Reglstered 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 2025 CONTENTS Page Annual report of the directors and trustees Independent Exarningrfs Report Statèmènt of financial activitias statement of financial po$ition Notès to thè financial statèmènts
CLIFTON COLLEGE DEVELOPMENT TRUST COMPANY INFORMATION DIRECTORS and TRUSTEES Mr J W Glassberg Mr G McEvoy Mr A W Morgan Mr G Palmer Dr A J Rivlin Mr M S Mori8ria MrCEJLittle (Appointed 14 October 20251 SECRETARY Mrs G Rudrum Mrs N Newton (Resigned 26 September 20251 (Appointèd 26 Saptèmbèr 20251 COMPANY NUMBER 07441431 CHARITY NUMBER 1140132 PRINCIPAL AND REGISTERED OFFICE 32 College Road Bristol BS8 3JH BANKERS HSBC Bank plc Cabot Circus 62, George White Street Bristol, BS16DZ 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 Chellenhar GL50 3PR
CLIFTON COLLEGE DEVELOPMENT TRUST DIRECTORS. IIIND TRUSTEES, REPORT For the year ended 31 August 2025 AIMS AND OBJECTIVES The charitable objectives of The Clifton College DevelopmenlTrusl as sel out in the rllemorandum of association are to advance, for the benefit ol the public, the education of pupils at Clifton College, Bristol and such other exclusively charitable purposes which are lin the opinion of the trustees) cc>nnected or associated with the College. Their priorities are lo provide bursari81 assistance lo qualified means tested pupils who otherwise oould 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 butsarial assistanee the CCDT also provides funds, from time to time, for prioiitised capital projects as deemed essential by the Headmastei and the Clifton college Gouncil. PUBLIC BENEFIT The company's directors, who are also the charity trustees, consid8r that they have complied with the duty In slI0n 17 of the Charities Aol 2011 to have due regard lo the Charity Cornmission's guidance in this area. In particular they are ol 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 lo young people in the Bristol ar8a. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a company limited by guarantee, the company is govemed by its Articles of Assoaation 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 trustee5 for the purposes of charity18w and tnay not benefit from the charity other than by the reirnbursement of properly incurred expenses. There must be at least live directors of whom no more than two may be appointed by the member and the majority rnust be appointed by co-oplion of the board. NeY 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 lor the management of the risks fad 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 During the last year, CCDT has worked with the Development and Alumni team to raise funds for capiial improvements and bursarial pledges for qualified means tested pupils who otherwise could not access a Clifton education. FINANCIAL REVIEW The charity's results for the period are set out in the Statement of Financial Aclivities on page 4. During the period the charity distributed £110,00012024. £164.6681 lo support bursaries, with an additional £40,000 owing al ihe year end. The Board wishes to continue lo make disbursements from the available funds to support those pupils of The Clifton College who have been identified and selected. The charity overspent by £56,76212024.. had av8il8blg £4,148) in unrestricted funds for future bursaries. Since the year end the oharity has. in discussion with the College. agreed in principle how such funds will be applied. At the y8ar end th8 charity held £94512024.. £1,130) in reserves for future capital projects. Available funds (free reservesl currently stsnd overspent at £56,76212024'. available funds £4,148). As noted above it is envisaged that the charity will continue to make disbursements on an annual basis as long as funding permits and appropriate pupils are identified. As funds are overspent the charity has not met the reserves policy for this financial year, this will be a core focus to improve upon in the next financial year through closely monitoring spend. This is evident from the period post-year end, where free reserves as at March 2026 are estimated to be a surplus of £30,392. Page I
CLIFTON COLLEGE DEVELOPMENT TRUST DIRECTORS. IIIND TRUSTEES, REPORT For the year ended 31 August 2025 RESPONSIBILITIES OF THE DIRECTORS AND TRUSTEES The trustees (who are also directors ol Clifton College Development Trust for the purposes of cornpany lawl are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and Unitèd Kingdom Gènarally AccèptÉd Accounting Praeticè (Unitèd Kingdom Accounting Standards). Company law requires the diieetois to prepare financial statetllents for each financial period which give 8 tiue and fair view of the state of affairs of the charitable comp8ny 8t the balance sheet date and of its incoming resources and the application ol those resources, including income and expenditure. for the financial period. In pr8paring th8S8 financial stat8tll8nts the dir8Ctois should follow best practice and.. Select suitable accounting ptslicies and apply them consistently., Observe the methods and principles in the Charities SORP., Make judgments and estimates that are reasonable and prudent., State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststements,. and Prepare the financial statements on the going ¢on¢ern basis unless il is 8ppropri8le lo assume that the company will continue on that basis. The board is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. The board is also responsible for safeguarding the assets of the charitable company and hence ol taking reasonable steps lor the prevention and detection olfraud and oiher irregularities. In preparing this report, the Trustees have taken advantage of the small companies exemption provided by section 415A ol the Companies Act 2006. 0610412026 and signed on its behalf by This report was approved by the board on Graème MeEvoy Chairman Graeme McEvoy IApr 6. 2026 12..31..24 EDTI Page 2
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 Ind8p•ndant 8xamln•r's raport to tho trust8•s of Cllfton Collag• D&v8lopm•nt Trust I report to the charity trustees on my examination ol the accounts of the company for the year ended 31 August 2025, which ale set out on pages 4 to 12. This report is made solely to the charitable company's trustees, as a dy, in accordance with Chapter 3 of Part 16 01 the Companies Act 2006 and the charitable company's trLJStees as a body in aeeordance with S110 154 of the Charities Act 2011. My indepgndent gxaminer's work has bggn undertaken so th81 I might state to the charitable company s trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not ap( or assume responsibility to anyon& other than the charitabl8 company, the charitable company s tM8tnbers as 8 body and the charitable wmpany s trustees 85 a body for my independent examingr's work, for this report, or for the opinions I have formed. Responsibilitie5 and basis of report As the charity s trustees of the Company land also its direotors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Cornpanies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of th8 2006 Act and are eligible lor independent examination, I report in respect ol my examination of your charity's accounts as cairied out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In cariying out my exarninalion I have followed the Direotions given by the Gharity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement I have eompleted my examination. l Confirm that no matters have come to my attention in eonneetion with the ex8rnination giving me cause to believe.. accounting records were not kept in iespect of the Company as required by section 386 of the 2006 ACL- 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 rnatter considered as part of an independent examination., or 4. the accounts have not been prepared In accoidance 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 Reporiing Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this reptsrt in order to enable a proper understanding of the accounts to be re8¢hed. Guy Biggin FCCA, ACA Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR Date.. 7 April 2026 Page 3
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 STATEMENT OF FINANCIAL ACTNITIES Iln¢orporating th? Income and Expenditure A¢¢ounti FOR THE YEAR 31 AUGUST 202S Unrestricted Restricted Funds Funds Total Funds 2025 Total Funds 2024 Notes INCOME Donations and lega¢ies Fundraising Activities Investment Income 92,064 77,110 169.174 166, 108 1,527 1,527 4,421 Tgtal Income 170.701 170,529 EXPENDITURE ON.. Raising Funds 11221 11221 (7,000) Charltabla actlvltl•s 1154,3791 179,4711 1233,8501 (244,689) Total Expenditure 154,501 79.471 233,972 245.689 NET MOVEMENT IN FUNDS FOR THE YEAR 160,910) 12.3611 163,271} (75, 160) RECONCLILATION OF FUNDS- FUNDS BROUGHT FORWARD AT 1 SEPTEMBER 2024 4,148 39,082 43,230 118,390 FUNDS CARRIED FORWARD AT 31 AUGUST 2025 156,7621 36.721 {20,0411 43,23Q The notes on pages 6 to 12 form part of th8S8 acccAJnts. Page 4
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025 2025 2024 Not• CURRENT ASSETS Cash al bank Debtors 22.687 746 23.433 47,232 1,260 48,492 CURRENT LIABILITIES Creditors payable within one y88r 143.4741 (5,262) NET ASSETS 20,041 43,230 RESTRICTED FUNDS UNRESTRICTED FUNDS 10 13 36.721 156,7621 39.C182 4. 148 TOTAL FUNDS 20,041 43,230 The Trustees consider that the Charty is entrfed to exemption from the requirement to have an audit under the provisions ol section 477 of the Companies Act 20061.the Act l and members have not required the Charity to obtain an audit for the period in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities by complying with the requirernents of the Cornpanies Act 2006 with respect to accounting records and the presentation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to thè small companiès, r1Mè and in accordancé with thé provisions of FRS102. The financial stslements were approved and authorised lor issue by the board and were signed on its behalf on 0610412026 Gr2eme McEvoy (Apr 6. 2026 12..31..24 EDTI Graeme McEvoy Chairman Th8 notes on pag88 6 to 12 form part of thes8 financi81 statements. Page 5
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 NOTES TO THE FINANCIAL STATEMENTS COMPANY INFORMATION Clrfton 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, Clrfton, Bristol, BS8 3JH. BASIS OF PREPARATION The financial statements ol Clifton College Development Trust have been prepared in accordance with Financial Reporting Standard 102 IFRS1021, th8 Statement of R8cotnrnend8d Practice foi Charities ISORP 20151, Companies Act 2006 and the Charities Act 2011. The charity meets the definib'on of a public benefit entity under FRS102. The financial statements have been prepared under the historical cost convention. The financial ststements have been presented in Pounds Sterling and all v81ues are stated to the nearest pound. The Trustees h8ve considered the av8il8ble resources as Sgt out in note 9 to thgse fin8nci81 ststements 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 miligates the risk of a deficit result irnpacting reserves. The current level of reserves and cash held are considered sufficient to meet outstanding commitments and any liabilities as they fall due. Unrestricted funds are overspent this financial year, this will be a core focus lo improve upon in the next financial year through closely monitoring spend, there is no concern over the ability to meet liabilities as they fall due. There are no material uncertainties about the charities ability to continue as a going concem. As a result, the cornpany therefore continues to adopt the going concern basis in preparing these financial statements. The trustees continue to monitor the reserves position post year end, where free reserves are estimated to be in a surplus position as at March 2026. ACCOUNTING POLICIES Donations Donations 8r8 recognised when the Trust is entitled to the inoome, receipt is probable and the value of the donation can be measured with reasonable accuracy. Lagaclès 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 ol the TrLJStees in furtherance of the general objectives of the Charity. Donations towards scholarships and burgaries are treated as unrestricted. Restricted funds are those used in accordan 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 I 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 ¢harit3ble expenditure are governance costs relating to the independent examination. Page 6
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 Debtors Trade and other debtors are recognised al the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes just cash. Cre(Jitors 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 ststementS. DONATIONS AND LEGACIES Unrèstrleted Funds Restrlcted Funds Total Funds 2025 Total Funds 2024 Oonatlons 92,064 77,110 169,174 166, 108 Total 2025 92,064 77.110 169.174 Total 2024 109.535 56.5T3 166, 108 INVESTMENT INCOME 2025 2024 Interest 1,527 4,421 Total 1,527 4,42? All investment income relates to unrestricted funds. Page 7
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 ANALYSIS OF TOTAL EXPENDITURE Unrestricted Restricted Funds Funds Total 2025 Total 2024 Raising Funds Fundraising and Development 122 122 1,000 Total 122 122 1,000 Charitable Activities Scholarships and Bursaries Capitsl Building Funds Appeal Grand Piano Golf Swing Watersports Girfs Day House School House Fund New Field Cricket SEN Fund PPE Fund Watson House FT Cricket Scoreboard Stanford Award Governan Costs 150,905 150,905 164,668 11,398 161 161 25,000 689 12,500 795 5,275 1,999 15,284 97 3,000 690 3,300 79,286 79,286 24 24 3,474 3,474 79.471 233.850 244,689 Total 2025 1 $4,501 79,471 233,972 Total 2024 168.968 76,721 245,689 DEBTORS 202S 2024 Trade Debtors linc. Gift Aid) 746 1,260 Total 1,260 CREDITORS DUE WITHIN 1 YEAR 2025 2024 Trade Creditors Other Credltors and Accruals 40,000 3,474 1,962 3,300 Total 5,262 Page 8
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 MOVEMENT IN FUNDS At1 Saptembèr 2024 Income Expenditure At 31 August 2025 Restrlcted Funds 39,082 77,110 179,4711 36,721 Unrestricted Funds 4,148 93,591 1154,5011 156,7621 Total 43,230 170,701 233.972 20.041 Unrestricted funds are expendable at the discretion of the trLJStees, but will typically be used to fund scholarships and bursaries. Restricted ftjnds r91ale to donations received for one or more oapitsl projects. Prior Year Movement in Funds At1 September 2023 Income Expenditure At31 August 2024 Restricted Funds 59,230 56,573 176,7211 39,082 Unrestrlcted Funds 59,160 113.956 1168,9681 4,148 Total 118,390 170.529 1245.6891 43.230 Page 9
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 10. RESTRICTED FUNDS At 1 September Income Expenditure 2024 At 31 August 2025 Grand Piano Fund Rowing Fund Watersports School House Fund Hugh Harper Fund Stanford Award Modern Languag• 161 945 27,931 24 1.683 385 7,953 11611 945 21,818 73.173 179,2861 1241 1.683 385 11.890 3,937 Total 39,082 77,110 179,4711 36,721 Prior Year Restricted Funds At1 September 2023 Income Expenditure At31 August 2024 Capital Building Fund Harpsichord Fund Grand Piano Fund Rowlng Fund Watersports Girfs Day House Fund School House Fund New Field Cricket Fund SEN Fund PPE Fund Golf Swing Watson Football Table Hugh Harpèr Fund Cricket Scoreboard Stanford Award Modern Language 11,398 111,3981 161 94S 5,000 12,500 819 5,275 1,999 15,284 161 945 27,931 23,620 16891 112,5001 17951 15,2751 11.9991 115,2841 125,0001 1911 24 25,000 91 1,683 3,000 1,075 1.683 13,0001 16901 385 7,953 7,953 Total 59,230 56,573 76.721 39.082 Page 10
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 11. FUND DESCRIPTIONS Capital Building Fund Harpsichord Appeal Grand Piano Appe81 Rowing Appeal Watersports Girls Day House Fund School House Fund New Field Cricket Fund Funding for capital repairs and improvements in Clifton College. Funding lor a new harpsichord for the Music Department. Funding for the purchase of a new grand piano in the Chapel. Funding for new rowing boats for the Rowing Club. Funding lor watersports activities Funding ltsr Holland's Day House. Funding for the boarding house School House. Funding for new cricket nets and the refurbishment of the cricket pavilion on New Field. Funding for IntaSed support of SEN students Funding for the purchase and production of personal protective equipment lor the Bristol Community during the Coronavirus pandemic. Funding loi set up of Golf Simulator Funding for the purchase of a football table for Watson's Boys House. Funding for an annual award gifted to the best debater. Funding for a new cricket scoreboard. Funding for a prize awarded by the Director of Music of the best rgan scholar. Funding lor the modern language department SEN Fund PPE Fund Gow Swing Watson House Football Table Fund Hugh Harper Fund Cricket Scoreboard Fund Sir Charles Villers Stanford Award Modem Language 12. TRANSFERS BETWEEN FUNDS During the year there were no transfers belween funds. 13. UNRESTRICTED FUNDS At1 S&ptèmb•r 2024 Income Expenditure Fund Transfèr At31 August 2025 Scholarships and Bursaries 4,148 93,591 {154,5011 {56,7621 Total Page 11
CLIFTON COLLEGE DEVELOPMENT TRUST A COMPANY LIMITED BY GUARENTEE REGISTERED NUMBER Ib7441431 1& ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR Flxed Assèts Current Assèts Credltors Duè Within One Year Total Restricted Funds Unr•slriet&d Funds 36,721 113.2881 36,721 156.7621 143.4741 Total 23,433 43,474 20,041 PRIOR YEAR FSxed Assets Current Assets Credltors Duè Within One Year Total Restricted Funds Unrestrled Funds 39.082 9,410 39,082 4,148 15,2621 Total 48,492 5,262 43,230 15. TRUSTEE & EMPLOYEE REMUNERATION No trustee received any remuneration, nor was any trustee reirnbursed for 8xpen5es incurred. There were no employees in the current or previous period. No employee received remuneration amounting lo more than £60,000 in either year. 16. INDEPENDENT EXAMINER REMUNERATION Thè féé paid to thè indépèndènt éxaminar in rèlation to thè indopèndÈnt èxamination of thè financial statements was £3,474 laccruedl12024'. £3,300). 17. RELATED PARTY TRANSACTIONS The Clifton College and Clifton College Development Trust have common trustees. Grants payable by cirfton Collégè DÈv8lopmènt Trust to Th8 Clifton Collègé total £150,000 in thè pèri(>d12024.. £150,000). At the end ol the year £40,00012024'. £4041 was outstanding to Clifton College. During the financial year Trustees made donations lotaling £8,13512024'. £16,500) to the Charity. Page 12