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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1167035

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR WHITE ROSE

WHITE ROSE

CONTENTS PAGE

Page
Reference and Administrative Details 1
Report of the Trustees 2 - 3
Report of the Independent Auditors 4 - 5
Consolidated Statement of Financial Activities 6
Consolidated and Charitable Company Balance Sheet 7
Consolidated Cash Flow Statement 8
Notes to the Financial Statements 9 - 18

WHITE ROSE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity name White Rose Constitution A Charitable Incorporated Organisation Registered Charity number 1167035 Registered office 34-36 Goose Gate Nottingham Nottinghamshire NG1 1FF

Trustees Dr J M Smith S A Newell S J Robinson M J Saunders M Chia (appointed 8 November 2022) Auditors Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

1

WHITE ROSE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report along with the financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared based on the accounting policies set out on page 7 and 8 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and the 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.

Structure, Governance and Management

White Rose is a Charitable Incorporated Organisation registered with The Charity Commission on 11 May 2016. The charity's registered number is 1167035.The charity is governed by a constitution, which was adopted on 11 May 2016.

The constitution states that there must be at least three charity trustees but that there is no maximum number.

The induction process for new trustees comprises being given a copy of the current version of the charity's constitution together with a copy of the most recent annual report and financial statements.

The trustees are responsible for the management of all the risks faced by the charity. These risks are identified and established systems and procedures are put in place to manage these risks. A risk register is kept and discussed at every meeting.

Objectives and Activities

To work towards the prediction, prevention and ultimately the elimination of genocide for the benefit of humanity primarily through funding of research, education and the dissemination of information and advice.

The charity meets its objectives through social enterprises and fundraising. We use investment funds to develop activities that align with our mission and generate a net return.

This includes White Rose preloved fashion shops operated by White Rose Trading CIC. White Rose acquired Champion Humanity Memorial, Rwanda. This comprises reception services, café and gift shop. The memorial is operated by Aegis Trust, a charity that has close connections with White Rose. Around 100,000 visitors come to the memorial each year, around 80% are international. There was no material consideration for the acquisition, as this followed an informal arrangement where White Rose provided management support over several years.

Achievements and Performance

The impact of Covid 19 was significant. Its two subsidiaries White Rose Trading CIC and CHE were negatively affected.

In Rwanda, like most visitor centres, visitor numbers plummeted from April onwards. Retaining staff was essential for long term sustainability. This was possible through using reserves in White Rose. This included a major grant awarded by White Rose in early 2020 (before the Covid outbreak) to repay loan capital that had been taken out by CHE in 2016. This meant CHE was debt-free going into Covid and was relieved of interest and capital repayment obligations.

White Rose Trading was severely affected by lockdowns, notwithstanding financial support from the UK Government. White Rose provided both financial and extensive management support.

Both these enterprises had been part of Aegis Trust prior to 2016. It would not have been possible for Aegis to have provided this support and sustain its own programmes, which would have taken priority. This illustrates a key benefit of White Rose, charitable outcomes are separated from the risk, management and governance responsibilities of enterprise income.

Navigating through Covid and its uncertainties was the main achievement. For Rwanda, we successfully limited costs, retained staff and ensured the activities would be able to function again after Covid. In the UK, expansion of the White Rose shops had been agreed prior to Covid to gain critical mass. This was reviewed in July 2020, with investment approved in August 2020 to increase its retail capacity and consolidate retail operations in the East Midlands. Notwithstanding the issues and risks with Covid, its shops remained cash generative and new retail opportunities had opened up through the demise of other businesses. The focus given in 2020 enabled the shops to double its size during 2021 and create a platform for future profitable growth in following years.

Financial Review

The charity had net income for the year of £178,299 (2019 £18,787). The total funds carried forward at 31st December 2020 amounted to £150,849 (2019 loss of £27,450), all of which was represented by unrestricted funds (2019 negative £28,066).

Reserves Policy

The development of reserves for White Rose is a key component of creating impact that can be sustained. Reserves will fluctuate from year to year, as they are built up and then applied as is appropriate. The trustees will consider from time to time the appropriate minimum level of reserves that should be retained.

2

WHITE ROSE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Plans for the Future

To further build the development of charitable income and to continue to develop the White Rose retail activity, with a focus in 2021 to further expand White Rose shops whilst maintaining support for our activities in Rwanda, especially given the continued uncertainty with Covid.

On behalf of the trustees:

.................................. Dr J M Smith

Date: ..................................

3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WHITE ROSE

Opinion

We have audited the financial statements of White Rose 0 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our nancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of her ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial state preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our ion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WHITE ROSE

Responsibilities of trustees

financial

statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

g concern,

disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to frau high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

https://www.frc.org.uk/Our-

Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx

Use of our report

nd Reports) equired not accept or assume for the opinions

we have formed.

John Howard (Senior Statutory Auditor)

For and on behalf of Azets Audit Services Statutory Auditor, Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN

Date

5

WHITE ROSE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Unrestricted
Funds
£
INCOME
Donations, grants and legacies
3
599,819
Other trading activities
4
1,073,894
Interest receivable
5
28,336
___
Total income
1,702,049
__
EXPENDITURE
Raising funds
6
1,191,405
Charitable activities
7
315,341
Interest payable
8
17,220
_
Total expenditure
1,523,966
_
NET INCOME
178,083
Transfers between funds
20
832
_
NET MOVEMENT IN FUNDS
178,915
Total funds brought forward
(28,066)
____
Total funds carried forward
150,849		 Restricted
Funds
Total Funds
2020
Total Funds
2019
£
£
£
9,451
609,270
119,997
-
1,073,894
866,002
-
28,336
24,458
___
__
_
9,451
1,711,500
1,010,547
_
_
_
-
1,191,405
859,512
9,235
324,576
113,284
-
17,220
18,964
_
_
_
9,235
1,533,201
991,760
_
_
_
216
178,299
18,787
(832)
-
-
_
_
_
(616)
178,299
18,787
616
(27,450)
(46,237)
_
_
____
-
150,849
(27,450)

All of the results are from continuing activities and include all gains and losses recognised in this year and last.

The notes on pages 9 to 18 form part of these financial statements.

6

WHITE ROSE

CONSOLIDATED AND CHARITY BALANCE SHEET AT 31 DECEMBER 2020

Note
FIXED ASSETS
Intangible assets
10
Tangible assets
11
Fixed asset investments
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
Restricted funds
20
Unrestricted funds
TOTAL FUNDS		 Consolidated
2020
2019
£
£
53,280
63,270
283,407
260,371
7,310
-
___
__
20,078
95
76,383
73,444
310,212
53,615
_
_
(190,958)
(119,186)
_
_
215,715
7,968
_
_
559,713
331,609
_
_
(408,864)
(359,059)
_
_
150,849
(27,450)
_
_
-
616
150,849
(28,066)
_
____
150,849
(27,450)		 Charity
2020
2019
£
£
-
-
-
-
7,330
20
___
__
-
-
431,900
329,559
239,934
6,198
_
_
(10,000)
(28,244)
_
_
661,884
307,513
_
_
669,164
307,533
_
_
(349,125)
(287,004)
_
_
320,039
20,529
_
_
-
616
320,039
19,913
_
____
320,039
20,529		 Charity
2020
2019
£
£
-
-
-
-
7,330
20
___
__
-
-
431,900
329,559
239,934
6,198
_
_
(10,000)
(28,244)
_
_
661,884
307,513
_
_
669,164
307,533
_
_
(349,125)
(287,004)
_
_
320,039
20,529
_
_
-
616
320,039
19,913
_
____
320,039
20,529
___
616
19,913
_____
20,529

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

.................................. Dr J M Smith

The notes on pages 9 to 18 form part of these financial statements.

7

WHITE ROSE

CONSOLIDATED AND CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Cash used in operating activities
21
Cash flows from investing activities
Interest received
Disposal of tangible fixed assets
Purchase of fixed asset investments
Cash (used in) investing activities
Cash flows from financing activities
Interest paid
Cash (used in) financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 Consolidated
2020
2019
£
£
___
__
323,792
135,866
~~_~~
~~_~~
28,358
24,458
(71,023)
(201,461)
(7,310)
-
_
_
(49,975)
(177,003)
~~_~~
~~_~~
(17,220)
(18,964)
_
_
(17,220)
(18,964)
~~_~~
~~_~~
256,597
(60,101)
53,615
113,716
_
____
310,212
53,615		 Consolidated
2020
2019
£
£
___
__
323,792
135,866
~~_~~
~~_~~
28,358
24,458
(71,023)
(201,461)
(7,310)
-
_
_
(49,975)
(177,003)
~~_~~
~~_~~
(17,220)
(18,964)
_
_
(17,220)
(18,964)
~~_~~
~~_~~
256,597
(60,101)
53,615
113,716
_
____
310,212
53,615
~~___~~
24,458
(201,461)
-
_____
(177,003)
~~___~~
(18,964)
_____
(18,964)
~~___~~
(60,101)
113,716
_____
53,615

The notes on pages 9 to 18 form part of these financial statements.

8

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 GENERAL INFORMATION

White Rose is a registered charitable incorporated organisation no. 1167035. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the operations and principal activities are set out on page 2.

2 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of accounting

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and the Charities Act 2011.

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 prepared in sterling which is the functional currency of the charity.

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.

(b) Basis of consolidation

These financial statements consolidate the results of the Charity and its wholly owned subsidiary, White Rose Trading CIC on a line by line basis in accordance with FRS 102 section 9 and the SORP (FRS 102) section 24.

A separate statement of financial activities for the Charitable Company has not been present because the Charitable Company has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

(c) 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 forecast income and expenditure is sufficient with the level of funds for the charity to be able to continue as a going concern.

(d) Funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements

(e) Income

Income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that income be received and the amount can be measured reliably.

9

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2 ACCOUNTING POLICIES

(f) Expenditure

All expenditure is accounted for on an accruals basis and have 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 settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

(g) Allocation of support costs and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts artistic programmes and activities. These costs have been allocated within expenditure on charitable activities.

(h) Operating lease

The Charitable Company classifies the rental lease as an operating lease; the title to the building remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

(i) Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rate on the basis of the carrying amount of each asset in the unit.

(j) Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 5% on cost Fixtures and fittings 33% on cost and 15% on cost Motor vehicles 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

10

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2 ACCOUNTING POLICIES

(k) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Stock relates to vested costs in clothing stock held for online sales, which incurs significant processing costs at the point of listing.

(l) Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received.

(m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts.

(n) Creditors

Creditors are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Other creditors and accruals are recognised at their settlement amount due.

(o) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price. Subsequently, they are measured at amortised cost.

(p) Financial instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(q) Taxation

The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(r) Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

11

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2 ACCOUNTING POLICIES

(s) Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

(t) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The board of trustees do not believe that any accounting judgements or estimates have been applied to these financial statements that have a significant risk of causing a material judgement to the carrying amount of assets and liabilities within the next financial year.

3 DONATIONS, GRANTS AND LEGACIES

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Corporate sponsors 27 - 27 59,595
Individual donations 592,482 - 592,482 60,402
Other donations and grants - 9,451 9,451 -
Gift in kind 7,310 - 7,310 -
_______ _______ _______ _______
599,819
~~_______~~		 9,451
~~_______~~		 609,270
~~_______~~		 119,997
~~_______~~

Gift in kind relates to the acquisition of Champion Humanity Enterprise Ltd, the amount being 100% of the share capital transferred to White Rose as part of its management of social enterprises in support of the Kigali Genocide Memorial. Champion Humanity Enterprise Ltd manages visitor services at the Memorial.

4 OTHER TRADING ACTIVITIES

5

6

OTHER TRADING ACTIVITIES
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Income from trading activities 1,073,894 - 1,073,894 866,002
_______ _______ _______ _______
INVESTMENT INCOME
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Bank interest 28,336
_______		 -
_______		 28,336
_______		 24,548
_______
RAISING FUNDS
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Expenditure on trading activities 1,191,405
_______		 -
_______		 1,191,405
_______		 859,512
_______

12

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7 CHARITABLE ACTIVITIES

CHARITABLE ACTIVITIES
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Consultancy fees 21,000 - 21,000 800
Accountancy fees 13,700 - 13,700 2,400
Travel and accommodation 1,809 - 1,809 35,531
Advertising 2,145 - 2,145 6,039
Events 5,435 - 5,435 4,507
Computer equipment - - - 252
Computer running costs 4,054 - 4,054 7,101
Telephone 1,124 - 1,124 1,159
Carriage and postage 451 - 451 -
Bank charges 1,379 - 1,379 792
Sundry expenses (7,311) - (7,311) 196
Foreign exchange (24,094) - (24,094) -
Donations 295,649 9,235 304,884 54,507
_______ _______ _______ _______
315,341
~~_______~~		 9,235
~~_______~~		 324,576
~~_______~~		 113,284
~~_______~~

Out of the donations expensed, £271,256 was given to Champion Humanity Enterprises, included in unrestricted funds, and £9,235 was given to Aegis Trust, included within restricted funds.

7.1 GOVERNANCE COSTS

-
Audit fee
-
Audit of subsidiary
-
Non-audit fee
-
Over-under accrued in previous year		 2020
£
-
5,820
3,700
2,580
1,600		 2019
£
2,400
-
-
-
-

7.2 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
Pension
The average number of employees (full time equivalent) during the year was:		 Consolidated
2020
£
2019
£
596,641
356,380
37,543
21,367
9,821
4,800
___
__
644,005
382,547
_
____
38
25

Employee time has been allocated either;

i) To direct costs on a percentage of the time spent by an employee on an activity ii) To support costs allocated on a percentage basis over all the costs.

During the year, no employee received total employee - £70,000 (2019: none).

The key management personnel of White Rose Trading CIC comprise the Chief Executive Officer and Business Director. The total employee benefits of the key management personnel were £80,361 (2019: £73,385).

13

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8 INTEREST PAYABLE
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Interest 17,220 - 17,220 18,964
_______ _______ _______ _______
9 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2019)
Unrestricted Restricted Total Funds
Funds Funds 2019
£ £ £
INCOME
Donations, grants and legacies 59,595 60,402 119,997
Other trading activities 866,002 - 866,002
Interest receivable 24,548 - 24,548
_______ _______ _______
Total income 950,145 60,402 1,010,547
_______ _______ _______
EXPENDITURE
Raising funds 859,512 - 859,512
Charitable activities 43,398 69,886 113,284
Interest payable 18,964 - 18,964
_______ _______ _______
Total expenditure 921,874 69,886 991,760
_______ _______ _______
NET INCOME 28,271 (9,484) 18,787
Transfers between funds (3,664) 3,664 -
_______ _______ _______
NET MOVEMENT IN FUNDS 24,607 (5,820) 18,787
Total funds brought forward (52,673) 6,436 (46,237)
_______ _______ _______
Total funds carried forward (28,066) 616 (27,450)
~~_______~~ ~~_______~~ ~~_______~~
10 INTANGIBLE FIXED ASSETS
Consolidated Charity
Goodwill Goodwill
£ £
Cost
At 1 January 2020 and 31 December 2020 99,900 -
_______ _______
Amortisation and impairment
At 1 January 2020 36,630 -
Amortisation charged for the year 9,990 -
_______ _______
At 31 December 2020 46,620 -
_______ _______
Carrying amount
At 31 December 2020 53,280 -
~~_______~~ ~~_______~~
At 31 December 2019 63,270 -
_______ _______

14

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11 TANGIBLE FIXED ASSETS

CONSOLIDATED
Plant and
equipment
£
Fixtures and
fittings
£
Cost
At 1 January 2020
95,929
185,030
Additions
17,500
53,523
___
__
At 31 December 2020
113,429
238,553
_
_
Depreciation and impairment
At 1 January 2020
10,243
38,282
Charge
5,320
33,985
Eliminated on disposal
-
-
_
_
At 31 December 2020
15,563
72,267
_
_
Carrying amount
At 31 December 2020
97,866
166,286
~~_~~
~~_~~
At 31 December 2019
85,686
146,748
_
_
INVESTMENTS
Consolidated
2020
£
2019
£
Investment in White Rose Trading CIC
-
-
Investment in Champion Humanity
Enterprises
7,310
-
_
____
7,310
-		 Motor
Vehicles
£
35,205
-
___
35,205
__
7,268
8,682
-
_
15,950
_
19,255
~~_~~
27,937
_
Charity
2020
£
20
7,310
____
7,330		 Total £
316,164
71,023
___
387,187
__
55,793
47,987
-
_
103,780
_
283,407
~~_~~
260,371
_
2019
£
20
-
____
20

12 INVESTMENTS

White Rose Trading CIC is a private limited Company, registered number 09899636. The company was incorporated on the 2[nd] December 2015 and 100% of the £20 ordinary share capital is owned by White Rose. It has been consolidated on a line by line basis. During the year to 31 December 2020 White Rose Trading CIC made a loss of £121,211 (2020: loss of £6,490). The company had negative capital and reserves of £169,170 (2019: negative £47,959).

Champion Humanity Enterprises is a private limited Company registered in Rwanda. The company was incorporated on 1[st] July 2019 and 100% of the ordinary share capital is owned by White Rose. The share capital was acquired by White Rose on 30 December 2020 and so has not been consolidated in the year to 31 December 2020.

13 STOCKS

Finished goods
14
DEBTORS
Trade debtors
Amounts due from subsidiary undertaking
Other debtors
Prepayments and accrued income		 Consolidated
2020
£
2019
£
20,078
95
~~___~~
~~__~~
Consolidated
2020
£
2019
£
24,932
-
-
-
28,542
16,575
22,909
56,869
_
____
76,383
73,444		 Charity
2020
£
-
~~___~~
Charity
2020
£
-
431,900
-
-
_____
431,900		 2019
£
-
~~___~~
2019
£
-
328,242
1,317
-
_____
329,559

15

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

15
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Consolidated
2020
£
2019
£
Finance lease (note 18)
9,482
7,909
Trade creditors
8,733
24,617
Social security and other taxes
118,834
10,383
Deferred income
2,830
2,830
Other creditors
7,347
9,119
Accrued expenses
43,732
64,328
___
__
190,958
119,186
_
_
16
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Consolidated
2020
£
2019
£
Finance lease (see note 18)
10,304
19,790
Other loans
349,125
287,004
Deferred donations
49,435
52,265
_
____
408,864
359,059		 Charity
2020
£
-
-
-
-
-
10,000
___
10,000
__
Charity
2020
£
-
349,125
-
____
349,125		 2019
£
-
-
-
-
-
28,244
_______
28,244
___
2019
£
-
287,004
-
_____
287,004

The other loans become repayable in March 2021. Interest on these loans is being charged at 6% per annum.

17 FINANCE LEASE OBLIGATIONS

Minimum lease payments fall due as follows:

Net obligations repayable:
Within one year
Between one and five years		 Hire purchase contracts
Consolidated
Charity
2020
£
2019
£
2020
£
9,482
7,909
-
10,304
19,790
-
___
__
____
19,786
27,699
-		 2019
£
-
-
_______
-

18 OPERATING LEASE COMMITMENTS

At the reporting end date, the group had outstanding commitments for future minimum lease payments under noncancellable operating leases as follows:

Non-cancellable operating leases
Consolidated
Charity
2020
£
2019
£
2020
£
445,146
-
-		 2019
£
-

16

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Unrestricted Restricted Total funds Total funds
funds funds 2020 2019
£ £ £ £
Fixed asset investments 7,310 - 7,310 -
Intangible fixed assets 53,280 - 53,280 63,270
Tangible fixed assets 283,407 - 283,407 260,371
Current assets 406,673 - 406,673 127,154
Current liabilities (190,957) - (190,957) (119,186)
Long-term liabilities (408,864) - (408,864) (359,059)
_______ _______ _______ _______
Net assets 150,849 - 150,849 (27,450)
_______ _______ _______ _______
MOVEMENT IN FUNDS
At 31
At 1 January December
2020 Income Expenditure Transfers 2020
£ £ £ £ £
Restricted funds:
Kigali Genocide Memorial Online
Giving 616 9,451 (9,235) (832) -
_______ _______ _______ _______ _______
Total restricted funds 616 9,451 (9,235) (832) -
Unrestricted funds (28,066) 1,702,049 (1,523,966) 832 150,849
_______ _______ _______ _______ _______
Total funds (27,450)
_______		 1,704,190
_______		 (1,533,201)
_______		 -
_______		 150,849
_______

20 MOVEMENT IN FUNDS

Restricted funds relate to donations through the Kigali Genocide Memorial website, which was managed by White Rose during its initial phase. Management of this process and funds were transferred to Aegis Trust during the year.

20A MOVEMENT IN FUNDS (PRIOR YEAR)

At 1 January
2019
£
Restricted funds:
Engagement
6,436
Clothing Banks
-
Kigali Genoside Memorial Online
Giving
-
___
Total restricted funds
6,436
Unrestricted funds
(52,673)
_____
Total funds
(46,237)		 Income
£
Expenditure
£
-
(10,100)
54,507
(54,507)
5,895
(5,279)
___
__
60,402
(69,886)
950,145
(921,874)
_
____
1,010,547
(991,760)		 Transfers
£
3,664
-
-
___
3,664
(3,664)
_____
-		 At 31
December
2019
£
-
-
616
___
616
(28,066)
_____
(27,450)

17

WHITE ROSE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21 CASH USED IN OPERATIONS

CASH USED IN OPERATIONS
Total funds Total funds
2020 2019
£ £
Net income for the reporting period (per the statement of financial activities) 178,299 18,787
Adjusted for:
Amortisation charge 9,990 9,990
Depreciation charge 47,987 28,613
Interest received (28,358) (24,458)
Interest paid 17,220 18,964
Disposal of fixed asset - 735
(Increase)/decrease in stocks (19,983) 545
(Increase)/decrease in debtors (2,939) (16,438)
Increase/(decrease) in creditors 121,576 99,128
_______ _______
Net cash provided by/(used in) operating activities 323,792
_______		 135,866
_______

22 RELATED PARTY TRANSACTIONS

There are no related party transactions during the period (2019: £nil).

18