CHELTENHAM L<)l.l.F.f*F. LIIARITAHI.F. TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024 REGISTERED CHARITY NUMBER. 1006429
CHELTENHAM COLLEGE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024 Pages Report of the Trustees Independent Auditor's Report Statement of Financial Activities 15 Balance Sheet 16 Notes to the Accounts
Pa8e 2 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2024 The Trustees present their annual report for the year ended 31 August 2024 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 2019 based on FRS 102. Referen 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/0 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 G Elwood (appointed 11.04.25) Council Nominee H Monro (retired 31.12.23)
Pa8e 3 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2024 (continued) Professional Advlsors and Addresses: Investsnent Manager. Quilter Cheviot Limited Second Floor Three Temple Quay Temple Way Bristol BS16DZ Banker: Lloyds Bank PIC 130 High Street Cheltenham GL50 1EW Solicltor: HCR Ltd Ellenborough House Wellington Street Cheltenham Gloucestershire GLSO IYD Independent Audltor: Crowe U.K. LLP th 4 Floor 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 2024 (continued) STrUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The Trust is governed by the provisions of the Trust Deed, which was last amended in April 2001. Charity Govemance C¢)de 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 President of the Council of Cheltenham College. The President of the Cheltonian Society The Head of Cheltenham College, The Head of Cheltenham College Preparatory School. A member of the Council of Cheltenham College nominated by them. Up to 5 others. 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 Tralnlng New Trustees are inducted into the workings of the Trust with reference to Charity Commission guidance, including its Policy and Procedures, by the Trustees appointed.
Page 5 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2024 (continued) Organisational Management The Trustees hold meetings at least once in every academic year to determine policy, grants and awards for the current and subsequent academic year, to review the performance of the Trust and approve the financial statements. Organisational Struthjre 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. Fundralsing Funds are raised for and on behalf of Cheltenham College. The cost of raising funds which include salaries are borne by 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. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL AcfiviTIES 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 2024 (continued) The financial ststements of the Trust incorporate the following Endowed fvnds: A Scholarship Fund - established by C H B Wadsworth Esq, known 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 established by D George Esq, known as the David George Memorial Fund, to provide a scholarship for a day pupil. A Scholarship Fund - established by the Trustees of Selwyn School by means of a Deed on 22nd August 2Crf)3 known as the Selwyn Trust Fund, to provide a scholarship for a day pupil living within 15 miles of Gloucester Cathedral. The Paul S Clark Fund established to provide an award for an outstanding science essay. The Leadership Fund - to provide bursaries to support pupils at Cheltenham College who have parents in the Military and to fund Leadership or military orientated projects. The Elmslie Prize Fund established to the memory of Mr Elmslie, to enable the annual inscription of the drama plaque. The financial statsments of the Trust incorporate the following Restricted fvrKIs: A General Scholarship and Bursary Fund established to provide scholarships and bursaries, at the discretion of the Trustees, to support pupils attending Cheltenham College. The Leadership Fund - to provide bursaries to support pupils at Cheltenham College who have parents in the Military and to fund Leadership or military orientated projects. The Transformational Bursaries Fund to provide full bursaries for fifth and sixth form entrants whose academic potential is recognised but where there are financial restraints. The Chapel Door Fund - to raise funds for the installation of a new entry way into the Chapel. finanaal statements of the Trust incorporate the folloviirg Other Re5cted Funds: The Classics Bursary- to provide educational experiences and support to pupils studying the Classics. The Edward Wilson Memorial Fund established to the memory of the Old Cheltonian and explorer Edward Wilson to support adventurous expeditions by pupils. The Christopher Adams Prize - awarded to pupils making the most academic progress. The Champain Prize awarded annually to the Head Boy and Head Girl and their deputies for leadership. The Prep School Prize awarded annually to a Prep School Pupil for leadership.
Page 7 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year erded 31 August 2024 (continued) Other Restricted Funds (continued) 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 fiJnd to facilitate Educational Travel Scholarships. The General Facilities Fund to accumulate donations towards unspecified facility development projects. The Sport Development Fund to accumulate donations restricted to the development of sports facilities. The Hardship Fund - to support pupils with financial restraints. Thirlestaine House Fund to support the upkeep of Thirlestaine House (Grade 1 Listed). The Prep School Fund to accumulate donations restricted to the benefits of pupils in the College Prep School. Boarding House Funds - restricted to the benefit of pupils in Cheltenham College Boarding Houses. Grant Making Pollcy 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. Princlpal Act5vltles & 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. REVIEW OF ACTIVITIES AND FINANCIAL RESULTS FOR THE YEAR Endowed Fund The Trust's endowed investment portfolio experienced a net gain of £68,819 (2023.. £18,372 net loss) during the year. Restricted Fund During the year the Trust received restricted donations totalling £278,626 (2023.. £390,832) with the main focus being the Transformational Bursary Fund. A decision was made not to continue with the CIE capital project for which donations had been received,. all donors were advised of the decision, with some requesting donations be returned and others permitting the Trust to allocate donations elsewhere.
Page 8 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2024 (continued) REVIEW OF ACTIVITIES AND FINANCIAL RESULTS FOR THE YEAR (continued) Restricted Fund (continued) The Trust released funds during the year to fund a fvjll year of pupil bursary assistance,. to furnish a CCF classroom,. to purchase dinghies for pupils at the Prep School to use on their recently dredged lake,. to assist with a pupil initiative to help build a classroom at a partner school in Gogar and to fijnd annual prizes. After accounting for expenditure on these projects and taking into account investment net gains of £44,176 (2023.. £11,137 net loss), the net restricted incoming resources for the year was £175,107 {2023.' £314,106) General Appeal Fund The Trust received unrestricted donations of £19,471 (2023. £9,818) to support the Trusts, objectives. The Trust released £30,000 for the annual pupil-facing scheme, this year being the dredging of the Prep School Lake to enable its use for both educational and recreational purposes. After accounting for the grant made and investment net gains of £29,335 (2023-. £7,661 net loss), the overall net incoming unrestricted resources for the year was £20,643 (2023. outgoing £7,662). Investrment Pollcy 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 either with the Trust's investment managers, or in an interest account. The investment target is to achieve a combined total of10% income and capital growth. The total capital growth during the year was 11% of which 2% was income growth (2023.. 3% reduction of which 2% was income growth). All investments held were acquired In accordance with the powers available to the Trustees. Reseprfes Policy At the year-end The Trust held total reserves of £2,481,592 (2023.. £2,221,016) for the provision of fi'nancial 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 fijnds are retained to provide working capital and to provide financial support to development projects and other initiatives within Cheltenham College. Unrestricted funds totalling £30,000 (2023.. £11,119) 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.
Pa8e 9 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 31 August 2024 (continued) Trustees Financial Overview and going concem 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 ended 31 August 2024, will not (in the view of the Trustees) undermine the long-term economic stability of the Trust. 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,CKJO 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 and 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, 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.. select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP, makejudgements and estimates that are reasonable and prudent,
Page 10 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year erKled 31 ALKJUSt 2024 (continued) STATEMENT OF TRUSTEES, RESPONSIBILITIES (confjnued) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fi-nancial statements,. and prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in business. 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 fi'nancial 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 ststement as to Dlsck)sure of Infomiatlon to Audltor 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 1 May 2025 and signed on their behalf by.. D Stewart Trustee
Pa8e 11 Independent Auditorfs Report to the Trustees of Cfrthnham College Charitsble Trust Opinion We have audited the financial statements of Cheltenham College Charitable Trust for the year ended 31 August 2024 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. give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. 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 fiJrther 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 ststements 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. Conduslon5 relating to golng concem 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 uncertaintie5 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 fi'nancial 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 Auditorfs Report to the Trustees of Cheltenham College Charitsble Trust (contlnued) 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 requlred to report by exceptlon 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.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report,. or sufficient and proper accounting records have not been kept by the charity,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. ResponsibIle$ of Trustees As explained more fully in the 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 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 charitys 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 Auditoffs Report to the Trustees of Cheltenham College Charitsble Trust (continued) Auditorfs responsibilities for the audlt of the finanaal 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 fi'nancial 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. NAisstatements 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. Detai15 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.. This description forms part of our auditor's report. Extent to which the audlt was consldered capable of detectlng irregularftles, includlng 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 belNeen 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
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)
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, 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, f[o] r this report, or for the opinions we have f[o] rmed.
Crowe U.K. LLP
Statutory Auditor 4[th ] Floor St James House St James' Square Cheltenham Gloucestershire GLS0 3PR
Date: 13 May 2025
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility f[o] r 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 2024 Note Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds 2024 Total Funds 2023 Income & Endowments from: Donations & legacies Investments Totsl income 19,471 6,589 26,060 278,626 25,382 304,(X)8 298,097 31,971 330,068 400,650 28,756 429,406 Expenditure on: Raising fijnds Charitable activities Other expenditure Totsl expendlture 30,000 4,752 34,752 170,513 2,564 173,077 200,513 11,309 211,822 97,189 10,847 108,036 3,993 3,993 Net gains/(losses)on investments 29,335 44,176 68,819 142,330 (37,170) Net income for the year 20,643 175,107 64,826 260,576 284,200 Transfers between fijnds: 11 Net movement In fijnds 20,643 175,107 64,826 260,576 284,2tJJ Reconclliatlon of nds. Total funds brought forward 11 385,226 1,156,720 679,070 2,221,016 1,936,816 Totsl fijnds carried forward 11 405,869 1,331,827 743,896 2,481,592 2,221,016 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 2024 31 August 2024 31 August 2023 Nots Flxed Assets: Investments 1,487,752 1,321,710 Current Assets: Debtors Cash at bank and in hand Totsl Current Assets 53,289 943,601 996,890 23,159 886,202 909,361 Llabllities: Creditors due within 1 year (3,050) (10,055) Net Current Assets 993,840 899,306 Totsl Net Assets 2,481,592 2,221,016 The Funds of the charfty. Unrestricted fund Restricted fund Endowed fund 12 12 12 405,869 1,331,827 743,896 385,226 1,156,720 679,070 2,481,592 2,221,016 Approval of the Flnanclal Statemerts The financial statements were approved and authorised for issue by the Trustees on 1 May 2025 and signed on their behalf D Stewart Trustee N Huggett 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 2024 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 charitls financial statements. a) Basis of accountlng The fi'nancial 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 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The fi'nancial 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 (FRS102) 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 FRS102, no statement of cash flows has been presented, as the charity is included in the consolidated financial statements of Cheltenham College. b) Golng concem 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. Legacies are recognised and credited directly to the statement of financial activities based on the earlier of settlement of the estate and issue of the Estste Accounts, or receipt of the monies. Unrestricted legacies received are applied at the discretion of the Trustees to either the general fund or the area of greatest need.
Page 18 CHELTENHAM COLLEGE CHARITABLE TrUST NOTES TO THE ACCOUNTS For the year ended 31 August 2024 (continued) 1. Principal accounttng policies (continued) d) ExperKliture 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. fj Cash and cash equlvalents 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) Flnanclal instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic fi'nancial instruments. Basic fi'nancial instruments are initially recognised at transaction value and subsequently at their settlement value. See note 8. i Recognltlon of liablllties Liabilities are recognised once there is a legal or constructive obligation that commits the charity to that obligation. J) Govemance 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 fijnds 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 2024 (continued) 1. Prlncipal accounting policies (continued) l) Restricted fvnds 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 fvnds All Endowed funds are permanent. Restricted fvjnds with the same name as permanent endowments reflect the income available for distribution from the permanent endowments. n) Investrnents 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 appIng accounttng policies arKI key sources of estimatlon uncertalnty Preparation of the financial statements requires management to consider making any significantjudgements and estimates where necessary. There are no items in the financial statements where significantjudgements and estimates have been made. 2, Investment income 2024 2023 Dividends - UK Equities 31,971 28,756
Page 20 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2024 (continued) 3. Expenditure on charitable acbvities 2024 2023 Grants to Cheltenham College: Provision of Bursaries Pupil facing schemes Pupil Gogar initiative CCF classroom equipment Prep School Lake dinghies Provision of Prizes Other small grants Boarding House projects Archives project Painting restoration Chapel projects Returned CIE donations 45,300 30,000 S,)0 4,927 4,51X) 670 116 41,910 11,119 670 841 15,422 7,000 15,227 110,0(X) 200,513 97,189 A decision was made not to continue with the CIE capital project for which donations had been received,. all donors were advised of the decision, with some requesting donations be returned and others permitting the Trust to allocate donations elsewhere. 4. Other expenditure The Trustees received no remuneration and were not reimbursed any expenses in the year (2023. £nil). The charity has no employees (2023: none). 2024 2023 Other governance costs Investment management charges 3,050 8,259 3,013 7,834 11,309 10,847 The auditors, remuneration for the year amounted to £3.050 (2023: £3.013).
Page 21 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year erKled 31 August 2024 (continued) 5. Investments 2024 2023 Quotsd Investments Market value at 1 September 1,321,no 1,337,958 Additions 228,236 319,351 Change in cash P1,659) 118, 582) Disposals at opening market value 082,865) (279,847) Net gains/(lossesl on revaluation 142,330 (37,170) Market value at 31 August 1,487,752 1,321,710 Ana515 of investments Equities held by managers 1,463,398 1,275,697 Cash deposits 24,354 46,013 1,487,752 1,321,710 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 2024 (continued) 6. Debtors 2024 2023 HMRC 53,289 23,159 53,289 23,159 7. Accruals and Credltors 2024 2023 Accruals Amounts owed to group undertakings 3,050 3,013 7,042 3,050 10,055 8. Flnanclal Instruments 2024 2023 Flnanclal assets Financial assets measured at fair value 1,487,752 1,321,710 Financial assets measured at fair value comprise assets held as investments. 9. Taxation Ststus 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 $05 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 2024 (continued) 11a. Analysis of Fund Movements Current Year 8al3nce B/F .Income Transfer Funds Expenditure Investment Gains Balance C/F Unrestricted Funds 385,226 26,060 (34,752) 29,335 405,869 Restrlcted Funds Bursary Fund Leadership Fund Transformational Bursaries CIE Fund Chapel Door Fund Other Restricted Funds 370,074 77,972 164,159 384,037 11,749 4,427 267,214 11,659) 15,128) (45,300) (110,000) 28,598 3,481 408,762 80,752 605,110 219,037 1274,037) 55,000 55,OLN) 182,203 1,331,827 160,478 1,156,720 20,618 304,008 110,9901 (173,077) 12,097 44,176 Endowed Capttal Funds Howard Wadsworth David George Memorial Selwyn Trust Paul S Clark Leadership ISOEI Leadership {Boyes) Elmslie Pfize Fund 190,058 269,139 40,L)JO 27,038 39,866 110,862 2,107 679,070 (1,187) (1,682) 20,467 28,983 209,338 296,440 40,000 29,780 43,910 122,107 2,321 743,896 1169) (249) (693) 113) (3,993) 2,911 4,293 11,938 227 68,819 Endowed Fund5 are permanent Totsl Funds 2,221,016 330,068 211,822) 142,330 2,481,592 Transfers A decision was made not to continue with the CIE capital project for which donations had been received,. all donors were advised of the decision, with some requesting donations be returned and others permitting the Trust to allocate donations elsewhere. The fiJnd has been closed.
Page 24 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2024 (continued) 11b. Analysis of Fund Movements Prior Year Balance B/F Income Transfer Funds ExpetKliture Investment Balance C/F Losses Unrestrlcted Funds 392,888 15,745 05,746) (7,661) 385,226 Restrlcted Funds Bursary Fund Leadership Fund Transformational Bursaries CIE Fund Chapel & Organ Fund Other Restricted Funds 343,555 74,976 65,297 182,348 17,009 159,429 842,614 35,562 3,983 134,147 191,689 1,123 47,157 413,661 (1,5741 11721 {41,9101 (7,469) 181S) 370,074 77,972 164,159 384,037 2,530 157,948 1,156,720 6,625 10,000 1375} 116,250 115,227) 129,5351 (88,418) (2,853) (11,137) Endowed Capltsl Funds Howard Wadsworth David George Memorial Selwyn Trust Paul S Clark Leadership ISOEI Leadership (Boyes) Elmslie Prize Fund 196,674 278,506 40,tM)O 27,979 41,253 114,721 2,181 701,314 11,152) 11,630) 15,4641 17,7371 190,058 269,139 40,000 27,038 39,866 110,862 2,107 679,070 1164) (2411 1672} 113) (3,872) (777) (1,146) 13,187) 1611 08,372) Endowed Funds are permanent Totsl Funds 1,936,816 429,406 08,03 37,170 2,221,016
Page 25 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2024 (continued) 12a. AnasIS of Net Assets bebNeen Funds Current Year Investments Debtors Bank Liabilities Total UNestrlcted Funds 210,367 53,289 145,263 {3,050) 405,869 Restrlcted Funds Bursary Fund Leadership Fund Transformational Bursaries Chapel Door Fund Other Restricted Funds 408,762 80,752 408,762 80,752 605,110 55,000 182,203 1,331,827 605,110 55,000 98,228 758,338 83,975 573,489 Endowed Capltal Funds Howard Wadsworth David George Memorial Selwyn Trust Paul S Clark Leadership ISOEI Leadership (Boyesl Elmslie Prize Fund 209,338 296,440 209,338 296,440 40,000 29,780 43,910 122,107 2,321 743,896 40,000 29,780 43,910 122,107 2,321 703,896 Totsl FurKIs 1,487,752 53,289 943,601 3,050 2,481,592
Page 26 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year ended 31 August 2024 (continued) 12b. Analysis of Net Assets between Funds Prk)r Year Investments Debtors Bank Liabilities Total Unrestrlcted Funds 172,543 23,159 199,579 (10,055) 385,226 Restricted Funds Bursary Fund Leadership Fund Transformational Bursaries CIE Fund Other Restricted Funds 370,074 77,972 370,074 77,972 164,160 384,037 160,477 1,156,720 164.160 384,037 98,426 646,623 62,051 510,097 Endowed Capltal FurKIs Howard Wadsworth David George Memorial Selwyn Trust Paul S Clark Leadership ISOEI Leadership (Boyesl Elmslie Prize Fund 190,058 269,139 190,058 269,139 40,OCMJ 27,038 39,866 110,862 2,107 679,070 40,OCK) 27,038 39,866 110,862 2,107 639,070 40,000 Totsl Furds 1,321,710 23,159 0,055 2,221,016 13. Related Paty Transactions At the balance sheet date, Cheltenham College Charitable Trust owed £nil (2023.. £7,042) to Cheltenham College. During the year grants for projects, bursaries and prizes were made to Cheltenham College of £90,513 (2023: £97,189).
Page 27 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the year erKled 31 August 2024 (continued) 14. Ultimate Controlling Paty The ultimate controlling paty 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.