Charity no. 1170424
**The Joseph and Frances Clark Trust Report and Unaudited Financial Statements 5 April 2025**
## **The Joseph and Frances Clark Trust**
## **Reference and administrative details**
## **For the year ended 5 April 2025**
|**Charity number**|1170424|
|---|---|
|**Registered office and**|Greenbank House|
|**operational address**|44 High Street|
||Street|
||BA16 0EQ|
|**Trustees**|The trustees who served during the year and up to the date of this report|
||were as follows:|
||Richard Clark|
||William Clark|
||Sibella Pedder|
||William Pedder|
||Alice Wakeford|
|**Bankers**|Lloyds|
||64 High Street|
||Street|
||BA16 0ED|
|**Solicitors**|Lancaster Parr|
||Pear Tree House|
||Wanstrow|
||Somerset|
|**Independent examiners**|Godfrey Wilson Limited|
||Chartered accountants and statutory auditors|
||5th Floor Mariner House|
||62 Prince Street|
||Bristol|
||BS1 4QD|
1
## **The Joseph and Frances Clark Trust**
## **Report of the trustees**
## **For the year ended 5 April 2025**
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust Deed and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
The Charity was incorporated as a Charitable Incorporated Organisation (CIO) on 28 November 2016 to take forward the work of the unincorporated charity, with the same name, The Joseph and Frances Clark Trust, registered number 267441 and the transfer of all assets from what came known as the "old charity" took place at the end of the year ended 5 April 2020.
## **Objectives and activities**
The objects of the CIO, as set in its constitution, are the advancement or furtherance of such charitable purposes or charitable institutions and in such manner and in such proportions as the charity trustees may from time to time in their absolute discretion determine.
The trustees, in doing this and also taking into consideration the original trust deed of the unincorporated trust dated 22 April 1974, shall give preference to charitable purposes for the: a) preservation of the natural beauty of Street and its vicinity; and b) benefit of the inhabitants of Street and its vicinity.
One of the charity's main objectives is therefore to keep Street and its vicinity "green", so as to enhance and preserve the beauty of the natural area in and around Street. Through its continuous projects it maintains the upkeep of its land and actively pursues conservation work on these areas.
## **Public benefit statement**
The trustees review the objectives and activities to ensure that they continue to reflect the Trust's aims and in carrying out this review, the trustees have considered the Charity Commission's general guidance on public benefit.
In doing so, the trustees confirm that they have complied with section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
The charity's main objective is therefore to keep Street "green", so as to enhance and preserve the beauty of the area in and around Street for all to enjoy. Through its continuous projects it maintains the upkeep of its land and actively pursues conservation work on these areas.
Through its conservation work, it has been notably successful in supporting the success of reintroducing the Large blue butterfly to the East Polden Hills and the Trust has an ongoing programme related investment in connection with the protection of the butterfly.
2
## **The Joseph and Frances Clark Trust**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **Achievements and performance**
During the year, the Trust has continued to meet its charitable objectives as set out below.
The charity receives funding from the Rural Payments Agency by way of two Higher Tier Countryside Stewardship Agreements:
- 1) The Compton Meadows agreement commenced on 1 January 2020 and is due to run until 31 December 2029 with funding being received each year dependent upon various criteria being fulfilled. This is a long-term project to maintain and restore four fields near Compton Dundon back to calcareous grassland and provide additional bespoke habitat for Large blue, Brown hairstreak, Chalkhill Blue, White letter hairstreak and Small blue butterflies and potentially reintroduce the Duke of Burgundy butterfly. The Trust has continued to make progress on this project during the year and the relevant funding has been received based upon the works performed.
- 2) The Polden Hills agreement commenced on 1 January 2023 and is due to run until 31 December 2032 with funding being received each year dependent upon various criteria being fulfilled. This is a long-term project to maintain and restore the south facing slopes of Walton Hill and Hatch Hill on the Poldens, both of which are within Sites of Special Scientific Interest. This scheme includes generous funding toward scrub clearance in difficult to reach areas in recognition that this will restore a significant area to habitat for the Large blue butterfly. It also aims to benefit the species listed above, and in doing so the general health of the local natural environment.
As noted in previous accounts, the Trust has made two loans amounting to £178,000 to a local landowner in order to safeguard various pieces of land upon which the Large Blue Butterfly inhabits. These loans have been treated as a programme related investment, in furtherance of the Trust's aims, and this has continued in the current year.
## **Financial review**
The results for the year are shown on page 7. Gains/(losses) on investments are treated as a component of net income under FRS 102 and the Trust's net expenditure was £482,042 (2024: net income: £466,655).
The Trust saw an unrealised loss on the revaluation of its investment in C&J Clark Limited of £355,143 compared to an unrealised loss of £437,283 in the previous year.
There has been no income once again from these unlisted investments as no dividends were paid by C&J Clark Limited during the year.
In June 2023 the trustees passed a Trustees’ Written Resolution to agree and approve the proposed transfer of the property known as Whitenights to the CIO as a gift from the unincorporated charitable trust known as The Nathan Clark 1984 Charitable Settlement (the ‘1984 Settlement’), registered charity number 1010608, subject to the assumption by the CIO of any outstanding liabilities relating to this property.
The Trust has earned interest of £14,141 (2024: 14,201) in respect of the programme related investment.
3
## **The Joseph and Frances Clark Trust**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **Investment performance**
As noted above, the charity made an unrealised loss of £355,143 (2024: loss of £437,283) on the unlisted investment in C&J Clark Limited shares.
Information relating to changes in investments is given in note 14 of these accounts. A valuation of the shares in C&J Clark Limited was carried out on 25 June 2025 by S&W Group and has seen a drop in the share value from £1.13 to £0.88. This latest valuation at 25 June 2025 is closest to the balance sheet date and is considered to be the fair value of the investment as at 5 April 2025.
## **Investment policy**
There are no restrictions imposed on the investment policy by the Trust Deed. The trustees make the investments in accordance with charity law.
## **Reserves policy**
The trustees utilise the income arising from year to year to pay the costs of managing and maintaining its land and properties and the adequacy of the reserves policy is reviewed annually. At the end of the financial year, reserves were £2,574,759 (2024: £3,056,801), of which £185,293 are free reserves (2024: £297,845). This equates to just under 1 year's unrestricted expenditure.
## **Fundraising statement**
The Trust does not carry out any direct fundraising activity at the current time.
## **Risk statement**
The trustees have considered and mitigated any risks facing the charity as far as possible.
## **Plans for future periods**
The CIO will continue to carry on the activities to meet the objectives as set out above.
It is expected that the property known as Whitenights will be sold within the next few years and that the income will be invested as per the investment policy.
## **Structure, governance and management**
The Trust was registered as a Charitable Incorporated Organisation (CIO) on 28 November 2016 with the charity number 1170424. It is governed according to the 'Foundation' Constitution approved by the trustees on 5 November 2016.
The trustees are as listed on page 1 and any further trustees, who must have the necessary skills and expertise required to effectively manage the CIO, must be appointed by a resolution passed at a properly convened trustees' meeting.
New trustees will be given:
- the charity’s governing document;
- the charity’s latest annual report and accounts;
- minutes of recent trustee meetings;
- the guidance “The essential trustee: what you need to know (CC3)”, and “The hallmarks of an effective charity (CC10)”; and
- any other key documents.
4
## **The Joseph and Frances Clark Trust**
## **Report of the trustees**
## **For the year ended 5 April 2025**
The trustees continue to agree the broad strategy and areas of activity for the trust, including consideration of investment, reserves and risk management policies and performance at trustees’ meetings. The day-to-day administration of the trust is delegated to Mr W R Clark.
## **Statement of responsibilities of the trustees**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- ▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which 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 constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees have no beneficial interest in the charity.
## **Independent examiners**
Godfrey Wilson Limited were appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 26 November 2025 and signed on their behalf by
William Clark - Trustee
5
## **Independent examiner's report**
## **To the trustees of**
## **The Joseph and Frances Clark Trust**
I report to the trustees on my examination of the accounts of The Joseph and Frances Clark Trust (the CIO) for the year ended 5 April 2025, which are set out on pages 7 to 22.
## **Responsibilities and basis of report**
As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CIO’s accounts 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**
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:
- (1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts 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.
## William Guy Blake
## Date: 26 November 2025 **William Guy Blake ACA Member of the ICAEW**
## **Godfrey Wilson Limited**
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
6
## **The Joseph and Frances Clark Trust**
## **Statement of financial activities**
## **For the year ended 5 April 2025**
|Restricted Unrestricted
Note
£
£
**Income from:**
Donations
3
-
19,458
Charitable activities
4
110,879
25,445
Investments
5
-
5,045
Other income
6
-
35,821
**Total income**
110,879
85,769
**Expenditure on:**
Raising funds
-
42,528
Charitable activities
110,879
170,140
**Total expenditure**
8
110,879
212,668
Net losses on investments
14
-
(355,143)
9
-
(482,042)
**Reconciliation of funds:**
Total funds brought forward
-
3,056,801
**Total funds carried forward**
-
2,574,759
**Net income / (expenditure) and net**
**movement in funds**|**2025**
**Total**
**£**
**19,458**
**136,324**
**5,045**
**35,821**
**196,648**
**42,528**
**281,019**
**323,547**
**(355,143)**
**(482,042)**
**3,056,801**
**2,574,759**|2024
Total
£
1,089,000
121,583
3,939
37,224|
|---|---|---|
|||1,251,746|
|||9,108
338,700|
|||347,808|
|||(437,283)|
|||466,655
2,590,146|
|||3,056,801|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 20 to the accounts.
7
## **The Joseph and Frances Clark Trust**
## **Balance sheet**
## **As at 5 April 2025**
|**As at 5 April 2025pril 2025ril 2025**|||||
|---|---|---|---|---|
||||**2025**|2024|
||Note|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible assets|12||**903,360**|917,707|
|Heritage assets|13||**1**|1|
|Investments|14||**458,105**|588,248|
|Investment property|15||**850,000**|1,075,000|
|Programme related investments|16||**178,000**|178,000|
||||**2,389,466**|2,758,956|
|**Current assets**|||||
|Stock|17|**2,600**||2,750|
|Debtors|18|**44,312**||119,550|
|Cash at bank and in hand||**156,298**||197,623|
|||**203,210**||319,923|
|**Liabilities**|||||
|Creditors: amounts falling due within 1 year|19|**17,917**||22,078|
|**Net current assets**|||**185,293**|297,845|
|**Net assets**|||**2,574,759**|3,056,801|
|**Funds**|20||||
|Unrestricted funds|||**2,574,759**|3,056,801|
|**Total charity funds**|||**2,574,759**|3,056,801|
Approved by the trustees on 26 November 2025 and signed on their behalf by
William Clark - Trustee
8
## **The Joseph and Frances Clark Trust**
## **Statement of cash flows**
## **For the year ended 5 April 2025**
|**Cash used in operating activities:**
Net movement in funds
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interest and rents from investments
Decrease in stock
Decrease in debtors
(Decrease) / increase in creditors
Donation of investment property
Donation of land
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
**Net cash provided by / (used in) investing activities**
**Increase / (decrease) in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2025**
**£**
**(482,042)**
**14,894**
**355,143**
**(5,045)**
**150**
**75,238**
**(4,161)**
**-**
**-**
**(45,823)**
**5,045**
**(547)**
**4,498**
**(41,325)**
**197,623**
**156,298**|2024
£
466,655
11,521
437,283
(3,939)
2,526
317,121
7,183
(1,075,000)
(14,000)|
|---|---|---|
|||149,350|
|||3,939
(33,035)|
|||(29,096)|
|||120,254
77,369|
|||197,623|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
9
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**1. Accounting policies**
- **a) General information and basis of preparation**
- The Joseph and Frances Clark Trust is a charitable incorporated organisation registered in England and Wales. The registered office address is Greenbank House, 44 High Street, Street, BA16 0EQ.
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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Joseph and Frances Clark Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b) Going concern basis of accounting**
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
## **d) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
## **e) Funds accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
10
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **1. Accounting policies (continued)**
## **f) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **g) Allocation of support and governance costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between raising funds and charitable activities in the same proportion as direct costs.
## **h) Tangible fixed assets**
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Plant and machinery 2-5 years Motor vehicles 12 years
No depreciation is charged on freehold land.
Items of equipment are capitalised where the purchase price exceeds £100. Fixed assets that have been donated have been valued at the trustees' best estimate of fair value at the date of the gift.
## **i) Heritage assets**
The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance the preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.
Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements.
The very long expected life of heritage assets, due to their nature, value, and need to be protected and preserved, means that depreciation is not material and is, therefore, not provided. The trustees will review its value at the end of each financial accounting period and consider whether there has been any impairment in its value at which point an impairment charge will be processed.
11
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**1. Accounting policies (continued)**
## **j) Unlisted investments**
Unlisted investments have been revalued to reflect valuations carried out by S & W Group at a date closest to the balance sheet date, which is deemed to be their fair value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
## **k) Investment property**
Investment property is property (land or a building, or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.
Investment property is initially measured at cost, including transaction costs. Investment properties that have been donated have been valued at the trustees' best estimate of fair value at the date of the gift. Investment property is subsequently measured at fair value the reporting date.
Gains or losses arising from changes in the fair value of investment property are included in net profit or loss on the face of the Statement of Financial Activities for the period in which they arise.
## **l) Programme related investments**
Programme related investments are concessionary programme related loans made to partners that directly further the charitable purposes of the charity. The loans are recognised at the amount paid, less cumulative repayments. They are reviewed annually for impairment.
## **m) Stock**
Livestock is included at the lower of cost or net realisable value.
## **n) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **o) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **p) Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **q) Financial instruments**
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
12
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **1. Accounting policies (continued)**
## **r) Pension costs**
The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
## **s) Accounting estimates and key judgements**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
## **Depreciation**
As described in note 1(h) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. There is no depreciation charged on land.
Land is held at historic cost, where there is a sale price recorded. Where the land has not been purchased, the deemed cost is based on trustee valuation in relation to the market.
## **Heritage assets**
The two sculptures acquired in the year ended 5 April 2015 are subject to an agreement which stipulates that the Trust is not allowed to dispose of the asset without first offering to sell them for the original purchase cost of £1 back to the seller. The assets have therefore been capitalised at this initial acquisition cost, rather than their valuation, to reflect this restriction and no depreciation has been charged.
Two further sculptures acquired in the year ended 5 April 2018 had been written down in full by the previous owner and were considered by the trustees to have a nil value upon acquisition.
## **Valuation of unlisted investments**
The charity holds unlisted investments in the shares of C&J Clark Limited, a private limited company. Valuations are currently carried out by the company on an annual basis under a process set out in the company's Articles. As at 25 June 2025, the shares were valued at £0.88 per share. As the closest valuation to the year end date, the June 2025 price has been used to value the shareholding at 5 April 2025.
## **Investment property**
As described in note 1(k), the donated investment property was initially recognised at fair value, as there is no cost price. The valuation is of investment property is deemed to be the market value of the property.
13
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **2. Prior period comparatives: statement of financial activities**
|**Income from:**
Donations
Charitable activities
Investments
Other
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
Net losses on investments
**Net income and net movement in funds**
**3.**
**Income from donations**
Donation of investment property
Donation of land
**Total income from donations**|Restricted
£
£
-
1,089,000
93,005
28,578
-
3,939
-
37,224
93,005
1,158,741
-
9,108
93,005
245,695
93,005
254,803
-
(437,283)
-
466,655
**2025**
**£**
**-**
**19,458**
**19,458**
Unrestricted|2024
Total
£
1,089,000
121,583
3,939
37,224|
|---|---|---|
|||1,251,746|
|||9,108
338,700|
|||347,808|
|||(437,283)|
|||466,655|
|||2024
£
1,075,000
14,000|
|||1,089,000|
All income from donations was unrestricted in the current and prior period.
14
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **4. Income from charitable activities**
|Grants in relation to land
Interest received from programme related investments
Other income
**Total income from charitable activities**
**Prior period comparative:**
Grants in relation to land
Interest received from programme related investments
Other income
**Total income from charitable activities**
**5.**
**Income from investments**
Bank interest receivable
Rental income
**Total income from investments**|Restricted
£
£
110,879
6,526
-
14,141
-
4,778
110,879
25,445
Restricted
£
£
93,005
12,211
-
14,201
-
2,166
93,005
28,578
**2025**
**£**
**3,671**
**1,374**
**5,045**
Unrestricted
Unrestricted|**2025**
**Total**
**£**
**117,405**
**14,141**
**4,778**|
|---|---|---|
|||**136,324**|
|||2024
Total
£
105,216
14,201
2,166|
|||121,583|
|||2024
£
3,189
750|
|||3,939|
All income from investments was unrestricted in the current and prior period.
## **6. Other income**
|Staff recharges|**2025**
**£**
**35,821**|2024
£
37,224|
|---|---|---|
All other income was unrestricted in the current and prior period.
15
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**7. Government grants**
- The charity receives government grants, defined as funding from DEFRA to fund charitable activities. The total value of such grants in the period ending 5 April 2025 was £117,405 (2024: £105,216). There are no unfulfilled conditions or contingencies attaching to these grants in 2024 or 2025.
## **8. Total expenditure**
|**Total expenditure**|||||
|---|---|---|---|---|
|Repairs and maintenance
Staff costs (note 10)
Depreciation
Miscellaneous
Legal and professional
Insurances
Rent and rates
**Sub-total**
Allocation of support and
governance costs
**Total expenditure**|Raising funds
£
16,136
-
-
16,776
-
-
-
32,912
9,616
**42,528**|Charitable
activities
£
150,469
40,826
14,894
1,590
-
7,200
2,501
217,480
63,539
**281,019**|Support and
governance
costs
£
-
53,550
-
7,764
8,531
592
2,718
73,155
(73,155)
**-**|**2025 Total**
**£**
**166,605**
**94,376**
**14,894**
**26,130**
**8,531**
**7,792**
**5,219**|
|||||**323,547**
-|
|||||**323,547**|
Total governance costs were £60,489 (2024: £58,182).
|**Prior period comparative**
Repairs and maintenance
Staff costs (note 10)
Depreciation
Legal and professional
Rent and rates
Insurances
Miscellaneous
**Sub-total**
Allocation of support and
governance costs
**Total expenditure**|Raising funds
£
6,136
-
-
-
511
-
668
7,315
1,793
9,108|Charitable
activities
£
219,607
34,145
11,521
-
2,773
3,894
89
272,029
66,671
338,700|Support and
governance
costs
£
-
51,959
-
9,726
4,470
510
1,799
68,464
(68,464)
-|2024 Total
£
225,743
86,104
11,521
9,726
7,754
4,404
2,556|
|---|---|---|---|---|
|||||347,808
-|
|||||347,808|
16
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**9. Net movement in funds**
This is stated after charging:
|Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' / Independent examiners' remuneration:
Statutory audit (excluding VAT)
Independent examination (excluding VAT)|**2025**
**£**
**14,894**
**Nil**
**Nil**
**-**
**1,950**|2024
£
11,521
Nil
Nil
7,500
-|
|---|---|---|
## **10. Staff costs and numbers**
Staff costs were as follows:
|Salaries and wages
Social security costs
Pension costs|**2025**
**£**
**84,953**
**2,068**
**7,355**
**94,376**|2024
£
77,256
1,895
6,953|
|---|---|---|
|||86,104|
No employee earned more than £60,000 during the year.
The key management personnel of the charity comprise the trustees, who are not remunerated.
|Average head count|**2025**
**No.**
**3**|2024
No.
3|
|---|---|---|
## **11. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
17
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **12. Tangible fixed assets**
|**Cost**
At 6 April 2024
Additions in year
At 5 April 2025
**Depreciation**
At 6 April 2024
Charge for the year
At 5 April 2025
**Net book value**
**At 5 April 2025**
At 5 April 2024|Freehold
property
£
828,896
-
828,896
-
-
-
**828,896**
828,896|Plant and
machinery
£
64,004
547
64,551
24,393
10,094
34,487
**30,064**
39,611|Motor
vehicles
£
57,600
-
57,600
8,400
4,800
13,200
**44,400**
49,200|**Total**
**£**
**950,500**
**547**|
|---|---|---|---|---|
|||||**951,047**|
|||||**32,793**
**14,894**|
|||||**47,687**|
|||||**903,360**|
|||||917,707|
## **13. Heritage assets**
|**Heritage assets**||
|---|---|
|**Cost**
At 6 April 2024 and 5 April 2025
**Depreciation**
At 6 April 2024 and 5 April 2025
**Net book value**
**At 5 April 2025**
At 5 April 2024|**Sculptures**
**£**
1|
||**-**|
||**1**|
||1|
The two sculptures acquired in the year ended 5 April 2015 have been classified as heritage assets. Although these two sculptures have been valued at £125,000 each for insurance purposes, they are subject to an agreement which stipulates that the Trust is not allowed to dispose of them without first offering to sell them back to the seller for the original purchase cost of £1. The sculptures were therefore capitalised at their initial acquisition cost of £1 rather than at valuation, to reflect this restriction.
Two additional sculptures were gifted to the Trust by the Clark Foundation, another trust, in the year ended 5 April 2018. These sculptures were deemed to have a nominal value by the trustees upon initial recognition.
There have been no heritage asset transactions in the last five years.
18
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **14. Investments**
|**Investments**|||
|---|---|---|
|**Unlisted investments**
Market value at 6 April 2024
Gains / (losses)
**Market value at 5 April 2025**|**2025**
**£**
**588,248**
**(130,143)**
**458,105**|2024
£
1,025,531
(437,283)|
|||588,248|
The unlisted investments in C&J Clark Limited are revalued based on annual valuations of the shares by S & W Group. The valuation incorporated in the accounts relates to the valuation as of 25 June 2025, the valuation closest to the balance sheet date.
At 25 June 2025, the value of unlisted investments was £0.88 per share (2024: £1.13 per share at 28 May 2024.)
## **15. Investment property**
|Fair value at 6 April 2024
Additions
Losses
**Fair value at 5 April 2025**|**2025**
**£**
**1,075,000**
**-**
**(225,000)**
**850,000**|2024
£
-
1,075,000
-|
|---|---|---|
|||1,075,000|
The investment property relates to a domestic residence donated to the charity on closure of a connected Trust. Ownership of the property was transferred to the charity during the prior year, for the purpose of selling in order to generate income. There are no restrictions on the charity's ability to dispose of the property. An offer has been received and accepted during the year for the purchase of the property, which was below the initial valuation in the prior year. Fair value has been taken to be the value of the offer.
19
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **16. Programme related investments**
|**Cost**
At 6 April 2024 and 5 April 2025
**Depreciation**
At 6 April 2024 and 5 April 2025
**Net book value**
**At 5 April 2025**
At 5 April 2024|**Loan**
**£**
**178,000**|
|---|---|
||**-**|
||**178,000**|
||178,000|
In 2011, the Trust made a loan of £150k to a local landowner, followed by an advance of £28k in 2015. This is secured upon land where the Large Blue Butterfly is present. The protection of the butterfly and its habitat is within the ambit of the objects of the Trust, and the loan was made to further the Trust's aims. It is therefore classified as a programme related investment.
The initial term of the loan has expired, and is therefore repayable on demand. Interest is paid on the loan at 4% plus base rate. This is included within charitable activity income.
|**17. Stock**
Livestock
**18. Debtors**
Trade debtors
Prepayments and accrued income
Other debtors
**19. Creditors: amounts falling due within 1 year**
Trade creditors
Accruals
Other creditors|**2025**
**£**
**2,600**
**2025**
**£**
**42,838**
**1,474**
**-**
**44,312**
**2025**
**£**
**11,879**
**4,850**
**1,188**
**17,917**|2024
£
2,750|
|---|---|---|
|||2024
£
38,308
1,090
80,152|
|||119,550|
|||2024
£
8,886
10,042
3,150|
|||22,078|
20
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **20. Movements in funds**
|**Restricted funds**
Compton Meadows
Polden Hills
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|At 6 April
2024
£
-
-
-
3,056,801
3,056,801
3,056,801|Income
£
94,244
16,635
110,879
85,769
85,769
196,648|£
(94,244)
(16,635)
(110,879)
(212,668)
(212,668)
(323,547)
Expenditure|£
-
-
-
(355,143)
(355,143)
(355,143)
(Losses)|**£**
-
-
**At 5 April**
**2025**|
|---|---|---|---|---|---|
||||||**-**|
||||||**2,574,759**|
||||||**2,574,759**|
||||||**2,574,759**|
## **Purposes of restricted funds**
The restricted funds are part funded by DEFRA and individual Countryside Stewardship Agreements to primarily maintain and restore calcareous grassland and provide additional bespoke habitat for certain butterflies. Each fund represents a separate area of land.
|**Prior year comparative**
**Restricted funds**
Compton Meadows
Polden Hills
Woodland Improvement
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Unrestricted funds**|At 6 April
2023
£
-
-
-
-
2,590,146
2,590,146
2,590,146|Income
£
10,602
80,237
2,166
93,005
1,158,741
1,158,741
1,251,746|£
(10,602)
(80,237)
(2,166)
(93,005)
(254,803)
(254,803)
(347,808)
Expenditure|£
-
-
-
-
(437,283)
(437,283)
(437,283)
(Losses)|£
-
-
-
At 5 April
2024|
|---|---|---|---|---|---|
||||||-|
||||||3,056,801|
||||||3,056,801|
||||||3,056,801|
21
## **The Joseph and Frances Clark Trust**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **21. Financial instruments at fair value**
|**Financial instruments at fair value**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Financial assets measured at fair value|**458,105**|588,248|
Financial assets measured at fair value comprise unlisted investments.
## **22. Related party transactions**
In the prior period the charity received the gift of an investment property worth £1,075,000 and land worth £45,000 from the Nathan Clark 1984 Charitable Settlement. Richard Clark is a trustee of the charity which was wound up in the year, transferring remaining funds of £19,458 to Joseph & Frances Clark Trust.
The charity has 3 employees who carry out land maintenance work, secretarial services and accountancy services. They also carry out work for various other related Trusts, and their time is recharged to these proportionately. The following recharges were made to related Trusts during the year:
|**Entity**
**Connection**
The WS Clark 1908 Trust
Richard Clark - trustee
The C&J Clark Employees 1922 Trust
Richard Clark - trustee
Clark Foundation
Richard Clark - trustee
Street Youth Club
Richard Clark - trustee
Greenbank Pool
Richard Clark - trustee
Street Library Trust
Richard Clark - trustee
Will Clark - trustee
Claverham Meeting House Trust
Richard Clark - trustee
The Nathan Clark 1984 Settlement
Richard Clark - trustee
The Crispin Hall Trust
Richard Clark - trustee
Will Clark - trustee
Long Sutton Court House Trust
Richard Clark - trustee
Polden Farms Limited
Richard Clark - director
Park Tower Trust
Richard Clark - director
Richard Clark
Richard Clark - individual
Street Properties LLP
Will Clark - member|**2025**
**£**
**667**
**230**
**773**
**173**
**12,866**
**2,178**
**124**
**-**
**625**
**77**
**5,227**
**545**
**13,838**
**1,701**|2024
£
503
192
587
12
13,211
2,003
90
1,561
677
54
5,567
1,684
8,939
1,656|
|---|---|---|
As the following amounts were calculated invoiced at the year end, all amounts were outstanding at 5 April 2025. However, they have subsequently been paid.
## **23. Events after the end of the period**
Subsequent to the year end, the charity is in negotiations to sell one of its freehold properties. Discussions are ongoing and no binding agreement had been reached at the date these financial statements were approved. At the date of approval, it is not possible to estimate the financial effect of this potential disposal.
22