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 a￿d 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 t￿￿te¢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 ts￿ste¢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 FoU￿dation,$ 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 fi￿draising. 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, u￿￿asOnablY 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 tll￿tees 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 c￿ty 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 Mal￿gement
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, ¢onstI￿ted 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 t￿￿te¢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 F￿Sbury 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 f￿anCIal 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 judge￿entS and t￿lMateS 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 a￿d 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- Tn￿tee
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¢quÉre￿ellts 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 a￿dit 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 fIn￿ClaI statements, we have concluded that the tNstees' use of the going ¢oncern basis of accotmting i
the preparalion of the f￿anCIal 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 f￿ancial statements do¢s not eover the other Infom￿tiOn 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 $t2tsments, our responsibility is lo read the other inforn￿tIon dtsing
so, consid¥r whether the other infor￿atIOn is materially illconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be matertally misst&ted. If we identify such material inconsistencies or
apparent material misstatements, we are required to deterniine whether this gives rise to a ma(erial tnisstatement sn the
f]nancial stal¢TnEnts themselvei. If, b4s¢d on the work we have perfornied, we conclude that th¢i'e is a material
misstatement of this other inforniation, we are required to r¢portth&t fact. We have nothing to report in this regard.
Matters whÈcb we are required to report by exception
We have nothing to report in re8pect of the following matters where the Charities (Accounts and Reports) Regulations
2008 requires us to report to you if, in our opinion..
the Mft>rn)ation given in the Report of the Trustees is inconsistent in any material respect with the fLnancial
statem¢nt$' 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 e￿or.
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
TRu￿EEs 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 fra￿d is detailed below..
Our approach to identifyittg and asses5itig the ri5k5 of material misstatement in respect of ]r￿gUlarItieS. 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-Co￿p1lall¢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 asse￿ed 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 cOEn￿e1ClaI
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 tn￿lee$ 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 f￿R￿cIal 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 e￿or 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) Li￿lted
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 fi￿dS
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 fi￿dS brought forward
7,981,992
.037,482
TOTAL FUNDS CARRIED FORWARD
8,521,405
7,981,992
The not¢s forni part of these f￿￿claI 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 f￿anCial 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 Tn￿lees.
The fllwcial statements are prepar￿j OD a going concern basis and the tsustees are not aware of any n￿terial
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 d￿e 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 prO￿rtIeS 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 a￿d hay
been classified under hcadings that aggregate all ¢os¢ relxted to the category. Where costs cannot be direcily
Attributed to particular h￿dingS 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 c￿￿enCIeS 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 i￿vestments
Fixed asset inveshuents in¢luded at fair Yalue at the bala￿Ce sheet date. Listed illvesthents &re in¢luded at
the tn￿ttes, 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
lllvest￿ents are taken to the Siatement of Financial Activities.
InveStM￿t property is included at fair value. Any aggregate Su￿1￿& 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 b￿all¢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%tin￿ted useful
life.
Fixlures and fittings
ISY• on cost
Debtors
Othcr debtors are reCO￿lSed at the settlement amount due. Prepayments ar¢ Y￿ued 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 Manage￿ellt
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 recO￿lsed 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]str￿ments are initsally recogni5ed &t transaction Value and subsequently measured al their
settlement value.
Signifieant judgernents and esliEllate$
The charity makes &8timates and assumptions conCern￿g 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
8￿pport 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 otI￿r 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(eXpendi￿re) 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 a￿ve
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, def￿ed 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
COnt￿lled...

THE MtLLICHOPE
UIIDATION
NOTES TO THE FINANCIAL S
EMENTS- Conti￿lled
FOR THE YEAR EFIDED S APRIL 2024
15,
MOVEMXNT tN Fuf4DS
Net
movement
in fi￿d8
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 fi￿dS
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 MoVe￿ettt 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 un￿StriCted 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 val￿e 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
LI￿ed 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 f￿ed asset ÈnvestmeDts
Unrealised gaIn￿(lo￿es) 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 f￿anCIal statements
Page21

The Mllllehope FouThd*tion
Schedllle of Donations
For The Year E￿ded 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 A￿lCUltural 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 Tn￿t
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 s￿S 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 HortiCul￿ra[ 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 Ye￿r 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 DIspo￿lS
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