**Reg**
## **Cheltonian Endowment Trust**
## **Annual Report**
**for the year ended 5 April 2021**
## **Cheltonian Endowment Tru**
## **Trustees**
**Mrs H E Allen Mr A P A Arengo-Jones (resigned o Mr P F D Badham (resigned on 6th. Mr R A R Davidson Mr P J Mourton Mr T P C Orr Ms S R Pickard (appointed on 1st. Mr T W J Robinson Mr E L Rowland (resigned on 6th. M Mr C B Stevens (resigned on 6th. M Mr D Stewart Mrs A C Thompson**
**Mr A D Holt appointed after the yea**
## **Registered office**
**Cheltenham College Bath Road CHELTENHAM Gloucs., GL53 7LD**
**Investment JM Finn & Co. Managers**
## **Bankers**
**National Westminster Bank PLC.**
## **Independent Accountant**
**Laurence Myears, FCA.**
## **Cheltonian Endowment Trust**
**Annual report for the year ended 5 April 2021**
**Report of the trustees**
**Independent examiner's report**
**Statement of financial activities**
**Balance sheet**
**Notes to the financial statements**
## **Cheltonian Endowment Trust**
## **Report of the trustees for the year ended 5 April 2021**
The trustees present their report and the financial statements for the year ended 5th. Ap
## **Constitution and objectives**
Cheltonian Endowment Trust (formerly Cheltonian Trust Endowment Fund) was formed the purposes of acquiring donations, subscriptions or legacies and applying the income f On 6th April 2005 the Trust merged with both the Cheltonian Society Fund and the Sir Jo more effective charitable fund.
The principal activity of the Trust is to offer, by way of bursaries, financial assistance tow pupils at Cheltenham College and in circumstances where financial hardship might othe leave school and to prospective pupils enabling them to enter Cheltenham College in the
## **Achievements**
The Trust was able to provide financial assistance to Cheltenham College and selected pupils in year:
(a) Continuing bursary grants totalling £29,000 in respect of 5 pupils to enable their continued ed (b) Travel and educational grants to pupils totalling £300, lower due to the COVID-19 pandemic
(c) Awarding of book prizes not made due to the COVID-19 pandemic
## **Trustees' responsibilities**
Charity law requires the trustees to prepare financial statements for each financial year w the state of affairs of the Trust as at the end of the year and of its surplus or deficit for the the financial statements the trustees are required to select suitable accounting policies a make judgements and estimates that are reasonable and prudent, state whether applica been followed and prepare the financial statements on a going concern basis unless it is the Trust will continue to operate.
The trustees are responsible for keeping proper accounting records which disclose with the financial position of the Trust and to enable them to ensure that the financial stateme Act 2011. They are also responsible for safeguarding the assets of the Trust and hence f prevention and detection of fraud and other irregularities.
## **Statement of Recommended Practice**
The financial statements have been prepared in accordance with the Statement of Reco Reporting by Charities preparing their accounts in accordance with the Financial Reporti and Republic of Ireland (Charities SORP (FRS 102)) (second edition effective 1 January Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the C
## **Cheltonian Endowment Trust**
## **Trustees**
The trustees who served during the year are shown below:
Mrs H E Allen Mr A P A Arengo-Jones (resigned on 6th. May 2021) Mr P F D Badham (resigned on 6th. May 2021) Mr R A R Davidson Mr P J Mourton Mr T P C Orr Ms S R Pickard (appointed on 1st. December 2020) Mr T W J Robinson Mr E L Rowland (resigned on 6th. May 2021) Mr C B Stevens (resigned on 6th. May 2021) Mr D Stewart Mr M G P Swiney (resigned on 20th. November 2020) Mrs A C Thompson
Mr A D Holt was appointed after the year end on 6th. May 2021.
## **Investment powers**
The trustees have delegated day to day discretionary investment powers to JM Finn & C determine investment policy and ultimate investment control.
## **Reserves Policy**
The trustees' policy is to build up reserves primarily through capital growth rather than ac principally required to meet the trustees' stated policy on giving grants for charitable purp
## **Risk Policy**
The trustees have taken appropriate steps to guard against exposure to normal risks wit
The trustees are aware of a potential risk that would arise with an insolvency of entities t assets of the Trust as nominees where the Trust is the beneficial owner. The risk, which risks arising from an investment decision or strategy made or adopted by the trustees or and arises from existing insolvency laws in the UK. It is possible that a loss might be in e under the Financial Services Compensation Scheme (FSCS). In so far as it is possible to ensure that they operate only through fund managers that are authorised by the Financia
## **Financial activities**
Total income from investment services and legacies was £75,132 (2020: £73,025). After resource (2020 : £47,307) net inflow of resources for the year amounted to £24,648 (2020 : £25,718). Tota from disposals and movement in investment values were £383,003 (2020 : losses £166,684). Th for the year was £407,651 (2020 : decrease £140,966).
## **Taxation status**
The Trust is a registered charity and is not liable to corporation tax.
## **For and on behalf of the trustees**
18th. November 2021
2
## **Independent examiner's report to the trustees of Cheltonian Endowment Trust**
I report on the financial statements of the Trust for the year ended 5 April 2021, which ar
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the financial statements. The an audit is not required for this year (under section 144 of the Charities Act 2011 ( the 20 independent examination is needed.
It is my responsibility to:
- ï examine the financial statements (under section 145 of the 2011 Act);
- ï to follow the procedures laid down in the General Directions given by the Charity Com 145(5)(b) of the 2011 Act) and
- ï to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the General Directions given by the An examination includes a review of the accounting records kept by the charity and a co statements presented with those records. It also includes consideration of any unusual it financial statements and seeking explanations from you as trustees concerning any such undertaken do not provide all the evidence that would be required in an audit and conse audit opinion on the view given by the financial statements.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the trustees requirements to ensure that proper accounting records are kept (in accordance with and financial statements are prepared which agree with the accounting records and accounting requirements of the Act, or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper unders statements to be reached.
## **Laurence Myears Chartered Accountant**
6 Beechcroft Road Gloucester
18th. November 2021
## **Cheltonian Endowment Trust**
## **Statement of financial activities for the year ended 5 April 2021**
|**Note**
**Income and endowments**
Donations and legacies:
Legacies
Donations under Gift Aid
Other donations
Subscriptions
Investment income:
Bank deposit account interest
Dividends - UK equities
Interest - Unit Trusts and fixed interest
Property rental income
**Total income**
**Expenditure**
Costs of raising funds:
Brokers' management fee
Property rental expenses
Expenditure on charitable activities :
Bursaries and grants payable:
Bursaries - payable
3
Grants and awards
3
Governance costs:
4
Independent examiner's fee
Fees and charges
Expenses of Trustees, Treasurer
and others
2
**Total expenditure**
**Net income before gains and**
**losses on investments**|**Unrestricted**
**funds**
**£**
-
309
2,567
418
3,294
-
35,323
8,144
28,371
71,838
75,132
15,173
1,988
17,161
29,000
1,398
2,850
-
75
33,323
50,484
24,648|**Endowment**
**funds**
**£**
-
-
-
-|
|---|---|---|
|||-
-
-
-
-|
|||-|
|||-|
|||-
-|
|||-
-
-
-
-
-|
|||-|
|||-|
|||-|
Net gains/(losses) on investments:
|Gains/(losses) on sale of investments
6
Unrealised gains/(losses) on investments
6
Unrealised (loss) on investment property
7
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**
11|15,082
191,536
-
206,618
231,266
1,091,833
1,323,099
------------------|5,121
189,096
17,832)
(|
|---|---|---|
|||176,385|
|||176,385
1,135,401|
|||1,311,786
---------------------|
4
## **Cheltonian Endowment Trust**
## **Balance sheet as at 5 April 2021**
|**Note**
**Fixed assets:**
Investments in listed securities
6
Investment freehold property
7
**Total investments**
**Current assets:**
Debtors
8
Cash at bank
9
**Liabilities:**
Creditors falling due within one year
10
**Net current assets**
**Total net assets**
**The funds of the Trust:**
Endowment funds
Unrestricted funds
**Total Trust's funds**
11|**Unrestricted**
**funds**
**£**
918,684
360,000
1,278,684
563
65,932
66,495
22,080)
(
44,415
1,323,099
------------------
-
1,323,099
1,323,099
------------------|**Endowment**
**funds**
**£**
851,464
450,000|
|---|---|---|
|||1,301,464
-
10,322|
|||10,322
-|
|||10,322|
|||1,311,786
|
|||---------------------
1,311,786
-|
|||1,311,786
---------------------|
The financial statements on pages 4 to 11 were approved by the trustees on 18th. November 202
Trustee Trustee
## **Cheltonian Endowment Trust**
## **Notes to the financial statements for the year ended 5 April 2021**
## **1 Statement of accounting policies**
## **Basis of preparation and going concern**
The financial statements have been prepared under the historical cost convention with items reco unless otherwise stated in the relevant notes to these financial statements. The financial stateme with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP ( 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Re Charities Act 2011. The Trust has taken the opportunity to take the exemption from producing a c
The Trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust's ability to continue
## **Income recognition**
All income is recognised once the Trust has entitlement to the resources, it is probable that the in and that the monetary value of incoming resources can be measured reliably.
Donations are recognised when the Trust has been notified of both the amount and the settlemen donation is subject to conditions that require a level of performance before the Trust is entitled to deferred and not recognised until those conditions are fully met, or the fulfilment of those conditio of the Trust and it is probable that those conditions will be fulfilled in the reporting period.
Legacies are recognised on a case by case basis following the granting of probate when the adm has communicated in writing both the amount and settlement date. Since the merger of the chari determined that all legacies will be treated as income within the Endowment Fund.
Interest on funds held on deposit is included when receivable and the amount can be measured normally upon notification of the interest paid or payable by the bank. Dividends and interest from the right to receive payment is established upon notification by our investment managers and the reliably.
## **Expenditure recognition**
Expenditure is included on an accruals basis as soon as there is a legal or contractual obligation it is probable that settlement will be required and the amount of the obligation can be measured r
Costs of generating funds comprise those costs directly attributable to managing the investment property rental income.
Grants payable are included as expenditure in the year for which the award is given.
Governance costs comprise all costs involving the public accountability of the Trust and its comp
## **Fixed asset investments**
Investments in listed securities are a form of basic financial instrument and are initially recognise
subsequently measured at their fair value as at the balance sheet date using the closing quoted financial activities includes the net gains and losses arising on revaluation and disposals through acquire put options, derivatives or other complex financial instruments. The main forms of financi volatility in equity markets and investment markets due to wider economic conditions, the attitude changes in sentiment concerning equities and within particular sectors or sub-sectors.
Investment freehold properties are initially recognised at the transaction value and are subseque sheet date at open market value. The statement of financial activities includes the gain or loss ar not provided.
6
## **Cheltonian Endowment Trust**
## **1 Statement of accounting policies - continued**
## **Realised and unrealised gains and losses**
All gains and losses on fixed asset investments are taken to the statement of financial activities a losses are calculated as the difference between sale proceeds and their opening carrying value o the reporting period. Unrealised gains and losses are calculated as the difference between the fa carrying value or their purchase value if acquired during the reporting period.
## **Fund accounting**
Details of the nature and purpose of each fund is set out in note 11.
## **Taxation**
No provision is made for taxation on the basis that the Trust is a registered charity and is therefo tax, corporation tax and capital gains tax.
## **2 Related party transactions and trustees' expenses remuneration**
The trustees received no remuneration or other benefit in cash or property (2020 £Nil). Expense during the year to 1 trustee (2020 £1,463 to 6 trustees). The expenses were for travel, postage a
## **3 Bursaries and grants payable**
The amount charged in the year out of unrestricted funds comprises:
Bursaries committed during the year : Bursaries to 5 individuals (2020: 3 individuals) (see note 10)
The Cheltonian Endowment Trust made the following grants during the year out of unrestricted fu
Students: Travel grants (Number - 2021 1 ; 2020 13) Prizes Cheltenham College: Bench in memory of Peter Jackson (see note 10)
## **4 Allocation of governance costs**
All governance costs are allocated to the charitable activities.
## **5 Taxation status**
Cheltonian Endowment Trust has been approved by HM Revenue & Customs as exempt from U
7
## **Cheltonian Endowment Trust**
## **6 Investments in listed securities**
|Market value at 6 April 2020
Additions at cost
Disposals at sale proceeds
Interest included in additions and disposals
Gains/(losses) in the year on disposals
Unrealised gains/(losses) on revaluation in the year
Net gains/(losses)|**£**
**20,203**
**380,632**|
|---|---|
## **Market value at 5 April 2021**
Historic cost at 5 April 2021
All investments are carried at their fair value. Investment in equities and fixed interest securities a Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment The basis of fair value for quoted investments is equivalent to the market value, using the bid pric are recognised at the date of trade at their transaction value.
As at the year end, investments in listed securities represent 67.2% (2020 56.2%) of the Trust's f
The Trust manages investment risks by retaining expert advisors and operating an investment po of diversification of holdings with investment classes that are quoted on recognised stock exchan of derivatives and similar complex financial instruments as it takes the view that investments are total return.
## **7 Investment freehold properties**
|Opening balance at 6 April 2020
Addition at cost
Unrealised (loss) on revaluation in the year
Closing balance at 5 April 2021
Historic cost at 5 April 2021|**Unrestricted**
**funds**
**£**
**360,000**
**-**
**-**
**360,000**
**247,232**|**Endowment**
**funds**
**£**
**467,832**
**-**
**17,832)**
**(**|
|---|---|---|
|||**450,000**|
|||**467,832**|
The Trust acquired the freehold of a residential property in Cheltenham in June 2011 as part of u on a 5 year full repairing lease, which commenced 1st. September 2011, and renewed on 1st. Se who use it to accommodate College academic staff. The rent, which is set at full market price, inc the commencement of the lease.
The Trust acquired the freehold of a second residential property in Cheltenham in September 20
Structural work and redecoration was subsequently undertaken before being let. The property is which commenced 1st. March 2020 to Cheltenham College who use it to accommodate College conditions as the first property.
The properties were revalued on 1st. March 2021 by an independent professionally qualified valu value would not have changed at 5th. April 2021.
As at the year end, the freehold properties represent 30.7% ( 2020 : 37.2%) of the Trust's funds.
8
## **Cheltonian Endowment Trust**
## **8 Debtors**
## **Amounts falling due within one year**
Other debtors
All debtors related to unrestricted funds.
## **9 Cash at bank**
Cash at bank balances arise as follows: unrestricted funds £65,932 (2020 : £112,071) and endow
## **10 Creditors**
## **Amounts due within one year :**
Accruals Bursaries payable Grant payable
All creditors related to unrestricted funds.
Movement in recognised bursaries commitments during the year: SORP liability at 5 April 2020
New bursaries commitments charged to the SOFA in year (see note 3) Bursaries paid during the year
SORP liability at 5 April 2021
Movement in recognised grants commitments during the year: SORP liability at 5 April 2020
New grants commitments charged to the SOFA in year (see note 3) Grants paid during the year
SORP liability at 5 April 2021
## **11 Funds**
|**11 Funds**|||
|---|---|---|
|||**Unrestricted**|
|||**funds**|
|||**£**|
|Balance brought forward||1,091,833|
|Income||75,132|
|Expenditure|(|50,484)
|
|Gains and losses||206,618|
**1,323,099**
---------------------
The Endowment Fund represents those assets which must be held permanently by the Trust, pri Endowment funds can be used in accordance with the objects of the Trust and is included as unr loss arising on the investments form part of the fund. Investment management fees are charged Unrestricted funds income.
The Unrestricted Fund comprises those funds which the trustees are free to use in accordance w
9
## **Cheltonian Endowment Trust**
## **12 Schedule of investments in listed securities**
## **Endowment Funds**
BBGI SICAV S.A. 11,000 Ordinary shares NPV Civitas Social Housing plc. 15,750 Ordinary shares 1.p Digital 9 Infrastructure plc. 16,000 Ordinary shares NPV Diploma plc. 1,440 Ordinary shares 5 p Findlay Park Funds plc. American USD inc. 380 units First Sentier Investors (UK) Funds Stewart Inv Asia Pac Ldrs B Inc 8,386.6092 units Foresight Solar Fund Ltd. 15,150 ordinary shares NPV Fundsmith llp 7,330 Equity I Income Ordinary shares NPV GAM Fund Management 605 Disruptive Growth Institutional Acc units GlaxoSmithKline plc. 1,280 Ordinary shares 25 p Greencoat UK Wind plc. 10,650 Ordinary shares 1 p Halma plc. 1,300 Ordinary shares 10 p Henderson Investment Fund Ltd. 23,450 Fixed Interest Monthly I Inc units Home Reit plc. 10,000 Ordinary shares 1 p Ishares II plc. GBP Index-linked Gilts UCITS EFT GBP Inc 1,340 units JP Morgan American Investment Trust. 8,250 Ordinary shares 5 p Jupiter Fund Managers Ltd. UK Mid Capital I Income 9,250 units MI Twentyfour. Dynamic Bond Gross I Inc NAV 245 units National Grid plc. 2,204 Ordinary shares 12.431289 p Picton Property Income Limited. 10,900 Ordinary shares NPV Prudential Corporation plc. 1,713 Ordinary shares 5 p Relx plc. 1,180 Ordinary shares 14.44 p Rio Tinto plc. 512 Ordinary shares 10 p Schroder plc. Oriental Income Fund. 8,150 Ordinary shares 1 p Scottish Mortgage Investment Trust. 5,950 Ordinary shares 5 p Segro plc. 3,250 Ordinary shares 10 p. The Renewables Infrastructure Group Ltd. 11,750 Ordinary shares NPV THG plc. 2,680 Ordinary shares 0.5 p Triple Point Energy Efficiency Infrastructure Co. plc. 16,000 Ordinary shares 1 p Tritax Big Box Reit plc. 6,470 Ordinary shares 1 p Unilever plc. 505 Ordinary shares 3.1111 p Vodafone Group plc. 4,636 Ordinary shares US $ 0.2095238 3i Infrastructure. Ordinary NPV 5,705 units
## Fixed income :
Ecclesiastical Insurance Office.£11,220 8.625% Non cum irred pref shares £1. Lloyds Banking Group plc. £13,800 9.25% Non-cum irred pref shares
## **Cheltonian Endowment Trust**
## **12 Schedule of investments in listed securities - continued**
## **Unrestricted Funds**
Aberdeen Standard Eur Logic Inc plc. 15,000 Ordinary shares 1 p BBGI SICAV S.A. 10,200 Ordinary shares NPV Civitas Social Housing plc. 18,600 Ordinary shares 1 p Croda International plc. 325 Ordinary shares 10.609756 p Derwent London plc. 330 Ordinary shares 5 p Diageo plc. 950 Ordinary shares 28 101/108 p Digital 9 Infrastructure plc. 16,500 Ordinary shares NPV Diploma plc. 890 Ordinary shares 5 p Findley Park Funds plc. American USD Inc. 320 units Foresight Solar Fund Ltd. 17,700 ordinary shares NPV GAM Fund Management 485 Disruptive Growth Institutional Acc units GlaxoSmithKline plc. 910 Ordinary shares 25 p Greencoat UK Wind plc. 11,756 Ordinary shares 1 p Henderson Investment Fund Ltd. 24,350 Fixed Interest Monthly I Inc units Home Reit plc. 17,000 Ordinary shares 1 p International Consolidated Airlines Group SA 8,600 Ordinary shares Ä 0.50 Ishares II plc. GBP Index-linked Gilts UCITS EFT GBP Inc 1,395 units Ishares S & P 500 1,150 units JP Morgan Gbl Emerg Mkts Inc Trust plc. 8,500 Ordinary shares 1 p Johnson Matthey plc. 547 Ordinary shares £1.101698 Jupiter Fund Managers Ltd. UK Mid Capital I Income 12,150 units London Stock Exchange Group plc. 360 Ordinary shares 69.18604 p MI Twentyfour. Dynamic Bond Gross I Inc NAV 225 units Msim Fund Management (Ireland) Ltd. 450 Asia Opportunity Z acc units Prudential plc. 1,650 Ordinary shares 5 p Relx plc. 810 Ordinary shares 14.44 p Rio Tinto plc. 440 Ordinary shares 10 p Schroder Oriental Income Fund. 12,300 Ordinary shares 1p Scottish Mortgage Investment Trust. 8,475 Ordinary shares 5 p Spirax-Sarco Engineering plc. 380 Ordinary shares 26.9230769 p The Renewables Infrastructure Group Ltd. 12,950 Ordinary shares NPV Triple Point Energy Efficiency Infrastructure Co. plc. 18,000 Ordinary shares 1 p Tritax Big Box Reit plc. 9,700 Ordinary shares 1 p Vanguard Funds plc.. 210 FTSE All World ETF Inc NAV Vodafone Group plc. 7,218 Ordinary shares US $ 0.2095238 3i Infrastructure. Ordinary NPV 5,684 units
## Fixed income :
Ecclesiastical Insurance Office. £11,220 8.625% Non cum irred pref shares £1. Intermediate Capital Group plc. £9,000 5% NTS 24/03/2023 Lloyds Banking Group plc. 11,850 9.25% Non cum irred pref shares
Total investments
gistered Charity Number: 1029588
## **rust**
**Chair on 6th. May 2021) . May 2021)**
## **December 2020)**
**May 2021) May 2021)**
**ar end on 6th. May 2021**
Pages
1&2
6-11
pril 2021.
d under a Trust Deed in 1917 for for the benefit of Cheltenham College. ohn Dill Memorial Fund to create a
wards the education of selected erwise mean that the pupil has to e 6th. Form.
the following ways throughout the
ducation at Cheltenham College
which give a true and fair view of e financial year. In preparing and apply them consistently, able accounting standards have s inappropriate to presume
reasonable accuracy, at any time, ents comply with the Charities for taking reasonable steps for the
ommended Practice Accounting and ting Standard applicable in the UK y 2019) and the Financial Reporting Charities Act 2011.
Co. Ltd. but retain the power to
ccumulation of income, which is poses.
thin their control.
that hold, directly or indirectly, is different and separate from r its advisers, is hard to mitigate excess of the cover available to reduce the risk, the trustees al Conduct Authority.
es expended of £50,484 al investment gains arising he resulting net increase of funds
re set out on pages 4 to 11.
e charity's trustees consider that 011 Act)) and that an
mmissioners (under section
Charity Commissioners. omparison of the financial tems or disclosures in the h matters. The procedures equently, I do not express an
s have not met the section 130 of the Act); comply with the
standing of the financial
|**Total**
**2021**
**£**
**-**
**309**
**2,567**
**418**
**3,294**
**-**
**35,323**
**8,144**
**28,371**
**71,838**
**75,132**
**15,173**
**1,988**
**17,161**
**29,000**
**1,398**
**2,850**
**-**
**75**
**33,323**
**50,484**
**24,648**|**Total**
**2020**
**£**
-
328
-
298|
|---|---|
||626
481
50,494
8,353
13,071|
||72,399|
||73,025|
||16,122
2,093|
||18,215
16,500
8,239
2,850
40
1,463|
||29,092|
||47,307|
||25,718|
|**20,203**
**380,632**
**17,832)**
**(**
**383,003**
**407,651**
**2,227,234**
**2,634,885**
-------------------------|7,053)
(
159,631)
(
-|
|---|---|
||166,684)
(|
||140,966)
(
2,368,200|
||2,227,234
------------------------|
|**Total**
**2021**
**£**
**1,770,148**
**810,000**
**2,580,148**
**563**
**76,254**
**76,817**
**22,080)**
**(**
**54,737**
**2,634,885**
-------------------------
**1,311,786**
**1,323,099**
**2,634,885**
-------------------------|**Total**
**2020**
**£**
1,252,092
827,832|
|---|---|
||2,079,924
4,050
156,438|
||160,488
13,178)
(|
||147,310|
||2,227,234
|
||------------------------
1,135,401
1,091,833|
||2,227,234
------------------------|
21 on their behalf by
cognised at cost or transaction value ents have been prepared in accordance their accounts in accordance with (FRS 102)) (second edition effective epublic of Ireland (FRS 102) and the cash flow statement.
e as a going concern.
ncome will be received
nt date. In the event that a o the funds, the income is ons is wholly within the control
ministrator/executor for the estate ities in 2005, the trustees have
reliably by the Trust; this is m investments are included when e transaction value can be measured
n committing the Trust to the expenditure, reliably.
portfolio, raising investment income and
pliance with regulation and good practice.
ed at their transaction value and
market price. The statement of hout the year. The Trust does not cial risk faced by the Trust are that of e of investors in investment risk, and
ently measured at fair value at the balance rising on revaluation. Depreciation is
as they arise. Realised gains and or their purchase value if acquired during air value at the year end and their opening
ore entitled to claim exemption from income
es amounting to £75 were reimbursed and stationery.
|**2021**
**£**
**29,000**
-------------------------
unds:
**300**
**-**
**1,098**
**1,398**
-------------------------|**2020**
**£**
16,500
|
|---|---|
||------------------------
7,900
339
-|
||8,239
------------------------|
unds:
Iniled Kingdom taxation.
|**2021**
**£**
**1,252,092**
**356,227**
**239,006)**
**(**
**-**
**400,835**
**1,770,148**
-------------------------
**1,089,194**
-------------------------|**2020**
**£**
1,940,902
149,365
671,491)
(
-
7,053)
(
159,631)
(
166,684)
(
1,252,092
------------------------
908,238
------------------------|
|---|---|
are all traded on the London companies are at the bid price. ce. Asset sales and purchases
## funds.
olicy that provides for a high degree nges. The Trust does not make use held for their longer term yield
|**Total**
**2021**
**£**
**827,832**
**-**
**17,832)**
**(**
**810,000**
**715,064**|**2020**
**£**
360,000
467,832
-|
|---|---|
||827,832|
||715,064|
unrestricted funds. The property is let eptember 2016, to Cheltenham College creases annually on the anniversary of
019 as part of endowment funds.
let on a 5 year full repairing lease, academic staff, and is on the same
uer. The trustees consider that their
**Total 2020 £ £ 563** 4,050 ------------------------------------------------
wment funds £10,322 (2020 : £44,367).
|**Total**
**£**
**8,482**
**12,500**
**1,098**
**22,080**
-------------------------
**5,500**
**29,000**
**22,000)**
**(**
**12,500**
-------------------------
**-**
**1,098**
**-**
**1,098**
-------------------------
**Endowment**
**funds**
**£**
1,135,401
-
-
176,385|**2020**
**£**
7,678
5,500
-|
|---|---|
||13,178
|
||------------------------
13,750
16,500
24,750)
(|
||5,500
|
||------------------------
-
-
-|
||-
|
||------------------------
**Total**
**£**
**2,227,234**
**75,132**
**50,484)**
**(**
**383,003**|
**1,311,786 2,634,885**
------------------------------------------------
incipally investments. Income arising on the restricted income. Any capital gain or against the combined Endowed and
with charitable objectives.
|Cost
£
13,375
15,770
16,020
19,974
14,439
6,838
16,089
17,250
25,911
10,567
10,650
10,184
25,875
10,020
25,053
15,009
20,272
26,945
10,176
5,971
5,283
17,490
6,047
16,248
7,448
9,234
13,882
19,836
16,020
6,672
2,407
13,895
7,997
11,444
13,343
483,634|**Market**
**value**
**£**
**18,964**
**16,947**
**16,120**
**37,382**
**45,132**
**24,933**
**15,453**
**37,266**
**38,482**
**16,353**
**13,781**
**31,694**
**26,381**
**11,400**
**25,950**
**50,077**
**27,103**
**28,000**
**19,032**
**9,461**
**26,577**
**21,653**
**28,058**
**22,739**
**69,258**
**30,830**
**14,405**
**17,447**
**16,480**
**11,711**
**20,311**
**6,196**
**16,915**
**17,335**
**21,638**|
|---|---|
||**851,464**|
|Cost
£
15,020
15,423
20,039
20,098
10,711
274
16,520
11,879
12,159
17,522
25,439
12,497
12,754
26,868
17,020
14,778
22,541
9,970
9,962
16,972
24,961
29,396
24,849
29,949
8,692
12,012
2,401
21,741
7,543
16,954
16,020
18,020
10,011
14,924
16,161
8,225
11,444
9,020
14,791
605,560
1,089,194
-------------------------|**Market**
**4**
**£**
**16,350**
**17,585**
**20,014**
**20,858**
**10,804**
**28,566**
**16,624**
**23,104**
**38,006**
**18,054**
**30,849**
**11,626**
**15,212**
**27,394**
**19,380**
**18,021**
**27,016**
**33,165**
**12,325**
**16,487**
**35,599**
**26,042**
**25,714**
**27,270**
**25,600**
**14,863**
**24,112**
**34,317**
**98,649**
**44,042**
**15,877**
**18,540**
**17,557**
**17,023**
**9,648**
**16,853**
**17,335**
**9,622**
**18,581**|
|---|---|
||**918,684**|
|||
||**1,770,148**
------------------------|