Charity numbor.. 1146604 THE MirrAL FOUNDATION Trustees, Report and Financial Statements 31 DECEMBER 2022 THE ifflrrAL FOUNDATION REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Tntst8•s Usha Mrtlal Vanisha Mittal Bhatia Megha Mittal Adtya Mittal Charlty vegl%t8ved numbèr 1146604 Princlpal offic• Flwr 3 Berkeley Square Hwse Berke* Square London W1J 6BU Independ•nt auditor BIKk Rothenberg Audrt LLP Chartered Accountants 16 Great Queen Street London WC2B &4H Bankern HSBC pk 69 Pam Mall London SW1Y 5E7 HSBC PrTrRte Bank (C l) Lintyj Park P*e, Park Street St Peter Port Guemsey QY11EE THE MirrAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report to￿tr￿r with the athlited financial statements of The Mittal Foundation (the Chartyl for the year from 1 January 2022 to 31 D￿rnber 2022. The Trustees confim that the Annual report and financial st*ments of the Charity coryly with the current statutory requirements, the requirements of the Charity's goveming docurr*nt and the provi5iofbS of the Statement of RecOm￿nded practi￿ ISORPI. applicable to charrties preparing their ￿Unts in ￿¢￿dance wrth the Financ4?1 Reporting Standard applicable in the UK and Republ￿ of Ireland {FRS 102) leff￿tTr￿ 1 January 20151. Structur•* governanc• and m•nagement The Charity 15 a Trust f￿rr￿ on 17 March 2012 and is a registered chwity number 1146604. The Charity's goveming document is the decl8rnlK)n of tntst. Trustees meet periodicalty to gNe Cons*jeratK￿ to the status of thority fundKy, invesbnents and grant making. The Charity ha$ no paid staff, however the Charity call upon pro bono servw of certain frK?nds and colleague5 of Ihe Trustees, for the Provision of administrntive se￿lee3 aNJ other supwrL The Trustees who were au appoint&l on t￿ fom*t*)n of the Charty and have serrfed up to approval of these accounts were.. Usha Mittal Megha Mitlal Vanisha Mtttal Bhati8 Aditya Mittal The Truslees cOns￿er that have complied wth wtion 4 of the CharFties Acl 2011 with regard to the guidance on public benefit publi8hed by tr* Charity Ccthmi5s*)n. Objectlves and Actlvlll•s The main purpose of th8 Charity 15 to appty ir￿L￿ne ftom the chwity for, but r#)t limited to, advancerr*nl of educatKJn, helping change young INes, pr￿n0t￿ ofthe arts and the prevention of pw)vety and ma1nutr1t￿n. A¢hl•voments and performance During 2022, Thè Mittal Foundaton Contin[￿ to suppjrt Harvard Unrrfersty and the Britssh Asran TN8t. In addition during the year the Chwity has gNen a nunber of small gTrnts to other charit￿. la) Continuing ongoiThJ iniliatp￿s Harvard Unlv•rnty In late 2017, The Mittal FourKiation c¢Jmff#ll&l to a gift of $25 million to estabh'sh an endcrmnent for the South Asia Inslrtute. The institute funds facutty reSea￿h and student $W across the regitin and has buih a mmunty committed to better understsnding the un&4ue challenges fac&J by these countries arKI drverse populations. The grft ts payable ￿ instatrrents over 5 years. As at the dale of s￿nIr￿j the fvl commitment of $25 million was already paid. Th9 8rfflsh Asian Tntst Iln August 2018, The Mrttal FourthtK)n corr¥nitted to make a grdnt payable over 4 years which al￿d lo improve lrtew and numeracy ￿arnIng standards to certain marginalised ccffimunities in IrKlia. The level of payments made were depeThJent on certain pr￿t outcome cnteria being IreL Unfortunatety, COVID19 Ser￿U$1Y impacted the abilty of Ihe tn￿t lo continue with their Project as hoped during 2020-2021. The trust re- assessed the situat￿n, the ag￿ment timeli￿ was sltyJhty extended, arKI new targets were agreed. At the dale of signing these accounts. against a potential ff4wmurn commilment of US$1million. an amount of $854,111 has been paid. The commthnt is ncmf Comple￿ fUrt￿r payments wll be made. Page 2 THE hffiTTAL FOUNDATION TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR EMDED 31 DECEMBER 2022 Clev•land Cllnic Phllanthropy (U.IC) Ltd., London In Juty 2022, The Mittal FOundat￿n Committ￿ to a grlt of £18million, to C18veFand Clinic Philanthropy {U.K). London. payable over 5 year5. C*land ClinK, LorKlon will use these funds for advancement of health, dKal eduCat￿n and reseath. Ibl Smal grants to 0th8r charit*5 During the yearthe Tr￿lee$ m* a number of sftwller grants to var*)us charilable in$titLrtK)nslcauses. Princlpal rf#ks and uncertaintles The Trustees have urKlertaken an asSesS￿￿nt of the iisks and uncertainlie5 facing the charity. The main risk arises from ineffectNe grant making and the charity has suffictenl due dilwce and ongoiThJ monitoring (in the case of larger grants) to manage these risks. Grant maklng policS•s The Mittal Foundation's 15 providing grants to charities aThl indivMluaLs. Although The Mitlal Foundat•)n's wnskntU￿n akns bt to support a broad range of charitabl8 sector5. the Trustees for the foreseeable fvture have dec*led lo fc¢us on projects aimed at the advancement of edUCat￿)n, helping char4Je young INes, promotk)n of the arts aThJ the preventb)n of p)vety and malnutrit#)n. They use their personal contacts and research lo identfy surtable grantees and the current policy is not to accept or acknowledge un¥olKiled applic*w)ns for gr￿ts. Major grantees are required to submit reg￿*r PTryJress rep￿ts sh(Ming hcMI the funds were applied. Investment pollcy Surplus cash is retained at its amnts in HSBC. Res•rves policy The Found*KJn has been prwnariPM funded through private volunw donations. No xtive fundraising from outSKle contributors is expected. The FourKlat•)n does not have substantial reseprfes tied to fixed assets. Financl•l rnvi•w Further details of the Foundation's financial perfQThna￿e for the year are set ￿t on p•3es 8- 15. Incoff* from donations was £16,185.314 {2021- £nil) and expenditure of £17.008,758 (2021 - £385,029) was spent on Charitab￿ *tr4ibes, go¥erna￿a and thinistraiTh of the Charity. Plans for the future The Trustees hve continued k> wKJnitor the charitable progrnmg whKh cfjmmenced durin9 the period and where appropriate have made fvrther instakwit payThwts. The Trustees conlinue to consider supporting other projects in line with the Charty's objectwes. TrustOeS' rn8ponsibllhleg Stat•m The Trustees are re5p)n$ible for preparing the Trustees, IEwt and the financial ststements in &cordance with appltsble law and United Kingthi Accounts"rvJ Standards (unit￿ KJ"ryth)m Generally Accepted Accounting Practice). Page 3 THE MI￿AL FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 The law appI￿le to Charit￿ in England & Wales requires the Trustees to prepare financial statements for each financkal year whth gNe a twe and fair view of tr£ state of afTraiv5 of the charty and of the incoming resour￿$ and appl￿tIon of resources of the charity for that period. In preparing these financial statements. the Trustees are required to.. se￿1 5Urtable aecounting ar¥J then appty them con¥thnty: observe the methc¥Js and principles in the Chanties SORP.. make judgments and accounting estsmate5 that are reasonabl8 and pnthnt., prepare the financBI statements on the wng concem basis unless it is inappropriate lo presume that the charity wll continue in Operat￿n. The Trustees are responsible for keeping proper accountirKJ re￿dS that are sufficient to show and explain the chanty's transactions and disclose with reasonable accuracy at the any tin￿ the ffinanciaj position of the ch8nty and enable them to ensure that the finawal stateffle￿ compty with the Chariti85 Act 2011, the Charty {A¢￿Unts and Reports) ReguLAt￿Th$ 2008 and the pn)ViSb)ns of the trust deed. They are also responsible for safeguarding the 8S5els of the charty and hents for ￿ing reasonable steps for the prevention and detection of fraud and other irregulariknes. Dhclosure of Inlornmtson to auditors E*h of the persons who are Trustees at th8 when Ihis Trustee5' Rem i8 approved has confirn￿d that.. so far as Ihat Trustee i8 Wdrn. th￿e is ￿ reknit audfi informatw)n of which the charity's auditors are unaware, and that TnMtee has taken all the steps Ihat *wht to have been taken as TnMtee in order to be aware of any relevant audrt infoMwt￿n and to estsbh'sh that the charl￿6 auditors are 84vare of Ihat infom7at￿n. Approved by order of the members of the t￿d of TnBtees on 27 November 2023 and signed on their behalf LIM% Usha Mltt•l Trustee Page 4 ## **THE MITTAL FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MITTAL FOUNDATION** ## **Opinion** We have audited the financial statements of The Mittal Foundation (the 'charity') for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 5 ## **THE MITTAL FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MITTAL FOUNDATION (CONTINUED)** ## **Other information** The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' report is inconsistent in any material respect with the financial 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 require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal 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 basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Page 6 ## **THE MITTAL FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MITTAL FOUNDATION (CONTINUED)** In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the charity's policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the charity's policies detecting and responding to risks of fraud and whether they have any knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the charity's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the charity operates in and focusing on these laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charitable company. The key laws and regulations we considered in this context included the Charities Act 2011 and applicable tax legislation. One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the charity for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. Another focus area was non-compliance with the rules of the Charity Commission. The charity was authorised and regulated by the Charity Commission throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the charity and the Charity Commission; and discussion of regulatory matters with the appointed officers of the charity. There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Blick Rothenberg Audit LLP** Chartered Accountants Statutory Auditor 16 Great Queen Street London WC2B 5AH 22 December 2023 Blick Rothenberg Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 7 THE MIThAL FOUNDATION STATEMENT OF FINANCIAL ACTIVfflES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrkt•d fvnds 2022 Total funds 2022 Total funds 2021 Income from". Donations and legacies Interest 16.185,314 708.000 16,185.314 708.000 113.175 Total income 16.893,314 16,893.314 113,175 Expenditur• on: Charitable actwities Other expe￿IltUre 16277,387 n1 J71 16.277.387 731,371 263,384 121,645 Ttst•l expenditur• 47.008,758 17,1)08.758 385,029 Net movement in fund 1115.444) (271.8541 Reconclllat5on of funds". Total funds bro￿h1 forwanl Nel nM)vemenl in funds 730,866 1115M44) 1,002,720 {271,854) (115A44 Totsl funds urrled forward 615A22 615N22 730,866 The Statement offinancial Ind￿ atl gains and recognwl in the year. The notes on page$ 11 to 15 fonn part ofthese financ￿1 staterr*nts. THE MrrrAL FOUNDATION BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 2021 Current ass•ts Debtors Cash at bank and in hand 12.OFI,$74 2.909,823 747.510 11697.962 3.657,333 Creditors.. amounts fawing due within one 13M73,8031 (2,926.4671 Net curr•nt assets 9J24,159 730,866 Creditors". amunts falling due after mre than one year 18,708,n7 Total not assets 61SA22 730,866 Charity fund# Unrestrict&J fvnds 615,422 730,866 Tolal funds 61SN22 730,866 The financial stat*Mnts were approved and aLrthorwJ for issue by the Tmstees on 27 November 2023 and signed on tr*ir behaw by: Usha Mlttal Trustee The notes on pages 11 to 15 Im wt ofthese financial statements. PwJe 9 THE MifTAL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Nel cash used in opeTrting activl 1107.122) (263.5321 Chang• In ￿$h and cash equlval8nts In tho year Cash and cash equivalents at the beginning of the year (107,122) I263￿32? 747.510 1,011,042 Cash and cash equlvalents at the end of the year 747.510 The note5 on pages 11 tt> 15 fom) part ofthese fmncial statem Page 10 THE MITTAL FOUNDATION P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 At￿￿TrIlng poll¢￿¥ 1.1 Basls of pr•parntion of financlal st•t•me The finaneKI1 stateff*nts have been prepared under the historK4 cost conventton with items recogni￿ at cost or transxtion walue Un￿ 01￿￿$e stated in the re￿vant notes to these accounts. The financHI state￿￿nts have been prepar&J in accordance with the Ststement of Recommended Practice". Accounting and Rew)rting by Charities preparing their accounts in accordan￿ wrth the Finanual Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1￿2) issued in October 2019 and Financol Reporting Starthrd applThble in the United Kingdom and Republ￿ of Ireland {FRS 102) and Charitw Ad 2011. The Mittal FoundatiDn ccvTrstitute5 a Publ￿ benefft entity as defined by FRS 102. 1.2 Golng conc•rn The Trustees have confirmed that they are willing to provKle funds as n￿essary to ensure that the charity meets its obl•Jations as they faN due for the foreseeable future. For this reason they continue lo adopt the going corthm basks in preparing the financial ststements. 13 Fund accounting Gen￿￿ funds are unrestrthd furth whth are •Ailabb8 for use at the di8cretion of the Trustees in furtherance of the generai Ob￿e$ of the charty and Wh￿ have not been deswJn8ted for ot￿r purposes. Investment incom&, gains and k*sts are alkKated to the apprq)riate furKI. 1A Incoming reyourus All income is recogni5ed once the Chaiity has ￿￿￿nent to the incoffÉ. it rs probable that the Incon￿ will be recer¥ed and the rnnt of InC4y￿ receivabb can be measured rnliably. Income tax recover8ble in rela￿n to ￿veStrnenI is rwnised at the time the investment inccffie 15 receivable. 1.5 Re8ourcu expended Expenditure rs accounted for on an wu* basis arwj has bgen inthded under expense categories that aygregate all costs for alkKat￿n to V4there costs cannot be directty attributed to particular xtNit*s they have been a￿ated on a basis t))nsthnt wrth the use of the resources. Grants payable are charyed in tr* year when the offer 15 made except in those cases where the offer is condrtional. such grants being Tec¢)gnis&J as expenditure whon the conditions attaching are fulfilled. Grants offered subject to conditK*ns whth ha￿ not been mel at the year end are noted as a commitment, but not acen￿d as expendrture. Exp￿IlUre cw) charilable xbvitw is w￿lled on directy undertaking activibes which further the Charity's objectives, as well as any asso¢thd support Costs. 1.6 Inter•st recelvable Intere8t on fvivjs ￿k1 on deposit 15 included wI￿n receivabk and the amount can be measured reliabty by the Charty" this is nOm￿lY upon not[fic*￿n of the interest paNJ or payable by the institution wrth whom ￿ funds are deposited. P•Je11 THE MITfAL FOUNDATION NOTES TO THE FINANCIAL STATEMEtrtrs FOR THE YEAR ENDED 310ECEMBER 2022 Accountlng polkim (contlnu•d) 1.7 Debto TT* and other debtors are recognt5ed at tr* sethemenl after any trade discount offered. Prepayments are valued at the a￿Unt prepaKI net of any trade dtscounls due. I￿ Cash at bank and In hand Cash at bank and in haNI indudes cash and short tenn highty liquid investments with a short maturty of three rrw)nlhs or less from the d*e of acqui$itK?n or opening of the deposit or simi￿r account. 1.9 Debtorn, cr•dllor# and provls6ons Donat￿n9 receivable and grants payable than one year are initKaty recognised at t present value of the *nount receivable or payable. Thereafter they are measur&J al amortised cost using the effedNe interest rale methjd. The effecarrfe interest rate amortisalion of affK)unts recewable and payable B inclLhl&l in the Statement of Finan¢ral Actsvities as interest income and expendtture reSp￿t￿. Creditors and pn)visions are recognised where the charty has a present obligalh)n resutting from past event that will probab￿ result in the transfer of funds to a third party and the amount due lo settle the obligat￿￿ can be rneasu￿d or estimated reliabty. Short tenn creditors and prov￿10￿$ are inrt￿Ity recogntsed at transact*)n value as r￿ne represent a fina￿Ing transaction. They are onty dwecc*Jnised when are exlinguished. Investmont inco Unrestrlcte d funds 2022 Total funds 2022 Total funds 2021 Interest recerrfable 708.000 708,000 113.175 Analysis of grdnts Grnnts to Institutions 2022 Totsl funds 2022 Tota funds 2021 Grants awarded 16,277.387 16.277,387 263,384 The Charty has taken thantsge of the exemptKJn granted to charilable trusts in England and Wales from providing the names of grant r￿rP1ents and the aTh)unts of such grants during the lrfelime of the settlerwlK) donaw Ihe fvrKl$ from grants are paid. Page12 ThE AIITfAL FOUNDATION NOTES TO ThE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricte d funds 2022 Total funds 2022 Total funds 2021 Administration cosls Professional fees Finance costs 17.126 7.349 7C*.896 17.126 8.558 706,896 113.087 731,371 731.371 121.645 Auditorfs remuneration Fees payable to the charivs auditor lorthe aKlil ofthe charitys annual o)unts 6.000 Debtors 2022 2021 Due after more th#n one y•ar Grants receNable Due withln one yMr Grants receivable ,708.737 3,348,837 2.909,823 12,057.574 2.909,823 Croditors: Amounts falllng duo withln one year 2022 2021 Grants payable Accruals and deferred income 3,348,837 24.966 2.909,823 16,644 3.373.803 2,926,467 P*Je13 THE MITTAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Credftor#: Amounts f•lllng due after morn than ong y•ar 2022 2021 Grants payabfe 8.708,737 Statem•nt of thnds Statement of funds- currnnt year Balance at 31 Dec•m￿r 2022 Balance at 1 January 2022 Income Exp•ndlturn Unrtstrlcted funds General Funds- all funds no.866 16.893A14 (17.008,7S8) 615,422 10. Rfjconclllation of not movgm•nt In fvnds to not cash Ilow from op•rnting actlvttlgs 2022 2021 Nel expenditure for the year (as per Statement of FinarKial Acti¥itEs) 1115,4441 (271,854) Adjustments for (IncreaSel￿e¢rea$e in debtors IncreasellDecreasel in C￿1110 19,147.7511 2.780,150 9.156.073 (2,771.8281 Net ¢ash used In op•ratlng actlvlties {107.122} 1263,5321 11. Anatysls of cash and ¢ash equhalents 2022 2021 Cash * bank 640.388 747,510 Total cash and cash •qulvalents 640.388 747,510 Pèje 14 THE MITfAL FOUNDATION NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 DECEMBER 2022 12. Analysls of ¢hang8s in net debi At1 January 2022 Cash fiows At31 Docember 2022 Cash at bank and in hand 747.510 1107,122) 640.388 747A10 1107.1221 640,388 P•J815