CHELTENHAM ANNUAL REPORT AND FINANCIAL STATEMENTS the year erKkd 31 August 2023 REGISTERED CHARITY NUMBER.. I(X)6429 CHELTENHAM COLLEGE CHARITABLE TRUST ANNUAL REPORT AND ANANCIAL ￿ATEmENTs For ts ￿r e￿Ied 31 AW 2023 Pages Report of the Trustee5 2-10 Independent Auditor's Report Statement of Financial Actiwties 15 Balance Sheet 16 Notes to the Accounts 17-27 Pa8e 2 CHELTENHAM COLLEGE CHARITABLE TRusr REPORT OF THE TRusfEES For the >ear erKled 31 ALKJ￿￿ 2023 The Trustees present their annual report for the year ended 31 August 2023 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 ACL the Trust tked and the Charities SORP 2019 based on FRS 102. Refererre and Administrth Informakn: Cheltenham College Charitable Trust {The Trust) is a registered charity {number 1(I)6429) established by means of a Trust Deed on 1st November 1991. The Trusys prirKipal address is.. Cheltenham College Charitable Trust Clo Cheltenham College Bath Road Cheltenham Gloucestershire GL53 7LD Trustees Those who served as Trustees during the year and up to the dale of this rewrt were.. President of the Council of Cheltenham Cdlege - W J Straker-Nesbir President of the Cheltonian S(Kiety - D Stewart Head of Cheltenham College - N Huggett Head of Cheltenham College Preparatory S(h(x)I T O'sulliva Council Nominee H Monro (retired 31.12.23) Page 3 CFELTENHAM COLLEGE CHARtTABLE TRU REPORT OF THE TRUSTEES For Jear eThled 31 Awust 2023 (contin￿) Invesfftnt Manw. (Jilter Cwiot Limited Second Floor Three Temple (ljay Temple Way Bristol BS16DZ Banker. Lloyds Bank PIC 130 High Street Cheltenham GL50 IEW Solicitor. HCR Ltd EllentKJrough House Wellington Street c￿ltenharn Gloucestershire GL50 1YO Indepermlent Auditor. Crowe U.K. LLP 4° Flwr St James House St James. Square Cheltenham Gloucestershiie GLSO 3PR PaBe 4 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the JEar eThJed 31 A￿ust 2023 {cortinL￿j STRUCTURE GOVERNANCE AND MANAGEMENT GovwnirKJ t)OCLrr*nt The Trust is governed by the provisions of the Trust Deed. vthich wag last amended in April 2001. Charity GovEmarKe CCK With the exception of Mrs Huggett aThJ Mr Iysullivan. the TrLJStees of Cheltenham College Charitable Trust are also Trustees of Cheltenham College,. they are aware of the upjated 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 lo.. The President of the Council of Cheltenham College. The President of the Cheltonian Society- The Head of Cheltenham College. The Head of Cheltenham College Preparatory khcxjl. A member of the Council of Cheltenham College nominated by them. Up to 5 others. The first four of these becomes a TTUStee automaticalty on assumiTrJ 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 Lxxjy. The othprs would retire after three years unless reappointed. The President of the CourKil is the Chairman of the Trustees and has a casting vote at meetiros. Trustee Apwntrnerrt Before any apFK>intment is made, the COU￿11 evaluate the bala￿e, skills, krK)w5edge and experience of the nominees, who are sometimes rK)minated by Co15ege CoLJncil. In light of the role and capabilities requifed, suitable appointment is made. Trustee Trairlr#J New Trustees are inducted into the workings of the Trust reference to Charity Commissun guidance, including its Policy and Procedures, by the Secretary on apFxJintment. Page 5 CFELTENHAM C(XLEGE CHARITABLE TRUST REPORT [￿ THE TRUSTEES year erKled 31 Awust 2023 (contirn Organlsational Management The Trustees hold meetings at least once in every academic year to determine policy, grants awards for the current and subsequent academic year, to review the performance of the Trust approve the financial statements. Ctrganisational Structrire ￿ Relatiorthips The Trust is managed as thugh it Is Independent of CF*ltenham College, ixjt reliant uwn it administratively. However, the Trust sIK￿ld be regarded as a subsidiary of Cheltenham College for acctjjntiry purp)ses in line with FRS 102. Risk Management The Trustees undertake an annual risk assessment ofthe wrKipal areas ofthe Trusfs 0￿ratIonS 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. Fundrai&ThJ Funds are raised for and on behalf of CkEltenham College. The costs of raising funds which include salaries are borne by Cheltenham College. All fundraising is undertaken by the Development department. The Developmer)t Director has direct responsibility for all fur¥Jraising. The Development Director follows the Ccxle of Practice for FurKlraisI￿ as set out ty The Institute of Fundraising. Cheltenham College's C(xYe of Practice for Fundraising is available on the College website. Furt￿￿[ details of the Trust's fundraisiro ath"vities, as required urKJer the Charities SORP, are disclosed within the Report of the Council in parents consolidated financial ststements as detailed in Note 14. c￿JECTS, AIMS, OBJECTIVES AND ￿NaP￿ A￿lTIEs iect and Pd The object of the Trust is the advarKement of education at Ctrdtenham College and Cheltenham College Preparatory Schc(Il. Strategic Aim and Interthd Effect The Trust holds a number of funds. each with the donors specific intended effect. The Trustees ensure that the expenditure of funds is in keepiThJ ¥Mth the constraints Im￿Sed. if any. by the donor. The Trustees will normally only make expend[￿re from a restricted ￿nd when sufficient resources have accrued to fund such an award. Page 6 CHELTENHAM COLLEGE CHARITABLE TRusr REPORT OF THE TrUSTEES the ￿ar eThJed 31 August 2023 (Ccrtin￿J) The fjnancial ststements of the Tnist irKortx)rate Elxky￿d fiJThls: A sc￿lIarShIp Fund - established by C H B WadsvK)rth Esi¥ krK)wn as the Howard Wadsworth Trust Fund, to provide a bursary or bursaries for pupils to attend Cheltenham College. The awards are made by the Head of Cheltenham College according to criteria specified in the 1992 deed A Scholarship Fund - establisw by D George Esq, known as the David Geotge Memorial Fund. to provide a scholarship for a day pupil. A Scholarship Fund - established by the Trustees of Selvryr) School by means of a Deed on 22nd August 2003 known as the Selwyn Trust Furid. to provide a scholarship for a day pupil livsrKJ within 15 miles of Gloucester Cathedral. The Paul S Clark Fund - established lo prowde an award for an outstafKJirKJ science essay The Leadership Fund - to provide bursaries to support pupils at cl￿ttenham College who have parents irb the Military and to fund Leadership or milrtary orientsted projects. The Elmslie Prize Fund established to the memory of Mr Elmslie. to enable the annual inscription of the drama plaque. The financial statwn*ts of the Tnjst irKcYporate the folk)wir¥J Restrictsd fvnds: A General Scholarship arKI Bursary Fund - established to provide Sc￿)larshIpS bursaries, at the discretion of the Trustees, to support pupils attending Cheltenham College. The Transformational Bursaries FurKI to provide fvll bursaries for sixth form entrants whose academic potential is recognised but where there are financial restraints. The CIE Fund to accumulate donations restricted to the creation of a Business, Economics and Innovation building. The Leadership Fund - to provide bursaries to support pu￿1$ at Cheltenham College who have parents in the Military and to fund Leadership or military orientated projects. The fwcial Statern￿ c*the Trust Ir£orporate the folb)wir¥J Other Restrthd Funds: The Classics Bursary- to prowde educational exwier(es SUPFXJrt to pupils studwng trie Classics. The Edward Wi150n Memorial Fund - estsblished to the memory of the Old Cheltonian and explorer Edward Wilson to supp)rt adventurous expeditsons by pupils. The Christopher Adams Prize - awarded to pupils makiTrJ the most acthemic progress The Champain Prize - awarded annually to the Head Boy and Head Girl for le&Jership The Cheltondale Prize - awarded annually to the Deputy Head Pupil in the Senior SclK)ol for leadership The Prep Sch(x)I Prize - awarded annually to a Prep Sch￿1 Pupil for le&Jerihip. Page 7 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2023 (cortir Other Restricted Funds (contirx￿d) The Chapel & Organ Fund to accumulate donations restricted to the upkeep and development of Cheltenham College's Chapel & Organ. The David George Expedition Fund - a furKJ to facilitate Educational Travel SclK&larships. The General Facilities Fund to accumulate donations towards unspecified facility development projects. The Sport DeveloFxnent Fund - to accurnulate donations restricted to the development of sports facilities. Thidestaine House FuThJ - to support the upkeep of Thirlestaine House (Grade l Listed). The Prep School Fund to accumulate donations restricted to the benefits of pupils in the College Prep School. BoardiThJ House Funds - restricted to the benefit of pupils in Cheltenham College Boarding Houses. Grant Makir¥J Poky The Trust is a grant-making trusL supporting the advancemer)t of education at Cheltenham College. It is the policy of the Trustees to make grants that meet this obJects"ve and in line wth the wishes of donors. Grants are made primarity to Cheltenham College or in support of pupils attending the College. The Trustees meet rK)t less than once a year to receive and consider prowsals for the award of grants arKJ to release resources from Restrirted FuTrJs to qualifying projects. PrirKipal Actprftles & PublK 8enefft The Trustees confi'rm that they have c¢ynplied with the duty contained in secbon 17 of the Charities Act 2011 to have due regards to public tEnefit guidance puljished by the Charity Commission. REVIEW OF AcnvmES RNANCIAL RESULTS F(Xi THE YEAR Endowed Fund The Trust's endowed investment portfolio experienced a net loss of £18.372 {2022. £105,961 net Ios51 during the year. Restricted Fund During the year the Trust received restricted donations totallirvj £390,832 P022. £180.155). Two funds were the main focus for donations the Transformational Bursary FuTrY and the CIE lyjilding. Page 8 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ermled 31 A￿ust 2023 (c(￿tir￿￿d) REVIEW OF ACllVmES AND FINANCIAL RESULTS FOR THE YEAR (contin￿} Restricted Fund (contirKkd) The Trust released funds during the year to Cornp￿te the restoration of the Chapel Lunettes.. to enhance recreational facilities within boarding houses to restore the College Fortrait of Edward Wilson. FLJnds were also released for the first time from the Transformational Bursary fufKJ. After accounb'ng for expenditure on these projects and takiThJ into account investment net losses of £11,137 12022: £61.226 net lossl. the net restricted incoming resources for the year was £314,10612022'. £102.1281. General Appeal Fu￿1 The Trust received unrestricted donations and legacies of £9.818 (2022.. £34,803) to support the Trusts. objectives. After accountirvj for grants made and investment net losses of £7,66112022. £43,405 net lossl, the overall net outgoing unrestricted resources for the year was £7.66212022'. £28.5291 Irwestment Policy arKI ObFLtv The Trust's powers of investment of its trust ￿ndS are governed by the Trustee Act 2000. The Trust Deed allows for unspent income to be added to capital TkE Selwyn Trust Endowed Fund is required by the donors to be kept in a high interest bank account. The Trustees keep ￿￿er 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 thse required for day-to-day cash management, with the Trust's investment managers. The target is to achieve a combined total of IO% income and capital growth. The total capital reduction duriry the year was 3% of which 2% was income growth12022." 14% redLJCtion of which 2% wa5 income growth). The target was not met due to world economic instability All investments held were acquired in accordance with the FK>wers available to Tnjstees. Reser￿ Policy At the year end The Trust had total reserves of £2.221.016 (2022_ £1.936,8161 for the provision of financial supwrt armj 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 prowde working capitsl and to provide h"nancial support to development projects and other initiatives wthin C￿ltenhaM College. Unrestricted funds totalling £11,119 12022." £20,5(￿) were released this year to supwrt projerts. HOv￿er. reserves ¥MII continue to be accrued to supplement the restricted fvjnds that are beiTh] rais￿1 for specific development Pfojerts due to be executed in the future. Page 9 CFELTENHAM COLLEGE CHARITABLE TRUST REPORT THE TRUSTEES For the yEar etxled 31 Awust 2023 (ccrtirKRd) Tnjstees Financial and gcMrYJ cmm The grants paid out by the Trust are directly linked to either rw donations rec￿Ved or to investment returns. As s￿h the grants paid to Cheltenham College durirg the current year ended 31 August 2023. will not lin the view of Trustees) undemiine the loThJ-term ecorK)mK stability of the Trust. The Directors have a reasonable expectats'on that the Trust has ajequate resources to contr.nue in operational existence for the foreseeaEJe future. They therefore continue to belEve the going concern basis of accounting is appropriate In preparirKJ the anThJal financial statements. FUTURE PLANS The Trustees wll continue to prowde support to pupils from the Bursary Funds and expect to see additional funds raised to enable it to contir￿￿ to provide support to Cheltenham College's development plans. The Trustees have agreed to allocate the followng. up to £30,(MXi per annum from unrestncted funds to support pupil facing schemes." up to £5.(KX) per annum from the Leadership Fund and to use unrestricted funds as matched funding for sigr)ificant capital schemes. The Trustees are continuir¥J to prioritise the accumulation of funds for future capital projects aryj bursaries. 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' RESPONSIBIUTIES The Trustees are responsible for prepariro the TnJ$t￿. Annual Rewrt and the financial statements in accordance wth applicable law and United Kingdom General￿ Accepted Accounting Practice {United Kingdom Accounting Standards). The law applicable to Chariti￿ in Englar￿ and Wales requires the Trustees to prepare financial statements for each financial year which give a true arKI fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charty for thai period. In preparing these financial ststements, the Trustees are required to: select suitable accounLrNJ policies and then app￿ trem consistendy, observe the met￿S and principles in the Charities SORP. make judgements and estimates that are reasonable and prudenL Page 10 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the ￿r erded 31 August 2023 (con1]Th￿ STATEMENT TRUSTEES, RESPONSIBIUTIES {ccwrfln￿d) state whether applicable accounting staThJards have b￿n followed, subject to any material departures disclosed and explained in the hnancial gtatements-, and prepare the financial statements on the going corKem basis, Ur￿esS it is inappropriate to presume that the charity will continue in busirEss. The Trustees are responsible for keeping adequate accountirKJ records that are sufficient to show and explain the charity's transactK>ns, disclose with reasonable accuracy at any time the financial p)sition of the charity and enable them ro ensure that the fi'nancial statements comply with the Charities Act 2011, the Charities (Accounts arKI Reports) Regulations 2(X)8 and the provisions of tlE charity's constituts"on. They are also responsible for safeguarding the assets of the charity arKI hence for takirwJ reasonable steps for the provision and detection of fraud and other irregularities. AUtYTOR Statement as to tisdo$u￿ of Information to A￿JitOr 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 linformation needed by the charitys auditor in conrEction with preparirrfJ the audit report) of which the charity's auditor is unaware. Each TnJ5tee 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 aThJ to establish that the charity's auditor is aware of that infomiation. Approved by the Trustees on 15 March 2024 and signed on their behalf by: N Huggett Pa8e 11 Independent A￿lit0￿S Rwt to Trustees of Chthrthm cd￿je Charitstle Trust Cl)irMon We have audited the financial statements of (￿ltenhaM College Charitable Trust for the year er￿ed 31 August 2023 which comprise the Statement of Financial Artiwties, the Balance Sheet and Notes to the FInar￿la1 Statements, including a summary of significant accounty"rKJ policies. financial reporting framework that has been applied in their preparation is applicable law and United KirKJdom Accounts"ng Stsndards, irKluding Financial Reporting StaThlard 102 The Financial ReportirKJ Standard applicable in the UK and Republic of Ireland (United KirKJdom Generally Accepted Accounting Pr¥ticel. In our opinion the financial statements". give a true ar)d fair view of the state of the chanvs affairs as at 31 August 2023 and of its incoming resources aTrJ application of resources, including its ncome and expenditure for the year then ended,. have been properly prepared in ￿cOrda￿e wth United Kirydom Generally Accepted AccountirvJ Prartice.. and have been prepared in accordance wtth the requirements of the CharitEs Act 2011. Basis for opinion We COr￿UCted (￿r audit in ￿COrdanCe vith International Starmjards on Auditing (UK) {ISAs IUKI) and applicable law. Our responsibilities urKlerthJse standards are ftjrther described in the Auditorfs responsibilities for the audit of the financial statements section ofour report. We are iTrYeperident ofthe 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 StarKJ3rd, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit emdence we have obtain&J is sufficient ar)d appropriate to provide a basis for our opinion. Condusions relattrKJ to going conc￿￿ 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 statenEnts is appr(wnate. Based on the work we have performed, we have mt identified any material uncertainties relating to events or conditions thaL individually or collectively. may cast significant doubt on the charitys ability to continue as a going concern for a period of at least tsvelve months from when the financial statements are authorised far issue. Our responsibilities and the responsibilities of the trustees with respect to going co￿ern are described in the relevant sections of this reporL Page 12 IndepwKkn ALK11t￿S Reprxt to T￿￿ of Chdtenham Colege Charitsble Tnjst {conti1K￿ Other information Trustees are responsible for the otP￿r information contsined within the annual report. The other information comprises the information included in the annual retKJrL other than the finartial statements and our auditor's report thereon. CKJr opinion on the finarKial statements does not cover the other information and, except to the extent otherwse explicitly stated in our report we do not express any form of assurance conclusion thereon. Our re5FK)nsibility is to re￿1 the other information arKJ, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knoldedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material I￿On51$tencieS or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have mthing to reFDrt in this regard. Matters on ¥*lich we required to report bj Exception We have nothing to reFJ)rt in resfRCt of the followitYJ matters in relation to which the Charities {Accounts and Reports) Regulatr'ons 2￿8 require us to report to you if. in our opinion.- the information given in the finarKial ststements is I￿OnSi5tent in any material respect wth the Trustees, report.. or suffi'cient and proper accounting records have ￿t trEen kept by the charity,. or the financial statement5 are rK)t in agreement wth the accounts.ng records and returns,. or we have not received all the information arKJ explanation5 we requiie for OLJr audit. Responsibilities of Trustees As explained more fully in tt￿ Trustees. responsibilities statement set out on pages 9 and 10, Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the Trustees determine is necess3ry to enable the preparation of financial statements that are free from material misstatemenL thether due to fraud or error. In preparing the flnancial statements, Trust￿5 are responsible for assessing the charitys ability to conts'nue as a goirKJ concem. disclosifKJ. as applicable. matters related to going corKern and using the going concern basis of accounting unless the trustees erther intend to liquidate the charity or to cease operations, or have no realistic alternative ￿t to do so. Page 13 Indep￿ Audi￿$ Rewt to the Trust&s of CPdtw*wn College Charitable Tnjst (contirv Auditorfs resporsbdities fur the a￿￿1t of ts final￿1 statem We have been appointed as audttor under section 151 of the Charities Act 2011 and rewrt in accordance with the Acts and relevant regulations made or hawng effect thereunder. CKJr objectives are to obtain reasonable assurance abcmjt whether the financial statements as a whole are free from material misstatement, whether dLJe to fraud or error, and to issue an a(Klitor's report that includes our opiThon. Reasonable assurance is a high level of assurance but is rK)t a 9uarantee that an audit conducted in accordance with ISAS IUKI will always detert a material misststement when it exists. Misstatements can arise from fraud or error are considered material if, indi￿d￿al￿ 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 detethng irregularities, includiro fraud and non-compliance with laws and regulations are set CMJt below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". .frc res This description forms part of our auditor's report. Irregularities, ir(luding fraud. are instances of wn-compliance with laws and regulation5. We identified and assessed the risks of material misstatefnent of the financial statements from irregularities. ￿ether due to fraud or error, and discussed these between our audit team memters We tr￿n designed and performed audit procedures responsive to t￿se risks, irKludirwJ obtainitvJ audit evidence sufficient arKY appropriate to provide a basis for our opinion. We obtained an urKlerstsnding of the legal and regulatory frameworks Within which the charity operates, focusing on those laws 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 y￿th the Charities SORP (FRS1021. We assessed the required compdiance with these laws arKJ regulations as part of our audit procedures on the related financ￿1 ststement items. In addition, we considered provisK)ns of other laws regulats'ons 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 opp(Kiunities ar¥J incenty.ves that may exist wthin the charity for fraud. Auditing Sta￿lardS limit the required audit pr(Kedures to identify non-compliance with these laws and regulations to eTh]uiry of Tnjstees other manwjement and inspeth'on of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the finarKial statements from irregularities, including fraud, to be within the override of controls by management. L￿r audit pr(Kedures to respoThJ 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 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 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 GLS0 3PR Date: 08 April 2024 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 IS CHELTENHAM COLLEGE CHARITABLE TRUST sTATEmE￿r OF FINANCIAL AcllviTIES Year ￿KIed 31 A￿ust 2023 Note Unrestricted Funds 2023 Restncted Funds 2023 Endowment Funds 2023 Total Funds 2023 Total Funds 2022 Donations & legacies Investments Totsl incorr 9,818 5,927 15,745 3￿.832 22,829 413,661 400.650 28,796 429,406 214,958 23,630 238,588 ExFe)ditiJre on: Raising funds Charitable actiwties Other expenditure Totsl e4)enditixe 11,119 4,627 15.746 86.070 2.348 88A18 97,189 10,847 108,036 53,526 11,216 64,743 3,872 3.872 Net (losses) on investM￿ts 17.661) 111,13n {18.3721 137,170) 1210,5921 Net (expendEbJre} / income for the year 3141)6 (a244) 2842 (36,7471 Transfers bet￿ fuTrts: Net in fij￿IS 17,662) 314,106 P2,244) 284,200 136,7471 ReconciliatiC￿ of Total fund5 biought forward 392.888 842,614 701.314 1,936,816 1,973,S63 Total ffiJrKJs carried fonwdrd 385226 l156.T20 679,070 2221,IJ16 1,936,816 The notes on pages 17 to 27 form part of the financial ststements. Page 16 CHELTENHAM COLLEGE CHARITABLE TRUST BALANCE SHEET As at 31 August 2023 31 A￿ust 31 August 2022 FWJ Assets: Investments 1.321.710 1,337,958 Debtors Cash at bank and in hand Tota Current Assets 23.159 886,202 .361 12,550 596,820 609,370 Liabilities- Creditors due within l year (10.055) 110.512) Net Current Assets 899.306 598,858 Total Net Assets 2221,016 1,936,816 The FurKls of the charity. Unrestricted fund Restricted ftjnd Endowed fiJnd 12 12 38S,226 1,156,720 679,070 392.888 842,614 701.314 2221,016 1,936,816 Apwoval of the FinarKial Statements The financial statements were approved arKI authorised for issue by the Trustees on 15 March 2024 and signed on their behalf by.. N Huggett Trustee T O'sullivan Trustee The notes on pages 17 to 27 form part of the financial statement. Page 17 CHELTENHAM COLLEGE CHAIITABLE TRU NOTES TO THE AcCou￿rS For the year ended 31 August 2023 Ch¥tty inform The Trust is a public benefit entsty registered as a charity in ETh3land arKS Wales (charity number.. 10064291 The address of its principal office is Cheltenham College. Bath Road, CIEltenham. Gloucestershire, GL53 7LD. 1. Prinapal accountirKJ pdicies The foSlowing accounting policies have been applied consistenly in dealing with items which are considered material in relatK)n to the charitys finaFKial statements. a) Basts of accounlkKJ The financial statements have been prepared on an historic cost basis in accordance with Accounting and Reporting by Charities. Statement of RecommerKled Practice applicable to charits.es preparing their accounts in accordance wth Financial Rewrting StaTrJard applKable in the UK arNJ Republic of Ireland IFRS 102} (effective 1 January 2015) - (Charities SORP IFRS 102)) ard the Financial Reporting Stsndard applicable in the UK ar¥J Republic of IrelarKI IFRS 1021. The financial statements have been prepared to give a 'tr￿ and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2QX)8 only to the extent required to provKle a'true and fair vie￿. This departure has involved following Accounting and ReportiThJ ty Charities prep3rin9 their accounts in accordance with the Financial ReportiThJ Standard applicable in the UK and Republic of Ireland IFRS 1021 issued or116 July 2014 rather than the Accounting and Reporbng by Charitses. Statement of R￿0Mmended Practice effective from l April 2005 which has since been withdrawn. Cheltenham College Charitable Trust meets the definition of a public benefft entity under FRS 102. Under FRS 102, no statement of cash flows has tEen presented, as the charity is included in consolidated financial statements of Cheltenham College. b) Golng concern The financial Statements are prepared on a going concem basis. The Trustees have a reasonable expectation that they have adequate resources ta continue its activit￿$ for the foreseeable future and consider that there are no material urKertainties over the Trust's firna￿la1 wability. Accordingly. they continue to adopt the going concern basis in prepanng the financial ststements. There are Th) material uncertainties. c) IrKome Covenants. pledges, donations, tEquests and gifts are induded 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 wth sufficient reliability. Unrestricted legacies r￿e1Ved are applied at the discretion of the Trustees to either the general fund or the area of greatest need. Page 18 CHELTENHAM c(￿LEGE CHAR￿ABLE TRUST NOTES TO THE ACCCLJNTS Ear er￿d 31 Augtst 2023 (contirK￿J 1. Pr1r￿1pal accounting pdKres (continued) d) EX[￿itijre Grants and bursaries payable are accounted for on an accruals basis followrKJ on from approval by the Tfustees. Details of grants payable are given in note 3. e) Debtors Short term debtors are initially measured at the transaction price. less any impairment. fj Cash atKI cash equTr￿1ents Cash is represented by cash in hand and dewsits Viith finarKial institutions. g) Creditors Short term creditors are initially measured at the transacty.on price. h) Finawal iistiiJ)ients The Trust only has finarKial assets and financial liabilities of a kind that qualify as basic fi.nancial instruments. Basic financial instruments are inilially recognised at transaction value armj subsequently at their settlement value. See note 8. i ReCogn￿on of liabilitses Liabilities are recognised once there is a legal or constructive obligats'on that commits the chanty to that obligation. Go￿nan￿ costs Governance costs comprise all costs involvirg the Fxjblic accouniability of the Trust and its compliance with regulation and gocmj practice. These costs include statutory audit afKJ legal fee5. k) General funds Income and donations received for the general purposes of the charity lin(ome that Is not restricted by the wishes of the donor) are treated as unrestn.cted arKI are available to the Tfustees to allocate in accordance with the Trust's Constituton. Pa8e 19 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE AccouNrs Ear erKled 31 A￿juSt 2023 (contirKRd) 1. Pn'rKipal accounting pdiiies (contirK Restricted R￿trIcted funds are funds that are to used in accordance with the specthc restrictions imposed by the domrs or which have been raised by the charity for a parbcular purpose. The fijll list of restricted fijnds is held in the Report of the Trustees m) Endowed fijnds All Endowed fvjnds are FErmanent. Restricted funds With the same name as permanent endowments reflect the income available for distribution from the pemianent endowments. n) IrNestrn Investments are stated at market value in the Balance Sheet. Investment income is accounted for vthen it is received. Gains and losses arisifKJ on investrnent assets are disclosed in the Statement of Financial Activities and include realised gains where the investments have b￿n sdd and unrealised where they are still held at the balance sheet date. In both cases the gain is calculated wtth regard to the market value at the beginniry of the year, or its cost if purchased duriro the year. o) Jthlgements in &cwntirg polKies aTrJ key of estimat￿ ￿rtaI Preparation of the financial statements requires management to consider makirrfj any significant judgements and estimates where necessary. There afe no items in the finarKial statements where signifi'cant judgements and estimates have been made. 2022 Dividends - UK Equities 28.756 23.630 Page 20 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCCL1￿5 For the yEar eTrled 31 August 2023 (cOntirK￿ . on d)aritable aciiviu 2023 2022 Grants to Cheltenham col￿e-. Provision of Bursaries Chapel projects Pupil facing sckemes Boarding House proje(t5 Provision of Prizes Archives project Paintiry restoration Other small grants 41.910 15227 n119 15.422 670 28,090 20,000 1,174 2,380 1,882 97,189 53,526 4. Other wendittire The Trustees received no remur*ration arKI were not reimbursed any exper)ses in the year12022." £nill. The charity has no employees (2022. wnel. 2023 2022 Other governance costs Investment management charges 3,013 7,834 2,500 8,716 10,847 11,216 The auditors, remuneration for the year amounted to £3,013 12022: £2.500). Page 21 CHELTENHAM COLLEGE CHA￿ABLE TRUST NOTES TO THE ACCCJJNTS For the yEar erKled 31 August 2023 (contiThEd) 2023 2022 Market value at I SeptemtEr 1337,958 1,533,635 Additions 319.351 181,662 Change in cash 08,582) 3,048 Disposals at OFEniry market value 1279,847) 1169,795) Net Ilossesl on revaluation (37.170) (210.592) fvAarket value at 31 August 1.321,710 1,337,958 Anatysls of investrnents Equities held by managers 1275.697 1.271.885 Cash deposits 66,073 1,321,7K) 1,337,958 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, Leadership Fund. the Elfflslie Prize Furmj and the Bursary Fund. Page 22 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCIXiNTS For the year ervjed 31 August 2023 (c￿ttir￿￿d) 6. Debtors 2023 2022 HMRC 23,159 12,S50 23,159 12.590 7. Accn￿lS and Creditors 2023 2022 Accruals Amounts owed to group urKJertakiros 3,013 7,042 2,5(K) 8.012 10,055 10,512 8. Finarrial instruments 2023 2022 Flnaroal assets Financial assets measured at fair value 1,3J,no 1,337,958 Financial assets measured at fair value comprise assets held as investment5. 9. Taxation Ststus The Trust is a registered charity a￿j hence no prowsion for taxation is i￿luded in financial statements as it benefits from the exempti(Ms offered by Section 505 of IrKome ar)d CorFx)ration Taxes Act 1988. 10. Howard wadsV￿rth Tnjst Fund In accordance with the Trust Deed dated 28th September 1992, the Howard Wadsworth Trust Fund is Incorporated within the fina￿la1 statements of the Cheltenham College Charitable Trust. Page 23 CFELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the Je¥ eThJed 31 August 2023 {(￿lI￿Rd) 11a. Ana￿lS of FuThJ MoNvnwts Cwrent Year B813rKe tr￿orne TransfeT FU￿15 EX￿r￿11ture Invesiment 8alarKe Losses cff UNe&rthd FuTrJs 15.745 05.746) (7,66T) 385226 ReAdcted FuTrJs Bursary Fund Leadership Fund Transformational 8ursaries CIE FurNJ Chapel & Organ Fund Other Restricted Fund5 343,555 74.976 65.297 182,348 17,C4J9 159.429 35.562 3,983 134.147 191,689 1,123 47,157 413.661 11.S741 11721 141,9101 (1,4691 18151 370,074 77,972 164.159 384,037 2,530 157,948 1.156,720 6.625 10.(KKJ 13751 16.2501 {15,22n 129.5351 (88.418) 2,853 01,137) EThJowed Capital Funds Howafd Walsworth David George Memorkil SeWn Trust Paul S Clark Leadership ISOEI Leadership (Boyes) Elrrb51E Prize FuThJ 196.674 278.5( 11.1521 (1,6301 15,4641 17.737) 1