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 edu￿tIOnal 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 Wa￿ers, 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 De￿rnber 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'.
Un￿st[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 meaSU￿d 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 Un￿rtainlY 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 ￿p￿lf1¢ 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 re￿iVed 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 De￿mber 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 De￿mber 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