tharity re81str￿lan numbèr 216830 IEnglaNI and W•1•51 WARWICK UNITED CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WARWICK UNITED CHARITY LEGAL AND ADMINISTRATIVE114FORMATION Co-opted Trurtees: Mfs J Honnoraty- Chairman Mr E Kibbler Mr G Sutherland Mrj Atkinson M15 A Lettis Mrs L 8olton •lomlnatl¥e Trustees: Cllr D Browne Cllr P Wightman Ch*lty number 216830 Prlncip¥l address CIO Moore & Tibbits 34 High Street Warwbck Warwickshire CV34 48E Independent 4Yarniner5 Bur8is & Bullock 23-25 Waterltso Place Learnlngton Spa CV32 51A 6ankus Uoyds TSB &ank plr 11>12 Swan Street Warwick CV34 4BT Solicitors Moore & Trbbtts 34 High Street Warwlck CV34 4BE WARWICK UNITED CHARITY cofrirENTS P•8e Trustees, report Independent examlner's ￿pOrt Statement of financial activitle5 Balance sheet Note5 to the finandal Statements 7-21 WARWICK UNITED CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 The trnslees present thelr annual report and flnandal statements forthe year ended 31 December 2024. The financral ststernents have been prepared In accordance wlth the accountlng policles set out In note I to the tinanual stateme1￿ and compty with the charity's Trust rjeed dated 9th September 1977, the Charlties Att 2011 and "Accounting and Reporting by Charit￿5.. Statement of Recornmended Practice applicable to charities preparing their accounts In accordance wilh the Financial Reporting Standard applicable in the UK and Republlc ol Ifeland IFRS 1021" leffectlve l January 20191. Objettlves and activitles The Charlty's objects are to provldlnB asslstants either generally or Individually to pèrs0Tr5 resident In the town of Warwick, who are in need, hardship or distress. Publit Benefit The trustees have paid due regard to guidance issued by the Chartty Commi55ktn in dècidin8 what activities the charity. should undertake to ensure that publlc ben￿lt is maintsined. A5 well as the provlsion of Almshouse facilities for those in need of accommodation the chartty provides a range of grants each year in orderto extend the number of benefldarit5 it tan reach. Achlevements and perfornian The Charity provides Almshouses accommodation at Westgate and ribbrm? to my attention in connertlon with the exarnination 8iving me cause to bèlieve that in any material respect= aicourrtins records were not kept In respett of the charity as requI￿d by section 130 of thè Charities Act 2011. the financial statements do not accord with those records,. or the flnanctal 5t?tements do not compty with the applKable reqUt￿Mtnt5 concernlng the forn) ond ontent of fTrnancial statèments set out in the Charltles (Accounts and Reports) Regulatlons 2tX)8 other than any ￿quireMent that the financial statements give a tnje and fair view. which is not a mattef considered as part of an Independent e￿MInation. I have no concerns and have come across no other rnatte￿ in connectlon wRh the examination to which attentlon should be drawn In thls ￿port In order ty enable a PfQPEr understanding of the financial statements to be reached. W A Hubbard FCCA Bwii5 & 8ullock 23 25 Waterloo Pla£e Learnin8kn Spa CV32 SLA Date(l.. WARWICK UNITED CHARITY srATEMENT OF FINANaAL AcnvmES FOR 7HE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Unrestrlcted Enduwment funds funds nds i•neTal de5i8nated Z024 Z024 Total Totsl 2024 2024 2023 Notes Income arKI endowment5 from." Donations and le8ocies InvÈ5tments Other income 4.390 70,941 115 4,390 70,941 115 3,415 70,299 36,4(6 Total inwme and endowments 75.446 75,446 { 110,120 Ejtpenditure on-. Charttable activities Other expenditure 37,383 16,314 37.383 16,314 34.832 14.607 Total expEnditure 53.697 53,697 -<49,439 -*- Net galns/llossesl on investments io 3,683 13,827 15,758 33,268 101.093 Net income 25,432 13,827 15,7S8 55,017 161.774 Othw re¢o8nlsed rdins and losses: Revaluation of tsn8lble fixed assets 1465,tXlOl 1465,0001 Net movement In funds 25.432 13,827 1449,2421 1409,983) 161,774 Reconciliatlon ol funds: Fund balances at l January 2024 177,374 271,821 2,221.354 2.670,549 2.508.775 Fund balances at 31 Dttember 2024 202,806 285,648 L772,112 2.260,566 2,670.549 The staternent of finandal artrvities Includes all Zains and 1055es reco8ni5ed in the yèar. All income and expendlture derive from contlnulng activitie& WARWICK UNrrEO CHARITY srATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prior finanrjal ye•r Unrertfitted Umestrfcted Endowment funds funds lund5 general designated 1023 2023 Totsl 2023 2023 Notes Inume and endoMTrents fmm: Donations and legacies I￿estme￿5 Other income 3A15 70,299 IA06 3.415 70,299 36.4C Totsl knrome and endowments 75,120 35,1)00 110,120 Expendllure on: Charitable ?¢tlvltles her expendlture 34,832 14.607 34,832 14,607 Total expenditure 49,439 49,439 Net gakns/llossesl on investments io 13.721 29.924 57,448 101.093 Net Inuxne and rnovement In fvnds 39,402 29,924 92.448 161.774 Recondllatlon of lunds., Fund balances at I january 2023 137,972 241,897 2.128,906 2.5￿775 Fund balances at 31 December 2023 177,374 271,821 2,221,354 2.670,549 WARWICK UNrrED CHARITY BAiANCE SHEET ASAf31 DECEMBER 2024 2024 2023 Notes Fixed ass•ts Tan8lble assets Investment property Inv25tment5 13 14 15 885￿75 173,700 1,165.719 1.350.075 173.7 1,132AS0 2,224,494 2,656,225 Current assets Oebtors Cash at bank and in hand 16 5,506 83.219 7,809 66.528 88.725 74,337 Credltors." amounts f•115n8 due wlthln one year 13&4781 {39,5381 Net cwrent assets 50,247 34,799 Total a￿et$ less airrert liabili¢Rs 2,274.741 2.691,024 Creditors: èrnounts falllnz alter more than one year 19 114.1751 120.4751 Net assets 2,260,566 2,670,S49 The funds of the charlt¥ En(lowment fund5 Unostricted funds- 8enèrdl Unrestrkted funds- destgnated 20 1,772,112 202.806 285,648 2,221,354 177,374 271,821 21 2.260,566 2,670.549 The finanaal Matements vlere approved by the trustees on......,. )s J Honnornty WARWICK UNITED CHARITY NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 A¢countlng poll¢ies Chaftty informat5on The chaiity is governed by a TNst Deed dated 9th september 1977 and is registered with the Charitie5 Commisslon (No. 216830}. 1.1 A¢countin8 conwrtlon The financial ststernents have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 'The Finanual Reporting Standard applScable in the UK and Republic of Ireland. I"FRS 102.1 and the Charltles 50RP "Accounting and Reporting by Charrties= 5tatsment of Recommended Pract1￿ applKable to charities prep?Tin8 their accounts in accordance wFth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" leffectlve I January 20191. The charity b a Public senefit Entlty as defined by FRS 102. The charlty has taken advantaee of the provisions in the SORP for charrtie5 not to prepare a Stafement of Cash Flows. The financial ststements have departed from the Charilies IAccounls and Reports) Regulations 2008 only to the exterrt required to provide a true and fair view. This depgrture has involved folbwing the statement of Recommended Prnctice for charities applying FRS 102 issued 2019 rather than the verslon of the Staternent of Recommended Practlce whlch Is referred to in the Regulations but which has sln¢e been withdrawn. The financial statements are preparEd in sterlin& whtch Is the functional oJrren£y of the charity. Monetary amounts in these financial Statements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon. modified to include the revaluatton of freehold propertse5 and to includè investment properties and certain finanaal instruments at fairvalue. The princtpal actouTrtin¥ policies adopted are set out bel¢)w. 1.2 Goin8 cmrern At the time of approving the financial statements, the trustee5 have ? reasonable expertatioTr that ihe charity has adequate Tesources to ¢tyntinue In operational exiaence for the foreseeable future. Thus the trustee5 continue to adopt the 8oing con¢em ba51s of accountlng In preparin8 the financial statements. 13 Charit•bl* funds Unrestricted funds are awailable for use at the discretion of the tnJstee5 In furtherance of thelr charttable objettives. Re5trided funds are subject to specific conditions by donors or 8rantors as to how they rnay be used. The purposes and uses of the restricted funds arè set out in the notes to the financlal statements. ndowment funds are 5utslert to specbfic condttlons by donor5 that the capltal must be maintained bv the charity. The endowmerrt funds comprise the Almshouses buildltw and investments. WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMEpifs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢awn￿n8 polkles Icontlnuedl IA Income Income is recogni5ed when the charlty is legally entitled to it after any perforrnan￿ conditions h•ve been met, the amounts can be rneasured reliabty, and it is probable that Income will be re￿Ived. All Investment income excluding deposit interest Is shown on the basls of amounts receNable in the vear and includes any tax credlt or income tax which Is recovErable by the tharlty. Deposh Inlere5t Is Shown on the basts of amsjvnts ttedited the year. Rental income 15 included in the perlod to whith It relates. L5 E%￿ndItUre 11 expenditure Is accounted for on an accrua15 basis. Hou51ng costs represent the running costs of the Almshouse5 properties. Grants are accounted for on a commitment bas15. 1.6 Thn8ible fixed a55¢ts The housing properties which are Alm5hou5es are Induded In the accounts at "deemed c05V'. The transltlonal provlslons of FRS 102 are being followed and the valuation at the date of transition has not been updated. As the properties are malntalned in a state of repair Such that their estimated wldual value is not le55 than their carrying value, r¢0 depreciation is provided. The trustees regularty revlew their valuation in use and relled any Impairment in value. Land and building5 a￿ included in the accounts 3t ¥aluatiort. Freehold land Is not depreciated. The gain or loss arlsing on the disposal of an asset is determined as the dlfferertee between the sale pro￿ed5 •nd the orrylngvalue of the assd. and is reco8nised in the ststement of flnancial activities. 1.7 In¥estmenl properties Investment property. whith Is property hekl to earn rentals andlor for capital appreciation, ts In4tially re¢o8nlsed at cost. which indudes the purchase c(bst and any directly attrlbutable expenditure. Subsequently ￿ Os measureil at fair value at the reportlng end date. The Surplus or defiut on revaluation reco8nlsed in profit or10s5. 1.8 FIKed osset In￿lMents Fixed asset Investments are initi?lty measured at transaction price ex¢ludln8 transaction cosls, and are subsequently mea5ure(l at falr value at each reportlng date. Changes in fair value are re¢ognised In net In￿Me11*Xpe￿ditu￿ I forthe year. Transattion costs are expensed as incurred. WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 Accountln¢ polkles Icortinuedl 1.9 Imp•irmen¢ of ffixed assets At each reportin8 end date. the tharity Teviews the carrying arnount5 of bts tangible assets to determine whether there Is any indlcation that those assèts have suffered an impoimient 105s. If any such indication exlsts, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss Irf any). 1.10 Cash and cash equlvalents Cash and cash equEvalents include cash In hand, deposlts held at call w￿h banks, othershort-temi liquid Investments wtth original maturitle5 of th￿e rnonths or less, and bank overdrafts. Bank o¥¢rdrafts are shown within borrowings in ojrrent liabilities. 1.11 Financial instrLm?ents The charity has elected to apply the provisions of Section 11 'B85ic Flnancial Instruments, and Sectlon 12 '0ther Financlal Insiruments Issues. of FRS 102 to all of its finonclal Instruments. Financial instruments are recognised in the chaity's baljnce Sheet when the charity become5 party to the contractual provlslons of the instrnment. Flnanclal assets and li3bilitles are offset, with the net afflounts presented in the financi?1 statements, when there is a legal￿ enforceable right to set off the reco￿Lsed amounts and there is an intentlon to settle oll a net basls orto reali5e the asset and settle the liablllty simuttaneously. 8a5kfln•n¢lol (￿sets Bas1¢ financial assets, which incSude debtors Cash and bapk balanos, are initially measured at transaction prio including transartlon costs and are subsequently ¢arried at amortised cosi using the effeuive interest method unless the afrangement constltuies a financing transadion, where the transaction is measured at the present value of the fvture recelpts dl$¢ounted at a market rate of interest. Financlal assets classified as recewatsle within one yeor are not amortFsed. Bosi(f￿0ndUl1lObllltles Basic financlal Irabilities, including credltors and bank loans are frnhia1￿ reetignised at transart￿n prire nless the arrangernent conrtitute5 a finaTrcing transaction. where the debt instrument is measured at the present value of the fvtUTe payments di5countsd at a Ma￿et rate of interest. Financlal Ilablllties cks5ified as payable withln one yetyr are not amortlsed. Debt instruments are subsequently carrled at amortised cost. usin8 the effective interest rate method. Trade Credito￿ are obligations to pay for goods or se￿ice$ that have been acquired in the ordinary course of operations from suppllers. Amounts payable are classlfied as current liabilities if payment is due wsthin one year or less. If not, they are presented as rton-current liabilities. TrJde creditors are recognised initlally at transaction prfce and Subsequently measured at amortised cost uslng the effertive Interest methryl. WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2024 Ac¢ountin8 pollcles Icontirnwd) Der¢coqnitton olfinun(iulliobilltles Financial liabilities are dererognised when the tharitvs contractval oblisations ewre or a￿ distharged or (an￿lled, 1.12 Con¢¢ssi*ynary loans Concessionary loans are initially recognised and measured at the amounts rece￿e￿ or paid. The ¢•rryin8 amounts in stsbsequent years refiects repayments Jnd any accrued Interest and a￿ adjusted rf ne￿$sary for any impairment. Income from don*ions and le8ades Unrestrlrted UnreArkted lunds fuhds 2024 2023 Grdnts 4.390 3.415 Grnnts Slr Thomas De￿eS Charity 4,390 3,415 4.3XI 3.415 Income from Investments Unrestricted Unrestricted fvnd5 nds 2024 2023 Rent?1 income Income from unlisted investments Interest receivable 44,255 23,956 2.730 46,306 22,870 1,123 70,941 70,299 io- WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS IcoKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 oiher InMme Llnrestrkrted Endowment lunds funds 2024 2024 Total Uttrnstrided Eniknvment fvnds funds 2023 2023 Total 2023 Net ealn on dlsp05al of tangible fixed assets Othèr income 35,0 35.QOO 1,406 115 35,CnJ 36,406 EXpendI￿re on tharotsble Jctivltie5 2024 2023 Direct Costs Insurnnce costs Heat & Ilght Repairs & renewals Garden maintenance Sundry expenses 2,250 133 16,739 5,628 1,173 2.243 4,932 1,748 25,923 16,307 Grart fundingof aCt￿ltIeS (see note 61 11,460 18,525 37,383 34,832 Analy5b by f￿d Unrestrirted funds- general 37,383 34,832 WARwia( UNITED CHARITY NOTE5 TO THE FINANCIAL sfATEMENTS (COMnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 6rdht$ pay4blo 2024 2023 Grant5 tu 1115titution5: The Charrty ofThomas Oken ISWMlndl Lord Leycester Hospital 3,865 1905) 4,525 1960 9,525 Grants to individuals 8.500 11,460 18,525 Trustees None of the trustees lor any persons connected with theml recefved any remuneration, beneffts or reimbursed e¥pen5es from the charity durlng the yeaT12023 - £nill. Employ•eJ The average monthly number of employees durln8 the yearwas: 2024 Number 2023 Nwnber Total There were no employees whose annual remunerdtion was more than £GO,000. 12- WARWICK UNITED CHARITY NOTES TOTHE FINANCIAL sfATEMENTS (COKnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Govemance and Administratlon ¢05ts Unrestrirted Unrestrirted hjnds funds general genèr31 2024 2023 Clerk's fee5 tndepenLlent examinerfees Legal IpianninE and professional fees 12,5th) 3,342 472 io,r 3A27 1,180 16,314 14,607 Investments held and mana8ed by CCLA are subAect to ￿ntral fund management thar#es which are not specifrcally allotatèd to the indivldual charitie5 invested in their fun(1s. The CCLA Current published rate of fund rnanagement charge is 0.74% and 1% for on80in8 charges. 13- 1111- 41 WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS (corir(NUED) FOR THE YEAR EAIDED 31 DECEM8ER 2024 11 Taxation The tharity is exempt from taxation on its act1¥￿* because all tts Income is applyed for charthble pufposes. 12 Impalmients Impalment tests have been carried out where appropriate and the followin8 Impairment losses have been reco8nTrsed in profit or loss: 2024 2023 In Tespect of. Almshouse propertie5 465.￿0 13 Tangible flmed assets Cost orvaluatlon At l January 2024 75 6￿,￿) 750,¢￿0 1,350,075 At 31 December 2024 75 6￿1,[M)0 750,frJO 1,350.075 Dep￿latIon and Impalm*nt Impairment losses 2W.CU) 265,IXK) 465.£￿) At 31 De￿mber 2024 200,CW 265,￿0 465,OJO C•rrying amourt At 310ecember 2024 75 400,OCQ 485.LVJ 885,075 At 31 December 2023 75 FAJO,OQX) 750.IM)O L350.075 Weswte Almhouses and Trbbils Court were revalued at 13th May 2025 by Paul A Britten B.S¢. FRICS (Chartered SurvLyof51, independent valuer5 not connected with the charty based on a a 33% redurtion from mèrket value to refiect AIn￿hOuSe artivity. At 31 Decernber 2024. had the revalued assets been ¢arried at h15toric cost less accumulated depreciation lif depreclatlon deemed approprlatel and accumulated srnpairment losses, thelr carry'ng amount would have been appmximatèly £228,58812023- £228,588). -15- WARWICK UNITED CHARITY NOTE5 TO THE FINANCIAL sfATEMENTS IcoKfiNUED) FOR niE YEARENDED 31 DECEMBER2024 14 In¥¢stment property 2024 Falr value At lJanuary2024 and 31 December 2024 173,7(Kl Investment property comprise5 freehold land held at Barford. The Trustee5 have entered Into a conditional Sale agreement with regards to the land, which wa5 subject to satisfattion of certain eartdttions and could result in fy￿re sale proceeds of £1,534,500. Subsequent to the Balance Sheet date, plannlng consent has beeri obtained which will allow the Trustees to proceed to complete the sale in the foreseeable future. IS Fixed ￿Set Invèstments Unllrted in¥EStments Cost or ¥aluatlon At ljafiuary 2024 & 31 December 2024 Valuation thanses 1,132,450 33,269 C•rrying amount At 31 December 2024 1,165,719 At 31 December 2023 1,132,450 16- WARWICK UNITED CHARITY NOTES TO THE FINANCIAL 5TATEMENT51cO￿rl￿UETr1 FOR THE Y£4R ENDED31 DECEMBER 2024 15 Fixed asset Investments IContinu•d> 2024 2023 Fund Investments ai fair value comprise.. 16,783.46 Charities Offlcial Investments Fund Income Shares 1856.55 Charilie5 Offlclal Investments Fund Intttme Shares Endowment 6,837.70 Charities Official Investment Fund Income Shares Vnrestrlcted 1096.05Charitie5 Official Investment Fund Accumul*ion Deslgnaled Shares 9,922.22 Charities Olfleial Investment Fund Income Shares EndOW￿ent 1,378.5 Charilies Official Investment Fund Income Shares UnrestYÈcted 6.519.15 Charltie5 Official Investment Fund Income Shares Endowment EndowmeNt 340.S92 37.675 138.7fSJ 333,C68 36,843 135.694 285,648 202,775 27,974 132.295 271,821 198,296 27,356 129.372 1,165,719 1.132,450 16 Debtors 2024 2￿23 Amounts fallin8 du¢ wlthln one year. Other debtors Prepayments and accrued income 4,39] 1,116 6,674 1,135 5,506 17 Loans and o¥erthafts 2024 2023 Other loans 20,47S 26,775 Payable within one year Payable after one year 6,3fYJ 14,175 6,3CQ 20,47S During the year ended 31st DEomber 2017 the tharity received iwo loans of £31,500 each from the Almshouses Association. The loans are due to be rèpaid In twenty equal in5talrnents of £1,57S each within ten years Of the first payment fallin8 due. No interest is due on the loan. 17_ WARWICK UNITED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER2024 18 Creditors: amounts h111￿ due within ¢Jne year 2023 Borrowin85 Acuua15 and deferred Income 6,300 32,178 6.3 33,238 38,478 39.538 Induded within 'Acciu¥ls ind deferred income, is £1,227 12023.. £4121 of deferred Income, whith relate5 to contrTrbutions pald in advance, 8rant commitments of Enil 12023: £4.5251 and a £15,CTh) 12023.. £15,000) deposit recefved forthe sale of land. 19 Credltors.. amvunts falling due after more than one year 2024 2023 Borrowings 14,175 20,475 20 Endowment funds Endowment fvnds represent assets which rnu5t be held permanently by the charity in accord3n¢e with the Trust Deed dated 9th September 1977. Income arlslng on the endowmènt fund5 con be used in accordance wrÉh thÈ objects of the ch4¥ity is included a5 unrestrlcte