Charlty regSstr•llon number 327013 THE M J SAMUEL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023
THE M J SAMUEL CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trust••s Thè Hon. Mlchael J. Samuel Th& Hon. Mrs Julia A. Samuel w8Unt 8&arsled Charlty numb•r 327013 R•gl$t•red office Mell8 Park Mells From& Somgrs8t 8A113Q8 Ind•p•nd•nt •xamln•r Cdtchlays Audlt LLP 88av6r House 23.38 Hylh8 Brfdge Slre61 Oxford OXI 2EP Bank•rs C. Hoare & Co 37 Fleet Slretl London EC4Y 1 BT Inv••trn•nt advl•orn Wav8rton Investment Management Ltd 16 88bm8as Street London SW1Y 6AH
THE M J SAMUEL CHARITABLE TRUST CONTENTS P•9• TNsl•ès' report &al•monl oltrusle•s' r•$ponsiblllUg$ Ind•p•nd•nl •xamin•rf8 l•POrt Statem•nt of finand81 gthlti•J 7-12
THE M J SAMUEL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2023 The trustees present their annual report and financial slalernenls for tho ygar ended 5 April 2023. Thg finan¢ial statements have been prèpared in accordance with the accounting policies sel out in note 1 to Ihe financial slalemenls and Comp with the charity's Igoveming documenll, the Charili&s Act 2011 ond 'A¢counling and Reporting by Char¥tie5.' Slat•menl ol Recommended Pra¢li¢ts applicable lo charities preparing Ih•ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" 1ffNe 1 January 20191. Tho M J S8mug1 Charilabltr Tru$l 1$ 8 ¢harlty regiilarad wllh Ihtr Charfty Commis6lon und•r r•gS$tralion nUMr 327013. Objeclivfr5 and aetl¥lll•s Tho Iruslees have discrelion lo pay Ineomtr OT capital lo any chartlable body or for any carltable purpose •lth•r natsonally or oversga$ a$ they see fit. Th8 trust$ confirn Ihal they h914• r•f•rrod lo the gvid•nc• conlain•d in th• Charlty CommiBoion's general guidan¢e on pvblic benefit when rewewing Ihtr Irusl's aims and objectives, and in planning fvlure aclNiliès and tting grnl Man9 polirA•g. Achl•v•m•nts and p•rlorm•ne• Flrton¢i•l rnvl•w The finanual stalem•nt$ $how invg$tmonts al m¥fkt valu&. Losses on invtrstmenl revaluations and di$p05als in the y¢ar arnounl•d lo £78.796 12022., Gain of £220,577). Inv*$lrnenl man•gomenl fee$ of £15.496 12022.. £18.5771 wef• paid in the year. Investment incom8 for the y•ar arnount lo £SO.169, a de¢reasg of £4,406 on the year beforo {Inv•$b77•nl In¢om• 2022.. £54,57S). £28.157 {2022.. £30.1241 was spent on govemanc• costs during th• y•ar. Charlt•bl• donalioni of £508,216 w•r• made In the year {2022'. £1,128.799). The truste85 consider th81 thg fitnd has sufficient rosoufces avallabl8 lo conlinue to meet th& obj8ctivg$ ol the fvnd, in paitirJJlar lo provide grants lo sp8ofic projecls. The polry ol the Injslees 1$ to make grants lo partl¢ular prolects èach year broadty wllhln th• annual In¢om• of th• fund. They tlo not therefore $&0 any need for a re6erve fund. Th• pow•r8 of th• tru8l•iJ8 which th•y 4r• govorned, Indudlng the powors of InsIment, are 8•1 In lh• IN81 The tnJ$lees intend that the real value of their assets be mabnlained and enharThd over Ihè long t•nn by Investment in ¥ portfolio comprts•d of equilies, fixod incom• slocks, and cash. For the purpos•8 of Ihts charity, thè tru810¢8 wish lo withdraw a sum ea¢h year lo meet Iheir expenditure. The withdrawals may bo mgt from income or ¢apital. The Iruslees have assessed the major risks lo which Ihe ¢harity Is exposed, in particular those lated lo Ihg investment strategy. They are satisfied Ihal adequale pro¢edurg8 are In place lo millgale exposur8 lo the8? ri8ks. structhrn. governanco and manag•mont The trust was sel up by the settlor, Ihè Hon M J Samuel. by 8 d8ed dalod 2 December 1985. Th• trust3 who Served durfng the yoar 8nd up lo Ihts dale ol 8lgnalure oflhe financlal slalèments wore.. The Hon. Michael J. Samuel The Hon. Mrs Julia A. Samu81 Viscount Bearsted The power of appointment of Ihe new tru$le¢s Is v8sled In the settlor durlng hls Ilf•llm•.
THE M J SAMUEL CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Tho trustees are the original trustèes of the trust. en rewiling new trustees the settlor will bjok for indivSdu818 with skills and experience which aré of valu* lo Ihe trust. Any prospective Irusletss will be inteMew•d by th8 seltlor and prowded with a pack ol inlomialion induding the mosl recent accounts and a copy of the Irusl deed. The trustees are highty experienced individuals and have a good understanding of what is involved in being a Irusiee of a charity. The truste•s havè regular ¢onlacl during the y&8r lo ¢onsider recommendations for, and mak• final decisions on, the awarding grants. Rlsk Maftag•mènt The trustee5 have assessed the major ii$k5 to which the eharity is exposed, in particular those related lo tho investmènt strategy. They are sats"sfied Ihal adequat• proc&duro$ 8r¥ in place lo miti'gate exposure to thgs8 risks. Inv•8tm•nt Strat•w The powers of the Trustee5 by which they are govemed. induding the powers of inveslment. arg t out in the Trust Th• Trustees inlend th•1 the real value of their assels be mainlained and enhand over the long tern by investrnenl in a portfoliD c))mprised of equities. fixed income stocks and cash. The withdrawals May be mel from income 01 caprtal. The trust pproved by thè Board of Trust$. The Hon. Ichael J. Samuel iolo!J2O.F......
THE M J SAMUEL CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5APRIL 2023 The trvslees are responsible for preparing the Trustees, Report and the financAal statements in accordance with applicable law and United lQngdom Accounting Standards (United Kingdom Generally Apted Accounting Pra¢li¢el. The law applicable to tharilies in England and Wales requires the trustees to prepare fin8n¢ial statemerts for each finanaal year which gwe a Irue an¢J fair view of Ihe stata ol affairs of thè charity and of Ihe incoming resources and applicaknon ol rg$our¢e5 of Ihe tharfty for that year. In preparirsg thes& finanoal statem&nts, the Iruslees are required lo.. select suitable a¢cA)unting poliaes and then apply them consi51ently.' - obserye the methods and printyplès in Ihe Charities SORP.. - make judgements and ests"male5 that are reasonable and prudenl.. statè whether applicable a¢¢ounling stsnd¥rd5 have been folknved. svbiect to any material departures disclosed and explained in the finanryal 51atement5,' and ppare the finantaal $latèmènt$ on thè going cKJncem basis unless it is inappropriate to presumo that the ¢harity 11 ojntinue in opetsbon. The tru5tee5 are responsible for keeping svfficienl accounling records that diselosé wtth rèasonablè aeeuraey al any time the finanryal ptssition of the charrty and enable them to ensurè that the financial ststements compty with thè Charilies Acl 2011. the Charty (Accounts and Reports) Regulations 2008 and the pros1OnS of the trust deed. They a also responsible for saleguarding ihe assets of the chanty 8nd hen¢¥ for lakin9 reasonable steps for Iht pventiOn and detec*on of fraud and other irre9ulartti•$.
THE M J SAMUEL CHARITABLE TRUST CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE M J SAMUEL CHARITABLE TRUST I report lo the InJst80$ on my examination of tho financial sl81gmgnls of Th8 M J Samvgl Charitable Tw$1 (the charity) for th& year ended S April 2023. Responsibllitl9$ and basis of rnport As the Iruslees of the charity you a respon51ble loi the Pfeparation of the financial ststements in accordance with the requir&mènl$ of the Charities Acl 2011 Ilhe 2011 Act). I report in respect of my examination of th¥ ¢h8rity's financial slalemenls ¢arriad out under section 145 of the 2011 Act. In car.n9 out my examin3tion I have followed all Ihe applicable Direclion5 given by the Charty Commission under seth'on 14515llbl of the 2011 Act. Indendent examlnerf5 Statsmènt I have completed my examination. l confirm that no matters have comtr lo my ait8ntion in conned•)n with tho examination giwng me cause to believe that in any rnalerial respe¢l'. aCUnting reeords were nol kept in respèct of the charity as required by section 130 of Ihg 2011 Act., or the finanrAal statements do not accoTd with those records.. or the finane4al s¢ai¢ments do nol comply wilh Ihe applicable requirements Conceming tha fom) and content of accounts set out in the Charities (A¢untS and Reports) Regulations 2008 other than any requirement that the accounts gi a Iruè and fair view which is not a malter considered as part of an Endendn¢ &xaminalion. I have no concerns and have me across no other matters in ¢onne¢lion with the examination to which attention should b8 drawn in this report in ordw to ènablè o prop¢r urtd¢rstan¢Ying ol Ihtr finnrAal slaternenls lo be reachod. Alexander Tomknnson ACA Crrtchltys Audlt LLP Beaver House 2>38 H* Bridga Street Oxford OX1 2EP
THE M J SAMUEL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unr•8trlet•d UnroBtrfctsd funds funds Incom• ¢apltal 2023 2023 Total Unmtrlcted Unrn•trlet furids funds In¢om• capltsl 2022 2022 Total 2023 2022 NolÈ$ InStMentS 50,169 50,169 54,575 54,575 Raising fijnds 15.496 15,496 18,577 18.577 Charita¥ arfiwtitrs 1.166,956 1,166,958 538,340 538.340 Tol#l expendEtur• 1,182.452 1.182,4S2 $56,917 S56.917 Net gains1O9sses1 on investrnents 178,796) 178.796) 220,577 220.577 Gross transf•rs befvlean funds Net movement In funds 268.652 178,7961 11.211.079) 1233.690) (268,852) 148,075) 1281.76SI 11.132,283) Fund batances at 6April 2022 632,124 2,595,119 3.227.243 865.814 2,643,194 3.509.008 Fund balanc at S April 2023 1500,1591 2.516,323 2,016,164 632,124 2,595.119 3,227,243 The statement of finanrAal acliwlies incfudes all gains and losses recognised in Ihtr year. The stslemerrt of finontial activities indudos 011 yains and losses rg¢ognised in the year. Al in¢ome and expen¢Jrture derive from continuing activities.
THE M J SAMUEL CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Notes Flx•d a$s•ts Investments 11 1.870,827 2,595.119 Current ••••t• Debtors Cash 31 bank and in hand 12 3,220 164,217 681,575 40,549 167,437 702,124 Cr•dltrr¥: amounts f•lllng du• wlthln on• y•ar 13 122,1001 142,5001 Nel oJrrenl 8s8trt8 145,337 659.824 Totsl ••Mts l••• ¢urr•nt Ilbllltl•• 2,016,164 3,2S4.743 Crlt0. •mounts falllng du• aft•r morn than on• y•ar 14 (27.5001 N•t a•••ts 2.016,164 3.227.243 lThcom• fund• Unr*$trid•d fundE- capital Unr•8tyithd funds- in¢omo 2,516,323 1S{KI,159} 2.59S,119 632.124 2,016,164 3.227,243 Thtrfinan em•nt8 wgro approv•d by the Tru81oa8 on..iol 01.1.2o.L4- The Hon. Mi¢h8el J. Samuel Tru•ts•
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 A¢¢guntlng pollcl•• Charlty Infomatlon Tho M J Samuel Chariiable TNSI Is a ChaY Set up In England and W8108. It's regislere(J address iy Me115 Park, Mells. Frome, BA11 3QB. 1.1 Accounttny conv•ntton The finanual slalemtnls have been prepared In accordance wlth Accounting and Reportlng by Charflles.. Statement ol RernMended Practice ISORP 20151 appllcable to charities preparing their 8c¢ounts In accordan¢e wilh the financi81 Reporllng Sland8fd appll¢abl8 In the UK and Republic of Ireland IFRS 1021 lèffeciive 1 January 20191. a$sel$ 8¢¢9unl$ are prepared under the hislortcal cost convention. except for investmenls which afe shown al marktrt value, and in ¢omplianc8 with all applicabl• 8ceounting standards and the Charilies Act 2011. The finanaal statements are prepared in slerfing. whh is the functional currency of th ehority. Monotary amounts in thèse financial $laltrmgnl$ 8re rounded lo thè nèarest £. The finanfjal slalemenls have been prepared under th& hlstorical cost nventIon. Th& Pn¢1paI ac¢ounling poli(Aes adopted are set out bèlow. 1.2 Go5ng concern Al the b.me o13pprowng the finanrjal slatemenls. the Iruslees have a reasonable expectats'on that Ihtr ¢harity has adequate resources lo continue in operational existence for the foreseeable fulufe. Thus the Irustees conts.nue to adopt the going concern basis of accounting in PTaparin9 Ihe financial statemènts. lj Ch4rftabl• funds The unrestncted fvnds ctf the charity may be used at the discretion of the INslees and used to make grants as they see fit The money for the funds origin8ttsd wh&n the seWor donated monie5 to the chaTIty. As all incrne is unTeslrided, il was decided that th8 fund note ft>r the aOunt5 was nol required. 1A In¢ome Income is generalty T9gnIsed on a receivablg basi$ and rgportgd gross of related expenditufg. ere the amounts are reasonably certain and when there is adequalg certainty ol receipt. The toll¢)wing spec4fic poliaes are applied lo the particular calegoiies of income.. Income arising on investments, together with any a55ocialed tax credit i¥ rgcognlsed in the year In which il is re1Vable. Intere$led on depo811 ac¢ounls Is ¢rgdllgd In th& par in which it is rocglved. 1.S Eyndlturn Expendrture is a¢¢ounled for on an acrJuals basls and gross of any related Income. Costs are dassilled under headings that aggregate all costs relaled lo th8 cal890ry. Where CA)sls cannot be directly attributed to paiti¢vlar hgadings, they have been allocated lo actwllles On a basls ¢onslslenl thè use ol resource5. Costs of charitable activty comprise direct expenditure induding donations Expenditure on donationsl gT8nts Is r¥cord0d on¢e the tnjsl has made an uneonditlonal ¢x+mmitmtint lo pay the donations and this communicated lo Ihg beneficiary or th donatlon has bg*n paid. whichever is the earlier Govfrmance cosls include those costs. such as independent examinerf8 fe98, ¥$8OCi¥t¢d with ¢on$titutional and slatulory roqulremenl$.
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Accountlng poli¢i•¥ Icontinuedl 1.6 Fixed asset investmènts Investments are slated al their middle-markel values ruling al the balance sheet date. Al gains and losses are taken lo (he Slatemonl ol Financial Actiwlies as they arise. Realised gains and losses on investments are calculaled as the difference beeen sale5 proceeds and openlng market value Ipurchasè dale if 18ltrl. Vnrealised gains and losses are calculated as Ihe difference been the market value at the yèar end and opening mark&l v3lue (or purchase dalè if latafl. Realised and unrealised gains are not sep8r8tad in the Slalement of Financial Actiwties. Income arislng from these inveslments is 8ccounled for when rt is rectrivable. cri151 accounting g¥timats¥ and judgom•nts In the application of the charity's accounting policies. the Iruslees are required lo make judgements, estimates and assumptn$ about the carying amount of assets and liabilities that are not readity apparent frLim other sources. The esb"mates and assoaaled a5surnplion$ are based on historical experience and other factois that ar¢ eonsidered lo be reltrvant. A¢tual re$utts may diff•r from these estimates. The estimates and undedytng a$$umplions are rewewed on an ongoing basis. Rewsions lo accounting estsmales are reco9nised in the period in which the eslirnale is revised where the rew5ion affects only that period, or in the period of the rews¢on and future periods where the revision affects both current and future p•riods. The trustees cnnsider the investrnent valuation to be the main accounting estimate in th• financial Stalèmèr. Income from Inve$lm•nts Unre8trl¢ted Unr•$trl¢ted fund> fund$ 2023 2022 Quoted inv9strntS 50,169 54,575 Exp0ndlrn on ral$lny fvnd• Unrèstricted Unr•$trl¢t funds lunds 2023 2022 Investm•nt manog•m&nt 15.496 18,577
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 Exp•ndltur• on charftabl• •ctiv6tl•$ ChrFtsbl• Charftabl• •xpendltur• •xpondltur• 2023 2022 Dlr•¢t eots Grant fijndlng of actMlSes {$ee nol6 61 1,138,799 $08,216 Sh•rv of 8UPPOrt and gov&rnanc• co•ts {••• not• I Govemanc• 28,157 30,124 1,168.956 538,340 Anal1 by fund Unr•slri¢t•d fund¥ 1,166.956 538,340 Gr4nts paybl• Ch•rftabl• grants 2023 Ch•rrtabl• grants 2022 Chefs In Sthools N•tiono1 Trust Somers81 Communrty Foundalton Pmspeci Burma Historic Royal Pal4¢0 B•it Halochem Anna Freud C•ntr• Gbbal Green Chalke Vall Cl•s$ Wo$t•m Kin98 Colk•ge London c1c 4 {2022.. 51 other donations ol less than £1,000 ead) 1.800 5,950 16,449 10.C4JO 2.610 Is,fy)o 1.250 2.201 25,000 550.000 2.155 500 1,500 1.105,000 2,600 1,138,799 613,718 Less amount$ previously commltte(I lo now ¢anc811ed: Prospect Bumia Thg Defenca and National Reh8bililalion Cgnlr? In51ilule Cancer Re6e8rth Royal M8rsden (35,5001 110.C4JOI (lo.0) Iso.0001 Grnnls Payable 1,138,799 508,216 Govomance CoBI8 28,157 30,124 1.186.958 156.966
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5APRIL 2023 Trust8•8 None of the Iruslees lor 8ny persons connected wllh them) recefved any remuneration or benèfts frorn the charity during the year. Employ••• Th• av•r•9• monthly number ol omploy••s dudng the year wo8.. 2023 Numbor 2022 Humb•r Tot There were no employo9s whose annual remungration was more than £60,OCKJ. N•t g•ln•llloM••l on Inv•8lm•nts unr•st¢t9d Unrestricted fund• funds ¢•pltal capitsl 2023 2022 R•v•lu•lion of Inv•8tm•nl8 C18,796) 220,577 10 Ttion Th• is exempl from laxallon on actlvllles because all Its Inme Is appllèd lor charflablg putpo488. 10.
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 11 Fid a8S•t InvKtmènts Invostments Cost or valuation Al 6 April 2022 Additions Valuation chang9$ Cash movement Disposals 2,S95.119 490,252 178,796} (252,238} {883,511} Al S April 2023 1,870.826 Carying amount At OS April 2023 1,870.826 Al 05 April 2022 2.595,119 12 Debtorn 2023 2022 Amounts falling wlthln on• year. 655.cq 6.575 PRpaym8nts and income 3,220 3.220 661.$75 The bond of £Nil {2022.' £655,000} was an uns8cured dabt with Civic Ltd whl¢h matured on 16 August 2023. Thore is zero interest receThiable on the bond. During the year, the Bond was ¢ancAled and ha5 been Induded as grant exnditure In the financial statements. 13 Cr•dStor¥: amouftts falllng du• wlthln one year 2023 2022 Grants payabl¥ Accruals and def•rr&d income 12,500 9,600 9.500 22,100 42,500 11
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 14 Crndltorn: amounts falllng due aft•r mor• than one y?r 2023 2022 Gr8nl$ payable 27.500 1S Analy•l• of n•t a•i•ts bolWn lund¥ Unr08tr1cted funds 2023 Tot41 Unrgstricted fvnds 2022 Total 2023 2022 FLtnd balan$ al S Aprll 2023 are fopres8nled by.. Investments Current asset(119tslliI108I Lon9 l&m) Iwbilrtt'&s 1.870.827 1,870,827 145.337 145,337 2,595,119 2,595,119 659,624 859,624 127,5001 127.$001 2.016,164 2,018.t04 3,227,243 3,227,243 16 R•l•t•d p•ty tran•aetlon• TrnnuclSon• wlth r•l4t•d partl•• The Hon. Mi¢hao1 J. Samuel. who is g Trustee, is on• of three Dlredors of Clvtc Ltd, and as such Is consKlered to hav• 819nificanl intluonce 0r the enirty. In the year donation$ were paid lo Civlc Lld lolaling £l.105,00012022.. £550.000). A8 01 th• y•ar •nd th•r• was £Nil12022.. £NIll commrtted lo donate lo Civic Ltd. Al tho year end Ihwe was an oulslandlng bond held by Thg M J Samuel Ch8dlabl8 Trust from Cl¥l¢ Ltd whlch totaled £Nil12022'. £655,000). There 15 zero inter81 r8c•ivabl¥ on th• bond. Th¢ bond 18 an un8ecurod debt which matures on 16 Augu812023. The M J Samuel Charitablè Trusl may redeem the 8ond al any lirne before th• maturity dale 8ubj•ct to 60 d8y$ written notice of redemption lo Ciwc Ltd. 12-