**Charity number: 210496** 

## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2024** 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditor's report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Notes to the financial statements**|12 - 25|





**COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**Trustees**|H F Whitbread Esq, Trustee|
|---|---|
||J R Barkes Esq, Trustee|
||R Foley Esq, Trustee|
|**Charity registered**<br>**number**<br>210496<br>**Principal office**<br>c/o Crown Equerry's House<br>Royal Mews<br>London<br>SW1W 0QH<br>**Secretary**<br>S Browne<br>**Independent auditor**<br>Crowe U.K. LLP<br>Black Country House<br>Rounds Green Road<br>Oldbury<br>West Midlands<br>B69 2DG<br>**Bankers**<br>CAF Bank Limited<br>PO Box 289<br>West Malling<br>Kent<br>ME19 4TA<br>**Solicitors**<br>Broadfield Law UK LLP<br>One Bartholomew Street<br>London<br>EC1A 7BL<br>**Investment Managers**<br>Sarasin & Partners LLP<br>Juxon House<br>100 St Paul's Churchyard<br>London<br>EC4M 8BU||



Page 1 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** 

The Trustees present their annual report together with the audited financial statements of the Charity for the  1 January 2024 to 31 December 2024. 

## **Objectives and activities** 

## **a. Objectives and aims** 

The objects of the Trust are set out in clause 2 of the Trust Deed as follows: 

"2. The trustees shall stand possessed of the Whitbread Charitable Fund UPON TRUST to pay apply or appropriate the whole of the said fund and the income arising thereon to charitable organisations in the United Kingdom to be used by such organisations for their charitable purposes so that the time manner and the head or heads under which payment application or appropriation of the Whitbread Charitable Fund and the said income thereon shall be made and all other details and particulars as to such payment application or appropriation shall be in the absolute discretion of the trustees." 

## **b. Distribution policy** 

The Trustees have resolved to support charitable organisations and general areas of charitable activity which were, or in the opinion of the Trustees would have been, in keeping with the philanthropic wishes of the Settlor, the late Colonel William Henry Whitbread. These objectives have been formulated by the Trustees based on research into the life and interests of the Founder commissioned by the Trust. 

## **1.  The promotion of education and in particular** 

   - Charitable organisations which support education, welfare and scholarships for the underprivileged or suffering 

**2.  Charitable organisations which support certain amateur sports** 

   - Sporting endeavour 

## **3.  Charitable organisations which support the health and welfare of soldiers** 

## **4.  Charitable organisations which support conservation projects** 

## **c. Public benefit** 

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity. 

The Charity Commission in its "Charities and Public Benefit" guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly, there must be an identifiable benefit and secondly, that the benefit must be to the public or a section of the public.  The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on below to achieve those aims, meet these principles. 

Page 2 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Objectives and activities (continued)** 

## **d. Grant making policies** 

The Trustees will only in exceptional circumstances consider grant applications for purposes which fall outside those described above.  Within the framework the Trustees will generally donate a minimum of £500 per distribution. 

The Trustees make charitable distributions on a discretionary basis, having reviewed all applications and considered other charities that they wish to benefit. 

It is the policy of the Trustees to expend the income (but not the capital) of the Trust for such charitable purposes. 

## **Achievements and performance** 

## **a. Review of activities** 

## **Incoming resources and cost of generating funds** 

Income to the charity is formed from investment portfolio dividends and interest on cash. Total incoming resources to the charity for 2024 were £288,718 compared with £268,650 in 2023. Portfolio management fees are in the region of 0.6%, as agreed by the Trustees and the investment managers. 

## **Direct charitable expenditure** 

The Trustees continue to review the Trust's grant making programme given the current economic climate. In the year there was a small decrease in the number of grants, from 23 in 2023 to 22 in 2024.  Charitable donations increased from £116,350 in 2023 to £148,000 in 2024. 

The Trustees continue to review the social investment in a community café and expect to recoup the investment sometime after the initial minimum loan timeframe of three years. 

Since 2001 £2,927,478 has been distributed to good causes by ways of grants, donations, bursaries and scholarships. 

## **Other expenditure** 

Expenditure relating to the administrative costs of the Trust in 2024 decreased and equated to £28,143 (approximately 0.1% of the value of the Trust Fund) from £33,829 in 2023. 

## **Investment policy and performance** 

The Trust enjoys wide investment powers. 

By clause 5 of the Trust Deed: 

"Trust monies may be invested in or upon such shares stocks funds securities or other investments in any part of the world and whether involving liability or not (otherwise than loans to the Settlor or any wife of his) as the Trustees shall in their absolute discretion think fit and so that the Trustees shall be empowered to invest and transpose the investment of Trust monies in the same unrestricted manner as if they were the beneficial owners of such monies." 

## **b. Fundraising activities and income generation** 

There are no fundraising activities requiring disclosure under S162A of the Charities Act 2011 

Page 3 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Financial review** 

## **a. 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. 

## **b. Reserves policy** 

The Trustees have available cash reserves of £373,083 _(2023: £_ 453,780). The charity holds investments of £15,752,263 ( _202_ 3: £13,971,375). Where cash is available to be reinvested in investments then this is done. The Trustees monitor investments held to ensure that the investments are secure and dividend income is generated for future distribution. The Charity has unrestricted reserves of £375,901 _(2023: £476,762)_ , and endowment reserves of £15,727,263 ( _2023: £_ 13,946,375). 

## **Structure, governance and management** 

## **a. Constitution** 

## Constitution 

The charity is a registered charity and was set up and is constituted under the governing document 'Settlement' dated 18 December 1953. 

The objects of the Charitable Trust state that the funds are to be used for "charitable organisations in the UK". These include: 

- Charities registered with the Charity Commission (being those in England and Wales) and 

- Charities which do not require to be registered with the Charity Commission because they are: 

   - excepted from registration by the regulations 

   - exempt by virtue of the School Schedule to the Charities Act 1993 or 

   - very small 

The Trustees have high standards where governance is concerned.  They are mindful of the Charity Governance Code and consult regularly with their professional advisers to ensure that the Trust adheres to professional standards. 

## **b. Methods of appointment or election of Trustees** 

The statutory power of appointment contained in the Trustee Act 1925 applies, and the power of appointment is vested in the current Trustees of the Trust. 

## **Plans for future periods** 

## **Future developments** 

- The Trustees look to continue safeguarding the investments of the charity and ensuring a good return on these investments. 

- The Trustees will continue to make available the income arising on these assets for use in accordance with the Trustees objectives. 

Page 4 



COLONEL W. H. WHIT8READ CHARITABLE TRUST
TRUSTEES, REPORT ICONTINUEOI
FOR THE YEAR ENDED 310ECEMBER 2024
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordance wrth
applicable law and United Kingdom Accounting Stsndards (Unrted Kingdom Generally Accepted Accounting
Practi¢el.
The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalements for
each financial which give a true and lair view of the slate of affairs of the Charity and ol ils incoming resources
and application of resources. Including ils income and expenditure. for that period. In preparing these financial
statements, the Trustees are required lo.
select suitable accounting policies and then apply them consislenlly..
observe the method5 and principles ol the Charities SORP IFRS 1021..
make judgments and accounling eslimales that are reasonable and prudent.,
State whether applicable UK Accounting Standards IFRS 1021 have been followed, 5ubiecl lo any material
departures disclosed and explained in Ihe financial slatemenls..
prepare the financial statements on the going concern basis unless rt is Inappropriate lo presume that the
Charity wll continue in business
The Trustees are responsible for keeping adequate accountin9 records thal are sufficient lo show and explain
the Charity's IransactK)ns and disclose with reasonable accuracy at any time the financial posrtion of the Charity
and enable them to ensure that the financial slalements comply wrth the Charities Act 2D11, the Charity
{Accounls and Reports) Regulations 2008 and the provisions ol the Trust deed. They are also responsible lor
safeguarding the assets of the Charity and hence for taking ￿8$onable steps for the prevention and detection of
fraud and other Irregularities.
Disclosuro of Information to auditor
Each of the persons who are Trustees al the time when this Trustees, report Is approved has confirmed Ihal..
so far as that Trustee is aware, there is no relevant audrt information of which the charity's auditor is
unaware, and
that Trustee ha5 taken all the slep5 that ought lo have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the chariW5 auditor is aware of that Information.
Auditor
The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Trustees will
propose a motion reappointing the auditor at a meetin9 of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
H F Whitbread Esq
Trustee
Date..
If. 10.14
Page 5

## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **Opinion** 

We have audited the financial statements of Colonel W. H. Whitbread Charitable Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

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

Page 6 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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. 

## **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: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, 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. 

Page 7 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST (CONTINUED)** 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with 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 an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing of accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. 

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 Auditor's report. 

## **Use of our report** 

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

Page 8 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COLONEL W. H. WHITBREAD CHARITABLE TRUST (CONTINUED)** 


**Crowe U.K. LLP** Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 22 October 2025 

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 9 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**Note**<br>**Income and endowments from:**<br>Investments<br>3<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>4<br>Charitable activities<br>**Total expenditure**<br>**Net income before net (losses)/gains**<br>**on investments**<br>Net (losses)/gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**288,718**<br>**288,718**<br>**73,576**<br>**176,143**<br>**249,719**<br>**38,999**<br>**(110,504)**<br>**(71,505)**<br>**476,762**<br>**(71,505)**<br>**405,257**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,753,196**<br>**1,753,196**<br>**13,946,375**<br>**1,753,196**<br>**15,699,571**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**288,718**<br>**288,718**<br>**73,576**<br>**176,143**<br>**249,719**<br>**38,999**<br>**1,642,692**<br>**1,681,691**<br>**14,423,137**<br>**1,681,691**<br>**16,104,828**|_Total_<br>_funds_<br>_2023 (As_<br>_reclassified)_<br>_£_<br>_268,650_<br>_268,650_|
|---|---|---|---|---|
|||||_93,741_<br>_150,179_<br>_243,920_|
|||||_24,730_<br>_960,198_<br>_984,928_|
|||||_13,438,209_<br>_984,928_<br>_14,423,137_|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 12 to 25 form part of these financial statements. 

Page 10 



COLONEL W. H. WHITBREAD CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
20231As
rgclassifed)
2024
Nolg
Flxgd assgts
Investments
11
16,083,969
14,376.693
16.083,969
14.376,693
Current assgts
Debtors
Cash al bank and In hand
12
17,676
43,041
36. 107
48,462
60.717
84,569
Creditors.. amounts fallin9 due within one
139,8S81
138, 125J
Net curr•nt as¥•ts
Total a$s•ts1•85 ¢urr•nt Ilabllltlos
20,859
46,444
16,104,828
14.423, 137
Charlty funds
Endowment funds
Unfestrict8d fundy
15
15
15,699,571
405,257
13.946,375
476, 762
Total funds
16,104.828
14,423, 137
Thè financial slalemenls were approved and aulhorised lor issue by Ihe Trustees and signed on their behall by".
H F Whltbread Esq
Trustee
Date..
1£,10.15
Page11

## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. General information** 

Colonel W.H. Whitbread Charitable Trust is an unincorporated trust registered with the Charity Commission in England and Wales (Charity number 210496). The Charity's principal office is c/o Crown Equerry's House, Royal Mews, London, SW1W 0QH. Its principal activities are to supporting charitable organisations in keeping with the wishes of the founder of the Trust. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Colonel W. H. Whitbread Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 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. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

## **2.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs. 

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Page 12 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **2. Accounting policies (continued)** 

## **2.3 Expenditure (continued)** 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 Tangible fixed assets and depreciation** 

Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis: 

Office equipment - 33% Straight Line 

## **2.5 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, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

Investments held as fixed assets are shown at cost less provision for impairment. 

Social investments held as fixed asset investments represent loans made on beneficial terms in furtherance of the charity's purposes to assist organisations. The loans are initially measured at fair value being the amount advanced, and subsequently adjusted for any repayments or impairments. 

## **2.6 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.7 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. 

Page 13 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **2. Accounting policies (continued)** 

## **2.8 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 in the Statement of financial activities as a finance cost. 

## **2.9 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. 

## **2.10 Investment reclassification** 

Sarasin's cash balance has been reclassified under the investment figure for both the current and prior reporting periods. 

## **2.11 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Endowment funds comprise restricted funds held within listed investments. The aim of these funds is to generate income to support charitable organisations in keeping with the wishes of the founder of the Trust. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Investment income** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Dividends<br>267,563<br>Interest<br>21,155<br>288,718|**Total**<br>**funds**<br>**2024**<br>**£**<br>**267,563**<br>**21,155**<br>**288,718**|
|---|---|



Page 14 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **3. Investment income (continued)** 

|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>Dividends<br>_236,735_<br>Interest<br>_31,915_<br>_268,650_<br>**Investment management costs**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Investment management fees<br>102,903<br>Foreign exchange (gains)/losses<br>(29,327)<br>73,576<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>Investment management fees<br>_93,741_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_236,735_<br>_31,915_<br>_268,650_<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**102,903**<br>**(29,327)**<br>**73,576**<br>_Total_<br>_funds_<br>_2023_<br>_£_<br>_93,741_|
|---|---|



## **4. Investment management costs** 

Page 15 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **5. Analysis of grants** 

|Grants, Conservation projects<br>Grants, Health and welfare of soldiers<br>Grants, Support amateur sport<br>Grants, Promotion of education<br>Grants, Other<br>Grants, Conservation projects<br>Grants, Health and welfare of soldiers<br>Grants, Support amateur sport<br>Grants, Promotion of education<br>Grants, Other|**Grants to**<br>**Institutions**<br>**2024**<br>**£**<br>35,000<br>45,000<br>5,000<br>25,000<br>38,000<br>_Grants to_<br>_Institutions_<br>_2023_<br>_£_<br>_19,500_<br>_36,350_<br>_7,000_<br>_23,000_<br>_30,500_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**35,000**<br>**45,000**<br>**5,000**<br>**25,000**<br>**38,000**|
|---|---|---|
|||_Total_<br>_funds_<br>_2023_<br>_£_<br>_19,500_<br>_36,350_<br>_7,000_<br>_23,000_<br>_30,500_|



The Charity has made the following material grants to institutions during the year: 

Page 16 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **5. Analysis of grants (continued)** 

|**Name of institution**<br>Household Cavalry Foundation<br>Shire Horse Society<br>Footsteps Worcestershire<br>Leicestershire & Rutland Community Foundation<br>School Readers<br>Farleigh School Trust<br>Walking with the Wounded<br>Light Dragoons Charitable Trust<br>NSPCC<br>Hurlingham Polo Association<br>Rory Peck Trust<br>Queen Mother's Clothing Guild<br>Parker Library<br>CleanUp UK<br>The Mulberry Bush<br>Chapter of Peterborough Cathedral<br>Other grants to institutions|**2024**<br>**£**<br>**25,000**<br>**25,000**<br>**-**<br>**10,000**<br>**-**<br>**10,000**<br>**10,000**<br>**10,000**<br>**7,000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**97,000**<br>**51,000**<br>**148,000**|_2023_<br>_£_<br>_23,000_<br>_5,000_<br>_15,000_<br>_-_<br>_10,000_<br>_-_<br>_8,000_<br>_5,000_<br>_-_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_|
|---|---|---|
|||_101,000_<br>_15,350_|
|||_116,350_|



Page 17 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **6. Analysis of expenditure by activities** 

|Grants, Conservation projects<br>Grants, Health and welfare of soldiers<br>Grants, Support amateur sport<br>Grants, Promotion of education<br>Grants, Other<br>Support costs<br>Governance costs|**Grant**<br>**funding of**<br>**activities**<br>**2024**<br>**£**<br>35,000<br>45,000<br>5,000<br>25,000<br>38,000<br>-<br>-<br>148,000|**Support**<br>**costs**<br>**2024**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>6,967<br>21,176<br>28,143|**Total**<br>**funds**<br>**2024**<br>**£**<br>**35,000**<br>**45,000**<br>**5,000**<br>**25,000**<br>**38,000**<br>**6,967**<br>**21,176**<br>**176,143**|
|---|---|---|---|



|Grants, Conservation projects<br>Grants, Health and welfare of soldiers<br>Grants, Support amateur sport<br>Grants, Promotion of education<br>Grants, Other<br>Support costs<br>Governance costs|_Grant_<br>_funding of_<br>_activities_<br>_2023_<br>_£_<br>_19,500_<br>_36,350_<br>_7,000_<br>_23,000_<br>_30,500_<br>_-_<br>_-_<br>_116,350_|_Support_<br>_costs_<br>_2023_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_9,823_<br>_24,006_<br>_33,829_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_19,500_<br>_36,350_<br>_7,000_<br>_23,000_<br>_30,500_<br>_9,823_<br>_24,006_<br>_150,179_|
|---|---|---|---|



Page 18 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **6. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Staff costs<br>Bank charges<br>Accountancy and audit fees<br>Sundry expenses<br>Insurance<br>Administration fees<br>Staff costs<br>Depreciation<br>Bank charges<br>Secretarial disbursements<br>Audit and Independent examiners fees<br>Sundry expenses<br>Insurance<br>Administration fees|**Support**<br>**costs**<br>**2024**<br>**£**<br>6,000<br>94<br>-<br>525<br>348<br>-<br>6,967<br>_Support_<br>_costs_<br>_2023_<br>_£_<br>_8,750_<br>_197_<br>_194_<br>_84_<br>_-_<br>_250_<br>_348_<br>_-_<br>_9,823_|**Governance**<br>**costs**<br>**2024**<br>**£**<br>6,000<br>-<br>13,034<br>-<br>-<br>2,142<br>21,176<br>_Governance_<br>_costs_<br>_2023_<br>_£_<br>_8,750_<br>_-_<br>_-_<br>_-_<br>_13,954_<br>_-_<br>_-_<br>_1,302_<br>_24,006_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**12,000**<br>**94**<br>**13,034**<br>**525**<br>**348**<br>**2,142**<br>**28,143**|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_17,500_<br>_197_<br>_194_<br>_84_<br>_13,954_<br>_250_<br>_348_<br>_1,302_<br>_33,829_|



Page 19 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **7. Auditor's remuneration** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**9,900**|_9,600_|
|Fees payable to the Charity's auditor in respect of:|||
|The preparation of the Charity's accounts|**3,120**|_4,800_|



## **8. Staff costs** 

|**2024**<br>**£**<br>Wages and salaries<br>**12,000**<br>**12,000**<br>The average number of persons employed by the Charity during the year was as follows:<br>**2024**<br>**No.**<br>Secretary<br>**-**|_2023_<br>_£_<br>_17,500_|
|---|---|
||_17,500_|
||_2023_<br>_No._<br>_1_|



No employee received remuneration amounting to more than £60,000 in either year. 

## **9. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . 

During the year ended 31 December 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ . 

Page 20 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **10. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 January 2024<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>At 31 December 2024<br>**Net book value**<br>At 31 December 2024<br>_At 31 December 2023_|**Plant and**<br>**machinery**<br>**£**<br>**1,418**|
|---|---|
||**1,418**|
||**1,418**|
||**1,418**|
||**-**|
||_-_|



## **11. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2024<br>Additions<br>Disposals<br>Revaluations<br>At 31 December 2024|**Listed**<br>**investments**<br>**£**<br>**14,276,417**<br>**32,198,438**<br>**(32,058,578)**<br>**1,642,692**<br>**16,058,969**|**Social**<br>**investment**<br>**Loan**<br>**£**<br>**25,000**<br>**-**<br>**-**<br>**-**<br>**25,000**|**Total**<br>**£**<br>**14,301,417**<br>**32,198,438**<br>**(32,058,578)**<br>**1,642,692**<br>**16,083,969**|
|---|---|---|---|



The loan is to St. Mary's Bourne Shop & Cafe Ltd, a community benefit society. This loan was made on 1st July 2022. The Trustees expect to recoup the investment sometime after the initial minimum loan timeframe of 3 years, but not immediately. 

Page 21 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **12. Debtors** 

|Other debtors<br>Prepayments and accrued income|**2024**<br>**£**<br>**15,676**<br>**2,000**<br>**17,676**|_2023_<br>_£_<br>_34,107_<br>_2,000_|
|---|---|---|
|||_36,107_|



## **13. Creditors: Amounts falling due within one year** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Accruals and deferred income|**39,858**|_38,125_|



## **14. Financial instruments** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**15,752,263**|_13,971,375_|



Financial assets measured at fair value through income and expenditure comprise of listed investments and social investment loan. 

Page 22 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **15. Statement of funds** 

**Statement of funds - current year** 

|**Unrestricted funds**<br>General Funds - all funds<br>**Endowment funds**<br>Endowment Funds - all funds<br>**Total of funds**|**Balance at 1**<br>**January**<br>**2024**<br>**£**<br>**476,762**<br>**13,946,375**<br>**14,423,137**|**Income**<br>**£**<br>**288,718**<br>**-**<br>**288,718**|**Expenditure**<br>**£**<br>**(249,719)**<br>**-**<br>**(249,719)**|**Gains/**<br>**(Losses)**<br>**£**<br>**(110,504)**<br>**1,753,196**<br>**1,642,692**|**Balance at**<br>**31**<br>**December**<br>**2024**<br>**£**<br>**405,257**|
|---|---|---|---|---|---|
||||||**15,699,571**|
||||||**16,104,828**|



Page 23 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **15. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted funds**<br>General Funds - all funds<br>**Endowment funds**<br>Endowment Funds - all funds<br>**Total of funds**|_Balance at_<br>_1 January_<br>_2023_<br>_£_<br>_792,740_<br>_12,645,469_<br>_13,438,209_|_Income_<br>_£_<br>_268,650_<br>_-_<br>_268,650_|_Expenditure_<br>_£_<br>_(243,920)_<br>_-_<br>_(243,920)_|_Gains/_<br>_(Losses)_<br>_£_<br>_(340,708)_<br>_1,300,906_<br>_960,198_|_Balance at_<br>_31_<br>_December_<br>_2023_<br>_£_<br>_476,762_|
|---|---|---|---|---|---|
||||||_13,946,375_|
||||||_14,423,137_|



## **16. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Fixed asset investments<br>384,398<br>Current assets<br>60,717<br>Creditors due within one year<br>(39,858)<br>**Total**<br>405,257|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>15,699,571<br>-<br>-<br>15,699,571|**Total**<br>**funds**<br>**2024**<br>**£**<br>**16,083,969**<br>**60,717**<br>**(39,858)**<br>**16,104,828**|
|---|---|---|



Page 24 



## **COLONEL W. H. WHITBREAD CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **16. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior period** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2023 (As_<br>_reclassified)_<br>_£_<br>_430,318_<br>_84,569_<br>_(38,125)_<br>_476,762_|_Endowment_<br>_funds_<br>_2023 (As_<br>_reclassified)_<br>_£_<br>_13,946,375_<br>_-_<br>_-_<br>_13,946,375_|_Total_<br>_funds_<br>_2023 (As_<br>_reclassified)_<br>_£_<br>_14,376,693_<br>_84,569_<br>_(38,125)_<br>_14,423,137_|
|---|---|---|---|



## **17. Related party transactions** 

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024. 

Page 25