Charity no. 265916
C and J Clark Limited Employees 1922 Trust
Report and Unaudited Financial Statements
31 March 2025
C and J Clark Limited Employees 1922 Trust
Reference and administrative details
| Reference and administrative details | Reference and administrative details | |
|---|---|---|
| For the year ended 31 March 2025 | ||
| Charity number | 265916 | |
| Registered office and | 40 High Street | |
| operational address | Street | |
| Somerset | ||
| BA16 0EQ | ||
| Trustees | Gloria J Clark | |
| Richard Clark | resigned on 4 April 2025 | |
| Judith E Derbyshire | ||
| Peter Drew | ||
| Sebastian Edwards | ||
| Martin Lovell | ||
| Bankers | CAF Bank | |
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4JQ | ||
| 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 2025
The trustees present their Annual Report and unaudited financial statements for the year ended 31 March 2025. Reference and administrative information is set out on page 1. The financial statements comply with the trust deed and 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 (Clarks) and their dependents for the following purposes:
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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 Clarks 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 Industry Trust 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 35 grants were awarded totalling £97,898. This compares with 37 grants totalling £173,522 in 2024. A list of the awards can be seen on pages 15 and 16.
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 this year amounted to £24,000 (2024: £18,000).
Richard Clark resigned as a trustee on 4 April 2025.
2
C and J Clark Limited Employees 1922 Trust
Report of the trustees
For the year ended 31 March 2025
Financial review
The charity has two principal sources of income: unlisted investments in C&J Clark Ltd shares which generated no income in the financial year and listed investments which generated income of £53,529 (£53,345 in 2024). There is also a small amount of bank interest receivable of £67 (£73 in 2024).
The results for the year are given in the Statement of Financial Activities on page 6.
There was an operating deficit of £51,982 (compared to a deficit of £127,317 for 2024). Gains/(losses) on investments are treated as a component of net income under FRS 102, therefore the trust’s net deficit for the year was £36,681 (£34,100 overall gain in 2024).
Total funds carried forward as at 31 March 2025 are £2,856,766 (£2,893,447 for 2024).
Investment Performance
The charity made an unrealised gain of £9,135 on the units held in the Legal and General funds based upon the market value of these units as at 31 March 2025 which was £2,692,509 (£2,683,374 in 2024).
The charity made an unrealised loss of £38,841 on the unlisted investment in Clarks shares following a decrease in the share value from 113p to 88p. This valuation was carried out in 25 June 2025 by S&W Chartered Accountants 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 £2,856,766 of which £27,539 are ‘free’ reserves (those not invested). Trustees believe this is sufficient for current grant giving requirements. The funds invested in the Legal and General funds 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 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 88p which is based upon the latest valuation of the Clarks shares which was carried out in June 2025 by S&W, Chartered Accountants.
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
The trustees agree a three year plan on a rolling basis and aim to spend investment return based on a ‘total return’ model, less the costs associated with running the charity. Any underspend from previous years is carried forward. An investment review has been undertaken, leading to some changes in the L&G funds in which the assets are invested in May 2025.
The trust will continue to promote awareness of grant availability to existing and new potential beneficiaries.
3
C and J Clark Limited Employees 1922 Trust
Report of the trustees
For the year ended 31 March 2025
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 Clarks 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 5 December 2025 and signed on their behalf by
Gloria J Clark
Gloria Clark Trustee
4
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 2025, which are set out on pages 6 to 16.
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.
William Guy Blake
Date: 5 December 2025 William Guy Blake ACA Member of the ICAEW
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 2025
| Note Income from: Investments 2 Total income Expenditure on: Charitable activities Total expenditure 3 Net expenditure before movement on investments Net gains on investments 8 Net (expenditure) / income and net movement in funds 5 Reconciliation of funds: Total funds brought forward Total funds carried forward |
2025 Total £ 53,596 53,596 105,578 105,578 (51,982) 15,301 (36,681) 2,893,447 2,856,766 |
2024 Total £ 53,418 |
|---|---|---|
| 53,418 | ||
| 180,735 | ||
| 180,735 | ||
| (127,317) 161,417 |
||
| 34,100 2,859,347 |
||
| 2,893,447 |
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 was unrestricted in both the current and prior years.
6
C and J Clark Limited Employees 1922 Trust
Balance sheet
As at 31 March 2025
| 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 |
£ 24,385 54,655 79,040 (51,501) |
2025 £ 2,829,227 2,829,227 27,539 2,856,766 2,856,766 2,856,766 |
2024 £ 2,858,933 |
|---|---|---|---|
| 2,858,933 31,429 36,997 |
|||
| 68,426 (33,912) |
|||
| 34,514 | |||
| 2,893,447 | |||
| 2,893,447 | |||
| 2,893,447 |
Approved by the trustees on 5 December 2025 and signed on their behalf by
Gloria J Clark
Gloria Clark - Trustee
7
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
1. Accounting policies
a) Basis of preparation
C and J Clark Limited Employees 1922 Trust is an unincorporated charity registered in England and Wales. The registered office address is 40 High Street, Street, Somerset, BA16 0EQ.
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, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
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.
Charitable activities include expenditure associated with grant making and include both the direct costs and support costs related to these activities.
8
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
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 S&W 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.
9
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
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 25 June 2025, the shares were valued at £0.88 per share. As the closest valuation to the year end date, the June 2025 price has been used to value the shareholding at 31 March 2025.
10
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
2. Income from investments
| Income from listed investments Bank interest receivable |
2025 2024 £ £ 53,529 53,345 67 73 53,596 53,418 |
|---|---|
3. Total expenditure
| Total expenditure | ||
|---|---|---|
| Charitable activities £ Making grants (note 16) 97,898 Trust management - Bookkeeping fees - Independent examination fees - Legal and professional fees - Payroll service charge - Other - Sub-total 97,898 Allocation of support and governance costs 7,680 Total expenditure 105,578 Total governance costs were £4,351 (2024: £3,979). Prior year comparative Charitable activities £ Making grants (note 16) 173,522 Trust management - Bookkeeping fees - Independent examination fees - Legal and professional fees - Payroll service charge Other - Sub-total 173,522 Allocation of support and governance costs 7,213 Total expenditure 180,735 |
Support and governance costs £ - 4,162 230 2,040 428 68 752 7,680 (7,680) - Support and governance costs £ - 3,735 192 1,920 320 66 980 7,213 (7,213) - |
2025 Total £ 97,898 4,162 230 2,040 428 68 752 |
| 105,578 - |
||
| 105,578 | ||
| 2024 Total £ 173,522 3,735 192 1,920 320 66 980 |
||
| 180,735 - |
||
| 180,735 |
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C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
| 4. Grant commitments Grants payable: Grant commitments brought forward Grants committed during the period Grants paid during the year Grant commitments carried forward A detailed list of grants payable can be found in note 16. |
2025 £ 28,000 97,898 (80,898) 45,000 |
2024 £ - 173,522 (145,522) |
|---|---|---|
| 28,000 | ||
5. Net movement in funds This is stated after charging:
| Trustees' remuneration Trustees' reimbursed expenses Independent examiners' remuneration: Independent examination (excluding VAT) |
2025 £ Nil Nil 1,700 |
2024 £ Nil Nil 1,600 |
|---|---|---|
No remuneration or expenses were paid to the trustees for their services as trustees in either year.
In common with other charities of our size and nature we use our independent examiners to assist with the preparation of the financial statements.
6. Staff and key management personnel
The charity 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 (2024: £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 2025
8. Investments
| Market value at 1 April 2024 Additions Disposals proceeds Net gain / (loss) on revaluation Market value at 31 March 2025 |
Listed £ 2,683,374 54,993 (100,000) 54,142 2,692,509 |
Other £ 175,559 - - (38,841) 136,718 |
2025 £ 2,858,933 54,993 (100,000) 15,301 2,829,227 |
2024 £ 2,815,992 51,524 (170,000) 161,417 |
|---|---|---|---|---|
| 2,858,933 |
The unlisted investments in C&J Clark Limited are revalued based on annual valuations of the shares by S&W Chartered Accountants. The valuation incorporated in the accounts relates to the valuation as of 30 June 2025, the valuation closest to the balance sheet date.
At 25 June 2025, the value of unlisted investments was £136,718 at £0.88 per share (2024: value of unlisted investments £175,559 at £1.13 per share.)
Listed investments held by Legal and General are shown at the market value at the balance sheet date.
9. Debtors
| Other debtors Creditors: amounts due within 1 year Accruals Grant commitments (note 4) Movement in funds At 1 April 2024 Net (expenditure) / income Net gains / (losses) on investments At 31 March 2025 |
2025 £ 24,385 2025 £ 6,501 45,000 51,501 2025 £ 2,893,447 (51,982) 15,301 2,856,766 |
2024 £ 31,429 |
|---|---|---|
| 2024 £ 5,912 28,000 |
||
| 33,912 | ||
| 2024 £ 2,859,347 (127,317) 161,417 |
||
| 2,893,447 |
10. Creditors: amounts due within 1 year
11. Movement in funds
13
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
12. Financial instruments at fair value
| Financial assets measured at fair value | 2025 £ 2,829,227 |
2024 £ 2,852,933 |
|---|---|---|
Financial assets measured at fair value comprise listed and unlisted investments.
13. Conduit funding
During the year the charity received and distributed £4,820 (2024: £5,723) 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 £230 (2024: £192) and Trust management and secretarial services to the trust amounting to £4,162 (2024: £3,735). The amount outstanding to Clark Foundation at 31 March 2025 was £4,461 (2024: £3,992).
Two trustees, Martin Lovell and Richard Clark, are also trustees of the Alfred Gillett Trust. During the year the charity awarded grants totalling £21,000 (2024: £69,200) to the Alfred Gillett Trust toward the construction of the Shoemakers Museum and outreach work. The amount outstanding at 31 March 2025 was £24,000 (2024: £nil).
14
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
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 Alfred Gillett Trust Cost of living grants Somerset Community Foundation - Surviving Winter Cumbria Community Foundation - Winter Warmth AgeUK Plymouth - Hardship fund AgeUK Barnstaple - Hardship fund Footwear Industry Trust Total grants paid to institutions |
2025 £ 332 525 542 613 1,740 560 508 - 24,000 21,000 20,000 10,000 - - 4,000 83,820 |
2024 £ 368 595 578 770 1,890 595 525 403 18,000 69,200 30,000 20,000 5,000 5,000 4,000 |
|---|---|---|
| 156,924 |
15
C and J Clark Limited Employees 1922 Trust
Notes to the financial statements
For the year ended 31 March 2025
16. Grants payable detail (continued)
| Grants payable to individuals: Pensioners - to assist with the cost of bathroom alterations Pensioners - to assist with the cost of white goods and furniture Pensioners - to assist with the cost of a mobility scooter Pensioners - to assist with the cost of a stairlift Pensioners - to assist with the cost of respite care Pensioners - to assist with the cost of a mobility strider Pensioners - to assist with the cost of a mobility strider Pensioners - to assist with the cost of a shower Pensioners - to assist with the cost of a walking frame with seat Pensioners - to assist with the cost of a stairlift Pensioners - to assist with the cost of a boiler Pensioners - to assist with the cost of a mobility scooter Pensioners - to assist with the cost of an adjustable bed Pensioners - to assist with the cost of a mobility scooter Pensioners - to assist with the cost of a mobility scooter Pensioners - to assist with the cost of a week's respite care Pensioners - to assist with the cost of bathroom alterations Ex-employee - to assist with the cost of a stairlift Ex-employee - to assist with the cost of a mobility scooter Ex-employee - to assist with the cost of an adjustable bed Total grants payable |
2025 £ 4,500 2,500 2,400 1,800 1,400 655 400 350 73 - - - - - - - - - - - 14,078 97,898 |
2024 £ - - - - - - - - - 3,000 2,600 2,195 2,000 2,000 1,841 1,400 112 700 500 250 |
|---|---|---|
| 16,598 | ||
| 173,522 |
16