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2020-09-30-accounts

Page
Administrative Details
Trustees'
Annual
Report
Independent Auditors' Report to the Trustees
ofSir Thomas White's Charity
Statement
of		 Financial Activities 2020
Statement
of		 Financial Activities 2019 10
Balance Sheet
Statement
of		 Cash Flows 12
Notes to the Financial Statements 13

Restricted
income Endowment Total Total
funds funds 2020 2019
~eee a e1D
Notes
Income and endowments from:
Investment
income
Rents receivable 1,702,503 1,702,503 1,714,178
Interest on government
stocks		 8,327
Dividends
and interest on		 quoted
securities 887,245 887,245 914,521
Interest on bank deposits 7,829 7,829 9,969
Sale of rights issue 88 88
Other income 200
Total income and endowments 2,597,665 2,597,665 2,647,195
Expenditure
on:
Raising funds 219,082 113,325 332,407 307,739
Charitable
activities
Clear yearly income available
for distribution 2,295,478 2,295,478 2,250,468
Distribution
related		 support costs 18,577 18,577 19,659
Total expenditure 2,533,137 113,325 2,646,462 2,577,866
Net gains/(losses)
on investments (1,678,846) (1,678,846) 3,296,137
Net income
/ Net movement		 in funds 64,528 (1,792,171) (1,727,643) 3,365,466
Reconciliation
offunds:
Total funds brought forward 645,956 74,418,724 75,064,680 71,699,214
Total funds carried forward 710,484 72,626,553 73,337,037 75,064,680

Restricted
income Endowment Total
funds funds 2019
Notes
Income and endowments from:
Investment
income
Rents receivable 1,714,178 1,714,178
Interest on government stocks 8,327 8,327
Dividends
and interest on		 quoted
securities 914,521 914,521
Interest on bank deposits 9,969 9,969
Other income 200 200
Total income and endowments 2,647,195 2,647,195
Expenditure
on:
Raising funds 196,112 111,627 307,739
Charitable
activities
Clear yearly income available
for distribution 2,250,468 2,250,468
Distribution
related		 support costs 19,659 19,659
Total expenditure 2,466,239 111,627 2,577,866
Net gains/(losses)
on investments 3,296,137 3,296,137
Net income (expenditure) INet movement in funds 180,956 3,184,510 3,365,466
Reconciliation
offunds:
Total funds brought forward 465,000 71,234,214 71,699,214
Total funds carried forward 645,956 74,418,724 75,064,680

BALANCE SHEET
30September 2020
Notes 2020 2019
FIXEDASSETS
Investments 72,473,228 71,941,372
CURRENT ASSETS
Debtors 915,852 775,337
Cash at bank and
in hand		 2,716,386 6,639,224
3,632,238 7,414,561
CREDITORS: Amounts falling
due within one year 8 2768429 4291 253
NET CURRENT ASSETSI(LIABILITIES) 863,809 3,123,308
NET ASSETS 73,337,037 75,064,680
FUNDS OF THE CHARITY:
Restricted
income funds		 10 710,484 645,956
Endowment
funds		 72,626,553 74,418,724
TOTAL CHARITY FUNDS: 73,337,037 75,064,680

for the year ended 30Sept ember 2020
Notes 2020 2019
E E
Net cash flow from operating activities 12 (4,309,713) (1,188,741)
Cash flow from investing activities
Payments
to acquire investment		 properties (2,722,903) (808,793)
Receipts from sales of investment
properties		 1,605,072 7,564,751
Payments
to acquire quoted		 investments (10,599,023) (11,179,480)
Receipts from sales ofquoted
investments		 9,506,152 7,870,375
Interest received 7,829 18,296
Dividends
received		 887,245 914,521
Rents received from investment properties 1,702,503 1,714,178
Net cash flow from investing activities 386,875 6,093,848
Net (decrease)/increase
in		 cash and cash equivalents (3,922,838) 4,905,107
Cash and cash equivalents at 1 October 2019 6,639,224 1,734,117
Cash and cash equivalents at 30September 2020 2,716,386 6,639,224
Cash and cash equivalents consists of:
Cash at bank and
in hand		 2,716,386 6,639,224
Short term deposits
Cash and cash equivalents at 30September 2020 2,716,386 6,639,224

COSTS OF RAISING FUNDS COSTS OF RAISING FUNDS 2020 2019
F E
Restricted income fund:
Investment
Properties:
Ground
rent, council		 tax and water rates 6,033 2,609
Repairs 60,871 56,935
Insurances 12,468 12,129
Legal and other professional charges 30,171 20,702
Planning,
consultant
Agents fees		 and architect's charges (1,316)
107,254		 (3,550)
104,438
Compensation
payment		 989
Other 2,612 2,849
Investment
Portfolio:
Portfolio management charge
Endowment
fund:
Investment
Porffolio:
Portfolio management charge 109,173 111,627
Foreign exchange losses 4,152
332,407 307,739
At 30September 2020, unrecovered
were 2118,035(2019:2120,201).		 planning costs incurred in facilitating the ultimate sale ofproperties

The trustees
have no		 discretion discretion in the distribution of the "clear yearly of the "clear yearly income" which is still made in
70ths, in accordance
with the original Trust Deed		 and subsequent
amendments.
The		 beneficiaries are
as follows:-
Number 2020 2019
of70ths E
The Trustees of:
General
Charity (Coventry)
Comprising:
Coventry Trustees 8 262,341 257,196
Coventry
General		 Charities 24 787,021 771,590
Clerk to Coventry General Charities 1 32,793 32,150
Coventry Stock Charity 4 131,170 128,598
Sir Thomas White's
Northampton		 Charity 8 262,340 257,196
Leicester, Sir Thomas White's Loan Charity 8 262,340 257,196
Nottingham,
SirThomas White's		 Loan Money Charity 8 262,340 257,196
Warwick, The Charity of Sir Thomas White 8 262,340 257,196
The Master and Wardens,
Merchant		 Taylors' Company 1 32,793 32,150
70 2,295,478 2,250,468

SUPPORT COSTS - GOVERNANCE COSTS GOVERNANCE COSTS 2020 2019
E
Trustees'
professional		 indemnity insurance 1,643 1,643
Clerks' fees 10,057 11,604
Auditors'
remuneration		 4,327 3,912
Accountancy 2,550 2,500
18,577 19,659
EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES

FIXEDASSET INVESTMENTS
Freehold
Investment Quoted
~Pro ertles Investments Total
E E
Fair value at 1 October 2019 43,767,900 28,173,472 71,941,372
Additions 2,722,903 10,599,023 13,321,926
Disposals (1,605,072) (9,506,152) (11,111,224)
Net realised and unrealised (585,431) (1,093,415) (1,678,846)
losses
Fair value at 30September 2020 44,300,300 28,172,928 72,473,228
Payton, C hartered
S		 urveyors.
2020 2019
E
Quoted investments at market value comprise:
Other UK Fixed Interest 3,062,225 2,318,047
Ordinary stocks and shares 25,110,703 25,855,425
28,172,928 28,173,472

DEBTORS 2020f 2019
f
Other debtors 366,835 242,619
Prepayments and accrued income 549,017 532,718
915,852 775,337
CREDITORS: Amounts falling due within one year 2020f 2019
f
Clear yearly income not
Other creditors		 yet distributed 2,295,478
170,439		 2,250,468
1,699,915
Deferred income 295,492 311,776
Accruals 7,020 29,094
2,768,429 4,291,253

Total future minimum
lease rentals receivable		 under non-cancellable operating
leases		 are as follows:
2020
f		 2019
f
Not later than one year
Later than one and not later than five years
Later than five years		 1,079,746
2,623,647
1,340,335		 1,426,969
2,683,037
1,469,835
5,043,728 5,579,841

RESTRICTED FUNDS
Balance at Balance at 30
1 October Incoming September
2019
f		 resources
f		 ~Ex enditure
f		 Transfers
f		 2020
f
Income account 2,597,665 (2,533,137) (64,528)
Income Reserve Fund 645,956 64,528 710,484
645,956 2,597,665 (2,533,137) 710,484

ANALYSIS OF NET ASSETS BETWEEN FUNDS Net
Fixed current
assets assets
E		 Totalf
Restricted funds
Income Reserve Fund 710,484 710,484
Endowment fund 72,473,228 153,325 72,626,553
Total funds at 30September 2020 72,473,228 863,809 73,337,037

2020 2019
E
Net income/(expenditure) for year (1,727,643) 3,365,466
Dividends
received		 (887,245) (914,521)
Rents received from investment properties (1,702,503) (1,714,178)
Interest receivable (7,829) (18,296)
Losses/(gains)
on investments		 1,678,846 (3,296,137)
(Increase)/decrease in debtors (140,515) (230,303)
(Decrease)/increase in creditors (1,522,824) 1,619,228
(2,532,070) (4,554,207)
Net cash flow from operating activities (4,309,713) (1,188,741)