Charity registration number 306386
OLIVER WHITBY EDUCATIONAL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
OLIVER WHITBY EDUCATIONAL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Nigel Hanbury Mrs Emma Goad Janet Beveridge Anne Scicluna Bernard Adkins Deborah Alun-Jones
Clerk/Secretary
David McCahearty
Charity number
306386
Principal address 11 Brigham Piace Felpham West Sussex Bognor Regis PO22 7NW Independent examiner Claire Norwood BSc FCAATII Carpenter Box Piper House 4 Dukes Court Chichester PO19 8FX Bankers Barclays Bank plc 97 High Street Selsey West Sussex PO20 0QN Investment advisors Rathbones Group Pic 30 Gresham Street London EC2V 7QN
Investment advisors
OLIVER WHITBY EDUCATIONAL FOUNDATION
CONTENTS
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Page
Governors’ report 1-2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6-15
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OLIVER WHITBY EDUCATIONAL FOUNDATION
GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025
The Governors present their annual report and financial statements for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's Trust Deed sealed 17 October 1951, the Charities Act 2011 and “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)”.
Objectives and activities
The object of the Charity is to grant scholarships or awards for the benefit of qualified students, whose parents are members of the Church of England, are in need of financial assistance and who are or have been for not less than two years bona fide residents of Chichester or Midhurst (preference being given to students resident in the City of Chichester or in the parishes of Harting or West Wittering), to assist in their education or training at Christ's Hospital, or any other school where religious instruction is given according to the doctrines of the Church of England, or at any university or other place of learning, or to enable them to prepare for, or assist their entry into, some profession, trade or calling, and for that purpose may provide them with outfits, clothing, tools, instruments or books.
The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.
Achievements and performance
Three students were sponsored during the year with a total of £63,583 (2024 £70,508) being given in grants. The Foundation has continued to reinvest its remaining income in order to allow the pursuance of stated objectives as future suitable candidates become available.
Financial review
The Foundation's reserve policy is that all funds which have not been designated/restricted for a specific use (there are presently no such funds) should be maintained at a level equivalent to at least one year's expenditure. The governors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.
The reserves held at the balance sheet date are £2,273,446 (2024 - £2,237,774).
The Foundation's investment policy is to provide a balanced return between capital and income with a minimum risk profile.
The Governors have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure thereto.
Structure, governance and management
The Oliver Whitby Educational Foundation is a registered charity (charity number 306386) and is governed by its Trust deed Scheme dated 17 October 1951 as amended by Scheme dated 4 January 2016.
The Governors who served during the year and up to the date of signature of the financial statements were: Nigel Hanbury Mrs Emma Goad Janet Beveridge Anne Scicluna
Bemard Adkins Deborah Alun-Jones
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OLIVER WHITBY EDUCATIONAL FOUNDATION
GOVERNORS’ REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
The Governing Body of the Foundation shall consist of eight persons, that is to say: FIVE Foundation Governors, who shall be members of the Church of England, to be appointed by resolution of the
Governors; and
THREE Representative Governors,who shall be members of the Church of England, to be appointed: One by the Chichester Diocesan Education Committee,
One by the West Sussex County Council, and
One by the Chichester City Council
The Governors meet formally at least twice in each year. In addition, Sub Committees of the Governors meet to consider specific matters or ad hoc tasks as they may arise.
There are no Charities related to the Foundation.
The Governors’ repgrt was roved by the Board of Governors.
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Nigel Hanbury
Governor
Date: Is.-~ tener “2ODS-_—
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30/01/2026 Dated: ...........cccceeeceeees
OLIVER WHITBY EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 42,967 | 51,786 |
| Expenditure on: | |||
| Raising funds | 4 | 19,249 | 17,401 |
| Charitable activities | 5 | 70,799 | 77,604 |
| Total expenditure | 90,048 | 95,005 | |
| Net gains on investments | 10 | 82,753 | 204,324 |
| Net income and movement in funds | 35,672 | 161,105 | |
| Reconciliation offunds: | |||
| Fund balances at 1 September2024 |
2,237,774 | 2,076,669 | |
| Fundbalancesat31August2025 | 2,273,446 | 2,237,774 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Investments | 12 | 2,258,960 | 2,222,729 | ||||
| Current assets | |||||||
| Cash at bank and in hand | 14,561 | 15,120 | |||||
| Creditors: amounts falling due within | 13 | ||||||
| one year | 75 | 75 | |||||
| Net current assets | 14,486 | 15,045 | |||||
| Total assets less current liabilities | 2,273,446 | 2,237,774 | |||||
| The funds ofthe Foundation | |||||||
| Unrestricted funds | 2,273,446 | 2,237,774 | |||||
| 2,273,446 | 2,237,774 |
The financial statements were approved by the Governors on 26 Noreen 2.025—
Nigel Hanbury Trustee
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
- 1 Accounting policies
Charity information
Oliver Whitby Educational Foundation is an unincorporated charity registered in England and Wales (number 306386).
- 1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation's governing document, the Charities Act 2011 and “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)". The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
- 1.2. Going concern
At the time of approving the financial statements, the Governors have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concer basis of accounting in preparing the financial statements.
1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives.
- 1.4 Income
Investment income (including associated tax credits) is credited to the Statement of Financial Activities when receivable. The amounts relating to funds held for restricted purposes are subsequently transferred to these funds, although no such funds arose in the year.
Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Grants payable are debited to expenditure within the Statement of Financial Activities in the period to which they relate or when there is an obligation by the charity to pay the grant.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
- 1 Accounting policies
(Continued)
1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Foundation has elected to apply the 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 instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets , classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors 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 classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
- 1.9 Fund Accounting
The Foundation's reserves consist of unrestricted funds which may be used for any purpose at it's discretion.
2 Critical accounting estimates and judgements
In the application of the Foundation’s accounting policies, the Governors 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
3 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| income | from listed investments | 42,136 | 50,537 |
| Interest | receivable | 831 | 1,249 |
| 42,967 | 51,786 |
| 4 | Expenditure on raising funds | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Investmentmanagement | 19,249 | 17,401 | |
| 5 | Charitable activities | ||
| Educational | Educational | ||
| scholarships | scholarships | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Clerk's salary | 4,000 | 4,000 | |
| Clerk's travel | 200 | 200 | |
| Typing | 300 | 300 | |
| Postage and stationery | 160 | 160 | |
| 4,660 | 4,660 | ||
| Grantfunding ofactivities (see note 6) | 63,583 | 70,508 | |
| Share ofgovernance costs (see note 7) | 2,556 | 2,436 | |
| 70,799 | 77,604 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
6 Grants payable
| Educational | Educational | |||
|---|---|---|---|---|
| scholarships | scholarships | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Grants | to | individuals | 63,583 | 70,508 |
| 63,583 | 70,508 |
7 Support costs
| Support costs | ||||||
|---|---|---|---|---|---|---|
| Support | Governance | 2025Support | costs | Governance | 2024 | |
| costs | costs | costs | ||||
| £ | £ | £ | £ | £ | £ | |
| Independent examination | ||||||
| fees | - | 2,556 | 2,556 | - | 2,436 | 2,436 |
| - | 2,556 | 2,556 | - | 2,436 | 2,436 | |
| Analysed between | ||||||
| Charitableactivities | - | 2,556 | 2,556 | - | 2,436 | 2,436 |
8 Governors
None of the Governors (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
aI
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation ofinvestments Sale ofinvestments |
97,411 (14,658) |
181,041 23,283 |
| 82,753 | 204,324 |
11. Taxation
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 that these are applied to its charitable objects.
12 Fixed asset investments
| Listed | Cash at | Total | |
|---|---|---|---|
| investments | investment | ||
| managers | |||
| £ | £ | £ | |
| Cost or valuation At 1 September2024 Additions Valuation changes Decrease in portfoliocash Disposals |
2,191,366 576,139 97,411 - (623,158) |
31,363 - - (14,161) - |
2,222,729 576,139 97,411 (14,161) (623,158) |
| At31 August2025 | 2,241,758 | 17,202 | 2,258,960 |
| Carrying amount At 31 August2025 |
2,241,758 | 17,202 | 2,258,960 |
| At31August2024 | 2,191,366 | 31,363 | 2,222,729 |
Fixed asset investments revalued
Fixed asset investments are managed by Rsthbones Investment Management. The historic costs of these investments are as follows: Listed investments £1,697,907 (2024: £1 ,703,097) & Cash at investment managers £17,202 (2024: £31,363).
Ts
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
13 Creditors: amounts falling due within one year
Other creditors
| 2025 £ |
2024 £ |
|---|---|
| 75 | 75 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
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|---|---|---|---|---|---|---|---|
|TT|
|14|Schedule|of Investment Income|2025|
|£|
|Aberdeen|Std|Fd Mg ASI|GbI|Infitikd|Bd|Inst! S|1,496|
|Aberdeen|Std|Fd Mg ASI|Sht Dur Gol|Infitikd Bd|1,562|
|Anglo American|USD0.54945|255|
|ASML Holdings|60|
|Assura|Pic Ordinary Shares|1,737|
|Astrazeneca|Plc|449|
|BA Beutel Goodman|1,006|
|BAE Systems|329|
|Blackrock European|Dynamic|308|
|Bunz!|Ord GBP0.32142857|352|
|Compass Group Ord GBP0.1105|299|
|CT (Lux)|||Sicav Ct (Lux) Gbl Corp Bd|3,971|
|Derwent London|Ord GBP0.05|159|
|Diageo Ordinary Shares|555|
|Experian Ord USDO.10|186|
|Fundsmith LLP|Equity|||Inc Nav|81|
|Greencoat UK Wind|Ord|GBP0.01|2,598|
|Halma Ordinary|10p|144|
|HSBC|Holdings PLC US $0.50 Ordinary Shares|1,065|
|INT|Public|Partner Ord GBPO.0001|1,007|
|Ishares Core S&P 500|1,213|
|Ishares|li|Pie|864|
|Lvmh|Moet Hennessy|262|
|London|Stock Exchange|189|
|Man|Fd Mgmt Uk Ltd GLG|Underval Ast Prof D|1,938|
|Novo|Nordisk|220|
|Polar Capital|Fund|Global!|Insurance E GBP Dis|1,079|
|Prudential|GBP0.05|110|
|Relx|Pic GBP0.1444|249|
|Rio Tinto PLC|10p|Registered|Ordinary Shares|1,036|
|Royal|London|Utm|Sterl|Credt|Instl|Inc Z GBP|6,695|
|Sage Group GBP0.01051948|284|
|Schroder Inv Mgmt Asian Total|Return C|Inc Nav|672|
|Scot Mort|Inv Tst Ord GBP0.05|220|
|Shell|Pic Ord|EURO.07|1,836|
|SSE|Pic GBP0.50|466|
|Tritax|Big Box Rei|571|
|UK (Govt|of) 0.5% Bds 31/01/29 GBP1000|64|
|UK (Govt of) 0.25%|Bds|31/07/31|GBP1000|68|
|UK (Govt|of) 0.625% Bds 31/07/35 GBP1000|94|
|UK (Govt of)|Idx/Lkd|Snr 22/03/34 GBP|159|
|UK (Govt|of) 0.125% Snr 30/01/26 GBP1000|28|
|UK (Govt of) 1.125% Snr 31/01/39 GBP1000|191|
|UK (Govt of) 3.5% Bds 22/10/25 GBP0.01|361|
|UK (Govt|of) 4.25% Snr 07/12/27 GBP1000|690|
|UK (Govt of) 4.125%|Bds 29/01/27 GBP1000|1,349|
|UK (Govt of)|1.5%|Gilt 22/07/26 GBP|422|
|Unilever PLC|.031111|Ordinary Shares|458|
|Vanguard|Fund|Plc FTSE Japan|Equity|Ucits GBP|1,124|
|Vanguard|Funds|Plc S&P 500 USD|1,153|
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
| 14 | Schedule | ofInvestment Income | (Continued) |
|---|---|---|---|
| Vanguard | Funds PicFTSEAll-World Ucits | 389 | |
| Worldwide | Healthcare Ord GBP0.25 | 63 | |
| 42,136 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
ooo
| 15 | Scheduleofinvestments | Units | MarketValue £ |
Cost £ |
|---|---|---|---|---|
| Aberdeen Std FdMgASI ShtDurGb! Infitikd Bd Asml Holding Aspects UcitsFundsPlc DiversifiedTrendsP Insil AstraZenecaPic |
74,115 24 415 267 |
36,576 13,237 66,554 31,479 |
39,026 13,589 50,351 27,306 |
|
| BAESystems Blackrock Fund Mgrs Ltd European DynamicFd Inc BrownAdvisory FdsBABeutelGoodman BrownAdvisory FdsUS Sustainable Growth Bunzl OrdGBP0.32142857 CompassGroupOrdGBP0.1105 DiageoOrdGBX28.935185 Experian Ord USDO.10 Findlay Park GreencoatUKWind Ord GPBO.01 Halma Ord 10p HSBC Holdings picUS$0.50 (75p)Ordinary Hermes InvestmentGlobal Emerging MarketsJG Sett Invesco European Invesco EURPEq IncUK Invesco PhysicalSecured Gold Lkd Nts Ishares CoreS&P500 ucits EtfUSD Ishares li Pic IsharesV Plc JP Morgan ETFS Lazard GblActiveLZD GblThematic Lazard InvestmentFds Emerging Markets Lvmh Moet Hennessy London StockExchangeOrdGBP0.06918604 ManGLG UndervalAst ProfD IncNav Novo NordiskA/s Ser'B'DKKO PolarCapital Funds Global InsuranceEGBPDis Relx PicGBP0.1444 RioTinto pic 10p Registered Ordinary Royal London Bd FdRLSterling Credt ZGBP SageGroupGBP0.01051948 Schroder InvMgmtAsianTotal ReturnC IncNav Scot Mort InvTstOrdGBPO.05 Shell PlcOrd EURO.07 SSE PicGBPO.50 Threadneedle (Lux)Gb! Corp Bd T. Rowe Price FdsUSSmallerCom Eq UK(Govt of)4.25%Snr07/12/27 GBP1000 UK(Govtof)4.125%Bds29/01/27GBP1000 UK(Govt of) 1.5% Gilt22/07/26GBP UnileverPLCORD GBP0.031111 Vanguard FundsFTSEJapan EquityGBP Vanguard Funds PlcS&P500USD Vanguard Funds PlcFTSEAll-World Ucits |
997 13,260 8,565 8,199 476 621 705 393 521 25,523 623 2,125 26,625 22,186 280 2,556 8,378 661 624 285 31,052 32 145 31,440 229 4,964 396 334 98,675 1,355 282 5,020 1,710 762 9,483 6,203 32,474 65,390 56,267 305 2,396 1,235 615 |
17,522 42,158 119,824 147,990 11,910 15,600 14,445 15,060 89,878 27,846 20,484 20,117 46,399 57,994 68,803 121,819 31,415 49,884 29,646 45,657 45,119 13,975 13,294 55,303 9,536 46,256 13,646 15,504 120,186 14,722 67,651 55,120 46,580 13,183 86,414 56,442 33,146 65,781 55,207 14,189 74,222 112,731 71,254 |
13,563 19,577 120,703 63,634 10,825 9,993 6,548 7,322 87,966 30,720 3,730 8,092 36,825 50,364 39,949 18,927 32,756 44,313 27,712 44,146 36,796 22,513 3,985 34,797 13,101 18,328 6,627 7,857 126,572 9,239 52,973 30,829 41,818 13,497 85,956 55,531 33,057 65,669 54,599 5,559 56,954 48,185 65,528 |
|
| 2,241,758 | 1,697,907 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
16 Financial commitments, guarantees and contingent liabilities
At the balance sheet date there were total grant commitments of £148,015 (2024 - £152,615) payable within the next 5 years.
17 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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