Charlty reglstration numl)er 1142320 Cqbmpany rnglstrallon numb•r 07493784 (England and Wales) OLD WARWICKIAN TRUST ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
OLD WARWICKIAN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee8 MrSWHain Mr C R N Heaton (Chair) Mr N J Roblnson Mr D B Stevens Mr C P Willford Mr J S Barker MrA F Keeling Mr K P Mitchell MrSMCTubb ChJrbty numb•r 1142320 Company numbor 07493784 R•gl$t•r•d offlc• Edmund House Rugby Road Leamington Spa Wal¢kshITe CV32 6EL Ind•pendent examln•r Ell8eott8 LLP countWd8 Hou89 23 West Bar Banbury Oxlordshiro Eryknd OX16 9SA Banker• Lloyd¥ B8nk pk (Leamingl 73 The Par&Je Royal Leaminn Spa WaMckshir• CV32 48B Invo$lmonl advlsors EFG Harris Alhjay-slocki 33 Great Charfès Street Birmingham B3 3JN
OLD WARWICKIAN TRUST CONTENTS Page Trustees, report IrKlepend8nl examinerfs raF)rt ststem8nl of financial acthhl88 Balanc& sheèt Notes to the ffin8nci81 slatemenls 7-12
OLD WARWICKIAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 The trustees who are also dlred(K5 of the chartty, present thelr Trpcrt wtth the firkincial ststements of the chahty for the y@ar ènd&J 31 January 2024 which are also prepad to maat thè requirements for a directots, pOrt and accounts for CompaniesA¢t purposes. The financial stat9nts have b88n wepared in uYdanca wilh the act)yJnliry wAido8 tat out in nots 1 to the rinan¢i81 glatements and o)mply th the trusvs wiaming doujmenl. th8 Companies Aci 2006 and "Accounting and Reporb'ng by Charits.' Statement of Re(xJfflmended Praciice applicablfr to thanb.es preparing their accounts In accordan with the Financial ReFM)rtlng Stsndard appllcatAe In the UK and Republlc of Ireland {FRS 1021'1gffgCtive 1 January 20191- Obloctlv•s and actfvStl88 The obi8ctlv88 of the Charity are: . The athan¢gnI of e8th)ft by the proviwn ofgmts c8kMtal p6¢ at WaThYa Sthcd. - To provide schd8rships and bursariès to pupih and pot6nlial pupils of wal¢k S¢hool 80 that mor¢ pup113 beneflt from aducalion al Warwick School wresfvive of th8ir famo1. ability to pay fees. The main objectives and adlvities for the year were to focus upon the atove. To assist the charity lo meet these obl8cllves. th8 manag8m8nt of Investments Is In hands of a professoonal advtsor to maximlse a mlxlur6 of growth and r¢lum. Achlwamonts and porlorm•n Provl•lon of bur¥arl•• Ouring the period undgr review the tharity granted buTrarw of £86,553 (2023.. £80,161). The trustees 8re mlndlul of the in1me generated by the tnL8t now and projefthl heve agreed additsonal IrSar1e8 in the mvjjium tsmi. The Trust investments showod no change in value durirwJ year, trmjt tho trustees 8re mindful that inv¢strnenl values flucluale, and accept reguior advke from ts investrnonl advws to piole(a the ¥ae and income as far 08 Is possible. Fln4n¢l•l rnvl•w Reserves policy The trusta8s have examined the chartvs requirements for r8sèrves In thg Ilght of tho maln dsks to tho organlsallon. In Ih&r view the Gompeny has 8dequ8te bul not excessfve reserves to meet its obligallS as they fall due. Tho level of reserves held at the end of the year was £1.398.192 (2023.. £1.456.6201 and frjll details are included in note 11 to financlal statsments. The level of free re8erves, being unrest funds less fwt 8ssets, as at 31 January 2024 was £126,20912023'. £142,996). Prin¢ip81 funding sources The largè majority of fundlng during th8 year ar068 from renls and dfvidends investments. Invgstm8ntpolicy The policy is for growlh and an inoJme rern with nxxlwate iisk kj mayimlse that growth and )Ma. Plans for futurè pèrlods The charity wll colltinue as present to a1 take full advantage of incrxne from investments and rent to achieve its obl8clives in grarrtiThJ bUartes.
OLD WARWICKIAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Structure, govemance and managBm•nt Govarning document The organisation is a charitable ctsmpany limtted by gu8rant88. incorporaled on 14 January 2011 and rlStered as charity on 8 June 2011. The company was eslablL%h6d under a Memorandum ofAsswation which estsblished thè objects 8nd powers of the charitable LxKnpany 15 govemed under 11sArt¥es of Association. Appolntm•nt ol n•w trut••s New tnjstees are elertad to the i¥)th by mwity of 8¥rwj trustees. Trusteè Inductlon and tr•lning Potential new trustees meet ¢)ther trus1 prior to appointhwL Trustees are eno)urnpJ to attend appropriate exlemal Iralnlng events where these w1 faalltalè Ihe undertaking of their role. Organlsatlonal •tru¢tur• The board of trustees administern the charity. The LK)ar(I meets a minimum of mry tsvelve monts and in thé int8rim is managed ty sub<oThmillees cA)Mping tnJsteo6. Risk managgm•nt The Iruslees havé ColLCtd a revlgw of tha major rfsks lo whlth thè charfty 8x[Sed. Wheré approprlale, systems or procedures have been estsblished lo mitigate the risks the charity la. Inlemal ¢ontrol risks are minimised by the ImplementaOn of prc¢edures fcff authorisal)n of all ts8n8aClnS and propcts. Publlc Benefit 8tst¢ment This rgport sets out the objocbv65 of the charity and whith we t)led for the firture. The 8rd of bur88rte$1o lo enable boys lo attend W8rwlck School w1ul resknction lo people from whatever maans. In preparing the r8wrt, th8 tru61ees &)nfimi that they have referred io the Chanty C¢)mml8slon gubJ8nG8 on public benefit. Ov•rvl•w of p•rfod For the y88r 2023124 tho Trustees satisfied that the objécts of the tharity have bo$n achieved wth commltsnenl to fvnding bursaries Within the uiteria wth addilional amounts being nSkIered 2023124. The trustees, who are also th8 directors for the purpos8 of c<¥npany lJ4¥. 8TrJ who Seryed during the y8ar an¢J up to Ihe dale of signatufe of Ihe fin8n(ial statements were.. MrSWHoin Mr C R N Heaton IChair} Mr N J Robinson Mr D B Stevens Mr C P Willford Mr J S Barker MrA F Keeling IAr K P Milchell MrSMCTubb INDEPENDENT EXAAIINER Tho indapendgnt examiner. Charlotte Toemaes Bsc FCA of Ellacots LLP. wll be proposed for wppointsnenl.
OLD WARWICKIAN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THEYEAR ENDED 31 JANUARY 2024 The twstees, reportwas approved by the Boanl OfTnte8S. Mr C R N He#lon (Chair} Trusts• Mrc PWIlmd TnMts• Date.. 7/k) /10*4
OLD WARCKlAN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OLD WARWICKIAN TRUST I report to the trustees on my examinalwjn of finarKAal ststem&nts of Okl WarYAGKlan Trusl (the tru¥t} for the year ended 31 January 2024. Re$p0Th5ibilities and ba$S$ of rgport As the trusleos of the trust (ond also rt8 di[3 for the PuryKS of oynpary law) yw are responsible for th8 preparatlon of tha Ilnanc4al staternents In acc¢)rdance thè requlrements of the Companies Act 20C6 {the 2006 Acll. Having satisfied myself that the financial ststements of the tnJSt are not required to be audit8d under Part 16 of tho 2006 Act and are eligibl8 for indepgndent examination. I report In respacl of my èxamlnatson of the trust's financlal 8tstements cathed out under seclion 145 of the Charitses Act 2011 (the 2011 A¢tl. In carrying oul my examination I havg folh)wed all the apicable Dwe(aions given by th8 Chanty ComFr4ssicfft u18[ s10n 14515llbl of the 2011 A¢t. Independ•nt •xarnlnerf• •tatement I have completed my examinallon. l eonfirn ttt no mattets have fThi8 to my attention In connectJn vAth th6 examination giving me caus8 lo bèlie that in any mater1 respecL accounting r8¢ord8 wer8 not kept in r8SPe¢t of th8 trust as required by Sect 388 of lh8 2006 ACL. or the flnancial Statements do not 8etQTd wlth those r$.. or the financial statsments do not mplY wtth thè aCcoUntg reqwwnènts of sectron 396 of the 2006 Act other than any requirement that Ihe acCOts wè a and fair wew whk Is rnt a matter oJn¥id8red a8 part ol an Indepen(Jènt examlnalk)n; or thè financial stslèmenls have not been wgpared kn ac(xY¢an¢¢ iha rrthcJ8 an¢J prlnciples of the Statement ol RecomThnde¢J Practice frK wxjthng aTrJ rnporting by charitigs applicable to th8rllle8 preparing Ihelr accounts in aCrdanCe wlth the Financ4al Repng Stand8rd applub in the UK Republic of Ir•land IFRS 102). I hav8 no concems and havè ts)rne acn)ss no other mattgrs in L¥)nn8(al wth Ihg examinakn to whlch attention Should be dravm In Lg report In orfer to engblg a proper urMlerstMllry of finarKlal st8lemonts lo be reached. Charlotte T¢eMa BSC FCA Ellacolls LLP Counlrylwdo House 23 We81 B8r Banbury Oxfordshlre OX16 9SA England Dated.. 08110124
OLD WARCKlAN TRUST STATEMENT OF FINANCIALACTMTIES INCLUDING INCOMEAND EXPENDrruREACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unr•strfcted Unr•strl¢ted fund• funds 2024 2023 Not•• Incomo and •nd¢)wm•nts from: Donations and legacaes Invaslments Other income 480 72,411 4,556 509 70,576 4,415 Totsl In¢om• TT.447 75.500 Expondlturn on: Charitablg acts'vbtses 99.496 92,592 Tolwl •xp•ndltur• 99.498 92.52 Ngt gain811108sesl on inveslments 10 (36,379) 160,4501 Net •xp•ndllur• and mov•m•Tht In fun 158,428) (77,542) R•¢onclllallon of ld. Fund balances al 1 February 2023 1.456.620 1.534,162 Fund balaTrc•8 at 31 J•nu•ry 2024 1.398,192 1.456,820 Th¢ statement of finond81 a¢tMtlo8 Indth al qaln$ and knsses recnIsed In the year. Al lTh>Jme and eyndlturo derive from conlinuThJ aclivibes.
OLD WARWICKIAN TRUST BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Fixod ass•ts Investment proFwty Investments 13 12 489,397 782.586 489,397 824.227 1.271.983 1,313.624 Current u88t• Deblor8 C45h at bank and In hand 14 70.393 57,816 59.020 85,741 128.209 144.761 Crèdltors: amounts falllng du• wfthln on• y•ar 15 (2,(MKI) (1.765) Not ¢urr•nt a810ts 126209 142,996 Total l••• curr•nt Ilabllftle 1,398.192 1.456,620 N•t a•¥•t• •xcltsdlng p•n*lon1S•blllty 1.398.192 1,456,620 Th• fund• of th• tru•t Unr8slrict8d funds 1,398.192 1.456.620 1.398.192 1,456.620 The company is enttlled lo lh6 8x8nption fnmn dit wuir8m8nt lIara in sécticfft 477 of th6 CompanS88 Act 2006, for the year endéd 31 Januwy 2024. Th$ dlre¢tcfs acknthYl8dge thelr respO111lIeS ¢Xrynq wlth the requlrements of Ihe Companle8 Act 2006 wlth respèct to 8ccounting recor(Is and the pparaln of fina1 stsIemts. The members havè rbot required th8 CpanY lo cthin an a1t of bts Ilnand81 sialements for the year in qUtIOn in accordanco wfth s8Gticm 476. These flnancial 5tstemenls have been Frfep8 in accordanc• wilh the pyoviwns applble to tr)mpan$ subject to the small companigs regimg. The fin&nci81 iatemenls were approve(I by Injsiees on ......................... MrCRNHea Truste Mr C P Tntre Company registration number 07493784 (England and Waks)
OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng pollclets Chority infonnation Old Warwickian TrLtst Is a private company limited by guarantee In0)rrydted in England and Wales. The registered office Edwnund Hous6, Rugby Road. Leamington Spa. W8rwickshKe, CV32 6EL. 1.1 Accountlng ConntI¢) The financial stslemenls have ten prepared In lance vrttt) the trusvs goveryurvJ document. the Companies Act 2006. FRS 102 Yhe Financial ReFortin9 Slandard aP1¢at16 in the UK and Republic of Ir8knd" I'FRS 102.1 and the Charrtigs SORP 'Accounting and Reporting by Chariti88.' Stalem6nl ol Recommended Prath'ce applicAtrAe lo charitÉes preparing their account5 in accordance wilh the Financial Reporting Slandard 8pplicabl6 in the UK and Republ of IrèlarKI {FRS 102)- {effe¢the 1 January 2019). Th8 trLI81 Is a Public Bengfrt Enb"ty as definfjd by FRS 102. Thè trust has lakan advantage of Ihe provlsh)rL8 In the SORP for thariU8s to w8par8 a Statement of CaÈh Flws. Th6 ftnanclal statements are prepared In stthng. whith is the fLtncth)nal rrencY of the trust. Monetsry amounts in Ih8s8 finalS18Ments are rcMJndéd to tha ngarbsl L Tho finanaal 3talemonts heve been Prepared under Ihg hlstottsl (Kffjt (nIk)n. modrfied lo includ8 thè revaluallon ol freehold properties and to Indude investment propgrties and eÈrt8ln finandal InstrLn7ent8 at falr Value. The principal accountlng poliues adopbj set out beb. 1.2 GoSng ¢oncern At the me of approving the flnandal stslements, the trustees have 8 reason8bl8 exp8ctOn that the trust has adoquale resources to ntInue In opefaY¢)nal oxislence for the foreseeablè future. Thus the trle8$ continu6 adopt Iho goirKJ ts)nc8m of aCcwnti In preparing tha financsal 8tatamants. 1.3 Charltable funds Unreslrictad fund8 arn avalate lor use at thè dscrglion of the 1rnst in ffiJrthoranc¢ of their charhable objectSves. 1.4 Income Income is recoJni8ed when the tnt Is ltyalty entrtled to it after any Fwrorman eorKlitlons have b88n meL tha amcunts can be measured rallaL4y. ly probal)le th81 inco wil be receNed. Cash donalions orv rowJnised on recelp¢. Olhgr donalions recognised once th& trust ho$ been Th3rIed of the (lonallon, unless perfOMan condit$ requlre deferral of the amount. Income tax recoverable In relatlon to donations rg¢0ived under GÈftAid or ¢Jgeds ol covenant is recognised al the time of the donation. 1.5 Expgndltur• All endIture 1$ accounted for on an accnJals bgsis hgs bogn dagsrf*d under h•adings thAt 2ggr•gato all costs related to the cat8gory. Where (sts cannol b& direcuy attn'buled to particu18r headings they havè bgen allocated to activit on a bagAS C•)nsistent VAth th& use of Ihe resourca8. 1.6 Inv•stm•nt property Investm8nl property, lch rs proFerty hehl lo eam renlals andlor for cawtal appreciation, is initially recognised at cost. which indude5 the purchase cost and any thredly atlrtbLrtabl8 expenditure. Subsaquently it is rneasLFr&J at falr value at the repNbng date. The surpbJ$ or dthit TevaluatK)n is reoJgnis8d in profit or loss.
OLD wARcKlAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Aecountlng policies (Continued) 1.7 FIX asset investmont5 Fixed asset investrnents are InFtlally measured al transaciion pe exduding transion costs, and are subsequenlly measured al fair value al $a¢h reportirwJ date. Change¥ in fair value are recognistsd in net Incomellexpandilurel for tho year. Transac4ion costs are 8xp8ns8d as incaxr&l. 1.8 Cash and ch •qulvalerts Cash and cash equivalents indude cash in hand, da)s hdd at call wlh banks. othèr short-1M liquld inv68tments with original maluritses of Ihr8e months orlgss, bk overdrafts. Bank ovardralts are shown wlthin borrowings in current I18Ei11e$. 1.9 Financlal Instrumonts The trust only h88 financi8188sets and finan1 liatmlities of a kirKI that qualify 88 bawc flnBno81 in8lrument8. Basic flnand$l instruments ar¢ Inltlalty rfj¢ty3n18ed at trarttlon vau8 ar subsequ¢nt m8asurod al tholr settlomenl value. Crlllcal a¢countlng ••tlmal•• and Judg•m•nl• In tha applican of ihe trusl's accounting polic. tho trustees are rw]uired to make judg8mgn&, estimates and assumptions 8bout the carying amount of assets and Ipblh'li88 that ar8 nol r6adity apparent from othèr sources. The estimates and assl3ted assumpb"¢)ns are basgd on histor91 experience and other lactixs that ar8 considgred lo bo ral8vonl. Actud rosuA8 may diffar from tr1è8e estimates. The eslimalès and undertylng assumplwjis ar8 reV*d on an wing basis. Remsfjons lo accounting 88tlm8tès arg recconls8d In the parlod In whth th# 8slimatè 18 T8s9d W1& tha r8v181on affact8 lY trat pariJ, or in the pgrlod of thè rovlslon 8r#a future pgntsJs vthere the rovision affa¢ts both current and future perh)J8. Incom• from donakn and hgac Unr•strlct•d Unrostrlct•d funds fund$ 2024 2023 Donattons and glfts 480 In 2024. tho total of £480 {2023.' £509) was attritArtable to $tricted funds. Incom• frryn Investm•nl• Unrestrlct•d Unrestrlctad funds funds 2024 2023 Rental income DNidend$ and interest Interest receIv8e 40.000 31.693 718 40,000 30.576 72,411 70,576
OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Incom8 from investmenls Iconllnued) In 2024, the total of£72.411 (2023: £70.576) was allributabl& to Urwestrb Oth•r Incom• Unr•$trlct•d Unrnstrlcted fvnds lund¥ 2024 2023 Other ino)me 4,556 4,415 Exp•ndltur• on chartlabl• •thltl•s Ch•rltabl• actlvltSe8 2024 Charltabl• actlvitl¢• 2023 Dlrè¢t ¢o¥t• 8ursirl8s awardgd Investment monagemenl charges Insurance pmmium paYae 86,553 6,270 4.554 80,161 8,138 4,415 97.377 90,714 Sharè of ffjupport and gov•m•n¢• ¢o•t• (M• not• n Governance 2.119 1.878 99.496 92,592 Angty811 by fvnd Unre8Mct8d lund8 99,496 92,592 In 2024, th8 totsl re¢8¥ e4)anded 8mount 01£99.496 (2023.. £92.592) w8S t*argèd lo unrestricted fund¥. Support costs allOt&d io athltleB 2024 2023 Governance ¢))sts 2.119 1,878 Charitable actiwties 2,119 1.878 Governance costs indudes payments to the lTrJeperKlenl Examiner5 of £2.¢M) (2023.. £1.8781 IndeperKlent ExanNn8rs f8es.
OLD WARMCKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ThMIg05 None of the truslees {or any pergms (x)nnei#&Y wdh thgml receive•J or wawj any emoluments during thg year12023.' non81. Employ¢¢s The average monthty nnbr ol empbyo08 durKu the year was: 2024 NuMb•r 2023 hlumb•r Totsl Théra were rK) 8mpkiyaa8 annu rBrnunerakn was than £80,c. 10 Galn¥ •nd loM•s on Inv•¥tm•nts Unr•strlct•d Unrnstrl¢ted nd$ funds 2024 2023 G8ins11105sesl on: Revaluation of investments (36,379) {60,4501 11 Taxatk*n The chorfty Is exernpt from taxallon on ts 8c15vMles IaUSe al Its ts£rfne Is for charllable purposos. 12 Flx•d 8sMt Inv••tm•nts Unllst•d Inv•slmènts Colt or valuatlon At 1 FebNary 2023 A(Idilions V8lualion ¢hgnge8 th'sposa18 824.227 53.163 136.3791 {58,4251 Al 31 January 2024 782.586 Carylng amount At 31 January 2024 782.586 At 31 January 2023 824,227 10-
OLD WARWICKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 13 InvtmOn prop•rty 2024 Falr value Al 1 February 2023 aNI 31 JUary 2024 489,397 Investment property comwrw dling on Hampton Road. The fa Val of the investmonl property has bèan arriv8d 81 on the basis of 8 ¥81uatK)n cafrl8d oul during 2018 by Chartar1 Survayors, who are not connected with thè trust. The valuatw)n was made on an open martet V8 basis by referer to ma1 evidence of transactlon pn¢es for simlor propertie5. The Irustees have oplgj not to have the property revalued. 14 D•btors 2024 2023 Arnounl• laulng du• Tihlthln one y•ar. Trade debtors PTep8yments and aoryued Income 52,326 18,067 38,8S2 20,168 70,393 55.020 15 Cr•dltor¥: amounts falllng du• Tlthln OM y••r 2024 2023 AccTualy 8nd deferred Income 2.000 1,765 18 Unr••trlct•d fvnds The unr8Stricted funds of the chanty comprtse the unexpended telan(s of donatlons and gronts which ar8 not subloct lo specific conditions by donors and grantors a5 to how they may be $. These indude designated funds whth have bean Sèt aside out of unr8strld funds by thg trustees for specific purpose8. At 1 F•bruary Incomlng Resources 2023 rnBour¢ •xpend•d Galns and At 31 January 2024 General fvnds 1.456.620 77.447 (99,496) 136,379) 1,398,192 Prgvious y•*. Al 1 F•bruary omlng R•sources 2022 resourcos endad GaSn$ and At 31 January 2023 Goneral funds 1.534.162 75.&)0 192.592) {60,450) 1.456.620 17 Vltlmate controllln9 Vrty The Trustees have over811 o)ntrc4 of Charrrat4e Company 11
OLD WARCKlAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 18 Relatod party tran•aGtlon• During tho year. member5 of The Old WarwiLian Kallon £480 to Okl WaMi¢knan Tnjst 12023: £509). Trustees SMC Tubb. JS Barker aTrJAF KeelirvJ wwe committee membets of The Association. S Hain is an officer of EHB Rgoves. a company lch wovides InSur8n services to the tenant of a propety where owr in the landlord. In 202>24 EHB Reeves re(ivod commission of £59) (2023.. £5901. 12-