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 p￿sent 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 actIvI￿eS 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 cha￿tY 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 Inte￿8t 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 StrUC￿re# 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$lble for preparing the trustee5' report and the financlal statements In aecordance wlth appllrdble law and Charltles Statement of Recommended Practlce (FRS 102). The law appllcable to charltles In England & Wales requlres the trustees to prepare financial statements for each financlal year In accordanee w1th Unlted Klngdom Generally AC￿pted Accountlng Pract1¢¢ (Un1ted Klngdom Accountlng Standards and appllcable law) whlch glve a true and falr view of the state of affalrs of thè charity and of the incomlng ty5ou￿s ènd appllcatlon of resources, Includlng Its Income and expendlture, for that perlod, In preparlng these flnanclal statements, the trustee$ 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 p￿paratIon Is appllcable law and Unlted Klngdom ACCOUn￿ng 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 exp￿SS 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 pra￿dureS are capable of detectlng Irregularities, Sncludlng fraL*d 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.. InqL*lrfes 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 Instan￿5 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 c￿rItY fund$ Restrlcted funds un￿St￿Cted 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