THE VALEFUE WHrrE MEMORIAL TRUST ACCOUNTS TO 5 APRIL 2024
ES. ANNUAL REP TH Legal and Administration Information The Valerie White Memorial Twst is consdtuted by Deed of Trust dated 28th Marth 1977 and is a registered charity No. 273489. Its address is SecoThJ Hoor South, The Fittaj Rigging House, Anchor Wharf, The Hi5tOT Dothard, ath8m, Kent ME4 4TZ. The trust was set up in merKiry of Varie White, who was a well-known and Sucsful attress in the Landon Tratre for more than three decades arKI in addition was a recojnised artist and novelist. END PRI T.L. Lawes- Chairman H. Hesketh H. Watson L. Richard5 Structurei governan and management The trust deed does not speofy the numter of trust l)ut currently empowers T L Lawes to appoint new or additional trustees. When the trustees are appointed Lawe5 will be nSible for their induction including., making them aware of thelr responsibllities,. supptylrKJ them with a copy of the governing dument,. administratron procedures,. the hlstory and the philosophical approach of the charity, New trustees will also receive a copy of the last filed annual repJrt5 and accounts and a copy of the current guidan a5 Issued by The Charity Commission to assist new trustees. Due to their geogrdphic separation trustee5 mt on an Infomial basis and CmUnicate and hold meetingg teraph1(a[1y. Of the current trust one is a founder. The risks tr) the continuation of the tnjst are reviewej annually and are currentty (xjnsidered to be relevant in two areas. The first is the risk to the investments as the funds are with one fund manager (of good stsnding and past perfomiance), The trustees are considerirg the Splitting of the funds as sn as an alternatwe manager of equal worth and future assurance has been Klentrficxl. The second risk is the inability to appoint suitable people who are prepared to accept the increasingty onerous lask of trustees. Both risks are of Cent conrn although the apintment of a couple of new tru5tee5 over the last few yeats has alleviated the latter. Going Conrn The trustees currenty have no COemS r&Jarding the futu of the charity. Objectlves and activities The object of the trust is to make provision for pyjor and deseNiro actors and actresses under the age of twenty five years and affording financial aSSistar to any wdl e5tablish& tharitable animal honE, sanctuary or zoo. The trust has no employees and all it5 affairs are handled by the trustees. The Trustees through their day to day contscts identify individuals and organisations whose obiecbves may be 5UPPOrted by grants from the trust. The trustee5 as a whole detemiine the aLtual grants to Ee made. The trustees do not advertise Mder their activities as the px)tential grantees would be beyond their resources to review or assist. In detemiining which grants to make, the trustees have had due regard to public benefti guidan published by the Charity Commission. Achievements and perfomiance of the trust The tnjst is funded by the incc*ne from its investrnents and does not seek donated funds friKn the general pubiic. During the year under review the trust supported 26 separate animal sancbjarles. none of these grants was over £1,000. 26 1nstitutlons- Grants of £l,(KO or less 14,OOD and, 4 separdte drama students We suppjted: Ruby Sephton Sophkl Roberts Emlly Lockheart Laurie Shen Total Grants per the S.O.F.A. 1,5LKI 2,000 1,500 Page I
RIL2 The Trust has no annual commtrnents to any grdntee at the date of rep)rtlng. Finan(ial review, Invest policy and reserves The irKome for the year was £41,519, the costs £1,936 (5% of Income) and the total grants £23,OC(). The trustees, poly on invthents is to limit risk of capfol loss whilst maximisirMJ both capitsl growth and income. The investments have ¢Yecwsed in market value by 2% during the year and yielded 6.00/0 income on marlt value at the Winnlng of the year or 21% on the cost of funds invested. The tru5tee5 mn5ider the apF¥)intment of a continuous investment adviw to be inappropriate to the trusys needs and wasteful of the There is a small end0ent fund (£200) as part of the accumukitoj capital fvnd that stands at £586,429 at the year end. The trustees may use the incume fund to make grants during the year or to retsin to enable larger grants to be made Feriodically. The liCY on reserves 15 to redu the generdl fuThJ whilst maintaining the contingency fund and instant artlon fund to ensure cont(nuty of SUPkY)rt should the assessed risks to income me a reality. Future plans The trustee5 see no need to introdutr rddinl reforms to an operation that is successfully fulfilling its objett. It will conttnue to supwt th eager student arbsts and dedicated aninwl lovers. statement of TNstees' responsibilities Chaiity Law require5 the trustees to ppare finanaal statements for each flnanclal year which give a tnje and fair view of the State of affairs of the charity and its financial activitEs for that riod. In preparing those financial statements, the trustees are rU[red to., select suitsble accounting poliaes arKI then apply thern consistendy. make judgements and estimates that are reasonable and prudent. stste whether appllcable accounting standards arKJ statements of 0MMended pTrcti ve bn follDwed, subject to any departures discbseJJ arKI explainej in the financ1 statements. and prepare the financtal statements on the going conom basis unless it is inappropriate to presume that the charity will continue in operational eStence. The trustees are responsib for keepiThJ accounting records whh disdose with reasonable accuracy at any time the financial p0SOn of the charty and to enable them to eTr5U that the finanoal statements comply with the Charities Act 2011. They are also responsibk for safeguardlng the assets of the charty and hen for tsking reaSCfflab steps for the preventlon and detection of fraud and other irregulariknes. Independent Examiner The Trustees intend to ask the existing auditors to undertake the Independent examination of the Twst in the following year. T. L. Lawes . Chaiman On behalf of the Eoard of Trustees. Dated 17th Ottoter 2024 Page 2
INDE RT ESOF E VALE MEM I rewrt the financial Statements of the charity ts the year ended 5th Aprfl 2024, which are set out on pages 4 Resijective Responsibilities of Trustees and Examlner The charfvs trustees are nSIb for the Fryaration of the finaal ststements. The charws trustees Cc51der that an audit is not required for this year under section 144(2) of the Charities Att 2011 Clhe ACY? and that an independent examination 15 needed. It15 ry resw)nsibility to.. examine the financial ststements uTrJer section 145 of the Act. to follow the prc£edures laid (knvn in the General Direct#)ns gr7 by the Charity Commisslon under Section 145(5)Ib) of the Art,, and state whether PaCUlar matters have come to my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the Generdl Dlrethons given by the Charity Commisgion. An examination indude5 a review of the accounting records kept by the charity and a comparison of accounts presented with those records. It also includes consideration of any unusual btems disdosures in the accounts, and s&king explanations from the trustees conrnIng any such matte. The prc(edures undertaken do not provKie all the evidence that would required in an audit, and consequendy no opinion is given as to whether the ac(J)unts present a 'True and fair VW, and the rept is limited to those matters set out in the ststement below. Independert Examinerfs Ststement I have completed my examlnation. I confirm that no matsal matters have come to my attentlon In connection wlth the examlnation giving me cause to believe that in any materfal respert: accounting records were not kept in respect of the Trust as r84uired by section 130 of the Art; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requlrements ConmIng the form aThJ content of accounts set out in the Charities (Accounts and Rep)rts) Regulation5 2008 other than any requirement that the accounts give a e and falr view whlch is not a matter consldered as part of an Indep*ndent examination. I conffrm that there are no other matter5 to which your attention should be drawn to enable a proFer understsnding of the accounts to rehed. 44154 Or5ett Road Grays Essex RN17 SED D. Flood ROWLAND HALL CHARTERED CERTIFIED ACcOUNTArS t>ated 29th November 2024 Page 3
THE VALERIE WHrrE MEMORIAL TRUST srATEMENT OF FINANCIAL ACIIVITIES FOR THE YEAR ENDED 5TH APRIL 2024 Income Funds Capi131 Fund Total Funds Total Funds Donations Investments.. Deposit Interest Charifund Interest (listed investment) Total Income 203 203 245 2,126 2,126 Charitable Activities: Grants to Animal Welfare Grants to Drama students Sub-totsl 14,000 14,000 12,5CQ 28,000 Book-keepirvJ and Administration Independent Examinerfs Fee pps 1,260 576 loo 1,260 576 loo 1,440 552 50 Totsl Expenditure Net IncOme/(EXndItUre) 16,583 16,583 8,898 Gains/(L055es) on Revaluatlon of Investment Assets Net Movement in Funds 15,132 (10,894) 4,238 {35,095) Reconclllation of Funds Totsl Funds brought foTward Total Funds carried fornard 235 676 597 323 832 999 868 094 250 808 586 429 837 237 832 999 Page 4
THE VALERIE WHrrE MEMORIAL TRUST BALANCE SHEET AS AT 5TH APIUL 2024 FIXED ASSErs Investments 663,535 675,880 CURRENT ASSETS Debtor5 Bank Current Account Bank Deposit Account 1,260 3,500 154 147 3,000 172 513 175,513 158,907 CREDITORS: amounts falling due within one year Creditors and Accruals NET CURRENT ASSErs 173 702 NET ASSETS 837 237 832 999 REPRESENT BY: Restsirted Funds Capital Fund 586,429 597,323 Unrestrlcted Funds . General Fund Contingency Fund Instant Actlon Fund 170,808 40,000 40 000 250,808 837 237 155,676 40,000 40 0(K) 235 676 832 999 The accounts on pages 4 to 7 were approved by the trustees on 17th October 2024 and signed on their behalf by.. T.L. Lawes FCA . Chairman Page 5
THE VALERIE WHrrE MEMORIAL TRU NOTES TO THE ACCOUNTS 5TH APRIL 2024 I LEGAL FORM The Valerie White Memorial Trust Is a registered charty and governed by a deed of trust. 2 ACCOUIfflNG POLICIES Basis of Accounting The charity is a public nefit entty. The financlal statements have bn prepared In accordance with FRS 102, ststement of Recommended practi.. Accounting and Reporting by CharSties {SORP FRS102) and the CharEtses Act 2011. Incomlng Resources All income is recognised in the Statement of Financlal Acuwties On the charity has entldement to the funds, it is probable that the income will be received and the amount can be measured lIably. Expenditure and Liabilities Expenditure on grants is recorded once the Trust has made an unconditional commltment to pay the grant and this is communicated to the beneficiary or the grant ha5 ben paid, whichever is the eadier. The Trust has not made any grant commitmerts of more than one year. Other expendtture is included in the accounts on an accruals basis. Investments Investments on a recognised stock exchange are valued at market value at the year end. Unreallsed and realised investft*nt gains and losses are shown net in the ststement of financial activities. 3 FIXED ASSErs 20 Investments Market value at 6th April 2023 Net investment gainsl{1055) 675,880 719,873 At 5th Aprll 2024 663 535 Cost at 5th April 2024 184 872 4 CREDrroRS AND ACCRUALS Accruals 5 CAprrAL FUND This is comprised ()f . Endowment Designated from income Designated from investment revaluatlon surFIus 20 20 200 140,253 445 976 2LX) 140,253 456 870 586 429 597 323 6 ANALYSIS OF FUNDS Unrestrlcted Funds 77,967 Capltal Fund 585,568 862 Total 663,535 173 703 Investsnents Net current assets 837 238 Page 6
THE VALERIE WHITE MEMORIAL TRusr NOTES TO THE ACCOUNTS 5TH APRIL 2024 7 UNREsfRIcfED FUNDS Instant General Actton Contingency Totsl Balan brought fonvard Net Incoming ReSoUrS 235,676 155,676 40,0 15 132 15 132 40,000 250 808 170 808 The Contingency Fund This has ken set up to ensure that the support glven to, and relled upon by, animal charities and students, is not wtthdrawn without notice. Thi5 fund 15 based on one yearfs grants anticipated to be £40,000. instant Action Fund This fund has been set-up to enae resn* to k made In cIrcumstan$ demandlng a rapld response to a request for help or to fund new projects with a ontroff and substantial grant. The fund is available to help either students or anlmal charltles. 8 RELATED PARTY TRANSAcfIoNS Carleys a Partnership in which the trustee, T L Lawes, is a parts)er, provided accountancy and administration seNices amounting to £1,260 (2023: £1,260) induding VAT. 9 TRusfEES EXPENSES AND REMUNERAThON No truStS were reimbursed expenses either this year nor last year. No other trustees received any remuneTrtlon or expenses In either thls year or the previous year. 10 OTHER MAThERS The charity ha5 no employees. There have been no changes in its activities during the year. The charity has no intangible assets. The charty has no subsldlary companles. The trust is a registered charity and accordingty is exempt from tsxation on its income and gain5 where they are applied for charftrdble purposes. Page 7