WOODROFFE BENTON FOUNDATION
(INCORPORATING THE S WOLFE MEMORIAL FUND AND THE BELTHLE FUND)
REGISTERED CHARifi NUMBER 1075272
ANNUAL REPORT AND FINANCIAL STATEMENT5
FOR THE YEAR ENDED 2nd DECEMBER 2022

WOODROFFE BENTON FOUNDATION
TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2nd DECEMBER 2022
The Trustees present their Annual Report and Financial Statements of the Charity for the year ended 2nd
December 2022. The Financial Statements have been prepared in accordance with the accounting policies
set out in note I to the Accounts and comply with the Charity's Scheme, the Charities Act 2011 and the
Statement of Recommended Practice-. Accounting and Reportlng by Chorities applicable to charities
preparing their Account5 in 3ccordance with Financial Reportin8 Standard applicable to the UK and Republic
nf Irp13nd l FRS in21 Thp Rponrl IAke% arcoiint nf the rpoijirpmpnt lor TriJstppE to TeDort anniially on Pijblir.
eneiii dno iiie I ru51ees ndve Ildu ieudiu LU Liie Liidr ILV LU111411I55IVII S guiudsiLe uii fuuiiL Deiieiii.
LEGAL AND ADMINISTRATIVE INFORMATION
HISTORY AND CONSTITUTION
The Foundation was set up by Trust Deed in November 1988 by the late Alfred Woodroffe Benton. It later
amalgamated with the S Wolfe Memorial Fund and is now governed by a Scheme sealed by the Charity
Commissioners for England and Wales on 6th April 1999. It is a Registered Charity. number 1075272.
TRUSTEES
The following Se￿ed as Trustees from the commencement of the year up to the date of approval of the
accounts in, where relevant. the stated capacity- Mr E Behrens (resigned 14" April 20221, Mr J l Hope, Mr R
A Page. Mrs C Rimington. Mrs J Wesley. Mr E J White (Chairmanl, and Mr W White.
WEBSITE
www.woodroffebenton.org.uk
SECRETARY AND ADDRESS FOR CORRESPONDENCE
Mrs Joanna Noles, PO Box 309. Cirencester. GL7 9HA.
BANKERS
8arc13y5 Bank plc Thorpe Bav,
140 The Broadway, Southend-on-sea. Essex SSI 3ES
AUDITORS
Bishop Fleming LLP,
10 Temple Back,
Bristol BSI 6FL
INVESTMENT MANAGERS
Brewin Dolphin Limited,
12 Smithfield Street,
London ECIA 9BD
LEGAL ADVISORS
Batchelors Solicitors.
35 Widmore R03d,
Bromley BRI IRW.

08JEcfs OF THE FOUNDATION
The Foundation's objects as set out in the Scheme arè the advancement of charitable purposes as the
Trustees In their discretion think fit, by the provision of grants for such purposes and the provision of grants
to benefit any charity. and in particular..
The relief of persons resident in the United Kingdom who are in need, hardship or distress including
those who are in need, hardship or distress as a result of local or national disaster or by reason of their
soci31 or economic cirtumstances. without any regard to any religious denomination.
The provision and maintenance of a nursing home or sheltered accommodation for the benefit of
persons who are in need, hardship or distress and who by reason of old age or infirmity are unable to
support themselves.
The promotion of education. and in particular the provision of financial assistance towards the
maintenance and development of Queen Elizabeth's Grammar School. Ashbourne and other Schools
in Derbyshire. and the furtherance of the education of pupils attending Queen Elizabeth's Grammar
School, Ashbourne and other schools in Derbyshire by the aw3rd of Scholarships. bursaries or prizes.
The conservation, preservation, protection and improvement of natural resources and amenity land in
the United Kingdom for the public benefit and the encouragement of the provision of access to such
land by members of the general public,. and
The promotion of such other charitable pijrposes as the Trustees may in their absolute discretion think
fit.
PUBUC BENEFIT
The Trustees consider that all the Foundation's activities are for the public benefit and thLSS fulfil its
obli8atlQnS a5 a registered charity in this respert.
STRucfuRE, GOVERNANCE AND MANAGEMENT
The Board of Trustees, whFch can consist of between S and 8 individuals. administers the Foundation.
Trustees are appointed by the Board of Trustees and serve for four years after which they may be
reappointed for further four-year terms. The chairman 15 appointed by the Trustees and serves for a one-
vear term. Nèw Trustees are found from the contacts and networks of ex¢sting Trustees. When recruiting
new Trustees, the Board looks for individuals with skills and experience which are of value to the Foundation
and which are not represented by existing Trustees. Potential Trustees are interviewed by the Board and are
provided with a pack of information including recent accounts and a eopyof the Scheme. When a new Trustee
joins the Board he or she is provided with further information regarding financès. governance and charitable
objectives including minutes of Trustees, meetings for the prevTrous year. The Trustees are experienced
individuals with an understanding of what is involved. Where appropriate the Foundation supports the
training of Trustees including, for example. attendan￿ at seminars organized by the Association of Charitable
Foundations of which the Foundation is a member. The Trustees met three times during the year to consider,
inter alia, recommendations for, and make final decisions on, the awarding of grants. The day-to-day
administration of grants and the processing of applications prior to consideration by the Trustees is delegated
to the Secretary.
RISK MANAGEMENT
The Trustees have considered the major risks to which the charity is exposed and have regularly reviewed
those risks and where appropriate established procedures to manage them. They have specifically agreed
that no emergency steps are needed in the short temi to cope with any financial crisi5, having regard to the
long-established policy of payin8 grants from the retum of the portfolio of investments during the previous
year.

The records maintained by the Treasurer and Secretary, which are vital for the efFicient operation of the
harity, are regularly archived and Stored in an exiernal location.
GRANT-MAKING POLiaES, PRIORMES AND APPUCAnoNS
Grants a￿ normally made only to registered or exempt charities within the United Kingdom and not to
individua15. The Foundation funds charities in a broad range of areas. but generally not overseas projects or
branches of national orEanisations. The Trustees are particularly interested in providing unrestricted fundin
a5 well as support for Specific projects, and in givin8 SUPPOrt to smaller charities where modest grants are
likely to be of proportionately greater berbefit. The
Foundation
also has 3 webslte
Iwww.woodroffebenton.or
which provides full background to its grant mèking policies and priorities.
Applications to the Small Grants Programme have to be submitted using a fomi which can be actes5ed from
the website,. the Trustees then manage evaluation for the award of grants online.
REVIEW OF AcfiviTIES
The Trustees met three times during the year and agreed 140 grants12021- 971 to a total value of £239.200
12021.. £344,725) and specifically by..
Providing ongoing support to a number of charities in the fomi of a commitment to pay a substantial
annual grant, in Some cases for a fixed period. plus occasional additional amounts when the need
arises. DurinE the year under review 21 grants were paid to 18 charitie5 and organisations with
charitable status totalling £111.7¢JO12021= 27 grants to 21 charities totalling £289.2251.
A Small Grants Programme proce55ing online applications. 335 applications were received12021.. 4101.
107 grants wère made with a total value of £118,(￿{2021.. 55 grants totalling £52.5001.
Grants awarded at the discretion of individual Trustees. ￿tl￿d Trustees for a period of five years
Subsequent to their retirement. and the Foundation Secretary, each of whom is authorised to make
grants up to a total of £2.000 in each financial year. to charities of his or her choice. 13 such grants
were made totalling £13,CM)012021= 14 grants totalling £11,5(Kll.
RECONCILIATION OF GRANTS PAID AS ABOVE WITH FIGURE5 SHOWN IN THE ACCOUNTS
2022
2021
Substantial ongoing support
Small Grants Programme
Trustees. Grants
111,7OJ
118.C(KJ
13.¢
289.225
52,5iJl
ii.s
Total Grants Paid
Less.. Awarded in previous yearlsl
242.7(K)
42,5
353,225
51,C(i)
2CKI.2C#J
39,0
302.225
42.5(Xl
Add: Allocated for payment in future years
Grants as shown in the accounts
239,2C
344,725

SIGNIFICANT EVENTS
The Trustees durin8 the year-
Appointed two new Trustee5 and accepted the resignation of one of them
Appointed 3 8ookkeeper
• Undertook a review of the Foundation's Strategic aims and way of working
Reopened the Small Grants Programme in March 2022 following a ￿VIeW of strategy
Reviewed and agreed the Financial Management Policy
Reviewed and agreed the Investment Policy to move to total return for the Unrestricted portfolio
Reviewed and agreed their Risk Management Policy
Reviewed and agreed their Data Protection and Privary Statements
Reviewed and agreed their Oisaster Recovery Procedures
Reviewed and agreed thebr Grant-making and Funding Policy
Reviewed and agreed the Statement of Trustees. role. responsibilities and code of condurt
Reviewed and agreed their Trustee Eligibility Policy
PERFORMANCE MONITORING AND REVIEW
For all charities to which regular long-term support is provided. a Trustee is apkY)inted to keep in touch with
and monitor that charity and regularly report to the Board as to its perf0rnan￿ and requirements.
FINANCIAL REVIEW
INCOMING RESOURCES
The Foundation is dependent on the performance of its investments and property. The income amounted
to £213,22812021- £224.1201. Grènts awarded by the Trustees and paid, or in the case of long-term support
grants confirmed to the recipients, totalled £239,200 12021". £344,725). After allowing for the cost of
generating funds of £43.669 grant related support costs of £25,748 and Bovemance costs of £14,259 lin
2021 these three items totalled £80.4801, there was a deficit of £109,64812021.. £201,085 deficit).
INVESTMENT POLICY
The Foundation seek5 to produce the best financial ￿tUrn within an acceptable level of risk. The current
investment objective is to generate a return of inflation plus 3.25% per annum over the long term, which
should enable the Foundation to maintain the real value of the assets. while funding annual grant makinB
expenditure in the region of 3.25%. Income is expetted to grow at or above inflation levels. At their meeting
in july 2020. the Trustees agreed that the Unrestrirted Fund would be managed on a total return basis of
Consumer Price Index plus 3.0% after expenses. which would retain the real value of the assets, with no
tsrBet income requirement and that the Permanent Endowrnent Fund would be managed to have a
minimum income yield of above 3.(XJ%.The Foundation has entrusted Brewin Dolphin to manage the assets
on a discretionary basis and report quarterly to the Trustees, Investment Committee. Brewin Dolphin
attend one Trustees, meeting a year to discuss future strategy and asset allocation.
RESERVES POUCY
The operations of the Foundation are suth that there are few fixed overheads or long-term commitments
for which significant reserves levels are required. The Foundation consider it appropriate to maintain
available cash balances of £SOO,(XK). This level will allow the Foundation to cover its fixed costs and cover
ongoing commitments for a period of twelve months. At 2 December 2022 the Foundation had cash at bank
and in hand of £435.19612021.. £676.4181. The Investment Committee is responsible for reviewing the
reserve policy on an ongoing basis throughout the financial year.

FUTURE PLANS
The Foundation aims to continue to offer long term regular support to most of its existing 8rantees, to seek
to identify other charitie5 which fulfil the selection criteria and to continue to award grants to those making
unsolicited Applications. The Trustees are aware of the severe impact that the COVID-19 outbreak, together
with the current e05t of living crisis, has had on many charitable organisations and the Foundation is
monitoring the impact on its existing grantees. The disposal of an independently held asset is likely to result
in a substantial donation to thè tharty in the next financial year.
TRUSTEES RESPONSIBILITIES IN RELATION TO ThE FINANaAL STATEMENTS
The law applicable to charities In England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the Foundation's financial artivities in the year and
of its financial posltion at its year*nd. In preparing financial statements giving a true and fair view, the
Trustees are required to..
select Sultable accounting policies and apply them consistently;
observe the methods and principles in the èpplicable Charities SORP:
make jLtdgments and estimates that are reasonable and prudent.
state whether applicable accounting standards and statements of recommended practice have
been followed. subject to any material departures disclosed and explained in the finèncial
Statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in business.
The Trustees are also responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Foundation and which enable them to ensure that the
financial statements compfy with the Charities Act 2011, the Charity (Accounts and Reports) Regulations
2008 and the provisions of the scheme. They are also responsible for safegu3rdin8 the Foundation's assets
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Foundation and financial information
included on the Foundation'5 website.
APPROVAL
This report was approvtd by the Trustees on
031os/
2023 and signed on their behalf.
fLL//
E J Whlte
CHAIRMAN

WOODROFFE BENTON FOUNDAnoN
R£GISTEREO CHARITY NUMBER 1075272
REPORT OF THE INDEPENDENT AUD￿oR5 TO THE TRUSTEES
Oplnlon
We have audited the finanaal statements of Woodroffe Benton Foundation Ithe'charity'l forthe year ended
2nd December 2022 which comprise the Statement of Financial Activities, the Balance sheet, the 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 Generalty Accepted Accounting Practicel.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standèrds applicable in the UK and
Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of
Recommended Practice issued on l April 2(XJ5 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 ac¢ordance with
the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January
2015.
In our opinion the financial statements..
give a true and fairviewof the state of the charity's affairs as at 2nd December 2022 and of its incoming
resources and application of re50UTces for the year then ended..
have been properly prèpared in accordance with United Kin8dom Generally Accepted Accounting
Practice.. and
have been prepared in accordance with the requirements of the Charities Art 2011.
Basis for opinion
We conducted our audit in accordance wrfch International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standafds are further described in the Auditors,
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our
other ethical responsibilitie5 in accordance with these requirements. We belTreve that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial 5taternents. we have concluded that the Trustees. use of the Boin8 concern basis of
accounting in the preparation of the financial statements is appropriate. Based on the work we have
performed. we have not identified any material uncertainties relating to events or conditions that.
individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern
for a period of at least twelve months from when the financi31 statements are authorised for issue. Our
responsibilities and the responsibilitie5 of the Trustees with respect to 80ing concern are described in the
relevant sections of this report.
Other inlorniation
The Trustees are responsible for the other information. The other information comprises the information
included in the Annual report, other than the financial Statements and our Auditors, ￿port thereon. Our
opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the finantial statements. our responsibility is to read the other information

and, in doing so, consider whether the other infomiation is rnaterial￿ inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we
identify such material inconsistencies or apparent material misstatements. we are required to detem)ine
whetherthere is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have perfornied, we conclude that there is a material misstatement of
this other inforrnation, we are required to report that fart. We have nothing to report in this regard.
Matters on which we are required to report by e)Kception
We have nothinE to report in respect of the following matters where the Chartties IAccountS and Reportsl
Regulations 2008 requires us to report to you if. in our opiniorb=
the information given in the TfUStees' rèport is irhconsistent in any material re5pert with the financial
statements- or
sufficient accounting record5 have not been kept: 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.
Responsibilities of tru5tee5
As explained more lully 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 FS 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 assessin8 the charity's abilityto continue as a going concern. disclosing. as applicable. matter5
related to going concern and using the going concern basis of accounting unle55 the Trustees etther intend
to liquidate the charity or to cease operations. or have no realistic alternative but to do so.
Auditors, responsibilrties for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder.
Our objectives 8re to obtèin reasonable assurance about whether the financial statements a5 a whole are
free from material misstatement. whether due to fraud or ermr. and to issue an Auditors, report that includes
our opinion. Reasonable a55urance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAS IUKI 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 basi5 of these financial
statements.
Irregularities. induding fraud. are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. OLrtlined 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 have considered the nature of the sector, control environment and financial performance;
We have considered the results of enquiries with management and Trustees in relation to their own
identification and assessment of the risk of irregularities within the entity,. and
We have reviewed the documentation of key processes and controls and performed walkthroughs of
transactions to confirm that the systems are operating in line with documentation.
As a result of these procedures. we have considered the opportunities and incentives that may exist within
the organi5ation for fraud and identified the highest area of risk to be in relation to revenue recognition, with
a particular risk in relation to year end cut off. In common with all audits under ISAS IUKI we are a150 required
to perform specifi'c procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the company operates in,
focusing on provisions of those12ws and regulations that had a dirert effect on the determination of material
amounts an(1 disclosures in the financial statements. The key laws and regulations we considered in this
context included the Charities SORP, FRS 102 and UK tax legislation. In additions. we considered the
provisions of other laws and regulations that do not have a direct effect on the financial st3t@ment5 but
compliance with which may be fundamental to the Chariry's ability to operaie or avoid a material pen31ty.
Our procedures to respond to risks identified included the following..
Reviewing the financial statement disclosures and testing to supporting documèntation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
finan¢i¥l 5tatements.'
Performing analytical procedure5 to identify unusual or unexperted relationships that may indicate risk5
of material misstatement due to fraud,.
Reviewing Trustee meeting minutes-
Enqijiring of management in relation to actual and potential claims or litigations:
Performing detailed transartional testing in relation to the recognition of revenue with a particular focus
around year end cut off.. and
In addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments- asses5in8 whether the judgments made in accounting estimates
are indicative of potential bias,. and evaluating the business rationale of significant transactions that are
unusual or outside the normal course of busines
We also communicated identified laws and regulations and potential fraud rrsks to all members of the
engagement team and remained alert to possible indicators of fraud or non-compliance with laws and
regulations throughout the audit.
A further description of our responsibilities forthe audit of thefinancial ststements is located on the Financial
Reporting Council's website at- Vn•4w.frc.org.uklauditorsresponsibilities. This description forms part of our
Auditors, report.
Use of our report
This report is made solely to the charity's trustees, a5 a body, in accordan￿ with Part 4 of the Charities
IAccounts and Reportsl Re8ul3tions 2CKJ8. Our audit work has been undertaken 50 that we might state to the
charity'5 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 charity and its trustee5, as a body, for our audbt work, for this report, or for the opinions we have
formed.
Bishop Flemlry LLP
Chartered Accountants
Statutory Auditor5
10 Temple Back
Bristol
BSI 6FL
Date.. 24 May 2023
Bishop Fleming LLP are eligible to art as auditors in terrns of section 1212 of the Companies Act 2LN)6.

THE WOODROFFE BENTON FOUNDATION
5TATEMENfoF FINANaALAcnvmES FOR Tme YEAR ENDED Znd DEceMBER 2012
NOTE
UNRESTRICTED
FUND
PfRMANEKr
tP1[￿Wme￿T
FUND
TOTAL
Futlos
122
TOTAL
FVNDS
V12121
INCOME
Property Income
Net Incorne from Investments
Bank interest
Other income
2.918
160,510
201
2W
2,918
209.909
201
21XJ
2.921
221,184
15
49,399
TOTAL
163,829
49.399
213.228
224,120
EXPENDITURE
Cost of generating funds
Grant Expenditure
Grant related support costs
35.273
239.2CM)
25.748
8.396
43.669
239,2(KJ
25.748
44.575
344.725
12,121
COST OF GRANT-MAKING
Governance costs
14.259
14.259
23.784
TOTAL
314.480
8.396
322.876
425.205
NET OUTGOING RESOURCE5 FOR YEAR BEFORE
OTHER RECOGNISED GAINS & LOSSE5
1150.6511
41.(X)3
1109.6481 1201,0851
Net gainslllossesl on investments
1437,4861
145.9111
1483.3971 1.220.619
NET INCOME
1588.137)
14.9081
1593.0451 1,019.534
Reallocation of reserves
49.208
149.2081
NET MOVEMENTIN FUNDS
1538.9291
154,1161
1593,0451 1,019.534
BALANCE BROUGHT FORWARD
7,743.346
1,663.248
9.406,594 8,387,060
BALANCE CARRIED FORWARD
7.204.417
1.609.132
8.813.549 9,406.594
io

THE WOODROFFE BENTQN FOUNDATION
BALANCE SHEET AT DECEMBER Z021
IIP4RE5t8lCTED PEIIMANENr
FUND
ENOOWMENT
ND
TOTAL
FVt4D5
02112122
TOTAL
FUNDS
02112121
FIXED ASSETS lat market valu•l
Investrneni property
87,5
87.51JO
87.5
Investments- Shareholdin85
6.729.439
1.609.132
8,338.571 8.698.514
TOTAL FIXED ASSETS
6.816.939
1.609.132
8.426.071 8.786.014
CURRENT ASSETS
Debiors
Cash at Bank and in Hand
402
435,196
402
676,318
43S.196
TOTAL cuRRETr￿ ASSETS
435.598
435.598
676.720
LIABILMES
Creditors falling due withln one year
io
48.120
48.120
56,140
NET CUARENT ASSErs
387.478
387.478
620,580
TOTAL NET ASS￿5
7,204.417
l.fJJ9.132
8,813.549 9,406,594
THE FUNDS OF THE CHARiri
Permanent Endowment Fund
1.609.132 1,663,248
Vnre5tricted Fund
7,204,417 7.743.346
8.813.549 9.406,$94
APPROVAL
Th15 report was approved by the Tn￿ on
03 / c£ / 2023 and si8ned on their behalf.
YLL.C£
E J White
CHAIRMAN
li

THE WOODROFFE BEl￿ON FOUNDATION
srATEMENTOF CASH FLOWS
YEAR ENDED 2ND DECEMBER 2022
PIOTE
TOTAL
FUND5
2021
TOTAL
FUNDS
2021
TOTAL INCOME
213.228
224.120
NET PROCEEDS FROM SALE OF INVESTMEwrs
Additions at cost
Disposal proceeds
13,037.4361
3.187.397
11,996,867)
2.413.066
149.961
416.199
363.189
640,319
NE[ CASH USED IN
OPERATING ACTIVITIES
12
1604.3101
1428,4651
CHANGE IN CASH AND CASH
EQUIVALENTS FOR THE YEAR
1241.1211
211.854
CASH AND CASH EQUIVALENT5
BROUGHT FORWARD
676.318
464.464
CARRIED FORWARD
435.197
676,318
12

THE WOODROFFE 8EPfft)N FOUNDAnoN
NOTES TO THE FINANaAL STATEMENTS FOR ThE YEAR ENDED 2nd DECEMBER 2022
I. ACCOUNTING POUCIES
1.1 BASIS OF PREPARATION
The Financial Statements have been prepared underihe historical cost convention, with items reco8nised
at cost or transaction value unlèss otherwise ststed In the relevant notelsl to these accounts, in
accordance wilh the Statement of Recommended Practice.. Aecounting and Reporting by Charities
preparing their accounts in accordance w5th the Financial Aeporting Standard applicable in the UK and
Republic of Ifeland IFRS 1021 and the Charities Act 2011.
1.2 PUBUC BENEF￿ AND GOING CONCERN
The Charity constitutès a public benefit as defined by FRS 102. The Tmstees consider that there are no
material uncertainties about the Charitys ability to continue as a going concem. They have considered
the future of the charity and confirm that it is a going concern for the next tWe￿e months due to holding
sufficient funds and the spend being at Trustees. discretion
1.3 RECONCIUATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNnNG PRAcncE
In preparin6 the Attounts. the Trustees have considered whether in applyin8 the xcountin8 policie5
required by FRS 102 and the Charities SORP a restatement of comparative items was needed. No
re5taternents were required.
1.4 FUND ACCOU14TING
The Unresthrted Fund can be spent on any purpose within the Foundation's objects at the discretion of
the Trustees. The Permanent Endowment Fund is for income generation.
I.S INCOMING RESOURCES
All incoming resource5 are included in the statement of financval activities when the chafity 15 legally
entitled to the income and the amount can be quantified with reasonable accuracv.
1.6 EXPENDThURE
Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit to
third party. it is prgbable that a transfer of economic benefits will be reqUI￿d in settlement and the
amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each
activity are made up of the total of dsrect costs and shared costs. including support costs involved in
undertaking each activity. Direct costs attributable toa single activity are allocated directly to th3t artivitv.
Sharèd t05t5 which contribute to more than one activity and support costs which are not attributable to
a single activity are apportioned between those activities on a basis consistent with the use of fe50urce5.
Central staff costs are allocated on the basis of lime spent. Grants payable are charged In the year when
the offer 15 made except in those cases where the offer is conditional. such grants bein8 reco8ni5ed as
expenditure when the conditions attaching are fulfilled. Gfant5 offered subject to conditions which have
not been metat the yeai*nd are rboted asa commttment. but not accrued as expenditure. All expenditure
is inclusive of irrecoverable VAT_
1.7 COSTS OF GENERATING FUNDS
The costs of generating fur￿5 con51St of investment management fees.
Ia

1.8 CHARITABLE ACTIVITIES
The Trnstees consider that grnnt-making is the Foundation's sole charitable activity.
SUPPORT COSTS
These comprise a proportion of secretarial costs and expenses and costs of Trustees. meetings. and their
allocation is based on estimated time spent.
1.10 GOVERNANCE COSTS
Governance c05ts comprise all costs invofving the public accountabilrty of the charity and its compliance
with regulation ènd good practice. These costs indude costs related to statLrtory audit and legal fees
together with an 3110(ation of suppon costs_
1.11 INVESTMENTS
Investments consist of investment property and fiyed asset investments.
Fixed asset investments are a form of financial instrument and a￿ initially recognised at their transaction
t05t and subsequently measured at their fair value ai the Balante sheet date. unless the value cannot be
measured reliably in which case r( is measured at cost les5 impairnient.
Investment properry is measured initially at cost and subsequentty at fair value at the reporting date.
Investment gains and losses. wheiher realised or unrealised. ave combined and presented as 'Gains I
ILossesl on Invèstments. in the Statement of Financial actNlties.
1.12 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
3 months or less from the date of acquisltion or opening of the depostt or similar account.
1.13 FINANCIAL IN5fRUMENrs
The Company only has fifiancial asse￿ and financial liabilitie5 of a kind that qualify as basic financial
Instrumenis. Basic financial instrvments are initially recognised at transaction value and subsequently
measured at their settlement value.
1.14 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discovnt offered.
PTepayrnents are valued at the amount prepaid net of any trade discounts due.
1.15 cRED￿OR5
Liabilities are re£ogni5ed when there is an obligation at the Balance sheet date a5 a result of a past event.
it is probable that a transfer of econornic benefit will be required in settlement. and the amount of the
settlement and be estimated reliably. Liabilities are recognised at the amount that the Companv
anticipate5 It will pay to settlethe debt or the amount tr has received as advanced paymeTht5 forthe goods
or services it musi provide
2. TRUSTEES. REMUNERATFON
Trustees reteived no remuneration. The Trustees wefe reimbursed with expenses nece55arily incurred in
performance of their duties amounting to £18012021- £2101.
14

INVESTMENT INCOME
zo
Z021
Dividends
Interest on Securities & Cash Deposits
196,509
13.4
210.658
10.526
209.
221.184
co￿ OF GENERATING FUNDS
Investment management fees
43.669
44.575
ALLOCATION OF SUPPORT C05rs
MAKING fjOVERNANCE
2022
2022
2022
2021
Secretarial Costs and Expenses
IT Software and consumables
Subscriptions
Trustees, Expenses
General expense5
Legal expell5e5
PO Box number
Audit arnd accountancy Fees
Insurance
IT Support
15,810
2.160
1.175
5.139
20.949
2.160
1.175
17,756
910
960
210
1,429
2.347
360
11,933
941
941
378
2.718
336
2.050
378
11.838
336
2.050
9.120
25,748
14.259
40,IK17
35,￿5
6. SECRETARIAL cosrs
The Foundation paid its Secretary fee5 totslling £19.33612021= £17.1831 and expenses £1.613 12021=
£5731. There is no pension scheme.
7. INVESTMENT PROPERTY
202Z
2021
Market value at 3rd December
87,5
33,(QO
Unrealised gain on revaluation
Market valuè at 2nd Decemb
87.50)
87,5C
The Charitls one half interest in the properties collectwefy known as R¢xhford Estates consisting of a
bltsck of eleven garage5 was revalued at £87,SCXI in May 2021 by Sor￿11.5. (independent RICS registered
chartered surveyorsl. The fair value of the investment property was calculated based upon comparable
sales pvites. The Trustee5 do not consider that the values of the gara8es have materially altered since
that date.
15

8. INVESTMENTS
SHAREHOLDINGS
2022
2021
MOVEMENT IN FIXED ASSET LISTED INVESTMENTS
Market Value at 3rd December
Additions at Cost
Disp05als at cost
Revaluations
Bank balances
8.698,S14
3,037.436
12.225.710>
11.445.083)
273.414
7.948,594
1.996,867
11.734,4891
487.542
MARKET VALUE AT 2nd DECEMBER
8.338.571
8,698,514
HISTORICAL COST AT 2nd DECEM8ER
7.288.264
6,202,776
BASIS OF VALUATION. Stock Exchange Official List for listed securities. There are no unlisted securities
held.
INVESTMENTS AT FAIR VALUE COmPRI￿D
2022
2021
Bonds & Fixed Interest Securr(ies
UK Equities
Overseas Equitses
Global Investments
Property
Other
Bank balances
227,050
2.255,795
3.769,249
533.707
250,474
1,028,882
273,414
46,499
3.071,143
4.301,768
685,153
52,679
541.272
8.338.571
8.698, 514
OEBTORS
2022
2021
Rochforil Estaies-apporrionments
Subscription prepayment
222
222
402
402
io.
CREDITORS
AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
2021
Audit Fee
Grants Payable
9.120
39.IXKI
8,640
47,500
48.120
56.140
ii.
GRAP￿ COMMtfMEPlf5
The Charity had no commitmet)ts at the balance sheet date other than to pay 6rants awarded of
£39.￿12021 £47,5(K)I.
16

RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING
AcfiviTIES
2022
2021
Net movement in funds
Deduct total income
Dedutt Tealised gains on investments
Dedutt unrealised gains on investments
Dedutt unrealised gain on In¥estment property
Deduct decreasÈ In creditors
Dedua bank balances
1593.0451
1213.2281
1961,6871
1.445.084
1,019,534
1224,1201
1678,5761
1487,5431
154,5001
13,2601
18.0201
1273.4141
Net cash used in operating artivifies
1604.3101
1428.4651
13. FINANCIAL INSfRVMENTS
2021
FINANCIAL ASSErs
Financial assets measured at fair value through incorne and
expenditu
8,338,571
8.698.514
Financial a55et5 measured at fair value through income and expenditure comprsse5 investments
in listed shares.
14. RELATED PARTIES
In the current year the Fourtdation paid £2.050 to Mr W D M Hope for Th Support. Mr W D M
Hope is the son of Mr J J Hgpe.
During the previous year the Foundation paid legal fees amountin8 to £2,347 to Batchelors
Solicitors. Mr E J White. the Foundation's Chairman. is also a partner in Batchelors Solicitors.
15.
OTHER INFORMATION
The Foundation was set up by Trust Deed in November 1988 by the late Alfred W(MxlFofle
8enton. It later amalgamated with the S Wolfe Memorial Fund and is now governed by a Scheme
sealed by the Charity Commi55iOrter5 foi England and Wales on 6th April 1999. It is a Re8lStered
Charity. number 1075272.
Its registered address is.
Woodroffe 8enion Foundation
PO Box 309
Cirencester
GL79HA
A description of the nature of its operations and principal activities are disclosed in the Trustees,
Report on pages 2 to 6.
17