COLLYER BRISTOW The Clear Foundation Trustees, Report & Financial Statements 1 April 20120 to 31 March 2021 Charity No. 1141981 55661.1 THE CLEAR FOUNDATION TRUSTEES, REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 Page Reference and administrative details of the Foundation, its Trustees and advisers Trustees, Report Independent Examinerfs report Statement of Financial Activities Balan￿ Sheet Notes to the Financial Statements 10-12 THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION ITS TRUSTEES AND ADVISERS The Board of Trustees Mr Linus Wright Mrs Elaine Wright Mr Vladimijr Attard Charity rggistergd numbor 1141981 Principal Office clo Collyer Bristow LLP 140 Brompton Road Knightsbridge London SW3 1HY Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Solicitors Collyer Brislow LLP 140 Bromplon Road Knightsbridge London SW3 1HY Independent Examine Bourner Bullock Chartered Accountants Sovereign House 212-224 Shaftesbury Avenue London WC2H 8HQ THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 TRUSTEES, REPORT The Trustees present their annual report together with the financial ststements of The Clear Foundation (the Foundation) for the year ended 31 March 2021. The Trustees confirm that the report and financial slalemenls of the Foundation comply with the Charities Act 2011, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland on 1 January 2019. The financial statements have been prepared in accordance with the accounting policies sel out in the notes lo the financial ststements. ststus and admini$tration The Foundation was established by a Deed of Trust dated 18 March 2011 and is registered with the Charity Commission under charity number 1141981. The Foundation's governing instrument Is its Trust Deed which allows for any actThiilies covered by the Foundation's objectives, with no specific restrictions. Charitable objg¢ts The object of the Foundation is to provide funds for general charitable purposes which will include bul is not limited lo supporting other charitsble trusts or other organisations. Governance The management of the Foundation is the responsibility of the Trustees who are appointed under the terms of the Trust Deed. The Trustees meet regularly lo discuss and implement policy. Financial review Total income has decreased overall as a result of the decrease of dividends and interest received from the CAF UK Equilrack Fund Distribution units and the CAF Gold account respectively. As al 31 March 2021, the market value of the CAF UK Equitrack Fund Distribution units was £1,399,02712020- £1,125,281), an increase of £273,746. Review of activities and achievements for the public benefit There were no grants due to the COVID pandemic as school closures had forced counselling sessions to go online. Tottenham for the counselling and mental health support for pupils and extra support for slaff1£14,700 in 20191201. The Iruslees of the Foundation continue their discussions with a chain of schools lo encourage reading in primary schools. They are also looking al other grants, mainly with education as a theme to improve educational opportunities for yOLJng people. regardless of their background, using research as much as possible to help social mobility for all. THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 The Trustees confirm that they have complied wrth their duty under section 17151 of the Charities Act 2011 to have regard to the Charity Commission's guidance on public benefit and that the public benefit requirement has informed the activities of the Foundation in the period to 31 March 2021. Investment policy Objectives 1. To maintain and grow the value of the fund over the medium to long term via income and capital gains, in order to fulfil the long-lerm charitable giving policy. 2. To make best endeavours to protect the real value of the fund against inflation. 3. To be in a position lo make cash donations from the fund al short noti￿. 4. To be able lo invest in property with the intention of leasing to charities wnsislenl with the Foundation's charitable giving policy. Attitude lo Risk 1. The Trustees are comfortable with a moderate level of capital risk for the Foundation's assets. 2. Leverage will not be employed and as such the Trustees will not borrow money to invest. 3. Any financial market assets should be based on highly rated stock indices. 4. No single company investments or private equity style investments will be made. Distribution of Investments and liquidity needs 1. In order lo be in a position lo make donations at short nolice1-1 monthl a portion of the ftjnds should be kept in cash on <1 month notice. This amount should be aroLJnd 10% of assets. 2. The remainder of the money should be invested in longer lemi cash deposits and UK equities, which can be converted lo cash at <6monlhs notice. 3. If the Foundation invests in property, consistent with Objective 4, this asset can form a substitute for UK equities and long-lem) cash. 4. Keeping Investrnenls domestically IUKI based will allow the Foundation to best provide funds lo UK based Charities in the long term. Type of Investments 1. Other than propety lof which there are no immediate plans), all investments will be made in products offered by CAF Bank. 2. The products include long-lerm cash deposits and FTSE Index tracking funds which have minimal management fees 8tta¢hed. Investment Decisions Investment decision making has been delegated to Linus Wright, who has the requisite investment expertise to carry out this function on behalf of the Trustees, with additional advice from the other Trustees where necessary. THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 Management of Investments 1. No external investment manager will be appointed. 2. The performance of the investments provided by CAF Bank will be checked against their target performance. If there is material discrepancy, then the Trustees will seek another provider of similar investment products. Reseries and fundlng See f. above under liquidity needs. Appointment and induction of Tru$teOS Appropriately qualified people are selected according lo requirements al the time of appointment. As part of the induction programme, the Trustees 8re provided with a copy of the Trust Deed and a copy of the accounts. The aims and goals of the Foundation are explained to newly appointed Trustees by the Founder. Risk managomgnt The Trustees are responsible for the management of the risks faced by the Foundation and are reviewing the major risks lo which the Foundation is exposed with a view lo establishing systems lo mitigate these risks. ## **THE CLEAR FOUNDATION** ## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **1 APRIL 2020 TO 31 MARCH 2021** ## **Statement of Trustees' responsibilities** The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & 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 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: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeping sufficient accounting records that 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 Charity (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. Signed on behalf of the Trustees by: _L Wright 13 Jan 2022_ **_________________________________ Mr Linus Wright** **___________________________ Date** 5 THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 Independent Examlnerfs Report to the Trustees of The Clear Foundatlon I report to the trustees on my examination of the financial statements of The Clear Foundation I'lhe charity'l for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity's trustees, as a body, in accoidance with section 145 of the Charities Act 2011. My work has been undertaken so that I might stste lo the charity's tiustees those malleis l am required to stale to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for my work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial slalemenls in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the charity's financi81 ststements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and ¢onsequenlly does not cover 811 the matters that an auditor Considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as lo whether the financial slalemenls present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independont &xamlnerf8 8tatement I have completed my examination. I confirm that no material matters have come to my attention in conne¢lion with the examination giving me cause lo believe that in any material respe¢l'. accounting records were not kept in respect of the charity as required by section 130 of the Act., or >p the financial statements do not accord with those records., or > the financial slalemenls do not comply w(th the 8pplicable 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 'lrue and fair view which is not a matter considered as part of an independent examination. THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEPAENTS I APRIL 2020 TO 31 MARCH 2021 I have no concerns and have eome across no other matter5 in ￿nneCt[On wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the finan I statements to be reachejj. Davi Bourner Bullock Chartered Accountants Sovereign House 212-224 Shaftesbury AveDue London WC2H 8HQ 13 January 2022 THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES 1 APRIL 2020 TO 31 MARCH 2021 Total Unrestricted funds 2021 Totsl Unrestricted funds 2020 Notes INCOME FROM Investments 36,286 46,944 Totsl 36,286 46,944 EXPENDITURE ON= Raising funds Charitable activities 3,970 3,965 14,700 Total 3,970 18,665 Gains and losses on investment assets 10 273,746 (320,594) Net Movement in funds for the year 306,062 (292,315) Reconciliation Total funds brought forward 1,282,110 1,574,425 Fund balances at 31 March 2021 1,588,172 7,282, 170 ## **THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS** ## **BALANCE SHEET AS AT 31 MARCH 2021** |**Notes**
**Fixed Assets**
Investments - market value
10
**Current assets**
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one year
7
**Net current assets**
**Total assets less current liabilities**
**CHARITY FUNDS**
Unrestricted funds
8
**TOTAL FUNDS**
For and on behalf of The Clear Foundation
_L Wright_
Date:
Mr Linus Wright
Trustee|**£**
192,445
192,445
(3,300)
_13-Jan-2022_|**2021**
**£**
1,399,027
189,145
**1,588,172**
1,588,172
**1,588,172**|**2020**
**£**
_1,125,281_
_160,129_
_160,129_
_(3,300)_
_156,829_
**_1,282,110_**
_1,282,110_
**_1,282,110_**| |---|---|---|---| 9 THE CLEAR FOUNDAMON TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 NOTES TO THE ACCOUNTS l. Accounting policies 1.1 Basis Of preparation The finanelal statements have been pre￿￿d In accordan￿ wllh'Aceotsnling and RepDrtlng by Charllles. Statement ol RecDmmended Pr2elice applicable io charities p￿parIng their actDunts In accordante Vvith the Finanthal RepDrting Sl8nd3rd £p￿ICable In the UK and Republicol Ireland IFRS 1021 Isecond Edibonl, and the Financial Repo￿n9 Sland3rd £p￿ICable In the Unrted Kingdom and Republicol Ireland IFRS 1021 and the Charllles Act 2011 and UK Gener2ltyAccepled Practice as 112pplies Irom 1 January 2019 The finan¢lal statements have been pE￿re￿ io give8.true and tslr, view8nd ￿ve departed from the ¢harllle$ IA¢¢ounts and Reptyt$l Regul8tions 2008 only io the extent wuired to Wovide a'tme and 181fvieW'. This departure ha$ Involved follcJwing'A¢¢ounbng and Reporting by Chanties St8temeniol Recommended P￿d¢￿¢e applicable lo¢hantes p￿pann9 their atttsunts in a¢cordan¢e wul the Finanthal Reporting stsnd8rd applitsble In the UK 8nd Repu￿￿ of IEland IFRS 1021 (Setond Editionl'r81her than theAccouThting and Reporbng by Ch8nbe$ Stslemeniol Recommended Pra¢ti¢e effe¢tlve Ircth 1 Aprll 2005 vthlth ha$ $in¢e been ¥vrfhdra4vn 1.2 Incomln9 resources Don8tion$, I￿8¢1&8¥￿￿ oth&rforms of voluntsry in¢w$ 8re re¢rwJnissd 88 in¢wing p8wrt8swhen r8¢8ivaW¢, ex¢&pl instylar8$ th¥y are in¢•p¥bl¥ of linantyal m¥$$upm¥nt Inve$tmeni incoNE 1$ re¢ognised when re¢eivable, ex¢epl In$ofara$ il 1$ In¢ap8ble olfin8n¢i81 meaSu￿me la Resources exppnded l expendilufe IS accounied for on an 2ccruals basis and has been included underexpense ca1￿OrIeS th21 aggr￿ale all cDsls lor£lkncabon to athvilies. Wheretosls cannoi be d1￿COY attributed ID P2rtICuL8r£cllvilieS they h8ve been alknea￿d Dn a basis con&steniwrth the useof the reathr￿S. Costs olgeneiabng funds Thi5 Gomprises expenditure i￿u￿red In c￿neCtion with generating funds forth2 Foundation. This ¢omprise$ eMp8nditure incutr¢d in ¢thn8¢tion with th&¢haiibWt objecbve$ of th¢ FtyJndabOn. iiil Governance costs Thi$ ¢omprlse$ expendllure Ir￿Urred in ￿rE￿10Th wllh managemeni8nd 8dminl$lering of the Foundation. IA Direct Tax3bon As a Chantythe Foundation is generally exemplfrom incorne laxand Ca￿tal gain5 tax. notfromVAT. ItrecoveraNe VAT Is Includ￿ In the cost of Ih05eto which it relates. 1.S Inyestrnents Investrnents are held at mthel value insolaras they are￿patr￿e of measurernent. The realised and ￿n￿alised gains or losse5 are showi In the Stalernentol Financial Adivilies. 1.6 Fund aecountlng Unreslrided Incomefunds are general funds Ihatare aVaila￿e foruse al the Truslees'discretion In furtheran￿ ollhe objectives of the Foundation. 1.7 Cash cash at b8nk 8nd in hand is held to medshort-tenn ¢8sh ¢ommitnient$8$thty1811 due rather than for inve$tnwil purpo$es. 10 THE CLEAR FOUNDAMON TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 NOTES TO THE ACCOUNTS 1A DebtOW5 Debtors Iinduding loans re￿wable) are measured on Inibal recognition al selUeTnenl amount. They are shown In the financial statements atlhe cash orother considerabon expected lo be re￿l¥e￿. 1.9 Golng Concern The accounts ￿ve been prepared on a going concem and Ihere are no material unrErtainlies. 1.111 Developments In thÈyear On 30 J8nuaty 2020 Ihe World Health Ory8ni¥li¢n dedared the outhre8k ol the Coron8viw$ ICovid-191 pandemi¢ to b¢ a puWI¢ he81th emergentyol Intttrnaiitynal ¢on¢em During the ye8rthe pandemi¢ did noi have ¥ signiftsnt negative Impa¢1 on the ¢h¥rily'$ operating a¢tivibe$, with the ¢h$niy being awe ￿ opef8￿ as norm¥1 The Tru$tee$ have been rev1w￿rng. 8nd ¢ontinue ￿ ¢view the Impad olthe pandemi¢ on the operations olthe¢harity on 8 regularb8$i$8nd havtt *ken me8$ures ￿ ensure the nsk$ fa¢ed a¢ mibg$teo. 1.11 ¢r8ditors The Foundation has credilorswhich are mpasured al sptupmenlarnounls. 1.12 Flnancial Instruments Th$ Found¥tion ¥¢¢wnt$ ltythtr bas￿ lin¥nty¥l in$trumenls on inib81 r￿O￿nitIOn as per pap8yr8ph 10 7 FRS 102 SORP Sub$6iuent m$asursm6nt 1$ per p¥ragr$ph$ 11.17 10 11.19 FRS 102 SORP 1.13 Judgements The prep8iatiDn ol thefin2nci21 stslements ￿qUIreS m8n8gemenl to m2ke iudgemenls. estimates and 888umplions that affed the amounis reported for 88sels and I18bililies as althe baL8nts sheet date and am￿fftts ￿pOrted lor revenues and expenses during the year. However. the rna￿re Df esbmatsDn means Ihatactual Duknmes Could ditferfrom thoae estsma￿s. In the TrUs￿e8, Opin￿ there are no *gnilicanliudgements and nD key thrces of eslimabon uncenainty. 2. Investmont In￿me 2021 2020 DI￿dend income Interest receivable 36,238 50 46.675 269 36.286 46.944 3. Ggvernan¢e Costs Unrestricted fund5 2021 Unr8strict8d lunds 2020 Legal and professional fees Indepèndent examlnÈ¢s fees Bank charges 2,400 1,500 70 2.405 1,500 6D 3.970 3.965 4. Grants paid 2021 2020 London AtrAdemy of Excellence, Tollenham 14.700 14, TOCI THE CLEAR FOUNDAMON TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2020 TO 31 MARCH 2021 NOTES TO THE ACCOUNTS S Trustees No remuneration was p81d to the Trustees and no expenses incurred by the Trustees have been reimbursed In the current year12020- nill. 6 Employees The Foundation has no employees. In the current year or previous year. 7 Creditors.. amounts falling due within one year 2021 2020 Independent examiner's fees Ac