REGtSTERED CHARfTY NUMBER: 1073331 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS For The Year Ended 31 December 2023 FOR THE CHARrrY OF SIR THOMAS WHJTE, wARCK Michael Hanvood & Co Greville House 10 Jury Street Warwick Wanvi¢kshir¢ CV34 4EW
THE CHARITY OF SIR THOMAS WHIIE WARWICK CONTENTS OF THE FINANCIAL STATEMENTS ror the Year Ended 31 D¢¢ember 2023 Page Report of the Tnthes Ito3 Indepenijent Examin&s Report Statemeni of Financial Activities 5&6 Balajjcc Sheet Notes to the Finan¢ial Statements 8t012
THE CHARITY OF StR THOMAS WH[T WARWICK REPORT OF THE TRUSTEES ror the Year Ended 31 Deeember 1023 The tru5t¢es present their report with the financial siat¢n)entb of the charity for the YeBr Endryl 31 December 2023. The ITUSteE$ knve adopted the provisions of th¢ stsiem¢nt of R¢commcnded PTrctir£ (SORP}'A¢countin8 and Rqyorting by Charities, (FRS 1021 in preparing the annual re1 and fInl#l statements ofthe charity. REFERENCE LYD ADMINISTRATIVE DETAILS Reostered Charity number 1073331 Ckrk and Ruefver fr8 B. Shyttleworth PrlTrelp*l athlress o Fths B. ShuttI¢worth 12 High Street Wanyick WThi¢k8hire CV344AP Trustee5 Mrs A. While Mr J.F. Edwards Miss ILS. Fo11 Mr&' E.A. Thornton Mr A.F. Keelithg QC Mr S.J.R Hogg (r¢sign¢d 3111 March 2023) (appointed 14th June 2023) Indq)eDdeDt Eumlher Mr M.D. Hanvood FCA BFP FMAAT Michael HaTwood & Co Greville House 10 Jury Street WaThYick Warwickshire CVM 4EW S•Meltors Mwr¢ & Tibbits 34 Trfigh Street WarwicL CV34 4BE v¢Jtment Advlsers EFG Harris Allday Cbwch Mews Ombwsl¢y Worcester. WR9 OEW HSBC Bank pl¢ 126 The Parade Leamington Spa CV32 4AJ Page I
THE CHARITY OF SIR THOMAS WHTfE, WARWtCK REPORT OF THE TRUSTEES for tbe Year Ended 31 Detember 2023 STRucfuRE, COVERNANCE AND MANAGEMENT History and Governing dotument The Charity is endowed by indenture dated 6 July 1551 and 8ovemed Uler th¢ schen dated l O January 2001. The Clwity is controlled by its governing document - a deed of knst- and ConStit¢S an unincoryorated chlty. Rlsk management The trustees have a duty to identify and review the risks to whAch the charity ts exposed and to ensure appropriate controls are ID place to provide reasonable ftSSUTance against fraud and eRTOr. In acc4)rdan¢e with ihe requirements of the Charilies SORP, the Trustees continue to revicw the risk5 inherent in the ChArity's activrties and to ensure that systems exist to mitigate those risks. Professlonal Advisers The Clwily engag¢s professional adi'iser5 and their appoiDtm¢Dts are rei'ievied annually. Thtee Meedngs Durillg the year, the Truste¢5 held two Gen Meetings thr¢¢ Special Meetings and tbr¢¢ sub-committee meetings. TThstees Th¢ Scheme provides for six Trnstees. Wer¢ there a requir¢Tncnt for new Twst¢¢s, these would be identified and appointed by the remaining Tntst¢¢s. The Chairn]Rn of Trustee$ is r¢sponsible for the irnduction of any new Trustee which involve5 awareness of a T'S responsibilities, the governtn8 docum¢nL admini¥trativ¢ procedures and th¢ hTStory and philosophical approach of the Charity- A new Trustee would receive ¢opies of the previous yeaT'S annual report and accounis. OBJECTIVES AI¥D ACTTVITIES Oblecthres and adlv5tie5 of the ChArlty The Trustees, report and accounts forthe Year Ended 31 December 2023 are presented and it is confirmed that the8¢ Comply with current statutory requirements and the provisions of the governing instrumenL The Scheme proldeS that the Trustecs must apply the income they receive from Sir Thomas White's Charity, Coventy. to the Warwick Independent Scbools Foundation (now called Warwick S¢h(xils Foundation) whicb in utilise$ these fimds for the education and advattcement of children who orwhosc parcnts are ordinarily resident in the town ofWarwi¢k. Warwick Irldcpcndcnt Schools FouThlation comprises Warwick School. King's High School. Warwick Preparatory School and Kingsley SthooL and the income received is used to pay either partially or in full thc fees levied in respect of any children who meet the eligibility criteria. The Scheme continues to maintain its original fimction wben fouThJed by offering interest-frcc loans to youngpersons wishins to blish themselves in busÈness, 01 assist them to improve Iheir existing business in the Towo of Warwick. These interesl-free loaDS 2re available up to £IO.000 (subject to collditions). The applicant is required io attend an intervicw with an interyiewing sub-committee of Trustees and to provtde a guarantorls to secure th¢ loan. Thc loan is Tepayable by Banker's Order over a per20d of up to 5 yea. The Scheme also proi".ides for n)aking interesl-free loans to young persons who or whose parents are ordinarily resideol in the Town of WanvicK towards the cost to them of underraking firther educalion or vocational trainin8. These interest-free108ns are &vailablc up to £2,000 per year for each year of their course (subject to conditions). Th¢ student is re¢wired to attend an informal illterview with a interviewing sub-committee of Trustees. 3nd provide two gllarantO io secure the loan. Repayment of the loan will cornmeDC£ 12 months after the fillal loan instaInTht has been paid to the student. This will be by Bank&s Order over a period of up to 5 Yea (subject to onditions). The Charity'5 primary purpose is th¢ provision of inter¢st-free loans to young people in Warwick. In order to achieve this purp[, it is essential Ihal the Trustees maximise the value of the Cknity's unte5tricted reserves. ther¢by maximising the funds available to nuke loans. Page 2
THE CHARJTY OF STR THOMAS WHfrE, WARWICK REPORT OF THE TRUSTEES for the Year Ellded 31 December 2023 Endeavollring to maximise local awarene55 of the Trnstees, objective ocmaking inleresl-free lo&ns to students living in Warwick 2nd to yowig person's estsblishing a business in the TO of WanYi¢L the Ttee5 have participated in the Warwick Chariiies, websi*. The website includes a home page for the Charity of Sir Thomas White. Warwick. and gives an indication of the history. objectives and a¢tlVAtics of tbe Clwity. knterested applicants are able to dowrylload from the website appiicatioll fornis for both ¢8tegories of Procedures and policy for loan making l( is the TnLStees' policy to keep a reserve of wwestricted funds available to meet future applications for busine&s and sludent lolltss which vary significantly from year to year. The Tnle¢S nomially meet twice annually and an interviewing sub-committee is appointed to iDten'iew all applicaDts for student loans and business establishment loans. ACHIEVEMENT AND PERFORMANCE DuTing thc year. the Trustees have advanced twenty-two loans to styd¢nts in Warwick either enterins or alr¢ady undettaking hwb¢r education. PUBLIC BEhlFrr The TTUStee8 hav¢ had due Tegard to the guidance published by The Charity Commissioners on public benefit and consider that the objertives and activities of the clwTity fulfil their requiremenL FINANCIAL REVIEW In 2023 the balance of interest-free loans rcpayable has incre8sed to £93,115 (2022- £81,174). During the Covid-19 pandemic, there wgs a TlIceable yeduction in th¢ number of Sdents who applied for student loans. However, 8 recent increase in the number of applications sUggts this has t)ow pass. The Trustees consider the fjnancial OnanCe by the CharAty durin8 the Ye lo hai'e been satisfactory. INVESTMENY POLICY The Trustees havc considered the most appropTiatepoli¢y for investingnds in conjunction with their objerfives and the risks. Liqutd fiwds retained to cover short terni needs and approximaidy 50Y• of the portfolio is investeAI in the COIF Charities Investment Fund as at 315t I)e¢ember 2023, with the balance of the portfolio invested within a tang¢ of Collective iJJvcstment fid5. RESERVES POLICY It is the policy of the Charity to maintsin unrestricted funds at a leve] which equat¢s to approxin]ately 9 months of UDrestiicted expenditure. This provides sufficient funds to cover manage4nent and administration costs. Unrestricted fund5 are mainlailled at least at this level tbroughout the year. FUTURE PLAI%S The Trnstees intend to ¢QTJtinue providing interest-fre¢ loans in a Similar way to recent year5 and constantly review the appropriats annual amotmt to be loaned to ytudent applicants. ON BEH THE BOARD: Mr D.B. Stev hainnall of Trustees Date: I I" April 2024 Page 3
INDEPEPIDENT EXAMINERIS REPORT TO THE TRUSTEFS OF THE CIL4RITY OF SIR THOMAS WHITE, wARCK Irqxmttots dwity eSnYalth0tthe 0unts0fth tharity fcrthe yeareDkd 31 D&xnlw2023 whithare 5 to 12. ReÈpoDslbllltles and btdsh of report As the Charity's trnstee& you are re4)onsibl¢ for the prq)arntion of ihe accounts ix accorthce with the requirements of the Charities Act 2011 ffthc A¢i-). I report in respect of my examination of the Chatity's accoviits catTied out under section 145 of the 201 l Act and in carrying out my examitiOn, I have followcd all the applicablc Directions given by the Cknity Commission wider sertton 145(5)(b) of the Act. Independent examiner's statement Since the charity's gross incomc exceeded £250,OIX) yrexaMIner must be a memberofa body li51ed in section 145 of the Act. I confirn) that l arn qualified to undertake the examination because l am a member of The Insti¢ut¢ of Chartered Accountants in England & Wates. which is one of the listed bodies. hal'e completed my examination. I confm that no material JJutt¢ts have wme to my attention ID connection with the eXaMition which glves me cause to believe that 10, any Inaterial respect the ac¢oLmtiDg records were not kepl in accOrdwe with section 130 of the Charities Act. or the accounL8 did not accord wtth the accounting Iords. or the accounts did not comply with the applt¢able reqvirernenls concerning the fomi azKI content of accounls sel out in Ihe Cbarities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true And fatr, view which is nol a matter considered as part of on indcpcndent examination. I haiE no concems and have come across no other matters in connection with the eXInatiOll which attention should be dra"rt in this Teport in order to ¢nabie a proper undeT5tanding uf the accowjts to be reache Mr Mark D Harwo(xl FCA BFP FMAAT Michael Harwood & Co Gr¢ville Housc 10 Jury Street WanvicK. Warwickshire CV34 4EW Date: Page 4
THE CHARITY OF StR THOMAS WIITTE wARCK STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 Deeember 2023 31.12.23 Tot%1 funds 31.12.22 Totsl funds Reslrieted funds nds Notes INCOMING RESOURCES Incoming re50ur from generated funds Voluntary illcA)ll Investment income 299,408 299.408 275,195 9.557 Total Incomlng resouree5 13.733 299.40R 313.141 284,752 RESOURCES EXPENDED Rai%ing funds tnv¢stm¢nt managem¢nt fees Charltable a¢tlvitl Warwick Independent Schools Foundation Govemonce costs 1,364 1,364 1.043 299,408 299,408 275,195 Total resourees expended 299,408 306,448 281,849 NET INCOMThG RESOURCES 6.693 6.693 2,903 Realised gaIn(LOSses) on fed asset illVC5tmcnts 623 623 254 N¢t IDcomel(eipendltsre) 6.070 6,070 3,157 Unrealised gainsl(10&8es) on fixed asset investments 10.981 31.751 Net movement in funds 17.051 17,051 (28,594) RECONCILIATION OF FUNDS Total funds brought forward 453,248 453,248 481,842 TqyfAL CARRIED FORWARD £470 299 £470299 £453.248 The notes on pages 8 to 12 form part of these financial statements Page 5
THE CHARITY OF SIR ThOMAS wFwfF., WARMCK STATEMENT OF FINANCIAL ACTIVITIES ror the Yur EDded 31 Deeember 2022 31.1222 Total funds 31.1121 Totsl f•nd$ Unrestricted runds Restrfcted fund# Notes INCOMING RESOURCES Incomlng re50ur¢es from generated funds Voluntary income Investment income 275,195 275,195 262,340 9,167 Total incoming resourees 9,557 275.195 284.752 271.507 RESOURCFts F.XPENDED Ralslng funds Investment management fees Charltable activide$ Warwick IndeEIeI Schools Foundation 1.043 1,043 275,195 275,195 262,340 5.177 Total rewur¢e$ expended 6,654 275,195 281,849 267,517 NET INCOMTh'G RESOURCES 2.903 2,903 3,990 R¢alis¢d gains/(Ios8es) on red asset inv¢siments 254 254 45 Net inromeJ(expendlture) 3,157 3.157 4.035 Unrealised gains/O0&8es) on fixed asset investments 31.751 23.960 Net movemtnt in fwllds (28.594) (28.594) 27,995 RECONCILIATION OF FUNDS Total fullds brought fonvard 481,842 481,842 453.847 TOTAL CARRIED FORWARD £453 £481142 The note5 rin pages 8 to 12 fom part of these fuwicial statements Page 6
TFIE CHARITY OF StR THOMAS WMTL WARWtCK BALANCE SHEET At 31 December 2023 31.12.23 31.12.22 Notes FIXED ASSETS InveslD]ents 252,423 243,700 CURRENT ASSETS Debtors: an]ounts falling due witbill one year D¢btor8.' amowits falling due after one year Cash at bank 19,166 75.666 123 923 20.801 61.775 127 807 218,755 210,383 CREDTfoRS AD]ounts f&lling due within one year (879) (835) FIET CURRE&)T ASSETS 217.876 209 TOTAL A&SLTS LESS CURRENT LIABILITIES 470,299 453,248 NET ASSE]5 £470299 £453 248 FUNDS Unrestricted Funds General Fund Designat¢d Fund 229.762 219,485 233 763 TOTAL FUNDS £470 299 £453 248 The financial 8tat£ments were approved by the Board of TfUStee5 on I l Apnl 2024 and were signed on its behalf by: Mr DJ. Stevens- Chairnlan of Trustees The notes on pages 8 to 12 forni part of these fillan¢ial statements Page 7
THE CHARITY OF StR THOMAS WEITT4 WARWICK NOTES TO THE FLNCIAL STATEMENTS for the Year End¢d 31 December 2023 ACCOUNTING POLICIES A¢eounting conventlon The Charity is endowcd by Indentu dated 6th Juty 1551 and governed under the Scheme dated ioth Jarluary 2001. Th¢ charity cOttituteS a public bcncfit entity as defined by FRS 102. The financial stst¢m¢Thts have been prepared in accordance wlth Accounting and Reporting by Charities: Ststement of Rcconynended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting StAndard applicable in the UK and Republic of freland issued in October 2019: the Financial Reportin8 Standard applicable in the United KingdoTn and Republic of Treland (FRS 102), th¢ ChaTities Act 20118nd UK Generally Accepted Accounting Prnclice. The IOunts do not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. The financial statements are prepared on a going concern basis under th¢ historical cost ¢onvention, Modified to include ¢eIn item5 at fair value. The financial statements are presented in sterling which is the fimctional Cuttency of the charity and r(MJnded to the nearest £1. Ineomlng resources All incoming Tesources are included on the Statemenl of Financial Activities when the chatity is legally entitkd to the income and the amount can be quantifi¢d with reasonablc accura¢y. Resources expended Expendilure is accounted for on an accruals basis and has been classified under headings tbat &geal¢ 811 cost related to the category. Where costs cannot be directly attribut¢d to particulai headings, thcy hav¢ b¢en allocated to artivilies on a basis nsistenl with tb¢ use of resources. Loans offered subjed to conditions which have not been met at the year end date are noted as a commitment but not accTued as ¢xpenditur¢. Tgxation The cbarity is exempt from income tsx a1 capital gains tsx where iDcome is used for its charitable purposes. Th¢ charity is llot VAT registered and therefore exp¢odiÉure where applicable is shown inclusive of VAT. accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restrict¢d fi1n can only be Used for particular r¢strictcd purpos¢s within the objects of the charity. R¢striction8 arise when spe¢ified by the donor or when fund8 are raised for particular restricted pu08es. Further explanation of tbe nature and purpose of ea¢h fuDd is included iti the notes to the finanoial statem¢nts. VESTMENT CoME 31.12.23 31.1122 Investhient income Bank intsrest 8.959 4.774 9,039 518 £13 733 Page 8
THE CHARITY OF STR THOMAS WHFTL WARWICK NOTES TO THE FtNANCIAL STATEMENTS- cO[NuED ror the YeAr Ended 31 Deeember 2023 COVERNANCE COSTS 31.1223 31.1222 Clfflk's fees Independent ExaDJin¢I5 fee Website expenses Legal fees Room hire Stationery Postag¢ Telephone B8mk charges 4,000 816 216 858 243 172 15 10 173 27 240 69 31 283 74 £5,676 £5,611 TRUSTEES, REMUNERATION AND BENEFs There wete no trustees, remull¢rdtioD or othcr bcncfits for the year elld 31 Dernber 2023 nOT for the year ended 31 Drf¢mbcr 2022. Trustees, Expense There were no trustee5' expenses paid for the year ended 31 Decenther 2023, nor for the year ended 31 December 2022. FLXED ASSET INVESTMLN'TS 31.12.23 31.12.22 Portfolio managed by EFG Harris Allday: Market Value at 1st January 2023 243.700 276269 Additions in year Disposals in year 30.325 131960 3,946 15.018) 242.065 275,197 Realised profiV(loss) on sale at 31 st December 2023 (623) 254 Unrealised profitl{loss) on 'aluatI(M at 31st D¢cember 2023 Market Value at 31st December 2023 £252.423 £243,700 The historical cost of thes¢ investments is £141,710. During the ye8r, the Charity incurred £1,364 in brokers fees from EFG Harris Allday (2022 - £1,043). Page 9
THE CHARITY OF SIR THOMAS WHITE, wARCK NOTES TO THE FINANCIAL STATEMENfs- CONTLYD for the Year Ended 31 Deeember 2023 DEBTORS Interest free IoAns 31.12.23 Jl.1122 Balan¢¢ at IM January 2022 Loan r¢payMts in th¢ year Loans advanced during the year Adjustment 81,174 {27,559) 39.500 102,148 (34,974) 14.(KlO £93,115 £81.174 Repayable after more than one year £75 666 £61.775 Other Debtors Accrned ini-estment 1,717 £1,717 £1,402 CREDfTORS: AMOUYTS FALLING DUE wfTHIN ONE YEAR Tr&de creditors £879 £835 )ALYSIS OF NET ASSETS BETWEEN FUNDS 31.12.23 Total funds 31.12.22 Total lunds L'nrestrfeted funds Restrleted fuods At 31" Deeember 2023 Investrnents cent assets Cuttent liabilities 252,423 218,755 252,423 218,755 879 243,700 210.383 835 £470 ?99 £470 299 £453 248 31.12.22 Total runds 31.12.21 Total fuTbds L'nrestricted fund8 Restrl¢ted runds At 31"December 2022 Inve8tm¢nts Current assets Current liabilities ?43,700 210,383 243.700 210,383 835 276269 206,359 786 £453 £453 PBge 10
THE cHARy OF SIR ThOMAS WHtTE, WARWICK N(YTES TO THE FINANCIAL STATEMEIYTS. COhryINUED for the Year Ended 31 December 2023 MOVEMEwf fN FUNDS Net movement In funds Transfers between funds At 1.1.23 At 31.1223 Unrestrlcted funds General Fund D¢stgnated Fund 219,485 233 763 10,277 229,762 453248 17,051 470299 Restricted ndS Rwtricted Fund T(yfAL FUNDS £453 248 £17051 £470 299 Net movement in fullds, included in the above are as follows.. Incoming resourres Re80urc expended GAlns and losses Movement In funds Unrestricted funds General Fund Designated Fulld 13,733 (7,040) 3,584 10277 13,733 (7.040) 10,358 17.051 Restrlcted funds Restricted Fund 299.408 (299,408) TOTAL FUNDS £313 141 (£306 448 £10 358 £17 051 10. OTHER Fll¥ANCIAL COMMITMENTS There *ere no authori5ed student loans not adVa0c at 31 December 2023 (2022 - £Nil) and no busines8 loans (2022 - £Nil). Pagell
THE CHARITY OF SIR THOMAS WHIT4 WARWtCK NOTES TO THE FINANCIAL STATEMEiYfs- COhryINUED for tbe Y¢*r Ended 31 December 2023 DESIGNATED FUNDS These repSellt amounts set aside by the Tw8tres to provide an ongoing income for the tharity to COV expenses and allow for gro in a¢tAvities in ihe future. At 1° January 2023 233,763 Gain on revaluation at 3131 December 2023 6,774 At 31. Decenjber 2023 £240 537 12. RESTRICTED FUNDS Slr Thowa8 Whlte's Cbarlty, Coventry 2023 Total 2022 Tot21 At 1st January 2023 Income in the year Expenditure in the ye&r 299.408 (299,408) 299,408 (299,408) 275,195 (275,195) Interest received iti year Transfer to UleStrICted Funds At 31Sf D¢¢unber 2023 Slr Thomas Whlte's Cbarlty, Coventry Money specifi¢ally r¢ceiv¢d to be paid to WaThvick Independent khools Foundation. 13 RELATED PARTY TRANSACTIONS During the year, Mr Keeling, a tTUStee, was also a Governor of Warwick Independent Schools Foundation &8 the Charity's Nominative Governor to tbe Foundation. Th6 Charity paid £299,408 {2022- £275,195) to the Foundation as required by the T¢5tri¢tions applied to the income received from Sir Thomas White's Charity. Coventry. 14. GOING CONCERN The financial statements have been prepared on a going concern basis as tbe trustees believe that no mat¢Tiai Un¢ertaiThti cxisL The TTUStee8 have considered the level of funds held and the expected level of income ond expenditure for 12 months from authorising these financial ststernents. The budgeted in(%)me and expenditure is suffictent with the level ofreserves forihe Charity to be able to continue as a going concern. Pa8¢ 12