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 W￿landS
B69 2DG

COLONEL W. H. WHITBREAD CHAR￿ABLE 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 ￿￿epa￿l the accounts on a r￿ipts 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 a￿1 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 Y￿ukI 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 obje￿Ve3 comprlse the followlng:
1. The promotlon of educatlon and In PartIc￿ar.
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• h￿1th 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 PrI￿lpt8S.
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]r￿mstanceS 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 Tr￿t 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,
ho￿ver, 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 d8￿eaSed 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 sL￿h shares stocks lunds securitl8s or othw inveslments
in any part of the world and Vh￿ther 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 s￿h 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 tr￿88 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 gI￿n by the Charity Cornm￿$10n
(under Section 145(5}{b) of the 2011 Act). and
to stale sthether particular matter8 have come to my atten￿n.
Bas18 of the indep•ndonl •xamlner'8 r•wt
My examination was carri8d out in accordance wlth the General Dlre¢tlons g￿en 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 ir￿0The, 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
a￿1vIlle•
cogtg
(See note {Seo notè
5)
6)
Tolals
CharltatAe Acti￿eS
18
GRAKfs PAYABLE
2021
2020
Charitable Activit18$
The total grants pakl to lnstttu￿OnS 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 Indep￿ent 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