2021-04-05-accounts - The Millichope Foundation

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Report ofthe Trustees	1 to 4
Report ofthe Independent Auditors	5 to 8
Statement ofFinancial Activities
Balance Sheet	10
Notes to Financial Statements	11to 19
Detailed Statement ofFinancial Activities	20 to 21
Schedule ofDonations	Appendix	1
Schedule ofListed Investments	Appendix	2
Investment Acquisitions and Disposals	Appendix	3

FOR THE YEAR	EN	DED 5APR	IL 2021
					5.4.21	5.4.20
					Unrestricted	Total
				Notes	fundf	funds
INCOME AND ENDOWMENTS			FROM
Donations and legacies					142450	95,000
Investment income					272,535	357,356
Total					414,885	452,356
EXPENDITURE	ON
Raising funds					48&273	59,002
Charitable activities
Donations paid					387,509	269,407
Other					14,919	14,231
Total					450,701	342,640
Net gains/(losses)	on investments				1,019,357	(1,295,794)
NET INCOME/(EXPENDITURE)					983&541	(1,186,078)
RECONCILIATION		OF FUNDS
Total funds brought		for&vard			6,851,545	8,037,623
TOTAL FUNDS	CARRIED FORWARD				7&835&086	6,851,545

BALANCE SHE 5APRIL 2021	ET
			5.4.21	5.4.20
			Unrestricted	Total
			fund	funds
		Notes
FIXEDASSETS
Tangible assets		10	580	705
Investments		11	8,148,782	7,106,557
			8)1491362	7,107,262
CURRENT ASSETS
Debtors: amounts	falling due within one year	12	15,471	25,412
Cash at bank			337/90	291,042
			352,761	316,454
CREDITORS
Amounts falling due within one year		13	(19,734)	(27/93)
NET CURRENT	ASSETS		333,027	289,161
TOTAL ASSETSLESSCURRENT
LIABILITIES			8,482/89	7,396,423
PROVISIONS FORLIABILITIES		14	(647,303)	(544,878)
NET ASSETS			7,835,086	6,851,545
FUNDS		15
Unrestricted funds			7,835,086	6,851,545
TOTAL FUNDS			7,835,086	6,851,545

2.	DONATIONS AND	LEGACIES	LEGACIES	LEGACIES
					5.4.21	5.4.20
	Unlisted investments					95,000
	Listed investments				125,350
	Other donations				17,000
					142,350	95,000
3.	INVESTMENT INCOME
					5.4.21	5.4.20
	Beambridge Clubroom Listed investments		rental income		15 191,088	256,784
	Investment property Other interest	income			65,432 16,000	84,456 16,116
					272,535	357,356
4.	RAISING FUNDS
	Investment management			costs	5.4.21	5.4.20
	Support costs				48,273	59,002
5.	CHARITABLE ACTIVITIES COSTS
						Direct
						Costs
	Dti id					387,509

FOR	THE YEAR	ENDED 5A	PRIL 2021
6.	SIJPPORT	COSTS
				Management	Finance f,	Other	Totals f
	Investment	management	costs	48/73			48,273
	Other resources expended				5&072	9,847	14&919
				48473	5,072	9,847	63,192

Trustees' expenses	Trustees' expenses
Mr L C N Bury and Mrs S A Bury, trustees, received K1,000). Mr L C N Bury and Mrs S A Bury were		K1,000 during the year in respect of oiBce costs (2020: reimbursed 8564 (2020; f945 ) in respect of travel &
computer costs.
COMPARATIVES FORTHE STATEMENT OF FINANCIAL			ACTIVITIES
				Unrestricted
				fund
INCOME AND ENDOWMENTS FROM
Donations and legacies				95,000
Investment income				357,356
Total				452,356
EXPENDITURE ON
Raising funds				59,002
Charitable activities
Donations paid				269,407
Other				14,231
Total				342,640
Net gains/(losses) on investments				(1,295,794)
NET INCOME/(EXPENDITURE)				(1,186,078)
RECONCILIATION	OF FUNDS
Total funds brought	forward			8,037,623
TOTAL FUNDS CARRIED FORWARD				6,851,545

FOR	THE YEAR ENDED 5APRIL 2021	THE YEAR ENDED 5APRIL 2021
9.	AUDITORS' REMUNERATION
	Net income/(expenditure)	is stated after charging/(crediting):
			5.4.21	5.4.20
			5
	Auditors' remuneration		2,891	3,412
	Auditors' remuneration	for non audit work	2,181	2,536
10.	TANGIBLE FIXEDASSETS
				Fixtures
				and
				fittings
	COST
	At 6April 2020 and 5	April 2021		10,994
	DEPRECIATION
	At 6 April 2020 Charge for year			10,289 125
	At 5 April 2021			10,414
	NET BOOK VALUE
	At 5 April 2021			580
	At 5 April 2020			705
11.	FIXEDASSETINVESTMENTS
			5.4.21	5.4.20
	Shares		79948,782	6,906,557
	Loans		200,000	200,000
			8,148,782	7,106,557

FIXEDASSET INVE	FIXEDASSET INVE	STMENTS	STMENTS	-continued
Additional information		as follows:
					Listed	Unlisted
~TVALUE				investments		investments	Totals
At 6 April 2020 Additions				4)487,517 1,756,205		2,419,040	6)906,557 11756,205
Disposals Net gains/(losses)	realised			(1,733,337) 111,174			(1,7330337) 111,174
Net gains/(losses)	unrealised				908,183		908,183
At 5 April 2021				5,529,742		2,419,040	7,948,782
NET BOOK VALUE
At 5 April 2021				5,529,742		2,419,040	7,948,782
At 5 April 2020				4,487,517		2,419,040	6,906,557
							Other
							loans
At 6 April 2020 and 5		April	2021				200,000
Listed investments	included		above
						2021	2020
							f,
UK						3,901,193	2,912,727
Non UK						~1628549	I 574 790
						~5529 742	4 487 517
The largest fixed	asset	investments,		defined as those which represent	more than	5%ofthe portfolio by value, ar
						Market Value
						at 5th April 2021
		The	Glebe	Farm, Munslow			1,300,000
2,520 170,000		JKFunds Pic Legal &General Group					713,236 481,950
30,000 151,000		Royal Dutch Carvetian Capital					400,620 399,546

			5.4.21	5.4.20
	Other debtors		466	466
	Prepayments and accrued income		15&005	24,946
			15,471	25,412
13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
			5.4.21	5.4.20
	Other creditors		19,734	27,293
14.	PROVISIONS FOR	LIABILITIES
			5.4.21	5.4.20
	Committed charitable	donations	647&303	544,878

MOVEMENT	IN FUNDS
				Net
				movement	At
			At 6.4.20	in funds	5.4.21
			f,
Unrestricted	funds
General fund			6,851,545	983&541	7,835,086
TOTAL FUNDS			6,851,545	983,541	7,835&086
Net movement	in funds, included	in the above are as follows:
		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds
General fund		414,885	(450&701)	1,019,357	983,541
TOTAL FUNDS		414,885	(450,701)	1,019,357	983&541

Comparatives	for moveme	nt in funds
					Net
					movement	At
				At 6.4.19	in funds	5.4.20
				f,
Unrestricted	funds
General fund				8,037,623	(1,186,078)	6,851,545
TOTAL FUNDS				8,037,623	(1,186,078)	6,851,545
Comparative	net movement	in funds, included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
Unrestricted	funds
General fund			452,356	(342,640)	(1,295,794)	(1,186,078)
TOTAL FUNDS			452,356	(342,640)	(1295,794)	(1,186,078)

			Net
			movement	At
		At 6.4.19	in funds	5.4.21
Unrestricted	funds
General fund		8,037,623	(202,537)	7,835,086
TOTAL FUNDS		8,037,623	(202,537)	7,835,086

A current yea as follows:	r 12 months and prior	year 12months combined n	et movement in f	unds, included i	n the above a
		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
		f.	f.		f.
Unrestricted	funds
General fund		867,241	(793,341)	(276,437)	(202,537)
TOTAL FUNDS		867,241	(793,341)	(276,437)	(202,537)

acted as	a trustee;
				5.4.21	5.4.20
Brazilian	Atlantic	Rainforest	Trust	20,000	25,000

					5.4.21	5.4.20
Financial	assets at	amortised	cost		3529761	316,454
Financial	liabilities	at amortised cost			19)734	27393
Financial	assets at	fair value	through	the Statement ofFinancial Activities	8,148,782	7,106,557

FORTHE YEAR END	ED	5 APRIL 2021
			5.4.21	5.4.20
INCOME AND ENDOWMENTS
Donations and legacies
Unlisted investments				95,000
Listed investments			125,350
Other donations			17&000
			142450	95,000
Investment income
Beambridge Clubroom Listed investments	rental	income	15 191,088	256,784
Inveslment property income Other interest			65,432 16,000	84,456 16,116
			272)535	357,356
Total incoming resources			414)885	452,356
EXPENDITURE
Charitable activities
Donations paid			387,509	269,407
Support costs
Management
Beambridge Clubroom Portfolio management	expenses fees		169 24,277	27,967
Property management	fees		23,827	31,035
			48/73	59,002
Finance
Audit fees			2,891	3,412
Auditors' remuneration	for	non audit work	2,181	2,536
			5,072	5,948
Other
Bank charges and interest			232	90
Office administration			9,431	7,849
Travelling			60	197
Depreciation			124	147
			9,847	8,283
Total resources expended			450,701	342,640
Net (expenditure)/income losses		before gains and	(35,816)	109,7(6

FORTHE YEAR E	NDE		D 5 APRIL 2021
				5.4.21	5.4.20
Realised recognised	gains		and losses
Realised gains/(losses)	on	fixed asset investments		111,174	(1,710)
Unrealised gains/(losses)		on fixed asset
investments				908,183	(1,294,084)
Net income/(expenditu	re)			983,541	(1,186,078)

A4U						2,000
ABFThe Soldiers' Charity						1,000
Acorns Children's Hospice						7,500
Action for Children						2,500
Age Concern Ludlow						1,000
Age UK Shropshire Telford &Wrekin						2,000
Albrighton Trust Ltd						2,000
Alstrom Syndrome UK						2,000
Armonico Consort						1,000
Atlantic Salmon Trust						2,000
Bag Books						1,000
Birmingham Children's Hospital		Charity				2,500
Bitterley PCC						2,000
Brain Tumor Support						1,000
Brazilian Atlantic Rainforest Trust						20,000
Breast Cancer Haven						2,000
British Wireless for the Blind						500
Burwarton &District Agricultural			Society			1,000
Caring for God's Acre						1,000
Community Council ofShropshire						5,000
Conservation Collective						5,000
Conservation Trust for St Laurence,				Ludlow		2,000
Corvedale CofEAided Primary			School			27,334
Countryside Learning						2,500
CPRE						1,000
CPRE - Shropshire Branch						3,000
Crane Quality Counselling						2,500
Dimensions						500
Dream Holidays						1,000
Echo International Health	Services			Ltd		2,000
Elephants Alive						2,000
Elephants for Ahica						2,000
Ethos Group Oswestry (exTranshouse)						2,000
Fauna &Flora International						10,000
Friendly Transport Service	Shropshire					2,000
Game &Wildlife Conservation		Trust				10,000
Global Canopy Foundation						10,000
Go Beyond						2,000
Gordon Wright Trust						500
Hands Together Ludlow						2,500
Harper Adams University	Development				Trust	2,500
Headway Shropshire						3,000

Brought forward		154,334
Himalayan Friends Trust		1,000
Home-Start Telford Jk Wrekin		3,000
Hope House		2,500
Horatio's Garden		5,000
Isle ofJure Development Trust		500
Jure Care Centre Group		1,500
Juvenile Diabetes Research Foundation		1,000
Live at Home Scheme		1,500
Live Music Now		1,000
Longmynd Adventure Camp		1,000
Ludlow Baptist Church (Food	Bank)	1,000
Ludlow College Bursary Fund		1,000
Macular Society		2,000
Marie Curie		2,500
Maurice Chandler Sports Centre		2,000
Medecins sans Frontieres		10,000
Megan Baker House		5,000
Mid Wales Opera		1,500
Midlands Air Ambulance Charity		2,500
Music in Hospitals		750
Oxfam GB		5,000
Pentabus Theatre		3,000
Pioneer Centre Bursary Fund		1,000
Prince's Trust		3,500
React		1,000
Re-Cycle		1,000
Revitalise		2,500
Riding for the Disabled (Shropshire)		1,000
Royal Forestry Society		2,500
Royal Horticultural Society		2,000
Royal National College for the Blind		2,500
Samaritans - Shrewsbury Branch		2,000
Severn Hospice		5,000
Shrewsbury Childrens' Bookfest		1,000
Shrewsbury Christian Centre		3,000
Shrewsbury Food Hub		2,500
Shrewsbury Homes for All		2,500
Shropshire Domestic Abuse Service		1,000
Shropshire Hills AONB Trust		7,000
Shropshire Historic Churches	Trust	5,000
Shropshire Rural Support		1,000
Shropshire Victim Support		1,000
Shropshire Wildlife Trust		3,000
Carried forward		259,584

Brought forward			259,584
Shropshire Youth Association			1,000
Signal			1,000
South Shropshire Furniture		Scheme	2,500
St Catherine's Church -	Tugford		1,000
StJohn Ambulance			1,000
StMar/s Youth Project			3,000
St Michael's Church - Munslow			500
St Peter's Ludlow Mission			500
Strettons Mayfair Trust			3,000
Surfers Against Sewage			1,000
Taking Part			2,500
Telford Christian Council			2,500
Trailblazers			2,000
Village Water			1,000
Wild Shots Outreach			1,000
Working Together (Ludlow)		Ltd	2,000
Movement in provision	(note 13)		102,425
			387,509

				Market
				Value	Cost
UK - LISTED
Equities
2,520	JKFunds Pic			713,236	403,447
220,000	JP Morgan Gbl Emerg Mkts Inc			319,000	249,967
1,001,493	Chaarat Gold Holdings		Ltd	248,871	255,645
5,100	Rio Tinto			279,480	207,708
170,000	Vodafone Group Pic			227,222	300,921
13,000	Prudential Pic			201,695	173,059
10,000	British American Tobacco			271,550	352,918
170,000	Legal &General Group			481,950	434,112
15,000	Imperial Brands Pic			223475	285,371
13,000	M&G Pic			27,222	27,619
151,000	Carvetian Capital			399,546	369,133
30,000	Royal Dutch			400,620	419,430
11,500	Alliance Trust			107,525	85,117
TOTAL UK LISTED				3,901,193	3,364447
NON-UK LISTED
Overseas Equities
500,000	New City High Yield Fund Ltd			257,500	272,560
6,000	Novartis AG CHF0.50			374,035	200,977
400,000	Jiangsu Expressway	Co H CNY1		350,263	222,421
24,000	AIA Group Ltd			210,824	98,472
3,558.615	Pemberton Investments			234,620	77,638
1,360	JKFunds Pic			201,307	191,094
TOTAL NON-UK LISTED				1,628,549	1 ll63,462
TOTAL LISTED INVESTMENTS				5,529,742	4,627699

~AI hi	Cost
	f
Carvetian Capital	370,376
Royal Dutch	419,430
Scottish Mortgage	239,745
Legal &General Group	76,940
Alliance Trust	85,117
JK Funds Pic	191,094
Amazon. corn	243,503
Chaarat Gold Holdings	130,000
	1,756,205

~Dis oasis		Market Value	Disposal
		6th April 2020	Proceeds	Gain/(Loss)
		or acquisition
Bupa Finance		288,000	300,000	12,000
HSBC Holdings	Plc	178,740	185,873	7,133
Lloyds Banking	Group Plc	83,175	90,567	7,392
City ofLondon	Inv Trust Pic	459,000	493,692	34,692
Scottish Mortgage		239,745	303,765	64,020
Amazon. corn		243,503	234,440	(9,063)
Chaarat Gold Holdings		130,000	125,000	(5,000)
		1,622, 163	1,733,337	111,174