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2023-03-31-accounts

Charity No. 1179639

Clark Foundation Report and Audited Financial Statements

31 March 2023

Clark Foundation

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 March 2023
Status The organisation is a charitable incorporated organisation, registered
on 22 August 2018.
Charity number 1179639
Registered office 40 High Street
Street
Somerset
BA16 0EQ
Trustees Gloria J Clark
Richard Clark
Judith E Derbyshire
Peter Drew
Sebastian Edwards (Appointed 2 November 2023)
Martin Lovell
Grants committee Julian Hargood
(in addition to trustees) Paul Wakefield
Key management Susie Mercer Trust Manager
personnel
Principal bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Investment advisers Legal and General Investments
PO Box 6080
Wolverhampton
WV1 9RB

1

Clark Foundation

Reference and administrative details

For the year ended 31 March 2023

Solicitors Chubb Bulleid 10 Leigh Road Street Somerset BA16 0HA Chartered surveyors Cooper and Tanner LLP The Agricultural Centre Standerwick Frome Somerset BA11 2QB

2

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

The trustees present their annual report and the financial statements for the year ended 31 March 2023. The financial statements comply with the Constitution and Statement of Recommended Practice – Accounting and Reporting by Charities (effective from January 2019).

Structure, management and governance

Objectives

The Clark Foundation was originally established under a trust deed in 1959, to assist persons afflicted by old age, ill health, accident or infirmity and in the provision of facilities for education, recreation, leisure and social welfare. The persons to benefit must be in need of assistance and preference may be given to employees of C&J Clark Limited (C&J Clark) and its subsidiaries, ex-employees and their families. The Clark Foundation converted to a CIO (no. 1179639) in 2019 and is governed by a constitution dated 22 August 2018.

Trustees

Trustees who served during the year were as follows:

The trustees are self-appointing. C&J Clark has the right to appoint and remove one trustee should it so wish.

Newly appointed trustees are briefed on the objectives of the trust and details contained in the constitution. Trustees keep themselves up to date with current legislation through the use of information from the Charities Commission and that provided by their solicitors, auditors and accountants.

Trustees take advice from an investment manager, auditors and solicitors as required. Trustees' remuneration and expenses are detailed in note 6 to the accounts.

The trustees have the power to appoint the Grants Committee and may ask C&J Clark to recommend employees to be put forward for appointment to the Grants Committee. The trustees review the recommendations and make the appointments to the Grants Committee.

Members of the Grants Committee who served during the past year were:

3

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

Organisational structure

Day to day management of the Clark Foundation is delivered by the Trust Manager, Susie Mercer, on behalf of the trustees.

Trustees have delegated the grant making process of the Foundation to the Grants Committee. The Grants Committee meets on a quarterly basis and makes decisions in accordance with a budget set by trustees within a three year plan. The Trust Manager provides the members of the Committee with applications submitted by third parties, supported by recommendations made by the Trust Manager in advance of each meeting.

Trustees Risk Register

The risk assessment undertaken in March 2020 was reviewed and updated in 2022. Trustees consider that adequate controls are in place to remove, minimise or mitigate risks to the Foundation.

Objectives and activities

Objectives and strategy

The Foundation seeks to satisfy the objectives as stated in the constitution referred to above.

During the year ending 31 March 2023, the principal aim of the Foundation was to continue to receive, review and approve quality grant applications in line with the objectives of the charity. The objectives of the charity, as stated in the constitution, have been interpreted by trustees, so as to generally make grants to organisations which are close to significant numbers of C&J Clark employees or exemployees. This includes organisations overseas which are near to where there are employees in companies manufacturing shoes for C&J Clark.

Trustees agree a three year plan which sets out the levels of grants based on projected investment return. This plan includes a budget that the Grants Committee works to when awarding grants. Some grants are dependent on beneficiaries meeting certain conditions. This means that some grants may not be paid in the financial year in which they are awarded and a small number of grants may be withdrawn altogether.

Grant making policy

Grants are made on the following general bases:

▪to objects which are charitable;

The Clark Foundation advertises grant availability to C&J Clark employees through the C&J Clark internal communications network. This includes contributions to ‘In Store’ - a weekly digital newsletter sent to all retail stores – and other social media channels operated by the company. The Trust Manager liaises with local organisations who advise groups on grant availability. Periodically, the Trust Manager contacts organisations and councils who could benefit from a grant in areas where grants are awarded. The Trust Manager liaises with Somerset Community Foundation, Spark Somerset and Cumbria Community Foundation to ensure they are aware of support that the Clark Foundation can give.

4

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

The Trust Manager reviews the grant applications received and sifts out the applications that do not satisfy the geographical criteria and the charitable objects of the Foundation. The remaining accepted applications are split on a monetary basis. Accepted applications that are £1,000 or less are approved and paid by the Trust Manager and reported to the Grants Committee. Applications for grants over £1,000 are considered at the quarterly Grants Committee meeting. At this meeting, an application is either approved for payment or a grant is offered subject to certain conditions being met, or it is refused. Grants awarded are monitored against the annual budget.

Public benefit

Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Clark Foundation provides public benefit through the provision of grants to a wide range of organisations with charitable status both in the UK and overseas. Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to guidance published by the Charities Commission.

Achievements and performance

During the year the Foundation paid 86 grants totaling £298,215 to a wide variety of community organisations including schools, hospitals, hospices, village halls, churches, heritage projects and arts centres. 41 of these were awarded in the previous financial year and have a cumulative value of £188,340. These grants support other fund-raising efforts by the organisations applying for the grants.

Land holdings

All land holdings have now successfully been transferred to the charity.

Work continues in relation to leasing the car parking land at Coxmead to Strode College.

Westmoreland and Furness Council (the successor authority to South Lakes District Council) has agreed to amend the lease for land at Netherfield in Kendal to include the car park adjacent to the Football Club and to subsequently sub-let the car park to the Football Club.

Financial review

The results for the year are shown on page 13.

The main objectives of the Foundation have been met through the year, by the Grants Committee offering 94 grants totalling £379,200. As at 31 March 2023, 49 of these grants, totalling £269,325 have not been paid within the year. In addition, three grants from 2021/22 totalling £104,000 remain unpaid, totalling £373,325 included in creditors. Within the year, 7 grants totalling £80,250, were withdrawn.

The resources expended within the Statement of Financial Activities amounts to £347,491. The principal funding sources of the Foundations are listed investment income of £215,745. The unlisted investments – namely the shares in C&J Clark – have returned no income.

5

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

In 2019 the Foundation moved to setting its grant availability based on a ‘total return’ model. In May 2021 Trustees undertook an assessment of the impact this has had on the value of those assets managed by Legal & General. A ‘light touch’ repeat of this exercise in 2022 concluded that operating a ‘total return’ policy had, in the short-term, met trustees' objectives and that Trustees could, for the time being, continue the total return policy subject to an annual assessment of the impact.

Investments

Information relating to changes in investments is given in Note 10 to the accounts.

Investment policy

There are no restrictions in the constitution placed on investment policy. Trustees make investments in accordance with Charity Law.

Investment performance

The Foundation holds two kinds of investments: shares in C&J Clark and an investment portfolio, managed by Legal & General.

C&J Clark shares

The charity made an unrealised gain of £215,337 on the unlisted investment in C&J Clark shares following increase in the share value from £1.76 to £1.97 This valuation was carried out as at 31 May 2023 by BDO and is considered to be the fair value as it is closest to the balance sheet date.

Legal & General managed investment portfolio

This portfolio returned investment income of £215,745 during the year and was valued at £10,744,062 at year end. Dividends are held/accumulated within the fund and give rise to additional growth.

The investments are held in a single multi-asset fund and have declined in value during the year after a period of sustained growth.

Reserves policy

All of the charity’s reserves are unrestricted. In general, it holds an amount of between £100,000 and £200,000 in its cash account. Reserves held in the Legal & General Multi Asset Fund can, in normal trading conditions, be sold quickly and converted to cash as needed to pay grants.

Going concern

As the Clark Foundation is a grant making charity with relatively low running costs we are able to flex our expenditure in line with our income. Trustees therefore consider that the charity is a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Plans for the future

The trustees agree a three-year plan on a rolling basis and aim to spend investment return generated by the Clark Foundation investments, less the costs associated with running the charity. Any underspend from previous years is carried forward. The planned grants budget for 2023/24 is £476,000. Trustees will continue to actively publicise grant availability to encourage grant applications.

6

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

Fundraising policy

The Clark Foundation does not engage in any direct fundraising from members of the public and does not employ fundraisers. The trustees are, however, aware of the code of fundraising practice and will ensure that the charity will comply with the code should it undertake any fundraising activities.

Disclosure of information to auditors

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Charity’s auditors are unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/herself aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

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;

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 where applicable. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

7

Clark Foundation

Report of the trustees

For the year ended 31 March 2023

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 1 December 2023 and signed on their behalf by:

Gloria J Clark

Gloria Clark - Chair

8

Independent auditors' report

To the trustees of

Clark Foundation

Opinion

We have audited the financial statements of Clark Foundation (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related 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 trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

9

Independent auditors' report

To the trustees of

Clark Foundation

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, 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 they 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.

Our responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

10

Independent auditors' report

To the trustees of

Clark Foundation

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

11

Independent auditors' report

To the trustees of

Clark Foundation

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 4 December 2023 GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

12

Clark Foundation

Statement of financial activities

For the year ended 31 March 2023

Note
Income from:
Investments
2
Other income
3
Total income
Expenditure on:
Charitable activities
Total expenditure
4
Net expenditure before gains / (losses)
Gains / (losses) on investments
Net movement in funds
6
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2023
2022
Total
Total
£
£
217,162
183,677
23,213
23,567
240,375
207,244
347,491
532,867
347,491
532,867
(107,116)
(325,623)
(390,030)
1,893,302
(497,146)
1,567,679
13,161,006
11,593,327
12,663,860
13,161,006

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure are unrestricted in both years.

13

Clark Foundation

Balance sheet

As at 31 March 2023

Note
Fixed assets
Tangible fixed assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within 1 year
12
Net current liabilities
Net assets
Funds
Unrestricted general funds
Total funds		 £
101,954
77,339
179,293
(379,179)		 2023
£
99,622
12,764,124
12,863,746
(199,886)
12,663,860
12,663,860
12,663,860		 2022
£
99,712
13,224,222
13,323,934
91,487
123,895
215,382
(378,310)
(162,928)
13,161,006
13,161,006
13,161,006

Approved by the trustees on 1 December 2023 and signed on their behalf by:

Gloria J Clark

Gloria Clark - Chair

14

Clark Foundation

Statement of cash flows

For the year ended 31 March 2023

Cash provided by / (used in) operating activities:
Net movement in funds
Adjustments for:
Depreciation
Losses / (gains) on investments
Dividends, interest and rent from investments
(Increase) / decrease in debtors
Increase in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rent from investments
Proceeds from the sale of investments
Purchase of investments
Purchase of tangible fixed assets
Net cash provided by investing activities
(Decrease) / increase 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		 2023
£
(497,146)
92
390,030
(217,162)
(10,467)
869
(333,784)
217,162
275,000
(204,932)
(2)
287,228
(46,556)
123,895
77,339		 2022
£
1,567,679
92
(1,893,302)
(183,677)
8,444
254,269
(246,495)
183,677
250,000
(173,829)
-
259,848
13,353
110,542
123,895

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

15

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in 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).

Clark Foundation 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 notes.

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. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity holds substantial unrestricted net assets of £12,633,860 and the trustees therefore consider that the charity is a going concern for a period of at least 12 months from the date on which these financial statements are approved.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

d) Investment income

Interest on funds held on deposit, dividends and other investment income are included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the amounts paid or payable by the bank or investment managers.

e) Funds accounting

The charity holds unrestricted general funds only.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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. Expenditure includes attributable VAT which cannot be recovered.

Expenditure on raising funds are those costs incurred in managing the investments to raise investment income.

Charitable activities include expenditure associated with grant making and include both the direct costs and support costs related to these activities.

16

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

g) Allocation of support and governance costs

Support costs include overheads and have been allocated to activity cost categories on a basis consistent with the use of resources by allocating on the basis of time spent and other costs by their usage.

Support and governance costs have been allocated in full to charitable activities on the basis that the majority of staff time is spent managing grant making activities.

h) Grants payable

Grants authorised by the grants committee are included in the Statement of Financial Activities. Grants which have been authorised by the grants committee but not yet paid, are accrued in the balance sheet and included within creditors falling due within one year or after one year (as appropriate).

i) Fixed assets

Eight plots of land are included in the balance sheet at a nominal value of £1 each, as long leases have been granted on the land and buildings at a peppercorn rent. The trustees do not believe that it is appropriate to include these assets at cost. One plot of land has been included at deemed cost as it is rented out as part of the charity's activities.

The land held has not been depreciated.

Computer equipment has been depreciated on a 5 year straight line basis.

j) Listed and unlisted investments

Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

Unlisted investments have been revalued to reflect valuations carried out by BDO 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) 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.

l) 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.

17

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies (continued)

m) Creditors

Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charity 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.

o) 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.

p) 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:

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 31 May 2023, the shares were valued at £1.97 per share. As there were no other share valuations carried out closer to the balance sheet date, the May 2023 price has been used to value the shareholding at 31 March 2023.

18

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

2. Investment income

Investment income
Rental and other income
Investments listed on a recognised stock exchange		 2023
£
215,745
1,417
217,162		 2022
£
182,319
1,358
183,677

3. Other income

Salary recoveries
Other income		 2023
2022
£
£
23,204
23,558
9
9
23,213
23,567

19

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

4. Total expenditure

£
Grants payable to institutions (note 15)
298,950
Staff costs (note 7)
35,393
Payroll costs
220
Miscellaneous expenses
229
Insurance
-
Repairs
3,500
Coxmead expenses
195
Legal and professional fees
-
Auditors' remuneration
-
Depreciation
-
Subtotal
338,487
Reallocation of support and governance costs
9,004
Total
347,491
Total governance costs in the year were £6,628 (2022: £4,814)
Prior period comparative
£
Grants payable to institutions (note 15)
487,490
Staff costs (note 7)
34,528
Payroll costs
335
Miscellaneous expenses
3,164
Insurance
-
Coxmead expenses
207
Legal and professional fees
-
Auditors' remuneration
-
Depreciation
-
Subtotal
525,724
Reallocation of support and governance costs
7,143
Total
532,867
Charitable
activities
Charitable
activities		 £
-
-
-
-
2,284
-
-
998
5,630
92
9,004
(9,004)
-
£
-
-
-
106
2,131
-
44
4,770
92
7,143
(7,143)
-
Support and
governance
costs
Support and
governance
costs		 2023 Total
£
298,950
35,393
220
229
2,284
3,500
195
998
5,630
92
347,491
-
347,491
2022 Total
£
487,490
34,528
335
3,270
2,131
207
44
4,770
92
532,867
-
532,867

20

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

5. Grant commitments Grants payable to institutions:

Grant commitments brought forward
Grants committed during the period
Grants paid during the year
Withdrawn grants from prior periods
Grant commitments carried forward		 2023
£
372,590
379,200
(298,215)
(80,250)
373,325		 2022
£
118,050
487,490
(232,950)
-
372,590

A detailed list of grants payable to institutions can be found in note 15.

Grants withdrawn in the period are due to beneficiaries not meeting certain conditions.

6. Net movement in funds This is stated after charging:

2023 2022
£ £
Depreciation 92 92
Trustees' reimbursed expenses Nil Nil
Trustees' remuneration Nil Nil
Auditor's remuneration (excluding VAT)
Audit services 5,000 4,250

No remuneration or expenses were paid to the trustees for their services as trustees in either year.

7. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Pension costs		 2023
£
32,484
2,909
35,393		 2022
£
31,817
2,711
34,528

No employee earned more than £60,000 during the current or prior year.

21

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

7. Staff costs and numbers (continued)

The key management personnel of the charity comprise the trustees and the Trust manager. The total employee benefits paid to the key management personnel during the year were £21,485 (2021: £19,744). Employees receive a discount at C&J Clark of 33.33% for up to 20 pairs of shoes per year. As this is a percentage discount the amount relating to this is difficult to quantify and is not disclosed within total employee benefits.

Average head count 2023
No.
2.0		 2022
No.
2.0

8. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 £
459
-
Computer
equipment		 £
99,414
2
99,416
-
-
-
99,416
99,414
Freehold land
and property		 Total
£
99,873
2
459 99,875
161
92		 161
92
253 253
206 99,622
298 99,712

22

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

10. Investments

Market value at 1 April 2022
Additions at cost
Disposal proceeds
Net (losses) / gains
Market value at 31 March 2023
Investments comprise:
Market value
Unlisted investments - C&J Clark Limited ordinary shares
Listed investments - Legal and General		 2023
£
13,224,222
204,932
(275,000)
(390,030)
12,764,124
2023
£
2,020,062
10,744,062
12,764,124		 2022
£
11,407,091
173,829
(250,000)
1,893,302
13,224,222
2022
£
1,804,725
11,419,497
13,224,222

The unlisted investments in C&J Clark Limited are revalued based on annual valuations of the shares by BDO, Chartered Accountants. The valuation incorporated in the accounts relates to the valuation as of 31 May 2023, the valuation closest to the balance sheet date.

At 31 May 2023, the value of unlisted investments was £2,020,061 at £1.97 per share (2022: £1.76 per share at 1 July 2022.)

Listed investments held by Legal and General are shown at the market value at the balance sheet date.

11. Debtors

Accrued income
Prepayments
Other debtors		 2023
£
81,807
386
19,761
101,954		 2022
£
70,994
352
20,141
91,487

23

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

12. Creditors: amounts due within 1 year

Creditors: amounts due within 1 year
Accruals
Grants payable		 2023
£
5,854
373,325
379,179		 2022
£
5,720
372,590
378,310

13. Financial instruments at fair value

Financial assets measured at fair value 2023
£
12,764,124		 2022
£
13,224,222

Financial assets measured at fair value comprise listed and unlisted investments.

14. Related party transactions

Receivable
during the Outstanding
year (prior at year end
year) (prior year)
Organisation Connection to Clark Foundation £ £
WSC 1908 Trust Gloria Clark, Richard Clark, Judith 14,439 14,439
Derbyshire, Peter Drew and Martin Lovell (14,201) (14,201)
(trustees) are trustees.
C&J Clark Limited Gloria Clark, Richard Clark, Judith 3,938 3,938
Employees 1922 Trust Derbyshire, Peter Drew and Martin Lovell (2,702) (2,702)
(trustees) are trustees.
Roger and Sarah Martin Lovell (trustee) is a trustee. 5,251 1,383
Bancroft Clark (6,919) (3,238)
Charitable Trust

Richard Clark, a trustee, is also a trustee of Victoria Field Charity. During the year the charity paid a grant of £1,850 to Victoria Field Charity (2022: £nil). At year end there were no outstanding balances.

24

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

15. Grants payable to institutions

During the year, 94 (2022: 89) new grants were awarded to 94 institutions (2022: 89).

Aged:
2022: 1 Grant less than or equal to £1,000
Arts:
Dunster Festival
Kendal Brewery Arts Centre
Minehead Museum
Somerset Film & Video
Wells City Band
6 (2022: 7) Grants less than or equal to £1,000
Chard Museum
Coniston Institute & Ruskin Museum
Curzon Cinema Clevedon
Glastonbury Antiquarians Ltd
Mendip District Council
Octagon Theatre
Quaker Tapestry Museum
Royal West of England Academy
Children / Youth
Barton St David Scout Group
2 (2022: 6) Grants less than or equal to £1,000
Countryside:
Lake District Mobility
Paddington Farm Trust
Somerset Wildlife Trust
South Somerset District Council
4 (2022: 1) Grants less than or equal to £1,000
Carymoor Environmental Trust
Secret World Wildlife
Education:
Cheeky Chimps
Kingsbury Episcopi Primary School
Somerscience Trust
St Joseph's RC Primary School, Wells
The Mendip School
11 (2022: 6) Grants less than or equal to £1,000
Cartmel Priory C of E School		 2023
2022
£
£
-
500
2,500
-
25,000
-
25,000
-
6,000
15,000
6,000
-
4,250
3,150
-
5,000
-
5,000
-
10,000
-
10,000
-
5,000
-
100,000
-
20,000
-
25,000
68,750
198,150
1,500
-
850
2,900
2,350
2,900
2,000
-
4,000
-
60,000
-
3,000
-
2,325
500
-
2,000
-
2,000
71,325
4,500
5,000
-
(4,000)
4,000
2,500
-
3,000
-
(35,000)
35,000
5,500
2,700
-
10,000
(23,000)
51,700

25

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

15. Grants payable to institutions (continued)

Family
Somerset Community Foundation
2 (2022: Nil) Grants less than or equal to £1,000
Medicine:
BIBIC
Grand Appeal
RUH Bath
Southmead Hospital
St John Ambulance
St Luke's Hospice, Plymouth
6 (2022: 5) Grants less than or equal to £1,000
Growing Well, Cumbria
St Mary’s Hospice, Ulverston
Weston Hospicecare
Religious buildings:
Brent Knoll Parish Council
East Pennard Church
Emmanuel Church WSM
Moorlinch Church Hall
North Petherton PCC
St Pauls Church, Weston super Mare
St Peter & St Paul, Wincanton
Trustees of St Cleers Chapel, Somerton
2022: 1 Grant less than or equal to £1,000
Bridgwater Baptist Church
Muchelney PCC
St. George's Parish Centre
St. Mary's Church, Glastonbury
St. Mary's, Bridgwater
St. Peter & St. Paul, Bishops Hull
St. Michael's, Othery
West Huntspill PCC		 2023
2022
£
£
30,000
-
1,400
-
31,400
-
4,000
-
7,500
-
5,000
5,000
(15,000)
15,000
7,500
-
2,500
-
3,460
3,850
-
2,000
-
2,000
-
20,000
14,960
47,850
2,250
-
5,000
-
5,000
-
1,500
-
1,500
-
3,000
-
7,000
-
10,000
-
-
1,000
-
15,000
-
7,500
-
5,000
-
10,000
-
2,000
-
10,000
-
5,000
-
10,000
35,250
65,500

26

Clark Foundation

Notes to the financial statements

For the year ended 31 March 2023

15. Grants payable to institutions (continued)

Welfare:
Ashcott Playing Fields
Ashill Parish Council
Barton St David Village Hall & Playing Field
Bridgwater Cricket Club
Broadway Parish Council
Caryford Comm Hall
Catcott Playing Fields
Faulkland Parish Council
Lydford on Fosse Parish Council
Merriott Tithe Barn
Netherfield Cricket Club
North Curry Sport
Puriton Parish Council
Shapwick and Polden Cricket Club
Shapwick Parish Council
Spaxton Cricket Club
Stepping Out Somerset
Stoke St Gregory Parish Council
Victoria Field Charity
Victoria Indoor Bowling
Wiveliscombe Parish Council
Yarlington Village Hall
Youth Network, Glastonbury
14 (2022: 17) Grants less than or equal to £1,000
ARK at Egwood
Brewham Village Hall
Cheddar Village Hall
Evercreech Parish Council
Horton Playing Fields
Long Sutton Cricket Club
Mendip Citizens Advice Bureau
North Cadbury Village Hall
Over & Nether Compton Memorial Hall
RNLI Minehead
Stricklandgate House, Kendal
The Minehead Shed
Wedmore Playing Fields
Wells Vineyard Christian Fellowship
Wembdon Village Hall
Westfield Community Association
Wiveliscombe Pool
Total grant expenditure		 2023
2022
£
£
5,000
-
2,000
-
5,000
-
5,000
-
5,000
-
(25,000)
25,000
1,875
-
3,000
-
1,400
-
5,000
-
10,000
-
3,000
-
10,000
-
4,000
-
20,000
-
5,000
-
6,000
-
3,000
-
1,850
-
12,000
-
2,000
-
2,500
-
2,000
-
8,290
10,480
-
4,000
-
4,000
-
5,000
-
2,000
-
5,000
-
4,000
-
1,860
-
1,300
-
3,000
-
15,000
-
4,250
-
5,000
10,000
-
2,500
-
7,000
-
4,000
-
3,000
97,915
116,390
298,950
487,490

Total grant expenditure

27