CHELTENHAM COLLECE Year ended 31 August 2￿25 CHELTENHAM CHELTENHAM COLLEGE PREP SCHOOL Council's Report and Financial Statements Year ended 31 August 2025 CHELTENHAM COLLEGE Year ended 31 Ausust 2(r15 CHELTENHAM COLLEGE Contents Page Intr(xluction ty the President of CourKil C(xJncil Members, Officers Advis￿$ 34 Annual Rew)rt of the Council 5-16 State￿Ent of Trustees. resportsitjlit￿S 17 Indepe￿Ient thitorfs Report to the Tnjstees of (tr￿lten￿lM Coltye 18-21 Consolidated Stateff￿nt of FInar￿la1 A(tMt*s 22-23 Consolidated and College Balar￿e 24 Consolidaled Cashflow Staterrent 25-26 Notes to the Fironcial Stslements 27-51 Page11 CHELTENHAM COLLEGE Year ended 31 August 21YI CHELTENHAM COLIEGE Inlroduction by the President of Council The 2024-2025 academic year marked a welcome retum to full normalty across almost all aspects of College life. Our examination Co￿)rtS achieved a set of very encouragirKJ results at both GCSE ar)d A Level. These hard-won successes enabled the majority of leavers to secure places at i1￿[ ffirst-choice universities. whethei at OxFord and Cambridge. Russell Group institutions leadir¥J overseas universities. or elsewhere. Rardy has a cohort been more deserving of admiration for what it has achieved. While the apttal of unwersrties and colleges oversea5 continues to grow reflected in a record numkr of intemat￿nal offers - many pupils remain keen to pursue their higher ed￿atIon within the United Kingdom. We continue to IcK)k beyond own cLissr(yJms in delivering meaningfijl wblic tenefit. DuriTr3 the year we have further invested lime, energy, arvj resources in our es1a￿lShed partnerships with the Cheltenham EdLJcation Partnership. All Saints, Academy, and Saint John's Church of England Primary Sch(K)l. These partnerships are focused on broadening opportunity arKI enrKhing the exp￿rie{￿e of pupils, t()th in our partner schcols and at C￿ltenharn College itself. TW a￿ partnerships in the fullest sense, with tenefit flowiro in toth direcb"ons, and we are proud of all that we are achiewng tojether. Notwithstanding the charKJe in Govemment following the ju￿ election, and the Pfe5sures this has placed on OLJr abilty to supwrt such partnership& Col* arKI its community remain committed to continuiro their endeavcKJrs to make a difference to yxiety. In additiorl fundraising activity led by wpils in tx)th the College and the Prep Sthcd conlirnjes with wg(JJr success. Significant progress has also been m3de in relation to the College estate. Corrpletion of the D￿￿erStone project during 2024-2025 will open imwrtant OPFx)rtunit￿s. (her the summer. a new roof was installed on Southwood. alongside a comprehensNe refijrbishment of the kjwer gym. Favourable WeatI￿r c(MKlitions also allowed the dredging of the Prep ScFKX)I lake. In addition to supportirMJ Cheltenham's flood defences, this projett will enable the restoration of the lake as a valuable leisure and academic resource for Prep pupils. Our overseas part￿rShipS continue to n￿ke carefulty measured pr(MJre5& c￿tenharn MuscaL ttr￿ first premium UK- branded sck￿l in Oman, enjoyed a highly successfrjl opening in September 2021 and numbers are growing strongly. Further overseas projects are uThJerway in other regions and are experted to mature during the 2025-2026 year. Our ambition is to have up to six overseas schools. ￿th the Inco￿ generated supporting I￿r$arleS and other strategK prioritie& enabling more pupi15 to atter¥J cl￿ttenhaM College, strengtheniro the College's long-temi SLJStainaEy'lity. There is no doubt that challenges lie aFEad. intr(Klucth)n of VAT, the loss of Mandatory Business Rate Relief. and increased National InsurarKe costs have all significandy raised operatirKJ eynses. placing ￿litiOnal pressure on LM)th fee-paying parents and the College. The Cour(il is committed to nawgatirvJ ttEse thallen9es with care and foresight. While it is anticipated that some independent schoo15 will close in the coming years we remain confident that Cheltenham College will continue to provide a high-quality. all-rcxjnd education. wrf(h excellent teachiry arKI learning at its core. T CourKil is confident thal the futuie is bright for generation5 of Cheltonians to come, just as it has been forg ne ion past. ia raker-Nesbil President of the C￿nCil 20 March 2026 Page12 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLEGE Council Members, Officers and Advisors The Governing Body is the Council of Cheltenham College. Members of the Council are the trustees of the charity. The following served as members of Council duriThJ the period from 1 September 2024 to the date of this report. 0) 12) (31 (41 15) 161 Mr. W J Straker-NestMt (President) Mr. D Stewart (Deputy President) Mrs. H Allen (Appointed 7 March 2025) (Resigned 1 December 2025) Mr. A Barr Mr. B Beardmore-Gray r. P Brettell Mr. N Chivers (Appointed 1 September 20241 {Retired 28 March 20251 Mr. C Coo Mrs_ K Dallimore Mr. R Ellard (Apprynted 1 September 2025) Miss. G Elwood Dr. D Flower Ms. E J Hattetsley s. L Kalindawalo s. C Lehr Mr. D McNiffe Mr. N Roskilly Mrs. J Sautsjorah-fill {Retired 30 NovemtEr 20241 (Appointed 7 March 2025) Revd. Canon K Wilkinson rs. C Willgoss s. C Wood (Resigned 5 February 2025) IAppcxnted 1 September 2025) (11 Finance, Risk & Devdopment Committ Pl Audit Committee (31 Education Committee (4) Welfare & SafeguardirKJ Committee (51 Membership & GovernarKe Committee (61 Remuneration Committee ' The President arKJ Deputy President sit in an ex-officio capacity on all Cornfflittees of the Council Page13 CHELTENHAM COLLEGE Year ended 31 August 21Y25 CHELTENHAM COLLEGE tJJring the year actimbes of the Governiry Body were carried out through the C(xJncil itself arKI through the Committees shown above. ExecutNe Mrs. N Huggett IMA (Ox(N))) Mr. T O'SLillivan (LLB (Hons)) Mr. P Attwell IBA MSC) Mr. A Hailes Head of College He￿ of Preparatory Sch(J)I Bursar Deputy Bursar Senior Deputy Head Icollege) Senior Deputy Head (Preparatory Sckd) Mrs. A Cutts Mr. N Drake PrirKipal add￿$ Bath Road, Cheltenham GL53 7LD Irivestment manager Albert E Sharpe 7 Elm c￿rl Arden StreeL Stratford Uwn Avon, CV37 6PA - apFK)inted March 2025 Quilter Chemot Limited, SecorKJ IkK)r. Thr￿ Temple (￿ay. Temple Way. Bristol, BS16DZ lThleperMknt auditor Crowe U.K. LLP, St. James House, SL Jar￿. Square. C￿ltenharn GL50 3PR Banker Lloyds Bank plo 130 High Strert Cheltenham GL50 IEW Solicitor Harrison Clark Rickertys Limited, EllenborO￿h HoLJ5e. Welliwon Str￿l Cheltenham GL50 1YD Website mc e.or Charity name Cheltenham College arKJ Cheltenham College Preparatory Sch(Y￿. also krK)wn as Cheltenham College. Page14 CHELTENHAM COLLEGE Year ended 31 August 2(r25 CHELTENHAM COLLEGE Annual Report OE Ihe Council The Council is FAeasaJ to present its Annual Report for the year ended 31 August 2025 urKler Charities Act 2011. Status and administrative inforniation Cheltenham College was fournled in 1841 and is registered V￿th the Charity Commission under charity number 311720. College operates schools known as Cheltenham College arvj Cheltenham College Preparatory sc￿1. There is one Govemiro Body for Schools called the Council. Details of the rrwibership of College Council, tts executive officers and Pfofessional adwsors are given on pages 3 arKI 4. Strncture. governance and n￿nagement Govemiro D￿Urnents The Charity is governed by CWenham College Act 1894 and the Charities (Cheltenham College) Orders 1976 and 2011. Council The governance of College is vested in the President arKI CourKil, as laid down in the governiry documents. Membership of Counal is as foll0v￿￿. _ The President and DepLSty President elected by Council.- Not fewer than ten arKI not more than eighteen co-opted members appointed by Council,. Seven members nominated. from time to time. by the Universities of Oxford, carnbr￿ge anOt￿r Higher Education institutson, the Cheltonian Society. the teaching staff of Cheltenham College and the teaching staff of Cheltenham College Preparatory School. App)intment ar¥J indLKtion of CourKil Merr On the occurrence of a vacarKy amoThJst the tKJminated mem￿r5 of ts C(wfKiI (other than the member nominated by the Cheltonian Society) the President shall be responsible, on behalf of the Counol, for notifyirKJ and entering negotiations with the nominatiro auth)rity. The dections of ￿ memtErs of the Council to be nominated by the teachiThJ staff of either College or the Preparatory School are Conduct￿ by the Head or by a member or members of the teaching staff delegated by him. who shall report the metlKKJs by which the dections were conducted and their results to the Council. Co-opted members of C(xJncil are identified aThJ nominated by ￿ ￿eMt￿r$h1P & Govemance Committee and elected by Council. All new members of C(xJrKil receive a briefirKJ pack and CoMp￿henSlve induction from the Secretary to Council focusing on trUst￿hIp, the workings of College. tts FK)licies arKI objectives. Newly apwnted, as well as establisl*d CourKil memtErs, are encourag8J to attend trainir#J courses, conferences. regulatory updates atTrJ other appropriate events to contr.nual￿ develop the krV)b￿edge exFErtise of the goveming b(JYy. Page15 CHELTENHAM COLLEGE Year ended 31 August 2(r25 CHELTENHAM COLLÈGÈ Organisational Management By virtue of The Cheltenham College Act 1894, ￿ CcMJrKil is resFK>nsible for 'the entire management of the corKems and propety of College. a￿1 'may receive. Inv￿ lay out and dispo* of all stocks, efferts, funds, morey and secunties for the benefit ofColle¥Je-. It meets Th)t less than three times each year. Both the President arKI Deputy President are ex-offici) members of the principal sub-(￿nMLtteeS but are mt required to chair them. The Finance, Risk & DeveloF)ment Committee {FRDI is chaired by Mr. Peter Brettell. FRD meets not less than five times a year and sets financial tsrgets for approval by ihe full COU￿11 and Tnonitors results against such targets. The Committee is also responsible for overseeing risk manaJemenL compliance with statutory legislation, and facilities development. The College executive team is resix)nsible for managiry the busir)ess Wlthin the financial parameters and general wlicy laid down by Council on the recommeNlation of the FRD. The Audit Committee is chaired by Mr. Bill Straker-Nesbtt arvj meets at least twice annually to review the annual accounts and receive the indeperldent aLAlitofs reFX)rL The Education Committee meets termly aThJ is d)airtYI by The Revd. CatK)n Keith Wilkinson and is a consultstive forum in which issues of edLJcational policy. provisk)n and performar(e are discussed. Ultrmate authority lies wth the Council, which may, through the Presiden( delegate such authonty to the Committee. The Membership & Governance committ￿ meets or￿e w temi armj is chaired by Miss. Gillian Ellwood. Its principal duties include regular review of the comFK)sition of Council in terms of its nLJmbers. skills and exwience as well as succession planning for retiring mc¥nbers. The Committee also maintains oversight of the govemance of Chdtenham College, prorrK)ting the adoption afKJ use of accepted best practice based on the Charity Govemance Code. The Welfare & Safeguarding COMMItt￿ meets three times a year and is chaired by Revd. Canon Keith Wilkinson. Its pri￿1paI duties include the remew of wlicies rdatiThJ to Child Protecbon & Safeguarding to ensure compliance with regulatory requirwnents in College and Prep, the monitoring of pupil and stsff welfare matters. Matters relating to strategic planning stt primarity the CourKil, which considers proposals for the development ofthe S(￿￿01 and adwses senK)r management of strengths and weaknesses ofstrategic options. The Council may establish ad h(K comrTUttees to undertake more detailed planning arKJ appraisal of development proposals. The day-to-day running of ￿ SC￿15 is ddegat&l to the respective Heads aThJ Bursar. They are also supported by Cheltenham Executive Committee (CEC) (the key mana9ement for the purposes of these financial statements) and several other senior management teams spanniro the academic, pastoral and operational aspects of the two scFK)ols. RemurErali¢ Remuneration ofthe key management wsonnel is set by Remuneration Committee. with the poliry oEy'ective of providing appropriate incentives to enc￿Urage enhanced performance ar¥J of rewarding fair￿ and responsibly individual contributions to College's success. The RemLJneration Committee was chaired by Ms. E J Hattersley and meets twce a year, once in the Autumn Term and 4ain in the Summer Term. It is essential for College to engage credible professionals to bring sector expertise, significant leadership experience and strong capability to drive inspirational teaching leaming excellence, strory academic results, Page16 CHELTENHAM COLLEGE Year ended 31 August 2(Y25 CHELTENHAM eoLLEGE high qualty pastoral care, a strorg community of wpils arKJ staff, excellent facilities sound finances. In the light of this strategy, College's pay wlicy seeks to: pay median to upper quartile rarye for ￿Milar organisations in the UK Independent Schools sector market txjt not to compete on salaries the publK or prNate sectors; ensure perfomiance is reviewed reFX)rted to the appropriate Committee on an annual basis apply performance related pay elements On￿ vthere required by the relevant mattet sector,. and monitor Independent School 5￿tOr salary trends through ISBI through participation in surveys such as those for Baines Cutler and Haysmacinwe as required. The appropriateness and releVa￿e of remuneration policy is revTrebved annually, including reference to comparisons wth other independent schx)Is to ensure that College remains sensitive to the broader issues of pay and employment corKJitTrons dsevh*re. College aims to recruiL subject to experie￿e, at lower to medium point wthin a band. providing scope for rewarding excellence_ Delivery of College's charitable wsion ar￿ purFK)se is primarily dependent on our key management personnel (wth the CEC tEing the most senior 0F￿rationS committee) and staff costs are the largest single element of our d)aritable eXpe￿Ilture. Employment Fdicy College is an equal opportunities ern￿oYer. Full fair consideration is given to job applications from disabled persons ar)d due cOn￿deratiOn is given to their training aThJ employment needs. Consultation with employees, or their representatives, has continued at all levels with tl* aim of taking the wews of employees into account when decisions are made that are likely to affect ttEir interests. Employees are made aware of the financ￿1 and economic perforMa￿e of College. Group struciure and rdationships At the year end, Cheltenham College haj ly￿ wk)Ily owned active tradirKJ subsidiaries, Cheltenham College Services Limited arKI Cheltenham College Intemational Limited. Cheltenham College Services Limited continues to promde corporate letbrKJ facilities. tran5POrt arKI retailiTrJ services. Cheltenham College International Limited continues to support patrErs wth franchise arrangements to intemational sch)ols. Cheltenham College Charitable Trust (CCCT) is an IrKjef￿ent Charity bmth objects similar to th)se of Cheltenham College. It holds a number of ￿ndS raised for specific athtie5 or purposes and these i￿lUde tt promsion of scholarships. bursaries and prizes. It also IK)Ids fiJr¥Js raised for development projects at Cheltenham College arKI accumulates these funds until rdeased to hdp finar(e the projerts the funds were donated for. Whilst it is managed, and ruTh as an itKJepervJent charity, due to the majority of trustees being common to Cheltenham College, its financial ststements are consolidated vrith tt¥Jse of College to comply with FRS 102. The financial performance of each subsidiary is described in rN)te 23. Details on transactions be￿en group companies are also set OLrt in mte 23. Cheltenham College maintains memL￿[Ship of appripriate representative bodies with the aim of ensuring familiarity wth, arKJ delivery of, the highest educational pastoral care standards. Page17 CHELTENHAM COLLEGE Year ended 31 August 2￿25 CHELTENHAM COLLEGE College also seeks a￿1 develops strong rdationships V￿th ottrEr k(al schcols Ibolh iThYependent and state- maintained) y￿th the clear objective of wdening public access to the beneffts our pupils enjoy, whilst at the same time develop'ng in our own pupiF& a better understatKlirKJ of ￿ wider sc(ial context in which we operate. Investment policy objectNe5 College's investment objectives in relation to funds tEld in College aThJ in CCCT are to balance the current and future n*ds by.. maintair)irvJ (at least) value of ￿ investments in real tems." producirKJ a consistent sustainable amount to gjpport experKJiture and. in relation to the Fees in Advance Fund, act as asset backiw f(x future liabilities.. arKI deliverirKJ these thj'ectives within acceptsble levels of risk. To meet these objectives, College's investrnents as a whole are manajed to prcxjuce capital growth and income, maintainirKJ diversih'cation across a range of asset classes to pr(JJuce an appropriate balar￿e between risk and return. The investment strategy and policy are monitored by the FinarKe, Risk arKI Development sub-committee, as is investment performarKe for bthich appropriate asset marbagement sector benchmarks have been determined. All the investments held by College and the Charitable Tnjst beneffted from a positive year, with all areas of the portFolio producing varyirg levels of growth. combined realis￿1 and unrealised gains during the peri()J, after the reinvestment of income and sale of investsnents, totalled £269,093 P024." £601,500) on an opening portfolio of £7.4 million cbsing at £7.9 million. FUrt￿￿r details are set out in note 13 to the financial statements. The College does mt set a target for gains losses as these are extr￿nelY volatile and unpredictable. However, a retum-on-investment target of 2%1£120,C(Q) was budgeted for 2024-25 for College held investments. The actual retum was £181,838 arKI therefore. this target was exceed￿. Cheltenham College apw)inted Albert E Shatp to manage these irNestment funds from March 2025. Charity Grwemar£e Code The Council is acutely aware of the UFxJated guidarKe from ￿ Charity Commission in relation to the Code arKi fijlly supports the core values, pritKiples and disciplines the Code seeks to ir￿ulcate into the govemance of College. Objecls. aims. objedtves and activities The principal (knjective of Coll8Je is to provide an excellent arKJ broadly based education, in a predominantly boarding environment for txrys and girls from the age of three to eighteen in accordance with Christian principles. Within these objectives, Cdlege also has to maintain its heritage endowment of Grade l and 11 listed buildings,- various works of art artefarts,. tx)oks and historical documents relating to College's history, as well as a number of trust funds held for special wrwses in connection with the development of College's facilities, the provision of scholarships. bursaries. prizes and for other educational purposes. College has continued to focus on the provision of improved academic performance, improvirMJ tFE quality of the built environment and continuing to widen access to College for W￿15 for whom an independent education Page18 CHELTENHAM COLLEGE Year ended 31 August 21Y25 CHELTENHAM COLLEGF would otherwise ￿ unaffordable. Further details are set out bek)w. College welcorrEs pupils from all b￿kgroUN￿5, who have the wtential to I￿￿fit from the education we provide. An I￿J1VId￿al's economic status. gerKler, ethnicty, race, religion or disability do not form part of the assessment process. College is committed to safeguardiry arKJ promoti￿ the welfare of its pupils and expects a51 staff and volunteers to share this commitmenL Pdicy The C(yJncil's fij￿1aMentaI policy is to ensure thatr. - the principal objectwes of Cheltenham College and Chettenham College Preparatory Schcx)l are met through the proFEr provision ofthe necessary stsff oiher resources to the higkEst possible standards,. a sound financial base ￿ maintsined to SUPFMYt fvse reswces and the future development of College. Strategies to the yEarfs obpcbves Cheltenham College and Cheltenham Cdiege Preparatory sch(Y￿ contin￿1 a value-added approach, rK)t only with the objective of achieving academic excellence but balanced by a strorrfj emphasis on spott music, drama and other co-curricular actimties. There was also a clear focus on the development of leadership. for both pupils and staff, and social skills together wth the provision of a Wkle variety of activities, indudiTrJ College's Hijmanitsrian Aid Projects (CHAPS) in Romania, Kenya a￿1 the ShamrcKk Schcx)l in Nepal. Both schools continued to Co￿lutt adventtjrous exF*dibons i￿luding international sports and choral tours. Prir(ipal acbvity College's prir£ipal actiwty remains the ayvancement of education, and, in this, Colle9e has again had a successfijl year. The combined scFKX)Is averaged 1,178 pupils12024.' 1.194).. in College 79% of pupils were tx)arders or day boarders12024'. 79%), the bala￿e were day pupils. The Prep sc￿01 continues to be predominantly a day school, with day pupils representing 91% P024'. 89%) of the total. Public benefit College remains committed to ￿ aim of providiro public benefit in accordarKe wth its founding principle5 and herKe our history in this area. Charity legislation includes a requirement to demonstrate that public benefit for any charitable purwse W￿￿[e it had httherto presumed in the absence of ewdence to the contrary. In this regard, the COU￿11 remains committed to gMrKJ full and care￿1 considerat￿n to the Charity Commission's general guidance on public benefit and confirm that they have complied with their duty under Section 17 of the Charities Act 2011. The awarding of means-tested bursaries is a measurable means of prowding public benefit. College takes the view that bursaries awarded to ttK)se wTrK) would not otherwise ￿ able to afford the fees are importanL but not to the exclusion of the much wder benefit that College promdes within the community. Those pupils who attend Page19 CHELTENHAM COLLEGE Year ended 31 August 2(Y25 CHELTENHAM COLLEGE our schools and who receive financial support contribute to the school community in a variety of ways, and so the benefit is rKIt purely to these pupils but to ￿ vthole College aThJ. in some cases, to the wider community. During the year College pupils benefited from 463 bursaries. scFK)larships and other f& reductions. such as discounts to setmng members of the arm&J forces, across tK)th schools, totalling £4.6m 12024.. 465 awards totalling £4.2ml. Within this. means-tested awards. based on a slidirMJ S(ale according to financial circumstance5, totalled £1.6m12024'. £1.9m), including 7 pupils receiwng support of 85% towards fees when scholarship awards are included. In the context of a continuous review of bursaries. the provision of bursaries to pupils who are expected to contribute fvlly to both schixjls over a broad spertrum of academic and mn-academic activities remains a key part of College's strategy. Further fee subventsons are granted in respect of certain staff children. In addition to bursaries, College has eryaged in a nUmI￿r of otr*r actiwbes that provide benefi't to public within College's objectives. College continues to invest ir) its enharKed partr￿[shIpS with two local state schools,. College with All Saints, Academy. tkE Prep School with Saint John's C of E Primary School. ￿ formal parameters of these partnerships have been c(xJified in MOUS. The scope aTrY depth of these partnerships is bw'ThJ co-ordinated by the Director of Partnerships but the principal focus of both is raisir¥J academic attainment for state scFKX)I pupils. BeyotMY that immediate focus, the artistic and sportir¥J needs of these pupils is also tEiThJ addressed, atKI COl￿e is making available SUPFX)rt in terms of facilities, coachirwj and logistical SUPPOTL In addrtion, College is closdy irwow in developing loNJ-tem relationships with other schools and chantable organisations. Through these links our aim is to build on a shared visKin that makes an (xrtstarn4irg and meaningful difference to (￿r kKal community. College supports two core partnership e￿leavoUrs. Firsty, College has established an 'Enhanced Partnership, with All Saints, Academy (Chdtenham) this relationship remains at heart of our partnership work. For example, as they approacW their Oxbfidge admission, Year 13 pupils from Academy received advice and interview preparation from College staff. As in prew(xJs years, Year11 Pupils contiThJed to receive at College GCSE exam focused tutorial sessions in ErKJlish, Maths aThJ Physics. The second core partnership endeavour is the Che￿enhaM Education Partnership {CEPI. an equal partnership combining 12 of c￿ltenhaM'S state and irKleperKlent secondary sctrK)ols. plus the University of Gloucestershire (full partners}, supported by a number of the town's important organisatsons: Cheltenham Festivals, The Cheltenham TrusL the National Ctsr Security Centre, CFEltenham Christian Arts Festival, Gloucestershire County Council, Cheltenham Borough Council ar￿ ihe Diocese of Gloucester IsupFX)rting partners). College pupils attend several CEP events and College teachers are responsible for a range of CEP provision. For example, College staff continue to deliver the CEP Latin pr(xJramme and the CEP Literature Society. College also hosted a very successfiJl session of CEP'S 'Chelt4Change' wies. Eighty pupils from 8 schools were involved in this event. Other partnership actiwty with KkKX)Is in the Maintai￿ sector continued to floLJrish. The Science department organised a Series of ScEnce Lectures, S(￿nCe InteNention support sessions, as well as the annual 'Chemistry Spectacularf event. Page | 10 CHELTENHAM COLLEGE Year ended 31 August 2(125 CHELTENHAM eOLLEGr College continues to sthve to awaken in our puFJls an awareness of the Kxial context of the all-round education they receive. The overridirKJ aim is to connect our pupils wth communities of disadvantage. deprivation or disability. The Community AJion PrDJram ICAPI continues to offer a strorvJ presence within the locality of Cheltenham. College pupils tcx)k part in the program in a varEty of settings inclLJdirg visits to Care Homes, Schools and Cotswold Riding for the Disabled. fftr half of the progratTme saw pjpils volunteeriro at local Sch)ols- primary, SecO￿ary and those for children with special needs. One particular success ifM)fved a groLJP of pupils helpirg in Drama sessions. Another group were tasked wth helpirKJ young readers to improve their skills - and were even part of an in5pectionl Pupils based in sck￿OIS for children wth special needs inttially four￿ the environments daunting but quickly found their feet. They have delighted in seeing how quickty their charges have prcgressed. which in turn has cemented their desire pursue a career in medKine. College continues to work local chanties educational bodie5 in our oryoing eThJeavours to widen public access to schoolirKJ we provide. Our sports facilib'es. including the Swimming Pool, are made available to local primary schools at minimal cosL At the start of the academic year 2024-2025 the new pupil leadership team elected to supwrt the work of Cirencester Housing for YouTrJ PeO￿e (CHYP) as fvir main charity. Based in Gloucestershire, CHYP'S mission is to find housing arKJ suptx)rt for homeless yourKJ people in Cirencester and across the county. The main fundraising event was a wFK)le COl￿e Zumbathon vh)ich took place on the Cotswold Astro one Sunday morning in October. The annual charity rugby match against Sir T￿Ma5 Rich's ￿￿1 twk plKe at Kingsholm in November. The tsvo key events in the Spring temi were the Valentines Gift Project and the annual charity Netball match. By yearfs end, the total raised for CHYP was in excess of £24.¢JJ). Other h(yJse fijndraising actmties, all focused on their adopted charities, brought the total amount raised ty Colleje pupils to £50.CM)O. College continues to support-through its Humanitarian AKJ Project Fund- Br￿et School (Kenya), and Shamrock School (Nepal). The Langa Township Pre-school Trust (Cape Town) has also IRen a major recipient of fund this year,. over £25.(m has been donated to part-fund a new facility for pre-scFKK)I children. Intended impart With the combination of the provision of first-class ed￿atiOn. an extensive range of cO-cLJ￿1cu1ar &tivrties and the granting of significant bLbf5aries arKJ 5cIK)larships, College continues to develop academic, sportirvj, affjstic and social potential of children from a broay specfrum of finar￿la1 arKI social backgrcyjnds. Review of achievem￿ [￿￿rMal￿e for the yEar College's consistendy excellent rErformarKe in public examinatTrons was ewdent this year vrith 52% of A level exams achieving Atto A grade P024: 42%) aTrJ 82% A" to B grade (2024: 75%). College retains its place amongst the top Schools in country for academic perfomance which, combined wth the added breajth of the educational experience, enables pupils to reach their full potential. At the Prep SchcK)I, every final year pupil moved to their first-choice senior schx)I with 30 pupils12024.' 28) obtainiThJ SC￿larShipS and exhibitions at their chosen school. Pagel 11 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLEGE Maintaining a mix of excellent aca(Jemic achievement and S￿￿ng and cultural actiwties this year remained a key element of our ethos. College has a poliry of SFKJrt for all and as a result up to five teams per year group represent us in each SF￿ The 'maJorf sports itKlude rugby, netball, hcKkÉy, cricket tennis, racquets aTr athletics. A broaj rarge of'minorf sports are also promoted. College gives a high priority to the perfom)iThJ arts. In additDn to a strong academic performance across drama and music in p4Jblic examinations. there are weekty concerts, may)r music and drama productions, house concerts and group producb'or& many of which allow a broad parbcipation for pupils across the age range from 8 to 18. Capitsl ottEr Fxojexts The Dewerstore Grade11 listed building project conduded during 2024-25, enabliThJ the successful relocation of support setmce fiJnctions to the new premises. Other projects undertaken in 2024-25 included completion of the new ioof on Southwoc(I, Thirfestaine tK)iler atmj plant rcx)m improvements and investment in Newlck bathrooms. FundraisirMJ performan Donations received for the year irKreased to £1.483.946 (2024.. £298,(vJn. Donations received were either restricted to a specific use. such as t￿rsarieS arwj varic￿$ capital projects, or directed to the area of greatest need. All donations receiv&J are held in the cl￿tenhaM Col* Charitable Trust (Charity No. l(XW29}. Cheltenham Cdlege's Ccxje of Pr￿tICe for FundraisirKJ. which is awdilable on ￿ College website, ststes that: All fundraisiKKJ for and on behalf of the College is to urKJertaken by the Development departmenL The Director of Develq)ment has resFX)nsibility for all ￿rHJraisIThJ. The Director of DevelopN￿nt follows the Code of Practice for FuThJraising as set out by The Institute of Fundraising which i￿ludeS policies regardirvJ the protection of vulrErable people and Ihe wder public from undue pressure. All suggestions and projects requifirg fijndraising are passed in writing in the first instance to P￿rsar, outlinitwj the purpose of the projert the t￿efits of the proiecL ￿ estimated costs and the timeframe. All furKlraisirKJ priorities. as part of the overall FuThJraising Strategy, are to be agreed by the Heads, Bursar, Council arid Director of tkvelc¥)ment. The Development department alongside the Accwnts department has resFX)nsibilty for ensurirMJ that all gifts are recorded, additional benefits claimed. arKI donors thanked. It is a requirement of everyone to notify the Development department of any donations received, the amount the purFX)se of the gift and the details of the donor. All funds raised for a particular cause must be used for that particular cause. College is fvlly accOUntsb￿ a￿1 as such wll report on all mormes ra￿ed ar￿ how those monies have been spent. Cheltenham College did ￿t receNe any complaints viith respect to furKlraisirMJ for the year to 31 August 2025. Page112 CHELTENHAM COLLEGE Year ended 31 August 2IY25 CHELTENHAM COLLEGE International operatson8 Building a fami￿ of intemational S(k￿lS strengthens the profile and reach of Cheltenham College brand intemationally and offers a growirKJ range ofopFK)rtunitses for staff arKI pupil co)peration development. We currently have one schcK)l operating urKJer C}￿￿nhaM College name and contracts are in place for fijrther schools to open in Kuala Lumpa arKI in Itaty. FurtlEr projects in EgypL India Thailand are at advanced stages of discussion. Chdtenham College Muscat Cheltenham Muscat completed its fourth year of operation in June 2024 and commenced its fifth year in August 2024 with circa 777 pupils. It is the first British branded. c0-ed￿atiOnal indeperKYent schwl to be established in Oman. The pupil role for 2024-2025 comprises 80% Omani aThJ 20% ex-pat studer)ts. Cheltenham Prep ScFKx)I hosted a thcir visit from our Muscat pupils in the summer. Fxnanoal Review Results ￿ the year The group's net incixne for the year to 31 ALMJUSt 2025 anTh)unted to £3.5(X),000 (2024.. £1,965,IXK)l. Realised and unrealised investment gains of £269.(KXI12024. £601,OQK)) are included in this figure. The gains on investment do not form part of the core financial 5Jannirg for College,. excluditKJ ttr￿ gains College met the finarKial performance targets set by Council The surplus, before gains on investrnents. was £3231,(XK) (2024.. £1.364,(KKI). As a charity, College reinvests all surpluses it generates. Such a surplus will 5trerthn College's ability to address uncertainty in the sertor and to continue to invest in facilities in both schools in ￿ frrture. Group net assets held as at 31 August 2025 vme £77.9 million (2024. £74.4 million). Our two trading subsKliaries contributed to the above achievements by Optimising the use of College's assets and generating tradirKJ profits for donation to College as re￿rted in ￿te 23 below. Reserves College does not hold any free reserves; all operatiry surpluses are invested in fixed assets atml infrastructure to ensure the contynued development of College. The general reserve. accumulated since the founding of College has been retained to cover these fixed assets irwestments. provide workitvj capital and a buffer against fluctuations in income resultant from significant a(fverse variations in pupil numbers. In the unlikely event of the need to call upon reserves, the levd variety of fixed assets held are such that disposal of an appropriate asset could realise sufficient resources to meet the requirement. The Trustees have reviewed the reserves policy as part of th￿r strategic planning and deaded that continued investrnent in Cdlege's facilities remains essential to ensure contiThJed recruitment of heaty WFMI numbers through the prowsi)n of excellent facilities in both schcM)Is. Pag8 | 13 CHELTENHAM COLLEGE Year ended 31 August 2015 CHELTENHAM COLLEGÈ Total consolidated funds at the year-end st￿d at £77.9 million {2024". £74.4 million) which i￿luded unrestricted funds of £69.9 millK>n12024.' £67.6 millii)n). 'free resetves, at the year*TrY represented £20.3m in deficit as £89.5 million and £495.((iO were in tangible fixed assets and designated fvnds respectwdy {2024.' £23.Om deficr(l. The negatsve free reserves are a consequence of the College's investment in the capital assets of the school. The Governors are mindful of this posity.on arKJ are I￿king to make the reserves positive over the lorMJer term, whilst satisfied that the assets attributable to each fund are still sufficient to meet their oblKJations. T￿￿ Unrestricted tksignated FurNds of £495,QKK) P024: £516.(XlJ) are used to hold College Lottery receipts, unused amounts from bequests. and to make provisTron for ￿tUre discounts in respect of fees paHJ in advance. The Lottery element of these fvjnds are used throughout the academic year to subsidise S(￿01 trips in the Prep and College lincludirg in 2024-25 wefe the lower College lar¥Juage trip to Spain, 6 form language trip to Toulouse, the Music Department trip to Paris. 3 for European Batdefidds tripl The Restricted Funds of £3.551,(KKi12024.' £2,657,000) are scholarship income (nomialw all used in the year of receipt). College's tKJrsary fvjnd that is subscribed to by parents on acceptirYJ a place for their children at the Senior Schod, and monies be1￿1r￿j to the CCCT. The Endowed Funds of £4,515,C(O12024.' £4,196.LKKJ) consist of Scholarstmp, Bursary and Prize Funds, which are invested to provide income for scholarships ar￿ other awards. which are designed to help widen access to College. Note 26 to the accounts analyses the assets attributable to the various furKls. assets are sufficient to rneet the Chartys Obligat￿n5 on a fur)d-by-fiJr)d basis. The reserve maintained for Fee5 in AdVa￿e k￿rne will continue to pyovide asset backing for longer term liabilities. The restricted and erthwed investrnent reseNes are hdd through College's Scholarship and Endowment ReseNes or through CCCT a￿1 contynue to support College's development as well as providing support for specific pupil grants_ Principal risks and uncertainties The Council considers the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risks faced by College. The Council remains acutely aware of the iMporta￿e of affofdability of fees in maintsining pupil numbers For September 2024, the Council limited fee charges to a 6.0% increase which we believe to be relative￿ low compared y￿th College's peer group and underlying inflationary pressures duriry 2022 and 2023. prowsion of bursaries remains a key plank in College's strategy to make fees affordable. College continues to remew the FK)litscal risks that at￿￿h to the irxlependent schools. sector. These include maintenance of charitable status, VAT on fees. and rates relief on prrncipal buildings. Health and safety, pupil safeguardiro are always a furKJamental area for risk management and reflect the immense responsibilities College takes regardiro both pupils ard staff. A robust set of policies is constantly updated and supported by a number of well-established committees which irKI￿e the senior officers of College. Recruitment of staff is the first step in instillirKJ College's policies in regard to these risks. Further communication of those FK)licies to staff aThJ pupils. the monitoriThJ of coM￿lanCe is a vital part of the ongoing risk management plan. College seeks to ensure that the requirements of a range of regulatory tx)dies that oversee element5 of College's operatK)ns are understo(xJ and implefflented by staff arKI maintained throughout the school year. Page | 14 CHELTENHAM COLLEGE Year ended 31 August 2￿25 CHELTENHAM COLLEGE These include the Indepe￿￿ent kh(x)Is Inst￿￿Orate, the Department for Education and the DfE's National Minimum Stsndards for toarding schocAs. College has continued to invest heamty t()th in terms of IT hardware IT staff during the last year. This is not only to prowde the level of ba￿lWIdÈh and resilience that teachers, operational staff and pupils require but also to provide stability aThJ reliable back-up facilities in the event of an IT infrastructure failure_ In addition, the expansion of online e-leaming into the pupil bcmjy require5 a secure and stsbie IT enwronment . The loss of Tier 4 Swnsor status. thereby College takes resw)nsibility for a number of overseas pupils. is deemed to be a iisk to College's reputation aThJ could result in the loss of a nUrnt￿r of overseas pupils. College's Director of Compliance arKI QErations continues to oversee compliar￿e wth UK Visas and Immigration requirements. Detsiled considerat￿n of risk is delegated to FRD. which is a C(xJncil Committee. The risk manajement process and the resultirKJ reFX)rt identifies risks, assesses their impact and likdihood atKI. where necessary, recommends controls to mity'gate monitor t￿1* risks. The gewc controls used by College to minimise risk include." detailed tem)s of reference together formal agendas for Commrttee arKJ Board activity, strategic development planning, rewewed annually by FRD,. comprehensive budgeting and management accountirrfj,. established organisational structures ar￿ lines of reporting,. formal written policies including clear aLrthorisation arKJ approval levels,. aTh vetting procedures as requir￿ by law for the protection of ￿ vulnerable. The Council regulady review the effectiveness of current plans and strategies for managirKJ all Klentified major risks for both College and its subsidiaries. Future plans College's current Development Plan has been agreed by Council a￿1 is subject to ar)nual rewew. An annual review ofstrategy is pIar￿ed for March 2026. The primary future plans for College are setout in the core elements of the Development Plan. These are: to provide a happy arKJ secure pastoral enwronmenL suitable for both day and boarding pupils, in which all pupils are offered opportunits.es for leadership arKJ seNce to others,. to promde a stimulatiThJ learniro enwronment in which kxjpils can develop their academic potential and curiosity to the &Jll,' to offer all Fwils the OPWthJnities of eX￿￿en(Ir￿￿ a broad range of intellectual, cultural, SFXlrting arKJ der communty influences: to continue to ensure ttE campus has a safe arKI attractive enmronment for pupils, staff and visitors alike,. to prowde first class catering facilibes and pr(MJuce to all pupils arKJ staffr to continue to upgrade the quality of accomm¢JJation for the boarding ￿Se$ in College and Prep,. to increase ￿ capalility of College to offer education to children whose parents are unable to afford full fees,. Page | 15 CHELTENHAM COLLEGE Year ended 31 August 2(r25 CHELTENHAM COLIEGE to provide an enjoyable and 3ppropriat* challenging en￿ronfflent within which members of staff may develop their careers," ar)d to ensure that College p143yS a significant part in the life of the local community, sharing facilities and seeking k)cal partnerships wlErevei possible. These aims underpin developynent plans which have been deVek)F￿ for each ofthe two scFKiols arKJ so College corTrtinues to enhance its ability to provKle a first-class education to its pupils. Going concern College has upjated its budget and cashllow fOr￿aSts to rellect anticipated dematKI for pupil places, alongside assessiThJ the key risks facing the Indepe￿Ient sch(x)Is sector. Followng the introdLJCtion of VAT on schx)I fees from 1 January 2025, the I￿reased cost of an iThJeF*TrJent sctr￿1 education has become unaffordable for many current and prospective parents. Cdlege is ￿refOre ck)sely monitoring ts impact and are responding proactivety. Additional fi'nancial pressures have also emerged duriryj 2024125, I￿ludI￿J loss of charity business rates relief and the increase in employers, national insurance contributions from l April 2025. T￿e challenges have been incorporated into budget forecasts. and a number of mitigatiThJ acts'ons have been identified. Despite these pressures. Council remains confident that College's finatKi31 res￿rceS and contingerry planning are sufficient to ensure Fts alj'lty to continue as a going concerr) for the foreseeable fijture. AccordirKJly, the financial statements have IEen prepared on this basis. Page | 16 CHELTENHAM COLLEGE Year ended 31 August 2(Y25 CHELTENHAM COLLEG Statement of Trustees, responsibilities The Trustees are reSP)nsib￿ for preparing ￿ Annual Report and the financial statements in accordance with applicable law arMJ United knrNJdom Generally Accepted AccountirKJ Practice (United Kingdom Accounting Statijardsl. The law applicable to charities in ErKJlarKI arKI Wales requires the TnJstees to prepare financial statements for each financial year which give a true atKI fair view of the stste of affairs of the Charity the Group and of the incoming resources arid aP￿1[a￿On of res(xJrces of the Charity arKI the Group for that wiod. In prepanng these financial statements, the Trustees are required to. select suitable accountiTrJ policies then apply trEm consistenty,. observe the meth(xls arKI ptinciples in the Charities SORP.. make judgments aThJ estimates that are reasonab￿ and pruden¢ state whether applicable accwntiro staThJards have Èeen followed. subject to any material departures disclosed and explained in the financial statements, prepare the finatKial statements on goirrfj corKern basis unless it is inappropriate to presume that the Charity will contr'nue in business. The Trustees are resp)nsible for keeping &Jequate accounting records that are sufficient to show and explain the Charitys transathons. disclose with reasonable accuracy at any tr'me the financial FX)Sition of the Charty and enable tFEm to ensure that the finarKial ststements C￿P￿Y the Chartbes Act 2011, the Charityes (Accounts and Reports) Regulattons 2(K)8 and the provisDns of the Chatitys constttLrtion. Tlw are also responsible for safeguarding assets of the charty and the group and ￿nce for tskirKJ reasonable steps for tFE prevention and detection of fraud and other irregularities. The Annual Re rt and this Statement of Tnjstees. resp)nsibilities have been signed on behalf of TTUStee5. Nesbit President of Council Page | 17 CHELTENHAM COLLEGE Year ended 31 August 2(Y25 CHELTENHAM COLLÉGÈ Independent Auditorfs Report to the Trustees of Cheltenham College Opinion We have audited the financial statements of Chdtenham College for the year ended 31 August 2025 which comprise the Consolidated Ststement of Financial Activities. ts Consolidated and Charity Balance Sheets, the Consolidated Cash Fk>w Statement and notes to financial statemer)tS, iTKluding significant accounting policies. The financial reportiThJ framewo￿ that has t￿7 applied in their preparation is applicable law and United 'ngdom Accounting Standards, irKludirKJ FinarKial Reportirvj Standard 102 The Financial Reporting Standard applicable in the UK arKI Re[￿blIC of IreIar￿ (United Kinglom Ger*rally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair Mew of the stste of the group's aThJ parent charitys affairs as at 31 August 2025 and of the group's income and expenditure. for the year It￿n erKled.. have been properly prepared in &c(xdarKe United Kingd￿1 Generally Accepted Accounting Practice," and have been prepared in accordatKe with the requirements of the Charities Act 2011. Basts for opinion We cotKlurted our audit in accordance wth IntematK)nal Starmlards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsrKlards are further described in Auditors resFonsibilities for the audit of the financial statements secbon of our report. We are indeperKlentof the group in accordance with the ethical requirements that are relevant to our audit of financial statements in tIE Ul inclLMJing the FRC'S Ethical StaThJard, and we have fijlfilled our other ethical resFX)nsibilities in accordance with these requirements. We believe that the audit ewdence ￿￿ have obtsined is suffiaent arKI appropriate to provide a basis for our opinion. C¢NKIusKfft5 relatirvJ to goirwj concem In auditing the financial statements, we have COr￿luded that Trustees. use of the goirKJ corKem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have rx)t identified ary material uncertainties relating to events or conditions that individually or collecbvely, may cast significant doubt on the charity's or the group's ability to continue as a going corKem for a ￿licKI of at least Iwelve months trom the financial Statements are authorised for issue. Our responsibilities arKI responsibilities of Trustees with respect to going concern are descri￿ in the relevant sections of this report. Pagel 18 CHELTENHAM COLLEGE Year ended 31 Au8USt 2(YIS CHELTENHAM COLLEGE Other information Trustees are responsible for the other informatK)n contained within the annual reporL The other infomiation comprises the information included in the annual report other thar) the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do mt express any form of assurance conclusion thereon. Our responsibilty is to read the other information arml, in doiro so, consider whether the other information is materially inconsistentwith the financial statements, or our krK)￿edge obtained in the audit or otherwise appears to be materially misstated. If we idents'fy such material irKonsistencies or apparent material misstatements, we are required to determirE whether this gives ri* to a material misstatement in the financial statements themselves. If, based on the work we have perforn￿, we cO￿lUde that there is a material misstatement of this other infomiation, we are required to reFK)rt that We have nothing to report in this regard. Matters on thich we are required to repcwt iy exrytic¥) We have nothing to rewrt in respert of ts followiw matters in relation to vknich the Charities (Accounts and Reportsl Regulations 2CIJ8 requires us to report to YCMJ if, in our opinion. the infomiation given in financial statements is irKonsistent in ary material respect with the Trustees, Report or sufficient and proper accountir(J records have mt been kept by the parent charity, or the financial statements are not in agreement wtth the accountirvJ records army returns.. or we have not received all the information aThJ explanats.ons we require for our audit. Responsibl1 ities of Trust￿$ As explained more ￿llY in the Trustees Resp)nsibiltties ststemenL as set out on p￿e17, Trustees are responsible for the preparation of the financial statements for tEirKJ satisfied that they give a true and fair view, and for such internal control as Trustees determine is necessary to enable ￿ preparation of finar￿la1 statements that are free from material misstatemenL whe￿r due to fraud or error. In preparing financial statements. Trust￿ are reswnsible for assessirKJ the group arKI parent charitys ability to continue as a going concern, disclosifKJ as applicable, matters related to going concern and using the goir%J concem basis of accounting unless the Trust￿$ either intend to liquidate the charity or to cease operations, or have no realistsc alternative but to do so. Auditorfs reSpOr￿lt￿lItses for a￿lIt of the finarKial statements We have been appointed as auditor uThYer SeCt￿n 151 of the Charities Act 2011 aThJ report in accordance with the Acts and relevant regulations made or hawng effect thereunder. Page | 19 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM CtrLLÈGt Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error. to issue an auditor's rep)rt that irKludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordarKe with ISAS (UK} will always det￿t a material misststement when it exists. fvjisstatements can arise from fraud or error and are considered material if, indiwdually or in the aggregate, thty could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detectirg irregularities. including fraud and non-compliance wth laws and regulations are set below. A further description of our resFK)n￿blllts.es for trE audit of the fina[￿la1 ststements is l(Kated on the Financial Reporting Council's website at: wMv.frc.org.Uva￿tt0rsresponSibIlltie5. This descriptK)n forms part of our auditor's report. Extent to thich the audft was consKlered capable of det&1iThJ irregular￿& irthlir¥J fraud Irregularities. including fraud, are instances of r￿￿-cOMpliance with laws arKI regulatK)ns. We identified and assessed the risks of rnaterial misstatement of ttE finarKial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We t1￿ designed and performed audit procedures responsive to those risks, includirKJ obtainirKJ audit eVTrd￿￿e sufficient and appropriate to prowde a basis for our opinion. We obtained an understsnding of the legal afKJ regulatory framevK)rks within vthich the charity atKJ group operates. f(Kusiry on tkK)se laws regulatiorts that have a direct effect on the determination of material amounts and disclosures in the finarKial statements. The laws and regulations we considered in this context were the Charities Act 2011, together wth the Charities SORP (FRS 102}. We assessed the required cornpliarKe with these laws aThJ regulations as part of (Njr audit prc(edures on ￿ related finarKial statement items. In addrt￿n, Y￿ considered prowsions of other lav￿ arKI regulatDns that do rx)t have a direct effect on the financial statements but compliance ¥￿th which might be fundamentsl to the charitys and the group's ability to operate or to avoid a material penalty. We also consKlered the opw)rtunities and incentives that may exist within the charitable company arkl the group for fraLhY. The laws and regulations we conswjered in this context tor the UK operations were The Education (1rKJeF￿Klent ScFK)ol StarKlardsl Regulations 2014. Auditirxj standards limit required audit prcKedures to identfy non-compliarKe with these laws and regulations to erNuiry of Trustees aTrJ other management inspection of regulatory and legal correspondence, if any. We identified greatest risk of material impact on the financial statements from irregularities, incI￿1r￿j fraud, to be within bursaries, scholarships and ottEr discounts. the timing of recognition of legacy income and the override of controls by management. ()Jr audit procedures to reswr¥J to these risks i￿luded enquiries of managemenL and the Audit Committee about their own idents"fication and assessment of the risks of irregularities. sample testing on the postirKJ of joumals, designing aLKJit procedures over bursaries, scholarships and other discounts, designing performiro a￿lt procedures over legacy income, rewewing accounting estimates for Pag8 | 20 CHELTENHAM COLLEGE Year ended 31 August 21J25 CHELTENHAM COLLEGE biases, reviewing regulatory corresFX)ndence ¥wth Chartty Commiss￿n, and Independent Schools Inspettorate and readirrfJ minutes of meetings of tfrKJse charged with governance. (￿Ing to the inherent limitstions of an audiL tsre is an unavoidable risk that we may not have detected some material misstatements in the financial ststements, even though we have proFErty planned and performed our audit in &Corda￿e wth audiknng sta￿lardS. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events aTrJ transactions re11ected in the financial statements, the less likely the inherenty limited procedures required by auditiro standards would identify it. In addition, as with any aLJdi¢ there rernained a higher risk of wn-detection of irregulartlies. as these may ir)vofve collusion, forgery, intentional omissions, misrepfesentstions, or override of internal controls. We are not responsible for preventirKJ non- compliarKe and canrK)t be expected to detect mn-compliarKe WTth all laws arKI regulations. Use of our rewt This report is made solety to the chantys Trustees. as a body. in accordance Part 4 ofthe Charlts￿ {Accounts and Reports) Regulations 2W8. [￿r audrt work has been undertaken so that we might state to the charitys Trustees those matters we are required to state to them in an auditorfs repK)rt and for no other purpose. To the Ilest extent Femitted by law, we do not ￿cept or assume reswnsitmlity to anyorE other than the charity and the charitys Trustees as a txxjy. for our audit ￿)lL for this report or for the opinions we have fomed. Crowe U.K. LLP Crowe U.K. LLP StatLrtory Auditor 4th Floor, St James Ho St James, Square Cheltenham GLSO 3PR 2026 Crowe U.K. LLP is eligible for apwinlment as aLKlitor of the charity by virtue of its eligibilty for appointment as auditor of a compary under section 1212 of the Companies Art 2W6. Page | 21 CHELTENHAM COLLEGE Council's Report and Financial Slatements Year ended 31 August 2025 Consolidated Ststement of FinarKial ActMtie5 for ￿ year ended 31 August 2025 2024 Totsl Notes Furmjs FurKIs fuThJs Totsl Income a￿1 ernl0wn￿ts fr(Mm: Clwritat4e actswtss School fees recewable Ancillary tradiry incorv Other trading actmtses Other actNilEs Investrr£nts Investrrent i￿ome Bank and other interest Donations, grants and legacies 36.5 36.596 35,603 2,932 16 16 10 75 137 212 374 976 374 61 441 Total income 41.037 622 4t659 39,235 Expenditure on: Raising fijnds Non-ancillary trading Financing costs Investment management Fu￿1rai￿ng arKI development Total deductible costs 1363) (74n 147) P25) (L382) 13761 11491 1411 {3931 0,559) (74n 06) {225) 0.350 13) (28) 13) CharitaL4e thit*s Education and giant makirMJ 8 (3&944) (37.046) 136.312) Total expenditure 13&295) IN)5) (28) (3&428) 137.8711 Net 1nc0mene>¥e￿Jl1U￿) before investment gains a742 517 3,231 1,364 IL055esl/Gaill5) on inVeSt￿Ents 13 (3) 244 269 601 Net ir£cme a739 545 216 3,SLKI 1.965 CHELTENHAM COLLEGE Year ended 31 August 2(ris CHELT&NHAM COLI.EGE Consolidated Ststement of Financial Actmties for the year ended 31 August 2025 (continued) 2024 Totsl Notes Furnls FuThJs FuTrls Totsl Net Inccffie 2.T39 545 216 1.965 Transfers between fu￿15 24 052) 49 103 Net m0verr￿t in fvTrJs 2.587 594 319 1,965 Rl￿Onc111at1on of fij￿1$ FurKI ba&￿e$ brought forvlard at 1 September 2024 67.581 2.657 4.1 74,434 72.469 FuTrJ ba￿￿e$ carrie¢J foThrdrd at 31 August 2025 7Q1&8 4515 77,934 74,434 The notes on pages 27 to 51 form part of I￿Se fina￿la1 statements. Page | 23 CHELTENHAM COLLEGE Year ended 31 August 21725 CHELTENHAM COLLECE 8alarKe Sheets as at 31 A￿ust 2025 Note 2025 2024 202S 2024 £'ooo Ftsed assets Tangible assets Investment in subsKliarEs Fee5 in Advance Scheme rwested Securities investments 12 23 13 13 ,019 89,677 736 2,527 3.732 %.672 90,215 736 2,489 3.453 96,893 1527 5.345 97,366 4,942 97.450 Current assets Stock Debtors Cash awmj depogts 174 164 1,963 10.122 12.249 142 130 2.554 8.057 K),741 15 &517 11155 4.Tn &359 Current Ilabllltfes Credr(ors payab￿ within one year 16 01684) 02.8711 D1989) 113.085) Net current Oiabllilk* 0.529) 16221 14.630) (2,3441 TOLI assets le55 current liabilities 95￿37 .828 94,549 Long-term liabilitEs Creditors payable after year 17 ￿7.￿3) P2.394) 77.934 74.434 07,￿3) 74,139 122,3941 72,155 Represerthl by: ErKkMed furMIs 24 4.515 4.1 3.732 3.453 Restricted fiJrKIs 24 3251 2,657 l379 1.280 Unrestricted fiJtNJs General arKJ d￿ignated resetves 24 70.1&8 77.934 67.581 74,434 69.028 74.139 67,422 72,155 The surplus, before gains on investrnents, for the fina￿la1 year dealt with in the finarKial statements for College was £1,984,tYX) (2024.. before losses £1.569.(KKi). These financial behalf by.. William Straker N ate en were approved by ￿ CcxJrKil on 20 March 2026 and were signed on its esident of CourKiI) notes on pages 27 10 51 form pwt of ttEse finarKial ￿arefren¢5. Page | 24 CHELTENHAM COLLEGE Year ended 31 August 2(r25 CHELTENHAM COLLEGE Consolidated Cashflow Statern￿t for the year eTrJed 31 AuJu5t 2025 Note 3)25 2024 £'ooo Cash from oFeratirKJ actTrm*S Net cash provKled by opeialiry a(twitE5 {a) 4.434 4,833 Cash flows provided tyl(us& in) Irrlestiry adr4itE payff￿nts for tangth fved assets Proceeds on sale of laroible fixed Assets Additions to securithes investments portfol•) Withdrawals from seCurit￿S irweslments tK)rtfolio Net (ash used in in¥E&irKJ aciN1￿S 74) 12,7181 (1.7m) 18411 7.529 692 (925) 12,858) 1.975 Cash )Iow5 ￿lded tyl(used in) financirKJ Loarr repaynEnts Finance income reCe￿d Bank interest paid U.131) 0.2501 182 (6391 (53J Net cash used kn fina￿lT￿ 0.451) (1,70n Fees in a¢fvance schemes New fees in advance contracts Refunded fees Capital utilised in year 1￿53 11.9)2 1151 12,5941 (4320) 13.663) 9,293 IrKrease in cash afKI ryN*nts O,fA)5) 9,561 Re((￿(111al￿￿ of ￿ cath fkm to ryKMment In ￿ furKts 1Decreasel￿￿rease in cash in the year Cash inftow from nK)veTh￿nt in debt Ibl O.EQ5) 9,561 Ibl l131 1,250 Net ténk balarKel{debt) at1 SeptemLw 2024 110,712) Net tonk Ideboloalatt at 31 2025 375 The mtes on pages 27 to $1 form part ofthese fin￿￿41 stateff*rts. Page125 CHELTENHAM COLLEGE Year ended 31 August 21YIS CHELTENHAM COLLEGE Consolidated Cashflow statement for the year endirKJ 31 A￿￿5t 2025 (continued) (a) Reconciliation of rt inc(xre to r*t cash fkm frcKn oFkTrtwYJ 2025 2024 £'OQK) Nel Inco￿ before invest￿En[ gain5 Elimination of non-operating cash flows- Finance irKome receNed Bank inlerest paid F&s in advance fair value adjuSt￿Ent Depreciation charge Profit on sole ol assels Ilncreasel in stocks IlrKre3sel/decfease in debtors IrKrease in creditors lexcknjing fees in advance 5cherrE arKI bank loans) 3231 1,364 182) 639 114) 1,240 19) 148) S03 532 (3 M7 1,340 3,469 Net cash Infflow frc¥n operat￿￿5 4.434 4,833 (b) Anaws of ctsNJes in rt debt 1 Septern￿r 31 August 2024 Cashfkhvs rK)n-cash changes 2025 Cash at bank KJ.122 11,S)5) &517 (knTdraft Loans due within l year {1.140) 1.131 11.0441 0.053) Loans and overdraft due within 1 year u.No) 1.131 U,0441 .053 Loans due after l year (8.8831 (7B391 Net bank debt includirvj overdraft 14741 (3751 Cheltenham Col￿ge {"Col￿e1 is a PublK Be￿fft Entity registere(l a5 a charity on K) June 1965 in Er¥JlaTKI a￿1 Wales (number 3n720). Its pri￿1par office is Bath Roal. C￿￿e￿arn GL53 7LD. Page | 26 CHELTENHAM COLLEGE Year ended 31 August CHELTENHAM COLLEGE l. Principal Accountin8 Policles The financial stalerwits Iwe prepared in ￿(old3r￿e wth FinarKial RepK)rlirYJ StarKlard ap￿iCab￿ in the UK and Republic of IrelarKI IFRS 102). the CtrKarthsAct 2011 and Statement of RecoMme￿Ied Practice (the Charrt￿5 SORP (FRS 10211 applicab￿ io charities preparing tr*ir accounts in tKcorda￿e with ilE Fina￿la1 Reportiro StaTrJard applKable in UK afKI RepublK of IrelarKI IFRS 1021- effectNe 1 JarKJary 2019. The financkil statements Iwe been prepared to gNe a 'true and fairf view Ik3ve departed ffom the Charities (Accounts Reports) Regulations 2(M)8 onty to the extent requFred to prowde a 'true arKI fair vieW. This departure has inVo￿ed followrKJ A(counting and Rewrtirrfj foi Chaiities that prepare theii accounts in accoidance with the Financial Rep)rting SlaThJord appli(aiAe in UK arKI RepublK of Irelar¥J IFRS 1021 issued on 16 July 2015 TatFw than the Accounting ReFxffiirKJ ty chariti￿ State￿￿nt of Recommended Praite effectNe from l A￿11 2LK)5 which tkas siKe iwn wthdrawn. (a) Basls of cC￿￿KIa￿0n The C(￿5011￿ated Ststement of FinarKial A(tMt￿s BalarKe S￿1 IrKI￿le the finarKial statements of c￿￿enhaM Col￿ge arKI it5 OWr￿ trading subsKJiarie& Chemenham Cd￿e ServKes LiThied arKI Cheltenham College InternalKThl Limited. Cheltenham COl￿e cINarItab￿ Trust is an irKJewKlenty run charity. ￿ chty is conyJKlated ir)to Cdlege in order to compty wih FRS 102 SeC1K￿ 9. Col￿ge has taken athant&Je of the exemoion availab￿ lo a qUalI￿.[￿j enlty in FRS 102 from the requiremenl to present a charity only Cash Fkml Statement Trmthin th2 consolKlated fina￿la1 staterrents. Ib) GO¥￿ C￿￿eM The Council have undertaken detai￿ F￿anr￿ng aTrJ forecasbrg arKJ continue to ck)sdy nKJnitor the key risks impactiry the indetmdent schcN)Is' sectcK. College has UFMYated its bty arKJ c3shfknw forecasts to refle(t anticipated demand for pupil p*e& ak>ThJside assessir¥J the key risks f￿1r¥j the independent schools sector. Following the intrtxlurtK)n of VAT on sctrKK)I fees from 1 January 2025. ttrE ifKreased cost of an independent SC￿0[ eduCat￿n has bec¢M￿ unaffi)rdable foi rrkary current proSFectNe Paren￿ tlwefore College is close Monitori￿ the impact arKI we reswfKliro AddlE￿)nal financkil presgJres Fk3ve also e￿￿ged durir¥J 2024r25. irKludirNJ k)ss of charty LMJsiness rates relief and the increase in emptyers. national insurarKe contrib￿lOn5 from 1 AKKII 2025. These challenges have been irKorFX)rated into bJdget forecas￿ arKI a numttr of mrtmjatiro artions have tten identified. Budgetsand forecasts have been prepared oul to 2027 indLKlirKJ cashfk)w forecasts. The College continues to close monttor cash levels and bank covenants aThJ despite the pre55ure& haviiKJ rfftwed the fuThYing facilities available lo the Group and the Group's future ￿o￿tted cash flow& Counol have a reasonatje expectatK)n that Group has adequate re50ur(es arKI contiTrJerKy plannirwj to continue its ￿MIES for foreseeable future and consider that there no r￿9ter￿lI urKertalnt￿S over the Group's firwnckil viabilty. Acc(KdiryJty. they al￿ CONuil￿ to &lopt the gcxng Co￿eM basis in prepaiirKJ tke fwkincial statements as outlined in the state￿£￿t of Trustees. RestK)ngbil"rt*s on page 17. Page | 27 CHELTENHAM COLLEGE Year ended 31 August 2¢Y25 CHELTENHAM COLLFG£ (c) Fees ReceNaLAe Fees receNable consists of charges bil￿ for fees, t¥)ard armj tuit￿n for the Schwl less bUrSar￿S and allowances. They are accounted for in the period vknich serv￿eS afe provided. Fees receNed for ed￿at￿ to be provided in future years are carried forwafd as deferred Ir￿0￿￿. Id) Trading Actlvtues Trading irKome comprises tIE tradiry thties of the subsidiai*s and is credited to the Ststement of Financial A(lNit￿$ on a receNable's ik75iS. (e) D¢Jnations, Grants aTrJ Leg￿e5 Donations, grants arKI legacies are re((￿nISed in fina￿la1 5tatemenls the Group has entitlement lo the funds, ary perfo{ma￿e cor)drtK￿S attackEd io tt* ilems of incoryE have iEen meL it is probable that the income will iE feceived. and arTM)unt can ￿ ffeawied fdi*. Leg￿leS are rec(MJnised credited direct￿ to the statement of financial 3ctivities based on the earlEr of Seille￿nt of the ￿ale arNJ IS￿ of the Estste Acc(xJnt& or receipt of the monie5. (Q Eypendtture Expenditure is included in staten￿nt of FinarKkil Activrties on an accwals basis. Overheads and 0￿r costs Th)t directly attributable to panicukr furKtional actmty categor￿5 are appK)rtK)ned over Televar)t categories on the ba￿S ol management estimates of tr* aTh￿nt attributable lo that actNity in year, eIt￿r by ielerence to stsff time or space (KCUFMed, as appropriate. Irrecoverab￿ e￿rnent of VAT is irKluded wth the item of expense to which it relates. Cos15 of ge￿rat1{￿j funds irKludes all stsffirKJ arKI fundraisirwj costs. Charitable ￿tIvIty expenses are alkKated to functional groups on a direct cosl basis or apFx)rtM)r￿ on a statF tin￿ basis. GoveTnarKe costs are ir￿lUded in charitable ex￿￿11t￿le and COVTynse IIE costs of runniry College I[￿Udir¥j 51rateg planning for ils fijture devek)pn*nL also exte[n￿ a￿Irt. any legal th.ce for1￿ CourKi( aThY all the costs of complyiThJ with constitutional and slatut(xy reouirenEntS 9Jch as ￿ costs of COU￿11 meetiThJs and of preparir¥3 slatulory financk81 statements ar￿ salisfyirKJ pubk accwnlabilty. Igl Perts￿n Scheme Arrar9￿5 Colkge is involved a numI￿r of tEnSK￿ foi it5 empk)yees. Cheltenham College conlrilxjtes to Teachers, Pen￿on Defined Benefrt Scheme at rates set by the s(heTh￿ Actuary arKI advised lo College by the Scheme Administrat￿. The Scheme is a mulli-empl(ryef pensK)n Scheme, and it is fK)t possible to identify the assets and liabilities ol ttE s￿rne. whKh are allri1￿1ab￿ to Coltye. In accordance with FRS 102 Secl*)n 28.11 the khen* is acc(MJnted for as 3 defined iontriLKrtion scheme arKI contributions are accounted for when athised as due by SCI￿￿ Administralcy. Other staff have option ofi(xnir¥J a defined contriixrtM)n scheN* operated by 3n insurarKe company. College arKI mtErs of staff pay fixed wcentages of SaL)r￿ to insura￿e cofflpany. College's contribulK)ns are charged in the Statement of Financkll Aciwtt*s as tly fall d￿. Page | 28 CHELTENHAM COLLEGE Y&v ended 31 August 2￿25 CHELTENHAM COLI.EGÈ {h) FuTrJ Accountirg Details the nature and purpose of each fu￿1 ￿ set ￿t within the lnvestff￿nt wlicy aThJ objectives on page 8 of the Ann￿31 ReFM)rt of the Council. Funds hekl for the general purw)se of College are held as unrestricted fv[￿s. Those hekl by College for S￿IfiC purposes 0jts￿￿ rormal oK￿ra￿"0n5 s￿h as College k)ttery. bequests and the Tinson Hardship FurKI are FEld as desKJn3ted furKls set aside Trustees. TFK)se io swific wishes of the donors are included within tFE r&vant restrirt￿1 ￿ endo*Ed furh*. Tar￿j1b￿ Frxed Assets The cost of tangible fued assets Is tt￿1[ purchase cosL tOget￿r with any irKkdental cosls of Kquisition and is sutr4.ect to a de-minimis limit of £1.QK)O. Freehold kirKI arKI buildings i￿lUde orwjinal cost and subsequent alterations additions. The cost of land and buiklirgs irKlU￿5 inteTest paid on specific felated borrowings durir¥J construction riod. l Depreciation Depreciation is cakulated on a straKJht-line basis to wrile off c05L kss estirrk3ted fe￿dUal vahje, of frxed assets over iheir estir￿ted useful lives as fdb)v￿.. - Free￿￿d buihjings Furniture & equipment Boilers Computers & ekironK equipr Cars Other motor Veh￿leS Vk- 2(M on cosl 4%- 33% on cos( based on life exFEctsry co 5(N on cost 25% on cost - 50% on cost Depreciation commerKes in year of acquigtion (y wFEn the asset is brought into use and as a result assets under construction are not depreciated. C(Alege's Ixjiklitwjs have to be maintairEd in good workin9 ordef. Wlth many haMThJ listed building status. Most of ttrv￿ iAJiklings aTe therefore considered to have an experted usefvl life in excess ol one hundred years. In accordance FRS 102 SectK)n 27.7 trtjiklings are tested for impairment annualty, because their expected useful life exceeds 50 yeaTS. (￿￿e. in detefmining the value of buildirys, INJS based rts consideration on the servKe potential of as*ts to further their Charitab￿ obiectwes. Depreciation on tfKise buikjings ￿t already beiro depreciated in sep1emt￿ 2(m at a rate of ncA less than 1% based on their life expectsrry. LaKI is mt depre(iated. Ik) lrnestrnents Inveslment in subsidiaries is stated at cost. Listed investments are reported 3t their fair values at the balance sheet date based on their quoted markel prices. Gains and losses arising on invest￿￿nt assets ale disck)sed Separate￿ in the Statement of Financial Actwities which includes realised gains OT1055es where ts investn￿n[S have been sokj unrealised wt*ie they a￿ still held at the balance sheet date. In LK)th cases gain OT loss ts calcuLated wilh regard to the market value at WinniThJ ol year, or its cost if purchased duriry year. Page | 29 CHELTENHAM COLLEGE Year ended 31 August 2(f15 CHELTENHAM COLLÉGE (D St(xk Stock is valued at the k)weT of cost and net realisabk valLE. after due alkJwarKe for obSol￿e Sknw-￿￿￿irKJ items. Cost is deh'ned as the average cost of finisw gXKls raw materials inckxlirKJ transport a￿1 haThJliry costs. Net realisable value is based on estimated selh'rKJ further costs expected to be incurred prior to disposal. Im) Debt(NS SIK)rt term debtors are measured at transactKJn prKe. impairnEnt. Detsi15 of ts￿se financial assets are sel in note 15. In) Cash ￿￿1 Cash EquNalents Cash is represented by cash in haThJ and de￿)￿ts wth financial institutM)ns. (ol CredIt￿$ Short tefm creditors are int[k31￿ [YEa$w￿l at transact￿ wKe. Deiails of these financial liabilities are set in rK)tes 16. 17 and 18 bek)w (p) Rnarnal Instruffents Bas￿ financial instruments are irmlialty (ecognised at transa(tK)n value arNJ subwuenlty measured at their Sett￿nt value with exception of inve51ment5 arKI ttE corryth fees in tha￿e SCIE￿￿. whKh are held at tsir value. Financial assets measured at tt*ir seitlemwrt value comprise (ath trade arKI fee debtors group and othei debt a￿1 accrued income. See 15 for fvrther dets1￿. Financial liabilitEs measured at theif Settkn￿nt value comprise trade creditor& bank loans overdrafts, group and othef Credit￿S, armj a((n￿ls. See rK)te5 16. 17 and 20 f(x furthet detail5. col￿e offefed an inflatK)n free fees in tharKe as (kscrit*d in rM)te 19. The liatylity recognised in respe(t of this s(heme is considered lo ￿ a non-basic financial ir6lrurrenl a￿1 has therefore been classified as a financial liability measured at fair value through profft or los& (q) Recogrntson of Liabifrtts Liabilities are recognised or￿e t￿re is a legal (K ((M￿nth O￿T93t10n thal commits to the obligatiorL {[) Fees in AdvarKe Under the current FIA scheme. whKh was intr(MI￿ed injuty 2015. a fee payef may enter into a contract lo pay College in advance for fixed contribution5 towards turtl(￿ fees for a tEri(Kl agree(l ¥￿th Colkge. These contributK)ns gwe fbse to a fixed dI￿Ount on fvtUTe f￿5. The disc(XAnt arigro tIE contritxjlions 6 charged to tt* Ststetr*nt ol Financial Activities a year-by-year basis. In the event of a parent v￿￿jra￿in9 I￿1r caprtal gjm from the old FIA sc￿rne. interest arises on un-drawn balance al 1% below the bank base rate. Any such interest is dis(10sed as a w)tential liability urkler the scheme. Page | 30 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHA COLLEGE {s) Judgments In *yir¥J A(C￿ntir￿ Pc1￿5 arvj W SLXJr￿ of ￿1rnthn Uncertainty Estimates and judgments are continualty evaluated arKI are basLxJ on historKal e￿r￿nce and other factors, includir expectations of future events that are beI￿Ved to be reasonable urKler circumstance& n Usefvl economic INes of taiVJlb￿ a55ets The annual depreciatK)n Char￿ for trngIb￿ assets is senytNe to dN3nges in the estimated useful ecorK)mic INes and residual values of ttrE assets. usefvl e(0￿Mi( lives a￿1 residual values are re-assessed annually. They are ameTrJed when necessary to reflect current estimates based on technological advancemenL fvture investments, economK utilisatK)n and phYS￿al coThJition of the assels. See Th)te 12 for carryirYJ amount of the fixed assets and note 1(i'l for the useful lives each dass ol asset& O)1 ImpaimEnt of debtors The group makes an estimate of recoverab￿ valL* of fee aThJ other debtors. When assessing impairment of fee and other debtors. managwTEnt conyders fact¢xs irKlwliNJ the current credrt rating of debtor. the ageirKJ profile of debtor5 arKf historical experierKe. See ￿￿e 15 fot ttE rEt Ca[￿r￿j amount of the debtors. [iil Fees in advan￿ s￿rr As set out in rK)tes 18 a￿1 19 ￿ iiabilrties of one of the extant Fees in AcfvarKe ScherrEs was closed for new t￿J￿neSS in May 2015. (w) Valuati()n of lew inc(yr ValuatH)n crf leg￿Y i￿ome where cash is mt yet reCeTr￿d.' see a(ccMJrrtiro polKy el for details of the judgement applied. I Charitable activxties- Fees reeeivabIe 2025 2024 Fees recelrdble Co￿lst ot. School fees Less.. Total schoL4rstMps and bursaries 39,930 14,4061 35,524 79 {5.797) 36,494 ￿2 Add ba(k.. BursarE5 a￿1 ottr￿r awards paKI for iry res1ri(ted furK15 36,596 35,603 A tcrtal 01463 awards includiro thLarthps bjrsaries aTrJ 0￿1 awards were in pkKe alkKaled to pupils across both schcx￿S in year to 31 Awust 202512024.. 46n. Within this means-tested tyJrsaries totallirKJ £1.73 million were granled12024". £1.95 million). Followng the Intr￿UCtion of VAT on school fees, a further discount of 4.33% was offered against the VATable element of the main fee bill lo litfHt the impact of intro4uclion of that VAT to an overall increase of 14.8%. The total cost of th￿ discount was £0.93 milion. Pag8 | 31 CHELTENHAM COLLEGE Year ended 31 August 21Y25 CHELTENHAM COLLEGE 3. Ancillary Trading income 2025 2024 Extras and trips Lettings and reven Entrance a￿j registration lees 1,196 t630 174 1,084 1,670 178 2,932 4. Other tradin8 activities 2025 2024 Oiher activitEs". Profrt on sale of assets OEIEr income 16 10 5. Investment Income Totsl 2025 Tolal 2024 Equities 75 137 212 2024 74 114 6. Bank and other interest incotne Unre￿r￿ted EThl(y**J Total 2025 Total 2024 Intere51 on overdue fees and other charges 374 374 61 Page132 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLEGÈ 7. Donations, yants and legacies Ern1txed Totsl 2025 Total 2024 Grants to Group ts Bursaries from: College Lottery ScF*me Legacies D(Trtions 119 911 65 550 322 976 1.461 441 The DOnat[￿fy grants arKI legacies received durir¥J 2023R4 lotsllirKJ £4141.IKKJ irKI￿￿ed £19.[￿ unrestricfed fuTKIs 1 £303.(XK) of restrirted funds. 8. Analy$As of Expenditure (a) Tota expend*Lre Staff costs DeWe(wt￿ thr (r*Xe m) lTh)te 12) Totsl 2025 Total 2024 £'oc() EJwKliture on raising fv Non-arKillary tr&ling Fin3ncing costs {note 9) Investment rnanage￿￿nt FutKiraising and development 349 747 47 363 747 47 376 749 41 225 393 Totsl costs of ralsry funds 169 1,199 1,382 1.559 Educatlon ar#1 grant rnakir#J TeachirKJ Welfare Premises Support costs of s(tX￿1[1rwj GovernarKe costs Grants, awards and prizes Imte 81bll .705 4267 1.354 193 3.691 20.182 5,922 4,751 4.977 290 6,175 1582 4021 279 173 1EQ 1fiJ 190 Totsl charl￿e ￿1￿j[e 26,1fX) 12 37,046 36,312 Totsl eypermled 26269 .865 38.428 37,871 Page133 CHELTENHAM COLLEGE Year ended 31 August 2IY25 CHELTENHAM COLLEfjE Governance costs consist of 15% of the saary costs of ￿th He￿1& 25% of Bwsar. Dewty Bursar arKI Director of FI￿nce. The other governance costs are audit fee. govetVk3nce legal costs a￿1 COU￿11 ￿mberS, expenses. See note 81cl for furth￿ details. (bl Grants, awards aTrJ prizes 2025 2024 £,￿0 From Reslricted Funds: Bursaries and other grants a￿1 awaids From Unrestricted FurKI& Prizes and leaving awards 102 109 81 160 19) 8. Analysis of Expenditure {continued 2025 2024 (c) Other governan￿ atxhE.' Remuneralion paid to audilor.. for audit serwces for audit serwces (Pr￿ year} for laxalion and VAT (Induded Hi costs of Scthlingl for Teacheis Pension returns CourKil expenses Reimbuisemenl of personal exper￿eS to C￿￿11 34 18 33 32 Travel expenses were reclaimed trry 4 (2024.. 41 of CO￿(11 in relalion to atterth￿e at COU￿11 m*tiThJs. 9. Financing costs 2025 2024 £'ooo Fees in Athance debt-finarKirKJ cost Release of fair value prowgon for Fees in P&fvarKe Bank and loan interest 246 124 {3 532 1141 639 747 749 10. Taxation College is a registered charity aThJ as yxh is entitled to certain tax exempti(Ms on irKorne profits from irwestments and sUr￿useS any tradiThJ aclNities carr*d on ￿ furtherarKe of College's prinory obje(tNes. if profits and surp￿U5es are applied solety for Charitab￿ wryy)ses. Pa￿134 CHELTENHAM COLLEGE Year ended 31 August 2￿25 CHELTENHAM COLLECE 11. Staff costs and related parfy transactions 2025 2024 The aggregate payroll costs for the year ￿Te as f￿k￿￿. Wages and salaries 91 security Costs Ot￿[ pensK)n costs IrM)te 221 Life assurarKe costs 20,458 2,118 3.564 129 19,682 1,757 3.086 31 26269 24.556 None of GoverncKs reCe￿d arty rernurera￿ or ot￿r t￿Efits from College or from any con￿ed tody. The key management ￿ the txJrrx)ses of ￿ anatysis below represents six Mem￿rs(2024". fNel of Col￿ge Executive Committee ICECI currentty comprisiTrJ the Heads of Lx)Ih sch(MJ& Bursar. Deputy Bursar, the DeFW Head Pastoral of Colkge arKI one of ￿ DeFW Heads of the Prep. The totsl employee benefits oft￿e person[￿1 sitting on CEC vthile ern￿Oyed try Cdlege. Ir￿￿jdir¥J emptyers. NatKwl InsurarKe a￿* pensions cost were.. 2025 2024 Aggregate e￿￿)Yee.t￿neffts of CEC: 1.157 1,031 2025 2024 Number of hig￿[ paid wiployees lexdudirKJ NatK￿￿ InSUra￿e Pen￿0￿) irKluding the CEC, in baThYs ofr. £60.1X)I to £70.(JX) £70.(K)I to £80.(KX) £80.(K)110 £90.tXX) £90,IX)110 £100,(KK) £100,00110 £110.￿0 £150,00110 £160.000 £190,001 to £200.tKK) £240.001 to £250,0(K) 1230.(K)1 to £240,0(K) Number Number 32 14 28 57 49 Page | 35 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLECE 11. Staff costs and related paty transactions (continued) 2025 NUrn￿r 31 333 2024 Number 15 196 The number with retirement benefits accruirmj in Defined ConlribulK)n ￿he￿￿5- of which the conlributK)ns alr￿unted to l£(XKYs) in Defined Benefit schernEs'. of which the contributK)ns arrN)vnted to I£C(IYs) 26 594 28 585 - in Defined ContributK)n/ 8enefit schemes." of which the conliibutions anK)unied to I£(￿.$) 35 l(YJ The 7 stsff within the Defined Contril￿tIOn/Derl￿l Berefit category has ar￿n fofk)wiThJ an in year change befv￿en schemes. wrth effect from Awil 2024. T1￿ average nUr￿￿T of Cd*'s emphryees thJrir¥J the year was as foll 2025 Number 340 134 51 1( 20 2024 Numb 343 133 53 100 17 Tea(hir¥J Welfare Premises PFK>rt OtFEr a(tThiit*s 654 646 average number of col￿e'S full time equ￿a￿nI ern￿oYeeS thrw¥J year was as folk)ws.' 2025 Numttr 223 2024 Number 223 Tea(hir¥J Welfare PreJnises SupFX>rt 31 31 58 393 Duri￿ year terminalM)n payments £Thl12024". £nil). Page | 36 CHELTENHAM COLLEGE Year ended 31 August 2015 CHELTENHAM COLIEGE 12. Tan8ible fixed assets Gr(yJp Freew Assets Fumiture & LarMI & ConstnKt#)n Equlw￿t BU1￿1r Motor veh￿e5 Total At 1 Septemiv 2024 Tfansfers Additions Disposa15 93.897 1.826 (2.278) 4S2 10271 158 106,152 316 (4251 774 13n At 31 August 2025 10.162 125 K6,464 At 1 September 2024 Charge for the year Oisposals &713 627 7254 651 (424} 1c6 16,133 133 145n At 31 August 2025 7.481 16,970 Net book value At 31 August 2025 89,494 Al 31 August 2024 85.124 1.826 3,017 52 90,019 Page137 CHELTENHAM COLLEGE Year ended 31 August 2Q25 CHELTENHAM COLLEGE 11 Tangible fixed assets (continued) Cc41ege FreelKld Assets uThJer FurThture & La￿1 & cOn#ru￿ EquIFxn￿I BuikdirKJs Motor ve￿CleS Totsl £'otxJ Cost At 1 Septembef 2024 Transfers AcklitH)ns Disposals 94.210 2278 1.826 (2.278) 452 9.852 185 106.073 752 {43n (37) At 31 A￿ust 2025 96.4 9,746 152 106,388 Depreciation At I September 2024 Charge for year Disposals 8.841 631 131 16 133) 15,858 1,285 (432) 638 1399) At 31 A￿V51 2025 9.472 7.125 16,n1 Net iK)ok va At 31 Awust 2025 87. 89,677 At 31 August 2024 85.369 1.826 54 .215 College hokls no 'FETitage assets. as defined ty FRS 102 as s￿h assets afe employed in operational use. Page | 38 CHELTENHAM COLLEGE Year ended 31 August 2(ris CHELTENHAM COLLEGE 13. Securities Investments Fees In thrKe Schjlarthp arKI Trust 2025 2024 2025 2024 £'ooo Gr￿p Ir￿￿ts At 1 SepteM￿r 2024 Net dwKlends Investment mark4gement fees Net110sse5ygain5 in value ol investnEnts 2.318 4.942 4.363 76 6) 04) 127) 495 GroLP InVestr￿ts at 31 August 2025 2.527 2.489 5,345 4,942 Investff*nts c Fixed interesi A￿ernative inveslrrents Equities 1,649 1,161 540 3,156 578 3.725 318 Cash 38 61 85 Group investrrEnts 1527 5.345 4.942 College irr￿ntS At I September 2024 Net dividends Investment rnanage￿*nt fees Net los￿ w) value of investments 1318 3A53 101 3.041 80 119) 351 76 06) 1141 (23) 201 College In￿￿nts at 31 ALVWSt 2025 1527 2,489 3.732 3.453 The main Securities investments and Fees in A(fvarKe irwestrnent dewgts were managed for COl￿e by Quilter Cheviot Investment Managerr£nt. Altematwe investments. as atrthe, comprise irwestment in prO￿ty COmfVMxIty arKI unit trusts. Page139 CHELTENHAM COLLEGE Year ended 31 Au8USt 2025 CHELTENHAM COLLEGE 14. Stock Gr(NJp Cdlege 2025 2024 £'ooo 2025 2024 Wot*s department materkils CateiirKJ Other 12 12 114 163 131 174 130 Stock in the Group is staled aftef a prowsion for impairTh*nt of £1.20412024.. £1.IYX)I. 15. Debtors GrcAJP COl￿e 2025 2024 2025 2024 Due in one year Fees and extras Trale Other debtors Other prepayments arKI income Amounts due from 5ubsidkiry companies 331 222 391 48 39 1245 563 1233 1.524 556 1.W2 1.963 2.554 Fees aThJ extras are stsled after impairrTEnl p¥oMs*)ns totsllirg £819.230 £12024: £623,911) Page | 40 CHELTENHAM COLLEGE Year ended 31 August 2(Y25 CHELTENHAM COLLEGE 16. Creditors: amounts fallin8 due within one year Gr(￿P Cdlege 2025 2024 2025 £tyJo 2024 Bank loans aThJ overdraft Iwte 20) Oepostts from parents Fees re(ewed from parents in a(fvar￿ of term Trade creditors Taxation and social security Othet creditors Fees in Advance Schen* (￿te 18} Fees in AdVa￿e S(heme - FaK value ItM)te 18) Acciuals Amounts due to subgdiary co￿￿N3n1eS 1.053 691 3.672 IMO 615 4.252 405 1.053 691 3.672 704 899 823 3ffj64 12 1.050 1,140 615 4,252 379 433 560 4.340 31 576 4,340 31 12 IM2 394 12,684 12,871 12.989 13.085 The arr￿￿nt owed to subsidiaries is repayab￿ cm demaTrJ. 17. Creditors: amounts falling due after more than one year Col*e & Group 2025 2024 £'O(K) DeFx)sits from parents Fees in AdvarKe (note 18) Fees in Advance - Faif value IrN)le 18) Bank loans IrN)te 20) 3.034 7,030 3.172 10.327 12 7.839 8.883 17.9)3 22.394 DetJ051ts from parents are receNecl by C(ty at tin* of firN31 acceptarKe of a place. Tr*se depos((s are relurned at the end ol the term in which the puK¥l ￿aVe5 College (x Prep. DetM)Srts for ttK)se pupils WFM) College are aware are a￿Thj, wimarity UpFer College leavers are treated as due within yeaT. Page141 CHELTENHAM COLLEGE Year ended 31 Ausust 2025 CHELTENHAM COLLtCE 18. Fees in advance schemes College has Ih?tilitses arisirrfj from Iwo separate Fees in tharKe IFIA) schemes. One of these sck*mes (the Closed Scheme) allowed fee payer to fix hjlure fees at the fee rates appltabk at the tinE of entering into a contract. This Scheme ck)5ed to r￿W busi￿ in May 2015 allHt certain contracts remain. finarKial obligations arising from Closed Scherne FIA contr￿tS are deemed urKJer FRS 102 to arise frorn beirvJ a 'complex financial InStru￿￿n1'. Further details f(N the &ccxJntirKJ of tt*se oblMJats"ons are set (MJI in ￿te 19. Under the FIA scheme which was inlr(Kluced in Juty 2015, a fee payer w enter into a contract lo pay College in advarKe for fixed Contr1￿￿.0nS towards the tuition f&s a ￿rIOd &Jreed College. These contribution5 gwe rise to a fixed discount on future fees. The rmrw may be retUr[￿d subffrt to Speci￿ coTrlitions on the receipt of r￿￿t￿e wlhin no more than ￿) days. Assuming pupils b*ill remain in College, fees in thatKe under ￿th s(hemes wll ￿ applied as follows.. 2025 2024 C%Je wthin one year Adjustment for fair value d￿ in (Me year 4,340 31 12 3.676 4,371 Within one to two yeais Within two to fwe ye After fve years Adjustment for fair value due in more than one year 2,395 3.360 5.704 1.263 12 10.339 695 7,030 Balan￿ at 31 PJJgu5t 2025 .7C6 14,710 Suffmary of in liabnty 2025 2024 BaLqnce at I Septefflbei 2024 New contracts Rdease of fair v￿ue prowsion Repayrnents Amounts used to pay fees H,no 743 {3 1396) (4,320) 5,431 11,￿)2 114) 1151 12,5941 BalarKe al 31 August 2025 10.71 14.710 Pagg | 42 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLEGE 19. Fees in Advance Scheme~ Complex financial inslrument 2025 2024 Clo*d FIA scheme li&¥lty loperuThJ balarKel Transfer to fee income l￿fore Mar￿e charge Revenue foregone {finarKe chaige) 128 1221 07) Closed FIA lith'lty ￿fOre fuiure fina￿e charge 89 p￿sent value of future finarKe charges Due in one year Due aftet or* year 12 31 12 Fair value of full Ikibilty grossed up for fLrture finar￿e tharges 132 The fair value of Closed FIA ScFEme liai¥lty refiects the piesent value of t￿ future expected fee income, where dis(ount rate used represents the finarKial effect of the ex[￿rted fee increases forgone spread over the tem of the O￿angernent. This fair value has teen eslimated iry alkKatiThJ the estimated expected fvture fee irKreases over aTrar4Jerv￿nt term on a straight-line ba&s. estimated expected luture lee increases are reviewed and revised ￿re appropriate on an annual trAa&S. At year-erKI annualised ex￿(ted future fee increase over next two years is calculated on an average rate of 4.45%. In the view of ttE Trustees this approach resuks in a Carr￿ng value wFMch IS [Tk3terk?I￿ corrisient with that vAxJld generated by a r￿re detsiled fair value calculatKJn. There were no impairment losses charged to finarKial assets measured at arTK)rtised cost in the year. In the event of a request for a refund by all remainiThJ partTrcipants in Ck)sed as at 31 Awust 2024, no accrued interest wll be paya￿. calculated on the ba￿$ of a disc(xJrt to wevailiThJ bank base rate. over atr￿e the caFital payn*nts iecewed of £89.QKKJ12024: £89.(YJ)). 20. Loans & Overdraft An anatysis of loans and overdrafts is LEIOW. Cdlege & Group 2025 2024 Bank Loans Due within year I053 1,140 LJJe between or* and two years tJJe between two aThJ fwe years Due after fNe yeais 530 1,759 5,550 1.057 1,684 6.142 D￿ after more than year 7￿39 8,883 Totsl bank kjars (excbjlng ￿$hI 8092 10.023 Page143 CHELTENHAM COLLEGE Year ended 31 August 2fj25 CHELTENHAM COLLEGE 20. Loans & Overdraft (continued) Cdlege bank loans as well as ary overdraft5 are secured ty ￿ed dk3rges over specific freelK)Id Lind and buildiThJ assets. Bank a150 tkls a fina￿kil coverkinl Tequiiing that College's cOr￿lIdated net irKomir¥J resources before bank inteiest paKI. depTeciatKJn, amOrtisat￿n and corFK>ratKTrn tax pakl is rK)t ￿s5 than 125% of the capital repayments due on ils str￿tured klan faciliti￿ ￿ the bank interest paid in financial year. In &ldilion. a security covenant requires that total trM)rrowThJs (k) exc￿ 70% of value of all propety. 21. Finanaal Instruments An arkHlysis of finawal InstrU￿EntS. as thfined uTrJer FRS 102, is bebw. Group College 2024 £'ooo 2025 2024 2025 FinarKial asset5 rreasured at fair value 7,797 7,3&8 6,186 5,846 FinarKial assets heki at far Val￿ irKI￿e assets as investThEnts. 22. Pensions The College part￿1pateS in Ihe Teachers. Pension sche￿￿ (Ihe TPSI for its te￿h1Th3 staff. The pension charge for the year irKludes conlrilyjtions payat￿e to TPS of £1.61 millK)n12024'. £1.80 million) arMJ ht theyear-end £173,2(VJ 12024.. £205.1341 was accrued in resF*Ct of contributM)ns to tlws s(￿me. The TPS is an unfuTrled multi-emptyer defirkyl l￿fits pen5KX) goverr)ed Teachers. Pensions Regulations 2010 las amended) and The Te￿1￿[5. PensK)n kheme Regular￿$ 2014 las amended). Members contribute on a -pay as yw go" basis with [￿l[li￿ltIOnS from n￿ml￿Ts ar¥J I1￿ employer credr(ed to the Exchequer. Reb"[e￿Ent and oihef be￿fitS are pa￿ ty public fvTrJs prov¥Jed ty ParliamenL employer contribution rate is set Secretsry of Stale follo￿ThJ valuaiMYS uThJertaken by the Government Actuarfs Department. TYK)￿ recent ￿tua[￿31 valuatK)n of TPS was prepared as at 31 March 2020 arKJ the Valuali)n Report was KKJblished in OclobeT 2023. The L3test valuation sFK)wed total sche￿￿ Irabilities of £262bn and notional a55ets of £2222bn. re5uliir¥J in a sctr￿me defKil of £39.8bn. The employer contriL￿rti0￿ rale for the TPS is 28.60%. arKI employers are also required to pay a scheme administration ievy of 0.08% givi￿ a total emttyr {£￿trik￿jt1on rate of 28.68%. Under the definitions set out in FRS 102. the TPS is an unfurKled fflufti-empk)yer pension ScI￿rne. The Scl¥Jd is (frnable to identify its share of t1￿ urthrtyirg assets liakn'lilbes of the ptsn. Accordingly, Sckx)I has taken advantage ofthe exemptN)n in FRS 102 and has acccKJnled for its conlriixrtions lo schen* as if it were a defined Contri￿tIon scheme. College closed the TPS for new teaching ￿aff pinir¥J from I September 2022 arKJ replaced this with a defined contribution scheme. Empk)yef conlr1iw1￿ns to this s(￿e￿ wEre £1,235,209.12024." £693,544) Page | 44 CHELTENHAM COLLEGE Year ended 31 August 21YIS CHELTENHAM ¢OLLÉG For non-teachitYJ staff. in addf(ion to aut(ke￿O1rrEnL College a150 wn5 a defined contributK)n scheme. The cost lor the year represents schcKA's contritxJlN)ns to the scherrt inclLKlirMJ auto-enrolN*nt of £721,670 12024.. £587,6091. 23. Subsidiaries To better reflect the conlrilxrtK)n of cfflipanEs ￿thin the Ctdtenham College group. r( has been deemed appropriate lo recharge a ￿M￿r of costs dire(ty attributable to each subsKliary but paKJ for or tharged into Chelienham College. These costs primarity con515t of ihree categories. indmdual salaries or a proportion ot Sala￿ of cert&n indwKluals. depreCIat￿n charge ifKufTaJ try COl￿e of assets used by a subsidiary and. tTrMrdly. the utilrty costs by C(Alege tMJikJiThJs used by a subsidiary. Cheltenham College Se￿￿e5 Limtted (company number 028T28041 is a wholW tiading subsidkary of Cheltenham College. As at 31 August 2025 CCSL W total nel assets of £757,32312024.' £751.118) CCSL'S revenue for the period was £739,98812024.' £734.1541. A charge 01 £191.63412024'. £159,605) for a proportion of College's SFXJts Centre staff costs relaliTrJ lo athrtEs (Ajtside ttw provided to College aThJ rts pupils, as well as a char9e for management and accountiThJ seNKes. A charge of £84.09712024." £￿).1491 for a shaTe of depreciation of the Swrts Centre's laThJ ￿lkI1￿J$ arKI sports eX1UlPlT￿t arKI for utilty costs for lightiThJ and I￿ating the Sports Centre. The gift awj donation m&Je to chert￿haM Cdlege as at 31 August 2025 was £149.189.12024'. £162.1881. At the balarKe sheet date. CCSL (MEd Chdtetham Col* £463.198 P024.. £169,gJ) Cheltetham College owed CCSLI. Cheltenham College Internati￿1 Limited Icompany nurn￿r 112469)5) is a wfv)Ily owned trading subsidiary of Cheltenham College. A charge of £91.71912024.' £88.405) to cover salary costs of staff directly inVo￿ed in prorTh)ting College's ￿TSeaS inter￿$ as well as a d￿rge for management ard acc￿ntIr￿j serV￿e5. £178.370 12024.. £132,591) profit NYdS ge￿lated by CCIL during period 2024-25 arxl £178,37012024'. £132,591) was gifted to Che￿enhaM Colkge. At the balarKe sheet date. CCIL owed £640,115 P024: £472,538) to c￿￿enhaM College. net assets of CCIL at the year-end are £1. c￿tenharn Cdlege CharitaL4e Trust ICCCD is an iwntty run ch3rity (Charity numlm 1(XN29) ICCCTJ. charity is conscAidaled to compty wth FRSM)2 ￿tion 9. As at 31 A￿ust 2025 CCCT total net assets of £4.01m12024'. 12.48ml CCCT's revenue for the ￿n(MI was £1.528,13112024'. £330.068). Al the balance sheet date, CCCT owed £nil12024: £nilll to (FE￿ent￿lffl Col￿e. Durirvj the year grants for projects, ￿rSarieS and prizes were made to Cheltenham Cdkge of £71.36712024'. £g).513). Pag•145 CHELTENHAM COLLEGE Year ended 31 Ausust 2025 CHELTENHAM COLLEGE 241a). Movement in Funds- Current year Ct￿￿1dated l *mbef Net Irf*EStn￿ 31 August gain 2025 E￿lowed fu￿1$ Col*e (Scholarship) CCCT 3.451 745 122) 16) 103 201 43 3.733 4.196 P8) 103 244 4.515 Restrfcted fvrKIs College IBursaryl CCCT 1.325 1.332 49 49 1,423 1￿8 28 Restricted 2.657 517 49 28 3,251 Unrestrfcted funds General reserve CCCT Designated IFIA & Lottery) 1.7EQ 52) 19 1221 495 Unrestricted 67,581 1742 052) 131 70.168 Consolkdated reseNes 74.434 3.231 269 77.934 Colege ErK1ov￿d funds Ischolarshipl 3.453 125) 103 201 3,732 Reslrthd furKts College (Bursary) 1,2 49 l379 Unrestricted fijnds General DeS￿nated IFIA & Lottery} 66.759 663 1.779 111n 135) 68.421 f4)7 (22) UNestricted 67.422 1.780 0521 1221 69.028 Cc4lege reserves moNe￿￿nt 72,155 1,805 74,139 Page | 46 CHELTENHAM COLLEGE Year ended 31 August 2(IZ5 CHELTENHAM COLLEGE 241a). Movement in Funds- Current year (conlinued) The net transfers set c*Jt aLK)ve of £152.(XX) (2024: £66,(NJl rwesents r￿t ￿K)Ven￿nt in Cdlege's Bursary Fund. College's Endowed scholarship furKfs compxise a rnjmber of iThlNidual e￿￿C¥Wrr￿nts of varying sizes. Those representirKJ more than 5% of the total fv￿ls are: neral Fund £423.￿{2024.. £383,150) Marsh Beq￿l £751,6CB12024.' £679.35n F(ff the ￿nefIt ofthe chiklren of members ofthe n￿d￿al profesgon For the berefftof children of memtersof the rr*dKal prOfes￿on FOT ttE be￿fft of the ttlklren and descendants oftFK)se kil￿ (Kh milrtary semce For b￿fit of de5cerKlants of Martin and Anne Cadbury Victor PercNal Bequest £301.716 P024.' £272,712) Unwin Bequest £637,318 P024.' £576,052) Cadbury £1,237,02712024: £1.049,%rf)) College's restricted furKi of £1.379.(XX> 12024." £1280.C((Jl comprises contributKins made by parents at registration towards the I￿r$ary fvnd less ary drawdovm on t￿)se fvJThJs by Colty duriry year. Further detai15 of restricted eTrJo*Ed fi￿￿5 of CCCT are Set (xrt w) Annual Rew)rt of CCCT. Desynated fvnd& comprisiry accnkd k)ttery sWsesarKI d￿KIe￿I irKome for the Fees in Atha￿e investment fvnd. are drawn down annual￿ to SUPtKKt tc4Jrs pr0￿Cts Ordinari￿ supwrted by the k>tteries across both schjols to maintain a base of 1rNestn￿ to suP￿rt Fees in Advance ScheThEs. Page147 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COLLEGE 24(bl. Movement in Funds - Prior Year Con9JhJated I Septemi 2023 Net venEnt Trarsfers Investr￿￿t goi￿[k)SSes) £'(K)o 31 August 2024 Endo*￿1 fwKJ5 College (Sth)larshipl CCCT 3.043 P2) (41 78 352 69 3.451 745 End0￿d 3,T23 1261 78 421 4.196 Restr￿ted furKts Cd*e (Bursary) CCCT 1,248 1,157 02) 1,325 1,332 132 43 2.405 221 43 1657 Unrestricted furnls General reserve CCCT De%gnated (FIA & Lottery) 65.731 302 995 166) 66.660 74 l(M) 516 Un￿str￿ted 66.341 1.169 166) 137 67.581 COn￿lIdated re*r¥es movement 72.469 1.364 74.434 Collrye furKIs (Scholarship) 3,042 3S2 3,453 Re￿ritted fvrKIs Col￿ge (Bwsaryl 1.203 112) 1,2&) UnrestrKted fiJTh General De5igrklted IFIA & Lottery) 65,720 938 101 66.759 663 101 06n Unrestricted 66.341 1.039 166) 67,422 Col￿ge resew tr￿Y￿fflert 1.1(B 72,155 Page | 48 CHELTENHAM COLLEGE Year fflded 31 August 21YlS CHELTENHAM COLLEGE 25. Capital conimitments Ai 31 August 2025 tsre were commitments for (apital of £nil12024: £404.470). 26(a). Allocation of Net assets between funds- Current year EN10%￿d 2025 Total FuTrls FuThls Consolkdated (2025) Tangible Fixed assets SecurrtEs investments 89.494 240 89,494 5,345 630 4,475 FIA Scheme investments 2.527 2,527 2,147 13,664) 02) 00,873) 17,030) Nei Current Assets/lLkibilrtiesl excI￿J1r1J FIA FIA ojrreni liab41il*s a6X HA fair value adjustment LoThJ-Tefm Liabilit￿$ exclLKliry FIA {< 1 FIA long twm liabilitEs FIA fair value adjustrrEnl 1> l yT} 021 00073) (7.030) Totsl fv￿ts 70.168 3251 4.51S 77,934 COl￿e (2025) Tangible Fixed assets Investment in subsidiaries 89.677 736 736 S£furrties investments 3,732 3,732 2.527 (6M> (3,974) 02) 00.8T3) (T,030) FIA Scheme irweslmenls Nel Current A55eWILiabiIit￿sl exdudiro FIA Fees in Advance current Itabllrt￿S R023) 13.974) 1379 Fees in Advance fair value adjustrt*nt LoThJ-Temi Liabl1r(￿S excludir¥J FIA {< l yr} AA long tem liabilities FIA fair value adjustfTEnt (> l y 00073) (7.030) Totsl funds 69,028 l379 3,732 74,139 Pag& | 49 CHELTENHAM COLLEGE Year ended 31 August 2025 CHELTENHAM COILEGE 26(b). Allocation of Net assets between funds- Prior year 2024 Totsl FuTrJs FuTrJs consolida￿ [2024) Taryible Fixed assets Securities investments ),019 ,019 4,942 2.489 3,749 14.340) 1311 (12,055) 110,327) U2) 4,158 FIA scheff￿ inveslmenls 2.489 1,838 14.3401 131) Net Current Assets/(Lk3LMlifEsl exd￿j1[￿J FIA FIA current liabilities 1,873 38 FIA fair value ￿j￿5trr£nÉ LoTrJ-Term Liabilities excluding FIA l< l yr) FIA long teFm liabilili FIA fair value adjustment (> 1 yrl 112.055) (KJ,32n 02) Totsl fvnds 67,581 2.657 4,196 74,434 Col*e12024) Tangible Fixed assets Investment in subsidiar￿5 9).215 736 ),215 736 Securities investments 3,453 3.453 FIA Scheme irNestments Net Current AsseWILk4bilrt*sl exckKlir¥J FIA Fees in Advance current liabilrti 747 1,2 2,027 {4.340) 131) 2.055) 110.32T) 112) 14.340) (311 U2.055) 00.327) 2) Fees in Advance fair Val￿ ￿J￿trnent Long-Term Liabili(￿ excluding FIA (< 1 yr) FIA long terffl liats'lrtE5 FIA fair value adjustrr*nt 1> l yr) Total fiJrvJ5 67.422 1,280 3,453 72.155 27. Related Party Transactions There were rK) other retaled paty tranwtK)ns during year require disdo￿re. Page | 50 CHELTENHAM COLLEGE Year ended 31 August 21725 CHELTENHAM COILFGF 28. College results Cdlege's ovm results fof the year wKkMJed in the consolKlated stateTh￿ni of FinarKial Actmties ￿re.. 2025 Totsl 2024 Tolal £,￿0 Income aThJ erKlowfferts frofti Char((able acts School fees receNaNe ArKilLary tradiro inc(yne Other tfading ￿t￿lI￿5 Non-arKillary tradirwJ incc Other activrties InvestrrEnts Investn*nt irKome Bank and other inleresl Do[￿l￿)n5. grants and leg 36.5 1.951 35.603 1,685 255 157 61 470 375 410 Total IrK0￿ 38,235 EXp￿rtUre on: RaisirKJ fiJTrJs FI￿nCing costs FurKlraising aThJ develo$xr￿t Totsl deductible costs 17751 12781 11,0531 1225) Charital￿e actbWt*s Education and gr￿ makir¥J 137,08n 136,0721 Total exFenditufe 8,085) 137,125) Net InCc￿* bef(Ke irfvf&r￿t 1,110 179 459 Gains on irNestments 1.569 ReCO￿lI1at￿fft of Furmts Fund balarKes brought f(Thiard at 1 septeM￿r 71155 70.586 FurKJ bala￿e$ carried f(rnrd at 31 ￿just 74.139 72.155 Page | 51