# **WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee)**
## **FINANCIAL STATEMENTS**
## **31 DECEMBER 2021**
**Company Registration Number: 1273881**
**Charity Registered Number 272297**
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## **WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee)**
## **REPORT OF THE COUNCIL OF MANAGEMENT**
The council has pleasure in submitting the annual report and financial statements of Whitehall Charitable Foundation Limited for the year ended 31 December 2021.
NAME AND REGISTERED OFFICE OF THE CHARITY
The full name of the Charity is Whitehall Charitable Foundation Limited and its registered office is 5 Springlakes Estate, Deadbrook Lane, Aldershot, Hants GU12 4UH
## OBJECTS
The company is registered as a charity. The objects of the company are as set out in the Memorandum and Articles of Association and it is established for the benefit of seafaring men and woman and their families and such other members of the general public or charitable organisation as may be deemed to be deserving, such benefit being given for educational and welfare purposes.
The foundation does not undertake fund raising activities, and derives its income from investments.
## CONSTITUTION
The charity was formed as a company limited by guarantee on 19[th] August 1976.
The company registered number is 01273881
The charity registered number is 272297
## Review of the Developments, Activities and Achievements during the year
The investments of the charity have increased in value over the year. The investment managers are:
Charles Stanley & Company Limited 55 Bishopsgate London EC2N 3AS
Donations are detailed in note 3 to the accounts.
## Review of Transactions and Financial Position
Funds were raised from the charity’s investments.
The funds available to the company are adequate to fulfil its current financial obligations.
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## **Whitehall Charitable Foundation Limited (Limited by guarantee)**
## **Report of the Council of Management (continued)**
## Council of management
The members of the council of management are appointed by a majority vote of the council and during the year were as follows:-
J M Turnbull H T Turnbull C E Lloyd Owen
## Organisation Structure
The foundation has no paid employees and all decisions are made by the Council of Management from its registered office.
## Policies
The foundation’s policy is to distribute up to two thirds of its net income by way of donations and to invest the remainder in blue chip investments.
## Funds
There are no restricted funds. The foundations funds are all available for distribution in accordance with its objects and subject to its policies.
## Investment Power
The Memorandum and Articles of Association of the company permit the investment of money not immediately required for its objectives in any investments, as may be thought fit.
## Bankers
Barclays Bank Plc Guildford Branch 2[nd] Floor Ranger House Walnut Tree Close Guildford, Surrey GU1 4UL
## Auditors
A special resolution was passed on 8[th] June 2005 whereby the need for an audit and the appointment of auditors should cease.
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## **Whitehall Charitable Foundation Limited (Limited by guarantee)**
## **Report of the Council of Management (continued)**
## Statement of the Council of Management’s responsibilities
Company law requires the Council of Management to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the income and expenditure of the company for the period. In preparing those financial statements, the council is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates 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 accounts on the going concern basis, unless it is inappropriate to presume that the foundation will continue in operation.
The council of management is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable it to ensure that the financial statements comply with the Companies Act 2006. It has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the company and prevent and detect fraud or other irregularities.
By order of the council
**S R Ford Company Secretary**
5 Springlakes Estate Deadbrook Lane
Aldershot Hants GU12 4UH
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|**WHITEHALL CHARITABLE FOUNDATION LIMITED**|**WHITEHALL CHARITABLE FOUNDATION LIMITED**|**WHITEHALL CHARITABLE FOUNDATION LIMITED**|**WHITEHALL CHARITABLE FOUNDATION LIMITED**|**WHITEHALL CHARITABLE FOUNDATION LIMITED**|
|---|---|---|---|---|
|**(Limited by guarantee)**|||||
|**STATEMENT OF FINANCIAL ACTIVITES**|||||
|**FOR THE YEAR ENDED 31**||**DECEMBER**|**2021**||
|**Notes**||**2021**||**2020**|
|||**£**||**£**|
|**Income and Expenditure**|||||
|Incoming resources|||||
|Income from Investments||52,640||34,355|
|Income from fxed deposits & interest||0||9|
|||______||______|
|Total Incoming Resources
2||52,640||34,364|
|**Resources Expended**|||||
|Direct Charitable Expenditure|||||
|Grants Payable
3|(41,000)||-||
|Other Expenditure|||||
|Administrative expenses
4|(3,615)|(3,331)|||
||_______||_______||
|**Total Resources Expended**||(44,615)|||
|(3,331)|||||
|||_______||_______|
|Net Incoming Resources
||8,025|||
|31,033|||||
|Unrealised gains on investments||118,767|||
|117,914|||||
|Unrealised losses on investments|(20,487)|||(33,427)|
|Realised (loss)/proft on investments||4,054|||
|(2,180)||||_______|
|Net movement in funds||110,359||113,340|
|Funds brought forward||64,806||23,951|
(135,542)
Transfer from (to) Other reserves (135,542) (72,485) _______ _______ **Balance carried forward** 39,623 64,806 ======= =======
All funds are unrestricted income funds. The charitable company has no recognised gains or losses other than in the net movement in funds for the year. The incoming resources and resulting net movements in funds arise from continuing operations.
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**WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee) BALANCE SHEET AS AT 31 DECEMBER 2021**
**Notes 2021 2020 £ £ Fixed assets** Investments 5 948,141 812,599 **Current assets** Taxation recoverable - - Cash at bank 15,793 35,314 Debtor 23,830 29,492 _______ _______ 39,623 64,806 **Creditors: amounts falling due within one year** 0 0 ________ ________ **Net current assets** 39,623 64,806 **Total assets less current** _______ ________ **liabilities** 987,764 877,405 ======= ======= **Reserves:** Other reserves 948,141 812,599 Income and expenditure account 39,623 64,806 _______ ________ 987,764 877,405 ======= =======
For the year ended 31 December 2021 the company was entitled to exemption under section 480 of the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibility for (i) Ensuring the company keeps accounting records which comply with the Act; and (ii) Preparing accounts which give a true and fair view of the state of affairs of the company as at the end of its financial year in accordance with the Act and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
These financial statements were approved by the Council of Management on 01/08/2022 and were signed on its behalf by:-
Member of the council
**J M Turnbull**
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## **WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee) NOTES (forming part of the financial statements)**
## 1. **Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Companies Act 2006, and in accordance with the Statement of Recommended Practice: Accounting by Charities 2000.
## **2. Income from Investments**
**----- Start of picture text -----**
2021 2020
£ £
Listed Investments 22,017 14,961
Unlisted Investments 30,623 19,403
______ ______
52,640 34,364
====== =====
3. Grants 2021
2020
£ £
The grants made are as follows:
Argyll Fisheries Trust 4,000 -
NSPCC 6,000 -
Action Medical Research 6,000 -
Action for Children 3,000 -
Surrey Clubs for Young People 2,000 -
West Wilts Portage Services 3,000 -
Royal National Lifeboat Institution 6,000 -
Meath Epilepsy Trust 6,000
-
Step by Step 3,000 -
Shooting Star Childrens Hospices 2,000 -
41,000 -_______ _______
======= =======
**----- End of picture text -----**
Normally the Trustees agree to pay out the annual grants in November each year. However, in 2020 we were late in agreeing these and so payments totalling £22,000 were delayed until January 2021, with a further £19,000 paid in October.
4. **Administrative expenses**
**2021**
**2020**
Investment Management 3,045 2,605 Sundries 570 726 _____ _____ 3,615 3,331 ===== =====
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## **WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee) NOTES (forming part of the financial statements)**
## 4. **Administrative expenses - continued**
None of the members of the council of management received any remuneration during the year (2020- nil).
## 5. **Fixed asset investments**
The investments held are in:
(a) Unlisted investments Investments in private companies
|Cost Value|Cost Value|Acquired|Disposed|Value at||
|---|---|---|---|---|---|
|at|1/1/21|||Repaid||
|31/12/21||||||
|Turnbull Scott & Co. Ltd||||||
|102,077 ordinary 30p shares|30,623|-||30,623||
|Securikey Limited||||||
|31,673 Ordinary 0.1p shares|-|-|-|-||
|Relcross Limited||||||
|102,077 Ordinary 0.1p shares|102|-|-|102||
|Rodin Commercial Holdings||||||
|590,084 ‘A’ Ordinary 1p shares|-|-|-||-|
|Loddon Door Services Limited||||||
|102,077 ‘A’ Ordinary 1p shares-|-|-|-||-|
|Harbour Security Products Ltd||||||
|Loan Notes
|-|-|-|-||
||______|______|_______|______||
||30,725|-|-|30,725||
|======||==================||||
During the year 2021 Turnbull Scott & Co Ltd’s shareholding was split and is now represented by 41,729 shares in Turnbull Scott Investments Ltd and 60,348 shares in TSC SPV Ltd.
On 20[th] March 2012 Relcross Limited declared a dividend in specie whereby its ownership of Rodin Commercial Holdings Limited and its ownership of Loddon Door Services Limited was transferred to its shareholders at nil consideration.
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**WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee) NOTES (forming part of the financial statements)**
**----- Start of picture text -----**
(b) Listed investments
Market Value at 1/1/2021 781,874
Additions during the year at cost 104,814
Disposals (67,552)
_______
819,136
Unrealised gains 118,767
Unrealised losses (20,487)
______ 98,280
______
Market value at 31/12/2021 917,416
______
Total Value as at 31/12/2021 948,141
======
**----- End of picture text -----**
In the opinion of the Council of Management the Foundation’s investments in Private Companies are worth at least the amount at which they are shown in the financial statements. The cost of arriving at a market valuation of these investments is not justified. The Historical Cost of Listed Investments held at the year-end was £629,865
## 6. **Creditors: Amounts falling due within one year**
**2021 2020** Sundry creditors - -
====
====
## 7. **Liability of members**
The company has no share capital but under the terms of Clause 8 of the Memorandum, any member is liable to contribute a sum not exceeding £1 in the event of the company being wound up during the time that he is a member or one year thereafter.
At 31 December 2021 there were 3 members (2020 – 3).
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## **WHITEHALL CHARITABLE FOUNDATION LIMITED (Limited by guarantee) NOTES (forming part of the financial statements)**
## 8. **Other Reserves**
Other reserve comprises amounts appropriated from the income and expenditure account to equal the value of the investments.
## 9. **Approval of financial statements**
The effect of events relating to the year ended 31 December 2021 which occurred before 01/08/2022 the date of approval of the financial statements by the Council of Management, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 31 December 2021 and the result for the year ended on that date.