THE CLOVER TRUST FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Regi¥tered Charity No= 213578
THE CLOVER TRUST CONTENTS CONTENTS Page No Legal and Adtnini5trative Details Trustees, Report Auditors, Report Statement of Financial Activities Balance Sheet 10 Notes to the Accounts
THE CLOVER TRUST LEGAL AND ADMINISTRATIVE DETAILS Tru$tee¥ BH Woodhouse JF Woodhouse CL Morrison SM Winter Charity number 213578 Prlnclpal Address Box Tree House 22 Martingale Road Burbage Madborough SN8 3TY Auditor Azets Audit Services 5th Floor Ashford Commercial Quarter 1 Dover Pla Ashford Kent TN23 1 F8 Bankers Triodos Bank 20 Old Bailey London EC4M 7LN Investment Advisors Evelyn Partners 25 Moorgate London EC2R 6AY Key Management Personnel Trustees las above)
THE CLOVER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present herewrth their report and the financial statements for the year ended 31 Dember 2023. The Trustees have adopted the provisions of the Statetnent of Recornrnended Practice ISORPI "Accounting and Reporting by Charities IFRS 1021 in preparing the annual report and financial statements of the charity. The finanaal statements have been prepared in accordance wth the accounting policies set out in the notes to the 8w)unts and cornply wth the charity's governing document. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191.. Objectives and activities The Trustees hold the capital and income of the Charity, to pay or apply the whole, or any part or parts thereof, in their absolute discretion to any leg811y charitable purposes 8S they shall deterTnine. When planning the activities for the ye8r the Trustees have considered the Charity Cornmissions. guidance on public benefit. As donations are rnade lo registered charities, the Trustees believe that The Clover Trust is acting for the public benefit. The endowment fund is invested to produce income which is available for unrestricted purposes. The charity intends to achieve these objectives by making charitable donations within its available incorne. Public benefit Ststement The Trustees confirrn that they have referred lo the guidance cont8ined in the Gharity Commission's general guidanoe on public benefit when reviewing the Trust's aims and objectives and in planning future activities. Rèviaw of th• yèar During the yeai, the Trust made 2812022". 321 charitable grants totalling £165,35012022". £180,4tK)l as detailed in note 3 to the a¢¢ounts. The donations provided by the Trust allow each beneficiary charity lo aid sections of the public. Financial r•vièw Income for the year amounted to £262,59312022'. £184,257). Expenditure for the year amounted to £211,872 12022.. £220.5471. After accounting for a gain on investments of £201,84312022." loss £564.4901 funds increased by £252.564 12022.. decreased by £600,780). At 31 Decernber 2023 funds amounted to £5,767,77812022.' £5,515,214). RerV poli¢y It is not the policy of the Trustees to speafically retain income in reserve. The income is normally applied for charitable purposes wthin six months of receipt. In accordan with the Charity Commission guidance, the Trust reviews on a regular basis the level of income reserves that it considers 8ppiopriate. At 31 December 2023, the Trustees consider it appropriate to hold no unrestiicted reserves and have deemed all funds, with the exception of the pemanent endowrnent fund, as designated funds. The designated reserves at 31 December 2023 amounted to £131,781 12021." £43,370). The endowment fund totalled £5,635,99712022. £5,471,844). Investment policy Under the trust deed, the Trust has the power to make any investment the Trustees see fit. The Trustees are satisfied with the performance of the Trust's Investtnents. Risk assessment The Trustees have asse55ed the major ri5k5 to which the chaiity is exposed, in particular those relating to the Specific operation81 areas of the charity. its investments and its finances. The Trustees believe that effective systerns and controls are in place to mitigate these risks by ensuring that effective controls exist over key financial systems and by exarnining the oper8lion81 and business iisks f8ced by the charity.
THE CLOVER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Risk a¥¥es¥ment l¢ontinuedl The arnount allocated for grants each year is limited to the predicted annual income less the predicted annual charity running costs. Accordingly, the major risk is with regards to the investment portfolio and the ability to ensure income levels are m8ximised given any polenli81 volatility in the financial rnarket. Plan¥ for the future In future periods the Trustees intend to continue making charitable donations within the income arising. The Trustees have a designated selection ol recipients of their funds and intend to continue with this policy for the foreseeable future. Going concern The Trustees consider the accounts in respect of the year ended 31 December 2023 provide a dear and accurate disclosure of the Trust's performance. There have been no significant changes to the charity Sin the year end. The Clover Trust's income available foi distribution ielies entirely on the investments managed by Evelyn P8rtneis. Therefore, the trust relies on the international markets for its income. The portfolio is spread to manage risk and ensure a reasonably constant supply of income. The obvious risk and threat ale that there is a global downturn that would reduce the trust's incorne and thus the cash available for distribution lo charities. In this case the trust will be able lo continue to function since it has negligible costs,. however, charities that receive regular donations wll either receive less or no donation at all. Th8 Tiust8es 81rn OV81 the foreseeabl8 future is to continu8 to run the same tnodel a5 the previou5 years. Since the Trust has no formal liabilities to any charity as regards committed donations, this wll mean our supported charities will receive less. The Trustees believe The Clover Trust is a going concem considering a period of at least 12 months from the date the accounts are approved. Key management personnel The Trustees consider the Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee received iemuneralion in the year. structure, governance and management The Clover Trust is an unincorporated charity, governed by a declaration of trust dated 23 December 1961. The existing Trustees have the power to appoint new or additional Ttustees as they consider fil to do so. In view of the long experience of the Trustees, it is not considered necessary for them to undergo formal training. The Trust is governed by a board of four Trustees, the Trustees meet bannUallY to manage its affairs. The following ttustee5 weie appointedlietired in the yeai.. S Woodhouse- retired 13 May 2023 JF Woodhouse- appointed 13 May 2023 SM Winter- appointed 4 November 2023 There are no related parties other than the Trustees. Since the chaiity 15 not commrtted itself to paying salaries and does not require office accotntnodation, the finan1 iisk will be kept at a minimum. The Trustees do not comrnit funds until they are available.
THE CLOVER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ststement of Trustees. responsibilities Th8 TIu5tees are responsible for preparing the Trustees. Annual Report and th8 financial stat8tnent5 in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A0pted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare financial 51alernent$ for each financial year which give a true and fair view ol the state of affairs of the charity and of the incoming resources and application of resources of the chaiity for that peiiod. In pieparing these finanual statetllents, the Ttustees are required lo.. select suitable accounting poliaes and then apply them consistently., observe the method5 and principles in the Charitie5 SORP 2015 IFRS 1021., make judgements and estimates that are reasonable and prudent,. State whether 8pplicable accounting st8nd8ids h8v8 been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial staternents on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Th8 TIu5tees ale responsible foi keeping proper 3CCOUnting recoid5 th8t disclose with reasonable accuiacy at any time the financial position of the charity and enable Ihern to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the 8ssels of the tharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 3 October 2024 Approved by the Trustees on . and signed on their behalf by.. BH Woodhouse
THE CLOVER TRUST INDEPENDENT AUDOR's REPORT TO THE TRUSTEES OF THE CLOVER TRUST Opinion We have audited the financial statements of The Clover Trust for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and notes lo the financial statements, including 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 thg UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 December 2023 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢pted Accounting Practice., and 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furtherdescribed 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 financisl statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqU1MentS. 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 Iruslees, 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 Peri( of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going conrn are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial ststemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
THE CLOVER TRUST INDEPENDENT AUDOR's REPORT TO THE TRUSTEES OF THE CLOVER TRUST Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respectwith the Iruslees, report., or sufficient accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement set out on pages 4 10 5, 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 the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charity's ability to continue as a going COnrn, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole a 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 IUKI will aayS delect a material misstatement when it exists. Misstatements can arise fmm fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was considered capable of detailing irregularities, including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This indudes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
THE CLOVER TRUST INDEPENDENT AUDOR's REPORT TO THE TRUSTEES OF THE CLOVER TRUST Extent to which the audit was considered capable of detailing irregularities, including fraud Icontinuedl In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included". Enquiry of management and those charged with governance around actual and potential Iiligation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governan., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial slalements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing lo supporting documentstion to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 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 ststemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instanS of non-compliance. The risk of not delecling a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant defi'ciencies in internal control that we identify during our audit. A further description of our resF)onsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al. www.frc.or .uklauditorsres onsibililies. This description foms part of our auditor's reporL Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's Iruslees those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled 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. Sarah Jennings {FCAI For and on behalf ofAzets Audit Chartered Accountants Statutory Auditor 5th Floor Ashford Commercial Quarter 1 Dover Place Ashford Kent TN14 1FB Date.. 7 October 2024
THE CLOVER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Note Unrestricted Funds Endowment Fund8 2023 Total 2022 Totsl Income from.. Investment in¢ome Gift5 received 162,250 100,343 162.250 100,343 184,257 Total incorne 262,593 262,593 184,257 Expenditure on= Raising fund$ Investment managerfs costs 37,690 37.690 37,036 Charitable a¢tivities Grants payable Support costs 165,350 8,832 165.350 8,832 180,400 3,111 Totsl expenditure 174,182 37.690 211,872 220,547 Net lexpenditure)fincome before gains on investments 88.411 137.6901 50.721 136,2901 Net gainslllossesl on investrnents 201,843 201,843 1564,4901 Net movement In funds 88.411 164.153 252.564 1600,7801 Re¢on¢iliation of funds- Fund balan5 at 1 January 2023 43,370 5,471,844 5,515,214 6,115,994 Fund b81ance8 at 31 December 2023 131.781 5,635.997 5,767.778 5.515,214 l inwme and expenditure derive from continuing adivilies. The Statement of Financial Activitie5 indudes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
THE CLOVER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 OMPARATIVE INFORMATION ONLY Note Unrestricted Funds Endowment Fund$ 2022 Totsl Income from: Investment income Income tsx irrecoverable 184.257 184,257 Total income 184,257 184,257 Expenditure on: Raising funds Inve51rnent manager's costs 37,036 37,036 charrtab activities Grants payable Support Costs 165.350 8.832 165.350 8.832 Totsl expendlture 183.511 37,036 220.547 Net lexpendlturÈllln¢ome before gains on invostments 746 137,0361 13e.2901 Nel1108sesllgains on investments 1564,4901 1564.4901 Net movement in funds 746 1601,5261 16M.7801 Reconciliation of lunds: Fund balances at 1 January 2022 42.624 8.073,370 6.115.994 Fund balan¢es at 31 De¢ember 2022 43.370 5.471,844 5.515.214 All income and 8xpendilure derive from continuing activities. The Slalement of Financial Activrties indudes all gains and Ioss8s in th8 year and therefore a ststsmenl of total recognis8d gains and losses has not been prepared.
THE CLOVER TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 Note 2023 2022 Fixed assets Investments 5,749,013 5.749,013 5,483,325 5,483.325 Current asset8 Cash at bank and in hand 36,352 36,352 43,917 43,917 Creditors: amounts falling due within one year 117,5871 112,0281 Net Current assets 18,765 31.889 Totsl assets 5.767,778 5,515,214 Funds Unrestricted designated funds 131,781 43,370 Endowment funds 10 5.635,997 5,471.844 5.767,778 5,515,214 3 October 2024 The financial statements were approved and authorised for issue by the Board of Trustees on and signed on its b8h8lf by.. BH Woodhouse Trustee CL Morrison Tru8tee 10
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Accounting policies lal Basis of accounting The Clover Trust is a regISted charity wth the Charty Commission in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial slalements. The nature of the charity's operations and principal activities are to hold the capital and income of the Charity, to pay or apply the whole. or any part or parts thereof. In their absolute discretion to any legally charitable purposes as they shall determine. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accoidance wth Accounting and Reporting by Charities. Ststement ol Recommended Practice applicable lo charitie5 preparing their a)UnIS in accordance with the Finanoial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Practice. The financi81 statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £. The financial statements are prepared on a going concern basis under the historical cost convention, modified to indude rtain items at fair value. The significant accounting policies applied in the preparation of these finanaal statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Ibl Fund accounting Unrestricted fvnds are funds that can be used in accordan with the charitsble objectives al the discretion of the Trustees, and which have not been designated for any other purposes. Endowment funds are capital funds invested to produce income. The trustees have the discretion to apply up to 54/0 of the endowed funds, so long a5 thi5 15 rnade good out of future income. Income arising on Endowment funds is generally expendable and is distributed to income funds in order to be spent. Icl Income All income is included in the Ststemenl of Financial Activities ISOFAI when the charty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Invesltnenl income is credited in the Slalemenl of Financial A1VitieS in the period in which il is receivable. Idl Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or contractual obligation to make payments to third parties, It 15 probable th8t the settlement wll be 18quiied and the amount of the obligation can be measured reliably. It is categorised under the following headings.. The costs of raising funds are investment management lees.
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Accounting policies Icontinuedl Idl Expenditure Irreooverable VAT is charges lo the Statement of Financial Activrfcies in the year which il is incurred. Grants payable are paytnent5 made to third parties in the furtherance of the charitable objective5 of the charity. The grants are accounted for where the trustees have agreed lo pay the grant wthout condition and the recipient has a reasonable expectation that they will receive a grant. Support costs consist of costs not directly attributable to direct charitable expenditure, but which are in respect of the general 8drrinislr8tion of the charity and over811 rllanagement of the funds. lel Investments Investments are recognised initially at fair value which is normally the transaction price exduding transaction Costs. Subsequently, they are rneasured at fair value with change5 recognised in 'net g81n5 111055esl on investments, in the Statement of Financial Activities if the shares are publidy traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impaiment. lfj Debtors and credltors recelvable I payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from Impairment are recognised in expenditure. Igl Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Ihl Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Ad 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. 111 Judgements and key 8ources of estimation uncertainty Accounting estimates and judgetnen15 are wnlinually ev8lu8led and are based on historical experienoe and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements 01 estimates. til Going concern The linanaal statements have been prepared on a going concem basis as the trustees believe that no material Ljncertainties exist. The tIU5tee5 have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient wth the level of reserves for the charity to be able to continue as a going concem. The Clover Trust's income available lor distribution relies entirely on the investments managed by Smith & Williamson. Therefore. the tiust relies on the Intemational m8rket5 for its incotne. The portfolio is spread to manage risk and ensure a reasonably constant supply of income. The obvious risk and threat are that there is a global downturn that would reduce the trust's income and thus the cash available lor distribution to ch8rilies. In this case the tiust will be able lo continue to function since il has negligible costs.. however. charities that receive regular donations will either receive less or no donation at all. The trustees aim over the forseeable future is lo continue to run the same model as the previous years. 12-
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ul Golng concern Icontlnuedl sin the Trust has no fomial liabilities to any charity as regards committed donations. this will mean our supported charities will rec8ive le5S. The Trustees believe The Clover Trust is a going COnM considering a period ol at least 12 months from the date th8 accounts ar8 approved. 2 Investment Income 2023 2022 Divid8nds and inter8St from investm8nts Interest eived 161,894 356 184.191 3 Grants payable Grants to InstitutlOn5128 Grant51 2023 2022 999 Club Action Medical Research Brainwave Bridport Stoke Club British Institute lor Brain InjUd Childn IBIBICI CAFOD Csidinal Hume Cent Everyone Can (The AIDIS Trust) Children with Cancer CLAPA Longfield (Cotswold Carel Crohn's in Childhood R8588rch Association ICICRAI DEMAND Disability Snowsport UK Downside F15her Essex Association of Boys Clubs Farms of City Childr8n Fight lor Sight Friends of Children in Romania He18n & Douglss Hou58 Jubilee Gardens119781 Limited Kates Home Nursing KIDS Orchard Vale Trust Restore 7,400 8.000 4,000 3.000 3,000 5,000 2.000 4,000 3.000 5.000 3,000 6.500 3.000 4,000 2.000 6,000 2.250 16.500 4,000 38.500 4.400 2,250 7.000 4,000 1.500 2.500 5,000 7.000 5.000 5,000 3,000 4,000 4,600 1,000 3,700 4,000 5,000 4,000 6,000 2,700 5,000 1,800 5,500 3,000 16,900 38,600 5,000 4,000 6,500 5,000 2,750 SSAFA The Can Care Support Group Th8 Farnily Haven The JOLT Trust The MPS Society The Sue Ryder Csie IFoundationl Wavelength West London Action for Children 6,500 4,600 4,600 2,000 5,000 3.000 6.000 180,400 2,700 5,500 165,350 13-
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 4 Support costs 2023 2022 Bank Charges Independent examination Auditors, remuneiation Auditors. remuneration- other 354 411 2,700 6,780 1,698 8,832 3,111 S Trustees. Remuneration and benefits The Trustees neither received nor waived any remuneration linduding pension benefits) during the year12023'. No Trustees12023'. None) received reimbursed expenses. The Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Trustees give of their time freely and no trustee received remuneration in the year. 6 Employees There were no employees during the year12023". None). 7 Fixed asset investments Cash In Llsted portfolio inve¥tments Totsl Mark8t Value- 2023 At 1 January 2023 Additions Disposals Revaluations Movement in cash Al 31 December 2023 285,331 5,197,994 2.253.827 11,934,992) 201,843 5,483,325 2.253.827 11,934,992} 201,843 1254,9901 5.749.013 1254.9901 30 341 5.718.672 Historical cost 5,230.364 Ca8h in Listed portfolio investments Total Markèt Valuè- 2022 At 1 January 2022 Additions Disposals Revaluations Movement In C8sh At 31 December 2022 112,067 5,974,927 702,270 1914.7131 1564,4901 6,086,994 702,270 1914.713} 1564,490) 173.264 5,483,325 173.264 285,331 5,197,994 Historical cost 4,829,786 14-
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 7 Flxed asset Investments- contlnued Investments listed on recognised stock exchange 2023 2022 Treasury Bills Bonds Atternatives & Multi-assets Equib"es- UK Equib"es- Overseas 585,500 921.183 768.920 1.061.376 2.381,693 5.718,672 109.027 790.088 1.060.822 1,149.830 2,088,227 5,197,994 All investments are rrIed at their fair value. The investments detailed above are all traded In quoted public maikets, prirnanly the London Stock Exchange. Hddings in common Investment funds, unit trusts and open-ended investment companies are al the bid price. The basis ol lair value lor quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). 8 Cro11itors'. amounts falling dua within ona yèar 2023 2022 Accruals 17,587 17,587 12,028 12,028 9 Designated funds . 2023 At 1 January 2023 Income Expenditure At 31 December 2023 Designated fund 43,370 262,593 1174,1821 131.781 At 1 January 2022 Income Expenditure At 31 December 2022 Desgnate(I fund - 2022 Designated fund 42.624 184.257 1183.5111 43.370 The Trustees have designated the unrestricted funds of the charity to provide income for future distribution. The aim being to distribute Income received during the year as charitable distributions. Therefore, the Trustees have deetned that no free reserves are held at 31 December 2023 and accordingly all other funds, other than the permanent endowment fund are deemed to be designated for the prinapal charitable activity. 15-
THE CLOVER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 10 Endowment fund - 2023 At 1 January 2023 Income Expènditurè Gains on investments At31 December 2023 Endowment fund 5,471,844 137,6901 201.843 5,635,997 Endowment fund - 2022 At 1 January 2022 Income Expenditure Loss on Investments At31 December 2022 Endowment fund 6,073,370 137,0361 1564.4901 5,471.844 The Endowment Fund ielates to assets referred to in the The Tiust Deed, as The Trust Fund and is con5ideied a permanent endowment. The Trustees have the dIretIon to appty up to 8 5°h of the endowed funds. in any one year. so long as this is made good out of future income. Income arising from The Trust Fund can be used lo make donations to other th8rilable causes. 11 Analysls of Funds- 2023 Unrestricted Endowment Total Investments Current assets Current liabilities 5.749.013 1103,6911 9,325 5.635.997 5.749.013 36,352 17,587 5,767.778 140,043 8,262 131,781 Analysis of Funds- 2022 Unrestricted Endowment Total Investments Current a588ts Current liabilities 5,483,322 12.1531 9,325 5,471.844 5,483,322 43.917 12,025 5.515.214 46,070 2,700 43,370 12 Related party dlsclosures During the year B Woodhouse m8de 8 short tem loan to the charity amounting to £250. The amount was repaid in full as at 31 December 2023. 16-