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2024-03-31-accounts

The Clear Foundation

Trustees' Report & Financial Statements 1 April 2023 to 31 March 2024

Charity No. 1141981

55661.1

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS 1 APRIL 2023 TO 31 MARCH 2024

Page
Reference and administrative details of the Foundation,
its Trustees and advisers 1
Trustees' Report 2 - 5
Auditor's report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flow 11
Notes to the Financial Statements 12 - 15

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

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 registered number 1141981
Principal Office c/o Collyer Bristow LLP
St Martin’s Court
10 Paternoster Row
London
EC4M 7EJ
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Collyer Bristow LLP
St Martin’s Court
10 Paternoster Row
London
EC4M 7EJ
Auditor Bourner Bullock Chartered Accountants
114 St Martin’s Lane
Covent Garden
London
WC2N 4BE

1

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

TRUSTEES’ REPORT

The Trustees present their annual report together with the financial statements of The Clear Foundation (the Foundation ) for the year ended 31 March 2024. The Trustees confirm that the report and financial statements 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 (SORP) 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 set out in the notes to the financial statements.

a. Status and administration

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 activities covered by the Foundation's objectives, with no specific restrictions.

b.

Charitable objects

The object of the Foundation is to provide funds for general charitable purposes which will include but is not limited to supporting other charitable trusts or other organisations.

c.

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 to discuss and implement policy.

d. Financial review

The investment income has increased overall as a result of the switch of investments from the CAF UK Equitrack Fund Distribution units to the L&G UK100 Index Trust (I) - Distribution units. The interest from CAF Gold account has also increased due to the rise in interest rates.

As at 31 March 2024, the market value of the L&G UK100 Index Trust (I) - Distribution units was £1,569,105 (2023 the CAF UK Equitrack Fund was - £1,512,637), increase of £56,468.

There was a Gift Aid donation received for £1,250,000 during the year (2023 – nil).

e.

Review of activities and achievements for the public benefit

There were 2 grants made in the year for £10,000 to Keat’s Community Library to help towards the cost of the librarian and £10,000 to the Luton Town FC Community Trust to assist towards their disability football programme.

The trustees of the Foundation continue their discussions with a chain of schools and organisations. They are also looking 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.

2

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

The Trustees confirm that they have complied with their duty under section 17(5) 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 2024.

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-term charitable giving policy.

  2. To make best endeavours to protect the real value of the fund against inflation.

  3. To be in a position to make cash donations from the fund at short notice.

  4. To be able to invest in property with the intention of leasing to charities consistent with the Foundation's charitable giving policy.

Attitude to 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.

  3. No single company investments or private equity style investments will be made.

Distribution of Investments and liquidity needs

  1. In order to be in a position to make donations at short notice (~1 month) a portion of the funds should be kept in cash on <1month notice. This amount should be around 10% of assets.

  2. The remainder of the money should be invested in longer term cash deposits and UK equities, which can be converted to cash at <6months notice.

  3. If the Foundation invests in property, consistent with Objective 4, this asset can form a substitute for UK equities and long-term cash.

  4. Keeping investments domestically (UK) based will allow the Foundation to best provide funds to UK based Charities in the long term.

Type of Investments

  1. Other than property (of 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

  1. Investment decision making has been delegated to Linus Wright, who has the requisite

3

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

investment expertise to carry out this function on behalf of the Trustees, with additional advice from the other Trustees where necessary.

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.

g. Reserves and funding

See f. above under liquidity needs.

h. Appointment and induction of Trustees

Appropriately qualified people are selected according to requirements at 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.

i. Risk management

The Trustees are responsible for the management of the risks faced by the Foundation and are reviewing the major risks to which the Foundation is exposed with a view to establishing systems to mitigate these risks.

4

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

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:

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

31 Jan 2025

_____ _______ Mr Linus Wright Date

5

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CLEAR FOUNDATION

Opinion

We have audited the financial statements of The Clear Foundation (the ‘charity’) for the year ended 31[st] March 2024, which comprise The Trustee’s report, Auditors report, Statement of Financial Activities, Balance Sheet, Statement of Cashflow and notes to the financial statements, including a summary of 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 charity 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 charity’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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

6

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion :

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5 the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

7

THE CLEAR FOUNDATION TRUSTEES. REPORT & FINANCIAL STATEMEpirs 1 APRIL 2023 TO 31 MARCH 2024 The follLy•Viry laws aThJ reg￿ationS were identified gs t¢ir¥J of swJnrfK￿ to ￿ entity.. Those laws and regulati￿$ c(xk%idered to have a direct effect on the financial statements i￿[lKIe UKfnancHI repytir#J regulth"c¥ts aThl the Chaiilies Ac Audit pro¢gJures undertaken in respm to tl F#)1￿ts￿ nsks relabng to I￿egUla￿￿e$ (which indude fraud norrttrfnph'￿e wilh LqwE regulations} comprised of.. enquiries of management ar¥J those charged ￿1h govemance as to whelher the entrty complies such laws and regulations., enquiries vitth the same concerrring ary a&￿al LY Wtential Ittigation or claims., insrction of rdevant W corresp)nden¢e: review of try)ard minutes., testing the appr(4)riateness of iouma entries,. and the perf0mar￿ of watybc81 reww to identify urwect&J movements in &count may be Offra￿1. No instances of material noTrcomF4iarKe wer9 iderrtified. HoAEver. the IkdihLX)d of detecting irregularrtie5. induith"r¥J fraud. is limited by inherent drfkulty in ¢Jetecling irregtlaTtiies, the effthness of the entty's c￿ntr￿S. and the ￿Te, timing and exient of the avjit procedures perfomed. IrreguL8nb"es that result frcth fraKI mwJht be inhwenuy mwe drffiojlt to detect than irregularitiès that resum from error. As exF4ained thve, there is an unavcidable risk that material misstaternerrts may not be detecled. even twh the axt has been planned and ￿erf￿ed in a¢cord8nce ISAS (UIQ. A fvrther d8sCfiF0￿ of w resporsits.lths is located on the Financial Rewting c￿n¢11.$ web¥ite at.. htt s.IAw4.frc.o .uklaudf(orsres nslbilrt￿s. Trds descritknon forn￿ part of cyjr audrtc¢s Uso of our rgport This rewt is made sL4ety to the charity's trustees. as a t¥*, in wxdance with Part 4 of the Charits"e5 IAc¢(xwts and ReFx)rts} RegUlat￿S 2008. Our audrt work has been undertaken so that we might stste to the chari￿$ tnJstee$ kn)se matters ￿ are w￿red to state lo them in an auditorfs rewrt and no other purpose. To the fullest extent Fem)itted by law, we do not accept or assume reS￿￿t￿lity to anyone 0￿r than the tharity and the ehartfs trustees as a L￿. for our au ' work. for this rew)rt ¢y for the owions ￿ have fcymed., Boumer Bullock Chartered Accourrtants 114 St Martin's Lane Covent Gard Londi)n Tr￿2N 48E 31 Jan 2025

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL ACTIVITIES

1 APRIL 2023 TO 31 MARCH 2024

INCOME FROM
Donations
2
Investments
3
Total
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
Total
Gains and losses on investment assets
12
Net Movement in funds for the year
Reconciliation
Total funds brought forward
Fund balances at 31 March
Notes		 £
1,250,000
57,984
1,307,984
6,784
20,000
26,784
56,468
1,337,668
1,773,584
3,111,252
Total
Unrestricted
funds 2024		 £
49,968
49,968
4,124
14,300
18,424
(18,575)
12,969
1,760,615
1,773,584
Total
Unrestricted
funds 2023

9

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

BALANCE SHEET AS AT 31 MARCH 2024

Notes
Fixed Assets
Investments - market value
12
Current assets
Debtors
8
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
9
Net current assets
Total assets less current liabilities
CHARITY FUNDS
Unrestricted funds
10
TOTAL FUNDS
For and on behalf of The Clear Foundation
Date:
Mr Linus Wright
Trustee
L Wright		 £
250,000
1,295,447
1,545,447
(3,300)
31 Jan 2025		 2024
£
1,569,105
1,542,147
3,111,252
3,111,252
3,111,252		 2023
£
1,512,637
264,277
264,277
(3,330)
260,947
1,773,584
1,773,584
1,773,584

10

THE CLEAR FOUNDATION

TRUSTEES' REPORT & FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS

1 APRIL 2023 TO 31 MARCH 2024

Notes
Net cash flows from operating activities:
Net cash provided by (used in) operating
activities
15a
Cash flows from investing activities:
Donations received
Dividends and Interest from Investments
3
Proceeds of sale of investments
11
Purchase of investments
11
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period
15b		 2024
£
(26,814)
1,000,000
57,984
1,554,114
(1,554,114)
1,057,984
1,031,170
264,277
1,295,447		 2023
£
(16,774)
-
49,968
-
-
49,968
33,194
231,083
264,277

11

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

NOTES TO THE ACCOUNTS

1. Accounting policies

1.1 Basis of preparation

The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: 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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: 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) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1.2 Incoming resources

Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.

Investment income is recognised when receivable, except insofar as it is incapable of financial measurement.

1.3 Resources expended

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

i) Costs of generating funds

This comprises expenditure incurred in connection with generating funds for the Foundation.

ii) Charitable activities

This comprises expenditure incurred in connection with the charitable objectives of the Foundation.

iii) Governance costs

This comprises expenditure incurred in connection with management and administering of the Foundation.

1.4 Direct Taxation

As a Charity the Foundation is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those to which it relates.

1.5 Investments

Investments are held at market value insofar as they are capable of measurement. The realised and unrealised gains or losses are shown in the Statement of Financial Activities.

1.6 Fund accounting

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the Foundation.

1.7 Cash

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes.

12

1 APRIL 2023 TO 31 MARCH 2024

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

1.8 Debtors

Debtors (including loans receivable) are measured on initial recognition at settlement amount. They are shown in the financial statements at the cash or other consideration expected to be received.

1.9 Going Concern

The accounts have been prepared on a going concern basis and there are no material uncertainties.

1.10 Creditors

The Foundation has creditors which are measured at settlement amounts.

1.11 Financial instruments

The Foundation accounts for the basic financial instruments on initial recognition as per papagraph 10.7 FRS 102 SORP. Subsequent measurement is per paragraphs 11.17 to 11.19 FRS 102 SORP.

1.12 Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Trustees' opinion there are no significant judgements and no key sources of estimation uncertainty.

2. Voluntary income

Donations
Gift aid
Investment income
Dividend income
Interest receivable
Governance Costs
Legal and professional fees
Independent examiner's fees
Audit fees
Bank charges		 2024
£
1,000,000
250,000
1,250,000
2024
£
55,204
2,780
57,984
2024
£
3,600
120
3,000
64
6,784
Unrestricted
funds
Unrestricted
funds		 2023
£
-
-
-
2023
£
49,015
953
49,968
2023
£
2,400
1,650
-
74
4,124
Unrestricted
funds
Total
funds

3 Investment income

4 Governance Costs

13

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

1 APRIL 2023 TO 31 MARCH 2024

NOTES TO THE ACCOUNTS

5 Grants paid

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Keat's Community Library|10,000|-| |Luton Town FC Community Trust|10,000|-| |London Academy of Excellence, Tottenham|-|9,300| |Contact|-|5,000| |Grants paid|20,000|14,300|

----- End of picture text -----

6 Trustees

No remuneration was paid to the Trustees and no expenses incurred by the Trustees have been reimbursed in the current year (2023 - nil).

7 Employees

The Foundation has no employees. In the current year or previous year.

8 Debtors

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Gift Aid tax due to be recovered|250,000|-| |250,000|

----- End of picture text -----

9 Creditors: amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Independent examiner's fees|-|3,030| |Audit fees|3,000|-| |Account credited in error|300|300| |3,300|3,330|

----- End of picture text -----

10 Statement and summary of funds

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance| |brought|Incoming|Resources|Other gains and|Balance carried| |forward|resources|Expended|losses|forward| |£|£|£|£|£| |Unrestricted funds| |General Funds|1,773,584|1,307,984|(26,784)|56,468|3,111,252|

----- End of picture text -----

14

1 APRIL 2023 TO 31 MARCH 2024

THE CLEAR FOUNDATION TRUSTEES' REPORT & FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

11 Related Parties

No related party transactions have occurred during the year or previous year which require disclosure.

12 Investments

Market Value brought forward
Add: additions at cost
Less: disposals at carrying value
Add/deduct: profit/(loss) on disposal
Add/deduct: gain/(loss) on revaluation
Market Value carried forward		 Listed investments
£
1,512,637
1,554,114
(1,554,114)
258,967
(202,499)
1,569,105

13a Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Loss/(profit) on sale of investments
(Gain)/loss on revaluation
Donations received
Dividends and interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
13b
Analysis of cash and cash equivalents
Cash at bank
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the statement of		 £
1,337,668
( 258,967)
202,499
( 1,000,000)
( 57,984)
( 250,000)
( 30)
( 26,814)
£
1,295,447
1,295,447		 £
12,969
18,575
( 49,968)
1,650
( 16,774)
£
264,277
264,277

15