Charlty number. 210496 COLONEL W. H. WHITBREAD CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
COLONEL VI. H. WHrrBREAD CHARtrABLE TRUST copirENTS Page R8fer8ncg and administratlve detalls of tho Char5ty. Its Tft and advlser5 Trustee8' report Independent auditorfs r•port t)n the financlal Statements Statement of financial actlvltles 7-10 11 Balance sheel 12 Notes to the financlal ststements 13-26
COLONEL W. H. WHITBREAD CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees H F Whiibread Esq. Truslee J R Barkes Esq, Trustee R Foley Esq. Trustee Charlty rnglstered number 210496 Prfnclpal office cjo Crry•m EqLxrfs House Roya Mews London SW1W OQH Secretsry S Br(Ywne Independent audhor CrNe U.K LLP Black County House Rounds Green Road Ohabury Wesl Midlands B69 20G Banke CAF Bank Linited PO Box 289 West Malling Kent ME19 4TA Sollcltor6 Bircham DYS Bell LLP 50 Broa( Lon(bJn SW1H OBL Invostment Managers Sara5in & Partners LLP Juxon House 100 St Paul's Chur¢hya( London EC4M 8BU Page 1
COLONEL W. H. WHIT8READ CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual reKth tty]ether ryth the athdited financ1 staterrents of the Charity for the year 1 January 2023 to 31 December 2023. Objectlves and activilies a. ObJe¢tlves and aims The objects of the TnJ5t are set (Krt in CIaL 2 of the Trust Deed as foltows.. "2. The trustees shall stand possessed of the Whitbread Charilable Fund UPON TRUST to pay apply or appropriate the whole of the said fvnd and the income arising thereon to charitsbEe organisations in the United Kingdom to be used by such organisations lor their charitable wrposes so thal the time manner and the head or heads under which payment application of approF1)n of the Whitbread Charitsble Fund and the said income thereon shall be made and 41 other details and pulars as to such payment app1KAtn or appropriation shall be in the absolute discretion of the trustees." b. Dlstrfbutlon poltcy The Trustees have resofved to supwt Charile Ofganisations and general areas of charilable activity which were. or in the opinion of the TnteeS would have been. ui keeping with the philanlhropio wshes of the Settlor, the late Colonel Wliam Henry WhitbTead. These obpcb'ves have been fOulated by the Trustees based on research into the lrfe and interests of the Fcwnder commissK)ned by the Trust. 1. The promotlon of educatlon and in particular . Charitable organisation5 which support eduGalK)n, weifE arKI scholarships for the underprivileged or suffering I Charltable organisation5 vthlch support certaln amateur sport6 . Swting ende8vour 3. Charltabk org¥nisatl(¥ Ylhich support the hoalth and welfar• of soldiers 4. Charitable oryan15atlons which support ¢onSeNatI( projects c. Publlc ben•fft The Trustees Confi that Ihey have I))mled 1th the dity in ct*)n 17 ot Charitres Act 2011 to have due regard to put benefft guidance published by the ComMissn in detenming Ihe activities undertaken by the Charity. The Charity Ccffimission in its "CharitEs and publ Benefif guhlance states thal the are Iwo key pftnciples to be met in order to show that an organi5ab"on's aims are for Ihe public benefiL ffirstly, there must be an identifiable benefit and secondty. that the benefit must be to the public or a section of the public. The Trustees are Satisfied that the aims and objedive5 of the cthanty. WKI acli¥ibe5 rep on below ki achieve those aim5. meet these principles. Page 2
COLONEL W. H. WHIT8READ CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ObJectlve8 and activlties (continued) d. Grant making pollcies The Trust will only in p1]Qnal cirrAJntsIan consKler grant applutK)ns for purposes which fall outside those described above. Wrthin the franwOrk the Trustees wil generalty don a minimum of £500 per disbibution. The Trustees make charitable dtIOnS on a discretlry basis, having reviewed all appkations and considered other tharibes that they wish to benefiL It is thp p0'CY of Ihe Trustees to experKI trE income {but not the rapiial} of the Trusl for $uGh charitable purposes. Achlevements and perfornwnce . Revlew of aclfvllles In¢omlng resources and cost of generatlng funds Income to the charity is foffld from investrftnt FdDI10 (fvKJends interest on cash. Totsl incoming resources to the tharity for 2023 were £268.650 cornpared with £229.693 in 2022. Portfolio management fee5 are in the region ofO.6%, as agreed by the Trustees and investment manager& Direct charttable exPendIre The Twstees continue to review the Tntsvs grant rnaknro programnE given the current economic climate. In Ihe year there was a 5rnall decrease in Ihe number of grants from 26 in 2022 to 23 in 2023. Charitable donations decreased frorn £214.120 in 2022 to £116,350 in 2023. The Trustees cLJnlirtue lo the social 1rNeSt in a corfflwnity café and expect to recoup the investment in three years. time. Since 21 £2.779,478 has been distrtjuted to causes by ways of gAnts. donations, bursaries and scholarships. othgr axpendlture Expenditure relating io the administrabve costs of the Trust in 2023 increased and equated i0 £33,829 lapproximalety 0.1Yo of the value of the Trust Fund} from £16,630 in 2022. During the handover of Secretary to the Trust from Mrs Susan Smth to Mrs sena Brfmne. there Was a peric>J of increased salary cos15. The Trustees would like to acknowledge their gratTtude to Mts Susan Srrith for her support over 25 years of service. Investment poll¢y and performance The Trnst enjoy5 wide investment poweTr. By Glausp 5 of the Trust Deed". 'Trust monies ffray be invested in or upon suth shares stoos funds securities or other investments in any part of the wodd and whether involving liabifrty or not (othepwise than loans io the Setuor or any wfe of his) as the Trustees shall in their absolute discretion think fft and so thal the Tru5tee5 Shall be empowered to invest and transpose the investment ot Trust TrKsnies the san* unrestricted manner as ifthey were the beneficial ownèrs of such monies." Page 3
COLONEL W. H. MIITBREAD CHARITABLE TRusr TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2023 Achievements and perfonnance lconttnued) b. FundralslNJ activitses and Income generallon There are no fundraing activities requtrir#J disch)sure under S162A of the Charities Act 2011 Flnanclal revl•w . Golng concern After making appropriate enquiries. the Trustee5 have a rea50nabie expectation that the charity has tequale resourc8s lo continue in operational existerKe for the foreseeable future. b. Reserves pollcy The Trustees have avarfatAe cash reseNes of £453,780 (2022.. £770.2451. The charity holds investments of £13.971.37512022.' £12,670,469). Where cash is available to be InVeSted in investments then this is done. The Trustees mnitor investments held to ensure that the investrnents are secure and dividend income is generated for future distribution. The Charity has Unrestric reser of £476.762 (2022" £792.740), and endovmRnt reseNes of £13,946.37512t722." £12,645,469). stntctvre. governance and manag•m8nt a. Constltution Constitution The chatty is a registered charity arKJ was set and is constituted urKler the goveming dQcuwnt 'Settlemenf dated 18 December 1953. The objects of the Chaiilable Trust state thal fvrKls are to be used IDr "charitable cryani5ations in the uir. These include: . Charities registered wilh the Chaty ComnlOn (beww in England and Wales) aThl . Charities which do not require to be lSIered with the Charity Commissicffi because they are." • excepted from registration by the regulations ' exempt by virtue ofthe Sch¢)ol SthedU to the Chartiies Act 1993 or ' very small The Trustees have high slandards where governance is eoncemed. They aR mindful ofthe Charity Governance Code and consult regulaty *ith their KKofessional adviser5 to ensure that the TNst adheres to professional standards. b. IAgthods of appolntment or election ot Tnte¢S statutory power of q)pointrnent cg)ntaned Thi lh& Trustee Aca 1925 applies, Ihe pJwer of appointment is vested in the current TnJ51ees of the TntsL Page 4
COLONEL W. H. WHITBREAD CHARrrABLE TRUST TRUSTEES. REPORT (CoNNuED) FOR THE YEAR ENDED 31 DECEIER 2023 Plans for future perlods Future developments . The Trustees look lo continue safeguarfing Ihe Irwestnts of the charity and ensuring a good retum on these investrnents. . The Trustees will continue lo make availabk incoffle arising on these a55ets for use in accordance Vth the TteeS objecbves. statement of Truslees. responslbllttles The Trustees are spOnsible for preparing Ihe Tru5tees' report and the fman¢wl statements in accordan with applicable law United Kingdom Accounting Stsndards (United kngdcrfn Generally Accepted Accounting Practice). The law applicable to charibes in ErKdl8rKI & Wales requires Ihe Trustees to Ppare financial statements for ea¢h financia year which give a true and far view of the state of affairs of the Charity and of its incomin9 SoUrS and application of resour¢e5, cludIj its income and expenditu. for that period. In preparing these finanual statemen15. the Trustees are required to.. select suitsble accounting policies and then ath Itwn consistenty.. obseNe the methods and principles of the cle5 SORP (FRS 1021: make judgments and accounting estimates that arE reasonable and pnJdenL state whether apPIable UK Accounting Stsndwds {FRS 102) have been fdlowed, Subject to any material departures dilOSed and explaned in Ihe ffinar¢o1 statements" prepare the financaal statements on the going concem basis Un it is inappropriate to kyesume that the Charity will witinue in bu51ness. The Trustees are responsib for keeping adequate xcounting records that are sufficlent to show and explaln the ChariVs transactions and dilOse wth reasonabte ac¢uracy at any time the financial posibon of Ihe Charity and enable them to ensuTr that the financial ststwnents o)mply wilh the Charities Act 2011, the Charity (Accounts and Report51 Regulations 2008 and the provisions of the Trusi deed. They are a150 responsible for safeguarding the a55e15 of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of infornHtlon to audltor Eath of the persons who are Truslees at the twne when Trustee5' report 15 approved has confimied that so far as Ihat Trustee is re. there is no relevant •Jdit inf¢)mBtion of which the chaiity'5 audiior is unaware. arKI that Trustee has laken all the step5 that ought to have been taken as a Trustee in order lo be aware of any rdevant audit infomialion arKI to establish that Ihe tharitys auditor 18 aware of thal information. Audltor The auditor, Cr(wR U.K. LLP. has indic*d his wllingness bj ojntmue wi office. The deswjnaled Tru5tee5 will propose a motion reapp(Mnting tt)e auditor at a meeting of the Trustees. AprKoved by order of the MberS of the board of Trusiees and signed on Iheir behalf by.. Page 5
COLONEL W. H. WHITBREAD CHARrrA8LE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 H F Whltbread Esq Trustee Date.. JQ.lQ.Zt Page 6
COLONEL W. H. WHITBREAD CHARrrABLE TRUST INDEPENDENT AUDITOR% REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST Oplnlon We have audiled the financial ststeffents of Cdonel W. H. Whitbread Chantable Trust (the 'charity'l for the year ended 31 December 2023 which compr6e the Ststemenl of financ5al activities, ihe Balance 5hee( the Statement of cash flows and the related notes. including a summary of s3nificant acLounting polKie5. Thp financial reporknng framework that has been applied in their preparation is applicable law and United Sfjngdom Accounting Stsndards, induding Finanra Reporting Slandard 102 The FanCIal Reg Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prxtice). The financial statements have teen Prepared in aC£Ordan with Accounting and Reporting by Charittes preparing their accounts fft accordance wth the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102) in prefèrence to the Accounting Reporting by Charities.. Statement of Recommended Practice issued on 1 ADriI 2CWJ5 which is referred to in the oxtant gULatI)n$ but has teen withdrawn. This has been done in for the ac£ounts to wovide a true and fair view in ¥dance with the Generally Accepted Accaunting Practice effective for reporbng pefiods beginning on or after 1 January 2019. In our opinion the financial statements: e a true and tair viLY of the state of the charity's affairs as ai 31 December 2023 and of bts incoming resources and applicati)n of r)urceS for the hear then ended,. have been property prèpared in acCOrdar wrth Uniled KiryJd(Mn Generally Accepted Accounting PraGtice,' and have been prepared in w)rdanCe with the requirpments ofthe Charilies Act 2011. Basls for oplnlon We conducted our audit in accordan vrith Intemabonal Standards ¢)n Auditing (UK) (ISAS IUKI) and applicable I. Our responsibilities under those standanls are further dexribed in the Auditors responsibilities for the audit of the financial statements section of our reporL We are independent of the ¢h8rity in accordance with the ethical requirements that are relevant kn cur audit of the financial statements in the United Kingdom. induding the Financial Reporting Counal's Ethical StarKlard. and we have fulfilled tyjr other ethi1 responsibililies in accordan with these requirements. We Ihat Ihe aKltt ev•Jence we have d)tsined is sufficienl and appropriaie to provide a basis for our opinion. Other matter The financial statements have t*en audited for the fitst time in the current year. For the year ended 31 December 2022 the conyany was audit exempl. and consequently the financial statements for that period. whtch comprise the corresponding fOnatIOn presented in these financ4al statèments. is unaudlted. Page 7
COLONEL W. H. WHrrBREAD CHARrfABLE TRUST INDEPENDEKf AUDrroR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST (CONTINUED) Concluslons r8latlng to golng concern In auditing the financial statements. have GOrlUded that the Trustees. use of the going concem basis of aUnbftg in the prepaiatson of the finanud statements is appropriate. Based on the wk have perfomd, we have nol identified any material uncertainties relating to ev&n15 or conditions that. individually or cofiectively, cast gnificant doubt on the charitys ability io continue as a going concem for a pericrtj of at least hvetve months from WWI the financial statements are autTrwxised for issu&. Our responslbilittes and Ihe reSpSibl of the Trustees vthlh respvt kn going concem are described in the relevant s¥lions of this report. (Xher Inf0MtIon The other infDThnation comprises the irrformation induded in the Annual port other than the financial statements and our ALKlitorfs report thereon. The Trustees are resps[b[e for the other information contained within the Annual report. Our opinion on the finan(A statements dces not cover the other information and. eXpt to the extent otheThvise explicrtty stated in our repori do Th)t express any fonn of assuran concIL10n thereon. Our responsitm'lty is to read the other inf0mtion and, doing so. consider whether the other information is malerialty inconsislent the ffinanaal statements or our kn(?l9e oblalned in the course of the audil. or otherwise appears to te materialty misstated. If VE ¥Jentify suGh material inconsistencies or apparent material misstalemenls, we are required lo deterrline whether this give5 wise to a material misstatement in the financial statements themselves. If, based on the have FErformed, we condude that there 15 a malerial mrsstatement of thi5 other informati. V•t are required to report that facL We have nothing to reFQrt Thi thi5 rewd. Matters on whkh we are required to rnport by excepOn We have nolhiry to report in respeGt of the followirg matters there the Charities (Accounts and Reports) Regulats'ons 2008 require5 US to report to you if. in otHnion: the infomiation given in the Trusteeg W 15 iTh%ngstent in Y material respect wilh the finanGial statements: or sufficient oGcounting records have not been kept or Ihe financial statements are not in agreerrEnl with the accounting reccKds and retums: or we have not received all Ihe information and explanations we require forour audiL Responslbllilies of trust•es As explained more fulty in the Trustees, resnsI111ls 5tatemnC the Trustees are responsible for the prepaialion ol the financial statements which gwe a true and fair view. and for such inlefflal wntrol as the Trustees detennine is necessary to eThable preparation of financial slatements that are free from malerkryl misstatement, whether due lo fraud or error. In preparing the financial stalwnents, the Trustees are resFN)nsible as5e55ing Ihe charivs abilty to continue a5 a going concem, disthsing. as applicable. matte15 Telated to 90iry eoncem and using the going cOnM basis of accounting unless the Trustees either intend to *uKlate the charity or to cease operations, or have no reali5tsc alternative but lo do so. Page 8
COLONEL W. H. WHITBREAD CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TrUST (CONTINUED) Auditorfs responsibilltles for the alIt of the financlal statements We have been appoinled as auditor under sectKJn 144 of CharlS Act 2011 and report in accordance with the Act and relevant regulats)ns made or having effect thereunder. Our objectives a to obtain reasonable assurKe atKWt whether the financol statements as a whole e free from material misstatement, whether due to fraud or error. and tr• issue an Auditors report that hiGlude5 our inion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will aayS detect a material misstatement vthen it eSts. Mi$5talements can arise from fraud or error and are COndered material rf, iThJividualy or in the aggregate, they could reasonably be expected lo inffluen the economic decisions of users taken (m the basis of these financial statements. Irregularittes, including fraud, are Instsns of non<ompliance wilh laws and gulatiOnS. We design procedures in line our responsibilities, ouuined aly)ve. to deteci malerial misstatements in resFect of irregularities. irKluding fraud. The extent to whith our wocedures are Capabte of d&tecttng irregularities, inc4uding fraud is detailed below: We identified the greatest risk of material inpact on the financ1 statements from irregularities, including fraud. to be within the override of contro15 ty management. Ctyr audtt procedure5 to respond lo these risks included enquiries of management, and the Board of Trustees about theTr ¢%m identification and a55e5sment of the risks of irregulariknes. sarr¥)le testing on the postirrfJ of )Urnal5. reviewing of ac£ounting estimates for biases, reviewing regulatory correspondence with the Charity C¢)mmission and reJing minutes of meetings of those arged wilh govemance. Chving lo the inherent limilatiorts ol an aLvJi( Unavo risk that we may not have detected some material misstatements n the financial statements. even though we have properly planned and performed our audit in accordance ¥th auditlng standards. For exam, the further renwjved rThKompliance with laws and regulations {irregularities} is from the events and transactions reflected in the financial statements, the less like the inherenY limited pnjcedures required by aLKliting standards would pJentify it. In addition, as with any audiL there remained a hyher risk of non4lelection of legUlar511es. as these may involve collusion, forgery, intentional omissions, misrepresentstions, or the override of intemal controls. We a not resp)nsible for preventing non- compliance and canr1 be expected to detect non-complianGe wilh all laws and regulabons. A further des¢riptron of our responsibilities for the audit of the financial statements is Irated on the FinancSal Rewting Counal's website at www.frc. itorsres onsibiliti This deSCripn fomis part of our Auditors report. Use of our report This rewt ts made solety to the chariV5 trustees. as a body. in accordance ¥th Part 4 of the Charities (Accounts and Reports) Regulations 2008. (r audit work has been undertaken so that we might stste to the charity's twstees those matters VIE are required lo slate to them in Audilorfs report and for no other purpose. To the fullest extent Ttted by law, do nol acpt or assume responsibilty to anyone other thar) the charity and its trustees, as a body. for our audit worK for tt)is rerrt or for the opinw)ns we have fomied. Page 9
COLONEL W. H. WHrrBREAD CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRiIST (CONTINUED) Gowe £LP CroYM U.IL LLP ststutory Auditor Black Country House Rounds Green Roa Oldbury West Midlands B69 2DG Dale". 30 October 2024 Crowe U.IQ LLP are eligible to acl as wditors in tum5 of section 1212 of the Companies Act 201A. Page 10
COLONEL W. H. WHITBREAD CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted ETrdowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and 8nd0rynents from: Investments 268.650 268,650 229.693 Totsl In¢om6 and endowments 268,650 229,693 Expendlture on: Raising funds Charitable activibes 93.741 150.179 93,741 150,179 92,560 228, 750 Tolal expenditure 243.920 243,920 321,310 Net incomel{expenditure) before n•t (los$esllgains on Investments Net Ilossesygains C investments 24730 (340,708) 24.730 960,19 (91,617) 179,051) I,,906 Net movement In funds 1315,978) 1.300906 984.928 (170,668) Reconclllatlon of fvnds: Total lunds brought foThvard Nel movement in funds 792.740 1315,978) 12,645,469 1 WO,906 13,438209 984.928 13,608,877 (1 TO,668) Total funds carrted foThvard 476,762 13.946J75 14,423.137 13,438.209 The Statement of Financial ActsylS wJeS all gains and losses recognised in the year. The notes on pages 13 to 26 fo part ofthese frwicial statery. Page 11
COLONEL W. H. WHIT8READ CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed a88et8 Tangible assets Investments 10 11 197 12,670,469 13,971,375 13,971,375 12,670.666 Currènt •888ts Debtors Cash at bank and in hand 12 36,107 463,780 23,518 770,245 489.887 793, T63 Creditors.. amounts falling du8 wtthin one year 13 {38,125) (26,220) Not curront 4888t8 461,762 767,543 Totsl as80ts1888 curr•nt114blllti 14,423,137 13.438,209 Charlty fund• Endowment fund$ Unrestricted funds 15 15 13,946,378 476,762 12,645,469 792, 740 Totsl funds 14.423,137 13,438,209 The financial 8lalemenl$ wgre approved and aulhorised for issue by the Truste88 and 8ign¢d on Ihgir behalf by.. H F Whltbread Esq Trustee Dale,. io.10.¥. Th$ notes on page8 1310 26 fom part of these financial statements. Page 12
COLONEL W. H. WHITBREAD CHARrfABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information Colonel W.H. Whitbread Charitable Trust is an unincorporated trust registered with the Charity Comrnisston in England and Wates (Charity nnber 210496}. The Charity's principa office is Fir Tree Cottage. Wortd's End, Sinlon Green. w0esterShe. WR2 6NN. Its principal acbvities are to supporbng charttable janISatIOnS in keqmng wlh the 15he5 of Ihe founder of the TrusL Accountlng policles 2.1 Basls of proparalSon of finanGlal statements The financial statennts have ten prepared in accordance with the Charities SORP {FRS 102) - Accounting and RepDrting by Chanw.. Slatement of Re[lMended PCti applicable lo charitie5 preparing their accounts in acc£¥dance with the Financial Reportin9 Standard applThble in the UK and Republ[¢ of Ireland IFRS 1021 (effecbve 1 January 2019), Ihe Financial Reporting Standard applicabl& in the UK and Repu of IrelarKI (FRS 102) and the Charities Ad 2011. The financial statements he been YePared io a Irue aHI faif view and have departed from the Charities (Accounts and Rewrtsl Regulations 2008 onty to the extenl required to provide a 'true and fai¢ ViV•V. This departure has involved follong the Charib'es SORP {FRS 102) published In OctobeT 2019 rather than the ACC(ting ReFrfNting by ChariLes'. Slatement of Recommended Prdctice effeclive from 1 Awil 2005 which has been wittthn. Colonel W. H. Whitbread Charilable Tntst meets the deffinti of a public benefft entity under FRS 102. Assets and liabilitS are initially recognised at historical cost or transac1m value unless otherwise stated in the relevant accounting polry. Flrnt tlme adoption of FRS 102 These fiarla1 Statents are the first financial statements of Colonel W.H. Whitbread Charitsble Trust prepared in accordance with Finanoal Rep)rting Standard 102 Tr Financial Reporting Stsndard applicable in the UK and RepuNK of Ireland. {FRS 102) snd the Charities SORP 2019 ISORP 2015}. The financial stalenEnts of Cok)nel W.H. Whitbread Charitable Trust for the year ended 31 December 2022 were prepared on a receipts and payments basis. se of the FRS 102 recognition. n*asurefflent, presenta1x and disclosure requirernents snd accounting policy thoices differ from the receipts and payments basis. Consequently. the TrLtstees have amended certain accounting policies to comply FRS 102 and SORP 2019. The Trustees have also taken advantage ofcertain exemptions from the requirements of FRS 102 pemiitted by FRS 102 Chapier 35 Tratim to Ihis FRS. Reconcil'ats to prevK)us recwts and payments the compwatNe figuTes are included in note 18. 2.2 Income l income is recognised On the Charity ha5 tIllement to the income, it is probable that the income will be received and the amount of irK)Jme Teceivable can be measured reliably. Income lax recoveratde in relation to hwe5trnerrt COrne is recognised at the time the investment income is receNable. 2.3 ExpendSlure Page 13
COLONEL W. H. WHrrBREAD CHARITABLE TRUST NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (¢ontinued) Expenditure is recogni5ed OTh there is a al or ConStti¥e obligation to transfer econornic benefit to a third paty, it is probable thal a transfer of econom benefits will be required in 5ettfemenl and the amnt of the 01lgatic can be measured reliably. ExperKliture 15 classffied by actiwty. The costs ofeach activity are made up of the totst of direct costs and support costs. ExperK1itU raisiryj furKls all expenditure incurred by Charity to raise fund5 for its CharIts6 purposes and iludeS o)sts ol alt fundrain9 actpiibes events and non-charttable trading. ExFenditure charilable acbvilEs is in(ed on directy undertaking Ihe activbties lch further the Charity's objectives as well as any suppNt Costs. (>ants payle are charged in the year when the offer is rnade exwt in those SeS whgre the offer is conditional, such grdnts being wnised as expenditure Ythen tr*e conditions altaching are fvlfilled. Grants offered subject to conditions which have not been at the year are noted as COMten[ but not awJued as expeThJiture. All expenditur& 15 inclusive of irrecerable VAT. 14 Tanglbk flxed assets and depredalton Tangible red a55ets costing £200 or rn0 are capilalised and recognised wthen future economic benefits are wrthbie and the cost or yue of the asset can te measured reliably. Tangib fixed assets a intlialty recognised at cost. After recogniknn, under the cost model. tangible fixed aysets are rneasu at cost less ar£umulated depreciation and any accumulated impaim)ent losses. Atl costs incurred to bring a taThJible fwl asset into its intended working condition should included in the measurement of cosi Depreciakn is charged $0 a5 to aNocate Ihe cost of tangible ffixed assets less their re5Klual value over their estimated useful lives. using the straight4ine method. Depreciatw)n is provthd on the folkx1 ba515: Office equipnent 33% Strayht Line 2.5 Investments Fixed asset investments are a of financial instrument arKI are initially recognised at their transaction cost and subsequenty ThEasured at fair value at the Balance Sheet date, unless the value cannot be measured teThat4y in whKh it is measured at cost less impaThnent. Investment gains and losses. Nthether realised or unrealised. are ccrfnbined and presented as 'Gainsl(L05ses) on investments, in the Statefflt of financial actsvilEs. Investments held as fred assets are at cost les5 FYOVISk for impairffent Social investments hekl as fued asset Investrnts represent loan5 made on benefictal lem)s infijrtherance of the charity's purposes to asstst organisations. The bans are initially measured at fair value being the amount advanced. arKI subwuenty adjusted ftlr any repayments or Impaients. Page 14
COLONEL W. H. WHrrBREAD CHARifA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnued) 2.6 Debtors Trade and other debtors are recognised at the seiuement anount after any trade discount offered. Prepayments are valued at the anKJunt prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm hhlY liquid investments with a short maturity of three months or less from the dale of acquIsOn or opening of the deposit or siryilar account. 18 Llobllitl•8 and provislon Liabilibes are recagni5efJ when there is an oblwjatson at the Balance sheet dale as a result of a past even( it is probable that a transfer of e0)r#jn benefit WAI be required in settlement, and the amount of the settlement can be estiffAted reliably. Liabilities are recognised at tre amount that the Charity anticipates it will pay to geiue the debt or the amount it has received as advanced payments for the goc#Js or Servi it must provide. PT0viSnS are ma5ured at the best estirnate of the affrf)unts required to seltle the obligation. Where the effecl of the time value of )neY is material. the provision is based on the psent value of those amounts, discounted at the we-tsx discount rate that reflecis the risks specific to the Irability. The unwinding of the discount is recognised n the Ststement of finanoal acbvities as a finance cost. 19 Flnanclal Instruments The Chartty only has financial assets and financial liabilities of a kind that qualfy as basic financial instrurr£nts. Basic fnancial instrumeDt5 are initially recognised at tfdnsaction valu& and subsequently measured at their setllement value. 2.10 Fund accounting General funds a Unrestric funds are available for use at the discretion of the Trustees in furtherance of the gen8rn1 obiectNes of Ihe Charity and which have nol been designated for other purposes. Endowment fund5 comprise restricted funds hekd within listed investrrn¢s. The aiffl ol these funds is to generate income to support charitable organisabon5 in keepin9 With the Nwshes of the founder of the Trust. Investrnent income. gains and bsses are albcated to the appropriate fund. Page 15
COLONEL W. H. bVHtTBREAD CHARrrA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inveslment incom8 Unrestricted fund5 2023 Total funds 2023 Dividend5 Interest 236.735 31,915 236,735 31,915 268,650 268,650 Unte$trict8d fvnds 2022 Total funds 2022 tli¥idents Interest 223,817 &876 223.817 5.876 229.693 229.693 Investmenl management costs Unr85tricted funds 2023 Total funds 2023 Investrnent management fees 93.741 93.741 UnTrstiicted funds 2022 Total fvnds 2022 Investrnènt management fees 92.560 92,560 Page 16
COLONEL W. H. VIHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of grants Grants to Instltutlons 2023 Total funds 2023 Grants, Conservation proFcts Grants. Health and weFFare of soldiers Grants, Support amateur sport Grants, Promotion of education Grants, Other 19.500 36,350 7.000 23,DOO 30.500 19,500 36,350 7,000 23,000 30,500 Grants to Institu1nS 2022 rotal runcls 2022 Grants. ConsETvation proiecls Grants. Health and wetfare of sokliers Grants, Support amateur sport Grants. promot of educatvJn Grants, Other 23,000 59.000 11.000 32,120 89,000 23.000 59,000 11,000 32.12Q 89.000 The Charity has made the fdhMng material grants io in5btUtnS durirvJ the year.. Page 17
COLONEL W. H. WHrrBREAD CHARJTABLE TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of grnnts (conllnuod) 2023 2022 Name of instituuon Household Cavalry F(wndation Footsteps Worcestershire School Readers Walking with the Wounded Light Dragoons Charitable Trust Shire Horse Society Hurlingham Polo AsxKiation Peck Trusl Queen Motherfs Clothlig Guikl Parker Library Cleanup UK The Mulbery Bush Chapter of Peterborough Cathedral Disaster5 Ernergen Conritlee The Aldenham Foundat Maclaren Foundation 23,000 15,000 10,000 18,000 15.000 16,000 25.000 to,000 5.000 5,000 5,000 s00 5,000 5,000 5,000 5,000 5.000 10,000 io,ooo 120 12000 10,000 101,000 15,350 194,120 Other grydnts to institutions 20,000 116,3SO 214,120 Page 18
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendtture by a¢tlvi Grant funding of activities 2023 Support Costs 2023 Total funds 2023 Grants. ConseN*ion projects Grants, Health and welfare of soldiers Grants. Support amatuer spxt Grants, Promotion of educalion Grants. Other Support costs Governance costs 19,500 36,350 7.OlXI 23.OOD 30.$00 19,500 36,350 7,000 23,000 30,500 9,823 24,006 9,823 24.006 116.350 33,829 150,179 Grant unding ol Total funLIs 2022 2022 2022 Grants, Conseall projects Grants. Heth and welfare of 50klier5 Grants. Support amatuer 5FMIrt Grants. Pf(Knotion of edLKatits) Grants, Other Support costs 23,000 23.000 59,000 l l.¢KIO 32,120 89,000 6,839 7,791 11,0(Kl 32,120 89,000 6,839 7,791 214.120 t4,630 228,750 Page 19
COLONEL W. H. WHITBREAD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEmEPs FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysls of expendlture by actlvitles {contlnued> Analysls of support Costs Support Governance costs costs 2023 2023 Total funds 2023 Staff costs Depreuation Bank charges Secretarial disbursements Accountancy and aLKlit fees Sundry expenses Insurance Administration fees 8.750 197 194 8,750 17,500 197 13,954 13.954 250 250 348 1.302 1,302 9.823 24.006 33,829 Support Govemance costs 2022 Total funds 2022 2022 Staff costs Depieciation Bank charges Secretarial disbufsements Audit and Independent examiner5 fees Sundry expenses Insurance Administration fees Trustee expenses 10,000 473 248 149 (T67) 250 473 248 149 (767) 250 469 469 3.558 250 250 6,839 7.791 14,630 Page 20
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Auditorfs rnrnunerntion 2023 2022 Fees payable to the ChariVs auditor forthe audit of Ihe Charitys annual accounts 9,600 Feos payable to the Chantys auditor in respect ot The preparation of the ChariW5 accounts The ndependent exaXnats.on of the ChS annual accounts 4000 2,682 Staff costs 2022 Wages aThY salaries 17,500 to.000 17,500 10.000 The average number ol persons emoyed by the Charity durirKd th& year was a5 follows: 2023 No. 2022 Secretary No employee received remuneration armuntin9 to nre than £60.000 in either year. Trustee5' remuneration and expenses thtring the year, no Trustees receNed any remuneralion or other benefits (2022- £NIL). During the year ended 31 De¢ern 2023. no Twstee expenses have b8en incurred (2022- £250). Page 21
COLONEL W. H. WHITBREAD CHARwfABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tangible fixed assets Plant and machinery Cost OT Valuaon At 1 January 2023 Disposals 6.450 15.031) Al 31 December 2023 1N19 Depreclatlon At 1 January 2023 Charge for the year On disp05a15 6,253 197 15,0311 At 31 December 2023 1,419 Net book value Al 31 December 2023 At 31 December2022 197 11. Fixed asset investrnents Social Listed Investment investhients Loan Total Cost or valuallon At 1 January 2023 Addits'ons Disposal$ Revaluatior 12,645,469 19,741.127 (19NOO,419) 960,198 25,000 12,670,469 19,741,127 119,400,419) 960,198 At 31 OeLwiber2023 13,946,375 25,000 I371.375 The loan is to SL Marfs Bourne Shop & Cafe Ltd. a lUnIty benefit society. It Is expected lo be repaid ilhin three year* Page 22
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. DebtOf5 2023 2022 Due aftor more than one year Accrued income 34,107 23,518 34,107 23,518 Due wlthin one year Ptepayments and acc ino)me 2,000 36,107 23.518 13. Creditor5: Amounts falllng du• wlthln one year 2023 2022 ACCalS arKI defefred Inc 38,125 26,220 14. Financial instruments 2023 2022 Flnanclal assels Financial assets rneasud at fair value through Inc0Th and expenditure 13,971,375 12,670,469 Finanaal assets measured at fair vdue thrOh income aThY expenditure comprise of h'sted investments and social inVestnt loan. Page 23
COLONEL W. H. WHrrBREAD CHARrrA8LE TRUST NOTES TO THE FINANCIAL STATEMEPIts FOR THE YEAR ENDED 310ECEMBER 2023 15. Statement of tsnds Statem•nt of funds - current year Balance at 31 GaJn81 Decembgr ILosses) 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General FuThJs- all funds 791740 268.650 1243,920) 1340,708) 476,762 Endowment ndS ErKlowment Funds- aH fvrKIs 11645069 1,300,906 13,946,375 Total of furMIs 13.438209 268,650 (243,920) 960,198 14,423,137 Page 24
COLONEL W. H. WHITBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statonwnt of funds (contlnued) Statsment of funds- prior year Balance al 31 Decembei 2022 Balan at 1 January 2022 Gain osses) Unr¥strlcted funds l General fund5 364,846 206.175 (297,790) 519.5Q9 792.740 Endowment fvnds EThYowment Funds 14.592,413 (1,946,944) 12,645.469 Totsl of funds 14,957,259 2(kS,175 (297,790) fl.427.435) 13,438,209 16. Analysis of net assets belween funds Analysls of net assets between fvnds- ¢unentyear Unrestricted End0ent funds funds 2023 2023 Total funds 2023 Fixed asset investments Debtors due after more than one year Current aBsets Credttors due within one year 25,LhJO 13,946,375 13,971,375 34,107 34,107 455.780 455,780 {38.125) 138,125) Total 476,762 13,946,375 14A23,137 Page 25
COLONEL W. H. WHrrBREAD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Anatysls of net 388ets between fvnds Icontlnued) Analysis of net assets between funts- prlor year UnTrstsicled Endowment funds lunds 2022 2022 Total funds 2022 Tangtile fixed assets Fixed asset investments Debtors due after more than or* year Current assets Crediiors due within one year 197 197 25.000 12,645,469 12,670,469 23.518 23.518 770,245 770.245 (26.220) (26.220) Total 792, 740 12.645,469 13.438,209 17. lat•d party Iransactlons The Charity has not ented into Y related paty tran5athn during the year. nor are there any outstsnding balances owing beN¥een lated partTres and the Charity at 31 December 2023. Flrst time adoptlon of FRS 102 It the first year that the tharity has we5ented ils finCIal sktefrents under SORP 2019 and FRS 102. The followng disdosures a required in the year of transition. The last financial statements prepared on s receipts and payments basis for the year ended 31 December 2022 and the date of transition lo FRS 102 and SORP 2015 wa5 therefore 1 January 2022. As a consequence of adopting FRS 102 and SORP 2019, a number of aco)unb"ng policies have charyed io curyjly with those skndards. Comparabve fuure5 have been reslated to refiect the adjustments made, except to the extenl that the Tntstee5 have taken advantsge of eXemplS to retrosFecbve applicatr>n of FRS 102 pem)itted by FRS 102 Chapter 35'Transiti'on lo this FRS,. The PDlicies applied under this tharitl5 prevtous acc(nting framewth are not materially different to FRS 102 and have not impa¢led on hjnds or net orrleXpeThjitu[e. Page 26