Charity r•y•stratlon number 1158914 THE MILLFIELD HOUSE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE MILLFIELD HOUSE FOUNDATION CONTENTS Pag¥ Trustees. ceport lTrJepeTrJent auditor'5 repxt ststement of finaw•l a¢¥ryli 10-11 Balanc£ sheet 12 Notes lo the financial Statem 13-20
THE MILLFIELD HOUSE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mi J Walkér Df Y Gale MrMRod Ms E Richards Ms R Lewis <Apwnt&l 19 June 2023) (Appointed 19 Jun¢ 20231 (Apwnted 19 June 2023) Adminlstrdtorftrust Managor Ms C Wamock Charfty number 1158914 Prlnelpal address 7 Lesw Ro•J Newcaslle UF#)n Tyne TY and NE6 SLB Audltor Robson LaK11w Account5 Limited FwnwfyJd HtyJse FerrA¥ood Road Je5mond NèeasUè uwi Ty Ttre arN1 NE21TJ 8ank•r The imity Tnjst Bank Nine BrYKMey 8ank 812HB Solleltors rd Hadaway LLP SThYgate H(x 102 Quays Ne4¥caslle Tyr NE1 30X InYo$tmont advlsors R*hbone Greenbank Investmenl 10 Queen Squ Bfist 8S14NT
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 Thé irustèès presènt thaw n rèiN)rt and statements for the year ended 5Awl 2024. The fin8ncial ¥lalement¥ hgvtr been prepawl in ¢dance w4th Ihe jntIig poIleS set out in Th)te 1 to the fii)ancial s¢aiemenis and comply VAlh the chanly's Deed ol Trust. Ihè chanb.es Act 2011 and "Accounling and Reporting ty Chanties Statement of Recommended Pri¢e applKatAe to chwrtie5 Ffeparing their i ?cwrdance wrth the FinarFa¥l Repotng Standard aFvth'caNe wi Ihe UK aTrJ Reputitc ol Ireland IFRS 1021" (effèctivè 1 20191_ History ot th¥ Ftsundatlon MHF was loundod by Grigof McCl8land 11922-2013} m 1976 wth shares n Laws Stores Ltd. a Tys8 based food relailing firm established by Arthur Mccklknd (l8w11. The FoundaliDn only had ygryficant iromo aftef Ihe firffl was ¥olJ in 1985. Objectiyes and activities Policios and objectivès The Foundoliori's tsbiecis are the SLtpport. using both c4y.lal and ineome al Il Trustees, discietson. ol any alY charilable obJecl. However. the Trustees have decvjed Ihal rt5 prinopal objeGtNe at present Should be lo conlnbuto to the Improvement of social condth'ons and of the quality of life in the North East of Eryland. primarily amtsrysl those who a soeialy and ecorty rTrxt tsaOantaged. The TIuslees seek to use the Foundation's resourcos to help build a beiièff soueiy. one morè Èqual and less divided. The emphasis Is on tackling Ihe causes of poveity and irwuah'ty rather than allewating the symptom5. The Ttuslees peri9dallY review Ihe¥ grant$ polw to ensu th it fulty supports the objecls. These reviews tyPKaNy takè rAacÈ èvèry four-fNè years and such began in February 2024. vAth compl8tson expeued in June 2024. Trustees wil consKler all aspects of Ihe F¢)undations wNk WKI expecl to re-affirrn their (y)mmitm¢nl lo a relatlcsnal approach lo grant making The P•)ard uses these ex()Se$ lo reflect on Ils urxjerslanding of the relalbnships is has txjilt over lime. it sees this as a u)nbnuous process. (knr Ihe lasi five years Trustees have.. RevWe the (0 and created spax for emergent oryanisalK>ns. iYils fm indwidu where Ihi$ 1$ possible - Monitored Ihe perf0fft7ance of the end[Trn1 lo ensure the Founda1 o)nbnues to be finanaalfy viable foi the long leim - Continued to think abrxjt how thè Fold21 rtserf can contribute to the mechanisms of char4Je lo reduce poverty and inequity In the North East. In setting objectNes and plamin9 actMb"es. the TTUStees have the cJJTrsideratK)n to general guidance piib115hed by the Chanly c0rnrrm53n rdaling lo ber7efft. lrKILKlV Ihe guwJanc¢ 'PUbl ber)efil". running a ehwly IP821'. Grantmaking policies The Mil1fld House Fowdabon's Is io r*klè the undety"ThJ causes of (ty and Irulty. partKw&rty soclal and economic Inequakty. In the North East ol EThJk•nd li.e. Northumberland. Tyne and Weal. County Durharn and Tee5 Valley). This 15 done by luryjing woth, the Lthinale goa ol whth to change poIY lor the beller. The Trustees do noi accept unsdiuled applications bul Sup1 a small numbw of an1 hoklèrs - ¢aMed Strategic Partnws whoso work has ¥nprossed them and whcmn they Io 3Port over a FerK#J of years. The granis are given lor CO costs to be used ai the ot$¢ts. ol the granl holder with the single stipulation that Ihrs be in supporf of campa+3ning or FdiLy work. The FtsdK)n seeks io dèvelop a respedful aiid trusting relalK)nship with grant holders enJing them to lake a wew aj lo w¢xk sleath lowaid5 their wals. The TIu51ees ask to be kepl Inlortned of d¥¥ebpments. p)silwe aTrJ challenging, arnj offer pabenl rats than tying granl holders to short tefm goals.
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 In 2018 Trustees made an addthon award to support the pKofessional development tsl thè stratle Partners in Ihe fomi ol graDI fundin9 of £105.IKXI lo IPPR North to enab rt to wolk wilh the other StrategK Partners on develop9 effeclNe campaigning and KY)Iy skill5. This i(xrrt Wgrk. the Policy Leaming Partnership, e¥ofved over a five year pefiod. Strategic Partnèrs ed 10gèthér. shan.ng leamin9. KJenbfyirv3 areas lo owore lurther usin9 the grant of £105.000 to CO-cornn¥ssion arKI c(wrodyce rep(wts. Indudin9. . with Citizen's Advice Newcastle looktng at the wnpaca of UnNersal Crath"l. fft 2019 - in partnership wilh Ytyjth Homdessness North East to eXOre young peoKAe's to hw3wvJ in the North East - Teport published in autumn 2020 - wth North East Chikl Povty CommissKffi to expkye learning from dev(4¥ed adffinistratpJns in to d[le ehikl poverty al a local lebl- rerth wbhshBd In Sep1¢mr 2020 INewcasle UniVerty conIn'but £5.ThJO lo the cost ot this sludyl . Yislh all Strategic Partners kkITrj al the natwe of drt#1 ex¢lus40n across the Norih East - report published in September 2021 . with VONNE lo deliver a VCSE Poky Forwn over two years wilh Nodh East Chikl Poverty ComrThssion to develop a d1 Foverty strategy for the North E8sI - strntegy published February 2024 Funding from Ihe Pdicy Lewning Partnershii 'pol was spent acctvthng to prwjilies agreed by the Stralegic PartneTS themselves in a small exeruse in devofvèd granl-making. The last of thL8 furnding was allocated al the end 012022, with work funded via this mechanisrn compleled by March 2024 Trustees reviewed the Polry Leaining Partnership scheme al Ihr meeling in Febtuary 2022 aThl agreed that, whilst a numbef ol valuable projects had been supported through the Partnwship. Ihere was a danger that it mighl disFAate othef lund19. They agrèéd nol lo re-fund the P8rtn¢rship In ¢ts Cryin formal. trtji to be open to SUPkk)rting oiher OppOrtunrt lor ioinl work in Ihe lutwe on an Individual bays. The Foundation also 5UPPOrts a LeaffiThJ CornmLnty for rts sirateg Partrws, wch prowdes a sale space for peer arnIng. The goal Is lo develop 8 POSitNe wtor cullure so thal al Can leam ea¢h other's experiences, bolh good and bad. The LVOUP meets quarterty. and a numtr of Joint wojects havtr been developed as a result ol that Interac1. MHF racognises that genuine. effeebve rATrcy d))ge rewires a mix of approaches and oulcomes. M051, though nol all. policy work pushes in a direction rather than arrmng imme(Iiely at th¢ e$j deslinalion. Dfflerenl Skills. actions and opportunrties can be descnbed as cTrning tcrfjether in an 0vwl 'mow ol changè.. Wrth its limited reswrces Ihe FoundatKJn canrK)I support Ihe enbre gamut of a1$ neces¥ary lo bring aLY)ut proltrjnd policy shifts. Tru5tees' granl makir¥J poliw 1$, Iherelor¢. io $upFM work which contributes to ieal change meaning giaDI hor9 musl Identify n¢A only whal tw è d¢n9 tmji also what others arg to Shape th8 desired changè. The Tiu¥tse¥ reserve the a'IrtY to respond to or to se oul terests.g devdopTrEts whi¢h Ihey may those lo Tund In pursuit of their ovwal objecknè. Recognising the vahje of devekyftg new ièlabonships. in addition to those with existMg Stralegic partfts. in spring 012022 Truslees issueij an open call lor expressions of intere51 in fvnding for pc4icy woth lo address 155ue5 Qf poverty arbd itwualdy In the North East. Interested organisalions wèwè ted 10 h3ve an Initial, exp¢oratory converSab. wrth the Trusi Manager. Notes frn 31 con¥eFsBbons were consiclered by Trustees and five organisations were invrted to submit a wiitten athl119. Al IhElI meeling in October 2022, Trustees consideied the five applications and deoded lo award two 'gelting to know you grant$ of £40.iX)O Èa¢h, ovèr years. io Tyne and Wèar Cilyis (toward ts core cosl51 and National Energy ActH)n Il¢)wards Wofk 10 oddress fuel poveriy ifi the North Easti, BDth awards started In November 2tr22. TfUStee5 fell this conveTsational, relational approach lo grant making enabkd Ihem io gel a w4luable insKJhl fftlo the polw and influenong activities ol a broad iai)ge of vduntary sector and CMI socKply organi58lwis 10s$ the reg¥)i). wilhoui requiring hard pressed organiSatn lo spend too much Iwne on an application whth WOLdd have a limited than ol su¢cess. It plans lo repeal this prO$S in the SuMr 012024. As a charily, the FoUndatTr musl confine 115 grwts to Pufposes accepled N law as canl3ble. However. official guidance make5 rt dèar that charities may Inckjde a vafiely ol non.Pafly political and mpaIgning aclivilie5 to further thwr purposes. GLlldae on campaKJning by charitS is avalable trom the Charity Commi$sion and from the Electoral Commission". htlps.l1w.eaorak0MM1sSIon.or9.kJ541esldelakthleW_fil8r¢rrnPa¥aNn*eh811bervC.pI
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Th8 Truslees ar8 aware that guidance cffi pt3trAe campaigning is contrnually changing and MltOrS the han9e5 to enSUfe Ihal Ihesr grants are used lawfuty. They reman c(xnmitted lo the prinaple thai tharities shoukj eaFnpawJn on hall ol beneficianes and circumslances thal ueale ot petpetuale poverty and inequalrty. In pursuanc8 01 t41 principle. in 202&24 Truslees sponsored the ihwd year of a rwi award al Ihe North East Charity Awalds, hekl in Juty 2023 10 cdebrate olgls31S. Outstanding contri0 to Soaal Change. Open Clasp Theatre Cofflpany wwe worthy winnef5. atKI quthy ol min3b(wts was high. Achlov•monts and porfomunce Revlew of activities In thè yèar endèd 5th Awl 2024 a total of £135.275 was C(xnm8d in wants12023'. £2{.0c()). Thrs represents riher Ihree-year grant lo Cibzens Adwr New51. Grants patd dur the year aTh)unted to £260.948 (2ff23. £257.048). These are detai19d Noie 15 lo the financial statement5. Further delad grants can be ftyJThJ the Fourtin,$ Webe. th regard 10 Wb1 benèfit. the Tiustees, w"trq)al C(cern is lor the interests ol communitws and individuals m North East EngLind In Tho FOundatn.5 grants rKAiGy unamtw"guous and. in Ihe ¥vd$ ol Joseph Robvnlree. MHF seeks'lo search out the unijedying causes of weakness or evil in the communty. rathei than remedying their more superfryal manrfestatims". Grant proposals are ngrKcMJsly assessed to èrssure that grants are consistent with the Foundation's staled aims ol SUPW1ir@ Iniliaiwes ihat tackle rrfjverty. rtisèdvthge and eXcluSn. and PTomotng socjal and econoTThC change. Fof each grant. Trustee5 carelulty conswjer the needs addTessed or the purp)se pursued. the Thans of lackling Ihe Pfoblem and Ihe Intended outcomes. The TtU51 Manwjer WOVKJe5 Tegular rnonitoring vJ evauation updes or7 cvwypnl and recent grants to Twstees. In previous yèars Slratègie Partnèrs have rÈiMlÈd in wnlin9 al ast oncè a yèar. &ncè aulumfi 2022 Tnjsièes have instead recewed a writlen report Irorn the Tfust Manager. based on ldepth conversalKMss wilh each Parfner. lo further ieduce the reF¥J1ing burd on PathTS. &"nce 2018-19 truslees hawe PartVated in a 'pairing' PTcgramme. whereby each Strategic Partner is pawed an Indiwdual Tiustee meets with them a year. together with th? Trust tAanaggr. and reports back to the lull Board. This programnx of en9Jement was reviewed in 2020-21 and Tiuslee5 agreed lo continue Ihis appro*h. Gfallt condib(bns Indude the sbpul8bon that mulli-year grant payments are conditional on receipl of a sabsfxtcry annual rewew whith enat4es Trvstoes to satisfy Ihemselve that the gfanl has been lor Ihe Plwpose fof whKh rt was appfoved and Ihal the obieth'ves inlended for the pievTrous year have been met. Key perfommnce indicators The total relum for the portfolio over Ihe y to 5th Awa 2024 (be Rath19,$ fees) was 3.85°A wfv.th tLNnp¥es wilh 11.vk from the IASCI PIMFA Balanced Total Return benchmark. The benchmark's asset althatwjn is 25% fixed Interest, 284J• UK Equities. 32.S•/o ovwseas equth"e5. 12.5% altematNe5 and f/• cash. InStment policy and pèrforniance The Trustees have been In regular wrth It inveslmenl manager Nicola Day from Raihborte Grtrenbank dur7ng 202&24 to slay abreast ol evenls as they impact M the encknvrrenl The Trustees. investment p)licy is lo maximise Ime growth ol capital ar¢d Iome. subiecl to elhical constraints on the SectIOn of stocks. The overall investment objedivej requ+red 91 RaihLK)ne Greerthnk are to ¢Je8le suffiiienl wm and caKxlal growlh lo enable the Foundalion to c3rry out ils Fxirposes CLXIStslenty yeaf by year with due and pro1 considerab.on l(¥ fulure needs and the maintenance and. if possibl8. enhanCent of the value of th8 mvested lund5. The porfolio is m¢asur¢d 4ain$t a tjespoke benchmath. rhe FoundatDn'5 elhral poky Is agreed wilh the fund managers. WThen reviewing Ihe elhl poIy. to enable the investmenl manager5 lo work to Car critena T(us¢ees es18blish a distinction belween may and rninor ethical concems. The detail ol the Foundation's ethical s(leen9 was ièviewed in 2(Y23-24 a)d adjusled lo reflect Trustees grt)wing understandin9 of Iss5 such as dimate and th[ mpaCt on poverty a)d iwuity in the Ncrth East. After a leys turent yeor. Ihe valuè ol vi¥estmwrt pc%Ucao 815th April 2024 relalNety slablè at £6.818.906, up slitty from £6.863.844at 5th Awl 2023.
THE MILLFIELD HOUSE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Go+ng eoneem After maknng apwopriate enquines. the Truslees have a ièasonablè expa(aab"on that Chty has •Jequxle rgsources to continue Iii operatKThl exIstere lor Ihe fNeseeable fviure. R•ser¥è pollcy The Foundalion reived irthme from investments durir¥J the year of £156.501 12023". £1 $6.278). Grant and related support and govern3 Costs were £169.025 12023". £240.5151 and mvestmènt managers, eosls were £40.158 12023. £40.(631. leawng an oxcess of expenditure inc(knw resources of £52,682 12023 £124,302) before investmenl gains 01 £131.80912023'. k)sses of £758.946). This h8$ resulied in a net suJ5 ILY the year 01 £79.127 12023 nel defiul of £883.2481. The Truslees believe they shtyAJ caFilal rf Ihere 1$ a case lo support a¢livi1 that 7n01 be funded ol currenl incomè. Ihey have powers to spend tal as well as in¢offle. In 2tx)6 the Trusiees resolved lo make an annual transfer frorn 9xpendab elm104t to w¥eslncted fuThJs eath yeaT to co¥w any 5hortfaU of incoming r¢sources. Str(re, governance and maTrayement Governing do¢uThwnt Th? charty is controlled ty its govemir¥J docLNnent. a deed of tru51 ¢¢tItu1e9 an Lthn¢ofpor8led ch¥ty. Charity constltutio The Foundation's governing a Irust deed &gned on 181h May 2rA)2." the onginal dated 26th Mafth 1976 hawng been re¥iséd. Tlièrè havè been no changes in th@ obi8di¥es sirKe the lasl annual report. Method8 of appolntment orelecloon olTrustees Nèw Trusteés afe appry'nteo by 8strj Trustees. Irustees have joined or re$Ved in 2023-24, Policies adopted for the induction and tralniny of Tn19 New Trustees receVe extensive and are prothled wrth uJmpreh¢nsive 6J¢)Jmentalion about the Foundation. Belore their appoinlrnen¢, prospedive Truslees meet Ihe TrUee$ and Trust Manager inlormally and attend at leasl one Ttuslees, meètsng tn Ihe Capacity of obswvers. MHF is a member of Ihe AssOaali of Charilth Foundat$. and al Twstéés recave informalion from ACF. Tiusleès arè enc(xJr3ged to attèThl relevant meetings and cwferertces and Ihe Fndalion lun(Js such training as may be appropriate. Trusle¢$ regularty èllend local and national events hekj l)y grant hotrkt¥ ¢¥ on matters retated lo iheir grant maknng poh.cy and lo slay inl¢yrned of cu¥tetrt lorA and national isst*S_ The tW51ee5 who served dunn9 the year and up lo Ihe dale ol sigyoture of an(JaI statents were.. Ms L Seebohrn Mr J Walker Mr J Mccabè Dr Y Gale Mi M Rocb£ Ms E RiclNardson Ms R Lewis (Resrd 19 June 20231 (Appointpd 19 Jwe 2023} {Appoinled 19 June 2023 (Appted 19 June 223)
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Oryanlsatoonal $tructure and de¢tsion m•klng The Trustees are responsibb For Ihe managemeni of the FodatiOn. The Chair is appointed Irom among Ihg Trustees. usualty lor a Ihree-year term. Laura Seebohm look Ihe role from May 2021 June 2024.. Jonathan was app)inted Chair from June 2024. The Trustees meet thfee bmes a year". these netingS usuaty take Flace in centra. One meeting 15 primarily dedi(31ed lo intefflal busiess. fof example. aKwJval of a¢xwnt$. leW ol the risk rKJlry #nd g4miLar conc8rn$. At the other rneetrngs Trusie¢s may ¢tsnsider appIaln$ Irom invrted 8P1¢8nts, meèt grant holders and discuss any otheT Initiabves tlw may wish lo tske. also regularty receive and consider fan(la1 reports and report5 On the Founda1,5 In¥e$lments. Yvonne Ga takes on the TO ol Chair of the Investment Commiltee la SCoMMIttee prewusly Tespofisible for scrulinising Tnvestwnent management rewxts. reporti1 to the Boawd inve51ment managemeni issues an(1 undertaking a regular ievw ol ifi¥e51menl manag8nwI FrfOrMarI. H¢)w&iffjr. 2022 Tntstees have Incorporaled investment ccfflmee business into the Ma trustee meeting, invdwng al trustees in this aspecl of ttuslee oveisighl. The Inve51menl Chaii conhnue5 10 ¢)Ver thi5 asped of Tw51ees Te5ponsibililies and leads thi$ sedion of the Trustee meèing. The day.10.day admintslration of the Foundabon. irluding 2dminisiralion ol grants and processiry of appIallonS prH)r to conSideratn by Tnjslees. is deSegate¢J to a Trust Manager. Cullagh Wamock has (Kcupied this positpn $in¢e 1st May 2018. All wiliact5 With exlemal agenTres ate rewewed on a regular basss. As a fesuli ol such a revw ni spnng 2021. Trustèes inwled new firms to lender 10 PfOVi(Je MHF with accouniancy seivices and entered into a new weement with Rob50n Lar A0>tants knmbted. Rèlauonships with other agencies The Fourxtation Is 8 rnetnber of the North East Trust Se¢xetrn Grcwp and the NE Fund¢rs Nelwork. 11 ss also rnember of the ASsi1allOn ol Chaniable Foundabons. the Community Four¥Jaiv)n Tyne & and Northumberland, Voluntary Ofganisations, Nehvork Ncth Easl Newcastle Counul lo¥ Voluntwy Sersyce. In 2020, the Foundation joined an initiabve lo d)amp#)n trusting gfaThl-making. cordInated by IVAR. thls partnership of furlS and small d)arslS from across the UK has developed eight eommilmenls lo open and trusting granl-making, askiryJ fur¥Jeis lo" - makè granls In a way that refFecl$ Ihe reahties facing VCSE orgMsations no •d the fi)resee8b fut rnanage grants and relationships in a way Ihai reflects our confidence in and respect for the organi5ations we fvnd The a5piiatlOn5 of Ihis 1111¥9 very mUGh refleLt MHF'S relaal approath whith 15 de5cthd In [g detail at hltps'llmhfdft_org uklgrants. The Tru3t Manag¢1 wonvenes a natvnal fvrN4ew¥' threst gfwp T9 Pobrty, under the umbrella ol the Assoeiab"on ol Charitablè F[xdalKns. Tlus meets wrtualy. lhe t•nes a year. hears Irom speakers and isiscusses interven'ons that funders can make. Millfiekl House Fwndaiim woiks wrth slatut(My vrkntary both.es tthosè interests o¥erfap wilh rts tiut relain5 Its comF4ele IndependerTh tn respect of gfant dea'sions. The Foundatk)n 13 reg15tered as a Living Wag¢ Funder. Risk manaymgnt The Trusiees regLdarly review lh[ iole5 and reSP(Thrtxh' in the hght of the Charity Commi55K>n'5 guidance and consider the mapf risks to whir the charrty is exposed. They have adopted a stralegy and procedure5 for mansgernèni ol risk. including polential ¢onflLts ol interest. Twsiees review and UFyJale the Foundation's nsk reg15ter and a550(xatwJ poliGy Wl&ly. The Truslees maintain a Register of Iriterests and have adopted wocedures for the deClaraln ol inleres15 at Tiuslees, meetings. If a Tnjstee Of the Tru Plgef has an intefesl in an orgisation being considered f grani gthè wtthdfaws Irom the meetsng whlè thè apKAicAtK)n ts dtscusséd. and a dècision is made.
THE MILLFIELD HOUSE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 FUrn dgvelopments The guidng principl• for all MHPS is thai rt sh(ml rnntrthle lo Ixklin9 pc>¥erty andlor inequality. The Trustees hope that. by investing lor a continuous porvj and with subslanlial unfestricted granly In carefully selected stfalegiG pathers, th¢y will o¥er time make an impact on the 1¢Y decisions thai can addrèss poverty and ineguality. They rècognsse that th"scsrntng lh8 Nnpad th¢w granis make in suckn a broad context may Impossible. but they loots Io grant hclders tts keep them lo[Med ol devekjpments to gNe IndiCatS of wogress towards ultimale goals. Truslees are aware thal funding kX)h'Gy wwk at a a1 regial le11 is exlfefflety hard to come by. and thèy and the Trust Manager take every cwJrtuThty to hwhli9hl the value of IhKs work to other a9encies. particularty to other local and national lunders. Statsmant oi tw$t8es' rÈspon$ibllits The Ifuslees ale re5pon5iblo for prepariThJ Ihe Trusleès. Report and the financial s18lemenis in accordance with appliCae Law ond United KInM Accxjunting Siandards (United KIWorn Generally Accepted Accountin9 Practe1. The law app&cable to charibes In Engl¥nd and Ws requires the truslees lo prepare finanual slatemenls lor each financial yev which give a Irue and fair view of Ihe stste of affairs ol the tharity and of Ihe mC4)mmg resource5 and appli¢allon of resources of th8 tharity for thai yè. In preparing these finanryal slements. the Intstees are r&)ued lo." - select suiable accounbng thK4es and then appty them C£StenUy". - d>seft Ihé mèthods and prinaFs In the CharitS SORP.. - make 1udpMtS and estMnes that we reastsn3 tKudeit - stale whether applcable acGOvnli Standards have teen It1(&1. subj'ed lo any matwol departwes dis¢Josed and explalned in the finanryal siatèmènts. and . Pfepare the financial slatetrnts cffj Ihe goirw c<MKem bags unless rt in8pprwi.ale to pfewme that th8 chwity will continue In operation. The Irust¢es a resportsible lor keepty suffi¢nt accoLfftb"ng records that d[kne vhth rorAble acwra¢y at any lime thè financial po&lion of the tharity ar enable them to enswe that lh¢ fina31 slaieinenls comply with the Char.eS Acl 2011, the Charity IAcLounls and Report51 ReguLabons 2008 arNJ the wov155 Qf the tnjsl deed They ale also i&stK)nyble lof safeguarding the assets ol Ihe charity and hence for taking rèasonable sleps for the preventh)n deledton of aThJ othei iffegulanijes. The ITUStees' report was approved by the PA)ard of Truslees. Mr J Wdlkef Trustee Di Y G#le Trus Oate.. .....
THE MILLFIELD HOUSE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION Oplnlon We have audrted Ihe linancial sialemenls ol The MiNfield House FOU13140 lthe'tharily I lor Ibe year ended 5 Apdl 2024 which comprise the statement ol fin1 acaIwts, the balance sheet and noles to the financial slalemeTrls. Trncludin9 Signifan1 accouniirKJ policS. The finantsal rewlin9 framev40fk Ihal has been apled in Iheii preparalM)n is appIable law and Urbiled Kingdffli Accounting Standards. Finao(ial Reporting Standard 102 The Fiiiaii(.'Idl Reporting St&fKlJrd •ppl&qble Iho UK ond Reput4t¢ frelai>d (urtil Kingdom GenerlY Ac£epted Accounting PrtICe). In our the financial stalements.. gNe a true and Fair vriew of the stale of Ihe charity's affairs as at 5 Aprl 2024 WKI ori15 i1MIng resour5 and applicatm of rescxjrces. lor the year then ended.. have been property prepad in wrfh Kingd(#n Gewalty knspted Accounting Practice." and have been yeparad in a¢cordat wrth Ihe reqlxements ot ihe Chan"bes Aca 2011. 8a5is for opinion We wnducled our audrt +n aG¢ordan¢e wrth InlematK)rwl Standards on Auditing IUKI IISA$ IUK)) and applicable 8w. Our iespmsibilities under those stsndards e hjther dewbed in the Audilovs re$wsl11eS for th8 aiith"t or th& financial stalements section of our report. We aro indep8ndent ol the chaTty in ac£ordance with the ethical rèquirements that afe rdevani lo tyJr audil ol the finanr2al staiements the UK, ¢dIng the FRC'S Elbical Siandaid. and we have fulfilled oui other etlw.cal fesponsibblts awdance wrth Y)ese ruIremen1$. We tdièwè thal Ihe au(It ewdence we have obtair1 Tr5 suffiwnt aFKI appropThie lo wowde ¥ basi$ for our opinitin. Con¢lusion$ relallnu to qrfjing ¢on¢ern In auditing Ihe statements. we have conduded Ihal the Irustees. use of going ccrtèm ba5 of cckjniing in thè prÈparatK)n ol thè financaal stsiements Is appropnate. Based on the work we have perftymwj, we have not identifbed any materi rttieS l8)"n lo events or cndl0& that. tndiwdualy or coN8Cti¥8ty. may cast wgnificanl dcKJbt on the charily s abilly lo continue 35 a grgin9 concem for a penod of al least twefve rTh)nlhs from when Ihe fnancral statements are authorised for issue. Our respon$ibih"ties #nd Ihe fysponS"t.aS of the trustees th r•¥ Its going cCeM e dest¥tsd in the relevant sections ol this report. tXh•r Informatlon The Oth InforMatb ffilrymalwm inthjded in Ihe 8nnud reFX)rt other than finaKk4 statements and our audrtorf5 report Ihereon. The tnjslees are responsible for the other InlonnatK>n contained within Ihe annual report. Our oKxnion the finanThal $l#tements rK)t ¢gver th¢ othei Informaln and we do not express any form of assurance condusion thereon. rè¥x)nsJbdity ts to read Ihe other infomats.on and. In (loing so. consider whether the olhei information Is malerialty inconsislenl wilh the financlal statements or our knowledge Dbtained In the course of the auth't. or olherwise appears to be materialy misstated. If we Identify such mateiial Inconsisiencies or app8rent maienal misstatèmènis we are (eq¢0 to dÈiemiine whettw this gi rise lo a matenal misstalem8nt in the finan¢ial stalemofils them5dves. If, based on Ihe wryk we hove pèrftsr¢wl. we eoncjude Ihai there is a materrdl misstatement of this olher inf0Mli0. we are Teq1 to repL¥t that tscl. We have nolhirvj 10 report In this regard. Mattor8 on whkh w• ar• r•qu5rod to rnport by •xcoptlon IAÈ have n(rthing to report In respect of Ihe lollong in relat¥)n lo the Charitiès IAceounls and Reports) Regulations 2ITh require us to reprt to Y{ rf. our opinh)n'. the Inlormalion gwen In Ihe frnancd slalements is irton&stent n any material Tespecl with ts In&stees' report.. or Sufflent accntIng rrdS have not been k8tA' OF thè Iinancial slalèmenls are nol in agreemenl th Ihe actounb.ng records.. or we habe not reGeived al the 10mla and explanabons we require lof oui audrt.
THE MILLFIELD HOUSE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION Responsibiliti•• of trusts•s As explBined more lulty in the stalemenl ol tr115tee5' resron¥tslilies, the twstees are responsitAe lor the prepaialK)n ol the finanryal stalernents fol bw.ng salisfked Ihal they gwe a true and l•r view. and for such intern81 Control as the IrusleÈs détermine is necessary lo enable the preparatit)n ol finai)cJal staiemenis that ale free from malerial m15Stalernent. whether éue io fraud or errcrf. Irb ptepanry the finan(ial slaternetts. the trustees are responsible tor 85sess4ng Ihe chanly s ability lo conbnue as a gory corm. disdosing_ as ap)cable. matters r8131ed to going concern and using the going txxKern basis of accountmg unss the Ivustees erther iniend 10 cease operations. or have no realistic ahematTrve L1 lo do so. Aud]toes responsibilities for the audit of thp finan¢iJl $tstements We havè beèn appointed as auditor undef sedion 144 of the clieS Ad 2011 and report in accordance with the Act and rekvanl regulatnS made or hawThJ effed theTewTrdw. Our objeclives are io ain asat4e assur3r abrt whether Ihe finan(ual siaiemenls as a whde are free from malefial mksslalement. whether due to fraud or er. to issue an audrfofs report th indudes our opinioii Reasonab assuran¢e is a high ¥@1 ol assurancè bth is Mt a guarantee thal an audii conducied In accordance wilh ISAS IUKI win thays delect a malerial misstalement when it exists. Misslalements can arise from fraud or error and are considefed malellal if. mdTrwdualFy ot n the aggregate, they coukl reasonably be expeded to Influence the econom deciOn$ of usgrs laken on b¥¥s of IhÈse finaKk41 stalements. Th? extent lo whrh our pi¢xedwes we waiAe of detecling wregth"ties. ¥)dudHYJ fraJ. is delailed below. The risk of malenal misstatemenl tjue lo elror or fraud has been assessed pi coniLltIOn wlh internal contToIs may mitigate any suGh risk. These contrds are vIeWed as part tsf the a11 by perfomiiny syslems walklhroughs to ensure they arè opèratrng èffectivdy. review and 5ubstanknve leslvJ is also performed on all walerial balances and therefore any Instances ol ncwmplk?n slKwld be KSentthe(l 01 cgn5idered as Insignificanl. In identif.g and assessw)g risks ol malerial mi$stslemenl in r8sFcl ol rregularib"es. lThyudir fraud, the audrt engagem1 team. obtained an undgrstandtng of the natwe ol Ihe Mx1ustry aNJ sedor. IAdI the legal #nd regulatory fraIneork. in whh Ihe chanty operates and how Ihe th•rrty Con'eS wrth that al and iegulalory frameork inquired v4th manwienl and Ihose charged Mth 98¢Dance aboijl thoir own lden1rfatton and assessment ol the risks of irregulari1¥. induding any know actual. suspeclgj 01 al] in3lances of Iraud di5CU55ed with manement a those charged th govemm any non.CoMlance with laws and regulalims and how traud rnh1 c¢Ir fftduding #ssèssmènts of and whare the fmanual slatery%nts may be 5usceplbbl¢ to fvaud. Thé risk ol managemenl overrtde of eofttrols was aL80 cCffldered an area of potential mi3Statement dtje to IraLId. Audil pro(%dures performed irKluded testh'ng of manual jov¥nal wlnes and olhei adj'ustments and evalLiating th busines5 raliofiale in relation lo $gnffjcanl. unuwl tr8rtsacb"s tyansacb.ons enthd Into outs the normal coursè of busine5S. A lurther de5cPtPon of our responsrtjliti.es ts av3tsts on Ihe Financial Reporting CounrA s websTrtè al. https.'Il vAwN.Irc.Ofg.ukJaudilorsresponsikn'lities. This descxiplK)n lorms part of our audilor's report. Other matters Your atlenlion Is drawn lo Ihe I1 that the chanty has prepared financi stai¢menl$ in arte th 'A(tounts"ng and Reporting by Char"e5 Statemènt ol Rtrcommended Prèdice applicable to tharlIS preparing their accounts in accordance with the FinariciJl Reporting Standa¥d apicab[e in Ihe UK and Repu of Ireland IFRS 1021" las arnendedl In prelerence lo It Accounhng arvj Rewrting by Charib"es' Slatemenl of Recomrnended Pfadic issued on l April 2W5 whKh 1$ rfefred to In the exlani 1è9uLaii(M)s bul has now wilhdrawn. This has been dwe in ler for Ihe fin*wl stalemenls to provth a iwe arwJ lair mv in awjrdance wth currenl Generally AGcepled Accounting Pr.¢È.
THE MILLFIELD HOUSE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION Usè ol our rèport Th15 report 1$ made $iAely lo the ¢hatrty'$ Iwstees. as a body. in ac¢ordance wslh parl 4 of the Charities IAccounts and Reptdsl Regulations 2008 Our audrt woth has beeft undertaken so ihal we niight state Its the charity's Iruslees those atterS we are ieguiied to State lo them In an audrtorfs port and lor no other w¥pose. fo the lullesl extent pemrtted by law, wg do not ac¢epl ow assume resp$.1 lo anyon8 other than the ¢hanty and th8 charity s lrnsiees as a body. for our audit work. for ihis report. or lor the opmions we have formed_ Nicholas Cunningham IASC BSC ACCA (Senbor Statutory Auditorl lor and on h•hf ol Robson LaIdr Accountants Llm5tod statOry Audltor Fernwood Road Je5mond Newcg$iio up>) Tyne Tyne and al Engla1 NE2 1TJ Robson Laidler AccJxtyants Limtied is ehgiblg trA appomtmonl as thtof of iho tharity ty vrtug ol rts eligitmlily for apwnlmenl as auditor ol a company under seclTron 1212 of the Conwan*s Acl 2Cth.
THE MILLFIELD HOUSE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Current financial year Unrestricted EDdowm8nt funds funds 2024 2024 Tolal Total 2024 2023 Nol•• come Inveslrnenls 756.X11 156.501 156.276 Ex endituro on: Raisiny fLJnds 40.1S8 40.158 40.CE3 Charitable actiwlies 169.025 169.025 240.515 Total expenditu 209.183 209.183 280.578 Nel g•nsllkissesl on investhnIS 131,809 131.809 1758.9461 Net lovlgdnglllncomlng res¢)ur¢e$ belore transfers 152,6821 131.809 79.127 1883.2481 Grtsss transfers btheen funds 52,682 152.682) Nèt movemèrtt In funds 79,127 79.127 1883.248> Fund balartes al 6 AO" 2023 8.448.179 6.448.179 7.331_427 Fund balancos at S Apr?12024 6.527,306 6.527.306 6.448.179 The stslerrnt ol fin8nci81 aetmb.es al gains a1 losses recognssod wi Ihe yeor. The statement of financ1 adi¥its w¥Je5 al gains arml losses recogrnsed in Ihe year. All no)me and experk*lu iJ¢nve from contsnumg a1tls. 10-
THE MILLFIELD HOUSE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED
FOR THE YEAR ENDED 5APRIL 2024
Prior financial y•ar
Unr•slrlct•d Endowm&nt
lunds
fvnd5
2023
20Z3
Totsl
2023
Investments
156.276
156,276
nditurp on:
Raising funds
40,C63
40,063
Charitablè 3th@S
240.515
240,515
Total expendityrn
280,578
280,578
Nel gainWllo$ses> on inveStr[lS
1758,946> (758,9461
Net loutgolngvincoming resources bef
THE MILLFIELD HOUSE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 14otes Flxed ass•ts In¥trstmenls 6,818. 6,863,844 Currgllt as8•ts DebtS Cash at bwk and in hand 10 4.492 5,879 5.177 6,$01 Creditorn.. amounts falllng dtse wfith one year 11 1209.2221 (276.1661 Net tufrènt Ilabilities (204.0451 1269.e651 Totsl assèts lesg current liabilities 6.614.861 6.594.179 Crgditt>r¥'. amounts falling due after more than one year 12 187.5551 1148.0001 P4•t assets excluding pension liability 6.527.X 6,448,179 Net assets 6,527.3(k8 6,448.179 The funds gf th• eharfty Endowmeiii luThJs 13 8.527.N 6.448.179 6.527.31 6.448.179 The fin•nual statements wete apwoved by the trustees .. Mr J Vvalkei Trusteo DrYGa Trustee 12-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting palicios Charity SnfomMt14)n The Mimlield House Fc4Jr)dalbon is a grant makn'ng charity, fegstratKJn number" 1158914. The pnncpal 0811A aiktress is 7 Lesbury Road. Heal(¥). N&N$11e UkXYI Tyr. NE6 5L8 1.1 Aecountlng conventlon The finanaal statements have been piepared in accordance the charills goveming document. the Charities Act 2011, FRS 102 "The Finan¢ial RepOrtg StarKlard apph'cable m Ihe UK and Repijtslic of Ireland. I'FRS 102.1 and Ihe Charilies SORP -AccountirMJ ReportHwJ by Charitiès. StJlèment ol Retommèndèd Prathce appkca)le to chanlies preparitvj their MInt$ c(¥an wrth the Fiiiancial Reporting Standard applble in the UK and Republ ol Irdand IFRS 102)- (elfeclive l January 20191, The 1$ a Publi Benefit Ents"ty as defmed by FRS 102. The chaiily has taken than of Ihe k¥olon5 in Ihe SORP for dlie3 not to prepare a &¥lemertt of Cash Flovts The finarKial slalemenls are prepared in slethng. whith is the fijndional currency of the thallty. Mondary amounts in these financial stalemenls are rcMJnded lo the neas1 £. The finala1 slalemenls have been wepwed WKler the tmslorral o)st convention. rTh)dffied lo include the vestmenls 31 lay vue. The prinupal 8ccounlry $y)leS adopted ale sel 4yJi bdow. 1.2 Going tort•m At Ihe lime ol appiowng Ihe finaiicial slaiemenis. the trustees have a reasonable expectats.on that the charity has adeqvale te50uices to COntve in opeiatK)nal eStere lof the foreseeable luture. Thus the Irusl¢es ¢ontinue lo ad1 gcmng concern basis of accounting in preparing the final ststèmènts. 1.3 Charitable funds Unrestncted funds are avalable for use at Ihe di5(¥etion of Ihe trvsleeo In furthefance ol their thaiilable Objeives. Regtricled lunrts are stjbiect lo specik condilions by donors or anIorS as to how they may be used. The puipose3 and use¥ of Ihe restnGted funds we set out ITI the ryjles to the firwgal slalemenl5. End¢7b¥mant fvmds are sutrrt lo speats 0d1)n9 by donors Ihal [Hi81 musl be m8int•ine(I by Ihe charity. IA Income Income Is rocognoed when the iawily 1$ bgalty w)Ittled lo rt after arry ptrftyrnae o)nthlvNts have teen mei. Ihe nounts can b8 measured fah1. a)d li is WObab thal wdl bè received. Cash d¢Malions are recognised on re¢p1. Other donal$ are [ec(wd 1ce the thanty ha5 been notthed ol Ihe donation. unless performance corKth"¢K)ns requir& deferral of Ibe am011. Income tax recovefable in [elatn to donations received undei GIftA or deeds of covenanl Is recogi)Ised at ihe lime of the donation. 13-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policio• Icontlnuèdl 1.5 Expendlture Expenditure is recognised Ihere is a legal constructTh obthgalicxi lo Iransfef eC0M1¢ ben&lil 10 a thitd party. it is probabtè that a iransler ol econom benefits wll bo in setllement. and the amount ol the obh"gats"on can be measured reliabty Expenditure is dassId by actmly. The fA)sls of each actmty are rnade up ol the total ol direet costs and shared costs incljding SUPPOrt cost5 invofved n undertaking each aclivrty. Direct cosls attritsutable to a srnglè aclivily are alkned drredly to that aciNrty. Shared CA)Sts which rxffitrtbutè lo more Ihari one acts.vity aiid support co$is which are not attributable to a 5irvJle acNty )rE apportioned between those actimties on a ba315 consistent the u3e of rUl¢e8. Grants payat48 are chwged in the yeai when ihe offer Is made except In Ihose oases whefe the offer 15 ¢ondi1n. such granls being reGogni5ed a5 expendtture when the Cond"$ attaching are fulfild. Granls oltèiéd subject to Condilky whrh havè rKIt len met al Ihe year end date are noted as a eommitment birt nol aed as exw)diture. All expendir is inclusNe of w[ecrate VAT. 1.6 Taxatio The charty is exefflpt from tsx on rt tharilaLqe jNilS. 1.7 Grants Grants are included in Ihe Siaiemeni of FThncial Actmbes on a Teceiv3blB basis. The balanee of incDme fe¢eived for speafK wrposes bLrt nol experKled dng Ihe period shown In the iele¥ant lund5 on the Balance Slel. there InCe is tecaAI ui advance of ènts"tlemenl. Ils fecognrtKJn is defeired and Included In credrtor$ as delred irtonie %ere entillemenl occurs before income is reved. Ihe Income is acGrued. 1.8 Intr$1 Interesi on funds hekl deKwt is RKthd when rgceivable and affl(v)I can Inea$ured reliably by the Chèr1ty. this is normally upon nottheabon o(the interest paid OF payalAe ty the stIlu1?rt with wfv)m the funds are depogled 1.9 Inve8tsngnts Fixed asset In¥estftnts are A foTh of financtal instrum8ni and arè inib.amy recojnised al their transactiw ¢osl and subseqiiently measured al laii Va at Ihe Balance Sheel date, unless lh¢ ¥alue cannot be measured veliakly in WCh case It Is mea5ure¢J al 5* less i¥rwaimwt. Inwestment gatns and losses. whether realised or unieah"sèd. are combined and presented as 'Gains I k)sses on Investments, in the Siatemenl ol Financk Actiw1. ve$lmÈnts Unr•8trl¢tsd Unfèstriciad funds lunds 2024 2023 DividdS and d15tf¥bulv)n¥ 156.501 156.276 14_
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 RalsSng fvnds UnrKtrictsd Unreslrid¢d fitnds lunds 2024 2023 Port"0 man4ement 40.158 40.063 40.158 40.063 Expenditure on charitsble activities Charltable activiti 2024 Charfjtsble activities 2023 DI¢t Costs Granl lunding ol athtses {see note 51 135,275 206.000 Sharè of support and go¥•mancè costs IS not• n Supkx)rt 27.025 6,725 27.580 6.935 169.025 240.515 Analysis by lund Unie51riGted fvnds 169,025 240.515 Grnnts award•d in th• year Grnnts Awarded 2024 Grants Awarded 2023 Gran15 wwarded to inslrtub'ons the year". IPPR North Nalional Enèrgy Aclbon Ci(en s UK Newraslle thiver¥rty CibZen'sAdCe Newcaslle 126,000 40 000 40,000 5,225 130.050 135,275 206.000 15-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Net movernenl in fund 2024 Z023 The net movement in fvnd5 is Stat aftev thwgryllL¥edrtiry>'. Fees pay3bl8 for Ihe alit oflhe challlys finKial slalements 3,396 3.095 SuPFrt costs Support Governance costs costs 2024Support (y)sts Goyemance costs 2023 Admm15IralK costs Subscriptions Trustees rneetiry & expenses IT and websste General exrnses 24.150 24.150 838 24.150 81S 24,150 815 280 280 S71 571 959 1,085 113 113 1.085 Audrt fEes Legal and wolessional 3.396 3.329 3,095 3,840 3.329 3,840 27.025 6.ns 33.750 27.580 34,515 Anatysed &eèn Charitable acti¥ilEs 27.025 6.725 33.750 27.5e4) 6.935 34,515 Governance costs indude5 payrrnts Its Ihe audi1tyS of £3,3961202& £3.095) lof authl fees. Tru$te None of the InJstees ICY any pers(8 wth any remuneratw)n ot benefits frc4n ¢he charty dunrvJ the year. During Ihe year ended 5 Awl 2024, lotallw £133 were reimbJrseil or paKI d*eclty lo trustees 12023 E5711 16-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Flx•d asset investments Llsted in¥•stm•nts C•sh In portloS10 Totsl Cost or valuation At 6 April 2023 AddlIn$ Valuabon chaThJes Movenierbt in tssh held Disposals 6.709.464 1301.533 131.809 154,380 6.883.844 1.301.533 131.809 22.921 11.501.201) 22,921 (1,501.201} At 5 Apfd 2024 6.641.805 177.301 0.818.906 arrying amount Al 05 ApFI 2024 6.641.605 177.301 6.818.906 At 05 Aprl 2023 6.7CG.464 1S4.380 6.863.844 There were no InVer¥ 8ss¢ts Nrtside the UK. All investments are carrd at ther fair ¥akne. Investmeni in eQuitS fixed Interest securities are all traded n quoted Publ maikels. The basis ol lair ¥aluatK>n lor quoted Investments Is equiva¢ to the market The main fisk 10 the Foundaih)n from these financial StrumentS lie5 in the Combinat of un¢ertain investment markets aThl votalilrty ol wekj. The FLxwKJalffi manag¢s tIe investmenl risks by retaining expert advisors and opwating an Inveslmenl FAYi¢y Ihal prowdès lof a hNJh de9rÈè ol dlvefsth"CAti ol holdings within investment asset dasses Ihat are quoted on recognised sl¢xk e¥chan9es The Foundath)n does not rnake use ol dertvatNes and simitar wnplex finan9 SInentS as rt takes the Niew thal Inveslmw5 8re hekl for the longer letyn. There were no i14e$lment$ that represenl rTKrfe Ihan 5% 01 ill¥e5trnent hokjings. 1Q Debtors 2024 2023 Amounts falllng due wlthln one year. Prepayments and awL*d in¢ome 4.492 5,879 17-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Crfjditorg: amounts famlng due within one year 2024 2023 Trade treditors Other creditors Accrua15 and Ileferred 2,048 193,723 13.451 2.048 2fn.952 13,186 209.222 276,166 Included m other cdItorS are le41trwtrrfJ an1 txwnmrtments". 2024 2023 Newca511e UnNer5rty Regvjnal Refrjgee Foium N¢Jlh Ea51 VONNE IPPR N¢Jrth Citizens Adwce Nattonal Enèrgy Action Citizen's UK Cilr£en's Ad¥e Newcaslle 47.228 42.CO) 42,1X() 42.(KM) 52,952 42.CKXI 20.(KKJ 42.1 42.(xy) io.( 10.C 42.495 Total 193.723 260.952 The above grS had been agreed ty the Tnistees Ixrt nol paKI al Ihe year end. 12 Croditorn.. #mounts l•lllng due after than one year 2024 2023 Olher editOrS 87.555 146,WO Indudgd in other crethlors awe the grant comnutmenls. 2024 2023 VONNE Newcasile Vniver51ty IPPR Norlh National Energy Adion Citizen's UK CItsz8n's Adwce New¢asUe 42.tXKI 42,¢J)J 42.CX)) 10,(XM) lo.() 87.555 Total 87.SSS 146.ty)0 The a)o¥e granls been 4Feeil by the Truslees tsjt pahl al the year wM1. 18-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRJL 2024 13 Endo*Thent funds Endthvmenl funds represert assets which musl b8 I1 pwmwentty by Ihe charity. hv>)me arlsirvj on th¥ endowmént lunds can be used in accordance wrtl) Ihe objects of thè ehaiily a)d is induded as unres[tÈd Kome, Any captal gains or bxses arisw on the assels Icrfm pwt of Ihe At 6 Aprfil 2023 Tr•thsfers Galns and los$ At 5April 2024 Pemmnent endowments 6,448.179 152.682) 131 ,809 6.527.306 P¥10$ yèar: At 6 Aprti 2022 Tr¥nsfers Galns and loss•s At 5 Aprfil 2023 Permanent endovmnts 7.331.427 1124.3021 (758,9461 6,448.179 14 Anal# of net b•fvM•n funds Endowment fund5 2024 At 5 Aprll 2024: Investmenls Curfenl asselslllkabkn"tw) Long teffti liablittes 6818,906 1204,0451 187 5551 6.527,306 funds 2023 At S April 2023.. Inv8stment5 crent 3ssèlsl1kabflitj Long lemi liabihb.es 8.8S3.844 1269.6651 1146.0001 8.448,179 19-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Gr¥nt commltméftts p•ld Th& lolknvtny ComftmentS have en pa UJO year Regional R•fugo0 Fornm North East Tl)e third instalmenl ol a grHnl cornmrtmenl mado in 202021 lof £126.CKM) 42.000 Neweastlè lJniv•rnity The 38cond inslèlment ol a grant con¥nitment made in 2021-2022 Ivi £126.( 42,C# Voluntsry Organlsatfions Network North Easl IVOHNEI The second in51almenl ol a grant rtment mad¢ in 2021-2022 hjf £126.(O) 42.(1)O IPPR North The Second inslalment ofa grant commrtmenl in 2022-2023 foi £126.IXQ 42.(X)) Citin¥ Advice Nwiustlè The fial inslaltment ot a grant 9)MlIn1 mJ• th 202(k2U21 for £126.(N)) 42.IXI) Citizens UK The $¥cond instalnnt ofa grani cmitMat in 2022-2023 for £40.(MXJ 20.(XX) National Energy Actlon The second Ir5Stalmnl of a granl ojmnknnt made in 2022.2023 f(K £40.WO 20.(K)J Voluntary Organisations Netwo Nofth Ea$t (VONNEI PLP grant for VCSE policy lorum IPPR North PLP giant for VCSE poly forum 3.3(X) 16 Rèlatèd party tr4n6action8 There were no cj"sthsable relale(I party transactions dLmJ ts year (2023- n(1. -20-