## **MILLARD FAMILY FOUNDATION CIO**
**Accounts for Year ending 5th April 2024**
|**Date**|**Item**|**Pay**|**Income**|**Income**|**Income**|**Expenditure**|**Expenditure**|
|---|---|---|---|---|---|---|---|
|||**Method**|**£**|||**£**||
|||||||||
|30.6.23|Quarterlyinvestment income fromportfolio||3,180.49|||||
|22.8.23|Donation to Macoun relief fund,Kenya|Tfr||||5,024.00||
|2.10.23|Quarterlyinvestment income fromportfolio||3,045.78|||||
|2.1.24|Quarterlyinvestment income fromportfolio||2,104.38|||||
|31.1.24|Bank charge|||||1.00||
|7.2.24|Moorland Hall & Recreation Ground(defibrillator)|Chq||||250.00||
|18.2.24|Donation to WestcountryRivers Trust -SEWproject|Tfr||||1,000.00||
|18.2.24|Donation to Prostate Cancer(1005541)|Chq||||600.00||
|18.2.24|Donation to Tusk Trust(1186533)|Chq||||1,000.00||
|18.2.24|Donation to Devon Air Ambulance Trust(1077998)|Chq||||500.00||
|9.3.24|Donation to Tristan VoorspuyConservationTrust(1178355)|Tfr||||500.00||
|25.3.24|Donation to ZANE(1112949)|Chq||||500.00||
|3.4.24|Quarterlyinvestment income fromportfolio||1,838.90|||||
|||||||||
|||||||||
|||||||||
|||||||||
|Year end||||||||
|5.4.24|TOTAL||10,169.55|||9,375.00||
||Surplus /(deficit)||794.55|||||
|**Capital Account**
**Opening balance**
31.3.23
Adam & Company WM Portfolio Valuation
5.4.23
Coutts & Co Current Account Balance
**Closing Balance**
31.3.24
Adam & Company WM Portfolio Valuation
5.4.24
Coutts & Co Current Account Balance
**Summary of Income vs Donations**
Portfolio investment income
Less: Donations made (incl: other costs)
Undistributed surplus for the year|||410,820.00
14,100.56|||426,559.00
13,056.21||
||||424,920.56|||||
||||**2023~24**
10,169.55
9,375.00
794.55|||||
|||||||439,615.21||
|||||||**2022~23**
10,973.04
6,600.00
4,373.04||
||||||794.55||4,373.04|
_Documents/Iain/PIPPA/Millard Foundation/Annual Accounts/5th April 2024_
## **MILLARD FAMILY FOUNDATION cio #1188623**
## **Trustees report for the year ended 5[th] April 2024**
## **Background** .
Charitable Status was granted by the Charity Commission on 18[th] March 2020
The Foundation capital of £416,700 was donated by a family member on 2[nd] July 2020 with the intention that the Millard Family Foundation (“MFF”) be a charity within which members of the family today and in the future may share their respective interests in giving to charity. The capital is independently managed by an investment company.
## **Investment Policy** .
Adam & Co Wealth Management (“Adam”), based in Edinburgh, a member of the Cannacord Genuity Group of Companies, authorised and regulated by the FCA, retained its investment management mandate in the financial year to 5[th] April 2024.
The investment manager’s personnel responsible for the day-to-day management are unchanged.
Investment Objectives as agreed with manager: To achieve a balanced return from income and capital growth. The portfolio may be invested across a range of asset classes, with the majority invested in the equity market, supplemented by fixed interest investments with other asset classes. No ethical restrictions imposed. The risk profile, a regulatory requirement in the investment industry, set by the Trustees with the portfolio manager’s agreement is 7, on a scale of 9 (1 being cash). This strategy has a high tolerance for risk in the pursuit of higher long-term total returns.
The Trustees are satisfied that the manager met its obligations and the investment performance measured up to the industry benchmarks. The Chairman and /or secretary meet with the manager at least once a year in addition to conference calls.
## **Banking.**
Coutts Bank provides written statements and account activity is also accessed on line. The personal banker assigned to the MFF account is based at Coutts, The Strand, London.
All accrued income in the investment portfolio, net of management fees, is transferred to the Coutts account.
## **MFF is a grant making charity** .
MFF intends to distribute the income arising to the Charity from its investments, while preserving and growing its capital base from which income may be generated over the longer term.
Donations are made by consensus of the Trustee members to causes that meet with the broad interests of the Trustees under our Grant Making Policy:
- Priority for donations will be generally, but not exclusively, to:
1. Wildlife protection
2. Prevention of human suffering
3. Military charities
- Trustees will not normally support:
1. Sponsorship and general fundraising appeals or circulars.
2. Activities that have already taken place.
The Trustees believe that all donations will have a material public benefit.
## **Report on activities for the year** .
Investment income declined 7.4% from £10,973.04 in 2022/23 to £10,169.55 in fiscal 2023/24 due to rebalancing of the portfolio.
The portfolio valuation at year end increased by 3.8% over the period to £426,559 after management expenses, much in line with the “peer group” index. The UK market remained volatile in an unpredictable geo-political backdrop, elections in many countries and interest rate speculation.
The Trustees made donations to eight charitable causes amounting to £9,375, up 43% on the previous year. There was a retained surplus of £794.55.
## **Trustees**
During the year there were no changes to the Trustees who were:
Philippa Joan Stewart-Hunter, Chair
Iain Charles Stewart Hunter, Secretary
Charles Daniel Stewart-Hunter
James Alastair Stewart-Hunter
Signed of behalf of the Trustees
……………………………………… ……………………………………..
Philippa J Stewart-Hunter, Chair Iain C Stewart Hunter, Secretary
22nd January 2024
_Iain/PIPPA/Millard Foundation/Minutes/TrusteesReport 2023~24_