THE MILA CHARITABLE ORGANISATION ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MILA CHARITABLE ORGANISATION
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
INDEX
| Page | |
|---|---|
| Trustees’ Report | 2-6 |
| Independent Auditors’ Report | 7-10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13-14 |
| NotestotheAccounts | 15-19 |
1
THE MILA CHARITABLE ORGANISATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees submit their annual report and audited accounts for the year ended 31 December 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
The Trustees serving during the year were as follows:
Kim Ashley Nasmyth Anna Lucina Nasmyth Laura Roxanne Nasmyth Kate Ariane Nasmyth David Leonard Bentley Andrew Hamish Forsyth Amanda Polly Phipps Mark Peregrine Francis Treasurer: J Walsh Registered office: Wedlake Bell LLP 71 Queen Victoria Street London EC4A 4AY Charity number: 1169936 Bankers: Metro Private Bank One Southampton Row London WC1B 5HA Investment managers: Rothschild Bank International Limited St Julian’s Court St Julian’s Avenue St Peter Port Guernsey GY1 3BP Solicitors: Wedlake Bell LLP 71 Queen Victoria Street London EC4A 4AY Auditors: Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
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THE MILA CHARITABLE ORGANISATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is a Charitable Incorporated Organisation (CIO), governed by its Constitution.
Governance
The Trustees meet every six months. In selecting trustees, the board must have regard to the skills, knowledge and experience needed for the effective administration of the Charity. In addition to the 6 monthly trustee meeting the board have created a finance sub committee that considers the Rothschild portfolio annually in advance of the Spring trustees meeting. There is also a sub group of trustees that considers the overall strategy of the charity and this meets as required.
Objects and activities
The objects of the CIO (as set out in its constitution) are to advance such charitable purposes (according to the law of England and Wales) as the Charity Trustees see fit, in particular but not limited to the advancement of education, the advancement of the arts, culture, heritage and science, and the advancement of environmental protection and improvement, by making grants to organisations and individuals.
Public benefit
The Trustees have compiled with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
Organisational structure and relationship with related parties
The Charity is managed by its Board of Trustees. Day-to-day management is delegated to Wedlake Bell LLP.
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THE MILA CHARITABLE ORGANISATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE
During the year of operation the Charity made grants to the following bodies.
Arcola Theatre Production £50,000 AREAL £10,590 At The Bus £30,000 Brampton Classical Opera £7,500 Bold Tendencies £28,625 Cockpit Arts Deptford Capital £10,000 Defenders of the Plant “DEPLA” £18,300 Dundee Contemporary Arts £10,000 Future Youth Zone £15,000 Gabriell Roar £15,000 Galop UK £10,000 The Grange Festival Learning £50,000 HGO Trust £5,000 LAMDA £12,938 Music Masters £15,000 National Youth Jazz Orchestra (NYJO) £20,000 Ouseburn Farm Charity £(1,000) Oxford Botanic Garden and Arboretum £63,461 Oxford International Song Festival (OISF) £50,000 Pimlico Opera — Primary Robins £150,000 Queer Base £15,000 Regan £80,000 Royal Opera House (ROH) £25,000 Shobana Jeyasingh Dance £60,000 SienAgosto £10,000 String Scheme (The Royal Grammer School) £7,000 Studio Voltaire £100,000 Theatre 503 £8,890 Troubadour Stageworks £10,000 Ute Brock — Project Restart £53,097 Waterharvest £100,000 Total £1,039,401
Reserves policy
As at 31 December 2024, general undesignated funds are £20,566,325. These are invested in order to generate income that is to be spent on the Charity’s objects.
FUTURE PLANS
The Charity’s future plans are to continue to support smaller localised charities and other organisations.
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THE MILA CHARITABLE ORGANISATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)
FINANCIAL REVIEW
Funding sources
The Charity was provided in January 2017 with a donation of £3,245,000 and the funds for the work of the Charity are derived from further donations, income and capital gains generated from their investment. In 2023 the charity received a further substantial donation of £11,232,531 from the Kim and Anna Nasmyth Settlement 2016 more than doubling the size of the charity's funds
The financial surplus before investment gains and losses amounted to £58,110 detailed on page 8.
Investment policy
The Charity has adopted as its long-term current target return for its investment portfolio of 4% over increases in the Consumer Price index and it is recognised that this policy envisages fluctuations in investment returns over the business cycle.
Rothschild & Co Wealth Management manage the Charity’s funds. The charity established a financial sub-committee to consider with Rothschilds the performance of the investment portfolio and this meets upon at least an annual basis..
Risk
The investment policy has a conservative attitude to risk. The Charity Trustees have given consideration to the major risks to which the Charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks.
Anticipated disbursements
The long term aim of the Charity is to make annual grants of around 3-4% of the Charity’s funds. The above spending rate is designed to preserve the real value of the Charity’s funds over the long term.
Monitoring of performance
The monitoring of the performance of the Charity’s investments increased from £15,481,754 to £18,523,252. The annual expenditure as a percentage of invested assets (as at the end of the financial year) is approximately 5.6%.
Principal risks and uncertainties
The Trustees conduct the overall supervision and monitoring of the financial position of the Charity. There are risks to income as a result of fluctuations in world equity and bond markets, but the Charity’s investment policy adopted should minimise the risks to an acceptable level.
Internal risks are mitigated by the implementation of procedures for the authorisation of all transactions by at least two of the Trustees.
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THE MILA CHARITABLE ORGANISATION
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and regulations.
Company law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees have elected to prepare the accounts in accordance with United Kingdom Accounting Standards including Financial Reporting Standard 102 (United Kingdom Generally Accepted Accounting Practice). Under company 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 the incoming resources and application of resources, including the net income or expenditure, of the Charity for that period. in preparing these accounts, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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© make judgements and estimates that are reasonable and prudent;
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e state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures discloséd and explained in the accounts;
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e 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 accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They 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.
So far as the Trustees.are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the charitable company's auditors are unaware; and each Trustee has taken all steps that they ought to have taken as a director in order to make themselves aware of relevant audit information and to establish that the charitable company’s auditors are aware of that information.
The report was approved by the Trustees on
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A Nasmyth (Trustee)
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THE MILA CHARITABLE ORGANISATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
Opinion
We have audited the financial statements of The Mila Charitable Organisation (the ‘Charity’) for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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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e give a true and fair view of the state of the Charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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e 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 twelve 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 other information comprises the information included in the Trustees annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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.
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THE MILA CHARITABLE ORGANISATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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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e the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
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e the Charity has not kept adequate accounting records; or
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e the financial statements are not in agreement with the accounting records and returns; or e 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 5), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 regulations made under section 154 of that Act.
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 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.
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THE MILA CHARITABLE ORGANISATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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. This risk increases the more that compliance with a 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Charity’s internal control.
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e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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e Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Charity to cease to continue as a going concern.
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e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements representthe underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
9
THE MILA CHARITABLE ORGANISATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
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 or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
hun Townend
Wenn Townsend Chartered Accountants Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Gosditch House 5 Gosditch Street Cirencester GL7 2AG
Date: 10 June 2025
10
THE MILA CHARITABLE ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Total | Total | ||
|---|---|---|---|
| Note | 2024 | 2023 | |
| £ | £ | ||
| Income & endowments | |||
| Donations and endowment | 1,011,364 | 11,498,321 | |
| Investments | 2 | 244,428 | 47,205 |
| Total income | 1,255,792 | 11,545,526 | |
| Expenditure on | |||
| Raising funds | |||
| Investment management costs | 3 | 144,565 | 55,545 |
| Charitable activities | 4 | 1,039,401 | 428,874 |
| Support costs | 5 | 13,356 | 19,407 |
| Total expenditure | 1,197,322 | 503,826 | |
| Net income before investment gains/(losses) | 58,470 | 11,041,700 | |
| Net (losses)/gains on investments unrealised | 177,602 | 907,446 | |
| Net (losses)/gains on investments realised | 7 | 1,008,396 | 94,561 |
| Net income | 1,244,468 | 12,043,707 | |
| Transfers | - | - | |
| Total funds broughtforward | 19,321,857 | 7,278,150 | |
| Totalfundscarriedforward | 20,566,325 | 19,321,857 |
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The Mila Charitable Organisation APE 31 December 2024 FINAL...
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THE MILA CHARITABLE ORGANISATION
BALANCE SHEET AT 31 DECEMBER 2024
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|||||||||
|---|---|---|---|---|---|---|---|
|Total|Total|
|Note|2024|2023|‘|
|£|£|
|Fixed|assets|
|investments|7|18,523,252|15,481,754|
|Current assets|
|Debtors|8|361,364|53,050|
|Cash|at|bank|2,107,020|4,066,873|
|2,468,384|4,119,923|
|Creditors:|amounts|falling|due within one year|9|(305,311)|(189,820)|
|Net current assets|2,163,073|3,930,103|
|Total|assets|less|current|liabilities|‘|20,686,325|19,411,857|
|Creditors:|amounts falling due after one year|10|=|(120,000)|(90,000)|
|Net assets|,|20,566,325|19,321,857|
|Funds|
|Unrestricted|20,566,325|19,321,857|
|Total|charity funds|20,566,325|19,321,857|
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These accounts were approved and authorised for issue by the Trustees on
A Nasmyth (Trustee)
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THE MILA CHARITABLE ORGANISATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
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||||||||
|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|CASH|USED|IN|
|OPERATING|ACTIVITIES|(see|below)|902,815|11,132,700|
|CASHFLOW|FROM|
|INVESTING|ACTIVITIES|
|Payments|to|acquire|investments|(6,788,884)|(8,234,664)|
|Proceeds|on|sale|of|investments|3,924,988|874,067|
|Interest|1,228|552|
|Non|cash|movement|-|-|
|(1,959,853)|3,772,655|
|(1,959,853)|3,772,655|
|INCREASE/(DECREASE)|IN|CASH|(1,959,853)|3,772,655|
|CASH|AND|CASH|EQUIVALENT|AT THE|
|BEGINNING|OF|THE|YEAR|4,066,873|294,218|
|TOTAL|CASH|AND|CASH|EQUIVALENT|AT|
|THE|END|OF THE YEAR|2,107,020|4,066,873|
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THE MILA CHARITABLE ORGANISATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
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|---|---|---|---|---|---|
|2024|2023|
|£|£|
|RECONCILIATION|OF|OPERATING|(DEFICIT) TO|NET|
|CASH|(OUTFLOW)/INFLOW FROM|OPERATING|ACTIVITIES|
|Net|Incoming/(outgoing)|resources|1,244,468|12,043,707|
|Unrealised|losses/(gains)|on|investments|(177,602)|(907,446)|
|Interest|received|(1,228)|(552)|
|Decrease/(Increase)|in|debtors|(308,314)|19,200|
|(Decrease)/Increase|in|creditors|145,491|(22,209)|
|Net cash|inflow from|operative|activities|902,815|11,132,700|
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ANALYSIS OF CHANGES IN NET FUNDS
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|---|---|---|---|---|---|---|---|---|---|
|Other|non-|
|Cash|
|1|Jan|2024|Cash|flow|Changes|31|Dec|2024|
|Cash|at|bank|and|in|hand|£4,066,873|£(1,959,853)|-|£2,107,020|
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THE MILA CHARITABLE ORGANISATION
1 ACCOUNTING POLICIES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
- a) General information The Mila charitable organisation is a UK Charitable Incorporated organisation (CIO) entity with its registered office at 71 Queen Victoria Street, London EC4V 4AY.
b) Basis of preparation The accounts have been prepared in accordance with Accounting and Reporting by charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) — (Charities SORP (FRS 102)) and the Charities Act 2011.
There are no uncertainties about the Charity’s ability to continue as a going concern.
In common with many other charities of our size and nature we use our auditors to assist with the preparation of the accounts
- c) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the objects of the Charity and which have not been designated for other purposes.
No donations have been received with any restrictions applied to them and therefore no net assets fund analysis note is included within these accounts.
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d) Income Donations and investment income are included in the Statement of Financial Activities when they are received.
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e) Grants payable Grants are included in expenditure under charitable activities when they are approved by the Trustees and the commitment has been communicated to the beneficiaries. Any such grants not paid by the year end are included in creditors.
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THE MILA CHARITABLE ORGANISATION
4 ACCOUNTING POLICIES (continued)
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
f) Expenditure All expenditure is accounted for on an accrual basis under the appropriate expense category. Expenditure includes irrecoverable VAT where appropriate. Any support costs specific to one of the activities is allocated wholly to the activity. The remaining support costs are allocated to that activity in proportion to the combined costs of activities undertaken directly and grants. All costs are classified as charitable activities apart from those attributable to raising funds (investment management costs).
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g) Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities. At the year end the Charity held forward exchange contracts with an unrealised gain of £111,819 at the balance sheet date.
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h) Investments Investments are stated at market value at the balance sheet date. Market value includes accrued interest where applicable. If an investment does not have a readily available market price it is valued by the relevant Investment Manager. The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year.
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2 INCOME FROM INVESTMENTS
| 2 | INCOME FROM INVESTMENTS | ||
|---|---|---|---|
| Total 2024 | Total 2023 | ||
| £ | £ | ||
| Interest receivable | 1,228 | 552 | |
| Other investment income | 243,200 | 46,653 | |
| 244,428 | 47,205 | ||
| 3. | INVESTMENT MANAGEMENT COSTS | ||
| Total 2024 | Total 2023 | ||
| £ | £ | ||
| Investmentmanagementfees | 144,565 | 55,545 |
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THE MILA CHARITABLE ORGANISATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 CHARITABLE ACTIVITIES
| Total 2024 | Total 2023 | |
|---|---|---|
| Grants to institutions: | ||
| Arcola Theatre Production | 50,000 | - |
| AREAL | 10,590 | - |
| AT the Bus | 30,000 | - |
| Brampton Classical Opera | 7,500 | 7,500 |
| Bold Tendencies | 28,625 | 8,000 |
| Clonter Farm Music Trust | - | 30,000 |
| Cockpit Arts Deptford Capital | 10,000 | 20,000 |
| Defenders ofthe Planet “DEPLA” | 18,300 | 8,600 |
| Dundee Contemporary Arts | 10,000 | - |
| Future Youth Zone | 15,000 | - |
| Gabriell Roar | 15,000 | 15,000 |
| Britten Pears Arts | - | 75,000 |
| Galop UK | 10,000 | - |
| The Grange Festival Learning Grounded Sounds |
50,000 - |
- 20,000 |
| HGO Trust | 5,000 | - |
| Hostnation LAMDA Music Masters |
- 12,938 15,000 |
10,000 - - |
| National Youth Jazz Orchestra (NYJO) | 20,000 | - |
| Ouseburn Farm Charity Oxford Botanic Garden and Arboretum |
(1,000) 63,461 |
- (8,112) |
| Oxford International Song Festival (OISF) | 50,000 | - |
| Plimlico Opera— Primary Robins | 150,000 | - |
| Queer Base | 15,000 | - |
| Regan RoyalAcademy ofMusic (Musical Theatre Juniors) |
80,000 - |
- 75,000 |
| Royal Opera House (ROH) Shobana Jeyasingh Dance SienAgosto String Scheme (The Royal Grammer School) |
25,000 60,000 10,000 7,000 |
- 19,320 50,000 4,000 |
| Studio Voltaire | 100,000 | - |
| Sylvia Foundation Talents for Future |
- - |
10,000 42,479 |
| Theatre 503 | 8,890 | - |
| Troubadour Stageworks | 10,000 | - |
| Ute Brock— Project Restart | 53,097 | 26,087 |
| Waterharvest WrightCommunity Access |
100,000 - |
- 10,000 |
| 1,039,401 | 428,874 |
THE MILA CHARITABLE ORGANISATION
5 SUPPORT COSTS
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| Total 2024 | Total 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Charity administration and monitoring of activities | 24,198 | 11,499 | |
| Otherexpenses | 155 | 25 | |
| Exchange rate difference | (15,997) | 83 | |
| Governance costs (note 6) | 7,500 | 7,800 | |
| 15,856 | 19,407 | ||
| 6 | GOVERNANCE COSTS | ||
| Total 2024 | Total 2023 | ||
| £ | £ | ||
| Auditors’ remuneration - auditand accountancy | 6,800 | 7,100 | |
| - other costs | 700 | 700 | |
| 7,500 | 7,800 | ||
| 7 | INVESTMENTS (ATVALUATION) | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fixed income | 696,844 | 753,803 | |
| Equities Hedge funds |
14,427,281 3,575,123 |
A3;211,327 1,370,976 |
|
| Others | 83,000 | 33,829 | |
| Foreign exchange forward contracts | (258,996) | 111,819 | |
| 18,523,252 | 15,481,754 | ||
| 2024 | 2023 | ||
| Analysis ofmovement in investments (excluding cash) | £ | £ | |
| Brought forward | 15,481,754 | 7,213,711 | |
| Additions at cost | 6,788,884 | 8,234,664 | |
| Sale proceeds | (3,924,988) | (874,067) | |
| Net gain/(loss) on revaluation (Note) | 177,602 | 907,446 | |
| Carriedforward | 18,523,252 | 15,481,754 |
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THE MILA CHARITABLE ORGANISATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Analysis ofnet gain/(loss) on investments realised | £ | £ | |
| Foreign exchange gains/(losses) Realised gains |
272,180 736,216 |
(110,625) 205,186 |
|
| Net gain/(loss) on investments realised | 1,008,396 | 94,561 | |
| 8 | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| HMRC Gift Aid and other taxes | 361,364 | 53,050 | |
| 9 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and grant liabilities | 305,311 | 189,820 | |
| 305,311 | 189,820 | ||
| 10 | CREDITORS: AMOUNTS FALLING DUE AFTERONE YEAR | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accrualsandgrantliabilities | 120,000 | 90,000 |
141 RELATED PARTIES
Donations made to the Charity by Trustees totalled £650,000 (2023: £11,444,731).
No Trustee received any remuneration or reimbursement of expenses in the year.
19