Roglstorod No: 03227575 Charlty No: 1069451 MILLENNIUM POINT TRU8T IA company limlted by guarnnt••) CONSOUDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
MILLENNIUM POINT TRUST {A company limited by guaranteg) CONTENTS Page Rgport of the Trustees Roport of the Independent Auditors Consolidated Ststoment of Financlal Actfvltles 12 Consolldated Balancg Sheet 13. Company 8alanc• Sheet 14 Consolidated Statemgnt of Cash Flows Notss to the Financial Statements 1643
MILLENNIUM POINT TRUST (A company 11m1t by.guarnnto0} REPORT OF THE TRUSTEES for th• year ondod 31 March 2023 The tn18te88 are plessed to PTe5ent their report and fin8n¢ial ststwngnts forthe yeer ended 31 March 2023. Refvronce and AdmIn1•tr•Y0 Infomiatlon . Charlty Name Mllennium Polnl Tru8t Company Registration Numb8r 03227575 Charfty Regi8tralbn Number 1059451 Registered Office Mllennium Point Curzon Stregt 8inningham 84 7XG Company Secrotary Gatelèy PIC One Eteven Edmund Street 8iryniroham B3 2HJ ALKlftor8 Cooper Parry GroLrp Limited Statutory Auditor Office 401. 4th A¢x)r Two Chamberlain Squar8 Bimiingham B3 3AX Solicttors G*gley PIC One Elgven Edmund Street Birmingham B3 2HJ Bankors Barclays Bank PLC 7W High St Bimiirfgham B4 7TE
MILLENNIUM POlITRusT (A company limited by guarantwl REPORT OF THE TRUSTEES - coTrtinu¢d fortho year ended 31 March 2023 Board of Trustees Members of the board ofTrustees. who are directors for the purposè of company and trustees for the purpose of charty bw,who setved during the year and up to the date of this report are sel out below.. S.To man Chaim)an ' L. Saunders, Professor J. 8eer3 Professor H. Shah3 M. Kel H. Bates Councillor P. Tilsl Councillor K. Mccarth ned 26 June 2023 l . Appointed byTrustees and noteligibletovote atAnnLfjal General Meeting 2_ Appointed by Birmingham Cty Council and eluibletovote atAnnual General Meeting Appointed by Birmingham City University 8nd eligibletovote atAnnual General Meeting - Appointed by Brmingham Chamber of commer and Industry and eible lo vote at Annual General Meeting Executive Team Abigail Vlahakis Chief Executive Linda Deg9 Facilities Director Rebecca Delmore Commercial Director JJ Mian Finance Director Vanessa Currie Head of People, Learning and Development Structure. Govemance and Management CompanyStnKture MillenniL PointTrust is a compaty, limf(ed by guarantee, havng no share capital. t was r¢orporated on 16 1996 and regtstered as a c1191ty on 26 November 1996. The charitable ¢LYnpany was estsblBhed undera Memorandum ofAssociation which established t$ 04.ects and powers, and l E governed under ttsArticles ofAs$ocialion. Inthe event of the Company being wound up members are required lo contrtbute an amount not exceetling £1. Millennium Polnt Trust has a vh)olty owned subsidiary company - Millennium Point Property Limfted, which is charged with the operation of the building as a commercial ndlord, events space and the operation ofthe wider facility n meeting the project purpose of the Trust and its component tenants and commercial tenants. Govemancoandmanagement Millennium Point is governed by a Board of Trustees made up of individuals nominated by the members of the charitable company as well a$ several independonl trustees appointed by the Iruslee body. Millenniurn Point's subsidiary company, Millennium Point Property Limlta. ha8 its own Board with, for the year under review, Independent Board dirKtors and one director who is also a trustee of Millennium Point Trust.
MILLENNIUM POINT TRUST IA company IlmIt by guarant••) REPORT OF THE TRUSTEES . conllnuod fortho yoar onded 31 March 2023 GovwTranc• andmanagement.. condnu Ther8 is an ExecutNe team in place which work acr088 both Mlllennium Point TNSt and Milbnnium Point Proporty Limited. A 8chemE of delegation is in place which govem8 thg relalionship befvn the Board and the Executive team. This scheme of delegation sets out. amongst other things, the level of finan¢ial deation aftd authorisation pro¢8SS88 regarding the 8ignwoff of expenditure and the signing of contract& Th8 board of trustees meets threo times a year lo reviw a pre4lrculated agenda with supporting paper8 including tho financlal performan¢e of the charitable company and its operating 8ub8idlary. Acth?n8 are nol•d from these meetings for. subsequent follow up. The Executive Team attend all Board meetings provide.. regulaF reports lo Ihe Board on finanGial perforrftance, risk management and progress agaln$t the strategic plan. The Board retains re8ponsibiltty for all matters of financè induding thè approval of the annual financial statwnents. ' Audltand Fth•nc• Commllt•O During the year, tho Audit and Flnancè Committee consisted of the follu4vlng members.. Councillor Paul Ti18 (re8ignod 26 Juno 2023) Chairman Helen Bat&¥ Member Kate Canty Independent Iru8180 The Committee is author18ed by th8 Board to investigate any activly wtthin it8 tomis of rèftrren., seek ary Infonnation that it requires from ary employee ofthe Trust andlor Millènnlum Point Property Limited and all Such employees are directed to Cowoperate with ary request made by the Committee., obtain outside legal or Independent professtrjnal 8th1ce and $uGh advk8ors may attend meetings noc8s8ary. Wrthin thefinancial yoar 2015116 the board ele¢ted to $8t up a remuneration committse which would discuss and decide upon $alary related matters including {but not exclu$Ne to} the pay increase for staff on an annual basis. The Head of People, Learning and Developmont would provide the committee with a roport recommending percèntage uplnl (if applicoble) and the committee would then decide on its impkrym8nlation. Thi8 ¢ommittee decklpd on the pay Increa80 for 2022123 thlch wa8 agro8d * 2.5% for all 011b10 empby8es. R•ctultmentandAppolnlm•nt to Boardol Truste•s Tru8tee8 are currentty nominatsd •ither directty by member organi¥ations to represent thom at megtings. or by existing tru8lee8 to augnient tho.mix of 8ki118 represented on tho Board. ,Tnt8O Inducdon •nd Tralnlng The Chlef Exe¢LrtNe undertakes the inductlon of rthv truste6s. New trustees are inlroduwl to the Executlve team and a pwenled wtth backgrountl infomation about the Trust as part of this process. The Tru81 maintaln8 a risk rggister whKh coh8lder8 POtential"ri$ks both in toms of likety timing of events and thelr poièntlal severity- Thg register oudine8 tha actions belng tak8n to mitigate again$1 the risks identified. and to mlnimise or prevènt thoir p¢knntial impaet. The register is updated and discussed quarterly trustee meeting$. In addOn. the ¢rf8i8 managn¢t plan is kept up to date to eh8ure that"there is ad•quate preparation for unlikely but 819nfficant events. The Tw$t 1$ 0160 in contact with the. l(xal pollce to 6rtsu that 1118 aware of any potential
MILLENNIUM POINT TRUST IA company limited by guaranto0) REPORT OF THE TRUSTEES - contlnugd forthè yr ended 31 March 2023 threats to the City and cgn take any necessary action to safeguard the general public arKI Millennium Point Property Limited employees. On a quarterty basis thToughouttheyearthe risk register is monitorèd Intemalty, the risk register 1$ al dlscus8ed at both Audit 8fKI Finance meetings ar periodic 808rd meetings. Below are scne of the top risks highlighted through this process: Rick Risk Ar•a Impact of Rlsk Rl$k Lov•1 Control Predrn Business Case Evaluation Press, robu8t financial regulations and boaTd $ noff. Externalaudit, compliance to Charity C¢NnmiSsn and SORP All èmployees have r&eived GDPR training and a training plan 18 in place for indNidual training for each department. Internal procedure in place to notify ICO within n hours. Data breach pol produced. All leaming is shared. Organisation maintains a data breach log with aCtnts taken. IT partnership working, contract in pLqce. training.. Poly and protsss Not Rlsk Level MEDIUM Profitabl8 Prc)erty Company Investm?nt decis3 Investrnent decisions need to be caTefvl planned to ensure appropriate use of funds. Failure lo meet the regulations could resum in 8 bss of Status Abllty to méet obligatK>ns Charlty Regulations GH MEDIUM GeneTd Data Protectr)n Act I"GDPR'> Personal data sent to incorrect recipignt in error Breach could lead to a fine from the Infonnation Commissioners Office rico") GH MEDIUM breach Operational Failure to protect IT and communKation system$ Cyber4ttack, dats s&urity, management information and business information intwrty romised Loss"of assets. 108S of building, casuallies or108$ of lrfe, loss of income and damaged repLrtation IGH ' MEDIUM Operational Failure to manage incidents and rec¢yer the business IGH Emergency plans, ompelenl Staff, business inlelligenGe, testing and practice MEDIUM
MILLENNIUM POINT TRUST {A ¢omp•ny Ilmit•d by guarnntse) REPORT OF THE TRUSTEE8 - Gontlnuod forth• yo•r •nded 31 March 2023 Oporationalty, the tru81'8 tr*Jlng8rm Millennium Point Property knmited wn$ and operates the Millennium Point building. it serwces and emplw I contracts 8J staff on beh4f of th8 trust as the parent organisation. Ono of the Tru8tee8 of Millennium PointTrust also serve as a Director of MPPL. Related partigs include Binningham City QounciL Èimingham City Univer81ty, Greatgr Birmlngham Chamber ofCommerceandThinkl8nk-th&cty'sscienc8museum. Bwmingham Cty Councll 18 t fwohojdor and provide8 torKJ tem ban finance to the project and planning consents through the u8ual'pLqnning proc888. Bimihighl City UnNorsity and Thlnktank arp tenant8 of th'e bulbjing paying tent and charge. Both Thinktank and Birmingham Cty University were delivery partners during the year and Thinktank {through ts parent organisation Birmingham Museum Trust) was a rnclpnt of a donation from'lhe Tn1. Any confkcts of interest invofvin9 trustees from ItrMe organisations are declared whote approprlale. ObJe¢dves and Publlc B•n• Charffable ObJ•cts The objects of Ihe charty, as Set out in the Memorandum and Articles ofAs8OClation, arg lo advance education forthe public benefrt in partlcular. bul not exclu5ivety, in the industrial and technological pr¢xe¥sgs which have shaped the modern world an-d will ¥hape thefvlureworld. The charity operat8$ from Millenfiium Point in Curzon tre&l. Birmingham. Ptsbllc B•n8fft G•nernl The Irusle8s havg referred to the guidance Contained in the Charity Commis$ton's general guKlance on public beneff( when reviewing the ¢haritsb.le company'$ aims and objectives and in planning future aclwities. In Partular. the Iru8tees have ¢onsideTed how planned activities contribulgs to the aims and objectNe8 6et.. Whi15t not limlted to, the trust'8 prlmary outpuls ¢ontre around thB Millennium Point buikling including the need to fvlfil its objective that 40% of space wf(hin the building must bg used for the purposes of edueation. Tho trust continues to be well placed to deliver long tem) benefrt allied to its project purpose. Th8 trust has been a catalyst for the development of Bimiingham EastsKle District and the Millennium Point building remains both an establishèd and important anchor for further developments around it (including the Birmingham ConseNatoire, Bimiingham City University campus and morè longer term, the benefits brought by High Speed 2 and the construction of its new city centre slalion). Thi$ 18 furthor enhanced via the visibility and" profile of th trust as a key player in regional affairs. During the period, the work of the tfU8t focused on providing favour?ble rants to a minimum of.40% of its tenants fu11119 an educational purposè. supporting a number of organisations aligned lo its Charitable outputs in the delivery of projec18 via the Irusl's STEM granls process, the Millenniurn Point Scholarship and using.the public spaces of the Millennium Point building for a range of activltles centred oround the promot of science, technology. design. irtnovalion and skills.
MILLENNIUM POINT TRUST IA company Ilmited by guarante•l" REPORT OF THE TRUSTEES - continued forthe year ended 31 March 2023 Outputs In delivering ils charitable objectives, the trust and its subsidiary provide favourabty priced accommodation for ils component charilabletenants. This continued during the perd with'Birmingham Museums Trust and Birminghain Cty Universitys Faculty of Computing, Engineering and the Built Environment benefrtiing. During the year ended 31 March 2023, these tenanciés accounted for 85Yo ofthe total lettings business ofthe Trust. The tr1181 has approved Charitable donations of £260k during 2022123 to several organlsations aligned to ils obieclives and priorities. The Trust Continues to be a patron of the Greater Bimingham Chambers of comMee. Once again, we the successful delivery of another Millennium Point Scholarship. Thls will be the Eighth year of the Millennium Point Scholarshp. Delivered in partnership with Birmingham Cty University's {BCU) faculty of Computing, Engineering, and the Buili Environment.. the prize is awarded to one young person studying a STEM themed course. Designed to encourage inclusivity and diversty of thought and opinion across science, technokjgy, and as81¥ted sèctors.. the prize pays forthe winnfrrfs tuition fees forthree years of undergraduate study. Achlevwionts and Perfomianc• The Millennium Point buiklirKJ is 91% xcupied. Millennium Point Twst Limited's trading Subslary, Millennium Point Property Limited continued to operate as Landlord lo Thinktank science museum {Bimiingham Museums TTUSII. Birmingham Cty UnNersty Ifacubty of computing, engineering, and the buim &nvironmenll. STEAMHouse. Mullino Café, Bimiingham Om)iston Academy and, University Hospitals Birmiroham NHS Foundation Tru8L Overthe yeafs, MPPL has also tjeveloped an event8 and engagement offerto bring in addrtional revenue and lo supwrt MPT charrtable objectives. The Events and Engagement offer within th8 building operates across the building's public spaces and Provides an opportunity for further collaboration with tenants and partners. Having experienced tsyo years of restrictions due to the global pandemic, 2022123 was the first financial year whereby the events business operated without Government restrictions. The year has been a successful year and has exceeded expectsInS with a notable increase in the size and frequency of events held at Millennium Point. Throughout the year MPPL has hosted several successful events including the Kenyan Village for the Commonwealth Games. Bimingham Film FestNal, the National Apprentship Expo and VS Fightin9 Gaming Toumaments. As well as corporate business. Millennium Point Property Limited has 8180 expanded it5 leisure busine88 With the successful delThiery of events such a$ 'Love Actually. Bottomless Brunch, 'Ils 8 Wonderful Lrfe, with wine. a Sibnt Disco and Christmas parts'es. Throughoutthe year. Millennium Point Property Limf(ed's evenl$ business hosted a numberofevents on behalf of Millennium Point Trust lo achieve its VIsn. Ils vision to be Tecognised as a leader and facilitator of the prorTK)lion of Science. Technology, Engineering. and MathematK$ ("STEM"l edLKation and careers for all young people across the West Midlands.. Millennium Point Trust Sci-Sport5 Showcase. Millennium Point Trust STEM Roundlable. Millennium Point Tru81 Scholarship Assessment Day. Annual Christmas film and visit from Father Christmas for hxal school chiklren. Annual Christmas evenl for key supporters of Millennium Point Trust including a perfomance ftom the cast of Dream Girts (who were resident at The Alexandra Theatre, Bimiinghaml.
MILLENNIUM POINT TRUST (A company Ilmlted by guarantso) REPORT OF THE TRUSTEES - contlnuad forthe year endod 31 MarGh 2023 AGhl•v•m•nts and P•rfornianco Icontlnuod) A strong marketing campaign saw Millennium Point featured in many onllne artKles and trendlng In the West MKllands. The Intentbn18 to continue to idgnbfy opportunities within the bullding to generate income as well as . 'to i1)rOVe the building fo'r its tenants and vlsitor8. The financial unpact during the peritid for organisalions benefrtting from the trusfs work {including discounted rents, donations. and other $upportl equgtgd to £4,317,693. Fulur• Millennium Poinl i# now at a pivotsl pericd in its life CYC whereby the building needs to be reimagined and repurposed for the next generation and upgraded for the'fijture. whilst also considering it$ environmental responsibility and energy efficiency.. The vision of ils founding members wa5 lo $upport ScienCbaSed education. and knowledge which ha8 delivered.well forthe young people in our region. A quarter of a cÈntury on from those original aims, Millennium Point Trust continues to deliver but is looking lo the next 25 years and is ready lo take Ihe next bold moves to guarantee that Millennium Point TTU5t continues to meet its charitable objecb'ves and pioneer STEM learnlng far into the future. FlnanclalRevlew The Tru8t18 in a strong finaHcial Poaition. with sufficient cash resouTces to meet its curn1 and fvture liabilttle8. The trading Subsidiary, mlennIum Point Property Limited, continues to focus on Improvin9 its profrtabilty through s commercial ronts and ovenl$ income. The year hag been a successful ye8r and has exceeded expe¢tstions with a notable increase in the size and frequency of even18 hekl at Mill8nnium PoinL" Miltennium Point Trust received a donatlon of £579k {2022: £701k) from ts wholly owned subsidiary, Millennium Point Property Limited. Ofthis total. 80me Will bè used to meet liabilities of the Trust company and the trustee8 will set aside the remainder in a designated fund out of which future charitabl& donations will be made. Prlnclp•l Fundlng Sourc The prin¢ipal funding sources of the year are shown in the tle below.. 2023 £'ooo 2022 £'ooo Commercial letting$ and other income Invèstment inKJme Concessionarylgttings to charities 7,318 112 S.482 1,526 Investment pollcy The Group mairrtains bank accounts Nvith Barclays Bank plcand seeks to maintain all currènt aGGounts in credit. Where Surplus fvnds aèe avallable the8e are placed on ¢emIght treasury deposit or on longer term call deposit with Barclays Bank plc and with Natignwido.
MILLENNIUM POINT TRUST (A company limited by guaTante8) REPORT OF THE TRUSTEES - continued for the year end 31 March 2023 ReseThes policy. The trustees have considered and agreed reserves pc4icies for the companies wthin the Millennium Point Group, to ensure that funds are available lo support the charitable objects of the Trust and the future development of Millennium Point. In considering an appropriate level for reserves the trustees have considered the future anticipated income and expenditure for the companies and the risks associated with those. The Board has agreed Ihat annual grft aid donations from Millennium Point Property Limited. considering the past property valuations, will be subject to board approval and will be capped at a maxinum of of profits. These donations will bè subject lo bng term cash flow projections. The Mernorandum and Articles of Association do not permit the payment of a dividend. 8tstem8nt of trustees. responslbllities The trustees (who are abo the directors of Millennium Point Trust ft)r the purposes of company bwl are responsib for preparing the Report of the Trustees {in¢luding the Strategic Report} and the financial statements inaccordance w4th applicable law and United Kingdom Accounting Standards (United lfjngdom Generally Accepted Accounting Praclicel. Company l•v requires the trustees to prepare financial slatemenls. tor each financial year which give a true and fair view of the state of affair$ of the charitable company and the group and of the incoming resources and applicatron of resources, including the income and expenditure, of the charitable group'for that perbjd. In preparing these financial ststemenls,the trustees are required to. select suitableaccounting policies and then apply them consistently. obsetve the methods and principles in the Charities SORP m8kejud¥ments and gstimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any materBI departuras disclosed and explained in the financial statements,. and prepare the finaneial slalements on the going Concern basis unless it is inapproprialeto presume that the charitable eompany will continue in business. The trustees aye responsible for keeping adequate accounting TOrdS that disclose with reasonable accuracy al any time the financial position of the charitable Company and enable them to &n$ure that the financial slalemenls comply with the Companies Act 2006. They are also responsib for safeguarding the a5selsof theehartab company and the group and hence fortaking reasttnab steps forthe prevention and detedDn of fraud and other irregUrI1&s. In so far as the trustees are aware.. there is no relevanl audit information of which the charitable company's auditors are unaware.. and the InFslees have taken all steps that they ought lo have taken to make thèmsefves aware of any rdevar audrt information and to estoblish that the auditors are aware of Ihot infomiation. The twstees afe responsible for the maintenance and integrty of the corpore and financial infomiation included on the charitable companvs website. Legislion in the United Kingdom governing the preparation and ithssemination of the financial statements may differ from legislation in other jurisdidions. Thi8 report was approved by the board on 20 Juty 2023 and signed on its behalf. Slmon Topman Chaimian
MILLENNIUM POINT TRUST {A company Ilmlted by guarant••) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST Oplnlon We have audtted the financkql 8t•lemonts of Millennium Point Tru8t {the 'parenl charitab. ¢ompany'l and subsidiary Ilhe'group'l for the yearended 31 March 2023 whlch comprisg the Con801Klqled Statement of Financial ActNtties, the Con8011dated Balance Shevl, the Charitabk Company Balancg Sheet, Ihe Consolidated Statement of Cash Flow8 and notes lo the financial statement8. includlng a summary of signfficanl accounting policies. The finan¢ial reporting framework that has been applied in their Preparation is applicabl8 law and UnFted Kingdom Accounting Standard8. including Finan¢ial Reporting Standard 102 The Financtal Reporting Standard apPIable in the UK and Republic of Ireland {Unit¢d Kingdom Goner81ty Acceptèd Ac¢ountiry Practica). In our Opinion the finan¢lal ststements: givo a true and fair view of the state of the group's and parent charftabl8 company'8 affairs as at 31 March 2023. and of the group's incoming re8ourca8 aNI applicatlon of resource8. includlng it8 inccrtn8 . and wenditure, ft>r the year then ended., have been propgrty prppared in accordance with United Kingdom Generalty Ac¢epted Accountlng PractKe; and havo been prepared in accordancè with th¢ rw4uirement8 of the Com. pani88 Act 2006. Bas1• for oplnlon Ille conducted our audlt In at¢ordanco with Intematlonal Stand8rd$ on Auditing {UK) (ISAS IUK>I and applleable law. Our responsibilities under those standards are further dèscribed in the Auditorf$ pOnsibIlkS for the audit of thè finan¢ial $tstement$ section of our report. We are independent of the group and par•nl charitable Gompany in ac¢oTdance Yth the ethical requlrementts th arg ro18vanl to our audit of the financk918tatements in the UK, including the FRC'S Ethical. Standard. and w8 have fu11 our other ethical SpOnsIbl1itles in accordance wlth these requirements. We believe that the audit ov+aénce we have Obtain i& 8uirlent and appropriate to provid8 a ba818 for our opin60n. ConGlu¥lons r•latlng to golng concom In auditing th• financial statements, we have concluded that the truste, u80 of the golng concem ba818 Df eKounling in th.e preparatlon of the financial statements is appropriate. Based on.th8 work w¢ hav8 p•rfomie(l. w• have not identikd ary material uncertalntt&8 Telaling to events or Cond10n8 that. Indivhlually OT colleclivgty, may cast Signrfkant doubt on thegroup'8 or parent charjtable compan¥ abilty to continu8 a8 a going corKem for a p8rl¢>J of at1oaBt 12 m¢xrths from when the financial ststements are auth¢)ri88d for issye. Our r88ponsibil.tti98 and the re8pc*n$ibi16tio8 of the trustees with re8pect to golng ooncern aro described in the relevant section8 of th18 report. Oth•r Inforniatlon The tru$tee8 ore wpon¥ible for the other Infrjmiatlon. Th othor irftlmation comprlse8 th8 infomiatloTh InelLKlod in the tN$tee$' annual report, other than the financol slat8m8nts and our auditor8 report thoreon. Our opinion on thp financial statomonts.does not cover the other information and, except to the extont othemige oxplicilty stated in our report, we do not expre88 any fom) of assurance conclusion thereon. In CneCtIOn with our gudit of the financial Statements, our re8pon8lbllty is to rgad the other information and, In doing 80, consider whether the other infomiation is materialty incon8Btenl with the financial Statsments or our krledge obt8inèd In the #udit or otherwise appea18 to matèrialty mi$$tsted. If we id8nlfy such mat¢rial Inwnsi8téncva$ or apparent mateTial mi88tatemenl&. we are required lo detemiine whether there Is a material misstatement in th8 financial statemen18 or a material mi$$lalement of the other infomiation. If, based on the work we have performed, we conclude that there is a material misstatement of t.his Other Infonnation. we are required to roport that ts¢L We have nothiw to repDrt in th1& regard.
MILLENNIUM POINT TRUST IA Company Ilmltfjd by guarantee} INDEPENDETrif AUDrroR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- continuod Oplnlons on 0th8r mattèrs prescrlbod by the Companlos Act 2006 In our opinion, based on the work undertaken in th8 course of the audit: the information given in the Trustees. Annual Report for the financial year for whh the financial . 8tatements are prepared is consistent with the financial statemonl$.' and the Trustees, Annual Report has been prepared in accordance with applicable18go1 requirements. Matter4 on whi¢h wa are r•qulred to report by excoptlen In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identrfd material misslalements in the Trustees, Annual ReporL We have nothing to report in respect of the foll¢)wing matters in reLation to which the Companies Act 21]06 requires u$ to report to you if, in our opinion.. adequate tounling records have not been kept by thg parent Charitab cMPany, or retums adequate for our audrt have not been received from branches not visited by u5,. or the parent charitable company's financial statements are not in agreemont wf(h thè accounting records and returns., or certain disclosures of Iruslees. remuneration Specified by law are not made," or we have not recewed all the InfomwtD and explanations we require for our audit. Rosponsibilitl•s of trustees As explained more fully in.the Statement of Trustees, Responsibilitie$ set out on pages 7 and 8, the trustees are responsible forthe preparation of the financial Statements and for b8ing satisfied that they give a true and fair view. and forsuch inlemal control as the Iruslees delemiine is ne¢essary to enable the preparation of financial statements that are free frcln mater%ql misstatement. whether due to fraud or emr. In preparing the financial statements, the trustees are responsible for assessing the company'$ ability to continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the trustees erther intend to Iv4uidale the tompany or to cease operations, or have no realistic altematwe but lo do so. Audllor's rosponslbllltles for the audi¢ of the flnanclal statwnonts Our objectives are to obtain reasonable assurance about whether the fina}01 statements as a wholo are frge from material misstatement, whether due to fraud or eor. and lo issue an auditorfs report Ihal inclutles our opinion. Reasonable assurance is a high level of" assure0, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will.8lway"$ deteet a material misststemenl when tt exists. Misstatements can arise from froud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemgnls. Irregularities. including fraud, are in$lan¢es of non-compliance with laws and regulations. We design procedures" in line with ourresponsibililies, outlined above, to detect material missLitements in r&spoct of irTegularitie8. including fraud. The specific procedures for this engagement and the exient to which these are capable of detecting irregularities, including fraud is detailed below-. Our assessment focusse(1 on key laws and regulations the group and the parent charitable company has to compty with and areas of the financial statements we assessed as being more susceptibk to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Chari(ies Act 2011, Charities (Protection and sla1 Inveslmenll Act 2016, tsxalion legislation, data protection, anti-bribery and employment legislation. io
MILLENNIUM POINT TRU8T IA company Ilmlted by guarants•) INDEPENDENT AUDITOR'S REPORT TO TME MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- conllnu•d' Audltorf.8 rnspon¥lbllftlos for th• audlt of the flnanclal •tatsm•nts Vve are not respon8ible for preventing irregularitigs. Our approach to detecting irrtyuhriti88 included. but wa8 not .Ilmited to. the f0llovng". obtaining an understanding of the 18981 and rogulatory framwwort applicable to th8 group gnd parent charitable company and how the group and th8 parent charitablg compary b ¢0mP1ng wlth that framework. including agreement of finan¢Kryl ¥tstement disclosures lo undertying do¢umgntation ar other evidence. obtaining An understanding of Ihe group and the parent ch8ritable company's control envlronment and hu the group and the parent charitabb company ha8 applied relevant eontrd prLreduie8, through discussions wlth Tru8teeB and other management and by yrfomiing walkthrough testing over'key areas.. obtaining an untsrstanding of the group and tho parent ¢harilablo company'8 ri8k aBsgssment proc888. Induding the Tisk of fraud; revMYing meeting minutes of th08e charged wlth govgmanco throughout the year.. and . perfomiing 8udfc testing to addroS¥ the risk of managemgnt override of controls, including te8ting joumal .8ntries and other 8dju8knents for appropriateno58, evaluating the busines$ rionale of signFfKart transactions outside the nomwl coursg of business and reviewing accounting estimates fc)r bia8. lthilst oonsidering h(yw our audit WO addre88ed the detection of irregularities, we also con8ldèr811 the likellh¢x of detection based on our approach. Irregularities arising from fraud are inherontty mre drfficultto detectthan those arising from error. Because of th8 inheranl limitations of an audii, th8r818 a risk that we wiifnot detectall iTrfraularitie8. Including those leadlng. to a m8leftal mits$tstem8nt in thg financial statements or nonwcompliance with regulation. This risk increasès the mre that ¢ompliance wtth a law or regulation18 remov from the events and tranSadn$ rnfiected In the financial statements, as we will be1888 likety to become aware of instsnces of norMPIranc0. The risk 18 also greater regarding irregularities c¢curring due to fraud rather than 8rror, a8 fraud involves intentlon81 concoalment, forgery, collu61on. omi88kin or misr9pre5entatn. A furthèr d88CriPtion of our re$poh8ibililie8 is availablo,. on the Financlal R8POrting Coun¢ll'$ website at.. vM.fr¢.org.uklaudittysr¢$pmsibilttie8. Thi8 descriptlon fomis part of our 8udltorf8 reporL UM of our roport Thi$ report made Solo to the charitable company's members, as a body, irt accordance with Chapter 3 of'Part 16 of the Compani08 Act ?OC6. Our audlt work has Lseen undertaken so that we mlght state to the charitabl8 company'8 members those matters we 8re required to stalo to.them in an audito1$ rèport ond for no other purpose. To the fullest extent pemitted by law, we do not acc8pt or assume r8spon8ibilty to anyone otherthan the Gharitoble company and the charitable ¢ompany's members as a boty, for our audrt work, for this report, or for the ¢)pinion$ we have formed. Glen Bott FCA SenK)r Statutory Auditor for and on behalf of.. COOPER PARRY GROUP UMITED Stutory Auditor Office 401, 4th Floor Two ChamberlaiTh Square Birmingham B3 3AX Date: 15 Augugi 2023 li
MILLENNIUM POINT TRUST IA company Ilmlted by guarantee) CONSOUDATED STATEMENT OF FINANCIAL ACTivmES (Incorporntlng an Income and Expendlture Accounti for the y•ar ondgd 31 March 2023 2023 Total Funds £'ooo 2022 Total Funds £'ooo Unr8stricted Restrfctgd Funds Funds £'ooo £'ooo Note Income from." InVestMts Interest Commercial lettings and other income Chantable aC1rlI Con¢essionary lettings 112 7,318 112 7,318 5,482 1.526 Total incom& 8,994 8.994 7.015 Expenditurg on: Raising funds Interest and other finance costs Commercial lettings and other expendllure Chaiitable activit$ Costs of concessionary lettirvJs 5,10 10 371 2.922 371 2,922 371 2.248 10 3.641 3,641 2.778 Grants and donations 7,10 260 260 391 Governance costs 10 178 178 Total expondlture 7.372 7,372 5,956 (Loss) I gain on revaluatKJn of Inveslmont ProFety 13 11,8501 11,850) 611 Net mov•ment in fund$ for the year 12281 1228) 1,670 RKonFillatlon of funds Fund balances at the start of the y•ar 42,907 42,907 41,237 Fund balancos * the ond of the year 17a 42,679 42.679 42,907 There were no recogniseil gains or ktsses for 2023 or 2022 other than those included in th8 Statement of Financial Activities. All income and expenditure relates to continuing artNrties and there is no"diffeMce betsveen the reported Tesult and that on a historical cost basis. The IleS on pages 16 to 33 form an integral part of these Counts. 12
MILLENNIUM POINT TRUST {A company Ilmlted by guarantaè) REGISTERED NUMBER. 03227575 CON8OUDATED BALANCE SHEEf as at 31 March 2023 2023 £'ooo 2022 £'ooo Flxed a5s•ts ' Tangible fixed 888ets Investmenl propety 11 224 47.560 211 49.410 47,784 49.821 Curr•nt aM•ts Stock Debtors due within year Cash at bank and in hand 12 850 8.518 10 936 7.561 14 9,380 8,507 Cr•dltorn.' arThJunl8 falling due wrthin one year 15 (2,903} {3,639} Not curr•nt ass•t• 6,477 4,868 Total 48•0ts188• currnnt Ilabllltlo• 54,261 54.489 Cr8dltors: amounts falling due aftor moro than ono 16 (11,5821 (11,5821 42,679 42,907 Fund• Unrestrictèd irKomo funds.. .Gen8ral income funds Non-charitable trading fund8 17{a) 171al 313 42,366 271 42.838 Totsl unwtrkted Irwmo fund8 42,679 42,907 Total charltabl• funds 42.879 42.907 "Th8 con8011data(l financlal statemonls wèrn approved and authorised for i88ue by tho 808rd and wère signed on Its bohall on 20 July 2023 8 M Topman Chalmian Tho notes on pages 18 to 33 fomi an integral part of the8e accounts. 13
MILLENNIUM POINT TRUST (A company limited by guarantee) REGISTERED NUM8ER- 03227676 COMPANY BALANCE SHEET as at 31 March 2023 Note 2023 £'ooo £'ooo 2022 £'ooo £'ooo Current assets Debtors Cash at bank and in hand 14 591 722 591 724 Creditors.. amounts falling due within one year 15 (278} {4531 Net current assots 313 271 Net assets 313 271 Funds Unrestricted income funds: General income funds 17{b) 313 271 313 271 Total charltable funds The financial ststemenls were approved and authorised for issue by Ihe Board of Trustees and were signed on its behalf on 20 July 2023. S M Topman Chalnnan The notes on pages 16 to 33 fomi an integral part of these a¢counts. 14
MILLENNIUM poIKr TRUST IA company Ilmtted by gu rnnt•é) CONSOUDATED STATEMENT OF CASHFLOWS forlhe y•ar •nd•d 31 Mar¢h 2023 Rècon¢lllatlon of n•t Incomlnglloutgolngl r8sourc•8 to net ca8h Inflow from opor•tlng a1VIll•S 2023 eooo 2022 Net incomlngl{6utgoingl resource8 (per ststement of financial actThiRie8} Depreclation (Gain>AS on reiialuation of'lnve8trnent property Interost receNab Interest payable Decm8ellincrease) in dobtors in creditors (In¢rea$o1 in stock {228> 120 1.850 {112} .371 1,670 80 1611} 11 13 371 12021 1122} 14 15 1738) Not ca•h flow from operntlng Xtlvttl 1,349 1,174 Intèrest pald Intèr88t r¢ctyvod {3711 112 {3711 N•t Ilow from flnanclng actlvltl 1259) (3641 Payments to acquire langlble fixed 88$0ts Payment8 relating to inveslffnt prop8ty iinprovem?nt8 11 13 (133) {351 {431 Nat cash flow from Inv•stlnq adlvllle• (133) 1781 Not IThGr•as• In cash and c•h •qulv•lonts 957 732 ¢h and cash •qulvalents at 31 March 2022 7,581 8,829 CA•h and c•8h wulval•nts •t 31 March 2023 8,518 7.561 Cash and ¢h wlvalenl• con•lsts ofr. Cash at bank and in hand 8,518 7,581 Analy•ls of changm In n•t d•bt At 1 Aprti 2022 £'ooo C••b At 31 Mirch 2023 £'oi £'ooo Ca•h and ca•h •qulv•l•nts Cash Borrowlng• 08bt Aft•r mor• than on y•ar fj.618 111.082) 111,5821 Total 15
MILLENNIUM POINT TRUST IA company limlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS forthe year •Thd 31 March 2023 Summary of slgnm¢ant accountlng pollcles lal General Infomatlon and basls of preparatlon Millennium Point Trust 15 a private charitable company incorporoted and doMlled in the United Kingdom. In the event of the charity being wound up, the liability in resped of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial stalemefiis. The nature of the charity's operations and PripaI activities are lo advance education for the public benefft in partUlar. bLrt not exclusivety. in the industrial and technologKal processes which havo shaped the modem world and will shape Ihe fvture world. The char'ty conslitules a Publ benefit entity as defined by FRS 102. The financial statements have been prepared in aordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aceounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, the Financial Reporting Standard applicable in the -united Kingdom and Republic of Ireland IFRS 102}, the Charities Act 2011, the Companies Art 2006 and UK Generally Accepted Pradice. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain rtem8 at fair value. The financial statements are prepared in sterling which is the functional currency of the ¢harrty and rounded to the nearest thousand pounds. The signrficant accounting policies applied in the preparation of these finan¢ial statements aro Set out below. These pdicie5 have been consistentty applied lo all years presented unless otherwise stated. Ib) Funds Unrestricted funds are available for use at the discretion of the trustees in fiJrtherance of the general objectNes of the charty and which have not been designated for.olher purpose5. Designated funds comprise unrestricted fursds that have been set aside by thè trustees for particular purposes. The aim and use of e¥h designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance wi(h specrfic restriction8 imposed by donors orwhich have been Taised by the Charity for particular purposes. The eost of raising and administering Such funds are charged against the specsfic fund. The aim and use of exh restricted fund is set out in the notes to the financial sL*ements. 16
MILLENNIUM POINT TRUST IA company limlt•d by gvarants•l NOTES TO THE FINANCIAL STATEMENTS- contlnuod for th• yoar •nd•d 31 March 2023 Sumiiiary of 8lgnlfirAnt accountlng pollcle•- conllnu (c}.Incom• r•cognltlon All incoming Fe80ur¢es are included in the Statement of Financi81 ActNltle8 (SOFA) bthen tho chwity . legally entmed to the incL¥me after any performance Conditn5 have béen met, theamount Gan b8 m&a8ured relkbty and it 1$ probable that the Income wlll be rocei¥gd. For donations to be recogni8ed th8 charity will have beeTh notthed of th8 amounts and th& 8etMement dale in writing. If there are'conditions attached to the donatlon and this requires a level of performance before entiuemenl can be obtained then income is deferred until those conditirjns are fully mel orth• fuirment of th08e conditbns 16 Wthin the control of the charity arKI rt is probable that they will be fu1119d. No amount is included In the finan¢Kal statements for volunteer time in linp with tho SORP {FRS 102). Incomefrom trading actsvities includes income earned from fvndraising events and tradlng a¢tiV& to raise fvnds for th charty. Income 18 received In ex¢hahge for supptying good8 and semces irn order to rai8e fund8 and 1$ rKognised when enlitlement has occurred. Inveslmonl irbcome is earned through holding assets for investment puwe8 such as bank deposits and property. It includes Interest and rent.. Interest income Is recognised using the 8fftictr inlere#l mothod and rent ineome18 recogni¥ed 85 the charty's right lo receive payrnent is established. Grant8 of'a nut nature are recogni88d wi the Stm8nl of Financial Actpiities in the same pgriod 08 th8 relat¢d exporKlituro. (d) Exp•ndlturn recognltlon All expenditure 1$ a¢¢ounled'for on an accrua18 ba818 and h8$ bgen classffiod under headings that ' aggregate all costs reled lo the category. ExpendItU is r8cognised where there is a legal or constructfve obligation lo make payments to third path8. tt is probablg. that the settlement will r¢quired and.th¢ athounl of tho obligation can be measured reliably: It15 categorised under the following headings.. Costs of raising fund8 Includes tha costof maintsining and operating the bulldlnty.. Expendkure on ¢haritgble actNitie8 include8 onward donations and grants,. and ' Other èxpgnditure tepre8ents th08e it¢m8 not falling into thg categorie8 8bovo. {a> Support lts allocatk• Support Costs are Ih¢)se that a881s1 the work of the charity but do not directly repr688nt charitable activitigs and include office cos18 and legal and prof888ional costs. They are" inCury dlrectly in 8UPPOrt of expgndtture on the objects of tho charity. WThere support Costs nn0 be directly attributed to particular headings they have been allocated to of rai6ing funds and expenditure on charitable actlvltlo8 on basi8 con81818nt with use of the resources. Fund-r818ing costs are those incurred in #eeking voluntary contributions and do not includè thg costs di88emlnating infomiation In support of the charllable activities. The anaty$i$ of the8e costs 18 included In notè'10. 17
MILLENNIUM POINT TRUST IA company limitgd by guaranteg) NOTES TO THE FINANCIAL STATEMENTS - contlnu•d forth• year èndèd 31 MaTch 2023 Summary of slgnlficant accounting pollclos- continued lfj Tangible flxed assots Tangible fixed assets are slated al cost {or de&med cost) or valuation less accumulated depreciation and accumulated impaimienl losses. Cost includes co$t$ diieclty attributable lo making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, tes$ estimated residual value. of each asset on * Systematic basis over it8 expected useful life as follows.. Assets under construction Fixtures and fittings Computer equipment - not depreciated - 5-10 years - 3 years Assets not measured * foir value are revithved for any indication thal the asset may be impaired al each balance sheet date. If such indication exists, the recotrerable amount of the asset, or the asset's cash generating unit. is estimated and compared to the carying amount. Where the carrying amount exceeds its recovgrable amount, an impairment loss is recognised in profft or bss unless the asset is carried al a revalued amount where the inwairmenl loss is.a revaluation decrease. Ig} Investmènt proprtles Investment properties for whKh fair value can be, measured reliably wfthout undue cost or effort are measured at fair value at each reporting date with changes in fair value recniSed in the statement of financi81 activf(1gS. The group en9aged independent valuation spla118t$ to detemiine lair value at 31 March 2023. The valuation was made as at 31 March 2023. The valuation has been carrd out in accordance with the RICS Valuation Global Standar(Is effedive from 31 January 2022 {'Red Book'}. The valuation practice statement 4 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly tr8n8aclion bets¥eèn market partiGipanls at the measurernent date. Further detal 1$ di8ck)8ed at note 13. {h> Investments Investments in subsidianes are measured at C08t less impairment. 111 bt018 recelvable I cr0 payablo within one year Debtors and creditors with no stated interest Tate and receivab or payablg Within one year are recorded at tran8aBtion price. Any108ses arising from impairnienl are recognised irs expendrture. Ul Loans and borrowlngs Loans and borrowings are initially recconised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effectwe interest rale mothod, less impairment. If an arrangement constitutes a finance transaction rt is measured at present value. 18
MILLENNIUM POINT TRUST IA company Ilmltod by guarant••l NOTES TO THE FINANCIAL STATEMENTS- conunued for tho yur •nd•d 31 March 2023 Summary of •lgnlnrant •¢¢ounllng polkle8- contlnu•d. Ikl Stock Stcths are 8tated.at the lower of ¢ost and net reallsable value, being the e8timated selling priGe le88 Costs to complete and so11. Ateach balance sheet date, 8tock8 aro as$85sod for"impaim)ènL If 8tod( is Impa1, the carrylng arnount 18 redu¢e(I to its 8elling.pnce le88 costs io oompl&e and sell. The impaimient10&8 is recognlsod immediatety in profrt or los$. (11 Cash and'cash oqulval•nts Cash18 reprgsenled by cash in hand and depo8th.wrth financlal in$lilution8 repayable without ponaty on notice of not more than 24 hours. Cash equivakn18 are highly liquid investments that mature in no more than three months from the date of acqui$ition and that are convertible to krKwn amounts of ca8h with insigntficant rtsk of chang8 in value. Im) Provl8lons Provisions are recognised when the charty has an.obligation * the bafance shoot date a8 a result of a past event, il 18 probable that an 0uffl of economic benefts will bo rgquirnd in Bottlgmont and thg amount can be reliabty estimated. Inl Lea8•8 Rentals payablg and receivablè under ¢wgratiThJ lea808 are ¢hargod to SOFA on a stral9ht4ine ba818 . ov•r the pgriod of the lease. (o) Employ•0 b•n•f The Group operate8 a defined contrfbution plan for its employee8. A defined contrfbLrtion plan Is a pension plan underwhich the Company pay$ fixed contributions into 8 8epar*e enlty. On¢• the contributions have baen paid th8 Compary has no further payment obligations. Gontribulions are recognlsed a5 an exwnse in the Statem9nt of Financial Activities when they fall du Amounts not paid are shown in accruals as a liability In tho Balance Sheet The a68ets of the plan are hald separately from the Company in independently admlnl$tered funds. {plTax The charftsble company 18 8 charity within the meaning of 8cfvedulo 3 of the Charitie8 AcV.2011 and is . nSIdere(l to pas8 the tests set out in Paragraph 1 schedu 6 Finance Act 2010 and tharofor8 it meets tho definitan of a charhablo company for UK corwalion tsx purposes. {q) Golng concem The trustees believe we have now come through tho worst of the panderrwc as thing8 are retuming to some sort of normality. Neverthele88, rf Ihingg were to change again, we are well placed to trade through these uncertain times due lo the qualty and dwer8ty' of our tsnanls, security of our rertsl irKome and our strong ca8h balancg at year gnd. On this ba818 thè truste95 are confident that the group has adequate r880urces to contlnue in operatlon ar hava adopted the gging concem basis in preparing these financial Statemonts. 19
MILLENNIUM POINT TRUST IA Company limlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS - Gontlnued forthe year ended 31 March 2023 Summary of significant a¢¢ountlng policies- ¢ontinu•d (r} Gift ald payments rKgl¥ab The parent chaTty receives income from its trading subsidiary under the gift aid schem•, which a recognise(l as distributions lo owners in equity within retsined earnings of that company. At the reportlng (late there was no legal oblv3alion In place for the charity lo receive this gift aid payment, although priorto the reporting datethe trading subsidiary board had Indated its intention lo pay thetaxable profrts lo the parent charity in ro$p8d of the reporting date. There 18 no lax charge in the year due to the exception under 29.14A of FRS 102. Relief is allowed as the grft aid payment will be made by the trading subsidiary to the parent eompany within 9 months of the year Judgements in applying accounting politi•s and kgy Sourc of estlm•tion uncertalnty The charitable company arKI subsidiary maes estimates and assumptions concerning the future. Management are also Tequired to exercise judgement in the process of apping the company's accounting policies. Estimates and judgements are continualty evaluated and are based on historKal experience and other factors, including expectation5 of future events that are believed to be. reasonable undgr the circumstances. The estimates and assumptions that have a svJnificanl risk of causing a material adjustment to the carying amounts of assels and liabilf(ies within the next financial year are addressed below. In preparing those financial statements, the trustees and directors have made the following judgements.. la} Le•¥es Determine whether leases entered into by the group either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the ri$k$ and Tew8rds of ownership have been transferred from the lessor to th$ lessee on a lease by lease basis based on an evalualKJn of the terms and condition$ of the arrangements, and accordingty whether the lease Tequire$ an asset and Ikqbilty lo be recognised in the statement of financial posrfiion. Ibl Impalrn)•nt of non4urrnnl assots The company assesses the impairment of property. plant and equipment subject to amortisalion or depreciation wheneveT events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considewj important that could trigger an impairment review include the following., Significant underperformance relative to historical or prOJted future operating re$ults- Significant changes in the manner of the use of the acquired assets or the strategy for the overall business.. and signifinI negative industry or economic trends. Ic) Impalrment of Inveslment PToperty The company Teviows the carrying value of the investmgnt property for it)dications of impaim*nt at each period end. If indicators of impaimenl exist, the carrying value of the asset is subject to further testing lo determine whether ils caFrying value exceed$ its recoverable amount. Thi8 procoss will usualty involve the estimation of fvlure cash flows which are likely to be generated by the assel. The foll¢)wing are the group's sources of estimation uncertainty.. 20
MILLENNIUM POINT TRUST {A company Ilmltgd by guarnntM} NOTES TO THE FINANCIAL STATEMENTS - contlnu•d for the year ended 31 March 2023 Judgements In applylng a¢countlng pollclts and k•y ¥ourGM of •stlm•tlon uncortalnty 1¢ontlhuod) Id) Recov•rnblllty of tradedebtOT• Trade and other receivabte8 are recognised to tho extent that they ar• judged re¢overable. Management reviews are perfomied lo. estimate the ievgl of reserves rwuired for irrecover•bl• debt. Provi4ion8 are made spIfical against Invo8$ where recoverabilty 18 uncertain. IAgnag•mont mak88 alINare for doubthil debts ba$od on an assessment of the re¢overability of.debtor8. Albwances are applied lo debtors where events or change5 in circumstanc88 indi¢ate that the carying amoun16 may I1 be reGoverable. managenI 5pecificalty analy8e historical bad debts, tustomer GrOrth1n9¥$, CUTrenl'oconomic trgnds and change8. in cu8tomr payment terms when making a judgement to evaluate the adequacy of the provision for doubiful debts. Where the expe¢tation is drfferenl from the original estimate. Such difference will impo¢t thg ¢•rrying value of debtors and the charge in the Statement of flnanclal actIvles. {•) P•pr•¢l•tlon and rosldual v•lu•s The trustees and directorn have reviewed thè a8881 INe8 and a880ciated residual value¥ of all fixed asset classes, and in particular, the useful economic I8 and residual value8 of fixture8 and frttings, and have concludedlhat asset lives and residual values are appropriato. The actual lives of assets and rosidual valugs are assessett annualty and may vary dendiftg on a . numbèr of factors.: In re-a8¥1n9 asset lives, factors such as technological innoliation. product lrfe ¢ydg8 and maintenarjce progromme$ aro taken into account. Reshlual value assessments nSIder IB8uos Such as future market conditions, the remaining, life of tha asset and prO1ted disposal vdues. (fj Inve•tment prop•rtl The Group engaged independent valuation specialists to detemine fair value at 31 March 2023. The valuation wa¥ made 85 at 31 March 2023. The valuation ha8 be8n carrfed out In accordance with the RICS Valuation Global Standard8 effective from 31 January 20221'Red Book"). The valuation praGlice statement 4 define5 fair value as th8 price that would be receNed to sell an a88et or paid to tran8fer a liabilty ir4. an orderfy transaction btheen market particlpan18 at the measurement date. Further detail is disclosed at nots 13. Rolatsd party trnnsactlon• Milbnnium Point Tru¥t M th8 parent company of a groLP that prepar88 consolidated finan¢lal 9ta1emts.. The company has taken advantage of the exemption froth disc108ilg transactions with group entities. AJI other reL4ted party transactions are disclD8ed in note 22. Invo81mt Income 2023 £'ooo 2022 £'ooo Bank Intsrest 112 Intsrnst payabk"•nd oth•r fln•nGo costs ¥23 £'ooo 2022 £'ooo other ban interest 371 371 21
MILLENNIUM POINT TRUST
IA company limlted by guarnnttè}
NOTES TO THE FINANCIAL STATEMENTS- nt1Thed
for the year end 31 March 2023
Net In¢om• of non
MILLENNIUM POINT TRU8T IA comyny Ilmltod by guarants81 NOTES TO THE FINANCIAL STATEMENTS- contlnuod for the yoar ended 31 March 2023 N•t In¢om• of nonwchartt•blo tradlng 8ubsldlary- conllnued 2023 £'ooo 7,318 2022 £'ooo 5,482 1,526 Analyg•d Commercial letting8 and other In¢ome Conc88#ioh8ry letting$ to charities 8,882 7,008 Tho aggregate of the 8ub8idKqry'8 a888t8 and liabitstie$ wa$.. 2023 £'ooo 56.575 114,2091 2022 £'ooo 57.408 {14,771) Llabllltle8 Shareholder8, fund 42,366 42,637 Grants and donatlon• The.group h88 approved charitsblg dor)n$ during the year a8 follchv8: 2023 rooo 2022 £'ooo Donations approvfrJ in.the year Donations were rovided to the follu4Vi 8•noflcl Bimi hamo en Medi8 Acade AchEvers BarV8 Hill School Dudl Coll e of Technol AirL ue TN8t 260 391 institK)n$. 80 20.000 Dunstall Hill Prim Bish lig$ 's Grammar School St Paul's School for Girl8 CORE Education Trust Sall ine8rin Devel ment Trust- Industrial Cad8ts Ho 911 Prim and Nurs School Kates Hill Prim School Woodrush H. h School Bloodhound Edu¢ation Ltd Elone Col Caldmor8 Vill 6 Festival Ltd Arthur T& School Cardinal Wiseman Catholk Sch1 EoWards Vl - Handsworth. School Northfield Manor Prim Acade Total Caldmore Commun Garden r Girl8
MILLENNIUM POINT TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2023 Employee numbors and cost 2023 No. 2022 No. Average number of porson¥ employed Pemianent Finance and administration Oper*ional Management 19 14 28 23 2023 £'ooo 2022 £'ooo Employees, costs durlng.lho year amounted to: Wages and salaries Social security costs Pension costs 970 105 810 85 21 1,109 916 The aggregate remuneralion {including employers, national insurance and employers pension contn"butions) paid lo key manement during the year'ended 31 March 2023 was £454k12022.' £431k)- During the year £Nil12022'. £Nil) was paid to Iruslees as remuneration and other benefts from employment directly or through related entities. During the year £Nil12022.' £Nil} was paid to trustees for expenses. The number of employees whose remuneration (excluding employer pension contributions) exceeded £60,000 was.. 2023 2022 £60.000- £70,000 £70,000- £8D,000 £80,001 - £90,000 £90,001- £100.0110 Net incomingl{outyolngl resources 2023 £'ooo 2022 £'ooo Net incominglloutgoing) resources are slated after hargin9llcrediling} the followin9'. Depreciation and other amounts vKitlen off fixed assets . owned Auditors, remuneration - audit fees - nor¢-audft Operating Igase renta18 receivable 120 80 23 21 12,6961 12.831) The group paid £16,508 {2022.. £17,024) in respect of Trustees and 0er6 Liability insurants. 24
MILLENNIUM POINT TRUST IA company Ilrntted by guarant•el NOTES TO THE FINANCIAL STATEMENTS- Contlnued for the year ended 31 M•rch 2023 Total rn¥ourc•8 expend•d Oth•rl Flnanco Costs rooo lonary Comma111 2023 2022 L•ttlng$ L•ttlngs Govornancfr Total Total £'ooo rooo £'OOO £'(MJO £'OOO Costs dlroctty allocated to actfvitlos: Interest staff co8t8 Publicity Ulilty 05ts Security Clganing Maintenance c08ts Insurance Depreciation Donations 371 371 167 1,109 182 1,137 622 293 1,494 371 916 192 924 532 262 972 199 531 103 411 79 351 165 271. 126 125 68 97 120 280 391 Support costs allocat•d to actlvltlos: Legal and professional Admlni8tralion costs Telecom$ 105 578 53 11 116 1,324 122 117 160 831 .3,841 2,922 178 7,372 5.956 T¢)lal expgnditure for Wh 2023 and 2022 w48 Gharged to unrestricted funds. Ba¥1• of alloutlon ol •uPPOrt Go¥t¥: IhThere applicable wsts, including thè legal and profe88ional co$ts of securfng addition81 comm8rciaS lettlngs, ar6 alk%ated on a specific ba818 lo the related activty. Office expens85 are similarly allocatsd wheTr possible, and the remaining cci8t8 are all¢¢slgd on the basis of square footage occupied. 25
MILLENNIUM POINT TRUST IA cofflpany limlted by guarantso) NOTES TO THE FINANCIAL STATEMErs- continued for the y¢ar ended 31 March 2023 11 Tangible fugd assets- group Flxturos and Assets under f5tting$ constructlon £'ooo £'ooo Computor Equlpmènt £'ooo Total £'ooo Cost At 1 April 2022 Addrtions Transfer between classgs 63 89 363 31 457 133 31 {31} At 31 March 2023 152 438 590 Deprnclation At 1 April 2022 Charge for the year 51 41 195 79 120 At 31 March 2023 92 274 ' Nèt 8t>okValu• At 31 March 2023 60 164 224 At 31 March 2022 12 168 31 211 All of the assets of the group and Ihe Company are used for charrtable purposes. 26
MILLENNIUM POINT TRUST IA company Ilm1t by guarant) NOTES TO THE FINANCIAL 8TATEMENTS - contlnued for th• y•ar •nd•d 31 March 2023 Investments sof sha Held Inv•¥tment At Gost Prlnclpl• AGtlvltl•8 % hold Mlllennlum Point Prop8ty Limited Ordinary 100PA Propgty management 13 Inv•stment propertles Frn•hold Freghold In¥Mtrn•nt Invgstment prop•rty property Improv•m•nts £'ooo Total 2023 £'ooo Total 2022 Voluatk>n At 1 April 2022 Additions at cost (Lo88llgain on revaluation Transfer beh¥een clo$588 49,410 49.410 48.549 43 611 {1,850) {1,850} 31 March 2023 47,560 47,580 49.410 Tho mqority ofthe land on leh the projoct is constructed 18 currenty ownod by Bimilngham Cty Coun¢ll. A long lease ha& bean granted to the company at a peppercom renL "Thè invo¥tm8nt property was revaad in the year on 31 March 2023. Tho 2023 valuations wom made by F J Melh)r Bsc MRICS RICS of Harr18 Lamb Propety C¢)n5ultancy, on an open market value for existing use basi5. Currendy thè ¢(mpany occupies 0.68% of the total squarn foots99 ofthe investrnenl propety. Applying thi8.percèntage lo the fair value at year end would amount to £325k.The occupary and estimated fair value Is not material and therefore no amount 18 to bo r8cogni50d within Fre8hold Land and Buildings. Th8 historical cost of.the Imie8tThnt prop8rty Is.. 2023 2022 £'ooo Hl•torlcal ¢ost 69,611 69.611 Dopr•clatlon At 1 April 2022 Charge for th& year 9,974 9,510 At 31 March 2023 10,438 9,974. Net historical book value At 31 March 2023 59,173 59,637 At 31 March 2022 51837 60,101 27
MILLENNIUM POINT TRUST IA company Ilmltod by guarnntee NOTES TO THE FINANCIAL STATEMENTS - contlnuod for the year ènded 31 March 2023 14 Dgbtorn 2023 Company 2022 Company £'ooo Group £'ooo Group £'ooo Du8within one year Trade debtors other debtors Prepayments and accrued income 723 810 125 126 850 936 15 ¢Yors. amounts due wlthln ono year 2023 Company £'ooo 2022 Company £'ooo Group £'ooo Group £'ooo TTade Creditors .Accruals and deferred income Other tsxes arwj social ¥ecurty 401 2,371 131 445 3,052 142 20 433 278 2,903 278. 3,639 453 Included within deferred income is rents invoiced in 8dvanGe. 16 Cr•dltor8: amounts due after more than on• year 2023 Company £'ooo 2022 Company £'ooo .Group £'ooo Group £'ooo Other loans 11,582 11,582 11,582 11,582 28
MILLENNIUM POINT TRUST IA Gompany Ilffllt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS- contlnu•d for tho year •Thd 31 M•r¢h 2023 Cr•dttovs: amounts du• aft•r morg Ih•n onfr y•ar lc0ntlnu) Olh•r loans Included within the above are amounts tslling due for repaymgnt as follows: 2023 2022 £'ooo In2-5years More than S year8 3,000 8.582 2,000 9,582 .11,582 11,582 Other loans comprlse a loanfrom Binningham Cty Councll. whKh was amènded on 19 March 2018. Tho loan bears interest at 3.2% per annum and k8 repayable over 10 years. commoncing l April 2018. Under t new agreement 0Y interest payment8 are payable until l April 2025, thereafter capltal repayments of £1m per annum are payable until the finèl wital balance which 18 due on 1 April 2028. It B $oGurod by way of.a fLxed and floating charge over the 8888ts of Ihe company ranking pari paB$u with the debonture granted lo Millennium Commission referred to below. D•bontur• Th8 Tru¥l, and its 8ubsidiary Mdlonnium Point Property LImed. has granto¢ a debènture over Its a$sets to the Mi11gnnlum Commission to ¥e¢ure all.monie8 thving to the Comrni$sion by the Tru51.and its subsidiary Millennium Point Propety L.imited under the tem18 of a grant agwment dated 30 June 1997. Total secured liabilit$ at 31 March 2023 are £11,582k (2022.. £11,582kl. 171a) Group funds CURRENT YEAR At 1 Aprll 2022 £'ooo Transf•r•l At 31 Incomlng Outgolng rgvaluatlon March ro•ourcu rosouTCg• Gfft ald •dJustm•nt 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Unr•strlctgd Funds General fund8 Nonpcharitablg tradin9 271 42,636 15371 16,8351 579 {579) 313 {1,850) 42,366 8.994 42,907 17.3721 {1,850) 42.679 29
MILLENNIUM POINT TRUST {A company limited by guaranto9) NOTES TO THE FINANCIAL8TATEMENTS-tontlnued for the year ended 31 March 2023 17(a) Group funds (Conllnugd) PRIOR YEAR At l Aprll 2021 £'ooo Transfersl At 31 Outgolng revaluation March rnsources Gift aid adjustmgnt 2022 £'ooo £'ooo £'ooo £'ooo Incomlng MSOUTCOS £'ooo Unrestrictod Funds General funds Non<haritabl8 trading 222 41,015 {6521 15.3041 701 1701) 271 611 42,636 7,015 41,237 7,015 {5,956) 811 42,907 171b) Company funds- CURRENT YEAR Unrestrict funds £'ooo Totsl £'ooo At 1 Apri12022 Incoming resource8 Outgoing resour¢es 271 579 15371 271 579 15371 Al 31 March 2023 313 313 Company funds . PRIOR YEAR Unrestrlcted funds £'ooo Total £'ooo At 1 Ppril 2021 Incoming re$ource8 Outgoing resources 222 701 1652) 701 16521 At 31 March 2022 271 271 30
. MILLENNIUM POINT TRUST (A compary 11m1t by guarant••) NOTES TO THE FINANCIAL STATEMENTS . Contlnued for tho year ond•d 31 MarGh 2023 Anatysb of group not a•••ts botWOon fund•- CURRENT YEAR Flx•d assets £'ooo Investmont propèrty £'ooo N•t curront 90ts £'ooo Longlemi Ilabllltle• £'ooo Total £'ooo Unrestrfcted Fund$ General fvnds Non4haritabb trading 313 6,184 313 42,366 224 47,560 111.582) 224 47,560 8,477 111,5821 42,679 AMlysl• of group not •*s•ts b•tweon funds- PRIOR YEAR Flxod Invo•tmènt propèrty £'ooo N•1 ¢urr•nt ' Lonb terni Ilabllltl8$ £'ooo Total £'ooo £'ooo £'ooo Unr8strfcted Fund• General funds NonwGharitablg trading 271 42.636 211 49,410 4,597 111,582) 49,410 4.868 111,582) 42.907 Tuallon A'$ a charitable company, Millennium Polnt Trust is exempt from tax on income and gairss falling within Sgction 478 of the Taxes A¢t 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 10 th0 extent that theso are appl to it¥ charitabkn objects. No tax charg05 have arisen within the. ¢haritab compary. 20 Flnan¢lal commltmonts Value Addod Tax a re8utt of group registration arrangements for value added tax (VAT). th8 chaotable Gompany i8"jolnt and sevgrally liable togother with other Mbe13 of the group, for any VAT due by the r•pre8entatfve membe'r of the gTOUP. 31
MILLENNIUM POINT TRUST IA company Ilmlted by guarantee) MOTES TO THE FINANCIAL STATEMENTS- contlnugd for th• year end•d 31 March 2023 21 CommStments undèr opèrntlng leasos Operating le8sas as a less99 At 31 March 2023 the group had futu minimum lease* payments under nonncelIable operating leases as follows.. 2023 £'ooo 2022 £'ooo Not later than 1 year Later than 1 year and not later than 5 yeaT3 13 16 19 29 25 op8rats.ng leases as 81gssor At 31 Mafch 2023 the group had future minimum lease receipts under non-canGellable operating l&qses as follows.. 2023 £'ooo 2022 £'ooo Not laterthan 1 year Later than 1 year and not later than 5 years Latgr than 5 years 2,040 6,983 799.259 2,117 6,746 809.662 808.282 818.525 Transadlons with rollted partles A number of the diredors of Millennium Point Property LNnited and members of it¥ parent compary, Millennium Point Trust, have interests in organisation8 which have provided seNices to the ¢ompany in thè period. The directors of Millennium Point Propety Limited have considered the disclosure requirements of Financial Reporting Standard 102, section 33. and consider that the transadions requiring disclosure are a8 follows: Bimingham Cty Council, a member of Millennlum Point Tru$l, made loans to the company during 2005106 of £16.375,000. Capital repayment8 in tho year amounted to £Nil 12022". £Nil) and at the year end the capital balance outstanding on this loan was £11,582.248 (2022.. £11,582,248). During the year interest of £370,63212022.. £370.6321 was charged of which £nil 12022". £nill remains outstanding at the year end. During the yeartho Company also received income of £537,21912022.. £478,418) as ¢¢)mpensation for loss of car park income, and paid expendrture amounting lo £44,774 {2022.. £7.0471 for seTvices e1ved. - Binningham Cty University 15 a rnember of Millennium Point Trust. During the year. charges totalling £3,983,141 12022.. £3,247,877} were made by the company in respect of rent, sèrvice charges and other rechargeable costs on an arm's ngth basis. Millennium Point Property Limited paid expenditure amounting lo £31,661 {2022.' £32,700) for services received. At the year-end an amount of £260,143 12022.. £175,162} was due frimn Bimiingham City Universty. Birmingham Chamber of Commerce and Industry is a member of Millennium Point Trlt. During the year, Millennium Point Propety Limited paid £13.650 (2022.. £13.785) to Birmingham Chamber of Commerce and Industry in respect of patronage and membership fees, sponsorship and &Jvortising fees. 32
MILLENNIUM POINT TRU8T (A company Ilmlt¢d by guarant00) NOTES TO THE FINANCIAL STATEMENTS- conllnu•d ".forth• y••r end 31 March 2023 Trnn8aCtlon• wllh r•lat•d partl•s- contlnuèd ' Durin9 tho year the group paid £30,000 12022." £30k) lo JLL in professlonal fee8. This organisation 18 rdated as I Comock 1$ a Lead Director for the Midlands withln JLL. 23 Mombern Thè charity 1$ incorporated a8 a company limited by guarantee ha.ving no share capital and, in accordance with the Mgmorandum of A880cl*bn. every m¢mber is liable to contribulo a ¥um of £1 in the event of th• company being wound up. At 31 March 2023, there were 3 members (2022.. 3 membgrsl. Servlco charg• #ctlvlti Included within the Group's cash 81 bank and in hand of £8,518k12022: £7,561k) are batances of £701k {2022.' £841kl in respect of service charg8 accounts. The8e balances are held on trust ty the group for the tenants of Millénnlum Point. P•n•lon Commllm•nl• The Compary op8ratOs a defined conlributlon pension s¢hemg. Tho as8919 of the schome are held . '88paratety from those of the Company in an indeperidentty administered fund. The part$)n cost ch8rge rgpre$ents contribution8 payable by the Company to the fund and amounted to £29k 12022: £22kl. Contributions totalling £4k (2022.. £3k) were payable to the fund at the balance Sheet date. Capltal Commlknents As at the year •nd, the Company had capltal commltments totaljn9 Nil12022: £30kl. 33