OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-07-31-accounts

Whitelands College

Annual Report and Accounts

31 July 2025

Charity Registration Number 312937

Contents

Reports

Reports
Reference and administrative details
of the charity 1
Report of the Governing Body 2
Independent auditor’s report 10
Accounts
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 18
Notes to the accounts 22

Whitelands College

Reference and administrative details of the charity

0B0B The College Trustee Whitelands College Foundation (The) Governing Body of Whitelands College Dr P Chadwick (Governing Body and directors of The Dr I Fronimos Whitelands College Foundation, the College Rev Dr M Parsons Trustee) Rev J Rey Ms L Jackson Rev Dr D Eshun Dr S Akehurst Mr S Crabtree Rt Rev Dr M Gainsborough Mr A Demby Chief Executive Officer Dr N Mayhew-Smith Company Secretary Ms A J Blackburn Principal address Parkstead House Holybourne Avenue London SW15 4JD Charity registration number 312937 Auditor Goodman Jones LLP 1[st] Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN Bankers Natwest Bank 111-117 Putney High Street LondonSW15 2LL Investment managers CCLA Investment Management Limited 1 Angel Lane London EC4R 3AB

Whitelands College 1

Report of the Governing Body Year to 31 July 2025

The Governors of Whitelands College, who are the directors of the Corporate Trustee, Whitelands College Foundation, herein after referred to as the College Trustee, present their statutory report together with the accounts of Whitelands College (The College) for the year ended 31 July 2025.

Whitelands College Foundation, The College Trustee, is a company limited by guarantee and incorporated in England and Wales (registered number 00964044) whose registered office is at Whitelands College.

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 22 of the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of 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 United Kingdom and Republic of Ireland (FRS 102).

Structure, governance and management

Governance and organisation

The College was founded by a Lease dated 20 July 1849 and is now governed by a Charity Commission Scheme made on 5 October 1978 as varied: by an order of the Charity Commission made on 15 March 2004; by resolutions of the College Trustee dated 9 March 2020; and by a scheme of the Charity Commission dated 5 January 2021 (the "Governing Document"). Under the Governing Document, the College Trustee is appointed Charity Trustee of the College. Revised Articles of Association were adopted by Whitelands Foundation (The) (the College Trustee) by special resolution in November 2019.

Whitelands College is a registered charity (Charity Registration Number 312937) and is affiliated to Roehampton University, (the University) under a Deed of Adherence. The latest Deed of Adherence is dated 26 November 2012.

Whitelands College Foundation (The) manages the affairs of Whitelands College by appointing individuals, collectively called the Governing Body, to act on its behalf.

Whitelands College 2

Report of the Governing Body Year to 31 July 2025

Structure, governance, and management

Directors (Governors) of the Corporate Trustee

The Governors of the Corporate Trustee during the year ended 31 July 2025 were as follows:

The Governing Body

Dr P Chadwick Dr I Fronimos Rev Dr M Parsons Rev J Rey Ms L Jackson Rev Dr D Eshun Dr S Akehurst Mr S Crabtree Rt Rev Dr M Gainsborough Mr A Demby

Governance

The Governing Body is responsible for ensuring the effective management of Whitelands College to achieve and develop its strategic objectives and for planning its future.

The Governors are nominated as set out in the Articles of Association and initially appointed for a term of three years. A retiring Governor is eligible for re-nomination. No Governor may serve more than three terms.

Apart from its statutory responsibilities as described below, its primary responsibilities include the following:

Whitelands College 3

Report of the Governing Body Year to 31 July 2025

The Governing Body is also required to nominate two individuals to serve as directors on the University Council. All nominees are given information on the College’s constitution and up-todate information regarding its performance and financial status and are inducted by the Chair of Governing Body and the Head of College. The induction includes providing background on the College’s history, purpose, and finances.

Statement of responsibilities of the Governors

The Governors (who are the directors of the College Trustee and act as the trustees of the charity under the Charities Act) are responsible for preparing the Annual Report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure for that period. In preparing these accounts, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key management personnel

The Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the College. Dr Nick Mayhew-Smith was the director of the Corporate Trustee and responsible for the day-to-day operations of the College during the financial year ending 31 July 2025.

Whitelands College 4

Report of the Governing Body Year to 31 July 2025

None of the Governors of Whitelands College Foundation, the College Trustee, received any remuneration or reimbursed expenses in respect of their services from the Whitelands College during the year (2024 - none).

Risk management

A framework to manage strategic risks is in place, which categorises risks as high, medium, or low level covering the likelihood and impact of each identified risk. The Governing Body has assessed the major risks to which the College is exposed, in particular those relating to the specific operational areas of the College, its properties, its investments, its loan covenants and finances generally.

Under the licence and management agreement with the University, the University is required to manage the risk of damage to the property and or assets and the risk of breaching the loan covenants. The Governing Body receives confirmation from the University that it has an appropriate risk register and systems in place to ensure that risks are managed, and these are reviewed each year by the audit committee and the loan covenant is reviewed at each meeting of the College Trustee to ensure that there is no breach of the conditions attaching to the loans.

Governance

Risk management

The Governing Body believes that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the College, they have established effective systems to mitigate those risks.

Public benefit

The Governors confirm that they have referred to the guidance issued by the Charity Commission on public benefit when reviewing the aims and objectives of the College and planning future activities.

Objectives

The object of the College is the provision, conduct and development of a college for higher and further education of men and women, including, in particular but without prejudice, the training of persons intending to become teachers. The College continues to fulfil its charitable objects.

The Mission Statement of Whitelands College Foundation, the Corporate Trustee, states:

Whitelands College Foundation is an Anglican Foundation with a long tradition and is an integral part of the University of Roehampton. It thus offers a distinctive experience of higher education to a wide range of people pursuing academic excellence in a community where justice and the values of respect, caring, service, openness, and personal integrity are firmly upheld.

Whitelands College 5

Report of the Governing Body Year to 31 July 2025

Activities

The main activity of the College since 2012 is the ownership of the land and buildings which are occupied by a constituted college of the University of Roehampton under a licence to occupy. The University continues to train men and women for the teaching profession and for a range of degree courses validated by the University of Roehampton. The College fulfils its charitable objects through such an occupation.

The Charity Commission Scheme of 5 October 1978 allows sums of cash belonging to Whitelands College and not needed for immediate working purposes to be invested at any time in the name of Whitelands College Foundation unless the Charities Commissioners otherwise direct. However, it is the current intention that Whitelands College Foundation acts purely as the College Trustee of the College.

College activities 2024-25

Roofing works proved to be a major feature of the college experience in 2024-25, generously funded through the Whitelands College Foundation. But beneath the busy skyline, life continued apace at Whitelands, with a mix of innovative events and traditional activities alike to keep the community thriving. Most creative and popular of all was the introduction of a social learning programme focused on nature crafting, wellbeing and environmental awareness, designed to support students while also offering an opportunity to learn and grow in confidence. At the heart of this were numerous crafting workshops led by DTh student leader Bridget Steenkamp, creating a strong cohort of motivated and engaged students who also took a lead at the London Student sustainability Conference in February 2025. This focus on wellbeing and good health was also behind the introduction of weekly Mindfulness Monday sessions held in the college chapel, offering space for students to still their minds and bodies during busy term times. And in terms of traditional activities, those who attended our main annual event, the May Day celebrations, will have seen first-hand the effects of such student-facing programmes. The day’s events included the appointment of Dr R David Muir and Mary Mackenzie as College fellow and the creation of decorations and accessories designed by our incoming May Monarch, Hanna Baxter, who chose Dose of Nature as her charity. The May Day event was held across three Roehampton sites due to the roofing works, starting with a service in Holy Trinity church led by Bishop Martin Gainsborough, moving to the King’s Head pub for lunch, and then finishing with tea, maypole dancing and an innovative field blessing service of the college grounds. The positive energy continued at the college as a new student elected officers took up their roles, Abbigail Parkin taking over from Pathan Banu as college president, and Keira Williams succeeding Bhavesh Patil as deputy president, all four of them making a positive difference during a busy year.

Investment policy

The charity has a portfolio of investments excluding cash held by the investment managers of £19,220 (2024: £18,656). Further details are provided in Note 10 to the accounts.

There are no restrictions on the College’s power to invest. The investment strategy is set by the Governing Body and takes into account income requirements and the risk profile. The overall investment policy is to place investments in funds holding a mixed portfolio that have objectives consistent with the Governing Body’s expectations.

Whitelands College 6

Report of the Governing Body Year to 31 July 2025

Investment policy

The Governing Body regularly reviews the investment strategy and the performance of the portfolio which achieved a total return of 3.7% on the CBF Church of England Funds and cash balances. The Governing Body is satisfied that their investment policy is being achieved in the longer-term.

Financial review

Financial position and performance

These accounts show the financial position and performance of Whitelands College. Whitelands College has ended the year with net movement in funds, after investment gains and revaluations on heritage assets of £654,796 (2024: £330,624).

Income for the year totalled £820,867 (2024: £738,440) and included £658,532 (2024: £653,878) from the Roehampton University as an annual payment for occupation of premises, £23,850 (2024: £nil) generated from letting of 47 Laverstoke Gardens and interest earned on investments and cash balances of £138,485 (2024: £84,562).

Expenditure for the year totalled £548,777 (2024: £544,898).

Tangible fixed assets at the year-end totalled £15,268,581 (2024: £14,408,342) and heritage assets totalled £2,573,700 (2024: £2,573,700). Investments with the Central Board of Finance of the Church of England (CBF) purchased several years ago for £30,000 which had a market value at 31 July 2025 of £19,220 (2024: £18,656) and cash balances of £2,099,937 (2024: £2,381,098).

Reserves Policy and Funds

Reserves policy

The Governing Body’s policy is to retain sufficient funds to ensure that the charity’s undertaking to Allica Bank Limited in relation to its loan facilities are not breached. In addition, the Governing Body considers that it is prudent to retain sufficient liquid resources to service the charity’s obligations under the loan agreement for one year at £545,000 and also to retain approximately £700,000 to meet any capital investments. This gives a requirement to hold total funds of approximately £15.2 million. The reserves’ policy was met throughout the year and at the balance sheet date.

Funds

Total funds at 31 July 2025 amounted to £17,571,493 (2024: £16,916,697) and include a tangible fixed assets fund of £12,473,976 (2024: £11,238,724) and designated funds amounting to £2,573,700 (2024: £2,573,700). The designated funds are a heritage asset fund and are detailed in note 17. The tangible fixed asset fund represents the net book value of tangible fixed assets used in the day-to-day work of the College less the bank loans. The College Trustee has designated these funds as they are not available for working capital.

At 31 July 2025, the balance on General fund was £2,523,817 (2024: £3,104,273). In the opinion of the trustees, these are sufficient to cover any contingencies.

Whitelands College 7

Report of the Governing Body Year to 31 July 2025

The loan covenants with Allica Bank Limited require total funds amounting to a minimum of £14,000,000 and the ratio of gross cash flow from operating activities to debt service costs is at 1.2:1 or above. Both covenants have been met in the financial year ended 31 July 2025.

The Governing Body confirms that the funds are held in accordance with the reserves policy and that the funds available to the charity are adequate and not excessive.

Fundraising policy

During the year, the College did not carry out any fundraising activities. It does not currently subscribe to any fundraising standards or schemes but aims to achieve best practice in the way in which it communicates with donors and other supporters.

It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The College manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the College did not carry on any fundraising activities and received no complaints about its fundraising activities.

Plans for future periods

The College plans to continue to provide the College premises for occupation by Roehampton University and to service the bank loans in accordance with the terms agreed with the bank.

Auditors

During the period, Goodman Jones LLP have indicated their willingness to remain in office for the next financial period. Each of the persons who are trustees at the time when this Trustees' Report is approved has confirmed that:

• so far as that trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Whitelands College 8

Report of the Governing Body Year to 31 July 2025

Approved by the Governors and signed on their behalf by:

Dr P Chadwick

Director of the Whitelands College Foundation (The) and the Trustee of the Whitelands College. Approved by the Governing Body on: 8[th] December 2025

Whitelands College 9

Independent auditor’s report Year to 31 July 2025

Independent auditor’s report to the Governors of the College Trustee of Whitelands College (the charity)

Opinion

We have audited the accounts financial statements of Whitelands College (the ‘charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice (2005) which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Whitelands College 10

Independent auditor’s report Year to 31 July 2025

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Governors

As explained more fully in the statement of responsibilities of the Governors, the Governors (who are the Governors of the College Trustee) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governing Body determines is necessary to enable the preparation of financial statements

Whitelands College 11

Independent auditor’s report Year to 31 July 2025

that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governing Body and the College Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and sector, we identified that the principal risks of noncompliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.

These procedures included:

Whitelands College 12

Independent auditor’s report Year to 31 July 2025

estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Governing Body and directors of the College Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Governing Body and directors of the College Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP Statutory Auditor 1[st] Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Date: 12-12-25

Goodman Jones LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Whitelands College 13

Statement of Financial Activities 31 July 2025

Notes General
fund
£
Designated
and tangible
fixed assets
funds
£
Total
2025
£
General
fund
£
Designated
and tangible
fixed assets
funds
£
Total
2024
£
Income from:
Charitable activities
1
Investment income and
interest receivable
2
Total income
Expenditure on:
Charitable activities
3
Net income before transfers
Transfers between funds
15
Net income / (expenditure)
before investment and
revaluation gains /(losses)
Realised gains /(losses):
on investment assets
10
Unrealised gains /(losses):
on investment property
8b
Net income /(expenditure)
and net movement in funds
5
Reconciliation of funds:
Fund balances brought
forward at 1 August 2024
Fund balances carried
forward at 31 July 2025		 658,532
-
658,532
653,878
-
653,878
162,335
-
162,335
84,562
-
84,562
820,867
-
820,867
738,440
-
738,440
548,777
-
548,777
544,898
-
544,898
272,090
-
272,090
193,542
-
193,542
(1,235,252)
1,235,252
-
(109,051)
109,051
-
(963,162)
1,235,252
272,090
84,490
109,051
193,542
565
-
565
137,082
-
137,082
382,142
-
382,142
-
-
-
(580,455)
1,235,252
654,796
221,572
109,051
330,624
3,104,274
13,812,423
16,916,697
2,882,702
13,703,372
16,586,073
2,523,819
15,047,675
17,571,493
3,104,274
13,812,423
16,916,697

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities derived from continuing operations during the above two financial periods

The notes on pages 22 to 29 form part of these financial statements.

Whitelands College 14

Balance Sheet 31 July 2025

Notes
2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Tangible assets
8a
Investment property
8b
Heritage assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current
Liabilities
Creditors:amounts falling due
after one year
13
Total net assets
Represented by:
Funds and reserves
Income funds
Unrestricted funds:
Designated funds
Heritage assets fund
17
Tangible fixed assets fund
16
General funds
15
Revaluation reserve fund
15
Total funds






-
2,769,507
15,268,581
500,000
2,573,700
19,220








-
3,155,019		 14,408,342
-
2,573,700
18,656
17,979,359










1,607,241
 17,000,698


2,711,154
2,769,507

(1,162,266)		 3,155,019



(443,865)








































19,968,742



**(2,397,249) **		 19,711,852
(2,795,154)
17,571,493 16,916,697







2,573,700		 2,573,700
2,573,700
12,473,976		 2,573,700
11,238,724
15,047,676
2,141,675		 13,812,424
3,104,273
17,189,352
382,142		 16,916,697
-
17,571,493 16,916,697

Approved by the Governing Body and directors of the College Trustee and signed on their behalf by:

Dr P Chadwick

Director of the Whitelands College Foundation (The), the College Trustee

Approved on: Notes on pages 22 to 29 form part of these financial statements.

Whitelands College 15

Statement of Cash Flows 31 July 2025

A
B		 Notes
2025
£
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of fixed assets
Increase/(decrease) in creditors Fixed Assets
Share sold during the year
Investment income
Net cash provided by investing activities
Cash outflow from financing activities:
Interest paid
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 August 2024
B
Cash and cash equivalents at 31 July 2025
B

600,846


(1,318,597)
711,506
-
162,335
**(444,756) **


(166,588)
**(375,013) **
**(541,061) **

(385,511)


3,155,020

2,769,507
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Losses/(gains) on investments
Revaluation on investment property
Interest payable
Investment income
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cashprovided by operating activities		 654,796
340,500
(565)
(382,142)
166,588
(162,335)
-
(15,997)
600,846
Analysis of cash and cash equivalents 2025
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 669,571
2,099,937
2,769,507

Whitelands College 16

C Net debt reconciliation

Cash at bank and in hand
Cash held by investment managers
Loans falling due within one year
Loans falling due after more than one year
Total		 At 1 Aug
2024
£		 Cash flow
Movement
£
At 31 July
2025
£
773,921
2,381,098		 (104,350)
(281,161)		 669,571
2,099,937
3,155,019
(385,512)
2,769,507
(374,463)
(2,795,154)
(22,892)
397,905		 (397,356)
(2,397,249)
(3,169,617)
375,013
(2,794,604)
(14,599)
(10,498)
(25,097)

Whitelands College 17

Principal accounting policies 31 July 2025

General Information

Whitelands College is an unincorporated charity registered with the Charity Commission in England and Wales under charity number 312937. The main activities of the charity are the ownership of land and buildings occupied by a constituted college of Roehampton University as noted in the Trustees' Report on page 6. The College's principal address is Parkstead House, Holybourne Avenue, London, SW15 4JD.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of accounting

These accounts have been prepared for the year to 31 July 2025 with comparative information provided for the year to 31 July 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The College constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling, the functional currency of the charity and amounts are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

The items in the accounts where a judgement and estimate have been made are in estimating the useful economic life of tangible fixed assets used to calculate the depreciation charge, valuation of investment properties and the value of heritage assets included in the balance sheet.

Assessment of going concern

The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Governors have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Governors of the College have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the College to continue as a going concern. The Governors are of the opinion that the College will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are the continued ability of the University to make the annual payment to the College and for the College to service the loan facility

Whitelands College 18

Principal accounting policies 31 July 2025

provided by Allicia Bank Limited and meet the loan covenants.

As the annual payment payable by the University is based on the College’s estimated payments for the financial year, the risk of the College not being able to meet its liabilities as they fall due is reduced.

With regards to the next accounting period, the year ending 31 July 2026, the only area that affects the carrying value of the assets held by the College is the level of investment return and the performance of the investment markets. The value of the investments held in unitised funds is not significant to the assessment of the financial viability of the College.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity must fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises an annual payment receivable from Roehampton University for occupation of the college premises, investment income from listed investments and interest receivable. The annual payment is recognised in accordance with the licence and management agreement with Roehampton University and to the extent that it is probable that the economic benefits will flow to the College and the revenue can be measured reliably.

Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from all investments is accounted for only when the receipt of such income is probable, and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; usually upon notification of the interest paid or payable by the bank.

Whitelands College 19

Principal accounting policies 31 July 2025

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes any attributable VAT which cannot be recovered.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of College premises for educational use. Such costs include the costs of servicing the bank loans, the depreciation of the freehold and leasehold premises, governance costs and other costs.

Tangible fixed assets

All assets costing more than £250 and with an expected useful life exceeding one year are capitalised.

Freehold properties used for the direct charitable work of the charity are included in these accounts at cost at the date of acquisition or construction together with the cost of additions and improvements to date.

Freehold buildings are depreciated from the date they are brought into use at a rate of 2% per annum on a straight-line basis in order to write the buildings off over their estimated useful economic life to the charity. Freehold land isn’t depreciated.

Leasehold land and buildings have been included at cost less a provision for impairment and are amortised from the date they are brought into use over a period of 50 years. Cost includes loan interest incurred to fund construction prior to the assets being brought into use.

Where tangible fixed assets are acquired with the aid of specific grants they are capitalised and depreciated as above.

An impairment review in respect to a particular class of asset is carried out if events, or changes in circumstances, indicate that the carrying amount of any tangible fixed asset may not be recoverable.

Investment properties

Investment properties are properties held to earn rentals. Investment properties are initially recognised at cost, after initial recognition, investment properties are measured at fair value which is determined annually by independent qualified valuers, based on market evidence of transaction prices for similar properties in the same location and condition.

Investment properties are not depreciated.

Whitelands College 20

Principal accounting policies 31 July 2025

Heritage assets

Heritage assets have historic, artistic, scientific, technological, geophysical or environmental qualities and are held and maintained principally for its contribution to knowledge and culture.

The College holds artefacts which have been classified as heritage assets, and these have been recognised in the accounts at valuation using information, evidence, and valuations obtained from professional experts.

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise).

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Fund accounting

The designated funds are monies set aside out of unrestricted funds and designated for specific purposes by Governors.

General funds represent those unrestricted monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

Both the general fund and designated funds are unrestricted.

Whitelands College 21

Notes to accounts 31 July 2025

1 Income from: charitable activities

2025
£		 2024
£
653,878
Annualpayment 658,532

The annual payment represents monies received from Roehampton University for occupation of the College premises.

2 Income from: investments and interest receivable

Income from: investments and interest receivable
2025
£		 2024
£
48,390
8,892
27,280
-
84,562
Investment income – The CBF Church of England Funds
. Unitised income funds
. cash holdings
Bank interest
Rental from 47 Laverstoke Gardens		 69,181
49,658
19,646
23,850
162,335

3 Expenditure on: charitable activities – provision of College premises for educational use

use
2025
£		 2024
£
Depreciation and amortisation of buildings
Loan interest
Legal and professional fees
Support costs
. Governance costs (note 4)
. Bank charges		 340,500
166,588
30,789		 344,900
189,775
-
537,877
10,900
-		 534,675
10,200
23
548,777 544,898
Governance costs 2025
£
10,900
2025
£
340,500
166,588
10,900		 2024
£
10,200
2024
£
344,900
189,775
10,200
Auditor’s fees (including VAT)
Net income / (expenditure) and net movement in funds
This is stated after charging:
Depreciation and amortisation charges
Interest on bank loans
Auditor’s remuneration (including VAT)
. Audit services

4 Governance costs

Whitelands College 22

Notes to accounts 31 July 2025

6 Employees and key management personnel

The College employs no staff.

The Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the College. Mr N Mayhew-Smith was responsible for the day-to-day operations of the College.

None of the Governors of Whitelands College Foundation, the College Trustee, received any remuneration or reimbursed expenses in respect of their services during the year (2024: none).

7 Taxation

Whitelands College is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8a Tangible fixed assets

Tangible fixed assets
Freehold
land and
buildings
£		 Leasehold
land and
buildings
£		 Total
£
54,583,878
1,318,597
(230,246)
55,672,229
40,175,536
340,500
(112,388)
40,403,648
15,268,581
14,408,342
Cost
At 1 August 2024
Additions (Note 19)
Transfer
At 31 July 2025
Depreciation, amortisation and impairment provision
At 1 August 2024
Charge for year
Transfer
At 31 July 2025
Net book values
At 31 July 2025
At 31 July2024		 552,280
(230,246)		 54,031,598
1,318,597
322,034 55,350,195
229,444
6,646
(112,388)		 39,946,092
333,854
123,701 40,279,947
198,333 15,070,248
322,837 14,085,505

Leasehold land and building - Parkstead site

On 1 May 2005 the academic and residential leasehold sites were subject to a professional impairment review by DTZ Debenham Tie Leung International Property Advisers. As a result of the restrictions on the use of Parkstead House, a value of £20 million on a restricted lease basis was attributed to the property resulting in a fall in value of £33,225,519 which was charged to expenditure in 2005 and a further fall of £314,540 which was charged to expenditure in 2006.

Whitelands College 23

Notes to accounts 31 July 2025

8b Investment property

Investment property
2025
£
117,858
382,142
500,000		 2024
£
-
-
-
Carrying value At 1 August 2024
Revaluation gains
Market value at 31 July 2025

During the year, 47 Laverstoke Gardens was transferred from tangible fixed assets to investment property. This reclassification reflects a change in the use of the property, which is now held to earn rentals rather than for the Charity’s own operational purposes. The property was subject to professional value on 7 February 2025 by William Ray, RICS qualified valuer. The Trustees do not consider there to be any change in valuation between valuation date and balance sheet date.

9 Heritage assets

Reredos
£		 Stained
glass
windows
£		 Artefacts
£

869,700

869,700		 Total
£

2,573,700

2,573,700
Valuation at 1 August 2024
Revaluation gains Valuation at 31 July 2025		 500,000
500,000		 1,204,000
1,204,000

The College Property, known as Parkstead House, incorporates a number of Burne-Jones stained glass windows and the College also owns various rare artefacts which are acknowledged to be of historic importance and which are retained as part of the College’s heritage.

The windows and artefacts are deemed, therefore, to be heritage assets and have been included in the accounts at a valuation determined by the College Trustee, with professional assistance. Such assets are not depreciated. Their value and condition will be reviewed annually by the College Trustee who are satisfied that their residual value is not less than their book value.

10 Fixed asset investments

Fixed asset investments
2025
£

2024
£

2,012,202

(2,130,629)

-

137,082

18,656

-

18,656

30,490
Listed Investments
Market value at 1 August 2024
Share sold in the year
Net Unrealised investment gains
Net realised investment gains
Market value at 31 July 2025
Cash held by investment managers
Cost of listed investments at 31 July2025		 18,656
-
-
564
19,220
-
19,220
30,490

Whitelands College 24

Notes to accounts 31 July 2025

All investments are held in UK unitised funds and are dealt in on a recognised stock exchange.

Listed investments comprise the following:

Marke
value of
holding
£		 t



% of total
portfolio
%

0%

100%

100%
The CBF Church of England Funds:
. Investment Fund – Income shares
. Fixed Interest Securities Fund – Income shares		 -
19,220
19,220

11 Debtors

Debtors
2025
£

2024
£

-
Amounts due from Roehampton University -

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025
£

2024
£

374,463

27,036


15,642
26,724

443,865
Bank loans (note 14)
Accruals
University of Roehampton
Other creditors		 397,356
33,150
101,134
630,626
1,162,266

13 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2025
£		 2024
£

2,795,154
Bank loan(note 14) 2,397,249

14 Secured liabilities – bank loans

Secured liabilities – bank loans
2025
£
397,356
1,820,040
577,208
2,397,249
2,794,604		 2024
£
Amounts falling due as follows:
Within one year
Within 2-5 years
After 5 years		 374,463
1,722,089
1,073,065
2,795,154
3,169,617

Whitelands College 25

Notes to accounts 31 July 2025

The bank loans are secured by way of fixed charges on the residential land and buildings of the College. The balance of £2,794,604 (2024: £3,169,617) includes three elements: two fixed interest elements of £1,882,197 (2024: £2,139,746) and £735,163 (2024: £835,498), repayable by quarterly instalments, on which interest is charged at 5.5374% and 5.6474% respectively; and one variable interest element of £177,244 (2024: £194,373), also repayable by quarterly instalments, on which interest is charged at a rate of 0.55% over the Bank of England’s base rate, currently 4.55% in total.

15 Unrestricted funds

The unrestricted funds include the following:

Designated funds (note 17)
Tangible fixed assets fund (note 16)
Revaluation reserve fund
General fund
Designated funds (note 17)
Tangible fixed assets fund (note 16)
Revaluation reserve fund
General fund		 At
1 August
2024
£
2,573,700
11,238,723
-
3,104,274
16,916,697
At
1 August
2023
£
2,573,700
11,129,672
-
2,882,702
16,586,074		 Net
income
before
transfers
£
-

-

-
272,090
272,090
Net
income
before
transfers
£

-

-

-
193,542
193,542		 Transfers
(notes
16/17)
£
Revaluation
of
Investment
property
(note 8b)
£
Unrealised
gains and
losses
£
At
31 July
2025
£		 Transfers
(notes
16/17)
£
Revaluation
of
Investment
property
(note 8b)
£
Unrealised
gains and
losses
£
At
31 July
2025
£
-
1,235,253
-
(1,235,253)
-
-
2,573,700

-
-
12,473,976
382,142
-
382,142

-
565
2,141,675
-
382,142
565
17,571,493
Transfers
(notes
16/17)
£



Revaluation
Of
investment
property
(note 8b)
£
Unrealised
gains and
losses
£
At
31 July
2024
£
-
-
-
2,573,700
109,051
-
-
11,238,723
-
-
-
-
(109,051)
-
137,082
3,104,274
-
-
137,082
16,916,697

16 Tangible fixed assets fund

angible fixed assets fund
2025
£
11,238,724
(83,345)
1,318,597
12,473,976
At 1 August 2024
Transfer (note 15)
Addition
At 31 July2025

Whitelands College 26

Notes to accounts 31 July 2025

2024
£
11,129,672
6,766
102,286
11,238,724
At 1 August 2023
Transfer (note 15)
Addition
At 31 July2024

The tangible fixed assets fund represents the net book value of freehold and leasehold land and buildings less related loans. The transfer of funds represents the net movement in the year equating to the depreciation charge and capital additions, less the capital element of the loans repaid.

17 Designated fund

The unrestricted funds of the college include the following designated funds which have been set aside by the Governing Body for specific purposes.

Heritage asset fund
Heritage asset fund

 At
1 August
2024
£
2,573,700
2,573,700
At
1 August
2023
£
2,573,700
2,573,700		 Utilised/
released/
revaluation
£
-
-
Utilised/
released/
revaluation
£
-
-		 Reallocation
of
funds
£		 At
31 July
2025
£
- 2,573,700
- 2,573,700
Reallocation
of funds
£
-
-		 At
31 July
2024
£
2,573,700
2,573,700

Heritage asset fund

The heritage asset fund represents the net book value of heritage assets.

Whitelands College 27

Notes to accounts 31 July 2025

18 Analysis of net assets between funds

Tangible
fixed assets
fund
£		 Designated
funds
£		 General
fund
£


Total
£

15,268,581

500,000

2,573,700

19,220

2,769,507

(1,162,266)

(2,397,249)

17,571,493



Total
£

14,408,342

2,573,700
18,656
3,155,019
(443,865)

(2,795,154)
16,916,697
Fund balances at 31 July 2025 are
represented by:
Tangible fixed assets
Investment property
Heritage assets
Fixed asset investments
Current assets
Creditors falling due within one year
Creditors falling due after one year		 15,268,581
-
-
-
-
(397,356)
(2,397,249)		 -
-
2,573,700
-
-
-
-		 -
500,000
-
19,220
2,769,507
(764,911)
-
12,473,976 2,573,700 2,523,817
Tangible
fixed assets
fund
£		 Designated
funds
£		 General
fund
£
Fund balances at 31 July 2024 are
represented by:
Tangible fixed assets
Heritage assets
Fixed asset investments
Current assets
Creditors falling due within one year
Creditors falling due after one year		 14,408,342
-
-
-
(374,463)
(2,795,154)		 -
2,573,700
-
-
-
-		 -
-
18,656
3,155,019
(69,402)
-
11,238,724 2,573,700 3,104,273

The total unrealised gains as at 31 July 2025 constitutes movements on revaluation and are as follows:

2025
£		 2024
£
Unrealised gains included above:
On investments
Total unrealised gains at 31 July 2025
Reconciliation of movements in unrealised gains
Unrealised gains at 1 August 2024
Add: net gains arising on revaluation arising in the year
Total unrealisedgains at 31 July 2025		 764,912 382,206
764,912 382,206
382,206
382,706		 245,124
137,082
764,912 382,206

19 Capital Commitments

Whitelands College has committed to a £2.6 million capital investment programme to protect Whitelands’ heritage buildings for the long term, ensuring the best possible learning environment to the students and staff are offered. This will involve replacing some of the roofs of our most valuable historic buildings. Preliminary work started in February 2025 and is due to complete by the end of 2025.

Whitelands College 28

Notes to accounts 31 July 2025

20 Related party transactions

Whitelands College Foundation is the Corporate Trustee of Whitelands College.

The relationship between Whitelands College and Roehampton University, formerly the University of Surrey Roehampton, is that Whitelands College is affiliated to Roehampton University, (the University) under a Deed of Adherence.

During the year, the charity provided the use of a freehold property without charge to Rev Dr. D Eshun, a director of the corporate trustee Whitelands College Foundation as part of his employment with the University.

Details of transactions and balances with the University as at 31 July 2025 are given in the notes to these accounts specifically at notes 1, 11 and 12 as required under FRS 102.

21 Contingent liability

In the event of closure or sale of certain properties owned by Whitelands College, in whole or in part, the College may become liable to repay a capital grant received from the Higher Education Funding Council in England via Roehampton University in the sum of £3 million which was received in 2004. Additionally, the College may be liable to repay a proportion of any surplus on the sale of land and buildings acquired with the aid of such grants. Because of this latter requirement, it is not possible to quantify the amount of the associated contingent liability.

Whitelands College 29