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