# **THE MITCHELL CITY OF LONDON CHARITY CHARITY NO: 207342**
**FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
**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: H Colthurst Miss M Fredericks T Hoffman (retired November 2021) 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 Ms P Beevers P Borrowdale M Huntley 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 2022**
The Trustees of the Mitchell City of London Charity present their annual Report and independently examined Accounts for the year ended 31 March 2022.
## **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 £90,113 (2021: £88,160), additional interest income totalled £15 (2021: £59). The expenditure for the year totalled £128,171 (2021: £67,469).
At 31 March 2022, the market value of the portfolio was £3,278,795 (2021: £3,018,307) an increase of £260,488 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|**2022**
**£**
**3,278,795**
**795,107**
**2,483,688**
**828,267**
**3,311,955**|2021
£
3,018,307
795,107|
|---|---|---|
|||2,223,200
866,310|
|||3,089,510|
**1**
**THE MITCHELL CITY OF LONDON CHARITY**
## **TRUSTEES' REPORT YEAR ENDED 31 MARCH 2022**
## **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 2022 are at an appropriate level to maintain the investment portfolio.
## **ACHIEVEMENTS AND PERFORMANCE**
During the year sadly one pensioner died and no new pensions were awarded giving a total number of 20 pensioners. The annual rate of pension remained at £400 (2021: £400) per annum paid in four quarterly payments of £100. A Christmas grant of £200 (2021: £150) and a grant of £150 (2021: £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 (2021: £2,500) to the Providence Row Charity and awards of £1,250 (2021: £1,250) to The Lodge and £1,250 (2021: £1,250) to The City Lodge. All three provide shelter and comfort for many less fortunate.
In October Trustees made an award of £993 to the senior citizens clubs of Middlesex Street Estate and Mansell Street Estate.
## **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 2022**
## **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 2022, 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
- 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
- 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
## **16 August 2022**
**S. E. Hardwick Accountant**
**2**
**THE MITCHELL CITY OF LONDON CHARITY**
## **STATEMENT OF ACCOUNTING POLICIES YEAR ENDED 31 MARCH 2022**
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 2022**
|**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
Meeting Costs
Printing, Postage & Sundry Expenses
Telephone
Travelling Expenses
**5**
Insurance
Professional Fees
**6**
**Net (Expenditure)/Income Before Gains on Investments**
**Gains on Investment Assets**
Realised
Unrealised
**Net Income After Gains on Investments**
**Net Movement in Funds**
Fund Balances Brought Forward
**Fund Balances Carried Forward**|**2022**
**£**
**90,113**
**15**
**90,128**
**21,343**
**101,435**
**122,778**
**4,550**
**14**
**174**
**34**
**30**
**169**
**422**
**5,393**
**(38,043)**
**-**
**260,488**
**222,445**
**222,445**
**3,089,510**
**3,311,955**|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|
The Accounting Policies and Notes on pages 3 and 6 form an integral part of these Accounts.
**4**
**THE MITCHELL CITY OF LONDON CHARITY**
## **BALANCE SHEET 31 MARCH 2022**
**----- Start of picture text -----**
NOTES 2022 2021
£ £ £ £
FIXED ASSETS
Investments 1 3,278,795 3,018,307
CURRENT ASSETS
Cash at Bank and on Deposit 25,909 64,117
Dividend Income Due 7,588 7,403
Prepayment - Insurance 85 85
33,582 71,605
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Accountancy Accrual (422) (402)
NET CURRENT ASSETS 33,160 71,203
TOTAL ASSETS LESS CURRENT LIABILITIES 3,311,955 3,089,510
FUNDS
General Fund 3,311,955 3,089,510
Approved by the Trustees on the
and signed on their behalf
P Borrowdale
Chairman
**----- End of picture text -----**
The Accounting Policies and Notes on pages 3 and 6 form an integral part of these Accounts.
**5**
**THE MITCHELL CITY OF LONDON CHARITY**
## **NOTES TO THE ACCOUNTS 31 MARCH 2022**
## **1. INVESTMENTS**
|Special Range
Charities Official
Investment Fund
168,372 Income Units
Total Investment Income|**Market**
**Value**
**£**
3,278,795
**3,278,795**|**Cost**
**£**
795,107
**795,107**|**2022**
**Income**
**£**
90,113
**90,113**|**2021**
**Income**
**£**
88,160|
|---|---|---|---|---|
|||||**88,160**|
## **2. THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION**
The Charity transferred income of £101,435 (2021: £39,700) to the Educational Foundation during the year. Every year investment income from the Charity is used to resource the Educational Foundation. In this year all the investment income not required for the Charity was transferred to the Educational Foundation.
## **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 (2021: £NIL).
## **6. INDEPENDENT EXAMINATION COSTS**
Included in Professional Fees is the total cost of the Independent Examination of £422 (2021: £402).
**6**