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 hO￿ing such reserves of up lo an averaoe of six months of reSoUr￿S 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 SoUr￿S
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 per￿ntsge 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
reSoUr￿S 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,
ex￿p1 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 a￿ayS 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 proc￿ur$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& appropr￿aleneSS 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.. w￿w.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￿ reqUI￿d 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
Un￿StriCted 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 Un￿StrICted 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 r￿1Vable 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 inCur￿d 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 re￿iVed 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 Dev￿eS
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
A￿rual$ 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 ￿qUi￿d.
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 & un￿alised 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 transa￿lOn$
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