THE KING HENRY VIII ENDOWED TRUST. WARWICK Trustees? Report and Consolidated Flnancial Statements Year ended 315t Deeernber 2024 THE Iinted th 24th June 20241 Mr s1¢ph Copl knhdeacon of W&nvi¢k air Simaj Paryd Wwrwi& Town Courtcil Mrs Mari¢•Bemadette Ashe WThi¢k Ind4dl Schools Foundation Cfropt¢d Thi#w: Mrs Vivi¢tth¢ B(kqwotth Mr John Edwards Mr Ipn Furlong Mrs Susan Grinnell Mr St4)hen Joblxm) Miss Kathryn P Mrmark Lee MrRanjit BAjW8y {Chairl (res1cd on 16th Janu&ry 20241 (appointed on 26th April 20241 (appoint1 on Ifh 20251 CLERK AND RECEIVER Mrjonathan Wowil- 12 Higb Strrt Warwielc, CV34 4AP AUDITOR FoThi8 m8? tIP- First Fl(w. Two cha[nbl squa BirminsbJn¥ B3 3AX INVESTMEf4T MAPIAGEK8IADVISORS CCLA InvestD)ent M9o88on&)t Ltd- 85 Queen Victoria Stre¢¢ londo F.C4V 4F.T Meridi Inv&8tmtht M8na8&iJent Limitcd- RivLYsidc H¢Jvs4 2H Southwark Bridg¢ Rott4 Imdon SEI 9HA Savilb {UKI Ltd- 33 Morgaret Stre< Lond. WIG OJD Asset Risk Cojjstsltaiits d- 7 N¢w Stre< St Petff POTL Gu¢w. GYI 2PF SOLICITOILS Loddffs LLP- 10 E]m Court, Ayth Stre£L Strarford uwn AVO CV37 6PA Evcrshd5 LLP- 115 0)]wr¢ Row, BAtThiDgham. B3 3AL HSBC BonkPl¢- 126 Th¢Portd4 Leamingtffl Sp4 CV32 4AJ PROPERTY MANAGING AGENTS Ctsshm & Wak¢fidd- I Colmor¢ S(p]ar4 BitJniWam, B4 6AJ AGRICULTUBAL AGKNTS M8r8¢Xts- 12 High Strrt Wanwick, CV34 4AP LAND DgVELOPMENT & PLANNJNG C&tesby Est#sp1¢- ThcVJ8itorCaJtr¢, DollTnan w r)ol]man F8mJ, Houlw Ru8by, CV23 IAG Savills {UK} Ltd- 55 Colmore Row, BirnJ]ngha B3 2AA PRCIPAL 0CE 12 High stt, W8nvick. CV34 4AP CHARITY REGISTRATION NUMBER 232862 THE KING HENRY VIU £1wED TRUST. WARWICK IFowid¢d by Letter8 Pa¢¢llt d#ted 15 May 154SJ TRUSTELS* REPORT Report of th¢ Truslee& for year endlllg 31st De¢eThber 2024 The Tnthes present tbeir Report and Fllwlcial StatemeJ]ts of the cbaTity for the year end1 31st Decemb 2024 and confirni that the Financial Statementg comply with current sthtutory requirements, Charities Act 2011. Accounting and Reporting by ChaTitie6'. Ststemelll of R0ended Practice applicable to charili¢s pr¢pariug their accounts in COrdanCe with the Financial Re[11 StandaTd 102 app]icable in the UK and Republi¢ of Ireland published in O¢tober 2019 and the Thst's governing instTum¢Dts. The An] Report and Fina181 Statements are prepar on a consolidated basis.. including the charity and i¢s wholly owned subyidiwy KH8 Limxt4 which has had all accounting reference of 31" May from 31 May 2018 onwards. The financial inforniation within this. rq)ortrelates to the consolidatedgroup numbers. and includes KH8 Limited results for the 12 months ended 31° December. Reference and admlnlstratlve detallj Th¢ King H¢nry Vlll Elthwed Trusl W4rwi¢k'8 offi¢e. its list of TnstX8 aud all itskey advi8ors ore set out ott page 2 to tlwse Finan¢ial Stst¢m¢nts. The Trust's £1 investment in the share capital of its subsidiHry KH8 Limi&ryJ is jointly beld in ttustby Mrs Copley and Mr J Edwards as Dominees for the Trnslee8. Strncture, Governance and Management The Trusi w&8 establisTr*dby tAtet8 Patentipn the IP May 1545. The Trust's ¢urrent governing dUments are based on a Scheme approved by the Chatity Commissioners oll the 23 November 1978. This h&$ been amended by further chIlY Commission Schemes 8nd Onlers. rdance with the govenjitig do¢uments, the Trust is maTMged by up to twelve Trustee&. eight Co-optative a1 four Nominative. The Nominative Trnstees are appointed ttspectively by the Bishop of Coventy. tbe Arthd¢a¢on of WarwioL Warwick Intyndent S¢hoo]s Foundation and Wanvick Town Q>thll¢iL Th¢ Co-optalive Trle£S ar¢ recrllit througb 4 Combinlon of advertising and direcdy approacbing wtential (¥ndidates. Ill aprrtTrinting Cfroptative T&%. the Trw4tce$ take into acwullt the skills and experience of tbe potential now TnL8tee illre]atioll to the fiCtion andpulpoye of tt* TrnsL Th¢ Chairnjan of th¢ TnL8t¢&s responsiThle for th¢ induction of aDy n¢w Trustee. This involves aw8reness of TnLStee's resTrOn?1]itieS, the history alld purpo¥e of dke Tntsl tbe governing docuTXLents. adTnitrative procethwe5 and oryallisational proces8e$. Trustees are encouwd to attend appropEiate trainin8 events where these will facilitate the undert8kJn8 of their rol Jn 2024 th¢ TTu5te¢s held f(TrurfuU Trustees Me¢ting$. fourGraDts C¢)nllniti¢¢ M¢¢ting8and fourFin&nce & Investhient Conjmittee MtttiDgs. There was aiso attended otte meeting of its yubgidiary. KH8 Limited. The dirxtors of KH8 Lituited are all Trustees of the Charity. KH8 is part of the Europa Way Consorrium. which is a joint ve0h¢ with Th¢ Charity of ThonMs Oken attd Nicholas Eyffler and a private ttijst whxch is developlng 18md Own by its membu8 adjacent to Europa Way Watwick The Trnst's involvement is through KH8 Limited which Ild5 tb¢ ]Jnd to bE develokxd. KH8 Lin)10 exisrs nmxIn tbe rethrn oll the lalld held and todonate the net profits back to the charity. At fl TNstee Meetillgs the Trnstees debate and agree the broad strategy and activities of tbe Tnt 1Illd1ng 8fdnl making, inves1ments and riskmanagement. The approval of individual grants up 10£25,(H)O isundertakenbytheGrants Cojnmittee, which also mollitors the exterAt of graot making during the year. The Finance & Inv¢sillmt Committee monitors the perfornwice of the TTht's propety, COIF and fjnancial investment portfolio together with the flljancial performan¢¢ oftheTrusL Theactivitiesandperforn)ance of th¢8¢sub¢oJnmittees at¢revi¢wed atfullTrustee Meetings. The TnL8t's involvement in the Euro WayCoDsortium. ¢haed by a Trust¢¢, h&s b¢¢ll an ongoing activity durltig the yearand theprogres8 of tbe Europa WayCoDsortium andthe implications forthe TrustatE reported at eacb fuu TnLStee The Trust has ¢hog¢n to bav¢ no employees to avoid the risks of employmeDL Its Clerk & Recciyer, Deputy Clerf( and Aountt are all self-employed or 0rate through a 5ervicc company. The T[te¢S receive w temuneration or benefi THE KLNG REAYRY VIII EINI)OIVED TRLST, WARIVICK (Fowided by Letters P*teDt dated 15 May 154S) TRUSTEES. REPORT Obj¢¢tiv The objectiye of the TTUSt is lo provide in¢om¢ for Warwirk's Anglican Chh¢S. th¢ Warwick Illdependurt Schools Foundation (W]SF) and grants for the benefit of the inbabitonts of the Old Borough of W8rwicK achieved through th¢ distribution of fill5 Htising from the inv¢$tmettt of the Tnt'S Pernwient Endo1[Lettt. The Trust's governiti8 documents require that fimds be distributed on th¢ basAS of 50% to Watwick's Anglican Churches (Church Shar¢). 30fj/r* to SF (School Share) 4nd20•h distribui¢d as discretiotwygrants fortheb¢nefit ofthe iohabitsntsofwarwick (Town Share). Funds distributed to the fiv¢Ang]i¢an ¢hurches are Used to pay the stipend and housiti8 costs of the ¢lergywith residual being Us1 for the furth¢rallGe of religious and ¢haritabl¢ activities in each of the parishes. Fund4 provid1 to WISF are used ]MarIlY to provide bursaries for pupils from the Old Borougb of Warwick WIK) wi)uld otherwise be unable ¢0 attelld tbe sclLwI, with the remainder used on supportitL8 aetivities for Warwryck h0O1% atrj other COD]muDity lIvi11¢s. GratLts Under the Town Share regularly include support to local schools, hospitsls, Myton Hospice, care and Cou8¢ll1ng orgatiisations, non-thurch of England Churches, youth org8nis&tions. senior citizen sporting orgaDi8atioThs, rnU5 alld arts orgallisations. cl)aritable support nctwoths alld w to ind[vidu8 either directly or via other grant maknDg chatities. Aehlevements ID the year DurAn8 2024 tbe Tnt distr1tted a totsl of £2.415.811 to lfiCiarIeS wlth £1,191.750 bcing distributed to tbe five Anglican cbuwhes An the town, £715,050 to the Warwi& llldependent Schools Foundation and £509,011 in dis¢retionary grattts to beneficiaTies in the town of Warwi¢L tAwing theyeartheChur¢b distributionsfimded thestipends andbousing ¢os180fthe clergyforeachto the fiveparishe Funds provid to th¢ Parochial Church Councils have been used for a rwe of activities includtng the tllaititeIiatice olld r¢pair of church buildillgs and community buildings adjacent to churcbes. commutiity activities within parishes in¢luding support for young people. the elderly and the disabled Under the fijnds allocated to The Warwick & Budbrook¢ Churche5 ColnUlty Outreacb Pool ¢lJarAty the parishes bld for fund4 with projects Fthg se&s¢d on the extent of the]reOmllity benefiL The kntaj allocated to the'Proje¢t P(M)I' An the yearw&8 £596J85 {2023'. £561.598). The majority of distributioDS to WaTwick Independent Schools Foundation durin8 2023 have becn used to provide bursaries for ¢bildren who ar¢ re8ident iD Warwick. The Foundation pn)vides these bursaries on a M&tested basis. The Foulthtion als0 Uscs so¢ of the funds to support other Warwidt s¢hiM)Is (such as exam revision and 8un]mer a¢livÉties) aDd other COllLmunity-based initiatives (such as Warwick &8 a S18 Town). Grnits from the Tovrn Shar¢ wer¢ made to 47 different organitionS. Local state scb(M)Is contimuc to be signifi¢attt beneficiaries. Other n]ajor grant5 were to Citize]Js Advtce. Lord Leyces¢¢r's Hospital, Mywn Hospice, Priory Poots Con)muDity Centre, Safeline, Springfield Mind, Warwick AppTellticiog Cljarity, Warwick District Council, Wtirwi¢k Pursuits FestivaL Warwick spo Club, Warwickshire Young Carers and You Call Flowish. Smaller grants have supported4 rnllge of activiti¢s illcludin8 WaThvickTowrACounciL youth cTrMriti&8. arts chariti¢s andThiou$ ¢ounsellin8 thrities. The Tnwt'5 involvement in the Europa wayc0llrt1um. though its subsidiary, has ongoing aclivity duritig the year. The consort[ contiDucd to work with Catssby Esfates plc duritig the year to comple1¢ the outstÈnditig infrastrnctur¢ r¢quir¢rnent. The vast majority of this was complded by the year end, although me very limited activiti¢$ will continue throu8h2025 and possibly into 2026. TheTrust's slwe of costs forthe yearwa$ £10.704, which was for site itha5tructhTe ond highways upgrad. Flnancial Review of the year Duting the year, total income from tb¢Pernwicnt Endowment amounted to £l,117.939 (2023.. £1,244.88]) with Tents. ]icences and wayleaves from th¢ Trust's property portfolio totalling £313.042 (2023: £391,527) And dividends and ititrrest income from financial investments totalling £804,897 (2023.. £853,354). The Cost of raising forOth¢rTrddiDg Activitie5 wa5 £7,423 {2023: £(133,056)). The tost of achieving the Tt'S income relating to prop¢rty maDagemcnt expell5es and inveslment MaageMent expenses iotalled £346.768 (2023.. £323,651). Other Costs relate to 5UPWrt activities of £94,957 and govemaThce eosts of £29,840. Th¢ Trust's investments increased in value by £5,5I7.534 (2023: iticreased £7.401.288). Totsl Inwrne (itieluding investDKllt gairL8) of £6,156,485 {2023: Net Incoll xncluding itivestment gaiths £8,325,662) is the totsl rettwn on the Tt'S Pen)wwt ETMk)wmcnl a retUTll of 8.2Y(1 (2023.. 12.ODh) frjr the yeor. The fun(ts tDade available for diStnuti00 to be¢lari in 2024 is detcrnjined by tbe application of the long-terni di$ln7)uti¢)nrdte withitLthe Trust's InvestsnentPolicy. se¢ at3.35•h since 2016. Overall, the proportion of the Pemianent Endowment available in 2024 w&s £2,383500 (2023: £2,267,170). In addition to in¢ome from thc Pem)allellt Elow¢t tbexe Wd3 RD¢ercst inCAe of £13,068 (2023: £11.466) from the TOWD Share erVeS in thc Beneficiaries IOme Fund. THE KING HEIYRY VIII ENDOWED TRUST, WARWICK (Fomnded by tknrs Patent dated 15 MAY 1545) TRUSTEES, REPORT The inve8tri¢nts held in the CCLA G¢nerBI Invuttnent COIF and in ETFS held by MeTidiem are Ac¢umulation Units. At 315t D¢c¢mb¢r2024, thue invcstments account for 50(A* of total invcs(rnent& Incimie is simply reinvested withiti the funds rather than paid out &4 a dividen(L which means that tbe incle for kecping proper acc4Xmtm8 reconls vknicb disclose with rSonable aceurncy at any time the flljancial Frt)sitiOll of the ¢lMrity and to enable them to ensure that the Financial Statcments eomply witb th¢ requirellLents of the Charities Act 2011. They are alg) responsible for safeguarding the assets of the ¢hArity andhen¢¢ for tak8 rcasollable steps for the prevention and detectioll of fraud and oth¢r Iul4T1t1eS. INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE KLIG HEL¥RY Vlll Ef4DOWED TRUST. WARWICK Opinion We have audited the con80lidat¢d financi statements of The King Henry VllI Endowed Trnst, W8nviok (tbe chan'ty") and its subsidiaries (th¢ "group,? for the year ended 31st December 2024 whi¢h wmprise the Consolidatoj Statements of Financial Adivities, ChaTity Statements of Fillancial Activities, Consolidated Balanee Shee4 Charity Balance Sheet, Statement of C&sb Flows and notes to the fitwicial statement& including a sulmnary of significant a¢UtIng policies. The f[121 rq>orting framework that has been applied in their preparntion is applicable law and United Kingdom Acwmting Standard4 including FRS 102 The Finan¢i81 R¢porttng Slkttdard applicable in the UK and Republi¢ of Ireland" {UDited Kin8di)rn Generatly Accepted ACcountu Practi¢¢). In our opitJi the financial ststements: give & lrne and fairviw of the state of th¢ group's alld of the parent cJwity'8 affairs as at 3 ISE December 2024 and of tbe group's aod the parent ¢hority's income and expendiiure for the year endaj. have been properly prepared in OrdanCe with United Kingdom Generally A¢¢epted Accounting Prnctice,. have beffl prwatrd in a¢ with th¢ r¢quirements of the Cknit1 Act 2011. Basts for oplDiOD We conducted our audit iti accordance with Internats'on41 Standard% on Auditing (UK) IISAS IUK)) al applicable l&w. Our resp(msibilities under those stwjdards aTe further (k8cnl)ed in the Auditor's rnbIlItieS for the audit of the fllwLcial statejnents seetion of our report. We are Indedellt of the clwity in accord&llcewitb the ethi requiremet that are relevattt to our audit of the financial statents in the UK. illcludin8 the FRC'S Ethical Standard and we h&ve fulfilled our other ethical respms11)ilities in accordan¢e with th&8e requirements. We believe that the auditevidence we have Obtai is sufficient and appropriate to provid¢ a iASi$ for our opinio Conclusions relating to golng concern tn auditing the fJnan¢ial ststement4 we hwe Conclud that the tnJ8tees' use of th¢ going concem basis of accounting in the preparation of the flnancial ststements is appropriate. B&sed on the work we have perfornie( we have not identified any material uncertainties Telating to events or coThlitions tbal indivi¢knlly or collectively, may cast significattt doubt on the charity's ability to continue &s a going Cortcern for a pericyj of at le twelve months from when the fittanciai statements are authorised for i88ue. (knr r¢%poJ)sibAlities alld the rwib11iti of the trustees with r¢sw to going concern Hre dc8ml*d iti the relevant 8Xtions of this reporL Other infomAtion The othrr infonnation compr1 th¢ information iticluded in the annuaL other than the finan¢iai statrments and o auditor'g rep)rt thereon. Our opinion on the financial ststements doe8 not ¢overthe oth¢r inforniation al, except to the Extent otherwise explicitly stated in our rq)ort, we do expres8 any forni of assuranrx Gon¢lusion thereo ID Connection with our audit of tbe fll]an¢ial stAiements, ow resronsibility is to read the other itifornmtion in doing so, consider whether rhe other infornwti(Trn is materially inconsistent with the fanCIal 8tstements or ow knowledge obtailled ill the audxt or otherwise appeArs to be matertally mited. If we identify such matwial iticonsisten¢ie8 or apparent malerial Jnisstatements, we are required to detem)ine whether there is a nuteTial rnisststement in the fmancial stutements or a mala1 mi&statellnI of the other infomiation. Jf, b88ed on the work we bave performe4L we conclude that there is a llterial r(Li&4tatement of this other informalioo we aTe Tequired to report that facL We hpdve nothing to report in this regard. Matter5 OM v4hi¢h we are required to report by exeepdon In light of th¢ kTowledge and undeT¥t• of the gwp and th¢ parent Charity attd its environmeDt obtsilled iti th¢ ¢¢)ur8e of th¢ audit, we Imve not identified material misststements iti tbe Ttustees. Relt We have nothiog to r¢port in r&spect of the followin8 mattm in relation lo whi¢h the Chariii&s (Accounts and Reporls) Regulatiolls 2008 require us to Teport to you if. in our opini tho inforniation giv ID th¢ finan¢ial statements is inconsistent in any D)ateTi41 respect with the Trustees, ReporL' or sufficient accounting recoriL$ h&ve Th)t beenkrf. or the financial statements ore Dot in agreemeni with the accounting Cords. or wc have not rtrxiyed all the infornJati¢)tt and explanations we require for our auth'L DEPENDENT AUDITOR*S REPORT TO ThE TRUSTEES OF THE KING llEMiY VIIt ENDOWED TRUST, WARWICK Rwon8iblli¢iu of Trllsttt8 As explai1d fully in the trustees. responsibilities statement set out on page 7, the trustees are respinsible for the pArparation of tbe financial statements and for being satisfied that they 8ive a #nd fair vlew. and for 8ucb intern control as the trustees deterniine is llecessary to enable theprep8ration of financial statements that8 free from material Inpreparingthefiaoncial Stenrtts, thetruste440re restx)nsibl¢ for&*4th4inBth¢grow>'sattdtherArenieharity's ability to continue as a going Concern, disclosin& &4 applicable. m&tters rejttted to goiti8 concem attd usiti8 the goin8 concern basis of ac¢ouriw the truste&% eithtr iDtend to liquidate the charity or to ¢ee operatio or have no Th]11¢ alternative but to do so. Auditor's rryon8ibiliti• for the •udi¢ of the fin•n¢i*18tatemeDts We have beeo appointed as auditor under section 144 of the CbaTities Act 2011 aod report in aordance with the Act and rekvant Tegulation5 made or hayll effect thereunder. Our objective8 are to obtsin rea50]]able llbout whether the financial 8tatemenis as a whole Sre free from Material mi8818t¢menl whether du¢ to fiaud or ¢rror, ond to an auditor's r¢port th&t includ&q our opinicL Re&s0ble &ssurance is a high level of &&wrance is no¢a gu4rnDtee that an 4udit conducted in aecordance with ISAS (UK) will alway5 detect a rnateTial Mitement when it exi8ts. Mi&4tstements can arise from fraud or er and are Considered mateTial if, illdividually or in the ag8regate. they could Te&8onably be eXCted to it)llueJkce the on0 decisioJJs of u8er5 taken ott the basis of the rMaDci ststernents. ttYogul8rities, including frau are instances of non-compli8C with laws and regulations. We design proce11¢S in ]iDe with our reswjnsibijities, outlitied abov¢ to detect material MItements in rwt of ]egUlarItI. including fr4 Based on our understdIng of the Group and its activities, we identified the principal risk5 of Don-wmplian¢¢ with laws and regulations related to the anti.bnkn, comiption and fi2V money launderi and we ¢¢)nsid¢red th¢ ¢xtent to which non-compliance might have a material effect on the fll]l statements. We also consid¢red those laws regulations that bave a diTe£t impact on the preparation of financial statements. such as th¢ awiti¢s kn 2011. W¢ ¢valuat¢d th¢ trwstee&' and manag¢m¢nt's inc¢Dtiv¢s and I)Ortu111¢S for fraudul¢nt JnaDipulation of the ftsWlal statement¥ (in¢luding the risk of ovwrid¢ of controls) and d¢t¢nnined that th¢ pri1paI risks were related to posting mallual journal ¢ntries to manipulate fancial perfonnan¢e. management bi&8 through judgellLents and assumption8 in Significant accounting estillte4 in particular in relation to ful accounting, and 5igDificant olleff or unuw Our audit procethjxes wetr desiglled to respond io those *Jentified risks, including noll.conJpliance with lavA5 resulatioLs (iffe8ulaTities) and fraud thatare Jllaterial to the fillancial 8tste4nents. Ourauditproc¢dw¢sincludedbutwere Dot litt)ited to.. Discussing with the trustets and management theIrli¢leS and procedures regardiog wnpli8n¢¢ with laws and regulations- Communicating identified laws and regulations throllgbct our engagemfflt te4m and r¢ma]w indications of llon-compliat]ce thrOug1t our audiL and Collsideiyng the risk of acts by the cl]Brity wbich were contrary to opp]icable law8 and reguJation4 iticludtng Our audit procedures in relation lo fraud included but were wt limited to.. Making enquirie8 of the 1rn8te£s alldmanageDM on whetber Ibey knowledge of any aal suspectsd or Gaining an underSlg of the iotemal controls e8tsbli8hed to mitigate risks Telated fikud. Discussing amongst the engagement tram the risks of fraud. and AddTC&8iU8 the risk% offraLd througb mwejnent override of controls by perform]jou&l ¢nty te8till8. There ale inherent limitations in the audit procedures descnbed above and the primary responsibility for the prevention and detection of irregularities including fraud rests with n)anaganeDt. As with any audii, there rema1td a risk of noll- detectioa of irtegu]arities. as thes¢ may involve )11$10 forgery, intentionol omission4 misrepresentations or the A fjthher description of our rwsibilities forthe audit ofthe financial statements is located OfL the Financial Repotrtitig Council's website at www.frc.OPd.uklauditorsre8ponsthilitie& This description forms part of our auditor's report. U8e of the audit report LN'DEPEI¥DEL¥T AUDITOR'S REPORT TO THE TRUSTEES OF THE KING IIEIYRY VIU EIIDOWED TRUST. WARWICK Use of the audit report We have been apw)inte41 &8 audiknr under section 144 of tbe Charities Act 20118nd Tel ID accordance with the A¢t and regu]atiort8 made or havirtE efftet thettuth. Our respon1)1]1 1$ to audit alld expre85 4D OPiniOJL on the fllwA¢ial statements iti a¢¢ordgn¢e with applicable law and International Standarts on Auditing (UK). Th05¢ Standards require us to compty with the Fitsan¢ial Rewrting Council's Etbical Standard. Our audit work has been undertaken so that we mighi s¢a* to the eharity's trustees those matters we are required to to them in on auditor'5 report and for no other PWV08e. To the full&st extent PCTllLitted by law, we do not accept or a&4ume reSpOnbility ¢0 allyone other than the charity and the charity. tTUStet&' & body for audit worL for this r¢p)rL or for the opinions we haye formed. Signe41. 6fVI I LLI Forvis Mazars LLP First Floor Two Chamb¢r14in Squ B3 3AX Date.. Forvis LLP is eli811)le for appoiotmeDI as auditor of the charity by virtue of its eligibility for appoinlment #s auditorof a company under section 1212 of the Cothpatii&s Act 2006. io r40 I r4tr mm -lai fPJ -tho CA0 4NWJ eryn THE KING HENRY Vltt EI¥DOWED TRUST, WARWICK BALANCE SHEETS AT 31st De¢ember 2024 GROUP Notei 2024 2023 21124 2023 FIXED ASSKTS Inveslments io 77,742.490 74,407,071 77,741491 74.407,072 CiIRRKNT $sETS Debtots: due within one year Cash at bank ¥nd iu hattd 217975 L135J52 244,339 1,803,193 740,856 I7)0? 717,432 85S901 ¥S3J27 2.047,532 2,(128,163 1,573,333 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE 12 (821JJ57) (932,785) (397,197) (405,067) NET CURRENf ASSETS 1331(170 1.114.747 1,630,906 1,168,266 NET ASSETS 79278560 75,521,818 79J73,457 75.575,338 RESTRICTED FUNDS Perniattent Elldowmeni Funds Benefi¢Aaries Ineome Fund 14 15 79,110,243 J6SJ17 75J37.258 184.560 79,2(18,140 165J17 75,390.778 184.560 79,275J611 75J21.818 79J73A57 75,575.338 The financial statements on page8 1 I to 30 wett aFPrOv and aUtbthiS for issue by the Tn on 30th June 2025 and w¢re signed on their lthlf by. Chaimian of Fin8nce & tnv&stment Committe¢ 13 THE Irne frDm Subsidiary PrDcced¥ from sale of illveslments 1.131,0O7 125&347 1.154252 1,305,812 133,675 0,604,026 20.143.011 0.604,026 20,143,011 {4,421911) (19.559284) (4A21911) (19,559.284) et casb prowlded by Investkng aedvitles 3J13,122 1.840,074 3J36J67 2,023,214 C&sh from fllwicing tiVItieS.. Net cash from finclg Actfvlde4 Change kn ea8b & cash equiva]ents in year Ca8b & ¢gsh ¢qutv. *t the beglnnkng of year 331159 1,803,193 (2.089.683) 3,892,876 431,4116 855,901 247.766 608,135 Cash •Dd cwh ¢qUalentS at the end of year 2,135J52 1,803,193 I J87JO7 855,901 ReeoncWatloD of Net Ex di¢we to Cash Flow from O ratlD ActitIeS Net incorne for the y¢#T Adjustments: Gains on Inv¢stsllts Dividend4 inte$t aJMJ rellts Inwlue frojll Subsidiary De¢6¥(1nCrCa8ej in stocks De¢&(1¢rease> in debtors {Drease)n¢reaSt in ueditors 3,753,742 5,869,989 3,79&119 5,934,042 {5A17534) (1,131.007) (7,401,288) (5&17J34) (7,401,288) (1,256,347) (I.IMJ52) (1.305,812) (133,675) 28J63 (114A27) {50,384) (1.091,727) {23,424) (7OXI) 1,042,79) 88,495 Net cash provlded by ed iii operati•lls (1980,963) (3.929,757) (2,9W961) (1.775,448) An411.15 of Cash alld Cash E C*sh in balld 2,13¥52 1,803,193 1387J07 855,901 Total eash & cash equIvets 1135a52 ,803.193 1387?O7 855.901 14 THE KING HENRY Vut ENDOWED TRUST, WARWICK NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st Deeember 2024 Accouf4Tll¥G POIJCIES Aeeountljkg convention The fiDancid Statements arc prepared under the bistorical cosl Convention as modified by the inclusioD of illVC5tTnents atmarket value. Inpyeparing the fu]c1a1 statrments, the ¢Trwity has followed Accounling and Reporting by Charities: Statement ofRecommendedPrncti¢e applieablc toC]witi&sprepig theiracrounts in ae¢ord8nce with the Financial Reporting stalldd 102 applicable in the UK and Republic of Ireland. the Financial Reporting Standard appjicable ill the United Kthgdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Th¢ Trn8t constitutcs a public bcnefit entity as defjned by FRS 102. Tbe TThste¢s consid¢rthat there are no matcrial uncertainties abouttheTnJst's abilitykn ¢Ontinue as agoing concern. The most significant aTca5 of uncertainty that affect the carrying value of assets held by the Trust are the year-end valuations of COTDrnercial PTopety and lattd. especially knd with development pitential (see the Inv&stments and Jnve5tment Poliey, Iand for Deyelopment alld Bisk Managethent sections of the Trustees, Annual ReFQrt for more infornlltii>n). Basi8 of CoDsoJid*lion The fmancial statements of the clwiry and its subsidiary, KH8 Limit4 are eonsojidatrd on a ]iDe-by-Im¢ basis to pr(duce the 'Growi' numbers. KH8 Limited'8 accounting reference is 31. May, but the f]nancial inforniatiOTA within this rep)rt include8 KH8 Limited r¢wlt5 for the 12 months ended 3151 De¢emb¢r. Group related party trangtttlo The company has tskcn advantage of the related parties exemption contsinoj in FRS102 snd h&$ not disclo%d tr8osactions with its wholly oTrFned wbsidiary. Incoming resource tncoming resources are recognised once the charity has entitlement to the resourc&s, it is probable that the resources will be received and their monetary value Can be measured with suificientreliability. Rents r¢celvable Rents Ttceivable are a¢ted for in th¢ yw to wbi¢h they relate on an aC¢nlS basis. InvestJDent income Investment income 15 accounted for in the year to wluch itrelates ¢)n att awua]s b&sis for COIF inveslments and on a receivable basis for listed iDvestments. The income is gross of ththtta8emellt feeslcosts. Inter¢st receivable Interest receivable is a¢tAl for in the art0 which it relatfs on on xctuaLs basis. It is a¢¢ounted for in the year to w]Ji¢b it relates on accrua]s basis. Resource• expended Liabihties are recognised as resources expended soon there is a le8al or COJkSttuctive ob]ig4ti0 conllllitting the charity to the expenditure. All expenditure is accounted foron 8nlS basis aud b&$ bee Classifi vnder headings that aggregate all sts related to the clltegory. Granti to ToTrTn Share beneflelarAes Grdnts are Made to third parties in fiwtherance of the charitsble objectivcs of the Trt. The grallts are accourLted for where eÈthttthe Trustee8 bave agtred to paythc grdnt without condition atsd the recipient ha8 a re&soDable expectation that they wijl receive a gran¢, OT any ¢ondi¢ion 4tt8chitig to the grallt is outside the contrtsl of the Trtl Cost Dfgetterathi¥ fullds- re Jjhvestments The costs of geDcfdting fund8 Consist of property malement expenses and investment mAnagement costs. Cost of geDeratlng fnd8- r¢ Other Tradi Ineome The cost of sales fflated to the sale of in the clwity's subsidiary. KH8 Limite Ch•rft•ble actlvltles Clwithbl¢ tIvIti&9 consists of grants 15 THE KtNG HENRY Vltt ENDOWED TRUST, WARWICK NOTES TO THE Fll¥ANCIAL STATEMENTS For the year ended 3A8t December 2024 GovernCe costs Governan¢¢ ¢osts include those coyts asscciated with meeting the c(wtitytional and stalutory T¢¥]rements of th¢ Charity and include audit fees and Trnstee related Costs. Supw)rt costs ill connectionwith Gov¢rnance maltu3 arc con5ideTed insignificat)t and have not separatety Analysed. Property related professional fers All professional fees are charged to i0¢ and expeDditutE in the ycaT iti which they are incurred unle88 th¢yspecificallyrelateto the purchaseand sale ofpwpertiesand aretsEated as capital. orare ititbesubsidiary and reIe to the development lan in which case they e added to the value of Stock F15ed 4Wt inve5tment8 Pr(wtAes are stated al PTof¢s¥i¢)nal valuation at the year end. COIF iovestm¢nts ststed at market value providal by the fund manager of the COIF Chariiy FUDJS. Listed investments are ststed at market vakne providol by Meridiem, investment maDa8eES. The Stat¢m¢nt of Finan¢ial Activities includes the D¢t gaA0&S on revahthtiotL IDvestm¢llt Ill Subsldi*ry The inveslment in tbe TnLSt's subsidiary, KH8 Limite4L is ICKYA owned Th¢ Tn'S £1 investment io the subsidiary's share capitsi is shown as a fLxed as8¢t investtnent. The share is jointly held in trust bymr S Coplry and MrJ Edwards &8 nominees for tILe TTus¢¢es. Stock Stock is the cost of ]alld ILeld for sale, including SDLT. plus development costs alld PrnfeIonal ftts incued specifically related to protecting or ehCing tbe value of the land alld to bring the land to market, after adjusting for ¢4$t of sale, which is the proportion of exp¢ total costs to attribute to the cxrKcted tothl income re¢¢)rd¢d iti In¢om Flnancial IDstruments Th¢ TnL8toJJly financial a&sets alld finaacial liabiliti of &kindth8t qualify As basic knial itistrument& Basic finallciai instnunents ate iniiially r¢wgDi5d at iratL58ction value and subsequ¢ntly measured at their settiejnent Yalue. Tot¥1 Retiirll8 Tr accunwlat¢d totsl r¢lurn {i.e. all netincome and atsy capital gaitwlosses)1¢&s any partpreviously set aside for distnThutiOD to benefJ¢iaries 1$ treated as the knappjied total rettun" Eath year the totsl retum in the year is added th¢'lU[lI¢d total retum" and tbe amowit then appli {i.¢. distnThuted) is deducld. WI implementing th¢ total rekn approach it was not po&sible to a¢curately identify the split of the Permanent EndOWml Fund between the "original gift" that cannot be distributed to beneficiaxies alld the 'Imappliedtotai return" which caTL It was thcrefore agreed to usethevalue of the Pernianent EndowmentFund (previously th¢ Capital Fund) at the date of the 1978 Scheme as the"orAginal gift". This was £338,281. At I" Janw 2012 the Pernwient EDdowrnent Fulld was split into the "original gift" of £338281 and tbe 'Imapplied total rethm" of £23.182.056. In¢ome Appll¢atlon UThkr Total R¢turns. it is the Trnstees, responsibility to d¢t¢rmine what aTtLount should ix traD8ferred frorn the"un4ppli¢d total rebJrn' for distribution to benefi¢iwiw on a b&8is that is equitable for both rrt aDd futtwe b¢n¢ficiaries. Thebroad principle adopt¢d by Tntte$ is to adopt a level of distrThution tbat is Gotisistently achievable over the e¢LOrni¢ ¢y¢k and which also allows for the pernianent endowment to grow in line with inflation. This Long T¢rllL Sustainable Distribution rnte is set ill the Invcsirnent Policy alld from I" January 2016 was set at 3.35Vo120I5 and piouslY.. 4%). The a¢tual Appropriation in the Y is Calcujated as: 800A of the previ(ws year's ApprOprilOn increased in line with illfiati¢)n (WSiD8 CPI)* plus 20% of the closing a&set values for the PTIOT y¢ar multiplied by the "Long Te4m Su8taitiable Di8tributionBAte" 16 THE KING HENRY VIU ENI)OWED TRUST, wAI1CK NOTES TO THE FINANCIAL STATEMENTS For the year ended 318t l)ec¢mber 2024 Fundg h¢ld by the charity are: PeQTrWnt Endowment Fund- this fund rqjresents the original endoTrment adjusted by wb8equetti 8aitis and losses on investments, and si]e 1st January 2012 the net iticome less the income appli¢d. In note 16 this is subdivided into the-original gift" total retorn" &s required by aCvling for Total b. Benefictari&s Income Fund- this fund is the funds attnbutablc to the iJaKficiaties. The lling balance is the funds applied to beneficiaries but not distributed by the year ettd. The &lditions duTing the year are the income applied from the Pern)aneDt Endowment and interest iticome earned on fjJn(L8 noi distributed. The basis of the a]IctiOn of the di8tnThution is in the Th)te on (Xyie¢tives on page 4. T*x KH8 Lirnit. the subsidiary. intend8 distrlbute prnfits wider gth aid thewefor¢ no ¢04)oration tsx is payabk. Judgements In *pplylllg a¢couDting poli¢ieJ *nd key stsur¢es of e8tlm*tioD uneertalnty The PTq)aratiOD of the fll)ancial statements ID Confonnity with g¢nernUy aceepted xcounting principlfs TequirEs the dirtorS to moke eslitllates and aswmptions thai aff¢c¢ the reN>rted amounts of assets pnd liabilities at the date of the fllwKxal 8tstements and the amouttts of revenue and ex during the Teportedperiod. Actual results in the future could differ from these &stimat&s. In this regdTd the Trn$te¢s believe that the critical accountiDg policies where judgements or estimations are necessarily applied ar¢ in relation to.. Reco8nitiOll of the profit on the sth of laJJd AnKH8 Limited and the Yah(10 of stixk at the repoffling To deterniine the profitthe TTUStees have ld to estimale the total eventhal sths revetwe from. aThd ally ture devclopmcllt costs for, tbe lanLi The overallprofit has then be¢nprorntedbased on existing sales &% aproportion of iotsl forecast salw. This then derives the cost of sale and the closing stock. Now that all land has been sold the only variable is the eventual flnal cosL which shouldbe knowD by the end of 2024. b. Valuation of investment p)YJperties Th¢ Group calries its investment propcrties at fair value and eDgages independentvaluers to determine fairvalue on an opeD market value on on existing use basi& The ¢alcu]atd foirvaIue of the illvestment propety therefore wes asWioDs, of which the most sensitive relate to DJark¢t o>nditiotLS. 17 ThE I>>>> ojuuuu THE KING HEMiY Vllt ENDOWED TRUST. WARWICK NOTES TO THE FINANCIAL STATEMEI¥TS For the year ended 318t December 21124 16 TOWN GRANTS AWARDED- GROUP & CHARrrY To IDStltutlons and Socledes P£l,OiKI) All Saints C of E Junior Schcol & Emscote Illfant School AonI¢0 Consort Aylesford School Bee Friendly Waovick Budbrooke School Citizens Advice- South Wanvi¢ksbire Coten End Pre School Coten End Primary Schwl 1,300 8.000 18,586 1,429 7,000 21,000 2,000 18,986 2.450 s,0 {2,5(Ml) 5,460 7,617 5,000 (2,654) 30,000 5,300 25,000 18.294 9,000 4,5 5,030 3,000 7,000 loo,000 2,500 10,000 5,(H)O (24,WO) 1,386 15,462 (1.7(M)) 7.000 I,OOD 6.811 7,000 2.000 30.000 5,115 Evergreen School Frien(L8 of Warwick sl0n Friendsl)ip Project for Child Heathcotr Primary School Insight Counsellin8 Junior Angling Club (KingfisherPools) )rd Leycester's Hospi Motionhouse Myton Hospice Myton School Newburgh Primary School New Hope CouDsel]ing New Life Church Pxkmores Resid¢nts Association Parenting Prnject Priory Pools Community CeJ)tre Rela(e- Coventy & WaTwick8hire Safeline Shakttpeare Hospice South Watwickshire NHS Trnsl Spark Youth Musi SprIgfield Mind St Mary's chUb PCC St Mary's Pritnary School The Big Sing Soul The Gap The EnLSCOte School Top of the Rock Watyick Apprenticxng Charity Warwick Boat Club Warwick Cbamber of Trade Watwi¢k District Coun¢il Warwiek Pursuits Festrval W8nviek Sports Club WaTWAck Tennis Club WATWtck Town Council WaNickshire Yoww CareL3 WaTwickshire Youth Choir Westgate Primary S¢lK>ol Vlhitlla$h Browtyies WocKlloes Primary S¢hi)ol You Can Flourish 49J58 17.0(X> iO,O(M) 7260 5J66 io.(K)o 4,000 7.000 1.155 3.(M)O 15.000 On¢ othergrdnl ofleys ihan £l.000 500 Tot*1 attd Sts¢iettd 508,011 25 THE KLNG HLNRY Vlll ENDOWED TRUST, WARWICK OTES TO THE FINANCIAL STATEMENTS For the y¢8r ended 31st December 2024 16 TOWN GRALYTS AWARDED- GROiIP & CIIARITY l¢ontinued) Instituttoms & Soektles blfwd 508,011 tndlvldual Grants 2 Gtts to individu8ls I,(N)O 509,011 There were £227,514 grants award¢d but not paid at 3 1st December 2023. Of these, in 2024 £172.159 were paid were reduc¢d by £34,575 alld £20,780 remained ouLstaDding at 31st December 2024. Totsl awarded aJLd paid in 2024 w¢r¢ £3323 and total grants awarded in 2024 but outstAtiding at 3151 Dwember 2024 were £21 lJ86. 26 THE I