2025-04-05-accounts

Charity number: 1011180

THE WHELER FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED5 APRIL 2025

Pe

THE WHELER FOUNDATION

a

CONTENTS

	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2-7
Independent auditors’ reporton the financial statements	8-11
Consolidated statement offinancial activities	12
Consolidated balance sheet	13-14
Charity balance sheet	15-16
Consolidated statement ofcash flows	17
Notestothefinancialstatements	18-41

THE WHELER FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees

Mr P. R. Fitzgerald Mr C. M. P. Granger Ms A. J. Marley

Charity registered number 1011180 Principal office Regent House 13 - 15 Albert Street Harrogate HG1 1JX

Independent auditors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Agent Carter Jonas LLP 13-15 Albert Street Harrogate North Yorkshire HG1 1JX

Page 1

THE WHELER FOUNDATION

ui . FOR THETRUSTEES' YEAR ENDEDREPORT5 APRIL 2025

a

The Trustees present their annual report together with the audited financial statements of the Foundation (also referred to as the charity) for the period 6 April 2024 to 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities

a. Policies and objectives

The Foundation's objectives are:

1. The maintenance and preservation of lands of historic, educational or landscape value, or natural ;

2. The maintenance and preservation of historic buildings and works of art for the benefit of the public ;

3. Encouragement or assistance to agriculture, forestry and rural industry for the benefit of the public ; and

4. The making of gifts or donations to charitable bodies, where in the opinion of the Board of Trustees, such gifts or donations shall be conducive to the promotion of the objects of the Trust or any of them.

The success of achieving these objectives in the reporting period is considered at Trustee meetings through consideration of the Managing Agents reports which address these areas and financial information.

b. Strategies for achieving objectives

The Trustees have given due regard to the Charity Commission's guidance in respect of public benefit and have continued to carry out the charitable objects above throughout the year by conserving and safeguarding the Foundation's assets, by providing public access where possible, for example for educational purposes, and by carrying out the appropriate grant-making policy.

i

Page 2

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

Objectives and activities (continued)

c. How we achieve our objectives

The majority of the Foundation's land was left to the Wheler Foundation on the death of Granville Wheler in 2004. Ledston Hall is a Grade 1 Listed building dating back to c.1200. The building and its estate had been in Granville Wheler’s family since 1653.

Since the Foundation was established, a major priority has been to restore Ledston Hall, which had been on the English Heritage ‘At Risk’ register for some time, this has now been achieved.

The Otterden Estate (including Otterden Place — a Grade II* listed building) had been in Granville Wheler’s family since 1612. Otterden Place is especially historic as one of the places where the very first experiments with electricity were carried out in 1729. The property is now in a poor state of repair and its restoration is a second major priority of the Foundation.

The Foundation also provides access to the Ledston and Otterden Estates for schools and other groups of both adults and children via pre organised visits. These visits provide the opportunity for young people to learn about and appreciate the countryside and the historical and educational context of estates such as those at Ledston Hall and Otterden Place.

d. Grant-making policies

Proposed grants are reviewed against the criteria set out in the Trust Deed. In the current year the Trustees have awarded appropriate grants to institutions and individuals as set out in note 9.

Achievements and performance

a. Review of activities

In maintaining and conserving the Foundation's assets, the Trustees have enabled the public as a whole to continue to enjoy the beauty and diverse history of the Ledston and Otterden estates.

Each year, the Trustees accommodate student visits to both estates, in acknowledgement of the Foundation's ongoing commitment to education. For the period of these accounts, Ledston welcomed 3,493 student visitors through a range of organised open days and Otterden 1,443 student visitors.

b. Key performance indicators

The Foundation showed a net gain before investment losses and revaluation gains of £95,258 (loss 2024: £1,510,980 gain). This was attributable to the Ledston Hall Project.

The total funds of the Foundation at the year end amounted to £56,587,262 (2024: £53,854,426).

Free reserves, excluding liabilities due over one year, at the year end amounted to £224,013 (2024: £92,022). However these reserves are committed to the Ledston Hall Project.

Page 3

THE WHELER FOUNDATION

ee

eS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

ee

Achievements and performance (continued)

c. Fundraising activities and income generation

The principal funding source of the Foundation is income from freehold properties which formed the estates of the Wheler family and were endowed upon the charity as described below. The properties are a mix of residential, commercial and agricultural farms and bare land.

The Foundation does not engage directly in any fundraising activity.

Financial review

a. Financial Review

The Trustees consider that the financial position of the Foundation is satisfactory and that it enables them to make adequate provision for the essential maintenance of the properties and assets held.

The principal funding sources of the Foundation are the rental income from the assets held within the estates and also where appropriate the disposal of certain parts of the Foundation's land, which is permitted by the Trust Deed. This funding supports the key objectives of the Foundation.

The major financial consideration in recent years has been the funding of the Ledston Hall Project. The funding sources were from the sale of land comprising part of the expendable endowment previously (approximately £7m), borrowing from the AMC (£3m) with the balance coming from the Unrestricted Fund. In order to meet the cost overrun mentioned above, additional loan facilities have been sourced through NatWest (£3.5m). The Trustees are satisfied that these borrowings may be repaid out of income and readily achievable land sales without significant prejudice to the Foundation's continuing objectives and plans.

In the longer term, the intention is to put in hand the conservation of Otterden Place. Other less major projects are intended to ensure that the estates continue to thrive and flourish as entities in pursuance of the Foundation's primary objectives.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Accordingly we continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. The annual distributions agreed during the year were at a reduced level.

an

Page 4

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

c. Reserves policy

The Expendable Endowment represents the Endowment of the Foundation as at 5 April 2024.

The Free Reserves of the Foundation consist of the unrestricted fund plus any long term borrowings (repayable in more than one year) less the balance sheet value of any unrestricted fixed assets. As at 5 April 2025 free reserves, excluding liabilities due over one year, were £49,830 (2024: £49,830).

It is the policy of the Foundation that Free Reserves which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation's current activities whilst consideration is given to ways in which additional funds may be raised.

Funds may also be accumulated in accordance with the Trustees’ powers to provide for repair and maintenance work to identified Heritage assets and designated as such.

The total reserves held at 5 April 2025 were £56,587,262 (2024: £53,854,426). £240,411 of these were unrestricted and £56,346,851 were endowment.

The deficit on the unrestricted funds arises from the cost of the Ledston Hall project and will be recouped by the planned disposal of property held in the expendable endowment referred to in note a above.

Structure, governance and management

a. Constitution

The Wheler Foundation is a registered charity, number 1011180, and was established by a Declaration of Trust Deed dated 4 March 1992 and the Will of Mr G. H. H. Wheler dated 16 September 2002 and the First Codicil to that Will dated 6 January 2004.

b. Methods of appointment or election of Trustees

Trustees, Mr P. R. Fitzgerald and Mr C. M. P. Granger, were appointed under the Declaration of Trust dated 4 March 1992 by the settlor of the Trust, Mr Granville H. H. Wheler. Under the Declaration of Trust there is no maximum number of Trustees and the minimum number is two. Mrs Aysha Marley was appointed a trustee on 4 December 2023 by the Trustee body under the power to appoint which vests with it.

c. Policies adopted for the induction and training of Trustees

Each Trustee is given a copy of the governing document and a copy of the latest Annual Report and financial statements. All new Trustees are briefed by the Chair of Trustees.

d. Key management personnel remuneration

The Trustees consider themselves as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 14 to the accounts.

Page 5

a

THE WHELER FOUNDATION

iS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

a

Plans for future periods

Future developments

The Foundation has a view to preserve and maintain its historic structures, particularly around the Principal Houses and parkland. There is a management scheme in place to maintain the buildings in a structurally sound and weatherproof condition.

Otterden Place remains vacant following the vacation of the long standing tenant. The property requires substantial restoration and renovation and the Trustees are currently considering options and costings.

The Foundation is currently pursuing planning applications on two sites in Ledsham, as well as a site at Otterden, in addition to pursuing the possible residential development of certain further land at Charing through a Promotion Agreement and possible battery storage site at Ledston. Any proceeds from these potential sales or lettings will be used to pay off the loans taken out to fund the Ledston Hall project and fund other conservation projects.

The Foundation is also considering plans to renovate a Listed farmhouse at Ledsham, erect a new grain store at Newfield Farm, Ledston and to renovate the Chequers Inn pub in Ledsham, a central feature of the village.

Statement of Trustees' responsibilities

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 England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the charity and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP (FRS 102); ° make judgments and accounting estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the . They are also responsible for safeguarding the assets of the Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

a

Page 6

THE WHELER FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

• e so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• ° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr C. M. P. Granger _ Trustee

Date: Q (y (00-7

Page 7

aEN THE WHELER FOUNDATION a INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION a

Opinion

We have audited the financial statements of The Wheler Foundation (the ‘parent charity’) and its subsidiaries (the 'group') for the year ended 5 April 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• ° give a true and fair view of the state of the Group's and of the parent charity's affairs as at 5 April 2025 and of the Group's incoming resources and application of resources, including 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 Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the financial statements of The Wheler Foundation have been prepared on a going concern basis on the basis that future financing and cash requirements in support of its operations will be generated from the sale of certain properties.

As stated in note 2.2, the Trustees note that the future operation of the Foundation is dependent on the disposals of certain properties and the potential to refinance. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Foundation’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

a

Page 8

THE WHELER FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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 form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• ° the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• ° the parent charity has not kept sufficient accounting records; or

• e the parent charity financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control 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 Group's and the parent 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 liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 9

THE WHELER FOUNDATION

a

eT INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

a

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 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 Auditors’ 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• . We reviewed the susceptibility of the charity's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.

• ° We reviewed the charity's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charity and its environment and identify any instances of non-compliance.

• . We also assessed the charity's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.

• . The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charitable company awareness to carry out our work to the required standard.

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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

er

Page 10

THE WHELER FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Foundation's Trustees those matters we are required to state to them in an Auditors' 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 Foundation and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. WA f WR Partners fab Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: ari2[AO?]

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

THE WHELER FOUNDATION

eS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2025

		Unrestricted	Endowment	Total	Total
		funds	funds	funds	funds
		2025	2025	2025	2024
	Note	£	£	£	£
Income and endowments from:
Charitable activities	4	1,297,540	-	1,297,540	1,101,644
Othertrading activities	5	318,062	-	318,062	164,929
Investments	6	25,704	-	25,704	24,926
Other income	7	5,417	-	5,417	15,948
Total income and endowments		1,646,723	-	1,646,723	1,307,447
Expenditure on:
Othertrading expenses	8	249,820	-	249,820	233,617
Charitable activities	10	1,298,645	-	1,298,645	2,584,810
Total expenditure		1,548,465	-	1,548,465	2,818,427
Net movement in funds before other
recognised gains/(losses)		98,258	-	98,258	(1,510,980)
Other recognised gains/(losses):
Gains on revaluation offixed assets		-	2,634,577	2,634,577	3,994,354
Net movement in funds		98,258	2,634,577	2,732,835	2,483,374
Reconciliation offunds:
Total funds brought forward		142,153	53,712,274	53,854,427	51,371,053
Net movement in funds		98,258	2,634,577	2,732,835	2,483,374
Totalfundscarriedforward		240,411	56,346,851	56,587,262	53,854,427

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18-42 form part of these financial statements.

Page 12

THE WHELER FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 5 APRIL 2025

			2025		2024
	Note		£		£
Fixed assets
Intangible assets	15		-		28,870
Tangible assets	16		16,398		21,260
Heritage assets	18		62,577,016		59,991,550
Investment property	17		1,008,000		960,000
			63,601,414		61,001,680
Current assets
Debtors	20	517,939		454,459
Cash at bank and in hand		394,432		302,175
		912,371		756,634
Current liabilities
Creditors: amounts falling due within one
year	21	(2,864,585)		(781,262)
Net current liabilities			(1,952,214)		(24,628)
Total assets less current liabilities			61,649,200		60,977,052
Creditors: amounts falling due after more
than one year	22		(5,061,938)		(7,122,625)
Net assets excluding pension asset			56,587,262		53,854,427
Totalnetassets			56,587,262		53,854,427

Page 13

ii

THE WHELER FOUNDATION

a CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 5 APRIL 2025

i

		2025	2024
	Note	£	£
Charity funds
Endowment funds	23	56,346,851	53,712,274
Restricted funds	23	-	-
Unrestricted funds	23	240,411	142,153
Totalfunds		56,587,262	53,854,427

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr C. M. P. Granger Date: Lt (~ f[rhe] The notes on pages 18 to 41 form part of these financial statements.

i

Page 14

THE WHELER FOUNDATION

CHARITY BALANCE SHEET AS AT 5 APRIL 2025

			2025		2024
	Note		£		£
Fixed assets
Intangible assets	15		-		28,870
Tangible assets	16		12,069		15,488
Heritage assets	18		62,577,016		59,991,550
Investments	19		1		1
Investment property	17		1,008,000		960,000
			63,597,086		60,995,909
Current assets
Debtors	20	618,700		484,696
Cash at bank and in hand		321,415		291,961
		940,115		776,657
Current liabilities
Creditors: amounts falling due within one
year	21	(2,822,725)		(726,827)
Net current assets/ liabilities			(1,882,610)		49,830
Total assets less current liabilities			61,714,476		61,045,739
Creditors: amounts falling due after more
than one year	22		(5,061,938)		(7,122,625)
Net assets excluding pension asset			56,652,538		53,923,114
Totalnetassets			56,652,538		53,923,114

Page 15

THE WHELER FOUNDATION

a CHARITY BALANCE SHEET (CONTINUED)

AS AT 5 APRIL 2025

i

		2025	2024
	Note	£	£
Charity funds
Endowment funds	23	51,885,246	51,885,246
Restricted funds	23	:	"
Unrestricted funds	23	4,767,292	2,037,868
Totalfunds		56,652,538	53,923,114

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

~ Mr C. M. P. Granger Date: sal id [+9 an The notes on pages 18 to 41 form part of these financial statements.

rp

Page 16

THE WHELER FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED5 APRIL 2025

----- Start of picture text -----
2025 2024
£ £
Cash flows from operating activities
Net cash used in operating activities 158,468 (1,157,029)
Cash flows from investing activities
Purchase of heritage assets (9,130) (3,007)
Purchase of tangible fixed assets (606) (13,672)
Proceeds from sale of heritage assets : 1,294,199
Interest received 4,212 5,348
Net cash (used in)/provided by investing activities (5,524) 1,282,868
Cash flows from financing activities
Repayments of borrowing (60,687) -
Net cash (used in)/provided by financing activities (60,687) :
Change in cash and cash equivalents in the year 92,257 125,839
Cash and cash equivalents at the beginning of the year 302,175 176,336
Cash and cash equivalents at the end of the year 394,432 302,175
The notes on pages 18 to 41 form part of these financial statements
----- End of picture text -----

Page 17

THE WHELER FOUNDATION

un

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. General information

The Wheler Foundation is a registered charity, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principle place of business is 13-15 Albert Street, Harrogate, HG1 1JX.

1. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to providea ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Wheler Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

• 2.2 Going concern

The Trustees assess whether the use of going concern is appropriate I.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

The Foundations forecasts and projections show that the Foundation expects to be in a positive cash position going forward, however this is dependent on the sale of multiple properties. The Foundation Trustees are confident that the sales of these properties will be completed in the short term to ensure sufficient cash is available. If a scenario occurred whereby the properties were not sold on a timely basis, the Trustees would seek to agree a refinancing package with the bank, underpinned by the future sale of properties.

The Trustees also consider that it is unlikely that the Foundation will comply with its banking covenants in the 12 months post year end which could impact the availability of current loan finance. However, they are confident that they would reach agreement with their banking provider to retain appropriate levels of finance to support the operations. underpinned by the future sale of properties.

The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

Page 18

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting policies (continued)

2.3. Income

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 receivable can be measured reliably.

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

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the Foundation's operations, including support costs and costs relating to the governance of the Foundation apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All costs relating to projects for the maintenance, conservation or restoration of the Heritage Assets are charged to expenditure in the year in which they are incurred.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 19

THE WHELER FOUNDATION

i

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - 25% Motor vehicles - 25%

Page 20

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.8 Heritage assets

The Foundation holds a number of properties and pieces of land. These comprise the freehold property of the former G.H.H Wheler 1992 Settlement, the freehold property of the Ledston and Otterden Estates which were transferred to the Wheler Foundation on 5 April 2006. In accordance with section 34 of FRS102, Heritage land and building assets are recognised on the Balance Sheet at the latest valuation dated 5 April 2020.

Depreciation is not charged on the chattels which considered to have indeterminate lives and a high residual value.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 21

THE WHELER FOUNDATION

pe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting policies (continued)

2.14 Fund accounting

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 other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds, where there is no power to convert the capital in to income are classified as permanent endowments. Permanent endowment funds much normally be held indefinitely. Where trustees have the power to convert endowment funds into income, such funds are classified as expendable endowments.

Investment income, gains and losses are allocated to the appropriate fund.

2.15 Expendable endowment fund

The Trust capital representing the land with which the Trust was endowed, is shown as an Expendable Endowment fund, as the Trustees have the power to realise the capital for charitable purpose, at their discretion. The income of the fund is available for general purposes and is shown in the unrestricted fund.

2.16 Investment properties

Investment properties are recognised on the Balance Sheet at the valuation at 5 April 2025. These represent land and buildings that the Foundation has purchased to generate future rental income from to support the objectives of the Foundation.

1. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below : Heritage land and buildings are carried at fair value, determined annually and derived from current market rents and property and market conditions.

Page 22

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

4. Income from charitable activities

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Rental Income	1,122,566	1,122,566	1,071,935
TimberSales	36,301	36,301	21,945
Environmental Stewardship Scheme	138,673	138,673	7,764
Total 2025	1,297,540	1,297,540	1,101,644
Total2024	1,101,644	1,101,644

5. Income from other trading activities Income from non charitable trading activities

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Other income	30	30	-
Trading income	318,032	318,032	164,929
	318,062	318,062	164,929
Total2024	164,929	164,929

Page 23

ee

THE WHELER FOUNDATION

_————————

aE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025 Ne eee ee ee ee TTT eee ee ee ee ee

6. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Investment income - Investment properties	25,704	25,704	24,926
Total2024	24,926	24,926

7. Other incoming resources

		Unrestricted	Total	Total
		funds	funds	funds
		2025	2025	2024
		£	£	£
Other	interest	4,212	4,212	5,348
Other	income	1,205	1,205	10,600
Total	2025	5,417	5,417	15,948
Total2024	2024	15,948	15,948

a

Page 24

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. Expenditure on raising funds

Other trading expenses

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Administration expenses	225,358	225,358	231,512
Staff costs	23,019	23,019	2,105
Depreciation	1,443	1,443	-
	249,820	249,820	233,617
Total2024	233,617	233,617

Page 25

THE WHELER FOUNDATION

i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

9. Analysis of grants

	Grants to	Total	Total
	Institutions	funds	funds
	2025	2025	2024
	£	£	£
Grants paid	25,288	25,288	20,542
Total 2025	25,288	25,288	20,542
Total2024	20,542	20,542

The Group has made the following material grants to institutions during the year:

	2025	2024
	£	£
Name of institution
Stalisfield Village Hall	750	650
Countryside Learning	15,000	15,000
The Country Trust	3,000	-
Kent Agricultural Society	2,500	-
Wilderness Adventures CIC	500	-
St Lawrence Chapel Insurance	3,538	2,988
St Lawrence Chapel Repairs	-	1,904
	25,288	20,542
	25,288	20,542

Hp

Page 26

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

10. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted
	funds	Total	Total
	2025	2025	2024
	£	£	£
Estate management costs	983,197	983,197	1,101,567
Grants paid (note 9)	25,288	25,288	20,542
Ledston Hall Project	290,160	290,160	1,462,701
Total 2025	1,298,645	1,298,645	2,584,810
Total2024	2,584,810	2,584,810

11. Analysis of expenditure by activities

	Activities undertaken directly	Grant _—_funding of activities	Total funds	Total funds
	2025	2025	2025	2024
	£	£	£	£
Estate management costs	983,197	-	983,197	1,101,567
Grants paid (note 9)	-	25,288	25,288	20,542
Ledston Hall Project	290,160	-	290,160	1,462,701
Total 2025	1,273,357	25,288	1,298,645	2,584,810
Total2024	2,564,268	20,542	2,584,810

Page 27

THE WHELER FOUNDATION

i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

11. Analysis of expenditure by activities (continued)

Analysis of direct costs

		Total	Total
		funds	funds
		2025	2024
		£	£
	Staffcosts	30,515	48,991
	Repairs	331,346	1,404,976
	Insurance	123,522	129,604
	Agent managementfees	180,795	196,118
	Legal and professional fees	39,928	162,436
	Loan interest	418,733	420,640
	Bank charges	477	431
	Pension costs	-	483
	Water, rates and energy	11,317	22,147
	Motorand machinery expenses	8,079	9,302
	Website costs	100	100
	Irrecoverable VAT	33,275	49,191
	Sundryexpenses	11,317	18,025
	Bad debts	(5,912)	6,861
	Depreciation	32,895	5,167
	Governance costs	56,970	93,296
	Profit on disposal offixed assets	-	(3,500)
	Total 2025	1,273,357	2,564,268
12.	Auditors’ remuneration
		2025	2024
		£	£
	Fees payable to the Foundation's auditor forthe audit ofthe charity's annual accounts	9,265	8,500
	Fees payable to the charity's auditor in respect of:
	The auditing ofaccounts of subsidiaries ofthe charity	5,440	4,750
	Allnon-auditservicesnotincludedabove	4,610	4,225

a

Page 28

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

13. Staff costs

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	53,074	46,776	30,515	44,714
Social security costs	-	3,794	-	3,794
Contribution to defined contribution pension
schemes	460	526	-	483
	53,534	51,096	30,515	48,991
The average number ofpersons employed bythe charity during the yearwas as follows:
	Group	Group	Charity	Charity
	2025	2024	2025	2024
	No.	No.	No.	No.
	2	2	1	1

The average number of persons employed by the charity during the year was as follows:

No employee received remuneration amounting to more than £60,000 in either year.

The total remuneration and benefits received by key management personnel in the year was ENil (2024: ENil).

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 5 April 2025, expenses totalling £NIL were reimbursed or paid directly to no Trustee (2024 - £NIL to no Trustee).

Page 29

THE WHELER FOUNDATION

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

15. Intangible assets

Group and Charity
	Intangibles
	£
Cost
At6 April 2024	28,870
At 5 April 2025	28,870
Amortisation
Charge forthe year	28,870
At 5 April 2025	28,870
Net book value
At 5 April 2025	-
At5April2024	28,870

The above intangible assets reflect 84 Basic Premium Scheme entitlements that were purchased previously in regard to Newfield Farm and the Basic Premium Scheme entitlements in regard to Newton Farm purchased in the prior year.

Page 30

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

16. Tangible fixed assets

Group

	Plantand	Motor
	machinery	vehicles	Total
	£	£	£
Cost or valuation
At6 April 2024	49,892	15,795	65,687
Additions	606	-	606
At 5 April 2025	50,498	15,795	66,293
Depreciation
At 6 April 2024	34,840	9,587	44,427
Charge forthe year	3,916	1,552	5,468
At 5 April 2025	38,756	11,139	49,895
Net book value
At 5 April 2025	11,742	4,656	16,398
At5April2024	15,052	6,208	21,260

Page 31

THE WHELER FOUNDATION

SSSSS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

16. Tangible fixed assets (continued)

Charity

	Plant and	Motor
	machinery £	vehicles £	Total £
Cost or valuation
At 6 April 2024	44,120	15,795	59,915
Additions	606	:	606
At 5April 2025	44,726	15,795	60,521
Depreciation
At 6 April 2024	34,840	9,587	44,427
Charge fortheyear	2,473	1,552	4,025
At 5 April 2025	37,313	11,139	48,452
Net book value
At 5 April 2025	7,413	4,656	12,069
At5April2024	9,280	6,208	15,488

Page 32

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

17. Investment property

Group and charity

	Freehold
	investment
	property
	£
Valuation
At 6 April 2024	960,000
Gain on revaluation	48,000
At5April2025	1,008,000

The current valuations were made by Dan Taylor MRICS FAAV of Carter Jonas LLP, Chartered Surveyors, on an open market value for existing use basis.

The investment property was valued as at 5 April 2025.

18. Heritage assets

Group and Charity

Assets recognised at valuation

	Land and
	buildings	Chattels	Total
	2025	2025	2025
	£	£	£
Carrying value at 6 April 2024	59,288,246	703,303	59,991,549
Additions	9,131	-	9,131
Disposals	(10,241)	-	(10,241)
Revaluations	2,586,577	-	2,586,577
	61,873,713	703,303	62,577,016

Page 33

THE WHELER FOUNDATION

a

i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

a

18. Heritage assets (continued)

Group and Charity (continued)

Heritage land and buildings

These comprise the freehold property of the Ledston and Otterden Estates which were transferred to the Wheler Foundation on 5th April 2006, following the death of the Settlor in 2004. In accordance with section 34 of FRS102, Heritage land and building assets have been recognised on the Balance Sheet at the valuation obtained at 5 April 2025.

Heritage chattels

The heritage chattels held are made up of pictures, furniture, objects of art, books, manuscripts, silverware and porcelain which are held at the Otterden and Ledston estates.

The heritage chattels were included in the financial statements for the year ended 5 April 2010 at an external valuation provided by Christie, Manson and Woods Limited on 11 June 2010. The chattels were valued at this date at their current market value, each chattel being given a lower and upper value. The chattels were included in the financial statements at the middle of those two total values.

In accordance with SORP 2015 (FRS 102), the heritage chattels are not depreciated but are instead reviewed for evidence of impairment at each balance sheet date. The board consider there to have been no material changes to the valuation and no evidence of impairment.

Heritage chattels management policy

The heritage chattels are held mainly within the Heritage properties owned by the foundation, some of which are let. Public access is granted to the properties where possible.

Heritage Chattels are shown at market value at 11 June 2010. The Trustees regularly review the chattels for impairment and adjust the valuation accordingly.

Depreciation is not charged since the chattels are considered to have indeterminate lives and a high residual value.

me

Page 34

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

19. Fixed asset investments

	Investments
	in
	subsidiary
	companies
Charity	£
Cost or valuation
At6 April 2024	1
At 5 April 2025	1
Net book value
At 5 April 2025	1
At5April2024	1

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

----- Start of picture text -----
Name Company Registered office or principal Class of Holding
number place of business shares
Ledston Hall Limited 13976695 Regent House, 13-15 Albert Ordinary 100%
Street, Harrogate, United
Kingdom, HG1 1JX
The financial results of the the subsidiary for the year were:
Name Income Expenditure Profit/(Loss)
£ £ ! Surplus/
(Deficit) for
the year
£
Ledston Hall Limited 318,062 (317,650) 3,412
----- End of picture text -----

The financial results of the the subsidiary for the year were:

Ledston Hall Limited principal activity includes letting and operating of own or leased real estate.

Ledston Hall Limited net assets split consists of £4,329 fixed assets, £89,267 current assets and £158,871 current liabilities.

Page 35

THE WHELER FOUNDATION

a

i

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

IY

20. Debtors

		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£	£	£	£
	Due within one year
	Trade debtors	(9,617)	50,532	(24,885)	38,739
	Amounts owed bygroup undertakings	-	-	116,028	49,999
	Other debtors	34,055	2,620	34,056	2,619
	Prepayments and accrued income	493,501	401,307	493,501	393,339
		517,939	454,459	618,700	484,696
21.	Creditors: Amounts falling due within one year
		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£	£	£	£
	Bank loans	2,166,041	166,651	2,166,041	166,651
	Trade creditors	536,609	146,571	536,609	146,571
	Amounts owed to group undertakings	-	-	982	-
	Othertaxation and social security	-	(3,539)	-	(3,539)
	Other creditors	24,909	35,430	894	-
	Accruals and deferred income	137,026	436,149	118,199	417,144
		2,864,585	781,262	2,822,725	726,827
22.	Creditors: Amounts falling due after more than	one year
		Group	Group	Charity	Charity
		2025	2024	2025	2024
		£	£	£	£
	Bankloans	5,061,938	7,122,625	5,061,938	7,122,625

Bank loans are secured by land and buildings owned by the Foundation, included in Heritage assets.

a

Page 36

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

23. Statement of funds Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|6|Gains/|Balance|at|5| |April|2024|Income|Expenditure|(Losses)|April|2025| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all|funds|142,153|1,646,723|(1,548,465)|-|240,411| |Endowment|funds| |Endowment|Funds-|all|funds|53,712,274|-|-|2,634,577|56,346,851| |Total|of funds|53,854,427|1,646,723|(1,548,465)|2,634,577|56,587,262| |Statement|of funds-|prior year| |Balance|at|Transfers|Gains/|Balance|at| |6 April 2023|Income|Expenditure|in/out|(Losses)|5|April 2024| |£|£|£|£|£|£| |Unrestricted| |funds| |General|Funds|-| |all|funds|(514,194)|1,307,447|(2,818,426)|2,167,326|-|142,153| |Endowment| |funds| |Endowment| |Funds|-|allfunds|57,885,246|-|-|(2,167,326)|3,994,354|53,712,274| |Total|of funds|51,371,052|1,307,447|(2,818,426)|-|3,994,354|53,854,427|

----- End of picture text -----

Page 37

THE WHELER FOUNDATION

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

eeY

1. Summary of funds

Summary of funds - current year

		Balance at 6			Gains/	Balance at 5
		April 2024	Income	Expenditure	(Losses)	April 2025
		£	£	£	£	£
General funds		142,153	1,646,723	(1,548,465)	-	240,411
Endowment funds		53,712,274	-	-	2,634,577	56,346,851
		53,854,427	1,646,723	(1,548,465)	2,634,577	56,587,262
Summary offunds - prioryear
	Balance at 6 April2023	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 5April2024
	£	£	£	£	£	£
General funds	(514,194)	1,307,447	(2,818,426)	2,167,326	-	142,153
Endowment
funds	51,885,246	-	-	(2,167,326)	3,994,354	53,712,274
	51,371,052	1,307,447	(2,818,426)	-	3,994,354	53,854,427

General Funds

These funds are held by the Foundation to further the objects of the charity as set out in the Trustees Report.

Endowment Funds

The Estate Property Funds represent the Heritage and investment properties held at the Ledston and Otterden Estates.

The transfer made in the year from expendable Endowment Fund to the General Fund represents the Trustees decision to use the Bank Loans to fund the Endowment fund activities, including the conservation of Ledston Hall.

a

Page 38

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

25. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Endowment	Total
	funds	funds	funds
	2025	2025	2025
	£	£	£
Tangible fixed assets	16,398	-	16,398
Investment property	-	1,008,000	1,008,000
Heritage assets	-	62,577,016	62,577,016
Current assets	912,371	-	912,371
Creditors due within one year	(2,688,358)	(176,227)	(2,864,585)
Creditors due in more than one year	2,000,000	(7,061,938)	(5,061,938)
Total	240,411	56,346,851	56,587,262
Analysis of net assets between funds- prioryear
	Unrestricted	Endowment	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Tangible fixed assets	21,260	-	21,260
Intangible fixed assets	28,870	-	28,870
Investment property	-	960,000	960,000
Heritage assets	-	59,991,550	59,991,550
Current assets	706,634	50,000	756,634
Creditors due within one year	(614,611)	(166,651)	(781,262)
Creditors due in more than one year	-	(7,122,625)	(7,122,625)
Total	142,153	53,712,274	53,854,427

Page 39

THE WHELER FOUNDATION

a

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

an

26.	Reconciliation of net movement in funds to	Reconciliation of net movement in funds to	Reconciliation of net movement in funds to	net cash flowfrom	from operating	activities
						Group	Group
						2025	2024
						£	£
	Net income/expenditure Activities)	for the year	(as	per Statement	of Financial	98,258	(1,510,980)
	Adjustments for:
	Depreciation charges					5,468	5,167
	(Profit)/ Loss on the sale of heritage assets					10,241	(3,500)
	Decrease/(increase)in debtors					(63,480)	35,128
	Increase/(decrease) in creditors					83,323	322,504
	Interest recieved					(4,212)	(5,348)
	Amortisation charges					28,870	-
	Netcash provided by/(used in) operating activities					158,468	(1,157,029)
27.	Analysis ofcash and cash equivalents
						Group	Group
						2025	2024
						£	£
	Cash in hand					394,432	302,175
	Total cash and cash equivalents					394,432	302,175
28.	Analysis ofchanges in netdebt
					At 6 April		At 5 April
					2024	Cash flows	2025
					£	£	£
	Cash at bank and in hand				302,175	92,257	394,432
	Debtduewithin 1 year				(166,651)	(1,999,390)	(2,166,041)
	Debt due after1year				(7,122,625)	2,060,687	(5,061,938)
					(6,987,101)	153,554	(6,833,547)

a

Page 40

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

29. Related party transactions

Mr C. M. P. Granger is a Trustee of the Foundation and a consultant of property consultants, Carter Jonas LLP. During the year Carter Jonas charged the Foundation professional fees of £231,959 (2024: £235,290).

Fees are calculated on normal commercial terms. Included in prepayments and accrued income is an amount of £211,995 (2024: £181,976) in respect of these services. Also included in accruals is an amount of £73,788 (2024: £136,502) and included in trade creditors is £229,529 (2024: £10,699) in respect of these services.

None of the Trustees make any charge to the Foundation for the time spent in connection with their duties as trustees.

Page 41