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2024-06-30-accounts

MILTON MOUNT FOUNDATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2024

REGISTERED CHARITY NUMBER: 306981

CHAIRMAN OF THE BOARD:

Revd Derek Lindfield

BOARD OF GOVERNORS:

Mrs Daphne Bembridge Mrs Ann Bulley Revd Gwyn Davies (from 2 Nov 2023) Mr Raymond Dunnett Revd Sara Iles Miss Kathleen Oliver Revd Kevin Swaine Mr Peter Young (to 2 Nov 2023)

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:

INDEPENDENT EXAMINER:

CAF Bank Limited P.O. Box 289 West Malling ME19 4TA 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 2024

The Board of Governors being the Trustees present their Report and Receipts and Payment accounts for the year ended 30[th] June 2024 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.

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.

1

MILTON MOUNT FOUNDATION ANNUAL REPORT – continued

No grants were made to any individual who was a related party of any of the trustees. 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:

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, the Unaffiliated Congregational Churches and the Union of Welsh Independents, 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 (the same as in 20222023).. One Sixth Form, ten school uniforms and six educational trips grants were awarded (three and four respectively in 2022-2023).

2

MILTON MOUNT FOUNDATION ANNUAL REPORT – continued

Grants (generally of £2,000 for women and £1,500 for men) were given to any children of ministers of the relevant denominations who were doing a University first degree course or a first postgraduate course. Thirty three were given to women and twenty four to men (twenty six and twenty seven respectively 2022-2023). 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.

Mainly because of number of 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 was made which 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 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 decreased slightly from £153,147 to £152,522 ; the sale of some investments and the redemption of high interest Bank of Ireland bonds being largely offset by increase in deposit income.

Outgoing Resources increased slightly from £178,185 to £179,112 despite the reduction in the size of men’s university grants (made to satisfy the Foundation’s requirement that a maximum of one third of its income should spent on males). Administrative and governance costs increased from £13,116 to £15,059, mainly due to the costs of the first in-person Board meeting since before the Covid pandemic and salary increase linked to RPI.

Overall there was a decrease in the Income Fund, despite unrealised gains in investments of £7,832, from £193,570 to £174,811. The Capital Fund’s value increased from £4,778,168 to £5,231,119.

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 (c£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 : 7[th] November 2024

Revd D Lindfield Chairman

3

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MILTON MOUNT FOUNDATION

For the Year Ended 30[th] June 2024

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 2024, 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,:

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: 12 August 2024

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 2024

Notes
Income
Fund
£
Capital
Fund
£
Total
2024
£
Receipts
Dividends and stock interest
150,215
-
150,215
Interest on cash deposits
2,307
-
2,307
152,522
-
152,522
Payments
Annual Bursaries and Grants
Girls: Bursaries
54,342
-
54,342
Single grants, including outfitting
5,388
-
5,388
University grants
61,100
-
61,100
120,830
-
120,830
Boys: Bursaries
5,223
-
5,223
Single grants, including outfitting
2,000
-
2,000
University grants
36,000
-
36,000
43,223
-
43,223
Other grants
-
-
-
Total grants
164,053
164,053
Other costs
3
15,059
-
15,059
179,112
-
179.112
Net of receipts/payments
(26,590)
-
(26,590)
Net gains (losses) on investments
5
7,831
452,951
460,782
Transfers Between Funds
-
-
-
Fund balances bfwd at 1 July 2023
193,570 4,778,168
4,971,738
FUND balances cfwd at 30 June 2024
£174,811 £5,231,119
£5,405,930		 Notes
Income
Fund
£
Capital
Fund
£
Total
2024
£
Receipts
Dividends and stock interest
150,215
-
150,215
Interest on cash deposits
2,307
-
2,307
152,522
-
152,522
Payments
Annual Bursaries and Grants
Girls: Bursaries
54,342
-
54,342
Single grants, including outfitting
5,388
-
5,388
University grants
61,100
-
61,100
120,830
-
120,830
Boys: Bursaries
5,223
-
5,223
Single grants, including outfitting
2,000
-
2,000
University grants
36,000
-
36,000
43,223
-
43,223
Other grants
-
-
-
Total grants
164,053
164,053
Other costs
3
15,059
-
15,059
179,112
-
179.112
Net of receipts/payments
(26,590)
-
(26,590)
Net gains (losses) on investments
5
7,831
452,951
460,782
Transfers Between Funds
-
-
-
Fund balances bfwd at 1 July 2023
193,570 4,778,168
4,971,738
FUND balances cfwd at 30 June 2024
£174,811 £5,231,119
£5,405,930		 Total
2023
£

152,416

731
152,522
-
152,522
153,147
54,342
-
54,342
5,388
-
5,388
61,100
-
61,100
53,589

3,000

49,600
120,830
-
120,830
106,189
5,223
-
5,223
2,000
-
2,000
36,000
-
36,000
4,380

500

54,000
43,223
-
43,223
58,880
-
-
-		 -
164,053
164,053
15,059
-
15,059
165,069

13,116
179,112
-
179.112
178,185
(26,590)
-
(26,590)
(25,038)
7,831
452,951
460,782
114,231
-
-
-
193,570 4,778,168
4,971,738

4,882,545
£174,811 £5,231,119
£5,405,930		 £4,971,738

5

MILTON MOUNT FOUNDATION

STATEMENT OF ASSETS AND LIABLILTIES

YEAR ENDED 30TH JUNE 2024

Note
Income
Fund
£
Capital
Fund
£
Total
2024
£
Cash Funds
At bank - CAF
1,233
-
1,233
On deposit - COIF
84,110
-
84,110
TOTAL CASH FUNDS
£85,343
£-
£85,343
Investment Assets
At market value:
Fixed Interest Bond
5
-
-
-
Common Investment Ethical
funds
5
89,468
5,231,119
5,320,587
TOTAL INVESTMENT FUNDS
£89,468
£5,231,119
£5,320,587
TOTAL FUNDS
£174,811
£5,231,119
£5,405,930		 Note
Income
Fund
£
Capital
Fund
£
Total
2024
£
Cash Funds
At bank - CAF
1,233
-
1,233
On deposit - COIF
84,110
-
84,110
TOTAL CASH FUNDS
£85,343
£-
£85,343
Investment Assets
At market value:
Fixed Interest Bond
5
-
-
-
Common Investment Ethical
funds
5
89,468
5,231,119
5,320,587
TOTAL INVESTMENT FUNDS
£89,468
£5,231,119
£5,320,587
TOTAL FUNDS
£174,811
£5,231,119
£5,405,930
Total
2023
£
5,426
70.507
£85,343
£-
£85,343		 £75,933
-
-
-
89,468
5,231,119
5,320,587		 71,200
4,824,605
£89,468
£5,231,119
£5,320,587		 £4.895,805
£174,811
£5,231,119
£5,405,930		 £4,971,738

There are no liabilities or tangible assets of any value.

The financial statements were approved by the Board of Governors on 7[th] November 2024 and signed on their behalf by

R M Dunnett

R A Hopkins

.............................................. .............................................. TREASURER SECRETARY

6

MILTON MOUNT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2024

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 2024
£		 2023
£
(none in year) - -
£- £-
3. OTHER COSTS 2024
£		 2023
£
Wages and salaries 11,928 10,584
Pension costs 716 600
Governors’ meeting expenses 496 142
Insurance 632 627
Secretarial expenses & general expenses 307 180
Bank fees 60 63
Independent Examiner’s Fees 920 920
15,059 £13,116

7

MILTON MOUNT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued

There was one employee (2022/23: 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 held 40,000 Bank of Ireland 13.375% perm. i.b.s. formerly Bristol & West) which were redeemed for £76,000 in October 2023. This amount was invested in 27,276.55 COIF Charities Ethical Investment Fund Income units of which it now holds 1,690,238.34 units.

The Income Fund holds 28,908.29 COIF Charities Ethical Investment Fund Income units after selling 12650.18 units during the year.

Value at 1 July 2023
Purchased in year
Sales in year
Value at 30 June 2024
Gain/(Loss) in year
Historical Cost at
30 June 2024		 Income
Fund
Capital Fund
2024
Ethical
Units
PIBS
Ethical
Units
£
£
£
£
117,636
71,200
4,706,968
4,895,804
-
-
76,000
76,000		 2023
£
4,821,574
-
117,636
71,200
4,782,968
4,971,804
36,000
76,000
-
112,000
89,468
-
5,231,119
5,320,587		 4,821,574
40,000
4,824,605
£7,832
£4,800
£448,151
£536,783		 £114,232
£59,132
£-
£2,539,308
£2,598,440		 £2,652,930

8