Registered number: 05127764 Charity number.. 1104736 ,. WESTHILL ENDOWMENT: . .:. .... {A company limited by 9uarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
WESTHILL ENDOWPIENT {A company Ilmited by guarantee) CONTENTS Page Roferencè and admlnlstrative details of the Charlty, Its Trustees and advlsars Trustees. report Independent auditors, report on the finan¢lal stat¢mont$ Statement of finanGial a¢tlvltl&s 3-13 14-17 18 Income and expendlture account Balance sheet 19 Notès to thè financial statements 21-35
WESTHILL ENDOWMENT {A Company Ilmlted by guarantèe) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND AOVISERS FOR THE YEAR ENDED 31 JULY 2021 Trusteès Dr A Ahmad, Trustee6 Rev S Coleman, Trusteei Miss S Evans. Chair3 Mrs J Grove, Trustee4 Mrs L Hewitt. Trustee2 Rev L Jagessar-vissafft Hooft, Trustee4 Mr A Morris, Trustee2 Mrs H Rendle, Trustee (resigned 31 July 2021)1 Dr R Jackson-Royal, Trustees Mr D Slad$, Trustee6 Mr P J Ullathorne, Trustee6 Mr P While, Trustee6 Mr M Woodward, Trustee {resigned 30 September 202016 IAr S Shiva. Trusl8e {appoinled 1 January 202116 1 Th8 Baplist Unlon of Gr82t Britain The National Governing Body of the Melhodisl Church Tho Central England Area Quaker Meeb'ng The National Governing Body of the United Reformed Churth 5 Christian Educallon Movement 6 Co-opted Compony registered numbèr 05127764 Charity reglster&d number 1104736 Registered office The Lodge Westhill South Diive Selly 02k Birmingham B29 8WE Indepond6nt auditors Coopgr P5Jrry Group Limited Chartergd A¢¢ounlanls Stalulory Auditor On& Contral Boulevard Blythe Valléy Business Park Solihull West Midlands B90 8BG B8nkèrs Unity Trust Bank Nine Brlndley Place Birmingham BI 2HB Pagg 1
WESTHILL ENDOWMENT {A ¢ompany limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Investment Managars CCLA Fund Managers Limited Senator House 85 Queen Victoria Streèt London EC4V 4ET Charities Property Fund Savill$ Invéslment Management 33 Margaret Slreel London W1G OJD Page 2
WESTHILL ENDOWMENT (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trusle6s, who are also Directors of the Charity for the purposes of the Companies Act 2QYJ6, presenl their report with the audited financial slalemenls ol tho Charity for the year ended 31 July 2021. ObSe¢tlvas and activities Policies and oblectives Weslhill's ¢haril8ble objects 2re-. the promotion of higher education and lated furth&r education in a manner ¢onsistént wlh the principles of the Chrislian religion and thè tradilion of the historic Freo Churches, and the promotlon of dlalogue and edu¢alional intarchange b8lween the Ghrlslian Church and persons from oth6r faiths. Weslhill delivers these objectives through two maln advilies.. 1. Grant maklng Weslhill awaids grants lo organisalions dallv6rlng prolecls that eilhei.. enhance rellgious understanding, including religlous education and religious Ilteracy. or onable people to transform their lives and Ihair ¢ommunities. Weslhill favouTS projects that use the arts and bring together people from different f8iihs as well as connecllng people of faith with those with none. Applications for grants 8re consldered Ihree limes per year by thé Gr8nts and Projects sub-committee and final decisions a made by the Board of Trustees. Westhill has a gnI making policy which sets out ils approach and criteria. 2. CreateTalk Weslhill makes available art works Ipainlings, sculptures. lextilesl in its collection for loan. Borrowers exhibit these art works in a range of venues è.g. churches, hospices, conference ¢enlres, to spark reflection and conversation 8bout important themes such as peace, grtef Bnd purpose. Achlevements and perfomian¢ a. Main achigvemenls of the Charlty Public Bènafit The Trustees have reviewed the Charity Commission Guidance on Iheir16gal obligations towards public benefil. Weslhill delivers public benefit through ils grant making in support of religious education and improved ¢ommunily cohesiork and also through its loan of art works. The nature and impact of this work is detailed below. Context for 2020121 The ngpd for the work Westhill supports ¢ontinu8s. The teachlng of RelSglous Education remains under hugé pressure wllh no change in the pattern of underfunding in schools and Highèr Education at all levels. Weslhill has conlribul8d lo and is following closely the outcomes of a major commission rtsport which is recommending a focus on non-rellglous world views as opposed lo the world religions paradigm. Thls will r6qulre further resources nd up-skilling of teachors which Westhill may wish lo help fund In the future. In addition, New Philanthropy Capltal's raport 'Whal a difference a fallh makes, found 'lhat failh-basad charities have concerns that a negative percepllon of failh-baseLI charllies and ¥ low level of religious literaoy can count against them in funding decisions, and Ihis was raised by some of our grant holders at a Weslhill event held in 2018. As a result, the demand for grants from Westhill remains high and a total 01210 enquiries (compared wllh Pag8 3
WESTHILL ENDOWMENT {A company15mlt¢d by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2021 Achievements and performanc& l¢ontlnuedl 267 in 20191201 and 136 applications (compared th 104 In 2019120} were received In 202012021. In temis of the staffing $lru¢lur8, thè Trust Oflioe Manager is the principal point of contact for the Charity and is supported by the part-time Adrninislralor and Exhibitions Co-ordinator whose role encompasses the spe¢i81ism of Ihe work on Create Talk. The Trust Office adminislr81ion continues to be supported by the Executive Finance Officer. This %tructure has worked well and the Trustees may conslder increasing the ¢apacily of the Support Team lo include specialist assistance lo anablè thè d8velopm6nl of projects such as consolidating the Charit8 archis. strategy Worklng Party The Strategy Working Party. whl¢h had been stood down in January 2020, was reconvened In October 2020 10 dis¢uss and rgmew Dlversily, Equity and Incluslon IDEII In response to the Black Lives Maller movement. It was agreed al Ihe annual Strategy Session to lake the outcomes from these meetings forward and consider how best lo ensure Ihat Ihe DEI principles are embedded within th& organisation. The Trustees have also ulilised the Associallon of Charitable Foundation's Stronger Foundallons self-assessment tool lo help frame their review of Strategy and Governgnco, Invastmenl and Funding Practices. Progress on Stratègy for 2020121 The following table sets out what Weslhill planned lo do al the start of the financial year and the progress made against these o*ectives. Page 4
WESTHILL ENDOWMENT (A company limited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Achiavements and performance (continued Whbt Weslhlll s•ld tt would do ITh 2020121 Whet pro¥re55 Weslhlu made•Kolnsttliese objettlves In 2020121 44 Erants were awarded1th o total valueol t247.323 Ict. 45 8rar•t5totalllng £253,4931Tr 20191201. There have agaln betn more ¢Rnts oven tOsmalltr£ommunlty coheslon proIe¢ts ratherthan largerRE proiects. Allocatta mlnlmum of £2BO,OOOfof grants RelNunth the'create Talk. pmzrammeand develop newand ex15ti•g resout¢es_ Theprwamme ha5 bten adbvely promoted vslng severnl pl)Iforms 4nd rnedlum5 durlne theyear and on-lirbe tesD¥rtes have bÈetsdeveloped In response to the COVIfrIg pandemic. Two newexhibilian5aieb2iug hnalisd fDrl•tsnch TTh 2021122. Theiesouvcematerlal ha5 been further devtloped. The impactabd webslte report forms co•tlnueto provide detailed feedback to infoTm 5trate8lc development. An anatyslsofwesthlll's archfves ha5 been undertaken and y5 of optiirHslng thts knDwledge base are bdng explored. CornmunicJtion and netvoork5 have been revlewed and devdoped to ensuTethat granteesiemain supported and Inf0MthrOUgh0UtthvCoMo-l9 kJ¢kdown perlods. ProMotIc has contlnuedthroueh thewebslt4 soclal medio and pBrtner5. The need to move to Dn-line resOUe5 has been helEhten2d In response to the Impart ofCOV1Tr19¢n 1ndlvldva15 ond commun11$. Conllnue Weslhlll's relat(onsNps wmh other grnntundeiS inthe fields of reli£lous educotloTh nd falth-motlvated social actioji. PromoteWe5th111 yants and the'C¥eotÈ Talk, proeramme throvEh Westhlll'5 websSte and otheronllnea¢tivlty Explore addltlonal ways on Improvlnz fjts grntrt admlThlstralltrn seNice. In£ItlB onllne oppllcations. The move tooffice365 hos been compleEed. Yhe Inlroductlon of on-line Erantapplicatlon 5teMtO help streamllne the ¢rant maklfie pro55 wlll be kept underrevlewfor possiblelmplemeTrtstion In 2021122. Monltorand revlew TrStInentSfoll0WsThK the move ofthe malor ofWesthiif5 endowment portfolio tothe CCLACOIF Ethlcal Inveslment Fund In 2017/18 The con5didalionofthe Chariws Inve5tffleNt5 wlthln thls fund contknue5tobe posltlve overall inteTm50f incorne return and re¢ulorlsiTrg Incomeflow. An arbnual CCLA Inve5ttneTrt pre5EDtatlon to Trv5tce5. JI thefiTStTrustees' m2etinx bn the calertdaryeèr Is now esrabllshed. ASuiveyo45 kekKbrt has been ¢ommls¥lonedto Ensure th•t an Informed dectslon can betakenon anyoptlon5 that n)ayar5se. Revlew the management aTrnn8ement5for theland and buildinES ownedbywesthlll. Seekovt newTruste25who can Irkcrease We51hiifs yndcrslandlThg olthe Issues facthE thereli¥l¢u5educ&tiots and Faith- mtstivated communltyartlon sector5_ One newTrustee appDlntmentwas confirmed Inthcythr .e. a co-opted Tru5teewRh chartylawexperience w.e.f. J.1.21. Further nominatloTrs wlll besoL¢8ht for tsvo 51Kle550rTYu5tee5 20211221.e.the Baptlst Uolo ndthe Unlted Refcrmed church. cot)tlnuereviewof wllcles and procedures foreood Eoveinance. Inclv&in¥the creotlon of Dewpollcle5 In several areas. A pollcvsthedule b In place to ensureall polliles aTe reviewed regularly. TheWellbeln¢ In thew0rkp1è poll his prowded a 5UPPOrtlveftatnewoTkfoT welfare durInzthepandeM. Pollcle5 and PTocedures for remote worklnE have also been developed to ensvreth•t Trustees fuWIl theiT legJl c¢nttactual obllBatiOnS 1th vegards to Ihe operatkn oftheCharitydurln8 Ikdown5 etiods. Grant maklng In 2020121 Westhill aw¥rded 44 gr8nls with a totsl v8lu& of £247,666 12020121.. 45 grants lolalling £253.4931. Grants ranged in size from £400 to £20,000. 7 grants were for amounts of £10,000 or more and the majority of Paoe 5
WESTHILL ENDOWMENT {A company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Achi&vem6nts and performance (continued) grants wer8 between £2,000 and £5,000. Most grants were awarded for a one-year period. 9 grants were given to support religious odu¢atitsn prolèets Including:_ Liver ool Communil S iril.. A £5,300 grant to the RE.. Zoom project. thich works with prim8ry schools and universities, initially across Merseyside, but belng rolled out nationally. The overall goal is to improve the qualily of RE provision in primary schools with training tailored lo the needs of each individual schod. Fisch Music.. A £3,000 grant lo RE onllne muslcAI resour to enable the creation of a new music and RE package often songs and twenty legson8 that moel tho neods ol Schools and pupils after Covid-19. The Arts So¢iet Birmin harn.. A £10.068 grant lo support the Birmingham Schools, Inlerfailh Prol6¢t. Thls wojecl is aimed al chlldren in Key Stage 2 and Key Stage 3 and is a serieg of high quality, arts-based resour¢es which explaln the core beli8fs and v2lu6s of six locally pra¢lised re5igions through highly accessible text supported by professional quality photography. The use of art to engage and ¢onne¢t people from diverse backgrounds continues to be a prlority for Westhill's grants. For example. Worster Cathedral.. A £5.250 grant lo support a two-week exhibSllon of a touring athork Installatlon c¥lled 'Hope - The Leaves ol the Tree, a reflective memorial to the effects of the Coronavirus pandemic. Thè installation is designed to allow individuals and familieslcommunilies lo lake lim8 lo consider the periods of lockdown and isolation and lo provide a focal point for their thoughts and personal reflections. The remalning grants were primarily awarded for prol6¢t$ wort(Ing to Improve community cohgsion Including:" Knockbreda Melhodisl Church Bélfast.. A £5,000 grAnl to Pltrchase a 1.200 square metre site to convert into a Community Garden and provide outdoor space lo a¢¢ommodale social distancing restricttons. On completion the garden will be used for community gatherings. Soclel for Promotin Christian Knowled e.. Pause for Thou ht Pro ect.. A £3,800 grant was givfjn lo SPCK to help provido frs8 r¢sour¢es for teachers, parents, cleroy and others léading colle¢llve worshlp. Pau.89 for Thought was rapidly developpd dufing lockdown lo support the mental health and emotional wellbeing of primary and secondary students. Fegéback Irom one of the teachers includes the following comments.. 'Thank you so much for your support and partnership - we know that teachers, parents and young people are undor a huge amount of strain at this time and il is fantastic to know that together we can hèlp by providing support for mental health through Paus8 for Thought.. In 2020121 Weslhill received 54 impact reports back from previous grant cIpIentS (2019120.. 561. These inform the Trustees of the difference the grants have madg and help lo shape future de¢isions Every year, TTuslees recognise The Walmsle tirsl Clerk. Award- an annual grant given in memory of the Charity's Recipients lo dale are as follows.. 2016- The Frontier Youth Trust ITranslaling the Bible project) 2016- Flred up Theatre Imausoleum.. a multi-performing arts pmjectl 2017- Faith Encounter Programme ITralning and Educalion project) Page 6
WESTHILL ENDOWMENT {A company limited by guaranlee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Achiovomants and parformanca Icontinuedl 2018- Chelmsley Wood Baptist Church (Festival of the Spoken Word Storyielling Season) 2019- Llchfield Calhedral (The Word Poetry project) 2020- Al a Loss {BereaMent signposting $ervi¢e.' Listening People proiectl The 2021 award will recognSze tho Azadi Trust hll s'.Ilwww.azadilrusl.or .ukl which was the reclpSenl of a £2,596 grant from W9slhill lo develop 8 Péacè Gardèn at Christchurch, Sparkbrook lo provide an accessible and therapeub'c area for the community to use. Trustees wera unable to physically visit any of the organisations they supported durlng the year owing to COVID- 19 restrictions. While 11 was not possible to host gatherings of the RE Quality Mark me8ling or the annual NASACRE Awards Panel this y&8r, Weslhill contlnues lo engage with Ihe University of Birmingham Chaplaincy Centre through representation on ils committee as well as networking nationally through organisations such as Iha National Association of Standing Advisory Councils on Religious Education {NASACREI and rn0 locally th the Wesl Midlands Funders. Nelwork. Weslhill is proud to support every one of the 44 grant recipiènts. Whilst we cannot feature them all here, the detsils of all grants made are given in the notes to the financial slalements and on our website ww.weslhillendowmenl.or CreateTalk In 202012021, Westhill's loans of art works such as Èmbroid6ries, garments, pictures and sculptures dealing with grief and loss, peace and reconciliation and creation and the environment were unable to be &xhibiled at a variety of venues be¢8use of COVID-19 restrictions and the closure of m8ny interested vonuos. However. some dales in 2021122 have been sscured for postponed exhibitions. On-lille resources have been d8V@loped which have provided an eff8cliv8 and popular way of maintaining interest in CreateTalk during this diffl¢ull tlme. Two of the exhibitions. Gglhsemane Garments and Bald Slal8m8nts havé baen digitised and made av851able on sèvéral soci81 media platforms. Posilive feedback from a virtual showing of the Bald Slalements exhibition al Holy Cross Church in Birmingham for a group of Year 5 children included the following ¢omm8nt from one of their leachers.'- Ihe crealive art woftk in clay that lire seen today has b&en detailed and thought provoking and the children spoke honestty on their foellngs gnd expgriences of lockdown. It seems Ihat k has b88n & successful &nd v81uable collaborative venture. The development of these resources on-line has ensuied that Weslhill ¢an ¢onlinue lo share the richness and diversity of its ¢olle¢tions. Plans for 2021122 and beyond Westhill Trustees aim lo implement the following r6commendations of the Strategy Workin9 Party held in June 2021:. To provide enhanced documentation for new Trusle6s following a rÉview of suec6ssion planning., To gain a greater understanding of the needs and capacity of all Trustees., To introduce 8x11 inltsrvlews with Trust66S,' Page 7
WESTHILL ENDOWMENT (A company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Achievements and performan¢e Icontlnuédl To Snclud6 the following slalement on the website under'granl-making,: 'W£* wel¢om& applications from all CDmmunilftes and want our grants lo reflecl rich dN8rsIIy.'" To review and develop awareness of the type of d818 colléct6d, how it is and can be used lo analyse the background of grant enquiries, applicants and beneficiarios of grants awarded,. To determine whetheT further data needs lo be galher8d and ¢onsider the Data Protection issues around galhe¥lng certain types of data., To continue the r8search and development of an Oline grant applicalon system. including digltal analytios tools. Flnanclal rèvi8W . Going ¢on¢ern After making appropriat8 enquities, the Trustees have a reasonable expecialion that the Charity has adequate resources lo continue in operational existen¢è lor the foreseeable future. For this reason. they continue lo adopt the going conrn basis in preparing the financial slatemenls. Further details regarding the adoplion of the gotng concern basis Can be (ound in the accounting policies. b. Reservès pollcy Westhill's polScy Is lo seek lo maintsin sufficienl general funds al a level which provides sufficlenl free funds lo cover about one yearfs grants. In Ihis w8y It is possible to consider requests for grants lo fund significant proj8cIs regardless of an uneven flow of income. At 31 July 2021 fréa r686rves were £650,686 {2020= £532,300). The capital funds of Weslhill are expendable endowment and are avallable for use al (he discretion of the Trustees. . Investment perfomian¢o The CCLA COIF Ethical Investment Fund elded 3.12% 12020.. 3.09°Al and the Charities Piopety Fund 7.1% {2020' 4.27%) over the reporting period. Page 8
WESTHILL ENDOWMENT {Acompany limitod by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 d. Rlsk Management Risk is a standing item on the Board meeting ggènda. At each Board meeting the risk register is reviewed and IhÈ Truste6s consider their appri)ach lo rk management lo ensure it is effecltve. The principal rlsks identslied by the Trustees are: Capital erosi< of Westhill's investments- to miligale again81 this, risk is spread across asset classes and funds and invtrslment perfom)ance is monitored closely. A mis-match between yield and the dlaw-down rèquiremènts of granl recipients- lo reduce the likelihood of this occurring, the Flnancial Strategy Group monitors cash flow monthly. Loss or breach of data- thÉ Trustees review the Data Protection policy, tho Financial Controls Policy and Grant Giving Policy a regular basls. Monthly meetings are held with the Charity's IT Support provider lo 6nsur6 that systems are kept updated and mainlalned. Loss of key stsff - sever81 measures are in place lo mitigate against this e.g. notice perlods, shared files, performance rnanagemenl and a business continuity plan. A skills audll and service inlenlion review are carried out on an annual basis. Financial overview The Financial Slratcgy Group's main role is to ensure the appropriate management and allocation of assets and the generation of income from inveslmenls. Duiing the year investment income of £448,26612020'. £439,675) was received. No rental income was received during the financial year 12020.. £4,464) as. hamng taken legal advice, Trustees decided to provide a rent abatement for the period 15 September 2020 10 14 September 2021 to support the lesseè of the playing field during the period of lockdown when facilitiès wer6 nol used and there was little opportunity for the Club lo fundraise. £201,333 was paid to organi5alions for new and ongoing grants12020.. £237,724) and £87,73412020: £73,756) spent on the running costs of the Chaylly. Thé invéstments Ilixed asset investments and current asset Invè8tmanlsl at the year end were worth £15.176.00312020= £13.146,212) and unrestricted reserves at the year end st(KJd al £660.47712020-. £544,422). Historically, Westhill has malnlained an ethi¢al policy on investment with the aim of avoiding inveslm8nts wlh a direct interest In alcohol, armaments, door-step financlal debt services, gambling, pornography and tobacco In Its Inveslmenls. In December 2017 the major part of th8 Ch8rlly's Investment was moved lo the CCLA GOIF Ethical Investment Fund. Tho Trus1&6s de¢lded that this Fund provided the scope for 8 dlfferenl approach to èthical investment. consistent wilh Weslhill's values and Free Church heritage, whilst al the same lime offering the prospect of acceptable capital growth and income return and a¢ceplable investment management fees. The long-lemi investment objectives for the CCLA COIF Ethical Investment FLJnd are stated as folbws:. Over Ihe long ltsrm lo achieve an average annual total return of inflation + SOA To provide as part of this return 8 reliable income stream that maintains its real value over lime Control volatility lo 75QA of that of the UK equity market To Bvoid investment in tobacco ¢ompanles, alcohol producers and companies with significant involvement in armaments. gambling and pornography The year-end holding in the CCLA COIF Ethical Investment Fund WAS 4,513,153 units 12020.. 4,426,281 units) valued al £13,482,595 8s at 31 July 2021 12020.. £11.436,1821. 53,571 ynils were ptjrchssed on 11 February 2021 with funds withdrawn1£150,0001 from the CCLA COIF Deposit Fund and a furthor 33,301 units on 19 July Paga g
WESTHILL ENDOWMENT IA company Ilmlt¢d by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THEYEAR ENDED 31 JULY 2021 2021 with funds transferred (£100,000) from the Unity Trust Bank account. It was agreed lo maintain a '¢ash buffer. i.e. 50% of the annual grant budget 12021.. £150,000., 2020.. £140,000) for financial management purposès. This sum will be held wlhin the CQIF Deposit Fund and Unity Trust Bank a¢counls. The investment in the Charilles Propety Fund remained unchanged with a holding of 1,174,732 units valued 81 £1,482,159 as at 31 July 2021 Ic.f. £1.441,749 as 8131 July 20201. Other income A donation of £1,309 was received from Bile Size Pleces, a ¢h8rily with similar aims and obFectives lo Westhill. followng the winding up of that charity in July 2021. No other donation was re¢6ived In the reporting period. The rental payment duo lo Ihe Charity under the 15-year lease for its 6.7 acres of pl8n0 fléld with Harbornè Rugby Footb211 Club will be reinslalÈd in th8 2021122 financial year. In granting the lease the Charity complied with the r6qLtiremenls of the Chartties Act. f. Westhlll's response to the Coronavirus pandemlc The Coronawrus pandemi¢ continues lo impact on the operation of the Charity wth lockdown periods leading lo remote working by staff and meetlngs taking place virtually via eleclronic means, as permilled under the Charily's Articles of Association. It is anticipated that the Chartty will maintain some 'hybrid' working and virtual meetings during the coming year. The Trustees recognise the efforts of the support slaff leam in mainlaining the conlinuily of the Charity's operation over the last 12 months. In terms of the Charills grant gimng programme, the increased number of applic81ions held over from the previous financial year has led lo fewer grant tranches being drawn down and an increase in the amount carried over to the 2021122 financial year. Tru81ees remain aware of the increased need for due diligence, monltoring 8nd vorific5Jtlon of (he end use of charitable fund8. While uncertainty remains regarding the lifling of social distancing reslriclions, grantees hav$ shown gat resilience and adaptability lo the ¢hangèd envimnment and have managed lo fulfil the original grant conditions. There has been lust one cancelled grant during the yoar. Structure. gov8rnanc• and management a. Governlng documont Weslhill Elldowmenl Is a regtslered Charity Bnd a company limited by guarantee. as d6fln6d by the Companies Act 2006, governed by memorandum end articles of association and was incorporated on 13 May 2004. Page 10
WESTHILL ENDOWMENT {A company Ilmltèd by guarant¢o1 TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Structure. governance and management Icontlnuedl b. Trust8es' composition, nomlnallon and appointment The Charity is governed by a Board of up lo 12 Trustees. The Trustees are responsible for the stra¢1¢ direction and management of Weslhill. Under the terms of the Charltls articlos of association there should be eight nomin8t8d Trusi88s and up to five Co-opted Trustees. The nominated Trustees are appoinlad as follows.. iwo by Th8 B8pllsl Union ol Great Britain- bNo by The Nallonal GovÉrning Body of the Methodist Church., two by The National Governing Body of rhe United Reformed Church- one by The Central England Area Quaker Meellng. on8 by Chrisllan Education Movement. At 31 July 2021 the Board of Trustees comprlsed eight nominated Trustees and flve co-optad Trusle&s. The Board of Trustees has a succession plan in place and regularly reviews the allendance, skills and diversity of ils Board membgrs. New appointments will be mzde through joint consullalion with the nominating bodies and active s@arch lo ensure that Weslhill has Trustees with an appropriate mix of skills, age, gender and experience. On oc¢asion. co-Dpled places are used stratègically lo relain experienced. previously nominated Trusleets or for prospè¢liv6 Trustees awaiting future nomination. c. Trustees. Indu¢t5on and training Prior to appoinlmenl, prospective Trustees receive an in-depth prosenlation from members of the Governance Committee. New Trusl6es are provided with on-line access lo a rnanual which includes Ihe Charitys policies. proCeduS and key documents such as a¢counts and minutes of F)revious meetings. Each new Trustee joins a 8ub-¢ommillee 8nd is encouraged lo allelld a eeting of a sub-committee on which they do not regularly serva. Trustee trainlng lakes place at meetings of the Board of Trustéas. Trustees are kept apprised of the lalesl developments with r8g8rd lo the Code of Good Governance and h8v8 agreed to carry out a further in-depth review of the Code in 2022. Trustees are encouraged to attend le8mlng and networking events and lo meet wilh granl holders as well as attend profossional nelworking groups atKJ semln3rs such as the CCLA investment semlnars. d. The declslon.maklng process The Board of Trustees meets up lo four limes a year lo del8rmin8 overall strategy and lo oversee and confirm key decisions of the Ihrge sub-GomThittees'. Financial Strategy Group (including land mallersl. Grants and Projects Commillee,. and Governance Committee lincluding nominalions for Trustee appointm6ntsl- The terms of reference of these sub-¢ommillees are reviewed al least every three yoars. A regular strategy day is held lo review the Charit$ mission,. consider the changing context of religious tsdu¢alion and communily prolecls.. and lo sel Westhill's slra10glc direction. Trustees are required lo disclose all relevant interests annually and at the start of each Board and sub- committee mèèting. Trustees do not participate in any decision8 where 8 potential conflict of interest arises. Page11
WESTHILL ENDOWMENT (A company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 structure? governancè and managÈm8nt {continuad) Management's role The Board of Truste88 assign the day to day adminislralion of the Charlly to the Trust Office Manager who is supported by a part-lime Adminislralor and Exhibitions Co-ordinator, 8nd the Exècutive Finance Officer. IT support and gardening seThqces arè provided by contractors and other semces provided, as needed, by a range of suppli8rs e.g. security, cleaning, transporting Create Talk exhibits. The Chairs of the Governance Committee, the Grènts and Projects Commillets and the Fln8nual Slrat8gy Group are responsible for the business of ea¢h sub-committ8è. Coordination between these sub- committees and support to and liaison with the Chair and Trustees is provlded by the Trust Office Manager. supported by the part-lime Adrllinlslrator and Exhibitions Co-ordinator. and the Executive Flnance Officer as appropriate. The Trust Office Manager proiqdtss monthly reports lo the Trustees. co-ordinates the grant making procass and oversees Ihe Create Talk exhlbltlons. An annual review of salaries is carried out in Aprll each year by the Govornance Commlllee. Statament of Trustees. responslbilltie5 The Trustees (who are also the directors of Ihe Charlly for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements In accordance with applicable law and United Kingdom Ac¢ounllng Standards {United Kingdom Generally A¢pted Ac¢ounling Practice). Company law requires the Trustees lo prepare financial slalemenls for éach financial year. Under company law, the Trustees must not spprovè the financi21 siatemenls unless they are salisficd that they give a Irue and fair view of Ihe slate of affairs of the Charity and of ils incoming resources and application of resources, inoluding its Income and axpanditure, for that period. In preparing these financial stalemenls, the Trustees are required to= select sullable accounting policies and then apply them consislently. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting oslimales that are reasonable and prudent., slate whether applicable UK A¢wunllng Standards {FRS 1021 have been followed. subj8cI to any materlal departures disclosed and explained in the financial slalemenls., prepare the financial slalements on tha golnu ¢on¢ern basis unless il is inappropriate lo presume that the Charitywill continue In busin6S8. The Trustees are responsible for keeping adequate accounting records that are suffi¢lenl lo show and explain the Charills transactions and disclose with reasonable accuracy al any Ilme the financial position of the Charity and enable them to ensure that the linoncial statements comply with the Companies Act 2006. They are also rosponsible for safeguarding the assets of the Charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 12
WESTHILL ENDOWMENT IA company Ilmlted by guar?ntg81 TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Dlsclosurè of Infomiatlon to audltors Each of the persons who are Trustees al the Ume when thls Trustees, report Is apprDved h8s confirmed that.. so f8r as that Trustee is aware. therg is no rolevant audit infomiation ol which the charivs audllors are unawarg, ar)d that Trust88 h8S taken all the steps that ought lo have been taken as a Trustee in order to be awar& of any relevant audlt information and lo establish that the charltys auditors are aware ol th81 informatlon. Audltors The auditors, Coop8r Parry Group Limlled, have indicaled their willlngness to Continuo in offlco. The desbn8ted Trustees will propose a motion reappoinllng the audilois al a meeting of the Trustees. Apwoved by order of the members of the board of Trustees on 3 November 2021 and signed on their behalf by.. Mi55 S Evar15 Ichair of Trustees) Pago 13
WESTHILL ENDOWWIENT {A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESTHILL ENDOWMENT Oplnion We have audited the financlal slalemenls of Weslhill Endowm8nt Ithe 'chaiitAble company'l for the year ended 31 July 2021 which comprise the Statement of Financial Acltvilies. th$ Income and Expenditure A¢counl, the Balance Sheel and th¢ related notes, including a summary of slgnilicanl accounting policies. The financial reporting framewoik that has applivd in IheSr preparation is applicable law and Unil8d 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 Praclicel. In our oplnion the flnanclal slalemenls.. give a Irutr and fair view of Ihe slate of the charitable companls affairs as at 31 July 2021 and of ils Incoming resour¢Ès and application of sOurces. including ils income and expenditure for the year then 6nded., have been properly preparaé in accordance with United Kingdom Generally Accepted Accounting Pra¢licè', and have b6en prepared In accordance with the requirements of the Cornpanles Act 2006. Basls for oplnlon We condu¢led our audit in accordance with International Standards on Audlling IUKI IISAS IUKII and appli¢able law. Our rast)onsibiliti6s under those slandards are further described in the Auditors, responsibilities for the audll of the finanoial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the fin(Inciiil stslemenls in Ihe Uniled Kingdom, including the Financial Reporting Council's Elh1cal Stsndard, and w6 have fulfilled our oth8r ethical responsibilities in accordan with these requirements. We believe that the 8udil evldence we have obtained is $uffS¢ienl and appropriate to provide a basis for our opinion. Conclusions relating lo golng ¢oncarn In auditing the financial $18temenls, WÈ h8V6 concluded that the TrLJStees' use of the going concern basis of accounting in the preparation of the financial stalernents is appropriate. Based on Ihe work we have performed, we have not identifi'ed any materi81 uncèrtsinliÈs relaling lo events or conditions Ihal, individLJally or collectively. may cast significant doubt on the charitable companvs ability to continue as a going concern tor a perKJd of al least Iwelve months from when the financial slalem&nts are aulhorised for issue. Our responsibilities and the responsibllilies of the Trustees with respect lo golng ¢oncem are described in the relevanl sections of Ihls report. Page 14
WESTHILL ENDOWMENT {A company Ilmited by guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESTHILL ENDOWMENT ICONTINUEDI other Informatlon The other inforrnatlon comprlses the information included in the annual report other than the financial slalements and our auditors, report Ihereon. The Trusteès are responsible for th& other informalion contained within the annual report. Our opinion on the financlal statements does not cover the other information and, ex¢epl lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo re¢id the ulher information and, in doing so, consider whelhgr the other information is materially inconsistent with th6 financial sla16menls or our knowledge obtained in the course of the audit. or olherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerSal misslalemenls, we are required lo determine whether this gives rise lo a Material misslalemenl in the fin8nci81 statements Ihemselv6s. If, based on the work we have performed, we conclude that there is a material misslaternent of this other Information, we ar8 required lo report that fact. We have nothing to report in this regard. Opinion on othèr mattèrs prescribgd by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the audit.. the Inlormallon glv8n in Ihe Truslees, report for the financial year for which Ihg financial stslemenls are prepared is ¢onsislenl with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we arè requlred to report by exceptlon In the light of our knoedge and underslandlng of the charllable company and its environmenl obtained in the course of the audit. we have not identified materlal mlsstalements in the Trustees, report. We have nothing to report in respect of the folkswing matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounling records have not been kept, or retums adequate for our 8udlt have not been ceived from branches not visiled by us,. or the financial statements are not in agreernenl with the accounting records and retums., or certain disclosures of Trustees. remuneration specif¢ed by law are not made.. or we have nol received all the information and explanations we require for our audit.. or the Trustaes were not entitled to prepare the financial statements in accordaace with the small compani8s r&glme and lako advantage of Ihe small companies, exemptions in preparing the Trustees, report and from the requiremenl lo prepare a Strategic report. P£ge 15
WESTHILL ENDOWMENT {A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESTHILL ENDOWMENT ICONTINUEDI R•sponslblllt5es of trustees As &xplalned more fully in the Statement of Trust&es' r8sponsibilities, the Trustees (who are also tho dlrectors of the charitable ¢ompany for the purposes of company lawl are responsible for the prgparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to &nable the preparation of financial statements that are free from rnaterial misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trus18es are responsible for assessing the charitable companys ability lo continue as a going concem, disclosing, as applicable. mallers related lo going concern and using the going concern basis of accounting unless the Twslees either intend to liquidate the charitable company or to cease operations, or have no realistic allernalive bul lo do so. Auditors. rosponslbllitles for tho audlt of the financial statements Our objectives 8re Its tsblain reasonable assurance about whelhcr the financial ststements as a whole are free from material rnisslalomont. whether due to fraud or error, and to issue an auditors, report Ihal incltjdes our opinion. Reasonable assuran is a high level of assuran¢e, bul is not a guarantee that an audit conductèd in accordance with ISAS IUKI will ahvays delecl a material misslal8ment when it 8XiSts. Misstatements arise from fraud or error and arè considered malerial if. individualw or in the aggregate, they could reasonably be axpecled lo influence the economlc decisions of users taken on the basls of these fSnanclal slalemenls. Irregularities, including fraud, are Inslancas of non-compliance with laws and regulations. We design procedures in linè with our responsibilities. oullin8d above, lo delect malertal misstatements In respect of irrègularities, includlng fraud. The extent to which our procedures are capable of delecling irregularili8s, in¢ludlng fraud Is detailed b&low'. Our assessment focussed on key18ws and regulations the charitable company has lo comply with 8né araas of the linanGial statements we assessed as being more susceptible lo misstatement. These key laws and regulallons included but were not limited lo compliance with the Companies Act 2006, Charities Act 2011, Charities (Proleclion and Social Investment) Act 2016, taxatlon legislation. data protection, anli-bribery and employment le9islatlon. We are not responsible for preventing irregularitles. Our approach lo delecling irregularities included, but was not limited lo. the following.. obtaining an understsnding of the legal and regulatory framework appllGabl& lo Ihe charitable company and how the charitab18 company is complying wilh that framework, in¢luding agwement ol financial slalemenl disclosures to undertwng documentation and other evidence.. obtaining an understanding of the charitable companl8 Control environment and how the charitable company hats applied relevant control Procedureg. through discusslons with Trustees and other management and by performing walklhrough lesling over kgy areas: obtaining an understanding of thè charitable companls risk assessment process, Includlng the rlsk of fr8ud-, reviewlng meeting minutes of those Charged th govemance throughout the year., and P6rfnrming 2udlt lesting lo address the risk of management OV8rride of controls, including lesling journal enlrles and other adjustments for appropriateness, evaluating the business rationale of significant transactions outslde the normal course of business and revlewing accounting estimates for bias. Whilst considering IM)w our audll work addressed the detection of Irregularities, wè atso consldered the likelihood of detection based on DU¥ approach. Irregularllles arising from fraud are inherently morg difficult to d6tect Ihan those (ifibing Irom error. PAgé 16
WESTHILL ENDOWWIENT IA company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WESTHILL ENDOWMENT {CONTINUEDI Becaus8 of the inher8nt Ilmhallons ot an 8udil. there is a risk that we will not detect 811 Irrogularili8s, Includlno those leading to a material misslalèmenl in tho financlal slalemenls or non-compliancè wllh regulallon. Thls risk Increasos the more that compliance with a law or regulation is removed fmm the events and transactions reflected In the financial statements, as we will b8 less likely to become aware of instances of non-complian. The risk is also greater regarding irregularities occurring due lo fraud ralh8r than error, as Iraud involves intentional concealment. forgery, collusic>n, omission or misrepresenlalion. A further description of our responsibilili6s for the audit of the financial slalemenls is located on the Financial Reporting Council's wobsile al.. www.lrc.or .uklauditorsres onsibililies. This description forms part of our auditors, report. Use of our report This report is made solely to the charitable compan5 members, as a body, in accordan wtth Chapter 3 of Part 16 of the Companies A¢1 2006. Our audit work has been undertaken so that w6 might st21e to the charitable companys members those matters we are required lo stale to them in an auditors, report end for no other purpose. To the fullest exlonl pcrmill8d by law, we do not accept or assume responsibility lo anyong other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have forrlled. Itg Glèn Bott IFCAI {sènlor statutory audltorl for and on behalf of Cooper Parry Group Limited Chartered Accountants Slatutory Auditor One Central Boulevard Blythe Valley Buslness Park Solihull Wesl Midlands Bgo 88G Dale.. 29 November 2021 Pxga 17
WESTHILL ENDOWMENT {A company limited by guaronte¢) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021 Unr8Stricted Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Ineom# from: Donations #nd legacies Investments 1.547 448.266 1,547 448.266 447,966 Total Income 449,813 449.813 447,966 Expendltur8 on: Charitable 8¢livilies Other expenditure 319,948 13,810 319,948 13.810 330.052 1,485 Total expenditure 333,768 333.758 331,537 Net income before net gains on investments Nel gains on Investments Net Income being movement In funds for the year 116,055 1 fj6,Q55 1.836.824 116,429 44,508 1,836.824 116.055 1,836.824 1,952,879 160,937 Reconciliation of funds.. Total funds brought fonNa¥d Nel mL)vemenl In funds 544.422 116,055 12.619,213 1,836.824 13,163,635 1,952.879 13.()02.698 160,937 Tolal funds carrled foEward 660,477 14,456.037 15,116,514 13.163,635 The Slalemenl of financial aclivllle8 Includès all gains and10sses recognlsed Sn the year. The notes on pages 2110 35 forrn part of these financial st8temenls. Page 18
WESTHILL ENDOWMENT {A company limited by 9uaranteel INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2021 2021 2020 Notes Invastmenl income Other Income 448.266 1.547 447,966 Gross income In the reportlng perlod 449,813 447.966 Grant making activities Operating costs 1246.0231 187.7341 1258,1611 {73.3761 Total expèndlturè In tha report perlod 1333.7571 1331,5371 Net income for the year 116.056 116.429 The notes on pages 21 10 34 fom part of these financial statements. Page19
WESTHILL ENDOWMENT (A company Ilmited by guarante8) REGISTERED NUMBER.. 05127764 BALANCE SHEET AS AT 31 JiILY 2021 2021 2020 Notg Fixed assets Tangible assets Investments 10 12 9,791 14.964,755 100,000 12,122 12,877,931 100.000 Investment prortY 15,074,546 12.990.053 Current assots Debtors Investments Cash al bank and in hand 13 14 64,355 111.248 111,685 61,739 168,281 143,316 287,288 373,336 Creditors.. amounts falllng due wthin one year 15 1245.3201 (199,7541 Not current a8$et8 15,116,514 13,163.635 Total ngt a$sets 15,116,514 13.163.635 Charity funds Endowment funds 16 16 16 14,456.037 12,619,213 Restrlcled funds Unrestricted funds 660.477 544,422 Total funds 15,116.514 13,163,635 The Trustees acknowledge their responsibilities for complJring with the requlTemenls of the Act with re5pe¢l lo accounting records and preparation of financial statements. The financlal slalemenls have been prepared In accordance wllh the provisions appFicable to entities sublecl to the small Companies regime. The flnanclal statements were approved and aulhoris8d for issue by thè Tnjslees on 03 Novembor 2021 and signed on Ihelr behalf by.. Mlss S Evans (Chair of Trustees) The not8s on pages 21 to 35 lorm part of Ihase financial ststemenls. PagB 20
WESTHILL ENDOWMENT {A company Ilmlled by guaranteal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accountlng policies 1.1 General Information and basis of preparation Weslhill Endowmènt Is a charitable company limited by guarantee in the United Kingdc>m. Thè address of the registered office Is given In the Chartty information on pages 1 and 2 of these financial ststements. Thè nature of the Charills opeTalions and prlnupal acllvilies is to make grants lo organisalion8 that demonslrale oulcomes in Christlan Educatton whieh may include all rellglons or none. The Charity provldes educ81ian8I resources on free loan including sculptures and garments which help understsnding of suffering and loss. The Charity conslilutes a publ1¢ benefit enlily as delined by FRS 102. The flnancial statamenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of R8eommended Practice applicable lo charities preparing their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021, effective from 1 January 2019, Ihg Chcirilies Acl 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The financial slalemenls a prepared on 8 golng concern basis under the hisloriGal cost convention, modified lo include certaln Slems al fair value. The financial statements are preparBd in sterling which is Ihe functional currency of th& Charity. The significant accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been consistentty applied lo all years presented unless othetwse slated. 1.2 Funds Llnrestricted funds are available for use 8t the discretion of the Trustees in furthèrance of the general oblectlves of the Charity and which have not been dasignated for other purposes. Endowment funds are expèndabla capital fltnds which may be ulilised in aGcordan¢e wlh the ChBrily's objects al the discretion of Trustees. The interest and investrnent income gerat&d is then sptrnl on the purpose for which the glft was made. Investrr)8nl Incom&, gains and losses are alloc81ed lo the approprlate fund. 1.3 Golng concern The finan¢ial sklements have been prepaTed on a golng concern basis as Ihe Trustees believ8 Ihal no malerl81 uncertainties exist. The Trustees have considered the leval of funds held and the expected level of income and expenditure for 12 months from aulhorising Iheso financial stalements. The budgeted income and exp8ndilurg is suffiGienl with the level of reserves for the Charity lo be abi6 lo Gonlinue as a going concem. Page 21
WESTHILL ENDOWMENT {A company Ilmlted by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accountlng policltrs Icontlnuedl 1.4 Income recognitlon All Incoming resources are Includtsd in thè Stalemenl of Financial Activiti88 ISOFAI when the Charity is legally entitled lo the income alter any performan¢e ¢ondilions have been mel. the amount Gan be measured reliabty and it is probable that the income will be received. Investment income is earned through holding assets tor investment purposes such a5 shares and property. 11 includ6s dividends and interest. Where il is not practicable lo identify Investment management costs incurred within a scheme with reasonable accuracy Ihe investment income is reported nel of these costs.11 Ss Included when the amount can be measured reliably. Intest income s recognised using the effective interest molhod and dividend income is reGogllised as the Charily's right lo receiva payment is established. The cOgnitiON of income from legacies is dependent on estsblishing ontitl&ment. Ihe probability of receipt and Ihe ability lo ostimale with sulficienl accuracy the atnounl receivable. Evidence of 8nlillemenl to B legacy exists when the Charity has SLJfficient evidence that a gill has been left to them Ilhrough knowledge of the exislgnce of a valid will and the death of the benefactor) and the executor is satisfied that thé property in queslion will not b8 requlred lo satisfy claims in the estate. R8caipI of a legacy must be recounlsed when it is probable thal11 will be received and the fair value of the amount receivable. whlch 11 generally be the expected cash amount lo b$ dlstributed to Iha Charity, Can bo rellably measured. 1.5 Expendlture recognition All oxpendilure is account for on an a¢¢ruals basis and has been classifi6d under headings that aggregate all costs re121ed lo th8 category. Expenditure is recognised where there is a legal or conslrucliv8 obligation lo make payments lo third p8rt¢es, il is probable that the seluemenl wll be required and the amount of the obligation can b8 measured rellably. It is calegorised under the following headings.. Other e%pendilure Expenditure on charitable activities Grants paydble to third p8rtios are within the charitable objeclivtss. Whgrè unconditional grants ar offered, this is accrued as soon as thè recipient is notified of the grant, as this gives rise lo a reasonable expectation that the recipient will receive Ihe grants. Where grants 4re conditional relating to performance then the grant is onty acc¥ued when any unfulfilled conditions afe oulslde of the control of the Charlty- 1.6 Support costs allocation Support Costs ara thosè thal asslsl the work of the Charfly but do not directly represènt charitsble activities and include offl¢e costs, governance costs, administrstiva payroll costs. They are incurred directly in support (jf 8xp8nditur0 on the objects of the Charlly. Whera support CDsls cannot be dir&ctly atlribuled lo partl¢ular headings they have been allocated lo ¢osl of raising funds and 8xpenditura on charitable aclivilies on a basls ¢onsistent with use of the rasour¢as. Fund-raislng costs are those incurred in seeking voluntary contributions and do not Include the costs of disseminallng Information in support of the charitable actlvllies. The analysis of these costs is included in note 6. Page 22
WESTHILL ENDOWMENT {A company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accountlng pollclas Icontinuedl 1.7 Taxation The charitable company megls the definition Df Charity per Chapter 1 of the Charitles Act 2011 and is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a Charitable company for UK wporalion lax purposes. 1.8 Tanglbl& fixad assets Tangible fixed assets are initially recognised al cost. Afler re¢ognition, under the cost model, tsngibse fixed assets are Measured al Cost less accurnulaled d6preclalion and any accumulated impairment losses. All costs incurred lo bring 8 tangible fixed asset into ils Intended working condition should be includ6d In the measurement of cost. Depreciation is charged so as lo allocate the Cost of tangible fixed assets less their residual value over their estimated useful lives, DeprlatIOn is provided on the following basis.. Leasehold Improveménts Over 23 year5 Page 23
WESTHILL ENDOWMENT (A company Ilmlted by guarahtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Ac¢ountlng pollcles Icontinuedl 1.9 Horltage assèts The Charlly makes available, on free loan. these assets that reffect commitment lo the communication of faith values and the exploration of spiritual ideas. Th8 Charity encourages the imaginative us8 of these resources lo benefit the wder community. In aéditson to the capilalised fi'xed assets h8ld for the charity's own use. il has title lo.. & colle¢tion of sculplures, by Jean Parker, known as 'Bald Slalemenls,, which deal with person81 loss and the grief wocess-. 8 alabaster sculptures., 8 small bronze cast sculptures., 2 sets of 8 small bronze-resin ¢ast sculptures., 8 collèction of 38 frames of embroidories, by Pamèla Pavitt, known as, Meaningful T6xliles', which are pr$s8nled in two groups.. 'Peace 8nd Reconciliation. and 'Crealion and the Environment.; a Collection of 4 lexliles by Peter Priv6tl, known as the 'Gelhsemane Garments,; oné laxtilè known as 'The Holy Writ,; a collection of 19 paintings by Ruth Goodhelr, know as 'LSving Llfe.: a collecllon of 42 paintings by Peter Clare known as 'Tha Journèl., a collection of 8 palntlngs by Elizabeth Gray-King known as 'Octave'. 8 collection of wall hangings L>y Jfjan Parker known as 'The Stations of the Cross,; a further ¢ollection of 5 embrolderles by Pamela Pa[t. 21 31 41 61 71 81 91 The Trusteos have taken tha decision not lo gel fh8se ass8ts, which are not items of hlgh rellglous art. professionally valued. The Trustees consider that the cost involvBd in getting a professional valuation would outweigh the benefit lo the r8adeis of the accounts. Weslhill insure the assets whilst on sile. however exhibllors and transporters are asked lo onsur8 Ilial the Works are suitably insured whilsl in their care. Currenl 'values' provided lo exhibitors are based on information from the artists. Regular consideration is given to matters of insurance. When not on loan, the reSoUrS are held at Weslhill Lodge. There is no intention lo dispose of these items. Page 24
WESTHILL ENDOWMENT (Acompany Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 A¢countlng pollcies Icontlnuedl 1.10 Invostménts Inveslrnenls are a form of basic financial inslrument and are Inlllally re¢ognised al their transaction value and subsequently measured al th&ir fair value as at the balance sh8el dale using the closing quoted market price. The statement of financial a¢livilies includes the nel gains and losses arising on revaluation ond disposals throughout the year. Weslhill Endowment does not acquire put options, derivatives or other complex financlal inslruments. The maln form of linancial rtsk faced by the Charity is that of volatility in equity markets and investment marl<et due lo wider economic conditions, the altitude of investors to investment risk, and changes in senlirllent concerning equilies and within particulaT sectors or sub sectors. Reallsed galn$ and losses All gains and losses are taken lo the Slalemenl of Financial Activities as they arise. Realised gains nd losses on investments are e81culated as the difference between sales proceeds and their opèning carrying value or their purchase value rf acquired subsequent to the flrsl day of the fSnancial year. Unrealised gains and lossès 8r8 calculated as the difference between the falr value al the year end and their carrying value. Realisod and unrealised investment gains and lossas arè comblned in the Slalement of Financial Aclivilies. 1.11 Debtors Debtors with no stated interest rale 8nd recaivable or payable within one year are recorded at trAnsaction price. 1.12 Cash at bank and In hand Cash al bank and in hand indudes ¢ash and short-lemi highly liquid investments with a short malurity of Ihree months or less from the dale of acquisition or opening of the éeposil or slmllar a¢¢ounl. 1.13 Liabilities and provisions Creditors with no $18lÉd int6rest rate and receivable or pay8ble wilhin one year are recorded at IrAnsaction price. Any losses arising from Impairment are recognised in expenditure. 1.14 Flnanclal Instrum•nt$ The Charity only has financial assels and financial liabilities of 8 kind that qU81ify as basic flnancial instruments. Basic finanr,lal in8lrumant8 ara initially recognised at Iransacllon valuo and subsequently measured at their selllement valuo wllh the axceplion ol bank loans which are subs¢quenlly Measur at 8mortÈsed cost using the 8ffeclive interest melhod. 1.15 Pensions The Charity conlrlbules lo employoes, personal pensions and the pgn¥ion ¢harge represents the amounts payable by Ihe Charity to thè funds in respect of the year. Page 25
WESTHILL ENOOWMENT (A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Income from donatlons and legacles Unrestricted funds 2021 Total funds 2021 Total funds 2020 Donations Other Income 1,309 238 1.309 238 1,547 1.547 Investment Income Unrostrlct¢d funds 2021 Total funds 2021 Total fund5 2020 Investment income 448,230 448.230 36 439,400 275 Bank and other interest Othar income Playing field rental 3.827 4,464 Total 2021 448,266 448,266 447,966 In 2020 all investment income was alloc81ad to unrestricted funds. Page 26
WESTHILL ENDOWMENT IA company limited by guarantèo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysls of grants payable 2021 2020 The total grants approved over £10,000 in the year are as follows,. NASACRE NASACRE 2021 Holy Rood Iqouse NATRE Spirited Arts13 years @ £5,600) Th6 Arts Society Birmingham Truth Be Told Wayof Christa ChÈpl8incy Iuniverslty of Bimilnghaml At a Loss C2C Social Aclion Chaiya Tryst OiDcese of Manchester Hull Community Church Greenbelt 20.00 18,390 10,000 16.800 10,068 fj4,450 11,857 12,734 12,426 18.OOD 10,000 10.00 10,000 11.000 24.000 Total grants approved £10,000 and above 94.299 115.426 Grants approved between £5.001 and £9,999- 912020- 61 57,850 42,170 Grants approv6d up lo £5,0( - 2912020- 311 100.124 95,897 Total grants approved in the year 252,273 253,493 A detailed breakdown of the grants approved In the year is available on request from the Trust86S. 2021 2021 2020 2020 Grants payable al l August Grants approved during th8 year RBissued grants Grants cancelled (see note bolowl 189,181 168,744 252.273 253,493 4,668 16.2501 246.023 258,161 Grants paid during the year 1201,3331 {237.7241 Gyants payabl8 al 31 July (see note 151 233,871 189,181 Note.. canlled grants include £4,950 appmved and cancelled during the yèar lo 31 July 2021 and £1.300 approved in the year to 31 July 2020 and canoelled in the year to 31 July 2021 Page 27
WESTHILL ENDOWPJIENT {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Othèr èxponditure Unreslricted funds 2021 Total funds 2021 Total funds 2020 Other property related costs 13,810 13.810 1,485 Total 2020 1.485 1,485 Analysls of expendlture by activities Grant Activities fundlng of Support undertaken activities ¢osts directly (see note 41 (SÈÈ bèlow) 2021 2021 2021 Total funds 2021 Total funds 2020 Christian Educallon Governance costs 7,526 246.023 35,508 30,891 284,440 35,508 304,441 25,611 Total 2021 7.526 246,023 66.399 319,948 330,052 Total 2020 9,018 258.161 62.873 330,052 Page 28
WESTHILL ENDOWMENT IA Gompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analy51s of expéndlture by activities Icontlnu•d} Analysls of support costs Governance Costs 2021 Christian Education 2021 Total funds 2021 Total funds 2020 Staff costs Depreciation Audit Administrallon fees Markèttng Office costs Trustees, costs and expenses Trustees, indemnity insurance 10,981 723 24,473 1,608 35,454 2.331 6.240 10.593 3,069 5,830 100 34.532 2,331 5,880 10,359 3,755 3.026 144 6,240 3,284 951 5,830 100 2,782 7,309 2,118 2.782 2,846 30,891 35,508 66.399 62,873 Total 2020 25,611 37,262 62,873 Support costs are alloc8t8d on the basis of lime spent on the activity. Audltors. remunerntlon 2021 2020 Fees payable lo the Chari¥s auditor for Ihe audit of the Charitys annual accounts 6,240 5,88Q Staff costs 2021 2020 Wages and salaTies Other pension 00815 30,650 4.804 31.519 3,013 35,454 34,532 Page 29
WESTHILL ENDOWMENT (A company Ilmiled by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Staff ¢o$ts Icontlnuèdl The average number of persons &mployed by the Charity durlng the year was as follows.. 2021 2020 No. Administration No employee received remuneration amounting lo more than £60.000 in either year. The total amount of employ06 benefits ceiVed by key management personnel is £10,593 12020.. £10,359). Al the year end the trust considers its key management personnel comprise of 1 individual. Trustees, remunèratlon and exp&nses During the year, no Trustees received any remunefftlion or other benefits {2020 - £NILI. During the year ended 31 July 2021, expenses lotalling £10012020.. £2441 were reimbursed to Tyustees. 10. Tanglble flxed assets Leasehold improvements Cost or valuatlon Al 1 August 2020 53,614 Al 31 Juty 2021 53,614 Depre¢Satlon At 1 August 2020 Charge for the year 41,492 2,331 Al 31 July 2021 43,823 Nèt book value At 31 July 2021 9,791 At 31 July 2020 12.122 Pagé 30
WESTHILL ENDOWMENT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. Tangible flxed assets Icontlnuedl The Charlty has a lease agreement th The Universily of Birmingham to occupy the premises known as The Lodge, Westhill, Selly Oak, Blrmingham. The lease agreement is subject to the pawnent of yeaY rent of one peppercom and expires on 21 November 2100. Improvements lo property relate to The Lodge. Invéstment property Playlng Field Valuation Al 1 August 2020 100,000 Al 31 July 2021 100,000 The Iruslee$' are of the opinion Ihat there has been no material change in the market value of the investment property and the carrying value of the playing fi81d of £100,000 is a true refiection ol the current fair value of the plalng field. 12. Flxed a85et Investments Investments C05t or valuatlon Al 1 August 2020 Additions 12.877,931 2SO,000 1.836,824 Revaluations Al 31 July 2021 14,964,755 Net book valu¢ 31 July 2021 14,964,755 AE 31 July 2020 12,877,931 Page 31
WESTHILL ENDOWMENT IA company Ilmltad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 12. Flxed asset Investments Icontlnued Inve$lm8nts. includlng those held through managed funds, are analysed as folbws: COIF ChatIeS EthieAI Investment Fund £13,482.59612020- £11,436,182) CCLA Propety Fund £1.482,159 {2020'. £1.441,7491 The ass61 allocation al 31 July 2021 of the COIF Charities Ethical Investment fund was as follows.. UK equities 9.82%. Property 4.26°A. Cash 5.630A. Overseas eouilies 67.76Y¢. Infrastructure and operating assets 8.01Qlo and other 4.52010. Al 31 July 2021, the Charity held 1,174.732 units in The Charities Property Fund with a market value of £1.482,15912020- 1,174,732 units with a market value of £1,441,749). In a¢¢ordance Imih the Charity's accounting policies. fixed asset Invtrslmenls are stated al market value. The historic cost of investments al the year*nd is £10,148,881 (2020- £9,898,881). 13. Debtors 2021 2020 Due within one year Other debtors and prepald expenses Dividends and interest receivabl 1,S37 2,718 1,542 60,197 64,355 61,739 14. Currént asset Investments 2021 2020 Cash at bank on deposit 111.248 168,281 15. Crfydltors.. Amounts falling duè wlthln one year 2021 2020 Accruals 11,449 233,871 10,574 189,180 Grants payable 245,320 199,754 Page 32
WESTHILL ENDOWMENT IA company Ilrnltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 16. statement of ndS Statomont of funds - currènt year Balance at 1 August 2020 Gainsl Balance at {Lossesl 31 July 2021 Income Expendlture Unrestrlcted funds General Funds 544,422 449,813 1333,7581 660.477 Endowment funds Endowment fund - expendable 12,619,213 1,836,824 14.456.037 Total of funds 13,163,635 449,813 I3,758) 1.836.824 15.116,514 Statement of funds - prior y¢ar BJlan¢o al 1 August 2019 Gainsl Balxncè at {Lossesl 31 July 2020 Incomè Expendituro Unrestricted funds General fund 427,993 447,966 1331,537) 544,422 Endowment fund8 Endowment fund - expendabl8 12,574.705 44,508 12,619.213 Total of funds 13,002,698 447,966 1331,5371 44,508 13.163,635 Page 33
VESTHILL ENDOWMENT {A company Ilmlt¢d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 17. Analysls of net assets between funds Analysis of net assets betw¢on funds . current year Unrestricted Endowment funds funds 2021 2021 Total funds 2021 Tangible fixod assets Fixed assel investments 9,791 9.791 508,718 14,456.037 14,964,755 100.000 100.000 287.288 287,288 1245.3201 1245,3201 Investment property Currént assets Creditors due within one year Total 660.477 14,456,037 15,116,514 Analysis of nét assets bgtwéen funds - prior year unrestrict Endowment funds funds 2020 2020 Total funds 2020 Tangible lixed assets Fixed asset investments Investment property Currenl assets Creditors due withln one year 12,122 12.122 258.718 12,619,213 12,877.931 100.000 100,000 373.336 373,336 1199,7541 1199.7541 Total 544.422 12,619,213 13,163,635 18. Operatlng lease commltments Al 31 July 2021 the Charlty had commitmenis lo make fulura minimum lèase payments under non. cancellable operating leases as follows.. 2021 2020 Not later than l y8ar Later Ihan 1 year and not latèr Ihan 5 years 2,347 5,869 2,347 8,216 8,216 10.563 Page 34
WESTHILL ENDOWMENT {A company Ilmlted by guarantee). NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. Related party transactlons The Charity has not entered Into any related party Iransaelion during the year. nor are there any oulslanding balances owing between relatod partles and the Charity at 31 July 2021. 20. Controlllng party Weslhill Endowment is Gonlrolled by its the Board of Trustees. Page 35