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2022-09-30-accounts

Page
Administrative Details
Trustees' Annual
Report
Independent Auditors' Report to the Trustees
ofSirThomas White's Charity
Statement of Financial Activities 2022
Statement of Financial Activities 2021 10
Balance Sheet
Statement
of		 Cash Flows 12
Notes to the Financial Statements 13

Restricted
income Endowment Total Total
funds funds 2022 2021
10
Notes
Income and endowments from:
Investment
income
Rents receivable 1,864,091 1,864,091 1,684,555
Dividends
and interest on		 quoted
Securities 956,336 956,336 1,059,845
Interest on bank deposits 464 464 172
Sale of rights issue 70
Other income 31,000
Total income and endowments 2,820,891 2,820,891 2,775,642
Expenditure
on:
Raising funds 279,584 137,091 416,675 391,091
Charitable
activities
Clear yearly income available
for distribution 2,619,820 2,619,820 2,407,956
Distribution
related		 support costs 21,035 21,035 19,089
Total expenditure 2,920,439 137,091 3,057,530 2,818,136
Net gains/(losses) on investment assets 5,113,961 5,113,961 10,418,702
Net income
/ Net movement		 in funds (99,548) 4,976,870 4,877,322 10,376,208
Reconciliation
of		 funds
Total funds brought forward 793,284 82,919,961 83,713,245 73,337,037
Total funds carried forward 693,736 87,896,831 88,590,567 83,713,245

Restricted
income Endowment Total
funds funds 2021
Notes
Income and endowments from:
Investment
income
Rents receivable 1,684,555 1,684,555
Interest on government
stocks
Dividends
and interest on		 quoted
securities 1,059,845 1,059,845
Interest on bank deposits 172 172
Sale of rights issue 70 70
Other income 31,000 31,000
Total income and endowments 2,775,642 2,775,642
Expenditure
on:
Raising funds 265,797 125,294 391,091
Charitable
activities
Clear yearly income available
for distribution 2,407,956 2,407,956
Distribution
related		 support costs 19,089 19,089
Total expenditure 2,692,842 125,294 2,818,136
Net gains/(losses) on investment assets 10,418,702 10,418,702
Net income
/ Net movement		 in funds 82,800 10,293,408 10,376,208
Reconciliation
of		 funds
Total funds
brought		 forward 710,484 72,626,553 73,337,037
Total funds carried forward 793,284 82,919,961 83,713,245

Notes 2022 2021
E E
FIXEDASSETS
Investments 83,951,744 80,689,106
CURRENT ASSETS
Debtors 6,013,212 501,055
Cash at bank and
in hand		 5,798,298 5,468,999
11,811,510 5,970,054
CREDITORS: Amounts falling
due within one year 7172687 2945 91
NET CURRENT ASSETS/(LIABILITIES) 4,638,823 3,024,139
NET ASSETS 88,590,567 83,713,245
FUNDS OF THE CHARITY:
Restricted
income funds		 12 693,736 793,284
Endowment
funds		 87,896,831 82,919,961
TOTAL CHARITY FUNDS: 88,590,567 83 713245


for the year ended 30Se		 ptember 2022
Notes 2022 2021
8
Net cash flow from operating
activities		 13 (4,342,915) (2,194,783)
Cash flow from investing activities
Payments
to acquire investment		 properties (4,467,737) (665,213)
Receipts from sales of investment properties 4,921,950 292,707
Payments
to acquire quoted		 investments (4,138,479) (5,221,186)
Receipts from sales of quoted investments 5,535,589 7,796,516
Interest received 464 172
Dividends
received		 956,336 1,059,845
Rents received from investment properties 1,864,091 1,684,555
Net cash flow from investing activities 4,672,214 4,947,396
Net increase in cash and cash equivalents 329,299 2,752,613
Cash and cash equivalents at 1 October 2021 5,468,999 2,716,386
Cash and cash equivalents at 30September 2022 5,798,298 5,468,999
Cash and cash equivalents consists of:
Cash at bank and
in hand		 5,798,298 5,468,999
Short term deposits
Cash and cash equivalents at 30September 2022 ~ 298 298 8.488,999
Analysis ofchanges
in net		 debt
2021 Cashflow 2022
8 8 8
Cash and Cash Equivalents 5,468,999 329,299 5,798,298
Total net debt 5,468,999 329,299 5,798,298

COSTS OF RAISING FUNDS COSTS OF RAISING FUNDS 2022 2021
8 5
Restricted income fund:
Investment
Properties:
Ground
rent, council		 tax and water rates 13,067 6,550
Repairs 88,877 68,795
Insurances 19,644 16,959
Legal and other professional charges 45,810 28,457
Planning,
consultant		 and architect's charges (7,287) 27,377
Agents fees 116,160 114,518
Other 3,313 3,141
Endowment
fund:
Investment
Portfolio:
Portfolio management charge 116,177 122,163
Foreign exchange losses 20,914 3,131
416,675 391,091

CLEAR YEARLY INCOME AVA ILA BLE FOR DI STRIBUTION
The trustees
have no discretion		 in the distribution 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 2022 2021
of70ths 8
The Trustees of:
General
Charity (Coventry)
Comprising:
Coventry Trustees		 8 299,408 275,196
Coventry
General Charities
Clerk to Coventry
General
Charities		 24
1		 898,224
37,426		 825,585
34,399
Coventry Stock Charity 4 149,704 137,597
SirThomas White's
Northampton		 Charity 8 299,408 275,195
Leicester, Sir Thomas White's Loan Charity 8 299,408 275,195
Nottingham,
Sir Thomas White's Loan Money Charity
Warwick, The Charity of Sir Thomas White		 8
8		 299,408
299,408		 275,195
275,195
The Master and Wardens,
Merchant		 Taylors' Company 1 37,426 34,399
70 2,619,820 2,407,956

SUPPORT COSTS - GOVERNANCE COSTS GOVERNANCE COSTS 2022 2021
E
Trustees'
professional		 indemnity insurance 1,939 1,890
Clerks' fees 11,452 10,274
Auditors'
remuneration		 4,400 4,350
Accountancy 3,244 2,575
21,035 19,089

Freehold
Investment
~Prti		 Quoted
I
t		 t 7t
I
5
Fair value at 1 October 2021 50,479,699 30,209,407 80,689,106
Additions 4,467,737 4,138,479 8,606,216
Disposals (4,921,950) (5,535,589) (10,457,539)
Net realised and unrealised profits 8,075,461 (2,961,500) 5,113,961
Fair value at 30September 2022 58,100,947 25,850,797 83,951,744

DEBTORS 2022 2021
E
Other debtors 344,231 297,422
Prepayments
and accrued income		 5,668,981 203,633
6,013,212 501,055
CREDITORS: Amounts falling due within one year 2022 2021
5
Clear yearly income not yet distributed 2,619,820 2,407,956
Other creditors 4,217,362 238,196
Deferred
income- rents received		 in advance 328,485 292,741
Accruals 7,020 7,022
7,172,687 2,945,915
DEFERRED INCOME
Under
1 year		 Total
F
At 1 October 2021 292,741 292,741
Additions
during the year		 324,735 324,735
Released (288,991) (288,991)
At 30September 2022 328,485 328,485
Total future minimum lease rentals receivable under non-cancellable operating
leases		 are as follows:
2022 2021f
Not later than one year 893,087 1,066,800
Later than one and not later than five years 1,879,706 2,360,483
Later than five years 1,493,588 1,711,845
4.266,381 5,139,128

RESTRICTED FUNDS
Balance at Balance at 30
1 October September
2021 Income Transfers 2022
E F F
Income account 2,820,891 (2,920,439) 99,548
Income Reserve Fund 793,284 (99,548) 693,736
793,284 2,820,891 (2,920,439) 693,736

ANALYSIS OF NET ASSETS BETWEEN FUNDS Net
Fixed current
assets assets Total
Restricted funds
Income Reserve Fund 693,736 693,736
Endowment funds 83,951,744 3,945,087 87,896,831
Total funds at 30September 2022 83,951,744 4,638,823 88,590,567

ECONCILIATION
OF NET INCO
CTIVITIES		 ME/(EXPENDITURE)
T		 O NET CASH FLOW FROM OPERATING
2022
8		 2021f
Net income/(expenditure)
for year		 4,877,322 10,376,208
Dividends
and interest on quoted		 securities (956,336) (1,059,845)
Rents receivable
from investment		 properties (1,864,091) (1,684,555)
Interest on bank deposits (464) (172)
Losses/(gains)
on investments		 (5,113,961) (10,418,702)
(Increase)/decrease
in debtors		 (5,512,157) 414,797
(Decrease)/increase
in creditors		 4,226,772 177,486
(9,220,237) (12,570,991)
Net cash flow from operating
activities		 (4,342,915) (2,194,783)