CHELTENHAM ANNUAL REPORT AND FINANCIAL STATEMENTS For year ermded 31 August 2025 REGISTERED CHARITY NUMBER.. 1(K)6429 CHELTENHAM COLLEGE CHAIITABLE TRUST ANNUAL REPORT AND HNANCIAL ￿ATEmENTs For the yèar erthd 31 Awt 2025 Pages Report of ttE Trustees 2-10 Independent Auditor's Report Statement of FinarKial Artmties 15 8alance Sheet 16 Notes to the Accounts 17-27 Page 2 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For ts year ended 31 AUg￿t 2025 The Trustees present theif annual report for the year eTrded 31 August 2025 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 TnJ5t Deed and the Chartties SORP 2019 based on FRS K)2. Referen￿ and Administralp￿ Infomth: Cheltenham College Charitable Trust IThe Trust) is a registered charity Inurnber 10(%4291 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 TnJstees duriThJ the year and LP to the date of this report were". President of the Council of Cheltenham College - W J Straker-NeskJt President of Cheltonian &xiety - D Stewart Head of Cheltenham College - N Huggett Head of Cheltenham College Preparatory Sch￿1 T O'sullivan Council Nominee - G Elwood lapwinted 11.04.25) Page 3 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For ts year el￿ 31 August 2025 {contirK￿j) Professional Advisors and Addresses: Investrnent Manager. Albert E Sharp (UK) Limited 7 Elm C(KJrt Arden Street Stratford-upon-Avon Warwickshire CV36 6PA Banker. Lloyds Bank PIC 130 High Street Cheltenham GLSO 1EW Solicitor. HCR Ltd EllentK)rough House Wdlington Street Cheltenham Gloucestershire GL50 1YD Itylepe￿lent Auditor. Crowe U.K. LLP St James HI)L￿e St Jaffles, Square C￿ltenhaM Gloucestershire GL50 3PR Page 4 CHELTENHAM COLLEGE CHAR￿ABLE TRUST REPORT OF THE TrUSTEES For the yEar erntsj 31 AW 2025 (contirn STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is governed by the provisions of the Trust Lked, which was Last amended in April 2￿1. Charity Governan￿ Ccmje With the exception of Mrs Huggett atKJ Mr O'sullivan. ttrE Trustees of CkEltenham College Charitable Trust are also TrLJStees of Cheltenham College,. they are aware of the updated guidance from the Charity Commission in rdation to the CcKJe atKI adhere to the principle5 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 Chelienham College. The President of the Cheltonian gxiety- The Head of Cheltenham College. The Head of Cheltenham College Preparat(Ny kh(x)l. A member of the Council of Cheltenham Cdlege rK)minated by them. Up to 5 others. The first four of the* becomes a Trustee automatical￿ on assumiro office under thich s/he is appointed ar)d retires as soon as slhe ceases to hold the office. The fifth of these would retire as soon as s/he ceases to be a member of the rKiminating b(xJy. The Ot￿rS w)uld retire after three years unless reappointed. The President of the Council is the Chairman of the Tfustees and has a castyng vote at meetings. Trustee Apwirtha Before any apwntment is M￿e, the c(￿r￿lI evaluate the balarKe, skills, knowledge and experience of the nominees, who are sornetimes rK)minated by College Council. In the light of the role atThJ capabilities required, a suitable appointment is rn￿e. Tnistee TraIni￿j New Trustees are inducted into the workings of the Twst with refwence to Charity Commission guidance, includitKJ its PolKy and Procedures, by the Trust￿$ appointed. Page 5 CHELTENFL4M COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES Forthe yEar ended 31 AW 2025 (contirm org￿lSatiOnal Marn4Jrnt The Trustees hold meetings at least orKe in every academic year to determine policy, grants and awards for the current arKJ subsequent academic year. to review the performance of the Trust and approve the financial statements. C￿g￿l$all(Thl StrLKttire aKI Relabatys The Trust is managed as th)ugh it is indep￿ent of Cheltetham Coltye, but reliant upon it administratively. However, the Trust should be regarded as a subsidiary of Cheltenham College for accountiro purposes in line wth FRS 102. The Trustees undertake an anwal risk assessment ofthe ￿ncipal areas ofthe Trusys operations anekonsKler the impact of such risks on the Charity. It is the opinion of the Trustees that the Trust has estabtished resources and rewew systems which, under rmal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations. Fundraising Funds are raised for and on behalf of Cheltenham College The cost of raising furMJs which include salaries are bome by Cheltenham College All fundraising is urKJertaken by the Development departmenL The Development Director has direct respmibility for all furKlraisirKJ. The Development Th'rector follo1￿ the Code of PractKe for Fundraising as Set out by The Ir)stitute of FundraisirYJ. Cheltenham College's C(xJe of Practice for FurKlraisirKJ is available on the College website. Further details of the Trust's fundraisiro actmb-es. as required under the Charities SORP, are disclosed within the Report of the Council in parents consolidated financial statements. (WECTS AIMS, C￿EcTIVEs AND pRINaP￿ A￿l￿ThES Object arKI Poliy The object of the Trust is the adva￿efflent of ed￿atIOn at Ckltenham College and Cheltenham College Preparatory khcK)l. Strategic Aim arKI Inta)Jed Eff￿t The Tnjst holds a number OF fvnds. each with the donorfs $￿iffiC intended effect. The Trustee5 ensure that the expenditure of fijnds is in keepiry wth cOr￿[al￿ts imtxjsed. if any. by the donor. The Trustees will rmally onty rnake expenditure from a resth'cted fur￿ when ￿fficient resources have accrued to fund such an award. Pa8e 6 CHELTENHAM COLLEGE CHARTTABLE TRUST REPORT OF THE TRUSTEES For the yEar erbjed 31 ALhWSt 2025 (continued) The finanaal Statem￿ of the Trust the f￿bW'r￿j Erth￿ed fiJnd5: A Scholarship Fund - established by C H B W&Jsworth Esq krK)wn as the Howard Wadsworth Trust Fund, to provide a bur53ry or bursari￿ for pupils to attend Cheltenham College. The awards are made by the Head of Cheltenham College accordiro to criteria specified in the 1992 deed A Scholaiship Fund - established by D George Esq, known as the Dawd George Memorial Fund, to provide a scholarship for a day pupil. A Scholarship Fund - established by the TTUStees of Selwyn SclK)ol by means of a Deed on 22nd August 2003 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 FU￿ - established to provide an award for an OLrtstaTrYiro science essay The Leadership Fund - to provide bufsaries to support pupi15 at c1￿ltenhaM College who have parents in 1he Military and to fund Leadership 01 military orientated projects. The Elmslie Prize Fund established to ￿ memory of Mr Elmslie, to enable the annual inscription of the drama plaque. The financial Statem￿ of the TNst irKorFmts the follo*irvJ Restricbj fvThJs: A General Scholarship arKJ Bursary Fund - establish8J to provide scFK)larships and bursaries, at the discretion of the Trustees. to supFJ)rt pupils attending Cheltenham College. The Guy tk)dd Bursary Fund - established to provide an annual fully furKled bursary The Leadership FurKJ - to promde t￿rSar1e5 to support pupils at Cheltenham College who have parents in the NAilitary and to fund Leadership or military orientated proJectS. The Transfomational BU￿arleS FurKI - to provide fvll txirsanes for fifth and sixth fonn entrants whose academic potential is recognised but ¥there there are finarKial restraints. The Chapel tkx)r FurKI - to raise funds for the installation of a rEw entry way into the cha[￿1. finar￿la1 statements of the Trust incfyForate the follovaNJ Other Re5trKtal FurKIs: The Classics Bursary - to provide educational experierKes support to pupils studying the Classics. The Chris Coley Cricket Scholarship- to fvrKI a talented cricket player through sixth form. The Hardship FurKi - to support pupils financial restraints. The Edward Wilson Memorial Fu￿1 - establis1￿d to memory of ￿ Okl c￿ltOnIan and explorer Edward Wilson to SUPFX)rt a(fventurous exp&Jitions by pupils. The Christopher Adams Prize - awarded to PUFMIS makiThJ the n￿st acalemic progress. The Champain Prize - awarded annualty to ￿ He￿ Boy and Head Girl and their deputies for leadership. Page 7 CFELTENHAM COLLEGE CHARITABLE TrUST REPORT OF THE TRUSTEES For the >Ear eThJed 31 AW 2025 {contiThRd) Other Restricted FuTrJs The Prep School Prize - awarded annually to a Prep School Pupil for leadership. The David George Expedition FuThJ - a fvjnd to facilitate Educational Travel SclK>larships. The General Facilities FurKJ - to accumulate donations towards unspecified facility development projects. The Swrt DevelO[￿ent Fund - to accumulate donations restricted to the developfnent of sports facilities. The Chapel & Organ Fund to ￿CUmUlate donations restricted to the upkeep develq)ment of Cheltenham College's Chal￿1 & Organ. Thirlestaine House Fund - to SUFPOrt the upkeep of Thirtestaine House (Grade l Listed). The Prep School FurKI to accumulate donations restricted to the benefits of PU￿lS in the College Prep School. Boarding House FutKJs - restrirted to the benefit of pupils in Cheltenham College Boarding Houses. Grant MakirrfJ Poky The Trust is a grant-makiThJ tnjst, SUPFMMing the advarKement of education at Cheltenham College. It is the policy of the Trustees to make grants that meet this objectsve and in line with the wishes of donors. Grants are made primari￿ to Cheltenham Colw or in supwrt of wpils atterKJing the College. The Trustees rr￿t not less than orKe a year to receive and consider prowsals fof the award of grants and to release resources from Restricted Funds to qualifyirg projects. Prtncipal ActPiitEs & PutlK Benefft The Trustees confim that they have complied with the duty contained in section 17 of the Charities Act 2011 to have due regards to benefft guidance wblished by the Charity Commission. REVIEW OF ACTMTIES AND FINANC￿ RESULTS FOR THE YEAR ErKlowed Furk The Trust's ermyowed investment pcthlto experienced a net gain of £42,67812024'. £68,819) during the year. Restiicted FLTh tXJring the year the Trust received restricted dC￿at()nS totallirN3 £506,628 (2024.. £278,626) with the main focus being the Guy tkKld Bursary FU￿1. Pa8e 8 CHELTENHAM COLLEGE CHARtTABLE TRusr REPORT OF THE TRUSTEES For the year ended 31 A￿ust 2025 (cO￿J￿*d) REVIEW OF ACTIVITIES AND FINANCIAL RESULTS FOR THE YEAR (contirKEd) Restricted FurKI (continu& The Trust released £67.27612024'. £45.9701 during the year to fund pupil bursary assistance, annual prizes and a memorial bench The Trust also donated £4.09112024.' £nil) to local charities After accounting foi this expenditure and considering investment net gains of £28.933 (2024.. £44.1761. the net restricted incoming resources for the year was £49S,96712024'. £175,10n. General Appeal FUTh The Trust received unrestrirted donations of £47.139 (2024= £19,471),. interest of £19.613 {2024.' £nill and £910,56612024= £nill of legacies to support the Trust's objectsves. The Trust chose not to release the usual £30,(K)O towards a pupil-facing scheme during the year, the grant will be carried forward and used for future schemes. After investment net gains of £18.591 12024.. £29.335}, the overall ￿t i￿orning unrestricted resources for the year was £999,62312024. £20,643). lnrfestment Pdicy arhj The Trust's wwers of investment of its trust ￿rKIS are governed by the Trustee Act 2(KKi. The Trust Deed allows for unspent income to be added to capital. The Selw Trust En(knied Fund is required by the donors to be kept in a high interest bank account. The Trustees keep U￿jer regular review the investment risks and performance of the Trust's investments_ HavirKJ taken professional athice, the Trustees policy is to place all available retained funds, other trian tr￿se 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 of lo% irKome and capitsl growth. The total caprtal growth during the year was 6% of which 3% wa5 income growth 12024. 11% of which 2% was income grovrthl All irbveslments were acquired in accordance wth the powers available to the Tfustees. At the year-end The Trust total reserves of £4.014.984 12024.. £2.481,5921 for the provision of financial support ar)d prizes for pupils at Cheltenham College. There are sufficient reserves of income for each fund held to cover ar)y awards made by the Trustees. The unrestricted funds are retained to prowde workirrfj capital to provide financial support to development projects arKI other iThtiatives wthin Cheltetham College. No unrestncted funds were released during the year {2024.' £30,(MJ)). however. reserves wll conbnue to be accrued to supplement the restricted funds that are trEing raised for specific bursaries aThJ devdopment projects due to be executed in the future. Pa8e 9 CFELTENHAM cc￿LEGE CHARrrABLE ThJST REPORT OF THE TRUSTEES For the year e￿Ied 31 August 2025 {conlin Trustees Fina￿la1 ￿r￿j concem The grants paid out by the Trust are directly linked to either new donations received or to investment returns. As such grants paKJ to Cheltenham Cdlege duriro the current year ended 31 Au9USt 2025, will not lin the view of the Trustees) undemiine the long-term economic stability of the Trust. The th'rertors 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 corKern basi5 of accounting s appropriate in pieparirHJ Ihe annual financial statements. FLITURE PLANS The Trustees will continue to provide SUPFMM to pupils from the Bursary Fur￿$ and expect to see additional Jnds raised to enaile it to continLJe to Provide SUPFXlrt to Cheltenham College's developmer)t plans. The Trustees have agreed to allocate the followirKJ.' up to £30,C(x) per annum from unrestricted funds to support pupil-faciNJ schemes.- up to £5.lJJ) annum from the Leadership Fund and to use unrestricted fijnds as matched fijnding for significant capital sC￿e$. The Trustees are continuing to PTMyitise the accumulats.on of frjnds for future caiital projects armj bursaries. The Trustees wll pass over to the College the accnjed restricted ftjnds, appropriate to the projects the funds have been raised for, as they a￿ implemented. STATEMENT OF TRUSTEES, RESPChNSIBILfflES The Trustees are responsible for preparir¥J the Trustees. Annual Report arKJ the finar)cial Statements in accordance with applicable law and United King(k)m Generalty Accepted Accounting Practice (United KirKJdom Accountyng Standards). The law applicable to charities in EThJIa￿ a￿* Wales reyuires the Trustees to prepare financial statements for each financi31 year which give a true and fair view of state of affairs of the charity and of the incoming resources and application of resources of the charity for that F￿rIOd. In preparing these financial statements, the Trustees are required to- select St￿table accountiro policies and apply consistent)y. observe the methods a￿1 pnncirAes in the Charities SORP. make judgements ar￿ estimates that are reasonal￿e and prudenL Page 10 CHELTENHAM COLLEGE CHARITABLE TRUST REPORT OF THE TRUSTEES For the year 31 AwJust 2025 (conlinued) STATEMENT OF TRUSTEES, RESPONSIBILMES (C(th￿￿) state whether applicable acc(JJntir¥J starKlards have followed. subject to any material departures disclosed arKY explained in the financial statements.. and prepare the financial ststements on the going concem basis. unless it is inappropriate to presume that the charity will continue in business. The Trustees are resFX)nsible for keeping adequate accounting records that are sufficient to show arKJ explain the charity's transactK>ns, disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2())8 and the provisions of the charitys constitution. They are also responsible for safeguarding the assets of t￿ charity and hence for taking reasonable steps for the provision and detection of fraLMJ and other irregularities. AUDITOR Statemert as to Disdosure of Information to Audit In50far as each of the Trustees of the charity at the date of appfoval of this report is aware, there is no relevant audit information (infomation needed by the charitys auditor in conrEction with preparing the audit report) of which the charitys auditor is unaware. Each Tfustee has taken all of the steps that he or she should have tsken as a Trustee in order to make himself or Fwself aware of ar)y relevant audit information and to establish that the charity's auditor is aware of that information. Approved by the Trustees on 20 M (Li 2& and signed on their behalf by.. Pa8e 11 Inde￿￿th1t Auditorfs ReFMJtto the Trustees of Cheltenham College Ch¥tstAe Tnst Oynion We have audited the finarKial statements of Cheltenham Cdlege Chantable Trust for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sp￿et and Notes to the Financial Statements, including a summary of significant accounting policies. The financial rewrb.ng frarnework that has been applied in their preparation is applicable law and United KiThJdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK an(J Republic of lieland (United Kingdom Generally Accepted AccountirKJ Practice). In our opinion the financial statements.. give a true and fair wew of the stste of the chartws affairs as at 31 August 2025 arKJ of its itKoming resources ard a￿lCatiOn of resources. including its income expenditure for the year then erKJed,' have been properly prepared in aCCordar￿e with United knrKJdom Generally Accepted Accounting Prathce,. aThY have been prepared in accordance with the requirements of the Charities Act 2011. Basis for We conducted our audit in accordance wth Intemational Standards on Auditing (UK) {ISAs (UK)) and applical￿e law. Our responsibilities t￿)se standards are further described in the Auditorfs responsibilities for the audit of the financial statements sectKin ofour rewrt. We are indeperxlent of the charity in accordance the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We tElieve that the audit ￿Idence we have obtained is sufficient and appropriate to provide a basis for our opinion. In auditirKJ the financial statements, we have Cor￿l￿ded that the Trustees, use of the goirrfJ concern basi5 of accountir¥J in the preparation of the fina￿la1 statefnents is appropriate. Based on the work we have perfomed, we have rK)t idenb.fied any material uncertainties relating to events or conditions thaL individually or collectwely, may cast significant (Joubt on the charity's ability to continue as a going concern for a period of at least t￿￿ve months from the finarKial statements are authorised for Issue. (Ajr responsibilities arKY the responsibilit*5 of tnjstees with re¥)ect to goiTrJ concern are described in the relevant sections of this report. Page 12 Irtyndent Auditorfs Rwt to the Tnts of Cheltthm College Charttable Trust (corfxl￿d) Trustees are responsible for the other infomation contained wthin the annual reFK>rt. The other information comprises the information includ8J in the annual rep)¢ other than the fi'nancial statements and our auditor's report thereon. Our opinion on the financial 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 responsibility is to read the Ot￿ information and, in doirmj so, consider whether the other information is materially inconsistent with ￿ 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 misstatemer)t in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other inft)rmation, we are required to report that facL We have nothing to report in this regard. Matters on *hith we are reqiired b) reFfrt by exwtion We have nothing to report in respect of the followirKJ matters in relation to which the Charities (Accounts and Retx)rts1 RegulatK)ns 2(M)8 require us to rewrt to you if, in our opinion: the information given in the financial statements is inconsistent in ary material respect wth the Trustees, report,. or suflicient and proper accounlirrfJ records have kept by the charty, or the financial statements are mt in agreement wth the accounting records and returns," or we have not received all the informatK)n and explanab.ons we require for our audit. Respons1blll￿es of Trustees As explained m(Ke ful￿ in the TrLJStees' responsibilities statement set out on pages 9 and 10, Trustees are responsible for the preparation of the financial statements ar￿ for being satisfied that they give a true and fair view, and for such intemal 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 preparir¥J the financial statements. Trustees are responsible for assessing ￿ charity's ability to continue as a goiry concern, disclosiTr4, as applicable, matters related to goiryj concern and using the going concern basis of accountr'ng unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative bLrt to do so. Page 13 Inde[￿￿knt Aud[ti￿S ReFKrt to TnAStees ofchththm College Chafftat4e Trust Auditorfs resFfflsiblities ts thè audit of trE firb3noal statwn We have been appointed as auditor under section 151 of the Charitie5 Act 2011 and report in accordance with the Act5 and relevant regulatK)ns made or hawng effert thereunder. Our objectives are to obtsin reasonable assurance abwt vknether the financial statements as a whole are free from material misstatemenL whthr due to fraud or error, arKJ to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condutted in accordance with ISAS IUK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error arKI are consKJered material if. individually or in the aggregate. they could reasonably be expected to influefKe ecorK)mic decisions of users taken on the basis of these financial statements. Details of the extent to which audit was considered capable of detecting irregularities, includirKJ fraud and non-compliarKe wth laws regulations are set out below. A further description of our responsibilities the audit of the fina￿la1 statements is located on the Financial Reporting Cou￿11'S website at". www.fvc.or auditorsres n￿bIll This description forms part of our alxlitorfs report. Extent to which was crmgdwed cwe of detecliThJ irregdaTitie5, I￿]￿11[￿J fraud Irregularities, irKluding fraud, are instances of mn-compliance with laws arKI regulations. We identifi'ed and assessed the risks of fflaterial misstatement of the financial statements from irregularities, whether due to fraud or error, armj discussed these between aLKlit team members. We then designed and performed audit procedures resFuisive to tkK)se risks, irKludirKJ obtainirmj aLxlit eVIde￿e sufficient and appropriate to prowde a basis for our ry)inion. We obtained an urMJerstanding of the Eega and regulatory frameworks within which the charity otErates, focusing on tF¥)se laws and regulations that have a direct effe(t on the determination of material amounts and disclosures in the financial statements. The laws and regulatior￿ we considered in this context were the Charities Act 2011. together with the Charities SORP {FR5102). We assessed the required compliance with these laws and regulations as part of our audit pr(Kedures on Ihe related financial statement items. In addition, we con&dered wovisions of other laws re9ulations that do rK)t have a direct effect on the financial statements EKJt c(xnFliarKe with mght be ftjndamentsl to the charity's ability to operate or to avoid a material penalty. We also considered ttr￿ owortunities arKI incentives that may exist within the charity for fraud. Alkliting standards limit the required audit p￿edureS to identify non-compliance with these laws and regulations to wuiry of Trustees and other management inspection of regulatory and legal correspondence, if any_ We identified the greatest risk of material impact t￿ financial ststements from irregularities, including fraud, to be within the timing of rerojnition of legw Incon￿ a￿1 the override of controls ty managemenL **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)** Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of risks of irregularities, designing and performing procedures over legacy income, 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: 24 March 2026 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 CFELTENHAM C(XLEGE CHARrrABLE TRUST STATEMENT OF FINANCLAL AcfMnES Year ended 31 AwJl￿t 2025 Note Unrestricted Funds 2025 Restricted Funds 2025 Endowment Funds 2025 Total Funds 2025 Total Funds 2024 Donations Legacies Other income Investments Totsl ir£crfne 47,139 910,566 19.613 9,108 986,426 506,628 553.767 910,566 19,613 44,185 1,528,131 298,097 35,077 541.705 31,971 330.068 . ExpeThJlth on: Raising funds Charitable activities Other expenditure Totsl eyKlitixe 71,367 3.304 746n 71.367 13,574 84,941 200.513 11,309 211.822 5.394 5.394 4.876 4,876 Net gains on investments 18.591 28.933 42,678 90,202 142,330 Net irKome for the 495,967 37,802 1,533,392 260,576 rKIs: 999,623 495,967 37,W2 1,533,392 260,576 RecorKiliaticffi of Totsl funds brought forward 11 405,869 1.331.827 743,896 2,481,592 2,221,016 Totsl fu￿1$ carried 1A05,492 t827,794 781,698 4m4.984 2,481,592 The rK)tes on pages 17 to 27 fonn part of the financial statevnents. Pa8e 16 CHELTENHAM COLLEGE CHARITABLE TRusr BALANCE SHEET As at 31 Auw 2025 31 AugLSt 2025 31 August 2024 Fixed Assets: Investments 1,611,833 1,487,752 Current Assets: Debtors Cash at bank and in hand Totsl Current Assets 185,577 2.220,783 2,406,3fil 53,289 943,601 996,890 Liabililie5: Creditors due within 1 year {3,209) {3,0501 Net Current Assets 2,403,151 993,840 Totsl Assets 4,OM,984 2,481,592 The Furmts ofthe d￿rity. Unrestncted fund Restricted fund Endowed fund 12 12 12 1,405,492 1.827.794 781,698 405,869 1,331.827 743,896 4,014.984 2,481,592 Approval of the Financlal Ststem The financial statements were approved arwj authorised for issue by the Trustees on 20 Ho<2gand signed on their behalf by. trok estst N Huggett rKites on pages 17 to 27 form part of the fina￿la1 statemenL Pa8e 17 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCCLiNTS For the erthd 31 A￿juSt 202S Charty informati The Trust is a public benefit entity registered as a charity in EThJland and Wales (charity number.. 10064291. The address of its prinopal office is Cheltenham College, Bath Road, Cheltenham, Gloucestershire, GL53 7LD. 1. Prinapa accountirg pdicies The followng accounting policies have been applied consistently in dealing with items which are considered material in relation to the charit￿5 financial statements. a) Basis of acc(xmting The financial statements have been prepared on an historic cost basis in accordance with Accounting and Reporting by Charities.. Statement of RecommerMJ&J Prartice apFAicable to charrties preparirKJ their accounts in accordance with the Financial Reporting Star)dard applicable in the UK arKJ Republic of Ireland IFRS 102) leffective 1 january 2019}- {Charities SORP IFRS 102)) aThJ the Financial Reportirmj Stsndard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been wepared to give a 'true and fairf view and have departed from the Charities (Accounts arKJ Reports) Regulations 2CI)8 only to the extent required to provide a'true fair view,. This departure has involved followng AccountirKJ and Reporbro by Charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS1021 issued on 16 Juty 2014 rather than the Accouritir)g arKI Reportir)g by Charitses: Statement of Recommended Practice effective from 1 April 2Th)5 ￿1(h has gnce been withdrawn. Cheltenham College Charitable Trust meets ￿ definitK)n of a public benefit entity U￿er FRS 102. Under FRS 102, rK) statement of cash fk)ws has i￿) presented. as the charity is inclth in the consolidated financial statements of CFEftenham College. b) GolrKJ cortsm The finar￿la1 Statements are prepared on a g)ing concem ba￿$. The Trustees have a reasonable expectation that they have adequate resources to continue its ath"wties for the foreseeable future and consider that there are m material utKertaintses over the Trust's finarKial viability. According￿, they continue to adopt the going concern basis in weparing the finanaal ststements. are rK) material uncertainties. c) IrK0￿ Covenants. Fjedges, donations, bequests atxl gifts are incluthd in the Statement of Financial Activities when the charity becomes entitled to the inc(Nne. it is pr(thble that the income wll be received and the amount can be measured with sufficient rdiability. Legacies afe reyognised and credited directly to the statement of financial activities based the earlier of settlement of the estate arKJ issue of the Estate Accounts, or receipt ofthe monies. Unresthrted legacies received are awilied at ￿ discrety.on ofthe Trustee5 to either the general tnd or ￿ area of greatest ￿d. Page 18 CHELTENHAM COLLEGE CHARrrABLE TRUST NOTES TO THE ACCOUNTS For the Jear ernled 31 August 2025 (coNirn 1. Prfncpa accountirYJ pc4ides (contrK d) ExpeNllbJre Grants and bursaries payable are acc(NJnted for on an accruals basis followirKJ on from approval by the Truslees. Details of grants Payable are given in note 3. e) DebtCrfS Short term debtors are inrtially measured at the transactFon price, less any impairment. fj Cath aKI cash equivalents Cash is represented by cash in hand and dew)sits with financial insb'tuts"ons. g) Cre￿1t0r$ Short term creditors are irNtially measured at the transaction price. h) Financial Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basK financial instruments. Basic financial instruments are inits'ally recognised at transaction value aThJ subsequently at their settlement value. See note 8. l Recognition of liab11 ities Liabilits"es are recognised once there is a legal or constnJctNe obluatK)n that commits tk￿ charity to that Obli9at￿n. GovernarKe costs comprise all costs irM)IvirKJ the PLJNIC accountability of the Trust and its compliance with regulation and gool pr￿tiCe. These costs ir￿hJde statutory audit arvj legal fees. k) Genera fvnds Income aThJ donations received for the general purposes of the charity lirKome that is not restricted by the wishes of the dorK)rl are treated as unrestricted are available to the Trustees to allocate in accordance with the Trust's Constituti(M). Pa8e 19 CHELTENHAM COLLEGE CHARITABLE MIST NOTES TO THE ACCOUNTS the 31 A￿uSt 2025 (COntir￿ 1. PrirKipal Kcountir¥J Oicies (continued) l) Restrlcted fuTh￿S Restricted funds are funds that are to be used in accordance wth 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 Tnjstees. m) Endowed fijnds All Endowed fvjnds are [errnan￿t. Restricted fiJnds wth the same name as pennat￿nt endowments reflect the income available for distributior) from the [￿rmanent endowments. n) InNEstr Investments are slated at market value in the Balance Sheet. Investment income is accounted for when it is received. Gains and losses arisirvj on investment assets are disclosed in the Statement of Financial Acb'vities and include realised gains where investments have been sold a￿1 unrealised where they are still held at the balance sheet date. In both cases the gain is calculated V￿[h regard to the market value at the beginning of the year, or its cost if purchased during the year. o) Judgements in aFptyffKJ accouNirg pofw kw of eslimaiion urKertainty Preparation of the financial statements requires management to consider making any significantjudgements and estimates where necessary. The rtems in the financial statements where the most significant estimat arKI Judgements have tEen made are. Valuation of legacy incorn￿ vlhere cash is mt yet received,. see accountir¥J policy c) for details of the judgement applied. 2. Investment irKome 2025 2024 DividefKIs - UK Equities 44185 31,971 Pa8e 20 CHELTENHAM COLLEGE CHARITABLE Trusr NOTES TO THE ACCOUNTS For the y ended 31 August 2025 (contirn*d) 2025 2024 Grants to Cheltenham C(Alege'. Provision of Bursaries Pupil facing schemes Provision of Prizes Memorial Bench CCF classroom equipment Prep School Lake dinghies Pupil initiative G(xJar Other small grants Returned CIE donations 6&086 45,300 30,000 670 690 500 4,927 4,500 5,000 116 110,000 4091 n,367 2(M),513 DLFring the prior financial year, a decision was made not to continue wth the CIE capital project for which donations h&J been received." all doTh)rs were advised arKJ some requested thar donations be returned. 4. Other eW￿dthre The Trustees recewed no remuneration and were not reimbursed any exFEllses in the year12024'. £nill. The charity has fKI employees (2024.. Th)ne). 2025 2024 Other governance costs Investment management charges 3,268 J.3C 3,050 8.259 13.574 11,309 The auditors. reffluneration for the year arTr)unt8J to £3,2¢J) (2024.. £3,050). Page 21 CHELTENHAM COLLEGE CHARITABLE TRU NOTES TO THE ACCCLINTS For the erKled 31 ALKJUSt 2025 2025 2024 Quoted investm Market value at I September I487,752 1.321,710 Additions I505A49 228,236 Change in cash (4240) 121,6591 'sposals at openirg market value OA67,330) {182,8651 Net gains on revaluation 90202 142,330 Market value at 31 August 1,611,833 1,487,752 Ana￿&$ of In%Estn Equities held by managers 1,5￿.Tr9 1,463,398 Cash deposits 20,114 24,354 1,611,833 1,487.7S2 These fur)ds represent investments on behalf of the Howard Wadsworth Trust Fund in accordarKe with the Fund's Trust Deed, the David George MerfK)rial FLJnd. the accrued income of the Selwyn Scholarship Fur￿￿, the Paul S Clark FurKI. the Leadership Fund, the Elmslie Prize Fund and the Bursary Fund. Pagè 22 CHELTENHAM COLLEGE CHARtfABLE TRUST NOTES TO THE ACCOUNTS For the year erded 31 August 2025 (oJntinLEdl 2￿5 2024 HMRC ACcrl￿d legacy income 93,688 91,889 53,289 185,5TI 53.289 7. Accru*s Creditors 2025 2024 Accruals 3,050 3,050 8. Flnandal insiruments 2025 2024 Finanaal assets Financial assets ffEasured at fair value 1.611,833 1,487,752 Financial assets measured at fair value comprise assets ￿ld as investments. 9. Taxatkm Stattis The Trust is a registered d￿rty and ￿nce rK) provision for taxation is inclLKled in the financial statements as it bwEfits from the exemptions offered by Section 505 of Income ¥¥J Corporab'on Taxes Act 1988. . Fknvard WadsbKKth Trust FwKI In accordance with the Trust Deed dated 28th September 1992, tFE Howard Wadsw)rth Trust Fund is incorporated wthin the fina￿la1 statements of ￿ C￿ltenharn Cdlege Charitatje Trust. Page 23 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOUNTS For the >ear ermled 31 ALKJlSt 2025 (coMirvAD 11a. Anatysis of FurMI Cirrert Year BalarKe Transfer FurKJs EX￿rK￿rtufe Inve51fflent Gains Balance cffi UNestrlcted Funds 405/69 A26 (5394) 18,591 I405,492 Resthcted FUTh Bursary Fund Guy Dodd Bursary Leadership Fund Transloimalional Bursaries Chapel D(xN Fund Other Restricted FurKJs 408,762 14,203 361.774 6,119 48.150 12.on) 18,124 439,018 861,472 89,021 105,412 55.(XJO 277,871 l827.794 4YJ.698 80.752 605.110 55.(XX> 182.203 133l827 1277) {48.ISO) 2.427 1493.698) 111,459 541.705 124.173 (746n) 8.382 28,933 CaOal FuTrts Howard Wadswonh 209.338 11.4501 12.0541 12,692 17,973 220,580 312,359 40,000 31,380 46,269 128,664 2,446 78l698 Damd George Merywal Sdvryn Trust Paul S Clark 40.( 29.780 43,910 122.107 2,321 743m6 12061 1304) 18461 1161 (¥76) 1,806 2,663 7,403 141 Leadership ISOEI Leadership (Boyesl Elmslie Prize Fund Fu￿lS are permanenl TC￿ Fun(ts Prior to the current financial year. donations for Transfomiational Bursaries and the Guy Dodd Bursary were recorded as one fvnd,. the Trustees confimied that two separate fiJrxJs should ￿ kEld, resulting in a transfer of Jnds during the year. Page 24 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCOU￿5 the year erNJed 31 August 2025 (confjrK￿) 11b. Anatysls of Fund M0Vw￿ Prior Year Bala￿e I￿orne T￿￿51e EKFMK&"ture FurKIs Investment Gains Balance C/F Unrestrlled F 385226 2&0fA) (M752) 29.335 405.869 Restrkted Funds Bursary FuThJ Leadership FurKI TransformalK)nal 8ursaiEs CIE Fund Chatkl Door FurKi Other Re511icted FurKIs 370,074 77.972 164,159 384.037 11,749 4,427 267.214 11,6591 15.128) 145,3(N)) 1110.IXK)I 28,598 3,481 408,762 80,752 605,110 219,037 (274.03n 55.(JJl 55,C¥X> 182.203 1,331K7 760.478 20.618 t￿.720 304 110,99) T3.0rn 12.097 44,176 EThJowed Capital Furm Howaid Wadsworth ).0 269,139 11.18n 11,682) 20,467 28,983 209,338 296,440 40.(KK) 29,780 43,910 122,107 2.321 743m6 David George Memor Selvryn Trust Paul S Clark 27,038 39,866 110.862 2,107 679.070 U69} 1249) 1693) 113) (3,YJ3) 2,911 4,293 11.938 227 69,819 Leadership ISOEI Leadership (Boyesl Elmslie Prize FurKJ Endowed Funds are perma[￿nt Totsl Funds 231,016 330 141330 2,481,592 Page 25 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACCCL1￿5 For the ypar erwjed 31 August 2025 12a. Ana￿lS of Net Assets L*tsveen FurKJs Cimnt Year Invest￿￿t5 Debtors LiabililEs Total UNestrKted FurKJ5 240.1H $577 983.ffio (3209) I405A92 Re#Med Furvts Bursary Fur Guy Dodd Bursary Leadership Fund Transformational 8ufsarts Chapel Dwr FurKI Oiher Restricled Funds 439,018 439,018 861,472 89.021 105,412 55.0( 277.871 l827.794 861.472 89.021 105,412 55.(XMJ 175,889 I197.7T3 101,982 EthhEd C¥ta Furnjs Howard Wadsworth David George MerTK)rial Selvryn frust Paul S c￿rk Leadership ISOE) Leader5hip18oyesl ElmslE Prize FurKI 220.580 312.359 220,580 312,359 40,0(X) 31,3ei) 46.269 128.664 31,380 46,269 128,664 741698 781,698 FwKts l6n833 Page 26 CHELTENHAM COLLEGE CHARITABLE TRUST NOTES TO THE ACC￿NTs For the year ended 31 August 2025 (contin￿) 12b. AnaEysis of Net Assets bet*Een Funds Prior Y Inves1￿EntS Debtors Bank Total Unrestrlrted F 2K),367 145263 c3￿50) 405,869 Restrlcbj Funds Bursary Fund Leadership Fu Transformaticwl Bursar*s Chapel Door Fund Other Restricted FurK8s 408,762 eA).752 408,762 80,752 605.110 55.(K)O 182,203 l331,827 &)5.110 55.(XX) 98.228 83.975 573A89 End0￿d Capital Furm Howard Wadsworth David George Memorial Selvryn Trusl Paul S Clark Leadership ISOE) LeaderstH'P IBoyes> EIfflslE Prize FurKI 209,338 209,338 296.440 40,(M)O 29.780 43,910 122,107 2,321 743,896 29,780 43,