Charity registration number: 1113320
The Clifton College Endowment Fund
Annual Report and Financial Statements for the Year Ended 31 December 2021
The Clifton College Endowment Fund Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Auditors' Report | 6 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 21 |
The Clifton College Endowment Fund Reference and Administrative Details
Trustees
Charity Registration Number Principal Office
Auditor
Mark Eldridge, President Matt Howard-Cairns, Vice President Kate Holland-Smith, Chair Jo Greenbury, Secretary John Davies Charles Newington Bridges Brioney Denner Seb Hoyle James Isaacs Tamsin Robertson Jeremy Walters George Harris Alan Bailey Alexander Turco Andrew Rudge 1113320
32 College Road Clifton Bristol BS8 3JH Alexandra Shore FCA DChA A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Page 1
The Clifton College Endowment Fund Trustees' Report
The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2021.
The Trustees confirm that the financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland published on 16 July 2014.
OBJECTIVES AND ACTIVITIES
a. POLICIES AND OBJECTIVES
The policy of the Trustees is to make payments under three headings:
1. Scholarships
The Hancorn, Shenstone, Smith and Davie Scholarships are made during the year in accordance with their associated criteria.
2. Educational Grant and bursaries
a) The Taylor, Jones and Colquhoun Awards are made during the year in accordance with their associated criteria.
b) Assistance to parents of pupils having difficulty in paying their school fees at the discretion of the sub committee appointed for the purpose by the Executive Committee.
c) Assistance to parents, by way of bursary support, of pupils whose principal residence prior to application was in Wales, through the David Jones Fund.
3. Other Grant for School Objects
a) The Croucher and OC Lodge Awards are made during the year in accordance with their associated criteria.
b) Other grants are made as a result of specific requests to the Executive Committee of the Old Cliftonian Society at their discretion.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Including the guidance 'Public benefit running a charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
a. OVERVIEW
The Trustees made educational grants of £151,844 during the year. The policy of drawing down the Unapplied Total Return (UTR) Fund granted under the Charity Commission's Total Return Order granted in 2010 continued. A total of £68,424 UTR was drawn down in the year. The trust continued to receive generous gifts from a variety of benefactors and now holds a total of £2,398,523 restricted funds and £3,281,247 of endowed capital funds.
b. INVESTMENT POLICY AND PERFORMANCE
The Trustees' objective is for capital growth, subject to a 'medium' level of risk and benchmarked against the WMA Stock Market Growth Index and net of fees and inflation. The Trustees have adopted a total return approach and aim to distribute approximately 1.2% of the value of the fund three times a year.
Page 2
The Clifton College Endowment Fund Trustees' Report (continued)
FINANCIAL REVIEW
a. REVIEW OF FINANCIAL POSITION
The charity has seen a further reduction in income in 2021 with the continuing impact of the COVID-19 pandemic. However net gains on investments saw the charity continue to generate an increase in funds in the year. There was a net movement in funds of £638,332 (2020 - £349,228) which resulted in an increase in total funds held by the charity to £6,051,222 (2020 - £5,412,890). These funds are primarily comprised of fixed asset investments, £5,877,698 (2020 - £5,176,286). These funds are invested by the charity to generate positive returns, which along with generous donations from a range of benefactors, allow the charity to make educational grants.
b. GOING CONCERN
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
c. RESERVES POLICY
It is the policy of the Charity to maintain sufficient reserves to cover one years' worth of scholarships (approximately £161,000). At the year end the Charity held cash of £235,353. It is also the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity. This provides sufficient funds to cover management, administration and support costs and to respond to emergency applications for grants which arise from time to time. At the year end the unrestricted funds were £371,542. Income has exceeded expenditure in the last few years, partly due to benefactors donating to build up sustainable capital funds to support scholarships and awards for years to come. The Trustees will continue to monitor total reserves to ensure that they remain at a sufficient level
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSTITUTION
The Charity is registered in England and Wales and is governed by a trust deed dated 29 October 1921. The managing trustees of the Fund are:
Mark Eldridge, President Matt Howard Cairns, Vice President Kate Holland-Smith, Chair Myles Watkins, Treasurer (resigned February 2022) Jo Greenbury, Secretary John Davies Seb Hoyle James Isaacs Charles Newington Bridges Brioney Denner Tamsin Robertson Jeremy Walters Lucinda Farmer (resigned November 2021) George Harris (appointed January 2022) Alan Bailey (appointed January 2022) Alexander Turco (appointed January 2022) Andrew Rudge (appointed January 2022)
The custodian trustee of the Fund is O.C. (Clifton College) Nominees Limited. The present directors, who were appointed by the Executive Committee, are Kate Holland-Smith, Alexander Turco and Jo Greenbury.
The Trust Deed gives power to lend money under any terms to Clifton College but otherwise only to make investments authorised by the Trustee lnvestment Act current at the time.
Page 3
The Clifton College Endowment Fund Trustees' Report (continued)
The Charity Commission, under an order dated 10 April 1995, gave the trustees permission to delegate to an investment manager power at his discretion to buy and sell investments in accordance with the investment policy laid down by the trustees. The trustees may also make arrangements for the investments of the Charity or income from those investments to be held by a corporate body as the trustees' nominee. Smith & Williamson has been appointed to carry out the above functions subject to periodic review.
Under a further order dated 7 July 2010 the Charity Commission gave the trustees permission to account on a Total Return basis and, as they see fit and whilst preserving the pre-existing capital, to distribute monies from the Unapplied Total Return (UTR) Fund. The trustees' current policy is to distribute 3.6% of the fund value each year with a further 1% available if market conditions allow, consistent with there being UTR funds so available.
The trustees are required by the deed of trust to apply the resources of the fund for such legally charitable purposes for the benefit of, or in connection with, Clifton College.
b. METHODS OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the Charity Is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Trustees and Committee members are selected based on their ability to assist the objects and running of the charity. Trustee induction is via meetings with the Chairman and other trustees, and training is provided if and when considered appropriate.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Page 4
The Clifton College Endowment Fund Trustees' Report (continued)
The annual report was approved by the trustees of the charity on 31 October 2022 and signed on its behalf by:
......................................... Kate Holland-Smith Chair
Page 5
The Clifton College Endowment Fund Independent Auditor's Report to the Members of The Clifton College Endowment Fund
Opinion
We have audited the financial statements of The Clifton College Endowment Fund (the 'charity') for the year ended 31 December 2021, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than 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 report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
Page 6
The Clifton College Endowment Fund Independent Auditor's Report to the Members of The Clifton College Endowment Fund (continued)
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 7
The Clifton College Endowment Fund Independent Auditor's Report to the Members of The Clifton College Endowment Fund (continued)
We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations:
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the legal and regulatory framework in which the charity operates
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the nature of the sector in which the charity operates
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the control environment and controls established to mitigate such risks
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the results of our enquiries of management about their identification and assessment of risks of irregularities
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discussions with the audit engagement team about where fraud might occur
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the incentives for fraud.
Laws and regulations which are considered to be significant to the company include those relating to the requirements of financial reporting framework FRS102, SORP, the Charities Act. In addition we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the company.
As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.
Audit responses to risks identified
We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:
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gaining an understanding of the charity's procedures for ensuring compliance with laws and regulations
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testing the appropriateness of journal entries and other adjustments
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considering whether accounting estimates were indicative of potential bias
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considering whether any transactions arose outside the normal course of business
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making enquiries of management
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corroborating our enquiries through review of Board Minutes and correspondence.
We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Alexandra Shore FCA DChA (Senior Statutory Auditor) For and on behalf of A C Mole, Statutory Auditor
Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
31 October 2022
Page 8
The Clifton College Endowment Fund Statement of Financial Activities for the Year Ended 31 December 2021
| Note Income Donations and legacies 2 Investment income Total income Expenditure Investment management fees Charitable activities 3 Total expenditure Gains/losses on investment assets Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note Income and Endowments from: Donations and legacies 2 Investment income Total income Expenditure on: Investment management fees Charitable activities 3 Total expenditure Gains/losses on investment assets Net (expenditure)/income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted funds £ 252,642 2,266 254,908 (932) (102,507) (103,439) 11,619 163,088 68,424 231,512 139,940 371,452 Unrestricted funds £ 30,357 5 30,362 - (81,798) (81,798) - (51,436) 76,466 25,030 114,910 139,940 |
Restricted funds £ 33,835 34,490 68,325 (14,065) (57,354) (71,419) 176,912 173,818 - 173,818 2,224,705 2,398,523 Restricted funds £ 39,146 33,215 72,361 (12,481) (50,243) (62,724) 130,320 139,957 19,752 159,709 2,064,996 2,224,705 |
Endowment funds £ - 52,684 52,684 (21,484) - (21,484) 270,226 301,426 (68,424) 233,002 3,048,245 3,281,247 Endowment funds £ 20,000 52,929 72,929 (19,888) - (19,888) 207,666 260,707 (96,218) 164,489 2,883,756 3,048,245 |
Total 2021 £ 286,477 89,440 |
|---|---|---|---|---|
| 375,917 | ||||
| (36,481) (159,861) |
||||
| (196,342) 458,757 |
||||
| 638,332 - |
||||
| 638,332 5,412,890 |
||||
| 6,051,222 | ||||
| Total 2020 £ 89,503 86,149 |
||||
| 175,652 | ||||
| (32,369) (132,041) |
||||
| (164,410) 337,986 |
||||
| 349,228 - |
||||
| 349,228 5,063,662 |
||||
| 5,412,890 |
The funds breakdown for 2020 is shown in note 12.
The notes on pages 11 to 21 form part of these financial statements. Page 9
The Clifton College Endowment Fund (Registration number: 1113320) Balance Sheet as at 31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 7 | 5,877,698 | 5,176,285 |
| Current assets | |||
| Debtors | 8 | 572 | 13,952 |
| Cash at bank and in hand | 9 | 235,353 | 231,195 |
| 235,925 | 245,147 | ||
| Creditors: Amounts falling due within one year | 10 | (62,401) | (8,542) |
| Net current assets | 173,524 | 236,605 | |
| Net assets | 6,051,222 | 5,412,890 | |
| Funds of the charity: | |||
| Endowment funds | 3,281,247 | 3,048,245 | |
| Restricted funds | 2,398,523 | 2,224,705 | |
| Unrestricted funds | 371,452 | 139,940 | |
| Total funds | 12 | 6,051,222 | 5,412,890 |
The financial statements on pages 9 to 21 were approved by the trustees, and authorised for issue on 31 October 2022 and signed on their behalf by:
......................................... Kate Holland-Smith Chair
The notes on pages 11 to 21 form part of these financial statements. Page 10
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021
1 Accounting policies
Statement of compliance and basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.
The Clifton College Endowment Fund meets the definition of a public benefit entity under FRS 102.
Departures from the SORP
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity Is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Page 11
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
All resources expended are inclusive of irrecoverable VAT.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Irrecoverable VAT
The charity is registered for VAT. All expenditure is stated inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Taxation
The charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes.
Fixed asset investments
Listed investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 12
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
The charity has a permanent endowment which is managed on a total return basis. The trustees, at their discretion, may allocate any part of the unapplied total return to the general purposes of the Trust. The trustees' current policy is to distribute up to 3.6% of the fund each year, with a further 1% available if market conditions allow.
Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Critical Accounting Estimates and Judgements
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 13
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
2 Income from donations and legacies
| Donations and legacies Tax reclaims Donations and legacies Tax reclaims |
Unrestricted funds Designated £ General £ 220,000 26,151 - 6,491 220,000 32,642 Unrestricted funds Designated £ General £ - 25,654 - 4,703 - 30,357 |
Restricted funds £ 33,805 30 33,835 Restricted funds £ 38,863 283 39,146 |
Endowment Funds £ - - - Endowment funds £ 20,000 - 20,000 |
Total 2021 £ 279,956 6,521 |
|---|---|---|---|---|
| 286,477 | ||||
| Total 2020 £ 84,517 4,986 |
||||
| 89,503 |
3 Expenditure on charitable activities
| Scholarships, grants and bursaries Other costs Total for 2021 Scholarships, grants and bursaries Other costs Total for 2020 |
Unrestricted funds General £ 94,607 7,900 102,507 76,466 5,332 81,798 |
Restricted funds £ 57,237 117 57,354 50,243 - 50,243 |
Total funds £ 151,844 8,017 |
|---|---|---|---|
| 159,861 | |||
| 126,709 5,332 |
|||
| 132,041 |
4 Trustees remuneration and expenses
The Charity considers it's key management to comprise of the Trustees.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2020- Nil).
No trustees have received any reimbursed expenses from the charity during the year (2020 - Nil).
5 Auditors' remuneration
| Other fees to auditors The auditing of accounts of any associate of the charity |
2021 £ 7,380 |
2020 £ 4,500 |
|---|---|---|
Page 14
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
6 Taxation
The charity is a registered charity and is therefore exempt from taxation to the extent that income and gains are applied for charitable purposes.
7 Fixed asset investments
Listed investments
| Cost or Valuation At 1 January 2021 Additions Disposals Revaluation Cash held within investment portfolio At 31 December 2021 8 Debtors Accrued income Tax recoverable 9 Cash and cash equivalents NatWest Scottish widows Investment cash |
2021 £ 4,938,300 966,224 (543,276) 458,757 5,820,005 57,693 5,877,698 2021 £ - 572 572 2021 £ 176,496 52,081 6,776 235,353 |
2020 £ 4,845,599 713,538 (1,076,864) 456,027 4,938,300 237,985 5,176,285 2020 £ 11,304 2,648 |
|
|---|---|---|---|
| 13,952 | |||
| 2020 £ 170,006 52,076 9,113 |
|||
| 231,195 |
Page 15
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
10 Creditors: amounts falling due within one year
| 10 Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals |
2021 £ 50,551 11,850 62,401 |
2020 £ - 8,542 |
| 8,542 |
11 Contingent assets
At 31 December 2021 the charity had been notified of one residuary legacy. Probate was not granted until after the year end, therefore the legacy has not been recognised on the balance sheet. Interim estate accounts as at April 2022 indicate the value is in the region of £540,000, however, as the majority of the estate is held as investments, the final value of the legacy cannot be reliably estimated due to the current market conditions.
Page 16
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
12 Funds
| Unrestricted funds General Funds Designated Anthony Benjamin Gwilliam Total unrestricted funds Restricted funds R C Hancorn Fund Vernon Croucher Fund WR Taylor Fund Hugh Davie Fund David Jones Fund Colquhoun Fund Shenstone Fund Clive Smith Fund Polish Fund College Lodge Fund Herbert and Connie Futter Fund 1970 Fund Endowment funds Capital Endowment Fund Total funds |
Balance at 1 January 2021 £ 139,940 - 139,940 125,382 74,640 434,366 206,082 341,120 76,077 305,214 510,175 42,206 49,440 51,403 8,600 2,224,705 3,048,245 5,412,890 |
Income £ 34,908 220,000 254,908 2,436 1,322 7,836 3,667 5,778 2,009 10,778 27,046 2,716 685 152 3,900 68,325 52,684 375,917 |
Expenditure £ (103,439) - (103,439) (6,332) (1,372) (13,529) (1,495) (10,356) (4,401) (8,452) (22,873) (215) (279) (2,063) (52) (71,419) (21,484) (196,342) |
Transfers £ 68,424 - 68,424 - - - - - - - - - - - - - (68,424) - |
Other recognised gains/(losses) £ 11,619 - 11,619 11,728 6,781 40,194 18,808 29,638 5,048 22,457 36,139 1,824 3,514 781 - 176,912 270,226 458,757 |
Balance at 31 December 2021 £ 151,452 220,000 |
|---|---|---|---|---|---|---|
| 371,452 | ||||||
| 133,214 81,371 468,867 227,062 366,180 78,733 329,997 550,487 46,531 53,360 50,273 12,448 |
||||||
| 2,398,523 3,281,247 |
||||||
| 6,051,222 |
Page 17
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
| Unrestricted funds General Funds Restricted funds R C Hancorn Fund Vernon Croucher Fund WR Taylor Fund Hugh Davie Fund David Jones Fund Colquhoun Fund Shenstone Fund Clive Smith Fund Polish Fund College Lodge Fund Herbert and Connie Futter Fund 1970 Fund Endowment funds Capital Endowment Fund Total funds |
Balance at 1 January 2020 £ 114,910 117,570 70,124 407,594 190,024 321,380 72,714 284,639 486,104 40,109 46,439 28,299 - 2,064,996 2,883,756 5,063,662 |
Income £ 30,362 2,352 1,273 7,546 3,531 5,564 1,971 10,616 6,785 882 660 22,581 8,600 72,361 72,929 175,652 |
Expenditure £ (81,798) (5,961) (1,812) (10,835) (1,327) (8,534) (5,356) (6,584) (21,882) (129) (248) (56) - (62,724) (19,888) (164,410) |
Transfers £ 76,466 2,782 60 454 - 879 3,029 - 12,548 - - - - 19,752 (96,218) - |
Other recognised gains/(losses) £ - 8,639 4,995 29,607 13,854 21,831 3,719 16,543 26,620 1,344 2,589 579 - 130,320 207,666 337,986 |
Balance at 31 December 2020 £ 139,940 125,382 74,640 434,366 206,082 341,120 76,077 305,214 510,175 42,206 49,440 51,403 8,600 |
|---|---|---|---|---|---|---|
| 2,224,705 3,048,245 |
||||||
| 5,412,890 |
Page 18
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
The specific purposes for which the funds are to be applied are as follows:
The statement of funds is detailed on the following page. The Restricted Funds comprise:
The R C Hancorn Fund is used to provide an award for assistance with fees for pupils of high all-round calibre.
The Vernon Croucher Fund is the benefit of Moberly’s house.
The WR Taylor Fund provides assistance to members of South Town whose parents are finding difficulty in paying College fees.
The Hugh Davie Fund was bequeathed to the Clifton College Endowment Fund in the hope that it would be used to help to establish an art gallery in the school.
The David Jones Fund provides assistance towards bursaries, with a particular emphasis on pupils residing in Wales prior to the application.
The Colquhoun Fund provides funds for a sixth form award to a pupil of high academic merit and outstanding sporting potential.
The Shenstone Fund provides funds for a sixth form Science Scholarship.
The Clive Smith Fund funds in the Clive Smith Scholarships.
The Polish Fund aims to build up sufficient capital for the income to provide a bursary award at the College.
The Lodge Fund provides assistance for a range of pupil activities.
The Herbert and Connie Futter Fund funds the Herbert and Connie Futter Scholarships.
The 1970 Fund supports sport development at Clifton College.
Page 19
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Details of Endowment funds invested on a total return basis are as follows:
The analysis of the opening figures has been corrected to achieve the correct split between trust for investment and unapplied total return.
| Endowment fund At beginning of the reporting period: Gift component of the permanent endowment Unapplied total return Total Movements in the reporting period: Investment return: dividends and interest Investment return: realised and unrealised gains and (losses) Investment management costs Total Unapplied total return allocated to income in the reporting period Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return TOTAL |
Trust for investment £ 1,993,251 - 1,993,251 - - - - - - 1,993,251 - 1,993,251 |
Unapplied Total Return £ - 1,054,994 1,054,994 52,684 270,226 (21,484) 301,426 (68,424) 233,002 - 1,287,996 1,287,996 |
Total Endowment £ 1,993,251 1,054,994 |
|---|---|---|---|
| 3,048,245 | |||
| 52,684 270,226 (21,484) |
|||
| 301,426 (68,424) |
|||
| 233,002 | |||
| 1,993,251 1,287,996 |
|||
| 3,281,247 |
The trustees operate return fund by making use of the ability to draw down unapplied total return (UTR) monies. A total of £68,424 was drawn down from the fund as it stood at 31 December 2021. This is in line with the trustees' policy of drawing down a discretionary 3.6% from the permanently endowed funds. The amount drawn down is shown as a transfer in the accounts. Expenditures paid for by drawn down UTR balances are shown as deductions in the unrestricted column of the SOFA.
Page 20
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
13 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 437,897 (27,012) (39,433) 371,452 Unrestricted funds General £ 132,184 16,298 (8,542) 139,940 |
Restricted funds £ 2,192,484 229,007 (22,968) 2,398,523 Restricted funds £ 1,995,856 228,849 - 2,224,705 |
Endowment funds Permanent £ 3,247,317 33,930 - 3,281,247 Endowment funds Permanent £ 3,048,245 - - 3,048,245 |
Total funds at 31 December 2021 £ 5,877,698 235,925 (62,401) |
|---|---|---|---|---|
| 6,051,222 | ||||
| Total funds at 31 December 2020 £ 5,176,285 245,147 (8,542) |
||||
| 5,412,890 |
14 Related party transactions
There were donations of £50 in the year from one Trustee (2020: £50).
Page 21