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Registered number: 483480 WEST HEATH LIMITED (A company limited by guarantee) UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WEST HEATH LIMITED (A company limited by guarantee) COMPANY INFORMATION
DIRECTORS | S J Sheldon
| E McVittie
| P A M Railing
| I Hutchinson
| J M W Sale
| D I A C Byatt
| C M Oulton
| A P Watt
| D J Jackson
REGISTERED NUMBER | 483480
REGISTERED OFFICE | Kings Manor
| Copse Lane
| Freshwater
| Isle of Wight
| PO40 9TL
ACCOUNTANTS | Creasey Son & Wickenden
| Chartered Accountants
| Hearts of Oak House
| Pembroke Road
| Sevenoaks
| Kent TN13 1XR
SOLICITORS | Winckworth Sherwood
| Minerva House
| 5 Montague Close
| London
| SE1 9BB
WEST HEATH LIMITED (A company limited by guarantee) CONTENTS
| Page
Directors' and trustees' report | 1 - 4
Independent examiner's report | 5
Statement of financial activities including income and expenditure account | 6
Balance sheet | 7 - 8
Notes to the financial statements | 9 - 15
WEST HEATH LIMITED (A company limited by guarantee) DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors, who are also the trustees of the charity, present their report and the financial statements for the year ended 31 December 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REFERENCE AND ADMINISTRATIVE INFORMATION
The trustees are the directors of West Heath Limited for the purposes of company law. The directors and trustees during the year and at the date that these financial statements were approved were: The directors who served during the year were:
S J Sheldon
E McVittie
P A M Railing
I Hutchinson
J M W Sale
D I A C Byatt
C M Oulton
A P Watt
D J Jackson
Page 1
WEST HEATH LIMITED (A company limited by guarantee) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Key personnel and professional advisors Chairperson S J Sheldon Registered office Kings Manor Copse Lane Freshwater Isle of Wight PO40 9TL Administrator A K Miles Accountants Creasey Son & Wickenden Hearts of Oak House 4 Pembroke Road Sevenoaks Kent TN13 1XR Solicitors Winckworth Sherwood Minerva House 5 Montague Close London SE1 9BB Fund Managers Rathbones 159 New Bond Street London W1Y 9PA West Heath Limited ("the Company" or "the Charity") is a company incorporated under the Companies Acts and registered in England & Wales under number 483480. The Company is limited by guarantee and is a registered charity, number 307926, governed by its Memorandum and Articles of Association and does not have a share capital. The liability of its members is limited to £1 each. It promotes its activities under the name "West Heath Trust Fund". Page 2
WEST HEATH LIMITED (A company limited by guarantee) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Appointment of directors and trustees The directors, who are also the trustees of the Charity, are appointed by the Board of Directors. Trustee induction and training Upon becoming a trustee, an existing trustee will introduce the new appointee to: ∙the obligations of trustees; ∙the main documents which set out the operational framework for the Charity, including the Memorandum and Articles of Association; ∙resources and the current financial position as set out in the latest published accounts; and ∙future plans and objectives. Risk management The trustees invest the charity's reserves in listed investments so the risk of capital value being depleted cannot be avoided. The Trustees accept the fluctuations of the value of investments in order to get a better return in the long term. This is addressed by spreading the funds across forty or more separate investments and by instructing the fund managers to select medium to high risk investments. The charity's grant-making activities are funded by the income earned and gains made on its investments. If that income should fluctuate too far from the typical level of return the charity's grant-making activities might have to be reduced. Accordingly, the trustees award grants at a level which they consider can be reliably met. Organisational structure The trustees administer the Charity and its charitable endeavours at their regular council meetings, whilst sub-committees consider grant applications and investments. The trustees of the charity do not receive any remuneration.
OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT
The Charity currently provides bursaries for girls. Through an open application policy it currently predominantly makes grants or other payments to colleges or institutions providing education in respect of individual girls. The Charity makes schools aware of the availability of bursaries. The bursary sub-committee reviews all applications and recommends grants. The trustees have paid due regard to the requirement imposed by s17 of the Charities Act 2011 for the Charity to operate for the public benefit.
ACHIEVEMENTS AND PERFORMANCE
Educational grants are made to students in order that they can further their education either at fee paying schools or by other means in circumstances where that would not otherwise have not been possible. At the start of this year grants were being paid to 17 students and 3 of those students had additional grants during the year. 7 students reached the end of their agreed grant-supported period. This left the charity with commitments to 10 students at the year end. Page 3
WEST HEATH LIMITED (A company limited by guarantee) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
FINANCIAL REVIEW
Results The surplus for the year amounted to £194,717 (2024 deficit - £50,701). The principal elements of this are set out in the Statement of Financial Activities on page 6. Net assets at the end of the year were £2,260,516 (2024: £2,065,799). Income and expenditure The charity's principal source of income is dividends, interest and the like earned by its investments. All such income is shown on a single line "income from investments" in the income and expenditure account. The trustees use this as a guide to the level of grants that the charity can afford to make. Investments are carried at their market value. Market values rise and fall so movements in the value are to be expected every year. All such gains and losses appear together as "net gains on investments" in the income and expenditure account.
SMALL COMPANIES NOTE
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 7 April 2026 and signed on its behalf.
S J Sheldon Director
Page 4
WEST HEATH LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WEST HEATH LIMITED I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2025, which are set out on pages 6 to 15. Responsibilities and basis of report As the charity 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 company'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. I have undertaken this examination in accordance with the requirements of the Financial Reporting Council's Ethical Standard in the circumstances set out in note 4 to these financial statements. This report is made to the Charity's trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might compile the financial statements that I have been engaged to compile, report to the Charity's trustees that I have done so, and state those matters that I have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees, as a body, for my work or for this report. 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 that in any material respect: ∙accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or ∙the accounts do not accord with such records; or ∙the accounts do not comply with relevant accounting requirements under 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 ∙the accounts have not been prepared in accordance with the methods and principles of the Statement or Recommended Practice for accounting and reporting by charities. 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. M K Lunt FCA Creasey Son & Wickenden 7 April 2026 Page 5
WEST HEATH LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Income from investments | 5 | 42,001 | 49,026
Charitable expenditure: Educational grants |  | 8,478 | (202,431)
Administrative expenses |  | (9,097) | (10,177)
Investment management fees |  | (15,756) | (16,978)
Operating profit/(loss) |  | 25,626 | (180,560)
Gain on revaluation of investments |  | 169,091 | 129,859
Profit/(loss) for the year |  | 194,717 | (50,701)
Retained earnings at the beginning of the year |  | 2,065,799 | 2,116,500
Profit/(loss) for the year |  | 194,717 | (50,701)
Retained earnings at the end of the year |  | 2,260,516 | 2,065,799
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of financial activities including income and expenditure account.
The notes on pages 9 to 15 form part of these financial statements.
Page 6
WEST HEATH LIMITED (A company limited by guarantee) REGISTERED NUMBER: 483480 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 9 |  | 2,226,509 |  | 2,269,638
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 23,435 |  | 46,336 |
Cash at bank and in hand | 11 | 160,587 |  | 56,927 |
|  | 184,022 |  | 103,263 |
Creditors: amounts falling due within one year | 12 | (9,760) |  | (16,385) |
Net current assets |  |  | 174,262 |  | 86,878
Total assets less current liabilities |  |  | 2,400,771 |  | 2,356,516
Provisions for liabilities |  |  |  |  |
Other provisions |  | (140,255) |  | (290,717) |
|  |  | (140,255) |  | (290,717)
Net assets |  |  | 2,260,516 |  | 2,065,799
Capital and reserves |  |  |  |  |
Revaluation reserve |  |  | 403,952 |  | 226,851
Profit and loss account |  |  | 1,856,564 |  | 1,838,948
|  |  | 2,260,516 |  | 2,065,799
Page 7
WEST HEATH LIMITED (A company limited by guarantee) REGISTERED NUMBER: 483480 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2026.
S J Sheldon
Director
The notes on pages 9 to 15 form part of these financial statements. Page 8
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
West Heath Limited is a private company limited by guarantee and registered in England and Wales. Consequently it does not have a share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation. It is also registered as a charity. The registered office is at Kings Manor, Copse Lane, Freshwater, Isle of Wight. Its principal activity is the making of educational grants in the United Kingdom. It is a public benefit entity. 2. ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention as modified by the fair valuation of certain assets and liabilities. They are in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland; Accounting and Reporting by Charities: Statement of Recommended Practice; the Companies Act 2006 and the Charities Act 2011. These financial statements are prepared and presented in pounds Sterling. Values are rounded to the nearest £1. They present information for this company alone. The preparation of financial statements in compliance with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The directors consider that there are no material uncertainties in respect of the charitable company's ability to continue as a going concern.
| 2.3 | INCOME
Income is accounted for under the accruals concept. Donations and legacies are accounted for as soon as their amount and receipt are certain. This will normally be when they are received.
| 2.4 | GRANTS MADE AND OTHER EXPENDITURE
Expenditure is accounted for under the accruals concept, when a present legal or constructive obligation exists at the balance sheet date as a result of a past event and where it is probably that a transfer of economic benefits will be required to settle the obligation and that amount can be estimated reliably. When applied to grants for fees made to students this results in the full-term cost of those grants being recognised in the year in which they are agreed. Grants are reviewed annually to ensure that recipients continue to qualify and the provision for such grants is adjusted if necessary. Grants are paid directly to the school or college which the student attends. Grants cover only a proportion of the termly fee cost for any particular pupil. Page 9
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. ACCOUNTING POLICIES (CONTINUED)
| 2.5 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 10
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. ACCOUNTING POLICIES (CONTINUED)
| 2.7 | FINANCIAL INSTRUMENTS (continued)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
| 2.8 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.10 | VALUE ADDED TAX
The Charity is not able to reclaim VAT suffered on its costs. Such costs are therefore shown inclusive of that VAT cost.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgments and estimates that affect the recognition and value of some assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. The following judgments have had the most significant effect upon amounts recognised in these financial statements: Provision for educational grants These financial statements recognise the anticipated cost of future grant payments which the company is committed to make. As future fees cannot be known with certainty a degree of judgment is required in arriving at the value carried in these financial statements. Page 11
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | OTHER WORK PERFORMED BY THE INDEPENDENT EXAMINER
In common with many other organisations of our size and nature our independent examiner and the staff who prepare our accounting records and these financial statements are members of the same practice. The Independent Examiner's report makes reference to this.
5. | INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends and interest earned from investment portfolio | 42,001 | 49,026
6. | GAINS AND LOSSES ON INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net gain/(loss) on investments | 169,091 | 129,859
| The investment portfolio is carried at its current market value ("fair value"), not at its original cost. Movements in market value are credited/(charged) to the income and expenditure account. In the balance sheet the unrealised element of this valuation is carried in a separate reserve.
7. | EMPLOYEES
| No director received any remuneration or pension benefits from the company during the year.
8. | EXPENDITURE The larger items of expenditure are as follows:
|  | 2025 | 2024
|  | £ | £
| Educational grants | - | 202,431
| Investment manager's fees | 15,758 | 16,978
| Accountant's fees | 5,760 | 5,760
| Administrator's fees | 3,000 | 3,315
Page 12
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | FIXED ASSET INVESTMENTS
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 January 2025 | 2,269,638
| Additions | 230,286
| Disposals | (442,506)
| Revaluations | 169,091
| At 31 December 2025 | 2,226,509
| These investments are the only investments held by the charity. They are held in order to generate an income stream which funds the charity's programme of making bursaries. An independent investment manager invests the Company's funds in order to achieve both income and capital growth. Note 6 shows the fees payable to the investment managers. At the balance sheet date the investment portfolio was split across 72 listed or traded equities, unit trusts, managed funds and fixed interest stocks. At the year end the largest single investment was valued at £165,010 and the smallest at £8,401. All of the investments are listed or managed in the UK. The investment portfolio is carried at its current market value ("fair value"), not at its original cost. Movements in market value are credited/(charged) to the income and expenditure account. At the balance sheet date the accumulated cost of the listed investments was £1,822,557 (2024- £2,002,787).
10. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rathbones | 9,220 | 11,005
| Fees in advance | 14,215 | 35,331
|  | 23,435 | 46,336
Page 13
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 160,587 | 56,927
12. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unpaid fees | - | 6,375
| Accruals | 9,760 | 10,010
|  | 9,760 | 16,385
13. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,396,317 | 2,337,571
| "Financial assets measured at fair value through profit or loss" comprises the company's managed portfolio of equity investments and cash balances. Market prices are readily available for each investment. The portfolio is the company's principal source of income. It is managed with the aim of generating income whilst maintaining its real capital value over the longer term. As with all market based investments its value can prove to be volatile over the medium term.
Page 14
WEST HEATH LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | PROVISION FOR EDUCATIONAL GRANTS: PROFILE OF PAYMENTS
| Educational grants awarded are recognised in full in the year in which the grant is awarded and the student satisfies any conditions imposed. As the agreed payments continue beyond the balance sheet date a provision is carried in the balance sheet being the entire remaining cost of all existing grants. As the anticipated payments stretch several years into the future they have been discounted to allow for the time value of money, using an appropriate rate of return. The profile of anticipated payments is:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within 1 year | 63,912 | 153,298
| 2 years | 28,452 | 64,894
| 3 years | 27,531 | 32,460
| 4 years | 20,689 | 29,690
| 5 and 6 years | 7,125 | 25,250
| Reduction to present value | (7,454) | (14,875)
|  | 140,255 | 290,717
| The anticipated end dates of these grants lie between Spring term 2026 and Spring term 2030.
15. | PROVISION FOR EDUCATIONAL GRANTS: MOVEMENT IN THE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| At 1 January | 290,717 | 337,921
| Whole life cost of grants offered and accepted during the year, and of adjustments to duration or value, and to present value adjustment | (8,478) | 202,431
| Less: monies paid during the year | (141,984) | (249,635)
|  | 140,255 | 290,717
16. | RELATED PARTY TRANSACTIONS
| There were no transactions with related parties during the year or the prior year, or balances due to or from related parties at the year end or prior year end.
17. | CONTROLLING PARTY
Throughout the current and previous year the company was controlled by its directors who are the trustees of the charity. Page 15