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$t•r•d offlc• Edmund House Rugby Road Leamington Spa Wa￿l¢kshITe CV32 6EL Ind•pendent examln•r Ell8eott8 LLP countW￿d8 Hou89 23 West Bar Banbury Oxlordshiro Eryknd OX16 9SA Banker• Lloyd¥ B8nk pk (Leaming￿l 73 The Par&Je Royal Leamin￿n Spa WaMckshir• CV32 48B Invo$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 prepa￿d to maat thè requirements for a directots, ￿pOrt and accounts for CompaniesA¢t purposes. The financial stat9￿nts 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 Charit*s.' 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¢g￿nI of ￿￿e8th)ft by the proviwn ofgmts c8kMtal p￿6¢￿ at WaThY￿a Sthcd. - To provide schd8rships and bursariès to pupih and pot6nlial pupils of wa￿l¢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 in1￿me generated by the tnL8t now and projefthl ￿ heve agreed additsonal I￿rSar1e8 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 ¥a￿e 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 obligall￿S 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 re￿rn with nxxlwate iisk kj mayimlse that growth and ￿￿)Ma. Plans for futurè pèrlods The charity wll colltinue as present to a￿1 take full advantage of incrxne from investments and rent to achieve its obl8clives in grarrtiThJ bU￿artes. 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 r￿lStered 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 tru*t••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 w￿1 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 subJme 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 ￿lIar￿a in sécticfft 477 of th6 CompanS88 Act 2006, for the year endéd 31 Januwy 2024. Th$ dlre¢tcfs acknthYl8dge thelr respO￿￿111lIeS ¢Xry￿nq wlth the requlrements of Ihe Companle8 Act 2006 wlth respèct to 8ccounting recor(Is and the p￿paral￿n of fina￿1￿ stsIem￿ts. The members havè rbot required th8 C￿panY lo cthin an a￿￿1t of bts Ilnand81 sialements for the year in qU￿tIOn in accordanco wfth s8Gticm 476. These flnancial 5tstemenls have been Frfep8￿ in accordanc• wilh the pyoviwns appl￿ble to tr)mpan￿$ subject to the small companigs regimg. The fin&nci81 iatemenls were approve(I by Injsiees on ......................... MrCRNHea Truste Mr C P Tn￿tre 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)r￿rydted in England and Wales. The registered office ￿ Edwnund Hous6, Rugby Road. Leamington Spa. W8rwickshKe, CV32 6EL. 1.1 Accountlng Con￿ntI¢)￿ The financial stslemenls have t*en prepared In ￿￿lance vrttt) the trusvs goveryurvJ document. the Companies Act 2006. FRS 102 Yhe Financial ReFortin9 Slandard aP￿1¢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 fina￿lS18￿Ments 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 exp8ct￿On that the trust has adoquale resources to ￿ntInue In opefaY¢)nal oxislence for the foreseeablè future. Thus the tr￿le8$ continu6 ￿ adopt Iho goirKJ ts)nc8m of aCcwnti￿ In preparing tha financsal 8tatamants. 1.3 Charltable funds Unreslrictad fund8 arn avalat￿e lor use at thè dscrglion of the 1rnst￿ in ffiJrthoranc¢ of their charhable objectSves. 1.4 Income Income is recoJni8ed when the tn￿t 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 Th3￿rIed 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 e￿ndIture 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 wAR￿cKlAN 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 p￿e exduding trans*ion costs, and are subsequenlly measured al fair value al $a¢h reportirwJ date. Change¥ in fair value are recognistsd in net Incomellexpandilurel for tho year. Transac4ion costs are 8xp8ns8d as incaxr&l. 1.8 Cash and c￿h •qulvalerts Cash and cash equivalents indude cash in hand, da￿￿)s￿ hdd at call wlh banks. othèr short-1￿M liquld inv68tments with original maluritses of Ihr8e months orlgss, b￿k overdrafts. Bank ovardralts are shown wlthin borrowings in current I18Ei1￿1e$. 1.9 Financlal Instrumonts The trust only h88 financi8188sets and finan￿1 liatmlities of a kirKI that qualify 88 bawc flnBno81 in8lrument8. Basic flnand$l instruments ar¢ Inltlalty rfj¢ty3n18ed at trar*ttlon vau8 ar￿ subsequ¢nt￿ m8asurod al tholr settlomenl value. Crlllcal a¢countlng ••tlmal•• and Judg•m•nl• In tha applica￿n of ihe trusl's accounting polic￿. tho trustees are rw]uired to make judg8mgn&, estimates and assumptions 8bout the carying amount of assets and Ipblh'li88 that ar8 nol r6adity apparent from othèr sources. The estimates and ass￿l3ted assumpb"¢)ns are basgd on histor￿91 experience and other lactixs that ar8 considgred lo bo ral8vonl. Actud rosuA8 may diffar from tr1è8e estimates. The eslimalès and undertylng assumplwjis ar8 reV￿*￿d on an wing basis. Remsfjons lo accounting 88tlm8tès arg recconls8d In the parlod In whth th# 8slimatè 18 T8￿s9d W￿1& tha r8v181on affact8 ￿lY trat pari￿J, or in the pgrlod of thè rovlslon 8r#a future pgntsJs vthere the rovision affa¢ts both current and future perh)J8. Incom• from donakn and hgac Unr•strlct•d Unrostrlct•d funds fund$ 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 receIv8￿e 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•$trlct•d Unrnstrlcted fvnds lund¥ 2024 2023 Other ino)me 4,556 4,415 Exp•ndltur• on chartlabl• •thltl•s Ch•rltabl• actlvltSe8 2024 Charltabl• actlvitl¢• 2023 Dlrè¢t ¢o¥t• 8ursirl8s awardgd Investment monagemenl charges Insurance pmmium paYa￿e 86,553 6,270 4.554 80,161 8,138 4,415 97.377 90,714 Sharè of ffjupport and gov•m•n¢• ¢o•t• (M• not• n Governance 2.119 1.878 99.496 92,592 Angty811 by fvnd Unre8Mct8d lund8 99,496 92,592 In 2024, th8 totsl re￿￿¢8¥ e4)anded 8mount 01£99.496 (2023.. £92.592) w8S t*argèd lo unrestricted fund¥. Support costs allO￿t&d io athltleB 2024 2023 Governance ¢))sts 2.119 1,878 Charitable actiwties 2,119 1.878 Governance costs indudes payments to the lTrJeperKlenl Examiner5 of £2.¢M) (2023.. £1.8781 IndeperKlent ExanNn8rs f8es. OLD WARMCKIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ThMIg05 None of the truslees {or any pergms (x)nnei#&Y wdh thgml receive•J or wawj any emoluments during thg year12023.' non81. Employ¢¢s The average monthty n￿nb￿r ol empbyo08 durKu the year was: 2024 NuMb•r 2023 hlumb•r Totsl Théra were rK) 8mpkiyaa8 annu￿ rBrnunerakn was than £80,c￿. 10 Galn¥ •nd loM•s on Inv•¥tm•nts Unr•strlct•d Unrnstrl¢ted nd$ funds 2024 2023 G8ins11105sesl on: Revaluation of investments (36,379) {60,4501 11 Taxatk*n The chorfty Is exernpt from taxallon on ts 8c15vMles I￿aUSe 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 Inv￿tmOn* prop•rty 2024 Falr value Al 1 February 2023 aNI 31 J￿Uary 2024 489,397 Investment property comwrw d￿ling 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 Chartar￿1 Survayors, who are not connected with thè trust. The valuatw)n was made on an open martet V￿￿8 basis by referer￿ to ma￿1 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• T*lthln 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 ￿$￿. These indude designated funds whth have bean Sèt aside out of unr8strld￿ funds by thg trustees for specific purpose8. At 1 F•bruary Incomlng Resources 2023 rnBour¢ •xpend•d Galns and At 31 January 2024 General fvnds 1.456.620 77.447 (99,496) 136,379) 1,398,192 Prgvious y•*. Al 1 F•bruary omlng R•sources 2022 resourcos e￿ndad GaSn$ 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 WAR￿CKlAN 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 WarwiL*ian ￿￿K￿allon £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-