2022-04-05-accounts - The Millichope Foundation

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		Page
Report ofthe Trustees	1	to	4
Report ofthe Independent Auditors	5	to	8
Statement ofFinancial Activities
Balance Sheet		10
Notes to the Financial Statements	11	to	19
Detailed Statement ofFinancial Activities	20	to	21

FORTHK YEAR	EN	DED 5APRIL 2022
				5.4.22	5.4.21
				Unrestricted	Total
				fund	funds
			Notes		f
INCOME AND ENDOWMENTS FROM
Donations and legacies				2139100	142,350
Investment income				286463	272,535
Total				499,463	414,885
EXPENDITURE	ON
Raising funds				55,998	48,273
Charitable activities
Donations paid				2031528	387,509
Other				13487	14,919
Total				272,913	450,701
Net gains/(losses)	on investments			(24,154)	1,019,357
NET INCOME				202496	983,541
RECONCILIATION		OF FUNDS
Total funds brought		forsvard		7,835)086	6,851,545
TOTAL FUNDS	CARRIED FORWARD			8,037,482	7,835,086

BALANCE SHE 5APRIL 2022	ET
			5.4.22	5.4.21
			Unrestricted	Total
			fund	funds
		Notes		f.
FIXEDASSETS
Tangible assets		10	456	580
Investments		11	8,318,514	8,148,782
			8,318,970	8,149,362
CURRENT ASSETS
Debtors: amounts	falling due within one year	12	161989	15,471
Cash at bank			239435	337490
			256424	352,761
CREDITORS
Amounts falling due within one year		13	(19,467)	(19,734)
NET CURRENT	ASSETS		236,857	333,027
TOTAL ASSETSLESSCURRENT
LIABILITIES			8,555,827	8,482,389
PROVISIONS FORLIABILITIES		14	(518445)	(647,303)
NET ASSETS			8&037i482	7,835,086
FUNDS		15
Unrestricted funds			gi037,482	7,835,086
TOTAL FUNDS			8,037,482	7,835,086

								5.4.22	5.4.21
	Listed investments							178)100	125,350
	Other donations							35,000	17,000
								213)100	142,350
3.	INVESTMENT INCOME
								5.4.22	5.4,21
								f
	Beambridge	Clubroom		rental income				30	15
	Listed investments							206,183	191,088
	Investment	property	income					64,131	65,432
	Other interest							16,019	16,000
								286463	272,535
4.	RAISING	I)'UNDS
	Investment	management			costs
								5.4.22	5.4.21
	Support costs							55,998	48,273
5.	CHARITABLE ACTIVITIES COSTS
									Direct
									Costs
									f
	Donations paid								203,528
6.	SUPPORT	COSTS
						Management	Finance	Other	Totals f
	Investment	management			costs	55,790		208	55,998
	Other resources expended						5,072	8415	13/87
						55,790	5,072	8,523	69485

COMPARATIVKS	FORTHE STATEMENT OF FINANCIAL AC	TIVITIES
		Unrestricted
		fund
INCOME AND ENDOWMENTS FROM
Donations and legacies		142,350
Investment income		272,535
Total		414,885
EXPENDITURE ON
Raising funds		48,273
Charitable activities
Donations paid		387,509
Other		14,919
Total		450,701
Net gains on investments		1,019,357
NET INCOME		983,541
RECONCILIATION	OF FUNDS
Total funds brought	forward	6,851,545
TOTAL FUNDS CARRIED FORWARD		7,835,086

FOR	TBEYEAR ENDED 5APRIL 2022	TBEYEAR ENDED 5APRIL 2022	TBEYEAR ENDED 5APRIL 2022
9.	AUDITORS' REMUNERATION
	Net income/(expenditure)		is stated afier charging/(crediting);
				5.4.22	5.4.21
				f.	f
	Auditors'	remuneration		2,891	2,891
	Auditors'	remuneration	for non audit work	2,181	2,181
10.	TANGIBLE FIXEDASSETS
					Fixtures
					and
					fittings
	COST
	At 6 April	2021			IOJ94
	Disposals				(372)
	At 5 April	2022			10,622
	DEPRECIATION
	At 6 April	2021			10,414
	Charge for year				124
	Eliminated	on disposal			(372)
	At 5 April	2022			10)166
	NKT BOOK VALUE
	At 5 April	2022			456
	At 5 April	2021			580
11.	FIXEDASSETINVESTMKNTS
				5.4.22	5.4.21
	Shares			8,118,514	7,948,782
	Loans			200,000	200,000
				8418,514	8,148,782

							Listed	Unlisted
~TVALUE						investments f		investments	Totals f
At 6 April	2021					5,529,742		2,419&040	7,948,782
Additions							745,268		745468
Disposals							(551&382)		(551482)
Revaluations								(270&000)	(270,000)
Net gains/(losses)		realised					127,797		127,797
Net gains/(losses)		unrealised					118&049		118,049
At 5 April	2022					5,969,474		2,149,040	8,118,514
NET BOOK VALUE
At 5 April	2022					5,969,474		2,149,040	8,118,514
At 5 April	2021					5,529,742		2,419,040	7,948,782
									Other
									loans
At 6 April	2021 and 5		April	2022					200,000
Listed investments		included		above
								2022	2021
								f
UK								4,175,184	3,901,193
Non UK								~1749290	I 628 549
								~5969474	552 42
Cost or valuation		at 5 April		2022 is	represented	by:
							Listed	Unlisted
						investments		investments	Totals
Valuation	in 2022					5,969,474		2&149,040	8,118414
The largest	fixed asset		investments,		defined as	those which represent	more than	5'/i& ofthe portfolio	by value, are:
								Market Value
								at 5th April 2022 f
			The	Glebe	Farm, Munslow				1,300,000
2&520			JK	Funds	Pic				619414
220,000			Legal Sk General Group						599,940
201,000			Carvetian		Capital				599,784

NOT FOR	ES TO THE FINANCIAL STATEMENTS - continued THE YEAR ENDED 5APRIL 2022	ES TO THE FINANCIAL STATEMENTS - continued THE YEAR ENDED 5APRIL 2022
12.	DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
			5.4.22	5.4.21
			f
	Other debtors		466	466
	Prepayments and accrued income		16&523	15,005
			16,989	15,471
13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
			5.4.22	5.4.21
	Other creditors		19&467	19,734
14.	PROVISIONS FOR	LIABILITIES
			5.4.22	5.4.21
				f
	Committed charitable	donations	518445	647,303

MOVE	MEN	T IN FUNDS
					Net
					movement	At
				At 6.4.21	in funds	5.4.22
Unrestricted		funds
General	fund			7,835,086	202,396	8,037,482
TOTAL	FUNDS			7,835,086	202496	8&037,482
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		499,463	(272„913)	(24,154)	202496
TOTAL	FUNDS		499,463	(272913)	(24,154)	202496

				Net
				movement	At
			At 6.4.20	in funds	5.4.21
Unrestricted		funds
General	fund		6,851,545	983,541	7,835,086
TOTAL	FUNDS		6,851,545	983,541	7,835,086

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			8
Unrestricted		funds
General	fund		414,885	(450,701)	1,019,357	983,541
TOTAL	FUNDS		414,885	(450,701)	1,019,357	983,541

			Net
			movement	At
		At 6.4.20	in funds	5.4.22
		f
Unrestricted	funds
General fund		6,851,545	1,185,937	8,037,482
TOTAL FUNDS		6,851,545	1,185,937	8,037,482

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
				f.
Unrestricted	funds
General fund		914,348	(723,614)	995,203	1,185,937
TOTAL FUNDS		914,348	(723,614)	995,203	1,185,937

The carry	ing value	ofthe ch	arity's fin	ancial assets and liabilities are summarise	d by category belo	w:
					5.4.22	5.4.21
Financial	assets at	amortised	cost		256/24	352,761
Financial	liabilities	at amortised cost			19,467	19,734
Financial	assets at	fair value	through	the Statement ofFinancial Activities	8418r514	8,148,782

THE MILLICHOPE FOUNDATION	THE MILLICHOPE FOUNDATION	THE MILLICHOPE FOUNDATION
DETAILED STATEMENT FFINANCIAL ACT			S
FOR THK YEAR ENDED		5APRIL 2022
				5.4.22	5.4.21
INCOME AND ENDOWMENTS
Donations and legacies
Listed investments				178&100	125,350
Other donations				35,000	17,000
				213,100	142,350
Investment income
Beambridge Clubroom	rental income			30	15
Listed investments				206,183	191,088
Investment property income				64,131	65,432
Other interest				16,019	16,000
				286463	272,535
Total incoming resources				499,463	414,885
EXPENDITURE
Charitable activities
Donations paid				203,528	387,509
Support costs
Management
Beambridge Clubroom	expenses			185	169
Portfolio management	fees			28,096	24,277
Property management	fees			27,509	23,827
				55,790	48,273
Finance
Audit fees				2,891	2,891
Auditors' remuneration	for non audit work			2,181	2, 181
				5&072	5,072
Other
Bank charges and interest				288	232
Oifice administration				8,046	9,431
Travel and subsistence				65	60
Depreciation				124	124
				8/23	9,847
Total resources expended				272&913	450,701
Net income/(expenditure)		before gains and
losses				226,550	(35,816)

				5.4.22	5.4.21
Realised recognised		gains and losses
Realised gains/(losses)		on	fixed asset investments	127&797	111,174
Unrealised	gains/(losses)		on fixed asset
investments				(151&951)	908,183
Net income				202&396	983,541

A4U								2,000
ABFThe Soldiers' Charity								1,000
Acorns Children's Hospice								2,500
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
BagBooks								1,000
Birmingham Children's	Hospital			Charity				2,500
Brain Tumor Support								1,000
Brazilian Atlantic Rainforest Trust								15,000
Breast Cancer Haven								2,000
British Wireless for the	Blind							500
Burwarton &District Agricultural					Society			1,000
Caring for God's Acre								1,000
Climbing Out								1,000
Community Council ofShropshire								5,000
Conservation Trust for St		Laurence,				Ludlow		2,000
Corvedale CofEAided	Primary			School				5,500
Corvedale School Governors								5,000
Countryside Learning								2,500
CPR Wales								1,500
CPRE								1,000
CPRE —Shropshire Branch								3,000
Crane Quality Counselling								2,500
DEC Ukraine Appeal								10,000
Derwen College								8000
Dream Holidays								1,000
Echo International Health		Services			Ltd			2,000
Elephants for Africa								2,000
Ethos Group Oswestry								2,000
Fauna &Flora International								10,000
Foundation Ukraine								12,736
Friendly Transport Service Shropshire								2,000
Garne &Wildlife Conservation			Trust					10,000
Global Canopy Foundation								20,000
Go Beyond								2,000
Gordon Wright Trust								500
Hands Together Ludlow								2,500
Harper Adams University		Development					Trust	2,500
Carried forward								156,236

Brought forward		156,236
Headway Shropshire		3,000
Highlands Jk Islands Environment Foundation		5,000
Home-Start Telford tk Wrekin		3,000
Hope House		2,500
Isle ofJure Development	Trust	500
Jura Care Centre Group		1,500
Juvenile Diabetes Research Foundation		1,000
Live Music Now		1,500
Longmynd Adventure Camp		1,000
Ludlow Branch RJAH League ofFriends		2,500
Ludlow College Bursary	Pund	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
MHA Communities ( Live at Home Scheme)		1500
Mid Wales Opera		1,500
Midlands Air Ambulance	Charity	2,500
National Trust		3000
National Youth Orchestra		2,500
Ocalenie Foundation		12,736
Oxfam GB		5,000
Pentabus Theatre		3,000
Pentru Tine		8,522
Pioneer Centre Bursary Fund		1,000
Pitchford Library		5000
Polish Humanitarian Action		8491
Prince's Trust		3,500
React		1,000
Re-Cycle		1,000
Revitalise		2,500
Riding for the Disabled (Shropshire)		1,000
Royal Horticultural Society		2,000
Royal National College for the Blind		2,500
Samaritans - Shrewsbury	Branch	2,000
Severn Hospice		5,000
Shakespear North Theatre	Trust	5000
Shrewsbury Childrens' Bookfest		1,000
Shrewsbury Christian Centre		3,000
Shrewsbury Food Hub		2,500
Shrewsbury Homes for All		3,000
Shropshire Domestic Abuse Service		1,000
Shropshire HiUs AONB Trust		5,000
Carried forward		295,986

Brought forward		295,986
Shropshire Historic Churches Trust		5,000
Shropshire ME Group		2000
Shropshire Rural Support		1,000
Shropshire Victim Support		1,000
Shropshire Wildlife Trust		3,000
Shropshire Youth Association		1,000
South Shropshire Furniture	Scheme	2,500
St Catherine's Church - Tugford		1,000
StJohn Ambulance		1,000
StMary's Youth Project		3,000
StMichael's Church - Munslow		500
StPeter'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
ViUage Water		1,000
Wild Shots Outreach		1,000
Working Together (Ludlow)	Ltd	2,000
Movement in provision (note 14)		(128,958)
		203,528

					Market
					Value	Cost
						f
Equities
2,520	JKFunds	Pic			619,214	403,447
220,000	JP Morgan	Gbl Emerg		Mkts Inc	297,000	249,967
1,001,493	Chaarat Gold Holdings			Ltd	175,261	255,645
5,100	Rio Tinto				312,120	207,708
170,000	Vodafone	Group Pic			213,316	300,921
13,000	Prudential	Pic			147,355	173,059
10,000	British American Tobacco Pic				322,850	352,918
220,000	Legal &.General Group				599,940	565,902
100,000	Bango Pic				186,500	182,549
13,000	M&G Pic				28,210	27,619
500,000	Lloyds Banking Group			Pic	231,525	246,475
201,000	Carvetian	Capital			599,784	522,033
15,000	Royal Dutch Shell		Pic		318,150	209,715
325	Jackson Financial				10,453	6,352
11,500	Alliance Trust				113,505	85,117
TOTAL UK LISTED					4779 794	3,789,427
NON-UK LISTED
Overseas Equities
500,000	New City High Yield Fund Ltd				268,500	272,560
6,000	Novartis AG CHF0.50				404,053	200,977
400,000	Jiangsu Expressway		Co	H CNY1	327,370	222,421
24,000	AIA Group	Ltd			195,722	98,472
3,809	Pemberton	Investments			384,676	102,839
1,360	JKFunds	Pic			213,969	191,094
TOTAL NON-UK LISTED					1,794,290	1,088,363
TOTAL LISTEDINV~S					6.969.474	4,877,79~

A~Mls		Cost
Lloyds Banking Group Pic		246,475
Cmvetian	Capital	152,900
Bango Pic		182,549
Jackson Financial		6,352
Legal and	General group	131,791
Pemberton	Investments	25,200
		745,268

~Di	als		Market Value	Disposal
			6th April 2021	Proceeds	GainJ(Loss)
			or acquisition
			g
Royal	Dutch Shell Pic		200,310	308,060	107,750
Imperial		Brands	223,275	243,322	20,047
			423,585	551,382	127,797