Charity registration number: 1113320
The Clifton College Endowment Fund
Unaudited Annual Report and Financial Statements
for the Year Ended 31 December 2024
The Clifton College Endowment Fund Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 18 |
The Clifton College Endowment Fund Reference and Administrative Details
Trustees
Charity Registration Number Principal Office
Independent Examiner
Simon Reece, President Alexander Turco, Vice President and Treasurer Benjamin Preston, Vice President Rachel Morris, Chair Andrew Rudge Mark Eldridge Matthew Howard-Cairns Jeremy Walters William Hockey (appointed 31 March 2025) James Isaacs (resigned 31 March 2025) John Davies (resigned 31 March 2025) Kate Holland-Smith (resigned 31 March 2025) Seb Hoyle (resigned 31 March 2025) George Harris (resigned 31 March 2025) Alan Bailey (resigned 31 March 2025) 1113320
32 College Road Clifton Bristol BS8 3JH Alexandra Shore FCA DChA A C Mole LLP 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 of the charity for the year ended 31 December 2024.
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 October 2019.
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.
- 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 £177,032 during the year. The policy of drawing down the Unapplied Total Return (UTR) Fund grant under the Charity Commission's Total Return Order granted in 2010 continued. A total of £85,693 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 £2,254,811 of restricted funds and £2,950,055 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% 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 an increase in income in 2024. There was a net movement in funds of £398,750 (2023 - £9,762) which resulted in an increase in total funds held by the charity to £6,141,227 (2023 - £5,742,477). These funds are primarily comprised of fixed asset investments, £5,863,624 (2023 - £5,496,121). 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 and cash equivalents of £356,733. 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 £936,361 of which £700,981 were designated and mostly held as fixed asset investments, leaving £235,380 of free reserves. 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:
James Isaacs (resigned 31 March 2025) Mark Eldridge, Immediate Past President (resigned 31 March 2025) Jeremy Walters, Vice President (resigned 31 March 2025) John Davies (resigned 31 March 2025) Alexander Turco, Treasurer and Vice President (appointed as Vice President 31 March 2025) Kate Holland-Smith (resigned 31 March 2025) Matt Howard Cairns Seb Hoyle (resigned 31 March 2025) George Harris (resigned 31 March 2025) Alan Bailey (resigned 31 March 2025) Andrew Rudge Simon Reece, President Benjamin Preston, Vice President Rachel Morris, Chair William Hockey (appointed 31 March 2025)
The custodian trustee of the Fund is O.C. (Clifton College) Nominees Limited. The present directors, who were appointed by the Executive Committee are Alexander Turco and Rachel Morris. Kate Holland-Smith was a director throughout the year and resigned on 31 March 2025.
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.
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. Evelyn Partners has been appointed to carry out the above functions subject to periodic review.
Page 3
The Clifton College Endowment 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 pre-existing capital, to distribute monies from the Unapplied Total Return (UTR) Fund. The trustees' current policy is to distribute 3% 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 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 applicable to charities in England & Wales 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 which 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 Charity Regulations 2008 and the provisions of the trust deed. 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:27 Oct 2025
......................................... Rachel Morris, Chair
Page 4
The Clifton College Endowment Fund Independent Examiner's Report to the trustees of The 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 December 2024, which are set out on pages 6 to 19.
Responsibilities and basis of report
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 (‘the Act’).
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 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of The Clifton College Endowment Fund as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
...................................... Alexandra Shore FCA DChA A C Mole LLP Chartered Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
28th October 2025 Date:.............................
Page 5
The Clifton College Endowment Fund Statement of Financial Activities for the Year Ended 31 December 2024
| Note Income Donations and legacies 2 Investment income 3 Total income Expenditure Investment management fees Charitable activities 4 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 Note Income Donations and legacies 2 Investment income 3 Total income Expenditure Investment management fees Charitable activities 4 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 £ 47,579 14,072 61,651 (4,155) (128,888) (133,043) 51,923 (19,469) 85,693 66,224 870,137 936,361 Unrestricted funds £ 22,164 16,939 39,103 (5,351) (110,721) (116,072) 10,145 (66,824) 94,500 27,676 842,461 870,137 |
Restricted funds £ 6,760 43,835 50,595 (14,168) (64,751) (78,919) 176,133 147,809 - 147,809 2,107,002 2,254,811 Restricted funds £ 19,189 39,576 58,765 (12,744) (70,866) (83,610) 25,704 859 2,313 3,172 2,103,830 2,107,002 |
Endowment funds £ - 57,618 57,618 (18,624) - (18,624) 231,416 270,410 (85,693) 184,717 2,765,338 2,950,055 Endowment funds £ - 56,976 56,976 (18,350) - (18,350) 37,101 75,727 (96,813) (21,086) 2,786,424 2,765,338 |
Total 2024 £ 54,339 115,525 |
|---|---|---|---|---|
| 169,864 | ||||
| (36,947) (193,639) |
||||
| (230,586) 459,472 |
||||
| 398,750 - |
||||
| 398,750 5,742,477 |
||||
| 6,141,227 | ||||
| Total 2023 £ 41,353 113,491 |
||||
| 154,844 | ||||
| (36,445) (181,587) |
||||
| (218,032) 72,950 |
||||
| 9,762 - |
||||
| 9,762 5,732,715 |
||||
| 5,742,477 |
The notes on pages 8 to 18 form part of these financial statements. Page 6
The Clifton College Endowment Fund (Registration number: 1113320) Balance Sheet as at 31 December 2024
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: Amounts falling due within one year 11 Net current assets Net assets Unrestricted funds Restricted funds Endowment funds Total funds 12 |
2024 £ 5,863,624 1,216 282,563 283,779 (6,176) 277,603 6,141,227 936,361 2,254,811 2,950,055 6,141,227 |
2023 £ 5,496,121 - 250,166 |
|---|---|---|
| 250,166 (3,810) |
||
| 246,356 | ||
| 5,742,477 | ||
| 870,137 2,107,002 2,765,338 |
||
| 5,742,477 |
The financial statements on pages 6 to 18 were approved by the trustees, and authorised for issue on 27 October 2025.................... and signed on their behalf by:
......................................... Rachel Morris, Chair
The notes on pages 8 to 18 form part of these financial statements. Page 7
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
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.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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.
Page 8
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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.
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% of the fund each year, with a further 1% available if market conditions allow.
Page 9
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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 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.
The trustees consider that there are no accounting estimates which have a significant risk of causing a material adjustment to the accounts.
Page 10
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 Income from donations and legacies
| Donations and legacies Tax reclaims Total for 2024 Donations and legacies Tax reclaims Total for 2023 |
Unrestricted funds Designated £ General £ - 43,713 - 3,866 - 47,579 2,000 16,824 - 3,340 2,000 20,164 |
Restricted funds £ 6,450 310 6,760 17,466 1,723 19,189 |
Total funds £ 50,163 4,176 |
|---|---|---|---|
| 54,339 | |||
| 36,290 5,063 |
|||
| 41,353 |
3 Investment income
| Investment Income Total for 2024 Investment Income Total for 2023 |
Designated £ 13,555 13,555 10,267 10,267 |
Unrestricted funds £ 517 517 6,672 6,672 |
Restricted funds £ 43,835 43,835 39,576 39,576 |
Permanent Endowment funds £ 57,618 57,618 56,976 56,976 |
Total 2024 £ 115,525 |
|---|---|---|---|---|---|
| 115,525 | |||||
| 113,491 | |||||
| 113,491 |
4 Expenditure on charitable activities
| Scholarships, grants and bursaries Other costs Total for 2024 Scholarships, grants and bursaries Other costs Total for 2023 |
Unrestricted funds Designated £ General £ 15,834 96,447 - 16,607 15,834 113,054 18,800 84,437 - 7,484 18,800 91,921 |
Restricted funds £ 64,751 - 64,751 70,866 - 70,866 |
Total funds £ 177,032 16,607 |
|---|---|---|---|
| 193,639 | |||
| 174,103 7,484 |
|||
| 181,587 |
Page 11
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
5 Trustees remuneration and expenses
The charity considers its 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 (2023- Nil).
No trustees have received any reimbursed expenses from the Charity during the year (2023- Nil).
6 Independent examiner's remuneration
| 6 Independent examiner's remuneration |
||
|---|---|---|
| Accounts Independent examination |
2024 £ 2,658 1,860 4,518 |
2023 £ 5,337 1,721 |
| 7,058 |
7 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.
8 Fixed asset investments
Listed investments
| Cost or Valuation At 1 January 2024 Additions Disposals Revaluation Cash held within investment portfolio At 31 December 2024 9 Debtors Other debtors |
2024 £ 5,405,901 698,508 (771,633) 456,678 5,789,454 74,170 5,863,624 2024 £ 1,216 |
2023 £ 5,010,922 1,548,018 (1,312,078) 159,039 5,405,901 90,220 5,496,121 2023 £ - |
|---|---|---|
Page 12
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
10 Cash and cash equivalents
| 10 Cash and cash equivalents | ||
|---|---|---|
| NatWest Investment income account Cambridge & Counties Hampshire Trust Cash held within investment portfolio |
2024 £ 100,413 12,150 85,000 85,000 74,170 356,733 |
2023 £ 237,163 13,003 - - 90,220 |
| 340,386 |
11 Creditors: amounts falling due within one year
| 11 Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals |
2024 £ 1,999 4,177 6,176 |
2023 £ - 3,810 |
| 3,810 |
Page 13
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
12 Funds
| Unrestricted funds General Funds Designated Anthony Benjamin Gwilliam Geoffrey Hardyman 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 2024 £ 217,028 211,370 441,739 653,109 109,163 68,270 390,950 203,277 306,455 75,206 292,895 488,911 44,234 47,149 58,050 22,442 2,107,002 2,765,338 5,742,477 |
Income £ Expenditure £ 48,096 (112,827) 4,380 (3,583) 9,175 (16,633) 13,555 (20,216) 2,690 (5,335) 1,405 (2,788) 8,125 (16,294) 4,227 (6,033) 6,380 (13,062) 2,350 (2,575) 11,291 (11,466) 10,169 (18,287) 1,278 (297) 994 (321) 1,222 (2,311) 464 (150) 50,595 (78,919) 57,618 (18,624) 169,864 (230,586) |
Transfers £ Other recognised gains/(losses) £ 85,693 (2,610) - 17,627 - 36,906 - 54,533 - 9,132 - 5,674 - 32,660 - 16,989 - 25,628 - 6,309 - 24,457 - 40,864 - 3,694 - 3,972 - 4,884 - 1,870 - 176,133 (85,693) 231,416 - 459,472 |
Balance at 31 December 2024 £ 235,380 229,794 471,187 |
|---|---|---|---|---|
| 700,981 | ||||
| 115,650 72,561 415,441 218,460 325,401 81,290 317,177 521,657 48,909 51,794 61,845 24,626 |
||||
| 2,254,811 2,950,055 |
||||
| 6,141,227 |
Page 14
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
| Unrestricted funds General Funds Designated Anthony Benjamin Gwilliam Geoffrey Hardyman 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 2023 £ 186,222 210,906 445,333 656,239 842,461 110,720 68,843 394,425 199,163 309,956 69,717 290,963 496,789 43,982 47,759 59,065 12,448 2,103,830 2,786,424 5,732,715 |
Income £ Expenditure £ 26,836 (94,019) 3,935 (6,068) 8,332 (15,985) 12,267 (22,053) 39,103 (116,072) 2,992 (6,219) 1,475 (2,975) 8,712 (17,806) 4,060 (2,641) 6,422 (14,068) 6,933 (2,374) 10,212 (11,641) 7,844 (20,860) 814 (846) 778 (1,850) 843 (2,269) 7,680 (61) 58,765 (83,610) 56,976 (18,350) 154,844 (218,032) |
Transfers £ Other recognised gains/(losses) £ 94,500 3,489 - 2,597 - 4,059 - 6,656 94,500 10,145 - 1,670 - 927 - 5,619 - 2,695 - 4,145 - 930 - 3,361 - 5,138 - 284 - 462 - 411 2,313 62 2,313 25,704 (96,813) 37,101 - 72,950 |
Balance at 31 December 2023 £ 217,028 211,370 441,739 |
|---|---|---|---|---|
| 653,109 | ||||
| 870,137 | ||||
| 109,163 68,270 390,950 203,277 306,455 75,206 292,895 488,911 44,234 47,149 58,050 22,442 |
||||
| 2,107,002 2,765,338 |
||||
| 5,742,477 |
Page 15
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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 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 College 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.
The statement of funds is detailed on the previous 2 pages.
The Designated funds comprise:
The Anthony Benjamin Gwilliam Fund funds the Gwilliam schloarships.
The Geoffrey Hardyman Fund funds the Hardyman award.
Page 16
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Details of Endowment funds invested on a total return basis are as follows:
| Endowment fund At beginning of the reporting period: 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: Unapplied total return TOTAL |
Trust for investment £ 1,993,251 1,993,251 - - - - - - 1,993,251 1,993,251 |
Unapplied Total Return £ 772,087 772,087 57,618 231,416 (18,624) 270,410 (85,693) 184,717 956,804 956,804 |
Total Endowment £ 2,765,338 |
|---|---|---|---|
| 2,765,338 | |||
| 57,618 231,416 (18,624) |
|||
| 270,410 (85,693) |
|||
| 184,717 | |||
| 2,950,055 | |||
| 2,950,055 |
The trustees operate the endowment fund by making use of the ability to draw down unapplied total return (UTR) monies. A total of £85,693 was drawn down from the fund as it stood at 31 December 2024. This is in line with the trustees' policy of drawing down a discretionary 3% 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 17
The Clifton College Endowment Fund Notes to the Financial Statements for the Year Ended 31 December 2024 (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 £ 668,788 273,749 (6,176) 936,361 Unrestricted funds £ 627,329 246,618 (3,810) 870,137 |
Restricted funds £ 2,246,415 8,396 - 2,254,811 Restricted funds £ 2,105,529 1,473 - 2,107,002 |
Endowment funds £ 2,948,421 1,634 - 2,950,055 Endowment funds £ 2,763,263 2,075 - 2,765,338 |
Total funds at 31 December 2024 £ 5,863,624 283,779 (6,176) |
|---|---|---|---|---|
| 6,141,227 | ||||
| Total funds at 31 December 2023 £ 5,496,121 250,166 (3,810) |
||||
| 5,742,477 |
14 Related party transactions
There were donations of £1,020 from 4 trustees in the year (2023: 4 trustees of £1,020).
Page 18