THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION CHARITY NO: 312499
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
ARMSTRONG ROGERS & CO Accountants LEOMINSTER
THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
GENERAL INFORMATION
The Mitchell City of London Educational Foundation 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 | |
| Appointed by the Senate of the University of London: | |
| D Winter | |
| Appointed by the Council of the City and Guilds of London Institute: | |
| A Cornwell (retired June 2021) | |
| Mrs P Rowe (appointed November 2021) | |
| 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 EDUCATIONAL FOUNDATION
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 EDUCATIONAL FOUNDATION
TRUSTEES' REPORT YEAR ENDED 31 MARCH 2022
The Trustees of the Mitchell City of London Educational Foundation 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 bursaries and grants to pupils attending City Schools or other schools when the applicants have the City of London qualification of residence or work in the City.
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 nineteen 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 of the Charity amounted to £39,491 (2021: £38,635), additional interest income totalled £16 (2021: £17). The expenditure for the year totalled £95,813 (2021: £83,712).
At 31 March 2022, the market value of the Charity's portfolio was £1,436,891 (2021: £1,322,735) an increase of £114,156 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) Unrealised gains Realised gains and accumulated surpluses Total reserves, comprising Funds shown on the Balance Sheet |
2021 £ 1,436,891 338,230 1,098,661 402,033 1,500,694 |
2021 £ 1,322,735 338,230 |
|---|---|---|
| 984,505 356,904 |
||
| 1,341,409 |
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THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
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 OF THE CHARITY
SIXTH FORM BURSARIES
During 2021/2022 16 (2020/2021: 8) students in their first year of "A" level/IB study received a sixth form bursary and 8 (2020/2021: 10) students in their second year.
SINGLE PARENT FAMILY GRANTS
The Trustees continued to support secondary school pupils from single parent families. During 2021/2022 5 (2020/2021: 7) students received such grants and were supported to their GCSE examinations.
CHORAL BURSARIES
During 2021/2022 no choral bursaries were granted (2020/2021: None).
MITCHELL STUDENT AWARDS
During 2021/2022 1 student at each of 3 city schools received a grant and would be supported with a similar annual award to the end of study at the school.
A further 119 (2020/2021: 142) enquiries for awards were responded to but either did not meet the terms of reference of the Charity or were not taken further by the applicant.
The Trustees considered a further 3 (2020/2021: 4) applications for award that were not granted. A further 1 (2020/21: 2) application was withdrawn.
1 (a)
THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
TRUSTEES' REPORT YEAR ENDED 31 MARCH 2022
ANNUAL AWARDS
The Diploma Award of £2,500 (2021: £2,500) was made to a needy student at Barts and The London Hospital. No award (2021: £2,500) was made to a needy student at the City University London.
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.
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 EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
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
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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
-
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.
S. E. Hardwick Accountant
45 Etnam Street Leominster Herefordshire HR6 8AE
16 August 2022
2
THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
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 EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022
| NOTES Income and Endowments: Investment Income 1 COIF Deposit Account Interest The Mitchell City of London Charity 2 Total Income and Endowments Expenditure: Expenditure on Charitable Activities: Educational Grants Other Expenditure: 3 Clerk's Fee Meeting Costs Printing, Postage & Sundry Expenses Telephone Travelling Expenses 5 Insurance Professional Fees 6 Net Income/(Expenditure) 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 £ 39,491 16 101,435 140,942 79,536 13,650 41 619 100 91 507 1,269 16,277 45,129 - 114,156 159,285 159,285 1,341,409 1,500,694 |
2021 £ 38,635 17 39,700 |
|---|---|---|
| 78,352 | ||
| 67,750 | ||
| 13,650 - 373 197 - 534 1,208 |
||
| 15,962 | ||
| (5,360) - 226,526 |
||
| 221,166 | ||
| 221,166 1,120,243 |
||
| 1,341,409 |
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 EDUCATIONAL FOUNDATION
BALANCE SHEET 31 MARCH 2022
| 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 |
2022 £ £ 1,436,891 61,494 3,325 253 65,072 (1,269) 63,803 1,500,694 1,500,694 |
2021 £ £ 1,322,735 16,385 3,244 253 19,882 (1,208) 18,674 1,341,409 1,341,409 |
2021 £ £ 1,322,735 16,385 3,244 253 19,882 (1,208) 18,674 1,341,409 1,341,409 |
|---|---|---|---|
| 1,341,409 | |||
| 1,341,409 | |||
P Borrowdale Chairman
The Accounting Policies and Notes on pages 3 and 6 form an integral part of these Accounts.
5
THE MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS 31 MARCH 2022
1. INVESTMENTS - MITCHELL CITY OF LONDON EDUCATIONAL FOUNDATION
| Special Range Charities Official Investment Fund 73,787 Income Units Total Investment Income |
Market Value £ 1,436,891 1,436,891 |
Cost £ 338,230 338,230 |
2022 Income £ 39,491 39,491 |
2021 Income £ 38,635 |
|---|---|---|---|---|
| 38,635 |
2. THE MITCHELL CITY OF LONDON CHARITY
The Educational Foundation received income of £101,435 (2021: £39,700) from the Mitchell City of London Charity 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 cost of the Independent Examination of £1,269 (2021: £1,208).
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