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2022-12-31-accounts

Charity Number: 266998

The Stephen Clark Charitable Settlement

1965

Report and financial statements For the year ended 31 December 2022

The Stephen Clark Charitable Settlement 1965

Contents

For the year ended 31 December 2022

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

The Stephen Clark Charitable Settlement 1965

Reference and administrative details

For theyear ended 31 December 2022
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 (resigned as Chair 21 May 2022)
Ms A Clark
Mr M Hall (appointed as Chair 21 May 2022)
Ms H Lynn
Mr R White (appointed 4 September 2022)
Ms S Clark (appointed 4 September 2022)
Trust Secretary Ms S Blackwell
Bankers CAF Bank Ltd
Kings Hill
West Malling
Kent
ME19 4TA
Investment advisors
Berenberg
60 Threadneedle Street
London
EC2R 8HP
Independent examiner
Haines Watts
Chartered Accountants
Bath House
Bath Street
BRISTOL
BS1 6HL

1

The Stephen Clark Charitable Settlement 1965

Trustees’ Annual Report

For the year ended 31 December 2022

The Trustees present their report and the audited financial statements for the year ended 31 December 2022.

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 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 review 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 is almost entirely from investments with occasional gifts and bequests. 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 Stephen Clark Charitable Settlement 1965

Trustees’ Annual Report

For the year ended 31 December 2022

In 2022 the Trust gave 44 grants totalling £239,000, compared with 25 grants totalling £40,998 in 2021. A list of grant expenditure is given in note 7. The increase in grant funding was due to the generous legacy of Dr Marianna Clark in the previous year.

The Trust made 1 grant of £50,000, 1 grant of £30,000, 1 grant of £20,000, 2 grants of £15,000 and 5 of £10,000, the rest being for amounts of less than £8000. 7 were for environmental projects; 3 for educational ones; 22 for projects working on social justice issues and 12 were for health/disability projects.

3 grants went to projects based in Canada, 1 to France and one to the USA. The majority of the other grants went to projects based in the UK, although some had the focus of their work overseas. 3 grants were made to organisations specifically working with the victims of the war in Ukraine; others were for refugee and asylum-seeking women, whilst the majority of those for people with disabilities went to small, local projects supporting young people on the autistic spectrum.

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

In 2021 the Trust received approximately £2.5m as the residuary beneficiary of the estate of Marianna Clark. No bequests or donations have been received in 2022.

Investment income in 2022 has risen to £28,147 from £6,306 in 2021. This is mainly due to the investment of the bequest funds from the previous year. No dividend income was received in 2022 from the C&J Clark Limited shares (2021 £nil). Administrative and governance costs have increased by a net £4,718 due to the increase in investment management fees, the increase in administration relating to the increased number of grants, the increase in accountancy charges, and offset by the need not to have an audit in 2022. Legal fees of £400 were incurred in 2022 (2021 £510).

3

The Stephen Clark Charitable Settlement 1965

Trustees’ Annual Report

For the year ended 31 December 2022

There are no debtors this year. Accruals are much lower this year because all the administrative fees were paid before the year end. There are outstanding creditors of £62,956 at the year end (2021 - £14,979). Cash at bank has decreased in 2022 mainly due to the investment of the funds received in the previous year from the bequest.

In August 2022 the C&J Clark Limited shares were valued at £1.76 each. This is a considerable increase on the previous year (2021 £0.46). This has led to an increase in value of the Trust’s shareholding of £823,671 in the year.

The Berenberg portfolio of investments made realised net losses during the year of £54,921 and an unrealised loss on revaluation of the investments at the year-end of £178,148.

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.

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 forward commitments for grant giving of £60,000 (2021 - £nil).

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.

4

The Stephen Clark Charitable Settlement 1965

Trustees’ Annual Report

For the year ended 31 December 2022

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. They have previously had legal advice that has led them to restate this fund as distributable.

The Trustees also have complete discretion as to the appointment of new Trustees. Any new trustees are trained and inducted by the remaining 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 9 to the accounts.

Related parties and relationships with other organisations

We are not related to any other parties or organisations.

Approved by the Trustees and signed on their behalf by

M Hall Chair of Trustees

24 October 2023

5

Independent Examiner’s Report

To the Trustees of

The Stephen Clark Charitable Settlement 1965

I report to the charity trustees on my examination of the accounts of The Stephen Clark Charitable Settlement 1965 (the Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of the Trust, 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 Trust'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 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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  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.

Andrew Jordan FCA ICAEW Haines Watts Chartered Accountants Bath House 6-8 Bath Street Bristol BS1 6HL

25 October 2023

6

The Stephen Clark Charitable Settlement 1965 Statement of Financial Activities

For the year ended 31 December 2022

Note
Income and endowments from:
3
4
6
Other expenditure - (gains)/losses on
currency translation
Reconciliation of funds:
Total expenditure
Charitable activities
Total funds brought forward
Total funds carried forward
Grantmaking
Net income (expenditure)
Net income before net gains/(losses) on
investments
Net gains/(losses) on investments
Investments
Total income and endowments
Expenditure on:
Donations and legacies		 Unrestricted
£
-
28,147		 2022
£
-
28,147		 2021
£
2,526,300
6,306
28,147 28,147 2,532,606
265,358
(6,277)		 265,358
(6,277)		 62,632
38,246
259,081 259,081 100,878
590,602
(230,934)		 590,602
(230,934)		 (1,433,294)
2,431,728
359,668
3,472,920		 359,668
3,472,920		 998,434
2,474,486
3,832,588 3,832,588 3,472,920

7

The Stephen Clark Charitable Settlement 1965 Balance Sheet

As at 31 December 2022

Note
Fixed assets:
Tangible fixed assets
12
13
Current assets:
Investments - portfolio cash
Liabilities:
14a
Liabilities:
14b
15a
16a
Total unrestricted funds
Total charity funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
The funds of the charity:
Unrestricted income funds:
General funds - distributable
Retained
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Debtors		 £
-
297,303
26,850		 2022
£
1
3,571,390		 200,000
2,335,608
32,245		 2021
£
1
920,045
3,571,391
301,197		 920,046
2,552,874
324,153
(22,956)		 2,567,853
(14,979)
(40,000) -
(40,000) -
3,683,697
148,891		 3,434,006
38,914
3,832,588 3,472,920
3,832,588 3,472,920
3,832,588 3,472,920

Approved by the trustees on 22 October 2023 and signed on their behalf by

M Hall H Lynn Trustee Trustee

8

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

1 Accounting policies

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.

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

The financial statements are prepared in sterling, rounded to the nearest pound.

c) Public benefit entity

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

d) Going concern

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.

e) Critical accounting judgements and key sources of estimation uncertainty

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 carried out by PricewaterhouseCoopers.

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.

g) Interest receivable

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.

9

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

Accounting policies (continued)

h) Fund accounting

Unrestricted funds are investment income, donations and other incoming resources received or generated for the Charity's purposes. The retained fund reflects the value of 84,597 shares in C & J Clark Limited set aside by the Trustees as a reserve for the Trust.

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.

k) Allocation of support costs

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 costs 87.2%
� Governance costs 12.8%
Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate,
� Grants made 100%

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 adjusted 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.

Current asset investments reflect cash held in investment portfolios in the short term prior to investment in listed investments

10

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

1 Accounting policies (continued)

m) 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.

n) Creditors and provisions

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 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.

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.

11

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

2 Detailed comparatives for the statements of financial activities

Grant making
Other expenditure - losses (gains) on currency translation
3
Unrestricted legacy
4
Dividends
Interest
Income from investments
Income from donations and legacies
Total funds carried forward
Income and endowments from:
Donations and legacies
Investments
Total income and endowments
Net income before net gains / (losses) on investments
Expenditure on:
Charitable activities
Total expenditure
Net gains / (losses) on investments
Net expenditure and net movement in funds
Total funds brought forward		 Unrestricted
£
2,526,300
6,306		 2,021
£
2,526,300
6,306
2,532,606 2,532,606
62,632
38,246		 62,632
38,246
100,878 100,878
2,431,728
(1,433,294)		 2,431,728
(1,433,294)
998,434
2,474,486		 998,434
2,474,486
3,472,920 3,472,920
2022
£
-		 2021
£
2,526,300
2022
Total
£
24,743
3,404		 2021
Total
£
5,083
1,223
28,147 6,306

Dividends Interest All investment income is unrestricted.

12

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

6a Analysis of expenditure (current year)

Independent Examiner's remuneration
LEI (London Stock Exchange)
Support and governance costs
Accountancy
Auditors' remuneration
Total expenditure 2022
Grants made (note 7)
Administration charges
Printing, stationery etc
Bank charges
Investment management fees
Legal fees
Depreciation		 Charitable
activities
Grants made
£
239,000
-
-
22
-
-
-
-
-
-
-		 Governance
costs
£
-
1,370
400
1,100
-
-
1,716
-		 Support costs
£
-
9,330
386
147
11,887
-
-
-
-
-
-		 2022
Total
£
239,000
10,700
386
169
11,887
400
1,100
-
-
1,716
-		 2021
Total
£
40,998
8,548
345
126
6,519
510
780
132
4,596
78
239,022
26,336		 4,586
(4,586)		 21,750
(21,750)		 265,358
-		 62,632
-
265,358 - - 265,358 62,632

13

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

6b Analysis of expenditure (prior year)

Depreciation
LEI (London Stock Exchange)
Support and governance costs
Total expenditure 2021
Grants made (note 7)
Administration charges
Accountancy
Examiner's/auditors' remuneration
Printing, stationery etc
Bank charges
Investment management fees
Legal fees		 Charitable
activities
Grants made
£
40,998
-
-
16
-
-
-
-
-
-		 Governance
costs
£
-
1,094
-
-
-
510
780
-
4,596
-		 Support costs
£
-
7,454
345
110
6,519
-
-
132
-
78		 2021
Total
£
40,998
8,548
345
126
6,519
510
780
132
4,596
78
41,014
21,618		 6,980
(6,980)		 14,638
(14,638)		 62,632
-
62,632 - - 62,632

14

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

7 Grants made
Grants to
institutions 2022 2021
£ £ £
Ace of Clubs 1000 1,000 -
Arthritis Society - - 500
Bath Industrial Heritage 50,000 50,000 -
BECOME 1,000 1,000 -
Belfast Hills Partnership - - 1,000
BAOBAB 1,000 1,000 -
Black Box Belfast - - 1,000
Bug Life 1,000 1,000 6,666
Cancer Research 1,000 1,000 -
CARE Inc 1,000 1,000 -
Centraide of Greater Montreal 1,500 1,500 2,000
Centre for Alternative Technology 1,000 1,000 -
CHARIS 5,000 5,000 -
Children of Prisoners Europe 400 400 -
Clark Foundation - - 1,000
Community Arts North West 6,000 6,000 -
Coppleston Centre - - 1,000
Disasters Emergency Committee 3,000 3,000 -
Farmers Overseas Action Group - - 6,666
Fuel Bank Foundation 10,000 10,000 -
Glacier Trust 1,000 1,000 -
Gloucestershire Action for Asylum Seekers 7,500 7,500 -
Happy Baby Community 500 500 -
Holburne Museum 30,000 30,000 -
International Red Cross 7,000 7,000 -
Julian House - - 1,000
Kent Refugee Network 1,000 1,000 -
McGill University 2,600 2,600 2,500
Medecins Sans Frontieres 500 500 -
MENCAP 500 500 500
The National Trust 20,000 20,000 -
Otakar Kraus Music Trust 1,000 1,000 500
Open Heart Open Borders 5,000 5,000 -
Park Lane Stables RDA 1,000 1,000 500
Participation and the Practice of Rights 8,000 8,000 -
Positive Action in Housing 1,000 1,000 -
Practical Action 10,000 10,000 -
Quaker Service Northern Ireland - - 1,000
Refugee Women of Bristol 7,500 7,500 -
Richmond AID 500 500 500
Richmond Carers Centre 500 500 500
RUILS 2,000 2,000 1,000
Safe Passage 15,000 15,000 -
Shelter Box 10,000 10,000 -
The St Matthews Project - - 1,000
Somerset Wildlife Trust - - 1,000
Spark Inside 1,000 1,000 -
SPIRES Centre - - 1,000
Spring Community Hub 1,000 1,000 -
Strawberry Hill House 500 500 -
Superkidz - - 1,000
Tree Aid 2,000 2,000 6,666
TAG Youth Group 500 500 1,000
Water Aid 3,000 3,000 -
Wheels for Wellbeing - - 1,000
Wildlife Trust of South and West Wales 15,000 15,000 -

15

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

For the year ended 31 December 2022
7
Yorkshire Youth and Music Company
Total grants made
York University Human Rights Department
Grants made - continued		 institutions
£
1,000
-		 2022
£
1,000
-		 2021
£
-
500
239,000 239,000 40,998

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

8 Net expenditure for the year

This is stated after charging / (crediting): 2022 2021
£ £
Independent examiners' remuneration
Examiners' fee 1,716 -
Auditors' remuneration
Audit fee - 4,596

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

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 (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

No Trustee was reimbursed for any expenses (2021: £nil).

10 Related party transactions

There were no related party transactions for the year ended 31 December 2022.

During the year an aggregate of £nil (2021- £2,526,300) was received in donations and legacies from related parties.

11 Taxation

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

16

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

12. Tangible fixed assets

Alternative investments
Fair value at the start of the year
Unlisted shares in UK registered companies
Number of C & J Clark shares held at 31 December 2022
Berenberg Portfolio
Bonds
Disposal proceeds
Fair value at the end of the year
Cost
At the end of the year
Net book value
At the end of the year
At the start of the year
Investments comprise:
Additions at cost
Equities: UK registered companies
At the end of the year
Depreciation
At the start of the year
Net (losses)/gains on disposals of investments
: Non-UK registered companies
Investments
Net (losses)/gains on change in fair value at 31
December 2022
At valuation
At the start of the year
Additions in year		 Berenberg
Portfolio
£
628,592
2,632,426
(571,683)
(54,921)
(178,148)		 C & J Clark
Shares
£
291,453
-
-
-
823,671		 2022 Total
£
920,045
2,632,426
(571,683)
(54,921)
645,523		 Computer
equipment
£
394
-
394
393
393
1
1
2021
Total
£
2,377,387
133,588
(157,636)
1,322
(1,434,616)
2,456,266 1,115,124 3,571,390 920,045
2022
£
426,885
680,282
1,083,176
265,923
1,115,124		 2,021
£
151,615
118,964
358,013
-
291,453
3,571,390 920,045
633,593 633,593

13 Investments

Investments held as at 31 December 2022 and that are material in that they represent 10% or more of the Investments held as at 31 December 2022 and that are material in that they represent 10% or more of the total market
value of the Charity's holdings are as follows: 2022 2021
£ £
C & J Clark Limited 1,115,124 291,453

C & J Clark Limited

At 31 December 2022 the Trustees held a total of 633,593 £1 ordinary shares in C & J Clark Limited. They were valued by PricewaterhouseCoopers LLP in August 2022 at a price of £1.76 per share.

17

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

14a Creditors: amounts falling due within one year

14b
15a
Creditors
15b
Fixed Assets
Debtors
Creditors
Fixed Assets
Investments
C& J Clark Ltd
Berenburg portfolio
Net current assets
Debtors
Berenburg cash balances
Net assets at 31 December 2021
CAF - Caf Cash
Analysis of net assets between funds (current year)
Berenburg cash balances
Accruals and creditors
Creditors: amounts falling due after one year
Accruals and creditors
Investments
CAF - Caf Cash
Net assets at 31 December 2022
C& J Clark Ltd
Berenburg portfolio
Analysis of net assets between funds (prior year)
Net current assets		 Unrestricted
retained
£
-
148,891
-
-
-
-
-		 2022
£
22,956		 2021
£
14,979
22,956 14,979
2022
£
40,000		 2021
£
-
40,000 -
Unrestricted
distributable
£
1
966,233
2,456,266
-
297,303
26,850
(62,956)		 Total funds
£
1
1,115,124
2,456,266
-
297,303
26,850
(62,956)
148,891 3,683,697 3,832,588
Unrestricted
retained
£
-
38,914
-
-
-
-
-		 Unrestricted
distributable
£
1
252,539
628,592
200,000
2,335,608
32,245
(14,979)		 Total funds
£
1
291,453
628,592
200,000
2,335,608
32,245
(14,979)
38,914 3,434,005 3,472,919

18

The Stephen Clark Charitable Settlement 1965 Notes to the financial statements

For the year ended 31 December 2022

16a Movements in funds (current year)

General funds - distributable
Total funds
Total unrestricted funds
Retained
Unrestricted funds:		 At 1
January
2022
£
3,434,006
38,914		 Income and
gains
£
28,147
-		 Expenditure
and losses
£
(259,081)
-		 Transfers
£
-
-		 Investment
revaluation
£
480,626
109,976		 At31
December
2022
£
3,683,698
148,890
3,472,920 28,147 (259,081) - 590,602 3,832,588
3,472,920 28,147 (259,081) - 590,602 3,832,588

The retained fund reflects the value of 84,597 shares in C & J Clark Limited set aside by the Trustees as a reserve for the Trust.

16b Movements in funds (prior year)

Total unrestricted funds
Unrestricted funds:
Retained
Total funds
General funds - distributable		 At 1
January
2021
£
2,233,385
241,101		 Income and
gains
£
2,533,928
-		 Expenditure
and losses
£
(100,878)
-		 Transfers
£
-
-		 Investment
revaluation
£
(1,232,429)
(202,187)		 At 31
December
2021
£
3,434,006
38,914
2,474,486 2,533,928 (100,878) - (1,434,616) 3,472,920
2,474,486 2,533,928 (100,878) - (1,434,616) 3,472,920

19