## **The Millby Foundation**
Financial Statements
Year Ended 31 December 2023
Charity No: 1140985
## **The Millby Foundation**
**Report and Financial Statements for the year ended 31 December 2023**
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Contents
Page:
1 Reference and Administration details
2 - 3 Report of the Trustees
4 Report of the Independent Examiner
5 Statement of Financial Activities
6 Balance Sheet
7 Statement of Cash Flows
8 - 10 Notes forming part of the Financial Statements
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## **Trustees**
## **Principal Office**
Ms Michelle Andrea Shu Lai Yue Ms Sarah Mitchell Ms Stephanie Wong Mr Kevin Yau Kwong Ho 10 Cresswell Place, London, SW10 9RD
## **Accountants**
Wallace Sloan Limited, 128 City Road, London EC1V 2NX
## **Independent Examiner**
Steve Hale FCA, FCCA on behalf of: Perrys Audit Ltd, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
## **Bankers**
HSBC, 25 Notting Hill Gate, London, W11 3JJ
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## **The Millby Foundation**
## **Report of the Trustees for the year ended 31 December 2023**
The Trustees present their report along with the Financial Statements of the charity for the year ended 31 December 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity's trust deed and applicable law.
## **Structure, Governance and Management**
The Millby Foundation is constituted under a Trust deed dated 14 March 2011. It is a private family foundation based in London and registered with the Charity Commission for England and Wales under Charity number 1140985.
The Trustees meet during the year to discuss the overall strategy, consideration of potential grant making and to review the effectiveness of previous grants made.
The Trustees who have served during the year and since the year end are set out on page 1.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.
## **Objectives and Activities**
The Millby Foundation seeks to promote gender equality by advancing the rights of girls and young women, primarily those in the UK and Southeast Asia. Through the provision of strategic grants to selected non-profit organisations, The Millby Foundation delivers opportunities, resources and support that enable girls to thrive and succeed while supporting movements that foster inclusivity and empowerment.
## **Grant making policy**
All applications received are considered by the Trustees on their own merit for suitability of funding.
## **Public benefit**
In meeting the objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and judge that all donations made meet this guidance.
## **Achievements and Performance**
The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £677,592 have been made in the year (2022: £638,617) and are detailed in note 3 of these Financial Statements.
## **Financial Review**
The balance of cash held at 31 December 2023 was £1,379,423 (2022: £879,807).
2
## **The Millby Foundation**
**Report of the Trustees for the year ended 31 December 2023 (continued)**
## **Reserves policy**
The Trustees' policy is to maintain their continuing level of support under the agreed grant making policy. The Trustees aim to maintain reserves in unrestricted funds at a level which equates to approximately six months of charitable expenditure. This should provide sufficient funds to respond to applications for grants and to ensure that there are sufficient funds available to cover support and governance costs.
## **Plans for the future**
The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making.
## **Trustees' responsibilities in relation to the financial statements**
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, 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 and statements of recommended practice have been followed
- subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements 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 which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and 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.
Approved by the Trustees and signed on their behalf by:
**Michelle Andrea Shu Lai Yue** Trustee
Date:
3
## **Independent Examiner's Report to the Trustees of**
## **The Millby Foundation**
We report to the Trustees on our examination of the accounts of The Millby Foundation for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'). We report in respect of our examination of the Trust's financial statements carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England & Wales.
We have completed our examination. We confirm that no material matters have come to our attention in:
1. accounting records were not kept in respect of the Trust as required by section 1230 of the ACT; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content as set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view' which is not a matter considered as part of our independent examination.
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this respect in order to enable a proper understanding of the financial statements to be reached.
## S.Hale
## **Steve Hale FCA, FCCA on behalf of Perrys Audit Ltd**
Chuchdown Chambers Bordyke Tonbridge Kent TN9 1NR
> Date: 28th June 2024
4
## **The Millby Foundation**
**Statement of Financial Activities for the year ended 31 December 2023**
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Notes
Notes 2023 2022
£ £
Income and endowments from:
Donations and legacies 2 692,213 651,181
Expenditure on:
Charitable activities 3 698,776 653,391
Net income (expenditure) (6,563) (2,210)
Other recognised gains/(losses)
Gains (losses) on currency exchange (12,823) 26,827
Net movement in funds (19,386) 24,617
Total funds at beginning of year 767,594 742,977
Total funds at period/year end 748,208 767,594
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All funds are unrestricted and related to continuing activities
The notes on pages 8 to 10 form part of these financial statements
5
## **The Millby Foundation**
**Balance Sheet as at 31 December 2023**
|**Notes**
**Notes**
**Current assets**
Cash at bank
6
**Liabilities**
Creditors: amounts falling due within one year
7
Net current assets
Creditors: amounts falling due after one year
8
**Total net assets**
**Funds**
Unrestricted Funds|**2023**
**2022**
**£**
**£**
**1,379,423**
879,807
**1,379,423**
879,807
**(501,942)**
(29,575)
**877,481**
850,232
**(129,273)**
(82,638)
**748,208**
767,594
**748,208**
767,594|
|---|---|
Approved by the Trustees and signed on their behalf by:
**Michelle Andrea Shu Lai Yue Trustee**
Date:
The notes on pages 8 to 10 form part of these financial statements
6
## **The Millby Foundation**
**Statement of Cash Flows for the year ended 31 December 2023**
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Notes 2023 2022
£ £
Net cash used in operating activities 9 499,616 13,379
Change in cash in the year 499,616 13,379
Cash at the beginning of the year 879,807 866,428
Cash at the end of the year 1,379,423 879,807
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The notes on pages 8 to 10 form part of these financial statements
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## **The Millby Foundation**
**Notes forming part of the Financial Statements for the year ended 31 December 2023**
## **1 Principal accounting policies**
## **(a) Accounting convention**
The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practices as laid down in the Statement of Recommended Practice ''Accounting and Reporting by Charities'' (Charities SORP (FRS102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
**(b) Donations, legacies and similar income** Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
## **(c) Resources expended**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrual basis.
## **(d) Support and governance costs**
Support costs are functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with complying with statutory requirements of the charity.
## **(e) Charitable activities**
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity.
**(f) Foreign currencies** Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling on the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in preparing the Statement of Financial Activities for the period in which they are incurred..
## **(g) Going concern**
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
|**2**
**Donations**
Sponsorship and Mission Support partner
**3**
**Charitable Activities**
**Activity**
The Freedom Fund
The Girls' Network
Inclusive Cambodia
Girl Determined
London Children's Ballet
Sadler's Wells Trust Limited
StreetGames UK
Childnet
Sport in Mind
Right to Play UK Limited
Remake
Fashion Takes Action
Be Loud Studios|**2023**
**£**
**692,213**
**Year ended 31 Decem**
**Grant**
**Support**
**funding of**
**costs**
**activities**
**(see note 5)**
**(see note 4)**
**£**
**£**
403,323
12,609
135,000
4,221
59,060
1,847
35,881
1,122
5,000
156
5,000
156
5,000
156
5,000
156
5,000
156
5,000
156
4,786
150
4,780
150
4,762
149
**677,592**
**21,184**|**2022**
**£**
651,181
**ber 2023**
**Total**
**£**
415,932
139,221
60,907
37,003
5,156
5,156
5,156
5,156
5,156
5,156
4,936
4,930
4,911
**698,776**|
|---|---|---|
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## **The Millby Foundation**
**Notes forming part of the financial statements for the year ended 31 December 2023 (continued)**
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3 Charitable Activities (continued)
Year ended 31 December 2022
Activity Grant Support Total
funding of costs
activities (see note 5)
(see note 4)
£ £ £
The Freedom Fund 431,674 9,987 441,661
Global Fund for Women 87,698 2,028 89,726
Girl Determined 36,428 842 37,270
International Centre for Research on Women 20,738 479 21,217
Inclusive Cambodia 20,502 474 20,976
Fashion Takes Action 5,577 129 5,706
London Children's Ballet 5,000 116 5,116
Sadler's Wells Trust Limited 5,000 116 5,116
Fashion Revolution 5,000 116 5,116
Childnet 5,000 116 5,116
Sport in Mind 5,000 116 5,116
Sustrans 5,000 116 5,116
Right to Play UK Limited 5,000 116 5,116
Bahari Hai Conservation CBO 1,000 23 1,023
638,617 14,774 653,391
4 Grants paid and payable Registered 2023 2022
Charity no. £ £
The Freedom Fund USA 501(c)(3) status 403,323 431,674
The Girls' Network 1156517 135,000 -
Inclusive Cambodia Cambodia registered NGO 59,060 20,502
Girl Determined USA 501(c)(3) status 35,881 36,428
London Children's Ballet 1165961 5,000 5,000
Sadler's Wells Trust Limited 279884 5,000 5,000
StreetGames UK 1113542 5,000 -
Childnet 1080173 5,000 5,000
Sport in Mind 1161323 5,000 5,000
Right to Play UK Limited 1112404 5,000 5,000
Remake USA 501(c)(3) status 4,786 -
Fashion Takes Action Canada Not-for-Profit corp no 777673- 4,780 5,577
Be Loud Studios USA 501(c)(3) status 4,762 -
Global Fund for Women USA 501(c)(3) status - 87,698
International Centre for Research on Women USA 501(c)(3) status - 20,738
Fashion Revolution Foundation 1173421 - 5,000
Sustrans 326550 - 5,000
Bahari Hai Conservation CBO Kenya registered CBO - 1,000
677,592 638,617
5 Support costs 2023 2022
£ £
Accountancy fees 4,000 3,000
Independent Examination fees 960 504
Bank charges 331 420
Trust administration fees 15,893 10,850
21,184 14,774
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## **The Millby Foundation**
**Notes forming part of the financial statements for the year ended 31 December 2023 (continued)**
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6 Cash at bank 2023 2022
£ £
HSBC, London
GBP account 934,873 662,922
USD account 444,550 216,885
1,379,423 879,807
7 Creditors: Amounts falling due within one year 2023 2022
£ £
Sponsorship and Mission Support partner 296,454 24,805
Grants payable
The Freedom Fund 196,363 -
492,817 24,805
Accountancy fees 2,977 1,731
Independent Examination fees 960 504
Trust administration fees 5,188 2,535
501,942 29,575
8 Creditors: Amounts falling due after one year 2023 2022
£ £
Grants payable
The Girls' Network 90,000 -
Inclusive Cambodia 39,273 -
Vow for Girls - 82,638
129,273 82,638
9 Reconciliation of net movement in funds to net cash flow from operating activities
2023 2022
£ £
Net income / (expenditure) for year (19,386) 24,617
Decrease / (Increase) in debtors - 172,190
Increase / (Decrease) in creditors 519,002 (183,428)
499,616 13,379
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## **10 Related parties**
Ms Michelle Andrea Shu Lai Yue is Co-Chair and Trustee of The Millby Foundation and a member of The Freedom Fund's Council of Advocates. Ms Yue is also a Director of the Sponsorship and Mission Support partner.
Mr Kevin Yau Kwong Ho is Co-Chair and Trustee of The Millby Foundation and a Director of the Sponsorship and Mission Support
## **11 Trustees' remuneration and benefits**
None of the Trustees have been paid any remuneration or received any benefits from the charity (2022: nil).
## **12 Trustees' expenses**
No trustee expenses were incurred in the year ended 31 December 2023 (2022: nil).
10