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 h*r8wilh 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 lon*tom 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 $cho18rships in the
Colfe's Sixth ferm. Donal￿n$ 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$s newsletter. Colf8'8
Networking Series events, an Inauuur81 CelÈbr8lion of Philanthropy event hosted èl the Le8therseller8' Hall.
and an afternoon tea held Bt the Easl Indla Club for leggcy intender5.
During 2024125 total incoming r8sourc8s for the Charity from the varlous funds 8mounted to £282.98712024..
£346,030).
The generHI graDI of £80,000 for bur58ries in 2024125 reflects that approved by the Trustees. The granl
8warded for 2023124 was £60.000. In addition. feGth¢led granls have been pald across to Colle's School for
an additional bursary and 4 donation tijwards funding for Ukrainian student5.
The executors of 8 legacy with s va￿8 of £300,000 plcdged lo the TN8t in 2021 continue lo seek probate on
the legatorfs estalÉ. Th15 is rBrognisBd as a contingent asset. and th8 Trtjst should recelvÈ ftjnds from tha
baquesl within th8 nexl two y&ar$.
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 Invest￿￿ntS ware
£180.18412024.' £258.8371

Colfe's Chariiable Tr￿C
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 obl￿atIOnS.
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 Ch8rt￿68 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 L￿leen them are gfv?n in Not8 13 to the F[￿andal Slalemenl$.
Management
Tha TEust r81ie5 on Colfe's School for manag8rnent 6er¥Kes for whlch tt pays no charge. The declsions of the
Tru8tees are im￿9m￿nI$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 P￿pare 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 ShO￿d follow best practK8 and..
Select suTrtabl8 8eeounllng policps and th&n aP￿Y 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 ￿n￿S 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 Ind*p•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 accorfar￿a 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 examInat￿n 95￿ng 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 N*ith those rewrds".
31 the acBounls do not c(mply wlh the applicat￿8 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 g￿e 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 Re4￿cted ElldoW@d
Fuod
Fun
Funds
Funds
Total Funds
2024
2026
le5
INroME
t￿r￿1￿8 and1gga¢les
16.837
49.￿7
119,765
1,010
187,oe
2Pn,7r
I￿￿tMent 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 gal￿9
& 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 Operat￿￿3 were acqulred Dr
discDnlinued in eithèr p*iod 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 .' aM￿nIG duo vAthln
ye8r
18.4021
16,SW21
362519
Total asBeis le8s cwrant liabilities
2 783 657
2 618 278
Repre*nted by:
Fund5and rÈtstr¥ts
EndDwed Futxl&
Restricled Fund5
unrestric1￿ Furd$
De5ionated h*stmenl 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 rer*cgnised 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$p08ed of at the earliest prectir£l date and the proceed5
brought into account. Such 8858t8 held 81 the yèar end are accounted for at market V81ue.
Resource Expended
Ch8rit8ble Expenditure
Grants
All grants &re Charg￿ In th8 y88r In vthich they 8re approved by the Trusteos lo the extent they are payable
out of the currenl year's income and surplus resourcès from previous years.
Gr>v&rnan¢o ¢OSts
Gov8rnanc8 costs ¢Dmprkse IhosB which relate to 5etViGes idEnlifi'ed as relating lo the central tnan4gBmenl
and a¢mission of Ihg charity and compliance with con5trtutional and slatutory requir8rn8nls. Thg% c0515 are
tharged on an acGrual ba51S.
Inyestrnents
Inve51rnen15 held a5 Fixed A5set5 afe included at the year end at Market Value, bging the tn*kpt price 01 th8
onstituent holding5 al the dose of business on 31 August 2024. Reali5ed and unrealised gains and IDSSes
are In¢luded In the Statement ol Flnandal A￿[¥11￿$
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 ReStr￿ted 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 tranSa￿￿on 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 P￿sent 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•¥Bnit*d
.￿ Tw5t5
Foyit knt
5.991
649
85.327
Unristric￿￿ R•*ldDd
$79
957
Expl￿￿j14 Oh Ghtitsbli A¢ri¥iti••
GF4thgToGoifE45clg•l14 wnnè¢thd i￿•r
Ukrnirl￿Fund
OthwO￿ll(
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

CO￿t'S Cliarirable Trust
Nol¢¥ to the finan¢lal statements For the Year Ended 31 Auuu$12025
Im*mènts
24
MIrt*Vaw35 1118eoBth2024
I?￿.7
I.SBI.Jal
M*kelV¥l
ond5P0511
uTrL15PJ5I1
,￿2)
151.J7
1436,815
ust2025
11P￿.
2.023,￿2
IrMktM*tt LfKurMlThkts
Z4
34%
35%
21
kntuwi8ndONdEThY5th
Lw9MFdymwrtd
111,¢23
232,721
r•dNo
rthisc
gJ*é ¢￿d￿r
3,842
Ign
Mw•m•nt•ln Fwnds
GAM[￿ Fur
Fwd%
Fwd&
Fund
2025
Total
biknci * 1 $4ptsmbor2024
39B,7S4
1165.1341
IrN.016
245,551
18.788
2.>2 7F4
14.3B6
100.054
169.122
2.618,2T8
lllD,1US
14.615
Z,2P*Q¥J
251837
oDKs•sVgi￿S
It31 AL¥L(%12
229.325
2229Q63
End￿ ￿ rowgipnl$ 4 sekni¥sNp& by thpwLw￿Ni 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 SwtPmL￿r2O24
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¥ofAxe￿￿t￿e+n Funds
bTh•slment Retslrfttsd E￿(￿¥
Fu￿9
Fun04
TrA
6OnDFal Fwd
In¥FSlrnenis
88,999
2.19$.445
149.080
I4JG.BIS
Cash at Ba￿ In H
Dqbi
CtethlLWB
131203
52.774
10e.03a
39.417
8.462
2.7a3.657
3.842
229.326
2.261TT4
13
R•la*d PatyYran$a￿*th1
Thè¢haitiea GL¥IMGt•d lo CkndtAt4e Trt￿t af¥Jthe 0￿j th• Tw61 or•.
Sr
Pghj kny•
2024
ani$ Made ioCKltè¥ 5thX
B4.$45
A4 4131st AuBUKt 2025cdfo* Ch•I¢9N¢Tr*t kn1*n￿e01£3,9T2 lo CoNg Scknl12024.. EI.9711 ord
S¢lkni owqd a otOloCrlWs ch￿t*￿a Tw¥1 (2023. ￿.410]
•CG(Tr￿3lkn ha& chara8d In ihw O¢¢OWrtg
¢onllngentA¥*ts
At31*tAugL4St th¥è app￿Al￿*￿Y £3rpJ.ODD (X24.. £300.0001 hr•lati￿tts I légÈ2y bwAtW ttt I￿1¢ho￿l.
13