Registered Company Number.. 2732245 Registered Charlty Number: 1013795 Clifton Down Charitable Trust Limited Annual report and financial statements for the year ended 31 December 2023 Clifton Down Charitable Trust Limited Annual report and financial statements for the year ended 31 December 2023 Contents Page Report of the Directors Independent Examiner's report to the directors of Clifton Down Charitable Trust Limited Statement of financial activities Balance sheet Principal accounting policies Notes to the financial stalements 12 14 Clifton Down Charitable Trust Limited Report of the Directors for the year ended 31 December 2023 The Directors present their report and audited financial statements for the year ended 31 December 2023. The financial stalements comply with current statutory requirements, the governing instrument and the Statement of Recommended Practice for Charities (SORP 2019). The Trust has taken some of the exemptions available to smaller charities within SORP 2019 and Companies Act 2006 and reduced some of the disclosure in the Report of the Directors. Directors, offlcers and advlsers The Trust is a private company limited by guarantee. registered in England, and a registered charily governed by its Memorandum and Articles of Association dated 17 July 1992. The Directors of the charitable company at 31 December 2022, all of whom served throughout the year and since the year-end. except where indicated, were.. H L M Bothamley K P Despard D M Freed JMMBaker M A Burchfield R H G Bourns Dr B Watts D M Powell F Francombe C J Duckworth (Retired 10 November 2023) (Retired 10 November 2023) (Appointed 10 November 2023) (Appointed 10 November 2023) Reglsterad address of the Charlty Merchants, Hall The Promenade Clifton Bristol BS8 3NH Charlty Number: 1013795 Company Number.. 2732245 Names and addresses of other relevant organlsatlons Independent Examlner Bishop Fleming, 10 Temple Back, Bristol, BS16FL Banker Nalwesl Bank plc, 32 Corn Street. Bristol, 8S99 7UG Sollcitor Womble Bond Dickinson (UK) LLP, 3 Temple Quay, Temple Back Easl, Bristol, BS16DZ Grounds and Gorge Inspector WSP, Kings Orchard, 1 Queen Street, Bristol. BS2 OHQ Investment Manager CCLA Investment Management Ltd, COIF Charity Funds, 80 Cheapside. London, EC2V 6DZ Clifton Down Charitable Trust Limited Report of the Directors for the year ended 31 December 2023 (continued) Reference and administrative informatlon The Clifton Down Charitable Trust Limiled was incorporated and registered as a charity (Number 1013795) in 1992. Structure, governance and management Governing document The Company was incorporated on 17 July 1992 and is a registered charity, number 1013795. The Directors are appointed in accordance with the Memorandum and Articles of Association. The Board of Directors meets regularly lo administer the charitable company. Risk management In the light of the Corporate Governance guidance contained within the Statement of Recommended Practice 2019 "Accounting and Reporting by Charities" the Directors have examined the major risks faced by the charitable company. The Trustee continues to monitor and manage ongoing risks relaling to the trust such as the achievement of the charitable objects and the protection of the charity's assets. Systems are in place to monilor and control these risks to mitigate the impact that they have on the charitable company in the future. The systems In place lo monitor and control these risks include regular inspections of the Downs as well as appropriate insurance proteclion. A ten-year maintenance schedule is reviewed and implemented annually. The charitable company is reliant upon donation income lo enable it to fund donations in the furtherance of ils charitable objectives. Should income fall, Ihere would be a corresponding reduction lo the donations made. Objectives and Activities The Directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives. Objects of the Charity The objects of the Charity as defined in its Memorandum, which should be referred lo for exact details. are to acquire and hold freehold or leasehold land to be provided in the interests of social welfare for public recreation or as a public open space for the use of members of the public generally with a preference for the inhabitants of the City of Bristol and its neighbourhood., and to acquire and hold freehold land, in particular the area known as Clifton Downs and part of Avon Gorge, Bristol, for the protection and preservation of its natural ecological features including the preservation and protection of plant life and fauna for the benefit of members of the public generally with a preference for the inhabilanls of the City of Bristol and ils neighbourhood. Clifton Down Charitable Trust Limited Report of the Directors for the year ended 31 December 2023 (continued) Objectives for the year The prime objective continues lo be one of ensuring that the area of the Downs falling within the Trust is well mainlained and, as appropriate, accessible to the public. In addition, the Charity continues lo support conservation initiatives, such as the Avon Gorge Wildlife Project, that will help protect local plant lrfe and fauna. The Charity also remains alert to opportunities to assist in promoting any future application for World Heritage site status for the Avon Gorge or in support of the Avon Wildlife Trust's aspiration to improve conservation within the Gorge. These objectives have been achieved during 2023. Strategies to achieve the objectives A detailed long-term maintenance schedule is produced and regularly reviewed by WSP, the Grounds and Gorge inspectors, and subsequently scrutinised and approved by the Directors. There conlinues to be close cooperation with, and support to, the Avon Gorge Wildlife Project. Financial review The Charity received income from its investments as well as voluntary income which was utilised lo further its objects. The Statement of financlal actlvilies is sel out on page 7. The net incoming resources for the year after investment revaluations were £16,05012022: £46,274 nel outgoing resources). In 2023 a donation of £29,750 was received from the Merchant Venturers, Charity (2022.. £16,160). Direct expenditure on maintaining the rock face in 2023 (note 5) was £12.254 (2022.. £37,101). A donation of £6,000 was made lo the Avon Gorge and Downs Wildlife Project {2022.. £6,000). Investment policy and perfomiance The Directors have very broad investment powers, including the discretion to vest in a nominee. The Director5, policy is to maintain income whilst preserving the real value of the investments to provide unrestricted funds to enable the Directors lo pursue the objects of the charilable company including plans for the future. Funds continue to be invested in CCLA Inveslment Management Lld where they are split be￿een COIF Charities Investment Fund and COIF Charities Global Equity Fund. Funds achieved a total return of +14.60/0 in the year ended 31 December 2023 (2022: _10.4 % Reserves policy It has been assessed that reserves of at least two years normalised expenditure are sufficient to fulfil Ihe charitable objectives and relaled costs. The policy and targel is reviewed on an annual basis by the Directors to lake account of the development of the charitable company and a review of the changing risks it faces, particularly in respect of income. Clifton Down Charitable Trust Limited Report of the Directors for the year ended 31 December 2023 (continued) Going concern The Directors have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statemenls which indicate that the charitable company will have sufficient funds to meet its liabilities as they fall due for that period. Consequently, the Directors have prepared the financial stalements on a going concern basis. Future plans The Charity will continue to maintain its remaining land and cover associated obligations in the interests of social welfare for public recreation and for the protection and preservation of its natural ecological features, ensuring that the necessary measures and resources are deployed to meet these plans. Support will continue lo be offered, where possible, to other agencies able to assist. Statement of Directors, responslbilitles In respect of the Report of the Directors and the financial statements The directors are responsible for preparlng the Report of the Directors and the flnancial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). including FRS 102 The Financial Reporting Slandard 8pplicable in the UK and Republic of Ireland, Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently,. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements., assess the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern., and use the going concern basis of accounting unless they either intend lo liquidate ihe charitable company or lo cease operations, or have no realislic alternative bul to do so. The directors are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure Ihal the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. By order of the board uckw Director Merchants, Hall, The Promenade, Clifton, Bristol, BS8 3NH Independent Examiner's Report to the directors of Clifton Down Charitable Trust Limited ('the charity,) I report to the charity directors on my examination of Ihe accounts of the charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the directors of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Acl 2006 ('Ihe 2006 Act,). Having satisfied myself that the accounts of the charity are not required to be audited under Parl 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('Ihe 2011 Act')- In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51{bl of the 2011 Act. Independent Examlner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Stalemenl of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters In connection with the examination to whlch attention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charity's directors, as a body, in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the charity's directors those matters l am required lo stale to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charily's directors as a body, for my work or for this report. amJ being net movement In funds Recon¢lllalion of funds: 9,847 (25,524) (46,274) 16,050 Fund balances brought forward Fund balances carrled forward 74,482 90,532 120,756 74,482 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure in both years is unrestricted. There is no difference be￿een the net outgoing resources for the year staled above and its historical cost equivalent. The accompanying notes form an inlegral part of these financial statements. The results presented above relate wholly to the continuing activities of the charitable company. Clifton Down Charitable Trust Limited (Charity Number 1013795) Balance sheet at 31 December 2023 Note 2023 2022 Flxed assets Tangible assets Investments 95,028 85,181 95,028 85,181 Current assats Prepayments and accrued income Cash at bank and in hand 7,961 1,873 933 74 9,834 1,007 Creditors: amounts falllng dua wlthin one year Net ¢urrent (liabllltle8)lasset8 Net assets (14,330) (11,706) (4,496) 90,532 (10,699) 74,482 Funds Unrestricted fund 90,532 74,482 Permanent endowment fund Total funds (Includlng revaluation reserve of £52,742 (2022: £42,895) 90,532 74.482 The financial statements on pages 7 to 13 of Clifton Down Charitable Trust Limited, regislered number 2732245, were approved by the board of directors on 7 and were signed on ils behalf by.. M Bothamley Dlrector C Duckworth Dlrector Clifton Down Charitable Trust Limited Principal accounting policies Basis of preparation The financial statements have been prepared under the hislorical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the Statement of Recommended Praclice "Accounting and Reporting by Charities (SORP 20191" applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Clifton Down Charitable Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The accounting policies that the charitable company has adopted lo determine the amounts included in respect of material items shown in the balance sheet and also to determine the income and expenditure have been applied conslstently in the current and preceding year. are shown below, Golng Concern The financial slalements have been prepared on a going concern basis which Ihe Directors consider to be appropriate for the following reasons. The business model of the charitable company is such that its charitable activities are limited to those which it has Suff￿lent funds to support from the excess of funding received over the costs of its administration. The charitable company therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 5. The Directors have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charltable company will have sufficient funds lo meet ils liabilities as they fall due for that period. Consequently, the Directors have prepared the financial slalements on a going concern basis. Critical accounting judgements and key sourc•8 of estlmatlon and uncertainty The Directors do not believe that there are any critical accounting judgements or key sources of estimation uncertainty which affect the carrying amounts of assets and liabilities. Voluntary Income Donations lo the company are included in the financial statements in the year in which they are received. Investment Income Distributions and interest on investments are included as income in the financial statements on an accruals basis. Expendlture (a) All expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT, and is recognised when there is a legal or constructive obligation lo pay for expenditure. (b) Charitable expenditure including supporting administration cosls relates to costs incurred in the preservation and protection of the area known as Clifton Downs and part of Avon Gorge Bristol. (c) Governance costs relate lo the strategic management of the Trust and ils assets, and compliance with constituted and slatulory requirements. All costs have been directly attributed to one of the functional categories of resources expended in the statement of financial activities. Clifton Down Charitable Trust Limited Principal accounting policies (continued) Investments Investments are disclosed at mid-market value at the balance sheet dale. This is not in accordance with FRS 102 which recommends bid value bul is consistent with the entity's performance management pro￿sS. Using bid values would lead to a reduction in the valuation of these listed investments of an amount which is considered by the Directors to be immateri21. All recognised gains and losses on investments are shown in the Slatement of financial activities during the year. Unrestrlcted fund This fund can be used in accordance with the charitable objects at the discrelion of the Directors. Pennanent endowment fund The endowment fund incorporates the original endowment of the Trust (note 6>. Cash flow statement A statement of cash flows has not been prepared as the charilable company has taken advantage of the exemption available in the SORP for smaller charities. 10 Clifton Down Charitable Trust Limited Notes to the financial statements for the year ended 31 December 2023 Directors, emoluments and employees None of the Directors received any emoluments or reimbursement of expenses during the year (2022.. £nil). However, professional indemnity insurance costing £2 (2022- £2) was paid on their behalf. The Trust had nil employees (2022.. nil). Taxation The Clifton Down Charitable Trust Limited is a charity registered with Ihe Charity Commission and, as such, lax exemption applies to the income arising from and expended on charitable activities and to ils investment income and gains. Voluntary income 2023 2022 The Society of Merchant Venturers The Merchant Venlurers, Charity 7,000 22,750 16,160 16,160 29,750 Investment income 2023 2022 Dividends 2,457 33 2,738 253 Bank Interest 2,490 2,991 Analysis of resources expended 2023 2022 Charltabla oxpèndlture Dlrect expendlture Mainlenance of rock face 12,254 1,892 6,000 37,101 1,820 6.000 Insurance Donations Support costs Management and administration 20,146 3,593 23,739 44,921 2,834 47,755 Other costs Audit fee 2,296 2,100 Directors, indemnity insurance 2,298 2,102 Clifton Down Charitable Trust Limited Notes to the financial statements for the year ended 31 December 2023 Analysis of resources expended (continued) The audit fee excluding irrecoverable VAT was £nil as the Directors have appointed an Independent Examiner for the year (2022= £1,750). All support costs have been allocated to one charitable activity (preservation and protection of Clifton Down). Tangible fixed asset- freehold land The freehold land held under title AV236468 at HM Land Registry and known as "Land situated on the East side of the po￿ay, was transferred by way of gift to the charitable company al nil consideration on 27 January 1994. At 31 December 2023 the title to this land remained with the charitable company. The land represents the permanent endowment fund of the Trust. Fixed asset investments Cost At 1 January Cost at 31 D•¢ember 2023 42,286 42,286 Revaluatlon Unrealised gains at 1 January 2023 Net gain arising on revaluation in the year Unreallsed galns at 31 December 2023 42,895 9,847 52,742 Net book value at 31 Dècember 2023 95,028 Nel book value al 31 December 2022 85,181 Investments al market value al 31 December 2023 comprised: Investment assets in the UK 19.1 Investment assets outside the UK Cash 77.6 100.0 Creditors: amounts falling due within one year 2023 2022 Accruals 14,330 11,706 12 Clifton Down Charitable Trust Limited Notes to the financial statements for the year ended 31 December 2023 Analysis of net assets between funds Unrestricted fund At 1 January 2023 Incoming resources Outgoing resources Nel Unrealised gains on investment assets At 31 December 2023 74,482 32,240 (26,037) 9,847 90,532 Represented by: Investments 95,028 Current assets 9,834 (14,330) 90,532 Current liabilities 10 Ultimate controlling party The Trust is a company limited by guarantee and has no share capital. The Directors are considered to be the ultimate controlling party. 13