REGISTERED CIWiTTY NUMBEIL. 1073331 REPORT OF THE TRUSTEES AI¥D UNAUDITED FINANcfAL STATEMENTS For The Ytthr Ended 31 De¢tthber 201S FOR THE CHAmy OF SIR THOMAS WHIT[ WARWICK hael Ilarw4 & Co GrevilleHous¢ IOJury Street Wanvi¢k WaTwickshir¢ CV34 4EW
THE CHARITY OF SIR THOMAS WHrro WARwfcK coThiYtS OF THE VI]¥AiYCIAL STATEMENI8 for ihe ye Ended 31 December 2025 Rqyort of the Tluslees Ito3 ltylepeodeni Ewnit*s Rwrt StAt¢meM of Finati¢itil Activittts 5&6 Balance Shed Notssto th¢ Financi StstcJn¢n 812
REPORT OFTHE TRUSTKL8 ror the Yut End¢d31 DeeerthrlOIS ThE tsv#¢es present tkir ryort with thE J}]11] of thc charity fot the Ycar Ethl 31 2025. The ITU5tees have ath)ptd the IWQVi3Tons Df IIK Slattm2nt of PrxLr {SORPI AoU1?8 ad ReN)rtins by Charirid (FIL8 1021 in pr¢Fornw th¢anllual rtp(xtElll t5tkaDcial ststcnxnts of th¢ ¢hw. REFERET4CE KYD ADMifqisTRATIVE DETAILS IOTJ33I Prdl AddFM5 12 High Str¢¢t WarwKk CV34 4AP Mi%$ LS. Fdl MT AF. KeeJill8KC MrS.J.RHog8 lllilewdent Examintr MrM.D. Harwfx)dFCA BFPFbfAAT mic1 & Co Grnitie He 10 Jwystreet W&nick CV344EW S•ll¢ho &Tibbits Floor. Markd StreoL WMck. CV34 4DH. EFG H4tTiS A]Jd ChUb M¢w8 Omber5ky Worces. WR9 OEW anke 126 Tb¢Patath L¢slgrO S CV32 4PJ
THE CHARTfY OF SIR THOMAS IVHTEE WARWICK REPORT OF THE TRUSTEES r the Yr Ende41311)eeember2D25 srRUCTVRQ COVERNAf4cE AND MLNAGEMENT Histtsry aTrd GoYerMiti% Thr Charity is cndowrd by indentyr¢ dated 6thJuty 1551 and gov¢mel underth¢ S¢lme dated 10th Jamiary 2(Kll. The Charity is coThtrolkd by its 8ov¢miug docuatwt. a dJ 0fth. and an ¢bariry. The tnL have a duty to idttttify and Eeview the risks to Twhi¢h the cbyrity is expi sod to ethsure 4IPToprwte c4)Dtrol$ gxe tn pl8r to provid¢ffa8onable &w[aD agfftitist fraud and emr. Itt w2th the r¢quiTtments of the Charitie8 SORP. the Tn$ t)u¢ lo review the risk5 inberent its the Charitys Kttvitie8 and io ¢thsu th&t syslems exist lo mitigate those risks. Profu11 Advb¢r& lkninB the y¢ar, th¢ Trn8tecsheld two M¢etiDg5 8j su10mMIttee etings. Th¢ S¢heme provid for six Trustctt. Wcre th¢r¢ * Tequimnent for n¥w Th]8ttt4 these would be identifieAI WHI apInted by the remalri TSlee5. The Chaitm8n of Trustecs is responsible for the induciion of any new Tnlee whith tllvolvcs awweness of a TN5ttt's respons1 ilitie4 th¢ govkThin8 documenL administraiv¢ procethr&s attd the hi8toryand philosophical approa¢h of th¢ Charity. A new Tntslee wollld receive copies olthe pT¢vious y&s annual rwi and accoL)n Objectlw and actlvlths of the ChgTIty The Truses' rqx)rt and accounts for th¢ YearEDded 31 elDE¢r2025 arepre&eId it is thatth¢se complywithcurrent statutory reqUIren and the provisions ofthe 8overning instnrnt. The schen prni'ides thrtthe Tte¢smu appty the itrojne theyr¢¢ei¥e from SirThoftw While's Charity. Coventy. tsi the Warwick Indepmdent Schools Fo)dOn (now called Warwick SeltLNJ]s F¢)undAtion) wbi¢h in Dlln utilis¢s these fjJt¥ls for the ¢dUtiO arAI advan¢¢mentofcbi1d whoorwlK>S¢ paMtsare ordirwilyTuidentin ih¢fy)wn of Warwick. Warwidt Independent Schools F¢)undati comprises Warwick Schfy)I, Kin8'5 Hi8h sch1, Wgrwi¢k Prepar8tyry Sch1 and Kingsley School and the inwmE rtt¢ivcd is u8¢d to pay eitherpartially or ITL fvll the fees levir)J in respEd of any cbildrn vtho me¢tthetli8ibility criteTia. llJ¢ SchuDecoDiinuGsts>m¥itttain its originat fi)tiOn when found¢dbyoffetiD8infEF¢St-frcc low tOyoungpErsW1sbtng to e8tsblish th¢m5¢1ves ID Iwsin¢s¥ orassistthem h) impmv¢ theirexistÈnglwsine&s In theTowrtofw¥rwick. These inleSt-freelOnS 8r¢ available p to £20.(KJO Iwbj¢¢t to ¢onditions). The appIicant is requir¢d to attettd an intetview with an iot¢rviewillg $ub-coJnmitr¢ of Tntstees nd to wvide a guar10T154 aecw¢ th¢ lo. Th¢ loan ts pIyable by Banker'8 Ord¢r over a wÉod of up 5 yc4r& However. todayk the maiD fwus of the 8chern¢ is kn provide intrxc5f.free 1080$ lo young p¢rsoAL% who OT wIMis¢ p4rnts ate ordinarily re5ideDt ID tho Town of WarwÉ¢K towards the $1 to th¢rn of underthkng fitrthtr education or VOtiOnl trailli These itiittest.fiL4e lo&n8ereavail&bl¢upto £2.fthperyearfot eachyeartsfth¢irwurse(subjectto )dItionS). Th¢8tyikM 15 rcquired toatt¢nd ao irrfon in¢eTview art intejviewing sub.¢oJJllnittee of aDd pmvide iwo SUtOrS 10 stture the lo¥J). ReyDiellt ofthe loaD will (n)en¢t 12 mQDrbs 4fterthe final IoBn inthlrtt¢nt basbeen paid to the stttdEDt. This will be by Bgnker's Orderovet awiod of up 5 ye4rs (&thje¢t kn condiitoDs). The CILIS primary purpose is the provision of inlcFL¥t.frec Ic*ns youn8 PCOPtc in Wanvi¢k. Jn otthrto achi¢v¢ this puttKw it ' e85¢Qtiel that tb¢ TDJsiees wimise tbe value of the ChaTitIs UDwslti¢tcd reserves. thereby IDaximising th¢ avaiIabl¢ lo lojns.
THE CHARYoF SIR THOMLS wimE WARWICK REPORT OF THE TRiJYfEES for the Yt4r EDded 31 Decèwber 2925 EDdeavowin%iri maximise local awarene&s ofthe Tru5t¢es' objectiveof makithg ittterest-free lOAt to living in W8rwick and to yowls peThon's estblt5hing8 busine59 in the TO of Wonvtrck. tb¢ TThstees havepirticipai¢d in the W&rwick Charities. websi. The WlIe in¢lYd a knme page for the Charity of SirThomas Whit4 WarwicL and sives an indication ¢Jf the history. objectivel and adiviti¥ oftbe Charity. applicants are abl¢ lo dOwTiO from the eb$te appli(¥tiot) forn for IM)th ate8wies of Prncedwm and p•]Ity for loam mkl It is tbe Ttttstee&' policy w k¢ep a reserve of ffiJDds available th Itet futwre appli¢atiott8 for blt•S ood 6tudt IoMtt5 which sigftifi¢8Dtty fromyear to year. The Trustets nornjally meet twice 8DDually and an rnterviewing thrAymmiitee is app)inted to tnten'iew all awJli¢ants for Sbknt loat)S Bnd bwincss e#ablishm¢ni loan ACIUEVEMEY4T AND PERFORMANCE Dwill8 th¢y¢or. the TnESt¢es hai'¢ Jvl%J1 enty.thte lofins t05tsth itt Warwickeither emttittg oral[* uodertthD¥ hi educatiorL PUBLIC BEhTvrr ThE TTU5t¢es hav¢ had du¢ reyrd to the guidance publithd by Th¢ Tharity CommsOney$ on pDbli¢ b¢n¢fit and considtt that the obJ"ectiv<s and activities of charity fidfit their wuirernent INANCIAL REVIEW In 2025 the balance of inl¢re8t-ftte108tss rqxyoble h88 iocrnsed ty £127J65 (2024- £113.9741 INVESTME)T POLICY Th¢Trnst(u h8veconsider¢d themostwproprlEp0[iCyfotr inv¢5tin8funds inconjutt¢tion Withth¢irobiThvLdthcr$. Liqu¥t fimds are tEtDined to cover short terni needs tpproximately 4WD of the [frI110 is inve5tsd the COIF Clwiiics InvestsnenÈ Fwid as at 31° Dec¢mb¢r 2025. with the balaD¢e of the ponfolio investrd Wthin a range of eolkctive iavestmeth fid5. RESERVES POLICY Lt is the poticy of the Chatity to Jnainthiti UDrestricied at a level whiGb ewMte8 kn appm11cIY 9 of UDresti7 l¢•st tttth Iw¢l throughoutthc ye4r. FUTiniE PLAF4S The Ttwtee5 inteDd to contiwe providing intcre8t.free loaDS in a similar Y tts T¢¢ent ye•r$ and COD5tantly r¢vi¢w th¢ 8pprcori8te annual amouht lo bc I08ncd to appiicaDts. ONBEHA F THE BOARD.. MrDB. St Dat¢ 14fa May 2026 P88e 3
1NDEPEP1DE EXAhllNER'S REPORT TO THE TRuEEs OF THE CHARrrY OF SIR THOMAS WHITE WARMCK Re8ponl Iud b •frep)rt As the charitys tnMtK8. YOU Ate resp$1}1¢ for thc p)ti1)n of th¢ accouThtsin awordm¢¢ with th¢TEqUi1ents of th¢ awiries Art 2011 fthe Act"). I t¢[Kt in r¢8pe¢t of my ex111 of the Charity's a¢¢outtts out sertion 145 of the Act and in wrying out roy ¢XarnUMtio I h8v¢ followed authe 4)pliL7ble DÉre¢tion8 give& by thc (hrity common uDd¢r section 1493Xb) of the Ac¢. Sinc¢ the¢hgTity'S gro$81Dne exceeded£250.Ijy0rtIaM1trMI}Stbt a mcml)¢rof a body lisid in 5ectson145 of the A. l¢onfio Ibat l am qualified to leake the ¢xamination b¢c•Eue l am a rnernr of The Insttlule ofchartered Accnnts in Eng]and & Wale4 which is I of ihe listed bodics. I h8ie eotDplet&l my examinatio I coJJfJrnJ tbat no Materi have com¢ lo My tttion in conretion wlth th¢ ¢xaMI100 which gives ¢0 l)elithat any njatttial rewtr the a¢tou Te¢ords were llotk¢pt in occordance with sedion 130 of the Charttie5 Actr or tkn wc4)unts did nota¢¢ord with the 8cctymtiD8 r<4)rds' or Ihe aecouDt8did tKJI comply with th¢ 8pp1icablctcquients concerning tbe form attd eon*nt of a¢cowits yetoutin th¢ Chatitics {Accowits and Rryort5) Re8ulaiionfy 2(X18 other than Ahy rcquirernent that the give a.(n trnd fttir. view which is not &Tn&tter considered a8 part of an ijwkpEndent ex8mination. I '¢nts eoncgrns and hwe come acrn no otheT rnatters io ¢onnection with thE cxamiryaiirn io whi¢h attention Shlld be thawn i this TDrt in ordeJ to ellablc aprow und¢tstsuding ofthe a¢¢o¥nts io b¢ Teacbed. Mr ma D Harwo(NJ FCA BFP FMAAT Mi¢beel Harwood& Co Grevill¢ Ho¢ 10 Jury Stre¢t Warwick CV34 4EW Pag¢ 4
THE CHARITYOV SIR THOMAS WHrrE, WARWICK STATEMEI¥T OF FINANCIAL ACTIVITIES for the Yur Ellded 31 Dmber 2025 31.t235 31.12.24 Totsi INCOMING IIESOURCES Voluntary anme 326546 326,546 318271 15.702 14.875 326J46 341.421 333.973 RESOURCLS EXPENDED R151L% ffund8 fnvesthient Ttagemen¢ fee Charitablt artfvltles 1.398 l J98 1.4E9 326J46 326.546 318271 Totsl T1¢*B apeDLled 32fi546 333.612 325.418 ET INCOMifiG RESOURCES 7.8fY) 7009 555 Rc4liscd g31n[lo$s¢S} on fixcd as6d lllvgsfus 761 761 Net Incom(eXpenditsre> 8.570 8570 6.856 Unrealiyed 8ainsl0os8e8) on fixed4MinvestsntTrts 1.624 Net w+vement In IOJ71 RECONcILTION OF FUNDS T•tal brnM8ht fornrd 480.670 480,670 470299 TOTAL FUNI)S CARRIED FORWARD The ookn on pages 8 to 12 forni partof these fittwiai Stateme Page 5
THE CHARITY OF SIR ThOMAS WI11 WARMCK STATEMEwfov FJNANCIAL AcfiviT r the YoarEJdtd 31 Demtr21)24 31.1124 31.12.23 Totsi UNres¢rletsd fwnds ]NCOMING RESOIJRCES comthzresolltte5 ¥en¢rt¢d fTrnd8 Voluntary lnCQTc 318271 318.271 299.408 TDt•l reMure 15.702 318271 3J3973 313.141 RURcF EXPENDED 151ng f4DdB 1.419 1.419 1.364 ChrltAble Ktlvities W8rwi¢k Indepettdettt se])]&50nd 3J8271 318271 299,408 7.147 318271 325,418 306.448 ET INCOMITG RFSOURCLS 8555 8555 6,693 ROdid gairlslllosscs) OD fix&la6sth ittv¢s(th¢nL8 Net intomd(ewththTh} 856 6,856 6.070 UrlIsed 8aills1(kwes) on f¢d assd inv&stments Net fonds lQJ71 10.371 17,051 RECONCILIATION OFFIJNDS fwnds brought f•rnrd 470_ry9 470299 453248 TOTAL FUNI)S CARRIED FORWARD £48Q67 7D 7•299 The Dot¢S OnSe8 8 to 12 partof thes¢ fJDaocial Stalen Pag¢ 6
THE CHARITY OF SIR THOMAS WARWICK BALANCE SHEET At31 Dectmber 31.1225 31.1124 Notes FIXED ASSETS IM¢thnents 249,604 248,307 CURRENT ASSETS Debtors.. fallitig due withitt on¢ yur Dr0Th a*wts falliDB after one year Cathat bgAth 12.016 117,116 109 16,fMP) 99,583 238962 233285 CREDITORS Atrtounts falling dt wfftthin offje year (950) (922) Nfr CURR. T ASSETS 23&012 232 TOTAL A&SETS LESS CURRENT LIABILI'nES 487.616 480.670 NET ASSETS £487.616 £480 670 UDrebtrlrt•d Fwn GeDerat FuDd 246.460 241 156 238.945 TOTAL FUNI>S £487 £480 670 ThE f]?1 mwtxnts were apptov&l by the B02td of Thst¢e$ ott 14th M8y 2026 andmrre Sign on its ith]fby.' MrDB. SteYeDx- Ch&irm)nof Trustees ThBnote8 onpages 8 to 12 fonn part ofthese fiwici8E stat¢uK Pog¢7
THE CHARITYOF SIR THOMAS WHITE WARMCK I%OTES TO TRE FLYANCIAL STATEMENTS fot tbe Ye•r End¢a 31 Detember 2025 ACCOUNTINC POLICIL8 The CIMrity is endowcdby in¢lenbJr¢ djted 6 July 1551 and Bovcrnedwmlwthe SGh¢u dated IO. Janvary 21MI. The¢barityL¥JD5titutcsapubli¢E¢nefit¢ntity4& d¢fillbyFRS 102. The finallcialarnentshav¢beenprepored iti 0rd&llCe with A£utillg and ReportiD8 by ChaTili¢s'. Statemellt of Rrfommerthj Pwu¢e appl)ble to ch9zities ppillg their ac¢oiints tn aCcordte with the Fina1&1 Rrporting Sthdard applicable iti the UK ard Republic of treland issued in (tob¢t 2019, the FinAn¢i81 Rq8 Stsndardapplic4ble in the United Kingdom aTKI Rqb]IC of ITcland (FRS 102), th¢ Chariti¢5 Act 2011 and UK Generalty AweNvJ A¢¢ouniiDg Pra¢iice. The accounts do t)t include a c8sb flow 5tst¢m¢ni on thegrwnds that it is apptying FRS l(r2 S0 IA. The fthattoi81 stsments ar¢preparnd on a 80iD8 conitrn basis urth thehistoric8i co¢0trtt1Offj tDodified to inc]ude ctrtai ityns at f8irY8lue. Thc financi #atemerttsat¢pr¢senknl in srting wbi¢b is the fwictioTd ofthe thrityd rounded tothe neAt¢st £1. latomlDg re¥our All Ati¢orning rwur¢eA are included OD the StateMt of Financial Adivi¢i¢s when the tIrIty 18 k8ally mtiiled the incom¢ aT¥I the arnontc b¢ quafflified with re&wThbl¢ a¢¢ura¢y. Lxpendt¢we 1$ thceouDkd for on an 4cEnlS basis and has been ¢lassifKd under headin8s tho1 aggreEAt¢ all cost 7Bld¢d io ¢h¢ cate80ry. Where costs c4nnot b¢ th'(eAty atirilkne41 to p8m"w]ar lThdin84 thcy have Ixen all¢)¢atcd to tiViticS OR a b&sis Consisleni with tbe use o[TesouC8. Loan8 offered 5ubjecl to conditxons which have not metal the y[ rDdd are noted as a wnmitmentbut not aLrn]ed a$ eXndill. Txtk)n The ¢]tty il ex¢W ftom ]rOrne thx capitsl gaiDstsx where ir0th¢ is u&>J forits ¢h&rit&ble puryosc& The cknarity VAT ret¢re4 #nd therefore exp¢ndittwe Wb appEiabl¢ is slwwD inciustve of VAT. Fylld a¢eountlng Unrcslrictrd fullds can be used in xcordgnc< with the chatitsble obirxliv¢s at the diretitin of the thJ*ees. RrstEiCted c8n only be ustyl forparticllJllT r¢strKi¢d pu05¢5 within the Obj¢ of ihc clwiiy. Restrictions wis¢ when speCid by the d(wror when futsts &Te raised for rtstsiebl pwp08e5. Fwther¢xp1anI¢) of the natwc andpUrp of éadh is inclthled in the ttotes to th¢ fala1 stst¢tueots. 31.122S 31.1124 Inv¢stn1 ittcomc Bank intercst 9326 5549 9.184 6.518 15,702
771E CHARITY OF SIR TItOMAS WHITE WARWICK NiyfES TO THE FINANCIAL STATEMENTS. coNfLYUED f•r ihe Elled 31 D¢ttJAber 2025 GOVERNKYCE COSTS 31.IL25 31.1124 depElldellt Eumioetr5 fee Websrte ¢xpeMes Lwl f¢¢8 930 216 160 20 49 35 30 32 317 Po5ts8¢ Sttionery Telephorrt Bgmk ch8r8&5 310 73 TRUSTEES, REMUNllUTION AND BENRFrrs lkn were no r¢DWaOn tt oth¢r b¢o¢fits for the yur ded 31 De¢¢mber 2025 nor for the year eJ41¢d 31 Dccember 2024. 'lkntstee5' ExpEn There were w trusttts, p&paId for the year ended31 DE¢¢mber2O25. n<)r (orthe yearcnded 31 Ib¢r2O24. FLXED ASSET INVEMNTs 31.12.25 31.12.24 ProllO mallo8ed by EFGHatti8 A]klay: Mgrkct Value l&January 2025 248.3fj7 252,423 Additions KD year ITE year 30W2 23.408 250.474 246,49l Reaiised PTofiVOobs) on salE at 31st D¢c¢mber 2W25 754 {1.fj99} Urtrtalised PTofiVO0s8) on fevalimtion at 31st DEccmbcr 2(r25 MatkEt Value at 318t 2025 The his1ori c4)stof tho* inv¢5Ima 18 £138,637. Dwing the year. the Charity inrIed £1,398 inbroktts ftts fr LFG Hanks Allday (2024- £1,419).
THE CHARITYOF SIR THOMAS IV114 WARWICK N(yrEs TO ThE FINANCIAL STATEMENTS. coiYfLNUED for the Yr Eoded 31 Dece]Dbtr 21125 DEBTORS IntsTertfr¢e ltsan• 31.1225 31.1124 Ba]w¢¢ at I"January 2025 LO ryymellts iti the year Loans 4th'ao¢cd duringtheyaT J13.974 (21,409) 35.( 93.115 (23,141} 44.0(KJ £127 £113974 Rcpayabl¢ aft¢r more th8R 0Y £117116 £99 583 1,567 18 £1 J67 £1,618 CREDITORS: AMOUNTS FALLP4G DUE ThIN OYE YEAR Trade CTcdit5 £950 £922 ALYSIS OF NET ETs BETWEEN FUNDS 31.1125 Totsl 31.1124 Tol At 31" Dettmber 2(125 Jnvcslments CurreDt a¥s¢ts Cumi liabiliti¢8 249.604 238,9152 950 249.604 238.962 95 248,307 233285 £487616 £487 616 31.IL14 Tot*l fuod$ 31.12J3 Tolal funds At31"Dt(thber 2(124 JnvesimcT Curreni a55eL Currcnt liabilities 248.307 233285 922 248.307 233,285 2S2.423 218,755 879 £480 670 £470 Pwlo
THE CHARrrYoF SIR ThOMAS WHrrE, WARWICK NOTES TO THE FINANCIAL STATEMEIYTS- coNnNUED ror tbe Yt•r Ended JI Decethbtr 21125 MOVEME IN FUNlk8 Net thovem•Dt Trausf¢ lm fllttdi betweell At 1.125 At 31.12.25 UDreknicled General FThd Designat Frmd 238945 7515 246.460 480,670 487.616 ReBtric*d Fund TOTAL FUNDS £480 670 £487 616 Netmov¢ment ith fimd& tncluda iti thE al¥Jve are as follows". InTomlTrg Rekourc expended G8lBs unrestred furt41s Fund DjgnatedF 14.875 (7,066) (294} 569 {863) 7515 569 14.875 (7.066) Restrieted Futtd 326,546 (326J46) TOTAL FUNDS (£333 612) 863 io. There ao AuthorM%tsJ sttKJent loans nOt¥#The at 31#DeCem1 2025 (2024- £Nii) and nc> busAlloss102n5 (2024- £Nill. Pas¢ii
TIIE CHARITYOF STR THOMAS 1Tr71rrE, WARMCK NOTES TO THE FINANCIAL STATEMENTS- coNfThwED for tbe ye EAd¢d 31 December 2025 11. DESIGF4ATED FUNDS These r¢w¢saLt all¥Rllkts set a5id¢ by the TnJ¥t¢¢8 toprovtde an oDgoin8 FnLX)me for Ihe cbarityto cover e allow for growth in activiti¢8 ill the At I" Jtttuary 2025 241.725 Gtiin on r¢valuion al 310 D¢c¢mber 2025 (569) Al 31 Deeembet 2025 £241156 12. RESTRICTED FUNDS Sir Thomafj Whlte's ChaTIty, Coventry 2Q25 1024 At 1° JJnuary2024 Inc4yme in the yoar Exp¢ndityre ill thEyear 326.546 (326546) 32546 (3265461 318271 (318271) Transferto u1¢sl¢t£d Funds At 3111 tk<¢mber 2024 Slr Thom*5 Wbhe's Cbarlty, Coveity Mon¢y specificdFy receiv tu b¢ pd to Warwick tndepothnt Schools FINJndation. 13 RELATED PARTV TRLNSACTIONS During the year, Mr a tw$ttt. was a]so & Gov¢n)or of WaTwi¢k llldependent S¢hool$ FowJd&tion as the Clwity's Nomi1Ve Clovem io thc FouDdAtioL Thc Charity paid £326.546 (2024- £318271) to the Foundati as required by tbe restrt¢tTOll5 applia to the incom¢ r¢c¢ived fTOrn Sir Thorna5 White's Charfftry, Coventy. 14. GOING CONCFIIN The fmanci818tsts]nettts have be¢n p1rpar on a Boin8 Collc b&sisas the tr[ bdieve that DO n)at¢r1 unCeti&l¢XI$I. The Trus8 have c0ti5idL¥ed th¢ knrcl of fimd$ beld ard the ¢xpe£ted l¢v¢l oe incom¢ ond expendttiwe for 12 months from
uthorising the fm8ncio1 siatements. Thebud8dedincorneand¢xperyJilure issuff&cienl with thelevelofreseTvesforllKChatiiy
to bE 8bl¢to contiiiue a 8QiJS Cowern. Pw12