REGisfERED CHARrtY NUMBER: 259746 Whitehill Chase Foundation Trust Report ofthe Trustees and Unaudited Financial Statementsforthe Year Ended 3tst December 2024
Whitehill Chase Foundation Trust Contents of the Finanual Statements for the Year Ended 31st December 2024 Page Report of the Trustees Independent Examlner's Report Statement of Financial Artivrlies Balancè Sheet Notes to the FTrnanclal Stateménts 7 to 10
Whitehill Chase Foundation Trust Report of the Trustees for the Year Ended 31st December 2024 The tru5tee5 present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in actordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leftective l January 20191. OBJEcfivES AND AcmimES Objectives and alms 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 tTUSt was The Acom Christian Foundation which occupied the buildings at Whitehill Chase. Following The Acorn Christian Foundation leaThg Whitehill Chase in May 2019, further grants were made up to May 2020 after which no further grants were made. Owing to the dtsruption caused by the negotiations regarding the sale of Whitehill Chase during the year ended 315t December 2021 no grants were made in the year. Following the receipt of the funds from the sale of Whttehill Chase in the year ended 31st December 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 2025. 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 specifK guidance on charities for the advancement of religion and the advancement of health. The trustees believe that they fulfil these airn5 by the rnaknng of grants to other charities with aims in accordance with the charity's objectives. The trustees have deterniined that priority will be given to charities that are, lotal to the Bordon and Whitehill area. support people who are in genuine need and where the donation will be used for a specifi'c purpose. ACHIEVEMENT AND PERFORMANCE Inve5trnent income decreased by 4% compared to the year ended 31st Dember 2023. During the year 40 grants totslling £113,261 were made to 38 different charitable or8ani5ations. FINANCIAL REVIEW Invertment policy and objertives The trustees have the power to invest in such assets as they see fft. The investment objective is to grow the reèl valuè of both capital and income streams over time. Duiing the year the trustees made the decision to change investrnent managers and to split the investment portfolio between Rathbones Investment Management limited and Sarasin Partners LLP. The portfolio is now invested in managed fund5 provided by these irbve5tment managers. There was a realised gain on the transfer of the investments from Brewin Dolphin to the new investment Managers of £199,282. There has, however, subsequently been a decrease in the value of the listed investments transferred of £9,957. Re5erve5 policy Free reserves Ithat is funds not invested in fixed assets represented approximately three months expenditure as at 31st December 202412023- two months). The trustees consider this level of reserves to be appropriate. Page I
Whitehill Chase Foundation Trust Report of the Trustees for the Year Ended 31st December 2024 FUTURE PLANS The trustees intend to continue to make grants to such other tharitsble organisation5 that are in accordance with the charity's objective5. SThUCTURE. GOVERNANCE AND MANAGEMENT Governing document Whitehill Chase Foundation Trust is gistered with the Charity Commissioners and constituted by Deed of Trust dated 16th February 1969. as amended by a Deed of Appointment dated 17th November 2(KTr3. Organisational structure The trustees met a number of times durFng the year ended 31st Decernber 2024. The majority of these discussions related to the awarding of 8rants and matters relating to the govemance of the charity- REFERENCE AND ADMINISTRATIVE DETAILS Reg15tered Charlty number 259746 Princlpal address The Thatch. FraFnpton Mansell Stroud Gloucestershire GL68LG Trustees Mrs C J Dickinson C D R Morgan Mr5 C H l Morgan Baroness N I Schrager von Altishofen (appointed 14.2.241 C S Lawrence-mills (appointed 14.2.241 Independent Emamlner D A Sanders BA (Honsl FCA Sheen Stickland Chartefed Accouniants 2 Oriel Court Omega Park Alton Hampshire GU34 2 Bankers C4F Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME1941Q Page 2
Whitehill Chase Foundation T$t Report of the Trustees for the Year Ended 31st December 2024 REFERENCE AND ADMINISTRATIVE DETAIiS Solldtors Stone King LLP Upper Borough Court Upper Borough Walls Bath BAI IRG Investrnent Advisers and Managers Brewin Dolphin Limited Vantage Point Woodwatér Park Pyne5 Hill Exeter EX2 5FD Rathbones Investment Management knmited 30 Gresham Street London EC2V 7QN Sarasin & Partners ILP Juxon House l(Kl St Paul's Churchyard London EC4M 8BU The power to appoint new or additional trustees is vested in the existing trustees. Prospertive trusteès are given an introduction to the work of the trust and information on the role of trustees and Charity Law. Approved by order of the board of trustees on 14th May 2025 and signed on its behalf by= Mrs C J Dickinson- Trustee Page 3
Independent Examlner's Report to the Trustee5 of Whltehill Chase Foundation Trust Indèpendènt txamlnèr's report tothe trustees of Whitehill Chase Foundation Trust I report to the charity trustee5 on my examination of the accounts of Whitehill Chase Foundation Trust Ithe Trust) for the year ended 31st December 2024. Responslb511tles and basls of report As the charity trustees of the Trnst you are responsible for the preparation of the acryjunts in accordance with the requirements of the Charities Act 2011 Ilhe Act'l. I report in re5pert of my examination of the Trust's accounts cairied out under Section 145 of the Act and in carrying out my examination I have followed all applicable Direciions given by the (harity Commission under Section 14515llbl of the ACL Independènt examlnevs statèmènt I have completed my examination. I tonh.rm that no material matters have come to my attention in connertion wth the examination giving me c3use to believe that in any materbal respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Art,. or the accounts do not accord with those records- or the accounts do not comply with the applicable qUirementS conceming the form and tontent of accounts set out in the Charities (Accounts and Reports) Regulations 2LK18 other th3n 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 connettion 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 IHon51 FCA Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2 16th May 2025 Page 4
Whitehill Chase Foundation Trust Statement of Financial Activities for the Year Ended 31st December 2024 2024 Endowment fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 122.294 127,255 EXPENDrruRE ON Raising funds 18,319 25,333 Charitable activities Management and administration Grants to institutior¢s 6,769 113,261 8.656 129.495 Total 138.349 163,484 Net gain5 on investments 189.325 143,448 NETINCOME 173.270 107.219 RECONCIUATION OF FUNDS Total funds brought forward 4.171.816 4.064.597 TOTAL FUNDS CARRIED FORWARD 4.345.086 4.171,816 The notes forni part of these financial statements Page 5
Whitehill Chase Foundation Trust Balance Sheet 315t December 2024 2024 Endowment fund 2023 Total funds Notes FIXED ASSETS Investments 4.313.159 4,146,494 CURRENT ASSETS Debtors Cash at bank 7,317 32,500 38,757 38,757 39.817 CREDITORS Amourits falling due within one year io 16.8301 114,4951 NET CURRENT ASSErs 31.927 25.322 TOTALASSEfs LESS CURRENT UABILMES 4.345.086 4,171,816 NET ASSErs 4.345.086 4.171.816 FUNDS Endowment funds li 4.345.086 4,171.816 TOTAL FUNDS 4.345.086 4.171,816 The financial statements werè approvèd by thè Board of Trustees and 8h0n$ed for issuè on 3rd May 2025 and were signed on its behalf by= Mrs C J Dickinson- Trustee C D R Morgan- Trustee The notes fom part ofthese financial statements Page 6
Whitehill Chase Foundation Trust Notes to the Financial SLiternents for the Year Ended 31st December 2024 ACCOUNTING pouaES Basis of preparing the financial statements The financial statements of the charity. which is a public benefit enttty under FRS 102. have been prepared in accordarhce with 'Accourbting and Reporting by Charitie5= Statement of Recomfflended Pr3ctice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1st january 20191- (Charities SORP IFRS 10211., The Financial Reporting Standard applicable in the UK and Republic of Ireland- IFR51021' and the Charities Act 2011. The financial staternents have been prepared under the historical cost convention wr(h the exception of investments which are incl(Jded at market value. The financial statements have been prepared on the 80in8 concern basis 35 the trustees do not consider that the effects of the conflict in Ukraine or the current financial situation will impact on the charity's ability to continue to operate. Income All income is recognised in the Staternent of Financial Artivities once the charity has entitlement to the funds. it is probable that the income will be receive(l and the amount can be measured reliably. Expendrturt Lt3bilities 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 ba51S and ha5 been classtfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activitie5 on a basis con51Stent with the Use of resources. Grants offered subjett to tondwtions which have not been met at the year end date are noted as a commitment but not accrued a5 expendrture. Taxatlon The charity is exempt from tax on tts charttable actNtttes. INVESTMENT INCOME 2024 2023 UK dwidends and distributiODS from UK unrt trusts Overseas dividends Interest on UK fixed interest securities Interest on overseas fixed interest securitiès 8ank deposlt interest 74,532 18,854 9.404 12.945 6,559 79.662 22,283 5.701 14.120 5,489 122,294 127.255 Page 7 continued...
Whitehill Chase Foundation Trust Notes to the Financial Ststements- continued for the Year Ended 31st December 2024 RAISING FUNDS Investment management Costs 2024 2023 Investment manager's fee 18,319 25.333 TrusrEES' REMUNERATION AND BENEFITS Thère were no trustees. remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. Trustees. expenses 2024 2023 Tnjstees, expen5e5 254 375 Expenses were reimbursed to four tnjstees during the year ended 3tst December 202412023- threel. The charity ha5 purchased trustee indemntty insuraft at a cost of £15712023- £157). COMPARATIVES FOR THE STATEMENTOF FINANCIALACTIVITIES All of the income, expenditure and net gains and losses on investments in the year ended 31st December 2023 relate to the endowment fund of the charity. MANAGEmETr AND ADMINisfRATION 2024 2023 Tru5tees' expeftses Insurance Independent examinerfs remuneratton Other accountancy fees Legal and professional fee5 Bank charges 254 157 3,150 2,332 780 96 375 157 2.850 3,430 1,770 74 6.769 8.656 Page 8 continued...
Whitehill Chase Foundation Trust Note5 to the Financial Statements- continued for the Year Ended 31st December 2024 GAINSILOSSES ON INVESTMEP 2024 2023 Realised gainlllossl on disposal of listed irwestments Unrealised gainlllossl on revaluation of listed investments 199,282 19.957 118,0601 161,508 189,325 143,448 FIXED ASSET INVESTMENTS Listed Investments 2024 2023 Valuation at 1st January 2024 Additions Disposal proceeds Net realised gains/llossesl Net unrealised gainslllossesl 4,096,502 S,(X)0,585 14.975.657) 199.282 19,9571 3,117,744 1,392,241 1556.9311 118.0601 161.508 Valuation at 31st December 2024 4.310.755 4.096.502 Historical cost at 31st December 2024 4,323,118 3,771,647 Cash 49,992 Total investment assets 4.313.159 4,146.494 DEBTORS: AMOUNTS FAWNG OUE wrtHIN ONE YEAR 2024 2023 Accrued income 7.317 Page 9 continued...
Whitehill Chase Foundation Trust Notes to the Financial SLitemerkts- continued for the Year Ended 31st December 2024 io. CREDITORS.. Amoufffs FALUNG DUE WITHIN 014E YEAR 2024 2023 Other creditors Accruals 375 14.120 6,830 6.830 14,495 ii. MOVEMENT IN FUNDS The charity has a sin8le endowment fund and all the transactions in the year ended 31st December 2024 and previous years relate to that fund. Following the transfer to the charity ol thè 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 approv31 and therefore whilst still forming part of the endowment fund may be distributed at the discretion of the trustees. The proceeds of sales tsf land. however. taking pla after the death ot Miss Knowles amounting to £2,730,282 cannot be distributed. 12. RELATED PARfrf DISCLOSURES Other than as detailed in note 4 to the finantial statements. there were no related party transactions for the year ended 31st December 2024. Page 10