Charity number: 1128056 THE MILL CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE MILL CHARITABLE TRUST CONTENTS Page Reference and administrative details of the charity, its trustees and advisers Trustees. report Independent auditor's report statement of flnanclal actlvltles Balance sheet io Statement of cash flows Notes to the financial statements 12-19
THE MILL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Ms P Panayiotou Mr C D Organ Mr S Marf<s Charity registered number 1128056 Prlnclpal offlce Elsley Court 20-22 Great Titchfield Street London WIW 8BE Secretary Ms P Panayioto Independent auditor Robert Barry Perez (Senior Statutory ALtdltor) Silver Levene IUKI Ltd Accountants 37 Warren St Fitzrovi London WIT 6AD Bankers National Westminster Bank plc 208 Piccadllly London WIA 2EIG Solicitor5 Russells Yaldlng House 152-156 Great Portland Street London WIW 5QA
THE MILL CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustee5 present their annual report together with the audited flnanclal statements of the Charlty for the vear ended 31 March 2023. The accounts have been prèpared in accordance with the accounting policies set out in note I to the accounts and comply with the governing document, the Charities Act 2011 and Accounting and Reporting bv Charltles.. Statement of Recommended Practise applicable to charities preparing their account5 In accordanc with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FR5 102) {as amended for accounting periods commencing frtsm I lanuary 20161. Objectives and Activities a. Policies and ob5tttives The trustees objectlves are to benefit such exclusively charitable PL¢rposes in any part of the wodd as the trustees In their absolute discretion think fit, provided that such purposes are recognised as charitable èccording to English law. The trustees have paid due regard to guidance Issued by the Charlty Commi5sitsn in deciding what activities the trust should undertake. The principal policy adopted by the trust is to consldèr all request ft)r aid and donations, which are reviewed by the trustees to ensure that deservlng cases are given their assistance. Achievements and performance a. Factors relevant to achieve objectives In the current year the charity received a donation from Aobobuild Limited of £992.894 {2022 - É431,2271, from Big Geoff Overseas Limitecl of £375,000 12022 £625,000) and from Wham Music Limited of £500.000 12022 - £NIL). legacies and bequests of £7,424 {2022 £NILI and bank interest of E722 12022 £430). Financial review a. Reserve5 policy It is the policy of the trust to maintain unrestricted funds, which are the free reserves of the charity, at a level sufficient to respond to emergency appllcations for grant5 which arise frorr time to time and to cover governance costs. structurei governance and management Constitution The Trust was established by a charitable trust deed on 29 January 2009. The trustees who served during the year were.. P Panayioto C D Organ S Marks
THE MILL CHARXTA8LE TRUST TRUSTEES. REPORT (¢ontlnued) FOR THE YEAR ENDED 31 MARCH 2023 b. Method of appointment or election of Trustee5 The recrultment and appolntment of new trustees is agreed by the exlsting trustees at the Annual General Meeting. Trustees a nominated by the Settlor and appointed by the board of trustees and shall offer to retire and seek reappointment by rotatlon annually. Mr C D Oryan has been appolntèd as chalmian of the trustees until the conclusion of the next Annual General Meeting. Ms P Panayiotou was appolnted trust secretary on 8th July 2021. The trust secretary continues to run the day-to-day work of the trust, including assessing grant applications and intèrvièwing Individual grant applicants. She meets periodically with the other trustees to approve all grants annually. Fund5 made available for distribution during the financial year 202212023 have been allocated as anticipated to honour exksting commitments. c. Risk management The trustees have assessed the major risks to whlch the Charfjty Is exposed, in particular those rèlated to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Funds held as custodian No funds are held as a custodian. Trustees. responsibilitles statement The trustee5 are spOnSible for preparing the Trustees. report and the firhancial statements in accordan with applicable law and the Charitles Statement of Recommended Practice IFRS 1021. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that perfod. In preparfing these flnancial statements, the trustee5 are required to.. select suitable accounting policies and then apply them consi5tently,' obseNe the methods and principles In the Charities SORP: make judgements and accounting estimates that are reasonable and pnjdent,. stste whether applicable UK Accounting Standard5 have been followed. subject to any material departures disclosèd and explained in the financial statements,. prepare the finaftclal statements on the golng conrn basis unless it is inappropriate to presume that the Charity will continue in operation.
THE MILL CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 The tnjstees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the fJn3ncial posltion of the Charity and enable them to ensure that the financial 5tatement5 comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a150 responslble for safeguardlng thè as5et5 of the Charity and hence for taking reasonable steps for the prevention and detection of fraLJd and other irregularities. as approved by the trustees, on 2210112024 and signed on their behalf by.. Thi C D Organ Trustee)
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILL CHARITABLE TRUST Opinion We have audited the financial statements Df The Mill Charitable Trust Ithe 'charity'l for the year ended 31 March 2023 which comprise statement of financial activities, balance sheet, statement of cash flows and notes to the financlal statements, Includlng a summary of significant accounting policies. The financial PortIng framework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. glve a true and fair view of the state of the Charity's affairs as at 31 March 2023 and of its incoming resources and application of resources for the year th&n ended,. have been properly pr@pared in accordance wlth United Kingdom Generally Accepted Accounting Practlce,. and have been prepared in accordance with the requlrements of the Charltles Act 2011. Basis for opinion We conducted our audit In accordance wlth Intematlonal Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standard5 are furthèr described In the Auditor's responsibllities for the audit of the financial statements section of our report. We are independ&nt of the charity in accordance with the ethical requlremènts that are relevant to our audit of the financial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditlng the financlal statements, we have concluded that the trustees, use of the golng concÈm basls of accounting in the pParatIon or the flnanclal statements Is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or ccnditirns that, individually or collertively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelvè months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the tnJstee5 Wlth respect to going concern are described in the relevant sections of this report. Other information The other inft)rmatlgn comprises the information induded in the annual report other than the financlal statements and our auditor's report thereon. The trustees are responsible for the othér Infomatlon contained within the annual report. Our oplnlon on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance corKlusion thereon. Our responslbility is to read the other information and, in doing so, consider whether the other information is rnaterially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materfally mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterrnine whether this gives rise to a material misstatement in the financial statements thern5elves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fart. We have nothing to report in this regard.
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILL CHARITABLE TRUST Matters on which we are required to report by except(on We havè nothing to report in respect of the following matters in relatbon to which the Charities (Accounts and Reports) Regulations 2008 reqLJire us to report to you if, in our opinion: the informatiorb given in the trustees, report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and return5; or we have not rècelved all the infomation and éxplanation5 we require for our audlt. Responsibilities of trustees A5 explained more fully in the trustees. responsibilitie5 Statement set out on page 3, the trustees are responsSble for the preparètion of the financial 5tatem@nts and for being satisfied that they give a true and fair view, and for such internal contrDI as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due tts fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trusteès either intend to liquidate the charity or to cease operatbons, or have no realistic alternative but to do so.
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILL CHARITABLE TRUST Auditor's responsibilities for the audit of the financial statem¢nt We have been appointed a5 auditor under section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from Material mi5Statement. whether due to fraud or error, and to issue an audltor's report that includes our opinion. Reasonable assurance Is a hlgh level of assurance but is not a gLtarantee that an audit conducted in accordance wlth ISAS {UK) will always detect a material misstatement when It exists. Misstatements can arise from fraijd or error and are considered material If. individually or in the aogregate. they could reasonably be expeoted to influenc@ the economic declsions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting Irregularities, induding fraud is deta11 below.. Discussions weré held with, and enquiries made of, management and the trustees with a view to identifying those laws and regulatlons that could be expected to have a material impact on the financlal statements. Durlng the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the charity. The followlng laws and regulatlons were identified as being Df significance to the entity.. Those laws and regulations considered to have a direct effect on the flnanclal statements include the Charities SORP IFRS102), Charltles Act 2011 and General Data Protection Regulation. It 15 consided that. other than Charities Act 2011, there are no laws and regulatlons for which non- compliance may be fundamental to the operating aspects of the busines5. Audit procedures undertaken in SpOnSe to the potential risks relating to irregularitie5 (which include fraLJd and non-complian with laws and regulations) comprised of.. InquIeS of management and those charged with govemarbce as to whether the entity complies with such laws and regulation5; enquiries with the same concerning any actual or potential litigatitsn or claSms,' testing the appropriatene55 of èntries In the nominal ledgèr, Includlng Journal entries,. and reviewing transaction5 aroun(5 the end of the reportlng period which may be indicative of fraud. No instances of materlal non-compliance were identified. However, the likelihood of detecting irregtjlarities, including fraud, is limited by the inhèrent difficulty in detecting irr&gularities, the effectiveness of the charity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be Inhèrently more dlfficult to detect than irregularities that result from error. explalned above, there is an unavoidable risk that Enaterial misstatements may not be detected, even though the aLJ(Jit has been planned and performed in accordan with JSAs IUKI. A further description of our responsibilities for the audlt of the flnanclal statements is located on the Financial Reporting Councll's website at.. www.frc.org.uKlauditorsresponsibilities. Thi5 description forms part of our auditorfs report. Use of our report Thls report Is made solely to the charity's trustees, as a body, bn aecordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been Lsndertaken so that we might state to the charity'5 trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiltted by law, we do not accept or assume responsFbility to anyone other than the charity and its truste&s as a body, for our audit work. for this report, or for the opinions we have formed.
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILL CHARZTABLE TRUST Robert Barry Perez {Senior Statutory Auditor) Silver Levene IUKI Ltd Chartered Certified Accontants 37 Warren St Fltzrovia London WLT 6AD Date.. 31 January 2024 Robert Barry Perez (Senior Statutory ALsditor) 15 eligible fr>r appointment as auditor of the charity by virtue of Its eligibility for appointment as auditor of a company under section 1212 of the Companles Act 2006.
THE MILL CHARITABLE TRusr STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 ilnrestrieted fund5 2023 Total funds 2023 Total funds 2022 Note Income fmm: Donations and Legacies Investments 1,875,318 722 1,875,318 722 1,056,227 430 Total income 1,876,040 1,876,040 1,056,657 Expenditure on: Charitable actlvlties 631,602 631,602 724,754 Total expenditure 631,602 631,602 724,754 Net income before Investment losses Net losses on investments 1,244.438 1.244.438 331,903 {510,089) (510,089) {697,554) li Net income / (expenditure) before other recognlsed gains and losses 734,349 734,349 {365,651) Net rnovément In funds 734,349 734,349 1365,651) Reconciliation of funds: Total funds brought forward 7,183.978 7,183,978 7,549,629 7,918,327 7,918,327 7,183.978 Total funds carried forward
THE MILL CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Flxed assets Investrnents 7,792,357 6,302,446 Current assets Debtors Cash at bank and In hand 12 18 125,936 14,678 63,969 1,027,850 140.614 1,091,819 Creditors: amounts falling due wlthln one year 13 (14,644) 1210,2871 Net current assets 125,970 881.532 Net assets 7,918,327 7,183,978 Charity Funds Unrestricted funds 14 7,918,327 7, 183,978 Total funds 7,918,327 7, 183,978 The flna by.. ial statements were approved by the trustees on 2210112024 and signed on their behalf, CDOrgan( U5tee) S Marks (Trustee) The notes o pages 12 to 19 fomi part of these financial statements. io
THE MILL CHAIUTABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flows from operating activitles Net cash pmvided by operatin9 artivities 17 986,828 504,953 Purchase of investments {2,000.000) 17,000,000) Net cash used in investing artivities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward {2.000.000) 17,000,000) { 1,013,172) 1,027.850 16,495,047) 7,522,897 Cash and cash equlvalents carried forward 18 14,678 1,027,850 The rK>tes on pages 12 to 19 form part of these financial statements.
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting arhd Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wlth the Flnandal Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Mill Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transactitsn value unless otherwise stated in the relevant accounting policy. 1.2 Fund accountlng General funds are unrestrirted funds which are available for use at the discretion of the trustees in furtheranTr of the general objectives of the Charity and which have not been deslgnated for other purposes. Jnvestment income, gains and losses are allocated to the appropriate fund. 1.3 Income All income is recognlsed once the Charity has entitlement to the Income. it is probable that the income will be received and the amount of irbcome receivable can be measured reliably. For legacies, entitlement is taken as the earllèr of the date on which either.. the Charity is aware that probate has been granted, the estate has been finalised and rsotification has been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's Intention to make a dlstrtbutltsn. Where legacles have been notlfied to the Charity. or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contlngent asset and disclosed if matenal. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donatlon. 1.4 Expenditure Expenditure is accounted for on an accruals basis and has beers included under expense categories that aggregate all costs for allocatiorb to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Govemance costs are those incurred in connertion with administration of the charity and compliance with constitutional and sfatutory requirements. Grants payable are charged in the year when the offer is made except in those cases where the offer Is condltlonal, such grants belng recognlsed as expendlture when the condltlons attachlng are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 12
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies (continued) 1.5 Investments Investments are a form of financial Instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impalrment. Investment gains and losses, whether reallsed or unrealised. are combined and shown in the heading 'Gainsl{105sesl on investments, in the Statement of financial activities. 1.6 Interest receivable Interest on funds held on deposlt Is Included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notificatlon of the Interest paid or payable by the Bank. 1.7 0¢btors Trade and other debtts are recognised at the settlement amount after any trade discount offered. Prepayments a valued at thè amount prepaid net of any trade discounts due. 1.8 Cash at bank and In hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposlt or similar account. 1.9 Liabilities and provfsions Llabilities are recognised when thère is an obligation at the Balance sheet date as a result of a past event. it Is probable that a transfer of econornic benefit will be required Sn settlement, and the alnount of thè settlement can be estimated reliably. Liabilities are recogni5ed at the amount that the Charity anticÈpates it will pay to settle the debt or the amount it has received as dvanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts requlred to settle the obligation. Where the effect of the time valLJè of money is material, the provision is based on the present vèlue of those amounts, discounted at the pre-tax disctsunt rate that reflects the risks specific to the liability. The unwindlng of the discount is recogniséd wifhin Interest payable and similar charges. 1.10 Financial in5trument5 The Charity has financlal assets and financial liabilities of a kind that qualify as basic flnancial instruments. Basic financial instruments are initially recognised at transaction value and subseqijently measured at their settlement value. 13
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DoDations Vnrestrirted funds 2023 Total funds 2023 Total funds 2022 Donations Legacies 1,867,894 7,424 1,867,894 7.424 1,056,227 Total donations and legacie5 1,875,318 1,875,318 1,056,227 Total 2022 1,056,227 1.056.227 Investment income Unrestricted funds 2023 Total funds 2023 Total fund5 2022 Lnvestment income 722 722 430 Total 2022 430 430 Direct costs Costs of generating funds Total 2023 Total 2022 Consultancy Art insurance Art storage 12,600 11600 69,230 105,766 3,029 3,029 15,629 15,629 174,996 Total 2022 174,996 174,996 14
THE MILL CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of Expendlture by expenditure type Total 2023 Total 2023 Total 2022 Donations pald Direct cost5 Support costs 542,483 15,629 68.850 542,483 15,629 68.850 466,407 174.996 78.526 Charltable actlvlties 626,962 626.962 719,929 Expenditure on govemance 4,640 4,640 4,825 631.602 631.602 724,754 Total 2022 724,754 724,754 Donatlons payable 2023 2022 Donations paid 542,483 466.407 Governance costs 2023 2022 Travel, Entertainment and Subslstence Postage and delivery Bank Service Charges Audit fees Irrecoverable vat Total 20 156 360 109 3.500 700 4.825 120 3,750 750 4,640 Support costs 2023 2022 Legal and Profe551onal fees Insurance expense 60,533 8,317 70,280 8,246 Total 68.850 78,526 t4et Income/{expenditure) During the year, no trustees 1Ved any remuneratlon (2022 ÉNILI. During the year, no tnjstees received any benefits in kind 12022 - ENILI. During the year, no trustees reiVed any reimbursement of expenses12022 - ENIL). 15
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Auditors, remuneration The Auditor's remuneration amounts to an Audit fee of £3.750 12022 - £3,500). Investments Investments Market value At l April 2022 Addltions Revaluation5 6,302,446 2.000,000 (510.089) At 31 March 2023 7,792,357 Investsnents at market value comprise: 2023 2022 Investments 7,792,357 6,302,446 12. Debtors 2023 2Q22 Prepayments and accrued income 125,936 63,969 13. Creditors: amounts falling due within one year 2023 2022 Trade creditors Other creditors Accruals 10,044 27,450 178,635 4,202 4.600 14,644 210,287 16
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of funds statement of funds - current year Balance at l April 2022 Balance at Gains/ 31 March (Losses) 2023 Income Expenditure Designated funds Designated Funds all funds 158,987 158,987 General funds General Fund5 7.024,991 1,876,040 (631,602) {510,089) 7.759,340 Total Unrestricted funds 7,183,978 1,876.040 (631,602) (510,089) 7,918,327 Total of fund5 7,183.978 1,876,040 (631,602) (510,089) 7.918,327 Unrestncted funds are molntained by the charity at a level sufficient to respond to emergency applications for grants whlch arlse from time to time and to cover governance costs. statement of funds - prior year Balance at l April 2021 Balance at 31 March 2022 Gains/ {Losses) Income Expenditure Designated Funds - all funds 158,987 158,987 General Funds 7,390,642 1,056.657 1724,7541 1697,5541 7,024,991 Total of funds 7,549,629 1,056,657 1724,7541 1697.5541 7,183,978 17
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Analysis of net a55ets between fund5 Analysis of net assets between funds - current year Unrestricted fund5 2023 Total funds 2023 Flxed asset tnve5tments Current assets Creditors due within one year 7.792.357 7.792.357 140,614 140,614 (14,644) (14,644) 7,918,327 7,918,327 Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Flxed asset Investments Current assets Creditors due within one year 6,302,446 1.091,819 1210,2871 6.302.446 1.091.819 1210,2871 7,183,978 7,183,978 16. Related party transactlons Durirlg the year, the Trust received donations from Robobuild Limited, Big Geoff Overseas Limited and Wham Music Limited, companies In whlch two of the trustees of The Mill Charitable Trust are also directors. the amourTrts were £992,894 12022 £431,227), £375,000 12022 £625,000) and £500,000 12022 - £NILI respectively. During the year, The Estate of Mr G Panayiotou paid expenses of £NIL12022 - É 192.3151 on behalf of the Trust, and a loan of £19 1.893 12022 E21,0501 was repaid to The Estate of Mr G Panayiotou by the Trust. At the year end The Estate of Mr Panayiotou was owed £NIL {2022 £178.635). Two of the trustees of The Mill Charitable Trust act as executors for The Estate of Mr G Panayiotou. 17. Reconclllation of net movement in funds to net cash flow from operating activities 2023 2022 Net incomel{expenditure) for the year las per Statement of Flnanclal Activities) 734.349 {365,6511 Adjustment for: (Increase) in debtors IDecreasel/increase in creditors Falr value change In Invèstment (61.967) (195,643) 510,089 17,0071 180,057 697,554 Net cash provided by operating activities 986,828 504,953 18
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Analysls of cash and cash equivalents 2023 2022 Cash in hand 14,678 1,027,850 Total 14,678 1,027.850 19