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