The Clare Milne Trust
Charity No: 1191010
Trustees Report and Financial Statements for the Year Ended 31 December 2023
The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
| CONTENTS | |
|---|---|
| Page | |
| Letter from the Chair | 3 |
| Report of the Trustees | 4 |
| Independent Auditors’ Report to the Trustees | 12 |
| Statement of Financial Activities | 16 |
| Balance Sheet | 17 |
| Statement of Cash Flows | 18 |
| Notes to the Financial Statements | 19 |
The Clare Milne Trust
Letter from the Chair
Year Ended 31 December 2023
The important and valuable legacy of the late Clare Milne lives on, through The Clare Milne Trust, founded in 1999 with funds derived from her grandfather, AA Milne, creator of the legendary Winnie The Pooh.
Passionate in our role, our trustees are keen to support people of all ages living with disabilities, specifically in Devon and Cornwall. We do this with grants to charities and non-profit making organisations, who clearly demonstrate how funds will impact beneficiaries in our region.
Applications are welcomed from qualifying organisations of all sizes. Meeting quarterly, we report outcomes promptly. We respond to need, and other than our clear geographic restrictions we consider all requests and are happy to grant unrestricted core costs, where appropriate.
Post-Covid, it is clear that charities and non-profit organisations continue to face multiple challenges. We are particularly keen to encourage applications from organisations who we may not have supported previously. When able to visit, our trustees see at first hand the difference a grant can make to beneficiaries and the organisations which support them. We are keen to play our part in support of the truly amazing charitable work by numerous diverse communities throughout the counties of Devon and Cornwall.
As Chair I would like to thank our small, dedicated team for their relentless hard work and support in pursuit of our charitable purpose, as we look forward to continuing to make a difference, in Clare’s name, where we can.
Kevin Underwood Chair
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
Introduction
The Clare Milne Trust was established in 1999 by Lesley Milne, using the funds that her daughter Clare Milne received following the sale of the copyright royalties from her grandfather’s books. Clare Milne was the granddaughter of A.A. Milne the author and creator of Winnie the Pooh. The charity’s trustees have since then honoured the spirit of Lesley Milne’s dream "to know that my girl will be remembered for something that brings happiness where it is most needed.”
The Clare Milne Trust supports people living with disabilities in Devon and Cornwall by providing grants to charities and other organisations who assist people of all ages in overcoming barriers to living a full and active life.
The trustees present their Report and Financial Statements for the year ended 31 December 2023. They are satisfied that the Financial Statements comply with the requirements of the Charities Act 2011, the Constitution as described below and 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) – (Charities SORP (FRS 102)).
Objectives and activities
In their aim to support people with disabilities in Devon & Cornwall, the trustees look for local and regional charities which:
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Are well run.
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Have strong support from volunteers.
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Have only modest expenditure on fundraising and administration.
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Can clearly identify and evidence their impact in supporting those with disabilities in Devon & Cornwall.
Typical grants from The Clare Milne Trust are between £2,500 and £25,000. In general, the trustees favour applications which look for a partial contribution and do not rely fully on CMT support.
The trustees, with the help of the Patron, achieve the objects of the charity by making grants to suitable charities or not-for-profit organisations which would benefit from financial assistance. The charity does not support individuals directly but does assist some charities to help individuals in Devon and Cornwall. The trustees are prepared to make grants to charities for their core funding.
The trustees do not make grants to national charities unless it is in relation to a specific local project, which is clearly identified and evidenced. The charity encourages recipient charities to be self-sufficient and to avoid becoming dependent on Clare Milne Trust funding. Once the trustees have made a grant, further applications are not encouraged within two years. The charities to whom funds have been given this year appear in note 4 of the financial statements. The trustees have assessed the charity’s activities with regard to the Charity Commission’s guidance on public benefit.
Achievements and performance
Driven to realise Clare Milne’s legacy, the trustees seek to improve the quality of life for people with disabilities, throughout Devon and Cornwall, by supporting charities and other appropriate not-for-profit organisations through financial grants.
The majority of the grants awarded by The Clare Milne Trust are funded by income from investments. During 2023 the charity made grants of £527,172 to 58 charities and other organisations with a charitable objective.
The trustees look to support a variety of organisations directly benefiting people with disabilities in Devon and Cornwall. The work carried out by these organisations, facilitated by grants awarded by The Clare Milne Trust, creates significant public benefit. The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the charity’s grant making policy.
The ownership of the Clare Milne Centre, Emperor Way, Exeter, Devon, allows The Clare Milne Trust to provide long-term support for CEDA (Community Equality Disability Action - Charity number 1096528). CEDA
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
is a long-established charity which, through a range of specialist services, provides learning and social opportunities to disabled people in Devon, enabling them to become visible and valued members of society and to live the life they have chosen for themselves, this work is in line with The Clare Milne Trust’s charitable objects.
The charity also owns Claypitts, Otterton, a detached bungalow and gardens, the former home of Clare Milne. The property now offers fully accessible home-from-home holiday accommodation in Devon. Equipped with hoists and other accessible equipment, Claypitts is distinctive in being suitable for people with disabilities and offering spacious accommodation for their accompanying carers and family. Claypitts is let to Clare’s Place CIO (charity number 1181147), an independent charity which promotes the welfare of those living with complex physical disabilities by providing an affordable and fully accessible property for short breaks.
Impact of Clare Milne Trust Funding
The Clare Milne Trust supports a range of charities and other organisations looking to support those with the greatest need, throughout the counties of Devon and Cornwall.
£527,172 was awarded in grants to 58 organisations in 2023.
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32 in Devon totalling £304,750
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13 in Cornwall totalling £123,540
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13 for projects that covered Devon and Cornwall totalling £98,882
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
The trustees awarded a wide range of grant funding in 2023.
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Capital projects – building works or major purchases – 8 grants – £98,500
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Core costs – 18 grants – £152,204
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Grant and bursary schemes – 2 grants £45,000
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Projects and activities – 26 grants – £205,135
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Salary costs – 3 grants – £22,000
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Training costs – 1 grant – £4,333
Grant Recipients’ Feedback
Ivybridge and District Community Transport - CMT grant £5,000 in July 2023
Funds provided for transport services in South Devon.
“As a very small charity (circa £100k turnover), the £5,000 donation from Clare Milne has had a significant impact on our ability to continue offering our transport services, connecting elderly and isolated people living in rural communities to vital services (health appointments; shops and amenities). We have been in operation since 1993, but over the past two years we have seen rising costs across the board and have started to run at a loss. It has been so reassuring to receive a donation of this size. It means we have been able to focus our attention on delivering our vital services – transport in rural communities for people with compromised mobility - rather than worrying about meeting our costs. Ultimately, your support fosters independence, enhances wellbeing, and strengthens social connections among some of the most vulnerable members of our community. We are so grateful.” – Lauren Grindle, assistant coordinator
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
iSight Cornwall - CMT grant £8,000 in April 2023
Funds for programme of physical and social activities to benefit blind and partially sighted people in Cornwall.
“Thank you to the Clare Milne Trust for your belief in backing our project. Your generosity means everything to us and to the community we serve. From art and exercise classes to dance and music to sailing and rifle shooting more than 130 blind and partially sighted people were supported by 35 volunteers and community networks to access what matters most to them and reach their own personal goals. They continue to challenge the preconceived ideas of what a person with sight loss can and cannot achieve. A beneficiary said: “I was struggling quite badly before I got involved with the craft classes. You and the caring volunteers have totally changed my world and given me a new outlook. I feel like everything is worthwhile again. It is marvellous what you have done for me. You have given me back something I thought was out of reach – my life. I am forever indebted to you all.” - Carole Theobald, Chief Executive
Bag Books - £5,000 in July 2023
Funding for Sensory Stories – multi-sensory storytelling workshops for people with complex disabilities.
“We are immensely grateful for the invaluable support of the Clare Milne Trust, which has enabled Bag Books to expand our Sensory Stories project to six special schools across Devon and Cornwall. This funding has been instrumental in breaking down barriers for children with complex disabilities, providing them with enriching educational and creative experiences they might not otherwise access. Thanks to the Claire Milne Trust, we've been able to offer multi-sensory storytelling sessions, free titles, and essential teaching resources, fostering inclusivity, creativity, and emotional well-being among the children directly involved, as well as the wider school community.” – Lucy Barrett, Chief Executive
The Statement of Financial Activities for the year is set on pages 16 of the financial statement. The summary of the financial results and the work of the charity are set out below.
Grant Making Policy
The Clare Milne Trust considers grant applications quarterly from charities and other organisations who work for the benefit to people living with disabilities in Devon & Cornwall. Owing to demand it is impossible for all applications to be supported. Occasionally additional information is required about the organisation or the specific application, which may mean that an application is deferred to the next quarterly meeting.
Decisions are delivered as promptly as possible. Successful applicants are informed of the level of grant and conditions of funding, one of which is to provide an End of Grant Report within 12 months of receipt of their grant, an important and valuable way that The Clare Milne Trust can monitor impact.
With no employed staff, all communication regarding grant applications is for the most part dealt with by a third party Administrator, who works closely with the trustees, so we look for applications to provide full supporting information.
Future Developments
The trustees continuously review and appraise how best the charity can deliver on its charitable objects. The trustees do not anticipate any significant changes to this approach in the foreseeable future.
The charity will continue to meet the following objectives.
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Encourage and develop relationships with charities and other organisations, looking to boost awareness of The Clare Milne Trust and encourage the number of grant applications received to increase.
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To minimise administrative expenses through careful cost management, while looking to maximise income (though appropriate professional advice) available for grant making purpose.
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
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To the best of its ability, in the context of the prevailing market conditions, maintain / grow capital, to enable the charity to sustain long-term charitable activities.
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Success for the charity will be the ability to make grants to suitable charities and other organisations with a charitable purpose. Impact is demonstrated by end of grant reports, illustrating the charity’s support has been used appropriately, in accordance with their grant applications, in the pursuit of public benefit.
Financial Review
The charity’s income for the year ended 31 December 2023 was £1,116,362 (31 December 2022: £1,090,879), primarily from investment income.
Investment Policy & Returns
The trustees have wide investment powers. The charity’s investment policy is to invest the monies not immediately required for its purposes in any such investments as may be thought fit.
The investment income represented a return of 3% (annualised) on the amount invested (Period to 31 December 2022: 3%).
The charity ’s investment performance target for its investment managers, when capital gains or losses are included, is to outperform the growth in the Consumer Price Index by 4% pa.
The policy is to maximise total return through diversified portfolios on advice from investment managers. Investments are kept under review at trustee meetings with the aid of independent professional performance and risk analysis, but additionally trustees are in contact with the principal investment advisers, to keep the sustainability of the present level of income in years to come under review.
In the period, the total income of £1,116,362 exceeded the total expenditure on grants, investment management costs and support costs by £255,376. Allowing for investment gains and losses, the net funds of the Charity increased by £3,076,075 in the period. The Charity’s financial position at the end of the reporting period remains extremely sound as shown by the level of unrestricted funds of £44,887,733 of which £42,482,765 are income producing potentially appreciating investments. The trustees intend to continue to hold substantial investments to provide funding for grant making activities in future years.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity. The trustees are satisfied that systems are in place to mitigate their exposure to major risk. The primary risks faced by the charity are those which would significantly reduce the income available to the charity or constitute a very substantial diminution in the value of its assets over a sustained period. The risk is managed through the setting of an appropriate investment policy and regular review of investment performance by the trustees.
Reserves Policy
The trustees aim to hold sufficient reserves to make grants in line with the charitable objectives of the charity. The annual grants are paid from the investment income supported by the charities unrestricted reserves as they see fit.
Structure, Governance and Management
The Clare Milne Trust is a Charitable Incorporated Organisation (CIO) established by a constitution dated 25 August 2020. On 31 December 2020, all assets of the unincorporated charity “The Clare Milne Trust” (established 1999 – charity number 1084733) were transferred into the CIO. Both charities have the same objects. From 1 January 2021 all activities continued under the CIO.
New trustees are appointed by current members of the Board of Trustees. As part of an on-going programme of trustee recruitment, one new trustee was appointed on 18[th] October 2023.
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
Christine Kirk stepped down as Chairman on 23rd January 2023.
Kevin Underwood was appointed as Chair and Eavan McCafferty remained as Vice-Chair.
The trustees managed the charity’s operations and held regular meetings during the year ended 31 December 2023.
The trustees are encouraged to attend any courses which they consider are relevant to the development of their role and to keep up to date with changes in legislation and to obtain professional advice and guidance, where applicable. The trustees are supported by Roger Jefcoate as Patron.
The trustees regularly review the work of the charity against the Charity Code of Governance. The trustees maintain an ongoing review of its management and charity governance, to ensure that the charity is working to best practice guidance.
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
Reference and administrative details
| Trustees | Kevin Underwood (Chair) |
|---|---|
| Charles Dixon (Appointed 18th October 2023) | |
| Christine Kirk | |
| Sarah Haywood (resigned 25thJanuary 2023) | |
| Eavan McCafferty | |
| Margaret Rogers | |
| Jacqueline Southon | |
| Lynda Williams | |
| Patron | Roger Jefcoate CBE DL |
| Principal office | Claypitts |
| Ladram Road | |
| Otterton | |
| Devon | |
| EX9 7HT | |
| Auditors | PKF Francis Clark |
| Centenary House | |
| Peninsula Park | |
| Rydon Lane | |
| Exeter | |
| Devon | |
| EX2 7XE | |
| Solicitors | Tozers LLP |
| Broadwalk House | |
| Southernhay West | |
| Exeter | |
| Devoin | |
| EX1 1UA | |
| Principal Bankers | C. Hoare & Co. |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ | |
| Investment Managers | Rathbone Brothers plc |
| 1 Curzon Street | |
| London | |
| W1J 5FB | |
| Close Brothers Asset Management | |
| 8thFloor | |
| 10 Exchange Square | |
| Primrose Street | |
| London | |
| EC2A 2BY | |
| Investment Consultants | Enhance Investment Reporting Limited |
| 3rdFloor | |
| 29-31 Esplanade | |
| St Helier | |
| Jersey | |
| JE2 3QA |
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The Clare Milne Trust
Report of the Trustees
Year Ended 31 December 2023
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf by
Kevin Underwood Chair
Date: 19 June 2024
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The Clare Milne Trust
Independent Auditor’s Report to the Trustees
Year ended 31 December 2023
Opinion
We have audited the financial statements of The Clare Milne Trust (the “Charity”) for the year ended 31 December 2023 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash flows 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its income and expenditure for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 directors’ 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors 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.
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
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The Clare Milne Trust
Independent Auditor’s Report to the Trustees (continued)
Year ended 31 December 2023
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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 11, 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.
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The Clare Milne Trust
Independent Auditor’s Report to the Trustees (continued)
Year ended 31 December 2023
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity. The key laws and regulations we identified were Charities Act and regulations in relation to data protection (GDPR).
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including relevant tax laws.
We discussed with management how compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the charity complies with laws and regulations and deals with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the charity’s ability to continue operating and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following: -
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Enquiries of the Trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
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Reviewing legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance;
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Reviewing Trustees meeting minutes;
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
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The Clare Milne Trust
Independent Auditor’s Report to the Trustees (continued)
Year ended 31 December 2023
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.
Use of our Report
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Account and Reports) Regulations 2008. 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 auditor’s 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date: 21 June 2024
PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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The Clare Milne Trust
Statement of Financial Activities
Year Ended 31 December 2023
| Total | Total | ||
|---|---|---|---|
| Funds | Funds | ||
| Year Ended | Year Ended | ||
| 31 Dec | 31 Dec | ||
| 2023 | 2022 | ||
| Note | £ | £ | |
| Income from: | |||
| Investments | 3 | 1,073,599 | 1,040,866 |
| Other: | |||
| Royalties | 42,500 | 50,000 | |
| Sundry | 263 | 13 | |
| –––––—— | –––––—— | ||
| Total income | 1,116,362 | 1,090,879 | |
| –––––—— | –––––—— | ||
| Expenditure on: | |||
| Raising funds: | |||
| Investment management costs | 229,086 | 220,379 | |
| Charitable activities: | |||
| Grants payable | 4 | 527,172 | 613,999 |
| Support costs | 5 | 113,728 | 80,598 |
| –––––—— | ––––—— | ||
| Total expenditure | 869,986 | 914,976 | |
| –––––—— | ––––—— | ||
| Net gains on investments | 9 | 2,829,701 | (4,191,395) |
| Net income / (expenditure) | 3,076,077 | (4,015,492) | |
| Foreign exchange losses | - | - | |
| Net movement in funds | 3,076,077 | (4,015,492) | |
| –––––—— | –––––—— | ||
| Reconciliation of funds: | |||
| Total funds brought forward | 41,811,656 | 45,827,148 | |
| –––––—— | –––––—— | ||
| Total funds carried forward | 44,887,733 | 41,811,656 | |
| ═══════ | ═══════ |
All income and expenditure is unrestricted.
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The Clare Milne Trust
Balance Sheet
Year Ended 31 December 2023
| 31 Dec | 31 Dec | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 8 | 1,578,849 | 1,610,690 |
| Investments – cash deposits | 769,195 | 769,666 | |
| Investments – other | 9 | 42,482,765 | 39,397,268 |
| –––––—— | –––––—— | ||
| 44,830,809 | 41,777,624 | ||
| Current assets | |||
| Debtors | 10 | 11,658 | 14,062 |
| Cash at bank and in hand | 151,434 | 123,753 | |
| –––––—— | –––––—— | ||
| 163,092 | 137,815 | ||
| Creditors | |||
| Amounts falling due within | |||
| one year | 11 | (106,168) | (103,783) |
| –––––—— | –––––—— | ||
| Net current assets/(liabilities) | 56,924 | 34,032 | |
| –––––—— | –––––—— | ||
| Total assets less current | |||
| liabilities | 44,887,733 | 41,811,656 | |
| ═══════ | ═══════ | ||
| Funds | |||
| Unrestricted funds | 44,887,733 | 41,811,656 | |
| ═══════ | ═══════ |
The financial statements on pages 16 to 25 were approved by the board of trustees on 19 June 2024 and were signed on their behalf by
Kevin Underwood
Chair
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The Clare Milne Trust
Statement of Cash Flows
Year Ended 31 December 2023
| Year | Year | |
|---|---|---|
| Ended | Ended | |
| 31 Dec | 31 Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Reconciliation of net (expenditure) / income to net cash flow | ||
| from operating activities: | ||
| Net income for the period | 3,076,077 | (4,015,492) |
| Adjustments for: | ||
| Depreciation | 31,841 | 31,841 |
| Loss / (Gains) on investments | (2,829,701) | 4,191,395 |
| Working capital adjustments: | ||
| (Increase)/Decrease in debtors | 2,404 | (2,488) |
| Increase / (decrease) in creditors | 2,385 | (41,090) |
| —––––—— | —––––—— | |
| Net cash provided by operating activities | 283,006 | 164,166 |
| Cash flows from investing activities: | ||
| Purchase of investments | (13,082,314) | (10,254,050) |
| Proceeds from sale of investments | 12,826,518 | 10,214,690 |
| —––––—— | —––––—— | |
| Net cash flows used in investing activities | (255,796) | (39,360) |
| —––––—— | —––––—— | |
| Net increase/(decrease) in cash and cash equivalents | 27,210 | 124,806 |
| Cash and cash equivalents at the beginning of the reporting period | 893,419 | 768,613 |
| —––––—— | —––––—— | |
| Cash and cash equivalents at the end of the reporting period | 920,629 | 893,419 |
| ═══════ | ═══════ | |
| Analysis of cash and cash equivalents | ||
| Cash at bank and in hand | 151,434 | 123,753 |
| Cash held as part of investment portfolios | 769,195 | 769,666 |
| —––––—— | —––––—— | |
| Total cash and cash equivalents | 920,629 | 893,419 |
| ═══════ | ═══════ |
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The Clare Milne Trust is a CIO incorporated on 25 August 2020. Details of the charity including the registered office is shown in Reference and Administrative details in the Trustees report.
2. Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of Preparation of Accounts
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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. There are no material departures from FRS 102.
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’. The departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
The Clare Milne Trust meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. Grants are awarded only when there are sufficient reserves and income therefore the Trustees consider that the going concern assumption remains appropriate.
The functional currency of The Clare Milne Trust is considered to be pounds sterling as that is the currency of the primary economic environment in which the foundation operates.
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
2. Accounting Policies (continued)
b. Income
Legacy and Donation income is recognised and accrued where there is evidence of entitlement, probability of receipt and the value can be measured.
Royalties income is recognised in the period in which it is received.
Investment income includes, dividends, interest and rents from property income, this is recognised in the period to which the income relates. Income from investment funds is presented gross apart from where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, when it is presented net.
c. Expenditure
All expenditure is recognised on an accruals basis.
Grants payable are payments made to third parties in the furtherance of the charitable activities of the Charity. Grants are accounted for when the trustees have agreed to pay the grant without condition.
Website development costs are written off when incurred.
d. Tangible Fixed Assets
Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is provided at the following annual rates in order to write off each amount over its estimated useful life:
Freehold buildings – 2% on cost
Freehold improvements – 10% on cost
Equipment – 10% to 20% on cost
No depreciation is provided on freehold land.
Assets with a value below £500 are not capitalised within the financial statements, but expensed to the Statement of Financial Activities.
e. Fixed Asset Investments
Investments are stated at market value (quoted prices) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.
f. Realised Gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the differences between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the period end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Activities.
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
2. Accounting Policies (continued)
g. Financial Instruments
Financial assets and liabilities are recognised/(derecognised) when the charity becomes/(ceases to become) party to the contractual provisions of the instrument. The charity holds the following basic financial assets and liabilities:
-
Short term debtors and creditors
-
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
-
Fixed asset investments qualifying as basic financial instruments are measured at fair value through income and expenditure.
3. Investment Income
| 3. Investment Income | Year Ended | Year Ended |
|---|---|---|
| 31 Dec | 31 Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Interest from cash deposits | 76,441 | 31,613 |
| Income from UK fixed interest | 36,708 | 49,323 |
| Income from Overseas fixed interest | 9,186 | - |
| Income from UK equities | 475,614 | 522,574 |
| Income from overseas equities | 300,407 | 313,742 |
| Income from alternatives | 73,016 | 83,614 |
| Income from Commodities | 62,227 | - |
| Rent received | 40,000 | 40,000 |
| ––––—— | ––––—— | |
| 1,073,599 | 1,040,866 | |
| ══════ | ══════ |
4. Grants Payable
Grants for the year were made to the following organisations:
| Organisation | Amount £ |
|---|---|
| CEDA | 36,000 |
| Cornwall Community Foundation | 30,000 |
| Dame Hannah Rogers Trust 2019 Ltd | 30,000 |
| Moorvision | 18,883 |
| Live Music Now South West | 15,778 |
| SSAFA - Devon Branch new chair - Mark Tyrrell Smith | 15,000 |
| Seachange Devon | 14,917 |
| Axe Valley Swimming Association (Flamingo Pool) | 14,000 |
| Headway Plymouth | 12,500 |
| Evolve Music | 12,100 |
| Exmouth Gateway Club | 12,000 |
| Magic Carpet | 10,003 |
| Budleigh Salterton Cricket Club | 10,000 |
| Veterans Outdoors | 10,000 |
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
4. Grants Payable (continued)
| Dawlish Gardens Trust | 10,000 |
|---|---|
| Living Options Devon | 10,000 |
| Step One Charity | 10,000 |
| The Box Foundation | 10,000 |
| Active8 | 10,000 |
| North Cornwall Riding for the Disabled | 10,000 |
| Children's Hospice South West | 10,000 |
| Sirona Therapeutic Horsemanship | 10,000 |
| St Austell PHAB Club | 10,000 |
| Magdalen Environmental Trust | 9,682 |
| Cruse Bereavement Support Cornwall | 9,052 |
| Gorfenna CIC | 8,000 |
| BF Adventure | 8,000 |
| iSight Cornwall | 8,000 |
| Horticultural Therapy Trust | 8,000 |
| Plymouth Music Zone | 8,000 |
| Honiton Community Spaces | 7,500 |
| Shine | 7,500 |
| Alice Cross Centre | 7,500 |
| Brain Tumour Support | 7,500 |
| Lifeworks Charity Limited | 7,480 |
| Esteem Team CIC | 6,500 |
| Listening Books | 6,000 |
| Age Concern Barnstaple & North Devon | 5,000 |
| Doorstep Arts CIC | 5,000 |
| MS Society South Devon | 5,000 |
| Roseland Centre | 5,000 |
| Unite Carers in Mid Devon | 5,000 |
| Bag Books | 5,000 |
| Ivybridge and District Community Transport | 5,000 |
| Neurofibromatosis Association - Nerve Tumours UK | 5,000 |
| Horatio's Garden | 5,000 |
| Wolf and Water Arts Company | 4,735 |
| South Devon Aspergers Group | 4,500 |
| Multiple Sclerosis Trust | 4,332 |
| Plough Arts Centre | 4,000 |
| Barnstaple Youth Ability Football Club | 3,500 |
| Oasis Centre Cornwall | 3,480 |
| Drama Express | 3,230 |
| Friends and Families | 3,000 |
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
4. Grants Payable (continued)
| Spinal Muscular Atrophy Make Them Smile - Common Flora Douglas Bader Foundation Frozen Light Total |
3,000 3,000 3,000 2,500 527,172 |
|
|---|---|---|
In addition to the above, the Charity had pledged donations totalling £141,355 to organisations, contingent upon satisfying conditions for the grants.
The sums paid by way of grants include grant pledges redeemed during the period as well as unredeemed amounts pledged which were subject to conditions which have been satisfied in the period.
5. Support Costs
| 5. Support Costs | ||
|---|---|---|
| Year Ended | Year Ended | |
| 31 Dec | 31 Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Support office – Administration costs | 18,571 | 17,608 |
| Travel and subsistence | 1,533 | - |
| Depreciation | 31,841 | 31,841 |
| Bank charges and interest | - | 478 |
| Insurance and sundry expenses | 9,403 | 9,467 |
| Audit fees * | 5,542 | 5,148 |
| Accountancy fees * | 2,800 | 2,986 |
| Legal and professional | 27,606 | 5,264 |
| Property costs | 7,877 | 7,806 |
| Credit Card | 1,220 | - |
| Website Development | 7,335 | - |
| ––––—— | ––––—— | |
| 113,728 | 80,598 | |
| ══════ | ══════ |
*Governance costs are £8,342 (2022: £8,134)
6. Employee Information
There were 0 employees during the year.
7. Trustees Emoluments and Expenses
No trustee received any emoluments during the period.
During the year, 1 trustee was reimbursed travel and subsistence expenses amounting to £175 (2022: £340)
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
8. Tangible Fixed Assets
| Land and | Property | Equipment | Total | |
|---|---|---|---|---|
| Buildings | Improvements | |||
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2023 | 1,929,270 | 56,178 | 3,290 | 1,988,738 |
| Additions | - | - | - | - |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| At 31 December 2023 | 1,929,270 | 56,178 | 3,290 | 1,988,738 |
| ══════ | ══════ | ══════ | ══════ | |
| Depreciation | ||||
| At 1 January 2023 | 349,767 | 26,965 | 1,316 | 378,048 |
| Charge for period | 25,895 | 5,617 | 329 | 31,841 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| At 31 December 2023 | 375,662 | 32,582 | 1,645 | 409,889 |
| ══════ | ══════ | ══════ | ══════ | |
| Net book value | ||||
| At 31 December 2023 | 1,553,608 | 23,596 | 1,645 | 1,578,849 |
| ══════ | ══════ | ══════ | ══════ | |
| At 31 December 2022 | 1,579,503 | 29,213 | 1,974 | 1,610,690 |
| ══════ | ══════ | ══════ | ══════ |
9. Investments
| Market value at 1 January 2023 Additions to investments at cost Disposal proceeds Net profit / (loss) on revalution Market value at 31 December 2023 Investments at market value comprised: UK fixed interest UK equities Overseas equities Overseas fixed interest Private equity Commodities Alternatives |
2023 £ 39,397,268 13,082,314 (12,826,518) 2,829,701 42,482,765 4,134,590 9,116,941 24,995,727 82,297 200,943 1,333,776 2,618,491 42,482,765 |
2022 £ 43,549,303 10,254,050 (10,214,690) (4,191,395) |
|---|---|---|
| 39,397,268 | ||
| 2,176,088 13,875,632 19,509,837 - 116,994 922,040 2,796,677 39,397,268 |
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The Clare Milne Trust
Notes to the Financial Statements
Year Ended 31 December 2023
10. Debtors
| 31 Dec 2023 | 31 Dec 2022 | |
|---|---|---|
| £ | £ | |
| Prepayments | 1,658 | 4,062 |
| Other accrued income | 10,000 | 10,000 |
| ––––—— | ––––—— | |
| 11,658 | 14,062 | |
| ══════ | ═════ | |
| 11. Creditors – Amounts falling due within one year | ||
| 31 Dec 2023 | 31 Dec 2022 | |
| £ | £ | |
| Grants payable | 39,000 | 41,139 |
| Other Creditors | 245 | 245 |
| Accruals | 66,923 | 62,399 |
| ––––—— | ––––—— | |
| 106,168 | 103,783 | |
| ══════ | ══════ |
12. Contingent Assets and post balance sheet events
The charity is a beneficiary of the estate of the late Lesley Milne. The total amount receivable cannot be reliably measured but is estimated to be approximately £10,000 which will be accounted for as legacy income in the accounts when it can be reliably measured.
A grant of £15,125 was paid in 2021 to fund a project which now not able to progress. The grant was returned to the charity in March 2024.
13. Financial Instruments
Categorisation of financial instruments
| 31 Dec | 31 Dec | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Financial assets: | ||
| Equity and similar instruments measured at fair value | ||
| through statement of financial activities | 42,482,765 | 39,397,268 |
| —––––—— | —––––—— | |
| 42,482,765 | 39,397,268 | |
| ═══════ | ═══════ |
14. Related Party Transactions
There have been no related party transactions which require disclosure.
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