**REGISTERED CHARITY NUMBER: 262406** **Report of the Trustees and Unaudited Financial Statements for the Year Ended 23 April 2024 for The Millfield Trust** PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG **The Millfield Trust** ## **Contents of the Financial Statements for the Year Ended 23 April 2024** ||Page| |---|---| |Report of the Trustees|1 to 2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6 to 8| |Detailed Statement of Financial Activities|9| **The Millfield Trust** ## **Report of the Trustees** ## **for the Year Ended 23 April 2024** The trustees present their report with the financial statements of the charity for the year ended 23 April 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 262406 ## **Principal address** Ivy House Ashbury Swindon SN6 8LN ## **Trustees** A C Bunce P W Bunce S D Bunce The Trustees have full power of investment over the charity's funds. Trustees meet periodically to manage the affairs of the Trustees and act by unanimous agreement. ## **Independent examiner** PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charity was formed by Trust Deed on 30 March 1971 to make donations to charitable and religious institutions and individuals and to apply the income and capital of the Trust for such charitable purposes as deemed appropriate. The charity has no employees, all administration being voluntarily undertaken by the Trustees. Details of professional advisers are shown on this report. ## **Significant activities** During the year unrestricted funds receipts totalled £863,380 (2023 £39,840) and payments directly for charitable purposes totalled £44,500 (2023 £77,375). Costs for governance were £480 (2023 £637). Due to the death of the co-founding trustee in 2022 there was a hiatus in charitable activities. Activity has begun again at a lower level this year. It is anticipated that donations will increase next year. ## **Public benefit** The trustees consider that they have met their duties in acting for the public benefit, as per Section 4 of the charities act. ## **FINANCIAL REVIEW** ## **Reserves policy** The cash funds are considered by the Trustees to be at a reasonable level for on-going support of the charitable purposes of the Trust and are held by appropriate banking institutions to achieve a reasonable return while allowing adequate access to the funds. Page 1 **The Millfield Trust** ## **Report of the Trustees for the Year Ended 23 April 2024** ## **FINANCIAL REVIEW** ## **Investment policy and objectives** The Trust has continued to give support to many institutions and individuals in furtherance of its objects and the level of support is considered on an individual basis as to an appropriate amount in view of the needs of the applicant and the resources available. There have been no significant developments or changes in respect of the Trust's activities in the year under review or since, and the Trustees anticipate no changes in the foreseeable future. The Trustees have assessed the major risks to which the Trust is exposed and have taken appropriate steps to mitigate those risks. The Trust does not undertake any fund raising activities. Approved by order of the board of trustees on 28 January 2025 and signed on its behalf by: A C Bunce - Trustee Page 2 ## **Independent Examiner's Report to the Trustees of The Millfield Trust** I report on the accounts for the year ended 23 April 2024, which are set out on pages four to eight. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. My role is to state whether any material matters have come to my attention giving me cause to believe: 1. that accounting records were not kept as required by section 130 of the Act; or 2. that the accounts do not accord with those records; or 3. that the accounts do not comply with the accounting requirements of the Act; or 4. that there is further information needed for a proper understanding of the accounts. ## **Independent examiner's statement** I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention. Roger Bloomer FCA PPS Chartered Accountants 29 Devizes Road Swindon Wiltshire SN1 4BG 28 January 2025 Page 3 **The Millfield Trust** ## **Statement of Financial Activities for the Year Ended 23 April 2024** |23.4.24
Unrestricted
fund
Notes
£
**INCOMING RESOURCES**
**Incoming resources from generated funds**
Voluntary income
855,520
Investment income
2
7,860
**Incoming resources from charitable activities**
Tax repayment
-
**Total incoming resources**
863,380
**RESOURCES EXPENDED**
**Charitable activities**
Donations
44,500
**Governance costs**
250
**Other resources expended**
230
**Total resources expended**
44,980
**NET INCOMING/(OUTGOING)**
**RESOURCES**
818,400
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
40,440
**TOTAL FUNDS CARRIED FORWARD**
858,840|23.4.23
Total
funds
£
28,200
140
11,500
39,840
77,375
302
335
78,012
(38,172)
78,612
40,440| |---|---| The notes form part of these financial statements Page 4 **The Millfield Trust** ## **Balance Sheet** ## **At 23 April 2024** |23.4.24
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
859,434
**CREDITORS**
Amounts falling due within one year
4
(594)
**NET CURRENT ASSETS**
858,840
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
858,840
**NET ASSETS**
858,840
**FUNDS**
5
Unrestricted funds
858,840
**TOTAL FUNDS**
858,840|23.4.23
Total
funds
£
41,034
(594)
40,440
40,440
40,440
40,440
40,440| |---|---| The financial statements were approved by the Board of Trustees on 28 January 2025 and were signed on its behalf by: A C Bunce -Trustee The notes form part of these financial statements Page 5 **The Millfield Trust** ## **Notes to the Financial Statements for the Year Ended 23 April 2024** ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **Resources expended** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** **----- Start of picture text -----**
|||| |---|---|---| |23.4.24|23.4.23| |£|£| |Deposit account interest|7,860|140| **----- End of picture text -----**
## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 23 April 2024 nor for the year ended 23 April 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 23 April 2024 nor for the year ended 23 April 2023. ## **4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** **----- Start of picture text -----**
|||| |---|---|---| |23.4.24|23.4.23| |£|£| |Other creditors|594|594| **----- End of picture text -----**
Page 6 **The Millfield Trust** ## **Notes to the Financial Statements - continued for the Year Ended 23 April 2024** ## **5. MOVEMENT IN FUNDS** |||Net|movement||| |---|---|---|---|---|---| ||At 24.4.23||in funds|At 23.4.24|| ||£||£|£|| |**Unrestricted funds**|||||| |General fund|40,440||818,400|858,840|| |**TOTAL FUNDS**|40,440||818,400|858,840|| |Net movement in funds, included in the above are as follows:|||||| |**Unrestricted funds**|Incoming
resources
£||Resources
expended
£|Movement in
funds
£|| |General fund|863,380||(44,980)|818,400|| |**TOTAL FUNDS**|863,380||(44,980)|818,400|| |**Comparatives for movement in funds**|||||| |**Unrestricted Funds**|At 24.4.22
£|Net|movement
in funds
£|At 23.4.23
£|| |General fund|78,612||(38,172)|40,440|| |**TOTAL FUNDS**|78,612||(38,172)|40,440|| |Comparative net movement in funds, included in the above are as follows:|||||| |**Unrestricted funds**|Incoming
resources
£||Resources
expended
£|Movement in
funds
£|| |General fund|39,840||(78,012)|(38,172)|| |**TOTAL FUNDS**|39,840||(78,012)|(38,172)|| |A current year 12 months and prior year 12 months combined position is as follows:|||||| |**Unrestricted funds**|At 24.4.22
£|Net|movement
in funds
£|At 23.4.24
£|| |General fund|78,612||780,228|858,840|| |**TOTAL FUNDS**|78,612||780,228|858,840|| Page 7 **The Millfield Trust** ## **Notes to the Financial Statements - continued for the Year Ended 23 April 2024** ## **5. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement in| |---|---|---|---| ||resources|expended|funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|903,220|(122,992)|780,228| |**TOTAL FUNDS**|903,220|(122,992)|780,228| ||||| Page 8 **The Millfield Trust** ## **Detailed Statement of Financial Activities for the Year Ended 23 April 2024** |**INCOMING RESOURCES**
**Voluntary income**
Gift aid
Legacies
**Investment income**
Deposit account interest
**Incoming resources from charitable activities**
Tax repayment received
**Total incoming resources**
**RESOURCES EXPENDED**
**Charitable activities**
Grants to institutions
Grants to individuals
**Governance costs**
Accountancy
**Support costs**
**Other 4**
Accountancy and legal fees
**Total resources expended**
**Net income/(expenditure)**|23.4.24
£
15,500
840,020
855,520
7,860
-
863,380
43,300
1,200
44,500
250
230
44,980
818,400|23.4.23
£
28,200
-
28,200
140
11,500
39,840
75,075
2,300
77,375
302
335
78,012
(38,172)| |---|---|---| This page does not form part of the statutory financial statements Page 9