THE MILLWARD CHARITABLE TRUST
TRUST DATED 13 MARCH 1990
(CHARITY REGISTRATION NO.328564)
(TAX REFERENCE: EW 99930)
ANNUAL REPORT
AND
FINANCIAL STATEMENT
FOR THE YEAR ENDED
5 APRIL 2024
Correspondence Address
Burgis & Bullock
CharteredAccountonts
23-25 Waterloo Place
Warwick Street
Leaminqton Spa
Worwickshire
CV32 SLA

THE MILLWARD CHARITABLE TRUST
ANNUAL REPORT
AND
FINANCIAL STATEMENT
FOR THE YEAR ENDED
5 APRIL 2024
CONTENTS
Pages
Legal and Administrative Information
Trustees Report
Independent Examiners Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
8-15

THE MILLWARD CHARITABLE TRUST
LEGAL ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their Report and financial statements for the year ended 5 April 2024.
Status:
The Millward Charitable Trust is a registered charity (No
328564} The charity is governed by a declaration of trust
dated 13 March 1990.
Principal Address:
c/0 Burgis & Bu Ilock
23-25 Waterloo Place
Warwick Street
Leamington Spa
CV32 SLA
Principal athiisors:
Independent examiners:
Burgis & Bullock
Chartered Accountarsts
23-25 Waterloo Place
Warwick Street
Leamington Spa
CV32 SLA
Bankers:
Coutts & Co
Investment Management
440 Strand
London
WC2R OQS
Solicitors..
Wright Hassall
Olympus Avenue
Leamington Spa
Warwickshire
CV34 6BF
Page I

THE MILLWARD CHARITABLE TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2024
Constitution and Objects
The Charitable Trust was established on 13 March 1990.
The settled property to be either:_
Retained by the Trustees under their control;
or
Paid or applied for such charitable purposes as the Trustees shall determine at their absolute
discretion.
The income to be applied for such charitable purposes as the Trustees shall determine.
The Trustees select appropriate charities and make distributions from time to time.
Organisational Structure
The trustees meet regularly to discuss the charity's affairs and make decisions as required which they
believe to be in the best interest of the charity and its beneficiaries.
Reserve Policy
All reserves held by the Charity are unrestricted. The Trustees invest the majority of its funds into
capital investments designed to generate sufficient income to enable the Charity to make
discretionary charitable grants out of the income it receives. At 5, April 2024, capital funds
amounted to £1,441,994 {2023.. £1,421,428). Short term cash deposits are also maintained at levels
sufficient to cover the forthcoming years expected grant distributions and running costs of the
Charity, with any excess over this amount being transferred into investments.
Investment Policy
The charity has a policy of keeping any surplus liquid funds in short term deposits which can be
accessed readily to invest in, and which provide an income for the charity.
Rlsk Policy
The trustees have assessed the major risks to which the charity is exposed, in particular those related
to the operations and finances of the Charity and are satisfied that systems are in place to mitigate
our exposure to the major risks.
Grant Making Policy
The trustees meet regularly to consider and approve the making of grants in line with the chariws
objects.

THE MILLWARD CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Trustees
The following Trustees have served during the year.. -
Maurice Millward
John Michael Hulse
Rachel Hannah Millward
Katie Anne Inker
The minimum number of trustees is three and the maximum number is seven. Recruitment,
appointment and induction policies will be reviewed by the trustees as the need arises. Training is
undertaken as and when required. The power to appoint new trustees is vested in the trustees.
Investment Powers
The Trust Deed gives unrestricted powers of investment.
Financial Review
During the year, the Trustees made charitable distributions of £95,000. The deficit of receipts over
payments for the year was deducted from the General Trust Fund.
Summary of Main Achievements in The Year
During the year the charity fulf illed its charitable objectives by providing grants for social welfare,.
conservation and performing arts projetts.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charities
Commission's
genera I guidance on public benefit when reviewing the charitls aims and objectives and in planning
future activities.

THE MILLWARD CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Trustees, Responsibilities
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 Charitable Trust's financial
activities during the year and of its financial position at the end of the year. In preparing those
financial statements, the trustees should follow best practice and:
Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards and statements of recommended practice
have been followed subject to any departures disclosed and explained in the financial
statements; and
• Prepare the financial statements on the going concern basis unless it is inappropriate to
presu me that the Charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy
at any time the financial position of the Charitable Trust and which enable them to ensu re that the
financial statements comply with the Charities Act 2011. the Charity {Accounts and Reports)
Regu lations and the provisions of the Will. The trustees are also responsible for safeguarding the
assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detettion
of fraud and other irregularities.
On behalf of the Trustees
Katie Inker
Trustee
21st January 2025

INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
THE MILLWARD CHARITABLE TRUST
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5
April 2024 which are set out on pages 4 to 15.
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 Art 2011 ('the Act'l.
I report in respect of my examination of the chariWs accounts carried out under section 145 of the
Act and in carrying out my examination I have followed all the applicable Directions given by the
Charity Commission u nder section 14515llbl of the Act.
Independent examinerfs statement
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:
accounting records were not kept in respect of the charity as required by settion 130 of the
the accounts do not accord with those records; or
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 Vie￿ 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.
g ￿ A-LLbk)a
Wende Hubbt7rd
FCCA
Burgis & Bullock
Chortered Accountonts
23-25 Waterloo Ploce
Warwick Street
Leomington Spa,
CV32 SLA

THE MILLWARD CHARITABLE TRUST
STATEMENT OF FINANCIAL AcfiviTIES
FOR THE YEAR ENDED 5 APRIL 2024
Note
Unrestricted Funds
2024
2023
Incoming and endowments from:
Investment Income
43,260
35,659
Total Incoming Resources
43,260
35,659
Expenditure on:
Charitable activities
Governance costs
Raising funds
95,000
3,402
6,481
132,100
3,396
6,662
Total Resources Expended
104,883
142,158
Net Incoming Resources for the Year
161.6231
1106.4991
Profit l {Lossesl on Revaluation and Disposal of Investment
Assets
Realised
Unrealised
38.265
14,8351
181.0481
121.4381
Net Movement in Funds
128,1931
{208,9851
Fund Balances Brought Forward at 6 April 2023
1,701,163
1,910.148
Fund Balances Carried Forward at 5 April 2024
12
1,672,970
1,701,163
All the charity'5 funds are unrestricted. All of the above results are derived from continuing activities.
All gains and losses recognised in the years are included above.

THE MILLWARD CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
Note
2024
2023
Fixed Assets
Investments
1,441,994
1,421,428
1,441,994
1,421,428
Current Assets
Short Term Deposit
Cash at Bank
45,016
195,542
6,907
279,008
240,558
285,915
Current Liabilities
Accruals and Deferred Income
19,5821
16,1801
Net Current Assets
230.976
279,735
Net Assets
1,672,970
1,701,163
Funds
Unrestricted Income Funds
12
1,672,970
1,701,163
The notes on pages 8 to 14 form part of these accounts
21 Jan 2025
Approved by the Board of Trustees on
and signed on its behalf by
L.4,. 1.L..
Katie Inker - Trustee.

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Accounting Policies
Company information
The Millward Charitable Trust is a UK registered charity governed by its Trust Deed.
Accounting convention
The accounts have been prepared in accordance with the charitable trust deed, the
Charities Att 2011 and "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 1021" (effective l January 20191. The charitable trust is a Public Benefit Entity as
defined by FRS 102.
The accounts have departed from the Charities {Accounts and Reports) Regulations
2008 only to the extent required to provide a true and fair view. This departure has
involved following the Statement of Recommended Prattice for charities applying FRS
102 rather than the version of the statement of Recommended Practice, which is
referred to in the Regu lations, but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the
charitable trust. Monetary amounts in these financial statements are rounded to the
nearest £.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expettation
that the charitable trust has adequate resources to continue in operational existence
for the foreseeable future. Thus, the trustees continue to adopt the going concern
basis of accounting in preparing the accounts.
1.3 Charitable funds
Unre5trirted funds are available for use at the discretion of the trustees in
furtherance of their charitable objectives unless the fu nds have been designated for
other purposes.
1.4 Incoming resources
Income is recognised when the charitable trust is legally entitled to it after anv
performance conditions have been met, the amounts can be measured reliably, and it
is probable that income will be received.

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Accounting policies
Icontinued)
Cash donations are recognised on receipt. Other donations are recognised once the
charitable trust has been notified of the donation, unless performance conditions
require deferral of the amount. Income tax recoverable in relation to donations
received under Gift Aid or deeds of covenant is recognised at the time of the
donation.
Legacies are recognised on receipt or otherwise if the charitable trust has been
notified of an impending distribution, the amount is known, and receipt is expected. If
the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under
headings that aggregate all costs related to the category. Expenditure is recognised
where there is a legal or constructive obligation to make payments to third parties, it
is probable that the settlement will be required, and the amou nt of the obligation can
be measured reliably. It is categorised under the following headings:
Costs of raising funds includes expenses incurred in management of
investment portfolios and estate transfer.
Expenditure on cha ritable activities included grants made.
Other expenditure represents those items not falling into the categories
above.
Grants payable to third parties are within the charitable objectives. Where
unconditional grants are offered, this is accrued as soon as the recipient is notified of
the grant, as this gives rise to a reasonable expectation that the recipient will receive
the grants. Where grants are conditional relating to performance then the grant is
only accrued when any unfulfilled conditions are outside of the control of the charity.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding
transaction costs and are subsequently measured at fair value at each reporting date.
Changes in fair value are recognised in net income/ {expenditurel for the year.
Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other
short-term liquid investment5 With original maturities of three months or le55, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Accounting policies
(Continued)
1.8 Financial Instruments
The charita ble trust has elected to apply the provisions of Section 11 'Basic Financial
Instruments, and Section 12 '0ther Financial Instrument5 155ues' of FRS 102 to all of
its financial instruments.
Financial instruments are recognised in the charitable trust's balance sheet when the
charitable trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the
financial statements, when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle on a net basis or to realise the
asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently
carried at amortised cost using the effective interest method unless the arrangement
constitutes a financing transaction, where the transaction is measured at the present
value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at
tra nsaction price unless the arrangement constitutes a financing transaction, where
the debt instrument is measured at the present value of the future receipts
discounted at a market rate of interest. Financial liabilities classified as payable within
one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method,
Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-cu rrent liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable trust's contractual
obligations expire or are discharged or cancelled.

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNT5 (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Critical accounting estimates and judgements
In the application of the charitable trust's accounting policies, the trustees are required to
make judgements, estimates and assumptions about carrying amount 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 where the
revision affects only that period, or in the period of the revision and future periods where the
revision affects both current and futu re periods.
No significant estimates or judgements have had to be made by Trustees in preparing these
financial statements.
Investment Income
2024
2023
Dividend income
Bank interest
42,550
710
34,855
804
43.260
35,659
Charitable Activities- Grants
2024
2023
Grants to institutions
Social Welfare {2 grants)
Conservation11 grant)
Performing Arts {2 grants)
30,000
20,000
45,000
45.000
35.000
52.100
95,000
132,100
li

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Charitable Activities (continued)
2024
2023
Cancer Research UK10 grants)
City of Birmingham Symphony Orchestra11 grant)
Enthum Foundation11 grant}
Howard League Centre11 grant)
Leamington Music10 grants)
Music in the Round11 grant)
National Trust11 grant)
Refugee Action10 grant)
Prison Reform Trust10 grants)
Sussex Seabed10 grants)
30,000
20,000
10,000
30,000
20,000
10,000
7,000
15,100
30,000
5,000
10,000
5,000
15,000
20,000
12

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Governance Costs
2024
2023
Independent examination charges
3,402
3,396
Raising funds
2024
2023
Bank charges and other interest
HSBC/Coutts Private Banking- management fees
287
6.194
361
6,301
6,481
6,662
Fixed Asset Investments
2024
2023
Listed Investments
Market value at 6 April 2023
1,421,428
1,496,973
Less
Net Unrealised Investment Gain / (Lossl
Realised Investment Gain / (Lossl
Disposal
14,835)
121,4381
38,265
181,0481
1842,8401 11,023,136)
Add
Additions at cost
829,976
1,050,077
Market Value at 5 April 2024
1,441,994
1,421,428
Historical Cost
1,252.551
1,185,580
13

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
Accruals
2024
2023
Independent examination and accountancy
Other creditors
6,642
2,940
3,240
2,940
9,582
6,180
Trustees, Remuneration and Expenses
No remuneration, either directly or indirectly out of the funds of the charity was paid or
payable for the year to any trustee, or to any person or persons known to be connected with
any trustee.
No reimbursement of expenses has been made or is due to be made to any of the trustees in
respect of the year.
No professional indemnity insurance was paid during the year.
io.
Related Party Transactions
During the previous year Mr M Millward {trusteel made a payment using private funds to pay
trust expense. This remains outstanding at the current year end with the trust owing Mr M
Millward £2,940. There have been no related party transactions within the year ended 5 April
2024.
11. Controlling Party
The charity is controlled by the Trustees as disclosed on the Trustees Report {page 31.

THE MILLWARD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 5 APRIL 2024
12.
Analysis of Net Assets Between Funds
Unrestrlcted Funds
2024
Unrestrirted Funds
2023
Investments
Current assets
Current liabilities
1,441,994
240,558
19,5821
1,421,428
285,915
16, 1801
Total Funds carried forward
1,672,970
1,701,163
13.
Financial instruments
2024
2023
Carrying amount of financial assets
Fixed asset investments {measured at fair value)
1,441,994
1,421,428