Apparatus for preparing a beverage, the apparatus comprising a fluid supply system (2) with at least one heat exchanging section (6) for cooling or heating a fluid passed there along, and a valve assembly (8) with a mixing valve (10), wherein the mixing valve comprises a first inlet (21) which is in fluid communication with an outlet of the heat exchanging section (6), a second inlet (22) which is in fluid communication with a source of a hotter or colder version of aforementioned fluid, first and second closing means for altering a flow rate through the first (21) and second (22) inlet respectively, and control means arranged to control the first and second closing means in such way that an increase in flow rate through one of the inlets is matched by a substantially similar sized decrease in flow rate through the other inlet, so that the total flow rate through the mixing valve (10) remains substantially constant.