Charlty number: 1128056 THE MILL CHARITABLE TRUST TRUSTEES. REPORT AND FXNANCXAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE MILL CHARITABLE TRUST CONTENTS Pago Réferenca and admlnlstratlve detalls of the charltyi Its trustees and advlsers Trustees. report Zndependent audltor's teport statement of flnancial activities Balance $hÈet statement of cash flows io Notes to the flnanclal statements 11-21
THE MILL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru¥tee$ Ms P Panayiotou Mr C D Organ Mr S Marks Charlty re9lstered number 1128056 PrlDrlp•l officé E151ey Court 20-22 Great Tltchfleld Street Ltsndon WIW 8BE Secretary M5 P Panayiotou Ind¢pendent audltor Robert Barry Perez {Senlor Statutory Audltor) Sllver Levene {UK) Ltd Chartered Certifled Accountsnt Level 5a Maple House 149 Tottenham Court Road London United Kingdom WIT 7NF nknr• N&lonal Westmlnster Bank 208 Piccadllly London WIA 2DG Solicitors Russells Yaldlng House 152-156 Great Portland Street London WIW 5QA Page 1
THE MXLL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees psent thelr annual report together wlth the audlted flnanclal statements of the chartty for the year 31 March 2024. The flnanclal statements have been prepared Ir> accordance wlth the accountlng pollcles set out In note I to the flnantial statements and comply wllh the Memorandum and Artlcles of Assoclatlon, the CharStSes Act 2011 and Attountlng and Reportlng by Charities.. Statement of Recommended Practlce appllcable to chadtles preparlng thelr accounts in accordan with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102). ObJectlv¢s and artlvltlos Pollcles and objertlves The trustee5 objectives are to benefit such exclusively charitable purposes in any part of the world as th trustees In thelr absolute dlscretion think flt, provided that such purposes are recognised as charitable accordlng to Engllsh law, The trustees have paSd due regard to guldance Issued by the Charlty Commlsslon In decldlng what actIvIeS the trust should undertake. The trustees have complled wlth the duty In sectSon 17 of the Charitles Act 2011 to have due regard to the gUIdan publlshed by the chatY Commlssion on publlc benefit when reviewlng the charity's aims and objectives in planning its future attivitles. In particular, the tnjstees consi(Jer how planned actlvltles wlll contribute to the aims and objertives that havè been set. Achlevements and performance Factors relevant to achieve objertives In the current year the charlty recelved a don?tlon from Robobulld Llmlted of £580,643 (2023 £992,894), from B49 Geoff Oversea5 Limited of £1,4LO,000 12023 £375,000) and from Wham Muslc Llmlted of £340,000 (2023 - £500,000), legacles and bequests of £NIL 12023 - £7,424) and bank Inte8t of £5,483 {2023 £722). Flnanclal revl¢w •. Rèserves policy It 15 the pollcy of the trust to malntaln unrestrfcted funds, whlch are the free reserves of the charlty, at a level sufficient to respond to emergency applications for grants which arise from time to time and to cover govemance costs. Page 2
THE MILL CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 StrUCre# governance and management a. Constltutlon The Mill Charitable Trust 15 a registered charlty, number 1128056, and Is constltuted under a trust deed on 29 January 2009. The tr115tees who seNed durlng the year were: P Panaylotou C D Organ S Marks b. Methods of appolntrnent or electlon of trustees The recruitment and appointment of new trustee5 is agreed by the existing trustees at the Annual General Meeting. Trustees are nomlnated by the Settlor and appolnted by the board of tnjstees and shall offer to ret1 and seek reappolntment by rotatlon annually, Mr C D Organ has been appolnted as chalmian of the trustees until the conclusion of the next Annual General Meeting. Ms P Panaylotou was appolnted trust secretary on 8 July 2021. The trust setretary contlnues to run the day- to-day work of trust, Includlng assesslng grant appllcatlons, Intervlewlng Indlvidual grant appI5cants. She meets periodically with the other trustees to approve all grants annually. Funds made avallable for distribution during the financial year 202312024 have been allocated as anticipated to honour existlng commltments. From l January 2024 The Mlll Chartable frusvs grant maklng Is sltrpported by The Talent Fund Ireglstered charfty 1185346)- c. Rlsk management Thè trustees have assessed the major risk5 to which the charity is exposed, in particular those related to the operdtion5 and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major rlsks. Fund$ held as Custodlan No funds are held as a custodlan. Page 3
THE MILL CHARITABLE TRusr TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 3X MARCH 2024 statement of trustees. responsibllllles The trustees are respon$lble for preparing the trustee5' report and the financlal statements In aecordance wlth appllrdble law and Charltles Statement of Recommended Practlce (FRS 102). The law appllcable to charltles In England & Wales requlres the trustees to prepare financial statements for each financlal year In accordanee w1th Unlted Klngdom Generally ACpted Accountlng Pract1¢¢ (Un1ted Klngdom Accountlng Standards and appllcable law) whlch glve a true and falr view of the state of affalrs of thè charity and of the incomlng ty5ous ènd appllcatlon of resources, Includlng Its Income and expendlture, for that perlod, In preparlng these flnanclal statements, the trustee$ are requlred to.. select sultable accountlng pollcles and then apply them ¢on515tently; observe the n7ethods ané prlnclples of the Charltles SORP; make judgements and accountlrng estlmates that are reasonable and prudent, state whether appllcable UK Ac¢¢untlng Standards (FRS 1021 have been followed, sublert to any mater131 departures dlsclosed and explalned In the flnanclal statements; prepare the flnanclal statements on the golng ¢oncern basls unless It Is Inapproprlate to presume that the charlty w511 contlnue to operatè. The trustees are responslble for keeplng adequate ac¢ountlng records that are sufflclent to show and explaln the charlty's transactlons and disclose wlth reasonable accuracy at any time the fjnanclal posltlon of the charlty and enable them to ensure that the flnènclal 5tatemerbts comply wlth the Charllles Act 2011, the Charlty IAc¢ounts and Reports) Regulatlons 2008 and the proylsloris of the trust deed. They a also responslble for safeguardlng the assets of the charlty and hence for taklng reawnable steps for the preventlon and detectlon of fraud and other Irregularitles. Dlselosure of Inlormatlon to audltor Each of the persons who are trustees at the tSme when th15 trustees. report Is approved ha5 conflrmed that.. so far as that trustee Is aware, there Is no relevant audlt Inlormatlon of whl¢h the charlty's audltor Is unaware, and that trustee has taken all the steps that ought to have been taken as a trustee In order to be aware of any relevant audlt Informatlon and to establish that the charlty's auditor Is aware of that Inlormatlon. Audltor The audltor, Robert Barry Perez (Senlor Statutory Audltor), has Indlcated hls wllllnone5S to ¢ontlnue In offlce. The designated trustees wlll propose a motlon reappointlng the audltor at a meetlng of the trustees, ve by order of the members of the board of trustees and slgned on thelr behalf by: Mr Trustee Date.. 2910 12025 Pagg 4
THE MILL CHARITABLE TRUST INDEPENDENT AUDXTOR'S REPORT TO THE MEMBERS OF THE MILL CHARITABLE TRUST Opinion We have audlted the financial statements of The Mlll Charltable Trust (the 'charlty') for the year ended 31 March 2024 which comprise the statement of financial actlvltles, the balance sheet, the statement of cash flows and the related notes to the flnancfjal statements, Including a summary of slgniflcant 8ccountlng pollcles, The hnanclal reportlng framework that has been applled In thelr pparatIon Is appllcable law and Unlted Klngdom ACCOUnng Standards, 5ncludlng Flnancial Reporting Standard 102 'The Financial Reporting standard appllcable In thè UK ond Republlc of Ireland, (Unlted Kingdom Generally Accepted Accountlng Practice). In our oplnlon the financlal statements.. glve a true and falr view of the state of the charlty's affairs as at 31 March 2024 and of its Incomlng resources and appllcatlon of resources for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce; and have been prepared In accordan with the requirements of the Charitie5 Act 2011. Basis for opinion We conducted our audlt In accordance with International Standards on Auditing (UK) (ISAS {UKII and applicable law. Our re5ponsibilit1è5 under those 5tandard5 are further described in the Auditorfs responslbllltle5 for the audlt of the flnancial statements sectlon of our report. We are Independent of the charity in accordance wlth the ethlcal requlrements that are levant to our audlt of the flnancial statements in the United Klngdom, Includlng the Flnanclal Reportlng Council's Eth>cal Stèndard, and we have fulfilled our other ethlc61 respon51bllStles In accordan wlth these requlrements. We belleve that the audlt evldence we have obtained is sufficient and appropriate to provide a basls for our op5nlon. Conclusions relatlng to golng concern In audltlng the flnanclal statements, we have conduded that the trustees, use of the oolng coneem ba515 of accounting in the preparation of the finandal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalnties relètlng to events or conditlons that, Indlvldually or colleetlvely, may cast slgnlflcant doubt cbn the charity's abtlity to continue as a golng concem for a perfod of at least twelve months from when the flnanclal statements are authortsed for issue. Our responslbllltle5 and the responslbllltles of the twstees wlth respect to going concem are described in the relevant sectlons of this report. Other Information The other information comprise5 the Informatlon Included In the annual report other than the financial statements and our audltor's report thereon. The trustees are responslble for the tsther information contained wlthln the annual report. Our oplnlon on the flnancSal Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expSS any form of assurance concluslon thereon. Our responsibility is to read the other Information and, in doing 50, consider whether the other information is materlally Inconsistent wlth the financlal statements or our knowledge obtained In the course of the audSt, or otherwlse appears to be materlally mls5tated. If we Identlfy such material Inconsistencies or apparent materlal mi5Statements, we are requlred to detemilne whether th15 glve5 rise to a material misststement in the financlal statements themselves. If, based on the worf< we have performed, we conclude that there Is a materbal mlsstatement of thls other Infom)atlon, we are required to report that fact. We have nothing to port In thls regard. Page 5
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILL CHARITABLE TRUST {CONTINUED) Matters on whlch we are required to report by exception We have nothlng to report In respect of the followlng matters where the Charltles (Accounts and Reports) Regulations 2008 requires u5 to report to you If, In our oplnlon: the infomiation given in the tru5tees' report is inconslstent In any materlal respect wlth the financial statements. or stjfficlent accountlng records have not been kept,. or the financlal statements are not in a9reement with the accounting records and returns. or we have not recelved all the Informatlon and explanations we require for our audlt. Responsibilities of trustees As explalned more fully In the trustees, responsibilities Statement Set out on page 3, the trustees are responslble ft)r the preparatlon of the financial statements and for belng satifled that they 9lve a true and falr view, and for such internal control as the trustees determlne Is necessary to enable the preparation of financial Statements that are free from mater131 mlsstatement, whether due to fraud or error. In preparlng the flnancial statement5, the tIU5teÈs are responslble for assesslng the charlty's ablllty to continue as a golng concern, dlscloslngi as applicable, matters lated to golng concem and uslng the golng oncern basis of accounting unless the tr4JStees elther intend to liquidate the charity or to cease operations, or have no fftali5tic alternative but to do so. Auditor's responsibilities for tha audlt of the tlnanclal statements We have been appolnted as auditor under sertion 144 of the CharitTres Act 2011 and report In accordance wlth the Act and relevant regulatlons made or havlng effect thereunder. Our objertlves are to obtaln reasonable assurance about whether the flnanclal statements a5 a whole are free from material misstatement, whether dve 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 accordan wlth ISAS (UK) wlll alway5 detect a matèrlal mlsstatement when It exlsts. Misstatements can arf5e from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economlc decislons of users tsken on the basis of these financlal statements. The extent to whlch our pradureS are capable of detectlng Irregularities, Sncludlng fraLd Is detalled below: Dlscussions were held wlth, and enquirles made of, management and the trustees wlth a vlew to identlfying those laws and regulations that could be èxpected to have a material Impact on the flnancial ststements. During the engagement team briefing, the outcomes of these dlscus51ons and enqulries were shared wlth the team, as well as conslderatlon as to where and how fraud may occur In the charlty. The followlng laws and regulatlons were Identlfied as belng of slgnlflcance to the entlty.. Those laws and regulations considered to have a direct effect on the financlal statements Include Charitles SORP (FRS 102), Charltles A£t 2011 and General Data Protectlon Regulatlon. It is considered that, other than Charities Act 2011, there are no laws and regulatlons for whlch non- Compliance may be fundamental to the operatlng aspect of the buslness. Audlt procedures undertaken In response to the potentlal risks relating to Irregularitie5 {which include fraud and non-compliance with laws and regulations) comprised of.. InqLlrfes of management and those charged with governance as to whèthÈr the entity complles with such laws and regulatlons. enquir(es wlth the same concern1ng any actual or potent5al Iltlgation or claims; tèsting the appropriateness of entrles In the nomlnal ledger, including journal entries. and reviewing transactions around the end of the reporting period which may be Indicatlve of fraud. Page 6
THE MILL CHARITABLE TRusr INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILL CHARITABLE TRUST (CONTINUED) No Instan5 of materlal non-compllance were Identlfled. However, the Ilkellhood of detectSng Irregularltles, including fraud, Ss Ilmited by the Inherent difficulty in detecting irregularities, the effectiveness of the charity's controls, and the nature, tlmln9 and extent of the audlt procedLfres performed. Irregularftles that result from fraud m5ght be inherently more dlfficult to detect than IrregularStSes that result from error. As explained above, there is an unavoidable rfsk that material misstatements may not be detected, even though the audlt has been planned and performed In accordance wlth LSA5 (UK}. A further description of our responsibilities for the audit of the fi.nancial statements is located on the Financial Reportlng Councll's webslte at.. www. Thls descrlption fomis part of our auditor's report. Use of our report Thls report Is made solely to the charlty's trustees, as a bodyi In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regijlations 2008. Our audit work has been undertaken so that we msght state to the charity's trustees those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent pemiltted by law, we do not accept or assume responslbillty lo anyone other thèn the charfty and Its trustees, as a body, for our audit work, for thls report, or for the opinions we have formed. Robert Barry Perez (Senlor Statutory Auditor) Silver Levene (UK) Ltd Chartered Certlfied Accountsnt Level 58 Maple House 149 Tottenham Court Road London Unlted Klngdom WIT 7NF Date.. Robert Barry Perez (Senlor Statutory Audltor) Is ellglble for appolntment as audltor of the charlty by vlrtue of its eligibility for appointment as auditor of a company under seciion 1212 of the CompanSes Act 2006, Page 7
THE MILL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlrted funds 2024 Total funds 2024 Total fijnds 2023 Note Income from: Donations and legaoe5 Investments 2,330,643 5,483 2,330,643 5,483 1,875,318 722 Total Income 2.336,126 2,336,126 1,876,040 Expendlture on: Charltable actlvlties 476.332 476,332 631,602 Totjl expenditure 476.332 476,332 631,602 Net Income before net galns/(losses) on Investments Net gaSnslllossesl on Snvestments 1,859,794 108,859 1,859,794 108,859 1,244,438 {510,089) Net movement In funds 1,968,653 1,968,653 734,349 Reconclllatlon of funds: Total funds brought forward 7.918.327 7.918,327 7,183,978 Total funds carrled forward 9,886,980 9,886,980 7,918,327 Page 8
THE MILL CHARrrABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fl¥¢d asaets Investments 12 8,901,216 7,792,357 ,901,216 7,792,357 Current J$8818 Debtor5 Cash at bank and In hand 13 86,580 924,600 125,936 14,678 1,011,180 140.614 Credltors: amounts falllng due wlthln one year 14 (25,416) <14,644) current a88¢ts 985,764 125,970 Total Jjsets le*s curr¢nt Ilabllltlej 9,886,980 7,918,327 Not •$sot• ex¢ludlng p¢nslon •$$et 9,886,980 7,918,327 Total net a6Bots 9.886,980 7,918,327 crItY fund$ Restrlcted funds unStCted 17 17 9,886,980 7,918.327 Total funds 9,886,980 7,918,327 Thefln by: statements were approved and outhodsed for Issue by the twstees and slgned on thelr behalf MrCDOrga Trustee Date.. 2910 Mr$ Trustee rks 12025 The ncstes n pages 11 to 21 form part of these flnanclal statements. Page 9
THE MILL CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cagh flows from operating activities Net cash used In operating activities 1,904.439 986,106 Cash flows from Investlng a¢tlvltles Dlvldends, Snterests and rents from Investments Purchase of Investments 5,483 722 (1,000,000) (2,000,000) Net cash used in investing p<tiv4ties (994.517) (1,999,278) Cash flows from fln4nclng actlvltles Net cash provlded by flnanclng activitles Change in cash and cash equivalents in the year Cash and cash equlvalents at the beginning of the year 909,922 (1,013,172) 14,678 1,027.850 Cash and cash equlvalents at the end of the year 924,600 14,678 Page 10
THE MILL CHARrrABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General (nformation The Mlll Charftable Trust Is a chadtable trust, reglstered In England and Wales and ha5 no share capitsl, with the registered adsS at Elsley Court, 20-22 Great Titchfield Street, London, WIW 8BE. Accounting pollcles 2.1 Ba$1$ of preparat5on of flnanclal statements The financial statements have been ppad in accordance with the Attountlng and Reportlng by Charltles.. Statement of Recommended Practlce applicable to charitles preparlno thelr aOunt$ in accordance with the FlnancSal ReportSng Standard appllcable In the UK and Republic of Ireland (FRS 102) and the Charltles Act 2011. The Mlll Charltable Trust meets the definltlon of a publlc benefit entity under FRS 102. Assets and Ilabllitles are Inltlally recognlsed at hlstorlcal cost or transactlon value unless otherwise stated in the relevant accountlng policy. The financlal statements are prepared In pound sterllngi whlch Is the functlonal currency of the charlty. Monetary amounts In these flnanclal statements a rounded to the nearest pound. The financlal statements have been prepared under the h15torlcal cost conventlon. The prlndpal accountlng pollcles adopted are set out below. 2.2 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the trtistees In furtherance of the general objectlves of the thartty and whlth have not been deslgnated for other purpose5. Deslgnated funds compdse unrestricted funds that have been set aslde by the trustee5 for partlcular purposes. The alm and usè of each deslgnated fund Is set out In the notes to the financial statements. Investment Incomei galns and losses are allocated to the approprlate fund. 2.3 Going concern Considering current cash levels and conflmied future donatlons, the trustees have a reasonable expectation that the charity has adequate resources to contbnue In operatlon for the foreseeable future. Therefore the Trustees continue to adopt thÉ oolng concem basls of accountlng In preparing the financlal statements. 2.4 Income All income Is recognlsed once the charlty has entitlement to the income, it is probable that the Income wlll be ceiVed and the amount of Income recelvable can be measured rellably. For legacles, entitlement is taken as the earller of the date ot) whlch elther: the thaty Is aware that probate has been granted, the estate has been flnallsed and notSfi£atlon has been made by the executorls} to the Trust that 4 dlstrlbutlon wlll be made, or when a distrlbution is recelved from the estate. Receipt of a legacy, In whole or In part, Is only consldered probable when the amount can be measured rellably and the chadty ha5 been notified of the executor's intention to make a distrlbutlon. Where legacles have been notiff ed to the charityj or the charity is aware of the grantlng of probate, and the crlterla for Income recognltlon have not been met, then the legacy Is treated as a contlngent asset and disclosed if material. Income tax recoverable In relatlon to donatlons recelved under Glft Aid or deeds of covenant Is recognlsed at the tlme of the donation. Pag811
THE MJLL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢ntIng poll¢les (Contlnued) 2.5 Expenditure Expendlture Is accounted for on an accruals basls and has been Included under expense categories that aggregate all c05t5 for allocation to activities. Where costs cannot be di+Y attributed to particular activities they have beon allocated on a basis consistent with the use of the resources. Governance costs are those Inajrred In connertlon wlth admlnlstratlon of the charlty and Compliance with constitutlonal and statutory requ1MentS. Grants payable are charged in the year when the offer Is made except In those cases where the offer is condStional, such grants belng recognised as expendlture when the conditions attaching are fulfilled. Grants offered subject to conditions which have not beèn mèt at thè year ènd are noted a5 a commltment, but not accrued a5 expendlture. All expendlture Is Induslve of Irrecoverable VAT. 2.6 Interest recelvable Interest on funds held on deposit is induded when receivable and the amount can be measured rellably by the charlty J thls Is nomially upon notlflcatlon of the Interest pald or payable by the institution with whom the fijnds are deposited, 2.7 Envestments Flxed asset Investments are a fomi of financial Instrument and are Inltlally recognlsed at their transactlon cost and subsequently measLJred at falr value at the balan sheet date, unless the value cannot be measured reliably in which case it is measured at Cost les5 impairrnent. Investment gains and losses, whether reallsed or unrealised, are combined and presented as 'GalnsllLosses) on Investments, In the statement of flnanclal actlvldes, 2.8 Debtors Trade and other debtors are recognlsed at the settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due, 2.9 Cash at bank and in hand Cash at bank and In hand Includes cash and short-term hlghly Ilquld Investments wlth a short maturity of three months or less from the date of acqui51tion or opening of the dep051t or similar account. Page 12
THE MILL CHARITABLE TRUST NOTES TO THE FINANCXAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng poll¢le$ (contlnuad) 2.10 Uabllltles and provlgloni Liabilitie5 are recognlsed when there Is an obllgatlon at the balance sheet date as a result of a past event, It Is probable that a transfer of economlt benefit wlll be qUIred In settlement, and the arnount of the settlement can be estlmated rellably. Llabllltles a recognlsed at the amount that the charity anticipates It wlll pay to settle the debt or the amount It ha5 recelved a5 advanced payments for the goods or services It must provlde. Provlslons are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the tSme value of money Is materlal, the provlslon Is based on the present value of those amounts, discounted at thé pre-tax discount ratè that reflects the rlsks specific to the liablllty. The unwinding of the discount is recognised in the statement of flnanclal activities as a flnance cost, 2.11 Financial instruments The charity only h4s flnanclal assets and flnanclal Ilabllltles of a klnd that quallfy a5 basic finanaal instruments. Basi¢ finantlal Instruments a Inbtlally recognlsed at transactlon valLTre and subsequently measured at their settlement value. Income from donatlons and lega¢les Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donatlons 2,330,643 2,330,643 1,867,894 7,424 Legacles 2,330,643 2,330,643 1,875,318 Total 2023 1,875,318 1,875,318 Xnvestment income Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Investment Income 5,483 5,483 722 Total 2023 722 722 Page 13
THE MILL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analy$ls of expendlture by ¢xpendlturo type Unrestrscted funds 2024 Total 2024 Total 2023 Expenditure on aovemance Direct costs Donations pald Support cost 5,736 9,398 398,500 62,698 5,736 9,398 398,500 62,698 4,640 15,629 542,483 68,850 476,332 476,332 631,602 Total 2023 631,602 631,602 Expendlture on governan¢e Unr•strlct•d funds 2024 Total fund$ 2024 Total funds 2023 Audlt fees Bank servlce charges Travel, entertainment and subsistence Postage and dellvery Dlfference on forelgn exchange Lrrecoverable vat 4,250 142 4,250 142 4,500 120 20 396 98 850 396 850 5,736 5,736 4,640 Total 2023 4,640 4,640 Page 14
THE MXLL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Dlrect costs Unrestrlcied funds 2024 Total funds 2024 Total funds 2023 Accountancy fees Art Insurance 6,000 2,177 1.221 6,000 2,177 1,221 12,600 Art storage 3,029 9,398 9,398 15,629 Total 2023 15,629 15,629 An•ly$l$ of grants Grants to Instltutlons 2024 Total funds 2024 Total funds 2023 Donatlons pald 398,500 398,500 542,483 Total 2023 542,483 542,483 The charlty has made the followlng material grants to institutions during the year= Page 15
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants {continued) 2024 2023 Name of institution St Thomas of Canterbury Centre for Studles on Jnclus(ve Educatlon Edlth Cavell Fund for Nursery Trussell Trust NSPCC 16,500 42,000 30,000 40,000 35,000 10,000 35,000 15,000 17,000 126,000 30,000 40,000 35,000 10,000 35,000 10,000 St Rlchard's Hosplce Women's Aiij Federatlon The Pepper Foundatlon F- 11 Hellos Crlsls UK National Aids Trust The Food Chaln Shelter Nordoff and RobbSns Refuge Donor Project Angel Food 30,000 35,000 20,000 30,000 40,000 20,000 30,000 35,000 20,000 30,000 40,000 20,000 35,000 29,483 398,500 542,483 No grants were pald to Indlvlduals in the current or comparatlve period. Support costs Unrestrlctad funds 2024 Total funds 2024 Total funds 2023 Legal and professlonal fees Insurance experise Management fee 52,123 8,714 1,861 52,123 8,714 1,861 60,533 8,317 62,698 62,698 68,850 Total 2023 68,850 68,850 Page 16
THE MILL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Auditor's remuneratlon 2024 2023 Fee5 payable to the charity'5 auditor for the audlt of the charity's annual accounts 4,250 3,750 11. Tru$tees' remuneratlon and expenses During the year, no trustees recelved any remuneratbon or other benefits (2023 - £NLL). Durlng the year ended 31 March 2024, no twstee expenses have been Incurred (2023 - £NIL). 12. Flxed asset Investments Other flxed a$$et Investments Cost or vJluatlon At l April 2023 Additians 7,792,357 1,000,000 108,859 Revaluatlons At 31 March 2024 8,901,216 Net book value At 31 Narch 2024 8,901,216 At 31 Narch 2023 7,792,357 13. Debtors 2024 2023 Prepayments and accrued Income 86,580 125,936 86,580 125,936 Page 17
THE MXLL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Credltors: amounts falllng due wlthln one year 2024 2023 Trade credltor5 Accruals 12,755 12,661 10,044 4,600 25,416 14,644 15. Flnanclal Instruments 2024 2023 Financlal assets Flnancial a55ets measured at falr value thmugh Income and expendlture 9,912,396 7,932,971 2024 2023 Flnanclal Ilabllltles Financial liabllSt5es measLtrred at falr value through Income and expendlture 25,416 14,644 Financlal assets measured at fair value through income and expendltvre comprise of Investments, prepayments, accrued Income and cash at bank. Financial liabilities meaSud at falr value through Income and expendlture compr(se of trade credltors and accruals. 16. Related party transartlons Durfng the year, the Trust received donations from Robobuild Limited, Big Geoff Overseas Limited and Wham Muslc Llmlted, companles In which two of the trustees of The Mill Charltable Trust are also dlrectors- the amounts were E580,643 {2023 - É992,894), £1,410,000 (2023 £375,000) and £340,000 (2023 - £500,000) re5pertlvely. DurFn9 the year, a loan of £NIL (2023 £191,893) was repaid to the estate of Mr G K Panayiotou by thè Trust. Two of the trustees of The Mlll Charftable Trust art as executors for the estate of Mr G K Panayiotou. Page 18
THE MXLL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at l April 2023 Balance at 31 March 2024 Galns/ (Lo$ses) Income Expendlture Unrestrlrted ndS Designated funds Designated Funds all fund5 158,987 158,987 General fund$ General Funds all ft*nds 7,759,340 2,336,126 (476,332) 108,859 9,727,993 Total Unrestrirted funds 7,918,327 2,336,126 {476,332) 108,859 9,886,980 Unrestrlcted funds are malntalned by the charlty at a level suffi'clent to respond to emergency applications for grants whlch arlse from tlme to time and to cover govemantt costs. ststement of funds - prlor yeat Balan at 31 March 2023 Balance at l April 2022 Galns/ {Losses) Income Expendlture Unrestrtrted funds Designated funds Deslgnated Funds - all fund5 158,987 158,987 General funds General Funds - all funds 7,024,991 1,876,040 1631,602) 1510,089) 7.759,340 Total Unrestrirted funds 7,183,978 1,876,040 {631,602) {510,089) 7,918,327 Pag8 19
THE MXLL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysls of net assets between funds Analys1$ of net assets between funds - ¢urrent perlod Unrestrlcted funds 2024 Total funds 2024 xed asset Investments Current assets CdItOrS due within one year 8,901,216 8,901,216 1,011,180 1,011,180 (25,416) (25,416) Total 9,886,980 9,886,980 Analysls of net assets between funds - prior period Unrestrlrted funds 2023 Total funds 2023 Fixed asset Investments Current assets Credltors due wlthln one year 7,792,357 140,613 (14,644) 7,792,357 140,613 {14,644) Total 7,918,326 7,918,326 19. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2024 2023 Net Income for the perlod (as per Statement of Flnanclal Actlvltles) 1,968,653 734,349 Adjustments for: Dlvidends, Interests and rents from Investments Decreasel Ilncrease) In debtors Increase/{decrease) In credltors Falr value change In Investment (5,483) 39,356 10,772 (108,859) 1722) 161,9671 1195,643} 510,089 Net cash provlded by operatlng actlvltles 1,904,439 986,106 Page 20
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analy$l$ of cash and Cash equivalents 2024 2023 Cash in hand 924,600 14,678 21. Analysls of ¢h•nges In net debt Changes In market value and exchange At l Aprll rate 2023 Cash flow$ movements At31 March 2024 Cash at bank and In hand 14,678 1,018,781 (108,859) 924,600 14,678 1,018.781 (108,859) 924,600 Page 21