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
s￿lI0n 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. Ne￿Y 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 fa￿d 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
S￿110￿ 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 a￿p( 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, r￿1Mè 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 Int￿aSed 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
Unrestrl￿ed 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