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2023-12-31-accounts

Charity number: 236746

WHITLEY ANIMAL PROTECTION TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

WHITLEY ANIMAL PROTECTION TRUST

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report 6 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 21

WHITLEY ANIMAL PROTECTION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Mr E Whitley
Mrs P A Whitley
Mrs V Thompson
Mr E J Whitley OBE
Mr J Whitley
Charity registered
number 236746
Principal office 9 Corve Street
Ludlow
Shropshire
SY8 1DE
Secretary Mrs S Smith
Independent auditors WR Partners
Chartered accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Bankers National Westminster Bank PLC
217 Dean Street
The Telford Centre
Telford
Shropshire
TF3 4BT
Solicitors mfg Solicitors LLP
9 Corve Street
Ludlow
Shropshire
SY8 1DE
Investment Advisors Canaccord Genuity Wealth Limited
41 Lothbury
London
EC2R 7AE

Page 1

WHITLEY ANIMAL PROTECTION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Whitley Animal Protection Trust (the Charity) for the year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

a. Constitution

The Charity was established on 27 August 1964 and is governed by a Trust Deed. It is a Registered Charity, Number 236746.

b. Method of appointment or election of Trustees

The Trustees are relatives of the late Mr Edward Whitley, the founder of the Trust, and are not subject to periodic election. The Trustees meet at least twice a year to consider the business of the Trust and in particular their grant making activities.

c. Policies adopted for the induction and training of Trustees

All Trustees receive an induction and training before their first meeting which include an explanation of the structure and objectives of the Charity and their responsibilities as a Trustee.

d. Risk management

The Trustees have considered and identified the major risks to which the Charity is exposed. They are satisfied that systems are in place to manage those risks. They have also effected Trustee Indemnity insurance. The major risk and uncertainty for the Charity is the economic climate and market volatility, impacting investment values and returns. The Trustees have dealt with this risk through the engagement of professional investment advisors working to an agreed risk profile.

Policies and objectives

a. Grant making policy

The Trustees' policy is to make grants only to registered charities concerned with the charitable objectives as detailed in the following paragraph titled "Objectives". The Trustees have resolved that, before any grant can be confirmed, they require the recipient charity's formal assurance that such a grant is used only for supporting the charitable purposes of this Charity. The Trustees also require the recipient charity to report on the subsequent use of the funds. The Trustees meet biannually to determine the grants to be made.

b. Objectives

The objects, as set out in the Trust Deed are: (1) To give financial support to any charitable purpose or purposes, organisation or organisations (whether corporate or non corporate) concerned with the prevention of cruelty to animals or the promotion of the welfare of animals.

Page 2

WHITLEY ANIMAL PROTECTION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

(2) To establish or endow any new charitable organisation (corporate or non corporate) or institution having any one or more of the like objects.

The Trustees believe that the policy of providing grants to charities whose activities best support the activities of this Charity i.e. the prevention of cruelty to animals or the promotion of the welfare of animals, further widens the Charity's ability to support animal welfare.

c. Public benefit

In setting the objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance.

Achievements and performance

a. Key financial performance indicators

The Trustees set income targets for each year and review performance against appropriate benchmarks during the year. At the Trustees Meeting held on 10th May 2023, their investment managers reported that to the end of December 2022 the performance was satisfactory. The Trustees confirmed that the PIMFA income benchmark would be used going forward, with a target income yield of 2.13%, adjusted during the year to 2.5% income growth and 2.5% capital growth. The Trustees also monitor funds available for distribution to qualifying charities to ensure income is distributed appropriately in accordance with the Charity's objectives.

b. Review of activities

During the year new grants of £241,000 (2022: £250,000) were undertaken. 14 grants were made to 12 charitable organisations. Details of these grants are given in note 6 to the accounts.

The single largest donation was to the Whitley Fund for Nature to which a grant of £85,000 (2022: Whitley Fund for Nature £110,000) was made. The total committed donation to the Whitley Fund for Nature amounted to 35.3% (2022: Whitley Fund for Nature 44.0%) of the total.

A majority of the grants undertaken are repeat donations, however the Trustees do provide essential core funding to these smaller charities without which they would find it hard to maintain their activities. The Charity does also make one-off grants, but a majority of the grants are in respect of longer term commitments.

c. Fundraising activities/Income generation

The Charity derives its income from investments. Funds are not raised from the public.

d. Investment policy and performance

The Charity has wide powers of investment. In accordance with the scheme of arrangement accepted by the Charity Commissioners, the Trustees have given the investment managers, Canaccord Genuity Wealth Limited, discretion to manage the portfolio within an agreed risk profile. The investment managers work towards a benchmark return agreed with the Trustees and based on published indices.

Page 3

WHITLEY ANIMAL PROTECTION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

The investment mandate granted to the investment managers is reviewed annually, as the Trustees wish to ensure that their responsibility regarding both income and capital appreciation is safe-guarded. The Trustees meet with the investment managers biannually to review the past performance of their investments and the prospects for the various investment markets in which they are held.

The agreed target performance for the year 2023 was for income before any costs of £221,109 with protection for the trust Capital Fund. The accounts show that the investment income for the year was £337,202, representing a 3.19% return on the closing Capital Fund of £10,564,267 while the Capital Fund increased in value from £10,109,180 by £455,087 or 4.50%, giving a Total Return of 7.69%.

Financial review

a. Going concern

As mentioned in last year's Report & Accounts, at the Trustees meeting on 17th November 2021, it had been "queried whether the current benchmark, of a relatively high-income yield of 2.75% plus CPI, remained appropriate given that it restricted investment in areas that might provide greater prospects for capital growth. In particular, direct exposure to dynamic technology companies in the United States. Mr Caris-Harris mentioned that the PIMFA Income benchmark may be a suitable alternative and he would provide a comparison table for the Trustees' consideration".

As a consequence, the Trustees had agreed that, while still providing a worthwhile income, the trust's portfolio should in future be a more balanced one, continuing to report on a Total Return basis. They instructed their investment advisers to rebalance it in two major ways. The first being to dispose of and avoid stocks on ESG grounds, such as oils, mines and utilities such as polluting water companies, all with high yields, but whose activities are inimical to the environment and thus to the charity's objects. The second being to widen the charity's capital growth potential by replacing high-yielding investments with moderate growth prospects, with lower-yielding North American equities with much better growth prospects.

As mentioned in Note a. Key financial performance indicators above , the Trustees confirmed, at their meeting on 10th May 2023, that the PIMFA Income benchmark would be used going forward, with a target income yield of 2.13%, adjusted during the year to 2.5% income growth and 2.5% capital growth, a total return of 5.00%. As shown in Note d above, the actual total return of 7.69% was in excess of this, and the Trustees believe that the restructuring of the charity's portfolio they are implementing, is and will continue to be in the long-term interests of its beneficiaries, by offering greater scope for capital appreciation, albeit at a cost of some initial reduction in annual income; and they are confident that it will provide adequate resources for it to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Charity's funds are divided between a Capital Fund and an Income Fund (described in these Accounts as a General Fund). The Capital Fund is established under the Trust Deed and represents the capital that was originally settled on trust. The General Fund represents the net income generated from the Capital Fund.

The Capital Fund balance of £10,564,267 (2022: £10,109,180) may be distributed for the Charity's purposes under the terms of the Trust Deed, however the fund is held to produce income that may be used on an annual basis in accordance with the settlor's intentions, accordingly the fund is classified as an Expendable Endowment.

The General Fund balance of £335,211 (2022: £310,554), is distributed as grants to cover this year's net investment income, with the remainder retained to cover next year's estimated net income, in case of unforeseen events.

Page 4

WHITLEY ANIMAL PROTECTION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

c. Principal funding

The Trust is reliant on the income generated by its investments, the income from which was £337,202 (2022: £314,783). The Trust does not receive income from any other source but, as detailed in the reserves policy note above, does preserve the capital of the Trust for the generation of future income.

Free reserves at the balance sheet date amounted to £335,211 (2022: £310,554).

Plans for future periods

a. Future developments

The Trustees will consider grants accordingly. The Trustees believe that, in many cases, continuing support for charitable organisations, who share the same objectives as this Trust, will best achieve the objectives of this Trust.

Trustees' responsibilities statement

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 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:

The Trustees are responsible for keeping proper 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.

This report was approved by the Trustees, on and signed on their behalf by: 22.05.24

Mr E Whitley, Chairman

Page 5

WHITLEY ANIMAL PROTECTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST

Opinion

We have audited the financial statements of Whitley Animal Protection Trust (the 'charity') for the year ended 31 December 2023 set out on pages 10 to 21. 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 6

WHITLEY ANIMAL PROTECTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 7

WHITLEY ANIMAL PROTECTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of financial statements which 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.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We reviewed the susceptibility of the Company's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.

We reviewed the Company’s regulatory environment to ensure we could conclude that it had acted in accordance with framework relevant to the Company and its environment and identify any instances of non-compliance.

The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and Company awareness to carry out our work to the required standard.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 8

WHITLEY ANIMAL PROTECTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

WR Partners

Chartered Accountants

Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date:

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

WHITLEY ANIMAL PROTECTION TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Investments
2
TOTAL INCOME AND ENDOWMENTS
EXPENDITURE ON:
Raising funds
4
Charitable activities
TOTAL EXPENDITURE
3
NET INCOME / (EXPENDITURE) BEFORE
OTHER RECOGNISED GAINS AND LOSSES
Gains/(losses) on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Capital fund
2023
£
-		 General
fund
2023
£
337,202		 Total
funds
2023
£

337,202		 Total
funds
2022
£

314,783

314,783

50,801

278,654

329,455

(14,672)

(1,491,395)

(1,506,067)


11,925,801

10,419,734
-
337,202


337,202
-
-

48,276
264,269


48,276

264,269
-
312,545


312,545
-
455,087

24,657

**- **


24,657
455,087

455,087
10,109,180

24,657

310,554

479,744

10,419,734

10,564,267


335,211


10,899,478

The notes on pages 12 to 21 form part of these financial statements.

Page 10

WHITLEY ANIMAL PROTECTION TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
12
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Capital fund
13
General fund
13
TOTAL FUNDS
T		 £
479
370,316		 2023
£
£
10,564,267

435

331,101

331,536

(20,982)
335,211
10,899,478
10,564,267
335,211
10,899,478		 2022
£
10,109,180




310,554
10,419,734
10,109,180
310,554
10,419,734

370,795
(35,584)

22.04.24

The financial statements were approved by the Trustees on and signed on their behalf, by:

Mr E Whitley, Chairman

The notes on pages 12 to 21 form part of these financial statements.

Page 11

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

Whitley Animal Protection Trust constitutes a public benefit entity as defined by FRS 102. 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 presented in sterling which is the functional currency of the Charity.

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) issued in October 2019.

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.

1.2 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.

The Capital Fund is established under the Trust Deed and represents the capital which was originally settled on the Trust. The Capital Fund may be distributed for the Charity's purpose under the terms of the Trust Deed, as an expendable endowment, however the fund is held to produce income that may be used on an annual basis.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 12

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.4 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. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Costs of generating funds are costs incurred in the professional management of the Charity's investments.

Charitable activities includes grants payable and support costs which include costs relating to the governance of the Charity.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.5 Going concern

The Trustees have also assessed the potential impact on the future operations of the Charity. The Charity is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.

1.6 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 fair 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 shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.7 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 Bank.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 13

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.9 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.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the relevant discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.11 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. INVESTMENT INCOME

Equities and unit trusts
U.K. Government Stocks
Other fixed interest
Bank interest - gross
Total 2022
 General
fund
2023
£
232,929
344
68,556
35,373
 Total
funds
2023
£

232,929

344

68,556

35,373		 Total
funds
2022
£

219,224

-

89,867

5,692


314,783
337,202 337,202

314,783 314,783

Page 14

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Expenditure on investment management
Costs of raising funds
Direct costs - Activities
Total 2022		 Other costs
2023
£
48,276
 Total
2023
£

48,276		 Total
2022
£

50,801
48,276
264,269
48,276

264,269
50,801

278,654
312,545 312,545
329,455

329,455
329,455

4. INVESTMENT MANAGEMENT COSTS

Investment management fees
Total 2022
 General
fund
2023
£
48,276		 Total
funds
2023
£
48,276		 Total
funds
2022
£

50,801



50,801 50,801

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable expenditure
Total 2022		 Grant
funding of
activities
2023
£
241,000		 Support
costs
2023
£

23,269		 Total
2023
£
264,269		 Total
2022
£

278,654

250,000


28,654
278,654

Page 15

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. ANALYSIS OF GRANTS

Grants, Institutional
Total 2022

Whitley Fund for Nature
Game and Wildlife Conservation Trust - Curlew Country
Sustainable Inshore Fisheries Trust
Oxford WILDCRU - Whitley Analyst
RSPB - Orkney
COAST
Fauna and Flora International - General
The Conservation Volunteers
Soil Association
National Forest
Plantlife
Game and Wildlife Conservation Trust - Allerton
RSPB Scotland - Capercaillie
Association for the Protection of Rural Scotland
Game and Wildlife Conservation Trust - Loddington
Blue Marine Trust
Scottish Seabirds Centre
World Horse Welfare - British Equestrians for Ukraine
Canal & River Trust
Oxford WILDCRU - Recanati - Kaplan Centre
Total		 Grants to
Institutions
2023
£
241,000		 Total
2023
£
241,000
250,000
2023
£

85,000

60,000

25,000

25,000

16,000
5,000
5,000
3,000
3,000
3,000
3,000
3,000
2,500
2,500
-
-
-
-
-
-
241,000
 Total
2022
£
250,000
2022
£
110,000
50,000
22,500
30,000
-
5,000
5,000
2,000
2,000
1,000
-
-
2,500
2,500
2,000
5,000
2,500
2,000
1,000
5,000
250,000

250,000







Page 16

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. SUPPORT COSTS

Auditor's remuneration
Accountancy services
Legal fees
Bank charges
Trustee's indemnity insurance
Total 2023		 Activities
£
8,040
9,085
4,999
40
1,105
 Total
2023
£

8,040

9,085

4,999

40

1,105
 Total
2022
£

7,614

8,640

11,379

64

957


28,654
23,269
23,269



23,497
23,497

8. NET INCOME/(EXPENDITURE)

During the year, no Trustee received any remuneration (2022 - £NIL). During the year, no Trustee received any benefits in kind (2022 - £NIL). During the year, no Trustee received any reimbursement of expenses (2022 - £NIL).

9. FIXED ASSET INVESTMENTS

Market value
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
Investments at market value comprise:
Listed investments
Other fixed asset investments
Total market value		 Listed
securities
£
9,393,995
1,428,304
(1,516,000)
455,087		 Other
investments
£

715,185

87,696

-

-		 Total
£

10,109,180

1,516,000

(1,516,000)
455,087

10,564,267
2022
£

9,393,995

715,185

10,109,180

9,761,386

802,881


2023
£
9,761,386
802,881

10,564,267

Page 17

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. AUDITORS' REMUNERATION

The remuneration amounts to an Audit fee of £8,040 (2022 - £7,614), and accountancy services of £9,085 (2022 - £8,640).

11. DEBTORS

Prepayments and accrued income
12.
CREDITORS: Amounts falling due within one year
Accruals and deferred income
Grants accrued - institutional (included in Notes 5 & 6)		 2023
£
479		 2022
£
435
2022
£

20,982

-

20,982
2023
£
19,584
16,000
35,584

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WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR

Balance at
1 January
2023
£
General fund
General Funds
310,554
Capital fund
Endowment Funds
10,109,180
Total of funds
10,419,734
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 January
2022
£
General Funds
325,226
Endowment Funds
11,600,575
Total of funds
11,925,801		 Balance at
1 January
2023
£
310,554		 Income
£

337,202		 Expenditure
£

(312,545)
Gains/
(Losses)

£

-

Balance at
31
December
2023

£
335,211

10,564,267

10,899,478


Balance at
31
December
2022

£
310,554

10,109,180

10,419,734

10,109,180


-

**- **
455,087

10,419,734

337,202
(312,545)

455,087


Income
£

314,783

Expenditure
£

(329,455)


Gains/
(Losses)

£

-

11,600,575


-

_- _
(1,491,395)

11,925,801

314,783
(329,455)

(1,491,395)

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WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. STATEMENT OF FUNDS (continued) SUMMARY OF FUNDS - CURRENT YEAR

General fund
Capital fund		 Balance at
1 January
2023
£
310,554
10,109,180		 Income
£

337,202

-		 Expenditure
Gains/
(Losses)
£
£

(312,545)
-

-
455,087


(312,545)
455,087		 Expenditure
Gains/
(Losses)
£
£

(312,545)
-

-
455,087


(312,545)
455,087		 Balance at
31
December
2023
£

335,211

10,564,267


10,899,478
10,419,734
337,202
(312,545)		 455,087

SUMMARY OF FUNDS - PRIOR YEAR

General fund
Capital fund		 Balance at
1 January
2022
£
325,226
11,600,575		 Income
£

314,783

-		 Expenditure
£

(329,455)

-
 Gains/
(Losses)
£

-

(1,491,395)		 Balance at
31
December
2022
£

310,554

10,109,180


10,419,734
11,925,801
314,783
(329,455)		 (1,491,395)

The Capital Fund represents the value of the investment assets held as an expendable endowment. All income generated by these investments is treated as unrestricted and attributed to the General Fund and is used to further the Charity's objectives through grants made to charities with compatible objectives.

Page 20

WHITLEY ANIMAL PROTECTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Fixed asset investments
Current assets
Creditors due within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Fixed asset investments
Current assets
Creditors due within one year		 Capital fund
2023
£
10,564,267
-
-
 General
fund
2023
£

-

370,795

(35,584)
 Total
funds
2023
£

10,564,267

370,795

(35,584)


10,899,478
Total
funds
2022
£

10,109,180

331,536

(20,982)


10,419,734
10,564,267 335,211

Capital fund
2022
£
10,109,180
-
-
General fund
2022
£

-

331,536

(20,982)
10,109,180 310,554

15. RELATED PARTY TRANSACTIONS

The Trust made the following grants during the year to charities which are connected with it:

£85,000 (2022: £110,000) to the Whitley Fund for Nature. Mr E J Whitley OBE is a Trustee of this charity.

£25,000 (2022: £22,500) to the Sustainable Inshore Fisheries Trust. Mr J Whitley is a Trustee of this charity.

Page 21