The Mills Williams Foundation Charity Registration No. 1129407
Trustees' report and unaudited accounts
For the year ended 5 April 2024
The Mills Williams Foundation
Legal and administrative information
| Settlor | Peter John Mills (Deceased) |
|---|---|
| Trustees | Nigel Woolner MBE |
| Alexander Woolner | |
| Keith Pickering | |
| Jeremy Pickering | |
| Maksim Stsura | |
| Date of settlement | 5 May 2010 |
| Charity number | 1129407 |
| Principal address | Bishop & Sewell LLP |
| 59-60 Russell Square | |
| London | |
| WC1B 4HP | |
| Accountants | Evelyn Partners LLP |
| 45 Gresham Street | |
| London | |
| EC2V 7BG | |
| Independent examiner | Susan Kumar ACA |
| Holden Granat LLP | |
| Springfeld House | |
| 23 Oatlands Drive | |
| Weybridge | |
| Surrey | |
| KT13 9LZ | |
| Bankers and investment managers | Rathbone Investment Management Limited |
| 159 New Bond Street | |
| London | |
| W1S 2UD | |
| Evelyn Partners Investment Management LLP | |
| 45 Gresham Street | |
| London | |
| EC2V 7BG | |
| Solicitors | Bishop & Sewell LLP |
| 59-60 Russell Square | |
| London | |
| WC1B 4HP |
The Mills Williams Foundation
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of trustees' responsibilities | 5 |
| Independent examiner's report | 6 |
| Statement offnancial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 14 |
The Mills Williams Foundation
Trustees' report for the year ended 5 April 2024
The trustees present their annual report and accounts of the Foundation for the year ended 5 April 2024.
The accounts have been prepared in accordance with the accounting policies set out on pages 9 and 10 to the attached accounts and the recommendations of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e ff ective 1 January 2019).
Activities, speci fi c objectives and relevant policies
Objectives and activities
The trustees hold the income and such part of the capital as they determine for such of the charitable objects and to make donations to such charitable objects as they decide.
The charitable objects shall mean:
1) The provision of an annual prize to be known as the Mills Williams Junior Fellowship to be awarded to the most deserving student of the Royal College of Music for composition, instrumental prowess, conducting and vocal talent;
2) The provision of an annual prize to be known as the Mills Williams Scholarship to be awarded to a student at the Purcell School, currently £10,000 per annum from June 2023;
3) The provision of an annual prize to be known as the Mills Williams Scholarship to be awarded to a student of the Opera School at the Royal Academy of Music;
4) Financial support for an annual concert to be known as The Rod Williams Memorial Concert to be held at and as a potential promotional initiative for The Royal College of Music in memory of Rod Williams; and
5) Such other purposes, in any part of the world, being exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
The trustees con fi rm that they have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t and, when reviewing the Foundation's aims and objectives, managing the Foundation's assets and considering any applications for fi nancial assistance.
Investment policy
The trustees currently hold the Foundation's funds at Rathbone Investment Management Limited and Evelyn Partners Investment Management LLP. The trustees have a wide power of investment which works to achieve the foundation's aims and objectives.
The Foundation's Rathbone Investment Management Limited portfolio is invested to achieve a balanced return of income and capital growth.
Evelyn Partners Investment Management LLP's core investment objective in respect of the Foundation's portfolio is a balance between income and capital, taking a medium risk approach with the aim of seeking to increase the value of the portfolio over the longer term.
The trustees regularly review the performance of all the Foundation's assets and the investment criteria will be regularly discussed by the trustees, with assistance from the investment advisors.
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The Mills Williams Foundation
Trustees' report for the year ended 5 April 2024
Achievements and performance
Grants
During the year ended 5 April 2024, the trustees committed to pay 6 grants totalling £58,334 (2023 - 7 grants totalling £88,250), which are detailed in note 4 to the accounts. In addition, the trustees paid two grants totalling £16,400 which were committed to be paid in a prior year (2023 - grants paid totalling £60,850). All grants were paid in accordance with the Foundation's charitable objects.
The grants paid during the year included the fi rst tranche of £10,000 included in the accounts as part of a three year commitment beginning June 2023 to the Purcell School. This £10,000 is therefore not included within the £58,334 but does reduce the grant commitments at the year end as shown in note 4.
Investments
During the year the main source of funding was investment income, arising from the portfolios of investments held at Rathbone Investment Management Limited and Evelyn Partners Investment Management LLP.
The trustees are satis fi ed with the performance of the Foundation's investments.
Financial review
Results for the year
The fi nancial activities are summarised on page 7 of the accounts. During the year, the trustees had net outgoing resources, before realised and unrealised losses on investments, of £47,062 having paid and committed to make future grants totalling £58,334 during the year (2023 - net outgoing £78,490, grants £88,250).
The trustees have carefully reviewed the future prospects of the Foundation and its future cash fl ows. Overall, the trustees have a reasonable expectation that the Foundation continues to have adequate resources to continue in operational existence for the foreseeable future, being at least the next 12 months from signing of these accounts.
Reserves policy
The trustees have reviewed the reserves of the Foundation and forecast levels of free reserves (those that are not restricted or designated) that will provide the Foundation with fi nancial fl exibility and provide a cushion against shortfalls in income, either planned or unanticipated. The level of free reserves at 5 April 2024 was £1,679,850 (2023 - £1,625,164). The trustees consider this level of free reserves satisfactory to meet annual grants and donations.
Plans for future periods
The trustees continue to support the maintenance of annual prizes for the Mills Williams Junior Fellowship, the Mills Williams Scholarship at the Purcell School, the Mills Williams Scholarship at the Royal Academy of Music and the annual Rod Williams Memorial Concert.
Against this background of anticipated application of funds, the trustees are working with their investment advisors on an ongoing basis and monitor continually the investment policy.
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The Mills Williams Foundation
Trustees' report for the year ended 5 April 2024
Governance, structure and management
Governance
The Foundation was established by a will dated 10 February 2002 and was registered with the Charity Commission on 5 May 2009, Charity Registration number 1129407.
Trustees
The trustees who served during the year were:
Nigel Woolner MBE Alexander Woolner Keith Pickering Jeremy Pickering Maksim Stsura
There must be at least three trustees.
All decisions a ff ecting the management of the Foundation and its assets are taken by the trustees, who meet on a formal basis annually.
The power of appointing new trustees is vested in the remaining trustees jointly.
When appointing new trustees, the existing trustees will give full consideration to the Foundation's purpose and aims to ensure that they appoint individuals who understand the duties and responsibilities expected of them, and who will act in the best interests of the Foundation.
All of the current trustees have received a copy of the Foundation’s governing documents, and have reviewed the Charity Commission's guidance, the 'Responsibilities of Charity Trustees'. It is expected that all trustees appointed in the future will be provided with a similar induction 'pack' to also include accounting records and meeting minutes.
The trustees consider that their combined skill set is su ffi cient to ensure the e ffi cient performance of the Foundation at this time and feel that, given the size and nature of the Foundation, a formal programme of training is not currently necessary, but they will continue to monitor the situation and will provide suitable training where circumstances require.
Structure and management reporting
The trustees are ultimately responsible for the policies, activities and assets of the Foundation. They are in regular and frequent contact to review the developments with regard to the charity and meet formally once a year to review its activities and to make important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the charity's professional advisors including investment managers and accountants.
Related parties
Nigel Woolner MBE was a trustee and Council member of The Royal College of Music until July 2014 and was made a fellow of the institution in March 2015. The Mills Williams Junior Fellowship is awarded each year to a student of The Royal College of Music (2024 - £19,350 and 2023 - £19,350). The College also hosts the annual Rod Williams Memorial Concert, which is funded by the Foundation (2024 - £6,484 and 2023 - £6,400).
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The Mills Williams Foundation
Trustees' report for the year ended 5 April 2024
Risk factors
The trustees have assessed the major risks to which the Foundation is exposed and therefore the major risk is considered to be the ability to hold adequate funds to meet the charitable funding commitmen ts. A formal review of the Foundation's risk management process is undertaken on an annual basis.
Principal address
Bishop & Sewell LLP, 59-60 Russell Square, London, WC1B 4HP
Accountants
Evelyn Partners LLP, 45 Gresham Street, London, EC2V 7BG
Bankers and investment advisors
Rathbone Investment Management Limited, 159 New Bond Street, London, W1S 2UD Evelyn Partners Investment Management LLP, 45 Gresham Street, London, EC2V 7BG
Independent examiner
Susan Kumar ACA, Holden Granat LLP, Spring fi eld House, 23 Oatlands Drive, Weybridge, Surrey, KT13 9LZ
Solicitors
Bishop & Sewell LLP, 59-60 Russell Square, London, WC1B 4HP
Approved on behalf of the Board of Trustees:
Nigel Woolner
Nigel Woolner MBE
Trustee
Date: 24/11/2024
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The Mills Williams Foundation
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial year which give a true and fair view of the Foundation's fi nancial activities during the year and of its fi nancial position at the end of the year.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the fi nancial position of the Foundation and which enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Mills Williams Foundation
Independent examiner's report to the trustees of The Mills Williams Foundation
I report on the accounts of the Foundation for the year ended 5 April 2024 which are set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirements of section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply and that an independent examination is needed. It is my responsibility to state, on the basis of procedures speci fi ed in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act, whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fa ir' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect, the requirements:
-
(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Susan Kumar
Susan Kumar ACA
Holden Granat LLP Spring fi eld House 23 Oatlands Drive Weybridge Surrey KT13 9LZ
Date: 30/11/2024
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The Mills Williams Foundation
Statement of fi nancial activities for the year ended 5 April 2024
| Notes Income Investment income 3 Deposit interest Donations Total income Expenditure Cost of raising funds Investment management fees and LEI fees Expenditure on charitable activities Grants and support costs 4 & 5 Total expenditure Net expenditure before gains/(losses) on investments Realised and unrealised gains/(losses) on investment assets Net movement in funds Fund balances brought forward at 6 April 2023 Fund balances carried forward at 5 April 2024 |
2024 £ 35,908 1,731 410 38,049 11,586 73,525 85,111 (47,062) 101,748 54,686 1,625,164 1,679,850 |
2023 £ 34,618 543 300 |
|---|---|---|
| 35,461 | ||
| 11,670 102,281 |
||
| 113,951 | ||
| (78,490) (99,541) |
||
| (178,031) 1,803,195 |
||
| 1,625,164 |
The notes on pages 9 to 14 form part of these accounts.
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The Mills Williams Foundation
Balance sheet as at 5 April 2024
| Notes Fixed asset investments Quoted investments 7 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 9 Net assets Income funds Unrestricted income funds |
£ 83,977 83,977 (20,281) |
2024 £ 1,626,154 63,696 1,689,850 (10,000) 1,679,850 1,679,850 1,679,850 |
£ 91,178 91,178 (27,276) |
2023 £ 1,581,262 63,902 1,645,164 (20,000) 1,625,164 1,625,164 1,625,164 |
|---|---|---|---|---|
24/11/2024
Approved and authorised for issue by the Board of Trustees on: ............................................................
and signed on its behalf by:
Nigel Woolner
....................................................................
Nigel Woolner MBE
Trustee
The notes on pages 9 to 14 form part of these accounts.
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
1 Accounting policies
The key accounting policies are summarised below:
1.1 Basis of preparation
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (e ff ective 1 January 2019). The accounts are also prepared in accordance with the Charities Act 2011.
The charity is a public bene fi t entity as de fi ned by FRS 102.
The trust only has fi nancial assets and fi nancial liabilities of a kind that qualify as basic fi nancial instruments. Basic fi nancial instruments are recognised at transaction value and subsequently measured at their settlement value.
1.2 Exemption
The charity has taken advantage of the following disclosure exemption in preparing these accounts, as permitted by FRS 102:
- the requirements of Section 7 Statement of Cash Flows.
1.3 Fund accounting
The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the trust and which have not been designated for any other purposes.
1.4 Going concern
The trustees are con fi dent that the charity will continue to be a going concern and the accounts have been prepared on that basis.
1.5 Functional currency
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £.
1.6 Incoming resources
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.7 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources.
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
1 Accounting policies
(Continued)
1.8 Investments
Investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the di ff erence between the sale proceeds and their cost, are credited or charged to the Statement of Financial Activities in the year of gain or loss.
Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the Statement of Financial Activities in the year of gain or loss.
1.9 Grants paid
Donations granted are recognised in the year in which the award is formally approved, irrespective of the period covered by the donation.
1.10 Liabilities
Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.
2 Legal status of the trust
The charity is governed by the Will of Peter John Mills Deceased, dated 10 February 2002 and is constituted as a charitable trust.
3 Investment income
| Investment income | ||
|---|---|---|
| Rathbone Investment Management Limited UK investments Non-UK investments Evelyn Partners Investment Management LLP UK investments Non-UK investments |
2024 £ 18,581 2,628 10,640 4,059 35,908 |
2023 £ 14,881 5,518 13,194 1,025 |
| 34,618 |
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
| 4 Grants To institutions RCM - Rod Williams Memorial Concert RNCM endowment fund contribution Royal Academy of Music scholarship fund Purcell School Total grants to institutions To individuals Royal College of Music: - Sofa Peciña Medina - Gabrielle Sutkute Royal Northern College of Music: - Jakub Przybycień - Agata Zając Royal Academy of Music: - Rebecca Hart Total grants to individuals Total grants |
2024 £ 6,484 4,500 14,000 - 24,984 19,350 - 10,500 - 3,500 33,350 58,334 |
2023 £ 6,400 4,500 14,000 30,000 |
|---|---|---|
| 54,900 | ||
| - 19,350 - 10,500 3,500 |
||
| 33,350 | ||
| 88,250 |
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
| 4 Grants Reconciliation of grants payable Grants payable for the year Grants paid during the year Commitments at 6 April 2023 Commitments at 5 April 2024 Commitments at 5 April 2024 are payable as follows: Within one year (note 9) Rod Williams Memorial Concert - Royal College of Music Purcell School After more than one year (note 10) Purcell School Grants payable to institutions Grants payable to individuals |
(Continued) 2024 2023 £ £ 58,334 88,250 (74,734) (60,850) 36,400 9,000 20,000 36,400 - 6,400 10,000 10,000 10,000 20,000 20,000 36,400 24,984 54,900 33,350 33,350 58,334 88,250 |
(Continued) 2024 2023 £ £ 58,334 88,250 (74,734) (60,850) 36,400 9,000 20,000 36,400 - 6,400 10,000 10,000 10,000 20,000 20,000 36,400 24,984 54,900 33,350 33,350 58,334 88,250 |
|---|---|---|
| 36,400 | ||
| 6,400 10,000 20,000 |
||
| 36,400 | ||
| 54,900 33,350 |
||
| 88,250 |
5 Support costs
| Support costs | ||
|---|---|---|
| Accountancy fees Independent examiner's fees Legal fees Trustees' expenses Sundry expenses |
2024 £ 5,954 1,772 5,734 1,731 - 15,191 |
2023 £ 5,589 1,200 3,657 2,019 1,566 |
| 14,031 |
All support costs are considered to be costs of governance.
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
6 Trustees' remuneration
None of the trustees (or any persons connected with them) received any remuneration during the year ended 5 April 2024 or 2023. During the year ended 5 April 2024, 3 trustees were reimbursed a total of £1,731 (2023 - £2,019) for travel costs and subsistence expenses incurred in relation to trustees' meetings.
| 7 Fixed asset investments 7.1 Rathbone Investment Management Limited Market value at 6 April 2023 Acquisitions at cost Disposal proceeds and equalisations Change in value in year Market value at 5 April 2024 Realised/ unrealised investment gains/(losses): Realised investment gains Unrealised investment gains/(losses) 7.2 Evelyn Partners Investment Management LLP Market value at 6 April 2023 Acquisitions at cost Disposal proceeds and equalisations Change in value in year Market value at 5 April 2024 Realised/ unrealised investment gains/(losses): Realised investment gains Unrealised investment gains/(losses) Investments at market value comprised: UK investments Non-UK investments |
2024 £ 837,220 201,291 (229,205) 56,668 865,974 15,742 40,926 56,668 744,042 242,923 (271,865) 45,080 760,180 27,663 17,417 45,080 1,231,664 394,490 1,626,154 |
2023 £ 882,585 202,441 (190,987) (56,819) 837,220 30,279 (87,098) (56,819) 817,930 211,128 (242,294) (42,722) 744,042 33,980 (76,702) (42,722) 1,211,854 369,408 1,581,262 |
|---|---|---|
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The Mills Williams Foundation
Notes to the accounts for the year ended 5 April 2024
8 Creditors: amounts falling due within one year
| 8 Creditors: amounts falling due within one year |
||
|---|---|---|
| Accountancy fees Independent examiner's fees Investment management fees Grants payable 9 Creditors: amounts falling due after more than one year Grants payable |
2024 £ 5,954 1,426 2,901 10,000 20,281 2024 £ 10,000 10,000 |
2023 £ 5,589 2,400 2,887 16,400 |
| 27,276 | ||
| 2023 £ 20,000 |
||
| 20,000 |
10 Related party transactions
Nigel Woolner MBE was a trustee and Council member of The Royal College of Music until July 2014 and was made a fellow of the institution in March 2015. The Mills Williams Junior Fellowship is awarded each year to a student of The Royal College of Music (2024 - £19,350 and 2023 - £19,350). The College also hosts the annual Rod Williams Memorial Concert, which is funded by the Foundation (2024 - £6,484, 2023 - £6,400).
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