## **THE CLEMENCE CHARITABLE TRUST**
## **FINANCIAL STATEMENTS**
**5 APRIL 2022**
**1**
## **THE CLEMENCE CHARITABLE TRUST**
## **FINANCIAL STATEMENTS**
**5 APRIL 2022**
|**Page 1**|**Index**|
|---|---|
|**Page 2**|**Reference and Administrative Information**|
|**Pages 3 & 4**|**Trustees' Report**|
|**Page 5**|**Independent examiner's report**|
|**Page 6**|**Statement of Financial Activities**|
|**Page 7**|**Balance Sheet**|
|**Pages 8 to 10**|**Note to the Financial Statements**|
**2**
## **THE CLEMENCE CHARITABLE TRUST**
## **Registered Charity No. 1191343**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **TRUSTEES**
J.A.Clemence CBE TD FCA W.J.Clemence J.R.E.K.Clemence J.M.O.Clemence
## **ADDRESS**
"Bassetts", Mill Lane, Hildenborough, Kent TN11 9LX
## **BANKERS**
Cater Allen Private Bank 9, Nelson Street, Bradford. BD1 5AN
## **INDEPENDENT EXAMINERS**
Perrys Accountants Ltd Churchdown Chambers, Bordyke, Tonbridge, Kent TN9 1NR
**3**
## **THE CLEMENCE CHARITABLE TRUST**
## **TRUSTEES' REPORT**
The Trustees present their Report and Financial Statements for the year ended 5th April 2022.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Details are shown on page 2.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The governing document is the Trust Deed dated 26 November 2018. The Settlors are John Alistair Clemence, William John Clemence, James Robert Edward Kerr Clemence and Jonathan Michael Offer Clemence.
## **Appointment of Trustees.**
The power of appointing new Trustees vests in the Trustees.
## **Risk Management**
The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems are in place to manage those risks.
## **OBJECTIVES AND ACTIVITIES**
The Trust Deed provides that the Trustees may distribute the income or capital of the Trust Fund to or for the charitable purposes of such Charities (being Charities registered as such with the Charity Commission for England and Wales) or for such charitable purposes in the United Kingdom or overseas in such proportions an in such manner and subject to such terms and conditions as the Trustees may in their absolute discretion determine.
## **PUBLIC BENEFIT**
In meeting the objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and are satisfied that all donations made meet this guidance.
## **ACHIEVEMENTS AND FINANCIAL REVIEW**
In accordance with the provisions of the Trust Deed initial capital of £400 was paid.
The Trust has been approved by HM Revenue and Customs as a charitable trust and was registered at The Charity Commission for England and Wales on 18th September 2020.
The results for the year are shown on page 6. The Trustees are satisfied with the state of the Trust's affairs.
On 16th September 2020 the Trustees of the John and Heather Clemence Charitable Settlement (Reg no 283114) resolved to transfer the assets of that charity to this charity. There was a long delay agreeing this with the Charity Commission. There were further regulatory delays in opening an account with the investment managers and the transfers did not take place until October 2021. The Trustees regard the fund as expendable endowment.
## **RESULTS**
There was a surplus of income for the period of £329,311 (2021 deficit £375). Investment gains amounted to £150 (2021 nil).
## **GRANTS**
During the period grants totalling £5,908 were made (2021 £500).
**4**
## **THE CLEMENCE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## **RESERVES POLICY**
The Capital of the Trust was provided by lifetime gifts and by a transfer of assets from the Trustees of the John and Heather Clemence Charitable Trust.
## **FUTURE PLANS**
From 6th April 2022 the Trustees plan to operate the charity as a grant making charity within the objectives in the deed.
## **STATEMENT OF THE TRUSTEES' RESPONSIBILITIES**
Charity Law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing those Financial Statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the policies are in accordance with applicable accounting standards;
- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **John Alistair Clemence CBE TD FCA**
## **Chairman**
**Date: 28.10.22**
**5**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF**
## **THE CLEMENCE CHARITABLE TRUST**
I report on the Financial Statements of The Clemence Charitable Trust for the year ended 5 April 2022, which are set out on pages 6 to 10.
## **RESPONSIBILITIES AND BASIS OF REPORTOF TRUSTEES AND EXAMINER**
As the Trustees you are responsible for the preparation of the accounts in accordance with the Financial requirements of the Charities Act 2011 (the Act). I report in respect of my examination of Charity's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **INDEPENDENT EXAMINER'S STATEMENT**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect :
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act : or
2. the accounts do not accord with those records : or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the acconts to be reached.
S Hale
28.10.22
**Steve Hale FCA, FCCA on behalf of Perrys Accountants Ltd Chartered Accountants Churchdown Chambers Bordyke, Tonbridge Kent TN9 1NR Date**
**6**
## **THE CLEMENCE CHARITABLE TRUST**
**STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5th April 2022**
|Note
**INCOME**
Assets tranferred from The John and Heather
Clemence Charitable Settlement
Investment income
Other income
Donations
Gift Aid recoverable
**Total incoming resources**
**EXPENDITURE**
**Charitable Activities**
Distributions to Charities
Investment manager's fees
Accountancy
**Total expenditure**
**Net income less expenditure**
Unrealised increase in value of investments
**Balance brought forward at 6 April 2021**
**Total Funds at 5 April 2022**|**2022**
**Total**
**Funds**
327,194.00
6,656.79
320.00
1,895.00
376.25
£336,442.04
5,908.00
983.41
240.00
£7,131.41
329,310.63
150.00
206.25
£329,666.88|**2021**|
|---|---|---|
|||**Total**
**Funds**
-
-
-
100
25|
|||£125|
|||500
-
-|
|||£500|
|||(375)
-
581|
|||£206|
The notes on page 8 to 10 form part of the Financial Statements.
**7**
## **THE CLEMENCE CHARITABLE TRUST**
## **BALANCE SHEET At 5 April 2022**
|**Note**
**INVESTMENTS**
**1,2**
**CURRENT ASSETS**
**BALANCES AT BANKERS**
**AND INVESTMENT MANAGERS**
**3**
**DEBTOR**
**4**
**TOTAL CURRENT ASSETS**
**CREDITORS**
**5**
**NET CURRENT ASSETS LESS LIABILITIES**
**TOTAL ASSETS LESS LIABILITIES**
**Representing:-**
**FUND CAPITAL**|**2022**
**£**
327,344.00
2,562.88
-
2,562.88
240.00
2,322.88
£329,666.88
329,666.88
£329,666.88|**2021**
**£**
-|
|---|---|---|
|||181
25|
|||206
-|
|||206|
|||£206|
|||206|
|||£206|
The notes on page 8 to 10 form part of the Financial Statements.
Approved by the Trustees on 28th October 2022
## **J.A.CLEMENCE**
## **W.J.CLEMENCE**
## **J.R.E.K.CLEMENCE**
## **J.M.O.CLEMENCE**
**TRUSTEES**
**THE CLEMENCE CHARITABLE TRUST**
**8**
**1**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 5 April 2022**
## **INVESTMENTS**
|**Holding**
**Fixed Interest**
M & G Corporate Bond Fund
Income Fund Units
Invesco Perpetual Corporate Bond
Fund Income units
New Capital Fund Management
Wealthy Nations Bond Fund C NAV
**United Kingdom Equities**
Bankers Investment Trust plc
25p Ordinary shares
City of London Investment Trust plc
25p Ordinary shares
Henderson High Income Trust plc
5p Ordinary shares
Law Debenture Corporation plc
5p Ordinary shares
Murray Income Trust plc
25p Ordinary shares
New River REIT
1p Ordinary shares
Ninety One Fund Managers
Diversified Income J2 Income shares
Scottish Investment Trust plc
25p Ordinary shares
Temple Bar Investment Trust plc
25p Ordinary shares
**Unit Trusts**
M & G Equities Investment Fund for
Charities Income units
M & G Dividend Fund
Oncome units
M & G UK Income Fund
Income units
**Total**|**Holdings Transferred**
**Purchases/(Sales)**
**Holdings at 5.4.22**
**Nominal**
**Cost**
**Nominal**
**Cost/**
**Gain/**
**Nominal**
**Cost**
**Value**
**Income**
**(Proceeds)**
**(loss)**
**5.4.22**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**|**Holdings Transferred**
**Purchases/(Sales)**
**Holdings at 5.4.22**
**Nominal**
**Cost**
**Nominal**
**Cost/**
**Gain/**
**Nominal**
**Cost**
**Value**
**Income**
**(Proceeds)**
**(loss)**
**5.4.22**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**|**Holdings Transferred**
**Purchases/(Sales)**
**Holdings at 5.4.22**
**Nominal**
**Cost**
**Nominal**
**Cost/**
**Gain/**
**Nominal**
**Cost**
**Value**
**Income**
**(Proceeds)**
**(loss)**
**5.4.22**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**|
|---|---|---|---|
||42,900
18,125
-
5,500
12,123
-
160
18,323
-
£48,571
2,900
35,073
-
5,700
22,800
-
10,000
17,575
-
2,900
22,504
-
3,000
26,910
-
13,210
11,598
-
20,250
20,438
-
3,250
25,870
-
2,175
23,795
-
1,810
28,102
-
2,469
27,613
-
1,344
16,345
-
£278,623
£327,194
-|-
-
42,900
18,125
16,731
216.82
-
-
5,500
12,123
11,376
160.04
-
-
160
18,323
15,757
334.95
-
-
£48,571
£43,864
711.81
-
-
-
2,900
35,073
32,172
328.90
-
-
5,700
22,800
24,026
547.20
-
-
10,000
17,575
17,825
500.00
-
-
2,900
22,504
23,403
398.76
-
-
3,000
26,910
26,940
787.50
-
-
13,210
11,598
11,546
541.61
-
-
20,250
20,438
19,515
317.78
-
-
3,250
25,870
29,770
416.00
-
-
2,175
23,795
25,013
647.06
-
-
1,810
28,102
28,579
642.55
-
-
2,469
27,613
28,139
521.98
-
-
1,344
16,345
16,552
295.64
-
-
£278,623
£283,480
£5,944.98
-
-
£327,194
£327,344
£6,656.79||
||||£278,623
£283,480
£5,944.98|
||||£327,194
£327,344
£6,656.79|
**9**
## **THE CLEMENCE CHARITABLE TRUST**
## **NOTE TO THE FINANCIAL STATEMENTS For the year ended 5th April 2022**
## **2 (a) Basis of Accounting**
The Financial Statements have been prepared under the historical cost convention with the exception that investments are valued at market value. The Financial Statements are in accordance with applicable accounting standards, the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP FRS 102) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
## **(b) Income**
Investment income is recorded when receivable. Gift Aid Donations are shown inclusive of the tax reclaimable.
## **(c) Expenditure**
Expenditure is included in the Financial Statements on an accruals basis.
## **(d) Investments**
Quoted investments have been valued at market value at the Balance Sheet date. Unrealised and realised investment gains and losses are shown net in the Statement of Financial activities. The cost of investments is shown in Note 1 to the Financial Statements. Realised gains and losses are calculated by reference to the original cost and the sale proceeds.
## **(e) Fund accounting**
Funds held by the charity are either:
Unrestricted Funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees or
Restricted Funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The trustees regard the fund as expendable endowment.
## **(f) Going concern**
The trustees consider that there are no material uncertainties about the ability of the charity to continue as a going concern.
## **(g) Related party transactions**
There were no trustee remuneration, benefits or expenses in the year (2021 none).
There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2021 none).
**THE CLEMENCE CHARITABLE TRUST**
**10**
## **NOTE TO THE FINANCIAL STATEMENTS For the year ended 5th April 2022**
|**2**
**INVESTMENTS AT MARKET VALUE**
Value transferred
Unrealised increase in value
Value at 5th April 2022
**3**
**BALANCES AT BANK AND INVESTMENT MANAGERS**
Balance at bank
Balance at investment managers
**4**
**DEBTORS**
Tax recoverable
**5**
**CREDITORS**
Accountancy|**2022**
327,194.00
150.00
£327,344.00
**2022**
2,462.88
100.00
2,562.88
-
240.00|**2021**|
|---|---|---|
|||-
-|
|||-|
|||**2021**|
|||181
-|
|||181|
||||
|||25|
||||
|||-|