REGISTERED CHARITY NUMBER: 259746
Whitehill Chase Foundation Trust
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st December 2022
Whitehill Chase Foundation Trust
Contents of the Financial Statements for the Year Ended 31st December 2022
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Page
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 10
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Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2022
The trusteespresenttheirreportwith the financialstatementsof the charityfor the year ended31st December 2022.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust was foundedwith the purposeof supportingsuch other charitableorganisationsas the trusteesmay decide.
From1988untilMay 2020,the mainbeneficiaryof the trustwas The AcornChristianFoundationwhichoccupied the
buildingsatWhitehillChase.FollowingTheAcornChristianFoundationleavingWhitehillChaseinMay2019, further
grantsweremadeuptoMay2020afterwhichnofurthergrantsweremade.Owingtothedisruptioncausedby the
negotiationsregardingthe sale of WhitehillChase duringthe year ended 31st December 2021 no grantswere made in
theyear.FollowingthereceiptofthefundsfromthesaleofWhitehillChaseintheyearended31stDecember 2022
the trustees recommenced the awarding of grants.
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 continue the making of grants in the year ended 31st December 2023.
Public Benefit
When planningactivitiesand consideringthe makingof grants,the trusteeshave consideredthe Charity Commission's
guidanceon publicbenefit and in particular,the specific guidanceon charitiesfor the advancementof religionand the
advancement of health.
The trusteesbelieve that they fulfilthese aims by the makingof grantsto other charitieswith aims in accordance with
thecharity'sobjectives.Thetrusteeshavedeterminedthatprioritywillbegiventocharitiesthatare,localto the
BordonandWhitehillarea,supportpeoplewhoareingenuineneedandwherethedonationwillbeusedfor a
specific purpose.
ACHIEVEMENT AND PERFORMANCE
Investmentincomeincreasedby21%comparedtotheyearended31stDecember2021.Thiswaspartlydueto the
effectofCovid-19intheyearended31stDecember2021andpartlyastheresultoftheinvestmentofthe funds
arising from the sale of Whitehill Chase.
During the year 26 grants totalling £113,497 were made to 19 different charitable organisations.
FollowingthecompletionofsaleofthepremisesatWhitehillChase,thetrustisnolongerresponsibleforanyof the
costsrelatingto the property.The remainingpropertycostsshownin theseaccountsrelateto contractsentered into
before the sale of Whitehill Chase. As at 31st December 2022, no obligations remain under these contracts.
FINANCIAL REVIEW
Investment policy and objectives
The trustees have the power to invest in such assets as they see fit.
Theinvestmentobjectiveis toprovidea growthreturncombiningcapitalgrowthwithincometogrowthereal value
of the capital and the income streams through time.
Therewasadecreaseinvalueofthelistedinvestmentsretainedof£231,014asat31stDecember2022(2021 -
increase of £180,280).
Page 1
Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2022
FINANCIAL REVIEW
Reserves policy
Freereserves(thatisfundsnotinvestedinfixedassetsorthebalanceofthesaleproceedsofWhitehill Chase)
representedapproximatelythree monthsexpenditureas at 31st December 2022 (2021 - eleven months).The trustees
consider this level of reserves to be appropriate.
FUTURE PLANS
The trusteesintendto continueto make grantsto such othercharitableorganisationsthatare in accordancewith the
charity's objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
WhitehillChase FoundationTrust is registeredwith the CharityCommissionersand constitutedby Deed of Trust dated
16th February 1969, as amended by a Deed of Appointment dated 17th November 2003.
Organisational structure
Thetrusteesmetanumberoftimesduringtheyearended31stDecember2022,.Themajorityofthese discussions
related to the awarding of grants and matters relating to the governance of the charity.
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
Mrs C H L Morgan (appointed 12.9.22)
Independent Examiner
D A Sanders BA (Hons) FCA
Sheen Stickland
Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT
Bankers
National Westminster Bank plc
32 Market Place
Cirencester
Gloucestershire
GL7 2NU
Page 2
Whitehill Chase Foundation Trust
Report of the Trustees for the Year Ended 31st December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
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.
Prospectivetrusteesaregivenanintroductiontotheworkofthetrustandinformationontheroleoftrustees and
Charity Law.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
Mrs C J Dickinson - Trustee
Page 3
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 reportto the charitytrusteeson my examinationof the accountsof WhitehillChase FoundationTrust(the Trust) for
the year ended 31st December 2022.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionunderSection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich 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
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT
Date: .............................................
Page 4
Whitehill Chase Foundation Trust
Statement of Financial Activities for the Year Ended 31st December 2022
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Property costs
Management and administration
Grants to institutions
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2022
Endowment
fund
£
88,353
16,327
314
8,137
113,497
138,275
(237,978)
(287,900)
4,352,497
4,064,597 |
2021
Total
funds
£
73,029
14,293
39,721
29,401
-
83,415
(146,614)
(157,000)
4,509,497
4,352,497 |
|
|
|
The notes form part of these financial statements
Page 5
Whitehill Chase Foundation Trust
Balance Sheet
31st December 2022
Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Endowment funds
TOTAL FUNDS |
2022
Endowment
fund
£
4,035,549
7,003
35,355
42,358
(13,310)
29,048
4,064,597
4,064,597
4,064,597
4,064,597 |
2021
Total
funds
£
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 |
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
C J Dickinson - Trustee
.............................................
C D R Morgan - Trustee
The notes form part of these financial statements
Page 6
Whitehill Chase Foundation Trust
Notes to the Financial Statements
for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewith'AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
andRepublicofIreland(FRS102)(effective1stJanuary2019)-(CharitiesSORP(FRS102))','The Financial
Reporting Standard applicable in the UK and Republic of Ireland - (FRS102)' and the Charities Act 2011.
Thefinancialstatementshavebeenpreparedunderthehistoricalcostconventionwiththeexception of
investments which are included at market value, as modified by the revaluation of certain assets.
Thefinancialstatementshavebeenpreparedonthegoingconcernbasisasthetrusteesdonotconsider that
theeffectsoftheconflictinUkraineorthecurrentfinancialsituationwillimpactonthecharity'sability to
continue to operate.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Investments
Listedinvestmentsarevaluedatclosingmid-marketvalueatthebalancesheetdate.Anygainorloss 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...
Page 7
Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
2. INVESTMENT INCOME
3.
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
Other Interest receivable
RAISING FUNDS
Investment management costs
Investment manager's fee |
2022
£
54,721
18,948
-
5,356
195
9,133
88,353
2022
£
16,327 |
2021
£
55,026
11,058
550
6,387
8
- |
|
|
73,029 |
|
|
2021
£
14,293 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember2022norfor the
year ended 31st December 2021.
Trustees' expenses
|
2022 |
2021 |
|
£ |
£ |
Trustees' expenses |
187 |
622 |
Expenses were reimbursed to two trustees during the year ended 31st December 2022 (2021 - three).
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
All of the income,expenditureand net gains and losses on investmentsin the year ended 31st December 2021
relate to the endowment fund of the charity.
6. PROPERTY COSTS
|
2022 |
2021 |
|
£ |
£ |
Repairs and maintenance |
- |
(1,387) |
Architect's fees |
- |
3,094 |
Security costs |
- |
21,672 |
Council Tax |
- |
6,382 |
Insurance |
594 |
4,070 |
Light and heat |
(280) |
5,890 |
|
|
|
|
314 |
39,721 |
|
|
|
continued...
Page 8
Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
7. MANAGEMENT AND ADMINISTRATION
|
|
2022 |
|
2021 |
|
|
£ |
|
£ |
Trustees' expenses |
|
187 |
|
622 |
Independent examiner's remuneration |
|
2,650 |
|
2,400 |
Other accountancy fees |
|
2,696 |
|
8,508 |
Legal and professional fees |
|
1,788 |
|
1,680 |
Telephone |
|
816 |
|
16,191 |
|
|
|
|
|
|
|
8,137 |
|
29,401 |
|
|
|
|
|
GAINS/LOSSES ON INVESTMENTS |
|
|
|
|
|
|
2022 |
|
2021 |
|
|
£ |
|
£ |
Loss on disposal of investment property |
|
- |
|
(350,000) |
Realised gain/(loss) on disposal of listed investments |
|
(6,964) |
|
23,106 |
Unrealised gain/(loss) on revaluation of listed investments |
|
(231,014) |
|
180,280 |
|
|
|
|
|
|
|
(237,978) |
|
(146,614) |
|
|
|
|
|
FIXED ASSET INVESTMENTS |
|
|
|
|
Listed Investments |
|
2022 |
|
2021 |
|
|
£ |
|
£ |
Valuation at 1st January 2022 |
2,370,303 |
|
|
1,859,479 |
Additions |
1,077,963 |
|
|
669,571 |
Disposal proceeds |
(92,545) |
|
|
(361,662) |
Net realised gains/(losses) |
(6,964) |
|
|
23,106 |
Net unrealised gains/(losses) |
(231,013) |
|
|
179,809 |
|
|
|
|
|
|
|
|
|
|
Valuation at 31st December 2022 |
3,117,774 |
|
|
2,370,303 |
|
|
|
|
|
|
|
|
|
|
Historical cost at 31st December 2022 |
3,733,436 |
|
|
1,947,869 |
|
|
|
|
|
|
|
|
|
|
Cash |
917,805 |
|
|
63,479 |
|
|
|
|
|
|
|
|
|
|
Total investment assets |
4,035,549 |
|
|
2,433,782 |
|
|
|
|
|
|
|
|
|
|
8. GAINS/LOSSES ON INVESTMENTS
9. FIXED ASSET INVESTMENTS
.
continued...
Page 9
Whitehill Chase Foundation Trust
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Other debtors
Prepayments
Accrued income |
2022
£
-
2,232
4,771
7,003 |
2021
£
1,845,000
4,328
4,316 |
|
|
1,853,644 |
Othersdebtorsasat31stDecember2021,representsthebalancereceivableonthesaleoftheland and
buildings at Whitehill Chase.
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accruals |
2022
£
187
13,123
13,310 |
2021
£
13,348
12,563 |
|
|
25,911 |
12. MOVEMENT IN FUNDS
Thecharityhasa singleendowmentfundandallthetransactionsintheyearended31stDecember2022 and
previous years relate to that fund.
Followingthetransferto thecharityof thebuildingsat WhitehillChasein1969surpluslandwas soldand the
proceedsinvestedinlistedinvestmentsbythetrustees.Intheopinionofthetrusteestheproceedsof those
sales takingplace before the death of Miss Knowles were made with her express approvaland therefore whilst
stillformingpartof the endowmentfundmay be distributedat the discretionof the trustees.The proceeds of
salesofland,however,takingplaceafterthedeathofMissKnowlesamountingto£2,730,282cannot be
distributed.
13. RELATED PARTY DISCLOSURES
Otherthanasdetailedinnote4tothefinancialstatements,therewerenorelatedpartytransactionfor the
year ended31st December 2022.
Page 10