Charlty number: 236746 WHITLEY ANIMAL PROTECTION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 WR Partners Protecting your future.
WHITLEY ANIMAL PROTECTION TRUST CONTENTS Page R•f•rnnc• and admlnl8tratSve detalls of the charlty. Its trustso8 and advl¥grs Trustegs. report Independent audltorJ' roport 7-10 8t•t•m•nt of flnanclal actlvltles 11 Balance shoot 12 Notes to tho tlnanclal statements
WHITLEY ANlklAL PROTECTION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2026 Trustees Mr E Whitley Ire8igned 26 November 20251 Mrs P A Whitley (deceased 23 September 202SI Mr$ V Thompson Mr E J Whit18y OBE Mr J Whitley Ch•rfty reglstered number 236746 PrinGlp•l offlcg 9 Corvg Strgot Ludlow Shropshire SY81DE Socretary Mrs S Smiih Independent audltorn WR Partners Chartered accountsnts Belmont House Shrewsbury Busin95s Park Shrew5bury Shropshiro SY2 6LG Bankèrs National W8stmin$tsr Bank PLC 217 D8an Street The Tefford Centre Telford Shropshire TF3 4BT Sollcltors mfg Solicitors LLP 9 Corve Street Ludlow Shropshire SY81DE Inv•stm•nt Advlsors Cannaecord G8nuty W¢•lth Limitod 41 Lolhbury London EC2R 7AE Page 1
WHITLEY ANIMAL PROTECTION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report together with the audited financial statements of the Whitley Animal Protection Trust Ilhe Charilyl for the year ended 31 December 2025. The Trustees confirm that the annual report and financial statements of the Charity comply with the current stalulory requirements. the requirements of the Charitys governing document and the provisions of the Slalemenl of Recommended Practice ISORPI, applicable lo charili8s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ropublic of Ireland (FRS 102}. Structure. govemancè and management Constitution The Charity was established on 27 August 1964 and is governed by a Trust Deed. 11 is a Registered Charity, Number 236748. b. Method of appointment or electlon of Trustees The Trustees are relatwes of the late Mr Edward Whitley, the founder of the Trust. and are not subject lo periodic election.The Trustees meet al least tswice a year lo consider the business of the Trust and in particular their grant making activities. ¢. Poll¢les adopted for the IndU10n and training of TrUStS All Trustees receive an induction and training before their first meeting which include an explanation of the structure and objectives of the Charity and their responsibilities as a Trustee. d. Risk management The Trustees have considered and identified the major risks lo which the Charrty is exposed. They are satisfied that systems are in place lo manage those risks. They have also effected Tru51ee Indernnily insurance. The major risk and uncertainly for the Charity is the economic climate and market volatility, impacting investment values and returns. The Trustees have deak with this risk through the engagement of professional investment advisors working to an agreed risk profile. Polleles and ob5ectlves a. Grant maklng policy The Trustees, policy is lo make grants only to registered charitie5 concerned with the charitable objectives as detailed in the following paragraph titled "Objectives The Trustees have resolved that, before any grant can be conlimied, they require the recipient charity's formal assurance that such a grant is used only for supporting the charitable purposes of this Charity. The Trustees also require the CIpIent charity to report on th8 subsequent use of the funds. The Trustees meet biannually lo determine the grants to be made. b. ObJectlves The oty'ecls. as sel out in the Trust Deed are.. 111 To give financial support lo any charitable purpose or purposes, org8nisalion or organisations Iwhelher corporate or non corporatel concerned with the prevention ol cruelly lo animals or the promotion of the welfare of animals. Page 2
WHITLEY ANIMAL PROTECTION TRUST TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDEO 31 DECEMBER 2025 121 To establish or endow any new charitable organisation (corporate or non corporalel or inslrtulion having any one or MO of the like objects. The Trustees believe that the policy of providing grants to charities whose activities best support the aclivrties of this Charity i.e. the prevention of Cfuelly lo animals or the promotion ol the welfare ol anima15, further widens the Chartys abilrty lo support animal Weare. c. Public bgnefit In selling the objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit and in particular to its supplementary public benefit guidance. Achievements and performance . Key financlal perfomiance Indlcators It is anlicipaled that the UK long-lerm inflation rale will be 2.50h. To ensure that the charity's grant making ability is maintained In real terms, from 31st December 2023 new benchmarks have bean adopted. An annual income target of 2.5°/o of the capital value as al this dale was sel. Thereafter. the income amount increases by 2.50 compound per annum. Additionally. given the long-temi historic performance of various asset classes. a 4Q/o annual Icompoundedl increase in the capital value of the portfolio was largeled. These returns are before costs. The Trustees a150 monitor funds available for distribution to qualifying charities lo ensure income is distributed appropriately in accordance with the Charity's objectives. b. Revlew of activities During the year new grants of £270,080 12024.. £204,000) were undertaken. 11 grants were made lo 11 charitable organisalions. Details of these grants are given in note 6 to the aoUnts. The single largest donation was lo the Whitley Fund for Nature to which a grant of £88.864 12024.. Game and Wildlife Conservation Trust - Curlew Country £60,000) was made. The total committed donation to the Whitley Fund for Nature amounted lo 32.901012024.. Game and Wildlife Conservation Trus129.40kl of the total. A majority of the gfanls undertaken are repeal donations, however the Trustees do provid8 essential core funding lo Ihese smaller charities without which they would find il hard lo maintain Iheir activities. The Charty does also make one-off grants. bul a majoflty ofthe grants are in r&spect of longer lemi commilmenls. ¢. Fundraising activitiesllncome generation The Charity derives its income from inveslmenls. Funds are not raised from the public. d. Investment policy and pèrfomian¢¢ The Charity has wide powers of investment. In aecordance with the scheme of arrangement accepted by the Charity Commissioners, the Trustees have given the investment managers, Canaccord Genuity Wealth Limited, discretion lo manage the portfolio within an agreed risk profile. The investment managers work towards a benchmark return agreed with the Trustees and based on published indices. Page 3
WHITLEY ANIMAL PROTECTION TRUST TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 The investment mandate granted lo the investment managers is rev¢ewed annually, as the Trustees wish lo ensure that their responsibility regarding both income and ¢apilal appreciation is saf4uarded. The Tru51ee5 meet with the investment managers biannually lo review the past performance of their investments and the prosp8cts for the various investment markets in which they are hekl. The agreed target performance for the year 2025 was for income before any costs of £270.724 with protection for the trust Capital Fund. The accounts show that the investment income for the year was £384,648, presenting a 3.25°/o return on the closing Capital Fund of £11,841,505 while the Capital Fund increased in value from £11.127.852 by £713.653 or 6.410/0, giving a Total Relum of 9.869. Financial review a. Going concern To enable long term budgeting, the trustees wished to sel largels that, over lime, should 1} maintain the capital value of their investments in real terms and 21 providg an income that would increase in real terms. A long-lerni inflation rate of 2.5°/o was assumed. In conjunction with advice from their investment managers, the 2023 theoretical weld on the PIMFA Income of approximately 2.50A was selected as the base income yield largel, and was applied lo the 31st December 2023. The income generated in 2024 is then largeled to grow by 2.SOA in each subsequent year. Although 2.50/0 inflation is anticipated. the largel increase in Capital value was sel al 4.kn from 31 sl December 2023, reflecting the greater Capital turnS potential from stock markets. It is appreciated that there will periods when the returns exceed largel and fall short. However, the objective is lo enable long-lem, sound. budget. In 2025 the perfomiance of the portfolio exceeded the total relum target of 6.5¥ts. Currently the portfolio holds approximately 20VD in debt inslrumenls, which continue lo offer a more pr8diclable incorne stream in uncertain market, and a broad intemational spread of equities, the significant US element reflecting this market's global weighting and is focussed on larger companies. This repSentS a prudent balance beeen risk and reward. At the year's end markets had not foseen the conflict with Iran, however after such a rewarding few years a more challenging 2026 was likely. The conflict has upended may year end expectations, with fundamentals being pul under pressure. The original, bul cautious, reasons lo be positive for 2026 were what we believe lo be continuing benign corporate and economic background, albert with hgighlened political uncertainty. Inflation was anticipated lo continue lo fall, setting a positive background for further interest rale cuts. However, as much of this was already discounted by markets. any unforeseen negatwe news was sure lo have a notable impact, with volatility increasing from 2025 levels. The Middle Eastern conflict Introduced a new, significant variable, as the length of the conflicl. damage lo energy production & distribution and time lo repair the infra51ruclure will play key part in economic foreca51s. Consequently, markets are likely lo stay highty sonsrtive to headlines, particular around any further escalation or credible signs of de•escalalion. With a long-lerm perspective, the structure of the portfolio remains well placed to delwer on the trust's objectives. with an income stream that underpin5 a core trust requirement. Page 4
WHITLEY ANIMAL PROTECTION TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 b. Reserves policy The Charity's funds are divided betsveen a Capital Fund and an Income Fund (described in these Accounts as a General Fund). The Capital Fund is established under the Trust Deed and represents the capital that was originalty settled on Irusl. The General Fund represents the net income generated from the Capital Fund. The Capital Fund balance of £11,841,505 12024.. £11,127,852) may b8 distributed for the ChaTiVs purposes under the temis of the Trust Deed, how&ver the fund is held lo produce income that may be used on an annual basis in accordance with the settlor's intentions, accordin9ty the fund is Classified as an Expendable Endowment. The General Fund balance of £377,337 12024.. £355,507), is distributed as grants lo cover this yearfs nel inveslrnenl income, with the remainder retained lo cover next yearfs estimated nel Income, in case of unforeseen events. c. Principal funding The Trust is reliant on the income generated by f(s investments, the income from which was £384.64812024'. £297,2761. The Tiust d5 not receive income from any other source but, as detailed in the reserves policy note above, doe5 preserve the capital of the Trust for the generation of future income. Free reserves at the balance sheet dale amounted lo £377.33712024'. £355,507). Plans for futurg perlods Future development$ The Trustee5 will consider grants accordingty. The Trustees believe that, in many cases. continuing sUPPOrt for charitable organisations, who Share the same objgclives as this Trust, ¥MII best achieve the objectives of this Trust. Page 5
WHITLEY ANIMAL PROTECTION TRUST TRUSTEES. REPORT lconllnugdl FOR THE YEIR ENDED 31 DECEMBER 2025 Trustees, responslbllltles statèmènt The Trust¢e3 aro responsible for preparing the Trustee5' report and tae financial slalements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applKable to charth.es In England & Wales requires the Trustees to ppare financial statements for each financial year ¥thich give a true and fair view of the slate of affairs of the Charity and of the in¢oming resour$ and application of resourTrs of th¢ Charity for that period. In preparing these financial st&tement5, th¢ Tru51ee$ are required to.. select surtable accounting policie5 and then apply them con51slenlty'. observe the methods and principles in the Chariknes SORP, make judgrnents and accounting estimates that are reasonable and prudent., PTepare the financial statements on the going concern basis unles5 rt is inappropriate to presume that the Charity will continue in operation. The Trustees are iespon5ible f(x keepin9 proper accounting records that are sufficient to show and explain Ihe Charity's transactions and disclose wth reasonable accuracy at any lime the financial posthon of the Charity and enable them to ensure that the financial statements comply wth the Charits'es Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provi$ion5 of the trust deed. They are also responsible ltsr safegua¥ding the assets of Ihe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees, on w06D)28 and signed on their behalf by.. 8duioAd Wluly Mr E Whitley OBE. Chaiman Page 6
WHITLEY ANIMAL PROTECTION TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST Oplnion We have audited the financial slalemenls of Whf(ley Animal Protection Trust (the 'chafity'l for the year ended 31 December 2025 sel out on pages 11 10 21. 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 S18ndard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Practice). The financial slalemenls have been prepared in accordance wrth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practu issued on 1 April 2005 which is referred lo in the extsnt regulations but has been withdrawn. This has been done in order for the accounts lo provide a true arid fair view in ac¢ordan¢e with the Generally Aecepled Accounting Practice effective for reporting period5 beginning on or after 1 January 2015. In our opinion the financial slatemenls.. give a true and fair view of the slate of the charrtys affair5 as al 31 December 2025 and of ils incoming fesources and application of resources for the year then ended., have been properly prepared in accordance with Unrted 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 Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial slalemenls section of our pOrt. We are independent of the charity in accordance with the ethical requirements lttal are relevant lo our audit of the financial statements in the Unrted Kingdom, Including the Financial Reporting Council's Ethical Standard, and we have fulfilled our glher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in resped of the following matters in relation lo which the ISAS IUKI require us lo report lo you where.. the Trustees, use of the going Concern basis of accounting in the PparatIOn of the financial slalemenls is not appropriate., or the Trustees have not disclosed in the financial slalements any identified material uncertainties th81 may cast significant doubl about the charity's ability to continue lo adopt the going concem bas$ of accounting for a period of al least twelve months from the dale when the financial $18lemenls are aulhorised for issue. Page 7
WHITLEY ANIMAL PROTECTION TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST Othér information The Trustees are responsible for the other infomi81ion. The other infomalion comprises the infomation included in the Annual rèport. other than the financial statements and our Auditors. report Ihereon. Our opinion on the financial slalemen15 does not cover the other information and we do not express any forni of assurance conclusion Ihereon. In connection wrth our audi( of the financial statements, our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsislenl with the fi'nancial slalemenls or our knowledge obtained in the audrt or otherwise appears lo be materially misstated. If we identify such maleTial inconsistencies or apparent material misstatements, we are required to determin8 whether there is a material misslatemenl in the financial slalements or a materi81 misslalemenl of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomialion. we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are r&quired to rnport by excéption We have nothing lo report in respect of the following matters where the Chanties (Accounts and Rgportsl Regulations 2008 requires us to report lo you if, in our opinion.. the inform81ion given in the Trustees. report is inconsislenl in any material respect with the financial 5ts1emenls", or sufficient accounting records have not been kept", or the financial statements are not in agre8menl w¢th the accounting records and returns.. or we have not received all the infom)alion and explanations we require for our audit. Responsibilities of trustees As explained mDre ftjlty in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of financial slatements which give a true and fair view. and for such internal control as the Trustees determine 15 necessary to enable the preparation of financial slalements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charity's ability lo 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 lo cease operations, or have no realistic alleinalive but to do so. Page 8
WHITLEY ANIMAL PROTECTION TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST Auditors. responsibilities for the audit of the financial statements Our objectives are lo obtain reasonablg assurance about whether the financial slalements as 8 whole are Iree frorn malorial misstalemenl, whether due lo fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always delecl a maleii81 misslalement when it exists. Misstatements can arise frorn fraud or error and are eonsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken Dn the basi5 of these financial slalemenls. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable lo the charity and delemined that the mosl significant are those that rel*e lo the reporting framework IFRS1021, th8 relevant lax eompliance regulations, employment law, Health and Safely Regulalions and the EU G&neral Data Protection Regulation IGDPRI. We understood how the charity is complying wrth these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instsnces of irregularity or non compliance that might have a material impact on the financial slalemenls. We assessed the susceplibilily of the charitls financial slalemenls lo material misstatement, including how fraud might occur by meeting with key management lo understand where they considered there was susceptibility lo fraud. Based on our understanding our procedures involved enquiries of management and those Charged with governance, manual joumal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting eslimales used in pr8paring the financial slalemenls. Because of the inherent limitations of an audit. there is a risk that we will not deted all irregularities. including those leading to a material misslalemenl in the financial slalements or non<ompliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also 9realer regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional ¢oncealmenl, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description lorms part of our Auditors, report. Use ofour rnport This report is made solely to the charitls Trustees, as a body, in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's Trustees those matters we are required to slate lo them in an Auditors, report and for no other purpose. Page 9
WHITLEY ANIMAL PROTECTION TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WHITLEY ANIMAL PROTECTION TRUST To the fullest 8Xtent permitted by law, we do not accept or 85$umg r05ponsibility lo anyone other than the charity 8nd ils Trustees. as a bixly, for our audit work, ft)r this report, or for the opinions w8 have formed. WR Partnor8 Chartered Accountants- Statutory Auditors Belmont House Shrewsb5Jry 8u8ine88 Park Shrgwsbury Shropshire SY2 6LG Dale.. 1110612026 WR Partners are eligible lo act as auditors in terms of section 1212 of the Companies Act 20C6. Page 10
WHITLEY ANIMAL PROTECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 General fund 2025 Total funds 2025 Total funds 2024 Capltal fund 2025 Note INCOME AND ENDOWMENTS FROM: nveslmenls 384.648 384,648 297,2T6 TOTAL INCOME AND ENDOWMENTS 384.648 384,648 297,276 EXPENDITURE ON: Raising funds Charitable activities 54.006 308,812 54,006 308,812 51.889 225.091 TOTAL EXPENDITURE 362,818 362,818 276.980 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES Gainslllossesl on inve51inenls 21,830 21,830 713,653 20.296 563.585 713,653 NET MOVEMENT IN FUNDS 713,653 21.830 735,483 583,881 RECONCILIATION OF FUNDS,. Total funds brought forward 11.127,852 355.507 11.483,359 10,899,478 TOTAL FUNt)S CARRIED FORWARD 11,841,505 377.337 12,218,842 11,483.359 The notes on pages 13 10 21 form part of these financial stalemenls. Page11
WHITLEY ANIMAL PROTE¢TIQN TRUST BALANCE SHEET AS AT 31 DEceMBER 2025 Reslaled 2024 2025 Note FIXED ASSET3 Investments 11A20.353 10,848,539 CURRENT ASSET8 D•btors 529 853,675 S08 686,245 Cash at bank and In hand 804,204 686, 753 CREDITORS: amounts fallln9 due thin one year 12 155,716) (51,933? NET CURRENT ASSETS 798,489 634,820 NET ASSETS 12,218,842 11,483,359 CHARITY FUNDS Capitsl fund General fvnd 14 14 11,841,505 377.337 11,127,852 355.507 TOTAL FUNDS 12.218.842 11.483,359 The financial Stslements wer¥ approv¢d by the Tru81$ ¢n 0310612026 and signed on theii behalf, by. 8dwahd (Ulutj Mr E bVhlti•y OBE. Chalrnian Th• notes on pages 13 to 21 fomi part of theBe financial ¥taternenl8. Page 12
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES t.1 Basis of preparation of financial Statements Whitley Animal Protection Trust conslrtutes a public beneff( enlily as defined by FRS 102. The financial slalemenls are prepared on a going concern basis under the historical Mst convention, modrfied lo include certain items al fair value. The financial statements are presented in sterfing which is the functional currency of the Charty. The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland IFRS 1021 issued in October 2019. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied to all years presented unless otherwise slated. 1.2 Fund accounting General funds are Lsnrestricled funds which are available for use al the discretion of the Trustees in furtheiance of the general objectives of the Charrty and which have not been designated for other purposes. The Capital Fund is established under the Trust Deed and represents the caprtal which was originally settled on the Trust. The Caprtal Fund may be distributed for the Charitys purpose under the terms of the Trust Deed. as an expendable endowment. however the fund 48 held to produce Income that may be used on an annual basis. Investment income, gains and losses are allocated to the appropriate fund. 1.3 Income All income is recognised once the Charity has entitlement lo 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 al the time the investment in¢ome is receivable. Page13
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Icontlnuedl 1.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to transfer eeonornic benefit to a third party, it is probable that a transfer of economic benefits will be required in setuement 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 lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlributsble lo a single activity are allocaled directly lo that activity. Shared costs which conlTibul& lo more than one activity and Support costs which are not attributable lo a single activity are apportKJned between those activities on a basis consistent with the use of resources. Costs of generating funds are costs incurred in the professional management of the Charitys inveslmenls. Charrtable activities includes grants payable and support costs whlch include costs relating to the govemance of the Charity. Grants payable are charged in the year when the offer 15 made except in those cases where the offer is conditional, such grants being recognised as expenditure when the condilioris attaching are fvlfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a cummitm&nl, but not accwed as expenditure. 1.5 Golng concem The Trustees have also assessed the potential impact on the future operations of the Charty. The Charity is conSided lo be well positioned given the current environmgnt with no impact on the going concern basis of the financial slalemenls. 1.6 Investmgnts Fixed asset investment5 are a form of fi'nancial instrument and a Initial recognised at their transaction cost and subsequently measured at fair value at the Balaneè sheet date, unless fair value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on inveslmenls, in the Slalemenl of financial activities. 1.7 Intor8st r9¢9ivablg Interest on funds held on deposi( is included when receivable and the amount can be m68sured reliably by the Charity,. this is nomialty upon nolrfication of the interest paid or payable by the Bank. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade diseount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.9 Cash at Bank and In hand Cash al bank and in hand includes cash and short term highly liquid investm8nls with a short maturity of three rnonlh5 or les5 from the dale of acquisition or opening of the deposrt or similar account. Page 14
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Icontlnuedl 1.10 Liabilitios and provi5ion5 Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event. rt is probable that a transfer of economic benerrt will be required in selllemenl, and the amounl of Ihe settlement can be estimated reliably. Liabilities are recognised al the amount that the charity anlicipales il will pay lo sellle the debt or the amount il ha$ received as advanced payments for the goods or service5 it musl provide. Provisions are measured al the best estimate of the amount5 required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted al the relevant discount rale that reflects the risks specific lo the liabilrty. The unwinding of the discount is wecognised within InteSt payable and similar charges. 1.11 Financial instruments The Charrty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. INVESTMENT INCOME Genèral fund 2025 Total funds 2025 Tot81 funds 2024 Equities and unit trusts U.K. Govemmenl Stocks Other fixed interest Bank interest- gross 220,594 500 144.925 18.629 220.594 500 144,925 18.629 208,335 813 60, 757 27,371 384.648 384.648 297,276 Total 2024 297,276 297,276 Page 15
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Other costs 2025 Total 2025 Total 2024 Expenditure on investment mana9emenl 54,006 54,006 51,889 Costs of ralsing funds 54,006 54,006 51,889 Direct costs - Activities 308,812 308,812 225,091 362,818 362,818 276,980 Total 2024 276,980 276,980 INVESTMENT MANAGEMENT COSTS General fund 2025 Total funds 2025 Total funds 2024 Investment management fees 54,008 54.008 51, 889 Total 2024 51.889 51.889 ANALYSIS OF EXPENDITURE BY ACTIVITIES Grant funding of actlvltlg$ 2025 Support co$ts 2025 Totsl 2025 Total 2024 Charitable expenditure 270.080 38,732 308,812 225,091 Total 2024 204, 000 21.091 225.091 Page 16
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF GRANTS Grants to Institutions 2025 Total 2025 Total 2024 Grants, Institutional 270,080 270,080 204,(%)O Total 2024 204,000 204,000 2025 2024 Game and Wildlife Conservation Trust- Curlew Country Whitley Fund for Nature Wild Fish - River Onny Oxford WILDCRU- Whitley Analyst Sustainable Inshore Fisheries Trust Game and Wildlife Conservation Trust- Allerton COAST Fauna and Flora Inlemalional - General A8socialion for the Protection of Rural Scotland National Great Dane Rescue Cuan Wlldlife Rescue The Woodland Trust 80,000 88,864 39,000 60,(X 34,000 25,000 23,000 35,216 5,000 5,000 s,000 5,000 2,000 2.000 3,000 Total 270,080 204.(WO SUPPORT COSTS Total 2025 Tolal 2024 A¢tlvltloS Audi(offs iemuneralion Accountancy s&rvices Legal lees Bank charges Trustee's indemnity insurance Exchange rale difference 9,198 7,440 7,310 49 1,248 13,487 9,198 8, 765 9. 168 3, 142 38 1. 190 {1.212J 7,310 1,248 13,487 38,732 38,732 21.091 Total 2024 21,091 21.091 Page 17
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 NET INCOMEIIEXPENDITUREI During the year, no Trustee received any remuneration12024- £NILI. During the year, no Trustee received any benefits in kind12024 £NILI. During the year, no Trustee received any Teimbursemenl of expènses12024- £NILI. FIXED ASSET INVESTMENTS Listed $gcurltl&s Market value At 1 January 2025 Additions Disposal proceeds Revaluations 10,848,539 1,053.643 11.195,482) 713.653 At 31 December 2025 11,420.353 Invostments at market value comprise: Restated 2024 2025 Listed investments 11,420.353 10,848,539 10. AUDITORS. REMUNEPATION The remuneration amounts lo an Audit fee of £9,19812024- £8,765). and accountancy Services of £7.440 12024- £9,1681. 11. DEBTORS 202S 2024 Prepayments and accrued income 529 508 12. CREDITORS.. Amounts falling due within one year 2025 2024 Accruals and deferred income Grants accrued - inslilulional (included in Notes S & 61 16.715 39.000 17.933 34,000 55.715 51,933 Page18
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. PRIOR YEAR ADJUSTMENT Cash held in inveslmemts is now Irealed as cash 8t bank atyl in hand. No update on reported Surplus or total funds previously slated. 14. STATEMENT OF FUND STATEMENT OF FUNDS-CURRENT YEAR Balance at 31 Gain$1 December (Losses) 2025 Balance at 1 January 2025 Income Expenditurè General fund General Funds 355,507 384.648 1362.8181 3TI,337 Capital fund Endowment Funds 11.127.852 713,653 11,841,505 Total of funds 11,483,359 384,648 1362,8181 713,653 12,218,842 STATEMENT OF FUNDS - PRIOR YEAR Balance al 31 December 2024 Balance at l January 2024 Gains/ (Losses) Income Expenditure General FLtnds 335,211 297, 276 {276,980) 355,507 Endowment Funds 10,564,267 563,585 11,127,852 Total of funds 10,899.478 297,2T6 (276,980) 563.585 11.483.359 Page19
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202S 14. STATEMENT OF FUNDS l¢ontlnuedl SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 Galnsl December ILossesl 2026 Balance at 1 January 2026 Income Expendlture General fund Capital fund 355,507 11,127,852 384.648 362.8181 377.337 713,653 11,841,505 11,483,359 384,648 {362,818} 713,653 12,218,842 SUMMARY OF FUNDS - PRIOR YEAR Balance al 31 December 2024 Balance al l January 2024 Gains/ (Loss8sJ Income Expenditure General fund Capital fund 335,211 10,564,267 297,276 1276,980) 355,507 563,585 1 q, 127, 852 YO.899.478 297,276 (276,980) 563,585 11,483.359 The Capital Fund represen15 the value of the investment assets held as an expendable endowment. All income generated by these investments is Irealed as unre51ricled and attributed to the General Fund and is used lo fvrther the Charitys objedives through grants made lo charities wi(h comp811b objectives. Page 20
WHITLEY ANIMAL PROTECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Capltal fund 202S General fund 2026 Total funds 2025 Fixed asso1 investments Curient assets Creditors due within one year 11,420,353 421,152 11,420,353 854,204 155,715} 433,052 165,7151 11,841.505 377,337 12,218,842 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Capital lund General fund 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due wrthin one year 10,848, 539 279,313 11, 127,852 407,440 {51,933) 407,440 (51,933) 11,127,852 355,507 11,483,359 16. RELATED PARTY TRANSACTIONS The Trust made the following grant5 during the year to charities which are connocled with it.. £88.86412024." £50.0001 lo the Whiliey Fund for Nature. Mr E J Whitley OBE is a TNstee of this charity. £35,216 12024.. £23,000) lo the Sustainable Inshore Fisheries Trust. Mr J Whitley 1$ a Trustee of this charty. £2,040 was received in dividend5 from Polar Capital Global Healthcare Trust plc. Mr J Whitley is a non- executsve director of this company. Page 21