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 suc￿SS0r$ 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 re￿1ve 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 Con￿rned 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" annOun￿Ment 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 Inc￿aSe 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 p￿valent 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 a￿ordanCe 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 ne￿SSary 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 ir￿gUIaritLes,
including fraud. The specific proCedU￿S 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 1nslan￿S 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 InStan￿S 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 rep￿SentS 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. v￿e￿ 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