Charity registration number: 271763 **THE WOODLANDS TRUST TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **The Woodlands Trust Contents** ||**Page**| |---|---| |Reference and Administrative Details|1| |Trustees' Report|2—4| |Independent Examiner's Report|5| |Statement of Financial Activities|6| |Statement of Financial Position|7| |Notes to the Financial Statements|8—13| ## **The Woodlands Trust Reference and Administrative Details For The Year Ended 31 July 2025** |**Trustees**|K Hart| |---|---| ||D Sheppard (passed away 26/01/2026)| ||G J Sheppard| ||M R Sheppard| ||R H Sheppard| |**Charity Number**|271763| |**Principal Address**|Sleepy Hollow| ||4 Mount St Albans| ||Catsash| ||Newport| ||NP18 1LD| |**Independent Examiner**|Kara Williams BSc BFP FCA| ||Ellis Lloyd Jones Audit Limited| ||Chartered Accountants| ||11 Park Square| ||Newport| ||NP20 4EL| Page 1 ## **The Woodlands Trust** ## **Trustees' Report For The Year Ended 31 July 2025** The trustees present their report and the financial statements for the year ended 31 July 2025. ## **Objectives and Activities** ## **Aims and Objectives** The objects are set out in the Deed of settlement dated 15th April 1976 and are of advancing the Christian Religion by the conduct of evangelistic and other religious work including camps and social and emergency relief work. The funds are only to be used for activities as shall be calculated to advance the Christian Religion. The aims of the charity are to promote Christianity by funding ministers and projects which all work towards this aim. In addition it looks to help relieve poverty and assist organisations who are working amongst vulnerable groups such as drug addicts, etc. In this way it seeks to help bring relief to individuals and provide financial support to enable more help to be given to those in need. The objective is to work closely with groups, organisations and individuals, to be part of their long term goals. ## **Public Benefit** The Woodlands Trust is a public benefit entity. The Charity Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The charity delivered public benefit by making donations to religious organisations for the purpose of advancing the Christian Religion by the conduct of evangelistic and other religious work. ## **Achievements and Performance** ## **Main Achievements** During the year, as planned, we distributed funds to support various existing projects both in the UK and various countries throughout the world. Countries included were Kenya, Uganda, Romania, Nepal, India, Iran and Iraq where we worked with partners to deliver social and spiritual care including to displaced peoples from Ukraine and outreach to groups of people in need. Details include support for missions outreach, school and children's work and farming needs in Uganda, teaching leaders in Nepal and support for local churches. During the year we worked with local churches and continued support for gospel crusades. We also continued our support for a UK based residential bible school and a charity that specialise in rehabilitation from substance abuse and alcoholic issues. We believe the work that has been undertaken during the year has made a difference to the lives of those involved and those who have benefitted from the projects that we have supported. ## **Plans for future periods** The plan for future periods is: We intend to continue support for existing projects; and to be able to respond to individuals and organisations that, throughout the coming year, appear to be able to further develop in new areas which meet the criteria of the trust. For example, the fund plans to continue its support of the development of a bible training college in the UK and family villages in Romania and Thailand. New work in Ukraine is progressing with additional outreach work in Nepal, India and Kenya during the coming year. We will also be working with organisations involved in promoting Christianity through the UK, Europe and the Middle East and provide support for organisations working with drug and alcohol abuse, locally in South Wales and around the UK. Page 2 ## **The Woodlands Trust Trustees' Report (continued) For The Year Ended 31 July 2025** ## **Financial Review** ## **Financial Position** Total income received in the year was £246,036 (2024: £51,781). The notes to the financial statements provide a breakdown between the various sources. Total expenditure in the year was £74,617 (2024: £107,414). During the year, a total of £58,425 (2024: £85,041) was paid out to charities and religious causes. The surplus for the year ended 31 July 2025 was £315,760 (2024: deficit of £25,279), after net gains on investments of £144,341 (2024 restated: net gains on investments of £30,354). The charity continues to hold a range of investments to generate income for the charity and support its long term future. During the year, the trustees reviewed the valuation of the charity’s participating interest in Newport Furnishers Limited. Due to the absence of an active market, the trustees concluded that historical cost provides a more reliable measure than market value, in line with FRS 102 and the Charities SORP. Accordingly, the charity has changed its accounting policy to measure this investment at its historical cost of £15,000. This change has been applied retrospectively, and the prior year comparatives have been restated as outlined in note 9. There were no additions or disposals to investment properties during the year. The charity is in the process of purchasing a new investment property however the process is taking a long time. The properties were revalued by £136,899 in the year based on current local market conditions (2024: £20,000). The total market value of investment properties at the year end was £990,000 (2024: £853,101). See details in note 10. During the year, the trustees placed funds on short term Treasury deposits with financial institutions, with £400,000 held at the year end. The net assets for the charity at 31 July 2025 were £1,705,858 (2024 restated: £1,390,098) and were all unrestricted. ## **Reserves Policy** The reserves policy is in place to maintain reserves in order to generate sufficient income to meet the objects of the charity. The trustees believe that the value held in reserves should be approximately £1.5m relating to various investments, and that this level should be held to generate sufficient income. Due to changing markets and unpredictability in returns on unlisted investments, this reserve value may fluctuate year on year. A wide range of investments is held by the charity to spread investment risk and ensure sufficient income for the charity to continue to meet its objects. A breakdown of the investments is included in Note 10 and 11. ## **Structure, Governance and Management** ## **Governing Document** Governing Instrument: Deed of Settlement 15 April 1976 ## **Structure and decision making** The trustees formally meet twice each year. In between, regular contact is made by telephone and informal meetings. Decisions on donations below £2,000 are made by a majority of two trustees. Any sums above this sum are made after agreement between all trustees. The trustees look to the integrity of the individual/organisation and expect to see a track record of them being successful in similar projects elsewhere. Where possible, the trustees make a visit to the project. The amount is governed by what the donation is being used for. Typically a donation is not in excess of £10,000. The process is typically as follows: Request comes in by telephone or letter. - A discussion takes place amongst the trustees as to the benefit a donation will make, and inquiries are made to ensure it fits in with the objectives of the trust. - A letter is requested to outline the proposal if it is felt additional information is required prior to a donation being made. ...CONTINUED Page 3 ## **The Woodlands Trust Trustees' Report (continued) For The Year Ended 31 July 2025** ## **Governing Document - continued** In addition, the trustees look for feedback to show that the donation is properly managed in the spirit in which the donation was made. Trustees are appointed under the Governing Instrument. When a Trustee is appointed they undergo an induction and are given an explanation as to what the Charity does and the policies and procedures in place. They are provided with literature produced by the Charity Commission regarding their duties and responsibilities and are required to sign a Code of Conduct declaration. They also receive a copy of the Governing Instrument and the most recent set of financial statements. ## **Risk assessment** The Trustees are responsible for the overseeing of the risks faced by the charity. Risks are identified, assessed and controls established throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis. The Trustees are aware of their responsibilities to protect the investments of the charity to maximise the returns so they are able to further the objects of the charity. The Trustees are satisfied that they have ensured a wide variety of investments to mitigate risk where possible. The trustees' report was approved by the board of trustees and signed on its behalf by: K Hart k i hart k i hart (May 29, 2026 20:32:25 GMT+1) Trustee 29/05/2026 M R Sheppard M Sheppard (May 29, 2026 20:21:37 GMT+1) Trustee Page 4 ## **The Woodlands Trust Independent Examiner's Report to the Trustees of The Woodlands Trust For The Year Ended 31 July 2025** I report to the trustees on my examination of the accounts of The Woodlands Trust (the Trust) for the year ended 31 July 2025. ## **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 2011 Act and in carrying out my examination, I have followed the 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: 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 contents 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. ## Kara Williams Kara Williams (May 29, 2026 20:51:40 GMT+1) Kara Williams BSc BFP FCA 29/05/2026 11 Park Square Newport NP20 4EL Page 5 ## **The Woodlands Trust Statement of Financial Activities For The Year Ended 31 July 2025** |**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**4**
Investments
**5**
**EXPENDITURE ON:**
Charitable activities:
**6**
Support of religious organisations
Payment to Evangelists
**NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES)**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward as previously stated
Prior year adjustment
Total funds brought forward as restated
**TOTAL FUNDS CARRIED FORWARD**
**14**|**2025**
**Unrestricted**
**funds**
**£**
187,480
58,556|**2024**
**Unrestricted**
**funds**
**£**
1,229
50,552
**as restated**| |---|---|---| ||246,036|51,781| ||(67,417)
(7,200)|(100,214)
(7,200)| ||(74,617)|(107,414)| ||171,419
144,341|(55,633)
30,354| ||315,760|(25,279)| ||315,760
2,011,991
(621,893)
1,390,098|(25,279)
1,415,377
-
1,415,377| ||1,705,858|1,390,098| The notes on pages 8 to 13 form part of these financial statements. Page 6 ## **The Woodlands Trust Statement of Financial Position As At 31 July 2025** |**Notes**
**FIXED ASSETS**
Investment Properties
**10**
Investments
**11**
**CURRENT ASSETS**
Debtors
**12**
Cash at bank and in hand
**Creditors: Amounts Falling Due Within One Year**
**13**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Unrestricted Funds
**TOTAL FUNDS**
**14**
On behalf of the board
K Hart
Trustee
M R Sheppard
Trustee
29/05/2026
M Sheppard (May 29, 2026
k i hart (May 29, 2026 20:32:25 GMT+1)
k i hart|**2025**
**Unrestricted**
**funds**
**£**
990,000
573,709|**2024**
**Total**
**funds**
**£**
853,101
176,988
**as restated**| |---|---|---| ||1,563,709
481
154,985|1,030,089
1,133
364,623| ||155,466
(13,317)|365,756
(5,747)| ||142,149|360,009| ||1,705,858|1,390,098| ||1,705,858|1,390,098| ||1,705,858|1,390,098| ||1,705,858|1,390,098| ||20:21:37 GMT+1)|| The notes on pages 8 to 13 form part of these financial statements. Page 7 ## **The Woodlands Trust Notes to the Financial Statements For The Year Ended 31 July 2025** ## 1. **General Information** The Woodlands Trust is an unincorporated charity registered with the Charity Commission, registered charity number 271763. The address of the principal office is Sleepyhollow, 4 Mount St. Albans, Catsash Road, Newport NP18 1LD. ## 2. **Statement of Compliance** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. ## 3. **Accounting Policies** ## 3.1. **Basis of Preparation of Financial Statements** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity is a Public Benefit Entity as defined by FRS 102. ## 3.2. **Going Concern Disclosure** The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern. ## 3.3. **Significant judgements and estimations** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## 3.4. **Fund Accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose. Restricted funds are to be used for specific purposes as laid down by the donor. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## 3.5. **Incoming Resources** All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. investment income is recognised when receipt is probable and entitlement is established. any increase/decrease in market value of investments is recognised in the statement of financial activities. ## 3.6. **Resources Expended** Expenditure is recognised on an accruals basis when the charity has a present legal or constructive obligation, it is probable that resources will be required, and the amount can be reliably measured. Expenditure is classified under the headings of raising funds and charitable activities based on the nature of the expenditure. Costs of goods and services are recognised when the goods or services are received. Grants payable are recognised when the charity has a present legal or constructive obligation to make the payment. Page 8 ## **The Woodlands Trust Notes to the Financial Statements (continued) For The Year Ended 31 July 2025** ## 3.7. **Tangible Fixed Assets and Depreciation** ## **Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## 3.8. **Investment Properties** Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. ## 3.9. **Investments** Unlisted equity investments are recorded at cost. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. ## 3.10. **Financial Instruments** A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. ## 4. **Income from Donations and Legacies** |
Donations and gifts
Legacies|**2025**
**Unrestricted**
**funds**
**£**
81,490
105,990|**2024**

**Unrestricted**
**funds**
**£**
1,229
-
1,229
**as restated**| |---|---|---| ||187,480|| Page ~~9~~ ## **The Woodlands Trust Notes to the Financial Statements (continued) For The Year Ended 31 July 2025** ## 5. **Investment Income** |Bank interest receivable
Interest from investments
Rents received from investment properties|**2025**
**2024**
**Unrestricted**
**funds**
**Unrestricted**
**funds**
**£**
**£**
3,549
-
3,492
2,863
51,515
47,689
58,556
50,552
**as restated**| |---|---| ||58,556| ## 6. **Analysis of Expenditure** |Support of religious organisations
Payment to Evangelists
Support of religious organisations
Payment to Evangelists|**Activities**
**undertaken**
**directly**
**£**
65,176
7,200|**Support**
**costs**
(see note 7)
**£**
2,241
-|**2025**
**Total**
**£**
67,417
7,200
74,617
**2024**
**Total**
**£**
100,214
7,200
107,414
**as restated**| |---|---|---|---| ||72,376|2,241|| ||**Activities**
**undertaken**
**directly**
**£**
97,689
7,200|**Support**
**costs**
(see note 7)
**£**
2,525
-|| ||104,889|2,525|| ## 7. **Support Costs** |.
**Support Costs**|| |---|---| ||**2025**| ||**Support of religious**| ||**organisations**| ||**£**| |Governance costs|2,241| ||**2024**| ||**as restated**| ||**Support of religious**| ||**organisations**| ||**£**| |Governance costs|2,525| Page 10 ## **The Woodlands Trust Notes to the Financial Statements (continued) For The Year Ended 31 July 2025** ## 8. **Independent Examiner's Remuneration** |.
**Independent Examiner's Remuneration**||| |---|---|---| ||**2025**|**2024**| |||**as restated**| ||**£**|**£**| |Independent examination of the financial statements|2,604|2,500| ## 9. **Prior Period Adjustment** During the year, the trustees reviewed the basis of valuation of the charity’s participating interest in Newport Furnishers Limited. The trustees concluded that the previous valuation basis did not provide a sufficiently reliable measure of fair value due to the absence of an active market for the shares and the fact that the holding is not readily marketable in isolation from the company as a whole. Accordingly, the trustees have adopted historical cost as a more appropriate and reliable basis of measurement in line with the requirements of FRS 102 and the Charities SORP. This change represents a change in accounting policy and has been applied retrospectively. The prior year comparative has therefore been restated. The effect of the adjustment on the income and expenditure account for the year ended 31 July 2024 and reserves at 1 August 2023: |Change in investment valuation|Increase in £20,000| |---|---| |Total brought forward reserves at 1 August 2023|Decrease £641,893| |**Total effect**|**Decrease of £621,893**| |The effect of the adjustment on the assets and liabilities at 31 July 2024 was as follows:|| |Fixed assets|Decrease of £621,893| |**Total effect**|**Decrease of £621,893**| |The effect of the adjustment on the closing reserves at 31 July 2024 was as follows:|| |Unrestricted reserves|Decrease of £621,893| |**Total effect**|**Decrease of £621,893**| |10.
**Investment Property**|| ||**2025**| ||**£**| |**Fair Value**|| |As at 1 August 2024 as restated|853,101| |Revaluations|136,899| |As at 31 July 2025|990,000| The investment properties were revalued at 31 July 2025 at market value. The valuation was undertaken by the trustees, who have recent experience with similar investment properties. The trustees based their valuations on recent transactions with similar properties and/or also made reference to the required rate of return and the current annual rental income. The trustees have reviewed the valuations and have increased the valuation of five properties by a total of £136,899, therefore increasing the investment property valuation to £990,000 at 31 July 2025. Page 11 ## **The Woodlands Trust Notes to the Financial Statements (continued) For The Year Ended 31 July 2025** ## 11. **Investments** |1.
**Investments**|||||| |---|---|---|---|---|---| |**Cost or Valuation**
As at 1 August 2024
Additions Disposals
Revaluations
As at 31 July 2025
**Provision**
As at 1 August 2024
As at 31 July 2025
**Net Book Value**As
at 31 July 2025
As at 1 August 2024
as restated
as restated
as restated|**Cash & Cash**
**Equivalents**
**£**
-
700,000
(300,000)
-|**Listed**
**£**
111,889
732
(1,453)
7,442|**Unlisted**
**£**
15,099
-
-
-|**Other**
**£**
50,000
-
(10,000)
-|**Total**
**£**
176,988
700,732
(311,453)
7,442| ||400,000|118,610|15,099|40,000|573,709| ||-|-|-|-|-| ||-|-|-|-|-| ||400,000|118,610|15,099|40,000|573,709| ||-|111,889|15,099|50,000|176,988| Cash investments represents funds held on fixed term Treasury deposits with financial institutions. The listed investments and the collective investment vehicle were managed by Attivo Financial during the year. The charity owns 99% of the issued ordinary share capital of WT Edgington (Sandhurst) Services Limited and 42% of the ordinary share capital of Newport Furnishers Limited, both unlisted companies incorporated in England and Wales. The unlisted investments are held at historical cost. ## 12. **Debtors** |**Due within one year**
Prepayments and accrued income
Other debtors
3.
**Creditors: Amounts Falling Due Within One Year**
Payments on account
Other creditors|**2025**
**£**
300
181
481
**2025**
**£**
3,294
10,023
13,317|**2024**
**as restated**
**£**
300
833| |---|---|---| |||1,133| |||**2024**
**as restated**
**£**
1,094
4,653| |||5,747| ## 13. **Creditors: Amounts Falling Due Within One Year** Page 12 ## **The Woodlands Trust Notes to the Financial Statements (continued) For The Year Ended 31 July 2025** ## 14. **Movement in Funds** |4.
**Movement in Funds**|||||| |---|---|---|---|---|---| |**Unrestricted funds**
General:
General unrestricted fund
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Total funds**|**As at 1**
**August 2024**
**£**
2,011,991|**Prior year**
**adjustment**
**£**
(621,893)|**Income**
**£**
246,036|**Expenditure**
**£**
69,724|**As at 31 July**
**2025**
**£**
1,705,858| ||2,011,991|(621,893)|246,036|69,724|1,705,858| ||||**Income**
**as restated**
**£**
51,781|**Expenditure**
**as restated**
**£**
(77,060)|**As at 31 July**
**2024**
**£**
1,390,098
**as restated**| |||1,415,377|51,781|(77,060)|1,390,098| ## 15. **Transactions with Trustees** None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. ## 16. **Related Party Disclosures** The Woodlands Trust holds 42% of the ordinary share capital of Newport Furnishers Limited. In addition to this, the directors of Newport Furnishers Limited are also trustees of The Woodlands Trust. During the year, Newport Furnishers made an unconditional donation of £75,000 to the charity. There were no donations or dividends paid by Newport Furnishers to charity in 2024. The Woodlands Trust also holds 99 ordinary shares in W T Edgington (Sandhurst) Limited. The company was dormant in the year. The charity received a refund of £363 on behalf of the company relating to costs it had previously incurred on its behalf. During the year, the charity received rental income of £9,000 (2024: £9,000) from Victory Church Cwmbran, a registered charity where Mr M Sheppard is also a trustee. The charity also donated £3,239 (2024: £2,400) to Victory Church to support their projects in line with The Woodlands Trust's objects. During the year, the charity donated £10,000 (2024: nil) to Epaphras Trust, a registered charity where Mr K Hart is also a trustee in line with The Woodlands Trust's objects. During the year, the charity donated £10,000 (2024: £2,400) to International Bible Training College, a registered charity where Mr M Sheppard is also a trustee, in line with The Woodlands Trust's objects. At 31 July 2025, a balance of £6,147 was owed to the trustees (2024: £917). Page 13