REGISTERED COMPANY P4UM8ER: 00398716 (England and Wales) REGISTERED CHARITY NUMBER: 216064 Re rt of the Trust and Financtal nts lor the Year Ended 30 se tember 2 Whitehèven Trust Limited
Whi haven Trust ont Fin ncial Staternent r Ended 30 Se tember 2023 Page Report of the Trustees I to 7 Report of the Independent Auditors 8 to 11 Statement of Financial Activities 12 Balance Sheet 13 to 14 Cash Flow Stateme 15 Notes to the Cash Fbw Ststement 16 Notes lo the Financial Statements 17 to 27
Whit haven frust Limi Re ort of the Trustees for the Y rEn The trustees who a also directors of the charity for the purposes of the Companles Act 2006, present their report with the financial statements of the charlty for the year ended 30September 2023. The tru5tee5 have adopted the provtsions of Accountin8 and Reportin8 by Charstie5: 5teftnt of Recommended Practrce applicable to Charities prerit their accounts in accordan wtth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectrve l January 20191. OBJEcfivES AND AcnvmES Obiertives and alm$ The objects of ihe charity as set out in the Articles of AssoclaiM)n of Whitehaven Trust Ltd dated 20 September 1945 and re8ulady reviewed ère: "to relieve need by provldlng carn ¢ornbtent w6th the wactkes and teachlrys of Chrlstlan S¢l¢fice, as set out In the writirys of Mary Baker Eddy. whlch moy In particular include: a Chrlsllan S¢len¢e nurslns lacilhy. Chrfstian Sdence nurslni In the horne: resldentlal accommodatlon: asslstance and support. and Ilnanclal asslstsnce for thos¢ who are Lmable to pay for ser¥•ces provided by the Chartty. To advance edu¢atlon by pro¥ldln8 andlor fvndlrq tralnlry In Chrlstlan Sdence nurslw a5 set ¢xrt In the writlngs of Mary Baker Eddy." Snlficant actlvhies The Trust currentty provides Christian Science NursiNd care service5 through the Visiling Christian Science Nursing Service IVCSNSI based in Bristol. EnglarKI for patients in their own home. This sernice is permltted to operate in England onty. under Care Quallty Commission gUlatIOnS. Any individual interested in seekir healing throu8h Christian Science may apply to Use our Vr5itin8 Christian Science Nursing SeNice IVCSNS) in En8land. Whltehaven Trust has also been proactive in looking at opportunities io liaise with other Christian Science nursin8 organisations to develop the training for Christian Scien£e nursing. In the summer of 2023. Whitehaven employed an additional tvKJ Christian Science nurses on a part time basis and al the same time, began a series of outreach talks to Chrisrian Science churches and societles in England. A memorandum of understanding was also dTafted arKI approved between Whitehaven Trust and Mountlands Trust- a Sister organisation with similar ObliveS in an effort to make working together a5 easy as possible. Pa8e I
ort of the Tru for the Y r Endèd 30 Se OBJEcfivES AND AcrivmES Publlc benefit In reviewing the Trust's alms and objectives ihe trustees hwe referd to the guidan on public benefit which has been provided by the Charity Commissh)n in both the general Buide and in the specific 8uide to fee-charg1 charities. Patients of the Visit5ng Chrisiian ScreTr NursiThJ SeThice IVCSNSI are issued with a Statement of Cost for the services provided to them. statements of Cost issued to patients of the Visitire Chrlstian Science Nursin8 SeThice a calculated to recover only the direct time spent with the patnt by the Christian Science nurse. together with the associated travelling costs. The full costs of the care. induding management and administration cost5, are not covered by the Statement of Cost. If pattents a unable to afford the full contribution to cover the Statement of Cost from their own resources they are encouraged to apply for aWStan from the fvnd for Christian kientists ill Need of Nursing Care provided comply with the finartcial criteria laid down try the Aid Fund. The Trust may give benevolence to pat*nts who ère not able to meet the Statement of Cost from their own resourtes, the Fund or any other grant-making body. IndivKluals are made aware of this policy each time they contribute to thé costs of theircaTe. Page 2
¥en Trus ort of the Tru tees he Year Ended 30 Se mber2023 STRATEGIC REPORT Achlevemeftt and perfornian Achièvement and performance. Chrlstian Sclence Nursir¥ Service Whitehaven Trust Ltd continues to provide Christlan Science Nursing Care servlces for patients in thelr own home through the Vi51ting Christian SCIen Nursin8 Service IVCSNS). This has been operating since Au811$1 2016 from an office at Cedar House. 28 Northumbria DrNp. Hertale. Brlstol. These premises ènd the VCSNS seThlce are registered with The ca Quality Commission ICQCI and under its regulations the service is perniitted to operate in England only. The Visiting Christian Science Nursing See receNed an inspeaion by the CQC in October 2022 and the port was published on Ilth November 2022. The service maintained its overall raling of 'Good' followin8 the inspection of Key Lines of Er4uiry- Safe and Well Led. In March 2023. the servKe receNed a full inspection frorn The Commission for AccreditatKin of Christian Science Nursing Fatilitiesl Organizations Inc., based in the US and was awarded accreditstion lor a fvrther three years. Promotion of the VCSNS was a key priority of Whiteha4En Trust. revamping the website, curating brochure a1 dirertly communicating with the Christian Science rId in the UK by way of neletter4 giving talk5 and ¢ommunicatir8directly with Christian Scieno praCtitners. In the past year, the seryice has continued to grow with the VCSNS seeiftg more actr¥ity than the previous year. The Trust ended its financial year ahead of tsr8et income from the VCSNS. Achle¥•ment and Perfwmance. 5mmary Whitehaven Trust continues to have a co-operatTrie relatminship with the Gire Quality Commi55iC+n (Englandl. All inspection results are available on the CQC website and on www.whitehaventrust.co.uk. The Vlsiting Christian Scrence Nursing Servrce has a Certifute of Accditation with the ComMissn for the Accreditation of Chrfstian Science Nursing OanIsatiOnS/FaCilitlts Inc.. USA which is val*J until July 2026. A¢ifvStles The AGM was held in-person at the First Churth of Chiill, ScientlSt. Stroud and Trustee meetin85 have been held online and in person on alternate months. Whitehaven Trust appointed a fvrther two Chrlstian Science nurses to part time positions. and also began advertising for a full-tFme Christian Science nurse to be based In the Southeasl. Flnanclal revFew Flnantial position As at 30 September 2023, the charity had funds of £4.49m of which all but £4.3f were restricted. Assets totalling £1.54m are intluded within fvnds that would not be realisable without the sale of investment properties. Cash of £0.47m along with cash held in the investment portfolio of £0.073m provides sufficient liquldity for the trustees to be able to u)Klude thèt ihe reseNes available will be sufficient to covèr any short to medium term cash requirements, and that on this basis the charity Is a going concern. Our investment properties have seen a redtion in their value from É1.62m in 2022. to £1.54m in Seplember 2023. Our net income for the period was E299.917. Whltehaven Trust- Re8lstered office 28 Northumbria DrNe, 8risiol, BS9 4HP Page 3
Whiteh rt of the Trust for the Y Se tember 2 23 srRATEGIC REPORT Flnanclal revlew Investment Propertles Whltehaven Trust Ltd continues to let seven flats at market rents to ralse revenue for the Trust's charitable activities. They are located at 28130 Northumbria Drive. Bristol 859 4HP, they are currentw Valued at £1.54m. Investment polky and objecti¥es All investments held have been acquired in accordance with the Trust's powers; they a managed by our Portfol managers at Investec to provide a MIxre of capital growth and income. Invesiments are made only in those areas of the market that a not involved with armaments. tobacco. drugs or alcohol. The investments are reviewed regularly by the CEO with the portfolio manager, and the Trustees meet with Irwestec at least On a year io monitor the Managent of Whitehaven's portfolm). Reserves pollcy The reserves furnl and the polKY on reserves continue to be kept under close wiew. The trustees, aim is to maintain unrestricted reserves at a level suffKient to cover a year's running costs. Our reserves currently exceed the £394.crfxJ expenditure budgeted for 2023124. 8NiTI8 trustees the flexibility to brin8 forward spending on additional Christian Science nursing staff as outlined in the future plans section below. Rlsk Asse55rnent and Mana8ement The Trustees undertake an annual Risk Identificatn and Management Assessment which considers five main categories of risk: governance and managefflenL operational, financial. external and compliance with law and regulatK)ns. FInala1 and risk management obje¢ti¥es and policies There is no signifKant price or tredit risk in relatn to the Charitab xtivitTres. The investment portfollo is subject to price and credit risk, but this is managed in line with the investment policy to ensure balanced portfolio. There was no interest rate risk in the year as no monies were borrowed. Liquldliy and cash flow risk are monitored. Cash and liquid assets are rnaintained at a level to ensure compliance with the reseNes poly. The Trustees continue to review all aspects of the Tntst's operations at their monthly meetings, iluding the budget antl monthty management accounts. and to vIeW the Risk Asse55ment and Financial Procedures annually. Future plans Our Visiting Christian Science Nur51118 Servlce Idomiciliary carel ¥AII continue to provide care in En8land. Trustees are focused on expanding this provision for patients who want Christian knence nursing care by recruitin8 and training more Christian Science nurses. The trust is hjoking at different ways of employing already qualifd Christlan Science nurses on either a part tine or full-time basi5 to cover work in other areas of England and will continue to do this into the next year. The Trust contin5 to review training programmes for Christian Science Nursing trainees from both the UK and abroad to increase the availability of staff io run our charitable activities. We a19) continue to communicate with the Christian Science community at(ut the work of Whitehaven Trust Ltd and to promote the work of Chrlstian Science nurses. Tèlks were gsven this year lo churches and fvrther requests are coming in for talks next year. Page4
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Whi Limi ftheTr r Ended fort mber STRucfiJRE, GOVERNANCE AND MANAGEMEpir G¢)vernance Whitehaven Trust Ltd s a registered charity. number 216064. It is also a company incorporated under the Companies Acts. number l)0398716 limited by guarantee and not havin8 a share capital. as defined by the CompaThes Act 2. It is governed by a Memorandum and Artides of A55odatlon last revised 21 January 2011. Membership of the company is restricted to members of The First Church of ChrisL Scientist, in Boston, Massachusetts. USA who are students of an authorised teacher of Christian Scien. Company Members a appolnted by iniritation on a regular basis. Strurture Whitehaven Trust rnited is affiliated to the A550Cbation of Organisations for Chrlstian Scieh¢e Nursing and is accredited by The Commission for Actreditation of Christian Scnce Nursing OrganisationslFacilities Inc. in the USA which sets the standards for Christian Science Nursing. The Visiting Christian Science Nursing Servtt IVCSNS) is registered with the Care Quality Commission ICQCI England. Management The Trustees who are also directors of the charty for the purposes ol the Companies Act 2006, are appointed by Company Members at the Annual General Meetin8. They meet monthly and take all detisions pertalning to matters of policy and directioD. They delegate the day to day runnin8 of the charity to the CEO/Company Secretary, and the Visiting Christian Scnce Nursin8 Manager. New Trustees receive an induction covering the main a85 of the organisation and their responsibilities as Trustees in accordance with the 8uidance from the Charity Commisgon. They will also be sent on regular approprlate Irainin8 courses as required. The CEO/Company SecietarylNominated Individual will uplate Trustees on changes in re8ulations and the law. The membets of the Board of Trustees who ser¥ed durin8 the year are set out below. REFERENCE AND ADMINISTrATIVE DETAILS Re8lstered Company number (XJ398716 (Englantl and Walesl Reglstered Charlty number 216064 Registered offlce Cedar House 28 Northumbrla Drive Bristol BS94HP Page 5
ven Trust Limi ort of the Truste for the Year Trustees EAWllson V M Needham A E J Mclntyre, CBE H M Haughton (appointed 28.3.23) J R Slnclair (appointed 15.8.231 L Huxford (resigned 13.5.231 Audltovs Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA Soli¢ltor5 Stone King LLP Upper Bor0h Court Upper Borough Walls Bath BAI IRG Brokers Investec Stockbrokers and Fund Managers 3Temple Quav 3 Tefflple Back E Redcliffe Bristol BSI 6DZ Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ STATEMENT OF TRUSTEES. RE5POP4SIBILmES The trusiees Iwho are also the directors of Whitehaven Trust Limited for the purposes of company lawl are responsible for preparin8 the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accountire Standards (United Kingdom Generally Accepted Accounting Practicel- Page 6
Whl Re ortoft fort arEn es Se tem r2023 STATEMENT OF TRUSTEES. RÉSPONS181UTIES. Continued Company law requires the trustee5 to prepare financial statements for each financial year which give 3 Irue and fair view of the state of affairs of the Charitale tompany and of the incoming resources and èpplication of resources. including the income and expenditure. of the charftable company for that period. In preparing those finanoal statements. the tru#ees are required to select swtable accounting policies and then apply them conslstentty- observe the methods and principles in the Charity SORP- make judgement5 and eslimates that are reasonable and prudent- state whether applicable accounting standards have been followed. Subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the 8oin8 concern basis unless it is inappropriate io wesume that the charitable company will continue in business. The trustees are resrM)nsible for keeping proper accountin8 records which disclose with reasonable accuracy at any time the financial positn of the charitable company and to enable them to ensure ihat the financial statements comply with the Compan5 Act 2)6. They are 3150 responsible for 5afeguardin8 the a55ets of the Charitab company and hence for takin8 reasonable steps for the prevention and detection of fraud and otr irregularities. In so far as the trustees a aw•re: there is no relevant audit information of which the charitable company's auditors are unaware- and the trustees have raken all steps that they ought to he tsken to make themselve5 aware of any relevant audit infOrMatn and to establish that the auditors are aware of that infom)ation. AUDITORS The auditors, Moore, wil be proposed for -appointment at the forthcomin8 Annual General Meeting. Report of the trusiees, incor company directors, on ........ ratin8 a stfate ic report. approved by order of the boartl of trustees, as the - and signed on the board'5 behalf by.. E A Wi19)n . Trustee Page 7
rtofthe Whitehav n Trust "m1 to he Oplnlon We have audited the financial statements of Whitehaven Twsl Limited (the 'charitable company'l for the year ended 30 September 2023 whlch comprise the Statement of Flnancial Activities, the Balance Sheet, the Cash Flow Statement and notes to the linancial statements, including a summary of si8nificant accounting policie5. The financial rewrtin8 framework that has been applied in their preparation is applicable law and United Kingdom Attounting Stsndard5 (United Kirodom Genefalty Accepted Accountln8 Practice). In our opinion the financial statements: give a true and fair view of the stste of the charitable companrfs affairs a5 at 30 September 2023 and of it5 incoming resources and application of resources. includin8 Its income and expenditLtre, for the year then ended- have been property prepared in accordance with United Kid0M Generalty Accepted Accounting Practice- and have been prepared in accordance with the requirements ol the Companies Act 2ry)6. Basls for oplnlon We conducted our aLKlit tn accordance with Intematlonal Standards on Auditing (UK) 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the autlit of the financial staiements section of our report. We are independent of the charitable company in accordance with the ethical requirements that a relevant to our audit of the financial statements in the UK. including the FRC'S £thThl StaThlard. and we have fulfilled our other 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. Conduslons relatlry to 80ir concern In auditing the financial statements. we have conduded that the trustees. use of the 80ing ¢oncem basls of accounting in the 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 thaL indivldually or collertively, may cast significant doubt on the charitable companls ability to continue as a goi concern for a period of at least tWee months fmm when the financial statements a auihorised for Issue. Our responsibilitses and responsibilities of the trustees with respect to goi toncem are described in the relevant sections of thb report. Other Infomiatlon The trustees are responsible for the other infrjrniat•[. The other information comprises the information Includetl in the Annual Report. other than the financial stateffnts a1 our Report of the Independent Auditors thereon. Our opinion on the financial statements does Ilot cover the other information and, except to the eent otherwise explicitfy stated in our report, we do rK)t express any form of assurance conclusion ihereon. In Connettion with our audit of the finarKial statements. otsr responsibility is to read the other information and, in doir* $0, consider whether the other informalKJn is materially inconsistent with the financ4al statements or our knowledge obtained in the audit or otherwise appears to be Material misstated. If we Identify such material inconsistencies or apparent material misstatements. we are required to detemiine whèther this gives rise to a material misstatement in the financval staiements themselves. If. based on the work we have performed, we conclude that there 15 a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. Pa8e 8
rt of the Inde endent A Whiteh ven Trust Limi rstotheT Matters on which we are rew*r to report by exception We have thIng to report In respect of the following matters where the Charities (knounts and Report51 Regulations 2QJ8 requires us to report to you if, in our opinion.. the infomiation gwen in the Report of the Trustees is incon5i5tent in any material respect with the financial statements- or the charitable company not kepl adequate accounting records: or the financial statements are not in agreer nt with the accounling records and returns,- or we have not recefved all the inf0mlatn and eIanatKIns we qUIre for our audit. Responslbllltles ol trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees (who are also the dlrectors of the charitable company for the purw)ses of company lawl are responsible for the pieparation of the financial statements and for beirE Satisfied that they give a true and fair view. and for such internal control as the trustees deterMe ts necessary to enable the preparatTh of financsal statements that are free from materh?I misststement. whether due to fraud or errof. In Prepari the flnancial statements. the trustees are responsible for a$5essin8 the charitable company's abllity to continue as a goin8 concern. disclosing, as applbtable. matters related to going concern and usi the going concern basis of accounting unless the trustees either iniend to liquidate the charitable companv or to cease operations, or have no realistic alternative but to do 5Q. Page 9
to Whit hav Limi Our rnsponslbllltles lorthe audit of finandal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordan¢e wlth the Act and relevant regulations made Of having effert thereunder. Our objectives are to obtain reasonable assurance athjut whether the financial statements as a whole are free from material misststement, whelher due to fraud or error. and io issue a Report of the Independent Auditors that inclLMles our opinion. Reasonats as5urnnce is a high level of assurance. bul is not a guarantee thai an audlt conducled in accordance with ISAS (UKI will always dÈted a material misstatement when it eSts. Misstatements can arise from fraud or error and are considered material if. indNidually or Sn the a88regate. they could reasonabty be expected to infiuence the economic decisions of users taken on the basis of these financial statements. The extent to whKh our w¢xedures are capaLle of detecting irregularities, includlng fraud is detsiled below: ExplanatloD as to what extent the xllt was Cons1 capable of detertlnl Irre8ularlti4 indudln8 fraud The objectives of our au(Jit in respect of fraud. are- to identify and assess the risks of material mlsstatement of the fmancial statements due to fraud- to obtain suificier)t appropriate audit evidence re8ardin8 the assessed risks of material misstatement due to fraud. thrOh designin8 implementing appropriate responses to those assessed risks. an(J to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the prlmary responsibility for the prevention and deteCtn of fraud rests with both management and those charged with govemance of the compafty. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements appIable to the company and considered that the most signiflcant are the CompanEs Act 2C(6. Charilies Att 2011, UK Financial Reporting Standards and UK taxation legislation. We obtained an understarKling of how the company complies with tse fequirements by discussions with management and those cha¥ged with governance. We a$5essed the rlsk of material misstatement of the financial statements. including the risk of material misstatement due to fraud and how it might occur. by holding (iiscusslons with management and tP)se charged with 8overnance. We inquired of management and those charged with governance as to any known instances of non-compliance or susperted non-compliance with laws and regulat*)ns. Based on this under5tandin& we designed specific appropriate audll procedures to identify instances of non-compliance with laws and regulations. This incIed making enquiries of management and those char8ed with governance and obtalnlng additional corroborative evidence as required. A further description of our responsibilitiès for the alIt of the financial Statements Is located on the Financial Reportin8 Counol's website at www.frcor8.LWauditorsresponsibilities. This descfipiion fomis part of our Report of the Independenl Auditors. Page 10
f h Inde ndentA hitehaven Trust Limit othe Use of our report This report is made solely to the charitable company's trustees. as a trx)dy. in accor(lance with Part 4 of the Charities (Accounts and Report51 Regulations 28. Our audit work has been undertaken so that we might state lo Ihe charitable company's trustees those matters are required to stste to them in an auditors, report and for no other purpose. To the fUlt extent pem)ltted by law. we do not accept or assume sponsibilily to anyone other than the charitsble company and the charitable company's trustees as bolly. for our audit work. for this report. or for the opinions we have fomied. for and on behèlf of Moore Chartered Accountants and Statutory ALKlitor EliBible io act as an auditor in temis of Sertion 1212 Of the Compan•es Acl 2006 30 Gay Street 8ath BAI 2PA Date.. Page 11
Whi ehaven T st Statem forth Y f Financial Activities rEnd d30 30.9.23 Total fvnds 30.9.22 Total funds unStrICted Restricted hjnd funds Notes INCOME AND ENDOWMEiifs FRIJM Donatlons aMI le8acies 20.C s.045 132.374 Charitsble artfvltles Nursing Care Services 41.158 41.158 24.934 Investment income Other income 76.5 76,SY15 66,168 4.827 Totsl 598,108 20.(} 618,108 228,303 EXPENDITURE ON Charitable artlvitles Nursing Care Services Governance costs 268.416 5.498 273.914 212.577 36,937 36,937 123,806 Totsl 313.993 5.498 319.491 342,383 Net gainsll1055es) on investmen15 1.300 1154.6421 NEf INCOMVIEXPENDITURE) Transfets between fvnds 285.415 10.142 14.502 110.1421 299,917 1268,722) 18 Nel mi)vement In funds 295.557 4.360 299,917 1268,7221 REC(x4auAnoN OF FUNDS Total fu15 broughi forward 4.191.731 4.191,731 4,460,453 TOTAL FUNDS CARRIED FORWARD 4.487,288 4.360 4,491,648 4,191,731 The notes fom) part of these financhil statement5 Page 12
have tem r 2023 30.9.23 Total fund5 30.9.22 Total funds UnstrICted Restricted fund fvnds Notes FIXED ASSErs Tangible assets 12 16.075 16.075 24,641 Investments Investment property 13 2.485.063 14 1.540.395 2,485.063 1,540.395 1,9)4.159 1,620.COJ 4.041,533 4,041.533 3.548.8 CURRENT ASSET5 Stocks Debtors Cash at bank 15 16 1.302 13.455 464.986 1,302 13,455 469,346 1,302 106,403 580,937 4,360 479.743 4,360 484,103 688,642 CREDITORS Amounis falling due within one year 17 133.9881 133,988} 145,7111 NET CURRENT ASSErs 445.755 4,360 450,115 642.931 TOTAL ASSETS LESS CURRENT IIABIUTIES 4,487.288 4,360 4.491.648 4.191,731 NET ASSETS 4.487,288 4,360 4.491,648 4,191,731 FUNDS Unrestricted fund5 Restricted funds 18 4,487,288 4,360 4.191.731 TOTAI FUNDS 4,491.648 4,191,731 The chafltable company ts entiiled to exemption from audit under Sectw)n 477 of the Companles Act 2W6 for the year ended 30 September 2023. The members have not dep)sited notice. pursuant to SeCtn 476 of the Companies Act 2CQ6 requlring an audit ol these financial ststements. The notes fomi part of these finala1 statements Page 13 continued..-
Whi haven Trust Lwnit anEe S r20 The trustees acknowledg their resFK)nS1IeS fix ensuring thai Iht charitae cornpany keep5 accountinB reLords that compty wilh Secl'"ons 386 and 187 of the Companit5 Act 2CC6 and Ibl preparing financml staiemenis whKn 8ive a In and fair view of the state of •ffairs of the chaDtable comyny as at the end of Èach fInala,. year and of it5 swplus or deF£it for eath finèntial yeaw tn accordance with the requirements of Settns 394 and 395 and which otherwse compFy with ihe requiremèots ol the Companies Act 2W6 ieialin8 lu (Indi1 statements. $0 Far as applicabje to the charltsble trty. These financial statements have been dwSted under th¢ requiremenis of sec1K 145 of th2 Ch8riiies Aci 2011. The fxmntial stal ent5 were apswoved by Board ol Tru5tee5 and authorised lor i55ue on . an¢J were ggred on its behalf . E A Wilsots- Trustee AE J Mclnlyre- Truslee The noies fom) part of tl*se 14nèncial Maiements P4e 14
Fl w Statem r Ended 30Se tem r 2023 30.9.23 30.9.22 Note5 Cash flows from operatlns artlvftle5 sh generated fmm operations Interest paid 364.121 (128.697) 12,2731 Net cash provided byllused Inl Operati artNitbes 364,121 {130,9701 Cash fltyys from InTMSting activltles Purthase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of investments Interest recelved Dividends received 131,0781 ii.cm,cm) 1,587,537 259,999 {2.4511 1701 16.CIM) 8.288 Net cash (used inllprovided by investing actNities {475.7121 813,937 sh fl$ from financiNx artivities Loan repayments in year li54.1) Net cash provided byllused inl finanung activhies 1154,(xx)I Change In cash and cash equivalents In the reportin8 period Cash and cash equivalents at the be8lnnlry8 of the reportini perlod {111.5911 528,967 580.937 51,970 Cash and cash equlvalents at the end of the reportlng perlod 469.346 580,937 The notes fom) part of these financial 5tstements Page 15
Whitehaven Trust Limit Notes to the Cash Flow S r the Year En ed30 rnber2 RECONCIUATION OF NET INCOW(EXPENOtTUAE) TO NET CASH FLOW FROM OPERATING AcfiviTIES 30.9.23 30.9.22 Net Income/lexpendtture) fi)r the reportlry perfod (as per the Staternert of Anandal Artl¥ltlesl Adlustments for: Depretiation charges (Gainlllosses on investment5 IProfitl/loss on disposal of frxed assets Interest received Interest paid Dividends receNed Decreasellincreasel in debtors IDecreasel[Intrease in creditors 299.917 1268,7221 ,521 (1,3001 {15,9551 18.2881 8,075 154.642 53.320 2.451 2,273 70 198,1761 17.370 92,948 11,7221 Net (ash provlded byllused In> opet*tMs 364,121 1128,697) ANALYSIS OF CHANGES IN NET FUNDS At 1.10.22 Cash flow At 30.9.23 Net cash Cash at bank 580,937 111.591} 469.346 .937 1111.5911 469,346 Totsl 580.937 1111.591} 469.346 The notes fom part of these financkil statements Page 16
tes to the Fi tat he Year Ended 30 Se tember 20 ACCOUNTING pouaES 8$ of preparlry the ftnandal stem The financial ststements of the charitsble company. whith is a public benefrt entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reportin8 by Charities.. Statement of Recommended Practice applicab to chartties prep3ring their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20191,. Financsal Reporting Stsndard 102 'The Financial Reporting Standard applKable in the UK and Republic of Ireland, and the Companies Act 2(K76. The financial statements have been wepared under the historical cost convention. with the exptIon of investments which are included at mèrket value. ès modified ty the revaluation of certain a55et5. Gn$ Concern The trustees a&sess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or condEr)n$ thai may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation fo( issue of the financial statement5 and have conclLKled that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the tharity's ability to continue as a going concern, thus they continue to adopt the goi concern basis of accounting in preparin8 the financial statements. Income Ail income is recognised in the Ststement of Financial AciNities once the charity has entiilement to the funds. it Is probable that ihe income will be receNed and the amount can be measured reliably. Expendlture Liablllties are recognised as expenditure as soon as there is a legal or constiuctive obligation ommitting the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obli8atKJn can be measured reliably. Expenditure is accounted for on an accruals basis arKI has been classified under headings that aggregate all cost rdated to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actiwties on a baS conslstent with the use of soUrCes. Tanglble flxed assets Depreciation is provthd at the folknwin8 annual rates in order to wrtte off each asset over its e5timaled useful life. Fixtures and fittin8S Motor vehicles at varyiThA rates on cost Straighi Ilne over 4 years All fixed a55ets are Initial recorded at cost. Tangible flxed assets costing more than £l.CrfXI are capitalised and included ai Cost including and incldental expenses of acquisition. Imiestment property Investment property is shown at m05t recenl ¥aan with changes in valuatfjon recognised within the statement of financial a¢ttvits. Page 17 continued...
V4hitehaven Trust Limit d te5 to the Financial Statements- continLred ar Ended 30 Se tember 2023 ACCOUNnNG POLK1ES. contlnued Stock5 Stod(s are valued at the lower of cost and rÈt realisable value. after makin8 due allowance for obsolete aThJ slow movin8 Ilems. Taxailon The charity is exempt from corporatlon tsx on It5 charitsble actlvitles. Fund accountln8 Unrestricted can be used in accordance with the charitable objertives at the disuetion of the tNstees. Restricted funds can only be used for partKular restrirted purposes withir) the objects of the charity. Restrictions arlse when specified by the donor or when fund5 are raised for particular resificted purposes. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements. Pension costs and other port-retlrement beneflts The charitable cornpany operate5 a defined contr+bution pension scheme. Contributions payable to the charitable company's pensK)n Scheme are charged to the Statement of Financlal Activities in the period to whKh they relate. Investments Investments are valued at mid-market value at the year-eNJ. Realised and unrealised gains or tOsse5 are credlted or charged to the rentlund in the Statement of Flnancial Activities. Flnanclal Instruments Financial instruments are classified and accounted for. according to the substsn¢e of contrauual arran8emenL a5 either finala1 assets or financial liabilities. DIXIATIONS AND LEGAaES 30.9.23 30.9.22 Donations Legacies 44.326 455,719 30.160 102,214 Sc.045 132,374 Page 18 continued...
Whi ehaven Trust imit Note he Financial Statements- continued Se tember 202 WVE5TMENT INCOME 30.9.23 30.9.22 Rents received Other fixed a55et invest- Fll Deposit account interest 68,617 68,689 1701 12,4511 8.288 76.905 66,168 INCOME FROM CHARITA8LE ACTMTIES 30.9.23 30.9.22 ActNity Nursi Care Seryice5 Nurslng Care Services 41,158 24.934 CHARITABLE A1VITIEs COSTS Support Costs (see note 61 Direct Cosis Totals Nursing Care SeNicès Governance costs 217,293 56.621 8.640 273,914 8,640 217.293 65,261 282,554 SUPPORT COSTS Governanee costs Other Totals Nursing Care Service5 Governance costs 35,580 21.041 8,640 56,621 8.640 35,580 29.681 65.261 Page 19 continued...
Whitehaven Trust Limited th Finan temen ntinued mber2023 OTHER 30.9.23 30.9.22 Rate5 & Water Light & Heat ReE)airs & Maintenance Insurance Depreciation Loss on sale of assets Interest payable and similar charges 2.566 9.539 26.281 5,985 8,521 {15.9551 2.143 10.876 38,572 8,548 8,074 53.320 2.273 36,937 123,806 NET INCOMEIIEXPEMOITURE) Net incomejlexpendlturel Is stated after Charg1(credItI8}. 30.9.23 30.9.22 AuditOfS' remunerat*)n Depreciation- owned assets Surplus/ldeficitl on (iistM)sal of fixed assets 8,640 8.521 115,9551 6,0 8,074 53,320 TRUSTEES, REMUNERATION At4D 8ENEFITS Key Management Personnel The total amount of employee benefits (ind1n8 eM0ver pension contributionsl received by key management personnel for their ser¥ices to the charity was £65,05112022: £31,066). Trustees. penseS During the year trustees were reimbursed travel and subsistence expenses totalling £898 12022: £1,578). These all related to travel to boartl meetings and a COnfenCe. Ai the year ernl the were no expenses due to trustees. Page 20 continued...
Whit n Trust Notes to he YearE ncial tat men ntin r 2023 10. STAFF COSTS 30.9.23 30.9.22 Wa8e5 and salaries Social security costs Other pension costs 177,161 13.984 8,447 136.681 9.486 9.345 199.592 IS5,512 The average monthty number of employees during the Itar wa5 as follows: 30.9.23 30.9.22 Provision of care services- nursing Management and adminislration No employees received emolumenls excess of £60.(KK). 11. COMPARATIVES FOR THE STATEMENT OF FINANOAL ACTivmE5 Unrestricted Restricted fuTh funds Total funds INCOME AND ENDOWMENTS FROM Dgnations and legacies 132.374 132,374 Charltable a(tivitles Nur5in8 Care Service5 24,934 24,934 Investment incowne Other Income 66.168 4.827 66,168 4,827 Total 228,303 228 303 EXPENDITURE ON Charitable a¢ti¥itles Nursin8 Care SeNices Governance costs 212.577 212,577 Other 123.806 123,806 Total 342.383 342.383 Nei gainslllos5esl on investments 1154.6421 154,6421 Page 21 continued...
Whi ehave h FIanCial 5tatement5- continued Year Ended 3 mber 2023 11. ClpARATIVEs FOR THE STATEMENT OF FMNaAL AcfMTIES. contlnued Unrestricted Restricted fund funds Total funds NET INCOMEI(EXPENDITURE> 1268.7221 1268,7221 RECONCIUATION OF FUNDS Total funds brought forward 4.4.453 4.4,453 TOTAL FUNDS CARRIED FORWARD 4.191.731 4,191,731 12. TANGIBLE RXED ASSErs Fixtures and fittin8S Motor vehides Totals At l October 2022 Disposals 10.856 1.1061 28.393 39,249 11,1061 At 30 September 2023 9.750 28,393 38,143 DEPRECIATION At l October 2022 Charge for yeaf Eliminated on disposal 7.510 1.423 li.C611 7,098 7.098 14.608 8,521 1,0611 At 30 September 2023 7.872 14,196 22.068 NET BOOK VALUE At 30 September 2023 1.878 14.197 16,075 At 30 September 2022 21.295 24,641 Page 22 continued...
Whitehaven T ial Statements. c r End@d 30 Se t mber 2023 nued for the Ye 13. FIXED A55ET INVESTMENTS Listed investment5 MARK VALVE At l October 2022 Additions Revaluations 1,904,159 5CI),000 80,904 At 30 September 2023 2.485,063 NEf BOOK VALUE At 30 September 2023 2,485,063 At 30 September 2022 1.9J4.159 Total FuNls Total Funds Z023 2022 Llsted investments UK Quoted fixed interest securities UK Quoted Shares Non-UK Fixed interest securifies Non-UK Quoted Share5 201.049 421,250 369,519 862.380 139,352 401,626 160,579 598.593 1.905,127 I.3.150 Other Investments Other UK Investments UK &5h held as part of Portfol 376,593 203,344 457,661 146.348 579.937 604,C#J9 2,485,063 1,904,159 The IKsok cost of investments held at 30 September 2023 is £2,345,86812022=£1,813,1771. The investments are managed by a professitinèl irnvestment manager arKI repSent monies invested dirertly on a recognised UK stock exchange. Page 23 continued...
Whi Tr t Limited he Financial Statements- ed30Se mber 202 tin for the Y 14. INVESTMENT PROPERTY FAIR VALUE At l October 2022 Revaluat#)n 1.620,(U) (79,6055 At 30September 2023 1,540395 NET BOOK VALUE At 30 September 2023 1.540.395 At 30 September 2022 1,620,CMXI Fair value at 30 September 2023 is represented ty- Valuation in 2023 ValuatKJn in 2022 179,6051 1.620,( 1,540.395 The investment property consi5tinB of 28 and 30 Northumbria Oriye were revalued to £950.1 and £590.0 respectfvety followin8 an open market value carried out by CJ Hple durin8 the year. 15. STOCK5 30.9.23 30.9.22 Stocks 1.302 1,302 16. DEBTORS". AMOUNTS FAWNG DUE wrrHIN ONE YEAR 30.9.23 30.9.22 Trade debtors PPanent$ and accrued income 5,665 7.790 IC6,403 13.455 I,403 Accrued income of ÉNil (2022= £I,L[l} has been accounted for at the end of the year. In 2022 this was money received from the esiète of Richard Heslin& The Trust was informed of the legacy amount shortly before the year end but the funds were receNed post year end. Page 24 continued..-
Whiteh nTr Limited N t to the Finan ial Statement for the Y r Ended 30 mber Inued 17. CREDITORS: AMOUNT5 FALUNG DUE MTHIN ONE YEAR 30.9.23 30.9.22 Social security and other taxes other creditors 4,422 29.566 4,658 41.053 33,988 45,711 MOVEMENT IN FUNDS Transfers between funds At 1.10.22 m¢)vement in funds At 30.9.23 Unrestricted lunds General fund 4.191.731 285.415 10.142 4.487,288 Restrfded funds The Westminster Fund 14.502 110.1421 4,360 TOTAL FUNDS 4,191,731 299.917 4,491.648 Net movement in lunds. included in the above ère as follows: Incoming resources Resources expended Gains and 105ses Movement in funds Unrestrlrted fvnds General fund 598.IO8 1313,9931 1.31X¢ 285.415 Restrlrted funds The Westminsier Fund 20,(KX) 15,4981 14,502 TOTAL RINDS 618.108 319.491) 299,917 Page 25 continued...
Whitehaven Trust Limi Note h Finan rEn ial Stat ments- contlnu Ose tem er 18. MOVEMENT IN FUN05. MThtlnued Comparatl¥es for movernenl sn fvnds Net movement In funds At 1.10.21 At 30.9.22 Vnrestrirted funds General fund 4.460.453 1268.722 4,191,731 TOTAL FUNDS 4A60.453 1268.7221 4.191,731 Comparative net movement in funds. included in the above are as folk)ws: Incomir* resour$ Resources expended Gains and losses Movement In funds Unrestrfrted funds General fund 228.303 1342,383} 1154,6421 1268,7221 TOTAL WJNDS 228,303 (342,3831 1154.6421 1268.7221 Transfers between fund5 The transfer of funds duri the year represents restricted funds donated to pay for fixed asset5 that had previously been purchased. As such. the restriction is deemed to be satisfied on purchase of the assets and transferred accordlngty to unrestricted funds. 19. RELATEO PARTY DISCLOSURES There were no related party transactions in the year12022= Nil}. Page 26 contlnued...
Whlt Tr h Financi Year tementS- C ntinued r 2023 20. COMPANY LIMITED BY GUARANTEE The guarantee of the 25 member5 ofthe company at 30 Septembei 2023 was a nominal amount of Él each. Page 27