REGISTERED CHARITY NUMBER: 259746
Whitehill Chase Foundation Trust
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st December 2021
Whitehill Chase Foundation Trust
Contents of the Financial Statements for the Year Ended 31st December 2021
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Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 11
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Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust was founded with the purpose of supporting such other charitable organisations as the trustees may decide. From 1988 until May 2020, the main beneficiary of the trust was The Acorn Christian Foundation which occupied the buildings at Whitehill Chase. Following The Acorn Christian Foundation leaving Whitehill Chase in May 2019, further grants were made up to May 2020 after which no further grants were made. Owing to the disruption caused by the negotiations regarding the sale of Whitehill Chase during the year ended 31st December 2021 no grants were made in the year (2020 £13,500 to The Acorn Christian Christian Foundation, £3,198 to Country Holidays for Inner City Kids (CHICKS), £10,226 to St. Mark's Church, Bordon, £2,432 to Greenhouse Christian Centre, £2,250 to St. Christopher's Hospice and £3,865 to Longfield Hospice Care.
A summary of the trust's statement of financial activities for the year is given on page 5 of these accounts.
The trust aims to recommence the making of grants in the year ended 31st December 2022.
Public Benefit
When planning activities and considering the making of grants, the trustees have considered the Charity Commission's guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion and the advancement of health.
The trustees believe that they fulfil these aims by the making of grants to other charities with aims in accordance with the charity's objectives. The trustees have determined that priority will be given to charities that are, local to the Bordon and Whitehill area, support people who are in genuine need and where the donation will be used for a specific purpose.
ACHIEVEMENT AND PERFORMANCE
Investment income decreased by 7.1% compared to the year ended 31st December 2020. This was partly due to the effect of Covid-19 and partly as the result of the sale of investments to finance the costs of maintaining the buildings at Whitehill Chase following the vacating of the buildings by The Acorn Christian Foundation and prior to the agreement to sell.
During the year the trust entered into an agreement to sell the land and buildings at Whitehill Chase for a total of £2,050,000. A deposit and initial payment totalling £205,000 was received in the year. The balance of £1,845.000 was due for payment on the earlier of the grant of planning permission on the site or 12 months after the date of completion. The balance became due in September 2022 and is treated as a debtor in these accounts.
Following The Acorn Christian Foundation leaving the premises at Whitehill Chase on 22nd May 2019, the trust became responsible for the running costs of the property. Following the agreement to sell the property the purchaser became responsible for the majority of these costs. Certain expenses, however, either related to expenses which remained the responsibility of the trust or related to contracts entered into before the date of the sale agreement. This has involved the trust in significant expenditure in the year and as mentioned above it has been necessary to sell investments to finance these costs. Details of property costs are set out in note 6 to the accounts.
FINANCIAL REVIEW
Investment policy and objectives
The trustees have the power to invest in such assets as they see fit.
The investment objectives are to generate as much income as possible consistent with protection of capital in real terms, accepting a medium level of risk overall.
There was a increase in value of the listed investments retained of £180,280 as at 31st December 2021 (2020 - decrease of £64,658).
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Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2021
FINANCIAL REVIEW
Reserves policy
Free reserves (that is funds not invested in fixed assets or the balance of the sale proceeds of Whitehill Chase) represented approximately eleven months expenditure as at 31st December 2021 (2020 - three months).
FUTURE PLANS
Following the sale of the land and buildings at Whitehill Chase, the trustees intend to invest the proceeds to produce an income to enable the trust to recommence the making of grants to appropriate charities.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Whitehill Chase Foundation Trust is registered with the Charity Commissioners and constituted by Deed of Trust dated 16th February 1969, as amended by a Deed of Appointment dated 17th November 2003.
Organisational structure
The trustees met a number of times during the year ended 31st December 2021, these meetings were held via Zoom owing to the restrictions imposed due to Covid-19. The majority of these discussions related to the negotiations regarding the sale of the land and buildings at Whitehill Chase.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
259746
Principal address
The Thatch, Frampton Mansell Stroud Gloucestershire GL6 8LG
Trustees
Mrs C J Dickinson C D R Morgan I A Wright (resigned 31.12.21) F Cowper (resigned 26.10.21)
Independent Examiner
D A Sanders BA (Hons) FCA Sheen Stickland Chartered Accountants 4 High Street Alton Hampshire GU34 1BU
Bankers
National Westminster Bank plc 32 Market Place Cirencester Gloucestershire GL7 2NU
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Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2021
REFERENCE AND ADMINISTRATIVE DETAILS Solicitors
Taylor Fordyce 1 & 2 City Business Centre Hyde Street Winchester SO23 7TA
Burley Geach 8 Swan Street Petersfield Hampshire GU32 3AE
Stone King 13 Queen Square Bath BA1 2HJ
Investment Advisers and Managers
Brewin Dolphin Limited Vantage Point Woodwater park Pynes Hill Exeter EX2 5FD
The power to appoint new or additional trustees is vested in the existing trustees.
Prospective trustees are given an introduction to the work of the trust and information on the role of trustees and Charity Law.
13/10/2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ Mrs C J Dickinson - Trustee
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Independent Examiner's Report to the Trustees of Whitehill Chase Foundation Trust
Independent examiner's report to the trustees of Whitehill Chase Foundation Trust
I report to the charity trustees on my examination of the accounts of Whitehill Chase Foundation Trust (the Trust) for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
D A Sanders BA (Hons) FCA Sheen Stickland Chartered Accountants
4 High Street
Alton
Hampshire GU34 1BU
Date: .............................................
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Whitehill Chase Foundation Trust
Statement of Financial Activities for the Year Ended 31st December 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities The Acorn Christian Foundation Property costs 6 Management and administration 7 Other grants to institutions Total Net gains/(losses) on investments 8 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Endowment fund £ 73,029 14,293 - 39,721 29,401 - 83,415 (146,614) (157,000) 4,509,497 4,352,497 |
2020 Total funds £ 78,587 12,925 13,500 227,991 42,405 21,971 318,792 (159,875) (400,080) 4,909,577 4,509,497 |
|---|---|---|
The notes form part of these financial statements
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Whitehill Chase Foundation Trust
Balance Sheet 31st December 2021
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Endowment funds TOTAL FUNDS |
2021 Endowment fund £ 2,433,782 - 2,433,782 1,853,644 90,982 1,944,626 (25,911) 1,918,715 4,352,497 4,352,497 4,352,497 4,352,497 13/10/2022 |
2020 Total funds £ 2,041,906 2,400,000 4,441,906 17,286 80,923 98,209 (30,618) 67,591 4,509,497 4,509,497 4,509,497 4,509,497 |
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
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............................................. C J Dickinson - Trustee
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............................................. C D R Morgan - Trustee
The notes form part of these financial statements
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Whitehill Chase Foundation Trust
Notes to the Financial Statements for the Year Ended 31st December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared 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 UK and Republic of Ireland (FRS 102) (effective 1st January 2019) - (Charities SORP (FRS 102))', 'The Financial Reporting Standard applicable in the UK and Republic of Ireland - (FRS102)' and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on the going concern basis as the trustees do not consider that the effects of Covid-19 or the conflict in Ukraine will impact on the charity's ability to continue to operate.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
The trust was set up in 1969 by the transfer to the trustees by Miss V J Knowles of certain freehold property, no valuation was applied to the property at this time.
Subsequently surplus land was sold and various buildings were constructed using the proceeds of these sales. All of these transactions were reflected through the income and expenditure account.
With effect from 1st January 1995 it was decided that these buildings would be shown on the balance sheet as investment properties. These were revalued annually at 75% of insurance valuation until 31st December 2010 and land was valued at cost, as the land was gifted to the trust, the value was Nil at 31st December 2010.
With effect from 1st January 2011 the trustees decided that this was no longer an appropriate method of estimating the market value of the property and it was decided to obtain a professional valuation of the property to include the value of the underlying land. This initial valuation was carried out on 14th September 2012 and subsequent valuations of the property were carried out by the trustees at their estimate of fair value. Further professional valuations were carried out as at 31st December 2017 and 3rd June 2019. The entire property was sold in the year ended 31st December 2021.
Listed investments are valued at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
Income from fixed interest securities is recognised in the accounts on an accruals basis.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
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Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
2.
INVESTMENT INCOME
| UK dividends and distributions from UK unit trusts Overseas dividends Interest on UK fixed interest securities Interest on overseas fixed interest securities Bank deposit interest RAISING FUNDS Investment management costs Investment manager's fee |
2021 £ 55,026 11,058 550 6,387 8 73,029 2021 £ 14,293 |
2020 £ 59,009 11,683 2,102 5,684 109 |
|---|---|---|
| 78,587 | ||
| 2020 £ 12,925 |
3. RAISING FUNDS
Investment management costs
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
| Trustees' expenses | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Trustees' expenses | 622 | 426 |
Expenses were reimbursed to three trustees during the year ended 31st December 2021 (2020 - two).
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
All of the income, expenditure and net gains and losses on investments in the year ended 31st December 2020 relate to the endowment fund of the charity.
6. PROPERTY COSTS
| Repairs and maintenance Architect's fees Security costs Council Tax Insurance Light and heat |
2021 £ (1,387) 3,094 21,672 6,382 4,070 5,890 39,721 |
2020 £ 7,365 9,433 200,088 1,860 7,839 1,406 |
|---|---|---|
| 227,991 |
continued...
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Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
7. MANAGEMENT AND ADMINISTRATION
| Trustees' expenses Independent examiner's remuneration Other accountancy fees Legal and professional fees Telephone Sundry expenses 8. GAINS/LOSSES ON INVESTMENTS Loss on disposal of investment property Realised gain/(loss) on disposal of listed investments Unrealised gain/(loss) on revaluation of listed investments 9. FIXED ASSET INVESTMENTS Listed Investments Valuation at 1st January 2021 Additions Disposal proceeds Net realised gains/(losses) Net unrealised gains/(losses) Valuation at 31st December 2021 Historical cost at 31st December 2021 Cash Total investment assets |
2021 £ 622 2,400 8,508 1,680 16,191 - 29,401 2021 £ (350,000) 23,106 180,280 (146,614) 2021 £ 1,859,479 669,571 (361,662) 23,106 179,809 2,370,303 1,947,869 63,479 2,433,783 |
2020 £ 426 2,100 5,682 29,796 4,401 - 42,405 2020 £ - (95,217) (64,658) 159,875 2020 £ 2,347,235 181,149 (509,030) (95,217) (64,658) 1,859,479 1,658,802 182,427 2,041,906 |
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|---|---|---|---|---|
.
continued...
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Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
10. INVESTMENT PROPERTY
| Investment Properties Cost or valuation at 1st January 2021 Additions at cost Disposal proceeds Surplus/(deficit) on disposal Revaluation surplus/(deficit) Cost or valuation at 31st December 2021 |
£ 2,400,000 - (2,050,000) (350,000) - 2,400,000 |
|---|---|
The freehold property was last valued on an open market value basis as at 3rd June 2019 by Knight Frank external independent valuers at a value of £2,400,000. This was more than the sale proceeds subsequently achieved but this information was not available at the time the 2020 accounts were prepared.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other debtors Prepayments Accrued income |
2021 £ 1,845,000 4,328 4,316 1,853,644 |
2020 £ - 13,148 4,138 |
| 17,286 |
Others debtors represents the balance receivable on the sale of the land and buildings at Whitehill Chase.
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other creditors Accruals |
2021 £ 13,348 12,563 25,911 |
2020 £ 20,642 9,976 |
| 30,618 |
continued...
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Notes to the Financial Statements - continued for the Year Ended 31st December 2021
Whitehill Chase Foundation Trust
13. MOVEMENT IN FUNDS
The charity has a single endowment fund and all the transactions in the year ended 31st December 2021 and previous years relate to that fund.
Following the transfer to the charity of the buildings at Whitehill Chase in 1969 surplus land was sold and the proceeds invested in listed investments by the trustees. In the opinion of the trustees the proceeds of those sales taking place before the death of Miss Knowles were made with her express approval and therefore whilst still forming part of the endowment fund may be distributed at the discretion of the trustees. The proceeds of sales of land, however, taking place after the death of Miss Knowles amounting to £2,730,282 cannot be distributed.
14. RELATED PARTY DISCLOSURES
Other than as detailed in note 4 to the financial statements, there were no related party transaction for the year ended 31st December 2021.
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