2023-12-31-accounts

REGisfERED CHARITY NUMBER: 514381 Re rt of the Trustees and Financial Statements for The Millar Chari Fun Thorne Widgery Accountancy Ltd Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS

The Millar Charit Contents of the Finanaal Statements for the Year Ended 31 December 2023 Page ReFK)rt of the Trustee5 RekKJrt of the Indewndent Auditors Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12 to 18 Detailed Statement of Financial Activities 19

The Millar Charit Fund rt of the Trustee5 for the Year Ended 31 December 2023 The trustees present their repx)rt with the financ7al statements of the charity for the year ended 31 December 2023. The Iru51&S have adopted the prowsion5 gf Accounting and Re￿rting by Charilies= Staternenf of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. ADMINISTRATIVE INFORIAATION Charity No.: 514381 Offlce: 147. St. Owen Street, Hereford, HR12JR. Names of Tru5tee5: Mrs Polly Andrews Ichairnianl Cllr Susan Boulter Mr David Fleet Iresigned 1 November 2023 Cllr Elizabeth Foxton Mrs Marian Hawke5 Cllr Catherine Hornsey (resigned 1 Novembcr 20231 Mr David Hower5ki Mr Paul Morris Mr Brian Wilcox Chief Executive Offlce and Clerk . Dr Thomas Roderick. BA. PhD. PGCE. MIL until 31112123 Accounts Administrator and G￿eral Assistant . Ms Edwina Haffenden Banker5: National Westminster Bank plc. Broad Street. Hereford. HR4 9AH Solicitors: Gabbs Isolicitorsl, 14 Broad St, Hereford, HR4 9AP Audltors: TIN)rne Widgery, 2 Wyevale Business Park, Kings Acre, Hereford. HR4 7BS Investment Advisers . CCLA Investment Managernent Ltd. Cheapside. London Land Agents: Sunderland, St. Peters Square. Hereford. HR1 2PQ STRUCTURE, GOVERNANCE AND MANAGEhlENT Governing document The Will of Mr RoEert Millar, dated 9th May 1962. Recrultment and appointment of new trustees The Board of Trustees consist5 of up to 10 competent persons. namely. two Nominative Trustee5 and eight Co-optative Trustees. Nominative Trustees are aprK)inted by the Parish Council of the City of Hereford (or its apwopriate succe550rl. Each apFx)intment is made for a term of four years. Co-optative Trustees are appointed for five years (renewable for noi more than two terfflsl by a resolution of the Co-optative Trustees, passed at a Special Meeling- Truslees w￿)Se terms are expiring may rK)t vote on the matter. Organisational structure Page 1

The Millar Charit Fund Re rt of the Trustees for the Year Etlded 31 December 2023 The Truslees, at their first meeting in each year (Annual General Meeting), elect one of their number to te Chairman until the comrrEncemenl of the following year. and similarly with regard to a Deputy Chairman. T￿re is a time lirnit of three years for the wsitions of Chaim)an and Deputy Chainnan. At the AGM in January 2023, Mrs Polly Andrews wa5 re-elected Chairrnan and Mr Paul Morris was re-elected as Deputy Chairman. A Special Meeting may be sum￿￿ned by the ChaiThan or by two T￿￿tee$ UF*)n four days. Th)tice being given to the other Trustees of the matter to be discussed, but, if the matter5 include an apkN)intment of a Co-optative Trustee, then UFon not less than 21 days notice being so given. There 15 a quorum w￿n five Trustees are present at a meeting. Every meeting is deterrnined by the majority of vote5 of the Trustee5 present. In the case of an equality of vote5, the Chairrnan has a casting vote. The Trustees apFriint as mary committees as they think fit for the administration of the Chaiities. All acts and pr(Keeding5 of the committees are reported to a General Weeting of the Board of Trustees for confirmation. At presenl, there are the following Commiltees: Pastoral Committee: this comprises four Trustees and deals with the selection and apwintment of resident5 and their subsequent welfare. It meet5 as necessary. Working Group on Almshouse5 Maintenance: this comprise5 two Trustees and the Clerk, and keeps under review the condition of the Almshouses, rewrting on necessary remedial and iMprOven￿￿t work to the Board of Trustee5. meets as necessary. Mana ment Chief Executive Officer and Clerk: the Trustee5 apFX)int a fit person for the day-to day rur¢ning of the Trustees. business, as well as and providing yjitable office accommdation and supw)rt. Chaplain- the Trustees apw)int a ChatAain of Prices Cha￿1 in Bricknell Close. currently Mr Steve Vi￿e, a lay Reader at Holy Trinity Church, Hereford. Good Neighbours". the Trustees have designated the follovring residents to be GtK)d Neighbour5 at Whitecross Road/Bricknell Close, Tll order to provide Sup[￿ and a55T5tance to the re5ident5: Mrs Dawn Jones and Mr5 Audrey Hiron5. Related parties Hereford Municipal Charitie5 carries out the administration of the Millar Charity Fund Icharity No: 5143811 and the Tudor Campion Fund (Charity No: 1035990). both charities share comrrK)n Tru5tee5 With the Hereford Municipal Charities. Certain direct costs relating to these charities are charged by Hereford Municipal Charitie5 and in addition an appropriate share of administrative costs 15 tr￿)rne by these connected charitie5. Risk management The major risks to which the Charity is exposed are identified and reviewed ￿rIod1(allY by the Trustees. They have approved and implemented financial controls and have COr￿LUded that the risk of material financial fraud is low. They review anr¢ually comprehensive inSurar￿e p)licies and are satisfied that these are suitable for their purpose. Page 2

The Millar Charit Fund Re ort of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Objective5 and aims The Millar Charily was founded by Mr Robert Millar by his Will dated 9th May 1962, leaving the residue of his estate to Hereford Municipal Charities 'for the building and maintaining of rest house5. to be occupied 'by aged and respectable ￿r$On5 in reduced circumstances.. The residents of the Millar Almshouses are beneficiaries of the charitable trust. No rent is charged but there is a rnonthly maintenance contritxjtion IMMCI. Almshouse residents One resident died (Mr John Pricel and an existing resident Imrs Cynthia Powell) resident transferred there. Public benefit The Charities meet the public benefit test by providing gKial trK)using. at a sub5idi5ed c05t. for elderly resident5 of the City of Hereford. In drafting this report, the Trustees have complied with the duty in Section 4 of the Charities Act 2(KJ6, to have (ttje regard to public benefit guidance published by the Charity Commisston. ACHIEVEMENT AND PERFORMANCE Charitable activities As in previous years, the Trustees apwoved a wide range of maintenance improvements during 2023. This included major adaptations to Alrnshouses, whenever they becarne vacant. including the installation of accessible shower rooms and the fitting of new kitchen units. In addition. the grounds and gar¢kns were kept in good condition by emplowng a contractor to cul and maintain the gra55. trees and hedges. The re5ident5 continued to enjoy a variety of benefit5. including the Christmas Luncheon. which was held again in December 2023 at the Green Dragon Hotel in Hereford. to the great delight and enjoyment of all who attended. In addition, the group television licence was renewed, thereby allowing those in residence before 2012 to watch television without paying for their own licences. Fundraising actiwties The Charity does not fund raise or actively seek bequests, as it has its own endOW￿EntS and own5 no land on which lo expand. FINANCIAL REVIEW Financial position The results for the year show a surplus of £23,388 12022: deficit £15,087), after investment gains of [14,627 12022= losses £21.9691. Net assets amounted to £627.262 12022: £603.8741. Income from dividends increased by 10.5% 12022: increased by 4.7%) compared with the previous year. and the overall market value of investments rose this year after falling la3t year being affected by the even15 in Ukraine and the current economic climate in the UK, rose by 7.5% I2022:fell by 10.1%). Further details can be seen in the Achievements and Performance section of thi5 rew)rt and in the Statement of Financial Activities in the Accounts for 2023. Administrative costs The Trustee5 ensure that the administrative and staffing costs of the Trust are Ljnder a tight rein and are kept as low as Possible consistent with effective management and control. The Trustees would like to place on record their grateful thanks to the staff for their dedication and hard work on tehalf of Trust. Principal funding source5 The principal funding source of the charity TS the licence fees received from the tenant of the Almshouses, along with dividend and interest income from the investments. Page 3

The Millar Charit Fund rt of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Investment policy and objective5 The investments in stocks and shares are managed by CCLA (Church, Charity and Local Authorityl Investment Management Limited. The Trustees. investment w)licy is, in conjunction with charges to residents, to provide sufficient income to maintain and improve their properties and to enhance the value of invested funds for the benefit of residents now and in the future. The Charitys investments are managed by CCLA in accordance with guideline5 agreed by the Tru5tee5. CCLA ha5 an ethical FK)licy to which the Trustees subscribe. The Trustee5 rewew the investments with CCLA annually to ensure that they meet the needs of the Charities. making changes as necessary in consultation with their professional advisers. Reserves polTCy The Trustees regularly review the level of reserves avallable Iboth unrestricted and restricted) and have considered the balarKe between the need to use 9)me reserves to take advantage of key opportunities to advance the work and development of the organisation, and to ensure that a secure financial base is maintained. Total reserves at the balance sheet date totalled £627,262 {2022". 1603,874). of this £223,411 {2022: £209,183) was unrestricted funds and £403,851 12022: £394,691) endOwn￿nt funds. The Trustees wish to retain unrestricted funds at a level equivalent to one years income. The current reserves exceed this as a matter of prudence in the current economic climate. Free reserves IT.e. unrestricted funds le55 fixed as5et5) at the year amounted to E167.585 12022: £155.7441 as shown on the balance sheet. Going concern The Trustees have to conslder that the charity is in a sound financial FM)Sition to continue for the foreseeable future, as noted above (Fundamentals of the Charities}: it dces not need to fund-raise or actively seek bequests. Further details are provided in the accounting policie5 note. Included in the notes to the financial statements. PLANS FOR THE FUTURE {2023 AND BEYOND The Trustees will tontinue their well-tried ￿)LicY of improving and renovating the alrnshouses. The Trustees have decided to re-assess the G(M)d Neighbours Scheme to adapt to current needs on both site5 Bricknell Close and St Cfv•en Street. The Good Neighbcrtjrs Scheme is not a statutory service, but it proved to be very beneficial and appreciated by the residents. STRUCTURE. GOVERNANCE AND MANAGEMENT REFERENCE AND ADMINISTRATIVE DEfAILS See page 1 STATEMENT OF TRUSTEES. RESPONSIBILrriES The trustees are reswnsible for preparing the Rewrt of the Trustee5 and the financial staterrEnt5 in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom GerErally Accepted Accounting Practice). Page 4

The Millar Charit Fund ort of the Trustees for the Year Ended 31 December 2023 STATEMENT OF TRUSTEES. RESPONSIBIUTIES - continued The law applicable to charities in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulations 2(K18 and the provisions of the trust d￿d requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charity and of the incoming resources and applicalion of resources, including the income and expenditure. of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistentlyj obseThe the mettrK)ds and principles in the Charity SORP. make judgements and estimate5 that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are reswnsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial State￿EntS comply with the Charitie5 Act 2011, the Charity IAccounts and Reports) Regulations 2(M)8 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. Approved by order of the board of trusiees on . and signed on its behalf by: Mrs P A Andrews - Trustee Page 5

rt of the Inde ndent Auditor5 to the Trustees of The Millar Charit Fund Opinion We have audited the financial statements of The MilLar Charity Fund (the 'charity'l for the year ended 31 December 2023 which cornwse the Statement of FIna￿la1 Activitie5, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policTes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: g7ve a true and fair wew of the state of the charitys affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then erthd; have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice", and have been prepared in accordance with the requIre￿nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and apl7cable law. Our responsibilities under those standards are further described in the Auditors. resrK)nsibilities for the audit of the financial slatemeTrts section of our report. We are independent of the charity in accordance with the ethical requireFnents that are relevant to our audit of the financial statements in the UK. includTng the FRC'S Ethical Standard. and the provisions available for small entities. in the circumstance5 Set out in note 15 to the financial statements. and we have fulfilled our other ethical resp)ns?bilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and apwopriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have rnt identified ary material uncertainties relating to events or condition5 that, indiwdually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve nK)nths from when the financial statements are auth0ri5ed for issue. Our resrK)nsibilities and the resp)nsibilities of the trustees with resFtct to going Co￿ern are described in the relevant sections of this report. Other information The trustees are resFK)nsible for the other information. The other information comprise5 the infomiation included in the Annual Report, other than the financial statements and our RetK)rt of the InderEndent Auditors thereon. Our opinion on the financial statements not cover the other information and. except to the extent otherwise explicitly stated in our retKJrt. we do not express any form of assurance conclusion thereon. In connection wlth our audit of the finaT7cial statements, our reswjnsibility 15 to read the other information and, in doing so, consider W￿ther the other information is materially inconsistent with the financial stalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to rewrt in this regard. Matters on which we are required to report by exception We have nothing to report in resFect of the following matters where the Charities {Accounts and Rewrtsl Regulations 2008 requires us to rew)rt lo you if, in our opinion: the information given in the Rewrt of the Trustees 15 inconsistent in any material resFECt with the financial statements. or sufficient accounting records have not been kept; or the fiT)ancial 5tatement5 are not in agreement with the accounting records and retums- or we have not received all the information and explanations we req￿re for our audit. Page 6

Re ort of the Inde ndent Auditors to the Trustees of The Millar Charli Fund Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees are reswnsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statemenls thal are free from material misstatemenl, whether due to fraud or error. In preparing the financial statements, the trustees are resFonsible for assessing the charity's ability to Contin￿ as a going concern, disclosing, a5 applicable. matters related to going concern and using the going concern ba515 of accoLAnting unless the trustees either intend to liquidate the charity or to cease operations, or have no ￿alIstIC alternative but to do 50. Page 7

rt of the Inde dent Auditor5 to the Tru5tee5 of The Millar Charit Fund Our responsibilities for the audit of the financial statements We have been ap￿iThted as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the IndeFendent Auditors that include5 our opir7ion. Reasonable a55urance is a hTgh level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mTSStatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the ecornmic decisions of u5er5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifwng and a55e55ing ri5k5 of material misstatement in resFeCt of irregularities, including fraud and non-cornpliance with laws and regulations, we considered the following: - the nature of the industry and sector, control en￿ronment and business performance results of our enquiries of management at(Jut their own identification and assessment of the risks of irregularities - any matters we identified hawng obtained and reviewed the policie5 and procedures relating to: ident1￿.ng, evaluating and cornpiwng with Law5 and regulations aThJ whether they were aware of any instances of non-compliance detecting and resFK)nding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud the internal controls established to mitigate ri5k5 of fraud or non-COTnpliance with law5 and regulations the matters discussed arnong the audit engagement team and involving internal specialists, regarding how and where fraud might occur in the financial statements and any FKJtential indicator5 of fraud As a result of these procedures we considered the opportunities that tnay exisl within the organi5atTon for fraud and identified the greatest potential for fraud in income. which was raised as a key audit matter in the current year. comnK)n with all UK audit5 we are a150 required to perform specific procedures to resp)nd to the risk of management override. We also obtained an understanding of the legal aThJ regulatory framework the organisation operates Tn. focusing on provisions of hose laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial staterrents. The keys laws and regulations we considered in thi5 context include the Companies Act, Charities Act and Charities SORP and tax legislation. In addition we consi(kred provi5ion5 Of other law5 and regulation5 that do not have a direct effect on the financial statements but compliance with which may be fundamental to the organisation s ability to operate. These include health and safety. In addition to the abjve, our procedures to resFrfJThJ to risks Identif￿ 7nclude the following: reviewing the flnancial 5taleTrnts disclosures and testing to supporting d(￿umentatIon to assess compliance wth provisions of relevant laws and regulations described as having an effect in the financial statements enquiring of management concerning actual and 5X)tential litigation claims performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement5 due to fraud - readTng minutes oof meetings of those charged with governance in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entrie5 and other adjustments- assessing Wlth their judgements made in making accounting e5tirnates are indicalive of a potential bas- and evaluating the busine55 rationale of any significant transactions that are unusual or outside the normal course of txjsiness. We also communicated relevant laws and regulations and potential fraud risks to all engagement team memtrErs, including internal speciali5e5 and rernair￿d alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Page 8

rt of the Inde ndent Auditors to the Trustees of The Millar Chari Fund A further description of our reswnsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 website at www.frc.org.uklauth-torsresFX)nsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report Is made solely to the charitys trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2￿8. Our audit work has been undertaken 50 that we might state to the charity's trustees those fflatters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do rsot accept or assume reswnsibility to anyone other than the charity and the charitys trustees as a bo(ty, for our audit work, for this retx)rt. or for the opinions we have formed. LO(d Aco-kn itrl Thorne Widgery ACcountar￿Y Ltd Chartered Accountanls Statutory Auditors 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS Date: Page 9

The Millar Charit Fu Statement of Financial ActTVTtTes for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted fund Designated funds Endowment fuTh Notes INCOME AND ENDOWME￿5 FROM Charitable activftles Almshouses 38,025 38.025 34,550 Investment ir￿OMe 5,363 744 6.107 5,526 Total 43,388 744 44,132 40,076 EXPENDITURE ON Charitable activities Almshouses 35.371 35,371 33,194 Net gainslllossesl on investments 3.824 1.643 9,160 14,627 {21,9691 INCOMEI(EXPENDITURE) 11.841 2.387 9,160 23,388 {15,0871 RECONCILIATION OF FUNDS Total funds brought forward 155.744 53,439 394,691 603.874 618,961 TOTAL FUNDS CARRIED FORWARD 167,585 55,826 403,851 627,262 603,874 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activitie5. notes form part of these financial stateTr￿nts Page 10

The Millar Charit Fund Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Tolal funds Unrestricted fund Designated funds Endowment fund Notes FIXED ASS￿5 Tangible assets Investments 282.138 121.713 282,138 121,713 282,138 112,553 403,851 403,851 394,691 CURRENT ASSErs Debtor5 Investments Cash at bank 10 11 2,233 82,015 176, 502 59,375 123,916 28,108 27,718 87,483 151,634 185.735 55.826 241,561 260,750 CREDITORS Amounts falling due wthin one year 12 118.150 118,1501 51,567) CURRENT ASSErs 167,585 55,826 223,411 209,183 TOTAL AsS￿s LESS CURRENT LIABILITIES 167,585 55,826 403,851 627,262 603,874 ASS￿5 167,585 55.826 403,851 627,262 603,874 FUNDS Unrestricted funds Endowment funds 13 223,411 403,851 209,183 394,691 TOTAL FUNDS 627,262 603,874 The financial statements were approved by the &>ard of Trustee5 atKI authori5ed for issue and were signed on its Èehalf by- on P A Andrews - tee The notes form part of these financial statements Page 11

The Millar Charit Fund Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial 5tatenEnts of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Retx)rting by CharFties: 9￿ternent of Recommended Practice applicable to charitie5 preparing their accounts in accordarKe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 The Financial Rewrting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The financial statements have b*n prepared under the historical cost convention, Wlth the exception of investments which are included at marf(et value, as modified by the revaluation of certain assets. Going Concern The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make thi5 assessfflent in reslECt of a peri(Kl of at least one year from the date of authorisation for ISSLE of the financial statements and have concluded that the company has adequate re50urce5 to continue in operational existence for the forewable future and there are no material uncertainties about the charitys ability to continue as a going concern, thus they Contin￿ to adopt the going concern ba515 of accounting in preparing the financial 5tatwnent5. Income All incoTlle is recognised in the Statement of Filla￿la1 Activities once the charity has entitlernent to the funds, it is probable that the income will be received and the amount can be meayjred reliably. Expenditure Liabilities are recognised as expenditure as s(KJn as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of ihe obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that aggregate all cost related to the category. Where costs cannot directly attributed to particular headings they have been all￿ated to activitie5 on a basis con515tent with the use of resources. Tangible fixed assets Freehold property is staled at C05t and is rK)t depreciated. as it is considered that the remaining useful economic life of the property is of a length that any depreciation charge would be immaterial. All expenditure of repair. improve￿￿nt or enhancement of freeh)Id properties is written off in the year Fn which it is incurred. Taxation The charity is exempt frorn tax on its charitable activitie5. Fund accounting UnrestrTCted funds can be used in accordance wth the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when f unds are raised for particular restricted purposes. Endowment fund5 exist in the fO￿n of tangible fixed a55ets and investments. Further explanation of the nature and purwse of each furMI is included in the notes to the financial statements. Pension cost5 and other post-retlrement beneflts The charity operates a defined contribution pension scheme. Contributions payable to rhe charitys pension scheme are charged to the Statement of Financial Activities in tIE t￿[lOd to which they relate. Page 12 continued...

The Millar Charit Fund Note5 to the Financial Statements - continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- continued Fixed asset and current investments Investments are stated at market Val￿ as at the balance Sheet date. The statement of financial activities include5 the net gains and losses arising on revaluation and diswsals through(MJt the year. Gains and losses All gains and 105ses are taken to the Statement of FinarKial Activities as they arise. Realised gains and losse5 on investments are calculated as the difference between sales proceeds and opening market value Ipurchase date if later). Unrealised gains and losses are calculated as the difference between the marf(et value at the year end and opening market value lor purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. Debtors Trade and other debtors are recognised at the settlement amount due after any discount5 offered. Prepayments are valued at the amounts prepaid net of any discounts due. Cash and bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investment5 Wlth a short maturity of three months or less frorn the dale of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event thal will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are rwjmially recognised at their settlement atnount after allowing for any discounts due. INVESTIAENT INCOME 31.12.23 Total fijnds 31.12.22 Total funds Unrestricted funds Enthwment funds Dividends and interest 6.107 6.107 5,526 SUPPORT COSTS Governance costs Other Toials Almshouse5 8,349 2,094 10.443 AUDITORS. REMUNERATION 31.12.23 31.12.22 Fees payable to the charitys auditors for the audit of the charity's fIna￿lat statements 1,888 1,820 Page 13 continued.-.

The Millar Charit Fund Note5 to the Financial Statements continued for the Year Ended 31 December 2023 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 DecemLEr 2023 nor for the year ended 31 December 2022. Tru5tees' expense5 There were no trustees expen5e5 paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. STAFF COSTS 31.12.23 31.12.22 Wages and salaries Other Fension costs 6,576 749 6,238 756 7.325 6,994 Ke Mana ment Remuneration The key management personnel of the charity 15 considered lo be the trustees and the Chief Executive Officer. The total amount of employee benefits (including employer pension contributionsl received by key management personnel for their Servi￿ to the charity was £4,174 (2022: £3.9971. The average ￿K)nthlY nUM￿r of employee5 during the year was as follow5: 31.12.23 31.12.22 Administrative staff No employees received erniAument5 in exce55 of £60.(XK). COMPAKITIVES FOR ThE STATEMENT OF FINANCIAL ACTivmES Unrestricted fund Designated funds Endowment fund Total funds INCOME AND ENDOWMEF¥fs FROM Charitable activitie5 Almshouses 34.550 34,550 Investment irKome 5.362 164 5,526 Total 39,912 164 40,076 EXPENDITURE ON Charitable activities Almshouse5 33.194 33,194 Net gains/llosse51 on investments 17,3391 114,8381 21,969 NEf INCOMEI(EXPENDITURE) 1621) 372 114,8381 115,0871 RECONCILIATION OF FUNDS Total funds brought forward 156,365 53.067 409,529 618,961 Page 14 continued...

The Millar Charit Fund Notes to the Financial Statements - continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE ¥fATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Designated fund funds Endowment fund Total funds TOTAL FUNDS CARRIED FORWARD 155.744 53.439 394.691 603,874 TANGIBLE FIXED ASS￿$ Freehold property COST At l January 2023 and 31 December 2023 282,138 NEf BOOK VALUE At 31 December 2023 282.138 At 31 December 2022 282, 138 Included in cost or valuation of Land and buildings is freeknld tand of £282,138 12022 £282,138) which is r￿t depreciated. FIXED Ass￿ INVESTMENTS Listed investment5 MARKET VALUE At 1 January 2023 Revaluations 112,553 9,160 At 31 December 2023 121,713 Ntr BOOK VALUE At 31 December 2023 121,713 At 31 December 2022 112,553 There were no inVest￿nt assets outside the UK. C05t or valuation at 31 December 2023 is represented by: Listed investments Valuation in 2022 Cost 70,128 51,585 121,713 Page 15 continued...

The Millar Charit Fund Notes lo the Financial statements - continued for the Year Ended 31 December 2023 10. DEBTORS: AMouKfs FALLING DUE W￿H1N ONE YEAR 31.12.23 31.12.22 PrepayTnent5 a￿1 accrued income 2,444 2,233 CURRENT ASSET INVEsfMEKrs 31.12.23 31.12.22 Listed investments 87,483 82,015 12. CREDITORS: AJAOUNTS FALLING DUE wrrHIN ONE YEAR 31.12.23 31.12.22 Other creditors 18,150 51,567 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrèstricted funds Unrestricted fund Designated Cyclical maintenance fund Designated Extraordinary repairs fund 155,744 26,974 26,465 11,841 744 1,(A3 167,585 27,718 28,108 209,183 14,228 223,411 Endowment funds Enth)wment fund 394,691 9,160 403,851 TOTAL FUNDS 603,874 23.388 627,262 Net movement in funds, included in the above are a5 follows: Incoming resources Resources expended Gains alld Ios5e5 Movement in funds Unrestricted funds Unrestricted fund Designated Cyclical maintendr￿e fund Designated Extraordinary repairs fund 43.388 744 135,3711 3,824 11,841 744 1,643 1,643 44.132 135.3711 5,467 14,228 Endowment fund5 Enthswment fund 9,160 9,160 TOTAL FUNDS 44.132 {35,371) 14,627 23,388 Page 16 continued...

The Millar Charit Fund Note5 to the Financial Statements - continued for the Year Ended 31 December 2023 13. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds Unrestricted fund Designated Cyclical rnaintenance fund Designated Extraordinary repairs fund 156,365 26,810 26.257 16211 164 155,744 26,974 26.465 209,432 12491 209,183 Endowment funds En(*Jwment fund 4LYg,529 114,8381 394,691 TOTAL FUNDS 618.961 115.0871 603,874 Comparative net rrLJvement in funds, included in the above are as follows". Incoming resource5 Resources expended Gains and losses Movement in funds Unrestricted funds Unrestricted fund Designated Cyclical maintenance fund Designated Extraordinary repairs fund 39.912 164 133,1941 17,3391 16211 164 40.076 133.1941 7.1311 2491 Endowment funds Endowment fund {14,8381 114,8381 TOTAL FUNDS 40,076 133,194) 121,969} 115,087) Unrestricted fund The 'free reserves. after allowing for all thsignated funds Desi nated c lical maintenance fund A designated fund for the purpose of providing for those items of ordinary repairs and maintenance which recur at infrequent intervals. in A designated fund for the repair, improvement or rebuilding of the property. Endowment fund An endowment fund from Mr Robert Millar who bequeathed the residue of his estate for 'the building and maintaining of rest houses. The fund consists of eight properties and an investment portfolio to provide income for the management of the pn)perties. Page 17 continued...

The Millar Charit Fund Notes to the Financial StateTTTents - contin￿1 for the Year Ended 31 December 2023 14. RELATED PARTY DISCLOSURES Hereford Municipal Charitie5 (Charity Number: 218738) carrie5 Out the administration of the Millar Charity Fund (Charity Number: 514381. Certain direct costs relating to these charities are charged by Hereford Municipal Charities and in addition an apFKopriate share of administrative costs is also borne by these connected charities. During the year expenditure of £17,476 12022: £17,516) was recharged from the Hereford ￿nIcIpaL Charity. At the year end £17,47612022: £51.0551 was due to the charity. 15. FRC ￿HIcAL STANDARD - PROVISIONS AVAILABLE FOR SMALL EKllTIES In common with mary other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authoritie5 and a551St with the preparation of the financial statements. Page 18