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2025-03-31-accounts

The F Glenister Woodger Trust CIO

Trustees’ Report

and Financial Statements

for the year ended 31 March 2025

Registered Charity Number 1187947

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEX

Page
Reference and administrative details 1
Trustees’ report 2
Independent auditor’s report 5
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Accounting policies 11
Notes to the financial statements 13

THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

S F Dobbin Chairman W H Craven Mrs R J Gentle MBE A B Gregory M L Irwin-Brown Mrs S Lillywhite (appointed 21 June 2024) Mrs M Thompson

Principal office

The Pavilion Rookwood Road West Wittering Chichester West Sussex PO20 8LT

Charity registered number

1187947

Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Solicitors

Trethowans LLP The Pavilion Botleigh Grange Business Park Hedge End Southampton SO30 2AF

H3 Solicitors Suite 1, The Old Pig Styes Brighthams Farm Bines Road Partridge Green West Sussex RH13 8EQ

Bankers

Property advisor

Handelsbanken The Orangery 40 North Street Chichester West Sussex PO19 1LX

Hellier Langston Unit E1 Fareham Heights Standard Way Fareham PO16 8XT

Investment advisors

Rowan Dartington & Company 2610 The Quadrant Aztec West Bristol BS32 4AQ

Alex Leaman Wealth Management York House 23 Kingsway London WC2B 6UJ

Page 1

THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

The Charity was established as a Foundation Charitable Incorporated Organisation (CIO) with a Constitution registered on 13th February 2020 (Charity Number 1187947).

Assets and liabilities

On 5th April 2020 all the assets and liabilities of The F Glenister Woodger Trust (an unincorporated Charity, registration number 802642) were transferred to this Charity.

Trustees

The statutory power of appointing new or additional trustees is exercisable by the trustees.

In selecting individuals for appointment as trustees, the Charity's trustees have regard to the skills, knowledge and experience needed for the effective administration of the Charity.

Trustees are appointed for a term of three years and, upon retirement, are eligible for reappointment.

Organisational structure

The Charity has no staff. The trustees make all decisions at their quarterly meetings where the Chairman's interim actions are also ratified.

The Charity has undertaken a review of its governance using the Good Governance Code for the Voluntary and Community Sector published in June 2005 and is satisfied that it meets the key principles contained in the Code.

Induction and training of new trustees

New trustees receive training from the Charity's professional advisors and the existing trustees. This training includes ensuring an understanding of the risk review, portfolio of investments, finances and beneficiary selection.

Risk management

The trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to manage those risks. On an ongoing basis, the trustees have reviewed the operational and financial risks associated with the management of its property and investment portfolios. The review of the risks associated with the investment portfolio is continuous and, to date, the trustees have examined the investment management options and decided to adopt a medium/high risk option.

Conflicts of interest

The trustees review any conflicts of interest that exist at their quarterly meetings and are in the process of updating the register of trustee interests.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Charity are the promotion of such objects or purposes, which are exclusively charitable according to the laws of England and Wales, as the trustees shall in their absolute discretion from time to time determine. Without prejudice to the generality of this statement the Charity also promotes objects or purposes which are exclusively charitable, and which provide a general benefit for the people of West Wittering.

The trustees manage with their professional advisors and investment advisors a substantial investment portfolio comprising stock, shares and property, which generates investment income that enables the Charity to fulfil its objectives.

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the Grant Making Policy.

The trustees wish to ensure that the widest possible public benefit is secured within the parameters set down in the Constitution. They achieve this by considering all applications submitted to them and consciously seek to make grants to a wide range of charities that improve the quality of life.

ACHIEVEMENTS AND PERFORMANCE Charitable activities

Property

In July 2024, the construction of two new houses in East Wittering was completed and they are occupied by tenants who have local connections and were in housing need. In November 2024 the Trust completed the sale of a residential property in West Wittering. As a result of a report from the Trust’s professional advisers, trustees identified the retention of this property as not being in the best interests of the charity. The sale proceeds have been re-invested in other property better suited to the needs of the charity.

The Charity is pleased with the yields being obtained on the property portfolio. The Charity conducts a continuous review of its various properties including those inherited from the estate of G F Woodger.

Investment performance

Over the year the portfolio delivered a return of 6.26%, a pleasing outcome when compared with the benchmarks used to assess performance.

From a portfolio changes perspective, the Trust has experienced a period of relatively low turnover. Shares in UK Equities remained at 30% of the portfolio, with Overseas Equities (56%) showing a small reduction with a small increase in the holding of Bonds (10%).

As always, significant efforts were made during the year to protect the level of income received by the portfolio and distributed to the Trust. Distributions totalled £737,865 equating to a yield of approximately 3.5%.

The Charity is pleased with the performance of its portfolio. Now that the planned levels of Overseas Equities and UK Equities have been achieved, the volume of trading has been reduced. Trustees examine purchases and disposals with a view to reducing transaction costs without affecting the overall value of the portfolio.

Grant funding

During the year, the Charity distributed, or committed, £1,094,493 in grants to local charities and organisations providing benefits for local inhabitants.

The Charity continued to provide support for local children, young people and young families and made further grants to improve opportunities for learning, play, mental health and wellbeing at local schools, clubs and other facilities used by young people. Grants were made to organisations providing support for those living with dementia, and their carers. Financial support was given to organisations offering the opportunity for people of all ages to participate in sport and exercise. Grants were also made to organisations dedicated to protecting, and enhancing, the natural environment in West Wittering.

FINANCIAL REVIEW

Investment policy and objectives

The trustees have full unrestricted powers of investment. The policy of the trustees is to invest in a range of investments which are designed to provide a balance of income and capital growth.

Investments are managed through appointed investment advisors, who have the discretion to manage the portfolio within the agreed risk profile.

Asset cover for funds

The assets are sufficient to meet the Charity's obligations on a fund-by-fund basis. Note 14 sets out an analysis of the assets attributable to the various funds.

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT

Reserves policy

The trustees have reviewed the Charity's need for the reserves in line with the guidance issued by the Charity Commission. Though the trustees consider that the investments and bank balances held in funds are greater than are required for the current needs, they consider that they will be required if there is to be further development of the Charity's activities.

It is policy to distribute the substantial part of the unrestricted income in the year but to retain a proportion to fund future repairs to the property portfolio, which by their nature are unknown.

Net incoming resources before investment gains and losses on unrestricted funds were £344,882.

The level of grants paid out will always depend on the quantity and quality of applications received from relevant bodies and to ensure that sufficient funds are retained to enable the Charity to meet substantial future applications from worthy causes. During the year, the Charity has given preliminary consideration to projects in the local area which could require substantial grant funding in future years. No provision has been made in these financial statements for these potential grants.

Total investment gains for the year on listed Investments were £527,365. Unrealised gains during the year were £304,588 and total realised gains during the year were £222,777. Additionally, the Charity sold a property in the year with a loss on disposal of £148,014.

The financial position of the Charity is considered satisfactory, and the Charity should be able to meet its obligations with total reserves £44,910,023.

PLANS FOR FUTURE PERIODS

It is the intention to continue to fund life-enhancing projects and to do this, strengthen further the portfolio of income producing assets held. Trustees will continue the review of policies and procedures and will commence a review of administrative and professional support services. As ever, trustee succession planning will be permanently on the agenda.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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

Approved by the trustees and signed on their behalf.

13 January 2026

S F Dobbin Date Trustee

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s report to the trustees of The F Glenister Woodger Trust CIO

Opinion

We have audited the financial statements of The F Glenister Woodger Trust CIO (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matter

The financial statements of the charity for the year ended 31 March 2024 were audited by another firm. Accordingly, we do not express an opinion on the accounts for the year ended 31 March 2024. As part of our work in respect of the year under review we have undertaken a review of the opening balances of the charity. Through this work we identified an apparent overstatement of the charity’s net assets at 31 March 2024. This overstatement has been corrected through the prior year adjustment set out in note 18. With the inclusion of this adjustment we are satisfied opening balances are not materially misstated and there is no material impact on the accounts to 31 March 2025.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Employment Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE F GLENISTER WOODGER TRUST CIO

INDEPENDENT AUDITOR’S REPORT

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 21 January 2026

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 7

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds
2
Charitable activities
3
Total
Net income/(expenditure) before investment gains/(losses)
Net gains/(losses) on investment assets
Net gains/(losses) on sale of property
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward (restated)
14, 15
Total funds carried forward
14, 15		 Unrestricted
Funds
£
1,711,253
1,711,253
247,447
1,118,924
1,366,371
344,882
527,365
(148,014)
724,233
-
724,233
44,185,790
44,910,023		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
4,229,445
4,229,445		 2025
Total
Funds
£
1,711,253
1,711,253
247,447
1,118,924
1,366,371
344,882
527,365
(148,014)
724,233
-
724,233
48,415,235
49,139,468		 (restated)
2024
Total
Funds
£
1,707,515
1,707,515
316,589
1,592,684
1,909,273
(201,758)
1,077,412
-
875,654
-
875,654
47,539,581
48,415,235

None of the charity's activities were acquired or discontinued during the above two financial years.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 8

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BALANCE SHEET AS AT 31 MARCH 2025

Note
FIXED ASSETS
Tangible fixed assets
8
Fixed asset investments
9
Investment property
10
Total fixed assets
CURRENT ASSETS
Debtors
11
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
12
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
13
Total assets/(liabilities)
THE FUNDS OF THE CHARITY
Endowment funds
14, 15
Unrestricted funds
14, 15
Total charity funds		 £
£
1,000,000
21,140,016
26,018,491
48,158,507
119,840
2,313,734
2,433,574
1,370,238
1,063,336
49,221,843
(82,375)
49,139,468
4,229,445
44,910,023
49,139,468
2025		 £
£
1,700,000
20,611,540
26,018,491
48,330,031
95,828
1,616,844
1,712,672
1,490,901
221,771
48,551,802
(136,567)
48,415,235
4,229,445
44,185,790
48,415,235
2024
(restated)		 £
£
1,700,000
20,611,540
26,018,491
48,330,031
95,828
1,616,844
1,712,672
1,490,901
221,771
48,551,802
(136,567)
48,415,235
4,229,445
44,185,790
48,415,235
2024
(restated)
48,551,802
(136,567)
48,415,235
4,229,445
44,185,790
48,415,235

The accompanying notes form part of the financial statements.

13 January 2026

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

………………………………………… ………………………………………… S F Dobbin - Chairman W H Craven Trustee Trustee

Page 9

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF CASH FLOWS

Net cash flow from operating activities (see below)
Cash flow from investing activities
Investment income
Proceeds on sale of properties
Proceeds from sale of investments
Purchase of investments
Reduction/(increase) in investment cash
Purchase of investment properties
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents carried forward
Reconciliation of net income to net cash flow from operating activities
Net income for the year
Adjusted for:
Investment income
(Gain)/Loss on investments
(Gain)/Loss on sale of property
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Analysis of changes in net funds
Total cash brought forward
Cash flows
Total cash carried forward		 £
£
(1,565,238)
1,711,253
551,986
2,400,103
(2,380,712)
(20,502)
-
2,262,128
696,890
1,616,844
2,313,734
2,313,734
2,313,734
£
£
724,233
(1,711,253)
(527,365)
148,014
(24,012)
(174,855)
(2,289,471)
(1,565,238)
2025
Cash and cash
equivalents
£
1,616,844
696,890
2,313,734
2025
2025		 £
£
(1,255,834)
1,707,515
-
4,891,985
(5,220,037)
293,917
(782,132)
891,248
(364,586)
1,981,430
1,616,844
1,616,844
1,616,844
£
£
875,654
(1,707,515)
(1,077,412)
-
45,164
608,275
(2,131,488)
(1,255,834)
2024
Cash and cash
equivalents
£
1,981,430
(364,586)
1,616,844
2024
2024
(restated)		 £
£
(1,255,834)
1,707,515
-
4,891,985
(5,220,037)
293,917
(782,132)
891,248
(364,586)
1,981,430
1,616,844
1,616,844
1,616,844
£
£
875,654
(1,707,515)
(1,077,412)
-
45,164
608,275
(2,131,488)
(1,255,834)
2024
Cash and cash
equivalents
£
1,981,430
(364,586)
1,616,844
2024
2024
(restated)
(1,255,834)
2024
Cash and cash
equivalents
£
1,981,430
(364,586)
1,616,844

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The F Glenister Woodger Trust CIO is an unincorporated charity constituted as a Charitable Incorporated Organisation foundation. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Prior year restatement

During the year under review an error was identified in the accounts to 31 March 2024 and the balance sheet at that date. More information is provided in note 18.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares. It includes rental income, dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income recognised when received with amounts accrued where material.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is registered for VAT with recorded exclusive of VAT recovered and recoverable.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

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THE F GLENISTER WOODGER TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ACCOUNTING POLICIES

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended with a capitalisation threshold of £2,500.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property - nil. Freehold property and land is not depreciated on the basis such depreciation would Freehold land - nil. not be material. An annual impairment review is undertaken by the trustees.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investment property

Investment properties are recognised initially at fair value which is normally the purchase price. Subsequently, they are measured at fair market value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

The charity's financial instruments qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction and subsequently measured at their settlement value with investments measured at fair value adjusted through the income and expenditure account.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. These funds originated from the estates of G F Woodger, F J Marston and Mrs B Pollack.

Endowment funds represent those assets which were gifted to the charity to be held for income generation and applied in furtherance of the charity’s objects. These funds originated from the estate of G F Woodger. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 12

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

1. Investment income

1. Investment income
Income from investments
Rental income
Interest receivable
Other income
2. Raising funds
Property costs
Professional fees
Legal fees		 Unrestricted
Funds
£
737,865
911,384
54,879
7,125
1,711,253
Unrestricted
Funds
£
190,278
24,044
33,125
247,447		 Endowment
Funds
£
-
-
-
-
-
Endowment
Funds
£
-
-
-
-		 2025
Total
Funds
£
737,865
911,384
54,879
7,125
1,711,253
2025
Total
Funds
£
190,278
24,044
33,125
247,447		 Unrestricted
Funds
£
714,330
967,415
23,600
2,170
1,707,515
Unrestricted
Funds
£
227,314
71,205
18,070
316,589		 Endowment
Funds
£
-
-
-
-
-
Endowment
Funds
£
-
-
-
-		 (restated)
2024
Total
Funds
£
714,330
967,415
23,600
2,170
1,707,515
2024
Total
Funds
£
227,314
71,205
18,070
316,589

3. Charitable activities

3. Charitable activities
Grants to institutions (see note 5.)
Support and governance costs
Accountancy and audit fees
Other administrative expenses		 Unrestricted
Funds
£
1,094,493
21,375
3,056
1,118,924		 Endowment
Funds
£
-
-
-
-		 2025
Total
Funds
£
1,094,493
21,375
3,056
1,118,924		 Unrestricted
Funds
£
1,576,476
14,100
2,108
1,592,684		 Endowment
Funds
£
-
-
-
-		 2024
Total
Funds
£
1,576,476
14,100
2,108
1,592,684

4. Independent auditor's remuneration

Audit - current year
Audit - under provision in prior year
Other accountancy services		 Unrestricted
Funds
£
14,400
2,400
4,575
21,375		 Endowment
Funds
£
-
-
-
-		 2025
Total
Funds
£
14,400
2,400
4,575
21,375		 Unrestricted
Funds
£
12,000
-
2,100
14,100		 Endowment
Funds
£
-
-
-
-		 2024
Total
Funds
£
12,000
-
2,100
14,100

Page 13

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable donations; Grants to institutions
Unrestricted
Funds
£
1st Birdham and Wittering Scout Group
225,000
4Sight
2,000
The Academy, Selsey
16,078
Arun Counselling Centre
750
Birdham CofE Primary School
-
Birdham Pre-School
-
Calibre Audio
500
Cancerwise
8,000
Challengers - Chichester Youth Scheme
-
CHASM / University of Southampton
-
Chichester Bell Tower Youth Drop In
Centre
-
Chichester Men's Shed
-
Chichester Runners and Athletic Club
3,000
Chichester Young People's Shop
40,000
Children's Bookfest
2,205
Cobnor Activities Centre Trust
3,000
Crablands Bowling and Tennis Club
2,500
Deafblind UK
1,500
Dementia Support
25,000
Donnington House Care Home
5,000
Downview Community Youth Group /
Youth Dream Selsey
70,000
Earnley Church
-
Home-Start Chichester and District
-
Itchenor Memorial Hall
-
Kent, Surrey & Sussex Air Ambulance
-
Manhood Mobility Volunteer Service
-
Manhood Wildlife & Heritage Group
30,000
My University Hospitals Sussex
4,000
New Park Community & Arts
Association
34,400
Parents and Carers Support
Organisation (PACSO)
-
PBC Foundation
350
Pregnancy Options Centre
5,000
RNIB
1,500
Rotary Club of Chichester Harbour
20,000
Second Chance Chichester
5,000
Selsey Community Forum
63,000
Selsey Pavilion Trust
9,000
Sidlesham Primary School
-
South Downs National Park Trust
-
South Downs Planetarium
-
Spirit Netball
1,500
St. Wilfrid's Hospice
-
Together Our Community
6,000
Tuppenny Barn
-
University of Chichester
421,898
Walking With The Wounded
-
West Sussex Mind
78,562
West Wittering Allotments Association
4,000
West Wittering Cricket Club
-
Carried down
1,088,743		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2025
Total
Funds
£
225,000
2,000
16,078
750
-
-
500
8,000
-
-
-
-
3,000
40,000
2,205
3,000
2,500
1,500
25,000
5,000
70,000
-
-
-
-
-
30,000
4,000
34,400
-
350
5,000
1,500
20,000
5,000
63,000
9,000
-
-
-
1,500
-
6,000
-
421,898
-
78,562
4,000
-
1,088,743		 Unrestricted
Funds
£
-
-
3,000
500
40,000
15,000
2,000
15,000
500
4,140
12,000
1,000
-
-
1,500
-
-
-
-
-
60,000
10,000
25,000
12,500
50,000
27,500
-
-
-
310,000
-
5,000
-
17,500
-
14,000
-
10,000
100,000
15,000
-
10,000
75,000
503,186
1,000
-
-
26,450
1,366,776		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
Funds
£
-
-
3,000
500
40,000
15,000
2,000
15,000
500
4,140
12,000
1,000
-
-
1,500
-
-
-
-
-
60,000
10,000
25,000
12,500
50,000
27,500
-
-
-
310,000
-
5,000
-
17,500
-
14,000
-
10,000
100,000
15,000
-
10,000
75,000
503,186
1,000
-
-
26,450
1,366,776

Page 14

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable donations; Grants to institutions

Brought down
West Wittering Memorial Hall
West Wittering Parish Council
West Wittering Parochial Church
Council
West Wittering Parochial School
West Wittering Short Mat Bowls Club
Wittering United Football Club
Witterings and District Bowls Club
Less: Grants written back		 Unrestricted
Funds
£
1,088,743
750
-
-
-
2,000
1,000
2,000
-
1,094,493		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2025
Total
Funds
£
1,088,743
750
-
-
-
2,000
1,000
2,000
-
1,094,493		 Unrestricted
Funds
£
1,366,776
25,000
100,000
92,000
1,700
-
1,000
-
(10,000)
1,576,476		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
Funds
£
1,366,776
25,000
100,000
92,000
1,700
-
1,000
-
(10,000)
1,576,476

6. Grant commitments

In some cases, grant commitments are agreed by the trustees based on the estimated cost of a project. These commitments are kept under constant review and circumstances can arise where amounts previously recognised as expenditure are no longer payable.

7. Related party transactions

The Charities SORP defines trustees as Key Management Personnel. No trustees were remunerated or received any other benefits for being a trustee during the year under review.

During the year under review £134 (2024: £7) was reimbursed to two trustees (2024: one trustee) for travel costs incurred in the course of their duties.

8. Tangible fixed assets

Cost
Brought forward
additions
disposals
carried forward
Depreciation
Brought forward
additions
disposals
carried forward
Net book value brought forward
Net book value carried forward		 Freehold
property
£
700,000
-
(700,000)
-
-
-
-
-
700,000
-		 Land
£
1,000,000
-
-
1,000,000
-
-
-
-
1,000,000
1,000,000		 Total
£
1,700,000
-
(700,000)
1,000,000
-
-
-
-
1,700,000
1,000,000

As at 31 March 2025 and 31 March 2024 the historic cost less depreciation of land was £1,010,513 and at 31 March 2024 the historic cost less depreciation of freehold property was £225,000.

The market value of land and buildings was determined on 31 March 2021 by both the charity's property agents and suitably qualified trustees.

Page 15

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

9. Fixed asset investments

Market value brought forward
Additions at cost
Disposals at carrying value
Unrealised gains/(losses)
Movement on cash
Gains and losses on portfolio
Unrealised gains/(losses) from above
Realised gains/(losses) on disposals
Market value brought forward
Additions at cost
Disposals at carrying value
Unrealised gains/(losses)
Movement on cash
Gains and losses on portfolio
Unrealised gains/(losses) from above
Realised gains/(losses) on disposals		 Listed
investments
£
20,037,647
2,380,712
(2,177,326)
304,588
-
20,545,621
304,588
222,777
527,365
Listed
investments
£
18,632,183
5,220,037
(4,877,979)
1,063,406
-
20,037,647
1,063,406
14,006
1,077,412		 Unlisted
Unsettled
investments
cash
£
£
3,952
569,941
-
-
-
-
-
-
-
20,502
3,952
590,443
-
-
-
-
-
-
Unlisted
Unsettled
investments
cash
£
£
3,952
863,858
-
-
-
-
-
-
-
(293,917)
3,952
569,941
-
-
-
-
-
-
2025
2024		 Total
£
20,611,540
2,380,712
(2,177,326)
304,588
20,502
21,140,016
304,588
222,777
527,365
Total
£
19,499,993
5,220,037
(4,877,979)
1,063,406
(293,917)
20,611,540
1,063,406
14,006
1,077,412

10. Investment property

Fair value brought forward
Additions in year
Disposals at carrying value
Fair value adjustments
Fair value carried forward		 Unrestricted
Funds
£
21,789,046
-
-
-
21,789,046		 Endowment
Funds
£
4,229,445
-
-
-
4,229,445		 2025
Total
Funds
£
26,018,491
-
-
-
26,018,491		 Unrestricted
Funds
£
21,006,914
782,132
-
-
21,789,046		 Endowment
Funds
£
4,229,445
-
-
-
4,229,445		 2024
Total
Funds
£
25,236,359
782,132
-
-
26,018,491

Informal valuations were carried out on the investment property portfolio by both the charity's property agents and suitably qualified trustees. It is considered these properties remain materially at fair value.

Page 16

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

11. Debtors

11. Debtors
Trade debtors
Due from Hellier Langston
Accrued rental income Properties
Prepayments		 Unrestricted
Funds
£
59,608
-
17,265
42,967
119,840		 Endowment
Funds
£
-
-
-
-
-		 2025
Total
Funds
£
59,608
-
17,265
42,967
119,840		 Unrestricted
Funds
£
-
9,423
43,982
42,423
95,828		 Endowment
Funds
£
-
-
-
-
-		 (restated)
2024
Total
Funds
£
-
9,423
43,982
42,423
95,828

The charity's property advisors, Hellier Langston, and property agents, Astons, collect the rent on the properties owned by the charity. These amounts are paid to the charity at the end of each quarter.

12. Creditors: amounts falling due within one year

Grants payable
Accounts payable
Accruals
Deferred income (see note 12.a.)
Other creditors
VAT liability		 Unrestricted
Funds
£
1,209,738
8,193
15,456
131,165
-
5,686
1,370,238		 Endowment
Funds
£
-
-
-
-
-
-
-		 2025
Total
Funds
£
1,209,738
8,193
15,456
131,165
-
5,686
1,370,238		 Unrestricted
Funds
£
1,241,217
2,700
34,079
121,622
78,750
12,533
1,490,901		 Endowment
Funds
£
-
-
-
-
-
-
-		 2024
Total
Funds
£
1,241,217
2,700
34,079
121,622
78,750
12,533
1,490,901
12.a. Deferred income
Property rentals in advance
13. Creditors: amounts falling due after more than one
Unrestricted
Funds
£
Grants payable
82,375
82,375		 year
Endowment
Funds
£
-
-		 Brought
forward
£
121,622
121,622
2025
Total
Funds
£
82,375
82,375		 Released
in year
£
(121,622)
(121,622)
Unrestricted
Funds
£
136,567
136,567		 Deferred
in year
£
131,165
131,165
Endowment
Funds
£
-
-		 Carried
forward
£
131,165
131,165
2024
Total
Funds
£
136,567
136,567

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE F GLENISTER WOODGER TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS

14. Analysis of net assets between funds

Unrestricted
Funds
£
Fixed assets
43,929,062
Current assets
2,433,574
Current liabilities
(1,370,238)
Non-current liabilities
(82,375)
44,910,023
15. Analysis of net movements in funds
(restated)
Total funds
brought
forward
£
Endowment funds
Expendable endowment fund
4,229,445
4,229,445
Unrestricted funds
General fund
44,185,790
44,185,790
48,415,235
Total funds
brought
forward
£
Endowment funds
Expendable endowment fund
4,229,445
4,229,445
Unrestricted funds
General fund
43,310,136
43,310,136
47,539,581		 Unrestricted
Funds
£
Fixed assets
43,929,062
Current assets
2,433,574
Current liabilities
(1,370,238)
Non-current liabilities
(82,375)
44,910,023
15. Analysis of net movements in funds
(restated)
Total funds
brought
forward
£
Endowment funds
Expendable endowment fund
4,229,445
4,229,445
Unrestricted funds
General fund
44,185,790
44,185,790
48,415,235
Total funds
brought
forward
£
Endowment funds
Expendable endowment fund
4,229,445
4,229,445
Unrestricted funds
General fund
43,310,136
43,310,136
47,539,581		 Endowment
Funds
£
4,229,445
-
-
-
4,229,445		 2025
Total
Unrestricted
Funds
Funds
£
£
48,158,507
44,100,586
2,433,574
1,712,672
(1,370,238)
(1,490,901)
(82,375)
(136,567)
49,139,468
44,185,790
Year ended 31 March 2025		 2025
Total
Unrestricted
Funds
Funds
£
£
48,158,507
44,100,586
2,433,574
1,712,672
(1,370,238)
(1,490,901)
(82,375)
(136,567)
49,139,468
44,185,790
Year ended 31 March 2025		 Endowment
Funds
£
4,229,445
-
-
-
4,229,445		 (restated)
2024
Total
Funds
£
48,330,031
1,712,672
(1,490,901)
(136,567)
48,415,235
(restated)
Total funds
brought
forward
£
4,229,445
4,229,445
44,185,790
44,185,790
48,415,235		 Income
£
-
-
1,711,253
1,711,253
1,711,253		 Net
gains/(losses)
Expenditure
on investments
£
£
-
-
-
-
(1,366,371)
379,351
(1,366,371)
379,351
(1,366,371)
379,351
Year ended 31 March 2024
(restated)		 Transfers
between
funds
£
-
-
-
-
-		 Total funds
carried
forward
£
4,229,445
4,229,445
44,910,023
44,910,023
49,139,468
Total funds
brought
forward
£
4,229,445
4,229,445
43,310,136
43,310,136
47,539,581		 Income
£
-
-
1,707,515
1,707,515
1,707,515		 Expenditure
£
-
-
(1,909,273)
(1,909,273)
(1,909,273)		 Net
gains/(losses)
on investments
£
-
-
1,077,412
1,077,412
1,077,412		 Transfers
between
funds
£
-
-
-
-
-		 Total funds
carried
forward
£
4,229,445
4,229,445
44,185,790
44,185,790
48,415,235

Page 18

THE F GLENISTER WOODGER TRUST CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

16. Comparative Statement of Financial Activities (restated)

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds
2
Charitable activities
3
Total
Net income/(expenditure) before investment gains/(losses)
Net gains/(losses) on investment assets
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
14, 15
Total funds carried forward
14, 15
17. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
Investment property		 Unrestricted
Funds
£
1,707,515
1,707,515
316,589
1,592,684
1,909,273
(201,758)
1,077,412
875,654
-
875,654
43,310,136
44,185,790		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
4,229,445
4,229,445
2025
Total
Funds
£
21,140,016
26,018,491
47,158,507		 2024
Total
Funds
£
1,707,515
1,707,515
316,589
1,592,684
1,909,273
(201,758)
1,077,412
875,654
-
875,654
47,539,581
48,415,235
2024
Total
Funds
£
20,611,540
26,018,491
46,630,031

Fair value on fixed asset investments is determined on the basis of mid-market prices from (i) the appropriate Stock Exchange, (ii) the bid price i.e. the current price a buyer is willing to pay, from the relevant fund manager, or (iii) the last traded price where applicable.

As detailed above investment properties are included at their most recent valuation and assessed on an annual basis.

Page 19

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE F GLENISTER WOODGER TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS

17. Financial instruments (continued)

The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:

Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
Rental income
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
18. Prior year restatement
Opening balances at 01 April 2023 as previously stated
Less: Overstated debtors at 31 March 2023
Opening balances at 01 April 2023 as restated
Income for year ended 31 March 2024 as previously stated
Less: Overstated dividend income for the year ended 31 March 2024		 Unrestricted
Funds
£
43,432,157
(122,021)
43,310,136
909,406
(33,752)
44,185,790		 2025
Total
Funds
£
737,865
911,384
1,649,249
527,365
527,365
Endowment
Funds
£
4,229,445
-
4,229,445
-
-
4,229,445		 2024
Total
Funds
£
714,330
967,415
1,681,745
1,077,412
1,077,412
2024
Total
Funds
£
47,661,602
(122,021)
47,539,581
909,406
(33,752)
48,415,235

During the year under review it was discovered the charity had previously overstated investment income over multiple accounting periods. The adjustment above corrects the position at 31 March 2023, the overstatement in the year to 31 March 2024 and as at 31 March 2024.

Page 20