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
￿.￿￿t0￿1 Ho
38 Newtown Road
Lipbo
GU30 7DX

WiSPERS TRUST LIMITED
CONTENTS OF THE FINANCIAL sfATEMKNrs
FOR THE YEAR EIYDED 31 All8￿$t 2023
P*ge
Report ofthe Trustees
I to 3
tndependellt ExamineWs Report
ststem¢nt ofThD*n¢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 Re￿m[￿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 Tr￿￿ceS are also directors of the charity for the pwposes of the Companie6 A¢t 2006, pr&%ent tbeir report with
the f￿an(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.
OBjE￿IVEs AND ACTtVlTtES
Objeetives and aims
The Trust 15 inv¢sting its fi￿dS iti a reswnsiTr)le and informed nwmer using the Jppoint¢d advisors. Th¢ Tn￿teeS 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 S￿dents 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 TrL￿t 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 Comn￿l0]L
Investment perforn)aDce
The value of the inveSt￿ellt portfo]io held with Rathbones ShO￿rd a fiuther dEcline d￿￿8 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¢ll￿nts.
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 Ma￿h 2023 I￿t 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￿.TO￿l 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 inc0￿e is showll Costs of managing the ￿rtfoliO are re¢tsrd￿ os ¢xpcnditllr¢ of raising fi￿ds. 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 fi￿dS to generate iDcome to pay bursaries. Butsari&s are awarded at the dtscretion of
the t￿SteeS and at a level generally to match forecast inveStn￿nI 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 Aw￿latioN 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 0￿1¢¢
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 E￿CTI￿$ Professor of m￿1¢
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 B0￿d 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 In￿te¢s of Wtsp¢rs Th￿t 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 accorda1￿e with the requiren￿ of the CoAnpatiies A¢É 2(M)6 (*he 2006 Act).
Having satisfied myself ti￿t the accowits of the Company are required to be audited under Part 16 of the 2(K)6 Act
and are e]igible for i￿dependent 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 exaMi￿tiOn I have followed the
DiIe¢tions given by the ch￿]ty COnnni￿On under Section 145(5) (b) of the 2011 ACL
lodepeDdeDt examiner's staterneDt
I have completed my examinatiorL I cojth that ￿ nmtt￿5 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 cl￿panY 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 sh￿Id
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 Ro￿1
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
[nVest￿ent 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
3jll9j￿J
3,029J
3.304,849
T(YTAL Pur￿Ds CARRIED FORWARD
208i759
2084,759
3,029,390
The notes fomi pth of thffe financial Statery￿￿ts
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 fi￿d$
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 a￿ordanCe 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 ch￿itable 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 Other￿7% comply with the requir¢m¢nts of the comp￿11¢$ 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￿ i1￿IfTED
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 aUthori￿a for issue on 12 Apil 2024 and were
signed on its behalf by:
L H Beltran- Tn￿te¢
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.' State￿ent
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 tiK￿lf1rd by the revaluation
of Ce￿ill ￿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 tF*re ￿ a legal or cotLstsurtive obligation conunitting the
charity to that expendinjre, it is probable ttmt a tra￿s(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 e￿1 datr are noted as a conunitineiit but
not acCn￿d &s expendittre.
Allocation and apportiollmeDt of costs
All expenditure has been chatged to utirestiicted fi￿￿8.
Investment property
The investment property is shown at the Tn]s*es ¢￿]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 cIwi￿le d)jecLives ￿ the discretion of the ts￿Ste¢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 pU￿oSe 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 FUl￿s
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
32,1￿9
2,154,715
NET ￿￿K VALUE
At 31 August 2023
2,122￿46
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 LI￿1r[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
u￿reStrIcted funds
General fund
3￿29390
(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 fi￿d
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, incI￿led in the above ar¢
&8 follows:
JllCo￿Jjjg
resources
Gain5 ond
losses
Movemellt
in fl￿aS
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 tra1￿ctIonS for the year ended 31 August 2023.
Page 12