Reglstered number. 07441431 Charfty number. 1140132 CLIFTON COLLEGE DEVELOPMENT TRUST TRUSTEES, REPORT, INDEPENDENT EXAMINDER'S REPORT AND FINANCIAL STATEMENTS (A company Ilmlted by guarantee) FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Annual report of the directots and trust Independenl Examlnerfs Report Statement of financlal acllvltles Slatement of financlal posltlon Notes to th• Ilnanclal stst•nwnts
CLIFTON COLLEGE DEVEIA)PMENT TRUST COMPANY INFORMATION DIRECTORS and TRUSTEES Mr S A Brewer MrTcBElltt Mr J W Glassiwy Mr G M¢Evoy Mr A W M¢)rgan Mr G Palmer Dr AJ RNlin Mr fvl S MLxiaria Resigned 29 April 2024 Re5igngd 12 February 2024 SECRETARY MTS Gemma Ruthum COMPANY NUMBER 07441431 CHARITY NUMBER 1140132 PRINCIPAL AND REGISTERED OFFICE 32 Colege Road Bristol BS8 3JH BANKERS HSBC Bank F4¢ Catd Circus 62. Wlut6 Streat Bristol, BSI 60Z SoLICoRs Veal8 Wasbrough ItRanls Narrow Quay House Narrow Quay Brisld BS14QA INDEPENDENT EXAMINER Guy Biggin FCC& ACA Crowe U.K. LLP 4• Fk)or St James Hse St James Square Cheltenham GL50 3PR
CLIFTON COLLEGE DEVEUIPMEKf TRUST DIRECTORS. AND TRUSTEES, REPORT For the yt4r ended 31 Aug•st 2024 Atms AND OBJECTIVES The charitable objeciives of The Clifton Cokge Deveknpmenl Tnjsl as sel oui in the memorandum of association are lo advance, for the benefit of the publc. the education of wpils al Clthi College. Bristol and such other exclusivety chartiable purposes which are lin the opinion of the InBtee$) ¢onne¢ted or as$odated with the College. Their priorities are lo provide butsarial assistsrte lo qualtfied means tested puplts who otheNi$e Could not afford a Clifton education. The provision ol bursaries is a¢hieved by request for charitable assistance from Ohj Clfftonians, parents and friends of Ckfton College. Besides providing bjrsarial assistan the CCDT also provides funds, from lime to time, lor prioriltsed capilal projects as deemed essential by th8 Headmaster and the Clrfton College Council. PUBUC BENEFIT The company s directh. who are 0 the charity Irustees. consider that they have complied with the duty in section 17 of the Charilie$ Act 2011 to hav¢ dug regard lo the ChtY Commission's guidance in this area. In ParticlaT they are of the op1ron that by supporling The Clifton Cole. itsetf a charity, they are acling the publ1¢ benefit in assisllng wilh the provisi of an outstarKlwwJ all rwnd education to Y1Thg people in the Brist area. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a company Mited by guarantee. the company is goverrd by its ArtleS of Association and. in the event of ils beirvJ wouThJ up. the member (The Cffifton Colle98} is re(wirad to contribut8 an amount not exceeding £1. The directors of the CoMpY are also the charity trustees forthe purposes of charity law and may not benefit from the charity other than by the reimbUernen1 of properly incurred expenses. There must be at least five directors of whM no rne than Iwo may be aprrt)inled by the member and the majorrty must be appointed by CopIlon of tho tM)ard. Newty appointed directors wi51 be trained by being intro(luced lo the Colkge and to ils needs by the senior staff of the College. The directiys are Tesp)nsible for the management of the risk5 faced by the Trust arKI wdl review those risks that can be identified on a regular basis in order to mitigate or avoid them wherev8r possible. ACHIEVEMENTS Since last year, CCDT has". Continued lo solicit gifts and rKomote grft gIng within eonsttluents. The interregnum belween development directots has had a slow(knn impacl on this. Assisted the OC Society with its strategy- working with the President of the Society on positionin9. We continue to solicit the raising of funds for bur5anal pletss for qualifbed moans l¢sted pupils who otherwise could not affd a Clifton educati. w0ed with Ihe Deveh)pmenl te¥ns new Data Manager to implemerrt the rThJves management system and research potential new donors. FINANCIAL REVIEW The charity's reSts for Ihe wiod are set out in the StatThnl ol Financial Act1 on page 4. Dwing th8 period th8 charity th'stributed £164.668 (2023". £80,(KKI) to support bursaries. The Board wish8s lo continue lo make disburs8ments from the available funds to support those pupils of The Clifton College who have been idenlifiod and selgcted. The charty holds £4,148 (2023: £59.160) in unrestrthd funds for fulure bursaries. Since the year end the charity has. in discussion with the College, agreed in principle how such funds will be apled. At Ihe year end the charity hekl £1.130 {2023.. £31,099) in reserves for future caKMlal projects. Availab funds {free reserves) currentty stsnd al £4.148 {2023= £59,160). As noted above it is envisaged thal the charity will continu8 to make disbursements on an annual basis as long as funding permits and appropriate pupils are idenlified. Page I
CLIFfoN COLLEGE DEVELOPMENT TRUST DIRECTORS. AND TRUSTEES. REPORT For tht year ended 31 Aut•sl 2024 RESPOMSIBIUTIES OF THE DIRECTORS AND TRUSTEES The trust88s (who are also dwectors of Clifton College Development Trust for the purposes of company lawl are Tesponsible for preparin9 the Trustees Annual Report and the Financial Statements in accordance with applicable law and United KIrd0M Gr2Y knepted Accounting Pracb"¢6 (United King(kxn Accounting Standards). Cornpany law requires the (th'recth to prepare fila1 statements f¢y each fInanCk period which give a true d fair view of the stale of affairs of the charitaNe company at the balance sheet dale and of its incoming resources and the application of those resources. including income aThJ expendrture, for the fincial pericJ. In preparing these finanoal statemen15 the direcirKs should folknw best practKe al. Sele¢l suitable accounting Fdicies aThJ apply Ihem consistenlty., Observe the *th¢)dS and FKinryples in the Charities SORP: Make judgments and estimates that are reasonable and prudent.. State whelher applicable UK accounting standards have been folknved. Subject io any material departures disclosed a1 explained in Ihe fInCIal statemenls., and Prepare the financial statements on the going ¢on¢ern basis unles$ il is not approFxiate to assu that the company wll contsnue on that basis. The board is responsfole for rnaintsining proper acc(MJnting records which discb)se with reasonable accuracy at any time the financial position of the charitable company and to enable them trj ensure that the financial slalemenls Comp with the Companies Act 2006. The board is also responsible for safeguarding the assets of the charitable CoMpY henee of tak reasonable steps forth8 prevention and delgclion ol fraud and other irregularities. In preparing this repcyt, the Trustees have taken advantage of tho small ¢ompanies oxemption provided by secti 415A ol the Companies Act 2006. This rt was approved by the board on and swd on its behalf by Graeme McEvoy Chairman PAEe 2
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER •7441431 Indopondent •xamln•rfs report to the trustses of Cllfton Colkny Dèvolopmont Trnst I report to the charity trustees on my examinatwjn of tho accounts ol tho company for the year ended 31 August 2024. which are set out w pages 4 to 11. This reFM)rt is made solely to Ihe charitabkn company's Iruslees. as a t¥)dy. in acCOrdar with Chaptèr 3 of Part 16 of the Companies Acl 2006 and the charitable company's trustees as a body in accordance Vth section 154 of the Chariltes Act 2011. My independent examinerfs work has been undertaken so that I mighl slate lo the charitable company's Iruslees those matters l am required to slate to them in an independent examinerfs report arKI for no other purpose. To the fulest extent pemiitted by law. I do not accepl or agsume responsibility to anyone other Ihan the charitth company. the charilable company's members as a body and the Charitab company's trustees as a body lor my independent examiner's Wofk. for this report. or for the opinions I have fom. R•sponslbllitlos and basis of report the charity's tntstees of the Company (and also its diffj¢lots purposes ol company law) you are responsible for Ihe preparalion of the ac¢(wnts in aCCd with the requirements of the CorraleS Act 20061'lhe 2006 Act.). Hawng satisf myself that the a¢¢wts of the Company are not required lo be audited under Part 16 of Ihe 2006 Act and are eligible for Nidependenl examinati. I ret#yt in spect ol my examination of your charity's accounts as carried out undw section 145 of the Ch¥ities Act 2011 ('the 2011 Act.). In carrying oul my examination I have folk)wed the Directions given by the Charity ComnHss#)n uThJer section 14515) Ib) of Ihe 2011 Act. Independenl examlnef$ statement I have completed my examinab'on. I confM thal no mallers have come to my attent in connection with the examination giving me cause to believe: accounting recdS were not kept in respecl ofthe Company as requred by sectM 386 ofthe 2006 Act: or 2. the aCCnts do not acc(Yd with t1 rec(d$., LY 3. the accourbts (lo not comply with Ihe acCOling rewirements of sectM)n 396 of the 2006 Act other than any requirement that Ihe accounts give a 't and fail vi8w which is not a malter considered as part of an indepeTrJent examinalion,. or 4. the accounts have not been wepared in accordance with the mothods and prin¢iFlgs of Ihe Statement of Recommended practi for accounting and repon9 by charities aFplicable to charities preparin9 their accounts in aCcdanCe with the FInla1 RekwxtirKJ SLqndard applicable in the UK and Republi of Ireland (FRS 1021- I have no concerns and have crAne across no (ther matters in connectK>n with the ewinalion lo whi¢h attention shoukl be drawn in this report older to enatle a understsnding of the a¢¢ounl$ to be reached. Guy Biggin FCCA, ACA Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR Dale= Page 3
CLIFfoN COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431 STATEMENT OF FINANCL4L AcnvinES (hKorporatlng the Income and ExpendItU Account) FOR THE YEAR 31 AUGUST 2024 Unr•$trlct•d R•strfcted Funds Funds Total Funds 2024 Total Funds 2023 Notes INCOME Donallons and 1•ga¢les Fundraising Activities Inv•stm•nt Income 109,535 56,m 166,108 174,516 4,421 4421 3.615 Total Income 113.956 56.m 170.529 178. 131 EXPENDITURE ON: R•lslng Funds (1.OM) 11.000) (32.854) Charltable actlvltlos {167.968) (76.721) (244,689) (142.621) Total Expendlluro 245.689 175,475 NET MOVEMENT IN FUNDS FOR THE YEAR (55,012) (20.148) (75.160) 2.656 RECONCLILATION OF FUNDS: FUNOS BROUGHT FORWARD AT 1 SEPTEMBER 2023 59,160 59,230 118,390 115.734 FUNDS CARRIED FORWARD AT 31 AUGUST 2024 4148 39.082 43330 118.390 The nrte5 pages 6 to 11 forn wi of Ihese Cnts. Page 4
CLIFTON COLLEGE DEVEIA)PMENT TRUST A COMPANY LIMITED BV GUARENTEE REGASTERED NUMBER •7441431 STATEMENT OF FINANCIAL POSITK)N AS AT 31 AUGUST 2024 2024 2023 CURRENT ASSETS Cash al bank Debtors 47.232 136,025 37,585 173,610 48,492 CURRENT LIABILrriES Creditofs payable within one year (5,262) (55.220) NET ASSETS 43.230 118,390 RESTRICTED FUNDS UNRESTRICTED FUNDS 10 13 59,230 59, 160 4.148 TOTAL FUNDS 118390 The Trustees C(sjer that the Charity is entilled to exemptKm frcffi Ihe requIrent to have an audit under the provistong of section 477 of the Compan$ Acl 2c6 {"the Act") and members have not requyed the Charity lo obtain an aLKlit fc* the period in question in acc{thn With sedion 476 of the A¢t. Tha Trusl&8s acknowl8dg8 their responsiknlilies by comtAying wilh the requiremenls of the Companies Act 2006 th respect to accounting records and the presentalKin of financial statements. The financial StsleMts have been wepared In a¢¢ixdan¢e with Ihe provis#)n$ apph'cable to companies subje to the smal companies, regime and in ac¢ordarKe Wi$KJns of FRS102. The fmancial Statements were apwov¢d and aulhorisod for i5sw by the bwd and wer¢ SIgT on its behalf on Graem• McEvoy Chairman Tha note$ pages 6 to 11 fum part of these finala1 statements. Pa8e 5
CLIFTON COLLEGE DEVELOPMENTTRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER •7441431 NOTES TO THE FINANCIAL STATEMENTS COMPANY INFORMATION Clifton College DeveloFxnent Trust is a ¢ompany limited by guaranlee. registwed in England and Wales. registration number 7441431. Chty number 1140132. The 1stered offi¢e 1$ 32 Co4ege Road. Clifton. Bristol. BS8 H. BASIS OF PREPARATION The financial statements of Clifton Cdlege Developmenl Trust have been prepared in accordance with Financial Reporting Standard 102 IFRS102). the Statewil of Recommended Practice for Charities {SORP 2015), Companies Act 21 arKI Ihe Chaiilies Acl 2011. The charity meets thè definition of a pub¢ benefit enlity under FRS102. The financial $laterrnls have been prepared under the histcfical cost ¢onvenlion. The financial statements havo been weseni¢d in Pourxls Sterting and am vaks are stsled lo tho lle¥est pound. The Trustees have considered the available resources as sel oul in note 9 to these ffinancial statements when assessing the going conceffl basis for preparing Ihe financial ststements. The Ch*ity continues to receive donation income and the discrelk)nary natur8 of grant expenditure mitigates Ihe risk of a deficit result impacting reseTres. The current level of reserves arNJ cash held are considered sufficient to meet outstanding commitments aThJ any liabililtes as they fall due. There are no material uncertainties about the charities ability to continue as a going concern. As a result. th8 company therefor8 continues to adopt the going basis in preparing ttrwe financial statwngnts. ACCOUNTING POLICIES Donatlons Donations are recognised when the Trust is entitled to the ncome, receipt is probatrAe and the valu8 or Ihe dOnan can be measured 7th reasable ae¢uraGy. Legacles Legacies are recognised the Trust is entitled to the in¢¢xne. r8¢eipl is Fyobable and the vabJe of the donation can be measured with reasonable accuracy. Fund aOUntiTrg Unre51ricted funds are available for use at the dis¢yetion of the Trustees in fUrtherae of the general objectives of the Charty. Donations towar(Js SCI[$hiPs and bursaries are trealed as unrestricted. Restricted funds are thosè us8d in accordancé wtth thè Specif r8StitlKJns imposod by donors, or which have been raised by the TNSI for particular purpose5. The costs of raising and administering sh funds are charged against the specifK furKI where apF4icable. Charfiable oxpendltur• All resources expended on charitabk actmties relate to grants pamj lo The Clifton College. Grants payable lo The Clifton College are recognised when Ihe expense is iUrred. Included in charilable xpendilure are govemance costs relating to the independent examination. Deblors Trade and other debtors are recognkvd al the setU8menl due aft8r any trade discounts offered. Prepayments are vabjed at the amount prepaKI nei ofany trade dIsuntS due. Page 6
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER •7441431 Cash at bank and In hand Cash al bank and in hand Inche9 just cash. Croditorn Trade and other creditus are recognised al the transadion Fxte. Judgments In applylng accountlng polcltrs and kèy S¢1¢ ol èstlmatlon uncèrtalnty There were M jgments or key $4xtrees of estmatth uneèrtainty in prepng these financial slalements. DONATIONS AND LEGACIES Unrestrkted Funds Restrfcted Funds Total Funds 2024 Total Funds 2023 Donatlon$ Total 2024 109.535 109.535 166,108 166,108 174.516 56,573 Tot812023 143.807 30,715 174.576 INVEsTmEP INCOME 2024 2023 Intornst Total 4.421 4,421 3,615 3.615 All investsnent in¢(e relates lo unrestricied funds. Page 7
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE RKGISTERED NUMBER 07441431 ANALYSIS OF TOTAL &XPENDITURE Unrnslrlctad RestrScted Funds Funds Total 2024 Tolal 2023 Ralslng Funds Fundraising and Development Total Charftabl• Actlvltles Scholarships arKI Bursaries Appeal- Harpsichord Appeal- Redgrave Projector Appeal- Grand Piano Rowng Boals Cala1 Building Funds Golf Swing HSWJ Trust Water5ports Girfs Day House School House FurKI New Field Cricket SEN FuTrJ PPE Fund Walson House FT Cricket Scoreboard Stanf(Kd Award Governance Costs 1.000 32.854 1.000 32.854 164.668 164.668 80.000 1.250 375 27 29.402 11.398 11.398 25,000 25.000 25,000 12,500 795 5.275 1.999 15284 91 3.1)00 690 12,500 795 5,275 1.999 15284 91 3,000 690 3.300 244,689 245.689 540 6,027 142.621 167.968 168.968 76.721 76.721 Total 2024 Tolal 2023 118.881 56.594 1T5.475 DEBTORS 2024 2023 Trade Dobtors (Inc. Gift Ald) Total 37,585 3T,585 CREDrroRS DUE WITHIN I YEAR 2024 23 Trade Croditors Other Creditors and A¢¢ruals Total 1.962 3,300 5.262 52.733 3,087 55.220 Page 8
CLIFTON COLLEGE DEVELOPMENT TRUST ACOMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 074414JI MOVEMENT IN FUNDS At I September Income 2023 59.230 59.160 118.390 Expenditur At 31 August 2024 39,082 4,148 43.230 Restrlcted Funds Unrestrlcled Funds Tolal 56.573 113,956 170,529 (76.721) 168,968 245,689 Unrestricted fund5 are expendable at the disc¥ell of Ihe trustees. but will typKalty b8 Used to lund scholarshi)s and butsaries. Rastrthd funds relate to donatK)n5 roceived for one or more capital projects. At1 Seplember 2022 88.109 Income Expndlturo Transfor At31 Augu$t 2023 59.230 R•strlct•d Funds 30.715 {56.594) 13.000 Unrestrlctod Funds 27.625 1118.881) 3.000 59,160 Total 115.734 178.131 17S475 118,390 Prlor Yèar Movement in Funds PaBc 9
CLIFTON COLLEGE DEVELOPMENT TRusr A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431 10. RESTRICTED FUNDS At 1 September In¢(xne Exp¢nditure 2023 At 31 Augu$t 2024 Capital Building Fund Harpslchord Fund Grand Piano Fund Rowlng Fund Walersports Glrls Day House Fund School Hou¥• Fund N•w Figld Crick Fund SEN Fund PPE Fund Golf Swing Wotson Football Tab Hugh Harper Fund Crl¢ket Scoroboard Stanford Award Modem Language Total 11.398 111.398) 161 161 5.000 23.620 12,500 819 1689) {12,$00) 1795) 15.275) 11.999) 115.2841 (25.0001 27.931 24 1.999 2SIXID 91 1,683 3.000 1,075 1,683 13.0001 (6901 385 7,953 39.082 7,953 56.573 59.230 76.721 Prlor Yoar Rostrldod Funds Incomo ExndituTe At31 August 2023 Soptgmbgr 2022 Capltal Bullding Fund Harpsl¢hord Fund Redgrave Projector Fund Grand Plano Fund Rowing Fund Wat•rsports Girls Day Hous• Fund School HOU Fund Now Fltrld Cri¢k•t Fund SEN Fund PPE Fund 11.398 1350 375 11,398 (1.2501 13751 (271 129.4021 4632 25.715 5.000 12.500 819 5.275 1,999 15.284 12.50D 819 5,275 1,999 15284 Watson Football Table Tap Twinnlng Fund Hugh Harper Fund HSWJ Trust Fund Cricket Scoreboard stanford Award Totsl 631 3.000 1.683 25.000 3.000 1.075 88,109 91 13.000) 1.683 125.000> 3.IXIO 1.075 59,230 59.594 Pagc 10
CLIFTON COLLEGE DgVEWPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER 07441431 11. FUND DESCRIPTIONS Capital Building Fund Harpsichord Appeal Grand Piano Appeal Rowing Appeal Walersports Girls Day House Fund Schwl House Fund N&w Field Cricket Fvnd Funding for caFMlal repairs arKI improvements in Clifton College. Funding fty a new harpsi¢hord for the Music Department. Funding for the purchase of a new grand piano in Ihe Chapel. Funding for now rowing t4)at$ for tho Rowing CILkn. Fmding lor watersports &tivTbes Funding for Holland's Day Hous8. Funding for the boarding house S¢ht)ol House. Funding for new cricket nels and the refurbtshrrwl of the eri¢kel pavlion on New F. Funding for increased SUP of SEN StJents Funding the purchase and production of personal protective equipmenl the Bristol Communty during the Coronavirus pandemic. Fding sel up of Gow Simulator Funding for the puffchase of a footbèll tab for Watson's Boys House. FLmding for an annual award gifted to the besl debatsr. Funding a ngw cricket so)rgboard. FdIng a prize awarded by the Owedor of Music of the best organ scholar. F4M)ding f the m(thm lanwage departnl SEN Fund PPE Fund Golf Swing Walson House Foolball Tab Fund Hugh Haer Fund Cricket Scoreboard Fund Sir Charles Villers Stanford Award Modem Language 12. TRANSFERS BETWEEN FUNDS Dng the year there were no transfers belween fvnds 13. UNRESTRICTED FUNDS At1 S•pt8mb•r 2023 59.160 Inc Exp•rbdltur• Fund Transf•r At31 August 2024 4,148 S¢holarshlps and Bursaries Totsl 113.956 {168.968) 59.160 113.956 168.968 4.148 Pa8¢11
CLIFTON COLLEGE DEVEIA)PMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED iYUMBER •7441431 1 NET ASSETS N•t Current Assets 39,082 4.148 Fund Balances Restricted Funds Unrnstrict•d Funds Total 39,082 PRIOR YEAR NET ASS8 Net Current Assets 59.230 59.160 118 390 Fund Balances Restricted Funds Unr•¥trlatsd FurKIs Totsl 59.230 59.160 118 390 15. TRUSTEE & EMPLOYEE REMUNERATION No trustee received any remuneration. was arw trustee reimbursed for exn$¢$ in¢urred. There were no employees in the current or wev1(S per. No empk)yee received remun8ralion amounting to more than £60,000 in either year. 16. INDEPENDENT EXAMIMER REMUNERATION The fee paid to the independent eXam1r in relatM lo Ihe indepeThJent examinatiC of the financial statements was £3.300 laccrued)12023". £3.0871. 17. RELATED PARTY TRANSACTIOPIS The Cliftcffi College ar1 Clifton College Development Trust have common trusiees. Grants payable by Clifton College Development Trust to The Ch'ft¢)n Colkge totsl £150.000 in the period {2023: £147.504). Durin9 the financial year Trustees made donalions totaling £16,5C(1 (2023: £7.400) to the Charity. Pa8e 12