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← R.u.b. White Charitable Trust

2023-12-31-accounts

R.U.B. WHITE CHARITABLE TRUST

Trustees’ Report

and Unaudited Financial Statements

for the year ended 31 December 2023

Registered Charity Number 1135303

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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 2023. 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 £495,000 (2022: £530,000) in the year to 31 December 2023.

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 £65,476 and comprised income arising on the charity’s investments (2022: £57,776).

Charitable expenditure in the year comprised grants to charitable organisations, bank charges and governance costs, totalling £560,728 (2022: £556,086) while investment management fees totalled £14,220 (2022: £17,759) giving total expenditure of £574,948 (2022: £573,845).

As at 31 December 2023 free reserves were totalled £2,449,730 (2022: £2,807,956) to support the charity’s ongoing grant making activities.

PLANS FOR FUTURE PERIODS

The trustees intend to utilise capital more substantially with a view to winding up the trust in the next four years. In light of this, the trustees do not consider unsolicited grant requests.

Page 2

R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMEMfs FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REPORT STATEMENT OF TRUSTEES, RESPONSIBILrriES The Iruslees are responsible for prep8ring the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting practi￿). The law applicable to charilEs in England & Wales requires the Iruslees to piepare financial statements for each financial year which gwe a true and fair view of the stale of affairs of the charity and of the incoming resources and application of reSoUr￿S of the charty for that period. In preparing these financial statements, the ITUStees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Chari(ies SORP., make judgements and estimates that are reasonable and prudent., slate whelheT appli¢able accounting standards have been followed, subject lo any malerpl departures disclosed and explained in the financial ststemenls.. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation The trustees are responsiblè for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonab￿ steps forthe prevention and detection of fraud and other irregularities. APPOINTMENT OF AN INDEPENDENT EXAMINER During the year under review the charity remained below the audrt threshold and the trustees retained Geoffrey Frost of Blue Spire Limited as independent examiner. Geoffrey Frost has exp￿ssed his willingness lo continue as examiner to the charity provided the charity remains below the audit threshold. Approved by the Iruslees and signed on their behalf. Trustee Date Pago 3

R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT Indopendent Examinerfs Report to the Trustoe8 of R.U.B. Whltg Charitsble Trust I report lo the charity Iruslees on my examination of the accounts of the charity for the yeaT ended 31 December 2023 which are sel out on pages 5 10 13. Responsibilities and basi8 of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance wf(h the requirements of the Charities Act 2011 I'the Act'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 14515llbl of the Act Indepondent examinerfs statement I have completed my examination. I confim that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any maleTial respect.. accounting records We￿ not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records." or the a¢¢ounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair vieW which is not 8 matter considered as part of an independent examination I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the a¢counls lo be reached. Geoffrey Fro BSclHonsl FCA Blue Spire Limf(ed Cawley Priory South Pallanl Chichester West Sussex P019 1SY Date zo?4 Paga 4

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds - Investment management fees
2
Charitable activities
3
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 2023
Unrestricted
Total
Funds
£
65,476
65,476
14,220
560,728
574,948
151,246
(358,226)
2,807,956
2,449,730		 31 Dec 2022
Unrestricted
Total
Funds
£
57,776
57,776
17,759
556,086
573,845
(315,950)
(832,019)
3,639,975
2,807,956

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.

Page 5

R.U.B. WHITE CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 BALANCE SHEET AS AT 31 DECEMBER 2023 3108¢ 2023 31 Da¢ 2022 FIXED ASSETS InvesknEnts- managed funds 2,423,864 2,387,699 ¢URFiENT ASSETS Cash al hand and in bank Debtors Totsl current atss•ts 54.011 4.641 58,652 449,236 449,236 CURRENT LLABILrnES Creditors". amounts famin9 dL within or year N8t Current a55etsllliabilitiesl 32,786 28,979 25.866 420.257 Nèt assotsllllabllltf8sI 2,449,730 2,807,956 THE FUNDS OF THe CHARITY Unrestritted funds 11 2.449.730 2,807,956 Total charlty fund5 2,449,730 2,807,956 The notes on p8ges 9 to 13 fomi part ofthe financial statement5. The financial slalemenls on pages S to 13 we approved and aLthorised for issue by Ihe Iru51ees on syned on their behalf by". and Tru51ee Page 6

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

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 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:

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.

Page 7

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Page 8

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Income from investments

Income from investments
Interest receivable
2. Expenditure on raising funds
Investment management fees
3. Expenditure on charitable activities
Grants (see note 4)
Transaction charges
Support and governance costs (see note 5)		 31 Dec 2023
Unrestricted
Total
Funds
£
58,597
6,879
65,476
31 Dec 2023
Unrestricted
Total
Funds
£
14,220
14,220
31 Dec 2023
Unrestricted
Total
Funds
£
495,000
-
65,728
560,728		 31 Dec 2022
Unrestricted
Total
Funds
£
57,087
689
57,776
31 Dec 2022
Unrestricted
Total
Funds
£
17,759
17,759
31 Dec 2022
Unrestricted
Total
Funds
£
530,000
81
26,005
556,086

4. Grants awarded to institutions

Disability Assistance
Back Up
Canine Partners
Dogs for Good
Fight for Sight
Henshaw's Society for Blind People
Herts Disability Sports Foundation
Orbis
Total carried down		 31 Dec 2023
Unrestricted
Total
Funds
£
10,000
10,000
10,000
10,000
10,000
-
10,000
60,000
60,000		 31 Dec 2022
Unrestricted
Total
Funds
£
10,000
10,000
10,000
10,000
10,000
10,000
10,000
70,000
70,000

Page 9

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Grants awarded to institutions (continued)
Total brought down
Hospices and Palliative Care
St Francis Hospice
St Luke's Hospice
St Clare'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 - Gaza Appeal
British Red Cross - Pakistan Flood Appeal
British Red Cross - Ukraine Appeal
Disasters Emergency Committee - Turkey-Syria Eathquake Appeal
Help Tibet Trust
Hope and Homes for Children - Ukraine Appeal
International Rescue Committee - Afghanistan Appeal
Medicins Sans Frontieres (UK)
Motivation
Operation Smile UK
World Bicycle Relief
Cohere Charity (Xavier Project)
Poverty Relief
Chelsea Physic Garden Community Outreach
Crisis
Help the Homeless
Jamie's Farm
St Mungo's
Switchback
The Big Issue Foundation
The Connection (St Martin in the Field)
The Salvation Army
Total carried down		 31 Dec 2023
Unrestricted
Total
Funds
£
60,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
10,000
150,000
10,000
5,000
5,000
10,000
10,000
10,000
10,000
60,000
10,000
-
10,000
20,000
10,000
-
10,000
10,000
10,000
10,000
-
5,000
95,000
5,000
15,000
15,000
10,000
15,000
15,000
15,000
15,000
15,000
120,000
485,000		 31 Dec 2022
Unrestricted
Total
Funds
£
70,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
10,000
150,000
10,000
5,000
5,000
10,000
10,000
10,000
10,000
60,000
-
10,000
15,000
-
10,000
10,000
30,000
10,000
10,000
10,000
5,000
10,000
120,000
5,000
15,000
15,000
10,000
15,000
15,000
15,000
15,000
15,000
120,000
520,000

Page 10

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Grants awarded to institutions (continued)

Total brought down
Other
Essex Community Foundation
Total grants
5. 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 6.)
6. Independent examiner's remuneration
Independent examiner's fees - examination fees
Independent examiner's fees - other accounting services		 31 Dec 2023
Unrestricted
Total
Funds
£
485,000
10,000
10,000
495,000		 31 Dec 2023
Unrestricted
Total
Funds
£
41,567
22,382
129
1,650
65,728
31 Dec 2023
Unrestricted
Total
Funds
£
1,440
210
1,650		 31 Dec 2022
Unrestricted
Total
Funds
£
520,000
10,000
10,000
530,000
31 Dec 2022
Unrestricted
Total
Funds
£
15,781
8,497
77
1,650
26,005
31 Dec 2022
Unrestricted
Total
Funds
£
1,440
210
1,650

7. 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 £3,658 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 £129.

Page 11

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

8. 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 2023
£
2,387,699
2,353,703
(2,420,501)
102,963
2,423,864
31 Dec 2023
£
102,963
48,283
151,246		 31 Dec 2022
£
3,195,638
54,522
(608,215)
(254,246)
2,387,699
31 Dec 2022
£
(254,246)
(61,704)
(315,950)

9. Debtors

Accrued income - interest income on cash investments
10. Creditors: amounts falling due within one year
Accruals - independent examiner's fees
Accruals - investment management fees
Accruals - Charles Russell Speechlys fees
Accrued grants		 31 Dec 2023
Total
Funds
£
4,641
4,641
31 Dec 2023
Total
Funds
£
1,440
2,939
18,407
10,000
32,786		 31 Dec 2022
Total
Funds
£
-
-
31 Dec 2022
Total
Funds
£
1,440
3,881
3,658
20,000
28,979

11. Net movement in funds

11. Net movement in funds
Unrestricted funds Total funds
brought
forward
£
2,807,956
2,807,956		 Total
incoming
resources
£
65,476
65,476		 Total
resources
expended
£
(574,948)
(574,948)		 Gains/
(losses) on
investments
£
151,246
151,246		 Total funds
carried
forward
£
2,449,730
2,449,730

Page 12

R.U.B. WHITE CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

12. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

12. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
31 Dec 2023
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
2,423,864
2,423,864
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
31 Dec 2023
Unrestricted
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
58,597
Investment management fees
(14,220)
44,377
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
102,963
Realised gains/(losses) on investments
48,283
151,246		 31 Dec 2022
Total
Funds
£
2,387,699
2,387,699
31 Dec 2022
Unrestricted
Total
Funds
£
57,087
(17,759)
39,328
(254,246)
(61,704)
(315,950)

Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.

Page 13