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￿ liusL￿e￿ 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