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2024-04-05-accounts
| 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 |
|
|