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2023-08-31-accounts

Registered number: 07441431 Charity number: 1140132

CLIFTON COLLEGE DEVELOPMENT TRUST

TRUSTEES’ REPORT, INDEPENDENT EXAMINDER’S REPORT AND FINANCIAL STATEMENTS

(A company limited by guarantee)

FOR THE YEAR ENDED 31 AUGUST 2023

CONTENTS Page
Annual report of the directors and trustees 1
Independent Examiner’s Report 3
Statement of financial activities 4
Statement of financial position 5
Notes to the financial statements 6

CLIFTON COLLEGE DEVELOPMENT TRUST

COMPANY INFORMATION

DIRECTORS and TRUSTEES Mr S A Brewer
Mr T C B Elliott
Mr J W Glassberg
Mr G McEvoy
Mr A W Morgan
Mr G Palmer
Dr A J Rivlin
Mr M S Morjaria
Mr N C Tolchard (resigned
13/02/2023)
SECRETARY Mrs Gemma Rudrum
COMPANY NUMBER 07441431
CHARITY NUMBER 1140132
PRINCIPAL AND REGISTERED 32 College Road
OFFICE Bristol
BS8 3JH
BANKERS HSBC Bank plc
Cabot Circus
62, George White Street
Bristol, BS1 6DZ
SOLICITORS Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol BS1 4QA
INDEPENDENT EXAMINER Guy Biggin FCCA, ACA
Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
GL50 3PR

CLIFTON COLLEGE DEVELOPMENT TRUST DIRECTORS' AND TRUSTEES’ REPORT For the year ended 31 August 2023

AIMS AND OBJECTIVES

The charitable objectives of The Clifton College Development Trust as set out in the memorandum of association are to advance, for the benefit of the public, the education of pupils at Clifton College, Bristol and such other exclusively charitable purposes which are (in the opinion of the trustees) connected or associated with the College. Their priorities are to provide bursarial assistance to qualified means tested pupils who otherwise could not afford a Clifton education. The provision of bursaries is achieved by request for charitable assistance from Old Cliftonians, parents and friends of Clifton College. Besides providing bursarial assistance the CCDT also provides funds, from time to time, for prioritized capital projects as deemed essential by the Headmaster and the Clifton College Council.

PUBLIC BENEFIT

The company’s directors, who are also the charity trustees, consider that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance in this area. In particular they are of the opinion that by supporting The Clifton College, itself a charity, they are acting for the public benefit in assisting with the provision of an outstanding all round education to young people in the Bristol area.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is a company limited by guarantee, the company is governed by its Articles of Association and, in the event of its being wound up, the member (The Clifton College) is required to contribute an amount not exceeding £1. The directors of the company are also the charity trustees for the purposes of charity law and may not benefit from the charity other than by the reimbursement of properly incurred expenses.

There must be at least five directors of whom no more than two may be appointed by the member and the majority must be appointed by co-option of the board. Newly appointed directors will be trained by being introduced to the College and to its needs by the senior staff of the College. The directors are responsible for the management of the risks faced by the Trust and will review those risks that can be identified on a regular basis in order to mitigate or avoid them wherever possible.

ACHIEVEMENTS

Since last year, CCDT has:

The Development Director left in December 2023 and the College is in the process of reappraising the development operation and drawing up a strategy of fundraising for the future.

Page 1

CLIFfoN COLLEGE DEVEWPMENT TRUST DIRECTORS, AND TRUSTEES, REPORT For the year taded 31 August 2023 FINANCIAL REVIEW The charity's results for the period are set out in the Statement of Finan¢ial Actwtlies ￿ page 4. ring the period the charity distributed £80,CQ) {2022: £67.504> to support bursanes. The Board wishes to conts.nue to make disbursements from the available fuThJs lo sup￿￿ those pupils of The Clbfton College who have been identified and selected The Charity hokls £59,160 {2022: £27.625) in unrestricted fvnds for future bursaries. Since the year end the Charity has, in dixussion wrth the Col￿e, agreed in prin￿pIe how such funds will be applied. At Ihe year er#J the charity held £31.og9 {2022'. £36,437) in reserves for fvture cawtsl projects. Available funds (free ieseNesl currendy stand at £59.160 {2022'. £27.625). As noted atove it is envisaged that the charity will continue to make disbursements on an annual basis as iong as funding permits and appropriate pupils are Identif￿d. RESPONSIBILtnES OF THE DIRECTOR8 AND TRUSTEES The trustees (who are also directors of Clifton College Development Trust ts the purposes of company lawl are responsible for preparing Trustees Annu￿ Report and the Financial Statements in accordance with applicable law and Uniled Kingdom Generalty kcewed Accounting Practice (United Kingdom Accounting Standards). Company law requires the directors to prepare finanaal statements for eath financial penod which give a true and fair view of the slate of affaiTS ol the charitabbe company al the balance sheet date and of its incoming resources and the application ol those resources, ind￿11ng income and expenditure, for the financial peri¢xI. In preparirvJ these fin8nGial statements the directors sh)uld foll￿¥ best practse and.. Select suitable acc(MJnling wI￿leS arJ appty them ¢onsistentty,' ObseThe the methcmjs arnl principles in Charrls SORP.. Make judgments and eslmnates that a￿ reasonable and prudenf Slate whether appli¢able UK accounkn.ng Standards have been follcywed. subject to ￿Y material departures disclosed and explained in the financial statements.. and Prepare the financial statements on the going concem basis unless it is nol appropriate to assume that the company will C(￿￿nUe on that basis. The b¢)wd is responsible for maintaining WOFer ￿UntIng records which disclose with reasonabbe accuracy at any time the financial position of the charitsb￿ compwy and to enable them lo ensure that the financial statements comply with the Companies Aet 2CQ6. The board is also reswnsible for Saf￿￿ardiTrg the assets of the charitable company and tErKe oltaking ￿asOnab￿ steps for the wevention and detecM)n offraud and other irregularits"es. In preparing this report. the Trustees have l*en afvantage ol th8 snk41 compani8s exemption provided by section 415A ofthe Companies Act 2006. This Teport was approved by the board on nd swjred on its tehall by S Brewer Chairman Page 2

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

Independent examiner's report to the trustees of Clifton College Development Trust

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2023, which are set out on pages 4 to 12.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Guy Biggin FCCA, ACA Crowe U.K. LLP 4[th] Floor St James House St James Square Cheltenham GL50 3PR Date: 10 June 2024

Page 3

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating the Income and Expenditure Account)

FOR THE YEAR 31 AUGUST 2023

Notes
INCOME
Donations and legacies
4
Fundraising Activities
Golf Day
Investment Income
5
Total Income
EXPENDITURE ON:
Raising Funds
Charitable activities
Total Expenditure
6
NET MOVEMENT IN FUNDS FOR
THE YEAR
9
RECONCLILATION OF FUNDS:
FUNDS BROUGHT FORWARD AT 1
SEPTEMBER 2022
TRANSFER
FUNDS CARRIED FORWARD AT 31
AUGUST 2023		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
143,801
30,715
174,516
104,308
-
-
-
2,033
3,615
-
3,615
206
147,416
30,715
178,131
106,547
(32,854)
-
(32,854)
(5,442)
(86,027)
(56,594)
(142,621)
(92,492)
(118,881)
(56,594)
(175,475)
(97,934)
28,535
(25,879)
2,656
8,613
27,625
88,109
115,734
107,121
3,000
-3,000
-
-
59,160
59,230
118,390
115,734

The notes on pages 6 to 12 form part of these accounts.

Page 4

CLI￿0￿ COLLECE DEVELOPMENT TRU.ST A COMPANY LIMITED BY CUARENTEE REGISTERED NUMBER 07441431 STATEMENT OF FINANCIAL POSITM)N AS AT 31 AUGUST 2023 2023 2022 Not• CURRENT ASSETS Cash at bank Debtors 136.025 37.585 1n.610 202.558 10.799 213,357 CURRENT LIABILMES Creditors payablé wtlin one year (55,2201 {97.6231 NET ASSErs 118.39D 115 734 RESTrICTED FUNDS UNRESTRICTED FUNDS io 12 $9.230 59.160 88,109 27,625 TOTAL FUNDS 115 734 The Trustegs consider that the Charity ts enliued to exemption from the requirement to havo an audit under tre provisions ofsection 477 01 Ihe C¢ynpani&s Act 20061.the Act-l ar￿ members have wul￿d the Charity lo obtain an audit for the period in qLsIK)n in acccdarKe wilh seclw 476 of Ihe ACL The Trustees a¢know19dge their resp)nsibiliti'es by coryjlying with the requirements of th6 COMpar￿e$ kt 2006 wilh respect to accounting records and the prosentslw of finarbcial stslements. The finanoal $latements hav6 b8en prepared in acrAY0￿ with the provisions applcablg to ￿mpani0$ subject lo the small companles, reglme and in acc￿da￿ wjth th8 provi5Ms of FRS102. The finarKial statements were ap ed and aUth￿sed for ISS￿ by bowd 8nd ¥¥ere sig)78d on its behalf on S Brfrwer Chaknwn The notss on pag•s 6 to 12 form p•t ol Ihège finartial statements. Page S

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO THE FINANCIAL STATEMENTS

1. COMPANY INFORMATION

Clifton College Development Trust is a company limited by guarantee, registered in England and Wales, registration number 7441431, Charity number 1140132. The registered office is 32 College Road, Clifton, Bristol, BS8 3JH.

2. BASIS OF PREPARATION

The financial statements of Clifton College Development Trust have been prepared in accordance with Financial Reporting Standard 102 (FRS102), the Statement of Recommended Practice for Charities (SORP 2015), Companies Act 2006 and the Charities Act 2011. The charity meets the definition of a public benefit entity under FRS102.

The financial statements have been prepared under the historical cost convention. The financial statements have been presented in Pounds Sterling and all values are stated to the nearest pound.

The Trustees have considered the available resources and the impact of current economic environment when assessing the going concern basis for preparing the financial statements. The Charity continues to receive donation income and the discretionary nature of grant expenditure mitigates the risk of a deficit result impacting reserves. The current level of reserves and cash held are considered sufficient to meet outstanding commitments and any liabilities as they fall due. There are no material uncertainties about the charity’s ability to continue as a going concern. As a result, the company therefore continues to adopt the going concern basis in preparing these financial statements.

3. ACCOUNTING POLICIES

Donations

Donations are recognised when the Trust is entitled to the income, receipt is probable and the value of the donation can be measured with reasonable accuracy.

Legacies

Legacies are recognised when the Trust is entitled to the income, receipt is probable and the value of the donation can be measured with reasonable accuracy.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Donations towards scholarships and bursaries are treated as unrestricted. Restricted funds are those used in accordance with the specific restrictions imposed by donors, or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund where applicable.

Charitable expenditure

All resources expended on charitable activities relate to grants paid to The Clifton College. Grants payable to The Clifton College are recognised when the expense is incurred. Included in charitable expenditure are governance costs relating to the independent examination.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered.

Page 6

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Cash at bank and in hand

Cash at bank and in hand includes just cash.

Creditors

Trade and other creditors are recognised at the transaction price.

Judgments in applying accounting policies and key sources of estimation uncertainty

There were no judgments or key sources of estimation uncertainty in preparing these financial statements.

4. DONATIONS AND LEGACIES

Donations
Total
NVESTMENT INCOME
Interest
Total		 Unrestricted
Funds
Restricted
Funds
143,801
30,715		 Total Funds
2023
Total Funds
2022
174,516
104,308
174,516
104,308
143,801
30,715
2023
2022
3,615
206
3,615
206

5. INVESTMENT INCOME

All investment income relates to unrestricted funds.

6. ANALYSIS OF TOTAL EXPENDITURE

Raising Funds
Fundraising and
Development
Total
Charitable Activities
Scholarships and
Bursaries
Harpiscord Fund
Redgrave Projector
Fund
Appeal Grand Piano
Swimming pool
Watsons House F/T
Rowing boats
NHS PPE
Other charitable spend
HSWJ Trust
Tap Twinning
Governance Costs
Total		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
32,854
-
32,854
5,442
32,854
-
32,854
5,442
80,000
-
80,000
67,504
-
1,250
1,250
-
-
375
375
-
-
27
27
-
-
-
14,852
-
-
540
29,402
540
29,402
-
-
2,727
3,184
-
-
-
3,185
-
25,000
25,000
-
-
-
-
-
6,027
-
6,027
1,040
86,027
56,594
142,621
92,492

Page 7

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

7. DEBTORS

Gift aid recoverable
Total		 2023
2022
37,585
10,799
37,585
10,799

8. CREDITORS DUE WITHIN 1 YEAR

Trade Creditors
Other Creditors and Accruals
Total		 2023
2022
52,133
97,623
3,087
-
55,220
97,623

9. MOVEMENT IN FUNDS

Restricted Funds
Unrestricted Funds
Total		 At 1 September
2022
Income
Expenditure
Transfer
At 31 August
2023
88,109
30,715
(56,594)
(3,000)
59,230
27,625
147,416
(118,881)
3,000
59,160
115,734
178,131
(175,475)
-
118,390

Unrestricted funds are expendable at the discretion of the trustees but will typically be used to fund scholarships and bursaries. Restricted funds relate to donations received for one or more capital projects.

Prior Year Movement in Funds

Restricted Funds
Unrestricted Funds
Total		 At 1 September
2021
Income
Expenditure
At 31
August
2022
93,773
15,099
(20,763)
88,109
13,348
91,448
(77,171)
27,625
107,121
106,547
(97,934)
115,734

Page 8

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. RESTRICTED FUNDS

Capital Building Fund
Harpsichord Fund
Redgrave Projector Fund
Grand Piano Fund
Rowing Fund
Watersports
Girls Day House Fund
School House Fund
New Field Cricket Fund
SEN Fund
PPE Fund
Watson Football Table
Tap Twinning Fund
Hugh Harper Fund
HSWJ Trust Fund
Cricket Scoreboard
Stanford Award
Total		 At 1
September
2022
Income
Expenditure
Transfer
At 31
August 2023
11,398
-
-
11,398
1,250
-
-1,250
-
375
-
-375
-
188
-
-27
161
4,632
25,715
-29,402
945
0
12,500
5,000
-
-
-
5,000
12,500
819
-
-
819
5,275
-
-
5,275
1,999
15,284
-
-
-
-
1,999
15,284
631
-
-540
91
3,000
-
-
-3,000
-
1,683
-
-
1,683
25,000
-
-25,000
-
3,000
1,075
-
-
-
-
3,000
1,075
88,109
30,715
(59,594)
59,230

Page 9

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Prior Year Restricted Funds

Capital Building Fund
Harpsichord Fund
Redgrave Projector Fund
Grand Piano Fund
Sailing Fund
Girls Day House Fund
School House Fund
New Field Cricket Fund
SEN Fund
PPE Fund
Watson Football Table
Tap Twinning Fund
Hugh Harper Fund
HSWJ Trust Fund
Cricket Scoreboard
Stanford Award
Total		 At 1
September
2021
Income
Expenditure
At 31
August 2022
26,250
-
(14,852)
11,398
1,250
-
-
1,250
375
-
-
375
188
-
-
188
7,359
-
(2,727)
4,632
12,500
-
-
12,500
819
-
-
819
5,275
-
-
5,275
-
18,468
1,999
-
-
(3,184)
1,999
15,284
631
3,000
-
-
-
-
631
3,000
1,683
-
-
1,683
12,500
12,500
-
25,000
3,000
475
-
600
-
-
3,000
1,075
93,773
15,099
(20,763)
88,109

Page 10

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11. FUND DESCRIPTIONS

Capital Building Fund Funding for capital repairs and improvements in Clifton College. Harpsichord Appeal Funding for a new harpsichord for the Music Department. Redgrave Projector Appeal Funding for a new projector in the Redgrave Theatre to assist in the education of Drama students.

Sailing Fund Funding for the refurbishment of existing Sailing Club boats and the purchase of new boats. Grand Piano Appeal Funding for the purchase of a new grand piano in the Chapel. Rowing Appeal Funding for new rowing boats for the Rowing Club. Trevor Howard Scholarship Funding for scholarships for pupils interested in pursuing the Performing Arts. Girls Day House Fund Funding for Holland’s Day House. School House Fund Funding for the boarding house School House. New Field Cricket Fund Funding for new cricket nets and the refurbishment of the cricket pavilion on New Field. PPE Fund Funding for the purchase and production of personal protective equipment for the Bristol Community during the Coronavirus pandemic. Watson House Football Table Funding for the purchase of a football table for Watson’s Boys Fund House. Tap Twinning Fund Funding for the Tap Twinning charity who provide water pipes in third world countries. Hugh Harper Fund Funding for an annual award gifted to the best debater. HSWJ Trust Fund Funding for academic scholars specialising in STEM subjects joining the college in the 6[th] Form or moving from Year 11 into 6[th] Form. Cricket Scoreboard Fund Funding for a new cricket scoreboard. Sir Charles Villers Stanford Funding for a prize awarded by the Director of Music of the best Award organ scholar.

12. TRANSFERS BETWEEN FUNDS

During the year there was a transfer in the year of £3,000 which is due to restricted funds being spent but not being taken from the restricted fund but instead allocated to unrestricted funds in the previous year.

13. UNRESTRICTED FUNDS

Scholarships and
Bursaries
Total		 At 1
September
2022
Income
Expenditure
Fund
Transfer
At 31
August
2023
27,625
147,416
(115,881)
-
59,160
27,625
147,416
(115,881)
-
59,160

Page 11

CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

15. NET ASSETS

Restricted Funds
Unrestricted Funds
Total		 Net Current
Assets
Fund Balances
59,160
59,160
59,230
59,230
118,390
118,390

15. PRIOR YEAR NET ASSETS

Restricted Funds
Unrestricted Funds
Total		 Net Current
Assets
Fund Balances
88,109
88,109
27,625
27,625
115,734
115,734

16. TRUSTEE & EMPLOYEE REMUNERATION

No trustee received any remuneration, nor was any trustee reimbursed for expenses incurred. There were no employees in the current or previous period.

No employee received remuneration amounting to more than £60,000 in either year.

17. INDEPENDENT EXAMINER REMUNERATION

The fee payable to the independent examiner in relation to the independent examination of the financial statements are £3,087 (2022: £2,940).

18. RELATED PARTY TRANSACTIONS

The Clifton College and Clifton College Development Trust have common trustees. Grants payable by Clifton College Development Trust to The Clifton College total £147,504 in the period (2022: £91,451).

During the financial year Trustees made donations totaling £7,400 (2022: £8,776) to the Charity.

Page 12