**Charity Number: 210978** # **WHITGIFTIAN BENEVOLENT SOCIETY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **CONTENTS** ||**Page**| |---|---| |Administrative details of the charity|2| |Trustees' report|3 - 5| |Independent examiner’s report|6| |Statement of financial activities|7| |Balance sheet|8| |Notes to the financial statements|9 – 15| 1 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **ADMINISTRATIVE DETAILS OF THE CHARITY FOR THE YEAR ENDED 30th SEPTEMBER 2023** **Trustees:** R J Martin Chairman J Etheridge Vice-Chairman A M Gayler Hon Treasurer P A Dunn Hon Secretary R M S Allanson R C Blundell N S Crane A C Dracoulis D J Edwards T J Flood R J Gooderson F A P McCombie A A Mir C Odegaard A R Pickering N D Somers **Address:** Whitgift School, Haling Park, South Croydon, Surrey, CR2 6YT. **Independent examiner** : Zahid Saleem Thornton Springer, LLP Chartered Accountants, 67, Westow Street, London, SE19 3RW. **Charity number:** 210978 **Bankers** : CAF Bank Limited, PO Box 289, West Malling, Kent, ME19 4TA. Metro Bank PLC, One Southampton Row, London, WC18 8HA 2 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30th SEPTEMBER 2023** The Trustees present their annual report together with the independently examined financial statements of Whitgiftian Benevolent Society (“the Society”) for the year ended 30[th] September 2023.The Trustees confirm that the annual report and financial statements of the Society comply with the current statutory requirements of the Society’s governing document and the Statement of Recommended Practice (“SORP”) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and United Kingdom Generally Accepted Accounting Practice. 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 Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1[st] April 2005 which has since been withdrawn. ## **Trustees** The Trustees, whose names are shown on page 2, except where indicated otherwise, have all served throughout the year. The management committee, which comprises all Trustees, held six meetings during the year, either physically or electronically. ## **Structure, Governance and Management** The Society’s registered number is 210978. The Society’s principal place of business is Whitgift School, Haling Park, South Croydon, Surrey, CR2 6YT. Originally the Society was governed by a Trust Deed executed in 1910, as varied and modernised subsequently. It is now governed by the fully revised Constitution adopted on 21[st] November 2000, as amended 27[th] July 2013, and 26[th] July 2014. The management of the Society is the responsibility of the Trustees who are elected or co-opted under the terms of the Constitution. Trustees are appointed by personal invitation or recommendation by other Trustees. The Society complies with the Good Governance Code. The Trustees have addressed the major risks to which the Society is exposed and are satisfied that systems and procedures are in place to mitigate its exposure to those risks. 3 **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30th SEPTEMBER 2023** ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **Objectives and Activities** The object of the Society is the relief of distressed Old Whitgiftians, members and former members of the teaching and other staff of Whitgift School, and staff of the Whitgiftian Association, their widows, widowers, their children and their other dependents; present Whitgiftians; and any other distressed persons with a connection to Whitgift School which the committee in its absolute discretion considers enables them to be entitled to be benefited by the Society. This potential population who can benefit is relatively large. The Trustees have continued their efforts to increase the knowledge of the Society’s existence amongst members of the wider Whitgift family in order to reach potential beneficiaries. In particular, the links with the School have been substantially strengthened. The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Society provides relief to those in need by reason of youth, age, ill health, disability, poverty or other financial hardship or any other disadvantage and this can be by means of providing assistance for the advancement of education, health and amateur sport. The Society is an equal opportunity organisation and is committed to being free from any form of unlawful discrimination on the grounds of race, age, religion or belief, sex, sexual orientation, disability, or marital status. The Trustees intend to continue the current activities of the Society. ## **Achievements and Performance** During the year under review, grants totalling £31,415 (2022 - £25,904) have been made (or committed) to or on behalf of _20_ (2022 – 21) different beneficiaries, the amounts varying between £150 and £3,166 (2022 - £100 and £3,160) in total. New loans totalling £4,300 (2022 - £2,698) have been made and £10,859 (2022- £10,768) has been received in repayment of loans _._ ## **Financial Review** The Trustees consider that the available funds, which are all unrestricted, are adequate to meet the Society’s objects, and that the financial position is satisfactory. The Trustees consider that the current level of reserves (amounting to £996,978 at 30[th] September 2023 (2022 - £930,161)) is adequate to enable the Society to fulfil its policy of providing loans and grants and they continue to monitor the reserves policy in the light of the anticipated demand for loans and grants. 5 **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **Trustees' responsibilities** The Society’s Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources of the Society for that period. In preparing those financial statements giving a true and fair view, the Trustees should follow best practice and: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and - Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Society will continue to operate. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ascertain the financial position of the Society and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. This report was approved by the Trustees on 20[th] June 2024. Signed on behalf of the Trustees A M Gayler Hon Treasurer 6 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES** I report to the Trustees on my examination of the accounts of Whitgiftian Benevolent Society for the year ended 30 September 2023. ## **Respective responsibilities of trustees and examiner** The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination. I report in respect of my examination of the Trust’s accounts as carried out under section 44 (1) (c) of the 2005 Act and section 145 of the 2011 Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect: - accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - the accounts do not accord with those records; or - the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Zahid Saleem FCCA MBA Thornton Springer, LLP Chartered Accountants, 67, Westow Street, London, SE19 3RW. Date: 19[th] July 2024 7 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** |||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|| |---|---|---|---|---| |||**Funds**|**Funds**|| |||**2023**|**2022**|| ||**Notes**|**£**|**£**|| |**Income from:**||||| |Voluntary income|**2**|5,672|6,252|| |Investment income|**3**|39
,967|35|,402| |**Total income**||45,639|41,654|| |**Expenditure on:**||||| |Charitable activities|**4**|24,233|23,524|| |Support costs|**5**|1
,699|1|,908| |**Total expenditure**||25,932|25,432|| |**Excess of income over expenditure**||19,707|16,222|| |**Other recognised gains and losses:**||||| |Net unrealised gain / (loss) on investments||47
,110|(108|,005)| |**Net income / (expenditure) for**||||| |**the year and net movement in funds**||66,817|(91,783)|| |**Balance at 1st October 2022**||930
,161|1|,021,944| |**Balance at 30th September 2023**||996
,978|930|,161| The Charity has no other recognised gains or losses and all activities of the charity were from continuing operations. 8 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **BALANCE SHEET AS AT 30[th] SEPTEMBER 2023** |**Notes**
**Fixed assets**
Investments
**6**
Secured loans
**7**
Unsecured loans
**8**
**Current assets**
Debtors
**9**
Cash at bank
Deduct: Current liabilities:
Creditors due within one year
**10**
**Net current assets**
**Net assets**
**Funds**
Unrestricted general fund
Old Whitgiftian War Memorial Fund
**13**
Archive Fund
**14**|**2023**
**2022**
**£**
**£**
**£**
**£**
839,279
792,169
28,187
28,317
22
,831
22,078
890,297
842,564
1,037
1224
112
,605
88
,343
113
,642
89
,567
1
,970
1
,970
111
,672
87
,597
1
,001,969
930
,161
996,978 930,161
3,762
0
1
,229
0
1
,001,969
930
,161|**2023**
**2022**
**£**
**£**
**£**
**£**
839,279
792,169
28,187
28,317
22
,831
22,078
890,297
842,564
1,037
1224
112
,605
88
,343
113
,642
89
,567
1
,970
1
,970
111
,672
87
,597
1
,001,969
930
,161
996,978 930,161
3,762
0
1
,229
0
1
,001,969
930
,161| |---|---|---| |||| |||930,161
0
0
930
,161| The financial statements were approved by the Trustees on 20[th] June 2024. R J Martin Chairman A M Gayler Hon Treasurer 9 ## **WHITGIFTIAN BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **1 Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared under the historical cost convention, with the exception of certain investments which are included at market value, and in accordance with 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 United Kingdom and Republic of Ireland (FRS 102). The Society constitutes a public benefit entity defined by FRS 102. There are no material uncertainties about the Society’s ability to continue as a going concern because the reserves at 30[th] September 2022 are more than sufficient to meet any level of demand for grants and loans that can reasonably be anticipated. ## **1.2 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 Society and which have not been designated for other purposes. ## **1.3 Income** All income is included in the Statement of Financial Activities (“SOFA”) when the Society is legally entitled to the income and the amount can be quantified with reasonable accuracy. For Legacies, entitlement is the earlier of the Society being notified of an impending distribution, or the legacy being received. Residuary legacies not received in time for the inclusion in these accounts are not included in the income, as it is not possible to estimate the amount or timing of receipt with sufficient accuracy. Pecuniary and other legacies, where notification of impending distribution was received prior to the balance sheet date, have been included as income in the SOFA. Income tax recoverable in relation to donations received under Gift Aid or Deeds of Covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **1.4 Expenditure** All expenditure is accounted for on an accruals basis, including value added tax which is irrecoverable, and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 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 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. 10 ## **WHITGIFTIAN BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **1.5 Investments** Quoted investments are stated at fair value using the market price at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. ## **1.6 Secured and Unsecured loans** These loans are valued at fair value at the balance sheet date representing the sums advanced after taking account of repayments made. A provision for non-recoverability is made in appropriate cases. The loans are classified as concessionary loans under FRS 102 and are interest free. Concessionary loans are made wholly or in part to advance charitable purposes for the benefit of the Society’s beneficiaries. ## **2 Voluntary Income** |Subscriptions
Donations
Total|**2023**
**£**
5,347
325
5,672|**2022**
**£**
5,240
1,012| |---|---|---| |||6,252| Subscriptions and Donations are shown inclusive of Gift Aid where applicable. Trustees’ subscriptions included therein amount to £1,400 (2022 - £1,500). ## **3 Investment income** Investment income comprises: |Dividends
Bank and Other Interest
Total|**2023**
**£**
39,676
291
39,967|**2022**
**£**
35,364
38| |---|---|---| |||35,402| 11 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** |4
**Charitable activities**
Grants made for the benefit of pupils of Whitgift School
Grants made to others within the beneficial class
Increase / (decrease) in provision for irrecoverable loans
Total
**5**
**Support costs**
Independent examination
Sundry expenses
Trustees’ insurance
Total
**6**
**Fixed asset investments**
**Quoted Investments**
Market value at 1stOctober
Additions
Disposals
Revaluation Gain / (Loss)
Market value at 30thSeptember
Historical cost at 30thSeptember|**2023**
**£**
19,699
11,716
31,415
(7,182)
24,233
**2023**
**£**
1,200
129
370
1,699
**2023**
**£**
792,169
-
-
47,110
839,279
500,832|**2022**
**£**
18,194
7,710
25,904
(2,380)
23,524
**2022**
**£**
1,400
153
355
1,908
**2022**
**£**
900,174
-
-
(108,005)|**2022**
**£**
18,194
7,710
25,904
(2,380)| |---|---|---|---| ||||792,169| ||||500,832| 12 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **6 Fixed asset investments (continued)** ## **Material investments** The following investments each represent more than 5% of the Society’s investment portfolio: |SUTL Cazenove Charity Equity Fund Income Units
M&G Charibond Income Shares
M&G Charifund Income Units
Schroders Multi-Asset Fund Distribution Units
BlackRock Charinco Common Investment Fund Income
Units
Rathbones Core Investment Fund for Charities Income
Units
Market value at 30thSeptember|**2023**
**£**
232,561
89,179
290,992
105,714
75,067
45,766
839,279|**2022**
**£**
195,83
5
87,177
278,96
8
108,88
2
76,182
45,125| |---|---|---| |||792,16
9| All investments were held in the UK and are registered in the name of WBS Trustees Limited. ## **7 Secured loans** These loans are secured on freehold or leasehold premises. The advances are made as part of the assistance given by the Society. Interest, where appropriate, is credited to income when received. Movements in the year were as follows: |Balance 1stOctober
Advances
Repayments
Balance 30thSeptember
.|**2023**
**£**
28,317
-
28,317
(130)
28,187|**2022**
**£**
28,447
-| |---|---|---| |||28,447
(130)| |||28,317| |||| 13 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **8 Unsecured loans** Movements in the year were as follows: |Balance 1stOctober
Advances
Repayments
Net adjustments
Provision for irrecoverable loans
Balance 30thSeptember
**9**
**Debtors**
Gift aid receivable
**10 Creditors due within one year**
Trade Creditors
Grants Payable
Trustee’s Expenses|**2023**
**£**
102,979
4,300
107,279
(10,729)
-
96,550
(73,719)
22,831
**2023**
**£**
1,037
**2023**
**£**
1,970
-
0
1,970|**2022**
**£**
112846
2,698|**2022**
**£**
112846
2,698| |---|---|---|---| |||115,544
(12,565)
0|| |||102,979
(80,901)|| |||22,078|| ||||**2022**
**£**
1,224| ||||**2022**
**£**
1,970
0
1,970| 14 ## _____________________________________________________________________________________ **WHITGIFTIAN BENEVOLENT SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **11 Staff costs and trustees’ expenses** The Society did not employ any staff in either the current or prior year, and thus there are no staff costs in the current or prior year. No trustee was reimbursed expenses relating to support costs in the current or prior year. No Trustee received any benefit or remuneration in kind in the current or prior year. Details of Trustees’ insurance are disclosed in note 5. ## **12 Related party transactions** There was none in the current year, or the previous year. ## **13 Archive Fund** This fund (which is not presently charitable) was set up with an anonymous donation within Whitgiftian Association to which have been added further amounts received from Old Whitgiftians. The purpose of the fund is to acquire items of memorabilia for Whitgift School, and recognises and celebrates the dedication to the school of the late Mr. Freddie G.H. Percy over a period of some sixty years, in particular his role as historian and archivist. During the year it was agreed by the Whitgiftian Association Committee and the Trustees of Whitgiftian Benevolent Society to transfer the fund to the latter body as a long-term custodian, which decision was ratified at the Society’s 2023 Annual General Meeting. The balance at 31[st] August 2023, £1,405 has since been so paid. Movements on the fund have been: |Balance transferred from Whitgiftian Association
Donations received in year
Expended in period
Balance 30thSeptember 2023|**2023**
**£**
1,405
0| |---|---| ||1,405
116| ||1,229| It is the present intention of the Trustees to operate the fund as if it were a designated fund. 15 ## **WHITGIFTIAN BENEVOLENT SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2023** ## **14. Old Whitgiftian War Memorial Fund** The fund was formed following the 1914-18 World War. The primary purpose was the acquisition of the War Memorial which was given to Whitgift School, and is presently located in Haling Park. Surplus monies were to be used principally for the education of the sons of Old Whitgiftians killed in that war. More recently the remaining monies have been applied to fund educational expeditions by Old Whitgiftians and Sixth Formers. During the year it was agreed by the Directors of Old Whitgiftian Trustees Limited and the Trustees of Whitgiftian Benevolent Society to transfer the fund to the latter body as a long-term custodian, which decision was ratified at the Society’s 2023 Annual General Meeting. The Fund comprised cash amounting to £3,763, together with a holding of 1303.210 M&G Charifund Income Units which are in the course of being transferred, and will be included in the Society’s accounts for the year ended 30[th] September 2024. As at 30[th] September 2023, these units had a market value of £18,244.94. Movements on the cash fund have been: |Balance transferred from Old Whitgiftian Trustees
Limited
Amounts received in year
Expended in period
Balance 30thSeptember 2023|**2023**
**£**
3,763
0| |---|---| ||3,763
0| ||3,763| It is the present intention of the Trustees to operate the fund as if it were a designated fund. 17