REGISTERED CHARITY NUM8ER.' 1022142 Re ort of the Trustees Unaudlted Financial Statements for the Year EndÈd 31 Dectmb&r 2020 for Old Co15tonian Charitable Trust MHA Mon8hans Chartered Accountants Fortescue Hous8 Court Street Trowbridge Willshire BA14 8FA
Old Colstonian Charltable Tru content$ of the Financial Statements or he Year Ended 31 December 2020 Page R8POrt of the Trustees Independent Examiner's Report Staternent of Financial Activities Balance Sheèt Notes to the Flnanclal Statements 6 to 11 D8tsi18d S¢atement of Flnan¢lal A¢tlvltle$ 12
Old Co15tonian Charitable Trust Re ort of the Trust¢os for the Year Ended 31 De¢ember 2020 The truslees present thelr report with th8 financial slalemenls ol the charity for the year ended 31 Dernber 2020. The Iruslees have adopied the provision5 of Accounting and Reporting by Charib"es". Slalemenl of Recornmended Practic8 applicable lo ¢harilies pparing their accounts in accordan with the Fin8n¢ial Reportiry Standard applicable in tho UK an(J R&public of Ireland IFRS 1021 leffectiv8 1 January 20191. OBJECTIVES AND ACTIVITIES History of the Charlty and its Oblectlves The Charity was sel up by The Old Colstonian SDciely who gifted it 25% of ils 8POrt8 ground at Mile Slraioht, Fillon. Bristol. Part of the 5POrts ground was subseouenlly sold and the proc86d8 inv8St8d for th8 ben&fil of th8 Charity. The r8rnaining sports ground and pavilion has been let on a 25 year lease frotn November 2010. The objectives of the Chaiity ai8 widely drawn and are for the benefit of such charities or for charitable purpos8s as the Trustees Shall in their ab501ute discretion from lime to lime think fil. The Trustees have had due regard lo the Charity Commission's guidan public benefit and have del&rmined that. for the time being, the piinapal beneficiaries of the Charity will be Colslon's School li15elf a regisler8d charilyl and members of the public who wish their children to benefit from an education al Colslon's School bul are unable lo afford th8 cost of independent education. Significant activities During the year the Charity prowded bursarie5 atnounling to £115,368, which enabled 16 deserving students lo attend Colston's Schooj. FINANCIAL REVIEW Investments Hargreaves Lansdown advises on inve51mant. The Trustees, investment powe15 a govemed by th8 Trust Deed, which pemiits Investments of whatever nature th8 Trustees at their absolute discretion think fit. In 2009 £500.000 was invested with the obj8cl of 8n8uring that its fund$ continue to give 3$Onable tuM$, with an acceptab18 lev81 of risk, lo enable the Trust to have the financial slr8ngth lo meet its obje¢lives in the future years. p8rform8nce of Ih8s8 inv8Stmenls is monitored regularly throughout the y8ar and the Trustees meet fomially al least once a y88r 1th their investment adviser. The Trust has granted a loan of £500.000 lo Colslon's School on the terms sel out in not8 10. Th8 Trustees have •ged to use the inleie51 rec81V8d to provide means tested bursarie5 referred to atK>Ve. Flnancial posltlon The fiTran¢ial position of the Charity 15 shown in the attached finan¢i81 $tslpmenls, which cotnply with current 51alulory requ1MentS. the Charity's governing documents and Slalement of Recommended Practice Accounting and Reporbng by Charitie8. Th8r8 wa5 nel expenditur8 of [112.791 foi the year compared to n&t income of £1,211 in the previous year. At 31st D8cemb8r 2020 the Charity had net assets of £1.097,03812019 £1,209,829). The Charity has a requirement to relain reseNes lo fulfil 115 cornmiltnent lo provid8 on going burs8ri81 support lo studen15 allending Co151on's School and lo meet polenlial liabilitie5 lated lo its investment in 18nd and buildings. Free reserves lexduding fixed èsset5 and inve51menl$l al 31st perner 2020 were £36,70412019.. £64,302). The Covid-19 global p8ndemi¢ has negatively irnp8Ct8d global economies and the mafket value ol the charitys inveslm8n18 have declined. The Irustge5 will continue lo monitor the position cal11Y bul are of the opinion that they hav8 the funds to de81 with any financial impac15 frotn the pand6mic. STRUCTURE, GOVERNANCE AND MANAGEMENT The charily is goveined by a Trusl Deed dated 19 May 1993. Tru5t885 are recruited and appointed in accordance with the Tru51 Deed. The statutory power of appointing new or additional trustees shall be exercisable by deed expt in relation to the President, Tre8sur8r and Se¢relary of the Old Colstonian Society who shall b& Irusl8es by virtue of their office. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1022142 Page 1
Old Colstonian Charltabl Trust Ro ort of the Trustees f r the Year Ended 31 December 2020 Prln¢lpal address clo Colston's S¢h¢)ol Slaplelon 8S9 18J Tru5te8s Simon Quinn- President Mark Plenty Douglas Lodge- Secretsry Robert Jennings Nigel Bacon John Wright Power to app(nI new trustees is vested in the Old Colslonian Society and will include al all timas the President. Se¢tary, and Treasurer of the Society. Inv8Stment Power5 As set out in the Tru51 Dead, the Trustees have absolute di8erelion in spect of Trust monies requirfng investment. Inilependent Examlner Jatnes Gare ACA DChA MHA Monahans Charted Accounlanls Fortes¢ue House Court Stroet Trowbridge Willshir8 BA14 8FA Bankers B8rclays Bank PLC 37 Milsorn Street Bath Investment advisers Hargreaves Landsman Asset Management Limited Approved by ord8r of th8 board ol trustees on.... and signed on its behaff by.. Jo right- Trustee Page 2
Inile endent Exambnerfs Re ortt Old Colstonian Charltable Tru.sl Independont examln$rfs report to the trustees of Old Colstonian Charitsble Trust I report to the charity Iruslees on my examination of the 8ccounls ol Old Colslonian Charitable Trust Ithe Trust) for th8 year end8d 31 December 2020. Responsibilities 8nd bas1$ of report As the ¢hHrity trustees of the Trust you are responsibl8 for the preparation of the accounts in accordance wth the requirements of the Charitie5 Act 20111'lh8 Acl'l. I report in respect of my examination of th8 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Cornmission under section 14515llbl of the Act. Independent •xamlnerfs 5tatoment I have compl8t8d my 8xamination. I confim that no Tnat@rial m8tters have come lo my attenOn in connection wth the ex3tnination giving Tne cause to b81ieve thal In any material respecl.. accounting cOrdS wero not k8Pt in respect of the Trust as required by section 130 of the Act.. or the accounts do not accord with Iho8e cOrds". or the accounts do not cotnply with the appli¢able requireTnents concerning the fonr and conlenl of a¢¢ounts Sel out in the Charities (Accounts and R8POrtsl Regulations 2008 other than any r&quir8menl that the accounts give a true and fair view which is not a m811gr consided as part of an independ8nl exafflinalion. I have no concerns and have come across no other matters in ¢onne¢lion with thè exarninalion to which 8tt8ntion should b8 drawn in this r8POrt in order to enab a proper under818nding of the a¢counls to be aChed. James Gare ACA DChA MHA Monahans Charted A¢¢ountsnls Fortescve House Court Street Trowbridg8 Willshir8 BA14 8FA Dale.. 26 June 2021 Page 3
QlO_¢.ol ton. n Charitsbl• Trust Statement of Fln nc181 Actlvltle for the Y8ar Ended 31 December 2020 2020 2019 Total fund8 Unr8slricted fund Notes INCOMEAND ENDOWMENTS FROM Donations and18gaue8 7,400 12,000 nvestrnent in(x>m8 43.559 58,898 Total 50,959 70,898 EXPENDITURE ON Raising fund5 Inveslm8nl management costs 2.746 4,393 2.746 4.393 Charitable activities Charitab18 2divitie8 118.557 107,096 Total 121.203 111,489 Net g8inslllosse51 on investments 142.4471 41.802 NET INCOMEIIEXPENDITUREI 1,211 RECONCILIATION OF FUNDS Total funds brought lorward 1,209,829 1,208,618 TOTAL FUNDS CARRIED FORWARD 1,097,038 1,209,829 The notes fomi part of these financial statements Pag8 4
Old Colstonlan Ch rl bl T Balance Sheet 31 D8cemb8r 2020 2020 Unrestricted fund 2019 Total funds Notes FIXED ASSETS Investments Inve8lmenls Investment prorty S¢xial investments 540,334 20,000 500,000 625.527 20,000 500,000 10 1,060,334 1,145,527 CURRENT ASSETS Debtors Inveslrnenls Cash at bank 8.215 1.014 29.755 16,672 1,808 47,975 12 38,984 66.455 CREDITORS Amounts falling due wrthin one year 13 12,2801 12,1531 NET CURRENT ASSETS 36,704 64.302 TOTAL ASSETS LESS CURRENT LIABILITIES 1,097.038 1.209.829 NET ASSETS 1,097,038 1,209,829 FUNDS UtFr85tricted funds 14 1.097.038 1,209,829 TOTAL FUNDS 1,097,038 1,209,B29 The nan statements were 8pprov8d by the Board ol Trustees and aulhori59d for issue and were 5Tred on its b&h8lf by. on Simon Quinn- Trustee n Wright- Trustee The notes form part of these financial st81ements Page 5
Old Colstonian Charltable Tru Note to the Flnancial Statements foi the Year Ended 31 December 2020 ACCOUNTING POLICIES Basis of prep8rlng tho financial $tatem8nts The financial slaternent5 of the charity, which is a public benefit entity under FRS 102. have been prepad in accordance with the Charities SORP IFRS 1021 'A¢tounling and Reporting by Charilies.. Stslement of Recommended Practice appIlble lo charili&g pr8paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effèctive 1 January 20191., Financial R8POrting Standard 102 The FinatTrcial R8porting Standard applicabl8 in the UK and Republit of Ir81and' and the Charities Act 2011. The financial 5ts1emenls have been prepared under the historical cost convention, with the exceptlon ol inveslments which arp includ8d at mark81 value, as modified by lh8 r8valuation of certain 555els. The fiTiancial 51aternents hav8 been prepaTrd lo give a 'lrue and fairt view and have departed trom the Charits'8S IAGcounls and Report51 R8gulalions 200B only lo the exlenl requsred lo provide a 'true and fair view.. This departure has involved following th8 Accounling and Fieporbng by Charities". Statement of Recomrnended Practi applicable to charitie5 preparing their 8ccount8 in atcordance with the Financial Reporting Standard applitable in the UK and Republic of Ireland issued in Oclober 2019 rather than the Accounting and Reporting by Charities.. Slatemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The trust conslilules a publ1¢ benefit entity as defined by FRS 102. The financial slat8ments are presented in steding which is the functional cutroncy of the charity and rounded lo the nearest £. The Iruslees consider that ther& 8re no mal8rial uncertainties about the Trust's ability lo continue as a going concem. With respect lo the next year, th8 most significant areas ol untortainty that affe¢l the carry value of assets held by the Tru51 ale the level of investment r8turn and the performance of investment markgts. Incom8 All income is rgcognised in the Statement of Financial Activiti&5 once the charity has ent&m8n1 to ancs il 1$ virtually certain they will re1ve the Income and the monetsry valu8 can b8 m8asured with 5uffiaent rdkqbility. Income wlth relat expenditure Where incotning resources h8v& related 8xpendItu the income and related expendllure are reported gross in the Staternent of Financial Activitie5. Tax reclaims on donatlon$ and glfts Income and tax reclairn5 are included in the Statem8nl of Financp81 AclNities al th8 same lime as the gift lo which Ih8y r8181É. Grant$ and donations Grant5 and donation$ are only Included In the Stslement of Financial Activities when the charity ha$ unconditional 8ntiU8m8nt to the income. Investment In¢ome Thls Is included in the accounts wh8n r8r*ivable. Investment galns and los$e$ This includes any gain or 105s on ihe sa18 of inv&strnents and any gain or los$ resulting from revaluing investments lo market value at the end of the y8ar. Expenditure Liabilities ar8 recognisecf as expenditure 35 soon as there 15 a Ial or constructive obligation committing the ch8rily lo that 8xpenditu. il is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation Can be measured reliably. Expenditure is accounted for on an accruals b88is and has been classified under headings that aggregate all c051 related to th8 c8t69ory. Whore costs cannot be directly attribu18d to P8rbcular hgadings they have been allocated to actNi118s on a basis con51Stènt with the use of resouices. charltable actlvltles l Grant5 The charity mee15 its obj8ctiV8s by providing grants to other organi5alion5 as Sel out in the Iru51ee5 report. These are Dnly recognis8d in th8 accounts when a commitment has been made and there are no Gondilion5 to be mel rebling lo the grant which r8main in the control ol the charity. Grants offered subject to condits'on5 which have not been met at the year end date are noted as a commitment tiut Th)1 accrued as expendituie. Page 6 continued...
Old Cols nlan Charitable Trust N tes to the Finan tstemenis . continued or the Yezr Ended 31 December 2020 ACCOUNTING POLICIES- continued Investm8nt property Investment valuatlon The investment property is valued on the b8S15 of ils rental vale. Listed investments are slated al market valu8 a5 advised by the InveslFnenl m8nager. Taxation The charity is 8x8mpl from tax on its charitable activitie5. Fund accountlng UnrestrKled funds can be used in accordanc8 with the charitable objectives at the dislI0n of the trustees. R88th¢led funds can only be used for particular reslricled purpose5 Within the objects ol the charity. Restrictions aris8 when specified by the donor or when funds are raised for particular restrted purposes. Furth8r explanation of the nature and purp058 of e8ch fund is induded in the note5 to the financial statements. Flnan¢lal Instruments The tfU51 only has financial assets and financial liabiliti88 of 2 kind that gualify as b8sic financial inslrutnents. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash at bank and in hand Cash al bank and cash in hand includes cash and short tenn highly liquid investments with a Short maturity ol three months or les5 from the date of acqui511ion or opening of the dep0511 or sirnilar account. Debtors and credltors recelvable I p8yable wlthin one year Debtors and ¢dI10 with no statecl interest rale and CeIVable or payabl8 within one year are recorded al transaction price. Any losse5 arising from Impairtnenl ar8 recognised In expenditure. DONATIONS AND LEGACIES 2020 2019 Donations 12,000 INVESTMENT INCOME 2020 2019 Rents r8ceiv8d Loan inter851 Invesltnent interest Investment dividends 1,612 25.000 12,338 4.809 2,290 31,713 18,124 6.771 43,559 58,898 INVESTMENT MANAGEMENT COSTS 2020 2019 Portfolio management 2.748 4,393 Page 7 continued...
Old Colstonlan Charitable Trust Notes to thÈ Flnanclal Statements. ¢ontlnued for the Year Ended 31 December 2020 TRUSTEES. REMUNERATION AND BENEFITS Ther8 W8r8 no trusl88s' r8muner8tion or other benefits for th8 year ended 31 D8cernber 2020 nor for the year ended 31 December 2019. Trustees, expen$e$ There were no trustees, expenses paid for the year ended 31 Dernber 2020 nor for the year ended 31 Detsmber 2019. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestric18d fund INCOME AND ENDOWMENTS FROM Donation5 and legac18S 12,000 Inv85tsnent incorne 58,898 Totsl 70,898 EXPENDITURE ON Raising funds Inveslm8nl rnanagement Costs 4.393 4.393 Charltable activitieg Chaiilable actsvilies 107,096 Total 111.489 N$1 g8ins on investrnents 41.802 NET INCOME RECONCILIAMON OF FUNDS Totzl funds brought forward 1.208.618 TOTAL FUNDS CARRIED FORWARD 1.209.829 INDEPENDENT EXAMINER'S FEES Independ8nl exsminerfs fees are £1,200 for indep8ndent examination 12019.. £1,020) and £1,080 for accounts preparation12D19.. £1,080). P8g8 8 continued...
Old Co15tonlan Ch ble Trust s to the Frnancial Statem nts. contlnued for the Year Ended 3q December 2 20 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 January 2020 Additions Disposals Revalu81ions 625,527 15,663 158,4091 142,4471 At 310ec8rnber 2020 540.334 NET BOOKVALUE At 31 De[llber 2020 540.334 At 31 Dember 2019 625.527 The were no investment a5S81$ OUtse the UK. INVESTMENT PROPERTY FAIR VALUE At 1 J8nu8ry 2020 and 31 December 2020 20.000 NET BOOKVALUE Al 31 December 2020 20.000 Al 31 Dernber 2019 20.000 The Old Coistoni8n Charitable Trust own 18nd and buildings al Mile Straighl, Fillon, Bristol in partnership with the Old ColstDni8n Soaety. The property is let lo a ¢ommunity sports dub on a 25-y8ar le88e expiring in 2035 and 15 regarded by th8 Trustee$ as an investment property, The property is subject to planning consents which reslrKI ils futuro use and was therefore valued by GVA Grimley in 2010 on the basis of ils rental value rather than on an open rn8rkel basis. The Trustees continue lo believe Ihal this valuation ba51S is appropriate. 10. SOCIAL INVESTMENTS Mixed motive investtn8nls MARKET VALUE Al 1 January 2020 and 31 December 2020 500.000 NET BOOK VALUE Al 31 De[llber 2020 500.000 At 31 Dernber 2019 500.000 In 2009 the Trust advanced a loan to Co4slon'5 School. Th8 loan atlr3c18 interest rntlY al 5.OOWi per annurn increasing annually in line with School fee Increases. The loan 18 valued at its original CDSt and is secur8d on rtain long leasehold propert8 owned by Co151on's School.The final payment date was 24 July 2019 bul this has been gxlended. Page 9 continu8d.-.
harltsble Trust Old Col8tonlanL.. Notes to the Financial Statements. continued for the Year Ended 3f Oecember 2020 11. DEBTORS.. AMOUNTS FALLING DLIE WITHIN ONE YEAR 2020 2019 Loan interest Ceivable Amount due frotn Old Colslonian sooety 10,069 8.215 6,603 8,215 16,672 12. CURRENT ASSET INVESTMENTS 2020 2019 Inve5tsnenl income sccount 1.014 1,808 13. CREDITORS= AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accrued 8XP8n88$ 2,280 2,153 14. MOVEMENT IN FUNDS Net movement in funds At 31.12.20 At1.1.20 Unrestrictsd funds General fund 1,209,82g 1112,7911 1,097.038 TOTAL FUNDS 1.209,829 1112,7911 1,097.038 Nèl movement in funds. iTrclud8d in th8 above ar8 as follows.. Incoming resources Resou3 expended Gains and Ioss88 Movement in funds Unr8stTlCte¢J fund5 Gener81 fund 50,959 1121,3031 142,4471 1112,7911 TOTAL FUNDS 50,959 1121,3031 142,4471 1112,7911 Comparatlves for movement In funds Net movement in funds A11.1.19 31.12.19 Unr85trsCted fund5 General fund 1,208,618 1.211 1,209,829 TOTAL FUNDS 1,208,618 1,211 1,209,829 Page 10 continued...
olstonlan charitttb Trust Notes to the Flnan for the Year Ended tstemen $-¢on Inued 1 De¢ember 2020 14. MOVEMENT IN FUNDS. continued Comparative nel tnovetnenl in funds, included in the above a as follows.. Incoming resourc8S Resources 8XP8nd8d Gains and Ioss8S Movement in funds Unrestrlcted fvnds General fund 70,898 1111,4891 41.802 TOTAL FUNDS 70,898 1111,4891 41.802 A current year 12 months and prior yèar 12 Tnonths combin8d position is as follows.. Net V8rn8nt in fund5 At 31.12.20 At1.1.19 Unrestrfcted hJnd8 General fund 1.208.618 1111,5801 1,097,038 TOTAL FUNDS 1,208.618 1111,5801 1,097,038 A current year 12 months 2nd prior year 12 month5 cornbined net movernent in funds, incJud8d in the above are a5 follow5.. Incoming resources Resources expencled Gains and 5ses Movement in funds Unr8strict8d funds Gener81 fund 121,857 1232.7921 16451 1111.5801 TOTAL FUNDS 121.85T 1232.7921 16451 1111.5801 15. RELATED PARTY DISCLOSURES The Trustees ol the Old Colstonian Charitable Trust are also Committee members ol the Old Colstonian Society from whom il received a donation of £7,400 during the year12019.' £12.0001. Page11
Old Co15tonian Charltable T Detalled Statement tsf Financial Activit185 for the Year Ended 31 Decornber 2020 2020 2019 Total funds Unreslricled funds INCOMEAND ENDOWMENTS DonatioTrs and legacies Donations 7.400 12,000 Investment Income Rents received Loan interest Investment inleresl Investment dividends 1,812 25.000 12,338 4,609 2.290 31,713 18,124 6,771 43.559 58,898 Total incoming resources 50,959 70,B98 EXPENDITURE Inve$¢ment management cos¢$ Portfolio n)anagemenl 2,746 4,393 Charitable activitlB$ Bursaries Grants and don81ions 115,368 850 103,214 1.7QK) 116,218 104.914 Support costs Management Independent exarnine¢s fees 2,280 2,101 Finance Bank charyes 59 81 Total resources exp8nded 121,303 111.489 Nèt ir¥come 170,3441 140,5911 This page doe5 not form part of the statutory finan¢ial slalements Page 12