Annual Report and Accounts 31 August 2025 Charlty Reglstration Number 275447
Colfe's ChBrftable Trust Contents R&ports Legal and adminlslralive information Trustegs, report Independent exarniners, report Accounts Statement ol linanual activitie5 8alanoe sheet Notes to the finanelal slalements 9-13
Cojfe's Ch8rttable Trust Legal & adminlstratlve Informatlon Trusteès Thtr following served durfng the year and In officE al the dale of aPPlDval Df the accounts IOT year ended 31 August 2025.. Mr. S Pollto Ichalrmanl. Mr. M. CBrNvrtght Mr. l. Harjetle Mr. M. Pellereau. ICh8irman of Governors of Colfe's School) Mr. A Rodgers Mr. R_ Russell lunlll 31 August 20251 'Nomlnèe of The Leathersellers. Cornpany lo the Tru$lges.' Mr M Adamson AddTess.' Colle's School Horn Patk Lane L88 London SE12 8AVV Independent Examlner. Opass Billlngs, Wilson & Honey LLP. Addres5'. 99 Stath?n Road Sidcup Kent DA15 YSY Bankers: HSBC Bank PIC 10D Broad Str881 London EC2N 1BG Investment Managers.. M & G 8ecurltfes Ltd Laurence Poulney Hlll London EC4R OHH CCLA Senator House 85 Queen Vlctorla Stre&t London EC4V 4ET
Colfe's Lliar]tabl¢ Tni%t Trustee¥ Report for the year ended 31 August 2025 The Trusteès hr8wilh subrnil their report Èlong wlth the financlal 51alerngnls of th& Eharity for Ihe year endpd 31 August 2025. The flnancial statarn8nts havB been prèpared in accoidance with the acwunting poli¢ie5 set out on pagg 9 to 10 tsf the F'.nancial Stalernen15 report 8nd comply with the chorily's trust deed, the Chaiilies Act 2011 and Accounting snd pOrting by Charities. Structure. govemance and management Colfe's Charitable Trust is 4 fEgi$ttred charity (number 2754471, govÈrn8d by a Deed of Tru51 dated g M8rch 1978 which has been approved by the Charity Comm1s5ioners. Colfe's Char118ble frusl's ststU5 a5 a charlly has been recognised by the In18nd Revenue. The Decler4tK>n of Trust sl8les that no more Ihan frfleén persons shall form the Board of Trustees. Of these 8 rnaximum of six may be appoinled by the Ward&ns and Society of the Mislery Dr Art of th• L&alhersellws of Ihe Clty of London (the Lealherseller5' Cotnp8nyl and no more than nine by resolution of the Trustee5. The tter arè drawn Irom ex-pupils. parents and existing and former pupils 8nd staff of Come'5 Schod. Tru51ees are required to give wrltten notlc& of retirement. PubllG Beneflt Tht 08clarabon of Trust slates that the Trustee5 shall apply th6 entirely of the Trust Fund to or for $u¢h charilabie pur$& connected with the School as the Tru51ees shall from time lo lime in their absolut diSGrelLon delermine. or su¢h other charrtable purposes or such ch8rftabl6 foundgtion5 Iwhelher or not eonnecled with the School) a5 the Truslaes shall in like tnanner determine, provided that the Trustees shall before oxerusing their discretion, consider in the first place the requirements of the School. The Trust Deed wa5 amended by resolution on 16th May 2023 to create a speclal trust for charitable purp0585 connecletl with Colle'5 SchocA In the form of an &xpendab19 endowment. The Trustee5 confirm that they have considered the Charty CDtnmlssiMs guidaryco on publlc benefit when planning tre activities of the charty and believe that they provide 8 clear public benefit. Rlsk Management The Trustees h8YB revl8wed the major risks lo which Ihe charity is gxposed r&lating lo tho operations of th• charity. 115 inve$trn8nls and 115 finances. The Trustees believe that by examining the specific and general business and opgrational risks faced by the ehBrlty. by ensurin9 contr¢l$ ex131 over the finanoal sys18ms and $8fe custody of Ihe charRy's 8sset5 and InvgÉlm8nts and by moniloring the reserves of the charity they have esiabli$had 8ff8cIive rneBn5 to mitigate those risk5. TheTrustèes are aware of thÈch8ri1Ys reliance on SeNices provided by CoK&'s School during the year and have sought and received assurance of their continuance in the future. Investment relums are monitofftd dosely by the trustees and any grants rnade. consid8rgd &ongsidè Investment r¢turns. Trusl8e8 b81Bnce disbur8emants in 8ccordanc8 with the lontom objectives of Ihe Tw$t.
c.olfc % C.harirablc Tnisr Oblectlves and actlvltles Tha Tru5115 responsib18 for managing fvnds ralsed by Golle's School Oevelopmwt offltÈ. The funds r81sed from Development appeals and other fundraising activities are applied for the benefit of educalicn at Colfg's School and in line wilh th& donor's dire¢lives. Tbe pdndpal olthe Developmentoffice's fundraising for th* provision of me8Yis-le$ttd $cho18rships in the Colfe's Sixth ferm. Donaln$ 8r8 typically r0celvBd Into Ihe Expendable Endowment and gre recogn15ed as Designaled Funds. over which the Trustees have discrelb)n lo expend both capital and income. Payments made during IhÈ year from Restricted Funds were to meet Ihe School's specific requests and were made In aco)rdance with the wishes of the donors. AGhlevements durlng the year The Colfe'5 Development Office èngagtd alumni and parents through their Proye$s newsletter. Colf8'8 Networking Series events, an Inauuur81 CelÈbr8lion of Philanthropy event hosted èl the Le8therseller8' Hall. and an afternoon tea held Bt the Easl Indla Club for leggcy intender5. During 2024125 total incoming r8sourc8s for the Charity from the varlous funds 8mounted to £282.98712024.. £346,030). The generHI graDI of £80,000 for bur58ries in 2024125 reflects that approved by the Trustees. The granl 8warded for 2023124 was £60.000. In addition. feGth¢led granls have been pald across to Colle's School for an additional bursary and 4 donation tijwards funding for Ukrainian student5. The executors of 8 legacy with s va8 of £300,000 plcdged lo the TN8t in 2021 continue lo seek probate on the legatorfs estalÉ. Th15 is rBrognisBd as a contingent asset. and th8 Trtjst should recelvÈ ftjnds from tha baquesl within th8 nexl two y&ar$. Fln4ncial Revigw Total Income ft>r th9 yEar wa5 £282,987 12024. £346.0301. This comprised don81ion5 and other income receiveo of E187.Q6912024.. £260,703). notably including r&slricted incotlle of £117,890 from thr99 don015 fDr fvlly funded means 18$18d s¢holarghips In the Sènlor school trver the next academic years. 8nd gills of £40,657 response lo the outgoing Headmaster Richard Russell's appeal fordon91ion5 lo Ihe Le8lhersellers' Scholarship progTamme. Thr98 18gacy donations lotalling £12.238 12024". £208.2811 wer8 received. Inwjstment in¢om• and interest amounted lo £95.91812024 £86,327). £957 was &xpended on the cost of generating funds12024". £5131, Hnd £2.13512023.' £2.1351 was expend8d vn govemance costs. Grants of £99.711 wgre tnade 12024. £84.5451. This Includes grant8 amounting to £19,711 in relation to restncled donati¢$, which hawe been spent accordingly. The nel incoming resource5 for the year before rea115ed and unrealised Ilossg61 I go& on InvestntS ware £180.18412024.' £258.8371
Colfe's Chariiable TrC Total unreallsed th$ on Investments were £114,805112024". gain of £134.3781. Nl realsed and unreHlised gains and l¢ss68 incurrod on thè Investment Portfello are retelned In approprlate lund. Total fund5 incrBasBd by £165,379 from £2,618,278 to £2,783,657. Thè Trusteès confjm that IhE cash balanees and Designaled Investment Funds were managed and invasled in 8ccord8nce wlh the Trust fJe8d both during the ¢ourse ¢1 th& year and at th$ Belantyè shoat dale. FinanGlng ol Craht$ Grants are financ8d from incom8 derived frotn donations. Qfft Md, diwidends and Interest. The Tru51e85 consider the Charitable Trust has 5ufficlent assets lo fulfl ils oblatIOnS. Inv*stm?nts and Roserv•8 Pollcy Investments are rnanaged to malntaln tha frusts level of giving as note(5 akK>ve under 'ObjactiVE$ and a¢tlvlll88" Inveglments 8r8 hekl In M&G "Thp E4uille5 Inve51tnenl Fund for Charities, Icharifundl and CCLA Charitie5 Investrnont Fund. Investments previously held within "The Charibond Charibes Fixed Interest Common Inve5trnent Fund. were disposed of during Ihe year and relnvested In thè CCLA Ch8rt68 Inveslm&nt Fund. The balances held E>n 811 Funds. with tha exception of the Restricted Funds, ar& h8Jd, against future proiecls lo be agread by lh& Trus1888. The release of monles trom the Reslrfeted Fund Is made In BCCDrd?nce ¥th the orbors, wishes. Related Parties Detai15 of connected entllles 8nd Iron¥8ction5 Lleen them are gfv?n in Not8 13 to the F[andal Slalemenl$. Management Tha TEust r81ie5 on Colfe's School for manag8rnent 6er¥Kes for whlch tt pays no charge. The declsions of the Tru8tees are im9mnI$d by th? full rne 51aff Of the School. The usts of Ihe Dovelopment Office ar8 borne by thè Schod. The relationship b0tr48en Colfe's Charltable Trust and Come's School and its Dgv8bpTnènl orfl are fcfrnali5ed in the FundralsltvJ Agreernent and th6 Tru8¥s Inv8Stmont and Grant plIcatIOn Policy. Tfiis1•• R•8pon8lbllltle Thg law applicabl8 tD charitlP5 in England and Wale$ requlr8s the Iru5tee5 tD Ppare accounts for eech finan¢ial year which giv8 a Iwe and falr vlew of the chariV5 finarclal aelivitl85 durhg thg yesr and of ils financiEI posltkjn at the end of the year. In preparing financial 5taltrm&nls giving B true aTrd falr view. the tru8188s ShOd follow best practK8 and.. Select suTrtabl8 8eeounllng policps and th&n aPY them consist6nUy Mak8 judg•rnents and estFmate$ that are reason8b18 8nd prudent stats whether applicable 8ccounb.ng standard5 and stsl&ments of recommended pr8Ctice have been followed, $ubject to any rnelerial departur8s d15dosed and explainad in thE finHD¢i81 statements., and.,
Colfe's Charitsble Trust PrepBre lh8 flnancial slalemenls on the 1n9 ¢ontern basis nS R is In8ppropTkqte to presurne that the ch8rlty 11 conttnue In oporation. The trustees sre responsible for keeping prop&r accounting tBcords which disclos8 With reasonable accuracy the financi81 posits.on of the ¢harily and which enable them lo Ènsure th81 the fin8nclal Statements comply With the Charitie5 Act 2011, th& Charlly (Actounts and Reports) Klegulalions 8nd th& prDvlslons of the trust dÈÈd. The trustEes are 8150 responsible for safeguordlng Ihè 8ssels of the chgrlty anLI hence lor laklng règgonablè 51pps fvr the preventEon and detection ol fraud and other irregularllles. Approved by the trus18es on Trustee and slgn8d on thalr behalf by.. Slmon Polito Chairm8n Colf8's Ch8ri18bla Trust
Colfe's Cllarirable Ttusr Independent Examiners, Report for the year ended 31 August 2025 Report ol the Indp•ndont •xamln•r to the truBtee8 of Colf6's Charftablè Tru$t I report to Ihè Irijstses on rny ex4mlnBtion ot the account5 of CoNe5 Charitsble Trust lor the year ended 31 August 2025. Re$pon8ibilstle5 and ba$1$ of report As the charity trustees of the TFUSt you are responsible for the prepar81ion of the accounts in accorfara with the Rquiremen15 of the Charities Act 2011 1°Ihe Acl"). I repLYt ill respect of my Èxaminatlon of thè Trust's accounts carried out undersectlon 145 ofthè 2011 8Ct and in c8rrying out my exominalton I have fdlowed all the appllcable Dlrecuons given by Ihe Charity Comrnlssion under sectlon 14515llbl or the Acl. Independentexamlnefs statement I hove ¢omplÈted my examlnotion I can eorsFirm that no materi81 matters hav8 COM8 to my ailenlion in conneGtion wllh Ihe examInatn 95ng me cause lo belleve that In eny m8lerl81 respect.. 11 8¢counUng CordS were not kept in respect of Ihe Trust as requlred by $6etlon 130 of the Aer, or 21 the 8ceounts do not accord Nith those rewrds". 31 the acBounls do not c(mply wlh the applicat8 requirements conceming the fom and content of a¢¢ounts setout in the Charities (Accoun15 and Reports) RegulaJDns 2008 otherlhan 8nyrequlremenl that thp a¢¢x)unls ge a Inje & fatr vi8w whlch is not 8 mattor considarod as p4rt of an Indopfrndenl exarnination. I have no concems and have come aL¥OSS no other matters In cDnn8ction with th6 8xamin8lion lo whith attenllon Should be drawn irl thi5 ripLYt in ordér to en8bl8 8 proper understanding of the accounts ID bè reached. Martyn Finni5 Op8$8 Billings, Wllson & Honey LLP 98 siatlon Roa¢ Sidcup DA15 7BY g Oeeern4f< 3o>S
c.olfe s C.hiritrble Tnisi Statementof Flnanclal Actlvltles For the Year Ended 31 August 2025 Total Funds General Deagnated Re4cted ElldoW@d Fuod Fun Funds Funds Total Funds 2024 2026 le5 INroME tr18 and1gga¢les 16.837 49.7 119,765 1,010 187,oe 2Pn,7r ItMent kncome 95.918 95,918 &5,327 TOTAL INCOME 112.5 119.785 1,01Q 282,987 EXPENDITURE C•sls ofiaising twd5 857 5t3 Expendllure on A¢iiN41ios 82,135 1Q1,848 86,6 TOTAL E)PENOIIiIRE I,803 87,1 Nul Incorning Re50vrcesbefore Trinthrs 29.463 258 637 TrdrysIu5 between Funds 1195.8971 195.897 N21 IncornlnF ReuDurcesfr>rth¢ yt•r 1166,434 245.$54 100.0 1.lE4 25.7 Oiher recognised gal9 & Lo¥es Rea115ed and unrealised Ilossesygala¥ Inv2alment3 (16.7¥1 2,985 114,8051 134,378 Nei MovemeDI In Fund5 1e7.428 3.5 393 215 Fund BalBnEe3 Brought Forward as at 1 September 2024 396 7Y 2.034 016 183 169 122 2.616 278 2.225,063 Fund Balance5 Carried FopNard as al 31 ALWU5120 .326 2 282 7T4 173,117 2 763,697 2818.278 All operations of the Charttable Twsl o)ntinued throughoul both period5 and no Operat3 were acqulred Dr discDnlinued in eithèr piod All rewgnised gain5 and Ios595 during Ihe year are includedwilhin thè Statement of Fin8rKi81 AclDiities. The notes on pages 9- 13 Icfm 8n Intsgral part of these Financial Statements.
Colfe's Charitable Tntst Balance Sheet as at 31 August 2025 Note6 202S 2025 2024 2024 Flxed Assets In¥¥stmant portfolios al market Kdua 2436815 2 255 759 Curyent Assets Current Intestment Assets Debtors Cash at Bank and in hand 39.487 313,616 353.304 232,n1 369,110 Creditors .' aMnIG duo vAthln ye8r 18.4021 16,SW21 362519 Total asBeis le8s cwrant liabilities 2 783 657 2 618 278 Reprented by: Fund5and rÈtstr¥ts EndDwed Futxl& Restricled Fund5 unrestric1 Furd$ De5ionated hstmenl Fund General Fund 10- 12 10-12 10-12 173,117 118,440 169.122 18.388 1262,774 229,328 2.034,016 396,754 2 430 770 2.61B 278 2 492 100 2 783.657 Approved by the Truste0$ on $lgned cfi their behqlfby.. Simon Politio Chalmian- Come's Charitable Trust
C.olfL'S Clixritahle TrLigi Notes to the Financlal Statements for the year ended 31 August 2025 Accountlng PolScles 8as15 of Preparatlon The Financ181 Sl8tements have been prepared in 8ccord8nce with 8ppIic8ble United Kingdom accounting s18nd8rd. Ihe SORP IFRS 1C21 and the Ch8rilies Act 2011. InGomlng R950UTC85 Incoming resources artr rercgnised in the period in which th6 Trust Is tsnlilod lo re¢eipl. Income 8rtsirKJ on UK investments and on bank deposits rs recognlsed when the income 15 due. Donations received in the form of $hare$ or other tanglble and int8roible assets are di$p08ed of at the earliest prectir£l date and the proceed5 brought into account. Such 8858t8 held 81 the yèar end are accounted for at market V81ue. Resource Expended Ch8rit8ble Expenditure Grants All grants &re Charg In th8 y88r In vthich they 8re approved by the Trusteos lo the extent they are payable out of the currenl year's income and surplus resourcès from previous years. Gr>v&rnan¢o ¢OSts Gov8rnanc8 costs ¢Dmprkse IhosB which relate to 5etViGes idEnlifi'ed as relating lo the central tnan4gBmenl and a¢mission of Ihg charity and compliance with con5trtutional and slatutory requir8rn8nls. Thg% c0515 are tharged on an acGrual ba51S. Inyestrnents Inve51rnen15 held a5 Fixed A5set5 afe included at the year end at Market Value, bging the tnkpt price 01 th8 onstituent holding5 al the dose of business on 31 August 2024. Reali5ed and unrealised gains and IDSSes are In¢luded In the Statement ol Flnandal A[¥11$ Fund Accountlng The Designated1nYeslment Fund rewesents amounts pul aside by the Trustees lo produce a regular income for mean5-lesled scholarship5 al Colfe 5 School. OonatiotF5 Ihal arè not capital reslricled are received into the ExpendablB Endowment and recogni8ed as Designatod FundB. Tho DFFignoted Fund is unrgslricied And may be used at the total d15crelion of the Trustees. Donations Ihal carly Specific rp5triclion5 arp receiplgd into the ReStrted Fund. This fund cornprise rTK>nies ra15ed for, or their use re51ricled to. a 5pocific purpose. or ntributIonS subject lo dow imposed iestriclion5. The En¢owment fund comprise5 moni95 which are held on Iru511o be rètainèd ftsr Iht ben•fil of the charity os capital fund.
ColfE's ChaiitablE Ttubt FinanciBI Instrument Th&Tntst only ha5 finanrial asso15 anEI finanaal liabilities of a kind Ihat qualify as basc financial inslntments. Ba*c financi81 In5trumenis are initially recognlsed at tranSaon value and subsequently rnea5UTed at their 58ttlem8nt value. Dèbtors Debtors are Initially recorded at fair value and are 8s5e5sed for imp8irmenl at each b81ance sheet date. If sny impairment8 exist the debtors 6re re-measured to the Psent value of futu Bash inflDW5. Creditors Crediiors are Inhi8lly recorded al f8lr vglue and are th8n r&-a$red to the present value of the expecled future cash outfiows. 10
CoiEe's C113ritsble Tiw¢ Notss to th¢ finan¢ial statements For th¢ Y•ar Endod 31 AugllSt2025 UnFeyth¢ted Rllthrttd 241$ 4,783 106,019 V.755 151,97F 22,8 12,23B 47.lto 11, ,281 16,637 120.775 49,1 1870G8 It)¥ethontlhcom• UN•sknGttd D•¥Bnitd . Tw5t5 Foyit knt 5.991 649 85.327 Unristric R•ldDd $79 957 Explj14 Oh Ghtitsbli A¢ri¥iti•• GF4thgToGoifE45clg•l14 wnnè¢thd i•r UkrnirlFund OthwOll( 1M12 8,047 14,828 1135 17.5 17&0 2.1 101,846 2,1 UnreJtri&d R•&rldtd E¥wRalbn F•¢ 2.100 2.10 25 11
COt'S Cliarirable Trust Nol¢¥ to the finan¢lal statements For the Year Ended 31 Auuu$12025 Immènts 24 MIrtVaw35 1118eoBth2024 I?.7 I.SBI.Jal MkelV¥l ond5P0511 uTrL15PJ5I1 ,2) 151.J7 1436,815 ust2025 11P. 2.023,2 IrMktMtt LfKurMlThkts Z4 34% 35% 21 kntuwi8ndONdEThY5th Lw9MFdymwrtd 111,¢23 232,721 r•dNo rthisc gJé ¢dr 3,842 Ign Mw•m•nt•ln Fwnds GAM[ Fur Fwd% Fwd& Fund 2025 Total biknci * 1 $4ptsmbor2024 39B,7S4 1165.1341 IrN.016 245,551 18.788 2.>2 7F4 14.3B6 100.054 169.122 2.618,2T8 lllD,1US 14.615 Z,2PQ¥J 251837 oDKs•sVgiS It31 AL¥L(%12 229.325 2229Q63 End rowgipnl$ 4 sekni¥sNp& by thpwLwNi OJce.
Cnlf¢'.E Cl?aritrAble TThisr Notss to the financlal statements For the Yéar Ended 31 August 2025 Re¢f•d Fund• Bur&Ét]ps B4laffle&•$ 911 SwtPmLr2O24 Ti&nsfgifrom Gvn?rtl Fun ODnatior6 Fecelwj pold Blan¢¢ at 31 Auw¥l 2025 18.3e6 117.JPJ 1.875 119.765 101.734 16.7 11B.44D An4W¥ofAxete+n Funds bTh•slment Retslrfttsd E(¥ Fu9 Fun04 TrA 6OnDFal Fwd In¥FSlrnenis 88,999 2.19$.445 149.080 I4JG.BIS Cash at Ba In H Dqbi CtethlLWB 131203 52.774 10e.03a 39.417 8.462 2.7a3.657 3.842 229.326 2.261TT4 13 R•lad PatyYran$ath1 Thè¢haitiea GL¥IMGt•d lo CkndtAt4e Trtt af¥Jthe 0j th• Tw61 or•. Sr Pghj kny• 2024 ani$ Made ioCKltè¥ 5thX B4.$45 A4 4131st AuBUKt 2025cdfo Ch•I¢9N¢Trt kn1ne01£3,9T2 lo CoNg Scknl12024.. EI.9711 ord S¢lkni owqd a otOloCrlWs chta Tw¥1 (2023. .410] •CG(Tr3lkn ha& chara8d In ihw O¢¢OWrtg ¢onllngentA¥ts At31tAugL4St th¥è appAl*Y £3rpJ.ODD (X24.. £300.0001 hr•latitts I légÈ2y bwAtW ttt I1¢hol. 13