Charity registration number 327013 THE M J SAMUEL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024
THE M J SAMUEL CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustse8 The Hon. Michael J. Samuel The Hon. Mrs JuliaA. Samuel Viscount Bearsted Charity number 327013 Regl8tered office Mells Park Mells Frome Somerset BA113Q8 Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Bankers C. Hoare & Co 37 Fleet Street London EC4Y 1 BT Investment advlsors Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH
THE M J SAMUEL CHARITABLE TRUST CONTENTS Page Trustees, report statement of trustees, responsibililies Independent examinerfs report statement of financial activities Balance sheet Notes lo Ihe financial statements 7-12
THE M J SAMUEL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended 5 April 2024. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply wilh the charity's Igoverning documenll, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102}" (effeclive 1 January 2019), The M J Samuel Charitable Trust is a charity registered with the Charity Commission under registration number 327013 and has a registered office address of Mells Park, Frome, Somerset. Oblectlves and activities The tTuslees have discretion to pay income or capital lo any charitable body or for any charrtable purpose either nationally or overseas as they see fit. The trustees confirm that Ihey have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives, and in planning future activities and selling grant making policies. Achlèvements and perforniance Flnanclal revlèw The financial slalemenls show investments at market value. Gains on investment revaluations and disposals in the year amounted to £144,811 (2023.. Loss of £78,796). Investment management fees of £4,432 (2023.. £15,496} were paid in the year. Inveslmenl income for the year amount to £32,117, a decreasè of £18,052 on the year befo Ilnvestment Income 2023.. £50,169). £29,337{2023.' £28,157) was spent on govemance costs during the year. Charitable donations of £760.233 were made in the year12023'. £1,138,799). The trustees consider that the fund has sufficient resources available to continue to meet Ihe objectives of the fund, in particular to provide grants to specific projects. The policy of the trustees is lo make grants lo particular projects each year broadly within the annual income of the fund. They do not therefore see any need for a reserve fund. The powers of the trustees which they are govemed. induding the powers of investment, are set out in the trust deed. The trustees intend that the real value of their assets be maintained and enhanced over the long lemi by investment in a portfolio comprised of equities, fixed income stocks, and cash. For the purposes of the charity, the trustees wish to withdraw a sum each year lo meet their expenditure. The withdrawals may be mel from income or capital. The trustees have assessed the major risks to which the charty is exposed, in particular Ihose related to the investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks. Structure, governance and management The trust was set up by the settlor, the Hon M J Samuel. by a deed dated 2 Deomber 1985. The trustees who served during the year and up to the date of signature of the financial statements were= The Hon. Michael J. Samuel The Hon. Mrs Julia A. Samuel Viscount Bearsted The power of appoinlmenl of the new trustees is vested in the settlor during his lifetime.
THE M J SAMUEL CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The trustees are the original trustees of the trust. fithen recruiting new trustees the settlor will look for individuals with skills and experience which are of value lo the trust. Any prospective trustees will be interviewed by the settlor and provided with a pack of information induding the most recent accounts and a copy of the trust deed. The trustees are highly experienced individuals and have a go¢Jd understanding of what is involved in being a trustee of a charity. The trustees have regular Contact during the year to consider recommendations for, and make final decisions on, the awarding grants. Risk Management The tfuslees have assessed the major Tisks to which the charity is exposed, in particular those related lo the investment strategy. They are satisfied that adequate prOdreS are in place to mitigate exposure to these risks. Investment Strategy The powers of the Trustees by which they are govemed, induding the powers of inveslmenl. are sel out in the Trust deed. The Trustees intend that the real value of their assets be maintained and enhanced over Ihe long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The withdrawals may be mel from income or capital. The trustee eport was approved by the Board of Trustees. The Hon. Trustse ichael J. Samuel Date.. 28110 Iu)Lfr
THE M J SAMUEL CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable lo charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial stalements, the trustees are required to.. select suitsble accounting policies and then apply theffl nsiStenI1y', observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting slandards have been followed, subjed to any material departures disdosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position 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 Irust deed. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities.
THE M J SAMUEL CHARITABLE TRUST CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE M J SAMUEL CHARITABLE TRUST I report to the trustees on my examination of the financial statements of The M J Samuel Charitable Trust (the harity) for the year ended 5 April 2024. Responslbilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance wrth the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial slalements carried out under section 145 of the 2011 Acl. In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of the 2011 Act. Independent examlnorfs ststemènt I have completed my examination. I confirm that no matters have come to 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 Charrty as required by section 130 of the 2011 Ad., or the financial statements do not accord with those records., or the financial slatements do not comply with the applicable requirements ¢onceming 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 true and fair view which is not a matter considered as part of an independenl examination. I have no concerns and have come across no olher malters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. Alexandor Tomklnson ACA Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Slreet Oxford OX12EP Dated.. 2411012024
THE M J SAMUEL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestrictsd Unrestricted funds funds 2024 2023 Notss Income from: Inveslments 32,117 50,169 endlture on: Raising funds 4,432 15,496 Charitable activities 789,570 1,166,956 Totsl expendlturn 794,002 1,182,452 Nel gainsl(losses) on investments 144,811 (78,7961 Net movement In lund• (617,074) (1,211,079) Fund balances at 6 April 2023 2,016,164 3,227,243 Fund balances at 5 Aprll 2024 1.399,090 2,016.164 The statement of financial activities indudes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE M J SAMUEL CHARITABLE TRUST BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Fixed assets Investments 11 1,357,251 1,870,827 Current assets Debtors Cash al bank and in hand 12 3,220 164,217 47,579 47,579 167,437 Credltors: amounts falllng due within one year 13 (5.740) (22.100) Nel current assets 41,839 145,337 Total assets less current Ilabllltle• 1,399,090 2,016,164 Income funds Unrestricled funds 1,399,090 2,016,164 1,399,090 2.016,164 The flnan talem ts were approved by the Trustees on . The Hon. Michael J. Samuel Trustee
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charlty Inforn)ation The M J Samuel Charitable Trust is a Charity sel up in England and Wales. It's registered address is Mells Park, Mells, Frome. BA113QB. 1.1 Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities., Statement of Recommended practi ISORP 20151 applicable to charities preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. assets accounts are prepared under the historical cost convention, except for investments which are shown at market value. and in compliance with all applicable accounting standards and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concarn At the lime of approving Ihe financial ststements. the trustees have a reasonable expectation that the charity has adequate resources to continue in opeiational existence for the foreseeable future. Thus thè trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds The unrestricted funds of the charity may be used at the discretion of the trustees and used lo make grants as they see fil. The money for the funds originated when the settlor donated monies lo the charity. As all income is unrestricted, it was decided that the fund note for the accounts was not required. 1.4 Income Income is generally recognised on a receivable basis and reported gross of related expenditure, where the amounts are reasonably certain and when there is adequate certainty of receipt. The following specific policies are applied to the particular categories of income: Income arising on investments, together with any associated lax credit is recognised in the year in which it is receivable. Interested on deposit accounts is credited in the year in whth il is received. 1.5 Expendlture Expenditure is accounted for on an accruals basis and gross of any related income. Costs are classified under headings that aggregate all costs related to Ihe category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent wrth the use of resources. Costs of charitable activty comprise direct expenditure including donations Expenditure on donationsl grants is recorded once the Irusl has made an uncondrtional commitmenl to pay the donations and this communicated to the beneficiary or the donation has been paid, whichever is the earlier Governance costs include those costs, such as independent examinerfs fees, associated with constitutional and statutory requirements.
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Contlnuedl 1.6 Fixed asset Investments Investments are staled at their middle-market values ruling at the balance sheet dale. All gains and losses are taken lo the Statemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if lalerl. Unrealised gains and losses are calculated as the difference beeen the market value at the year end and opening market value (or purchase dale if later). Realised and unrealised gains are not separated in the Statement of Financial Aclivities. Income arising from these investments is accounted for when it is receivable. Critical accountlng estimates and judgefflent• In the application of the charty's accounting policies, the truslees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumplions are based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees consider the investment valuation to be the main ac¢ounling estimate in the financial stalemenls. Income from Investments Unrestricted Unrestrlcted funds funds 2024 2023 Quoted investments 32.117 50,169 ExpendItU on raising funds Unrestrlctsd Unrestricted funds funds 2024 2023 Investment management 4,432 15,496
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expenditure on charltable activities Charitable Charitable expenditure expenditure 2024 2023 Dlrect costs Grant funding of activities (see note 6) 760.233 1,138,799 Share of support and govèman¢e co8ts18ee note Governance 29,337 28,157 789,570 1,166,956 Anaty818 by fund Unrestricted fund5 789,570 1,166,956 Grants payable Charltable grants 2024 Charitable grants 2023 Chets In Schools National Trust Somerset Community Foundation Prospect Bumia Gosh Gosh Bell Halochem Anna Freud Centre Oxford Hospitals Iceskaling Chalke Valley James Place Kings College London Civic GOED Life GWCT Tutor the nation Full Fact Big Give Challenge 4 (2023.. 4) olher donations of less than £1,000 each 5,000 1,800 5,950 16,449 22,277 17,700 3.000 10,000 1,000 3,000 500 1,500 1,000 25,000 625,000 1,105,000 2,000 20,056 3.000 25.000 2,200 2,600 760,233 1,138,799 Governance Costs 28,837 28,157 789,070 156,966
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustses None of the trustees (or any persons connected with them) reiVed any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Net galn8lllossesl on Investments Unrestrlcted Unreslricled funds funds general general 2024 2023 Revaluation of investments 144,811 (78,7961 10 Taxatlon The charity is exempt from laxalion on ils activities because all its income is applied for charitable purposes. 10-
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Fixed asset investments Investments Cost or valuation At 6 April 2023 Additions Valuation changes Cash movement Disposals 1,870,827 1,234,020 144,811 186,174 (2.078,581) At 5 April 2024 1,357,251 Carrying amount Al 05 April 2024 1,357,251 Al 05 April 2023 1,870,827 12 Debtors 2024 2023 Amounts lalllng due wlthln one year: Prepayments and aexrued income 3,220 13 Credltors: amounts falllng due wlthln one year 2024 2023 Grants payable Accruals and deferred income 12,500 9,600 5,740 5,740 22,100 14 Relatsd party transactions Transactlons vAth related parties 11
THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Related party transaction8 (Continued) The Hon. Michael J. Samuel. who is a Trustee, is one of trrto Directors of Civic Ltd, and as such is considered to have significant influence over the entty. In the year donations were paid to Civic Ltd lotaling £625,000 (2023.. £1,105,000). As at the year end there was £Nil12023'. £Nill committed to donale to Civic Ltd. 12-