Charity registration number 1139173 Company registration number 07444179 (England and Wales) WHITEHEAD MONCKTON CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WHITEHEAD MONCKTON CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Directors And Trustees ASBak G J Wamian K L Speedie T C Moncklon E R Palmer Patron Lady Colgrain Charity number 1139173 Company number 07444179 Registered office 5 Eclipse Park Siltingboume Road Maidstone Kenl ME14 3EN Independent examiner Sarah Jennhngs FCA Globe House Eclipse Park Sittingbourne Road Maidstone Kent United Kingdom ME14 3EN Bankers Charities Aid Foundation 25 Kings Hill Avenue West Malling Kent ME194TA Investment advisors Raymond James Investment Services (Weald of Kent Branch) 5 Eclipse Park Sittingboume Road Maidstone Kent ME14 3EN United Kingdom
WHITEHEAD MONCKTON CHARITABLE FOUNDATION CONTENTS Page Directors. report Statement of Directors. responsibilities Independent examiner's report statement of financial activities Balance sheet Notes to the financial statements 8-16
WHITEHEAD MONCKTON CHARITABLE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Charity was incorporated on 18 November 2010 and was registered with the Charity Commission on 23 November 2010. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing docurllenl, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement of Recomfflended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021" (effective 1 Jarluary 20191 Objectives and activities The charitable objective of the Foundation is to provide public benefil by making grant payments to support people and charitable organisalions located primarily. but not exclusively, in the County of Kent. The Directors meet regularly to discLJSS grant applications and matters relating to the adminislralion of the Charity. Thoy have absolute discretion in the approval of grant applications Achievements and performance Income was again received from its Investment porlfolio. Additionally the Charity's unrestricted funds received legacy income of £686 12023.. £2.5001 In the year under review. In pursuance of the Charity's objectives, the Trustees sought and received requests from a number of Kentish charities sceking support for a variety of projEcts. The good works of a significant number of qualifying organisations were again adVand and assisted by way of grant 5UPPOrt by the Foundatson during the year ended 31 March 2024 The Directors are pleased Ihal the Foundation has been associated in so many ways with charitable organisalions which benefit so many people of Kent. They are always keen to receive grant applications from r)ew organisations and people. as well as donations lo help finance the Foundation's work going forward. The Diredors will keep the financial position of the Charitable Foundation under regular review in light of the valLJe of the Charity's investment portfolio and exceptional income receipts from donations and legacies. They will continue la adapt their granl-making policy accordingly_ Financial review The results for the year to 31 March 2024 are set out on page 6. Total income for the year affloLJnled lo £27,886 12023 £16,957) Total expenditure during the year tolalled £76.189 12023". £69.086) and included 60 grants payable to 60 local charitable causes. the details of which can be seen In Note 6 Ipage 111. The value of these grants payable in resPCCt of the year was £66,95612023". 53 grant5 totalling £61.7321- Nel expenditure for the year. after deducting cosls of raising funds and operational cost5 (£9,233 in lotall, but before recognising the net gains on the Investment portfolio at 31 March 2024, amounted to £48.303 12023.. £52,129). After recognising net gains on its Investment portfolio of £20.238. the value of the Charity s unreslricled funds decreased by £28.06512023". decreased by £102,776 after recognising nel losses on investments of £50,647) for the year, and amounted lo £414.513 al 31 March 2024 (2023.. £442.5781. The Charity's unrestricted funds al 31 March 2024 were predominantly represented by its inve5tmenl portfolio which was valued al £411,906 12023.. £439,649) at that dale. The Directors have the ability lo draw down on the investment portfolio by disposing of investments to fund urgent approved grant requests where the bank funds are insufficient.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public benefit The Directors confirm that they have complied with the Charity Commission's general guidance on public benefit. The chdrilable purpose of the Whitehead Monckton Charitable FoLJndation is staled in its 'Objeclives and Aclivilies. and the Trustees ensure that this purpose is carried out lor the public benefit by working to its Mission Statement. Reserves The f1nancial reserves policy is reviewed and agreed by the Trustees in regular meetings so that funds can be di51ribuled in accordance with the Articles of Association. and reserves maintained al a reasonable level, in order that the Charity remains able lo provide for future needs. The Directors are salislied that the level and allocation of the Charity's unrestricted reserves al 31 March 2024 were in accordance with the policy. The Directors also believe that the value and slruclure of the Charily's investment portfolio will remain sufficient lo support the Charity's continued grant making adivity for at least the next 12 months from the date of approving these accounts. Risk Management The Directors have reviewed the major risks to which the Charity is exposed and they believe systems exist to mitigate those risks All grants have to be approved by all D1ClOrS. The charitable funds invested and held on dcposit are subject lo the compliance procedures of both the investment manager and Whitchead Moncklon Limited. Going concern The Director5 have no reason lo believe that the charity will be Ljnable to continue operating as a going concern (able lo pay il debts and grant commitrnenls as they fall due) for a period of al least 12 months from the date of approving these accounts. Investment policy The Directors have wide powers of investment in accordance with the governing inslrLJment (the charitable trust deed) and the provisions of the Charities Acl. In conjunction with the Charity's investtnent advisors, the Directors approach the investment of funds In a cautious manner with the intention of maintaining the real value of the capital of the fLJnd where possible, thus producing a realistic income from the capital which can then be distributed. Where appropriate. the Directors may distribute capital in furtheran of the objects of the Charity. Structu. governance and management The Charity Is a company limited by guarantee and the liability of ils statutory member5 is limited lo £10 each. The statutory members are the Directors and Trustees of the Charity. Each statutory member continues to have personal liability for up lo a year after ceasing to be a member. The Directors and Trustees, who are also the directors for the purpose of COpanY law. and who served during the year and up to the date of signature of the linancial statements were". ASBak G J Warman K L Speedie T C Moncklon E R Palmer New Directors are generally taken from the pool of Whitehead Moncklon Limiled's directors and associate directors. who are interviewed by the existing Directors. Directors a nol remunerated. The Charity is governed by its Memorandum and Articles of Association which are available from the Charity on request, and is administered by the Trustees who are also the company directors for all areas of decision making. The above report has been prepared in accordance with the special provisions relating lo small companies Within Part 15 of the CompaniesAcl 2006.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Directors, report was approved by the Board of Directors And Trustees. K L Speedie Director Dated..
WHITEHEAD MONCKTON CHARITABLE FOUNDATION STATEMENT OF DIRECTORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Directors and Trustees. who are also the directors of Whitehead Monckton Charitable Foundation for the purpose of company law, are responsible for preparing Ihe Directors. Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law reqLJires the Oireclors and Trustees to Pfepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resoLJrce5, ir)cluding the income and expenditure. of the charitable company for that year. In preparing these financial statement5, the Directors and Trustees are reqUId to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in Ihe Charities SORP.. make judgemen15 and eslimales that are reasonable and prudent.. and prcpare the financial statements on the going concern basis unle55 It is inappropriate to presume that the charity will continue In operab"on. The Directors and Trustees are responsible for keeping adequate accounting records that disc105e wilh reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial slatemenls comply with Ihe Companies Act 2006_ They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other Irregularities.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS AND TRUSTEES OF WHITEHEAD MONCKTON CHARITABLE FOUNDATION I report to the Directors and Trustees on my examination of the financial statements of Whitehead Monckton Charitsble Foundation (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the Directors and Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan wth the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act}. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confimi that no matters have come to 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 386 of the 2006 Act; or the financial statements do not accord th those records- or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Sarah Jennings FCA For and on behalf of Azets Audit Services Globe House Eclipse Park Sittingboume Road Maidstone Kent ME14 3EN United Kingdom Dated: 17 December 2024
WHITEHEAD MONCKTON CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies Investments 15,641 12,245 3.399 13.558 Total income 27,886 16,957 Ex onditure on: Raising funds 3.548 4,062 Charitable activities 66.956 61.732 Other expenditure 5.685 3,292 Total expenditure 76.189 69.086 Nel gainslllosse5) on ir)vestmenls 20,238 (50.6471 Net movernent in funds 128,0651 1102,7761 Fund balances al 1 April 2023 442.578 545,354 Fund balances al 31 March 2024 414,513 442,578 The statement of financial activities includes all gains and losses recognised in the year_ All income and expenditure derive from continuing activities_ The slalemenl of financial aclivilies also complies with the requirements for an income and expenditure account nder the Companies Act 2006.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investments 10 411.906 439,649 Current assets Debtors Cash at bank and In hand 11 136 9.061 418 4,587 9.197 5,005 Creditors.. amounts falling due within one year 12 16.5901 (2,0761 Net current assets 2.607 2,929 Total assets less current liabilities 414.513 442,578 Income funds Unrestricted funds Designated funds Gcneral unrestricted funds 13 408.112 6.401 436,800 5,778 414.513 442,578 414,513 442,578 For the year ended 31 March 2024 the company was cntiued to exeTllPtion from audit under Section 477 of the Companies Act 2006 relating to small companies. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The tnembers have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordan with the provision5 applicable to companies subject to the small companies regime. 12 December 2024 The financial statements were approved by the Directors And Trustees on ..-.. K L Speedie Trustee Cornpany registration number 07444179
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie5 Charity infomiation Whitehead Monckton Charitable Foundation is a Charity registered with Ihe Charity Commission in England and Wales (Number 11391731. The address of the registered office is 5 Eclipse Park, Siltingbourne Road, Maidslone. Kent, ME14 3EN. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" l FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities Slatefflent of Recommended Practice applicable to charities preparing their accounts in accardance wilh the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The charity is a Public Benefit Enlily as delined by FRS 102. The charity has laken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. 1.2 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 aulhorising these financial stalemenls. They belipve that the predicted expenditure for that period will be adequately funded given the level of reserves of the charity and the managemont controls in place. and they therefore believe that the charity will continue to operate as a going concern. 1.3 Charitable fund5 All funds are currently unrestricted and comprise net incoming resources for the objects of the Charity without further specified purpose. They are available as general funds to be applied at the discretion of the Trustee51 directors. The Charity's unrestricted funds include designated funds where the Tmslees have, at their discretion. set aside resources for a specific purpose_ 1.4 Incorne Income is included iri the Statement of Financial Activities ISOFAI when the Charity becotnes entitled to the income, the Trustees are certain they will re1ve the income. and the monetary value of the income can be measured reliably. Listgd Investments and related income Dividends and interest due on listed investments is accounted for when receivable. Tax recoverable on interest is recognised in the same period as the qualifying Inte sl. The Statement of Financial Activities includes all gains and 105ses arising on revaluabons and disp05als throughout the year. Donations Voluntary income received by way of donations and gifts is included in full in the Statement of Financial Activities when received. Amounts receivable under Ihe Gift Aid Scheme are recognised when received and tax recoverable Is recognised in the saffle period as the qualifying donations.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Legacy gifts Legacy gifts are recognised on a case by case basis when receipt of the income is believed to be probable. Income is believed lo be probable when all of the following occur.. probate has been granted. the adminislratorlexecutor for the estate has communicated in writing the amount of the gift. there are sufficient funds within the eslale lo make a distribution. and all conditions not under the control of the charity have been met. For legacies where the gift IS". a residuary legacy. in a form other than cash. or which involves assets which require liquidation prior to distribution. the legacy will only be recognised where the above conditions have been mel and the amounl can bc reliably ffleasured with a degree of reasondble accuracy. Where legacies have been notified to Ihe charity, or the charity 15 aware of the granting of probate. and the criteria for Income recognition have not been met. then the legacy is treated a5 a Gontingenl asset and disc105ed if material. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo Iransfer econotnic benefit lo a third party, it Is probable that a transfer of econofflic tnefItS will be required in selllement, and the arnounl of the obligation can be rneasured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of di cl costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributablc to a single activity are allocated directly to that activily. Shared costs which contribute to more than one activity and support costs which are not allribulable to a single activity are apportioned belween those activities on a basis consistent with the use of fesources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. ExpenditLJre is generally recognised on an accruals basis in the year in which costs are incurred. Costs InclLJde any attributable VAT which cannot be recovered. Grants payable are included on an accruals basis and are charged in the year in which there is a legal ar constructive obligation to pay the grant and when any pre-condition5 sel by the Trustees have been fully satisfied Costs of raising funds are those investment managcment fees for both income generation and capital maintenance. other expenditure represents those item5 not falling into any other heading. 1.6 Fixed asset investments Listed investments are recognised al fair value which is normally the transaction price excluding Iransaclion costs. Subsequently they are measured al fair value with changes recognised in 'gainsllosses on inveslmenls, in the SOFA if the shares are publically traded. Realised gains and losses arising on disposals are recognised in the SOFA when the proceeds are reccivable. 1.7 Cash and cash equivalents Cash at bank comprises balances held on the charily's current bank account. 1.8 Taxation The charitable company is exempt from corpofalion tsx on its income and gains falling within Part 11 of Corporation Tax Act ICTAI 2010. to the extent that these are applied to ils charitable objects.
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Accounting policies (Continued) 1.9 Debtors and creditors Debtors are recognised at the expected selllement amount due. Creditors (accruals and grant payable) are recognised where the charity has a present oblgatioN resulting from a past event that will probably result in the transfer of funds lo a third party and the amount lo settle the obligation can be estimated or measured reliably. The liabilities are normally recognised at their expected seltlemcnl amount. 1.10 status The company is incorporated with charitable slalus and is limited by guarantee, not having any share capital. In the event of the Charity being wound up. the liability in respect of the guarantee Is limited to £10 per Statutory member. Critical accounting estimates and judgements Accounting estimate5 and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that arc believed lo be reasonable under the circLJmslances. The trustees believe that they have systems in place to minimi5e any adverse impact on thc Charity's opcrations, and they will continue to monitor the prevailing value of the charity's Investment portfolio in conjunction with advice frotn the investment managers when considenng grant applications. Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts Legacies receivable 14.955 686 899 2.500 15,641 3,399 Investments Unrestricted Unrestricted funds funds 2024 2023 Income from lisled inveslmenls Income tax recoverable on interest re1vable Interest receivable 12,067 136 42 13,439 104 15 12,245 13,558 10-
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Investment manager fees 3,548 4,062 3,548 4,062 Grants payable Charitable Charitable Expenditure Expenditure 2024 2023 Grants to inslitulions160 grant51-" Friends of Holcot Canterbury District CAB Tenlerden Social Club Kent Enterprise Trust Slaplehurst Free Chruch Aulism Apprentice CIC Ker)t MS Therapy Centre Listening Books Communigrow Sl Georges ChildcaTe Livability Nash College Pilgrims Hospice Kent Enterprise Trust New Romney Counselling ServIs GEM72 2,240 2,000 2,000 2.000 1,500 1,500 1,500 1.500 1,500 1,250 1,332 1,250 1,250 1.250 1,250 1,250 1,250 1.250 1.250 1.250 Thanel Countryside Trust Rising Sun Domestic violen &AbLJse Involve Kent New Leaf Support Red Eagle Foundation The Family Trust British Wireless for the Blind Fund Age UK Tunbridge Wells 1.500 1.570 1,500 11
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable {Continued) Space 28e Me Faversham Assicslance Centfe Relate Kent Consortium The Octopus Foundation Second Chance Charity Making a Difference Maidstone Embracing Arts East Kent Multiple Sclerosis Group Dentaid The Dental Charity 21 Together Prisoners, Education Trust Blind Veterans UK Education Business Partnership Kent Cruse Bereavement Support Hamslreel Victory Hall Fund Emmaus Dover Prison Fellowship Dads Unlimited Heart of Kent Hospice Rock UKAdventrues Ltd Swale Community Care Project Mid Kent Mind Other 1,500 1,250 1.500 2,500 1,500 1.500 1.250 1,250 1.622 1.600 1,310 1,500 1,900 1.250 1,250 1.250 1.250 2.000 1,500 1.250 1,585 1,524 29,345 2.000 2,500 27.840 66,956 61,732 All other grants were lo institutions for amounts less than £1.250. There were 60 grants lo institutions in 202412023.. 53) and none to individuals. Trustees The Trustees of the charilable company are also its Directors. The Directors neither received nor waived any remunerabon during the year12023.' £nil). The Directors did not have any expenses reimbursed during the year12023_" £nill During the year under review. no staff were employed by the Charity (2023". none). 12-
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support and Governance costs Unrestricted Unrestricted funds funds 2024 2023 Independent examination fees Accountancy fees Bank charges Website fees 2,700 2,880 105 2.076 111 1,105 5,685 3,292 Taxation The charity is exernpt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo its charitable objects. 10 Fixed asset investments Listed investment5 Cash in portfolio Total Cost or valuation At 1 April 2023 Valuation changes Gash movernents Disposals 436,800 20.238 2.849 439,649 20,238 945 148,926) 945 (48,9261 At 31 March 2024 408.112 3,794 411,906 Carrying amount At 31 March 2024 408.112 3,794 411,906 At 31 March 2023 436,800 2,849 439.649 2024 2023 Investment5 al fair value comprise: Equity - UK Equity - Overseas Bond - UK Bond - Overseas Real Eslale - UK Private Equity - UK 167,165 38,316 91,239 88,846 11,614 10,932 182.418 43,859 96,587 90,965 11,973 10,998 408,112 436,800 13-
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Fixed asset investments (Continued) Material investments (comprising more than 5Yo ol the charitWs overdll share of portfolio by value) al 31 March 2024 were as follows- 2024 Dimenlional Funds Skyline Umbrella Fundsmith Llp Bny Mellon Fd Mngr Vanguard Funds PIC Fid Strat Bd Fd W Dis T. Rowe Price Fds 35,422 28,414 26,243 26,642 29,647 22,960 21,418 11 Debtors 2024 2023 Amounts falling due within one year: other debtors 136 418 12 Creditors: amount5 falling due within one year 2024 2023 Other creditors Accruals and deferred income 1,250 5.340 2,076 6,590 2,076 14-
WHITEHEAD MONCKTON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Conlingent Assets Al the year-end the charity had been advised of a pecuniary legacy. However the amount of the legacy is not currently quantifiable as it depend5 on assets being sold and the estate being linalised and as such. it has not been recognised in the current year. 16-