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 rep*xt 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 ns. *iYil*s fm indwidu* where Ihi$ 1$ possible - Monitored Ihe perf0fft7ance of the end[￿Tr￿n1 lo ensure the Founda1￿ o)nbnues to be finanaalfy viable foi the long leim - Continued to think abrxjt how thè Fol￿d21￿ 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 c0rnrrm53￿n rdaling lo ber7efft. lrKILKlV￿ Ihe guwJanc¢ 'PUbl￿ ber)efil". running a ehwly IP821'. Grantmaking policies The Mil1f￿ld House Fowdabon's Is io r*klè the undety"ThJ causes of (￿ty and Ir￿ulty. 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 poI￿Y lor the beller. The Trustees do noi accept unsdiuled applications bul Sup￿￿1 a small numbw of ￿an1 hoklèrs - ¢aMed Strategic Partnws whoso work has ¥nprossed them and whcmn they Io 3￿Port 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 Fts￿d￿K)n seeks io dèvelop a respedful aiid trusting relalK)nship with grant holders enJ￿ing them to lake a wew a￿j 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 strat￿le Partners in Ihe fomi ol graDI fundin9 of £105.IKXI lo IPPR North to enab￿ rt to wolk wilh the other StrategK Partners on develop￿9 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 eX￿Ore 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 leb*l- rerth wbhshBd In Sep1¢m￿r 2020 INewcasle UniVer￿ty conIn'but￿ £5.ThJO lo the cost ot this sludyl . Yislh all Strategic Partners k￿kITrj al the natwe of d￿rt#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 d*1 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 Ih*r 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 lund￿19. 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, w￿ch 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 numt*r 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(Ii*ely at th¢ ￿e$￿￿j deslinalion. Dfflerenl Skills. actions and opportunrties can be descnbed as cTrning tcrfjether in an 0vw￿l 'mow ol changè.. Wrth its limited reswrces Ihe FoundatKJn canrK)I support Ihe enbre gamut of a￿￿1￿$ neces¥ary lo bring aLY)ut proltrjnd policy shifts. Tru5tees' granl makir¥J poliw 1$, Iherelor¢. io $upF*M work which contributes to ieal change meaning giaDI ho￿r9 musl Identify n¢A only whal tw *è d¢*n9 tmji also what others arg to Shape th8 desired changè. The Tiu¥tse¥ reserve the a￿'IrtY to respond to or to se* oul ￿terests.￿g devdopTrE￿ts whi¢h Ihey may those lo Tund In pursuit of their ovwal objecknè. Recognising the vahje of devekyftg new ièlabonships. in addition to those with existMg Stralegic partft￿s. in spring 012022 Truslees issueij an open call lor expressions of intere51 in fvnding for pc4icy woth lo address 155ue5 Qf poverty arbd itwualdy In the North East. Interested organisalions wèwè ￿￿ted 10 h3ve an Initial, exp¢oratory converSab.￿ wrth the Trusi Manager. Notes fr￿n 31 con¥eFsBbons were consiclered by Trustees and five organisations were invrted to submit a wiitten athl￿119￿. Al IhElI meeling in October 2022, Trustees consideied the five applications and deoded lo award two 'gelting to know you grant$ of £40.iX)O Èa¢h, ovèr years. io Tyne and Wèar Cilyi￿s (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 organiSat￿n￿ lo spend too much Iwne on an application whth WOLdd have a limited than￿ ol su¢cess. It plans lo repeal this prO￿$S in the SuM￿r 012024. As a charily, the FoUndat￿Tr musl confine 115 grwts to Pufposes accepled N law as c*anl3ble. However. official guidance make5 rt dèar that charities may Inckjde a vafiely ol non.Pafly political and ￿mpaIgning aclivilie5 to further thwr purposes. GLllda￿e on campaKJning by charit￿S is avalable trom the Charity Commi$sion and from the Electoral Commission". htlps.l1w￿￿￿.￿eaorak0MM1sSIon.or9.￿kJ541esldela￿kthleW_fil8r￿¢r￿￿rnPa¥aNn*eh811be￿rvC.p￿I 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 M￿ltOrS 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 t￿41 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 olg￿ls31￿S. Outstanding contri￿￿￿0￿ 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(xnm￿8d in wants12023'. £2{￿.0c()). Thrs represents riher Ihree-year grant lo Cibzens Adwr* New￿5*1￿. 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 Four￿￿ti￿n,$ Web￿e. 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 FOundat￿n.5 grants rKAiGy ￿ unamtw"guous and. in Ihe ¥v￿d$ 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. rtisèdv￿thge and eXcluS￿n. and PTomot*ng socjal and econoTThC change. Fof each grant. Trustee5 carelulty conswjer the needs addTessed or the purp)se pursued. the Th*ans of lackling Ihe Pfoblem and Ihe Intended outcomes. The TtU51 Manwjer WOVKJe5 Tegular rnonitoring *vJ evauation upd*es or7 cvwypnl and recent grants to Twstees. In previous yèars Slratègie Partnèrs have rÈi*MlÈd in wnlin9 al ￿ast oncè a yèar. &ncè aulumfi 2022 Tnjsièes have instead recewed a writlen report Irorn the Tfust Manager. based on l￿depth conversalKMss wilh each Parfner. lo further ieduce the reF¥J1ing burd￿ on PathTS. &"nce 2018-19 truslees hawe Part￿Vated 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 en9*Jement 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￿ Rath1￿9,$ 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. In￿Stment 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 I￿ome. subiecl to elhical constraints on the Se￿ctIOn of stocks. The overall investment objedivej requ+red 91 RaihLK)ne Greerthnk are to ¢Je8le suffiiienl w￿￿m￿ and caKxlal growlh lo enable the Foundalion to c3rry out ils Fxirposes CLXIStslenty yeaf by year with due and pro￿1 considerab.on l(¥ fulure needs and the maintenance and. if possibl8. enhanC￿ent 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 elh￿l poI￿y. to enable the investmenl manager5 lo work to C￿ar critena T(us¢ees es18blish a distinction belween may and rninor ethical concems. The detail ol the Foundation's ethical s(leen￿9 was ièviewed in 2(Y23-24 a)d adjusled lo reflect Trustees grt)wing understandin9 of Iss￿5 such as dimate and th￿[ ￿mpaCt on poverty a)d iwuity in the Ncrth East. After a leys tur￿ent yeor. Ihe valuè ol vi¥estmwrt pc%Ucao 815th April 2024 relalNety slablè at £6.818.906, up sli￿tty 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 exIster￿e lor Ihe fNeseeable fviure. R•ser¥è* pollcy The Foundalion re￿ived 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 su￿￿J5 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￿ elm104￿t 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 8￿str￿j Trustees. ￿ Irustees have joined or re$V￿ed in 2023-24, Policies adopted for the induction and tralniny of Tn￿19 New Trustees rece￿Ve extensive and are pro*thled wrth uJmpreh¢nsive 6J¢)Jmentalion about the Foundation. Belore their appoinlrnen¢, prospedive Truslees meet Ihe TrU￿ee$ 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￿$. and al Twstéés recave informalion from ACF. Tiusleès arè enc(xJr3ged to attèThl relevant meetings and cwferertces and Ihe F￿ndalion lun(Js such training as may be appropriate. Trusle¢$ 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 stat￿ents were.. Ms L Seebohrn Mr J Walker Mr J Mccabè Dr Y Gale Mi M Rocb£ Ms E RiclNardson Ms R Lewis (Res￿r￿d 19 June 20231 (Appointpd 19 Jwe 2023} {Appoinled 19 June 2023 (App￿ted 19 June 2￿23) THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Oryanlsatoonal $tructure and de¢tsion m•klng The Trustees are responsibb For Ihe managemeni of the Fo￿datiOn. The Chair is appointed Irom among Ihg Trustees. usualty lor a Ihree-year term. Laura Seebohm look Ihe role from May 2021 June 2024.. Jonathan was app)inted Chair from June 2024. The Trustees meet thfee bmes a year". these n￿etingS usuaty take Flace in centra. One meeting 15 primarily dedi(31ed lo intefflal bus*iess. fof example. aKwJval of a¢xwnt$. ￿￿leW ol the risk rKJlry #nd g4miLar conc8rn$. At the other rneetrngs Trusie¢s may ¢tsnsider appI￿al￿n$ Irom invrted 8P￿1¢8nts, meèt grant holders and discuss any otheT Initiabves tlw may wish lo tske. also regularty receive and consider f￿an(la1 reports and report5 On the Founda1￿,5 In¥e$lments. Yvonne Ga￿ takes on the TO￿ ol Chair of the Investment Commiltee la S￿CoMMIttee prewusly Tespofisible for scrulinising Tnvestwnent management rewxts. reporti1￿ to the Boawd ￿ inve51ment managemeni issues an(1 undertaking a regular ievw ol ifi¥e51menl manag8nwI F*rfOrMar￿I. H¢)w&iffjr. 2022 Tntstees have Incorporaled investment ccfflm￿ee business into the Ma￿ trustee meeting, invdwng al trustees in this aspecl of ttuslee oveisighl. The Inve51menl Chaii conhnue5 10 ¢)Ver￿ thi5 asped of Tw51ees Te5ponsibililies and leads thi$ sedion of the Trustee meèing. The day.10.day admintslration of the Foundabon. ir*luding 2dminisiralion ol grants and processiry of appI￿allonS prH)r to conSiderat￿n by Tnjslees. is deSegate¢J to a Trust Manager. Cullagh Wamock has (Kcupied this positpn $in¢e 1st May 2018. All wiliact5 With exlemal agenTres ate rewewed on a regular basss. As a fesuli ol such a rev*w ni spnng 2021. Trustèes inwled new firms to lender 10 PfOVi(Je MHF with accouniancy seivices and entered into a new weement with Rob50n La**r A0>￿tants knmbted. Rèlauonships with other agencies The Fourxtation Is 8 rnetnber of the North East Trust Se¢xetrn Grcwp and the NE Fund¢rs Nelwork. 11 ss also rnember of the ASsi￿1allOn ol Chaniable Foundabons. the Community Four¥Jaiv)n Tyne & and Northumberland, Voluntary Ofganisations, Nehvork Ncth Easl ￿ Newcastle Counul lo¥ Voluntwy Sersyce. In 2020, the Foundation joined an initiabve lo d)amp#)n trusting gfaThl-making. c￿ordInated by IVAR. thls partnership of fur￿lS and small d)arsl*S from across the UK has developed eight eommilmenls lo open and trusting granl-making, askiryJ fur¥Jeis lo" - makè granls In a way that refFecl$ Ihe reahties facing VCSE org*Msations 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 ￿11￿11¥9 very mUGh refleLt MHF'S rela￿￿al approath whith 15 de5cthd In ￿[g detail at hltps'llmhfdft_org uklgrants. The Tru3t Manag¢1 wonvenes a natvnal fvrN4ew¥' threst gfwp ￿ T￿￿9 Pob*rty, under the umbrella ol the Assoeiab"on ol Charitablè F[x￿dalK￿ns. Tlus meets wrtualy. lh￿e 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 t*thosè 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 W￿l&ly. The Truslees maintain a Register of Iriterests and have adopted wocedures for the deClaral￿n ol inleres15 at Tiuslees, meetings. If a Tnjstee Of the Tru￿ Pl￿￿gef has an intefesl in an org*isation 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 FU￿rn dgvelopments The guid*ng principl• for all MHPS is thai rt sh(m￿l 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 IndiCat￿S of wogress towards ultimale goals. Truslees are aware thal funding kX)h'Gy wwk at a a￿1 regi￿al le1￿1 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$t8es' rÈspon$ibllit*s The Ifuslees ale re5pon5iblo for prepariThJ Ihe Trusleès. Report and the financial s18lemenis in accordance with appliCa￿e Law ond United KIn￿M Accxjunting Siandards (United KIWorn Generally Accepted Accountin9 Pract￿e1. The law app&cable to charibes In Engl¥nd and W*s 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 sl*ements. the Intstees are r&)u*ed lo." - select suiable accounbng thK4es and then appty them C£￿￿StenUy". - d>seft￿ Ihé mèthods and prinaF*s In the Charit￿S SORP.. - make 1udpM￿tS and estMn*es that we reastsn3￿ tKudeit - stale whether applcable acGOvnli￿ Standards have teen It￿1(￿&1. subj'ed lo any matwol departwes dis¢Josed and explalned in the finanryal siatèmènts. and . Pfepare the financial slatetr*nts cffj Ihe goirw cd (urtil￿ Kingdom Gener￿lY Ac£epted Accounting Pr￿tICe). 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 i1￿MIng resour￿5 and applicatm￿ of rescxjrces. lor the year then ended.. have been property prepa￿d in wrfh Kingd(#n Gewalty knspted Accounting Practice." and have been yeparad in a¢corda￿t 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$w￿s￿l￿11eS for th8 aiith"t or th& financial stalements section of our report. We aro indep8ndent ol the chaTty in ac£ordance with the ethical rèquirements that afe rdevani lo tyJr audil ol the finanr2al staiements ￿ the UK, ￿¢￿dIng the FRC'S Elbical Siandaid. and we have fulfilled oui other etlw.cal fesponsibblt*s awdance wrth Y)ese r￿uIremen1$. We tdièwè thal Ihe au(It ewdence we have obtair￿1 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 ba￿5 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* ￿rt￿tieS ￿l8)"n￿ lo events or c￿nd￿l0￿& 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 c￿CeM *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 Informal￿n 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 inf0M￿li0￿. we are Teq￿￿1 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 lollo￿ng in relat¥)n lo the Charitiès IAceounls and Reports) Regulations 2ITh require us to repr￿t 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 Suff￿lent acc￿ntIng r￿rdS 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 cor￿m. disdosing_ as ap￿)cable. matters r8131ed to going concern and using the going txxKern basis of accountmg un*ss the Ivustees erther iniend 10 cease operations. or have no realistic ahematTrve L￿1 lo do so. Aud]toes responsibilities for the audit of thp finan¢iJl $tstements We havè beèn appointed as auditor undef sedion 144 of the c￿lieS Ad 2011 and report in accordance with the Act and rekvanl regulat￿nS made or hawThJ effed theTewTrdw. Our objeclives are io ￿ain ￿as￿at4e assur3r￿ ab￿rt whether Ihe finan(ual siaiemenls as a whde are free from malefial mksslalement. whether due to fraud or er￿￿. to issue an audrfofs report th* indudes our opinioii Reasonab￿ assuran¢e is a high ￿¥@1 ol assurancè bth is Mt a guarantee thal an audii conducied In accordance wilh ISAS IUKI win thays delect a malerial misstalement when it exists. Misslalements can arise from fraud or error and are considefed malellal if. mdTrwdualFy ot n the aggregate, they coukl reasonably be expeded to Influence the econom￿ deci￿On$ of usgrs laken on ￿ b¥¥s of IhÈse finaKk41 stalements. Th? extent lo whrh our pi¢xedwes we waiAe of detecling wregth"ties. ¥)dudHYJ fra￿J. is delailed below. The risk of malenal misstatemenl tjue lo elror or fraud has been assessed pi coniLl￿tIOn wlh internal contToIs may mitigate any suGh risk. These contrds are ￿vIeWed as part tsf the a￿11 by perfomiiny syslems walklhroughs to ensure they arè opèratrng èffectivdy. review and 5ubstanknve lesl*vJ 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 r8sF*cl ol rregularib"es. lThyudir￿ fraud, the audrt engagem￿1 team. obtained an undgrstandtng of the natwe ol Ihe Mx1ustry aNJ sedor. I￿A￿dI￿ the legal #nd regulatory fraIne￿ork. in wh￿h Ihe chanty operates and how Ihe th•rrty Con￿'eS wrth that ￿al and iegulalory frame￿ork inquired v4th man*wienl and Ihose charged Mth 9￿8¢Dance aboijl thoir own lden1rf￿atton and assessment ol the risks of irregulari1￿¥. induding any know actual. suspeclgj 01 al￿￿] in3lances of Iraud di5CU55ed with man￿ement a￿* those charged ￿th govemm any non.CoM￿lance with laws and regulalims and how traud rn￿h1 c¢I￿r fftduding #ssèssmènts of and whare the fmanual slatery%nts may be 5usceplbbl¢ to fvaud. Thé risk ol managemenl overrtde of eofttrols was aL80 cCffl￿dered 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 $gnffjcanl. unuwl tr8rtsacb"￿s tyansacb.ons enthd Into outs￿* the normal coursè of busine5S. A lurther de5c￿PtPon of our responsrtjliti.es ts av3tsts￿ on Ihe Financial Reporting CounrA s websTrtè al. https.'Il vAwN.Irc.Ofg.ukJaudilorsresponsikn'lities. This descxiplK)n lorms part of our audilor's report. Other matters Your atlenlion Is drawn lo Ihe I￿1 that the chanty has prepared financi￿ stai¢menl$ in ￿￿arte ￿th 'A(tounts"ng and Reporting by Char￿"e5 Statemènt ol Rtrcommended Prèdice applicable to tharlI￿S preparing their accounts in accordance with the FinariciJl Reporting Standa¥d ap￿icab[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$ r*fefred 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￿$￿.1￿ lo anyon8 other than the ¢hanty and th8 charity s lrnsiees as a body. for our audit work. for ihis report. or lor the opmions we have formed_ Nicholas Cunningham IASC BSC ACCA (Senbor Statutory Auditorl lor and on h•h￿f ol Robson LaId￿r Accountants Llm5tod stat￿Ory Audltor Fernwood Road Je5mond Newcg$iio up>) Tyne Tyne and ￿al Engla￿1 NE2 1TJ Robson Laidler AccJxty￿ants 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 investh￿nIS 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 stslerr*nt ol fin8nci81 aetmb.es al gains a￿1 losses recognssod wi Ihe yeor. The statement of financ￿1 adi¥it*s w¥￿Je5 al gains arml losses recogrnsed in Ihe year. All no)me and experk*lu iJ¢nve from contsnumg a￿￿1t￿ls. 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$ses> on inveStr[￿lS 1758,946> (758,9461 Net loutgolngvincoming resources bef (883.2481 Gross transfers beiw¢en fuThJs 124,302 1124.3021 Net movement lund$ 1883,2481 (883,2481 Fund balan￿5 at 6 Aprrf 2022 7.331,427 7,331,427 Fund balancès at 5 Awil 2023 6.448,179 6,448.179 11 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 Debt￿S 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 0￿￿811￿A aiktress is 7 Lesbury Road. Heal(¥). N&N￿$11e UkXYI Tyr*. NE6 5L8 1.1 Aecountlng conventlon The finanaal statements have been piepared in accordance the charills goveming document. the Charities Act 2011, FRS 102 "The Finan¢ial RepOrt￿g StarKlard apph'cable m Ihe UK and Repijtslic of Ireland. I'FRS 102.1 and Ihe Charilies SORP -AccountirMJ ReportHwJ by Charitiès. StJlèment ol Retommèndèd Prathce appkca)le to chanlies preparitvj their ￿MInt$ ￿ ￿c(¥￿an￿ wrth the Fiiiancial Reporting Standard appl￿ble 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¥o￿lon5 in Ihe SORP for d￿li￿e3 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 nea￿s1 £. The fina￿la1 slalemenls have been wepwed WKler the tmslorral o)st convention. rTh)dffied lo include the vestmenls 31 lay v*ue. The prinupal 8ccounlry $y)l￿eS adopted ale sel 4yJi bdow. 1.2 Going tort•m At Ihe lime ol appiowng Ihe finaiicial slaiemenis. the trustees have a reasonable expectats.on that the charity has adeqvale te50uices to COnt￿ve in opeiatK)nal e￿Ster￿e lof the foreseeable luture. Thus the Irusl¢es ¢ontinue lo ad￿1 gcmng concern basis of accounting in preparing the final*￿ ststèmènts. 1.3 Charitable funds Unrestncted funds are avalable for use at Ihe di5(¥etion of Ihe trvsleeo In furthefance ol their thaiilable Obje￿ives. Regtricled lunrts are stjbiect lo specik condilions by donors or ￿anIorS as to how they may be used. The puipose3 and use¥ of Ihe restnGted funds we set out ITI the ryjles to the firwgal slalemenl5. End¢7b¥mant fvmds are sutrrt lo speats 0￿d￿1)n9 by donors Ihal ￿[Hi81 musl be m8int•ine(I by Ihe charity. IA Income Income Is rocognoed when the i*awily 1$ bgalty w)Ittled lo rt after arry ptrftyrna￿e o)nthlvNts have teen mei. Ihe *nounts can b8 measured fah￿1. a)d li is WObab￿ thal wdl bè received. Cash d¢Malions are recognised on re¢￿p1. Other donal￿$ are [ec(w￿d 1￿ce the thanty ha5 been notthed ol Ihe donation. unless performance corKth"¢K)ns requir& deferral of Ibe am0￿11. Income tax recovefable in [elat￿n 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 eC￿0M1¢ 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 dassI￿d 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 alkn￿ed drredly to that aciNrty. Shared CA)Sts which rxffitrtbutè lo more Ihari one acts.vity aiid support co$is which are not attributable to a 5irvJle ac*Nty )rE apportioned between those actimties on a ba315 consistent the u3e of r￿Ul¢e8. Grants payat48 are chwged in the yeai when ihe offer Is made except In Ihose oases whefe the offer 15 ¢ondi1￿n￿. such granls being reGogni5ed a5 expendtture when the Cond￿"￿￿$ attaching are fulfil￿d. Granls oltèiéd subject to Condilky￿ whrh havè rKIt l*en met al Ihe year end date are noted as a eommitment birt nol a￿￿ed as exw)diture. All expendi￿r￿ is inclusNe of w[ec￿rat￿e VAT. 1.6 Taxatio The charty is exefflpt from tsx on rt tharilaLqe *jNil￿S. 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 d￿ng Ihe period ￿ shown In the iele¥ant lund5 on the Balance Sl*el. there InC￿e is teca*AI ui advance of ènts"tlemenl. Ils fecognrtKJn is defeired and Included In credrtor$ as del￿red irtonie %￿ere entillemenl occurs before income is re￿ved. Ihe Income is acGrued. 1.8 Intr￿$1 Interesi on funds hekl deKwt is RK*thd when rgceivable and ￿ affl(v)I can ￿ Inea$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¥estft*nts 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 W￿Ch 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$lmÈnts Unr•8trl¢tsd Unfèstriciad funds lunds 2024 2023 Divid￿dS and d15tf¥bulv)n¥ 156.501 156.276 14_ THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 RalsSng fvnds UnrKtrictsd Unreslrid¢d fitnds lunds 2024 2023 Port￿"0 man4ement 40.158 40.063 40.158 40.063 Expenditure on charitsble activities Charltable activiti 2024 Charfjtsble activities 2023 DI￿¢t Costs Granl lunding ol athtses {see note 51 135,275 206.000 Sharè of support and go¥•mancè costs IS￿ not• n Supkx)rt 27.025 6,725 27.580 6.935 169.025 240.515 Analysis by lund Unie51riGted fvnds 169,025 240.515 Grnnts award•d in th• year Grnnts Awarded 2024 Grants Awarded 2023 Gran15 wwarded to inslrtub'ons the year". IPPR North Nalional Enèrgy Aclbon Ci(￿en s UK Newraslle thiver¥rty CibZen'sAd￿Ce Newcaslle 126,000 40 000 40,000 5,225 130.050 135,275 206.000 15- THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Net movernenl in fund 2024 Z023 The net movement in fvnd5 is Stat￿ aftev thwgryllL¥edrtiry>'. Fees pay3bl8 for Ihe a￿lit oflhe challlys fin*Kial slalements 3,396 3.095 SuPF￿rt costs Support Governance costs costs 2024Support (y)sts Goyemance costs 2023 Admm15IralK￿ costs Subscriptions Trustees rneetiry & expenses IT and websste General exr*nses 24.150 24.150 838 24.150 81S 24,150 815 280 280 S71 571 959 1,085 113 113 1.085 Audrt fEes Legal and wolessional 3.396 3.329 3,095 3,840 3.329 3,840 27.025 6.ns 33.750 27.580 34,515 Anatysed ￿&￿eèn Charitable acti¥ilEs 27.025 6.725 33.750 27.5e4) 6.935 34,515 Governance costs indude5 payrr*nts Its Ihe audi1tyS of £3,3961202& £3.095) lof authl fees. Tru$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 reimb*Jrseil 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 AddlI￿n$ 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 InVe*r¥￿ 8ss¢ts Nrtside the UK. All investments are carr￿d at ther fair ¥akne. Investmeni in eQuit￿S 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 tI￿e 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￿ ￿SIn￿￿entS as rt takes the Niew thal Inveslmw*5 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 c￿dItorS 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 gr￿S 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 I￿1 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 endovm￿nts 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 c￿rent 3ssèlsl1kabflit￿j 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 Comft￿mentS have *￿en pa￿ ￿ UJO year Regional R•fugo0 Fornm North East Tl)e third instalmenl ol a grHnl cornmrtmenl mado in 20￿￿2021 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)) Citi￿n¥ Advice Nwiustlè The fi￿al inslaltment ot a grant 9)M￿lIn*￿1 m*J• th 202(k2U21 for £126.(N)) 42.IXI) Citizens UK The $¥cond instaln*nt ofa grani c￿mitMa￿t in 2022-2023 for £40.(MXJ 20.(XX) National Energy Actlon The second Ir5Stalm*nl of a granl ojmnkn￿nt made in 2022.2023 f(K £40.WO 20.(K)J Voluntary Organisations Netwo￿ Nofth Ea$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-