Charity wistration number 1158914 IEngland and Walesl THE MILLFIELD HOUSE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE MILLFIELD HOUSE FOUNDATION CONTENTS Page Trustees. rep)rt alklrtor's reiM¥i Slatemert ol finatal activibes 10-11 Balance Sheet 12 steMnt ofcash fl 13 Notes to the finanrial staiements 14-21
THE MILLFIELD HOUSE FOUNDATION LEGAL AND ADMINISTRATIVE INFORP•lATION Trusto•s Mi J Wdlkèt DrYG* Mr M R(the Ms E Rthdson M5 R Le3 AdmInl8tratorw5I Manar Charlty numb8r 1158914 Principal Jddrg 7 Lesbw Roaj Nth4castk upon Tyne Tyne NE6 6LB Auditor Fi(tson LaidSeT AcCrtantS timrted Ferrw(K>d House Ferrwmc•J Road JesmoThJ urth Ty Tyne arml Weal Englalld NE2 ITJ Bankers The Unity Trust Bk BnrK1Y Bank Bwmingham B12HB Solicitors Ward Hatsway LLP 102 Ouayside Newcaslle u[ Ty NE1 3DX Invastmfrnt advlsors Rathbonè Greenbank Inves1nnI 10 Queen Square Bristol BS1 4NT
THE MILLFIELD HOUSE FOUNDATION
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The tntssle85 rxesent their annual rep)rt aThJ fmaxial statements fof Ihe yew ended 5 Apnl 2025.
The firtranaal ylatemenls have been prepared in aCcoance wilh nIm9 poS(aes set out in nolo 1 to the
finanaal statemènts and comply wrth lh¢ th8rty's Oeed of Trust. the chare5 Act 2011 and "Accounting and
Reportiro by CharilS. Statement ol Recofflmended Pr1 apFthEable lo d)arilies preparing their accounts in
accordance with the Finanaal Rep()rtg Standard appb"&7b in the UK and Reputsl of Ireland IFRS 1021"
leffectNe 1 January 20191.
Hl$tory otthe Foundatlon
MHF was rounded by GriLKy Mccleland 17922.20131 in 1976 ilh shares in Laws Sloies Ltd, a Tyneside based
food retailing e51abhshed by Arthur McaelLind 11884-1WI. The Fwndalion onty had signifiGanl inccbme after
th fimi was sc4J in 1985.
Obp£tiv•s and activili•¥
Polici and obioctlvgs
The Foundalion's otyects are the support, u¥ry upal inccrfne at ts Tw51ees' distretion, of any legaly
Charitab obieGI. Hi)we¥er. Ihe Trvslees have deuded Ihal rts (paI objective at present sh)uld be 10 contribute
to the Improvemenl of conditions and ol Ihe quily of hle thts North East ol England. prirnarity atnongsl
those who are sc¢ialty and econornully mtsst disadvanla9ed.
The Trustees wk lo use the Foundatson's resouTces lo help build a better socaety. one more 8qual and less
diwded. The emphasi5 15 on lac1n9 the causes of poverty Inequalty iathei than alknab.ng the symptoms. The
Trustees penodically reviw4 thwr grants to en$LKe that It fulty surwts objecls_ These reviews typically
tske place every lour-fNe years and ce such Ik place between February and June 2024. Trustees considere(J all
aspect5 of the Foundations work and r&ath.[M Iheir Gwmrtrnenl to a relational apwoath to 9rant making. The
&)ard uses these eKercises to reflècl on its understaThlfft9 of U)è rdatK)nships it has bult over 'me' rt sees this as
CO"nOu5 rKocess. Obwr th¢ last INe years Tnjstees have..
. Rewewed the portfolio created space lor eftvgent orgwtions. ac#M1$ or Thjimduals where this is
pos8iFAe
. Monitored the performar of the en(knYment to enswe the F(thJaknon 0)nti$ to be finanaalty Viable for the
long leim
. Conlinued lo think abcwjt how the Foundab"on contrthle to the mecani5rn5 of tharyJ? lo reduce p0rty
and ine¢wity iFb Ihe North East.
In sethr)g objecbves and planning fcf adr¥rtie8. the Trustees have gNen due con31der4lion 10 general guidance
published by the Charity ComMissn rdaliw lo publK benefrt. indLKliThJ the guxtante 'PUN bwelit. rurffling
charity {PB21'.
Grantrnaking poli¢i••
The MillfEld House Foundab"on's aKn 1$ lo lackte the Lmdertyry causes ol poverty aThJ ineqLtity. parti¢ulady social
and economic inequity, Ihe North Easl of Engdand li.e. Northumbertand, Tyne and Wear, C
THE MILLFIELD HOUSE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 The Foundation supports a Leaming Commnity lor its strateg Partners. W"¢h PfOVKles a safe space for peer learning. The goal is to share inlormatK)n aThl èxpeneneè. to buikl rdalionships betyveen poliw pfac1rtiorS and to lea¥n frorn one anuth¥r. gvp mee15 quartwtr. a nwnbeT of joint p'eCIS have been developed 8s a result ol those inleracons. HF fe¢ogrNse5 that genuine. effectNe poky change Wifes a of a¥he$ ¥fid ovtwme5. Most, though not all, polcy pushes In a d¥ectI( rathèr than amwng Immeth"ately al thè dèsired dèstinaiion. Différent skiHg. actions atvj opportunitS can be descnbed as comtng together m an overY 'rn05aic ol change,. Wilh Its limiled resources the Foundation rnnot wpport the enbre gamut ol act5 rTrecessary lo Lyirbg about profound policy shifts. Trustees. grant maknng Fxjlicy is. thèrelore. to supwrt I)rk whK contributes to real chang8. meaning granl holdgr3 must idenlify not only what Ihey are doing but a150 what others are to shape the desired change The Truste0$ reserve the aixlity lo re¥d to or to seek oul interesting devek)pments Wh lh may choosè to fund In pursuil ol theii overal obj'ectsve. Recognising the value ol developing new felalion5hips, In addilion to those with existing Strategic Partners, in spring of 2022 2024 Tfustees issued opèn calls ltsr èxpressions ol Intere51 in funding lor policy Yiork to address Issues ol poverty and snequalily In the Nc*th Easl. Interesled organisatK)ns were )wled lo have an inrtial. expbral(xy Gwver5alion wrth the Trust Marbager who writes up a note lor Trustees, leading to a much smaler numbef of organisaiions beirKJ Inviled to make an appiicah.on for luThJing. In 2022. Ihis re$ullod in grants beiry awarded to Tyne and Wear CrtenS (toward its CAJre cost51 and NaIal Energy Action (towards work lo address luel poverty Ihe Eastl In 224 a furthw grwt was awar(Jed tg Drfference North East lft>r a poIY officer). Trustees beIve Ihis more convefsatFonal. relational apprh lo gfanl making ènables ihem 10 9Èt a valuable insi9hl into the policy and inflLFencyng activit5 01 a broad range of voluntary sector and CAviI sotY organisations across the region. without QUin9 Iwd wessed ofganisaiK)ns lo spend loo much time on an apphcation whh would hal a INXbted chanc¥ ol su¢cess. As a chafty, the Foundation &$1 Con Ils grants to Ixirposes acceplod In as thantaNe. However. offiial guidan rnakes rt clear thal charrtS may Indude a variety ol non-party pok1?1 and campaigning activities lo rurther Ihex purposes. GU¥Jae campaNJrw by ¢Jwth'e¥ is from the Cha¥1 CoMmisOn and IFOrn the Electoral Commission. The Trustees are aware thai 9uidance on accepble eampaigning is continually changing a] t110[5 the Changes to ensure that their gwts are used lawfulty. They remain ccmnmrtted to Ihe pn"ncxplè that charilies should campaign on LEhaW of beneficlaries and on the cUMstanceS thal cre8le ty pvrpetuate VertY and inequality. In pursuance ol that pnncole, in 2024 Trustees spmsored Ihe fouth year of 115 awa¥d at the North Easl Chanty Awards. hdd In Sept 24 lo cekbrate organtSalKs. OulStan(h"ng C¢th"txrtion to Soo"al Change. wrth Newcastle Caieis the worth wlnners.
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Achievements and perforn)an¢• Rèview of activities Ihe year ended 5th 1 2025 a tolal of £205.242 wa5 Th)rnmthd grants12024.. £135.2751. This repte$ents a three year Slralegi¢ Partner award to Tyne wyl ar Citizèns. a onè year èxtenyon lo VONNE'& StrateC Partner award and 40 new 'GeitiNJ 10 yo. qfanls to Differe North Easl and North East Anti-Racism Cgalilion. A small adth'lbjnal grant was awarded to CAuen$ Adw¢e Newcasue lo support reseaith work undertak¢n by Crtizens Advice thaIrt$ across the East. Granls pak during the year arrKJunted lo £226.$29 (2024.. E280.9481. These Je deta In Note 15 lo finanaal slalemenls. Further delad on gran1$ can be found M Ipe Fndat'S website. Wilh regard to public benefil. the Twstee5' pmopal is for Ihe interests of comfflunrtEs and Inth'vhjvals in North East England in need. The Foundalk)n's granls policy is unJmbws and, in the WdS of Joseph RowntreÈ. MHF seeks .¢0 search otjl the underlying causes of weakness or evl In the communrty. rather Ihaii remedying their rnQfe SuPerf•al manifestations" Grant propos are ngowousty assessed io engxe thal grants ale Ix>nsslenl with the Foundali¢)n'$ 51aled aims ol Supp09 inrtiatwes that tackle poverty. disadvantage and exclusion, and omoling s18[ and economic d)angÈ. For g1, Trustees carefulty consider Ihe needs addressed or the purpose pursued, the means ol tad(ling the probkni and the inlended outcomes. The Trusl Managér wovKYès regtAar updates on lIent and Tecenl grants Tmstees. In previous years Straleoic Partners have reported In wrrting al least once a year." Sire autumn 2022 Trustees have Instead receNed a wrrtlen report from the Trust Manager, based in4lepth Ix)nversatM)n$ wilh éach Partner. to lurthèr reduce th8 iéportiiig IwrdÈn on Partnérs. Slice 2018-19 trusloes have partPted m a 'pairing' Pfogramme. whereby each Slraiegic Partner Is paire¢l with an dIVidUal Truee wh) meets wlh thwn twKe a yeai. l(yJether wrth Ihe Trusl Manager, and ieports bk to the ful &)ard. Ths QgraMMe ol engagement wa5 wewèd In 2020-21 and Trustees agreed lo conb.nue Ihis apwoach. Grant condilk)ns incle Ihe Siipulalion ihat mulli-year grant payment5 are eondilional on receipt of a satislaclory annual review whKh enable5 Trustees lo sab5fy themsefves Ihal It grant has been used foi the purpose lor whi¢ rt was approved and thal the C4"èCs inlendèd lor the ryewous year have been mèl. Key perforn)ance indiGato The total retum for Ihe portfoh"o o¥er Ihe year to 5th Aprd 2025 Ibelore Rathbone's fees) was-3.6% whth compares with 0.5% froni the MSCI PIMFA BaLinced Totd Retum benchm¥k. The benchmarts asset alocation 15 25% fixed interest. 28°h UK Eq[i'eS, 32.5% ovewas equth"es. 12.5% ternabves and 2% cash. tslvestment policy and perforniance The Tru51ees have been rewL¥ contact ryth Iheif investmert manager NI13 Day from Rathbone Greènb3nk during 2024.5 to slay abreast ol events as thèy smpact on the 8ndowmenl. The Trustees. Investment policy Is to maxiniise the ol caprtal and Income. su4e¢l lo ell1 conslrainls on the of stocks. The overall investment objeL¥es required ol RathbO Gieenbank ate Io CFeale suffi(aenl ncome and capital growth la enaNè the Foundalion lo carry out rts purposes ¢J)nsistently year by year wlh due and proper consideration for ftrture needs and Ihe rnaintenance and. if rA)s51b, enhèncemenl of the ¥alue ol the invesled fwds. The portfoko is measured againsl a bespoke benchmark. The FOdaon'S elhical poth is Ihe lund magers. rewewng IhB elhs'c poly. lo enab the InVe51rTnI managers to lo deal ctrtena. Ihe Trustee5 eslakAish a dLstJnctiw between major and minor elhical conceins. The detail ol the Foundalion's elhical sueening was rèwèwed in 2023-24 and adjusted lo rellecl Truslees growng under51aThlir#J ol iSSLEes as ch.mate change ar thar on povetty and inequity in Ihe North Easl. After another tLybulent year. the value of the Ins1mènI portlolo al 51h 2025 remai1 rèlalivety siable at £6.323,632. down slightty from £6,818.6 at 5thAFfflI 2024. The FoundatThi re-lenders for Ils investmènt managemenl servicEs every seven years and Ihis process began In February 2025. with an Invitabon to tender exlerxled lo fve putatIe firms. dIng Rathbone GT8enbank. A su group ol three Truslees, led by the Investm1 Ctxnmittee ChaK, consKlered tenders and invilÈd t¥¥0 fimis to inlerview. Trnstees discussed the sub-grcMJP'S rocnmmendabon al thwf mèèts"n9 in May 2025 and agreed lo invite RBC Biewn Dolpttin to manage the Ftsur%lalion's investmerts. Tly thanked the team al Ralhbtsne Greenbank for all theii hard woth. hdp arxl adwce obEr the la Seven yew.
THE MILLFIELD HOUSE FOUNDATION TRiISTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Golng Concern After making appropiots enourries. Ihe Tnjstees have a rea50nat4e expeclation thal the Charity has 8dequale resouiees 10 conlnue in opÈratitirl exislen¢2 the foTeseea¢le futw•. Reserves policy The Foiindalion recEived income ITC Mvestments tknng Ihe Ye of f133.55012024.. £1 se.5011. Grant and related support and governance costs were £242.497 {2024" £ 169.0251 arxj investment managers. cos15 weie £40.707 12024. £40, 1581. leaving an excèss of endIture ovef incoming rèsources tsf £149.654 (2024. £52.6821 before investment losses of £323,798 {2024 gasns of £131,809). This has resutted in a loss lor Ihe year 01 £473,452 12024." et surF4us of £79.127). The Trustee5 beIVe they shwld speryj caytal if there ts a case to support rw activrties thal c•nno¢ bo funded out of current iric(xne', they have powers to sper¥J caprtal as well a5 inwme. In 2()A t1 Ttustees fesofved lo make an annual transfer from eXpelable enthnl to unfeslricled each yèar ther any shortfall of incoming resources. Structure. governance and min•gement Govgrning docufflgnt The charrty is controlrt by its gobtming dcwnert. a de&Y of trusl afvj ¢¢wblute5 an W1npole tharty. Charity constitution The Foundation's governing th)cnI is a trust dee(S gned on 181h May 2002,. the 0ri9wI Jjated 261h March 1976 having been resed. There have been chws in Ihtr (¥ecbves sirre the last amual reporL Mèthods of appolntment or •1ocbon ol Tru8ts•8 New Truslees are apwnte(S by esIng Truslees. No truslees have erther iesi9ned in 202&2S. Policies adopt•d for the induction and training ol Trustèès New Tiuslees ieceive extensive briefing and are provKJ8d Cc¥nprehenYe ¢xuwnts"on about the Foundalion. Be[e their appoinlmenl. prospedwe Trustees meet Ihe Trustees 8ThJ Ihe Trnst Managtrr infottnally and altond ai least one Trusi8es' ffleeling in the capac4ty of obswvers. MHF Is a member of the Associat of Charitable FourKlabons. and al Ttuslee5 receive inlormalion frorn ACF. Trustees are encouraged lo attend relevant meettngs and conferences and the Foundation fd$ suctt traning as may be appropriate. TIu51ees regularly altend local and natw)nal evenls hdd by grant holders or on matters relaled lo thèii grant makw policy arkl 10 slay informed of CLKrent bcal and nalional i5sve5. The trustees who ser¥e(I dunng the ye up to Ihe dale of s*Jnatwe ol Ihe finanoal stalwngnts were." Ms L Seebohm Mr J Walkef Dr Y Gale Mr M Roche Ms E Richardson Ms R Lewis
THE MILLFIELD HOUSE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Organlsatlonal structurè and dècision making The Tfuslees are reSnSIble lor the management of the F(yJHl3lN. The Ch¥ ts appointed from among the Trustee5, usually loi a three.year lem. Lm Seetthm If•)k cffj Ihe rde from May 2021 - 2024.. Jon8than Walker was appointèd Chair from Jun8 2024. The Tfu5tees meel three limes a year". these meets'NJs uwalty lake • in central Nv41casllo. One meel'ng is piimarily dedicatèd lo Intern business. for example. ar4Yoval ol accounts. review of the risk policy and similar concerns. At the other fv40 rneetrngs Twslees may cOnde apF4KatrS trom inviled applKanls. meet grant hold01S and discu55 any other inilialNes they may M5h lo lake. They also re9ulty rèc£i¥è and consider finanual reports and reports on Ihe Foundat1,$ in¥eslm8nls. Yvonne Gale takes c¥) the r(Ae of Chaii ol the Invesltnert Con11¢ee la premously responsible for $crutinisirrfJ invèstmènt management rerKYts. reporting lo Ihe Board on Investment rnanagement i8sJJes and undertaking a regular re of nvesimenl management perfnaTl. H(ywever. since 2022 Ttuslees have incorporated InstMent comnwlt buswess into the main trustee 0.g. Inknvng al tmgtees In this asped of trustee oversmjht. Thè Invèstmènt Chaw conbnues to oversee thb"s aspect ol Trustees responsibilities and leads this section ol the Truslee meebrvJ. The day-lo-day admirislrakn.on of the Foundats'i, Including admini51ralion of gTant5 and kyocessing of applications prior to 1X)rbderatVn by TtustEes. Is delegaled lo a Trust Manager. Culagh WdrThck has 0¢Pied this poSitn since 1st May 2018. 1 ¢onlracls with external agenrae5 are reweed on a regular bags. As a result of suth a fewew In swiNJ 2021. TSteeS invited new films lo lender to provide MHF with accounta 5ervirRs and entered into a new agreement wrth Rob¥ L&dler Accountsnts knMrt. Rglation$hI with othèr agencies The Fo]ation Is a fflember ol Ihe North Easl Twsl Sectetsries Group and thè NE Fundets Network. It is also a membeT of the Associati of Charitable Foundabons. the Cornmunily Foundatic serVg Tyne 8 Wear and Northumberland. Voluntary OfganiSas. Nek Mjrth Easl and CLneded Voir£. In 2020. the FourKlatK)n jcAn8d an iriknaltve lo thampion OF¢rt 21 trusbng 9rant-ming. C¢Hdin¥t2d by IVAR. this partnership ol lunder5 arxj srnall charities from auoss the UK ha8 elOPed eh1 commilmenls to 01 and trusting grant-making, asking fwdeis to" . maké grants in a way Ihal reftects the reth1 latsng VCSE organi5alions and for lh¢ foreseeable future manage grants and relatnshIpS In a way that relleL#s our confmltrnce in and respect for the organisalions we lund The aspiraly)ns ol thES inrtolrve very mLKth MHFS lab"on81 arV0h whK is described Ai more detail on oui website. The Trust Manager ¢txonvened a na1%) fundets. interest grwp on Tadcf ng Povety three years. Linder the urnbiella of Ihe Assrtialion of Chantablè FouTrJations. This grp meets wrtually. Ihfee limes a year. hears from speakèrs and discusse5 interyenbons Ihal funders can make. She stood drxn from this laolilalion al the elxl ol her terrn in JanIry 2025. Milfield House Foundalwt wcKks dosely with slatLrtory aThJ tleS whoso inlerests ovlap wlh rts own but retains 115 cOmete Independen in res ol giant de(is40ns. Foundatn i4 registered as a Living Wage Funder. Risk man•g•mvnt The Trustees regarlY rewew the¥ roles re¥ibIlI.es in the light of the Chwty Commission's gUidCe and consider the mapr risks 10 which the chanty Is exposed. They have adopled a strategy and procedures for management ol risk. 4nGbythng potent1 c¢)nfli(ts of ereSt. Tnjstees rewew arld update the Foundatim's risk register and assoc4a¢ed pc4io annltaty. The Truslees maintain a Regslef of Interesls and IVe •)pled wocethKa$ for Ihe decjaration of ntèrests at Twstee5' reet98. If a Trustéè oi the Tnjst Manager has an int8resi in an organisalion being ccnsKler¢d for a grant. slhe wilhdiaws frorn the rneet9 while Ihe applicatK)n is dISSs&. arKI a is made.
THE MILLFIELD HOUSE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Future developments The guidin9 principle lar MHFS Inding is that rt sMuld rfjntribLrto lo tackling poverty andlor In0qty. The Trustees hope that, by investing for a continuous peTh)d wlh subslaniial unfeslricle(J grants in CaleftrY Seleed $liategic partnets. Ihey wdl over lime make an im1 on Ihe wliGy (Je¢4SK)ns that i>n a(kJiess poverty and Inequity They recogrisè that discerniro the impact Iheir grants make In such a bro&1 ctsnte may be impossiblE. but Ihey look lo granl holdeis tts keep thein Inlor¢ned of developments and to ve IndKat¥)r15 of progr¥$s towards ullimale goals. Trustees we awafe Ihat fimding for wryk * and regi1 le is extremety hard lo Come by. and they and the Trusl Manager take e¥ery opportunty to hWlWI the value of I"$ lo other agencies. particularly 10 ollier Local and natsonal funders Statement ol tru¥igo•' r•spoTr¥ibililig The Iruslees are responsible for preparing the Trustees. Report ar the financi statements accordance with apph'cable and United Kwydpm Accounting SlaTrJards (United Ki'ngdom Generaly Accepted A011 PraCte). The 1'¢8b1e to charities in England and Wales rewires Ihe tru$tee$ lo prepare financial statements lor each finan¢i81 year which gNe a true and lair wiew of Ihe slai& of affavs ol thè thanty and of the Inrn resources and •pplicalion ol reSoUrS ol Ihe charity for that year. In preparin9 these ffin8ncial StatemS. the truste8s aro raquir•J lo.. - select suilable accounting polve5 and then appty them cSistenIty.. - observe Ihe methods and pnnciples In the ch•e$ SORP". - make ILK19@nlS and estimates that are reasonatrAe and prudent. - stale whelher applicate accounling standards have been Idowed. SlIe¢l lo awry matsrial departures disclosed and explained n the finan04 $taten*nt$". arKI - prepare Ihe fmanrjal sialwnenis on the gn9 concem baS urless il is lo weswne thai the charily will continue In operation. The tfilstees are responsible for keepir¥J sufftwil records th•1 thsdtsse wth reasonable accuracy al any lime the finanoal posib'on of the charrty and enable Ihem lo ensure thal the finanGial staletnents comply with Ihe CharilEs Acl 2011, the Charity IAccounts and Reports) RegulatKJns 2008 and the provisions of Ihe trust deecl. They are also respOnsle for 5afe9uardiThJ the assets of the charsly and hence for taking ieasonatile sleps for Ihe preventi aThJ delecb.on of Iraud and olher [egUlalIes. Tho trstee$, rap was approved by Ihe Board of TTusle0S. Mr J Walker Trustso DrYGa TNst
THE MILLFIELD HOUSE FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION
Oplnlon
We havè audiied thè finanual stalemenis ofThe Mlfie&1 House Foundalion (the 'charty'l the yoar ended 5 April
2025 whith cornprise the stalemenl ol finanoal acmies. the balance 3heel. Ihe StatenI ol cash flows ancj note5
lo the finanaal slatemenls. ncJding gnifican1 xcounling lL>e$. The finanoal ieport]n9 IiarTwKxk that has been
applied in their preparation is apph"cable and Unite
THE MILLFIELD HOUSE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION Responslbllltfjés ol tlustees As explained more fully In the slatewnent ol thJ5tees' le5ps.1itl'eS. the Iruslee5 are re5ponsth for the pieparalion ol thè financial statèmenis and lof bèing salisw thal they 9Ne a tnje and fair wew, and lor suth Inlemal contrd a$ Ihe Iru51ees delerniine Is necessary lo en3te Ihe preparation ol finarKyal statements that are tree from malenal misslalement, whelhef due to l¥aud or error. In preparing the financtal slatemlS. the trustees are responsible for assessiiig the charily s ability lo conthue as a going cn. disdo&ng as apIGghle. matters relaled to going concern and usiiig the going cc4)cern ba$ of accounb.ng lesS the Irustees either iniend to cease operalioi)s. or have no realistic altemative t#)t to (k) so. Auditorfs re8ponjibil1ti lor the audit of the financial statements Vve have been apnted as auditor under 5eclion 144 Df the charl18 Ad 2011 and ¥eFANt in rdan with ihe Act and relevant regal5 rllade ow hawng effe(a Ihefeundei. Our objectives we to obtain rea$ae assuranfje thul Tthether the finarKyal staiemenls as a wlK4e sre freo fro material misstalemenl, whethef due to fraud or error. to issuè an auditor's rèwrt thai indLlÈs otji opinion. Reasonable assurance is a INgh level ol assurare 15 a guarantee lh an audrt conducted In accordance with ISAS IUKI wll ahways dÈiè¢l a material ms¥aiement it exjsls. sStatèrnel$ can arise Irom fraud or error and are cA)nsidered material rf. individualty or in the aggregate, they rjjuld reasonably be expecaed lo influence the economic decAon5 of users takn on Ihe basi8 ol these rn¢1 stalemenls. The exlenl to which our procedLwes are capable of detedmy ryularits"ès. wAudiw¥J fr¥ud, 1$ delail8d below. The nsk of rnalerial misslatement dtje to eFTor frd has been assessed n coryndion vnih h( intefnal controls may mitigate any such fisk. These controls ale revieed as part ol the authl by performin9 syslerns walklhroLJghs 10 Ensure they a¥e opBrating EffeGlivdy. AalYb.Cal rwew and 5ubstanlive testing is also perfortTd on 311 maleiial balances and therèlore any instancès ol fttsn-comph"aè shoukl idèntif or e(trnsidèréd as insignificani. In idvnlifying and asse55ww risks of menal misslat8menl In respe¢# of irrearts. fraud, ihe audrt engagement leam.. obtained an UndersdI of the nalure of the inthjslry and sectN, indtsdin9 Ihe al and fe9ulatory fratnework. in whKh the Chanty operates and Ivm the thanty c(npls Y1h that legal and fegulalory fi2mework • inquired with Managet and those cjwged ilh g)vemance atr1 theii own identrfKabon and assessmenl of Ihe risks of Irregularit5, IUding any know aclual. suspected or all¢ged Instartes of fra discussed wilh Managernt and tIse charged with 9ovefnance any non-con¥Aiance wth laws aThl rogatIOn$ atKI how fraud mwhl uccur WKau¢Jing asse33rnentS Df and where the a[la1 51alemenls may be susceptsble lo fiaud_ The risk of management oveTTide of contro15 was aLso consklered an a3 of polerrtial misstalement due to fraud Audit procedures performed inrKled lestsThJ of manua ilMa1 entries and other adjustmenis and evaluating the business r3lion& in relation to svjnifiwl. urwsLo1 Iranso¢Ms and IrsaI$ enl¢red inlo the normal course of business, A further description of our responsibililies is aValae on the Financral ReryJling Cwtxifs websiie al.. https.11 bww.frc.org.uklaudrtor5responwbtlitEs. Thts e5pIlo form5 part of our audilof s Teport. U¥9 of our rgport This report Is madè solely to Ihè d)ariiy's trustèes. as a boty. Ml aCtt)rdanee *ilh Part 4 tsf thè charl1$ {A¢¢ounts and Reportsl Regiilabon5 20)8. Our audrt work has been undertaken so ihat we Th4ght state lo the charity's trustees Ise matters we are required lo slate lo Ihem in an audrtN s rewrl and for no other purwse. To the lulest exlenl pemiitled by law. we do n()t accept or assume resrM)n&bihty lo anyone othw than the chaftty chafity"s Iru51ees as a ljody. lor our audit work. lor thss report. ¢x lor the oynion5 we have frymed.
THE MILLFIELD HOUSE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MILLFIELD HOUSE FOUNDATION Nlcholas Cunnlngham Msc Bsc FCCA (Senior Siatutory Auditor} For and oll behalf ol Rob50n LdIe¥Ac41)untsnt$ Limited, Statutory Ath"t0r Fernivood House Fernwood Road JesrTh)nd NewtaSllÈ Tyne Tyne and Wear NE2 1TJ England Robson Ladkr AGcounlants Limited K8 elyt4e ts app(xnlmenl as 8udilor of the thaiity by of rts 8lgibilty fof appointment as auditor Of a &impany unde( sath.on 1212 01 the corryleS Act 20L%.
THE MILLFIELD HOUSE FOUNDATION STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 5 APRIL 2025 Cu+Tent financial year Unr•¥trl¢t•d Endowm•nt funds lunds 2025 2025 Total Total 2D25 2024 Income from: Inveslmenls 133,550 133.59) 156.501 nditur8 on: RaisiTh3 funds 410.707 40.707 40.158 Charitable adivibe 242.497 242.497 169.025 Totsl èxpenditurg 283.204 283.204 209.183 Nel gainslllossesl on Wivestme$ {323.798} 1323.7981 131.809 Net loutgoing)fin¢oming resource¥J {149.8S4} {323.798} (473.4521 79,127 Gro56 Iransf8rs between ttsnds 149.654 {149.6541 Net movement in funds (473.4521 1473,452) 79,127 Fund balae5 al 6Apnl 2024 8.527.306 6.527.306 6,448,179 Fund balante$ at 5 April 2025 6.053.854 6.053.854 6,527. The siatemenl ol financial actswth.es Ind all gains ar¥J losse3 rwnised in Ihe year. The $18ten*rii of finaneial aiJi¥ll ludeS al gains aThJ k>ss8s recogThsed in the year. Al OMe and expendituro derive from continuing JAiwties. 10.
THE MILLFIELD HOUSE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 Prlor Iln•neE41 yèar Unrgstrlctsd Endowmènt lunds funds 2024 2024 Total 2024 Inveslmenls 156.501 156.501 ondtturo on: Raising lunds 40,158 40.158 Chaiitable ath'brties 169,025 169.025 Total oxpendlturn 209.183 .183 Nel gaIn{lOsSeS on Inves1nlS 131.809 131.809 Net loutgoingyincoming resourcgs before tr4n¥fgrn 152.682) 131,809 79.127 Gross transfers beh¥een lunds 52.882 152.682) Net mov•mtrnt In lundg 79,127 79.127 Fund banCeS ai 8 Awl 223 6.448. 179 6.448.179 Fund balances at S AprR 2024 6,52?,3l 6.527.308 11
THE MILLFIELD HOUSE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2025 202S 2024 Fixgd assets Inveslmeiils 6.323.632 6.818.906 CtsrrÈnt assèts Deb1015 Cash at ba and in hawvj 10 5.749 399 4.492 6.148 5,177 Crtdltors: amounts talling due within one year 11 1168.909) 1209,2221 Nèt current liabililios 1162.761) {204,1M5) Total assets less ¢urrÈnt Ilablliti•$ 8.1erf).871 6.614.861 CrÈdltoYs: amounts falling due after morè than onè year 12 1107,0171 187.5551 Net assets 6.053.854 6.527,306 Th• funds of th• charity Endowm8nt funds 13 6.053.854 6.527,306 6.053.654 6.527,306 The financ4al stalemenl$ wtie appioved by the trustees on.. . Mr J Wlalket Trusteo Dr Y Gale Trustee 12-
THE MILLFIELD HOUSE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 4ot•¥ Cash Ilows from operAting activities Cash abSDrbed by (¥)eraly)ns 17 1305,3121 1333.185) Investlng actiylties Purchase ol investments Proceeds Irom disposal of knvestmnts Investment inwne r*¢eived 11.492.409) 1.663,885 133,550 {1.301.5331 1.478,280 156.501 Net cash generated from investing activilies 305.026 333.248 P4èt ca$h generated from Ilnandng activitlos Net Ideereaselllncytase In cash and ¢h equk¥4lents 1286) 63 Cash and cash ewivaFents at be9innrw ol ye 622 Cash and ca•h •quival•nts at •nd of year 399 685 13-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accountlng pollclgs Charity inforrnation The Miiif1ekJ HLNJse Fourvjatwl 15 a gi makin9 ¢arity. regtion rwthr. 11$8914. The principal operating address is 7 L8sbJry Road, Heatc, Newcaslle urth Tyne. NE6 SIB 1.1 Accounting comiention Th¢ financial siatemenls have been wepared in accordance wrth the charity'5 govetniry dOcUnI. Ihe Charities AGI 2011. FRS 102 "The Financial RepNbng Stawmlard appli¢at4e in the UK and Repubh"c of IrÈland" ('FRS 102.) #nd the Charitiès SORP -AccountM)g aThJ Reryxts'ng by Charit+es' Slatement ol Rec4)mmeiided Practice applb to charils preparry Ihew accounts in xcordance with Ihe Finartial Reporting Standard applicable in the UK and Repu¢ of Ireland (FRS 102)" (efféctive 1 jUry 20191_ The chanty is a Public Benefft Entity as defined by FRS 102. The financjal $èMentS ate wepared in $lwh"no. "¢h K8 the fc110n8l (4Jrwicy of the chity. Monet amount5 In Ihese finanryal stslenwn15 arg rounded to Ihe neesl £. The linanc4al statements have been wepared under Ihe "st1 cosi convention, modifi811 to indude Ihe investrnents at fair value. The prlncwl CoUnts.ng pc4iues adcfjled are set out bekjw. 1.2 Goln9 concgrn At the lime of appro Ihe flnanoal ststements, Ihe trustees ha¥e a reasonabl• oxpeclatson that the charity has adequale resoLsrces lo cwtintse In operationa exislence for Ihe I0feseeae lulure. Thus the Ifustees continue lo adopt the gory concem bas of al"n9 In Pfepanng the finanoal slalefflent$. 1.3 Charitable fund8 UnTeslricled fuiids are availatAe lor Use at diretM of the trustees in fwtherarKe of thoir charitable objecbves. Restrt lunds are wt4.ect to 5peut¢ ¢orn"WJns by th)nors grantots as to hcth they may be u$od. The purposes and uses ofthe restrKled bjnds are sel ¢xrt in the notes to the finanr#al slatem¢nl5. End(ywmenl fvnd$ are $ubpd to spe¢ by dows that Ihe eapilal must be maintained by the charity. 1.4 Incon Income rs recognised %¥hen the tharily Is legaty entitled lo rt after any pertomiarKe condttsons have been met, the amounis can be measure<l reliatAy. il 19 probalAe that Incon wll be receNed. Cash donations are recognise(J on re¢wi. Olher donattons are recognised once the charity has been notified of the donatK)ii, unless perfNffla ¢ondrtKS feotjire deleNal of the amount. Income tax recoverable in relats"M to donations th¥8d vftdef &"ftAid or dee(ts of ¢ovenafti is reeognised at the tsme ofihe donation. 14-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (coMfiNUED) FOR THE YEAR ENDED 5 APRIL 2025 Accountong pollcles (Continued) 1.5 Expenditurn Expenditure ig wnised 0• ther8 ts a Wl or ctsislwcb"¥e OtAgatr to transfer economic benefit lo Ihird party. il Is Pfobable Ihal a transf ol ecc(4)mK berfiis be Tequ¥ed in 58lllwrnnl. the arnount of Ihe obligab'on can be measuTed ielthty. Expendilure is clas&fied by actiw"ty. The costs of athity are nkide up of Ihe l¢181 ol dired costs and shared costs. Induding support C05t5 involved in wxknlaking ea¢h acb'wty. Direct cos15 attritxjtable lo a single activity are olocaled (h"r6dty lo that aclNIty. Sh8red Costs vtih contrthtè to morè than one adivity and support cosis whh are not attfibutabk lo a actiwty are aFVXtioned beh¥een those activities on a basis cOnStent with the use of resources. Grants Payab arè charged in thè year when the offer is made excepl in Ihose ¢ases where Ihe ctffer is conortional. such granls being recognwd as expendrfure when Ihe condilKJns attaching are fuNled. GTanls offered sU¢t lo condits$ which have beth met al thè year end date are noted as a commitment noi accr1 as éxpe5111re. All ¥xpen(I.lU Induyve of irrecovefable VAT. 1.6 Taxation The charity is exefflpl from lax rt thontsble tits. 1.7 Grants Granls are induded In the Statement of Finantial A¢tiwlies on a [eNable basis. The ba&nce of Ino)rne Téeèivèd for S"fiC purposes bul not eXped during the penod Is sh¢)wn M the ielevai)I funds on the Salance Sheet. Vvher? Income Is received In advance ol entillement. Its iecognrtion Is deletred and inGluded In creditors as (lelerred incL¥ffie. wlrtmenl occws l)efoie UKX)n 1$ ifjwved. the income is &d. 1.8 Intorp¥t Inlèresl on ftjnds hekj m deposrt is incKled en recervabFe the amount can be measured I1abty by the Chanty". this is normauy upoll nolifK*ion gf Ihe inlwe3t paid or payable by Ihe in5tiluts.on wilh whoffl the funds ore dep)srted. 1.9 Investments Fixed asset veStmentS are a fom) ol knclal Instrum1 and are inilialty recognised at their transactDn cost and SUbSUenlly measured al lair value al the Balan dale. unle3$ the value caniiol be measuréd reliaNy In whi¢th casè it ts measured at cost kns inpaimenl. IrNe51m&ni gaffis arM1 losses. whether realised or unrealised. are ¢ombined and presented as 'Gans I losses on investmen15' in Ihe Stalement ol Financkal Actimlies. VO•tm9nt¥ Unrnstri£ted Unrestncted fund6 funds 2025 2024 Dtvidends aThJ th"stftbubL 133.550 156.501 15-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 5 APRIL 2025 Ralslng fvnds Unrn•trictod Unreslricled fundg funds 2025 2024 PortfoltrJ rnanagernenl 40,707 40.158 40.707 40.158 Expendltur on charllable •ctl¥btles Charitable ct&¥ltle$ 2025 Charitable •ctlvltlès 20Z4 Dlreet costs Granl funding ol a(aMty"es {see S} 205.242 13S.275 Share of $upport and go¥emanc ¢ost81800 Dots 71 Support GovernarKe 30,230 7,025 27.025 6.725 242,497 169.025 Analy¥is by fund Unresiricled funds 242,497 169.025 Grants awardèd in tho year Grnnts Awardèd 2025 Grants Awafded 2024 Grants awarded 10 111StitLttKx)s In the year.. Tyne and IAÈai CitÈzens NEARC VONNE Difference North Easl Newcast Universrty Ilor NECPC) Crtizen's Admce Newcastle 98.417 20.IJOO 42.01)0 40.IH)O 5.225 130.050 4.825 20S.242 135.275 16-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2025 Net movement In funds 2025 2024 The net movement wi funds is slal•J aft8r Ch1[(¢r8drtg).' Fees payable lor the audil ol Ihe charivs financi81 slaiemer 3.fj65 3.396 Support co8t¥ Support Govemancè costs costs 2025 Surwrt eA)sts Govemancè Costs 2024 Adminislratson costs subscrip1bS Truslees meetings 8 expenses IT and website Gèneral gxpens95 27,676 822 27.676 822 24,150 24.150 838 132 1.488 112 132 280 112 113 113 Audit fees Legal and profe55K)nal 3.396 3,329 3.396 3,329 3.360 30.230 7.025 37,255 27.025 6.725 33.75D Analysed between Chanlabte lilIeS 30.230 7.025 37.255 27.025 6.7Z5 33.750 Governance costs indudes payments to Ihe auditors of £3.66512024- £3.3£6) lor audit fees. TN•teg$ None of the trustee5 lor any persons cajrnecxed wth them) receThEd remunerati OT benefits from tho charity during the year. Dullng Ihe year ended 2025. exFwtses tota'ng £36 were rwwwur5ed or paid diredy lo trustees12024. £133) 17-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Fixed assot inv•¥tments Listed InTM8tmgnts Cash In portlolio Total Co$t or valuation At 6 April 2024 Additions Valuatson change¥ Movemenl in cash hdd Disposals 8.641.5 1.492.409 1323.798) 177,301 6.818.9C 1,492.4C 1323.7981 147.5451 11.616.340) {47,545) {1.616.340) At S Aprl 2025 6.193.876 129,756 6.323,632 Carrying amount At OS April 2025 6.193,876 129.756 6.323,832 At 05 Aprl 2024 6.641,FJ)5 177.301 6.818,906 The were no investment ayde15 ¢>Jtsth Ihe UK. All investrnents are carried at their lair value. Investment In equibes aThJ fixed terest se£unI$ are all traded In qucled p[lIC markets. The basis ol f&r Vati lor quolèd investrnents is equiva1 lo the market value. The rnain risk lo Ihe Foundèlion trom these fmanctal mslruments lies in the eombination of uncertain investment markels and volalilrty of yield. The manages Ihese )veStMent nsks by retaining expert advisors and operating an Investment txiky Ihat prOVe$ a hh degiee of diveNficatson of holdings within inveslrnenl asset rlasses that are quoted on recognised sloth exchanges. Thè FotJndatK)n does noi make use of derivatives and sffnikn complex f#wcial $tments os lakes the view thal WweslmtS are held fy the longèr lèmi. The were no instments that retewt ffie than 5% of the w)vestmrrt Imdings. 10 D•btors 2025 2024 Amoun1$ falllng du• within on? y•ar. Prepaym¥nl$ accn*d income 5,749 4.492 18.
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED SAPRIL 2025 11 Cr•ditors: amounts falling duo wlthln yoar 2026 2024 Trade credilors Other creditors Accruals and dekned in¢c¥ne 2.368 152.975 13,566 2.048 193.723 13.451 168.9)9 209.222 InclLttYed in other (Jedrtors ar& Ihe folkmfing grant comrnrt1". 202S 2024 Newcastle Universty Ilor NECPCI Regional Refugee North East VONNE IPPR North Matn81 EnergyAthon Citizen's UK Citizen's Advice Newcas Difference Norih East NEARC Tynè and crti2$ 47,228 42,(lY) 42.C4XI 42,OCXI 10.0 10,1))) 42.495 48_169 20.1 10.(1)O Tolal 152.975 193.723 The aLy)ve grants ha(1 agreed ty the Twstees tsjt not paid al the year end. 12 Cfeditor5: amounts falling due after rnore than on• y1 2025 2024 Other creth't¢ys 107.017 87,555 Induded in other creditors we the lolh)w#wJ 9fanl )ftnBnts.. 2025 2024 Difierence North East NEARC 20.OCH) 10.(K Tyne and Wear Crtizens Citizen's Advice Newcasll8 44.211 87.555 Totsl 107.017 87.555 The above grants had teen agreed by the Trusleos Ixrt not PaKI al Ihe year end. 19-
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 13 Endowment fund Endowmertl lunds represent assets whth musl be held permanentty by the tharity. Income arising on the endowment ftinds can be used In accordance w7th the obJ'ec15 of the charity and is inclLJed as unrestricted income. Any caprtal gwns bsses ng on tho assets part ol the lur. At 6 April 2024 TrJn¥ferB Gains •nd losses Al S April 202S Permanent endoyfflients 8,527.306 1149.6S41 {323,7981 6,OS3.854 Prevlous year: At 6 Aprll 2023 Trnnsfer Galffts and loss•s At S Aprll 2024 Pemian•nt •ndowm•nts 6,448.179 152.6821 131.809 6.527.306 14 Analysis of n•t ass•ts ts•lwn funds Endowm8nt funds 202S At 5 April 2025.. Investments Current a5se1sll1bll1tieSI Long term liabilities 6,323,632 1162,7611 1107.0171 6,053.854 EndDwm•nt funds 2024 At 5 Aprll 2024: Inveslrnents Current asset{18bllie$) Long term Iiabilil*s 6,818.9)6 (204.CM51 187.S551 6,527.Y
THE MILLFIELD HOUSE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2025 IS Grant commitments paid The f(thbYin9 grant commknnts have bgen yeor N•wcad• Universlty Ifor NECPCI The final in51ament of a grant cc¥nmitment made In 2021-2022 £126.l¥J) 47.228 Voluntsry Oryanisations Network North East ¢VOP4NEI The third instalment ol a gTant corTwTh¢menl m•Je 2021-2022 £126,OW 42.1]00 IPPR Norlh The final instalment of a byant commitment made K) 2022-2023 £126.000 42.0(M) Ctiiz•n8 Advlt8 Néweast The first instalmenl ol a grant cornmitrnenl made in 202&2024 £130.050 42.495 Citiz•ns UK The final instalrnent ol a grant ¢¢ffimttinent made 2022-2023 for £40.LI)0 10,CQ) Natlonal Energy Action The final Inslalrnent ol a grant con¥nÈtment rnade in 2022-2023 for £40.c 10.000 Tyne and Woar Citizgn8 The first Inslalmenl of a grant CA)mn¥t made in 2022025 lor £98,418 32.8 16 R•1•t party transactions There We no dxbsable relat party Irwa(*"ons durrvJ Ihe yew12024 . none). 17 Cash absorbed by operations 2025 2024 IDefiulllsurFH¢Js f¢y the y 1473,4521 79.?27 Adjustments for: Investment income reco9nised n stalemeni of financial ath'brylies F•Jr vae gains aThJ losses on iftvestmenls 1133,5501 323.798 1156.5011 1131.809) Mg¥emgnls in ¥¥orklng capltsl: IlncreaselldecTease debtors IDecreasel In uedrtor5 11.25n 120.851) 1.387 1125.3891 C¥¥h abso•d by opèrations 1305.312) 1333.185} 18 Analysis of ehanges In net funds The chanty had no materiaj debl durry year. 21