Comp?rry re81strth nurnber: 01961978
Charlty reglstratlon nurnber.. 293360
Gloucestershire Catholic Educational Trust Ltd
(A company Ilmlted by guarantee)
AnTr￿1 Rewt •nd Hmndal Statements
forthe perlod from I September 2022 to 31 Decembef 2023

Referen￿ and Athln15trnthe Dtsl
Trustses, Rewt
2tolQ
ststement of Thistees, ResponslbNltle$
Independent Examlnees Report
12to13
ststement of Flnand•l Actlvftles
14to15
Balance Sheet
16to17
Not•s to the Flnandal Ststements
18to34

Dr S HIN￿￿11. thalr of Trustees
Mrsj Jones
Mr J P Andrews
The Hearne
12 Hearne fload
Charlton Klngs
Cheltenham
GlouCests￿lye
GL53 8RD
Four Flfty Partnershlp
Four Fffty PartneT5hlp
34 Bwlevard
Somerset
BS23 INF
•nk•
HSBC
109 Bath R￿d
Chelten￿rn
Harrlson O•rk Rlc&erbys
Ellenboroukn House
Wellln8ton street
Cheltenham
GL50 IID

The Tntstees of Glouc￿lre Cathollc EduL￿￿1 Trust {&quot:The Trurt&quot.) presert
thelr report and flnandal statements for the 16 month perlod ended 31 t)ecember 2023.
The financlal Statements have been prepared In acconknce wlth the •ctountln8 pollcle5 set
out In note I to the flnindal 5tstemerrt5 and cornlrm they comply wlth the requlrements of
the Charltles Act 201L the tritst deed and the Charltles SORP (FRS 102).
The Charlty dwnqed Its namè from St Edwards SthoDI Cheltenharn Trust to Gloucestershlre
Cathollc Educatlonal Trust Ltd In February 2022. It Is a comw4ny Ilmlted by guarnntee
(number 01961978): a charlty re8lstered wlth the th)rlty Commlsslon (number 293360) and
Is rewlated by Its Memornndum •nd Artldes of As$￿11t10￿, most recenty updated 11
Ortober 2022.
The Trust's Objects and prfndp•l •ctMtles, as set ¢xrt In the Memor•ndum of A5￿￿￿•t10n (as
amended by Speclal Resolutlon on 21 February Z022}, are to promote and pr￿Ide for suth
charttable *Y>rks wheresoever •nd wh•tsoebw as to 4dv•nce the Roman Cathollc rellglon.
and, In ￿rtkU1•r but wlthout preludke to the 8enernllty of the fore8oln8 to advance Roman
Cathollc Independent educat1(￿ for the publk benefft In or near Cheltenham PROVIDED
THAT In the mernordndum the expresslon "Rom)n Cathollc. shall Indlcate cornmunlon wlth
the 'See of Rome"
In furthernnc• to these Objects for the pubnc benefft the Tnrt whlth operated two xhools
urtll 16 February 2022 Senlor and ¢y* Prep•rntory) known collerttvely as St Edward,
Cheltenham, has eslabllshed ind admlnlsters I)U￿￿e4 ￿nts. award5 and ot￿r
benefactlon4 and acts as the Trustee •nd man•ger of property, endr1￿. bequests and
glfts Iven or estsbllshed In Pursuan￿ of these Objects.
In settln8 our objecuves and pl)nnln¢ our actmtlts the Triistees hm al￿n ureful
conslderntlon to the Charlty Cornmlsslon's publk benefft 8uldance.
Almi
The Trust's alms forthe publlc benefftto 16 Febnmry 2022 wern:
to provlde a flrst dass Independent educatknn wlthln a Chrlstlan ethos. St Edward's was
Roman Cathollc foundatlon and warmly welcomed studerts of other denomlnatlons and
creeds or none, who were wlllln8 to SUPM the Chrlstlan ethos of the Schools,.
to offer pupus a range of opportunltles so they could achkne to the best of thelr
ablllty wlthln a framework of shared values and standards;
Page 2

to value and nurture puplts as Indmduals. 8lvln8 them a sense of thelr self-worth
and of the Ydlue of ser¥ke to others thu5 preparln8 thern for Ilfe be￿nd school," and
to estsbllsh the Sth¢)ol$ as a communlty In whlch there w*re strong and •th•
partnershlps between parents and the S¢h¢)ols and between the kKal communjty and the
Th• Board Is mlndful of the Iry*and1￿ need to provlde publlc benefft and of th•
requlrements of the Charftles Art 201L
Prfmary obJ•rtlv••
ThÈ prlrnary obJectlves of theTntst to fvini these alms were:
to malntsln the asplratlon of hlgh stsndards In academk performano and
extrarycurrlcular aLtfvltles whllst preservlng a healthy batsnce between thetwo;
to wlden access to the educatlon ￿ded by the Tr￿t throuth the provlston of fin•nd•l
support for chlldren whose parents were umble to afford the fvll fees and also thrO￿h a
rnnqe of woJ•rts and •ctMtl•$ In the I￿11 communlty:
. to provlde approprlate texhln8 resources throu&h￿rt th khools;
to provlde an effecuve mona8emert stnKture •nd the •dmlnlstratlve and 108lstlc
framewort( necessary to meetthe needs of staff •nd puplls •llke:
to pro¥kle •n envlronment whlch promoted and developed Independent le•rnlnq and
supported puplls In the athlevement of thelr Indlvldual poterrtlal.
The prfmary objectfves were revlewed regularly and thelr sucrn55 rneosured through re8ul•r
reportln6 to Trurtees by the Senlor Mana8ernent Team.
The prfmary alm of the Trust golng forward ts to promote and Pr￿Ide for such chartsble
works to #d￿nCe the Roman Cathollc rellglon and In partltylar to advance Roman Cathollc
Independerrt educatlon for the publ1¢ Ixnefft In or near Cheltenham. Thls Is predomlrkately
to be In the forni of flnandal osslstsnce wfth 5dK￿l fees suth as me•ns tested bursarles
and scholarshlps or other sch¢￿1 fdated materlals or other asslstance to chlldren In Cathollc
edU￿￿On. for exarnple. f￿d￿ni sthool projects that wlll benefft multlple pupll&

There vns one BoBrd of Tntstees for the two Schoob throuth to 16 February 2022. D•tslls
of the current membets of the B￿rd of Tnth, tO8ether vAth prlnclpal athilsers are 8l¥en
on pese one.
There were seven member5 of the Board of Trustees untll the sale of the sthools. Thls had
reduced to four members at the perlod end. The numbers In bfockets refer to the
sukornmlttees whkh each Trustee wa$ • Member of as explalned below.
Dr S HoneywlN (1.2.3.4)
Mr A Newland (1,3, Chalr of Health and Sofety & Rn•nc• Ind Genernl Purpose5 commlttees)
(Aesl8ned 11 February 2022)
Mr P Potts {2, Chalr of Land and Premlses commlttee) (Re518ned 4 June 2024)
Mrs C Flndlay (11 (Reslgned 11 February 2022)
Mrs J Jones13, Chalrof Educatlon and Ethos comffllttee)
Mrsj Penny (11 (Resl8ned 11 Februory 2022)
Dr R Cooper (resl8ned 10 February 2022)
Fr P O'Keeffe O Cami. Ex.OfAck)
Mrk*hn Andrews (Appolnted 30 Au8USt 2022)
The followlngTrnstees' sukn>mrnlttees were ln ex15tence prknr to 16 February 2022:
l. Flnance and Genernl Purposes commlttee
2. Land and Premlses comrnlttee
3. Health and Safety commttt
4. Edu¢8tlon and Ethos ethnmltt•e
The Trustees were legally re5poMlble for the overnll managernent Jnd control of both
hools up to 16 Febn4ry 2022. They rnet at least four tlmes a year. The work of
Implementtn8 the pollcles was dele8ated to the followlNq commltteos. whkh have slnce
been dlssol¥ed.
The Flnance and Generdl Purposes Commlttee {F&GPCI s(Tfftlnlsed the maft88ement
accounts and forecasts throu8hout the year and made recomrnendatlons to the Board
about any capltsl expendlture. They recomrnended the audlted flnandal statements and
onnual report for appnjval by the Trustee& They also oversaw other matters such as the
revlew of school lees Insurance. p8y. marketlry •nd staffln& The Flnance Commlttee
was chalred by Mr Andrew Newland.

The Health and Safety Commlttee oversaw all mattérs relatlft& to Health and Wety and
Safe8uardlw These Induded safeguardlng polkles staff code of conducL pupll
behavlour. e-safety. Irrformatlon technolo8y* dats protectbn. cybersecurlty and revlew of
and Impleffentatlrjn of reconmendatlons from Health and Safety and Flre Safety audtts.
It was chalred by MrAndrew Newland.
The Educatk)n and Eth05 Commlttee oversaw all matters relatlng to the postoral and
academlc 155ues across both sth0015. Indudlng provlslon for Indlvldual learnln8 needs.
able. 8ffted and talenled students. those wlth En8llsh 35 an ￿dItIonal lan8ua&e and
ovefseas students. Commlttee also ensured that the Ctthollc Foundatlon of the Trust
was refiected In the wrrkulum. The E<kK•Uon and Ethos Commlttee was chalred by Mrs
J•ne Jone&
The Land and Premlses commlttee provlded overslght of the proarnmme of malntenance
work for the sch¢x)ls premlses, a¢¢es51blllty arrangements for puplls and vlsltors and
m8de recornmendatlons for capltsl expendlture on larger projets The cornmlttee wa5
chalred ty Mr Poul Potts.
The d8V to day runnln8 of the Sthools was dew to the Heads and Bursar, supported by
thelr Senlor Management Team5 and a Jolrrt Mana8ement Commlttee. The He•d5 and
Bursar attended board and commlttee meetln8s of the Trustees. The day to day runnln8 of
the Trust from 16 February 2022 Is carrled oul by the remalnln8Trustee5.
New Trustees gre elected on the b•sls of nomlnotlon$ from the Trustees b•sed on the
¢andldates' professk)nal quallde& experlertce, per$4%MI competenrn and local owllablllty.
The Trustees attend perlodlc tralnln8 course to ensure that they stsy UP to date on current
Governance and compllon¢e Issues. A budget ts set aslde every year to gupport the
contlnued professlonal dv4elopment of the Trurt
The TN5t endeaVOu￿ to TecThlt the mast sthble staff for arry post to ensure the h18fr￿￿
standards vm malrrtalned throu8hout the School4 wlthln both teachlng and support stsff.
Whllst refflectlng tts role as a Catholk sthool tt •150 pursued pollcles as an equal
opportunltle5 employer. Full and falr conslderatlon was glven to Job appllcatlons frorn
dlsabled persons and due conslderatlon wa5 8lven to thelr trdlnlni and employrnent need&
sIn￿ the transfer of the Schoo15 on 16 February 2022. the TTUSt has no employees.
Page S

The Trustees consldered th8t the Jolirt Maiw8•iient Commlttee IJMQ of The Tnst
cornprlsed the Key Management Personnel up to 16 February 2022 when the Sthools lolned
the Alpha Schools Group. The JMC compr15ed of the Head Teacher of the Senlor School. the
Head Teacher of the Preparatory Sthool, the Deputy Head Teathers of the Senlor Sthool,
the D•pirty Head and A$￿S￿nt Head of the Preparntory School. the Bursar and the Dlrector
of Marketlng & Admlsslon&
Trustees 8lve thelr tlffle freely and do not rece￿ any remuneratlon. The pay and
remunerntlon of the JMC was detennlned by the Flnance and Genernl Purposes CommTttee
and was revlewed annualty. A number of crlterfa were used In deternilnln8 pay.
The flnanclol perfornionce of the Trust 48•lnst sector benthmarks;
. Th• natur• of the rnle and responslbllltks,"
The Indlvldual's Perforn￿nCe.
Comwtltor s•larles:
Infl•llon and the cost of lfvln&
The Trustees {who Ore also the dlrtctors of Gloucester5hlre Cathollc Educatlonal Trust Ltd
for the purposes of company law) are responslble for preparln8 the Trustees, report and the
flninclal statements In •C￿rdance wlth appllcable law and Unlted Klngdom knuntlni
Stsndards (Unlted Kln8dom Genernlty P£cepted Accourrtln8 Pr•rtke}, Includln8 FRS 102
Tr Flnandal Reportlni Stsnd•rd ¥pplloble In the UK •nd Republlc of Ireland.. The report
and accounts have been prepared In o¢¢ordon¢e wlth the wrylslons In the Cornp•nles Art
2(K>6 relatln6 to srnall cornpanles
Comparry law requlru the Trustees to prepare flnandal statements for each finonclal
perlod. Under company law the Tn￿teeS must not appro¥e the flnandal ststements unless
they are srtlsfted that thry ts a true arbd falr vlew of State of aff3lrs of the charltsble
rnpary and of the Incom1￿ resources and appllcatlon of resources, Indudln81ts income
and expendtture, of the chafltsble company for that perfod. In preparfnl those financlal
statemerrts. the Trustees are requlred to".
• select sultsble accountlng pollcles and applythem co1￿5￿1￿,
observe the method5 and prlndples In the Charltle5 SORP:
• make Judgements and estlrnates that are reasonable and pr￿len(.

stste whether appllcable acCoUn￿n￿ stsndards. comprlsln8 FRS 102 have been followed.
subject to any materlal departures dlsdosed and explalned In the flnan¢l81 statements;
and
prepare the ftnandal statern•nts ￿ the 801ry8 concern ba45 ￿lesS It ts Inapproprfate to
presume that the charftsble cOM￿nY WMI contlnue In buslness.
Th• Trust•es are responslble fty keepln8 proper accourtlnz records that can dlsclos• wlth
reasonable ac¢urary at any tlme the flnanclal poth of the tharltable company and enable
them to ensure that the flnanclal statements comply wlth the Companles Act 21x16. They are
als¢ responslble for safe8uardln8 the assets of the charltsble compary and hence far tskln8
reasonable steps for the prevtntlan and detertlon of fraud and other Irre8ularltle&
The Trurtees •re re5ponslble for the malntenance and Intwlty of the corpornts and
flnanclal Inforrnatlon Induded the tharftable comp3nVs v￿bS1te. Leqlslatlon 8ovemln8
the preparatlon and dlssemlnatlon of flnandal ststements dlffer frorn le*latlon In
oth•rJurlsdlctlons.
The Trnst's vlslon was to:
Pro¥lde eKc•llent te0th1￿ Iwrnln8 ond p•stornl ure:
Provlde a wealth of opportunltles both currkular arHI extrI￿r￿CUl1r
Bulld • urlng communlty based on Chrlstlan values..
Encowa8e puplls to be the best they can be so that we help them to develop thelr
untapped potentlal.
Goln8 fomrd the Th￿.$ vtskm ts ts l)ro4den oppNtunltle5 to hmllles who would
otherwlse not be able to afford Independent CathoNc educatlon In the theltenham •rea.
Durfn8 the perlod under revlew the chalrty has made one 8rant to further Its alms and
obJect5ves.
Page 7

Fundraknl
After 16 Feb 2022, the Trttstees sou8ht professlonal adth reg8rdlr4 the In¥estment of the
bulk of the remalnlng Cdpltal for Incixne and en8a8ed LGT Vestrd to rnana8e the Investment
rnonles.
The Trust dld use any professlonal fundrals1￿ partners In the year as all fundralslng
actlvltles were small scale focuslng on ralslfb8 funds for other charft5es from the schools,
communltles. Nelther the Trust nor anyone artln8 on behalf of the Trust ha$ voluntsrfly
subscrfbed to fundralslna standartls. No ci>mplalnts **re recelved In the year alm?￿ any of
the Tru5t'5 fundrnlsln8 artF¥ltle5. The TNst ensure5 that vulnerable people and other
member5 of the publlc are proterted from behavlour whlch Is unreasonably Intruslve.
perslstent and pressjred. The Trust does not conslder thls t￿• of ￿havIOur a hltrrfsk area
but ￿11 cmtlnue to M￿lIOr fUndraI￿n0 oCtl¥ltles.
GlouCeste￿h1re Catholk Educat1￿1 Tn￿ Ltd rem•lns commltted to the alm of wovldl
publlc benefft In accordance wlth Its foundln8 prfnclple& The Trustees o)ntlnue to conslder
the Charfty Commlsslon's 8enernl guldance on publlc benefft and confimi that tfr*y have
tornplled wlth thelr duty In Sectlon 17 of the Charltles Act 2011.
Th• Trust fulftls Its obllqatkns under Act throuth th• w4M•blllty of burs•r1•5 ind
scholarshlp&
Durlng the perlod ended 31 Decernber 2023, the Trust made a 8rant of £15,(￿ to support a
Performln8 Arts educatlfThl projert at St Edward's SeThlor Sthool.
Fadlllles and (¥Jmffiwfty Inks
Durfn8 the perlod prlor to the transfer of the sthool, the Trust made Its hdlltle5 avallable to
local communlty groups Indudlng sport (crfcket, swlmmln& rugby, foot￿11, tenn15 and
hockey). drnma and musk 8roup& The Tnist ¥al￿d Its Ilnks vAth tt* local ¢Th￿rn￿nIty.
Golng forwanl the Trust wlll contlnue to keep d05e Ilnks wlth the local communlty through
the avallablllty of fee a551stance to local farnllle&
As the flrst perlod In whlth the charny dld not operats as a School the flnanclal posltlon has
thanged s18nlfi¢antly. ￿rfn& the 16 mmth perknd the chartty has recelved £55389 of
Income from Its Investments, as well as donatlon5 of £85,035. After expendlture there was
an operatlng profft of £47A06 and IT￿dI￿ falr Val￿ adjustments the Investments net
funds Increased by £80¥267.
As a resultthe net assets of the tharlty have Inueased from £1.336,554 to £2,137.820.

R•Mr¥u levd •nd p*y
Followlng the trdn5fer of the schools, the T￿$ actmtles are those of holdln8
Investments. The T￿S unrestflcted funds stood at £2.135k {£L334k In 20231 whlth are
also free reserves of the TrusL
Totsl reserves Stood at tZ138k (2022: £L337k).
The Trust's reseThes pollcy Is currently beln8 revlewed followln8 the sale of the Schools bul
rernalns In place to •sslst Catholk educatlon In the l¢xal 8rea.
The Trustees wlll corrtlnue to revlew the res￿$ posttlon ann￿lty.
GoltyuJfi¢•rn
St Edward's 5th001 Jolned the Alph• Stho¢ts Group on 16th Febnmry 2022.
The Trust wlll contlnue to operate under a dlfferent name as GlwCests￿1re Cathollc
Educ•tlon•l Trust (GCEn. GCEf wlll i%knlnue to support Cathdk educ•Uon by pr￿ldIng
bursary a￿lS￿nCe to thlldren who would not otherwlse be able to afftird Independent
school fees. The tntst wlli also support by dlrert 8rnnt ictmtles and proJe¢ts whlth benefft
oups of chlldren In the context of cathollc educatlon In Gloucestershlre.
The Trust now has a s18n1ft￿nt1¥ reduced ovethead rats wlth rnlnlmum overhead
expendlture forecast 8olng foThnrds. The Trust WIU Wa￿ wFthln Its workln£ c•pltsl
requlrements to 8rant bur5arle5 In future perfods.
The Trustees hm a reasonable expertth that the Tntr< hos adequate resources to
contlnue In operatlonal exISten￿ for the foreseeable future. They contlnue to bel￿ the
801n8 concern basts of accountln8 Is approprlate In preparln8 the amual flnandal
statements.
The Trustees habt glven conslderatlon to the major rlsks to whlth the Thist Is exposed. The
Trustee Body has ultlrnate respon￿￿1￿ for mana8ln8 any rtsks faced bythe TrusL
The rlsk rnana8ement prnctss and the reAAUng Report Identlfies rlsks, assesse5 thelr Impact
and Ilkellhood and, where necewry. recommerK15 Cortrots to rnltigate and rnonltor those
rfsks. The generk controls used by the Trust to rnlnlmtse rlsk Include:
. detalled terms of reference togett￿r vAth fornial agendas for Cornmlttee and Boord
Pa8e 9

• comprehenslve budgetln8 and management accw)tkn&'
establlshed or8anlsall(Thl strurtures and lknes of reportl
fornial wrltten pollcles Includ1￿ dear authNlsatk>n and apprnal level5:
vettlng procedures as requlred by law for the watectlon of the vulnerable.
Prfnthl and wcert•lntle•
The Trustees consldered rlsks In the follo*1￿ cate8or*s:
Governance:
The malntenance of an effertlve Board of knrrmand Senkw leaderthlp team
Operatlonal:
Compllance wlth requlatory requlrements of Heatth & Safety leglslatlon, employment law
and Its regulators Indudlw the Indepe￿ School5 Inspectornte and Charlty
Commlsslon.
Flnandal:
Compllance wlth bt)m>wlni covernnts and m•lntslnln8 Ilquldlty.
Publlc relatlons1reputat￿n.
Compll8nce vlth all regulatory requlrements •nd malntslnln8 an effect￿ marketlng
strnt•￿.
Pl•nJ for firtur• p•rlod•
We use hlstorlcal dats and trends lalon8 wfth other Inforniatlon ptherlng and research) as
the basls for forecasttn8 pupll number& The number of puplls at the school dlctates the
allocatlon of re￿)UrceS and so our term strateqlc plan aftd thcasts may thange
dependin8 on factors such as urKertalnty In the wlder economy or Governrnert Imposed
statutory or regulatory chary&
Thls report has been prepared In accordance wlth the small cornpnles rellme under the
Cornpanles Act 2￿.
The annual report was approved by the Trnstees of the tharfty on ............. .....
on Its behalf by:
Dr S Hone￿111
Chalr of Trustee5
Page 10

The Trustees (who are also the dlrertofs of Gloucester5hlre Catholk Educatlonal Trurt Ltd
for the purp05e5 01 cornpany law) are responslble for preparfn8 the Trustees, report and the
flnandal statements In accordance wfth app1SCab￿ law and Unlted Kln8dom Accountlng
Stsndards Iunlted Klngdom Generalty Accepted Accountlng pract1￿). Indudlng FRS 102
Flnandal Reportln8 Stsndard appllable In the UK and Republlc of Irelan￿. The report
and accounts have been prepared In ac<ordance wlth the provlslons In the Companles Art
21M)6 relatlng to Small cornpanles.
Cornpany law requlre$ the Trt￿ to wepare fi￿n￿?1 statements for exh flnanclal
perlod. Under ¢<Mmpany law the Tritstees rnust not appr(Ne the finandal statements Un￿33
they are satlsfted that they 8l¥e a true and falr vlew of the state of •ff•lrs of the tharftsble
company and of the Incomln8 resources and applkatlon of resour￿5, Indudln8 Its Income
and expendlture, of the charltsble company for that perlod. In weparlng these flnindal
statements. the Trustee5 are requlred to:
• select sulteble •ccountln8 poNdes and •ppty them conslstentlr.
• observe the methods aNI prlndples In th• Chafltles SORP:
• rnak• Jud8•ments •nd estlmatas that arn feasonable and prudent.
stste whether appllc•bfe account1￿ standard4 comprl4n8 FRS 102 kn been followed,
subJe¢t to any rnaterlal departures dtsdosed and rylalned In the flftancl•l staternerrts:
and
prepare the flnanclal statements on the 8oln8 concern buls unless It Is Inapproprlate to
presume that the charltable cornpany wlll contlnue In buslness.
The Trustees ire re4￿nsIble for keeplna proper accountln8 records that can dI5d￿e wlth
reasonable accuracy at ary tlme the flnandal posltlon of the charftsble company and emble
them to ensure that the finandal statefflerrts comply wlth the Companle5 Act 21M)6. They are
also responlble for SJfe8uardln8 the assets of the tharttable compary and hence for t•kl
reasonable stspsforth• preventlon and det•¢tkn of frJud •nd other kregular1t￿.
The Trustees are responslbfe for the rnalntenance ond Irrtewlty of tho corporate and
flnanclal Inforniatlon Induded on the charttable compan¢s webslte. Le8lslatlon govemln8
the preparatlon and dlssemlnatlon of flnandal statements rnay dlffer from leslslatlon In
other Jurlsdlrtlons
Approved by the Trustees of the Chattty on.2. Slrfl)•Mhnd ￿gned on Its bohaif by.
Dr S Honeywll
Chalr of Trustees
Pwii

IDd•pendent EMMIn￿ Report to th• trurteos ol Gloucestuth Catholk EducalloMI
I report to the thartty Trustees ￿ my examlnakn of the accounts of the C￿npanY for the
vear ended 31 De￿rnber 2023.
RMp0Tr51bllltl•s and buls of r•pwt
As the charltvs Trustees of the Comyny (Jnd also Its dlreLtor5 fprthe purp05e5 of cornpany
law) you are responslble for the PreParatk￿ of the accounts In accordance wlth the
requlrements of the Compinles Art 2CQG (fthe 2LYffj ACV).
Hovlrva satlsfted myself that the accounts of the Company are not requlred to be audtted
under Part 16 of the 2CQ6 Art and are ellglble for Independent examlnatlon. I report In
respect of my examlnatlon of your charW5 accounts as carrled out under sectk>n 145 of the
Charftles kt 2011 (the 2011 Acy). In ¢arrylng out my e¥amSn•tlon I have followed the
Dlrections 8Sven by the Chartty Comrnlsslon under sectlon 145(5)(bl of the 2011 Art.
I have completed my examlnatlon. I confirm that no matters have come to my attentlon In
connectlon wlth the examlnatl(M for the perlod erHled 31 December 2023. However. the
finandal ststements for the ￿r ended 31 Au8USt 2022 were sublect to audlt and the audft
report thereon w4$ qualllled. I have reproduced an extrnct of that audlt oplnlon to isslst the
users of these flninclal statement&
'As set out In the Trustees r•port the sthools controw by the Trust were sold on 16
February 2022. As part of the ￿le many of the flmnchl records of the trust Includln8 detalls
of fees and payroll rewds were transferred to the puthser. The purthaser h•$ not rnade
these avallable to the Trust for the purpose of thls audlt and as a result we have been
unable to sUbStsn￿atQ the fee lftcome of £3,318528 or the payrdl costs of £2,548,299.
There were no altefflat￿ audlt procedures we were able to undertake to substantlate
these affloun￿ As a consequence. *we unable to deternilne whether an odjustment to
these amounts were necessary..
I confirni that no other m8tters hrn awne to my attentlon In connertlon wlth the
examlnatlon me reasonable cause to belkn that In any materlal respect:
l. accounttng records V￿re not kept In respert of GIou￿$ter￿lre Cathollc Educat1￿￿1
Trust Ltd as requlred by sectlon 386 of the 2fX16 Act; or
2. the accounts do not accord wlth those records; or
3. the accourts do not comply wlth the accountlNd requlrements of sectlon 396 of the
2006 Act other than any requlrement that the Kcwnts 8lve a'true and falr vlew, whlch
Is rM)t a matter consldered as part of an Independent examlnatlon; or
Page 12

Trurt itd (*he Compnyj
the Jccounts not been prepared In accwdance wlth the methods and prlnclple5 of
the Statement of Ilecommended Practke for acC￿ntIng and reportln8 by tharltles
[appllcable to charltles prep•rlng thelr accounts Jn accordance wlth the Flnandal
Reportlng Standard appllcable In the UK and Republk of Ireland (FR5 102)].
I conftrrn that there are no other rnatters to whlch your attentlon should be drdwn to enable
proper urKler5tsndln8 of the accounts to be reached.
Joy R 8oswell
Four Flfty Partnershlp
Instltute of Chartered Accountairts h) Entsnd and Wales
34 Boulevard
Werton4uper-M•re
S(men¢t
BS23 INF

(Indudlry Inaxm •nd Expenkn and Stat•rn￿ afTotal R•ra8nlwd G•lni and
fvnth
nth
Donatlons and legacles
Investment Income
Other Income
85￿5
,441
43,548
85M35
441
T¢)tsl Income
141.024
14L024
Ralsln8 funds
Charltable actmtles
Other expgftdlturn
Total expendlture
Net Income
16.645)
187,661)
16.645)
187,661)
93.6181
93.6181
47A06
47,4(h5
Oth•r r•¢oylMd plns •nd lou
Gain¥losse5 on revaluatlon of fixed
assets
753￿1
753￿61
Net m¢Mment In funds
1,267
801267
R•Andll•llon of
Totsl funds brouth frnrd
Totsl funds carrfed fo￿rd
L333553
L336.553
L134A20
2,137,820
All of the charltys artlvltles derfve from dlscontlnued operatk•ns followlrrfa the dlsposal of
the trade dated the 16 February 2022 wlth Alpha School& All actlvltles were transferred as
of 16 February 2022.
The notes on pages 18 to 34 an Inte8ral part of these flnandal statement&
Page 14

(Indudln8 Incom and Exwnatur• A(tount and St•t•m•rt of Total R•co8nls•d Galm and
funth
ftdl
Inwne and Endowrn•iits from:
Donatlons and le8ades
Charttable actlvltles
Othertrndln8 actlvltles
Investment Income
Other Income
(769)
3J18.528
16L729
(769)
3,318.528
16Ln9
45,108
Totsl Income
3￿25,2
3,525.280
Exp•ndltur• on:
Charltable aCti￿tIeS
other expendlture
io
(4L81569)
(LIL¥,0221
(5289,591)
(4,181,569)
IL108.0221
Totsl expendi￿re
15,289,591)
(l764,311)
Net expendfture
L764.311
Net movement In funds
(&764311)
(L764,311)
Total funds brought fo￿lId
3m7.865
3,lQl.865
Total fvnds forward
L333554
L336.554
The funds breakdown for 202215 shown In note 19.
The notes on pa8es 18 to 34form an Inte8ral part of these flnandal statements.
Page 15

IR•*tr•lkn Nmb•r. 019619781
Investments
2,024￿73
263,938
Debtors
Cash at bank and In hand
16
17
8.178
¥599￿77
265,W8
268,898
L608.055
Cr•dltorn: AmountsfalllN duevAthkn on•
{155.1511
(535,4391
113.747
L072,616
2.137,820
¥331554
Funth atth• d*.
Rertrkted funds
Unr•rtrkl￿ Incorn• lunds
Unrestrlcted funds
L333,554
Totd lun
2,137￿0
1,336,554
For the flnanclal Perk￿ endlfi8 31 Decernber 2023 the chaflty was entltled to exemptlon
from audlt under sectlon 477 of the CofflpAnle5 Art 21IJ6 relatlnlto small coM￿nIes.
Dlrector5' responslbllltles:
The members have requlred the charlty to obtaln an awllt of Its accounts for the
perfod In questlon In accOrdon￿ wlth sectlon 476: and
The dlrectors acknow* thelr responslbllltles for complylng wlth the requlrernents of
the Art wlth respect to accountlng records and the preparatlon of accounts.
These flnandal statements have been prepared In accwthno wlth the 5pedal provlslon5
relatln8 to fompanles subject to the 5rnall companles relme wlthln Part 15 af the
Companles *zt 2W6.
The notes on pagu 18 to 34 form an Integrnl part of these flnanclal staternent

Th• flnandal statements page5 14 to 34 were appmd by the Truste￿ and authorfsed
for Issue on ..2Sl.P*ts4￿ *ned on thelr behalf ty:
Drs Honeywlll
Owlr of Trustees
The notes on pages 18 to 34 fmn an Inte8ral part of these flnanclal statement&
Page 17

NO￿ ts th• Hn•nd•l Statements forth• P•rlod from I September 2022 to 31 lJ•c•ffl￿r
Glouce5tershlre Catholk Educatlonal Trust Ltd 1$ a re¥stered tharlty wlth the u￿rItIeS
Commlsslon En8land and Wales (charlty number: 293360) and Is Incorporated as • prfvate
company Ilmlted by guarantee {company number: 01961978). The address of Its rellstered
office Is arencester Road, Charlton Klngs. Cheltenham, GL53 8EY.
The flnanclal ststernents have been prepared In attordance wtth the CharltSes SORP (FRS
102)
Accountln8 and Reportlnl by Charttles: Statement of Recommended Prnctlce
appllcable to charttles preparln8 thelr accounts In accordance wlth the Flnandal Reportln8
Standard appllcable In the UK and Republk of Ireland (FR5 102) leffertl¥e l January 2019),
the Flnandal Reportln8 Standard •pplk•bl• In th• UK and Republ1¢ of Ireland (FRS 1021. the
Comparbles Act 211)6 •nd the Chartttes Act 201L
Gloucestershlre Cathollc Eduathxwl T￿￿t Ltd rneets the definltlon of • publlc benefft entlty
under FRS 102.
5t Edw•rf5 School ￿Ined the Alpha sd￿1$ Group on 16 February 2022. Alpha Schools
Group have tsken o¥er the owner5hlp and rnan￿nt of the Sthools from thls date and
wlll wo¥lde i substantlal I￿￿$tment In the S¢hooW fJdlltles over the next three yeafs.
The Trust cortlnues to ijperrte as Gloiicestershlre Catholk Educatlonal Thist (GCEn. GCEr
WHI contlnue to support Cathollc educatkn by yovldln8 bursary tssistsnce to chlldren who
would not otherwlse be able to afford Independent sdwl fees.
The Trust now has a slgnfficath red￿ed (y•erhead rate wlth mlnlmum overhead
expendlture forecast golng forwardL Th Trust WMI work wlthln Its Work1￿ capltal
requlrementsto Brant bursarles In future perlod&
The Trustees have a reasonable expert8tlon that the Trt￿t hJ5 adequats resources to
contlnue In operatlonal exlstence for the foreseeable fvture. They contlnue to belleve the
lolng concern b351s of accountln8 Is approykte In prepbrfrq the annual flnaDclal
statement&

In¢omln8 r￿oUr
Fees recelvable are accounted for In the perfod In whlth the serv1￿ are pruvlded and are
st•ted after deductlng allmnw. sdthhlps and other remlsslons grnnted bythe School.
All other Income Is lrtluded In the St•temeffl of Flnafid￿ Actmtles when the School has
entltlement to the funds any perforniance condltlons attached to the Items of Income have
been rneL It Is probable that the Incon￿ wlll be r•celved and the amount can be Measured
rellably.
Income from pvernment Irants, whethw'upltay grnnts or're¥enue' 1$ reco8nt5ed
when the School has entttlement to the fun￿ any perforni•nce ctsndltlons attached to the
8rnnts have been m•¢ It ts prob•ble thrt the Ino)m wlll be re¢elved ond the amouTrt caft be
m•asured rell•bty.
Where •ntltl•mnts occur b•forn Income ts recel4*d the Incomels a¢rJued. Where Income
recel¥ed In •dvance of the Sthool ha￿ entItIen￿t0 the funds the Incoft￿ Is deferred.
These are costs Incurred In attractln8 voluntary Inwne, the management of Investments
•nd those Incurred lft tradln8 actmtks that r•lse fund&
Expendlture Is all0￿d to expense he•dlny on • dlrect cost bos￿ wlth st•ff costs belng
alloc•ted a¢cordkn8 to the éstlmated tlme s• by sknff ￿n& In relmnt departments,
Charltable acdvltles Indude all casts rÈl•ted to the n￿nI￿ of the School.
The Irremrable VAT elernent Is Induded wlth the Item of expense to whkh It relate5.
Provlslon5 for grnnts are made when the Intentkjn to make • grnnt has been communlcated
to the redplent but there Is uncertalnty about elther the tlmln8 of the 8rant or the amount
of grant payable.
The TriL%t Is a reglstered charfty. and a5 5uth 15 entTtled to certaln tax exemptloTrs on
surpluses on any tradlng acdvltles carrled on In furtherance of the tharttvs prfmary
Object￿$.
Page 19

Notss to th• FlnMd•l St•t•m•ntsforth• P•rfod from l S•pt•Trber 2022 to 31 D•¢•mb•r
T•￿Ibl• fA•d •si•li
In common wth other edLKatlonal ertabllshments the Tntst hlstorlcally wrltten off all
expendlture on tsnqlble assets dUrt￿ the year of wrthase (prforto 1997).
The orlglnal Sthool bulldln8s were Pfedomln•ndy Ilsted prop•rtkn and were carrfed at the
amount of the orlqlnal meryer cost. as the Tn￿ consldered It was not approprlate to
apply a current valuatlon to such propertle& The Trust Was respon51ble for keepln8 these
propertles In a fft and useful condltlon and these costs are wrltten off as Incurred, and
hence no depreclatlon b thar8ed on these propertles.
preclatlon Is provlded on tsn8lble fkned assets so as to wrlte off the cost or valuatloft, less
any estlmated resldual value, over thelr expected usefvl ecty￿rnk Ilfe as follow5:
Plont and equlpment
Motorvehl¢les
Furnlture. flxtures ind ffttln8S
10%- 33% strnlght Ilne
20% stralght Ilne
10%- 20% $1rn18ht Ilne
096- 2% stral8ht Ilne orthe
experted rem•lnln8 Ilfe of the
buMdln8
The 8aln or toss arfslng on the dlsposal of an asset h deternilned as the dlfference between
the Sale proceeds and the carrylnB ￿lue of the a55e( and Is recolnlsed In net
Incomel(expendlture) forthe year.
Fmehold bulldln8s
The freehold land and bulldlr4s of the Sthool were revalued In 19W. The Bwernors are of
the oplnlon th•t th• currert open market value on an exlslln8 use basls Is In excess of book
value.
The School has taken athantsp of the transltloMI arrangements of FRS 102 - Sectlon 17
Property. Plant ond Equlpmert not to updats Its valuth of land and bulldlw.
Investment prnperty Is arrled at falr Yalue. derlved from the Cufrent market prlees for
comparable real estste detemilned annually by external ￿d1Uers. The valuers use observable
rnarket prlce4 adjusted If necessaryfor any thffer￿ In the nature. l(Katlon or condltlon of
the specfflc asseL Changes In f8lrvalue are recognlsed In profft or los&

Flxed asset Investments, otherthan pro8rnrnme related Investn*nts, are Induded at market
value at the balance sheet date. Rea115ed ylns and1055es on Inve#rnents are cal￿1ated as
the dlfference between sales proceeds and thelr market value It the 5tsrt of the perfod. or
thelr subsequent cosL and are d￿rIed or credlted to the Staternent of Flnanclal Attmtles In
the perfod of dtsposal.
Unreallsed 8alns and losses represent the movement In market values durfn8 the perlod and
are credlted or dHr8ed to the Staternent of Flnandal Actlvltles based on the market value at
the perfod end.
Short temi debtor5 are Inttlalty meKured at transth prf￿. less any lmpalrn￿ftL
Cwh and ush •qulv•l•iits
Cashls represented by cash In hand ond deposlts wlth fi￿n￿lI Insututlons.
Short tsrm credltors are Inltlally Measured at the transathn prlce.
Uabllltles are reco8nlsed 0￿• thwe Is • le841 or constnictl¥e obllwion that commlts the
Trust to the obllaatlon.
An•ndal Instrum•nts
The Trust only has flnandal assets and flnandal Ilabllltles of a klnd th•t quallfy as b05k
flnand•l Instruments. B•sk flnandal Instruments are Inltlally reco4nlsed at transartSon value
and 5ubsequent]y measured at thelr setdemert value.
Pay 21

Nota to the Fkn•ndal St¥t•m•ffls lorth• Perfod froffl I S•pt•mber 2012 to 31 D•c*rnber
Flnant• and op•rntlw
Where the Trust has entsred Into flnance leases or hlre purchase contrdcts. the obll8atlon$
to the lessor are shown wrthln uedltors and the rfghts In the correspondln8 assets are
trnated In the same way as owned flxed rlthts. Leases are relarded as flnance leases wh•
thelr torn￿ transfer to the lessee 5ub5tantlalfy all the beneffts and burdens of ownershlp
otherthan the rlqht to leaal tltle.
ftentsls payable under operatln8 leases are (￿r8ed to the Statsmert of FI￿n￿lI ActlvFtles
J5 Incurred.
Rodund•n¢y c4Xts
ReduTrdancy and t•rmlnatlon costs Ire •ccounted for on an occruals ￿51S when
commttment to ternilnate a m <bn the 8roun(Is of redun&nLy ha5 been m•de.
The Trust mntrlbuted to the Te•chfft' P•n51on Defined Beneffts Stherne at rates set by th•
Sthem• Artuary as advlsed to the Board by the Scheme Admlntstrrtor. The scheme Is
multl-employer penslon scheme. and It Is not wlble tD Identlfy the •5sets and Ilabllftles of
the Scheme. whlch are attrfbutsble to the Trust. In accordan￿ wlth FRS 102 therefore, the
xheffle Is acMunted for as a defined contrlbutlon scheme. The Tnist •bso contrlbutes to
personal penslon sthemes for notrteachln8 Staff and these cortrlbutknn$ ore K¢n￿d
accordln8fy. Penslon costs are allocated to the Unrestr1rt￿ fund due to th1$ beln8 the fund
In whlch staff costs are pald from.
Genernl funits we unreslrkted funds ￿1th we avallable for use at the dlscretlon of the
Trustees Sn fvrther•nce of the general ObJeth￿ of the Trust and whlth have not been
desl8nated lor other purpws.
Desl8nated funds comprlse ufirestrfrted funds that have been Set a51de by the Trustees for
parttcular purposes. The alm and use of eath de*nated fund Is set out In the notes to the
flnanclal statements.
Fund5 donated for purposes reStrIc￿ by the wlshe5 of tr* donor are taken to restrlrted
fvnds. where these wlshes are leAally blndln8 Cn the Trustees.
Page 22

The Trustees have revlewed the contrart temis under whlch pupll fee deposlts are held by
the Trust. Although under rwmal drcumstances these wlll be re￿Id In future years when
the puplls complete thelr educatlon at the School. puplls can leave at earller date5. The
Trust does not therefore have an uncondltlonal rf&ht to retsln the Indmdual deposlts for at
leJ5t 12 months after the balance sheet date and. In Ilne wlth the regulrements In FRS 102.
the balance of deposlts held have been Induded wlthln fAmnt Ilabllttles.
All fee deposlts held were transferred to Alp￿ 5choots Group on 16 February 2022.
Estjrnates and Jud8ements are contlnu8lly evalurted and •re based on hlstorkal experfen¢e
Jnd other f•ctors, Indudlnl expectatlons of fvture events th•t are belleved to be rea%>nable
under the clr¢umstance&
Crltlcal accountlw estlmates and •ssumptlon&"
Umlul aconornk Mv•s olt•bW• •u•ts
The annual depredatlon charles for the twlble assets are senslllve to thanges In the
ertlmated uselul economlc Il*s and resldual values of the •ssets. The useful economk I
and resldual values are rfras5esS￿ •nnuJHy. They are •mended when ne￿$Sary to refiect
current estlmates. based on tschnologlcal advancement fvture Investments, economlc
utlllsatlon. and the physkal condltlon of the assets. See note 15 for the carrylng amount of
the tanqlble assets ind note 2.6 forthe usefvl lfves for eath of èsset.
n•nt ￿ d•btors
The Trust makes an estlmate d the reCtr￿￿bIe value of fee and other debtor5. When
aSX551ng Impalrrnent of fee and other debtors, mana8ernent conslders tact0￿ Indudln8 the
rrent credft ratln8 of the debtor, the ageln8 proftle of debtors and hlstorkal experfence.
See note 16 for the net carryln4 amourt of the debtor5 and assoclated Irnpalrn￿nt
provlslon.
Py23

On 16 February 2022. the Trust d15wMd of the Sthools trade to Alpha Schools Group for
conslderatlon of £2￿(x1￿0. Commltted capltal works are to be expended on the St
Edwards scho(￿ over a perfod of 3 ￿1$ of £17CX)XrfX>.
4 Cortlnynt •M•ts
Per the agreement wlth Alpho S¢hools Grwp* ? sum of £2.700,(U) was to be IrNested Snto
the capltsl of the School over a perfod of 3 years frorn the 16 Feb￿￿ry 2022, wlth at least
50Y6 of thls sum I£L350,IJXI) beln8 Invested In the111st 18 month&
These Improvements are to focu5 on ImPr￿Ing the educatlon provlded across the School.
As of the rn¢)St rffent update p￿ded ￿ 8 Febnwry 2024, Alph• Schools Group had speirt
£760,304.
There Is also an overaae payment due IfAlpha 5thools Group dlsposes, In part or as • whole,
any parts of the property that w•s transferred on dlsposal.
ff any property ts dlsposed wlthln S yeats of 16 Febru•ry 2022, 50% ￿the proceeds shall be
payable to the Trust. Thls percents8e reductt by 5% eath yEar follthvln8 th15 first S years.
5 Donatlom and l•pd
Ti)t•l
Total
31
Yar •nd•d
Unr•thct•d D¢c•mbw 31 Avwit
funds
Donatlons
85.035
7691
85.035
769
Pap 24

Fee Incorne
3318.528
Gros5 fees
Less: totsl scholarshlpsl bursarles and fee asslstsnce
3,902.576
584.0481
3,318.528
School trlps
Ilcatlon fees
Spedal need5 fees
Examlnatlon fees
Bus Income
Afterschool clubs
53.184
8￿53
71,604
(4.607)
22,875
16L729

8 Inmlm•irt Incom•
fund%
Interest recelvjble 4nd 51mllar In¢orne;
Interest recel¥•ble ￿ bank deposfts
Other Income from flxed asset Investments
Other Snvestrnent Income
5m3
7h18
5,023
7A18
336
A41
.441
9 Oth•r In(•m•
Tol•l
Tol•l
lunth
Aentsl Income
Other Income
43Y8
43.548
19,786
25,322
43.548
45.108
Pa8e 26

10 Ewnthurn on ¢h•rlt•ble
T••thlry W•lhr• Pr•mknrf Tata12023 Tot•12022
2Y8,299
Depredatlon
nd Impalrment
Other costs
118,620
57m6 L502,650
32X
12,CK
4.181.569
8.182
7,985 40.929
8.182
7.985
n,729
89,896
For th• p•rlod
d•d 31
Unrestflcted
funds
7985
73.729
89,896
Farth• y•
•nd•d 31
Unrestrkted
fvnds
2,187,388 334312 89721￿ 762,663
4,181,569
IITM
The tharfty Is • rellstered tharfty and Isthereth exemptfrom tsx•tknrk
Total
Audlt fees
Audlt of the flnandal statements
32,8CK)
32,8CL)
Total for p•rlDd •nd•d 31 DeC￿nbIr 21ll3
32.8LK)
32.81x1
Paqe 27

The monthly average number of persons (Indudln8 senlor manaqemert I lead•r5hlp team)
ernployed by the charfty dur1￿ the wlod was as follows:
Schohsttc
Admlnlstratlon
29
87
The a8ye8ats payroll costs were as follows:
20
St•ff duth4th• p•rfod
Wales and salArles
Soc141 securlty costs
Penslon costs
2M50,969
182565
314,765
2y8,299
All staff were transferred to Alpha SC1K￿ls Group on 16 F•bru•ry 2022.
14TrurtM• r•rnw•r•tk•Tr •ftd expem
No Tru5tee$. nor any persLw cMnerted wlth them, hrn recelved any reffluner•tlon from
the charlty durfrq the ye¥.
Durlnz the ￿rIOd ended 31 December 2023• expeiuts totslllni £NII (2022 - £1493) were
relmbursed or pald dlrecdyto one Trustee.
Page 28

IrNestrnent propertles
Other Investrnents
975.1MX)
L049,073
1024073
263.938
263,938
Cort or V•lu•iion
At I Septernber 2022
Rffiluatlon
263,938
71&L￿2
At 31 December 2023
975,¢XXI
At 31 Oecember 2023
N•t bookvalu•
At 31 December 2023
975,11))
At 31 Au8USt 2022
263.938
There has been no valuatlon of ln￿stMe1rt property by an Independent valuer.
Pagè 29

r4Dt•8 to th• Fln•fid￿ St•t•m•nts forth• Pwkxl fm I Septsmb•r 2022 to 31 Drf•mber
Total
Cort or Valu￿￿
Revaluat
Addltlons
Dlsposals
43.487 43
1,067.737 1.067.737
62.ISI
62.ISI
At 31 De¢ember 2023
L049,073 L049,073
N•t 1x￿k ¥￿￿•
At 31 Deomber 2023
1049,073 1,049,073

16 D•btorn
Trnde debtors
Provlslon for bftd debts
Prepayments
aA
113L658)
L6Y
141454
{138.4761
4200
8,178
17 C•th and emh •qulv•l•nts
Cosh at b•nk
265008
L599.877
18Cr•dltorn: amounts hlllry du•
B•nk loan5
Other credltors
als
177.348
333h94
24.597
iOL751
53,41Xl
155,151
535,439
Pa8e 31

19 Funth
B•lanca at
31
•xpand•d a•lMI(loswl
Unv••trfct•d funth
Unrestrlcted funds
1,333.553
I41￿14
193.618>
753￿61 2,134J20
Chess donatlon
PTA donatlon
Ti)t•l i•rtrkt•d lund•
TIA•l Iwd•
753
1336,553 14W4 2,137
93,618
8e32

BJl•nc• ai
31 AumNt
Unrestrlcted funds
2W,865 3,525280 (5.289.591)
249,0ry) &333.554
De51Bnatrd reserye
249.IX#)
249,llJ)
Total Unv•rtrf￿ 3,097.865 3J25,2W
5,289,591>
L333.554
Chess donitlon
PTA don•tlon
Tat•l r•ttrtC￿ fund•
T•)t•l l(m
L336,554
The desl8nated fund h fur the swlmmln8 pool and fftness room. A trnnsfer from the
deslgnthd fund to the oeneral reserve was made on the ￿le of the 5chool&
P4e 33

Notss to the FIMnd•l stat•M￿ lor¥* hrlod from I Sept•mlw %122 to 31 Decenthr
funds
Ftxed asset IrNestments
Current assets
Current Illlbllltles
1,049,073
265.898
(155,151)
1,049,073
268.898
(155,151)
Total net assets
1.159.820
1,161820
funth
Tanglble flxed JsMts
Current assets
Current118bllltles
263,939
1605.055
1535,439)
¥333J55
263,939
L608.055
535,439
Totsl net assets
1,336.555
21An•tyTh ol In n•t d•
Ati
At31
Cash at bank and In hand
Debt due wtthln l year
L599.878
177,348
11.335.574}
177,348
264.304
Total net assets
￿422￿30
(L158.226)
264,304