REGISTERED CHARITY NUMBER: 282357 ? U iiC.T ?.0 REPORT OV THE TRUSTEES AND AUDITED FINANC ATEMENTS FOR THE YEAR ENDED S APRIL 2024 FOR THE MIILICHOPE F ATION D.R.E. & Co. {Audit} Lirnited Kingsland Hou5¢ 39 Abbey Foregate Shrewsbury ShropshsTe SY2 6BL
THE MILLICHOPE FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE Y]4AR ENDED 5 APRIL 2024 Page Report of the Trustees Report of the IDdependellt ATtditors Statement of Fln8ncial Activlties B8laAce Sheet Notes to the Flnancial Statements 11 to 19 Detailed Statement of Finallcial Activitie5 20 to 21 Scbedule of Don4tions Appendix I Sclltdule of List¢d Investments Appendix 2 InvestmeDt A¢qulsilions and Disposals Appendix 3
IIqILLICHOPE FOUNDATION REPORT O E TRUSTEES FOR THE YEAR NDED 5 APRIL 2024 The trnstees present their report with tbe financial statements of the charity for the year ended 5 Apr&1 2024. Th¢ twstees have adopted the provisions of A¢counting ad Reporttng by Charities-. Statement of Recommended Practice applicable tr> charities preparing their aecounts tn accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland (FRS 102). OWECI'tVES AND ACTIVITIES Objeetives and Activities for the Public Benefit The objects of ihe trust are to disttibute the tru5l's income by way of donations to charitable causes selected at the discretioft of the tte¢s. The trustees have no power to spottsor individu&l8 or to give gTants to students for their education. Th¢ Millichope Foundation carries out its objects by giving ryhoney nationally to: Arts, CultUTe, Conservation and Heritage. The ¢harRty makes donations to all categorie8 of charitable organisatiotLS Withsn and immediately affecting the oounty of Shropshire and those living th¢r¢. It Subscribes to eonservation projects worldwide and to disaster funds on an [e8S1onal basis. The tsste¢S confirni that they have complied with the duty in sectiou 4 of the tharities Act 2011 to have due regard to public benefit guidanc¢ pubtished by the Charity Commission. Vundraising The Millichope FoUdation,$ incon)e 1$ derived from its listed investment and investment property portfolio. The cbarity also receivcd donations from trustees of £111,654 during the year (2023.. £220,134). The charity did not work with any commercial partiLipator5 or professional fvndraising durirjg the year under review. The charity is not subject to all undertakillg to b¢ boulld by any voluntary schewe for regulating nd~raising, or any voluntary standard of fund-raisin& in respect of it5 activities. No complaints have been re¢¢ived about activities by the charity for the purpose of fidraising. The Millichope FouTLdaliori did not undertake additional fuDdrai5ing activkties dllring the p¢riod, thereforc no additional actioll has been ne¢e5Silry to protect the public. including vlllncrablc people. from unr¢ason&ble intrusion on a per&oll's privacy, uasOnablY petsistent approaches or undue pressure to give. ACHIEVKMEwf AND PERFORMANCE Ch&ritable activitie5 The Milli¢tLope Ftsundation has cootinued to made donations to a range of charitable orgattisations to deliver publi benefit in accordance with the Charity's allns. Details of donaiions made in the year are giv¢n in the financial r¢Yiew and AppeDdix l. Investrnent performance The tlltees consider that the perfortnan¢e of the charitys invesknent portfolio during the year under review, has been satisfactory. The trllstees report an inrrtase of £531,672 in the value of the chariws listed VeSt[nent portfolio {2023'. de¢aSe of £301,636), and report a illCTeii&e in the value of £234,375 {2023- iDcrcase of £109,500) of the chariws iTrvestment properties at 5th April 2024. The overall increase in fjxed asset investmcnts, whicll ill¢lvdes the listed investment portfolio and the investtnent properties, wa5 £766,047 (2023.. de¢rras¢ of £392,136). Faetors relevallt to aebieying obJeetlve5 The work of the charity is reliant on income fro]n investments. World stock market conditions and the general ¢¢onomic clitnate are therefore factors which impact on the abRlity of the charity to achieve its objectives. FINANCIAL REVIEW Principal funding sourtes The prinoipal source of ndIng is ittcoflle frorn invesknents. Investment policy objectives The Trust Deed authorises th¢ trnstees to make. hold atsd change investments at their discretion. The Foundation's investment rtED110 is managed by Rathbones Invesknent Mallagement Limited. Res¢rves po15cy The Charitys reserves are currently standing at a satisfactory level. The trustees Consider that maintaining the reserves at high level will best meet the objeels of the cty as this should generate sufficient incom¢ which will be av&ilable for distribution to oth¢r charitable organisatio. Page I
THE MILL CHOPE WOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED RIL 2024 FINANCIAL REVIEW Going coRcern The trustees are not awarE of any material uD¢ertainties regarding the chariry's ability to continut to operate as a going concern. Tliey have Concluded thatthe cliarity has sutTi¢ient reserves to enable it to me¢t its committ¢d don&tions as ttLey fall due that the going concern basis of preparation remain5 appropriate. For the year under review voluntary income totalled £1 11.654 (2023.. £220,134), income from invEStments totalled £268,871 (2023.. £277,391) and gains realiscd on the disposal of investments amounted to £236,289 {2023.. losses of £65,762). Charitable donations totalling £408,579 (2023.. £247,402) were disbursed and administr&tion and Malgement expenditure of£57,190 {2023.. £70.798) was incwred. In accordan¢e with the provisions of the Charities, Statement of Recotmmended Practi¢¢ (SORP FRS 102}, fLxed &ryset investments h&ve been included in the balance sheet at fair vallle giving rise to wjrealised gains in the year of £153,993 for listed illve&tments (2023.. unrealised losses of £278,553). The total Jnarket value of the listed Investments It 5th April 2024 was, iti the opinion ofthe Tn]ste6s, £6,199,51012023.. £5,667,838). which in addition to cash at bank should ]able the Trust to contsnue to meet its objectives for the foreseeable fiEtL]re. Shown With] unlisted investtnents at 5th April 2024 is The Glebe Farm, Munslow. which is recorded at market valuc of £1,493,875 {2023-£1,409,5(M)), fiwther inyeskncnt properties in Birniingham at a fair value of £895,000 (2023.. £745,000), the Beambridge Clubroom at a fair value of £95,00012023.. £95,000) and Entitletnents for the 12nd at Munslow of £9,040 (2023.. £9,040) Th¢ charity's funds carried forw&rd at 5th April 2024 total £8,521,405 (2023.. £7,981,992). FtrruRE PLANS The charity's aims for the futur¢ are to continue to make donations to various d)aritabl¢ organisations to deliver publEc benefit. STRUCTURE, GOVERNANCE AFID MANAGEMETrrr Goverlling doeumemt The Millichope Foundation is 2n ullincorporated charity, ¢onstIted by Trnst Deed dated 20th Decernber 1993. Reeruitment and appoilltfflenl ofllew trttstees Appointnient of trustees 1$ governed by the Trust Deed of the charity, which stat¢s that the pow¢r of appointing new trustees shall be vested in tb¢ Settlors dursng their lives. The Settlors aTe Mr L C N Bury and Mrs S A Bury. Orgallisational struelure aRd decision making The trustee8 mect several tinTres a year to ¢onsider the perforniance of the iTrYestments and to consider applications for donatiotts and gr)nis from other org&nisations. Two trUStee5 present at a Lneeting forni a quorum and decisions are made by majorsty vote. witb the Chatnnan havillg the casting vote where necessary. REFERELYCE AND ADMtNtSTRATIVK DETAILS Registered Chxrity number 282357 Prlncipal address The Old Rectory Tugford Craven Am Shropshll'e SY7 9HS Pjge 2
THE MILLI PE FOUNDATION REPORT OF THE TRU EES FOR THE YEAR ENDED S RIL 2024 Trustees LCNBury MrsSABury Mrs B Mwshall Mrs H M Horne FSBury The tte¢S have all serv¢d throughoutthe year. L C N Bury and h4rs S A Bury arE the registered owners of the Birn]ints investment properties on behalf of the charity. L C N Bury, Mrs S A Bury and Mrs B Marshall are the registered owners of The Gleb¢ Fann. Munslow on behalf of the chgrity. Audltor5 D.R.E. & Co. (Audit) Limited King81and House 39 Abbey For¢gate ShTewsbury Sknopshtre SY2 6BL l]avestment brokers Rathbones InveAtment Management Limited 8th Floor 8 FSbury Circus London BC2M 7AZ Ballktrs Lloyds TSB 16 Broad Street Ludlow Shropshire .8Y8 INQ ST ATF,MF,NT OF TRUSTEES, RESPONSIBILrrirs The trustees are responsible for PEepai'ing the Report of tbe Trustees and the financial st&tements in accordance with applicable law and United Kingdo Accounting Standards (United Kingdom Ge¢rallY Aoc¢pted Accounting Practice). The law applicable to charitEes in Bnglalld and Wales. the Charities Act 2011, Charity (A¢¢ounts and ReEx)rts) Regulations 2008 and the provisions of tbe trust deed r¢quire5 the trllstees to prepare fanCIal statements for each fin&ncial year which give a truc and fair view of the state of affairs of the charity and of the incoming resources gnd application of resour¢¢5, including th¢ income and cxpenditure. of the charity for that period. ltt preparing those [aTr¢Ial statements. the trustees are requir¢d to select suilable accounting policie5 and then apply them consiytelltly> ob5erv¢ the methods and principles in the Charity SORP. make judgeentS and tlMateS that are reasonable and pNdenl- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in bu5ine55. The trustees are responsible for keeping proper accountÉng records which disclose with reawnable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (A¢counts and Reports) RegulatioD5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasoDable steps for the prevention aT detection of fraud ad other irregularitie5. Page 3
THE MILLICHOPE FOUNDATIOL¥ REPORT OF THE TRUSTEES FOR THE EAR ENDED 5 APRIL 2024 Approved by order of the board of truste¢5 Dll.. and signed on its behalf by.. L C N Bury- Tntee Page 4
REI POR'I. OF THF. INDEPENDENT AUDrroRS TO THE MILLICHOVL FOUNDATION E TRUSTEES OF Opinlon We tkave audited the financi&l statements of Th£ Millichope Foundation (the'charity,) for the yur ended 5 April 2024 which comprise the Statement of Financial Activsties, the Balance Slieet and notes to the fJnan¢ial statements, including a summary of significant aCCOUllting policies. The fmancial reporting framework that has been applied in their preparation is applicable law United KingdoEn Aecounting Standards {United Kingdom Generally Accepted Accounting Pra¢iiee). En our opinion the financial statements: give a and fair view of tbe state of the charity's affairs as at S April 2024 and of its Incoming r¢wurces and application of resouiKes, for the year then ¢[ed. have been properly prepared sn accordance with United Kingdom Qellerally Accepted Accounting Practice" and have been prepared ill aecordance wilb the r¢quÉreellts of the Charitie5 Act 2011. Basis for opinion We conducted audit in accordarAce with International Standards on Auditing IUK) OSA5 (UK}) aDd applicable law. Our responsibilities w)der those standards are further d¢scriTricd in the Auditors, respon5ibilitie& for thc adit of the financial statements 5eCtton of our report. We are independent of the Iharity irA accordance witb the ethical requirements tbat are relevant to our audit of the f5nancial statelllents in the UK, including the FRC'S Ethical Standard, alld we have ruifilled our other etbical responsibilitics in accordance with these requirements. We belkeve that the audit evidence we have obtained is sufticient and appropriate to provide a basis for our opiniou. Collcluslolls relating to goln£ Concern ttt auditing the fInClaI statements, we have concluded that the tNstees' use of the going ¢oncern basis of accotmting i the preparalion of the fanCIal 5tatement5 is appropriate. Based oll the work have perfomitd, we have not ideThtifi¢d any material uncertau)ties relating to events or conditions thaL individually or collectively. may cast sigAificanÉ doubt the chariws ability lo continue a5 a going concem for period of at least twelve months from when the financHI ststellLents are authorised for issue. Our r¢sponsibilities the responsibilities of the trLISt with respect to going coneern are described in the relevant sections of this report. other information The truslees are respon#ible for the other information. The other infortnatiott comprises thc infomBtion included in the Atjnual R¢port, other than the fmancial statements and our Repurt of the Independent Audilots thereon. Ow opinion on the fancial statements do¢s not eover the other InfomtiOn and, except to tELe extent oth¢rwi8e explicitly stated in our report, we do not express any foTm of asswance conclusion theteon. In connection with our audit of tbe financial $t2tsments, our responsibility is lo read the other inforntIon dtsing so, consid¥r whether the other inforatIOn is materially illconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matertally misst&ted. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a ma(erial tnisstatement sn the f]nancial stal¢TnEnts themselvei. If, b4s¢d on the work we have perfornied, we conclude that th¢i'e is a material misstatement of this other inforniation, we are required to r¢portth&t fact. We have nothing to report in this regard. Matters whÈcb we are required to report by exception We have nothing to report in re8pect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the Mft>rn)ation given in the Report of the Trustees is inconsistent in any material respect with the fLnancial statem¢nt$' or $uffi¢ient accouniing records have not been kept- or th¢ financial statements are not in 2greement with the a¢¢ountillg records and re¢uTll5,' or we have not receiv¢d all the information and explanatio we require for our audit. Page 5
REPORT OF'IFIE INDFPENDEINT AUDITORS TO T THE MILLICHOPE TrOUNDATION E TRUSTEES OF Respon$lbllltles of trllstees As explained more fully irt the Statement of Trustees, Responsibilities, the trustee5 gr¢ responsible for the preparation of the financial 8t2tements which give a true and fair view. and for sucla intern&1 control as the trustees determine ts llecessary to enable the Preparation of finan¢ial statements tbat are free frow material misstatement, whether due to fraud or eor. In preparing the financial statements, the trustees are r¢8PQD5ible for assesssng the charity's ability to ¢ontinue as a going concenL dis¢losiDg, as appli¢2ble, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquiddte the charity or to c¢ase operations, or have no realistic alternative but to do so. Page 6
REPORT OV THE INDEPENDENT AUDITORS TO THK MtLLICHOPE FOUNDATION TRuEEs OF Our r¢$p)nslbililies for the audit of the financial stAtemelltS We bave been appointed as auditors wider Section 144 of the Charities Act 20112nd report in aecordanc¢ with the Act and relevant regulations rllade or havillg Effect there[tr. Our objectives are to obtain reasonable assurance about whether the fll38ncial statements as a whole are free from material ls$tatement, whether due to fraud or error, to issue a Report of the Independellt Auditors that clUd&S our opinion. Re&onable assurance is a high level of assuiznce, but is not a guarantee that an audit ¢onducted in &ccordance with ISAS (UK) will always detect a n)aterial misstatement when il exists. Misstal¢ments can 0ri5¢ from fraud or error and are considered terIal if, individually or in the aggregate, they could reasonably be expected to infiuence the economie decisions of users taken ott the basis of these financial staternents. The extent to which our procedures are capable of detectÉng irregularities, including frad is detailed below.. Our approach to identifyittg and asses5itig the ri5k5 of material misstatement in respect of ]rgUlarItieS. Including fraud and non-complÉance with Iawg and regulations, was as follows.. the engagement partner ensured that the engagement team collectiyely had the appropriaÈE competence, capabilities and skills to idetjtify or r¢cogtiise non-Cop1lall¢e with applicable laws and r¢gulations' we identified the l&ws and regulations applicable to the charity thxough discussions with trustees and from our knowledge and experience of the charity sector, we focused on specific laws and regulations which we considered may have a direct material effect on the f]nancial statements or the operdtions of the Gharity, including the Charities Act 20II, environmental. health and safety legislation. we asseed the extent of compliance with the laws and regulations identified above through making enquiries of the trustees. and idcntified laws and regulations were conullllBicated within (he audit t¢am regularly and the team remained alert to instances of non-compliance throughout tlLe audit. We asse&%cd the susceptibility of the charity's financial atatements to llRterial misstatement, including obtainsng an understanding of how fraud migbt occur, by.. - making enquiries of the trustees as to their knowledge of actual, suspected and alleged fraud. and - reviewing th¢ clienvs system noles and internal controls. To address the risk of fraud thmugh management bsas and override of controls, we.. - perform¢d analytieal proceduTes tr) identify &ny unusual or unexpected relatÈonships' - perfonned a review of the cashbook to identify any large or unusutl transactions that appear to have no cOEne1ClaI basis. investsgated the rationale behind sigtLificallt or unusual transactio. In response to the risk of irre8ularities and notrcompliance with laws and regulations, we designed procedures which included, but were not Itmit¢d to.. agre¢ing finallcial statement disclosuTe5 to underlying supporting documenfation. ~ enquiring of the tnlee$ as to actual and potential lithgation and claims. Tbere are inherent limitaiions in our audit procedures described alx)ve. The more removed that laws and regultttions are from fRcIal transactions, the les5 likely it 18 that we would become aware of non-compliance. Auditing standards also limit the audit procedure$ required to identify non-cotllpliance with laws and regulations to enquiry of the trustees and the inspection of regulatory and legal ¢orrespondenee, if any. Page 7
REPOH'f Oil TIIE llWF.PF.NI)KN THE MILLICHOPE FOUNDATION DITORS TO THE TRUSTEES OF MaterÉal misstatements that arise due to fr&ud can be harder to dete¢t than those that arise from eor as they may inyolv deliberate concealment or collusion. A further descriptioll of our responsibilities for the audit of the flnancial statements is located on the Financial Reporttng Council'5 website at www.frc.org.ukl2uditorsresponsibilities. Tbis description forn)s part of our Report of the Independent Audilor5. Use of our report This report is made solely to the charity's trustEe4 as a body> in sccordanee with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Ot]r audit work has been undertaken so that we might gtate to the charity's trustees those tnatr¢rs we are required to state to them in an auditors, report and for llo other purpose. To the lIest extent permitted by law, we do not accept or assutne responsibility to anyone other than the Iharity and the cbarity's trustees as a body, for our audit work. for this reporL or for the opillions we have fornied. D.R.E. & Co. (Audit) Lilted Kingsland House 39 Abbcy Foregate Shrewsbury Shropshire SY2 6BL Date.. Page 8
THEM LICHOPE FOUNDATION STATEMENf OF ANCIAL ACTIVITIES FOR THE YEAR ENDED APRIL 2024 5.4.24 Unrestricted 5.4.23 Total nds Notes ILNCOME AND ENDOWMENTS YROM Donations and legacies 111,654 220,134 Investmellt illcome 268,871 277,391 Total 380,525 497,525 EXPENDrruRK ON Raising fidS 41,179 56.652 Charitable Activities DoTrations paid 408,579 247,402 Other 16,011 14.146 Tota 465,769 318,200 Net gaiMs/(Ioss¢$) on investments 624,657 (234,815) NET INCOMEI{EXPENDITURE) 539,413 (55,490) RECONCILIATION OF FUNDS Total fidS brought forward 7,981,992 .037,482 TOTAL FUNDS CARRIED FORWARD 8,521,405 7,981,992 The not¢s forni part of these fclaI staterykents Page 9
THE MILLICHOPE FOUNDATION LANCE SHEKT 5.4.24 Ullrestricted futld 5.4.23 Total nds Notes FIXED ASSETS Tangible 8Ss¢ts vestments 10 207 8,692,425 332 7,926,378 8,692,632 7,926,710 CURRENT ASSETS Debtors.. amollnts falling due within one year Cath at bank 12 3,822 4111,879 6,045 534,821 414,701 540,866 CREDITORS Amounts falling due within OD¢ year 13 (23,297) {19.337) NET CURRENT ASSETS 391,404 521,529 TOTAL ASSETS LLSS CURRENT LIABILITIES 9,084,036 8,448,239 PROVISIONS FOR LL4BILITIES 14 (562,631) (466,247) NET ASSBTS 8,521,405 7,981,992 FUNDS Ut)restrict¢d fvnds l5 8A21,405 7,981.992 TOTAL FUNDS 8,521,405 7,981,992 Inallc al statements were approved by the Board of Trustees and authorised for i55ue ../-.Y. ..... were 5Égned ort its behalf by." on S A Bury. Tntstee The notes fonn part of these financial ststelnents Page 10
TH£ MILLICHOPE VOUNDATION NOTES TO THE FINANCIAL STATEMENTS R THE YEAR ENDED S APRIL 2024 AccouNfiNG POLICKES Basis of preporSng the finaThci#l statem¢nt5 The financial statements of the charity, which is a public benefit entity under FRS 102. have beell prepared in accordance with tkne Charities SORP (FRS 1021 'Accounting alld Reporting by Charities.. Stateinent of Recotmnellded Practice applicable to charities preparitig their aecounts in accordance with the FinaDcial Reporting Standard applicable in the the UK and Republic of Ireland (FRS 102),, Fiiiancial Reporting Standard 102 The Flliancittl Reporting Stslldard applicable the UK and Republic of Ireland, and the Chariti¢s Act 2011. The fanCial Statements bave been prepared under the historical cost convention, with the exception of investments which are Éncluded at market value. as iuodifitd by the revaluation of certain assets. Th¢ financial ststements are for the individual entity only. The fman¢ial statements are presented in Sterling {£), rowided to the nearest £1. The Millichope Foundation is an unincorporafrd eharity and its principal address and registered charity number can be found within the Report of the Tnlees. The fllwcial statements are preparj OD a going concern basis and the tsustees are not aware of any nterial un¢¢rtaillties regarding the ¢liarity's ability to continue to operate as a going conLErn. They Imve concluded that the ¢h&rity has sufficient reserves to Enable it to meet its COEnmitted donations a5 they fall de and that the going concern basis of prep8ration renllins appropriate. All u)collke is recogllised in the St&tement of Fin8ncial Activiti¢s once the charity has entitleTnent to the fvnds, it is probable that tbe income will be received and the amouTrt can be measured reliably. Rental incolne received from the charity's ftuvestment prOrtIeS is titne apportioned and recogni8cd in the accounts on a pro-rated basi5. Expenditur¢ Liabilities are recognised as expenditure as soon as there is a legal or constru¢tiYe obligation committing the harity to that cxpenditure. it 13 probable that a transfer of economic benefits will be rcqusred in settlement and the amount of the obligation can be me2sured reliably. Expenditure is accounted for on an accrua]s basis ad hay been classified under hcadings that aggregate all ¢os¢ relxted to the category. Where costs cannot be direcily Attributed to particular hdingS they have been allocated to activities on a basis C(bllsistent with the use of resources. Taxation The Lhdrity is exempt from tax on its charitable activities. Fund aecovnting All funds general and unrestricted and ¢an be used in ¥4¢¢0rdattce witb tlLe charitable objects at the discretio of the trustees. Forelgn eurrencie5 A.%8cts and liabilities in foreign cenCIeS are trattslated into sterling at th¢ rates of exchange ruling at the balance sheet date. Transactions in foreign currencseg are translated into stei'ling 2t the rate of exchange ruling at the date of transaction. Exchange difference5 are taken into account ll) arriving at the operating resuli. D0Tr3ted investment5 Donations of listed inyestments are included at fair value at the date of the gift. Value added tax Value added tax is not recover&ble by the charity and as sllch ts included in tbe relevant Costs in the Staternent of Financial Activities. Page 11 toAtinued...
THE MILLICHOPE FOUNDATION OTES TO THE FINANCIAL STATEMENTS- continued FO HE YEAR ENDED S APRIL 2024 ACCOUNfiNG POLICIES- contillued Fixed asset ivestments Fixed asset inveshuents in¢luded at fair Yalue at the balaCe sheet date. Listed illvesthents &re in¢luded at the tnttes, valuation based on the closing-mid Tnarket values given by Rathbones tnY¢sttnellt Manage)1 Limited, of 8th Floor, 8 Finsbury Circus, Londoti, BC2M 7AZ. Both iEalised and unrealised gain5 and Iwses on lllvestents are taken to the Siatement of Financial Activities. InveStMt property is included at fair value. Any aggregate Su1& or deficit arising from cbanges in fair value recognised in the Statement of Finan¢iaE Activities. Unlisted investments inGludes BDtitlements which are included at frdir value at the ball¢e sh¢et date. T8nglble fixed kysets Tangibl¢ fLx¢d assets are ststed at Cost less accumulated depreciation and accwnulated impaÉmient losses. Depreciation is provided at the followtng annual raty8 in order to write off each asset over its e%tinted useful life. Fixlures and fittings ISY• on cost Debtors Othcr debtors are reCOlSed at the settlement amount due. Prepayments ar¢ Yued at the amount prepaid net of any discounts due. C8sh Ht bank Cash at bank includes amounts held bank current accounÉs and accounts at Rathbones Inv¢stment Manageellt Limited. Creditors and provisioThs Creditors and provisiorjs are recogniscd where the charity has a present obligation resulting frorn a past event thltt will probably result ill the transfcr of fvnds to a third party and (he OUnt due to settle th¢ obligation can be measuted or estimated reliably. Creditors and provi5kons are normally recOlsed at their settlement amount after allowing for any trade discoullts due. The charity includes an estimate of the net pi'esent v&lue of its committed fvturE charitable donations. This is based on the charl$ donations register and a discount is applied based of the rate of retum on investment for the charity. Financial 1Th5truments The charity only has fman¢ial assets and fin2ncial liabilities of a kind that qualify as basic fJnan¢ial instmments. Basic fwattcial M]strments are initsally recogni5ed &t transaction Value and subsequently measured al their settlement value. Signifieant judgernents and esliEllate$ The charity makes &8timates and assumptions conCerng the fiRture. The resultillg accounting estimates will, by definitio, seldom equal the related actual results. The Estimates and assumptions that have a significant risk of causing a material adjustm¢nt to the Carrying amounts of as5¢ts and liabilities within the next f¢la1 year are addressed below. The charity makes an estirnat¢ of the fair value of investment property. When assessing fa value of property, the trustees cansider factor5 ClUdIng the ctsnditions of the property, any fllture plans for the prtrperty and independent adyice as to the cunent valu¢ of properties owned by th¢ charity. See note 11 for the net carrying amowit of investment properties. The charity makes an estinllte of the net present Yalue of its corDmitted tllre charitable donations as det&iled llL note 14. This is based on the charity's donations register and a discount is applied based of the rate of return o invcstment. Page 12 cotttinued...
THE MILLICHOPE FOUNDATION I¥IOTES TO T FOR THE YEAR FINANCIAL STATEMENTS- continued DED 5 APRIL 2024 DONATIONS AND LEGACIES 5.4.24 5.4.23 Listed investments Other donation5 110,154 1,500 195,134 25,000 111,654 220,134 INVESTMENT lCOmE 5.4.24 5.4.23 Beambrsdge Clubroom rental income Listed inve8knciit8 Investment property income Other interest 255 191,807 72,435 4,374 30 191,583 65,903 19,875 268,871 277,391 RAlStNG FUNDS Inv¢$tment Ji2n#¥ement eosts 5.4.24 5.4.23 8pport costs 41,179 56,652 CFIAIUTABLE ACT AVITIES Costs Support costs (see note 6) Direct Costs Tol&ls Donations paid 408,579 408,579 SUPPORT COSTS Management Fillancc Other Totals Investment management COSt5 Otbtr r¢sour¢es expended 40,605 574 10,683 41,179 16,011 5P28 40,605 5,328 11,257 57,190 Page 13 0ntillu...
THE MILLICHOPE FoufiDATION NOTES O THE FINAf4CIAL STATEMENTS- continued FOR THE YEAR ENDED S APRIL 2024 TRUSTEES, REMUNERATION AND BENEFrrs There were llo trustees, remuneration or otIr benefi15 ft>r the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees, expenses Mr L C N Bury arjd Mrs S A Bury, truste¢s, received £1,000 during the year respect of office costs (2023.. £I,QOO). Mr L C N Bury and MTS S A Bury were reimbursed £190 in respect of travel and subsist¢nce costs (2023.. £Nil). COMPARATtVES FOR THE STATEMEP4T OF FINANCIAL ACTIVITtES Unrestricted fund INCOME AIYD EF4DOMIMENTS FROM Donations and legacies 220,134 Investmellt income 277,391 Totgl 497,525 EXPENDITURE ON Raising funds 56,652 Charitxble activiti Donations paid 247,402 Other 14,146 Total 318,200 Net gains/{Iosses) on investsnent# (234,815) NET INCOMW(EXPENDITURE) (55,490) RECONCtLIATION OF FUNDS Total funds brought forw&rd 8,037,482 TOTAL FUNDS CARRIKD FORWARD 7,981,992 Page 14 conttnued...
THE MJLLICHO E FOUNDATION NOTES TO THE Fll¥ANC AL STATEMENTS- coThtinlled FOR YEAR KNDED 5 RIL 2024 AUDITORS, REMUNERATION Net in¢ornel(eXpendire) is stated after ¢hargingl(crediting)'. 5.4.24 5.4.23 Auditors, retnuneration Auditors, remuneration for Jkon audit work 3,1100 2,328 3,000 2,264 io. TANGIBLE FIXED ASSETS Fixtures alld COST At 6 April 2023 and 5 April 2024 10,622 DEPRECtATION At 6 Apiil 2023 Charge for year 10290 125 At 5 April 2024 10,415 NET BOOK VALUE At 5 April 2024 207 At 5 April 2023 332 ii. FIXED ASSET INVESTMENTS Listed investments Unlisted investments Tota MARKET VALUE At 6 April 2023 Additions Disposals Rcvaluations Net gain%lllosses) re&lised Net gain51(loss¢s) unrealised 5,667,838 1,45S,372 (1,313,982) 2,258,540 7,920,378 1,455,372 (1,313,982) 234D75 236,289 153J93 234J75 236,289 153,993 At 5 April 2024 6,199,510 2,492,915 8,692,425 NET BOOK VALUE At 5 April 2024 6,199,510 2,492,915 8,692,425 At 5 Aprtl 2023 5,667,838 2.258,540 7,926.378 Listed investm¢nt5 in¢lllded ave 2024 2023 3,865,81S 4,199,964 1467 874 5,667,818 Non UK 6 199 510 Page 15 contfftued..
THE MILLICHOPE FOUNDATION N(yrKs TO THE VINANCIAL S TEMENTS- eontinu¢d FOR THE YEAR ENDED 5 APRIL 2 24 ii. FIXED ASSET INVESTMENTS- eolltillued Cost or v&luaiion at 5 April 2024 is represented by.. Ltsled illve3tments Unlist¢d investments TotAIs Valuation iTh 2024 6,199,510 2A92,915 8,692,425 Th¢ largest fftxed asset investments, defed as those which represent more than 5 /0 of the portfolio by value. are: Market Value at 5th April 2024 The c.lebe Farjn, Murtslo Legal & General Group CarvetiAn C#pit21 Novartis AG Taiwan Semiconductor5 Mall Ltd 1,493,875 627.750 854,325 453,t363 448,282 220,000 250,000 6,000 4,000 Included within unlisted invesiments is th¢ investment in land at Glebe Fami. Munslow. Th¢ value is based on an independent valuation by Cart¢r Jonos in a prior year. Ou 5 April 2024, the trustee L C N Bury, reviewed the valuation of the inyestrnent and considered that the tair value at that datc was £1,493,875. Unlistcd investmeThts also includes five inveslment prLiperti¢s located in BirminghatfL. The trustees coyj5ider the fair valuc of these properties at 5 April 2024 was £895,000 in total. based on a valuation PTovided by a third paty agency dwing a prior year. DEBTORS: AMOUNTS FALLING DUE WITHIN Or YEAR 12. 5.4.24 5.4.23 Other debtors Prepayments and accrlled incom¢ 1,551 2,271 1.616 4,429 3,822 6,045 13, CREDITORS: AMOUNTS FALLING DUE WXTHIN ONE YEAR 5.4.24 5.4.23 Other creditors 23297 19,337 14. PROVISIONS FOR LIABILITIES 5.4.24 5.4.23 Colljmitted charitable donations 562,631 466247 At 5th April 2024 The Millichope Foundation had conllnitted to making charitable doT)ations in fi]tt]r¢ years of approximately £562,631 (2023.. £466,247). The continuance of all donation5 is at the disoretRon of the trustees. Page 16 COntlled...
THE MtLLICHOPE UIIDATION NOTES TO THE FINANCIAL S EMENTS- Contilled FOR THE YEAR EFIDED S APRIL 2024 15, MOVEMXNT tN Fuf4DS Net movement in fid8 At 5.4.24 At 6.4.23 Unrestricted funds Genernl furAd 7J81,992 539,413 8,521.405 TOTAL FUNDS 7,981,991 539,413 &521,405 Net movement in funds, included in the above are as follows: Incoming r¢sources Resources expetMl£d Gaills losses Moverncnt in fidS Unrestri£t¢d fund5 Gerteral timd 380,525 (465,769) 624,657 539,413 TOTAL FUNDS 380,525 (465,769) 624,657 $39,413 Comparatlves for movement in fuThds Net movement in fi]nds At 5.4.23 At 6.4.22 Unrestricted funds General fund 8,037,482 {55,490) 7.981,992 TOT AL FUNDS 8,037,482 155.490) 7,981,992 Cornpjrative net movement in fuads. included in the above are 8s follows.. coming resources Resou¢$ expended Gains and losses Movement ID funds Unrestricted funds General 497,525 (3 18,200) (234,815) 155,490) TOTAL FUNDS 497,525 (318,200} (234,815) (55.490) Page 17 contSnLLed...
MtLLICHOPE UNDATION NOTES TO THE FINANCIAL S TEMENfs- continued FOR THE YEI AR ENDED S APRIL 2 15, MOVEMENT IN Fufws- continued A cU¢llt year 12 months and prior year E2 months combined position is as follows-. Net movement in fultds At 5.4.24 At 6.4.22 Urtrestricted funds General fimd 8,037,482 483,923 8.521,405 TOTAL FUEIDS 8,037,482 483.923 8,521,403 A currettt year 12 months and prior year 12 rnonths combined net MoVeettt in fullds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement Èn fllttds Unrestricted fuAd5 Gelleral fund 878,050 (783,969) 389.842 483,923 TOTAL FUNDS 878.050 (783,969) 389,842 483,923 At 5 April 2024 tILe charity's freely available resErves totalled £8,52I,405 (2023.. £7,981,992}. All thnds are g¢D¢rai attd unStriCted and can be used in ac¢ordan¢¢ with the charitable objects at the discretion of th¢ trustees. 16. RELATED PARTY DISCLOSURES See note 7 for details of Tn]stees' ewnses paid for the year ended 5th April 2024. Dui'ing the year donations were made to the following charity, for whtch Mr L C N Bury and Mr F S Bury have acted as a trustee.. 5.4.24 5.4.23 Brazilian Atlantic Rasnforest Trust 15,000 15,000 Dollations re¢eived from Th¢¢8 during the year totalled £111,654 (2023.. £220,134). Included within unlisted investments 15 land at Gebe Fam, Munslow.The grdzing land is rented to Millichope Entewises and during the year the ¢harity receiyed rental income of £5,592 (2023.. £5,592). Further rent of £5,224 was received from Millichope Enterprises in rel&tion to potsntial woodland at Munslow. The trustee, Mr F S Bury. is a partner of MillichopE Enterprises. Page 18 continued...
THE MILLICHOPE FOUND TION NOTES TO THE FINANCIAL STATEME FOR TEtE YEAR ENDED 5 APRIL 2024 TS - coolinued 17. ULTIMATE CONTROLLING PARTY The charity is ¢ontrolled by the tntstees. 18. FINANCIAL INSTRUMENrs The earrying vale of the charity'5 fiuallcial assets and liabilities are 5ummarised by Category below.. 5.4.24 5.4.23 Fitiancial assets at amortised cost Financial liabilities at amortised cost Financial assets at fair value through the Statement of Financial Activities 414,701 23297 8,692,425 540.866 19,337 7,926,378 Page 19
MILLICHOPE FOU ATiori DETAtLED STATEMENT OF FU4AN FOR THE YEAR ENDED 5 APRIL 2024 L ACTIVITILS 5.4.24 5.4.23 INCOIVIE AND ENDOWMEIYTS Donations and legacies LIed investments Other donations 110,154 1,500 195,134 25,000 111,654 220,134 Investment ineome Beambi'idge Clubrootn rental income Listed investtnents Ittvestmellt propety income Other interest 255 191,807 72,435 4?74 30 191,583 63,903 19,875 268,871 277,391 TotAI incoming resources 380,525 497,525 EXPELYDITURE Chsritable aetivities Donations paid 408,579 247,402 Supp)rt COSts Management Beambridge Clubr¢)om expenses Portfolio rnagement fees Property matYdSFeEnent fees 1,821 5,384 33,400 175 25,597 30,360 40,605 56,132 Finante Audit f¢¢$ Auditors, remulleration for non audit work 3,000 2,328 3,000 2,264 5,328 5,264 Other Ballk charges and Ellterest OtTi¢e adininistratio Deprectation 219 10,91¢1 124 204 9,074 124 11,257 9,402 Total resour¢es expended 465,769 318,200 Net (expenditure)lincome before g%ln5 and losses (85,244) 179.325 This page does llot form part of the statutory financial statements Pagc 20
THE MILLI OPE FOUNDATION DETAILED STATEMEN F FINANCIAL ACTtVlTIES FOR THE YEAR ENDED 5 APR L 2024 5.4,24 5.4.23 Realised recognised gains and losse5 Realised 8ains1(losses) oll fed asset ÈnvestmeDts Unrealised gaIn(loes) on fixed asset investments 236289 {65,762) 388J68 (169,053) Net 5neomel{expendltllre) 539,413 (55,490) This page does not forrn part of the statutory fanCIal statements Page21
The Mllllehope FouThd*tion Schedllle of Donations For The Year Eded 5th April 2024 A4U Acorns Children's Hospice Action for Childrell Age UK Sbrop&hire Telford & Wrekin Albr}gJito Trust Ltd Aistrom Syndrome UK Bag Books Birmingham Children's Hospital Chprfftty Brain Tumor Support BTazilian Atlanfic Raillforest Trust British W¥¢eless for the Blind Burwarton & DistrÈct AlCUltural Sockety Caring for God's Acre Climbing Out Community Resource Conservation Tn]st for St Laurence, Ludlow Corvedale Festival Corvedal¢ C of E Aided Prillw Scbool Countyside Learning 3,000 2,500 5.000 2,000 2,000 2,(H)O 1,000 2,500 I,ooo 15,000 500 1,000 1,000 1,000 5.000 2.000 3,000 5,695 2.500 1.500 3,000 3,000 CPRE- Shropshire Branch Crane Quality Counselling Ll Derwen College Dream Ilolidays Echo Int¢m&tional Health Servi¢¢s Ltd Eden Aid Elephants for Africa Fauna & Flora International Friendly Transport Service Shrapshire Game & Wildlife Conservation Tnt Global Canopy Foundation Grange Festival Grow Cook Learn (Discovery C¢ntre) Gordon Wright Trust Hands Togetbcr Ludlow Harper Adams University Development Trust Headway Sljropshire Highl8nd5 & Islands Environment Foundation Himalayan FrieAds Thist (Manaii) Home-start Telford & Wrekin Hope House Horbtio's Garden 3,000 1,000 2,000 15,000 2,000 10,000 2,000 2,500 10,000 2,500 1,000 500 3,000 2,500 3,000 5,000 1,000 3.000 2,500 5,000 Carried forward 141,695 Appendix I
The Millichope Foundation Schedule of DonatlODS For The Year ded 5th April 2024 BrDught forward 141,695 Isle of Jura Development Trust Jura Care Centre Group Juvenile Diabetes Research Foundation Kingswood TnJ5t Live Music Now Little Stars B8by Bank Lonwynd Adveoture C8Tllp Ludlow Brn)ch RJAH League of Friends Ma¢ular Society Marie CuTle Mede¢ins sS Frontieres Megan Baker House IHA CotDmurAities ( Live at Horue Schem¢) Mid Wales Opera Midlant18 Air Atnbulallce Charity Nloor Park Appeal NationiLI Trust (Our Common Cause) National Youth Choir5 of GB National Youth Orchestra Nallue's bafr Oxf GB Pentabus Theatre Prlncc's Trust Prospero World React Read Easy Shropshire Hills Re-Cy¢le Revitalise Royal HortiCulra[ Society Royal NAtioDal College for the Blind Samaritans~ Shrew5bury Bran¢ Seyern H05pi¢e Shrewsbury Childrens, Bookfest Slu'ewsbuiy CILristian Centre Shrcwsbury Food Hub Shrewsbury Homes for All Shrvpshire community Foulldation Fund Shropshire Domesti¢ Abuse Service Shropshire Hilts AONB Trust Shropshire Historic Churches Trust Shropshire ME Group Sbropshire Rural Support 1.000 1,500 1,000 1,000 1,500 1,000 I,ooo 2,5(M) 2,000 2,500 Ro,000 5,000 1,500 2,000 2,500 34,000 3,000 500 2.500 5,000 5,000 3,000 3,500 5,000 1,000 I,ooo I,(N)O 3,000 2,000 2,500 2,000 5,000 1,000 4.000 2,500 3,000 5,000 I,ooo 5,000 5,000 1,500 1.000 Carried forward 285,695 Appendix I
The Millichope Follttdatlon Schedule of Donations For The Yexr Ended 5th April 2024 BrOUgJ fonvard 285,695 Shropshire Wildlife Trust Shropshire Youth Association St Cath¢Tine's Church- Tugfoid St JOI Ambulance St Marfs Youth Projert S¢ Mtchael's Clkur¢h- Munslow St Peter's Ludlow Mission Strettons Mayfair Trust Surfers Against Sewage TakiDg Part Tallat Valley Light Railway Telford Cbristian Council Trailblazers Village Water Wild Shots Outrcach Workit]g Together {Ludlow) Ltd 3,000 1,000 1,000 I,ooo 3,0(NJ 500 500 3,000 1,000 2,500 500 2,500 2.000 2,000 1,000 2.000 Movement in provision (note 14} 96,384 408,579 Appendix I
The Millichope FouDdgtion Schedule of Listed Investments For The Yer EDded 5th April 2024 Market VAlue Cost UK- LISTED Equities 20,000 80,000 250,000 75,000 150,000 1,000 220,000 250,000 500.OQO 200,000 10,000 5,100 Alliance Trust PIC Ballgo PIC Carvetian Capital PIC City of London Investtnent Trust PIC trnpact Hea]thcare Reit PIC JK Funds PIC 3P Morgan Gbl Emerg Mkts Inc Legal & General Grovp PIC Lloyds B*lt]king Group PIC M&G PIC Rathbonc5 Group PIC Rio Tinto PIC 245.200 85,600 854,325 301,500 126,000 241,940 292,600 627,750 266,600 416,800 153,800 253.700 183,122 I50,611 667.252 308,250 147,300 160,098 249,967 632,009 246,475 412,764 16l.600 207,708 TOTAL UKLISTED 3 865.815 3 527,156 NON-UK LISTED Overstas Equitie5 24,000 2,501.493 500,000 1,360 6.000 4,158.615 1.000 4,000 4.000 AIA Group Ltd Chaarat Gold Holditw Ltd CQS New City High Ytcld Fund Ltd J K FuTEds PIC Japan Institutional A¢¢ Novartis AG CHFO.50 PembertoTE Investm¢nts Roche HoldiJig5 AG Taiwan S¢miLonductors Mata Ltd Veri20n Cotnms tn¢ 130,401 97,558 258.QOO 314,514 453,863 304,573 192,933 448,282 133,571 98.472 345.311 272,560 191,094 190,3Y2 143,800 224,587 256,290 128,573 TOTAL NON-UK LISTED 2,333,695 I,851,079 TOTAL LisfED INVESTMENTS 6.199.510 5,378,235 Appendix 2
The Millichope Follnd&tion Investment Acquisitions and DIspolS For The Year Euded 5th April 2024 Ac uisitioThs Cost Alliance Trust Pl¢ Carvetian Capitsl PIC Chaarat Gold Holdings Ltd Impact Healthcare Reit Pl¢ M&G PIC Nvidia Corp Pemb¢rton tnvestments Rathbon¢s Group Pl Roehe Holdings AG Sandoz Group AG Verizon Conims Jnc 98,005 99,810 89.666 147,300 385,144 99,758 10,344 161,600 224,587 10.585 128,573 1,455,372 Di5 05ais Market Value 6th April 2Q23 or a¢qui5ltlon Disposal Proceed5 Gainl(L055) Bango Pl¢ Carveti&n Capital PIC Jackson Financial In¢ JK Funds PIC Microsoft Corp Nvidia Cotp Pemberton Investments Prud¢ntial PIC Sandoz Group AG 131,785 103,105 9,316 277.91 I 285,448 99,758 16,395 143,390 10,585 130,750 108,247 9,833 331,010 397,935 l73.686 23,600 112,898 26,023 (1,035) 5.142 517 53.099 112,487 73,928 7,205 (30,492) 15,438 1,077,693 1,313,982 236,289 Appendix 3