MILLFIELD
FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended
31 August 2022
Comp3ny number.. 06370560
Registered Charity Number.. 1121630

MILLFIELD FOUNDATION
CONTENTS
Pagè No.
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR'S REPORT
STATEMENT OF FINANCIAL AcfiviTIES
BALANCE SHEEr
io
CASH FLOW STATEMENT
li
NOTES TO THE FINANCIAL STATEMENTS
12
TRUSTEES AND ADVISORS
21

MILLFIELD FOUNDATION
REPORT OF THE TRUSTEES
The Trustees present their Annual Report and Financial Statements for the year ended 31 August 2022 and confirm that rhey
comply with the requirements ol the Charities Act 2011, the Companies Act 2006. and the Charities SORP FRS 102.
The Trustees confirm that the financial statemerlts cornply with the charitV'5 governing document, with current Statutory
requirements, with applicable accounting standards in the United Kingdom, and with the Charities Statement of Recommended
Practice IFRS 1021- Second Edition. The Trustees and Advisors are set out on page 21.
REVIEW OF THE YEAR
Prlncipal Achievements and Performance
Fundroisin9
The charity does not directly engage in fundraising activities, but engages Milllield School to develop relationships with donors
who are current and past parents. former pupils and friends ol Millfield School. In pursuing its objectives during the period, the
charity received donation income of £593,38912021.. £378,692>, which was comprised of net donations of £557,74012021..
367,4281 and associated gift aid of £35.64912021.. £11.2641.
Investment5
The charity held investment5 at year end of £4,276.46612021.. £4,445,254). The Trustees aim to hold a balanced portfolio of
assets that will achieve returns in excess of the Consumer Price Inflation index I-CPI'I + 3% over a rolling 6 year period, without
exp051n8 the Charity to excessive risk. One of the Trustee5' responsibilities is to ensure the prudent management and investment
of the Charity's assets. The day-to-day mana8ement of the Charity's investment portfolio has been delegated to Rathbone
Investment Management Limited and Waverton Investment Management Limited. who the Trustees monitor on a regular ba515.
The Trustees have determined that the principal risks and uncertaintie5 relevant to the linantial performance of the Charity are
those relating to preservation of capital and investment performance. In response to this Bssessment, the Trustees have approved
a Statement of Investment Principles I'lnvestment Policy Statement'l, the rn3in purpose ol which 15 to set details of the
investment strategy, the trustee5' investtnent objectives and their èttitude to risk.
The investments are held in a range of securities and pooled funds at the discretion of the investment man3ger5. The custody of the
underlying assets in which the Charity invests is the responsibility of the investment managers. The Trustee5 do not have any direct
relationship with the custodians and consider that adequate controls are in place io secure the safe custody of the Scheme's assets.
The investments generated income of £84.24712021.. £80,774) for the year. but suffered a net Ios5 on revaluation at year end of
£227,52812021.. £543,623 8ainl. Thi5 deterioration was mainly due to adverse stock market conditions caused by Inflation and
ntere5t rates rising more than anticipated. The value and allocation of the Charity's investments as at 31 August 2022 and 2021
are-.
Investrnent Manager
2022
2021
Rathbone Inwestment ManageFnerit Limited
Wavertcn Investment Management Limited
918.492 21.5%
3,357.974 78.5%
4,276.466 100.0%
1.017,733 22.9%
3.427,521 77.1%
4.445,254 100.0%
Gr(Jnt Disbursements
The Trustees made grants of individual bursaries to pupils of Millfield during the year of £206.87112021.. £136,954). These grants
supported 10 pupils12021'. 8 pupils).

MILLFIELD FOUNDATION
FUTURE PLANS
During the financial yeèr, the Charity benefitted from the appointment of a Head of Foundation by Millfield Sthool, whose primary
role is to generate fundraising income to 8row our endowrnent fund from which the Charity aims to support more pupils in
financial need. The success ol Millfield Giving Day In 2021 & 2022 has led to this becoming an annual fundraising initiative and
going forward will be complimenred by additional fundraising activities across multiple incorne streams. all ol which, are aimed at
existing and prospective donor5 based in the UK and overseas. Our funclrai5ing strategy will be underpinned by significantly
increasing our en8agement with Old Millfieldians and parents Ipast and presentl around the world, and by utilising our inaugural
'Case for Support,, which clearly outlines our heritage of philanthropy, the need and how the wider Millfield community can
provide their support.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governing Dotumenrs
Millfield Foundation is a charitable company limited b¥ guarantee, which was incorporated on 13 September 2007. The governing
documents ol the Charity are it5 Memorandum and Articles of Associations adopted on incorporation and applied throughout the
year ending 31 August 2022.
New Articles of Association were adopted, by a special re501ution on 23 August 2022, effective I September 2022. These Articles
provide that the majority of Trustees holding office at any one time are nominated by Millfield School which is a separate charitv
(registered charity nurnber". 3102831 and also a separate company (company re8lStration no. 5223851.
Group Structure crnd Relationships
The Charity receive5 donation5 to enable it to grant scholarships and bursaries to current and prospective pupils of Millfield
Schools. These donations are received directly or indirectly via the fundraising activities of Millfield Schools. Investments are
made through appropriately Qualified Investment Managers. Grant5 of scholarship5 and bursaries are made from restricted or
unrestricted funds complying with stipulated requirements.
Investment Powers. Policy und Performonce
There are no specific restriction5 on the Trustees investment powers, subject to taking advice from 3 reasonably qualified per50ll
and where investment deci510ns are delegated, to ensure the delegate is authorised to carry on investment business under the
provisions of the Financial Services and Market5 Act 2000.
rru5tee Board
The Trustee Board is comprised of Appointed Trustee5 nominated by Millfield School and Co-opted Trustees appointed by the
Trustee Board. Trustees are usually appointed lor a 3 year term ol office. Retirin8 Trustees are eligible for re-appointment to a
aximum of 3 con5&CUtive terrns. The Trustee Board Seeks to have an appropTiète balance ol age. gender and ethnicity.
Governor troining
The Trustee Board recognises that new Trustees must feel confident that they are equipped to meet their statutory and wider
legal responsibilitle5 and appropriate courses and information is mède available to them through the Clerk to the Trustees.
Organislitionol monogemenr
The Trustees are legally responsible for the overall management and control ol the Charity, including policy setting and strategic
planning.

MILLFIELD FOUNDATION
The detailed work of the Trustees is delegated to four committee5, each of which operates under terms of reference which are
approved by the Trustee 8oard, and which are required to report to the Trustee Board on a regular basis.
Audit, Compliance and Risk Committee
Finance & Investment Committee
Nominations Committee
Joint Fundraising Sub-committee (with Millfield 5chooll
In addition to the committees, certain members of the Trustee Board also act as Governors lor Millfield School.
The day to day running ol the Charity's fundraising and administration activitie5 is delegated to the Headmaster of Millfield, the
Headmèster of Millfield Prep School. the Finance Director of Milllield Schools, I'the Executive Group"), as key management
personnel, who In turn are supported by the Head ol Foundation and other members of the Senior Leadership Teams I'SLT-I. The
Head5 and Finance Director attend meetings of the Charity's Trustee 8oard. The management of investments is delegated to
third party investment rnanagers, currently Rathbone Investment Management Limited and Waverton Investment Manègement
Limited, who the Trustees monitor on a regular basis.
Employee involvement
The Charity does not have any employees. Fundraising is managed by Milllield School and investment is delegated to Rathbone
Investment Management and Waverton Investment Managernent Limited.
08JEcfivES AND ACTIVITES
Charituble Objerts
The Charity's principal activity is..
The advancement of education through the provision of scholarships to current and prospective pupils ol any school operated
by or otherwise associated with Millfield whose parents or guardians are in need of financial assistance,. and
The promotion of such other purposes being exclu51vely choritable according to the law ol England ènd Wales as the Trustees
may from time to time determine.
The Charity works with Miiifield khool, third party investment managers 3nd donors to build a sustain8ble endowment fund for
the provision of scholarships and bursaries. The ability to 8row thi5 provision is significantly affected by the succes5 of fundraising
initiative5 undertaken by Milllield School and the ability of delegated investment managers in growing the value of fixed asset
investments. In setting the Charity's objectives and planning activitie5, the Trustees have given due regard to the latest guidance
on public benefit published by the Charity Commission.
FINANCIAL REVIEW
For the financial year ended 31 August 2022 Milllield Foundation generated Net Income before Ilosses118ains on investments ol
£428,57812021.. £277,594). The irnprovement of £150.984 is a result of increased income of £218,623, driven lar8ely by an
increase in donation income of £214,697, offset by an increase in expenses of £67,639 (mainly due to increased grants of
£69,917). fhere was a 105s on investment assets of £227.528 incurred12021.. £543,623 gain) during the year. This deterioration
was mainly due to adverse stock market condition5 caused by inflation and interest rates rising more than anticipated. Net Income
01 £201,05012021'. £821,217) represents a decline of £620,167 on the previou5 period. This arises from the adverse movement in
investments a55et5 01 £771,151. offset by the improvement of £150.984 in Net Income before gainsl Ilossesl explained above.
The reserves of the Charity increased by Net Incorne of £201,050 to £4.825.053 at 31 August 202212021.. £4,624,003) and
represent both unrestricted funds £1,474,02412021.. £1,151,7321 and restricted fund5 £3,351,02912021.. £3,472,271). The
reserves are held in order to fund the future activitie5 of the Charity. These funils are to be used to provide scholarships or
byrsaries to pupils where there is a financial need as follows..

MILLFIELD FOUNDATION
Name of Fund
Current
Valve
Beneficiarles Tar
èted
IA)
Restricted Funds
The Erika Olde Scholarship Fund
The RJOM Fund
The Guy Bennett Scholarship Fund
762,379
516,293
895,821
Talented dyslexic pupils
Children of Old Millfieldians
Pupils displaying exceptional talent in the arts
All round scholarships lor 6th Form academically able pupi15 Wlth
other talents- leadership qu31itie5, music, drama, art & sport
Pupils di5pl6ying exceptional talent in the sport of cricket
Pupils boarding in Holmcrolt House at Millfield
Pupils boarding In St Anne's House èt Milllield
Talented 6, Form pupils
The PMJ Fund
The Tom Maynard Fund
The Holmcroft Scholarship Fund
The St Anne'5 Scholarship Fund
The Gall￿freY Scholarship Fund
The Sir Gareth Edwards Ru8bv
Scholarship Fund
The Sumner Fund
202,500
7,271
145,841
46,141
7,430
135,529
630,815
Annual scholarship lor rugby playing pupils
Female pupils with a bias towards science and who otherwise
would not alford the fees
Pupils displaying exceptional talent in the sport of football
io.
ii.
Tyrone Mings Scholarship Fund
Restricted Funds total
Unrestricted Funds total
1,009
3,351.029
1,474.024
Scholarships and bursaries at the Tru5tees' discretion
Total Funds
4,825,053
The reserves of the Charity are detailed in the Balance Sheet on page 10 of these financial staternents. Broadly. they are made up
of Fixed Asset Investments of £4,276.46612021.. £4,445,254> and Net Current Assets 01 £548,58712021.. £178,749).
The performance of the Fixed Asset Investments of £4,276.46612021.. £4,445,254) is outlined below..
The value ol the investment managed by Waverton Investment Management Ltd at 31 August 2022 was £3,3S7,974
12021-. £3.427.5211. The investment portltslio had net Ios5 on revaluation of £119,42812021.' 8ain of £428,866) and yielded
investment income of E65,59412021.. £73,342) during the period.
The value of the investment managed by Rathbone Investment Management Ltd at 31 August 2022 was £918,492
12021.. £1,017.7331. The investment portfolio had net1055 on revaluation of £108,10112021.' gain of £114,757) and yielded
investment income of £17,49512021.. £7,432> during the period.
FundroAsing
The Charity benefits from the fundraising and administration services provided by Millfield School. Fundraising is conducted
through the School's foundation office which seek5 donations from lorrner students, parents and other member5 of the School
community. The School complies with the Fundraising Regulatorf5 code of practice and Seeks to build positive long-term
relationships with potential donor5.
Reserves
The Trustees, policy is to examine the needs, risks and challenges laced by the Charity in both the Short and medium term along
with relevant financial forecasts to consider whether the reserves are sufficient to rneet requ1￿Ments.
Reserves as at 31 August..
2022
2021
Note
Total Funds
Less.. Restricted Funds
Unrestricted Funds and f ree Reserves
4,825.053
4.624,003
13,351.0291 13,472,271)
1,474.024
1,151,732

MILLFIELD FOUNDATION
Free Reserves..
The Tru5tee5 note there are free reserves of £1,474.02412021.. £1,151,732) and expect these will continue to grow with the
ongoing fundraising work to gerierate donation incorne combined with positive investrnent returns.
Restricted Funds..
The restricted funds comprise donations earmarked by the donors, or the terms ol an appeal, lor specific purposes. Restrictions
are legally binding on the Trustees.
The Trustees do not envisage there being any difficulty in meeting current andlor future obligations of the Charity and note there
15 nts financial dependence on key donors.
Trustees, Responsibilities Statement
The Trustees Iwho are also directors of Millfield Foundation for the purposes of Company lawl are responsible for preparing the
Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting 5tondards
(United Kingdom Generally Accepted Accounting Practicel.
Cornpany law requires the Trustees to prepare financial statements for each fin3nciè1 year which give a true and fair view of the
state ol affair5 of the charitable company and ol the incoming resources and application of resources, including the income and
expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
Select suitable accounting policies and then apply them consi5tently',
Observe the method5 and principles in the Ch3rities SORP.
Make Judgments and estimètes that are reasonable and prudent.
State whether applicable UK Accountin8 Standard5 have been followed, subject to any rnaterial departures disclosed and
explained in the financial 5tatements-, and
Prepare the financial statements on the 8oin8 concern basis unless it 15 inappropriate to presume that the charitable
company will continue in business.
The Trustees are fesponsible for keeping proper accounting records that di5c105e with reasonable accuracy at any time the
financial position of the charitable company and enable them to ensure that the financial Statements comply with the Cornpanies
Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps
lor the prevention and detectitsn of fraud and other irregularities.
The Trustee5 have referred to the guidance in the Charity Commission's general guidance on Publie Benefit when reviewin8 the
Foundation's aims and objectives and in planning the Foundation's future activities. In particular. the Trustees have considered
how planned activities will contribute to the aims and objective5 they have set.
In so far as the Trustees are aware..
There 15 no relevant audit information of which the charitable company s auditor is unaware.. and
TheTrustees have taken all steps that theyought to have taken to make themselves aware of any relevant audit inform3tion
and to establish that the auditor 15 èware of that information.
The Report was approved by rhe Trustee Board of Milllield Foundation on 16 March 2023 and signed on its behalf by..
J8U
LL- DIRECTOR

MILLFIELD FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MILLFIELD FOUNDATION
Opinion
We have audited the financial statements ol Millfield Foundation for the year ended 31 August 2022 which comprise the Statement
of Financial Activities, Balance Sheet and Statement tsl Cash Flows and notes to the financial statement5, including 8 summary of
significant accountin8 policies. The financial reporting frèmework that has been applied in their preparation 15 applicable law and
United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finonciol Reporting Stundord opplicoble in
the UK ond Republic of Irelund Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial 5taternents'.
give a true and lair view of the state ol the charitable company's affair5 as at 31 August 2022 and of the charitsble
company's net movement in funds, including the income and expenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for oplnion
We conducted our auclit in accordance with InternatiOn31 Stand3rd5 on Auditing IUKI IISA5 IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilitie5 for the audit ol the financial statement5
section ol our reptsrt. We are independent of the Charity in accordance with the ethical requirements that are relevant to our èudit
of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirernents. We believe that the audit evidence we have obt3ined is sufficient and appropriate to provide
2 basis lor our Opinion.
Concluslons relating to going contern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis ol accounting in the
preparation of the financial statemenrs is appropriate.
Based on the work we have perforrned, we have not identified any material uncertaintie5 relatin8 to events or conditions that,
individually or collectively, may cast significant doubt on the charitable cornpany's ability to continue a5 a going concern for a period
of at least twelve months from when the financial statements are authorised for issue.
Our re5pon5ibilities and the responsibilitie5 of the Trustees with respect to going concern are described in the relevant 5ection5 of
this report.
oiher Information
The Trustees are responsible lor the other information. The other inltsrrnation comprises the information included in the Report of
the Trustees. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise
explicitly stated in our report. we do not express any form of assurance conclusion thereon.
In connection with our audit of the financi31 staternent5, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements. or our knowledge obtained in the audit or
otherwise appears to be rnaterially misstated. If we identify such material inconslstencies or apparent material misstatements, we
3re required to determine whether there 15 a material misstatement in the financial statements Of a material misstatement ol the
other information. If. based on the work we have performed, we conclude that there is a material misstaternent of this other
information, we are required to report that fact. We have nothing to report in this re8ard.

MILLFIELD FOUNDATION
INDEPENDENT AUDITORS. REPORT TO THE MEMBEAS OF MILLFIELD FOUNDATION
Oplnlons on other matter5 prescrlbed by the Companies Act 2006
In our opinion, based on the work undertak@n in the course of the audit..
the information given in the Report ol the Trustees Iwhich includes the Directors, report prepared for the purposes ol
Charity 13wI for the financial year for which the financial statements are prepared is consistent with the financial
statemeFTrts,' and
the directors, report which is included within the Report of the Trustees ha5 been prepared in accordance with applicable
legal reouirements.
Matters on whlch we are requlred to report by exceptlon
In rhe light of the knowledgE understanding of the charitable company and it5 environment obtained in the course ol the audit.
we have not identified material misstatements in the Report of the Trustees (which incorporates the Directors. Report).
We have nothing to report in respect of the following rnatters in relation to which the Companies Act 2006 requires us to report to
vou if. in our opinion..
adequate accounting records have not been kept by the charitable company., or
the charitable company financial statement5 are not in agreement with the accounting records and returns., or
certain disclosures of Trustees, remuneration specified by law ère not made., or
we have not received all the inform3tion and explanations we require for our audit.. or
the directors were not entitled to prepare the financièl st3tements in accordance with the small companies, regime and
take advantage of the Small companies. exemption5 in preparing the Report of the Trustees and from the requirement to
prepare a strategit report.
Rèsponslbllltles of Trustee5 for the financial statements
A5 explained more fully in the Trustee5' responsibilities statement Set out on page 5, the Trustees Iwho are also the directors of the
charitable company for the purp05e5 of company lawl are responsible lor the preparation ol the financial statements and for being
satisfied that they give 3 true and fair view. and for such iTTrternal control as the Trustees determine is necessary to enable the
preparation of financial statement5 that are free from material mi55tatement, whether due to fraud or error.
In preparing the financial statements, the Trustee5 are responsible for 855e5sing the charitable companV5 ability to continue as
going concern. disc105ing, a5 applicable, matters related to going concern and using the going concern basis ol accounting unless the
Tfu5tees either intend to liquidate the charitable eompany or to cease operations, or have no realistic alternative but to do so.
Audil0rf5 responslbilitles for the audlt ot the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from rn8terial
misstaternent, whether due to fraud or error, ènd to issue an auditor's report that inclLJdes our opinion. Reasonable a5suran£e is a
high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material
mis5taternent when it exists. Misstatements can arise from fraud or errtsr and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basi5 of these flnancial
statements.
Irregularities, includinE fraud, are instances ol non-eompliance with law5 and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misst3tement5 in respect of irregularities. including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below..
Based on our understanding of the charitable cornpany and the environment in which it operates, we identified that the principal
risks ol non-compli&nce with laws and regul3tion5 related to Charity law. fundraising regulations and GDPR, and we considered the
extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and
regulations that have a direct impact on the preparation of the h'nancial statements such as the Companies Act 2006 and the
Charities Act 2011.

MILLFIELD FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MILLFIELD FOUNDATION
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial 5tètements (including the
risk of override of contro151. and determined that the principal risks were related to inappropriate journal entries to income. Audit
procedures performed by the engagement team included..
Inspecting correspondence with regulator.,
Di5CUS5ions Wlth management including Consideration of known or suspected instance5 of non-compliance with laws and
regulation and fraud..
Evalu3ting management's controls designed to prevent and detert irregularities., and
Identifying and testing journals.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitie5. including those leading to a
rn3terial misstaternent in the financial statements tsr non-compliance with regulation. This risk increases the more that compliance
with a lèw or resulation is removed from the events and transactions reflected in the financial statements, ès we will be les5 likely
to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than
error, as fraud involve5 intentional concealment. forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is10£3ted on the Financial Reporting Council's
website at.. www.fri.or
Ilitie5. This description forms part of our auditor's report.
Use of our report
Thi5 report 15 made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the charitable company'5 rnembers those rn&tters we are
required to State to them in an Auditor's report and lor no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body. for our
audit work, forthis reporL or for the opinion5 we have formed.
Ix
Tracey Young Isenior Statutory Auditor)
For and on behalf of Haysmacintyre LLP, Statutory Auditor
10 Queen Street Place
London
EC4R IAG
29 March
.2023

MILLFIELD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 AUGUST 2022
hlote
Unrestrlcted
Funds
12 months
ended
31108122
Restricted
Funds
12 months
ended
31108122
Total
Funds
12 month5
ended
31108122
Total
Funds
12 months
ended
31108121
INCOME FROM..
Donations
Investrnents
478,158
21,493
499,651
115,231
63,219
178,450
593.389
84,712
678,101
378,692
80,786
459,478
TOTAL INCOME
EXPENDITURE ON..
Costs of raising funds
Grant disbursements
Governance & adrninistration costs
16,4581
1144,8391
116,4331
1167,7301
119,7611
162,0321
126,2191
1206.8711
116,4331
1249,5231
135,4561
1136,954
19,4741
1181,8841
TOTAL EXPENDITURE
181,7931
NET INCOME BEFORE
GAINSIIL055ESI ON INVESTMENTS
331,921
96,657
428.578
277.594
(Lossl/ gain on investment assets
NET INCOMEIILOSSI
147,9771
283,944
1179,5511
182,8941
1227,5281
201.050
543,623
821.217
TRANSFER
li
38,348
138,3481
NET MOVEMENT5 IN FUNDS
322,292
1121,2421
201.050
821,217
RECONCILIATION OF FUNDS
Total funds brought forward at
I September 2021las re5tatedl
li
1.151.732
3,472,271
4,624.003
3,802,786
TOTAL FUNDSCARRIED FORWARD
AT 31 AUGUST 2022
1,474,024
3.351,029
4,825.053
4,624,003
The results for the period derive from continuing activit￿e$ and there are no gains or losses other than those shown above.
The notes on pages 12 to 20 form part of these financial statements.

MILLFIELD FOUNDATION
BALANCE SHEET AT 31 AUGUST 2022
Note
Total
Funds
Asat
3110812022
Total
Funds
A5at
3110812021
las reststedl
FIXED ASSETS
Tangible assets
Investments
4,276,466
4,445,254
CURRENT ASSETS
Debtors
Cash at bank and in hand
485,083
96.177
569,387
194,281
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
548 587
178 749
NET ASSETS
io
4.825.053
4,624.003
CHARITY FUNDS
Restricted income funds
Unrestricted income funds
3,351,029
1,474.024
3,472,271
1,151,732
TOTAL CHARITY FUNDS
li
4,825,053
4,624,003
se
inancial statements were approved by the Trustees on 16 March 2023 and si8ned on their behalf bv..
HE
Truste
s on pages 12 to 20 form part of these financial statement5.
10

MILLFIELD FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
12 months
14 months
ended
ended
3110812022 3110813021
Cash flow from operating attlvltles
Note
Net income for period
201,050
821,217
Adjustrnent to cash flow5 from non-cash items..
Investment income
L055 1 Igainl on foreign exchange difference5
Net loss / Igainl on revaluation
184,7121
15.4801
227,528
180,7741
2,494
1543.6231
Working Capital adjustment5'.
Ilncreasel in debtor5
Increase / (Deereasel in creditors
Net cash flow Irorn operatin8 activities
1388,9061
176.2051
Cash flow from bnvesting attivitles
Payments to acquire investments
Receipts from sales of investments
Net cash flow from investing artivitie5
11,330.6231 11,311.2361
1 125 246
492 577
77
18 6I91
Cash flow from financlng activities
Investment income
Net cash flow from financing activitie5
.712
Net Idecrea5el in cash and Cash equivalents
1165.9171 1623A821
Cash and cash equivalents at l Septem￿1 2021
398 950
1022 432
C35h and cash equlvalents at 31 Au8llSt 2022
Cash and cash equivalent5 consists of..
Cash at bank and in hand
Short term deposlts
Cash and cash èqulvalents at 31 August 2022
84,304
148 729
98,104
300 846
The note5 on pa8es 12 to 20 form pan ol these financial statement5.

MILLFIEID FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31AUGUST2022
GENERALINFORMATION
The Charity is è company limited by guarantee, incorporated in England & Wale5, and consequently does not have a share capital.
Each of the member5 15 liable to contribute an amount not exceeding £1 towards the assets of the company in the event of the
Charity bein8 wound up. The address of the Re8lStered Office is provided on page 21 of these financial Statements.
ACCOUNTING POLICIES
The principal accounting policies adopted in the prepèrètion of the financial statements are set out below and have remained
unchanged from the previous year. and also have been consistently applied within these accounts.
1.1. BASIS OF PREPERATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention with items recogni5ed at cost or tran53Ction
value unles5 Otherwise stated in the relevant notes to these accounts.
The financial statements have been prepared in èceordance with Accounting and Reporting by Charities.. Statement of
Recornmended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland i$5ued in October 2019, the Financial Reporting Stand3rd applicable in the United
Kingdom and Republic ol Ireland IFRS 1021. the Charities Act 2011. the Companies Act 2006 and the UK Generally Accepted
Accounting Practice.
The Charity constitutes a public benefit entity as defined by FRSIO2.
The effects of events in relation to the year ended 31 August 2022 which occurred before the date of approval of the financial
staternents by the Trustee Board, have been included in the 5t3tements to the extent required to show a true and fair view of the
State of affairs èt 31 August 2022 and of the results for the year ended on that date.
The Tru5tee5 have reviewed the ChaTity'5 expectations and intentions lor the next 12 months and they consider that the current
and future sources ol funding or support will be more than adequate for the Charity's needs. The Trustee5 have therefore
adopted the going concern basis of accountin8.
The financial statement5 are presented in sterling which is the functional currenry of the Charity and rounded to the ne3rest £1.
The financial stsrements are prepaTed for the year ended 31 Au8USt 2022. The comparative figures are for 14 months ended 31
August 2021.
1.2. INCOME
Voluntary incorne 15 received by way of donations and gifts and is included in full in the Statement ol Financial Activities when
receivable.
Donated seNices and facilities are included at the value to the Charity where this can be quantified. The value of services
provided by volunteers has not been included in these account5.
Incoming resources frorn charitable trading activities such as fundraising event5, are accounted for when earned.
1.1. EXPENDITURE
Resources expended are recogni5ed in the period in which they are incurred. Resources expended include attributable VAT which
cannot be recovered.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs ol trading lor fundrai5in8
purposes.
Charitable expenditure comprises those costs incurred by the Charity in the delivery tsl its activities and Services lor its
beneficiaries.
12

MILLFIELD FOUNDATION
NOTES TOTHEACCOUNTS FOR THE YEAR ENDED31AUGUST 2022
Governan£e costs include those costs associated with meeting the constitutional and statutory requirements ol the Charitv
including direct and related support costs.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource.
1.4. TANGIBLE FIXED ASSETS AND OEPRECIATION
The cost of fixed assets is their purchase cost. rogether with any Incidental cost5 of acquisition. Depreciation is calculated 50 è5 to
write off the cost ol tangible fixed assets. less their estimated residu31 value5, over the expected u5efv1 economic live5 of the
assets concerned. The principal annual rates used for this purp05£ 15..
5trai8ht Line Basi5 %
20
Website
1.5. FIXED ASSETS INVESTMENTS
Fixed assets investment5 in Quoted shares. traded bonds and similar investments are initially measured at cost and Subsequently
at fair value at the reporting date. Investment gains and losses. whether realised or unrealised, are combined and reported within
the Statement of Financial Activitie5.
1.6. INTEREST RECEIVABLE
Interest on funds held on deposit 15 included when receivable and the amount can be rneasured reliably by the Charity,. this 15
normally Ljpon notification ol the interest paid tsr payable by the Bank.
1.7. FINANCIAL INSTRUMENTS
The Charity only ha5 financial assets and financial liabilities of a kind that qualifies as basic financial instruments. Basic financial
instruments 3re initially recognised at transaction value and subsequently measured at their settlement value.
1.8. FUNDACCOUNTING
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objective5 of the Charitv.
fiestricted incorne funds are funds subject to a specific trust declared by the donorlsl. They are expendable at the discretion of
the Trustees in furtherance ol the particular purpose ol that Fund.
A5 of I September 2021, the Charity moved £69.555 from Discover Brilliance Fund Ire5tricted fund) into general fund (unrestricted
funds) as donations have the same purpose as per the Charity objectives.. to provide scholarship5 and bursaries. As a result, the
balance of restricted funds on I September 2021 decreased by £69,555 and the balance ol unr£5tritted funds increased by
£69,555. As of 26 January 2022, the Charity has moved £38,348 from The T N Fund Ire5tricied fund) into unrestrieted funds as
donations to thi5 fund were no longer subject to any specific restrictions.
1.9. DEBTORS
Trade and other debtors are recognised at the settlement value due less provision required for bad or doubtful debts.
1.10. CREDITORS AND PROVISIONS
Creditors and provisions are reeognised where the Charity has a present obligation resultin8 from a past event that W￿11 probably
result in the transfer of funds to a third party and the amount due can be measured reliably. Creditors and provi5ion5 are normallv
reeo8nised at their settlement amount allowing lor any trade discounts due.
1.1 I.CASH AT BANK AND IN HAND
Cash at bank and in hand Includes cash and 5hort-term high liquid investments wlth a short maturity ol less than three months
from the date of acquisition or opening of the deposit or similar èccount.
13

MILLFIELD FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
TAXATION
The company is a registered Charity and as such 15 entitled to tax exernptions on income and gains properly applied for its
charitable purposes.
NET INCOME
Unrestricted
General
Funds
2022
Rèstricted
Funds
Total
Funds
Total
Funds
2022
2022
2021
Net income is stated after charging..
Fees payable to auditors.. Audit Fee
Accountancy Fee
9,600
9,600
9,600
6,(M)O
ANALY51S OF INCOME
Unrestrirted
General
Funds
2022
Restricted
Funds
Total
Funds
Total
Funds
2022
2022
2021
Donations
Donations received
Gift aid reteived
454,000
24,158
478,158
103,740
11,491
115,231
557.740
35.649
593,389
367,428
11,264
378,692
b. Investments
Investment income
Interest Received
21,028
465
21,493
63,219
84,247
465
84,712
80,774
12
80,786
63,219
PRIOR YEAR ANALYSIS OF INCOME
Unrestiitted
General
Funds
2021
Restricted
Funds
Total
Funds
Total
Funds
2021
2021
2020
a. Donation5
Donations received
Gift aid received
115,653
1,891
117,544
251,775
9,373
261.148
367,428
11,264
378,692
472,324
126,250
598,574
b. Investment5
Investment income
Interest Received
18,857
12
18,869
61,917
80,774
12
80,786
56,123
150
56,273
61.917
14

MILLFIELD FOUNDATION
NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31AUGUST 2022
5. TOTAL RESOURCES EXPENDED
Grant
DlsbursementS
Costs of
raising lunds
Governance &
Admin Costs
Total
Expenditur*
Total
Expenditure
2022
2022
2022
2022
2021
Grant OlsbursementS
Provision of individual bursaries
206,871
206,871
136.954
Investment management
Investment rnanagernent fees
L0s51lgainl on foreigrTr
exchange lees
31.699
31.699
32.962
15,4801
15,4801
2,494
Governance & Admlnlstratlon
Accountancy lees
Audit fees
Bank charges
Profe5510nèl fees
6.600
9,600
69
164
16,433
6,600
9,600
69
164
6,000
3,000
109
365
181.884
206.871
26.219
249,523
PRIOR YEAR
TOTAL RESOURCES EXPENDED
Grant
Di5bursement$
Costs ol
raising funds
Govtrnance &
Admln Costs
Total
Expendiiure
Total
Expenditure
2021
2021
2021
2021
2020
Grznt Disbursemenis
PTovision of individual bursaries
136.954
136,954
137,404
Investment m3nagement
Investment management fees
L05511gainl on foreign
exchange fees
32.962
32,962
20,029
2,494
2,494
Governance & Admln15tration
Accountancy fees
Audit lee5
8ank charges
Trustee's Insurance
Professional lees
6,000
3.000
109
6,000
3,000
109
4,725
1,800
76
600
164
164,798
365
9.474
365
181,884
136,954
35,456

MILLFIELD FOUNDATION
TANGIBLE FIXED ASSETS
Website
Cost
At I September 2021
Disposals
10,700
110,7001
At 31 August 2022
Depreciation
At I September 2021
Disp05als
10,700
110.7001
At 31 August 2022
Net l)ook value
At 31 August 2022
At I September 2021
INVESTMENTS
2022
2021
Market value at I September 2021
Additions at cost
Disposa15 at market value
Net110551 /gain on revaluation
Gains/llosses1 on foreign exchan8e difference5
Net increaselldecreasel in cash deposits
4,445,254
2.948,385
1,330,623
1.311,236
11,125,246) 1492.5771
1227,5281
543,623
5,480
12,4941
1152,1171
137,081
Market value at 31 August 2022
4,276,466
4.445.254
Investments can be further analysed a5 follows=
2022
2021
Listed investments
Cash and settlements pending
4,127,737
148,729
4,144,408
300,846
4,276,466
4,445.254
All investments are held in the UK. The investments are held primartly to provide an Investment return for the Charity.

MILLFIELD FOUNDATION
DEBTORS
Toial
Funds
Total
Funds
2022
2021
Other debtors
485,083
96,177
485.083
96,177
CREDITORS- AMOUNTS DUE WITHIN ONE YEAR
Total
Funds
Total
Funds
2022
2021
Accruals
20.800
15.532
20.800
15.532
io.
ANALYSIS OF NET ASSETS BEfwEEN FUNOS
Unrestrlcted Restrirted
General
Funds
Fund
2022
Total
Funds
2022
2022
Investments
Current assets
Creditors
948,768
546,056
120,8001
3,327,698
23.331
4,276,466
569,387
120,8001
1,474,024
3,351,029
4.825,053
PRIOR YEAR ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestrlcted RestrictÈd
General
Funds
Fund
2021
Total
Furbd5
2021
2021
Investments
Current assets
Creditors
987,972
179.292
115,5321
3,457,282
14,989
4,445,254
194,281
115,5321
1,151.732
3,472.271
4.624,003

MILLFIELD FOUNDATION
NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
ii.
STATEMENT OF FUNDS
Fund Name
Atl
September
2021 la5
re5tatedl
Income
Expenditure
loss on
investment
Transfer
At 31 August
2022
UNRESTRICTED FUNDS
General Fund
1.151.732
499,651
1167,7301
147,9771
38,348
1,474,024
RESTRICTED FUNDS
Erika Olde Schtslarship Fund
804.667
14,721
114.9491
142.0591
762,380
RJOM Fund
536,883
20,849
113,4211
128.0181
516,293
Guy Bennett Scholarship
Fund
954,165
17,364
126.1171
149.5931
895,819
PMJ Fund
152,382
60,172
19691
19,0841
202,501
Tom Maynard Fund
7,574
140
1441
13991
7,271
Holmcrolt Scholarship Fund
139,931
13,844
18091
17,1251
145,841
5t Anne's Scholarship Fund
48,065
886
12771
12.5331
46,141
Gallifrey Scholarship Fund
7,740
143
1451
14081
7,430
Sir Gareth Edwards Rugby
scholarship Fund
147,854
6,343
111,1651
17.5031
135,529
The T N Fund
38,348
138,3481
The Sumner Fund
634,662
42,983
113,9961
132,8341
630,815
Tyrone Mings Scholarship
Fund
1,005
178.450
1.009
3.351.029
3A72.271
181,7931 1179,5511
138,3481
TOTAL FUND5
4,624.003
678.101
1249.5231 1227,5281
4,825.053
18

MILLFIELD FOUNDATION
NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31 AUGUST 2022
PRIOR YEAR STATEMENT OF FUNDS
Fund Mame
At l July 2020
Income
las restated)
Expenditure
Gain on
investment
Transfer
At 31 August
2021
la5 restated)
UNRESTRICTED FUNDS
General Fund
885212
205,968
166,8851
127,437
1.151,732
RESTRICTED FUNDS
Erika Olde Scholarship Fund
708,814
14,586
116,2821
97.549
804,667
IUOM Fund
480,136
13,793
122,4231
65.377
536,883
Guy Bennett Scholarship
Fund
748,606
117.534
125,4971
113,522
954,165
PMJ Fund
118.143
17.823
11,1351
17,551
152.382
Tom Maynard Fund
6.584
136
1601
914
7,574
Holmiroft Scholarship Fund
92,444
32,352
11,0341
16,16g
139,931
St Anne's Scholarship Fund
41,780
866
13811
5.8
48,065
Gallifrey Scholarship Fund
6,728
139
934
7,740
Sir Gareth Edwards Ru8by
Scholèrship Fund
127,348
13,014
110,2261
17,718
147,854
The T N Fund
55,741
909
123,9561
5,654
38,348
The Sumner Fund
531.250
42,358
113,9441
74.998
634,662
2,917,574
253,510
IIIA.9991
416.186
3,472.271
TOTAL FUNDS
3.802,786
459,478
1181.8841
543,623
4,624,003
Income- Represents Donations and Gift Aid received by each fund together with Investment Income as allocèted to the specific
funo on the basis of quarterly average fund values.
Expendlture.. Repre5ent5 Graftts disbursed by each fund together with Inve5tmeni Management Fee5 as allocated to the specific
fund on the basis of quarterly average fund values. Other expenses are allocated to the General Fund.
IL055esl/Gains on Investment AsStt5'. Allocated to the specific fund on the basis of quarterly average fund values.
Purposes of Restrlcted Income Funds:
The Erika Olde Scholarship Fund will provide grants to talented dyslexic children, where there is a rtnancial need.
The RJOM Fund will provide grants to the children of Old Millfieldians, where there is a financial need.
The Guy Bennett Scholarship Fund will provide 8rants to children displaying exceptional talent in the Arts. where there 15 a
financial need.
19

MILLFIELD FOUNDATION
NOTES TO THE ACCOUNTS FOR THF, YF.AR ENDED 31 AUGUST 2022
The PMJ Fund will provide All Round scholarships for 6 Form academically able pupils with other talent5- leadership
quèlities, music, drama, art & sport Whe￿ there is financial need
The Tom Maynard Fund will provide grant5 to pupils displayin8 exceptional talent in the sport of cricket. where there is
financial need.
The Holmcroft Scholarship Fund will provide grants to pupils boarding at Holmcrtsfr House at Millfield where there TS
financial need.
The St Anne's Scholarship Fund will provide grant5 to pupils boarding at St Anne's House at Millfield where there is financial
need.
The Gallifrey Scholarship Fund will provide grants to 51Xth-form pupils where there is financial need.
The Sir Gareth Edwards Rugby Scholarship Fund is to be used to provide an annu31 rugby scholarship to a pupil at Miiifield
where there is financial need.
The T N Fund previously provided specific bursary support for an academically gifted pupil, but as explairied in Note 1.8 on
page 13 of these financial statements, these funds were moved into unrestricted funds as of 26 January 2022.
The Sumner Fund will provide support to female pupils with a bias towards science and who otherwise would not afford
the fees.
The Tyrone Mings Scholarship Fund will provide support for pupils displaying exceptional talent in the sport of football.
12.
COMPANY LIMITED BY GUARANTEE
The Charity, which is a private Cgrnpany, is limiteé b¥ guarantee and does not have a share capital.
13.
RELATED PARTY TRANSACTIONS
Donation income 15 collected directly by Millfield Foundètion and indirectly via Millfield. Any donations that are collected by
Milllield are transferred to Millfield Foundation. Millfield School collected donations of £598,671 and transferred £125,357
within the year, with the balance due of £473.314 included within other debtors. There have been no other related party
transactions during the year.
14.
TRUSTEES REMUNERATION AND EXPENSES
The Trustees have not received any remuneration or expense payments during the year.
15.
POST BALANCE SHEET EVENTS
New Articles of Association were adopted, by a special re501ution on 23 August 2022, effettive I September 2022. These
Articles provide that the majority of Trustees holding office at any one time are nominated by Millfield School which 15
separate charity Ire8iStered charity number.. 3102831 and a150 è separate company Icompany re8lStration no. 5223851.
16.
PRIOR YEAR ADJUSTMENT
In the previous period, donation income received from the Discover Brilliance Campaign of £69,555 was incorrectlv
classified as a separate restricted fund. The purpose of this campaign is to raise iTrcome for 8eneral schtslarships and
bursaries which is the same purpose as the unrestricted funds". (general fundl. The balance on I September 2021 has been
restated by increasing the Unrestricted income funds balance by £69,5551£1,151,732 restated compared to £1,082,177)
and reducin8 the Restricted iricome fund5 balance by the same amount1£3,472,271 restated compared to £3,541.8261.
20

MILLFIELD FOUNDATION
TRUSTEE5. ADVISORS ANO KEY STAFF FOR THE YEAR ENDED 31 AUGUST 2022
TRUSTEES:
B Aliiadeh
R K Bennett (appointed 16 November 20221
W J Bushell
Mr5 J E Derbyshire (resigned 30 Septernber 20211
D A Goodhew Iresigned I September 20221
T P Griffiths
P M Johnson
DBAPinto
MALSimon
A H West (appointed 23 August 20221
SECRETARY:
R K Summerhayes (appointed 24 May 20221
REGISTERED OFFICE..
Butleigh Road
Street
England
BA16 ODY
REGISTERED NUMBERS..
Companv
Charity
06370560
1121630
AUDITORS..
Hay5macintyre LLP
10 Queen Street P13ce
London
EC4R IAG
BANKERS..
HSBC
41 Southgate Street
Bath
BAI ITN
SOLICITORS:
VWV Bristol
Narrow Quay House
Narrow Quay
Bristol
8SI 4QA
INVESTMENT MANAGERS:
Waverton Investment Management Ltd
16 Babmaes Street
London
SWIY 6AH
Rathbone Investment Management Limited
Port ol Liverpoo18uilding
Pier Head
Liverpool
L3 INW