Charity registration number.. 290273 The Mitchell Charitable Trust Annual Reporl and Unaudited Ftnancial Statements for the Year Ended 31 March 2021 The Mitchell Charitable Trust Contents RefeTenceand AdministrktiveDetails........................................................................ Tru5tees' Report.................................................-................................................. 2to4 Independent Examiners. Report.......-.............-............-................................... Staternent of FEnancial Activities.. 5t06 Balancesheet....................................................................................................... Notestothefinancialstatemenls.................................................. 9t014 The Mitchell Charitable Trust Reference and Administrative Details Chority name The Mttchell Charitable Trust Clwity reg15tration number 290273 Prinapal office Bourner Bullock Sovereign House 212-224 Shaftesbury Avenue London WC2H 8Tr IQ Trustees Ashley Harvey Mitchell Elizabeth Ann Mitchell Antonia l.eila Milihell Keren Ldmund Mitchell Acfountant Boumer Bullock Sovereisn House 212-224 Shaftesbury Avenue London WC2H 8HQ BankeTS CAF Bank l.ld 25 Kings Hill Avenue Kiiibps Hill West Mallins Kent ME19 41Q Investment Advisor Adam & Co. 25 St. Andrew ￿uare Edinburgh EH21AF Page I The Mitchell Charitable Trust Trnstees, Report The Truslees present their report and financial statements for the yeaF ended 31 March 2(r21. The financial statements have been prepared in accordance with the accounting policies set out in note l of the financial ststement.s and comply with the Charit]L￿ Act 2011 and Attountins and Reporting by Charities= StateTnent of Recomn)ended Practice applicable to charities preparing their financial statetnents in accordance with the Financial Reportinx Standard applicable in thL. UK and Republic of Ireland (FRS ICfr2} {effective January 2019). Objertives and activities 'rhe charity's objeetive, as Set out in the charitable trust deed, is for the trnstees to apply capital and income to or towards ur for the benefit or furtherantr of suth charitable purposes or charitable instruction5 at thLiir ab501ute discretion. Achievejnents and perforniance Dur2ng the vear the Tru%t ￿￿enerated income resources of £233,055 {2020: £140.256) which enabled the charily lo make 11 (2020: 1.518rants. Public benefit The trustees have compiled with their duty in s￿lI0n 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. Financial review The incc)ming funds were received Irom the port*olio mana%ed by Adam & Co. as invc*tment income of £32,87412020.. £40,157) ai)d intL>re5t received of £181 (2020.. VJ9). Also there were donati(ms received of QOO,IK)012020: £100,0(K)). As shown in these financiiil statements, the unrealiu.d gain on revaluation of investments amounted lo L346,277 {2020.. Ios5 of £16),6681 and tlie gain on sale o)f invi'5tnieiils was £15,279 (2020.. loss of £13,992). Tlie nel incre¢ise in funds for the yelicy of thecharity to maintain unrestricted funds (free reserves) at a level which. (m investment, generate5 Sufficient income to mÉYt annual expenditure and cover management and administration costs and to respond to emerKeiicy applications for %rants which arise from time lo time. In situations where the iniome is insufficient to meet annual expenditure, the reserves are required to make up any shortfall out of capital. The unrestricted funds of the charity as at 31 March 21f21 amounted to £2,053,7￿ (2020.. £1,647,662}. Grant Making Policy The trustees, 8rant maktng policy is geiierally to make donations to registered charitable orsanisations (not individuals) which support a wide range of causes. The trust￿5 have reviewed and accepted grant applications during the year under review. During the year the'l'rust made 11 srants totalling £172H02 (2020.. £1?4,260)- Pase 2 The Mitchell Charitable Trust Trustees, Report Risk The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in platt to mitlgate exposure to the major risks. Structure, governance and management The Mhtchell Lharitable Trust is reb?LStL'red with the Charity Commission (No. 29￿273) and constituted by Deed of Trust dated 30 May 1984. The Iruslees who served during the year were.. Ashley Harvey Milchell Elizabeth Ann Mitchell Antonia L￿lIa MilchLJII Keren Edmund Mitchell In accordance with the Dettd of Rectification dated 7 November 2(YJ5, the power to apwhnt new trustees was vested in Ashley Flarvey Mitclie15 during his lifetime and thereafter the power shall be vested in Elizabeth Ann Mitchell durin8 hibr lifelime. On 10 April 2017, a Deed of Amendmènt was Ljxercised whvreby the statutory power of appointing new or additional trustee5 shall be vested in Ashley HarvL'y Mitchell during his lifetime and thereafter in Elizabeth Ann Milchell during the remainder ol hLY lifetime and thereafier the statutory power of appointnienl shall vest with ihe then yervins trustees, who shall appoint such neiv trustees as they shall reasunably decide by a majority and in the event of no majority, the casting vote ￿halL be hi.ld by the person who ha$ Served as a trustee fvr the longest continuous period. Any one trustee can retire at any time they see fil. Subject to prior written consent of Ashley Harvey Mitchell durin8 his lifetime, the trustees may at any time detidi by resolution pa55ed by at least three ol the trustL*, that the Lliaritable trust created by this Settlenient is tc) be dissolved. I'he trustees will then be responsible for the orderly windin& up ol thi7 charitable trubt and its affairs. The trustees meet to assess grant applications and to review and accept iiidividual grant applications durins the year. Page 3 The MitchelI Charitable Trnst Trustees. Report Siatement of trustees, Tesponsibilities The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulattons. The law applicable to charities in F.ngland & Wales requirL% the trL15tees to prepare finanital statements for each financial year in accordance with United Kinsdom Generally Acrepted Accounting Practice (United Kin8dom Accounting Standards and applicable law}. The trustees must not approve the financial statements unle55 they are gatlsfied that they give a true and fair view of the stste of affairs of the iharity and of the inioming re54)urces and application of resgurces. includin8 the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting poliaes and apply them consistently- observe the methods and principles in the Charities SaRP,. make judsments and accounting estimates that dre reasonable and prudent,. state whether applicable UK Accountin8 StandaTds have bcyn followed, subject to any material departures disclosed and explained in the linoncial Slalernents. prepare the financial statiTrmenLs on the 80ing LonLErn basis unless it 15 inappropriate to presume that the charity will continue tv operate. I'he trLlStee.s aTr respoiisible for keepin8 sufficient accountin8 records that disclose with reasonable accurairy at any time the fEnancial p(b'ition of thL' char5ty and enabli. them to ensure that the financial statements comply with the Lharities Act 2011. the Charity {Accounts and Reports) Re%ulation5 200¥ and the provisions of the trust deed. Thev are also resp017sible for saft%warding the assets ol the charity and hence for taking reasonable steps for the prevention and det￿tIOn of fraud and othL?r irresularities. The tru5tees' report was approved by the Board of Trustees. Ashley Mtlchell TrustL 75 S£rrL*3t)2 2C)21 Page 4 Independent Examinef s Report to the Tn￿tee5 of The Mitchell Charitable Trnst I report to the trustee% on my examination ol the financial statements of The Mitchell Charitable Trust {the charity) lor the year ended 31 March 2021 which comprise the Ststement of Financial Activities, the Balance Sheet and related notes. This report is Inade solel) to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My w'ork h35 been undertaken so that I might State to the charity's trUSteL￿ those matters l am required lo state to them in thi5 report and lor no other purpose. 1.0 the fullest extent permitted by law, I do not accept or assume re5pon5ibility to anyone other than the charity and the haritys trustees as a body, for my work, for thi5 report, or lor the opinions I have lomed. Responsibilitie8 and basis of report As the trustees of the charitv you are Tesponsible lor the preparalion of the financial statements in accvrdanie with IhL> riyuirement5 of ihe Lharities Act 2011 (the 2011 Act). I report in respect ol my examination of thLS charity'5 financial statement5 carried out under section 145 of the 2011 Act, In carrying out my examination I have followed all the applicable DirLYtions siven by the Lharity Commission under section 145(?I Ibl of the 2011 Acl. An indyndent Lixamination does n(Trt involve gaihorins all the evidence that would be required in an audit and Lonsequently d￿￿5 not Lover all the m,Itters that an auditor considers in sivins their opinion on the financial statements. The plannin% and conduct of an audit goes beyond the limited assurance that lin independent examinatiiin Can providL.. Cori51yuently l express no opini(In a5 lo wheiher the finaniial statements present a 'true and lairf view and mv report ib limited to thostb specific matters Set out in the independent examiner's stalement. Page 5 Independent Examinerfs Report to the Trustees of The Mitchell Charitable Trust Independent examinerfs ststement I have completed my examination. I confirm that no material matter5 have come to my attention in connectton with the examin4ltion siving me cause tL> believe that in any material respert= accounting records were nut kept in resped of the chartty a5 required by section 130 of the Act,. or the financial statements do not accord with those records,- or the financial statements do not comply with the applicable requirement5 contrrning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 20014 other than any requirement that the accounts sive a 'true and fair view which is nut a matter considered as part of an independent examination. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding ol the financial statements lo be reached. ()5L'ph ALA B(Trurner Bullock Statutory Auditors Chartered Accountants )voreign Housl. 212-224 Shaftesbury Avenue l.ondon WC2FI 81 IQ Date: 07.09.2021 Page 6 The MitcheIl Charitable Trnst Statement of Financial Activities for the Year Ended 31 March 2021 Unrestricted Unreslricied Funds Funds 2021 2020 Note Income fvom: Donations and legacies Income from Investments Total Income ioo,(x)o 40,256 2(K),(MJl 33.055 233.055 140,256 Expenditure on: Raisins funds 13.18? 10,749 156,840 167,589 Charitable activities Total resources exFended 175,331 188,?13 Net Ilossesllgains on inve51ment$ Net movemeiils in funds Reconcilialion of funds Total lund5 broii%ht forward Total fund8 carried forward 361.5>6 406,(Y98 {179,6601 (206,993) 1,647,662 2,053.760 1,854,655 1.647.662 The statement of financial activities include5 all 8ain5 and losses recognised in the year. Page 7 The Mitchell Charitable Trust Balance Sheet as at 31 March 2021 2021 2020 Note Fixed assets Investments 1,835,890 1,454,8(Y9 12 Current assets Cash at bank and in hand CTeditor6: Amounts falling due within one year 225.927 228.054 {35,201) 13 (8.0571 217.870 192,853 Nel current assets Total a$$ets less current liabilities 2,053.760 1,647.662 Income funds Unrestriited funds 2,053,7ÉI) 1,647,662 2.053,760 1.647,662 The financial statements were approved by the Trustees and signed on it'5 behalf by: Ashley Mitchell Trustee Dated: YQ Se)4f&4LSLtri .2021 Page 8 The Mitchell Charitable Trnst Notes to the Financial Statements for the Year Ended 31 March 2021 Accountinspolicies Charity inforniation Tlie Mitchell Charitable'frust is a registered charity. The charity meet5 the definition of a public benefit entity under FILSIO2. Basis of preparation The financial statements have been prepared in accordanie with 'Accounting tsnd Reportin% by Charities.. Statement of Recommended Practice applicable to charities preparins their accounts in accordance with the Financial Reportinby Standard applicable in the UK and Republic of Ireland IFRS 1021 {Second Edition). and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFILS 1021 and thecharities Act 2011 and UK Lvnerally Aciepted Practice as It applies from l January 2015. The financial statements have been prepared lo give a 'true and fair, view and have departed from the Lharities (Accounts and Reports) Regulation$ 2008 only to the extent required to provide a 'truL' and fair i'iew,. Thi5 departure has involvvd follnwing 'AcLountinhT and Reporting by Charities: Statement of ReLommended Practice applicablo 10 charilief preparins their accounts in accordance with the Financial Reportin% Standard applicable in thi. UK and Republic of Ireland IFRS 10211Second Edilion)'rather than the Accountin% and Reporting by Lharities.. Statement of Recommended Practi￿ efliytivt. from l April 2(K]5 which has sincv been withdrawn. Tlie financial statements have beeii prepared under the historical cost convention. modified to include the revaluation ol fret,hold pr(TrpertlL¥ and to includti investment properties and certain financial in5trument5 at fair value. 'fhe principal a¢countin8 policies adopted are set out below. Goins Concem The financial statements have been prepared on a %oing ¢oncem basis. The trustees assess whdher the use of goins concem is appropriate i.e. wheiher there are any material un¢ertaintie5 ielated to events or conditions that may cast significant doubt on the ability vl the Charity to wntinue as a going concern. Tlie twslee5 make this assessment in re5WCt of a period ol one year from the dale of approval of the financial statements. Charitable funds Unrestricted funds are available lor use at the dkscrethon of Ihe trustees in furtherance of their charitable objectives unless the funds have been d￿l￿nated for other purp03es. Page9 The Mitchell CharitabIe Trust Notes to the Financial Statements for the Year Ended 31 March 2021 Incoming resources Income is reco8nised when the charity is legally entttled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. ca.sh donations are recognised on receipt. Other donations are recognised Ort￿ the charity has notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Ctift Aid or deeds of covenant is recognised at the time of the donation. Resources expended Liabilities are Tecosnised a5 expenditure once there is a lesal or constructive obligation committing the charity tn that expenditure. it is probable that settlLvnenl will be required and the amount of thL obligalion can be measured reliably. All expenditure is accounted for oli an accruals basis. All expensLS. Including support costs and goveriiance cos15. are allocated lo the charitable activity in the statement OF financial activities. Costs of raising Funds are those Costs incurred tn managin¥ the charity's inve8tmvnt porlfoliv. Govemancecosts relate toexPendi￿re Trncurred in dealing with donations and administration and complian¢i' with constitutional and statutory requirenients. rants payable comprise donations directly related to the objects of the charity. rants payablLb are cliar8ed in the yLbar when the offer is conveyed to the recipienl. Grants offered subject lo conditions are ri*ognised in the period those conditions are met. prior to this they are noted as a commitment but not accrued as i'xpenditure. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Cash and cash equivalents Cash and cash equivalents comprise cash-on-hand and call deposits, as well as any other short- term highly liquid investments that are re.adily convertible to a known amount of cash and are subject lo an insignificant ri8k of change in value. Critical accounting estimates and jud8ements In the application of the charity's accounting policies, the trustees are required to Enake judgements, estimate5 and a55umptions about the carryins amount of assets and liabilities that are Dot readily apparent from other sources. The estkmates and associated assumptions are based ¢)n historical experience and other factor5 that are considered to be relevant.Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountin8 estim&tes are reiogni5ed in the period in which the estimate is revised where the revision affects only that period, or the Peri(￿ of the revision and future peTiods where the revision affects both current and future pertods. The trustees do not believe there lo bejudgements or estimate5 that would be considered critical to the financial statements. Page 10 The Mitchell Clwitable Trust Notes to the Financial Statements for the Year Ended 31 March 2021 Donations and lesacies Unrestrided Unrestrirted Funds Funds 2021 2020 100,(y)o Donations and gilts 200,(X)O Income from Inve&tments Unrestricted Unreslricted Funds Funds 2021 2020 32.874 181 40,157 99 Dividends Interest receivable 33,055 40,256 Rai6in8 fundg Unrestrided Unrestricted Funds Funds 2021 2020 Investment management 13,182 10,749 Charitable activitieg Unrestricled Unrestrirted Funds Funds 2021 2020 Grant funding of activities (see note 71 Share of governance costs note 8) 172,i02 2,829 154,260 2.ifM) 175,331 li6,8AO Pase 11 The Mitchell Charitable Trust Notes to the FinanciaI Statements for the Year Ended 31 March 2021 Grdnts payable UnrestTirted Funds 2021 Unrestricted Funds 2020 Grant to institutions: Belsize Square l.loliKausl Belsize Square Synagogue Brent Adolescent CLintre Child Poverty Action Group I)onmar Warehouse Projlrts Limited Fareshare F.itzjohns Primary School Hampstead Theatre Limited Jewish I lomes F.mvr%vniy Appeal 'I'he lJis1itute lor Jewtsli Policy Research 'lThe Langdon Foundation The l.ondon School of F.conomics and Political Science The Royal National Theatre NObAS UK 4hL.Itc'r St M2Ttin-in-the-Fields lkne NHP Bursary Foundation I'he Trussel Trust UCL-Stillbirths 618 2(KJ 1.750 25,(KX) 2.330 5(K) 25,CrfXI 25,0(M) 25,0(X) 25.0(Kl 1.000 1,500 I.IXK) 50,000 17,218 172,502 154,260 The Mitchell Charitable Trust Page 12 Notes to the Financial Statements for the Year Ended 31 March 2021 Support costs 2020 Support Governan¢¢ costs 2021 Supwrt Governance costs osts Losts 2,520 60 2.520 60 Accounthncy ftts Bank Charges 2.760 69 2.760 69 2.82 2,580 Analysed between Charitable activiiies 2,829 2,580 2.8?9 Accouiilancy fecs comprise5 of independent examiner's fee of £960 (2020.. 9(Kb) Jnd f¢e for accountsn¢y servi¢e5 of £1.800 (20?0.. £1.6201. TTUStee& None of the trustee5 lor any persons connected with them) recekved any remuneration or benefits from the charity during the year. io Employees There were no employees during the year. li Net Sain￿110&￿e8) on investments UDrestrirted Unrestricted Funds Funds 2021 2020 Revaluation of investments Gainl{loss) on sale of investmenls 346,277 15,279 {165.668) 113,W21 361.i56 {179,6eQ) Page 13 The Mitchell CharitabIe Trnst Notes to the Financial Statements for the Year Ended 31 March 2021 12 Fixed a85et investments Shares Cost of variation At l April 21Y20 Additions Valuation ¢hanse5 Disposals 1,454.809 li4,278 361,5i6 {134.753) At 31 March 2021 1,83i,890 13 Creditor&' amounts falling due within one year 2021 2020 Grant Commitments Aecruals 2,681 5,376 30.0(M) 5,201 8.057 35.201 14 Related party transactions Ashley Mitchell and Elizabeth Mitchell, both trustee5 of the charity are also directors of Keranto Limited. During the year Keranto Limited donated £2￿,[XK)120l9-. £1(X).o(X)I to the charity. Page 14