THE KIIYG HENRY VIII ENDOWED TRUST,
WARWICK
Tru$t¢¢s' Report and Consolidated Financlal
Statements
Year ended 31st December 2020

**THE KING HENRY VIII ENDOWED TRUST, WARWICK** 

## **INDEX** 

|**Trustees and Advisers**|**2**|
|---|---|
|**Trustees' Report**|**3**|
|**Statements of Trustees' Responsibilities**|**7**|
|**Independent Auditor's Report**|**8**|
|**Statement of Financial Activities**|**11**|
|**Charity Statement of Financial Activities**|**12**|
|**Balance Sheet**|**13**|
|**Statement of Cash Flows**|14|
|**Notes to the Financial Statements**|15|





THE KING HFNRY VIII F.NDOWED TRUST, WARWICK
TRUSTEES AND ADVISERS
'rRUSI'EES
Nomithoted Trustees:
Nominaled by..
Rev t>Jvid BIN)wn
Bishop of Covcniry
Mr Sicphcn C.opl¢y
AIrlid￿Coll ol'warwick
Cllr St¢plicn Cross
Warwick Town Council
Mrs Mari¢-BemadeiiL Ashe Warwick Iiidependeni Schools Foundation
co.opted Trustees:
Mr John Edwards
Mr lan Furlong
MTS SuYn Grinnell
MT Stephen Jobburn
Mi.%4 Kailiryii Parr
Mi. Mib114?cl Ptdcliey Ichairnianl
Mi. N¢il Tliui-ley
CLERKAND RECEIVER
Mi. Junaihan Wassall- 12 High Siieet, WJrwiLk, CV34 4AP
AUDITOR
ma7.ars LLI)_ First Flvor. Two CliaTnb¢rlain squa￿ Binninuhym. B3 3AX
INVESTMENT MANACERSIADVISORS
CC.LA Invcsimcnt Manag¢inct)t l.td- 85 Queen Victoria Sire¢L Lotidon, EC4V 4ET
Quilter Cheviot Lid- Provincial Housc, 37 New Wslk, Leic¢sl¢r, LEI 6TU
Savills IUKI Lid- 33 Mar¥airl Sireei, L￿￿on, WIG OJD
Assct Risk Con$ultsnt5 Ltd- 7 N¢w Sirect, St Peter Port, Guernbey. GYI 2PF
SOLICITORS
Loddets LLP- 10 Elin Court. Arden Sirect, %tr4tford uwn Avojt. CV37 6PA
Guwling WLG IUKI LLP- Two Snuwhill, B]￿Ing17a1￿. B4 4WR
Evershcds LLP- 115 Colrnore Row. Biniiingli<iin, 83 3AL
BANKLRS
HSBC Bank PIC- 126 Thc PaTad& Leamingt()n Spa. CN32 4AJ
PROPERTY MANAGING AGENTS
Cushman & W9k¢field- I Colmore Squart, Birmingliam, B4 6A[
AGRICULTURAI. AGENTS
Marg¢lLS- 12 High Sireei, Warwick, CV34 4AP
LAND DL"VbLOPMENT& PLANNING
Cdiesby Eslat¢s plc- Calesby HuusK Sb Toumamcnl Court. Edgehill Thivc, Warwick. CV34 6LG
Savills (UK) l.td- 31 Mar¥aTet Street, Loiidryi. WIG OJD
PRINCIPAL OFFICE- 12 High Sirlxtt, Warwick, CV34 4AP
CHARITY REGISTRATION NUMBER 232862

THF. KI￿¥(. Hf4.NRY N'llI Ef4DOWED TRVST, WARWICK
(Founded by l.ettei'5 P#teni dated 15 May 1445)
TRVSTEES, REPORT
Report gf the Trustees for year ending 31st December 20211
The Trustee4 pre*nt th¢ir Annual Report and Fit]ancial Statemenls of tlie cliai'iry for the yt<ir endcd 31st December
2020 and confirni that the Fiiiarityial Siateincnt% Comply with current statutory requirements. Clwrities Act 2011,
Accouniiiiu uiid Reporting by Cliaritie%'. 5tateineiit of Kecoimmended Prabtice appliLabl# to cliariiies preparing th¢ir
accouiit% in acLordaiiLe willi tlie FiLian¢ial Reporting Standard 102 applicable iii the UK aiid Republic of Ireland
publi%hed in October 2019 and the Trust's goveming it]8trumcnts.
The Annual Repllrt ojid Financial Statements are prcparcd ott a ¢oJisolidated ba%i¥.' including the cliarity and its
wl)olly owned Subsidiary IQH8 Limited, whicli has had an accounting referentye of 31 May from 31 May 2UI 8
onivardq. Tlie financial inlvrnidtioii Ivithiii tlii.% report r¢lats to the ¢onsolidated group numbers and ancludes KH8
LimI￿d rcsulis for th¢ 12 nioi)ths elided 3 1 Deceinb¢r.
Refertnee and admlnistrative details
The King Henry Vlll Endowed Tru¥t, Warwick'$ principal oiflce, its lisi of Trubtees and all ils key advisors are set
out on page I to th¥be Financial Statements.
The'frugt's £1 Inve￿t￿)ent in the share ¢apital of it8.%ub8idiary KH8 Limited is jointly held in trust by Mr S Jobbum,
Mr S Copley and Mr J Edwards as noniinees for ili¢ I'rustee8.
Structure, Governance #lid Manaiement
T]ie Tn￿t was establislied by L¢tlerb Palent on the 15 May 1545. The Trust's CU￿ellt governing documents are
ba%ed on a Scliemc approved by the Cliarity Commi￿￿10ners on the 23, November 1978. This ha8 been arn¢nded by
furtlier Charity Comrnission SC1￿mes and Order5.
In accordance wirh the goveming documents, the Tru81 is maL)agcd by up to twelve TTUSteeb'. eiglit Co-optative and
four Nominutive. The Ntsminative Trusiees are appf>tntpd respeciively by the Bisl)op of Coventry. the Archdea¢on of
Wanvick. Warwick Indepelld¢iil Schools foulldation and Warwick Towi Council.
The C.()-É)ptative Trusteeb are r￿n]ited through a combination of advertlging and directly approaching polenlial
candidaie%. In appointing Co-optative Tru8tees, the Tru8tees take into account ihe skklls and exp¢rience of the
poteniial ncw Tn)ste¢ in relaiion to the Eunction and purpose of th¢ Twst.
The Chaiman of the TruS￿S is responsible for the induction of any new TNstee. This illvolves awar¢ness of a
Trusiec's rc8ponsibilities, the Iiistory and purpose of tli¢ Trust, the governing do¢umenls, administyalive procedure8
alld organi8ational procesbes. Trustees are encouraged to attend appropriate traiiiing ev¢t]ts wl)ere ihese will facilitate
the undertaking oftlieir role.
In 2020, the Tru%tees held four full Trustees Meeting*. four Grants Committ¢e Meeiing84 and four Finance &
Investmeni Committee Meetings. Tru¥lees also attejidcd Ilir¢e meeting8 of the Europa Way Conbortium, wliicli is a
joint venrure witli Tl)e Charity of Thomas Oken ai)d Nichola8 Eyffler and a private irust wl)iLh is developing land
owned by its members adjaLent io Europa Way Warwick. Thc Truqt's illvolvemeni is Ilwou￿ ilb subsidiary KH8
l.iniited, which hvlds tlie land io be developed. The director$ of KH8 1.iniited Lire all Trustees of the charity. KH8
l.imited exi$18 to maximis¢ the relurji Ilie land lield and to donate the net profilts back to the ¢harity.
Ai ￿11 -frustee Meetit]g8 tlie TTUStees debate and agr¢e tlie broad 8trategy and acttvities of the T￿￿t includin¥ grant
making. inve%imct]L% <ind risk n￿lIa¥ein¢llt. The approval of individual granL% UP to £15.000 is Undertaken by the
Grants Con)mitle¢. which also tnoiiitors tlie extent of grant making during the year. The Financ¢ & Investment
Committee inonitor.% tlie perfoTman¢e of the Trust's property, COIF at)d financial invebtment portfolio togTether with
the financial perforn]ance of ihe Trus1. Tl)e activities and performance of these sub conilljitiees are reviewed ai full
Tru%iee Meeting%. Tjie Trubt's involvemeiJt in tl* Europa Way Cot)80rtium. chaired by u Trustee. has been a
igniliLant activily during ilie year and represents a major opportunity to realisc value foi the Trust and its
bei)eficiaTies. The PTogrebS of ih¢ Europa Way Con%onium and tlJc implicaiion8 fol. tlie Trust is reported at each full
Tru%tee Mcetiiig.
The Trust ha% chosen to have no employees to avoid tlie ri8k8 of employment. Its c.lerk & Rcceiver. Depuiy Clerk
at)d Acctruntsnt are all self-¢inployed or operare tI￿ough a setvice company. The Trustees receive no remuneralioii or
bLTefit8.

TIIE KIYG IIENRY VIII ENDOWED TRUST, WARWICK
(Foiinded by Letters Patent dated 15 May 1545)
'I'RUS'fEES' REPORT
Objectives
I'lie objebtive of the Trust is lo provide iiiLonie for Warwick's Anglican Churches. the Warwick 1ndep￿Idcnt Schoolq
Foundation (WISFI and Lrajits for tlie benefit of the inhabiiantb of the Old Borough of Warwick, acliieved ihrough
the distribution vf tijndb arisiiig from the investment of ilie Trubt'b Pemiaiieni Endowment. The Tn].%1'8 governing
documen¢% require tliai funds be distributed on tlie basis of 50/0 10 Wati¥ick's Anglican CIIuTLlies (Church Share),
30V/o to WISF Iscliool Sliare) and 20/0 d25tributed as dibcretionary ¥r3nts for the benefit of the inhat7iianL8 of
Warwick {To￿t Share). Funds distributed to Ilie fil'e Anglican chuwhe% are used io pay the stipend aiid housing cosis
of the ¢lergy with Tesidual being used lor ihe furilierance uf religious and chariidble <iCtivitlC8 in each of the
parishes. fundb provided to WISF are used exclusively to pruvide bursarieb for pupils from tlic Old Borough of
Wdnvick who would oth¢rwise be unable to attend tlie SLliool. Grants under the Tow]1 Share JEgularly include
support to local 5cI)ools, hospitals, Myton Hospice, non-ChurLh of England churchtts. youth organisaiionb, 8enior
citizens, sporting orgaiiisationb, museums and aris organi￿tiOns, cl)aritable support network% and support to
Individuals either directly or via other grant making cliarities.
Aehievemeiits In the year
During 2020 the Trnst distributed a total of £1,454,931 to beneficiaries with £666.933 being di.8tributcd lo tlie flve
Anglican churches in d)e to￿), £470,549 to ihe Warwick Independent Schools Foundation and £317.449 in
dis¢1'eiionary gran15 to b¢n¢ficiaries in the town ofwanvick.
During tlie year ihe Church disiributivns fui)ded the $tipends and housing cost.% of ihe clergy for eaeli to tlie flve
parislies and part paymeni of ilie costs of clergy support at tlle Myion Hobpiee located in Wan¥ick. Funds provided
to the Parwliial Church Councily h<ive been u%ed for a range of activities including the mainienai)ce and repair of
church buildings and ¢ommunEly buildings adjae¢nt to churches, community activities within pari%lie.% including
suppurt for yow)g people, the elderly and the disabled. Undcr the 'Project Pool. pariglies bid for fuiids, with projects
beinsy ass¢ssed on ilie extent of their cornanunity benefit. The iotal allocated to the 'Project Pool, in the year was
£86,132 {2019.. £285,600).
The dibtribulions to the Warwick Independent Schools Foundation during 2020 have been u.%ed to provide bursaries
for children who art resident in Warwick. The Foundaiion provide4 the8c bur8aries otj a meai)8-testcd basi8.
Grantts from the Town Share were made to 35 different organisaiions. Local state schools continue to be si￿1]fIcat}t
beneliciaries. Oiher major grants were to Warwick Apprenticing Chariiies, Myttsn Hospice, Chase Meadow
rtd
Conm]unity Centre, New Life Church, Heaihcote Parish Churclj, Citj7£n8 Advice and 2 Warwick Sea S¢out5.
Smaller ¥ranlb have supported a range of aLlivities ii)¢luding Warwick To￿1 Council, Warwick Sport Club, Playbox
Theatre Con)pany 8iid various counselling charities. 46 /￿ of all grant8 awarded beneljtted local 8¢hools or youiig
people.
The Tn￿t'S involvement in tl)e Europa Way Consortium, though it8.%ub4idiary, has been a signiflcant activily during
the year. The Consonium conlinued to work with Cateqby F..%tate8 pl¢ during the year and a large proportion of tlie
iiifrgsiTUCture work was completed by the year end, wilh tl)e remainder expected to be completed by late Spring. 11ie
Trust's sliare of Losis for Ihc year wa% £4,924,942, which was for site infrastru¢ture and highways upgrades. 'fhe
fourth and final parcel uf land was sold in February 2020. The T]wt's shair of income from these salcs in 2020 was
£16,280.124, along with £913,514 of cotnpcnsation from Western Power. The related c08t of sales was £9,164,332.
Financisl Review of the year
During the year, roial incoime from Ilie Pem]anent F.ndowment amouiited to £18,088,889 {2019.. £9,540,465) with
rcnts, licences and wayleave4 froin the Trn%t's property wrtfolio totalling £345,772 {2019.. £363,827) and divideiids
and interest income froib financial investment8 lotalling £549,4791201(J.. £740,176). Tlie £16,280,124 laiid ￿1¢$ in
KH8 Limited is in Other Trading Activities and the conipensatioh of £913,514 is in Sundry Income.
The ¢98t of roi8ing funds for other TradEng Activities was £9,164,33212019.. £3,315,974}. The ¢osi of achieving the
Trn4t'8 other income rclating to property managcment eXpe￿￿¢S and inyestment ¥naiiagenieiit expenses iotalled
£154,699 {2019.. £156.727). Other Coslb relate to wpwrt activilic8 of £85,755 and governance costs of L22,314.
The Trust's investments increased in value by £1,912.94] 12019.. £13,249.897), in addition to £24.4 million invested
during the year.
Total Net li)coii)e Iincludii)g investn)ent gaii)s) of £10.574,73012019.. £19,203.1511 15 tlie total return on the T￿￿t'S
Pennai)ent Endnwi)¢nl, a return of17.9 / 12019 46.4/} for rl)e year.
I'he fiJnd% made available for di5tributioii to benefi¢iari¢s in 2020 is detennined by tlie application of the lons-ten
distribution rate wiihiii the Tr￿st.5 Invesln)ent Policy, set at 3.350/0 siiice 2016. Overall, the proportion uf the
Pennaticnt Endowmettt made available 2020 was £1,155208 12019.. £1.400.768).

TIIE KING EILNRY VIII F.NDOWF.D TRV%T, WARWICK
{Fouiided by I.eltci's P74tent dated 15 MAY 154S)
TRUS'I"EF&*' RF,PORT
In addition 10 income froni Ihe Pei'inanenl Endowi)ieJit Ih¢re was iiitei'esl income of £363 (2019.. £1,442) from the
TO￿ Share re%eJves in the BeJ)efL¢iarieb lii¢oine FunLI.
In April 2020. inve%tmenl.4 lield in tli¢ CCLA Geti¢ral Investment Colf were switched from Income Unil$ to
A¢cumulaiion Units. Inco]ne 1% siniply reii)vested by CCLA lather tlien paid our a.% a dividend, which ￿ett￿$ thai ihe
income from rhe8e unilg Ib reflected in Net Gal￿$ on Invesimenis ratlier than in 5nv¢siment Income.
Reserves
Tlie Trustees do nor, ag a nydtter oEpolicy, retain sig)nificaiit reserves. I'he Trust does l)tswevcr en8ure that sufficient
cash resourccs are available to meei the distribution ￿ beneliciaries.
Tl)e di8tribulions to the Churches {other than io the ProjeLt Pool) and WISF are n￿de in full durilig the year with
rebkular quarterly pa)rynent8. Payment t(J the Project Pool is n)ade as required lor specifjc projects. At tl)e year end th¢
balaiicc was £106,96912019.. £196,349).
Tlie Sharc, wliich is avoilable fur grdnt makin& t)'pically has a reserve of aboi)t Dine lo twelve mnnth$'
distribution. Thi8 allows scope for flexibility wiiliiii brdnt making. At tlie year end dje balance was £159,M712019..
£245,492).
Investment5 and Investment Polley
The 'l'rust's I￿Ve￿tment Policy aims to prnduce slable. sustainable inbome to beneficiarie8 Ihat pr&%crves their long
ierni purchaging power ivlTrilst also pre8ervEn¥ the real value of il)e eiidowment over the lojig tenn. 'I'his 1.% acliieved in
part by the adoption of Total Returns accounting from l January 2012. This was permitted by a Cliarity Commis8ion
Order dated 22, Septcmber 2011. Further deiails on Total Returrns and tlie cal¢ulati()n of tlic inco￿¢ to be applied
each year are set out it) Note 110 tli¢ Financial Statein¢nts'.
The Invaslmeni Poli¢y al.80 irtcludes ihe basi¥ for ihe aiiiouiits 10 niade available fof diqiriblltiot] for beneficiai"LCS.
The di8tiibuiion 18 ba8ed on Ihe Yale Spendin¥ Rule. Tlie n)etliodology developed by Yale UiiiveT8ity aE)d adoptcd by
a nuniber of Endowment Funds in¢oiporates a niimber of key elemet)ts.' the carrying forward of a proportion of the
prior year's dislribuÉion, Ihe use of CPI ab ali appropriate inllaiion tactor and the Long"I'erm Su%tainuble Distribution
Ratc11.Tsf)Rl 8pplied 10 the value ol'invesiments. Tlie Invesimeni Polacy require8 that these elejttents are kepi undcr
regular review. Froni 2016 the LTSDR has remained ai 3.35/0. In order 10 mcet the 3.35 % LTSDR and to cover net
operating expenge8 {c. 0.22ts/) of the endowment) tlie Tn￿tee$ have set an invwtment target of 4.5 /0 ioial return, after
adju81ing for inflation.
As part of the review of Ihe Inve5tmcni Policy aiid the parameters used an the Yale Spct]ding Rule tnethodology to
alculaie the Appropriation each year the Trnslees l￿d previously agreed to am¢nd the weiO)ling belw¢¢n prior year
AppropriatiotVa88et value from 80..20 to 50..50 frurn I" Jajiuary 2017. For 2019, it wag agreed as a one-off, to
¢alculai¢ the Appropriation based on 2018 in¢reased by inflation. Tlie 2020 cal¢ulation reverted back to the regular
Calculation, bllt also included investments made in January 2020. (See Noie I
'Tot81 ReNrn' and 'lncome
Applicaiion,
for funher details.)
Th¢ Trubt's asset allocaiioii seeks to diversify risk whilsl achieving optimunJ return8 ov¢r tlie long lem. Overall
a8set allocation is i)a8ed on a stratebic overview undertaken with Asget Risk Consulrant8. Within tliat framework,
financial inv¢8lrnent8 are managed though CCLA'S COIF Invesiinent Fund or ale managed by Quilter Chevioi, partly
on a discretionary basi% and parrly oil an executiOD4)nly basis for E.TF trackers. Whi18t the ETF trackers ale equity
ba8ed the oiber investmenis are alluLaied over a range of fii)allcial in5trumeiii8. including equities, b(Inds and
comlnoditie8. Propcrty is bplil between direLi lioldings and 2 property fuiids managed by Savill8 and CCLA. Ca8h
funds are wilh Royal London Absel Managen)ent. l-he Trust's inve8rments are ¢tsn$tsnily r¢vi¢wcd and changes made
when appropriaie and on profesbional advice.
The Tru8t seeks to nianage it]ve.4tments having r¢gard for social, environmental and etliical standards. It recognises that
tlie financial a8S¢tq are subject to tlie investm¢Dt managTerb' own policies Li) relatiot) to social. environmental, ethscal and
governance %tandard8 and behaviour. The Trust also anvesls ii) land and propety. where it enqures that it meet8 all
legi41aiion aiid thai the value of thc abSets' is not underinined by i￿]011n￿ these issues.
LAnd for devtlopment
l-he land at L4.uropa Way 18 held by KH8 1.imited, the Trust's wholly owned subsidiary. which wa¥ set up ta dcvelop
and tlieii ￿1[ Il)e land. The final parcel of land for residential dev¢lopn)ent wab sold diirijig the year. At ihe end i)f the
year the only land retained wa.% land wailing to be transferred to local auihoriti¢s free of Cl￿rge to meet plannin8
obligations.
Tl)e Trustees l)ave engaged profe&sional advisors to help promote ils land holdings.

THE KING HENRY VIII ENDOWED TRUST. WARWICK
{FoiiiJded by Letters Pateiit daled 15 May 1545)
TRUSTEES. REPORT
Risk Maiiagement
'rhe TNst¢es maintain a r¢Lyister of tli¢ Inajor sirategiic, business and operaiioiial ri.%k8 thai the TTUSt laces, whicli 15
revi¢wed on a r¢gJular basis. RisL% are minimised the Clear deleu7ation of r¢spon.sibilily for the mitigaii()n ot
each area of risk and regular reporting of action iakeii at tull Trnstee Meeting8 8t)d Sub Commiiiee Meetingg.
Trustces consider tliat the major long iemi linaiicial risk is the potential for reduced returns on inv¢stmenr% negatively
impacting the value of the permanent endowinent to die deiriment of current and futuie bcnefJ¢iari¢s. In partEcular th¢
inipacl ol. iiEflalion reducing real returns alid lower investment property valueb in the mcdium temi are coiicern8 for
the Tlubt. Re¢ogni8ing these isbues, th¢ Tnjst lias adopted the uqe of a toial retun18 approach in ordcr to stabilise
dislributioiis to benefi¢iarie5 and maintains close contdLtb Wlth iiq invcsimeiit tnanagerq, inveshnent advisor and
Property managing agents with reS￿t to tl)e future outlook foT investments.
Covid 19 liad negliuFible impact during ihe Yel￿ and is not expected to have a material impact it] 2021.
The majur operational risk relates to tlic Itrntied r&source8 Utili8ed by ihe Ttijst and the dependence upon key
individuals to undenake the Trust's activities. The T￿st relies upon the Clerk and Deputy Clerk to undertake day to
day activities and encourages Tru%iees to take interesi in particular aspect8 of the Trust's a¢tiviiies iii order lo provide
the ne¢essary cover should thib b¢ ryc￿sary.
Plans for Future Periods
As a permanently endowed charity wliere the majority of distribution to beneficiaries is clearly defined wiiliin the
governing documents the primary focu% on future plans is the managenicnt of the T￿st.5 fftnveslments.
Land sales from Europa Wtty at)d Hampion Magna liave now b¢en completed. with final Pdyment received in January
2021. Tliis will be invested in line with tlie Investmeiii Policy.
Publle Benefit
The Tru8tew give regard to the Charity Commis8ion guidance on public benefit and consider that in so far 08 tlie
objtttivc.% of the Tn)st are to provide for religious. educational and othei cliatitabl¢ acrivities within the town of
Warwick. The Tru.sice% consider that the8¢ objectives are mel lE￿oUg]1 Ihe distribution of funds in accordance witli the
Trust's govcrning do¢umenrs, whieh fulfil the public benefit requirement.
Statement as to disclosure of information to auditor
The'fTUStees who weir in office on tlie date ol. approval ol. tliebe financial siateinents liave confinned, as far as they
are awarc. that Iliere is no relevant audit info[n￿tion of whicli Ilie audiiots are vnaware. Each of the Trustees have
confirnicd Iliai they have taken all the steps tliat they ouglit to have iaken Trustees in order lo make themselves
awar¢ of any relevaiit audit iiifomiatioji aL)d to eslabli51i tliat it lias been Comm￿11¢ated to the iiuditor.
Approved by the
on 28, June 2021 alid signed on their behalf by..
Chairnian
Chairnian of Finance & Investtnellt Committee
.Q*-.
Clerk and Re¢eiver
12 Fliglj Street
Warwick
CV34 4AP

THE KIIYG HENRY VIII ENDOWF.D 'TRUST. WARWICK
TRVSTEES. RESPONSIBILII"IE8 IN TIIE PREPARATION OF
FINANCIAL S1'AI'EMF.NTS
The Tnksiee8 are re%ponsible for prepariniy Il)e Anniial Rq?nrt and the fiiiancial Sratements in acLordance with
applicablelow and regul()iions.
Charity law require.% t])e TINsiees to prepare Fiiiancial Staternents for eacli financial year. Under that law the Trubiees
have clected to prepare the Finajicial Statement% iii accordaJKc with Unilcd Kingdom Gei)erally Accepted Accouniing
Practice iiicluding FRS102 'The FinaiiLial Reporting 8iaiidard applicable in the UK and RepubliL uf Ireland"
and
applicable law. Tlie Financial Siateinenis are required by law to give a true aiid fair view of the of affairs of tlie
¢harity aiid of the incoming resources and application of re.%our¢es ol thc cliariiy for tliat period. In preparing those
Fiiiat)cial Siatemenlb, tl)e Trustees are required to..
lelect suitsble accountijig poliLies and Ilien apply them consiblently,.
observe tli¢ meihods aiid principles iji tlie Charities SORP:
mak¢ judgements and estiinates llial are reasonable and prudent.
state whether applicable accounting Standards have been followed and give details of any departures., and
prepare the Financial Staiernenls on the going concern ba81% Ut)less it is inappropriate to pre8ume that the
cliaiily will continue in businesb.
The Trustees are respvnsible for keepiiig propcr accounting records which disclose wilh reasonable aL¢uracy at any
lime ihe financial position ot the charity and lo enable ihcm to ensuie that the FindnLial Siateinents comply will) tlie
requirtrmenib of the Charities Act 201 l. They al'e also r¢qpot]8ible for saftbyuarding ilie assets ot the chdrity and Iience
for taking reasoiiable steps for tlie preveniion and dei¢ctinn of fraud and other irregulariii¢s.

INDEPF.NDTr.iN'I' AL,DITOR'&i RF.PORT TO'I'FIE TRIJSTLES O
'I'HF. KING HI4 NRY VIII F.NI)OWED'I'RUS'I', WARWICK
Opithion
We liave audited the ¢on801idated flnancial $tatements of King HeEry Vlll Endowed TnL8t, Warwick (thc 'ts)arent
Charity") and its subsidiarie8 (thc 'group') for tlie year ¢nded 31st Dwember 2021) which ¢atnpri8C thc CO￿￿0]]datcd
Sratements of Fit]ancial Aciivitic8, Charity Statcmct]18 of Financial Aciivities. C(>118alidatcd Balanc¢ Sheet, Charity
Balance Sheet. Sratcment of Cash Flowg al￿ to thc financial .%taiements, including a sujninary of 8ignificant
accounting policiw. The financial reporting framework tliat has bcct] applied in their preparation is applicabl¢ law ond
United Kingdom Accounting Standards, including FRS 102 'Tlie Financial Reporting Standard appliLable in the UK
and Republic of Ir¢land" IUnit¢d Kingdam Generally Accepted Accounting Practice}.
In our opihion, the fit)an¢ial 8tatements'.
give a true and fair view of the state of the group's and ot tlie parent charity's atTairs as at 31, December
2020 aiid of the group's and tlie paivnt cliaiity's inLonie and expei)diture fur the year tlien ended;
have been properly prepar¢d in accordance with United Kiii&dom fj¢n¢rally A¢cept¢d Ac¢oui)tin¥ PraLlice;
and
have been prepared in accordaiice with th¢ requirements of tlie Charities Act 2011.
Bas1% for oplnlon
We cot)ducted our audit in accordance with Internaiioi)al Standards on Auditing (UK) {JSA8 (UK)} and applicable law.
Our i.esponbibililies undcr those standard.s are ￿rther described in the Auditor'.$ regponsibilitie.s for the audit of the
financial statements section of our report. We are independent of the charity in accordance t]ie eihical
requirement8 thai are relevani to our audit of thc financial slaicments in ihe UK, including the FRC'S Ethical Standard
and we have fulfilled our other ethical responsibilities in accordance with these requiremei)ts. We believe ihat the audit
evidence we have obtained is ￿uffiCient and appropriate to proiide a basis for our opinion.
Coneluslons relating to going eoneern
In audiiing Ihe financial staiements, we have concluded that the iru8tees' use of the going concern ba.$i.s of accounting
iii the preparalioii of ihc financial siatement$ is appropriate.
Ba%ed on the work we have perfomied, we have not identified any material uncertainties relating to events or
cond2tions that, individually or collectively. may cast gignificant doubt on the cliarity5 ability to continue as a going
concern for a period of at least twelve months from when tl)e financial statements are authoTh%ed for igsue.
Our respongibilities and rhc re.SPOJL8ibilitics of the trustees with respect to going ¢on¢¢rn ar¢ dewribed in the relevant
s￿tion.% of this report.
Other infornjation
'I'he other information comprises the inforniation included in tlie annual, other thali the finat]cial statements atid our
auditor's r¢]x)rl tjicrcon. Our opinion on the tinancial 8tatements does not cover otlier information and, except to
Il)e exteiii otlierwisc cxplicitly statcd in our report, we do not express any form of assurance conclusion tliereon.
lil cunnertion with our audit of the financial sthiements, our respon8ibilily is io read the other infomatioj) and, in
doinbF so, cunsider wheilier the other infornialitsn is materially incoijsisteiii witli Ihe fiiian¢ial slateinenls or our
knowled¥Te obtained in the audit or othenvise appeats ￿ be malerially misstated. If we idenlify such malerial
inconsisleiictes or apparent material mLbStatements, we are required to deiemiine whether there is a Lnaterial
Inisslatemenl til tlie financial statejneiits or a material mi5Statement of the otlier intorination. If, based oil ihe wtsrk we
have perlonned, we conclude that there is a material inis5tatement ot. diLS Other intorLnatLOll, Wt are required to report
We have nothing to report in this regard.
Matters on which we are requlred tfj report by exceptlon
In light of ihe knowledge and under¥iallding of tlie group and the parent charity and its environment obtained in the
course of the audii, we have noi identified material missiaiemenis in the Tn)stees' Report.
Wc I￿ve nothing to report in respect of the followinbF Iiiatttrs in relation to which the Charities (Accountb. ￿]d Reports'}
Regyulations 2008 I'equire us to repvrl to you if. in our opinitsn..
tlie infornMtion given in ihe fitJan¢ial statements is incon%i8tent in any material re8pe¢t with the Trustee.%'
Report,. or
Sufficient accounting rectsrds have not been kept.. or
Ilie f]nancial stateineiit5 are not in agreeitteni with Ille accounting> iecords; or
we have not reLeived all the ii)forniation dnd explanatiollb we require for our audit.

INDEPENDENT AUDITOR'S REPORT TO THF, TRUS'fEi ES OF
THE KIING HENRY VIII LNDOWED TRUST. WARWICK
Responsibilitie$ of Triistees
As explaijied Iiiore fully li) thc tru%tee%' Tewtisibslities siAtenieni Sei out on paue 7. tli¢ trustees (who are also ¢h¢
directOTS of the parent cliarity f()r thL purpi)8c% of company l(IwI are respot)sible for tlie preparation ot" the tinan¢ial
statcn)ent% and f()i bcii)g saiisfied Ihat Illey give a In￿ and fair view. alld for suLh inleTtYal control ab tli¢ InJ¥tees
detemhiiie is ncc¢88ary to ciiable the preparation of finiincial biatements that are tree ttvm maierial mi&sialeJneiit.
wliether due to fraud or ¢JTOr.
In preparing the financial 8tatemet)t8, the trustee8 are responsible for asse&sinb the gruup's and the parenl charity's
ability to continue &$ a going ¢on¢etn. diqclo8ing, as appliLdble, matiers r¢laled tv gioingF coiiLem and using the goiiig
concern basi8 of accounting unless the tNstees either intend to liquidare Ilie ¢h#rity or tts Lease operations, or have iio
reali.%tic Mltemativ¢ but to do so.
Aiiditor'$ re&pon%ihilities for tli¢ audit of the fiiiancial stAtements
We havc been apwinted a8 auditor under %e¢tioii 144 of ili¢ Charities Acl 2011 and repori in a¢¢ordance with the Abt
and r¢lcvant regulations made or h&ving effect thereund¢r.
Our objectives ale to obtain rea8onable assurance about whether tlie finaii¢ial siateni¢nts ats a whole are free froiii
material missialemcnl, whether duc to fraud or error. and its issue an auditor's report thai includes our opinioji.
Eieawnable a$8urance i8 a high level of as¥urance but is noi a guai'aniee Ihdl an audii ¢oiiduLted in accordance witli
ISAS IUKI will alway8 deteei a maierial mi88tateinent whet] it exisis. Misslateinenis Can arise froin fraud or error and
are con4idered mat¢rial if. individually or in (he ag&iregare, I1￿Y ¢ould reasonably be expected lo itifluence the
economic deci8ions of u%ers taken on the ba51% of the financial statements.
Irrcgularitics, including fraud. are inst￿lLe$ ol non-compliaiice witli laws and regulalioiis. We design procedures in
line with our responsibilities, outlined above. io delect material misstatements in respect of irregiblarities. including
fraud. Ba4ed on our understaiidinbT uf the Gn)up its aLlivilieb, we id¢ntitied Ilial tlie prii)cipal risks of non-
coinpliance with laws and re¥Tulatiunb relaied to Ilie anli-bribery, Corruption and fraud, iiioney laundering. and we
¢on%idered tlie extent to ￿thiell non-compliance inight have a material effect oti tlie flnancial statements. We algo
carL￿idered those laws and reujulationb Iliai have a direLt iinpact die preparation of tlie financial statemenis, su¢li a8
the Cliariiies Act 2011.
We evaluated the t￿tee￿. and managem¢nt'5 incenlives and opportunitie5 for fraudulet)t manipulation of the financial
%iatemenis {in¥luding the risk of override uf coiitiol8) and detennit)ed that tlie princspal ri8k8 w¢re r¢lated to posting
maiiual joumal enlrieb to manipulate fjnancial peilVrn￿rtee, management bias tlwougli judgement8 and assuinption8 in
i¥nificant accout)ting estimaieb, in particular in relation to fuiid accounting, and significant one-off or uiiusual
tranbactions.
Our audit pi'ocedures were de¥i&ined to respond lo those identified riskq, including non-compliance with laws and
regulatioiis (irrebFulariiies) and fraud tlial are material to the flnancial %latement.8. 1)ur audit proceduirs included but
were not limited tv..
t)iscu*sin¥T with the trustees and managiement their policies and procedures regarding compliance with law5
and regulations-
Communi¢ating identified laws and re&Yulativns Éhrougliout our ellgagement team and remainingi alert to any
indieaiionq of non-compliance Ihrollghout oui audit; and
Considei"in¥ Ilie risk of acts by the charity wliich were contrary to applicable laws and rtgulaliot]s. including
fraud.
Our audit procedures in relation to fraud included but wer¢ t)ot litnired io..
Making enquiries of the uvstees and managen)enl on whether they had knowledge of any actual. 8usp¢otcd or
alleged fraud..
Gainii)gi an ￿nd￿St￿]ding of ihe inteTnal ¢ontrols establis1)ed to mitigate risks relaied to traud;
Di%¢us.%ing arnong8t tl)e eE)gagement team Ilie ri%ks' of fraud: and
Addressing the riskq of fraud tlwougli management ovcrrsde of control8 by performing journal et]try tetsting.
There are in]ierent limitations in the audit procedure8 de.%¢ribed above and the primary respo￿$1b11itY far the prevention
dnd dele¢iion of irregJLilariiieq ijicludiiig fraud re81s wilh maiiagcnient. As with any audii, there rcmaincd a risk of non-
deieciioii ol. irregularitie4. a% tliese tnay invtslve collu%ion, forgery. ii)ientional omissions. mi$repr¢8entation% or tl)e
override oFinternAI control8.

INDLI PF.J¥DENT AUDITOR'S REPORT TO THE TRUSTEES OF
I"HE KING HF.IYRY VIII F,IYDOWED 1'RUS'I', WARWICK
A fiuther description of our re.4ponsibilitics for the audit of tlie financial statemenL8 is located oll the Fil￿nCial
Reporting Council's website At mvw.fir.0rg.uklaudilors￿spollSlb1jitie4. '1-lii% description fornts parl of our auditor's
report.
Use of the Alldlt report
We have been appointed audiior under $CCiion 144 of the Charitie8 Act 2011 and report in accordan¢e witli ihe Act
and r¢¥Tulation% made or having effect Ihereunder. Our responsibiliry 18 to audit at)d expre%s an opinioli on the finaiicial
slateinentb. in accordance with applicable law aiid Iniemaiional Standards Auditing IUKI. Tliose .8tsndard% require
us to comply with tlie Financial Reporting Council's Ethical Standard. Our audit work has been undertaken so ihat we
ight btatt to the charity's trustee$ tho.se matters we Are rcquired to slate ro Iliem in an auditor's report and for no
other pury)o$e. To th¢ fullesi extent pernjiiied by law, we do not accept or a8%uitte responsibility to anyoi)e other thali
the charity and the charity, trnstees as a body for our audit work, for this report. or for the opinions we have forn]ed.
Signed..
David Hwse
MazaT8 LLP Chartered Accountants and Statutory Auditor
FiTSt Floor
Two Chamberlain Square
Bimiingham
B3 3AX
Dale..
Mazars LLP is eligible for appointment a.8 auditor of the charity by virtue of its eligibility for appointment a5 auditor
of a company under section 1212 of tlie Companies Act 2006.
10

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Jv

THE KING HENRY VIII ENDOWED TRUST, WARWICK
BALAf4cE bHEb'fs AT 31st Deceniber 2020
GROUP
CIIARITY
2020
Notes
2020
2019
2019
FIXED ASSETS
Investment4
56,944,421J
30.629,965
56,944,4311
30.629,966
CURRENT A8SETS
Siock
Dcbtor%: due after one ycar
T)ehtthTh: due wiihin nt]c year
Cash al bank and in hand
12
13
14
2,295,576
7.261,581
5.553,747
11,638,833
8,919,414
9,3041,147
14,023.288
20,415.383
6.798,945
2,951,932
18219,561
36,734,247
9,750.877
24,474,161
CREDITORS: AMOUNTS
FALLING DUE WITHIN ONE
YEAR
15
(6.364.159)
17,684,543)
(283583)
(2.346,264)
NET CURRENT ASSETS
11,855,402
29.049,704
9,467,294
22.127,897
NET ASSETS
68,799,831
59,679,669
66,411,724
52,757,863
RESTRICTED FUNDS
Perjnanent Endowment Funds
Beneficiaries Income Fund
17
68J33A15
206A16
59,113.893
565.776
66,14SJ08
266,416
52,192,087
565.776
08,799.831
59,679.669
66,411,724
52,757,863
The financial staieinenis on pagts 9 to 27 were approved and authoiised for issue by the Trustees OLI 28 June 2021 and
were bigned on dieir behalf by..
Chairn]an
Chairn]an of Finance & Inves(ment Commilt¢e
Clerk and Receiver

'rHF. KINC HLNRY Vlll ENDOWED TRUST, WARWICK
STA"IF.MTr:NT ()b CASII Tr LOWS
For the ye¥4r ended 31s1 Deeember 2020
GROUP
2020
CIIARITY
2020
2019
2019
Statenient of Calh 14lows
C&8h from operaiin¥ uitiviiies..
Net cfish provldod by/{used IÉ)) operAtlng
actlvltlos
12,390.673
9.686,474
2.251,193
15,163.8011
Cash from inveqiin&i aciivili&8.'
Dividend%. iniere81 and rents
Income from %ub4idLary
Proceed* from sale of inv&%tments
Purcha￿* of inve8iments
895.614
1.157,154
1.092.368
1.323.922
12.3ql.061
7,257,515
8,783.928
12,100.200
8,7X3,928
11,400.750) 130.501.723) 11.41K).750}
12.100300
(30.501,723)
N¢1 cash problded by invvtlng aetivitles
(23J05.909)
8,540.332
(10.1)48.094) 15,964,615
C&4h from financing ￿tIvitIes".
N¢t e*sh from finathelng &ctiThities
c.ha￿ge In eAsh & c*$h equRvalent5 in yesr
Cfish & ea%h equlv. at the beginning of year
(11.115336)
20.415J8J
18,226.806
2.188.577
18.7(K*.g01) lo.8￿,814
I1.6￿,833
858.019
CAsh And cAsh equlvfilents at the end of year
9JOO.147
20.415.383
2,951,932
11.658.833
Rtconcllltttioii of Ntt Ex
enditiire to Cash
Flo￿ froni O
Activities
NLI Ill¢l)iiiell¥xpendilurel for lh¢ year
AdjusiiiienL8'.
ICiaiNsllL039es on Investments
Dividen(L$, Inte￿%1 and rents
Income fr￿M Sub.%idiary
Dccreo5&{IIKrease) in sio¢ks
De¢￿a￿tI{1￿rea.$C} in debtors
IDc¢re&seylncrease in Crediiors
9,120,162
17.703.016
13,653,801
20.074.835
(1,912,941) {13.249.897)
{895,614}
{1,157.154}
{1,912,941) (13.249.897)
{1,1192,368) 11.323,922)
(12JSI,OfJl) (7.257,515)
2,294 476
5J.19,167
{2.054,677)
{1.674.060}
7.971,455
91.114
0,016.183
{2,062,681)
(5.556,113)
2.148.811
Nei e*8h provided byllused in) oper*tlons
12Jl)0,673
9.686.474
2,251,193
(5.163.801)
n#1
IC¥sh Cash
Ca.¥h in haThJ
ulvalents
9JOO.147
20.415.383
2.951.932
11.658.833
Tot#1 e*sh & c8sh equiY*len¢s
9JOO.147
20.415.383
2.951.932
11,658.833
14

TIIF. KIIYC IIFIYRY VJII F.NDOWFD TRUST. WARWICK
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31$t December 2020
ACCOUF4TING POLICIES
Aecuuntlng conweiitio
Tlit linancial slaiemei)Is are prepared under the histOTical cost convention as modified by the inclusion of
iEive%tmeiits at inarkel value. In piepai'ii)g Ilie fi[￿ncial slateinellts.. the charity I￿5 followed ALLUUlltin¥
and Rvporling by Cliai"Ilie5'. Siaieiileni of Recommended PTaLtice applkLable to cliarities preparing their
accounts in accordance willi Ilie Financial Reporting Siandard 102 applicable in the and Republic of
Irelaiid, Ihe Fii)anLial Reportii)g Standard applicable in the United KingdoJ)i and Republic of Ireland IFRS
102) and Ilie Chdfiiieb Aci 2011.
The Tn]st constitutes a public benefit entity as dtlined by FRS 102.
The Trusteeq ¢onsideT Iliat Il)etE are Do material un¢ertainlies about the Trust's ability to continue a
concerii. The niosl siyiificanl area¥ of uJic¢rlaint)I that affect the carrying value of H%set% held by
tlie Trusl are the Y￿r-e1]d valuations of ¢oiiuntrci&l propei'ly and land, especially land wilh developnient
potential (see tlie liivestsnents and Inveslinei)t PLilicy, Lat￿ for Developnieni aiid Risk M(i[￿￿ement
geLtions of the Trustees, Annual Report for more inlurnydtionl.
Basls of Consolldatioii
The financial ythiements. of die ¢I￿nIY dnd its subbidiary, KH8 Limited, are consolid<lted on a linc-by-line
basis Iv pivdube Ilie 'Gioup' Iiuiiibvrs. KH8 Liiiiited's a¢¢ousiliiig rtf¥renL¢ is 31, M<ly, bul the financial
inforn]ation wiihin ihis report includes KH8 Liniited result8 for the 12 moiiths ended 31° December.
Grvup relv4ted pJrty tran$#ctioDs
The company ha￿ taken advanlagye of Ilie related parties exejnption contained in FRS102 and has not
dibLIubed tranbactions ￿t￿ sls wholly oKqied subsidiary.
Iiicoming resources
Incomiiig resources are rwogniqed once the charity hos entitlement to ihe resour¢es. it is probable that the
Tesouires will be received and their nionetary valu¢ Can be Ineasured with sutTicient reliability.
Rents recelvable
Rents receivable are accounted for in the year to whicli they relate on an 2ccruals ba818.
Investment ineome
Inve.stment income is accounted for in the year Eo which it relates on an aecrualg basi8 for LOIF
inve8tm¢nl8 and on a r￿e11[ab]e basis for listed invesimenis. The income is gross of management
feeslcosis.
Sundry 1￿coMe
%undry in¢om¢ in 2020 18 comp¢n.%ation re¢eiv¢d from Westem Power Di8tribution relating to power
¢able8 acro￿￿ the development land in KH8 l.imited.
Other trading iiicome
Otlier trading iijcome i8 sale of land in the charity's 8ubsidiary, KH8 Lim&ted. Kevenue from the sale of
land 18 recogni%cd when all tlie following conditions are salisfi¢d..
the Company has transfe￿ed th¢ si¥nifi¢ant riskn- and r¢wards of ownership to the buyer;
the Cornpany retain.s neither Coniinuing majiagerial involvement ro the degree usually a8sociated
with owner8hip nor eff¢ctiv¢ control over the goods sold.
the amount of revenue can be measured reliably:
it is probable Ilial Ilie Company will receive Ilie consideralioll due uiid¢r the iransaction; and
th¢ cost$ incurred or to be iiicurred in r¢spe¢l of the transaciion can be measured r¢liably.
Interest receivHble
Interest receivable accounted for in the year lo which it relates on an a¢cnwls basis. It is accounted for
in the year to which it relates on an accruals babl%.
Resources expended
Liabilities are recognised as resources expettded as soon as there is a legal or ¢on8iruciive obligarion
commxtling the charily 10 tl)e expenditure. All expendiwre is accounted for on accrual.% ba.818 and has been
¢lasbifJed uiider lieadings that aggrega￿ all cosis related io tlie category.

'I'HE KtTrlG HENRY VIII ENDOWED TRUST, WARWICK
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st Decejnber 2020
Grants to ToTrvn Shnre beneficiaries
Grants are tnade to third partEes in furti)eraJice ot the charitable objectives of the Trust. The grants are
accounted for wliere either the Trustees have agreed to pay the grant withuut condition and thc recipient
has a reasonable expecratitsn tl?at tliey will receive a grant, or any conditiun attaching io the grani 1.8
outside the cot]trol of the-l rnst.
Cost ot. generating funds- re Investm¥nls
The costs of g¢nerating> fund> consist of property mana¥emeni expenses and inve8tment management costs.
Cost of8ener¥ling funds- re Other Trading Ineome
The cosi tsf sales related to the sale of land in the charity'8 subsidiary, Kl.18 Limited.
Charitable actlvltles
Chailtable activitles consisrs of grant8 made.
Governanet e•$ts
Govemai)ce co.<s include those costs a.8sociat¢d witl) meeting the constitutio1￿1 and siacutory Eequiremenls
of the cliarity arnl include audit fee8 atjd Trustee related ¢osts. Support costs in connection with
Governance matters are considered i￿$18n1r]eanI and have not been separately analysed.
Properly related professional fees
All professional fees are charged to incorne and expendituie in Ilie year in which th¢y are incurred Ulll&%s
Ihey speciflcally relate to rhe purchase and sale of properties and are treated as capiial, or are in the
subsidiary and relate to th¢ developmeiit land, in which case tliey ar¢ added to ihe valu¢ of Stock.
Fixed asset Investments
Properties are stated at professional valuation at die year end. COIF invesrments are stated at markei value
provided by the fund manager or Ihe LOIF Charity Funds. Listed invegtmenls are stAted at market valuc
provid¢d by Quilter Cl)eviot, stockbrokers.
The Statement orrinancial A¢tivities includes the net gainllosb on revaluatitsn.
Iiive$tment in Subsidiary
The inveslnient in tli¢ Trust's subbidiary. KH8 Limited, is IOOQ/o 0￿￿ed. The Trust's £1 investment in the
subsidiary's sliartr capital is shown as a fixed 0$8et investment. Th¢ Share is jointly held in trust by Mr S
Jobbum. Mr S Copley and Mr J Edwards as iiominees for the Tru8tccs.
Stock
Stock is the cust of land held for sale, including SDLT, plus development Costs and professional fee>
iiicurred specilically related to protecting nr cnhan¢ing the valu¢ of thc land and to bring d)e land to market,
after adjusting for Cost of sale, whibh ib the proportion of expeeted total co8ls 10 attribute to the expected total
income recorded in li)come.
Finaiicial instruments
The Trust only has financial abset% and financial liabilities of a kind that qualify as babie financial
insirument8. Basic finanLial illslruments are initially recognised at transaction value and subs¢quelltly
me(1sured at thcir 8ettlement valiie.
Total Reillrns
The accumulated total rcturn (i.e. all net incom¢ and aiiy capital gainsllobses) less ony pan prevEou8ly Set
aside for di.%tribuiion to beneficiaries 18 tr¢ated a8 the 'unapplied toial retuni" Eacli year ihe total return in
the year 1.8 added to the'unapplied total return" and the aniounl Iheji applied (i.e. distributed) 18 deducted.
Wholi impleinet)ting the total retum8 approacli it was not pobsible to accuraiely identify rhe split of the
Pemianent Endowmient Fuiid betwe¢Ji Il)e 'original gift" that Laiinoi be distribuied io beneficiaries and the
"unapplied total rcmrn" whicli can. It was Iheiefore agreed to uge the value of ti)e Pem)anellt Endowinent
Fund (prcviou8ly thc Capital Fund) at tlie date of the 1978 Scl)em¢ a8 tlie'original gifi" ri)is wa% £338,281.
At I. January 2012 the Pernianent Endowment Fund was split into Ilie 'urigiAal gift" of £338,281 and the
'unapplied total return" of £23,182,056.
16

THE KING IlbNRY VIII ENDOWED TRUST, WARWICK
NO'fLS TO THE FINANCIAL STATEMENTS
For the year ended 315t December 2020
Jneome Applieatlon
Under Total Retums, it is the TTUStees' responsibility to determine what amount should be tranbferred froin
the 'uiiapplied ioial return" for di8lribution 10 bencficiaries, on a babis that is equitable for ix)ih cu￿nt aiid
fuwre benefiLiaries.
Th¥ broad principle adopted by l-rnstees is lo adopt a level of diAtribution rliat is Co￿]￿te￿IlY acliievable
over ihe econoiniL Cycle and wl)ich al.%0 allows for the permanent endowment 10 grow in line witli inflation.
This LoiiLI Term Subtaiiiable Disti'ibulion rate 18 set in Il)e Invcsttnent Policy and froin 1° January 2016 is
b¢t ai 3.35Q/o12015 and previously.. 4/.1. The atyrual Appropriaiinn in the year is nornially calculaied as..
500/0 of the previoub year'b Appropriation increased in line with inflatLOll (using CPI). plu
S(P/o of Ihe closing a88et values for ili¢ prior yeai iiiuliiplied by the 'Loii8 Terni Sustain&ble
Di5triburion Rate"
Until 31, December 2016 tlic calculation was based 011 80..20. rather than the Current 50..50 allocation.
Followiiig an ut)Lisual year in 2019. where it IV<iS Lalculated as 2018's AppropTiatlOD pl￿$ inflation, the
¢alculalion returned to nornial for 2020. with the excepiion Iliat Il)e L-I'SDR was applied t(} tljc closing a.*8ei8
of ihe prior year plus the inve8tments mad¢ in January 2020.
Funds accountlng
Funds held by the charity are..
Pern)aneni Endowmejit F'und - Ihi.8 fujid Yepresentb the original cndowmet]1 odjusted by sub$equent
ains aiid 105ses on investmenis, and %ince I, January 2012 til¢ net income less the incoine applicd. It)
note 17 this is svbdivided inio the 'original gift" and 'unapplied total retum" as required by accounting
tor lotal KeNms.
Beiieficiarie5 Iijcome fund- this fund is the funds attributable to the beneficiaries. The opeJiii)g balance
ib tlie fuJid5 applicd to benefi¢iari&8 but not disiributed by Ihe year end. Tlie addilioi)s during tlie year arc
the incoine applied froin the Pemiat)ent Endowment and inierest incoine earned on fut]ds rtot disrributed.
l-h¢ basi5 01. th¢ allocation of the diblribuiion is ii) the noie on Objectiveb on page 2.
Tax
KH8 Limited, tile sub8idiary. intends to distribute all profits under gift aid tlierefore no coryiration ¢ax is
paydble,
JudgemeDt5 in applying aecounting polleles and key sources of estlm4tlon un¢¢rtainty
The preparation of tl)e financial 8t8tcments in cot]formity witl) generally accepted accounting principles
requires the directors to make estimate% and &$8umpiionb tl)at affeci tl)e reported afftoui)ts of &8set8 and
liabilities at the date of the finan¢tal statements and the reported an)ounis of r¢venuc and expenses during
tl)e reported period. Actual re$Ult.￿ in the future could differ from ihese esiimales. li) this regard, tlie
Tustees believe iliaÉ tlie Critical accounting policies where jud¥¥inents or estimations arr ne¢e$8arily
applied are in relaiioji to the re¢ognitioi) of the profit un the sale of land in KH8 Lirniled and the valuation
olbtock at the reporting date.
To deierniine the profit the Trustees have had to eqtimate thc iotal eventual sales revenue fro]n, any futur¢
d¢velopmenl Costs for. tl)e lai)d. The overall prtsfii has then been prorated based on existing sale5 as a
propurtion oftotal forecast 8ales. This tlien derives Ihe cli.￿t of bale and tlie clobing7 510ck. Now that all land
has been sold the only variable is the eventual fitfdl cost.
17

THE KJNG HEf4RY VIII ENDOWED TRUST, WARWICK
F40TES TO THE FIf4ANCIAL STATFMENTS
For the yehr ended 31st December 2U20
DIVIDEf4DS
GROVP
2020
CFIARITY
21120
2019
2019
Lolf Inv¢siment FuE)d
COIF Property Fund
Savills Cliarilies Property Fund
Royal London Asset Managcment- cash fl￿dS
Libted invesimcnts
87,014
si,iJo
44J39
29,791
302,633
249,496
61,850
48,131
87.1114
51,130
44 J.39
29,791
302,033
249,496
61.850
48.131
325,038
325,038
514,907
684,515
514,907
684.515
INTEREST
GROUP
2020
CHARITY
2020
2019
20I9
Bar￿$
M(tnagit]g agents
On Sal¢ ofpr0￿rtY
Europa Way Con80rtium members
Interest oil Loan io Subsidiary
31,010
3,806
32
4,884
48.381
3,806
32
4,884
3,925
216.256
266,858
34,935
57,103
2.11,689
275.580
OTHER TRADINC ACTIVITIES
GROUP
2020
CHARITY
2020
2019
2019
Land sales
16,280,124
8.384,753
16,280,124
8,3R4,753
COST O* RAISIIYG FUNDS- Rt lT4VESTMENTS
GROUP
2020
CHARITY
2020
2019
2019
Property manageinent expenses
Inveslinenl management expenses
12.853
141,846
9.791
146,936
12,853
141,846
9.791
146.936
154.699
156,727
154,099
156,727
Investment rnat]agement expenses includes.. ¥to¢kbrokers fees. fceg and ¢oqi$ charged within the CCLA
COIF5 aiid the Savills Charitie% Property Investment Fund alid strategic management. The siockbroker lias a
discretionary manag¢meni role and oiily ¢hdrges a f¢e. I'liere are no capiral transaciioii ¢l)ar¥eb netted off
agaiiist purcl)ase8 or sales.
The inve8tmenr inanagement ¢xp¢nses now include fees for strategic advice, whicli until 2019 were in
Support Co%t8. The 2019 costs have been ameiid¢d lo relle¢t thi8.

THE KING HENRY VIII ENDOWED TRUST. WARWICK
NOTF.S TO THE b INANCIAL STATEMENTS
For tlie year ended 31st De¢eEJ)ber 2020
COST OF RAISING FUNDS- Re o'fHkR TRADIL¥G
GROUP
2020
CHARITY
2020
2019
2019
Cost from Sale re land sales
9,164.332
3.315,974
9,164.332
3,315,974
SUPPORT COSTS
GROUP
202U
CHARITY
2020
2019
2019
Adniinisiration fees
Siindry expenses
75JOO
10,455
76,984
10.724
68,997
10?08
72,228
10,584
87,708
79JOS
82,812
Until 2019 inve8tment nial￿get1]e￿I exptllse% were included in Adn)ini8iration Fees. Tl)ey are iiow in Cost of
Raising Fut)ds- re Inveslmeiits. The 2019 co&t8 have been amended to retlect this.
GOVkRNILNCE COSTS
GROUP
2020
CJ4ARITY
2020
2019
2019
Auditors, remuneration- for audit
Auditor8, r¢muneration- for taxatiun compliance
Trusiees, indemnity iRsuran¢e
TTUStees' meeting costs
18,71)0
1.840
1,749
25
21.229
2.554
1,749
1.270
11,800
12,363
1.749
1,749
1,271
22J14
26,802
13,574
15,383
TRU%TEFS
Noi)e of the Trustees receiv¢d any remuneration duringj either tlie Current or previtsu8 year. No
expensc$ were reimbursed to Trustees during tlie year (2019.. Nil).
io
TIL4NSFTr.RS BL'fWELN Fuf4DS
The Beneficiaries Income r.und tTai)sfer of £1,155,208 (2019.. £1,460.768) 1$ the Appropriation from
the "unapplied total retum" element of the Perni¢inent Endowment Fund for Ihe year a$ calculatcd by
th¢
Yale
Spending
Rule.
19

THb KING HENRY VIII ETrIDOWED TRUST, WARWICK
No'rES TO THE Tr INANCIAL ￿•TATEMENT
For the year ended 31st D￿ember 2020
12
STOCK
C.ROUP
2020
CHARITY
2020
2019
2019
Development land lield for ￿1¢
2,295.576
2,295.576
13
DEIITORS .. AMOUNTS FALLING DUE AFTER ONE YEAR
GROUP
2020
2019
2019
2020
7,261.581
Loan to Subsidiary
7,261,581
14
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
2010
CHARITY
2020
2019
2019
.169,713 I2.004.402
42,919
106.009
4,651
4,654
970.147
938.076
29,651
22,098
4.051
5,467.166
81,927
4,654
Debtors
Accrued In¢ome
Prepaytllenis
Solicitor's Clieni account
VAT
Loan io Subsidiary
702,131
6,742.545
,919,414 14.023.288
6,798,945
5,553,747
-nic loan fron) the Charity to the Subsidiary is repayable once th¢ land held by KH8 Limited is sold.
li)tereqt is ¢I￿rged at 3 /0 above the Bank of England Base Rate.
15
CREDITORS . AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
2020
CHARITY
2020
2019
2019
648
2,187,738
1,219535
16.002
1.680,480
160,868
lJ41,460
.943.814
1.496,841
2,187.738
3.832.695
66,915
100.354
1,598
16.002
Trade Creditors
VAT
Arnountb owed to oiher Charities
GranL8 to buieficiaries
Accruals
Other Creditors
66,915
90,963
160,868
105.115
6J64,159
7,684,543
283,583
2,346,264
Oiher Creditorb ig forecast future Costs included in the Stolk calculation in respect of the land development
in KH8 Limited.
22

THF. KING HF.NR Y VIII ENDOWED TRUST, WARWICK
NOTLS 'fo THE bliYAINCIAL s'fATEMENTS
Foi- the ye#r ejided 31st December 20211
FIIYANCIAL IN&il'RUMLf4T.S
GROUP
21120
2019
CHARITY
21120
Fln8neial assets m¢asurcd ht fair valiie
througli the Statement of Financlal Activitie$
Investments
Loan
Debtoi
Cash
2019
48,528J.13 19,953.654 48.528.533 19.953,654
8,919.4J4 12,044.402
6.742,$4S
7.261,5RI
10,760.223 24.064.875
29.651
5,467.16.5
4,412,008 15.JOR,.32.5
68,208,170 56,062,931 59.7J2,737 47.990.725
Fioanclal Ilabllities measured at fair value
tlirough the Statement t)f binancial Activlties
Creditors
2,910.017
7,-517,274
17.000
2.188,386
2,916,017
7,517,274
J7,00
2.188,386
23

In￿1n￿r*
*fVQV4D
LTrUUUU.*

THE KING HENRY VIII ENDOWED I'RUST, WARWICK
NOTES TO THE FINANCIAL ST ATEMEE4TS
For tlie year tndtd 31yt Deeejnber 2020
19
TOWN CRANTS AWARDED- GROUP & CHARrrY
1.otwl
Institutlon5 aiid Societles (>£1.000)
All Saittts C of E Junior School & Emscot¢ Infant Scliool
Ayle8ford Primary School
Aylegford Secondary School
Eludbr()oke Priinary Scliool
Chase Meadow Community Cenll'e
Citizen8 Advice- South Warwickshire
Coten End Primary %cl)ool
Cruse Bereavement Carc
Evergreen School
Friciidship Prtsject for Children
Heath¢ote Parisli Church
Ileathcole Primary School
Ilelping Hands Community Project
M￿On Hotspice
Myton SclioDI
Newbufgh Prin)ary school
New Hope Coui)selling
New Life Church
Oken & Eyffler Charity (Springfield Mind))
Playbox Theaire Company
Relate- Coventry & Warwickb'hire
Safeline
St Mary Imtna¢ulat¢ Catlioli¢ Prisnary School
Waiwick Appr¢ntJ¢ing Charilies
Wanvick Boat Club
Warwick Disirict Foodbai
Warwick LEA School Pupils- Summer Activities
2, Warwick S¢a Scouts
Warwick Sports Club
warwick.fown Council
WarwiLksliire Ambulance Association
Westgats Primary School
Woodloes Primary School
2 Other Grants of1&$5 thL7n £JOOO each
2.375
4,704
9.890
2.0
14.598
10.000
3,￿0
3,000
60.0(X)
2.000
4.365
36,900
12,400
3,1100
6,000
10.980
20,000
4,500
3,000
5,000
7,000
30,0(10
2,520
4,745
2,750
24,460
6,172
3,000
i.(100
2,000
3,000
850
311,709
Individu#ls GrAiits
3 Ciraiits 10 11)dividual%
5,740
317,449
'Ihcrc were £66,915 graft¢￿ awai.ded but not paid at 31st D¢cember 2019. Of these. In 2020 £23,933 were
paid, granis were reduced by £935 and £42,(147 remaiiitsj ouislanding at 31st Dec¢mb¢r 2020.
Total Grantb awarded and paid in 2020 were £199.563 and toial gTant% awarded in 2020 but outs'ianding at
3 Isr December 2020 were £1 l8,821.
26

THE KING HEf4RY VIII F,NDOWED TRUST, WARWICK
P40TES TO I'HL FINANCIAL STATEMEf4TS
For the yeor eiidtd 31$1 Deeember 2020
21
TAXAI'ION
No liability to income or Capital gains tax arise4 as the Trust's activities are charitable. The subsidiary's
able profit is nil.
22
RELATbD PARTY TRAF4SAcfioNtri
The Trust lias taken advantagc of ihe exemption contained in FRS102 and has not disclosed [raTI￿actIonS
with its wholly owt)ed sub8idiary.
During the year two tn]stees, Mr Jobburn and Mts Aslic. were also Govemors of Warwick Indepcndent
Schoolb Foundation. One as the Foundation's noinination as a Nominative Trustee and 01)e as the Trugi's
Nominaiive Governor to the Foundation. Tl)e r.OULidation ieceives 30/0 of the'frnst's income each year as
required under th¢-fNst Scheme as directed by tl)e Charity Cot)uni$8iun.
Rev. Brown is Vicar of St. Michael'8, Budbrooke, which receives a proportion of the Church Share as
requir¢d by tlie I'rust S¢hcmc. He receiveb nv persoiial benefit and his appointment as a tru8lee has been
approved by the Charity Commi84ion.
Mr Thurley 1% a trustee of Warwick Appreniiciiig Charities IW AC). which r¢Leived a grant of £30,000
during 2020. The I'rust gives grants to WAC io allow tliem to provide grants. to young people in Wanvick.
There is iio perstsi)al benefit.
POST BALANCE SHEET EVEN'rs
There ar¢ no post balance sbeet events.
28

THE KING HF.NRV VIII LNDOWED TRUST, WARWICK
NOTES TO THE FINANCIAL S'I'ATEMENTS
For the year ended 31st December 2U211
23
JNVESTMENT IN SUBSIDIARY
The Trusi is the beneficial owner of KH8 Limited, which was set up to hold, develop aiid sell land at
Europa Way. It is in¢orpor8ted in England (company nuinber 84855591.
2020
2019
Income
10.280,124
8,384.753
Cost of Sales
19.104J32)
(3.315,9741
Admsiijslrative expenses
(15,187)
116.3161
OPEIiAI'ING PROFIT
7,IM.605
5,052.463
Intere%t ReeeivAble
Sundry Income
19.502
913,514
48,38 1
51,709
Interest Payable
(216356)
(266,R58)
PROFIT ON ORI)INARY ACTIVITIES BEFORE
TAXATION
7.817J65
4,885,69S
Tax on profIt on tsrdinary aetivities
PROFIT FOR TIIE FINANCIAL YEAR
7,817,365
4,885.695
2020
2019
CURRENT ASSTr.TS
Cas11
Stock
Debtot¥
6a48,216
8,756,550
2.295.576
8,469,541
8,803,014
IS,211,230
19,521,667
CREDITORS: Amounts falling due within one year
NET CURRENT ASSETS
(12,823,121) 112,599.862)
2J88,109
6,921,805
NET ASSETS
2.388,109
6,921,805
CAPITAL AND RESERVES
Called up sliare capital
Profit and loy¥ 8CCOUtIt
2.388,108
6.921,804
SHAREHOLDERS, SURPLUS
2,388,109
6,921,805
29