crrty nurn1r. 1146604 THE MIThAL FOUNDATION Trustees, Report and Financial Ststements 31 DECEIABER 2023
THE hffrrAL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHAiiifY. ITS TRUSTEES AIID ADVISERS FOR THE YEAR ENDED 31 DECEIIBER 2023 Vantha Mrtlol Bhalia Megha Mi Charty Mgl•t•rnd nUmr Prfntlpal offke Fiftti Floor Berkey Squ¥& H(• Berkeley Squwè Lormknl W1J6BY Indgp•nd•nt audltor 81ic Rothenbwg Authl LLP Chartered Ac•))mtaS 16 Gr••1 Stre8t WC2B &4H Bank•rs HS8C pk 69 Pal Mal SWIY SE7 HSBC 1vate Bank (C D Limhed P*k Pkce. Park Street St Petgr Plvt QY1 1EE Pagè 1
THE PAITTAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECWER 2023 Th• Tru$taes wesent ther anThl togeifr wlh Ihe audw finarwl statements of The IAitt•l FouKlallL {Ihe Charity) for tha year fmm 1 Jarwjary 2023 to 31 December 2023. The Twstee5 confinn thal the Annual rèport and fin(11 Statem1$ ofthe Charty CLYnpty with the rrent stalutory requirem&nts. the requirements of the Charitys w>verning document the pm¥i$ion$ of Ihe Statement of Recommended Practico {SORP). apli¢abl8 to chaiities preparing their ¥cx)Jxrts in awdance with Ihe FUnCIal Rèporiiny appjicablg the UK lj Rewblic of Ir8land (FRS 1021 {effecti¥e 1 January 20151. The Charifyi is a Trust fomed on 17 Mc 2012 arwl i8 a reg rwmb8r 114e804. The Ch•rity8 goveming docyJm8nt is the dedaralion oftrusL Trustees meet perioth to give lxns1deralt to the stabJs of charity fvr#thn9. inveslments and grant mathg. The Charity has no pad staff. h¢xever the Charity cal won pro bono services of cert•n friènds and CO195 of the Tnjslees. for thg pYo¥isiM of •Twrxslrnti aNJ support. The Trustees wtho were all aFoointed th? of thè Charity atkl hm s8Md up to approval of th888 accounts were: Usha Mthl Megha Mittal Vanisho M>ttal Bhatia Aditya Mittal The Tfustees ccffjsider that they hm compbed seLn 4 of ts CharM8s Ad 2011 with rogard to the guidance on wblic benefrt pubshed bythe Chwty Cornmission. ObCtIv•S omd A¢dvlttoS The main purpose of the Charity is lo appty inc(fft from the charity for. bLrt Tr)t Iwnited to. advancement of hga and •du¢alion. 1[An9 dwwe hs. ofthè ts bJ Ihe wevenn of vety malnutrh)n. hi•vwMnts •nd p¢rf¢mian During 2023. The Miltal Foundation cfmbnuod to Harmd and the Brilish Aslan TrL In additson during th8 the Charity has a rmber of small wants to other thariti (a) Conknuing rAwJoAYJ ¥iitiatNeS In July 2022, The mitt FouNJatton comrnitted to a gift of £18 rn10n. to Cleveland CliniG Philanthropy (UK). LoThlon. payable over 5 years. The fimwjs te used for the attvanc4ment of healthcare, pknnl experiencè, dlnl¢al outcomes. m8dical •dutiOn and rese1. At the date of signing. £7.2 rnkYb)n has been pald against Ihe gift of£18 rrillim. In June 2023, The Mittol F$ndation grRed $4 mikn to establish an endowment for th9 South Asia Inslllule. The institute furKls fwjlty researc atvj student study th& region and has tr111 a community ¢ommiiled to better undorslanding the 1que faced by these ¢fxmtrs and diVee popatkffls. The full gift was paid during th• period. Trust••s of Th• London Cllnk Lfd., Londtsn In Septemb•r 2023. Th8 Mittal Fowtslion (%¥nmitted to a gft of £2.5 mllion. to Trustees of The LIdOn Clinic Ltd.. London, pay$ ovar 5 years. The furth wl used for the ¥d¥anc0nI of rapid canlxr diagn05tics, purchasing nthv diagr1$ equipment. patiil eyperienc4. dinical ¢Yjtcc, medKal edu&4tion and research. At the date of signing. £1.4 has been a981 the commitmerrt of£2.&n. (b) Smal grantsto clhor dwrbti Pag• 2
THE MirrAL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Duriw the year Twst8es made a numb& d sm8ler granls to warlous corilable institutiinslu$è$ ineluding Ukrairw. Caritas and t1 Chern Blair FrAlakn forw(xnen. Prlncip41 ii¥k• and The Trustee8 hfft undertaken an assessm&tt ol Ihe risks uncerlWts faciw the tharity. The maln rlsk ari¥8s from ineff8di¥e grant mng and the has sufvient tlgenc4 and ongoing monitorng (in the case of larger grants) lo Grnnt makng pollcl•• The Mitlal F¢yJndalion's m acifvdy 1$ woNvJirvJ grnnts to cils and Inth41aI$. A $impl• majority of Trusl88s aw•emenl is wured lo awove the maird of any gr¥ts. Ajlhough The Mitta FoundatKJn '$ it to SUPFKNt a broad Tango of Cilable 8ectorn, the Tfustsgs for tho foroseeable futurg have deaded to fix#Js on prcds ained at tha a(fvancement of education. helping cange young e$. Wmo¢1 of the art$ afftl ts prèvention of poverty mnutril)n. Tlw use thelr Personal eont4¢XS and researth to identify suitth granlees the current policy is not to acLwl or acknty¥ledg unsol¢ited applications kn grants. Major grantees are to regLdor prowess rewts how tré fwds wore awed. In¥nt poll¢y Sury)lus cath is relthed at Ms accounts in HSBC. The Foundakn has been fiwKled thrw wiv K4untgry donaknns. No actNe fimdraising from outside ¢¢ffitnbutors bs expecte Financ1 Further detaib oflhe fwwKaal revie forth• pV sai on pages 6. 11. Ineirfne from donations vrns £10.796.610 12022 £16.185.314) and expendliure of £8,717.930 12022. £17,[.758) wa8 spent cm th8ri8ble glyance ¥nd athiini5traticffl oflhe Charity. forlh• futhrn Th8 Trusl8es have continued to monitor the iaitable programs whith g)mrrwcd durlng the period and where appropriate haw made fimher Mislalment paym¢nis. The Twstees conknnug to consider pportIng othr projects in Sne 7Mlh tho CharitY$ obj&ai¥e& Trusto•s' w••pon8lbllNl $tat•m•nl The Trustges are resp)nSi8 prwng lh8 Trustees. reFrtNt and the finarwl statements In #crd8ne£ with applKable l&v and United Ac£ounlry StaThlards (United Ifwwom GerallY Acttpted AcrUntIng PTaclic8). The Law applicablg lo chartes in Eland & Ws r8quire5 the Truslees lo prepare finanoal statèmènts for each finan year give a In fa'r of the state of affaws of the Ch ar of the Incomlng resourees arKI appcatiOn of resour of the fc that periJ. In prepafing these fmanrAal statements, the Trustees arn wmred to: selgd SLMtabl8 aetounlmig pc4Kie$ and then apFty Ihem ¢on¥1stty. observe the M&tlS and prlNJfv in the Charitie$ SORP.. makejudgments and a¢Untirrfj Èstwnat•s that are reasonat4e and Wlent., prepare the ffinaneial stalements on Ihe cg)n¢¢m basis unless It is in¥propriate to prgsume that t chity wll ¢onthnue in operation.
THE pArrAL FOUNDATION TRUSTEES. REPORT ICOPThUEDI FOR ThE YEAR ENOED 31 DECEMBER 202> The Truste8s ¥e resp)nsit>le for ke¥yJ ioper re¥d$ that are Juff#ienl to shaw and eXaIn the charitys transaclYJn$ and disdose reaS(rfb1e at any twnè the fuwnty81 posttbjn of Ihe charity and enable them lo Sure that the ffinancial stmets o)nwty with the chare9 Ad 2011. the Charity IA¢counts and Reports) Règulations 21yJ8 and the provis•Jns of the trust dead. They ar& also responsiNe for safeguarding the assets of the a1 y laking rea¥onth steps for the weventiro) and dthction of fraud and olhw irregukgrith'es. DI¥¢10¥ of InfOrnOn to audltor Each ofthe person8 who TN8tees at Tnth. Rwrt is apprOd has confimied that so far as that Trustee is aware. there reknnt ofwhlth ts thaTitl$ alOr5 are unaware, and that Trustee has 01 Ihe steps that wght to have been taken as Trnstee in crfder lo bg aware of any rob*d by order Of mwnbw¥ ofts t•)¥d ofTrustees on 05 IL and SIW on their behalfby.. TNstee Page 4
THE IATTAL FOUNDATKIN INDEPENDE1 AUIXTOR? REPORT TO THE IAEIIBERS OF THE IArrrAL FOUNDATION Oplnlon We have &wJited the finaroal Stalw) of Thg Mitlal Frm1kn 'charity) lor tho y•or endad 31 Oecember 2U23 vthith MPrIse the statement of nlia1 actswtigs. the balance sheet, the statement of cash llows and the lolatad Thjles. irKIlIrtg a summary of siwikant aUntIng polKaes. The fmanaal repoiting framewort th has bgen apF4gd in thvir Preparabtsn is aFolica)le law aNI Ui¥ted Kingdom Aceounling Sl•)dards. iiduding Flnanoal Reporfvig sdad 102 Tr Finanual Reporting styard applicat40 in the UK and Repubh'c of Ireland. (Urmted lfjTr>lom Generalty Acc•8d AoxJuMng PraCte). Thè finaTrSal slatements hm prep¥ad in ao)JrdarTh with A(wffiliw aNI Rgporbrg by Charit$ pr8pariThJ their ao>Junts in aec•)rdane wlh tr Financi Retthing Standards applKxble in the UK and RepuNic of knland IFRS 102) in prefrrenee to the Aeeounting Rep)rtiig by Charili8s.' Statement of Recommended Prathce Iswed on 1 2W5 is referred lo in the extant rngdatp)ns but has bew thdrawn. This has been (tr)r in order for Ihe acojurts to provThJe a twe and fair Ifjow in acrde with the Generally Attepted Praciice effecti40 for reg peiiod5 beginnirwj on or after 1 January 2015. In our opwiion the firAncAal stat•ment&" gfve a tru? arKI lair of thg Ste ol the tt1$ affatrs as al 31 Dec•mber 2023 and of its incoming resourc8s and applicalion of restsurees for ended.. hav8 bean propgrty Weped ui acccdm Uriled Inrn Generaty Accwed Accounttr¥J Practic8.' and have b88n pr8parod in w¥daa with the requiremwts ofthe Chaiities A( 2011. B•sl8 for oplnlon We conducted our aurfrt li accordance ilh Intematimal StaNlards on Audtting IUK) (ISA5 IUK)) and applicabfe law. Our responbilities under those standards are further Ilesukned in the Auditors resp)nsibilhies for the audit of the financial sLthments seclion of our report. We e inend8nt ofthe tharity in acujrdance with the ethical re¢wirements that are ftlevwt lo w JIt ol the fwwK¥al ststements Ai the United lfjn9dom. induding t Financial R8p)rhrvJ Counal's Eththl Standard. w)d we fijlfilled our other ethkal re¥Jon¥ibiliieg in accwdarKe these requirgments. We believe that the ast evidence we ha oblained is sufficient and appropriate to pro44de a basis for opinw. Con¢lu•lon• r•l•tkng to golng ¢ohc•m In aLJitirvJ finanua ststements, concbjded thai the Trusle8s' usg 01 th8 grAThJ concern basis of aCtoting in the prepwation of tho rnanr1 5tatem b appropriate. Based the WO we have pwfrymed. wg havg klentsfied any mwial unc8rtainties rèlating to evanls or co1tIonS th8t, Indiwdulty or coKecti¥ty. may cast signthnt doubt on the chanty$ ats'lrty to continue as a gllng rKem for a perirA ol at least twefve month5 from when the finwwl statemenls affj authorisgd for i8sue. l)Jr responsibdities and thg r8sportsii¥lrfieB of the T wth respeL to going c>)n¢gm are desttibed In tho relevanl sections of tl¥8 report. Page 5
The pMrrAL FOUNDATION INDEPENDEiif AuD0s REPORT TO THE EERs OF THE MITfAL FOUNDATION ICOIITINUED} Th8 Tru$toes aro reswnsit49 Othgr The dhèr inf0MOn compiises the Inf0mon Induded In the Annual Report, other Ihan the ncIal $Mement$ and our Authiors. report thereon. Our opirmon on the financial statements does not cover the other Infom{ and wa do not wrfess any form of assuranc nduS1 thereon. In nnecOn wilh our th oflhe statan, ow respcrfwbthty is lo read the other infonnatknn 4NI. lli domig so. Consider whether Ihe other irfommtion Is matsrialy Incmststenl wth the fThnaal statements or our knowledge (laIned in the wjit or othenmse appeaT5 to bè matsialy misstated. If we Identify such material inconsistencies tx apparent material misstatements. we are required to detennine whether there is a material misstatement in the financhql slatemwrts or a material misstatement of the othsr infomialbon. If, bas8d on th8 work we have perfomied. Vlt condude Ihat there is a material misstatement of thi5 other information. we are required to rept that f We have nothing to report in thls regard. Matt•v• on ¥thl¢h w• •rn rnqulr•d tr4 rnport by •xc•pl W8 have nothing to report in resp8Ct of the folcthing matters where the Chths (Acuurts aNJ Reports) Regutslbjns 2008 wiffjs us to r¢p)rtto rf. in ow infcthètion gwi i) the TAkee< repNt WKty15islent n any fflat&ial respèct wh tho financ4al Stalomènts., or Buffiaenl aclxwnting rerA)rds ha not been kert. or the ffinanrAal statements are not in agreement with the accounting records relums.. or we have not reLwed au the nfonnth aj 0XWK$We rewiie for our audit. RtspoMibilNi•• of trt• As frxplalned morn th• IJLL%le8s' re4xxtsiblls Stateml, the Truste•s ¥8 responslt48 for th8 preparat of the finarwl ststements whth w a true and lair view. and for SUL intem81 ntrol as I Tru$lees detemiine is necessary lo enablè the preparan of knancid statements that are free from matwial mlsstgmenl. whether due to fraj or error. In prepaiww the knnoal sLments. the Tnthes rasponsknle for assessing the Charitys ably to cLwlln as a gokng concem. di8dosry. a$ appcab. matters rtlated to going nCeM and using the gxjing concern basls of accc4Jnllng unless th& Trtee$ erther inteTrJ lo ¥thIate the thwty or lo cease opgraticffls. or have Th) realistic aftematb¥e lo s Audftorf rn•pon•lbllttlM forth• audlt of th• Ilmnclal •tat•m•nts We have apwnted as auditor under sedim 144 of the Charitw Ala 2011 and report In aCt>)rdan with Ihe Acl and rel1 rfjgLtlaliorts made or ha effed thereunow. r obj•Ar$ are to obtain reasonable assurance abNrt ththether the fman¢ial SLments as a are f from material misstatgment, wh8ther due to frwjd lx errty. aThJ lo Issue an authtorfs report that indudes cwr opinion. Reasonable assurance is a W Iwl of asSUrae, but is not a guarantse that an alIt conducted in accordanoe vAth ISAS {UK) wkl deted a MatW misstatement vthen l exists. Misslat8m8nts can arise from fraud or error are considered material rf. wl¥ldu In the gregate. they c(yJd reasonabty bg expectsd to inffluence the decisi( ol uw5 t&en on the basls ofthe$8 ffinanrAal statements. Irregulaiits. induedn9 fraud. arg instances of norwnsknnce wth ls aThJ regulalionts. We desiEm procedures in line with our responsibilrfies. 0ed atthy. to dete¢X material mkAslat•ments in respecl of irr8guL3dlles, Indudlng fraud. Thè exlent to wlx( ow wocethwes are (apable of te(all9 irregulariti8s. tJing fraud Is detsiled below: Wo identify and assess tP risks of material rnisstatemenl of the fm8181 statemonls. whether to fraLvJ or effor, and Ihan dosiw perfomi autht yureS respJnsi¥e to those risks. indL*Jing cijtsining aud Page 6
THE MIThAL FOUNDATION INDEPENDENT AUDITOWS REPORT TO THE IEMBERS OF THE FOUNDATION {CONTiNUEOI In Identifymig and assewng risks of rnerial Misstat In respecl of wr89an1S. induthng fraud and non 0)Mpanc laws and r89¥JIatns. ow wocedures induded the foltrwing.. enquiriro of rnanagemenl conc•ming Ihe charitys policies ilh regarfs lo thnlfyry. gyaluaing and compty'ng wth laws and re9uLqtions ond whether th were ae of wistarths of M)nvcomplian¢x" erwiring of managem•nt o)nceming the charitls pol$ 11gWng and responding to risks of fraud aN1 vknelher have any knorf8dge of any athal. Suspected or awed fraud: enquiring of management con¢eming the tharW$ policaes in r8lation lo the intemal nlrols establtshed to fflgaIe risks related to fraud or rlonwcompl with and r8gulations,' discussing among the engagement team Whe fraud mp3hl occur li the financial statements and any potential indicators of fraud", and obtanlng an undwstsnding of ts lega and regulaw framwk that the carity operates in and focusing on these la and regtionS th had a threca effect on the finarwial slatemonls or that had a fvndamenia effect on Ihe operknis of tr charilable company. The key wul1)n$ w8 cwsidered li this corrtext inckKled Ihe Charrties ALt 2011 and appkabl& tsx legislatJn. One partitlar focus area was the rlsk of fraud thrfrtwh Magennt owride of ¢troL$. l)x procedures to rospond to risks idenffied wKMled the folNINJ: perfofftiing anatytscal wocedures lo identify any unusual or untxpeclgd relat[shIpS that may risks of material misstatement due to fraud.. reviawlng the bank statements ofthe ch fw eet8 of any lar9E or unusual a¢ty whith b8 indith offr31. enquirf of management in rat to a)y Ilyat •MI ¢ts: ath1 te$tr4 tho apwowiatww$ ofioml enlrfes ond other adjustm1$. Another focus a3 was nOrtrcX¥niance the ruks of the Chorty CLvnmi8sion. The charity was auihorised and regulated by Ihè Charity Commlssion 1hrOoUl the perhjd. Our procethJre$ lo respond to risks hlenfjfied induded Ihe folowing: rewiewing coffe$ponden betrmn th• Chathy CMissIon. and di8$810n of regulatory matters ¥rfh the anted officws ofthe charity. regulations are frwi finanaal transactJns, the less likety l is that we wrAAd become aware of ncwFMmplian¢e. Au(kbng 3tan¢Jards also limit the autht wocedures required lo nrm-comtaance wilh l&vs and regulat)ns to 8nqury of the irectots and other managemerrt and the ¥weth"on of regulatory and coNe8KK)ndet)c•. if any. Material misstatements that arise due to fraLKI ¢x i ha to dtht those that 8ri8e from fjrror as Ihoy may invofve ddljerak ¢orttaknent or ¢c4usion. A further desuiptlcffi of our respStlitIeS for the of the knrKial statements Is local•d on th8 Finaniya5 ¥uditofs report. UM of ow roport This rewt is m&Ye solety lo th• 4aritys In. as a body. in a¢Ardancè with Part 4 of th? Chaiilie8 (Accounts and Reports) Regulatthis 2008. Our audit work has been wdertaken so that w• mJht statg lo the charitrfs trustees those matters we we requir•d lo stalo to them li an authtorf$ repNt and for no other purposo. To the fullest extent pwmttte(I by law. do not apt or assumg responsibility lo anyone olhor than the chaiity and its Iwste¢s. as a blth, <wJr audit T*rtMk. for thi5 Tewt. or for ts opwMS we have formed. Pagg 7
THE MrrrAL FOUNDATION INDEPENDEprf AUDrroR'S REPORT TO THE IEMBERS OF THE FOUNDATION (CONTINUED) Qk,k KLI LLP Blick Rothonb•rg Audit LLP Chartered Accounlants Statutory Auditor 16 Great Que8n Street London WC2B SAH Dale-. 3 Decetnber 2024 Blick Rothonbwg Audit LLP elpible to as •Aitors li twms (l¥edMM 1212 ollho Comp8nigs Ad 2LK Page 8
The IAL FOUNDATIOM STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECER 2Q23 Total fvnd• 2023 Total Jnds 2022 fund• 2023 Incomè from: Donathons aThJ l•gaues 10.798.6111 960.074 10.796.610 960,074 16,185,314 708,OC(I Tot41 Incom• 11.756.684 11,756.684 16.893,314 CharitaL4e arANits Other expendth 5.761.041 956.819 5.761.041 956.889 16277,387 731,371 Totsl •xpondlturn 6,717.930 6.717.•30 17,008,758 N•t mDv•m•Tht In lund• 4D38.754 6.038,7S4 (115.4441 R¢¢on¢llatlon of fvnd•: Total fijnds brougm for¢Md N•t m0ment n fiwwls 615A22 5.038.754 616A22 S,038.754 730.868 (115,4441 Totsl fund• ¢arrf•d for•Ard S.6H176 5.654176 815,422 The Siment of finani?d adi¥11 indth al 9alns aThl k)sw reeogrised i) the sw. Th¢ notes on pages 12 to 17 fcrfm yl ofthese stat.
THE hlTfAL FOUNDATION BALANCE SHEEf AS AT 31 DECEMBER 2023 2023 D¢blcK5 Cash at and in hwKI 149x1,472 12.057.S74 e40.388 16,178.770 12.897.962 Crethtorn.. amujnts fthg due wilhin 13,707&18) (3.373.803) Net ¢urvent a•Mts 11471.262 9.324.159 Crethlors.. amounts fallng after nK>re than year 16.817,0761 (8.708.737J Total n•t •••ots 5.65<176 615.422 Charlty 14md• Unre8ts1ded funds 10 4651176 615.422 Totsl lund• 5.654.176 615,422 The finandal stataments ¥4we appmbd a1 aufvi$8d tr is¥ by thè Tn$ on on their behaf by: and n•d Usha All Trustoe notes on paggs 12 10 17 ofthesé fin*K?d stateme. Page 10
THE AwrrAL FOUNDATIOM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIABER 2023 2023 2022 Ca•h IlowB from op•ratTng aGlivttle• Nel cash used in operdting 11) (392,090) (107,122) Ch•ng• In ca*h and cuh •qul¥al•nts In th• Cash and cash equi¥alents at the twmng ofthe (392,090) 1107.122) 640.388 747,510 C••h •nd cuh •quSval•nts atth• •nd of th• y••r 248.298 640,388 Thè notes on p•3e$ 12 to 17 Icrfm part of11 financAal statements PagÈ11
THE MirrAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlNJ polklo• 1.1 B••l• of pr•parntion ol fln•ncl•l •l•lwwts The financ4al stsleThnts haw baen wepared WKleT the historical $1 convenlion emS Tec4nised at cost or trnm$8¢tion nIS oth8rise sLed in the relevant notes lo Ihese lun15. The fmancial stslernents haN been prepared in aetordarte WM) the Slalemont of Recommwded Pla8.. Accountwy and Reporting by chae5 weparing 1hè account8 In acD)rdan¢x wilh the F?¥1 Rep)iin9 Stsndard ap[tle in the UK and Rewbli¢ of Ireland (FRS 102) issu8d in Oclober 2019 ar Financial R8wtirwJ Stwd appkable in th8 United Kingdom and Republic of Irnd IFRS 102) and Chwilies Acl 2011. Mittal F(ndati ¢onstitth a b8rnfft as defined by FRS 102. 12 Golng conurn The Trustees have ts)nfmned Ihat they to proNryde fiJrHl$ as necessary to ensurè that the charity meets its obloations as they fal due for forese8abl8 fulure. Fty this reason Ihey Gontinue 1J Fund •CeOUfbtkng General fu)ds are uNestsM#ed funds we •wl18 for use al Ihe di$uetion of the Trustees in ffijrther of the oty8dNes of the rthaiity and whth have nol be designatéd for other purposes. 1rtveslmrt incomo. gains ard ksses are akrfaed t¢ the aroroixote fwd. 1A kn¢omlnq All InMe is rec(wtsed onee the Ctr4rity has entrtlwnent to the In)rne. * 1$ probable that the Inc(yne will be receibd a1 the wnount of I)me 1vable be MeaSud reliabfy. inwn8 is receab Expwdllure is on acuu Iws has baen induded der gxpense calegorf&s that aggregate 41 u)sts for catJn lo thes. Where costs cannot be arfributed to PartUlar activilies they haw W ated on a basts consistent wilh the use of the resources. Grants payable ¥9 carged In the rwhen the offer is made except in those cases Te tl offer is ryjnditional. suob grants beir¥J le¥Sed as expendrturn when the condits¢)ns attaching are fuld. Grants offered sut4eca io c¢Ythtion$ ha¥e not been met al thg yew end ar6 noted as a eomrnrtment. but not acuued as expKlture. Exp8ndltwe on is the adivies whSch furthar Ihe Ch8ritys objedrn5. as Ymel as any ass<Kthd SUPFrfXt o)sts. Pagè 12
THE WTTAL FOUNDATION NOTES TO THE FIIIANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 A¢¢¢)untlw policim IrtImdI 1.6 Trc•lvabl• Interest fvnds hgid on dew)sit Inraud 7Athen recivaAe and the amount can be measured relabty by the Chdy. this is upon notiTh¢Xitin of the interest paid or payat48 by th• 1.7 D•bto Trade and 14h8r detrt<Ks are rewwsed ai the set118 amt)unt after any trade d18eount offered. PrepayThorts org v4uod at the arnt wepd net danytrade discounls due. 1A Ca•h at k and In hand Cash * bk and in h•d Ybjudes ith and sl¥)rt twm highly l]uid investments ryth a shixt maturity ofthree months or kns frrxn thg d of or openiig clth• d•po$itor sinmlar accounL Donations re1vable * gr over m<xe than one y ar8 irmtiaty recognised at the e8ent value ol the amowrt r[waA& or parab. Thereaftef tw are mea$Lw8d 81 amorti5ed cost Using Ihe Offte wrterest rale method. The effertive interest rate am0.$¥tKn of amounts re(iv¥blè payawe is irvthd in Ihe Stalw1 of Flrbw¢ial Athths as wrtere8t iTKomB and expenditure resW4ety. Creditors and prn¥isi are re(wised thg ¢harity ha5 a pre1 obIga rosutting from a past evenl thatwill wobabty re$uft in the transfer of funds to a third porty and the amount dL to settle the obligalK)n can be measured or eslwnaled rbly. Short temi crethiors and provisions are init1 renised at tran5aclion Wa as Tewesent a fmantrng tr8nsaclh)n. They are onty Tot1 nd• 2023 Total fijnds 2022 nds 2023 10.7knr .610 10,796.610 16.185.314 from dona1ms in¢*des the associated gft rethmed where appluble. Amounts In r&specl of grft akj are recwnis8d when the trustees ts$1der it wobable the relevant amounts will be recovered from Ihe awlicable tsx wthority. Page 13
ThE k11TTAL FOUNDATK)M MOTES TO THE FINANCLAL STATEhlENTS FOR THE YEAR ENDED 31 DECEPA8ER 2023 Inv••kn•nt In¢om• Totsl funds 2022 funds 2023 lunds 2023 Intoro71 receNae 960.074 980,074 (knnts to In•titithon8 2Q23 Tot•1 funds 2023 Total funds 2022 5.761.041 5,761J141 16.277,387 Th? drity has taken advartage ofthe graed to ¢aiital Irusts in England aThJ Wths from prwdry the names of grant recijients Ihg am(wnts of suc grants thrlng Ihe lrf•t•ne of th8 setU•r who donated th• funds from whKh the are p•d. G0mon ¢¢J¥ls Unl•stricted fund• 2023 Tolal fund• 2023 Total furKI$ Admwilstralion cs)sts Profrssional fees Flnance costs 17.128 7,349 7Cfj.696 3.241 950.688 3,241 950.688 956.869 956.889 731,371 Audltorf• rnmunwallon Fee$ pay4Ye lo Ihe *xlitor ts th• ofthe annual 7,250
THE MITfAL FOUNDATI4 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Dwk aft•r morn thin on• y•ar G[ts r•c•Nabl• 6117,076 8.708,737 6.817.078 8,708,737 DUB Tlthln on• ywr Gift aid recovernble Grants receivab 5.455,383 3.658.013 3,348.837 15.930A72 12,057,574 Crnthtorn: Amewnts fling wllhln on• y 2023 2022 Grants pay*le Atrxuajs and deferred i)ne 3,6J8.558 18,960 3.348.837 24.966 3,707.511 3.373.803 Page15
THE MITTAL FOUNDATIOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 c11t¢. falllng duo •lknr Ih•n on• y•v 2023 Grdnts pay 6,117.076 8.708.737 10. St•l•m•nt offwd• Sft•m•nt of funds. eun•nt y•r 31 January 2023 Com• Expndwwrn 2023 Gene Fwds- al 615A22 11.756,684 16,717.930) 5,654171 11. R•con¢llatlon of n•t MoV•t in fund• to c••h Ilow from •)pr•llng •thltlo 2023 2022 Nel Inme19x[Mll1w¢ (as per SAatemenl of Financial 5.038.754 (115.444) AdAtmonts far. 13,8n.8911 19,147,751) 11,567.9401 9,156,073 lTryeasel{Decrease) in (xadiiths M•t ¢a•h u•ed In operatlng a¢OvS119• 1391,0901 (107.122) 11 An•1$ of h and e•sh •qulval•nts 2023 2022 Cash at b8nk 640.388 Total ca•h •nd ¢•¥h •qul¥al•nts 248.298 640,388 P4e 16
THE MirrAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1& An•ly•l• of In n•1 d Al31 Jnuiry 2023 C•$h flo 2023 Cash at bank and in hand 640,318 1392.090) 248298 640.388 {392.090) 248. 1& Relat party tran8•cth)M All oflhe Chitrfs KKome from donatiws wises from the TleaS and their dose famity member8. Pe 17