HE MULLION CHARITABLE TRU 31 MARCH 2024 ontents Page Admlnistrative Information Trustees, report Independent Examiner's Report statement of Flnanclal Actlvltles Balance Sheet Notes to the Financial Statements FLEr HE UNTANTS SALISBURY
Page 1 1168788 TRUSTEES Mr T F R Bradfield Ms K E C Bradfield COURSLEY FARM LYDEARD sr LAWRENCE TAUNTON TA4 3SW INVESTMEIWF ADVISERS Schroder & Co Limlted l London Wall Place London EC2Y SAU CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Nalllng, Kent ME19 4JQ INDEPENDENT EXAMINERS Fletcher & Partners Lrown Lhambers t5riage street Salisbury Vvi Itsnire SPI 2L
Page 2 TRU The trustees present their annual report for the y8ar 8nded 31 March 2024. The accounts comply with the Charitles Act 2011, Accountlng and Repot11ng by Charltles.. Statement of R8comm8nded Practice applicable to Ghaiities preparfng thelr a¢wunts In acGordance wlth the Financial Reporling Slandard applicable in the UK and Republlc of Ireland (FRS 102) leffe¢tlv8 1 January 20151 and wlth the Finanolal Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 102) (effective 1 January 2015). Objectives and Activities The Trust was est8bli5hed to apply income and Capltal to make grants to organisations that further science education, medical research and the arts. or to charities that benefit the homeless and operate to provide safety to those at sea. In the Tru8l's eighth year, Ihe Trustees awarded a grant of £15,000 to Centrepoint. The Trust also received back £7,417 that had prevlously been granted to the Evelyn Trust, which had been committed and recognised in previous years, but Iranspired wasn't required by their researcher. Th8 Truste8s pay due regard to the Charity Commisslon's guldance on publ1¢ beneflt. Achievements and P8rformanc8 Th8 TNsie8s h8ve used the r8lurns from the capital invested lo award grants for charftable purposes in Itght of the obj8CtIV8S S8t out in Ihe trust deed, as follows- Thg grant award8d and paid to Centrepoint was to help youru pecple escape from homelessness. Trusta8s antlcipate th& charity will continue to award grdnts to charitabl8 organisations from its Investment Inwm8 for thg foreseeable futur8, Flnanclal Revlew As at 31 March 2024 the fund held net a8S8ts of £1,171,2479, principally investments in charitable unit Irusts valued at £1,088,369 at the year end. The valuation resulted in unrealised gains of £62,676 for tha year, r8cov8ring most of the prior y88r Ioss8s resulting frDm global instability of marf(ets. Trustees revlewed th8 performanc8 of the investm8nts against r&18vanl benchmarks and determined to rgmain Invested In th8 fund. These investments g&narated income of £45,693 that was u8ed to fund the grants paid in the year. At the year end unrestrictsd funds tota118d £96.649, represent8d by moni8s in its CAF bank account and investments. Structuro, governance and managemont The TNst Deed was signed on 7 Aprll 2016 and establish@d thg objectives and powers of the Trust. The Trust Is an unincorporated charitable Trust, ragist8rad and op8rating in Eroland. The Trustees Identify organisations they belleve may be appropriat8 to support. in light of the charty's oblectlves, to Identlfy projects in ne of funding. Those organisations ar8 invited to apply for grant funding and any blds recelved are 8valuat8d in temis of cost, the natur& and 10 of b8n8fit, the relevance to the CharFLable Oblects and the likely Impacl of the proj&¢t. The Twstees were appointed by the Trust deed and can appoint new Trustees should tha nagd arise. They undertake traini as needed to ensure Ihey undgrstand and act in accordance wlth laws and regulatlons.
Page 3 TH ITABLE TRUST EPORT OR THE YEAR ENDE 202 Reserves policy The trustees, policy is tTr spend substantially all the annual incorrie, after payment of administrative expenses, to award grants. Surplus income is retained in cash or reinvested. The oharity does not hold any free reseNes. Risk factors The trustees have reviewed the risks to the assets of the charity and 8re satisfied that sufficient controls are in place whiGh are reviewed at regular intervals. Trustees, responslblllties The trustees are responsible for preparing the trustees, report and the accounts in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare 8GGounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practlce (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of th.e incoming resources and application of resources ofthe charity for that year. In preparing these accounts, the trustees are required to.. select suitable accounting policies and Éhen apply them consistently., observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent, state whether applicable acGountir)g standards have been followed., 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 adequate accounb'ng records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any tirne the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) F<egulations 2008 and the provision5 of the trust deed. They are also spOnSible for safeguarding the assets of the chartty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Trustee5 Trustee Approved by the Trustees 20 lanuary 2025 Date
THE MULLION CHARITABLE TRUST I report on the accounts of the Trust for the year ended 3 1 March 2024, whlch are set out on pages 4 to 8. Respectlve responslbllltles of the trustees and examlner The charlty's trustees are responslble for the preparatlon of the accounts. The trustees conslder that an audit Is not requlred thls year under section 144(2) of the Charltles Act 2011 (the 2011 Act) and that an Independent exam Inatlon Is needed. It Is my responsibi l ity to: examine the accounts under section 145 of the 2011 Act. follow the procedures lald down In the general Dlrectlons glven by the Charlty Commlsslon under settion 145(5)(b) of the 2011 Act. and state whether partlcular matters have come to my attentlon Basis of Independent Examiner's Report My examination was carried out in accordance with the general Directions given by the Charitv Commisslon. 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 dlsclosures In the accounts, and seeklng explanatlons from you as trustees concernlng any such maft+Ars. The procedures undertaken do not provlde all the evldence that would be-required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and falr vlew" and the report is Ilmlted to those matters set out In the statement below. XNDEPENDENT EXAMINER'S STATEMENT In the course of my examination, no matter has come to my attention: (i) which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accountlng records in accordance wlth sectlon 130 of the 2011 Act. and to prepare accounts whlch accord with the accounting records and comply with the accounting requirements of the 2011 Act; have not been met: or {2) to whlch, In my oplnion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. James Fletcher Date Zi )¢Z J Fletcher, F.C.A. Fletcher and Partners Chartered Accountants Crown Chambers Bridge Street Salisbury Wiltshire SP12L
Page 5 HA TATEMEN L ACTIVITIES EAR ENDED 31 MARCH 202 Unrestrlcted Fund Capital Fund Total 2024 Total 2023 INCOME.. Donatlon Investment Income 45,832 45,832 45,410 Total Income 45,832 45,832 45,410 EXPENDThURE ON., Raising fund5 Charltable activltles 2,474 2,474 9,486 2,592 8,303 9,486 Total Expenditure 9,486 2,474 11,960 10,895 NET INCOME/{EXPENDITURE) BEFORE INVESTMENT GAINSILQSSES 36,346 (2,474) 33,872 34,515 OTHER INTEFiEST REC'BLE AND SIMILAK INCOME OThER RECOGNISED GAINS AND LOSSES Realised gains/(losses) on disposal Unreallsed galns/(losses) 62,676 62,676 (90,866) NET MOVEMENT IN FUNDS 36,346 60,202 96,548 (56,351) Total fund5 brought forward 60,303 1,014,396 1,074,699 1,131,050 Total funds carried foNard £96,649 £1,074,598 1,171,247 £1,074,699 The notes on pages 7 to 9 form part of these accounts
Page 6 N CHARITAB BA CE SHEÉT RCH2 24 Note 2024 FIXED ASSETS Investments 1,088,369 1,030,444 CURRENT ASSETS Debtors Cash at bank and in hand 583 46,042 85,338 85,338 46,625 LIABILITIES Creditors falling due within one year 2,460 2.370 NET CURRENT ASSETS 82,878 44,255 TOTAL NEf AssErs £1,171,247 £1,074,699 Representing THE FUNDS OF THE CHARITY Capital Fund Unrestricteol Fund 1,074,598 96,649 1,014,396 60,303 TOTAL CFIARIfi FUNDS El,171,247 £1,074,699 Signed on behalf of the Trustees Trustee Approved by the Trustees 20 lanuary 2025 Date The notes on pages 7 to 9 form part of these accounts
Page 7 THE MULLION CH IAL FOR TH H 2024 I. ACCOUNTING POLICIES a. Basls of accountlng The financlal statements are prepared In accordance wlth the Accountlng and Reporting by Charltles: statement of Recommended Practice applicable to charities preparlng thelr accou nts In accordance wlth the Flnanclal Reportlng Standard {FRS102) and the Charitie5 Act 2011 and applicable reg ulatlons. These flnanclal statements are drawn u p on the hlstorlcal cost accounting basls except that Investment assets are carried at market value. The flnanclal statements are prepa red In sterllng, whlch Is the functlonal cu rrency of the charlty. The charity meets the deflnltlon of a public beneflt entlty under FRS 102 The trustees conslder that th@re a re no materia l uncertainties about the Trust's ablllty to continue as a golng concern, based on a revlew of the balance sheet assets and Ilabllltles, and future plans. b. Income Income is accounted for In the perlod In whlch the charlty Is entitled to the Income, It Is probable that the Income wlll be recelved and the amount of income can be measured rellably. Dlvldends are cognlsed once the dlvldend has been declared and notification has been received of the dlvldend due. c. Expendlture Llabllltles are recognlsed as expendlture as soon as there is a legal or constructlve obligation committing the charity to that expend iture, it 15 probable that settlement wlll be requlred and the amou nt of the obllgatlon can be measured reliably. Expenditure is included on an accruals basls. Grants are included in the statement of flnanclal actlvltles when a legal or constructlve obligation to pay them comes into existence. Charltable expendlture Includes all g rants made to other charities and inclLJdes governance costs. Governance costs cornprise the independent examlner's fee, secretarial fees, and postage & stationery, d. Investments Investments are a form of basic financial instrument and are 5nltlally recog nlsed at thelr transactlon value and subsequently are measured at their fair value as at the balance sheet date using the closlng q uoted market price. The statement of flnanclal actlvitles Includes the net galns and losses arising on revaluation and disposa15 throughout the year. Reallsed galns and 105ses on Investments represent the difference between the sale proceeds and opening market value (or purchase date if later). Unreallsed galns and losses are the dlfference between the market value at the year end and opening market value (or purchase date if later). e. Debtors Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount It has paid In advance for goods or servlces. f. Cash at bank and In hand Cash at bank and in hand includes cash and cash on deposlt, other short term Ilquld Investments wlth orlglnal maturltles of three month or less, and bank overdrafts. Bank overdrafts are shown within borrowing5 in current Ilabllltles. g. Creditors Creditors are measured at the amounts the charlty antlclpates It wlll pay to settle a debt or the amount it has recelved as an advance payment for goods or services It must provlde. h. Charltable Funds Unrestrlcted funds are available for use at the dlscretion of the trustees in furtherance of thelr charitable object5. Flnancial Instruments The charity only has financial assets and Ilabllltles of a kind that quallfy as baslc financial instruments. They are Inltlally recognised at transattion value and subsequently measured at thelr settlement value.
Page 8 TES IAL sfATEMENTS continue R THE YEAR ENDED 31 MARCH 202 2. INVESTMENT INCOME 2023 Dividends and Interest - Schroder Charlty Multl- asset Interest recelved from CAF Bank 45,693 139 45,363 47 £45,832 £45,410 RAISING FUNDS Investment manager fees 2,474 2,592 CHARITABLE EXPENDITURE 2023 Grants to other charltles Governance costs (Note 4) 8,166 1,320 £9,486 7,000 1,303 £8,303 GOVERNANCE Bank charges Accountancy fees Independent Examination 60 550 710 73 550 680 £1,320 £1,303 FIXED ASSET INVESTMENTS Market value at l Aprll 2023 Additions at cost Dlsposals at opening value Unreallsed galns/(losses) Market value at 31 March 2024 1,030,444 1,030,444 (4,751) 62,676 (4,751) 62,676 £1,088,369 £1,088,369 Hlstorlcal cost at l April 2023 £995,804 £995,804 H i5torlcal cost at 3 1 Narch 2024 £995,804 £0 The following Investments had a market value greater than 5Wo of the total market value of the portfollo.. 1,885, 189 Schroder Charlty Multi-asset S GBP Inc £1,088,369 DEBTORS Other debtors £0 £583 CREDITORS: Amounts due within one year 20 Grant commitments Other cred Itors 2,460 2,370 £2,460 £2,370
Pag8 9 THE MULLION CHARITABLE T OTES TO THE FI co HE YEAR END 24 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricted Fund Capltal Fund Total Investments Net current assets 13,771 82,878 1,074,598 1,088,369 82,878 £96,649 £1,074,598 £1,171,247 RELATED PARTY TRANSAcfIoNS There were no related party transactions In elther year, wlth trustees or any other related party. None of the trustees have been pald any remuneratlon or recelved any other beneflts, nor were they relmbursed for any expenses. 10. SUMMARY OF FUND MOVEMENTS Fund balances b/f Fund balances c/f Gains and losses 2023/24 Income Expenditufft Transfers (9,486) (2,474) 11,960 Unrestrlcted Capitsl 60,303 1,014,396 1,074,699 45,832 96,649 1,074,598 1,171,247 62,676 45,832 2022123 Unrestrlcted Capital 23,196 1,107,854 1 131 050 45,410 (8,303) (2,5g2) 60,303 1,014,396 (90,866) (90,866) I,Q74,699