SIR THOMAS WHITE'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 SIR THOMAS WHITE'S CHARITY INDEX TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 Page Adminislrdtive Details Trustees, Annual Report Independent Auditors, Report to the Trustees of Sir Thomas White's Charity Statement of Financial Activitvès 2024 10 Stslement of Financial Activities 2023 11 Balance Sheet 12 Statement of Cash Flows 13 Notes lo the Financial SlaterrMts 14 SIR THOMAS WHITE'S CHARITY ADMINISTRATIVE DETAILS TRUSTEES MR. R.V. IMGLESWORTH OBE, DL, FRICS MR. C.P. TRYE BEM. MA, Msc, FCA MR. R.M. HARDY FRICS MR. A.E.T. FORSYTH MR. P.D. MEREDITH Bsc ICHAIRMANI MR. A.T. HOPKINSON MA. MBA, CFA MRS. V. JACKA MA, FCSI MR. I.S. GRINDAL MA CLERKS Mr. P E. Cowen Bsc {Honsl. MRICS Mr. C.G. Percy Bsc (Honsl. Msc, MRICS, FAAV REGISTERED OFFICE Godfrey Payton, Old Bablake, Hill Street, Coventry, CV14AN BANKERS Lloyds pl¢, 30 High Street, Coventry, CV1 5RE National Westminster Bank Plc, 24 Broadgate, Coventry CV1 1NE SOLICITORS Wn'ght Hassall LLP. Olympus Avenue, Royal Leamington Spa. Warwick, CV34 6BF AUDITORS Dafferns LLP, One Eas￿oOd, Harry Weston Road, Binley Business Pattt, Coventry, CV3 2UB INVESTMENT ADVISERS Quilter Cheviot, 8th FI￿r, Two Snowhill, Birmingham, B4 6GA REGISTERED NUMBER 218626 Page 1 SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the ygar ended 30 September 2024 The Trustees present their report and the audited finanGial statements of the Charty for the year ended 30 September 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORPI 'Accounting and repotting by Charities. IFRS 1021 in preparing the annual report and financial stalen￿nIS of the Charity. The finarn¢ial stsiemenls have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charities governing document, the Charities Act 2011 and Accounting and Reporting by Charities", Slalernent of Recommended Practs'ce applicable to Chanlies prepanng their accounts in accordance with the Financi?1 Reporb'ng Standard applicable in UK and Republic of Ireland published in Octoter 2019. STRUCTURE GOVERNANCE AND MANAGEMENT The Charty was established in 1542 by Sir Thomas V￿lte. It is constituted as an unincorporated associats'on being formalised and pyimarily 9ovemed under a Trust Deed dated 6th July 1551. The administration ofthe Charity is vested in a number ofTrustees, currently eight successors to those originally appointed. New Trustees lo fill vacancies arising from time to time are appointed by the continuing Trustees. They are chosen as being people considered lo have a particular interest in the work of the Charity and knowledge and experience likely lo a5SiSt in ils adminislralion. There is no limit on the length of time a person may serve as a Trustee of the Charity. No Trustee receives any remuneratron. During the financial year there were no changes to the Trustee body, although Mr Wiglesworth retired as Chairman in January. to be succeeded by Mr Meredith. The Trustees asked Mrs Jacka to act as Chairman of their Investsnent Sub-committee throughout the year. On appointment, new Trustee5 receive sufficient backgfound information to enable them quickly to understand the financial position of the Charity and its current work in hand. Whilst the Trustees make peri(Ktic inspections of the Charity's properties, arrangements are also made for new Trustees to inspect any partiGular property should they so wish. Two Chartered Surveyors fill the role of Clerks to the Charity., the Senior Clerk Mr P E Cowen Bsc MRICS assisted by Mr C G Percy Bsc MRICS FAAV. A Solicitor and Stockbroker also advise the Trustees. All report to regular meets'ngs of the Trustees when recommendations are made, and decisions taken. Authority is delegated to the Chairman and other Trustees as appropriate to deal with urgent matters arising betsveen meetings. Rlsk Management On a regular basis, the Tnjslees examine the major 51ralegic, business and operational risk5 which the Charity faces so that they are able to confirm that system5 have been established to enable regular report5 to 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 Commr6sion's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning fvtU￿ activities and setting the grant making policy for the year. OWECTIVES AND ACTIVITIES The Charity was originally established in 1542 for the benefit of Charities in Coventry, Le￿eSter, Northampton, Nottingham and Warwick together with the Merchant Taylorfs Company in London. Following ils establishment. land was purchased for£1,400 to produce an income of £70 per annum and the income of the Charty ¢ontinues lo be distributed lo these Charities, in seventselhs, in accordance with the original Trust Deed. various Acts of Padiamenl, High Court decisions in the nineteenth century and current Charity Commission Sthemes and advice. Page 2 SIR THQMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 S•ptembef 2024 OBJECTIVES AND ACTIVITIES continued... The TnJ5tees of the Benefi¢iary Charities use their shaff of the distribution in accordance with their own Charitable Schemes and the Merchant Taylor's Company in accordancewith its Charter and Conslrtution. There is no other relationship between the Charity and Ihfjse oryanisations. As a consequence, the activity of the Charity is solely coneemed with the proper management of its assets. The aim is to provide an even or steadily in¢reasing distribution lo the Benefich3ry Charities whilst being conscious of the need for adequate security of investment and capital growth opportunities. Investment Policy The Trustees continue to believe that their investment aims can best be achieved by holding a mixture of agncultural and commercial properbe5 along with a Stock Market investment portfolio. In general terms they consider that an approximate equal division belween these three categories of investment is appropriate with the balance being regularly reviewed. The Twstees believe that this policy should avo￿ the Charity being excessively exposed to any major investment risks. ACHIEVEMENTS AND PERFORMANCE STOCK MARKET Background As year-on-year inflats"onary pressures eased, with UK headline CPI falling from 4.7Yo in October 2023 10 1.7% in September 2024, largely helped by a steep reduction in energy prices in Europe, central banks began ojtting interest rates in 2024. Although initial expectations for the numÈer of global interest rate cuts were overfy optsmislic, the supportive fiscal environment, coupled with robusl economic dernand, promoted strong performance in equity markets. The MSCI UK Large & Medium Companies index retumed 12.2% whilst the MSCI World ex UK benchmark rose 20.7% In sterling terms. With the receding inflationary threat and lower base rates, fixed interest markets also postèd a posits've relum, with Iboxx UK Governn*nt Gilts gaining 8%. This represents the first lime both asset classes offered positive returns over the financial year for some time. Increasingly, talk lumed lo a'soft landing, in the US economy, whereby interest rates are lowered in a controlled manner as the economy cools. whilst remaining in expansionary territory. Historically, this has proven a hard balance to strike for the US Federal Reserve, with rates either being held too high for too long, skn'fling growth, or cut too quickly, risking the retum of higher inflation. Over the period, however, the t￿0 cornpeting forces have been held in check, though there remains a high degree of uncertainty in rnarkets regarding the future path of interest rates in the US. UK and Europe. Towards the end of the period, the UK elected its first Labour govemmenl in 14 years. With a strong majority, this ￿moVed one of several 'uncertainties' that has plagued the UK equity market in recent years- the Pound and UK government gilts strengthened in response. The performance of the altemative income space (including infrastructure and propety funds) is heavily influenced by government bond yields. Falling base rates and headline inflation levels, together with a more stable political outlook, saw the UK 10-year gilt yield fall lo 40/0 al the end of the period, having started at 4.5Vty. providing support to the asset values of these attemats've income sources. Vthilsl being demonstrably cheap (evidenced by an acceleration in mergers and acquisikn'ons aclivityl the UK still lacks many of the catalysts driving overseas equity markets, primarily, a sector composition that lacks the manufacturing and design Df the most advanced microchips, transformative global technology businesses and platforms, luxury brands or renewable energy developments. However, offering an above-average dividend yièld, the UK equity allocation remains a vital source of income for the portfolio At the period end, UK equities and infrastructure investments mostly in the UK We￿ fofftcast to contribute nearly 50% of portfolio income. Page 3 SIR THQMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 S•pt•mber 2024 Portfolio Pgrfonnan¢fr The portfolio posted an increase in value during the year equivalent to 14.4% growth (net of fees) over the period, rising from £26,351,434 10 £29,045,035 which includes cash held by Quilter Cheviol pending investment. This compared to the MSCI PIMFA Balanced Index's return of 14.30/0 Igross of fees). Total income paid out to the charity during the year was £1,033,104, an increase of 6.3¥0 over the prior 12-monlh. US equity maTkets continued to lead global equities higher, with the MSCI North America Index rising 21 40/0 in sterfing terms Again, this was primarily led by a narrow group of companies focused on the technology and artilicial intelligence sectors. Whilst these companies have offered excellent cay'tal growth, they offer little or nothing in the way of income lo Sha￿￿oIderS. As the technology sector led US markets, the financial sector was the best performing UK sector In the portfolio and remained the largest sector weight. Na￿eSt, 31 Group and Intermediate Capital all offered returns of 55% or more. Allocation toward fixed interest increased over the year as value remains in the asset class. Interest rate risk rnitigated by the below-average duration of bonds held, with credit risk is managed by focusing on investment grade-rated debt. COMMERCIAL PROPERTY Despite inflation having peaked prior to the start of the year. the economic impact still remained with Bank of England base interest rates rising lo a record 5.250A in August 2023 and remaining al that level for 12 months. The iesullant downward pressure on growth put pressure on trading conditions for oceuwers, particularfy in the retail sector. However, while the UK economy has avoided a full rewsion, rt continued to functs'on under the loud of inflationary pressure and high interest rates. which proved a challenging environment for the real estate sector. Considering this complex backdrop, the assets have continued to perfomi well. Significant Investment was made to the industrial and office unit al Heathcote, Leamington Spa as Part of an arrangement with ils new occupier from Summer 2023, to include the provision of an overclad roof, and upgraded mains gas and electrical supplies and new office windows which will stand the unit in good stead for the fulyre. The Charity remains engaged with the former occupier with regard lo the recoverable expenditure incurred by the Trustees in the performance oftheir duties. A lease renewal of the premises at 48150 The Parade Leamington Spa resulted in a significant reduction in income equating lo £62,500 pa from previous levels, bul with the benefit of a new 5-year lease in place. Other management acts'vity during the year included a rent revie of the premises at Tournament Fields in Warwick, a new reversionary lease in respect of Unit 2, Maskew Avenue, Peterborough and the letting of Ihe vacant retail unit al Sandyford, Stoke for which terms were provisionally agreed with a Charity. However. those temis were not concluded after the year end, and negotiats.ons are progressing with an allemative user. Whilst the market ￿MaInS subdued, the Trustees have been active in seeking investment opportunities to deliver their strategic approach. with a focus on income yield and the potential for growth. Following ￿mPletIOn ofthe purchase of a retail park at Sandyford, near Stoke on Trent in November 2023 Icompri5ing 4 independent units constructed in late 20221, terms were also agreed to purchase a retail park in Rugby comprising 3 let unts loccupied by a national coffee chain with Drive Thru facility, digital non-touch car wash unit, and ele¢lric vehicle charging facility). Completion of the acquisition took plaGe in late September 2024 and is included within the Charity's balance sheet at the year end. Overall, the commercial portfolio has remained stsble with strong income retums and good tenants, resulting in nil debts and a single vacant unit whilst agreed lease terms were being documented. A positive approach to the relationship with tenants, has yielded opportunities forgrowth thus protecting the income stream from this aspect of the portfolio for the longer lem. Adjustments have been made to the year-end valuations to reflect the Changes detsiled above. Page 4 SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 Septemb•r 2024 AGRICULTURAL PROPERTY (including planning and developm•nt) During the year there was continued focus on capital projects on the rural estate particularly in respect of the vacant farm buildings at Sowe Fields Farrn. Llltimalely there were no purchases, bul a number of agriculttjral investments were investigated with none being considered suitable. The complete refurbishment of the two farmhouses al Alton Hall Farm was completed during Sp¥ing 2024 with one of the houses being relet in July. and terms agreed for the second letting in Autumn 2024. The agricultural sector continues to suffer from reduced commodity pnces year on year and was further ompounded by desperately poor weather conditions throughout the 2023124 winter mnths resultsng in failed and re-drilled crops for many farmers. In addition, the transition betsveen the Basic Payment Scheme and omplex new environmental schemes lincluding SFII has continuing problems with a downward trend on farming profits in the arable sector. The livestock sectors have proved more resilient generally, particulady for beef and Sheep although herd health concerns remain a priority for many farmers particukdy in the light of ongoing climate change factors. As a consequence, there have been no significant rental uplifts on the agricultural holdings during the year. The land market broadly stabilised during the year, although capital values remain high wth income yields in the region of 1- 1.5%, making justification of sales and purchases difficult lo achieve wilhoul the prospect of long-lerm capital growth. Extended negotiations continued with HS2 in relation lo compensabon for land acquired al Cubbinglon, and a further partial payment for a part of the land acquired was achieved in late Summer 2024 Further discussions contrnue with HS2 to secure the full compensation due in resped of land compulsorily acquired from the Charity. A significant surwey of all roadside and other'at rr5k' trees was undertaken across the rural estsle in Summer 2023, and was followed by works to make safe a numberoftrees where future risks were identified. Expenditure on trees on the rural estate in the financial year exceeded £25,000. Other regular Maintenan￿ of residential properties and other buildings included significant damp-proofing works at The Oaklands, Swinderby.. an electrical upgrade lo the farmhouse at Little Chase Farm, Kenitworth,. signifitsnt exlerNJr decorations at Coughlon Cross Farm, and a re-roofing project lo a building at Manor Farm, Cubbington. Other maintenan projects were progressed at East Farm, Buslinglhorpe following the unexpected and sad death of the Charity's tenant. with teTms for a succession tenancy to his sor¢ being due for completion in late 2024. In relation to planning and development projects, consents for 4 residentsal and one office conver5i9n were achieved during the ye8r al Sowe Fields Farm and will be marketed for sale during 24125. SignifiGant future development CfyPPOrtunilies remain al Ansty, Grantham, Allesley and Cubbington and have continued to be progressed with land promoters and the relevant planning authorities throughout the year. FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE Sir Thomas While's Charity does not conlra¢l with a third party lo undertake any fundraising on its behalf. lence, we have receNed no fundraising complaints during the year. FINANCIAL REVIEW Dividends have increased during the yeardespite the economy, the war in Ukraine, and the turmoil in the MKldle East with an income generated being close to the targeted £1,050,000. In the commercial sector consistent Income across the commercial portfolio and specifically from the industrial unit at Leaminglon Spa, as well as Incorne from the new acquisition at Stoke has been balanced against the loss of income resulting from the rent reducbon suffered on lease renewal at The Parade. Of the various wtential investments that have been under consideration during the year, the Charity agreed terms for the purchase of an investwent in Rugby which ompleled in late September 2024 although as this was a yearryend completion, income will only ￿ generated In future financial years. The agricullural sector is suffering from r8duced commodity prices. labour shortages in certain sectors, and higher interest rates together with a difficult transition from BPS to Environmental S¢hemes. Land values have stabilised, bul rents have mainly remained static. The Incom8 Reserve Fund now stands at £514.720 and the disthbutable income this year is £2,857,275 representing a 2.6% increase over 2023. Page 5 SIR THOMAS WHITE'S CHARI TRUSTEES, ANNUAL REPORT for the ygar ended 30 September 2024 Reserves Pollcy Under the terms of the Trust Deed all of the Charity's reserves are either restricted or endowed. Therefore, free reserves are always nil. FUTURE PROSPECTS AND DEVELOPMENTS Continuing worldwide un¢ertainties are prevalent with the war in Ukraine and the lurnoil in the Middle East coupled with slow growth throughout economies of Westem Europe. Interest rates are on a downward trend in both the UK and US and inflation is stubbornly retuming towards the 2% Bank of England tsrget whilst unemployment remains low. The new Government in the UK, and a new President of the USA will undoubtedly bring new poI￿leS forward which will present both opportunities and challenges in the year ahead. During the financial year ahead, the Charity expects to increase ils income from the Stock Market portfolio logelher with that from the commercial 5edor and agricultural propety. Whilst land values in the agricultural sector are levelling out, suitable properties will remain difficult to Sou￿. The acqLtisition of a further new cornmercial investment at Rugby just ahead of the year end has expanded the Charity's comnErcial portfolio and resuStant income. The Trustees believe that their spread of investments should protect their distribulable income in the longer- term. but over the next 12 months each sector will need to be Carefully monitored. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the TfUStees' Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Stsndards {Uniled Kingdom Generally Accepted Accounting Practice). The law ¥pplic8ble to charities in England and Wales requires the Trustees to prepare fi'nancial 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 are required to.. select surtable accounting policies and then apply them consislenUy,' observe the methods and principle5 in the Charities SORP., make judgments and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained In the financial statements., prepare the financial statements on the going concern bas1s unless il is inappropriate to presu￿ that the Charity will continue in operats"on. The TTUStees are responsible for keeping accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preventfjn and detection of fraud and other irregularities. Approved by Order ofthe Board of Trustees on DeGember 2024 and signed on their behalf by.. P.D. MEREDIT Chairman Page 6 SIR THOMAS WHITE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SIR THOMAS WHITE'S CHARITY Oplnlon We have audited the financ￿1 statements of Sir Thomas White's Charity (the 'charty'l for the year ended 30 September 2024 which comprise the Stslemenl of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FinancBI Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United lQ'ngdom Generally Accepted Accounting Practice). In our opinion the financial slatemenis.. give a true and fair view of the state of the charity's affairs as at 30 September 2024, and of its incoming resources and application of resources, for the year then ended, have been properly prepared in accordance with United Kingdom Generally A￿epted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audrt in accordance with International Standards on Auditing IUKI (ISAS IUKI) and applicable law. Our responsibilities under those standaTds are furtherdescribed in the Auditor's rtsponsibililies forthe audit of the financial statements section of our report. We are independent ofthe charity In accordance with the ethical reqLbirements that are relevant to our audit of the financial statements in the UK, incSuding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financi81 slatemenls, we have concluded that the trustees, use of the going conwn basis of accountsng in the preparation of the financial stalernents is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of al least iwelve months from when the financial statements are authorised for issue. Our resporssibilities and the responsibilities of the trustees with respect to going concem are described in the relevant section5 of thi5 report. Other information The other information comprises the information included in the trustees, annual report. other than the financial slalements and our aLJditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other informatson and, except to the extent othemise explicilly stated in our report, we do notexpress any form olassurance conclusDn thereon. Our responsibility is io read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stalemenls, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this giv8s rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of th￿ other infofmation, we are required to report that f8¢L We 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 CHARrr Matters on whlch Ive arg required to report by ¢xception We have nothing to report in respect of the following mattets in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the financial statements are nol in agreement with the accounting records. or we have not received all the information and explanations we require for our audit. R•sponslbilities of trustees As explained more fully in the trustees. resp)nsibililies statement set outon page 6, the trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such intemal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misststernent, whether due lo fr8ud or error. In preparing the financial sL8tements, the trustees are responsible for assessing the charity's ability lo ¢ontinue as a going concern, disclosing. 8s applicable, matters related lo going concern and using the going concem basis of a¢￿untIng unless the Iruslees either intend to liquidate the Gharity or to cease opemtions, or have no realistic alternative but lo do so. Auditor's respon8lbllltle8 for th8 audSt of thg finan¢lal ststements We have been appointed as auditor under section 144 of the Charits-es Act 2011 and report in accordance with regulations made under section 154 of that A¢1. Our objectives are lo obtain rea59nable assuran￿ abc￿ whether the financial statements as a whole are free from material misstalemenl. whether due to fraud ￿ 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 accordan¢e with ISAS IUKI will a￿ayS detect a materFal misststement when it exi51s. Misstatements can arise from fraud or error and are considered rnatenal if, individualty or in the aggregate, they could reasonably be expeGted to influence the economic decisions of users taken on the basis of thes& financial stslements. Ir￿gUlarities, including fraud, are Instances of non 40,137 (3,891,805) 3,328,975 140,376 1,047,081 1,992,108 1252,2221 1,390,006 14,486,280) 5,453,829 65,755 989,516 1,860,963 Net cash flow from invosting activities 12.640,0621 5,021,567 N•t in¢reasel(de¢reasel In cash and cash equivalents 15,733,296) 3,462,504 Cash and cash equlvalents at 1 October 2023 9,260,802 5,798,298 Cash and cash oquivalenis at 30 September 2024 3,527,506 9,260,802 Cash and cash equivalonts Gon8i$ts of: Cash at bank and in hand 3,527,506 9,260,802 Cash and cash •quivalents at 30 September 2024 3 527,506 9,260,802 Analysi8 of changes in net debt 2023 Cashffow 2024 Cash and Cash Equivalents 9.260,802 15,733.2961 3,527,506 Totsl nel debt 9,260,802 15,733,296) 3,527,506 Page 13 SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 ACCOUNTING POLICIES Gen8ral Inf0M￿tIOn and basis of preparation Sir Thomas While's Charity is an unincorporated charity Wlstered in England & Wales. The add￿$ of Ihe registered office is given in the ¢harity information on page 1 of these financial statements. The nature of the charity's operations and prinGipal activities are for the benefit of Charities in Coventy, Leicesler, Northampton, Nottingham and Warwick together with the Merchant Taylorfs Company in London. Following ils establishment, land was purchased for £1,400 to produce an income of £70 per annum and the income of the Charity continues to be distrributed to these Charrties, in seventieths, in accordance with the original Trust Deed, various Acts of Parliament, High Court decisions in the nineteenth century and current Charity Commission Schemes and advw. The charity conslilutes a public benefit entity as defined by FRS 102. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recornmended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charib'es Act 2011, and UK Genefftlly Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fxirf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fair view,. This departuie has involved following the Accounting and Repo￿.ng by CharitEs.' Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of ITeland issued IFRS 102) in October2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pracb'ts eflective from 1 April 2005 which has since been withdrawn. The financial statements are prepared under the historical cost convention. modified lo include certai items al fair value. The financial statements are presented in Pound Sterfing (£1 which is the functional Jrrency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless othe￿ise stated. Income recognition Al income is included in the Statement of Financial A¢b'vib'es ISOFAI when the chartty is legally ents'lled to the income after any performance conditions have been met, the amount can be measured reliably, arKI it is probable that the income will be re￿ived. Investment income is earned through holding assets for investment purposes such as shares and propety. It includes dividends, interest and rent Where it is not praclicable to Kjentify investment management costs incurred within a scheme with reasonable accuracy the investment income 15 reported net of these costs. It is included when the amount can be measured reliably. Inleiest income is recognised using Ihe effective Interest method and dividend and rental income is recognised as the charity's right to rettNe payment 1$ established. Page 14 SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for Ihg year endod 30 September 2024 ACCOUNTING POLICSES {continued...I Expenditure recognltlon All expendrture is accounted for on an x¢iuals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslwctive obligation lo make payments to third parties, il is probable that the Settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes investment management costs and certain legal fees.. Expenditure on charitable activities indudes grants made in accordance with the terms of ihe trust deed," and Other expenditure being predominanlty governance c051s represents those rtems not falling into the ategories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third part￿ are within the charitable objectives. Where unconditional grants are offered, this is 8ccrued as soon as the reapient is notified of the grant, as this gives rise to a ￿8$Onable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled condf£ions are outside of the control of the charity. Costs incurred in facilitatin9 the sale of propertie$ are included as an expense in the statement of financial adivitses if diswsal cannot reasonabty be foreseen at the time the costs are Incur￿￿. The wrillen off costs are then Cfediled back to the statement of financial activities only when the disposal of the relevant property is certain. Support costs alloeatlon Support Costs have been allocated between costs of raising funds and governance. No support costs or overheads have been allocated to Charitable Activities since the costs involved a totally Insignif￿nI due to the sFecific terms of the tmsl deed. Governance co8t8 Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good poctice. These costs include costs related to statutory audit and legal fees together with an apportk)nmenl of support cosls. Flxed asset invostments Quoted investments are recognised initially at fair value which is normally Ihe transaction price excluding transaction costs. Subsequenuy, they are measured al fair value with changes recognised in 'nel gains I {k)ssesl on inve5tnEnts' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value al each reporting date with changes In fair value recognised in 'nel gains I Ilossesl on investments, in the SOFA. Properties are revalued annualty when no account is taken of any development hope value. The underlying basis of valuation is the Gapitslisalion of current rents, using rates of retum appropriate lo the type of property. Adjustments are made where this method is ￿nSIdered to result in an unrealisbc valuation. The main form of financial risk faced by the charity is that of volatility in equity markets and invesbnent market5 due lo wider econom￿ conditions, the attitude of investors lo inveStn￿l risk, and changes in sentiment concerning equities and within particular se¢lors or sub sectors Page 15 SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STA TEMENTS for the year •ndod 30 September 2024 ACCOUNTING POLICIES (continued...) Finan¢ial instruments Basic financial instruments in debtors and creditors with no stated interest rate. and receivable or payab within one year are recorded al transaction price Any losses arising from impairment are ¥ecogniserJ in expendiiure. Funds Unrestricted lunds are avsi18ble for use at the disertlion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions 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 specifie lund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Endowment funds represent those assets whi¢h must be held pemianently by the charity, principally Freehold investment properties and quoted investments. Income arising on the endowfflent fvnds can be used in accordance with the object5 of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund Investment rnanagement charrjes and legal advice relating to the fund are charged against the fund. Details of the natUTe and purpose of each fund is set out in notes 11 and 12. The amount held in the Income Reserve Fund is entirely at the discretion of the Trustees. Golng concom The financial statements 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 ?uthorising these financial statements. The bu¢Jgeled income and expenditur8 15 sufficient with the level of reseNes for the charity lo be able lo contsnue as a going concern. Key accounting 9stirnal8s and judgamenis Th8 key source of estimation uncertainty is the valuation of investment properties. In particular commercial properties which are professionally valued annually primarily using a yield methodology. This uses market rental values capitalised at a market capitslisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Key Inputs Into the valuations were capitalisalion rates btheen 4.OOYa and 11.5%. Page 16 SIR THOMAS WHITE'S CHARI NOTES TO THE FINANCIAL STATEMENTS for the year endod 30 September 2024 COSTS OF RAISING FUNDS 2024 20 Restri¢ted income fund". Investment Properties,. Ground rent, council lax and water rates Repairs Insuran¢es Legal and other professional charges Planning. consultsnl and architect's charges Agents fees Other 15,958 133,641 27,183 62,905 40.694 126.543 15,014 27,034 88,455 26,984 104,650 16,258 117,749 7,568 Endowment fund: Investment Portfolio.. Portfolio management charge Foreign exchange gainslllosses} 109,074 637 104,641 12,8701 531,649 490,469 At 30 Septernber 2024. unrecovered planning costs incurred in facilitating the ultimate sale of properties were £129,754 (2023. £148.8831. The Agents, fees and Clerks, fees in notes 2 and 4 are apportioned on the basis of staff time. CLEAR YEARLY INCOME AVAILABLE FOR DISTRIBUTION The trustees have no discretion in the distrtbub'on of the clear yearly income" which Is still maje in 70ths. in ￿CordanCe with the original Trust Deed and subsequent amendmenls. The beneficiaries are as follows.. Nurnber of 70th5 2024 2023 The Trustees of". General Charity IC¢)ventyl Comprising.. Coventry Trustees Coventry General Charities Clerk to Coventry General Charities Coventry Stock Charity Sir Thomas White's Northampton Charity Leicesler, Sir Thomas White's Loan Charity Nottingham, Sir Thomas White's Loan Money Charity Wanmick, The Charity of Sir Thomas While The Master and Wardens, Merchant Taylors, Company 326,546 979,636 40,818 163,273 326,546 326,546 326,546 326,546 40,818 318,270 954,811 39,784 159,135 318,271 318,271 318,271 318,271 39,784 24 70 2,857,275 2,784,868 Page 17 SIR THOMAS WHITE'S CHARI NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 SUPPORT COSTS - GOVERNANCE COSTS 2024 2023 Trustees. professional indemnity insurance Clerks, fees Auditors, remuneration Accountancy 2,096 12,423 5,115 3,225 1,837 11,608 4,740 3,000 22,859 21,185 EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES The Charity had no employees during the year {2023.' Ncnel. No Trustee or persons connected with Trustees received any remuneration from the Charity during the year. In 2024 no Trustees re￿iVed reimbursement of expenses from the Charity12023'. None). FIXED ASSET INVESTMENTS Freehold Investment Quoted Pro rties Investments Total Fair value at 1 October 2023 Additions Disposals Net realised and unrealised profits 58,209,949 25,335,655 83,545,604 5,296,934 3,891.805 9,188,739 140,1371 {3,328,9751 13,369,112) {554,2921 2,786.811 2,232,519 Fair value at 30 September 2024 62,912.454 28,685,296 91,597,750 Inve5trngnt properties have been revalued at 30 September 2024 irr accordance with the accounting policy. This valuation is based on appropriate professional advice obtained from Messrs. Godfrey- Payton, Chartered Surveyors. 2024 2023 Quoted investments at market value comprise.. Other UK Fixed Interest Ordinary stocks and sha￿$ 4,208,439 2,856,232 24,476,857 22,479,423 28,685,296 25,335,655 Included in investments above are quoted investments with a fair value of £13.551,044 (2023.. £12, 182,0641 which are held outside the UK. The fair value of listed investrnenls 15 determined by reference to the quoted wice for idenb'cal assets in an active market at the balance sheet dale. Page 18 SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year endod 30 September 2024 DEBTORS 2024 2023 Other debtors Prepayments and accrued income 342,009 268,472 660,942 608,467 610.481 1,269,409 CREDITORS- Amounts falling due within on• y•ar 2024 2023 Clear yeady income not yel distributed Other creditors Deferred incom& ￿￿15 received in advance 2,857,275 371,284 375,394 2,784,868 848,3go 337,980 3,e03,953 3,971,238 DEFERRED INCOME Under 1 year Total At 1 October 2023 Additions during the year Released 337,980 337,980 371,644 371,644 1334,2301 {334,2301 At 30 September 2024 375,394 375,394 10. OPERATING LEASES - LESSOR Total fvlure minimum lease rentals recewable under non