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 pro￿s7on5 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. oV￿n 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 (re￿￿￿ble 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 fOllo￿n8 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 V￿lfare. 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 V￿lI 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 pro￿de 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 ber￿fit
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 commi￿10n.
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, v￿￿never 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 sha￿5 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 conSide￿d
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 NeIgh￿urS Scheme to adapt to current needs on both sites
Bricknell Close and St Owen Street. The G￿d Neight￿UrS 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 A￿ltOrS. 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 Other￿Se
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 re9￿nSIbIlity 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 perfOrr￿d,
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 V￿th 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 V￿re 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￿ conSide￿d 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 ASs￿s
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 V￿re 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 y￿th 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 pur￿Se5 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 stateft￿nt 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 V￿re 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 pery￿nnel 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
EndoVm￿nt
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 He￿f0rd
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