REGisfEftED COMPANY NUMBER: 051277641En8land and Wales} REGISTERED CHARITY NUMBER: 1104736 REPORT OF THE TRUSTEES AND FINANCIALsfATEMENTS FOR THE YEAR ENDED 31 JULY 2024 FOR WESTHILL ENDOWMENT J W Hlnks LLP Chartered Accountants and Statutory Audltor5 19 Hlghfleld Road Edgbaston Blrmlngham B15 3BH
WESTHILLENDOWMENT CONTENTS OF THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31JULY 2024 Pa Report of the Trustees I to 14 Report ol the Independènt Audltor5 15 to 17 statement of Flnantlal Act5vltSe$ 18 8alance Sheet 19 Cash Aow Strtemlnt 20 Notes to the Cash Flow Statem•nt 21 Notes to the Flnanclal Statements 22 to 36
WEsfHILL ENDOWMENT (REGISTERED NUMBER: 051277641 REPORT OF THE TRusfEES FOR ThE YEAR ENDED 31 JULY 2024 The trustees, who are also dlrectors of the tharity for the purposes of the Companles Act 2fX)6, present thelr report with the flnanc131 statements of the charity for the year ended 31 Julv 2024. The trustees have adopted the provislons of Actountlng and Reporting by Charltles.. Statement of Recommended Practlts appllcable to tharltles preparlng their accounts In accordante with the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021 leffÉctlve l Janu3Ty 20191. OBJECTIVES AND ACTIVITIES Oblectlves and alms Pol'cles and ob ectlves Westhill Endowrnent's I'westhlll's") charitable objects Include the followln8', The promotlon of hlgher educatlon and lated further education In a manner consistent wlth the Pflnclples of the Christlan rell8Son and the tradltlon of the hlstorlc Free Churches; and Ihe prornotlon of dlalo8ue and educatlonal interchange between the Christlan Church and persons from other faiths. surl We revlew our alms, objectlves and actlvltles each year. Thi5 reeW looks at what we achleved and the outcomes of our work In the prevlous 12 months. The revlew looks at the success of each key actlvity and the beneflts they have brought to those groups of people we are set up to help, The revlew also helps us to ensure that our alw. oblectlves and actlvltles remained focused on our stated purposes. We have referred to the guidance contalned In the Charlty Comm1551on's general 8uldance on publlc benePIt when reviewlng our alms 8nd oblectlves and in plannlng our future act[tIes. In partlcular, the trustees conslder how planned activities wlll contrlbute to the alms and oblectlves they have set. OF our wor The focus of our work contlnues to be that of a charlty set up to support reliEiOUS educatlon IRE) and Improved cummunity cohesion and also through its loan of artworks. Slgniflcant actlvltles Westhlll delivers its pollcles and objectlves through two maln artlvltles whlch are as follows: Westhlll awards grants to organlsatlons deliverlng projects that elther enhance rellgious understandln8t includlng education and reliEiOUS literacy or enable people to trarforrn thelr Ilves and their comrnunities. Westhill ha5 welcomed projects that use the arts and brln8 together people from different falths and people of no falth. Applications for grants are consldered three times per year by the Grants and Prolects sub-commlttee and final dedslons are made bythe Board of Trustees. Westhlll h35 a 8rant-maklng pollcy which sets out It5 approach and eriteria. CreateTal Westhill make5 avallable artworks such as paintlngs, sculptures and textiles and oiher Items for loan. 8orrowers exhibit these artworks in a range of venues such as thurches, hospitals and conference centres to spark reflection and conversation about Important themes such a5 peace. grief and purpose. Page I
WESTHILL ENDOWMENT (REGISTERED NUMBER: 05127764) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31JULY 2024 OBJEcfivES AND AcnvmES Publlc benefit The trustees have reviewed the Charlty Commission guldance on their legal obliEatlons towards publlc beneflt. Westhill dellvers public benefit through its grant-maklng In support of religious education and improved commUnv cohesion and also through its loan of art works. The nature and Impart of this work is detailed below. ACHIEVEMENTS AND PERFORMANCE Charltable activities Our maln artlvlties and who we try to help are descrlbed below. All of our charftable activities focus on our ablllty to support rellglou5 educatlon and Improved community coheslon. ext for th ear oftded lju The need for the work of We5thlll contlnues. The teachln8 of Rell8lous Educatlon IRE) remalns under huge pres.sure with no change In the pattein of undertundln8 In schools and Hlgher Education at all leve15. Westhlll has contributed to and Is following c105ely the outcome5 of a major commisslon report whSch recommr4.nded a focus on non-rellgious world views a5 OPP05ed to the world rellglons paradl8m although Westhlll has contlnued to recognlse the need for rther resources and up-skllllng of teacher5 In the teachlng of chr15tianlty wlthln the RE currlculum. The demand for grants from Westhlll remaSns hlRh and a total of 306 enqulrles {compared wlth 237 for the year ended 31 July 20231 and 136 applicatlons (compared wlth 117 for the year ended 31 July 20231 were recelved for the year ended 31 July 2024. In terms of the stafflng structure, the Trust Offlce Manager Is the prlnclpal point of contact for the charlty and Is supported by the part-tlme Admlnlstrator and Exhlbltions Co.ordlnator whose role encompasses the specla115m of the work on CreateTalk. The Trust Offlce admlnistratlon continues to be supported by the Executlve Flnance Offlc.er. This structure has worked well and the trustees may consider Increasing the capaclty of the support team to Include speciallst assistance to enable the development of prolects and the wider promotlon of the charlty. The Trust Offlce adminlstration was supported by the Executlve Flnance OffScer durlng the year. She reslgned wlth effect from 30 September 2024 and the process of appoSntlng a successor is In progress. The Strategy Working Party whlch d15cussed Diverslty, Equity and Incluslon IDEII In response lo the Black LNes Matter movement, has contlnued Its work lo ensure that Diverslty. Equity and Inclu5kon prlndples are embedded wlthln the organlsatlon. Thls has been done largely through the sub-commlttee structure. Westhlll contSnues to use the outcomes of the AssodatSon of charltable Foundatlon'5 Stronger Foundatlon5 5elf-assessment tool to help frame thelr revlew of strate8y and governance, Investment and fundlng practlces, The Strategy Working Party has been continuing and developlng this work throlbgh contact with the Blrmln8ham Falth Leader5, Group, Page 2
WESTHILL ENDOWMENT (REGISTERED NUMBER: 051277641 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRATEGIC REPORT Athievement and perfomiance Charltable actlvities str te or the ear d31 024 The followlng tsble sets out what Westhill planned to do at the start of the financlal year and the progress made aga1Th5t these objettives. What Westhill sald itwould do In 202312024 Allocate a mlnlmum of £320,000 for grants. Whtt pro6ress Westhlll mth a8alnst thése obiectlves In 2Q2312024 618rants were awarded wlth a total value of £431.952 Ic.f, 55 grants totalllng £299,629 In 2022120231. There have aEaln been more grants glven to smaller communlty coheslon projects ratherthan larger RE projects. Revlew of Westhlll's Memorandum and Artlcles of Assoclatlon, Westhill's Memorandum and Artlcles ofAsscKlatlon were amended by Speclal Resolutlon and reglstered at Companles House on 7 September 2023, Contlnue to promote "CreateTalk" programme and develop new and exlstlng re50urGe5. The programme has been actlvely promoted durin8 202312024. Our first off-site event took place In March 2024 to promote the Words from the Cross exhibitlon. Contlnue Westhill's relatlonshlps wlth other grant funders In the fields of religlous educatlon and falth-motlvated soclal aclitsn. Communlcation5 and networks have been revlewed to ensure that erantees remaln suppprted, to8ether wlth networkin8 through natlonal and local groups. and local groups. Promote Westhlll Erants and the CreateTalk programme through Westhiii's webslte and other online actlvlty and seek to understand the needs of all prospective grantees. Promotlon has contlnued through the webslte and 50clal medla, Contlnue to research on-llne 8rant appllcatlon SV5tem. Thls project has now commenced wlth Inltlal setup plans belng dlscussed/lmplemented wlth the grant system provider. To determlne whether further data needs to be gathered and conslder date protection Issue5 around certaln types of data. Data protectlon Issues will contSnue to be revlewed bythe Grants and Projects commlttee. Revlew the management arrangements for the land and buildlngs owned by Westhlll. Thls continues to be dlstussed and revlewed by the trustees in the Ilght of current market Informatlon. Seek out new trustees who can ihcrease Westhill's understanding of the issues faclng the Rellgious Educatlon and faith-motivated communlty action sectors. Three new trustee èppolntments have been confirmed in the year. Page 3
WESTHILL ENDOWMENT (REGISTERED NUMBER: 05127764) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 What We5thlll sald Itwould do in 202312024 Continue review of policie5 and procedures for good govemance Including the creation of new policles In several areas. What progress Westhlll rnade against these obiectlves In 202312024 A polocy schedule Is In place to eD5ure all polides are reviewed regularly, The Wellbeing in the Workplace pollry has provlded a supportlve framework for mnltorlng staff welfare. io, ii. To explore social medla tralnln8 for all trustees and continue to reach out to new grantees bv developing soclal medla as part of Westhlll's communlcation pollcy. Trustees undertool( soclal medla tralnlng prlorto theirjtsne 2024 trustees, meetln8, Arrangements for on8olng tralnSng are In place. 12. To produce a seasonal newsletter to be clrculated vla email, A newsletter Is clrculated to grantees and other contart5. During the year ended 31 July 2024 Westhill awarded 61 grants wSth a total value of É431,952 12023.. 55 8rants totalllng £299.6?.91. Grants ran8ed in Size from £310 to £24.000, 18 grants were for amounts of £10,000 and most 8rants were awarded for a one-year perlod, 9 grants were 8lven to support rell8lous educatlon projects includlng the following.. A £5,Crf)O grant was awarded to Southwell hAinisters RE Programme called Time Travelllng. which provldes InsplrSng, Informatlon RE days to cover 1,500 school children In Nottlnghamshire. The Erant allowed them to launch a bursary 5theme to enable chlldren In deprived areas to partlcipate. A £24,000 grant over 3 years was awarded to Greenbelt to provlde a new venue at the Greenbelt Festlval called"The Table" whlch includes an all-day programme of food, demos and storytelling. The prolert 5howca5ed food prepared attording to dlfferent religlous traditions and practices whereby they hope to bulld ernpathy and understandlng that can grow into solldarlly between dlfferent falths. The use of art to engage and connect people from dlverse backgrounds contlnues to be a prlorlty for Westhlll's 8fant5. Examples durlng the year ended 31 July 2024 Include the lolls)wlng: Art Pro oc A £4,788 8rant was awarded to the Jeritho Foundatlon and thelr Equiano Art Project whlch works wlth survlvors ot modern day $13very. The grant allowed them to expand and develop thelr provlslon of creatlve art therapy to female survivors who are engaged in the project over 3 12 month period. The Jericho Foundatlon also used Westhlll's 'Way of Chrfsta" exhlbltjon to explore the journey of women and faith. unl Arts Pro ect A £5,000 grant was awarded to thls organlsatlon who are actfve In local schools. The &Trnt allowed them to create a year-long focus of creatlvity and art brlnglnB together three local schools and the church In a varfÈty of arts proSects culminatlng In an annual arts festlval. Ine Elms Art Mlnlst Creatlve Soul Pro ect A grant of £8.370 was awarded to the Nine ESm5 Art Mlnistry's Creative Soul Project which is a free and accessible art wellbeing praMMe whSch successfully brings together resldent5 from across a varied demoBraphic. A number of Ioc31 partners Involved In creative and peformin8 arts have been Involved with this project. Page 4
WESTHILL ENDOWMENT IREGISTERED NUMBER: 051277641 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The remaining grants were prlmarily awarded for prolects working to Improve communlty coheslon Indudlng the followin8: ourls A £2,000 grant was awarded to You Can Flourlsh who work in Warwlckshlre wlth glds aged between 10 and 18 years of age who suffer wlth low_esteemi poor mental health and emotional wellbeln8. The grant allowed You Can Flourlsh to fund ther I:1 and small gTOUP mentorlng sésslons for 250 gtrls. Clirlst Church 8exle heath A £6,300 grant wa5 awarded to Chrlst Church 8exleyheath who work closety wlth the Ukralnlan Autocephalous Church. The grant was to support ESOL classes, craft classes and support psychologlcal wellbeing and welfare whereby they run dropln sesslons and cultural festlvals. Durlng the financlal year ended 31 July 2024 Westhill re¢eived 84 Impact report5 from preOu$ grant reclplents 12023: 87}. These Inform the trustees of the dlfference the grants have made and help to shape future declslons. Every year the trustees cognISe The Walmsley Award which Is an annual grant glven In memory of the charlty's flrst clerk. Reclplents to date are a5 follows: 2015 The Frontler Youth Itranslatlng the blble prolectl. 2016- Flred Up Theatre (Mausoleum: a multi-wrformlng arts proJectl. 2017 - Falth Encounter Programme (training and education projectl. 2018 - Chelmsley Wood Baptlst Church (Festival of the Spoken Word storytelllng sessionl. 2019 - Lkhfield Cathedral (The Word poetry prolectl. 2020- At a Loss ILlstening People prolecl., bereavement Signpostlng service). 2021- Azadi Trust (peace garden at Chri5tthurch. Sparkbrookl. 2022 - The Arts Society Blrmlngham IBlrmlngham Falth Vislts prole¢tl. 2023 - Blrmingham Circult of the Methodlst Church Isupport of the Unlverslty of Blrmlngham Chaplalncyl. The 2024 award will recognise Westhlll's support forTop Church Dudley's Interfalth Week. Trustee5 and staff were able to vlslt the Followlng events that Westhill had funded. "Meaningful Textiles and Holy Writ Exhibitlon" at St Francis Church, BournvS11e. "Meanlngful Textlles Exhlbltlon" at the Peace Hub, 81rmlngham clty centre. 'Blble Society's Roundiable Event" at the Cambrldge Club, London. 'Lichfleld Cathedral's Central Splre Prolect Celebratlon." 'Storles af Hope and and Home's perfoTmance of Love 15 a Rebelllon at Birmlngham Repertory Theatre. The charlty a150 contSnues to engage with the Unfverslty of Blimlngham Chaplaincy Centre through repre5entatlon on Its Chaplaincy Engagement Group. We5thlll Is proud to SUPF)Ort every one of the 61 grant redplents. Whllst we cannot feature them all here, the deta115 of all grants made are given on our webslte at httP5:IlvJww.westhlllendowment.orgl Durlng the year ended 31 July 2024 Westhill's loans of 10 collection5 of artworks such as embrolderles, gamients, plctures and sculptures dealinE Wlth grief and loss. peace and reconcillation and creatlon and the envlronment were exhibited at a variety of venues across the country at chuches, cathedra15, schools. colleges, festivals, a wellbelng garden, a retreat house and communlty Bfoup5. During the year we completed some Maintenan work replacing our garment stands and correcting an unstable sculpture. Page 5
WEsfHILL ENDOWMENT (REGISTERED NUMBER: 051277641 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 We were pleased that one Df the lesser used exhlbltlons called The Journey has galned Some momentum and durlng the year ended 31 July 2024 the number of total exhlblUons amounted to 24 outings in total. Our most FK>pular YouTube filrrL% contlnue to be used wlth 634 views of The Gethsemane Gamients and 326 vlews of Bald Statements. The overvlew document of exhlbltlons, for potenti31 hosts, has been useful a5 a one4tOP 8ulde and the private sectlon of our webslte has reduced admlnistration and paperwork. In March 2024 we hosted our first major offlte event welcomlng over 100 people to Joln us and and Ilsten to artlst5 Ben Ecclestone and Adrian Plass, along with Bridget Plass, t31k about exhlbitlon called Words from the Cross. Durlng the same day we hosted Workshops poetry and palnting wlth the artbsts and 25 8uests. In June 2024 our Exhlbltlons Co-ordlnator spent an hour wlth a prlmary school who wanted to "Meet the Artlst and we may conslder offerln8 such events to othervenues. At the tlme of writln8 we are workin8 on an a8erneTrt with the Quaker Arts Network to support them In thè promotlon of thelr exhlbltlon called Lovlng Earth ProJect and we are worklng on 2 p0$51ble new acqulsltlons. Flnanclal revlew Flnanclal posltlon The Statement of Fln3nclal AcvItIeS for the year ended 31 July 2024 shows Incomlng resources for the year totalling £662,S6812023.. £482.3701 and resources expended totalling £539,45012023., £387,266). Net IncomSn8 resource5 after unre315sed galns and losses on flxed asset and current asset investments for the year ended 31 July 2024 amounted to £1,198,962 12023,. net resouices expended after realised and unreallsed gains and losses on fSxed asset and current asset Investments totalllng £535,644). urin the ear l Jul 2024 An unexpected legacy totalllng £144,43612023: £nS11 was recelved by Westhlll. On 22 March 2024 We5thlll re¢elved notlflcatlon of thls generous le8acy which had been left to Westhlll by the late Jesslca Hope IsherwCd. Westhill's investment portfollo geneiated Investrnent Income totalling E517,21612023: £477,9021. Rental Income totalllng £nll12023.. £4,463) was recelved by Westhlll. A total of £429,64412023: £288,071) was expended to orBan15atlons for new and ongoing grants and É109,806 12023,. £99.1951 was expended on Westhlll's runnSng cost5. In summary, Westhlll's total funds have Increased from £14,728,156 as at 31 July 2024 to £IS,927,118 as at 31 July 2024, The trustees con51deY the current level of fundlng Is adequate to 5UPPOrt the continuation of Westhlll's exlstlng activitles. Page6
WESTHILL ENDOWMENT (REGISYERED NUMBER.. 051277641 REPORTOF THE TRUSTEES FOR ThE YEAR ENDED 31 JULY 2024 5fRATEGIC REPORT Flnandal review Investment poll and obJectives Slnce December 2017 the malor part of Westhlll's Investment has been In the CCLA COIF Ethical Investment Fund. The trustees de¢lded that thls Investment fund provlded the scope for a different approach to ethlcal investment, consistent wlth Westhlll's values and Free Church heritage whilst at the same time offerln8 the prospett of atceptable capital growth and income return and acceptable Investment management fees. The long-temi Investment oblectlve5 for the CCLA COIF Ethlcal Investment Fund are stated as follows: Overthe lorq-term to achleve an average annual total return of Inflatlon +5%. o To provlde as part of thls return a relSable Income stream that malntains Its real value overtlme. Control volatillty to 75% of that of the UK eqvlty market, To avold investment In tobacco companles, alcohol producers and companles wlth slgnlflcant Involvement In armaments, gambllng and pornography. There Is also an Investment In the Charltle5 Property Fund. Reserve5 polky Westhlll's policy Is to seek to malntsin sufficlent general funds at a level whlch provides sufflclent free funds to cover about one year's worth of grant expendlture. In thls way It Is posslble for Westhlll to conslder requests for grants tc fund slgnlficant prolects regardless of an uneven flow of Intome. As at 31 Julv 2024 We5thill'5 free reserves totalled £979,979 12023: £853,450). The capltal funds of Wèsthlll are expendable endowment and are avallable for use at the dlscretlon of the trustees. Golnc coneem After making appropriate enquiries the trustees have a reasonable expectatlon that Westhlll has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. For thls reason they contlnue to adopt the Eolng concern basls In preparing the flnanclal statements. Further detalls Yegardlng the adoptlon of the going concern basls can be found In Westhlll's accounting pollcies as included In note I to the flnancial statements. Investment performance As at 31 July 2024 Wesihlll's holdlng In the CCLA COIF Ethlcal Investment Fund amounted to 4,513,153 unlts 12023: 4,513,153 unltsl and had 3 valuation of £14,068,40312023.. E12,910,3281. It was agreed to malntain a "cash buffer" of £250.LN)O for flnanclal management purposes as at 31 July 2024 whlth represent5 more than 50% of the annual grant budget. Thls Sum wlll be held withln the charity's CalF Deposit Fund and Unlty fTUSt Bank accounts, harlties ro ert un As at 31 July 2024 Westhill's holdin8 In the Charlties Property Fund remained unchanged at 1,174,732 unlt5 valued at £1.384,656 12023.. £1,466,887). Page 7
WESTHILL ENDOWMEf+lT (REGISTERED NUMBER: 05127764) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRATEGIC REIYJRT Future plan5 Westhlll'5 trustees alm to Implement the following recommendatlons: Tocontlnue to revlew and bulld on the data collected and use It to analyse the background of grant enqulrles, applicants and beneficiarie5 of grant awards in order to bed In DEI. To research and develop an online grant application system whlrh will include digital analytic tools to ensure that Westhlll meets Its legal requlrements by determlnlng whether further data need5 to bÈ gathered and to contlnue to consider data protectlon issues around certaln types of data, To contlnue to Increase the use of CreateTalk exhlbltions through contacts, vlsltors and Improved materlals. To develop further Ilnk5 wlth Interfalth groups. To contlnue to reach out to new grantees, vSa soclal medla, as per Westhill's communlcatlons pollcy to ralse Westhlll'5 proflle and promote CreateTalk exhlbStlon5. New To work wlth the new Memorandum and Artlcle5 of Associatlon to ensure a flow uf trustees With approprlate experlence and to asslgn trustees to sub-commlttees dependant upon their speclfic area af expertise or Interest. o Alon8slde the implementation of an onllne grant appllcallonlrDanagement system. the trustees wlll explore the posslbillty of movlng from paper to electronic communicatlonldocumentatlon. Each sub-committee will ieview Westhlll'5 trustees, dutles policv. o To contlnue our programme of exhlbltlons. manage new acqulsltlons, support the Quaker Art Network and conslder whether we should get more Involved In the provlslon of art workshops or experlences. STRUCTURE, GOVERI4ANCE AND MANAGEMENT Governlng docum•nt We5thill Endowment is a company limlted by guarantee Ireg15tered number 051277641 whlch was Incorporated on 13 May 2004 ond achieved charitable status on 2 July 2004 IregSstered numbet 11047361. The charlty was established under a Memorandum of Association whlch established the objects and powers of the Associatlon and Is governed under Its Artlcles of Assoclatlon. In the event of the charlty belng wound up members are required to contribute an amount not exceedlng £10. Westhlll's Memorandum and Artldes of Assoclatlon were amended by Speclal Resolutlon and reglstered at Companles House on 7 September 2023. Page8
WESTHILL ENDOWMENT IREGISTeRED NUMBER: 051277641 REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 IULY2024 STRUCTURE, GOVERNANCE AND MANAGEMENT ReuultfflÉnt and appolntment of trustees Under the terms of Westhill's articles af associatSon there should be the followlng. At least 5 trustees ané not more thall 15 trustees. o The trustees rnayi by resulutlon of the Board. w-opt up to 7 trustees provided that the nomlnated trustees remain in the majorlty, The charlty shall have up to 8 nominated tiustees appolnted. Upon request bythe trvstees the followlng bodles shall have a rlght to nomlnate candldate5 for trusteeshlp. o The Baptlst Unlon of Great Brltaln, The Natlonal GovÈrnlng Body of the Method15t Church. The Natlonal Governlng Body of the Unlted RefoTmed Church. o The Central En8land Area Quaker Meetlng of the Rellqlous Soclety of Frlends. The Natlonal Chrlstlan Educatltsn Councll. The persons nornlnated for appolntment may be but need not be a member of the relevant appolntlng body, As at 31 July 2024 the B03rd Df Trustee5 comprlsed 8 nomlnated trustees and 6 co-opted trustees. The Board of Trustee5 has a succes51on plan In place and regularly revlew5 the attendance, skllls and diverslty of Its Board members. New appolntments w115 be made through lolnt consultatlon wlth the nomlnatlng bodles and actlve sexrch to ensuie that Westhlll has trustees wlth an appropriate mlx of 5k111s, age. Bender and experlence. On otcaslon, co-opted places are used strateglcallv to tsIn experlenced, prevlously nomlnated trustees or for prospective trustees awaltlng future nomlnatS0n. Oan[Saana1 structure WesthS11 Is governed by a Board of up to 15 trustees. The trustees are responslble for the strateglc dlrectlon and management of Westhlll, The 8oard of Trustee5 assl8n the day to day admlnlstratlon of Westhlll to the Trust Offlce Manager who Is supported by a part-tlme Admlnlstrator and Exhlbltbons Co-ordlnator and also by an Executlve Flnance Officer. IT support and gardenlnB 5ervlces are provlded by contractors and other servlces are provlded, as needed, by a range of suppllers such as securlty, cleanlngtr transportlng CreateTalk exhlblts and so on, The Chairs of the Governance Commlttee, the Grants and Projects Commlttee and the Flnancl¥l Strategy Group Commlttee are re5pon51ble for the buslness of each sub-commlttee. Co-ordlnation between these sub-commlttees and support to and lialson wlth the chalr of Trustees Is provlded by the Trust off[ Manager, supported by the part-tlme Adminlstrator and Exhibitions Co-ordlnator and the Executive Finance Officer a5 appropriate. The Trust Office Manager provides monthly reports to the trustees, Co-ordinates the grant makSng process and oversees the CreateTalk exhibitions. An annua5 revlew of salarles Is carried In Aprll of each year by the Governance Committee. Page 9
WESTHILL ENDOWMENT {REGISTERED NUMBER: 05127764) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Declslon making The Board of Trustees meets up to four times a year to determlne overall strategy and to oversee and confirm key detislons made by Westhlll's three svb-commlttees whlch consist of the followlnB', The Flnanclal Strategy Group (Including land matters). The Grants and Projects Committee, The Governance Commlttee Ilncludlng nomlnatlons for trustee appolntment5}. The term5 of reference of these sub-committees are reeWed at least every three years. A re8ular strategy day is held to revlew Westhlll'5 misslon, to conslder the changln8 context of rell8lous educatlon and communlty projects and to set Westhill's strate8lc direction, Truslee tralnlng Is arranged as and when deemed necessary. Trustees are requlred to d15cIose all relevant Interest5 annually and at the start of each Board and sub-commlttee meetlnA. Trustees do not partlclpate In any declsions where a potentlal conflict of Interest arlses. Inductlon and tralnlng of new trustees ctlo Prlor to appolntment new trustees recefve an In-depth presentatlon from members of We3thlll's Governance Commlttee. New trustees are provlded wlth online 3cce55 to a manual whlch Includes Westhlll's pollcles, procedures and key documents such as accounts and mlnutes of prevlous meetln8S. Each new trustee Jolns a sub-comrnittee and Is encouraged to attend a meetlnB of a 5ub-commlttee on whlch they do not regularly serve. TraJi Ing Trustee tralnln8 takes place at meetings of the Board of Trustees. Trustees are kept apprlsed of the latest developments wlth regard to the Code of Good Governance. In addltlon, trustees are aware of the new Charities Act 2022 and wlll pay due regard to It5 content and staged Implementatlon, Trustees are requlred to attend learnlng and networklng events and to meet wlrh grant holders as well as attend proft5slonal networkln8 8roups and 5emlnars such as the CCL4 Investment seminars, Page 10
WESTHILL ENDOWMEl+lT (REGISTERED NUMBER: 051277641 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Key management remuneyatlon In the trustees, oplnlon, the key management personnel of Westhi1S responsible for thè dSrectlon. control, runnlng and operatlon of the charlty on a dayto day basls consists of the Board of Trustees and the Trust offlce Manager, ana All trustees glve of thelr tlme freely and notrustee recelved remuneratlon durlng the year. Detslls of trustees, expenses and re13ted party tran5actlons are dlsd05ed In notes 8 and 19 to the flnandal statements. Ke mana ent An annual revlew of salaries Is carrled out In Aprll of each year by Westhlll's Governance Commlttee. Rlsk management The trustees have a duty to Identlfy and revlew the rlsks to whlch the charty Is exposed and to ensuTe approprlate controls are in place to provlde reasonable assurance agalnst fraud and error. Rlsk Is a standing Item on the 8oard meetlng agenda. At each Board rneetlng the rlsk re8lster Is revlewed and the trustees conslder thelr approath to rlsk mBnagement to ensure that it Is effettlve, The prlndpal rfsks Identlfled by the trustees are as follows: 'tal erosio To mltl8ate agalnst thls percelved rlsk, rSsk Is spread across a55et classes and funds and Investment performance is monitored closely. eld d hedraw-down re ulromo.nts o To reduce the Ilkellhood of th15 occurrln8 the Flnantlal Strate8y Group monltor5 cash flow monthw. The tnJstees revlew the data protectk)n pjllcy, the financlal controls polity and grant glvlng pollcy on regular basls. Regular meetings are held wlth We5thill's Irsupwrt provlder to ensure that systems are kept updated and malntalned. Loss of ke Several measures are In place to mltigate a8alnst thls such as notlce perlods, shared fllesi performance mana8ernent and ? business continuity plan. uture of Wo5hlll E dowment oflice at Un vorsi f Birmln am Sell Oak slte Regular meetings with Unlverslty of Blrmingham repre5entatlves to dixuss the future of WesthS11 Endowment'5 office at the University of Blnnlngham, Selly Oak 51te. A skills audit and servlce intentlon revlew are carried out on an annual basls. Page 11
WESTHILL ENDOWMENT (REGISTERED NUMBER: 051277641 REPORT OF THE TRu¥fEES FOR THE YEAR ENDED 31 JULY 20VI STrUCTURE, GOVERNANCE AND MANAGEMENT Fundraising The maJorlty of Westhill's income Is derlved from Its investment portFollo. The charlty does not engage in publlc fundralslng and does not use professlonal fundrdisers or commerclal partkipators. Westhill nevertheless observes and complles wlth the relevant fundraislng regulatlons and codes. Durlng the year there was no non-compliance wlth these regulatlons and codes and the charlty ceIVed no complaints relatlng to Its fvndralsin8 pract1. REFERENCE AND ADMINISTRATIVE DEfAILS Re8lstered Company number 05127764 IEngland and Wales) Reglstered Charlty number 1101736 Trustees Rev C Callanan Rev5 Coleman Mbss S Evans Ichalrl Mrs L Hewltt Nomlnating bodv The Unlted Reformed Church The Baptist Unlon of Great Brltaln The Central England Area Quaker Meetlng The Natlonal Governlng 8odv of the Unlted Reformed Church The Natlonal Govemlng Body of the Methodist church christlan Educatlon Movement The Natlonal Governlng Body ol the Methodlst church The Unlted Reformed Church The Baptlst Unlon of Great 8ritaln Appolnted/Resl8ned Rev l Howarth appolnted 28,02,2024 Dr R Jackson-Royal MrA Morrls Rev K Prlce Rev N Roberts - resigned 31.03.2024 Co-opted trustees DrAAhmad Ms C Nult Mrs A Ostrowlcz Mr S Shlva Mr O Slade Mr P J Ullathorne MrP Whlte . appolnted 19.06.2024 - appointed 19.06.2024 - reslgned 28.02.2024 Trust offlce manager Mrs D Webb Independent auditor JW Hlnk5 LLP thartered Accountants and Statutory Auditors 19 Highfield Road Edgba5ton Blrmlngham B15 3BH PaRe 12
WÉSTHILL ENDOWMENT IREGISTERED NUMBER.. 051277641 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 REFERENCE AND ADMINISTRATiVE DETAILS Senlor statutory audltor James Cruse ACA FCCA B5c {Honsl Banker Unlty Trust Bank 4 Brlndley Place Blrmlngham BI 2JB Investment managers CCLA Fund Managers Llmlted OneAngel Lane London EC4R 3AB Charities Property Fund Sa11$ Investment Management 33 Margaret Street London WIG OJD STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the dlrecrors of Westhlll Endowment for the purposes of company lawl are responsSble for preparlng the Report of the Truslees and the financial statements In accordance with appllcable law and United Klngdom Accountlng Standards Ivnited Kingdom Generally Accepted Accounting Practlce}. Company law requlTe5 the trustees to prepare fSnandal statements for each fln3ncl81 year whlch glve a true and falr vlew of the state of affairs of the charltable company and of the Incoming resources and appllcatlon of resources, Sncludlng the Income and expendlture, of the choritsble company for that period. In preparlng those financlal statements. the trustees are requlred to select sultable accountlng pollcies and then apply them consistently,, observe the methods and prlnclples In the Charity 50RP; make judgements and estlmates that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subleet to any materlal dep8rture5 dlsclosed and explaSned in the financlal statements; prepare the flnan¢ial statements on the golng concern basls unle55 It Is Inapproprlate to presume that the charltable company wlll contlnue In buslness, The trustee5 are responsible for keeplng proper accounting records whlch dlsclose wlth reasonable accuracy at anv tlme the flnanclal p05itlon of the charttsble company and to enable them to ensure that the finoncial statements comply with the Companle5 Act 2006. They are also re5ponslble for 5afeguardlng the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other Iriegularltles. In so far as the trustees are aware: therels no relwant audlt Information of which the charitable companvs audltors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Information and to estsblish that the audltors are aware of that infomiatlon. AUDftORS The auditors. J W Hinks LLP, wlll be proposÈd for re-appolntment at the forthcoming Annual General Meetln8, Page 13
WEsfHILL ENDOWMENT IREG15TERED NUMBER: 051277641 REPORT OF THE TRUSTEES FOR THE YÉAR ENDED 31 JULY 2024 Report of the trustee5. Incorparadng a strateglc report, approved by order of the i¥Jard of trustees, as the company dlrectors, on 31 Ottober 2024 and slgned Dn the board's behalf by.. Mlss S Evans-Trustee Page 14
REPORTOF ThE INDEPENDENT AUDITORSTO THE MEMBERS OF WESTHILL ENDOWMENT Opinion We have audited the flnancial statements of Westhlll Endowment (the 'chaYltable companVI for the year ended 31 July 2024 whlch comprlse the Statement of Flnancial Activities, the Balance Sheet, the Cash Flow Statement and notes to the flnanc(al statements. includlng a summary of significant 3tcounting wlbcies. The flnancial reporting framework that has been applled in thelT preparation is appllcable law and Unlted Kiri8dom Accountlng Standards Iunited Klngdom Generally Accepted Actounting Practicel- In our oplnlon the flnanclal statements.. give a tDJe and falr vlew of the state of the charltable company's affalrs as at 31 July 2024 and of its Incoming resour$ and applicatlon of reSoUrs, IndudlnÉ Its Income and expendfture, for the year then ended; have been properly prepared In accordance wlth Unlted Kln8dom Generally Accepted Accountlng Prartl¢e: and have been prepared In accordance wlth the requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our respon51bllities under those standards are further descrlbed in the Auditors, responslblllties for the audit of the flnanclal statements sectlon of our report. We are independent of the charitable company In accordance wlth the elhlcal requirement5 that are relevant to our audlt of the financial siatements In the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responslblllties In awordance wlth these requirements. We belleve that the audlt eviden we have obtalned Is sufflclent and approprlate to provlde a bas55 for our oplnlon. Conduslon5 relatlng to golng concem In audltlng the flnanc131 statements, we have concluded that the trustee5' use of the golng concern bas15 of a¢countlng in the preparatlon of the flnanclal statement5 Is approprlate. Based on the work we have perfomied, we have not identifled any material uncertalntles relatlng to events or conditions that, indlvldually or collectively, may cast slgnlficant doubt on the charltable company's ability to contlnue as 3 golng cOnrn for a perlod of at least twelve months from when the flnanclal statement5 are authurlsed for Issue. Our re5ponslbllltie5 and the responslbllltle5 of the trustees wlth respect to going concern are descrlbed in the relevant 5ectlons of this report. Other Informatlon The trustees are responslble for the other Informatlon. The other Informatlon comprlses the infonnation included In the Annual ReF)Ort, other than the tlnanclal Statements and our Report of the Independent Audltors thereon. Our aplnlon on the finan¢lal ststements does not cover the other Informatlon and. except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance ¢on¢luslon thereon. In connection wlth our audlt of the flnanclal 5tstements, our responslblllty Is to read the other Informatlon and. In dolng so, consider whether thè other Informatlon is materially Inconststent wlth the flnancial statements or our knowledge obtalned In the audlt or otherwlse appears to be materially mlsstated. If we Identlfy such materlal inconsislencles or apparent materlal mlsstatements, we are requlred to dotermine whether this give5 rise to a material mlsstatement In the flnancial statements themselves. If, based on the work we have perfomied, we conclude that there Is a materlal mlsstatement of thls other Informatlon, we are requlred to report that facL We have nothlng to report In this regard. Oplnlons on other matters prescribed by the Companles Act 2Q]6 In our oplnion, based on the work undertaken in the course of the audlt.. the Informatlon given In the Report of the Trustees for the financial year for whlch the flnanclal statements are prepared is consistent wlth the flnancial statements,- and the Report of the Trustees ha5 been prepared In accord8nce with applSeable legal requlrements. Page 15
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WESTHILL ENDOWMENT Matters on whlch we are requlred to report by exceptlon In the light of the knawledge and understandlng of the chaTltable company and Its envlronment obtalned in the course of the audit. we have not identlfled materlal misstatement5 In the Report of the Tru5tee5. We have nothing to report In respect of the following matters where the Companles Act 2006 requlres us to report to you rf. in aur opinion: adequate accounting rewrds have not been kept or retums adequate for our audlt have not been rEcelved from branthes not visited by us,. or the flnanclal statements are not In agreement with the accountlng records and returns; or certain dlsclosure5 of trustees, mUneratIOn speciffied by law are not made,. or we have not recelved all the informatlon and explanations we requlre fgr our audSL Responsibilltles of trustees As explained more fully In the Statement of Trustees, Responslbilitles, the trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responslble for the preparatlon of the financlal statements and for belng satisfied that they glve a true and falr vlew, and for such Internal control as the trustees determlne Ss necessary to enable the preparatlon of financial statements that are free from material mlsstatement. whether due to frnud or error. In preparlng the fSnanclal stalements, the trustees are responslble for assessln8 the charitable companvs ablllty to contlnue as a golng concern, dlscloslng, as applicable, matters related to going concern and uslng the golng concern basls of accountln6 unless the trtssLees elther Intend to liquidate the charltable company or to cease Dperations, or have no reallstlc altemative but to do so. Our re5ponslbllltles for the 4udli of the flnanclal statements Our oblectlve5 are to obtaln reasonable assurance about whether the flnanclal statement5 as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance with ISAS IUKI will always detecl a material misstatement when It exists. Mlsstatements can arise from fraud or error ènd ale considered materlal If. Indldal or in the aggregate, they could reasonably be expected to Influence the economic decSsSons of users taken on the basls of these financlal statemonts. The extent to whl¢h our prttedures are capable of detectlng Irre8ularltles, Includlng fraudls detalled below., obtalnln8 an understsndlng of the legal and regulatory framework appllcable to the eharktable company and how the charitable company is complying with the frarnework, includln8 agreernent of financlal statement dlsclosures to underlylng documentatlon and other evidencè,. obtalnlng an understanding of the charftable companV5 control envlronment and how the charStable company ha5 applied relevant control procedures through dlscusslons wlth trustees and other management and by performing walkthrough testlng over key areas,, obtalnlng an understandlng of the charitable company's risk assessment procedLtre5 Including the rtsk of fraud,. revlewing mlnutes of meetlngs of those charged wtth governance throughout the year- and performing audit testin8 to address the rlsk of management overrSde of controls, includlng loumal entrles and other adlustments for appropriateness, evaluatlng the buslness ratlonale of slgniflcant transactlons outslde the normal course of buslness and revièwln8 accounting estlmates for bias. A further descrlptlon of our responsibilitie5 for the audSt of the flnancial st3temgnts is located on the Flnanclal Reporting Countil's website at www.frc.org.uklauditorsresponslbilities. Thls descrlptlon forms part of our Report of the Independent Audltors. Page 16
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WESTHILL ENDOWMENT Use of our report Thi5 report is made 501ely to the charitable company's member5, as a bodyj In aCCDrdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitable company's members those matters we are requlred to State to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the charitable company and the charltable company's members as a body. for our audit work, for thls report, or for the oplnions we have formed, Jame5 C e ACI FCCA, BSC (Econl Hons (Senlor StatutoryAudltorl for and on behalf of J W Hlnks LLP Chartered Accountants and Statutory Audltors 19 Hlghfleld Road Edgbaston Blrmlngham BIS 3BH 31 October 2024 Page 17
WEsfHILL ENDOWMEMr STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND ÉXPENDThURE AccouNn FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Endowment fund- expendable Unrestricted fund Total funds Total fund5 Notes INCOME AND ENDOWMENTS FROM Donztlons and legacies 145,352 145.352 Investment Income 517216 517.216 482,370 Tetsl 662,568 661568 482,370 EXPENDITURE ON Charltable activitle5 RelSglous Educatlon, Arts and Communlty Coheslon Support Costs 529,266 10,184 529,266 10,184 377,708 9,5S8 Tot71 539,450 539,450 387,266 Net galnslllossesl on Investments I,07544 1.075 1630,7481 NET INCOMVIEXPENDITUREI 123,118 11175,844 I,IgB,962 1535,6441 RECONCILIATION OF FUNDS Total funds brought forwdrd 859,659 13,868A97 14,728,156 15,263,8CKJ TOTAL FUNDS CARRIED FORWARD 982,777 14,944,341 15,927,118 14,728,156 The notes form part ofthese flnanclal statements Page 18
WESTHILI ENDOWMENT (REGISTERED NUMBER: 051277641 BALANCE SHEET 31 JULY 2024 2023 Endowment fund- expendable Unrestricted fund Total funds Total fund5 Notes FIXED ASSETS TangSble assets Investments Investments Investment property 12 2,798 2,798 5,129 13 14 508,718 loo,000 14,444,341 15A53.059 I,000 14,377,215 ILK),CM)) 611,516 14,944341 15,SSS,857 14,482344 CURRENT ASSETS Debtors Investments Cash at bank 15 16 89.545 470A74 147,736 89,545 470,474 147,736 89,479 200,564 188,506 707,755 707.755 478,549 CREDITORS Amounts falling due w5thin one year 17 (336A941 1336,4941 1232.7371 NET CURRENT ASSETS 371,261 371.261 245,812 TOTAL ASSETS LESS CURRENT LIABILITIES 982,777 14,944,341 15,927,118 14,728,156 NET ASSETS 982.777 14,944,341 15,927,118 14,728,156 FUNDS Unrestrlcted funds Endowment funds 18 982,777 14,944,341 859,659 13,868,497 TOTAL FUNDS 15,927,118 14,728.156 The flnanclal statements were approved by the Board of Trustees and authorlsed for issue on 31 October 2024 and were 518ned on Its behalf by: Miss 5 Ev8ns-Trustee The notes form part of these financlal statements Page 19
WESTHILL ENDOWMENT CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note5 Cash flows from operatln8 activitles Cash geneTated from operatlons (288,0761 {420.1131 Net cash used In operatln8 actmtles <288,0761 1420,1131 Cash Ilows from Investln8 actlvltles Purchase of current asset Investments Interest recelved Dlvldends received 1169.9101 ,730 502,486 {69.1111 4,429 477,941 Net cash provided by Investlng acdvltles 247,306 413,259 Ch8n8e lrt tash and equlv*lents In thè reportlng perlod Cash and cash equivalents at the beglnnlng of the r•portlng perlod 140,7701 {6,8541 188,5Q6 195,360 Cash and Cash equfvalents at thè end of the reportlng perlod 147,736 188,506 The notes form part ofthese flnandal statements Page 20
WESTHILL ENDOWMENT NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 RECONCIUATION OF NET INCOPAEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Net Incomellexpendlturel fpr the reportln8 porlod (as per the St8tement of Financlal Actlvttlesl Adlustments for: Depredation charges {Galnlllosses on inve5tment5 Interest recelved Dlvldends recelved Increase In debtors Increase/ldecrea5el In credltors 1.198,962 (535.6441 2,331 I1,07544) {14,7301 (502,4861 1661 103.757 2,331 630.748 14,4291 1477,9411 14,3211 130,8571 Net ¢ash used In 0ratIOnS (288,0761 {420,1131 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.23 Cash flow At 31.724 Net cash Cash at bank 188W6 140,7701 147,736 188,506 140,7701 147,736 Llquld resources Deposlts Included In cash Current asset Investments 200,564 269,910 470.474 200,564 269,910 470,474 Total 389,070 229,140 618,210 The notes form part of these flnancial Statements Page 21
WESTHILL ENDOWMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOLINnNG POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENT5 General InformatSon Westhlll Endowment Is an incorporated charlty reglstered w5th the Charity Commission In England and Wales. The address of the chailty's registered offlLe dnd prlncipal place of busine55 15 located at The Lodge Westhlll, South Drive, Selly Oak, Birniingham, B29 6WE. Accountin8 conventlon The flnanclal statements of the charlty. whlch is a publlc beneflt entlty under FRS 102, have been prepared In accordance wlth the Charitie5 SORP IFRS 1021 "Accountlng and Roportlng by Charltles.. Statement of Recommended Practice applicable to charltles preparing their account5 in accordance with the Flnanclal Reportlng Standard appllcable In the United Klngdom and Republlc of Ireland IFRS 1021 leffective l January 20191" Financlal Reporting Standard 102 "The Flnanclal ReporUng Stsndard appllcable in the UK and RepublSc of Ireland" the Companles Act 2006 and the Charities kt 2011. The financlal statément5 have been prepared usSng the hlstorlc cost conventSon as modifled by the revaluation of Investments and are presented In sterlln8 whlch Is the functlonal currency of the charlty, rounded to the nearest £1. The sig Trificant accounting pollcles applled in the preparatlon of these fSnanclal .5taternent5 are set out below. These policies have been con51stently applled to all years presented unless otherwlse stated. GOING CONCERN The flnanclal statements have been prepared on a Boing concern basls as the trustees belleve that no material uncertaintles exlsl, The trustees have consldered the level of funds held and the expected level of Income and expendlture for 12 Months from the date of authoilslng these flnancial statements. The expected level of income and expenditure 15 sufflclenl wlth the resee5 of the charlty to enable the chèrlty to contlnue a5 goln8 concern, INCOME All In¢ome Is recognlsed In the Statement of Flnanclal Actlvltles once the charlty has entltlement to the funds, It Is probable that the Incctme will be received and the amount can be measured rellably. Investment income Is earned through holdln8 assets for Investment purposes such 35 shares and prL)perty. It includes dividend5 and interest. Where St Is not Possible to identify investment management costs incurred wlthln a scheme wlth reasonable accuracy the investment Income Is reported net of these costs. It15 Sncluded when the amount can be measured rellably. Interest income Ss recognlsed using the effective interest method and dlvidend Income is recognised as the charlty'5 rlght to rece payment Is established. The reco8nltlon of Income from legacles is dependent on estsbllshln8 entitlement, the probability of receipt and the ablllty to estimate with sufficient accuracy the amount re£etvable. Evldence of entitlernent to a legacv exists when the charity has sufflcient evldenee th3t a Elft has been left to them Ithrough knowledge of the exlstence of a valld wlll and the death of the benefactor) and the execulor is s3tlsfied that the property in questlon wlll not be required to satisfy clalms In the estate. Recelpt of a legacy must bo recognSsed when it 15 probable that It wlll be received and the fair value of the amount recelvable, which will generally be the experted cash amount to be di5trlbuted to the charlty. can bè rellably measured. EXPENDITURE All expenditure Is aecounted for on an accruals basis and has been classif1ed under headlngs that aggregate all costs related to the categary, Expendlturè Is recognised where there 15 a legal or constructlve obll8ation to make payments to third parties, It is probable that the Settlement will be required and the amount of the obllgation can be measured rellablv. Page 22 contlnued...
WEsfHILL ENDOWMENT NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTIrG POLICIES- ttInUed EXPENDrruRE It Is categorlsed under the followlng headings. Other expendlture. o Expendlture on charltable actlvltles. Fundralslng costs are those costs Incurred In seeklng voluntary contrlbutlons and do not Include the cost5 of dlsseminatin8 information in 5UPPOrt of the charity's charitable actlvltlès. Support Costs are those costs that asslst the work of the charlty but do not dlrectly represent tharitsble actfvlties and include office costs, governance costs and admlnlstratlve payroll costs. They are Inturred dlrectly In support of expendlture on the objects of the charhy. Grants payable to third partles are wlthln the charltvs objectives. Where uncondltlonal 8rants are offered thls Is accrued as soon as the reclplent Is notlfled of the grant as thls 8lves r15e to a reasonable expectatlon that the reclplent wlll recelve the grant. Where grants are condltlonal relatlng to performance then the grant Is onlv accrued when any unfulfllled condltlons are outslde of the control of the charlty. ALLOCATION Al+JD APPORnoNMENT OF COSTS Where support crjsts cannot be directly attributed to partlcular headings they have been alloKated to the cost of ralslng fvnds and expendlture on charltable aetlvltles on 3 basls wnslstent the use of resources. TAXATION The charllv Is exempt from corporatlon tax on Its charftsble actlvltle5, TANGIBLE FIXED ASSETS Tanglble flxed assets are Inltlally recognlsed at cost. After recognltlon, under the cost model, tanglble flxed assets are measured at cost le55 accumulated depreciation and any accurnulated Impalrment losses. All cost5 incurred to brln8 a taneible flxed asset Snto Its Intended workln8 condition are Included In the measurement of ¢ost, Depreclatton Is Charged so as to allocate the cost of tanglble flxed assets le55 thelr resldual value over thelr estlmated useful Ilves. Depreciation Is provlded on the followln8 bas15. Leasehold Improvements - over 23 year5 Straight Ilne method, HERITAGE ASSETS The charity makes avallable, on free loan, these assets that reflect commltment to the communlcatlon of faith values and the exploratlon of splrltual Ideas. The charlty encourages the Imaglnatlve use of these resources to beneflt the vAder communlty. In addltlon to the capitsllsed flxed assets held for thè charlvs own use, the charfty has title to the followln8 herltage assets. A collection of sculptures, by Jean Parker, known as"8ald Statements. which deal wlth personal10sS and the grlef proce55 and which consist of the followlng items. Page 23 continued,..
WESTHILL ENIX)WMENT NOTES TO ThE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES- ¢ontlnued 8 alabaster 5culpture5,' 8 small bronze cast sculptures,. and 2 sets of 8 small bronze-resln cast sculptures, A collertion of 38 frames of embrolderles, by Pamela Pavltt. known a5 "Meanlngful Textiles" and Ich are presented In two group5-'Peace and Reconoliatlon and Creatlon and the Environment A collectlon of 4 textlles, by Peter Prlvett, known as the'Gethsemane Garments One textSle known as"The Holy Wrlt" A collection of 19 palntings, bv Ruth Goodhelr, known as"Llving LSfe." A collectlon of 42 palntlngs, by Peter Clare, known as 'The Joumey," A collectlon of 8 palntlngs, by Elizabeth Gray-Kln8, knowri as'octave, A collection ol wall hangln& byjean Pdrker, known as"The Stations of the Cross." A further collectlon of 5 embrolderles by Pamela Pavltt, A collectlon of g bronze sculptures, by Caroline Mackenzle, known as"The Way of Chrlsta." A collection of poem5 paired wlth painting, by Adrian Plass and Ben Ecclestone, known a5 "Words from the Cross. A collectlon of paintlngs and woodcut PTlnts Currently known as The Phlllp Aoss Collectlon. The trustees have taken the declslon not to get these assets, whlch are not Items of hl8h rellglous art. professionally valued, The trustees conslder that the cost involved In 8ettln8 a profe55ion31 valuation would outwel8h the benefit to the reader of the financial ststements. Westhill insures the assets whllst on slte. Exhlbltor5 and trènsporters, however, are asked to ensure that the work5 are suliably insured whllst In thelr care. Current "value5" provided to exhlbltors are based on Information from the art15ts. Regular conslderatlon 15 gtven to matters of Insuran. When not on loan the assets are held at Westhill Lodge. There Is no intentlon to dlsp05e of these Stems. INVESTMENTS Investment5 are a form of ba5Ic financlal instrument and are Inltlally recognlsed at thelr transacllun value and subsequently measured at their falr value ès at the balance sheet date using the closing quoted market price. The Statsment of Financlal Actlvitles Sncludes thp. net galns and losses arlsing on revaluatlon and d15posals durlng the year. Westhlll Endowment does not acquire put optlons, deriwdtlve5 or other complex Ilnanclal Instruments. The main form of financlal risk faced by the charity is that of volatllity In equlty markets and Investment market due to wider economic condltions, the attkiude of Investors to Investment rlsk and changes in sentiment concemlng equitie5 and within partlcular Sectors or sub-sectors. Page 24 ontinued...
VIEsfHILL ENDOWMENT NOTES TOTHE FINANCIALSTATEMENTS- continued FOR THEYEAR ENDED31JULY2024 ACCOUNTING POLICIES- contlnued Reallsed and unrealised galns and105ses All reallsed galns and 10sse5 ale taken to the Statement of Flnèncial ArtIvttle5 as they arlse. Reallsed galn5 and losses on Investments are calculated as the difference between sales proceeds and thelr openin8 c8rrylng valuÈ or thelr purchase value If acqulred subsequent to the first day of the financlal year. Unrealised gains and1055es are calculated as the difference between the falr value at the year end and thelr carryln8 value. Realised and unreallsed Investment gains and losses are comblned In the Statement of Flnancial ACtitIes. INVESTMENT PROPERTY Investment property Is shown at most recent valuation, Any aggregate surplus or defldt arising from changes In falr valuels recoqnlsed In the Statement of Flnanclal Actlvltles. DEBTORS Debtors wlth no stated Interest rate and re[Vable or payable wlthln one year are recorded at transactlon prlce. CASH AT BANK AND IN HAND Cash at bank and in hand Sncludes cash at)d short-term highly Ilquld investments wlth a short maturlty of three rnonths or les5 from the date of acqulsltlon or open5ng of the deposlt or slmllar account. LIABILITIES AND PROVISIONS Credltor5 wlth no st3ted Interest rate and receSvable or payable wlthin one year are recorded at transactlon Prf. Any losses arI51ng from Impalrment are recognlsed In expendlture. PENSION COSTS AND OTHER POST-RETIREMENT BENEFIT5 Contrlbutions to the personal penslon schemes of certaln employees are char8ed to the Statement of Flnanclal Artlvltles In the perlod In whlch they relate. The asset5 of these personal penslon schemes are held separately from those of the charlty In independently administered funds. EMPLOYEE BENEFITS When employees have rendered servl¢e to the charSty, short-term employee beneflts to whlch ihé employees are entltled are TecognI5ed at the undlscounted amount expected to be pald in exchange for that service. The c05t of any unused hollday entltlement Is recognlsed In the period In whlch the employee'5 seyvlces are received. Termlnatlon beneflts are recognlsed immedSately as an expense when the charlty 15 demonstrably commltled to termlnate the employment of an employee or to provlde termination beneflts. OPERATING LEASES Rental income from operatlng leases Is recognised on a stralght-llne basis overthe term of the relevant lease. Rentals payable under operating leases are charged agalnst income on a stral8ht line basls over the perlod of the lease. FINANCIAL INSTRUMEf+lTS The charlty only has flnanclal assets and financial Ilabllltles of a kind that qualify as basic financial instruments. Basic financial Instruments are Inltlalty recognised at transactlon value and subsequently measured at thelr settlement value with the exception of bank loans whlch are subsequently measured at amortlsed cost Using the effective interest method. Page 25 continued...
WESTHILL ENDOWMENT NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES- contlnued FUND ACCOUNTING Unrestricted funds are avallable for use at the dlscretlon of the trustee5 in furtheY3nce of the general objectives of the charity and which have not been de51gnated for other purposes. Endowment fund5 are expendable capltal funds whlch may be utilised In accordance wlth the charlty's objects at the dlscretlon of the trustee5. Any interest and investment income generated Is then expended on th purpose for whlch the 81ft was made. Investment income, 8ains and1055es are allocated to the approprlate fund. CRITICAI AccouNfiNG JUDGEMENTS AND KEYSOURCES OF ESTIMATION UNCERTAINTY In the appllcatlon of the charlty's a¢countin8 polleles, the trustees are requlred to make judgements, estlmatès and assumptlons atout the carrylng amount of assets and liabilitles that are not readlly appareni from other urce5. The estlmates and underlylng as$umptlons are revlewed on an ongolng bas15. Revlslons to accounting estimates are recognSsed in the perlod In whlch the estlmate Is revlsed where the revlslon affects only that period or In the perlod of the revlslon and future perlods where the revision affects both current and future periods. DONATIONS AND LEGACIES 2024 2023 Donatlons Legades 916 144.436 145,352 INVESTMENT INCOME 2024 2023 Managed Investrnent fund Income PlaylnB field rental Income Deposlt accouni Interest Other sundry Investment Income 502,486 473,478 4,463 4,424 14,730 517.216 482,370 Page 26 continued...
WESTHILL ENDOWMENT NOTES TO THE FINANaAL STATEMENTS- continued FOR THE YEAR ENDED 31JULY 2024 CHARITABLE ACTIVITIES COSTS Grant fundlng of artlvitle5 {see note 61 Support costs {see note 71 Totals Rell8lou5 Educatlon. Art5 and Communlty Coheslon Support C05tS 429,644 99,622 10,184 529.266 10,184 429,644 109,806 539,450 GRANTS PAYABLE 2024 2023 Rel*lou$ Educatlon, Arts and Communlty Coheslon 429,644 288,071 The total grant5 pard to Instltutlons durln8 the year was as follows; 2024 2023 Grants payable 429,644 288,071 Durlng the year ended 31 Juty 2024 the charlty made the followfng grants In order to athjance It5 obJectives and actlvltles. Total grants approved to Institutlons Sn excess of £IO,QthJ durlng the years ended 31 July 2023 and 31 July 2024 are as follows. Z024 2023 24-7 Prayer Big Klds Brltish & Foreign Bible Society lover 2 yedrs) Chaplalnry Iunlverslty of 8irminghaml Cinnarnon Network Ellzabeth Fry Charlty Faith Encounter Programme God and the Big Bang Grassroots Programme Greenbelt Institute forchildren, Youth and MIs5ion Kenelm Youth Trust Monty's Communlty Hub NA5ACRE New Creatlons One Church Brighton Premier Chr15tlan Media Trust St Gabriel s Centre 13,851 11,500 10,000 14,432 13.418 iO,CM)O 10,000 10,000 20,000 14.8SO 24,QQO 10,000 ia.ooo 11,325 12,000 20,000 10.000 10,000 Balan carried forward ZQI,808 49,768 Page 27 continued...
WESTHILL ENDOWMENT NOTES TO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDED 31 JULY 2024 GRANTS PAYABLE- contlnued 2024 2023 49,768 Balan brtsught forward St Peter's Church, Brlghton Swansea Sacre The Mint House TOCH Transformlng LIVÈS for Good ITLGI Trlnlty Church YMCA England and Wales 201,808 18,900 12,500 10070 13,790 19,002 15.000 12,000 Totsl grants approved £10,000 and above 258,998 93,840 Grants approved between £5,001- £9,999: 2112023: 141 Grant5 approved up to £5,000.. 1912023: 34) 126,041 87,911 46,913 I1778 Total grant5 approved In the year 431,952 299,629 A detalled analysls of grants approved In the year is avallable upon request from the trustees. 2024 2023 Grants approved durln6 the year Grants cancelled during the year 431,952 12,308) 299,629 111,5581 Grant fundlng of actlvliles15ee note 51 429,644 288,071 Grants payable at l August 2023 3nd l August 2022 209,953 241,623 639,597 529,694 Grant5 Paid durlng the year Grants payable as at 31 July 2024 and 31 July 2023 (see note 171 1326,517) 1319,741) 313,080 209,9S3 Page 28 continued,..
WESTHILL ENDOWMENT NOTES TO THE FINANaAL sTATEmE- contlnued FOR THE YEAR ENDED 31 JULY 2024 SUPPORT COSTS Governance Costs Management Totals Rellglous Educatlon, Arts and Communlty Cohesion Support costs 99,622 99.622 10,184 10,184 99.622 iQ.184 109,80S Support costs, Included In the above, are as follows,. MANAGEMENT 2024 Rellgious Edu¢atlon, Ar15 and Communlty Coheslon 2023 Total activities Wa8es Pen51ons Admlnlstration fee Legal, professional and other expenses Offlce u)sts Marketing Property related costs Depreclauon of tsngible assets 40,800 3,034 11,525 8,018 6,539 23,931 36,670 2,751 11,525 S61 9,711 7,7S4 2,331 2,331 99,622 89,637 GOVERNANCE COSTS 2024 Support costs 2023 Total actlvltles Trustees, expenses Audltors, remuneratlon Tru5tees' Indemnlty and other Insurance 436 6A80 3,268 61 6A80 3,017 10,184 9,558 Page 29 contlnued.-
WESTHILL ENDOWMENT NOTES TO THE FINANCIAL STATEMENT5- Gontlnued FOR THEYEAR ENDED 31 JULY2024 NET INCOMEJIEXPENDITUREI Net Incomel{expenditurel is stated after chargin{creditIng}'. 2024 2023 Audltors, remuneratlon Oepreclatlon- owned assets 6,480 2,aii 6,480 2.331 TRUSTEES, REMUNERATION AND BENEFITS There ¥vere no trustees, remurneiètion or other benefits for the year ended 31 july 2024 nor for the year ended 31 July 2023. TRUSTEES, EXPENSES 2024 2023 Tru5tees' expense5 436 61 io. STAFF COSTS 2024 2023 Wages and salarles other penslon cost5 40,800 3,034 36,670 2,751 43,834 39,421 The average. monthly number of employpes durSn8 the year was as follows., 2024 2023 Admlnlstratlon No employees recelved emoluments In excess of £60,000. The total amount Df beneflts Tecefved by key management personnel for the year ended 31 July 2024 Is £11,52512023.. £11,525). As at 31 july 2024 the charlty consSders Its key management personnel to conslst tsf I Indivldual12023., 11. Page 30 contlnued...
WESTHILL ENDOWMENr NOTES TO THE FINANaALSTATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2024 ii, COMPARATIVES FOR THE STATEMENT OF FINANaALAcfiviTIES Endowment fund- expendable Unrestrlded fund Total funds INCOME AND ENDOWMENTS FROM Investment Income 482,370 482,370 EXPENDITURE ON Charltable a4tIeS Religlous Education, Arts and Communitv Cohesion Support costs 377,708 9,558 377,708 9.558 Total 387,266 387,266 Net gaInlI0$$eSI on Investments 1630,7481 1630,7481 INCOMEIIEXPENDITURE) 95,104 1630.7481 1535,6441 RECONCILIATION OF FUNDS Tatal funds brought forward 764,555 14,499,245 15,263,800 TOTAL FUNDS CARRIED FORWARD 859,659 13,868,497 14,728,156 12. TANGIBLE FIXED ASSETS Leasehold Improvements COST At l August 2023 and 31 July 2024 53,614 DEPRECIATION At l August 2023 Charge for year 48,485 2,331 At 31 July 2024 50,816 NEf BOOK VAWE At 31 July2024 2,798 At 31 July 2023 5,129 Page 31 continued...
WESTHILL Ef4DOWMENT NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THEYEAR ENDED 31 JULY2024 12, TANGIBLE FIXED ASSETS- contlnued The Lodge We5thill. South Drive, 5elly Oak, Birmingham Westhill Endowment has a lease agreemerbt with the Universlty of Blrmingham to occupy Its premlses known as The Lodge We5th111, South Drive, Selly Oak, Birmingham. The lease15 Subject to the payment of a yearly rent of one peppercorn and explres on 21 November 2100. Improvement5 to property recognlsed In the charlty's financlal statements relate to The Lodge. 13. FIXED Ass INVESTMENTS Endowment Fund - expendable Unrestslctèd Fund 2024 2023 Market value at 31 July 2023 Addltions at cost Sale proceeds on d15posal Gainlllossl In the year,. rea115ed unreilised 508,718 13,86A,497 14,377,215 15,IXJ7,963 1,075,844 1,075,844 1630.0781 Market value at 31 July 2024 508,718 14,944,341 15,453,059 14,377,215 Hlstoric cost at 31 July 2024 10,148,881 10,148,881 ANALYSIS OF INVESTMENTS 2024 2023 COIF Charltles Ethlcal Inve5tmeht Fund Charitles Property Fund 14,068,403 1,384 656 12,910,328 1,466,887 15,453,059 14,377.215 ASSET ALLOCATION OF CQIF CHARITIES ETHICAL INVESTMENT FUND 2024 2023 UK equitles Fixed Interest Property Cash Overseas equltles Infrastructure and operatlng assets Other 7,13 8.28 4.43 1.88 64.96 9.41 3.91 8,37 8.70 3,06 4.78 66.19 6.84 2.06 loo.00 loo.00 Page 32 contlnued...
WÉSTHIII ENDOWMENT NOTES TO THE FINANCIPL STATEMENTS. cotr)tlnued FOR THE YEAR ENDED 31 JULY 2024 INVESTMENT PROPERri FAIR VALUE At l August 2023 and 31 July 2024 NET 8OOK VALUE At 31 July 2024 0,000 At 31 July 2023 loo,000 100.0 The trustees are of the opinlon that there has been no material change In the market value of the Investment property and the ¢arrylng value of £ICMJ,000 a5 at 31 Julv 2024 15 a true reflection of the falr value of the Investment property as at 31 July 2024. Is. OEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued income Prepayments 2024 2023 87,422 2,123 87,550 1,929 89,545 89,479 16. CURRENT ASSET INVESTMENTS Cash at bank on deposlt 2024 2023 470,474 2C(1,564 17. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR Grantspayable Accrued expenses 2024 2023 313,080 23,414 209,953 22,784 336,494 232,737 P3ge 33 continued...
WESTHILL ENDOWMENT NOTESTO THE FINANCIAL STATEMENT5- contlnued FOR THE YEAR ENDED 31 JULY 2024 Net movement In funds 18. MOVEMEPff IN FUNDS At 31.7.24 At 1.8.23 Unrestrlrted fvnd$ General fund 859,659 125,118 982,TTI Endowment funds Endowment fund- expendable V4,944,341 13O68,497 I,07544 14.728,156 1,198,962 15,927,118 TOTAL FUNDS Net movement In funds, Included In the above are as follows; Incomlng resources Resources expended Galns aT)d losses Movement In funds Unrestrlcted funds General fund 123,118 662,568 (539,4501 Endowment funds EndovJmer4t fund- expend3ble 1,075,844 1,075,844 1,198,962 662,568 1539A501 1,075,844 TOTAL FUNDS Comparatlves tor movement In fund$ Net mcvement in funds At 31.7.23 At 1.8.22 Unre5trlrted funds General fund 764,555 95,104 859.659 Endowment funds £ndow¥nent fund- expendable 1630,748) 13,868,497 14,499,245 15,263,800 1535,6441 14,728.156 TufAL FUNDS continued... Page 34
WESTHILL ENDOWMENT NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31JULV 2024 18. MOVEMENT IN FUNDS- contlnued Comparative net movement In funds, Included In the above are as follows: Incomln8 resources Resources expended Galns and 1055es Unrestrltted lunds General fund Movement In funds 482,370 Endowment funds Ehdowment fund- expendable 1387,2661 95,104 1630,748) 1630,7481 TOTAL FUNDS 482,370 1387,2661 {630.7481 (535,6441 A currentyear 12 months and Prlor yp.ar 12 months comblned p051tl(In Is as follows,. Net movement In fund5 At 1.8.22 At 31.7.24 Unrestrlctsd fvnds General fund 764,555 Endowment funds Endowment fund- eKpendable 218,222 982,777 14,499,245 445,096 14,944,341 TOTAL FUNDS 15,263.800 663,318 15,927,118 A current year 12 months and prior yeèr 12 months comblned net movement in funds, Included In the above are as follows.. Incomln resources Resources expended Unrestrfcted funds General fund Galn5 and losses Movement In funds 1,144,938 Endowment funds Endowment fund- expendable (926,7161 218,222 445,096 445,096 TOTAL FUNDS 1,144,938 1926,7161 445,096 663,318 Purpose of Unrestrlcted Funds General fun Thi5 fund represent5 the free funds of the charlty that are not designated for partlcular purposes. Page 35 continued...
WESTHILL ENDOWMENT NOTES TO THE FINANCIAL STATEMENTS- cofitlnued FOR THE YEAR ENDEO 31 JULY 2024 18. MOVEMENT IN FUNDS. u)ntlnued Purpose of Endowment Funds End tfu endable Thls fund represents expendable capltal funds whlch may be utllised in accordance wlth the charlty's objects as the dlscretion of the trustees. 19. EMPLOYEE BENEFIT OBUGATIONS The charlty contrfbutes to the Indlvidu?I penslon plans of certaln employees. The assets of these 5themes are held *parately from those ol the charlty In Independently admintstered funds. The tot31 contrlbutlons for the year amounted to £3,03412023: £2,751) and outstanding contrlbudons as at 31 Juw 2024 amounted to £nll12023; £nlll. RELATED PARTY DISCLOSUHES There were no related party transactlon$ for the year ended 31 july 2024. 21. OPERATING LEASE COMMITMENTS Lessor At 31 july 2024 the charlty had contracted wlth tenants for the follong mlnlmum lease payments, 2024 2023 12,747 16,156 Wlthln one year Between two Bnd fbve years In more than flve years 12,747 16,156 Ai 31 july 2024 the charlty had outst8ndlng commltments for future mlnlmum lease paymeDts under Lessee non-cancellable operating leases whlch lall due as follows. 2023 2024 1,174 ,2,347 L174 Wlthln one year Between tsvo and five years In more than flve yea(5 1,174 3,521 Page 36