Charfty registratlon number 528745 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICKAPPRENTICING CHARITY) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE APPRENTICING AND RELIEF IN NEED CHARrriES (KNOWN AS WARWICKAPPRENTICING CHARITY) Legal And Administratlve Infomiation Ex￿¢10 Trustees Reverend J Hearn Reverend D Thompson (Resigned May 2024 Rever8nd Canon AAagaard (Appointed May 20241 NoMIna￿Ve Trustees Gltr S Cross IR8signed May 20231 Cltr M Grainger IResigned May 20231 Cltr S Pargeler (Appoinled May 20231 Clk J Sullivan (Appolnted May 20231 Cl* E Harrison IAppointed Augu$l 20231 Cothoptallve Tru$tees Mr T 8TOMffl- Chairman MrJ Labrum IResigned January 20231 Mr S Morfey Mr N Thurfey Mrs P M Fawcett r J Ve(ty (Appointed Juty 20231 Mr5 M Gralnger (Appointed July 20231 Charity ntknber 528745 Prin¢lpal addTr CIO Moore & fibbits 34 High Street wa￿Ck Warw¢ksbire CV34 4BE Clerk to thg Charfty Mr C E R Houghton IndepenL1ent examlners BurgSs & Bulloek 23-23 Waterloo Pla Leamington Spa CV32 SLA Bankers Lloyds TSB Bank p]G 10-12 Swan Street Warwick CV34 4BT Solicitors M¢)ore & Tlbbiis 34 High Street WaThyiGk CV34 4BE Investment advlsors Brevan Dolphln Securities knmlted Woodstock Court Blenhelm Road Marlborough Wttshire SN8 4AN THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICKAPPRENTICING CHARITY) Contents Pag* Trustees. report Independent ex8minefs report Statement of financial a¢tivilie$ Balance sheet 12 Notes to the ffinancial statements 13-22 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Trustees, Report For tho year ended 31 December 2023 The trust88s present Iheir repwt and financial ststemenls lor Ihe year tr￿ed 31 OeeLrnber 2023. The financial statements have been p￿Pared in accordan￿ with the accounting policies set out in note 1 to the ffnancial staternent5 and comply with the charftys govemlng document. the Charities Act 2011 and "Accounting and Reporting by Charitles.. Ststement of Recommended Practice applicable to ch8ri1ie$ preparing their a¢¢ount$ in accordance vAlh the Finantial Rep(xtin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tNe 1 January 20191" Obipctives and activities The charity a8$ists persons resident in the town of WaTrvlck under the age of 25 years who ore preparing for, entering upDn or engaged in any occupats'on, by provtding thern with oU￿lts, tools or books, or payment of faes. travelling or maintenance expenses or by such other means for their advancernent in life to enable them to earn their own INtng. The charity also provides relief for persons erther generally or indiwdualy who (except in spe￿al cases lo be approved by the Tru5tee51 are Te5ryJent in the town of Warwick who are in a state of need. hardship or distress. Public Benefrt The Trustees have paid due regard to guMIar￿ issued by the Charty Comml$sion In deddlng what actfvftles the tharity should undertake In order lo fu￿1 thls requlrement. Eligible members of Ihe public are able to apply for aSSi51ance frorn the Charty and the Trustees believe Ihat by making grant5 available to theln Ihey are providing life improving benefrts 10 th8 public. Procedure8 and poll¢y for grant making In accordance wilh the Tnjst Deed the trustees appty the Income of the charity as follows.. For the'advancement of lrfe., that 15 assisting person$ resldent In the town of wa￿l¢k lunder 25 years of ag81 who a￿ prepanft9 for, enterfng upon, or engaged in any Profes￿On. trade, occupation or servrce by providing them wth ouffits, tools or books. or by payments ol lees, travelling or maintenance expenses or by such othei means for their a¢Jvancement in life to enabl& them to eam their own living a$ the Trustees see fit. For the relief in need" that is. relieving either general￿ or IndI￿du81ty persons ￿Sident In the tty•m of Wan*id( who a￿ in Cond￿On$ of need, hardship or di5tre5s by making grants of money or providing or paying for items, services or facilities ¢alculated lo redu¢e the need, hardship or distress of such person$. In excaptional ca$e$ the tru$tee$ may grant relief to persons otherwi58 eligi￿ who are r8sldent outsld8 the town of Warwick, but who in the trustee$ opinlon ougm to be treated as If they were iesident orwho are temporarily located in Watwick. Appllcatlons for grants or assSstance should bè madg in wriong to the Clerk. Applkats"ons are ￿vIewed at the TnJ8tees' ordinary meetings. Achlevern¢nts and perfomance During the year Ihe Charity approved 49 adwdncèrnant In Irf8 awards to ￿di￿Uals totalling £47,907 P022.' 48 - totalllng £52.3501. Flnanclal revlew General designated funds at the year end $tood at £177,619 12022.. £162,159). Permanent endowrn8nt fvnds $tood at £ee1.33212022.. £￿0.2891. No r8strict8d fijnds balances We￿ held at the Balance She61 date. The Trustees c¢)nsider that free liquid fund5 should be rnaintained at a level which cover the annu81 administrative cost of the charity and apprDxitnatety half the annual grant payrnents rnade by the charity, las the Twslee$ meet bi-annualty to allocate grant paymentsl. At 31 December 2023 the unrestri¢terl funds were slightty in excess of thls target. In addition, having reviewed the adequacy of the designated fund to cover ernergency repair5 and tenancy voids. a transfer to that fijnd amDunti￿9 tg £68,853 has been reflecled in the year. Inve8tsnent pollcy The Trustees have considered Ihe rnost appropriate policy lor investin9 funds and in ￿nIunction wilh the Funds pollcy adopted to mainlaln net c￿r￿nt assets at around £40,000. The balance ol the ¢harity'$ fvnds has been Invested in Investrnents 8$ advlsed by the charSty's brokers. THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Trusteès. Report (Continued For the year ended 31 December 2023 Rl$k revFew The chaity Trustees have considered the major risks to which the ¢harty Is exposed and have rev￿￿ed Ihese risks and established Systems and procedu￿$ to manage these risks. Exlemal risks have been rninimised by en5Urin9 th2t the ¢harty's propertles are adequate￿ mainlained and appropdately insured. The Trustees have also designated a fijnd to cover emergency repairs and polenlial vold cost which could arf5e as a ￿SuIt of losing tenants from their investment properties. The chaNty 8mploys the s&rvi¢es of a broker to manage its investrnent portrolio. Internal risks are minlmlsed by implementing procedu￿5 for authori$lng transactions. The TJustee8 are rnlndful that their ability to maintain Ihe current level of grants 1$ mu¢h dependent on the SL¢PPOrt provided by other lo￿1 ¢harib'e5 whlch have shown thelrwlsh to a8$lst the obiectsve8 of the charity. The ecA)nornic siluation has put pressu￿ on the value of the chariws Snvestrnent$ albeft Ihat the Trustees remain reassured that they currentty hold a healthy level of assets whkh they contlnue to monitor and give consideration to when maklng deel$lon8 on grant 4pplicolons. Structure. 9ovemance and mana98rn8nt The charity Is an unincorporated Trust COns￿t￿ted under a scheft* dated 281h November 1930 a$ rewsa in October 1981. rhe Trustee Board may compth8e 12 people belnq 3 ex-offido MJstee5, 3 nornknated tru5te8s and 6 cfyoptative Tru3tee$. Nomlnative tNstees are appointed by the Town Council of Warwick and 5erv8 for 4 years. Cwplalive trustee are persons who through resldence. occupauon or 8rnployment Or olhen¥ise have speclal kno￿edge of Warwick. Such Trustae$ hord office for S years. Trustees are required to hokt at 18a5e ordlnary mee￿ng$ a year, the Trustees met on hvD occasions durfng the year to approve the allocafyon of granls and revlewthe bjnding of the charity. The Trustees keep the sknll reqUI￿rnant5 of the tru$t88 body under reviaw in the event that a new Twstee 1$ quired oran gxlstlng Trustee relres. Where 8 vacancy occurs for a new CO-OPIat￿e Tiustee, it k8 dL8cussed by the Trustees at a rneeffig and nominalitsn5 are ￿Vrted. M more than one nomina*'on Ss received. Such wmination a￿ voted upon. Trustees are norninated havSng regard to thelr knO%￿edge. surtabilrty and avarfability to serve. The induthon process for a new Trust¢e¥ Is a follows. The Chairman will meet with the new Trust*t to explaln all aspects of the Charity and to provide all relevant inform81ion ￿gardIng it. The Clerk to the Twstees will wrile lo the new Trustee with a Copy of the scheme goverThin9 the Charity and a copy of Ihe last set of account5. The Chaimian and the Clerk to the Truslge wlll also provide all assk%tance and information necessary for the new Trustees to b8¢ome farnlliarwith the workings of the Charity and Charitable regulatlons applicable. Thè Trustees. ￿portwaS approved by the Board ofTwustees. MrT Brown (Chai￿an) Dated.. 30 Ju12024 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Independent Examinerfs Report To the trustees of the apprenticing and relief in need charilies I report to the trustees on my exarnlnatloTr of the financial Statts￿nts of The ApprEntiung anLI Relief in Need Charities Ith8 charity) forthe y¢ar ended 31 Decernber 2023. ResponBlbllltlos and basls of roport AS the Trustees of the ch8rJty you a￿ responsible lor the preparation of the financial statemenls in accordance with the requirefflEnt5 of Ihe Chanlie5 Act 2011 Ilhe 2011 Acti. I report in respect of my exarntnation of the chart*s ffinancial statements carrfed out under SeCt￿n 145 of the 2011 Act. In ¢atyng out my examination I have followed all the applicable Directions given by the Chahty Cwimi$$ion under $ectioTr 14515llbl of Ihe 2011 Act. Independent examIne￿S statement Your attention is to drawn to th2 fact that the charty ha5 prepared the accounts lflnandal ststementsl in accordance with Accounting and Reporbng by CharRies preparing thelr accounts In accordance with Ihe Flnan¢ial Reporting Standard gpplicable In the UK and Republic of Ireland IFRS 1021 preference to the Accounting and Reporbng by Charities.. State￿Ent of Recornrnended Practi￿ issued on 1 April 2005 whtch is referred to in Ihe extant regulations but ha5 since been wilhdrawn. Vve understand that thSs has been done in order for the accounts to provide a tru8 and fdir In a¢LordaKe th the Generalty k¢epted Accounting Pr8¢Xice effeetlve for repotlng perfods beglnnln9 on or after 1 January 2015. I have completed my examination. l eonfim tliet n(p matters have corne to my attention in connection with thè examination giving me cause to believe that in any material respect.. 8¢¢ountin9 records were not kept In ￿Spect of the charity as required by $ecUon 130 ollhe 2011 Act.. or the financial ststements do not accord wth those records., OT the finandal $tstements do not comply wlth the applicable requirements coneerning the fomi and ¢on¢ent of accounts set out in the Charities IAccounts and Reports) Regulatlons 2008 other than any requirement that Ihe a¢¢ounts give a true and fair vlew which 1$ not a matter considered 85 part of an independent examination. I have no concerns and hove come across no other rnatte¥s In eonnecuon ￿th Ihe ex8mlTratlon to whlch attenkn'on Should be drawn in thi5 r8POrt in order to enable a proper underslandlng of the financial 51aternents to be reathed. W8nd8AThn Hubbard FCCA Burgis 8 Bullod( 23-25 Watedoo Place Leamington Spa GV32 SLA 30 Juty 2024 Daled.. THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) statement Of Financlal Activities For thè year ended 31 December 2023 Slr Thom $ D8lves Charl Unre$trfcted Deslgnated End¢)WTnen¢ lund5 fund$ funds 9eneral Total 2023 Total 2022 Notes n¢ome and endowments from: Llcence fees- car park Rent received.. Lèa50wes Fa 49-53 Brook Street, Watwlck Investments.. COIF Dividends M8G Income BrevAn Do￿h1n D￿lde￿$S 1,750 1.7SO 2,479 3.191 33, 3.191 33.4¢6 3,278 28,707 1,071 175 6,235 175 1,329 2,575 175 6,235 1.849 96 3.188 Totsl Incom• and endovmients 45.828 175 1,329 47.332 39,595 Wwlck United Charity Warwl¢kApprenticing CharSUes 3.481 10,357 3,481 10,357 3.193 27,464 Totsl Grnnts 13,838 13.838 30,657 Other Insurance Repairs and rènewals c￿rk fees Independent exarniners fees Professlonal fèes Sundry Brokers fees 1.072 5.247 2,250 308 3,224 314 1,072 5.247 2,250 308 3.224 314 878 1,498 843 2,250 281 2,480 496 1.042 878 Total re¥our¢es expended 28.253 878 27,131 39.557 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) ststement Of Flnancial Actlvllles IContinued} For the year ended 31 December 2023 Slr Thomas Delves Chari Unrestrlcted D¢slgnated EndowThent fund$ funds funds general Total 2023 Total 2022 Note8 Net IncorneExpendrture belore gain51(lossesl on investment 19.575 175 451 20,201 38 Net gainslllossesl on investments 23,488 12.1361 2,558 23,890 (23,9681 Net Incomlnglloutgoing) Msour¢e8 b8fore tsan$fer8 43,043 11.9611 3,009 44,091 (23.9301 Gross transfers befvleen ￿ndS 168.8531 68,853 Net movament In fund$ 125,8101 66,892 3.009 44,091 123,9301 Fund batanc85 at l January 2023 25.810 33,108 747.931 806.849 830,779 Fund balances at 31 December 2023 100,0 750.940 850.940 806,849 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) statement Of Financial Activities Icontinued) For Ihe year ended 31 December 2023 cln and Rellef UnTrstrlcted D8slgnated Endowrnent fund$ tund$ funds gttneral Totsl 2023 Totsl 2022 Note5 neome and endovm)ents from.. Income from Sir Thomas Defve5 Charity Grant received from W8n￿£k R8li8f in Need Charity Donations- Mi)or& fibbits Donations from IntlNtdua15 Investments.. COIF Divldends M&G Income Brewin Dolphln Dividends Inte￿$t Annual Founders Dinn¢r ￿ceIptS 10.357 10.357 27,464 10.000 1,239 1,000 10.000 1.239 1,000 1.000 925 175 6,169 1,795 2.720 175 6,169 111 1.320 1,953 96 4.779 347 1,400 1,320 Totsr Income and endowments 31.296 1.795 33.091 37.039 enditure on= Amounts applied from olher grants 47.907 47.907 52,350 Clerk fees Independent examlners lees Website costs Ann￿1 Foundeffs dlnner costs 8rokers fees 6,000 2.848 234 2,250 344 6,000 2.848 234 2,250 1,376 6.000 2,418 192 1,786 1.903 1,032 Total rosourc¢$ ¢xpond•d 59.383 1,032 60,415 64,649 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICKAPPRENTICING CHARITY) statement Of Financial Activities (Continued) For the year ended 31 December 2023 Need UnrestrS¢ted De$ignated Endowment funds funds funds genernl Totsl 2023 Total 2022 Notes Net IncomeExpenditure before gainslllo$sesl on Investment P8.08n 783 (27,324 127,6101 Net gain81{lossesl on Investments 2,46$ {2,7291 (2641 133,809} Net 1ncomlngllout9olnyl resources before tran8fers (25.6221 11.9661 (27,5881 161,2191 Net rnovement In funds 125,6221 11,9f61 (27.5881 161.2191 Fund balance5 at 1 January 2023 103.241 212,358 315,599 376,818 Fund balanc88 at 31 Dec8mber 2023 77,619 210.392 288.011 315,599 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) ststement Of Flnancial Activities For the year ended 31 December 2022 SlrThomas Delves Charl Unrestrlcted Designated Restrlcted Endowment funds funds funds fund$ general Totsl 2022 Total 2021 Notes Income and *ndowrnents from: Licence fees- car 2,479 2,479 1.750 Rent recewed.. L8asowe8 Fam) 4&53 Brook Street, Warwick Inveslrnents.. COIF Dividends M&G Income Brewin Dolph DNidends 3,276 3,278 3,264 28,707 28,707 30,627 769 126 954 1,849 96 1,796 110 3,188 3.188 2,841 Total income and endowments 38.515 126 954 39.59S 40,388 dlture on-. WanMi¢k United Charity Warwick Apprenticing Cha￿tIeS 3.193 3,193 3.631 27.464 27,484 31.230 Total Grants 30.657 30.657 34,861 Other Insurance Repalrs and renewals Clerk fees Independent exarniner5 fee8 Professional fees Sundry Brokers fees enses 1,498 1,498 1.278 843 2,250 843 2,250 2250 281 2.490 496 281 2.490 319 393 238 853 1,042 1,042 Total r¢$our¢es expended 38.515 1.042 39,557 40,192 THE APPRENTICING AND RELIEF IN NEED CHARITIES {KNOWN AS WARWICK APPRENTICING CHARITY) Statement Of Financial Activities (Continued} For the year ended 31 December 2022 Slr Thomas Delves Charl Unre$trkted D¢$lgnatsd R•5trlctsd Endowrnent fund$ fund5 funds funds oenerdl Total 2022 Total 2021 Ngtes Net Incorn8lExpenditure before gain51Oosse51 on investment 126 188} 38 Net galnslllos$esl on InveSt￿￿￿t$ 13.3711 12,8851 117,7121 123,9681 23.914 N•t Incomlnylloutgoln gl resources b¢lor• transfers 13.3711 12,7591 117,8001 123,9301 24,110 Gross transfers betsveen funds Revaluation ol tangible fixed ass818 120,0001 Net movement In funds 13.3711 12,7591 {17,8001 123,9301 4,110 Fund balances at 1 January 2022 29,181 35,867 765,731 830.779 826.eeg Fund balance$ at 31 December 2022 25.810 33,108 747,931 806,849 830.779 THE APPRENTICING AND RELIEF IN NEED CHARITIES IKNOWN AS WARWICK APPRENTICING CHARITY} ststement Of Flnanclal Acllvities (Continued} For the year ended 31 December 2022 rentlcln Need and Rellef I Unrestrlcted Deslgnated Re$tricted Endowment fund$ funds funds frjnds general Total 2021 2022 Nole$ Income and endowments from: Income from Sir Thomas Dehe5 Charfty Warwkk Klng Henry Vlll Endowed Twst Grants Grant receSve from Warwick Relief in Need Chaity Dollations- Moore Tibbils Donations ￿)therS Investments.. COIF Dividends M8G Income Brewin Oolph(n Dividends Interest Annual Founders tNnner receipts 27,484 27,464 31,230 439 1.000 1.000 1,000 1,289 1.953 96 1,897 110 96 4.779 347 4.779 347 4.415 1.400 1.400 1,41Y) Total Ineomo #nd endowments 35,750 1.289 37,039 40.494 Èndi Amounts applied from other gr2n¢8 ere en585 Clerk fees Independent examiners fees Website costs P¥lntSng. Postage & ststionery Annual Founders dinner costs Brokers fee8 52,350 52,350 50,368 6.000 6,000 6.(M)O 2,418 192 2.418 IY2 2,740 360 1,786 461 1,786 1,903 1.055 1,638 1,442 Total resou￿•$ expended 63,207 1,442 64,649 62.161 10- THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Statement Of Flnanclal Activities (Contlnued For the year ended 31 December 2022 rentlcln Need and Relief In Unre8trlcted Oe51gnatsd Restricted Endowment fund$ fund8 funds funds generdl T*)tsl Total 2021 2022 Notes Net Incom81Expendttu befo￿ gain51llosses} on investment 127,4571 1153} 127.610} 121,6671 Net gainslllossesl on investmenis 110,6321 122.9771 133.8091 30,825 Net Incominglloutgoln gl re8OUf¢¢$ before tr8nsfors 138,0891 123.1301 161.2191 9.158 Gross transfer8 betsveen funds Net movem¢nt In fundB 138.0891 123,1301 161.2191 9,158 Fund balances at 1 January 2022 141,330 235,488 376,818 367.660 Fund balanceg at 31 D8cern￿r 2022 103,241 212,358 315.599 376,818 THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Balance Sheel As at 31 December 2023 2023 2022 Notes Flxed assets Investment propèrties 4lr Thornas Defves Charty Inveslments- Sir Thornas Delves Charity Inveslments-Apprentiang and Relief Need 10 595.C 215,108 S95,000 201.148 283.390 273,45Q 1.093.498 1.C69,598 Current amets Debtors Gash at bank and in hand 12 14,320 55,485 11,009 62,882 69.805 73,891 CT¢ditOW5- amounts falllng due vAthln one year 13 124,3521 121.0411 Net cu￿nt assef$ 45,453 52.8SO Totsl assets le66 ¢urr•nt Ilabllltles 1.138,951 1.122,448 Capitsl fund5 nd SirThomas Delves Charfty Apprenudng Rellef in Neèd 750,940 210,392 747,931 212,358 General endowment fund5 961.332 960.289 16 961.332 960,289 In¢ome fund$ Unrestricted funds- 8neral Designated funds- SirThomas Delves Charty General unre5trict8d fvnd5- SlrThomas Delves Char General Un￿Strt¢ted funds-Apprenticirtg And Relief ￿ Neod 100.¢XIO 33,108 25,810 77.619 103.241 177.819 162,159 1,138.951 1,122.448 SOJ￿2¢24 Tho fman¢ial statements wer8 appr¢ved by the Trustees on ......................... Mr T Brown Tntstee 12- THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICKAPPRENTICING CHARITY) Notes To The Flnancial Ststements For the year ended 31 December 2023 Account6n9 pollcies Charity infO￿atIOn The Apprenticing and Rellef in Need Charilles Is an unincorporated Trust con5tilutgd under a scheme dated 28th November 1930 as revised In October 1981 (Charty No 5287451. 1.1 Accountln9 Convention The financial statements have been prepared in a¢¢ordance with the chanty's governing document, the Charities Act 2011. FRS 102 'The Financial Reporfng Standard applicable in the UK and Republic of Irejand. rFRS 102.1 and the Charities SORP "A¢counting and Reporting by Charilie5'. Slatemenl of Recornrnended Practice applicable to charities preparing their aCco￿nIS in accordance with the Financial RepDrUng Standard appftsble in the UK and Republic of I￿land IFRS 1021. leffectlve 1 January 20191. The chaiity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provlslons in Ihe SORP lor thariues not to ￿￿pare a Statement of Cash Flows. The finandal staternents have departed from Ihe Charities (Accounts and Reports) Regulat￿n8 2008 only t Ihe extent requi￿￿ to provide a true and fair view. This depariu¥e has involved follo￿ng the Slalement of Recotnrnended Practice for charib'es apptying FRS 102 rather than the ver&ion of Ihe Staternent of Recommended Practice which 1$ referred to in the Regulations butthSch has slrKe been withdrawn. The financlal staternents are prepared in 5terfing. whl¢h is the functional curren¢y of the charity. Monetary amounts In these finandal 5taternentS 8re rounded to the nearest £. The finantyal statements have been prepa￿d under the hlstorfcal cost convenlion, modified to indude investrnent properties and certain finaTr￿al instnjments al fair value. The pnn¢ipal accounting pollcÈs adopted are Set cut below. 1.2 Golng concem At the time of appro￿n9 the financial statements. th¢ trustees have 8 reasonable expectation Ihat the chartty has adequate iesources to continue in operational existence for Ihe I0￿Seeable future. Thus the tru5te8S tontinue to adopt Ihe going concem basi5 Df accountin9 in preparing the finan¢ial slalernents. 1.3 Charftsble funds Un￿StriCted fund$ are avallable for at 1he dtstretion of Ihe twstees in fvrtherance of their ehari18ble objethv88. D¢$ignated lunds comprfse lunds whicth have been set aside at the discretion of the trustees for specblc purpose8. The purpose and use of the fund5 is set out in the note5 lo the finan¢ial statement$. Restrfcterl frjnds are sublect to specffi¢ Mndftions by donors or grantor5 85 to how they may be used. The purposes and uses of the restricted fvnd5 are set oul li the noles to the finandal statements. Endowrnent fund$ are subj'ect to specrflc condiknDns by donors ihat the captal must be rnantained ty the ¢harty. 1A Incornlng re$our¢es Incorne is re￿o￿lSed when Ihg charlty Is legally entiUe¢ lo It after any performance cj)ndit￿n8 have been met. the amounts can be measured reliabty, and it Is probable Ihat income be received. Cash donatk)ns arè recogni$ed on receipt. Other donatSons are recogni$ed once the charty has been notified of the donation, u￿e$S performance condrtions requi￿ deferr￿ of the amount. Incorne lax recoverable in relation lo donat￿nS ￿¢eNed under GiftMd or deeds of covenant is recognised at th¢ time olthe donalion. 13- THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Notes To The Financial Slatements (Continued For the year ended 31 December 2023 Aeeountlng pollcles Icontlnuedl Grants re¢eiv8d are shown orb the ba$1$ ol arTh)unts retsivabl8. Incom? from endowment funds are treated as unreslrlcted and 1$ transferred to uTrrestrided fvnds at tt)e end of Ihe y8ar. l investment incorne excluding deposit mterest is shown on the basis of arrnunis receivable in the year and includes any tax credit or income tax which is recoverable by Ihe charity. Dep051t interest IS Shown on the basls of amounts credited in the year. 1.5 Resource$ expended Expendlture is accounted for on 8n accruals basls. Grants a￿ pald out In ae¢ordanc8 wfth Ihe charltys stated objects and are r8cognised when payment is approved by the Board of Twstee5. 1.6 Investment prop¥rtEvs Investment propetty. which is propety held to eam wnta15 zndlor for capitsl appreclats'on, 15 Illltially r8cegnlsed at Cost. whlch iidude5 the purch08* cost and any dI￿¢ty attributable expenditure. Subsequentty it is measured at lair value at the ￿PO￿n9 end date. The surplus or deficit on ￿valUation 15 recognised in the Statement of Financial Activities. 1.7 Flxed asset Investments Fixed asset Investment$ are ￿n￿lty measwd at transaction prtce excluding transaction costs, and are subsequentty measured at fair value at each reporting date. Changes in fair value are re¢ogni5ed in nel income1lexpendilu￿> for the year. Tian5actien C051s are expensed as incurred and offs81 against th8 value of the movernent In fairvakJ¢ for the year. All pmffts and bsses on dl$po$al of inve$trn8nts are takan to Ihe Endowmellt Furyj relalng to the lTrve$tmenL 1J Cash and cash equlvalentS Gash and cash equivalents include cash In hand, deposit$ held at call with banks, other short4erm h'quid investrnents ￿￿1h 9ri9inal maturfties of three months or less, and bank overdrafts. 1.9 Flnanclal Instruments The charity has ele¢ted to appty the provisions of Section 11 'BasK Financ￿1 InstrLtments' and $￿t￿on 12 'Olher Financial Instruments Issues, of FRS 102 to all ol its financk81 instruments. Financial instrumenfs a￿ ￿cognISed the charity's balance Sheet when the charity becorne3 paty to the contractU81 provistons of the inslnjment. FiThancial assets and Ikqbilities are offset, with the net a￿UnIS presented In the ffn8ncial staterr*nts, when there is a kgally enforceable right ¢0 set off the ￿COgnised amounts and the￿ is an Intention to setire on a nel basis orto ￿aliSe the a55et and settte the liability sitnuttèneousty. 8¥$k Ilnan¢lala$s•ts Baslc financial assets, which indude debtors and cash and bank balances. are Inltlalty measured at transacbon p￿ce induding transaction costs and are subsequentty carried at amortised cost using the effectNe Interest method unless the arrangement constitutes 3 financing transaction, where the transaction 1$ measured at the pie5ent value of the futu￿ ￿CeIptS discount8d at a markgt rate ol Interest. Flnanual assets dassiffed as receivable wrthin one year are not amortised. 14- THE APPRENTICING AND RELIEF IN NEED CHARITIES (KNOWN AS WARWICK APPRENTICING CHARITY) Notes To The Financial Ststemenls (Continued) For the year ended 31 December 2023 A¢¢ountlng pollc585 Icontlnuedl Bask fihan¢ial liabilities Basic financial liabilitie5, induding credllors anil bank IDan5 are initialty recognlsed at transadon price u[￿85s the arrangement constitutes 8 financing transacllon. where the debt instrument 13 measured at the present value of the future payments dtscounted at a rnarket raie of interest. Financial liabilities da$&f￿d as payable %wthin one yew are not amortised. Debt instrurneTrt5 are subsequentty carrfed at arnortised cost, using the eifective interest rate method. Trdd8 creditors are obligatbns to pay for goods or $ervi¢es Ihal have been 8ouir¢d in the ordlnary course ol operations frorn suppliers. Amounls payable ore da5sified as current li3billtSes K payment 15 due within one year or less. If not, they are presented as non