2021-08-31-accounts - Millfield Foundation

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ENTS			PAGE No.
Officers and advisers
Directors' report			2-4
Independent Auditor's	report		5-6
Statement oftinancial	activities
Balance sheet
Statement ofCash Flows
Notes to the accounts			10-17
For information ofthe Directors		only:
Detailed income and	expenditure	account	18-19

DIRECTORS AND TRUSTKKSt	DA Goodhew
	BAlizadeh
	WJBushell
	Mrs JEDerbyshire	(resigned 30	September 2021)
	TP Grifftths
	P M Johnson
	DBA Pinto
	M AL Simon
REGISTERED OFFICE:	34High Street
	Westbury on Trym
	Bristol
	BS93DZ
REGISTERED NUMBERS:	Company	06370560
	Charity	1121630
AUDITORS:	William Price &Co.	Ltd
	Westbury Court
	Church Road
	Westbury-on-Trym
	BS93EF
BANKERS:	HSBC
	41 Southgate Street
	Bath
	BA1 1TN
SOLICITORS:	Farrells
	16Portland Square
	Bristol
	BS28SJ
INVKSTMKNT MANAGKRSt	Waverton Investment	Management	Ltd
	16Babmaes Street
	London
	SW1Y6AH
	Rathbone Investment	Management	Limited
	Port ofLiverpool Building
	Pier Head
	Liverpool
	L3 INW

	iName ofFund			Current	Beneficiaries Tar eted	Beneficiaries Tar eted	Beneficiaries Tar eted
				Value
	The Erika Olde Scholarshi		Fund	804,667	Talented d slexic u ils
2.	The RJOM Fund			536883	Children ofOld Millfieldians
	The Gu Bennett Scholarshi		Fund	954 165	Pu ils dis la in r exce tional	talent in the	Arts
					All Round scholarships for 6w Form academically			able pupils with
4.	The PMJ Fund			152382	othertalents —leadershi ualities, music		drama	artd'ca	ort
	The Tom Ma nard Fund			7574	Pu ilsdis la in exce tionaltalentin thea		crt ofcricket
6.	The Holmcrott Scholarshi		Fund	139,931	Pu ils boardin ~ in Holmcroft	House at MiRfield
	The St Anne's Scholarshi		Fund	48,065	Pu ils boardin in St Anne's	House at Millfield
8.	The Gallifre Scholarshi	Fund		7 740	Talented 6a Form u ils
	The Sir Gareth Edwards	Rugby
	Scholarshi Fund			147,854	Annual scholarshi for ru b	lavin u	ils
10.	The TNFund			38,348	S ecific bursa su ort for	academicall	iited	u il
11.	The Sumner Fund			634,662	Gitted female u ils
12.	Discover Brilliance Fund			69555	Bursar su ort for students	with limited	tinancial	means

		Note	Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			2021	2021	2021	2020
INCOMING RESOURCES
Incoming resources &om generated	funds		136,413	323,065	459,478	654,847
RESOURCES EXPENDED
Grant Disbursement			(49,147)	(87,807)	(136,954)	(137,404)
Fund Raising, Investment Management, k Administration Costs		Governance	(17,738)	(27,192)	(44,930)	(27,394)
TOTAL RESOURCES EXPENDED			(66,885)	(114,999)	(181,884)	(164,798)
NET INCOME/(EXPENDITURE)	FOR THE YEAR		69,528	208,066	277,594	490,049
Gain/(Loss) on investtnent assets			127,437	416,186	543,623	107,372
NKT MOVKMKNT IN FIJNDS			196,965	624,252	821,217	597,421
Reconciliation offunds
Total funds brought forward at I July	2020		885,212	2,917,574	3,802,786	3,802,786
TOTAL FUNDS CARRIED FORWARD AT31AUGUST 2021			1,082,177	3,541,826	4,624,003	3,802,786

	Note	Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2021	2021	2021	2020
FIXEDASSETS
Tangible Assets
Investments		987,972	3,457,282	4,445,254	2,948,385
		987,972	3,457,282	4,445,254	2,948,385
CURRENT ASSETS
Debtors		18,350	77,827	96,177	19,972
Cash at bank and in hand		91,387	6,717	98,104	858,667
		109,737	84,544	194,281	878,639
CREDITORS
Amounts falling due within one year		(15,532)		(15,532)	(24,238)
NET CURRENT ASSETS		94,205	84,544	178,749	854,401
NET ASSETS	10	1,082,177	3,541,826	4,624,003	3,802,786
THE FUiNDS OFTHE CHARITY
Restricted income funds			3,541,826	3,541,826	2,917,574
Unrestricted income funds		1,082,177	-	1,082,177	885,212
TOTAL CHARITY FUNDS		1,082,177	3,541,826	4,624,003	3,802,786

	2021f	2020
Cash flow from operating activities
Net income for period	821,217	597,421
Adjustment to cash flows from non-cash items:
Finance income	(80,774)	(56,273)
Loss on foreign exchange differences	2,494
Net (gain) / loss on revaluation	~543 623	~107372
	199,314	433,776
Working Capital adjustments:
(increase) / Decrease in debtors Increase in creditors Net cash flow from operating activities	(76,205) ~8706	38,773 ti.745 ~4
Cash flow from investing activities
Payments to acquire investments Receipts from sales ofinvestments Net cash flow from investing activities	(1,311,236) ~92 77 ~9	(773,338) 724 513 ~48 825
Cash flow from financing activities
Interest received Net cash flow from financing activities	80774 ~4	56273
Net increase / (decrease) in cash and cash equivalents	(623,482)	486,742
Cash and cash equivalents at 1 July 2020	1.022432	535690
Cash and cash equivalents at31August 2021	~38 5	I 92224 2
Cash and cash equivalents consists of:
Cash at bank and in hand	98,104	858,667
Short term deposits	300846	163765
Cash aad cash equivalents at 31August 2021	~8950	~1022432

3.	NET INCOME			Unrestricted	Restricted	Total	Total
				General	Funds	Funds	Funds
				Fund
				2021	2021	2021	2020
						8
	Net income is stated after charging; Audit and other Accountancy fees			9,000		9,000	6,525
4.	INCOMING RESOURCES FROM GENERATED FUNDS			Unrestrtcted	Restricted	Total	Total
				General	Funds	Funds	Funds
				Fund
				2021	2021	2021	2020
					g
	Fund Raisiag, Donations & Donations received		Gift Aid Income	115,653	251,775	367,428	472,324
	Gilt aid received			1,891	9,373	11,264	126,250
				117,544	261,148	378,692	598,574
	Investment	Income &Interest Received
	Investment	income		18,857	61,917	80,774	56,123
	Interest received			12		12	150
				18,871	61,917	80,786	56,273
				136,413	323,065	459,478	654,847

				Grant	Funds	Investment	Governance	2021	2020
				Disbursements	RaisingManagement		dk Admin
					Costs	Costs	Costs
Grant Disbursements
Provision ofindividual	hursaries			136,954				136,954	137,404
Investment Management		Costs
investment Management Loss on foreign exchange		Fees differences				32,962 2,494		32,962 2,494	20,029
Governance dt Administratioa			Costs
Accountancy fees Audit fees Bank charges Trustee's Insurance							6,000 3,000 109	6,000 3,000 109	4,725 1,800 76 600
Professional fees							365	365	164
				136,954		35,456	9,474	181.884	164.798
TANGIBLE FIXEDASSETS
								9yebsite
								Costs
Cost
At 1 July 2020								10,700
Additions
At 31August 2021								10,700
Depreciation
At 1 July 2020 Charge for the year								10,700
At 31August 2021								10,700
Net book value
At 31August 2021
At 1 July 2020

INVKSTMKNTS
		2021	2020
Market value at 1 July 2020 Additions at cost		2,948,385 1,311,236	2,800,918 773,338
Disposals at market value Net gain / (loss) on revaluation Losses on foreign exchange differences Net increase/(decrease) in cash deposits		(492,577) 543,623 (2,494) 137,081	(724,513) 107,372 (8,730)
Market value at 31August 2021		4,445,254	2,948,385
Investments can be further analysed	as follows:	2021	2020
		8
Listed investments		4,144,408	2,784,620
Cash and settlements pending		300,846	163,765
		4,445,254	2,948,385

DEBTORS
	Unrestricted	Restricted	Total	Total
	General	Funds	Funds	Fuads
	Fund
	2021	2021	2021	2020
				8
Other debtors	18,350	77,827	96,177	19,972
	18,350	77,827	96,177	19,972

CREDITORS —AMOUNTS DUE WITHIN ONE YEAR
	Uarestricted	Restricted	Total	Total
	General	Funds	Funds	Funds
	Fund
	2021	2021	2021	2020
	8		8	8
Other creditors	15,532		15,532	24,238
	15,532		15,532	24,238

. ANALYSIS O	FNET AS	SETSBETWEEN	FUNDS
					Unrestricted		Restricted	Total
						General	Funds	Funds
						Fund
						2021	2021	2021
						8
Investments						987,972	3,457,282	4,445,254
Current assets						109,737	84,544	194,281
Creditors						(15,532)		(15,532)
						1&064,466	3,534,537	4,599,003
MOVEMENT	IN FUNDS
Fund Name		At I July 2020	Incoming	Outgoing	Resources	Gain on	At 31August 2021
			Resources			investment
Unrestricted Funds
General Fund		885,212	136,413		(66,885)	127,437		1,082,177
Restricted Funds
Erika Olde Scholarship
Fund		708,814	14,586		(16,282)	97,549		804,667
RJOM Fund		480,136	13,793		(22,423)	65,377		536,883
Guy Bennett Scholarship
Fund		748,606	117,534		(25,497)	113,522		954,165
PMJ Fund		118,143	17,822		(1,135)	17,551		152,382
Tom Maynard Fund		6,584	136		(60)	914		7,574
Holmcroft Scholarship
Fund		92,444	32,352		(1,034)	16,168		139,931
StAnne's Scholarship
Fund		41,780			(380)	5,800		48,065
Gallifrey Scholarship
Fund		6,728	139		(61)	934		7,740
Sir Gareth Edwards
Rugby Scholarship	Fund	127,348	13,014		(10,226)	17,718		147,854
The TN Fund		55,741	909		(23,956)	5,654		38,348
The Surnner Fund		531,250	42,358		(13,944)	74,998		634,662
Discover Brilliance Fund Total Restricted Funds		2,917,574	69,555 323,065		(114,999)	416,186	69,555 3,541,826
TOTAL FUNDS		3&802,786	459,478		(181&884)	543,623	4,624,003

Name ofthe Fund	Name ofthe Fund		Fund value asof31	Fund value as	of31	Effectofchange in	Effectofchange in
			August 2021 using	August 2021 using		accounting	policy
			quarterly average fund	brought forward	fund
			balance allocation method	balance allocation	method
The Erika Olde Scholarshi		Fund	804,667	808 711		(4044
The RJOM Fund			536 883	540367		(3484
The Guy Bennett Scholarship Fund			954,165	947,167		6,998
The PMJ Fund			152382	151,680		702
The Tom Mavnard Fund			7574	7603		(29)
The Ho(mero(t Scholarshi		Fund	139931	136761		3 170
The StAnne's Scholarshi		Fund	48,065	48250		(185
The Gallifre Scholarshi		Fund	7740	7769		29
The Sir Gareth Edwards Scholarshi Fund	Rugby		147,854	148,372		(518)
The TN Fund			38348	40 813		2465
The Sumner Fund			634,662	635,714		1052)
Discover Brilliance Fund			69555	69555
General Fund			1,082,177	I 081 241		936

					2021		2020
					8
INCOME
Sir Gareth Edwards Rugby Scholarship			Fund Donations		9,690		12,095
General Fund Donations					115,653		15,986
RJOM Fund Donations					3,367		9,747
StAnne's Fund Donations							8,656
Sumner Fund Donations					25,000		425,000
PMJ Fund Donations					13,417		840
Guy Bennett Fund Donations					100,746
Discover Brilliance Fund		Donations			69,555
Holmcroit Scholarship	Fund Donations				30,000
					367,428		472,324
Gift Aid Received				11,264		126,250
					11,264		126,250
					378,692		598,574
EXPENSES
Grants Awarded				(136,954)		(137,404)
Investment Management		Expenses		(32,962)		(20,029)
Accountancy Fees				(6,000)		(4,725)
Audit Fees				(3,000)		(1,800)
Bank Charges				(109)		(76)
Trustees' Insurances						(600)
Professional fees				(365)		(164)
					(179,390)		(164,798)
OPERATING SURPLUS/(DEFICIT)					199,302		433,776
INVESTMENT INCOME AND INTEREST			RECEIVABLE
Bank Interest				12		150
Loss on foreign exchange		differences		(2,494)
Investment Income				80,774		56,123
					78,292		56,273
SURPLUS/(DEFICIT) FOR THE YEAR					277,594		490,049