Charity number: 1201516 THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2023 THE CLIFTON HIGH SCHOOL FOUNDATION CONTENTS Pages Reference and administrative details of the charity. its trustees and advisers Trustees, report Statement of financlal artivities Balance sheet Notes to the financial statements 9.18 Independent examinerfs report 19 THE CLIFTON HIGH SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees Catherine Allin James Caddv Sara Marsh Mary Nichols Lise Seager Kathryn Skellorn Hilary Vau8han Appointed 4 December 2023 Resigned 8 March 2023 Resigned 10 June 2024 Resigned 4 December 2023 Resigned 8 March 2023 Charlty re8lstered number 1201516 Prlnclpal address and reglstered office Clifton Hi8h School, Colle8e Road, Clifton. Bristol 8S8 3JD Bankers Hande15banken PLC Pembroke House, 15 Pembroke Road. Clifton, Bristol BS8 3BA Investment managers Evelyn Partners Portwall Place, Portwall Lane, Bristol BSI 6NA Independent examlner Helen Blundell, Crowe U.K. LLP Black Country House. Rounds Green Road, Oldbury. West Midlands, B69 2DG THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 The Trustees have pleasure in presentin8 their report and accounts for the period ended 31 Au8USt 2023. Objects of the charity The objects of the charity are= To advance the education of Students of Clifton High School, Bristol Ithe'school'l through the provision of 5cholorships. grants and awards. To advance the education of the students of the School through the provision of facilities suitable for education lincludin8, but not limited to, equipment and buildings). Update on restrurturlng As reported last year the trustees resolved to restructure the charity as a charitable incorporated or8anisation. The Clifton High School Foundation CIO was duly registered on 6 January 2023 with Charity number 1201516. Its objects are consistent with those of ihe old charity with charity regislration number 1071385. It was always anticipated that some long-standing trustees would step down at this juncture and on 8 March 2023 Mr Caddy and Ms Skellorn duly resigned. At the same time the trustees resolved to transfer the activities, assets and liabilities of the unincorporated trust into this new organisation, subject to obtaining approval by the Charity Commission. which was granted as an order on 17 August 2023. Activities and day-to-day operations duly transferred. but the process of migratin8 completely the assets of the unincorporated trust into the new CIO are on.goin8. At the time of finalising these accounts the unincorporated trust has been linked to the new CIO so that only one set of accounts and trustees. report needs to be issued. These account5 therefore present a combined picture as if the old unincorporated trust and the new CIO have always been in existence as a sin8le entity. References to the 'chariV or to the 'Foundation' relate to the combined entitvi now reportin8 under the new charity registration number of the CIO noted above. Once the assets have been fully transferred from the unincorporated irust to the new CIO the old unincorporated trust will be dissolved. Rlsk m?nagement The Trustee5 have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finance5 of the charity, and are satisfied that Systems are in place to mitigate the exposure to the major risks. Review of the year The results of the Foundation are set out in the Statement of Financial Activities on page 7. The Foundation oversees and operates a number of legacy endowment funds established many years ago from the very generou5 adions of staff and alumni of the School. These funds continued to generate income in the form of restricted funds for the purposes of providing scholarships, bursaries and prizes, and the Foundation issued a number of grants during the year in line with those purposes. Bursary awards are subject to means-testing. Prizes are generally on the basis of merit. THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 The Foundation has continued to receive the proceeds from deposits retained when pupils leave the School. The trustees have designated the cumulative funds generated from this for scholarship5 and bursaries with a view to building up the overall level of funds that can be distributed for this purpose. Following the restructuring of the School's development office the Foundation ha5 Started to see rbew income streams, particularly from fundraising events, the sale of second-hand school uniform and donations raised on the back of these activities. The development office has also started sellin8 carefully selected branded merthandise. The majority of this income is currently unrestricted, but the new Rosarian scholarship fund has been established. The Foundation has improved its processes for receiving applications and awarding grants for Smaller projects in support of the education of students at the School. and several smaller grants have been awarded to the School for capital and oiher academic projects. Investments The Foundation holds various listed investments through funds managed by Smith & Williamson, and holdin8 of M&G Charifund units, detai15 of which are set out in the balance sheet on page 8. The Trustees continue to monitor performance and, while recognising that the period under review was a challenging one, are satisfied with the performance in the year. Reser¥es Pollcy The majority of funds are endowment in natu￿. requiring the Foundation to preserve the capital value. The Trustees are seeking to optimise 8rant making capacity over the medium to long term, and therefore plan lo operate within the levels of returns achievable from the investments in hand. In recognition that there has been an accumulation of undistributed restricted funds over the last few years, the trustees plan to spend down these funds over the medium term. With the introduction of new revenue streams the trustees are seekin8 io balance the wish to apply funds as quickly as p055ible with the need to build up sufficient reserves to make more meaningful grants in future years. Unless otherwise designated, the trvstees plan to distribute the majority of unrestricted funds within the financial year following receipt, subject to retaining sufficient funds to cover governance costs. The trustees intend to retain the desi8nated xholarship and bursary funds, with a view to building up the overall investment portfolio and sustainable investment income this will generate. Free reserves, as defined by the Charities SORP, were £58,067 at the year-end12022: £116,779). Given the trustees, plans set out above, the trustees no longer consider it appropriate to include the scholarship and bursary designated fund as part of free reserves. Future developments The trustees continue to be committed to investing in the students and facilities at the School, and to increase the Foundation'5 Capaclty to do so by the generation of additional funding. The trustees recognise the need to expand the board's members, to allow a broader range of experience and expertise in support of the Charity's objectives. The trustees anticipate that during the 202312024 financial year plan5 for an appeal will be finalised and initiated in conjunction with the School, and linked with the School's 150 anniversary. THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2023 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England & Wales requires the Trustees to prepare finantlal statements for each financial year which give a true and fair view of the State of affairs of the ¢harity and of the incoming reSOLJrces and applicable resources. including the income and expenditure of the charity for that period. In preparing these financial statements. the Trustees are required to: Select suitable accountirig policies and then apply them consistently: Observe the methods and principles of the Charitie5 SORP IFRS1021: Make judgement5 and accounting estimates that are reasonable and prudent,. State where applicable UK accounting siandards have been followed, subject to any material departures disclosed and explained in the financial statement5: and Prepare the financial statements on the 80ing concern basis unle55 it is inappropriate to presume that the charity will continue in business. The Trustees are re5pon5ible for keepin8 proper accounting record5 that are sufficient to show and explain the charit￿$ transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty with the Choritie5 Art 2011. They are also responsible for safeguarding the assets of the charity and hence for tokin8 reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations and United Kin8dom Generally Accepted Accounting Practice (United Kingdom Accounting Standardsl- This Annual Report was approved by the Trustees on 21 June 2024. Hllary Vaughan Trustee THE CLIFTON HIGH SCHOOL FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES FOR THE PERIOD ENDED 31 AUGUST 2023 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestrirted funds 12m to 31 Au8USt 2023 Restricted Endowment Total Total funds funds funds Funds 12m to 31 12m to 31 12m to 31 12mto31 August 2023 August 2023 August 2023 August 2022 Note Income from: Donations Fundralsing events Sale of donated goods Sale of rnerchandise Investment incorne Bènk intefest School deposits retained Total Income 30.063 37,087 5,297 3,780 28,879 3,407 58.942 40,494 5,297 3,780 14,103 401 27,559 150.576 15.019 13.889 4.802 14.103 13.270 621 31.097 78,698 401 27.559 104,187 46.389 ExpendSture on: Ralslng funds Scholarships and bursarie5 Other awards Suppoft Governance Total *xpendStur• 31.201 3.555 16,377 Iso 85 34,7% 16,377 18,811 1.118 2,670 73,732 14.662 6,257 2,863 320 4,200 28,302 18,661 1,033 2,670 53.56S 20,167 Net income before inve5tment11055e$118ains $0,622 26.222 76 $0,396 Realised Ilossesl on investments Unrealised Ilossesl on Investments 16511 16511 12,6661 110,6051 110,6051 128.1651 Net movement In fund5 50.622 26.222 111.2561 65,588 19,565 Reconclllatlon of funds.. Total funds brought forward 116,779 98.122 421,144 636.04S 616.480 Total funds carrled forward 167AOI 124,344 409M8 701,633 636,045 The notes on pages 9 to 18 form part of these financial statements. THE CLIFTON HIGH SCHOOL FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxed assets Investment5 405,171 416,188 Current assets Stock Debtors Cash and deposits 1,150 1,490 307.051 309.691 2.823 222.318 225,141 Crediiors 13.229 5,284 Net Current assets 296,462 219,857 Net assets 701,633 636.045 Charlty Fund5 Endowment lunds Restri¢ied funds Unrestricted funds io io io 409,888 124.344 167.401 421,144 98,122 116,779 Total funds 701.633 636.045 The financial statement5 were approved and authorised for i55ue by the Trustees on 21 June 2024 and si8ned on their behalf by: Hllary Vaughan Trustee The notes on pages 9 to 18 fom part of these financial statements. THE CLIFTON HIGH SCHOOL FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Attountlng pollcbes The Clifton HSgh School Foundatron is a registered charity with the Charity Commission England and Wales (charity number 1201516, previously charity number 10713851. Theaddre55 of its registered office is Clifton High School, Colle8e Road, Clifton. Brlstol. BS8 3JD. Bas15 of preparatlon of financ5al statements The financial statements have been prepared in accordance with the Statement of Recommended Practlce.. Accountin8 and Reporting by Charities, the Financial Reportin8 siandard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost oi transadion value unle55 Otherwise $13ied In the relevant a¢￿UntIng policv. The financial stoternents have been prepared to give a.true and fairt view and have departed fiom the Charities (Accounts and Reports) Regulations 2CL18 only to the exient required to provlde a -true and fairf view. This departure has involved followin8 the Charities SORP IFRS1021 published in October 2019. rather than the Accounting and Reporiin8 by Charitie5 Statement of Recommended Practice effedive Irom l April 2005, which ha5 since been withdrawn. The charity ¢onstitutes a public benefit eniity as defined by FR5102. The financial Statements are presented In sterlin8, which is the functional currency of the charity. and rounded io ihe nearest £. Golng concern The flnanclal statements have been prepared on a 8oin8con¢ern basis. The Charity ¢ontlnues to recelve donation Income and the discrelionary nature ol grant expenditure mitigates the risk of a defi¢it Impacting reserves. The current level of reserves and cash or invesiments held are considered sufficient to meet outstanding commitments and any liabilities as they fall due. There are no material uncefiainties about the charity'5 ability to continue as a 80ing concern. Incom• Donatlons Donations and le8acies are ¢redited to revenue on a recÈiv3ble basis. No amounis afe included in the financial statements for 5ervice5 donated by volunteers. Gift Aid receivable is included in income when there is a valid declaration frorn the donor. Any Gift Aid amount retovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as ihe initial donation unle55 Ihe donor or the terms of the appeal have specified othèrwise. Fundral%n8 events Income ffom fundraising evenis is recognised when the event takes pla￿. Sale of donated goods Donated goods relate to ihe sale of second-hand uniform. Income is recoBnised on receipt and therefore income is recognised when the sale takes place. It is not Pfactical to attribute a fair value to such items. THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income Icontlnuedl Sale of merchand5se Proceeds from the sale of merchandise is recognised when the sale takes place. Expendlture Expenditure is accrued as wjn as a liability is considered probable and has been classified under headings that aggregate all costs felated to the cate80ry. All expenditure is in¢lusive of irrecoverable VAT. Grants and award5 are generally linked to academic years and are re¢o8nised in the year to which they relate. All grants and award5 are paid to Clifton High School. Support Costs have been allocaied between governance cost5 and other support. Governance costs comprise all costs trnvolvin8 publlc a¢¢ountability of the charity and its u)mpliance with regulation and 8ood Pfaaice. Investments Investments are included at closing mid-market value ai the balan¢e sheet date. Any realised and unrealised 83ins and losses on revaluation Of disposals are combined in the Statement of Financial Activitie5. Income from Investments in Included. together With the Telaied tax credit, in ihe year in which it is receivable. Fund accountlni Unrestricted funds are funds which are available lor use at the discretion ol the Tfustees in furtherance of the general objectives of the Foundaiion. Restricted and endowed funds are funds which are to be used in accordance with specific restrictlons Imposed by donors or which have been raised by the School for partlcular purposes. Restructurln8 The Clifton High School Foundation CIO was regisiered on 6 january 2023 with charity number 1201516. Its objects are consistent with those ol the old charity with charity registration nurnbef 1071385. which has since been linked to the new charity. The elfective date of the mer8er was 8 March 2023. The financial statements have been prepared on the bas15 thai the new CIO has always been in place in ac¢ordan¢e with the principles of merger accounting. The Statement of Financial Activities for the yèar reflect the combined entities frorn the beginnin8 of the year: assets. liabilities and funds at the balance sheet dale are those of the combination. There has been no restatement to fair values arising because of res¢ructurin8. Comparatives for the previous period will be restated to combine the results of the two entilies. albÈit this was noi necessary this year as the new CIO was only incorporated part way ihTOU8h the year under review and did not start until the merger. Further details are Set out in Note 13 and Note 14. io THE CLIFfoN HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from donations and le¥acies Unrestri¢ted fund5 12m to 31 August 2023 Restricted Endowment Total funds funds funds 12m to 31 12m to 31 12m to 31 August 2023 Au8USt 2023 August 2023 Total Funds 12m to 31 Au8USt 2022 Donations and legacies 30,063 28.879 58,942 15,019 30.063 I8￿79 58.942 15.019 Included in donations and le8acies is a legacy of £Nil12022.' £2,332) attributable to the Glenday Scholarship endowment fund. Costs of ralslni funds Unrestrirted funds 12m to 31 AuBUSt 2023 Restricted Endowment rotal funds funds funds 12m 10 31 12m to 31 12m to 31 Au8USt 2023 Au8usI 2023 August 2023 Total Funds 12m to 31 Au8USt 2022 Costs of fundraising events Investment manager lees 31,201 1.562 1.993 3.555 32,763 1,993 34.756 12,588 2,074 14.662 31.201 12m to 31 August 2022 10,247 4MIS 14,662 Other aw•rds Unrestricted funds 12mto31 August 2023 Restricted Endowment fur¢ds funds 12m to 31 12m to 31 Au8U5t 2023 August 2023 Total Total funds Funds 12m lo 31 12m to 31 August 2023 Au8USt 2022 Equipmeni grants Prize5 18,661 18.661 150 18AII 2.713 150 2,863 150 150 18.661 12m to 31 Au8USt 2022 2￿63 2A63 li THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Governance costs Unrestrbrte