SIR THOMAS WHITE'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
SIR THOMAS WHITE'S CHARITY INDEX TO THE FINANCIAL STATEMENTS lor the year ended 30 September 2025 Page Administrative Details Trustees, Annual Report Independent Auditors. Report to the Trustees of Sir Thomas lte'S Charity Statement of Financial Activities 2025 11 Statement of Financial Activities 2024 12 Balance Sheet 13 Slalement of Cash Flows 14 Notes to the Financial Statements 15
SIR THOMAS WHITE'S CHARITY ADMINISTRATIVE DETAILS TRUSTEES MR. R.V. WGLESWORTH OBE. DL, FRICS MR. C.P. TRYE BEM, MA, MSG. FCA MR. R.M. HARDY FRICS MR. A.E.T. FORSYTH MR. P.D. MEREDITH Bsc ICHAIRMANI MR. A.T HOPKINSON MA, MBA. CFA Iresigned September 20251 MRS. V. JACKA MA, FCSI MR. I.S. GRINDAL MA CLERKS Mr. P.E. Cowen Bsc (Hons), MRICS Mr. C.G Percy Bsc (Hon51, MSC, MRICS, FAAV REGISTERED OFFICE Godfrey Payton, Old Bablake, Hill Street, Coventry, CV1 4AN BANKERS Lloyds plc, 30 High Street, Coventry, CV15RE National Weslrninsler Bank Plc, 24 Broadgale, Coventry CV1 1 NE SOLICITORS Wright Ha55all LLP, olympus Avenue, Royal Leamington Spa. WaNick, CV34 6BF AUDITORS Dafferns Audit Limited, One Eastwood, Harry Weston Road, Binley 8u5iness Park, Coventy, CV3 2UB INVESTMENT ADVISERS Quilter Cheviot, 8UI Floor, Two Snowhill. Birmingham, 84 6GA REGISTERED NUMBER 218626 Page 1
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 The Trustees present their report and the audited financial statement5 of the Charity for the year ended 30 September 2025, The Trustee5 have adopted the provisions of the Statement of Recommended Practice ISORPI Accounting and reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the Charity. The financial statements have been prepared In accordance 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., Slalemenl of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland published In October 2019. STRUCTURE GOVERNANCE AND MANAGEMENT The Charity was established in 1542 by Sir Thomas White. It is conslituled as an unincorFxJrated associatton being formalised and primarily governed under a Trust Deed dated 6th July 1551. The a(Jministralion of the Charity is vested in a number of Trustees, currently eight sucSS0r$ lo those originally appointed. New Trustees to fill vacancies arising from time lo lime a 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 assist in its adminislralion. There is no Iimil on the length of time a person may serve as a Trustee of the Charity. No Trustee receives any remuneration. During the financial year the were no changes lo the Trustee body. although Mr Hopkinson stood down as a Trustee during the Summer 2025 but will continue lo assist the Charity in a lay capacity in the future with specific regard to ils investment portfolio. Mrs Jacka continued as Chairman of their Investment Sub-commillee throughout the year. On appoinlmenl, new Trustees re1ve sufficient background infomialion to enable them quickly to understand the financial position of the Charity and ils current work in hand. Whilst the Trustees make periodic inspections of the Charity s properties, arrangements are also made for new Trustees to inspect any particular property should they so wish. Two Chartered Surveyors lill the role of Clerks to the Charity", the Senior Clerk Mr P E Cowen Bsc MRICS is assisted by Mr C G Percy Bsc MRICS FAAV. Two solicitor5 and tsvo stockbrokers also advise the Trustees. All report to regular meetings ofthe TrLJStees where recommendations are made, and decisions taken. Authority is delegated lo the Chairman, other Trustees and the Clerk as appropriate to deal with urgent mallers arising between meetings. Risk Management On a regular basis, the Trustees examine the major strategic, business and operational risks which the Charity faces so that they are able lo confirm that systems have been established to enable regular reports lo be produced and the necessary steps taken lo lessen these risks. The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and Setting the grant making policy for the year. OBJECTIVES AND ACTIVITIES The Charity was originally established in 1542 for the benefit of Charilies in Coventry, Leicester, Norlhamplon, Nottingham and Vvarwick together with the Merchant Taylor's Company in London. Following Ils establishment. land was purchased for £1,400 to produce an income 01 £70 per annum and the Income of the Charity continues to be distributed to these Charities, in sevenlielhs, in accordance with the original Trust Deed, various Acts of Parliament, High Court decisions in the nineleenlh century and current Charity Commission Schemes and advice. The Trustees of the Beneficiary Charities use their share of the distribution in accordan wrth their own Charitable Schemes and the Merchant Taylor's Company in accordance with its Charter and Constitution There is no other lationShiP bètween the Charity 8nd these organisations. Page 2
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 OBJECTIVES AND ACTIVITIES ontinued... As a consequenTr, the activity of the Charity Is solely Conrned with the proper management of ils assets. The aim Is to provide an even or steadily increasing distribution to the Beneficiary Charities whilst being con5CIOUS of the need for adequate security of investment and capital growth opportunities. Investment Policy The Trustees continue lo believe that their investment aims can best be achieved by holding a mixture of agricultural and commercial properties along with a Stock Market investment portfolio. In geneial terms they consider that an approximate equal division between these three categories of investment is appropriate with the bÈlance being regularly revièwed. The Trustees believe that this policy should avoid the Charity being excessively exposed lo any major investment risks. ACHIEVEMENTS AND PERFORMANCE STOCK MARKET 8ackground The financial year began on a strong footing. The 'US exceptionalism, narrative dominated. as US equities delivered a second consecutive year of retums above 20D/o, marking their fourth 200A+ year in six. Donald Trump's election victory in November reinforced this rnomentum, as expectations of lax cuts, increased spending and deregulation buoyed financial markets However, concems over widening deficits and persistent inflation tempered enthusiasm After cutting rates by 0.5D/v and 1 Q/0 respectively in 2024, the Bank of England and Federal Reserve signalled only modest easing for 2025, disappointing markets and pushing bond yields higher into calendar year-end The start of 2025 was char8Cterised by a marked increase in volatility. Investor confidence in the tech sector wavered after Chinese Al start-up Deepseek Al launched a rival model, prompting a reassessment ofvaluations. AlthoLJgh fears proved overstated, sentiment was knocked. Geopolitical uncertainly compounded this, as President Trump announced tariffs on imports from Mexico, Canada, and China alongside levies on steel and aluminium. While many measures were postponed or softened, the threat of relalialion weighed on markets. By mid-year, tensions escalated with Trump's Liberation Day" annOunMent of reciprocal tariffs that were harsher than expected. The shock triggered the S&P 500's fifth-worst Iwo-day decline since World War11 and pushed long-daled US Treasury yields lo circa A subsequent 90-day pause in tariff implemenlalion helped restore calm and recoup all losse5 lin local currency terms). However, cracks in the 'US exceplionalism, narrative deepened with 8 weaker USD (which amplified losses for sterling inveslorsl and elevated bond yields highlighting softer sentiment for the region. In conlrasl, the UK and Europe attracted renewed interest, the latter by looser fi'scal policy, including Germany's 500 billion infraslruclure programme and increased Eurozone defence spending. Geopolitical risks persisted, with conflicts in Ukraine and the Middle East unresolved. though market reactions were muted aside from a temporary spike in oil prices The final quarter of the financial year saw trade tensions ease as tariff extensions paved the way for new agreements, reducing average rates below earlier proposals Economic growth proved resilient, though signs ofweakness in the US labour market prompted a 0.25Vo Fed rale cul In September. with further easing signalled. In conlrasl, stubborn inflation kept the Bank ol England on hold. Risk assets performed well against this backdrop, with the tech sector leading gains. Investor enthusiasm for artificial intelligence rernained strong, reinforced by a flurry of deals involving OpenAI, the operator of ChalGPT, which fuelled momentum. Meanwhile, long-dated bonds diverged as fiscal concerns resurfaced in Europe, pushing French yields to their highest since 2009 and UK 30-year gills to levels last seen in 1998, before bond markets regained composure al the end of the period. Page 3
SIR TrIOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 ACHIEVEMENTS AND PERFORMANCE ontinued... Portfolio Performance The portfolio posted a total retum of 11.4.10 Inel of fees) over the financial year, compared lo MSCI PIMFA Balanced Index's return of 11,7'/o Igross of fees). The value of the portfolio increased from £29,047,190 10 £31,243.921, whilst Income received by the charity tolalled £1,072.526, which was in line with the Charity's income tsrget as sel out in the Slalemenl of Investment Policy. The income generated presented a 3.8010 increase on the previous year. After taking account of opening and c1051ng creditors and debtors. the income identified from the Portfolio for the year amounted lo £1,031,505. All major asset classes in the portfolio contributed positively lo performance over the year, though equ11ies led the way. While 'US exceptionalism ' supported by optimism around artificial intelligence, remained a prevalent theme IMSCI North America +18.0°kl, the MSCI UK IMI 1+16.10/01 and MSCI Europe ex UK1+14.7V/ol trailed more narrowly than the prior year. The income bias of the portfolio, as dictated by the charity's objectives. naturally limits the exposure to the lop-performing. low-yielding tech sector that forms a large part of the US market. Nevertheless, the portfolio's US exposure delivered retLJrns only marginally behind the benchrnark (+16.8Q/o) demonslraling diverse source5 of growth. In stark contrast lo global benchmarks, the top performing portFolio holdings over the year were incredibly varied in nature, with BAE Systems 1+69.8O/ol, Nelllix 1+68.2O/ol, Natwest 1+59.9Okl, Nvidia 1+54.2OAI and British American Tobacco {+53.0¢/ol amongst the lop performers. Strong equity market performance, coupled with attractive bond yields, saw profits taken from the equities allocation and recycled into fixed interest. The opportunity was also taken to raise cash levels in anticipation of forthcoming capital withdrawals COMMERCIAL PROPERTY The property market reached the bollom of the cycle in 2024 and ended the year with slightly improving values. Yields remained stable for the majority of 2024, bL¢I compressed during 2025, reflecting the modest interest rate cu15. Prime, well-located office stock should benefit from the expected jobs grow*h as the UK economy grows. Both the retail and logistics sectors will gain from the increasing consumer demand. Although lower interest rates will support increased activity In the residential market, the continued imbalance between demand and supply is supporting strong rental growth in the private rented sector. However, planning reforms may alleviate supply shortages of residential property in the medium to long-lerm and provide more investment opportunities. Equally recent enactment of the Renters Reform Act will lead to a degree of caution In the residential rental sector for new and existing investors, which may well drive rents lo higher levels All property net yield forecasts show that turnS are likely to be competitive across all segments of commercial property in the immediate short term. However, analysis suggests that prime property returns could be stronger. Expected income growth. combined with Capital value appreciation, made 2025 an opportune moment to buy, and unlike 2024. more credit was available. The market is bringing exciting opportunities for investors with medium lo long term opportunities. The Charity acquired a roadside Drive-Thru site close lo Rugby town ntre in September 2024. which provided a good opportunity to add value to an already diverse commercial investment portfolio. The sile includes premises for Starbucks, Inlelijel leleclTonic car wash) and Gridserve IEV chargers). Al High Street, Sandyford, Ipurchased in 20231 we We able lo negoliale a premium lo a letting lo Domino's (£62,500 plus VATI. which provided confidence in the quality of the investment and the desire for Domino's to have a base in thi5 Strong commercial location. The benefits ofthe sile were able to be further enhanced Ihrotjgh the agreement of favourable tem15 With Instavoll IEV chargers) at a rent of £21,000 plus VAT pax. In addition lo the above the Trustees have been working on a further acquisition which is anlicipaled lo complete in late 2025. being a new development at Stone Istaffordshirel, which will Ljltimately consist of a Co-op convenience store, premises for Vets, a Charity Shop and a fish and chip shop This will add diversity and structure lo an already stron9 mixed portfolio of commercial property Page 4
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 ACHIEVEMENTS AND PERFORMANCE eontinued... In the round, the commercial portfolio has remained stsble with strong Income growth and good tenant covenants, resulting in a low level of debts and no significant voids. A positive and proactive approach to the relationship with tenants (with engagement on a partnership basis), has yielded opporlLJnilies for growth thus protecting the income stream from this aspect of the portfolio for the longer term. Adjuslmenls have been made to the year-end valuations lo refleel the changes detailed above AGRICULTURAL PROPERTY (including planning and development) During the year there was continued focus on capital and revenue projects across the rural eslale particularly in respect of significant activities on the Coventry, Allesley and Cubbington estates. Ultimately there were no purchases, but a number of agricultural investments were investigated with none being considered suitable. Following the complete refurbishment of the two farmhouses at Alton Hall Farm in 2024, new lettings were pul in place early in the financial year lo boost lolal Income returns. The agricultural sector still continues to suffer from reduced incomes, year on year. which was compounded by a wet winter In 24125 followed by a very dry Summer resulting In poor crop yields al harvest 2025 for many arable farmers. This followed a particularly wet season 12 months earlier. The transition between the Basic Payment Scheme and complex new environmental schemes (including the SFII continues lo evolve, with the virtual loss of all BPS payments from 2026 onwards and 8 reluctat)ce from the new Government to pul successor environmental schemes in place. The transition of UK fam)Ing lo subsidy-free incomes will continue to present challenges across all sectors in the years ahead. The Iiveslock sectors continue lo show more resilience, particularly for dairy, beef and sheep although herd health concerns remain a priority for many farmers parliculady in the light of on90ing climate change factors. As a consequence, there have been no significant rental uplifts on the agricultural hoSdings during the year. The land market peaked during 2024, with prime land values remaining stable subsequently. Capital values remain high with income yields in the region of 1.25 _ 1 S}0, making iuslificalion of sale5 and purchases difficL¢II to achieve wilhoul the prospect of long-term capital growth Extended negotiations continued with HS2 in relation to compensation for land acquired at Cubbington as parl of the National Infraslruclure Project. A further 14.1 acres was acquired from the Charity in late 2024, for which no capital payment has yet been made. Further discussions continue with HS2 to secure the full wmpensation due in respect of land compulsorily acquired from the Charity in previous years. Regular maintenance of residential properties and other buildings across the rural and commercial estate5 included the completion of re-roofing works lo the warehouse unil al Heathcole, a bathroom refurbi5hmenl and guttering repairs lo properties al Kenilwoflh, and maintenance lo the silage clamps al Allesley Towards the end of the year, we learnt of the sad de8th of the Charity's very long-standing tenant al Aldermans Green. which is likely lo lead lo some reorganization of the Charity's landholdings in the area during 2026. In latiOn to planning and development projects, there was con51derable activity in respect of the landholdings at Glebe Farm, Cubbington (where a draft residential allocation as part of the South Warwickshire Local Plan was achieved), and also at Ansty where a new development partner will lake forward part of the Charity's interests from Autumn 2025 onwards. Significant future development opportunities also remain on other landholdings at Ansty and Cubbington, together with parcels on the Gmntham, Allesley and Kidderminsler estates. They have continued lo be progressed with land promoters and the relevant planning authorities throughout the year. FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE Sir Thomas White's Charity does not contract with a third paty lo undertake any ftjndraising on ils behalf. Hence. we have received no fundraising complaints during the year. Page 5
SIR THOMAS WHITE'S CHARITY TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 FINANCIAL REVIEW Dividend receipts have increased during the year despite a relatively wèak UK economy. the ongoing confiicts in Ukraine and the Middle East and other challenges to the markets with the income generated being in excess of the largeled £1,070,000. In the commercial propety sector, proactive management of the portfolio has resulted in consistent income across all properties within the portfolio The new income slffams from the recent roadside retail park acquisitions at Stoke and Rugby have also helped to boost income returns from this sector of the Charity's asset base. The agricultural sector is ID a large exlenl suffenng froTn turbulence. Some farm tenants have been able to lake advantage of the stronger livestock markets for beef and sheep in particular, while those within the arable sector are seeing greater headwind5 Ihgn for many years. Within the arable sector a combination of reduced commodity prices, 5abour shortages, higher interest rates and the UK Government's transition out from BPS have all presented some significant challenge5. Land values have started to see some modest reductions. bul rents have to date remained static. However, there is a lack of confidence within some parts of the farming community at the present time. The Income Reserve Fund has been increased lo £580,410 and the distributable income this year is £2,974,423 representing a 4.1010 IncaSe over 2024. Resorve$ 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 ANO DEVELOPMENTS Continuing worldwide uncertainties are pvalent with the war In Ukraine and the turmoil in the Middle East coupled with slow growth throughout economies of Western Europe. Interest rates have been on a downward trend in both the UK and US, and inflation is stubbornly returning towards the 2Wo Bank of England largel. Unemployment remains low, albeit steadily increasing within the UK. During the financial year ahead, the Charity expects lo continue with a strong income yield from ils Stock Market portfolio. The likely acquisition of a further commercial propety in Slaffordshire will supplement the commercial property income and Il seems likely that agricultural rents will remain broadly static. Vlthilsl land values in the agricultural sector peaked in 2024, suitable properties for purchase will remain difficult lo source al realistic yields. However. there may well be more opportunities for land with long term development potential than has been seen in recent years. The Trustees believe that their spread of investments should protect their distributable income in the longer- tem, bul over the next 12 months each sector will need to be carefully monitored. Page 6
SIR THOMAS WHITE'S CHARITY TRUSTEES. ANNUAL REPORT for the year ended 30 Septembgr 2025 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 Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustee5 to 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 statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently". observe the methods and principles in the Chaflties SORP", make judgments and estimates that are reasonable and prudent", s18te whether applicable accounting standards have been 1011owed, subject lo any material departures disclosed and explained in the financial slalemenls., prepaie the financial slalements 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 asOnable accuracy at any time the financial position of the Charity and enable them to ensure that the financial slalemenls 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 lor taking reasonable steps for the prevention and detection ot fraud and other irregularities. Approved by Order of the 8oard ol Trustees on 18 December 2025 and signed on their behalf by". R.V. IMGLESWORTH- Trustee Page 7
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 lte,8 Charity Ilhe 'charily'l for the year ended 30 September 2025 which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial 5t81emenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable laNV and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable In the UK and Republic ol Ireland (United Kingdom Generalty Accepted Accounting Practicel. In our opinion the financi81 statements.. give a true and fair view of the slate ol the charity's affairs as 2130 September 2025, and of ils incoming resour¢es and application of resources, for the year then ended, have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities lor the audit of the financial slalements section of our report. We are Independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in aordanCe with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fi'nancial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial slalements 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 doubl on the charity's ability to continue as a going concern for a period of al least Nvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other informallon The other Infomation comprises the Informalirin included in the trustees, annual report, other than the financial statements and our auditor's ffport thereon The Iruslees are responsible for the other information contained within the annLJal report. Our opinion on the financi81 stslemenls does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial slatemenls, or our knowledge obtained in the course of the audit or otherwise appears lo be materially misslaled. If we Identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material misstalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 8
SIR THOMAS WHITE'S CHARITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF SIR THOMAS WHITE'S CHARITY Matters on whlch we are required to report by exception We have nothing lo port in respect of the following matters in relation lo which the Charities IAccoLJnts and Reports) Regulations 2008 require us to report lo 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 not In agreement with the accounting records., or we have not received all the information and explanations we require lor our audit. Rosponslbllltles of trustees As explained more fully in the Iruslees, responsibilities statement sel out on page 6, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Iruslees determine is neSSary lo enable the preparation of financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to 5iquidate the charity or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misslalement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assur8nce is a high level of assumnce, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the econornic de¢isions of users taken on the basis of these financial statements. Irregvlarilies, including fraud, are instances of non-compliance with laws and regulations. We design procedu$ in line with our responsibilities. outlined above, to delect material misstatements in respect of irgUIaritLes, including fraud. The specific proCedUS for this engagement and the extent to which these are capable of detectin9 irregularities, Including foud is detailed below." EnqLJiry of management. those charged with govemance and the entity's solicitors around actual and tenti81 litigation and claims., EnqLJiry of enlily staff in compliance functions lo identify any 1nslanS of non-compliance with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing financial statement disclosures and le5ting to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments fof appropriateness, evaluating the rationale of significant transactions outside the normal Course of activities and viewIng accounting estimates for bias. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities. including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of InStanS of non-compliance. Page 9
SIR THOMAS WHITE'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF SIR THOMAS WHITE'S CHARrrY The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion A further description of our responsibilities for the audit ol the financial slalements is located on the Financial Reporting Council's website al.. www.frc.org.ukJaudilorsrespon51bilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Gharity's Iruslees. as a body. in accordance with regulations made under Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's Iruslees those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Dafferns Audit Limited Chartered Aecountanls Slatulory Auditors, Eligible lo act as an auditor in terms of Section 1212 of the Companies Act 20C6 One Eastwood, Harry Weston Road, Binley Business Park, Coventry, CV3 2UB Dated. 12 January 2026 Page 10
SIR THOMAS WHITE'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 Sopt¢mber 2025 Reslricled income funds Endowment funds Total 2025 Total 2024 e12 see Notes Income and endowments from: Investment income Rents receivable Dividends and interest on quoted Secursties Interèst on bank deposits Other Income 2,261,387 2,261,387 1,992,108 1,031,505 78.830 20,000 1,031.505 78,830 20,000 1,047,081 140.376 26,906 Total income and endowments 3.391,722 3,391,722 3,206,471 Expenditure on: Raising funds Charitable activities Clear yearly income available for distribution Distribution lated support costs 326,978 116,755 443,733 531,649 2,974,423 24.634 2,974,423 24,634 2,857,275 22,859 Total expendlture 3,326,035 116,755 3,442,790 3.411,783 Nel gainslllossesl on investment assets 6 3,983,509 3,983,509 2,232,519 Net income l Net movement In funds 65,687 3,866.754 3,932.441 2,027.207 Reconclllation of funds Total funds brought forward 514,723 91,617,061 92,131,784 90,104,577 Total funds carried forward 12 580,410 95,483,815 96,064,225 92,131,784 The notes on pages 15 to 22 form part of these financial statements Page11
SIR THOMAS WHITE'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 S¢ptember 2024 Reslricled income funds Endowment funds Total 2024 Notes Income and endowments from: Investment income Rents receivable Dividends and interest on quoted Se¢urilies Interest on bank deposits Other income 1,992,108 1,992,108 1,047,081 140,376 26,906 1,047,081 140,376 26,906 Total income and endowments 3,206,471 3.206,471 Expenditure on: Raising funds Charitable activities Clear yearly income available for distribution Distribution related support costs 421,938 109,711 531.649 2,857.275 22.859 2,857,275 22,859 Total expenditure 3,302,072 109,711 3,411,783 Nel gainslllosses) on investment assets 6 2.232.519 2,232,519 Net incom8 l Not movement In funds 195,6011 2,122,808 2,027,207 Reconciliatlon of funds Total funds brought forward 610,324 89.494,253 90,104,577 Total fund6 carrled for•iard 11 514,723 91,617,061 92,131,784 The notes on pages 15 to 22 fom part of these financial statements Page 72
SIR THOMAS WHITE'S CHARITY BALANCE SHEET 30 September 2025 Notes 2025 2024 FIXED ASSETS Investments 93,925,455 91,597,750 CURRENT ASSETS Debtors Cash al bank and in hand 583,713 5,170,924 610,481 3,527,506 5,754,637 4,137,987 CREDITORS: Amounts falling due within one year 3615 867 3 603 953 NET CURRENT ASSETSIILIA81LITIESI 2,138,770 534,034 NET ASSETS 96,064,225 92,131,784 FUNDS OF THE CHARITY: Restricted income funds Endowment funds 580,410 95,483,815 514,723 91,617,061 12 TOTAL CHARITY FUNDS: 96,064,225 92,131,784 The financial statements have approved and authorised for issue by the Board ol Trustees on 18 December 2025 and signed on their behalf by.. R.V. VVIGLESWORTH TRUST C.P. TRYE TRUSTEE The note5 on pages 15 to 22 form part of these financial statements Page 13
SIR THOMAS WHITE'S CHARITY STATEMENT OF CASH FLOWS for the year ended 30 September 2025 Notes 2025 2024 Net cash flow from operating activitigs 13 13,384,108) 13,093,234) Cash flow from invgsting activities Payments lo acquire inveslrnent 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 116.5991 80,000 {2,030.1371 3.622,540 78,830 1,031,505 2,261,387 15,296,934) 40,137 {3,891,8051 3,328,975 140,378 1,047,081 1,992,108 Net cash flow from investing activities 5,027,526 12.640,0621 Net inereaselldecreasel in cash and cash equivalents 1,643,418 15,733,296) Cash and cash equivalents at l O¢tob8r 2024 3,527,506 9,260,802 Cash and cash equSvalents at 30 September 2025 5,170,924 3.527.506 Cash and cash equlvalents conslsts of: Cash at bank and in hand 5,170,924 3,527,506 Cash and cash equivalents at 30 September 2025 5,170,924 3,527,506 Analysis of changes in net debt 2024 Cashflow 2025 Cash al bank and in hand 3,527,506 1,643.418 5,170.924 Total net debt 9,260,802 1,643.418 5,170,924 Page 14
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 Soptember 2025 ACCOUNTING POLICIES General Information and basis of preparation Sir Thomas White'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 of these financial statements. The nature of the charity's operations and principal activities are for the benefit of Charities in Coventry, Leicesler, Northampton, Nollingham and Warwick together with the Merchant Taylor's Company in London. Following ils establishment, land was purchased lor £1,400 to produce an ineome of £70 per annum and the income of the Charity continues lo be distributed lo these Charities, in sevenlielhs, in accordance with the original Trust Deed, various Acts of Parliament, High Court decisions in the nineteenth century and current Charity Commission Schemes and advice. The charity conslilules a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities." Slalemenl of Recommended Practi applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted AccoLJnting Practice. The financial slalemenls have been prepared to give a 'true and fair, view and have departed from the Charities IAccounls and Reports) Regulations 20D8 only to the extent required to provide a 'true 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 Charities". Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared under the historical cost convention, modified to include certain items al fair value. The financial statements are presented in Pound Sterling (£1 which is the functional currency of the charity and rounded lo the nearest £1. The significant accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been consistently applied lo all years presented unless otherwise Stated. InGome recognition All income is included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and il is probab5e that the income will be received. Investment income is earned through holding assets for investment purposes such as shares and propety. 11 Includes dividends, interest and rent. Vvhere il is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the Investment incorne is reported nel of these costs. It is included when the amount can be measufftd reliably Interest income is recognised using the effective interest method and dividend and rental income is recognised as the charity's right to receive payment Is established. Page 15
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025 ACCOUNTING POLICIES (continued...) Expenditure re¢ognitlon All expenditure 15 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 constructive obligation lo make payments lo third parties. il is probable that the selllemenl will be required and the amount of the obligation can be measured reliably. It is calegorised under the following headings. Costs of raising funds includes investment management costs and certain legal lees., Expenditure on Gharitable activities includes grants made in accorttance with the terms of the trust deed, and Other expenditure being predominantly governance costs repSentS 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 within the charitable obieclives. ve unconditional 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. lJin)ere grants are conditional relating lo performance then the grant is only accrued when any unfulfilled conditions are outside ol the control of the charity Costs Incurred in facilitating the sale of properties are included as an expense in the slalemenl of financial activities if disposal cannot reasonably be foreseen al the lime the costs are incurred. The written off costs are then credited back lo the slalemenl of financial activities only when the disposal of the relev8nt property is certain. Support costs allocation 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 are totally Insignificant due to the specific term5 01 the trust deed. GoverDan¢e costs Governance costs comprise all costs involving the public accountability of the Challty and its compliance with regulab'on and good practice. These costs include costs related lo slalutory audit and leg81 fees together with an apportionment of support costs. Fixed asset investments Quoted investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently. they are measured at fair value with changes recogni5ed in 'net gains I Ilossesl on investments, In the SOFA if the shares are publicly traded or their fair value can otherwise be rneasured reliably. Inveslrnenl properties for which fair value can be measured reliably without undue cost or effort are measured al fair value al each reporting dale with chan9es In f21r value recognised in 'nel gains I Ilossesl on investments, In 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 rates of return appropriate lo the type of property. Adjuslrnents are made where this method Is considered to result In an unrealistic valuation. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitLJde of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors Page 16
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025 ACCOUNTING POLICIES Icontinugd. .) Financial instruments Basic financial instruments in debtors and creditors with no staled interest rate, and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are fvnds which are lo 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 specific fund. The aim and use of each restri¢led fund is set out in the notes to the financial statements. Endowment funds represent those assets which musl be held permanently by the charity, principally Freehold investment properties and quoted inveslmenls. Income arising on the endowment funds Gan be used in accordance with the objects of the charity and is included as unrestricted incoffle. Any capital gains or losses arising on the investments form part of the fund Inve5trnent management charges and legal advi relatsng to the fund are charged against the fund. Details of the nature and purpose of each fund is sel out In notes 11 and 12. The amoL¢nl held in the Incorne Reserve Fund is entirely al the discretion of the Trustees. Going ¢oncern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial stalernenls. The budgeted income and expenditure 15 sufficient with the level of reserves for the charity lo be able to conb'nue as a going concern. Key accounting estimates and judgoments The key source of eslimalion UnGertainty Is the valuation of investment properties. In part1cular commercial properties which are professionally valued annually primarily using a yield methodology This Uses market rental values capilalised at a market capitalisalion rate bul there is an inevitable degree of judgement involved in that each property 15 unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuations were Gapilalisalion rates between 4.OOQ/o and 12.00°/0. Page 17
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025 COSTS OF RAISING FUNDS 2025 2024 Restricted income fund: Investment Properties" Ground rent. council tax and water rates Repairs Insurance5 Legal and other professional charges Planning, consultant and archilecl's charges Agents fees Other 16,238 71,893 31,627 47,096 1,851 151,522 6,751 15,958 133,641 27,183 62,905 40,694 126,543 15,014 Endowment fund: Investment Portfolio" Portfolio management charge Foreign exchange gainslllosses} 116,207 548 109,074 637 443,733 531,649 At 30 September 2025, unrecovered planning costs incurred in facilitating the ulbmate sale of properties were £22,83712024.. £129,754). 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 distribution of the "clear yearly income" which is still made in 70ths, in accorclance with the original Trust Deed and subsequent amendments. The beneficiaries are as follows.. Number of 701hs 2025 2024 The Trustees of". General Charity (Coventry) Comprising.. Coventry Trustees Coventry General Charities Clerk lo Coventry General Charities Covenlry Stock Charity Sir Thomas lIe'S Norlhamplon Charity Leicesler, Sir Thomas While's Loan Charity Notlingham, Sir Thomas Vvhite's Loan Money Charity Warwick, The Charily of Sir Thomas Imiite The Master and Wardens, Merchant Taylors, Company 339,934 1.019.802 42.492 169.967 339.934 339,934 339.934 339.934 42.492 326,546 979,636 40,818 163,273 326,546 326,546 326,546 326,546 40,818 24 70 2,974.423 2,857,275 Page 18
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year endgd 30 September 2025 SUPPORT COSTS- GOVERNANCE COSTS 2025 2024 Tru8lees' professional indemnity insurance Clerk5, fees Auditors, remuneration Accountancy 2,807 13,227 5,455 3,145 2.096 12,423 5.115 3,225 24,634 22,859 EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES The Charity had no employees during the year12024". None). No Trustee or persons connected with Trustees received any remuneration from the Charity during the year In 2025 no Trustees received reimbursement of expenses from the Charsty {2024.. None). FIXED ASSET INVESTMENTS Freehold Investment Pro erties Quoted Investments Total Fair value at 1 October 2024 Additions Disposals Net realised and unrealised profits 62.912.454 28.685,296 91,597,750 16.599 2.D30,137 2,046,736 180,0001 {3,622,5401 13.702,5401 1,661,616 2,321,893 3.983,509 Fair value at 30 September 2025 64,510,669 29,414,786 93,925,455 Inve51menl properties have been revalued at 30 September 2025 in accordance with the accounting policy. This valuation is based on appropriate professional advice obtained from Messrs. Godfrey- Payton, Chartered Surveyors. 2025 2024 Quoted investments at market value comprise.. Other UK Fixed Interest Ordinary stocks and shares 4,641,791 4,208,439 24,772,995 24,476,857 29,414,786 28,685,296 Included in investments above are quoted investments wrth a fair value of £14,193,988 12024.. £13,551,044) which are held outside the UK. The fair value of listed investments is determined by relerence to the quoted price for Identical assets in an active market al the balance sheet date. Page 19
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025 DEBTORS 2025 2024 other debtors Prepayments and accrued income 306,037 277,676 342,009 268,472 583,713 610,481 CREDITORS: Amount$ falling due within one year 2025 2024 Clear yearly Income not yet distributed Other creditors Deferred income- rents received In advance 2,974,423 286,841 354,603 2,857,275 371,284 375,394 3,615,867 3,603,953 DEFERRED INCOME Under 1 year Total At 1 October 2024 Additions durir¢g the year Released 375.394 375,394 354,603 354,603 1375,394) 1375.394} At 30 September 2025 354,603 354,603 10. OPERATING LEASES- LESSOR Total future minimum lease renta15 receivable under non-cancellable operating leases are as follows.. 2025 2024 Not later than one year Later than one and not later than five years Later than five years 1,438,921 4,546,951 4,943,636 1,258,930 4,017,701 5,088,877 10,929,508 10,365,508 Operating leases relate lo rentals receivable in respect of the charity's land and building portfolio. Page 20
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS forthe yearended 30 September 2025 11. RESTRICTED FUNDS Balance at 1 October 2024 Balance al 30 September 2025 Income endilure Translers Income Account Income Reserve Fund 3,391,722 13,326,0351 165,6871 65,687 514,723 580,410 514,723 3,391,722 13,326,035) 580,410 The Income Account comprises the gross income of the Charity for the year which, after deduction of all relevant expenditure, will form the "clear yearly income available for distribution. The Income Reserve Fund is lo achieve a smoothing of future distributions and has Charity Commission approval. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel current assets Fixed assets Total Restricted funds Income Reserve Fund Endowment funds 580,410 580,410 1,558,360 95,483,815 93.925,455 Total tunds at 30 September 2025 93,925.455 2.138,770 96,064,225 The Endowment Fund represents those assets which must be held permanently by the Charity, the income from which is freely available lo fund the activitie5 of the charity. 13 RECONCILIATION OF NET INCOME I IEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Nel incomellexpenditurel for year 3,932,441 2,027,207 Dividends and interest on quoted securities Rents reeeivable from investment properties Interest on bank deposits Gains on investments Decreasellincreasel In debtors (Decreasellincrease in creditors 11,031,5051 12,261,387) 178,8301 13,983,509) 26,768 11,914 17,316,549) 11,047,081) 11,992,108) 1140,3761 12,232,519) 658,928 (367,2851 15,120,441) Nel cash flow from operating activities 13,384,108) 13,093,234) Page 21
SIR THOMAS WHITE'S CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 Septernber 2025 14. OTHER COMMITMENTS The total amount contracted to bul not provided in these financial slalemenls is £nil12024'. £ nill. 15. ULTIMATE CONTROLLING PARTY The board of Trustees control the charity. 16. RELATED PARTY TRANSACTIONS There are no related party Iransaotions that reqL¢ire disclosure. Page 22