Charity number: 1209375 THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE COLLYER ENDOWMENT CIO CONTENTS Page Referen¢9 and Administrative Details of the Charity. its Trustees and Advisers Trustees, Report Independenl AuditOTS' Report on the Financial Statements 7-10 statement of Financlal Actlvltles Balance Sheet 12 Notes to the Financial Statements 13-28
THE COLLYER ENDOWMENT CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees Ms M J Davies, Deputy Chair lappoinled 13 December 20241 Mr G F Bowley, Chair (resigned 31 October 20251 Mr P P Mitlendorfer lappoinled 1 September 20251 Dr D G Skipp Mr E W R Bridges Ms C Vickery Mr G N Lawrence (resigned 31 July 20251 Charity registered numbèr 1209375 Principal office The College of Richard Collyer Hurst Road Horsham Wesl Sussex RH12 2EJ Independent auditors Nyman Libson Paul LLP Chartered Accounlanls London NW3 SJS Bankers Barclays Bank PLC London E14 SHP Investment managBrs W1M 16 Babmaes St London SW1Y 6AH Page 1
THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees of The Collyer Endowment CIO Ihereinafter referred lo as °The Charitl'l piesenl their Report and Financial Statements for the year ended 31 July 2025. The Financial Statements appear in the format required by the Statement of Recommended Practice for Accounting and Reporting by Charities IFRS1021. Legal status The College of Richard Collyer was originally founded as a Yree school, under the will of prominent Mercer Richard Collyer, dated 23 January 1532. 11 remair)ed a boys, grammar school until 1976, when il became a voluntary aided Sixth Form College. Collyerfs was given 'designated' status within the Further Education sector and the Governing Body later became incorporated until the 1 September 2025 when it converted lo academy slalus and is now a 16-19 academy forming part of a local multi-academy trust, Horsham Learning Alliance. During the reporting period, the Charity also incorporated and transferred rts assets and liabilities lo the new Charitable Incorporated Organisalion ICIOI, The Collyer Endowment CIO, originally registered on the 1 August 2024. Trustees agreed a new foundation model Constrtulion in June 2024 which came inlts effect on transfer and 15 the Charity's goveming document replacing the former Charity's Scheme of December 1994. Prlncipal objects Trustees reviewed the objects and refined them in the new CIO Constitution lo ensure they were modernised and fit for purpose. The principal objed of the Charity is lo advance education by {11 providing land and buildings for the College., and {21 providing financial or other support, in particular bul not exclusively by.. al promoting education at the College in ways forwhich provision is not made out of public funds,. bl promoting the education lincluding social and physical training} Df persons under the age of 25 yoars who are attending or who have attended the College, and cl promoting the education lincluding social and physical Irainingl of persons under the age of 25 years who are sIdent in the County of Wesl Sussex with a preference for persons qualified as aforesaid who are resident in the area of the District of Horsham. Trustees and admlnistratlon of the Charity There are six nominated Trustees as follows.. Three are appointed by the Governors of the Court of Assistants of the Mercers, Company. For 2024125 these were.. Mr. G F Bowley Mr. E W R Bridges Ms M J Davies (Chairl {lem ended 311101251 (appointed 13112120241 The thrge appointed by the Governor5 of The College of Richard Collyer lor 2024125 were.. Dr D G Skipp Mr. G N Lawrence Ms C Vickery {term ended 311071251 Page 2
THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Each appointment is usually made for a term of four years with some variation within this in order lo assist su¢¢ession planning. It was agreed with the Mercers, Company that the Chair successor would be Mercer appointed and Miranda Davies was identified as the new Chair when the current Chair was lo retire. The Mercers. Company also identified a replacement Trustee who would fill the vacancy. Leading up lo the College's academy conversion, the Chair of the fomer Governing Body stood down as 8 Trustee when his term ended lo be replaced by the Chair of the Local Governing Body in line wrth the new Constrtulion. The adminislralion of The Charity has been overseen by The College since September 2012. The Trustees meet at least twice a year and may, from time lo time, ulilise the expertise of The Mercers. Company for advice and guidan. The Trustees are provided w((h an induction and are actively encouraged lo participate in induction and ongoing training. Principal achievements for the year The Charity continued lo provide valuable support for The College's strategy and promoted education at the College through.. Awarding of grants and prvzes in furtherance of educational excellence lolalling £8,698 12024.. £9,450) as shown in note 5. Commilling lo award a £250,000 donation towards building work al The College12024." £250,000>. The Trustees conlirm that they have complied with the duty contained in Section 17 of the Charities Act 2011 to have due regard lo The Charity Commission guidance on public benefit when reviewing The Charity's aims and objectives and in planning future activities. The Charity, as a grant maker to an educational organisation open lo all, has fulfilled the requirement for public benefit by providing educational facilities to over 2,500 students. Vsluing voluntee In keeping wbth recommended pra¢li¢e, an estimate of the number of hours that the Trustees give lo The Charity free of chawe during the year has been undertaken resulting in approximately 100 hours of voluntary lime12024'. 10D hours). Grant-makingpolicy The policy is to apply the income of The Charity in accordance with its principal objects. The Trustee$ meèt twce a year lo discuss applications and approve grants. Fundraising polKy Trustees are aware of their responsibilities regarding fundraising and have referred lo the relevant Charity Commission guidance including that on sultability of donors. In doing so. a Fundraising Policy is in place and is reviewed regularly. The policy contains a process for raising concerns or complaints, however lo dale, none have been received regarding ils fundraising practices. Fundraising is also an item on the Charity's Risk Register. Plans for 2025 and beyond The Trustees plan lo continue lo support The College's property strategy by allocating funds towards the cost of building projects lo increase and improve leaching facilities and Identified special projects. This includes monitoring fundraising activity of donations lo The College's Quincenlenary Fund that The Charity will hold and invest on behalf of The College until required. The Trustees also plan lo promote education al The College by continuing the tunding of academic prizes. Page 3
THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 In respect of the 8¢ademy ¢onversion of The College, Trustees passed a resolution in June 2023 and provided a Consent letter later submitted lo the Department of Education with The College's application to convert. The consent was conditional subject lo the Supplemental Land Agreement being drafted belwegn the Trust and new Mulli Academy Trust IMATI. This agreement was prepared by th¢ College's legal advisors and signed by two Truslegs and two Directors of the new MAT in advance of the conversion dale of the 1 September 2025. Rgvigw of financial position The Charity made a surplus of £138.97912024'. £223,889} inclusNe of inveslmenl gains I losses. During the course of the year The Charity distributed grants tolalling £8,698 12024.. £9,450) directly lo The College out of surpluses retained in previous years. The Trustèes inl¢nd lo use The Charty's retained resources lo continue to make grants to support The College's property strategy. All grant commitments are conlingenl upon the agreement of the Trustees. Reserves policy Al 31 July 2025 The Charty held funds tolalling £2,918,347 comprising the endowment fund of £2,158,713, unrestricted funds of £745.885 and restricted funds of £13,749. The Unrestricted Fund represents.. The Operating Properties of The Charity., Inveslmenlslcash comprising unspent monies transferred from the unapplied total return,. General Resetves arising from past operating surpluses available for distribution. The Tnjslees believe that hOing such reserves of up lo an averaoe of six months of reSoUrS expended is reasonable. The free reserves of the Charity, including apportioned investments al the year-end lolalled £398.459 all of which is represented by unreslricled nel Current assets. Given the future commitments of The Charity, the Trustees consider that the current level of reserves held is appropriate. Funding SoUrS The Charity is funded by interest and diwdends from investments. In this year, fundraising income ha5 also been generated by The College. Trustees agreed to support The College's launch of the Quincenlenary Fund for the development of the estate and will receive and invest any donations on beha of The College. A Memorandum of Understanding was drawn up between The Charity and The College for the management of the fund and the resources required including a member of staff employed by The College to work on the launch of the fund. Investmentpolicy and objectives Trustees have the power lo invest in such stocks, shares and propety as appropriate lo meet the objectives of The Charity. The Trustees reviewed and agreed the portfolio allocation with the Investment Manager, W1 M and annually review the investment strategy. The current policy is to oplimise income while maintaining the real capital value of the portfolio over the long term. Throughout the year the attitude to risk was 'medium' in volalilily level with 8 balanced asset allocation over a time horizon of 6 y&ars. Trustees agreed cash reserves and donations arising from fundraising activity will be ring fenced frorn the endowment in low risk investments with quick draw down. 11 was agreed in June 2024 that cash reserves and donations would be held in a non discretionary fund separately managed by W1 M which would yield the most interest. Page 4
THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 The market value of the Investments al year end was £2.158,71312024'. £1,993,836). During the year there was an unrealised gain on investments of £180.05012024.' £243.5191. The total return for the year was 10.90/0 Ibased on dividends received plus increase in fund value, less fund management fees), as a percentage of the opening value of the portfolio. The financial performance of the portfolio was comparable lo the investment benchmark, despite the ba¢kdrop of inflation. Trustees ¢ontinue to monitor the performance at their meetings and wa the Investment Manager platform. Total investment relum The Trustee5 policy for Investment Management including the total return approach is agreed annually wlh the Investment Managers. In supporting The College, the Trustees recognise that outside of annual grants supporting Individual students, the majorty of funding is to SUPPOrt one off capital or special projects with requests arising on a needs basis, rather than a requirement lo draw down a sel perntsge of the endowment each year. Following existing commilmenls, it is therefore the inlenlion of the Trustees whilst supporting The College lo build up the levttl of unapplied lolal retUTn both lo ensure the core value is maintained in real terms whilst also ensuring funding is available going forward to support larger College projects. Risk management The Trustees acknowledge their responsibility for the management of risks faced by the Charity and carry out an ongoing risk assessment lo ensure any exposure is monitored. The risks are monitored al their meetings wa a Risk Register. The Trustee5, in considering the governance, management, operational, financial and environmental risks, are satisfied, al this stage, that there is no material exposure and that there are procedures in place lo manage such risks. The Trustees have agreed clear lines of delegation and aulhorily. and both the Trustees and the designated adminislralive staff al The College a involved in the management of risk in all their activities. Going concem The Trustees closely monitor the financial perfomiance of The Charity. including projected forecasts and cash flows for the next three years and consideration of the impact of inflation and the current economic uncertainty on the performance of the investment portfolio. Having therefore assessed the Charitls financial position, ils plans for the foreseeable fLJlure and the risks lo which it is exposed and taking into account future expected income streams. the Trustees are satisfied that the operations of The Collyer Endowment CIO will continue lo be a going concem. Page 5
THE COLLYER ENDOWMENT CIO TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Unil&d Kingdom Accounting Standard5 Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalemenls for ea¢h financial year which give a true and fair view of the slate of affairs of the Charily and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102}', make judgments and a¢¢ounling eslimales that are reasonable and prudent-, slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in th& financial slalemenls., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable a¢cura¢y al any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and delgclion of fraud and other irregularf(ies. Auditor Nyman Libson Paul LLP have expressed their willingness lo continue in office and will be proposed for reappointment as slatulory auditor. Approved by order of the members of the board of Trustees on and signed on their behalf by.. I'i10112eiL Ms M J Davles Trustee P8ge 6
THE COLLYER ENDOWMENT CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COLLYER ENDOWMENT CIO Opinion We have audited the financial slalements of The Collyer Endowment CIO Ilhe 'charily'l for the year ended 31 July 2025 which compiise the Ststement of Financial Adivities, the Balan¢e Sheet, and the related notes, including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted A¢counling Pra¢li¢el. The financial slalemenls have been Prepared in accordanGe with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in Order for the accounts lo provide a true and fair view in accordance wth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the slate of the charty's affairs as at 31 July 2025 and of ils incoming reSoUrS and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Ad 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant lo our audit of the financial statements in the Unrfced Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we havo obtained is sufficient and appropriate lo provide a basis for our opinion. Page 7
THE COLLYER ENDOWMENT CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COLLYER ENDOWMENT CIO ICONTINUEDI Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not coveT the other information and, exp1 lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our respon5ibilily is lo read the other information and, in doing so. consider whether the olhei information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears Its be materially misstated. If we Identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomalion, we are required to report that fad. We have nothing lo report in this regard. Matters on which we are required to report by ex¢eption We have nothing lo report in respect of the followin9 mallers where the Charities (Accounts and Reportsl Regulations 2008 requires us lo report lo you rf, in our opinion.. the information given in the Trustees, Report is inconsistent in any material SpeCt with the financial slalemenls". or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audrt. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial slalements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material mi5Statemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charity's ability lo continuo as a going concern, disclosing. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or lo Cease operations, or have no rèalistic alternative bul lo do so. Page 8
THE COLLYER ENDOWMENT CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COLLYER ENDOWMENT CIO (CONTINUED Auditors. responsibilities for the audit of the financlal statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obje¢lives are to obtain reasonable assurance about whether the financial slalemenls as a whole aro free from materi81 misslalemenl, whèther due lo fraud or error, and lo issue an ALJdilors' Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will aayS delecl a material mi5slalement when il exists. Mi5slalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they coulLI reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities. including fraud, are instances of nonrycompliance with laws and regulakn'ons. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The exienl lo which our procedures are capable of delecling Irregularrties, IllGluding fraud is detailed below.. In identifying and assessing risks of material misslalernenl in respect of iTregularilies, including fraud and non- compliance with laws and regulations, we considered the following.. the nature of the industry and se¢lor, control environment and business performance., results of OLJr enquiries of management about their own idenlificalion and assessment of the risks of irregularities., any mallers we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to.. identifying, evaluating and Complying wlh laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., the inlerllal controls established to rniligate risks of fraud or non-compliance with laws and regulations., the matters discussed 8mong the audit engagement team gardIng how and where fraud might occur in the financial slalemenls and any potential indicators of fraud. As a result of these pro¢edures. we considered the opportunities and incentives that may exist within the organisalion for fraud and identified the greatest potential for fraud in relation lo liming of income recognition. In common with all audits under ISAS IUKI, we are also required lo perform specific procedures lo respond to the risk of management override. We a150 obtained an understanding of the legal and regulatory frameworks that the ¢harily operates in. focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial slalemenls. The key laws and regulations we considered in this context included the UK Charities Act. In addition, we considered other laws and regulations that could have an effect on the charity and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance wrth these laws and regulations lo enquiry of the dire¢lors and other management and inspection of regulatory and legal correspondence, if any. These limited proceduies did not identify actual or suspected non-compliance. All matters in relation lo non-compliance with laws and gUlationS and potential fraud risks were communicated lo all members of the engagement team and we remained alert lo any indica110115 of non-¢omplian¢e throughout the audit. Page 9
THE COLLYER ENDOVIMENT CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COLLYER ENDOWMENT CIO ICONTINUEDI Our procur$S lo respond lo risks Identified included the following.. reviewing the financial slalemenl disclosures and lesling lo supporting documentation to assess Compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalemenls.. enquiring of management concerning actual and potential lrtigalion and claims., assessing the appropriateness and where appropriate with third parties concerning adual and Potential litigation and claims., performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fiaud., reading minutes of meetings of those charged with governance and cotresponden¢e with HMRC., in addressing Ihg risk of fraud through management override of controls, reviewing th& appropraleneSS of journal entries and other adjustments.. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias,. and evaluating the business rationale of any significant Iransadions that are unusual or outside the normal course of business. We are not iesponsible for preventing non-compliance and cannot be expected to delect non-compliance with all laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. inclLJding those leading lo a malarial misslalemenl in Ihe finan¢ial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions flecled in the financial slalemenls, as we will be less likely lo become aNvare of instances of non-¢ompliance. The risk is also greater regarding irregularities OCCU[ng due to fraud rather than error, as fraud involves inten110nal concealrnenl, forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial stslemenls is located on the Financial Reporting Council's website at.. ww.f.0r .uklauditorsres onsibililies. This description foms part of our Auditors, Report. Use of our report This report is made solely lo the charty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so th81 we might slate to the charity's trustees those matters we a reqUId lo stsle to them in an Auditors. Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilrty to anyone other than the charity and ils Iruslees, as a body, for our audit work, for this report, or for the opinions we have formed. Likn P LLP Nyman Libson Paul LLP Chartered Accounlanls London NW3 5JS Date.. 5 February 2026 Nyman Libson Paul LLP are eligible to act as auditors in lefms of section 1212 of the Companies Art 2006. Page 10
THE COLLYER ENDOWMENT CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unrestricted funds 2025 Restricted funds 2025 Endowment funds 2025 Total funds 2025 Total funds 2024 Note Incorne and endowments from: Donations {2,540} 3,085 545 13,163 Investments.. Investment income Allocation from unapplied return 16,249 52,976 69.225 60.477 52,976 152,976} Total incom8 and endowments 66.685 3,085 69,TlO 73,640 Expenditure on: Raising funds Charitable acliwties 15,173 15,173 95,668 17,579 75,691 95,668 Total gxpenditure 95,668 15,173 110,841 93,270 Nel gains on investments 180,050 180,050 243,519 Net movement in nds 128,9831 3,085 164,877 138,979 223,889 Reconciliation of funds.. Total funds brought forward 774,868 10,664 1,993,836 2,779,368 2,555,479 Net movement in funds 128,9831 3,085 164,877 138,979 223,889 Total funds carried forward 745,885 13,749 2,158,713 2,918,347 2,779,368 The notes on pages 13 10 28 form part of these financial stalemenls. Page11
THE COLLYER ENDOWMENT CIO BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Fixed assets Tangible assets Investments 347,426 2,158,713 384.752 1.993,836 10 2,506,139 2.378.588 Current assets Debtors.. amounts falling due within one year Cash at bank and in hand 11 2,540 456.714 424,731 424.731 459,254 CrediloTS.' amounts falling due wrf(hin one year 12 {12.5231 158,474} Net current assets 412,208 400,780 Total net assets 2,918,347 2.779,368 Charity funds Endowment funds Restricted funds UnStriCted funds 13 13 2,158,713 13.749 745,885 1,993,836 10,664 774,868 Total funds 2.918.347 2,779,368 The financial slalements We approved and aulhorised for issue by the frustees on signed on their behaw by.. and 19101 lit4L6 Ms M J Davles Trustee The notes on pages 13 to 28 form part of these financial slalemenls. Page 12
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 G9neral Informatlon The Collyer Endowment CIO 15 a Charitable Incorporated Organisalion, registered in England and Wales with the Charity Commission Icharily number 12093751 and is a public benefit entity. The address of the registered office is The College of Richard Collyer, Hurst Road. Horsham, Wesl Sussex, RH12 2EJ. Accounting policies 2.1 Basis of preparation of financial statements The financial st8lemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Chaiilies." Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities A¢1 2011. The financial slalemenls have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fairf view. This departure has involved following the Charities SORP IFRS 1021 published 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 Charity has taken advantage of the exemption under section 1A of Financial Reporting Standard 102 not lo prepare a ¢ash-flow statement Dn the grounds that il is a small. charity under the Charites Act 2011 and lo not provide the financial instruments disclosures including categories of financial instruments and items of income, expenses, gains or losses relating to financial inslrumenls. The Collyer Endowment CIO meets the definrtion of a public benefi't entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stsled in the relevant accounting policy. Critical accounting judgernents and key sources of e5tifflation uncertainty In th@ application of the charity's accounting policies. which are described below, TrLJslees a required lo make judgements, eslimales and assumptions about the carrying values of asse15 and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlwng assumptions are reviewed on an on-going basis. Revisions lo accounting estimates are COgnised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and futu periods if the revision affect5 the current and future periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting assets and liabilities al the balance sheet date are likely to resuit in a material adjustment lo their carrying amounts in the next financial year. Page 13
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting poll¢ies Icontinuedl 2.2 Merger accounting On 30 April 2025, the The Collyer Endowment CIO merged with The Collyer Endowment. following a register of mergers request to the Charity Commission. Prior lo the merger, The Collyer Endowment CIO had no assets, Iiabilrties or lurids. On 30 April 2025 The Collyer Endowment was operating with a surplus of £104,234 and had nel assets of £2,883,602. represented by UnStrICted fLJnds of £753,131, endowment funds 01 £2,117,494 and restricted funds of £12,978. Upon merging. the assets, liabililies and operations of The Collyer Endowrllenl were merged with The Collyer Endowment CIO, and The Collyer Endowment was subsequently dissolved. From the dale of the merger lo the year-end, The Collyer Endowrnenl CIO geneialed a surplus of £34.745. The merger h85 been a¢¢ounted for using merger accounting principles. Accordingly, the two charities have been Irealed as though they had always operated as a single enlily. The financial stalemenls, including the comparative figures, are therefore presented on this basis. 2.3 Going concern The Trustees closely monitor the financial performance of the Charty including projected fore¢asls and cash flows for the next three years and this has included considering the impact of Inflation arid current economic uncertainty on the performance of the investment pc>rtfolio. Having therefore assessed the Charity's financial position, ((s plans for the foreseeable future and the risks lo which it 15 exposed and, taking into account future expected income streams, the Trustees arè satisfied that il remains appropriate lo prepare the financial slalements on the going ¢oncern basis. 2.4 Income Interest and dividends from investment funds are included as r1Vable on the due dates. Donations a recognised when the Charity has entillemenl, receipt is probable anLf the amount can be measured with sufficient reliability. The recognition of income from1egacies is dependent on establishing enlillemenl, the probability of receipt and the ability to estirnale with sufficient accuracy the amount receivable. Evidence of enlillemenl lo a legacy exists whon the Charity has sufficient evidence that a gift ha5 been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the exe¢ulor is satisfied that the propety in question will not be required lo satisfy claims in the estate. Receipt of a legacy musl be recognised when il is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. 2.5 Expgnditur l expenditure is included on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activities ISOFAI as incurred. Governance costs include expenditure on compliance with constitutional and stalLJlory reqLJiremenls. Expenditure on raising funds includes all expenditure incurred by tho Charity to raise funds for its ¢harilablg purposes. Expenditure on charrtable aclivilie5 is inCurd on directly undertaking the acliv(ties which lurther the Charills objectives, as well as any ass¢xiated support costs. Page 14
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies Icontinuedl 2.5 Expenditure Icontinuodl Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a commitment. bul not accrued as expenditure. Staff costs have been allocated on an eslimaled time basis across activities. Support costs have been apportioned between activities generally on the basis of staff hours. 2.6 Tangible fixed assots and d8preciation Fieehold land and buildings are slated at cost, together with subsequent additions sl cost, less accumulated depreciation. Cost Df repairs, maintenance and general improvements are borne by the College. These properties arg held by the Charity in trust for the bengfil of the College. Nts depreciation is provided on freehold land. No depreciation is provided on the original College buildings due lo the immaterialily of the original cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraigh14ine method. The estimated useful lives are a5 follows.. Freehold propety 8 10 30 years The Sports Hall, Art and Design Annex and Sports Hall Annex are depreciated over 30 years, being their eslimaled useful life, on a slraighl line basis. The Range and Hut5 are depreciated over 8 years. being their estimated useful life, on a slraighl line basis. The Chanty currently has no tangible fixed assets lo which impairment provisions apply. 2.7 Investments Investments are staled al the year end at their market value. Unreali5ed gains and losses lor the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward. Gains or losses are shown nel on the face of the SOFA. The Charity applies a lolal return approach lo their investments. A base dale of 31 March 1976 has been adoplgd for delgrmining the initial capitsl valug and ¢al¢ulaling the unapplied total return. 2.8 Debtors Short-lerm debtors are measured al transaction price, less any impairment. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-lem highly liquid investments. Page 15
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policles Icontlnuedl 2.10 Liabilities and provisions Liabilities are recognised when there is an oblKJalion al the Balance Sheel date as a result of a past event, il is probable that a transfer of economic benefit will be requiTed in settlement, and the amount of the selllemenl can be eslimaled reliably. 2.11 Flnancial in$trum9nts The Charity only has financial assets and financial liabilrties of a kind that qualify as basic financial insliuments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Fund accounting General funds are unreslrrted funds which comprise monies which may be used towards meetirig the charitable objectives of the charity anij whi¢h may be applied al the discretion of the Iruslees. Permanent endowment funds are where the donor intènds the gift lo be retained peTmanently for the future financi81 benefit of the charity and reslriclions are placed on the conversion ol the original capital sum into income. Reslricled funds ale funds which are lo be used in accordance with specific reslriclions irnposed by donors or which have been iaised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specffic fund. The aim and use of each reslricled fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated lo the appropriate fund. Page 16
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Investment income Unrestricted Endowment funds funds 2025 2025 Total funds 202S Total funds 2024 Income from listed investments Bank interest Unapplied lolal return allocated lo income in the reporting period (Note 1 $1 52,976 52,976 16.249 50,107 10,370 16,249 52,976 152,9761 69.225 69,225 60.477 Total 2024 60,477 60.477 Cost of raising funds Endowment funds 2025 Total funds 2025 Total funds 2024 Investment manager fees 15,173 15,173 17,579 Total 2024 17.579 17,579 Analysis of grants Grants lo Insl(tutions 2L125 Total funds 2025 Total funds 2024 Grants, Promotion of education 8,698 8.698 9,450 Total 2024 9,450 9,450 Page 17
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of grants Icontlnuedl The Charity has made the following grants during the year.. 2025 2024 Gran15 of less than £1.OIX) 10 28 sludenls12024.. 24 students) Grants for specific activities 4,200 4,498 4,450 5,000 8,698 9,450 During the year the Charity carried forward grant commitments of up lo £250,000 to the College of Richard Collyer, which remain commilled lo al year end. Analysis of expenditure by activities Support costs 2025 Total funds 2025 Total funds 2024 Staff costs Grants paid 2025 2025 Promotion of education 14,577 8,698 72,393 95,668 75.691 Total 2024 14,213 9,450 52,028 75,691 Page 18
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of expenditure by activities Icontinuedl Analysls of support costs Total funds 2025 Total funds 2024 Depreciation Staff & support costs Audit costs Legal costs Bank interest 37,326 2,154 8.002 24,908 37,326 2,054 7,316 5,302 30 72.393 52,028 There were adminislralive costs incurred, as detailed above, bul no staff were employed directty by thè The Collyer Endowment CIO during the year {2024 - £NILI. Auditors, remuneration 2025 2024 Fees payable to the Charity's auditor for the audit of the Charit$ annual accounts 6,175 5,925 Trustee5' remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefils12024 - £NILI. During the year ended 31 July 2025, no Trustee expenses have been incurred12024- £1471. Page 19
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10. Fixed asset investments Quoted investments Cash Total Cost or valuation Al 1 August 2024 Revaluations Investment mana9er fee5 Income reinvested 1,991,852 180,050 115,1731 44 1,983 1,993,835 180,050 115,1731 1431 Al 31 Juty 2025 2,156.773 1,940 2,158,713 Quoted investments are shown al market value al the end of the year. The historical cost of investments at the year end was £1,730,841 12024.. £1.730,8411. All investments are held in the United Kingdom. Page 21
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Flxed asset investments Icontinuedl The breakdown of the total portfolto value in the general fund is as follows.. Investments United Kingdom Gill 4.250h 0711212049 Invesco Physical Gold ETC Microsoft Corporation Com Hilachi NPV United Rentals Inc Com Advanced Micro DeveS 84,427 75.881 59,255 54,409 53,581 53,278 51,792 50,932 49,782 49,266 47,869 47.589 47,336 44,313 44,133 44,122 44.012 44,000 43.275 43.127 42,640 42,151 42,D65 41,503 41,420 41.164 40,742 39,608 39,189 39,041 38,922 38,820 38,560 37,530 37,137 32,522 GE Aerospace Unrted Kingdom Gill 4.250A 0710312036 Waverton Global Strategic Bond Fund Amazon.com Inc Com Synopsys Inc Waverton Asia Pacific Fund Alphabet Inc Sumitomo ThAilsui Financial Group Inc IBM Com Astrazeneca PIC Shell PIC Yum China Holdings Inc Ferguson Enterprises INC CME Group Inc MontLake Dunn WMA Auloliv Inc Asahi Group Holdings Indilex Technip Energies Marsh & McLennan Cos Inc Sandvik AB American Express Co Com Inleraclive Brokers Group Inc TE Conneclivily PLC Tencenl Holdings Ltd Visa Inc Com Amadous IT Group SA GE Vernova LLC Canadian Pacific Karisas City Limited Waverton Sterfing Bond Fund Page 22
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Thermo Fisher Scientific United Overseas Bank Ltd 31.413 31.018 28,036 27,194 23,097 21,016 20,974 20.551 18.605 18,568 16,698 11.433 10,275 9,977 9,749 9,231 8.961 8.717 8,687 8.606 8,599 8,463 8,435 7,164 6,789 3,371 UnitedHeallh Group Com United Kingdom Inflalion-Linked Gill HICL Infrasltuclure GreenGoal UK Rakuten Bank Ltd Mayfair Capital Property Income Trust Deulsche Telekom 31 Infrasliucture Anglo American Whilbre8d Group PLC Bupa Finance pl¢ Inlerconlinenial Hotels Group PLC Legal & General Group PLC The Charities Property Fund CVC Income & Growth Limited Nalwesl Markets PIC Ford Motor Credit Co LLC Rothesay Life PLC Pension Insuran Corp PLC Burford Capital plc BP Capital Markets PLC Supermarket Inc Reil Pl¢ Barclays PLC Starwood European Real EST FIN LTD Transitory cash accounts 105,753 Dlrect cash accounts 2 158713 100 Page 23
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11. Debtors: Amounts falling due within one year 2025 2024 Prepayments and accrued income 2,540 12. Creditors: Amounts falling due within one year 2025 2024 Arual$ and deferred income 12,523 58,474 Page 24
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13. Statement of funds Statamant of funds- current yaar Balance at 1 August 2024 Gainsl Balan at (Losses) 31 July 2025 Income Expenditure Unrestricted funds General Funds- all funds 774,868 66,685 195,6681 745,885 Endowment funds Endowment Funds - all funds 1,993,836 {15,1731 180.050 2,158,713 Restricted funds Quincenlenary Fund Peter Hordern Prize-giving Fund 10,664 5e5 11,249 2.500 2.500 10,664 3,085 13,749 Total of funds 2,779,368 69,770 1110,8411 180,050 2,918,347 The Quincenlenary Fund was established lo raise funds for the development of the College and ils buildings. The Charity will hold and invest these fund5 on behalf of the College until qUid. The Peter Hordern Prvze-giving Fund was ¢reated to support and provide grants and prizes for the students of The College of Richard Collyer. Page 25
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13. Ststemont of funds Icontinuedl Statement of funds - prior year Balance at 1 ALJgust 2023 Gainsl Balance al ILosses} 31 July 2024 Income Expenditure Unrestricted funds General Funds all funds 787,542 63,017 175,6911 774,868 Endowmellt funds Endowment Funds - all funds 1,767,896 117,5791 243.519 1,993,836 Restricted funds Quincenlenary Fund 41 10,623 10,664 Total of funds 2,555,479 73,640 193,2701 243,519 2,779,368 14. Analysls of net assets bgtwggn funds Analysis of net assets between funds- current year Unrestricted funds 2025 Reslricled Endowment funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments 347,426 347,426 2,158,713 424.731 112.5231 2,158,713 Current assets 410,982 112,5231 13,749 Creditors due within one year Total 745,885 13,749 2,158,713 2,918,347 Page 26
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Analysis of net assets between funds Icontinuedl Analysls of net assets beiween funds - prior year Unreslricled funds 2Q24 Reslricled Endowment funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Credrtors due within one year 384,752 384,752 1,993,836 459,254 158,4741 1,993,836 448,590 158,4741 10,664 Total 774,868 10,664 1,993,836 2.779,368 1S. Unapplied totsl return Trust for Unapplied Total Investment Total Relum Endowment 1,729.876 263,960 1,993.836 Balance as at 1 August 2024 Movement in the period Invttslmenl retum." dividends & intere51 52,976 180,050 {15,1731 52,976 180,050 115,1731 Investment rèturn. realised & unalised gainslllossesl Investment management costs Unapplied lolal return allocated lo income in the reporting poriod Ngt movements in the period Balance as at 31 July 2025 152,9761 152,9761 164 877 158713 Under Section 104A of the Charities Act 2011, a resolution was approved by the Trustees dated 11 January 2022, allowing the adoption of a total return approach lo their investments. A base date of 31 March 1976 has been adopted for detemiining the Initial capital value and calculating the unapplied lolal relum. Related party transalOn$ Donation5 made by Trustees to the Charity during the year lotalled £012024.. £201. G Lawrence and E Bridges also seNed as Govemors of The College of Richard Collyer. During the year, the Charity paid grants of £8.698 12024". £9.4501 lo the College. Adminislralive costs of £53,132 12024.. £41,708) were reimbursed by the Charity to the College. The Charity has not entered into any other related party transaction during the year, nor are there any outstanding balance5 owing between related parties and the Charity al 31 July 2025. Page 27
THE COLLYER ENDOWMENT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 17. Post balance sheet events The College ¢onverted to academy 51alus on 1 September 2025 and the Supplemental Land Agreement was executed as a de&d and sealed by the Department for Education on the 27 August 2025. Page 28