REGISTERED CHARITY NUMBER: 1022142
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2023
for
Old Colstonian Charitable Trust
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Old Colstonian Charitable Trust
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|Contents|of the|Financial|Statements|
|for the|Year|Ended|31|December|2023|
|Page|
|Report|of the Trustees|1|to|2|
|Independent|Examiner's|Report|3|
|Statement|of|Financial|Activities|4|
|Balance|Sheet|5|
|Notes|to|the|Financial|Statements|6|to|11|
|Detailed|Statement|of Financial|Activities|12|
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Old Colstonian Charitable Trust
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
History of the Charity and its Objectives
The Charity was set up by The Old Colstonian Society who gifted it 25% of its sports ground at Mile Straight, Filton, Bristol. Part of the sports ground was subsequently sold and the proceeds invested for the benefit of the Charity. The remaining sports ground and pavilion has been let on a 25 year lease from November 2010. The objectives of the Charity are widely drawn and are for the benefit of such charities or for charitable purposes as the Trustees shall in their absolute discretion from time to time think fit. The Trustees have had due regard to the Charity Commission's guidance on public benefit and have determined that, for the time being, the principal beneficiaries of the Charity will be Collegiate School (itself a registered charity) and members of the public who wish their children to benefit from an education at Collegiate School but are unable to afford the cost of independent education.
Significant activities During the year the Charity provided bursaries amounting to £120,616 which enabled 12 deserving students to attend Collegiate School.
FINANCIAL REVIEW
Investments
Hargreaves Lansdown advises on investment. The Trustees’ investment powers are governed by the Trust Deed, which permits investments of whatever nature the Trustees at their absolute discretion think fit.
In 2009 £500,000 was invested with the object of ensuring that its funds continue to give reasonable returns, with an acceptable level of risk, to enable the Trust to have the financial strength to meet its objectives in the future years. The performance of these investments is monitored regularly throughout the year and the Trustees meet formally at least once a year with their investment adviser. The Trust has granted a loan of £500,000 to Collegiate School on the terms set out in note 10. The Trustees have agreed to use the interest received to provide means tested bursaries referred to above.
Financial position
The financial position of the Charity is shown in the attached financial statements, which comply with current statutory requirements, the Charity's governing documents and Statement of Recommended Practice Accounting and Reporting by Charities.
There was net expenditure of £37,402 for the year compared to £107,308 in the previous year. At 31st December 2023 the Charity had net assets of £926,762 (2022: £964,164).
The Charity has a requirement to retain reserves to fulfil its commitment to provide on going bursarial support to students attending Collegiate School and to meet potential liabilities related to its investment in land and buildings. Free reserves (excluding fixed assets and investments) at 31st December 2023 were £46,971 (2022: £30,783).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by a Trust Deed dated 19 May 1993. Trustees are recruited and appointed in accordance with the Trust Deed. The statutory power of appointing new or additional trustees shall be exercisable by deed except in relation to the President, Treasurer and Secretary of the Old Colstonian Society who shall be trustees by virtue of their Office.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1022142
Principal address
c/o Collegiate School Stapleton Bell Hill Bristol BS9 1BJ
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Old Colstonian Charitable Trust
Report of the Trustees for the Year Ended 31 December 2023
Trustees
Simon Quinn - President (resigned 11 May 2022) Len Collacott - President (appointed 11 May 2022) Douglas Lodge - Secretary Robert Jennings Nigel Bacon (resigned 31 July 2023) John Wright Martin Tayler (appointed 31 July 2023)
Power to appoint new trustees is vested in the Old Colstonian Society and will include at all times the President, Secretary, and Treasurer of the Society.
Investment Powers
As set out in the Trust Deed, the Trustees have absolute discretion in respect of Trust monies requiring investment.
Independent Examiner
James Gare ACA DChA Monahans
Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Bankers
Barclays Bank PLC 37 Milsom Street Bath
Investment advisers
Hargreaves Landsman Asset Management Limited ; , Approved by order of the board of trustees on 2S F POR and signed on its behalf by:
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Independent Examiner's Report to the Trustees of Old Colstonian Charitable Trust
Independent examiner's report to the trustees of Old Colstonian Charitable Trust
| report to the charity trustees on my examination of the accounts of Old Colstonian Charitable Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Gare ACA DChA
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
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Old Colstonian Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 36,900 | 14,225 |
| Investment income | 3 | 47,131 | 41,152 |
| Total | 84,031 | 55,377 | |
| EXPENDITURE ON | |||
| Raising funds | |||
| Investment management costs | 4 | 8,749 | 3,105 |
| 8,749 | 3,105 | ||
| Charitable activities | |||
| Charitable activities | 126,829 | 108,968 | |
| Total | 135,578 | 112,073 | |
| Net gains/(losses) on investments | 14,145 | (50,612) | |
| NET INCOME/(EXPENDITURE) | (37,402) | (107,308) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 964,164 | 1,071,472 | |
| TOTALFUNDSCARRIEDFORWARD | 926,762 | 964,164 |
The notes form part of these financial statements
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OldColstonian Charitable Trust
| Balance Sheet | Balance Sheet | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31 | December 2023 | |||||||||
| 2023 | 2022 | |||||||||
| FIXED ASSETS | Notes | Unrestricted fund £ |
Total funds £ |
|||||||
| Investments | ||||||||||
| Investments Investmentproperty Socialinvestments |
8 9 10 |
359,791 20,000 500,000 |
413,381 20,000 500,000 |
|||||||
| 879,791 | 933,381 | |||||||||
| CURRENTASSETS | ||||||||||
| Debtors Cash atbank |
11 | 14,176 39,229 |
12,293 21,325 |
|||||||
| 53,405 | 33,618 | |||||||||
| CREDITORS | ||||||||||
| Amounts fallingduewithinoneyear | year | 12 | (6,434) | (2,835) | ||||||
| NETCURRENTASSETS | 46,971 | 30,783 | ||||||||
| TOTALASSETSLESSCURRENTLIABILITIES | 926,762 | 964,164 | ||||||||
| NETASSETS | 926,762 | 964,164 | ||||||||
| FUNDS Unrestricted funds |
13 | 926,762 | 964,164 | |||||||
| TOTALFUNDS The financial statements were DS Hepaandweresed |
Lo. apfroved/by the sedoryitsbehalfby: |
Board | of | Trustees | and | 926,762 authorised |
for | 964,164 issue on |
||
| LenCollacoit-Trustee |
The notes form part of these financial statements
Page 5
Old Colstonian Charitable Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial 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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next year, the most significant areas of uncertainty that affect the carry value of assets held by the Trust are the level of investment return and the performance of investment markets.
Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to and it is virtually certain they will receive the income and the monetary value can be measured with sufficient reliability. Income with related expenditure Where incoming resources have related expenditure the income and related expenditure are reported gross in the Statement of Financial Activities.
Tax reclaims on donations and gifts Income and tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
Grants and donations Grants and donations are only included in the Statement of Financial Activities when the charity has unconditional entitlement to the income.
Investment income
This is included in the accounts when receivable.
Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attrinuted to particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable activities / Grants The charity meets its objectives by providing grants to other organisations as set out in the trustees report. These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
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Old Colstonian Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Investment property
Investment valuation
The investment property is valued on the basis of its rental vale. Listed investments are stated at market value as advised by the investment manager.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | 36,900 | 14,225 | |
| 3. | INVESTMENT INCOME | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Rents received | 2,020 | 2,346 | |
| Loan interest | 28,072 | 25,000 | |
| Investment interest | 12,404 | 10,054 | |
| Investment dividends | 4,635 | 3,752 | |
| 47,131 | 41,152 | ||
| 4. | INVESTMENT MANAGEMENT COSTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Portfoliomanagement | 8,749 | 3,105 |
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Old Colstonian Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 14,225 |
| Investment income | 41,152 |
| Total | 55,377 |
| EXPENDITURE ON | |
| Raising funds | |
| Investment management costs | 3,105 |
| 3,105 | |
| Charitable activities | |
| Charitable activities | 108,968 |
| Total | 112,073 |
| Net gains/(losses) on investments | (50,612) |
| NET INCOME/(EXPENDITURE) | (107,308) |
| RECONCILIATION OF FUNDS | |
| Total funds broughtforward | 1,071,472 |
| TOTALFUNDSCARRIEDFORWARD | 964,164 |
T. INDEPENDENT EXAMINER'S FEES
Independent examiner's fees are £1,550 for independent examination (2022: £1,400) and £1,558 for accounts preparation (2022: £1,432).
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Old Colstonian Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
- FIXED ASSET INVESTMENTS
| 8. | FIXED ASSETASSET INVESTMENTS | |
|---|---|---|
| Listed | ||
| investments | ||
| £ | ||
| MARKETVALUE | ||
| At 1 January 2023 | 413,381 | |
| Disposals Revaluations |
(67,735) 14,145 |
|
| At 31 December 2023 | 359,791 | |
| NET BOOKVALUE | ||
| At 31 December 2023 | 359,791 | |
| At 31 December 2022 | 413,381 | |
| There were no investment assets outside the UK. | ||
| 9. | INVESTMENT PROPERTY | |
| £ | ||
| FAIRVALUE | ||
| At 1 January2023 | ||
| and 31 December 2023 | 20,000 | |
| NET BOOKVALUE | ||
| At 31 December 2023 | 20,000 | |
| At31December2022 | 20,000 |
The Old Colstonian Charitable Trust own land and buildings at Mile Straight, Filton, Bristol in partnership with the Old Colstonian Society. The property is let to a community sports club on a 25-year lease expiring in 2035 and is regarded by the Trustees as an investment property. The property is subject to planning consents which restrict its future use and was therefore valued by GVA Grimley in 2010 on the basis of its rental value rather than on an open market basis. The Trustees continue to believe that this valuation basis is appropriate.
- SOCIAL INVESTMENTS
| SOCIAL INVESTMENTS | |
|---|---|
| Mixed | |
| motive | |
| investments | |
| £ | |
| MARKETVALUE | |
| At 1 January2023 and 31 December2023 | 500,000 |
| NET BOOKVALUE | |
| At 31 December 2023 | 500,000 |
| At31December2022 | 500,000 |
In 2023 the Trust advanced a loan to Collegiate School. The loan attracts interest currently at 5.9% per annum increasing annually in line with School fee increases. The loan is valued at its original cost and is secured on a long leasehold property owned by Collegiate School. The final date of repayment is July 2029.
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Old Colstonian Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Loan interest receivable | - | 137 | |||
| Amount due from Old Colstonian | |||||
| Society | 14,176 | 12,156 | |||
| 14,176 | 12,293 | ||||
| 12. | CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR | 2023 | 2022 | ||
| £ | £ | ||||
| Accruals and deferred income | 3,326 | - | |||
| Accrued expenses | 3,108 | 2,835 | |||
| 6,434 | 2,835 | ||||
| 13. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.1.23 | in funds | 31.12.23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 964,164 | (37,402) | 926,762 | ||
| TOTALFUNDS | 964,164 | (37,402) | 926,762 | ||
| Net movement in funds, included in the above | are as follows: | ||||
| Incoming resources |
Resources expended |
Gains and losses |
Movement in funds |
||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 84,031 | (135,578) | 14,145 | (37,402) | |
| TOTALFUNDS | 84,031 | (135,578) | 14,145 | (37,402) | |
| Comparatives formovement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1.1.22 | in funds | 31.12.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 1,071,472 | (107,308) | 964,164 | ||
| TOTALFUNDS | 1,071,472 | (107,308) | 964,164 |
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Old Colstonian Charitable Trust
- MOVEMENT IN FUNDS- continued
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 55,377 | (112,073) | (50,612) | (107,308) |
| TOTALFUNDS | 55,377 | (112,073) | (50,612) | (107,308) |
- RELATED PARTY DISCLOSURES
The Trustees of the Old Colstonian Charitable Trust are also committee members of the Old Colstonian Society from whom it received a donation of £20,000 during the year (2022: £14,000).
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Old Colstonian Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
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|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Total|
|funds|funds|
|£|£|
|INCOME AND|ENDOWMENTS|
|Donations|and|legacies|
|Donations|36,900|14,225|
|Investment|income|
|Rents|received|2,020|2,346|
|Loan|interest|28,072|25,000|
|Investment|interest|12,404|10,054|
|Investment|dividends|4,635|3,752|
|47,131|41,152|
|Total|incoming|resources|84,031|55,377|
|EXPENDITURE|
|Investment|management|costs|
|Portfolio|management|8,749|3,105|
|Charitable|activities|
|Bursaries|123,688|105,924|
|Support|costs|
|Management|
|Independent|examiner's|fees|3,034|2,940|
|Finance|
|Bank|charges|107|104|
|Total|resources|expended|135,578|112,073|
|Net|income|before|gains|and|losses|(51,547)|(56,696)|
|Realised|recognised|gains|and|losses|
|Realised|gains/(losses)|on|fixed|asset|
|investments|14,145|(60,612)|
|Net income|(37,402)|(107,308)|
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This page does not form part of the statutory financial statements
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