THE LATE ST PATRICK WHITE CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Charity Number 1056520
THE LATE ST PATRICK WHITE CHARITABLE TRUST CONTENTS PAGE Pages Reference and Administration Details Report of the Trustee Independent Examiner's Report Receipts and Payments Account Statement of As5els and Liabilities Appendix 1
THE LATE ST PATRICK WHITE CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS Corporate Trustee HSBC Trust Company {UK> Limited Current Directors of Corporate Trustee J Coyle P M Spencer J Hewitson Trust Manager T Cuiran Principal Office Forum 1 The Forum Parkway VW)iteley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and Accounling Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3T Banker HSBC Bank plc Forum 1 The FoTum Parkway Whileley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
THE LATE ST PATRICK WHITE CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED S APRIL 2023 The Trustee presents ils report together with the financial statements of the charity for the year ended 5 April 2023, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the Gharity's constilulion and applicable law. The purchase and sale of investments results from the day to day management of the investment portfolio by the Investment Managei. In accordance with the Charities Act, the financial statements have been prepared on the receipts and paytnents basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed as*ts. Structure, government and management The Late St Patrick While Charitable Trust is an unincorporated Trust and is constituted under the terms of the will dated 12 September 1995 of the late Edmund Herbert Sl Patrick White. The Trust is a registered charf(y Ino. 10565201. The Corporate Trustee has appointed a designated Trust Manager to look after the affairs of the charity. The Investment Manager reviews the performance and provides recommendations on the structure of the investtnenl portfolios. The power lo appoint additional Trustees is vested in the curfent Trustee, and is exercisable in writing. Should new Tru51ees be appointed, the existing Trustee would take responsibility of their induction. The Trustee has examined the rnajor strategic, business and operational risks which the charity faces and confirms that systems have been established lo enable regular reports lo be produced so that the necessary steps can be taken lo miligale these risks. The main risk in the year was considered lo be the variability of investment returns. Objectives and activities The objectives ol the charity are in perpeluily lo pay or lo apply the incoTne and capital of the Trust for the benefit ol such registered, excepted and exempl charities as the Tiustee in its sole- di5CFetion shall decide, in accordance with the terms of the governing document. The charity awards grants lo charitable institutions. The Trust Manager reviews applications for giants and grants are awarded at the discretion of the Trustee_ Achievements and performance During the year 7 granls totalling £47,488 12022.. 7 grants tolalling £68,250) were awaided to charitable institutions in accordance with the terms of the governing document. No grant5 were awarded lo individuals in ef(her year. The beneficiaries are disclosed in Appendix 1 of the financial stalemenls. Financial review The charity received donations from the estate of the late Edmund Herbert St Patrick White lo be kept in perpetuity. These funds generate income. which is used for the purpDse of grant making. in accordance with the objectives set out above. The fund generated income of £61,183 12022.. £43,047) in the year to fund ils charitable activities. The expendilure on charitable activitie5 was £72,058 12022= £84,266) of which £47,488 (2022: £68.2501 wa5 charitable expenditure in the form of grants to charitable inst(tutions.
THE LATE ST PATRICK WHITE CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2023 Investment pollcy In accordance with the governing document, the Trustee has the power to invest in such slo¢k5, shares, investments and propety as they see fit. The Trustee engaged HSBC UK Bank plc a5 Investment Manager. The policy is lo adopt a low to medium risk investment strategy lo protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income. and also providing the potential lor longer term growth of capital in real terms. Reserves policy The unrestricted funds. which are the free reserves of the charity and which are represenled by the income arising, are paid over lo beneficiaries throughoijl the year. It is not the policy of the charity to maintain specific reserves. The endowment funds represent those assets which are held permanently by the charity and are principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the charity and is included as unrestricted income. Any caprtal gains or losse5 arising on the investments form part of the fund. The Trustee has the power to convert this fund into income_ Public benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim5 and objectives and in planning our future activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives they have sel. Plans for the future The Trustee intends to continue providing grants in a similai way to the recent past whilst retaining flexibility as to the timing and scale of grant making. Related parties The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc. In addition to the fees shown on page 6, as a result of the acquisition and disposal of inveslmenls, Ihe charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale al a percentage of the transactions value plus VAT and are added lo or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
THE LATE ST PATRICK WHITE CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5APRIL 2023 statement of Trustee's responsibilities in relation to the financial Statements The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of it's financial position al the end of the year. In preparing those financial stalemenls, giving a true and fair view. the Trustee should follow best practice and.. selecl suitable accounting policies and then apply thern consistently., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards and statements of recommended practice have been followed, subject to any departuies disclosed and explained in the financial slatemenls-, and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will conlinLJe in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity- This enables thern to ascertain the financial position of the charity and enables them to ensure the financial slaterllent5 comply with the Charities Act 2011. the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fiaud and other irregularities. Approved by the Trustee and signed on its behalf.. HSBC Trust Company (UK) Limrted Date..
THE LATE ST PATRICK WHITE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE LATE ST PATRICK WHITE CHARITABLE TRUST report to the Trustee on my examination of the accounts of The Late Sl Patrick White Charitable Trusl for the year ended 5 April 2023, which are sel out on pages 6 to 7. Responsibllities and basis of report As the Trustee of the charity you are responsible for the prepaiation of the financial statemenls in accordance with the requirements of the Charities Act 20111'lhe 2011 Act'i. report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the app5icable directions given by the Charity Commission under section 14515llb} of the 2011 Act. An independenl examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving Iheir opinion on Ihe financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express llo opinion as to whether the financial statements present a 'lrue and fair view, and my report is limited lo those specific matters set out in the independent examiner's statement. Independent Examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause lo believe that in any material respect.. accounting records were not kept in respect of the charity's as required by seclion 130 of the 2011 Act., or 2. the financial statements do not accord with those records., or 3. the financial statements do not comply with the applicable Tequiremenls concerning the form and content of financial statements sel out in the Charities {Accounts and Reports) Regulations 2008 othei than any requirement that the financial stalements give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this Teport in order to enable a proper understsnding of the rinancial statements to be reached. Frances Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY 29-Jan-2024 Date..
THE LATE ST PATRICK WHITE CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED S APRIL 2023 Unrestricted funds EndovAnent funds Totsl 2023 Total 2022 Receipts Investrnent income 61,183 61,183 43.047 61,183 61.183 43.047 Investn*nt sale procèeds Proceed5 trom the sale ol investment5 1,142.676 1.142,676 2.934.639 Totsl rèceipts 61.183 1.142,676 1,203,859 2,977.686 PaywEnts Cost of generating funds Investment managefflent costs 16,104 16,104 7,976 Charitable actSvities Grants paid Other allocated c05t5 47.488 24.570 47.488 24.570 68,250 16.016 Governan¢e costs Independent examiner's fee 2,460 2,460 2.580 74.518 16,104 90,622 94,822 InVeStThllI purchases Payments for purchases ol investments 1,178,929 1,178.929 2,879,279 Total payn%nts 74.518 1.195.033 1,269.551 2,974.101 Net receiptsllpayrnentsl 113,3351 152.3571 165,6921 3.585 Transfers between funds 25.164 125.1641 Cash invested at 6 4)ril 2022 4.717 82,851 79.266 Cash invested at 5 Npril 2023 16,546 613 17,159 82,851 These unaudited financial statements have been subjected lo independent examination. See report on page 5.
THE LATE ST PATRICK WHITE CHARITABLE TRUST STATEMENT OFASSETS AND LIA81LITIES AT 5 APRIL 2023 Unrestricted funds Endown*nt funds Total 2023 Total 2022 Investments UK Fixed Interest Securities Overseas Fixed hteresl Securities UK Equities Overseas Equrties Hedge Funds Commodities Real Estate other Trust Assets Cash 38,95g 787,758 430,197 1,231,968 77,538 47,402 113,516 38,959 767,758 430,197 1,231,968 77.538 47,402 113,516 798.847 364,608 1.332,857 78,540 50,190 195.214 16.546 613 17.159 82,851 Totsl assets 16.546 2,707,952 2,724,498 2.903,108 Liabilitie$ Professional fees payable 2,714 2,714 2.585 Approved by the Trustee and authorised for issue on........................................... and signed on its behalf.. HSBC Trust Company (UK) Limited These unaudited financial statements have been subjected to independent examination. See report on page 5.
THE LATE ST PATRICK WHITE CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRAMrs Number of grants knunt Institution Age UK London Barnado's Cancer Research UK Guide Dogs for the Blind Salvation Wmy Versus hrS sibility Scotland 6,784 6,784 6,784 6,784 6.784 6,784 6,784 47,488 These unaudited financial statements have been subjected to independent examination. See report on page 5.