Charity number: 1128056 THE MILL CHARITABLE TRUST TRUSTEES, REPORT AND FXNANCXAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE MILL CHARrrABLE TRusr CONTENTS Page Reference and admlnlstratlve detalls of the charfty, Its trustee5 and advlse TNstees' report Independent audltort5 rnPOrt statement of flnanclal actlvltles Balan sheet statement of cash flows io Notes to the flnand81 ststsments 11-17
THE MILL CHARITABLE TRUST REFERENCE AND ADMINXSTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVXSERS FOR THE YEAR ENDED 31 MARCtrI 2022 Truotee fvls P Panaylotou fvlr C D Or9a Mr S Marks Charlty reglstered number J128056 Prin¢lpal offi Elsley Court 20-22 Great Tltchfleld Street London WIW 8BE Serretary Ms P Panaylotou Ind•pendant audltor Robert Barry Perez (Senlor Statutory Audltorl Sllver Levene (UK) Ltd Accountants 37 Warren St Fltzrovla London WIT 6AD Bankars Natlonal Westmlnster Bank plc 208 Plccadllly London WIA 2DG Sollcltors Russells Yaldlng House 152-156 Great Portland stet London WIW 5QA Page I
THE MILL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together wlth theaudltsd financlal statement5 91 the Chartty for the year ended 31 Marth 2022, The accounts have been prepared In accordance wlth the accountlng pollcles set out In note I to the accounts and comply wlth the govemlng document, the Charftie5 Act 2011 and AccountTng and Reportlng by Charftles: Staternent of Recommended Prdrtlse èppllrablo to charilles preparlng thelr accounts In accordan wlth the Flnanclal Reportlng Standard appllcable In the LIK and Republic of Ireland {FRS 102) {as amended for accountlng perlods commenclng from l January 2016), ObJ•ctlv8s and Actlvltlés Polkles and obJe¢tlves The trustees obJertlve5 are to benefst such exc5uslvely charltable purposes In any part of the world a5 the trustees In thelr absolute dlscretion thlnk flt, provlded that suth purposes are recognlsed as charltable accordlng to Engllsh law, The trustees have pald due regar<J to gUIdan Issued by the Charlty Commlsslon In decldlng what actlvltles the trust should undertake. The prlnclpal pollcy adopted by the trust Is to c¢nslder all request for ald and donatlons, whlch are revlewed by the trustees to ensure that deservlng cases are glven thelr asslstance. Athlovements and performanca . Factors relevant to achleve obJectlves In the current year the charfty recelved a donatlon from Robobulld Llmlted of £431,227 and from Blg Geoff Oversea5 Umlted of £625,00012021- £252,970) and bank Interest of £430 {2021 £2,241). Flnanclal r•vl•w a. R¢serves pollty It Is the pollcy of the trust to malntaln unrestrlcted fund5, whlch are the free re5erve5 of the charlty, at a level sufficlent to Spond to emergency appllcatlons for grants whlth arise from tlrne to tlme and to cover governance costs. structur¢• gov¢rnan¢¢ •nd man?gomant . Constltutlon The Trust was establlshed by a charltable trust deed on 29 January 2009. The trustees who served durlng the year were: P Panaylotou C D Organ S Marks Pa9e 2
THE MILL CHARITABLE TRUST TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2022 b. Method of appolntment or •l•ctlon of Trustee¥ The recrultment and appolntment of new trustees Is agreed by the ex15tlng trustees at the Annual General Meetlng. Trustees are nomlnated by the Settlor and appolnted by the board of trustees and sh)11 offer to retlre an seek reappolntment by rotatlon annually. Mr C D Organ has been appolnted as chalrman of the trustees until the conduslon of the next Annual General Meetlng. Ms P Panaylotou was appolnted trust secretary on 8th July 2021, The trust secretary contlnues to run the day-to-day work of the trust, Includlno assesslng grant appllcatlons and Intervlewlng Indlvldual grant appllcants. She meets perlodlcally wlth the other trustees to approve all grants annually. Funds made available for distribution during the flnanclal year 202112022 have been allocated as antlclpated to honour exlsung commltments. . RIBk manw9ement The Trusteesh ave assessed the major rlsks to whFch the Charltyl s exposed, In parttcular those related to the operatlons and fInanS of the Chartty, and are sattsfied that systems and procedures are In place to mltloate our exposure to the major rlsks. Fund$ hold 44 W$todlJn No funds are held as a cu5todlan. Tru8tso$' respon$lbllltl¢s $tstem¢nt The Trustees arer espon51ble for preparlng the Trustees, report and the financlal statementsl n attordance wlth appllcable law and the Ch?rlt1È5 Ststemènt of Recommended Prartlce (FRS 102). The law appllcable to charltles In England & Walesr equlres the Trusteest o prepare financlal 5tatementsf or each flnanclal yearw hlchg Ive a truè and falr vlew of the state of affalrs of the Charltya nd of the Incomlng resources and applicatlon of resources of the Chartty for that perlod. In preparlng these financlal statements, the Trustees are requlred to: select sultable accountlng pollclesand then apply them conslstentlyi observe the methods and prlnclples In the Charfttes SORP,. make Judgements and accountlng e5tlmate5 that are reasonable and prudent; stste whether appllcable LIK Accountlng Standardsh ave been followed, subject to any materlal departures dlsclosed and explalned In the flnanclal statements; prepare the flnanclal 5tatemeDt50 n the 9olng conrern boslsu nle5s Itls Inapproprlate to presume that the Charlty wlll ConnUe In operatlon. Page 3
THE MILL CHARXTABLE TRiIST TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2022 The Tru5tee5 aw re5pon51ble for keeplng proper accountlng records that are sufficlent to show and expl8ln the Charlty's transactlons and dlsclose wlth reasonable accuracy at any tlme the flnanclal pusltlon of the Charlty and enBble them to en5yre that the ff nancial statements comply wlth the Charllles Act 2011, the ChaAty (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. They are also responslble for safeguaryllng the a55et5 of the Charlly and hen for tsklng reasonable Steps for the preventlon and detectlon of fraud and other TrgUlaritIeS. Thls report was approved by the Trustees. on 26.01.23 and slgned on thelr behalf by: CDOryBn (Trustee) Pège 4
THE MILL CHARrrABLE TRUST INDRPENDENT AUDrroR'S RIPORT TO THE TRusfEES OF THE MZLL CHARrrABLE TRusr OplTrlon We have audlted the flnandal statements of The Mlll Charftsble Trust (the 'Chartty') for the year endet1 31 March 2022 set out on pages 8 to 17. The Ilnanclal repong ft7mework that has been applled In thelr preparauon Is appllcable law and Unlted Klngdom Accounung Standards, Includlng Flnanclal Reportlng Standard 102 'The Flnanclèl Reportlng Standard appllcable In the UK and Republlc of Ireland. {Unlted Klngdom Generdlly Accepted Accovntlng Prartlcel. The nnandal ststements have been prepared In accordonce wFth Accountlng and Reportlng by CharFtles preparlng theSr accounts accordan wSth the Flnarnclal Reportlng Siandard5 applicable In the UK and Republic of Ireland {FRS 102) In preference to the Accountlng and Reporn9 by Charltyes.. Statement of Recommended PracU¢e Issued Qn l Aprll 2005 whl¢h 15 referred to In the extant regulatlons but has been V41thdrawn. Thls has been done In order for the accounts to provlde a true and tslr vlew In accordance wlth the Generally Accepted Accountlng Practlce effethve for repordng perlods beglnnSng on or after l January 2015, In our oplnlon the financlal statements.. glve ) true 8ntJ falr vlew of the state of the Chjrlty's aftalrs as at 31 M•r¢h 2022 and of Its Incomlng resources and appllcatlon of resourtes for the year then ended. have been property prepared In accordan wlth Unlted Klngdom Gene$711y Accepted Accountlng Practice. and have been prepared In accordance wlth the requlrements of the ChaeS Act 2011. B•g1g for oplnlon We condtsLted our audlt In acttsr(3ance wlth Internatyowbal stsndjrds on Audlyng (UK) (ISAS (UK)) and appllcable law. We have been appolnted as audltor under sethon 144 of the Charltles Act 2011 and report In accordance wlth the Art and relevant regulallons made or havln9 effect thereunder. Our responsibllities under those stsndards are further destrlbed In the Audltorfs résponslbllltles for the audlt of the ftnanclal ststements sectlon of our report. We are Independent or the Charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnandal statsments In the Unlted Klngdom, Includlng the Flnanclal Reportsng Councll's Ethlcal Standard, and we have fulfilled our other ethlcal respon51bllllSes In accordanee wlth these requirements. We belleve that the audlt edefice we have ttbtalned Trs suffitlent and approprlate to provlde a ba$ls for our oplnlon. Conelu$lon# relatlng to •tslng )¢•yn We have nothlng to report In respect of the followln9 matters In relatlon to whlch the ISA$ (UK) requlre us report to you where.. the Tru5tees' use of the going ctsncem basis of attounting in the preparntlon of the flnanclal statements Is not approprtate. or the Trustees have not dlsclosed In the flrt)n¢lal statements any Identlfjed materlal uncertèlntle$ that may cast 51gnlficant doubt about the Charlty'5 ablllty to conUnue to zdopt the golng concern ba515 of accoununo for a perlod of at least le1ve months trom the date when the financlal statements are authorlsed for Issue. Olher Inforni•tlon The Trustees are responslble for the other Informatlon. The other Informatlon cornprtses the Inforniatlon Included In the Annual report. other than the flnanclal statements and our A¢Jdltor's report thereon. We have been appolnted as Judltor under sectSon 144 of the Charltles Att 2011 and report In accordance wlth the Act and relevant regUlaon5 made or havlng effect thereunder. Our oplnlorh on the flnandal statements does not cover the other Infomiarlon and we do not express any form of assurance concl¢Jslon thereon. Page 5
THE MILL CHARrrABLE TRUST INDEPENDeNT AVDrroR'S REPORT TO THE TRUSTEES OF THE MILL CHARITABLE TRUST In connecuon wfch our audlt of the flnanclal statement5, our respon51blllty 1$ to re)d the other Infomiavon and, In dolng so, consider whether the other Infomiatlon Is materlally InconsSstent wlth the flnanclal statements or our knowledge obtalned In the audlt or otherwlse appears to be materlally mlsstated. If we IdenrY such materSal Inconslstencles or apparent materl)I mlsstatements, we are requlred to detemilne whether thety Is a materlal mlsstatement In the flnanclal ststements or a materfal mlsstatement of the other Information. If, based on the work we have performed, we conclude that there Is a materfBI mlsstatement of thls other Inforrnatlon, we are requlred to report that fact. We have nothlng to report In thls regard. Matters on whlch we Jre reqUIr to report by excaptlon We have nothlng to report In respect of the followlng maiter5 vrfhere the Charlues (Accounts and fteportsl Regulauons 2008 requlres us to report to you Sf, In our opln10n: the Inforrnatltsn glven In the Trustees, report Is Inconslstent In any materlal respert wlth the flnanclal Statements,. or sufflclent accountlng records have not been kept; or the flnanclal statements are not In agreement with the accounting records and retums, or we have nor recelved 811 the Infomiatlon and explanatlons we requ1re lor our audlt. Responslbllltl•s of tru•ta•s As éxplalhed mtsre fulty In the Trustees, responslbll1eS statement, the Trustses are responslble for the prepa¥atlon ul financlal statements whlch glve a true and falr vlew, and for such Internal control as the Trustees determlne Is necessary to enable the preparatlon of financlal statements that are free from materlal m15StNtemert, whether due to fraud or error. In preparlng the flnandal statements, the Tru5tee5 Bre respon51ble for asses51rtg the Charlty's ablllty to contlnue as a goTng toncern, dlstloslng, as applicable, matters related to golng concern and uslng the golng concern basis of accounting unless the Trustees elther Intend to Ilquldate the Charfty or to ase operation5, or have no reallstlc alternatlve but to do so, Pa9e 6
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILL CHARITABLE TRusr Audltorf• rnB¥on•lblllUo• lor tho audlt olth• Ilninclal •tat•m•nt• We have been appolnted as audfcor under sectltsn 144 of the Charftles Art 2011 and report In accordance wlth the Att and relevant regulatlons made or havlng effect thereunder. Our obJectlves are to obtsln reasonable assuran about whether the flnandal ststements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an Audltorfs report that Includes our oplnlon. Rèasonable aUrance Is a hlgh level of J55urancé, but 15 not a guarantee that an Budlt conducted In accordat)ce wlth ISAS (UK) wlll always detect a materlal m5sstatement when It exlsts. Mlsstatements can arlse frorn fraud or error and are consldered materlal If. Indlvldually or In the aggregate. they could reasonably be expected to Influence the economlc dec151on5 of users taken on the ba51s of these flnanclal statements. ItTegularltles, Includlng fraud, ore Instances of nOnOMpl1ance laws Bnd regulaUons. We desl9n procedures In Ilne wlth our re5ponslblllUes, outllned above, to detert materlal mlsstatemer5ts In respect of Irregularttles, Includlng fraL*d. The extent to whlth our procedures are capable of detectlng Irregularfues, Includlng fraud are detalled as follows: enouldes of management and those tharged wlth govemance as to whether the entlty cornplles wlth such laws and regulaUons' enqulrles wlth the sarne concernlng any attual or potentlal Iltlgatlon or dalm. Inspectlon of relevant leaal Corresponden,. testlng the appropr5ateness of enbges In the nomlnal ledger. Includlng Joumal entrles; revlewlng transactlons around the end of the reportlng perlod; and the perfomance of analyttcal procedures to Idendfy unexperted movements In account balances whlch may be Indlcauve of fravd. No Instznty4 of rnatertal non-tompllanct werè IdÈntlfièd. Howèver, the Ilkellhood of detecdrtg IrregularltlÈ5, Indudlng fraud, Is Ilmlted by the Inherent dimculty In detecn Irregularltles, the effectlveness of the entity's controls, ani5 the nature, ttmlng and extent of the audlt procedures perfomied. IrregularStles that result from fraud mlght be Inherently moro dlfficult ts detect than Irregularlrfès that result frdm ermr. As explalned above, there Is an unavoldable rf5k that materlal m155tatements may not be deteLted, even though the audlt has been planned and performed In accordance wlth Is (UK). A further desCrIpOn of our respon51bllltles for the Judlt of the ffnvnclal strtements Is located on the Flnanclal Reportlng Cotsntll s webslte at: www.frc.org.uk/audltorsresponslbllltles. Thls de5cdptlon form5 Part of our Audltor's report. Use of our report Th15 report Is made $4lely to the Charltvs trustees, as a body, In a¢cordanca wlth Part 4 of the Chartues (Accounts an¢J Reports) Regvlatlons 2008. We have been appolnted as audltor Under secmon 144 of the a)arltles Act 2011 and report In accordance wlth the Att and relevant regulatlons made or havlng effett thereunder. Our audlt work ha5 been undertaken so that we ffllght state to the Charlty's trustees thase matter5 we are requlred to state to them In an Audltows report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the Charlty and Its trust as a body, for Gur audlt work, for th15 report, or for the oplnlons we have formed, Robert Bprry Perez (S•thior St•tutory Audknr) Sllver Levene {UK) Ltd Accountsnts 37 Warren St Fltzrovla London WIT 6AD Date.. 3e . I2) Robert Barry Perez (Senlor Statutory Audltor) Is ellglble to act as an audltor In terms of secuon 1212 of the Companles Att 2006. Page 7
THE MILL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 UnTestrict¢d funds 2022 Total nds 2022 Total ftjnds 2021 Nots Income from: Donatlons and Legacie5 Investments 1,056,227 430 1,056,227 430 252,97 2,241 Total Income 1,056,657 1,056,657 255,211 Expendlture on: Charltable actlvltle5 724,754 724,754 475,252 Total oxpondltstre 724,754 724,754 475,252 Net Incom• / (•xpendlture) before Inve9tment losses Net losses on Investments 331,903 331,903 (697,554) (697,554) [220.041) li Net expend110 before other re¢ognls•d galns and losses (365,651) (365,651) {220,041) Net movomont In funds (365,651) {365,651) {220.041) Recon¢lll4tlon of funds: Total funds brought forward 7,549,629 7,549,629 7,769,670 7,183.978 7,183,978 7,549,629 Total funds carrled forward Page 8
THE MILL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Flxed assets Investments li 6,302,446 Current as8¢ts Debtors Cash at bank and In hand 12 18 63,969 1,027,850 56,962 7,522,897 1.091,819 7,579,859 Credltors: amounts falllng due wlthln one year 13 (ZIO,287) (30,230) Net current assets 881,532 7,549,629 Not assets 7,183,978 7,549,629 Charlty Funds Unre5trfcted fund5 14 7,183,978 7,549,629 Totsl funds 7,183,978 7,549,629 The flnancial Statements were approved by the Trustees on by.. 26.01.2023 and slgned on thelr behalf, C D Org•n (TN8 S Marks ( rustee) The notes on pages 11 to 17 fomi part of these flnandal statements. Page 9
THE MILL CHARITABLE TRusr STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from operatlng actfvitles Iyet cash provlded byllused Inl operatlng actlvltles 17 504,953 (90,4531 Purthase of Investments {7,000,000) Not cash used In Invwtlng actlvltlo$ (7,000,000) Cash flow$ from flnanclng a¢tlvltlo$: Repayments of borrowlngs (11.4741 Net cagh used ln flnanclng actlvltles (11,474) Change In cash and cosh •qufvalentg In the year Cash and cash equlvalents brought forward (6,495,047) 7,521897 (101,927) 7,624,824 Cosh and cash equlval¢nt$ ¢arrled forward 18 1,027,850 7,522,897 The notes on pages 11 to 17 forni part of these flnanclal 5tptement$. Page 10
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1.1 Basls of pYepar•tlon of fiDJncl41 statement The flnancial statementsh ave been prepared In aceordanro wlth Accoltntlng and Reportlno by Charltles.. Statement of Recommended Practlce appllcable to charttles preparlng thelr accounts In a¢cordante wlih the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) leffectlve l January 2015) - (ChartIeS SORP (FRS 1021), the Flnanclal Reporting standard appllcable In the UK and Republlc of ireland (FRS 102) the Companles Act 2006, The Mlll Charltable Trust meets the definltion of a publlc beneflt entlty under FRS 102. Asset5 and llablllt1 are Inltlally reajgnlsed at hlstorlcal cost or transactlon value urble55 OtheIse ststed the relevant accountlng pollty. 1.2 Fund ac¢ountlne General fvnds are unrestrl¢ted fvnds whlch are avallable for use at the dlsrrtlon of the Trustees In furtherance of the general objettlves of the Charftya nd whlth have not been deslgnated for other purposes. Investment Incomei galns and losses allocated to the approprlate fund. 1.3 Incomo All Income Is recognlsed onte the Charltyh as entltlement to the Income, It 15 probable that the Income wlll be recefved and the amount of Income re1vable can be measured reliably. For legacles, entitlement Is taken as the earller of the date Dn whlth elther: the Charlty Is aware that probats ha5 been granted, the estate has been flnallsed and notiricatton has been made by the executorfs) to the Trust that a dlstrlbutlon wlll be mude, or when a dlstrtbutlon Is reIVed from the ostate. R eIpt of a legawtr In whole or In part, Is only consldered probable when the amount can be measured rellably and the Charlty has been notlfied of the executovs Intentlon to rnake a dlstr5butlon. Where legacles have been notlfled to the Charltyi or the Charlty Is aware of the grantlng of pmbate, and the crlterla for Inrne recognltlon have not been met, than the legary Is trejtsd a5 a contlngent asset and dlsclosed If materjal. Income tax recoverable In rÈl)tlon to donatlons reIVed under Glft Ald or deed5 of covenant Is recognlsed at the tlme of the donatlon. 1.4 Expendlturn Expendlture Is accounted for on an bccruals basls and has been Included under expense categorle5 that aggregats all costs for allocatlon to actlvltles. Whero Costs ¢annot be dlrectly attrlbuted to partlcular actlvltles they have b8en allocated on a basls conslstent wlth the use of the resources. Govemance costs are those Incurred In connectlon wlth admlnlstratlon of the charlty and complIan wlth constltutlonal and statutory requ1MentS. Grants payable are charged In the year when the offer Is made except In those cases where the offer 15 condltlonal, such grants belng recognlsed as expendlture when the condltlons attachlng are fulfllled. Grants offered subject to condltlons whlch have not been met at the year end are noted as ? commltment, but not accrLted as expendlture, Page 11
THE MILL CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountln9 polldes (contlnued) 1.5 Investments Investments are a form of flnanclal Instrument and are inlually recognlsed at thelr transactlon C05t and subsequently measured at falr value at the Balance sheet date, unless falr value cannot be measured rellably In whld) ca$e It Is measured at cost less Impalrment. Investment gains and losses, whether reallsed or unreallsed, are comblned and shown In the headlng 'Galns/llosses) on Investinents. In the Statement pf flacIal activltle5. 1.6 Xnterast recelvable Interest on funds held on deposit Is Included when recelvable and the amount Can be measu rellably by the Charlty,, thls Is normally upon notlflcatlon of the Interest pald or payable by the Bank. 1.7 Dobtor8 Trade and other debtors are recognlsed at the settlement amount after ary trnde dlscount offered, Prepayments are valued at the amount prepald net of any trade dlscounts due. 1.8 Cg$h at bank and In hand Cash at bank and In hand Indudes cash and Short term hlyhly Ilquld Investments wlth a short rnaturfty of three mDnths or less from the date of acqulsltlon or openlng of the deposlt or slmllar aunt. 1.9 Uabllltleg and provlslon Uabllltlesa re recognlsed when there Is an obllgatlon at the BalanTr sheetd ate as a result of a past event, It Is probable that a transfer of econornlc beneflt wlll be reqLtlred In settlement, and the amount of the settlement can be estlmBted rellably. Llabllltle5 are cognIsed at the amount that the Charltya ntlclpate5 It wlll pay to Settle the debt or the 8mount It has reIVed a5 advanced payments for the goods or servlces It must provlde. Provlslons are measured at the best e5tlmate of the amounts requlrEd to settle the obllgatlon. Where the effect of the tlme value of money Is materlal, the provlslon Is based on the present value of those amounts, dlscounted at the pre.tax dlscount rats that reflects the rlsks speclllc to the Ilablllty. The unwindlng of the dls¢ount Is recognlsed wlthln Inter85t payable and slmllar charges. 1.10 Flnandal Instrumonts The Charftyh a5 flnanclal asset5 and flnanclal 11)bllltles of a klnd that quallfy as baslc financlal Instruments. B a51c financlal Instruments are Initially recognlsed at transactlon value and sUbSequenY measured at thelr setlloment value. Donatlons Unrostrl¢ted funds 2022 Total funds 2022 Total funds 2021 Donatlons 1,056,227 1,056,227 252,970 Total 2021 252,970 252.970 Page 12
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 In¥tment Incom• Vnre8trlct•d funds 2012 TotMI funds 2022 Total funds 2021 Investment Income 430 430 2,241 Total 2021 2,241 2,241 Dlract cwt8 Costs of oeneratlng fund$ Total 2022 Total 2021 Art In5uranc8 Art Storage 69,230 105,766 69.230 105,766 174,996 174.996 Analysls of EXndItN by expandltum ty fotY41 2022 Total 2022 Totsl 2021 Donatlons paid Dlrect costs Support costs 466,407 174,996 78,526 466A07 174,996 78,526 423,153 47.100 Charltabl• •ctivltl•8 719,929 719,929 470,253 Expendltur• 011 governanc• 435 4.825 4,999 724,754 724,754 475,252 Total 2021 475,252 475,252 Donatlon$ payabl• 2021 2021 Donatlons pald 466,407 423,153 Page 13
THE MILL CHARITABLE TRUST NOTES TO THE FII4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Govornance co8t8 2022 2021 Travel, Entertalnment and Sub51sten Postage and dellvery Bank 5ervlce charges Audlt fees Errecoverable vat Total 156 360 109 3,500 700 4,825 399 3,250 4,999 Support Costs 2022 2021 Legal and Professlonal fees Insurance expense 70,280 8,246 27.394 19,706 Total 78,526 47,100 Net Incon/{eXPendltLIre) Durlng the year, no Trustees recelved any remuneratlon (2021- ENIL). Durlng the year, no Trustees recelved any beneflts In klnd (2021 £NIL), Durfng the year, no Trustees recelved any relmbursement of expen5es12021 £NIL). 10. Audltom, rnmun•ratlon The Audltor's remuneratlon amounts to an Audlt fee of £3,50012021 - £3,250). 11. Investments rnvestments Markét vjlua At l Apdl 2021 Addltlons Revaluatlons 7,000,000 (697,554) At 31 March 2022 6,302,446 Xnvestments at market value comprlse: 2022 Investments 6,304446 Page 14
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 51 MARCH 2022 IL Debtors 2022 2021 Prepayments and aeLYued Income 63,969 56,962 13. CMdltorB: •mounts fallln9 due wlthln on• year 2022 2021 Trade credttors other credltors Accruals 27,450 178,635 4,202 9,480 7,370 13,380 210,287 30,230 14. Statem•nt of fund• st•temant of funds - current year Bwlanc¢ at 31 March 2022 Brought forward fjaln$l (Logs¢s) Income Expandlture Deslgnated fundg Deslgnated Funds - all funds 158,987 158,987 G•ner#l fund$ General Funds other General funds 7,390,642 I,OS6.657 (732.496) (697,554) 7,017,249 7,742 7,742 7,390.642 I,OS6,657 (724,754) (697,554) 7,024,991 (724,754) (697,554) 7,183,978 (724,754> (697,554) 7,183,978 Total Unrestdcted fvnds 7,549,629 1,056,657 Totsl of funds 7,549,629 1,056,657 Unrestrlcted funds are malntalned by the charlty at ts level sufftdent to respond io emergenry appllcatlons for grènts whlch arfse frown tlme to dme and to cover gDvemJrhce costs. Page 15
THE MILL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statèment of tund$ (contlnuad) Ststement of nd¥- prlor year Balance at l Aprtl 2020 Balante at 31 March 2021 Income Expendlture Designated Funds ~ all funds General Funds 158,987 7,610.683 158,987 (475,252) 7,390,642 255,211 Total of funds 7,769,670 255,211 (475.252) 7,549,629 15. Analysls of net assets between funds Analysls of net assets bttwean funds- currnnt year Unr¢strl<ted funds 2022 Total fund8 2022 Flxed asset Investments Current assets Credltors due wlthln one year 6,302,446 6,302,446 1,091,819 1.091,819 (210,287) (210.287) 7,183,978 7,183,978 Analy$ls ot net assets bètween fundB - prlor year Unrestrfcted fund5 2021 Total funds 2021 Current assets Credltors due wlthln one year 7,579,859 (30,230) 7,579,859 (30,2301 7,549,629 7,549,629 16. Related party tran$actlons Ourlng the year, the Trust re1Ve donatlons from Robobulld Llmlted and Blg Geoff Overseas Llmlted, companles In whlch one of the trustee5 of The Mlll Charltable Trust, Mr C D Oryan, Is also a dlrector; the amounts were £431.227 {2021 £NIL) and £625,000 (2021 £252,970) respectively. Durlng the year, The Estate of Mr G Panaylotou for whlch Mr C D Organ also acts as an executor pald expensÈs of £192,315 12021 E23,190) on behalf of the tnJ5t, of whlch £21,050 (2021 £34,950) was repald to The Estate of Nr G Panaylotou by the trust. At the year end The Estate of Mr Panaylotou wa5 owed £178,63512021- £7,370). Page 16
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Reconclllatlon of nèt movémont In funds to net cash flow from operatlng artlvltle$ 2022 2021 Net expendlture for the year las per Statement of Flnèntlal Actlvltles) (365.651) (220,041) Adjustment for. Ilncrease)/decrease In debtors Increase In credltors Falr value change In Inv&stment (7,007) 180,057 697,554 115.508 14,080 Net ca•h provlded by/(used In) opqratlng actlvltlas 504,953 190,453) l& Analysls of cash and C&Bh equlvalents 20 2021 Cash In hand 1,027,850 7,522,897 Totsl 1,027,850 7,522,897 Page 17