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
Rep￿SentIng
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). Un￿alISed 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