REGISTERED CHARITY NUMBER: 528922 AEPOAT OF THE TrVSTEES AND VNAUDfrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FOR THE MITCHELLS & BIThLERS CHAAITA8LE TAUSTS Primè Chartered Acetyjnlanls Corner Oak 1 Homer Road Soiihull B91 3QG
THE MrrcHELLS & BUTLERS CHARITABLE TRUSTS CONTENTS OF THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 5 APRIL 2V24 R•port of th• Tru•t•• Ind•p•nd•nl Examln• R•port Ststement ol Finnei•l Aetlvli Bl•nc• Sh••t Not•• to th• Flnan¢lal St•l•m•nts 9 to 16
THE MITCHELLS & BUTLERS CHARITA8LE TRUSTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 The trustges pr8s8nt thelr r8POrt Mih Ihe finaka1 stalements ol ihe charity lor Ihe year endèd 5 April 2024. The trustees have adopted the provTrsh)ns of Accouniing arKI Reporting by Charitwas.. Statemant of Recommended Praclice apab lo chanties preparing Ihetr accounts in accordance with Financial Reportlng Standard appllcable in the UK and Republ ol IrdaThJ (FRS 102118flective 1 January 2019). OBJECTIVES AND ACTIVITIES Obi•ctive# and aim• The objecls ol this Fund are prinWri to a1 pupib fosident in 8irrningharn Sfflhwi¢k to attend school. universities and of1 places ol higher èducation. 8ecoThYfry lo make grants lor the relig101 ne¢es8ltous r8sid8nls ol Blrmingham aj sme1hw. The Trustg9s lurthor those cjects by maklng grant$ lo studont$ fall wtthin the above Criieria. AppIalS are required lo CO1818 an application lorm, whKh includes ass8ssmenl ol financial circumslan¢8s in order to id6nlrfy those In ne&1 ol IInar?1 a8sislarte. Shouhj lunds pormil. applications are considered lor hardship grants. Tho Trustoos lurth8r these ci8cts by maklng grants to P8oplo who fan wlthin the al)ove ciilw. The objects ol th Fund org lor $uth ex¢lusNgty Chwilatlo edu¢aimy wrpo$08 related lo th• brewing industry as the Trustees in Ihoir discretion may think frt. In a lelter dated I l October 2OJ2. the Chaiity CorMis8K)n CLNimd thal 'chantabb •JucatkiMI purposes rolated to Ihe brgwing induslry. shouhj be ald as includiry chwitablo aducational purposes related lo ealering and hotel managemeni, as w811 as browing rfself. The Tnjstees lurther the otiiect8 of the Chanty ty makir4J grants lo charilies or educali¢)nal ItItUtiOnS lor courses or projo¢1$ that fall within the ambit ol tho otyods. The objects ol Ihls Fund are the relief of need. haship or dislress ol gmpbyeos and lormor gmployees in Ihe brewing and cataring industrw or th? ticensad relail industry and the depeThJant$ ol sh employees and lormgr gmployo89. The charity d068 not ènwloy slalf and hence ha8 ro key management personMI. Publ1¢ nlI Th8 Tru$t89s have considgr8d th8 guKlance issued by the Chwity Commtssb)n on 'CharIt8 and Publ 8enelit'. The ofy-ecls of the welfa Fund, Scholarship Fund arKI Ihg Mitchell Fund cleady come within Ihe descriptions ol charitable purposes as set OLrt in lh8 Chanlies Acl 2011 and there are Identlable benelils from the grants made. Grants arg or de in accordance with th8 Charlble obi.th ol the fund in question. As indicated above, in consNlering irnlivNYual apF4ulK)ns lor edUcatnal grants in the case ol the Welfare FUNI, the meaThs of applicants and thoir lan11$ are cor1&r8d aTrJ th8 Trusle8s target assistance lo arvlicants wth low inccnes. Grantmaking Grants are made Irom the Welfare Fund. SCholahIP Fu, arnj the Mitchell Fund. Page 1
THE MrrcHELLS & BUTLERS CHARITABLE TRUSTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 FINANCIAL REVIEW Investment pollcy and objectiv The Trustees make their grants from the grnIed by irWeslnntS hdd. The TNsleos arg athls8d on investmgnl matters by thè Tnjsfs investm8nt advi$ws. BalayS Weallh. who have been given autk•rrfy lo manage the portlolio on a discr8tionary basts. The Trusteés. investment phi108ophy is to adopl a medIUnbartod risk investmenl strategy. inv8s1ing in an appropdale mix ol equrties, lixed inlerèsl and rTh)nelary ass8ts and att8mativ& assets as deemed appicprHle and cortsistont with tho Tnle8s. attilude to and th8 Trust88s' requirements for inc¢)m6 arKI capRal growth. The Truslees have not applled any soc+al, enviKmental or ethical ccmsiderallons in their Inv8stm8nt policies. Th8 Invèstment ot¥'ective8 ale: 151 The creation ol a Sufflen1 fin8rlar rurn lo en&bk the Parficipaling Charitw to cary out Ihwr purposes affectivety and without interruption. ill The mainienarKe arKI, if pos81b, enarth of th8 invesim8nt luThJ8 whi181 they am Itwosted. The Trustees recognise Ihal thg returns on oqurties. Whi axpoct•d lo be gr8at8r over thè longer-lemi Ihan Ilw ol lixed Intei¢$t and monetary assets. arg likety lo be more volatile. Investmènt in a MIX ol as8&1 elasses Should neverthèlèss providè Ihè 19 ol T8tum rUIred and ff•tigatè vdalility lor the Tru$l lo achi8v8 it8 objective8. Tha lollowtng r8StricttonB are pL4cad lh8 inv8stm8nts of th8 CO¥non Imi881m8nt Fund.. 111 Inveslments shouhy bè generally mawkelable. Illl No Inve$lm¢nl in any corrpany quolod on Ihg Lond Stock Exchgnge or Invoslmènl in V8hl•S Iwrth Ihg exceplion ol Mitch8113 & But18rs pk Ordinary Shargs) slKJuhd exceed 10% 01 lh8 valu8 ol lolal equity port101 in the CIF. Tho Trustees receive from the Charilies, Investment Managers a written and valuation lor Iheir consKleration al Ihgir rrgtiry$. A reprnIalO ol the Manager will meet Trustees at lea51 onc8 a yeai lo r8view pèrformance over the prec8ding period and to discuss and agTO8 ihe futur8 inveslmenl Strategy. Al 18asl onco a y•aT Manager will prov¥Je a Tmtiten coffparison ol the performanc8 ol the Inv8slment Funds over the $1 ffKJnlhs. Ru•r¥e• policy Th8 Trust neèds a sutticienl level ol free weNes to meet grants arrtj expenses payablg in Ihg following year. This reserve3 policy i8 reviewed annualy by Ihe Trustees. In Ihe case ol tha Mitch811 Fund, as lh8 oblecls have widened under the Charity CoMnNssi} Schgme mentned abovo. it is an11pated that more grants will be mado in order to reduce the large reserves held. Page 2
THE MITCHELLS & BLrrLERS CHARITABLE TRUSTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE, GOVERNANCE AMD MANAGEMENT Govemlng document The Wellar Fund The g0MIng Unnt is a Trust Deed dated 26 February 19S4. The Scholafshi Fund The Schdafshy Fund is govemed by a Trusi Deed dated 28 Fèbruary 1939. SupF4emental Deed dated 28 August 1959 arKI Deed of Tran$l8r daleo 23 January 1968. Tha Mitchell Fu This Fund is adrninislered in accordarK8 Wrth a Charty Corr¥nL88KX) Scheme dated 22 June 2CKJ6. This scheme rea¢a8 Ihe lom)er trusts ol th6 Chaity. cmmon Investm8nt Fund The Common Investmeni FurKI is wVeM by a Ch&ity Commiss¥)n Scheme dated 7 APTI 2fy)8. Ch•rlty con•lltullon The Charty is made up of four di4trf hnked ¢harilies (the th&rilios'} nam8ty.' SIT William Waters Bull8r Wellaffj Fund Ilhe Wellare Fund'l (Registered Charty Numb•r S28922.11 Thg Henry Milchell Memrial ar$I FuThJ Ilhg 'S¢hobYship Fund'l IR•gislered Charity Number 528922-21 The Slr John Edwin and Arthur Mitchell Fund Ilhe •Artch8f Fur4Jl IR8gist8r8d Chanty Nuthr 528922-31 Milch•lL8 & Bull•rs Tru$l$ Conwnon Inv•8tm•nl Fund Ilh•'CIPI IR•gi$lered Chanty NUer 528922.41 Thè scho da18d 7 April 2CQ8 made by Ihe Charily Commission to establish thè CIF eoni8in•d a unilino dir8clion. providing that all th8 charili8s adnwnislered by th8 Mrtch8Us & Butlers Wttllar8 Fund8 Limilod and Mitchells & Bthie¥s Trust Funds Lid as at lh8 date ol the Scherne lincludwvJ CIFI should be Irgatad as a single charty lor the purpose ol Part 11 laccounlingl and Part I (regtratl of lh8 Charitsas Acl 1993 (now part 8 8fKI part 4 01 Ihg Charilies Acl 20111. A•cruliment and •ppolnim•nt ol rmw tN#i••• e Wellare Fun The power ol apw)inling new Irustoes Tests with the directo ol Mitchelb & Bull8rs Plc. Th The power of apFxJnting new trusiees rests with trustees lor ihe lime belng ol the Charity. The power ol 8ppointirwJ rw trusloes rgsts with try199$ lor Ihg lin bging of the Charity. Organi¥ational 8truetur• All rnatter5 of policy and detysions on Ihe making of grnnts are delemiin8d by the Trusts8s who ma8t annual 8nd al such other limes as circumstances require. Induction and iraining ol n•w tnMI••s Each person who beCoffs a director ol one of Ihe hvo Truslee Companies is given a ¢Y ol the govèrning documents of the Charities aTrJ ol the Charty CornrrAs5•)n publalK CC3 Tr Essential Trustee.. Th8 directors ol the Truslee Companies lake $Lh actim as they considw necessary to keep therr68lves inloirY*d ol changes n charity arKI governae. Page 3
THE MITCHELLS & BUTLERS CHAAITABLE TRUSTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE, GOVERNANCE AND IAANAGEMENT Managem•nt control8 The Trustees have ass88sed the major rks to Ihe Charities affj exposed. in particular those related lo Ihe weralions and finances ol the Charilies, atxl a saiisw that systems and PrceleS are in pkce to manage exposure lo the nwior nsks. The Trustees are saiislied lttat adequate systems are in to detect arKJ n1nse the w4in strategic. business and operatnal risks whh Ihe Charrts lace. The Trusteos consJ81 that th8 map)T risk lo whth the Charili8s aro lo is the VotI1[ty in the world's 8lctk, bond and linan¢o1 markets under the currant 8conom condrtiffis a1 the conseqvenlkil uncertainty in lerms ol th& retum on th8 Charili8s' InVMnts. The Truslo9S S8èk adVe from Iho Charilifjs. prolessional inv&sltrnl advtsers. natnety BarcLays W8allh. in rela1 to rnanaging the risk. REFERENCE AND ADMINISTRATIVE DETAILS R•gl•t•r•d Charlty numb•r 528922 Prlnclpal •ddr••• 73-77 Euslon Road London NW1 2QS Tru•te•• The Board ol Truslee6 who served the chafty during Ihe year and to lh8 dale ol this report were as follows.. Mitchells & Bullers Trust FU1$ Ltd (Corporal8 Trustael The Dirtetors of m¢118 & 81$ Tntst FurKls Ltd during p•Md and up lo Ihe dale ol Ihis report war• as Idk)w8.' Mr Martln John Goslivvj Mr Andrew John Jones Mr Craig Gordon Provett Mrs Susan Katrina Martindale r David Jamgs Gallachgr Mhchell8 & Butlers Wellare FuThJs Umrted The Dlractors ol Mbtchells & BLrtleTS W8llare FuThJs LI18d thring the ptird arkl up to the dale of this report were as lolknws.. Mr Martln John Gosling Mr Andrew John Jones Mr Craig Gordon Provett Mrs Susan Katrina Martindale Mr DavKJ James Gallacher Page 4
THE MITCHELLS & BUTLERS CHARITABLE TRUSTS REPORT OF THE TRUSTEÉS FOR THE YEAA ÉNDEO S APRIL 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Ind8p•nd•nl Examln•r Jerèry Kilson FCA Prime Chartered Accountan18 Comer Oak 1 Hom81 Road Solihull 891 3QG Inv•gtm•nt Man•ger• Barclays Wgallh Barclays Bank pk. One Colmore Square Bimiingham B4 6ES B•nk•r• Barclays Bank plc. 3511359 SO Road 'fmingham B21 9SE WEBSITÉ The Truste88 hava 0slablhOd a wd>sitè which sets out obJ'8cINes of the Ihree trusts and Ihe individual$ and In81ilulions eligible under each. The website a(kIr i% tKK4y.n*)trusts.onJ.uk. Approved by order ol the t#)ard of tr$t on ........... .. and gned on its b8haM ty.. bA Go81ing - Tntsleè Page S
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MITCHELLS & BiITLERS CHARITABLE TRUSTS Ind•p•nd¢nt •x•mln•rfs rnport to th• trusl••s ol Th• Mitchells & Buller$ Ch8rlt•bl• Trusts I roport lo Ihe charty trustees on my examinath)n ot ihe accounts of The Mitchells & Bijllers Charitable Trusts Ithe Trust) lor Ihe year eThJed 5 April 2024. R•gpon8ibiliti• and ba•1• of i•port As the chanly trustees ol the Trust you are rgsponsible for the preparatitin ot Il accounts wi accordance wr¢h the 18quirem8nts ol the Chanti8s Ad 2011 Ilhe Acr). I report in Tespecl of my examina11 ol the T$ acccxjnts carried out uTrJgr S8Ction 145 01 the Act and in carrying out my examInatn I have lomowed all apFAKable Dire¢tKJn$ given by the Charty CorNni5sion ullder S8ction 1451Sllbl ol the Act. Ind•p•nd•nt •xamin•r'• •t•temertt I have cornpleled my examina1. I confi'rm Ihal no material malt8rs have como to ry attention in conneclion with Ihe examinali)n giwng me cats lo believe that in any rnaterial respect- accounting record8 werè not kept in res1 of the Trn8t as raqL•rwJ by Seclion 130 01 Ihg Act: or the accounts do Th)t accord with those ordS. or the accounis (k) not coryty with the apptuble raquirnmgnls concéming Ihè lorm ar¥J conl8nl ol accounts set out in the charit (Accounls and Raportsl Regulatitins 2008 other than any requirerngnt Ihat the accounts 9Ng a lrye lair vi8w whKh 15 not a matter ccmsideffjd as part ol an independent exarrllna1n. I have no concerrfj and havo come no olh9r m8lters in conn¢¢tth with th• •xarrinatv)n to which att8ntK)n should ba drawn in Ihis feporl in order to 8natAe a proper urKlerstanding ol the accounts lo be reachgd. Jèrèmy Kit80n FCA Prime Chartered Accountants Corner Oak l H¢yn8r Road Solihull B913aG Dato.. 0410212025 Page 6
THE MrrcHELLS & BVTLERS CHARITABLE TRUSTS STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED S APRIL 2(Y24 2024 Total fund• 2023 Total lunds Unrestricted Endowment funds INCOME AND ENDOWMENTS FFIOM Invastmant incorne EXPENDITURE ON Raising funds 19,421 Charitabl• actlvili•A Grants payabl8 SupFQrt Co81$ 65,37S 65.375 80.642 4.233 74 Net gainsllbsse81 on inveslrnnls NET INCOMEI(EXPENDITUAEI Ti•n•l•r• b•tw••n fund• Other r•¢ognlMd 9•In(lI>s*1 Gain8 on revaluatn ol fixed asséts 47.650 163,600 178,382 226,032 1163,6601 1414,8881 10 124684 N•t fnov•m•nt kn fvnd• 214,337 82,421 296,758 129)2041 RECONCILIATION OF FUNOS Total funds brought loTh¥ard 399.134 3,748,970 4,146,104 4,436,308 TOTAL FUNDS CARRIED FORWARD 613 471 LL91 4 146 104 The Th)les fom part ol these financial slatem8nts Page 7
THE MITCHELLS & BLITLERS CHARITABLE TRUSTS BALANCE SHEET 5 APRIL 2024 2024 Total lund• Unrestled Endowmanl fulS Total lur Notes FIXED ASSETS Investments 169,$45 3,791,795 3.961.340 3,679,030 CURRÉNT ASSETS Investments Cash al bank 42.190 44,078 69,9S9 405 976 42,190 490.584 475.935 CREDITORS Amunts falling due within ¢)ne year {4.468) (4,594) (9.C*2) 18.8811 NET CURRENT ASSETS 467 074 TOTAL ASSETS LESS CUAAENT LIABILITIES 613,471 3,829J91 4.442.862 4,146,104 NET ASSETS 4 146 104 FUNDS Unreslncled lunds Endowmont lund8 10 613,471 399.134 1 3746970 TOTAL FVNDS 4 442 t62 4 146 104 Th8 financial slalemonts were approved by the Board ol Trusleos and authofiS8d lor i88ue on . a1 ware sign8d on its behatt by: A Jongs . Tru$lg8 M Gosling- Trustee The notes fomi part ot Ihese financial statemenls Page 8
THE MITCHELLS a BUTLERS CHAAITABLE TRUSTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUNTING POLICIES Basis of pr•p•ring th• linan¢l•l stal•m•nt• The linanckql statemenls ol the chanty. whKh is a ben81il 8ntty under FRS 102. have been prepared in aCCordare with the chart SORP IFRS 102) 'Accoufjlir7g 8fKI Reporting by Charities.. Slatam8nt ol R8comm8ndad Pract8 appl48 to charitiès pr8paring their accounts in accordance with lh& FinancHI R8pofhThJ Standard aprIae in th8 UK and Republ of Ir91and IFRS 1021 effeclNe 1 January 20191.. Fina1 Rop)rtir¥J Standard 102 Tr Financhgl Reporting Standard applicable in the UK and Republ ol IreLon(l aThJ the Charrti85 Act 2011. The financial statements have bgen prepared under Iho htylorul cost convention. wrth the exceplion ol investments which arg Includ8d al Market valv8, as nxdifi8d by revaluation ol certain assets. The Sir Willk4m Waters 8utl8r Weffare FuThJ. Henry Mitchdl mer1181 Scholarship Fund and Th& Sir John Edwln and Arthur Mllchell Fund are Ihffjo separate charili86 wrth similar objects and inlorlinked ITonsactions. In aC¢¢Ndare wilh Ihe Charty Commission hem0 dated 7 April 2W8 the financial Irarwctions of each charty ère presented in one Set ol Iwwncitil stattm8nts. Where approptlate in Ihe e5 lo Ihe linancial ststemnts thg following abbreviations hav8 b•8n adoptod. Slr Willrn Watèrs 8utl•T W8llaTe FuThY- Wemare Fur The Hènry Milchèll MerrK)rK41 Sck41shlp Fund - SchoL9rnhip Fund Th8 Sir John Edwin and Arthur Milchell FuThJ- Mitchg11 Fund Mstch8lls & Bullers Trust$ Cornmon Invg$tm8nt Fund- ComrTvJn InveBlm8nt Fund ICIFI The signili¢anl accounling applied in the preparation ol these linar¢ial $laternont$ arg Set out b8low. Thes8 pol1&S have b8gn consistentty appliad to all yaars presenled unless Oihèrwisé Staled. ststulory Inlorm•tlon Tha Mitchells & Butlers Charitat4e Twsl b an mrated charity. r¥uist¢rod in England and Wales. The charitls registered number and regisiered ollice addre88 can be four on page 4. Tho prgsenlalion currwy of Ihe tinwKio1 slalenwts lh8 Pound storfing 1£). Flmnelal r•portlng •l•ndard 102. r•thd dl•elo#ure •xenwtlon• The chanty has taken advantage ol the lolbwing tlisclosure eXempln in w8patin9 these linancial slalemenls. as permffted by FRS 102 The FInarla1 RewrtiThJ Stsndard applicable in th8 UK and Flgpublic ol Irel&ThY: th8 roquirem8nl8 ol S8Ction 7 Statom8nt ol Cash Fbw8. Incom• All income is recognised in the Statemant ol Financial ActNlties ore th8 charity has entitlemenl lo the lunds. it is probabi8 that the incorrb8 will be r8c8Ned arbj the armunt can be measured reliably. Expendltur• Liabilttvas are recognisod as exF*nditure a$ soon as Ihere is a Iggal or cor6tnJctive obligation committing the charty to that 8xp8litr6. il is probable that a transler ol economic benelits will bè required in setllernenl and th8 affjnt ol the obl19at can be measured reliabfy. Expendrture is accounted lor on an acCruS basis has been classrfied under headirrfjs thal aggregate all cost related to the caleg¢Yy. Where ¢osts carirth be direcity aiiributed to PartvIar headings they have been all(xated to activilies on a basis cffisi8ient wrth the use ol SourC&s. Page 9 eontinued...
THE MrrcHELLS & BUTLERS CHARITABLE TRUSTS NOTES TO THE FINANCIAL STATEMENTS- conlinu•d FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POUCIES- contknu•d Exp•ndltur• Grants payable are charged in the year when the olfer L8 made &xcept in those cases where Ihe otter Is coThlith)nal, such grants being r8cognwd as expenth'ture when the condilk attaching are lullilled. Grants offered subi8Ct to Conditn$ wtsh have rbjt been met at the year eiKI are noted as a ¢onNnilmonl. bul not accfu•J as expeNlrture. Taxallon Thè eArty is exempt from lax on its chAritabte adr411. Fund •ccountlng unr••Irlct fund• Unroslricled funds aro luThts afe availat4e lor uso al th8 discretKJn ol the Trustees in furtherance ol the genèral 0't¢to8 01 thè ¢harty a1 whKh have not been dognat8d lor oth8r purp08es. End¢}1 lund• Endowment lunds represent grants. donatwts aThJ lègacles rKowed where income may bo usad IOT geMr81 purposes but the Cwal rnAJst be retained. RMll••d g•ln• •nd lo• All gal aThJ bsses are lak lo th• Stat•m•nl ol Finala1 ActNrties as they aiise. Realtyed gains arrfi losses M invoslffnls ore C9ku1j as Ihg dffterorte b8tw8•n sales proceeds and their op8ning carrying valu8 or thr wrcha88 vdue 11 wulred subsoquenl lo Ihg flrst day of tho Ilnanclal year. Unreallsed gain8 and b8ses are kUted a8 b•twMèn th• lair value al the yoar ond and thair carryiry value. Inve81menl8 are slaled al market value u at tha balanco sh861 date. The slalement ol fSnancial activilles includes Iho nel gair and h)5888 aiisiry on tho r8vahJalion And dlsposals throughout the year. INVESTMENT INCOME 2023 Inter•si received Dividelld i1me 52,761 35.035 113 Page 10 continued...
THE MrrcHELLS & BUTLERS CHARITABLE TRUSTS NQTES TO THE FINANCIAL STATEMENTS- ¢¢JntirnKd FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE 24 2023 Grants payable Qrants Pay•bl•- kMlllull¢)n• 2023 Total Tolal The Wettare FuThJ The Scholarship FurKI Tho Mitchell 13.750 15.000 Grnnt# hyabh. Ind1vldlj 2024 Total Nurnb•r 2023 Total Number 2023 Toial Total The W811ar8 Fund The Scholarship Fuj The Mitch811 Fund 7S 46,800 2,425 21 11,09) 475 SUPPORT COSTS Governance costs Support Costs Support costs, includ8d in the abova. are as lollows: 2024 Sup(K)rt Costs 2023 Tolal acts'vili8S Legal and prolessnal 1998 IndBp8nd8nt 8xarninan Investment lees 4.MO 233 Page 11 nlinugj...
THE MrrcHELLS & BLrrLERS CHARrfABLE TRUSTS NOTES TO THE FWIANCIAL STATEMENTS- eontinu•d FOR THE YEAA ENDED 5 APRIL 2024 TAUSTEES. REMUNERATION AND BENEFITS There w8r8 no truste8s' TeTh¥Jn8rnt*Jn or other beneffis for the year end8d S April 2024 nor lor Ihe year erKled 5 Apnl 2023. Tru•t••s' •xp•n• Th8r8 ware Iruste8s' expww paKI for the year er¥Jed 5 Apn"12024 nor lor Ihg year ended 5 Awil 2(Y23. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre8lrKted Endowme lunds funds Total lund$ INCOME AND ENDOWMEMfs FROM Inv8slmonl incoff EXPENDITURE ON Rawing lunds 1.943 17,478 19,421 ¢h•rltabl• •¢tlvltl•• Granls payable sUprt Costs .642 4.233 80.642 4.233 Total Ngt gain{1>¥) on inv8Stmon18 NET INCOMEI{EXPENDrruRE) 1103 (162.759 {414.7851 162.759 1414,8881 Tran8l•r• b•tw••n lund• 011 r•eognl8•d gain1030) Gains on r8valuo1ion ol fixed assets 119348 124.684 Ilot mo¥•m•nl In lund• (157.526) {132,6781 12bfl2041 AECONCIUATION OF FUNDS Total funds brryjghi loThvard 556,660 3,879,648 4.436.308 TOTAL FUNDS CARRIED FOAWARD 399.134 3 746 970 4 146,104 Page 12 continued...
THE MITCHELLS & BUTLERS CHARITABLE TRUSTS NOTES TO THE FINANCIAL STATEMENTS- c¢ntlnuod FOR THE YEAR ENDED 5 APRIL 2Q24 FIXED ASSET INVESTMENTS Listed investrnen15 MARKEf VALUE Al 6 April 2023 Addilions Dispo$a RevalualkJn5 3,679.030 1,354.999 (1,350.761) Al 5 Aprfl 2024 3 961 340 NET 800K VALUE Al 5 Aprfl 2024 3 961 340 Al 5 Ap1 2023 There were rKJ inv8stm8nt as$8ls (xrtsKle tha UK. Cost or valuallon al S April 2024 is repffjsenled by: Ll•ted Inv••tM•nl• Valuaiion in 2024 Inv••lm•nl• at rna•1 ¥ak4• comwl••: Va Cost 2024 2024 2023 Llsted Invoslm•nls 2 3353691 3.143,380 Mat•rf•l Inv••tm•nt• The mrtClIS & Bullers Charilablg Trusts havo a mat8Ii&l invèstmént in Mitchells & 8ullorn PIC valued al £210.08S at Ihe year end12023.. £152.7381. The lair value ol Ilsled inveslmenls ts delemiingd ty rele9 to quoted pric8 lor identical asset8 in an active m8t8t at th8 bala9 sh881 dale. All inve$tThnts aro carried at their lair value. Inv8Stm8nts in equities fixed interesl securllies are all traded in quoted publK markels, primarity the LorKkM) St(Kk Exchange. Holdings in common inveslmenl lunds. uni( trusts and open-ended investment corwJanie$ are at the bid price. The basis ol lair value lor quoted inveslmenls is èquivalont to th8 markel value. using the bid price. Asset sales purchases a iecognised at the dale of trad8 at cost (that is Iheir Iransactitin valuel. main risk to the Charity from finarla1 instruments IS in the combinati)n ol uncertain inveslmont markds and volalilty in yld. The Charity is KAnt on dividèThJ ld to finance rts work. Liquidity risk is an11pated lo be low as all assets are traded. The Chantys inv&stm8nts are mainly traded in markets wlh good INuKlity and high Irading volumes. The Charity has material inveskneni holdings in markets subiact to exchange contrds or trading reSIrlI)nS. Page 13 continued...
THE MrrcHELLS & BUTLERS CHARITABLE TrVSTS NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 5 APRIL 2024 FIXED ASSET INVESTMENTS- ¢ontlnu•d The Chaiity manag8S these mVeStrrI risks by taining expert a(fvisors and operating an investment policy that wovid8s lor a high degree ol di¥ersrfKalTron ol hohyings wilhin inv8slm8nt classes that are quoted on recognised slock &xchang•s. Thè Chanty (h)es not make use ol derivatives and similar com0X financial instrumants as it takes th8 view that investments are hekl lor their lon9Br lefm yield total retum and histonc sludies ol quoted linanckql itrumentS have slK>wn that volatility any partilar 5.year penod wdl nomwlty be corrected. CURRENT ASSET INVESTMENTS 2023 Other 69,959 CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2023 Trade credilors 10. MOVEMENT IN FUNDS Net mov8m8nl In lunds Tran8ler8 bolween lund$ Al 5.4.24 At 6.4.23 Unr••trkt•d lund• Mitchell Fund Wellaro Fund ScholarshSp Fur 169.240 179.252 51,8 139,439 {11140) 30.128 10988 W7) 360,S08 197,240 3W,134 50,677 183,660 613,471 Endowm•nt lund• Mitchell Fund Welfare Fund Scholarship Fund 1,605,620 1,669,582 99,78 114.068 (184,3731 1,641,038 1,784,280 3 746 970 246 Oa1 3 829 391 TOTAL FUNDS Page 14 continued...
THE MrrcHELLS & BUTLERS CHARITABLE TRUSTS NOTES TO THE FINANCIAL STATEMENTS- ¢¢Jntlnwd FOR THE YEAR ENDED S APRIL 2024 10. MOVEMENT IN FUNDS- contSnu•d Net movement in tund¥, incled in the abJve ère as follows". Imjnwng Resources Gair6 and Movement resources exp8rthd k)ssgS in lunds untriCted lund• Mitchell Fund Wellare Fund Scholarthp Fund 48.51J2 50.476 14 (8.574) 162.616) 11,901 51,829 112,140) 113 (74,4811 50,6TI Endowm•nl lund• Mitchell Fund Welfare Fund Scholarship Fund (7.322) (9,955) 107,111 124.023 99,789 114,068 089> 206 170 TOTAL FUNDS COmp•r•t1v lor movw)•nl kn lund• Net nVernan1 in luTras Transfers b8tween funds Al 5.4.23 Al 6.4.22 ilnr••lrlct•d lund• Mnchg11 Fund Wollarg Fund SchoLgrship Fund 273,042 113,522 170.096 125,7911 18.612 178,011) 47,118 169,240 179,252 5.223 1162.7591 399,134 Endawm•nt fundB Milchell Fund Wemare FuTrJ Scholarship Fund 1.560.952 I119,3) 164,CQ6 1.60S,620 1,7.656 1137,3CfjI 19661 1.669.582 510,840 201> 3.679.648 3.746,970 TOTAL FUNDS 4,146,104 Pagg 15 continued...
THE MITCHELLS & BUTLERS CHARrrABLE TRUSTS NOTES TO THE FINANCIAL STATEIqENTS- FOR THE YEAR ENDED 5 APRIL 2024 10, MOVEMENT IN FUNDS- ¢onllrnwd Coffparalive net ¥&mOnt In luthys, IrlUded in the atthie affj as lollm.. Incorniry R8sourc8s Gains and Movement rosouw exp8rKl8d hjsses in lund8 ilnreAtrSct•d lund• Mitchell Fund Wdlare Fund Scholarship Fund 44.574 46.486 157.9361 127.8741 112.4291 25,7911 18,612 lo4,) 186,8181 112.4291 5.233 Endowm•nt lundo Milchall Fund Wellar8 FUNJ Stholar8hp Fund 17.4801 17,7951 (111.8581 129,5131 1119,3381 1137,308 277 9591 TOTAL FUNDS 104,480 11. AELATEO PAATY DISCLOSUAES There w8r8 no related party ttansaclM)ns Iw the year ended 5 April 2tr24. Page 16