REGISTERED CHARITY NUMBER: 218061
Financial Statements for the Year Ended 31 December 2021
for
The Sir Thomas White Loan Charity
The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
The Sir Thomas White Loan Charity
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 to 22 |
| Detailed Statement of Financial Activities | 23 to 24 |
The Sir Thomas White Loan Charity
Reference and Administrative Details for the Year Ended 31 December 2021
TRUSTEES Mrs L J Womack (Chair) Mr D C Howard Mr D A Hope FCA Mr A O Norman (retired 6.6.22) Mr P J Doleman (resigned 6.9.21) Mr B Hindocha FCA JP (retired 6.6.22) Mr H C Stevenson (retired 6.6.22) Mrs L L Botterill Mr G Naik Mr A Khan Mrs A C Whitlock Mr W Jones Mr I R Court Mr J W Sturmey (resigned 6.6.22) Mrs S J Cleminson Mr G Hollingsworth Mr M A Shelton Mr S Bridgewater Mr P B D Murray (appointed 6.12.21) Mr P S Vadesha (appointed 6.6.22) Ms AM L Hawkins (appointed 6.6.22) CLERK Miss S Hope STOCKBROKERS Redmayne and Bentley 9 Bond Court Leeds LS1 2JZ PRINCIPAL ADDRESS Unit 5 Friars Mill Bath Lane Leicester LE3 5BE REGISTERED CHARITY NUMBER 218061 AUDITORS The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Page 1
The Sir Thomas White Loan Charity
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principle aim of the charity is to loan varying amounts of up to £20,000 free of interest for nine years to persons over 18 and under 45 years of age who are carrying on business within Leicestershire or Rutland, for the purpose of establishing them in their chosen occupation or way of life.
Loans for post-graduate educational purposes, to enable applicants to obtain suitable career qualifications, are also made on the same basis to a maximum level of £10,000.
The level of lending is regularly reviewed by the trustees and the maximum sums were increased in 2017.
The Scheme was updated in October 2013 to include within the objects of the charity the ability to make grants. Grants have been made during the year to provide scholarships for the education of high achieving children towards a chosen career path. Grants will be made where the objectives of the chosen recipient individuals or organisations coincide with those of the charity, namely to establish young people in employment or training towards a chosen career.
The trustees are of the opinion that the charity continues to offer significant benefit to the young people of Leicestershire and Rutland by relief, to those in need, of some of the financial hardships involved in business start-ups and development, or continued education.
Public benefit
The trustees have considered the Charity Commission's requirement in respect of Public Benefit. In their view the charity meets, in full, the criteria to satisfy the test.
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The Sir Thomas White Loan Charity
Report of the Trustees for the Year Ended 31 December 2021
ACHIEVEMENT AND PERFORMANCE
The charity operates by promoting itself through local business start-up agencies such as The Princes' Youth Business Trust, NBV, Leicestershire African Caribbean Business Association, Leicestershire Chamber of Commerce and the LLEP. The charity also promotes its activities on local radio, FE colleges, together with universities, high street banks, accountants, solicitors, social media and advertising. Both 2021 and 2020 have been a difficult year due to the impact of the corona virus pandemic.
During the past 12 months £439,361 (2020: £269,500) was loaned to 38 (2020: 26) borrowers.
A total of £358,732 (2020: £318,235) of loans were repaid during the year. At the end of the year, a total of £2,121,420 (2020: £2,040,791) was outstanding from 338 (2020: 350) borrowers, making an average of £6,276 (2020: £5,831) per borrower.
Of the 36 (2020: 26) loans granted during the year, 17 £148,711 (2020: 13 £115,500) were for Education, 21 £290,650 (2020: 13 £154,000) were for businesses serving the public.
Grants totalling £50,950 (2020: £0) were made to businesses, £49,902 (2020: £0) to educational establishments and £90,171 (2020: £81,042) for scholarships.
FINANCIAL REVIEW
Financial position
The main income of the charity comes from Sir Thomas White's Charity of Coventry under whose scheme a portion of its clear profit each year is given to The Sir Thomas White Loan Charity. The distribution relevant to the year under review was £275,195 (2020: £262,340).
The total net assets are £5,029,804. The assets are represented by loans of £2,046,730, liquid reserves of £528,582, debtors of £281,161 and investments £2,240,549. There are also liabilities of £7,100 and approved grants awaiting payment of £60,118. To the extent that the liquid reserves will be needed within two years, the funds are being held in COIF. The remainder is invested in low risk stocks and shares in order to generate better long term returns to be used for charitable purposes.
Investment policy and objectives
It is the aim of the trustees to provide income from the investments to offset the cost of making the annual grants, the amounts of which are decided by the trustees on an annual basis. Our investment policy is to provide for long term growth with a moderate income level by investing in Collective investments and there are no further restrictions placed on the investment advisors.
Reserves policy
It is the policy of the trustees to meet the objectives of the charity by providing an appropriate level of administration in order to ensure that applications for and management of loans is efficiently effected. The trustees have also ensured that funds will be available to service the current level of applications, and that cash reserves will be maintained to a minimum of £236,000.
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The Sir Thomas White Loan Charity
Report of the Trustees for the Year Ended 31 December 2021
FUTURE PLANS
The trustees intend to find as many sound applications for loans as possible in order to utilise the funds available. It is the trustees’ intention to always provide loans for either Business or Educational purposes before making Grants.
Having reviewed the likely demand for loans in the future, the trustees have decided to maintain the funds available for loans at a minimum of £4 million, this sum to be kept under review on a regular basis. To the extent that the net assets exceed £4 million, the trustees will seek to find suitable beneficiaries for grants to receive the excess.
2020 was a particularly quiet year due to COVID. The Board decided in 2021 to make business grants of up to £5,000 to eleven deserving applicants with a total value of £50,000 and education grants for a similar sum to assist local schools in need of lap top computers for pupils to use at home. The Board has recommended that in 2022 there will be no further education grants but the business grant scheme will be repeated in July 2022.
Borrowers appear to have regained their appetite for starting businesses as the restrictions of the pandemic have reduced, and applications are returning to normal levels. Our target is to make new loans of £500,000 or more each year, and to grow the loan book towards £4 million over an extended period.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established in 1542 by Sir Thomas White and operates by Deed of Declaration of Trust.
The administration of the charity is vested in the trustees, of whom there are currently eighteen. They are chosen as being people considered to have particular interest in the work of the charity and particular knowledge and experience likely to assist in its administration. There are no limitations on the length of time a person may serve as a trustee, but accepted practice has been that trustees retire on attaining 75 years of age. No trustee receives any remuneration.
On appointment, new trustees receive sufficient background information to enable them quickly to understand the financial position of the charity and the responsibilities involved. Trustees are kept abreast of changes in both charity law and any matters concerning governance of the charity. The charity retains the services of a solicitor to advise the trustees when required.
On a regular basis, the trustees examine business and operation risks which the charity faces so that they are able to confirm that systems have been established to enable reports to be produced and the necessary steps taken to reduce those risks. The performance of the clerk is monitored on an ongoing basis.
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The Sir Thomas White Loan Charity
Report of the Trustees for the Year Ended 31 December 2021
AUDITOR
The Rowleys Partnership Ltd began acting for the charity at the beginning of 2017 and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.
COVID 19
The imposition of lockdown at the end of March 2020 and subsequent periods has restricted the activities of the charity. The clerk remained in full time employment, working from home, but the normal quarterly interviews were held using video conferencing and will remain so until our normal face to face interviews can be conducted safely.
The charity's income was largely unaffected by the change in dividend payments from investments, and we have received assurances from the main source of income, The Sir Thomas White Charity, that the annual distribution will be maintained at a similar level.
The value of the investment portfolio has increased since 31 December 2020, in line with the increase in UK market indices. A further £50,000 has been invested since the year end and the value of the portfolio at 17[th] May 2022 had fallen to £2.084 million. The hostilities between Russia and Ukraine, coupled with fears of inflation have unsettled world markets, but the dividend income has continued to increase.
The charity maintains sufficient cash reserves to ensure that changes in the portfolio are not influenced by market fluctuations. The dividends from the portfolio are used to offset the cost of scholarships, and if the income reduces, the value of scholarships may be adjusted accordingly.
The majority of the charity's business borrowers are sole traders, partnerships or small limited companies. All business borrowers were offered the facility to take a repayment holiday of three months, but less than fifteen per cent took up the offer. Those that did take up the offer will have their loans extended from the standard nine years to nine years and three months.
The pandemic may lead to redundancies in the local community and an increase in the number of people looking to commence self- employment. The charity is well placed to offer assistance to Leicester based applicants within the age range 18 to 45.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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The Sir Thomas White Loan Charity
Report of the Trustees for the Year Ended 31 December 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 1 August 2022 and signed on its behalf by:
Mr D C Howard - Trustee
Page 6
Report of the Independent Auditors to the Trustees of The Sir Thomas White Loan Charity
Opinion
We have audited the financial statements of The Sir Thomas White Loan Charity (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Trustees of The Sir Thomas White Loan Charity
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 8
Report of the Independent Auditors to the Trustees of The Sir Thomas White Loan Charity
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur;
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Our testing considered unusual or unexpected journal entries on a sample basis;
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We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;
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We tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the company's normal course of business;
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We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework and the relevant tax compliance regulations specific to the entity;
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We reviewed the financial statements and tested the disclosures against supporting documentation;
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- We obtained an understanding of the entities regulated activities and compared this to those outlined under its registration with the FCA. We considered the control environment and the processes in place, plus enquired of management, whether they were aware of any instances of non-compliance with their authorisations;
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We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Sir Thomas White Loan Charity
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Date:1 August 2022
Page 10
The Sir Thomas White Loan Charity
Statement of Financial Activities for the Year Ended 31 December 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Loans and grants Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.21 Unrestricted fund £ 275,195 60,459 335,654 305,502 184,032 214,184 4,815,620 5,029,804 |
31.12.20 Total funds £ 262,340 56,400 318,740 222,983 (6,456) 89,301 4,726,319 4,815,620 |
|---|---|---|
The notes form part of these financial statements
Page 11
The Sir Thomas White Loan Charity
Balance Sheet 31 December 2021
| Notes FIXED ASSETS Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand 14 CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
31.12.21 Unrestricted fund £ 2,240,549 2,327,891 528,582 2,856,473 (67,218) 2,789,255 5,029,804 5,029,804 5,029,804 5,029,804 |
31.12.20 Total funds £ 1,707,366 2,234,123 938,673 3,172,796 (64,542) 3,108,254 4,815,620 4,815,620 4,815,620 4,815,620 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 August 2022 and were signed on its behalf by:
Mr D C Howard - Trustee
The notes form part of these financial statements
Page 12
The Sir Thomas White Loan Charity
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Sir Thomas White Loan Charity is an unincorporated charity registered in England and Wales. The address of the charity is given in the charity information on page 1 of these financial statements.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
The allocation from Sir Thomas White's Charity of Coventry is included in incoming resources in the year to which it relates. Investment income is accounted for when due and payable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, inclusive of any VAT which cannot be recovered, and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Fixed assets over £1,000 are capitalised at cost. Depreciation is provided on tangible fixed assets to write off the cost over its expected useful life. The rates used for this purpose are as follows:
continued...
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The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
All of the charity's funds are unrestricted and, as such, can be used in accordance with the charitable objectives at the discretion of the trustees.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
The assets are held separately from those of the charity in independently administered funds.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash on deposit.
Concessionary loans (bonds outstanding)
Concessionary loans include those payable to third parties which are interest free or below market interest rates and are made to advance charitable purposes. The loans are initially measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments, unless there is any doubt as to the repayment thereof, in which case suitable provisions have been made.
continued...
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The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 2. DONATIONS AND LEGACIES Allocation from Sir Thomas White's Charity of Coventry 3. INVESTMENT INCOME COIF funds Dividends Lloyds Bank plc Business Call account 4. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 5) £ Loans and grants 107,759 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Management expenses, rent, rates and water Insurance Telephone Postage, stationery and office expenses Advertising/marketing Sundries Provision for irrecoverable loans Administrative services Computer expenses Professional fees Credit checks Consultancy |
Grant funding of activities (see note 6) £ 191,023 |
31.12.21 £ 275,195 31.12.21 £ 69 60,379 11 60,459 Support costs (see note 7) £ 6,720 31.12.21 £ 42,312 15,559 1,943 48 5,529 17,000 410 1,402 9,682 1,250 4,251 1,800 6,573 107,759 |
31.12.20 £ 262,340 31.12.20 £ 1,946 54,424 30 56,400 Totals £ 305,502 31.12.20 £ 42,991 15,716 1,912 154 4,399 12,378 703 34,828 9,853 1,750 886 1,800 8,127 135,497 |
|---|---|---|---|
continued...
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The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. GRANTS PAYABLE
| Loans and grants The total grants paid to individuals during the year was as follows: Grants payable for Scholarship students Education grants Business grants 7. SUPPORT COSTS Loans and grants Support costs, included in the above, are as follows: Auditors' remuneration |
31.12.21 31.12.20 £ £ 191,023 81,042 31.12.21 31.12.20 £ £ 90,171 81,042 49,902 - 50,950 - 191,023 81,042 Governance costs £ 6,720 31.12.21 31.12.20 Loans and Total grants activities £ £ 6,720 6,444 |
|---|---|
8. AUDITORS' REMUNERATION
The amount payable to the auditor was £6,720 (2020: £6,444), including £5,300 (2020: £5,184) for audit services and £1,420 (2020: £1,260) for other services.
continued...
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The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees’ expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
10. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Wages and salaries | 39,179 | 39,347 |
| Social security costs | 238 | 699 |
| Other pension costs | 2,895 | 2,945 |
| 42,312 | 42,991 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.12.21 | 31.12.20 | |
| 1 | 1 |
No employees received emoluments in excess of £60,000.
In addition the charity was invoiced £9,682 (2020: £9,853) on a self-employed basis for administrative services.
The above pension costs comprise pension contributions of £2,895 (2020: £2,145) and pension in payment to a retired employee of £Nil (2020: £800).
11. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1 January 2021 and | |
| 31 December 2021 | 2,106 |
| DEPRECIATION | |
| At 1 January 2021 and | |
| 31 December 2021 | 2,106 |
| NET BOOK VALUE | |
| At 31 December 2021 | - |
| At 31 December 2020 | - |
continued...
Page 17
The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
12. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2021 Additions Disposals Revaluations At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 Investments at market value comprise Overseas equities UK equities UK property Global equities Other equities Listed investments at cost 1 January 2021 Additions Adjustment Disposals |
2021 £ 466,953 761,936 135,250 655,019 221,391 2,240,549 £ 1,474,409 361,609 - (14,604) 1,821,414 |
Listed investments £ 1,707,366 361,609 (12,458) 184,032 2,240,549 2,240,549 1,707,366 2020 £ 401,499 562,045 91,694 476,280 175,848 1,707,366 £ 1,249,160 235,310 130 (10,191) 1,474,409 |
|
|---|---|---|---|
continued...
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The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 13. DEBTORS Amounts falling due within one year: Bonds outstanding Other debtors Prepayments and accrued income Amounts falling due after more than one year: Bonds outstanding Aggregate amounts Bonds outstanding Due within one year Due in more than one year Provision for irrecoverable loans Gross bonds carried forward |
31.12.21 £ 296,060 5,966 275,195 577,221 1,750,670 2,327,891 £ 296,060 1,825,360 2,121,420 (74,690) 2,046,730 |
31.12.20 £ 300,155 3,980 262,640 566,775 1,667,348 2,234,123 £ 300,155 1,740,636 2,040,791 (73,288) 1,967,503 |
||
|---|---|---|---|---|
The bonds are interest free and are repayable on a monthly basis from the third anniversary of being granted, in 72 equal instalments.
| Reconciliation of bonds movement Gross bonds brought forward Bonds granted during the year Written back/(off) in year Repaid during the year Gross bonds carried forward |
£ 2,040,791 439,361 - (358,732) 2,121,420 |
£ 2,089,526 269,500 - (318,235) 2,040,791 |
|---|---|---|
continued...
Page 19
The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 14. CASH AT BANK AND IN HAND Cash in hand Lloyds current account Lloyds business call account Lloyds treasurers account COIF funds Redmayne Bentley deposit account Total 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants approved but not paid Sponsorship approved but not paid Accrued expenses 16. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 4,815,620 TOTAL FUNDS 4,815,620 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 335,654 (305,502) TOTAL FUNDS 335,654 (305,502) |
31.12.21 Total funds £ 14 13,501 92,505 113,800 305,817 2,945 528,582 31.12.21 £ 60,118 500 6,600 67,218 Net movement in funds £ 214,184 214,184 Gains and losses £ 184,032 184,032 |
31.12.20 Total funds £ 7 13,501 20,321 147,000 755,748 2,096 938,673 31.12.20 £ 56,892 1,500 6,150 64,542 At 31.12.21 £ 5,029,804 5,029,804 Movement in funds £ 214,184 214,184 |
|||
|---|---|---|---|---|---|
continued...
Page 20
The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 4,726,319 4,726,319 |
Net movement in funds £ 89,301 89,301 |
At 31.12.20 £ 4,815,620 4,815,620 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 318,740 318,740 |
Resources expended £ (222,983) (222,983) |
Gains and Movement losses in funds £ £ (6,456) 89,301 (6,456) 89,301 |
|---|---|---|---|
17. OTHER FINANCIAL COMMITMENTS
The following are the total future minimum lease payments under non-cancellable operating leases:
| Due within one year Due between one and five years |
2021 £ 14,756 47,957 62,713 |
2020 £ 2,972 - 2,972 |
|---|---|---|
continued...
Page 21
The Sir Thomas White Loan Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
18. RELATED PARTY DISCLOSURES
The financial statements include the independent examination fee of £1,300 (2020: £1,260) payable for The John Heggs Bates' Charity for Convalescents, a charity with the same trustees.
Page 22
The Sir Thomas White Loan Charity
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Allocation from Sir Thomas White's Charity | ||
| of Coventry | 275,195 | 262,340 |
| Investment income | ||
| COIF funds | 69 | 1,946 |
| Dividends | 60,379 | 54,424 |
| Lloyds Bank plc Business Call account | 11 | 30 |
| 60,459 | 56,400 | |
| Total incoming resources | 335,654 | 318,740 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 39,179 | 39,347 |
| Social security | 238 | 699 |
| Pensions | 2,895 | 2,945 |
| Management expenses, rent, rates and | ||
| water | 15,559 | 15,716 |
| Insurance | 1,943 | 1,912 |
| Telephone | 48 | 154 |
| Postage, stationery and office expenses | 5,529 | 4,399 |
| Advertising/marketing | 17,000 | 12,378 |
| Sundries | 410 | 703 |
| Provision for irrecoverable loans | 1,402 | 34,828 |
| Administrative services | 9,682 | 9,853 |
| Computer expenses | 1,250 | 1,750 |
| Professional fees | 4,251 | 886 |
| Credit checks | 1,800 | 1,800 |
| Consultancy | 6,573 | 8,127 |
| Grants payable | 191,023 | 81,042 |
| 298,782 | 216,539 | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration | 6,720 | 6,444 |
This page does not form part of the statutory financial statements
Page 23
The Sir Thomas White Loan Charity
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| Total resources expended | 305,502 | 222,983 |
| Net income before gains and losses | 30,152 | 95,757 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 1,538 | 12,994 |
| Net income | 31,690 | 108,751 |
This page does not form part of the statutory financial statements
Page 24