THE MITCHELL CITY OF LONDON CHARITY CHARITY NO: 207342
FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
ARMSTRONG ROGERS & CO Accountants LEOMINSTER
THE MITCHELL CITY OF LONDON CHARITY
GENERAL INFORMATION
The Mitchell City of London Charity is a charity registered with the Charity Commissioners for England and Wales.
CHAIRMAN
P Borrowdale
TRUSTEES:
Appointed by the Lord Mayor, Aldermen and Commons of the City of London: J Fletcher (resigned June 2020) H Colthurst (appointed September 2020) Miss M Fredericks T Hoffman I Seaton Appointed by the governing body of Christ's Hospital: Dr S Filson C Lintott Head teachers of City of London School and City of London School for Girls: A Bird Mrs J Brown Co-opted Trustees appointed by Resolution of the Trustees: A Anthony (appointed March 2021) Ms P Beevers P Borrowdale M Chesterton (resigned September 2020) R East (resigned November 2020) M Huntley (appointed March 2021) J Kean C Link J Marshall Mrs E Martin Ms H Mulcahy CLERK TO THE TRUSTEES: Mrs L Jordan INDEPENDENT EXAMINER: S Hardwick Armstrong Rogers & Co 45 Etnam Street Leominster Herefordshire HR6 8AE PRINCIPAL ADDRESS: 24 Station Lane Holme on Spalding Moor York YO43 4AL
(ii)
THE MITCHELL CITY OF LONDON CHARITY
INDEX TO ACCOUNTS
Page
- 1 TRUSTEES' REPORT 2 INDEPENDENT EXAMINER'S REPORT 3 STATEMENT OF ACCOUNTING POLICIES 4 STATEMENT OF FINANCIAL ACTIVITIES 5 BALANCE SHEET 6 NOTES TO THE ACCOUNTS
(iii)
THE MITCHELL CITY OF LONDON CHARITY
TRUSTEES' REPORT YEAR ENDED 31 MARCH 2021
The Trustees of the Mitchell City of London Charity present their annual Report and independently examined Accounts for the year ended 31 March 2021.
OBJECTS AND ACTIVITIES
The principal object of the Charity is to provide a pension or grant normally to persons of state pensionable age, who live or work, or have lived or worked, in the City of London.
The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to guidance published by the Commission concerning public benefit.
MANAGEMENT AND GOVERNANCE ARRANGEMENTS
The Charity's Scheme provides for a maximum of seventeen Trustees. Trustees are appointed for a period of five years. The Trustees are appointed as set out under general information on page (ii).
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to operations and finances, and are satisfied that systems are in place to mitigate the Charity's exposure to the major risks.
FINANCIAL REVIEW
The Investment Income amounted to £88,160 (2020: £86,768), additional interest income totalled £59 (2020: £168). The expenditure for the year totalled £67,469 (2020: £64,001).
At 31 March 2021, the market value of the portfolio was £3,018,307 (2020: £2,501,404) an increase of £516,903 for the 12 months.
The Trustees will continue with an equity-biased approach through the COIF Charities Investment Fund, which they believe remains appropriate for long term funds seeking sustainable income. The COIF Charities Investment Fund is managed by CCLA.
RESERVES POLICY
The Charity's reserves comprise two parts. The first derives from the unrealised gains arising from the excess of the market values of investments over their original costs. The second part represents the accumulated result of realised gains and net surpluses on resources, as follows:
| Investments at market value (Note 1 to the accounts) Investments at cost (Note 1 to the accounts) Urealised gains Realised gains and accumulated surpluses Total reserves, comprising Funds shown on the Balance Sheet |
2021 £ 3,018,307 795,107 2,223,200 866,310 3,089,510 |
2020 £ 2,501,404 795,107 |
|---|---|---|
| 1,706,297 845,560 |
||
| 2,551,857 |
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THE MITCHELL CITY OF LONDON CHARITY
TRUSTEES' REPORT YEAR ENDED 31 MARCH 2021
RESERVES POLICY (continued)
The level of reserves should be sufficient to support investment in approved securities and the investments should produce income adequate to cover the committed direct charitable expenditure and management and administration of the Charity.
Reserves at 31 March 2021 are at an appropriate level to maintain the investment portfolio.
ACHIEVEMENTS AND PERFORMANCE
During the year sadly one pensioner died and three new pensions were awarded giving a total number of 21 pensioners. The annual rate of pension remained at £400 (2020: £400) per annum paid in four quarterly payments of £100. A Christmas grant of £150 (2020: £150) and a grant of £150 (2020: £150) to celebrate the official birthday of Her Majesty the Queen, were paid to each pensioner.
In June the Trustees made an award of £2,500 (2020: £2,500) to the Providence Row Charity and awards of £1,250 (2020: £Nil) to The Lodge and £1,250 (2020: £Nil) to The City Lodge. All three provide shelter and comfort for many less fortunate.
In December an additional award of £500 was made to Providence Row; an additional award of £500 to The Lodge; and an additional award of £500 to The City Lodge.
Also in December Trustees made an award of £500 to The First Love Foundation for the Square Mile Food Bank; and an award of £500 to St Katharine Cree and St Olave's Church for the Square Mile Essential Hygiene Products Initiative.
CHARITY GOVERNANCE CODE
The Charity has adopted the new charity governance code for smaller charities and has followed the recommended practice where it was considered appropriate.
TRUSTEES AND OFFICE
The present Trustees are shown on page (ii).
CLERK
The duties of Clerk are carried out by Mrs L Jordan.
1 (a)
THE MITCHELL CITY OF LONDON CHARITY
TRUSTEES' REPORT YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
It is the responsibility of Trustees to prepare Financial Statements for each Financial year which give a true and fair view of the state of affairs of the Charity and of income and expenditure of the Charity for that period. In preparing those Financial Statements, the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 Charity will continue on such a basis;
The Trustees are responsible for keeping proper accounting records, for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ACCOUNTS
The Trustees confirm that the Accounts comply with statutory requirements and governing instruments.
Approved by the Trustees on the and signed on their behalf by
P Borrowdale - Chairman
1 (b)
THE MITCHELL CITY OF LONDON CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MITCHELL CITY OF LONDON CHARITY
I report on the Accounts of the Charity for the year ended 31 March 2021, which are set out on pages 3 to 6.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER
The Charity's Trustees are responsible for the preparation of Accounts. The Charity's Trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:-
-
examine the accounts under Section 145 of the Charities Act,
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosure in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all evidence that would be required in an audit, and consequently no opinion is given as to whether the Accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention: -
-
(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with Section 130 of the Charities Act; and - to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act;
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
45 Etnam Street Leominster Herefordshire HR6 8AE
S. E. Hardwick Accountant
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THE MITCHELL CITY OF LONDON CHARITY
STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2021
The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with the Statement of Recommended Practice, Accounting by Charities.
INVESTMENTS
These are stated at the market value at the Balance Sheet date. Realised and unrealised gains and losses on investments are taken to the Income and Expenditure Account.
3
THE MITCHELL CITY OF LONDON CHARITY
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2021
| NOTES Income and Endowments: Investment Income 1 COIF Deposit Account Interest Total Income and Endowments Expenditure: Expenditure on Charitable Activities: Pensions and Grants The Mitchell City of London Educational Foundation 2 Other Expenditure: 3 Clerk's Fee Annual Meeting Printing, Postage & Sundry Expenses Telephone Travelling Expenses 5 Insurance Professional Fees 6 Net Income Before Gains/(Losses) on Investments Gains/(Losses) on Investment Assets Realised Unrealised Net Income(/Expenditure) After Gains/(Losses) on Investments Net Movement in Funds Fund Balances Brought Forward Fund Balances Carried Forward |
2021 £ 88,160 59 88,219 22,450 39,700 62,150 4,550 - 124 66 - 177 402 5,319 20,750 - 516,903 537,653 537,653 2,551,857 3,089,510 |
2020 £ 86,768 168 |
|---|---|---|
| 86,936 | ||
| 17,100 41,322 |
||
| 58,422 | ||
| 4,450 240 181 37 108 172 391 |
||
| 5,579 | ||
| 22,935 - (81,795) |
||
| (58,860) | ||
| (58,860) 2,610,717 |
||
| 2,551,857 |
The Accounting Policies and Notes on pages 3 and 6 form an integral part of these Accounts.
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THE MITCHELL CITY OF LONDON CHARITY
BALANCE SHEET 31 MARCH 2021
| NOTES FIXED ASSETS Investments 1 CURRENT ASSETS Cash at Bank and on Deposit Dividend Income Due Prepayment - Insurance CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accountancy Accrual NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS General Fund Approved by the Trustees on the and signed on their behalf |
2021 £ £ 3,018,307 64,117 7,403 85 71,605 (402) 71,203 3,089,510 3,089,510 |
2020 £ £ 2,501,404 43,348 7,403 93 50,844 (391) 50,453 2,551,857 2,551,857 |
2020 £ £ 2,501,404 43,348 7,403 93 50,844 (391) 50,453 2,551,857 2,551,857 |
|---|---|---|---|
| 2,551,857 | |||
| 2,551,857 | |||
P Borrowdale Chairman
The Accounting Policies and Notes on pages 3 and 6 form an integral part of these Accounts.
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THE MITCHELL CITY OF LONDON CHARITY
NOTES TO THE ACCOUNTS 31 MARCH 2021
1. INVESTMENTS
| Special Range Charities Official Investment Fund 168,372 Income Units Total Investment Income |
Market Value £ 3,018,307 3,018,307 |
Cost £ 795,107 795,107 |
2021 Income £ 88,160 88,160 |
2020 Income £ 86,768 |
|---|---|---|---|---|
| 86,768 |
2. THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
The Charity transferred income of £39,700 (2020: £41,322) to the Educational Foundation during the year.
3. EXPENDITURE ALLOCATION
Overhead costs are allocated between the Charity (25%) and the Educational Foundation (75%) as agreed at the Trustees meeting on 9 March 1971.
4. APPLICATION OF THE SORP
The Trustees of the Charity have chosen to prepare the Accounts on an accruals basis. The Accounts have therefore been prepared in accordance with the Charities Act 2011, Accounting Regulations and the Statement of Recommended Practice.
In line with the Statement of Recommended Practice, Investments are stated at Market Value.
5. TRUSTEES EXPENSES
No Trustee received any remuneration during the year.
Payments to Trustees in reimbursement of their travel expenses amounted to £Nil (2020: £NIL).
6. INDEPENDENT EXAMINATION COSTS
Included in Professional Fees is the total cost of the Independent Examination of £402 (2020: £391).
6