REGisfERED CHARifi NUMBEIL 514381 Re rt of the Trustees and Financial Ststements for the Year Ended 31 December 2024 for The Millar Charit Fund Thome Widgery A£countancy Ltd Chartered kcountants Statutory Auditors 2 Wyevaie Business Park Kings Ac Hereford Herefordshire HR4 7BS
The Millar Chari Fund Contents of the Ffnancial Statements for the Year Ended 31 December 2024 Page Report of the Trustees 1 to 5 Report of the Independent Auditor5 6 to 9 Statement of Financial ktivitTes 10 Balance Sheet 11 Notes to the Financial Statements 12 to 18 Detailed Statement of Financlal ktlvltles 19
The Millar Charit Fund Re rt of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the pros7on5 of Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). ADMINISTRATIVE INFORMATION Charity No.: 514381 Offi. 147, St. oVn Street, Hereford, HR12JIL Names of Trustees: Mrs Polly Andrews {Chairman) Cllr Susan Boulter Cllr EITzabeth Foxton Mrs Marfan Hawkes Mr David Howerski Mr Paul Morris Mr Brian Wilcox Ms Rhianon Robinson { apwinted 19 January 2024) Mr Hugh Brooks l appointed 15 March 2024) Chlef Executlve Offlce and Clerk: Peter Cabara from 0110112024 Accounts Administrator and General Assistant: Ms Edwina Haffenden Bankers: National Westminster Bank plc, Brckid Street, Hereford, HR4 9AH Sollcltor5: Gabbs (Solicitors), 14 Broad St, Hereford, HR4 9AP Auditors: Thorne Widgery, 2 Wyevale Business Park, Kings kre, Hereford, HR4 7BS Investment Adyisers: CCLA Investment Management Ltd. Cheapside, London Land Agents: Sunderiand, 5t. Peterfs Square, Hereford, HR12PQ srRucfuRE, GOVERNANCE AND MANAGEMENT Governln8 document The Will of Mr Robert Millar, dated 9th May 1962. Recruitment and appointment of new trustees The Board of Trustees consists of up to 10 competent persons. namely. two Nominative Trustees and eight Co-optative Trustees. Nominative Trustees are appointed by the Parish Council of the City of Hereford (or its appropriate successor). Each appointment is made for a tem) of four years. Co.optative Trustees are appointed for five years (reble for not more than two tenns) by a resolution of the Co.optative Trustees, passed at a Special Meeting: Trustees whose ternis are expiring may not vote on the matter. Organisational structure Page 1
The Mlllar Charit Fund rt of the Trustees for the Year Ended 31 December 2024 The Trustees. at their first meeting in each year (Annual General Ve&ingl. elect one of their number to be Chainnan untll the commencement of the fOllon8 year, and similarly wlth regard to a Deputy Chalrman. There is a time Ilmlt of three years for the positions of Chainnan and Deputy Chaimian. At the AGM in January 2023, Mrs Polly Andre was re-elected Chairman and Mr Paul Morris was re-elected as Deputy Chairman. A Special Meeting may be summoned by the Chairman or by t Trustees upon four days. notice being given to the other Trustees of the matter to be discussed, but, if the matters include an appointment of a Co-optative Tnjstee. then upon not less than 21 days notice being so given. There is a quorum when five Trustees are present at a meeting. Every meeting is detemlned by the majority of votes of the Trustees present. In the case of an equailty of votes, the Chairman has a casting vote. Commlttees The Trustees appoint as many committees a5 they think fit for the adminlstration of the Charities. All acts and prcKeedings of the comm7ttees are reported to a General kn•ting of the Board of Trustees for conflnnatlon. In year 2024, there were the folloviing Committees: Pastoral Committee: this comprises four Trustees and deals with the selection and appointrnent of residents and their subsequent Vlfare. It meets a5 necessary. Working Group on Almshouses Maintenance: In 2024 this has been extended to all Board members present at the General Meetings. The Clerk keeps under review the condition of the Almshouses, reporting on necessary remedial and Improvement work to the Board of Trustees. The Board of Trustees then dlscusses and approves the I)rkS during the General Meetlngs. Mana ment Chief Executive Officer and Clerk: the Trustees apwint a fit person for the day-to day running of the Tru5tees' business, as VlI as and providing suitable office accommodation and support. Chaplaln: the Trustees apwlnt a Chapialn of Prfce's Chapel In Bricknell C105e. currently Mr Steve Vince, a lay Reader at Holy Trinity Church, Hereford. Good Neighbour5: the Tru5tee5 have de5Tgnated the following residents to be Good Neighbours at Vlhitecross RoadlBricknell C105e, in order to prode sUPPOrt and a5515tance to the residents: Mr5 Davm Jones and Mrs Audrey Hirons (untll July 2024). Related parties Hereford Municipal Charities carries out the administration of the Miliar Charity Fund (Charity No: 514381) and the Tudor Campion Fund (Charity No: 103599)). both charitie5 Share common Trustees with the Hereford Municipal Charltles. Certaln dlrect costs reiatlng to these charities are charged by Hereford Munfcfpal Charltles and In addltlon an appropriate share of admlnlstratlve costs Is rne by these connected charitTes. Rlsk managernent The major risks to which the Charity is exposed are identified and reviewed periodically by the Trustees. They have approved and implemented financial controls and have concluded that the risk of material financial fraud is low. They review annually comprehensive insurance policies and are satlsfied that these are suitable for their purpose. Page 2
The Mlllar Charit Fund Re ort of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Objectives and aims The Millar Charity was founded by Mr Robert Miliar by his Will dated 9th May 1962, leaving the residue of his estate to Hereford Municipal Charities 'for the building and maintaining of rest houses., to be occupied 'by aged and respectable persons in reduced circumstances.. The residents of the Millar Almshouses are beneficiaries of the charitable tntst. No rent Is charged but there is a monthly maintenance contribution IhVAC). Almshouse residents There was no change to residents in 2024. Public berfit The Charities meet the public benefit test by woviding social housingi at a subsidised cost. for elderly residents of the City of Hereford. In drafting this report, the Trustees have complied with the duty in Section 4 of the Charities A£t 2(K)6, to have due regard to public benefit guidance publlshed by the Charity commi10n. ACHIEVEMENT AND PERFORIAANCE Charltable actlvltles As in previous years, the Trustees approved a wide range of maintenance improvements during 2024. This included major adaptations to Almshouses, vnever they became vacant, including the installation of accessible shower rooms and the fitting of new kitchen units. In addition, the grounds and gardens were kept in good condition by employing a contractor to cut and maintain the gra, trees and hedges. The residents continued to enjoy a variety of benefits. including the Christmas Luncheon, which was held again in December 2024 at the Green Dragon Hotel in Hereford. to the great delight and enjoyment of all vkno attended. Fundralslng attlvltfes The Charity does not fund ralse or actively seek twuests. as It has its own endowments and owns no land on which to expand. FINANCIAL REVIEW Flnandal posltlon The results for the year show a surplus of £9.735 12023: £Z3.388). after investment gains of C5.847 (2023: £14.627>. Net assets amounted to £636.997 (2023: £627.262). Income from dividends increased by 3.2% {2023: increased by 10.5%) compared wlth the prevlous year, and the overall market value of Snve5tments rose this year after being affected the current economic climate in the UK, so rose by 2% {2023:7.5%1. Further details can be seen in the Achievements and Perfonnance section of this report and in the Statement of Financial Activlties in the Accounts for 2024. Administrative costs The Trustees ensure that the administrative arKI staffing costs of the Trust are under 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 vffjrk on behalf of the Trust. Prlnclpal fundlng sources The principal funding Source of the charity is the 17cence fees rece7ved 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 2024 FINANCIAL REVIEW Investment pollcy and objectfves The investments Tn stocks and sha5 are managed by CCLA (Church, Charity and Local Authorltyl Investment 14lanagement Limited. The Trustees, investment policy is, in conjunction with charges to residents, to provlde 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 Charity's investments are managed by CCLA in accordance wlth guidelines agreed by the Trustees. CCLA has an ethical pjlicy to which the Trustees subscribe. The Trustees revlew the Investments with CCLA annually to ensure that they meet the needs of the Charit7es, making changes as necessary in consultation with their professional adviser5. Reserve5 pollcy The Trustees regularly review the level of reserves available (th unrestricted and restricted) and have conSided the balance between the need to use some reserves to take a(fvantage of key opkx)rtunitTes 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 £636,997 (2023: £6Z7,262), of this £230,636 12023: £223,411) was unrestricted funds and £406,361 12023: £403,851) en(k)vfflRnt funds. The Trustees wish to retain unrestricted funds at a level equlvalent to one year's income. The current serveS exceed this as a matter of prudence in the current economic climate. Free reserves (i.e. unrestricted and designated funds less fixed assetsl at the year amounted to £230,636 (2023: £223,411) as shown on the balance sheet. Goln8 concern The Trustees have to consider that the charlty is In a sound financTal rM)Sition to contTnue for the foreseeable future, as noted above (Fundamentals of the Charities): it doe5 not need to fund-raise or actively seek bequests. Further detsits are prowded in the accounting policies note. included in the notes to the flnanclal statements. PLANS FOR THE FUTURE12025 AND BEYOND) The Trustees will continue their T+Yell-tried policy of fmprovlng and renovatlng the almshouses. The Trustees have decided to re-asse55 the Good NeIghurS Scheme to adapt to current needs on both sites Bricknell Close and St Owen Street. The Gd NeightUrS Scheme is not a statutory seNfce. but it proved to be very beneficial and appreciated by the residents. The Trustees have approved a refurbishment of the aiam) system, which will take place in 2025. STRucfuRE. GOVERNANCE AND MANAGEMEifr REFERENCE AND ADMINISTrATIVE DETAILS See page 1 STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees are responsible for preparing the Rep)rt of the Tru5tee5 and the financlal statements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally kcepted Accountlng Practice). Page 4
The Miliar Charit Fund Re ort of the Trustees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued The law applicable to charities in England and Wales, the CharitTes Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resource5 and application of resources. including the income and expenditure, of the charity for that period. In preparing those financial statements. the trustees are required to selert suitable accounting policies and then apply them consistently: obseprfe the methods and principles in the Charity SORP; make judgement5 and estimates 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 resrmjnsibie for keeping proper accounting ordS which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Rewrt5) 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. Approved by orderof the board of trustees on.....................................-....... and signed on its behalf by: Mrs P A Andrevés - Trustee Page 5
of the Inde ndent Auditors to the Trustees of The Millar Charit Fund Opinion We have audited the financial statements of The Millar Charity Fund (the charitW> for the year ended 31 December 2024 which comprise the Ststernent of Financial ktivities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting p)licies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom kcounting Standard5 {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair wew of the State of the charity's affairs as at 31 December 2024 and of Its Sncomlng resources and application of resources, for the year then ended" have been pr¢)perly prepared in accordance with United King(k)m Genernlly Accepted Accounting Practice. and have been prepared in accordance with the requlrernents of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with Intematlonal Standards on Audltlng IUKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the AltOrS. responsibilities for the audit of the financial statements section of our retK)rt. We are independent of the charity in accordance the ethlcal requirements that are relevant to our audit of the financial statements in the UK, Tncluding the FRC'S Ethical Standard, and the prowsions available for small entities, in the circumstances set out in note 15 to the financial statements, and we have fulfilled our other ethical reswn5ibilities in accordance with these requirements. We bÈlTeve that the audlt evldence we have obtained is sufficient and appropriate to provide a basi5 for our opin70n. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basi5 of accounting in the preparation of the financial Statements is appropriate. Based on the work V have perfonned, Y have not identified any material uncertainties latIng to events or conditions that, Indlvldually or collectively, may cast signTficant doubt on the charity's ability to contlnue as a golng crMcern for a period of at least twelve months frcrfn when the financial statements are authorlsed for Issue. Our resp)nslbilities and the reswnsibilities of the trustees with respect to going concern are described in the relevant sections of thTS rewrt. Other Informatlon The trnstees are responsible for the other infomat70n. The other Inforniation comprises the infonnation included in the Annual Report, other than the financial statements and our Report of the Independent Audltors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent OtherSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financial statements, our re9nSIbIlity Is to read the other infonnation arKI, in doing so, consider vthether the other information is rnaterially inconsistent with the flnanclal statements or our knowledge obtained in the audit or otheThYlse appears to be materially mi55tated. If identlfy such material inconsistencies or apparent material misstatements, we are required to determine whether this 'Ve5 rlse to material misstatement in the financial statements themselves. If, based on the V•vrk V have perfOrrd, conclude that there is a material rnisstatement of this other infomiation. we are required to report that fart. We have nothing to report in th7s regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following Matters where the Charltles (kcounts and RerM)rts) Regulations 2008 requires us to report to you if, in our opinion: the infomiation given in the Report of the Trustees is inconsistent in any material respect wlth the flnancial statements. or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we requi for our audit. Page 6
Re ort of the Inde ndent Auditor5 to the Trustees of The Millar Charit Fund Responslbllltles of trustees As explained more fully In the Statement of Trustees. Responsibilities, the trustees are responsible for the preparation of the financial statements vthich give a t and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basTS of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to thfy SO. Page 7
Re rt of the Inde ndent Auditors to the Trustees of The Millar Charit Fund Our responslbilities for the audlt of the flnandal statements We have been appointed as audTtors under Section 144 of the Charities A£t 2011 and report In accordance vAth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to ISS a Report of the Independent Audltors that includes our OPTnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance Vth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can ari* from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economlc declsions of users taken on the basls of these flnanclal statements. The extent to which our procedures are capable of detecting irregularities. including fraud Is detalled below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the folioviing: - the nature of the Industry and sector, control environment arml business perfomiance results of our enquiries of management atx)ut their own identification and assessment of the risks of irregularities - any matters we identified having obtained and reviewed licIeS and procedures relating to: identifying, evaluating and complying with iavts and regulations and whether they Vre aware of any instances of non-compliance detect7ng and responding to the risks of fratKI and whether have knowledge of any actual, suspected or alleged fraud the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations the matters discussed among the audit engagement team and involwng intemal ¥)ecialists, regarding how and where fraud might ¢xcur in the financial statements and any potential indicators of fraud As a result of these procedures V conSided the opportunities that may exist wlthin the organisatlon for fraud and identified the greatest potential for fraud in income, vthich was raised as a key audit matter in the current year. In common with all UK audits are also required to perfonn specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework the organlsatlon operates In, focusing on provisions of hose laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The keys laws and regulations we considered in this context Include the Companies Act, Charities kt and Charities SORP and tax legislation. In addltlon V consldered provislons of other laws and regulations that th) not have a dlrect effect on the flnanclal statements but compliance wth vthich may be fundamental to the organisation's ability to operate. These Include health and safety. In addition to the above, our procedures to restK)fKI to risks identified include the following: reviewing the financial staternents disclosures and testing to suptK)rting drKumentation to assess compliance with provisions of relevant lav and reguLatSons descdbed as havlng an effect in the flnanclal statements enquiring of management concerning actual and potential litigati( ciairns perforning analytical procedure5 to Identify any unusual or unexpected reiatlonship5 that may indicate risks of material misstatements due to fraud reading minutes oof meetings of those charged wlth governance Tn addressing the risk of fraud through management override of c¢trol$, testing the appropriateness of journal entrie5 and other adjustments. assessing with their judgements made in making accounting estimates are indicative of a potential bas; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of bu5ine55. We also communicated relevant laws and reguiatlms and p)tentlal fraud rlsks to all engagement team members, including intemal specialises and remained alert to any indications of fraud or non-compliance with lavts and regulations throughout the audit. Page 8
Re rt of the Inde ndent Auditors to the Trustees of The Miliar Charit Fund A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsre¥x)nsibilities. This description fonns part of our Report of the Independent Auditors. Use of our report Thls report Ss made solely to the charlty's trustees. as a tx)dy. In accordance wlth Part 4 of the Charities (Accounts and Reports) Reguiatlons 21Y)8. Our audit work has been undertaken so that might state to the charity's trustees those matters we are required to state to them in an auditors. report and for no other purpx)se. To the fullest extent permitted by Law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a trf)ty, for our audit work, for this report, or for the opinions we have fomied. JJ,l(fJ l * LÈI Thorne Wldgery A£countancy Ltd Chartered Accountants Statutory Auditors 2 Wyevale Busine55 Park Kings Ac Hereford Herefordshire HR4 7BS Date: Page 9
The Millar Charit Fund Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Designated funds Endowment fund Notes INCOME AND ENDOWMENTS FROM Charltable artlvltles Almshouses 37,105 37,105 38.025 Investment income 4.323 4.105 8,428 6,107 Total 41,428 4,105 45,533 44,132 EXPENDrruRE ON Charitable actlvltles Almshouses 41,645 41,645 35.371 Net gains on investments 1,082 2,255 2,510 5,847 14,627 NET INCOME 865 6,360 2,510 9.735 23,388 RECONCILIATION OF FUNDS Total funds brought forward 167.585 55,826 403,851 627,262 603,874 TOTAL FUNDS CARRIED FORWARD 168.450 62,186 406,361 636,997 627,262 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fonn part of these financial statements Page 10
The Millar Charit Fund Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Designated funds Endowment fund Notes FIXED ASss Tangible assets Investments 282,138 124,223 282,138 124,223 282,138 121,713 406.361 406,361 403,851 CURRENT ASSETS Debtors Investments Cash at bank 10 11 3,408 IKI,820 181,142 60,457 149,319 30,363 31,8Z3 87,483 151,634 213,184 62,186 275,370 241.561 CREDITORS Amounts falling due within one year 12 (44,734) (44,7341 (18,150) NET CURRENT ASSETS 168,450 62,186 230,636 223,411 TOTAL ASSEfs LESS CURRENT LIABILITIES 168,450 62,186 406,361 636.997 627,262 NEf ASSETS 168,450 62,186 406,361 636,997 627,262 FUNDS Unrestricted funds Endowment funds 13 230,636 406,361 223,411 403,851 TOTAL FUNDS 636,997 627,262 The financial Statements vRre approved by the Board of Trustees and authorised for issue . and Vre signed on its behalf by: on PAAn Trus notes form part of these financial statements Page 11
The Millar Charit Fund Notes to the F7nanc7al Staternents for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity. vthich is a public benefit entity under FRS 102. have been prepared in accordance with the Charitie5 50RP {FRS 1021 'kcounting and Reporting by Charit7es: Statement of Recommended Practice applicable to charities preparing their accounts in accordance yth the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 102) (effective 1 January 2019)., Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Charities £t 2011. The financlal statements have been prepared under the historical cost convention, with the exception of investments which are inclLKled at market value. as modified by the revaluation of certain assets. Going Concern The trustees assess whether the use of goTng concern is approprfate i.e. whether there are any material uncertainties related to event5 or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for i55ue of the financial statements and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and the a no material uncertainties about the charity's ability to continue as a going concern. thus they continue to adopt the going concern basis of accounting in preparlng the ffnancial statements. Income All income is recogni5ed in the Statement of financial Activities once the charlty has entltlement to the funds, it is probable that the income will be received and the amunt can be measured reliably. Expendfture Liabilities are recognised as expenditure as s(K)n as there is a legal or construrtive oblTgation committing the charity to that expenditu, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis conslstent with the use of resources. Tangible fixed assets Freehold property is stated at cost and is not depreciated, as It Is considered that the remaining useful economic life of the property is of such a length that any depreciation charge would be immaterlal. All expenditure of repair, improvement or enhancement of freeFK)Id properties is written off In the year In vthich it is incurred. Taxation The charity is exempt from tax on its charitable activities. Fund accountfng Unrestricted funds can te used In accordance wlth the charttabie objectfves at the discretion of the trustee5. Restrlcted funds can only be used for particular restrlcted purSe5 withln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds exist in the form of tangible fixed assets and investments. Further explanation of the nature and purp)se of each fund is included in the notes to the flnanclal statements. Pension costs and other post-retlrement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity'5 pension scheme are charged to the Statement of Financial £tivities in the period to which they relate. Page 12 cont7nued.
The Mlliar Charit Fund Notes to the Financial Statements - contlnued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Flxed asset and current Investments Investments are stated at market value as at the balance sheet date. The stateftnt of flnanclal actlvltles Includes the net gains and losses arising on revaluation and disposals throughout the year. Galns and losses All gains and 10$5es are taken to the Statement of Financ7al Activities as they arise. Realised gains and losses on Inve5tment5 are calculated as the difference between sales proceeds and opening market value {purchase date if iaterl. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if Later). Realised and unrealised galns are not separated in the Statement of Financial Activities. Debtors Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayrnents 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 tem highly liquid inve5tment5 With a short maturity of three months or less from the date 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 that 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. Creditor5 and provisions are nornially recognised at their settlement amount after allowing for any discounts due. INVESTMEKf INCOME 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Endowment funds Dividends and interest 8.428 8,428 6,107 SUPPORT COSTS Govemance costs Other Totals Almshou*s 11,017 3,6% 14,713 AUDITORS. REMUNERATION 31.12.24 31.12.23 Fees payable to the charity's auditors for the audit of the charitys financial statements 2,339 1,888 Page 13 continued...
The Miliar Charit Fund Note5 to the Financial Statements - continued for the Year Ended 31 December 2024 TRUSTEES. REMUNERATION AND BENEFITS There Vre no trustees. remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees. exper)ses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS 31.12.24 31.12.23 Wages and salaries Other pension costs 8.517 6.576 749 10,161 7,325 ment Remuneration The key management personnel of the charity is considered to be the trustees and the Chief Executive Officer. The total amount of employee ber*fits lincluding employer pension contributions) received by key management perynnel for their services to the charity was £5,141 (2023: £4,174). The average monthly nurnber of empl(ryees during the year was as follows: 31.12.24 31.12.23 Administrative staff No employees received emoluments In excess of £60,(KKI. COMPARATIVE5 FOR THE srATEME1 OF FINANCIAL AcrivrriES Unrestricted fund Designated funds Endovffnent fund Total funds INCOME AND ENDOWMENTS FROM Charltable actlvltles Almshouses 38,025 38,025 Investment income 5.363 744 6,107 Total 43,388 744 44.132 EXPENDITURE ON Charltable actlvities Almshouses 35,371 35,371 Net gains on Tnvestments 3,824 1,643 9,160 14,627 NET INCOME 11,841 2,387 9.160 23,388 RECONCILIATION OF FUNDS Total funds brought forward 155,744 53.439 394,691 603,874 Page 14 continued...
The Millar Charit Fund Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEIAENT OF FINANCIAL ACTNITIES - continued Unrestricted Designated fund funds EndoVmnt fund Total funds TOTAL FUNDS CARRIED FORWARD 167.585 55.826 403.851 627,262 TANGIBLE FIXED ASSETS Freehold property COST At 1 January 2024 and 31 December 2024 282,138 BOOKVALUE At 31 December 2024 282,138 At 31 December 2023 282,138 Included In cost or valuation of land and buildings is freehold land of £282,138 {2023 - £282,138) which is not depreciated. FIXED ASSEf INVESTMENTS Listed Investments hlARKET VALUE At 1 January 2024 Revaluations 121,713 2,510 At 31 December 2024 124,223 NEf BOOK VALUE At 31 December 2024 124.223 At 31 December 2023 121,713 The Y no investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by: Listed Investments Valuation in 2024 Cost 72,638 51.585 124,223 Page 15 continued...
The Mlliar Charlt Fund Notes to the Financial Statements - C¢)ntfnued for the Year Ended 31 December 2024 10. DEBTORS= AMOUNT5 FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Prepayments and accrued income 869 2,539 CURREwf ASSEf INVEsfMEHTS 31.12.24 31.12.23 Listed investments 4A),820 87,483 12. CREDITORS: AMOUNTS FAWMG DUE WIThIN ONE YEAR 31.1Z.24 31.12.23 Other creditors 44,734 18,150 13. AIOVEMENT IN FUNDS Net movement in funds At 31.12.24 At1.1.24 Unrestrlcted fund5 Unrestricted fund Deslgnated Cycllcal malntenance fund Designated Extraordinary repairs fund 167,585 27,718 28,108 865 4,105 2,255 168,450 31,823 30,363 223,411 7,225 230,636 Endowment funds Endowment fund 403,851 2,510 406,361 TOTAL FUNDS 627,262 9,735 636,997 Net movement in funds, included in the aLM)ve are as follow5: Incomlng resources Resources expended Galns and L055es hlovement in funds Unrestricted funds Unrestricted fund Designated Cyclical maintenance fund Designated Extraordinary repairs fund 41,428 4,105 141.645) 1,082 865 4,105 2,255 2,255 45,533 (41,6451 3,337 7,225 Endowment funds Endovrnent fund 2,510 2,510 TOTAL FUNDS 45,533 141,645) 5,847 9.735 Page 16 contlnued...
The Millar Charit Fund Notes to the Financial Statements - continued for the Year Ended 31 December 2024 13. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted fund5 Unrestricted fund Designated Cyclical malntenance fund Designated Extraordinary repairs fund 155,744 26.974 26,465 11.841 744 1,643 167,585 27,718 28,108 209.183 14,228 223,411 Endowment funds Endowment fund 394,691 9.160 403,851 TOTAL FUNDS 603,874 23,388 627,262 Cornparative net movement in funds. included in the atthye are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Unrestricted fund Deslgnated Cycllcal malntenance fund Deslgnated Extraordlnary repairs fund 43.388 744 {35.371) 3.824 11,841 744 1,643 1,643 44,132 (35,371) 5,467 14,228 Endowrnent fund5 Endowment fund 9,160 9,160 TOTAL FUNDS 44,132 {35,371) 14,627 Z3,388 Unrestricted fund The Yree reserves. after allowing for all designated fun(ts Desi nated c Ilcal malntenance fund A designated fund for the purpose of providing for those items of ordinary repairs and maintenance which recur at infrequent intervals. Extraordlna re alrs fund A designated fund for the repair, improvement or rebuilding of the property. Endowment fund An endowment fund from IAr Robert Miliar who Iwueathed the residue of his estate for the building and rnaintsining of rest hou%s'. The fund consists of eight properties and an investment portfolio to provide income for the management of the properties. Page 17 continued...
The Miliar Charit Fund Notes to the Financial Statements - contfnued for the Year Ended 31 December 2024 14. RELATED PARff DISCLOSURES Hereford Municipal Charities (Charity Number. 2187381 carries out the administration of the Miliar Charlty Fund (Charity Number". 514381. Certain dirett costs relating to these charities are charged by Hef0rd Municipal Charities and in addition an appropriate share of administrative costs is also borne by these connected charities. During the year expenditure of £24,481 (2023: £17.4761 was recharged from the Hereford Munlcipal Charlty. At the year end £41,957 (2023: £17,476) vrns due to the charlty. 15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES In common vAth many other businesses of our size and nature we use our auditors to prepare arKI submit retums to the tax authorities and assist with the preparation of the financial statements. Page 18
The Millar Charit Fund Detailed Statement of Financial Activities for the Year Ended 31 Deceml)er 2024 31.1Z.24 31.12.23 INCOME AND ENDOWMENTS Investment income Dividends and interest ,428 6,107 Charitable actlvftles Almhouse Income 37,105 38,025 Total Incoming resources 45,533 44,132 EXPENDITURE Charltable artlvltles Repairslmaintenance contracts Grounds maintenance Lift maintenance Communal lighting Community care aLami Insurances Chaplain and expen*s Subscriptions and TV licence Residents. benefits 5,468 4,633 4,896 3,127 3,921 1.021 1,4n 343 2,051 11,969 2,483 1,037 3,043 3,589 948 470 196 1,193 26,932 24,928 support costs Other Wages Pensions Administration costs 8.517 6.576 749 1.024 856 11,017 8,349 Governance costs Auditors. remuneration Legal and professional fees 2,339 1,357 1,888 3,696 Total resources expended 41.645 35,371 Net incorne 3.888 8.761 This page does not fonn part of the statutory financial ststements Page 19