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REGISTERED COMPANY NUMBER: 00845837 (England and Wales)
REGISTERED CHARITY NUMBER: 307039










REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

WISPERS TRUST LIMITED

WISPERS TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 August 2023










Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 12

WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 August 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023 The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust is investing its funds in a responsible and informed manner using the appointed advisors. The Trustees are pleased to continue to award bursaries during the period and expect to do so.

Significant activities
The Trustees increased the bursaries awarded to students in the year to £58,721 compared to £49,541 in the previous year.

ACHIEVEMENT AND PERFORMANCE
Charitable 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 Trusts' Forum. It has also consulted the Charity Commission.

Investment performance
The value of the investment portfolio held with Rathbones showed a further decline during the year to 31 August 2023 of £114,359 (2022 reduction 307,802) to £2,154,714. This decline of around 5% is consistent with stock market movements caused by continued uncertainty over inflation rates and commodity prices linked to the ongoing conflict in Ukraine. Details of the investment movement are set out in note 6 to the financial statements.

In October 2022, the tenants moved out of the rental property and a schedule of works both internal and external was carried out at the property. The property was relet in March 2023 but due to the property being empty during the repair works rental income for the year reduced to £19,500 from £26,950 in the previous year.Total property repairs and maintenance costs in the year amounted to £35,186 compared with £3,635 in 2022.

Total income from investments and residential property for the year to 31 August 2023 was £86,854 compared to £88,530 in the prior year. The breakdown of this is shown in note 2. The net deficit for the year before the movement in investment values was £40,518 compared to a corresponding surplus of £5,341in 2022.

Investment income is shown gross. Costs of managing the portfolio are recorded as expenditure of raising funds. In August 2023 this totalled £9,709 and 2022 £10,699. The net investment income for Rathbones was therefore £57,643 in 2023 and £50,881 in 2022.

FINANCIAL REVIEW
Principal funding sources
The level of bursaries awarded are based on income from dividends and interest plus investment property income.

Investment policy and objectives
The funds are being invested with the advice of specialist investment advisors to the Charity sector. At the year end the majority of funds held in conservative investments allow the advisors to take a considered approach to the spread and type of investments to generate the expected income.


WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 August 2023


FINANCIAL REVIEW
Reserves policy
The charity has minimal financial commitments with no obligations or employees. Therefore the reserves policy is to have under investment sufficient funds to generate income to pay bursaries. Bursaries are awarded at the discretion of the trustees and at a level generally to match forecast investment income. Ignoring movements in valuation the trustees consider a portfolio value of £2,500,000 sufficient to fund future bursaries.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by its Memorandum and Articles of Association adopted on the 26th June 2009 to reflect the charity's activity of providing bursaries to girls up to the age of university entrance.

Recruitment and appointment of new trustees
The Charity's elected Trustees are appointed on advice offered by existing Trustees and with regard to the expertise in an appropriate field, for the charity's activities.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00845837 (England and Wales)

Registered Charity number
307039

Registered office
Newtown House
38 Newtown Road
Liphook
Hampshire
GU30 7DX

Trustees
L H Beltran Retired Head Master
Mrs A Holyoak Retired Principal
Professor S Forbes Emeritus Professor of Music
R Y Beltran Retired Teacher
Mrs R Warnock Teacher and former pupil
Mrs E L Thompson Teacher (resigned 16.6.23)

Independent Examiner
N Roberts FCCA
Traviss & Co Ltd
Chartered Certified Accountants
Newtown House
38 Newtown Road
Liphook
Hampshire
GU30 7DX

Advisers
Rathbones Investment Management Ltd
159 New Bond Street
London W1 9EU

Approved by the Board of Trustees 12 April 2024 and signed on its behalf by:



WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 August 2023





L H Beltran - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
WISPERS TRUST LIMITED


Independent examiner's report to the trustees of Wispers Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 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 Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters 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

Traviss & Co Ltd
Chartered Certified Accountants
Newtown House
38 Newtown Road
Liphook
Hampshire
GU30 7DX

15 April 2024

WISPERS TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 August 2023

2023 2022
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 2 86,854 - 86,854 88,530

EXPENDITURE ON
Investment income costs 3 53,629 - 53,629 19,270

Charitable activities
Bursaries 58,721 - 58,721 49,541
Governance 4,659 - 4,659 3,485
Management 10,363 - 10,363 10,893
Total 127,372 - 127,372 83,189

Net gains/(losses) on investments (104,113 ) - (104,113 ) (280,800 )

NET INCOME/(EXPENDITURE) (144,631 ) - (144,631 ) (275,459 )


RECONCILIATION OF FUNDS
Total funds brought forward 3,029,390 - 3,029,390 3,304,849

TOTAL FUNDS CARRIED FORWARD 2,884,759 - 2,884,759 3,029,390

WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837)

BALANCE SHEET
31 August 2023

2023 2022
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Investments
Investments 6 2,154,715 - 2,154,715 2,269,073
Investment property 7 700,000 - 700,000 700,000
2,854,715 - 2,854,715 2,969,073

CURRENT ASSETS
Debtors 8 681 - 681 1,471
Cash at bank 38,447 - 38,447 61,800
39,128 - 39,128 63,271

CREDITORS
Amounts falling due within one year 9 (9,084 ) - (9,084 ) (2,954 )

NET CURRENT ASSETS 30,044 - 30,044 60,317

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,884,759

-

2,884,759

3,029,390

NET ASSETS 2,884,759 - 2,884,759 3,029,390
FUNDS 10
Unrestricted funds 2,884,759 3,029,390
TOTAL FUNDS 2,884,759 3,029,390

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837)

BALANCE SHEET - continued
31 August 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2024 and were signed on its behalf by:





L H Beltran - Trustee

WISPERS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 August 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements 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 funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs
All expenditure has been charged to unrestricted funds.

Investment property
The investment property is shown at the Trustees estimated current market value.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes 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 purpose of each fund is included in the notes to the financial statements.


WISPERS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 August 2023


2. INVESTMENT INCOME
2023 2022
£    £   
Rents received 19,500 26,950
Investment income 67,352 61,580
Deposit account interest 2 -
86,854 88,530

3. INVESTMENT INCOME COSTS

Investment management costs
2023 2022
£    £   
Portfolio management 9,709 10,699
Professional fees 2,083 876
Investment property insurance 1,208 1,090
Property repairs & maintenance 35,186 3,635
Letting charges 2,729 2,970
Utilities 2,714 -
53,629 19,270

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.


Trustees' expenses

Travel costs reimbursed to the trustees amounted to £1,814 (2022: £620).

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 88,530 - 88,530

EXPENDITURE ON
Investment income costs 19,270 - 19,270

Charitable activities
Bursaries 49,541 - 49,541
Governance 3,485 - 3,485
Management 10,893 - 10,893
Total 83,189 - 83,189


WISPERS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 August 2023


5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£    £    £   
Net gains/(losses) on investments (280,800 ) - (280,800 )

NET INCOME/(EXPENDITURE) (275,459 ) - (275,459 )


RECONCILIATION OF FUNDS
Total funds brought forward 3,304,849 - 3,304,849

TOTAL FUNDS CARRIED FORWARD 3,029,390 - 3,029,390

6. FIXED ASSET INVESTMENTS
Cash and
Listed settlements
investments pending Totals
£    £    £   
MARKET VALUE
At 1 September 2022 2,188,212 80,861 2,269,073
Additions 564,210 593,015 1,157,225
Disposals (525,663 ) (641,807 ) (1,167,470 )
Revaluations (104,113 ) - (104,113 )
At 31 August 2023 2,122,646 32,069 2,154,715
NET BOOK VALUE
At 31 August 2023 2,122,646 32,069 2,154,715
At 31 August 2022 2,188,212 80,861 2,269,073

The market value of investments held outside the UK was £736,055 (2022: £926,673).

The movement in value of the fixed asset investments has been adjusted in the financial statements.

7. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 700,000
NET BOOK VALUE
At 31 August 2023 700,000
At 31 August 2022 700,000

WISPERS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 August 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 681 1,471

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 70 -
Accrued expenses 9,014 2,954
9,084 2,954

10. MOVEMENT IN FUNDS
Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 3,029,390 (144,631 ) 2,884,759

TOTAL FUNDS 3,029,390 (144,631 ) 2,884,759

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 86,854 (127,372 ) (104,113 ) (144,631 )

TOTAL FUNDS 86,854 (127,372 ) (104,113 ) (144,631 )


Comparatives for movement in funds

Net
movement At
At 1.9.21 in funds 31.8.22
£    £    £   
Unrestricted funds
General fund 3,304,849 (275,459 ) 3,029,390

TOTAL FUNDS 3,304,849 (275,459 ) 3,029,390

WISPERS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 August 2023


10. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 88,530 (83,189 ) (280,800 ) (275,459 )

TOTAL FUNDS 88,530 (83,189 ) (280,800 ) (275,459 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.9.21 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 3,304,849 (420,090 ) 2,884,759

TOTAL FUNDS 3,304,849 (420,090 ) 2,884,759

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 175,384 (210,561 ) (384,913 ) (420,090 )

TOTAL FUNDS 175,384 (210,561 ) (384,913 ) (420,090 )

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2023.