Charity number.. 1201516 THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
THE CLIFTON HIGH SCHOOL FOUNDATION CONTENTS Pages Reference and administrative details of the charity, it5 trustees and advisers Trustees, report Statement of financial activities Balance sheet Notes to the financial statements 8-17 Independent examinerfs report 18
THE CLIFTON HIGH SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Trustees Catherine Allin Susan Manby Marie-josephe Obrentz Lise Seager Hilary Vaughan Appointed 12 March 2025 Resigned 29 September 2025 Charity registered number 1201516 Principal address and registered office Clifton High School, College Road, Clifton, Bristol B58 3JD Bankers Handelsbanken PLC Pembroke House, 15 Pembroke Road, Clifton, Bristol BS8 3BA Investment managers RBC Brewin Dolphin Vantage Point, Woodwater Park, Pynes Hill, Exeter EX2 5FD Independent examiner 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 2025 The Trustees have pleasure in presenting their report and accounts for the period ended 31 August 2025. Objects ofthe 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 scholarships, grants and awards. To advance the education of the students of the School through the provision of facilities Sultable for education (including, but not limited to, equipment and buildings). Review of the year The results of the Foundation are set out in the Statement of Financial Activities on page 6. The Foundation oversees and operates several legacy endowment funds established many years ago from the very generous actions of staff and alumni of the School. During the year the trustees approved the transfer from the School to the Foundation of one further endowment, the Joan Probert Fund. The endowed funds continued to generate income in the form of restricted funds for the purposes of providing scholarships, bursaries and prizes, and the Foundation issued several grants during the year in line with those purposes. Bursary awards are subject to means-testing. Prizes are generally based on merit. The vear under review saw the public launch of the 150, Anniversary fundraising campaign in conjunction with the School. This was delayed from earlier in the year due to the timing of the Government's introduction of VAT on School fees. The Foundation had no recent track record of capital fundraisinE from which to benchmark, but nevertheless the trustees are disappointed by initial response to the fundraisin8 campaign, which so far has fallen short of what had been hoped. Despite Iliis, LI1 liusLe dlsv iiule LlidL dui iiix Llie yvai Ll)e Fuuiidaiioii'i a5)e l)<*VV pusI)eLJ paSL Lli¥ £liii barrier for the first time, thanks primarily to the second tranche of a generous legacy and the transfer frnm thg Srhnnl nf thg Inan Prnhprt Fijnd. Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate the exposure to the major risks. Investments The Foundation holds various listed investments through a managed portfolio of funds. As noted last year, the trustees had resolved to consolidate its disparate investments under one provider and during the year duly appointed RBC Brewin Dolphin as investment managers. Previous investment holdings were liquidated and transferred. One investment, managed by Smith & William50n, remain5 on the balance Sheet as it could not be liquidated by the year-end. At the year-end the Foundation also held some cash reserves on fixed term deposit, with the intention of transferring a further tranche to RBC Brewin Dolphin in due course. Details of the Foundation's investments are set out in the balance sheet on page 7.
THE CLIFTON HIGH SCHOOL FOUNDATION TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2025 Reser4es Policv Most funds are endowment in nature, or relate to the 150 anniversary campaign. The Trustees have prioritised growing reserves over the short to medium term, so that Capacity for grant making Can be scaled up over the long term. Free reseNes, as defined by the Charities SORP, were £132,059 at the year-end12024.. £118,982). Future developments The trustees expect to issue grants to support bursaries and prizes in line with income generated from investment fund5, but otherwise to optimise responses to the 150, anniversary campaign and grow the funds available for capital investment and bursarial support. Statement of Trustees, responsibilities The Trustee5 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 financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resource5 and applicable resources, including the income and expenditure of the charity for that period. In proparin8 theso financial statomonts, the Trustees are required to= Select suitable accounting policies and then apply them consistently: Observe the method5 and principle5 uf trie Cli¢*rities SORP IFRS1021- Make judgements and accounting estimate5 that are reasonable and prudent,. State where applicable UK accounting standards have been followed, subject to any material depart4Jres disclosed and explained in the financial statements,. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking 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 applicèble law and regulations and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). This Annual Report was approved by the Trustees on 11 February 2026. Hilary Vaughan Trustee
THE CLIFTON HIGH SCHOOL FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES FOR THE PERIOD ENDED 31 AUGUST 2025 {INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestricted funds 12m to 31 AuEust 2025 Restricted Endowrnent Total Total funds funds funds fund5 12m to 31 12m to 31 12m to 31 12m to31 August 2025 August 2025 August 2025 August 2024 Note Income from: Donations and legacies Fundraising events Sale of merchandise Investment income School fund transferred School deposits retained Total Income 91,796 44.144 26.310 135,940 26,310 4,340 22,235 71,715 25.567 286.107 150,031 42.226 5,786 18.598 4,340 10,322 11,913 71,715 25,567 131,02S 20.103 236,744 82,367 71,715 Expendlture on: Raising funds Scholarships and bursaries Othei awards Support Governance Total expenditure 6,062 4,200 2,158 561 5,100 18,081 29,562 22,485 120 899 35,624 26,685 2,278 1.460 5,100 71.147 59,810 21,750 9,225 1,365 4.700 96,850 53.066 Nct incomc bcforc tran&fcr- and investment Ilossesllgains 113,944 29,301 71,715 214,960 139,894 Transfer5 Realised Ilossesl on inve5tment5 Unrealised gains/llossesl on invp%tmpnt. 18,6461 8,646 16.5591 16,5591 21,693 21.693 3_4.1it) Nèt movemènt in funds 105,298 31,388 93,408 230,094 172,997 Reconclllat5on of funds.. rotal funds brought forward 242,039 189,093 443,498 874,630 701,633 Total funds Carried forward 347,337 220.481 536,906 1,104,724 874,630 The notes on pages 8 to 17 form part of these financial statements.
THE CLIFTON HIGH SCHOOL FOUNDATION BALANCE SHEEf AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Investments 473.651 438,419 Current assets Stock Debtors Cash and deposits 1,548 10.932 626,536 639.016 2,118 6S.637 394,035 461.790 Creditors io 7,943 25.579 Net current assets 631.073 436,211 Net assets 1,104,724 874,630 Charlty Funds Endowment fund5 Restricted funds Unrestricted funds li 536.906 220,481 347.337 443,498 189,093 242,039 li li Total funds 1.104.724 874,630 The financial statements were approved and authorised for Issue by the Trustees on 11 February 2026 and signed on their behalf by: Hilary Vaughan Trustee The notes on pages 8 to 17 form part of these financial statements.
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting pollcies The Clifton High School Foundation is a charitable incorporated organisation registered with the Ch8ritv Commission England and Wale5 (charity number 1201516, previously charity number 10713851. The address of its re8lStered office 15 Clifton High School. College Road, Clifton, Bristol, BS8 3JD. B35is of preparation of flnanclal statements The financial statement5 have been prepared irl accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charitie5, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10213nd the Charitles Act 2011. Assets and liabilities are initially recognised at historical cost or transartion value unle5$ OthenNlse stated In the relevant accounting policv. The financial statements have been prepared to give a.true and fairt view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following the Ch3rities SORP IFRS1021 published in October 2019, rather than the Accounting and Reporting by Charities Statement of Rècommended Practicè effèctive from l April 2005, which has since been withdrawn. The charity constitutes è public benefit entity as defined by FR5102. The financial statements are presented in sterling. which 15 the funciional currency of the charity. and rounded to the nearest £. Golng concern The financlal statements have been prepared on a going concern basis. The charity continues to receive donation iiicoiiie aiid the discretionary nature of 8rant eApenditure mitl8ates the risk- of a deficit impactln8 reserves. The current level of reserves and cash or investments held are considered sufficient to meet outstanding commitments and any liabilities as they fall due. There are no materia1 uncertainties about the charity's ability to continue as a goinE concern. In¢•m¢ Donations and legacies Donations and legacies are credited to revenue on a receivable basis. Legacies are recognised when the Foundation is entitled to the income, receipt is probable and the value of the donation can be measured with reasonable ¢ertalnty. No amounts are included in the financial statements for services donated by volunteers. Gift Aid receivable is included In income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that 8ift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Fundraising events Income from fundraising events is recognised when the event takes place. Sale of donated goods Donated goods relate to the sale of second-hand uniform. Income is r@cogni%ed on receipt and therefore income is recognised when the Sale takes place. It is not practical to attribute a fair value to such items.
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income Icontinuedl Sale of merchandise Proceeds from the sale of merchandise is recognised when the sèle takes place. Expenditure Expenditure is atcrued a5 500n a5 a liability is considered probable and h35 been classified under headings that aggregate all costs related to the category. All expenditure 15 inclusive of irrecoverable VAT. Grants and awards are generally linked to academic years and are recogni5ed in the year to which they relate. All grants and awards are paid to Clifton High School. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Investments Investments are included at closing mid-market value at the balance sheet date. Any realised and unrealised gains and105ses on revaluation or disposals are combined in the Statement of Financial Activities. Income from Investments in included, together with the related tax credit, In the year in which it 15 receivable. Fund accounting Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the Foundation. Restricted and endowed fund¢ Arp fiJnd£ whir.h Arp tn hp Ii<pA in accordance with specific restrictions imposed by donor5 or which have been raised by the School for particular purposes.
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donatlons and legacles Unrestricted funds 12m to 31 August 2025 Restricted Endowment funds funds 12m to 31 12m to 31 August 2025 August 2025 Tot31 Total funds Funds 12m to 31 12mto31 August 2025 August 2024 Donations and legacies 91.796 44,144 135.940 150,031 91,796 44,144 135,940 150,031 12rn to 31 August 2024 71,077 78,454 500 150,031 Included in donations and legacies are legacies of £79,50012024.. £60,500). School fund transferred During the year the Foundation received £71.715 frorn Clifton High School in relating to the Joan Probert Fund. an endowment to support the provision of bursaries, following the transfer of the linked trust of this narne. C05t5 of ralslnB funds Unre5trictÈd fundj 12m to 31 August 2025 Rèstricted Endowment fund5 fund3 Total funds Total runds 12m to 31 12mto31 August 2025 August 2024 12m to 31 12m to 31 August 2025 Au8U5t 2025 General fundraising costs Costs of fundraising events Costs of Merchandise sold 633 2.751 2,678 14,261 13,008 14,894 15,759 2,678 2.291 35.624 57,855 Invostm@nt m3n3g@r fegs 2.2q3 29,562 1.955 59,810 6.062 12m to 31 August 2024 20,157 39,653 59AIO Other awards Unre5tritted fund5 12m to31 August 2025 Restricted Endtswment funds funds 12m to 31 12m to 31 August 2025 August 2025 Total Total funds Fund5 12mto31 12mto31 August 2025 August 2024 Equipment 3nd service grants Prizes 2,058 loo 2,158 20 loo 120 2.078 200 2,278 9,225 9.225 12m to 31 August 2024 9.225 9.225 io
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Governance costs Unrestricted funds 12m to 31 August 2025 Restricted Endowment Total Total funds funds funds Funds 12mto31 12m to 31 12m to 31 12mto31 August 2025 August 2025 August 2025 August 2024 Independent examination 5,100 5,100 4.700 12m to 31 August 2024 4,700 4.700 Net incomellexpenditurel During the year no Tru5tee5 received any remuneration or benefits in kirid12024.. Nill. No Trustee received reimbursement of expenses in either the current period or previous year. There were no employees in the current or previous period. No employee received remuneration amciunting to more than £60,000 in either year. Fixed asset invèstments Listed investments Market value At I September 2024 Additions Disposals Revaluation At 31 August 2025 438,419 464,597 1451.0581 21,693 473,651 Historlcal cost 455,629 Material investments representing at least 5% of the portfolio by market value 2025 2024 M&G Charifund units COIF Fixed Interest Fund COIF Global Equity Income Fund Ml Select Managers Corporate Bond SSGA Standard & Poor Exchange Traded Fund Ml Select Managers Alternative5 Fund 67,071 67,315 138,878 69.413 55,937 30,702 li
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Debtors 2025 2024 Owed by Clifton High School Accrued income Prepayment5 46 9,932 65,541 1.000 50 10.932 65,637 io. Creditors 2025 2024 Trade creditor5 Owed to Cliftoll High School Grants awarded not yet paid A£cfua15 875 1,076 892 5,100 7.943 120 5,119 1,900 18,440 25,579 12
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ii. Statement of funds Statement of fund5 urrent period 8al3nce at 31 August 2024 Income Expenditure Transfers inlout Gain51 Balance tit 11055esl 31 August 2025 Endowment funds Garraway Scholarship Addison Phillips Schol3r5hip Glenday Scholarship Joan Probert 169.401 67,072 207,025 7.585 16831 12,257 2,534 176,986 66,389 219,282 74,249 71,715 Total funds 443,498 71,715 21,693 536.906 Restrirted funds Garraway Scholarship Addison Phillips Scholarship Glenday Scholarship Joan Probert 150, Anniversary Appeal Dingw811 Ritson Equipment other Total restricted funds 4.941 2,411 4,081 480 70,454 19,8961 14,5101 16,5491 11231 128.1681 13,8001 8.646 13,6911 2,473 15,4311 90 47,043 20,718 47,417 12,819 447 135,324 485 23,989 93,038 4.285 23,989 20 189,093 82.367 153,0661 8.646 16.5591 220.481 Unrestricted funds General lund5 Designated fund- 150, De•l8natcd fund- bur•arie 118,982 26,958 60,000 79,5 63,057 25,567 242,039 132.025 113,8811 132,059 139,500 75,778 347,337 14,2001 18,6461 118,0811 18,6461 Total of funds 874,630 Z86,107 171,1471 15,134 1,104,724 Endowment funds The G3rraway Scho13rship fund is for the provision of scholarships or bursaries for pupils attending Clifton High School. Awards are made according to need rather than merit. Children of alumni of that School may be given special consideration, but the award 15 not limited in this way. Awèrds are subject to annual review. The Addison Phillips Scholarship fund is for the provision of scholarships for pupils attending Clifton High School. Awards are primarily made in the form of one-off grants. The Glenday Scholarship is for the provision of scholarships for pupils attendin8 Clifton High School. The Joan Probert Fund is for the provision of bursaries for pupils attendin8 Clifton High School. Restrlcted funds The Garraway, Addison Phillips, Glenday Scholarship and Joan Probert funds are described above. The restricted funds represent at any time the unspent income generated by the respective endowment. 13
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ii. Statement of fund5 Icontinuedl The 150 Anniversary Fund, which incorporates the former Rosarian Scholarship and Capital funds, and relates to the fundraising appeal linked to the School's 150 Anniversary. is for the support bursaries and scholarships of pupils at Clifton Hi8h Schotsl, as well ès for capital projects and the School's environmental sustainability goals. The Dingwall Ritson fund was formed durin8 the year following the transfer of funds previously held bv alumni to Clifton High School and is for the 5UPPOrt of bursaries. The Equipment fund 15 for the Support of smaller items of equipment. Other restricted funds refers to a small donation where the purpose of the donation was restricted to an area of support particularly important to the donor. but not otherwSse covered by pie-existing funds. Deslgnated funds Designated funds are funds of an unrestricted nature the trustees have set aside specifically for scholarship5 and bursarie5, QT to support the objects of the 150 anniversary appeal. Transfers between funds Unrestricted Restricted Endowment funds funds funds 12m to 31 12m to 31 12mto31 August 2025 August 2025 August 2025 G¥ant5 in excess of restricted funds available DesigrFated fund Garraway Scholarship 18.6461 8,646 The Foundation granted Garraway awards more than the restricted funds naturally generated by the endowed investments. The balance was funded out of designated funds. 14
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 io. Statement of funds Icontlnuedl Statement of funds prior period Balance at 31 Aygust 2023 Income Expenditure Transfers in/out Gains/ Balance at 110ssesl 31 August 2024 Endowment funds Garraway Scholarship Addison Phillips Scholarship Glenday Scholarship 159,282 60,549 190,057 10,119 6,523 16,468 169.401 67,072 207.025 soo Total funds 409,888 soo 33,110 443A98 Restricted funds Garraway Scholarship Addison Phillips Scholarship Glenday Scholarship 150, Anniversary Appeal Dingwall Ritson Capital fund Equipment Hardship fund Other Total restricted fund5 5,275 43,283 21,672 3,722 4.285 21,898 23.989 200 20 124,344 119,795 6,068 3.767 4,843 105,117 117,7231 6,380 171 47,043 20,718 93,038 4,285 15,7971 137,6991 21.898 121.8981 23,989 12001 20 189.093 161.4191 6,380 171 Unrestrirted funds General fund5 Designated fund5 58,067 96,346 109,334 20,103 167,401 116rt49 135,4311 118,982 123,057 242,039 16,3801 16,3801 13S.4311 Total of funds 701,633 236,744 196,8501 33,103 874.630 15
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ii. Analysis of net assets between funds Current period Fixed asset investments Current Creditors assets due within one year Total Endowment funds Restricted funds Unrestricted funds 473,651 63,255 220,481 355.280 536.906 220,481 347,337 17.9431 473,651 639,016 17,9431 1,104,724 Prior year Fixed asset investments Current Creditors assets due within one year Total Endowment funds Restricted funds Unrestricted funds 438,419 5.079 190,993 11,9001 265,718 123,6791 443,498 189,093 242.039 438,419 461,790 125.5791 874,630 16
THE CLIFTON HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Comparative Statement of Flnanclal Aetlvltles for the 12 months ended 31 Au8USt 2024 Unre51ri¢ted funds 12m to31 August 2024 Restricted Endowment funds fund5 12rn to 31 12rn to31 August 2024 August 2024 Total Totèl fund5 funds 12m to 31 12m to 31 August 2024 Au8USt 2023 Note Income from.. Donations and legacies Fundr315ing events Sale of donated goods Sale of merchandise Investment income Bank interest School deposits retained Total Income 71.077 15,563 78.454 26,663 500 150,031 42.226 58,942 40,494 5,297 3,780 14,103 401 27,559 150.576 5,786 5,786 14.678 3,920 20,103 236,744 14.678 3.920 20,103 116,449 119,795 500 Expenditure on: Raising funds Seholarships and bursaries other awards Support Governance Total expendlture 20.157 39.6S3 21.750 59,810 21,750 9.225 1,365 4,700 96.850 34,756 16,377 18.811 1,118 2.ty70 73,732 9,225 1,349 4,700 35,431 16 61,419 Net income before transfers and investment IlnE£p£l/8xin£ 81.t)IA 48.376 500 139.894 76.844 Transfer5 Realised Ilossesl on investments Unrealised gainslllossesl on investments 16.3801 6.380 16511 33,110 33,110 110,6051 Net movement in funds 74.638 64.749 33.610 172.997 65.588 Retontiliation of funds.. Total funds brought forward IG7,401 124,344 409,888 701,633 636,045 Total funds carried forward 242,039 189,093 443,498 874.630 701,633 17
THE CLIoN HIGH SCHOOL FOUNDATION INDEPENDENT EXAMINER'S REPORT Report to the trustees of The C14fton High School Foundation (charity Numbèr 12015161 on the accounts for the period ended 31 Ausust 2025 set out on pagcs 6 to 17. I report to the trustees on my examination of the accounts of the above charity l-the CIO~I for the period ended 31 August 2025. Responsibllitie5 and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in 3ccordan¢e with the requirements of the Charities Act 20111"the Act"). I report in respect of my ex3mination of the CIO'S accounts carriod out under spction 145 of the 2011 Act and in carrying out my exarnination, I have followed all applicable Directions Eiven by the Charity Commission under Section 145151 Ibl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material Matters have come to my attention in connection with the examination which give5 me cause to believe that in, any material respect.. The accounting records were not kept in accordance with section 130 of the Charities Art- or The accounts did not accord with the accounting records.. or The accounts did not comply with the applicable requirement5 concerning the form and content of accounts set out iri the Charities IAccounts and Reports) Regulations 2008 other than anv requirement that the accounts give a 'true anij fair. view which 15 not a rnatter considered as part ot an independent examination. 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. UP Helen Blundell LLB FCA FCIE DChA Member of the Institute of Chartered Accountants in England and Wales Crowe UK LLP Black Country House Round5 Green Road Oldbury West Midlands B69 2DG Date.. 24 February 2026 18