COLONEL W. H. WHITBREAD CHARITABLE TRUST REPORTOF ThE TRUSTEES AND UNAUDITED RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Cr(YNe U.K. LLP Chart0 A¢e(yJv#ants Blad( Cwniry Fh)uso Rourth Gr99n Road West WlandS B69 2DG
COLONEL W. H. WHITBREAD CHARABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER %r21 Page ReF)Ort of the Trustees 1105 Independent Examlner'$ Report Receipts and payments accounts Statement of assets and Ilabilities Notes to the Financial Statements 9t012
COLONEL W. H. WTrMTBREAD CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charlty number 210496 Prlnclpal addre88 clo Fir Tree Cottage Worfd's End Slnton Green Worcestershire WR2 6NN H F Whrlbread Esq J R Barkes Esq R Foley Esq Crow8 U.K. LLP Chartered Accountants Bla( Country House RourKls Gre8n Road Oldbury West Midla B69 2DG Sollcltor8 8ircham Dyson Bell LLP 50 Broadway London SW1H OBL Banker CAF Bank Limited PO Box 289 West Malllng Kent ME19 4TA Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U So¢r•tary: Mr& Su8an M Smlth Page 1
COLONEL W. H. WHITBREAD CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Tha trustees pr888nt their report with the financiai statements of the charity tor the year erKled 31 December 2020. The trustees have epal the accounts on a ripts and payments b&8iS. OBJECTIVES AND ACTIVITIES Oblectlves and alm$ The objects of the Trust are set out in ctause 2 of the Trust Deed a8 follows:. "2. The truste8s shall stand possessed of the Whitt)read Charitable Fund UPON TRUST to pay apply or appropriate the whole of the said fund and the Income arfslng thereon to charitable organlsations In the Unlted Klngdom to be used by such organisations tor their Charitable purposes so that the time manner and the head or heads under which paymenl aWication ot appropriation of the Whllbread Charitable Fund and the said income thereon shall be made a1 all other details and particulars as to such payment aWication or aF¥Jropriation shall be In the absolute dlscretlon of the trustee8.° Dl8lrlbutlon pollcy Th8 Trustees have resolved to 8UF4)Ort charllable organlsallons and general areas ol charitable activty which were, or in the opinion of Ihe Twstees YukI have been, in keeping ¥th Ihe phllanthropSc wshes of the Trusfs fourKler. the late Colonel Wllliam Henry Whitbread. Thes8 objectwes have been formulated by the Trustees based on research into the lrfe and Inlerests of the Founder oxnmlssloned by tha Twst, which can be requ8Sted from Mr& Susan Smith at the prindpal Offi of the charity. Such objeVe3 comprlse the followlng: 1. The promotlon of educatlon and In PartIcar. a) Charitable organisations which support eduGation, welfare and scholarships for the Ufthrpri¥W or sufferlng., b) The creation of Colonel Bill Whilbread scholarslwps, bursaries or prfzes to be aYRrded to puplls at Aldenham School; c) Support of Corpus Christi College, Cambridge. 2. Charllable organlsatlon• whl¢h wpport ¢wialn amatsur sports: a) Sporting endeavour, and b) The sports Colonel Whitbread enjoyed, i.e. o¢xan raclrvJ, Flnn Class sailing, National Hunt Raang, fiying, lield sports, éventing and polo. Chorllabje organlsatlon• whlch support th• h1th and welf•re ot •oldl•rs 4. Charltable organl8atlon8 whlch 8UPPOrt con8•rvallon prol8¢t& Publlc benefft The Trustees conlimi that they have complied wlth the duty in section 17 of the Charities Act 2011 to have due regard to public benefrt guKlance publlshed by the Commission in deteminiNJ the aclivilies undertaken by the Charity. The Charty Commission in its 'Charities and Publlc 8enefrt' Guidance states Ihat there are two key principles to be met in order to show that an organisallon's aims are for the public benefft: tirstly, there must b8 an IdentFllable beneflt and 8econdly, that the benefit must be to the public or a section of the publio The Trustees are satisfied that the aims arKI objectives of th8 charity, arKI the activities reportaj on below to achieve those aims. meet these PrIlpt8S. Page 2
COLONEL W. H. WHrrBREAD CHARITABLE TRUST REPOFfr OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIABER 2021 Grart maklng pollGIoS The Trustees will onty in 8xcaptsonal c]rmstanceS consider grant applications for purposes which fall outside those d88crlbed above. Within the trameworf( the Trustees will generally donate a minimum of £500 per distributK>n. Tha Trustees make charitable distributions on a discretionary basis, havlng revi8w8d all applicalions and consFdared other charities that they wish to benefft. It is the wlicy of tho Twstees to expend the income (Ixrt not the capltal) of the Trt for such charitable wrFoses. The Trustees are currenlly Invesiigallng a key strat6glc partnar and aamithing fu for such a project. ACHIEVEMEKf AND PERFORUANCE R•vl8w of actMtI•8 Ineomlng regourc8s and cost d gww•Ung lund* Total incoming resources for 2021 were £234,T15 comparad Mlh £215,522 in 2020. Th16 income comprised dNidends and dew5it interest. The Tnjstees havo agreed a fee amendment relating to the investment managemenl fees, leading to an annual management fee in the reglon of 0.69h. Dlrect charltalAe oxpendhure Thè Trustees ¢ontinu8 to revSew tho TNsfs gtant making programme In light of the oconom dimate. In the year there was an irmase in the number of grants. from 20 In 2020 to 28 In 2021, hover, charitable donations Increased from £120.569 In 2020 10 £160,745 in 2021. Slnce 2001 £2,404,008 has been dlstrlbuted to good causes by ways of grants. thnations, bursarles and scholarshlps. Olher expondlture Expendlture relatlng to the governance costs of th8 Trust in 2021 d8eaSed and wualed lo £12,374.00 (apwoximately 0.1 •A of the vakne of the Trust Fund as at 31 December 2021) from £17,260 in 2020. Investm8nt pollcy and pertorniance The Trust enjoys wide investment powers. By dause 5 of the Trust De&. rust monies may be invested in or upon sLh shares stocks lunds securitl8s or othw inveslments in any part of the world and Vhther invofving liability or not (othenwise than loans to the Settlor or any wile of his) as the Trustees shall in their absolute discretion think fil arKI so Ihat Ihe Truslees shall be empowered to Invest and transpose the investment of Tnjst monles In the same unrestricled manner as rf they were tre beneflclaj owners of sh monies". Page 3
COLONEL W. H. WHrrBREAD CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW Golng eoncern After making appropria18 etNulrle& the trustees have a reasonable expectalion that the charity has adequate resources to contlnue In operatlonal exlstence for the toreseaable future. The Trustees have available cash reserves of r391,573 {2020.' £541, 195). The chartty holds investments of £14,592,413 (2020." £13,339,487). Where cash is available to be reinvested In investments then this is done. The Trustees monftor investments held to ensure that Ihe investm8nts are secure and dividend income is generated for future distthrtion. The Chartty has unrestricted reserves of £77&504 (2020.. £839.0191. and erKk>wment r88eNes of £14,181.759 (2020." £13,041,238). STRUCTURE. GOVERNANCE AND MANAGEAIENT Constltuuon The charlty is a registered charity and was set up and Is cortsllttrted under the governing document 'Settlemenf dated 18 December 1953. The objects of the Charitable Trust slate that the funds are to bo used for'chaiitable (Yganisations in the LUC. These inclith: - Charllies rtylstar8d Ihe Charity Commk8sion (being tr88 in England and Wales). - Chariti•g which do not require to b8 registered wlth th8 Charlty Commlsslon because they are: - excepted from reglstratlon by the regulations; - exempt by virtue of the School Schedule to the Gharlllas kl 1993: or - very 8mall The Tntstees hav8 high standards where govefflance Is concerned. They are mindful of the Charity Governan¢e Code, and consutt regularty Ihelr professional advlsers to ensure that the Trust adhores to professional standard& iaethod of appolnthienl or olectlon ol Trusto09 The statutory power ol appointment contained in the Truste8 Act 1925 applles, and the of appolntment is vesled in the ctsrrent Trustees of the Trust. Page 4
COLONEL W. 11 WHITBREAD CHARITABLE TRUST REPORT OF THE TFIUSTEES FOR THE YEAR ENDED 310ECEM8ER 2021 PLANS FOR THE FUTURE Future developments . The Trustees look to contlnue safeguarding the investrnents of the charlty and en8urfng a gLK)d return on these investments. The Trustees will o)ntinue to make available the income arlsing on these assets tr use In accordance with the Trustees objecttves. Apwoved by order of the board of trustees on Ay 1 2022and signed on ils behalf b H F Wtriilbread - Trustee Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLONEL W. H. WHITBREAD CPIARITABLE TRUST I rel on the accounts for the year ended 31 December 2021 set out on pag8s six to eleven. Thls report is mad8 solely to the charitls Trustees, as a body, in accordance wilh Section 145 of the Charities Act 2011 and regulations made under Secllon 154 of that Act. My work has been undertaken so that I might state to the charitys Trustees those matters l am required to slale to them in an Indepondent examiner's report and lor no other PUTpose. To Ihe fullesl extent permitted by law. I do not aceept or assume responsibilty to anyone other than the charty and charily's Truste8s as a body, for my work or lor this report. Re8pectlve re8ponslbllltle8 of truste and examlner The charitws trustees are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for this year (undèr Section 144(2) of the Charilies Act 2011 (the 2011 Act)) and thal an independent examlnation 18 required. It Is my responsibilty to: examine the accounts undgr Section 145 of the 2011 Act to follow th8 procedur88 lald down in the Generai Dlrections gIn by the Charity Cornm$10n (under Section 145(5}{b) of the 2011 Act). and to stale sthether particular matter8 have come to my attenn. Bas18 of the indep•ndonl •xamlner'8 r•wt My examination was carri8d out in accordance wlth the General Dlre¢tlons gen by the Char Commission. An examlnation Indudes a revlew of the accounllng records kept by the charity and a comparlson of the accounts presented with those records. It also indudes consideration of any unusual items or disclosures in the accounts. and seeklng explanations from you as trustees Concernlng any such matter5. Th9 PFo¢e(5ures undertaken do pfovKle all Ihe evldence ihat would be rwuir8d in an audit. and consequ8ntly no opinion Is given as to whether th8 ac(x)unts present a ue and fair vi8w' and the report Is limlted to those mattérs set wt in the Stalements below. Indopgnd•nt examlner'8 8tatam•nt In connection with my examination. no matter has come to my attention: (1) which giva8 rna reasonable cause to believe thaL in any rnaterlal respect, the requlrements to keep accounting recorts In accordance with Section 130 of the 2011 Art", and to prepare acGounts which accord with th8 aeLounting records and to comply the accountlng requirements of the 2011 Act have been met; iy (2) to which, in my opinion, attention sh<)uld be drawn in orderto enable a woper understanding of the accounts to te reached. Kerry Brown FCA Crowe U.K. LLP Chartpred Accountants Black County House Rounds Green Road Oldbury West Midlands B69 2DG l/v4 Date: 17 August 2022 Page 6
COLONEL W. H. WlllTBREAD CHARrrABLE TRUST RECEIPTS AND PAYMENTS Accouiirs FOR THE YEAR ENDED 31 DECEMBER 2020 Notas UNostrlthd Endowmont Fund Fund Tot•1 Fund• Funds Recalpts Investment In¢om0 21 215,522 234.775 234,T15 Receipts frfxn sal8 ot Inveslments Total R•c8lpts ymont8 Raising ftjnds Charitable Acliviiies 92,876 91876 {5.3931 271.990 271.990 194.103 A980t and Invogtm8rt Purcha•88 Purchase of Inv8slm8nts Purchase ol Fixed Assats Totsl Paymonts 14.998.1FI 14996.157 15 Net payThert8 (149.622) {149.622) (308,972 CASH FUNDS AT 1 JANUARY 2021 CASH FUNDS AT 310ECEM8ER 2021 The rths form part of these flnancial 8tatsmenls Page 7
COLONEL W. H. WHITBREAD CHARITABLE TrUST STATEMEKf OF ASSETS AND LIABILITIES AT 31 DECEMBER 2W21 Not•• Unr••trl¢tod Endowmonl Fund Fund Cash Funds Cash at Barl( A••ets retslnod lor th• charvs own u 10 Other Debtors Current Uabllltkn• Other Credltor6 The financial statemems were awoved by ihe Board ol Tntstees on 15 August were slgned on its behalf by: 2022 and H F Whitbread Esq .TnJstee Page 8
COLONEL W. TrL WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 AccouiillNG POUCIES financid statements hav8 bean prapared on a receipts and payments basis. Legal 8tatu$ ol tho Charfty ColorEI W, H. Whitt)read Charltable Trust is a charfty conslltuted under the governlng document 'Settlemenf in England, whosa registered office and wimary place of business is Fir Tree Cottage. Worll's End. Sinlon Green. Worceslershire. WR2 6NN. tt has no share capftal. Its prfndpal acllvltles are to suF¥)ort charltable organisations and general areas of charitable actmty which would have been in loeixng vAth the founder of the Trust. Income All income Is r8cognlsed in Recelpts and Payments once the charlty h&8 received funds. Expendllure All payments are recognlsed in the Recelpts and Payments Accounts when It is paid. Taxatlon The charity Is axémpt from tax on Its charitablo activities. Fund accovntlng General funds are unrestrlcled funds vthlch are avaHable for use at the discretion of the Trustees in furtherance of the general objectfves of the charity and which have not been deslgnated for other purposes. Inv08tment ir0The, gain8 and Ios808 are allocated to the appropriate fund. INVESTMENT INCOAIE 2021 2020 DividefKIs Investmenl Interest 234,5S4 213,592 RAISING FUNDS 2021 2020 Inve8tmert Manageffent - fees Exchange Rate losses 57.991 {5,393) Colonel W.H. Whitbread Charitable Trust (WHW) pard £78.780.31 In fees to Sarasln & Partners durlry the year. Actual Invoices from Sarasln & Partners frjr investment management fees amountsd to £68,770.60. A further £10.009.71 was paid by WHW in respect of woled funds managed by Sarasin & Partners in which WHW hith shares and from *hlch fees are (kducted directly. Page 9
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEAIBER 2021 RAISING FUNDS. conllnuod Investment managwnem cost8. contlnued The fee rebate scheme agreed the Trustees on 1 January 2013 results in WHW paylng overall fees equlvalent to the marglnal fee rate It agreed with Sarasin & Partners, of 0.75% per annum on the first £5 million, 0.50Yo on the next £10 million and 0.35% thereafter. Under the terms of the fee rebate agreement th8 difference belween WHW'S marglnpJ fee rate arKI the rate at whlth fges are charged by a Sarasln pooled fund in which WHW is invested, which range from 0.5% and 0.85Yo pgr annum. are netted off. As a rasuh the total fee payabJ8 by WHW Is estimated al O.SYa per annum. CHARITABLE ACTIVrnES COSTS Grnnt fundlng of Support a1vIlle• cogtg (See note {Seo notè 5) 6) Tolals CharltatAe ActieS 18 GRAKfs PAYABLE 2021 2020 Charitable Activit18$ The total grants pakl to lnstttuOnS durtng the year vms as follo. 2021 2020 Grants SUPPORT COSTS Actlvlties Support undertaken Govorn4n¢e ¢osts dlrn¢tly costs Totals Charltable Activities Page 10
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO TrIE FINANCIAL STATEMENTS- coTrinNUED FOR THE YEAR ENDED 31 DECEMBER 2021 suppoKr COSTS Contlnued Supp)rt costs. Includ&1 in th6 abov6. are as follows: 2021 Chorltsblo Actlvlll•$ 2020 Charitable actmtles Secretarial wages Secretarial disbursements Seuetarbal salary- governance Audh and Indepent examiners fees Insurance premium Sundry Blrcham Dyson Bell - admlnlstratlon fees Bank charg8S 5,000 5.000 6,324 5.000 7,260 469 250 888 60 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other beneffts for the year ervjed 31 December 2020 nor for the yaar endéd 31 December 2019. Trustees. expenses 2020 Trustees. expenses STAFF COSTS 2021 2020 Wages aNI salaries The average monthty number ol employees durirvJ the year was as foll¢)ws: 20 2020 No employees rece emoluments in excess of £60,1]00. Page 11
COLONEL W. TrL wfrifBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEiifs- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 FIXED ASSET INVESTMEIITS Llsted Inve8tment8 MARKEf VALUE At 1 January 2021 Additions Disposals Derivatives additions Derfvatlves disposals Revaluations 13,339,487 14,896,383 (14,836,597) 99.771 (47,153) At 31 December 2021 14 There were no investment assets outside the U 10. ASSETS RETAINED FOR THE CHARITY'S OWN USE Equlpment At 1 January 2021 and 31 D8C8rnber 2021 At 1 January 2021 Charge for year At 31 Docemb8r 2021 5.307 473 Net Book Value At 31 December 2021 At 31 December 2020 670 Page 12