2021-12-31-accounts - The Clare Foundation Ltd

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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 1 31

13							Total	2020	£		98	10,500	103,203	113,801		(46,818)	-(396,317)	(443,135)		(329,334)	615,861	286,527			7,009,443	7,295,970
The Clare Foundation Limited	A Company Limited by Guarantee		Financial statements for the year ended 31 December 2021		Statement of Financial Activities (incorporating an income and expenditure account)		Unrestricted Restricted Total Unrestricted Restricted Restricted	Note funds funds 2021 funds funds funds	£ £ £ £ £ £	Incomefrom:	Donations and legacies 2 427 - 427 - 98 -	Charitable activities 3 3,000 88,760 91.760 8,000 2,500	Investment income __85,760__ 85.760 ____ 103,203 - 103,203	Total 89,187 ____ 88,760 177,947______ 111,203__2^98 ____ __ 111,203____ ,5	Expenditure on:	Raisingfunds 5 (53,300) - (53,300) (46,747) (71)	Charitable activities 6/7/8 _(590,356)_ (101,197)_ (691,553)______ (384,657)____ (11,660)	Total ___(643,656)_(101,197)_(744,853)_(431,404)_ (11,731)	Net income/(expenditure) before me/(e	investment gains /(losses) (554,469) (12,437) (566,906) (320,201) (9,133) (tosse (566,906) (320,201)	Gain/(losses) on investments 15 709,236 - 709,236 615,861 (los	Net income/(expenditure) 154,767 (12,437)__ 142,330__ 295,660 (9,133) f	Reconciliation of funds:	Transfer from general fund _(12,437)_12,437___ -_ (7,000)______ 7,000	Total funds brought forward _ 7,295,970__ -__7,295,970_ 7,007,310__2,133 7,007,310_____	Total funds carried forward 19 _7,438,300 7,438,300___ 7,295,970 __	The statement of financial activities includes all gains and losses recognised in the year.	Income and expenditure from discontinued operations is ail classified as unrestricted income and expenditure.	The accompanying accounting policies and notes form an integral part of these financial statements.

		2021 2021	2021	2020 2020	2020 2020
	Note Note
		£	£	£	£
Fixed assets Fixed assets
Tangible assets for use bythe charity	12		4,553 4,553		2,315 2,315
Investment in subsidiary	13		- 10 ______
					2,325
Current assets Current assets
Debtors	14	2,943 2,943		4,013
Social Investment loan	14a	73,373 73,373		26,873
Investments	15	7,161,072 7,161,072		6,918,252
Cash at bank and in hand		288,268 288,268		411,381
		7,525,656 7,525,656		7,360,519
Creditors - amounts falling due within Creditors - amounts falling due within
one year one year	16	(91,909) (91,909)		(66,874)
Net current assets Net current assets			7,433,747 7,433,747		7,293,645
Net Assets Net Assets			___ 7,438,300 7,438,300		7,295,970 7,295,970
Funds Funds
Unrestricted funds	18/19		7,438,300		7,295,970
Restricted funds	18/20		___________ -
			7,438,300 7,438,300		7,295,970

	2021	2020
	Total funds	Total funds
	£	£
Cash flowsfrom operating activities:
Net cash provided by operating activities *Net cashprovided by operating activities*	(671,995)	(445,050)
Cash flow from investing activities:
Dividends, interest and rents from investments	85,760	103,203
Purchase of property, plant and equipment	(3,304)	(691)
Proceeds from sale of investments	1,797,504	1,614,819
Purchase of investments	(1,285.347)	(1,797,462)
Net cash from/fused) in investing activities *Net cash from/fused) in investing activities*	594,613	(80,131)
Change in cash and cash equivalents in the reporting period	(77,382)	(525,181)
Cash and cash equivalents at 31 December 2020	616,797	1,141.978
Cash and cash equivalents at 31 December2021	539,415	616.797
	2021	2020
	Total funds	Total funds
	£	£
Reconciliation of net income/(expenditure) to net cash flow from
operatingactivities:
Net income for the reporting period (as per the statement of *Net income for the reporting period (as per the statement of*	142,330	286,527
financial activities) *financial activities)*
Adjustments for:
Depreciation	1,066	463
(Gains) on investments	(709,236)	(615,861)
Dividends, interest, and rent from investments	(85,760)	(103,203)
Decrease in debtors	(45,430)	(28,418)
Decrease in creditors	25,035	15,442
Net cash provided (used in) operating activities *Net cashprovided (used in)operating activities*	(671,995)	(445.050)
	2021	2020
	Total funds	Total funds
	£	£
Analysis of cash and cash equivalents
Cash in hand	288,268	411,381
Cash awaiting investment	251,147	205,416
Total cash and cash equivalents	539.415	616.797

	At 1 January	Cash flow	At 31 December
	2021		2021
	£	£	£
Analysis of change in net debt
Cash in hand	411,381	(123,113)	288,268
Cash awaiting investment	205,416 .	45,731	251,147 .
Total cash and cash equivalents	616,797 .	(77.382) ,	539,415 .

	Unrestricted	Restricted	2021	Unrestricted	Restricted	2020
	funds	funds	Total	funds	funds	Total
	£	£	£	£	£	£
Donation income:
Individuals	427	-	427	-	98	98
Total voluntary income	_427__ -_____ 427			-	98	98
Charitable activities income
	Unrestricted	Restricted	2021	Unrestricted	Restricted Restricted	2020
	funds	funds	Total	funds	funds funds	Total
	£	£	£	£	£ £	£
Food poverty project	- -	88,760	88.760	-	-	-
Grants	-	-	-	-	2,500 2,500	2,500
Charity development
programmes	3,000 3,000	-	3,000	8,000_____:____ 8,000 8,0 _ _ :
Total	3,000	88,760	91.760	8,000	2,500 2,50	10,500 10,500

			Unrestricted	Unrestricted	Restricted	Restricted	Basis of
				funds	funds Total	funds	allocation
				2021	2021 2021	2020
				£	£ £	£
Bursary and fiscal fund disbursement				-	-	71	Direct Direct
Investment management costs				53,300 53,300	53,300	46,747 46,747	Direct Direct
Total				53,300 _- 53,300 ___		46,818
Charitable activities expenses
	Unrestricted			Restricted	2021 Unrestricted	Restricted	2020
			funds	funds	Total funds	funds	Total
			£	£	£ £	£	£
Food poverty project				101,197	101,197
Grants (see below)		349,473 349,473			349,473 142,585	9,500	152,085
Charity development
programmes		240,883 240,883			240,883 242,072	2,160	244,232
Total		590,356		101,197	691,553 384,657	11,660	396,317
					Activities	Support
					undertaken	costs	Total
					directly	(note 9)	2021
					£	£	£
Food poverty project					84,523	16,674	101,197
Grants (See note 7) (Se					327,315	22,158	349,473
Charity development programmes					162,803	78,080	240,883
Total 2021					574,641	116,912	691,553
					Activities	Support
					undertaken	costs	Total
					directly	(note 9)	2020
					£	£	£
Grants(See note 7) (Se					139,085	13,000	152,085
Charity development programmes					183,089	61,143	244,232
Total 2020					322,174	74,143	396,317

	2021	2020
	£	£
Grants to institutions by project:
Children activities	114,250	15,950
Community partnerships	13,350	28,500
Charity infrastructure	37,648	20,205
Financial insecurity	35,000	20,000
Food projects	3,000	14,233
Flealth and wellbeing	87,438	9,297
Fieritage projects	-	1,400
Homeless support	`11,111`	-
Social isolation	25,518	9,500
Bucks Christmas Angels	-	10,000
Bucks Winter Fund	-	10,000
	327,315	139,085
	2021	2020
	£	£
Grants to institutions:
Grants greater than £5,000
2nd Amersham on the Hill Scout Group	25,000
Citizens Advice	25,000	20,000
Lindengate	25,000
Thames Hospice	25,000
Tall Ships	19,450
St Thomas' Church DCC Holtspur	15,000
Buckinghamshire Community Boards	13,350
Action4Youth	10,000
DogsTrust	10,000	5,000
Peter Jones Foundation	10,000
The Furniture Makers' Company	10,000
Transitions UK	10,000	10,000
Woodrow House	10,000
Outward Bound	7.200
Restore Hope	7,000
Been There	6,900
Thomley Hall Centre	5.200
Heartof Bucks		40,000
18 Grants of £2,000 to £5,000 (2020:11)	78,008	43,070
Other Grants under £2,000	15,207	21,015
	327,315	139,085

					Costs of	Costs of
	Charitable				raising		2021 2021	2020
	activities	Governance			funds		Total	Total	Basis of
	£		£			£	£	£	allocation
Marketing including
website	18,154						18,154	22,952	Direct*
Fundraising and
promotional projects	572			-		-	572	838	Direct*
Grants	327,315			-		-	327,315	139,085	Direct*
Food poverty project	84,523			-		-	84,523	-	Direct*
Cost of seminars	7,724			-		-	7,724	7,645	Direct*
Employment costs	200,540			-		-	200,540	179,643	Staffing
Building costs	24,747			-		-	24,747	19,819	Direct*
Office costs	5,514			-		-	5,514	4,267	Staffing
Travel costs	2,381			-		-	2,381	710	Staffing
IT expenses	11,672			-		-	11,672	12,003 Staffing 12,003 Staffing
Depreciation	1,066			-		-	1,066	463	Direct*
Audit & accountancy	-	7,290				-	7,290	6,000	Governance
Legal & professional	23		-	-	53,300		53,323	47,493	Direct*
Bursary/fiscai fund
disbursement							-	2,160	Direct*
Bank charges	32						_____ -	57	Staffing
	684,263	7,290			53,300		744,853	443,135

Total expenditure includes:
	2021 2021	2020
	£	£
Auditors remuneration:
- Auditservices	6,450	6,000
- Non-audit services	840 840	-
Depreciation:
- Tangible fixed assets	1»Q66	463

			Admin &	Information	Total
		Governance	Finance	Technology	2021
		£	£	£	£
	Food poverty projects		16,674		16,674
	Grants		22,158		22,158
	Charity development programmes	7,290	59,118	11,672	78,080
	Total 2021	7,290	97,950	11,672 116,912
			Admin &	Information	Total
		Governance	Finance	Technology	2020
		£	£	£	£
	Grants	-	13,000 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
	Basis of allocation	Direct	Direct	Direct
10	Employees
			2021	2020
			£	£
	Wages and salaries		178,295	162,433
	Social security costs		13,669	11,907
	Pension costs		5,348	4,926
	Staff training & recruitment		3,228	377
			200,540	179,643
			2021	2020
			Number	Number
	Charitable activities		4	4
			4 4	4

12	Tangible fixed assets
			Fixtures,	Computer	Total
			Fittings &	Equipment
			Office	& Software
			Equipment
			£	£	£
	Cost
	At 1 January 2021		2,122	691	2,813
	Additions		288	3,016	3,304
	At 31 December 2021		2,410	3,707	6,117
	Depreciation
	At 1 January 2021		459	39	498
	Charge for year		425	641	1,066
	At 31 December 2021		884	680	1,564
	Net book value
	At 1 January 2021		1,663	652	2,315
	At 31 December 2021		1,526	3,027	4,553
13	Investmentin Subsidiary
					Total
						£
	Cost
	At 1 January 2021				10
	Disposals				(10)
	At 31 December 2021
		Country of	Description of	Proportion of nominal
	Name of undertaking	incorporation	Shares	value of issued shares held
	TCF Trading Ltd	England & Wales	Ordinary £1 shares		100%

		2021	2020
		£	£
	Trade debtors		10
	Prepayments	2,943	4,003
		2,943	4,013
14a	Social Investment loans
		2021	2020
		£	£
	Social investment loans	73,373	26,873
		73,373___ 26,873

	2021	2020
	£	£
Quoted investments	6,909,925	6,712,836
Cash awaiting investment	_ 251,147______ 205,416
	7,161,072	6,918,252
Market value at 1 January 2021	6,712,836	5,914,332
Additions at cost	1,285,347	1,797,462
Disposal proceeds	(1,797,596)	(1,614,819)
Investment gains	709,338______ 615,861
Market value at 31 December 2021	6,909,925	6,712,836
Historic cost of investments as at 31 December 2021	4,977,081	5,451,214

Investments at market value comprised	2021	2020
	£	£
Bonds	909,689	904,772
Gold and precious metal	208,797	123,031
Private equity	544,162	687,402
Property	264,840	354,376
Equities	4,982,437	4,643,255
Cash	251,147	205,416
Total	7,161,072	6,918,252

5% of the total portfolio were as follows:
	2021	2020
Scottish Mortgage Investment Trust	5.28%	4.96%
Creditors: amounts fallingdue within one year
	2021	2020
	£	£
Trade creditors	3,829	5,678
Amounts due to subsidiaries	-	10
Accruals	80,447	55,389
Social security and other taxes	5,284	4,130
Other creditors	2,349	1,667
	91,909	66,874

Fund movements summary
	Unrestricted	Restricted
	funds	funds	Total
	(note 19)	(note 20)	funds
	£	£	£
At 1 January 2021	7,295,970	-	7,295,970
Incoming resources	89,187	88,760	177,947
Expenditure	(643,656)	(101,197)	(744,853)
Transfer from general fund	(12,437)	12,437
Unrealised gain	709,236		709,236
At 31 December 2021	7,438,300		7,438,300

		Unrestricted	Restricted
		funds	funds	Total
		(note 19)	(note 20)	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)
	Transfer from general funds	(7,000)	7,000
	Unrealised gain	615,861		615,861
	At 31 December 2020	7,295,970		7,295,970
19	Unrestricted funds

	General	Unrealised	Total
	undesignated	revaluation	unrestricted
	funds	reserve	funds
	£	£	£
At 1 January 2021	5,822,885	1,473,085	7,295,970
Incoming resources	89,187	-	89,187
Expenditure	(643,656)	- -	(643,656) (643,656)
Transfer from general fund	(12,437)	- -	(12,437) (12,437)
Net income from investment	-	709,236 709,236	709,236 709,236
At 31 December 2021	5,255,979	2,182,321	7,438,300
	General	Unrealised	Total
	undesignated	revaluation	unrestricted
	funds	reserve	funds
	£	£	£
At 1 January2020	6,150,086	857,224 857,224	7,007,310 7,007,310
Incoming resources	111,203	- -	111,203
Expenditure	(431,404)	- -	(431,404) (431,404)
Transferfrom general fund	(7,000)	- -	(7,000)
Net income from investment	-	615,861 615,861	615,861
At 31 December 2020	5,822,885	1,473,085	7,295,970

			Balance at		Transfer from		Balance at
			1 January		General		31 December
			2021	Incoming	funds	Outgoing	2021
			£	£	£
Food	Poverty	Project		88,760	12,437	(101,197)
				88,760	12,437	(101,197)

	Balance at		Transfer from		Balance at
	1 January		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)_______ -

	Unrestricted	Restricted
	fund	fund	Total	2020
	£	£	£	£
Tangible fixed assets	4,553		4,553	2,315
Investments	7,161,072		7,161,072	10
Current assets	364,584		364,584	7,360,519
Current liabilities	(91,909)		(91,909)	(66,874)
	7,438,300	-	7,438,300	7,295,970