Registered Charity Number: 1029588
Cheltonian Endowment Trust
Annual Report
for the year ended 5 April 2023
Cheltonian Endowment Trust
Trustees
Registered office
Investment Managers
Bankers
Independent Accountant
Mrs HE Allen Chair Mr RAR Davidson Mr AD Holt Mr P J Mourton MrTPC Orr Ms § R Pickard MrT W J Robinson Mr D Stewart Mrs AC Thompson
Cheltenham College Bath Road CHELTENHAM Gloucs., GL53 7LD
JM Finn & Co.
National Westminster Bank PLC.
Laurence Myears, FCA.
Cheltonian Endowment Trust
Annual report for the year ended 5 April 2023
| Pages | |
|---|---|
| Reportofthetrustees | 1&2 |
| Independentexaminer's report | 3 |
| Statement offinancial activities | 4 |
| Balance sheet | 5 |
| Notestothefinancialstatements | 6-11 |
Cheltonian Endowment Trust
Report of the trustees for the year ended 5 April 2023
The trustees present their report and the financial statements for the year ended 5th. April 2023.
Constitution and objectives
Cheltonian Endowment Trust (formerly Cheitonian Trust Endowment Fund) was formed under a Trust Deed in 1917 for the purposes of acquiring donations, subscriptions or legacies and applying the income for the benefit of Cheltenham College. On 6th April 2005 the Trust merged with both the Cheltonian Society Fund and the Sir John Dil! Memorial Fund to create a more effective charitable fund.
The principal activity of the Trust is to offer, by way of bursaries, financial assistance towards the education of selected pupils at Cheltenham College and in circumstances where financial hardship might otherwise mean that the pupil has to leave school and to prospective pupils enabling them to enter Cheltenham College in the 6th. Form.
Achievements
The Trust was able to provide financial assistance to Cheltenham College and selected pupils in the following ways throughout the year: (a) Continuing bursary grants totalling £9,000 in respect of 1 pupil to enable their continued education at Cheltenham College (b) Travel and educational grants to 9 pupils totalling £5,860
(c) Awarding of book prizes totalling £480 to 16 pupils at Speech Day
Trustees’ responsibilities
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust as at the end of the year and of its surptus or deficit for the financial year. In preparing the financial statements the trustees are required to select suitable accounting policies and apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable accounting standards have been followed and prepare the financial statements on a going concern basis unless it is inappropriate to presume the Trust will continue to operate.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Recommended Practice
The financial statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (second edition effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Trustees
The trustees who served during the year are shown below:
Mrs H E Allen Mr R AR Davidson Mr AD Holt Mr P J Mourton MrT PC Orr Ms S R Pickard Mr T W J Robinson Mr D Stewart Mrs AC Thompson
1
Cheltonian Endowment Trust
Investment powers
The trustees have delegated day to day discretionary investment powers to JM Finn & Co. Ltd. but retain the power to determine investment policy and ultimate investment control.
Reserves Policy
The trustees' policy is to build up reserves primarily through capital growth rather than accumulation of income, which is principally required to meet the trustees’ stated policy on giving grants for charitable purposes.
Risk Policy
The trustees have taken appropriate steps to guard against exposure to normal risks within their control.
The trustees are aware of a potential risk that would arise with an insolvency of entities that hold, directly or indirectly, assets of the Trust as nominees where the Trust is the beneficial owner. The risk, which is different and separate from risks arising from an investment decision or strategy made or adopted by the trustees or its advisers, is hard to mitigate and arises from existing insolvency laws in the UK. It is possible that a loss might be in excess of the cover available under the Financial Services Compensation Scheme (FSCS). In so far as it is possible to reduce the risk, the trustees ensure that they operate only through fund managers that are authorised by the Financial Conduct Authority.
Financial activities
During the year, the Trust was donated the investments which had been held by the Cheltonian Society. The market value of those investments at the time of the donation was £175,575. There was alsoa total of income from investment services of £80,107 (2022: £77,554), After resources expended of £54,971 (2022 : £43,004) net inflow of resources for the year amounted to £200,711 (2022 : £34,550). Total investment losses arising from disposal and movement in investment values were £287,354 (2022 : gains £46,653). The resulting net decrease of funds for the year was £86,643 (2022 : increase £81,203).
Taxation status
The Trust is a registered charity and is not liable to corporation tax.
For and on behalf of the trustees
7th December 2023
2
independent examiner's report to the trustees of Cheltonian Endowment Trust
| report on the financial statements of the Trust for the year ended 5 April 2023, which are set out on pages 4 to 11.
Respective responsibilities of trustees and examine:
The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 ( the 2011 Act)) and that an independent examination is needed.
it is my responsibility to:
-
examine the financial statements (under section 145 of the 2011 Act}:
-
» fo follow the procedures faid down in the General Directions given by the Charity Commissioners (under sectior: 145(5)(b) of the 2011 Act) and
-
- 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 Charity Commissioners An examination includes a review of the accounting records kept by the charity and a comparison of the financia! statements presented with those records. It aiso includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide al! the evidence that would be required in an audit and consequently, | do not express an 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 have not met the requirements to ensure that proper accounting records are kept (in accordance with section 130 of the Act;: and financial statements are prepared which agree with the accounting records and comply with the accounting requirements of the Act, or (2) statementsto which, in tomybe opinion,reached.attention should be drawn in orderto enable a proper understanding of the financial - , Laurence na al Chartered Accountant
6 Beechcroft Roac Gloucester
7th December 2023
3
Cheltonian Endowment Trust
Statement of financial activities for the year ended 5 April 2023
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|Total|Total|
|funds|funds|2023|2022|
|Note|ls|£|£|£|
|Income|and|endowments|
|Donations|and|legacias:|
|Legacies|=|.|-|
|Donations|under|Gift Aid|246|.|246|309|
|Investments donated|by|Cheltonian|Society|2|175,575|175,575|-|
|Other|donations|-|-|.|-|
|Subscriptions|518|-|518|438|
|176,339|-|176,339|747|
|Investment|income:|
|Bank deposit|account|interest|202|-|202|-|
|Dividends|- UK equities|38,119|-|38,119|37,732|
|Interest|- Unit Trusts and fixed|interest|11,434|-|11,434|10,503|
|Property|rental|income|29,588|-|29,588|28,572|
|79,343|-|79,343|76,807|
|Total|income|255,682|-|255,682|77,554|
|Expenditure|
|Costs|of raising funds:|
|Brokers'|management|fees|15,753|-|15,753|17,230|
|Investment|portfolio review fees|530|-|530|255|
|Property|rental|expenses|18,943|-|18,943|631|
|35,226|-|35,226|18,116|
|Expenditure|on|charitable|activities|:|
|Bursaries|and|grants|payable:|
|Bursaries|- payable|4|9,000|-|9,000|13,500|
|Grants and|awards|4|6,340|-|6,340|7,240|
|Governance|costs:|5|
|independent|examiner's|fee|4,175|-|4,175|2,750|
|Expenses|of Trustees,|Treasurer|
|and|others|3|230|-|230|4,398|
|19,745|-|19,745|24,888|
|Total|expenditure|54,971|-|54,971|43,004|
|Net income|before galns|and|200,711|.|200,714|34,550|
|losses|on|investments|
|Net|gains/(losses)|on|investments:|
|Gains/(losses)|on|sale|of investments|7|(€|21,267)|{|5,742)|(|27,009)|1,832|
|Unrealised|gains/(losses)|on|investments|7|(|131,056)|{|429,289)|(|260,345)|44,821|
|Unrealised|gains|on|investment|property|8|-|-|.|a|
|{|152,323)|(|135,031)|{|287,354)|46,653|
|Net movement|in funds|48,388|(|135,031)|(|86,643)|81,203|
|Total|funds|brought forward|1,371,134|1,344,954|2,716,088|2,634,885|
|Total funds|carried forward|12|1,419,522|41,209,923|2,629,445|2,716,088|
----- End of picture text -----
4
Cheitonian Endowment Trust
Balance sheet
as at 5 April 2023
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|Total|Total|
|funds|funds|2023|2022|
|Note|&|£|<|£|
|Fixed|assets:|
|Investments|in|listed|securities|7|997,072|764,543|1,761,615|1,806,167|
|Investment freehold|properties|8|360,000|450,000|810,000|810,000|
|Total|Investments|1,357,072|1,214,543|2,571,615|2,616,167|
|Current assets:|
|Debtors|9|781|-|781|626|
|Cash|at bank|10|71,404|-|71,404|110,681|
|72,185|-|72,185|111,307|
|Liabilities:|
|Creditors|falling|due within one year|11|(|9,735)|(|4,620)|{|14,355)|(|11,386)|
|Net current assets/(liabiiities)|62,450|(|4,620)|57,830|99,921|
|Total|net assets|1,419,522|1,209,923|2,629,445|2,716,088|
|The|funds|of the|Trust:|
|Endowment funds|-|1,209,923|1,209,923|1,344,954|
|Unrestricted|funds|1,419,522|-|1,419,522|1,371,134|
|Total Trust's funds|12|=|1,419,522|1,209,923|2,620,445|2,716,088|
----- End of picture text -----
The financial statements on pages 4 to 11 were approved by the trustees on 7th December 2023 on their behalf by
Trustee Trustee bento. Pledud
5
Cheltonian Endowment Trust
Notes to the financial statements for the year ended 5 April 2023
1 Statement of accounting policies
Basis of preparation and going concern
Tho finanaial statomants have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (second edition effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust has taken the opportunity to take the exemption from producing a cash flow statement.
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 as a going concem. Income recognition ‘ All income is recognised once the Trust has entitlement to the resources, it is probable that the income will be received 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 settlement date, In the event that a donation is subject to conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfilment of those conditions is wholly within the control 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 administrator/executor for the estate has communicated in writing both the amount and settlement date. Since the merger of the charities in 2005, the trustees have 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 reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank. Dividends and interest from investments are included when the right to receive payment is established upon notification by our investment managers and the transaction value can be measured reliably,
Expenditure recognition
Expenditure is included on an accruals basis as soon as there is a legal or contractual obligation committing the Trust to the expenditure, it ls probabie that settlement wiil be required and the amount of the obligation can be measured reliably, Costs of generating funds comprise those costs directly attributable to managing the investment portfolio, raising investment income and property rental income.
Grants payable are included as expenditure in the year for which the award is given,
Govemance costs comprise ali costs involving the public accountability of the Trust and its compliance with regulation and good practice.
Fixed asset investments
Investments in listed securities are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments, The main forms of financial risk faced by the Trust are that of volatitity in equity markets and investment markets due to wider economic conditions, the attitude of investors in investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.
Investment freehold properties are initially recognised at the transaction value and are subsequently measured at fair value at the balance sheet date at open market value. The statement of financial activities includes the gain or loss arising on revaluation. Depreciation is 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 as they arise. Realised gains and losses are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired during the reporting perlod. Unreallsed gains and losses are calculated as the difference between the fair vatue at the year end and their opening 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 12.
Taxation
No provision is made for taxation on the basis that the Trust is a registered charity and is therefore entitled to claim exemption from income tax, corporation tax and capital gains tax.
2 Investments donated by Cheltonian Society
During the year to $ April 2023 the Cheltonian Society donated its investment portfolio to the Cheltonian Endowment Trust. In these financial statements the monetary value has been included at the market value at the date that the investments were transferred to the Trust as notified by the Trust's investment managers.
3 Related party transactions and trustees' expenses remuneration
The trustees received no remuneration or other benefit in cash or property (2022 ENil), Expenses amounting to £230 were reimbursed to 2 trustees (2022 £291 to 2 trustees) for travel, postages, stationery and small gifts. In 2022 there was also £1,107 paid to 1 trustee as reimbursement for the cost of a “thank you" meal held for 4 trustees who had retired to which other trustees past and present were invited, and the cost of a "thank you" gift to the 4 trustees.
4 Bursaries and grants payable
| 4 Bursaries and grants payable | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Theamount charged in the yearout ofunrestricted funds comprises: | ||
| Bursaries committed during the year : | ||
| Bursaries to 1 individual (2022: 2 individuals) (see note 11) | 9,000 | 13,500 |
| The Cheltonian Endowment Trust madethe following grants during theyearout of unrestricted funds: | ||
| Students: | ||
| Travel grants (Number-20239 ; 2022 13) | 5,860 | 6,700 |
| Prizes | 480 | 540 |
| 6,340 | 7,240 | |
| 5Allocationofgovernancecosts |
All governance costs are allocated to the charitable activities.
6 Taxation status
Cheltonian Endowment Trust has been approved by HM Revenue & Customs as exempt from United Kingdom taxation.
7
Cheltonian Endowment Trust
7 Investments in listed securities
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|£|
|Market value|at 6|April|2022|1,806,167|1,770,148|
|Additions|including|investments|donated|by|Cheltonian|Society|573,629|39,235|
|Disposals|at|sale|proceeds|{|330,827)|(|49,869)|
|Gains/{losses)|in the|year on|disposals|(|27,009}|1,832|
|Unrealised|gains/(losses)|on revaluation|in the|year|(|260,345)|44,821|
|Net gains/(losses)|(|287,354)|46,653|
|Market value|at|5|April|2023|1,761,615|1,806,167|
|Book|cost|at|5|April|2023|1,365,203|1,084,778|
----- End of picture text -----
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded on the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at their transaction value. As stated in note 2, the investments donated by the Cheltonian Society have been included at the market value at the date they were transferred to the Trust.
As at the year end, investments in listed securities represent 67.0% (2022 66.5%) of the Trust's funds
The Trust manages investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of haldings with investment classes that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return.
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|8|Investment freehold|properties|
|Unrestricted|Endowment|Total|
|funds|funds|2023|2022|
|£|£|£|£|
|Opening|balance|at|6|April|2022|360,000|450,000|810,000|810,000|
|Addition|at|cost|-|-|.|=|
|Unreallsed|(loss)|on|revaluation|in|the year|-|-|:|-|
|Closing|balance|at 5|April|2023|360,000|450,000|810,000|810,000|
|Historic cost|at 5 April|2023|247,232|467,832|715,064|715,064|
----- End of picture text -----
The Trust acquired the freehold of a residential property in Cheltenham in June 2011 as part of unrestricted funds. The property is let on a 5 year full repairing lease, which commenced 1st. September 2011, and renewed on 1st. December 2022, to Cheltenham College who use it to accommodate Collage academic staff. The rent, which is set at full market price, increases annually on the anniversary of the commencement of the lease.
The Trust acquired the freehold of a second residential property in Cheltenham in September 2019 as part of endowment funds. Structural work and redecoration was subsequently undertaken before being let. The property is let on a 5 year full repairing lease, which commenced 1st. March 2020 to Cheltenham College who use it to accommodate College academic staff, and is on the same conditions as the first property.
The properties were revalued on 1st. March 2021 by an independent professionally qualified valuer. The trustees consider that their value would not have changed at 5th. April 2023.
As at the year end, the freehold properties represent 30.8% ( 2022 : 29.8%) of the Trust's funds.
8
Cheltonian Endowment Trust
9 Debtors
----- Start of picture text -----
Total 2022
£ £
Amounts falling due within one year
Other debtors 781 626
All debtors related to unrestricted funds.
----- End of picture text -----
10 Cash at bank
At the year end all cash at bank balances related to unrestricted funds. There was a bank overdraft relating to endowment funds which is included in creditors. This was caused by a timing difference at the year end. At 2022 there were bank balances of unrestricted funds of £91,953 and endowment funds of £18,728,
11 Creditors
| 11 Creditors | |||||
|---|---|---|---|---|---|
| Total | 2022 | ||||
| £ | £ | ||||
| Amounts due within one year : | |||||
| Bank overdraft (endowment funds) | 4,620 | - | |||
| Accruals | 6,735 | 5,886 | |||
| Bursaries payable | 3,000 | 5,500 | |||
| 14,355 | 11,386 | ||||
| Otherthan the bank overdraftwhich related ta endowment funds, creditors related to unrestricted funds. | |||||
| Movement in recognised bursariescommitments during the year: | |||||
| SORP liability at 5 April 2022 |
5,500 | 12,500 | |||
| New bursariescommitments chargedto the SOFA inyear(see note 4) | 9,000 | 13,500 | |||
| Bursaries paidduring the year | ( | 11,500) | ( | 20,500) | |
| SORP fiability at 5 April 2023 |
3,000 | 5,500 | |||
| Movement in recognised grantscommitments during the year: | |||||
| SORP liability at 5 April 2022 |
- | 1,098 | |||
| Newgrants commitments charged to the SOFA in year (see note 4) | - | - | |||
| Grants paid during the year | - | ( | 1,098) | ||
| SORP liability at 5 April 2023 | s | 3 | |||
| 12 Funds | |||||
| Unrestricted | Endowment | Total | |||
| funds | funds | ||||
| £ | £ | £ | |||
| Balance brought forward | 1,371,134 | 1,344,954 | 2,716,088 | ||
| Income Expenditure ( Gains and losses ( |
255,682 54,971) 152,323) |
( | - - 135,031) |
( ( |
255,682 54,971) 287,354) |
| 1,419,522 | 1,209,923 | 2,629,445 |
The Endowment Fund represents those assets which must be held permanently by the Trust, principally investments. Income arising on the Endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gain or loss arising on the investments form part of the fund. Investment management fees are charged against the combined Endowed and Unrestricted funds income.
The Unrestricted Fund comprises those funds which the trustees are free to use in accordance with charitable objectives.
9
Cheltonian Endowment Trust
13 Schedule of investments in listed securities
| EndowmentFunds | Book cost |
Market value |
|---|---|---|
| £ | £ | |
| BBGI SICAV S.A. 11,000 Ordinary shares NPV | 13,375 | 16,720 |
| Civitas Social Housing plc, 15,750 Ordinary shares 1_p | 15,770 | 8,536 |
| Diageo pic. 465 Ordinary shares 28 101/108 p | 16,285 | 17,064 |
| Digital 9 Infrastructure plc, 16,000 Ordinary shares NPV | 16,020 | 10,848 |
| Diploma pic. 1,225 Ordinary shares 5 p | 17,408 | 33,082 |
| Findlay Park Funds pic, American USD inc. 380 units | 14,439 | 50,224 |
| Foresight SolarFund Ltd. 15,150 ordinary sharesNPV | 16,089 | 16,726 |
| Fundsmith lip 11,830 Sustainable Equity Income units | 20,474 | 20,305 |
| GAM StarFund Management 605 Disruptive Growth Institutional Acc units | 25,911 | 28,441 |
| GSK ple. 1,024 Ordinary shares 31.25 p | 8,602 | 15,229 |
| Greencoat UKWind plc. 10,650 Ordinary shares 1 p | 10,650 | 17,008 |
| Gresham House Energy Storage plc. 9,535 Ordinary shares 1 p | 14,413 | 14,989 |
| Halma pic, 1,300 Ordinary shares 10 p | 10,184 | 28,015 |
| Home Reit pic. 10,000 Ordinaryshares 1 p | 10,020 | 3,805 |
| tshares II plc. GBP Index-linked Gilts UCITSEFT GBP Ine 1,340 units | 25,053 | 19,505 |
| Ishares S& P 500600 units | 20,438 | 19,568 |
| JP Morgan American Investment Trust. 4,860 Ordinary shares 5 p | 8,842 | 33,971 |
| Janus Henderson Investment Fund Ltd. 23,450 Fixed Interest Monthly | Inc units | 24,557 |
| Mercantile InvestmentTrust plc. 9,400 Ordinary shares 2.5 p | 19,976 | 18,161 |
| Mi Twentyfour. DynamicBond Gross | IncNAV 255 units | 26,271 |
| National Grid plc. 2,204 Ordinary shares 12.431289 p | 10,176 | 24,883 |
| Picton Property Income Limited, 10,900 Ordinary shares NPV | 5,971 | 7,783 |
| Prudential Corporation plc, 1,713 Ordinary shares 5 p | §,283 | 18,894 |
| Relx pic. 1,180 Ordinary shares 14.44 p | 17,490 | 30,975 |
| Rio Tinto plc. 440 Ordinary shares 10 p | 5,197 | 23,245 |
| Schroder ple. Oriental Income Fund. 8,150 Ordinary shares 1 p | 16,248 | 20,864 |
| Scottish Mortgage Investment Trust, 5,950 Ordinary shares5 p | 7,448 | 38,235 |
| SDCL Energy Efficiency Income Trust plc. 16,350 Ordinary shares 1p | 18,836 | 14,028 |
| Segro pic, 3,250 Ordinary shares 10 p. | 9,234 | 24,583 |
| Spirax-Sarco Engineering pic. 135 Ordinary shares 26.9230769 p | 16,139 | 15,390 |
| Stewart investors. Asia Pacific Leaders Sust B Inc 8,386.6092 units | 6,838 | 25,070 |
| The Renewables Infrastructure Group Ltd. 11,750 Ordinary shares NPV |
13,882 | 15,063 |
| Triple Point Energy Efficiency Infrastructure Co. pic. 16,000 Ordinary shares 1 p | 16,020 | 9,680 |
| Tritax Big Box Reit plc. 6,470 Ordinary shares 1 p | 6,672 | 9,019 |
| Unilever pic. 505 Ordinary shares 3.1111 p | 2,407 | 21,657 |
| Vanguard Funds pic,. 230FTSE All World ETF IncNAV 3i Infrastructure, Ordinary NPV4,225 units |
20,364 5,922 |
19,495 13,308 |
| Fixed income : |
||
| Ecclesiastical Insurance Office.£11,220 8.625% Non cum irred prefshares£1, | 11,444 | 14,642 |
| 530,348 | 764,543 |
10
Cheltonian Endowment Trust
| 13 Schedule of investments in listed securities - continued | ||
|---|---|---|
| Book | Market | |
| Unrestricted Funds | cost £ |
value S |
| BBGI SICAV S.A. 14,543 Ordinary sharesNPV | 22,359 | 22,106 |
| Civitas Social Housing ple, 20,850 Ordinary shares 1 p | 21,396 | 11,301 |
| Croda International plc. 370 Ordinary shares 10.609756 p | 23,205 | 23,517 |
| Diageo pic. 790 Ordinary shares 28 101/108 p | 3,055 | 28,985 |
| Digital 9 Infrastructure plc. 20,500 Ordinary shares NPV | 20,012 | 13,899 |
| Diploma plc. 890 Ordinary shares 5 p | 11,879 | 23,460 |
| Findley ParkFunds plc. American USD Inc. 342 units | 19,784 | 45,202 |
| Foresight SolarFund Ltd. 20,700 ordinary shares NPV | 21,044 | 22,853 |
| Fundsmith llp 15,000 Sustainable Equity Income units | 24,863 | 25,746 |
| GAM StarFund Management 655 Disruptive Growth InstitutionalAcc units | 33,381 | 30,791 |
| GSK ple. 728 Ordinary shares 31,25 p | 10,173 | 10,827 |
| GreencoatUKWind pic. 15,856 Ordinary shares 1 p | 19,077 | 25,322 |
| Gresham House Energy Storage plc. 12,300 Ordinary shares 1 p | 16,217 | 19,336 |
| Halma plc. 930 Ordinary shares 10 p | 21,038 | 20,041 |
| Home Reit pic. 19,500 Ordinary shares 1 p International Consolidated Airlines Group SA 10,300 Ordinaryshares€ 0.10 |
18,408 17,061 |
7,420 15,064 |
| Ishares Il plc. GBP Index-linked Gilts UCITS EFTGBP Inc 1,590 units | 25,413 | 23,144 |
| IsharesS & P 500 1,150 units | 9,970 | 37,504 |
| JP MorganAmerican Investment Trust. 3,045 Ordinary shares 5 p | 22,081 | 21,285 |
| Janus Henderson Investment Fund Ltd. 15,800 Fixed Interest Monthly | Inc units | 16,683 |
| London Stock Exchange Group plc, 398 Ordinary shares 69,18604 p | 32,488 | 31,394 |
| Mercantile InvestmentTrust plc. 12,350 Ordinary shares 2.5 p MI Twentyfour. Dynamic Bond Gross |
IncNAV 151 units | 26,244 15,952 |
| Morgan Stanley Investment Funds. 450Asia OpportunityZ acc units | 29,949 | 18,355 |
| National Grid plc, 1,950 Ordinary shares 12.431289 p | 19,984 | 22,015 |
| Picton Property Income Limited. 14,780 Ordinary sharesNPV Prudential plc. 1,855 Ordinary shares 5 p |
12,390 10,595 |
10,553 20,461 |
| Relx pic. 980 Ordinaryshares 14.44 p | 15,985 | 28,725 |
| Rio Tinto plc, 485 Ordinary shares 10 p | 4,814 | 25,623 |
| Schroder Oriental Income Fund. 14,475 Ordinary shares 1p | 27,168 | 37,056 |
| Scottish Mortgage Investment Trust. 8,655 Ordinary shares 5 p | 16,483 | 55,617 |
| SDCL Energy Efficiency Income Trust ple. 20,850 Ordinary shares 1p | 23,626 | 17,889 |
| Segro plc. 3,760 Ordinaryshares 10 p. Spirax-Sarco Engineering plc, 320 Ordinary shares 26.9230769 p |
30,590 15,884 |
28,441 36,460 |
| Stewart Investors. Asia Pacific Leaders Sust B Inc 1,785 units | 5,426 | §,336 |
| The Renewables Infrastructure Group Ltd. 18,400 Ordinaryshares NPV | 23,225 | 23,589 |
| Triple PointEnergy Efficiency Infrastructure Co, plc, 22,500Ordinary shares 1 p | 21,249 | 13,612 |
| Tritax Big Box Reit plc. 11,320Ordinary shares 1 p | 12,379 | 15,780 |
| Unilever pic. 700 Ordinary shares 3.1111 p | 29,286 | 30,019 |
| Vanguard Funds pic.. 310 FTSE All World ETF IncNAV | 23,394 | 26,276 |
| 3i Infrastructure. OrdinaryNPV5,413 units | 10,342 | 17,051 |
| Fixed income : |
||
| Ecclesiastical Insurance Office. £13,464 8.625% Noncum irred pref shares £1, | 14,271 | 17,571 |
| United Kingdom (HM Treasury) £41,600 Treasury 1.625% 22/10/2028 |
36,032 | 38,504 |
| 834,855 | 997,072 | |
| Totalinvestments | 1,365,203 | 1,764,615 |
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