THE WHITWAM FAMILY CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Prepared by Rollits
THE WHITWAM FAMILY CHARITABLE FOUNDATION CONTENTS Page Trustees. Annual Report Independent Examinerfs Report Statement of Financial ACtive$ Balance Sheet Notes to the Accounts 9-16
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARITY NUMBER: 1154094 TRUSTEES, ANNUAL REPORT FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Introduction The trustees present their report and the account5 of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of the Stalement of Recornmended Practice {SORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wtb the accounting policie5 set out in notes lo the accoun15 and comply wth the charity's governing document, the Charities Act 2011 and AccoLJnting and Reporting by ChaTlties.' 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 published in October 2019. Objectives and activities Objects The object of the charity 15 to promote any purpose which is charitable according lo the law of England with the exclusion of the advancement Df religion. principally. but not exclusively for the benefit of such one or more charities or charitable institutions operating in the City of York and the surrounding area, or for such purpose or purposes in the Ctty of York and Ihe surrounding area that are exclusively charitable according to the law of England and in such shares or proportions as the trustees of the charity shall think fit from time lo lime. Activitie5 The principal activity of the charity is lo provide financial grants to olher charities and charrtable objects in York and the surrounding area. Although the charity may spend both its income and capital on its charitable objects, the truslees also want the charity to maintain and grow its financial resources so that it can continue providing substantial financial support to its objects for the foreseeable future. The ultimate objective is for the charity to proiride grants and pay ils operating costs from the income and gains generated from its investrnent portfolio whilst also maintaining and growing the value of the portfolio. The chaTily does not have any employees. does not make use of volunteer labour and does not involve itself directly in the provision of any chari13ble services_ The trustees have delegated the management of the charity's investment portfolio lo a professional investment manager with the aim of maintaining a diversified range of holdings capable of generating a resilient level of income and capital growth for funding the charity's cuent and future activitie5. Public benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing the charity's activities and objectives and in establishing the chaTlty's grant making policy. The trustees are satisfied that the charity's purposes are for the public benefit and Ihe charily's grant making policy is aimed towards fulfilling the public benefrt requirements. Grantmaking policy The charity aims lo support any activity that is recognised as charitable according to the law of England, except for the advancement of religion. It aims to support chanlies and charitable institutions operallng in the City of York and the surrounding area and charitable objects in the City of York and the surrounding area. Procedures have been put in place to help ensure that any criteiia applied to determine the eligibdity of grant recipients and to ensure compliance th the charity's objects and the public benefit are reasonable, justifiable and proportionate.
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARITY NUMBER: 1154094 TRUSTEES, ANNUAL REPORT FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Achievements and performance Achievements The charity operates a website and Twitter account to help promote and publiase its activities. In addition, the Iru5tees also draw on their personal contacts: word ol mouth support from existing charity contacts and visits to events run by other charities lo encourage grant applications from other charities, non-profit groups and individuals that meet its objects. During the year 14 granl commilmen15 were approved for payrnent {see note 5 to the accounlsl. The haiitable enlilie5, activities and projects supported included" A contribution to a communal basket swng and picnic benches. A chaTity providing music education programmes for young people in Yorkshire. A project lo build a replacement pavillion for a local amateur sport association. A charity providing ali ambulance services in Yorkshi. A charity providing rescue boats in YCk. A charity supporting the eldery. Investment performance The annualised tot31 returns achieved by the charity's investment portfolio, its benchrnark index and the FTSE All Share index to 5 April 2024 were as follows".- Over 1 Year Over 3 Charity's portfolio Benchmark index FTSE All sha index 9.5° 9.9°A 7.8°A 2.10/. 2.50 7.70 The performance of the investment portfolio over the year was affected to varying degrees by the following factors' It was expected that central banks would start to cut interest rates as inflation started to drop. There have been some small reductions bul not lo the extend anticipated, mainly because inflation has not dropped as fast as hoped. US eqLJities Made 31 new all-time high during the end of this financial year: after not one single high since before December 2021. Whilsl there have been some increase in valuations, company earnings growth has also been strong. especially those involved in the developrnent of Al_ Broad European indices have done slightly better Ihan the UK in local currency lerms, but slightly worse when measured in Sterling. The gains were concentrated into the first three months: and mixed economic recovery and pushing back of interest rale cut expectation5 and stalled progress. Government bond markets were anticipated to do well in anticipation of the interest rate cuts thal never came. Economic growth and inflal-on are not weak enough to persuade central bank5 to Gut interest rates, but neither are they so strong as to raise the prospects of further in(xeases_ Financial review Financial summary Below is a sumrnary of the charity's financial results for the year and its financial position at the year end based an the statement of financial activities and balance sheet'.- Total Income far the year increased by 4°k to £77:08412023." £74,0161-. Total expenditure for the year increased by 3% to £90 942 (2023 £87:938)', Total income for the year financed 85°/o of total expenditure (2023". 84% of total expenditure}". After adding in nel gain5 of £196.833 from investments (2023." net losses of £262,032) the resulting net income for the year amounted to £182.97512023". net expenditure of £275,954)". The market value of the investment portfolio at the year end amounted to £2.922,086 {2023'. £2,732,601) which represents an increase of 7UA on the previous year end..
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARITY NUMBER: 1154094 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 The total net assets of the charity at the year end amounted to £2,909.978 {2023.' £2,727. 0031 which represents an increase of 7°/0 on the previous year end. Reserves poli¢y Al the year end the unrestricted reserves of the charity comprised designated fLJnds of £012023.. £0) and free funds of £2.909.978 {2023. £2,727.0031. The tiustees do not consider that the charity requires a formal reseNe fund as a contingency against unexpected revenue declines in fLrture periods because'_ the risk of a substantial and prolonged revenue decline from a well diversified actively managed securities Portfolio is considered to be small. the trustees review the net cash position of the charity. the perfomiance of the portfolio and their expectations for the futLJre before deciding how much they will make available for grant commitmen15 at each grant meeting. the one-off nature of many grant applications mean the trustees will be able to adjust future grant commitment approvals to reflect any unexpected changes in Ihe perfomiance of ils investment portfolio or in its operating costs. the Iruslees have Ihe discretion to spend the whole or any part of the capital in order to fulfil the charity's objects if they so wish. Going Concem There are no material uncertainties about the charity's ability to continue as a going concern. Investrnent policy The Iruslees have agreed the followng investment temis, objectives and policies with the investment manager'.- The portfolio is managed under a full discretionary service. The portfolio is currently managed on a low to medium risk basi5 With a balanced approach to income and capital growth. Whilst the investment manager is comfortable investing in direct equity holdings in overseas companies in developed markets, their preference for emerging and developing markets is to nVest via pooled investment entities due to their more specialist knowledge of these markets. The trustees have considered whether to impose any restrictions into the charity's investrnent policy based on social. environmental or ethical factors. but have decided against this, instead giving the investment manager free reign to take these issues into consideration in their strategy for the portfolio a5 events unfold going forward. The investment Strategy is reviewed with the investment Manager on a regular basis. Risk management systems and procedures The trustees have compiled a register of risks to which the charity is exposed and have introduced systems and procedures to mitigate the risks identified. Dates have a150 been sel for reviewng the adequacy and effectiveness of the risk control systems and procedures adopted. Structure, governance and management Type of governing dotumÈnt The charity'5 governing document is 2 Charitable Incorporated organisats.on Consts"tution that was approved by the Charity Commission on 4 October 2013. How the charity is constttuted The charity is constituted as a Charitable IncDTPOTated Organisation Trustee selection methods The existing trustees select new tnjstees from people known to them that they consider to have suitable knowledge and expertise. Trustees are appointed for indefinite terms, usually upon the relirement of existing trustee5.
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARITY NUMBER: 1154094 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Policies and procedures for the induction and training of trustees New trustees are provided with a copy of the Charity Commission publication CC3 'The essential trustee.. what you need lo know. what you need lo do" which provide5 guidance on vA)at is involved in being a charity Iruslee. In addition, they are also provided a copy of the CIO Constitub'on and the charity's investment policy, conflicts of interest policy and register of risks. New trustees are also asked to sign a declaralion Df eligibility and to complete a register of interests. Organisational structure The charity h35 no employees and no formal links with any other charitable organisations. Ntsne of the trustees receive any remuneration from the charrty for acts.ng as a truslee. Rollit5 LLP provides a range of operational services lo the charity, including trustee. legal. administration, secretarial, giantrnaking support, Investment support and accounting. Related party relationships John Lane is a partner in Rollils LLP, a fiTm of solicrtors that provides seNice5 to the charity as detailed above. Rolli15 fees for these seNices are separately idents.fied in the note5 to the accounts. The charity maintains a conflicts of interest policy and a conflicts of inleresl register and has put in place procedures lo ident'fy and manage such conlticts. Reference and administrative details Charity name.. The Vvhihvam Family Charitable Foundation Registered charity number= 1154094 Charity's principal address". clo Rollits LLP Citadel House 58 High Street Hull HU 1 1 QE Names of the charity trustees who manage the charity Andrew whIaM Nicola vVhiaM John Lane The power lo appoint new trustees is vested in Ihe current tNstee Names and addresses of advisers The chanty's principal advisors are". nvestmenl mana er Investec Wealth & Investent Ltd, 2 Gresham Street London EC2V 7QN. Banker Barclays Bank, One Stanhope Gate Mayfair London W1K 1AF. nde xamin Frances Howard, Fortus Limited, Equinox House. Clifton Patk, Shipton Road. York. Y030 SPA Solicitor Rollits LLP, Ciladel House 58 High Street Hull HU1 1 QE. Future Developments The trustees are satisfied that the procedures they have pul in place to deal with grant applications and Dperation31 matters represent an efficient and cost effective way of achieving the charity's objectwes. These procedures are reviewed periodically to ensure the charity wll continue to deliver on its objects for the foreseeable future.
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARITY NUMBER: 1154094 TRUSTEES, ANNUAL REPORT FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Declaration The trustees dedare that they have approved the trustees, report above. Signed on behalf of the charity's trustees.. Andrew Imiitwam Trustee Date:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WHITWAM FAMILY CHARITABLE FOUNDATION I report to the charity trustee5 on my examination of the financial statements of the charity for the year ended 5 April 2024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Act"). I report in respect of my examination of the charity's accounts carried out under seth.on 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of the Act. Independent examiner's statement I have completed my examin8tion. I confim that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respecl.. accounting record5 were not kept in respect of the charity as required by section 13D of the 2011 Act,. or the financial statements do not accord with those records". or the financial 51alements did not comply with the applicable requirements concerning the form and content of accoLJnts set out in the Chanties (Accounts & Reports) Regulation5 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 connectson with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finanThal statements to be reached. Date=.................................................-.....-..... France5 Howard, FCA Fortus Limited Busine55 advisors & accounlants. Equinox House. Clifton Park, Shipton Road, York, Y030 SPA
THE WHITWAM FAMILY CHARITABLE FOUNDATION CHARI NUMBER= 1154094 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Unrestricted funds Income Investments 77,084 74,016 Total 77,084 74.016 Expenditure Raising funds Charitable activities 20,710 70,232 20.208 S7,730 Totsl 90,942 87.938 Net (expenditure) before investrnent gainslllossesl Net gainsl(lossesl on investrnents (13.8581 113,9221 196.833 1262,0321 Net incomellexpenditure 182,975 1275,9541 Net movement in funds 182,975 1275,9541 Reconciliation of funds= Total funds brought foThvard 2,727,003 3,002,957 Total funds carried for4Ydrd 2.909,978 2,727,003
THE WHITWAM FAMILY CHARITABLE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 Fixed assets Investments 2,922,086 2,732,601 Total fixed assets 2,922,086 2,732,601 Current assets Cash at bank and in hand 3,266 5,083 Creditors: amounts falling due within one year 15,374 10,681 Net current liabilitie5 112,108} {5,5981 Total assets less current liabilities 2,909,978 2,727,003 Total net assets 2,909,978 2,727,003 Funds of the charity Unrestricted funds 2,909,978 2,727,003 Total funds 2,909,978 2,727,003 Signed by one trustee on behalf of all Ihe Irustees snatUre.. Name.. Andrew Whilwam Dare ofapproval."
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO S APRIL 2024 General information and basis of preparation The Whitwam Family Charitable Foundation is a CIO in England. The address of the registered office Is given in the charity information on page 5 of these accounts. The nature of the charity's operations and principal activities are the provision of financial grants to other charities 2nd charitable objects in and around the City of York as detailed under'objects. and 'acts"vities' on page 1 of these 3ccounls. The charity constitutes a public benefit entity a5 defined by FRS 102. The financial 5talement5 have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Iland issued in October 2019, the Fin3ncial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland IFRS 102), the Charitie5 Act 2011, and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a Irue and fair. view and have departed from Ihe Charitie5 (Accounts and Reporls) Regulalions 2008 only to the extent required to provide a 'true and fair view,. This departure ha5 involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather Ihan the Accounling and Reporting by Charities". Statement of Recommended Pracb"ce effective from 1 April 2005 )Nhich has Since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified lo include certain items at fair value. The financial statements are presented in sterling which is the functs.onal currency of the charity and rounded to Ihe nearest £. The significant accounting poliaes applied in the preparation of these financ4al statements are sel Dijt in ote 2 below. These policies have been consistently applied to all years presented unless otherwise slated. Accounting policies 2.1 Incorne Recognition of income These are Included in the statement of financial activrties (SOFA) when_" the charity becomes entitled to the income- it is more likely than not that the charity will receive the income", and the monetary value can be measured Mrith sufficient reliability. Offsetting There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Income from interest and dividends These are included in the accounts when receipt 15 probable and the amount receivable can be measured reliably. Income received wth recoverable lax credits attached are reported gross under income and any unrecovered tax at the year end is included in debtor5. The accrued interest included in the sale and purchase of treasury 5tock5 and corporate bonds is included in investment income in the SOFA on the date ofthe sale or purchase. Investment gains and losses This includes any realised tsr unrealised gains or losse5 on the sale of investments and any gain or loss resulting from revaluing investrnents to mat*et value at the end of the year.
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO S APRIL 2024 Accounting policies (Continued) 2.2 Eypenditure & liabilities Liability recognition Liabilitie5 are recognised where rt is more likely than not that there is a legal or constructive obligation committing the chanty to pay out resources and the amount of the obligation can be measured with reasonable certainty. Allocation of cost5 to different areas of expenditure Where possible all costs are allocaled lo the parb"cular area of expenditure to which they relate. If any costs relale to several areas of expenditure then Ihey are split and allocated to the relevant areas of expenditure on an appropriate basis. Governance costs Governance cost5 comprise all costs involving public accounlability of the charity and Its compliance with regulation and good practice (including costs relating to the annual general rneetingl. These costs are included as a charitable aclivty support cost in the accounts. Grant commitments Vvhere the charity gives a grant commitment without conditions the liability for the full funding obligab.on is recognised In the SOFA when the commitment is made. However. where the charity gives a grant commitment that is subject to condition5 (such as the grantee needing lo raise additional funding from other sources, or the object of the grant requires the granlee obtaining planning permission from a local authority) then such grant commitments are only recognised in the SOFA once the tru5tee5 believe it 15 more likely than nol that the project 11 proceed. Creditors These liabilities are measured at settlement amounts less any trade discounts. 2.3 Assets Investments Fixed asset investmen15 Iri quoted Shares, traded bonds and similar investments are initially valued at cost and subsequently at fair value Itheir market value) at the year end_ The valuation of treasury stock5 and corporate bonds exclude the value of accrued interest. Fixed asset investments also include capilal type cash balances held for investment or ieinvestrnent by the investment manager. Debtors Debtors are measured on initial recognition at settlement amount after any trade discounts or amounts advanced by the charity. Subsequently. they are measured at the cash or other consideration expected to be received. Income from investments 2023 Incorne from stocks & shares held in the investment portfolio Interest from cash balances held by the investment manager 74.349 2,735 73.412 604 77,084 74.016
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 (Continuedl Expenditure on raising funds Investmenl manager's fees and charges 20,710 20,208 20,710 20,208 Expenditure on charitable activities Grants to institutions Granlmaking support costs Govemance costs 52,400 2,109 15.723 50,573 2,239 14,918 70.232 67,730 Number of grant5 14 12 5.1 Classification of grants utions Advancement of education Advancement of health & saving of lives Advancement of citizenship and community development Advancement of the arts, culture. heritage and science Advancement of amateur sport Relief of those in need due to age. disability. etc. 7,500 10,500 13,000 2,500 5,000 13,900 5,ODO 17,250 5,000 10,000 13,323 52.400 50,573 11
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 Icontinuedl 5.2 Material grants to institutions Name of instituton Richard Shephard Music Foundation Yorkshire Air Ambulance Musical education for young people in Yorkshire 7,500 3,QOO Contribution towards fuel costs and providing emergency care Yolk Rescue Boat To help cover core costs The Friends of Rowntree Park Contribution to communal basket swing and picnic benches Door 84 For general purposes and running costs Huby Playing Fields Association Towards the build of a new pavillion Age UK York Contribulion lo the keep your pet service Lollipop Towards raising aspirats'ons project costs Live Music Now North East Towar¢Ys provision of interactive and participatory Live Music 5,000 5,000 5,000 5,000 3,500 5,000 4,800 43,800 8,600 Other unanalysed grants to in51itutions 52,400 5.3 Analysis of grantsnaking support costs Rollits, grantmaking support fees 2,109 2,239 2,109 2.239 Rollils, granlmaking support fees represent work done in relabon to the charity'5 grantmaking policy and grant application form, correspondence and meelings with actual and potential grant applicants, the review and piocessing of grant applicats"ons. preparing agreement5 or letters regarding any temis and conditions applicable to each grant and arranging payment of successful applicalions. 5.4 Analysis of governance costs 2023 Independent examiner's fees Rollils, accounting fees Rollits. administration fee5 1,560 4,464 9,699 1,464 4.214 9,240 15,723 14,918 Rollits, administration fees represent work on legal and Tegulatory matters relating to Ihe Foundation's charitable status. trustees meetings and any other administration matters not identified as investment support, granlmaking support or part of rts accounting se. 12-
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO SAPRIL 2024 Icontinuedl 5.5 Fees for examination of the accounts Independent examine5 fee5 for reporting on the accounts (gross) 1,560 1.464 1,560 1,464 Net gains and losses on investments 2024 202 Losses realised during the year Gains and {losses) on revaluation at the year end (3.998) {115,5381 200,831 (146,4941 Total net investment gains and {lossesl per the SOFA 196.833 {262,032) Investments 7.1 Valuation of investments at year end 2024 Listed investments Cash or cash equivalents 2,816.142 2,645,238 105,944 87,363 Total 2,922,086 2 732,601 All investments are revalued to market value (fair Value) at the year end. No investments are held at cost less impairment at the year end. 7.2 Historic cost of investments held at the year end Listed Investments Cash held for reinvestment 2,572,828 2,584,835 105,944 87,363 2,678.772 2,672,198
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 (Continued) 7.3 Investment movements during the year Cash & cash Llstsd Markel value al beginning of year Add.. additions to inveslmenls during the year Less." disposals al carrying value during the year Addlldeductl.. movements due to change5 in listed investments Addlldeducll.. transfers inlloutl in the year Addlldeducl).- nel gainl{loss) on revaluation 87,363 2,645,237 2,732,600 3,012,647 1,234,926 1.234,926 1,488.153 (1,264,853) (1,264,853) (1,614.1791 25,774 15.D29 26,774 18.1931 18,193) 122,5551 200.832 (146.4941 200.832 Market value at end of year 105.944 2.816,142 2.922,086 2,732,601 7.4 Material holding5 of investments at S April 2023 In din s >S% of total listed in tments Columbia Threadneedle Global Corporate Bond Fund ishares markit IBOXX £ Corp Bond Royal London Sterling Credit Fund 193.369 198,847 205,706 6_870/0 7_060/. 597,922 Cash at bank Barclays current account 3,266 5,083 3,266 5,083 Creditors and accruals 2024 in Independent examiner's fee Rollits. fees Investment manager's fees 1,560 8,544 5,270 1,464 4.226 4,991 15.374 10,681 14-
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 (Continued) 10. Contingent liabilities and contingent assets 2023 The charity did not have any contingent liabilities or contingent assets at the reporting date. 11. Fair value of assets and liabilitie5 The liquidity risk exposure of the charity not being able to meet short terni financial demands is rniligaled by the trustees reviewing the up to date financial position at the same meetings at which they review and approve any further grant commitments. The charity did not have any debtors at the year end and the income generated from the investment portfolio is retained by the investment manager for reinveslment. The risk of loss arising from these cash balance5 before Ihey are reinvested 15 considered low because the investment manager is a regulated Institution that is required to hold such cash balances in a segregated client money account. Ex osure to market risk Investments represent the majority of Ihe charity's net assets. The risk of a financial loss arising from an investment due to changes In the market are mttigated by the active management of the investment portfolio by a professional investment manager and the diversification of the investment portrolio based on an investment policy approved by the trustees. nv to credit ris There have been no changes in the fair values of basic financi31 inslTumeNts (debtor5, credilDf5 and investments) attributable lo changes in credit risk. 12. Trustee remuneration and benefits None of the trustees have been paid any remuneration or received any other benefits from an employment wrth the charity or a related ents'ty during the year12023.' none). 15-
THE WHITWAM FAMILY CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR FROM 6 APRIL 2023 TO 5 APRIL 2024 13. Transaction5 with related parties Rollits LLP See below Rollits 5erwce5 16.272 8,544 15.693 4,226 16.272 8.544 15,693 4.226 John Lane is a member of Rollits LLP which provides secretarial. administration. legal. investmernl support, grantmaking SUPPOrt and accounb.ng services to the chatity- The payments by the charity Df Rollits, charges are authori5ed by the charity's constitution. A breakdown of Rollits, charges for these service5 are detailed in the notes lo the accounts. Rollits aims to invoice the charity on a quarterly basis for its services. The invoices are payable on delivery and the charity settles them by cash payments once they have been authorised in accordance th the procedure agreed by the trustees_ The Terms ancl Conditions of Rollils LLP'S remuneration for providing administrative services to the charity are independently reviewed and approved by the un-conflicted trustees in the absence of John Lane. and in accordance with the charity's Conflicts of Interest Policy. 16-