REGISTERED CHARITY NUMBER: 281018 Re ort of the Trustees and Unaudited Financial Statements forthe Year Ended 5 A ril 2024 for Thg Ed ar Milward Charit Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
The Ed ar Milward Charit Contents of the Financial Statements forthe Year Ended 5 A ril 2024 Page Report of the Trustees 1 103 Independent Examiner's Report Form CC16A 5t06
The Ed ar Milward Charit Re ort of the Trustees for the Year Ended 5 A ril 2024 The Iruslees present their report for the year ended 5 April 2024. The Iruslees during the year were.. Mrs J C Austin {Chairmanl A S Fogwill Icorresponding Secretary} S M W Fogwill Mrs F Palelhorpe IACAI Isecretsry and Treasurer) Mrs E M Smuts Mrs M V Roberts Mrs I C Howlelt 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-Benlley 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 Page 1
The Iruslees confirm that the Iruslees, annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's goveming document and the provisions of the Statement of Recommended Practice {SORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Structure. Governance and Management By the trust deed of 29 April 1980 Alfred Edgar Milward sellled investments on the charitable trusts outlined below. Alfred Edgar Milward died in 1986 and bequeathed the residue of his estate lo the trustees of the Charity, lo be administered in accordance with the trust deed. The trust deed has been updated by a supplemental declaration of trust dated 17 November 2009. Trustees The Charity is managed by the trustees themselves who meet l¢e a year. They are responsible for appointing any new Iruslees.11 is the policy that one Iruslee shall be independent, preferably a chartered accountsnt or solicitor. Except for the independent trustee, new Iruslees normally have a irecl or indirect family link lo the selllor and are pul forward for appointment following consultslion between the trustees and an interview with the chairman. New trustees are provided with copies of the trust deed, previous financial statements and other relevant do¢umentstion together with copies of appropriate Charity Commission publications. Risk 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 exposure. Objectives and Activities Distribution Under the terms of the deed, the Iruslees hold the capital and income on trust to apply the income of the Charity as il arises lor within a reasonable time Ihereafterl as follows.. al One half for the furtherance of the Christian religion within the United Kingdom and throughout the world. bl Four-lenlhs for such charitable purposes as the trustees shall think fit. ¢1 One-tenth for educational purposes within a radius of 15 miles from the Civic Cenlre, Reading. The Iruslees have, in any financial year, discretion to apply the income of one of the classes for the benefit of another if they deem it fit to do so, provided that such discretion shall not be exercised in favour of class al and class bl above for more than two successive years in any four-year period. The trust deed requires The Edgar Milward Charity lo distribute all its income as it arises. Grants are normally decided in advance al meetings of the Iruslees 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 to the trustees, particularly those supported by the settlor. 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 selling 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 settlor 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. Page 2
Investments The Iruslees have power to invest in any stocks, funds or securities or investments for the lime being authorised by law for trustees for the investment of trust funds, including the purchase of freehold or leasehold land having an unexpired term of al le8St fifty years. Under authority obtained from the Charity Commissioners for England and Wales by order under section 105 of the Ch8rilies Act 2011, the Iruslees have appointed Redmayne-Benlley with discretionary powers in relation to the management of the Charity's investments. The Charity's investment policy seeks lo achieve a balanced return from income and capital appreciation and to maintsin the value of the income stream in real tems whilst controlling the level of risk. Investment performance is monitored al the regular half yearly meetings of trustees which are allended 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 lo £60,26012023.' £58,149). Grants made during the year have decreased to £51,29512023- £56,550). At the year end, there is £76,171 in cash reserves, of which £76, 171 is restrirted. Statgmgnt of Tru$t89$' Responsibilities 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 Iruslees to prepare financial statements for each financial year. The Iruslees have lo 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 trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the Charity and of the incoming resources and application of sOurceS of the Charity for that period. In preparing these financial slalements, the trustees are required to.. 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., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trLJSt 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 J C Austin Chairman Page 3
Inde endent Examiner's Re ort to the Trustees of The Ed ar Milward Charit Independent Examiner's Report to the Trustees of The Edgar Milward Charity I report lo the charity Iruslees on my examination of the accounts of the Edgar Milward Charity Ilhe Charity) for the year ended 05 April 2023. Responsibilities and basis of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act,). 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 matters have come lo 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 the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts 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 matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Wayne Thomas ACA Institute of Chartered Accountants in England and Wales Bates Weston LLP Chartered Accountsnts The Mills Canal Street Derby DE1 2RJ Date.. 28 106 12024 Page 4
CtrIAklYY COMMISSION Pok ENGLANO ANO WALtS The Egdar Mllward eharlty Receipts and payments accounts CC16A For the period from Section A Receipts and payments Unie5¢rictefl funds Restricted funds Endowment funds Totsl funds Last yoar to the nearest to ihe nearest£ tothe nearest£ to the nearesi£ to the neare$t £ A1 Receipts uDted inv 58,642 SB.642 1.618 57.787 362 Sub total (Gross inGon7e fc>r ARJ 611,260 60,260 58,149 A2 Asset and investment Sales. 15ee tablel. Quoted investrnents 69.520 69.520 212.171 Sub tot31 69,520 69,520 212,171 60,260 69,520 129,780 270,320 A3Pa ment8 Inv8Stm8nt manager's f8es 3,703 5,522 96 1.260 51.295 5,752 134 1.200 56.550 96 1,260 51,295 Independent exsmin8110n fees Grants made dunn Sub to¢al 54A70 3.703 58.173 63.638 A4 Asset and Investment urchases, see table Quoied InveseI$ 70,640 70,840 186,941 Sub total 70,640 70.640 186,941 54,470 74,343 128,813 250,577 Net ofreceipts/(paymentsJ A5 Transfers between funds A6 C85h fund5185t year en Cash funds this year end 5,790 4,823 967 19,743 20,433 26,223 $4,771 49,948 75,204 76,171 55,461 75,204 Page 5
Section B Statement of assets and liabilities at the end of the period Unrestricted funds to near•$l £ Restricted funds to near•st£ Endowment funds to nearest£ CIE Ityories Details B1 Cash funds CAF Bank 23.945 COIF Charllles deposil 2,278 19,23B R8dmayng-E8ntleydgpo$it 30.710 Total cash funds 26,223 49,94 lagieebalanceswith ieceipis and payfflenis Unrestrictsd funds to nw?rg$¢£ Restricted funds to n8arg¥t£ Endowment funds ¢0 n8arg¥t£ Details Fund to which asset belon endo¥¥ment Curr•ntvalu Details Quoted investments B3 Investment assets 1,267.539 1,522,831 Fund to which asset bolon Currontvalue onal Detalls B4 Assets retained for the charity's own use Fund to which r8lat•s ount due tional When due onal Details B5 Liabilities Signèd by ont ortwo Iruste•s orj behalf of all the truste8S Sn>t¢ Print Namg Date ol epproval J C Aumtin 2710612024 F Paleth0e 2710612024 Page 6