THE WHIRLWIND CHARITABLE TRUSTEES' REPORT AND … · trustees, who are also directors of The...

THE WHIRLWIND CHARITABLETRUST

TRUSTEES' REPORT

AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2015

REGISTRATION NUMBER

06261868

CHARITY NUMBER

1119576

The Whirlwind Charitable Trust

Registration Number 06261868

Charity Number 1119576

Company Limited By Guarantee

Contents

Page

Legal and administrative information 1 - 2

Trustees' report 3 - 9

Auditors' report to the trustees 10 - 11

Statement of financial activities 12

Balance sheet 13

Notes to the financial statements 14 - 19





Legal and administrative information

Page 1

Charity number 1119576

Company registration number 06261868

Business address 6 Lexham Gardens Mews

London

W8 5JQ

Donations Secretariat Hembercombe Farm

Broadhembury

Nr Honiton

Devon

EX14 3NJ

Registered office 6 Lexham Gardens Mews

London

W8 5JQ

Trustees S J Chipperfield

B P Cussons

D J Lister

C N Riley

R A Chaloner Resigned 28 January 2015

Auditors Thomas Westcott

26-28 Southernhay East

Exeter

EX1 1NS

Bankers Triodos Bank

Deanery Road

Bristol

BS1 5AS





Legal and administrative information

Page 2

Investment managers Investec Wealth and InvestmentLimited

2 Gresham Street

London

EC2 7QP

Newton Investment ManagementLimited

160 Queen Victoria Street

London

EC4V 4LA

Solicitors Bates Wells & Braithwaite

2-6 Cannon Street

London

EC4M 6YH





Report of the trustees (incorporating the directors' report)

for the year ended 31 May 2015

Page 3

The trustees present their report and the financial statements for the year ended 31 May 2015. Thetrustees, who are also directors of The Whirlwind Charitable Trust for the purposes of company lawand who served during the year and up to the date of this report are set out on page 1 - 2.

Structure, governance and management

The company is constituted under a Memorandum of Association dated 29 May 2007 and is aregistered charity number 1119576.The Whirlwind Charitable Trust was registered on 29 May 2007 utilising a generous donation fromthe Lister Charitable Trust. The aim has been to enable the Whirlwind Trustees to concentrate oncontinuing the good work - principally focused on delivering benefit to society through the supportand encouragement of youth, maritime and outdoor pursuits previously undertaken within the ListerCharitable Trust - whilst the LCT itself pursues a wider agenda.

Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-optedunder the terms of the Articles and Memorandum of Association. The Board of Trustees has thepower to appoint any other person as they shall think fit as a Trustee of the Board, by way ofaddition to the Board. There shall be at least three Trustees. When seeking new Trustees, theBoard members seek to identify skills gaps and relevant experience that would be of value to thecharity, potential applicants may be secured through advertising, referrals or personal contacts.

Policies adopted for the induction and training of Trustees

The charity has an induction policy in place for new Trustees. When new Trustees come on boardthey are briefed about the charity's aims and objectives, provided with detailed backgroundinformation, and informed of their responsibilities as Trustees. During a mutual six-monthprobationary period, prospective Trustees learn a great deal about the work of the charity and theresponsibilities involved before having to make a full commitment. The Trustees have access toregular training sessions to keep them updated with the latest developments.

Organisational structure and decision making

The Board of Trustees meets quarterly to review the activities of the charity, including but not limitedto: - the financial performance of the charity's investments; - relationships with the charity's professional advisers; - consideration of and decisions concerning donations applications; - and consideration/evaluation of reports received on the effectiveness of the charitable activities

supported.The Trustees advise the Trust's secretariat of the donations applications they considerworthy of support, subject to the provision of further information, and the secretariat puts in place aprocess from formal applications through final Trustee approval to donation.







Page 4

Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular thoserelated to the operations and finances of the company, and are satisfied that systems andprocedures are in place to mitigate the charity's exposure to the major risks.

Public benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011to have due regard to the Charity Commission's general guidance on public benefit, 'Charities andPublic Benefit'.

Objectives and activities

Charitable objects

The charity aims to enhance the potential for a positive life experience for the young and, inparticular, those who are disadvantaged, disabled or at risk (and others whose opportunities areconstrained by hardship) by offering them: - positive character building experiences; - understanding of the value of team work and co-operation; - the opportunity to build self-belief and to develop aspirations by meeting challenge, particularly in

outdoor pursuits such as sailing; - practical help, guidance through mentoring, and access to positive role models; - environmental awareness and education.

In addition, the charity seeks to promote the importance of the maritime environment to humankindand to the global ecosystem - through research, education and conservation initiatives.

Strategies to achieve objects and public benefit

The Trustees ensure that its objectives are met and carried out for the public benefit by supportingother charitable organisations that have the capacity to deliver these objects. We want to create acommunity of those we have helped, people who will become future contributors whetherfinancially, practically, or as ambassadors/role models to our future efforts, so creating a snowballeffect.We also seek to establish charitable alliances where a project may be beyond the resources of onecharity alone.The mission of The Whirlwind Charitable Trust is to be an example of lean, imaginative andeffective giving using trust funds to maximum possible advantage and with minimum administrativewastage.We aim to grow the size of the trust fund and the scope of its activities to undertake an increasingamount of carefully focused charitable work over the years ahead.







Page 5

Grant making policies

The Trust invites applications from all organisations that have the ability and/or capacity to deliverthe objects of the Trust. The Trustees meet quarterly to review all applications and those deemedappropriate to the charity's aim and objectives are passed to the secretariat for further action beforebeing returned to the Board for final approval.

Financial circumstances are not relevant in considering suitability for a grant, and the Trustees usetheir best endeavours to ensure that any such grant will be used for the purpose for which it wasapplied. All Trustees give their time freely and no Trustee remuneration was paid in the year.Trustees are required to disclose all relevant interests and, in accordance with the Trust's policy,withdraw from discussions and decisions when any possibility of a conflict of interest arises.

Achievements and performance

Review of activities

The Trustees all value, from first-hand experience, the life enhancing qualities inherent in maritimeand outdoor pursuits (they also recognise the "challenge" is a relative matter, depending onexperience and mental and physical ability). In an age where health and safety consciousnessseems all too intent on displacing self-reliance, team work and character building, we stronglybelieve, for the wider benefit of society, in the importance of promoting such activities - especiallyfor those who can least afford it or are less physically able to participate.

We can see that our partnerships with the charities delivering our policies are becomingincreasingly productive with the benefit of seven years' accumulated experience of grantassessments, donations and impact reviews.

In one case, for example, this has led to an efficient three-year programme of support for a longterm charity partner; in others, we have been able to help refine or develop programmes tomaximise both the level of our support and the resulting impact. We have also continued towelcome new charity partners.

As always, we are guided by what we can learn about the impact of our support with input from thebeneficiaries themselves, wherever possible.

Aided by careful financial management of our resources, we are confident we can continue todevelop this policy. We have continued to provide funding to charities that spend wisely, charitiesthat focus our donations on achieving benefits for deserving individuals and society rather than onadministrative overheads.

Details of organisations supported by the Trust during the year are disclosed on our websitewww.whirlwindcharitabletrust.org.uk.







Page 6

Grants and donations made in the year were as follows: The Outward Bound Trust, Horizons (Plymouth), Ocean Youth Trust (Scotland), The Ahoy Centre,Stoke Gabriel Boating Association, The Venture Trust, Morning Star Trust, The Nancy OldfieldTrust Limited, The Helford River Childrens Sailing Trust, The Marine Society and Sea Cadets, TheBack-Up Trust, Brathay Trust, Tall Ships, Ocean Youth Trust South, Queen Elizabeth's FoundationFor Disabled People, Outfit Moray, St Giles Trust, Bendrigg Trust, Trinity Sailing Foundation,Endeavour Training Limited, Sea Change Projects Ltd, Centrepoint Soho, Wetwheels Foundation,The Wheelyboat Trust, The Archway Project Ltd, UK Sailing Academy, Shelterbox Trust, The CairnTrust and Marine Conservation Project.

Investment policy and performance

The Trustees' financial management and donations policy recognises that, as a grant-giving trust,The Whirlwind Charitable Trust's sole source of income (and therefore of funds for donations) willfor the foreseeable future be derived from its capital base.

To buffer the capital base against inflation and adverse economic cycles, whilst also creating theconditions in which the capital base (and therefore long term donations) can grow, the Trusteestake a prudent view of donation levels in the shorter term. The performance of the Trust'sinvestment managers - Investec Wealth & Investment and Newton Investment Management - isbenchmarked against agreed targets and external indices.

Investec reports regularly to the Trustees on the performance of the investments through acombination of verbal and written reports. Newton communicates via quarterly reports and alsooffers access to investment managers.

The bespoke discretionary management service offered by Investec and the "pooled funds"capability provided through Newton Growth and Income Fund for Charities enable the Trustees tocompare the merits of the two differing investment styles, one against the other, as well as againstagreed benchmarks. A comparative review was carried out at the end of the first year, to thesatisfaction of the Trustees; the holdings and styles will continue to be kept under regular review.

Financial review

The net surplus before gains on investments of investments for the year amounted to £37,284,£38,452 surplus in respect of unrestricted funds and £1,168 surplus in respect of endowment funds.Gains on the revaluation of investments was £424,712 resulting in a net surplus of £461,996. As at31/5/15 the Trust had net current liabilities of £30,465 due to an increase in grants. The value ofWhirlwind's investment funds at 31.5.15 was £6,114,415; however by 07.12.15 they had fallen to£5,306,768 as a result of financial market conditions. Such fluctuations in value over time underlinethe importance of the Trustees' financial management and donations policy whereby we regularlyretain a proportion of capital growth in good years, thus ensuring we have the funds to maintaindonations levels in poor years and gradually increase donations over the longer term.







Page 7

Reserves policy

The original donation from the Lister Charitable Trust forms the core of the charity's investmentsand as such is not to be spent down. In order to build the revenue, the Trustees have establishedan investment policy to ensure not only that the reserves of the charity are maintained, but that theyare enhanced by wise management of the investment return. Should there be an inadequate totalreturn, or a negative return, on the invested funds of the charity over any given year, the Trusteeswill make any donations on a purely discretionary basis in order to protect their ability to meet longerterm charitable aims.

Financial management and custodianship of funds

The Trustees' financial management and donations policy recognises that, as a grant-giving trust,The Whirlwind Charitable Trust's sole source of income (and therefore of funds for donations) willfor the foreseeable future be derived from its capital base.

To buffer the capital base against inflation and adverse economic cycles, whilst also creating thecondition in which the capital base (and therefore long term donations) can grow, the Trustees'policy is to retain from the total return on investments a sum equivalent to RPI + 1.5% (as a rollingaverage) of the invested funds of the charity, before allocating the balance to donations.

Future developments

In broad terms it is the Trustees' intention to continue with its successful charity business modelrather than seek change for change's sake, so developments will tend to be evolutionary rather thanrevolutionary.

That means we will continue to refine the means by which we seek to evaluate the impact of ourwork both individually (donation vs. individual project impact) and comparatively (comparison ofimpacts achieved between different projects for similar levels of donation).

Statement as to disclosure of information to auditors

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware;and

- the trustees have taken all steps that they ought to have taken to make themselves aware of anyrelevant audit information and to establish that the auditors are aware of that information.







Page 8

Statement of trustees' responsibilities

The trustees (who are also directors of The Whirlwind Charitable Trust for the purpose of companylaw) are responsible for preparing the Trustees' Annual Report and the financial statements inaccordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year whichgive a true and fair view of the state of affairs of the charitable company and of the incomingresources and application of resources, including the income and expenditure, of the charitablecompany for that period. In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any materialdepartures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presumethat the charitable company will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the charitable company and which enable them toensure that the financial statements comply with the Companies Act 2006. They are alsoresponsible for safeguarding the assets of the charitable company and hence for taking reasonablesteps for the prevention and detection of fraud and other irregularities.

Auditors

Thomas Westcott were appointed auditors to the charitable company and are deemed to bereappointed in accordance with Section 487(2) of the Companies Act 2006.







Page 9

Small company provisions

This report has been prepared in accordance with the special provisions for small companies underPart 15 of the Companies Act 2006.

On behalf of the board

S J Chipperfield B P Cussons

Director Director





Page 10

Independent auditor's report to the trustees and members of


We have audited the financial statements of The Whirlwind Charitable Trust for the year ended 31 May2015 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.The financial framework that has been applied in their preparation is applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of theCharities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we mightstate to the charity's trustees those matters we are required to state to them in an auditor's report andfor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charity and the charity's trustees as a body, for our audit work, for this report,or for the opinions we have formed.

Respective responsibilities of the trustees and auditors

As explained more fully in the Trustees' Responsibilities Statement, the trustees' (who are alsodirectors for the purposes of company law) are responsible for the preparation of the financialstatements and for being satisfied that they give a true and fair view.

The trustees have elected for the financial statements not to be audited in accordance with theCompanies Act 1985. Accordingly we have been appointed auditors under section 44(1)(c) of theCharities and Trustee Investment (Scotland) Act 2005 and report to you in accordance with that Acts.

Scope of the audit of financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statementssufficient to give reasonable assurance that the financial statements are free from materialmisstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the charitablecompany's circumstances and have been consistently applied and adequately disclosed; thereasonableness of significant accounting estimates made by the trustees; and the overall presentationof the financial statements. In addition, we read all the financial and non-financial information in theTrustees' Report to identify material inconsistencies with the audited financial statements and toidentify any information that is apparently materially incorrect based on, or materially inconsistent with,the knowledge acquired by us in the course of performing the audit. If we become aware of anyapparent material misstatements or inconsistencies we consider the implications of our report.

We have undertaken the audit in accordance with the requirements of APB Ethical Standards includingAPB Ethical Standard - Provisions Available for Small Entities, in the circumstances set out below:





Page 11

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the charitable company's affairs as at 31 May 2015 and of itsincoming resources and application of resources, including its income and expenditure, for the yearthen ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires usto report to you if, in our opinion:

- the information given in the Trustees' Annual Report is inconsistent in any material respect with thefinancial statements; or

- the charitable company has not kept adequate accounting records; or

- the financial statements are not in agreement with the accounting records and returns; or

- we have not received all the information and explanations we require for our audit.

...........................................

Shona Godefroy FCCA

Senior statutory auditor 26-28 Southernhay East

For and on behalf of Thomas Westcott Exeter

Statutory auditors EX1 1NS





Statement of financial activities (incorporating the income and expenditure account)

For the year ended 31 May 2015

The notes on pages 14 to 19 form an integral part of these financial statements.

Page 12

Unrestricted Endowment 2015 2014

funds funds Total Total

Notes £ £ £ £

Incoming resources

Incoming resources from generating funds:

Investment income 2 188,707 - 188,707 174,376

Total incoming resources 188,707 - 188,707 174,376

Resources expended

Costs of generating funds:

Investment expenses 3 303 26,315 26,618 25,908

Charitable activities 4 143,255 - 143,255 175,987

Governance costs 6,697 - 6,697 6,901

Total resources expended 150,255 26,315 176,570 208,796

Net incoming/(outgoing) resources

for the year 38,452 )(26,315 12,137 )(34,420

Realised gains on disposal

of investment assets - 25,147 25,147 7,734

Net income/(expenditure) for the year 38,452 )(1,168 37,284 )(26,686

Other recognised gains and losses

Gains on revaluation

of investment assets - 424,712 424,712 181,247

Net movement in funds 38,452 423,544 461,996 154,561

Total funds brought forward 387,073 5,264,881 5,651,954 5,497,393

Total funds carried forward 425,525 5,688,425 6,113,950 5,651,954





Balance Sheet

As At 31 May 2015

The notes on pages 14 to 19 form an integral part of these financial statements.

Page 13

2015 2014

Notes £ £ £ £

Investments 10 6,144,415 5,646,375

6,144,415 5,646,375

Current assets

Debtors 11 10,724 12,573

Cash at bank and in hand 21,406 15,273

32,130 27,846

Creditors: amounts falling

due within one year 12 )(62,595 )(22,267

Net current (liabilities)/assets )(30,465 5,579

Net assets 6,113,950 5,651,954

Funds 13

Endowment funds 5,688,425 5,264,881

Unrestricted income funds 425,525 387,073

Total funds 6,113,950 5,651,954

The financial statements are prepared in accordance with the special provisions of Part 15 of theCompanies Act 2006 relating to small companies (effective April 2008).

The financial statements were approved by the board on ............................ and signed on its behalfby

S J Chipperfield B P Cussons

Director Director





Notes to financial statements


Page 14

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have beenapplied consistently throughout the year and the preceding year.

1.1. Basis of accounting

The financial statements are prepared under the historical cost convention and in accordancewith the Financial Reporting Standard for Smaller Entities (effective April 2008), the Statementof Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005(SORP 2005) and the Companies Act 2006.

1.2. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of theTrustees in furtherance of the general objectives of the company and which have not beendesignated for other purposes.

1.3. Endowment funds

Endowment funds are retained intact but expendable at the discretion of the Trustrees.

1.4. Incoming resources

All incoming resources are included in the statement of financial activities when the charity isentitled to the income and the amount can be quantified with reasonable accuracy. Thefollowing specific policies are applied to particular categories of income:

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

1.5. Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includesany VAT which cannot be fully recovered, and is reported as part of the expenditure to whichit relates.

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

Support costs are those costs incurred directly in support of expenditure on the objects of thecompany. Governance costs are those incurred in connection with compliance withconstitutional and statutory requirements.







Page 15

1.6. Investments

Investments are stated at market value at the balance sheet date. The statement of financialactivities includes the net gains and losses arising on revaluations and disposals throughoutthe year.

2. Investment income

Unrestricted 2015 2014

funds Total Total

£ £ £

Income from UK listed investments 188,298 188,298 174,173

Income from cash held as investment 379 379 180

Bank interest receivable 30 30 23

188,707 188,707 174,376

3. Investment expenses

Unrestricted Endowment 2015 2014

funds funds Total Total

£ £ £ £

Investment management fees 29 26,315 26,344 25,509

Overseas tax 274 - 274 399

303 26,315 26,618 25,908

4. Costs of charitable activities - by fund type

Unrestricted 2015 2014

funds Total Total

£ £ £

Supporting charitable activities 143,255 143,255 175,987

143,255 143,255 175,987







Page 16

5. Costs of charitable activities - by activity

Grant

funding Support 2015 2014

activities costs Total Total

£ £ £ £

Supporting charitable activities 139,618 3,637 143,255 175,987

139,618 3,637 143,255 175,987

6. Analysis of support costs and governance costs

Support Governance 2015 2014

costs costs Total Total

£ £ £ £

Insurance - 1,354 1,354 1,354

Website costs 459 - 459 491

Auditors' remuneration - 2,220 2,220 2,640

Stationery and postage 239 - 239 26

Trustees' expenses - 1,314 1,314 1,281

Cost of trustees' meetings - 1,141 1,141 972

Secretarial 2,959 - 2,959 2,500

Book-keeping fee and expenses - 655 655 641

Annual return - 13 13 13

Bank charges )(20 - )(20 59

3,637 6,697 10,334 9,977

7. Net incoming/(outgoing) resources for the year

2015 2014

£ £

Net incoming/(outgoing) resources is stated after charging:

Auditors' remuneration 2,220 2,640







Page 17

8. Employees

Employment costs

No Trustees received remuneration or benefits in kind during the year (2014: Nil)

4 Trustees received reimbursement of expenses amounting to £1,314 in the current year.

(2014- 4 Trustees: £1,281)

9. Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income andCorporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

Cash held

as part

of the

10. Fixed asset investments Listed investment

investments portfolio Total

£ £ £

Valuation

At 1 June 2014 5,596,983 49,392 5,646,375

Additions 744,592 110,564 855,156

Disposals )(781,828 - )(781,828

Revaluations 424,712 - 424,712

At 31 May 2015 5,984,459 159,956 6,144,415

Investments held outside of the UK 1,002,877 - 1,002,877

Investments held within the UK 4,981,582 159,956 5,141,538

Historical cost as at 31 May 2015 4,788,562 159,956 4,948,518

Material investments

2015 2014

£ £

Newton Growth and Income Fund for Charities 1,226,861 1,107,051







Page 18

11. Debtors

2015 2014

£ £

Prepayments and accrued income 10,724 12,573

12. Creditors: amounts falling due

within one year 2015 2014

£ £

Grants payable 58,798 17,800

Accruals and deferred income 3,797 4,467

62,595 22,267

13. Analysis of net assets between funds

Unrestricted Endowment Total

funds funds funds

£ £ £

Fund balances at 31 May 2015 as represented by:

Investment assets 455,990 5,688,425 6,144,415

Current assets 32,130 - 32,130

Current liabilities )(62,595 - )(62,595

425,525 5,688,425 6,113,950

14. Unrestricted funds At At

1 June Incoming Outgoing 31 May

2014 resources resources 2015

£ £ £ £

General funds 387,073 188,707 )(150,255 425,525







Page 19

15. Endowment funds At At

1 June Outgoing Gains and 31 May

2014 resources losses 2015

£ £ £ £

Expendable endowment 5,264,881 )(26,315 449,859 5,688,425

Purposes of endowment funds

The endowment fund is an expendable endowment. The capital can only be used if the Trusteesconsider it to be in the interests of the Trust.

16. Related party transactions

The charity uses the secretarial services of Alison Chipperfield, the wife of one of theTrustees,Stephen Chipperfield. She invoiced the charity a total of £2,875 (2014:£2,500)during the year for these services.

Stephen Chipperfield and David Lister are Trustees of the UK Sailing Academy (UKSA).During the year a grant of £6,000 (2014:£70,000) was approved by the other trustees whohave no conflict of loyalty.

David Lister is a Trustee of Skidz - The Wycombe Motor Project Limited. During the year agrant of £Nil (2014:£6,980) was approved by the other trustees who have no conflict of loyalty.

17. Company limited by guarantee

The Whirlwind Charitable Trust is a company limited by guarantee and accordingly does nothave a share capital.

Every member of the company undertakes to contribute such amount as may be required notexceeding £10 to the assets of the charitable company in the event of its being wound upwhile he or she is a member, or within one year after he or she ceases to be a member.





The following pages do not form part of the statutory accounts.





Detailed statement of financial activities


Page 21

2015 2014

£ £ £ £

Incoming resources

Incoming resources from generating funds:

Investment income

Income from UK listed investments 188,298 174,173

Income from cash held as investment 379 180

Bank interest receivable 30 23

188,707 174,376

Total incoming resources from generating funds 188,707 174,376

Total incoming resources 188,707 174,376

Resources expended

Costs of generating funds:

Investment Management Fees 26,344 25,509

26,344 25,509

Overseas Tax 274 399

274 399

Total cost of generating investment income 26,618 25,908

Total costs of generating funds 26,618 25,908





Detailed statement of financial activities


Page 22

2015 2014

£ £

Charitable activities

Supporting charitable activities

Activities undertaken directly

Grants to help disadvantaged young people 127,618 167,850

Donations 10,000 5,061

Marine conservation project 2,000 -

139,618 172,911

Support costs

Website costs 459 491

Stationery and postage 239 26

Secretarial 2,959 2,500

Bank charges )(20 59

3,637 3,076

Supporting charitable activities total expenditure 143,255 175,987

Total charitable activity expenditure 143,255 175,987

Support costs

Insurance 1,354 1,354

Audit and accountancy fees 2,220 2,640

Costs of meetings 1,141 972

Trustees' expenses 1,314 1,281

Bookkeeping and Expenses 655 641

Annual Return 13 13

6,697 6,901

Total governance costs 6,698 6,901

Net incoming/(outgoing) resources for the year 12,136 )(34,420

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