Charity registration number: 290273
The Mitchell Charitable Trust
Annual Report and Financial Statements for the Year Ended 31 March 2024
The Mitchell Charitable Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees’ Report | 2 to 4 |
| Independent Examiners’ Report | 5 |
| Statement of Financial Activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 to 15 |
The Mitchell Charitable Trust
Reference and Administrative Details
| Charity registration number | 290273 |
|---|---|
| Principal office | 28 Heath Drive, |
| London | |
| NW3 7SB | |
| Trustees | Ashley Harvey Mitchell |
| Elizabeth Ann Mitchell | |
| Antonia Leila Mitchell | |
| Keren Edmund Mitchell | |
| Independent Examiner | S Jennings FCA |
| Azets Audit Services | |
| Ashford Commercial Quarter | |
| 5thFloor | |
| 1 Dover Place | |
| Ashford | |
| Kent | |
| TN23 1FB | |
| Bankers | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment Advisor | Adam & Co |
| 25 St Andrew Square | |
| Edinburgh | |
| EH2 1AF |
Page 1
The Mitchell Charitable Trust
Trustees’ Report
The Trustees present their report and financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Objectives and activities
The charity’s objective, as set out in the charitable trust deed, is for the trustees to apply capital and income to or towards or for the benefit of furtherance of such charitable purposes or charitable instructions at their absolute discretion.
Public benefit
The trustees have compiled with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Achievements and performance
During the year the Trust generated income of £46,628 (2023: £41,686) which enabled the charity to make 14 (2023: 7) grants which totalled £322,221 (2023: £163,595).
Financial review
Investment income was received from the portfolio managed by Adam & Co. as investment income of £45,165 (2023: £40,928) and interest received of £1,463 (2023: £758). No donations were received during the year (2023: £Nil).
Net gains on revaluation of investments amounted to £52,673 (2023: loss of £152,616).
The above movements resulted in a net expenditure of £235,363 (2023: net expenditure £288,569). Total funds at 31 March 2024 were £1,452,921 (2023: £1,688,284).
Reserves Policy
It is the policy of the charity to maintain unrestricted funds (free reserves) at a level which, on investment, generates sufficient income to meet annual expenditure and cover management and administration costs and to respond to emergency applications for grants which arise from time to time. In situations where the income 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 2024 amounted to £1,452,921 (2023: £1,688,284).
Page 2
The Mitchell Charitable Trust
Trustees’ Report
Grant Making Policy
The trustees’ grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
The trustees have reviewed and accepted grant applications during the year under review. During the year the Trust made 14 grants totalling £322,221 (2023: £163,595).
Risk
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
The Trustees intend to review the requests that are made to the charity with the expectation that donations will be in line with themes for 2024/25.
Structure, governance, and management
The Mitchell Charitable Trust is registered with the Charity Commission (No. 290273) and constituted by Deed of Trust dated 30 May 1984.
The trustees who served during the year were:
Ashley Harvey Mitchell Elizabeth Ann Mitchell Antonia Leila Mitchell Keren Edmund Mitchell
In accordance with the Deed of Rectification dated 7 November 2005, the power to appoint new trustees was vested in Ashley Harvey Mitchell during his lifetime and thereafter the power shall be vested in Elizabeth Ann Mitchell during her lifetime. On 10 April 2017, a Deed of Amendment was exercised whereby the statutory power of appointing new or additional trustees shall be vested in Ashley Harvey Mitchell during his lifetime and thereafter in Elizabeth Ann Mitchell during the remainder of her lifetime and thereafter the statutory power of appointment shall vest with the then serving trustees, who shall appoint such new trustees as they shall reasonably decide by a majority and in the event of no majority, the casting vote shall be held by the person who has served as a trustee for the longest continuous period.
Any one trustee can retire at any time they see fit.
Subject to prior written consent of Ashley Harvey Mitchell during his lifetime, the trustees may at any time decide by resolution passed by at least three of the trustees, that the charitable trust created by this Settlement is to be dissolved. The trustees will then be responsible for the orderly winding up of the charitable trust and its affairs.
The trustees meet to assess grant applications and to review and accept individual grant applications during the year.
Page 3
The Mitchell Charitable Trust
Trustees’ Report
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with Unted Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
Select suitable accounting policies and apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements 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.
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees’ report was approved by the Board of Trustees.
Ashley Mitchell
Trustee
Dated: 28 August 2024
Page 4
Independent Examiner’s Report to the Trustees of
The Mitchell Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 6 to 15.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinations giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as 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 requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
………………………………………………………..
S Jennings FCA For and on behalf of Azets Audit Services
Ashford Commercial Quarter 5[th] Floor 1 Dover Place Ashford Kent TN23 1FB
Date: 29 August 2024
Page 5
The Mitchell Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2024
| Note Income from: Donations Investment income 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/(expenditure) before gains on investments Net gains on investments 10 Net movements in funds Reconciliation of funds Total funds brought forward at 1 April 2023 Total funds carried forward at 31 March 2024 |
Unrestricted Funds 2024 £ Unrestricted Funds 2023 £ - - 46,628 41,686 |
|---|---|
| 46,628 41,686 |
|
| 9,395 10,159 325,269 167,480 |
|
| 334,664 177,639 |
|
| (288,036) (135,953) 52,673 (152,616) |
|
| (235,363) (288,569) 1,688,284 1,976,853 1,452,921 1,688,284 |
All income and expenditure derive from continuing activities.
Page 6
The Mitchell Charitable Trust
Balance Sheet as at 31 March 2024
| Note Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 11 Net current liabilities Total assets less current liabilities Creditors: Amounts falling due after more than one year 12 Net assets Income funds Unrestricted funds |
2024 £ 2023 £ 1,558,950 1,681,655 10,187 12,437 (90,791) (5,808) |
|---|---|
| (80,604) 6,629 |
|
| 1,478,346 1,688,284 (25,425) - |
|
| 1,452,921 1,688,284 |
|
| 1,452,921 1,688,284 1,452,921 1,688,284 |
28 August 2024 The financial statements were approved and authorised for issue by the Board on …........................... Signed on behalf of the board of Trustees
……………………………………. Ashley Mitchell Trustee
Page 7
Notes to the Financial Statements for the Year Ended 31 March 2024
The Mitchell Charitable Trust
1 Accounting policies
Charity information
The Mitchell Charitable Trust is a registered charity with the Charity Commission in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out in page 2 of the Trustees Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 as amended by Bulletin 1, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Funds accounting
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives.
Income
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
-
Investment income is included when receivable.
-
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Page 8
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of raising funds are those costs incurred in managing the charity’s investment portfolio.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Grants payable comprise donations directly related to the objects of the charity. Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions are recognised in the period those conditions are met, prior to this they are noted as a commitment but not accrued as expenditure.
-
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash-on-hand and call deposits, as well as any other shortterm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010.
Page 9
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Going concern
The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on any ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
2 Critical accounting estimates and judgements In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other resources. The estimates and associated assumptions are based on historical experience and other factors 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 accounting estimates are recognised in the period in which the estimate is revised where the The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not believe there to be judgements or estimates that would be considered critical to the financial statements.
Page 10
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 3 Income from investments Dividends Interest receivable 4 Raising funds Investment management fees 5 Charitable activities Grant funding of activities (see note 6) Share of governance costs (see note 7) |
2024 2023 £ £ 45,165 40,928 1,463 758 |
|---|---|
| 46,628 41,686 |
|
| 2024 2023 £ £ 9,395 10,159 |
|
| 2024 2023 £ £ 322,221 163,595 3,048 3,885 |
|
| 325,269 167,480 |
Page 11
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 6 Grants payable Grant to institutions: Argyle Primary School Belsize Square Synagogue Edith Neville Primary School Fareshare Fitzjohns Primary School Home-Start Camden & Islington Jewish Care Jewish Policy Research London School of Economics and Political Science Rhyl Community Primary School Shelter St Martin in the Fields The Foundling Museum The University of Manchester The Winchester Project World Jewish Relief |
2024 2023 £ £ 3,000 - 3,750 725 3,000 - - 5,000 3,000 1,500 30,000 - 15,000 - - 10,000 76,275 - 3,000 - 119,408 104,370 - 2,000 3,000 - 19,788 - 3,000 - 40,000 40,000 |
|---|---|
| 322,221 163,595 |
The Trust made 14 grants during the year as shown above, with two made to Belsize Square Synagogue.
| Reconciliation of grants payable Commitments at 1 April 2023 Commitments made in the year Grants written off Grants paid during the year Commitments at 31 March 2024 |
2024 2023 £ £ - - 322,221 163,595 - - (211,667) (163,595) |
|---|---|
| 110,554 - |
Page 12
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 7 Support costs Accountancy Fees Independent examiner’s fee Sundry expenses Bank charges |
2024 £ 2023 £ 1,074 1,140 1,914 2,388 - 284 60 73 |
|---|---|
| 3,048 3,885 |
8 Trustees’ remuneration
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: £Nil)
9 Staff costs
There were no employees during the year (2023: None)
Page 13
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 10 | Fixed asset investments | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Quoted Investments | |||
| Market value at 1 April 2023 | 1,681,655 | 1,843,067 | |
| Additions | 248,628 | 220,860 | |
| Net investment gains/(losses) | 52,673 | (152,616) | |
| Movement on cash balances | (9,198) | (5,617) | |
| Disposals | (414,808) | (224,039) | |
| Market value at 31 March 2024 | 1,558,950 | 1,681,655 | |
| Historical cost at 31 March of quoted investments | 1,088,622 | 1,227,894 | |
| The fair value of the listed investments is determined by | reference to the mid-market value | ||
| of shares at the Balance Sheet date. | |||
| Investments listed in recognised stock exchange | 2024 | 2023 | |
| £ | £ | ||
| Debt and fixed interest | 260,765 | 198,933 | |
| UK equities | 442,489 | 549,605 | |
| Overseas equities | 785,836 | 786,567 | |
| Alternative investments | 7,326 | 74,818 | |
| Cash | 62,534 | 71,732 | |
| Market value at 31 March 2024 | 1,558,950 | 1,681,655 | |
| Material investments (over 5% of portfolio valuation) | 2024 | 2023 | |
| £ | £ | ||
| JP Morgan Fund ICVC JPM US Equity Income | 112,128 | 127,020 | |
| MI Twentyfour Investment Funds | 91,795 | 86,100 | |
| Natixis Investment Funds UK | 134,876 | 67,639 | |
| Polar Capital Technology Trust | 78,769 | 19,950 | |
| 417,568 | 300,709 | ||
| 11 | Creditors: amounts falling due within one year | 2024 | 2023 |
| £ | £ | ||
| Accruals | 5,662 | 5,808 | |
| Grants payable | 85,129 | - | |
| 90,791 | 5,808 |
Page 14
The Mitchell Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 12 Creditors: amounts falling due after more than one year Grants payable |
2024 £ 25,425 25,425 |
2023 £ - |
|---|---|---|
| - |
13 Related party transactions
Ashley Mitchell and Elizabeth Mitchell, both trustees of the charity are also directors of Keranto Three Limited. During the year Keranto Three Limited donated £Nil (2023: £Nil) to the charity.
Page 15