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2025-04-05-accounts

Charity number: 210089

THE WIXAMTREE TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2025

THE WIXAMTREE TRUST

CONTENTS

Page Reference and administrative details of the charity, its Trustees and advisers 1 Trustees' report 2 - 7 Independent auditors' report 8 - 10 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14 - 22

THE WIXAMTREE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees C.E.S. Whitbread
H.F. Whitbread
M. Stern
J. Polhill
V. Rotheroe
R. Heseltine
Charity registered
number 210089
Address 6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ
Administrator The Trust Partnership (Foundations) Limited
Independent auditors Dunkley’s
Woodland Grange
Woodlands Lane
Bradley Stoke
Bristol BS32 4JY
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Veale Wasbrough Vizards LLP
24 King William Street
London
EC4R 9AT
Investment advisers Sarasin & Partners LLP
Juxon House
100 St. Paul’s Churchyard
London EC4M 8BU
Waverton Investment Management Limited
16 Babmaes Street
London
SW1Y 6AH
Whitley Asset Management – until 23/10/24
Calder & Co., St Vincent House
30 Orange Street
London WC2H 7HF

Page 1

THE WIXAMTREE TRUST TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report together with the audited financial statements of The Wixamtree Trust for the 6 April 2024 to 5 April 2025.

Objectives and Activities

a. Policies and objectives

The Trustees aim to distribute each year to worthy causes, an agreed annual budget from its investment portfolio, after taking into consideration the value of outstanding pledge commitments and administration and professional fees.

Public benefit

When reviewing the aims and objectives of the Trust as noted below, and considering applications for grants, the Trustees confirm that they have complied with their duty to have regard to guidance on public benefit published by the Charity Commission.

‘The Trust focuses most of its support on organisations based in Bedfordshire or projects for the benefit of the people of that County. A small number of national charities with a focus on family social issues are also supported. Furthermore, the trustees are also sympathetic towards applications received from organisations of which the late Humphrey Whitbread was a benefactor.’

b. Grant making policy

The approach to grant making is generally reactive with the Trustees making grants to charitable bodies at their discretion. They focus their support on organisations based in Bedfordshire or projects for the benefit of the people of that County. A small number of national charities are also supported. The Trustees are also sympathetic towards applications received from organisations of which the late Mr Humphrey Whitbread was a benefactor.

Funding applications from Bedfordshire churches are referred to Bedfordshire & Hertfordshire Historic Churches Trust who each year receive a grant from the Trust to support such requests.

It is the Trustees' usual practice to grant only single payment donations, however, charities may reapply on the anniversary of their last award. Also, the Trustees are able to award multi-year awards if wished. The Trustees are sympathetic towards applications for core costs. The Trust does not fund individuals directly.

Monitoring and update reports

Recipients of donations are required to acknowledge safe receipt of payment and provide a report on how they used the grant before any further funding will be considered. The Clerk and Trustees also undertake visits to some of the projects that have benefited from the Trust’s assistance.

c. Strategic alliances

In 2005, the Trustees signed a Memorandum of Understanding with the Bedfordshire and Hertfordshire Historic Churches Trust (B&HHCT). The Trustees of B&HHCT had agreed to use their specialist knowledge to review applications received by The Wixamtree Trust from Bedfordshire churches seeking support for repairs to the fabric of their buildings and for other projects. Representatives from B&HHCT visited the projects, assessed the needs and informed the Trustees of grant recommendations to the Wixamtree Trustees on a quarterly basis.

Page 2

THE WIXAMTREE TRUST TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

In April 2011 the Trustees reviewed these arrangements with the Chairman and Grants Secretary of the B&HHCT and agreed that in order to speed up the applications and make the decision making process more efficient, to grant an annual donation direct to B&HHCT. Church applicants now apply directly to B&HHCT for funding, using the link on The Wixamtree Trust’s website to the B&HHCT’s website, where an application form can be downloaded, and if successful will receive a grant from The Wixamtree Trust Fund held by B&HHCT. The B&HHCT Grant Secretary no longer has to refer applications to The Wixamtree Trust Trustees for approval, but instead has to provide a schedule of awards given each quarter.

During the year under review, the Trustees approved a donation of £110,000 to B&HHCT comprised of £95,000 to be made available to distribute to local Bedfordshire churches in accordance with The Wixamtree Trust’s agreed criteria, £10,000 for their own Endowment Fund and £5,000 towards the promotional cost associated with the 2024 Bike ‘n Hike event.

The Chairman and Grants Secretary of the B&HHCT attend the first meeting of the Trust’s financial year in person. Following this the amount of the annual donation is agreed, and to cover both the annual contribution towards B&HHCT’s Endowment Fund and a sum to cover grants to Bedfordshire churches. Apart from the Endowment Fund element of the donation the other funds will be shown in B&HHCT’s accounts as “Restricted Fund – The Wixamtree Trust Fund”. B&HHCT payments are raised and sent out with a covering letter explaining that the donation has been given from The Wixamtree Trust Fund.

Achievements and performance

a. Review of activities

Requests for support were received from 185 (2024: 168) organisations during the year and charitable grants amounting to £1,096,513 (2024: £741,028) were awarded to 165 (2024: 137) of these, an increase in cash terms of 10.6% (2024: increase of 9.2%) on the previous year.

See Note 7 to the Accounts for an analysis of these donations.

Additionally, at the year end, four pledges amounting to £23,000 were outstanding which had been approved on the understanding that certain conditions were met before the funds were released ~~.~~ A list of the organisations supported during the year can be found on the Trust's website: www.wixamtree.org.

b. Investment policy and performance

Review of investment managers

There are two Investment Managers, Sarasin and Partners and Waverton Investment Management, holding equal share of the portfolio. During the year the Trust divested its portfolio from Whitley Asset Management. The Trustees have engaged the services of Edward Goodchild to oversee the three investment Managers on an annual basis for a set fee. This is reviewed annually in October.

The Trustees continue to encourage new Trustees to join the Board, particularly any holding financial acumen.

Investment Objectives

Creation of three separate portfolios from the accounting standpoint

(a) Wixamtree Trust

(b) Wixamtree Whitbread (Waverton are the custodians of the Whitbread shares)

(c) consolidated version of these combined.

The aim being to protect the capital in real (inflation adjusted) terms while providing sufficient annual revenue to enable the Trust to maintain its habitual level of donations.

Page 3

THE WIXAMTREE TRUST TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Asset Allocation, Benchmark and performance Measurement

The asset allocation position as at 31 March 2025 was as follows: Equities 67% (2024 - 72%), Bonds 14% (2024 - 18%), Alternatives 10% (2024 - 7%), Property 1% (2024 - 1%) and cash 8% (2024 - 2%).

The portfolio figures above are an amalgamation covering the positions of all two investment managers.

The performance of pooled funds to be compared against individual asset class benchmarks. Peer group comparison data also available upon request.

Investment Restrictions

Full discretion within pooled funds for The Wixamtree Trust main account. Asset allocation policy to be discussed at each Trustee meeting.

No ethical restrictions to be applied to the accounts (fixed income and equity common investment funds do not have exposure to the tobacco sector).

One specific holding to be run on a non-discretionary basis. Remaining holding in Whitbread PLC to be disposed of at some future date subject only to the precise agreement of the Trustees.

c. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.

d. Financial review

The Statement of Financial Activities on page 11 discloses the Trust's net decrease in funds for the year of £2,204,522 (2024 – increase of £2,780,536) which results in total funds at the balance sheet date of £30,618,784 (2024 – £32,823,306). The movement in funds includes losses on revaluation and disposal of investment assets of £1,556,313 (2024 – gain of £3,122,449).

e. Reserves policy

The Trustees do not regard the charity's investments to be part of the free reserves of the charity, as they are held for the purpose of earning income in future years. Capital funds have been created to represent the value of these investments, which at 5 April 2025 amounted to £30,182,611 (2024: £32,397,958).

Free reserves, at 5 April 2025 were in surplus at £436,173 (2024: £425,348 in surplus). This figure is reduced by grant commitments, which will be paid out of future income. Excluding these future grant commitments, the income fund would total £872,861 which, in the opinion of the Trustees, are required for ongoing expenses, outstanding pledges, future approved donations and additional or occasional major appeals for grants. The Trustees’ policy is to aim to spend down towards their objective of a minimum of £100,000 available in free reserves, subject to review from time to time.

f. Material investments policy

The Trust Deed authorises the Trustees to make and hold investments.

Page 4

THE WIXAMTREE TRUST TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

a. Constitution

The charity is an unincorporated trust, constituted under and governed by a trust deed dated 7 May 1949. It is a registered charity, number 210089, and was created for general charitable purposes. The trust does not actively fundraise. The trust is organised so that the Trustees meet four times a year or more frequently, if required, to manage its affairs. A representative of Veale Wasbrough Vizards LLP attends these meetings for the purpose of providing legal advice to the Trustees if and when required.

A small grants subcommittee was established in April 2016, to deal with grant awards up to £3,000 in between meetings. All decisions taken by this committee are minuted at the next Trustees meeting. In 2023 it was agreed to raise the limit up to and including £4,000 for small grant consideration.

The Trustees regularly review Governance issues and address any areas of weakness that are identified. Such issues are monitored on a regular basis.

The Trustees reviewed their Governance and with the assistance of Veale Wasbrough Vizards updated this by a formal resolution to formalize the proceeding of Trustees, including allowing meetings to be held electronically, agreeing a quorum would be made up of three Trustees attending any given meeting. A copy of the resolution was fully signed by the Board and lodged with the Charity Commission accordingly.

b. Method of appointment or election of Trustees

The appointment of new Trustees under the Trust Deed rested with Mr Humphrey Whitbread during his lifetime, but now the Trustees must rely on the Trustee Act 1925 as amended by the Trustee Act 2000. The current Trustees therefore have a statutory power to appoint new Trustees.

Of the six current Trustees, three are members of the Whitbread family, all of whom are familiar with the duties and responsibilities of charity trusteeship from their involvement with this and other charities. Of the other three Trustees, Mrs Marion Stern, Mr Julian Polhill and Mr Rupert Heseltine, are also involved with other charities and foundations. The Trustees have agreed review dates every three years to confirm, or otherwise, their continuation as Trustees. Appointment of new Trustees come as the result of personal recommendations, and interviews follow. The Trustees are seeking a new Trustees with financial experience.

c. Policies adopted for the induction and training of Trustees

Once Trustees have accepted their appointments, an induction pack is sent to them with copies of the relevant trust documents and an explanation of the operating methods of the trust with regard to investments, income, accounts and so on.

Trustees are encouraged to attend courses and events which may be relevant to The Wixamtree Trust in particular or charities generally, and are encouraged to visit the various projects which The Wixamtree Trust supports. Investment managers including Sarasin and Partners, Whitley Asset Management (until October 2024) and Waverton Investment Management hold conferences and training seminars which the Trustees can also attend.

The Administrator maintains a Register of Trustees and each Trustee has signed a Fit and Proper Persons Declaration form.

Page 5

THE WIXAMTREE TRUST TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Finance sub committee

In 2007 the Trustees established a finance subcommittee to ensure that lines of communications between the Trust and its Investment Managers are kept as open as possible. The core sub-committee comprises C.E.S. Whitbread, H.F. Whitbread, J Polhill and they meet with representatives of the Investment Managers as and when they consider it necessary, in order to discuss any investment issues. Other Trustees join the sub-committee meetings when relevant.

The whole Trustee Board met in-person in October 2024 and with Mr Edward Goodchild, to review their whole portfolio and consider Whitley Asset Management in particular, with the changes to Whitley’s management having been taken over by Cazenove. The Trustees unanimously decided to withdraw their funds from Whitley Asset Management and share them equally between their other two Investment Managers.

d. Administration

The Trustees entered into an agreement with The Trust Partnership (Foundations) Limited, formally known as The Trust Partnership LLP (TTP), on 1 June 2005 for the administration of the day to day running of the Trust.

e. Website

The Trust has a website: www.wixamtree.org to assist applicants in their research of the Trust’s guidelines, past donations, application process, meeting dates and deadlines for submitting applications.

f. Trade Mark Registration

In 2010 the Trustees decided to register The Wixamtree Trust with the UK Trade Marks Registry. The mark has been reregistered under No 2566904 as of 3 December 2020 and lasts for 10 years.

g. Risk management

The Trustees regularly review the charity's activities and the operational risks which it faces. The charity is not a fundraising charity and has no employees, and apart from administrative and professional services has no outside suppliers, nor fixed assets or equipment which might in some circumstances be considered to present a risk. Meetings are held once each quarter with reports on investments at the same intervals either presented in person by a representative of Sarasin and Partners, Whitley Asset Management and Waverton Investment Management or via a printed report. Management Accounts and other reports are also produced at each meeting by the Administrator. Although the cheque book and financial documents such as bank statements are held by the charity's Administrator, neither the Administrator nor any other employee of The Trust Partnership (Foundations) Limited was a signatory to the bank accounts during the year. Online financial transactions are required to be set up by the accounts manager at The Trust Partnership (Foundations) Limited, and then requires the authorisation of a Trustee, to enable the payment to be actioned.

h. Data Protection

Data protection law reforms were introduced with the General Data Protection Regulation (GDPR) which took effect from 25 May 2018.

The Board reviewed its policies and procedures to ensure compliance with the new Regulation and the Trust’s Privacy Policy is available from the Secretary or can be found on the Trust’s website.

Page 6

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

THE WIXAMTREE TRUST

Trustees' responsibilities statement

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:

Charity's transactions and 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 trust deed. 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.

This report was approved by the Trustees, on and signed on their behalf by:

C.E.S. Whitbread Chair of Trustees

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WIXAMTREE TRUST

THE WIXAMTREE TRUST

Opinion

We have audited the financial statements of The Wixamtree Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WIXAMTREE TRUST

THE WIXAMTREE TRUST

Matters on which we are required to report by exception

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

Responsibilities of trustees

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

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

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WIXAMTREE TRUST

THE WIXAMTREE TRUST

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Dunkley's Statutory Auditors Chartered Accountants Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

Date: .............................................

Page 10

THE WIXAMTREE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Note
Income and endowments from:
Investments
2
Other income
3
Total Income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6 & 7
Governance Costs
8
Total expenditure
4
Net expenditure before investment
gains/(losses)
Net gains/(losses) on investments
12
Net (expenditure)/income before transfers
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
designated
fund
Unrestricted
General
fund
Total
Funds
(Investments)
2025
(income)
2025
2025
£
£
£
704,276
704,276
20,980
20,980
-
725,256
725,256
220,394
220,394
1,139,568
1,139,568
13,503
13,503
220,394
1,153,071
1,373,465
(220,394)
(427,815)
(648,209)
(1,556,313)
(1,556,313)
(1,776,707)
(427,815)
(2,204,522)
(438,640)
438,640
-
(2,215,347)
10,825
(2,204,522)
32,397,958
425,348
32,823,306
30,182,611
436,173
30,618,784		 Total
Funds
2024
£
653,110
9,919
663,029
214,638
778,023
12,281
1,004,942
(341,913)
3,122,449
2,780,536
-
2,780,536
30,042,770
32,823,306

The notes on pages 14 to 21 form part of these financial statements.

Page 11

THE WIXAMTREE TRUST

BALANCE SHEET AS AT 5 APRIL 2025

Fixed assets
Note
Investments 12
Current assets
Cash at bank and in hand
Creditors:amounts falling due within one
year 13
Net current assets/(liabilities)
Total assets less assets/(liabilities)
Creditors:amounts falling due after more
than one year
14
Net assets
Charity Funds
Unrestricted designated fund (investments)
15
Unrestricted General fund (income)
15
Total funds		 £

469,424
(393,311)		 2025
£
30,656,004


76,113
30,732,117
(113,333)
30,618,784
30,182,611
436,173
30,618,784
£

562,274
(200,054)		 2024
£
32,511,086
362,220
32,873,306
(50,000)
32,823,306
32,397,958
425,348
32,823,306

All funds are unrestricted.

The financial statements were approved by the Trustees on and signed on their behalf, by:

C.E.S. Whitbread J. Polhill

The notes on pages 14 to 21 form part of these financial statements.

Page 12

THE WIXAMTREE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
18		 2025
£
(1,095,896)
704,276
15,233,271
(14,934,501)
1,003,046
(92,850)
562,274
469,424		 2024
£
(964,321)
653,110
7,854,075
(7,270,624)
1,236,561
272,240
290,034
562,274

The notes on pages 14 to 22 form part of these financial statements.

Page 13

THE WIXAMTREE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting Policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and follow the Charities SORP (FRS 102) published on 1 January 2019.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued I January 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Wixamtree Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. Despite the additional challenges of inflationary pressures in 2024/25, the Trustees are of the opinion that the Charity will be able to carefully manage its investments and therefore be able to maintain sufficient resources to meet its liabilities as they fall due.

1.2 Fund accounting

Investment income, gains and losses are allocated to the appropriate fund. Details of funds held by the charity are set out in note 15.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

1.4 Expenditure

Grants Payable

These are included as expenditure in the year for which the awards are granted. Pledges requiring the fulfilment of conditions are treated as contingent liabilities until the conditions have been met. A time limit is allowed for the fulfilment of the stipulated conditions after which the pledge lapses. Grant accruals are recognised when awards are approved; see Note 9 for current and >1yr split.

Administration and Professional Costs

The fees of the trust administrator, legal and consultancy fees are also included here, are allocated to charitable activities and to governance costs based on the estimated time spent on these activities.

Governance Costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, including legal costs to update the Trust deed.

Investment Management Fees

Sarasin and Partners charge a fee of 0.75% on the first £5M then 0.5% on the next £10M and thereafter 0.35% per annum. Whitley Asset Management charge a fee of 0.7% per annum (funds held with Whitley Asset Management were divested during the year) and Waverton Investment Management 0.55% per annum. Investment management fees are adjusted for in calculating the realised and unrealised gains and losses on investments and shown as a separate cost in the Statement of Financial Activities. Waverton Investment Management charge a flat fee of 0.55% per annum on one portfolio held by the Charity. On the second portfolio, a fee of 0.25% per annum is charged on the first £250,000 and 0% thereafter.

Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

Page 14

THE WIXAMTREE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting Policies (continued)

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

In accordance with FRS 102 Sections 11 and 12, the charity’s exposure to financial instrument risks is limited. Credit risk is minimal as the charity has no material receivables and holds cash with reputable financial institutions. Liquidity risk is managed through regular cash flow forecasting and careful planning of grant commitments to ensure obligations can be met as they fall due. Market risk arises from fluctuations in the value of investments and is managed through a trustee-approved investment policy.

1.10 Currency

These financial statements are presented in pounds sterling; the charity’s functional currency is pounds sterling

Page 15

THE WIXAMTREE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2.
Investment income
Unrestricted
designated
fund
Unrestricted
General fund
(Investments)
2025
(income)
2025
£
£
Income from listed investments
-
704,276
- 704,276
Total 2024- 653,110
3.
Other incoming resources
Unrestricted
designated
fund
Unrestricted
General fund
(Investments)
2025
(income)
2025
£
£
Other incoming resources
-
20,980
-20,980
Total 2024- 9,919
4.
Analysis of Expenditure by type
Other costs
2025
£
Expenditure on investment management (note 5)
220,394
Costs of raising funds
220,394
Grants payable (note 7)
1,096,513
Support costs (note 6)
43,055
Charitable activities
1,139,568
Expenditure on governance (note 8)
13,503
1,373,465
Total 2024
1,004,942		 2.
Investment income
Unrestricted
designated
fund
Unrestricted
General fund
(Investments)
2025
(income)
2025
£
£
Income from listed investments
-
704,276
- 704,276
Total 2024- 653,110
3.
Other incoming resources
Unrestricted
designated
fund
Unrestricted
General fund
(Investments)
2025
(income)
2025
£
£
Other incoming resources
-
20,980
-20,980
Total 2024- 9,919
4.
Analysis of Expenditure by type
Other costs
2025
£
Expenditure on investment management (note 5)
220,394
Costs of raising funds
220,394
Grants payable (note 7)
1,096,513
Support costs (note 6)
43,055
Charitable activities
1,139,568
Expenditure on governance (note 8)
13,503
1,373,465
Total 2024
1,004,942		 Total
funds
2025
£
704,276
704,276
653,110
Total
funds
2025
£
20,980
20,980
9,919
Total
2025
£
220,394
220,394
1,096,513
43,055
1,139,568
13,503
1,373,465		 Total
Funds
2024
£
653,110
653,110
Total
funds
2024
£
9,919
9,919
Total
2024
£
214,638
214,638
741,028
36,995
778,023
12,281
1,004,942
1,004,942 1,004,942

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THE WIXAMTREE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

5.
Investment management costs
Investment manager fees
Total 2024
6. Support Costs

Administration and professional fees
Bank charges
7.
Grants payable
Medicine and health
Social welfare
Education
Education – Grant refunded
Training and employment
The Arts
Environment and conservation
Sports and leisure
8.
Governance costs
Auditors' remuneration
Year end accountancy costs
Legal and professional		 Unrestricted
designated
fund
(Investments)
2025
£
-
-
-
 Unrestricted
General fund
Total
(income)
2025
funds
2025
£
£
220,394
220,394
220,394 220,394
214,638 214,638
2025
£
42,981
74
43,055
2025
£
146,274
510,636
34,300
3,000
53,333
297,370
51,600
1,096,513
Unrestricted
General fund

(income)2025
4,860
3,600
5,043
13,503		 Total
funds
2025
£
220,394		 Total
funds
2024

£
214,638
214,638
2024
£
36,921
74
36,995
2024
£
104,420
460,700
28,400
(250,000)
11,000
57,208
295,000
34,300
741,028
Unrestricted
General fund
(income)2024
4,800
3,600
3881
12,281

214,638

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THE WIXAMTREE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

9. Grant Commitments

At 5 April 2025 the Trust had outstanding pledges of £23,000 (2024 - £26,000).

Reconciliation of grants payable:

Reconciliation of grants payable:
Accrued at 6 April 2024
Grants payable for the year (note 7)
Grants paid during the year
Accrued at 5 April 2025
Payable as follows:
Grants payable <1yr (note 13)
Grants payable >1yr (note 14)
Total
10.
Net income/(expenditure)
This is stated after charging:
Auditors' remuneration - audit		 2025
£
180,000
1,096,513
(839,826)
436,687
2025
£
323,354
113,333
436,687
2025
£
4,860		 2024
£
160,000
741,028
(721,028)
180,000
2024
£
130,000
50,000
180,000
2024
£
4,800

During the year, no Trustees received any remuneration (2024 - £NIL). During the year, no Trustees received any benefits in kind (2024 -£NIL).

Trustees received reimbursement of expenses amounting to £800 in the current year (2024 - £171), this was paid to one Trustee for reimbursement of payment for a Trustees lunch.

11. Auditors' remuneration

The auditor's remuneration amounts to an audit fee of £4,860 (2024 - £4,800), year end accountancy services completed by The Trust Partnership amounts to £3,600 (2024 - £3,600).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE WIXAMTREE TRUST

12. Fixed asset investments

Listed
securities
£
Market value
At 6 April 2024
32,004,023
Additions
14,934,501
Disposals
(17,108,800)
Revaluations
(1,556,313)
Increase in cash awaiting investment
-
At 5 April 2025
28,273,411
Creditors: Amounts falling due within one year
Trade creditors

Accruals
Grants accrued - (see Note 9)
Creditors: Amounts falling due after more than one year
Grants accrued - (see Note 9)		 Cash
awaiting
investment
£
507,063
-
-
-
1,875,530
2,382,593
2025
£
13,452
56,505
323,354
393,311
2025
£
113,333		 Total
£
32,511,086
14,934,501
(17,108,800)
(1,556,313)
1,875,530
30,656,004
2024
£
6,555
63,499
130,000
200,054
2024
£
50,000

13. Creditors: Amounts falling due within one year

14. Creditors: Amounts falling due after more than one year

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE WIXAMTREE TRUST

15. Statement of funds

Statement of funds - current year

Statement of funds - current year
Balance at Balance at
6 April Transfers 5 April
2024 Income Expenditure in/out
Gains		 2025
£ £
£		 £
£		 £
Unrestricted General fund (income)425,348 725,256 (1,153,071) 438,640 - 436,173
Unrestricted designated fund32,397,958 - (220,394) (438,640) (1,556,313) 30,182,611
(investments)
Total of funds 32,823,306 725,256 (1,373,465) - (1,556,313) 30,618,784
Unrestricted General Fund (Income) represents unexpended income available for future expenditure in accordance
with the charity's objectives. Transfers from Unrestricted designated fund (investments) to Unrestricted General
Fund (Income) are in respect of cash transfers from Unrestricted designated fund (investments) account to
Unrestricted General Fund (Income) account during the year.
Unrestricted designated fund (investments) represents the charity's investments held for the purpose of earning
income in future years. The Trustees have the power to apply the capital of the charity in making grants in
accordance with the charity's objectives and the current policy is to make grants from both income and capital
funds.
The Unrestricted General Fund (Income) is currently in surplus by £436,173. This is due to future grant
commitments, which will be paid out of future income. Excluding these future grant commitments, this fund would
total £872,861.
Statement of funds - prior year
Balance at Balance at
6 April Transfers 5 April
2023 Income Expenditure in/out
Losses		 2024
£ £
£		 £
£		 £
Unrestricted General fund (income) 57,190 663,029 (790,304) 495,433 - 425,348
Unrestricted designated fund29,985,580 - (214,638) (495,433) 3,122,449 32,397,958
(investments)
Total of funds 30,042,770 663,029 (1,004,942) - 3,122,449 32,823,306

Unrestricted General Fund (Income) represents unexpended income available for future expenditure in accordance with the charity's objectives. Transfers from Unrestricted designated fund (investments) to Unrestricted General Fund (Income) are in respect of cash transfers from Unrestricted designated fund (investments) account to Unrestricted General Fund (Income) account during the year.

Unrestricted designated fund (investments) represents the charity's investments held for the purpose of earning income in future years. The Trustees have the power to apply the capital of the charity in making grants in accordance with the charity's objectives and the current policy is to make grants from both income and capital funds.

The Unrestricted General Fund (Income) is currently in surplus by £436,173. This is due to future grant commitments, which will be paid out of future income. Excluding these future grant commitments, this fund would total £872,861.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE WIXAMTREE TRUST

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Unrestricted
designated fund General fund Total
(Investments) (income) funds
2025 2025 2025
£ £ £
Fixed asset investments 30,656,004 - 30,656,004
Current assets - 469,424 469,424
Creditors due within one year (48,045) (345,266) (393,311)
Creditors due in more than one year - (113,333) (113,333)
30,607,959 10,825 30,618,784

Analysis of net assets between funds - prior year
Unrestricted Unrestricted
designated fund General fund Total
(Investments) (income) funds
2024 2024 2024
£ £ £
Fixed asset investments 32,511,086 - 32,511,086
Current assets - 562,274 562,274
Creditors due within one year (113,128) (86,926) (200,054)
Creditors due in more than one year - (50,000) (50,000)
32,397,958 425,348 32,823,306
17. Reconciliation of net movement in funds to net cash flow from operating activities
2025 2024
£ £
Net (expenditure)/income for the year (as per Statement of Financial
Activities) (2,204,522)
 2,780,536
Adjustment for:
Losses/(Gains) from investments 1,556,313
 (3,122,449)
Dividends and interest from investments (704,276) (653,110)
(Decrease)/Increase in creditors 256,589
 30,702
Net cash used in operating activities (1,095,896) (964,321)
18. Analysis of cash and cash equivalents
2025 2024
£ £
Cash in hand 469,424 562,274
469,424 562,274

Page 21

THE WIXAMTREE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

19. Related Party Transactions

The charity maintains a register of interests and requires annual declarations from all Trustees. Any potential conflicts are considered by the Board, with the conflicted Trustee excluded from discussions and decisions. Related-party transactions are conducted at arm’s length and disclosed in accordance with SORP.

The following related party transactions were undertaken during the year:

In the prior year the following related party transactions were undertaken:

20. Judgements/Estimates

The Trustees have not made any judgements that have a significant effect on the amounts recognised in the financial statements, nor are there key sources of estimation uncertainty that are expected to result in material adjustment in the next financial year.

21. Post-Balance Sheet Events

There are no events after the reporting date requiring disclosure. There are no other contingent liabilities.

Page 22