REGISTERED COMPANY NUMBER: 00845837 (England and Wales) REGISTERED CHARITY NUMBER: 307039 REPORT OF THE TRUSTEES AIYD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR WISPERS TRUST LIr*tlTED Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 NeThtoMll Road Liphook Hampshire GU30 7DX
WISPERS TRUST LIMrrED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 Augllst 2024 Page Report of the Trustees I to 3 Independent Examiner's Report Statement of Financial Activities Balanc¢ Sheet Notes to the Financial Statements 8 to 13
WISPERS TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 Allgust 2024 The IsteeS who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fmancial statements of the charity for the year ended 31 August 2024. The lrnstees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to clMrities preparing their accounts ill accordance with the Flnancial Reporting Standard applicable in the UK and Republic of IrelaTLd (FRS 102) (effective l January 2019). The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fLnan¢ial Statements of the charity for the year ended 31 August 2024 The Trustees have adopted the provisions of tbe Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities, issued in March 2005. OBJECTIVEI S AND ACTIVITIES Objectives and aims The Trust is investing its funds in a responsible and infonned manner using the appointed advisors. The Trustees are pleased to continue to award bursaries during the period and expect to do so. Slgnificanl activities The Tnistees awarded totsl bursaries to students in the year of £56,610 compared to £58,721 in the Previous year. Public benefit The 'l'rustees review the aims, objectives and activities of the charity in the year. It considers what has been hieved and the outcomes of their WO over the previous 12 months. This considers tbe succe8s of each key activity and the benefits they have brougl]t to those groups of people which the charity was forn)ed to help. It helps the TnLSte¢s ensu that the aims, objectives and activities of the charity remain focused on the stated PUTposes. The Trustees have referred to guidance contain¢d in the Charity Commission's g¢ncral guidance on public benefit when reviewing th¢ aims and objectives, and in planning future artAYlties, In particular, the Trustees hdve considered how planned acuvitRes will contribute to the aims and objectives they have set. ACHIEVEMENT AND PERFORMANCE Charltable activities The Trust has been reviewing procedures and processes that allow applicants to apply for bursaries, In this endeavour Wispers Trust has received advice and examples of good practice through its membership of the Education TrLLSts' Forum. It has also consulted the Charity Commission. Investment performance The market value of the invesknent portfolio held with Rathbones showed an in¢rease as at 31 August 2024 of £158,039 (2023 reduction £114,359) to £2,312,752. This increase of around 6.5 % is reflectivv of a rnuch stronger period of trade in tbe markets particularly in the US.Details of the investment movement are set out in note 6 to the flnancial statements. The rental propety was let for the 1] period and as a result renta] income for the year increased to £30,368 fron] £19,500 in the previoug year.Total propety repairs and maintenance costs in the year arnounted to £5,650 compared with £35,186 in 2023 when the propety underwent some large scale irnprovements. Total income from investments and residential propety for the year to 31 August 2024 was £106,929 compared to £86,854 in the prior year. The breakdown of this 15 Shown in note 2. The net sutplus for the year before the movement in investment values £13,974 cornpared to a corresponding deficit of £40,518 in 2023. Investtnent income is shown gross. Costs of managing the portfolio are recorded as expenditure of l8]llg funds. In August 2024 this totalled £9.907 and in 2023 £9,709. The net invegtsnent income for Rathbones was therefore £66.&17 in 2024 and £57,643 in 2023. FINANCIAL REVIEW Principal funding sources The level of bursaries awarded are based on income from dividends and interest plus investment propety income. Page I
WISPERS TRUST LIMrrED REPORT OF TItE TRUSTEES FOR THE YEAR ENDED 31 August 2024 FINANCIAL REVIEW Investment policy and objectives The funds are being invegted with the advice of specialist investment advisors to the Charity sector. At tbe year end the majority of fijnds held in conservative investments allow the advisors to take a a)nsidered approach to the spread and type of inYe5tments to generate the expected inGome. Reserves policy The charity has minimal financial commitments with no obligations or employees. Therefore the reserves policy is to have under investent sufficient fidS to generate incorne to pay bursaries. Bursaries are awarded at the discretion of the ttee% and at a level generally to match forecast investment income. Ignoring movettLentg in valuation the trustees consider a portfolio value of £2,500,000 suffLcient to fund future bursaries. STRuuRE, GOVERNANCE AIYD MANAGEMENT Governing d(Jcument The chlty is controlled by its Memorandum and Articles of Association &8 an incorporated charity governed by UK Company law and The Charity Cornll)ission in England 8J]d Wales. Revised Articles of Association w¢re f]led in September 2023, replacing the 2009 set. A copy can be obtsined online from Companies House. Recrufitment and appointment of llew truslees New Tnte¢S are subject to a forn1 indtIOn process, which illcludes introductions to their legal obligations under Charity Law, the relevant Charity Commission's guidance, such as on public benefit, the Charity's governing documents, the committee structure and decislon-making proccsscs, and rcccnt financial performance of the ¢b&rity, Trustees are recruited based upon their 5kill.s, sector knowlcdge and experience and may attcnd relevant courses as training to enhance their knowledge and the undertaking of their role. REFERENCE AIYD ADMINISTRATIVE DETAILS Registered Company number 00845837 (England and Wales) Re£lstered Charlty number 307039 RegFi+itered ()ffice Newtown Ilouse 38 Newtown Road Liphook Hampshire GU30 7DX Trustees L H Beltran Retired H¢ad Master Mr.4 A Holyo¢ik Retired PrinLipdl Professor S Forbes Emerims Professor of Music R Y Beltran Retired Teacher Mxs R Warnock Teacher and fonner pupil Independent Examiner N Roberts FCCA Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hatnpshire GU30 7DX Page 2
SPERS TRUST L]mED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 August 2024 REFERENCE AND AI)MINISTRATIVE DETAILS Advi5er5 Rathbones Inveslment Management Ltd 159 New Bond Street London Wl 9EU Approved by the Board of Trustees 26 March 2025 and signed on its behalf by: L H Beltran - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WISPERS TRUST LIMITED Independent examiner's report ¢0 the trustees of Wispers Trust Limited ('the Company,) I report to the charity trustees on llky exsjnination of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basis of report As the Charitys trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accoullts in accordance with the requirements of the Companies Act 2006 (Yhe 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the ChaTitie5 Act 2011 (the 2011 Ace). In carying out my examination I have followed the Directions given by the Clwity COnnISsion under S¢clEon 145(5) (b) of the 2011 Act. Independent ex2miner'$ statement I have completed my examination. I confirm that no matters have come to tny attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company a5 required by Section 386 of the 2006 Act. or the accounts do not aw)rd with those records" or the accounts do not cornply with the awounting requirernents of Section 396 of the 2006 Act other than any requireinellt that the accounts give a tnJ¢ and fair view which is not a nmtter considered as part of an sndependent examination. or the acoounts have not been prepared in accordance with the methods and principles of the Statement of Recon]mended Practice for accounting &id reporting by charities (applicable to charities preparing their accounts in accordanc¢ with the Tr'inancial Reporting Standard applicable in the UK and Republio of Ireland (bRS 102)). I have no concerns and have come across no other malleTS 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. N Roberts FCCA Travi5s & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshir¢ GU30 7DX 27 March 2025 Page 4
WISPERS TRUST LIMITED STATEMENf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 August 2024 2024 Totsl lunds 2023 Total fimds U]]restricted fimd Restricted fund Notes INCOME AI¥D ENDOWMENTS FROM Investment income 106,929 106,929 86,854 EXPENDITURE ON tnvestment income costs 20,956 20,956 53,629 ChArfitable activities Bursaries Governance Management 56,666 4,644 10,689 56,666 4,644 10,689 58,721 4.659 10,363 Total 92,955 92,955 127,372 Net gains/(losses) on investments 167,735 167,735 (104,113) NET INCOMEI(EXPENDITURE) 181,709 181,709 (144,631) RECONCILIATION OF FUNDS Total fwids brought fonvard 2084,759 2084,759 3,029,390 TOTAL FUNDS CARRIED FORWARD 3,066,468 3,066,468 2,884,759 Th¢ notes fornk part of these financial statements Page 5
WISPERS TRUST LIMITED BALANCE SHEET 31 August 2024 2024 Total funds 2023 Total funds Unrestricted fLllLd Restricted fund Notes FtXED ASSETS Investments Investments Investrnent propety 2J12,754 700,000 2,312,754 700,000 2.154.715 700,000 3,012,754 3,012,754 2,854,715 CURRENT ASSETS Debtors Cash at bank 14,724 50,170 14,724 50,170 681 38,447 64,894 64,894 39,128 CREDITORS Amounts fallijjg due within one yeaT (11,180) (11,180) (9,084) NET CURRENT ASSETS 53,714 53.714 30,044 TOTAL ASSETS LESS CURRENT LIABLLJTIES 3,060,468 3,066,468 2,884,759 IYET ASSETS 3,066,468 3,066,468 2,884,759 io UDxestricted funds 3,066,468 2,884,759 TOTAL FUNDS 3,066,468 2,884,759 The chaTitable cornpany is entitled to exemption from audit under Section 477 of the cOmp]eS Act 2006 for the year ended 31 August 2024. The membeTS have not reqiiired the company to obtain an audit of its finallcial statements for tbe year ended 31 August 2024 in accordance with Section 476 of the Compaiiies Act 2006. The trustees acknowledge their responsibililies for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a ttue and fair view of the state of affairs of the charitable company as at the end of each financial yeas and of its surplus or deficit for each financial year in accordance with the requirernents of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so faT as applicable to the charitable collkpany. (b) The notes forni part of these fancial statenlents Page 6 continued.,.
WISPERS TRUST LIMITED BALANCE SHEET - continued 31 August 2024 These fanCIal statements have been ppared in accordance with the provisions applicable to charitable companies subject to the small corllpanies regitne. The financial statements wcre approved by the Board of Trustees and authoriscd for issue on 26 March 2025 and were signed on its behalf by: L H Beltran - Trustee The notes forni part of these fanCial staten]ents Page 7
WISPERS TRUST LIMITED NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 August 2024 ACCOIJNtING POLICIES Basis of preparing the financial statemellts The fmancial statements of the charitable company, which is a public benefit entity wider FRS 102, have been prepared in accordance the ChitIeS SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wAth the Financial Reporting Standard applicable in the UK and RepLd)lic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Cornpanies Act 2006. The financial siaiements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fimds, it is probable that the income will be received and the amount can be measwed reliably. Expcndlture Liabilities are rewgnised as expendilmre as soon as there is a legal or con8ttv¢tive obligation committing the charity to that expenditure. it is wobable that a transfer of e¢onomi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accoullted for on an accrnals basis and has been classified under headings that agegate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. All costs are inclusive of VAT. Grnnt5 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accru¥d as expenditure. Alloeation and apportionment of costs All expendittwe has been charged to unrestricted ftmds, Investment property The invesknent propety is shown at the Trustees estirllated Cuent market value. TasatloD The charity is exempt from coOratIon tax on its charitable activities. Fuiid aeeounting Unrestricted fun(Ls can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted PUTposes within the objects of the Charity, Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and pu0$¢ of eacb fid is included in the notes to the f]nancial statements. Page 8 continued...
WISPERS TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR EIYDED 31 AUgst 2024 INVESTMENT INCOME 2024 2023 Rents received Investment income Deposit accowit interest 30,368 76,554 19,500 67,352 106,929 86,854 INVESTMENT INCOME COSTS Investment management eosts 2024 2023 Portfolio management Professional fees Investment property insurance Property repairs & maintenance Letting charges Utilities 9907 9,709 2,083 1208 35,186 2,729 2,714 938 5,650 4A61 20,956 53.629 TRUSTEES, REMUNERATION AND BENEFris There were no trusteeg, remuneration or other benefits for the year ended 3 l August 2024 nor for the year ended 31 August 2023. Trustees, expenses Travel costs rein]bursed to the trustees amounted to £66 (2023: £1,814). COMPARATIVES FOR THE STATEMEIYT OF FINANCIAL ACTIVITIES Unrestricted fimd Restricted fia Total fimds INCOME AND ENDOWMENTS FROM Investment income 86,854 86,854 EXPENDITURE ON Investment income costs 53,629 53,629 Charltable activities Bursaries Governance Management 58,721 4,659 10,363 58,721 4,659 10,363 Total 127,372 127,372 Net gains/(losses) on investments (104,113) (104,113) Page 9 ontinued...
WISPERS TRUST LIMrrED NCYTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 August 2024 COMPARATIVES FOR THE STATEMEINT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted fimd fimd Total fidS ET INCOMEI(IXPENDITURE) (144,631) (144,631) BECOIYCILIATION OF FUNDS Total funds brought forward 3,029,390 3,029,390 TOTAL FUNDS CARRIED FORWARD 2,884,759 2,884,759 FIXED ASSET INVESTMEI¥TS Cash and settlements pending Listed illvesthients Totsls MARKFT VALUE At I September 2023 Additions Disposals Revaluation8 2,122,646 483?92 (461,824) 166,101 32,069 2,154,715 540,207 1,023,599 (569,837) (1,031,661) 166,101 At 31 August 2024 20IOJ15 2,439 2?12,754 NET BOOK VALUE At 31 Augyust 2024 2,310J15 2,439 2J12,754 At 31 August 2023 2,122,646 32,069 2,154,715 The market value of investments held outside the UK was £897,549 (2023: £736,055). The movement in value of the fed asset investments has been adjusted in the fmancial statements. INVESTMENT PROPKRTY FAIR VALUE At I September 2023 and 31 August 2024 7(Kl,000 IYET BOOK VALUE At 31 August 2024 700,000 At 31 August 2023 700,000 Page 10 contimied...
WISPERS TRUST LLMITED NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR EIWED 31 August 2024 DEBTORS: AMOUNTS FALLING DUE WITHtN ONE YEAR 2024 2023 Other debtors PrepayelitS 14,099 625 681 14,724 681 CREDITORS: AMOUNTS FALLING DUE WTfHIN YEAIi 2024 2023 Trade creditors Other creditors Accrued expenses 8,078 70 9,014 3,102 11,180 9,084 io. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General ftmd 2,884,759 181,709 3,066,468 TOTAL FUNDS 2,884,759 181,709 3,066,468 Net movement in funds, included in the above are as follows: Incoming resources Resources exp¢nded Gains and losses Movement in flmds Unrestricted funds General fund 106,929 (92,955) 167,735 181,709 TOTAL FUiYDS 106929 (92,955) 167,735 181,709 Pagell continued...
WISPERS TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIIDED 31 August 2024 10. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted fund5 General fund 3,029,390 (144,631) 2,884,759 TOTAL FUNDS 3,029,390 (144,631) 2,884,759 Comparative net movement in fiJllds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds (ieneral fund 86,854 (127,372) (104,113) (144,631) TOTAL FUNDS 86,854 (127,372) (104,113) (144,631) A current year 12 months and prior year 12 months combined position is as follows: Net movement in fund5 At 31.8.24 At 1.9.22 Unrestricted funds General fLd 3,029,390 37,078 3,066,468 TOTAL FUNDS 3,029,390 37,078 3,066,468 A current year 12 months and prior year 12 months combined net movement in fimds, inCded in the above aTe as follows: Incoming resources Resources expended Gain5 and losses Movement in fimds Unrestrieted funds General fund 193,783 (220,327) 63,622 37,078 TOTAL FUNDS 193,783 (220,327) 63,622 37,078 Page 12 continued...
WISPERS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENfs- eontfinued FOR THE YEAR ENDED 31 August 2024 ii. RELATED PARTY DISCLOSIJRES There were no related party transactions for the year ended 31 August 2024. Page 13