The Melanie White Foundation Limited
Annual Report and Financial Statements
5 April 2025
Company Limited by Guarantee Registration Number 03750780 (England and Wales)
Charity Registration Number 1077150
Directors’ report Year ended 5 April 2025
The Trustees who are Directors for Company Law purposes, submit their annual report together with the financial statements of The Melanie White Foundation Limited for the year ended 5 April 2025.
This report has been prepared in accordance with Part VIII of the Charities Act 2011.
The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 16 of the attached financial statements and comply with the Memorandum and Articles of Association of The Melanie White Foundation Limited, applicable laws and 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).
GOVERNANCE, STRUCTURE AND MANAGEMENT
Constitution
The Melanie White Foundation Limited is a company limited by guarantee (Registration Number 03750780) and a registered charity (Registration Number 1077150).
Directors
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 two directors and a maximum of seven. Directors may co-opt any person duly qualified to fill a vacancy in their number or as an additional director. Decisions on investments and donations are taken by all the directors.
Directors’ responsibilities statement
The charitable company’s directors (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 (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors to prepare 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:
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¢ select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Melanie White Foundation Limited 2
Directors’ report Year ended 5 April 2025
OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES
Charitable objectives and activities
The charity’s principal activity is its grant-making programme. In accordance with its Articles of Association the charity is to promote any charitable purpose or support any charity selected by the directors. The directors seek through their grant-making 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 to 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 to ensure that the charity benefits 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 making 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 policy
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 growth and income. The directors consider the charity’s portfolio and investment performance on a regular basis.
ACHIEVEMENTS AND PERFORMANCE
During the year ended 5 April 2025, grants payable amounted to £412,500 (2024 - £116,600). Details of grants are available in note 3. The main recipients of the grants awarded in the year were RethinkX Inc, who received £100,000 and Young Lives Vs Cancer, who received £300,000 (2024 — The Arbib Education Trust £100,000). Further notes on related parties are available in note 10
Investment performance
There were realised gains on investment disposals for the year ended 5 April 2025 of £728,404, (2024 — loss of £23,588). Unrealised losses arising from changes in market value on investments for the year ended 5 April 2025 were £1,546,534 (2024 — gains of £1,285,742).
The investment portfolio yielded dividends on UK Unit Trusts, interest from Bonds and ETFs, and rebates amounting to £258,014 (2024 - £173,948) in the year. The directors consider investment performance to be in line with market conditions.
The Melanie White Foundation Limited 4
Directors’ report Year ended 5 April 2025
FINANCIAL REVIEW
Results for the period
During the year ended 5 April 2025, the unrestricted funds generated income of £287,732 (2024 - £261,356) from investments, banking interest, donations and foreign currency gains on monetary assets, primarily cash deposits, and incurred expenditure of £474,348 (2024 - -£195,336), of which 97.8% related to grants payable. The net deficit for the year on unrestricted funds of £186,616 and a transfer was made from the expendable endowment fund to clear the account.
On the expendable endowment fund there was no income arising, investment manager expenses of £7,818 (2024 - £12,790) were incurred, investment valuation losses amounted to £818,129 (2024 — gains of £1,262,153) and a transfer of £186,616 to the unrestricted fund.
The expendable endowment fund totalled £12,885,229 at 5 April 2025 (2024 - £13,897,792). No funds were held on the unrestricted fund at 5 April 2025 (2024 - Enil).
Reserves policy and financial position
As at 5 April 2025 reserves of £12,885,229 were carried forward in accordance with 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 a wide and varied number of charities.
Approved by the directors and signed on their behalf by:
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[ZzSigned by:
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Director: Paul Reynolds
Approved on: 13-12-2025
The Melanie White Foundation Limited Registered Company Number 03750780 (England and Wales)
The Melanie White Foundation Limited 5
Independent auditor’s report Year ended 5 April 2025
Independent auditor’s report to the Directors of The Melanie White Foundation
Opinion
We have audited the financial statements of The Melanie White Foundation (the ‘charitable company’) for the year ended 5 April 2025 which comprise the statement of financial activities, 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 Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 5 April 2025 and of its income and expenditure for the year then ended;
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¢ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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¢ have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 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 concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability 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.
The Melanie White Foundation Limited 6
Independent auditor’s report Year ended 5 April 2025
Other information
The other information comprises the information 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 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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 information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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¢ the information given in the directors’ report, which is also the trustees’ report for the purposes of charity law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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¢ the directors’ report, which is also the trustees’ report for the purposes of charity law, has been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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¢ the financial statements are not in agreement with the accounting records and returns; or
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¢ certain disclosures of directors’ remuneration specified by law are not made; or
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@ we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As 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 misstatement, whether due to fraud or error.
The Melanie White Foundation Limited 7
Independent auditor’s report Year ended 5 April 2025
Responsibilities 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 financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which our procedures are capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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e We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the tax legislation, Charities Act.
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e We enquired of the trustees and reviewed trustees' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance.
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e We gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.
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e The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: income recognition, management override, misappropriation of assets.
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e We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
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e We enquired of the trustees about actual and potential litigation and claims.
The Melanie White Foundation Limited 8
13th December 2025
Balance sheet as at 5 April 2025
| 2025 | 2025 | 2024 | 2024 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||||||||||||||||||||
| Fixed assets | ||||||||||||||||||||||||
| Investments | 6 | 11,599,745 | 12,328,539 | |||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||
| Cash | at bank | 7 | 1,232,925 | 881,841 | ||||||||||||||||||||
| Short term | deposits | 260,359 | 791,612 | |||||||||||||||||||||
| 1,493,284 | 1,673,453 | |||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||
| Creditors: | amounts | falling due | ||||||||||||||||||||||
| within one | year | 8 | (107,800) | (104,200) | ||||||||||||||||||||
| Net | current assets | 1,385,484 | 1,569,253 | |||||||||||||||||||||
| Non-current | liabilities | |||||||||||||||||||||||
| Creditors: | amounts | falling due after | ||||||||||||||||||||||
| more | than | one year | 9 | (100,000) | - | |||||||||||||||||||
| Net | assets | 12,885,229 | 13,897,792 | |||||||||||||||||||||
| The | funds | ofthe | the | charity | ||||||||||||||||||||
| Capital | funds | |||||||||||||||||||||||
| Expendable endowment fund | 12,885,229 | 13,897,792 | ||||||||||||||||||||||
| Income | funds | |||||||||||||||||||||||
| Unrestricted funds | — | general fund | - | - | ||||||||||||||||||||
| Totalcharity | funds | 11 | 12,885,229 | 13,897,792 |
Approved by the directors and signed on their behalf by:
. . (4 by:
Director: — PaulF7471C827163494...Reynolds
Approved on: 13-12-2025
The Melanie White Foundation Limited
Company Registration Number 03750780 (England and Wales)
The Melanie White Foundation Limited 12
Notes to the financial statements 5 April 2025
The Melanie White Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 61 Grosvenor Street, London, W1K 3JE.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the 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 historical cost except for the modification to a fair value basis as specified in the accounting policies below.
The charity constitutes a public benefit entity as defined by FRS 102.
All financial information is presented in British Pounds Sterling (£), the charity’s functional currency, and has been rounded to the nearest pound (£).
Critical accounting estimates and judgements
The valuation of unlisted investments included in these financial statements is subject to estimation uncertainty. The directors have determined the fair value of some of these investments based on information provided by the respective fund managers, which typically includes investment reports, financial statements, and other relevant data.
Due to the inherent nature of unlisted investments, there is no active market to provide observable prices. Consequently, valuations rely on assumptions and methodologies applied by the fund managers, which may include discounted cash flow models, comparable company multiples, or other valuation techniques. These assumptions involve significant judgement and are sensitive to changes in market conditions, performance of underlying investments, and other economic factors.
The directors have reviewed the information provided and consider it to be the best available basis for determining fair value at the reporting date. However, actual realisation values may differ materially from these estimates.
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 statements.
The directors consider that the expected investment returns and investment performance of the charity’s investment portfolio will be sufficient to generate financial resources to allow the charity to continue its charitable activities for the foreseeable future and meet liabilities as they fall due.
The Melanie White Foundation Limited 14
Notes to the financial statements 5 April 2025
Income
Investment income comprises dividends and interest on the charity’s 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 charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably.
Expenditure
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.
Expenditure on charitable activities comprises grants payable and related support and governance costs.
Grants payable
Grants payable are recognised when approved and when the intended recipient 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 has 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 the notes to the financial statements. Support and governance costs 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 audit 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.
Fixed asset investments
Fixed asset investments comprise both listed and unlisted investments held to generate income and capital growth in furtherance of the charity’s objectives.
Listed investments are stated at fair value, measured by reference to the closing market bid price at the reporting date. Gains and losses arising from changes in fair value are recognised in the Statement of Financial Activities within “Gains/(losses) on investments’. Unlisted investments, which primarily comprise holdings in pooled funds or private equity vehicles, are valued as follows: e Where reliable market data is available, investments are carried at fair value based on the most recent investor reports or valuations provided by fund managers.
- e Where such information is not available or cannot be reliably measured, investments are held at cost less impairment, representing the best estimate of fair value in accordance with FRS 102 Section 11 and 12.
The Melanie White Foundation Limited 15
Notes to the financial statements 5 April 2025
Financial assets and liabilities
The Charity only holds basic financial instruments as defined in FRS102. Financial assets and liabilities and their recognition and measurement bases are as follows:
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially 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 evidence 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 carrying amount and a best estimate of the recoverable amount.
A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled in cash, or when substantially 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. Impairment provisions are recognised when there is objective evidence, such as significant 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 accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation 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 reliably.
Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently 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 16