OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Cheltonian Endowment Trust

2025-04-05-accounts

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Registered Charity Number: 1029588

Cheltonian Endowment Trust

Annual Report

for the year ended 5 April 2025

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

----- Start of picture text -----
Trustees
----- End of picture text -----

Registered office

Investment Managers

Bankers

----- Start of picture text -----
Independent Accountant
----- End of picture text -----

Mrs H E Allen Chair (to 7th November 2024) Resigned 19th November 2025 Mr P J Mourton Chair (from 7th November 2024) Mr A D Holt Mr T P C Orr Ms S R Pickard Mr T W J Robinson Mr D Stewart Mrs A C Thompson Resigned 19th November 2025

Cheltenham College Bath Road CHELTENHAM Gloucs., GL53 7LD

JM Finn & Co.

National Westminster Bank PLC.

----- Start of picture text -----
Laurence Myears, FCA.
----- End of picture text -----

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust
Annual report
for the year ended 5 April 2025
Pages
Report of the trustees 1 & 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6-11

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

Report of the trustees for the year ended 5 April 2025

The trustees present their report and the financial statements for the year ended 5th. April 2025.

Constitution and objectives

Cheltonian Endowment Trust (formerly Cheltonian 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 Dill 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 £8,145 in respect of 1 pupil to enable their continued education at Cheltenham College (b) Travel and educational grants to 19 pupils totalling £13,400

(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 surplus 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 (resigned on 19th November 2025) Mr R A R Davidson (retired on 23rd August 2024) Mr A D Holt Mr P J Mourton Mr T P C Orr Ms S R Pickard Mr T W J Robinson Mr D Stewart Mrs A C Thompson (resigned on 19th November 2025)

1

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

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

Total income from investment services and other sources was £99,270 (2024 : £84,831). After resources expended of £44,203 (2024 : £89,728) net inflow of resources for the year amounted to £55,067 (2024 : outflow £4,897). Total investment losses arising from disposal and movement in investment values were £113,999 (2024 : gains £180,018). The resulting net decrease of funds for the year was £58,932 (2024 : increase £175,121).

Taxation status

The Trust is a registered charity and is not liable to corporation tax.

For and on behalf of the trustees

38087CE4EF77486... 23rd January 2026

Paul Mourton

2

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

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 2025, which are set out on pages 4 to 11.

Respective responsibilities of trustees and examiner

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:

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 financial statements presented with those records. It also 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 all the evidence that would be required in an audit and, consequently, I 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:

(tau by:

76408DB34914422... Laurence Myears

Chartered Accountant

6 Beechcroft Road

Gloucester

23rd January 2026

3

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

Statement of financial activities for the year ended 5 April 2025

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 fees
Investment portfolio review fees
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
Expenses of Trustees, Treasurer
and others
2
Total expenditure
Net income/(expenditure) before gains
and losses on investments
Net gains/(losses) on investments:
Gains/(losses) on sale of investments
6
Unrealised gains/(losses) on investments
6
Unrealised gains on investment property
7
Net movement in funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
-
203
-
398
601
634
45,875
16,072
36,088
98,669
99,270
17,532
450
1,046
19,028
8,145
13,880
3,150
-
25,175
44,203
55,067
13,153)
(
52,927)
(
-
66,080)
(
11,013)
(
1,470,645
1,459,632
~~----------------~~		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,040)
(
45,879)
(
-
47,919)
(
47,919)
(
1,333,921
1,286,002
~~-------------------~~		 Total
2025
£
-
203
-
398
601
634
45,875
16,072
36,088
98,669
99,270
17,532
450
1,046
19,028
8,145
13,880
3,150
-
25,175
44,203
55,067
15,193)
(
98,806)
(
-
113,999)
(
58,932)
(
2,804,566
2,745,634
~~-----------------------~~		 Total
2024
£
-
203
-
418
621
804
38,037
13,367
32,002
84,210
84,831
16,234
570
36,914
53,718
15,175
17,650
3,075
110
36,010
89,728
4,897)
(
2,306
57,712
120,000
180,018
175,121
2,629,445
2,804,566
~~----------------------~~

4

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

Balance sheet as at 5 April 2025

Unrestricted Unrestricted Endowment Total Total
funds funds 2025 2024
Note £ £ £ £
Fixed assets:
Investments in listed securities 6 1,004,158 787,845 1,792,003 1,860,687
Investment freehold properties 7 390,000 540,000 930,000 930,000
Total investments 1,394,158 1,327,845 2,722,003 2,790,687
Current assets:
Debtors 8 1,481 - 1,481 3,621
Cash at bank 9 73,387 - 73,387 71,157
74,868 - 74,868 74,778
Liabilities:
Creditors falling due within one year 10 ( 9,394)
(		 ( 41,843)
(		 ( 51,237)
(		 ( 60,899)
(
Net current assets/(liabilities) 65,474 ( 41,843)
(		 23,631 13,879
Total net assets 1,459,632 1,286,002 2,745,634 2,804,566
~~----------------~~ ~~-------------------~~ ~~-----------------------~~ ~~----------------------~~
The funds of the Trust:
Endowment funds - 1,286,002 1,286,002 1,333,921
Unrestricted funds 1,459,632 - 1,459,632 1,470,645
Total Trust's funds 11 1,459,632 1,286,002 2,745,634 2,804,566
~~----------------~~ ~~-------------------~~ ~~-----------------------~~ ~~----------------------~~

The financial statements on pages 4 to 11 were approved by the trustees on 23rd January 2026 on their behalf by

38087CE4EF77486... 374653F7969D4B0... Trustee Trustee Paul Mourton Sophie Pickard

5

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

Notes to the financial statements for the year ended 5 April 2025

1 Statement of accounting policies

Basis of preparation and going concern

The financial statements 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 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. 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 concern.

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 is probable that settlement will 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.

Governance costs comprise all 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 volatility 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

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

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 period. Unrealised gains and losses are calculated as the difference between the fair value 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 11.

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 Related party transactions and trustees' expenses remuneration

The trustees received no remuneration or other benefit in cash or property (2024 £Nil). No expenses were reimbursed to trustees for the year (2024 £110 reimbursed to 1 trustee for retirement gift to a non-trustee).

3 Bursaries and grants payable

The amount charged in the year out of unrestricted funds comprises:
Bursaries committed during the year :
Bursaries to 1 individual (2024: 2 individuals) (see note 10)
The Cheltonian Endowment Trust made the following grants during the year out of unrestric
Students:
Travel awards (Number - 2025 19 ; 2024 24)
Prizes
Cheltenham College:
The Cheltonian magazine digitalisation
Total of grants (see note 10)		 2025
£
8,145
~~-----------------------~~
ted funds:
13,400
480
-
13,880
~~-----------------------~~		 2024
£
15,175
~~----------------------~~
12,650
-
5,000
17,650
~~----------------------~~

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 United Kingdom taxation.

7

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

6 Investments in listed securities

6 Investments in listed securities
Market value at 6 April 2024
Additions
Disposals at sale proceeds
Gains/(losses) in the year on disposals
Unrealised gains/(losses) on revaluation in the year
Net gains/(losses)
Market value at 5 April 2025
Book cost at 5 April 2025		 £
15,193)
(
98,806)
(		 2025
£
1,860,687
447,482
402,167)
(
113,999)
(
1,792,003
~~-----------------------~~
1,500,694
~~-----------------------~~		 2024
£
1,761,615
416,176
377,122)
(
2,306
57,712
60,018
1,860,687
~~----------------------~~
1,424,391
~~----------------------~~

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded on the London Stock Exchange and other recognised stock exchanges. 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. Assets sales and purchases are recognised at the date of trade at their transaction value.

As at the year end, investments in listed securities represent 65.3% (2024 66.3%) 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 holdings 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.

7 Investment freehold properties

Opening balance at 6 April 2024
Addition at cost
Unrealised gain on revaluation in the year
Closing balance at 5 April 2025
Historic cost at 5 April 2025		 Unrestricted
funds
£
390,000
-
-
390,000
247,232		 Endowment
funds
£
540,000
-
-
540,000
467,832		 Total
2025
£
930,000
-
-
930,000
715,064		 2024
£
810,000
-
120,000
930,000
715,064

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 College academic staff. The rent is benchmarked to the open market every three years, with incremental uplifts in the intervening years.

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. October 2023 by an independent professionally qualified valuer. The trustees consider that their value would not have changed at 5th. April 2025.

As at the year end, the freehold properties represent 33.9% ( 2024 : 33.2%) of the Trust's funds.

8

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

8 Debtors

Amounts falling due within one year
Other debtors		 2025
£
1,481
~~-----------------------~~		 2024
£
3,621
~~----------------------~~

All debtors related to unrestricted funds.

9 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.

10 Creditors

Amounts due within one year :
Bank overdraft (endowment funds)
Accruals
Bursaries payable
Prizes
Other than the bank overdraft which related to endowment funds, credit
Movement in recognised bursaries commitments during the year:
SORP liability at 5 April 2024
New bursaries commitments charged to the SOFA in year (see note 3)
Bursaries paid during the year
SORP liability at 5 April 2025
Movement in recognised grants commitments during the year:
SORP liability at 5 April 2024
New grants commitments charged to the SOFA in year (see note 3)
Grants paid during the year
SORP liability at 5 April 2025
11 Funds
Balance brought forward
Income
Expenditure
Gains and losses		 ors related to unrest
Unrestricted
funds
£
1,470,645
99,270
44,203)
(
66,080)
(
1,459,632
~~-------------------~~		 2025
£
41,843
6,077
2,837
480
51,237
~~-----------------------~~
ricted funds.
-
8,145
5,308)
(
2,837
~~-----------------------~~
-
13,880
13,400)
(
480
~~-----------------------~~
Endowment
funds
£
1,333,921
-
-
47,919)
(
1,286,002
~~-----------------------~~		 2024
£
19,681
41,218
-
-
60,899
~~----------------------~~
3,000
15,175
18,175)
(
-
~~----------------------~~
-
17,650
17,650)
(
-
~~----------------------~~
Total
£
2,804,566
99,270
44,203)
(
113,999)
(
2,745,634
~~----------------------~~

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

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

12 Schedule of investments in listed securities

Endowment Funds
Astrazenenca plc. 130 Ordinary shares USD 0.25
Diageo plc. 465 Ordinary shares 28 101/108 p
Diploma plc. 675 Ordinary shares 5 p
Foresight Solar Fund Ltd. 12,100 ordinary shares NPV
Fundsmith llp 11,830 Sustainable Equity Income units
Greencoat UK Wind plc. 7,650 Ordinary shares 1 p
Gresham House Energy Storage plc. 9,535 Ordinary shares 1 p
Guinness Asset Management Funds plc. 1,125 Global Equity Income Y Inc units
Halma plc. 1,075 Ordinary shares 10 p
Invesco Markets III plc. EQQQ Nasdaq 100 UCITS Eif 165 units
Ishares S & P 500 880 units
JP Morgan American Investment Trust. 6,040 Ordinary shares 5 p
JP Morgan ETFS (Ireland) ICAV 650 Gbl Research Enh IDX Eqty UCITS Inc units
Janus Henderson Investment Fund Ltd. 24,630 Fixed Interest Monthly I Inc units
Mercantile Investment Trust plc. 11,150 Ordinary shares 2.5 p
MI Twentyfour. Dynamic Bond Gross I Inc NAV 255 units
National Grid plc. 2,846 Ordinary shares 12.431289 p
Pictet Group 110 Japanese Equity Selection I units
Picton Property Income Limited. 10,900 Ordinary shares NPV
Polar Capital Technology Trust plc. 4,750 Ordinary shares 2.5 p
Prudential Corporation plc. 1,713 Ordinary shares 5 p
Relx plc. 660 Ordinary shares 14.44 p
Rio Tinto plc. 440 Ordinary shares 10 p
Schroder plc. Oriental Income Fund. 8,150 Ordinary shares 1 p
Schroder Investment Fund Company 14,500 Strategic Credit L Inc units
Scottish Mortgage Investment Trust. 4,975 Ordinary shares 5 p
SDCL Energy Efficiency Income Trust plc. 16,350 Ordinary shares 1 p
Segro plc. 3,250 Ordinary shares 10 p.
Spirax-Sarco Engineering plc. 135 Ordinary shares 26.9230769 p
SSGA SPDR ETFS Europe I plc. 415 SPDR S&P 400 US Mid Cap UCITS Etf USD units
Stewart Investors. Asia Pacific Leaders Sust B Inc 8,386.6092 units
The Renewables Infrastructure Group Ltd. 11,750 Ordinary shares NPV
Tritax Big Box Reit plc. 6,470 Ordinary shares 1 p
Unilever plc. 505 Ordinary shares 3.1111 p
3i Infrastructure. Ordinary NPV 3,035 units
Fixed income :
Ecclesiastical Insurance Office.£11,220 8.625% Non cum irred pref shares £1.
United Kingdom (HM Treasury) £14,000 Treasury 4.25% 07/03/2036
United Kingdom (HM Treasury) £20,890 Treasury 4.25% 07/09/2039
United Kingdom (HM Treasury) £21,000 Treasury 4.25% 07/12/2040		 Book
cost
£
15,338
16,285
9,363
12,850
20,468
7,650
14,413
24,089
8,421
48,577
33,506
22,024
23,562
24,557
25,011
26,210
14,317
19,010
5,971
17,834
5,283
9,783
5,197
16,248
12,999
6,228
18,836
9,234
16,139
32,328
6,838
13,882
6,672
2,407
4,254
11,444
13,715
20,933
20,923
622,799		 Market
value
£
14,050
9,356
25,110
9,208
20,744
8,033
5,673
24,208
26,896
55,540
35,053
54,541
22,038
21,958
24,255
24,867
29,428
16,906
7,619
12,516
12,793
25,186
18,652
20,619
12,980
42,556
7,423
21,359
7,803
26,339
24,678
8,836
8,560
23,705
9,363
15,484
13,722
19,847
19,941
787,845

10

Docusign Envelope ID: B9F81897-A713-42D0-9B8C-7560F2A99AFA

Cheltonian Endowment Trust

12 Schedule of investments in listed securities - continued

12 Schedule of investments in listed securities - continued
Unrestricted Funds
Astrazenenca plc. 130 Ordinary shares USD 0.25
Diageo plc. 790 Ordinary shares 28 101/108 p
Diploma plc. 640 Ordinary shares 5 p
Foresight Solar Fund Ltd. 18,300 ordinary shares NPV
Fundsmith llp 15,000 Sustainable Equity Income units
Greencoat UK Wind plc. 11,236 Ordinary shares 1 p
Gresham House Energy Storage plc. 12,300 Ordinary shares 1 p
Guinness Asset Management Funds plc. 1,415 Global Equity Income Y Inc units
Halma plc. 930 Ordinary shares 10 p
International Consolidated Airlines Group SA 10,300 Ordinary shares € 0.10
Invesco Markets III plc. EQQQ Nasdaq 100 UCITS Eif 152 units
Ishares S & P 500 1,470 units
JP Morgan American Investment Trust. 6,005 Ordinary shares 5 p
JP Morgan ETFS (Ireland) ICAV 830 Gbl Research Enh IDX Eqty UCITS Inc units
Janus Henderson Investment Fund Ltd. 15,800 Fixed Interest Monthly I Inc units
London Stock Exchange Group plc. 230 Ordinary shares 69.18604 p
Mercantile Investment Trust plc. 12,300 Ordinary shares 2.5 p
MI Twentyfour. Dynamic Bond Gross I Inc NAV 151 units
National Grid plc. 2,518 Ordinary shares 12.431289 p
Pictet Group 110 Japanese Equity Selection I units
Picton Property Income Limited. 14,780 Ordinary shares NPV
Polar Capital Technology Trust plc. 6,080 Ordinary shares 2.5 p
Prudential plc. 1,855 Ordinary shares 5 p
Relx plc. 600 Ordinary shares 14.44 p
Rio Tinto plc. 485 Ordinary shares 10 p
Schroder Oriental Income Fund. 14,475 Ordinary shares 1p
Schroder Investment Fund Company 19,000 Strategic Credit L Inc units
Scottish Mortgage Investment Trust. 7,680 Ordinary shares 5 p
SDCL Energy Efficiency Income Trust plc. 20,850 Ordinary shares 1 p
Segro plc. 3,170 Ordinary shares 10 p.
Spirax-Sarco Engineering plc. 190 Ordinary shares 26.9230769 p
SSGA SPDR ETFS Europe I plc. 390 SPDR S&P 400 US Mid Cap UCITS Etf USD units
Stewart Investors. Asia Pacific Leaders Sust B Inc 6,915 units
The Renewables Infrastructure Group Ltd. 15,295 Ordinary shares NPV
Tritax Big Box Reit plc. 9,860 Ordinary shares 1 p
Unilever plc. 600 Ordinary shares 3.1111 p
WH Smith plc. 1,010 Ordinary shares 22.09 p
Wisdomtree Metal Securities ETFS 335 Physical Gold units
3i Infrastructure. Ordinary NPV 4,743 units
Fixed income :
Ecclesiastical Insurance Office. £13,464 8.625% Non cum irred pref shares £1.
United Kingdom (HM Treasury) £17,500 Treasury 4.25% 07/03/2036
United Kingdom (HM Treasury) £28,260 Treasury 4.25% 07/09/2039
United Kingdom (HM Treasury) £46,120 Treasury 4.25% 07/12/2040
Total investments		 Book
cost
£
15,339
3,055
8,542
18,604
24,863
13,518
16,217
30,079
21,038
17,061
43,957
24,905
52,346
30,088
16,683
18,774
26,533
15,952
23,648
19,010
12,390
22,827
10,595
9,787
4,814
27,168
17,034
14,626
23,626
25,790
9,431
30,378
20,370
19,306
10,782
25,102
15,018
25,869
9,062
14,271
17,138
26,639
45,660
877,895
1,500,694
~~-----------------------~~		 Market
value
£
14,050
15,895
23,808
13,926
26,302
11,798
7,318
30,448
23,269
24,514
51,164
58,554
54,225
28,141
14,086
25,633
25,830
14,727
26,036
16,906
10,331
16,021
13,853
22,896
20,559
36,622
17,009
65,695
9,466
20,833
10,982
24,752
20,349
11,502
13,045
28,164
9,393
25,047
14,632
18,580
17,153
26,849
43,795
1,004,158
1,792,003
~~----------------------~~

11