2025-12-02-accounts - Woodroffe Benton Foundation

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WOODROFFE BENTON FOUNDATION

(INCORPORATING THE S WOLFE MEMORIAL FUND AND THE BELTHLE FUND)

REGISTERED CHARITY NUMBER 1075272

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 2nd DECEMBER 2025

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WOODROFFE BENTON FOUNDATION

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 2nd DECEMBER 2025

The Trustees present their Annual Report and Financial Statements of the Charity for the year ended 2nd December 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 Scheme, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their Accounts in accordance with Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102). The Report takes account of the requirement for Trustees to report annually on Public Benefit and the Trustees have had regard to the Charity Commission’s guidance on Public Benefit.

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 served 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 J White (Chairman), Miss J Hope, Mr R A Page, Mr P Phillips, Mrs C Rimington, Mrs J Wesley, and Mr W White. In addition, Mr J Hope was a Trustee all year until he retired on 15[th] October 2025.

WEBSITE

www.woodroffebenton.org.uk

OFFICERS AND ADDRESS FOR CORRESPONDENCE

Mrs J Noles – Secretary Mrs H Bailey – Treasurer PO Box 309, Cirencester, GL7 9HA

BANKERS

Barclays Bank PLC, Leicester, LE87 2BB

AUDITORS

Bishop Fleming Audit Ltd, 10 Temple Back, Bristol BS1 6FL

INVESTMENT MANAGERS

RBC Brewin Dolphin 12 Smithfield Street, London EC1A 9BD

LEGAL ADVISORS

Clarkson, Wright and Jakes Valiant House, 12 Knoll Rise, Orpington, BR6 0PG

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OBJECTS OF THE FOUNDATION

The Foundation’s objects as set out in the Scheme are 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 social or economic circumstances, 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 award 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 purposes as the Trustees may in their absolute discretion think fit.

PUBLIC BENEFIT

The Trustees consider that all the Foundation’s activities are for the public benefit and thus fulfil its obligations as a registered charity in this respect.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Board of Trustees, which can consist of between 5 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 is appointed by the Trustees and serves for a oneyear term. New Trustees are usually found from the contacts and networks of existing 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 copy of the Scheme. When a new Trustee joins the Board he or she is provided with further information regarding finances, governance and charitable objectives including minutes of Trustees’ meetings for the previous 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, attendance at seminars organized by the Association of Charitable Foundations of which the Foundation is a member and provision of in-house training. The Trustees met four 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 and Treasurer.

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 term to cope with any financial crisis, having regard to the long-established policy of paying grants from the return of the portfolio of investments during the previous year and held on deposit at the Bank.

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The records maintained by the Treasurer and Secretary, which are vital for the efficient operation of the charity, are regularly archived and stored in a safe location, either externally or in the cloud.

A formal reminder is given to all Trustees, the Treasurer and Secretary to change passwords annually in order to mitigate associated financial and operational risks.

GRANT-MAKING POLICIES, PRIORITIES AND APPLICATIONS

Grants are normally made only to registered or exempt charities within the United Kingdom and not to individuals. The Foundation funds charities in a broad range of areas, but generally not overseas projects or branches of national organisations. The Trustees are particularly interested in providing unrestricted funding, as well as support for specific projects, and in giving support to smaller charities where modest grants are likely to be of proportionately greater benefit. The Foundation also has a website (www.woodroffebenton.org.uk) which provides full background to its grant making policies and priorities. Applications to the Small Grants Programme have to be submitted using a form which can be accessed from the website; the Trustees then manage evaluation for the award of grants online.

REVIEW OF ACTIVITIES

The Trustees met four times during the year and agreed 146 grants (2024: 134) to a total value of £390,700 but in addition it was agreed to recall 1 grant of £15,000 from a previous year, which gives £375,700 (2024: £670,250) and specifically by:

Providing ongoing support to a number of charities in the form of a commitment to pay a substantial annual grant, in some cases for a fixed period, plus occasional additional amounts when the need arises. During the year under review 28 grants were paid to 24 charities and organisations with charitable status totalling £356,700 (2024: 29 grants to 21 charities totalling £340,750).
A Small Grants Programme processing online applications from charities. 335 applications were received (2024: 301). 109 grants were made with a total value of £158,500 (2024: 85 grants totalling £101,500). Two rounds of payments were made in 2025.
Grants awarded at the discretion of individual Trustees, retired Trustees for a period of five years subsequent to their retirement, and the Foundation Officers, 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 grants amounting to £18,000 were made by 7 Trustees and the 2 Foundation Officers (2024: 12 grants totalling £18,000).

RECONCILIATION OF GRANTS PAID AS ABOVE WITH FIGURES SHOWN IN THE ACCOUNTS

2025 2024 £ £ Substantial ongoing support 356,700 340,750 Small Grants Programme 158,500 101,500 Trustees’ Grants 18,000 18,000 _ _ Total Grants Paid 533,200 460,250 Less: Awarded in previous year(s) 195,000 15,000 _ _ 338,200 445,250 Add: Allocated for payment in future years 52,500 225,000 Less: Returned unused grant 15,000 - _ _ Grants as shown in the accounts 375,700 670,250 _ _

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SIGNIFICANT EVENTS

The Trustees during the year:

Reviewed and agreed the Terms of Reference for the Finance and General Purposes Committee
Reviewed and agreed the Terms of Reference for the Investment Committee
Reviewed and agreed the Investment Policy
Reviewed and agreed the Grant-making and Funding Policy
Reviewed and agreed the Disaster Recovery Policy
Reviewed and agreed the Conflict of Interest Policy
Reviewed and agreed the Risk Management Policy
Continued regular Trustee training sessions at each meeting
Documented an oral history of the Foundation including input from Founder Trustees and Mr Benton’s daughter
Reviewed management, storage and disposal, where appropriate, of the Foundation’s archival material
Created a new “mid-tier” grant category for implementation in the next financial year

PERFORMANCE MONITORING AND REVIEW

For all charities to which regular long-term support is provided, a Trustee is appointed to keep in touch with and monitor that charity and regularly report to the Board as to its performance and requirements.

FINANCIAL REVIEW

INCOMING RESOURCES

The Foundation is dependent on the performance of its investments and property. The income from these amounted to £262,665 (2024: £206,644). A final donation of £289 came in from the Voluntary Members Liquidation of Ifield Park (2024: £1,719,962) See note 10 for more information. Total income for the year was £262,954. Grants awarded by the Trustees and paid, plus a returned grant, or in the case of long-term support grants confirmed to the recipients, totalled £375,700 (2024: £670,250). After allowing for the cost of generating funds of £45,470 grant related support costs of £45,570 and governance costs of £10,807 (in 2024 these three items totalled £98,312), there was a deficit of £214,593 (2024: £1,208,763 surplus).

INVESTMENT POLICY

The Foundation seeks to produce the best financial return within an acceptable level of risk. The current investment objective is to generate a return of CPI plus 4% per annum over the long term. This should enable the Foundation to maintain the real value of the assets, while funding annual grant making expenditure. Grant making capabilities are expected to grow at or above inflation levels. At their meeting in July 2020, the Trustees agreed that the Unrestricted Fund would be managed on a long term target return basis of Consumer Price Index plus 3.0% after expenses, which would retain the real value of the assets, with no target income requirement. The Permanent Endowment Fund would be managed to have a minimum income yield of above 3.00% . The Foundation has entrusted RBC Brewin Dolphin to manage the assets on a discretionary basis and report quarterly to the Trustees’ Investment Committee. Representatives of RBC Brewin Dolphin attend one meeting of the Investment Committee a year to discuss future strategy and asset allocation.

RESERVES POLICY

The operations of the Foundation are such 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 £500,000. This level will allow the Foundation to cover its fixed costs and cover

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ongoing commitments for a period of twelve months. At 2 December 2025 the Foundation had cash at bank and in hand of £515,387 (2024: £2,260,343 which included the money received from the Voluntary Members Liquidation of Ifield Park). The Investment Committee is responsible for reviewing the reserves policy on an ongoing basis throughout the financial year.

FUTURE PLANS

The Foundation aims to continue to offer long term regular support to many of its existing grantees, to seek to identify other charities which fulfil the selection criteria and to continue to award Small Grants to those making unsolicited Applications. In 2026 it is the Trustees’ intention to make grants under their new midtier grants category. The Trustees are aware of the severe impact the current cost of living crisis has had on many charitable organisations and the Foundation is monitoring the impact on its existing grantees. The Foundation received the substantial donation from the proceeds of the Members Voluntary Liquidation of Ifield Park in 2024 and the Goodwin Benton Working Group is continuing to look at the way forward to use these funds under ‘the provision of care for the elderly’. In the meantime, the funds which form part of the General Fund have been placed into an execution only portfolio at Brewin Dolphin and the income generated by this remains within the portfolio and is not used to fund grants.

TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL 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 activities in the year and of its financial position at its year-end. In preparing financial statements giving a true and fair view, the Trustees are required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments 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 financial 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 comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the scheme. They are also responsible for safeguarding 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’s website.

APPROVAL

This report was approved by the Trustees on 22[nd] April 2026 and signed on their behalf.

erSignedD8DCFB0B30764E4...by: James 4/24/2026 Weite E J White CHAIR

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WOODROFFE BENTON FOUNDATION REGISTERED CHARITY NUMBER 1075272

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES

Opinion

We have audited the financial statements of Woodroffe Benton Foundation (the 'charity') for the year ended 2nd December 2025 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 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 2019.

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 2nd December 2025 of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

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' report 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 financial statements, our responsibility is to read the other information

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and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the Trustees’ Report. 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 charity has not kept adequate and sufficient accounting records; or
returns adequate for an audit have not been received from branches not visited by us; or
the charity’s financial statements are not in agreement with the accounting records and returns; or
certain disclosure of trustees remuneration specified in law are not made; or
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 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities 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 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 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 organisation 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 (UK) we are also required

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to perform specific 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 those laws and regulations that had a direct effect on the determination of material amounts and 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 statements but compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing Trustee meeting minutes;
Enquiring of management in relation to actual and potential claims or litigations;
Performing detailed transactional 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; assessing 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 business.

We also communicated identified laws and regulations and potential fraud risks 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.

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 noncompliance. 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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of part 16 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bishop Fleming Audit Ltd

Chartered Accountants Statutory Auditors, 10 Temple Back Bristol, BS1 6FL

Date: 4/27/2026

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THE WOODROFFE BENTON FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 2nd DECEMBER 2025

	NOTE	UNRESTRICTED PERMANENT TOTAL TOTAL
		FUND ENDOWMENT FUNDS FUNDS
		FUND 2/12/25 2/12/24
		£ £ £ £
INCOME
Property Income		4,151 - 4,151 3,620
Net Income from Investments	3	202,195 50,314 252,509 193,993
Bank interest		6,005 - 6,005 9,031
Other income - Doris Bayless Trust		- - - 50,719
Other income- Ifield Park Liquidation 10		289 - 289 1,719,962
		__________
TOTAL		212,640 50,314 262,954 1,977,325
		__________
EXPENDITURE
Cost of generating funds	4	36,520 8,950 45,470 43,318
Grant Expenditure		375,700 - 375,700 670,250
Grant related support costs	5	45,570 - 45,570 44,234
COST OF GRANT-MAKING
Governance costs	5	10,807 - 10,807 10,760
		___________
TOTAL		468,597 8,950 477,547 768,562
		___________
NET OUTGOING RESOURCES FOR YEAR BEFORE
OTHER RECOGNISED GAINS & LOSSES		(255,957) 41,364 (214,593) 1,208,763
Net gains/(losses) on investments		544,589 180,159 724,748 1,288,547
		____________
NET INCOME		288,632 221,523 510,155 2,497,310
Reallocation of reserves		49,534 (49,534) - -
		__________
NET MOVEMENT IN FUNDS		338,166 171,989 510,155 2,497,310
BALANCE BROUGHT FORWARD		9,286,975 1,771,093 11,058,068 8,560,758
		__ _________
BALANCE CARRIED FORWARD		9,625,141 1,943,082 11,568,223 11,058,068
		___________

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THE WOODROFFE BENTON FOUNDATION

BALANCE SHEET AT 2nd DECEMBER 2025

	UNRESTRICTED PERMANENT TOTAL TOTAL
NOTE FUND ENDOWMENT FUNDS FUNDS	NOTE FUND ENDOWMENT FUNDS FUNDS
FUND 02/12/25 02/12/24	FUND 02/12/25 02/12/24
	££ ££
FIXED ASSETS (at market value)
Investment property 7 90,000 - 90,000 87,500	Investment property 7 90,000 - 90,000 87,500
Investments – Shareholdings 8 9,112,346 1,943,081 11,055,427 8,944,853	Investments – Shareholdings 8 9,112,346 1,943,081 11,055,427 8,944,853
___________	___________
TOTAL FIXED ASSETS	9,202,346 1,943,081 11,145,427 9,032,353
CURRENT ASSETS
Debtors 9 402 - 402 402	Debtors 9 402 - 402 402
Cash at Bank and in Hand 515,387 - 515,387 2,260,343	Cash at Bank and in Hand 515,387 - 515,387 2,260,343
____________	____________
TOTAL CURRENT ASSETS515,789 - 515,789 2,260,745	515,789 - 515,789 2,260,745
_______	_______
LIABILITIES
Creditors falling due within one year 11 92,993 - 92,993 235,030	Creditors falling due within one year 11 92,993 - 92,993 235,030
_______	_______
NET CURRENT ASSETS	NET CURRENT ASSETS422,796 - 422,796 2,025,715
_______	_______
TOTAL NET ASSETS9,625,142 1,943,081 11,568,223 11,058,068	9,625,142 1,943,081 11,568,223 11,058,068
_______	_______
THE FUNDS OF THE CHARITY
Permanent Endowment Fund	1,943,081 1,771,093
Unrestricted Fund 9,625,142 9,286,975	Unrestricted Fund 9,625,142 9,286,975
_ _	_ _
11,568,223 11,058,068	11,568,223 11,058,068
_ _	_ _

APPROVAL

This report was approved by the Trustees on 22[nd] April 2026 and signed on their behalf.

4/24/2026

E J White CHAIR er James Weite

The notes on pages 13 to 18 form part of these financial statements.

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THE WOODROFFE BENTON FOUNDATION

STATEMENT OF CASH FLOWS

YEAR ENDED 2ND DECEMBER 2025

	NOTE	TOTAL	TOTAL
		FUNDS	FUNDS
		2025	2024
		£ £
NET CASH USED IN
OPERATING ACTIVITIES	13	1,037,094 1,391,412
NET CASH PROVIDED BY INVESTING ACTIVITIES
Investment income	262,954	206,644
Net Proceeds from investments
Additions at cost	(4,150,734)	(2,534,671)
Disposal proceeds	1,105,730	2,688,304
	___	___
	(3,045,004) 153,633
	_	_
		(2,782,050)	360,277
		_ _
CHANGE IN CASH AND CASH
EQUIVALENTS FOR THE YEAR		(1,744,956) 1,751,689
CASH AND CASH EQUIVALENTS
BROUGHT FORWARD		2,260,343	508,654
		_ _
CARRIED FORWARD		515,387 2,260,343
		_ _

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THE WOODROFFE BENTON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 2nd DECEMBER 2025

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION

The Financial Statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

1.2 PUBLIC BENEFIT AND GOING CONCERN

The Charity constitutes a public benefit as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. They have considered the future of the charity and confirm that it is a going concern for the next twelve months due to holding sufficient funds and the spend being at Trustees’ discretion

1.3 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE

In preparing the Accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP a restatement of comparative items was needed. No restatements were required.

1.4 FUND ACCOUNTING

The Unrestricted 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 with natural income available for any purpose within the Foundation’s objects at the discretion of the Trustees

1.5 INCOMING RESOURCES

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

1.6 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs 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 resources. Central staff costs are allocated on the basis of time spent. 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 expenditure is inclusive of irrecoverable VAT.

1.7 COSTS OF GENERATING FUNDS

The costs of generating funds consist of investment management fees.

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1.8 CHARITABLE ACTIVITIES

The Trustees consider that grant-making is the Foundation’s sole charitable activity.

1.9 SUPPORT COSTS

These comprise a proportion of Secretarial costs and expenses, as well as Treasurer costs and IT support costs and costs of Trustees’ meetings, and their allocation is based on estimated time spent.

1.10 GOVERNANCE COSTS

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an allocation of support costs.

1.11 INVESTMENTS

Investments consist of investment property and fixed asset investments.

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at their 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 property is measured initially at cost and subsequently at fair value at the reporting date. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains / (Losses) on investments’ in the Statement of Financial activities.

It also includes cash and short-term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.

1.12 CASH AT BANK AND IN HAND

Cash at bank and in hand now only includes the two Barclays Bank Accounts and a Paypal account.

1.13 FINANCIAL INSTRUMENTS

The Company 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.

1.14 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.

1.15 CREDITORS

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 and be estimated reliably. Liabilities are recognised at the amount that the Company 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

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2. TRUSTEES’ REMUNERATION

Edward White, received £847 in September 2025 for legal work connected to the garages in Rochford Estate. The Trustees were reimbursed with expenses necessarily incurred in performance of their duties amounting to £568 (2024: £116), which are part of support costs.

3. INVESTMENT INCOME		2025	2024
		£	£
Dividends		148,450	160,911
Interest on Securities & Cash Deposits		104,059	33,082
		_	_
		252,509	193,993
		_
4. COST OF GENERATING FUNDS
Investment management fees		45,470	43,318
		_	_
5. ALLOCATION OF SUPPORT COSTS
	GRANT
	MAKING GOVERNANCE
	2025 2025	2025	2024`
	£ £	£	£
Secretarial Costs and Expenses	30,996	30,996	29,659
IT Software and consumables	1,598 -	1,598	1,564
Subscriptions	797 -	797	533
Trustees’ Expenses	568 -	568	116
General expenses	1,546 -	1,546	3,002
Legal expenses	- 847	847	980
PO Box number	446 -	446	424
Audit and accountancy Fees	7,819 9,960	17,779	16,636
Insurance	- -	-	280
IT Support	1,800 -	1,800	1,800
	__________
	45,570 10,807	56,377	54,994
	___________

6. OFFICER COSTS

The Foundation paid its Secretary fees totalling £29,244 (2024: £28,281) and expenses £1,752 (2024: £1,378) and it paid its Treasurer £7,819 (2023: £6,856). There is no pension scheme.

7. INVESTMENT PROPERTY	2025	2024
	£	£
Market value at 3rd December	87,500	87,500
Unrealised gain on revaluation	2,500	-
	______	______
Market value at 2nd December	90,000	87,500
	______	______

The Charity’s one half interest in the properties collectively known as Rochford Estates consisting of a block of eleven garages was revalued at £90,000 in January 2025 by Sorrell’s (independent RICS registered chartered surveyors).

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8. INVESTMENTS

SHAREHOLDINGS	2025	2024
	£	£
MOVEMENT IN FIXED ASSET LISTED INVESTMENTS
Market Value at 3rd December	8,944,853	7,821,422
Additions at Cost	4,150,734	2,534,671
Disposals at cost	(2,429,412)	(2,319,987)
Revaluations	345,931	920,231
Cash balance movement	43,321	(11,484)
	___	__
MARKET VALUE AT 2nd DECEMBER	11,055,427	8,944,853
	___	__
HISTORICAL COST AT 2nd DECEMBER	9,116,199	7,384,518
	___	___

BASIS OF VALUATION. Stock Exchange Official List for listed securities. There are no unlisted securities held.

INVESTMENTS AT FAIR VALUE COMPRISED	2025	2024
	£	£
Bonds & Fixed Interest Securities	1,378,316	539,134
UK Equities	1,885,931	1,924,339
Overseas Equities	5,711,002	5,240,924
Global Investments	570,529	466,115
Property	161,767	158,786
Other	1,222,824	533,817
Bank balances	125,058	81,738
	__	__
	11,055,427	8,994,853
	___	___
9. DEBTORS	2025	2024
	£	£
Rochford Estates-apportionments	222	222
Subscription prepayment	180	180
	____	____
	402	402
	____	____

10. VOLUNTARY MEMBERS LIQUIDATION OF IFIELD PARK

In November 2024, £1,719,962 was received, which were the proceeds of a Members Voluntary Liquidation of Ifield Park and during this year a further £289 was received. The Goodwin Benton Working Group is looking at ways that this can be used for provision of care for the elderly, and in particular as part of a scheme to construct Almshouses in collaboration with two other charities. Currently the money has been invested in an Execution only portfolio at Brewin Dolphin, alongside the General Fund portfolio and any income generated is being held in that account.

Docusign Envelope ID: 4C0E095E-A916-4EDC-94AB-BD708F094BA2

11. CREDITORS

AMOUNTS FALLING DUE WITHIN ONE YEAR	2025	2024
	£	£
Audit Fee	10,020	9,780
Grants Payable	82,500	225,000
Accounts Payable	473	250
	______	______
	92,993	235,030
	______	______

12. GRANT COMMITMENTS

The Charity had no commitments at the balance sheet date other than to pay grants awarded of £82,500 (2024: £225,000).

	ACTIVITIES
		2025	2024
		£	£
	Net movement in funds	510,155	2,497,310
	Deduct investment income	(262,954)	(206,644)
	Add/(Deduct) decrease (increase) in debtors	0	167,320
	Deduct realised gains on investments	1,323,682	(368,317)
	Add/(Deduct) unrealised gains on investments	(345,931)	(920,231)
	Deduct unrealised gains on investment property	(2,500)	-
	Add/(Deduct) increase in creditors	(142,037)	210,490
	Add/(Deduct) investment cash movement	(43,321)	11,484
		__	__
	Net cash used in operating activities	1,037,094	1,391,412
		__	__
14.	FINANCIAL INSTRUMENTS
		2025	2024
		£	£
	FINANCIAL ASSETS
	Financial assets measured at fair value through income and
	expenditure	11,055,427	8,944,853
		___	__

Financial assets measured at fair value through income and expenditure comprises investments in listed shares.

15. RELATED PARTIES

In the current year the Foundation paid £1,800 to Mr W D M Hope for IT Support. Mr W D M Hope is the son of Mr J J Hope, and brother of Miss J Hope, who were both Trustees during the year. The Foundation also paid £847 to Clarkson, Wright and Jakes for Legal fees. Mr E White, chair of the Trustees, is a partner with the Firm. The Foundation paid a £1,000 grant to New Brewery Arts, a charity that the Secretary is a Trustee for. This grant was agreed by all the

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16. OTHER INFORMATION

Its registered address is; Woodroffe Benton Foundation PO Box 309 Cirencester GL7 9HA

A description of the nature of its operations and principal activities are disclosed in the Trustees’ Report on pages 2 to 6.