THE WHINFELL CHARITABLE FUND UNAUDITED FINANCIAL STATEMELYTS for the year ended 31 JANUARY 2024 CONTENTS Page Reference aiid administrative details Trustees, annual report Independent Examiner's Report Statement of finan¢ial a¢livilies Balance sheei Notc5 to the financial slalements 8-12
THE WHINFELL CHARITABLE FUND REFERENCE AND ADMINISTIL4TIVE DETAILS The Trust was created and continues to be governed by a trust deed dated 3 December 1973. The Trust is a registered chaiily, number 267333 and is also siibject to the regulations of the Charity Commission. TTIEStees KALDuff S E Cliflord Bowles Address 35 Westgate Huddersfield HDI IPA Investment AdNrysors and Custodian UBS AG 5 Broadgate London EC2M 2AN Bankers National Westminster Bank PIC 24 Deansgate Bolton BLI IBN Accountants Wheawill & Sudworth Limited Chaffered Accountants 35 Westgate Huddersfield HDI IPA
THE WHINFELL CHARITABLE FUND TRUSTEES, ANLNUAL REPORT The Trustees preseiit their report aiid Ihe finan¢ial siateiiients of the cliarity for tl)¢ year elided .1 l Jaiiuary 2024. The Tru5tCCs have adoplcd the provisions of the Statement of RecoTnmended Pra¢li¢e (SORP) 'Accounting and Reporting by Charilic5" IFRS102) in preparing the Annual Report and finan¢ial statements of the Charity. The financial statements have been prepared in ac¢ordan¢e with the accounting poli¢ies sel out in notes to the financial statements and comply witli the charity's governing document, the Cliarities Act 2011 and Accouiiting and Reporting by Charities.. Siateiiicnt of Re¢ommended Practice applicable lo Charities in pieparing their financial statements in accoidance with the Finan¢ial Reporting Standard appli¢abl¢ in the UK and Republi¢ of Ireland published October 2019 (Second Edition). Objective5 and activities The principal activity of the ¢harity during the year has been lo support other charities> particularly in the fields of local and global so¢ial impact. Public benefit Statement The Trustees have considered the general guidance on public benefit issued by the Charity c.ommission in carrying out its objectives and activities and are satisfied that the objectives fall under the provisions of the Charities Act 2011. The Trust fijrthers its charitable purposes for the public benefit through ils grant-making policy. Review of the finan¢i#l year l achievements and performance There have been no changes in the organisational 8tn]cture of the charity during the year. ljicome dnd expenditiii-e.. The Trust received income for the year totalling £138,2 I6 (2023.. £109,671). Expenditure totalled £183,726. £150,000 of which relates to distributions made by the Trustees, at their discretion, to beneficiaries (2023.. total expenditure £116,795 of which £77,000 related to distributions). Distributions have been made to eight charitable organisalions (2023.. seven). During this current financial year there has been a deficit of income over expenditure, before net gainglosses on investments, of £45,510 (2023.. £7,124). Invesiments.. Ai the start of the year the Tnjst's quoted investments were valued at £6,048,396 and by the end of the year the value had in¢ieased lo £6,453,855. Inveslmenl Manogers report Last year, global Equity markets had their bcst year since 2019, lifted by optimism that the US Federal Reserve will cut interest rates swiftly and that innovations in artificial intelligence (AI) will boost profits. US stocks were the main driver of the rally, with a total return of 26.30/0. This partly reflected growing confidence that the US economy is headed for a soft economic landing, with growth slowing sufficiently to pem)it rate cuts without tipping into recession. Inflation, which remained stubbornly high for much of 2023 in both the US and Europe, decelerated late in the year. This allowed the Federal Reserve lo signal a likely end to the fastest series of rate hikes since the 1980s. At its final policy meeting of the year, the Fed laid the groundwork for easing in 2024, with the median forecast by lop officials for three 0.25 /0 interest rate ¢uts over the course of2024. Thc Fed's pivot also contributed to a steep rally in government Bonds late in the year. The yield on Ihc l O-year US Treasury fell from a 16-year peak of 5 /0 in late October to end the year al 3.86 %, only a few basis points higher than where il started 2023.
THE WHIIYFELL CHARITABLE FUND TRUSTEES, Af+lNUAL REPORT {continuedl Revieiv of the financial year (continued) Jnve.*tmgnt McindgErs report (eortlirtiied) Markcls also rccovercd from scvcral setbacks in 2023. In March, the collapse of Silicon Valley Bat& briefly raised concerns over the health of the US banking system before decisive actioi) from the Federal Reserve helped restore confidence. For much of the summer, strong US economic data and elevated inflation kindled fears that the Fed would be forced to keep interest rates higher for longer. Also in October, the Hamas attack on Israel sparked worries that an escalating conflict in the Middle East could disrupt eiiergy supplies and lead to another round of higher inflation. Encouragingly, markcts ieboundcd from each of these cpisodes. Part of the reason for this resilience was growing confidence in the potential for Al to boost profits. The growing visibility of generative Al, following the lauiich of ChatGPT at the end of 2022, was a dominant theme for the year. Top tech firms were the biggest ¥ainers, with the "Magnificent 7" gaining 107D/o. The FANGk Index, which tracks the sharcs of the l O most Iradcd US tcch fimis, Ialled 960/0 over Ihc ycar. But thcre were a150 laggards. China'5 equity markct lost 10.7 /0 over the year, as the nation's recovery from pandemic restrictions was weaker than expected and government stimulus measures failed to impress investors. With the focus on technology stocks, mai'kels less exposed lo ihis sector also trailed. The MSC.I UK gained only 7.70/D and the Swiss market just 5.30/0. Thc Global High Dividend Yield Portfolio outperfomicd its bcnchmark, with the top three contributors for last year being, Broadcom (+21.1'/o), CVS Health 1+16.2 /ol and Intel (4.12.4 /ol. Meanwhile the top three detractors within the portfolio were, Proctoi & Gamble1-4.60/o}, Denso Corp {-3.6 /0) and Siarbucks1-3.3 /0). In the Sustainable Investiiig {Sll Growth Portfolio, we increased ihc r¢lative ov¢tIght allocation to 5-year US Trcasuries against l O-year US Treasuries, seeing room for long-lemi Bonds to dcclinc rther. Moreover, we slightly reduced Ihc ovenvcighi position in muliilaleral developmcnt bank Bonds. Within Equities, the portfolio is overweight Sl value stocks and underweight global ESG (Environmental, Social and Governance) leaders and ESG improvers Equities. Perfomi2n¢e to end of Jan 2024 The 12-monih net of fee returns lo the end of Janu8ry 2024 were 8.49/. This compares favourably to industry peer group (Asset Risk Consultant Steady Growth) returns of 3.92 /0. The long-temi portfolio returns remain positive on both an absolute and relalivc basis. As of Ihc cnd of January 2024, the annualised net performancc 5incc Deeember 2007 is 5.6 %. versus industry peer group returns of 4.3 %. The Fund withdraws the investment incon]c and as a result this does not compound within the returns. Trustees The Trustees who served during the year were as follows= J L Mitchell KALDuff S E Clifford Bowles J L Mitchell sadly passed away on 24 January 2024. The Tn]stees meet at least on¢e a year to review the regular distributions out of trust income, nortnally made in Janiiary. They meet as ne¢essary at other times to review which ¢harilies will benefit fiom in¢omc which remains to be allocated.
THE WHINFELL CHARITABLE FUND TRUSTEES, ANNUAL REPORT {continued) Investment pnliey The Trustees review annually their policy for investment objective and management of the investments. Investment poliey (continued) UBS AG ¢ontinue as investment advisers on a discretionary basis and are instructed to hold the charity's investments as nominees. The iiiveslment objective is for income to increase but the capital should, if possible, maintain its value in line with inflation. This is to be achieved by a balanced portfolio of equities with a risk profile not greater than medium. Statement of Trustees, responsibilities The trustees are responsible for preparing the Trustees, Annu£il Report <lnd 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 atyairs of the charity and ot. the incoming resources and application ot. resources of the charity for that period. In preparing these financial statements, the Trnstees are required to.. seleLt siiitable accounting policies and then apply them consistently. observe the methods and principles in Charities SORP IFRS1021 (Second Edition- October 2019)- make judgements and estimates that are reasonable and prudent; state whether applicclble accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement5- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable Ihetn to ensure that the financial statements comply with the Charities Act 201 I, 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. Reserves policy The Trustees consider that the level of reserves held at 31 January 2024 to be satÈsfactory taking into account the future needs and objectives of the charity. The Trustees review at regular intervals the amount of income received by the charity alongside the requests for donations to beneficiaries. Risk management The Trustee5 havc idcntificd the risks lo which the ¢harity is exposed and assessed their consequential impact on the rinancial activity of Ihc charity. The level of risk assessed has not ¢hanged sin¢e the previous year. The Trustee5 are satisfied that the necessary systems are in place to mitigate the charity's exposure lo those risks. On behalf of the Trustecs KALDuff 7 June 2024
INDEPENDENT EXAMINER'S RLPORT TO THE TRUSTEES OF THE WHINFELL CHARITABLE FUND I report io the charity truslees on my examination of ihe accotsiits of tlie charity for the year ended 31 Jaiiuary 2024 which are set oiit on pages 6 10 12. Responsibilities and basis of report As the ch<1ri1y'S tNstees you are responsible for the preparation of the accounts in accordaii¢e with tlic requiremei)ts of the Charities Act 2011 I'the Act'l. I report in iespect of my examination of the charity's accounts caled oiit under se¢tioii 145 of tli¢ Act and in carrying out my exaininalion I have followed all the applicable Directions given by the Cliarity Coinmission undeT section 14515)(bl of the Act. Independent examiner's statement Your attention is drawn to the fact the charity has prepared the financial statements in accordance with Accounting and Reportin¥ by Charities.. Statement of Recommended Praclice applieable to charitie5 prcpariiig tlieir account5 in accordance with the Fiiii£ ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) in prefe¢¢ to tlie Accoiinling and Reporting by Charities.. Statement of Recommended PrdLtice issued oli l April 2005 wliicli is referred to in the extant iegiilations but has since been withdrawn. I have completed my examination. I confirni that no material matters liave come to tny attention in CO¢CtIOn with the examination giving me cause tLI believe that in any material respect.. accounting records were not kept in respect of the charity as reqiiired by section 130 of the Act- or the accounts do not accord witli those records., or the accounts do not comply with the applicable requireinents conceming the fotm and Content tsf accounts set out in the Charities {Accounts and Reports) Regiilations 2008 other than aiiy requireineiit that the accounts give a 'true and fair view. which is not a matter consideird as part of an independent examination. I have no concen)s and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsndiiig of the accounts lo be reached. 35 Westgate Huddersfield HDI IPA 7 June 2024 DAVID BUTTERWORTH FCA for and on behalf of Wheawill & Sudworth Limited
THE WHINFELL CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES for the year endcd 31 JANUARY 2024 2024 2023 Unrestricted Funds Unresti'ieted Funds Note Income and endowments froJn: Investments Donations 138.216 108,771 900 Total income and endowments 138.216 109,671 Expenditure on: Raising funds Charitable activities (29,795) (153,9311 (33,975) (82,820) Total expenditure {183,7261 {116,795) Net {defi¢it) for the year (45,5101 {7,124) Net Eains l (losses) on Investments 397,277 {305,125) Net income l (deficit) and net movement ID funds 351,767 {312,249) Re¢oneiliation of funds: Total funds brought forward 10 6,112.622 6,424.871 Tot41 funds carried forward 10 6,464,389 6,112,622 All incotne and expenditure derive from continuing activities. The notes on pages 8 to 12 fomi part ofthese financial slatemenls.
THE WHINFELL CHARITABLE FUND BALAliCE SHEET 31 JANUARY 2024 2024 2023 Notes Fixed asset investments Quoted 6,453,855 6,048,396 Current a55etS Debtors Cash at bank 13.166 1,041 65.474 2,218 14,207 67,692 Creditors: aJnount5 f#lling due within one year {3,673) (3,466) Net eurrent assets 10,534 64,226 Total net assets 6,464,389 6,112,622 Charity Funds 10 Unrestricted funds 6,464,389 6,112,622 Toti)I charity funds 6,464,389 6,112,622 The financial statements weie approvcd and auihori5cd for issuc by thc Ttustees and signed on their behalf on 7 June b.D.ff KALDuff Trustee The notes on pages 8 to 12 fonn part of these financial statements.
THE WHINfELL CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS 31 JAP4UARY 2024 General informatio The Trust was created and eoiitinues to be governed by a trust deed dated .3 Decetnber 1973. The Trust is a rcgistercd chaiily, number 267133 and is also subject to the rcgulations of the Charity Conunission. The address of tlie Trust is 35 Weslgale, Hiiddersfseld, HDI I PA. Summary of signifi¢#nt accounting policies General information and basis of preparation The charity constitutes a public bcnefit entity as defined by FRS102. The financial statements have been prepared in accordaiice with Accounting and Rcporting by Charitlcs.. Statement of Recotnmended Practice applicable lo ¢harilies preparing their financial statcmcnt5 in accordance with ilie Financial Reporting Standard applicable in the UK and Republic of Irelalld (FRS102} Seeond edition issued October 2019, the Financial Reporting Staiidard applicable in the United Kingdom and Republic of Ireland (FRS102}, the Charities Act 2011. and UK Generally Accepted Practice as it applies from l January 2019. The Charity has applied the Statement of Recommended Pia¢ii¢e (FRS102), Second Edition, issued October 2019. and does noi include a cashflow statement on the grounds that it is applying FRS102 1 A. The financial sralements are prepared on a going ¢on¢ern basis under the historic cost convention moditied to include certain items ai fair value. The Financial statements are prepared in sterling which is the functional Lurrency of the charity, and rounded to the nearest £. The significant accounting policies applied in the preparation of these finan¢ial statements are sel out below. These policies have been consistently applied to all years presented unless oiherwise slated. Funds Unrestricted funds are available for use at the discretion of th¢ trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Ineome reeognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally enliiled i() the in¢ome after any perfonnance conditions have been met, the amount can bc measured reliably and il is probable Ihal the in¢om¢ will be received. Investment in¢ome is earned through holding asseis for investment PUTposes such as shares and bonds. It includes dividends and interest. It is included whcn the amount can be tneasured reliably. Interest and dividend income is rccognised as the charity's right to reccivc paymcnt is cstablished.
THE MrytINFELL CHAIUTABLE FUND NOTES TO THE FINANCIAL STATEMENTS 31 JANUARY 2024 Accounting polieies (eontinued) Expenditure recognition All expenditure is accoiinted for on an 1( ccfu1c Is basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a leg£l1 or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes investment costs; Expenditure on charitable activities is the paytnent of grants to the charity's beneficiaries. Irrecoverable VAT is charged as an cxpensc against thc activity for which cxpcnditure arose. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these ,Ire recognised as soon as the recipient is notified of the grant, as this gives rise to a ieasonable expectation that the recipient will receive the grants. Where grants are conditional relating lo perfotTnance the grant is recognised to the extent that the recipient has satisfied Ihc performanLe conditions set oul in the grant agreetnent at the balance sheet date. Investments Investments are recognised initially al fair value which is nomially the transaction price excluding transaction costs. Subsequently, they are measured al fair value with changes recognised in 'net gains / (losses) on investments. in the SOFA if Ilie sliares are publicly traded or their fair value can otherwise be measured reliably. Other investments arc measured at Cost less impairment. Debtors and creditors receivable I payable within one year Debtors and creditors with no staled inleresi rate and re¢eivable or payable within one year are recorded at transaction price. Any losses arising from impairnienl are recognised in expenditure. ProvisioDS Provisions are recognised when the charity has an obligation al the balance sheet dale as a result ol a past event. it is probable that an outflow of economic benefits will be required in settlement and th¢ amount Can be reliably estimated. Foreign currency Foreign currency transactions are initially rccogni5ed by applying to the forcign currency amount the 5POt exchange rate between the functional currency and thc foreign currcncy al the dale of the tian5action. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. Taxation Thc charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011.
10 THE WHINFELL CHAIUTABLE FUND NOTES TO THE FINANCIAL STATEMENTS 3] JANUARY 2024 Aecounting policies (continued) Going eoncern The fin<lncial statemeiils have becn prepared on a going concern basis as the trustees believe that no material uncertciinties exist. The trustces have considered the level of fiinds held and the expected level of income and expenditure for 12 tnonths from autlioiising these financial statements. The budgeted income and expenditure is siifficient with the level of reserves for the Charity to be able to continue as a going concern. Ineome from investment5 2024 2023 Income from quoted investments Bank and otlier interest 135,112 3,104 107.991 780 138.216 108,771 Expenditure on raising funds 2024 2023 Investment management ¢osts Deficit on foreign currency exchange 29.172 4,803 682 29.795 33,975 Expenditure on charitable getivities 2024 2023 Independent examination fees UndeTprovision of examination fees prior year Administrative expenses Distributioiis to charities 3,673 208 50 150,000 3,466 1,454 900 77,000 153,931 82,820 Details of dislribulions lo Charities are set out on page 25. Trustees, alld key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year (2023.. £ Nil). The trustees did not have any expenses reimbursed during the year {2021 . £ Nil).
THE WHlf4FELL CHARITABLE FUND NOTES TO THE FIIYANCIAL STATEMENTS 31 JANUARY 2024 Fixed asset investwnent$ 2024 2023 Movement in fixed asset investments Market value al l February 2023 Additions lo investments at cost Disposals at carrying value Unrealised gains / (losses) on investments 6,048,396 6,398,232 983.418 3,027,936 (971,620) (3,206,246) 393,661 (171,5261 Market value at 31 January 2024 6,453,855 6,048,396 All fixed asset investments are listed. Net gains on investments are made up of.. Realised {10ssesl I gains on disposals of investments Unrealiscd1105ses) I gains on investments 3,616 393,661 {133,599) {171,526) 397.277 {305,125) Debtors 2024 2023 Investment capital held by invcsttllenl manager 13,166 65,474 Creditors 2024 2023 Accruals 3,673 3,466
12 THE WHINFELL CHARITABLE FUND NOTES TO THE FINAIYCIAL STATEMENTS 31 JANUARY 2024 10 Fund reconciliation Unrestricted funds B#12nee xt l February 2023 Balance at 31 January 2024 Profit on Expenditure investments Income Unrestricted ndS 6,112,622 138.216 {183,726) 397,277 6,464,389 Fund descriptions Unrestricted funds The general funds of the charity are available lo be distributcd at the discretion of the Iwslees in furtherance of the objects of Ihc charity. I l Related party tran$*¢tions There were no related party transactions in the year or ihe prior year.