## 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 reSoUrS 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 expssed 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:
- 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.
**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**