GOLLYER BRISTOW The Clear Foundation Trustees, Report & Financial Statements 1 April 2021 to 31 March 2022 Charity No. 1141981 55661.1
THE CLEAR FOUNDATION TRUSTEES, REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 Page Reference and administrative details of the Foundation, ils Truslees and advisers Trustees. Report Independent Examiner's report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-12
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 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 Sl Martin's Court 10 Paternoster Row London EC4M 7EJ Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Solicitors Collyer Brislow LLP Sl Martin's Court 10 Paternoster Row London EC4M 7EJ Independent Examine Bourner Bullock Chartered Accountants 114 Sl Martin's Lane Covent Garden London WC2N 48E
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 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 2022. 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 increased overall as a result of the increase of dividends received from the CAF UK Equilrack Fund Distribution units. The interest from CAF Gold aOUnt has decreased. As al 31 March 2022, the marf(et value of the CAF UK Equilrack Fund Distribution units was £1,531,21212021 £1,399,027), an increase of £132,185. Revlew of actlvltles and a¢hlovemonts for the publ1¢ beneflt There were no grants as a lol of the projects and inilialives did not go ahead due lo the COVID pandemic. The trustees of the Foundation continue their discussions with a chain of schools and organisations. They are also boking at other grants. mainly with education as a theme to improve educational opportunities for young people, regardless of their background, using research as much as possible to help social mobility for all. The Trustees confirm that they have complied with their duty under section 17151 of the Charities Act 201110 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 2022.
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 Investment pollcy Objectives To maintain and grow the value of the fund over the medium to long term via income and capital gains, in order lo 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 notice. 4. To be able lo invest in property with the Intention of leasing to charities consistent wf(h the Foundation's charitable giving policy. Attitude lo Risk The Trustees are comfortable with a moderate level of capital risk for the Foundation, 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 investmen15 will be made. Distribution of Investments and liquidity needs 1. In order lo be in a position lo make don8tions at short nolice1-1 monthl a portion of the funds should be kept in cash on <1 month noti. This amount should be around 1 OOA of assets. 2. The remainder of the money should be invested in longer term 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-lemi cash. 4. Keeping investments domestically IUKI based will allow the Foundation lo best provide funds lo UK based Charities in the long term. Type of Investments 1. Other than property lof which there are no immediate plans), all investments will be made in products offered by CAF Bank. 2. The products include long-term cash deposits and FTSE Index tracking funds which have minimal management fees attached. Investment Decisions Investment decision making has been delegated to Linus Wright, who has the requisite investment expertise lo carry out this function on behaw of the Trustees, with additional advice from the other Trustees where necessary. Management of Investments 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
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 provider of similar investment products. Resery•s and fundlng See f. above under liquidity needs. Appointment and induction of Trustees Appropriately qualified people are selected according lo requirements al the time of appointment. As part of the induction programme, the Trustees are 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 management 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 2021 TO 31 MARCH 2022 Statement of Trustees, responsibilities The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applic8ble law and regulations. The law 8pplicable lo charities in England & Wales requires the trustees lo prepare financial sl8temenls for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The Iruslees 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 resoUe$ and application of reSOue$. including the income and expenditure, of the charity for that peri¢xl. In preparing these financial statements, the Iruslees are required lo. select Suitab 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 Stsndards have been followed, subject lo any material departures disclosed and èxplained in the fin8nci81 statements. prepare the financial slalemenls on the going concern basis unless r( is inappropriate to presume that the charity will continue lo opèrate. The Iruslees are responsible for keeping sufficient accounting records that disclose with reasonable accLJracy at any time the financial position of the charity and enable them to ensure that the financial slalemenls 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 25 Jan 2023 Mr Llnus Wright Date
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS 1 APRIL 2021 TO 31 MARCH 2022 Independent Examlnerfs Report to the Trustees of The Clear Foundatlon I report to the trustees on my examination of the financial statements of The Cle8r Foundation I'lhe charity'l for the year ended 31 March 2022 which comprise the Statement of Financial Aclivilies, the Balance Sheet and related notes. This report Is made solely to the charity's trustees, as a body, in accordan with section 145 of the Charities Act 2011. My work has been undertaken so that I might stste lo the charity's trustees those matters l am required to slate 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 8nd the charity's Iruslèes as a body, for my wotk, for this report, or for the opinions I have formed. Responsibilitigs and basi$ 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'lhe Acl'l. I report in respect of my examination of the charity's financial 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 conseqLJently does not Cover all the matters that an auditor considers in giving their opinion on the financial stslements. The planning and conduct of an audit goes bèyond the limited assurance that an independent examination can provide. Consequently l express no opinion as lo whether the financial slalemenls present a 'lrue and fair, view and my report is limited lo those specific mallers set out in the independent examiner's slalemenl. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo 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 ststements do not accord with those records,. or the financial slalemenls do not comply wrfth the applicable requirements concerning the fomi 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 STATEMENTS I APRIL 2021 TO 31 MARCH 2022 I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this rey)rt in order lo enable a proper understanding of the financial slalemenls be reached. Davld Matkins FC Bourner Bullock Chartered Accounlanls 114 Sl Martin's Lane Covenl Garden London WC2N 4BE Dale
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES 1 APRIL 2021 TO 31 MARCH 2022 Total Unrestrietod funds 2022 Total Unrestriet•d funds 2021 Note5 INCOME FROM Investments 44,255 36,286 Total 44,255 36,286 EXPENDITURE ON.. Raising funds Charitable activities 3,997 3,970 Total 3,997 3,970 Gains and losses on Investment assets 132,185 273,746 Net Movement in funds for the year 172,443 306,062 Reconciliation Total funds brought forward 1,588,172 1,282, 110 Fund balances at 31 March 2022 1,780,815 1,588, 172
THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMENTS BALANCE SHEET AS AT 31 MARCH 2022 Notas 2021 2020 Fixed Assets Investments - market value 10 1,531,212 1,399,027 Current assets Cash al bank and in hand 231,083 192,445 231,083 192,445 Current liabilities Creditors". amounts falling due within one year 11,6801 f3,300J Net current assets 229,403 189, 145 Totsl a8sets less current liabilities 1,760,615 1,588,172 CHARITY FUNDS Unrestricted funds 1,760,615 1,588, 172 TOTAL FUNDS 1,760,615 1.588,172 For and on behalf of The Clear Foundation L Wright Date.. 25 Jan 2023 Mr Linus Wright Trustee
THE CLEAR FOUNDATION TRUSTEES, REPORT & FINANCIAL STATEMENTS I APRIL 2021 TO 31 MARCH 2022 NOTES TO THE ACCOUNTS 1. Accountlng pollclos 1.1 Bas18 of pmparatlon Thefinan¢i81 $tslemen$ have been prep¥Ed In ¥¢¢ord¥n¢e wilh'Attwnbng and Reporting by Charities Ststementol Re¢ommended Pr¥di¢e $ppli¢able to ¢haritie$ prep¥nng theira¢¢ounw in a¢¢ord8n¢ev47lh the Finan¢ial Reporting Stanaard $ppli¢aWe In UK and Republi¢ol Iplartd IFRS 1021 ISe¢ond Edition), 8nd the Fin8n¢i$l Repothng Standard 8ppli¢aWe In Uniied Kingdom and Republi¢ol l¢land IFRS 1021 and the Charitie$ Art2011 and UK GenerallyA¢¢epted Pr8¢ti¢e as It8pplies from 1 J8nu8ry2019 Thefinanci81 st£tements have en Ppad to give a'true 2nd fair, vle4V and havedep2rted Irom the Charllles (Accounts and RepDrtsl Regul2lions 2008 only to the enI required ID provide S'lruè and faifvie4V' This departure has Involved followin9'Accounbng 2nd Repon9 by Ch8nbes' Stslemeniol Recommended Ptscbce appllcable ID charibes prepsnng their accounts In accordancewth the Flnaneial Reporting Stsnd2rd apble In the UK2nd RepU1t or Irdand IFRS 1021 Isecond Ean1'r£Iherlhafft theAccounling and Repofftg by Ch8nlieS. Slalemenl Df Recrmmended Pr2dlce effedlve from 1 Aprll 2005 ¥thlch has sin been vAthdr£vén 1.2 Incomlng resources Donations, legacies and otherforms ofvolunlary Incorneare recwnised as Incoming reScwJrsWheTr [valle. except IDsofar as iheyare InCapae of financial measurement. InV$b8Tht in¢om¥ is wnised wh¢n wvawe. H¢ept ins¢lara$ it 1$ in¢ap¥tyitoltin¥n¢i81 m&a$urwnt 1.3 Règourc4s èxp•nd8d All eMpenOilure Is accounted toron an a[YalS basis has been Included underempense calegoneslh81 aggregate all costs forallocalion to acbvrtEs. Wherp CDsls be directlyaitribthed lo particularactivilies they have been alted on a basis wnsistenlwikn the use of the resour¢es. Costs of generating funds Thiscomprises expendthre In{e In connection Mryih generating funds lorlhe Foundation. Thi$¢omw$s expendire inwtr8d in ¢onne¢bon V•ith the tharitsb¢bi¢tiV$ olth¥ Found8tith. lill GDvemance costs Thi$¢tymw$e$ expendire inwtr8d in ¢onne¢bon V•ith m8n8gemenl and admini$tsring olthtr Founthlion 1A Dlrect TaX•an As a Chatty the Found*v)n Is generally exernplfrom Inwm&lax capital gain¥ tsx, bul nolfrom VAT. ItrecDverable VAT is inu8d in the cost of those to whith It rdales. 1.5 InvestmEnts Inveslmenlsare held al market value insolaras they are capakle of MeaSUrebEnI. The realised and unrealised gains orlosses are shown In the Stalernentol Financ1 Adivilies. 1.6 Fund Kcovnting Unrestricted Income fundsare geneial funds Ihalare availatAe foruse atlhe Tiustees. disuetson In furtherantt olthe obieelives olthe Fountslion. 1.7 C8$h Cash al bank and in hand Is hd to ffleet short-teTTn cash cotnfflilmenls astheyfall dup ralherlhan forinveslmenl purwses. 10
THE CLEAR FOUNDATION TRUSTEES, REPORT & FINANCIAL STATEMENTS I APRIL 2021 TO 31 MARCH 2022 NOTES TO THE ACCOUNTS 1.0 Debtors Debtors lindLlg loans receIvae) are MsUred on initial recognition al settlement amount. Tlw are shown In the financial statements allherash orolher Gonsideralion weLted lo be reived. 1.9 Golng Contém The£ccounls have been prepared on a going concem basisand lherea no material uncertainties. 1.1fy Dov•lopmtynt$ in thty yoar On 30 J?nu3ry2020 the WoTld Health Org¥nisalion dedared the oure8k of Ihe Coron¥vitus ICovid-191 pandetnic to be a public heatth emergencyol Intem8tion81 concern. Durjng the yearlhe pandemic did not have? significant neg3live irnpadon the tharity's op8r*ng adivities. wrth the tharity being awe to opprate as normal. The Ttustees have b8en reviewng, and wnlinue to review, the itnpadolthp pandetnicon the operatw¥ ollh8chatity on ¥ regUrba&1s have taken me?sures to ensure the r15ksfaced are tnibgaled. 1.11 Credltors Thp Foundation hascreditorswhicb are measur& al setuemenl amounts. 1.12 Flnanelal Instruments The Foundation accounts forthe basic finanual InslrumeTrls on initial recognition as w papagraph 10.7 FRS 102 SORP. Subsequent measurefflent Is peT paragraphs 11.17 10 11.19 FRS 102 SORP. 1.13 Jvdgom•nts The preration of ihe financial slalements rwuires management lo makeiudgememls. eslimales and assumptions ihat affed the amounts reported for assets and liabilities as allhe balan sheet dale and ihe amounts reported for revenues and expenses during Iheyear. However the natureof estimation ffleansthal actual outcomes could differ from Ihoseeslimales. In the Trustees, opinion Ihere are no signifirAntiudgemenls and no key SoUrS ol eslimalion uncertainty. 2. Invostment Income 2022 2021 Dividend income Interest reCeiVae 44.237 18 36.236 str 44.255 36.286 3. Governance C05tS Unrestricted funds 2022 Unrestricted 2021 Legal and pmfessional fees Independent exatninerts fees Bank chafges 2.4(N) 1.500 97 2.40Q 1.500 7D 3.997 3.970 Grants pald 2022 2021 No grants were paid
THE CLEAR FOUNDATION TRUSTEES, REPORT & FINANCIAL STATEMENTS I APRIL 2021 TO 31 MARCH 2022 NOTES TO THE ACCOUNTS 5 Tru8t808 No remunerBtion was P8KI lo the Ttuslees and no expenses Incurred by the Trustees nave been reimburse(l i the cutrent year12021 nill. 6 Employ888 The Foundation has no employees. In the current year or previous year. 7 Creditor5'. amounts falling due within one year 2022 2021 Independent exarninerfs fee5 Account credile(l in error 1.380 3) Joo 1.880 3.300 8 Staternent and Summary of fund5 Balanco brought forward Incoming resources Resourcés Expended Other gains and Balanto carried 105ses forward Unrostrlcted fvnds General FuThls 1,588.172 44,255 13,9971 132,185 1,760,615 9 Related Partl8s No related party transactions have occurred during the year or previou5 yearwhich require di5dosure. 10 Inve$tment6 Ll8t8d Investments M8rkel Valuè brought forward Addldedu¢t'. gainlOo8sI on revaluation 1,399.027 132.185 MaTkel Value carrie(I fotward 1.531.212 12