REGISTERED COMPANY NUMBER: IN1845837 IEngl%Dd and Wales) REGISTERED CHAIUTY NUMBER: 307039 REPORT OF THE TRusfEES AND FINANCIAL STATEblENrs FOR THE YEAR ENDED 31 AUGUST 21123 FOR WISPERS TRUST LIMITED Travi55 & Co E .t01 Ho 38 Newtown Road Lipbo GU30 7DX
WiSPERS TRUST LIMITED CONTENTS OF THE FINANCIAL sfATEMKNrs FOR THE YEAR EIYDED 31 All8$t 2023 Pge Report ofthe Trustees I to 3 tndependellt ExamineWs Report ststem¢nt ofThDn¢i41 Actrvities Ba13llce Sheet 6 to 7 NotÉg to the FiD*neiai Statemellts 8 to 12
IWISPEBS TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 August 2023 The trustees wbo ar¢ also directors of the cbatity for the [AllPo of the Companies Act 2006, pr¢seni their report with the fjnan¢ial statelllents of th¢ Glwity for the year ended 31 August 2023. The tnLSte&% have adopted the provisions of Accounting and Reporting by Charities: Statewent of Rem[ended Prdctice applicable to eljarities waring th¢iT accoullts in aecordance with the Financial Reporting Standard applicable ID the UK alld Repub]ic of fre]d (FRS 102} (effective l Jamuary 2019). The TrceS are also directors of the charity for the pwposes of the Companie6 A¢t 2006, pr&%ent tbeir report with the fan(la1 statem¢nts of tbe charity for the year ded 31 August 2023 The Trusl¢es have lOpted th¢ provisions of the Statement of Reconlmended Practice (SORP)'Accountillg and Reporting by Charities. issued in March 2005. OBjEIVEs AND ACTtVlTtES Objeetives and aims The Trust 15 inv¢sting its fidS iti a reswnsiTr)le and informed nwmer using the Jppoint¢d advisors. Th¢ TnteeS are pleased to continue to award burwies during the periiKI zlld e4)ect to do so. SigDifit3D¢ activities The Trustees increased the buTsarie5 awaTd¢d to Sdents in the year to £58.721 con]paEd to £49,541 in the previous year. ACHIEVEMENT AI¥D PERFORMANCE Charitable actfivities The Trust has been reviething procethTh processes that allow applI&ts to appty for bursaries. In tbi5 ¢ndeavour Wispers TrLt ha5 r¢ceiY¢d advi¢e alld example5 of gih)d practice through its mejnbership of the Education Trusts, ForLun. It has also consulted the Charity Comnl0]L Investment perforn)aDce The value of the inveStellt portfo]io held with Rathbones ShOrd a fiuther dEcline d8 the year to 3 1 August 2023 of £114J59 (2022 reduction 307,802) to £2,154,714. This thline of around 5/0 is CODsis¢eTrt with stock nwket moyejnents caused by continued wKertainty over int]atlQD Tr1¢5 and pric¢5 linked to the Ongoing conflict in Ukraille. Details of tbE investtnent movement are set out in note 6 to the fin¥mciai stat¢llnts. tn October 2022. the tenants moved out of the rental propety and a Schedule of works both inErnal and external was ¢atrt¢d out at the property. Th¢ propeTry W&8 let in Mah 2023 It due to the property being ejnpty during tbe repair works rental income for the year to £19,51K) from 6.950 in the previow8 ye.TOl property repairs alld maintenance costs the year amounted to £35.186 compared with £3,635 in 2022. Total incojne from investments and residential FKowty for the year to 31 August 2023 was £86,854 comwared to £88,530 ill the prior year. The breal(dowi of this is shown in note 2. The net deficit for the year before the movement in inYcstm¢nt Yalues was £40,518 ¢ompar¢d to a corre4K*nitiD8 surplus of £5J41in 2022. InvestEnenL inc0e is showll Costs of managing the rtfoliO are re¢tsrd os ¢xpcnditllr¢ of raising fids. In August 2023 this totalled £9.709 and 2022 £10,699. The net investment income for Rathbones was ther¢fore £57.()43 in 2023 and £50,881 in 2022. FINANCIAL REVIEW Principal fllDding Sources Th¢ l¢v¢l of bursaries award¢d are based OD income from divAdends and interest plus inve51ment property incon. InvesttDent policy 3nd objectives The fimds are being invested with the advitt of specialist itivtstmart advisots to the Charity sector. At the year end the majoTity of hEld in collservalive investments allow the 4dvisor5 to tske A considered approach to the Spread and pe of inve8trnents to g¢llerale th¢ ¢ed illcome. Page I
WISPERS TRIJST L]MTfED REPORT OF THE TRusfELS FOR THE YEAR ENDED 31 Augu5¢ 2023 Reserves lleY The charlty has fowicial cotnmitments with no ob]igatiotLS or employees. Therefore the reserves policy is to bave ullder iuvesttneot suffi¢ieDt fidS to generate iDcome to pay bursaries. Butsari&s are awarded at the dtscretion of the tSteeS and at a level generally to match forecast inveStnnI incojne. IgDoring Vern¢ts in valuation the tswtees consider a trfo]io vahLe of £2S(MI.(MM) gjfficient to fimd future bursaries. RUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is governed by its Memorandum aud AMA¢les of AwlatioN 4dopÉ¢d on the 26th June 2009 to reflect the charity's activity of providing butwies to girls up to the age ofuniversity entrance. RecTUitwellt and app)illtment of tThst¢ The C]witys elected Trustees are appottited on adyice offered by existing Trustees al with regard to the expertise in an appropTiate fiel for th¢ tharity's acttviti&s. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Comp¥4ny number 00845837 (Engknd and Wale5) ReEi8tered Cknarity llumber 307039 Regi4t¢Ted 01¢¢ Newtown House 38 NeHtown Road Liphook Hampshire GU30 7DX Trustees L H Beltran Retired Head Master Mrs A Holyoak Reiired Principal Professor S FoTb¢s ECTI$ Professor of m1¢ R Y Beltran Retired Teacher frs R Warnock Teacher alld former pupil Mrs E L Thompson Teacher (resigucd 16.6.23) Indeptndellt Examiller N Roberts FCCA Traviss & Co Ltd ChartcrEd Certifi¢d A¢countallts Newtown House 38 Newtown Road Liphook Hampshir¢ GU30 7DX Advisers Rathbone% Investment Management Ltd 159 New Bond Street London Wl 9EU AN>Toved by the B0d of Tnjstees 12 April 2024 and signed OD its behalf by. Pag¢ 2
WISP£RS TRusf LIMITED REPORT OF THE TRUSTELS FOR THE YEAR ENDED 31 Allgllst 2023 L H Beltrdll- TnLStee Pag¢ 3
INDEPEhl)Ewr EXAMINER'S REPORT TO THE TRUSTEES OF SPERS TRUST LIMITED tndep¢nd¢Dt ¢xAtyiLer'8 report to the Inte¢s of Wtsp¢rs Tht Llmlied {'tht CompgDy') I report to the charity trwtees i)n my examination of the accoutLts of the Company for tbe year ended 31 August 2023. Respon5ibilitie5 8nd basiy of report As the charity's tnjstees of the Cotnpany (and also its directors for the pwposes of company law) you are reS]ble fo the preparation of the xcounts iti accorda1e with the requiren of the CoAnpatiies A¢É 2(M)6 (*he 2006 Act). Having satisfied myself tit the accowits of the Company are required to be audited under Part 16 of the 2(K)6 Act and are e]igible for idependent examinati I report ill res of my exarnination of your charity's accoutts as carried out under S¢ctiou 145 of the Charities Act 2011 Cthe 2011 Ad). Jn fWiDg out LUY exaMitiOn I have followed the DiIe¢tions given by the ch]ty COnnniOn under Section 145(5) (b) of the 2011 ACL lodepeDdeDt examiner's staterneDt I have completed my examinatiorL I cojth that nmtt5 have come to attention in coJ]nection with the exatninatioll giving D)¢ cause to be]ieve: accounting record% were not kept in respect of the clpanY as requtred by Section 386 of the 2006 Act" or the accounts do not accord with those records. or the accounts do not compty with the accounting requirements of tIOn 396 of the 2006 Ad other than any requirement tbai tbe attounts give a knje and fair view which As not a matterconsidered as pth of an independeni exalninatioo" or the accounts have ]t been prepared ID accordance with the niethods and principles of the Statement of Recommended Practice for Ounting and rep)rtxng by ¢lLarities (applicable to charities preparllig their accounts in accordance with the Fillaneial Reprttng Stsndard applicable in the UK 2nd Republic of tre]and (FRS 102)). I have no concerns alld havE collK acr055 DO otber llJatta5 iu coDtLtctioll with tbe exaru]on to which attenuon shId be drawn in this report in order to enable a prow wideTStallding of the accounts to reache41 N Roberts FCCA Traviss & Co Ltd Chajtered Certified Accountants NewtowTr House 38 Newtown Ro1 Liphook Hampshir¢ GU30 7DX Page 4
WISPERS TRUST LtMNED STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR EIII)ED 31 August 2023 2023 Total funds 2022 Total fimds U[reStri Restricted fund INCOME AND ENDOWMENTS FROM [nVe3t¢llt incoroe 86154 86054 88,530 EXPKDtr)ITURE OIY [nVestent incom¢ costs 53.629 53.029 19,270 Charitable aetlvltles Bursaries Goyernallce Managenwnt 58,721 659 iOJ63 $8,ni 4,659 iOa63 49.541 3,485 10,893 Totsl 127a72 127J72 83,189 Net gain&l(losses) on investments UIM,113) (104,113) (280.8(M)) NET INCOMEI(EXPENDTfuRE) (144,631) (144,631) {275,459) RECONCILIATION OF FUTrqlKS Total fimds brought forwaTd 3jll9jJ 3,029J 3.304,849 T(YTAL PurDs CARRIED FORWARD 208i759 2084,759 3,029,390 The notes fomi pth of thffe financial Stateryts Pag¢ 5
WJSPERS TRUST LlhfITED BALANCE SHEET 31 Augw5t 21123 2023 Total funds 2022 Unrcstricted Restricted fijnd fiwd fi]nds N¢$ FIXED ASSETS vestments tnvestnents tllV¢5ttnent property 1154.715 7O0,1HM 2.154.715 71MI,IMIO 2269,073 700,1)00 1854,715 2054,715 1969,073 CURRENT ASSETS Debtors Cash at ballk 1.471 61,800 3&447 3&447 39,128 39,128 63,271 CREDITORS Amounts fauing due within one year (9,084) (9,084) (2,954) Tr4ET CURRENT ASSETS 30,1144 60,317 TOTAL ASSETS LESS CURRENT LIABILITIES 2W4,759 1884,759 3.029,390 r4ET ASSETS 2Wi759 2W,759 3.029,390 10 Unr¢strithd fid$ 1884,759 3.029,390 TOTAL FUNDS 2,884,759 3.029.390 The charitable company is &]titl¢d to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 3 1 Augusi 2023. The Members have not required the company to obtsin an audit of its financial Statements for the year ended 31 August 2023 iu aordanCe Mith Sertion 476 of the CollhpaDie5 Act 21M)6. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accoulltjng records that COll4)ly Sections 386 and 387 of the Companies Act 2006 and preparing financial sthtements which give a and fair view of the state of affairs of the chitable company as at tb¢ end of ea¢h financial aud of its sw)lus or deficit for each finaDcial yeaT ill accordance with the requirements of Se¢tions 394 395 and which Other7% comply with the requir¢m¢nts of the comp11¢$ Act 2006 relating to financial siatementy so far as applicable w the clwitable coll)pany. (b) Th¢ not¢s for part of these fjffiDcitil statettLents Page 6 continued...
wtSPERS TRU i1IfTED BALANCE SHEET- eotttitiued 31 August 2023 Thes¢ financial ststenmits have been pftrp&Yd in accordance with the provisio applicable to cTrwitRble companies subject to the all companies regim¢. The financial statetnents wtte approved by the Board of TTUSt¢es aUthoria for issue on 12 Apil 2024 and were signed on its behalf by: L H Beltran- Tnte¢ The note5 form part of these financial statements Page 7
NOTES TO THE FIP4ANCIAL sfATEMEN15 FOR THE YEAR EM)ED 31 August 2023 ACCOUNTING POLICIES Basis of prepariDg the fiD4Deial ststernents The fll)ancial statements of the charltable compaDy. which ts a blIC benefit lIty under FRS 102. bave Ixen prepared in accoTdanc¢ with the CbaTiti¢s SORP (FRS 102) 'Acwuuting and Reporting by Chariti¢s.' Stateent of Recommend¢d Pra¢tic¢ applirabl¢ to (hariti preparing their c0]ts in accordance with th¢ Fiuallcial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective I Ianuary 2019}', Financial Reportnig Standard 102 The Flnallcial Reporting Stsndard applicable in the UK and Republic of treland, and the Compani¢5 Act 2006. The financia] Statements have been prepared under the historical cost conventiofy with the exception of inyesknenrs which are included nTrarket value, as tiKlf1rd by the revaluation of Ceill ets. Income All income ts recwised in the Statetuent of Financial Activities once the charity has entitleme to the fi]nds, it is probable that the income wiu be received and the aillOUDt can be me&sured reliably. Expelldlture Liabilities are recognised as expenditure as soon as tFre a legal or cotLstsurtive obligation conunitting the charity to that expendinjre, it is probable ttmt a tras(er of economic benefits will required in settlement and the amount of the obligaliou be measured reliably. Expellditure is a¢cowited for on an accruals basis and h8S been classified under beadings that agwgdte all cosi related to the category. Where costs catJJLOt be direcdy attributed to particular headings they hav¢ allocat¢d to ¥tiviti¢S on a b95is con5iYt¢nt the use of resour¢¢5. All costs are inclusive of VAT. Grallts offer¢d subject to condition5 wbich bav¢ not been at tb¢ year e1 datr are noted as a conunitineiit but not acCnd &s expendittre. Allocation and apportiollmeDt of costs All expenditure has been chatged to utirestiicted fi8. Investment property The investment property is shown at the Tn]ses ¢]Mated cU¢t mthetvalue. Taxatioo The charity is exempt from corporation on its cFwitsble activities. Fund aCCOUDtiDg Unrestricted funds can be used in accordarnce with Ihe cIwile d)jecLives the discretion of the tsSte¢s. Restricted fimds can only be used for particularrestricted within the objects of tbe charity. R¢strictiolls arise when specified by the donor or when fijnds ate raised forparticular Testricted purpose5. Further explanallon of tbe nature and pUoSe of each fjjnd is included in the notes to the financial statements. Page 8 continued...
N(YfES TO THE FINANCIAL STATEMENfs. ¢ontinued FOR THE YEAR E_NI)ED 31 A*2ust 2023 INVESTMENT INCOME 2023 2022 Rents Tr¢eived tnvestment income [slI account iDtucst 195(Kl 67J52 26,950 61,580 86,854 88,530 Investin¢Dt m¥llag¢m¢llt ¢osts 2023 2022 Portfolio management Professional fees Investsnent property insurattce Prop¢rty Tepairs & llwlllellau¢¢ Letting charg Utilities 9,709 2,083 1208 35.186 2,729 2,714 10,699 876 1,090 3,635 2,970 53,629 19,270 TRUSTEES. REMi]NERATION Af4D BENEFKTS There were no tritsiees, remunuation or rtber benefits for the year en 31 AUg$t 2023 nor for the year ended 31 August 2022. Trust, pen8¢Y Travel costs reimbursed to the tnL4tees amounted to £1,814 (2022: £620). COMPARATIVES FOR THE STATEMLYf OF FLYANCIAL AcfiviTIES Unrestricted Restricted nd nd Total funds JNCOME ANI) ENDOWMENTS FROM tnvesttnent income 88,530 88,530 EXPEP4DITURE ON Investment income costs 19.270 19,270 Ch2ritable activities Bursaries Governance Management 49,541 3.485 10.893 49,541 3,485 10,893 Totsl 83.189 83,189 Net gainslOosse5) on inveslments (280,800) {280,800) P4g¢ 9 ontinued...
SPERS TRUST LIMITED N(yrES TO THE FINANCIAL KfATEMEI¥TS. eonthived FOR THE YEAR Ef4DED 31 Augus12023 COMPARATIVFS FOR THE STATEl%tENT OF FINANCIAL Acnvl. continued Unrestricted Restricted fijnd fimd Totsl Sjnds NET INCOMEI(EXPEf4DrriJRE) (275.459) (275.459) REcof4CILIATION OF FUls Total fi]n(ts brought fonvard 3 J04,849 3.304,849 3,029,390 3,029,390 Listed investments settleAnents pending Totals MARKET VALUE At I SeptemlKr2022 Additions Disposa]s RevaluatiODS 2.188212 564210 (525ffj63) (104,113) 80,861 2269.073 593,015 1,157,225 (64].?) (1,167,470) (104113) At 31 August 2023 2,121646 32,19 2,154,715 NET K VALUE At 31 August 2023 2,12246 32,069 2,154,715 At 3 1 August 2022 2.188212 80,861 2269,073 The ket value of inv4sttn¢nts held outside the UK was £736,055 (2022: £926,673). The movement value of the fixed a&set ioveslments has beffl adjus*d in the fiEJancial statements. INWESTKENT PROPERTY FAIR VALUE At I September 2022 and 31 August 2023 700,IIIN NET BOOK VALUE At 31 August 2023 700,000 At 31 August 2022 700.000 Page 10
WISPERS TRusf LI1r[ED NOTES TO THE FLYANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 A%st 2023 DEBTOILS: AMOUTrITS FALLING DUE wrrHIN ONE YEAR 2023 2022 Prepayments 681 1,471 CREDrroRS: AMOUTr4TS FALLING DUE wrriiiN ONE YEAR 2023 2022 Other ¢reditOTS Acc4wed expenses 70 9,014 2,954 9,084 2,954 10. MOVEMENT IN FUhl)S Net movement At 1.9.22 31.8.23 ureStrIcted funds General fund 329390 (144,631) 2W,759 TOTAL FUTr4DS 3,029?90 (144,631) 2084,759 Net movement in fimds, included in the #bovt ar¢ as follows: Gains and losses Movement in finMIs expended Unrestricted funds General fulld (127a72) (104,113) {144,631) TufAL FUNDS 86054 (127Jn) (JO4J13) 41631) Cornpardtives for movtrnent futtiLs Net oVe¢t in funds At 31.8.22 At 1.9.21 Unrestricted funds Genernl fulld 3304,849 (275.459) 3.029,390 TOTAL FUNDS 3Jl)4,849 (275,459) 3,029,390 Pagell ¢ontinued...
FOR THE YKAR EhTrED 31 Augusi 2023 to. MOVEMELYf IN FiINDS- eontinued Comparative net movement ill funds, included in the above are as follow¥.' Incomtng resources expended Gains and Movement losses in fijnds Ullr¢5tri¢Éed funds 88.530 {83,189) (280,81K)) {275.459) TOTAL Fuf4DS 88.530 (83,189) 80,800) (275.459) A current year 12 months and lor year 12 montbs combined p)sition is &% follows: Net movtmellt in funds At 31.8.23 At 1.9.21 UDrestrleted httds General fid 3 J04,849 (420,090) 2,884,759 TOTAL FUMIS (420,090) 2,884,759 A current year 12 months and prior year 12 months cornbiDed net fEK>vement in fimds, incIled in the above ar¢ &8 follows: JllCoJjjg resources Gain5 ond losses Movemellt in flaS expended LTnrestricted General fvnd 175.384 QIO,561) (384.913) (420,090) TOTAL FUNDS 175,384 (210,561) (384,913) 1420,090) ii. RELATED PARTY DISCLOSURES There were no related party tra1ctIonS for the year ended 31 August 2023. Page 12