**Charity Registration No. 234491 (England and Wales)** ## **The Whitaker Charitable Trust** **Trustees' report and unaudited financial statements for the year ended 31 March 2024** **The Whitaker Charitable Trust** ## **Trust information** |**Trustees**|Janey, Lady Whitaker| |---|---| ||Sir Jack Whitaker| ||William Price| |**Charity registration number**|234491| |**Principal office**|33 Queen Anne Street| ||London| ||W1G 9HY| |**Independent Examiner**|Timothy Gregory, FCA| ||Saffery LLP| ||71 Queen Victoria Street| ||London| ||EC4V 4BE| |**Bankers**|National Westminster Bank Plc| ||135 Bishopsgate| ||London| ||EC2M 3UR| |**Solicitors**|Currey & Co LLP| ||33 Queen Anne Street| ||London| ||W1G 9HY| |**Investment managers**|BlackRock Investment Management (UK) Limited| ||33 King William Street| ||London| ||EC4R 9AS| ||Ruffer LLP| ||80 Victoria Street| ||London| ||SW1E 5JL| **The Whitaker Charitable Trust** ## **Contents** ||**Page**| |---|---| |Report of the trustees|1­3| |Statement of financial activities|4| |Balance sheet|5| |Notes to Accounts|6­10| |Independent Examiner's Report|11| **The Whitaker Charitable Trust** **Report of the Trustees** The Trustees present their annual report and financial statements for the year ended 31 March 2024. ## **Activities and achievements during the year** During the year the Trust received incoming resources of £328,472 (2023: £285,557) and had total outgoing resources of £290,584 (2023: £271,535) which resulted in net incoming resources of £37,888 (2023 net incoming resources: £14,022). The Trust made a loss on investments during the year of £272,061 (2023 total loss on investments of £580,570). Overall, the Trust showed a net decrease in funds of £234,173 (2023 net decrease in funds of £566,548). ## **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 and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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 in the Charities SORP; - ­ make judgements and estimates that are reasonable and prudent; - ­ statedepartures disclosed and explained in the financial statements;whether applicable accounting standards have been followed, subject to any material - ­ presume that the Charity will continue in business.prepare the financial statements on the going concern basis unless it is inappropriate to The Trustees are responsible for keeping proper accounting records that 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 Companies Act 2006. The Trustees 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. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity commission's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **Governing document** The governing document is the Charitable Trust deed dated 17 February 1964. The full name of the Charity is The Whitaker Charitable Trust. Page 1 **The Whitaker Charitable Trust** **Report of the Trustees** ## **Organisation** The Trustees who have served during the year and since the year end are set out on the information page. Trustees are appointed by the Board of Trustees. The Trustees meet regularly to review appeals, assess grant applications and make distributions of income, and to review the performance of the investment portfolio. ## **Objects and grant making policy** The objects of the Charity are such exclusively charitable objects as the Trustees shall in their discretion think fit. In practice this is a general grant­making Charity; the Trustees meet regularly to review appeals and make distributions of income. In recent years the principal donees have been the Universary of Edinburgh, Opera North, the Game & Wildlife Conservation Trust, the Jasmine Trust, the Leith School of Art, the Royal Forestry Society, Hopefull, Medecins Sans Frontieres, the Society for Horticultural Therapy and the School of Artisan Food. More generally, although the Trustees reserve the right to make distributions to any Charity, they are currently particularly interested in the following fields: - i) local charities in Nottinghamshire and the East Midlands; - ii) music; - iii) agricultural and silvicultural education; - iv) countryside conservation; and - v) Scottish charities ## **Reserves policy** Grants and donations made by this Charity are entirely at the discretion of the Trustees and there are no material fixed obligations or undertakings. However, the Trustees recognise the need to maintain a level of reserves in order for the Charity to continue operating effectively. Free reserves at the year end were £145,122. The Charity owns a substantial investment portfolio and, to the extent that the Trustees have the power to use investments as income, those investments can be regarded as reserves. The Trustees have identified that reserves other than the investment portfolio need only to be at a minimal level and that this level continues to be maintained. To maintain the reserves necessary to continue in the future, the Trustees recognise that total expenditure during the year should match total income, in so far as it is possible, whilst also recognising that the Trustees (in conjunction with the investment managers) may need to consider repositioning the investment portfolio where appropriate to maintain the historical level of income. ## **Investment policy** There are no restrictions on the Charity’s power to invest. The investment strategy is set by the Trustees at such times as they deem this necessary and takes account of recent demand for funds and the quality of the funding applications. The Trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The unrestricted funds may be invested in any type of investment. The strategy is reviewed as applicable with the Trust’s investment managers. The investment policy has provided sufficient income this year to cover all grants made. Page 2 **The Whitaker Charitable Trust** **Report of the Trustees** ## **Risk management** The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. ## **Investment powers** By virtue of clause 8 of the governing document the Trustees have (subject to the matters therein mentioned) all the investment powers of beneficial owners. ## **Plans for future periods** The Trustees intend for the trust to continue operating with the same aims and objectives as set out above in this report for the foreseeable future. ## **Public benefit** The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities. In particular the Trustees consider how planned donations will contribute to the aims and objectives they have set. The Trustees consider the current policy for making donations delivers public benefit. Details of the objects which form the basis of this policy are given in the ‘objects and grant making policy’ section of this report. On behalf of the board Sir Jack Whitaker ## **Trustee** 2024 Page 3 ## **The Whitaker Charitable Trust** ## **Statement of Financial Activities for the year ended 31 March 2024** **----- Start of picture text -----**
2024 2023
General General
fund fund
income capital Total Total
Note £ £ £ £
Income and expenditure
Incoming Resources
Income and endowments from:
Investment income 4 324,730 ­ 324,730 284,661
Interest on bank deposits 3,742 ­ 3,742 896
Total income 328,472 ­ 328,472 285,557
Expenditure
Governance and other costs of
grant­making 5 29,084 ­ 29,084 54,535
Grant­making 6 261,500 ­ 261,500 217,000
Total 290,584 ­ 290,584 271,535
Net incoming/(outgoing)
resources for the year 37,888 ­ 37,888 14,022
Net gains on investments
Realised ­ (271) (271) 27,277
Unrealised 7 ­ (271,790) (271,790) (607,847)
Total investment gains ­ (272,061) (272,061) (580,570)
Net movement in funds 37,888 (272,061) (234,173) (566,548)
Total funds brought forward at 1 April 2023 107,234 10,946,078 11,053,402 11,619,950
Total funds carried forward at 31 March 2024 145,122 10,674,017 10,819,229 11,053,402
**----- End of picture text -----**
Page 4 **The Whitaker Charitable Trust** ## **Balance Sheet At 31 March 2024** |**Note**
**Fixed assets**
**Investments (at market value)**
7
**Current assets**
Cash
8
Creditors
9
**Net current assets**
**Total assets less**
**current liabilties**
**Funds of the Charity**
**The accounts were approved by the Trustees on**
**Sir Jack Whitaker, Bt**
**Janey, Lady Whitaker**
The notes on pages 6 to 10 form part of these financial statements.|**2024**
**£**
10,635,982
198,743
(15,496)
183,247
10,819,229
10,819,229
**2024.**|**2023**
**£**
10,790,617
394,962
(132,177)
262,785
11,053,402
11,053,402
**William Price**| |---|---|---| Page 5 **The Whitaker Charitable Trust** **Notes to the accounts for the year ended 31 March 2024** ## **1. Accounting Policies** ## **1.1 Basis of preparation** The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, as amended by Update Bulletin 1 in February 2016, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015. ## **1.2[Going][concern]** After reviewing the Charity's forecasts and projections, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. ## **1.3 Exemption from preparing a cash flow** The Trust has taken the exemption provided in Update Bulletin 1 updating Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) allowing small charities not to prepare a cash flow statement. ## **1.4 Investment Income** Investment income is accounted for on receipt and is shown gross of recoverable tax suffered. ## **1.5 Expenditure** Donations made are accounted for on payment or, if earlier, at the point at which a constructive obligation arises to make the payment. Other expenditure is recognised when incurred. ## **1.6 Investments** Investments are stated at market value. ## **1.7 Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. ## **1.8 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. ## **1.9 Creditors** Creditors are recognised when the Trust has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Page 6 **The Whitaker Charitable Trust** **Notes to the accounts for the year ended 31 March 2024** ## **1.10 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. ## **1.11 Fund accounting policy** The capital fund is the initial and subsequent donations made to the Charity, as adjusted for capital profits and losses, and the policy is to maintain this at the current level. The income fund is made up from income from investments, and donations are made from this fund. ## **2. Resources expended** No remuneration or expenses were paid to the Trustees in the year. The Trust has no directly employed staff. Day to day administration is outsourced to Currey & Co LLP and Tiln Farms Limited. Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates. Costs of generating income comprise those costs directly attributable to managing the investment portfolio and raising investment income. ## **3. Taxation** As a Charity the Trust is not liable for any tax on its wholly charitable activities. ## **4. Investment income** |Dividends ­ UK equities
Management and administration:
Administration
Accountancy
Legal and professional
Investment management fees
**Governance and other costs of grant making**|**2024**
**£**
324,730
**2024**
**Total**
**£**
2,957
7,800
10,152
8,175
29,084|**2023**
**£**
284,661
**2023**
**Total**
**£**
2,990
7,440
10,836
33,269
54,535| |---|---|---| ## **5. Governance and other costs of grant making** Page 7 **The Whitaker Charitable Trust** ## **Notes to the financial statements (continued) for the year ended 31 March 2024** ||**2024**| |---|---| |**6. Grants and donations**|**£**| |Ashfield Home Safety Equipment Project|2,000| |Babworth Church|2,000| |Bassetlaw Hospice of the Good Shepherd|3,000| |Bolsover Woodlands Enterprise|1,000| |Brain Research Trust|1,000| |British Disabled Angling Association|1,000| |Camphill Village Trust|1,000| |CARA Trust|5,000| |Care for Carers|2,000| |Community Action for Refugees and Asylum Seekers|2,500| |Country Food Trust|3,000| |Edinburgh Young Carers|2,000| |Endometriosis UK|2,000| |European Squirrel Initiative|1,000| |Families Outside|2,000| |Farming Community Network|2,000| |Focus on Young People in Bassetlaw|1,000| |FWAG SW|1,000| |Future Trees Trust|4,000| |Game & Wildlife Conservation Trust|10,000| |Gamekeepers' Welfare Trust|3,000| |Go Beyond Charity|2,000| |Hear Me Out Music|2,000| |Help Musicians|1,000| |HIMMAH|2,000| |Hopefull|10,000| |HMP Ranby|1,000| |Jasmine Trust|10,000| |Key4Life|2,000| |Koestler Arts|1,000| |Leith School of Art|10,000| |Lincolnshire and Nottinhamshire Air Ambulance|2,000| |Lincolnshire Rural Support Network|2,000| |Live Music Now|5,000| |Literacy Volunteers|1,000| |Macmillan Cancer Support|2,000| |Maggie's|2,000| |Médecins Sans Frontières|10,000| |Moredun Foundation|5,000| |Music in Hospitals|1,000| Page 8 **The Whitaker Charitable Trust** ## **Notes to the financial statements (continued) for the year ended 31 March 2024** |**6. Grants and donations**
Nevill Holt Opera
Nottinghamshire Clubs for Young People
Nottingham M S Therapy Centre Ltd
Opera North Education
Orchid
Outward Bound Trust
Perth Festival of Arts
Pintsize Theatre Company
Prison Phoenix Trust
Red Squirrel Survival Trust
Regional Screen Scotland
Roots and Shoots
Royal College of Obstetricians & Gynaecologists
Royal Forestry Society
RSABI
Royal Hospice for Children
Sarcoma UK
SCAA
School of Artisan Food
Scottish Pantry Network
Shannon Trust
Society for Horticultural Therapy
The Thunderbird
The Nottingham Arimathea Trust
Thrumpton Primary Academy
Tree Aid
Trent Compassion Trust
Uganda Childbirth Injury Fund
University of Edinburgh
University of Hertfordshire
Wainman Trust
Young Enterprise Scotland|**2024**
**£**
2,000
2,000
2,000
10,000
1,000
2,000
1,000
2,000
2,000
1,000
2,000
2,500
2,000
20,000
2,000
1,000
1,000
2,000
23,000
2,000
3,000
10,000
2,000
2,500
1,000
1,000
2,000
1,000
25,000
5,000
2,000
2,000
261,500| |---|---| Page 9 **The Whitaker Charitable Trust** ## **Notes to the accounts** ## **for the year ended 31 March 2024** ## **7. Fixed asset investments** |Market value at 31 March 2023
Additions at cost
Disposals at opening market value
Net unrealised investment gains/(losses)
Market value at 31 March 2024
Cost at 31 March 2024
**Cash**
Cash held at bank
Cash held at investment managers
Cash held by Solicitors
**Current liabilities**
Professional fees
Accountancy
Loan from Sir Jack Whitaker|**2024**
**£**
10,790,617
1,785,874
(1,668,719)
(271,790)
10,635,982
9,909,125
**2024**
**£**
184,384
1
14,358
198,743
**2024**
**£**
7,816
7,680
­
15,496|**2023**
**£**
11,490,673
2,760,791
(2,853,000)
(607,847)
10,790,617
9,552,023
**2023**
**£**
258,887
126,209
9,866
394,962
**2023**
**£**
9,237
7,440
115,500
132,177| |---|---|---| ## **8. Cash** ## **9. Current liabilities** ## **10. Related party transactions** A charge for administrative expenses of £2,936, including VAT, (2023: £2,990) was paid to Tiln Farms Limited, a company controlled by Sir Jack and Lady Whitaker. The Trustees (but excluding Sir Jack and Lady Whitaker from the decision) consider that this amount represents the arm's length value of the services provided. Under the trust deed, transactions at arm's length are allowed with the Trustees provided they are on normal business terms. Sir Jack Whitaker made a short term loan to the Trustees on 15 March 2023 of £115,500. This loan was fully repaid during the year ended 5 April 2024. Page 10 ## **The Whitaker Charitable Trust** ## **Approval of the financial statements and independent examiner's report to the Trustees for the year ended 31 March 2024** I report on the accounts of the Whitaker Charitable Trust for the year ended 31 March 2024, which are set out on pages 4 to 10. ## **Respective responsibilities of trustees and examiner.** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to examine the accounts (under section 145 of the 2011 Act), to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145 (5)(b) of the Charities Act), and to state whether particular matters have come to my attention. ## **Basis of Independent Examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no material matters have come to my attention : 1. which give me reasonable cause to believe that, in any material respect, the requirements: ­ to keep accounting records in accordance with section 130 of the 2011 Act; and ­ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached **Timothy Gregory FCA Saffery LLP** Date ……………………………… ## **Chartered Accountants** 71 Queen Victoria Street London EC4V 4BE Page 11