SIR THOMAS WHITE'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2023
SIR THOMAS WHITE'S CHARITY INDEX TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 Page Adminislralive Details Trustees, Annual Report Independent Auditors, Report lo the Trustees of Sir Thomas White's Charity Slalement of Financial Activities 2023 Slalemenl of Financi81 Activities 2022 Balance Sheet 12 Slalemenl of Cash FIDWS 13 Notes lo the Financial Slalements 14
SIR THOMAS WHITE'S CHARITY ADMINISTRATIVE DETAILS TRUSTEES MR. R.V. iVIGLESWORTH OBE, DL, FRICS {CHAIRMANI MR G P. TRYE BEM. MA, Msc, FCA MR. R.M. HARDY FRICS MR. A.E.T. FORSYTH MR. P.D. MEREDITH Bsc (Honsl MR. A.T. HOPKINSON MA. MBA, CFA MRS V. JACKA MA, FCSI MR. I.S GRINDAL MA (Appointed June 20231 CLERKS Mr. P.E Cowen Bsc (Honsl, MRICS Mr. C.G Percy Bsc IHonsl, Msc, MRICS, FAAV REGISTERED OFFICE Godfrey Payton, Old Bablake, Hill Street, Coventry. CV14AN BANKERS Lloyds plc, 30 High Street, Coventry, CV1 5RE National Weslmin51er Bank Plc, 24 Broadgale, Coventry CV1 1 NE SOLICITORS Wright Hassall LLP, Olympus Avenue, Royal Leamington Spa, Warwick, CV34 6BF AUDITORS D8fferns LLP, One Eastwood. Harry Weston Road, Binley Business Park. Coventry, CV3 2UB INVESTMENT ADVISERS Quilter Cheviol, 8, Floor, Two Snowhill. Birmingham, B4 6GA REGISTERED NUMBER 218626 Page 1
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 Septèmber 2023 The Trustee5 piesenl their report and the audited financial slatetnenls of the Charity for the year ended 30 September 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI Accounting and reporting by Charities IFRS 1021 Iri preparing the annual report and financial slalemenls of the Charity. The financial slalemenls have been prepared in accordan with the accounting policies set out in notes lo the accounts and comply with the charities governing document, the Charities Act 2011 and Accounting and Reporting by Charities," Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Slandarcf applicable in UK and Republic of Ireland published in October 2019. TR MANAGEMENT The Charity was established in 1542 by Sir Thomas While. 11 is constituted a5 an unincorporated association being forrnalised and primarily governed under a Trust Dee(f dated 6" July 1551. The administration o* the Charity is vested in a number of Trustees, currently eight successors lo those originally appointed. New Trustees lo fill vacancies arising from titne to time are appointed by the continuing Trustees. They are chosen as being people considered to have a particular interest in the work of the Charity and knowledge and experience likely to assist in Its administration. There is no limit on the length of time a person May serve as a Trustee of the Charity. No Trustee receives any remunera110n. During the financial year Mr P J Wartnaby LLB and Mr P C Beddoes BA (Honsl both retired as Trustees, and Mrs V Jacka MA Icanlabl Ioclober 20221 and Mr I S Grindal MA (Oxonl {June 20231 were appointed as Trustees. On appointment, new Trustees receive sufficient background Information lo enable them quickly to understand the financial position of the Charity and Ils current work in hand. Whilst the Trustees make periodic Inspections ol the Chaiity's properties, afrangemenls are also made for new Trustees to inspect any particular propety should they so wish. Two Chartered Surveyors fill the role of Clerks ID the Chanty.. the senior Clerk Mr P E Cowen Bsc MRICS assisted by Mr C G Percy 8Sc MRICS FAAV. A Solicitor and Stockbroker also advise the Trustees All report to regular meetings of the Trusiees when recommendations are made, and decisions taken. Authority is delegated lo the Chairtnan lo deal with urgent matters arising between meetings Risk Management On a regular basis, the Trustees examine the major strategic, business and operational risks which the Charity faces so (hal they are able lo confirm that systems have been estat)Iisned to enaDie regular reports 10 be produced and the necessary steps taken lo lessen these risks The Trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in p12nning future activities and setting the grant making policy for the yeai. OBJECTIVES AND ACTIVITIES The Charity was originally e£tabliqhpd In 1542 for the benefit of Charities in Coventry. Leicesler, Northampton, Nottingham 2nd Warwick together with the Merchant Taylor's Company in London. Following ils eslablishmenl, land was purchased for £1,400 to produce an Income of £70 per annJm and the income of the Charity continues to be distributed ID these Charities, in sevenlielhs, in accoidance with Ihe original Trust Deed, various Acts of Padiament, High Court decisions in the nineteenth century and cuirenl Charity Commission Schemes and advice. Page 2
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2023 The Tiuslees of the Beneficiary Charities use their share of the distribution in accordan with their own Charitable Schemes and the Merchant Taylor's Company in accordance with Ils Charter and Conslitulion. There Is no other relationship between the Charity and these organisalions As a consequence, the activity of the Charity is solely concerned with the proper management of its assets. The aim Is lo provide an even or steadily increasing distribution lo the Beneficiary Charities whi151 being conscious of the need for adequate security of Investment and ¢apilal growth opportunities Investment Policy The Trustees continue lo believe that their investment aims can besl be achieved by holding a mixture of agricultural and commercial properties along with a Stock Market Investment porttolio. In general terms they considèr that an approximate equal div1510ri between these three categories of investment Is appropriate with the balance being iegularly reviewed. The Trustees believe that this policy should avoid the Charity being excessively exposed to ar)y major investment risks. ACHIEVEMENTS AND PERFORMANCE STOCK MARKET Background The financial year has seen a continuation In many of the themes reported upon 12 months ago Bringing down inflation has been the main priority of central banks who were very slow lo remove the stimulus following Covid lockdowns. Interest rates In the UK now sland al 5.25 /0. having been increased aggressively fvom their lows of 0.1'/o as recently as December 2021. CPI Inflation has fallen from a peak of 71.1 Qlo in October 2022 10 the current level of 6.70/0 bul retnains 'slickier' In the UK than in other countries. This has led lo a dramatic increase in UK government bond yields from their lows at the end of 2021 ofjust over 1 QID, with 10-year gills now standing al c 4.50/.. Always regarded as a 'safe haven, asset, gills produced a lolal Teturn of-250/0 in calendar year 2022 and are down a further 5°/0 year lo dale. Investment grade corporate bonds Iwhich comprise most of the portfolio's fixed interest exposurel performed better due lo their shorter duration. The yields on 'allernalive' assets (renewable energy, illfraslruclure. commercial propetyl also Increased in line with gill yields. The sharp fall in the share prices of these investment companies was compounded by retail Investors reducing their allocation lo this asset class and technical selling from short-lerm traders. These companies now sland al large discounts lo the value ol their assets, offer attractive dividend yields and give good protection against future inflation. Equity markets performed well overall, recovering from lower levels al the beginning of the financial year. The US market benefilted from the heightened inleresl In Artificial Intelligence and ils potential lo Increase productivity. Performance has been dominated by seven very large companies (Apple. Microsoft, Alphabet, Amazon, Nvidia, Mela and Tesla) with the rest ol the tnarket producing lower single digit returns. Europe managed to avoid the predicted recession over the winter months, as gas storagè proved more than adequate, also posting double digit returns. Portfolio Performance Al the financial year end the Charity's investment porttolio stood al £25,335,655 compared with £25,850.797 as al 30 September 2022. The portfolio investments as well as the cash held pending investment produced a total return of 5.3°/o compared with the benchmark MSCI PIMFA Private Investor Balanced Index of 8.5°1,. Over the same period the MSCI UK Large Gompanies Index rose by 14.2°/., the MSCI AC World ex-UK Index rose by 10_9010. whereas the Iboxx UK Gills Index fell by 2.40/.. The porttolio generated an income for the Chaiity of £989.516 which was above the largel of £950,000. Page 3
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2023 The relative performance of the portfolio has been affected by Its exposure lo 'alternalive' investments which are a key component oflhe laryeted income level. Whilst in the short-lerm, capital values have fallen, the Income generated has been stable and In many cases dividend levels were increased Share prices should start lo benefit from any indications that the Interest rale tightening cycle may now be coming to an end. Whilst remaining underweight to fixed interest. weightings have been increased to lake advantage of the more attractive yields on offer. Preference remains for Investment grade Corporate debt oveT government bonds picking up additional Income bul wilhoul taking the same Interest rale risk Equity exposure remains relatively stable with a focus on those companies generating an attractive and growing income yield lo meet the objectives ol the Charity. COMMERCIAL PROPERTY We entered 2023 under the speclre of a moderate recession, with high inflation and rising interest rates putting downward pressLJre on growth. However, while the UK economy has avoided a recession, il remains under the doud of stubborn high Infjation and interest rates. As expected. the environment has been more challenging for the real estate sector. Considering this complex backdrop, the assels have continued to perform satisfartorily. The industrial and office unit at Heathcole, Leaminglon Spa (Unill was vacated by Ils oc¢upiei in early 2023. for which a void period was Initially anticipated. However, following a successful marketing campaign, a new occupier look possession in August with a headline rental uplift 10 £200.000 pax. The Charity remains engaged with the former occupier with regard lo recoverable expenditure incurred by the Trustees in the performance of their duties. There was also added performance risk with the retail premises al High Street, NeWbry where the lenanl was under a CVA Following negotiation, a new lease has been concluded for a term certain 15 yearsl on improved lerrns. Other management activity during the year included the workshop premises at Unit 1, Maskew Avenue, Pelerborough where a tenant vacated and the Charity was able to secure an almost immediate reletting to a new occupier, together with negotiated dilapidations from the outgoing tenant, which was a positive outcome. A new reversionary lease was also negolialed in respect of Unil 2, Maskew Avenue, Pelertiorough which Is due for completion In late 2023. Whilst the market remains subdued, the Trustees have been active in seeking investment opportunities lo deliver their strategic approach, with a focus on income yield and the polenlial for growth. Terms have been agreed for the purchase of a retail p8rk situated in Stoke on Trent comprising 4 let units which were constructed in late 2022 Completion of the acquisition Is anticipated in November 2023. Overall. the commercial portfolio has remained stable with strong income returns and good tenants. resulling in nil debts and low voids. A positive approach to the relationship with tenants, has yielded opportunities for growth thus protecting the Income stream or the portrollo for tne longer ierm. Adjustments have been made lo the year-end valuations lo reflect the changes detailed above. AGRICULTURAL PROPERTY (including planning and development) During Ihe year there were no PLJrchases. bul a number of agricultural investments were investigated although none were considered suitable. The tenancy successions at Kenilworth and Kidderminster both completed, and the significant relurbishmenl of the two farmhouses at Alton Hall Farm. was well underway with completion and reletting anticipated In early 2024. The agricultural sector still continues lo suffer from reduced comfnodily prices, year on year. In addition. the transition between the Basic Payment Scheme and new environmental schemes Including the SFI has continuing problems and hence effect on farming profits, although the livestock sector Is still experiencing reasonable returns, As a consequence. there have been no significant rent reviews during the year. The land market is still showing increases year on year during which there have been no sales. Extended negotiations eonlinue with HS2 in relation lo cotnpensation for land acquired at Cubbinglon. and on the Wiltshire Estate the sole remaining Cottage will be offered lor sale with vacant possession subject lo resolving Land Registry Issues Page 4
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2023 In relation lo planning and development. planning consent was granted for the 13 acres of land at Kidderminsler which received a draft allocalion in 2021. and therefore further staged payments were completed before the year end. The planning application has now been lodged for the Class Q conversions al Sowe Fields Farm, anLI an additional Protnolion Agreement entered In to 31 Ansly. Other significant opportunities remain at Grantham and Allesley as well as Ansly. Fundraising Regulator Statement of Compliance Sir Thomas While's Charity does not contract with a third party lo undertake any fundraising on ils behalf. Hence, we have received no lur)draising complaints during the yeai. Dividends have increased during the year despite the economy, the war in Ukraine, and the turmoil In the Middle East with an income generated in excess of the largel of £950,000. In the commercial sector the Charity has re-let the property al Leamington Spa on Improved terms. Several potential investments have been under consideration during the year., the Charity has agreed terms for the purchase of an investment al Stoke on Trent in late 2023. The agricultural sector is suffering ffom reduced commodity prices, labour shortages in certain Sectors. and higher Interesl rates together with a difficult transition from BPS to Environmental Schemes Land values have continued lo increase but rents have mainly remained static. The Income Reserve Fund now stands al £610,324 and the dislribulable income this year is £2.784.868 representing a 6.3°/o Increase over 2022. Reserves Policy Under the lertns of the Trust Deed all of the Charity's reseNes are either restricted or endowed. Therefore, free reserves are always nil. TURE PROSPECTS AND DEV NT Worldwide uncertainties are prevalent with the war in Ukraine and the turmoil in the Middle East coupled with slow growLh throLJghoul econornies of Western Europe Interest rales are being seen lo have peaked and Inflation Is now in single figures year on year with unetnploymenl remaining low. During the financial year the Charity has maintained its income from ihe Stock Market portfolio together with Ihal from the commercial sector and agricultural pruperty. and whilst there is growth In capital value In the agricultUTal sector, suitable properties are difficult to source. The acquisition of a new commercial Investment al Stoke Dn Trent has broadened the commercial portfolio. The Trustees believe that their spread of Investment should protect their dislribulable income in the longer-lerm, bul over the next 12 months eaGh sector will need to be carefully monilored. Page 5
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires Ihe Tmslees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial stalemenls, the Trustees ale required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent,. slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained In the financial slalements., prepare the finaTrcial slalemenls on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensuie that the financial s121emenls comply with the Charities Act 2011. the Charity IAccounts and Reportsl Regulatlons 2008 and Tmst Deed. They are also responsible for safeguarding the assets of the Charity and hence lor taking reasonable sleps for the prevention and detection of fraud and other irregularities. . I .c..LI1. and signed on their behalf by: Approved by Order of the Boai rustees on R V Wigleswoiih Chairman Page 6
SIR THOMAS WHITE'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2023
SIR THOMAS WHITE'S CHARITY INDEX TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 Page Adminislralive Details Trustees, Annual Report Independent Auditors, Report lo the Trustees of Sir Thomas White's Charity Slalement of Financial Activities 2023 Slalemenl of Financi81 Activities 2022 Balance Sheet 12 Slalemenl of Cash FIDWS 13 Notes lo the Financial Slalements 14
SIR THOMAS WHITE'S CHARITY ADMINISTRATIVE DETAILS TRUSTEES MR. R.V. iVIGLESWORTH OBE, DL, FRICS {CHAIRMANI MR G P. TRYE BEM. MA, Msc, FCA MR. R.M. HARDY FRICS MR. A.E.T. FORSYTH MR. P.D. MEREDITH Bsc (Honsl MR. A.T. HOPKINSON MA. MBA, CFA MRS V. JACKA MA, FCSI MR. I.S GRINDAL MA (Appointed June 20231 CLERKS Mr. P.E Cowen Bsc (Honsl, MRICS Mr. C.G Percy Bsc IHonsl, Msc, MRICS, FAAV REGISTERED OFFICE Godfrey Payton, Old Bablake, Hill Street, Coventry. CV14AN BANKERS Lloyds plc, 30 High Street, Coventry, CV1 5RE National Weslmin51er Bank Plc, 24 Broadgale, Coventry CV1 1 NE SOLICITORS Wright Hassall LLP, Olympus Avenue, Royal Leamington Spa, Warwick, CV34 6BF AUDITORS D8fferns LLP, One Eastwood. Harry Weston Road, Binley Business Park. Coventry, CV3 2UB INVESTMENT ADVISERS Quilter Cheviol, 8, Floor, Two Snowhill. Birmingham, B4 6GA REGISTERED NUMBER 218626 Page 1
SIR THOMAS WHITE'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023 Reslncled income fun Endowment funds Total 2023 Total 2022 see Notes Income and endowments from.. Investment income Rents receivable Dividends and interest on quoted Securities Interest on bank deposits Oonalions and legacies Other income 1,860,963 1,860.963 1,864,091 989,516 65,755 5,105 190,000 989,516 65,755 5,105 190.000 956,336 464 Total income and endowmgnts 3,111,339 3.111,339 2,820,891 Expenditure on.. Raising funds Charitable activities Clear yearly income available for dislribulion Distribution related support costs 388.698 101,771 490,469 416,675 2,784,868 21,185 2.784.868 21,185 2,619,820 21,035 Total expenditure 3,194,751 101,771 3,296,522 3,057,530 Nel gainslllossesl on investment assets 6 1,699,193 1,699,193 5,113,961 Net Income l Net movement in funds 183.4121 1.597,422 1,514,010 4,877,322 Reconcillation of funds Total funds brought forward 693,736 87.896,831 88,590,567 83.713,245 Total funds carried forward 610,324 89,494,253 90,104,577 88.590,567 The notes on pages 14 10 21 form part of these financial slalements Page 10
SIR THOMAS WHITE'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2022 Restricted income funds Endowment funds Total 2022 Notes In¢orne and endowmen15 from- Investment income Rents receivable Dividends and interest on quoted securities Interest on bank deposits Donations and legacies Other income 1,864,091 1,864,091 956,336 464 956,336 464 Total income and endowments 2,820,891 2,820.891 Expendlture on.. R21sing funds Charitable activities Clear yearly income available for distribution Dislribution related support costs 279,584 137.091 416,675 2,619,820 21,035 2.619.820 21,035 Total expenditure 2,920,439 137,091 3,057.530 Net gainslllossesl on investment assets 5,113,961 5,113.961 Net incorne l Net rnovement in funds 199,5481 4,976,870 4,877,322 Reconciliation of funds Totsl funds brought forward 793.284 82.919.961 83,713,245 Total funds carried forward 693,736 87.896.831 88.590,567 The notes on pages 14 to 21 form part of these financial slalemenls Page11
SIR THOMAS WHITE'S CHARITY BALANCE SHEET 30 September 2023 Notes 2023 2022 FIXED ASSETS Investments 83,545,604 83,951,744 CURRENT ASSETS Debtors Cash al bank and in hand 1,269.409 9,260.802 6,013,212 5,798,298 10.530.211 11,811,510 CREDITORS: Amounts falling due wilhin one year 3 971238 7172687 NET CURRENT ASSETSIILIABILITIESI 6.558,973 4,638,823 NET ASSETS 90.104.577 88,590,567 FUNDS OF THE CHARITY: Restricted income funds Endowment funds 610.324 89.494,253 693,736 87.896.831 TOTAL CHARITY FUNDS: 90,104,577 88,590.567 The Iinancisl 51atemenls have approved and uthorised for issue by the Board of Trustees on and signed on their behalf by.. R V WIGLESWORTH CHAIRMAN C.P. TRYE TRUSTEE The notes on pages 14 to 21 form part of these financial slalemenls Page 12
SIR THOMAS WHITE'S CHARITY STATEMENT OF CASH FLOW for the year ended 30 September 2023 Notes 2023 2022 Npt cash flow from operating activitles 13 11,559,0631 14,342,9151 Cash flow from invesling activities Payments lo acquire investment properties Receipts from sales of Investment properties Payments lo acquire quoted investments Receipts from sales of quoted investments Interest received Dividends received Rents received from investment properties 1252.2221 1,390,006 14,486.2801 5,453,829 65,755 989,516 1,860,963 14,467,737) 4,921,950 14,138,479) 5,535,589 464 956.336 1.864,091 Net cash flow from investing activities 5,021 ,567 4,672,214 Net increase in cash and cash equivalents 3,462,504 329,299 Cash and Gash equlval8nts at 1 October 2022 5,798.298 5,468,999 Cash and cash equivalent5 at 30 September 2023 9.260.802 5,798,298 Cash and Gash equlvalents consists of.. Cash 81 bank and in hand 9,260,802 5,798.298 Cash and cash equivalents at 30 September 2023 9,260.802 5,798.298 Analysis of changes in net debt 2022 Cashflow 2023 Cash and Cash Equivalents 5.798,298 3,462,504 9,260.802 Total net debt 5,798,298 3,462,504 9,260,802 Page 13
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 ACCOUNTING POLICIES General infomiation and basis of preparation Sir Thomas While's Charity Is an unincorporated charity registered in England & Wales. The address of the registered office Is given in the charity information on page 1 Df these financial slalements. The nature of the charity's operations and principal activities are for thè benefit of Chanlies in Coventry, Leicesler. Northampton, Nottinghatn and Warwick together with the Merchant Taylor's Company in London. Following ils eslablishmenl, land was purchased for £1.400 to produce an Income of £70 per annum and the Income of the Charity continues lo be distributed to these Charities, In seventielhs, in accordance with the origin81 Trust Deed. various Acts of Parliament. High Court decisions in the nineteenth century and urrenl Charity Commission Schemes and advi. The charity conslilules a public benefit enlily as defined by FRS 1 D2 The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chaiilies preparing Iheii accounts In accordance with the Financial Reporting Standard applicable in the UK ancl Reputslic of1reland IFRS 1021 issued in October 2019, the FinanGial Reporting Standard applicablè In the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011. and UK Generally Accepted Accounting Practice. The financial statements have been prepared lo give a 'lrue and f21r view and have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair view.. This departure has Involved following the Accounting and Reporting by Charities." Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Issued IFRS 1021 in October 2019 rather than the Accounting and Reporting by Gharities.. Slalemenl ol Recommended Practice effective from 1 Apnl 2005 which has since been withdrawn The financial statements are prepared under the hislon¢al cost convention, modified to include certain items at fair value. The financial slalemen15 are presented in Pound Sterling (£1 which is the functional currency ol the charily and rounded lo the nearest £1. The signifiGanl accounting policies applied in the preparation Df these financial slalements are sel out below. These policies have been consistently applied lo all years presented unle55 OtherNise slated. Incorne recognition Ml income Is included In the Statement of Financial Activities ISOFAI when thè charity is legally entitled to the income after any performance conditions have been mel. the amount can be meaSLJred reliably, and it is probable that the Income will be received. Investment income is earned through holding assets for investment purposes such as shares and propemi 11 includes dividends. interest and rent. Where il is not practicable lo identify Investment management costs incurred within a scheme with reasonable accuracy the Investment income is reported nel of these costs. 11 is included when the amount can be measured reliably. Interest Income is recognised using the effective interest method and dividend and rental income is recognised as the charity's right lo receive payment Is established. Page 14
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 Septgmber 2023 ACCOUNTING POLICIES {continued...I Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there Is a legal or conslruclive obligation lo make payments lo third parties. il is prDbable that the settlement will be required and the amount of the obligaliDn can b8 measured reliably. It IS Galegorised under the following headings.. Costs of raising funds includes Investment management costs and certain legal fees.. Expenditure on charitable activities includes grants made In accordance with the terms of the trust deed." and Other expenditure being predominantly governance costs represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are With1 the charitable objectives. Whère uncondition31 grants are offered. this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant Is only acctued when any unfulfilled conditions are outside of the control of the charity. Costs Incurred in facilitating the sale of properties are inclLJded as an expense in the slalement of financial activities if disposal cannot reasonably be foreseen at the time the costs are incurred. The written off cos15 are then credited back to the statement of financial activities only when the disposal of the relevaril property Is certain. Support costs allocatlon Support costs have been allocated between costs of raising funds and goveinance. No support costs 01 overheads have been allocated lo Charitable Activities since the costs involved are totally insignificant due to the specific terms of the trust deed. Governance costs Governance costs comprise all costs involving the public accountability ol the Charity and Ils compliance with regulation and good practice. These c0515 include c051s related lo statutory audit and legal fees together with an apportionment of support costs. Fixed asset investments Quoted investments are recognised initially al fair value which Is normally the transaction price excluding transaction costs. SuE)sequenlly, Ihey are measured al fair value with changes recognised in 'nel gdiris I Ilossesl on investments, In the SOFA if the sha¥es are publicly traded or their fair value can otherwise be measured reliably. Investment properties for which fair value can be measured reliably wilhoul undue cost or effort are measured at fair value al each reporting date with changes In fair value recognised in 'net gains Jllossesl on Investments. sn the SOFA Properties are revalued annually when no account is taken of any development hope value. The underlying basis of valuation is the capitalisalion of current rents, using rales of return appropriate lo the type of property. Adjustments are made where this method is considered lo result In an unrealistic valuation. The main form ol financial risk faced by the charity is that ol volatility in equity markets and investment markets due to wider economic conditions. the attitude of investors to invesltnenl risk. and changes in sentiment concerning equities and within particular sectors or sub sectors Page 15
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 ACCOUNTING POLICIES Icontlnued...) Financial instruments Basic financial instruments in debtors and creditors with no slated inlerest rate, and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Reslricled funds are funds which are to bè used in accordance with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund Is sel out in the notes to the financial slatemenls. Endowment funds represent those assèts which must be held permanently by the charity, principally Freehold Investment properties 2nd quoted Investments. Income arising on the endowment funds can be Used in accordance with the objects of the charity and is included as unreslricled income. Any capital gains or losses arising on the investments form part of the fund Investment management charges and legal advice relating lo the fund are charged against the fund. Del811s of the nature and purpose of each fund is set out in notes 11 and 12. The amount held In the Income Reserve Fund is entirely al the discretion of the Tnjslees. Going concern The financial slaletnen15 have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The Iruslees 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 lo be able to continue as a going concern. Key accounting estimates and judgements The key source of estimation uncertainty Is the valuation of investment properties. In particular commercial propertie5 which are professionally valued annually pritnarily using a yield methodology. This uses market rental values capitalised al a market capilalisation rate bul there is an Inevitable degree of judgernenl involved in that each propety is unique and value only ultimately be liablY tested in the market Itself. Key inputs into the valuations were capitalisalion rates between 4.000/0 and 11.5 /0. Page 16
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 COSTS OF FiAISING FUNDS 2023 Restricted income fund: Snvestmenl Properties.. Ground rent, council lax and water rates Repairs Insurances Legal and other professional charges Planning. consultant and architect's charges Agents lees Other 27,034 88,455 26.984 104,650 16.258 117,749 7,568 13,067 88,877 19,644 45,810 17,2871 116,160 3.313 Endowment fund: Investment Portfolio.. Portfolio management charge Foreign exchange losses 104,641 12,8701 116,177 20,914 490,469 416.675 At 30 September 2023, unrecovered planning costs incurred in facilitsling the ultimate sale of properties were £148,88312022.. £132,6251 The Agents, fees and Clerks. fees in notes 2 and 4 are apportioned on the basis of staff lime. CLEAR YEARLY INCOME AVAILABLE FOR DISTRIBUTION The Iruslees have no discretion in the distribution ol the 'clear yearly income which is still made In 70ths. in accordance with the original Trust Deed and subsequent amendmen15. The beneficiaries are as follows.. Number of 70ths 2023 2022 The Trustees of". General Charity Icovenlryl Comprising.. Coventry Trustees Coventry General Charities Clerk lo Coventry General Charities Coventry Stock Charity Sir Thomas While's Northampton Charity Leicester, Sir Thomas White's Loan Charity Nottingham. Sir Thomas While's Loan Money Charity Watwick. The Charity of Sir Thomas While The Master and Waidens, Merchant Taylors, Company 318.270 954,811 39,784 159,135 318,271 318.271 318.271 318,271 39.784 299,408 898,224 37,426 149,704 299,408 299,408 299,408 299,408 37.426 24 70 2.784.868 2.619,820 Page17
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year er)ded 30 September 2023 SUPPORT COSTS - GOVERNANCE COSTS 2023 2022 Trustees, professional indemnity insurance Clerks. fees Auditors, remuneration Accountancy 1,837 11,608 4,740 3.000 1,939 11,452 4,400 3.244 21,185 21,035 EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES The Charity had no employees during the year12022". Nonel. No Trustee or persons connected with Trustees received any remuneration from the Charity during the year. In 2023 no Trustees received reimbursemenl of expenses from the Charity12022.' None). FIXED ASSET INVESTMENTS Freehold Investment Pro Quoted Investments Total Fair value al 1 October 2022 Additions Disposals Nel realised and unrealised profits 58,100.947 25.850,797 83,951,744 252.222 4.486.280 4,738,502 11,390,006) 15.453,8291 16,843,835) 1.246,786 452,407 1.699,193 Fair value 8130 September 2023 58,209,g49 25,335,655 83.545.604 Investment properties have been revalued al 30 September 2023 in accordance with the accounting policy. This valuation is based on appropriate professional advi obtained from Messrs. Godfrey- Payton. Chartered Surveyors. 2023 2022 Quoted investments al market value comprise.. Other UK Fixed Interest Ordinary stocks and shales 2,856,232 1,710,137 22,479.423 24,140,660 25,335,655 25,850.797 Included in investments above are quoted investments with a fair val*Je of £12,182,064 12022.. £12.470.3891 which are held outside the UK. The fair value ol listed investments is determined by felerence lo the quoted price for identical assets in an active market at the balance sheet date. No Investment pioperties or holding of quoted investments comprises over 50/0 of the fair value of the lolal investment portFolio. Page 18
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the y&ar ended 30 September 2023 DE8TORS 2023 Other debtors Prepayments and accrued income 660,942 608,467 344.231 5,668.981 1,269.409 6.013,212 CREDITORS: Amounts falllng due within one year 02 C188r yeady income not yel distrbuled other creditors Deferred incorne- rents r8c&ived in advance 2,784.868 2,619,820 848.390 4,224.382 337,980 328,485 3.971.238 7,172.687 DEFERRED INCOME Under 1 year Total At 1 October 2022 Additions during the year Released 328,485 328.485 334,230 334,230 1324,7351 {324,735} At 30 September 2023 337,980 337.980 10. OPEFiATING LEASES- LESSOR Totsl fvture minimum lease rentals receivable under nOnncelIable operating leases 8re as follows: 023 Not later than one year Later than one and not later than five year5 Lalgr than five years 957,868 3.079,937 966,576 893,087 1,879,706 1,493.588 5,004,381 4.266,381 Operating leases relate to rentals r8C8ivable in respect of the charity's land and building portfolio. Page 19
SIR THOPIIAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 RESTRICTED FUNDS Balance at 1 October 2022 Balance al 30 September 2023 Income endilure Transfers Income account Income Reserve Fund 3,111,339 13,194,751) 83,412 183,4121 610.324 693,736 693,736 3,111,339 {3,194,7511 610,324 The income account comprises the gross income ol the Charity for the year which. after dedurtion of all relevant expenditure, will form the "clear yearly income" available for distribution. The Income Reserve Fund is to achieve a smoothing ol future dislribulions and has Charity Commission approval. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel current assets Fixed assets Total R8Stricted funds Income Reserve Fund Endowment funds 610,324 610,324 5,948,649 89,494,253 83.545.604 Total funds at 30 September 2023 83,545,604 6,558.973 90.104,577 The Endowment fund represents those assets which musl be held permanently by the Charity, the Income from which is freely available lo fund the activities ol the charity. 13. RECONCILIATION OF NET INCOME I IEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net incomellexpendilurel for year 1,514.010 4.877.322 Dividends and intefesl on quoted securities Rents receivable from investment properties Interest on bank deposits Gains on Investments Decreasel{Increasel in deblois IDecreasellincTease In creditors 1989,5161 11,860,963) 165,7551 11.699, 1931 4,743,803 13.201,4491 13,073,073) 1956,3361 11,864,091) 14641 15,113,961) 15.512,1571 4,226,772 19,220,237) Net cash flow from operating activities 11,559,063) 14,342,915) Page 20
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 Septernber 2023 14 OTHER COMMITMENTS The total amount contracted lo bul not provided in these financial statements is £273,45812022.' £nill. 15. ULTIMATE CONTROLLING PARTY The board of Trustees control the charity. 16. POST BALANCE SHEET EVENTS After the balance sheet dale bLJI prior lo the date of these accounts the charity addeLI to ils Investment propety Portfolio completing on an acquisition for £2.6m. 17. RELATED PARTY TRANSACTIONS There are no related paty transactions that require disclosure. Page 21
SIR THOMAS WHITE'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2023
SIR THOMAS WHITE'S CHARITY INDEX TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023 Page Adminislralive Details Trustees, Annual Report Independent Auditors, Report lo the Trustees of Sir Thomas White's Charity Slalement of Financial Activities 2023 Slalemenl of Financi81 Activities 2022 Balance Sheet 12 Slalemenl of Cash FIDWS 13 Notes lo the Financial Slalements 14
SIR THOMAS WHITE'S CHARITY ADMINISTRATIVE DETAILS TRUSTEES MR. R.V. iVIGLESWORTH OBE, DL, FRICS {CHAIRMANI MR G P. TRYE BEM. MA, Msc, FCA MR. R.M. HARDY FRICS MR. A.E.T. FORSYTH MR. P.D. MEREDITH Bsc (Honsl MR. A.T. HOPKINSON MA. MBA, CFA MRS V. JACKA MA, FCSI MR. I.S GRINDAL MA (Appointed June 20231 CLERKS Mr. P.E Cowen Bsc (Honsl, MRICS Mr. C.G Percy Bsc IHonsl, Msc, MRICS, FAAV REGISTERED OFFICE Godfrey Payton, Old Bablake, Hill Street, Coventry. CV14AN BANKERS Lloyds plc, 30 High Street, Coventry, CV1 5RE National Weslmin51er Bank Plc, 24 Broadgale, Coventry CV1 1 NE SOLICITORS Wright Hassall LLP, Olympus Avenue, Royal Leamington Spa, Warwick, CV34 6BF AUDITORS D8fferns LLP, One Eastwood. Harry Weston Road, Binley Business Park. Coventry, CV3 2UB INVESTMENT ADVISERS Quilter Cheviol, 8, Floor, Two Snowhill. Birmingham, B4 6GA REGISTERED NUMBER 218626 Page 1
SIR THOMAS WHITE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SIR THOMAS WHITE'S CHARITY Opinion We have audited the financial statements of Sir Thomas While's Chaiily Ilhe 'charily'l for the year ended 30 September 2023 which comprise the Sialemenl of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes lo the financial slalemenls. including a summary of significant accounting policies. The rinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. inclucjing Financial Reporting Standard 102, The Financial Reporting Standard 2pplicable in the UK and Republi¢ of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion Ihe finanGial 51alemenls.' give a true and fair view of the slate of the charity'5 affairs as at 30 September 2023, and of ils incoming resources and application of resources, for the year then ended.. have been properly prepared in 8CCDrdance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Gharities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditor's responsibilities for the audit of the linancial statements section of our report. We are independent of the charity in 8c¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordanGe with these ieqkjiremenls. We believe that the audit evidence we have obtained Is sufficient and appiopriale lo provide a basis for our opinion Conclusions relating to going concern In auditing the financial slalements, we have concluded that the trustees, use of the going concern basis ol 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 lo events or Gondilions that, Individually or collectively, tn8y ¢ast significant doubl on the Charity's 2bilily lo conlinLte as a going concern for a period of at least twelve months from when the financial slalemenls are authorised for issue Our re5pon5ibilities and the responsibilities of the trustees with respect lo going ctsncern are described in the relevant sections of this report. Other information The other Information comprises the information included in the Iruslees, annual report, other than the Iinancial slalemenls and our auditor's report Ihereon. The truslees are responsible for Ihe other information contained within the annual report. Our opinion on the financial statements does not cover the other infortnalion and, except lo the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the olhei informatlDn and, in doing so. consider whelher the other information Is tnalerially inconsistent with the financial slalemenls, or our knowledge obtained in the course of the audit or olhcrwisc appears to be materially misslaled. If we identify such material inconsistencies or apparent material tnisslatemenls, we are required lo determine whether this gives rise lo a material misstatement In the financial statements themselves. If, based on the work we have performed. we conclude Ihal there Is a material misslatemenl of this other information, we ale required lo report that fact. Vve have nothing to report In this regard. Page 7
SIR THOMAS WHITE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SIR THOMAS WHITE'S CHARITY Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAcGounls and Reports) Regulations 2008 require us to report to you if, in our opinion.. the Information given in the financial slalemenls Is Inconsislenl in any material respect with the trustees, report", or sufficient accounting records have not been kept,. or the financial slalemenls are not in agreement with the accounting recoids". or we have not received all the information and explanations we reqLJire for our audit. Responsibilities of trustees As explained more fully In the Iruslees. responsibilities statement sel out on page 5, the Iruslees are responsible for the preparation of the financial slalemenls which give a true and fair view, and lor such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are Iiee from material misstatement, wheiher due lo fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo cease operations. or have no realistic allernalive bul lo do so. Auditor's responsibllities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with regulations made under section 154 01 that Act. Our objeGlives are lo obtain reasonable assurance about whether the financial slalements as a whole are free fTOm maleiial misslalemenl. whether due lo fraud or error, and lo issue an auditor's report 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 IUKI will always detect a material l$statement when il exists. Misslatemenls can arise fiom fraud or error and are considered material Il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. ITregularilies, including fraud. are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities, outlined above, lo detect material misslalements in respect of Irregularities, Inciuaing fraua. The 5peclfic procedure5 fur tMIs and thE extent to which these are capable of detecting Irregularities, including fraud Is detailed below., Enquiry of managctncnl. those charged with governan and the entity's solicitors around actual and potential Iiligalion and claims. Enquiry of enlily staff iri compliance functions lo identify any InstanS of non-compliance with laws and regulations,. Reviewing minutes of meetings of those charged with governance- Reviewing financial slalement disclosures and testing to sUPPOrting documentation lo assess compliance with applicable laws and regulations", Performing audit work over the risk of management override of controls. Including lesling of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course ol business and reviewing accounliTrg estimates for bias. Because of the Inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a tnalerial misstalemenl in the financial st21emenls or non-compliance with regulation. Thi5 risk increases the More that compliance with a law or regulation is removed from Ihe events and transaction5 reflected in the financial st£tements, as we will be less likely lo become aware of instances of non-complian. Page 8
SIR THOMAS WHrrE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SIR THOMAS WHITE'S CHARITY The fisk is a150 greater regarding Irregularities occurring thje to fraud rather than eOr. as fraud involves Intenllonal conwlmenl. forgery. collusDn, omission or misrepre58ntation. A further dewption of our responsibiif(i&s for the audlt of the financial statements is located on the Flnanual Reporting CounThl's webslte at.. www.frc.org.uklaudhorsr8sponsibilities. This dosuipb.on lornis part of our auditorfs report. Use of our report This report is made solely lo the charity's trustees. 8s a body, in accordance with regulations rnad6 under Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audTt work has been undertaken so that we might state lo the charity's Iruslees those matter5 we are rFquired to stale to theffl in an audrtorfs report and for no c)Iher purpose. To the fullest eKtenl permitted by law. we do not 8CC8Pt or assume responsibility lo anyone other than the charity and the charitys Iruslees as a body. for our audrt work, for this report, or for the opinions we hava formed. L-l¥ LLR Daffems LLP Chartered Accountants ststulory Auditors, Eligib to act as an auditor in terms of Section 1212 of the Companies Act 21K16 One Eastwood. Harry Westsn Road, BInY 8usine55 Park. Coventy, CV3 2UB Dated= 14 Decgmber 2023 Page 9