MILLARD FAMILY FOUNDATION cio #1188623
Trustees report for the year ended 5[th] April 2025
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 2025.
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 6, 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 printed 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 quarterly.
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:
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Priority for donations will be generally, but not exclusively, to:
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Wildlife protection
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Prevention of human suffering
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Military charities
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Trustees will not normally support:
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Sponsorship and general fundraising appeals or circulars.
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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, net of investment management fees, increased 5.8%% to £10,761 in fiscal 2024/25.
The portfolio valuation at year end decreased by 1.4% over the period to £420,477 after management expenses, compared to a 1.2% fall inthe “peer group” market comparison. The portfolio comprised 78% equities (37% in UK; 15% in US) and 16% fixed interest.
The investment backdrop was one of geopolitical flux, high political drama, and market volatility. By March year end interest rates had peaked and were expected to fall further in 2025. Inflation remained stubbornly above target in both the UK and US. Trump’s presidency appears to have both positive and negative influences on international markets. Looking through the volatility on a longer-term view remains the investment philosophy.
The Trustees made donations to eleven charitable causes amounting to £8,850, with a retained surplus of £1,874 for the year.
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
8[th] August 2025
Iain/PIPPA/Millard Foundation/Minutes/TrusteesReport 2024~25
MILLARD FAMILY FOUNDATION CIO
Accounts for Year ending 5th April 2025
| Date | Item | Pay | Income | Expenditure |
|---|---|---|---|---|
| Method | £ | £ | ||
| 30.4.24 | Bank transacton charge | 6.40 | ||
| 2.7.24 | Quarterlyinvestment income fromportolio | 3,637.80 | ||
| 31.7.24 | Bank transacton charge | 2.00 | ||
| 20.8.24 | Donaton to CommunityActon Nepal(1067772) | Chq#22 | 500.00 | |
| 27.9.24 | Donaton to GWCT - save salmon appeal(1112023) | Chq#24 | 600.00 | |
| 1.10.24 | Quarterlyinvestment income fromportolio | 2,935.79 | ||
| 31.10.25 | Bank transacton charge | 2.00 | ||
| 31.12.24 | Quarterlyinvestment income fromportolio | 2,590.89 | ||
| 29.1.25 | Donaton to WestcountryRivers Trust - SEW(1135007) | Tfr | 1,000.00 | |
| 31.1.25 | Bank transacton charge | 3.00 | ||
| 1.2.25 | Donaton to Exmoor CommunityYouth Club(1142358) | Chq#25 | 500.00 | |
| 1.2.25 | Donaton to Prostate Cancer(1005541) | Chq#26 | 1,000.00 | |
| 1.2.25 | Donaton to ABF(1146420) | Chq#27 | 1,000.00 | |
| 14.2.25 | Donaton to Zane(1112949) | Chq#28 | 1,000.00 | |
| 14.2.25 | Donaton to Devon Air Ambulance Ttrust(1077998) | Chq#29 | 1,000.00 | |
| 14.2.25 | Donaton to Tusk Trust(1186533) | Chq#30 | 1,000.00 | |
| 17.2.25 | Donaton to Macoun relief fund,Kenya | Tfr | 1,024.00 | |
| 26.2.25 | Donaton to Countryside Alliance Foundaton(1121034) | Chq#31 | 250.00 | |
| 31.3.25 | Quarterlyinvestment income fromportolio | 1,597.13 | ||
| Year end | ||||
| 5.4.25 | TOTAL | 10,761.61 | 8,887.40 | |
| Surplus/ (defcit) | 1,874.21 | |||
| Capital Account Opening balance 31.3.24 Adam & Company WM Portolio Valuaton 5.4.24 Couts & Co Current Account Balance Closing Balance 31.3.25 Adam & Company WM Portolio Valuaton 5.4.25 Couts & Co Current Account Balance Summary of Income vs Donatons Portolio investment income (net of investment man: fees) Less: Donatons made (incl: other costs) Undistributed surplus for the year |
426,559.00 13,056.21 439,615.21 420,477.00 16,769.32 437,246.32 2024~25 2023~24 10,761.61 10,169.55 8,887.40 9,375.00 |
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| 1,874.21 794.55 |