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**
- The Trust supports organisations that:
- Demonstrate accountability
- Have an appropriate governance structure and sufficient capacity to carry out the project
- Have a clear vision of how to achieve their intended results
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:
- Expenditure on charitable activities includes the costs of making donations to other charities undertaken to further the purposes of the charity and their associated support costs.
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