Chorlty numb¢r: 1128056 THE MILL CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THe MXLL CHARITABLE TRUST CONTENTS Page Reference and admlnlstrative detalls of the charftyi Its trust¢es ond 4dvls¢rs Trustees, report Independent audltor's report statement of flnanclal actlvltles Balance sheet statement of cash flows io Notes to the Ilnaficlal statements
THE MXLL CHARrrABLE TRUST REFERENCE AND ADMINKSTRATXVE DETAILS OF THE CHARrrY ITS TRUSTEES AND ADVISERS FOR TrIE YEAR ENDED 31 MARCH 2025 Ms P P4naylotou Mr C D Organ Mr S Marks Charlty regl•t•red number 1128056 Prfnclpal ¢)fll Elsley Court 20-22 Great Mtchfleld street London WIW 8BE S¢¢rntary Ms P Pan4ylotou Xnd4pend•nt •udlt•r Xelnadln Audlt Ltd Chartered Accountants 8th Floor 8ecket House 36 Old )ewry London ec2R 800 8ank• N#tlonal We5tmlnster Bank plc 208 Piccadllty London WIA 2DG Sollcltor• Russells Yaldlng House 152-156 Great Portland Streer London WIW 5QA Page 1
Ttr1 MILL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR EIIDED 31 MARCH 2025 The trustees present thelr annual report together wlth the audlted flnancial statements of the charity lor the year 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out irb note I to the financlal statements and comply wlth the Memorandum and Artlcle5 of A55oclatlon, the Charltles Act 2011 and Accounting and Reporting by Charitles: Statement ol Recommended Practlce èppllcable to charitles preparing tlieir accounts in accordance wSth the Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland {FRS 1021, Objettlyes and actlvltles •. Poll¢lu and obJectlv*s The trustees oblectives are to beneflt such extlusively charitable purposes in any part of the world as the trustees In thelr absolute dlscretlon thlnk flt, provlded that such purposes are recognlsed as charltable according to English law, The trustee5 have pald due regard to gUIdan Issued by the Charlty Commlsslon In declijlng what actlvlties the trust should undertake. The trustees have complled witli the duty In 5eitlon J7 tsl the Charltles Act 2011 to have due regard tts the gu5danee publlshed by the Charity Commlsslon on public benefit when reviewing the charitys alms and oblecllves In plannlng Its future aitlvltles, In parllcular, the trustees conslder how planned actlvities will tontrlbute to the alms and objectives that have been set. Achlevemenls Jnd peifomiance a. Factor8 relevant to athleve objectives In the current year the charity received a donation from Robobuild Limlted of £192,584 120?4 - £580,6431, rrom Blg Geoff Overseas Llrnlted of £500,000 12024 - EI,410,0001 and from Wham Mu5Ic Llmlted of ,£400.000 12024 - £340,OUOI, and bank Interest of £7,953 12024 - £5,483). Flnanclal review a. Reserves pollcy It Is the policy of the trust to malntaln unrestricted fvnds, whlch are the free reserves of the charlty, at a level sufficlent to respond to emergency applicaiions for grants whlcli arlse fvom tlme to tlme and to Cover governance costs. Pago 2
THE MILL CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 structurei govemance and mana9émént •• Con8tltutlon The Mlll Charftable Twst Is a reglstered charltyi rhumber 1128056, and Is conslltuted under a trn5l deed on 29 January 2009. Thè trustees who See during the year were,, P Panayiotou C O Organ S Marks b. Method* of appoltttfftent or él•etlon Of Irugt•es The recrultment and appolntment of new trustee5 Is agreed by the exlstlng twstees at the Annual General Meetlng. Trustees are nomlnatsd by the Settlor and appolrsted by the board of trustees and shall offer to retlre and seek reapptslntment by rotation annvally, Mr C D Orgaii has bEen appoiiited as d)alimaii of tlie iruslees unlil the conclusloii of Ilie next Annual General Meetln9. Ms P Panaylotou appolnted trust secretary on 8 Juty 2021. The trust secretary contlnues to the day- to-day work of trust, Including assessing granl appllcations, Intervlewlno IndSvldual grant appllcants. She meets perlodlcally wlth the other trustees to approve all grants annually. Funds made avallable for dSstrtbutson during the linanclal year 202412025 have been allotated as antlclpated to honour exlstln9 omfftltments. From l January 2024 The Mlll Chartable Trust's grant maklng 1$ 5UPPOrted by The Talent Fund (reg15tered charfty l L853461. c. Rl8k management The trustee5 have Issessed the major tl$ks to whlch the tharlty is exposed, In partlcular those related to the operations ènd flnances of the charilyr and a satlsfied that Systems and procedures are Iri place to mltlgate exposure to the Inalor rlsks. Funds held as cugtodlan No funds are held as a custodlan. Page 3
THE MILL CHARITABLF TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 statement ol trustees. responslbllltlej The trustees are responsible for preparing the trustees, report and the financlal statements In 3ccordan¢e wlth appllcèble law and Charltles Statement of Recommended Practlce IFRS 1021. The law applicable to charities In England & Wale5 requlres the trustees to prepare flnanclal sialements for each financial year lrn accordance wlth Unlted KSngdom Generally Accepted Accountlng Pract1 (united Klngdom Accountin9 Standard5 and applicable lawl whlch glve a true 4nd falr view of the state of affair5 of thc charity and of the Incomlng resou5 and Jppllcatlon of resources, Includlng Its Inttsme and experdlture, lor that perlod. In preparing these financial statements, the trustees are required to.. select sultable accounting polic*s and then apply them consistentlys observe the method5 and prlnclples ol the Charltles SORP; make judgerrenls and accoyntlng estimates that are reasonable and prudent,. state whether appllcable UK Actovntlng Standards IFRS 1021 have been followed, Subject to any aterial departures disclosed and explalnetl In the fénancial statements, prepare the financlal statements on the golng concern basls unless It Is Inapproprlate to presume that the charity will continue to operate. The trustees are responsible lor keeplng adequate accountin9 records that are sulflclcnt to show and eyplaln the tharity's transactions and dlSElose wlth aSOnable accuracy ot any tlme the financial posltlon of the charity and enable them to ensure that the financial statements comply with the Charitie5 Att 2011. the ChariLy (Accounts and Report51 Regulatior15 2008 and the provlsions of the trust (Seed. They are also responslble for safeguarding the assets of the charlty otsd henee for laklng reasonable steps for the prevention and detection of frau¢J and otl)er irregularities. Disclosure of InformatlDn to audltor Each of the persons who are trustees at the time ¥¥hen this trustees, report is approved has confirmed that,, so far as that trustee 15 aware, there Is no relevant audll Informatlon af whlch the charlty's audltor Is unawai-e, ènd that trustee has taken all the Steps that ought to have been tsken as a trustee In order to be aware of any relevant audlt Infomiatlon and to establlsh that the charlty's audltor Is aware of thal Informatlon. Audltor The audltor. Xelnadin Audlt Ltd, has Indlcated hls willingness to contlnue In offlc¢. The deslgnated trustees wlll propose a motlon re3ppointlng the audltor at a meetlng of Ihe trustees. Approved by order of the members of the board of trustees and slgned on thelr behalf by.. Ms P PanaySotou Truslee Date.. IS lei126 Page 4
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THe MILL CHARITABLE TRusr Oplnlon We have audlled the flnan¢lal stotements of The Mlll Charftable Trust (the 'tharlly') for the year ended 31 March 2025 whlch comprlse the statement of flnanclal acllvltle5, the balance 5hEet, the statement of cash rFows and the related notes to the flnanclal statements. Includlng a summary of slgnlflcant accountlng pollde5. The flnanclal reportlng fram¢work th)t hos been applled In thelr preparation Is opplluble law and Unlted Klngdom Attounllng Standards, Ineludino Flnanclal Reportlng Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland, (Unlled Kln9dom Generally Accepted Accounting Prattfjte). In our oplnlon the flnandal statements.. glve a true and falr vl¢w of the State of the charlly's affalrs as at 31 Morch 2025 and of Its Incomlng resources and appllcatlon of resources for the year then ended,. have been properly prepared In a¢¢ordance wlth Unlted Klngdom Generally Accepted A¢tountlng Practlce,. and have been pr¢pared In accordance wlth the requlrements of the Charltles Act 2011. Baslg lor oplnlon We conducted our èudlt In accordance wlth Internallonal Standards on Auditlng (UK) {ISAs (UKI) and applicable law. Our responslbilittes. under those standards are further de5crlbed In the AudIt0$ responslbllltles for Ihe audlt of the financlal stalements sectlon of our report, We are Independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the finandal statements In the Unlted Kln9dom, Includlng the Flnanclal RepDrtlng Councll's Ethlcal Standard, and we have fulfilled our other ethlcal responslbilitles In accordance yt these requlrements. We belleve that the audlt evldence we have obtained Is 5ufflclent and appyoprlate to prt*vlde o bas15 for our oplnlon. Concluslons velatlng to golng concern In auditing the flnancial statements, we have corttluded that the trustees. use of Ihe golng ¢orkcem basls of accountlng In the preparallon of the flnanclal slatements Is approprlate. Based on the work we have perfvrtned, we have not Identified any material UnrtaIntleS relating to events or condltlons that, Indlvldually or collectively, may cast slgnlflcant doubt on the charlty's ablllty to contlnue as a goirbg concern for a period OF at least twelve months from when the finanoal statements are authodsed for Issue. Our re5ponslbllltles and the responslblllUe5 01 the trustees wlth respect to golng concern are descrlbed In the relevant sectlons or thls report. Oth¢r Informatlon The other Informatlon comprlses the Informatlon Included In the annual report other than the ftnanclal statefflerbts and our auditor'5 report thereon. The trustees are responsible for the other Informatlon contalned wlthln tl)e annual report. Our oplnlon on the flnanclal statements does not cover the other Infomiatlon and, except to the extent otheM5e explicitly stated In our report, we do not express any form of assurance colush)n thereon. Our responslbllity Is to read the other Infomation and, In dolng so, conslder whether the other Informatlon Is materially Inconsistent wlth the flnanclal statements or our knowleége obtalned In the COLJrse tsf the audSt, or otheiwlse appears to be tnaterlally mlsstaled. If we Identlfy such material inconsistencies or apparent material rnisstatements, we are requlred to determlne whetl)er thls glves rlse to a moterlal mlsstatement In the fln4nclal statement5 them5elve5. If, based on the work we have perfomied, we conclude that there 15 a materlal mlsstatement of this other Inlormatlon, we are requlred to repoit that fact. We have nothlno to report In thls regard. Pago 5
THE MILL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILL CHARITABLE TRUST (CONTINUED) Matters on which wo are requlred to report by exceptlon We have nothing to report in respect of the followlng motters where the ChatIeS (Accounts and Reports) Regulatlons 2008 requlres us lo port to you If, In our oplnlon.. the information giveii in the trustees, report is inconsistent In any material respect wlth the flnancial statements. or sufficient accountlng records have not been kept- or the Ilnancial statements are noi In agement ¥vlth the accountSng records and return5; or we liave not recelved all the Information and explanatlons we reoulre for our audit. Re¥prJn4lbllltle• of trustee$ As explained more fulty In the tiustses, responslbilitles ststement set out on page 3, the trustees are responslble for thc preparatlon of thE finanrlal 5tatetllents and for belng satlfled that they glve a true and falr vlew, an(5 for suth internal control as the trustees determine Is necessary to enablÉ the preparatlon of flnandal staternents that are free from marerlal mlsstatement, whether due to fraud or error. In preparing the financlal statements, the tru5tee5 are sPonsIble for assessln9 the tharlly's abillty to contintre Js a golno coneem. dlscloslng, as applicable, matters related to golng concern and uslng the golng concern basis of acc(iunting unless the trustees elthèr intend tts liqvidate the charfty or to cease operatlorss, or have no reallstic altematlve but to do so. AudStor'$ re6pon$lbllltl•s lor the audlr ot the flnan¢lal statements We have been appolnted as audStor under section 144 of the Charitie5 Act ?.011 and report In occoidance with the Act and relevant reyulatlons made or havlng effect thereunder. Our obSectlves are to obtaln reasonable assurance about whether the flnanclal staierner¢ts as a whole are free from materlal misstatement, whetl)er due to fraud or error. and to Issue an auditor's report that Indude5 ovr oplnlon. Reasonable assuran Is a hlgh level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) wlll always detect a material mlsstatement when It exlsts. Misstalement5 can arise from fraud or error and are consldered materlal 11, Indlvldually or In the aggregate, they Could reasonably be expected to influence the econornlc dec15ions of users taken on the basls of these flnandal stalement5. The extent to whlch our procedure5 are capable of delectin9 irregularlties, Includijig fraud Is detalled below: Dlscussion5 were held Yrfith, and enquiries made of, management and Ihe Inistees with a view to Identlfylng those laws and regulations that could be expected to have a materlal Impart on the flnanclal statements. Durfng the engogement team briefing, the outcomes Df these dlscussions and enqulries were shared wlth the team, as well as considerallon as to wl)ere and how fraud may occur In the charlty. The followln9 laws and regulations were idenlilied as being of $19nificance to the entlty.. Those laws and regulatlon5 considered to have a dirett effect on the financial statements include Charities SORP IFRS 1021, Charltles Act 2011 and General Data Protectlon Regulatlon. It is considered that, other than Charitles Act 20 1 I, there are no laws and regulètions for whlch non- compliance may be fundamenlal to the operaling aspecl of the bu5ines5. Audit procedures undertaken In response to the potentlal nsks relatlng to irregularities {whlch Include fraud and non-compliance with laws and reoulations} comprised of., Inquirles of management and those charged witli governance as to whether the entity complies wlth such laws and regulatlons,. Ènquiries with the same concernlng any actual or potential litlgJtlon or dalms; lesting the appropriateness of entrles In the nomlnal ledger, Including journal entries. and reviewlThJ transactlons around the end of the reportln9 perlcd whlch may be Indlcatlve of ffaud. Page 6
THE MILL CHARITABIt TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TrIE MILL CHARITABLE TRUST (CONTINVED) No Instances of materlal non-ctsmpllonce were Identlhed, However, the Iikellhood of detectlng Irregularftles, Indudln9 fraud, Is Ilmlted by the Inherent dlffsculty In detectlng 5rregularStles, the effectlveness of the charlty's controls, and the n)ture, tlmlng and extent ol the audlt procedures performed. Irregularllles that result from fraud mlght be InhentlY more dlfficult to detect than Irregularltles thèt result from error. As explalned above, there Is an unavoldable rlsk that materlal mlsstatements may not be detected, èven though the audlt has been planned and performed In actordance wlth ISAS IUKI, A hjrther descrlptlon of our respoTrs4bllltles for the audlt of the financlal statemEn¥5 Is located on the Flnanclal Reporling Councll's webslle al: au ItOTsres onslbllities. This descilptlon fomis parl of our audltovs report. of our v•poit Thls report Is made solely to the charoty's trustees, as a body, In a¢cordJnce wlth Part 4 of the Charltles (Accounts and Report5) Regulatlons 2008, Our audlt work has been undertaken so that we might state to the chaty,5 trustees those maiters we are requlred to state to them In an audltor's report ond for no other purpos¥. To the fullest extent permltted by law, we do not accept or assume re5POn5ibllity to anyone other than the charlty and Its trustees, as a bodyi for our audlt work, for Ihls report, or for the oplnlon5 we hève fornied. Xelnadln Audlt Lld Chartered Accountants 8th Floor 8e¢ket House 36 Old Jewry London EC2R 8DD LI 2olb Djle: Xelnadtn Audit Ltd Is eligible for appolntment as audttor of the tharfty by vlrtue OF It5 eliglblllty for appolntment as audltor of a company under sectlon 1212 of the Companles Act 2006. Pag8 7
THE MILL CHARITABLE TRUST STATEf4lENT OP FINANCJAL ACTIVITXES FOR THE YEAR ENDED 31 MARCH 2025 As restated Tot81 funds 2024 Unrestrlcted funds 2025 Total fund 2025 Not¢ Income trorn: Donations and legacies Invesiments 1.092.584 10,831 1,092,584 10,831 2,330,643 5,483 Total Income 1,103,415 1,103,415 2,336.126 Expendlture on: Charitable actlvltles 1,586,652 I,S86,852 476,332 Total ¢xpendlture 1,586,852 1,586,852 476,332 Net {expendlture)Ilncomt belore net (14Jss•s)Igaln8 on Inve$tment¥ Net (Ios5es)Igalns ori Investments (483,437) (483,437) (55,014) (55,014) 1,859,794 1,108,859 Net movement In lunds (538,451) (538,451) 2,968,6S3 Reconclllatlon of fund$: Total funds brought fotward as previously stated Prior year adJu5rment 9,886,980 1,000.000 9,886,980 1.000.000 7.918.327 Total funds brought fonward as restated 10,886,980 10.886,980 7,918,327 Tot•1 funds currled forward 10.348,529 10,348,529 10,886,980 Page 8
THE MILL CHAAITABLE TRusr BALANCE SHEET AS AT 31 MARCH 2025 As restated 2024 2025 Note Flxed a$6ets rnvestment5 12 ,787,114 8.901,216 9,787,114 8,901,216 Current •8$gts Debtors Cash at bank and In hand 13 60,658 528,636 86,580 1,924,600 589,294 2,011,180 CurTtnt liabllitles Credllors: amounts falllng due wlthln one year 14 127,87>) {25.4161 et current assets 561,415 1,985,764 Tot414$¥•ts 1¢88 current Ilabllltles 10,348,529 10,886,980 Net assets excludlng penslon ass¢t 10,348,529 10,886,980 rot•1 net as•t 10,348,529 JO,886,980 Chttrlty funds Unresttlcted funds 18 10,348,529 10,886,980 Total fuDds 10,348,529 10,886,980 The nnandal statements were approved arkl authorlsed for Issue by th by,. es and slgned on thelr behalf Ms P Panaylotou Trustee Date.. Mr C D Organ Twstee IS loiia£ The notes on pages 11 to 23 form part of these flnanclal statemetits. Page g
ThE MILL CHARrrABLE TRUST STATeMEMT OF CASH FLOWS FOR THE YEAR ÈNOED 31 MARCH 2025 As restated 2024 102S C••h flows Irom op•r•tlng •¢tSvltl Net cash used In operatlng activltles {4Q3.916) 1,904.439 C••h novm from Inve•tlng •ctlvltl Bank 5nteresl Purchase of Investment- (See Note 17) 7,952 (1,000.000) 5,4e3 Not c•sh (u$4d In)/provlded by lThvegtln9 aCtl¥ltl•$ (99I048) 5.483 Cash tlows from flnanclng actlvltl•4 Net ca•h provld•d by flnan¢ln• a¢tlvltl•# Chang0 In u•h ¥nd equlval•ttts In th• y•4r Cash and cash equlvalent5 at the beglnnlng of the year (1,395.964) 1.909,922 ¥924,600 14.678 Cmh and cjsh equlvJlent$ at Ib• •nd ol th• y••r 528.63fj 1.924.600 Page 10
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Informatlon The Mill Charitable Trust Is e charltable trust, reglstered In England and Wales and ha5 no share capltal, wlth the reglstered address at Elsley Court, 20-22 Great Tltchfteld Street, London, WIW 8BE. Accountlno poll¢le$ 2.1 Bas1$ of preparatlon ol flnan¢lal stat*m•nts The flr)anclal statements have beÈn prepared In atcordance wlth the Accountlno and Reportlng by Charities.. Statement of Recommended Practlce appllcable to charltle5 preparlng thelr accounts In accordan wlth the Flnandal Reportlng StarKlard appllcable In the UK arKI Republlc of Ireland (FRS 102) and the Charltles Act 2011. The Mill Charltèble Tmst meets the defftnltlon of a publlc beneflt entlty under FRS 102. Assets and Ilabllltles are Inltoally recognlsed at hlstorlcal cost or transactlon valve unless otherwlse stated In the relevant atcount(ng pollcy. The Flnandal statements are prepared in pound sterllngi whlch Is the functlonal currency of the charlty. Monetary amounts In these flnanclal statements are rounded to the nearest pound. The finonclal statements have been prepared under the hlstorlcal cost conventlorb. The prinopal 8ttountlng pollcles adopted are Set out below. 2.2 Fund acuJuDtIDg General funds are unrestrlcted lunds whlch are avollable for use at the dls¢retlon of the trustees In furtherance of the general objectlves of the tharlty and whlch have not been deslgnated for other purposes. Deslgnèted lursds comprlse uniestrlcted lund5 that have been set aslde by the trnstees for partlcular purposes. The alm and use of each deslgnated fund Is set out In the notes to the flnandal statements. Investment Incomei galns and losses are allocated to the approprlate fu1, 2.3 Golng concern Con51derfng Lvrrent cash levels and conflrmed lulure donatlons, the twstees have a reasonable expectatlon that the charlty has adequate resources to continue In operation for the foreseeable future. Therefore the Trustees contlnue to adopt the golng concern basls of acwuntln9 In preparing the flnanclal statement5. Pagé 11
THE MILL CHARITABLE TRUST NOTES TO ThE FINANCIAL gTATeMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl•s (contlnued) 2.4 Income All in¢ome Is re¢ognlsed on¢0 the tharlty has entStlement to the iftcome, It Is probable that the Income wlll be recelved and the amount of Income reeèlvable Can bo measured rellably. For le9acles, entitlement Is taken as the earlier of the date on whlch elther: the charlly Is awore that probaie has been granted, the e5tste has been flnallsed and notlficatlon ha5 b88n made by the executor(sl to the Trust that a dIStbut[On wlll be made, or when a disttlbutlon Is recelved from the estate, Recelpt of a legacy. In whole or In part, Is only consldered probable when the mount can be measured rellably and the charity has been notified of the exe¢utorfs Intention to make a dlstrlbutlon. Where legace5 have been notlNed to the charftyi or the charlty Is aware of the grantlng of probate, and the crlteria for income rKognltlon have not been meL then the le9acy Is treated a5 a contlngent asset and dlsclosed If materlal. Income tax recoverable In relatlon to donatfjons recelved under Glft Ald or deed5 of covenant 1$ recognlsed at the tlme of the donation. Pag• 12
THE MILL CHARITABLE TRUST NOTES TO THE FINANCXAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2025 Aceountlng ptslleles (contlnuéd) 1.5 Expendlture Expendlture Is accounted for on an actruals basls and has been Included undér expÈns categorles that aggregate all costs for allocatlon to actlvltles, Where costs cannot be dlrectly
ttrfbuted tp partieular attivltles they have been allocated on a b)sl$ mnsistent wlth the use of
the resources. Governance costs are those Ineuired In ttjnnectloh wlth admlnlsiratSon of the charlly and compllance wllh wnstitutlonal and 5t4tutory refjulreffl¢nt5, Grants payable are ¢harged In the year when the offer Is m•de except Ir) those cases where the offer Is condltlonal, s¢Jch grants belng recognlsed as expendlture when the conditions attachlng are fulf¢lled. Grants Dffered subject to condltlons whlch have not been met at the year end are noted as a commltment, but not acerued as expendlture. All expenditure 15 inclvsive of Irrecoverable VAT. 2.6 Interejt recelvabl• Interest on fvnds held on deposlt 15 Included when recelvable and the arnount can be measured reliably by the charlty,. thls Is normally upon notlllcalloTh of the Interest pald or payoble by the Instltutlon wlth whom the funds are deposlted. 2.Y Xnvestments Flxed asset Investments ère a form of Nnanclal Instrument and are Inltlalfy retognlsed at their transactlon cost and subsequently measured at falr value at the balance sheet dote, unless the value cannot be measured rellably In whlch case It Is measured at (Q51 less Impalrment. Investment 9alns and losses, whether reallsed or unreallsed, are comblned and presented as 'Galnsl(Losse5) on Inveslments. Sn the statement ol fln4n¢lal a¢tlvltles. 2.8 Dobtors Trade and other debt0 ar¢ recognlsed at the 5ottl¢ment amount after any trade dlscounl offered, Prepayments are valued at the amount prepaid net OF any trade di5cryJnts due. 2.9 Cash at bank and In h•nd Cash at bank and In hand Include5 cash and short-term hlghly liquld Investments wlth a short mabjrlty of three rnonths or less from the date of acqulsltlon or openlng of the deposlt or slmllar account. Pago 13
THE MILL CHARITABLE TRUST NOTES TO THE PINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollclos {contlnu¢d) 2.10 Llabllltl•• and provlslon Llabllitles are recognlsed when there is an obligatlon at the balance sheei date as a result of past event, 11 Is probable that a transler of economlc bencflt wlll be requlred In settlèment. and the amount of the seltlement can be estimated rellably. Uabllltles are recognised at the amount thot the charlly antlclpates It wlll pay to settle the ¢Jebt or the amount It has rereived a5 advanced payments for the goods or services It must provide. Provisions are measured at the best t5tlmate of the amounts requlred to settle the obllgatlon. Where the errect tsf the tlme value of money Is materlal, the provlslon Is based on the present value of those amounts, discounted at the pre-tax discount rate thot reflects the risk5 5peclflc to the Ilablllty. The unwlndino of the discoLFnt is recognlsed In the statement of financlal attlvlties as a flnance cost. 2.11 Flnanclol Instrument$ The Charlty only has financial assets and finanelal 11)bllities of a kind that qualify as baslc flnanclal instrumcnts. Baslc flnanclal in5trument5 are Inltla51y recognlsed at rransactlon value and subsequently measured at thelr settlement value. Income Irorn don4tlons Unregtrlct•d fund$ 2025 Total funds 2025 Total funds 2024 DorFatlons 1,092,584 1,092,584 2,330,643 Total 2024 2,330.643 2,330,643 Investment Incomè Llnrestfltted fund5 2025 Total fundg 2025 Total funds 2034 Investment Income 10,831 10,831 5,483 Total 2024 5.483 5,483 Page14
THE MILL CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analy1• of expendlturyè by oxp•ndltur• typ• Unr••trlct•d lund* 2025 T¢)tsl 202S Totsl 2024 Expendliure on governance Dlre¢t Costs Donatlon5 pald SLTrPPOrt st 6,706 6,706 24,538 24,538 1,369,482 1,36>,482 186,126 186,126 5,736 398,500 62,698 1,586,852 1,586,852 476,332 Total 2024 476,332 476,332 expeThdlture on gov•rnanc• Unrqstrlcted lund$ 2025 Total nds 202S Total funds 2024 Avdlt lees Bank servlre charges Travel, entertalnment and subslstence Postage and dellvery Dlfference on forelgn exchongo lffecoverable vai 5,500 57 34 5.500 4,250 142 34 396 98 850 15 I,ioo i.ioo 6,706 6.706 5,736 rotal 2024 5,736 5,736 Page 15
THE MILL CMARXTABLE TRUST NOTES TO THE FXNANCIAL STATEMENTS POR THE YeAR ENDED 31 MARCH 2025 Dlre¢t ¢o$ts urtrICted fund$ 2025 Tot•1 Total ftjnds 2024 2025 Accountancy fees Art Insurance Art Storage 21,000 2,127 1,411 21.000 1.127 1,411 6,000 2,177 1,221 24,538 24.538 9,398 Totsl 2024 9,398 9,398 Analy*lA Of gr•nts Grants to Instltutl4ns 2025 Tot41 f4rnd# Z025 Total fvnds 2024 Donatlons pald 1.369,482 1,369.482 398,500 Total 2024 398,SOO 398,$00 Page 18
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025 DoTrallons pald The charlty has made the followlng fflaterlal grants to Institutlons durlng Ihe year.. 1025 2024 4 Young People 42nd Street Action Menlal Health Albert Kennedy Thjst (aktl Bauer Mlsslon Chrlstmas Black Mlnds Matter Bultle UK 20,QDQ 20,000 20,000 106,614 150,000 20,000 105,000 Centre for Sttjdles on Incluslve Educatlon Centrepolnt Chlldren Heard and Seen 42,000 50,000 15,000 35,000 30,000 Crisis UK 35,000 Depaul UK Edlth Cavell Fvnd for Nurses Eye2Eye Flnchley Foodbank Hellos 30,000 20,000 10,000 60,000 30,000 10,000 45,000 20,000 20,000 35,000 20,000 25,000 10,000 30,000 Jvst Llke U5 Laurence's Larder Uamau Mlndspace Nailonal AIDS Trust Naz & Matt Foundation 20,000 Naz Project Nordoff and Robblns North Paddlngton Foodbarlk NSPCC Off the Record SE Hèmpshlre OTR Bristol Posltlvely UK Project Angel Food SACHMF Sense 20.000 35,000 20,000 20.000 20.000 47,868 20,000 30,000 40,000 30,000 20,000 Shelter Shelter from the Storm Splre5 st Rlchard'5 Hosplce 40,000 10,000 1,124,482 262,000 Pagg 17
THE MILL CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Donjtlons pald (contlnued) 2025 2024 stThomos of Cantorbyry Star Support step 2 Streetwlse The Brandon Centre The Dlverslty Fund The Food Chaln The Lowdown Th¢ Pepper Foundatlon The Rock Trust Trussell Trust Vlcar's Relief Fund Women's Aid Federatlon 16.500 30,000 20.000 zoA)00 20,000 10,000 35,000 20,000 10,000 10,000 30.000 15,000 40,OUO 35.000 35,OIKI 35.000 1,369,482 398.500 Support ¢o$ts Unres¢rlcted funds 1025 rolal fund• 2025 Total fvnds 2024 Legal and professional fee5 Insurance expense Management fee Admln fee Webslte costs 39,923 8.642 2,089 127,186 8,286 39,923 8,842 089 127.186 8.286 52,123 .714 1,861 186,126 186,126 62.698 Total 2024 62,698 62.698 Page 18
THE MXLL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Audltor's ramuneratlon 2025 2024 Fees payable to the charlty's audltor for the audlt of the charlty'5 annual ccounts 5,700 4,250 11. Trustees, remuneratlon and expenses Durlng the year, no trustees reiVed any remuneration or other beneflts (2024 £NJL). Durfng the year ended 31 March 2025, no trustee expenses have been Incurred {2024 - £NIL>. 12. Flxed asset Investments Othor flxed asset Investments Cost or valuatlon At l Aprll 2024 Additions - see note 17 Fair value movement Management charges {as recognlsed wlthln support costs - see note 9) 8,901.216 1,000,000 {55,014) {59,088) At 31 March 2025 9,787,114 Net book value At 31 March 2025 9,787,114 At 31 March 2024 8,901,216 13. Debtors 2025 2024 PPaYMents and accrued income 60,658 66,580 Page 19
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Creditors: amounts falllng due wlthln one year 2025 2024 Trade credltors 8,090 19,789 12,755 12,661 Accruals 27,879 25,416 15. Financial instruments As restated 2024 2025 Flnanclal assets Flnanclal assets measured at falr value through Income and expendlture 10,376,406 10,912,396 2025 2024 Financlal liabllltles Flnanclal Ilabllltles measured at falr value through Income and expendlture 25,752 25,416 nanclal assets measured It falr value through Income and expendlture comprlse of Investments, prepayments, accNed Income and cash at bank. Rnanclal Ilabllltles measured at falr value through Income and expenditure comprise of trdde creditors and accruals. 16. Relatad party transactions During the year, the Trust received donatlons from Robobulld Llmlted, Blg Geoff Overseas Llmited and Wham Music Limited, companies In which two of the trustees of The Mlll Charltable Trust are also dlrectors. the amounts were £192,584 12024 £580,643), £500.000 12024 £1,410,000) and £400,000 (2024 £340,000) respectively. Page 20
THE MILL CHARITABLE TRVST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Stat¢ment of funds stalément of funds - current year AS restated Balance at l Aprll 2024 Balance ¥t 31 March 2025 Galnsl (Lo8&) Incomo ExndIture Unrestrlcted lund$ De61gn•ted funds Designated Fund5- all nds 158,•87 158,987 Gener41 fund# General Funds - all funds 10,727,993 1,103,415 (1,580,852) (55,014) 10.189,542 Total Unie$trl¢t¢d funds 10,886,980 1,103,415 (1,586,852) {55,014) 10,348,529 Unrestrlcted fund5 are maintalned by the charity at a level 5ufficlent to respond to emeryency appllcatlons for grants whlch arf5e from tlme to tlme and fo cover governance costs. Statgment of funds - prior year As restated Balarbce at 31 March 2024 Balan at A5 restated l Aprtl 2023 Income Expendlture Galnsl (Losses) Unrestrlcted funds D•8lgn•ted fundg Deslgnated Funds- all funds 158,987 158,987 enernl tunds General Funds- all funds 7,759,340 ?,336,126 1476,3321 1.108,859 10,727,993 Total Unrestrleted lunds 7,918,327 2,336,126 1476,3321 1,108,859 10,886,980 P8ge 22
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of net aS9ets betwètn funds Analysls of net assets between funds - current year Unrestrlcte d funds 2025 Totsl funds 2025 Fixed asset Investments Current assets Credltors due wlthln one year 9,787,114 589,294 (27,879) 9,787,114 589,294 {27,879) Total 10,348,529 10,348.529 Analysls of net assets between funds - prior year As restated Unrestrlcted Endowment funds funds 2024 2024 As restated Total funds 2024 FSxed asset Investments 8,901,216 2,011,180 125.416) 8,901,216 2,011,180 125,416) Current assets Credltors due wlthln one year Totsl As r¢stat¢d 10,886,980 10,886,980 20. Recon¢lllatlon of net movement In funds to net cash flow from operatlng actlvltles 2025 2024 Net income/expenditure for the year las per Statement of Financial Activities) (538,451) 2,968,653 Adjustments for: 8aTrk 5nterest Oecreasel {increase) IA debtors Increasel{decrease} in crellltors Management charges Falr value change In Investment (7,952) 25,921 2064 59,088 55,014 (1,108,859) (5,483) 39,356 10,772 Net cash provlded by/(uged in) operatlng •¢tlvltles (403,916) 1,904,439 Page 23
THE MILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analyslg of ¢a$h and ¢a$h equivalents 2025 2024 Cash In hand 528,636 924,600 1,000,000 sh in transit Total cash and cash equlvalents 528,636 1,924,600 22. Analysls of changes In net debt Changé$ In market value and exchange rate Cash flows Movèments At31 March 2025 At l Aprll 2024 Cash at bank and in hand 1,924,600 (1,450,978) 55,014 528,636 1,924,600 {1,450,978) 55,014 528,636 P8ge 24