DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** **(A company limited by guarantee)** ## **ANNUAL REPORT & FINANCIAL STATEMENTS** **31 MARCH 2023** **Company Registration Number 08107587 Charity Number 1148858** DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023** |**Contents**|**Pages**| |---|---| |Trustees’ Annual Report|1 – 8| |Reference and Administrative Information|9| |Independent Examiner’s Report|10| |Statement of Financial Activities|11| |Balance Sheet|12| |Cash Flow Statement|13| |Notes to the Financial Statements|14 – 18| DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** The directors/trustees present their annual report and audited financial statements of The Mitie Foundation ("the Foundation") for the year ended 31 March 2023. This report and the financial statements have been prepared in accordance with the provisions applicable to small companies entitled to the small companies’ exemption and in accordance with the accounting policies set out on pages 14 and 15. The legal and administrative details set out on page 9 form part of this report. The financial statements comply with the current statutory requirements, the Foundation’s memorandum and articles of association and the Statement of Recommended Practice FRS102. The financial statements have been prepared under the historical cost convention, in accordance with applicable accounting standards and the Companies Act 2006. ## **Structure, governance and management** The Foundation is a company limited by guarantee and its directors, for the purposes of company law are also trustees for the purposes of charity law and those who served during the year and to date are shown on page 9. For the purposes of this report they will be referred to as trustees. The Foundation was incorporated on 15 June 2012, registered as a charity on 6 September 2012 and began its activities on 1 April 2013. On appointment, new trustees sign a model trustee declaration statement, confirming their eligibility and committing them to giving their time and expertise. New trustees are fully briefed on the objectives of the Foundation and their role as trustees. They are also provided with a copy of the Charity Commission Guidance for trustees and a copy of the Foundation’s memorandum and articles of association. Trustees give their time voluntarily and receive no remuneration or other benefits. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. There must be a minimum of two trustees but no more than nine. Up to three trustees may be appointed by Mitie Group plc ("Mitie") by way of written notice to the Foundation. All current trustees have been appointed by the decision of trustees. The trustees are responsible for determining the overall strategy of the Foundation, however they delegated managerial oversight responsibilities to Jasmine Hudson. Key management personnel are determined to be the trustees and seconded Mitie Group plc staff. As all Foundation staff are seconded to The Mitie Foundation from Mitie Group plc; no staff, including key management personnel are directly paid by The Mitie Foundation. Employment benefits for the seconded Mitie Group plc staff, as key management, are determined through internal Mitie Group plc pay review processes. The trustees have considered the major risks to which the Foundation is exposed. These have been reviewed and systems and procedures have been established to manage those risks. 1 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Objectives and activities** The Foundation’s vision is to raise aspirations and unlock people’s true potential. The objectives of the Foundation, as set out in its articles of association, are broad, allowing the charity to carry on any charitable activity within the law. Currently the Foundation has three main objectives: - To enhance employability - Support community through Volunteering - Provide sustainable Employment opportunities for underrepresented groups ## **Enhancing employability** Helping people with barriers to employment and social mobility is the core aim of the Foundation. The Foundation works in partnership with Job Centre Plus (“JCP”) and others, to deliver employability programmes (Ready2Work) which give people a chance to demonstrate their skills, primarily through on the job work experience. The Foundation uses its relationship with Mitie businesses, clients and suppliers, as well as other organisations to secure appropriate work placements for candidates and helps them seek employment at the end of the course. On all work programmes, candidates receive coaching and support from the Foundation team, specifically focussing on identifying transferable employability skills and making sure their CVs reflect these. The candidates on the Ready2Work programme also benefit from a pre-employment training week, run by the Foundation team, which is designed to clarify workplace expectations and encourage participants to step outside their comfort zone and to develop confidence and communication skills. Ready2Work programmes improve social mobility in local communities by supporting people with disabilities, refugees, people with convictions and other groups with specific barriers to employment and is also available to support Mitie employees’ friends and family who may have barriers to employment. Together with our partner organisations and charities, the Mitie Foundation has created three additional variations of Ready2Work. These programmes are tailored to the needs of candidates who face specific challenges in showcasing their ability and potential. Ready2Work – Military Aligned with Mitie’s proud commitment to the Armed Forces Covenant, the Ready2Work Military programme supports veterans in finding civilian roles in facilities management. Mitie recognises that servicemen and women have unique skills and training that can add real value to the business. Ready2Work – Enable, the Enable programme assists participants with a disability or learning difficulties, and also supports both Mitie and the organisation’s clients in providing such candidates with sustainable employment. ## **Supporting Community Through Volunteering** Mitie is committed to enriching the communities in which we operate. In support of this, the Foundation manages the company’s employee volunteering programme, Giving Back. Salaried Mitie colleagues are encouraged to use their 10 volunteering hours to support causes 2 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** in their locality. Hourly paid colleagues can also take part, upon client agreement and on a case-by-case basis. Mitie colleagues can choose to support a cause that matters to them. This can include programmes delivered by the Mitie Foundation, opportunities with our charity partners and those housed on the Do-IT platform. The variety ensures we can offer an exciting range of impactful volunteering options. ## **Mitie has made a significant five-year pledge by committing to 8,000 employee volunteering hours during financial year 20/21, increasing to 23,680 hours by 24/25.** FY22-23 the business had a target of 16,320, we surpassed this by 19,298 volunteering hours. Full 5-year breakdown below: **----- Start of picture text -----**
Year Target Achieved
hours
FY20/21 8,000 8,098
FY21/22 12,400 14,650
FY22/23 16,320 19,298
FY23/24 20,720 Ongoing
FY24/25 23,680 N/A
**----- End of picture text -----**
Colleagues are also encouraged to in engage in fundraising activities, raising finances for community initiatives and charity partners. The planning and delivery of fundraising activities delivered in Mitie time also contributes towards Mitie’s volunteering objectives. ## **Providing Sustainable Employment** To encourage talent from the Foundation initiatives and partners, we are now better linked with Resourcing for both volume and specialist roles across the Mitie Business. Via our applicant tracking system, eArcu, we have launched a private career page available only to partnered referral providers/charities. Applications made from Mitie Foundation participants are now identifiable at “source” on eArcu and will automatically be moved into “under review” status. As a hiring manager we ask that all Foundation applicants who meet the minimum criteria are offered interviews. Now our recording processes are fully launched and accurate, we can actively track from application to day one start across the business. These outcomes are measured through the Foundation dashboard showing our Foundation candidates from day one of starting in role. The dashboard shares monthly data with our senior leaders, ensuring full transparency and awareness, and can be accessed at team/account level. By engaging with the Foundation’s initiatives and utilising the talent pool we provide, we can diversify our workforce and improve social mobility within the communities we operate. 3 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Social Value Champions** A network of over 18 Social Value Champions across all Mitie business divisions has been established to help to communicate the Foundation’s activities and Social Value. Many of these ambassadors are also involved in supporting Mitie forums designed to support diversity and inclusion and have been organised into local networks and effectively act as the Foundation’s voice within the businesses, encouraging their work colleagues and in some cases their clients to take part in organised volunteering events. ## **Public benefit** The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities. In particular the trustees consider how planned activities will contribute to the Foundation’s aims and the objectives they have set and have therefore complied with the duty in section 17 of the Charities Act 2011. Taking into account the Foundation’s achievements and beneficiaries as described below, the trustees confirm that due regard has been paid to the public benefit guidance published by the Charity Commission. ## **Achievements and performance** Following a restructure of the Foundation, the team have agreed and delivered a new Strategy and focus to becoming more aligned to the Mitie business and its Social Value commitments. Supporting 3 of the 5 core Social Value pillars, the Foundation provide quarterly updates to the Social Value & Responsible Business Committee, chaired by Jasmine Hudson. Below are examples of activities during FY22-23, within the Foundation’s Core Pillars. ## **Enhancing employability** ## Ready2Work Details of the programmes delivered can be found below. **----- Start of picture text -----**
Ready2Work Completed Gained employment As a %
Edinburgh 2 1 50%
Northampton 5 5 100%
Watford 3 5 167%
London 4 2 50%
Total 14 13 93%
**----- End of picture text -----**
## **Volunteering** Year 3 target 16,320 hours – **19,298 hours achieved (118.24% target)** 4 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Big Mitie Spring clean** The Big Mitie spring clean delivered 800 volunteering hours. Colleagues across the UK took part in local litters picks in May and June 2022, clearing rubbish from the communities they proudly live and work. ## **Career Ready** Career Ready are a Social Mobility charity that actively targets schools in disadvantaged areas, providing an opportunity for all students to flourish. The programme contains 2 key elements: ## **Mentoring** - 12 months, January - December - 1-1 meetings, a blend of virtual & face to face ## **A 4-week Paid Internship** - Between June and July (Summer Holidays) - Paid at Foundation Living Wage £9.90 p/h (£11.05 p/h London) 13 interns joined Mitie in the summer, opening their eyes to the variety of roles available in Facilities Management. ## **Royal British Legion - Poppy Appeal** In keeping with our commitment to the Armed Forces, colleagues up and down the country volunteered their time to support the Royal British Legion at their City Poppy Day fundraisers. ## **Do-IT launch** Do-IT our employee volunteering platform, houses thousands of volunteering opportunities and is the process for recording impact. Do-IT was piloted with volunteer leads across the business in February and then fully launched in March. ## **Fundraising Total** £280,570 was raised for good causes - The Mitie Ball 2022 event, delivered by the Technical services Scotland team raised **£46,000** in aid of the British Heart Foundation and Cancer Research. The event 5 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** was attended by approx. 190 people, which included Mitie employees, supply chain and customers. - Mitie made a corporate donation of **£22,458** to British Heart Foundation - Mitie made a corporate donation of **£22,458** to Prostate Cancer - Mitie made a corporate donation of **1500 to Give Fundraising** - Mitie colleagues raised **£23,500** for Macmillan Cancer Support by delivering local Coffee Mornings The above fundraising was raised by Mitie Group plc employees, and all money received either went through the Foundation account and distributed to the relevant respective organisation or directly to the respective organisation. ## **Providing Sustainable Employment** With metrics now in place to capture Foundation hires, March 23’ report evidenced we have achieved 357 hires out of our 200 hired target. Via the new ATS we can gain further insights to the application process, highlighting key areas of “breakdown” in applications, such as incomplete profiles or requests for rejection from hiring managers. This enables the Foundation to offer additional support to candidates, provide feedback to our referral partners and challenge hiring managers if minimum requirements for the role have been met. ## **Financial review** The Foundation received income of £242,935 (2022: 172,585) from Mitie and £1,971 (2022: £55,041) from external sources. This has enabled it to deliver its activities as outlined in the achievements and performance section below and resulted in a deficit of £9,759 (2022: surplus of £53,411). The trustees consider the results of the Foundation to be satisfactory. The Foundation’s policy is to hold no reserves as the operating costs of the Foundation are budgeted within and paid by Mitie. Funding sources are predominately from Mitie, either in the form of company gift or through donations raised through staff initiatives. As at 31 March 2023, the unrestricted funds held that also described the free reserves of the charity were £81,619 (2022: £91,378). ## **Statement about fundraising activity** Whilst the majority of the funding for the Foundation is provided by Mitie Group plc, some fundraising activity does provide additional financial benefit. No professional organisation or individual was used to raise funds, and therefore the Foundation has not felt obligated to subscribe to any fundraising standards, schemes or regulations. We have received no complaints relating to any fundraising activity, and all transactions have passed through our finance team and we do not approach the general public or place undue pressure on people to give money to the Foundation. 6 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Future Plans** The Foundation will be looking to deliver the following: - 9 x Ready2Work programmes from April to March 24’ - 20,720 hours of volunteering by Mitie Colleagues - 300 day 1 starts sources from Mitie Foundation talent pools 7 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Trustees’ responsibilities statement** The trustees (who are also directors of The Mitie Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with 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 Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company’s auditors are unaware; and - the trustees have taken all steps that they ought to make themselves aware of that information. Pursuant to Section 487 of the Companies Act 2006, the independent examiner will be deemed to be reappointed and Burton Sweet will therefore continue in office. 16 November 2023 Approved by the Board on ………………………… and signed on its behalf by: Jasmine Hudson Trustee 8 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 MARCH 2023** **Directors/Trustees** Baroness Philippa Couttie Resigned 12 December 2022 Salma Shah Andrew Eastwood Rebecca Faulkiner Jasmine Hudson Pradyumna Pandit Navinder Kalley Andrew Buckley Resigned 11 May 2022 Michael Gibson Appointed 26 September 2022 The trustees have delegated managerial oversight of the Mitie Foundation to Jasmine Hudson. ## **Secretary** Mitie Company Secretarial Services Limited ## **Registered office** Level 12 The Shard, 32 London Bridge Street, London, England, SE1 9SG **Company number** 08107587 **Charity number** 1148858 ## **Bankers** Lloyds 55 Corn Street Bristol ## **Solicitors** Osborne Clarke 2 Temple Back East Temple Quay Bristol ## **Independent Examiner** Joshua Kingston BSc ACA Burton Sweet Limited, Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR 9 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **INDEPENDENT EXAMINER’S REPORT** ## **YEAR ENDED 31 MARCH 2023** ## **Independent examiner’s report to the trustees of The Mitie Foundation (‘the Company’)** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. . ## **Responsibilities and basis of report** As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Joshua Kingston BSc ACA Burton Sweet Limited, Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR 23 November 2023 Date: ………………………… 10 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2023** |**Note**
**Income from:**
Donations
**2**
**Total income**
**Expenditure on:**
Charitable activities
**3**
**Total expenditure**
**4**
**Total funds at start of year**
**9**
**Total funds at end of year**
**9**
**Net income/(expenditure) and net**
**movement in funds**|**Total Funds**
**2023**
**£**
244,906
244,906
254,665
254,665
(9,759)
91,378
81,619|Total Funds
2022
£
227,626
227,626
174,215
174,215
53,411
37,967
91,378| |---|---|---| There are no recognised gains or losses for the current or preceding year other than as stated in the Statement of Financial Activities. The results for the period are wholly attributable to the continuing operations of the Foundation. All movement in funds in the year and prior year are in unrestricted funds. **The notes on pages 14 to 18 form part of these financial statements** 11 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **BALANCE SHEET** **----- Start of picture text -----**
AS AT 31 MARCH 2023 Company number: 08107587
2023 2022
Note £ £
Current assets
Debtors 7 - 248
Cash at bank and in hand 85,843 98,567
85,843 98,815
Liabilities
Creditors : amounts falling
due within one year 8 (4,224) (7,437)
Net current assets 81,619 91,378
Net assets 81,619 91,378
Funds of the charity
Unrestricted funds 9 81,619 91,378
Total funds 81,619 91,378
**----- End of picture text -----**
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. ## **Directors’ responsibilities:** - The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. These financial statements of The Mitie Foundation were approved by the Board of Trustees on …................................ and are signed on their behalf by: 16 November 2023 Jasmine Hudson Trustee ## **The notes on pages 14 to 18 form part of these financial statements** 12 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **CASH FLOW STATEMENT** ## **YEAR ENDED 31 MARCH 2023** |**2023**
**£**
**Net cash inflow from operating activities**
(12,724)
**Net cash inflow for the year**
(12,724)
**Reconciliation of net movement in funds to net cash inflow from operating activities**
**2023**
**£**
Statement of Financial Activities: Net movement in funds
(9,759)
Increase / (decrease) in creditors: current liabilities
(3,213)
Decrease / (increase) in debtors
248
**Net cash (outflow)/inflow from operating activities**
(12,724)
**Analysis of changes in cash during the year**
**2023**
2022
**£**
£
Cash at bank and in hand
85,843
98,567
**2022**
2021
**£**
£
Cash at bank and in hand
98,567
41,380|2022
£
57,187
57,187
2022
£
53,411
4,024
(248)
57,187
**Change**
**£**
(12,724)
**Change**
**£**
57,187| |---|---| ## **Cashflow Restrictions** Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year. ## **The notes on pages 14 to 18 form part of these financial statements** 13 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** ## **1 Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006. As more fully detailed in the trustees' report, the Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern and the financial statements have therefore been prepared on the going concern basis. The charity is a public benefit entity as defined under FRS102. The principal accounting policies are summarised below. They have been applied consistently throughout the year and the preceding year. ## **Income** Income is included when receivable. Income from tax that can be reclaimed on donations is included at the same time as the gift to which it relates. Income comprises of: ## _Donations_ Donations are included in the Statement of Financial Activities when the charity is legally entitled to the income, when the amount can be quantified with reasonable accuracy and receipt is probable. ## _Donated services and facilities_ Donated services and facilities represents the estimated financial cost borne by Mitie in providing seconded staff and other management and administrative services. This value represents the amount that the trustees would pay on the open market for the services and facilities that would provide equivalent benefit to the charity. ## **Expenditure** Expenditure is included in the Statement of Financial Activities on an accruals basis when incurred and includes attributable VAT which cannot be recovered. Expenditure comprise of the following: Charitable expenditure - being those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries. Grant funding of activities - included within charitable expenditure, these are awarded to further the purposes of the charity. Grants awarded - treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding. Support costs - being costs of an indirect nature necessary to support the activities of the charitable company. Governance costs - being costs associated with meeting the constitutional and statutory requirements of the charity. 14 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** ## **1 Accounting policies** _**(continued)**_ ## **Programme related investments** Programme related investments are initially included on the balance sheet at cost. The carrying value is reviewed for impairment on an annual basis. ## **Fund accounting** Unrestricted funds are expendable at the discretion of the Trustees, in the furtherance of the objects of the charity. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due. ## **Cash and cash equivalents** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. ## **2 Income from: Donations** |Donated services and facilities from Mitie
General donations|**Total Funds**
**2023**
**£**
242,935
1,971
244,906|Total Funds
2022
£
172,585
55,041
227,626| |---|---|---| All donations received in the prior year were unrestricted. 15 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** ## **3 Expenditure on: Charitable activities** |Employee Costs
Travel and subsistence
Other support costs
Governance costs
Subscriptions
Local Donations
Bad Debts Expense
**4**
**Net income/(expenditure) for the year**
This is stated after charging:
Independent Examiner's remuneration
Prior year over/under accrual of fees|**Total**
**2023**
**£**
141,991
35,051
31,049
6,194
38,138
2,238
4
254,665
**2023**
**£**
4,224
-|Total
2022
£
125,476
22,887
4,368
10,442
14,453
830
(4,241)
174,215
2022
£
3,660
(13)| |---|---|---| No Trustee received any remuneration or travel expenses in respect of their services during the year (2022: None). Aggregate donations from Trustees, key management personnel, and other related parties was £Nil (2022: £nil). ## **5 Staff costs and numbers** The Foundation does not directly employ any staff, however on average, four Mitie Group Plc employees were seconded to the Foundation during the year (2022: three). |Staff costs relating to these seconded staff were as follows:
Wages & salaries
Social security costs
Pension contributions|**2023**
**£**
118,779
14,180
9,032
141,991|2022
£
103,679
11,816
9,981
125,476| |---|---|---| The total employment benefits received by trustees and seconded Mitie Group Plc staff, who are considered key management personnel, for their services to the charity were £141,991 (2022: £123,957) in No employee received emoluments of more than £60,000 in the current or prior year. 16 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** ## **6 Taxation** The charity is exempt from corporation tax on its charitable activities. ## **7 Debtors** |Contract Hire
**8**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income
**9**
**Movement in funds**
**For the year ended 31 March 2023**
**At 1 Apr**
**2022**
**£**
**Unrestricted funds**
General funds
91,378
**Total funds**
91,378
**For the year ended 31 March 2022**
**At 1 Apr**
**2021**
**£**
**Unrestricted funds**
General funds
37,967
**Total funds**
37,967|**Income**
**£**
244,906
244,906
**Income**
**£**
227,626
227,626|**2023**
**£**
-
-
**2023**
**£**
-
4,224
4,224
**Expenditure**
**£**
(254,665)
(254,665)
**Expenditure**
**£**
(174,215)
(174,215)|2022
£
248
248
2022
£
57
7,380
7,437
**At 31 Mar**
**2023**
**£**
81,619
81,619
**At 31 Mar**
**2022**
**£**
91,378
91,378| |---|---|---|---| 17 DocuSign Envelope ID: 0CCCF3E8-355E-4A96-817C-7D6FD56950AD ## **THE MITIE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** ## **10 Related party transactions** The Foundation has a related party relationship with Mitie Group Plc ("Mitie") as Mitie has the power to appoint up to three board members to the Foundation. Additionally, seven of the seven (2022: eight of the eight) trustees active in the period to the date of signing the accounts were either employees or directors of Mitie in the year. Mitie are the major funders of Foundation, and the Foundation second their operational staff from Mitie. During the year the Foundation received donations of £nil (2022: £nil) and gifts of services, staff and facilities of £242,935 (2022: £172,585) from Mitie. At the end of the period £nil (2022: £nil) was due from Mitie and £nil (2022: £nil) was held within creditors as an amount accrued to Mitie. There were no further related party transactions in the year or prior year other than recorded elsewhere in the accounts. ## **11 Capital commitments** The Foundation had no capital commitments as at 31 March 2023 (2022: None). ## **12 Liability of members** The Mitie Foundation is a company limited by guarantee. In the event of winding up, the maximum amount guaranteed to be contributed by each member is £1. 18