THE M J SAMUEL CHARIT ABLE TRUST REGISTERED CHARITY NO= 527013 REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 5 APRIL 2021 INOEX Page L-3 Report of the Trustee5 Independent Examiners, Report Statement ol Financial Activities 8alance Sheet Notes to the Financial Starements 7-11 THE M J SAMUEL CHARITABLE TRUST TRUSTEES REPORT RÈferencÈ and Administrative Matters Charity Registrarion number.. 327013 Governing Instrument.. Selllement Deed dated 2 December 1985 estak>lishing an unincorporaied Trust. Trustees.. The Hon. Michael J. Samuel The Hon. Mrs Julia A. Samuel Viscount 8eaTsted Principal Office of Chanty.. Mells Park Mells Nr Frome Somer5et BALL 3Q8 Independent E¥arniners'. Critchley5 Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OXI 2EP 8ankers'. C Hoare & Co 37 Fleet srreer London EC4P 4DQ Investment Managers.. Waverton Investment Management 16 Babmaes Street London SWLY 6AH THE M J SAMUEL CHARITABLE TRUST REPORT OF THE TRUSTEES Iconiinuedl The Twstees present their report along with the financial st*etnents of the charity For the year ended s April 2021. The 3ccovnts for the year ended 5 April 2021 have been prepared in accordance with the Ch3rities Act 2011, Accounting and Reportln9 by Charities.. Statement of Recommen¢Jed Practice applicable to charities preparing their accounts in accordance with rhe Financial ReEx)rti￿ siandard applicable In the UK and Republic ol Ireland IFRS1021, and the charity's trust deed. The report of the independent exatniner's 15 given on page 4 and the principal accounting policies adopted by the Trust set out on page 7. The M J Samuel Charitable Trust is a charity reglstered with the Charity Comrnission under registration number 327013. Structure, Governance Management The trust wa5 set up by the settlor, the Hon M J Samuel. by a deeL4 dated 2 December 1985. The power of appointment of the new trustees is vested In the settlor during his lifetime. The trustees Ère the oriuinal trustees ol the frust. When recruiling new trvstees the settler will look for individu)Is with skills and experience which are ol valve to the trust. Any prospective trvstees will be Interviewed by the Settler and provided with a pack of Information including the mosr recent account5 and a copy of the trust deed. The trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity. The rru5rees have regular contact during the year to consider recommendation5 for, and make final decisions on, the awarding grants, Risk Management The rrustee5 have assessed the major r15ks to which the charity is exposed, in p3rticulaf those related to the investment srfaregy. They are saiislied that adeovate prixedures are in place to mifigare exposvre to these risks. Objective5 and Activities lor the Public Benefit The trustees have discretion to pay irKome of capital to any charirable body or lor any charitable purpose either nation311y or overseas as they see lit. The trustees confirm that they have referred to the gvidance contained in the Ch¥rity Commission's general guidance on public benelir when reviewing rhe trusr's airns and objectives, and In planning lutvre activities and seiting grant making policies. Financial Review and Performance The financial statements show investments at marker value. Gains on invesimenr revaluations and disposals in the year amountÈd to f476,584 12020." LossÈs ol [95.5281. Investment management lees ol É19.03112020'. E24,650I wÈre paid In the year. Investrnent income for the year atnounted to £65,508. a decrease ol È30,679 on the year before, Ilnvestment Income 2020.. É96,2471. E2,293 12020.. £2,270) was Spent on governance costs during the year. Chantsble donations ol £148,325 were Tnade in the year12020'. 445,4181. The policy ol the Trvslees is to make granis 10 particular projects each year broadly within the annual income ol the fund. They do not therefore see any need lor a Reserve Fund. The Trusrees consider thai the Fund has sufficient resouices available to continue to meet the objectives ol the Fund, in P3rticu12r to provide grant5 to Specific projects_ THE M J SAMUEL CHARITABLE TRUST REPORT OF THE TRUSTEES Iconiinuedl InvestmÈnt Str3tegy The powers ol the Trustees by which they ale governed. including the wwers ol investment, are set our in the Trust deed. The Trustees intend th3t the real value of their 3ssets be tnaint3ined ar*1 enhanced over the tertn by investment In a portfolio comprised of equitie5, fixed Income 5tock5 and cash_ For the purpose5 of the charity, the Trustee5 W15h to withdraw a sum each year ro meet their expenditure. The withdrawals may be mei Ifom incorne or capital. statement ol Trustees, Responsibilities The trustee5 are responsible for preparing the Trv5tee5' Report and the financial 5t3tements in 3ccordance with applicable law and Unitecl Kingdom Accounting Standards. The law applicable to charities in England an¢J Wales require5 the trustÈes to prepare financial statetnents for each financial year which give a true )nd fair view of thè state ol affairs ol the charity and of It5 Incorne and experKlitvre for that period. In preparing these financial statements, the trustees are required to.. Selecr suitable accovnting policies and apply rhem consistentlyi Observe the method5 and prin¢iple5 of ihe charities SORP,. Make judgements and esiimares that are reasonable and prudenr.. State whether applicable •¢covnting standaIds have been followed, svbject to any departures disclosed and exp13ined In the financial slalements, Prepare rhe financial statements on the going corKern basis unless it is inappropriate to presvrne that the charily will be able to continue to meet ils objeciives. The rrustees are resF)onsible lor keeping accouniing records which disclose any responsible accvracy and the financial osition ol the charity at any time, Jnd to enable the trustees to ensvre that the financial ststement5 ctsmply with the Charities Aci 2011, rhe Charity (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They re also responsible for safeguarding the Charity's assets, and hence for taking reason¥ble steps lor the prevention and detection of error, fravd and other Irregularitl•5. Signature and Declaration Signed on behalf of the Trvsrees on 2410112022 . 2021 The Hon M J Samuel INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE M J SAMUEL CHARITABLE TRUST I report on the accounts of the Trust for the year erKlÈd 5April 2021. which are set out on pagÈs 5 to ii. Respective re5pon5ibilities of trustees and examiner The trvsiees (who are also the directors of the company for the purposes of company lawl are responsible for the prÈparatitrn of the accounts. The charity's trusteÈs consider that an audit is not reouired for this pèriod under section 144121 of the Charitie5 Act 2011 (the 2011 Act) and that an Independent exatnination is needed. The charity'5 gros5 income was below £250,000. l am qualified to undertake the examination by being a qualified member ol the Institvte ol Chsrtered Accountants in England and WalÈs. Having satislied myself that the charity Is not Subject to audit under Part 16 of the Cofflpanie5 Act ?006 and 15 eligible lor Independent examination, it Is my responsibility to.. examine the accounts undef section 145 ol the 2011 Act., ro follow the procedures laid down in the General Directions given by the Charity Commission under section 1451511bl of the 2011 Act,. and to state whether particular matters have corre to rny attention. Basis ol independent exarniner'5 report My examination was carried out in accordance with the General Directions given by the Ch3fity Commission. An examinaiion inclvdes a review ol rhe accouniing recoids kept by the charity and a comparison ol the accounts pre5enled with those record5. It a150 include5 consideralion of any unu5val Iterns or disclosures In the 3ccovnts, and the seeking ol e%p13n3tions from you as trustees concerning any such matters. The procedures undertèken do not rovicle all the eviclence that would be reqvired in an audit and, consequently, no opinion 15 given 85 to whether the accounts present a 'twe and lair view, and the report 15 limited to those matters set out in the statement below. Independent examiner's statement In connection with my examinarion. no matter has corne to rny attention.. which gives me feasonable cause io believe rhai. in any material respect, the requirements.. lal to keep accounting records in accOrda￿e with section L30 01 the 20LI Act and section 386 01 the Companie5 Act 2006, and Ibl to prepare accounts which accord with the accounting records, comply with the accounting requirements 012011 Act and the Companies Act 2006 and with the Methods and principles ol the Statement ol Recommended Praclice.. Accounting and Reporting by Charities Irev15ed 20051 have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper ￿￿erStandIng ol the 8¢¢0vnts to be reached. •- 2710112022 Robert Kirtland FCA Date Critchleys Avdit LLP Beaver House 23-38 Hythe Bridge Street Oxford Oxi OEP THE M J SAMUEL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIE5 FOR THE YEAR ENDED 5 APRIL 2021 Unrestricted funds Income Capital Total 2021 Total 2020 Note INCOME FROM Investments Toral income and endowments EXPENDITURE ON Raising funds 19,031 19,031 2t4,650 Charitable activities.. Grants payable Tot81 expenditvre Net leMoenditvrel/income before gains snd losses on investrnents 1110.4291 ILLO,4Q91 1376,0911 Net gains/llossesl on investmenrs Net income/lexpenditurel 1110,4291 476,584 366,155 1471,6191 Translers between funds NET MOVEMENT IN FUNDS 716,640 1350,4851 366,155 14716191 TOTAL FUNDS BROUGHT FORWARD 61 TOTAL FUNDS CARRIED FORWARD The ntstes on paue5 7 to Li form part tsl these accovnts. transfer has been rnade frtsm the ¢apit¥l fund to the income fund in order to align the Capital fvnd with the value of the charity's Investments. THE M J SAMUEL CHARITABLE TRUST BALANCE SHEtr AS AT 5APRIL2021 Note 2021 ?020 FIXED ASSETS Investments ?,643,J9 ?,993,679 CURRENT ASSETS Debtors Cash at bank 669.030 116,14?¢¥ Creditors.. Amounts falling dve within one year NET CURRENT ASSETS Creditors.. Amounts falling due alter one year Isi,sool 1125,5001 NET AS5ET5 REPRESENTEO B Y.. Unrestricted fvnds.. Income Capital 865,814 149,174 Approved by the trustees and signed on I￿1r behalf on 2410112022 . 2021 by.. The Hon M J Samvel Trustee The notes on pages 7 to li form part ol these financial statements. THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL ?O?I Princip31 Accounting Policies Basis OF accounting The financial statements have been prepared in accordance with Accountin9 and Reportin9 by Charities.. Statetnent OF Recotnmended Practice ISORP 20151 applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 102 IA) lelfectivÈ i January 20161. Assets accounts are prepafed undÈr the historical cost convention, except for inve5trnent5 which are shown at market value, and in compliance with all applicable accounting standards and the Charities Act 201L. bl Investrnents Investrnent5 are stated at their rniddle-rnarket value5 ruling at the balance Sheet date. All gain5 and losses are taken to the Statement of Financial Actlvllies as they arise. fte31ised gains and losses on invesiments are calcvlared as ihe difference berween sales proceeds and c>pening market value Ipurcha5e date il later). Unrealised 9ain5 and losses are calculated a5 the clilference between the market value at the year end and opening market valve lor purchase date il later). Realised and unreali5ed gain5 are not separated In the Statement of Financial Activitie5. Incorne arising from these investments is accounted lor ¥*hen it is receivable. Funds The unrestricted fvnd5 of the eharity may be vsed at the discretion of the trustees and used to make grants ès they see lit. The money lor the funds originated when the settler donated monies to the charity. As all Income 15 unrestricted. it was decided that the Fund note lor the account5 was not required. dl Expenditure Expenditure is accounted lor on an accrvals basis and gross ol any related income. Costs are classified Under heading5 that aggregate all costs related to the category. where costs cannot be directly attributed to particular headings. they have been allocated to activities on a basis consistent with the use of resources. Costs ol charirable activity comprise direct expenditure including donations. Expenditvre otb donations/ grants 15 recorded once the Trvst has made an unconditional commitment to pay rhe donaiions and this is communicated to the benelici8ry or the donation has been paid. whichever is the e•rlier. Governance costs include those costs, such a5 independent exarniner'5 fees, a5SOCl3ted with constitutional and statutory requirements. dl Income Income 15 generally recogni5ed on a receivable basis and reported gross of related expenditure, where ihe amovnls are reasonably certain and when there is adeou31e certainty ol receipt. The following specific policies are applied to particular categorEs of IncoTlle.' Income arising on invesiments. Eogerher with any associated tax credit is recognised in the year in which it 15 receivable. Inreresi on deposil accounts Is credited in the year in which it is received. THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2021 Investment5 and Income The charity's inve5tment5 are registered In the narne of RBC Dexia Investor Service5, the notninee comp3fiy of the trustees, investment managers. Investrrents are re-valued by reference to market values at 5 April 2021. Investments (held a5 fixed assets) coFnpTise the following.. 2021 020 Investments brought forward Additions at cost Market value of disposals Transaction c05t5 Realised and unreèlised Ilossesl/gains 2,674,479 643,258 11.462,4641 294 3,586,505 714,164 11,529.4211 11,2411 2,332,151 2,674,479 Cash held lor investment Investrrents which exceed 5% of the value of the portfolio 3r*.. Waverton Sterlino Bond 'A' Income Fvnd Waverton Global Strategic 'A' Bond Fund Inve5trnent income 021 2020 Qvoted investmenis Debtor$ ooi 2020 Loan Accrued Investment Incorrvè 655,000 loo,000 THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED s APRIL 2021 Icontinuedl Cash at bank and on deposit 2020 Hoare & Co Bank Creditors due within one year 2021 2020 Independent examiner's lee$ Investment rnanagement Fee5 Grant5 payable Deferred Income 2,293 5,000 2,225 5,000 L04,005 143,293 Creditor5 due after one year 2021 2020 Grant payable Expenditvre on raising funds 202L 2020 Investrnent rnanagement Feès Governance Neither remuneration nor expense5 have been paid to the trustees. The expenditure incurred is made up a5 follows-. 2021 2020 Bank charges Independent examitEr's fees Consultancy 348 ,293 45 ,225 10 THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED s APRIL 2021 Icontinuedl Charitable Grants 2021 2020 Bumblebee Conservation Trust Ch31ke Valley History Trust Child Bereavement UK Conservation Collective Country Food Trust Frevd Museum Londo L,000 1.250 15,240 1,000 9,000 17,51)0 s.￿0 Game and Wildlife Conservation Trust Imperial College ol Science Tech & Medicine Donations Institute Cancer Rese8rch Kings College London Love the Oceans Cg orwood One Degree academy Donation Prospect Burma Royal M3rsden Royal Osteoporosis Scottish Moorland Somer5et Community Foundation Spey Foundation The Ann3 Frevd Centre The Good Exchange The Legatum Insiitute Tutor 3 Nation UCL Development Fund West London Synagogue ?3,838 ,400 30,000 25,000 167.033 82,500 2,000 5,000 9,507 7,200 15,000 45,000 45,640 4tll,968 Jonathan Robin50n ICIVICI i¢Jo,000 Add.. 712020.. 81 other donations to institutions OF less than £i.wo èach in value Governance costs (note 81 2,085 1,450 The charity doe$ not have any employees. THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED s APRIL 2021 Icontinuedl io 2020 Cornparative Statement of Financial Position Unrestricted funds Income Capiial Total Total Note 2020 2019 INCOME FROM Civic Project Investments 33,480 Tot31 incorne and endowrnents EXPENDITURE ON Raising Ivnds 24.650 ,650 25,832 Charitable activities.. Grants payèble Tot31 expenditvre Net lexpenditvrel/ineome before gains and losses on inve5trnents ts70,0911 1376,0911 1506,9351 Net Ilossesl/gains on investmenrs Net lexpenditvrel/income ts70,09LI 195,5281 1471,6191 Igg5.1931 Tr8nslers between funds NET MOVEMENT IN FUNDS 140,257 1611,8761 1471.6191 129S,1931 TOTAL FUNDS 8ROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD