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2020-12-31-accounts

The Clare Foundation Limited A Company Limited by Guarantee Financial Statements For the year ended 31 December 2020

Charity Number 1131949 Company Number 06995233

Legal and administrative information

Registered Office: Sunley House (4th Floor) Oxford Road Aylesbury Buckinghamshire HP19 8EZ

Charity registration number— 1131949

Company registration number — 06995233

Trustees: Michael Clare (Chair) Rebecca Chandler-Wilde Michael Elliott (resigned 10 December 2020) Amanda Foister (resigned 11 June 2020) Karen Irons Michele Jennings (resigned 10 December 2020) Sir David Lidington Alexander Pratt (resigned 13 March 2021) Robin Walker Christopher Williams

The Trustees have the powers and obligations of Directors as set out in the Companies Act 2006.

Chief Executive Officer

Martin Gallagher

Auditor: Saffery Champness LLP Chartered Accountants St John’s Court Easton Street High Wycombe Buckinghamshire HP11 1X

Bankers: Coutts & Co 440 Strand London WC2R 0QS

The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Contents

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|||||| |---|---|---|---|---| |Trustees'|Annual|Report|1-7| |Report|of the|Independent|Auditor|8-12| |Statement|of|Financial|Activities|13| |Balance|Sheet|14| |Statement|of|Cash|Flows|15-16| |Principal|Accounting|Policies|17-20| |Notes|to the|Financial|Statements|21-31|

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1

Trustees’ Annual Report

The Trustees present their report and the audited accounts for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (FRS 102) (SORP (FRS 102)) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the Charity, which incorporates the report of the directors for the purposes of company law.

Structure, Governance and Management

The Clare Foundation is a charitable Company Limited by Guarantee set up on 19 August 2009. It is governed by its Memorandum and Articles of Association. The Clare Foundation was granted charitable status on 1 October 2009 by the Charity Commission. At inception, there were three Trustees registered. Over the years, other Trustees have been appointed to monitor, evaluate and strengthen the Board and to bring specialist expertise and experience of the sector. There were seven Trustees serving as at 31 December 2020.

The Trustees, who are the Directors of the company, and, who have served during the period, are listed below: Michael Clare (Chair) Rebecca Chandler-Wilde Michael Elliott (resigned 10 December 2020) Amanda Foister (resigned 11 June 2020) Karen frons Michele Jennings (resigned 10 December 2020) Sir David Lidington Alexander Pratt (resigned 13 March 2021) Robin Walker Christopher Williams

The Board is a diverse group of individuals with a mix of skills, age and experience to further the charitable purpose of the Charity. The Trustees each recognise the significance that they shall be well prepared and experienced to discharge their role and duties effectively. The Trustees have varying levels of expertise and experience of fulfilling the role of Trustee.

Appointment of Trustees

The Charity may by ordinary resolution appoint a person who is willing to act to be a Trustee and determine the rotation in which any additional Trustees are to retire. In selecting new Trustees, the Board review the mix of skills, age and experience and appoint accordingly.

Retirement of Trustees At each Annual General meeting one-third of the Trustees must retire from office.

Organisational Structure

The board of Trustees normally meet on a quarterly basis and have appointed a finance sub-committee who are responsible for developing the strategic direction and monitoring the operational and financial

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The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

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Trustees’ 1 Annual Report
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performance of the Charity. The Finance Sub-Committee reports to the board on a quarterly basis. The Chief Executive Officer is responsible for the day to day operation of the Charity under the delegated authority of the finance sub-committee. The Chief Executive Officer’s salary is set by the Trustee Board upon the recommendation of Finance Sub-Committee and it is benchmarked against similar positions.

The charity also has a trading subsidiary, TCF Trading Limited, the company has not traded in the current or prior year. More information can be read in note 13 to the financial statements.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of The Clare Foundation Limited for the purposes of the Companies Act 2006) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 102).

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company 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, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

In so far as the Trustees are aware:

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Trustees’ 1 Annual Report

Objectives and Activities

The Charity's purpose is to provide technical support, strategic leadership and triaging connectivity to charities that seek to advance their governance, business efficiency and effectiveness; to provide Social Investment Loans and Seed Funding Grants to charities for programmes, projects and core business development that promote longevity and sustainability.

To encourage happiness, positivity, optimism and self-esteem to all individuals across Buckinghamshire County and the surrounding areas and to encourage Corporate Social Responsibility (CSR) collaboration between businesses and charities to promote greater societal impact.

The Trustees confirm that they 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.

Achievements and Performance

The charity launched Social Investment Loans Programme in January 2020 and is to develop collaborative plans and partnerships for ‘helping charities, helping people and helping businesses’ with the objective of creating and stimulating cooperation between businesses and charities to benefit people across Buckinghamshire and surrounding area. At the March 2020 Board Meeting the Board recognised the urgency of the Covid Pandemic and authorised the release of an additional £100K to support the work of charities working with vulnerable people or those seeking to refocus their delivery

The Trustees believe that a well-run organisation should set, monitor and report on Key Performance Indicators. The KPI's have been developed by the CEO and approved by the Board; are used to monitor performance; and are reviewed at quarterly Board meetings.

The KPI’s and the Charity’s performance and achievements against them have been to:

  1. Develop Charity Services activities:

  2. e Raise the profile of the Charity, by establishing collaborative partnerships, relationships with multiple charitable and not-for-profit organisations.

  3. e Provide Social Investment Loans to charities for core business development that promotes longevity and sustainability.

  4. e Provide small seed funding grants that assist charities with developing their business, programmes or projects

  5. © Provide Covid Emergency Funding for charities e Deliver a series of beneficial ‘Pro-Bono’ Seminars, Forums and Educational Workshops for charity Leaders, Staff and Trustees.

  6. e Develop and deliver bespoke services for charities in greater need of specific expertise. e Through bespoke services help other charities become more business efficient and effective. e Encourage happiness, positivity, optimism and self-esteem to all individuals across Buckinghamshire and the surrounding areas.

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The Clare Foundation Limited

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Trustees’ 1 Annual Report

Supporting and mentoring 2 charity initiatives:

Plans for Future Periods

In January 2020 projects and programmes planned in late 2019 commenced, there was significant support from stakeholder, charities and community based partners. The Board of Trustee’s had released £80K for the delivery of these projects and programmes across the county, including the delivery of a 2020 Conference and Soirée, and a series of Forums and Seminars for Charity Leaders.

Through the implementation ofour new strategy, our preparatory work and development of relationships and initial collaborations in 2019 we were very well placed to support and respond positively to serious disruptions in the sector.

As a leading member of Buckinghamshire Council VCS Partnership & Committee Member we had detailed knowledge and intelligence around the unmet needs the sector, community and what the leading charities delivered. As a result of this position in the county The Clare Foundation has been considerably active since Covid 19 Pandemic has impacted Buckinghamshire and the surrounding areas.

The Trustees’ broad objectives going forward are:

  1. Over the next 3-5 years:

  2. e Provide Small — Medium Sized Grants and Seed Funding for Charities to deliver their programmes and projects

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The Clare Foundation Limited

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Trustees’ ! Annual Report

To develop the Charity Services activities by:

Financial Review

Details of income and expenditure are available in the Statement of Financial Activities on page 13 and the notes following.

Management of the Charity’s investment portfolio is delegated to Smith & Williamson. As at 31 December 2020, the investment portfolio was valued at £6,918k (2019: £6,246k). The investments include net unrealised gains of approximately £616k (2019: gains of £784k).

There are no material uncertainties about the Charity’s ability to continue as a going concern,

6

The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Trustees' ! Annual Report

Donated Services

The Trustees’ would like to thank the donors and supporters who have made significant contributions to the charity, by way of providing pro bono 1:1 advice sessions, webinars and workshops, and greatly appreciate the generous sharing of time, wisdom and knowledge freely given to local Charity Leaders, Aspiring Leaders and Middle Managers.

Reserves Policy

The Trustees consider that the level of Unrestricted Reserves should be sufficient to cover the Charity’s budgeted annual operating expenditure of £300k (2019 - £240k). The balance of the reserves represents investments held in accordance with the wishes of the Trustees to create both long-term capital growth and annual income to contribute towards the Charity’s annual expenditure.

The free Unrestricted Reserves of the Charity at the year-end are £7,296k (2019 - £7,007k).

Reserves are an inherent part of the risk management process. Reserve thresholds are assessed as part of the strategic planning process.

Investment Policy

The Trustees’ have delegated the management of the Charity’s investment portfolio to Smith & Williamson Investment Management LLP. The investment objective being for growth rather than income in the medium term, to prudently invest in a range of fixed interest securities, UK and overseas equities and other investment classes. The Investment Committee review the performance of the portfolio with Smith & Williamson on a quarterly basis. Social investment Loans Policy TCF Social Investment Loans Programme provides social investment in the form of loans to charities with the aim of creating a positive social impact. The aim is to closely support and inspire the business development and management of charities in Buckinghamshire and surrounding environs who may otherwise find it difficult to raise grants or funding from traditional sources. The Trustees’ have delegated the scrutiny of the loan applications to the Social Investment Loans Committee for loans up to £50,000 which are repayable within three years, loans awarded outside of these criteria are authorised by the full Trustee Board.

Risk Statement

Following the sale of the building the Trustees have reassessed the risks to which the Charity is exposed to as:

i. Failure to manage the key assets effectively.

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A Company Limited by Guarantee

Trustees’ q Annual Report

The Trustees mitigate this risk by setting up an investment committee to review the management of the investment portfolio by our professional advisors Smith & Williamson Investment Management LLP. The Trustees also acknowledge the coronavirus pandemic has created a significant amount of uncertainty, stock markets have been volatile and the value of investments dropped dramatically in the early stages of the pandemic but have now recovered. The investment committee has requested Smith & Williamson to provide regular updates and these are reviewed at quarterly Trustee meetings.

The Trustees continue to evaluate and re-assess the risk profile of the Charity following the implementation of the new strategic direction of the Charity. Systems and procedures have been developed to mitigate future risks. Any changes or updates to the risk register are reviewed at quarterly Trustee Meetings. The register as a whole is reviewed for completeness on an annual basis. The precise nature and extent of any potential impact arising from the Covid-19 pandemic are harder to assess, and to mitigate the future risks to additional reviews have been implemented for the Charities sub-committees.

Related Parties

A register of related party interests is maintained for all Trustees.

Auditors

The Trustees recommend that Saffery Champness LLP should be re-appointed as auditors to the company and they have expressed their willingness to remain in office.

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ON BEHALF OF THE BOARD
LZ C
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Michael Clare Chair Date: 7 JULY 20.2)

8

The Clare Foundation Limited

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Report of the Independent Auditor to the Trustees of The Clare Foundation

Opinion

We have audited the financial statements of The Clare Foundation for the year ended 31 December 2020 which comprise Statement of Financial Position, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

9

The Clare Foundation Limited A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Report of the Independent Auditor to the Trustees of The Clare Foundation

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

10

The Clare Foundation Limited

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Report of the Independent Auditor to the Trustees of The Clare Foundation

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 2, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of[the][financial] statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

11

Report of the Independent Auditor to the Trustees of The Clare Foundation

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge ofany actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: . This description forms part of our auditor’s report

12

The Clare Foundation Limited

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Report of the Independent Auditor to the Trustees of The Clare Foundation

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

mee etea Karen Bartlett (Senior Statutory Auditor) For and on behalf of

Saffery Champness LLP St John’s Court Chartered Accountants Easton Street High Wycombe Buckinghamshire , HP11 1JX

Statutory Auditors

Date: Wo “SA “Lot

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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The Clare Foundation Limited

14

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Balance Sheet

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2020 2020 2019 2019
Note
£ £ £ £
Fixed assets
Tangible assets for use by the charity 12 2,315 2,087
Investment in subsidiary 13 10 10
2,325 2,097
Current assets
Debtors 14 4,013 2,468
Social investment loan 14a 26,873 al
Investments 15 6,918,252 6,246,069
Cash at bank and in hand 411,381 810,241
7,360,519 7,058,778
Creditors - amounts falling due within
one year 16 (66,874) (51,432)
Net current assets 7,293,645 7,007,346
Funds
Unrestricted funds 19/20 7,295,970 7,007,310
Restricted funds 19/21 = 2,133
7,295,970 7,009,443
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These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

The accompanying accounting policies and notes form an integral part of these financial statements.

The financial statements were approved by Trustees on 7jULY 9¢2), and were signed on behalf of the board by: rL ; ChairMichael Clare wcsessscssssovssesscseeenddopicosseyMg CharityCompanyregistrationregistrationnumbernumber —— 1131949 06995233

The Clare Foundation Limited

15

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Statement of Cash Flows

2020 2019
Total funds Total funds
£ £
Cash flowsfrom operating activities:
Netcashprovidedbyoperating activities (445,050) (251,325)
Cash flowfrom investing activities:
Dividends, interestand rents from investments 103,203 108,076
Purchase of property, plantand equipment (691) (2,122)
Proceeds from sale ofinvestments 1,614,819 1,504,625
Purchase ofinvestments (1,797,462) (3,656.404)
Netcash usedin investing activities (80,131) (2,045,825)
Change in cash and cash equivalents inthe reporting period (525,181) (2,297,150)
Cash and cash equivalents at 31 December 2019 1,141,978 3,439,128
Cashandcashequivalentsat31December2020 616,797 1,141,978
2019 2018
Total funds Total funds
£ £
Reconciliation ofnet income/(expenditure) to netcash flowfrom
operating activities:
Netincome/(expenditure) forthereportingperiod(asperthe 286,527 634,403
statementoffinancialactivities)
Adjustments for:
Depreciation
Losses/(Gains) on investments		 463
(615,861)		 35
(783,741)
Dividends, interest, and rentfrom investments (103,203) (108,076)
Decrease in debtors (28,418) 10,493
Decrease in creditors 15,442 (4,439)
Netcashprovidedby(usedin)operating activities (445,050) (251,325)
2020 2019
Total funds Total funds
£ £
Analysis ofcash and cash equivalents
Cash in hand 411,381 810,241
Cash awaiting investment 205,416 331,737
Totalcashandcashequivalents 616,797 1,141,978

The Clare Foundation Limited

16

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Statement of Cash Flows

At 1 January Cash flow At 31 December
2020 2020
£ £ £
Analysis ofchange in net debt
Cash in hand 810,241 (398,860) 411,381
Cash awaiting investment 331,737 (126,321) 205,416
Totalcashandcashequivalents 1,141,978 (525,181) 616,797

Principal Accounting Policies

Company information

The Clare Foundation Limited is a private Company Limited by Guarantee incorporated in England and Wales. The registered office is at Sunley House (4" Floor), Oxford Road, Aylesbury, Buckinghamshire, HP19 8EZ.

Basis of Preparation

The financial statements have been prepared under the historical cost convention and in accordance with the recommendations in the Statement of Recommended Practice: Accounting by Charities (the SORP (FRS 102)) issued in 2014 (with effect from 1 January 2015), the Companies Act 2006 and applicable Accounting Standards (Financial Reporting Standard 102). The disclosure requirements of Financial Reporting Standard 102 (FRS 102) have been applied other than where additional disclosure is required to show a true and fair view.

The Clare Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements for the year ended 31 December 2020 are prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015.

There are no material uncertainties about the Charity’s ability to continue as a going concern.

The principal accounting policies are set out below and remain unchanged from the previous period.

Consolidation

At the year end the Charity had one wholly owned subsidiary, TCF Trading Limited, a company incorporated in the United Kingdom. The company had ceased to trade and since the year end, on 8 June 2021 4C Bucks Limited was dissolved.

In accordance with the Charities SORP (FRS102), the Charity has not prepared consolidated financial statements incorporating the result of its subsidiary companies in accordance with Charities Act 2011 on the basis that these companies are immaterial to the Charity.

Income

Donations

All monetary donations and legacies are included in full in the statement of financial activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

The Clare Foundation Limited

18

A Company Limited by Guarantee

Financial statements for the year ended 31 December 2020

Principal Accounting Policies

Voluntary help is not included in income, in monetary terms.

Investment income

Investment income, including associated tax recoveries, but with the exception of income receivable in respect of fixed interest securities, is recognised when receivable. Income receivable in respect of fixed interest securities is recognised on the accruals basis.

Income from donated services

Income from donated services is recognised when the charity becomes entitled to the service and service has been received and can be reliably measured

Expenditure

Expenditure, which is charged on an accruals basis, is allocated between:

Items of expenditure involving more than one cost category are apportioned on the basis of the estimated costs relating to each category as appropriate. Note 8 details the basis of apportioning costs. In summary:

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Assets

Assets are recognised when there is a legal and constructive right to the asset.

Liabilities

Liabilities are recognised when there is a legal and constructive obligation committing the Charity to the expenditure,

Principal Accounting Policies

Corporation Tax and VAT

The Charity has charitable status and is exempt from corporation tax on the income it has received.

The Charity is registered for VAT.

Fund Accounting

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the Charity.

Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are capitalised at cost where their acquisition value is greater than £250 and are stated at cost net of depreciation.

Depreciation is calculated to write down the cost of all tangible fixed assets by equal annual instalments over their expected useful lives. The rates generally applicable are:

Fixtures, fittings and kitchen/office equipment over 5 years, on a straight-line basis Computer equipment and software over 3 years, ona straight-line basis

Leased Assets

All leases are regarded as operating leases and the payments made under them are charged to the statement of financial activities on a straight-line basis over the lease term.

Investment in subsidiary undertakings

Investments in subsidiaries are recorded at cost plus incidental expenses less any provision for impairment. Impairment reviews are performed when there has been an indication of potential impairment.

Listed Investments

Listed investments are valued at their market value in their native currency at the end ofthe financial year and are translated at the rate ruling at this date. Cash held as part of an investment portfolio, as a monetary asset, is translated using the closing rate method. Net gains and losses arising on revaluations and disposals during the period are included in the SOFA. Realised gains and losses arise on the sale of

The Clare Foundation Limited

20

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Principal Accounting Policies

investments and represent the difference between the valuation at the beginning of the financial year and the proceeds from the sale of the investment. Unrealised gains and losses consist of the movement in the market value of investments on an annual basis.

Retirement benefits

The defined contribution scheme pension costs charged against the SOFA are the contributions payable to the scheme, in respect of the accounting period.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1

2

3

Notes to the financial statements

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Donations and legacies

Unrestricted Restricted 2020 Unrestricted Restricted 2019
funds funds Total funds funds Total
£ £ £ £ £ £
Donation income:
Donated services 2 - - 5,400 - 5,400
Individuals . 98 98 a 6,447 6,447
Total voluntaryincome “ 98 98 5,400 6,447 11,847
Charitable activities income
Unrestricted Restricted 2020 Unrestricted Restricted 2019
funds funds Total funds funds Total
£ £ £ £ £ £
Grants - 2,500 2,500 - - -
Charity development
programmes 8,000 - 8,000 2,175 = 2,175
Total 8,000 2,500 10,500 2,175 : 2,175

Total income

No income was attributable to geographical markets outside the United Kingdom.

4

The Clare Foundation Limited

22

A Campany Limited by Guarantee Financial statements for the year ended 31 December 2020

5 Costs of raising funds

6

Notes to the financial statements

Unrestricted Unrestricted Restricted Restricted Basis of
funds funds
Total		 funds allocation
2020 2020
2020		 2019
£ £
£		 £
Bursary and fiscal fund disbursement - 71
71		 1,525 Direct
Investment management costs 46,747 -
46,747		 47,672 Direct
Total 46,747 71
46,818		 49,197
Charitable activities expenses
Unrestricted Restricted 2020
Unrestricted		 Restricted 2019
funds funds Total
funds		 funds Total
£ £ £
£		 £ £
Grants {see below) 142,585 9,500 152,085
-		 - -
Charity development
programmes 242,072 2,160 244,232
208,286		 13,953 222,239
Total 384,657 11,660 396,317
208,286		 13,953 222,239
Activities Support
undertaken costs Total
directly (note 9) 2020
£ £ £
Grants (See note 7) 139,085 13,000 152,085
Charitydevelopment programmes 183,089 61,143 244,232
Total 2020 322,174 74,143 396,317
Activities Support
undertaken costs Total
directly (note 9) 2019
£ £ £
Grants - - -
Charity development programmes 121,047 101,192 222,239
Total2019 121,047 101,192 222,239

The Clare Foundation Limited

23

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

7

Notes to the financial statements

Grants

2020 2019
£ £
Grants to institutions by project:
Children activities 15,950 -
Community partnerships 28,500 -
Charity infrastructure 20,205 -
Financial insecurity 20,000 -
Food projects 14,233 -
Health and wellbeing 9,297 -
Heritage projects 1,400 -
Social isolation 9,500 -
Bucks Christmas Angels 10,000 -
Bucks Winter Fund 10,000 a
139,085 -
2020 2019
£ £
Grants to institutions:
Bucks New University 8,500 -
Citizens Advice 20,000 -
Florence Nightingale Hospice 3,000 -
Heart of Bucks 40,000 -
LEAP 5,000 -
Mama Bee 2,000 2
OASIS 5,000 -
Populate Co-operative 2,750 -
Rotary Club ofChesham 5,000 -
The Bernwode Community Bus 2,000 -
The Healthy Living Centre 4,695 -
Transitions UK 10,000 -
Wycombe Homeless Connection 2,625 -
YourSimPal 7,500 -
Other Charities under£2,000 21,015 -
139,085 -

The Clare Foundation Limited

24

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

Notes to the financial statements

8 Analysis of expenditure

Costs of
Charitable raising 2020 2019
activities Governance funds Total Total Basisof
£ £ £ £ £ allocation
Marketing including
website 22,952 - - 22,952 9,076 Direct*
Fundraising and
promotional projects 838 - - 838 6,649 Direct*
Grants 139,085 - - 139,085 - Direct*
Cost ofseminars 7,645 - - 7,645 5,400 Direct*
Employment costs 179,643 - - 179,643 118,106 Staffing
Building costs 19,819 - - 19,819 13,639 Direct*
Office costs 4,267 - - 4,267 5,104 Staffing
Travel costs 710 - - 710 = =61,806 Staffing
ITexpenses 12,003 - - 12,003 9,604 Staffing
Depreciation 463 - - 463 35‘ Direct*
Audit& accountancy - 6,000 - 6,000 10,005 Governance
Legal & professional 675 - 46,818 47,493 76,028 Direct*
Bursary/fiscal fund
disbursement 2,160 - = 2,160 15,478 Direct*
Bank charges 57 - - 57 306 Staffing
390,317 6,000 46,818 443,135 271,436

Total expenditure includes:

2020 2019
£ £
Auditors remuneration:
- Audit services 6,000 7,800
- WNon-audit services - 2,205
Depreciation:
- Tangiblefixedassets 463 35

9 Analysis of support costs

Notes to the financial statements

10

Admin & Information Total
Governance Finance Technology 2020
£ £ £ £
Grants - 13,000 - 13,000
Charity development programmes 6,000 43,140 12,003 61,143
Total 2020 6,000 56,140 12,003 74,143
Admin & Information Total
Governance Finance Technology 2019
£ £ £ £
Grants - - - -
Charitydevelopment programmes 10,005 81,583 9,604 101,192
Total 2019 10,005 81,583 9,604 101,192
Basis ofallocation Direct Direct Direct
Employees
2020 2019
£ £
Wagesand salaries 162,433 107,583
Social security costs 11,907 7,134
Pension costs 4,926 3,039
StaffTraining 377 350
179,643 118,106
2020 2019
Number Number
Costs ofgenerating funds - -
Charitable activities 4 3
4 3

During the period 1 employee received emoluments in the band £70,001 - £80,000 (2019: 1 employee in the band £70,001 - £80,000). This individual was the only employee to be considered key management personnel.

The Clare Foundation Limited

26

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

13

Notes to the financial statements

11 Payments to Trustees and connected persons

The Trustees, who are also directors of the Charity, are not entitled to receive any remuneration from the Charity. No expenses were paid to any Trustee or connected person during the period.

12

Tangible fixed assets

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|||||||||| |---|---|---|---|---|---|---|---|---| |Fixtures,|Computer|Total| |Fittings|&|Equipment| |Office|& Software| |Equipment| |£|£|£| |Cost| |At|1|January 2020|2,122|-|2,122| |Additions|-|691|691| |Disposals|”||-| |At|31|December 2020|2,122|691|2,813| |Depreciation| |At|1|January|2020|35|-|35| |Charge|for year|424|39|463| |Eliminated|on|disposal|-|-|| |At|31|December|2020|459|39|498| |Net|book|value| |At|1 January|2020|2,087|-|2,087| |At|31|December|2020|1,663|652|2,315| |Investment|in|Subsidiary| |Total| |£| |Cost| |At|1|January|2020|10| |Disposals|Se| |At|31|December|2020|10| |Country|of|Description|of|Proportion|of nominal| |Name|of undertaking|incorporation|Shares|value|of|issued|shares|held|

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TCF Trading Ltd England & Wales Ordinary £1 shares 100%

TCF Trading Ltd operates in England. The Company has ceased to trade. TCF Trading Limited is a company with capital and reserves at 31 December 2020 of £10 (2019: £10) and a profit for the year ended 31 December 2020 of Enil (2019: £nil). Since the year end, TCF Trading Ltd has been dissolved.

Financial statements for the year ended 31 December 2020

14 Debtors

Notes to the financial statements

2020 2019
£ £
Trade debtors 10 23
Prepayments 4,003 2,445
4,013 2,468
14a Social Investment loans
2020 2019
£ £
Social investment loans 26,873 =
26,873 -

included in the total above, £17,373 is due in greater than 1 year. The social investment loans are interest free and repayable over up to 36 months.

15 Investment assets

All investment assets are held primarily to provide an investment return.

2020 2019
£ £
Quoted investments 6,712,836 5,914,332
Cash awaiting investment 205,416 331,737
6,918,252 6,246,069
Market value at 1January 2020 5,914,332 2,978,810
Additions at cost 1,797,462 3,656,404
Disposal proceeds (1,614,819) (1,504,623)
Investmentgains 615,861 783,741
Market value at 31 December 2020 6,712,836 5,914,332
Historic cost ofinvestments as at 31 December 2020 5,451,214 5,346,281
Investments at market value comprised 2020 2019
£ £
Bonds 904,772 955,851
Gold and precious metal 123,031 -
Private equity 687,402 696,763
Property 354,376 295,208
Equities 4,643,255 3,966,510
Cash 205,416 331,737

The Clare Foundation Limited

28

A Campany Limited by Guarantee Financial statements for the year ended 31 December 2020

16

18

Notes to the financial statements

Total

6,918,252 6,246,069

All investments are held within the UK and as at 31 December 2020 investment holdings in excess of 5% of the total portfolio were as follows:

2020 2019
Scottish Mortgage Investment Trust 5% -
Primary Health Properties PLC - 5%
Creditors: amounts falling due within oneyear
2020 2019
£ £
Trade creditors 5,678 1,431
Amounts due to subsidiaries 10 10
Accruals 55,389 39,203
Deferred income - 7,000
Social security and othertaxes 4,130 2,959
Other creditors 1,667 829
66,874 51,432

17 Deferred income

Deferred income relates to other income recognised over more than one financial period.

2020 2019
£ £
Balance as at 1January 2020 7,000 7,000
Amount released to income earned from charitable activities (7,000) -
Balance asat31December2020 - 7,000

Financial instruments

The carrying amount of financial assets which are debt instruments at amortised cost is Enil (2019: £ nil). The carrying amount of financial liabilities which is measured at amortised cost is £nil (2019: £ nil).

19

Notes to the financial statements

20

Fund movements summary
Unrestricted Restricted
funds funds Total
(note 20) (note 21) funds
£ £ £
At 1 January 2020 7,007,310 2,133 7,009,443
Incoming resources 111,003 2,598 113,801
Expenditure (431,404) (11,731) (443,135)
Transferfrom general fund (7,000) 7,000 -
Unrealised gain 615,861 - 615,861
At 31 December 2020 7,295,970 - 7,295,970
Unrestricted Restricted
funds funds Total
(note 20) (note 21) funds
£ £ £
At 1 January 2019 6,363,876 11,164 6,375,040
Incoming resources 115,651 6,447 122,098
Expenditure (255,958) (15,478) (271,436)
Unrealised gain 783,741 - 783,741
Unrestricted funds
General Unrealised Total
undesignated revaluation unrestricted
funds reserve funds
£ £ £
At 1 January 2020 6,150,086 857,224 7,007,310
Incoming resources 111,203 - 111,203
Expenditure (431,404) - (431,404)
Transferfrom general fund (7,000) (7,000)
Netincomefrominvestment - 615,861 615,861

The Clare Foundation Limited

30

A Company Limited by Guarantee Financial statements for the year ended 31 December 2020

21

Notes to the financial statements

General Unrealised Total
undesignated revaluation unrestricted
funds reserve funds
£ £ £
At 1 January2019 6,290,393 73,483 6,363,876
incoming resources 115,651 - 115,651
Expenditure (255,958) - (255,958)
Net income from investment - 783,741 783,741
At 31 December2019 6,150,086 857,224 7,007,310
Restricted funds
Balance at Transfer from Balance at
1January General 31 December
2020 Incoming funds Outgoing 2020
£ £ £ £ £
EduHaitian 1,213 80 (1,293) -
Attacked Not Defeated 920 18 (938) -
Social isolation Project - 2,500 7,000 (9,500) -
2,133 2,598 7,000 (11,731) -
Balance at Balance at
1January 31 December
2019 Incoming Outgoing 2019
£ £ £ £
EduHaitian 2,516 5,506 (6,809) 1,213
Attacked Not Defeated 8,648 941 (8,669) 920
11,164 6,447 (15,478) 2,133

All of the above restricted funds relate to the Charity Incubator Programme, this programme closed during the year. The principal purpose of each of the funds is as follows:

EduHaitian

To support the education of children in Haiti affected by the earthquake of January 2010.

22

Notes to the financial statements

Attacked Not Defeated (AND)

To provide support and education to abused women in Uganda.

Social Isolation Project

To provide digital devices to older adults in Buckinghamshire who are experiencing loneliness and declining mental health and encouraging them to use video calling and online support groups to help them feel connected at a time when social gatherings are not possible.

Analysis of net assets between funds

Unrestricted Restricted
fund fund Total 2019
£ £ £ £
Tangible fixed assets 2,315 - 2,315 2,087
Investments 10 - 10 10
Current assets 7,360,519 - 7,360,519 7,058,778
Current liabilities (66,874) ‘ (66,874) (51,432)
7,295,970 - 7,295,970 7,009,443

23 Contingent liabilities

There were no contingent liabilities as at 31 December 2020 (2019: ENil)

24 Financial commitments

At the yearend 31 December 2020 the Charity had approved a social investment loan of £63,000. The loan was approved on a conditional basis to which since the year end such conditions have been met and the total amount paid to the recipient for repayment over three years.

There were no capital or financial commitments at the yearend 31 December 2019.

25 Related party transactions

The Mike Clare Family Office, of which Michael Clare is principal has provided services to the Charity during the period amounting to Enil (2019: £2,731).

During the year, a grant totalling £20,000 was paid to Citizens Advice High Wycombe of which Karen Irons, a trustee, is an employee of.

The grant decision making process was consistent for this grant as all other grants awarded in the year.