| Trustees | MMCF Trustee Limited |
|---|---|
| Charity number | 1140648 |
| Principal address | Alexandra House |
| St Johns Street | |
| Salisbury | |
| Wiltshire | |
| SP1 2SB | |
| Independent examiner | James Fletcher FCA |
| Fletcher ft Partners | |
| Crown Chambers | |
| Bridge Street | |
| Salisbury | |
| SP1 2LZ | |
| Solicitors | Wilsons Solicitors LLP |
| Alexandra House | |
| St Johns Street | |
| Salisbury | |
| Wiltshire | |
| SP1 2SB | |
| Investment advisors | Quilter Cheviot Investment Management |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V4AB | |
| SAGAS.A. | |
| 13 rue Ceard | |
| Case Postale 3638 | |
| CH-1211 Geneva 3 | |
| Switzerland | |
| Julius Baer & Co Ltd | |
| Lefebvre Court, Lefebvre Street | |
| St Peter Port | |
| Guernsey | |
| Channel Islands | |
| GY14BS |
| Page | |
|---|---|
| Trustee's report | 1-3 |
| Statement of trustee's responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notestothe accounts | 8-13 |
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 209,198.62 | 210,511.19 |
| Expenditure on: | |||
| Raising funds | 3 | (119,692.84) | (116,006.13) |
| Charitable activities | 4 | (535,504.63) | (510,586.43) |
| Total expenditure | (655,197.47) | (626,592.56) | |
| Net gains/(losses) on investments | 7 | 1,567,959.84 | (544,126.31) |
| Net movement in funds | 1,121,960.99 | (960,207.68) | |
| Fund balances at 6 April 2023 | ta | 13,426,688.14 | 14,386,895.92 |
| Fund balances at 5 April 2024 | 14,548,649.13 | 13,426,688.24 |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 11 | 14,468,805.74 | 13,297,503.82 | ||
| Current assets | |||||
| Debtors | 9 | 717.24 | 554.47 | ||
| Cash at bank and in hand | 132,627.33 | 214,559.29 | |||
| 133,344.57 | 215,113.76 | ||||
| Creditors: amountsfalling duewithin | 10 | ||||
| one year | (53,501.18) | (85,929.44) | |||
| Net current assets | 79,843.39 | 129,184.32 | |||
| Total assets less current liabilities | 14,548,649.13 | 13,426,688.14 | |||
| Unrestrictedfunds | 14,548,649.13 | 13,426,688.24 | |||
| 14,548,649.13 | 13,426,688.24 |
| 1 | Accounting policies | (Continued) | ||
|---|---|---|---|---|
| (ii) Support costs | ||||
| Support costs consist entirely of the governance costs which comprise the audit, legal | advice and | |||
| compliancewith constitutional and statutory requirements. | ||||
| (iii) Cost of raisingfunds | ||||
| This expenditure is in respect of investment advisory fees charged during the year by the | foundation's | |||
| investment advisors. | ||||
| 1.5 | 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/(expenditure) fortheyear. Transaction costs are expensed as incurred. | ||||
| 1.6 | Debtors | |||
| Debtors are measured at the amounts the foundation anticipates it will receive | from a debt or the amount | |||
| it has paid in advance for goods or services. | ||||
| 1. 7 | Cash at bank and in hand | |||
| Cash at bank and in hand includes cash and cash on deposit. | ||||
| 1.8 | Creditors | |||
| Creditors are recognised at the amounts thefoundation anticipates itwill payto | settle a debt. | |||
2 |
Investments | |||
2024 |
2023 |
|||
| £ | £ | |||
| Income from listed investments | 203,629.47 | 208,298.64 | ||
| Interest receivable | 4,851.91 | 1,658.08 | ||
| Accrued income | 717.24 | 554.47 | ||
| 209,198.62 | 210,511.19 | |||
3 |
Raising funds | |||
2024 |
2023 |
|||
| £ | £ | |||
| Investment management | 119,692.84 | 116,006.13 | ||
| 119,692.84 | 116,006.13 |
| 4 | Charitable activities | |||||
|---|---|---|---|---|---|---|
2024 |
2023 |
|||||
| £ | £ | |||||
| Grant funding of activities (see note 5) | 473,355.81 | 466,000.00 | ||||
| Share of governance costs (see note 6) | 62,148.82 | 44,586.43 | ||||
| 535,504.63 | 510,586.43 | |||||
| 5 | Grants payable | |||||
2024 |
2023 |
|||||
| £ | £ | |||||
| Grants to institutions: | 473,355.81 | 466,000.00 | ||||
| !a | ||||||
| 6 | Support costs | |||||
2024 |
2023 |
|||||
| £ | £ | |||||
| Independent Examinations fees | 2,640.00 | 2,880.00 | ||||
| Trustee Expenses | 8,270.69 | 7,379.43 | ||||
| Legal fees | 50,436.00 | 33,597.00 | ||||
| Sundry disbursements | 408.00 | 312.00 | ||||
| Bank charges | 27.13 | 51.00 | ||||
| Legal fees re Trust Company | 367.00 | 367.00 | ||||
| 62,148.82 | 44,586.43 | |||||
| There were no employees in eitheryear. | ||||||
| 7 | Unrealised and realised gains/(losses) | 2024 |
2023 |
|||
| £ | £ | |||||
| Realised gains on sales of investments | 419,417.69 | 198,728.34 | ||||
| Revaluation of investments | 1,148,542.15 | (742,854.65) | ||||
| Net gains/(losses) on investments | 1,567,959.84 | (544,126.31) |
| 9 | Debtors | |||
|---|---|---|---|---|
2024 |
2023 |
|||
| Amounts falling due within one year: | £ | £ | ||
| Other debtors | 717.24 | 554.47 | ||
10 |
Creditors: amounts falling due within one year | |||
2024 |
2023 |
|||
| £ | £ | |||
| Other creditors | 53,501.18 | 85,929.44 | ||
| ta |