CHARITY REGISTRATION NUMBER: 1141019
The Albert and Elizabeth Clark Charitable Trust Unaudited Financial Statements
5 April 2024
The Albert and Elizabeth Clark Charitable Trust
Financial Statements
Year ended 5 April 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
The Albert and Elizabeth Clark Charitable Trust
Trustees' Annual Report
Year ended 5 April 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2024.
Reference and administrative details
Registered charity name
The Albert and Elizabeth Clark Charitable Trust
Charity registration number 1141019 Principal office 4 Maple Close Bromyard Herefordshire HR7 4LQ
The trustees Mr D G Slora Mr N C R Cronin Independent examiner Mr K C Varney - ACMA of Varney Barfield & Co. 6 Corunna Court Corunna Road Warwick CV34 5HQ
Structure, governance and management
Constitution
The Albert and Elizabeth Clark Charitable Trust is a registered charity under number 1141019. It is constituted under a Trust Deed dated 7 February 2011. The trust was created by a gift of shares in Cadbury Plc to be held on a restricted capital fund.
Appointment of Trustees
The management of the Charity is the responsibility of the trustees who are appointed by a resolution of the existing trustees under the terms of the trust deed.
Meetings and administration
The trustees agree the grants to be made at their meetings which are held twice each year. At their meetings the trustees also review and agree the broad investment strategy and risk management policies.
1
The Albert and Elizabeth Clark Charitable Trust
Trustees' Annual Report (continued)
Year ended 5 April 2024
Objectives and activities
The objects set out in the trust deed are to apply the income from the restricted capital fund as follows:
To provide financial support to charitable, educational and religious institutions within the United Kingdom for the relief of poverty, the advancement of education, the advancement of religion, the relief of sickness and distress and such other charitable purposes beneficial to the community.
The charity's activities cover a range of worthwhile charitable causes, primarily in the area of Worcestershire and Warwickshire. The charity provides grants to institutions that deal with both youth and elderly issues, health causes and heritage projects, and religious and spiritual concerns.
Public benefit
The trustees confirm they comply with the duty in section 17(5) of The Charities Act 2011 to have due regard to general guidance issued by the Charity Commission on public benefit.
Achievements and performance
Charitable activities
The financial performance of the charity is set out in the Statement of Financial Activities. During the year the charity made grants of £45,000 (2023: £91,661) to charitable institutions.
The charity was also able to support local charitable organisations by advancing loans to them, at competitive market interest rates. These loans total £78,690 (2023: £24,651)
Financial review
The investments funds are held in an actively managed portfolio, supervised by Quilter Cheviot. There was a net gain in value of the investments during the year of £152,315. In 2023 there was a net loss of £90,676 and in 2022 there was a net gain of £108,954. Net investment income after management and administration costs was £33,099 (2023: £36,416)
Each year the trustees review the balance of the Cadbury endowment fund and allocate a portion of the unapplied total return to the general unrestricted income funds of the charity and decide the level of grants available for the coming financial year. In making this allocation the trustees are mindful of their duty to act even-handedly between current and future beneficiaries. For the year ended 5 April 2024 the trustees decided to apply £114,867 of the accumulated net investment returns from the Cadbury endowment fund towards the general income funds of the charity (2023: £90,506). The remaining balance of unapplied total return held within the Cadbury endowment fund is £213,262 (2023: £146,029) and the value of the trust for investment remains unchanged at £1,400,648.
The net result for 2024 was an increase in total funds of £136,984 (2023 decrease in funds £147,287)
The trustees' annual report was approved on 21 January 2025 and signed on behalf of the board of trustees by:
Mr N C R Cronin Trustee
2
The Albert and Elizabeth Clark Charitable Trust
Independent Examiner's Report to the Trustees of The Albert and Elizabeth Clark Charitable Trust
Year ended 5 April 2024
I report to the trustees on my examination of the financial statements of The Albert and Elizabeth Clark Charitable Trust ('the charity') for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement - matter of concern identified
I have completed my examination. I 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
-
the financial statements do not accord with those records; or
-
the financial statements 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 that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr K C Varney - ACMA of Varney Barfield & Co. Independent Examiner
6 Corunna Court Corunna Road Warwick CV34 5HQ
21 January 2025
3
The Albert and Elizabeth Clark Charitable Trust
Statement of Financial Activities
Year ended 5 April 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Investment income | 4 | 3,314 | 43,040 | 46,354 | 48,181 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 3,314 | 43,040 | 46,354 | 48,181 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Investment management costs | 5 | – | (13,255) | (13,255) | (11,765) |
| Expenditure on charitable activities | 6 | (48,430) | – | (48,430) | (93,027) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | (48,430) | (13,255) | (61,685) | (104,792) | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Net gains/(losses) on investments | – | 152,315 | 152,315 | (90,676) | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net income/(expenditure) | (45,116) | 182,100 | 136,984 | (147,287) | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Transfers between funds | 114,867 | (114,867) | – | – | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net movement in funds | 69,751 | 67,233 | 136,984 | (147,287) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 99,104 | 1,546,677 | 1,645,781 | 1,793,068 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 168,855 | 1,613,910 | 1,782,765 | 1,645,781 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
4
The Albert and Elizabeth Clark Charitable Trust
Statement of Financial Position
5 April 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 11 | 1,743,037 | 1,623,962 | ||
| Current assets | |||||
| Cash at bank and in hand | 45,548 | 24,339 | |||
| Creditors: amounts falling due within | |||||
| one year | 12 | 5,820 | 2,520 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||||
| Net current assets | 39,728 | 21,819 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total assets less current liabilities | 1,782,765 | 1,645,781 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 1,782,765 | 1,645,781 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Funds of the charity | |||||
| Endowment funds | 1,613,910 | 1,546,677 | |||
| Unrestricted funds | 168,855 | 99,104 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total charity funds | 13 | 1,782,765 ৶৶৶৶৶৶৶৶৶৶৶৶ |
1,645,781 ৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 21 January 2025, and are signed on behalf of the board by:
Mr N C R Cronin Trustee
The notes on pages 6 to 12 form part of these financial statements.
5
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 4 Maple Close, Bromyard, Herefordshire, HR7 4LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Permanent endowment funds include the value of the trust for investment subjected to restrictions declared by the donor of the gift and the unapplied total investment returns not yet allocated to income.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
6
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Cash balances within an investment portfolio that are managed alongside listed investments and intended to be held as part of the charity's ongoing investment activities for more than one year are included within fixed assets.
Loans receivable are initially recorded at cost, and subsequently measured at amortised cost using the effective interest rate method.
Where the charity has adopted a total return approach to investment of permanent endowment funds, the balance of the unapplied total return is retained within endowment funds as analysed in more detail in note 14.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments, such as loans receivable, are subsequently measured at amortised cost using the effective interest rate method.
7
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
4. Investment income
| Unrestricted | Endowment | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Income from listed investments | – | 43,040 | 43,040 | ||
| Other interest receivable | 3,314 | – | 3,314 | ||
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 3,314 | 43,040 | 46,354 | |||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| Unrestricted | Endowment | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Income from listed investments | – | 47,415 | 47,415 | ||
| Other interest receivable | 766 | – | 766 | ||
| ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 766 | 47,415 | 48,181 | |||
| ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| 5. | Investment management costs | ||||
| Endowment | Total Funds | Endowment | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Portfolio management | 10,319 | 10,319 | 11,765 | 11,765 | |
| Administration of investments | 2,936 | 2,936 | – | – | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 13,255 | 13,255 | 11,765 | 11,765 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Grants to charitable organisations | 45,000 | 45,000 | 91,661 | 91,661 | |
| Support costs | 3,430 | 3,430 | 1,366 | 1,366 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 48,430 ৶৶৶৶৶৶৶৶ |
48,430 ৶৶৶৶৶৶৶৶ |
93,027 ৶৶৶৶৶৶৶৶ |
93,027 ৶৶৶৶৶৶৶৶ |
8
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
7. Analysis of grants
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Grants to institutions | |||
| Acton Mill Care Farm | 4,000 | 3,000 | |
| Armonico Consort | 10,000 | 40,000 | |
| Blood Cancer UK | – | 3,000 | |
| Breadsall Parochial Church Council | 1,000 | – | |
| Cancer Research UK | – | 4,000 | |
| Indian School For Untouchables | – | 3,000 | |
| Macmillan Cancer Support | – | 4,000 | |
| Midlands Air Ambulance | – | 2,000 | |
| Royal Worcester Museum | 5,000 | – | |
| St Mary's Belfry Ring | – | 5,000 | |
| St Mary's Parochial Church Council | 4,000 | – | |
| St Michael's Hospice | 4,000 | 4,000 | |
| St. Thomas Lydinte Parochial Church Council | 5,000 | – | |
| Stratford upon Avon Scouts | – | 1,400 | |
| Towns Web Archiving | – | 16,261 | |
| Treehouse Children & Families Centre | 5,000 | – | |
| Warwick Music Live | 6,000 | 6,000 | |
| Other Grants | 1,000 | – | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 45,000 | 91,661 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total grants | 45,000 | 91,661 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 8. | Independent examination fees | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 2,100 | 2,100 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
9. Trustee remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023: £nil)
During the year, no Trustee expenses have been incurred or reimbursed (2023: £nil)
10. Transfers between funds
Transfers between funds comprises the application of an element of the total investment return on permanent endowment investments towards the general unrestricted funds of the charity in order to meet charitable expenditure for current beneficiaries.
9
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
11. Investments
| Cash or cash | Listed | Investment | Loans | ||
|---|---|---|---|---|---|
| equivalents | investments | properties | receivable | Total | |
| £ | £ | £ | £ | £ | |
| Cost or valuation | |||||
| At 6 April 2023 | 52,634 | 1,394,620 | 152,057 | 24,651 | 1,623,962 |
| Additions | – | 120,585 | – | 80,000 | 200,585 |
| Disposals | (2,197) | (205,667) | – | – | (207,864) |
| Fair value movements | – | 152,315 | – | – | 152,315 |
| Capital repaid | – | – | – | (25,961) | (25,961) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| At 5 April 2024 | 50,437 | 1,461,853 | 152,057 | 78,690 | 1,743,037 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | |||||
| At 6 April 2023 and | |||||
| 5 April 2024 | – | – | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Carrying amount | |||||
| At 5 April 2024 | 50,437 | 1,461,853 | 152,057 | 78,690 | 1,743,037 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At 5 April 2023 | 52,634 | 1,394,620 | 152,057 | 24,651 | 1,623,962 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Investment properties
Investment property is stated at cost as at 5 April 2024. The Trustees have not obtained an independent valuation as at 5 April 2024 nor have they updated the valuation of the investment property due to the fact that the purchase was negotiated and agreed on 4 April 2023.
Financial assets held at fair value
Listed investments are stated at mid-market price as provided by Interactive Data (Europe) Ltd to the investment managers, Quilter Cheviot.
12. Creditors: amounts falling due within one year
2024 2023 £ £ Accruals and deferred income 5,820 2,520 ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
10
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | Gains and | At | ||||
| 6 Apr 2023 | Income | Expenditure | Transfers | losses | 5 Apr 2024 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 99,104 | 3,314 | (48,430) | 114,867 | – | 168,855 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At | Gains and | At | ||||
| 6 Apr 2022 | Income | Expenditure | Transfers | losses | 5 Apr 2023 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 94,603 | 766 | (93,027) | 90,506 | 6,256 | 99,104 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Endowment funds | ||||||
| At | Gains and | At | ||||
| 6 Apr 2023 | Income | Expenditure | Transfers | losses | 5 Apr 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Cadbury | ||||||
| Endowment Fund | 1,546,677 | 43,040 | (13,255) | (114,867) | 152,315 | 1,613,910 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At | Gains and | At | ||||
| 6 Apr 2022 | Income | Expenditure | Transfers | losses | 5 Apr 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Cadbury | ||||||
| Endowment Fund | 1,698,465 ৶৶৶৶৶৶৶৶৶৶৶৶ |
47,415 ৶৶৶৶৶৶৶৶ |
(11,765) ৶৶৶৶৶৶৶৶ |
(90,506) ৶৶৶৶৶৶৶৶ |
(96,932) ৶৶৶৶৶৶৶৶ |
1,546,677 ৶৶৶৶৶৶৶৶৶৶৶৶ |
The charity was created by a gift of Cadbury shares, to be held on permanent endowment. When the trustees decided to modernise and diversify the investments in 2020 they also decided to adopt a total return approach to investment of the endowment funds, in order to balance the allocation of investment returns between current and future beneficiaries.
General unrestricted funds comprises the balance of unspent investment income and accumulated investment returns allocated by the trustees for current beneficiaries.
The Cadbury endowment fund comprises both the original trust for investment and the unapplied total investment returns allocated by the trustees for future beneficiaries.
11
The Albert and Elizabeth Clark Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2024
14. Analysis of net assets between funds
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Investments | 129,127 | 1,613,910 | 1,743,037 |
| Current assets | 45,548 | – | 45,548 |
| Creditors less than 1 year | (5,820) | – | (5,820) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 168,855 | 1,613,910 | 1,782,765 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Endowment | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Investments | 77,285 | 1,546,677 | 1,623,962 |
| Current assets | 24,339 | – | 24,339 |
| Creditors less than 1 year | (2,520) | – | (2,520) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 99,104 | 1,546,677 | 1,645,781 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
The closing balance on the permanent endowment fund includes the balance of the trust for investment of £1,400,648 (2023: £1,400,648) and the unapplied total return of £213,262 (2023: £146,029)
12