REGISTERED CHARITY NUMBER: 1154892
THE TRILLIUM TRUST UK
TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025
THE TRILLIUM TRUST UK
INDEX TO FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025
| Page | |
|---|---|
| Charity Information | 1 |
| Report of the Trustees | 2-3 |
| Statement of Trustees’ Responsibilities | 4 |
| Auditors report | 5-8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 14 |
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THE TRILLIUM TRUST UK
CHARITY INFORMATION
| CHARITY NUMBER | 1154892 |
|---|---|
| TRUSTEES | Paul Read |
| Harry Read | |
| Maximilian Read | |
| Felicity Smith | |
| CHIEF INVESTMENT OFFICER | Paul Read |
| PRINCIPAL ADDRESS | 19 Montague Road |
| Richmond | |
| Surrey | |
| TW10 6QW | |
| AUDITORS | Moore Green |
| 22 Friars Street | |
| Sudbury | |
| Suffolk | |
| CO10 2AA | |
| BANKERS | Metro Bank |
| One Southampton Row | |
| London | |
| WC1B 5HA | |
| STOCKBROKER | Killik & Co |
| 2a Downshire Hill | |
| Hampstead | |
| London | |
| NW3 1NR | |
| CUSTODIAN | Platform Securities LLP |
| Kildare House | |
| 3 Dorset Rise | |
| London | |
| EC4Y 8EN |
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THE TRILLIUM TRUST UK
REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2025
The trustees present their report and accounts for the year ended 5 April 2025.
Structure, Governance and Management
The charity was established by a charitable trust deed on 16 September 2013, with 3 initial trustees, Paul Read, Harry Read and Felicity Smith. Trustees meet as required to discuss the charity, but at least twice a year, and Paul Read and Felicity Smith run the day-to-day activities of the charity.
Trustees may serve indefinitely, but must be re-appointed every 2 years by a resolution of the trustees. New trustees will be co-opted by existing trustees having regard to the skills, knowledge and experience required for the effective running of the charity. Maximilian Read was elected a Trustee on September 25, 2016.
All trustees are advised of their responsibilities under charity law.
Related Parties
None of the Trustees (or any persons connected with them) received any remuneration or benefits during the year. The charity has not met any individual expenses incurred by trustees for services provided to the charity during the year.
Risk Factors
Trustees make regular reviews of the risks which the charity faces, the most significant of which is a reduction in the value of investments. To this end, while the Trust’s investment policy is to hold a diversified global portfolio of investments, the Chief Investment Officer has established a list of investment risk restrictions that must be adhered to. These restrictions are established by the trustees and are subject to annual and if necessary extraordinary review and amendment by the trustees.
Objectives and Public Benefits of the Charity
The charity’s objects are focused on the advancement of the education and health of persons of any age, anywhere in the world. At present the trustees have chosen to support health projects and the education of children in the developing world, in particular in Zambia, and social welfare in the UK (particularly homelessness, work with prisoners, and vulnerable youths).
This is achieved by making grants to UK charities operating in these fields.
Under the terms of the trust deed, the trustees must apply the income of the charity to furthering its objects. Trustees have had regard to the guidance issued by the Charity Commission on public benefit.
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THE TRILLIUM TRUST UK
REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 5 APRIL 2025
Review of Activities
The charity was fully funded and the Chief Investment Officer continued to manage the endowment in line with the Investment Policy agreed with Trustees.
The investment policy of the Trust is to construct a portfolio, within established risk guidelines, that seeks to maximize the probability of achieving returns that preserve the real long-term value of the Trust’s assets while providing funds to meet the Trust’s aspirations to support UK charities sharing its objectives.
Grants of £222,827 were made during the year.
The Trust has no employees and therefore no employee costs were incurred during the year.
Financial Review
The Trust had Investment Income of £300,709 and accountancy and investment fees of £7,664 during the year. The net current assets at year end amounted to £6,212,841
Reserves
The Trillium Trust’s policy on reserves is to keep these relatively constant and to make donations, as far as possible, out of incoming resources. The endowment reserves amounted to £5,511,318 and the unrestricted reserves to £701,523, at 5 April 2025.
Felicity Smith Trustee
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THE TRILLIUM TRUST UK
STATEMENT OF TRUSTEES’ RESPONSIBILITIES YEAR ENDED 5 APRIL 2025
Under the Charities Act 2011, the Trustees are required to:
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(i) keep proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity;
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(ii) prepare financial statements for each financial year which give a true and fair view of the state of the Charity’s affairs and of its surplus or deficit for the year, and comply with the regulations made by the Secretary of State.
In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and whether the financial statements have been prepared in accordance with the Statement of Recommended Practice, Accounting by Charities, issued by the Charity Commission; and
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prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will not continue in operation.
The Trustees 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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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRILLIUM TRUST UK FOR THE YEAR ENDED 5 APRIL 2025
Opinion
We have audited the financial statements of The Trillium Trust (the ‘charity’) for the year ended 5 April 2025 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our
6 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement [set out on page 4], the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
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considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of regularities, including fraud and non-compliance with laws and regulations, our procedures included obtaining an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the most significant laws and regulations were the Charities Act 2011.
We assessed and concluded that the charity’s key areas were in relation to investment income and valuation. Specific audit tests were undertaken to review this.
We assessed the susceptibility the charity’s financial statements to material misstatement, including how fraud might occur. Audit procedures by the engagement team included identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; understand how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; challenging assumptions and judgements made by management in its significant accounting estimates; identifying and testing unusual value entries, in particular any entries posted with unusual account combinations; and assessing the extent of compliance with laws and regulations. The size of the charity and value of transactions indicated a low level of material risk.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
The accounts for the year ending 5 April 2024 were not subject to audit and as a result the comparative figures in these accounts for the year ending 5 April 2025 have not been audited. As part of our work in connection with the audit of the figures for this year we have reviewed the opening balances brought forward as at 6 April 2024 from those prior year accounts.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
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or assume responsibility to anyone other than the charity and charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Moore Green Statutory Auditor 22 Friars Street Sudbury Suffolk CO10 2AA Date: …17 January 2026....................................
Moore Green is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
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THE TRILLIUM TRUST UK
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2025
| Notes INCOMING RESOURCES Investment income 2 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Direct charitable expenditure 3 Indirect expenditure: Administration expenses 4 TOTAL RESOURCES EXPENDED NET (OUTGOING)/INCOMING RESOURCES Other gains and losses: Realised profit/(loss) on investments 5 Unrealised (loss)/gain on investments 5 Unrealised (loss)/gain on FX NET MOVEMENT IN FUNDS AS AT 5 APRIL 2024 AS AT 5 APRIL 2025 (page 10) |
2025 2024 £ £ £ £ Unrestricted Endowment Total 300,709 - 300,709 239,298 300,709 - 300,709 239,298 222,827 - 222,827 153,500 5,480 2,184 7,664 2,720 228,307 2,184 230,491 156,220 72,402 (2,184) 70,218 83,078 - (11,319) (11,319) 23,317 - (93,603) (93,603) 359,045 - (191) (191) 3,633 72,402 (107,297) (34,895) 469,073 629,121 5,618,615 6,247,736 5,778,663 701,523 5,511,318 6,212,841 6,247,736 |
2025 2024 £ £ £ £ Unrestricted Endowment Total 300,709 - 300,709 239,298 300,709 - 300,709 239,298 222,827 - 222,827 153,500 5,480 2,184 7,664 2,720 228,307 2,184 230,491 156,220 72,402 (2,184) 70,218 83,078 - (11,319) (11,319) 23,317 - (93,603) (93,603) 359,045 - (191) (191) 3,633 72,402 (107,297) (34,895) 469,073 629,121 5,618,615 6,247,736 5,778,663 701,523 5,511,318 6,212,841 6,247,736 |
|---|---|---|
Notes
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Incoming/outgoing resources and movements in reserves arise from continuing operations.
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Total gains or losses recognised for the current and preceding financial year are detailed above.
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THE TRILLIUM TRUST UK
BALANCE SHEET AS AT 5 APRIL 2025
INVESTMENTS CURRENT ASSETS Accrued Income Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS FUNDS Unrestricted income fund (Page 14) Endowment fund (Page 14) |
Notes £ Unrestricted 5 - 51,030 655,493 6 (5,000) 701,523 8 701,523 8 - 701,523 |
2025 £ £ Endowment Total 5,524,680 5,524,680 - 51,030 (13,362) 642,131 - (5,000) 5,511,318 6,212,841 - 701,523 5,511,318 5,511,318 5,511,318 6,212,841 |
2024 £ 6,072,552 47,937 128,387 (1,140) 6 ,247,736 629,121 5,618,615 6,247,736 |
|---|---|---|---|
These Financial Statements were approved by the Trustees on …17 January 2026…………
Felicity Smith Trustee
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THE TRILLIUM TRUST UK
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025
1 ACCOUNTING POLICIES
Accounting convention
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Investment income
Dividends and bank interest are recognised by reference to the date of payment. Fixed interest income is recognised on an accruals basis.
Investments
Investments are stated at market value. Any unrealised gains or losses are included in the Statement of Financial Activities. Only when an investment is wholly sold is the gain or loss shown as realised.
Accumulated Funds
The Unrestricted Fund represents accumulated annual surplus of income whilst The Endowment Fund is the charity’s permanent endowment fund, against which certain costs, notably the stockbroker’s fees and global custody charges, can be charged.
Grants payable
The Unrestricted Fund is only available for the general purposes of the charity as set out in the governing document but because the Trustees are free to use this fund for any of the charity’s purposes and in accordance with SORP 2015 (FRS 102) it is designated as unrestricted.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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THE TRILLIUM TRUST UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2025
1 ACCOUNTING POLICIES CONTINUED
Taxation
The charity is exempt from tax on its charitable activities
2 INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| Dividends Fixed Income Interest Other interest received Total |
2025 £ 74,838 219,267 6,604 300,709 |
2024 £ 82,473 154,817 2,008 239,298 |
|
All dividend income is from listed investments or registered unit trusts.
3 DIRECT CHARITABLE EXPENDITURE
| 3 DIRECT CHARITABLE EXPENDITURE | ||||
|---|---|---|---|---|
| Grant to Build-It International Grant to Camfed International Zambia Grant to Tall Ships Youth Trust Grant to Fulham Football Club Foundation Grant to Spear Caf Bank Ltd Grant to Royal National Children Grant to Maggie Keswicj Kencks Cancer Caring Grant to St Mungo’s Hostel Grant Water Aid Total Grants made this year 4 ADMINISTRATION EXPENSES Unrestricted Faster Payment Fee Audit & accountancy fees Endowment Global custody charges |
2025 £ 100,000 21,667 10,000 10,000 20,000 20,000 20,000 21,160 222,827 2025 £ - 5,480 5,480 2,184 2,184 |
2024 £ 80,000 40,000 13,500 10,000 10,000 153,500 2024 £ - 1,170 1,170 1,520 1,520 |
||
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THE TRILLIUM TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2025
5 INVESTMENTS
| Fixed Income Securities £ Market Value at 5 April 2024 3,966,993 Purchases (including equalisations) 449,526 Sales (including redemptions) (900,423) Realised Gain/(Loss) (13,692) Unrealised Gain/(Loss) (92,390) Market Value at 5 April 2025 3,410,014 Original Cost 4,352,499 |
Equity Total Total Investments 2025 2024 £ £ £ 2,105,559 6,072,552 5,186,409 149,120 598,646 2,052,000 (141,173) (1,041,596) (1,548,488) 2,373 (11,319) 23,586 (1,213) (93,603) 359,045 2,114,666 5,524,680 6,072,552 1,755,630 6,108,129 5,732,894 |
|---|---|
6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Expenses Accrued | 2025 £ 5,000 |
2024 £ 1,140 |
|---|---|---|
7 TRUSTEES
None of the Trustees received any remuneration for their services, nor had expenses reimbursed.
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THE TRILLIUM TRUST UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2025
| 8 RECONCILIATION OF FUNDS Unrestricted Fund £ 6 April 2024 629,121 Net (outgoing)/incoming resources (page 5) 72,402 Realised profit/(loss) on disposal of investments - Unrealised Gains/(losses) on investments - Unrealised gain/(loss)on FX - 5 April 2025 701,523 |
Endowment 2025 2024 Fund Total Total £ £ £ 5,618,615 6,247,736 5,778,663 (2,184) 70,218 83,078 (11,319) (11,319) 23,317 (93,603) (93,603) 359,045 (191)(191) 3,633 5,511,318 6,212,841 6,247,736 |
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