Charity registration number 1142320
Company registration number 07493784 (England and Wales)
OLD WARWICKIAN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
OLD WARWICKIAN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr S W Hain
Mr C R N Heaton (Chair)
Mr N J Robinson
Mr D B Stevens
Mr C P Willford
Mr J S Barker
Mr A F Keeling
Mr K P Mitchell
Mr S M C Tubb
Charity number
1142320
Company number
07493784
Registered office
Edmund House
Rugby Road
Leamington Spa
Warwickshire
CV32 6EL
Independent examiner
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Bankers
Lloyds Bank plc  (Leamington)
73 The Parade
Royal Leamington Spa
Warwickshire
CV32 4BB
Investment advisors
EFG Harris Allday-Stockbroker
33 Great Charles Street
Birmingham
B3 3JN
OLD WARWICKIAN TRUST
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
OLD WARWICKIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The trustees who are also directors of the charity, present their report with the financial statements of the charity for the year ended 31 January 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objectives of the charity are:

 

- The advancement of education by the provision of grants for capital projects at Warwick School.

 

- To provide scholarships and bursaries to pupils and potential pupils of Warwick School so that more pupils benefit from education at Warwick School irrespective of their families' ability to pay fees.

 

The main objectives and activities for the year were to focus upon the above. To assist the charity to meet these objectives, the management of investments is placed in the hands of a professional advisor to maximise a mixture of growth and return.

Achievements and performance

 

Provision of bursaries

During the period under review the charity granted bursaries of £86,553 (2023: £80,161). The trustees are mindful of the income generated by the trust now and projected and have agreed additional bursaries in the medium term.

 

The Trust investments showed no change in value during the year, but the trustees are mindful that investment values fluctuate, and accept regular advice from the investment advisors to protect the value and income as far as is possible.

Financial review
Reserves policy

The trustees have examined the charity's requirements for reserves in the light of the main risks to the organisation. In their view the company has adequate but not excessive reserves to meet its obligations as they fall due. The level of reserves held at the end of the year was £1,398,192 (2023: £1,456,620) and full details are included in note 11 to the financial statements.

 

The level of free reserves, being unrestricted funds less fixed assets, as at 31 January 2024 was £126,209 (2023: £142,996).

Principal funding sources

The large majority of funding during the year arose from rents receivable and dividends on investments.

Investment policy

The policy is for growth and an income return with moderate risk to maximise that growth and income.

Plans for future periods

The charity will continue as present to and take full advantage of income from investments and rent to achieve its objectives in granting bursaries.

OLD WARWICKIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Structure, governance and management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 14 January 2011 and registered as a charity on 8 June 2011. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

 

Appointment of new trustees

New trustees are elected to the board by majority vote of existing trustees.

 

Trustee induction and training

Potential new trustees meet other trustees prior to appointment. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

 

Organisational structure

The board of trustees administers the charity. The board meets a minimum of every twelve months and in the interim is managed by sub-committees comprising trustees.

 

Risk management

The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.

 

Public Benefit Statement

This report sets out the objectives of the charity and which are considered for the future. The award of bursaries is to enable boys to attend Warwick School without restriction to people from whatever means.

In preparing the report, the trustees confirm that they have referred to the Charity Commission guidance on public benefit.

 

Overview of period

For the year 2023/24 the Trustees are satisfied that the objects of the charity have been achieved with a commitment to funding bursaries within the criteria with additional amounts being considered for 2023/24.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr S W Hain
Mr C R N Heaton (Chair)
Mr N J Robinson
Mr D B Stevens
Mr C P Willford
Mr J S Barker
Mr A F Keeling
Mr K P Mitchell
Mr S M C Tubb

INDEPENDENT EXAMINER

 

The independent examiner, Charlotte Toemaes BSc FCA of Ellacotts LLP, will be proposed for re-appointment.

OLD WARWICKIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The trustees' report was approved by the Board of Trustees.

Mr C R N Heaton (Chair)
Mr C P Willford
Trustee
Trustee
7 October 2024
OLD WARWICKIAN TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OLD WARWICKIAN TRUST
- 4 -

I report to the trustees on my examination of the financial statements of Old Warwickian Trust (the trust) for the year ended 31 January 2024.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Charlotte Toemaes BSc FCA
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
England
Dated: 8 October 2024
OLD WARWICKIAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
480
509
Investments
4
72,411
70,576
Other income
5
4,556
4,415
Total income
77,447
75,500
Expenditure on:
Charitable activities
6
99,496
92,592
Total expenditure
99,496
92,592
Net gains/(losses) on investments
10
(36,379)
(60,450)
Net expenditure and movement in funds
(58,428)
(77,542)
Reconciliation of funds:
Fund balances at 1 February 2023
1,456,620
1,534,162
Fund balances at 31 January 2024
1,398,192
1,456,620

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

OLD WARWICKIAN TRUST
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
13
489,397
489,397
Investments
12
782,586
824,227
1,271,983
1,313,624
Current assets
Debtors
14
70,393
59,020
Cash at bank and in hand
57,816
85,741
128,209
144,761
Creditors: amounts falling due within one year
15
(2,000)
(1,765)
Net current assets
126,209
142,996
Total assets less current liabilities
1,398,192
1,456,620
Net assets excluding pension liability
1,398,192
1,456,620
The funds of the trust
Unrestricted funds
1,398,192
1,456,620
1,398,192
1,456,620

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 7 October 2024
Mr C R N Heaton (Chair)
Mr C P Willford
Trustee
Trustee
Company registration number 07493784 (England and Wales)
OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
1
Accounting policies
Charity information

Old Warwickian Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Edmund House, Rugby Road, Leamington Spa, Warwickshire, CV32 6EL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 8 -
1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
480
509

In 2024, the total of £480 (2023: £509) was attributable to unrestricted funds.

4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
40,000
40,000

Dividends and interest

31,693
30,576
Interest receivable
718
-
72,411
70,576
OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Income from investments
(Continued)
- 9 -

In 2024, the total of £72,411 (2023: £70,576) was attributable to unrestricted funds.

5
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
4,556
4,415
6
Expenditure on charitable activities
Charitable activities
Charitable activities
2024
2023
£
£
Direct costs

Bursaries awarded

86,553
80,161

Investment management charges

6,270
6,138

Insurance premium payable

4,554
4,415
97,377
90,714
Share of support and governance costs (see note 7)
Governance
2,119
1,878
99,496
92,592
Analysis by fund
Unrestricted funds
99,496
92,592

In 2024, the total resources expanded amount of £99,496 (2023: £92,592) was charged to unrestricted funds.

7
Support costs allocated to activities
2024
2023
£
£
Governance costs
2,119
1,878
Analysed between:
Charitable activities
2,119
1,878

Governance costs includes payments to the Independent Examiners of £2,000 (2023: £1,878) for Independent Examiners fees.

OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
8
Trustees

None of the trustees (or any persons connected with them) received or waived any emoluments during the year (2023: none).

9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
(36,379)
(60,450)
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 February 2023
824,227
Additions
53,163
Valuation changes
(36,379)
Disposals
(58,425)
At 31 January 2024
782,586
Carrying amount
At 31 January 2024
782,586
At 31 January 2023
824,227
OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
13
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
489,397

Investment property comprises one dwelling on Hampton Road. The fair value of the investment property has been arrived at on the basis of a valuation carried out during 2018 by Chartered Surveyors, who are not connected with the trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The trustees have opted not to have the property revalued.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
52,326
38,852
Prepayments and accrued income
18,067
20,168
70,393
59,020
15
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,000
1,765
16
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 February 2023
Incoming resources
Resources expended
Gains and losses
At 31 January 2024
£
£
£
£
£
General funds
1,456,620
77,447
(99,496)
(36,379)
1,398,192
Previous year:
At 1 February 2022
Incoming resources
Resources expended
Gains and losses
At 31 January 2023
£
£
£
£
£
General funds
1,534,162
75,500
(92,592)
(60,450)
1,456,620
17
Ultimate controlling party

The Trustees have overall control of the Charitable Company

OLD WARWICKIAN TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
18
Related party transactions

During the year, members of The Old Warwickian Association gifted £480 to Old Warwickian Trust (2023: £509). Trustees SMC Tubb, JS Barker and AF Keeling were committee members of The Association.

 

S Hain is an officer of EHB Reeves, a company which provides insurance services to the tenant of a property where OWT in the landlord. In 2023-24 EHB Reeves received commission of £590 (2023: £590).

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