R.U.B. WHITE CHARITABLE TRUST
Trustees’ Report
and Unaudited Financial Statements
for the year ended 31 December 2021
Registered Charity Number 1135303
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
INDEX
| Charity information | 1 |
|---|---|
| Trustees’ report | 2 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Accounting policies | 7 |
| Notes to the financial statements | 9 |
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
CHARITY INFORMATION
Trustees
Mr Robert Blower Mr Stephen Harvey Mr Peregrine Littleboy Mr Robert Partridge
Principal office
c/o Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
Registered charity number
1135303
Independent Examiner
Geoffrey Frost Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Investment managers
Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD
Solicitors
Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
Page 1
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
R.U.B. White Charitable Trust is a registered charity constituted under a trust deed dated 30 January 2009 and registered as a charity 30 March 2010.
The trust is controlled by the trustees. The power to appoint and remove trustees rests with the trustees.
On agreeing to become a trustee of the charity, the new trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that they have established effective controls over financial and other systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
“To further such other objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.”
In pursuance of its objects for the public benefit, the charity’s income and capital is applied in making grants to charitable organisations amounting to £500,000 (2020: £650,000) in the year to 31 December 2021.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
Total income for the year amounted to £62,818 and comprised income arising on the charity’s investments (2020: £78,469 from investments and £448 of gift aid).
Charitable expenditure in the year comprised grants to charitable organisations, bank charges and governance costs, totalling £538,348 (2020: £683,898) while investment management fees totalled £22,410 (2020: £21,820) giving total expenditure of £560,758 (2020: £705,718).
As at 31 December 2021 free reserves were totalled £3,969,975 (2020: £3,758,780) to support the charity’s ongoing grant making activities.
PLANS FOR FUTURE PERIODS
The trustees intend to continue to utilise both income and capital to continue the charity's grant-making activity, in accordance with the objectives and activities outlined above.
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R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Tnjslees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the trustees lo prepare financial slalemenls lor each financial year which give a true and lair view of the slate ol affairs of the charity and of the incoming resources and application ol resources ol the charity for that period. In preparing these financial statements, the Iruslees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in operation The Iruslees are responsible lor keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position ol the charity and enable them lo ensure that the financial slalements comply with the Charities Aet 2011, the Charity IAccounls and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible lor safeguarding the assets of the charity and hence lor taking reasonable steps lor the prevention and detection of fraud and other irregularities. APPOINTMENT OF AN INDEPENDENT EXAMINER During the year under review the charity remained below the audit threshold and the trustees retained Geoff rey Frost ol Blue Spire Limited as independent examiner. Geoffrey Frost has expressed his willingness lo continue as examiner to the charty provided the charity remains below the audit threshold. Approved by the Iruslees and signed on their behalf. Trustee Date Page 3
R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT EXAMINER'S REPORT Indepgndent Examiner's Report to the Trustees of R.U.B. White Charitable Trust I report lo the charity trustees on my examination ol the accounts of the charity lor the year ended 31 December 2021 which are sel out on pages 5 10 13. Responslbllltles and basls of report As the charity's Iruslees you are responsible for the preparation of Ihe"accounls in accordance with the requirements of the Charrties Act 2011 (the Acl'l. I report In respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451511bl ol the Act. Independent examlner's ststemenl I have completed my examination. I confirm that no material mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 01 the Act., or the accounts do not aOrd with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl ol accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination I have no concerns and have come across no other matters in connection wf(h the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Geoffrey Frost 8SclHonsl FCA Blue Spire Limited Cawley Priory South Pallant Chichester Wesl Sussex P019 1SY Date Page 4
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net gains/(losses) on investments Net income/(expenditure) and movement on funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
31 Dec 2021 Unrestricted Total Funds £ - 62,818 62,818 22,410 538,348 560,758 379,135 (118,805) 3,758,780 3,639,975 |
31 Dec 2020 Unrestricted Total Funds £ 448 78,469 |
|---|---|---|
| 78,917 | ||
| 21,820 683,898 |
||
| 705,718 | ||
| 107,156 | ||
| (519,645) 4,278,425 |
||
| 3,758,780 |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
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R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 BALANCE SHEET AS AT 31 DECEMBER 2021 31 Dec 2021 31 DeG 2020 Not• FIXED ASSETS InvÈstrr*nts- managed funds 3,195.636 3.564,174 CURRENT ASSETS Cash al 3nO In bank Total curr8Dt as80ts 457,392 457.352 207.121 207.121 CURRENT LIABILITIES Creditors.. amounts falling due wlhin one year Noi current assetsllllabllltlesl 13.015 12.515 444,337 194,606 Nèt as8ètsllllablllllo51 3,639,975 3,758,780 THE FUNPS OF THE CHARITY Unrestricted funds 3,639,975 3,758.780 Total charlty lunds 3.639,975 3.758.780 Tha notes on pages 910 13 form part of the financial siaiÈment5. The finanaal sialements on pages 5 to 13 we 3pproved and aulhorised for issue by Ihe tTuslees on. sne on Iheir behalf by. and LLI •,-. Trustee Page 6
R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The R.U.B. White Charitable Trust is an unincorporated charity constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. 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 UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Cash flow statement
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
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R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
R.U.B. WHITE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
| 1. Donations and legacies Income tax recoverable 2. Income from investments Income from investments Interest receivable 3. Expenditure on raising funds Investment management fees 4. Expenditure on charitable activities Grants (see note 5) Transaction charges Support and governance costs (see note 6) |
31 Dec 2021 Unrestricted Total Funds £ - - 31 Dec 2021 Unrestricted Total Funds £ 62,815 3 62,818 31 Dec 2021 Unrestricted Total Funds £ 22,410 22,410 31 Dec 2021 Unrestricted Total Funds £ 500,000 96 38,252 538,348 |
31 Dec 2020 Unrestricted Total Funds £ 448 |
|---|---|---|
| 448 | ||
| 31 Dec 2020 Unrestricted Total Funds £ 78,003 466 |
||
| 78,469 | ||
| 31 Dec 2020 Unrestricted Total Funds £ 21,820 |
||
| 21,820 | ||
| 31 Dec 2020 Unrestricted Total Funds £ 650,000 60 33,838 |
||
| 683,898 |
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R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
NOTES TO THE FINANCIAL STATEMENTS
| 5. Grants awarded to institutions Disability Assistance Back Up Canine Partners Dogs for Good Fight for Sight Henshaw's Society for Blind People Orbis Hospices and Palliative Care St Christopher's Hospice St Francis Hospice St Luke's Hospice St Clare's Hospice St Michael's Hospice Farleigh Hospice Marie Curie Cancer Care Sue Ryder Greenwich & Bexley Community Hospice Hospice UK Medical Research Bowel Cancer UK Brain Tumour Charity Brain Tumour Research Macmillan Cancer Support Medical Detection Dogs Prostate Cancer UK Target Ovarian Cancer Overseas Aid British Red Cross - Haiti Appeal British Red Cross - Syria Appeal Help Tibet Trust International Rescue Committee UK Medicins Sans Frontieres (UK) Motivation Operation Smile UK Xavier Project Total carried down |
31 Dec 2021 Unrestricted Total Funds £ 10,000 10,000 10,000 10,000 10,000 10,000 60,000 - Two grants 20,000 Two grants 20,000 Two grants 20,000 Two grants - Two grants 20,000 Two grants 20,000 Two grants 20,000 Two grants 20,000 Two grants 10,000 150,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 70,000 15,000 10,000 10,000 15,000 10,000 10,000 10,000 10,000 90,000 370,000 |
31 Dec 2020 Unrestricted Total Funds £ 10,000 10,000 10,000 10,000 10,000 10,000 |
|---|---|---|
| 60,000 | ||
| 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 10,000 |
||
| 280,000 | ||
| 10,000 10,000 10,000 10,000 10,000 10,000 10,000 |
||
| 70,000 | ||
| - - 10,000 - 10,000 10,000 10,000 10,000 |
||
| 50,000 | ||
| 460,000 |
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R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
NOTES TO THE FINANCIAL STATEMENTS
5. Grants awarded to institutions (continued)
| 5. Grants awarded to institutions (continued) | |||
|---|---|---|---|
| Total brought down Poverty Relief Chelsea Physic Garden Community Outreach Crisis Help the Homeless Jamie's Farm St Mungo's Switchback The Big Issue Foundation The Connection The Salvation Army Other DEC - Cyclone Idai Essex Community Foundation National Emergency Trust The Oxford Trust Total grants 6. Support and governance costs Charles Russell Speechlys fees - administration of the charity Charles Russell Speechlys fees - legal fees Trustees expenses Independent examiner's fees (See note 7) 7. Independent examiner's remuneration Independent examiner's fees - examination fees Independent examiner's fees - other accounting services |
31 Dec 2021 Unrestricted Total Funds £ 370,000 5,000 15,000 15,000 10,000 15,000 15,000 15,000 15,000 15,000 120,000 - 10,000 - - 10,000 500,000 |
31 Dec 2021 Unrestricted Total Funds £ 23,778 12,804 20 1,650 38,252 31 Dec 2021 Unrestricted Total Funds £ 1,440 210 1,650 |
31 Dec 2020 Unrestricted Total Funds £ 460,000 5,000 15,000 15,000 10,000 15,000 15,000 15,000 15,000 15,000 |
| 120,000 | |||
| - 10,000 60,000 - |
|||
| 70,000 | |||
| 650,000 | |||
| 31 Dec 2020 Unrestricted Total Funds £ 20,766 11,182 - 1,890 |
|||
| 33,838 | |||
| 31 Dec 2020 Unrestricted Total Funds £ 1,440 450 |
|||
| 1,890 |
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R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
NOTES TO THE FINANCIAL STATEMENTS
8. Related party transactions
Fees payable to Charles Russell Speechlys, for whom one of the charity's trustees is a consultant and another is a partner with the firm, are authorised under section 4 of the trust deed dated 30 January 2009. Fees are included with support and governance costs in note 5 with £6,410 accrued the balance sheet date in respect of fees payable to Charles Russell Speechlys.
The charity has no employees, all administration being carried out by the trustees. None of the charity's trustees were remunerated with one trustee receiving travel expenses totalling £20.
9. Fixed asset investments - managed funds
| Market value brought forward Additions at cost Disposals at carrying value Gain/(Loss) on revaluation Market value carried forward Gains/(losses) on investments: Unrealised gains/(losses) on investments Realised gains/(losses) on investments |
31 Dec 2021 £ 3,564,174 257,824 (955,172) 328,812 3,195,638 31 Dec 2021 £ 328,812 50,323 379,135 |
31 Dec 2020 £ 3,888,581 708,740 (1,177,516) 144,369 |
|---|---|---|
| 3,564,174 | ||
| 31 Dec 2020 £ 144,369 (37,213) |
||
| 107,156 |
10. Creditors: amounts falling due within one year
| Accruals - independent examiner's fees Accruals - investment management fees Accruals - Charles Russell Speechlys fees |
31 Dec 2021 Total Funds £ 1,440 5,165 6,410 13,015 |
31 Dec 2020 Total Funds £ 1,440 5,488 5,587 |
|---|---|---|
| 12,515 |
11. Net movement in funds
| 11. Net movement in funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds | Total funds brought forward £ 3,758,780 3,758,780 |
Total incoming resources £ 62,818 62,818 |
Total resources expended £ (560,758) (560,758) |
Gains/ (losses) on investments £ 379,135 379,135 |
Total funds carried forward £ 3,639,975 |
| 3,639,975 |
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R.U.B. WHITE CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
NOTES TO THE FINANCIAL STATEMENTS
13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 13. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
|
|---|---|
| 31 Dec 2021 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 3,195,638 3,195,638 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 31 Dec 2021 Unrestricted Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 62,815 Investment management fees (22,410) 40,405 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Unrealised gains/(losses) on investments 328,812 Realised gains/(losses) on investments 50,323 379,135 |
31 Dec 2020 Total Funds £ 3,564,174 |
| 3,564,174 | |
| 31 Dec 2020 Unrestricted Total Funds £ 78,003 (21,820) |
|
| 56,183 | |
| 144,369 (37,213) |
|
| 144,369 |
Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.
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