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2020-12-31-accounts

Charity Number: 266998

The Stephen Clark Charitable Settlement 1965

Report and unaudited financial statements For the year ended 31 December 2020

The Stephen Clark Charitable Settlement 1965

Contents

For the year ended 31 December 2020

Reference and administrative details 1
Trustees’ annual report 2
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10

The Stephen Clark Charitable Settlement 1965

Reference and administrative details

For the year ended 31 December 2020

Charity number 266998 Registered office 25 Westwood Park and operational London address SE23 3QG Trustees Trustees who served during the year and up to the date of this report were as follows: Mrs H Hall Chair Ms A Clark Mr M Hall Ms H Lynn Trust Secretary Ms S Blackwell Bankers CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA Investment advisors Berenburg 60 Threadneedle Street London EC2R 8HP Examiner Haines Watts Chartered Accountants Bath House 6-8 Bath Street BRISTOL BS1 6HL

1

The Trustees present their report and the unaudited financial statements for the year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Purposes and aims

The governing document of the Trust defines its objects as:

The main activity is the provision of financial grants for general charitable purposes; education and training; disability; the prevention or relief of poverty; overseas aid/famine relief; environment/conservation and heritage and economic/community development/employment to further the charity’s purpose for the public benefit.

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

The charity does not fundraise; its income being derived from investments. It aims to distribute its surplus income (after administrative expenses) in the form of grants for charitable purposes or to other charities. The Trustees, in making decisions on which charitable causes to support, have had due regard to the commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on grant giving and are undertaken to further the charitable purposes for the public benefit of the Stephen Clark Charitable Settlement 1965.

2

The Trust supports organisations that:

In 2020 the Trust made 27 grants totalling £63,000, compared with 10 grants totalling £48,000 in 2019. A list of grant expenditure is given in note 7. The Trust made 3 grants of £10,000 or more, the rest being for amounts of £3,000 or less. 3 were for conservation; 1 for the arts; 3 for education; 6 for social justice and 14 were for health/disability. The larger number of health/disability projects funded reflected increased need due to the Covid-19 pandemic.

All but 3 grants to Canada went to projects based in the UK. The 3 major grants were given to projects whose clients were hit particularly badly by the pandemic. The grants helped to fund a health bus for homeless people in the West Country; an emergency fund for Big Issue Sellers whose incomes were devastated, and a domestic violence project which saw a large increase in numbers accessing their services.

The Trustees choose to give grants to charities whose aims align with theirs. They do not, on the whole, respond to requests for grants, preferring to seek out organisations whose aims accord with theirs. The Trustees receive reports on the activities undertaken by the recipients of grants and are satisfied that in furthering the work of the grant receiving charities they further the aims of the Stephen Clark Charitable Settlement 1965.

The trustees believe that in concentrating the resources on these identified areas it not only benefits those directly involved in projects that the receiving charities undertake, but also benefits the wider public in helping mitigate climate change, fostering greater social cohesion and educating for the future.

Financial review

Income in 2020 has fallen from £623,830 in 2019 (which itself had been inflated by the assets received by way of the merger with the Stephen Clark Charitable Settlement 1957 on 1 January 2019) to £106,425. However, apart from the large one off donation of £100,000 received, the charity’s income from investments has fallen to £6,425 (2019 - £29,840). This is in the main due to the fact that no dividend income was received from the C&J Clark Limited shares in 2020 (2019 £19,008), that make up the majority of the Trust’s assets. Administrative and governance costs have decreased by £2,991 mainly due to a decrease in audit/examination fees and the currency gains on the Berenberg portfolio. No legal fees were incurred in 2020 (2019 £400).

The Trust became entitled to a large legacy in 2020. However, because this has not yet been quantified, it will not be included in the accounts until 2021.

There are no debtors this year. Accruals are slightly lower this year. There are no outstanding creditors in 2020. Cash at bank has increased from £73,620 to £107,339, mainly due to a time lag between funds becoming available in 2020 and being reinvested or grants made in 2021.

As no recent valuation had been received of the C&J Clark Limited shares, which comprise the majority of the Trust’s investments, it was decided to leave the valuation at the last received i.e

3

£2.85 per share in September 2019. For further details see Note 1 (e). The Berenberg portfolio of investments made realised net gains during the year of £5,272 and an unrealised gain on revaluation of the investments at the year-end of £43,240.

Principal risks and uncertainties

The Trustees acknowledge their responsibility to identify, assess and manage risks. The Trust has developed a risk strategy identifying business risks and strategies for management in the context of the increase in endowment and the Trust’s strategic plans.

Investment in C&J Clark Ltd, a private company, brings risk of lack of liquidity and uncertainty of income. However, the Trustees are mindful of the requirements of s.3 of the Trustee Act 2000. This and risk to reputation are two areas of risk that have been identified by Trustees.

The Trustees have considered the impact that the Covid-19 pandemic will have on the charity’s current and future financial position and believe there is no significant impact.

Reserves policy and going concern

We are a charity that has no need to keep reserves as we generally aim to distribute our income each year. We currently have no forward commitments for grant giving and have no policy to make such commitments.

Plans for the future

We aim to formalise a grant giving strategy for the following three years. The Trustees do not intend to diverge from grant giving as the only activity.

Structure, governance and management

This charity was formed under a Deed of Settlement in March 1965, became exclusively a charity under a Declaration of Trust in February 1973, and adopted the provisions of the Roger and Sarah Bancroft Clark Charitable Trust dated 31 March 1960. The Trustees have complete discretion over the distribution of the funds of the Settlement, both as to the distribution of funds and to the choice of beneficiary. They have however, chosen to retain some funds, and to deem the rest as distributable. During 2013, the Charity received investments in the form of an endowment. This capital will be retained to generate future income for the Charity.

The Trustees also have complete discretion as to the appointment of new Trustees. All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

Related parties and relationships with other organisations

There are no related parties other than the Trustees and close family members.

4

Independent examiner

Geoffrey Speirs of Haines Watts, Chartered Accountants was appointed as the charity's independent examiner during the year and has expressed his willingness to continue to act in that capacity.

Approved by the Trustees and signed on their behalf by

Mrs H Hall Chair of Trustees

Date

5

The Stephen Clark Charitable Settlement 1965 Independent examiner's report to the trustees of The Stephen Clark Charitable Settlement 1965

For the year ended 31 December 2020

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.

Responsibilities and basis of report

As the 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 Act and in carrying out my examination, I have followed all 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 have identified a matter of concern in my report because I have concerns that there is uncertainty as to the value of the investment in C & J Clark Limited shares which are included in investments in the balance sheet as at 31 December 2020 at a valuation of £1,805,740.

The trustees have explained in note 1 that a valuation of the shares is usually provided by C & J Clark Limited on an annual basis. However, the last valuation received was dated September 2019. Since that date, the company has entered into a Creditors Voluntary Arrangement whilst also raising additional funding. In the absence of a valuation being available to take account of these events, the trustees have decided to use the last valuation dated September 2019. A concern exists that this valuation may be materially mis-stated.

I confirm that no other matters have come to my attention that giving me cause to believe that in any material respect:

I confirm that there are no other matters, other than the matter below, to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

The trustees' view on the impact of Covid-19 is disclosed in the trustees' report and in the accounting policies note. However, not all future events or conditions can be predicted. The Covid-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the charity and wider economy.

Geoffrey Speirs FCA ICAEW Haines Watts Chartered Accountants Bath House 6-8 Bath Street Bristol BS1 6HL

Date: .............................................

6

The Stephen Clark Charitable Settlement 1965 Statement of financial activities

For the year ended 31 December 2020

Note
Income and endowments from:
3
4
5
6
8
Reconciliation of funds:
Total expenditure
Charitable activities
Total funds brought forward
Total funds carried forward
Grants made
Net (expenditure) and net movement in
Net expenditure before net gains / (losses)
on investments
Net (losses)/gains on investments
Investments
Total income and endowments
Expenditure on:
Donations and legacies
Stephen Clark Charitable Settlement 1957		 Endowment
£
-
-
-
-
-
5,569
5,569
48,512
42,943
1,467,975
1,510,918
(5,569)		 Unrestricted
£
100,000
-
6,425
-
106,425
72,779
72,779
-
33,646
929,922
963,568
33,646		 2020
£
100,000
-
6,425
-
106,425
78,348
78,348
48,512
76,589
2,397,897
2,474,486
28,077		 2019
£
-
593,990
29,840
-
623,830
66,343
66,343
367,673
925,160
1,472,737
2,397,897
557,487

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.

7

The Stephen Clark Charitable Settlement 1965 Balance sheet

As at 31 December 2020

----- Start of picture text -----
2020 2019
Note £ £ £
Fixed assets:
Tangible fixed assets 12 133 264
Investments 13 2,377,387 2,334,670
2,377,520 2,334,934
Current assets:
Cash at bank and in hand 107,339 73,620
107,339 73,620
Liabilities:
Creditors: amounts falling due within one year 14 (10,373) (10,657)
Net current assets 96,966 62,963
Total net assets 15a 2,474,486 2,397,897
The funds of the charity: 16a
Endowment funds 1,510,918 1,467,975
Unrestricted income funds:
Distributable 722,467 688,821
Retained 241,101 241,101
Total unrestricted funds 963,568 929,922
Total charity funds 2,474,486 2,397,897
----- End of picture text -----

Approved by the trustees on and signed on their behalf by

H. Hall Trustee

H Lynn Trustee

8

The Stephen Clark Charitable Settlement 1965 Statement of cash flows

For the year ended 31 December 2020

Reconciliation of net income to net cash flow from operating activities

Depreciation charges
Net cash provided by / (used in) operating activities
Note
Purchase of fixed assets
Net income for the reporting period
(as per the statement of financial activities)
(Gains)/losses on investments
Dividends, interest and rent from investments
Receipt of shares (non-cash items)
Decrease/(Increase) in debtors
Increase/(decrease) in creditors
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash provided by / (used in) investing activities
Proceeds from sale of investments
Purchase of investments
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 £
£
21,499
6,425
-
197,083
(191,288)
12,220
33,719
73,620
107,339
2020		 2020
2019
£
£
76,589
925,160
131
130
(48,512)
(367,673)
(6,425)
(29,840)
-
(574,046)
-
-
(284)
4,917
21,499
(41,352)
£
£
(41,352)
29,840
(394)
281,308
(212,828)
97,926
56,574
17,046
73,620
2019

9

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

a) Statutory information

The Stephen Clark Charitable Settlement 1965 is an unincorporated charity established by deed.

The registered office address is 25 Westwood Park, London, SE23 3QG.

b) Basis of preparation

The financial statements of the charity have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The charity meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared on the basis of being a going concern. The Trustees do not have any concerns about the Charity's ability to continue as a going concern as there are sufficient resources in reserve to meet any liabilities that may fall due for at least 12 months from the date that these financial statements are approved. In particular, in response to the Covid-19 pandemic, the Trustees have considered the impact on the Charity of possible scenarios brought on by the impact of Covid-19 alongside measures they can take to mitigate the impact.

Key judgements that the charity has made which have a significant effect on the accounts include estimating the value of the shares in C & J Clark Limited, a private limited company. Valuations are usually prepared by the company. Preparation of the company accounts has been delayed as a Creditors Voluntary Arangement was in place. Additional investment has now been received. As a result the trustees have decided, for the time being, to use the last available valuation. As at September 2019 the shares were valued at £2.85 per share.

Apart from this, the trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

f) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

10

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

h) Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Endowment funds represent capital that the trustees are required to retain and invest for the charity's purposes. Unrestricted funds are investment income, donations and other incoming resources received or generated for the

i) 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 is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Grants payable are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not as accrued as expenditure.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the overhead costs of the central function, is apportioned on the following basis which are an estimate, based on time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on time, of the amount attributable to each activity

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Unlisted and listed investments

Unlisted investments have been valued to reflect valuations carried out by PricewaterhouseCoopers, Chartered Accountants, at a date closest to the balance sheet in order to comply with the recommendation of the SORP (see critical accounting judgements).

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

11

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

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. o) Financial instruments The Charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for the goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

p) Investment Powers of Trustees The Trustees have complete discretionary power of investment, and a specific power to retain the existing shares in C&J Clark Ltd. In addition, the Trustees have complete power to retain or distribute the investments of the Settlement. The capital of the endowment fund must be retained by the Charity.

12

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

Stephen Clark Charitable Settlement 1957
3
Unrestricted donations
Income from donations and legacies
Total funds carried forward
Income and endowments from:
Donations and legacies
Investments
Total income and endowments
Net income / (expenditure) and endowments before
Expenditure on:
Charitable activities
Total expenditure
Net gains / (losses) on investments
Net expenditure and net movement in funds
Total funds brought forward		 Endowment
£
-
-
-
6,755
6,755
(6,755)
220,824
214,069
1,253,906
1,467,975		 Unrestricted
£
-
593,990
29,840
623,830
59,588
59,588
564,242
146,849
711,091
218,831
929,922
2020
£
100,000		 2019
£
-
593,990
29,840
623,830
66,343
66,343
557,487
367,673
925,160
1,472,737
2,397,897
2019
£
-

4. Stephen Clark Charitable Settlement 1957

On 1 January 2019, the activities of the Stephen Clark Charitable Settlement 1957, a separately registered charity, combined with the Stephen Clark Charitable Settlement 1965. Two of the trustees of 1965 Settlement are also trustees of the 1957 Settlement. The activities of the 1957 Settlement will continue under the registration of the 1965 Settlement.

For accounting purposes, the combination is treated as an acquisiton. The net assets received (£593,990) were included as income on the SOFA.

5
Dividends
Interest
Income from investments		 2020
Total
£
5,324
1,101
6,425		 2019
Total
£
27,817
2,023
29,840

All investment income is unrestricted.

13

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

6a Analysis of expenditure (current year)

LEI (London Stock Exchange)
Support and governance costs
Accountancy
Examiners' remuneration
Total expenditure 2020
Grants made (note 7)
Administration charges
Printing, stationery etc
Bank charges
Unrealised losses/(gains) on currency
Investment management fees
Legal fees
Depreciation		 Charitable
activities
Grants made
£
63,000
-
-
11
-
-
-
-
-
-
63,011
15,337
78,348		 Governance
costs
£
-
889
-
-
-
-
-
760
-
1,500
3,149
(3,149)
-		 Support
costs
£
-
6,053
374
61
(1,347)
6,838
-
-
131
-
78
12,188
(12,188)
-		 2020
Total
£
63,000
6,942
374
72
(1,347)
6,838
-
760
131
1,500
78
78,348
-
78,348		 2019
Total
£
48,000
6,889
358
91
(2,784)
6,636
400
720
130
3,000
84
63,524
-
63,524

14

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

6b Analysis of expenditure (prior year)

Depreciation
LEI (London Stock Exchange)
Support and governance costs
Total expenditure 2019
Grants made (note 7)
Administration charges
Accountancy
Examiner's/auditors' remuneration
Printing, stationery etc
Bank charges
Unrealised losses/(gains) on US$ account
Investment management fees
Legal fees		 Charitable
activities
Grants made
£
48,000
-
-
15
-
-
-
-
-
-
-
48,015
26,911
74,926		 Governance
costs
£
-
882
-
-
-
-
400
720
-
3,000
-
5,002
(9,840)
(4,838)		 Support costs
£
-
6,007
358
76
35
6,636
-
-
130
-
84
13,326
(17,071)
(3,745)		 2019
Total
£
48,000
6,889
358
91
35
6,636
400
720
130
3,000
84
66,343
-
66,343

15

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

7
Freedom from Torture
Good Law Project
HealthBus Trust
Julian House
Park Lane Stables RDA
Richmond AID
Quaker Service Northern Ireland
Sydenham Garden
Total grants made
Colin Neighbourhood Partnership
Renewable World
Otakar Kraus Music Trust
Safe Passage
Samphire Refugee Project
Prisoner's Education Trust
Richmond Carers Centre
Grants made
Centraide of Greater Montreal
Ebony Horse Riding Club
Jericho Foundation - Restore Refugee Project
Joanna Project
Arthritis Society
Bath Industrial Heritage
The Big Issue Foundation
The People's Kitchen
RUILS
Woodland Trust
Superkidz
TAG Youth Group
Somerset Wildlife Trust
McGill University
AGE UK Somerset
Katherine Low
MENCAP
Skylarks
Black Box Belfast		 Grants to
institutions
£
3,000
500
2,500
1,000
10,000
2,500
1,000
1,000
1,000
10,000
14,000
1,000
3,000
500
1,500
1,000
1,000
500
1,000
500
1,000
500
1,000
1,000
1,000
1,000
1,000
63,000
63,000		 2,020
£
3,000
500
2,500
1,000
10,000
2,500
1,000
1,000
-
1,000
10,000
-
-
14,000
1,000
3,000
500
1,500
1,000
-
1,000
500
1,000
-
500
1,000
-
-
500
1,000
1,000
1,000
1,000
1,000
63,000
63,000		 2,019
£
-
-
10,000
-
-
-
-
-
2,000
-
-
3,000
5,000
-
-
-
-
-
-
12,000
-
-
-
5,000
-
-
3,000
3,000
-
-
5,000
-
-
-
48,000
48,000

The charity makes grants to organisations who meet its grant strategy twice a year following a meeting of the Trustees.

16

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

For the year ended 31 December 2020
8 Net expenditure for the year
This is stated after charging / (crediting): 2,020 2,019
£ £
Examiner's remuneration:
Independent examination 1,500 3,000

The charity does not employ any staff.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

No Trustee was reimbursed for any expenses (2019: £Nil).

10 Related party transactions

During the year an aggregate of £100,000 (2019- nil) was received in donations from related parties

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

17

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

12. Tangible fixed assets

Berenberg
Portfolio
C & J Clark
Shares
£
£
528,930
1,805,740
191,288
-
-
-
(197,083)
-
5,272
-
43,240
-
571,647
1,805,740
Fair value at the start of the year
Net gains/(losses) on disposals of investments
: Non-UK registered companies
Investments
Stephen Clark Charitable Trust 1957
Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Unlisted shares in UK registered companies
Number of C & J Clark shares held at 31 December 2020
Endowment
At valuation
Berenberg Portfolio
Bonds
Investments comprise:
Net gain / (loss) on change in fair value at 31 December
2020
Investments held as at 31 December 2020 and that are material in that they represent 10% or mor
Charity's holdings are as follows:
C & J Clark Limited
Additions at cost
Equities: UK registered companies
Disposal proceeds
Fair value at the end of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Computer
equipment
£
394
-
394
130
131
261
133
264
2020
Total
2019
Total
£
£
2,334,670
1,461,431
191,288
212,828
-
574,046
(197,083)
(281,308)
5,272
14,837
43,240
352,836
2,377,387
2,334,670
2,020
2,019
£
£
136,291
135,593
117,314
125,904
318,042
267,433
1,805,740
1,805,740
2,377,387
2,334,670
633,593
633,593
2,020
2,019
£
£
1,805,740
1,805,740
e of the total market value of the

13 Investments

At 31 December 2020 the Trustees held a total of 633,593 £1 ordinary shares in C & J Clark Limited. They were valued by PricewaterhouseCoopers LLP in September 2019 at a price of £2.85 per share. No valuation of shares has taken place since September 2019. The Trustees are aware of this.

18

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

14 Creditors: amounts falling due within one year

Accruals 2,020
£
10,373
10,373		 2019
£
10,657
10,657

15a Analysis of net assets between funds (current year)

Creditors
Fixed Assets
Net assets at 31 December 2020
C& J Clark Ltd
Berenburg portfolio
Net current assets
Investments
Berenburg cash balances
CAF - Caf Cash		 Endowment
£
875,697
571,647
30,444
33,130
-
1,510,918		 Unrestricted
retained
£
241,101
-
-
-
-
241,101		 Unrestricted
distributable
£
133
688,942
-
-
43,765
(10,373)
722,467		 Total funds
£
133
1,805,740
571,647
30,444
76,895
(10,373)
2,474,486

15b Analysis of net assets between funds (prior year)

Fixed Assets
Creditors
Investments
C& J Clark Ltd
Berenburg portfolio
Net current assets
Berenburg cash balances
CAF - Caf Cash
Net assets at 31 December 2019		 Endowment
£
875,697
528,930
57,273
6,075
-
1,467,975		 Unrestricted
retained
£
241,101
-
-
-
-
241,101		 Unrestricted
distributable
£
264
688,942
-
-
10,272
(10,657)
688,557		 Total funds
£
264
-
1,805,740
528,930
57,273
16,347
(10,657)
2,397,633

19

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

Distributable
Total funds
Total unrestricted funds
Retained
Endowment funds:
Unrestricted funds:		 At 1
January
2020
£
1,467,975
688,821
241,101
929,922
2,397,897		 Income and
gains
£
5,273
106,425
-
106,425
111,698		 Expenditure
and losses
£
(5,569)
(72,779)
-
(72,779)
(78,348)		 Transfers
£
-
-
-
-
-		 Investment
revaluation
£
43,239
-
-
-
43,239		 At31
December
2020
£
1,510,918
722,467
241,101
963,568
2,474,486

16b Movements in funds (prior year)

Total unrestricted funds
Retained
Total funds
Endowment funds:
Unrestricted funds:
Distributable		 At 1
January
2019
£
1,253,906
15,798
203,033
218,831
1,472,737		 Income and
gains
£
14,837
623,830
-
623,830
638,667		 Expenditure
and losses
£
(6,755)
(59,588)
-
(59,588)
(66,343)		 Transfers
£
-
-
-
-
-		 Investment
revaluation
£
205,987
108,781
38,068
146,849
352,836		 At 31
December
2019
£
1,467,975
688,821
241,101
929,922
2,397,897

20

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2020

Dr M Clark, who died in late 2020, made the Settlement the main beneficiary in her will. Probate was not granted until very recently and therefore it has not been possible to quantify the bequest.

21