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 prO￿d￿reS 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 be￿een 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) re￿iVed 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-