Chipping Campden School Charity Charity No. 311699 Trustees, Report and Unaudited Accounts for the Year Ended 31 March 2025
Ch7ppTng Campden School Charity Contents Trustees. Annual Report Independent Examiner's Repoi't Statement of Financial Activil?e5 Balance Sheet Note5 to the Accounts 9- 15 Detailed Statement of Financial Activities 16
Chipping Campden School Charitv Trustees Annual Report The Trustees present their report with the unaudited financial statements of the Chipping Caimpden School Charity (the ' Charity, I f or the year ended 31 March 202 5. Reference and Admlnistrative Details Charity No. 311699 Principal Office Chipi)ing Caiiipdei) School Cider Mill L£ine Chippiiig Campden Gloucestershire GL55 6HU Trustees The following Trustees served duriiig the year and to tlie date of this report.. S. A. Burnett The Late B.M. Chatfield (resigned 7 June 20241 R. Elrnes (appointed 29 April 20251 J. Flaherty lappointed 2 May 20241 L. Hay D.N. Makin G. Slade (resigned 25 July 2024) L. Southam K. Wood Key Management Personnel Clerk to the Trustees: Mrs C. Doraii Ifrom 1 January 20251 Mrs A. Sansom Ito 31 December 20251 Accountants Daniel Colwell & Co The Old Bull Pens Sezincote Moreton-in-marsh GL56 9AW Bankers Lloyds Bank PIC 19 High Street Evesham Worcestershire WR11 4DQ Investment Bankers CCLA One Angel Lane London EC4R 3AB Page | 2
Chipping Campden School Charity Trustees Annual Report Structure Governance and Mana Thc Chipping Campden School Charity was established under a Trust Deed dated 21st January 1991 and was register'ed witli the Chai'ity Comrnission oli diat date (Registered Number 3116991. A modification order dated 7th April 1994 amended the number of nom7nated trustees and a fui'ther modification order dated 25th May 2001, which came into force on 10th June 2001, was made to the Trust Deed covering the traiisfer of Cliippiiig Campden school (the 'School'l from Grant MainLiined staS to Foundation status. The Trust Deed was then further iipdated land fiilly incorporated the provision5 of the previous modificatioii order5 into a iiew fully comprehensive deed) on 15th June 2016 which a150 reflected the change in status of die School to an Acadeiny in September 2011. ement Details of the Trustees who served throughout the period are included in the Reference and Administrative Details on page 2. Two full meeting5 of the Trustee5 were held in the year. Trustees Responsibilities The Trustees are required to prepare financial statements for each financial year which give a true and fair ifjew of the state of affairs of the Charity and of the incoinin8 resources and application of resoLirces during the year and of its slate ol affairs at the end of the year. In preparing those financial statements, the Trustees are required to'.- 1 . Select suitable accounting policie5 and then apply them consisten tiy, 2. Make judgements and esLimate5 reasonable and prudent, 3. Prepare the financial stateinents on the going concern basis unless it is appropriate to presunie that the charity will not coiitiiiue in operation. The Trustees are responsible for keeping proper accounting records which disclose with accuracy at any time the financial position of the charity. They are also resi)onsible for safegijarding the assets of the charity and l)ence for taking reasonable steps for the pi-evention and detection of fraud and breaches of law and regulatioiis. Method of Recruitment and Appointment or Election of Trustees The updated Trust Deed of 15th June 2016 allowed for 2 nominated Trustees and 7 co-opted Trustees. Oiie of the Trustees 15 nominated by the School and the other by the Master aiid Fellows of Pembroke College, Oxford. Althougl) the Charity has a diverse group of committed Trustees, the Board of Trustees continues to seek new members and will consider new Trustees who bring relevant experience and who would make a valuable contribution I'o the strategy and maiiagement of the Charity. All new Trustee appoiiitments are discussed and approved at appropriately coiivened meetiiig5 of all Trustees. The Ti"ustees recognise that the management of investments requires appropi-iate experkn'se. Therefoie the need to liave at least two trustees with sufficient financial and investment knowledge is taken into account when considering new appointments. Trustees are carefully planning for future retirements. Page | 3
Chipping Campden School Charity Trustees Annual Report Policie5 and Procedures Adopted for the Induction and Training of Trustees New Trustees are briefed on their obligation under Charity Law and appraised of the organisation and structure of the Charity. Truslees al'e responsible f or the overall governance of the Charity, and they make all decisions regardiiig the Charity. Ob ectives and Activities The objects of the charity as set out in its Trust Deed, are to: Provide for the School SLich special benefits a5 may from time to time be agreed between the Triistee5 and the Governors of the School.. and Proinote the education (including social and physical training) of persons under the age of 25 yeai's who are attending or who have for not le55 than two years attended the school and who are in need of financial assistance and i li particular but without prejudice to the generality of the foregoing= i) In awarding to such person, s scholarship5, exhibitions, bursaries, mainteiiance allowances or grants tenable to any School, University, College of Education, or other institution of further (including professional or technical) education approved for the purpose by Ihe Trustee5. li) In providing financial assistance, outf its, clothing, tools, instruments or books to assist such person5 Lo pursue their edLication lincludinq the study of music and other arts), to undertake travel in furtherance thereof, or I"0 prepare for or enter a profession, trade, occupation or service on leaving school, University or other establishmeiit. The Tru5tee5 are CLlStodians of endowments that have been left for the benefit of the School and its students. The Trustees are obliged to protect those endowments in such a way as to be able to discharge the intentions of the benefactors, in perpetuity. Annual prizes to students are Bn example of how thi5 occurs. The Trustees also consider a range of propositions f rom students and teacliers that with small amounts of f unding cali enable and enrich the students overall education. The Trustees maintain strong links with the Master of Pembroke College, Oxford Lo further develop the importaiit historical links between the College, the Charity and the School. This will result in more students at the School being able to V151t Pembroke College. Public Benefit Tlie Trustees confirm that they have complied with the requirements in the Charitie5 Act 2011 to have due regard to the Charity Commission s general guidance on public benefit in exercising their powers and duties. They have refei.red to this guidai)ce wlieii reviewiiig the Charity'5 objectives and aims and in planning its future activities and are satisfied that the Charity's activities comply with thi5 guidance and are of public benefit. Page | 4
Chipping Campden School Charity Trustees Annual Report Achievements and Performance During the yeai- no new legacies were received by the Charity12024: none). The Board of Trustee5 paid a total of £4,109 sub5equeiit to the year end in relation to the School's junior & senior annual awards evening5. In addition, the Charity paid [8, 523 of its pledged support totalling £25,560 to the School for the purchase of 20 MacBook Air cotnputers. Financial Review The total income generated by the Charity during the year wa5 £48,057 which arose from the investment funds held by the Charity. The total expenditure for the year was £4,200, which covered the usual administrative costs, and the payments made to the School Overall, the Charity generated a net surplus of £33,239 in the year, after reflection of realised and unrealised gains and 1055es on investments and f ixed assets of1£10,618). At 31 $1 March 2025, the investmeiits held by the Charity had a market value of £1,474,413. Investment Policy In accoi-daiice with the Charity Commission guide CC14, the Trustees reviewed their mix of investments aiid risk levels. Trustees have taken advice f rom an IFA and will continue developing this relationship. The Trustees regularly review the Charity s investments with due reference to their investment policy. This policy was reviewed and approved by the Trustees on 11, December 2023. Major investment is made in two quoted fund5 managed spec?ally for charities by CCLA who have confirmed the investmeiits were mid-range in their r'isk profile. Reserves Policy The Trustees policy 15 to review the reserve levels of the Chai-ity on an annual basis. Thi5 review will encompass the nature of the incoine and expenditure streains, the iieed to matcli income with comtnitments and the nature of the Charity s I'eserves. The Trustee5 also take into consideration the f uture plans of the Cliarity, the uncertaiiity over some elements of future income streams and other key risks identified duriiig the risk assessment process. The resei-ve5 of the Charity are held towards providing the School and ?ts students such special benefits as may fiom Lime to time be agreed between the Trustees and the school governors. Such benef?ts beiiig for the pi-omotioii of educatioii, scholarship5 and bui"saries, aiid the provision of financial assistance to studeiits where needed to fui'thei- tl)eir overall developiment. At 31, March 2025, the total reserves of the charity were £1,561,865 of which £1,394,467 were represented by unrestricted funds. Plan5 for future periods The Trustees plans for f uture periods al-e to ensure the Charity continues to fulfil it5, Charitable objects as the custod?an5 of the endowments that have been left for the benefit of Chipping Caiiipden School and its, Students. Signed on ialf of the Charity's trustees D. N. Makin Trustee 91h September 2025 Page15
Chipping Campden School Charity Independent Examiners Report Independent Examiner's Report to the trustees of Chipping Campden School Charity I report on the accounts of Chipping Campdeii School Charity f or the year elided 31 March 2025 which comprise the Statement of Financial Activities, tlie Balance Sheet and the I'elated notes. onsibilities of trustees and examiner Res ective res The char7ty's tru5tee5 are responsible f or the preparation of the accounts. The trustees consider that ali audit is iiot required for this yeai- undei. the Charities Act 2011, 5.14412) (the 2011 Actl and Ihat an independent examination is needed. Having satisfied myself that the charity Is not subject to audit under charity law and is eligible foi. iiidependeiit examination, it 15 my respoiisibility to: examine the accounts under s.145 of the 2011 Act. to follow procedui-e5 laid down in general Directions given by the Chai'ity Commission under s.14515llbl of the 2011 Act; aiid to state whether particular matter have come to my attention. Basis of independent examiner's report My exainination was carried out in accordance with the general directions given by the Charity Commission. An exainination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also inclLides consideration of aiiy unusual items or disclosures in the accouiits aiid seeking explanations f rom you as trustees conceriiiiig any such matters. The procedures do not provide all Lhe evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair" view and the report is limited to those matters set out in the stateinent below. Independent examiner's statement I have completed my examiiiation, no matter has come to my attention: 11 which gives me cause to believe thal in, any material respect: to keep accounting records in accordance w7th s.130 of the 2011 Act. and to prepare accounts which accord with the accounting records and comply with the accounting requii-ements of the 2011 Act, have not been: or 2) to which, in my opinion, attention sholild be drawn in order to enable a proper understaiidiiig of the accounts to be reaclied. Signed.. Date: Daniel James Colwell FCCA CTA ATT Daniel Colwell & Co Chartered Certified Accountant Page | 6
Chipping Campden School Charity Statement of Financial Activities for the Year Ended 31 March 2025 Notes Unrestricted Endowment funds 2025 funds 2025 Total funds Total funds 2025 2024 Income and Endowments from: Investments 42,910 5,147 49,617 Total income and endowments 42,910 5,147 48,057 46,617 Expendlture on: Charitable activities 2,642 1,558 2,642 40,968 Other 1,558 1,370 Total expenditure 4,200 4,200 42,338 Net Ilossesllgains on investments revaluation {11,780) {2781 112,058) 81,937 Net {lossesl/gains on f?xed asset revaluation 1,440 1,440 3,408 Net income/(expenditure) 28,370 4,869 33,239 85,080 Transfers between funds 5,147 Net expenditure before other gains/{losses) 33,517 1278) 33,239 85,808 Other gains and losses: Net movement In fund5 33,517 {2781 33,239 85,808 Recor)ciliation of f unds: Total fund5 brought forward 1,360,950 167,676 1,528,626 1,442,818 Total funds carried forward 1,394,467 167,398 1,561,865 1 528 626 Page | 7
Chipping Campden School Charity (Charity number." 3116991 Balance Sheet at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Inve5Lments 17,491 1,474,413 1,491,904 16,051 1,458,730 1,474,781 Current assets Debtors Cash at bank and in hand 10 4,210 94,040 98,250 8,550 80,168 88,718 Creditors". Amounts falling due withiii one year 28,289 134,873 Net current (liabilities)/assets 69,961 54,158 Total assets less current liabilities 1,561,865 1,528,626 Net assets excluding penslon asset or liability 1,561,865 1,528,626 Total net assets 1,561,865 1,528,626 The funds of the charity: Restricted funds Endowment funds 12 60,965 60,965 60,965 60,965 Unrestricted funds General funds 686,002 640,705 686,002 640,705 Reserves Revaluation reserve 12 814,898 826 956 814,898 826,956 Total funds 1,561,865 1,528,626 Approved by the trLlStees on 9th September 2025 And signed o eir behalf by: D.N. Mal(Trn Trustee PaEe 18
Chipping Campden School Charity Notes to the Accounts 1 Accounting policies Basis of preparation The financial statements have beeli prepared in accordance Wlth Accounting and Reporting by CharitTe5= Statement of Recommended Practice applicable to charities prepariiig their account5 in accordance with the Financial Repoi-ting Standai-d applicable in the UK and Republic of Ireland (FR5 1021- Charitie5 SORP IFRS 102} (effective 1 January 2015) the Financial Repoiting Standard applicable in the UK and Republic of I reland IFRS 1021 and the Charities Act 2011 . Change in basis of accounting or to previou5 accounts There has been no change to the accouiiting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previou5 years. Fund accounting Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Revaluation funds Restricted f unds Income Recognition of income Income is included in the Statement of Financial Activities1SoFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditui"e expeiiditure is reported gross in the SOFA. Donal"ions and Voluntary income received by way of graiits, donations and sifts 15 legacjes included in the SOFA when receivable and only when the Chaiity has unconditional entitlement to the income. Donated service5 and These are only included in iiicome Iwith an equivalent amount iii facilitie5 expenditure) where the benefit to the Charity ls reasonably quantifiable, measurable and tnaterial. The value of any volunteer help received is not included in the accounts. Thi5 is included in the accounts when receivable. This includes any gain or loss resulting from revaluing investments to market value at the end of the year. Volunteer help Investment income Gains/ Ilossesl on revaluation of fixed assets Gainsl Ilossesl on investment assets This includes any gain or loss on the sale of investment5. Page | 9
Chipping Campden School Charity Notes to the Account5 Expenditure Recognition of expenditure Expenditure is reco¥iiised nii ali accruals basis. Expeiiditui'e incliide5 any VAT which caiinot be f ully i-ecovered and is reported ¢15 part ol tlie expenditure to which it I"elates. These comprise the costs incui'red by the Charity in the delivery of its activities aiid services in tlie fui"thei-ance of its objects, including the making of grant5 and povernance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that l)ave been approved by the trustee5 at the end of tlie year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, 7ncluding any audit/ independent examination fees, costs linl(ed to the strategic management of the Chai'ity, togetlier witli a share of other administration c05t5. These are support costs not allocated to a pai'ticular activity. Expenditure on charitable activities Grants payable Governance costs Other expenditure Taxation The charity is exempt f rom tax on its charitable activities. Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life- Freehold property Cups & trophie5 Not depreciated Are revalued annually by Trustees Trade and other debtors Ti'ade and other debtors al-e recognised at the settlement amount due after any trade discount offei-ed. Prepayments are valued at the amount prepaid iiet of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand dep051ts with banks and other shorl-tei-m highly liquid investments with original maturities of Lhi-ee months or less and bank overdrafts. In the statement of f inancial position, bank overdrafts are shown withiii boirowing5 or CLlI'ront liabilities. I n the Statement of Cash Flow5, casli and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an iiitegral part of the company's cash management. Trade and other creditors Short term creditors arc measured at the transac.tion price. Other creditors and provisions are recogiiised where the chai ity has a preseiit obligation I'esultiiig f rom a past event tl)at will probably i-esult in tlie traiisfer of fLinds to a third party and the atT)ounL due to settle the obligation can be measui-e(fr or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page | 10
Chipping Campden School Charity Notes to the Accounts 2 Statement of Financial Activities - prior year Unrestricted Endowment Total fLJnds funds 2024 funds 2024 2024 Income and Endowments from: InvesttnentS 44,945 49,617 Total income and endowments 44,945 4,672 49,617 Expenditure on: Charitable activities 33,568 7,400 40,968 Other 1,370 1,370 Total 34,938 7,400 42,338 Net {losses)/gains on investments Nel Ilosses}/gains on fixed asset revaluation 77,012 4,925 81,937 3,408 13,408 Net expenditure 83,611 2,197 85,080 Transfers between funds Net expenditure before other gainsl(105se5) 88,283 12,475} 85,808 Other gains and losse5'. Net movement in funds 88,283 (2,475) 85,808 Reconciliation of funds: Total fuiid5 brouglit forward Total funds carried forward 1,272,667 1,360,950 170,151 1,442,818 167,676 1,528,626 3 Income from Investments Unrestricted Endowment Total 2025 Total 2024 Investment income 42,910 5,147 48,057 49,617 42,910 5,147 48,057 49,617 Page | 11
Chipping Campden School Charity Note5 to the Account5 4 Expenditure Unrestricted Endowment Total 2025 Total 2024 Expenditure on charitable activities Exhibition and speech day prizes Hilda Terry awards Grants made (note J) 1,109 1,109 3,000 2,550 33,972 Governance cost Independeiit examination 1,530 2,642 1,530 2,642 1,446 40,968 5 Analysis of grants Unrestricted Endowment Total 2025 Total 2024 Activity or programme Air Ambulance Studeiit Support Grants to School 500 500 33,972 6 Other expenditure Unrestricted Endowment Total 2025 Total 2024 General administrative c05t5 1,558 1,558 1,558 1,558 1,370 1,370 7 Staff cost5 No employee received emoluments in excess of £60,000. The trustee5 received no renumeration and no expenses were reimbursed to trustees in the year under review. 8 Tangible fixed assets Land and Buildings Cups and Trophies Total Cost or revaluation At 1 April 2024 Revaluation taken to 50FA 16,050 16,051 1,440 17,490 1,440 17,491 At 31 March 2025 Net book values AL 31 March 2024 At 31 March 2025 16,050 17,491 16,051 The Freehold property relates to a pai-cel of land upon wliich Chippiiig Cainpden School is Sltuated. The Trustees consider this land to have a iioininal value on the basis it could only be realised in the event of Chipping Campden School ceasing Lo exist or operate. Page | 12
Chipping Campden School Charity Notes to the Accounts 9 Investments Other investments Listed Total Cost or revaluation At 1 April 2024 Additions Revaluation Disposals 1,458,730 27,741 112,058) 1,458,730 27,741 112,0581 At 31 March 2025 1,474,413 1,474,413 Net book values At 31 March 2025 1 474 413 1,474,413 At 31 March 2024 1,458,730 1,458,730 10 Debtors 2025 2024 Prepayments and accrued income 4,210 4,210 8,550 8,550 11 Creditors amounts falling due within one year 2025 2024 Accruals and deferred income 34,873 34,873 28,289 Page | 13
Chipping Campden School Charity Note5 to the Accounts 12 Movement in funds Incoming resources (including At 1 April other 2024 gainsllosses) Resources expended Gross transfers At 31 March 2025 Restricted funds.. Endowinent fund 60,965 15,1471 60,965 Total 60,965 5,147 5,147 60,965 Unrestricted funds: General funds 640,705 44,350 14,2001 5,147 686,002 Revaluation Reserves: Endowment fund Unrestricted f uiid Total i-evalLfatioii reserves Total funds 106,711 720,245 12781 111,780 106,433 708,465 826,956 1 528,626 112,058 814,898 1 561 865 Purposes and restrictions in relation to the funds: Revaluation r'eserves Represent the amount by which investments exceed tlieir histoi.ical cost. Endowment funds: Endowment fuiid Funds held to provide for prizes and grants to students and Chipping Campden School 13 Analysis of net assets between funds Unrestricted funds Restrlcted funds Total Fixed assets Investment5 Net current assets 17,491 1,308,647 17,491 1,474,413 69,961 1,561,865 165,766 1,632 167,398 1,394,467 Page | 14
Chipping Campden School Charity Note5 to the Accounts 14 Related party disclosures Name of related party The late B.M. Chatfield Description of relationship between the parties A member of Chipping Campden School and a Trustee Chipping Campden School duriiig the year Page115
Chipplng Campden School Charity Detailed statement of Financial Activities Unrestricted funds 2025 Endowment Total funds 2025 2025 Total funds 2024 Income and Endowments from: Investments Iiiveslment iiicome 42,910 42.910 5,147 5,147 48,057 48,057 49,617 49.617 Total income and endowments Expenditure on". Charitable activities Exh?bition and speech day prizes 1,109 1,109 3,000 Hilda Terry awards 2,550 Grants made 33,972 39,522 1,112 Governance costs Independeiit examiiiation 1,530 1,530 1,530 1,530 1,446 1,446 Total of expenditure on charitable activitie5 2,642 2,642 40,968 General administrative costs, incliiding depreciation and amortisation Clerk Honorarium General insurancps Dinner for reti red Trustees Principal leaving 750 322 486 750 322 486 563 307 500 Total of expenditure of other costs Total expenditure 1,558 1,558 1,370 1,558 1,558 Net losses/gains on investments 111,7801 12781 112,058) 81,937 Net incomel(expenditurel 26,930 4,869 31,799 89,216 Ti'ansfers between f unds 5,147 15,1471 Net income/(expenditure) before other gainslllosses) 32,077 12781 31,799 89,529 Net Ilossesllgains on f ixed asset revaluation 1,440 1,440 13,4081 Net movement in funds 33,517 (278) 33,239 85,808 Page | 16