Charity registration number 327013 (England and Wales)
THE M J SAMUEL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
THE M J SAMUEL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | The Hon. Michael J. Samuel The Hon. Mrs JuliaA. Samuel |
|---|---|
| Viscount Bearsted | |
| Charitynumber | 327013 |
| Registered office | Mells Park Mells |
| Frome | |
| Somerset | |
| BA11 3QB | |
| Independentexaminer | Gravita AuditOxford LLP First Floor, Park Central |
| 40-41 Park End Street | |
| Oxford | |
| OX1 1JD | |
| Bankers | C. Hoare&Co 37 Fleet Street |
| London | |
| EC4Y 1BT | |
| Investment advisors | Waverton Investment Management Ltd 16 Babmaes Street |
| London | |
| SW1Y6AH |
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THE M J SAMUEL CHARITABLE TRUST
CONTENTS
| a | |
|---|---|
| Page | |
| Trustees' report | 1-2 |
| Statement oftrustees’ responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement offinancial activities | 5 |
| Balance sheet | 6 |
| Notestothefinancialstatements | 7-11 |
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THE M J SAMUEL CHARITABLE TRUST TRUSTEES’ REPORT
The trustees present their annual report and financial statements for the year ended 5 April 2025. 4 : i ici i 1 to the The financial statements have been prepared in accordance with the accounting policies set out in note financial statements and comply with the charity's [governing document], the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 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. Objectives and activities The trustees have discretion to pay income or capital to any charitable body or for any charitable purpose either nationally or overseas as they see fit.
The trustees confirm that they 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 setting grant making policies.
Achievements and performance
Financial review The financial statements show investments at market value. Gains on investment revaluations and disposals in the year amounted to £37,105 (2024: Gain of £144,811). Investment management fees of £1,704 (2024: £4,432) were paid in the year. Investment income for the year amount to £28,173, a decrease of £3,944 on the year before (Investment Income 2024: £32,117). £28,893 (2024: £29,337) was spent on governance costs during the year. Charitable donations of £339,783 were made in the year (2024: £760,233).
The trustees consider that the fund has sufficient resources available to continue to meet the objectives of the fund, in particular to provide grants to specific projects.
The policy of the trustees is to make grants to 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 governed, including 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 term 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 to meet their expenditure. The withdrawals may be met from income or capital. The trustees have assessed the major risks to which the charity is exposed, in particular those 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 December 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 appointment of the new trustees is vested in the settlor during his lifetime.
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THE M J SAMUEL CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The trustees are the original trustees of the trust. When recruiting new trustees the settlor will look for individuals with skills and experience which are of value to the trust. Any prospective trustees will be interviewed by the settlor and provided with a pack of information including the most recent accounts and a copy of the trust deed. trusteeThe trusteesof a charity.are highly experienced individuals and have a good understanding of what is involved in being a theTheawardingtrustees grants.have regular contact during the year to consider recommendations for, and make final decisions on,
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks.
Investment Strategy
deed.The powers of the Trustees by which they are governed, including the powers of investment, are set out in the Trust
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The withdrawals may be met from income or capital.
The trustees’ report was approved by the Board of Trustees. Ik)oS DD The Hoh? Michael J. Samuel Trustee Date: ashohs
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THE M J SAMUEL CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES ilaeinigeap AER EE The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to 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 statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 trust 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.
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16/10/2025 DALE wisi sscseenereeeesovensses
THE M J SAMUEL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FORTHE VERS ENDEDEAP
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|Notes|£|£|
|Income|from:|3|200,000|-|
|Donations|and|legacies|4|28,173|32,117|
|Investments|
|228,173|32,117|
|Total|income|
|Expenditure|on:|5|1,704|4,432|
|Raising|funds|
|7|368,676|789,570|
|Charitable|activities|
|370,380|794,002|
|Total|expenditure|
|Net gains/(losses)|on investments|9|37,105|144,811|
|Net movement|in funds|(105,102)|(617,074)|
|Fund|balances|at 6 April 2024|1,399,090|2,016,164|
|Fund balances|at 5 April 2025|1,293,988|1,399,090|
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The statement of financial activities includes 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.
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THE M J SAMUEL CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes | £ | 2025 | £ | E | 2024 | £ | |
|---|---|---|---|---|---|---|---|
| Fixed assets | |||||||
| Investments | 11 | 1,242,612 | 1,357,251 | ||||
| Current assets | |||||||
| Cash atbankand inhand | 57,201 | 47,579 | |||||
| Creditors: amounts falling due within | |||||||
| oneyear | 12 | (5,825) | (5,740) | ||||
| Netcurrentassets | 51,376 | 41,839 | |||||
| Totalassets less current liabilities | 1,293,988 | 1,399,090 | |||||
| Income funds | |||||||
| Unrestricted funds | 1,293,988 | 1,399,090 | |||||
| 1,293,988 | 1,399,090 |
The financial y 4taments € approved by the Trustees on Is liolas C The Hon. Michael J. Samuel Trustee
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THE M J SAMUEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS sigan
1 Accounting policies CharityThe M JinformationSamuel Charitable Trust is a Charity set up in England and Wales. It's registered address is Mells Park, Mells, Frome, BA11 3QB.
4.4. AccountingThe financialconventionstatements have been prepared in accordance with Accounting and Reporting by Charities; Statement of Recommended Practice (SORP 2015) applicable to charities preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 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 GoingAt the timeconcernof approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
4.3 CharitableThe unrestrictedfunds funds of the charity may be used at the discretion of the trustees and used to make grants as they see fit. The money for the funds originated when the settlor donated monies to the charity. As all income is unrestricted, it was decided that the fund note for the accounts was not required.
- 1.4 IncomeIncome 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 tax credit is recognised in the year in which it is receivable. . Interested on deposit accounts is credited in the year in which it is received.
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1.5 ExpenditureExpenditure is accounted for on an accruals basis and gross of any related income. Costs are classified under headings 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 of charitable activity comprise direct expenditure including donations « Expenditure on donations/ grants is recorded once the trust has made an unconditional commitment to pay the donations and this communicated to the beneficiary or the donation has been paid, whichever is the earlier
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. Governance costs include those costs, such as independent examiner's fees, associated with constitutional and statutory requirements.
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THE M J SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Investments are stated at their middle-market values ruling at the balance sheet date. All gains and losses are taken to the Statement 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 later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Income arising from these investments is accounted for when it is receivable.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 statements.periods. The trustees consider the investment valuation to be the main accounting estimate in the financial
3 Income from donations and legacies
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||||||
|---|---|---|---|---|
|Unrestricted|—|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Donations|and|gifts|200,000|-|
|4|Income|from|investments|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Other income|28,173|32,117|
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THE M J SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED SAPS 6S
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||||||
|---|---|---|---|---|
|5|Expenditure|on|raising|funds|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|1,704|4,432|
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Investment management
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||||||||||
|---|---|---|---|---|---|---|---|---|
|6|Expenditure|on|charitable|activities|
|Charitable|Charitable|
|expenditure|expenditure|
|2025|2024|
|£|£|
|DirectGrant fundingcosts|of activities (see|note|7)|339,783|760,233|
|Share|of support and|governance|costs|(see|note|)|28,893|29,337|
|Governance|
|368,676|789,570|
|AnalysisUnrestrictedby|fundsfund|368,676|789,570|
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THE M J SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
a 7Grants payable
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Charitable|—|Charitable|
|grants|grants|
|2025|2024|
|£|E|
|Somerset Community|Foundation|22,277|22,277|
|Prospect|Burma|8,455|17,700|
|Friends|of Nation|Libraries|1,200|-|
|Anna|Freud|Centre|16,500|1,000|
|GWCT|17,601|20,056|
|Gosh|Gosh|
|Beit|Halochem|-|3,000|
|The|-|10,000|
|Brit School|Foundation|1,000|-|
|Progressive|Farming|Trust|1,000|-|
|Hofesh|Shechter|Company|Ltd|1,000|-|
|Camden|Psychotherapy|Unit|5,000|-|
|Oxford|Hospitals|Iceskating|-|3,000|
|James|Place|
|Kings|-|1,000|
|Civic|College London|-|25,000|
|GOED|Life|264,000|625,000|
|Tutor|the|nation|-|2,000|
|Full|-|3,000|
|3|Fact|Big Give Challenge|-|25,000|
|(2024:|4)|other|donations|of|less|than|£1,000|each|1,750|2,200|
|339,783|760,233|
|Governance|Costs|28,893|28|837|
|368,676|789,070|
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8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Net gains/(losses) on investments
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|||||
|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|general|general|
|2025|2024|
|£|£|
|Revaluation|of investments|37,105|144,811|
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10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE M J SAMUEL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) OTE Ae OA ed gi ee
41 - Fixed asset investments
| 41 | - FixedFixed asset investmentsinvestments | ||
|---|---|---|---|
| Investments | |||
| £ | |||
| Cost or valuation | 1,357,251 | ||
| At6 April 2024 | 1,174,408 | ||
| Additions | 37,105 | ||
| Valuation changes Cashmovement Disposals |
(2,995) (1,323,157) |
||
| At5April2025 | 1,242,612 | ||
| Carrying amount At05April2025 |
1,242,612 | ||
| At05April2024 | 4,357,251 | ||
| 42 | Creditors: amounts falling duewithinoneyear | 2025 | 2024 |
| £ | £ | ||
| Accrualsanddeferredincome | 5,825 | 5,740 |
13 Related party transactions
Transactions with related parties
The Hon. Michael J. Samuel, who is a Trustee, is one of two Directors of Civic Ltd, and as such is considered to have significant influence over the entity.
In the year donations were paid to Civic Ltd totaling £264,000 (2024: £625,000). As at the year end there was ENil (2024: ENil) committed to donate to Civic Ltd.
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