**Charity number: 1199443**
## **THE WHINBANK TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
**THE WHINBANK TRUST**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 13|
## **THE WHINBANK TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023**
|**Trustees**|Mr A. A. E. Glenton, Chairman|
|---|---|
||Mrs C A Glenton|
||Mr P J Glenton|
||Mrs S L Glenton Smith|
|**Charity registered**
**number**
1199443
**Principal office**
Ryecroft Glenton
32 Portland Terrace
Newcastle upon Tyne
Tyne & Wear
NE2 1QP
**Bankers**
Barclays Bank
Leicester
LE87 2BB
**Investment advisers**
Cazenove Capital Management
Schroder & Co Limited
1 London Wall Place
London
EC2Y 5AU||
Page 1
## **THE WHINBANK TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023**
The Trustees present their annual report together with the financial statements of Charity for the year from 1 April 2022 to 31 March 2023. The comparative figures are for the period 12 August 2021 to 31 March 2022.
The Trust was set up on 12 August 2021. The charity has been accorded charitable status by HMRC and was registered at the Charities Commission on 23 June 2022 with charity registration number 1199443.
## **Objectives and activities**
## **Policies and objectives**
The charity's objective is to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time. This objective will be achieved through the provision of grants to charitable organisations.
In order to achieve its objective for the public benefit, the Trustees intend the charity to have no limit to the area or nature of charitable operations for which they will consider grants.
It is anticipated that grants will only be made to registered charities although there is no such limitation in the Trust Deed.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Strategies for achieving objectives**
The aims of the Trust are to disburse grants to charitable causes selected by the Trustees. The intention of the Trustees is to make grants to charities selected from their own knowledge of charities and charitable activities.
## **Activities undertaken to achieve objectives**
The charity will achieve its charitable objectives through the provision of grants to charitable organisations.
## **Main activities undertaken to further the Charity's purposes for the public benefit**
In determining those organisations to which grants will be made, the Trustees will aim to ensure that the charitable organisations to which they make grants are themselves acting for the public benefit.
## **Achievements and performance**
## **Main achievements of the Charity**
The charity was registered at the Charities Commission on 23 June 2022. Funds are held on deposit with the investment advisers. No grants have been paid to date.
Page 2
## **THE WHINBANK TRUST**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Achievements and performance (continued)**
## **Investment policy and performance**
Funds are currently held on deposit with Cazenove Capital Management. Investment income of £5,439 was received in the the year.
## **Financial review**
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Reserves policy**
The Trustees wish to continue to add to the value of endowment funds until sufficient reserves are held to be able to produce a sustainable level of income for potential distribution to charitable causes.
## **Financial transactions during the year and position at the year end**
The Charity has received donations of £250,000 (2022: £375,000) including gift aid from a Trustee. The majority of these funds are held in an Endowment fund to generate income that may be used to make grants in the future.
Investment income of £5,439 (2022: £nil) has been received in the year and expenditure incurred of £88 (2022: £nil).
Funds at the year end are £630,351 being £612,500 of endowment funds and £17,851 of unrestricted funds.
## **Structure, governance and management**
## **Constitution**
The Whinbank Trust is constituted under a Trust deed dated 12 August 2021 and was registered at the Charities Commission on 24 June 2022, charity number 1199443.
## **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 3
## **THE WHINBANK TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 5 July 2023 and signed on their behalf by:
## **A A E Glenton**
(Trustee)
Page 4
## **THE WHINBANK TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Income and endowments from:**
Donations
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2023**
**£**
**250,000**
**-**
**250,000**
**-**
**-**
**250,000**
**362,500**
**250,000**
**612,500**|**Unrestricted**
**funds**
**2023**
**£**
**-**
**5,439**
**5,439**
**88**
**88**
**5,351**
**12,500**
**5,351**
**17,851**|**Total**
**funds**
**2023**
**£**
**250,000**
**5,439**
**255,439**
**88**
**88**
**255,351**
**375,000**
**255,351**
**630,351**|_Total_
_funds_
_2022_
_£_
_375,000_
_-_
_375,000_|
|---|---|---|---|---|
|||||_-_
_-_|
|||||_375,000_|
|||||_-_
_375,000_
_375,000_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
## **THE WHINBANK TRUST**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
Investments
8
**Current assets**
Cash at bank and in hand
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
9
Unrestricted funds
9
**Total funds**|**24,983**
**24,983**|**2023**
**£**
**605,368**
**605,368**
**24,983**
**630,351**
**630,351**
**612,500**
**17,851**
**630,351**|_375,000_
_375,000_|_2022_
_£_
_-_|
|---|---|---|---|---|
|||||_-_
_375,000_|
|||||_375,000_|
|||||_375,000_|
|||||_362,500_
_12,500_|
|||||_375,000_|
The financial statements were approved and authorised for issue by the Trustees on 05 July 2023 and signed on their behalf by:
## **A A E Glenton**
(Trustee)
The notes on pages 7 to 13 form part of these financial statements.
Page 6
## **THE WHINBANK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. General information**
The charity, which aims to provide charitable grants, is set up by a Trust Deed. It is registered with the Charities Commission registration number 1199443. The charity's office is maintained at Ryecroft Glenton, 32 Portland Terrace, Newcastle upon Tyne NE2 1QP.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Whinbank Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 7
## **THE WHINBANK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
## **2.6 Cash at bank and in hand**
Cash at bank and 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 account.
## **2.7 Financial instruments**
The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.8 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds which are expendable are held primarily for investment purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
## **THE WHINBANK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **3. Income from donations**
|Donations
Donations|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
250,000
-
_Endowment_
_funds_
_2022_
_Unrestricted_
_funds_
_2022_
_£_
_£_
_362,500_
_12,500_|**Total**
**funds**
**2023**
**£**
**250,000**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_375,000_|
Donations include gift aid claimed in relation to those donations. Gift aid is allocated between funds in proportion to the donations received within those funds.
## **4. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Investment income|5,439|**5,439**|_-_|
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
||**Unrestricted**|||
|---|---|---|---|
||**funds**|**Total**|_Total_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Grant making|88|**88**|_-_|
Page 9
## **THE WHINBANK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **6. Analysis of expenditure by activities**
|Grant making
**Analysis of support costs**
Bank charges
LEI provider fee
**Total 2023**
_Total 2022_|**Support**
**costs**
**2023**
**£**
88
**Activities**
**2023**
**£**
17
71
88
_-_|**Total**
**funds**
**2023**
**£**
**88**
**Total**
**funds**
**2023**
**£**
**17**
**71**
**88**
_-_|_Total_
_funds_
_2022_
_£_
_-_|
|---|---|---|---|
||||_Total_
_funds_
_2022_
_£_
_-_
_-_
_-_|
|||||
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits.
During the year, no Trustee expenses have been incurred.
## **8. Fixed asset investments**
|**Cost or valuation**
Additions
At 31 March 2023|**Cash held**
**for re-**
**investment**
**£**
**605,368**|
|---|---|
||**605,368**|
Page 10
## **THE WHINBANK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **9. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Fund
**Endowment funds**
Endowment Fund
**Total of funds**|**Balance at 1**
**April 2022**
**£**
**12,500**
**362,500**
**375,000**|**Income**
**£**
**5,439**
**250,000**
**255,439**|**Expenditure**
**£**
**(88)**
**-**
**(88)**|**Balance at**
**31 March**
**2023**
**£**
**17,851**|
|---|---|---|---|---|
|||||**612,500**|
|||||**630,351**|
Page 11
**THE WHINBANK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **9. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Fund
**Endowment funds**
Endowment Fund
**Total of funds**|_Income_
_£_
_12,500_
_362,500_
_375,000_|_Balance at_
_31 March_
_2022_
_£_
_12,500_|
|---|---|---|
|||_362,500_|
|||_375,000_|
## **10. Summary of funds Summary of funds - current year**
|General funds
Endowment funds
**Summary of funds - prior year**
General funds
Endowment funds|**Balance at 1**
**April 2022**
**£**
**12,500**
**362,500**
**375,000**|**Income**
**£**
**5,439**
**250,000**
**255,439**|**Expenditure**
**£**
**(88)**
**-**
**(88)**
_Income_
_£_
_12,500_
_362,500_
_375,000_|**Balance at**
**31 March**
**2023**
**£**
**17,851**
**612,500**
**630,351**|
|---|---|---|---|---|
|||||_Balance at_
_31 March_
_2022_
_£_
_12,500_
_362,500_
_375,000_|
Page 12
## **THE WHINBANK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
**Total**|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
612,500
(7,132)
-
24,983
612,500
17,851|**Total**
**funds**
**2023**
**£**
**605,368**
**24,983**
**630,351**|
|---|---|---|
## **12. Related party transactions**
During the year, the Trust received a donation of £200,000 (2022: £300,000) from a Trustee, Mr A A E Glenton. Gift aid of £50,000 (2022: £75,000) was received in the year on these donations.
Page 13