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.
3. Other Grant for School Objects
a) The Croucher and OC Lodge Awards are made during the year in accordance with their associated criteria.
b) Other grants are made as a result of specific requests to the Executive Committee of the Old Cliftonian Society at their discretion.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Including the guidance 'Public benefit running a charity (PB2)'.
## **ACHIEVEMENTS AND PERFORMANCE**
## **a. OVERVIEW**
The trustees made educational grants of £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:
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.
...................................... 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