|
The White Top Foundation
Report and financial statements for the year ended 5 April 2025
Scottish Charity Number: SC005922
The White Top Foundation
Contents
| Page | |
|---|---|
| Trust Information | 2 |
| Report ofthe Trustees | 3-6 |
| StatementofTrustees’ responsibilities | 7 |
| Independent auditor's report | 8-11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notestothefinancialstatements | 14-22 |
1
The White Top Foundation
Trust information
| 7 | ae |
|---|---|
| Secretaries and principal | Henderson Loggie LLP |
| address | The Vision Building |
| 20 Greenmarket | |
| Dundee | |
| DD1 4QB | |
| Charity number | $C005922 |
| Auditor | Findlays Audit Limited |
| 11 Dudhope Terrace | |
| Dundee | |
| DD3 6TS | |
| Principal bankers | Virgin Money |
| 7/8 High Street | |
| Dundee | |
| DD1 1Ss | |
| investment managers | Quilter Cheviot Limited |
| Saltire Court | |
| 20 Castle Terrace | |
| Edinburgh | |
| EH1 2EN | |
| Solicitors | Lindsays |
| Seabraes House | |
| 18 Greenmarket | |
| Dundee | |
| DD14QB |
2
The White Top Foundation
Report of the Trustees
The Trustees present their annual report and financial statements of the Trust for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of !reland (FRS102).
Structure, governance and management
Governing document
The White Top Foundation was constituted by Trust Deed dated 15 May 1970.
Appointment of Trustees
Trustees are nominated by the existing Trustees depending on the needs of the Trust and the suitability and willingness to serve of the candidate.
The Trustees throughout the year and at the date of this report are shown on page 2.
Trustee induction and training
The Trustees operate a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Foundation. A new Trustee receives copies of the previous year's financial statements, minutes of Trustees meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees’.
Organisation
The Foundation is administered under the supervision of the Trustees who meet every six months. The Trustees agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, investments, reserves and risk management policies and performance and receive reports from the secretaries in connection with the recent activities of the Foundation. Day to day administration is carried out by the Foundation’s secretaries.
Risk management
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular consideration of the risks and the controls necessary to lessen these risks.
The principal risk faced by the Trust lies in the performance of investments. The Trustees consider variability of investment returns, particularly due to the ongoing war in Ukraine as well as increased rates of inflation, to constitute the Trust's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
Objectives and activities
The Trust Deed states that:
“the objects of The White Top Foundation are so far and so far only as the same are legally charitable to advance by investigation, research or otherwise in any way knowledge with regard to the causes of mental and physical handicaps in children and others and if possible to cure or alleviate such mental and physical handicaps.”
3
The White Top Foundation
Report of the Trustees (continued)
Achievements and performance
The Foundation awarded grants totalling £71,000 (2024 - £52,184) in the year as detailed in note 3 on page 17. The Trustees have pursued their policy of giving grants to an extent which generally absorbs the whole incoming resources ona rolling basis.
Grant making policy
The Trustees are empowered to apply the income and capital of the Foundation to registered charitable organisations in the United Kingdom. !n so doing the Trustees give consideration to the known interests of the settlors. Applications for donations which must be in writing should be addressed to the secretaries. The applications are reviewed against specific criteria. Projects can be funded for up to five years and are monitored on an annual basis.
The Trustees have reviewed their grant giving strategy.
Financial review
The results for the year are set out in the statement of financial activities on page 12.
The Foundation is in a healthy financial position despite the decrease in funds of £128,482 (2024 — increase of £288,779). Included in the decrease are net losses on investments of £131,287 (2024 ~ net gains of £270,545) in the year.
investments at 5 April 2025 were low for a short period due to turmoil in the market, but the value as increased more recently.
Reserves policy
The reserves of the Foundation originate from original and subsequent capital donations together with the growth in value of investments, The Trustees have adopted a reserves policy that ensures the continuing ability of the Foundation to meet its objectives. Reserves are retained primarily to generate income to fund grants on an annual basis, to meet significant requests for financial assistance and stock market fluctuations. The level of free reserves held at 5 April 2025 was £3,338,054 (2024 - £3,466,536).
Investment policy and performance
Calendar year 2024 overall was a good year for investors. UK corporate bonds rose by 2.2%, UK, Japanese and Asian/Emerging Market equities rose between 9% and 14%, whilst US equities delivered strong returns (up 26% in GBP terms).
The strength of the US market was mainly attributed to company earnings continuing to beat expectations, as economic growth was bolstered by high consumer spending. Expected interest rate cuts, falling corporation tax rates and positive sentiment also contributed to the US market rally over the calendar year.
The "magnificent 7” stocks, which now represent around a third of the US market, accounted for the majority of this increase, as the focus on Artificial Intelligence (Al) and its capabilities intensified. Large players such as Amazon and Microsoft continued to increase their Al spend in the search of the latest products, software and services.
Elsewhere in the world, markets benefitted from a similar magnitude of reductions in interest rates from most major central banks, and a generally robust global economy. Some volatility was experienced during the summer months when a US jobs report raised concerns of a US recession and an unwinding of the Yen carry trade (where investors borrow cheap Yen and invest abroaq) lead to a sharp sell-off in Japanese markets (-12% in a single day on August 5th). Poor corporate results in technology related companies on the same day further exacerbated the “risk-off' sentiment, intensifying questions over technology valuations. The following days saw a speedy recovery following strong US economic data and a dovish message from the US Central Bank Chair which helped to reassure investors.
4
The White Top Foundation
Report of the Trustees (continued)
Investment policy and performance (continued)
September saw the highly anticipated first interest rate cut from the US Federal Reserve at half a percentage point, signalling a strong message away from combating inflation to stabilising the jobs market and protecting economic growth prospects. This followed a 0.25% cut by the Bank of England (BoE) in the previous month and two 0.25% cuts from the European Central Bank (ECB) between June and September. China's central bank unveiled a significant stimulus package in the same month, including a reduction in lending rates and capital reserve requirements for commercial banks, intended to stimulate credit expansion and support the property markets. These measures were also designed to extend to the wider economy through a reignition of consumer confidence, demand, and spending, with a view of moving to a heavier reliance on domestically driven growth (over exports).
Currency had a notable impact for UK investors during the third quarter of 2024. The dollar fell 4.8% amounting to its weakest quarterly performance in almost two years. The divergence in monetary policy was the key driver of the fall, with the BoE cutting interest rates prior to the US.
During the year, UK government bonds were weaker and had minimal impact on returns, with most of the losses experienced post the Autumn budget as new issuance continued to grow and economic growth projections for the UK economy were revised down. Over the last few months of the year, investor worries grew around rising inflation and softening business confidence, as consumer prices trended higher due to increases in National Insurance contributions and minimum wages.
In contrast to 2024, the first quarter of 2025 witnesseda shift in favour of other markets, with European and UK equity markets up 7.4% and 6.4%, respectively. Against this, US equities were considerably weaker, as investors began pricing in the risk of an economic slowdown as a result of expected tariffs, subsequently announced shortly after the quarter-end.
Meanwhile, government and corporate bonds provided a degree of stability, with total returns modestly positive over the quarter, primarily in the form of attractive levels of income. Bond prices also benefited from an inflow of demand from investors seeking downside protection.
On 2nd April 2025 in the White House Rose Garden, US President Trump unveiled his ‘Liberation Day’ tariffs, raising fears of a global trade war and economic slowdown, whilst stating during his announcement that this day would “forever be remembered as the day American industry was reborn,”
US equities had previously rallied strongly on President Trump's re-election in November 2024, with markets peaking in mid-February on anticipated deregulation and corporate tax cuts. These promised policies took a back seat, with the focus instead switching to the imposition of tariffs. President Trump announced a 25% tariff on all foreign-made automobiles, as well as a 10% baseline tariff on all imports into the US, and sharply higher duties on several key countries. As a result, investor confidence took a considerable knock, with governments and businesses grappling with country and sector specific tariffs that were rolled out by the White House. The MSCI North America Index fell by 9.7% and the MSCI All Country World Index fell by 8.5% over the two days post the tariffs announcement.
It is worth noting that the weeks following the announcements were met by an encouraging recovery in stock markets as President Trump agreed a 90-day pause with most countries on the US reciprocal tariffs.
The portfolio returned -1.5% over the year to 5th April 2025, net of fees. The benchmark, the MSCI Private Investor Balanced Index, returned +0.5% over the same period, and the ARC Steady Growth Charity Index returned -0.8%. For context, the period of performance to 1st April 2025 - before the announcement of ‘Liberation Day’ tariffs - was +3.2%.
The UK equity exposure was the strongest contributor to performance, returning +2.2% over the year, and contributing 0.6% of the total return. The portfolio's UK gilt and corporate bond exposure also provided a degree of protection and contributed 0.4% of the overall return. The US equity exposure was the largest detractor over the year, taking -2.1% off the total return.
5
The White Top Foundation
Report of the Trustees (continued)
Investment policy and performance (continued)
Throughout the year, we implemented several tactical changes within the portfolio to adapt to market conditions and position appropriately for the outlook ahead. We further increased our Fixed Interest exposure to take advantage of the continuing attractive yields on offer while interest rates remained elevated. We also increased diversification in the portfolio by adding to the absolute return exposure to provide a further element of downside protection.
In addition to this, we took some profits out of the UK in areas that had performed well previously, such as the industrials sector (Experian, RELX and |Ml). In February 2025, we also implemented the switch from collective funds in the portfolio US equity exposure to direct stocks. This provides increased transparency and flexibility around individual company and sector exposures, as well as reducing the underlying cost of collective funds in the portfolio.
Dividend levels remained strong over the year, with the portfolio’s natural yield now estimated at 3.0% or £100k per annum as at 5th April 2025.
We understand that the core investment objective for the foundation continues to be a balance between capital growth over the long term and a reasonable current income level which is distributed to support charitable purposes. The attitude to risk of the foundation is “medium” with a “moderate” ability to bear investment losses. We are comfortable that the current portfolio positioning is in line with the agreed objectives and risk profile.
Future strategy
As the Foundation is predominantly a grant giving charity and has no material ongoing commitments. The Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income and will manage the Foundation’s affairs in a manner that will ensure the Foundation’s ability to achieve its charitable objectives in the medium to long term can be met.
Statement of disclosure of information to auditor
The Trustees, who held office at the date of approval of this Annual Report as set out previously, each confirm that so far as they are aware:
-
there is no relevant audit information of which the Foundation’s auditor is unaware; and
-
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The report and financial statements were approved by the Trustees on 14 November 2025 and were signed on their behalf by:
6
The White Top Foundation
Statement of responsibilities of the Trustees
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 Scotland 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 Foundation and the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
e make judgments and estimates that are reasonable and prudent;
-
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotiand) Regulations 2006 (as amended) and the provisions of the Foundation’s Trust Deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
7
The White Top Foundation
Independent auditor’s report to the Trustees of The White Top Foundation
Opinion
We have audited the financial statements of The White Top Foundation (the ‘charity’) for the year ended 5 April 2025 which comprise of the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. 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 Financia! Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
e give a true and fair view of the state of the charity's affairs as at 5 April 2025, and of its income and expenditure, for the year then ended;
-
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
e have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 Auditor's 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 UK, including the FRC’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
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
8
The White Top Foundation
Independent Auditor’s Report to the Trustees of The White Top Foundation (continued)
Other information
The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor's 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 torm ot 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
-
e the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
-
proper accounting records have not been kepi; or
-
e the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees’ responsibilities the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contro! 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 cease operations or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditor's 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.
9
The White Top Foundation
Independent Auditor's Report to the Trustees of The White Top Foundation (continued)
ee
Auditor's responsibilities for the audit of the financial statements (continued)
irregularities, including fraud are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined below to detect material misstatement in respect of irregularities, including fraud.
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e Making enquiries of management about any known or suspected instances of non compliance with laws and regulations, including GDPR, and fraud
-
e Enquires of management & trustees as to where they consider there is a susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur
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e Review of correspondence with regulators including OSCR e Review of legal fees expenditure and Board minutes * Challenging assumptions and judgements made by management in their significant accounting estimates including investment valuation and accruals
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e Auditing the risk of management override controls, including through testing ofjournal entries and other adjustments for appropriateness
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e Review of any areas where there is a potential of management bias, large & unusual transactions and the risk of undisclosed related parties
-
e Performed analytical procedures to identify any unusual transactions
Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements:
Direct Impact on Financial Statements:
- e Charities Trustees and Investments (Scotland) Act 2005 e The Charities Accounts (Scotland) Regulations 2006 e SORP -FRS 102
Indirect Impact on the Financial Statements:
- e GDPR and Data Protection Act 2010 e Charities constitution ¢ OSCR requirements
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance, trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal contro! that we identify during our audit.
Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at httos://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
10
The White Top Foundation
Independent Auditor's Report to the Trustees of The White Top Foundation (continued)
Auditor's responsibilities for the audit of the financial statements (continued)
Use of our report
This report is made solely to the Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2UUS and Regulation 10 of the Charltles Accounts (Scotiand) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's 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 ihe opinions we have formed.
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t ju \ | "7 S
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Findlays Audit Limited Statutory Auditor 11 Dudhope Terrace Dundee DD3 6TS
14 November 2025
Findiays Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
11
The White Top Foundation
Statement of financial activities for the year ended 5 April 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|Note|2025|2024|
|£|£|
|Income|from:|
|Investment|income|100,148|94,386|
|Total|income|100,148|94,386|
|Expenditure|
|Raising|funds|2|16,574|14,946|
|Charitable|activities|3|80,769|61,206|
|Total|expenditure|97,343|76,152|
|Net|income|and|net movement|in|funds|
|for the year|before|net gains|on|
|investments|2,805|18,234|
|Net|(losses)|/ gains on|investment|activities|5|(131,287)|270,545|
|Net|(expenditure)|/ income and|net|
|movement|in funds|in the year|(128,482)|288,779|
|Reconcillation|of funds:|
|Total|funds|at|5|April|2024|3,466,536|3,177,757|
|Total funds|at §|April 2025|8|3,338,054|3,466,536|
|b+}|1}|-f-|++]|t+ —}|[+++]|+|+_]|
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All activities relate to continuing operations.
12
The White Top Foundation
Balance sheet at 5 April 2025
| Note | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | £ | ||
| Fixed assets Investments |
5 | 3,205,787 | 3,280,268 | |
| Current assets | ||||
| Debtors | 6 | 123 | ||
| Cash in bank Quilter Cheviot Limited Virgin Money |
93,749 95,092 |
63,968 128,868 |
||
| 188,964 | 192,836 | |||
| Current liabilities Creditors |
7 | (56,697) | (6,568) | |
| Net current assets | 132,267 | 186,268 | ||
| Net assets | 3,338,054 | 3,466,536 | ||
| Unrestrictedfunds | 8 | 3,338,054 | 3,466,536 |
The notes on pages 14 to 22 form part of these financial statements
These financial statements were approved by the Trustees on 14 November 2025 and were signed on their behalf |
13
The White Top Foundation
Notes to the financial statements
1 Accounting policies
The following accounting policies have been applied in dealing with items which are considered material in relation to the Foundation’s financial statements.
Basis of preparation and assessment of going concern
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Foundation’s operations as indicated in the Report of the Trustees, all of which are continuing.
The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: “Accounting and Reporting by Charities” (SORP) and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) and Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Foundation constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.
Going Concern
The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the Foundation, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
Income recognition
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation: this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs.
14
The White Top Foundation
Notes to the financial statements (continued)
pc
4 Accounting policies (continued)
Raising funds
Raising funds consist ot investment management costs.
Charitable activities
Costs of charitable activities include grants paid and support costs as shown in note 3. All grants are paid to organisations to support the charitable objectives of the Foundation as detailed on note 3.
irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Allocation of support costs
Support costs include costs related to the audit and secretarial fees.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Investment policy
investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as the balance sheet date using the closing quoted price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Foundation does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Foundation is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Debtors
Other debtors are recognised at the settlement amount due.
Cash at bank
Cash at bank includes cash held in a deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
1S
The White Top Foundation
Notes to the financial statements (continued)
- 1 Accounting policies (continued)
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- Accruals are applied at the year end based upon known costs received post year end and the experience of the Trustees.
Financial instruments
The Foundation 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.
Funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for any other purpose.
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|---|---|---|---|
|2025|2024|
|£|£|
|2|Raising|funds|
|Investment|management costs|16,574|14,946|
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16
The White Top Foundation
Notes to the financial statements (continued)
:
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|---|---|---|---|---|---|---|---|---|---|
|3|Charitable|activities|
|The Foundation|did|not|undertake any|activity|directly|but met|its charitable|purposes|by|
|making|grants.|2025|2024|
|£|£|
|Brae|Riding|5,000|-|
|Branch Out Together|1,000|1,000|
|Cerebral|Palsy|Scotland|.|4,000|
|Contact|2,000|-|
|Designability|6,000|6,000|
|Douglas|Bader Foundation|-|3,000|
|Dundee|Health &|Social Care|Partnership|-|8,184|
|Edinburgh|Headway|Group|1,000|-|
|Equi-Power Central|Scotland|4,000|-|
|-|3,000|
|Hearts|&|Minds|
|Leeds Weekend|Care Association|1,000|-|
|Linda Tremble|Foundation|-|2,000|
|Motivation|3,000|3,000|
|MS|Society|Scotland|2,500|-|
|North|East|Sensory|Services|1,500|
|Parent|to|Parent|10,000|-|
|PLUS|(Forth|Valley)|Ltd|2,000|1,000|
|RNIB Talking|Books Service|3,000|3,000|
|Sight Savers|International|20,000|20,000|
|Speech & Language Co|-|1,000|
|Spina|Bifida|5,000|-|
|The Yard|2,000|-|
|Tourette|Scotland|5,000|-|
|71,000|52,184|
|Support costs|(note 4)|9,769|9,002|
|-|20|
|Bank charges|
|80,769|61,206|
|+} ——t— td|+ —$—-$|—$—}|—}|
----- End of picture text -----
17
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The White Top Foundation
Notes to the financial statements (continued)
| 5 | Investments | 2025 £ |
2024 £ |
|---|---|---|---|
| Opening book cost | 2,505,940 | 2,402,683 | |
| Opening unrealised appreciation | 774,328 | 547,201 | |
| Opening fair value | 3,280,268 | 2,949,884 | |
| Movements in the year | |||
| Purchases at cost | 1,744,426 | 468,138 | |
| Accumulated income | 3,278 | 3,445 | |
| Sales - proceeds |
(1,690,898) | (411,744) | |
| - realised gains | 606,590 | 37,390 | |
| (Decrease) / increase in unrealised appreciation | (737,877) | 233,155 | |
| Closing fairvalue | 3,205,787 | 3,280,268 | |
| Closing book cost Closing unrealised appreciation |
3,169,368 36,419 |
2,505,940 774,328 |
|
| Closing fair value | 3,205,787 | 3,280,268 | |
| Listedinvestments | 3,205,787 | 3,280,268 |
All investments were held in the UK. The Trustees consider individual investment holdings in excess of 5% of the portfolio vaiue to be material.
| excess of 5%5% of thethe portfolio vaiue to be material. | ||
|---|---|---|
| Fairvalue | Fair value | |
| 5 April 2025 | 5 April 2024 | |
| £ | £ | |
| Material interests by value | ||
| Blackrock Collective Investment North American Equity | - | 215,063 |
| Kleinwort Benson Investors North America Equity | - | 331,125 |
| FidelityUCITSICAVUSQualityIncome | 161,311 | - |
19
The White Top Foundation
Notes to the financial statements (continued)
|
eee
5 Investments (continued)
investment risks
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:
Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Market risk: this comprises currency risk, interest rate risk and other price risk.
-
¢ Currency risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
-
e Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.
Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
The Foundation has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Foundation’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Foundation’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.
Credit risk
The Foundation invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.
Analysis of direct credit risk
Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.
Pooled investment arrangements used by the Foundation comprise authorised unit trusts.
Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.
Currency risk
The Foundation is subject to currency risk because some of the Foundation's investments are held in overseas markets, via the pooled investment vehicles.
20
The White Top Foundation
Notes to the financial statements (continued)
i
5investments (continued)
interest rate risk
The Foundation is subject to interest rate risk through investments comprising bonds.
Other price risk
| Other price risk | Other price risk | Other price risk | |
|---|---|---|---|
| Otherprice risk arises principally in relation to equities held in pooled vehicles. The Foundation manages thisexposure to other price risk by constructing adiverse portfolio of |
|||
| investments across various markets. | |||
| 2025 | 2024 | ||
| £ | £ | ||
| 6 | Debtors | ||
| Income held by investmentmanager | 123 | - | |
| 2025 | 2024 | ||
| £ | £ | ||
| 7 | Creditors | ||
| Amounts falling due within one year’ Accruals |
56,697 | 6,568 | |
| 8 | Funds - unrestricted reserves | 2025 £ |
2024 £ |
| At6 Apri!2024 Netmovement infunds for theyear |
3,466,536 (128,482) |
3,177,757 288,779 |
|
| At5April2025 | 3,338,054 | 3,466,536 | |
| Represented by | |||
| Funds _ -realised -unrealised |
3,301,635 36,419 |
2,692,208 774,328 |
|
| 3,338,054 | 3,466,536 |
21
The White Top Foundation
Notes to the financial statements (continued)
==> picture [425 x 132] intentionally omitted <==
----- Start of picture text -----
9 Related parties
There were no related party transactions during the year (2024 - £nil).
10 Financia! instruments 2025 2024
£ £
Financial assets measured at fair value through statement of
financial activities 3,205,787 3,280,268
BOS ocsaa ptt
----- End of picture text -----
Financial assets measured at fair value through statement of financial activities comprise of listed investments.
22