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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 218061

Financial Statements for the Year Ended 31 December 2023

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 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 21
Detailed Statement of Financial Activities 22 to 23

The Sir Thomas White Loan Charity

Reference and Administrative Details for the Year Ended 31 December 2023

TRUSTEES Mrs L J Womack (Chair)
Mr D C Howard
Mr D A Hope FCA
Mrs L L Botterill
Mr G Naik
Mr A Khan
Mrs A C Whitlock
Mr W Jones (resigned 1.6.23)
Mr I R Court
Mrs S J Cleminson
Mr G Hollingsworth
Mr S Bridgwater
Mr P B D Murray
Mr P S Vadesha
Ms A M L Hawkins
Mr T Bower (resigned 4.3.24)
Mr M I Umar
Ms S C Purvis (appointed 4.12.23)
CLERK Miss S Hope
**STOCKBROKERS ** Redmayne and Bentley
9 Bond Court
Leeds
LS1 2JZ
PRINCIPAL ADDRESS Unit 5 Friars Mill
Bath Lane
Leicester
LE3 5BJ
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 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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.

Grants have been made to existing businesses based in Leicester, Leicestershire or Rutland which were able to demonstrate a clear charitable need for the furtherance of their activities.

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.

Page 2

The Sir Thomas White Loan Charity

Report of the Trustees for the Year Ended 31 December 2023

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. Our increased marketing activity during the year has helped to increase the number of applications we have received for loans in 2023.

During the past 12 months £521,500 (2022: £284,000) was loaned to 37 (2022: 24) borrowers.

A total of £375,606 (2022: £353,370) of loans were repaid during the year. At the end of the year, a total of £2,194,784 (2022: £2,048,890) was outstanding from 305 (2022: 318) borrowers, making an average of £7,197 (2022: £6,443) per borrower.

Of the 37 (2022: 24) loans granted during the year, 5 amounting to £37,000 (2022: 11 amounting to £98,000) were for Education, 32 amounting to £484,500 (2022: 13 amounting to £186,000) were for businesses serving the public.

Grants totalling £49,350 (2022: £50,850) were made to businesses, and £79,950 (2022: £134,439) 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 £318,271 (2022: £299,408).

The total net assets are £4,928,442. The assets are represented by loans of £2,065,884, liquid reserves of £542,334, debtors of £336,114, fixed assets of £2,300 and investments £2,091,697. There are also liabilities of £12,236 and approved grants awaiting payment of £97,652. 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.

Page 3

The Sir Thomas White Loan Charity

Report of the Trustees for the Year Ended 31 December 2023

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.

The trustees continue to invite applications for grants that coincide with the charity's objectives.

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.

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.

OPERATIONAL CHANGES

The charity's income has largely been 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 remained stable since 31 December 2022, in line with the with UK market indices. 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, and as such this remains unchanged.

Page 4

The Sir Thomas White Loan Charity

Report of the Trustees for the Year Ended 31 December 2023

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

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.

05/07/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................. signed on 05/07/2024, 15:40:53 BST Mrs L J Womack (Chair) - Trustee

Page 5

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 2023 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:

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.

Page 6

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:

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 7

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:

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.

Page 8

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.

Paula Swann-Jones

The Rowleys Partnership Ltd signed on 09/07/2024, 12:33:14 BST Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP 09/07/2024

Date: .............................................

Page 9

The Sir Thomas White Loan Charity

Statement of Financial Activities for the Year Ended 31 December 2023

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/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
2022
Unrestricted Unrestricted
fund
funds
£
£
318,271
299,408
97,614
77,636
415,885
377,044
328,920
375,126
44,365
(234,610)
131,330
(232,692)
4,797,112
5,029,804
4,928,442
4,797,112

The notes form part of these financial statements

Page 10

The Sir Thomas White Loan Charity

Balance Sheet 31 December 2023

Notes
FIXED ASSETS
Tangible assets
11
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		 2023
2022
Unrestricted Unrestricted
fund
funds
£
£
2,300
-
2,091,698
2,053,706
2,093,998
2,053,706
2,401,998
2,240,596
542,334
615,934
2,944,332
2,856,530
(109,888)
(113,124)
2,834,444
2,743,406
4,928,442
4,797,112
4,928,442
4,797,112
4,928,442
4,797,112
4,928,442
4,797,112

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 05/07/2024

............................................. signed on 05/07/2024, 15:40:53 BST Mrs L J Womack (Chair) - Trustee

The notes form part of these financial statements

Page 11

The Sir Thomas White Loan Charity

Notes to the Financial Statements for the Year Ended 31 December 2023

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...

Page 12

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

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...

Page 13

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

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
187,022
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
Portfolio management fees
Consultancy
Bank charges		 Grant
funding of
activities
(see note
6)
£
129,300		 2023
£
318,271
2023
£
22,556
73,203
1,855
97,614
Support
costs (see
note 7)
£
12,598
2023
£
51,436
19,007
1,706
169
1,454
44,275
1,206
9,525
11,700
27,780
-
1,890
9,009
7,775
90
187,022		 2022
£
299,408
2022
£
4,688
72,903
45
77,636
Totals
£
328,920
2022
£
44,398
16,079
1,194
86
4,559
39,892
2,170
47,845
9,657
5,409
1,881
1,845
-
6,505
90
181,610

continued...

Page 14

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6.
GRANTS PAYABLE
2023
£
Loans and grants
129,300
The total grants paid to individuals during the year was as follows:
2023
£
Grants payable for Scholarship students
79,950
Business grants
49,350
129,300
7.
SUPPORT COSTS
Governance
Finance
costs
£
£
Charitable activities
135
12,463
Support costs, included in the above, are as follows:
2023
Loans and
grants
£
Depreciation of tangible fixed assets
135
Auditors' remuneration
12,463
12,598		 2022
£
185,289
2022
£
134,439
50,850
185,289
Totals
£
12,598
2022
Total
activities
£
-
8,227
8,227

8. AUDITORS' REMUNERATION

The amount payable to the auditor was £12,463 (2022: £8,227), including £10,350 (2022: £7,194) for audit services and £2,113 (2022: £1,033) for other services.

continued...

Page 15

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

Travel expenses of £24 were reimbursed to 2 trustees during the year (2022 - £Nil).

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2023
£
48,854
50
2,532
51,436		 2022
£
41,760
360
2,278
44,398

The average monthly number of employees during the year was as follows:

2023 2022
1 1

No employees received emoluments in excess of £60,000.

In addition the charity was invoiced £11,700 (2022: £9,657) on a self employed basis for administrative services.

The above pension costs comprise employer pension contributions of £2,532 (2022: £2,278).

continued...

Page 16

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS

COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Computer
equipment
£
2,106
2,435
4,541
2,106
135
2,241
2,300
-
Listed
investments
£
2,053,706
34,893
(41,265)
44,364
2,091,698
2,091,698
2,053,706

continued...

Page 17

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Investments at market value comprise
Overseas equities
UK equities
UK property
Global equities
Other equities
Listed investments at cost
1 January 2023
Additions
Disposals
Cost or valuation at 31 December 2023 is represented by:
Valuation in 2023
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		 2023
£
499,014
724,218
105,991
646,970
115,505
2,091,698
£
1,869,181
34,892
(41,265)
1,862,808
2023
£
359,568
8,372
327,742
695,682
1,706,316
2,401,998		 2022
£
410,945
691,314
111,339
636,606
203,502
2,053,706
£
1,821,414
47,767
-
1,869,181
Listed
investments
£
2,091,698
2022
£
350,816
5,824
305,257
661,897
1,578,699
2,240,596

continued...

Page 18

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

13. DEBTORS - continued

Bonds outstanding
Due within one year
Due in more than one year
Provision for irrecoverable loans
Gross bonds carried forward		 £
359,568
1,835,216
2,194,784
(128,901)
2,065,883		 £
350,816
1,698,074
2,048,890
(119,375)
1,929,515

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		 £
2,048,890
521,500
-
(375,606)
2,194,784		 £
2,121,420
284,000
(3,160)
(353,370)
2,048,890

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		 2023
Total
funds
£
23
13,501
118,500
119,107
281,828
9,375
542,334		 2022
Total
funds
£
44
13,501
66,706
120,000
410,505
5,178
615,934

continued...

Page 19

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants approved but not paid
Sponsorship approved but not paid
Accrued expenses
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.23
£
4,797,112
4,797,112		 2023
£
97,652
500
11,736
109,888
Net
movement
in funds
£
131,330
131,330		 2022
£
104,044
500
8,580
113,124
At
31.12.23
£
4,928,442
4,928,442

16. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
415,885
415,885		 Resources
expended
£
(328,920)
(328,920)		 Gains and
Movement
losses
in funds
£
£
44,365
131,330
44,365
131,330

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.22
£
5,029,804
5,029,804		 Net
movement
in funds
£
(232,692)
(232,692)		 At
31.12.22
£
4,797,112
4,797,112

continued...

Page 20

The Sir Thomas White Loan Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
377,044
377,044		 Resources
expended
£
(375,126)
(375,126)		 Gains and
Movement
losses
in funds
£
£
(234,610)
(232,692)
(234,610)
(232,692)

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		 2023
£
22,556
18,445
41,001		 2022
£
22,556
41,001
63,557

18. RELATED PARTY DISCLOSURES

The financial statements include the independent examination fee of £1,542 (2022: £1,386) payable for The John Heggs Bates' Charity for Convalescents, a charity with the same trustees.

Page 21

The Sir Thomas White Loan Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

INCOME AND ENDOWMENTS
Donations and legacies
Allocation from Sir Thomas White's Charity
of Coventry
Investment income
COIF funds
Dividends
Lloyds Bank plc Business Call account
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
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
Portfolio management fees
Consultancy
Bank charges
Grants payable
Support costs		 2023
£
318,271
22,556
73,203
1,855
97,614
415,885
48,854
50
2,532
19,007
1,706
169
1,454
44,275
1,206
9,525
11,700
27,780
-
1,890
9,009
7,775
90
129,300
316,322		 2022
£
299,408
4,688
72,903
45
77,636
377,044
41,760
360
2,278
16,079
1,194
86
4,559
39,892
2,170
47,845
9,657
5,409
1,881
1,845
-
6,505
90
185,289
366,899

This page does not form part of the statutory financial statements

Page 22

The Sir Thomas White Loan Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

Support costs
Finance
Computer equipment
Governance costs
Auditors' remuneration
Total resources expended
Net income		 2023
£
135
12,463
328,920
86,965		 2022
£
-
8,227
375,126
1,918

This page does not form part of the statutory financial statements

Page 23