``` 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`** **----- Start of picture text -----**
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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 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 ```