**Charity No. 326271**
MILLS & REEVE CHARITABLE TRUST31 May 2021
**MILLS & REEVE CHARITABLE TRUST**
**Annual Report and Financial**
**Statements**
**For the year ended**
**31 May 2021**
**MILLS & REEVE CHARITABLE TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 May 2021**
## **CONTENTS**
|**CONTENTS**||
|---|---|
||**Page**|
|**Oficers and professional advisers**|**1**|
|**Trustees’ report**|**2**|
|**Statement of trustees’ responsibilities**|**5**|
|**Independent examiner’s report**|**6**|
|**Statement of fnancial activities**|**7**|
|**Balance sheet**|**8**|
|**Notes to the fnancial statements**|**9**|
**MILLS & REEVE CHARITABLE TRUST**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**Year ended 31 May 2021**
## **OFFICERS AND PROFESSIONAL ADVISERS**
## **TRUSTEES**
D A Brathwaite A J Bull G D Gibson N C Howes C A Levontine T D A Pickthorn J J P Ripman R M Santy S E Seed S Thompson
## **BANKERS**
Royal Bank of Scotland London Corporate Banking Centre PO Box 39952 2 ½ Devonshire Square London EC2M 4XJ
## **SOLICITORS**
Mills & Reeve LLP 1 St James Court Whitefriars Norwich NR3 1RU
## **INDEPENDENT EXAMINER**
Michelle Hopton Deloitte LLP 3 Rivergate Temple Quay Bristol BS1 6GD United Kingdom
1
**MILLS & REEVE CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
## **Year ended 31 May 2021**
The Trustees present their annual report along with the financial statements of the Charity for the year ended 31 May 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s settlement deed, the Charities Act 2011, FRS 102 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2019.
## **NAME AND REGISTERED OFFICE OF THE CHARITY**
The full name of the Charity is Mills & Reeve Charitable Trust and its principal operating address is 1 St James Court, Whitefriars, Norwich, NR3 1RU.
## **GOVERNING DOCUMENT**
The Charity is a charitable trust and the governing document is the Trust Deed.
Date of Settlement: 17 December 1982 and supplemental deeds dated 26 February 1988 and 29 December 1989 Trustees: D A Brathwaite A J Bull G D Gibson G R Hinchley (resigned 7 October 2020) N C Howes C A Levontine T D A Pickthorn J J P Ripman R M Santy (appointed 7 October 2020) S E Seed S Thompson Capital settled: £500 was settled by the partners of Mills & Reeve by the deed dated 17 December 1982. Main provisions: The trustees have power to apply income at their discretion for the benefit of any charitable body, or for any charitable purpose. Registered with Charities Registration number 326271 Commission:
## **ORGANISATIONAL STRUCTURE AND RELATED PARTIES**
The Charity has a close relationship with Mills & Reeve LLP as the members provide a substantial proportion of the Charity’s income. Each Trustee is a member or former member of Mills & Reeve LLP. The Trustees have power to apply income at their discretion in accordance with the objectives of the Charity.
## **APPOINTMENT OF TRUSTEES**
Power to appoint new or additional trustees rests with the current trustees. The trustees or any of them with the consent in writing of the others may make appointments.
## **TRUSTEE INDUCTION AND TRAINING**
On appointment, trustees receive information about the Charity’s recent activities and the general objectives of the Charity. They are encouraged to attend appropriate external training if they consider it will facilitate the undertaking of the role. The trustees receive copies of Charity Commission bulletins.
2
**MILLS & REEVE CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
## **Year ended 31 May 2021 MAJOR RISKS**
The Trustees have introduced a formal risk management process to assess the business risks and the implementation of risk management strategies. This involved identifying the types of risk the Charity faces and identifying means of mitigation of the risks. The key potential risks include the value of the portfolio falling and a claim against the covenant provided to the LLP being made, although the chance of such a claim being made is regarded as small. As part of this process the Trustees have reviewed the adequacy of the Charity’s current internal controls. The Trustees are pleased to report that the Charity’s internal financial controls comply in all relevant areas with the guidelines issued by the Charity Commission.
## **OBJECTIVES, PRINCIPAL ACTIVITIES AND FUTURE PLANS**
The primary objective and principal activity of the Charity is the distribution of income for the benefit of any charitable body, or for any charitable purpose.
During the year major donations were made to Romsey Mill Trust Limited, East Anglian Air Ambulance, Bee Friendly Trust, Crisis UK, Young Minds, Trussell Trust, IntoUniversity, Kids Out and EACH. Other significant gifts were made to medical research bodies, charities for the homeless and those supporting disadvantaged people of all ages. In terms of expenditure from local "pots" the trustees' preference is to support good causes which are local to the firm's offices.
There are no plans to change the trustees' overall approach to the distribution of funds.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
Deed of covenant income is received at the beginning of the year. The amount of income is known before any donations are made.
Net income before other gains for the year ended 31 May 2021 was £1,433 (2020: Net expenditure £12,838). The net movement of funds for the year was £28,812 (2020: deficit £21,137).
The net assets as at 31 May 2021 were £281,487 (2020: £252,675).
During the year the Charity made investments in bonds, fixed interest investments, UK and global equities. Investments at 31 May 2021 were £226,795 (2020: £201,036).
The funds were allocated centrally and across the Mills & Reeve LLP offices and the trustees agreed major donations for each location. The causes that are usually supported out of the individual office pots are normally local to the firm's offices and aimed at helping disadvantaged people or funding medical research. Smaller donations were made on an ad hoc basis - again for local projects or to support staff initiatives. The trustees intend to continue with this approach for the future.
Donations to charities for the year ended 31 May 2021 were £125,400 (2020: £135,113). Further details of the charities donated to are included in note 4 on pages 11 and 12. The Trustees aim to make donations annually which are roughly equivalent to the donations received by them.
## **RESERVES**
The Trustees have reviewed the reserves of the Charity. The review encompasses the nature of income and expenditure streams and the nature of reserves. There is no specific reserves target. At 31 May 2021 unrestricted reserves stood at £71,675 (2020: £45,555) and are considered to be at an acceptable level to meet future expenditure for at least the next 12 months given that Mills & Reeve LLP continues to bear the governance costs associated with the Charity.
At 31 May 2021 restricted funds were £209,312 (2020: £206,620). Restricted funds includes two forms of restricted funds. These are either Charity challenge restricted funds
3
**MILLS & REEVE CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
## **Year ended 31 May 2021**
or untraceable client balances of Mills & Reeve LLP donated to Charity where if over £500 they gained permission from the SRA to donate dormant untraceable client balances.
## **GOING CONCERN**
The value of the Charity’s investments now exceeds the pre-pandemic values. The Charity has no immediate requirement to use these investments. The Charity has no overheads and the small governance costs are met by Mills & Reeve LLP (“the LLP”). The charitable objects are met through the making of donations which are agreed on an annual basis, are intended to match the income, and there are no on-going legal commitments to donations. After making adequate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least the next 12 months from the date of signing these financial statements. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
4
**MILLS & REEVE CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
## **Year ended 31 May 2021**
## **ACTIVITIES FOR THE PUBLIC BENEFIT**
The trustees believe that the ethos of working towards the public benefit is borne out in their preference for supporting charities which help disadvantaged people. Contributions to medical research will also come under this heading. Local communities benefit from the trustees' preference for using the monies allocated to each office for helping charities which operate in the vicinity of the firm's offices. The Trustees confirm that they refer to the guidance contained in the Charity Commission’s general guidance on public benefit.
Approved by the Board of Trustees and signed on behalf of the Board
Trustee
Date:
5
**MILLS & REEVE CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
## **Year ended 31 May 2021**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of the resources of the Charity for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure at any time that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MILLS & REEVE CHARITABLE TRUST**
I report to the trustees on my examination of the accounts of Mills & Reeve Charitable Trust (“the Trust”) for the year ended 31 May 2021 which comprise the statement of financial activities, the balance sheet and the related notes 1 to 10.
This report is made solely to the Charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the Charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
## **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 2011 Act”). You are satisfied that your Charity is not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Michelle Hopton FCCA**
For and on behalf of Deloitte LLP Bristol, UK
7
|**Not**
**e**
**Unrestrict**
**ed funds**
**£**
**Restrict**
**ed funds**
**£**
**INCOME FROM:**
Investment income:
Deposit account interest
(unrestricted)
34
-
Donations
121,227
2,692
Dividends
5,273
-
Other income
-
-
Gift in kind
3,325
-
**TOTAL INCOME**
129,859
2,692
**EXPENDITURE ON:**
Investment manager costs
2,393
-
Charitable activities:
Donations
125,400
-
Governance costs
3,325
-
**TOTAL EXPENDITURE**
131,118
-
**NET INCOME/(EXPENDITURE)**
(1,259)
2,692
**OTHER GAINS/(LOSS)**
Net gain/(loss) on investments
27,379
-
**TOTAL OTHER GAINS/(LOSS)**
27,379
-
**NET MOVEMENT IN FUNDS**
26,120
2,692
**BALANCE BROUGHT FORWARD**
45,555
206,620
**BALANCE CARRIED FORWARD**
71,675
209,312|**Not**
**e**
**Unrestrict**
**ed funds**
**£**
**Restrict**
**ed funds**
**£**
**INCOME FROM:**
Investment income:
Deposit account interest
(unrestricted)
34
-
Donations
121,227
2,692
Dividends
5,273
-
Other income
-
-
Gift in kind
3,325
-
**TOTAL INCOME**
129,859
2,692
**EXPENDITURE ON:**
Investment manager costs
2,393
-
Charitable activities:
Donations
125,400
-
Governance costs
3,325
-
**TOTAL EXPENDITURE**
131,118
-
**NET INCOME/(EXPENDITURE)**
(1,259)
2,692
**OTHER GAINS/(LOSS)**
Net gain/(loss) on investments
27,379
-
**TOTAL OTHER GAINS/(LOSS)**
27,379
-
**NET MOVEMENT IN FUNDS**
26,120
2,692
**BALANCE BROUGHT FORWARD**
45,555
206,620
**BALANCE CARRIED FORWARD**
71,675
209,312|**Not**
**e**
**Unrestrict**
**ed funds**
**£**
**Restrict**
**ed funds**
**£**
**INCOME FROM:**
Investment income:
Deposit account interest
(unrestricted)
34
-
Donations
121,227
2,692
Dividends
5,273
-
Other income
-
-
Gift in kind
3,325
-
**TOTAL INCOME**
129,859
2,692
**EXPENDITURE ON:**
Investment manager costs
2,393
-
Charitable activities:
Donations
125,400
-
Governance costs
3,325
-
**TOTAL EXPENDITURE**
131,118
-
**NET INCOME/(EXPENDITURE)**
(1,259)
2,692
**OTHER GAINS/(LOSS)**
Net gain/(loss) on investments
27,379
-
**TOTAL OTHER GAINS/(LOSS)**
27,379
-
**NET MOVEMENT IN FUNDS**
26,120
2,692
**BALANCE BROUGHT FORWARD**
45,555
206,620
**BALANCE CARRIED FORWARD**
71,675
209,312|**Capital**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-|**Total**
**funds**
**2021**
**£**
34
123,919
5,273
-
3,325
132,551
2,393
125,400
3,325
131,118
1,433
27,379
27,379
28,812
252,675
281,487|**Total**
**funds**
**2020**
**£**
31
112,284
5,449
6,000
3,150
126,914
1,489
135,113
3,150
139,752
(12,838)
(8,299)
(8,299)
(21,137)
273,812
252,675|
|---|---|---|---|---|---|
||(1,259)|2,692|-|||
|||||||
|||||||
|||||||
||27,379|-|-|||
|||||||
||27,379|-|-|||
||26,120
45,555
71,675|2,692
206,620
209,312|-
500
500|||
There are no recognised gains or losses of comprehensive income or expenses other than as shown above in the statement of financial activities.
All income and expenditure derive from continuing activities.
The notes on pages 9 to 15 form part of these financial statements.
8
**MILLS & REEVE CHARITABLE TRUST**
## **BALANCE SHEET AS AT**
## **31 May 2021**
|**Note**
**ASSETS**
**FIXED ASSETS**
Investments
5
**CURRENT ASSETS**
Bank
Debtor
**CURRENT LIABILITIES**
Creditors
**NET CURRENT ASSETS**
**NET ASSETS BEING TOTAL ASSETS LESS**
**CURRENT LIABILITITES**
**REPRESENTED BY**
Capital funds
8
Unrestricted funds
8
Restricted funds
8|**2021**
**£**
226,795
56,692
-
56,692
(2,000)
54,692
281,487
500
71,675
209,312
281,487|**2020**
**£**
201,036
55,464
6,000
61,464
(9,825)
51,639
252,675
500
45,555
206,620
252,675|
|---|---|---|
The notes on pages 9 to 15 form part of these financial statements.
These financial statements (Registered Charity 326271) were approved by the trustees on and signed on their behalf
Trustee
9
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
## **1 ACCOUNTING POLICIES**
## **Charity and charitable status**
Mills & Reeve Charitable Trust, a public interest entity, is a registered Charity. The principal operating address is given on page 2.
## **Basis of accounting**
The accounts have been prepared under the historical cost convention as modified by the revaluation of investments to market value. The accounts comply 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 the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity has taken advantage of the exemption available under the Charities SORP and has not produced a Cash Flow Statement. The principal accounting policies, which have been applied consistently throughout the current financial year are set out below.
## **Going concern**
The value of the Charity’s investment now exceeds the pre-pandemic values. The Charity has no immediate requirement to use these investments. The Charity has no overheads and the small governance costs are met by Mills & Reeve LLP (“the LLP”). The charitable objects are met through the making of donations which are agreed on an annual basis, are intended to match the income, and there are no on-going legal commitments to donations. The Charity has net assets of £281,487 (2020: £252,675), which is comprised of amounts on bank deposit and investments. After making adequate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least the next 12 months from the date of signing these financial statements. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
## **Taxation**
The charitable activities of the Charity are exempt from corporation tax.
## **Income and expenditure**
Income and expenditure is accounted for on an accruals basis. All income is recognised in the statement of financial activities when the Charity has entitlement to the funds, any performance conditions have been met, it is probable it will be received and the amount can be measured reliably. Investment income is recognised when receivable. Donations income is recognised when receivable.
## **Donated services**
Donated staff and facilities costs from Mills & Reeve LLP are not recognised as they cannot be reliably measured.
## **Investments**
Investments are stated at market value at the balance sheet date. Investments are classified as financial assets at “fair value through profit and loss”. Realised and unrealised gains on investments are recognised in the statement of financial activities.
## **Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
10
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
Trade and other debtors are recognised at the settlement amount due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
11
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
## **1. ACCOUNTING POLICIES (continued)**
## **Gift in kind**
The independent examiner’s remuneration for the year was £3,325 (2020 - £3,150) and was borne by Mills & Reeve LLP and is shown as income and as a governance cost.
## **Fund accounting**
## _**Capital fund**_
This has been designated by the trustees as a fixed fund of the trust. This fund is unrestricted.
## _**General unrestricted funds**_
General unrestricted funds represent income which is expendable at the discretion of the trustees in the furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment.
## _**Restricted funds**_
The restricted funds carried forward represent funds relating to the M&R Challenge, donations under covenant SRA AR rule 5.1(c) and donations under covenant SRA AR rule 5.1(c).
## **2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the Charity’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
## **3 DONATIONS TO THE CHARITY**
|Payment under deed of covenant
Other donations
Tax reclaimed on amounts donated by covenant
Restricted donations under SRA|**2021**
**£**
95,397
1,981
23,849
2,692
123,919|**2020**
**£**
89,376
564
22,344
-
112,284|
|---|---|---|
12
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
Donations of unrestricted and restricted income was comprised as follows:
||||**Total**|||**Total**|
|---|---|---|---|---|---|---|
||**Unrestric**|**Restrict**|**2021**|**Unrestric**|**Restrict**|**2020**|
||**ted**|**ed**|**£**|**ted**|**ed**|**£**|
||**£**|**£**||**£**|**£**||
|Donations|121,227|2,692|123,919|112,284|-|112,284|
## **4 ANALYSIS OF DONATIONS BY THE CHARITY**
|**NALYSIS OF DONATIONS BY THE CHARITY**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Kids Out|6,048|5,175|
|Romsey Mill Trust Limited|5,750|3,562|
|East Anglian Air Ambulance|5,500|500|
|Bee Friendly Trust|5,000|-|
|Crisis UK|5,000|5,000|
|EACH|5,000|3,562|
|IntoUniversity|5,000|6,000|
|Trussell Trust|5,000|-|
|Young Minds|5,000|-|
|Tommy’s|4,274|-|
|Norfolk Accident Rescue Service|3,275|-|
|Safe Lives|4,000|5,000|
|Whitechapel Mission|3,847|4,770|
|Feed (The), Norwich|3,025|-|
|Leeway Domestic Violence and Abuse Services|3,025|-|
|Yorkshire Air Ambulance|2,788|2,200|
|Cats Protection|2,500|-|
|Motor Neurone Disease Association|2,500|-|
|Birmingham Women’s and Children’s Hospital|2,180|-|
|Charity|||
|Birmingham Central Foodbank|2,000|-|
|Manchester Central Foodbank|2,000|-|
|Norwich Central Foodbank|2,000|-|
|Cambridge Cyrenians|1,700|1,500|
|Feckenham Parish Council|1,670|-|
|PCC of Feckenham|1,670|-|
|Swansbrook Radio|1,670|-|
|Child Brain Injury Trust|1,500|-|
|Solicitors Benevolent Association|1,500|1,500|
|Prevent Breast Cancer|1,433|-|
|Mustard Tree (The)|1,433|-|
|Action Medical Research|1,000|-|
|B Music Limited|1,000|-|
|Cambridge Foodbank|1,000|-|
|Castle School (Cambridge) Charitable Association|1,000|-|
|Ely Foodbank|1,000|-|
|Kahalsa Aid International|1,000|-|
|Kingswood Trust|1,000|-|
|Leeds North and West Foodbank|1,000|-|
|Leeds South and East Foodbank|1,000|-|
|Ronald McDonald House Charities (UK)|1,000|-|
|Diversity Scholarship|1,000|-|
13
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**Year ended 31 May 2021**|||
|---|---|---|
|Safe Passage|1,000|-|
|Youth Sport Trust|1,000|-|
|Shelter|-|10,000|
|Albert Kennedy Trust|-|6,700|
|Manchester Children’s Hospital|-|6,513|
|Action for Children|-|5,000|
|Centrepoint|-|5,000|
|DEC Cyclone Idai Appeal|-|5,000|
|Learning Together|-|5,000|
|Carried forward|110,288|81,982|
## **4. ANALYSIS OF DONATIONS (continued)**
|Brought forward
Little Lifts
Cambridge City Foodbank (The)
Cambridge Women’s Aid
Children’s Liver Disease
Autism Anglia
Matthew Project
Red Cross
Toynbee Hall
University of East Anglia
St Basil’s
City Escape
Age UK
Asthma UK
Birmingham Citizens Advice Bureau
Change into Action
Combat Stress
County Air Ambulance Trust
Guide Dogs
Lily Mae Foundation (The)
Marie Curie Hospice
Myton Hospice
Performances Birmingham Limited
St Nicholas Hospice Care
Stem4
LCF Resilience Fund
Refugees at Home
Shaw Trust
Various under £1,000
Returned donations
Grand Total|**2021**
**£**
110,288
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,112
-
125,400|**2020**
**£**
81,982
4,100
3,562
3,562
3,000
2,600
2,600
2,500
2,000
2,000
1,800
1,150
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,200
1,000
1,000
10,639
(3,582)
135,113|
|---|---|---|
14
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
All donations are made to institutions in the furtherance of the Charity’s objects set out in the Trustees’ report.
There were grant commitments at 31 May 2021 of £2,000 (2020 - £9,825).
15
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
## **5 INVESTMENTS**
|**NVESTMENTS**|||||
|---|---|---|---|---|
||**2021**||**2020**||
|||**Market**||**Market**|
||**Cost**|**value**|**Cost**|**value**|
||**£**|**£**|**£**|**£**|
|Investments|193,807|226,795|208,719|201,036|
Investments are comprised of units in pooled funds, fixed interest bonds, equities and unit trusts.
|unit trusts.||||||
|---|---|---|---|---|---|
||||**2021**
**£**||**2020**
**£**|
|||||||
|Bonds|||27,933||16,433|
|Fixed interest investments|||17,059||49,548|
|UK Equities & Investment Trusts|||73,780||44,196|
|UK Unit Trusts|||14,916||23,056|
|Global|||62,051||52,579|
|Cash|||31,056||15,224|
|||||||
||||226,795||201,036|
|||||||
|Historical cost of investments
Net unrealised gain/(loss) on investments
Interest
At 31 May 2021/2020|||201,036
20,486
5,273
226,795||208,722
(13,136)
5,450
201,036|
## **6 INFORMATION REGARDING EMPLOYEES AND TRUSTEES**
The Charity has no employees (2020 - none). Trustees are neither remunerated nor reimbursed for expenses.
## **7 INDEPENDENT EXAMINER’S REMUNERATION**
The independent examiner’s remuneration for the year was £3,325 (2020 - £3,150) and was borne by Mills & Reeve LLP. This is included as a gift in kind as income and charitable expenditure.
16
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Year ended 31 May 2021**
|**8**
**ANALYSIS OF ASSETS BETWEEN FUNDS**
**Unrestri**
**c-ted**
**funds**
**£**
**Restrict**
**ed funds**
**£**
**Current assets**
Bank
56,192
-
Debtors
-
-
Investments
17,483
209,312
Creditors
(2,000)
-
71,675
209,312
**Unrestri**
**c-ted**
**funds**
**£**
**Restrict**
**ed funds**
**£**
**Current assets**
Bank
Debtors
49,380
6,000
5,584
-
Investments
Creditors
-
(9,825)
201,036
-
45,555
206,620|**Capital**
**funds**
**£**
500
-
-
-
500
**Capital**
**funds**
**£**
500
-
-
-
500|**Total**
**2021**
**£**
56,692
-
226,795
(2,000)
281,487
**Total**
**2020**
**£**
55,464
6,000
201,036
(9,825)
252,675|**Total**
**2020**
**£**
55,464
6,000
201,036
(9,825)
252,675
**Total**
**2019**
**£**
68,437
-
205,375
-
273,812|
|---|---|---|---|
Restricted funds includes two forms of restricted funds. These are either charity challenge restricted funds or untraceable client balances of Mills & Reeve LLP donated to Charity where if over £500 they gained permission from the SRA to donate dormant untraceable client balances.
|Opening untraceable funds
Donations in the year
Closing untraceable funds
Closing restricted funds|**2021**
**£**
206,620
2,692
209,312
209,312|**2020**
**£**
206,620
-
206,620
206,620|
|---|---|---|
17
**MILLS & REEVE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS Year ended 31 May 2021**
## **9 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|**Unrestrict**
**ed funds**
**£**
**Restrict**
**ed funds**
**£**
**INCOME FROM:**
Investment income:
Deposit account interest (unrestricted)
31
-
Donations
112,284
-
Dividends
5,449
-
Other interest
6,000
-
Gift in kind
3,150
**TOTAL INCOME**
126,914
-
**EXPENDITURE ON:**
Investment manager costs
1,489
-
Charitable activities:
Donations
135,113
-
Governance costs
3,150
**TOTAL EXPENDITURE**
139,752
-
**NET EXPENDITURE**
(12,838)
-
**OTHER LOSSES**
Net loss on investments
(8,299)
-
**TOTAL OTHER LOSSES**
(8,299)
-
**NET MOVEMENT IN FUNDS**
(21,137)
-
**BALANCE BROUGHT FORWARD**
66,692
206,620
**BALANCE CARRIED FORWARD**
45,555
206,620|**Capital**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
500
500|**Total**
**funds**
**2020**
**£**
31
112,284
5,449
6,000
3,150
126,914
1,489
135,113
3,150
139,752
(12,838)
(8,299)
(8,299)
(21,137)
273,812
252,675|
|---|---|---|
## **10 RELATED PARTIES**
The trustees are members or former members of Mills & Reeve LLP. Income from deed of covenants of £95,396 (2020: £89,376) is received from members of Mills & Reeve LLP.
One of the trustees, GD Gibson is a trustee of The Matthew Project which received a donation for the Charity of £nil (2020 - £2,600).
18
MILLS & REEVE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENrs
Year ended 31 May 2021
19