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, NeWb￿ry 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 nOn￿ncelIable 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 Instan￿S 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 e￿Or. 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,
BIn￿Y 8usine55 Park.
Coventy,
CV3 2UB
Dated= 14 Decgmber 2023
Page 9