CHELTENHAM COLLEGE CHARITABLE TRUST ANNVAL REPORT FINANCIAL STATEMENTS For the year ended 31 August 2020 REGISTEREO CHARITY NUM8Eft: I29
CHELTENHAM COLLEGE CHARtfABLE TRUST ANNUAL REPORT ANO FINANaAL STATEMENTS For theyear ended 31 $Ust 2020 Pa8es Report of the Trustees Independent Auditorfs Report 10-12 Statement of Financial ActNities 13 Balance Sheet 14 Notes to the Accounts 15-23
Page 2 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES Forthe year ended 31 Aulust 2020 The Trustees present their annual reFK)rt for the year ended 31 August 2020 under Part 8 of the Charilies Art 2011, together with the aLbdited financial statements for the yèar and confirm that the latter compty with the requirements of the Att, the Trust Deed and the Charities SORP 2015 based on FRS 102. Reference and Administralive Information: Cheltenham College Charitable Trust (The Trust} is a re8iStered tharity (number 10064291 established by means of a Trust Deed on tst November 1991. The Trusvs principal addres$1s: Chehenham College Charitable Twsl Clo Cheltenham College Bath Road Cheltenham Gloucestershire GL53 7LO Tru5tee5 Those who served as Trustees during the year and up to the date of this report we. President of the Council of Cheltenham College - W J Straker-Nesbit pSIdent of the Cheltonian Society R Badharn-Thownhill Ire5i8ned 29.02.201 President of the Cheltonian Society D Stewart (appointed 19.09.201 Head of Cheltenham College - N HuEgett Head of Cheltenham College pParatory school -T (Ysullivan Council Nominee - H Monro Secretsry P J E Holden
Page 3 CHELTENHAM c(GE CHARITABLE TftUST REPORT OF THE TRusfEES Fortheyear ended 31 August 2020 Itartin&dl Professio1 Ad¥isors and Addiesses: Investment Manager: Quilter Che¥K)t Limited Queen'5 Quay 33-35 Queen Square istol Bsi 4LU Banker: Uoyds Bank Pk 130 High Street Cheltenham GL50 IEW Solkntor: Harrison aark Rickerbys Ltd EInbou8h House Wellin8ton Street (theltenham Gloucestershire GL50 IYD Independent Auditor- Crowe U.K. LLP Carrick House Lypiatt Road Cheltenharn Gloucestershire GLSO 2QI STRucfuRI GOVERNANCE AND MANAGEMENT Gavernifig Document The Trust IS govemed by the provisions of theTrust Deed, whith was last amended in April 2001. Charity Governance Code With the exceptKJn of Mrs Huggett and Mr (Ysullivan, the Trustees of Cheftenham College Charitable Trust are 150 Trustees of Cheltenham College. they are aware of the updated guidance from the Charity Commission in relation to the Code and adhere to the principles therein. Trustees The Trust Deed speofEd ihai the Tmstees shall be a minimum of 5 and a maximum of 10: The Ps•dent of the Covncil of Cheltenham College. The President of the Cheltonian Society- The Head of Cheltenham College. The Head of Cheltenham College PPatory School. A member of the Council of Cheltenham Cole nominated by them. Up to 5 others.
Pa8e 4 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES Forthe year ended 31 AuDtst 2020 Trustees (continued} The first four of these becomes a Truslee automatically on a55uminE the Off under which s/he is appointed and retires as soon as slhe ceases to hold the offKe. The fthh of these would retire as soon as slhe ceases to be a member ofthe nominating bth. The others W1 retire after three year5 unle55 reappointed. The PSident of the Council 15 the Chaimian of the Trustees and has a casting vote at meetings. Trustee Appointment Before any appointmenl is made. the Counol evaluate ihe balan, skills. knowledge and experience of the nominees, who are sometimes th¢)minated by College Counul. In the18ht of the role and capabilities QUired, a suitable appointment 15 rnade. Trustee Training New Trustees are inducted into the workings of the Trust with reference to Charity Commission 8uidance, inclu(lin8 its Policy and Procedures. by the Secretary on appointmènt. Or8anisational Management The Trustee5 hold meetings at least once in every academicyearto detefmine poliry. grants and awards for the subsequent academic year, to VIeW the perfomiance of the Trust and approve the firbancial 5tatemerbts. Organisational Strurture and Relationshlps The Trust is managed as though it is independent of Cheltenham College. but reliaDt upon it administratively. However, the Trust should be regarded as a subsidlary of Cheltenham College for accounting purposes in line with FRS 102. Ilisk Management The Trustees have examined the prinapal areas of the Trusys operations and considered the major risks faced in each of these areas. In the opinhjn of the Trustees. the Trust has established resources and review systems which, under nornial conditions. should alknw th risks to be mitigated to an acceptable level in its day to day operatVJll5. Fundrni5in8 Funds are raised for and on behalf of Cheltenham College. All fundraising is undertaken by the Development department. The Development Director has direth responsibility for all fundraising. The Development Directorfollows the Code of Practice for Fundraising as set out by The Institute of Fundraisin8. Cheltenham College's Code of Practice for Fundraising is available on the College websrte. Further details of the Tnjst's fundraising activities. as required under the tharities SORP, a disck)sed within the Report of the Council in the parents consolidated finanoal statements as detailed in Mote 14.
Poge 5 CHELTENHAM C(KLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES Fry the ended 31 W 2020 Ic(w5tsbued) OBJECTS. AIMS, OBJEcfivES AND PRINCIPALAcnvmÉs Obhed and Polky The object of the Trust is the advancement of education ai Cheltenham Colle8e and Cheltenham College Preparatory School. Strate8ic Aim and Intended Effert The Trust holds a number of fund5, each wiih the donorfs specific intended effect. The Trustees eftsu that the expenditure of fijnds is in keeping with the constraints im&ed, if any, by the donor. The Trustees wlll normally onty make expenditure from a restricted fund when sufficlenl resources have accrued to fund such an award. The financlal statements ol ihe Trust Incorp(te the follo Endowed funds: A Scholarship Fund - established by C H B Wadsworth E$ known as the Howard Wadsworth Trust Fund. to provide a bursary or bursaries for pupils to attend Cheltenharn Colle8e. The awards are made by the Head of Chèltenham College according to criteria specified In the 1992 deed. A Scholayship Fund - established by D George Esq, known as the David George Memorial Fund, to provide a scholarship for è day pupil. A Scholarship Fund - established by the Trustees of Selwyn School ty means of a Deed on 22nd Au8USt 23 known a5 the Selwyn Trust Fund. to a 5dlah1P for a day pupil INin8 within 15 miles of Gk)uSter Cathedral. The Paul S Clark Fund - established to prty4ide an award for an ¢)utstanding science essay. The Leadership Fund - to provide bursaries to sUprt pupils at Cheltenham College who have parents in the Military. The Elmslie Prize Fund- estsblished to the memory of Mr Elmslie. to enable the annual inscription of the drama plaque. The lknancial statements of the Tn ifft¢w*e the follwin8 Restrictsd funds: A General Scholarship and Bursary Fund - established to provide SCIlarshIpS and bursaries, at the discretion of the Trustee5, to supp)rt pupils attending Cheltenham College. The CIE Fund - to accumulate donations restricted to the creatn of a Business. Economics and Innovation building. The David Harper Fund-to SUPPQrt pupib whosefamity financial Siatn mean5 that theywould not herWIse be able to tomplete their edvcation at CheenhaM Colle8e. The Chapel & Organ Fund - to accumulate thnations restricted to the upkeep and development of Cheltenham College's Chapel & Or8an.
Page 6 CHEITENHAM COLiEGE CHARITABiE TRUST REPORT OF THE TRUSTEES For the year ended 31 Au8llSt 2020 I0nue? The financial statements of the Trust incorporatethe followiTr8 Other Restricted F$. The ClassiLS Bursary- to provide educalional experiences and sUPPOrt to pupils studying the Classics. The Edward Wi150n Memorial Fund - established to the memory of the Old Cheltonian and explo r Edward Wilson io support adventurous expeditions by pupils. The Christopher Adam5 Prize- awarded to pupils making the most academic progress. The Champain Prize- awarded annualty to the Head Boy and Head Gid for leadership. The Cheltondale Prize- awarded annual to the Oewty Head Pupil in the SenJr School for leadership. The Prep School Prize- awarded annually to a Prep School Pupil for leadership. The Dawd George Expedition Fund- a fvnd to facilitate Educational Travel Stholarships. The General Facilities Fund- to accumulate donatnS towards Unspecif facility development projects. The Sport Development Fund - to accumulale donatK)ns $t1ted to the development of sports facilities. Theatre & Drama Fund - to accumulate donations restrKted to the development of the theatre and drama facilities. Thirlestaine House Fund - to support the upkeep of Thirlestaine House (Grade l Listed). The Prep School Fund- to accumulate donions restiirted to the benefits of pupils in the College Prep School. The Geography Fund - restricted to the benefft of the Geography department. Boarding House Funds- restricted to the benefft of pupils in Cheltenham College Boarding Houses. Grant Makin8 Poliry The Trust is a grant-making trust, supporting the advancement of education at Cheltenham College. tt is the policy of the Trustees to make grants that meet this obJ'ecQive and in line with the wishes of donors. Grants are made primarily to Cheltenham College or in 5UPPOrt of pupils attending the College. The Trustees ffleet not less than once a yearto ceIve and consider prop)sals foTthe award of grantsand to release resources from Restricted Funds to qualifying projects. Princlpal Artivitie5 & Pubfic Benefit The Trustee5 confirm that they have complied with the duty contained in 5ettion 17 of the Charitie5 Act 2011 to have due regards to public benefrt guidance published by the Charity CommissH)n. The TTUSt released £31,20312019: £57.5721 fn>m Unrestrictedfundsto supporttheir commitment to wpilfacing schemes- being the installation of watercoolèrs and to provide pupi15 With eco-friendly reusable water bottles. The Trust also funded an archivist for a setond year.
Pa8e 7 CHELTENHAM COLLEGE CHARABlE TRUST REPORT OF THE TRUSTEES Forthe yw ended 31 811st Z020 REVIEW OF AClTIEs AND FINANCIAL RESULTS FOR THE YEAR End¢wed Fd The Trust's endowed investrnent wirtfOl eXrienCed a fftet gain of £19.92212019: EII,7031 during the year. Restricted Fund The Howard Wadsworth Fund wa5 rested this year to allow the fund to accrue. At a meeting on 28th September 1996 the Trustees decided that. in order to sustain the opital value of the Howard Wadsworth Fund, future awards should be at a maximum rate of 30% of the fees. Durin8 the year the Trust attracted restricted donatn5 totalling £87,017 {2019: £83,3561. A number of donations We received to reward academic excellen. donations have also been collected forfuture projects. The Trust released furhds to support the planning stages of the CIE project.. to enhance ihe garden areas at two Boarding Houses- to prov*Je Chapel with a new natNitY Set and to SUPPOrt the Prep School Elettric Karting project. After accounlingfor expenditureon these projects arKI taking into account investment gain5 of £10.472 12019.. £5.9691 the net restried out8oiTh& re50uros forthe year was £47.32019: £24.3081. General Appeal Fund The Trust received a number of unrestricted donatK)ns amounting to £41,86812019: £24,355) to 5UPPOrt the Trusts, objective5. After accountin8 for running costs. grants and investment movements. the overall nel incorning unrestricted re50urce5 for the year was £19,79512019-. £26.197 outgoing). Investment Policy and ObSertive5 The Tmst's powers of investment of its trust funds are governed bythe Trustee Act 21X#). The Trust Deed allows for unspent income to be added to capital. The Selwyn Trust Endowed Fynd is required by the donors to be kept in a high interest bank account. The Trustees keep under re8ular revlew the investment risks and perfomiance of the Trust's investments. Ha¥in8 taken profe55ional VICe, the Trustees polKy is to place all avaiuible retained funds. other than those required for day-to-day cash management. with the Trusts investment manage. The tsr8et is to achieve a combined total of income and capitalgrowth. The totsl capital growth duringthe year was 3% of whh 2% was income 12019: 3% of whith 2% was income). The target was not met due to the uncertainty In the markets caused by the Covid-19 pandemlt. All investments held were acquired In accordance with the powers available to the Trustee5. Reserves Pollry At the year end The Trust had total reserves of £1.748.14812019-. £1.759.1641 for the provision of financial 5UPPOrt and prizes for pupils at Cheltenham Colle8e. There are suffKier•t re5erve5 of income for each fund held to cover any awards made by the Trustees. The unrestricted funds are retained to provide working capital and to provide financial support to development project5 and other initiatives within Cheltenham College. Unrestrirted funds totalling £31,20312019.. £57,572) were released this year to support projects. However, reserve5 will continue to be accrued to supplement the restricted funds that are bein8 raised for speti depment projects due to be executed in the future.
Page 8 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRiISTEES For the year ended 31 August 2020 Trumees Flnandal O¥er¥iew and going vxKern The Trustees of Cheltenham College Charitable Trust are keenty aware of the economic impact of the Covid-19 pandemic on the UK and world onoMieS as well asihat of Cheltenham College itself. Thi5 impact has currently been refiected in a reduction in the value of the Trusfs investment p)rtfolio. The grants paid out by the Trust are dirertly linked to either new donation5 recer4ed or to investment retums. As such the grants paid to Cheltenham Colle8e during the rrent year ending 31 August 2020. will not {in the vivm of the Trustees) undermine the long-term ecorMI¢ stability of the Trust. Despite these circumstance5, the Directors have a reasonableexpectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. They therefore continue to believe the going concern basis of accountinE is approprte in P paring the annual financial statements. FWURE PLANS The Trustee$ will continue to provide support to wpils from the Bursary Fund5 and expeci to see additional funds raised to enable it to continue to provide support to Cheltenham Colkge's development plans. The Trustees have agreed to a15ocate thefollowinB: upto£30.(KKI perannum from unrestrlcted funds to support pupil facing schemes: up to £5.CM)O per annum fr•)m the Leadership Fund and alm to retain £5CQ.(W of unrestrirted funds as rnat1 funding forsyiknnt ¢a&Ntal scherne5. The Trustees are continuin8to priorilise the accumulation of fundsfor the aE buikling. The Trustee5 will pass over to the College the accrued reslrKted funds. apwopriate to the projects the funds have been raised for, as they are implemented. STATEMENT OF TRusfEES' RESPONSIBILMES The Trustees are responsibk for preparing the Trustees, Annual fteport and the finanoal statements wi accordance with applicablE law and Unbted Kingdom Genernlty Apted Accounting Prattice Iunited Kingdom Accounting Standardsl- The law applicable to charities in England and Wales require5 the Trustees to prepare finanual statements for each financial year which give a tnje and fair view of the state of affairs of the tharity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP. make jud8ements and estimates thal are reasonable and wudenL state whether applicable accounting statKlards have been folk>wed. subject to any material departures disclosed and explained in the financial ststement5: and
Page 9 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSfEES For the year ended 31 Au8itst 2020 STATEMENT OF TRUSTEEY RESPONSIBiunES (£tNdI epa the financial rtatements on the 80in8 conorn basis. unless it is •nappmprlate to presumeihat the charity will continue in ISiness. The Trustees are res[Sible for keeping adequate accoUntia records that are sufflclent to show and explain the chariWs transactions. disclose with reasonable accurapi at any time the financial position of the charity and enable them to enre that the financial statements complywith the Chaiities Act 2011. the Charitles (Accounts and Report51 Regulation5 2008 and the prls1on5 of the charItS constiiution. They a also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the provision and detert¥)n of fraud and other irregularities. AUDITOR ststement a5 to D15closwe of Infrxm•tiw to AlItt Insofar as each of the Trustees of the charity at the date of approval of thi5 report is awa, there is Th) relevant audit infomiation linfomiation needed by the charitvs auditor in conftection with preparing the audlt report) of which ihe charitvs auditor is unaware. Each Trustee ha5 taken all of the steps that he or She should have taken as a Trustee in order to make himself or herself awa of any relevant audit inform*ion and to establish that the charws auditor is aware of that infomiation. Approved stees on IS fi4 ¥ 2oZI and s%ned on their behaw by: Wlllia Truste Straker- blt
Pa8È 10 Independent Audrtorfs Rewt to the Trustees of Cheltenham College Charitable Trust Opinion We have audited the financial statements of Cheltenham College Charitable Trust for the year ended 31 August 2020 which comprise the Statement of Financial Actrrfities. Balan Sheet and Notes to the Financial Statements, including a summary of signrfKant accounting policTres. The financbal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reportin8 Standard 102 The Financial Rewrtin8 Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting prattl). In our opinion the financial statements- 8ive a true and fair view of the ste of the charitls affaifs as at 31 Au8ust 2020 and of its incoming sources and application of resour5. includin8 Its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been pPared in accordance with the requirement5 of the Charitie5 Act 2011. Basis for opinion We conducted our audlt in accordance with Internati(al Standards on Auditing {UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial staiements sertion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements the UK, including the FRC'S Ethical Standard, arKI we have fulfilled our other ethKal re5ponsibilit*s in accordance with these qUIreMents. We believe that the audit evldence we have obtained is suffKient and appropriate to Provide a basis for our opinion. (clUSIonS relating to 8oin8 C£¢ We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where: the trnstees, use of the going concern basis of accounting in the preparation of the financial Statements is not approwiate- oi the trustees have not disclosed in the finaftcial statements any identified materbal uncertainties that may cast signrficant doubt about the charitys ability to continue to adopt the going concern basi5 of accountin8 for a period of at least twefve months from the date when the financial statements are authorised for issue.
Page 11 ndependent Auditorfs Report to the Trustees of Cheltwkn College CharitsbleTrust The trustees are responsible for the other inf0MtIOn. The other inforniation comprise5 the information Included in the annual report. otherthan the financial statements and our auditorfs rert thereon. Our opinTrtin on the financial staiements d¢)es not cover the other infommtion and we do nol expre55 any forni of assuran conclusion thereon. In connection with our audit of the financial statements. our responsibility to read the other information and, in doin8 so. consider whether the other information is materially inconsistent with the financial statements or our knowled8e obtained in the auditorotherwiseappearsto be materialty misstated. Ifwe identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the financial staternents or a material misstatemem of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this Other inforniation, we are required to report that fact. We have nothing to rert in this regard. Matters on which we are required to report by wepiion We have nothing to report in respect of the folknwing matters In relation to which the Charities (Accounts and Reportsl Regulations 2(M)8 qUIre us to report to you if. in our opinion: the infom)ation given in the financial statements is irbconsistent In any material respect with the tru5tee5' report: or sufficient accounting reconJ5 have been kept- or the finanoal statements are not in aereement with the accounting records and returns; or we have not received all the infomiation and explanatbons we require for our audit. Responsibilitles of trustees As explained more fully in the trustees. responsibilit*s statement set out on page 8. the trustees are re5ponslble forthe preparation of the financial statements and for being satisfied that they gNe a Iruè and fair view, and for such internal control as the tStee5 detemiine is necessary to enable the preparation of financial statements that are free from malerial misstatement. whether due to fraud or ermr. In preparing the financial slatements. the trnstees are responsible for assessing the charlS ability to continue as a going concern, disck)siw as applTrble, Matte lated to going con¢em and using the going concern basis of accounting unless ihe tmstees either intendto IKiuidatethe charity orto cease operation5.or have no realistic alternative but to do 50.
Page 12 Independent Au<htorf5 Report to th? Trusiees of Cheltenham College Charltable Trust Icontlnuedl Auditorfs responsiblities lor the a1t of the fin•Klal statements We have been appointed as auditor under sertion 145 01 the Charities Acl 2011 and report in accordance with the Act relevant re8ulation5 made or having effecl thereundeT. Our objectives ère to obtain reasonab assurance about whether the linancial statements a5 a whole are free from material misstatement. vknether due to fraud or errol. and to IUe an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a m*ernal misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonab be expected to influence the economic decisn$ of users taken on the basis of these financial statements. A further description of our responsibilit•es for the audit of the financial statements is located on the Finantial Reporting Council's website at- www.frc.o auditor5re5 . Thi5 description forms part of our auditorfs report. Use of our report This rert is made solelyto the chariWstrustees, as a body, in accordance with Part 4 of the Charities (Accounts and Rerts} RegUlatIns 28. Our audit work has been undertaken so that we might State to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility io anyone other than the charity and the charity's trustees as a d¥. for our audit worl for this report. or for the opinions we have formed. UL ILP Crowe U.K. LLP Statutory Auditor Carrick House Lypiatt Road Cheltenham Gloucestershire GLSO 2QJ Date: l ApTiI 2021 Crowe U.K. LLP is eli8ible for appointment as auditor of the charity by virtue of its Èligibility for appointment as auditor of a company vnder section 1212 of the Companies Act 2Tr.
Page 13 CHEITENHAM COUEGE CHARITABLE TRUST STATEMEI OF FINJ4aAL AcnviTIES Year ended 31 A4ust 2020 Note UnstriCted ReriC1ed Funds FurKIs 2020 2020 EThJowment Funds 2020 Total Funds 2020 Total Funds 2019 Income & EndowmeThtsfrom: Donations & legacies Investments Total Income 41.868 5.206 47.074 87.017 20,D)3 107.020 128,885 25,209 iY.094 107.711 20,523 128,234 Expendlture on: Raising fu15 Charitable activities Other expenditure Total expenditure 31203 3.981 35.189 162534 I,%1 164.495 193.737 9,672 203,414 185,737 7.075 192,812 3.730 3,730 Net gain5 on investnnts 7.910 10.472 19,922 38.304 22,117 Net lexpendlture) / iThcome forthe year 19.795 147,CM)3) 16,192 111.0161 142,4611 TrdnsfefS between funds li (I(x•,¢Xj Net movement In fvThds (80.207) 51999 16.192 111.016) {42.4611 Reconcilhtk>n of funds: Total funds brought forward li 454.378 638.049 666,737 1.759,164 1,801.625 Total funds fOld li 374,171 691.048 682.929 L748,148 1,759,164 The notes on pages IS to 23 fryrn part of the finanoal statements.
Pa8e 14 CHELTENHAM COLLEGE CHARITABLE TRUST BALANCE SHEET ¥tsat31 Alts1 2010 31 Au8ust 2020 31 August 2019 Note Flxed Assets: Investments 1,261,355 1,205,014 Current Assets: Debtors Cash at bank and in hand Total Current Assets 14.989 474.304 489,293 26,915 $49,73S 576,650 Liabilities: Creditors due within l year (2.$001 I22.5) Net Current Assets 486.793 554,150 Total Net Assets 1.748.148 1,759,164 The Funds of the charity: Unrestrirted fund Restricted fund Endowed fund 12 12 12 374.171 691.048 682.929 454,378 638,049 666,737 1,748,148 1.759.164 AP0v41 of the Financial Statements Thefi hal "al statements w*rearsYtr4ed f£¢isg bythoTntsteescffj15 Kb k>ZI and sildOn their iam Stra Hh Tr¥xee The notes on pa8es 15 to 23 I(rn part of thè fjnancial ststement
Pz8e IS
CHELTENHAM C(WGE CHARITABLE TRI)sr
NOTES TO THE ACCOUNT5
For theyear ended 31 2020
Charity infomwtio
The Trust is a public benefit entity re81Stered as a charity in Enand and Wales Icharity nurnbEr- l(W291. The address of
its principal Offi is CheltÈnham College. Bath Road. Cheltenham. GIOuSterShlrt. GLS3 7LD.
l. Prirtlp•l xcounting pofi
Page 16 CHELTENHAM c(GE CHARITABLE TRUST NOTES TO THE ACCOUPITS For the year ended 31 Au8USt 2020 l. Prlnclpal xcounilng policie5 (continued) el Oebtors Sh4Yt term dtbtors are initially meayJred at the transactw price. less any Impairrrt. fj Cash and cash equi¥alenls Cash is represented by cash in hand and deposits with financial institutions. gl Credltors Short term creditors are inttially measured at the tran5acticffi price. h) Flnw¢i•l in$truments The Trust only has finanoal ossets and finanaal liabiltlies of a kind that qualfy as basicfinancial instruments. Basi¢ finantial instruments are initially recognised at transaction value and subsequentty at their settlementvalue. See note 8. i) Recognltlt)n of Ilabilities abilities a reco8nised once therè is a Itgal or constructwe obli8ation thatClMTvnits the tharity to that obligation. il Governance costs Governance wst5 comprise all costs involving the public accountability of theTmst and its compliance with regulation and good prartice. These costs indude statutory audii and legal fees. k) General funds Incomè and donations receNed for the general purposes of the charity lincome that is not restrirted by the wishes of the donorl are treated as unrestrirted and are availabletotheTrustees to allocate in accordan¢e with theTrusYs ¢StItUtiOn. 11 Restrirted fund5 Restricted funds a funds that arè to be used in accNdance the speofic restrirtions imposed bythe donors or whith have been raised by the charity for a particular purpose. The full lisi of resthcted funds is held in the Report of theTfUStees. ml Endowed funds All Endowed fund5 are perrnanent. Restricted fund5 Wlth the same name as pemanent endowment5 reflèct the income available for distribution from the pernnent endowments. n) Investments Investments a ststed at marketvalut Trn the Balan Sheet. InvesbMent income is accounted for when it is reteNed. Gains nd losses arising on investment assets are distlosed in the Statement of Financial Attivities and include realised 8ain5 where the investments have been wld and unreali5èd where theyare still held at the balance sheet date. In both case5 the Bain is calculated with regard to the market value at the beginning of the year. or its Cost if purthased during the year.
Page 17 CHELTENHAM COUEGE CHARITABLE TrUST 1407ES TO THE ACCOLINTS For the year ended 31 2020 l. Prlnclpal accounting pglicies (continuedl ol Judgements in appfyhn8 accounting politses and key of ertiMati uncertainty Preparation of theffinanoal Statements requires mana8tmertto considermakinganysignifitantludgements and estimates where nttèssary. There are no items in the finanoal statements where gignificant judgements and estimates have been made. 2. Investmenl income 2020 2019 Oividends- UK Equities 25209 20,523 3. Expenrfrture on ch•riiable arti¥ltles 2020 2019 Grants to Cheitenham Colle8È: CIE project Pupil facing s¢hemes Boarding House projects Archivist funding Chapd projects Prep Elertric Karting Geography Provision of Bursaries Provision of Prrze5 Learning Support project Prep Art R¢xJm project Prep Theatre Hall projert Prep Outdoor aassroom Science Periodic Table elements En81ishlArchivin8 133W5 I646 1572 456 288 1.348 202 26,342 23,889 12.000 2,316 3,243 538 25.942 5,544 19343 15.636 31,351 15.000 3,228 1,365 193.737 185,737
Page 18 CHELTENHAM COLLEGE CMARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 Awt 2020 4. Other expenditure The Trustees received no remuneration and were not reimbursed any expenses in the year (2019: £nill. The charity has no employees12019.' wnel. 2020 2019 Other governance costs Investment mana8ernent charges 2500 7,172 2,500 6,915 9*72 9.415 The auditors. remuneration for the yearamounted to £2.S(KJ12019: £2.scKII. 5. Investhients 2020 2019 Quoted In¥e5tments Market value at I September 1.205.014 1,169.289 Additions 312.572 250,978 Chan8e in cash (26.792) 21.113 Disposals at opening markel value {267.743) 1258.4831 Net unrealised gairfj on revaluation 22,117 Market value at 31 Au8t 1.261.35S 1.205.014 Analysis of investmenis Equities held by managers L224.316 1.141,183 Cash deposits 37.039 63,831 1.261.355 1.205.014 These funds represent investments on behalf of the Howard Wadsworth Trust Fund in accordance with the Fund's Trust Deed. the David Geor8e Memorial Fund. the acuued income of the 5elwyn Scholarship Fund. the Paul S Clark Fund, the Leader5ip Fund. the Elrnslie Prize Fund and the Bursary Fund.
Pa8e 19 CHELTENHAM COiiEGE CHARITABLE TRUST NOTES TO THE ACCOUP4TS For the year enthd JI Awst 2020 6. Debtors 2020 2019 HMRC Other debtor5 14,989 6,915 20,0(XI 14,989 26.915 7. Acc¢u* and CreditW5 2020 2019 Provision for audit Amounts owed to group undertaknn8S 20,1 15CO 22,5CK) 8. Flnanclal instruments 2020 2019 FSnancial assets Financial assets measured at fair ¥alue 1,261.355 1,205,014 Financial assets measured at fairvalue comprise a55ets held as investments. 9. Taxation Statu5 The Trusl is a registered d)arity and hence no provision for taxation is included in the financral statements as benefrts from the exemption5 offered by Section 505 of Income and CorwiTation Taxes Act 1988. 10. Howard Wad5WOrth Trurt FWKI In accordance with the Trnst Deed daied 28th ptember 1992. the Howard Wadsworth Trust Fund is incorporated within the financial statements of the Cheltenham College Charitable Trust.
Page 20 CHELTE14HAM COLLEGE CHAR ABlE TRUST NOTES TOTHE ACCOUNTS Forthe year ended 31 A$1 2020 l(ohMuedl Ila. Anafysis of Fund Movements Current Year Balance IrKon Trander Expenditure Investment Funds Gains Balance CIF 8/F Unrestrftted Funds 454.378 47.074 11fy).IY)2? 135.189) 7,910 374,171 Restrirted Funds 8ur5ary Fund David George Memorial Fund Leadership Fund David Harper Fund CIE Fund Chapel & Organ Fund Other Restricted Funds 297.044 21.789 64.242 9.961 5.978 3.481 31,250 95219 26232 34,217 6345 125.538 23.173 Is,co)I 638.049 107.020 ILKI.(h)2 11,4401 11301 Iiiii 7,698 693 591 313,263 28,330 68,203 31,250 92,628 39,074 118,300 691.048 I05.C2 1133,8251 12,0881 126,9011 1164,4951 1,49) 10.472 Endowed Capital Funds Howard Wadsworth David George Memorial Selwyn TnJst Paul S Clark Leadership ISOEI Lea(lership IBoyesl Elmslie Prize Fund 186,390 263.944 11,108) 11,571) 5.925 8,3 191,207 270,763 26,516 39,096 108,723 1068 666.737 1158) 1233) 1647) 113) 13.7301 843 1,243 3.456 65 19,922 27,201 40,106 111,532 2,120 682,929 Endowed Frs¥e perm•neni Total Fund$ 1.759.164 154,094 1203,4141 a8,304 1,748,148
Page 21 CHELTENHAM COLLEGE CHARITABLE TRUST 140TES TOTHE ACCOUNTS For the year ended 31 AUgt 2020 lo>rtinu¢dl Ilb. Analysls ol Fund Movements Priw Year Balartt BIF Transfer Expenditure Investment Gains 8alarKe Unrestrlrted Funds 4ao.575 159,1221 4.445 454.378 Restricted Funds Bursary Fund Leadership Fund Ben White Learnbng Martin Young Bursary CIE Fund Chapel & Oan F)d Other Resiricted Funds 286,143 61.831 19.343 19.CM)J 95219 28.927 151A94 662,357 gR76 2034 13.4191 1717) {19.343) I19,1) 297.044 64,242 294 95.219 34,217 147.327 638.049 12.3161 185.2361 1130,031) 79.438 99.754 1231 5.969 Endowed Capltsl Funds Howard Wadsworth David George Memorial Selwyn Trust Paul S Clark Leadehip ISOEI Leadership (Boyesl Elmslie Prize Fund 183.997 260.557 40.0 26,176 38.594 107.328 2.041 658,693 11,0881 11.541) 3,481 4.928 186,390 263.994 11551 12281 16351 1121 13.659) 495 730 2.030 39 11,703 26.516 39.096 108,723 2.068 66&737 endowed Funds aye pernint Total Funds 1,801.625 128.234 {192.8121 21117 1.759.164
Page 22 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS FfK the year ended 31 Awist 2020 12a, Analysls of Net Assets belween Funds Crnt Year Currenl Investments Debtors Bank abilities Total Unrestrirted Funds 177,818 14989 183,864 374,171 Restrirted Funds Bursary Fund Leadership Fund CIE Fund Chapel & Organ Fund Other Restricted Funds 313.261 68.205 313,261 68.205 92,628 39,074 177.880 691.048 92.628 39,074 118,738 250.440 59,142 End*)wed Capital Funds Howard Wadsworth David George Memorial Selvlyn Trust Paul S Clark Leadership ISOEI Leadership IBoye51 Elmslie Prize Fund 191.206 270,764 191.206 270,764 40,000 27,201 40,107 111.531 2,120 682,929 27.201 40.107 111.531 2.120 642,929 Total Fund5 L261,355 I489 474.304 12.SlX)I 1,748.148
Page 23 CMELTENHAM COLLEGE CHARITABLE TRV5T t40TES TO THE ACCOUNTS For the year ended 31 AW 20ZO 12b. Anatysls of Net Assets between Funds Prfof Year Current In¥e5tments Oebt(Ys Bank abilities Totsl Unrestrlcted F$ 164.491 915 285An 454378 Restrfcted Funds &ur53ry Fund Leadership Fund CIE Fund Chapel & Or8an Fund Other Restricted Fund5 297.042 64,243 297,042 64,243 95,219 34.217 147.328 638N49 95.219 34.217 20.11 94.827 20ml 23426Y 52.501 413.786 120,C#XII 120AWI Endowed Cawtsl Funds Howard Wadswcrth David Geooe Memorial Selwyn Trust Paul s aark Leadetshlp ISOEI Leadership IBoye51 Elmslie Priie Fund 186391 263.945 186.391 263,94S 26.516 39.CV)6 108,722 2.C67 626.n7 26.516 39.096 108.722 2,067 666.737 Total Fthds I20514 26.915 549.735 122,500 1.759,164 13. Related PartyTransathoAs At the balance shèet date. Chdtenham Cdlege Charitle Trust Ot•d £nil12019.' £20,WOI to Cheltenham College. tring the year grants for projètts. bJrsarie5and prizes were made to Cheltsnham Cdlege of E193,73712019: £185.7371. 14. Ultlfflate Controlling P*ty The ultimate controlling pzrty is Chdtenham CollÈ4e ltharity number.. 3117201 due to the Trust having similar objectives to and having the majority of Trustees common ta the Cdlege. The princip31 objettNe of the College 15 to provide an excellenl academic and broadly based education. in a predomInanY boarding environment, for pupi15 from the a8e of three to ei8hreen in accordance with Christian printiples. The address of Cheltenham College is Bath Road. Cheltenham. Gloucestershire, GL53 7LD. Copies ofthttonsolidatedaccounts of Chdtenharn College. whth inc(wrate theTrusL can be obtained from thecharities Commisslon. Ultimate tontrd wdeswth theTrustees of Cheltenham Cdle8e.