204 in cash reserves, of which £75,204 is restricted. Statement of Trustees. Responslbllltles The Iruslees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. The Charities Act 2011 requires the trustees to prepare financial slalemenls for each financial year. The Iruslees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Iruslees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial stslements, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial posiliori of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the trustees dcknts J C Austin Chairman
Inde endent Examiner's Re ort to the Trustees of The Ed ar Milward Charit Independent Examlnerfs Report to the Trustees of The Edgar Milward Charlty I report lo the charity trustees on my examination of the accounts of the Edgar Milward Charity Ilhe Charity) for the year ended 05 April 2023. Responslbllltles and basls of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charrties Act 20111'the Acl'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material mallers have come to my attention in connects'on with the examination giving me cause lo 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 the accounts do not accord w(th those records., or the accounts do not comply with the applicable requirements concerning the form and content of accoLJnls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the exarnination lo which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached. Wayne Thomas ACA Institute of Chartered Accountants ill England and Wales Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ Dale.. 2110612023
CHARITY COMMISSION FOR ENGLAND AND WALES The Egdar Milward Charity Receipts and payments accounts CC16a Forthe perlod from Section A Receipts and payments Unrestricted funds RÈstrictÈd funds EndowmÈnt fund8 Total funds Last year tothe nearest thè nearest£ to the nearest£ thè nearest£ to lh¢ are$l £ A1 Recei Inieresl and dividends Dn qvotEd inv 57.787 362 57,787 362 S3.774 Sub total(Gross income for AR) 58,149 3B,149 S3,782 A2 Asset and investment 5ale5, See table . Quoted InVeseI$ 212,171 66.058 Sub total 2t2,171 e6.058 58,149 212,171 270.320 119,838 A3Pa rn8nt5 Investment tnanager's IE8 Administrave expenses Ind8pendent examination f8@s Grants rnadèduring the year 1,917 134 1200 56.550 3.835 5,7$2 134 fj,•51 3,241b 47.200 56,550 Sub total S501 3,835 63,636 ,60¥ A4 Asset and investment urchasÈ$ $ee table Quoted Inve%knenl 61,503 Sub total 188.941 188,941 S4,503 Totalpayments 59.801 190,776 25ts,$77 111,112 Nel of recwpts/(payments) A5 Transfers between fund5 A6 Cash funds last year end Cash funds this yèar end 1,652 21,395 19,743 8,n6 22.085 20,433 33,376 54.771 55.461 75,204 46,735 55.461
Section B Statement of assets and liabilities at the end of the period Unrestricted fund$ Restricted fund$ Endowment fund$ to n•¥te CLIIL'yvfiLS to ThBar•st É B1 Cash funds CAF Bank 20,3fj8 COIF ¢hsnb8s dEposrt 18,9S2 Redmèyne-BenUeydepDsit 35.819 Total eèsh funds 20,433 54,771 layree paymeThts wnii$ii Unre$trl¢tÈd funds lo neares1£ RÈ$trl¢¢ed funds to Trgar¢8t £ Endowmnt funds to Dearost£ Details Fund to whl¢h as$et bèlon •ndowm8nt Curr•ntvalu• loplonall 1,508.718 Details auot&d Invemenls CoBt laptlonall 83 Invèstmènt assèts 1.261,487 Fund to whl¢h assèt belongs Detai15 Co4t loptlon41} Curr•ntvaly• loplonal 84 Assets retalned for thè charlty's own use Fund to whlch Ilabllity r•lat ATh•unt due loptirAnJll Whwd (OpOnall Details B5 Llab115tles Signèd by one or Irusiees on behalf of all the trustees dc1* Date of roval Prinl Name J C Austin 19/06/2023 19/06/2023 F PathOrpe