Charity no. 265916
C and J Clark Limited Employees 1922 Trust
Report and Unaudited Financial Statements
31 March 2022
C and J Clark Limited Employees 1922 Trust
Reference and administrative details
| Reference and administrative details | Reference and administrative details |
|---|---|
| For theyear ended 31 March 2022 | |
| Charity number | 265916 |
| Registered office and | 40 High Street |
| operational address | Street |
| Somerset | |
| BA16 0EQ | |
| Trustees | Gloria J Clark |
| Richard Clark | |
| Judith E Derbyshire | |
| Peter Drew | |
| Martin Lovell | |
| Bankers | NatWest |
| 72 High Street | |
| Street | |
| Somerset | |
| BA16 0EB | |
| Independent examiners | Godfrey Wilson Limited |
| Chartered accountants and statutory auditors | |
| 5th Floor Mariner House | |
| 62 Prince Street | |
| Bristol | |
| BS1 4QD | |
| Investment advisers | Legal and General Investments |
| PO Box 6080 | |
| Wolverhampton | |
| WV1 9RB |
1
C and J Clark Limited Employees 1922 Trust
Report of the trustees
For the year ended 31 March 2022
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022. Reference and administrative information is set out on page 1. The financial statements comply with the Trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Objectives and activities
Objectives
The charity exists for the benefit of any persons in current, former or future employment of C&J Clark Limited and their dependents for the following purposes:
-
The payment of medical expenses, sick benefit, bursaries or grants for education purposes, maintenance of or assistance to any schools or any other education or charitable purpose which the Trustees may consider desirable; and
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A grant to the beneficiaries listed above will not cause an objection if others derive benefit incidentally.
Public Benefit
The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and in setting the grant making policy for the year.
The Trust continues to promote awareness of grant availability amongst existing and potential new beneficiaries.
Activities
The Trust continues to satisfy the objectives as set out in the Trust Deed. The main objective of the Trust is to make grants in accordance with that deed. To that end the Trust Manager seeks out potential new beneficiaries by advertising its work to employees of C&J Clark Limited via its intranet, through communications with other community funding bodies and foundations and through general publicity drives about its funding. It seeks to reach pensioners through communications with pensioners clubs and by contributing articles to the communications put out by the pension providers. The Trust works closely with Footwear Friends to identify and assist additional beneficiaries.
Achievements and performance
During the year the Trust has been able to continue to meet its charitable objectives. Grant applications are reviewed by the Trust Manager who evaluates the applications and proposes an appropriate level of grant. In many cases, this is a joint decision between the Trust Manager and the Chair of Trustees.
During the year 14 grants were awarded totalling £30,478, comprising 8 awards to pensioners' clubs, 5 hardship grants and a grant to the Clarks Companies Foundation, USA. This compares with 7 grants totalling £21,152 in 2021. A list of the awards can be seen on page 15.
Trustees have continued to make a grant to the Clarks Companies Foundation in America to support the children of employees in the United States of America who attend university. As in previous years, this grant supports grants to 12 students and amounted to £18,000 compared with £12,000 in 2021.
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C and J Clark Limited Employees 1922 Trust
Report of the trustees
For the year ended 31 March 2022
Financial review
The charity has two principal sources of income: unlisted investments in C&J Clark Limited shares which generated no income in the financial year and listed investments which generated income of £42,259 (£40,349 in 2021). There is also a small amount of bank interest receivable of £2 (£22 in 2021).
Bank interest has remained low due to the continued low interest rates.
The results for the year are given in the Statement of Financial Activities on page 6.
There was an operating surplus of £7,094. (£14,960 for 2021). Gains / (losses) on investments are treated as a component of net income under FRS 102, therefore the Trust’s net income for the year was £337,250. (£295,870 in 2021).
Total funds carried forward as at 31 March 2022 are £2,994,756 (£2,657,506 for 2021).
Investment performance
The charity made a net gain of £128,183 on the units held in the Legal and General funds based upon the market value of these units as at 31 March 2022 which was £2,679,227 (£2,511,014 in 2021).
The charity made an unrealised gain of £201,973 on the unlisted investment in C&J Clark Limited shares following increase in the share value from 46p to £1.76. This valuation was carried out in July 2022 by BDO and is considered to be the fair value as it is closest to the balance sheet date.
Information relating to changes in investments is given in note 8 to the accounts.
Reserves policy
At the year end the Trust had unrestricted reserves of £2,994,756 of which £42,089 are ‘free’ reserves (those not invested). Trustees believe this is sufficient for current grant giving requirements. The funds invested in the Legal and General Multi Asset investments can be sold quickly and easily so are available to supplement the ‘free’ reserves if required.
Investments
The listed investments with Legal and General Multi Asset Tracker funds are included at fair value using the closing quoted market price, being the bid price, and the unlisted investments have been included in the balance sheet at the value of 176p which is based upon the latest valuation of the shares C&J Clark Limited which was carried out on 1 July 2022 by BDO.
Investment policy
There are no restrictions imposed on the investment policy by the Trust deed. The Trustees make the investments in accordance with Charity Law.
Plans for future periods
Trustees agree a rolling three-year plan and annual budget based on anticipated income with the aim to spend the income generated, less administration costs.
The Trust will continue to promote awareness of grant availability to existing and new potential beneficiaries.
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C and J Clark Limited Employees 1922 Trust
Report of the trustees
For the year ended 31 March 2022
Structure, governance and management
The C&J Clark Limited Employees 1922 Trust was established under a Trust deed in 1922. It is a registered charity number 265916.
The Trustees are self-appointing but C&J Clark Limited has the power to appoint and remove one Trustee.
At the Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of investment, reserves and risk management. The day-to-day administration is delegated to the Trust Manager, Susie Mercer.
Statement of responsibilities of the trustees
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 2 December 2022 and signed on their behalf by
Gloria Clark Trustee
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Independent examiner's report
To the trustees of
C and J Clark Limited Employees 1922 Trust
I report to the trustees on my examination of the accounts of C and J Clark Limited Employees 1922 Trust (the charity) for the year ended 31 March 2022, which are set out on pages 6 to 15.
Responsibilities and basis of report
As trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 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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(1) accounting records were not kept in respect of the charity as required by section 130 of the Act;
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(2) the accounts do not accord with those records; or
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(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 this report in order to enable a proper understanding of the accounts to be reached.
Date: 5 December 2022 Alison Godfrey FCA Member of the ICAEW For and on behalf of:
Godfrey Wilson Limited
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
5
C and J Clark Limited Employees 1922 Trust
Statement of financial activities
For the year ended 31 March 2022
| Note Income from: Investments 2 Total income Expenditure on: Charitable activities Total expenditure 3 Net income before losses on investments Net gains on investments Net income and net movement in funds 5 Reconciliation of funds: Total funds brought forward Total funds carried forward |
2022 Total £ 42,261 42,261 35,167 35,167 7,094 330,156 337,250 2,657,506 2,994,756 |
2021 Total £ 40,371 |
|---|---|---|
| 40,371 | ||
| 25,411 | ||
| 25,411 | ||
| 14,960 280,910 |
||
| 295,870 2,361,636 |
||
| 2,657,506 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure are unrestricted in both the current and prior years.
6
C and J Clark Limited Employees 1922 Trust
Balance sheet
As at 31 March 2022
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 10 Net current assets Net assets Funds 11 Unrestricted general funds Total funds |
£ 16,582 30,030 46,612 4,523 |
2022 £ 2,952,667 2,952,667 42,089 2,994,756 2,994,756 2,994,756 |
2021 £ 2,582,481 |
|---|---|---|---|
| 2,582,481 14,352 64,766 |
|||
| 79,118 4,093 |
|||
| 75,025 | |||
| 2,657,506 | |||
| 2,657,506 | |||
| 2,657,506 |
Approved by the trustees on 2 December 2022 and signed on their behalf by
Gloria Clark - Trustee
7
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
C and J Clark Limited Employees 1922 Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity holds substantial unrestricted net assets of £2,994,756 and the trustees therefore consider that the charity is a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
d) Investment income
Interest on funds held on deposit, dividends and other investment income are included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the amounts paid or payable by the bank or investment managers.
e) Funds accounting
The charity holds unrestricted general funds only.
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
f) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes attributable VAT which cannot be recovered.
Expenditure on raising funds are those costs incurred in managing the investments to raise investment income.
Charitable activities include expenditure associated with grant making and include both the direct costs and support costs related to these activities.
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
1. Accounting policies (continued)
g) Allocation of support and governance costs
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Support costs include overheads and have been allocated to activity cost categories on a basis consistent with the use of resources by allocating on the basis of time spent and other costs by their usage.
Support and governance costs have been allocated in full to charitable activities on the basis that the majority of staff time is spent managing grant making activities.
h) Grants payable
Grants authorised by the trustees are included in the Statement of Financial Activities. Grants which have been authorised by the trustees but not yet paid are accrued in the balance sheet and included within creditors falling due within one year or after one year (as appropriate).
i) Listed and unlisted investments
Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
Unlisted investments have been revalued to reflect valuations carried out by BDO at a date closest to the balance sheet date, which is deemed to be their fair value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
m) 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
1. Accounting policies (continued)
n) Foreign currency transactions
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Any foreign currency gains or losses relating to grants payable get posted to the grants payable account code.
o) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Investment assets
The charity holds unlisted investments in the shares of C&J Clark Limited, a private limited company. Valuations are currently carried out by the company on an annual basis under a process set out in the company's Articles. As at 1 July 2022, the shares were valued at £1.76 per share. As the closest valuation to the year end date, the July 2022 price has been used to value the shareholding at 31 March 2022.
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
2. Income from investments
| Income from listed investments Bank interest receivable |
2022 £ 42,259 2 42,261 |
2021 £ 40,349 22 |
|---|---|---|
| 40,371 |
3. Total expenditure
| Total expenditure | |||
|---|---|---|---|
| Making grants (note 16) Trust management Bookkeeping fees Independent examination fees Other Sub-total Allocation of support and governance costs Total expenditure Total governance costs were £3,147. Prior year comparative Making grants (note 16) Trust management Bookkeeping fees Legal and other professional fees Independent examination fees Sub-total Allocation of support and governance costs Total expenditure |
Charitable activities £ 30,478 - - - - 30,478 4,689 35,167 Charitable activities £ 21,152 - - - - 21,152 4,259 25,411 |
Support and governance costs £ - 2,654 200 1,620 215 4,689 (4,689) - Support and governance costs £ - 2,252 282 165 1,560 4,259 (4,259) - |
2022 Total £ 30,478 2,654 200 1,620 215 |
| 35,167 - |
|||
| 35,167 | |||
| 2021 Total £ 21,152 2,252 282 165 1,560 |
|||
| 25,411 - |
|||
| 25,411 |
Total governance costs were £2,967.
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
| 4. Grants payable Creditor brought forward Total of 14 (2021: 7) grants paid during the year Grants payable comprises: Grants payable to organisations (note 16) Grants payable to individuals (note 16) 5. Net movement in funds This is stated after charging: Trustees' remuneration Trustees' reimbursed expenses Independent examiners' remuneration: Independent examination (including VAT) |
2022 £ - 30,478 30,478 22,862 7,616 30,478 2022 £ Nil Nil 1,620 |
2021 £ (28,900) 50,052 |
|---|---|---|
| 21,152 | ||
| 10,792 10,360 |
||
| 21,152 | ||
| 2021 £ Nil Nil 1,560 |
No remuneration or expenses were paid to the trustees for their services as trustees in either year.
6. Staff and key management personnel
The charitable company does not have any employees. Trustees do not receive any remuneration as a result of their office. Total benefits paid to key management personnel are therefore £nil (2021: £nil). See note 15 for details of services provided by the Clark Foundation.
7. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
| 8. Investments Market value at 1 April 2021 Additions Disposals proceeds Net gain on revaluation Market value at 31 March 2022 Historical cost: At 31 March 2022 |
Listed £ 2,511,014 40,030 - 128,183 2,679,227 2,065,170 |
Other £ 71,467 - - 201,973 273,440 6,931 |
2022 £ 2,582,481 40,030 - 330,156 2,952,667 2,072,101 |
2021 £ 2,304,666 46,905 (50,000) 280,910 |
|---|---|---|---|---|
| 2,582,481 | ||||
| 2,032,071 |
The unlisted investments in C&J Clark Limited are revalued based on annual valuations of the shares by BDO, Chartered Accountants. The valuation incorporated in the accounts relates to the valuation as of 1 July 2022, the valuation closest to the balance sheet date.
At 1 July 2022, the value of unlisted investments was £273,440 at £1.76 per share (2021: £0.46 per share.)
Listed investments held by Legal and General are shown at the market value at the balance sheet date.
9. Debtors
| Other debtors 10. Creditors : amounts due within 1 year Accruals 11. Movement in funds At 1 April 2021 Net income Realised and unrealised gains on investments At 31 March 2022 |
2022 £ 16,582 2022 £ 4,523 2022 £ 2,657,506 7,094 330,156 2,994,756 |
2021 £ 14,352 |
|---|---|---|
| 2021 £ 4,093 |
||
| 2021 £ 2,361,636 14,960 280,910 |
||
| 2,657,506 |
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
12. Financial instruments at fair value
| Financial instruments at fair value | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Financial assets measured at fair value | 2,952,667 | 2,582,481 |
Financial assets measured at fair value comprise listed investments.
13. Conduit funding
During the year the charity received and distributed £4,863 of conduit funding from C&J Clark International Ltd to the pensioners clubs listed in note 16 to the accounts. All funds had been distributed before the year end.
14. Commitments
As noted in the trustees' report, the trust is continuing to make a grant to the Clarks Companies Foundation, USA (detailed in note 16) to support the educational grant giving made by that organisation.
15. Related party transactions
The trustees are also trustees of The Clark Foundation. During the year, The Clark Foundation provided accounting services amounting to £200 (2021: £282) and Trust management and secretarial services to the trust amounting to £2,654 (2021: £2,205). The amount outstanding to Clark Foundation at 31 March 2022 was £2,902 (2021: £2,533).
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2022
16. Grants payable detail
| Grants payable to organisations: Pensioners clubs Abbeyfield Social & Leisure Club, Barnstaple Bath Pensioners’ Club Clarks Leisure Club, Plymouth Clarks Pensioners’ Club, Warminster Clarks Pensioners’ Social & Leisure Club, Street Ilminster Pensioners’ Club K Shoes Pensioners’ Club, Kendal St. Peter’s Pensioners’ Club, Radstock Education grants Clarks Companies Foundation, USA Foreign currency gain Grants payable to individuals: Pensioner - to assist with cost of replacement bolier Pensioner - to assist with cost of installation of walk-in shower Pensioner - to assist with cost of mobility vehicle Pensioner - to assist with the cost of a new security light and gate Ex-employee - gift vouchers for groceries Total grants payable Pensioner - to assist with installation of downstairs toilet Pensioner - to assist with installation of walk in shower Pensioner - to assist with installation of bath Pensioner - to pay for the installation of a telephone line Pensioner - to assist with installation of stair lift Pensioner - to assist with installation of stair lift |
2022 £ 212 525 837 625 1,350 513 413 387 18,000 - 22,862 2,500 2,200 1,299 610 - - - - - - 1,007 7,616 30,478 |
2021 £ - - - - - - - - 12,000 (1,208) |
|---|---|---|
| 10,792 | ||
| - - - - 1,500 2,700 60 3,000 1,000 2,100 - |
||
| 10,360 | ||
| 21,152 |
Total grants payable
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