REGISTERED CHARITY NUMBER: 514381 rt of rhe Trnstees and Financial siaremenrs tor the Year Ended 31 L)ecember 20 for The Millar Chari Fund Th>rne w￿gery AccountarKy Ltd Chartered Acioun(anl5 51aiuiory Auditors 2 Wyevale Bu5inc5s Park Kings Acre Hereford Hereford5hlre HR4 7BS The hlillar Chari Fund Contents of the Financial Statement5 for the Yeèr Ended 31 December 2025 Phge Report of the Trustee5 I to 5 Report of Ihe I￿￿pendent Audiiors Statement r>f Financial Activities io Bblance Sheet Notes to Ihe Financial giaiemenis 12 10 18 Detailed Statemenl of Financial Activitie5 19 The Millar Chari Fund ort of the Trustee5 for the Year Ended 31 Decernbei 2025 The irustees presenL Iheir rerx)rr with financial slate1￿￿¢5 of the chanty for the year ended 31 December 2025. The tru5tee5 have adopied the provisiens of Accouotinq and Reporting by Charitie5'. Stalemenl of Recom￿nded Practlce applicable to chanties prepanng IIEir accwnts In accordance with the Financial ReFQrting sfandard applKable in the UK ar￿ Rewblic of Ireland IFRS 1021 leffeclive 1 January 20191- ADMINISTRATIVE INFOKIIATION Charity 140. 514381 Office.. 147, St. I￿￿en Street, Hereford. HRI 2JR. Names of Trustee5'. Mr Paul Morris Ichairmani Mr Brian Wilcox IDeputy Chairman) Mrs Polly Andrew5 Cllr Susan Bouller Cllr Elizabeth Foxron Mrs Marian Hawkes Mr Oawd Howerski Ms Rhianon Robins Mr Hu8h Brooks Chlef Execulive Olflce and Clerk.. Mr Peier Cabara Accounts Adminlstrator and C*neral Asslsiant.. fvls Eth41rt1 Hèflenden (until 30th June 20251 MT5 Gail Nolan Ilrom 12fh 20251 Banker5: National We5¢minster Bèt)k pic, Broad Siweet. HerelNd, HR4 9AH Uniiy Trusi Bank PLC. Fwr, Bnndleyptace, Birmin8ham. England. 81 2J8 Sollcltors: Gabbs ISoll¢ltNSl, 14 8road Si, Hereford. HR4 9AP Audltor5: Th)rr￿ Widgery, 2 Wyevalo eusiness Park. Kings Acre. Herefor4. HR4 7BS Investment Advls•rs' CCLA Invesiment Management Ltd, CP*apside. Lonthjn Land Agents.. Sunderland, St. Peier's Square. Hereford, HRI 2PQ STRUCTURE. GOVERNANCE hlANAGÉMENT fyjvernlng document The Will of Mr Robcri Millar, dated 9lh May 1962. Recruitment and appointmont of nfrw irust4•s The Board of Trustee5 C￿$￿t5 01 up to 10 ClKnPEteni per￿￿5. namdyj two Nominaiive Trustee5 and eight Co.optati¥e Tru5tee5. Nominative Trustees are appointed by Pansh Ctyjncil of tIE City of HÈrelord lor its appTOPriOte SLK£essorl. lach appoinltnent Is made for a term of four year5. Co-op¢ative Trustee5 are apwinred five years Irer*wabie lor rxkt rnote than Iwo iermsl by 3 re501ulion t>f the Co-oplaiive Trusiees, passed at a spe(￿1 Meeting. Tn￿tee$ whose tenn5 are expiring may not vote M Ihe maiter. Paqe 1 The Millar Charit Funé ori of the Trustees fr>r Lr* Year Ended 31 DecemLw 2015 Organisational structure The Tru5tee5, at their fir51 tneeting in each year IAnnual Ger*ral Veetingl. elett one of theif nutnber to be Chairman until the comrnencernent of the following year. 5imila¥ly wlth reqard to a Deputy Chairman. There 15 a tiTne lirnit of three years for Ihe wsition5 of ChaiTman and Depuly Chairtnan. At the AGM in JaNJary 2025. Mr Paul Marris wa5 elected a5 Chairtnan and MT Brian Wilcax was eierted as Deputy Chairman. A Special Meeiing may be summor*d by the Chairman or by two Trusiees uwn fwr day5 notice being given to the other Tru5lees ol the rnatter to bE d)￿u55ed. ￿[, il Ihe rnaLLers Include an appoinlNtni of a cO￿ptative Trustee, then upon not le55 than Zl doy5 notLce being so given. There 15 a quorurn wheTh five Tm5tees are present al a meeting. Every meetini is dcterrnined by the majwity ol votes of the Trustee5 pre5enf. In thtr castr of an equality of voles. the Chairman h6$ a cè51ing vole. ornmiitee5 The Trustees appoinl as many committees as tw think fit for the adrninistration of the Charities. All act5 and protetrdings ol the committoes are rewrtcd to a General hleeting ol the Board ot Tru51ees for conlim)3titrn. In year 2025, Ihere were ihe following Commlltees.. HtJ?d¢nL? Selertfjvn Wrllarc C(wnrnittre.' thi? ¢EvDpri?r> ol four Tr￿1r￿3 ond dr4Jl? wlth the *le¢iion tsnd bppvinlfftenl of resident5 and their 5ub5equent welfare. In year 2025 following Trn5tees were members of the committee - Mrs Sue ulter, Cllr Eli£abelh Foxlon, Mrs Manan Hawkes and Mrs Rhiarth Robin50Th Working Group on Almshouses MAinienarKe: In year 2025 rhis continued th be extended to all Board members present al the General Meeting5. The Clerk keeps under review Ihe ccfjdition of ihe AlMSt￿u5e5. reporling on necessary remedial and Improvement work io rhe &)ar¢J of Trusrees. The Board of Trusiees rhen d15CUS5es and approve5 the ¥Yorks éurin8 the General lthlinqs. Chief Executive Olfi£er and Clerk.. Iht Trustees ap￿)Ini a lil person for the day-io day runnin8 DI the Trustees, busirtss, as well as and prowding wiiable office accomnwarion and support. Chaplain.. the Trtt5tees appoirsl 3 Chaplaln of PrKe's Cha￿1 in Bncknell Close. curreniiy Mr Sleve Vince, a lay Reader •[ Holy Trlnity Church, Hereford. Good Ne1ghbours'. the Trustees have ¢Jeslgnated Ihe following resideThis io be Good Neighbour5 aL Whltecross RoèdlBrick￿ll Close, In order io provide supporl and assisiaKe to the residents.. Mrs Dawn Jwe5 and Mrs Audrey Hiron5 ias leave cover slnce Seprernber 20251. Related partles Hereford h￿nicIpal Chariiies carries OUL the adminis[rat￿n of Ihe Millar Charity Fund (Charity No.. 5143811 and the Tudor CampTon Fund Ichariiy Plo". 1035WI: both chariiies share comnY)n I rusiees with the Herelord lthnicipal Charities, Cerlain direcl cos(5 ielaltng (o these charilE5 are chaf4ed by Hereford Municipal Chariiie5 and in addi110n an appropnate Share of adminisiraiive c051s 15 borre by these conrecteé chantie5. Risk managerneni The major itsk5 10 which the Chariiy 15 exwsd are ideniified and reykned perl(￿￿&11Y by the Trusiees. They have approved and Implerrthted financial cth)trols and ha￿ corKlu(kd ihai ihe nsk of material finèncial fraud is low. They review annually comprehensive insura￿* wlicies and are satisfied ihat [￿se ale suitable for i￿)r PUr￿Se. Page 2 The Millar Charii Fund ori of Ihe Trustée5 for the Year Ended 31 DeEefflber ?025 OBJECTIVES AJID ACTlVttiEs ObJe£iives an¢J aims The Millar Iharity was founded by Mr Robert Millar by his Will dated 9th May 1962, leavin* the resid￿ of his estate to Hereford Municipal Charities for the trAJilding and maifttaining of rest hyJ5es. to ￿ LKcupled'by aged and respeciable persons In reduceé circumstarKes. The residents of Ihe Millar ALmshDuses are beneficiaries of the C￿￿table trusr. th Teni 15 charged there Is a monthly Tnaiiiienanoe ct>ntribuiion IphvLI. Almshouse residents T￿re was ￿ change to residenls in 2025. Publlc benellt The Chanties nwt Ihe publi¢ benefit test by providing social housing. at a subsid15ed cos(, for déorly rosldents of Lhe Ciiy uf Heleford. In drafling this repDrl, the Tru5lee5 have cornpl*d Wilh the duly in Section 17 of rhe Charities Act 2011. to have due regard ro public benefii 8uidance pUbl￿hed by Chanty Comm155ion. ACHIEVEMtNTS ANO PERF¢)RMANCE As In prcviou5 ycar5, the Tru51ee5 approved a wide range of maintenanrc improvcrncnL5 durin¥ 2025. This Included rnaior adaptaiions io Almshouses. whenever they becarre vacani, IrKlyding the InsiallatKJn of accessible shower rooms and Lhe fittin8 of new kitchen vThiis. In addition, the grounds and 8ardens 4¥ere kept In good condition by emplwng 4 coniracior 10 cut and rnainiairs the grass, trees Ind hedqes. The residents continueé 10 enjoy 3 varioiy of beneliLs, Including the Ch￿StMaS Luncheon. which was held a8ain in De(ember ZOZS èl Ihe Green Dragon Hoiel In Hereford. io the sreai tleiight and enJoyn￿nI of all who atlended. Fundraislng actl¥itles The Charlty does not lund raise or actively seek bequesis. as il ha5 Its OWN endo%*ThoThis and owns rn land on which to expand. FINANCIAL REVIEW Flnanclal p051tlon The Te5ulcs tor the yéar sfx)%Y a surplus of C12,896 12024.. E9,7351, after Invest￿0( Ios5 of [2.604 12024.. 8ain £5,847). Nel a5&ets amuunled tu (649,893 120Z4.. £636,997>. Income from Ihe weekly mainionancc coniribuiinns an dividends I￿reaSed by 15.)% 12024.. IrKreHsed by 3.2%) compared W11h Ihe pre￿0￿5 y¢)r, and ihe ihe overdll market value of Inve51m¢nts has decreased by 4.3t 12024.. increased 2%1. reflecLing the tuTrent economic climale in the UK. Further detalls can be Se￿ In ihè ACh￿￿￿n[S and PerfoTmance Secl￿ of ihis rewrt and in the StaiemenL of Financial Ac(ivitie5 In Atcounts ILY 2025. Adrnlnlslraiive Costs The Trusree5 en5urc that the administraiive and stafflng £OSLS of the Trust are undeT a ti4hL reTn and Are kept as low as PD551ble con515lcDI Y111h effetllve MarlagerT￿nt and conirol. Ttrt Trustees would like to ￿ace on record iheir qrateful thanks io Ihe Staff for their ded￿al￿ and hard work on behall of the frusi. Prlncipal fundlng sources The pnncipal funding source ol the chanly is the licence fees received from the ienant of the A1rn5houses. along with dividend and Interest income from Ihe Jnvesimenis. Page 3 The Millar Chan Fund ort of the Trustees for Lhe Year Ended 31 t*cember 2025 FINANCIAL REVIEW Investtnent policy and obJe¢tlve5 The investments in 5t(Kk5 and Shares aTe managed by CCLA (Church. Charity and Local Authorityl Investment ltsnagemenl Limiled. The TILLSLees' Investmeni ￿l1£Y is, In coniuncLion wilh charges to residents, to provide sufficienl Income to maintain and improve rheir properties and to enhance the value of Invesied fund5 for Ihe benefit of re5ident5 now and in the ftsiure. The Charitys investmenLS are Managed by CCLA in accordance with guideline5 agreed by the Trustees. CCLA has an ethical io wh￿h Lhe Trusiees subscribe. The Trustees re¥￿W Ihe inve5rment5 wilh CCLA ann￿allY io enswe Ihai meei r*eds ol Ihe Charilies, making changes as necessary ITh cmsuiiaiion Wih their prolessional a,361 i endowment *unds. The Trustee5 wish to retain unresirKied lunds at a level tw1val￿1 to ￿ year's irKon*. The £urrenl reserve5 exceed this as a matler ol wudence in the current economic clirnate. Free reserwes li.e. unrestrictod and dosignai¢d iund5 Ic55 lix¢d asstts) ai th¢ y¢ar an￿nIed ro £248,875 12024.. £230.6361 as shown on Ihe balance sheei. Golng concern The Tru51ee5 have to corssider rhat the chonty J5 In a sour*J finarKiJI w51tknn io nth5 from when the flnancial staternen¢% are aythorised for 155ue. Ow responsibilities and the re5pon5ibilities of the trustees with resFect to goinq concern are described in the relevanl scciions of fhis rcport. Other Informat￿￿ The irusiees are r&s￿n51b[e for the otheT inlorrnalM)n. The Olher Information comprises ihe Information iKluded in IhÈ Annual Report, other than ihe financial siaiements and (Aw Report of the Indepenéent Auditors thereon. Our opinion on the financial slate￿ntS does nol cover the othei inlormation and. except lo the extent otherwise expliciLIy Stated in our report. wc do rAJi cxpress any form of assurance conclusion ihereon. In connection with audit of th¢ flnanclal stateme￿$, responsibility Is to read the other Information and, In doing so, consider ¥Yheiher ihe Olher InfDvn)alion is rnaierihlly i￿nn$1$[ent wilh (he finarKial stalemeThls or our knowleége oblained in the audit or otherwise appear5 (o be matenally misstaled. If we identify s￿h maierial Inconsistencies or appareni maierial missiaiemenis. we are reqLnred 10 deiermire wheiher th15 gives nse to a maierial missiaiertient iii the linaiic1al siaiemenLS Lhernsc4￿. 11, base¢J on Ihe work ¥Ye have peiforrned, we conclutle that there is a material rnisstatement ol this olher information. we are r*qulfed to rtport that fatt. We have rtothini to repjrt In Ihis re8ard. Matters on whlch we are requlred to report by excepilon We have mlhing to report in respect of Ihe following tnaller5 where the Chantie5 {Account5 and Rewrtsl Regulations 2008 requires us to report to yeu if. In our opinion.. the inforTnalTW £iveD in the Report of the Tru51ee$ Is lIK0t￿ISteni ￿ any ma￿n81 respe¢1 wiitt the financial 5tatemenl5,' or suffitieni accounting rÈcerd5 have not been kept." er Lhe financiol siaiemenis are not In agreetT*DI Wllh Lhe atctrjniing records and reiurns," or we have Th)t recelved all the informall￿ and explanatlons we require for our audit. Page 6 ort of the Ind The MilL3r Chari ndent Auditor5 ¢0 the Tvu5tee5 of Fund Respon51bilities of trwtees As explained tnofe fully In Ihe Stalemerbl of Tru5tee5 Re5pon5ibilities. Lhe Lrustees are respwsible for the preparation of the financial statements which give a Irue and fair view. and for such iThrernal control 0$ rhe tru5tee5 detertnine Is necessary lo onable the preparaiion of financial statemenls Ihal aTe fTee Irom material missratement, whether due to fraud or erroT. In preparing the financial stateN*nis, the trustees are responsible for 35se5sing the charitys abiliiy lo ttsniintse as a 8OTng concern, diKlosin8, a5 applKable. mèlters relaied to goin8 concem and using the going tontern basis of accounting unlL45 Iho truste05 either intend to liquidaio Lhe chariiy of io cease operations. or have no realislic alternativè but to do so. Page 7 ort of ihe In endenf Audiror5 to ihe Trusiees of The Millar Charit Fun Our respon51bllltles lor the autht of the financial State￿￿Trts We have bcen appoinlod a5 auditors under Sc(iion 144 01 the Charities Aci 201 l and repjrt 111 KCQTd3￿e Wlih the 6nd relevant regulation5 tnade or havirv4 effett IheTvJnder. 0￿r objecrives are to obtain reasonable assurance about whether the financial 5tatemen15 as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the InL*ndent Auditors Ihai includes OUT opinion. Reasonable assurance 15 a high level of a55uran£e. but is rw)i a guarantee Lhat an audit conducted in accordance wilh 1gAs IUKI will always detect a malerial tniS5taternevt ¥*hen It exTrsis. Missiatemenrs can ar15e frorn frèijd or error and art tonsidtrrtd mtsteritsl If. Individually or In the h88regaie. Ihey cwld rehsonabiy be expected io InfluÈnc* È£onomK det1$￿n5 01 u5éts la￿n on th? basts of ihese financial 51aiements. The exieni io whith ow PTIKe(bJre5 aitr capable of deieciin4 Irregulari1￿. Including fraud is detailed below.. In ideniifying and a$5t5$1ng n5k5 of malerial m￿Statement in respect of irregulanties, Including fraud and non-con)pliance wilh laws and regulaiitsns, we considered ihe following= the nature of the industry and setior, conrrol envirmment and hjsiness perforMa￿e re5uIt5 01 our enquiries Of managemeni aboul Ihe)r own identilicaiion and assessmenl of risks of irregularitie5 . any matlers we Identified having obiained ènd re¥w4ed the wiicies and procethres relating 10: Idviilifying, evalualing and complying ¥Yilh laws and regulalion5 and whelher IhEy v4eTe aware ol any in5Lance5 of non-compliance dettciing and responding lo Ihe r15ks ol Iraud 4nd whether tW have k￿wledge of aThy aclujl. w5pecled or alleged fraud Ihe Internal controls e5tab115hed ro mitl8ate risks of fraud or mn.cOff￿1lar￿e with laws and regulat10Th5 thè malters distU5sed aTrK)ng auéil en8agernenl ieam and iTh*olYiri8 InEernhl speiiallsts, re8ardln8 how and where fraud rnighi occur in ihe flnancial siaien*n15 any wieniiol Indicaiors of fraud hs a result of ihese protedure5 we considered (he opkw(unl(ies Ihal may ex151 ￿thIn the organlsotlori for fraud and idenLified the 8re¥ilest p)tential fov fraud in incomè. which wès raised as a kty audil matier In the current year. omrron vnrh all UK audits we a￿ also required to perform sFecifK proceduies to respmd to the nsk of mana#emenr override. We also obtained an under51arKJing of the lrfal and regulalory frarrework the organlsalion opeTOte% In, focuslng on provisions ol those laws and re8ulaiions that hèd a direci effeci on iho deiormination ot matorial amtsunts and dix105ures in the financièl sthterne015. The keys laws and regulaiions we considered In this coniexL include ihe Charilies Act, Charities SORP and tax legislaiion. In addition we considered wowsions of olher laws and re¥￿￿tionS that th noi have a direct effecl on the financial statemeD(s imjl compliarKe wilh whkh may be lundaffental to the organisaiirffi's ability lo yrate. These include heallh and safely. In addilion to the above. ￿Jr procedures io respond to risks ideniified include Ihe loilowing.. rev1ewing the fina￿1￿1 state￿ntS d15c195we5 and ie5ting (0 5UPkX)rtlfig éocvrrEntatlon to assess cornpliaKe vAth provisions of rolevanl law5 and Tegulalion5 descnbed as having an effect In the linancial 5tatÈments enquirinq of rnanagemenL concernin8 actual and potential lil￿allOn claims performinR analyrical procedures ro identify any unusual or unEXFetted relatN)nships that may Inditaie nsks of materlal m1s5laiÈment5 Oue lo fraud reading minute5 of meetin85 of Ihose charged ￿th 8ovemance In addre$51n8 the nsk of Iraud through tnanagetnent overnde of conlro15, testing the appropnatene55 of journal entries and other adju5twEnrs.' assessing wilh their judqemenis made in rnaking accounting esiimates are IndlcaLive of potential b185', and evaluating the ￿sInesS ratw)nale of any s￿￿7￿can[ transacrions that are unusual or ouiside the normal cuur5e of business. We also comrnunicaied relevani laws and regulai*Jns and wienLial fraud nsks to alt engagerf*nt team members, Including internal 5pecia115es and remained alert io any 1ndKat￿5 of liaud 01 non-cotnpliaDce wilh law5 and regulaiions throug1￿ul the audlt. A furlher de5cnplion of IKJr re5wn51bilitie5 for the audit of che finarKial sraiements 15 located on the Financial ReFM>rting CouKIl's websiie ai vryM.frc.or4_uki audltor5re5ty)nsibillties. Th15 de5criplioD forTn5 part of our Report of the Independent Auditor5. Poge 8 orl of ihe In endenr Authrors to rhe Trustees of The Millar Charit Fund Use of our Teport This rewrt Is made ￿lelY to the chantys trustees, as a ￿¥, in accordance with Parl 4 of ihe Chariiies (Accounts and Reports) Regulations 2(KJ8. Our audit work has been th￿rtaken x> thar we might slate ¢0 the tharitys trustees those matter5 we are requifed to state lo thern an audilor5 repofl and fur iiu Other wrwse. To ihe fullest extent permitted by law, we (k) accept or ass￿ resrx)nsibility io anyone other than the chanty aThd the charity's IrusieÈs as 3 ￿dy. for our audit work, for ihis retx)ri. or for opinions we have lorryEd. Thorne Widgery Acci>tJnlan(y Ltd Chartered Accouniants Slaiuiory Audi¢ors 2 Wyevale Bu51rkn5 PaTk King5 Acre Hereford Herelordshire HR4 7BS Oate: Page 9 The Millar Chan Fund siaiement 01 Financial Activiiies for the Year Ended 31 D￿ernber 2025 31.12.25 Total Uniesiritted fund Designated fund5 Endowment Total funds k)tes INCOME AND ENDOWMENTS FROM Charitable activlties Almshouses 41.459 41.459 37.105 InveSt￿nt Intom 5.886 5.157 11.043 8,428 Total 47,345 5.157 52.502 45.533 EXPENDITURE ON Charitable actlvlties Alm5hwse5 37,CQ2 37.CQ2 41.645 Net gainsiilossesl on Investments 4.910 15,3431 12,6041 5,847 NET INCOMEIIEXPENDITUREI 8.102 10.IJ7 {5.3431 12,896 9,735 RECONCILIATION OF FUNDS Total funds broughi forward 168,450 62,186 4C6,361 636,997 627.262 TOTAL FU14D5 CARRIED FORWARD 176,552 72,323 401.018 649.893 636,997 CONTINUING OPERATIONS All income and expendiiure has &r15en Irom £t￿tInUIng aclI￿lIes. The note5 forrn part of these (inar￿￿1 statett*nts Page 10 The Millar Cha Fund B3lancÈ Sheet 31 December 2025 31.12.24 Total funds Unre51nCte I￿rtd De51gna¢ed ftsnds ErHbwtrwi¢ fund Totsi funds Note5 FIXED A55Ers Tangible assets Investments 282.138 118.8 282,138 118.880 28?,138 124.223 401.018 401,018 406,361 CURRENT ASSETS Debiors InvestffEnt5 Cash al bank 10 2.229 58,216 122.737 3.229 93.559 159,717 3,408 90.820 35.343 36,980 183.182 T2.323 255,505 275.370 CREDITORS uiits falling due wiihin or year 1Z 16.630 16.6301 144,7341 NET CURRENT ASSEtS 176.552 n.323 248,875 230,636 TOTAL ASSETS LESS CURRENT LIABILITIES 176,552 n.323 401.018 649,893 636,997 NEf ASS￿5 176.552 72,323 401,Q18 649,893 636,997 FUNDS Unresinctcd funés Endowment funds 13 ?48,87S 401.01 230,636 406.361 TOTAL FUNDS 649,893 636.997 The financial staiemcnts ere approved by the Board of TnJ5tees and authorlsed for fiss￿ on . and were $18•ed on ￿$ behalf by: Murris Tiustee The notes part of these fiDanoal state[￿nts Pège 11 The Millai Charit Fund Noies to Lhe Financial Siatements for the Year Ended 31 December 2025 ACCOUNTING POLICIES Ba515 of preparinB the fin•ncl•l SIO￿￿nts The financial siaLements of the chariiy. whKh is a public benefit entity undeT FRS 102, have been prèpared in accordance ￿th the Charities SORP IFRS 1021 'Accouniing and Reptrriing by Charities.. StaterfEnt of RKotnmended Piactice applicable lo charities prepanng theif acc(xJnts in accordance with the Financial Reporting Standard applicable in the itK and Repjblic of Ireland IFRS 1031 {elfecn¥e 1 January 20191., Financial ReporLing Siandbrd 102 7he Financ￿1 Rewting Siandard applicable in the UK and Republic uf Ireland. and the Chariiies ACI 2011. The finarKial siaiements hove been prepared under thè h15toncal tost convention. with the excepiion of invesLTh*nts whKh are IncluL*d at markel value. as mdified by rhe revaluafioll of certain as%et5. &)iThg Concern The trustoos awss whether the use ot golng concern is appropriate i.e. wheiher there are any maierial uThceriaini￿s relaleil ¢0 e¥en¢5 or iondition5 Ihal may ca5¢ 51gnilKant doubl on the abiliiy of Ihe tharity to coDtintso as a going concern. The Iru%tee5 make this asse55r￿￿t in re5por¢ of a poriod ot at loast ontr year from the date of authorisaLioo for issue of the financial staternents ènd have concluded Ihat the charity hos adequale re50urcc5 to continue ITh opcraEional existence for ihe loresceatrjc tuture and thore afc no matcnal uncerlainfie5 atr￿ul Ihe charitys abillty to Contin￿ as a qoinq concern. thus they continue (o adopt the going concern basis of Iccwntini In preponn4 the financial 51alemenis. Inco All income is re(ognise4 in th¢ $13iemeni of Financial Activiiies OlK* the (harity ha5 eniillement to Ihe funds, it is probable that the IrKow* will ￿ received and ihe aT￿nI can be w*asured reliably. ExpeThdlture liabilities are recogni5ed as expeTrJirure as soon as ihoro is a loqal or constr￿1¥¢ obli8arion cornmlt11ng the charity ¢0 that expenditwe. 11 Is probable ihai a iransfer of economic benefits will required In s¢itlemeni and Lhe a￿￿Unt ol the obligation can be measured re11ably. Lxpenditure is accounied for (In an accruèls bèsis diid lias been £la55lfled under headin85 Lhal aggiegaie all cusl ielated to the category. Iyhere (osts cannot be éireciiy aitritr￿t*d to partKular headin85 have been allocared to actiwt*s on a basis £on$15tent with the se of resour£Ès. Tonglble flxed assets FreÉ.hold property is siaied ai cosr and is noi depreciaied. as it is considered fhat Ihe rem•lnlng useful ecoMmK life of the properly is of s￿h a lenRih that any tkyeaarion charge would be immarerial. The irustoes have assessed Ihe remAinin2 economK life of the pro¢ert￿ in 2025 and ¢oncludeé it rernain5 wfficiently long thai depreciaiion ¥¥ould be immaierial. Ail expendliure of repair, Improvement or enharKe￿￿n1 ol freehold properiies Is wntien off In ihe year in which it is incurred. Taxatlon The charity Is exempt from rax on ils chaniable activiiies. Fund accountlng Unresirioled funds can be y5ed kn accordarKe ￿th the chantable obje(LiYes at the diScret￿n of the iru5tees. Restritted fund5 can only be used for partKuiar resrricie¢J purpose5 Within rhe obiecr5 of the charity. ResrrKiions arise when specified by the {k)[K￿ OT wheTh furK15 are raised for particulaT restricted purposes. Endowlnent lund5 exist in the form ol tansible fixed assets and ir*Yesimenis. FuTlher explanation of Ihe nature ond wrw8e of each fund Is i￿luded ITr the noies to the financial sta1eff￿nts. Pension costs and other p0st-retlre￿￿nl benefits The Ihariiy operaies a delined conLribuiion pension scheme. ContritryJih)n5 payable lo the charity5 pension schen* are Iharged lo the Staternent of Financial Actiwties in the period to which they relate. Pw12 continued... The Millar Charit Fund Not￿ to the Financial Staternents - contitKJed for ihe Year Ended 31 December 2025 ACCOUNTING POLICIES- continued Flyed asset and current Invesiments Inve5lrnent5 ère stated at markel value as at the balance 5heei date. Thè statement of financial activilie5 In¢lude5 Ihe net gains and losses arising on revaluatK>n and disrM)5als Ihrough)Ul rhe year. Galn5 and 105ses All gair15 and 105se5 are talfen to Ihe Stèternenl of Financial Aclivities as Ihtry arise. Re31ised gains and losses on inyesiments are calculaieé as the dilfertrKe between sale5 proceeds and opening market value (purchase d4te if laleri. Unrealised gains and losses are calculated as the diflerence t)etween the rnarket value at the year cnd and opening rnarket value lor purchase dale if iaterh. Realised and unrealised gain5 are separated ln the Staternenl of Financial ALlivitx4. Debtors Trade and olhei thblor5 are recogn15ed al the settle￿nt amount due after any ￿Sc￿t5 offered. PrepayrrEnts are valued at the arTwnrs prepabd of any 4￿C￿niS C4sh and bonk and In hand C)sh at batik aiid ca511 i(1 hd[￿ I￿lu(l* cash aiHJ 5kM)ri ierm highly liouié invesin*nis wilh a shoit maiurity of three month5 or les5 frorn the date ol acwlsiiion or opening ot the dewsit or slmi13r account. Cr•ditor$ •nd piorf5V>n5 Crediiors and provisions are recoqnised where the charlLy has 4 pre￿1 obligath)n resultinq frorn a pasi eveni Ihat ¥Yill probably result in ihtr transftr of lunds to a thirij paTty arKI the amouni due ¢0 seitle the obligation can be measured or eslimaled idiably. Crediiors and provisi￿S are Mrmally recOgnis￿ al their so(Llemoni amount after allowng for any th5count5 the. INVESTMENT INCOME 31.12.25 Total fund5 Unrestrlcted l￿d5 EnthJwmEnt funds TL)lal fund5 Divldends and inlerest 11.043 11,043 8,428 SUPPORT COSTS Governance cosis F￿ar￿e Other Totals Alrnsknuses 69 1,012 6.165 AUDITORS. REMUNERATION 31.12.25 31.12.24 Fees payable to the charitys audi￿rS for the audit ol the charitys fina￿741 5Latements 2.339 Page 13 continved... The Miliar Chari Fund Note5 to the F1nanctal Staiements . conlinued for the Year ErKled 31 D￿ernber 2025 TRUSTEES. REMUNEKITION AND BENEF￿$ Trustees. expenses There were ￿ tru5tee5 expenses paid for Ihe year ended 31 D￿em￿r 2025 MT I(￿ tht yoar tnded 31 De(ember 2024. STAFF COSTS 11.12.25 31.12.24 Wages and salaries Oiher pension costs 4,3(K) 376 8.517 1,644 4,676 10.161 Mana etntrni RernUr￿ra[lQn The key managerllent personnel of the chanty is censidered to be the trustees and the Chief Executive Officer. Tle ioial ￿n￿uAl of etrbployce bencfils lirKluding employer pension coniriLwlion51 receivcd by kcy rnanagement ￿rsOnnel for seMce5 to the charily w•5 C2,Z59 12024= (5,1411. The avcra8e rrK*nthly nurnber ol employ￿ thjnng ihe year was as follows." 31.12.25 31.12.24 Admin15Lrative staft No employees received omolumertis In ex¢e5s ¢1 (60.IXKI. OhlPARATIVES FI)R THE STATEMENT OF FIIiJJKIAL ACTIVITIES Unrestrlcted tund Deslgnated funds Endowmeni fund Toial funds INCOME AND ENDOWMElffS FROM Charilable •¢tivltie5 Alm$1￿uSes 37.105 37.105 Investrrent incorne 4.323 4,105 8,428 Total 41.428 4.105 45.533 EXPENDITURE ON Charltablt attlvitltrs AlM5k￿e5 41.645 41.645 NeL gains on investments 2.255 2.510 5.847 INCOME 865 6,360 2,510 9,735 RECONCILIATION OF FUNDS Total fund5 brou¥ht forward 167.585 55.826 403,851 627.262 TOTAL FUNDS CARRIED FORWARD 168,450 62.186 406.361 636,997 Page 14 coniinued... The Millar Chari Fund tes to the Financial Statements continued for the Year ETr¢Jed 31 December 2025 TANGIBLE FIXED ASSETS Freehold properly COST At 1 January 2025 and 31 Decernber 2025 282,138 NEf BOOK VALUE A111 0ecetTknr 2025 282,138 Al 31 Detember 2024 282,138 Included in c05t or valuarion of land and bJildin8s is Ireehold land of É282,138 12024 . C282.1381 which ￿ not depTeciafed. FIXED ASSET INVESTMENTS Listed inwestments AIARKET VALUE At l January 2025 Rtvaluat10ns 124.223 15,3431 At 31 December 2025 118,880 NET BOOK VALUE Al 31 December 7025 118,880 At 31 December 2024 124,2Z3 There were no invesimenl èsseis oulside the UK. Cost or valuaiion at 31 Decernbw 2015 15 represerbled by.. Liste investments Valuatlon in 2025 118,880 DEBTORS.. AIIOUNTS FALUNG DUE WITHIN ONE YEAR 31.12.25 31.12.24 Traée debior5 Pre￿yMentS and accrued irKorr 69 2.539 2,2Z9 2.229 3,408 Page 15 continued.. The Millar Charit Fund Note5 to the Flnancial Siatemeb)ts - contiwed fDr the Year Efided 31 Decetnbef 2025 CURRENT ASSE[ INVEsfMElffS 31.12.25 31.12.24 Listed investment5 93,559 90.820 CREDITORS.. Aiioupifs FALLING DUE WTfHIN ONE YEAR 31.12.25 31.12.24 Other creditors 6,630 44.734 13. MOVEAIENT IN FUNDS Net vemeni In fuThls Al 31.12.25 At 1.1.25 Unrestricted funds UnreSLfICl￿ fund Designated CyclKal malnienance lut Designated Extraordinary repairs fund 168,4YJ 31.823 30,363 8,102 5,157 4.980 176,552 36,980 35,343 230,636 18.239 248,875 Endowment funds Endowment fund 4C4J.361 15,3431 4Jl,018 TOTAL FUNDS 636.997 12,896 649.893 Net mvement in funds. inclU(￿d in the •tA)ve are a5 foilow5- I￿ornIng rewrces Resources expeThdEd Gains and losse5 lovement In funds Unrestrlettd lund5 Unrestricted tund Desi8nai¢O Cyclical malntenance fund Oesisnaied Extraordlnary repairs lund 47.345 5.157 137,Cl)21 8,102 5,157 4.980 4.980 52.502 137,CQ2 2.739 18.139 Endowment funds Endowmeni fund 15.3431 TOTAL FUNDS 52.502 137,(KJ2 12,6041 12.896 Page 16 continued... The Millar Charit Fund Note5 lo the Financial Siètemenrs continued for the Year Ended 31 December 2025 hlOVEMENT IN FLINDS- contlnued Comparatlve5 for in funth Net ry￿vement In funds At At 1.1.24 Vnrestrlcted funds Unrestricted fun¢J Ot51ynaLod CyilLcal tnaintcnance fund De518naied Extraordinary repairs fund 167,585 17,718 28,108 865 4,105 2,255 168.450 31,823 30.363 223.411 7,2?5 230,636 Endowment funds ndowtnenl fund 403.851 2.510 406,361 TOTAL FiJNDS 627,262 9,735 636,997 Comparative nei rnovernenl in Iwds. included in the atr*)ve are as follows: Intomirbg rewrL¢s ResiMJrce5 expended Gains and 10$5es Movement In fund5 Unrestdcted lund5 Unresiricied fund De518nared CyclKal mainienance luTrJ Desi¥naied Lxtfaordinaiy iepdlls Iuii 41.428 4,105 141.6451 1.082 865 4,105 Z.Z55 2,255 45.533 141,6451 3,337 7,225 Endowrn¢nt fund5 Endowment fund 2,510 Z,510 TOTAL FUNDS 45.533 141.6451 5.847 9,735 Unre5tritred fund The 'free reserve5 afiei allowing for 311 designaied f￿dS Desi nated clical maintefia￿e fund A de%i¥nated fund lor tho purFX)5e of P￿Tr￿ding for thDse items of ordinary repairs and malntenance whlch recur ai Infreouent Intervals. Exlraordin airs fund A de51gnated fund for rhe repair, Improvement or ret￿Ilding of the property. Endowment fund n ersdowmersi fund from Robert Millar w￿) bequeathed Ihe reS￿￿e of his @sta￿ for 'the building and maiDtaininq of rest house5. The fund cwsisis ol eighi propEriie5 and an inve5lment w)rtfolio to provide Income for the tnanagemeTrl of Ihe properties. Page 17 ontinued. The,%lillar Charit Fund Notes to the Financial Statements - coritinued for the Year Ended 31 Decembef 2025 RELATED PARTY DISCLOSURES Hereford hkn1n￿1p3l Charities ICh3nty Nurnber-. 2187381 tarries out administraiion of Ihe Millar Charity Fund (Chariiy Numbèr". 5143811. Cerlain dirett costs relating 10 these chanries are charged by Herefoid Aknjnicipal Charities and in addiiion an appropnate share of adffliD15lTative c05ls is olso ts)rne by ihe5e connected charilies. Durin8 the year expendiiure o116.J98 12024 124,4811 was recharged from Hereford h￿nICipal Charity. At the year end £6.198 12024.. £41.9571 was due to Lhe charity. FRC EfHICAL STANDARD- PROVISIONS AVAILABLE FOR SIAALL ENTMES In common with many orher busine55es ol our 5Ee arKI n3itsre w¢ use our audirors io prepare and subrnit reiurns to ihe tax aUt￿TILle$ and a5515f with Ihe preparation of Ihe linancial Sfalefflènts. Page 18 ThÈ Millar Charit Fund Detailed Slatement Df FIna￿la1 kllvities for the Year Ended 31 D￿ernber 2025 31.12.25 31.12.24 INCOME AND ENDOWMENTS Investment Income Diwdends and interest 11,043 8,428 Charltable activities Aimhouse Income 41,459 37,105 Total IrKomlng resources 52.502 45,531 EXPENDITURE Chadtable activltles Repairsltlla1ntenance ¢tsntracls Gruunds maintenance Lifr mainienènce Comrnunal lighting Cemrnunity care albrm Insurances Chaplain arK1 exyn5È5 Subscriptions and TV licence Re51denis' benefits 11.593 1.104 11.369 2,454 2.057 5,468 4,633 4.896 3,127 3,921 1.021 1,472 343 Z,051 81 649 52Z 30,837 26,931 Support costs Flnan¢• Bank charges 69 Other Wage5 Pensions Administratlon cosis 4,31X) 376 388 8,517 1,644 856 5.064 Governance ¢osts Audiiors remuDeraiion Le9al and prolessK)Tral lees 601 2,339 1,357 1,032 3.696 Total resources expended 37,Cl 41,645 Net Incomé 15,5tiJ 3,888 This ￿ge rK)t forrn part of the statutory finarKial statements Page 19