2024-08-31-accounts

Colfe's Charitable Trust Annual Report and Accounts 31 August 2024 Charfty Reglstratlon Number 275447

Colfe's Charllable Trust Contents Reports Legal aml adrthl8tral￿ Infomiatlon Truslees, repoyt Independent exornlner8' report Accounts Staten￿nt of ffinanclal actlvitles Bslancg Shaet Notes to the financlal stalemenis 9-13

Colfo'8 Charttablo Tru81 Legal & admlnl8trth• Infomiatlon Th•l¢lltrwth9 8•Nod dwlng the yaAr8nd were In oflko al th• d•t•of apwovd olthe acoou8 forthe ye8rended 31 2024.. Mr. S Polito (Chaimmn)" Mr. M. Gatlwnyht Mr. l. HO￿0tte Mr. M. Pellereau. (Chalmwn ofTw•ta•• ofCoWe'8 School) Mr. A Rodg•rs Mr. R. Rwsoll (Headrn8gtwofCoW•'• S¢hooD ominee ofThe Leather8811•rn' Comp Clerklo t￿ Trustees: Mr M Adamion Addr•sg'. CoWe'$ SCI￿01 Hom Parf( Lan• London SE12 8AW Ind•PW￿OTht Exarnlner. Op•M 8Mfry•, Wl4on & Honty LLP. Athlrn88: 98 Stokn Road ¥rd¢up Kent DA15 7BY Bonk￿. HSBC Bank Pl 100 Brg3d Slreei London E￿2N 1BG Inve81ment Managern: M & fj wurn8 ua Lavrence Pouln•y HHI London EC4R OHH CCLA $on•tor H 85 Qu8gr¢ Slro8t London EC4V 4ET

Colfe's Charitsble Tnot TruBtO08 R•port for the year ended 31 August 2024 TnJ8lee5 heT8with submbt th•r rnport 8lotYJ wilh thè finarrial statements of the charmy Iw ts y•ar end 31 August 2U24. The fIng￿la1 8latemènts hav• been prepared kn accord9nco wllh thg accounllnq polldas $01 out ￿ pag• 9 to 10 of Ihe Financi81 Statements roport aftd cornply with the chorfV• trugt deed. Ihe Ch81ilh8 Ad2011 •nd Accounung and reporting ty Chwitkn. 8tru¢lur•, gtiv•rnanco and m•nagem•nt CoYe'8 CharitabL9 Trust i8 a reglstered ¢11ority (nUM￿r 275H7). govemed by a Deed of Trusl datad 9 Mar¢h 1978 which ha6 been approved by the Ch8rfty corrthts￿1jrtéTr. Core's Chwilabl• Tru•l'• •18tu8 u o Glwly tr bBen r8cogni8ed by the Inlgnd Ro¥onu•. Th8 OeclarnlvJn of Tr￿t states Ihèt no morn than fiftè8n p•rson8 shall fomi the Bogrd ofTru8lws. Oftheje a n￿rnUm of 8lx may be appolnled by Ihe warde￿ and Socty ot tho Mistery or Art ofth• L00thor$8ll•r8 of th• Cty ol London (the LeathernèllèrÈ' Ci)mpanyl and no rnore than nine by rnsolulton of thè Truste￿. Th• latter w• drown from •x-puplls. parants •xl8ttng and fom)•f pupiIB and #t•ff of CoW8'8 School. Tn we requlrnd to 9￿& ￿ notlce of rellremenl. Publlc B•n•fil Tho Deel8raUon of Trusl 8tatOB tho1 the TwBlee8 •hdl appty the an￿lIty of lh• Tru01 Fwd lo tx for •u¢h chaiitable purpos￿ ¢onnocied wllh the School 18 the Trutstees 8h811 frryn tlmg t¢ Ilm• In thglr tholut• Ifiscretion detomilne. Or 8u¢h )th•r ¢horllable Purpos￿ or such chw4bl• loundalh)n$ (whather or nc eonn8ctod wh the School) a8 tho Truslees $hall In Ilke mamer detwmln& pmvld•d that tha TnJst8•B th811 bèfore oxerciBing Ihelr dl8crollon. corffjlder kn the first pt&x the requlr•mnts ol tho School. Tho Tmst confim) that have o(K)stdered the c￿rity Ccfflml8sbn$ guldance on publk b￿fft wh•n piamlng th• 8thrt￿ of the charty and beNeve that thoy provKle a clear publlc benefit Rl•k Ilanag•m•nt Th• Trust••8 hav• rovwed thg rywjor to whkh the ¢harlty IJ exposed re￿Ing to th• op•r•tloM of th• ¢harfty. ils In￿S￿ents and tt8 flnanc8s. The Tw8108 bofieve that by •xwnlnlng tho specitl¢ and general bu8in¢8B and Op•ratI￿￿1 rfsks foced by th• chwity. by rnring (>Jntrob gxl¥l ovor th6 firwicial system6 and ¥af• (u¥t¢dy al Ihe charW• assets ond knve8tm8nts and by rnonknrlng ts ￿•r1• of the ¢harfty thoy ha $￿)10￿•dOffocIh•moOnsI0rnIlI￿0 ¢hoJe risk& TheTru&lees areaw8rooflho¢h8rlty'J relanceon 8er¥YA8 pmlded by Colf•'s School durfng th• year 4nd h•m sought recei4d a￿￿rance of thelr con11nuan￿ In t1￿ futun>. Inffttrnnt retum$ w• ffAJnllor•d elosoty ty th• INt￿ and any grnnt• mado. vo Mnsldw•d •long8ld• Invostmont r•lTh. TfUAt••8 bal￿ dlsburnwnonts in aC￿rd￿¢wIth tho lontrtemi obltctweg olthe TruBt

Colfe'$ ChariE2ble Trust ObJ•ctl¥M and athltl•• The TruBI Is raspon8lbla lor managing fiJnd8 ral8ed by Colle'8 School D8velopménl office. Th• fundo ral6•d from Campglgn appea18 and other fundraisiig 8rAfvftkns are appllod for Ih• benefrt ot educalbn at Coffg'j Sthool and In Ilno Wtth tho donor8 dlreclfve8. Tho prlrAI ahm ofihe Development ofnco's fundrahkng forthe prnrf¥lr)n (me8nJ40Sted sclM)larnh￿ In I Collg'$ Sixth fomi. Donatlon$ typic¥Ity TO￿1¥&d th• Expondable Endowment and are r•GognlJ•d 88 nalod Funds, Lynrwlith th• TnMteM hm dl•¢roUon to •xp•nd both and Incom P•ymwts mad• durfng th• yw from Rerfthd Fund8 w•re to mo&1 lh• Sthoof8 I￿¢￿¢ requests Ind w• m•Je In 8ccordance ￿th Ihe vlJho8 of th• donors, Achl•v•m•nts durlng tho yfjttr Durfng 202&24 ￿1 hK¢mlno r••ou￿oI forts Clmrly from ih valh￿ lunds amounted to £348.o30120￿' £619.758). Included wlhln IrKom?. 18 on accru81 ol Incm ol £189,823- thi8 IB an addlllonal paymgnt from an esta from whlch lh• In11181 cy was ow)unt8d 2022ra3. ForrMI ajnfjmth of th1• tThunt bggn A l•ga¢y of 8pproxlmatety £500.000 wa8 btyuQalh￿ to ttw 8¢h¢￿7 In 2020r21, butwas delayed du• to ¢hlm• ag•lnil th8 benefa¢torf8 0510ts whth hav8 b88n contes￿1 In COU￿ v￿u￿ of Ihl¥1gg•Gy e81]matsd to be £300.IJOO, A m•dlat•d 8attl•rn•nt Is allr•&1 kn pl1ndp￿ WKI TNslee8 areconfldanl that 6twnl ￿ Mc￿¢d by th• Trust kn du• 11 1$ th•rdor• h￿￿KI•d in Ihe accovnts •$ arAxrfiNJenl Mi•L Th TNJt b ad¥lMd on th1$ by ￿ •¢fktt¢rn. Tho g•n•r81 granl of £60,000 for Ixnèrfes for 2ff23f24 rellecl8 that •pprov•d by lh• Truit••8. Tho grant awarded kn 2022r23 w8J £SO,000. In addltton. mtdcled have beon p•kl aw88 to CoV•'• Sctr#>)I far an addltkn81 bursary and a donatlon tow8r(1$ orGhlvlrvJ. Fln•nGl•l Revl•w Tolal income for Ihe year w•5 £346.030 (2023: £819.7581. Th1¥ ¢¢mprh•d donallon• and oth•r h)¢c f•ceived of £260.703 (2024: £548,822) including a hgaGyOJnatlon8 01£206.70312023'. £484.5301. In￿styn0 h)com• and Intw•sl amounl•d to £85.327 {21Y23 .' £70.936). R••tri¢W donatlon8 were recelved bn lh• yow for adJfdonAI bwsart•B, cant1n￿ •upport for lknlnkn 81udent8 vtho hav• been at th• CoN•'8 School 2022 and 8 ¢Qntrf￿kffi tt) th• SGhool8' Combin•d Cad•t £513 wa• wondod ¢)n lh• ¢081 of gfjnfjrnung luNts (2023: £283), and £2.135 (20U' £2.186) was oxp•ndNI on g0veM￿¢4 t￿418. Gfgnt¥ of £84,545 wwe mad• (2022: £84,131). Thts InC￿de$ wants la £24,545 In r￿ath￿ to rn8trlct•d S)rA1knTr6. whkh hov• b••n ip•nt accordlnlliy. The net iwAming rnsour¢88 for th• y•ar b•fore Ltnr••ll8•d g•ln$ l (h)s8e8> on InW•In￿lI £258.831 (202&. £533,15n.

Colfe's Charitable Tnwt T¢1 unre81i8ed ggkno on 1nv8slry￿ntr were £134.378 (2023.1068 of (£83,591)), All r•oll•ed and unrea g•ln8 kncurred on the Irwe8lment Portfollo arn rptalnod In tha rypropre fun Total Increa8ed by £393.215 from £2,225,063 1¢ £2,618.278. The TfU8teai Ix)nfirm Ihal th• caoh balanc￿ and D85ign&ed Investment Funds ww• man8ged an(1 irNe6ted in 2￿c[danCe wthh th• Tru•t D•¢d both durfng ¢ourn• ￿th&Y￿ and al th Balenca slteet Flnandng of Gr•nts OMt• arn fffjan¢￿ kKome derlved from donAllon•. Gfft Aid. dlvtd•rth wwj Inter￿L The. Truth conBlderlhg Chwitablo Tnmt has 8uffictenl 88eets to I￿1 Its obllgth In¥o#tm•nts and R•i•rve• Pollcy Inve8lmenlB are m￿aged to mBlnlaln tho TN•ts 18vel of gMnA •• noted obM 'ObJ•cts¥M and Inves1m￿lS arn hold In M&G Yhe Equlilgs Investrywnt Fund for Ch8rlile$' IChpAund) Yhe Ch8rfbond Charlleo FiY•d Int•rn$t Common Inve8lment FurKf (Chathond} and COIF Charitle6 Irwestrnent Fund. The balanc88 held on all Fund$. vlth the exceptton of th• R•8trfctod Funds, aT• held, agalTrBt I￿Ure projects to be agreed by the Tw¥t￿ Tho relege of mon1•• Imm the R•slrkted F￿d Is made In accorfance wtlh the donorn. wi8he6. R•lat•d Partlo• D•tsli of¢(￿8¢¢ed an11￿8& a)d trar￿aCtIo￿ b￿W￿lheM Arngfv•n In Not• 13 to Ihe Flnanclal Managgm•nt Tha Tru81 Tell95 on CcAlo'$ se1￿1 fornwnagement forwhich I pays no chgrye. Th• d•clglon8 ollh• Trubteei 8re Dxplemented by the full tlrne slgff ofthe Sehool. The cogts of tho 08¥obpm•ni oifi¢• aro bom• by the School. The rotallonjhlp bth••n COM•.8 Charftsbh Thmt and Colld8 School ft• D￿￿0p￿nI 01r￿8 aTB foThalbsed In tho Fundrnhln9 Agr•orn0rt and Tru8t'8 Inv48tmenl and Grrt PdKy. Trust•• R••ponilblllll The law •pplicabl• to clwlttey kn England And Wafe• wulrts th• trt￿l••• lo propwe acc¢)unts for èach lknan¢W yeor whtch a Irue and falr ￿￿•¥ ol th• fmanctal aclMtIM thJtNJ the year and of rmancknl po8lllon et the end ol tho yew. In pmp#rfng financlal •tatemwlJ glvlng o Iruo and lalr vlvw, tho Iwsteeg ghould follow b881 practirR 8n(t S¢le¢t SU￿19 a￿LI￿O pollct•s arKI then apptyth•m con818terlly Mgk•ludgMigrts and e8tkn&teBthat aro reasonable and prud•nt been kIlow￿, sutsJKI to mt•rtal d•p8rtum disclosed and explalr*l In Iho fjn8ncMI

Colfc's Clurittblc Trust Preparo the IlnBn¢l81 statements on the going concern baytg LEnle581116 Inappropriate to presume that the ch8Tity will continue irb operailon. Th• trust0è5 are r8$p¢nslbl• for keoplng proper a¢¢ounllng r8¢ord5 whkh dls¢lose wlth reasonable a¢¢uracy Ihg financlal poshlon of th9 ¢h3rity and whl¢h enoble Ihgm to ensuro that the ffinanclal slalemen15 comply wilh Iho Charities A¢1 2011. Ihg ChaTity (Acwinls and Reports) Regutalions and th8 provislons of the Irt￿t deed. The twstees arè also responslble for s8feguardlng the 8s$el$ of the eh8rfty 8nd hence for taking reasongble $tep¥ for the preventlon and deleclion of frdud and other irregularities. Approved by the Iru$lee5 on 3111 I and Signed on thelr behalf by . Simon Chalmian Colfe's Ch8Fllabl8 Twsl

G4fe'$ Clutitabk Tntst Indopondont Examln•T8' Raport ftir the year ended 31 August 2024 R•port ofth• Ind•p•nd•nl •Mmln•r to ¢h• tru•te•8 of Collrfs Charknbh Tnmt I reprffl to tha tn￿tea8 ￿ my examlnatton of tho a¢cMls of Cowoh Ch•rftabl• Tru8t lor th• year orKled 31 August 2024. R•SpOn￿bIlItIeS and bts1• ol r•port A¥ the chwity trustees oflhe TNJt you are re8pon8lblo for tho weparalton Of1￿ accounts In a￿lIdiN￿e￿￿h the rnqutrements oflhe Charities Act 2011 fth• kri. I report In respect ol my examlnallon of the TTu4t'8 account8 c&nled out undOrM￿lon 145 of ￿ 2011 act aThJ in ¢wrylng out my examination I Iwè followed am the oppllcoble DlrOGtloM gbv•n by tho Chwity Commission under Beckn 145(5llb) oftha ACL Ind•pondentoxamln•e$ •tAt•m•nt I h•v• cc¥npleted my examlnalion. I can confirn that no mat•ri•l mattar8 have eom& to ry atlentlon In onrthn wilh th8ex8mwMtion giwng mè cau8e to bef￿0 Ihol In w materfal mspe¢l: 1) accounling ro¢ord8 were nol kopt in wpect oftha Trult as requlrod by secllon 130 dtheAc¢: fx 2) the ￿COunts dD not ac￿rd with lh￿• recordo. or 3) thg acctyjrts do not cth wkh lh• appllcobl8 rnqutr•nKgnts conG•mFng lh• fom cRegulgUoM 2008 othwthanony requiremè that the accounts a tmo & law vrew whl¢h IB not o mthr corffjkl8red as paFi ol an indep9￿9￿ txaminatsn. I hw4e no concem8 and hav8 Ctxx• acro88 no otlw mattern In connecuon wlth tho •xamln•tbn to wlkh altontkm 8houkl be dravm In th18 rowt tn order to •nAbl8 a proper underslondlw of tho ac¢ounts lo b• Mtyn Finn Opa¥8 81111ngs. Vknn & LLP 98 Staikn Road SI￿uP DA15 78Y

Colfe's Charitabk Thut Stalemont of Flnanclal AGtlvitles For tho Y￿r Ended 31 August 2024 Totsl Fund• 2024 Q•n•rnl D•n•t•d R•lel•d Endry•d Fund Fund lund• Fund• Total Fund• INCIXE 220.716 4011 703 93 TOTAL NCOME 29.011 TURE ¢rnt¥ olrnlihvj 513 813 62,135 N•tlntomlng R•wurc•• b•forn N•tln¢•mlrffj R••)vrG•8for th• y•¢ IM1 16 151 Imjtmwts 4e8J 11441 1Q284 Il•t knm•nt In Fund• ai It 1 S6trf•tr 2023 AS qt 31 Awt 2024 122 All operatlon¥ of the Charftable Tnjst CortInu￿ thrnughout both perfods aThl no oprallons wern acqulr•J (Y dl•Gonllnu•d In •ltharporfod. All rwniBed gHtnB and hx8ebdwlngthoyear8te In¢tudedwMhln tho Statwnonl of Fb1•nd￿ Actr41tM. The nots• on pap8 9- 13 fomi An lrt•grnl part 01th￿8 FlnAnclBI 8tat•m•th.

Colfe's Charitable Trwt Balance Sheet as at 31 August 2024 Nple$ 2024 2024 2023 2023 Flxed A*•ts Inwlmenl putfolios ai mark8t Ngluè 2 26S 769 1.581.381 Curr•nt Ag8•ts Cmnl Ime81ment Assets 232,722 136 389 369,111 510,239 138.382 648,601 Cash at 8ar& and In hand CTethtors . •nounts falllng due vAthtn one yeAr 592) 14,9191 362,519 Tot￿ as$et$ less Cwent Ilabllities 618 278 Rgprn•ntod by: Funds •nd rng•rvg¥ Endowed Funds Restrfcted Funds Umestrfcted Funds Deslgnaled InsFstment Fund Geft•rdl Fund 10-12 10-12 10-12 169,122 18.386 157,151 33.042 2,034,016 396,7 1.885.597 148.673 2.034 270 Approvod by the Twstsas on 31iz nd signed on thglr behalf ty: Slmon Polftlo Chaknian- g's Charftablp Trust

Colf¢'s Chuilable Tn Notes to the FlnanGlal 8tst•ment8 for the year ended 31 August 2024 l Accountlng Po4¢1•• B••l• of Piwr•Alon T1￿ Finan¢l41 Pjtatements tAve been prepared In Bcc¢yil8n¢• wtth ￿￿tCab Lknmed K¥dom ac(wntlThJ •l•ndard. thg SORP (FRS 102) the Chrftle8 Act 2011. In¢omlng R•3our¢a3 Inc¢mlng re8ource8 arn recognised in thg period in whkh th• TN8I b errtttled to recL In¢omg 8r181ng on UK Investsnents and on benk depo$lts is recognlsed vthon tho incthne f8 due. Drywtlon¥ reco1￿1 in Ih? forn ol share¥ or othgr langlbl• ond lrntangfole as88 are (r￿PoS•d of al tha earlle81 practlcal date and the prDCe brought knto oGGounl, Su¢h o$$ets held ot the yw end are sc￿1n10￿ for at ffl8rk•t value. R••ourc• Exp•nd•d ch￿￿ble Expenrfrture Atl graTrts are charged in the year in whkh Ihw Rre apprO￿d by the T￿¥19￿ to lh• •xtsnt Ihw gr• poyablè out olth8 curr•rt yea¢8 Income and iurplu• rewurc8s Irom prevknus yMrn. GovernanGo ¢oBts comprise th088 whlch felale to serv1￿8 klffilffl￿ aB ralallng to tho C8ntral management •Th1 odmlssion of th• thorlty ond compllAnM wlh con8tkUti￿oI and •latulory rnqulrements. Th￿¢ costs are ¢h•rged on an occru81 b￿1¥. Inv••tm•nt• In¥e•tmenls held as Flxed Awts arn Indud•d at the year￿1 at Market Value. belng the rnarkel oftho ¢¢)n8titu8nl hofdlngs at the clo8e ol bu$ln•s8 on 31 August 2024. R•gllBed and unreall4ed galn8 al￿ b8• are includod in th8 Statement ol Flnanclal Actfvlll•• Fund AG¢#untlng Tho DuvJnated Inv88tyrnni Fund reprwerls amowts PLrt 8•lJ& by tho TN8t8￿ tt> produM o regukqr formegnB-tsst¢d 8¢holorshlps al Colfg's Sch¢￿. Donation8 that ar• not¢•pli81 restrfcled ar&rnc•l¥•d lrto th• Eynd&>b Endowment and rKogn¢d a• D•slAn&led Fund•. Th• DosSona￿ Fund l unrKITkled and mv4 u￿d at tho tthl dlw•lk)n of the Truee Dorths that ethny 8peufic rerkllon• wo r•c•lpknl tnto th• R•81rfCl￿ Fund. Thii fund comwtse mon rntsed fijr, or thelr use re8trfctsd tA • •paelfte purpose. ¢rcA)ntth>ullr)ns suti8(a to donor lryo•ed rBstrtLion8. The EndMn•nt fund comwlses monle8 whkh aro h•ld on tru•t to bo r•tdn•d for th• b•n•ffl Of￿ chw6ty a opltol fund.

Co]fe's ch￿1¢•ble Tntst FlnAncl•l In8trument• The TN8t only ha8 financtal es8ets and fman¢lal Ilabllftfes of 8 klnd that qualfy as ba¥tc fin8n¢181 in8tNmeN5. t¢ financlol tnslrum¥￿ wo Inlltalty rncognis•d at tranAactton value and sulwuantly mea8wod al thdr Solu￿ent valu¢. D•btor¥ Dobtors arn Inftlalty Rcorded at faIrva￿e and afo asse88¢d for Itry)almionl at each balance ¥ha•l dth. Wany Irro8lmwnts Iho debtors are reffjeasuredto th• pre8errt yalua af future cath Inllows. Cmdltgrn Cr¢dltor8 arn Intt￿￿ recorded th falrvalue and aro th￿ ro4tm￿Urnd to the pr•¥•nt ￿lu• ofth• •xP•￿￿1 fuiure ¢g¥h oulfvw8. 10

Colfe's Charitable Trust Noto to th• fknan¢lal 8latsm•nts For the Y￿r Ended 31 August 2024 lJw•ktyd D•dgnwl•d 118M 741 281 I170 47,802 620 2K2$1 22Q718 011 10.976 XQ703 Unr•drd P4Jd 327 281 513 513 MChirft&bl• Athtll•• IIN•lthd PAJld OrnnlA To ¢oif•*l¢ho01 li Mnn•Etyd Cth•dty) 4nd vI￿nI￿ Fund 1.8T2 4017 14.L 14200 1136 1135 1185 01135 24J45 ￿10 1l•Jl 8,047 11(K¢ 11 11

Co]fr'$ Charitable Ttt￿l Not¢M to the financlal 8tatsm•nts For th• Y•ar Endad 31 Augugt 2024 UK ot 1 a•pi•mbw2 1A•I.381 •t 125759 1.601A hvknert hln irfurfllh￿ ¢(XFIX#y 16.708 119.02J 16.418 4M. 17.124 2JP 11 V&wm•rknln Fun Fw FLmd5 Furd 2024 Tdd2 146n IA47 31N2 157,151 124LI3 J¢11 1,6B7 2M837 111 10,204 124.378 3K7Y IW.018 169.122 2.611278 1,765,497 631157 113,11 1225. Ay12Q4 12

Colfe's ch￿1tble Trut Not•• to th• finanGlal 8tatsm•nl• For th• Year End•d 31 August 2024 11 Il•rt¢i•d Fthid• l￿n1•r BB14fK• W •t l 8¢ptwnbw2023 Tr￿forth 68Nrn1 7MI8 1.750 {628 4842 1.4B• 9.289 Gwts 8thK•4131 Atyt ￿24 813 12 An•tyd•dA•tsB•tw••n Fun hMthi•nt RMtthi•d Erthd IFur 194 1018.845 1472U a3￿7 ¢tsh al Blb •ml 741 211.lJ 1gJ 126. 3J39 2JITI1 e61 2 611218 P4bJln ymr A• * 311t Augwl 2024 CltN•tl•fvt¢FA￿• LtsnE•ofn.gT2 loCgW• s¢￿ rx&. t1300)￿ C￿1￿4 c1£16,79J s¢1¥>￿ tocdf¥ (￿￿tI￿lITANI r1123: £486.03¢1 14 ¢•n•rttA•ts Al 31slAtyNt 2024 4yoxlffl*iy t>J)AW (2￿￿ knrnf•lknlo l 13