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2022-08-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2022

REGISTERED CHARITY NUMBER: 1006429

CHELTENHAM COLLEGE CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2022

Pages
Report of the Trustees 2 - 10
Independent Auditor’s Report 11 - 14
Statement of Financial Activities 15
Balance Sheet 16
Notes to the Accounts 17 - 27

Page 2

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022

The Trustees present their annual report for the year ended 31 August 2022 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 2022 (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: HCR Ltd
Ellenborough House
Wellington Street
Cheltenham
Gloucestershire
GL50 1YD
Independent Auditor: Crowe U.K. LLP
4thFloor
St James’ House
St James’ Square
Cheltenham
Gloucestershire
GL50 3PR

Page 4

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

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:

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.

Page 5

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

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.

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.

Page 6

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

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

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

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

Page 7

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

Other Restricted Funds (continued)

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 £20,500 (2021: £24,907) from Unrestricted funds, to support their commitment to pupil facing schemes, trampolines were installed in the Prep school grounds.

REVIEW OF ACTIVITIES AND FINANCIAL RESULTS FOR THE YEAR

Endowed Fund

The Trust’s endowed investment portfolio experienced a net loss of £105,961 (2021: £132,874 net gain) during the year.

Page 8

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

Restricted Fund

During the year the Trust attracted restricted donations totalling £180,155 (2021: £68,492). Donations were given to reward academic excellence and donations were also collected for future projects including the CIE building.

A new fund created during the year, the Transformational Bursaries Fund, received donations towards creating 100% bursaries for sixth form students with academic potential but who have financial restraints.

The Trust released funds for two projects within the Chapel; to restore another Lunette and to install an audiovisual system to enable Chapel activities to be recorded and shared online. Funds were also released to the Prep boarding house; to the Archive department and to fund annual prize giving. After accounting for expenditure on these projects and taking into account investment net losses of £61,226 (2021: £74,073 net gain), the net restricted incoming resources for the year was £102,128 (2021: £49,438).

General Appeal Fund

The Trust received unrestricted donations of £34,803 (2021: £18,532) to support the Trusts’ objectives. After accounting for running costs, grants made and investment net losses of £43,405 (2021: £53,729 net gain), the overall net outgoing unrestricted resources for the year was £28,529 (2021: £47,426 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 reduction during the year was 14% of which 2% was income growth (2021: 20.8% growth of which 2% was income). The target was not met due to world economic instability. 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 £1,936,816 (2021: £1,973,563) 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 £20,500 (2021: £24,907) 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 9

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (continued)

Trustees Financial Overview and going concern

The Trustees of Cheltenham College Charitable Trust are aware of the slow economic recovery from the Covid-19 pandemic in the UK and the uncertainty surrounding the impact of European events on world economies as well as that of Cheltenham College itself and its donors. 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 2022, 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 to use 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 10

CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2022 (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 22 March 2023 and signed on their behalf by:

William Straker-Nesbit Trustee

Page 11

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 2022 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 12

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 13

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 override of controls by management. Our audit procedures to respond to these risks included enquiries of management.

Page 14

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)

and the Audit Committee about their own identification and assessment of risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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 noncompliance 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 non-compliance 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: 28 March 2023

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 15

CHELTENHAM COLLEGE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES

Year ended 31 August 2022

Note
Income & Endowments from:
Donations & legacies
Investments
2
Total income
Expenditure on:
Raising funds
Charitable activities
3
Other expenditure
4
Total expenditure
Net (losses) / gains on
investments
5
Net (expenditure) /
income 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
2022
£
34,803
4,870
39,673
1
20,500
4,296
24,797
(43,405)
(28,529)
-
(28,529)
421,417
392,888		 Restricted
Funds
2022
£
180,155
18,760
198,915
-
33,026
2,535
35,561
(61,226)
102,128
-
102,128
740,486
842,614		 Endowment
Funds
2022
£
-
-
-
-
-
4,385
4,385
(105,961)
(110,346)
-
(110,346)
811,660
701,314		 Total
Funds
2022
£
214,958
23,630
238,588
1
53,526
11,216
64,743
(210,592)
(36,747)
-
(36,747)
1,973,563
1,936,816		 Total
Funds
2021
£
87,024
19,732
106,756
-
131,390
10,627
142,017
260,676
225,415
-
225,415
1,748,148
1,973,563

The notes on pages 17 to 27 form part of the financial statements.

Page 16

CHELTENHAM COLLEGE CHARITABLE TRUST BALANCE SHEET

As at 31 August 2022

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
2022
£
1,337,958
12,550
596,820
609,370
(10,512)
598,858
1,936,816
392,888
842,614
701,314
1,936,816		 31 August
2021
£
1,533,635
8,211
465,780
473,991
(34,063)
439,928
1,973,563
421,417
740,486
811,660
1,973,563

Approval of the Financial Statements

The financial statements were approved and authorised for issue by the Trustees on 22 March 2023 and signed on their behalf by:

William Straker-Nesbit Trustee

David Stewart Trustee

The notes on pages 17 to 27 form part of the financial statement.

Page 17

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS

For the year ended 31 August 2022

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.

Page 18

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022 (continued)

1. Principal accounting policies (continued)

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.

e) Debtors

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

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.

Page 19

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022 (continued)

1. Principal accounting policies (continued)

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.

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
Dividends - UK Equities		 2022
£
23,630		 2021
£
19,732

Page 20

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS

For the year ended 31 August 2022

(continued)

3. Expenditure on charitable activities

Grants to Cheltenham College:
Provision of Bursaries
Chapel projects
Pupil facing schemes
Boarding House projects
Provision of Prizes
Archives project		 2022
£
-
28,090
20,000
1,174
2,380
1,882
53,526		 2021
£
52,917
30,983
24,907
18,893
3,690
-
131,390

4. Other expenditure

The Trustees received no remuneration and were not reimbursed any expenses in the year (2021: £nil). The charity has no employees (2021: none).

Other governance costs
Investment management charges		 2022
£
2,500
8,716
11,216		 2021
£
2,500
8,127
10,627

The auditors’ remuneration for the year amounted to £2,500 (2021: £2,500).

Page 21

CHELTENHAM COLLEGE CHARITABLE TRUST

NOTES TO THE ACCOUNTS For the year ended 31 August 2022

(continued)

5. Investments

Quoted investments
Market value at 1 September
Additions
Change in cash
Disposals at opening market value
Net (losses) / gains on revaluation
Market value at 31 August
Analysis of investments
Equities held by managers
Cash deposits		 2022
£
1,533,635
181,662
3,048
(169,795)
(210,592)
1,337,958
1,271,885
66,073
1,337,958		 2021
£
1,261,355
354,707
26,457
(369,560)
260,676
1,533,635
1,472,087
61,548
1,533,635

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 Leadership Fund, the Elmslie Prize Fund and the Bursary Fund.

Page 22

CHELTENHAM COLLEGE CHARITABLE TRUST

NOTES TO THE ACCOUNTS For the year ended 31 August 2022

(continued)

6. Debtors

7. Accruals and Creditors
Accruals
Amounts owed to group undertakings
Other creditors
8. Financial instruments
Financial assets
Financial assets measured at fair value
HMRC		 2022
£
2,500
8,012
-
10,512
2022
£
1,337,958
2022
£
12,550
12,550		 2021
£
8,211
8,211
2021
£
2,500
30,983
580
34,063
2021
£
1,533,635

Financial assets measured at fair value comprise assets held as investments.

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 23

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS

For the year ended 31 August 2022

(continued)

11a. Analysis of Fund Movements Current Year

Unrestricted Funds
Restricted Funds
Bursary Fund
Leadership Fund
Transformational Bursaries
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
£
421,417
374,766
76,049
-
93,705
39,132
156,834
740,486
229,491
324,977
40,000
32,648
48,137
133,863
2,544
811,660
1,973,563		 Income
£
39,673
12,856
3,273
60,387
88,643
5,967
27,789
198,915
-
-
-
-
-
-
-
-
238,588		 Transfer
Funds
£
-
-
-
4,910
-
-
(4,910)
-
-
-
-
-
-
-
-
-
-		 Expenditure
£
(24,797)
(1,751)
(173)
-
-
(28,090)
(5,547)
(35,561)
(1,304)
(1,846)
-
(186)
(274)
(761)
(14)
(4,385)
(64,743)		 Investment
Losses
£
(43,405)
(42,316)
(4,173)
-
-
-
(14,737)
(61,226)
(31,513)
(44,625)
-
(4,483)
(6,610)
(18,381)
(349)
(105,961)
(210,592)		 Balance
C/F
£
392,888
343,555
74,976
65,297
182,348
17,009
159,429
842,614
196,674
278,506
40,000
27,979
41,253
114,721
2,181
701,314
1,936,816

Page 24

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022

(continued)

11b. Analysis of Fund Movements Prior 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
Gains
£
53,729
52,379
5,855
4,757
-
-
-
11,082
74,073
39,516
55,959
-
5,622
8,289
23,050
438
132,874
260,676		 Balance
C/F
£
421,417
374,766
16,892
76,049
6,250
93,705
39,132
133,692
740,486
229,491
324,977
40,000
32,648
48,137
133,863
2,544
811,660
1,973,563

Page 25

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022

(continued)

12a. Analysis of Net Assets between Funds Current Year

Unrestricted Funds
Restricted Funds
Bursary Fund
Leadership Fund
Transformational Bursaries
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
£
206,092
343,555
74,976
-
-
-
52,021
470,552
196,674
278,506
-
27,979
41,253
114,721
2,181
661,314
1,337,958		 Debtors
£
12,550
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,550		 Bank
£
184,758
-
-
65,297
182,348
17,009
107,408
372,062
-
-
40,000
-
-
-
-
40,000
596,820		 Liabilities
£
(10,512)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(10,512)		 Total
£
392,888
343,555
74,976
65,297
182,348
17,009
159,429
842,614
196,674
278,506
40,000
27,979
41,253
114,721
2,181
701,314
1,936,816

Page 26

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022

(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
£
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

13. Related Party Transactions

At the balance sheet date, Cheltenham College Charitable Trust owed £8,012 (2021: £30,983) to Cheltenham College. During the year grants for projects, bursaries and prizes were made to Cheltenham College of £53,526 (2021: £131,390).

Page 27

CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2022 (continued)

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.