HEM LLION HARITABLE TRUST INA IAL Page Administrative Information Trustees, report Independent Examlner's Report Statetnent of Financial Activities Balance Sheet Notes to the Financial Statements FLETCHER & PARTNERS CHARTERED ACCOUNTANTS LISBUR
Page 1 TH RE MBER 1168788 TRUSTEE Mr T F R Bradfield Ms K E C Bradfield CHARITY ADDRESS COURSLEY FARM LYDEARD ST LIIWRENCE TAUNTON TA4 3SW INVESTME Schroder & Co Limlted l London Wall Place London EC2Y SAU CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malllng, Kent ME19 4JQ INDEPEN EXAMINER Fletcher & Partners Lrown LnamDers LSriage streei saiisDUry VV1115nire SV-I LL
Page 2 THE MULLI HARITABLE TRUST FOR THE YEAR E The trustees present their annual report for the year ended 31 March 2025. The accounts comply with the Charitigs Act 2011, Accounting and Reportlng by Charities.. Statement of Recommended Practice applicablg to chariti9s preparing th8lr accounts in accordance with the Financial Reporting Standard applic8b18 in th8 UK and Republic of Ireland (FRS 102) {effective 1 January 20151 and wlth the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) (effective 1 January 2015). Objectlves and Actlvitles The Trust was established to apply income and ¢apltal to make grants to organisations that furth&r science education, m8dical ras8arGh and lh8 arts,. or to charities that benefit the homeless and opèrate to provlde safety to those at Sga, In the Trust's ninth year, the Trustees awarded grants of £48,598 to Cantrepoint, £10,000 to the Epilapsy R888arch Institute and £5,000 to The Open Door. The Centrepoint grant was decided and nollfted beft)re the ygar end. bul not paid until aft8r, so has been recognised as a grant cr8ditor. The Trustees pay due regard to the Charlty Commlssion's guidance on publiG b8nefit. Achlevements and Performance The Trustees have used the returns from the capital invested lo award granls for charitable purpos8S in light oif the obj8Ctives set out in th8 trust deed, as follows: The grant awarded to Centrepoint was ID support homeless young people and help them liv8 ind8P8ndently and to campaign to end youth homelessness. The grant awarded and paid to th8 Epi18psy Rasgarch Institut8 was to develop joint working between academia, the NHS, Industry, funders, patient grDUPS and peoplg affeGt8d by epi18psy. The grant award8d and paid to Open Door wa5 to Improve the wellbeing and mental health of people and adults, using innovation, arts, and culture as cataly8ts for chang8 Trust8es anticipate the charity will continu8 to award grants to charitable organisallons from its investment income for the foreseeable future. Financial Ravièw As at 31 MarGh 2025 the fund held net assets of £1,124,855. princlpally investments in charltable unit trusts valued at £1,071,585 atthe year end. The valuation resulted in unr881ised105S8s of £14.284 for the year, resulting from r6newed global instability of markets. Trustees reviewed the performanc& of thg inv8stm8nts against relevant banchmarks and d8temiined to remain invested in Ihe fund. Th8S8 inv8Stm8nts g&nerated income of £45.309 that was used to fund the gr8nts pald In the year, along wth surplus unrestricted funds from the previous year. At the year end unrestrfcted funds totalled £67,162, rgpr8s8nt6d by monies in its CAF bank account and investments, Structurey governance and management Th8 Trust Deed was signed on 7 April 2016 and established the objectives and powers of the Trust. The Trust is an unincorporated charitable Trust, registered and operating in England. The Trustees idenlify organlsations they believe may be appropriate to support, in light of the charitys objectives, to identify projeGts in need of fundlng. Those organisations are invited to apply for grant funding and any bids racelved are evaluated in terms of Cost, the nature and scale of benefit, the re18vance to the CharÈtable Objects and th8 lik8ly impact of the project. The Trustees were appo5nted by the Trust deed and Gan appoinl n8w Trustees should the need arisa. Th8y undertake tralning as needed to ensure they understand and act in accordants with laws and regulations,
Paoe 3 HARITABLE TRusr ORTH R¢serves pollcy The trustees, policy is to spend substantially all Ihe annual income, after pawnent of adminlstrallve expenses, to award grants. Surplus income Is retained in cash or reinvested. The charity does not hold any free reserves, Rlsk factors The trustees hav8 reviewed the risks to the assets of the charlty and are satisfied that sufficient controls are in place which are reviewed at regular Inlervals, Trust888' responslbilities The trustees are responsible for preparlng the truslees, rèport and th& accounts in accordance with applicable law and regulations, The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance wlth United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandards and appllcable regLJlations). Under that law the trustees must not approve Ihe accounts unless they are satisfied that they give a true and fair vlew of the state of affairs of the charfty and of the incoming resources and application of resources of Ihe charity for that year. In preparing these accounts, the trustees are required to.. select suitable accounting policies and then apply them conslstently,. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prud8rit', state wh8ther applicable accounting standards have been followed,. and prepare the accounts on the going concern basis unl8SS It is inappropriate to pre8um8 that the charity will continue in operatlon. The trustees are responsible fDr keeping ad8quate accounting records which ar8 sufficient to show and explain the charitls transactions and d18close with reasonable accuracy at any time the flnancial position of the charlty and enable them to ensure that the accounts comply with the Charities Act 2011, the Charilies (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeou8rding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Slgned on behalf of the Trustees Tom Bradfleld Trustee Approved by the Trustees 2210112026 Date
Pa ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 REP THET ARITABLE TRUST THE MULLION C I report on the accounts of the Trust for the year ended 31 March 2025, whlch are set out on pages 4 to 8. Respectlva responslbllltlas of the trustees and examlner The charlty's trustees are responslble for the preparation of the accounts. The trustees consider that an audit 15 not required thls year under section 144(2) of the Charltles Act 2DII (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act; follow the procedures lald down In the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and state whether particular matters have come to my attentlon Basis of Independent Examiner's Report My examinatlon was carried out in accordance with the general Directions given by the Charity Cornmisslon. An examination includes a review of the accountlng records kept by the Charlty and a comparison of the accoLJnts presented with those records. It also includes consideration of any unusual items or dlsclosures in the accounts, and seeklng explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlred In an audlt, and consequently no opinion is given as to whether the accounts present a "true and fair vlew" and the report is limited to those matters set out In the statement below. INDEPENDENT EXAMINER'S STATEMENT In the course of my examlnatlon, no matter has come to my attentlon: (i) whlch gives me reasonable cause to belleve that, In any materlal respect, the requlrements., to keep accountlng records In accordance wlth section 130 of the 2011 Act; and to prepare accounts whlch accord with the accounting records and comply with the accounting requlrements of the 2011 Act; have not been met: or (2) to which, in my opinion, attention should be drawn In order to enable a proper under5tandlng of the accounts to be reached. James Fletcher Date ?I14l2ts J Fletcher, F.C.A, Fletcher and Partners Chartefftd Accountants Crown Chambers Bridge Street Salisbury Wiltsh i re SP12L
Page 5 LLION CHARITAB STATEMENT OF FINANCIAL ACTIVITIE FOR THE YEAR ENDED 31 TRUST Unrestricted Fund Capltal Fund Total 2025 Total 2024 Nctes INCOME: Donation Investment income 45,461 45,461 45,832 Total Income 45,461 45,461 45,832 EXPENDITURE ON., Raising fund5 Charltable activities 2,621 2,621 74,948 2,474 9,486 74,948 Total Expenditure 74,948 2,621 77,569 11,960 NET INCOMEI(EXPENDITUREI BEFORE INVESTMENT GAINSILOSSES (29,487) (2,621) (32,108) 33,872 OTHER INTEREST REC'BLE AND SIMIIAR INCOME OTHER RECOGNISED GAINS AND LOSSES Realised gains/(losses) on dlsposal U nreal ised gains/(losse5) (14,284) (14,284) 62,676 NET MOVEMENT IN FUNDS (29,487) (16,905) (46,392) 96,548 Total funds brought forward 96,649 1,074,598 1,171,247 1,074,699 Total funds carrled forward £67,162 £1,057,693 1, 124,855 £1,171,247 The notes on pages 7 ta 9 form part of these accounts
Page 6 LI CHARITABLE TRUST 2025 20 FIXED ASSETS Investments 1,071,585 1,088,369 CURRENT ASSETS Debtors Cash at bank and In hand 104,388 85,338 104,388 85,338 LIABILITIES Cred itors falll ng due withln one year 51,118 2,460 NET CURIENT ASSETS 53,270 82,878 TOTAL NET ASSETS £1,124,855 £1,171,247 RepSentIng THE FUNDS OF THE CHARITY Capital Fund Unrestricted Fund 1,057,693 67,162 1,074,598 96,649 TOTAL CHAFiftY FUNDS £1,124,855 £1,171,247 Signed on behalf of the Trustees Tom Bradfield Trustee Approved by the Trustees 2210112026 The notes on pages 7 to 9 form part of these accounts
Page 7 TATEMENTS ENDED 31 MARCH 20 I. ACCOUNTING POLICIES a. Basls of accountlng The financial statements are prepared in accordance wlth the Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Flnanclal Reportlng Standard (FFiS102) and the Charities Act 2011 and applicable regul8tlons. These financial statements are drawn up on the hlstorical cost accountlng basis except that Investment assets are carried at market value, The flnanclal statements are prepared sterllng, which is the functlonal currency of the charity, The charity meets the definition of a public benefit entlty under FRS 102 The trustees conslder that there are no materlal uncertalnties about the Trust's ability to continue as a going concern, based on a review of the balance sheet assets and Ilabllltles, and fLtture plans. b. Income Income Is accounted for in the period in whlch the charlty Is entltled to the income, It Is probable that the Income will be recelved and the amount of income can be measured reliably. Dividends are recognised once the dividend has been declared and notlflcatlon has been received of the dividend due. c. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructlve obllgatlon committing the charity to that expenditure, it is probable that settlement wlll be requlred and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Grants are Included In the statement of flnancial activities when a legal or constructive obligatlon to pay them comes Into exlstence. Charitable expenditure includes all grants made ta other charltles and Includes governance costs. Governance costs comprise the independent examiner's fee, secretarial fees, and postage & statlonery. d. Investments Investments are a form of basic flnanclal Instrument and are initlally recognised at their transaction value and subsequently a measured at their falr value as at the balance sheet date uslng the closlng quoted rnarket price. The statement of financial actlvities Includes the net gains and losses arising on revaluation and disposals throughout the year. Realised galns and losses on investments represent the difference between the sale proceeds and opening market value (or purchase date if later). UnalISed galns and losses are the difference 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 deposit, other short term liquid investments with original maturltles of three month or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowings i n cu rrent liabilities. g. Creditors Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or servlces it must provide. h. Charitable Funds Unrestricted funds are avallable for use at the discretion of the trustees In furtheran of their charltable objects. J. Flnanclal Instruments The charity only has financial assets and liabilitles of a kl nd that qualify as baslc flnanclal Instruments. They are Initially recognlsed at transaction value and subsequently measured at their settlement value.
Page 8 THEM TO fHE FINANCIAL FOR THE Y AR ENDED 31 MAR OTE 2. INVESTMENT INCOME Dlvldends and interest - Schroder Charity Multi- asset Interest received from CAF Bank 45,307 154 £45,461 45,363 47 £45,410 RAISING FUNDS 2024 Investment manager fees 2,621 2,592 CHARITABLE EXPENDITURE 2025 Grants to other charitles Governance costs (Note 4) 73,598 1,350 £74,948 7,000 1,303 £8,303 GOVERNANCE 2025 Bank charges Accou ntancy fees Independent Examlnation 60 550 740 73 550 680 £1,350 £1,303 FIXED ASSET INVESTMENTS arltable Investments Total Market value at l April 2024 Addltlons at cost Disposals at openlng value Unreallsed gains/(losges) Market value at 31 March 2025 1,088,369 1,088,369 (2,5QO) (14,284) £1,071,585 (2,500) (14,284) £1,071,585 Hlstorical c05t at l April 2024 £1,001,035 £1,001,035 Historical cost at 31 March 2025 £998,864 £998,864 The following investments had a market value greater than 50/0 of the total market value of the portfollo: 1,872,420 Schroder Charity Multi-asset S GBP Inc £1,071,585 2025 024 DEBTORS Other debtors £0 £583 CREDITORS.. Amounts due withln one year 2025 Grant commitments Other credltors 48,598 2,520 2,370 £51,118 £2,370
Page 9 THE MULLION CHAR ESTOT E FINANCI ORTHEY 25 ANALYSIS OF NET ASSETS BETWEEN FUNDS U nrestricted Fund Capital Fund Total Investments Net current assets 13,892 53,270 1,057,693 1,071,585 53,270 £67,162 £1,057,693 £1,124,855 RELATED PARTY TRANSACTIONS There were no related party transactions in either year, wlth trustees or any other related party. None of the trustees have been paid any remuneration or recelved any other benefits, nor were they reimbursed for any expenses. 10. SUMMARY OF FUND MOVEMENTS una balances runa balances c/f Galns and losses 2024/25 b/f 96,649 1,074,598 ,171 247 Income Expenditure Transfers (74,948) (2,621) 9) Unrestricted Capital 45,461 67,162 1,057,693 1 124,855 (14,284) 14,284 2023/24 Unrestrlcted Capital 60,303 1,014,396 1,074, 45,832 (9,486) (2,474) 11,960) 96,649 1,074,598 47 62,676 76