Registered No.. 03227575 Charity No: 1059451 MILLENNIUM POINT TRUST (A company limited by guarantec) CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
MILLENNIUM POINT TRUST (A company limited by guardntee) CONTENTS Paga Report of the Trustees Report of the Independent Auditor Consolidated Statement of Financial Activities 10 13 Consolidated 8alance Sheet 14 Company Balance Sheet 15 Con801idated Statement of Cash Flow8 16 Notes to the Flnanclal Statement• 1744
MILLENNIUM POINT TRUST IA company limited by guarantee) REPORT OF THE TRUSTEES for the year ended 31 March 2025 The trustees are pleased to present their report and finaneial statements for the year ended 31 March 2025. Reference and Administratlve Infonnatlon Charity Name Millennium Point Trust Company Registration Number 03227575 Charity Registration Number 1059451 Registered Office Millennium Point Curzon Street Birmingham B4 7XG Company Secretsry Gateley PIC One Eleven Edmund Street Birmingham B3 2HJ Auditors Cooper Parry Group Limited Slatutory Auditor Two Chambedain Square Birmingham B3 3AX Solicilors Gateley PIC Ona Elavan Edmund Street Birmingham 83 2HJ Banker8 Barclays Bank PLC 79-84 High St Birmingham B4 7TE
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Board of Trustees Members of the Board ofTruslees, who are directors for the purpose of company lav and trustees for the purpose of charity bw, who seryed during the year and up to the date of this report are set out below.. P. Burns, ointed on 21 November 2024 Professor H. Shah3 M. Kell Resi npd nn fi MArrJi 2025 H. Bates. (Resigned on 6 March 2025) S.To man Chairman L. Saunders, K. Cant Councillor L. Marsham. (Appointed on 12 November 2024 Councillor K. Mccarth L. Bin ham ointed on 9 June 2025 Resi ned 25 Marth 2025 Kste henson l . Appointed byTrustees and not eligibleto vote atAnnual General Meeting 2_ Appointed by Birmingham Ctycouncil and eligibletovote atAnnual General Meeting 3 _ Appointed by Birmingham City University and eligible to vote at Annual General Meeting - Appointed by Brmingham Chamber of Commerce and Industry and eluible lo vole at Annu81 General Meeting Executlve Team Abigail Vlahakls Chief ExecutlV8 Linda Degg Facilities Director Rebecca Delmore Commercial Director JJ Mian Finance Director Vanessa Currie Head of People. Learning and Development Structure, Governance and Management Company Structure Millennium Point Trust is a company, limited by guarantee, having no share capital. It was incorporated on 16 July 1996 and registered as a charFty on 26 November 1996. The charitable company was established under a Memorandum of Association which established its objects and powers, and it is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Millennium Point TrLJSt has three Founder Members, Birmingham City CounGil, Birmingham City University, and the Greater Birmingham Chamber of Commerce. The Greater Birmingham Chamber of Commerce resigned as Founder Member on 6 March 2025, leaving Bimiingham City Council and Birmingham City University as the two remaining Founder Members. Millcnnivm Point Trv?t hoo o wholly ownod ¢ubgidi3ry cornpany - hAillpnniiim Pnlnt PrnDP.rty Limited. which is charged with the operation of the building as a commercial landlord. events space, and the operation of the wider facility in meeting the project purpose of the Trust and its component tenants and commercial tenants. Governance and Management Millennium Point is governed by a Board of Trustees made up of individuals nominated by the members of the charitable company, as well as several independent trustees appointed by the trustee body.
MILLENNIUM POINT TRUST IA company limited by guarantee REPORT OF THE TRUSTEES - contlnuèd forthe year ended 31 March 2025 Govemance and Management (contlnued) Millennium Point's subsidiary company, Millennium Point Property Limited, has its own Board, which, for the year under review. comprised three Independent Board directors and two directors nominated by the Trust Board. There is an Executive team in place which work across both Millennium Point Trust and Millennium Point Property Limited. A scheme of delegation is in place which governs the relationship between the Board and Ihe Executive team. This scheme of delegation sels out, amongsl other things, the level of financial.delegation and authorisalion pro¢e$ses regarding the sign•off of expenditure and the signing of contracts. The Board of Trustees meels three times a year to review a prtrcirculated agenda with supporting papers induding the financial performance of the charrtable company and its operating subsidiary. Acts'ons are noted from these meelings for subsequent follow up. The Executive Team attend all Board meetings and provide regular reports lo the Board on financial performance, risk management and progress against the strategic plan. The Board retains responsibility for all matters of finance including the approval of the annual financial statements. Audlt and Flnanco Commlttee The Audit and Finance Committee consists of the following individuals: Helen Bates Trustee nominated by Founder Member (Resigned on 6 March 2025) Kate Canty Independent trustee & Chairperson Mike Kelly Trustee nominated by Founder Member (Resigned on 6 March 2025) Truslee nominated by Founder Member (Appointed on 9 June 2025) Lee Bingham , Patrick Burn8 Independent trustee (Appointed on 13 June 2025) The Committee is authorised by the Board to investigate any activity wilhin its terms of reference., seek any information that it requires from any employee of the Trust andlor Millennium Point Property Limited and all such employees are directed to COThoperate with any request made by the Committee- obtain outside legal or independent professional advice and such advisors may attend meetings as necessary. Remuneratlon Commlttee The remuneration committee is set up to discuss and decide upon salary relaled matters including (bul not exclusive tol the pay increase for staff on an annual basis. The Head of People. Learning and Development would provide the committee wth a report recommending a percentage upltft (if applicable) and the committee would then decide on its implemenl8ti¢Jn. This committee decided on the pay increase for 2024125 to be 40/0 for all eligible employees. Recruitment and Appointment to Board of Trnstees Trustees are currently nominated either directly by rnember organisations to represent Ihem at meetings, or by existing trustees to augment the mix of skills represented on the Board.
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Trustee Induction and Tralnlng The Chief Executive and Head of People, Leaming and Development undertakes the induction of new trustees. New trustees are inlroduced to the Executive team and are presented with background information about the Trust as part of this process. Risk Management The Trust maintains a risk register which considers rM)tential risks both in tems of likely timing of events and their potential severity. The register outlines the actions being taken to mitigate against the risks identified, and to minimise or prevent their potential impact. The register is updated and discussed quarterly at trustee meetings. In addition, the crisis managemenl plan is kept up to date to ensure that there is adequate preparation for unllkely but significant events. The TTUSt is also in contact wf(h the local poli to ensure that it is aware of any polentl81 Ihreats lo the City and can lake any necessary action to safeguard the general public and Millennium Point Property Limited employees. On a quarterly basis throughoul the year the risk register is monitored internally, the rlsk register is also discussed at both Audit and Finance meetings and periodic Board meetings. Below are somè of the top risks highlighted Ihrough this process:
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - continued forthe year ended 31 March 2025 Rick Cate Profitable Propety Company Risk Area Impact of Risk Risk Level Control Procedure Nel Rlsk Level Loss of income Building not desirable enough to attract new tenants when leases end. Building strategy, review tenancy structure and investment in the buildin Ability to meet obligations Charity Regulations Failure to meet charitable regulations could result in the removal of the businesses charitable status. GH External audit. compliance to charity commission relum, update of Articles of Association to include measures for dealing with conflicts of inlerest and correct governance structure. MEDIUM General Data Protection Act I'GDPR") breach Personal dats sent to incorrect recipient in error Breach could lead to a fine from the Information Commissioners GH All employees have received GDPR training. and a training plan is in place for individual training for each department. Internal procedure in place lo notify ICO within 72 hours. Data breach policy produced. All learning is shared. Organisation maintains a data breach log with actions taken. MEDIUM Office I"ICO'). Operational Failure lo protect IT and communication systems Cyber-attack, dala security, management information and business information integrity com romised. Loss of assets, loss of building. casualties or loss of life, loss of income and damaged reputation. GH IT partnership working, contract in place, training. Policy and process. MEDIUM Operational Failure to manage incidents and recover the business GH Emergency plans, competent staff, business intelligence, testing and practice. MEDIUM
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 Mah 2025 Co-operatlon with Other Oryanlsatlons Operatsonally, the trust's trading arm Millennium Point Property Limited runs and operates the Millennium Point building, it ServIS and employs I contracts au staff on behalf of the trust as the parenl organisation. Two of the Trustees of Millennium Point Trust also seNe as a Director of MPPL. ReLqted parties indude Birmingham City Counci( Bimiingham City University,Greater Birmingham Chamber of CommerandThInk1ankthescienCemUseUrn as Binningharn City Council are the lease guarantors. Brmingham City Council is the freeholder of the land upon which the Millennium Point building is conslruded and provides long term kjan finance to the project and planning consents through the usual planning process. Birmingham City University and Thinktank are tenants of the buibjing paying rent and 5eTvice charge. Both Thinktank and Bimiingham Cty UnNersty vftre delivery partners during the year. Any conflicts of interest involving trustees from these organisations are declared where appropriate. Objectlves and Publlc 8eneflt Charltable Objects The objects of the charity, as set out in Ihe Memorandum and Articles of Associalion, are to advance education for the public benefit in particular, but not exdusively, in the industrial and technological processes which have shaped the modern world and will shape the future world. The charity operates from Millennium Point in Curzon Street, 8irmingham. Public Benellt General The trustees have relerred to the guidance contained in the Charity Commission's gen8ral guidancè on public benefit when reviewing the charitable company's aims and objectives and in planning future activities. In particular, the trustees have considered how planned actNlties contributes to the aims and objective5 sel. Whilst not limited to, the trust's primary outputs centre around the Millennium Point building including the need to fulfil its objective that 40 % of space viithin the building musl be used for the purposes of education. The trust continues to be well placed to deliver long term benefrt allied to its project purpose. The trust has been a catalyst for the development of Birmingham Eastside District and the Millennium Point building remains both an established and important anchor for further developments around it (including the Birmingham Conservatoire, Bimiingham City University campus and more longer term, the benefits brought by High Speed 2 and the construction of ils new city centre station). This is further enhanced via the visibility and profile of the trust as a key player in regional affairs. During the period, the work of the trust focused on providing favourable rents to 8 mlnimum of 409/0 of ils tenants fLJlfilling an educational purpose, supporting a number of organisalions aligned lo its charitable outputs in the delivery of projects via the trust's STEM grants process, the Millennium Point Scholarship and Ljsing ihe public spaces ol tne Miiiennium poini bulldlng foi a lange of ¢iGUv51iv> èjivuiid tli¢ promotion of •ciencc, technology. design, innovation and skills.
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Outputs In delivering its charitable objectives. the trust and its subsidiary provide favourably priced accommodation for ils component charitable tenants. This continued during the period with Birmingham Museums Trust and Birmingham City Universty's Faculty of Computing, Engineering and the Built Environment benefitting. During the year ended 31 March 2025, these tenancies accounted for 910/0 of the total lettings business of the Trust. The trust has approved charitable datiOnS of £186k during 2024125 to several organisalions aligned to its objectives and prioTitie4J. The Trust is no longer a patron of the Greater Binningham Chambers of Commerce but remains as a member. Once again, we saw the successful delivery of another Millennium Point Scholarship. This will be the 11 th year of the Millenniurn Point Scholarship. Delivered in partnership with Birmingham City Universlty's {BCU) faculty of Computing, Engineering. and the Buitt Environment., the prize is awarded to one young person studying STEM themed course. Designed to encourage inclusivity and diversity of thought and opinion across science, technology, and associated sectors., the Prtte pays for the winner's tuition fees for three years of undergraduate study. Achlevements and Perfonnance The Millennium Point building is 89Q/o occupied. Millennium Point Trust IMPT) trading subsidiary, Millennium Point Property Limited IMPPLJ continued lo operate as Landlord to Thinktsnk science museum (Birningham Museums Trust), Birmingham City Universily (Faculty of Computing, Engineering, and the Built Environment). STEAMHouse (Birmingham Crty Universily), Coffee Break (previously known as Mullino Café), The Ladder Bimingham, CSR Scienlific Training, Marshall Assessments, Dudley Academy Trust. and Mace Dragados. Over the years, MPPL has also developed an events and engagement oifer to brlng In addltlon<il TevlIU¥ Éll Id to support MPT charitable objectives. The Events and Engagement offerwithin the building operates across the building's public spaces and provides an opportunity for further collaboration wrth lenants and partners. The year has been a successful year and has exceeded expectations with a notable increase in the size and frequency of events held at Millennium Point. Throughout the year MPPL has hosted several successful event5 including ITI Congress UK and Ireland 2025. Slralegy Implementation Live Property Investors Network SPARK Europe Showcase, Society of Maritime Industries Annual Conference 2024, Michelin Tyres - EUNited 2024, The Lord Mayor of Bimiingham Business Awards, 'Rooted in Birmingham. Film Premiere, Birmingham Film Festival, West Midlands International Women's Day Conference, and VS Fighting Gaming Tournaments. As well as corporate business. Millennium Poinl Property Limited continued lo expand its leisure business with the successful delivery of events such as 'Dirty Dancing. Bottomless Brunch, Taylor Swift Celebrations, 'Nightmare on Elm Street, Screening. 'Frozen Sing-a-Long' screening and Sanlas Grotto, 'Love Actually Bottomless Brunch and 80$ Chrislmas parties. Throughout the year, Millennium Point Propety Limited's evenls business hosted a number of events on behalf of Millennium Point Trust to achieve its vision. Its vision to be recognised as a leader and fac51italor of the promotion of Science. Technology, Engineering, and Mathematics ("STEM'I education and careers for all young people across the West Midlands. Events include: Mill¥iiriiuiii Point Truat vGI-Tc¢h Chowcaac. Millennium Point Trust STEM Roundtable. Millennium Point Trust Scholarship Assessment Day. Annual Christmas film and visit frorn Father Christmas for local school children. Annual Christmas event for key supporters of Millennium Point Trust including a performance from 15- piece Brass Band and an appearance from Bev Bevan and Joy Strachan-Brain from the bands Electric Light Orchestra (ELO} and Quill who tumed on Millennium Poinl's Christmas lights.
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - Contlnued forthe year ended 31 March 2025 Achievements and Perfomiance (contlnued) A strong marketing campaign saw Millenniurn Point featured in many online articles and Ir8nding in the West Midlands. The intention is to continue to identrfy opportunities within the building to generate income as well as to improve the building for its tenants and visitors. The financial impact durin9 th¢ pcriod for organi6ationÈ banafitting from the trugt's work {inr.liiding discounted rents, donations, and other support) equated to £4,144.946. Futurn Millennium Point is now at a pivotal period in its life cyde whereby the building needs to be upgraded for the future, whilst also considering its environmental responsibility and energy effictency. The vision of its founding members was to support saence-based education and knowledge which has delivered well for the young people in our region. A quarter of a century on from those original aims, Millennium Point Trust continues to deliver and focus on ensuring Millennium Point Trust continues to meet its charitable objectives and pioneer STEM learning far into the future. Flnanclal Revlew The Trust is in a strong financial position, with sufficient cash resources lo meet its current and future liabilities. The trading subsidiary, Millennium Point Property Limited, continues to focus on improving its profitability through its commercial rents and even15 income. The year has been another successful year in events and has exceeded expectations with a notable increase in the size and frequency of events held al Millennium Point. Millennium Point Propcrty Limited msdo a gift_aid donation of £414k <?n?4. F.7q7k> Ir) ils parent charitable company. Of this total, some will be used to meet liabilities of the Trust company and the trustees will set aside the remainder in a designated fund out of which future charitable donations will be made. Prlnclpal Fundlng Sources The principal funding sources of the year are shown in Ihe table below.. 2025 £'ooo 2024 £'ooo Commercial lettings and other income Investment income Concessionary lettings to charities 7,575 348 1,643 6,532 332 1,603 Investment pollcy The Group maintains bank aGcounts with Barclays Bank plc and seeks to maintain 811 current accounts in credit. Vvhere surplus funds 8re available these are placed on 24 hour deposit or on longer term call deposit with Barclays Bank plc and wth Nationwide. Reserves policy The trustees have considered and agreed reserves policies for the companies within the Millennium Point Group, to ensure that funds are available to support the charitable objects of the Trust and the future
MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THETRUSTEES - continued forthe year ended 31 March 2025 Reserves pollcy (contlnued) 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 that annual gift aid donations from Millennium Prynt Property Limited, considering the past property vaatIOns, wll be subject to board approval and will be capped at a maxirnum of S10 of profits. These donations wll be subject to k)ng temi cash flow projections. The Memorandum and Articles of Association do not permit the payment of a dividend. Statement of trustees. respon8lbilities The trustees {who are also the directors of Millennium Point Trust for the purposes of company law) are responsible for preparing the Report of the Trustees (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resaurces and application of resources. including the inoome and expenditure, of the charitable group for that period. 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 2015 IFRS1 D2). makejudgments and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any materBI departures disclosed and explained in the financial statements," and prepare the financial statements on the going conrn basis unless it is inappropriate lo presume that the Gharitable company will continue li business. The trustees are responsible for keeping adequate accounting records Ih8t disdose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets oflhe charlable company and the group and hencefortaking reasonable steps forthe prevention and detecti)n of fraud and other iegUL8r1ies. In so far as the trustees arè aware= there is no relevant audit inforfflation of which the charitable company's auditors are unaware.. and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish thal the auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial informalion Included on the charitable company's websile. Legislation in the United Kingdom goveming the preparation 8nd dissemination of the financial statements may differ from legislation in other jurisdiction5. rt was approved by the board on 15 Juty 2025 and signed on its behalf. This rep Mccarthy Co-chairnian
MILLENNIUM POINT TRUST (A company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEEES OF MILLENNIUM POINT TRUST Oplnlon We have audited the financial statements of Millennium Point Trust (the 'parent charitable company,) and its subsidiary (the 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Ihe ConsoSidated Balance Sheet, the Charitable Company Balan Sheet, the Consolidated Slatement of Cash Flows and notes to the financial stalements, induding a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanual Reporting Standard applicable in th8 UK 2nd Republic of Irèland11 Inilp.d Kingdom GenerlY Accepted Accounting prad1). In our opinion the financial statements: give a true and fair view of Ihe stale of the group's and parent charilable company's affairs as at 31 March 2025, and of the group's incoming resource5 and application of resources, including its income and expenditure, for the year then ended., have been property prepared in accordance with United Kin9doffl Generally Accepted Arxounting Pr8CtIc8,' and have been prepared in accordance with the requiremenls of the Companies Act 2008. 8a818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK>) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have conduded that the trnstees, use of the going concern basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we have perfomied. we h8ve rK)t identrfied any materi81 uncertainties relating to events or conditions that, individually or collectively, may cast significanl doubt on the group's or parenl charitable company's ability lo continue as a going concern for a period of at least 12 months from when the financial statements ar8 aulhorised for issue. Our responsibilities and the responsibilities of the trustees Vth respeci to going concern are described in the relevant sectsons of this report. Other Infomiatlon The Irustees are responsible for the other infomation. The other infomation comprises the information included in the truslees, annual report, other than the financial statements and our auditols report thereon. Our opinion on the finanrial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance condusion Ihereon. Iii wiii irblivi i Yrfitli our audtt of the finonG5al statcmcnt?, aur rcoponGibilty ie to r•ad th• oth•r infornigtion #nr4 in doing so, consider whether the other informalion is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencies or apparent material misstalements. we are required to determine whether there is a material misstatement in the finanual statements or a material misstatement of the other information. If, based on the work we have perfornied, we condude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 10
MILLENNIUM POINT TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- continued Oplnlons on other matters pre3crlbed by the Companles Act 2006 In our opinion. based on the work'undertaken in the course of the audit.. the information given in the TTUStees' Annual Report for the financial year for vthich the financial statements are prepared is consistent with the financial statements- and the Trustees, Annual Report has been prepared in accordance with applicable legal requiremenls. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifd material misstatements in the Trustees. Annual ReporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2fy)6 requires us to report to you If, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns,, or certain disdosures of Iruslees, remuneralion specified by law are nol made., or we have not Teceived all the informats'on and explanations we require for our audit. R88ponsibllltles of truste As explained more fully in the Statement of Trustees. Responsibilities set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease op8rations, or have no realistlc alternative but to do so. AudltoVs respon8lbilltl forthe audlt of the financlal statsment• Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in 8ccordance with ISAS (UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud 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 ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatemenls in respect of irregularities, including fraud. The specific Procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud is detailed below.. Our assessment focussed on key laws and regulations the group and the parent charitable company ha5 to comply th and areas of the financial slalements we assessed as being more susceptible to misstalemenl. These key laws and regulations included but were not limited lo compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.
MILLENNIUM POINT TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- contlnued Auditor's responslbllltle8 for the audlt of the financlal statements We are nat responsible for preventing Iegularities. Our approach to detecling irregularities included, but Was not limited to, the following.. obtaining an understanding of the legal and regulatory framework applicable to the group and parent charitable company and how the group and the parent charitable company is complying with that framework, including agement of finanaal ststement disdosures to underlying documentalion and other eviden. obtaining an understanding of the group and the parent charitable company s control environment and how the group and the parent charitable company has applied relevanl control procedures, through discussions wilh TTUStees and other management and by performing walklhrough lesting over key areas., obtaining an understanding of the group and Ihe parent thantable company's nsk assessment process, induding the risk of fraud., reviewing meeting minutes of those charged with govemance throughout the y8ar', and performing audit testing to address the risk of management overridè of controls, including testing journal entries and other adjustments for approprialeness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherenlly more difficult lo delect than those arising from error. Because of the inherent limilations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatemenl in the finanaal statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as traud Involves Intentlonal concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities Is available on the Financial Reporting Council's website at.. W414W.frc.org.uklauditorsresponsibiSities. This description foms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, 8$ a body, in accordance wsth Ch8pler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required to state lo them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charilable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Glen Bott FCA Senior Statutory Auditor for and on behalf of.. cooptt< VAP(KY (JRQUP LIMITED Statutory Auditor Two Chamberlain Square Birmingham B3 3AX Date. 15 July 2025 12
MILLENNIUM POINT TRUST IA company limited by guarantee} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) for the yr ended 31 March 2025 2025 Total Funds £'ooo 2024 Total Funds £'ooo Unrestricted Restrlcted Funds Funds £'ooo £'ooo Note Income from.. Donations and legacies Investments Interest Commercial lettings and other income Charitable 8Ctivities Concessionary lettings 348 7,575 348 7,575 332 6,532 1,643 1,643 1,603 Totsl income 9,574 9,574 8,468 Expendlture on: Raising funds Interest and other finance costs Commercial lettings 8nd other expenditure Ch8ri18bl8 activities Costs of concessionary lettings 5.10 10 371 3,352 371 3,352 371 3,098 10 4,244 4.244 3,883 Grants and donations 7,10 186 145 Governance costs 10 216 216 218 Total expendlture 8,369 8,369 7,715 {Los5) I gain on revaluation of Investm8nt Property (630) 13 (5,545) (5,545) Net movement In funds for the year (4.340) (4,340) 123 Reconclllatlon of funds Fund balance# at the 8tart of the year 42,802 42,802 42,879 Fund balances at the end of the year 17a 38,462 38,462 42,802 There were no recognised gains or losses for 2025 or 2024 other than those included in the Statement of Financlal Activities. All income and expenditure relates to continuing activities and there is no difference between Ihe reported result and that on a historical cost basis. The charity has taken advantage of sedion 408 of the Companies Act 2006 to not publish its ¢Jwn Slatement of Financial Activities. The notes on pages 17 to 34 fo an integral part of these accounts. 13
MILLENNIUM POINT TRUST IA company limited by guarantee) REGISTERED NUMBER - 03227575 CONSOLIDATED BALANCE SHEET as at 31 March 2025 Note 2025 £'ooo 2024 £'ooo £'ooo £'ooo Fixed assets Tangible fixed assets Inveslment property 654 41,385 386 46,930 13 42.039 47,316 Current assets Stock Deblors due within one year Cash at bank and in hand 16 1,369 9,612 12 1,379 8,499 14 10,997 9,890 Credltor8.' amounts falling due within one year 15 {3,992) (2,8221 Net current a8•ets 7,005 7,068 Total a83et8 les• current IlabllStle8 49,044 54,384 Creditors: amounts falling due after more than one year Net a888ts 16 (10,582) (11,582) 38,462 42,802 Funds Uiii¥¥li iLl¢d income fLsnd•'. General income funds Non-ch8ritable trading funds 17(a) 17(a) 38,316 232 42,570 Total unrestricted income funds 38,462 42,802 Total charftable fund8 38,462 42,802 The consolidated financial statements Vre approved and aLthorised for issue by the Board and were signed on its behalf n 15 July 2025 ccarthy Chairnian The notes on pages 17 to 34 fomi an integral part of these accounts. 14
MILLENNIUM POINT TRUST (A Company limited by guarantee) REGISTERED NUMBER- 03227S75 COMPANY BALANCE SHEET as at 31 March 2025 Note 2025 £'ooo £'ooo 2024 £'ooo £'ooo Current assets Debtors Cash at bank and in hand 14 383 411 383 414 Creditor•'. amounts falling due within one year 15 <237) 1182) Net current a88ets 148 232 Net asJat8 146 232 Funds Unrestricted income fijnds.. General income funds 17(b) 146 232 146 232 Total charitable fund8 The financial statements were approved and authorised for issue by the Board of Trustees and were signed on its behalf onJ5 July 2025. n Mccarthy Chairnian The notes on pages 17 to 34 Tm an integral part of these accounts. 15
MILLENNIUM POINT TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS for the year ended 31 March 2025 Reconciliation of net incominglloutgolng) resources to net cash Inflow from operating activlties 2025 Eooo 2024 £'ooo Nots Net incomingl{outgoing) resources (per statement of financial activities) Depreciation Loss on revaluation of investment property Inleresl receivable Interest payable Dècre2sel(incre3se) in dèbtors Decrease in creditors Increase in stock (4,3401 183 5,545 1348) 371 10 170 4) 123 161 630 <332) 371 1529) 1811 13 14 15 Net cash flow from operating activltles 1,587 343 Interest pald Interest receivèd (371) 348 (3711 332 Net cash flow from flnanclng actlvltle• (23) (39) Payments to acquire tangible fixed assets Payments relating lo investment property improvements {451) (323) 13 Net cash flow from Investing activitles 1451) {323) Net Increase In cash and cash equlvalents 1.113 (191 Ca•h and cash equlvalents at 31 March 2024 8,499 8,518 Cash and ca8h equlvalents at 31 March 2025 9,812 8,499 Cash and cash equlvalents consists of: Cash at bank and in hand 9.612 8,499 Analys1• of change8 In net debt At 1 Aprll 2024 £'ooo Cash Non cash flow* movement £'ooo £'ooo At 31 March 2025 £'ooo Cash and cash equlvalgnts as Borrowings Debt due within one year Debt due after more than one year g.olz {1,000} 11,0001 111,582) 1.000 {10.5821 Totsl 16
MILLENNIUM POINT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Summary of slgnlflcant accounting pollclos (a) General informatlon and basis of preparation Millennium Point Trust is a private charitable company incoTporated and domiciled in the Uniled Kingdom. In the event of the charity being wound up, the liability in respect 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 statements. The nature of the charity's operations and principal activities are to advance p.diirAlir)n fnr the public benefft in particular, bLrt not exdusively, in the induslrial and technological processes which have shaFed the modem world and will shape the future world. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Ch8rilies'. Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 8nd UK Generally Accepted Practice. The financial statements are prepared on a going concem basis under the historic81 cost convention, modified to include certain items al fair value. The financial slalemenls are prepared in sterling which is the functional currency of the charity and rounded to the nearest thousand pound5. The significant accounting policies applied in the preparation of these financial stalemen15 are sel out below. These policies have been consislently applied to all years presented unless otherwse s18ted. {b) Funds Unrestricted funds are available for use at the discretion of the trustees in fvrtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestrided funds that have been set aside by the Iruslees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. 17
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Summary of slgnifi¢ant accountlng policles- continued Ic) Incorne recognition All incoming resources are included in the Statement of Finanaal Activities (SOFA) when the charity is legally entilled to the income after any performance conditions have been met. the amount can be measured reliably and tt is probable that the income will be received. Far donationq lrt hp. rpe.ognised the charity will have been notified of the amounts and Ihe settlement date in writing. If there are conditions attached lo the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fvlly met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer lime in line with the SORP <FRS 102). Income from trading adivities includes income eamed from fundraising events and trading activStiès to raise funds for the charity. Income is received in exchange for supplying goods and sen4ices in order to raise fijnds and is recognised when entrtlement has occurred. Investment income is earned through holding assets for investment purposes such as bank deposits and property. It includes interest and rent. Interest income is recognised using the effective interest method and rent income is recognised as the charity's right to receive payment is established. Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure. {dl Expendituro recognilion All expenditure is accounted for on an accruals basls ano has been classlfled undei Iig<lLliiiy¥ Iliol aggregate all costs related to the category. Expenditure is recognised where there is a legal or construdive obligation lo make payments lo third parties, tt is probable that Ihe settlement will be required and the amount of the obligation can be measured reliably. It is calegorised under Ihe following headings.. Costs of raising ftjnds includes the cost ol maintaining and operating the building., Expenditure on charitable activities indudes onward donations and grants., and Other expenditure represents those items not falling into the categories above. lel Support costs allocatlon Support costs are those that assist the Work of the charity but do not directly represent charitable activities and include office costs and legal and professional costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly 8ttribuled to particular headings Ihey have been allocated to cost of raising funds and expenditure on Gharilable activities on a basis consistent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating Informalion in support of the chantable activities. Tne analys15 OT Inese costs 15 iii riulr 10. 18
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Summary of Slgnlflcant accountlng pollcl88 - continued (fl Tangible fixed assets Tangible fixed assets are stated at cost (or deemed costl or valuation less accumulaled depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreeiation is providpd nn All tAngible fixed assets. at rates calculated to write off the cost. less estimated residual value, of each asset on a systematic basis over tts expected useful life as foll¢)ws: Assets Under construction Fixiures and fittings Computer equipment not depreciated &10 years - 3 years Assets not measured at fair value are reviewed for any indication that the assel may be impaired al each balance sheet date. If such indication exists. the recoverable amount of the assél, or the asset's cash generating unil, is estimated and compared to the carrying amount. ere the carrying amount exceeds it5 recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried al a revalued arnourit where the imp8irment loss is a revaluation decrease. {g) Investment propertle8 Inveslmenl properties for which fair value can be measured reliably wtthout undue cost or effort are measured al fair value at each reporting date with changes in fair value recognised in the statement of financial 8Ctivities. The group engaged independent valuation specialists to detemine fair value at 31 March 2025. The valuation was mada as at 31 March 2025. The valuation hag been carried OLIt in Ap.p.nrdAnrTr. with Ihp RICS Valuation Global Standards effective from 31 January 2025 {"Red Book"). The valuation practice statemenl 4 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transadion betsveen market participants at the measurement date. Further detail is disclosed at note 13. {hl Inve•tments Investments in subsidiaries are measured at cost less impaimient. 11) Debtors recelvable I creditors payable within one year Debtors and creditors wilh no stated interesl rate and re1vable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. U) Loan8 and borrowlngs Loans and borrowings are initially recognised at the transaction Pri including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangemenl constitutes a finance transaclj'on it is measured at present value. 19
MILLENNIUM POINT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - continued forthe year ended 31 March 2025 Summary of slgnlflcant accounting pollclos - continued (kl Stock Stocks are slated at the lower of cost and net realisable value. being the estimated selling price less costs to complete and Sell. At each balance sheet date, stocks are assessed for impaimient. If stk is impaired, Ihe carrying amount is rèdiir.p.d tn it4 selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. (11 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on noti of nol more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from Ihe dale of acquisits'on and that are readily convertible to known amounts of cash with insignificant risk of change in value. {m) Provlslon8 Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event. it is probable that an oufflow of economic benefits will be required in settlement and the 8mount can be reliably estimated. In) Lease• Rentals payable and receivable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease. lol Employee benefits The Group opèrates a defined contribLrtion plan for its employees. A defined contribution plan is a pension plan under whith the Company pays fixed contributions into a separale entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. (pl Tax The charitable company is a charyty Wlthin the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 Fin8nce Act 2010 and therefore it meets the definition of a charitable company for UK Gorporation tax purposes. Iq) Golng concern The financial statements have been prepared on a going concem basis, as trustees have assessed the Group's ability to continue operations for the foreseeable future. This assessment considers the Group's ¢urrcnt finanGial poaition, forccoatts, and ovoilablè roeourco6, concluding that thor& 2rg nn oionifir.2nt uncertainties affecting its ability to meet obligations as they come due. 20
MILLENNIUM POINT TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS- Contlnued for the year ended 31 March 2025 Summary of slgnlflcant accounting pollcles - continued {rl Gift ald payments receivable The parent charty receives income from its trading subsidiary under the gift aid scheme, which are recognised as distributions to owners in equity wrthin retained earnings of that company. At the reporting date there was no legal obligation in pla for the charity to receive this gift aid payment, 21though prior to the reporting datè thFb_ Iraflino gi ihqidi2ry hoard had indicAted its intention to pay the tsxable profits to the parent charity in respect of the reporting date. There is no lax charge in Ihe year due to the exception under 29.14A of FRS 102. Relief is allowed as the gift aid payment will be made by the trading subsidiary to the parent company within 9 months of the year end. Judgement8 In applylng ac¢ountlng pollcle8 and key sources of e8tlrnatlon uncortalnty The charitable company and its subsidiary makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future evenls that are believed lo be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabiltties wrlhin the nexl financial year are addressed below. In preparing these financial statements, the trustees and directors have made the following judgements: (al Lease8 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 risks and rewards of ownership have been transferred frorn the lessor to the lessee on a lease by lease basis based on en evaluation of Ihe terms and conditions of the arrangements, and accordingly whether the lease requires an 8sset and liability to be recognised in the statement of financial posrtion. (b) Impalrment of non-current assets The company assesses the impaimient of propety. plant and equipment subject to amortisation or depreciation whenever events or changes in arcumslances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impaimient review include the following.. Significant underperformance relative lo historical or projected future operating results,. Significant changes in the manner of the use of the acquired assets or the strategy for the overall business., and Significant negative industry or ecOrniC trends. (p.) 1mp2irrnp.nt nf Invp.stment property The company reviews the carrying value of the investment propety for indications of impairment at each period end. If indicators of impaimient exisl, the carrying value of the asset is subiect to further testing to determine whether rts carrying value exceeds ils recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset. The followng are the group's sources of estimation uncertainty.. 21
MILLENNIUM POINT TRUST IA cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Judgements In applylng ac¢ountlng pollcles and key Sources of estimatlon uncertainty {continuedl {dl Recoverabillty of trade debtors Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed lo estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment ofthe recoverability of debtors. Allowances are applied to debtors where events or changes in circumstance5 indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, custom8r CredIOrth1ness, current economic trends and changes in cuslomer payment terms when making a judgemenl to evaluate the adequacy of the provision for doubtful debls. Where the expectation is different from the original estimate, such difference will impact the carying value of deblors and the charge in the ststement of financial actsvilies. (el Depreclatlon and resldual value8 The trustees and directors have reviewed the asset lives and associated residual values of 811 fixed asset classes, and in particular. the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions. the remaining life of the asset and projected disposal values. {fj Investment properties The Group engaged independent valuation specialists to detemine fair value at 31 March 2025. The valuation was made as al 31 March 2025. The valuation has been carried out in accordance with the RICS Valuation Global Standards effective from 31 January 20221'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 transaction be¢en market partiripants at the measurement date. Further detail is disclosed al note 13. Related party tran8actlons Millennium Point Trust is the parent company of a group that prepares consolidated financial statements. The company has taken advantage of the exemption from disdosing transactions with group entities. All other related party transactions are disdosed in note 22. Investment Income 2025 £'ooo 2024 £'DOO Bank interest 348 332 Interest payable and other finance costs 2025 £'ooo 2024 £'ooo Olher loan Interest 371 371 22
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Net Income of non-charitable trading 8ub31dlary The charity has a wholly owned trading subsidiary, which is incorporated in the UK. Millennium Point Property Limited is charged wrth developing and operating the site of Millennium Point to enable Millennium Point Trust to fulfil its tharilable objectives. The company gift aids a portion of its taxable profit to Millennium Point Trust. A summary of its trading result is shown below for the twelve months to 31 March 2025. Audited accounts will be filed with the Registrar of Companies. Millenn5um Point Property Limited 2025 2024 £'ooo £'ooo 9,218 8,134 (7,486) 16,856) Profit and loss account Tumover Administrative expenses Other operating income Operatlng Proflt 1,732 1,278 Investment property fair value movement Interest receivable Inlerest payable and other finance costs (5,5451 343 1371) (630) 326 13711 Proflt after tax (3.841) 603 £'ooo £'ooo Retained earnings at the stsrt of the year 42,572 {3,841) {414) 42,366 Profit for the year Gift aid payment 603 13971 Retalned earnlngs at the end of the year 38,317 42,572 Incorne18 generated a• lollow8: Rental income - floor space Rental income- service charges Car park incorne Events income Utilities and other recharges £'ooo 2,285 2,748 594 2,028 1,563 £'ooo 2,280 2,531 582 1,499 1,242 9,218 8,134 23
MILLENNIUM POINT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS- continued forthe year ended 31 March 2025 Net Income of nOnharItab1e tradlng subsidiary - contlnued 2025 £'ooo 7,575 1,643 2024 £'ooo 6,531 1,603 Analysed Commercial lettings and other incorne Concessionary lettings to charities 9,218 8,134 The aggregate of the subsidiary's assels and liabilities was.. £'ooo 52.665 (14,348) £'ooo 56,798 114,2261 Assets Liabilities Shareholders, fund 38,317 42,572 Grants and donations The group has approved charitable donations during the year as follows: 2025 £'ODO 2024 £'ooo Donations approved in the year rovided to the followin 186 145 Donations were Beneflcla Bisho Challoner Catholic Colle 1851 Trusl The Air Lea ue Trust Per iel¢Js Prima School Washwood Heath Academ institutions: 20,000 20,000 19,700 18,060 11,650 10,880 10,400 9,850 8,670 8,550 6,630 5,270 5.200 5,010 5,000 4,700 4,410 4,390 3.160 1,700 1,480 900 Merridale Prima School Colton Hills Communit School Birmin ham Ci FC Foundation Archbisho Catholic Sch¢xJl New Oscott Prima School Parkfield Communit Schod The Cale5hill School Gosse Lane Prim8 Tile Cross Academ hfields School Our Lad and St Rose of Lima Catholic Prima Ark Boulton Academ Covent 53rd Scout Grou I Ivi¢Yale Lommuni vnma Ilsle Academ School Berkswell cnooi Hallmoor School West Covent Academ Manor Park Prima Academ Total 185,590 24
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Employee numbers and cost 2025 2024 No. Average number of persons employed Permanent Finance and administration Operational Management 22 20 31 30 2025 £'ooo 2024 £'ooo Employees, ¢08ts during the year amounted to: Wages and s81aries Social security Costs Pension costs 1,069 110 89 1,033 108 82 1,268 1,221 The aggregate remuneration (induding employers, national insurance and employers pension contributions) paid to key management during the year ended 31 March 2025 was £493k (2024.. £474k). During the year £Nil12024.' £Nil) was paid to trustees as remuneration 8nd other benefrts from employmenl directly or through related entities. During the year £Nil (2024.. £Nil) was paid to trustees for expenses, The number of employees whose remuneration (exduding employer pension contributions) exceeded £00,000 was.. 2025 2024 £60,000 - £70.000 £70,000 - £80,000 £80,001- £90.000 £90,001- £100.000 Net Incomingl(outgoing) resource8 2025 £'ooo 2024 £'ooo Nel incomingl(oulgoing) reSoUrS are ststed after chargingl(crediting) the folloving: Depreciation and other amounts written off fixed assets owned Auditors, remuneration audii fees (group and company) non-audit Operalinq lease rentals receivable 183 161 26 21 (2,285) (2,2801 The group paid £16,772 (2024.. £16,772) in respect of Trustees and Officers Liability insurance. 25
MILLENNIUM POINT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMEN4TS - contlnued for the year ended 31 March 2025 1Q Total resources expended Otherl Finance Costs £'ooo Concess- lonary Commerclal Lettings Lettings Govemance £'ooo £'ooo £'ooo 2025 2024 Total Total £'ooo £'ooo Costs directly allocated to activities.. Interest btatt costs Publicity utility costs Security Cleaning Maintenance costs Insurance Depreciation Donations 371 371 371 1,269 1,220 272 208 1,925 1,596 665 614 354 342 1,098 844 193 209 183 161 188 145 480 119 189 153 1,085 375 200 619 109 103 290 154 479 84 80 Support CO8t8 allocated to activitles.. Legal and professional Administration costs Telecom8 68 686 72 47 115 121 1,573 1,622 165 162 887 93 557 4,244 3,352 216 8,369 7,715 Total expenditurc for both 2026 ond 2024 was chargad to unrqstrictod fvnd$. Basis of allocatlon of 8UPPOrt costs: Vvhere applicable costs. including the legal and professional costs of securing addition81 commercial letlings, are allocated on a spectfic basis to the related aclivily. Office expenses are similarly allocated where possible, and the remaining costs are allocated on the basis of square footage occupied. 26
MILLENNIUM POINT TRUST (A company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 11 Tanglble flxed assets- group Fixtures and Assets under fittings construction £'ooo Computer Equipment £'ooo Total £'ooo £'ooo Cost At 1 April 2024 Additions Transfer beeen classes 165 19 675 73 123 173) 913 451 73 Al 31 Merch 2025 1.057 123 1,364 Depre¢latlon Al 1 April 2024 Charge for the year 127 40 400 143 527 183 At 31 March 2025 167 543 710 Net Book Value At 31 March 2025 17 514 123 654 At 31 March 2024 275 73 386 All of the assets of the group and the company are used for charitable purposes. 27
MILLENNIUM POINT TRUST (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 12 Investments Class of shares Held Invostment At cost Principle Activities % held Millennium Point Property Limited Ordinary 100V. Property management 13 Investment properties Freehold Freehold investment Investment property property Improvements £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Valuatlon Al 1 April 2024 Additions al cost Loss on revaluation Transfer betsveen classes 46,930 46,930 47,560 {5.545) {5,545) {630) 31 March 2025 41,385 41,385 46,930 The majority ofthe land on vthich the woject is conslructed is currently owned by Birmingham Crty Council. A long lease has been granted to the company at a peppercorn rent. The investment property was revalued in the year on 31 March 2U2ts. The 2025 valuations were made by F J Mellor Bsc MRICS RICS of Harris Lamb Property Consuftancy, on an open market value for exi51ing use basis. Currently the company occupies 0.3% of the total square footage of the investmenl property. Applying this percentage to the fair value at year end would amount to £124k. The occupancy and estimated fair value is not material and therefore no amount is to be recognised within Freehold Land and Buildings. 2025 2024 £'ooo £'ooo The historical cost of the investrnent property is.. Historical cost 69,611 69,611 DeprecSatlon At 1 April 2024 Charge for the year 10,902 10,438 464 At 31 March 2025 11,366 10,902 Net historical book value Al 31 March 2025 58,245 58,709 At 31 March 2024 58,709 59,173 28
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2025 14 Debtor8 2025 Company £'ooo 2024 Company £'ooo Group £'ooo Group £'ooo Due within one year Trade debtors Other dcbtors Prepayments and accrued income Amounts owed by group undertakings 1,190 1,199 179 180 1,369 1.379 15 Credltorn: amounts due wlthln one ye•r 2025 Company £'ooo 2024 Company £'ooo Group £'ooo Group £'ooo Other loans Trade creditors Accruals and deferred income Other taxes and social security Amounts owed to group undertakings 1,000 422 2,446 124 172 2,502 148 215 178 3,992 237 2,822 182 Included within deferred income is rents invoiced in advance. 16 Credltor8: amount8 due after more than ono year 2025 Company £'ooo 2024 Company £'ooo Group £'ooo Group £'ooo Other loans 10,582 11,582 10.582 11,582 29
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS- contlnued for the year ended 31 March 2025 16 Credltors: amounts due after more than one year (continued) Other loans Induded within the above are amounts falling due for repayment as follows.. 2025 £'ooo 2024 £'ooo In 1 year 111 2 5 ye43rs More than 5 years 1.000 10.582 11,582 11.582 11,582 other loans comprise a loan from Bimiingharn City Council, which was amended on 19 March 2018. Th8 loan bears interest al 3.20/0 per annum and is repayable over 10 years, commencing 1 April 2018. Under the new agreement only interest payments are payable until 1 April 2025, thereafter capitsl repayménts of £1 m per annum are payable until the final capital balance which is due on 1 April 2030. It is secured by way of a fixed and floating charge over the assets of the company ranking p8ri passu with the debenture granted to Millennium Commission referred to below. Debenture Th8 Trust, and its subsidiary Millennium Point Propety Limited, has granled a debenture over its assets to the Millennium Commission lo secure all monies owing to the Commission by the Trust and its subsidiary Millennium Point Property Limited under the terms of a grant agreement dated 30 June 1997. Total 6e¢urod liabililios at 31 March 2025 are £11,582k (2024.. £11.582k). 17(al Group funds CURRENT YEAR At 1 April 2024 £'ooo Transfersl At31 Incomlng Outgolng revaluatlon March resources resources Gift ald adjustment 2025 £'ooo £'ooo £'ooo £'ooo £'ooo Unrestrlcted Funds General funds Non-charitable trading 232 42,570 12 9,562 (512) (7,85n 414 (4141 146 (5,545) 38.316 42,802 9,574 (8,369) (5,545) 38,462 30
MILLENNIUM POINT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS- continued forthe year ended 31 March 2025 17(al Group funds Icontlnuedl PRIOR YEAR At 1 April 2023 £'ooo Transfersl At31 Outgolng revaluation MaTch resources Gift aid adjustrnent 2024 £'ooo £'ooo £'ooo £'ooo Incoming resources £'ooo Unrestricted Funds General funds Non-charilable trading 313 42,366 (485) {7,230) 397 (3971 232 (630) 42,570 8,461 42,679 8.468 17,715) (630> 42,802 171bl Company fund8- CURRENT YEAR Unre•trlcted funds £'ooo Total £'ooo At 1 April 2024 Incoming resources Outgoing resources 232 426 (512) 232 426 {512) At 31 March 2025 148 146 Company funds- PRIOR YEAR Unrestrlcted funds £'ooo Total £'ooo At 1 April 2023 Incoming resources Outgoing resources 313 404 (485) 313 404 (4851 Al 31 March 2024 232 232 31
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 18 Analysis of group net assets between fund8 - CURRENT YEAR Fixed assets Investment property £'ooo Net current assets £'ooo Long tenn liabilities £'ooo Total £'ooo £'ooo Unrestricted Funds Geiieral fuiids Non-charitable trading 148 6,859 146 38,316 654 41,385 (10,582) 654 41,385 7,(YJ5 (10,582) 38,462 Analys18 of group net assets between funds- PRIOR YEAR Flxed o$sets Invastment property £'ooo Net currnnt a89ets £'ooo Long temi Ilabllltle8 £'ooo Total £'ooo £'ooo Unrestrlcted Funds General funds Non-charitable trading 232 6,836 232 42,570 46,930 (11,582) 48,930 7,068 (11,582) 42,802 19 Taxation As a tharilable company, Millennium Point Trust is exempi from tax on income and gains falling within Section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No lax charges have arisen within the charitable company. 20 Financial cornmltments Value Added Tax As a result of group registration arrangements for value added tax (VATI, the charitable company is jointly and severally liable together with other members of the group, for any VAT due by the repre5enlatlv8 mernber of the group. 32
MILLENNIUM POINT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 21 Commltrnents under operatlng leases Operating leases as a lessee At 31 March 2025 the group had future minimum lease payments under non-cancellable operaling leases as follows.. 2025 £'ooo 2024 É'ooo Not later than 1 year Later than 1 year and not later than 5 years 10 14 19 19 33 Oper8ting leases 88 a lessor At 31 March 2025 the group had future minimum lease receipts under n&-canCelIabl& operating leases as follows: 2025 £'ooo 2024 £'ooo Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 2,147 8,173 795,569 2,158 8,531 797,195 805,899 807,884 22 Trdn8actlon• wlth related partle• A number of the directors of Millennium Point Property Limited and members of its parent company, Millennium Point Trust, have interests in organisations which have provided services to the company in the period. The directors of Millennium Point Property Limited have considered the disclosure requirements of Financial Reporting Standard 102, sedion 33, and consider that the transactions requiring disclosure are as follows.. BirTningham City Council. a member of Millennium PointTrust, made loans to the company during 2005106 of £16,375,000. Capital repayments in the year amounted to £Nil (2024.. £Nil) and al the year end the capital balance outstanding on this loan was £11,582,24812024'. £11,582,248). During the year interest of £370,63212024.' £370,632) was charged of which £nil (2024.. £nill remains outstanding al the year end. During the year the company also received incorne of£589,586 (2024. £578,035) as compensation for loss of car park income, and paid expenditure amounting to £34,61812024.' £59,949} for services received. At the year-end an amount of £176,87612024.' £Nil) was due from Bimiingham Cty Council. Flim7inoh57m e.ity I Inivp.r8ity ig A member of Millennium Point Trust. During the vear, charqes lotallinq £2,251,454 (2024.. £3,006,232) were made by the company in respect of rent, service charges and other rechargeable costs on an arm's length basis. Millennium Point Property Limited paid expenditure amounting to £19,185 {2024'. £14,801) for services received. At the year-end an amount of £56,45412024: £314,416) was due from Birmingham Cty University. 33
MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - continuad for the year onded 31 March 2025 22 Trdnsactlons wlth related parties- contlnued Birmingham Chamber of Commerce and Industry is a member of Millennium Point Trust. During the year, Millennium Point Property Liffliled paid £3,30012024.' £14.0401 to Birmingham Chamber ofcommerce and Industry in respect of patronage and membership fees, sponsorship and advertising fees. Income of £Nil (2024.. £1,190) was also received. At the year-end an amount of £Nil 12024.. £498) was due from Bimiingham Chambers of Commerce and Industy. Catherine Ganly is a Chairmdri of Lliv Fuiw¢iftJ ELIuc4ltioii Trust, Catherine is also the Chairman tsf th¢ Audit & Finan Committee at Millennium Point. During the year. the company paid £1,70010 Forward Education Trust as a donation, and received £264 from Foard Education Trust for attending Trust Board meeting. At the year-end an amount of £Nil (2024- £Nill was due from Foard Education Trust. During the year the group receiving income of £2.488 (2024.. £2,427) from St. Basils for an event. This organisation is related as H.E Bales is a non-executive director at St. Basils. At the year end an amount of £Nil (2024.. £Nil) was due from St Basils. 23 Member8 The charity is incorporaled as a company limited by guaranlèe having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute a sum of £1 in the event of the company being wound up. Al 31 March 2025, Ihere were 4 members12024'. 4 members). 24 Servlce charge actlvltles Included within the Group's cash al bank and in hand of £9,612k12024'. £8,499k) ar& balances of £390k (2024.. £580k) in respect of service charge accounts. These balances are held on trust by the group for the tenants of Millennium Point. 25 Pension Commitments The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contnbutions pay8ble by the Company to the fund and amounted to £89k 12024.. £82k). Contributions totalling £8k12024.' £7k) were payable to the fund at Ihe balance sheet date. 26 Capltal Commltments As at the year end, the Group had no capiial commitments {2024.' £73k). 27 Post balance sheet events Subsequent to the year end, the Group has signed a contract for the Commercial Kitchen, for £670k. 34