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 Re5￿cted 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.
ResponsibIl￿e$ 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 appI￿ng 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
Ana￿515 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. Ana￿sIS 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.