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 IndU￿10n and training of TrUSt￿S 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 We￿are. 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 a￿oUnts. 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 rep￿SentS a prudent balance be￿een risk and reward. At the year's end markets had not fo￿seen 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 d￿5 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 p￿pare 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 P￿paratIOn 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