c￿rrty nurn1￿r. 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 nUm￿r Prfntlpal offke Fiftti Floor Berke*y Squ¥& H(￿￿• Berkeley Squwè Lormknl W1J6BY Indgp•nd•nt audltor 81ic* Rothenbwg Authl LLP Chartered Ac•))mta￿S 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$taes wesent ther anTh￿l togeif*r wlh Ihe audw finarwl statements of The IAitt•l FouKlallL {Ihe Charity) for tha year fmm 1 Jarwjary 2023 to 31 December 2023. The Twstee5 confinn thal the Annual rèport and fin￿(1￿1 Statem￿1$ 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 FU￿nCIal Rèporiiny appjicablg the UK ￿lj Rewblic of Ir8land (FRS 1021 {effecti¥e 1 January 20151. The Charifyi is a Trust fomed on 17 M*c* 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 CO1￿9￿￿5 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 seL**n 4 of ts CharM8s Ad 2011 with rogard to the guidance on wblic benefrt pub￿shed bythe Chwty Cornmission. Ob￿CtIv•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 h*s. ofthè *ts *bJ Ihe weven￿n of ￿vety malnutr*h)n. hi•vwMnts •nd p¢rf¢mian During 2023. The Miltal Foundation cfmbnuod to Harmd and the Brilish Aslan Tr￿L In additson during th8 the Charity has a r￿mber of small wants to other thariti (a) Conknuing rAwJoAYJ ¥iitiatNeS In July 2022, The mitt￿ FouNJatton comrnitted to a gift of £18 rn￿10n. 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 •du￿tiOn and rese￿1. 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 $4 mikn to establish an endowment for th9 South Asia Inslllule. The institute furKls fwjlty researc* atvj student study th& region and has tr￿111 a community ¢ommiiled to better undorslanding the ￿1que faced by these ¢fxmtr*s and diVe￿e pop￿atkffls. The full gift was paid during th• period. Trust••s of Th• London Cllnk Lfd., Londtsn In Septemb•r 2023. Th8 Mittal Fowtslion (%¥nmitted to a gft of £2.5 mllion. to Trustees of The LI￿dOn Clinic Ltd.. London, pay￿$ ovar 5 years. The furth wl ￿ used for the ¥d¥anc￿0nI of rapid canlxr diagn05tics, purchasing nthv diagr￿1$ equipment. pati*il eyperienc4. dinical ¢Yjtcc￿, medKal edu&4tion and research. At the date of signing. £1.4 has been a9￿81 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 c*orilable institutiinsl￿u$è$ ineluding Ukrairw. Caritas and t1￿ Chern Blair FrA￿lakn forw(xnen. Prlncip41 ii¥k• and The Trustee8 hfft undertaken an assessm&tt ol Ihe risks uncerlWt*s faciw the tharity. The maln rlsk ari¥8s from ineff8di¥e grant m*ng and the has sufvient t*lgenc4 and ongoing monitorng (in the case of larger grants) lo Grnnt makng pollcl•• The Mitlal F¢yJndalion's m acifvdy 1$ woNvJirvJ grnnts to c**il*s and Inth41￿aI$. A $impl• majority of Trusl88s aw•emenl is wured lo awove the ma￿ir￿d of any gr¥ts. Ajlhough The Mitta FoundatKJn '$ it to SUPFKNt a broad Tango of C*￿ilable 8ectorn, the Tfustsgs for tho foroseeable futurg have deaded to fix#Js on prc*ds ained at tha a(fvancement of education. helping c*ange young ￿e$. Wmo¢1￿ of the art$ afftl ts prèvention of poverty m*nutril*)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 aw*ed. 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 Financ￿1 Further detaib oflhe fwwKaal revie* forth• p￿V￿ ￿ 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 gly￿ance ¥nd athiini5traticffl oflhe Charity. forlh• futhrn Th8 Trusl8es have continued to monitor the i*aitable programs whith g)mrrwc*d durlng the period and where appropriate haw made fimher Mislalment paym¢nis. The Twstees conknnug to consider ￿pportIng oth*r projects in Sne 7Mlh tho CharitY$ obj&ai¥e& Trusto•s' w••pon8lbllNl￿ $tat•m•nl The Trustges are resp)nSi￿8 prwng lh8 Trustees. reFrtNt and the finarwl statements In #c￿rd8ne£ with applKable l&v and United Ac£ounlry StaThlards (United Ifwwom G￿erallY Acttpted Acr￿UntIng PTaclic8). The Law applicablg lo chartes in E￿land & W*s r8quire5 the Truslees lo prepare finanoal statèmènts for each finan￿￿ year give a In￿ fa'r of the state of affaws of the Ch￿ ar￿ of the Incomlng resourees arKI app￿catiOn of resour￿ of the fc* that peri￿J. In prepafing these fmanrAal statements, the Trustees arn wmred to: selgd SLMtabl8 aetounlmig pc4Kie$ and then apFty Ihem ¢on¥1st￿ty. observe the M&t￿lS and prlNJfv in the Charitie$ SORP.. makejudgments and a¢￿Untirrfj Èstwnat•s that are reasonat4e and W￿lent., prepare the ffinaneial stalements on Ihe cg)n¢¢m basis unless It is in¥propriate to prgsume that t ch*ity 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 i*oper re￿¥d$ that are Juff#ienl to shaw and eX￿aIn the charitys transaclYJn$ and disdose reaS(rf￿b1e at any twnè the fuwnty81 posttbjn of Ihe charity and enable them lo ￿Sure that the ffinancial st*met*s o)nwty with the char￿e9 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 a￿1 *y laking rea¥onth steps for the weventiro) and dthction of fraud and olhw irregukgrith'es. DI¥¢10¥￿ of InfOrn￿On to audltor* Each ofthe person8 who TN8tees at Tnth. Rwrt is apprO￿d has confimied that so far as that Trustee is aware. there reknnt ofwhlth ts thaTitl$ a￿l￿Or5 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 Fr￿m1*kn 'charity) lor tho y•or endad 31 Oecember 2U23 vthith ￿MPrIse the statement of ￿n￿lia1 actswtigs. the balance sheet, the statement of cash llows and the lolatad Thjles. irKI￿lIrtg a summary of siwikant a￿UntIng 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 s￿da￿d 102 Tr Finanual Reporting sty￿ard applicat40 in the UK and Repubh'c of Ireland. (Urmted lfjTr>lom Generalty Acc•8d AoxJuMng PraCt￿e). 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 ac￿rd￿e with the Generally Attepted Praciice effecti40 for re￿￿￿g peiiod5 beginnirwj on or after 1 January 2015. In our opwiion the firAncAal stat•ment&" gfve a tru? arKI lair of thg St*e ol the tt￿1￿$ affatrs as al 31 Dec•mber 2023 and of its incoming resourc8s and applicalion of restsurees for ended.. hav8 bean propgrty Wep￿ed ui accc*dm Uriled I￿n￿￿rn Generaty Accwed Accounttr¥J Practic8.' and have b88n pr8parod in w¥da￿a 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 respon*bilities under those standards are further Ilesukned in the Auditors resp)nsibilhies for the audit of the financial sLthments seclion of our report. We *e in*end8nt 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 a￿st 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 aL*JitirvJ finanua ststements, concbjded thai the Trusle8s' usg 01 th8 grAThJ concern basis of aCto￿ting in the prepwation of tho rnanr1￿ 5tatem￿ b appropriate. Based ￿ the WO￿ we have pwfrymed. wg havg klentsfied any m*wial unc8rtainties rèlating to evanls or co1￿￿tIonS 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 AuD￿0￿s REPORT TO THE ￿E￿ERs OF THE MITfAL FOUNDATION ICOIITINUED} Th8 Tru$toes aro reswnsit49 Othgr The dhèr inf0M￿On compiises the Inf0m￿on Induded In the Annual Report, other Ihan the ￿n￿cIal $Mement$ 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 ￿nnec￿On 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 rep￿t 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 TAk￿ee< repNt ￿ WKty15islent n any fflat&ial respèct w*h 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 a￿j 0XWK￿$We rewiie for our audit. RtspoMibilNi•• of tr￿t• As frxplalned morn th• IJLL%le8s' re4xxtsibll*s Statem￿l, the Truste•s ¥8 responslt48 for th8 preparat￿ of the finarwl ststements whth w a true and lair view. and for SUL* intem81 ￿ntrol as I Tru$lees detemiine is necessary lo enablè the prepara￿n of knancid statements that are free from matwial mlsst*gmenl. whether due to fra￿j or error. In prepaiww the knnoal sL*ments. the Tnthes ￿ rasponsknle for assessing the Charitys abl*y to cLwlln as a gokng concem. di8dosry. a$ app*cab￿. matters rtlated to going ￿nCeM and using the gxjing concern basls of accc4Jnllng unless th& Tr￿tee$ 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 rel￿￿1 rfjgLtlaliorts made or ha￿￿￿ effed thereunow. r obj•Ar￿$ are to obtain reasonable assurance abNrt ththether the fman¢ial SL*ments 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 asSUra￿e, but is not a guarantse that an a￿lIt 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. w￿l¥ldu* ￿ In the ￿gregate. they c(yJd reasonabty bg expectsd to inffluence the decisi(￿ ol uw5 t&*en on the basls ofthe$8 ffinanrAal statements. Irregulaiit*s. induedn9 fraud. arg instances of norwnsknnce wth l**s aThJ regulalionts. We desiEm procedures in line with our responsibilrfies. 0￿￿ed atthy. to dete¢X material mkAslat•ments in respecl of irr8guL3dlles, Indudlng fraud. Thè exlent to wlx(* ow wocethwes are (apable of ￿te(all9 irregulariti8s. ￿t￿J￿ing fraud Is detsiled below: Wo identify and assess tP* risks of material rnisstatemenl of the fm8￿181 statemonls. whether to fraLvJ or effor, and Ihan dosiw perfomi autht ￿y￿￿ureS respJnsi¥e to those risks. indL*Jing cijtsining aud Page 6 THE MIThAL FOUNDATION INDEPENDENT AUDITOWS REPORT TO THE IEMBERS OF THE FOUNDATION {CONTiNUEOI In Identifymig and assewng risks of rn*erial Misstat￿ In respecl of wr89￿an1￿￿S. induthng fraud and non 0)Mp￿anc* laws and r89¥JIat￿ns. ow wocedures induded the foltrwing.. enquiriro of rnanagemenl conc•ming Ihe charitys policies *ilh regarfs lo thnlfyry. gyaluaing and compty'ng wth laws and re9uLqtions ond whether th￿ were a￿￿e of wistarths of M)nvcomplian¢x" erwiring of managem•nt o)nceming the charitls pol￿$ 11gWng and responding to risks of fraud aN1 vknelher have any kno*rf8dge of any athal. Suspected or awed fraud: enquiring of management con¢eming the tharW$ policaes in r8lation lo the intemal nlrols establtshed to ffl￿gaIe 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 c*arity operates in and focusing on these la￿ and reg￿tionS th* had a threca effect on the finarwial slatemonls or that had a fvndamenia effect on Ihe operknis of tr* charilable company. The key wul￿1)n$ w8 cwsidered li this corrtext inckKled Ihe Charrties ALt 2011 and appkabl& tsx legislat*Jn. One partit￿lar focus area was the rlsk of fraud thrfrtwh M￿agen￿nt owride of ¢￿troL$. l)x procedures to rospond to risks iden￿ffied wK*Mled the folNINJ: perfofftiing anatytscal wocedures lo identify any unusual or untxpeclgd relat[￿shIpS that may risks of material misstatement due to fraud.. reviawlng the bank statements ofthe ch* fw e￿et￿8 of any lar9E or unusual a¢￿ty whith b8 indith offr3￿1. enquirf of management in r￿at￿ to a)y Ilyat￿ •MI ¢*ts: ath1 te$tr4 tho apwowiatww$ ofioml enlrfes ond other adjustm￿1$. Another focus a￿3 was nOrtrcX¥n￿iance the ruks of the Chorty CLvnmi8sion. The charity was auihorised and regulated by Ihè Charity Commlssion 1hrO￿oUl the perhjd. Our procethJre$ lo respond to risks hlenfjfied induded Ihe folowing: rewiewing coffe$ponden￿ betrmn th• Chathy C￿MissIon. and di8￿$810n of regulatory matters ¥rfh the a￿￿nted officws ofthe charity. regulations are frwi finanaal transact*Jns, the less likety l is that we wrAAd become aware of ncwFMmplian¢e. Au(kbng 3tan¢Jards also limit the autht wocedures required lo nrm-comtaance wilh l&vs and regulat*)ns to 8nqury of the i*rectots and other managemerrt and the ¥weth"on of regulatory and coNe8KK)ndet)c•. if any. Material misstatements that arise due to fraLKI ¢x i* ha￿ to dtht those that 8ri8e from fjrror as Ihoy may invofve ddljerak ¢orttaknent or ¢c4usion. A further desuiptlcffi of our resp￿St￿litIeS for the of the knrKial statements Is local•d on th8 Finaniya5 ¥uditofs report. UM of ow roport This rewt is m&Ye solety lo th• 4*aritys In￿. as a body. in a¢A*rdancè with Part 4 of th? Chaiilie8 (Accounts and Reports) Regulatthis 2008. Our audit work has been wdertaken so that w• m*Jht statg lo the charitrfs trustees those matters we we requir•d lo stalo to them li an authtorf$ repNt and for no other purposo. To the fullest extent pwmttte(I by law. do not a￿pt or assumg responsibility lo anyone olhor than the chaiity and its Iwste¢s. as a blth, 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 appmb*d a￿1 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$8¢tion ￿nI￿S oth8r*ise sL*ed in the relevant notes lo Ihese lun15. The fmancial stslernents haN* been prepared in aetordarte WM) the Slalemont of Recommwded Pla￿￿8.. Accountwy and Reporting by cha￿e5 weparing 1hè￿ account8 In acD)rdan¢x wilh the F￿?￿¥1 Rep)iin9 Stsndard ap[￿￿tle in the UK and Rewbli¢ of Ireland (FRS 102) issu8d in Oclober 2019 ar￿ Financial R8wtirwJ St*wd appkable in th8 United Kingdom and Republic of Ir*nd IFRS 102) and Chwilies Acl 2011. Mittal F(￿ndati￿ ¢onstitth a b8rnfft as defined by FRS 102. 12 Golng conurn The Trustees have ts)nfmned Ihat they to proNryde fiJrHl$ 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 •w￿l18 for use al Ihe di$uetion of the Trustees in ffijrther￿ of the oty8dNes of the rthaiity and whth have nol be￿ designatéd for other purposes. 1rtveslm￿rt incomo. gains ar*d ksses are akrfaed t¢ the aroroixote fwd. 1A kn¢omlnq All In￿Me is rec(wtsed onee the Ctr4rity has entrtlwnent to the In￿)rne. * 1$ probable that the Inc(yne will be receib*d a￿1 the wnount of I￿)me ￿1vable ￿ be MeaSu￿d reliabfy. inwn8 is rece￿ab Expwdllure is on ￿ acuu* Iws has baen induded ￿der gxpense calegorf&s that aggregate 41 u)sts for *cat*Jn lo **thes. Where costs cannot be arfributed to Part￿Ular activilies they haw W a￿ted on a basts consistent wilh the use of the resources. Grants payable ¥9 c*arged In the ￿rwhen the offer is made except in those cases ￿Te tl* offer is ryjnditional. suo*b grants beir¥J le￿￿¥Sed as expendrturn when the condits¢)ns attaching are fu￿l￿d. Grants offered sut4eca io c¢Y*thtion$ ha¥e not been met al thg yew end ar6 noted as a eomrnrtment. but not acuued as exp*Klture. Exp8ndltwe on is the adiv*ies whSch furthar Ihe Ch8ritys objedrn5. as Ymel as any ass