1
THE CLEMENCE CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2023
| 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 | Notes 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 EXAMINER
Steve Hale FCA FCCA On behalf of Perrys Audit Limited Churchdown Chambers, Bordyke, Tonbridge, Kent TN9 1NR
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THE CLEMENCE CHARITABLE TRUST
TRUSTEES' REPORT
The Trustees present their Report and Financial Statements for the year ended 5th April 2023.
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 an initial capital sum 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.
The Trustees regard the fund as expendable endowment.
RESULTS
There was a deficit of income for the period of £ 7,228 (2022 Surplus £329,311). Investment losses amounted to £20,766 (2022 gain £150)
GRANTS
During the period grants totalling £63,697 were made (2022 £5,908).
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THE CLEMENCE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
RESERVES POLICY
The Capital of the Trust was provided by lifetime gifts.
FUTURE PLANS
The Trustees plan to operate the charity as a grant making charity within the objects of the Deed.
GOING CONCERN
The Trustees consider that there are no material uncertainties about the ability to continue as a going concer
RELATED PARTY TRANSACTIONS
There have been no transactions with persons or entities that are closely connected to the charity or its Trust
TRUSTEES' REMUNERATION AND BENEFITS
None of the Trustees have been paid any remuneration or received any other benefits from the Charity.
TRUSTEES' EXPENSES
No Trustees' expenses were incurred in the year (2022 - none) .
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;
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make judgements and estimates that are reasonable and prudent;
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state whether the policies are in accordance with applicable accounting standards;
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prepare the Financial Statements on the going concern basis unless it is inappropriate to
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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: 11th March 2024
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 2023, 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
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 :
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accounting records were not kept in respect of the Charity as required by section 130 of the Act : or
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the accounts do not accord with those records : or
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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
Steve Hale FCA FCCA On behalf of Perrys Audit Ltd Churchdown Chambers Bordyke, Tonbridge Kent TN9 1NR Date 11th March2024
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THE CLEMENCE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5th April 2023
| Note INCOME Assets tranferred from The John and Heather Clemence Charitable Settlement Investment income 1 Interest Other income Donations Gift Aid recoverable Total incoming resources EXPENDITURE Charitable Activities Distributions to Charities Investment manager's fees Fundraising costs Accountancy Total expenditure Net income less expenditure Unrealised increase in value of investments Balance brought forward at 6 April 2022 Total Funds at 5 April 2023 |
2023 Total Funds - 13,470.23 3.02 1,545.00 47,239.84 2,649.63 £64,907.72 63,697.34 2,221.68 4,056.88 2,160.00 £72,135.90 (7,228.18) (20,766.39) 329,666.88 £301,672.31 |
2022 |
|---|---|---|
| Total Funds 327,194 6,657 - 320 1,895 376 |
||
| £336,442 | ||
| 5,908 983 0 240 |
||
| £7,131 | ||
| 329,311 150.00 206 |
||
| £329,667 |
The notes on page 8 to 10 form part of the Financial Statements.
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THE CLEMENCE CHARITABLE TRUST
BALANCE SHEET At 5 April 2023
| Note INVESTMENTS 2/3 CURRENT ASSETS BALANCES AT BANKERS AND INVESTMENT MANAGE 4 DEBTOR 5 TOTAL CURRENT ASSETS CREDITORS 6 NET CURRENT ASSETS LESS LIABILITIES TOTAL ASSETS LES LIABILITIES Representing:- FUND CAPITAL |
2023 £ £290,340.00 10,347.40 2,222.75 12,570.15 1,237.84 £11,332.31 £301,672.31 301,672.31 £301,672.31 |
2022 £ £327,344 |
|---|---|---|
| 2,563 - |
||
| 2,563 240 |
||
| £2,323 | ||
| £329,667 | ||
| 329,667 | ||
| £329,667 |
The notes on page 8 to 10 form part of the Financial Statements.
Approved by the Trustees on 11th March 2024
J.A.CLEMENCE
W.J.CLEMENCE
TRUSTEES
J.R.E.K.CLEMENCE
J.M.O.CLEMENCE
THE CLEMENCE CHARITABLE TRUST
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NOTE TO THE FINANCIAL STATEMENTS For the year ended 5th April 2023
1 (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) 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.
THE CLEMENCE CHARITABLE TRUST
9
2
NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2023
| Holdings 6.4.22 | Holdings 6.4.22 | Holdings 6.4.22 | Purchases/(Sales) | Purchases/(Sales) | Holdings at | 5.4.23 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Nominal | Cost | Nominal | Cost/ | Gain/ | Nominal | Cost | Value | Income | Income | |
| Holding | (Proceeds) | (loss) | 5.4.23 | 2023 | 2022 | |||||
| £ | £ | £ | £ | £ | £ | £ | ||||
| Fixed Interest | ||||||||||
| M & G Corporate Bond Fund | ||||||||||
| Income Fund Units | 42,900 | 18,125 | - | - | - | 42,900 | 18,125 | 14,903 | 532.60 | 217 |
| Invesco Perpetual Corporate Bond | ||||||||||
| Fund Income units | 5,500 | 12,123 | - | - | - | 5,500 | 12,123 | 10,338 | 347.26 | 160 |
| New Capital Fund Management | ||||||||||
| Wealthy Nations Bond Fund C NAV | 160 | 18,323 | (160) | (14,740.82) | (3,582.18) | - | - | - | 162.23 | 335 |
| Twentyfour Income Fund Ltd | ||||||||||
| Ordinary redeemable 1p shares | - | - | 4,250 | 4,510.61 | 4,250 | 4,511 | 4,318 | 148.76 | - | |
| £48,571 | (£10,230.21) | (£3,582.18) | £34,759 | £29,559 | £1,190.85 | £711.81 | ||||
| United Kingdom Equities | ||||||||||
| Bankers Investment Trust plc | ||||||||||
| 25p Ordinary shares | 29,900 | 35,073 | (14,900) | (14,765.60) | (2,712.25) | 15,000 | 17,595 | 15,000 | 431.15 | 329 |
| City of London Investment Trust plc | ||||||||||
| 25p Ordinary shares | 5,700 | 22,800 | (825) | (3,302.41) | 2.41 | 4,875 | 19,500 | 20,109 | 975.00 | 547 |
| Gore Street Energy Storage Fund | ||||||||||
| 1p Ordinary shares | - | - | 6,182 | 7,499.47 | - | 6,182 | 7,499 | 6,194 | 309.10 | - |
| Henderson High Income Trust plc | ||||||||||
| 5p Ordinary shares | 10,000 | 17,575 | - | - | - | 10,000 | 17,575 | 17,075 | 1,015.00 | 500 |
| JP Morgan Global Growth and Income plc | ||||||||||
| 5p Ordinary shares | - | - | 5,767 | 22,686.00 | - | 5,767 | 22,686 | 25,836 | 490.20 | - |
| Law Debenture Corporation plc | ||||||||||
| 5p Ordinary shares | 2,900 | 22,504 | (850) | (6,361.31) | 234.69 | 2,050 | 16,377 | 16,154 | 719.22 | 399 |
| Murray Income Trust plc | ||||||||||
| 25p Ordinary shares | 3,000 | 26,910 | (375) | (3,032.41) | (331.24) | 2,625 | 23,546 | 22,129 | 1,018.12 | 788 |
| Murray International Trust | ||||||||||
| 25p Ordinary shares | - | - | 850 | 12,207.60 | (23.13) | 850 | 12,184.47 | 13,219 | 236.40 | - |
| New River REIT | ||||||||||
| 1p Ordinary shares | 13,210 | 11,598 | - | - | - | 13,210 | 11,598 | 10,687 | 898.28 | 542 |
| Ninety One Fund Managers | ||||||||||
| Diversified Income J2 Income shares | 20,250 | 20,438 | - | - | - | 20,250 | 20,438 | 18,545 | 767.18 | 318 |
| Residential Secure Income plc | ||||||||||
| 1p ordinary shares | - | - | 4,125 | 4,540.75 | - | 4,541 | 4,541 | 2,714 | 106.42 | - |
| Scottish Investment Trust plc | ||||||||||
| 25p Ordinary shares | 3,250 | 25,870 | (3,250) | (26,021.55) | 151.55 | - | 0.00 | - | 640.00 | 416 |
| SSGA SPDR ETFS Europe 1 plc | ||||||||||
| S & P US dividend Arostocrats UCIT | - | - | 210 | 12,065.07 | - | 210 | 12,065.07 | 11,427 | 205.26 | - |
| Temple Bar Investment Trust plc | ||||||||||
| 25p Ordinary shares | 10,875 | 23,795 | (5,375) | (11,522.91) | (237.84) | 5,500 | 12,034 | 12,678 | 624.44 | 647 |
| Unit Trusts | ||||||||||
| M & G Equities Investment Fund for | ||||||||||
| Charities Income units | 1,810 | 28,102 | - | - | - | 1,810 | 28,102 | 26,943 | 1,511.35 | 643 |
| M & G Dividend Fund | ||||||||||
| Income units | 2,469 | 27,613 | - | - | - | 2,469 | 27,613 | 26,570 | 1,540.56 | 522 |
| M & G UK Income Fund | ||||||||||
| Income units | 1,344 | 16,345 | - | - | - | 1,344 | 16,345 | 15,501 | 791.70 | 296 |
| £278,623 | (£6,007.30) | (£2,915.81) | £253,355 | £260,781 | £12,279.38 | £5,945 | ||||
| Total | £327,194 | (£16,237.51) | (£6,497.99) | £288,114 | £290,340 | £13,470.23 | £6,657 |
THE CLEMENCE CHARITABLE TRUST
10
NOTE TO THE FINANCIAL STATEMENTS For the year ended 5th April 2023
| 3 INVESTMENTS AT MARKET VALUE Value at 5th April 2022 Value transferred Purchases Sales Realised Losses Unrealised (decrease/increase in value) Value at 5th April 2023 4 BALANCES AT BANK AND INVESTMENT MANAGERS Balance at bank Balances at investment managers 5 Debtor Tax recoverable 6 Creditors Due to London Scottish jubilee appeal Independent Examiner's fee |
2023 327,344.00 - 63,509.50 (79,747.11) (6,497.99) (14,268.40) £290,340.00 2023 10,159.85 187.55 £10,347.40 2023 2,222.75 2023 37.84 1,200.00 £1,237.84 |
2022 |
|---|---|---|
| - 327,194 - - - 150 |
||
| £327,344 | ||
| 2022 | ||
| 2,463 100 |
||
| £2,563 | ||
| 2022 | ||
| - | ||
| 2022 | ||
| - 240 |
||
| £240 |