## **MILTON MOUNT FOUNDATION**
# **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2023**
REGISTERED CHARITY NUMBER: 306981
CHAIRMAN OF THE BOARD:
Revd Derek Lindfield
BOARD OF GOVERNORS:
Mrs Daphne Bembridge Mrs Ann Bulley (Jul 2023) Mr Raymond Dunnett Revd Sara Iles Miss Kathleen Oliver Revd Kevin Swaine Mr Peter Young
SECRETARY AND CONTACT PERSON: Mrs R A Hopkins 23 Hillary Road Farnham GU9 8QX INVESTMENT MANAGERS: CCLA Investment Management Limited One Angel Lane London EC4R 3AB BANKERS: CAF Bank Limited P.O. Box 289 West Malling ME19 4TA INDEPENDENT EXAMINER: Mrs Nicola Willshire Accounting Services (Guildford) Limited 61 Fairlands Avenue Fairlands Guildford GU3 3NB
## **MILTON MOUNT FOUNDATION**
## **ANNUAL REPORT FOR THE YEAR ENDED 30TH JUNE 2023**
The Board of Governors being the Trustees present their Report and Receipts and Payment accounts for the year ended 30[th] June 2023 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 Mrs Ann Bulley – URC representative Mr Raymond Dunnett – 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.
## Required information for the financial period in question
There were no contracts received from central government or from a local authority nor were there any grants received from either of these.
No grants were made to any individual who was a related party of any of the trustees.
1
No trustee was paid anything.
No income was received from outside the United Kingdom and no funds were spent outside it. The charity has no trading subsidiaries.
The charity is not part of a wider group structure.
At 30[th] June the charity had one permanently employed person, working solely in the United Kingdom. Total employment benefits were below £60,000.
There were no Serious Incidents during the year.
## Risk Assessment
The Governors have considered the risks to which the Milton Mount Foundation is exposed and believe that these will be mitigated by:
- 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.
- Regular Governors’ meetings with effective reporting to ensure proper review of grantmaking coupled with the consideration and approval by Governors of all grants made.
- Retention of competent investment managers.
- 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. School education grants 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 means-tested.
## ACHIEVEMENTS AND PERFORMANCE
## Main Achievements
The Foundation was able to help six girls and one boy with school bursaries. One Sixth Form, three school uniforms and four educational trips grants were awarded.
Grants (generally of £2,000) 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 six were given to women and twenty seven to men. These grants will be annual for the duration of the first degree course and for up to at least three years of a postgraduate course.
2
## **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. A change in the formula for calculation of school bursaries is being considered which will make them more generous.
## _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 risen slightly but the amount is not significant in relation to the overall value.
## 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 £151,087 to £153,147, despite the sale of some investments.
Outgoing Resources at £178,185 were £25,222 lower than the previous year with the decrease due to less given for school bursaries. Administrative and governance costs were slightly higher at £13,116 from £12,126.
Overall there was a decrease in the Income Fund, even after unrealised gains in investments of £4,306, from £214,303 to £193,570.The Capital Fund’s value increased from £4,668,242 to £4,778,168.
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 well above the upper end of the range considered appropriate (£75,000-£100,000) 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 _:_ 2[nd ] November 2023
**Revd D Lindfield** Chairman
3
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MILTON MOUNT FOUNDATION**
## **For the Year Ended 30[th] June 2023**
**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 2023, 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,:
- the accounting records were not kept in accordance with section 130 of the Act; or
- the accounts did not accord with the accounting records; or
- 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: 5/8/2023
## **N. M Wilshire**
Mrs Nicola Willshire Accounting Services (Guildford) Limited 61 Fairlands Avenue Fairlands Guildford GU3 3NB
4
## **MILTON MOUNT FOUNDATION**
## **RECEIPTS & PAYMENTS**
## **YEAR ENDED 30TH JUNE 2023**
|Notes
Income
Fund
£
Capital
Fund
£
Total
2023
£
**Receipts**
Dividends and stock interest
152,416
-
152,416
Interest on cash deposits
731
-
731
153,147
-
153,147
**Payments**
Annual Bursaries and Grants
Girls:
Bursaries
53,589
-
53,589
Single grants, including outfitting
3,000
-
3,000
University grants
49,600
-
49,600
106,189
-
106,189
Boys:
Bursaries
4,380
-
4,380
Single grants, including outfitting
500
-
500
University grants
54,000
-
54,000
58,880
-
58,880
Other grants
2
-
-
-
-
**Total grants**
165,069
165,069
Other costs
3
13,116
-
13,116
178,185
-
178,185
**Net of receipts /(payments)**
(25,038)
-
(25,038)
Investments sold
40,000
-
40,000
Transfers Between Funds
-
-
-
Cash Funds at 1 July 2022
60,971
-
60,971
**CASH FUNDS at 30 June 2023**
**£75,933**
**£-**
**£75,933**|Notes
Income
Fund
£
Capital
Fund
£
Total
2023
£
**Receipts**
Dividends and stock interest
152,416
-
152,416
Interest on cash deposits
731
-
731
153,147
-
153,147
**Payments**
Annual Bursaries and Grants
Girls:
Bursaries
53,589
-
53,589
Single grants, including outfitting
3,000
-
3,000
University grants
49,600
-
49,600
106,189
-
106,189
Boys:
Bursaries
4,380
-
4,380
Single grants, including outfitting
500
-
500
University grants
54,000
-
54,000
58,880
-
58,880
Other grants
2
-
-
-
-
**Total grants**
165,069
165,069
Other costs
3
13,116
-
13,116
178,185
-
178,185
**Net of receipts /(payments)**
(25,038)
-
(25,038)
Investments sold
40,000
-
40,000
Transfers Between Funds
-
-
-
Cash Funds at 1 July 2022
60,971
-
60,971
**CASH FUNDS at 30 June 2023**
**£75,933**
**£-**
**£75,933**|Total
2022
£
151,046
41|
|---|---|---|
||153,147
-
153,147|
151,087|
||53,589
-
53,589
3,000
-
3,000
49,600
-
49,600|
40,978
1,500
54,000|
||106,189
-
106,189|
103,078|
||4,380
-
4,380
500
-
500
54,000
-
54,000|
35.073
1,500
57,000|
||58,880
-
58,880|
88,2035|
||||
||-
-
-|
-|
||-
165,069
165,069
13,116
-
13,116|-
191,281
12,126|
||178,185
-
178,185|
203,407|
||(25,038)
-
(25,038)
40,000
-
40,000
-
-
-
60,971
-
60,971|
(52.203)
48,000
-
65,291|
||**£75,933**
**£-**
**£75,933**|
**£60,971**|
5
## **MILTON MOUNT FOUNDATION**
## **STATEMENT OF ASSETS AND LIABLILTIES**
## **YEAR ENDED 30TH JUNE 2023**
|Note
Income
Fund
£
Capital
Fund
£
Total
2023
£
**Cash Funds**
At bank - CAF
5,426
-
5.,426
On deposit - COIF
70,507
-
70,507
**TOTAL CASH FUNDS**
**£75,933**
**£-**
**£75,933**
**Investment Assets**
At market value:
Fixed Interest Bond
5
-
71,200
71,200
Common Investment Ethical
funds
5
117,637
4,706,968
4,824,605
**TOTAL INVESTMENT FUNDS**
**£117,637**
**£4,778,168**
**£4,895,805**
**TOTAL FUNDS**
**£193,570**
**£4,778,168**
**£,4,971,738**|Note
Income
Fund
£
Capital
Fund
£
Total
2023
£
**Cash Funds**
At bank - CAF
5,426
-
5.,426
On deposit - COIF
70,507
-
70,507
**TOTAL CASH FUNDS**
**£75,933**
**£-**
**£75,933**
**Investment Assets**
At market value:
Fixed Interest Bond
5
-
71,200
71,200
Common Investment Ethical
funds
5
117,637
4,706,968
4,824,605
**TOTAL INVESTMENT FUNDS**
**£117,637**
**£4,778,168**
**£4,895,805**
**TOTAL FUNDS**
**£193,570**
**£4,778,168**
**£,4,971,738**|
Total
2022
£
6,529
54,442|
|---|---|---|
||**£75,933**
**£-**
**£75,933**|**£60,971**|
||-
71,200
71,200
117,637
4,706,968
4,824,605|68,600
4,752,974|
||**£117,637**
**£4,778,168**
**£4,895,805**|**£4.821,574**|
||||
||**£193,570**
**£4,778,168**
**£,4,971,738**|**£4,882,545**|
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 2[nd] November 2023
**R M Dunnett R A Hopkins** .............................................. .............................................. TREASURER SECRETARY
6
## **MILTON MOUNT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2023**
## 1. 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.
|2. OTHER GRANTS
(none in year)
3. OTHER COSTS
Wages and salaries
Pension costs
Insurance
Secretarial expenses & general expenses
Software
Bank fees
Independent Examiner’s Fees|2023
£
2022
£
-
-|
|---|---|
||£-
£-|
||2023
£
2022
£
10,584
9,732
600
583
627
627
180
30
142
138
63
96
920
920|
||£13,116
£12,126|
7
## **MILTON MOUNT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
There was one employee (2021/22: 1).
There were no employees with emoluments in excess of £60,000 per annum. The Governors did not receive or claim travel or subsistence expenses.
## 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 41,558.47 COIF Charities Ethical Investment Fund Income units after selling 13,547.01 units during the year.
|Value at 1 July 2022
Purchased in year
Sales in year
Value at 30 June 2023
Gain/(Loss) in year
Historical Cost at
30 June 2023|Income
Fund
Capital Fund
2023
Ethical
Units
PIBS
Ethical
Units
£
£
£
£
153,332
68,600
4,599,642
4,821,574
-
-
-
-|2022
£
5,169,718
-|
|---|---|---|
||153,332
68,600
4,599,642
4,821,574
40,000
-
-
40,000
117,637
71,200
4,706,968
4,824,605|5,169,718
48,000
4,821,574|
||£4,306
£2,600
£107.326
£114,232|£(300,144)|
||||
||£96,515
£57,107
£2,499,308
£2,652,930|£2,684,146|
8