OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-08-31-accounts

CHELTENHAM COLLEGE CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2021

REGISTERED CHARITY NUMBER: 1006429

CHELTENHAM COLLEGE CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2021

Pages
Report of the Trustees 2 - 9
Independent Auditor’s Report 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Accounts 16 - 24

Page 2

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

The Trustees present their annual report for the year ended 31 August 2021 under Part 8 of the Charities Act 2011, together with the audited financial statements for the year and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2015 based on FRS 102.

Reference and Administrative Information:

Cheltenham College Charitable Trust (The Trust) is a registered charity (number 1006429) established by means of a Trust Deed on 1st November 1991. The Trust’s principal address is:

Cheltenham College Charitable Trust C/o Cheltenham College

Bath Road

Cheltenham Gloucestershire GL53 7LD

Trustees

Those who served as Trustees during the year and up to the date of this report were:

President of the Council of Cheltenham College - W J Straker-Nesbit

President of the Cheltonian Society - D Stewart Head of Cheltenham College - N Huggett Head of Cheltenham College Preparatory School - T O’Sullivan Council Nominee - H Monro

Secretary

P J E Holden

Page 3

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

Professional Advisors and Addresses:

Investment Manager: Quilter Cheviot Limited Second Floor Three Temple Quay Temple Way Bristol BS1 6DZ Banker: Lloyds Bank Plc 130 High Street Cheltenham GL50 1EW Solicitor: Harrison Clark Rickerbys Ltd Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 1YD Independent Auditor: Crowe U.K. LLP 4[th] Floor St James’ House St James’ Square Cheltenham Gloucestershire GL50 3PR

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Trust is governed by the provisions of the Trust Deed, which was last amended in April 2001.

Charity Governance Code

With the exception of Mrs Huggett and Mr O’Sullivan, the Trustees of Cheltenham College Charitable Trust are also 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 specified that the Trustees shall be a minimum of 5 and a maximum of 10:

Page 4

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

Trustees (continued)

The first four of these becomes a Trustee automatically on assuming the office under which s/he is appointed and retires as soon as s/he ceases to hold the office. The fifth of these would retire as soon as s/he ceases to be a member of the nominating body. The others would retire after three years unless reappointed.

The President of the Council is the Chairman of the Trustees and has a casting vote at meetings.

Trustee Appointment

Before any appointment is made, the Council evaluate the balance, skills, knowledge and experience of the nominees, who are sometimes nominated by College Council. In the light of the role and capabilities required, a suitable appointment is made.

Trustee Training

New Trustees are inducted into the workings of the Trust with reference to Charity Commission guidance, including its Policy and Procedures, by the Secretary on appointment.

Organisational Management

The Trustees hold meetings at least once in every academic year to determine policy, grants and awards for the subsequent academic year, to review the performance of the Trust and approve the financial statements.

Organisational Structure and Relationships

The Trust is managed as though it is independent of Cheltenham College, but reliant upon it administratively. However, the Trust should be regarded as a subsidiary of Cheltenham College for accounting purposes in line with FRS 102.

Risk Management

The Trustees undertake an annual risk assessment of the principal areas of the Trust’s operations and consider the impact of such risks on the Charity.

It is the opinion of the Trustees that the Trust has established resources and review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.

Fundraising

Funds are raised for and on behalf of Cheltenham College. All fundraising is undertaken by the Development department. The Development Director has direct responsibility for all fundraising.

The Development Director follows the Code of Practice for Fundraising as set out by The Institute of Fundraising. Cheltenham College’s Code of Practice for Fundraising is available on the College website. Further details of the Trust’s fundraising activities, as required under the Charities SORP, are disclosed within the Report of the Council in the parents consolidated financial statements as detailed in Note 14.

Page 5

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Object and Policy

The object of the Trust is the advancement of education at Cheltenham College and Cheltenham College Preparatory School.

Strategic Aim and Intended Effect

The Trust holds a number of funds, each with the donor’s specific intended effect. The Trustees ensure that the expenditure of funds is in keeping with the constraints imposed, if any, by the donor. The Trustees will normally only make expenditure from a restricted fund when sufficient resources have accrued to fund such an award.

The financial statements of the Trust incorporate the following Endowed funds:

The financial statements of the Trust incorporate the following Restricted funds:

Page 6

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

The financial statements of the Trust incorporate the following Other Restricted Funds:

Grant Making Policy

The Trust is a grant-making trust, supporting the advancement of education at Cheltenham College. It is the policy of the Trustees to make grants that meet this objective and in line with the wishes of donors.

Grants are made primarily to Cheltenham College or in support of pupils attending the College. The Trustees meet not less than once a year to receive and consider proposals for the award of grants and to release resources from Restricted Funds to qualifying projects.

Principal Activities & Public Benefit

The Trustees confirm that they have complied with the duty contained in section 17 of the Charities Act 2011 to have due regards to public benefit guidance published by the Charity Commission.

The Trust released £24,907 (2020: £31,203) from Unrestricted funds to support their commitment to pupil facing schemes; these being to fund an all-weather Astro-turf path around the perimeter of College Field and the installation of lighting in the Prep School theatre.

Page 7

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

REVIEW OF ACTIVITIES AND FINANCIAL RESULTS FOR THE YEAR

Endowed Fund

The Trust’s endowed investment portfolio experienced a net gain of £132,874 (2020: £19,922) during the year.

Restricted Fund

During the year the Trust attracted restricted donations totalling £68,492 (2020: £87,017). Donations were received to reward academic excellence; donations have also been collected for future projects.

The Howard Wadsworth Fund and the David George Memorial Fund were both used to support one pupil in need of financial assistance to enable them to complete their education at Cheltenham College.

The David Harper Fund was used for the first time to support a pupil in need of financial assistance to enable them to complete their education at Cheltenham College.

The Trust released funds to restore Lunettes in the Chapel; to enhance the pupil areas in boarding houses and to fund annual prize giving. After accounting for expenditure on these projects and taking into account investment gains of £74,073 (2020: £10,472) the net restricted incoming resources for the year was £49,438 (2020: £47,003).

General Appeal Fund

The Trust received unrestricted donations of £18,532 (2020: £41,868) to support the Trusts’ objectives. After accounting for running costs, grants made and investment gains of £53,729 (2020: £7,910), the overall net incoming unrestricted resources for the year was £47,246 (2020: £19,795 incoming).

Investment Policy and Objectives

The Trust’s powers of investment of its trust funds are governed by the Trustee Act 2000. The Trust Deed allows for unspent income to be added to capital. The Selwyn Trust Endowed Fund is required by the donors to be kept in a high interest bank account. The Trustees keep under regular review the investment risks and performance of the Trust’s investments. Having taken professional advice, the Trustees policy is to place all available retained funds, other than those required for day-to-day cash management, with the Trust’s investment managers. The target is to achieve a combined total of 10% income and capital growth. The total capital growth during the year was 20.8% of which 2% was income (2020: 3% of which 2% was income). The target was exceeded. All investments held were acquired in accordance with the powers available to the Trustees.

Reserves Policy

At the year end The Trust had total reserves of £1,973,563 (2020: £1,748,148) for the provision of financial support and prizes for pupils at Cheltenham College. There are sufficient reserves 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 projects and other initiatives within Cheltenham College. Unrestricted funds totalling £24,907 (2020: £31,203) were released this year to support projects. However, reserves will continue to be accrued to supplement the restricted funds that are being raised for specific development projects due to be executed in the future.

Page 8

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

Trustees Financial Overview and going concern

The Trustees of Cheltenham College Charitable Trust are keenly aware of the economic impact of the Covid-19 pandemic on the UK and world economies as well as that of Cheltenham College itself. The grants paid out by the Trust are directly linked to either new donations received or to investment returns. As such the grants paid to Cheltenham College during the current year ending 31 August 2021, will not (in the view of the Trustees) undermine the long-term economic stability of the Trust.

Despite these circumstances, the Directors have a reasonable expectation 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 accounting is appropriate in preparing the annual financial statements.

FUTURE PLANS

The Trustees will continue to provide support to pupils from the Bursary Funds and expect to see additional funds raised to enable it to continue to provide support to Cheltenham College’s development plans.

The Trustees have agreed to allocate the following: up to £30,000 per annum from unrestricted funds to support pupil facing schemes; up to £5,000 per annum from the Leadership Fund and aim to retain £500,000 of unrestricted funds as matched funding for significant capital schemes.

The Trustees are continuing to prioritise the accumulation of funds for future capital projects.

The Trustees will pass over to the College the accrued restricted funds, appropriate to the projects the funds have been raised for, as they are implemented.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity 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:

Page 9

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2021

(continued)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the provision and detection of fraud and other irregularities.

AUDITOR

Statement as to Disclosure of Information to Auditor

Insofar as each of the Trustees of the charity at the date of approval of this report is aware, there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each Trustee has taken all of the steps that he or she should have taken as a Trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

Approved by the Trustees on 16 March 2022 and signed on their behalf by:

William Straker-Nesbit Trustee

Page 10

Independent Auditor’s Report 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 2021 which comprise the Statement of Financial Activities, the Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section 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 in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 11

Independent Auditor’s Report to the Trustees of Cheltenham College Charitable Trust

(continued)

Other information

Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 12

Independent Auditor’s Report to the Trustees of Cheltenham College Charitable Trust

(continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income from donations and legacies, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit Committee about their own identification and assessment of risks of irregularities, sample testing on the posting of journals, designing audit procedures over income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Page 13

Independent Auditor’s Report to the Trustees of Cheltenham College Charitable Trust

(continued)

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor 4[th] Floor St James’ House St James’ Square Cheltenham Gloucestershire GL50 3PR

Date: 6 April 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 14

CHELTENHAM COLLEGE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 August 2021

Note
Income & Endowments from:
Donations & legacies
Investments
2
Total income
Expenditure on:
Raising funds
Charitable activities
3
Other expenditure
4
Total expenditure
Net gains on investments
5
Net income / (expenditure)
for the year
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
2021
£
18,532
4,067
22,599
-
24,907
4,175
29,082
53,729
47,246
-
47,246
374,171
421,417		 Restricted
Funds
2021
£
68,492
15,665
84,157
-
106,483
2,309
108,792
74,073
49,438
-
49,438
691,048
740,486		 Endowment
Funds
2021
£
-
-
-
-
-
4,143
4,143
132,874
128,731
-
128,731
682,929
811,660		 Total
Total
Funds
Funds
2021
2020
£
£
87,024
128,885
19,732
25,209
106,756
154,094
-
5
131,390
193,737
10,627
9,672
142,017
203,414
260,676
38,304
225,415
(11,016)
-
-
225,415
(11,016)
1,748,148
1,759,164
1,973,563
1,748,148

The notes on pages 16 to 24 form part of the financial statements.

Page 15

CHELTENHAM COLLEGE CHARITABLE TRUST BALANCE SHEET

As at 31 August 2021
Note
Fixed Assets:
Investments
5
Current Assets:
Debtors
6
Cash at bank and in hand
Total Current Assets
Liabilities:
Creditors due within 1 year
7
Net Current Assets
Total Net Assets
The Funds of the charity:
Unrestricted fund
12
Restricted fund
12
Endowed fund
12		 31 August
31 August
2021
2020
£
£
1,533,635
1,261,335
8,211
14,989
465,780
474,304
473,991
489,293
(34,063)
(2,500)
439,928
486,793
1,973,563
1,748,148
421,417
374,171
740,486
691,048
811,660
682,929
1,973,563
1,748,148

Approval of the Financial Statements

The financial statements were approved and authorised for issue by the Trustees on 16 March 2022 and signed on their behalf by:

William Straker-Nesbit Trustee

Hugh Monro Trustee

The notes on pages 16 to 24 form part of the financial statement.

Page 16

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

Charity information

The Trust is a public benefit entity registered as a charity in England and Wales (charity number: 1006429). The address of its principal office is Cheltenham College, Bath Road, Cheltenham, Gloucestershire, GL53 7LD.

1. Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.

a) Basis of accounting

The financial statements have been prepared on an historic cost basis in accordance with 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 2015) – (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Cheltenham College Charitable Trust meets the definition of a public benefit entity under FRS 102.

Under FRS 102, no statement of cash flows has been presented, as the charity is included in the consolidated financial statements of Cheltenham College.

b) Going concern

The financial Statements are prepared on a going concern basis. The Trustees have a reasonable expectation that they have adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Trust’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. There are no material uncertainties.

c) Income

Covenants, pledges, donations, bequests and gifts are included in the Statement of Financial Activities when the charity becomes entitled to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

d) Expenditure

Grants and bursaries payable are accounted for on an accruals basis following on from approval by the Trustees. Details of grants payable are given in note 3.

Page 17

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

1. Principal accounting policies (continued)

e) Debtors

Short term debtors are initially measured at the transaction price, less any impairment.

f) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

g) Creditors

Short term creditors are initially measured at the transaction price.

h) 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 at their settlement value. See note 8.

i) Recognition of liabilities

Liabilities are recognised once there is a legal or constructive obligation that commits the charity to that obligation.

j) Governance costs

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include statutory audit and legal fees.

k) General funds

Income and donations received for the general purposes of the charity (income that is not restricted by the wishes of the donor) are treated as unrestricted and are available to the Trustees to allocate in accordance with the Trust’s Constitution.

l) Restricted funds

Restricted funds are funds that are to be used in accordance with the specific restrictions imposed by the donors or which have been raised by the charity for a particular purpose. The full list of restricted funds is held in the Report of the Trustees.

m) Endowed funds

All Endowed funds are permanent. Restricted funds with the same name as permanent endowments reflect the income available for distribution from the permanent endowments.

n) Investments

Investments are stated at market value in the Balance Sheet. Investment income is accounted for when it is received. Gains and losses arising on investment assets are disclosed in the Statement of Financial Activities and include realised gains where the investments have been sold and unrealised where they are still held at the balance sheet date. In both cases the gain is calculated with regard to the market value at the beginning of the year, or its cost if purchased during the year.

Page 18

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

1. Principal accounting policies (continued)

o) Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to consider making any significant judgements and estimates where necessary. There are no items in the financial statements where significant judgements and estimates have been made.

2. Investment income

2021 2020
£ £
Dividends - UK Equities 19,732 25,209

3. Expenditure on charitable activities

Grants to Cheltenham College:
Provision of Bursaries
Chapel projects
Pupil facing schemes
Boarding House projects
Provision of Prizes
CIE project
Archivist funding
Prep Electric Karting
Geography		 2021
2020
£
£
52,917
-
30,983
2,088
24,907
26,546
18,893
25,072
3,690
-
-
133,825
-
4,656
-
1,348
-
202
131,390
193,737

Page 19

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

4. Other expenditure

The Trustees received no remuneration and were not reimbursed any expenses in the year (2020: £nil). The charity has no employees (2020: none).

Other governance costs
Investment management charges
The auditors’ remuneration for the year amounted to £2,500 (2020: £2,500).		 2021
2020
£
£
2,500
2,500
8,127
7,172
10,627
9,672

5. Investments

Quoted investments
Market value at 1 September
Additions
Change in cash
Disposals at opening market value
Net gains on revaluation
Market value at 31 August
Analysis of investments
Equities held by managers
Cash deposits		 2021
2020
£
£
1,261,355
1,205,014
354,707
312,572
26,457
(26,792)
(369,560)
(267,743)
260,676
38,304
1,533,635
1,261,355
1,472,087
1,224,316
61,548
37,039
1,533,635
1,261,355

These funds represent investments on behalf of the Howard Wadsworth Trust Fund in accordance with the Fund’s Trust Deed, the David George Memorial Fund, the accrued income of the Selwyn Scholarship Fund, the Paul S Clark Fund, the Leadersip Fund, the Elmslie Prize Fund and the Bursary Fund.

Page 20

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

6. Debtors
HMRC
7. Accruals and Creditors
Accruals
Amounts owed to group undertakings
Other creditors
8. Financial instruments
Financial assets
Financial assets measured at fair value
Financial assets measured at fair value comprise assets held as investments.		 2021
2020
£
£
8,211
14,989
8,211
14,989
2021
2020
£
£
2,500
2,500
30,983
-
580
-
34,063
2,500
2021
2020
£
£
1,533,635
1,261,355

9. Taxation Status

The Trust is a registered charity and hence no provision for taxation is included in the financial statements as it benefits from the exemptions offered by Section 505 of Income and Corporation Taxes Act 1988.

10. Howard Wadsworth Trust Fund

In accordance with the Trust Deed dated 28th September 1992, the Howard Wadsworth Trust Fund is incorporated within the financial statements of the Cheltenham College Charitable Trust.

Page 21

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

11a. Analysis of Fund Movements Current Year

Unrestricted Funds
Restricted Funds
Bursary Fund
David George Memorial Fund
Leadership Fund
David Harper Fund
CIE Fund
Chapel & Organ Fund
Other Restricted Funds
Endowed Capital Funds
Howard Wadsworth
David George Memorial
Selwyn Trust
Paul S Clark
Leadership (SoE)
Leadership (Boyes)
Elmslie Prize Fund
Endowed Funds are permanent
Total Funds		 Balance
B/F
£
374,171
313,263
28,330
68,203
31,250
92,628
39,074
118,300
691,048
191,207
270,763
40,000
27,201
40,106
111,532
2,120
682,929
1,748,148		 Income
£
22,599
10,757
4,679
2,732
-
1,077
31,041
33,871
84,157
-
-
-
-
-
-
-
-
106,756		 Transfer
Funds
£
-
-
-
505
-
-
-
(505)
-
-
-
-
-
-
-
-
-
-		 Expenditure
£
(29,082)
(1,633)
(21,972)
(148)
(25,000)
-
(30,983)
(29,056)
(108,792)
(1,232)
(1,745)
-
(175)
(258)
(719)
(14)
(4,143)
(142,017)		 Investment
Balance
Gains
C/F
£
£
53,729
421,417
52,379
374,766
5,855
16,892
4,757
76,049
-
6,250
-
93,705
-
39,132
11,082
133,692
74,073
740,486
39,516
229,491
55,959
324,977
-
40,000
5,622
32,648
8,289
48,137
23,050
133,863
438
2,544
132,874
811,660
260,676
1,973,563

Page 22

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

11b. Analysis of Fund Movements Prior Year

Unrestricted Funds
Restricted Funds
Bursary Fund
David George Memorial
Leadership Fund
David Harper Fund
CIE Fund
Chapel & Organ Fund
Other Restricted Funds
Endowed Capital Funds
Howard Wadsworth
David George Memorial
Selwyn Trust
Paul S Clark
Leadership (SoE)
Leadership (Boyes)
Elmslie Prize Fund
Endowed Funds are permanent
Total Funds		 Balance
B/F
£
454,378
297,044
21,789
64,242
-
95,219
34,217
125,538		 Income
£
47,074
9,961
5,978
3,481
31,250
26,232
6,945
23,173
107,020
-
-
-
-
-
-
-
-
154,094		 Transfer
Funds
£
(100,002)
-
-
-
-
105,002
-
(5,000)
100,002
-
-
-
-
-
-
-
-
-		 Expenditure
£
(35,189)
(1,440)
(130)
(111)
-
(133,825)
(2,088)
(26,901)		 Investment
Balance
Gains
C/F
£
£
7,910
374,171
7,698
313,263
693
28,330
591
68,203
-
31,250
-
92,628
-
39,074
1,490
118,300
10,472
691,048
5,925
191,207
8,390
270,763
-
40,000
843
27,201
1,243
40,106
3,456
111,532
65
2,120
19,922
682,929
38,304
1,748,148
638,049
186,390
263,944
40,000
26,516
39,096
108,723
2,068		 (164,495)
(1,108)
(1,571)
-
(158)
(233)
(647)
(13)
666,737 (3,730)
1,759,164 (203,414)

Page 23

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

12a. Analysis of Net Assets between Funds Current Year

Unrestricted Funds
Restricted Funds
Bursary Fund
Leadership Fund
CIE Fund
Chapel & Organ Fund
Other Restricted Funds
Endowed Capital Funds
Howard Wadsworth
David George Memorial
Selwyn Trust
Paul S Clark
Leadership (SoE)
Leadership (Boyes)
Elmslie Prize Fund
Total Funds		 Current
Investments
£
254,549
374,765
76,050
-
-
56,611
507,426
229,491
324,978
-
32,647
48,137
133,863
2,544
771,660
1,533,635		 Debtors
£
8,211
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,211		 Bank
£
192,720
-
-
93,705
39,133
100,222
233,060
-
-
40,000
-
-
-
-
40,000
465,780		 Liabilities
£
(34,063)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(34,063)		 Total
£
421,417
374,765
76,050
93,705
39,133
156,833
740,486
229,491
324,978
40,000
32,647
48,137
133,863
2,544
811,660
1,973,563

Page 24

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2021

(continued)

12b. Analysis of Net Assets between Funds Prior Year

Unrestricted Funds
Restricted Funds
Bursary Fund
Leadership Fund
CIE Fund
Chapel & Organ Fund
Other Restricted Funds
Endowed Capital Funds
Howard Wadsworth
David George Memorial
Selwyn Trust
Paul S Clark
Leadership (SoE)
Leadership (Boyes)
Elmslie Prize Fund
Total Funds		 Current
Investments
£
177,818
313,261
68,205
-
-
59,142
440,608
191,206
270,764
-
27,201
40,107
111,531
2,120
642,929
1,261,355		 Debtors
£
14,989
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,989		 Bank
£
183,864
-
-
92,628
39,074
118,738
250,440
-
-
40,000
-
-
-
-
40,000
474,304		 Liabilities
£
(2,500)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,500)		 Total
£
374,171
313,261
68,205
92,628
39,074
177,880
691,048
191,206
270,764
40,000
27,201
40,107
111,531
2,120
682,929
1,748,148

13. Related Party Transactions

At the balance sheet date, Cheltenham College Charitable Trust owed £30,983 (2020: £nil) to Cheltenham College. During the year grants for projects, bursaries and prizes were made to Cheltenham College of £131,390 (2020: £193,737).

14. Ultimate Controlling Party

The ultimate controlling party is Cheltenham College (charity number: 311720) due to the Trust having similar objectives to and having the majority of Trustees common to the College. The principal objective of the College is to provide an excellent academic and broadly based education, in a predominantly boarding environment, for pupils from the age of three to eighteen in accordance with Christian principles. The address of Cheltenham College is Bath Road, Cheltenham, Gloucestershire, GL53 7LD.

Copies of the consolidated accounts of Cheltenham College, which incorporate the Trust, can be obtained from the Charities Commission. Ultimate control resides with the Trustees of Cheltenham College.