Charlty reglstratlon number 306386 OLIVER WHITBY EDUCATIONAL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
OLIVER WHITBY EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Govemors Nigel Hanbury Mrs Emma Goad Janet Beveridge Anne Sciduna Bemard Adkins Deborah Alun-Jones Clerklsecretary David Mccahearty Charity number Princlpal address 11 Brigham Place Felpham West Sussex BCMJrr Regis P022 7NW Indep•ndont examiner Claire Norwood Bsc FCA ATII Carpenler Box Piper House 4 Dukes Court Chichester P019 8FX Bankern Barclays Bank plc 97 High Street Selsey West Sussex P020 OQN Investment advlsorn Investec Bank (UK) Limited 2 Gresham Street London EC2V 7QP
OLIVER WHITBY EDUCATIONAL FOUNDATION CONTENTS Page Govemors. report Independent examinefs report ststement of financial activities Balance sheet Notes to the financial statements 6-15
OLIVER WHITBY EDUCATIONAL FOUNDATION GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors present their annual rep(xl arKJ financial ststements ftx the year ended 31 August 2024. The finan81 statements have been prepared in ac¢xJrdanc8 with the accounting polic4es set out in note 1 to the finanaal statements and compty with the Foundation's Trust Deed sealed 17 October 1951. the Charities Act 2011 and 'Accounting and ReportirvJ by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)". Objectlvos and actlvltles Three students were sponsored during the year. Achiovement• and perforniance Thr88 Stud8nls were sponsored during the year a totsl of £70.508 (2023 £65,510) being given in grants. The Foundation has continued to reinvest its remaining income in order to allow the pursuance of stated objectives as future suitsble candidates become available. Flnanclal revlew The Foundation's resep48 policy is that all funds which have not been designatedlrestricted for a specific use (the are presently no such funds) should be maintained at a level equivalent to at least one yearfs expenditure. The governors consider that reserves at Ihis level will ensure that. in the event of a significant drop in funding. they will b8 able to continue the charity's current activilies while consideration is given to ways In which additional fijnds may be raised. The reserves held at the balance sheet date are £2.237.774 (2023 - £2,076,669). The Foundation's investrnent policy is lo provide a balanced retum b8lween capital and income with a minimum risk profile. The Govemors have assessed the Major risks lo which the FOunda1Tr is ex[d. and are sats'sfied that systems are in place to mitigate exposure therelo. Struclurn, gov•rnanc• and managoment The Oliver Whitby Educational Foundatton is a registered charity (charity number 306386). The object of the Charity is to grant scholarships or awarrls for the benefit of qualified students, whose parents are members of the Church of England. are in need of financial assistanc8 and who are or have l)een for not less than two years bona fide residents of Chichester or Midhur5t (preference being given to students resKJent in the Cty of Chichester or in the parishes of Harting or West Wlttering}. to assisl in their education or training at Chrisfs Hospital, or any other school where ligIouS instruction is given according to th8 doctrines of the Church of England, or at any university or other place of leaming, or to enable them to ppare for. or assist their enty into, some profession. trade or calling, and for that purpose may provide them with ouffits, dothing. tools. instruments or books. The Governors who served during the year and up to the date of signature of th8 finandal statements were: Nigel Hanbury Mrs Emma Goad Janet Beveridge Anne Scicluna Bemard Adkins Deborah Aiun-Jones
OLIVER WHITBY EDUCATIONAL FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Goveming Body of the Foundation shall consist of eight persons. that is to say: FIVE Foundation Governors. who shall be member5 of the Church of England. to be appointed by resolution of the Govemors; and THREE Repr8sontative Govemor5.who shall be member5 of the Churth of England. to be appointed: One by the Chichester Diocesan Education Committee. One by the West Sussex County Council. and On8 by the Chichester City Council The Gov8rnors meet formally at leasl Iwice in each year. In addition, Sub Committ88s of the Govemors m88t to consider specffic matters or ad hoc tasks as they may arise. Th8 trustees havè paid due regard to the guidance issued by the Charity Commission in deciding what activities th8 charity should undertake. There are no Charities related to the Foundalion. The Govemors. report was approved by the Board of Governors. Nigel Hanbury Gov•rnor Date.. 3024•
OLIVER WHITBY EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF OLIVER WHITBY EDUCATIONAL FOUNDATION I report to the Govemors on my examination of the financial statements of Oliver Whitby Educational Foundation (the Foundation) for the year ended 31 August 2024. Respon$lblllt5es and b18 of rnport As the Governors of the Foundation you are spOnSible for the preparation of the financial ststements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I r8POrt in resp8Ct of my examination of th8 Foundation's financial stslem8nts carTied out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statwnent I have completed my examination. l (xjnfirm that no matters have come to my attention in connection with th8 examination giving me cause to believe that in any material respect: accounting records were rK)t kept in respect of the Foundation as required by section 130 of the 2011 Act., or the financial statements do not accord with those re)rdS., the financial statements do not comply with the applicable requirements concerning the fonn and content of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a tnje and fair view which is nol a matter c4)nsidered as part of an independenl examination. I have no ncernS and have should be dra in this re no other matters in connection with the examination to which attention enal)le a proper understanding of Ihe financial statements to be reached. order Clalra Norwood Bsc FCA ATII Carpenter Box Piper House 4 Dukes Court Chlchester P019 8FX Dated..
OLIVER WHITBY EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Unrestrlcted fvnds funds 2024 2023 Income from: Donations and legacies Investments 30.000 47.731 51,786 Total Incom• 51.786 77,731 Expenditurn on: Raising funds Charitable activities 17.401 77.604 17,152 72,438 Total expenditure 95.005 89,590 Net gainsl{losses) on investrnents 11 204,324 {22,153) Net Incomol(oxp•nditure) and rnovement In funds 161.105 (34,012) Reconciliatlon of fundB: Fund balanc85 at 1 September 2023 2.076.669 2,110.681 Fund balanc08 at 31 Augu•t 2024 2,237.774 2,076,669 The ststement of financial activities inthdes all gains and losses recognised in the year. All in(x)me and expendrture derive from continuing activities. LJ 2F" ¥y
OLIVER WHITBY EDUCATIONAL FOUNDATION BALANCE SHEET ASAT 31 AUGUST 2024 2023 Flxed assèts Inv8Stments 13 2.222.729 2,064.153 Current assets Debtors Cash at bank and in hand 15 73 12,518 15,120 15.120 12.591 Crodltor8: amounts falllng duo wlthln ono year 16 75 75 Net current assets 15,045 12,516 Total a880ts le•s current liabllttl•$ 2.237,774 2.076,669 Th• funds of the Foundatlon Unrestricted funds 2.237.774 2,076,669 2,237.774 2.076,669 The financial statements were approved by the Governors on .... Nig81 Hanbury Trustee
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policles Charlty Inforniatlon Oliver Whitby EducAtlonal Foundalion ts an unincorporated chanty registered in England and Wales (number 306386). 1.1 Accountlng convention The financial statements have b8en wepared in a(xxJrdance the Foundalion's goveming document, the Charities Act 2011 and "Accounting arKI Reporting by Charities." Slatement of Recommended Practice applicable to chartlies preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Repullic of Ireland (FRS 102) {effedive 1 January 2019).. The Foundation is a Public Benefit Entity as defined by FRS 102. The Foundation has tsken advantag8 of the provisions in the SORP for thariti88 applying FRS 102 Update Bulletln 1 not to prepare a Statement of Cash Flows. The financial ststements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Pracb'ce for charities applying FRS 102 rather than the version of the Statement of R8commend8d Practice which Is ferred lo in the Regulations but which has since been withdrawn. The financial statements are prepared In sterling, whlch is the functional currency of the Foundation. Monetsry amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical (xjst convention. [modified to include the revaluation of freehold properties and to indude investrnent properties and c*rtain financial instruments at falr value]. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the finanaal ststements. the Governors have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Govemors continue to adopt the going concem basis of accounting in preparing the financial ststements. 1.3 Charbtabh funds Unrestricted funds are available for use at the discretion of th8 Govemors in furtheranc8 of their charitable objectives. 1.4 Incomo Investment income (including asso(ialed tax credits) is uedited to the Ststement of Financial Activities when receivable. The amounts relating to funds held for restiided puwposes are subsequently transferred to these funds, although no such funds arose in the year. Cash donations are recognised on reipt. Other donations a recognised once the Foundation has been notified of the donation. unless performan conditions require deferral of the amount. Income tsx recoverable in relation to donations rKetved under GiftAid or deeds of covenant is reecMJnised at the time of the donation. Legacies are recognised on receipt or otherwise rf the Foundation has been notified of an impending distribution. the amount is known, and receipt is expected. If Ihe amount is not known. the legaw is treated as a contingent asseL 1.5 Expenditure Grants payablo are debited to expendilure within the Statement of Financial Adivities in the period to whith they late or when there is an obligation by the charity to pay the gtanL
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcl•s (Contlnued) 1.6 Flxed asset Snvestrnonts Fixed asset investments are initialty measured at tranSa(al¢ price excluding transaction cL)sts, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction cx)sts are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-tenn liquid investments with original maiurities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The Foundatlon has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the inslnjment. Flnancial assets and li8bilitles are offset, with the net amounts presented In the financlal staternents. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liabilty simultaneously. Basic Ilnanclal assets Basic flnanclal assets, which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective int8rest method unless the arrangement constitutes a financing transaction. where the transaction is measured al the present value of the future receipts discounted at a mafket rate of inlerest. Financial assets dassified as rec*ivable within one year are not amortised. Baslc financlal liabllltles Basic financial liabilities. including cr8ditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classtfied as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cos( using the effective interest rate method. 1.9 Fund Accounting The Foundation's reserves rxjnsist of unrestricled funds which may be used for any purpose at ivs discretion. Critlcal accounting estimates and Judgements In the application of the Foundation's accounting policbes. the Govemors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experi8nc8 and other factors that are considered to be rel8vanL Actual results may differ from these 8Stimates. The estimates and underlying assumptions are vieWed an (gOIng basis. Revisions to accounting estimates are recognised in the period in which the estimate is Vised where the revision affects only that period, or in the period of the revision and future peri(yJs Whe the revision affects both current and future periods.
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Incomè from donations and legacles Unrestrlctsd Unrestricted funds funds 2024 2023 Donations and gifts 30,000 Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Incom8 from listed investrnents Interest receivable 50,537 1.249 46,645 1.086 51,786 47,731 Expendllure on ralslng funds unrnstrIct Unrostrlctod funds funds 2024 2023 Investment management 17.401 17,152 Charltable actlvltles Educatlonal Educatlonal scholarships $cholarshlps 2024 2023 Clerk's salary Clerk's travel Typing Postsge and stationery 4.000 200 160 300 200 160 4,660 Grant funding of activrties {see nole 7) Share of govemance costs (see note 8) 70.508 2.436 65.510 2,268 77,604 72.438
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Grants payable Educatlonal Educational scholarshlps scholarships 2024 2023 Grants to individuals 70,508 65,510 70,508 65.510 Support costs Support Governance 2024Support costs Govemance costs 2023 Independent 8xarnination fees 2.436 2,436 2,268 2.268 2,436 2.436 2.268 2.268 Analysed between Charitable activities 2.436 2.436 2.268 2,268 Governors None of the Governors (or any persons connected wilh thern) received any remuneration or benefits from the Foundats'on during the year. 10 Employ8 The average monthty number of employees during the year was: 2024 Number 2023 Number Totsl There were no employees whose annual remuneration was more Ihan £60.IXK).
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Gains and losses on inveslm•nts Unrestricted Unrestrlcted funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investments Sale of investrnents 181,041 23,283 (28,068} 5,915 204,324 (22,153) 12 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent Ihat these are applwd to its charitable objects. 13 Flx•d assot Invostments Ll8t•d Cash at Invoslmonts InVtment manag•rs Total Cost or valuatlon At 1 September 2023 Additions Valuation changes Decrease in portfolio cash Disposals 2.023.274 401.272 181.041 40.879 2,064,153 401,272 181,041 {9,516) (414,221) (9.516) {414.221) At 31 August 2024 2.191.366 31,363 2.222.729 Carrylng amount Al 31 August 2024 2.191.366 31.363 2,222,729 At 31 August 2023 2.023.274 40,879 2.064,153 Flxod assot Investments revalued Fixed asset investrnents are managed by Inveslec Weath & Investrnent. The historic costs of these investments are as follows: Listed inv8strne £1.703.097 (2023: £1,649,037) & Cash at investment managers £31.363 (2023: £40.879). 10-
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Flnancial instruments 2024 2023 Carrylng amount of financlal assets Instruments measured at fair value through profft or loss 2.191,366 2,023,274 15 Debtors 2024 2023 Amounts falllng du• within on• y•ar. Prepayments and accrued income 73 16 Credltorn: amounts falllng due vAthln ono yur 2024 2023 Other creditors 75 75 11
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 Schedule of Inv•stment Inwrn 2024 Aberdeen Std Fd Mg ASI Gbl Infftlkd Bd Insll S Aberdeen Std Fd Mg ASI Sht Dur Gbl Infltlkd Bd Anglo American USDO.54945 Assura PIC Ordinary Shares AXA Investment Man Framlington UK Mid Cap Blackrock European Dynamic Bunzl Ord GBPO.32142857 Compass Group Ord GBPO.1105 Croda Intl Ord GBPO.10609756 Derwent London Ord GBPO.05 Diageo Ordinary Shares Experian Ord USDO.10 Fundsmith LLP Equty I Inc Nav Greencoat UK Wind Ord GBPO.01 Halma Ordinary 10p Hemies Investment Global Emerging Markets J G Sett HSBC Holdings PLC US $0.50 Ordinary Shares INT Public Partner Ord GBPO.0001 Invesco European Invesc4) EURP Eq Inc UK Ishares Core S&P 500 JP Morgan Liquidty GBP Jupiter UT Mngrs UK Spec Situations l GBP (now X GBP) Lazard Inveslment Fds Emerging Markets Lvmh Moet Hennessy London Stock Exchange Man Fd Mgmt Uk Ltd GLG Under¥alAst Prof D Polar Capital Fund Global Insuran E G8P Dis Prudantial GBPO.05 Relx PIC GBPO.1444 Rio Tinto PLC 1 Op Registered Ordinary Shares Royal London Utm Sterf Credt Instl Inc Z GBP Sag8 Group GBPO.01051948 Schroders PIC Ord GBPO.20 Schroder Inv Mgmt Asian Total Rern C Inc Nav Scot Mort Inv Tst Ord GBPO.05 Shell Pl¢ Ord EURO.07 SSE PIC GBPO.50 Threadneedle (Lux) Gbl Corp Bd Tritax Big Box Rei UK Commercial Prop Ord GBP 0.25 UK (Govt ofj 0.5°kn Bds 31101129 GBP1000 UK (Govt OQ 0.25% Bds 31107131 GBP1000 UK (Govt OQ 0.625% Bds 31107135 GBP10(X) UK (Govt ofj IdxlLkd Snr 22103134 GBP UK (Govt oo 0.125°h Snr 30101126 GBP10(X) UK (Govt ofj 1.125% Snr 31101139 GBP1000 UK {Govt ofj 3.5% Bds 22110125 GBPO.01 Unilever PLC .031111 Ordinary Shas Vanguard Fund PIC SE Japan Equity Ucits GBP Vanguard Funds PIC S&P 500 USD 2,212 1,872 403 2.819 729 364 574 373 157 505 573 237 292 2,711 153 391 2.069 1,958 879 1,206 1,220 802 155 268 322 1,943 806 349 476 1.946 5,938 415 759 1.101 213 1,817 1,070 5,030 571 1,197 91 136 189 85 51 102 243 585 836 1.094 12-
OLIVER WHITBY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 Schedule of Investment Income (Contlnuod) Worldwide Healthcare Ord GBPO.25 250 50.537 13-