Docusign Envelope ID." B6655AD&F16(k4B80-998fkA4E5AC5E5A45 Charity registration number 1142320 Company registration number 07493784 {England and Wales) OLD WARWICKIAN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
Docusign Envelope ID." B6655AD&F16(k4B80-998fkA4E5AC5E5A45 OLD WARWICKIAN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrSWHain Mr C R N Healon (Chairl Mr N J Robinson Mr D B Stevens Mr C P Willlord Mr J S Barker Mr A F Keeling Mr K P Mitchell MrSMCTubb Charity number 1142320 Company number 07493784 Reglstered offlce Edmund House Rugby Road Leamington Spa Warwickshire CV32 6EL Independent examiner Ellacotts LLP CoLJntrywide House 23 West Bar Banbury Oxfordshi England OX16 9SA Bankers Lloyds Bank plc (Leaminglonl 73 The Parade Roy81 Leamington Spa Warwickshire CV32 48B Investment advisors EFG Harris Allday-slockbroker 33 Great Charles Street Birmingham B3 3JN
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST CONTENTS Page Trustees. report Independent examinels report Statèment of financial activitiès Balance sheet Notes lo the financial statements 7-12
Docusign Envelope ID." B6655AD&F16(k4B80-998fkA4E5AC5E5A45 OLD WARWICKIAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2023 The trustees who are also directors of Ihe charity, present their report with the financial statements of the charity for Ihe year ended 31 January 2023 which are also prepared to meet the requiremenls for a directors. report and accounts for Companies Act purposes. The financial statements have been prepared in accordan with the accounting policies sel out in note 1 to the financial statements and comply with the Irusl's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in 8cGordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 2019)- Objectives and activities Th8 objèctivès of lh6 charily are.. - The advancement of education by the provision of grants for capital projects at Warwick School. To provide scholarships and bursaries to pupils and potential pupils of Warwick School so that more pupils beneftt from education al wal¢k School Irrespective of their families, abilty lo pay fees. The main objectives 8nd activities for the year were to focus upon the above. To 8SSlSt the ¢harTLy to meet these objedives. the management of investments is pla¢ed in the hands c>f a professional advisor lo maximise a mixture of growth and return. A¢hie¥ements and performance Provision of bursaries During the period under review the charity granted bursaries of £80,161 12022.. £55,199>. The Iruslees are mindful of the income generated by the trust now and projected and have agreed additional bursaries in the medium term. The Trust investments showed no change in value during the year, but the Irustees are mindful thal investment values fluctuate, and accept regular advice from thg investmenl advisors to protect Ihe valug and incDme as far as is possible. Financial r8vi8w Reserves policy The trustees have examined the charity's requirements for reserves in the light of the main risks to the organisalion. In their view the company has adequate bul not excessive reserves to meet its obligations as they fall due. The lev81 of reserves held at the and of the year w8s £1,456,62012022.. £1,534,162) and full details are included in note 11 to the finanryal slalements. The level of free reserves, being unrestricted funds less fixed assets, as al 31 January 2023 was £142,99612022'. £153,132). Prlnclpal fundlng sources The large majorily of funding during the year arose from rents receivable and dividends on investments. Investment pollcy The policy is for growth and an income return with mDderate risk tD maximise that growth and income. Plans for futur8 p•riods The charity will continue as present lo and lake full advantage of income from investments and rent lo achieve its objectives in granting bursaries.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 structuro. governance and managemgnt Governing document The organisation is ¥ charitable company limited by guarantee, incorporated on 14 January 2011 and registered as a charity on 8 June 2011. The wmpany was established under a Memorandum of Association which established the objècts and powers of thè charitablè company and is govémad undér its Articlas of Association. Appointment of now trust&os New trustees are elected to the board by rnajority vote of existing trustees. Trustee induction and training Potential new Iru5tees meet other Iruslees prior to appointment. Trustees are encouraged to attend appropriate external training events where thes& will facilil8le the undertaking of their role. Oryanlsatlonal structuré The board of Iruslees adminislers the ¢harity. The bc>ard meets a minimLJm of every twelve months and in the interim is managed by sub-commitlees comprising trustees. Risk management The trustees have conducted 8 review of the major risks lo which the charity is exposed. Where appropriate, systems or procedures have been established lo mitigate the risks the charity faces. Intemal control risks are minimisèd by thè implèmèntation of procèdur&s for aUthOrition of all transactions and projÈ¢ts. Public Banèfit Statèmènt This report selg out the objectives of the charity and which are considered for the futu. The award of bursaries is lo enable boys to attend Warwick School without reslriction lo people from whatever means. In preparing the report, the trustees confirm that they have referred to the Charity Commission guidance on public benefit. Overview of period For IhÈ y$ar 2022123 thé Trustèés arè satlsfiéd that thè oblè¢is of thè charlty havè bèèn 8chl&ved with a commitment to funding bursaries within the criteria with additional amounts being ¢onsid$red for 2022123. The IrLJslees. who are also the dlre¢tors for the purpose of company law. and who strrved durbng the year and up to the date ol signature of the financial statements were.. MrSWHain Mr C R N Heaton (Chairl Mr N J Robinson Mr D B Stevens Mr C P Willford Mr J S Barker MrA F Keeling Mr K P Mitchell MrSMCTubb New trustees are elected to the board by rnajority vote of existing trustees. The board of trustees administers the charity. The board meels a minimum every twelve months and in the interim is managed by SUtCoMmItteeS comprising of trustees. INDEPENDENT EXAMINER The independent examiner, Charlotte Toemaes Bsc FCA of Ellacotts LLP. will be proposed for re-appointment.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 The trustees, report was approved by the Board of Trustees. Mr C R N Heaton (Chairl Trustee October 12. 2023 1 3-52 AM PDT Date.. ............................................. Mr C P WilOrd Trustee
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OLD WARWICKIAN TRUST I report to the trustees on my examination of the financial sialements of Old WanNickian Trust (the trust) for the year ended 31 January 2023. Responslbllltles and basls of report As the trustees of the trust land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acll Having satisfied myself that the financial ststemenls of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in Spect of my examination of the trust's financial statements carried out under section 145 of the Chaiilies Act 2011 Ithe 2011 AGtI. In oarrying out my examination I havé followèd all thè applicabla Dirèctions given by thè Charity Commission undér sèction 14515llbl of tha 2011 Act. Independent examinerfs 5tstement 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.. counting records were not kept in respect of the trust as required by section 386 of the 2006 Act,. or the financial statements do not accord Mrith those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true 8nd fair view which is not 8 matter considered as part of an Independent examination.. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Praclice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. I have no concems and have come across no other malters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial slalements lo be reached. Charlotte Toemaes BS¢ FCA Ellacotts LLP Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England 18/10/2023 1 08:43 BST Dated.. .........................
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes Incomé and èndowmènts from: Donations and legacies Investments Other inwme 509 70,576 4,415 1,079 71.345 3,789 Totsl income 75,500 76,213 Ex enditure on- Charitable activities 92,592 63,881 Nel gainslllossesl on investments 10 160,4501 48,416 Net movement in funds 177,5421 60,748 Fund balances al 1 February 2022 1,534,162 1,473,414 Fund balancès at 31 January 2023 1,456,620 1,534,162 The ststemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST BALANCE SHEET AS AT 31 JANUARY 2023 2023 2022 Notes Fixed assets Investment properties Investments 11 12 489,397 824,227 489,397 891,633 1,313,624 1,381,030 CuThent assets Debtors Cash at bank and in hand 13 59.020 85,741 47,033 107,864 144,761 154,897 Creditors.. amounts falling due within one year 14 11,7651 11,7651 Net current assets 142,996 153,132 Total assets less currènt Ilabllltles 1,456,620 1,534,162 Income funds UnreslriGted funds 1,456,620 1,534,162 1,456,620 1,534,162 The company is èntitled to thè èxèmption from th& audit requ1ment ¢ontsined in section 477 of the Companies A¢t 2006, for the year ended 31 January 2023. The dlre¢tors acknowledge thelr responsib51illes for ¢omplylng with the requbremenls of the CompanSes Act 2006 with respect to accounting records and the preparation of financial stslements. The members have not required the Company lo obtain an audit of 115 financial stslemen15 for the year in quests.on in accordance with séction 476. These financial statements have been prepared in accoidance with the provisions applicable to companies subject lo thè small companiès règimè. October 12. 2023 1 3:52 AM PDT The financial sialements were approved by the Trustees on i96TÈiF*i44iE.. Mr C R N Hèaton (Chairl Trustee Mr C P Willford Trustee Company r8gistration numbgr 07493784
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 A¢countlng poll¢lo$ Charity information Old Warwickian Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Edmund House, Rugby Road, Leaminglon Spa, Warwickshire, CV32 6EL. 1.1 Accounting convention The financial statements have been ppared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 'The FinanGial Reporting Standard appliGable in the UK and Republic of Ireland I'FRS 102,1 and the Charities SORP "AccoLJnting and Repong by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance vAth Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The trust is a Public Benefit Entity as defined by FRS 102. The trust h8S taken advantage of the provisions in the SORP for Charities not lo prepere a Slalement of Cash Flow5. The financial statements are prepared in steding, which is the functional cufftncy of the Irusl. Monetary amounts in these financial stalernenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certairh financial instruments al fair value. The prinGipal accounting policies adopted are set out below. 1.2 Going ¢on¢em At the time of approving the financial ststements, the Irustees have a reasonable expeciation that the trust has adequale resources to continue in operational existen for the foreseeable fLJture. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestri¢ted funds a available for use al the discretion of the trustees in ftIrtheran of their charitable objectives. 1.4 Income Income is recognised when the trust is legally entrfcled lo il after any performance conditions have been mel, the amounts can be measLJred reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require defeal of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. 1.5 Expèndlturè All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis consislenl with the use of (he resources. 1.6 Investment properties Investment property, which is property held lo eam rentals andlor for capital appreciation, is initially recognised at cosl, which includes the purchase cosl and any directly attributable expenditure. Subsequently it is measured al fair value al the reporting end dale. The surplus or deficit on revaluation is recognised in profil or loss.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies {Continuedl 1.7 Fixed asset investments Fixed asset investments are initially measLId al transaction price excluding transaction costs. and are subsequendy measured at fair value at each reporting data. Changes in fair valuè are recognised in nèt incornellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and eash èquivalènts includè cash in hand, dèposits hÈld at call with banks, othar short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in CLJrrent liabilities. 1.9 Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Critical accounting estimates and judgements In the application of the trust's accounting policies, the trustees are required to make judgements, eslimales and assurnplions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual r8sults may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that periDd, or in the period Df the revision and future periods where the revision affects both current and future periods. Donatlons and lègacles Unre$trl¢ted Unrestricted funds funds 2023 2022 Donations and gifts 509 1,079 In 2023, the lotsl of £50912022.. £1,079) was attributsble to UnstrICted funds.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JANUARY 2023 Inve$tmgnts Unr•strict•d Unrestricted funds funds 2023 2022 Rental income Dividends and interest 40,000 30,576 40.000 31,345 70,576 71.345 In 2023, the lotsl of £70,57612022: £71,345) was attributsble lo unrestricted funds. Othor In¢om¢ unstricted Unrestricted funds funds 2023 2022 other income 4,415 3,789 Charitablè activities 2023 2022 Bursarfes awarded Investment management charges Insurance prernium payable 80,161 6,138 4,415 55,199 3,254 3.789 90,714 62,242 Share of governance costs (see note 7} 1,878 1,639 92,592 63,881 In 2023, the total resources expanded amount of £92,59212022'. £63,8811 was charged to unrestricted funds.
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JANUARY 2023 Support ¢o$ts Support Governance costs Costs 2023 2022 Accountancy 1,878 1,878 1,639 1,878 1,878 1,639 Analysed betteen Charitable activities 1,878 1,878 1,639 Governance costs includes payments lo the Independerrt Examiners of £1,878 12022.. £1,639) for Independent Examiners fees. Trustees None of the Iruslees lor any persons connected wth them) received or waived any emoluments during the year12022.' none). Employees The average monthty number of employees during the year was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £60,000. 10 Net gainsl{loss•sl on investm8nts Unrestricted Unrestricted funds funds 2023 2022 Revaluation of investments 160,4501 48,416 11 Investment property 2023 Falr valuè At 1 February 2022 and 31 January 2023 489,397 10-
Docusign Envelope ID." B6655AD&F16(k4B80-998fkA4E5AC5E5A45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JANUARY 2023 11 Investment property {Continuedl Investment property comprises one dwelling on Hampton Road. The fair value of the investment property has been arrived at on the basis of a valuation carried out during 2018 by Chartered Surveyors, who are not connected with the trust. The valuation was made on an open maikel value basis by reference lo maikel evidence ()f Iran$a¢lion prices foi similar properties. The trustees have opted not lo have the propety revalued. 12 Flxtrd asset Investment$ Unlisted investments Cost or valuation Al 1 February 2022 Additions Valuation changes Disposals 891,633 17,229 160,4501 124.1851 Al 31 January 2023 824,227 Carrying amount Al 31 January 2023 824,227 Al 31 January 2022 891.633 13 Debtors 2023 2022 Amounts falling due within one year: Trade debtors 59,020 47,033 14 Creditors- amounts falling due within one year 2023 2022 Trade creditors 1,765 1,765 15 Ultimate controlling party The Trustees have overall control ol the Charitable Company
Docusign Envelope ID." B6655AD&F16(k4B80-998fA4sAcSESA45 OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JANUARY 2023 16 Rolated party tran$a¢tlon$ DLJring Ihe year, members of The Old Warwickian Associalion gifted £509 lo Old Warwickian Trust 12022.. £1,079). Trustees SMC Tubb, JS Barker and AF Keeling were committee members of The Associalion. S Hain is an officer of EHB Reeves, a company which provides insurance services to the tenant of a property where OWT in the landlord. In 2022-23 EHB Reeves received commission of £590 {2022.. £7451. 12-