REGISTEREO CHARITY NUMBER.. 259746 Whitehlll Chase Foundation Trust Report ofthe Trustees and Unaudited Financial Statements forthe Year Ended 31st December 2025
Whitehill Chase Foundation Twst Contents of the Financial Statements for the Year Ended 315t December 2025 Page Report of the Trustees Independent Examinèr's Report Statement of Financial Activittes Balance Sheet Notes to the Financial Statements 8 to 13 Detailed Statement of Financial ActItreS 14
Whitehill Chase Foundation Trust Report of the Trustees for the Year Ended 3tst December 2025 The trustees present their report with the financial Statements of the charity for the year ended 31st December 2025. The trustees have adopted the provisions of Accounting and Reporting by Ch3rities= Statement of Recommended Practice applicable to charities preparing their aciounts tn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20191. OBJEIvES AND A1VE5 Objectives and aims The trust was founded with the purpose of supporting such other charttable organisations as the trustees May decide. From 1988 until May 2020. thÈ 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 glants 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. Following the receipt of the ftjnds from the sale of Whitehill Chase in the year ended 31st December 2022 the trustees recommenced the awarding of grants. A summary of the trust's statement of financial actmties for the year is given on page 5 of these accounts. The trust airns to continue the making of grants In the year ended 31st December 2025. Publlc Benefft When planning activities and considering the makinE of grants. the trustees have conssdered the Charity Commission's guidance on publit benefit. The trustees believe that they fulfil these aims by the making grants to charities and public institutions with objettives of relief of poverty and suffering, advancement of education and promotton of he31in& to benefit children, young people, the elderly and those in genuine need, in the United Kingdom but with a partitular f(KUS on the Whitehill and Bordon area. ACHIEVEMENTS AND PERFORMANCE Investment income decreased by 8% in the year ended 3tst December 2025. During the year 39 Erants totalling £118.162 12024- £113,261) were made to 34 different charitable organisations. FINANCIAL REVIEW Investment policy and objective5 The trustee5 have the power to invest in such assets as they see fit. The investment objective is to grow the real walue of trM)th capital and income stream5 oveT time. As at 31st December 2025 the value of the listed investments was £4,572,53212024- £4.313.1591 Page I
Whitehill Chase Foundation Trust Report of the Trustees for the Year Ended 31st December 2025 FINANCIAL REVIEW Reserves policy The Trust's poliry is to generatÈ SLrfficient funds and investment income to cover expend"rture each year. As at 31st December 2025 the reserves balance was £4,576,61012024.. £4,345,086). Following the transfer to the charity of the buildings at WhitehÈll 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 ol land. however, taking place after the death of Miss Knowles, amountln8 to £2.730.282. cannot be distributed. Therefore, the balance of free reserves (that is total funds less proceeds unable to be distributed) at the year end was £1.846.328 12024.. £1,614.8041. The trustees consider this level of reserves to be appropriate to cover the level of expenditure. Going contem Investments held by the charity have a market value of £4.6m as at 31st December 2025. These are highly liquid assets, which can be sold to generate additional cash if required by the charity. On consideration of the above, the board of trustees consider the charity to be in a strong financial position to continue as a going concem for the foreseeable future. FUTURE PiANS The trustees intend to continue to make grants to Such other charitable organisations that are in accordance with the charity's objective 5fRuUAE, GOVERNANCE AND MANAGEMEI Governing document Whitehill Chase Foundation Trust is registered wilh the Charity Commissioners and constituted by Deed of Trust dated 16th February 1969. as amended by a Deed of Appointment dated 17th November 2CMJ3. Recruitment and appointment of new trustees Our policy for the appointment of trustees is presented within the charity's Memorandum point 14. The power of appointment of new trustees is vested in the existing trustees. An additional trLtstee may be appointed at any time. Organisational strurture The trustees met a number of times during the year ended 31st December 2025. The majority of these discussions related to the awarding of grants and matters relating to the Èovernance of the charity. REFERENCE AND ADMINISTRATIVE oAlL$ Registered Charity number 259746 Page 2
Whitehill Chase Foundation Trust Report of the Trustees for the Year Ended 31st December 2025 Principal address The Thatch, Frampton Mansell Stroud Gloucestershire GL68LG Trystees Mrs C l Dickinson C D R Morgan MrsCH Lmorgan Baroness N J Schrager von C S Lawrence-mills Independent Examiner D A Sanders BA IHons1 FC4 Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2Yr Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Stone King LLP Upper 8orough Court Upper Borough Walls 83th 8A1 IRG Investmènt Advisers and Managers Rathbones Investment Management mItèd 30Gresham Street London EC2V 7QN Sara5in & Partners LLP 50 George 5t London WIU 7DY Page 3
Whltehill Chase Foundatlon Tntst Report of the Trustees the Year Ended 31st Decendjer 2025 EFERENCEAND ADMINisfRATIVE All$ The powerto appoint newor additi(41 trustees $ vested in tt* existin8tr4Stee& Prospethe trustees a an introdudion to the work of the trust and infornmtion on the role of trustees and Charity Law. Approved by orderof the board of tntStees on...... ....-...... ....... ..._ nd 4ned on rts tehalf lry: C D R Morgan- Trustee Page 4
Independent Examiner'5 Report to the Trustees of Whitehill Chase Foundation Trust Independent exarniner's report to the trustees of Whitehill Chase Foundat•on 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 2025. Responsibilities and basis ol report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance wrth the requirements of the Charttie5 Art 20111'the Act'l. l pOrt 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 applrcable Directions given by the Charity Commission Ljnder Section 14515llbl of the Act. Independent examinerfs 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 materi31 respert- accounling records were not kepi in respect of the Trust as required by 5e¢tiorb 130 of the Art: or the accounts do not accord with those records- or the accounts do not comply wirh the applicable requirements ConmIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2c8 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 thi5 report in order to enable a proper understanding of the accounts to be reached. D A Sanders BA (Honsl FCA Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2 Date.. Page 5
Whitehill Chase Foundation Trust ststement of Financial Artivfties for the Year Ended 31st December 2025 2025 Endowment fund 2024 Total funds Notes INCOME AND ENDOWMEpifs FROM Investment income 111,888 122,294 EXPENDITURE ON Raising funds 26.930 18.319 Charitsble artie5 fv1anagement and administration Grants to institutions 5.753 118,162 6,769 113,261 Total 150,845 138,349 Net gains on investments 265,639 189,325 NET INCOME 226.682 173,270 RECONCILIAnON OF FUNDS Total funds brought forward 4,345,086 4,171,816 TOTALFUNDSCARRIED FORWARD 4,571,768 4.345,086 The notes form part of these financial statements Page 6
Whltehnl Chase Foundatlon Trust Balance Sheet 31rt Decemljer 2025 2025 Endowment fund 2024 Total funds Notes HXED ASSETS Investments 45n.522 4,313,159 CURRENT ASSETS Cash at bank 27,195 38,757 CREDITORS Amounts falli due vAthin one year 127.9491 16,8301 17541 31.927 TufAL ASSEfs LESS CURRENf LIABILMES 4,571.768 4,345,1 4,571,768 4.345,086 FUNDS Endowment fijnds li 4,571.768 4,345.086 TOTAL FUND5 4,571,768 4,345,086 The fin8nclal 5tatemerrts were approved by the Board of Tnjstees and authorised for issue on C D R Morgan-Trustee The notes form part of these financial rtatements Page 7
Whitehill Chase Foundation Trust Notes to the Financial Statements for the Year Ended 31st December 2025 STATEMENT OF COMPUANCÉ The Whitehill Chase Foundation Trust is an unincorporated charity registered in England. charity number 259746. The registered office is The Thatch. Fr3mpton Mansell. Stroud. Gloucesteishire. GL6 8JG. The financial 5tatement5 are presented in steding which is the functional currency of the charity and rounded to the nearest pound. ACCOUNTING POUCIES Basis of preparing the financial Statements The financial statements ol the charity. which is a public benefrt entity under FRS 102, have been ppared in accordance with 'Ac¢ounting and Reporting by Charities- Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 leffettive 1st january 20191 Icharities SORP (FR5 10211,, The Financial Reporting Standard applicable in the UK and Republic of Ireland - IFRS1021' and the Charities Act 2011. The financial statements have been prepared under the hFStorical cost convention with the exception of investments whKch are included at market value. Income All income is Conised in the Statement of Financial ActNities 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 accrua15 bays 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 consrstent with the use of resources. Grants offered subjert to cond>tions which have not been met at the year end date are noted as a commitment but not accrued as expendrture. Taxation The charity is exempt from tax on its charstable activities. Flnanclal i1truMents The charrty only has financial assets and financial liabilities of 3 kind that qualtfy as bhsic financial instruments. Basic financial instruments are initially recognised at transartion value and subsequently measured at their Settlement V31ue. Investments All quoted investment are stated at market value. Unquoted investments are included by the Trustees at their best estimate of market value based on the information readily available. Page 8 continued...
Whitehill Chase Foundation Trust Notes to the Financial Statements- continued for the Year Ended 31st December 2025 ACCOUNTING pouaES- continued Financial instrnments Rè31ised and unreali5ed gains and losses All gain5 and losses are taken to the Statèment of Financial Activitie5 as they arise. Realised gains and losses on investments are talculateil as the difference between sales proceeds and opening fair value IpLJrchase date if later). Unrealised gains and losses are calculated a5 the difference between the fair value at the year end and opening fair value lor purchase date rf later). Realised and unrealised gains are not Separated in the Statement of Financial Activities. Cash and cash equivalents & cYent a55et investments Cash and cash equivalents include cash at bank and other short-term liquid investment5 With original maturities of three months or less. Curient asset investments represent short-term investments with original maturities of more than three months. Creditors Creditors and prov¢sions are measured at their settlement value. Fund Accounting Unrestricted funds can be used in accordance wtth the charitable objectives at the discretion of the trustees. INVEsfMENT INCOME 2025 2024 UK dividends and distributions from UK unit tnjsts Overseas dividends Interest on UK fixed interest securities Interest on overseas fixed interest securities Bank deposit interest 111,334 74,532 18.854 9,404 12,945 6,559 490 111.888 122,294 Page 9 continued...
Whitehill Chase Foundation Trust Notes to the Financial Statements- continued forthe Year Ended 31st December2025 RAISING FUNDS Investment management costs 2025 2024 Investment manager's fee 25,340 18,319 TRUSTEES. REMUNERATION ANO BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st December 2025 nor for the year ended 31st December 2024. Trustees. expenses 2025 2024 Trustees, expenses 219 254 Expenses were reimbursed to I tnjstee during the year ended 31st December 202512024- 41. The charity purthased trustee indemntty insurance at a c05t of £nil12024- £1571. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTivmES All of the income, expenditure and net gains and 1055es on investments in the year ended 31st December 2024 relate to the endowment fund of the charity. MANAGEMENT AND ADMINisfRATION 2025 2024 Trustees, expenses Insurance Independent examiner's remuneration Other accountancy fees Legal and professional fees Bank charges 219 254 157 3,150 2.332 780 96 3,310 2,450 1,290 74 7,343 6.769 Page 10 continued...
Whitehill Chase Foundation Trust Notes to the Financial Statements- continued for the Year Ended 31st Deiember2025 GAINSILOSSES ON INVESTMENTS 2025 2024 Realised gainlllossl on disposal of listed investments Vniealised gain1llol on revaluation of listed investments 14.431 251,209 199,282 19.9571 265.640 189.325 FIXED ASSEf INVESTMEPs Listed Investments 2025 2024 Valuation at 1st january 2025 Additions Disposal proceeds Net realised E3ins/llossesl Net unreali5ed gainslllossesl 4.310,754 4,096,502 636 5,000.585 118.7751 14,975,657) 14.431 199,282 251.209 19,9571 Valuation at 31st DeMber 2025 4,558.255 4.310.755 Historical cost at 31st December 2025 4.331.266 4.323,118 Cash 14,268 2,404 Total investment assets 4,572,523 4,313,159 Page 11 continued...
Whitehill Chase Foundation Trust Notes to the Financial Statements- continued for the Year Ended 31st December 2025 10. CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade creditors Accrua15 34 27.915 6,830 27.949 6,830 11. MOVEMENT IN FUNDS The charity has a single endowment fund and all the tran5artions in the year ended 31st December 2025 and prewous year5 relate to ihat fund. Incoming Resourcès Resources expended Net Gains on Investments At 31.12.25 At 01.01.25 Unre5trirted Funds Endowment Fund 4,345,086 112.129 1146,2441 265,639 4.576.610 4,345,086 112.129 1146.2441 265,639 4,576,610 Comparatives for movement in funds: Incoming Resour Net Gains on Investments At 31.12.24 At 01.01.24 expended Unrestrirted Funds Endowment Fund 4,171,816 122.294 1138.3491 189.325 4,345,086 4,171,816 122.294 1138.3491 189,325 4.345,086 Following the transfer to the charTty 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, thèrefore whilst still fom)ing part of the endowment fund. may be distribLtted at the discretion of the trustees. The proceeds ot sale5 of land, however. taking place after the death of Miss Knowles, 3mounting to £2.730.282. cannot be distributed. Page 12 continued...
Whitehill Chase F(ndation Trust Notes to the Financial SLitements- continued for the Year Ended 31st December 2025 12. RELATED PARTY DISCLOSURES Other than as detailed in note 4 to the financial statements. there were rbo related party transactions for the year ended 31st December 2025_ Page 13
Whitehill Chase Foundation Trust Detailed Statement of Financial Artivities for the Year Ended 31st December 2025 2025 2024 INCOME AND ENDOWMETrirs Investment income VK dividend5 and distributions from UK unit trusts Overseas dividends Interest on UK fixed interest securities Interest on overseas fixed interest 5ecurtties Bank deposit interest 111.334 74.532 18.854 9,404 12.945 6,559 490 64 111.888 122.294 Total incoming resources 111,888 122.294 EXPENDITURE Investment management $ts Investment manager's fee 25,340 18,319 Charttable actltIeS Bank charges Insurance Grants to institutions 74 96 157 113.261 118,162 118,236 113,514 Support tosts Management Trustees. expenses 219 254 Governance costs Acco(Jntancy fees Legal and professional fees 5.7FA) 1,290 5,482 780 7,050 6,262 Total resources expended 150.845 138,349 Net expenditure 138.9571 116.0551 This page does not form part of the statutory financial statements Page 14