Charity registration number.. 1113320 The Clifton College Endowment Fund Unaudited Annual Report and Financial Statements for the Year Ended 31 December 2023 ocm acmole
The Clifton Collegg Endowmgnt Fund Contonts {continuodl Reference and Adminis1181ive Detsils Trustees, Report 2to4 Independent Exarniner's Report Stslemenl of Financial Activities Balan Sheet Cash Flow Statement Notes to the Finanaal Statements 9t018
The Clifton Collegg Endowmgnt Fund Rgfgrence and Administrativo Details Trustees James Isaacs, President Mark Eldridge, lrnmediale Past President Jeremy Walters, Vice President John Davies. Vice President Alexander Turco, Treasurer Kate Holland-smith, Chair Matt Howard-cairns 8iioney Denner Iresigned 10 Novembei 20231 Seb Hoyle George Harris Alan Bailey Andrew Rudge Simon Ree Benjamin Preston Rachel Morris lappointed 10 November 20231 1113320 Charity Registration Number Principal Office 32 College Road Clifton Bristol BS8 3JH Independent Examlner Sar8h Twist FCA DChA A C Mole LLP Slafford House Blackbrook Park Avenue Taunton Somer5et TA1 2PX Page 1
The Clifton Collegg Endowmgnt Fund Trustegs. Rgport The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023. 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 Practi applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable In the UK and Republic of Ireland published October 2019. OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES The policy of the Trustees is lo rnake payments under three headings.. 1. Scholarships The Hancorn. Shenstone, Smith and Davie Scholarships are rnade during the year in accordance with their associated criteria. 2. Educational Grant and bursaries al The Taylor. Jones and Colquhoun Aw8rds are made during the year in accordance with their associated ciiteria. bl Assistance lo parents of pupils having difficulty in paying their school fees at the discretion of the sub committee appointed for the purpose by the Executive Comtnittee. ¢1 A55lStance to parents. by w8y of bursary support, of pupils whose piinoip81 residen prioi to application wa5 in Wales, through the D8vid Jones Fund. 3. Other Grant for School Objects al The Croucher and OC Lodge Awards are made during the year in accordance wth their associated criteria. bl Other grants are made as a resuK of speafic requests to the Executive Cornmittee of the Old Cliftonian Soaety 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. Induding the guidan 'Public benefit running a charity IPB21'. ACHIEVEMENTS AND PERFORMANCE a. OVERVIEW The Trustees made educational grants of £174,103 during the year. The policy of drawing down the Unapplied Total Return IUTRI Fund grant under the Charity Commission's Total Return Order granted in 2010 continued. A total of £96,813 UTR was drawn down in the year. The trust continued to retsive generous gifts from a variety of benefactors and now holds a total of £2,107,002 of restricted funds and £2,785,338 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 /0 of the value of the fund three times a year. Page 2
The Clifton Collegg Endowmgnt Fund Trustees. Report {continuod} FINANCIAL REVIEW REVIEW OF FINANCIAL POSITION The charity has seen a decrease in income in 2023. There was a net movement in funds of £9,762 12022 £318.5071 which resutted in an increase in total funds held by the charity lo £5,742.477 12022 - £5,732.7151. These funds are primarily cornprised of fixed asset investrnents, £5,496,101 12022 - £5,062,854). 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 rnake edutIOnal grants. b. GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue lo adopt the going concern basis in pieparing the financial statements. Further details regarding the adoption of the going ncein basis can be found in the accounting policies. e. RESERVES POLICY It is the policy of the Charity lo maintain sufficient reserves lo oover one years, worth of scholarships 18pproxim8tely £161.0001. At the ye81 end the Chaiity held cash of £340,386.11 1$ also the poliry of the Charity lo maintain unie5tiicted fund5, which are the free resetve5 of the Chaiity. This piovides 5Lrfficient funds to cover management. adrninisl18tion and support costs and lo respond to emergency applications for giants which arise from time to time. At the year end the unrestricted funds were £870.137 of which £653,109 were designated and mostly held a5 fixed asset investments, leaving £217,028 of flee resetve5. Income ha5 exceeded expenditure In the last few years, partly due to benefadors donating to build up sustainable capital funds to support scholarships and awards for year5 to come. The TIu5t8es wll continu8 to rnonitor tot81 resetV85 to enSLJre that they 18tnain at a sufficient level. STRUCTURE, GOVERNANCE AND MANAGEMENT a. CONSTITUTION The Charity is registered in England and Wa$ and is governed by a trust deed dated 29 October 1921. The managing trustees of the Fund are.. James Isaacs, President Mark Eldridge, Immediate Past President Jeremy Waers, Vice President John Davies, Vice President Alexander Turco, Treasurer Kate Holland-smith, Chair Matt Howard Cairns Brioney Denner (resigned 10th November 20231 Seb Hoyle George Harris Alan Bailey Andrew Rudge Simon Reece Benjarnin Preston Rachel Morris lappointed 10th November 20231 The custodian trustee of the Fund is O.C. (Clifton College) Norninees Limited. The present directors, who were appointed by the Executive Committee, are Kate Holland-smith and Alexander Turco. The Trust Deed gives power to lend money under any terms to Clifton College but otherwise only to make investments authorised by the Trustee Investment Act current at the time. The Charity Commission, under an order dated 10 April 1995, gave the trustees pemission 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 ttustees. The tIU5tees may a150 make atrangements for the investrnents of the Charty or income from those investments to be held by a corporate body as the trustees, nominee. Evelyn Partners has been appointed to carry out the above functions subject to periodic review. Page 3
The Clifton Collegg Endowmgnt Fund Trustees. Report {continued} 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 pr&existing capital. to distribute rnonies from the Unapplied Total Return IUTRI Fund. The trustees. current policy is to distribute 3.6 /ts of the fund value each year with a further 10/0 available if market conditions allow. consislenl wrth 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 Commrttee members are selected based on their ability to assist the objects and running of the charity. Trustee induction is via meetings with Ihe Chairman and other truslees, and training is provided if and when considered appropriate. Statement ot Trustee8' Respon8ibilitie8 The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law 8pplicable lo charities IN England & Wales requires the trustees to prepare fin8Ncial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the income and expenditure of the charity for that period. In pieparing these financial stalements. the Iruslees are required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and estirn8tes that are re8son8ble and ptudenl.. stste whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements", and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with ieasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charty Regulations 2008 and the provisions of the trust deed. The trustees ale also ie5pon51ble for safeguarding the a55ets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other Irregulaiities. The trustees are responsible for the maintenance and integrity of the corporate and financial inforrnation induded on the charity's website. Legislation in the United Kingdorn governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The 8nnu81 report W88 approved by the trustees of the ch81ity on28 October 202lnd signed on ils behalf by.. Kate Holland-smith Chair Page 4
The Clifton Collegg Endowmgnt Fund Independent Examiner's Report to the trustees ofThe Clifton College Endowment Fund I report to the trustees on my examination of the accounts of The Clifton College Endowment Fund for the year ended 31 Dernber 2023, which are set out on pages 6 to 19. Responsibilities and basis of pOrt As the charity trustees of The Clifton College Endowment Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of The Clifton College Endowment Funds accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent 8xaminer'$ statement I have completed my examination. I confirm that no material matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of The Clifton College Endowment Fund as required by section 130 of the Act.. or 2. the accounts do not accord with those records, or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sarah Twist FCA DChA A C Mole LLP Slafford House Bl8ckbrook Park Avenue Taunton Sornerset TA1 2PX Date.. 28th October 2024 Page 5
The Clifton Collegg Endowmgnt Fund ststomont of Financial Activities for the Ygar Ended 31 Docembor 2023 Unrestricted funds Rèstricted funds Endowment funds Total 2023 Note Income Donations and legacie5 Investment income 22.164 16,939 19.189 39,578 41,353 113,491 56,978 Total income 39,103 58,765 56,976 154,844 Exp•nditurè Investment management fees Charitable activities 15,3511 1110,721 112,7441 170,866 118,3501 {36,4451 1181,587 Tot81 expenditur8 Gainslllossesl on investment 8ssels 1116,0721 183,6101 118,3501 1218,0321 10,145 25,704 37,101 72,950 Net lexpenditurellincome Gros5 transfeis between fund5 166,8241 94.500 859 2.313 75,727 96,813 9,762 Net movernent in fund5 27.676 3,172 121,0861 9,762 Reconciliation of funds Total funds brought forward 842,461 2,103,830 2,786.424 5,732,715 Tot81 funds carried fotwaid 870,137 2.107,002 2.765,338 5.742,477 Unrestrlcted funds Restrlcted funds Endowment funds Total 2022 Nots Income Don81ions and legacies Investment income 518,989 8,455 41,417 35,918 560,406 96,484 52,111 Total income 527,444 77,335 52,111 656,890 Expenditurè Investment management fees Charitable activvties 13,2981 95,484 113,9241 69,415 120,2051 {37,4271 164,899 Total expenditure Gainslllossesl on investment 8ssels 198,7821 183,3391 120,2051 1202,3261 65,788 288,689 418,5 773,071 Net incomellexpenditurel Gross transfers between funds 362,876 108.133 1294,6931 1386,6901 1108,133 1318,5071 Nel movernenl in funds 471,009 1294,6931 1494,8231 1318,5071 Reconciliation of funds Total funds brought forward 371,452 2,398,523 3,281,247 6,051,222 Total funds carried forward 842,461 2.103,830 2.786,424 5.732,715 The funds breakdown for 2022 is shown in note 11. The notes on pages 9 to 18 fom part of th888 finanaal statements. Page 6
The Clifton Collegg Endowmgnt Fund (Registration number: 11133201 Balance Sheet as at 31 December 2023 2023 2022 Not* Fixed 9¥8ets Investments 5,496,121 s,[2,854 Current assets Debtors C35h 8t bank and in hand 456,461 226.420 250.166 250,166 682,881 Creditors.. Amounts falling due within one year 10 13,8101 {13,020 Net current assets 246,358 e69,861 Nèt ass•ts 5,742,477 5,732,715 Fund¥ of the ¢harity'. Unst[1cted fund5 870,137 842,461 Restrided funds 2.107,002 2.103,830 Endowment funds 2,765,338 2,786,424 Totsl funds 5,742.477 5,732,715 Th8 financial statements on pages 6 to 18 w8re approved by th8 trust885, and authorised for issue on 28.Q&tyhRc.2Q24 and signed on their behalf by.. Kate Holland-smith Chair The notes on pages 9 to 18 fom part of th888 finanaal statements. Page 7
The Clifton Collegg Endowmgnt Fund Cash Flow Statement for thg Yoar Ended 31 Decembor 2023 2023 2022 Not* Cash flows frorn operating activitie¥ Net cash incomellexpenditurel 9,762 1318,5071 Adjustments to cash flows from non-cash Items Investment income Revaluation of investments 1113,4911 159,039 {96,4841 670,582 1262,7681 255,591 Working capitsl adjustments Decre8sellincreasel IN debtors Decrease in creditors 456.461 9,210 1455,8891 49,381 10 Net cash flows from operating activities 184.483 1249,679 Cash flows from investing activities Interest receivable and similar income Purchase of investments Sale of investments 113,491 11,548,018) 1.312,077 96,484 11,052,176) 1.190,678 Net cash flows from investing activities 122,450 234,986 Net increaselldecreasel in cash and cash equivalents 62,033 114,6931 Cash and cash equivalents at 1 January 278.353 293.046 Cash and cash equival8nt5 at 31 December 340,388 278,353 The notes on pages 9 to 18 fom part of th888 finanaal statements. Page 8
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for the Year Endod 31 Docgmber 2023 1 Accounting policies Statement of compliance and basis of preparation The financial statements have been prepared under the histtsiical cost convention with items recognised at cost or transaction value unless stated othenvise within these notes. The financial statements have been prepared in accordance wth Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lissued October 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021, 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 f8ii' view and have departed from the Chariti85 (Accounts and Report51 Regulation5 2008 only to the extent required to provide a 'true and fail view,. This departure has involved following Accounting and Reporting by Chaiities preparing their accounts in accoidance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 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 conts'nue 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 meaSUd with sufficient reliability. Donations and legacies Donations are recognised when the charity has been notified in wilting of both the arnoLJnt and settlement date. In the event that a donation is subject to conditions that require a level of perfomiante by the charity before the charity is entitled to the funds, the inctsme is deferred and not recognised until either those conditions are fully tnet, 01 the fuifiltnent of those conditions is wholly within the control of the charity and it 15 probable that these conditions will be fulfilled in the reporting period. For legacies, entitlement is taken as the eadier 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 executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt ol 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 executorfs intention to make a distribution. Where legacies have been notifi'ed 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. 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 ol resour$, with ntral staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are indusive of irrecoverable VAT. Page 9
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that ia188 funds. Charftable actlvltles Charitable expendrture cornpiises those costs incuired by the Charity in the delivery of its 8Ctivilies 8nd services for it5 benefiaaiies. It includes both c05t5 that esn be allocated directly to such activities and those costs of an indirect nature necess8ry to support them. Grant provisions Provisions for giants are made when the intention lo make 8 grant has been wmmunicaled lo the recipient bul there is UnrtainlY about either the timing of the grant or the amount of gr8nl payable. Irrecov8rable VAT The charity is registered for VAT. All expenditure is stated inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which il was incurred. Taxation The charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes. Fixed a¥$et investsnents Listed investments Listed investments are a fom 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 indudes 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 proTreds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi81 year. Unrealised gains and losses are calculated as the difference between the fair value al the period end and their carrying value. Re81i8ed and unrealised investment gains and losses are combined in the Statement of Financial Activities. Cash and cash equivalents Cash and cash equivalents cornprise cash on hand and call deposits, and other short-terrn highly liquid investments that are re8dity convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Fund 8tru¢ture 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 unreslrided funds sel aside for plf1¢ purposes 81 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 retum 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. P8ge10
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Financial instruments The chaiity only enteis into basic finanaal instruments that iesult 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 eviden 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 wth FRS 102 requires management to make judgements, estimates and assumptions that affect the application of poliaes 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 Circumstan$. The charity makes estimates and assurnptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that the following critical accounting estimates or judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Legacies Legacy income is recognised when there is a grant of probate, the executors have established there are sufficient funds to distribute income from the estate. the legacy can be valued with reasonable accur8cy and any conditions 8ttached to the legacy h8ve been met or are in control of the charity. It is possible that actual amounts received could vary from those recognised. P8ge11
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 2 Income from donations and legacies Unrestrlcted funds Designated General Restricted funds Endowment funds Total funds Donations and legacies Tax recl8ltn5 2,000 1e,824 3.340 17,466 1.723 36,290 5,063 Totsl for 2023 2,000 20,164 19,189 41,353 Donations and legaaes Tax reclaims 469,874 41,497 7,618 37,264 4.153 548,635 11,771 Total for 2022 469.874 49.115 41,417 560,406 3 Expenditure on charitable activities Unrestricted funds Designated General Restricted funds Total funds Scholarships, grants and bursaries Other costs 18,800 84,437 7,484 70,866 174,103 7,484 Total for 2023 18,800 91,921 70,868 181,587 Scholarships, grants and bursaries othei costs 7,067 83,200 5,217 eg,415 159,682 5,217 Total for 2022 7,067 88,417 69,415 164,899 4 Trustees remuneration and expenses The Chaiity considers its key man8gemenl to ¢omprise of the Trustees. No trustees, nor any persons connected with them, have reiVed any remuneration from the charity during the year12022- Nill. No trustees have received any reimbursed expenses from the charity during the year12022- Nill. 5 Ind•pènd•nt èxamin•$ rèmunèration 2023 2022 Accounts Independent examination 5,337 1,721 3,105 1,615 7,058 4,720 6 Taxatlon The charity is a registered charity and is therefore exempt from taxation to the extent that income and gains are applied for charitable purposes. P8ge12
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 7 Fixed asset investments Listed investments 2023 2022 Cost or Valuation Al 1 January 2023 Additions Disposals Revaluation 5.010,922 1,548,018 11.312.078) 159,039 5.820,005 1,052,176 11.190,6781 870,582 5.405,901 5.010,921 Cash held within investtnent portfolio 90.220 51.933 At 31 Dember 2023 5,496,121 5,082,854 8 Debtors 2023 2022 Tax recoverable Other debtors 4,262 452.199 456,461 9 Cash and cash equivalents 2023 2022 Natwest Scottish widows Investtnent Income account Cash held within investment portfolio 237,163 167,279 52,099 7,042 51,933 13.003 90,220 340,386 278,353 10 Credltors: amounts falllng due wlthln one year 2023 2022 othei creditors Accruals 1,250 11,770 3,810 3,810 13,020 P8ge13
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The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl The statement of funds is detailed on the previous pages. 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 Vemon Croucher Fund is the benefit of Moberly's house. The WR Taylor Fund provides aSSistsn to members of South Town whose parents are finding difficulty in paying College fees. The Hugh Davie Fund was bequeathed lo the Clifton College Endowment Fund in the hope that it would be used lo help to establish an art gallery in the school. The David Jones Fund piovides assistan towards bursaries. with a particular emphasis on pupils residing in Wales prioi to the 8pplication. The Colquhoun Fund provides funds ftsr a sixth fom) award to a pupil of high academic meiit and OLtstanding 5POrting potential. The Shenstone Fund provides funds for a sixth fomi Science Scholarship. The Clive Smith Fund funds in the Clive Smith Scholaiships. The Polish Fund aims to build up suffiaent rapital for the income to provide a bursary award at the College. The College Lodge Fund provides assistan 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. The slalernenl of funds is detsiled the previous 2 p89es. The Design8led funds Cotnprise.. The Anthony Beniarnin Gwilliam Fund funds the Gwilliam schloaiship5. Th8 Geoffrey Hardyman Fund funds the Hardyman 8W8rd. P8ge16
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Details of Endowment funds invested on a total return basis are as follows.. Trust for inveBtment Unapplied Totsl Return Totsl Endowment Endowment fund At beginning of the reporting period.. Gift component of the petmanenl endowtnent Unapplied total return Total 1,993,251 1,993,251 793,173 2 786 424 793,173 793 173 1993 251 Movements in the reporting period: Investment return.. dividends and interest Investment return." realised and unrealised gains and Ilossesl Investment m8nagemenl costs Totsl Unapplied total return allocated to income in the reporting period Nèt mov•mènts in rèporting pèriod 56,976 56,976 37,101 118.3501 75,727 37,101 118,350 75.727 196,813 96,813 At end of the reporting period.. Unapplied total return 1,993,251 772,087 2,765,338 TOTAL 1,993,251 772,087 2,765,338 The Iruslees operate the endowrnenl fvnd by making use of the ability lo draw down unapplied lo181 return IUTRI monies. A tot81 of £96.813 was drawn down from the fund a5 rt stood at 31 Dember 2023. Thi5 is in line with the tIU5tees' policy of drawing down a discretionary 3.60/ts from the petmanendy 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 d8ductions in the unrestricted column of the SOFA. P8ge17
The Clifton Collegg Endowmgnt Fund Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 12 Analysis of net assets between funds Total funds at 31 December 2023 Unr•striet•d funds Rèstrictèd funds Endowmant funds Fixed asset investments uirenl assets 627,329 246.618 3,810 2,105,529 1,473 2,763,263 2,075 5,496,121 250,166 3,810 Total net assets 870.137 2,107.002 2.765,338 5.742,477 Totsl funds at 31 December 2022 Unrestricted funds Restricted funds Endowment funds Fixed asset investments Current assets Cuirent liabilib-es 502.312 353,169 113.0201 1,858,745 245,085 2.701,797 84,627 5.062,854 882,881 {13,020 Totsl net assets 842,461 2,103,830 2,786,424 5,732,715 13 Related party transactions There were donations of £1,020 from 4 Trustees in the ye8r12022.' 3 Trustees of £900}. P8ge18