REGISTERED CHARrrY NUMBEIL. 1073331 REPORT OF THE TRUSTEES AND UNAUDTTED FINANaAL STATEMENJ5 For The Year Ended 31 December 2024 FOR THE CHARTfY OF SIR THOMAS WHIT4 WARWICK Michacl Harwood & Co Greville House 10 Jwy Street Warwick WaTwi¢kshir¢ CV34 4EW
THE CHARITY OF SIR THOMAS Wtirro WARWICK CONTENTS OF THE FINANCIAL sfATEMENTS for the Year Ended 31 December 2024 P•ge Report of the TTUStee5 Ito3 Independent Exltnitiefs Report Slatement of FinwKial Activities 5&6 BHlance SIet Notr8 to the Financial Statements 8t012
THE CHARITY OF SIR THOMAS wllrr& WARIVICK REPORT OFTHE TRUSTELS for the Year Elldfd 31 De¢emknr 2024 The trustees pr¢8ent their rwt WAth the fmancial statements of the charily for the Year Endol 31 December 2024. The trustees have adopted the PTovisions of the Statemcnt of RecOd¢d Pr4Ctice (SORP)'Accounting ]d Rwrting by Chorities, (FRS 102) in prqJariDg the annual rwrt #ltd fIn1)I $tat¢ments of thc clwity. RETrERENCE ADMINISTRATIVE DETAILS Registered Charfty llnmber 1073331 aer Re¢efver Mjs B. Shuttleworth Print4pI dresS clo Mrs B. Shuttlewort 12 High Stre¢t Warwick CV34 4AP Tnthees Deputy Chaim)an Miss IL& Fall Mts EA Thornton Mr F. Keeling KC Mr S.J.R Hogg Independ¢Mt EKmlner Mr M.D. Harw¢x)d FCA BFP FMAAT Mi¢ho¢l Harwood & CL) Gr¢ville Hou8¢ 10 Jjjry Street Warwickshire CV34 4BW Solidtorg MofflE & Tibbits 34 HA8h Street Wanviek. CV34 4BE Inv¢stmeTrt Advlsers EFG Harri8 Allday Chh Mews Omb<rsley Worc¢8ter. WR9 OEW Banker$ HSBC BaDkpl 126 The Parade L¢amin8ton Spa CV32 4AJ Page I
THE CHARITY OF STR TFtOMAS WEtITE, WARWICK REPORT OF THE TRusfEES for tbe Year Ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT IrL%tory and Governing document The Cbarity is endowed by indenture dated 6th July 1551 and governed under the Scheme dat¢d 10th January 21X)I. The Cl)arAty is controlled by its governing document- a d¢¢d of ttwt- and constithtes an uninco0[ated chaTity. Risk management The trustees have a duty to identify and rn.iew the risks to which the charity i8 exposed and to ensure appropriate controls iti place to provide reasonable assurance against frdud and erttsr. In accordance with the Tequirements of the Charities SORP. the TTU8tees continue lo review the risk5 inber¢nt in tbe Charitys 8Ctivities and to etssure that systems exist to mitigate those risks. Professional Advisers The Charity engages pr()fe$sion81 advisers and their appoftnthlents are revieThed annually. DuTing the year, the Trust¢¢s beld two General Meeting& one Special Mc¢ting and two sU¢0Mittee meetings. Tristees The S¢heme provides for six Trustees. Were there a Tequirement for TTUStees, th¢se would be identified and appoint¢d by the remairring Tnlees. The Chainnan of Trustees is responsible for th¢ indurtion of any Dew Trustee whiGh involves awareness of a TTUSte¢'s responsibtltties. the governing documenL athninistrative procedures and the hi5rt0ry and phi1080phical approach of th¢ Charity. A new Trnstee would receive copie5 of the previous year's annual rewrt and accounts. ORIEcfivES AND AcfiviTIES Objectives and aetlvlltes of the Charlty The Truste¢s' report and account5 for the Year Ended 31 December 2024 are presented and it is confirned that these ¢omplywith ¢urrenl statutory requiremenls and the Provisions of the gov¢rniDg instrument. The Scheme proi'ides that Ibe Trustees must apply the income they receive from Sir Thom&s Whtte's Clwity, Coventy. to the Wanvick Independent Schoo15 Foundation (now called Warwick Schools Fowidation) which in tum utilises these funds for the education Ar advancement of childrcn who OT whosc parcnts arc ontinarily resident in the town of Warwick. Warwick Independent Sch¢)ols Foundatton comprises Watwick School, King's High School, Warwick Preparatory &hool and Kingsley School and the income received is used to pay either pathlty or in full the fees levied in respect of any children who et the cligibility criteria. The Stheme continues to maintain its original function when founded by iDtcrcst-frcc loans to youllgpersoDs wishillg to establish themselves in business, or assist them to Amprove their existing business in the Town olwarwick. Thes¢ interest-free loans are available w) to £20,0(M) (subject to conditions). The applicarf is required to attend an interview with an interviewing sub-conunitte¢ of TnL8tees and to provide a guarantorls to S¢¢UTe the loaTJ. The k)an is T¢payable by Bank¢r's Order over a period of up to 5 y¢aTS, Th¢ Schetne also proirides for ti]Aking interest-free loans to young persons who or whose parents are ordinarily resident in the Town of WtnvicL towards the cost to them of ulldertsking further education or vocational tralning. These interest-free loans are avtti]able up to £2,000 per year for eath year of their course (subject to conditions). The student is required to attend an infornial interview with intetviewing subrycotnmittee ofTrustees, and provide two gllarantors to secure the loan. Repayment of the loan will comtnence 12 nlontbs after the loan inst8lnLent hag been paid to the sthdent. This will be by Bth's Order over & period of up to 5 years (subje¢t to conditions). The Charity's prin)ary poSe is th¢ provision of inteTest-free loaDS to young p¢ople in Warwick. In order to achieve this PUTpose, il is csselltial that the Tntslees maximise the value of the Charity's uorestricted reserves, thereby maximising the funds available to make loans. Pag¢ 2
THE CHARITY OF SIR THOMAS wHrr4 WARWICK REPORT OF THE TRUSTEES for the Yer4r Ended 31 December 2024 Endeavouring to maximis¢ loeal awareness of the Tntstees, objective of making interest-free loans 10 Students living in Warwick 8nd to YOUOE person's e5tabli$htng a business in the Town of Warwtck. the TTUStees have participated in the W8nvi¢k Charities, w¢bsite. The w¢bsite includes a home page for the Charity of Sir Thomas White, WaTwick. and gives an indication of the history. objectives and activities of the Charity, Intested appli¢8nts arc able to doTrTrioad from the website application forn]s for both categories of Procedures and po]icy for loan m8kkn£ It is the Trustees, policy to keep a reserve ol ut)restricted lunds avatiable io meet lulure applications for business alld student108ns V4hich can vary signifEcantly from year to yeaT. The Tro8tees ttornlllly meet twice annually and an interviewing SucoMmIttee is appoinied to inteTh'iew all applirajjts for student loans and business establishrnent loans. ACHIEVEMENT AIYD PERFORMANCE During the year, the Trust have advanced twenty.tht¢¢ loan5 to stud¢nts in Watwi¢k either entering or already undertaking higher education. PiJBLIC BfhTFtT Th¢ Trnstrt8 have had due regard to the guidance published by The Charity Conunissioners on publi¢ b¢n¢fit and consider that the objectives and activities of the charity thlfil their requiremthL NANC REvw In 2024 the balance of inteTest-free loans repable has increased to £113,974 (2023 - £93,115). During the Covid-19 pandemic, there was a noticeable yethtIOn in the number of students who applied for student loans. However, a r¢c¢Dt in¢rease in the number of applications suggests this has now p&ed. Tbe TNstees consider the fJnaDCia] p¢rfornwice by the Charity during tbe year to haTr'e been satisfactory. INVESTMEYf POLICY The TNstees have considered the m05t appropriate policyforinvesting fid$ in conjunction withtheir objectives and the risks. Liquid funds retained to cover short terni needs and appn)xinJately 52Yo of the portfoIio i8 invested in the COIF ChaTitics Investment Fund as at 31" December 2024, with the balance of the portfolio Anvested withto a range of collcrtivc inv¢stment funds. RESERVES POLICY It is the pilicy of the Charity to nuintain WITtrIcted fimds at a level which equates to approximately 9 onthS of UDT&StrictaJ expenditure. This provides sufficient funds to cov¢r management and adrnltrat10n wsts. Unrestricted fut]ds ar¢ maintained at least at this l¢v¢l tbroughout the year. FUTURE PLANS Th¢ Tn]st¢es intend to continue providing interest-free loaN8 in a similar way to recent years and constantly revi the appropriat¢ anmial amount to be loaned to student applicants. ON BEHAL THE BOARD: Mr D.B. ¢ns- ChaiTnw of Trust5 Date- 10 April 2025 Page 3
INDEPENDENT EXAMTNER'S REPORT TO ThE TRUSTEES OF THE CHAIUTY OF SIR ThOMAS WHITE, WARWICK I rwt tolbedkgnty Inthon mycxaminthon oftsac4xAmts oftsdiarity fOrtheYe¢thI3I Eknbtr2024whith areset(A*fflw5 to 12. Responslbllldes and ba519 of report As the charity's trustees. you are responsible for the preparation of the accounts in accordance with the rcquir¢m¢nts of th¢ Charities Act 201 l ¢the ACV,). I report in respect of my eXamItion of the Cbarity's accounts catried out under section 145 of the Act and itt carrying out my examiDation. I have followed all the applicable DÈrections givcn by the Cbarity Commission under section 145(5)(b) of tbe Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a memberof abody lisled in section 145 of theAct. I confinn that l am qualified to undertake the examination because J am a member of The Institute of Chartered A¢countants in England & Wales. which is one of the listed bodies. I hal'e completed my examination. I confirni that no D]atcrial matters have come to my attention in connectiim with the examination which gives me cause to believe that in, any mateTi&I respect: the ountIng records were not kept in accordance with section 130 of the Cbarities Act. or the accoun did not accord with the accounting records. or the accounts did not ConlY with the 2ppli¢able requirements concerning the fortn and Content of accounts Set out in the Charities {A¢¢ounL8 and Reports) Regulations 2008 other than any requirement that the accounts give a 'trne and fair. view which is not a mattcr considered as part of 00 independent examination. I have no concerns and have come acr0&8 no (ther matters in cottnection with the examination to whicb attention should be drawn ill this report in order to cnablc a proper undeLStanding of th¢ accounts to be Thed. MT Mark D Hanvood FCA BFP FMAAT Michael HarWoa & Co Gr¢ville House 10 Jury Street Warwick W8rwickshitr CV34 4EW Date: /0 AO Page 4
THE CHARITY OF SIR THOMAS WHIT4 WARWtCK vrATEMENT OF FJNANCIAL ACTIVITIES for tbe Year Ended 31 December 2024 31.1124 Totll funds 31.1223 Total Unrestrleted funds funds NoLes INCOMtNG RES01cEs Incondng Tesource5 from gtnernted fuRdB Voluntary income 318,271 318271 299,408 13,733 Total in¢omlng resouree8 15,702 318,271 333,973 313.141 RESOURCES EXPENDED Ralsln8 funds tnvestment management fees Charitsble ac¢ivitk8 Wan¥ick Independent Schools Foundation Governance cost8 1,419 1.419 iJ64 318,271 318271 299,408 Total reree$ expended 7,147 318271 325,418 306,448 NET INCOMIliG RESOURCE5 8,555 8.555 6.693 Reaiised gainsl{losses) on fix ass¢t inv¢stm¢nts 623 et incomol(expeDdithre) 6.856 6.856 6,070 Unr¢ali8ed gains/(10} on a¢t invtMents 3.515 10.981 et Movement Its fvnds 10,371 10.371 17,051 RECONCILIATION OF FUNDS Total fuod% brought fonyard 470299 470.299 453.248 TOTAL FUIry)S CARRIED FORWARD £480 £470 The llotes on pages 8 to 12 foml partof these fllwicial statements Pagc 5
THE CHARITY OF StR THOMAS WHfY[ WARWICK STATEMENT OF FINANL CtAL ACTIVITIES for the Year Ended 31 December 2023 31.12.23 Totsl nds 31.12.22 Totsl Unrejtrieted funds Re8Cted fundy Notes INCOMING RESOURCES Incoming resources from gtnerfited funds Voluntary income Investment income 299,408 299,408 13.733 275,195 9,557 Totsl Ineomlng resource 13,733 299,408 313,141 284,752 RESOURCES EXPENDED Raisitig funds Investment management fee8 Cknrlt&ble actlvltl Wanvick Indendent Schools Foundation Governance costs iJ64 1,364 1,043 299,408 299,408 275,195 Totsl resources expended 299,408 306,448 281.849 NET INCOMifG RESOURCES 6,693 6.693 2,903 Realis¢d 1n5/(lo$S¢5) on fLxed asset investments 623 623 254 Net Ineomel(expeDdlture) 6,070 6,D70 3,157 Unrealised gainsl(Ios8es) on fixed asset investtnents 10.981 31.751 Net movement In fullds 17,051 17,051 (28,594) RECONCILIATION OF FUNDS Total hnds brought ftinyard 453,248 453.248 481.842 TOTAL FUJIY3 CARRIED FORWARD *A70,299 £470 £453,248 The notes on pages 8 to 12 forni part of these financial Statenllts Page 6
THE CHARrrY OF SIR THOMAS WHTTE, WARWICK BALANCE SHEET At 31 Dttember 2024 31.12.24 31.1223 FIXED ASSETS Jllvesthients 248.307 252,423 Debtors.. ount8 falllng due within one year Dcbtors: arnounts falling due after one year Cash at bank 16,LK19 99,583 117693 19,166 75,666 123.923 233285 218,755 CREDITORS Amounts f&]ling due within one year (879) PIET CURRENT ASSETS 232.363 217 876 TOTAL ASSETS LESS CURRENT LIABILITIES 480.670 470,299 NET ASSETS £480,670 £470 FUNDS Unrestrlcted Funds Genernl Fund Dwignated Fund 238,945 229.762 240 537 TOTAL FUNTIS £480 670 £470 299 The financial statements were approved by the Board of Ththes on 10 Apiii 2025 and were Signed on ts behalf by: MrDB.S ns- chain of TnteeS Th¢ notes on pages 8 to 12 fo part of these financial Statements Page 7
THE CHARITY OF StR TItOMAS WHITE, wARCK NOTES TO THE FINANCIAL STATEMEhTS for the Year Ended 31 December 2024 ACCOUP4TING POLICIES Accounting eonvention The Charity is endowed by indentUTe datcd 6th Jthy 1551 and governed under the Scheme dat ioth January 2(MJl. The charityconstitLrt&sapublic benefrt entity a5 defmcd by FRS 102. ThefinatLcial statements have been prq)areAI in accordance with Accounting and Reportlng by Charlties: SLement of Recommended Practice applicable to charities preparing their accowits in accordance with the Financial Reporting Sts)dard applicable in the UK and Republic of ]reland issued An October 2019. the Financi Rorting Stsndard applicable in the United Kingdom and Rq)ublic of Ireland (FRS 102). the Charties Act 2011 and UK Generally Arxepted Acwtmting Practi¢¢. Thc accounts do not iticlude 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 the historic cost ¢oniTrition, modified to includ¢ certain kterns at f&ir value. The financial staternents apresentsd in sterling which is the fimctional currency of the charity and rounded to the nearest £1. Incomlng resouttex All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the arnount can be quantified with reasonabl¢ a¢cuTacy. Resources expended Expenditure is a¢Unted for on an eralS basis and h&g been classified under headings that aggregate all cosi rdated to the category. Where costs Ca[19t b¢ dirKtly attribut to particular headings. they have been allocated to activitics on a basis consislent with the Ube Dfresources. Loans offered subject lo conditions which have noi been al the year end date are noted as a commitment but not accrned a5 expenditure. TAxation The chlty is exeynpt from incomc tax and capital gains tax whcrc incomc is used for its chariLqble purpoK8. The charity is not VAT regIsted and therefore expenditure where applicable is shovm inclusivc of VAT. Fund gccoullting Unrestricted funds can bc used in accord8n¢¢ with the charitable objertives at the discretion of the trnstees. Restricted funds can only be used for particular restricted purpose5 within the obj¢cts of the charity. Restrictions arise when specified by the donor or when funds aTe raised for particular restricted puwes. Furtber explanation of th¢ oature and purpose of each futml is included in the notes to the financial Statements. 31.12.24 31.12.23 Investment income Bank intetest 9,184 6.518 8,959 4.774 £13 733 Page 8
THE CHARITY OF SIR THOMAS WHI WARMCK N(YTES TO THE FINANCIAL STATEMENTS - COhTINUED for the Year Ended 31 December 2024 GOVERNANCE COSTS 31.12.24 31.12.23 Clerk's fees tndependellt EalD¢S fee Website expenses Legal fees Room hir¢ Postage Telephone BaDk chargcs 4,000 900 216 160 20 49 310 73 858 243 172 15 31 283 74 £5,728 £5.676 TRUSTEESI REMUI¥4ERATION AND BENEFfTS Tb¢re wer¢ no trustees, remuneration or other b¢nefits for the year ended 31 December 2if24 nor for the year ended 31 December 2023. Trnstees, Expenses There were no ttwstees, expenses paid for the year ended 31 Dc¢embcr 2024, nor for the year ended 31 December 2023. FIXED ASSET tNVESTMENTS 31.12.24 31.12.23 Portfolio managed by EFG HaTris Allday. Martet Value at 1st January 2024 252,423 243,700 Additions in year Disposals in year 23,408 29.340) 30325 31.960) 246,491 242.065 Reaiised profitl(loss) on sa]e at 3 1st Decernber 2024 (1,699) (623) Utir¢alis&l profitl(loss) on revaluation at 318t December 2024 3,515 10.981 Markei Value at 31st Decen 2024 £248 307 £252,423 Th¢ h1&wi¢ cost of these investments is £131,605. DurÈng thc yw, the Charity illcurd £1,419 in bmkn fees from BFG HalS Allday {2023 - £1,364). Page 9
THE CHARITY OF SIR THOMAS WHtT[ WARWICK NOTES TO THE FINANCIAL STATEmrr8. coiYrL¥uED for the Year Ended 31 December 2024 DEBTORS Tntsrese ftte loans 31.1124 31.12.23 Balance at I" January 2024 Loan repayments in the year LO89 advanced durillg the year AdjustEnenl 93.115 (23.141) 44.000 81.174 (27,559) 39,5(K) £113.974 £93.115 Repayable after more than one year £99,583 £75.666 Other Debtors Ac¢rued inie8ttDeDt 1.618 £1,618 £J,717 CREDITORS: AMOU)TS FALLING DUE WITHIN OYE YEAR TTrdc crcditors £922 £879 ALYSIS OF NET A&SETS BETWEEN FUNDS 31.1124 Tothl funds 31.12.23 Total funds Unrestsleted funds Restrlcted runds At 31" Deeember 2024 Investments Current assets Current liabilities 248J07 233285 922 248,307 233.285 922 252,423 218.755 879 £480 670 £480 670 £470,299 31.1223 Totsl nds 31.12.22 Totsl runds L'nrestrA¢t¢d funds Restricted funds At Jigr December 2023 Investments Current assets Current liabilities 252,423 218,755 879 252,423 218,755 243.700 210J83 £470 299 £470 £453 Page 10
THE CHAR OF SIR THOMAS wHrrE, WARWtCK NOTES TO THE Fll%'ANCIAL STATEMENTS- COhTLYUED for the Year Ended 31 December 2024 MOVEMENT IN FUNDS Net movement Tr*n8f¢rs In fvnds bttween funds At 1.124 At 31.12.24 Unrestrl¢ted fund8 General Fund Des1trd Fund 229.762 240.537 9,183 23&945 470,299 10,371 480.670 Re8trRded funds Restricted Fund TOTAL FUNDS £470 £10371 £480 670 Net tnovement in funds. included in the above are &8 follows.. Ineomlng Resources expended Galn8 and losses Movement ID Unrestrficted funds G)eral Fund Designated Fund 15,702 (7.147) 628 9,183 15,702 (7,147) 1.816 10.371 Restrlcted lunds Restricted Fund 318271 (318271) TOTAL FUNDS £333 973 (£325 418 £10 371 io. OTHER FINANCIAL COMMTfMETrITS There w'ere no authorIs Stsjdent loans not advanced at 31" Decernber 2024 (2023 - £Nil) and no bUSinS loans (2023 - £Nil). Page 11
THE CHARITY OF STR THOMAS WHITE, WARWICK 1¥40TES TO THE FINANCIAL STATEMENTS- COhYLN'UED ror tbe Year Ended 31 Detember 2024 11. DESIGNATED FUNDS These represent amounts 8et a5id¢ by the Trnstees to provide an ongoing incorne for the ¢hartty to cover expenses and allow for growth in a¢tiviti¢s in tbe futtwe. At 1st January 2024 240,537 Gain on revaluation at 31# D¢rnber 2024 1,188 At 31° Ikcember 2024 £241,725 12. RESTRICTED FUNDS Sir Thoma5 Whtte's Cbsrlty. Covenlry 2024 Total 2023 Total At 151 Jamiary 2024 Income in the year Expenditurc in the year 318.271 (318271) 318271 (318,271) 299.408 (299,408} Iotere5t received in year Trdnsfer to Unrestricd Funds At 31X December 2024 Slr ThDw45 Whtte's Charlty, Coventry Money 5p¢Gifiially received to be paid to Wanvick Indcpmdent SchooLq Foundation. 13 RELATED PARTY TRLYSAcfioNS DuJing the year. Mr Keelin& a trustee, was also a Govfflior of WarwÈck Indq)endent Schools Foundation as the Charity's Nominative Governor to the Foundatioll. The Clwity paid £318,271 (2023 - £299,408) to the Fowidation as required by the restrictions applied to the inL'ome received from Sir Thomas White's ChaTity, Coventy. 14. GOING CONCERN The fllWDcial staknents have been prepared on a going concern basis as the tnEsteas believe that no material U[erteS exist. The Truse8 have considered tbe level of funds held aThl the expected Icvcl of Incon and expenditure for 12 months from auiborising these financtal statements. The budgeted income andexpenditure 15 Su11¢nt with the level of rerVeS for the Charity to be able to ¢ontinue as a going concern. Pag¢ 12