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|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|



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||**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|





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|||**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**|





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||||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|



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|**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|





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|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)|





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|**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|||



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