Companies House The Melanie White Foundation Limited Annual Report and Financial Statements 5 April 2024 Comp&ny Llmrted by Guoranlet Regislrallon Number 03750780 IErvJlarKJ and Wales) Charlty Re9istrallon Number 1077150 ADWR4EZ 2210112025 COMPANIES HOUSE A12
148
Contents Reports Reference and administrative infomation Directors, report Independent auditorfs report Flnanclal slatemenls Statement of financial activities 10 Balance sheet Statement of cash flows 12 Principal accounting policies 13 Notes to the financial statements 17 The Melanie INhite Foundation Limited
Reference and admlnlstrative information Directors M White P Reynolds James Whittaker {reSned.. 16 April 2024) Nicholas Mumford {appointed.' 3 December 2024) Company secretary Registered office 61 Grosvenor Street London W1K3JE Company reglstratlon number Charity registration number Auditor 03750780 (England and Wales) 1077150 Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers C Hoare & Co 37 Fleet street London EC4P 4DQ Citibank NA, London Citigroup Centre 25 Canada Square 61h Floor CGC2 Canary Vtharf London E14 5LB Investment managers Thesis Asset Management Ltd Exchange Building, St John's Street Chichester West Sussex P019 1UP Solicitors Wilsons LLP Alexandra House st Johns Street Salisbury SP12SB The Melanie 14Vhite Foundation Limited 1
Directors, report Year ended 5 April 2024 The directors present their statutory report together with the financial statements of The Melanie Vthite Foundation Limited for the year ended 5 April 2024. This report has been prepared in accordan with Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set oul on pages 13 to 16 of the attached financial statements and comply with the Memorandum and Articles of Association of The Melanie Vvhite Foundation Limited, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). GOVERNANCE, STRUCTURE AND MANAGEMENT Constitution The Melanie Idlthite Foundation Limited is a company limited by guarantee (Registration Number 03750780) and a registered charity (Registration Number 1077150). Dlrectors The names of the directors who served during the period and to the date of this report are set out as part of the reference and administrative information on page 1 of these Annual Report and Financial Statements. The Articles of Association require a minimum of bwo directors and a maxlmum of seven. Directors may c04)pt any person duly qualified to fill a vacancy in their'number or as an addrtional director. Decisions on investments and donations are taken by all the directors. Directors. responsibilities statement The charitable company's direclors (who are also trustees of the Foundation for the purposes of charity law) are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the directors to ppare financial statements for each financial year, which give a true and fair view of the state of affairs of The Melanie White Foundation Limited and of its income and expenditure for the financial year then ended. In preparing these financial statements, the directors are required to.. seEect suitable accounting policies and then apply them consistently: observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chartlies preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102)., make judgements and estimates that are reasonable and prudent" The Melanie White Foundation Limited 2
Directors, report Year ended 5 April 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Dlrectors. responsibilitles statement (continued) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statemenls- • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with Ihe Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Each of the directors confirms that.. so far as the director is aware, there is no relevant audit information of which the charitable company's audrtor is unaware,. and • the director has taken all steps that helshe ought to have taken as a director in order to make himselflherself aware of any relevant audit infonnation and to establish that the charrtable company's auditor is aware of Ihat information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006 Risk management The directors have identified the major risks to which the charity is exposed and remain confident that they have in place systems and procedures to mitigate the risks. They feel Ihat the main risk to which the charty is exposed is the protection of assels and income. The income of the charity is derived from the portfolio of investments held within the charity. The directors monitor the performance of the investments on a quarterly basis to consider investment yields and capital growth. Key management personnel The directors are the key management and as such have not at any time received any remuneration for their services. Fund ralslng The charrty does not fundraise directty with indDiiduals and therefore is nol registered with the Fundraising Regulator. If donations from individuals are received the charity aims to protect personal data and never sells data or swaps data with other organisations. The Melanie l+Vhite Foundation Limited 3
Directors, report Year ended 5 April 2024 OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES Charitable objectives and activities The charty's principal activity is its grant-making programme. In accordance with its Articles of Association the charity is to promote any charrtable purpose or support any charty selected by the directors. The directors seek through their grant-rnaking programme to support charitable projects in areas identified as being of particular interest to them. These areas include health, medicine, and social welfare. The directors do not anticipate any changes to their grant making priorities. The directors confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year. Whilst the directors are mindful of their own obligation lo ensure that the charity b8nefrts the public generally. they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit. Grant maklng policy The directors take a strategic approach to grant-making and do not respond to unsolicited applications. Potential recipients of grants are identified by the directors individually, in areas where it is perceived that public benefit will be achieved. Investment pollcy The investment strategy is set by the directors, who consider the charity's income requirements, the risk profile and the view of economic and market conditions. The investment objectives are to obtain a balanced return from both capital grh and income. The directors consider the chanty's portfolio and inveslment performance on a regular basis. ACHIEVEMENTS AND PERFORMANCE During the year ended 5 April 2024, grants payable amounted lo £116,600 (2023 £777,707), however, two grant commitments, totalling £316,645, were written back in the year as the recipient had not undertaken the proposed improvement works for which the grants had been made. Investment perfomiance There were realised gains on investment disposals for the year ended 6 April 2024 of £140,456. <2023 - loss of £1,098). Unrealised gains arising from changes in market value on investments for the year ended 5 April 2024 were £1,121,697 {2023 losses of £1.343,694). The investment portfolio yielded dividends on UK Unit Trusts and rebates amounting to £170,662 (2023 - £129,508) in the year. The directors consider investmeni perfomiance to be in line with market conditions. The Melanie White Foundation Limited 4
Directors. report Year ended 5 April 2024 FINANCIAL REVIEW Results for the period During the year ended 5 April 2024. the unrestricted funds generated income of £261.356 {2023 - £292,384) from inveslments, banking interest, donations and foreign currency gains on monetary assets, primarity cash deposits, and incurred expenditure of £121,309 (2023 £792,371), of which 96.12°/o related to grants payable, not including the written back grants totalling £316,645. The net income for the year on unrestricted funds was £456,692 and a transfer was made to the expendable endowment fund to clear the account. On the expendable endowment fund there was no income arising, investment manager expenses of £12,79012023 £16,153) were incurred, investment valuation gain5 amounted to £1,262,153 (2023 - losses of £1,344,792) and a transfer of £456,692 was made to cover the deficit on the unrestricted fund. The expendable endowment fund totalled £13,897,792 at 5 April 2024 (2023 - £12,191.737). No funds were held on the unreslricted fund at 5 April 2024 (2023 - £nil). Reserves pollcy and financlal posltlon As at 5 April 2024 reserves of £13.897,792 were carried fonward in accordance wrth the directors, policy on reserves. The policy is to expend the income generated by the endowment fund to the fullest extent possible, in as much that the directors are able to identify suitable recipients during the year. The endowment will be Invested with the intent to, as far as possible, retain its capital value and produce an annual income. The directors are satisfied with their grant making policy and it is their intention to support wide and varied number of charities. Approved by the directors and signed on their behalf by- Paul Reynolds Director Approved on.. 1611212024 The Melanie White Foundation Limited Registered Company Number 03750780 (England and Wales) The Melanie INhite Foundation Limited S
Independent audltor's report Year ended 5 April 2024 Indapandent auditorfs report to the mèmbers of The Melanla White Foundatlon Limited Opinion We have audited the financial statements of The Melanie Ihjhite Foundation Limited (the 'charitable companl) for the year ended 5 April 2024 which comprise the statement of financial activilies, the balance sheet. the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclice). In our opinion, the financial statements.. give a true and fair view of the state of Ihe charitable company's affairs as at 5 April 2024 and of its income and expenditure for the year then ended: • have been properly prepared in accordance viith Unrted Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our re5ponsibilrties under those standards are further described in Ihe auditor's responsibililies lor the audit of the financial statements section of our report. Vve are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and approprlate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe wod( we have perfomied, V have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubt on the charitable company's abilty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other matters In the previous accounling period, the directors of the charitable company look advantsge of audit exemption under s477 of the Companies Act 2006. Therefore the prior year financial statements were not subject to audrt. The Melanie White Foundation Limited
Independent auditor's report Year ended 5 April 2024 Other infomiation The other informalion comprises the infomiation included in the annual report , including the directors, report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does nol cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audil or otherwi58 appears to be Material misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit.. • Ihe information given in the diredors, report, which is also the trustees, report for the purposes of charty law, for the financial year for which the fin8ncial statements are prepared is consistent with the financial statements,. and • Ihe directors, report. which is also the trustees, report for the purposes of charity law, has been prepared in accordance wrth applicable legal requiremer)ts. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or • the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of directors, remur)eration specified by law are not made., or • we have not received all the infonnation and explanations we require for our audit. Responsibilities of dlrectors A5 explained more fully in the directors, responsibilities statement set out on pages 2 and 3. the directors {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. The Melanie White Foundation Limited 7
Independent auditor's report Year ended 5 April 2024 Responslbllltles of directors {continued In preparing the financial statements. the directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will abNays detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financialstatements, Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understsnding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most signrficant are the Companies Act 2006, the Charities SORP FRS 102 and the Charities Act 2011. We understood how the charrtable company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal, compliance and governance procedures. We corroborated our inquiries through our review of director meetings and papers provided to the directors. We assessed the susceptibility of the charitable company's financial statements to material misslatements. including how fraud might occur. Audit procedures performed by the engagement team included.. Identifying and assessing the design and implementation of controls in place to prevent and detect fraud: Challenging assumptions and judgments made by management and the diractors in its significant accounting estimates. Identifying and testing journal entries, in particular adjustrnents made at the year- end for financial statement preparation; and Assessing the extenl of compliance with relevant laws and regulations by reviewing correspondence with regulators and legal advisors. There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial Iransactions, the less likely rt is that we would The Melanie l+Vhite Foundation Limited 8
Independent auditor's report Year ended 5 April 2024 Auditorfs responsibilltles for the audlt of the fjnanclal statements (continued) become aware of non-compliance. Auditing standards also limit the audit procedures required to identify nonwcornpliance wrth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may invOe deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at ww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audrt work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an audrtor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fonned. Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Date: 02 January 2025 The Melanie White Foundation Limited 9
Statement of financlal activities year to 5 April 2024 Unrestricted Expandable funds endowment Totsl 2024 Total 2023 Notes Income from.. Investment income Interest on short lerm deposits Donations received from individuals Net gains on foreign exchange Total Income 170,662 3,286 80,712 6,696 261,356 170.662 3,286 80.712 6,696 261,356 129,508 162,876 292,384 Expenditure on: On fund raising actiwties.. Investment management fees On charitable activities.. Charitable expenditure 12,790 12,790 16,1S3 121,309 121,309 1316,645) (195,3361 121,309 134,099 1316,645 (182,546) 792.371 808,524 12.790 Grants written back Total expendlture 12.790 808,524 N•t Incomel{¢xpandltur•) before (lossesllgains on Inveslments 456,692 112.790) 443,902 (516,1401 Nel gainsl{losses) on inveslmenls 1,262,153 1,262,153 {1,344.792) N•t Incom•l(•xp?ndltur•) b•for• trnn•lern 458,e92 1,249,363 1,706.066 11,860,932) Transfer betrween funds {456,892) 456,692 Net movement In funds for Ihe year 1,706,055 1,706,055 11,860,932) Fund balanceg brought forward at 6 Aprll 2023 12.191,737 12,191.737 14,052,669 Fund balance6 carrled fornvard at 6 Aprll 2024 13,897,792 13,897,792 12,191,737 All recognised gains and losses are included in the statement of financial activities. All of the charity's activities are derived from continuing operations. The Melanie Vthite Foundation Limited 10
Balance sheet as at 5 April 2024 2024 2024 2023 2023 Notes Fixed assets Investments 12,328,639 11,786,897 Current assets Cash al bank Short tem deposits 881,841 791,612 1,673,4S3 731,824 731,824 Current Ilabllltlos Creditors.. amounts falling du& within one year (104,200) {326.984) Net current aS8ets 1,569,253 404,840 Net assets 13,897.792 12,191,737 The funds of the charlty Capital funds Expendable endowment fund Incom8 funds Unrestricted funds- general fvnd Total charlty fund• 13,897,792 12,191,737 10 13,897,792 12,191,737 Approved b the directors and signed on their behalf by.. Paul Reynolds Dlrector Approved on.. 1611212024 The Melanie White Foundation Limited Company Registration Number 03750780 (England and Wales) The Melanie White Foundation Limited 11
Statement of cash flows Year to 5 April 2024 2024 2023 Notes Cash flo from operating a¢tivltl•s: Net cash provtded by {used Inl operats'ng activities 43.760 (811,090) Cash flow8 from Inv•8tlng a¢llvltle8: Investment income Purchase of investments Proceeds from the disposal of inveslments Net cash provlded by (used in) investing actlville$ 170,662 129,508 {4,411,218) {3.587,6621 5,131,729 57,975 891.173 {3,400,179) Change In ca8h and ca8h equlvalents In the y•ar 934,933 14,211,269) Cash and ca•h •qulval•n18 al 6 Aprll 2023 731,824 4,780,217 Changes in cash due to exchange rate movements on monetary assets 6.698 162,876 Cash and Cash oquivalents at 5 A rll 2024 1,673,453 731,824 Notes to the ststoment of cash IIow8 for the year to 5 April 2024. A Reconclllatlon ol net movement In funds to net cash provldod byl(u8ed In) operatlng actlvltle• 2024 2023 Net movémènt In lunds las per the slatsment of flnanclal actlvltlesl 1,706,055 (1,860,932) AdJu8lment8 for: IGains}nosses on movements in mark61 value of investments Investment income IGains)nosses on disposal ol investments Nel gains on foreign exchange translabon of monetary assets Decrease in creditors Nel cash provlded by (used Inl oper•tlng actlvltla8 (1,121,697 1,343,894 1170,662) 1129,508) 1140,4561 1,098 {6.696) (162,876) 222.784) (2.5661 43.760 (811,090) B Analysls of cash and ca8h equlvalents 2024 2023 Cash at bank and in hand Short ten cash deposits Totsl cagh and cash equivalènts 881841 791,612 1,673,453 731,824 731,824 The Melanie White Foundation Limited 12
Prlncipal accounting policies 5 April 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in Ihe preparation of the financial statements are laid out below. Basis of preparation 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the hislorical cost except for the modification to a fair value basis as specified in the accounting policies belaw. The charity constitutes a public benefrt entity as defined by FRS 102. All financial inlormalion 15 presented in British Pounds Sterling {£), the charity's functional currency, and has been rounded to Ihe nearest pound (£). Crftical accounting estimates and Judgemenls The preparation of financial slatements requires the use of certain critical accounting estimates and judgements. It also requires Ihe directors to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other faclors, including an expectation of future events that are believed lo be reasonable under the circumstances. Although these eslimates are based on the directors, best knowledge of the amount, event or actlons, actual results may differ from those estimates. The directors do not consider that there are any sources of estimalion uncertainty or key judgments made in the preparalion of Ihe financial statements. Assessment of going concern The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made this assessment in respect to a period of one year from the date of approval of these financial slatements. The directors consider that the expected investment retums and investment performance of the charity's investment portfolio will be sufficient to generale financial resources to allow the charrty to continue its charitable activities for the foreseeable future and meet liabilities as they fall due. The Melanie INhite Foundation Limited 13
Principal accounting pollcles 5 April 2024 Income Investment income comprises dividends and interest on the charitys portfolio of listed investments. Dividends are recognised once the dividend has been declared and the charity has received notification that the dividend is due. Interest on the charity's investment portfolio and funds held on deposit is recognised when receipt is probable and the amount can be measured reliably using the effective interest method. Income from donations is recognised in the period in which the charty becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered. Expendrture on Charitab activities comprises grants payable and related support and governance costs. Grants payable Grants payable are recognised when approved and when the intended reclpient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary ha5 not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in Ihe notes to the financial statements. Support and governance cosls Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administration, personnel and governance costs. Governance costs include audrt costs and legal costs relating to the charity's compliance with regulation and good practice. Investment management fees incurred in managing the investments of the endowment are charged against the endowment fund. Flxed asset Investments The charity's investment in quoted shares and similar investments are initially measured at cosl and subsequently at market value. Investment gains and losses, whether realised or unrealised, are recognised in the statement of financial activilies in the period in which they arise. Investments in unlisted equity and similar investments are initially measured at cost and subsequently at market value unless the market value cannot be measured reliably in which case they are valued at cost less impairment. The Melanie White Foundation Limited 14
Principal accounting policies 5 April 2024 Flnancial assets and liabllitles The Charity only holds basic financial instruments as defined in FRS102. Financial assets and liabilities and their recognrtion and measurement bases are as follows- Debt instwments that are payable or receivable within one year, typically trade debtors and creditors are measured, inilialty and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. At the end of each reporting period financial assets are assessed for objective evKlence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of financial activities. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carryin9 amounl and a best estimale of the recoverable amount. A financial asset is derecognised only when the contractual rights to the cash fiows from the financial asset expire or are settled in cash, or when subslantially all the risk and rewards of ownership of the financial asset have been transferred to another party. A financial liability is derecognised when the contract that gives rise to it is settled, sold cancelled or expired. Debtors other debtors are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impaimient provisions are recognised when there is objective evidence. such as signifant financial difficulties on the part of the counterparty or default or a significant delay in payment, that the charity will be unable to collect all of the amounts due. Prepayments are valued at the amount prepaid. Cash at bank and In hand Cash at bank and in hand represents such accounls and instruments Ihat are available on demand or have a maturily of less than three months from the date of acquisition. Creditors and provisions Creditors and provisions a recognised when there is an obligalion at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliabty. Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequentty at amortised cost. Non-current creditors are measured at their present value at the balance sheet date where the time value of money is material. The unwinding of the discount is charged against income as an interest expense. The Melanie White Foundation Limited 15
Principal accounting policies 5 April 2024 Fund accounting The unrestricted funds represent funds available for the general charrtable purposes of the charity at the discretion of the directors. The expendable endowment fund represents monies retained as capital which is available for the general charitable purposes of the charity al the discretion of the directors. The Melanie White Foundation Limited 16
Notes to the financial statements 5 April 2024 I Investment income 2024 2023 Investments listed on a recognised stk exchange Dividends - UK unit trusts Investrnent rebates 158.754 11,908 170,662 118.350 11,158 129,508 2 Charltable expenditure 2024 2023 Grnnl8 payabl•: Alfred Dunhill Foundation Bahamas Triathlon Association Children'5 Cancer and Leukaemia Group Compassion UK Elhopla Challenge Forward Thinking Jewish Blind & Physlcally Handicapped Society Movember Cup National Portrait Gallery OrtUK Saints Foundation The Art)ib Education Trust Tiger Woods Charity (2 grants) Tommy's Waves for inclusion Total grant8 payable Support and governance costs (note 3) Total CharStsble expendlture for the year 50,000 7,645 3,000 1,000 10,000 1,000 4,101 500,607 1,600 20,000 100,000 162.225 100 33.129 777,707 30.817 808,524 116,600 17,499 134,099 A reconciliation of grants payable and grant commitments as shown above and in note 8 18 as follows.. 2024 2023 Grant commitments al 6 Aprfl 2023 Grants commitments made during the year Total grants payable Grants written back during th8 year Grants paid during the year Comrnltmenls at S Aprll 2024 320,844 116,600 437,444 (316,6451 (20.7991 1782.863) 100,000 320.844 326,000 777,707 1.103,707 2024 2023 The above grants commitments fall due as followE'. thin one year (note 81 100,000 100,000 320.844 320,844 The Melanie White Foundation Limited 17
Notes to the financ5al statements S April 2024 3 Support and govemance costs 2024 2023 Investment management fees Governance costs 12,790 4,709 17.499 16.153 14,664 30,817 Analysis ofgovemance costs.. 2024 2023 Audilo¢s remuneration Audit seiCe5 Independent examiner5 fee Consultancy Fees Bank charges 4,300 2,590 11.499 575 14.664 409 4,709 4 Dlrectors. remuneratlon and key management personnel No remuneralion was paid to any director in respect of their services during the year (2023 - none) and no director was reimbursed for expenditure incurred in the perfofmance of their duties for the charity during the year {2023- none). The directors of the charity are considered to be the key management personnel. 5 Taxatlon The Melanie White Foundation Limited Is a registered charity and therefore is not liable to income tax or coq)oration tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 6 Investments 2024 Total 2023 Totsl Investments Market value at start of year Addrtions al rst Disposals al carrying value (ProG8eds £5.131,729.' Reallsed gain £140,456) Unrealised gainsl{lossesl in year maet value al end of year 11,786,897 4,411,218 9,602,002 3,587,662 (4,991,273) 1,121,697 12,328,539 (59,073) {1,343,6941 11,786.897 Historical cost 9.898,745 10,642,845 The investments comprise.. listed investments traded on a recognised stock exchange which consist of UK Unit and Investment Trusts and Altemative Investments which are not traded on an active open market. The Melanie White Foundation Limited 18
Notes to the financial statements 5 April 2024 6 Investments (continued) The amounts recognised in the statement of financial activities relaling to changes in the investments are.. 2024 2023 Reolised gainslllosses) an disposals Unrealised gainslllosses) on movements in Maet value 140,456 {1,098) 1,121,697 {1.343.694) 1,262,153 (1,344,792) The following individual holdings had a market value in excess of 50A of the entire investment portlolio at the year end.. 2024 2023 Jupiter Unit Trust Management Merlin Balanc4 Portfolio LeAD Sports Ltd MedProperties Fund IV LP Ishares MSCI AC Pimco GIS Income GR. Gold (Bar 12.skg 995 or best) Holdun Falcon 5 Investment TCM Oigilal Income Fund Off the Chain 7,036,949 1,659,021 898,643 699,780 686,004 5,712.495 693.925 143,816 1.899.S77 1,128,450 794,308 211,688 510,932 7 Cash at bank 2024 2023 C Hoare & Co 627,172 849,667 149,220 47.394 1,673,453 539,544 Citibank Thesis Asset Man8gemenl Ltd Pictet 185.890 6,390 731.824 8 Creditors: amounts falllng due wllhln one year 2024 2023 Accruals Grant Commiknents {note 2) 4,200 100,000 104,200 6.140 320,844 326.984 9 Related party transactions Mrs M White and Mr P Reynolds are Directors of Thamesis Limited. The charity holds 2 ordinary 5 pence shares in Thamesis Limiled which represents 1.25% of its issued share capital. The charty holds the shares at their nominal value. The Melanie White Foundation Limited 19
Notes to the financial statements 5 April 2024 10 Analysis of net assets between funds Expendable Unrestricted endowrnenl fvnds Totsl 2024 Fund balances at 5 April 2024 are PreSented by.. Investments Cash al bank and short tenn deposits Credilorg.. amounls falling due within one year Total net assets 12.328,539 1.569,253 12,328,539 104,200 1,673.453 (104,200) 1104,200> 13,897,792 13,897.792 The Melanie While Foundation Limited 20