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 Fin*nei•l Aetlvli
B*l•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 fina￿ka1 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 ap￿￿ab￿ 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 a￿￿￿1 pupib fosident in 8irrningharn Sff*lhwi¢k to attend
school. universities and of￿1 places ol higher èducation. 8ecoThYfry lo make grants lor the relig101
ne¢es8ltous r8sid8nls ol Blrmingham a￿j sme1hw￿.
The Trustg9s lurthor those c*jects by maklng grant$ lo studont$ fall wtthin the above Criieria. AppI￿a￿lS
are required lo CO￿1818 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 c*i8cts 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$08 related lo th• brewing
industry as the Trustees in Ihoir discretion may think frt.
In a lelter dated I l October 2OJ2. the Chaiity CorMis8K)n CLN*im*d thal 'chantabb •JucatkiMI purposes
rolated to Ihe brgwing induslry. shouhj be a￿l￿d as includiry chwitablo aducational purposes related lo
ealering and hotel managemeni, as w811 as browing rfself.
The Tnjstees lurther the otiiect8 of the Chanty ty makir4J grants lo charilies or educali¢)nal I￿￿tItUtiOnS lor
courses or projo¢1$ that fall within the ambit ol tho otyods.
The objects ol Ihls Fund are the relief of need. ha￿ship or dislress ol gmpbyeos and lormor gmployees in
Ihe brewing and cataring industrw or th? ticensad relail industry and the depeThJant$ ol s￿h employees
and lormgr gmployo89.
The charity d068 not ènwloy slalf and hence ha8 ro key management personMI.
Publ1¢ ￿n￿lI
Th8 Tru$t89s have considgr8d th8 guKlance issued by the Chwity Commtssb)n on 'CharIt￿8 and Publ
8enelit'.
The ofy-ecls of the welfa￿ Fund, ￿ Scholarship Fund arKI Ihg Mitchell Fund cleady come within Ihe
descriptions ol charitable purposes as set OLrt in lh8 Chanlies Acl 2011 and there are Ident￿lable benelils
from the grants made. Grants arg or* ￿￿de in accordance with th8 Charl￿ble obi.th ol the fund in
question.
As indicated above, in consNlering irnlivNYual apF4ulK)ns lor edUcat￿nal grants in the case ol the Welfare
FUNI, the meaThs of applicants and thoir lan11￿$ are cor￿￿1&r8d aTrJ th8 Trusle8s target assistance lo
arvlicants wth low incc*nes.
Grantmaking
Grants are made Irom the Welfare Fund. ￿ SChola￿hIP 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 g￿rnIed by irWesln￿ntS hdd. The TNsleos arg athls8d
on investmgnl matters by thè Tnjsfs investm8nt advi$ws. Ba￿layS Weallh. who have been given autk•rrfy
lo manage the portlolio on a discr8tionary basts.
The Trusteés. investment phi108ophy is to adopl a medIUn￿ba￿rtod risk investmenl strategy. inv8s1ing in an
appropdale mix ol equrties, lixed inlerèsl and rTh)nelary ass8ts and att8mativ& assets as deemed appicprHle
and cortsistont with tho Tn￿le8s. attilude to and th8 Trust88s' requirements for inc¢)m6 arKI capRal
growth.
The Truslees have not applled any soc+al, enviK￿mental or ethical ccmsiderallons in their Inv8stm8nt
policies.
Th8 Invèstment ot¥'ective8 ale:
151 The creation ol a Suff￿len1 fin8r￿lar r￿urn lo en&bk the Parficipaling Charitw to cary out Ihwr purposes
affectivety and without interruption.
ill The mainienarKe arKI, if pos81b￿, en￿arth￿ of th8 invesim8nt luThJ8 whi181 they am Itwosted.
The Trustees recognise Ihal thg returns on oqurties. Whi￿ axpoct•d lo be gr8at8r over thè longer-lemi Ihan
Ilw ol lixed Intei¢$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 r￿UIred 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 V8h￿l•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 rr*gtiry$. A repr￿nIal￿O 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 ment￿ned abovo. it is an1￿1pated 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 g0￿MIng ￿￿Un￿nt 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$l8r daleo 23 January 1968.
Tha Mitchell Fu
This Fund is adrninislered in accordarK8 Wrth a Charty Corr¥nL88KX) Scheme dated 22 June 2CKJ6. This
scheme re￿a¢a8 Ihe lom)er trusts ol th6 Chaity.
cmmon Investm8nt Fund
The Common Investmeni FurKI is wVeM￿ by a Ch&ity Commiss¥)n Scheme dated 7 APTI 2fy)8.
Ch•rlty con•lltullon
The Charty is made up of four di4trf hnked ¢harilies (the th&rilios'} nam8ty.'
SIT William Waters Bull8r Wellaffj Fund Ilhe Wellare Fund'l (Registered Charty Numb•r S28922.11
Thg Henry Milchell Memrial ￿ar$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$lered Chanty NU￿er 528922.41
Thè scho￿ da18d 7 April 2CQ8 made by Ihe Charily Commission to establish thè CIF eoni8in•d a unilino
dir8clion. providing that all th8 charili8s adnwnislered by th8 Mrtch8Us & Butlers Wttllar8 Fund8 Limilod and
Mitchells & Bthie¥s Trust Funds Lid as at lh8 date ol the Scherne lincludwvJ CIFI should be Irgatad as a
single charty lor the purpose ol Part 11 laccounlingl and Part I (reg￿trat￿l of lh8 Charitsas Acl 1993 (now
part 8 8fKI part 4 01 Ihg Charilies Acl 20111.
A•cruliment and •ppolnim•nt ol rmw tN#i•••
e Wellare Fun
The power ol apw)inling new Irustoes Tests with the directo￿ ol Mitchelb & Bull8rs Plc.
Th
The power of apFxJnting new trusiees rests with trustees lor ihe lime belng ol the Charity.
The power ol 8ppointirwJ rw trusloes rgsts with try￿199$ 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 beCoff￿s 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 publ￿alK￿ CC3 Tr Essential Trustee.. Th8
directors ol the Truslee Companies lake $L￿h actim as they considw necessary to keep therr68lves
inloirY*d ol changes n charity arKI governa￿e.
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 r*ks to Ihe Charities affj exposed. in particular those related lo
Ihe weralions and finances ol the Charilies, atxl a￿ saiisw that systems and Prc￿e￿leS are in pkce to
manage exposure lo the nwior nsks.
The Trustees are saiislied lttat adequate systems are in to detect arKJ n￿1n￿se the w4in strategic.
business and operat￿nal risks wh￿h Ihe Charrt*s lace.
The Trusteos cons*J81 that th8 map)T risk lo whth the Charili8s aro lo is the Vo￿tI1[ty in the world's
8lctk, bond and linan¢o1 markets under the currant 8conom￿ condrtiffis a￿1 the conseqvenlkil uncertainty
in lerms ol th& retum on th8 Charili8s' InV￿M￿nts. The Truslo9S S8èk adV￿e from Iho Charilifjs.
prolessional inv&sltr*nl 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 FU￿1$ Ltd (Corporal8 Trustael
The Dirtetors of m￿¢￿118 & 8￿￿1$ 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 LI￿￿18d thring the ptir￿d 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 0slabl￿hOd 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 examInat￿n 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 res￿1 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 exarrllna1￿n.
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 revaluat￿n 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•
Unrest￿led Endowmanl
fu￿lS
Total
lur
Notes
FIXED ASSETS
Investments
169,$45
3,791,795
3.961.340
3,679,030
CURRÉNT ASSETS
Investments
Cash al bank
42.190
44,078
69,9S9
405 976
42,190
490.584
475.935
CREDITORS
Amunts falling due within ¢)ne year
{4.468)
(4,594)
(9.C*2)
18.8811
NET CURRENT ASSETS
467 074
TOTAL ASSETS LESS CUAAENT
LIABILITIES
613,471
3,829J91
4.442.862
4,146,104
NET ASSETS
4 146 104
FUNDS
Unreslncled lunds
Endowmont lund8
10
613,471
399.134
1 3746970
TOTAL FVNDS
4 442 t62
4 146 104
Th8 financial slalemonts were approved by the Board ol Trusleos and authofiS8d lor i88ue on
. a￿1 ware sign8d on its behatt by:
A Jongs . Tru$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 aCCordar￿e with the chart￿ SORP IFRS 102) 'Accoufjlir7g 8fKI Reporting by Charities..
Slatam8nt ol R8comm8ndad Pract￿8 appl￿4￿8 to charitiès pr8paring their accounts in accordance
with lh& FinancHI R8pofhThJ Standard aprI￿a￿e in th8 UK and Republ￿ of Ir91and IFRS 1021
effeclNe 1 January 20191.. Fina￿￿1 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 mer￿1181 Scholarship Fund and Th& Sir
John Edwln and Arthur Mllchell Fund are Ihffjo separate charili86 wrth similar objects and inlorlinked
ITonsactions. In aC¢¢Ndar￿e 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 Will￿rn Watèrs 8utl•T W8llaTe FuThY- Wemare Fur
The Hènry Milchèll MerrK)rK41 Sc￿￿k41shlp 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 pol￿1&S have b8gn consistentty appliad to all yaars presenled unless Oihèrwisé Staled.
ststulory Inlorm•tlon
Tha Mitchells & Butlers Charitat4e Twsl b an ￿m￿rated 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•th￿d dl•elo#ure •xenwtlon•
The chanty has taken advantage ol the lolbwing tlisclosure eXempl￿n in w8patin9 these linancial
slalemenls. as permffted by FRS 102 The FInar￿la1 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 or￿e 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 8xp8￿lit￿r6. il is probable that a transler ol economic benelits will bè
required in setllernenl and th8 aff￿jnt ol the obl19at￿ can be measured reliabfy. Expendrture is
accounted lor on an acCru￿S basis has been classrfied under headirrfjs thal aggregate all cost
related to the caleg¢Yy. Where ¢osts carirth be direcity aiiributed to Part￿vIar 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 Condit￿n$ wtsh have rbjt been met at the year eiKI are noted as a
¢onNnilmonl. bul not accfu•J as expeNlrture.
Taxallon
Thè e￿Arty 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¢t￿o8 01 thè ¢harty a￿1 whKh have not been do*gnat8d 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 Fina￿la1 ActNrties as they aiise.
Realtyed gains arrfi losses M invoslff*nls ore C9ku￿1￿j as Ihg dffterorte b8tw8•n sales proceeds
and their op8ning carrying valu8 or th*r wrcha88 vdue 11 wulred subsoquenl lo Ihg flrst day of
tho Ilnanclal year.
Unreallsed gain8 and b8ses are ￿kU￿ted 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 i1￿me
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. Ind1vld￿lj
2024
Total
Nurnb•r
2023
Total
Number
2023
Toial
Total
The W811ar8 Fund
The Scholarship Fu￿j
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 proless￿nal 1998
IndBp8nd8nt 8xarnina￿n
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
sUp￿rt 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•
01￿1 r•eognl8•d gain￿103￿0)
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 Ap￿1 2023
There were rKJ inv8stm8nt as$8ls (xrtsKle tha UK.
Cost or valuallon al S April 2024 is repffjsenled by:
Ll•ted
Inv••tM•nl•
Valuaiion in 2024
Inv••lm•nl• at rna￿•1 ¥ak4• comwl••:
Va
Cost
2024
2024
2023
Llsted Invoslm•nls
2 3353691
3.143,380
Mat•rf•l Inv••tm•nt•
The mrtC￿lIS & Bullers Charilablg Trusts havo a mat8Ii&l invèstmént in Mitchells & 8ullorn PIC valued
al £210.08S at Ihe year end12023.. £152.7381.
The lair value ol Ilsled inveslmenls ts delemiingd ty rele￿￿9 to quoted pric8 lor identical asset8
in an active m8t*8t at th8 bala￿9 sh881 dale.
All inve$tTh￿nts 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 finar￿la1 instruments I￿S in the combinati)n ol uncertain inveslmont
markds and volalilty in y*ld. The Charity is ￿KAnt on dividèThJ ￿ld to finance rts work. Liquidity risk
is an1￿1pated 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 reSIr￿lI)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 mVeStrr￿I 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
com￿0X financial instrumants as it takes th8 view that investments are hekl lor their lon9Br lefm yield
total retum and histonc sludies ol quoted linanckql i￿trumentS have slK>wn that volatility ￿ any
parti￿lar 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¥, incl￿ed in the abJve ère as follows".
Imjnwng Resources Gair6 and Movement
resources exp8rthd
k)ssgS
in lunds
un￿triCted 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
n￿Vernan1
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, Ir￿lUded 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