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MILTON MOUNT FOUNDATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2022
REGISTERED CHARITY NUMBER: 306981
CHAIRMAN OF THE BOARD:
Revd Derek Lindfield
BOARD OF GOVERNORS:
Mrs Daphne Bembridge Mr Raymond Dunnett Revd Carole Elphick Revd Sara Iles Miss Kathleen Oliver Revd Kevin Swaine Mr Peter Young (Vice-Chairman)
SECRETARY AND CONTACT PERSON: Mrs R A Hopkins 23 Hillary Road Farnham GU9 8QX INVESTMENT MANAGERS: CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET BANKERS: CAF Bank Limited P.O. Box 289 West Malling ME19 4TA
INDEPENDENT EXAMINER: Mrs Nicola Willshire ACIE Accounting Services (Guildford) Limited 61 Fairlands Avenue Fairlands Guildford GU3 3NB
MILTON MOUNT FOUNDATION
ANNUAL REPORT FOR THE YEAR ENDED 30TH JUNE 2022
The Board of Governors being the Trustees present their Report and Receipts and Payment accounts for the year ended 30[th] June 2022 prepared in accordance with the Charities Act 2011 and Charity Commission guidelines.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Scheme
The Milton Mount Foundation is a Trust Fund governed by a scheme made by the Minister of Education under Section 18 of the Charities Act 1960 on 7[th] August 1963, and varied by a Scheme by the Secretary of State for Education and Science on 23[rd ] February 1973. This scheme has been approved by the Charity Commission.
The Trustees have considered the Charity Commission’s general guidance on public benefit in relation to the objectives of the charity. This report sets out those objectives and describes how they have been met in the current year.
Board of Governors
The Board consists of not more than 17 persons being five people appointed by The United Reformed Church, two appointed by the Miltonian Guild and not more than nine elected governors to be appointed by the body of governors itself. In practice it has been found that about ten is more than sufficient.
The Board through its meetings and the work of the Bursarial Committee has exercised its responsibility for the work of the Foundation.
During the year the following members served on the Board: Mrs Daphne Bembridge – URC representative Mr Raymond Dunnett – URC representative Revd Carole Elphick – URC representative Revd Sara Iles – elected, from Congregational Federation Revd Derek Lindfield – URC representative Miss Kathleen Oliver – Miltonian Guild representative Revd Kevin Swaine – URC representative Mr Peter Young – elected, from Congregational Federation
Board of Governors’ Statement of responsibility in relation to Accounts
The Board of Governors is responsible for preparing the Board of Governors Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Board of Governors is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MILTON MOUNT FOUNDATION
ANNUAL REPORT - continued
Risk Assessment
The Governors have considered the risks to which the Milton Mount Foundation is exposed and believe that these will be mitigated by:
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A body of Governors with the necessary experience and competence to supervise all the aspects of the Trust’s work. The Governors have decided to set aside time at regular intervals for training. This includes reminders to Trustees of their duties and responsibilities.
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Regular Governors’ meetings with effective reporting to ensure proper review of grantmaking coupled with the consideration and approval by Governors of all grants made.
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Retention of competent investment managers.
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Regular Consideration of Charity Commission recommendations regarding internal financial control.
OBJECTIVES AND ACTIVITIES
The Fund arises from the sale in 1962 of Milton Mount College, founded in 1871. .
The purpose of the Foundation is primarily to assist with the cost of education of children of ministers of The United Reformed Church, the Congregational Federation, the Evangelical Fellowship of Congregational Churches and the Unaffiliated Congregational Churches, and secondly to assist with the cost of education of children of members of these churches. Assistance is given in the form of bursaries and grants towards school fees and other educational needs.
Grant Making Policy and Public Benefit
Subject to a maximum of one third of the annual income being spent on boys, the Governors give educational grants to children of ministers and members of The United Reformed Church and Congregational Churches. Priority is given to the children of ministers in respect of school fees. Grants for school education are only given to daughters of members of the churches but not to sons. These are targeted at those with limited means and are subject to a graded means test in relation to income of the parents of the children being assisted. University grants are not meanstested.
ACHIEVEMENTS AND PERFORMANCE
Main Achievements
The Foundation was able to help five girls and three boys with school bursaries. One Sixth Form grant and thirteen grants for school uniforms were awarded.
Bursaries (generally of £2,000, exceptionally significantly up from the previous £1,250 In view of the difficulties faced by students because of the Covid pandemic) were given to any children of ministers of the relevant denominations who were doing a University first degree course or a first postgraduate course . Twenty four were given to women and twenty seven to men. These grants will be annual for the duration of the course.
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MILTON MOUNT FOUNDATION
ANNUAL REPORT - continued
Mainly because of the increase in University grants, expenditure exceeded income and this is likely to be the case in the coming year. This reduces the surplus of unspent income which had built up over several years as the Governors had struggled to find ways of giving educational and other support compatible with the requirements of the Foundation’s Trust Deed
Investment Policy and Performance
The overall objectives are to provide sufficient income to enable the Foundation to carry out its objects year by year and also to maintain the value of invested funds.
During the financial year the Foundation continued to invest most of its funds with CCLA Investment Managers.
The value of investments has fallen, largely due to the wider effects of the Russian invasion of Ukraine but the amount is not significant in relation to the overall value. Because of the way income from CCLA is funded, income is unlikely to be adversely affected.
Financial Performance
As the income remains well below the £250,000 threshold the accounts are again in receipts and payments format.
Incoming Resources increased from £149,814 to £151,087, despite the sale of some investments.
Outgoing Resources at £203,407 were £10,105 higher than the previous year with the increase split almost equally between school and University. Administrative and governance costs were very slightly higher at £12,128 from £11,972.
Overall there was a decrease in the Income Fund, including unrealised losses in investments, of £273,679to £214,303. The Capital Fund’s value decreased from £4,961,338 to £4,668,242.
The current level of the Income Fund enables MMF to continue with the agreed bursaries for the school year and grants to university students being supported even if investment income falls during the year. In addition if the level of bursaries in a particular year should be higher than investment income, this can be funded from the reserves. Currently the amount of reserves is still above the upper end of the range considered appropriate but is being reduced steadily.
The Board regularly reviews its financial arrangements and checks to ensure that risks of fraud or financial mismanagement are so low as not to be of concern.
Official address; 23 Hillary Road Farnham GU9 8QX
Date : 3[rd ] November 2022
Vice-Chairman P I Young
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MILTON MOUNT FOUNDATION
For the Year Ended 30[th] June 2022
Charity Number: 306981
I report to the trustees on my examination of the accounts of the above charity (“the Foundation”) for the year ended 30[th] June 2022, which are set out on pages 5 to 8.
Responsibilities and basis of report:
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention (other than that disclosed below *) in connection with the examination which gives me cause to believe that in, any material respect,:
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the accounting records were not kept in accordance with section 130 of the Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed by the Independent Examiner
date: 9 August 2022
N M Wiltshire
Mrs Nicola Willshire ACIE Accounting Services (Guildford) Limited 61 Fairlands Avenue Fairlands Guildford GU3 3NB
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MILTON MOUNT FOUNDATION
RECEIPTS & PAYMENTS
YEAR ENDED 30TH JUNE 2022
| Notes Income Fund £ Capital Fund £ Total 2022 £ Receipts Dividends and stock interest 151,046 - 151,046 Interest on cash deposits 41 - 41 151,087 - 151087 Payments Annual Bursaries and Grants Girls: Bursaries 40,978 - 40,978 Single grants, including outfitting 1,500 - 1,500 University grants 54,600 - 54,600 103,078 - 103,078 Boys: Bursaries 35,703 - 35,703 Single grants, including outfitting 1,500 - 1,500 University grants 57,000 - 57,000 88,203 - 88,203 Other grants 2 - - - - Total grants 191,281 191,281 Other costs 3 12,126 - 12,126 203,407 - 203,407 Net of receipts /(payments) (52,230) - (52,230) Investments sold 48,000 - 48,000 Transfers Between Funds - - - Cash Funds at 1 July 2021 65,291 - 65,291 CASH FUNDS at 30 June 2022 £60,971 £- £60,971 |
Notes Income Fund £ Capital Fund £ Total 2022 £ Receipts Dividends and stock interest 151,046 - 151,046 Interest on cash deposits 41 - 41 151,087 - 151087 Payments Annual Bursaries and Grants Girls: Bursaries 40,978 - 40,978 Single grants, including outfitting 1,500 - 1,500 University grants 54,600 - 54,600 103,078 - 103,078 Boys: Bursaries 35,703 - 35,703 Single grants, including outfitting 1,500 - 1,500 University grants 57,000 - 57,000 88,203 - 88,203 Other grants 2 - - - - Total grants 191,281 191,281 Other costs 3 12,126 - 12,126 203,407 - 203,407 Net of receipts /(payments) (52,230) - (52,230) Investments sold 48,000 - 48,000 Transfers Between Funds - - - Cash Funds at 1 July 2021 65,291 - 65,291 CASH FUNDS at 30 June 2022 £60,971 £- £60,971 |
Total 2021 £ 149,876 28 |
|---|---|---|
| 151,087 - 151087 |
149,814 |
|
| 40,978 - 40,978 1,500 - 1,500 54,600 - 54,600 |
40,405 2,000 46,600 |
|
| 103,078 - 103,078 |
86,005 |
|
| 35,703 - 35,703 1,500 - 1,500 57,000 - 57,000 |
31.015 4,400 53,000 |
|
| 88,203 - 88,203 |
88,415 |
|
| - - - |
1,000 |
|
| - 191,281 191,281 12,126 - 12,126 |
- 178,420 11,972 |
|
| 203,407 - 203,407 |
196,392 |
|
| (52,230) - (52,230) 48,000 - 48,000 - - - 65,291 - 65,291 |
(40.578) - - 105,869 |
|
| £60,971 £- £60,971 |
£65,291 |
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MILTON MOUNT FOUNDATION
STATEMENT OF ASSETS AND LIABLILTIES
YEAR ENDED 30TH JUNE 2022
| Note Income Fund £ Capital Fund £ Total 2022 £ Cash Funds At bank - CAF 6,529 - 6,529 On deposit - COIF 54,441 - 54,441 TOTAL CASH FUNDS £60,971 £- £60,971 Investment Assets At market value: Fixed Interest Bond 5 - 68,600 68,600 Common Investment Ethical funds 5 153,332 4,599,42 4,752,974 TOTAL INVESTMENT FUNDS £153,332 £4,668,242 £4,821,574 TOTAL FUNDS £214,303 £4,668,242 £,4,882,545 |
Note Income Fund £ Capital Fund £ Total 2022 £ Cash Funds At bank - CAF 6,529 - 6,529 On deposit - COIF 54,441 - 54,441 TOTAL CASH FUNDS £60,971 £- £60,971 Investment Assets At market value: Fixed Interest Bond 5 - 68,600 68,600 Common Investment Ethical funds 5 153,332 4,599,42 4,752,974 TOTAL INVESTMENT FUNDS £153,332 £4,668,242 £4,821,574 TOTAL FUNDS £214,303 £4,668,242 £,4,882,545 |
Total 2021 £ 9,545 55,746 |
|---|---|---|
| £60,971 £- £60,971 |
£65,291 | |
| - 68,600 68,600 153,332 4,599,42 4,752,974 |
85,328 5,084,390 |
|
| £153,332 £4,668,242 £4,821,574 |
£5,169,718 |
|
| £214,303 £4,668,242 £,4,882,545 |
£5,235.009 |
There are no liabilities or tangible assets of any value.
The Notes on pages 7-8 form part of these accounts
The financial statements were app roved by the Board of Governors on and signed on their behalf by on[th] November 2022
R M Dunnett R A Hopkins ............................ ................................ TREASURER SECRETARY
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MILTON MOUNT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2022
- ACCOUNTING POLICIES
The financial statements are prepared in accordance with Charity Commission guidelines on receipts and payment accounts.
Basis of Accounting
The financial statements are prepared under the historical cost convention, subject to the revaluation of investments as described below.
Revaluation of Fixed Asset Investments
In accordance with the Charities SORP, the investments of the Charity have been revalued at the balance sheet date. The value in the financial statements is the mid-market price.
Income and Expenditure
All income and expenditure is accounted for in the year in which it is received or paid.
Cash Flow Statement
Under Financial Reporting Standard 1, the Charity is exempt from the requirement to prepare a cash flow statement on the grounds of size.
| OTHER GRANTS Congregational Federation OTHER COSTS Wages and salaries Pension costs Insurance Secretarial expenses Meeting expenses (Governors) Bank fees Independent Examiner’s Fees |
2022 £ 2021 £ - 1,000 |
|---|---|
| £- £1,000 |
|
| 2022 £ 2019 £ 9,732 9,533 583 573 627 627 30 83 138 138 96 78 920 920 |
|
| £12,126 £11,972 |
2. OTHER GRANTS
3. OTHER COSTS
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MILTON MOUNT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
There was one employee (2020/21: 1).
There were no employees with emoluments in excess of £60,000 per annum.
The Governors did not receive or waive any remuneration but ten claimed travel or subsistence expenses as detailed above.
4. INCOME AND CAPITAL FUNDS
The capital fund may be only expended subject to an order from the Charity Commission.
The income fund represents unexpended income available for distribution according to the policy adopted by the Governors of the Foundation.
The Foundation has no restricted fund.
5. INVESTMENTS
The capital fund holds 40,000 Bank of Ireland 13.375% perm. i.b.s. formerly Bristol & West) and 1,662,861.79 COIF Charities Ethical Investment Fund Income units
The income fund holds 55,432.88 COIF Charities Ethical Investment Fund Income units after selling 15,631.55 units during the year.
| Value at 30 June 2021 Purchased in year Sales in year Value at 1 July 2022 Gain/(Loss) in year Historical Cost at 30 June 2022 |
Income Fund Capital Fund 2022 Ethical Units PIBS Ethical Units £ £ £ £ 208,380 85,328 4,876,010 5,169,718 - - - - |
2021 £ 4,566.461 - |
|---|---|---|
| 208,830 85,328 4,876,010 5,169,718 48,000 - - 48,000 153,332 68,600 4,599,642 4,821,574 |
4,456,461 - 5,169,718 |
|
| £(7,048) £(16,728) £(276,368) £(300,144) |
£603,267 | |
| £127,731 £57,107 £2,499,308 £2,684,146 |
£2,720,165 |
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