The Clipper Foundation
Statement of Accounts for the Year Ended
5th April 2025
Currey & Co LLP 33 Queen Anne Street London W1G 9HY
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The Clipper Foundation Annual Report for the Year Ended 5th April 2025
Legal and Administration Details
The trustees are pleased to present their report together with the Financial Statements of the charity for the year ended Sth April 2025. The Financial Statements have been prepared in accordance with the accounting policies set out in the notes to the the accounts and comply with the charity's governing document. The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective Ist January 2019).
The trustees acting throughout the year, who were not remunerated were:
Mr Nicholas Wellard Smith Mr William Lawrence Greenwell Swan Mrs Anne Morag Macpherson
Mr Swan is, however, a partner in Currey & Co LLP, 33 Queen Anne Street, London W1G 9HY, solicitors to the trust who provided secretarial, accountancy and tax services.
The charity's bankers are C. Hoare & Co, 37 Fleet Street, London EC4P 4DQ.
The investment portfolio managers are Ruffer LLP, 80 Victoria Street, London SWIE SJL.
The independent examiner is Ailsa Farey CA CTA, of Millbank Financial Services Ltd, Fourth Floor, 7 Swallow Street, London, W1B 4DE
Structure, Governance and Management
The charity was established by Deed of Trust dated 21st March 1997 and is registered with the Charity Commission No: 1062249. The charity's address is 33 Queen Anne Street, London W1G 9HY.
The power of appointment of new trustees is vested in the current trustees. The trustees actively review the perceived major risks which the charity faces and the trustees are satisfied that the systems in place mitigate these risks.
The training needs of the trustees are reviewed on an annual basis. The training costs incurred in the current year are £Nil (2023/24: £Nil). They have received appropriate briefing on their responsibilities under the law relating to charities and their duty to ensure that their charitable activities are for the public benefit. The selection of future trustees will have regard to the skills, knowledge and experience needed for the effective administration of the charity.
Related Parties
No transactions took place with related parties.
Risk Management
The major risks to which the charity is theoretically exposed are fluctuations in the value of its investments (whether caused by wider market factors, or under-performance of the charity's investment managers): the fraud or negligence of the trustees or third parties (including their investment managers or bankers) and cyber-crime. The Trustees , having assessed these risks, are satisfied that systems and policies (including policies on investment management and financial controls) are in place to manage those risks.
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The Clipper Foundation Annual Report for the Year Ended 5th April 2025
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Risk Management
The Trustees have satisfied themselves that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable future. The charitable activities are funded by the investment portfolio and investment performances in the year were good. The portfolio has sufficient value to support continued grant making.
Objectives and Activities
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitable purpose.
The trust carries out these objectives by making grants or loans to other registered charities, or exceptionally to organisations which, while not registered charities, have been established for charitable purposes.
The scope of the trustees’ grant making is determined only by the extent of their resources; it is not otherwise restricted either geographically or by the type of activity carried on by prospective beneficiaries or applicants.
Public Benefit
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the donation policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitable purpose.
Achievements and Performance
The trustees consider that their principal objectives are being achieved. The trustees are pleased with the progress made in the financial year ended 5th April 2025 and look forward to expanding their work with many other charities in the years to come.
Financial Review
On 5th April 2025 the investment portfolio was worth £947,717 (2024: £942,248) and in the year ending on Sth April 2025 the investment income was £31,084 (2023/24: £22,651). The trustees made six donations in 2024/25 totalling £18,500 (2023/24: £15,000). The trustees are satisfied that the charity's assets are available and adequate to meet its obligations.
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The Clipper Foundation Annual Report for the Year Ended 5th April 2025
Fixed Asset Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised Gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities,
Employees The charity employs no staff.
Investment Policy
Under the trust deed the trustees are empowered to invest in any mode of investment which the trustees could effect if they were absolutely and beneficially entitled.
The investment policy is monitored by regular investment reports and annual meetings with the Investment Manager. A breakdown of the investments held at the financial year ended 5th April 2025 can be seen on page 9.
Reserves Policy
It is the trustees' policy to distribute approximately one year's net income in the course of each financial year and to retain (in accordance with clause 6 of the charity's trust deed) as a reserve some income only in order to (a)be able to respond expeditiously and when appropriate to urgent appeals and/or (b) to address the depletion of capital (in real terms) brought about by inflation.
At the Balance Sheet date the unrestricted reserves amounted to £985,684. These are invested in order to generate income and capital gains, providing further funds to support the charity's purposes.
Plans for the Future
The trustees intend that the principal objectives should be pursued in perpetuity.
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The Clipper Foundation
Annual Report for the Year Ended 5th April 2025
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the Financial Statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare Financial Statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these Financial Statements, the trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the Charities SORP (FRS 102);
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e make judgements and estimates that are reasonable and prudent;
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e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
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° 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 adequate accounting records which 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
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Trustee
re 4
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The Clipper Foundation
Statement of Financial Activities For the Year ended 5th April 2025
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|||||||
|---|---|---|---|---|---|
|Notes|2025|2024|
|£|£|
|Income|from:|
|Donations|and|Gifts|1,197|1,896|
|Investments|3|31,084|22,651|
|Total|32,281|24,547|
|Expenditure|on:|
|Charitable|activities|5|(22,052)|(19,672)|
|Raising|funds|7|0|0|
|Total Resources Expended|(22,052)|(19,672)|
|Net income/(expenditure)|10,229|4,875|
|Gains/(losses)|on|investment|assets|5,481|(91,755)|
|Net movement|in|funds|15,710|(86,880)|
|Reconciliation|of funds|
|Fund balances|brought|forward|969,984|1,056,864|
|Fund balances|carried forward|£985,694|£969,984|
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The Clipper Foundation Balance Sheet as at 5th April 2025
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|||||||
|---|---|---|---|---|---|
|Notes|2025|2025|2024|
|£|£|£|
|Fixed|Assets|
|Investments|at current value|9|947,717|942,248|
|Current|Assets|
|Cash|at bank and on|deposit|37,977|31,864|
|37,977|31,864|
|Creditors:|Amounts|due|within|
|one|year|
|Accruals|12|0|4,128|
|0|4,128|
|Net current|assets|37,977|27,736|
|Total Net Assets|£985,694|£969,984|
|The Funds|of the Charity|
|Unrestricted|funds:|985,694|969,984|
|Total Charity Funds|£985,694|£969,984|
|Approved|nt|$|
|by the Trusteeson|7%|oebrn~wy|2027|and signed on their behalf|by:|
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(Trustee)
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The Clipper Foundation
Notes to the Accounts for the Year Ended
5th April 2025
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1 Accounting Policies a) Basis of Financial Statements Preparation The Financial Statements of the charity, which is a public benefit entity, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective Ist January 2019)’, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The Financial Statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from Ist April 2005 which has since been removed.
b) Nature of Funds
All funds held are unrestricted and the trustees are free to use them in accordance with the charitable objects.
c) Fixed Asset Investments
Investments are stated at market value at the Balance Sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disposals throughout the year.
d) Investment Income Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.
e) Raising Funds
Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to that category and are shown in the notes to the Financial Statements.
f) Charitable Grants Grants payable are recognised in the SOFA when they are approved by the trustees and the recipient has been informed of the amount to be paid.
g) Foreign Currencies
Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the Balance Sheet date monetary assets and liabilities denominated in a foreign currency are translated at the rate ruling at that date. All exchange differences are dealt with in the SOFA.
2 Remuneration of Trustees
In the financial year to Sth April 2025 the trustees did not receive any remuneration (2023/24: £Nil) but did receive reimbursement for expenses incurred in the year.
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The Clipper Foundation
Notes to the Accounts for the Year Ended 5th April 2025
| 5th April 2025 | ||||
|---|---|---|---|---|
| 3 | Investment Income | £ | ||
| UKDividends -Quoted | 29,526.17 | |||
| BankInterest | 1,557.73 | |||
| 4 | CharitableActivities | Direct | Support | ___£31,083.90 |
| costs | costs | |||
| (see note 5) | (see note 6) | Total | ||
| £ | £ | £ | ||
| Charitableexpenditure | £18,500 | £3,552 | £22,052 |
5 Direct Costs
| 5 | Direct Costs | Direct Costs | |||
|---|---|---|---|---|---|
| The charity undertookno direct charitable activities but awarded grantsto | to anumber of | ||||
| institutions in furtherance ofits charitable objectives. Theseare as follows: | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| HarmenyEducation Trust | 3,000 | ||||
| Hopscotch Children's Charity | 4,500 | 4,500 | |||
| PeeblesshireFoodbank | 0 | 1,500 | |||
| Institute forFiscal Studies | 10,000 | 0 | |||
| Prince&Princess ofWales Hospice | 0 | 2,000 | |||
| TheYardAdventure Centre | 0 | 2,000 | |||
| Worldwide Cancer Research | 4,000 | 0 | |||
| WillowFoundation | 0 | 2,000 | |||
| £18,500 | £15,000 | ||||
| 5 | _Analysis ofGrants made | Grantsto | Grants | to | |
| institutions | individuals | Total | |||
| £ | £ | £ | |||
| Advancement of: | |||||
| education | 10,000 | 0 | 10,000 | ||
| heaith orthe savingoflives | 4,000 | 0 | 4,000 | ||
| thereliefofthose inneed | 4,500 | 0 | 4,500 | ||
| Any other charitable purposes | 0 | 0 | 0 | ||
| £18,500 | £0 | £18,500 | |||
| 2025 | 2024 | ||||
| 6 | Support Costs | £ | £ | ||
| Support costs - Currey &CoLLP | 3,552 | 4,128 | |||
| MEFS Ltd fees | 0 | 544 | |||
| £3,552 | £4,672 |
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The Clipper Foundation Notes to the Accounts for the Year Ended Sth April 2025
- 7 Expenditure on Raising Funds Investment Management fees
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| 0 | 0 | ||
| £0 | £0 |
- 8 Staff Costs There are no employees so consequently no staff costs have been incurred.
| 5.4.2025 | |||||
|---|---|---|---|---|---|
| Market Value | |||||
| 9 | Investments held | at 5th April 2024 | £ | ||
| 701,234 | CharityAssetsTrustC Inc | 947,717.20 | |||
| £947,717.20 | |||||
| 2025 | 2024 | ||||
| 10 | Fixed Asset Investments | £ | £ | ||
| Marketvalue brought forward | 942,248 | 1,033,989 | |||
| Additions | 0 | 1,968 | |||
| Less disposalproceeds | (12) | (1,954) | |||
| Netgains/(losses) | on investments | 5,481 | (91,755) | ||
| Marketvalue carried forward | £947,717 | £942,248 | |||
| 11 | Cash atBank | 2025 | 2024 | ||
| £ | £ | ||||
| RufferInvestmentManagement | Management | 36,933 | 30,126 | ||
| Currey&CoLLP | 1,044 | 1,738 | |||
| £37,977 | £31,864 | ||||
| 12. | =Accruals | Accruals | 2025 | 2024 | |
| £ | £ | ||||
| Currey&CoLLP | 0 | 4,128 | |||
| £0 | £4,128 |
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The Clipper Foundation Accounting Policies
Basis of Accounting
The accounts are prepared under the historical cost convention, modified by the revaluation of investments. The accounts have been prepared in accordance with applicable accounting standards, including the Statement of Recommended Practice for Accounting and Reporting by Charities issued in March 2005 and the Charities Act 2011.
The charity has taken advantage of the exemption under Financial Reporting Standard No 1 "cash flow statements" available to small entities to dispense with presenting a cash flow statement.
Donations and Gifts
Donations and gifts comprise amounts received during the year. Shares which were received as a gift were valued at Market Value.
Grants Payable
These comprise amounts payable during the year.
Allocation of Costs
Management and administration costs represent costs incurred in the overall organisation of the charity and compliance with constitutional and statutory requirements.
Investments
Investments are stated in the balance sheet at market value, based on the middle market quotation on the relevant stock exchange at the year end date.
Income from UK equity investments is accounted for when it falls due; income from fixed interest securities and foreign investments is accounted for when it is received.
Realised and Unrealised Gains/(Losses)
Realised gains/(losses) include profits/(losses) realised on sales of investments during the year. Unrealised gains/(losses) comprise all increases and decreases in Market Value of Investments held at Sth April 2025. .
ee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CLIPPER FOUNDATION
FOR THE YEAR ENDED 5 APRIL 2025
| report fo the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2025 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act’).
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement thatexamination. the accounts givea ‘true and fair view’ which is not a matter considered as part of an independent
“s
| 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.
Ailsa Farey CA CTA 4% Floor, 7 Swallow Street London W1B 4DE
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DATEDthis & day of FeOVOW 2021,
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