THE WHIRLWIND CHARITABLE TRUSTEES' REPORT AND … · trustees, who are also directors of The...
Transcript of 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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Report of the trustees (incorporating the directors' report)
for the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Page 10
Independent auditor's report to the trustees and members of
The Whirlwind Charitable Trust
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:
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Notes to financial statements
for the year ended 31 May 2015
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 Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
The following pages do not form part of the statutory accounts.
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Detailed statement of financial activities
For the year ended 31 May 2015
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
The Whirlwind Charitable Trust
Registration Number 06261868
Charity Number 1119576
Company Limited By Guarantee
Detailed statement of financial activities
For the year ended 31 May 2015
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