REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
WISPERS TRUST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Registered Charity number |
Registered office |
Trustees |
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 |
WISPERS TRUST LIMITED (REGISTERED NUMBER: 00845837) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 August 2023 |
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 |
EXPENDITURE ON |
Investment income costs | 3 |
Charitable activities |
Governance | 4,659 | - | 4,659 | 3,485 |
Management | 10,363 | - | 10,363 | 10,893 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 3,029,390 |
TOTAL FUNDS | 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 |
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 |
Investment income | 67,352 | 61,580 |
Deposit account interest |
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 |
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 |
EXPENDITURE ON |
Investment income costs |
Charitable activities |
Governance | 3,485 | - | 3,485 |
Management | 10,893 | - | 10,893 |
Total |
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 | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 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 | 2,269,073 |
Additions | 1,157,225 |
Disposals | ( |
) | ( |
) | (1,167,470 | ) |
Revaluations | ( |
) | (104,113 | ) |
At 31 August 2023 | 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 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Accrued expenses |
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 | (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 | ( |
) | ( |
) | (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 |