Lord Clinton's Charitable Trust Annual Report Year ended 31 March 2021 Registered Charity Number: 268061
Lord Clinton's Charitable Trust
Contents
Year ended 31 March 2021
Page
| 1 - 3 | Trustees' Report |
|---|---|
| 4 | Independent Examiner's Report |
| 5 | Statement of Financial Activities |
| 6 | Balance Sheet |
| 7 - 14 | Notes to the Accounts |
Lord Clinton's Charitable Trust
Trustees' Report
Year ended 31 March 2021
The trustees present their Annual Report and the financial statements for the year ended 31 March 2021.
The financial statements comply with the Charities Act 2011 and 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).
Objectives and activities
The object of the charity is to support such charitable purposes generally and in such manner as the trustees in their absolute discretion may from time to time determine.
In planning the activity for the year, the trustees kept in mind the Charity Commission's guidance on public benefit and continued to pursue the charity's object by making monetary grants to good causes. A wide range of donations to local good causes was made in the year: these are detailed in note 10 to the accounts.
Achievements and performance
During the year ended 31 March 2021, the trustees made 17 separate grants to good causes. Individual grants ranged from £100 to £5,250 and the total donated was £19,025.
Financial review
During the year, the charity received income of £22,856 from its portfolio of stock market investments. The attached financial statements show that the charity’s investments increased in value to £809,680. The trustees are satisfied that the current state of the charity’s finances is sound.
The charity also received £5,000 income from donations, all of which was restricted.
Details of the separate funds of the charity are set out in note 6 to the accounts.
Structure, governance and management
The charity is established to enable the trustees to apply funds toward such charitable purposes at such time and in such manner as they, in their absolute discretion, think fit. The trustees are empowered by the Settlement Deed to invest monies not immediately required for charitable purposes and to sell, encash and transpose investments at their discretion.
The charity is administered by the trustees, who meet three times a year to review letters of request, approve donations and sign cheques. The power to appoint any new or additional trustees is vested in the trust settlor, The Rt Hon Lord Clinton. All of the trustees are experienced in their roles. There have been no recent changes in trustees and no changes are anticipated in the foreseeable future. There are no employees of the charity.
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Lord Clinton's Charitable Trust
Trustees' Report (continued)
Year ended 31 March 2021
Reserves policy
The trustees continually monitor the level of unrestricted income funds, which are the free reserves of the charity. The charity had £41,959 of free reserves at 31 March 2021. The trustees are satisifed that this level of free reserves is sufficient because the income generated from investments is more than adequate to cover the charity's administrative expenses, which are minimal and predictable in nature. The trustees intend to use these free reserves to make distributions to good causes in the coming year.
Plans for the future
In the year ahead the trustees plan to continue to pursue the charity's object by making monetary grants to good causes, with donations continuing to be made on a discretionary basis.
Reference and administrative details
The charity was established by a Settlement Deed dated 4 June 1974. The charity is commonly known as ‘Lord Clinton's Charitable Settlement’.
| Trustees | The Hon Charles Fane Trefusis |
|---|---|
| Mr J C Varley OBE TD | |
| Charity number | 268061 |
| Principal address | Clinton Devon Estates |
| The Rolle Estate Office | |
| Bicton Arena | |
| East Budleigh | |
| Budleigh Salterton | |
| Devon EX9 7BL | |
| Independent examiner | Neil Hitchings FCA |
| Francis Clark LLP | |
| Centenary House | |
| Peninsula Park, Rydon Lane | |
| Exeter EX2 7XE | |
| Investment managers | Sarasin & Partners LLP |
| Juxon House | |
| 100 St Paul's Churchyard | |
| London EC4M 8BU | |
| Solicitors | Forsters LLP |
| 31 Hill Street | |
| London W1J 5LS |
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Lord Clinton's Charitable Trust
Trustees' Report (continued)
Year ended 31 March 2021
Statement of trustees' responsibilities
The trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:
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a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the applicable Charities SORP;
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c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Settlement Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the board of trustees on 18 June 2021 and signed on their behalf by:
The Hon Charles Fane Trefusis Trustee
Mr J C Varley OBE TD Trustee
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Lord Clinton's Charitable Trust
Independent Examiner's Report to the Trustees
Year ended 31 March 2021
I report to the trustees on my examination of the accounts of Lord Clinton's Charitable Trust ('the Charity') for the year ended 31 March 2021, which are set out on pages 5 to 14.
Responsibilities and basis of report
As the Charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). The charity's trustees consider that an audit is not required for this year (under s144(2) of the Charities Act 2011 ('the 2011 Act')) nor is an independent examination required. The charity's trustees have chosen to have an independent examination undertaken voluntarily.
I report in respect of my examination of the trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Neil Hitchings FCA Francis Clark LLP Chartered Accountants Centenary House Peninsula Park, Rydon Lane Exeter EX2 7XE
Date: 06 July 2021
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Lord Clinton's Charitable Trust
Statement of Financial Activities
Year ended 31 March 2021
| **Note ** | Unrestricted | **Restricted ** | Endowment | Total | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | ||
| 2021 | 2020 | |||||
| £ | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| Donations and legacies | 3 | - | 5,000 | - | 5,000 | 6,250 |
| Investment income | 3 | 22,856 | - | - | 22,856 | 23,686 |
| Management fee rebate | 5 | 405 | - | - | 405 | - |
| Total income | 23,261 | 5,000 | - | 28,261 | 29,936 | |
| Expenditure | ||||||
| Expenditure on charitable activities | ||||||
| Grants payable in furtherance | ||||||
| of the charity's objects | 10 | 19,025 | - | - | 19,025 | 15,980 |
| Total expenditure | 19,025 | - | - | 19,025 | 15,980 | |
| Net gains/(losses) on investments | 5 | - | - | 131,037 | 131,037 | (35,905) |
| Net income/(expenditure) and | ||||||
| movement in funds | 4,236 | 5,000 | 131,037 | 140,273 | (21,949) | |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 37,723 | 11,568 | 693,413 | 742,704 | 764,653 | |
| Total funds carried forward | 41,959 | 16,568 | 824,450 | 882,977 | 742,704 | |
The notes on pages 7 to 14 form part of these accounts.
page 5
Lord Clinton's Charitable Trust
Balance Sheet
Year ended 31 March 2021
| Note £ £ Fixed assets Investments 5 809,680 Total fixed assets 809,680 Current assets Cash at bank and in hand 73,297 Total current assets 73,297 Net assets 882,977 The funds of the charity Endowment funds 7 824,450 Restricted funds 7 16,568 Unrestricted funds 7 41,959 Total charity funds 882,977 2021 |
£ 678,238 64,466 2020 £ 678,238 64,466 11,568 37,723 742,704 742,704 693,413 |
|---|---|
Approved by the board of trustees on 18 June 2021
and were signed on their behalf by:
The Hon Charles Fane Trefusis Mr J C Varley OBE TD Trustee Trustee
page 6
Lord Clinton's Charitable Trust
Notes to the Accounts
Year ended 31 March 2021
1 General information
Lord Clinton's Charitable Trust is an unincorporated charitable trust registered as a charity in England and Wales. Details of the charity, including the Principal Address, are included in Reference and Administrative details in the Trustees' Report.
2 Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice' applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102), the Charities Act and the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102).
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value except that certain items are carried at fair value.
The 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’. The departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
The charity meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on a going concern basis and the trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. Grants are awarded only when there are sufficient reserves and income therefore the Trustees consider that the going concern assumption remains appropriate.
The functional currency of Lord Clinton's Charitable Settlement is considered to be pounds sterling as that is the currency of the primary economic environment in which the charity operates.
b) Investment assets and income
Investments are carried at fair value. Gains or losses on disposals and on annual valuation of investments are credited or charged in the Statement of Financial Activities. Dividends and interest receivable are shown in the Statement of Financial Activities.
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
2 Accounting policies (continued)
c) Funds
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Restricted funds are donations and other incoming resources which were received for a specific purpose and are not available as general funds.
Expendable endowment funds are capital receipts which may be applied for such charitable purposes, or invested to produce income for such charitable purposes as the trustees consider appropriate. Although the Settlement Deed allows the trustees to make charitable payments out of all the charity’s funds, it is the trustees’ policy to make payments out of income funds. Where, exceptionally, a payment exceeds the balance on the general unrestricted income funds and has to be charged to the endowment funds, it is the trustees’ policy to reinstate the balance on the endowment funds by making a transfer from the unrestricted income funds as soon as resources permit.
d) Incoming resources
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteers has not been included.
e) Expenditure
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
f) Grants payable
Grants made voluntarily by the charity are recognised when the obligation to pay arises.
3 Income and endowments
| Investment income Income from: UK investments listed on a recognised Stock Exchange (net of equalisation) Cash held as part of the investment portfolio Interest received on tax repayment Donations and legacies Donations received from related parties |
2021 £ 22,842 14 - 22,856 5,000 |
2020 £ 23,526 157 3 23,686 6,250 |
|---|---|---|
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
4 Statement of prior year financial activity (for the year ended 31 March 2020)
| Income and endowments Donations and legacies Investment income Total income Expenditure Expenditure on charitable activities Total expenditure Net gains/(losses) on investments Net income/(expenditure) and movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Grants payable in furtherance of the charity's objects |
Unrestricted Restricted Endowment Total Funds Funds Funds Funds £ £ £ £ - 6,250 - 6,250 23,686 - - 23,686 23,686 6,250 - 29,936 13,480 2,500 - 15,980 13,480 2,500 - 15,980 246 - (36,151) (35,905) 10,452 3,750 (36,151) (21,949) 27,271 7,818 729,564 764,653 37,723 11,568 693,413 742,704 |
|---|---|
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
5 Fixed asset investments
| UK investments listed on a recognised stock exchange 26,000 Sarasin Global Higher Dividend (Sterling Hedged) - X Inc 20,100 Sarasin Thematic Global Equity (Sterling Hedged) - X Inc 50,000 Sarasin Climate Active Endowments Fund - A Inc 149,700 Sarasin Income & Reserves Fund - A Inc 400,000 Sarasin Endowments Fund - A Inc Cash held as part of investment portfolio Total investments at 31 March 2021 Listed Cash Reconciliation Investments at Broker £ £ Market value at 1 April 2020 671,514 6,724 Disposal - - Additions to investments at cost - - Equalisation - - Management fee rebate - 405 Net gain/(loss) on revaluation at 31 March 2021 131,037 - Market value at 31 March 2021 802,551 7,129 |
2021 £ 45,568 48,862 60,730 170,333 477,058 802,551 7,129 809,680 2021 Total £ 678,238 - - - 405 131,037 809,680 |
2020 £ 33,723 32,624 50,150 161,377 393,640 671,514 6,724 678,238 2020 Total £ 714,249 - - (106) - (35,905) 678,238 |
|---|---|---|
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Therefore, fair value has been determined by reference to quoted prices for an identical asset.
page 10
Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
6 Funds
Endowment funds
The expendable endowment funds resulted from a capital settlement of £14,000 by The Rt Hon Lord Clinton on creation of the charitable trust, gifts of £458,542 received on the liquidation of Bicton Park Trust Company and other capital donations. These donations may be applied for such charitable purposes, or invested to produce income for such charitable purposes, as the trustees consider appropriate.
Restricted funds
The restricted funds comprise donations made to the charity by the Settlor and members of his family for the four specific purposes set out below:
| Kingfisher Fund Huish Church Fund Wider Huish Area Fund (formerly Bridge Fund) Otterton Fund |
Balance at Income Expenditure Balance at 1 April 2020 31 March 2021 £ £ £ £ 2,500 2,500 - 5,000 1,807 - - 1,807 4,761 - - 4,761 2,500 2,500 - 5,000 11,568 5,000 - 16,568 |
|---|---|
The Kingfisher Fund is for the provision of financial assistance towards the running of the Kingfisher Award Scheme Devon.
The Huish Church Fund is for the maintenance of Huish Church.
The Wider Huish Area Fund (formerly Bridge Fund) is for the benefit of the Wider Huish area (formerly for the maintenance of Huish Bridge).
The Otterton Fund is for the benefit of the people and organisations in the village of Otterton.
The trustees consider that these causes are all for the benefit of the local public.
Unrestricted funds
The unrestricted funds may also be applied for such charitable purposes as the trustees consider appropriate.
7 Analysis of net assets between funds
| Unrestricted Restricted Endowment Total Funds Funds Funds 2021 £ £ £ £ Fund balances at 31 March 2021 are represented by: |
Unrestricted Restricted Endowment Total Funds Funds Funds 2021 £ £ £ £ Fund balances at 31 March 2021 are represented by: |
Unrestricted Restricted Endowment Total Funds Funds Funds 2021 £ £ £ £ Fund balances at 31 March 2021 are represented by: |
|---|---|---|
| Fixed assets | - - 809,680 809,680 |
|
| Net current assets | 41,959 16,568 14,770 73,297 |
|
| 41,959 16,568 824,450 882,977 |
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
8 Comparative funds note - year ended 31 March 2020
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| Balance at | **Income ** | Expenditure | Balance at | ||
| 1 | April 2019 | 31 | March 2020 | ||
| £ | £ | £ | £ | ||
| Kingfisher Fund | 2,500 | 2,500 | (2,500) | 2,500 | |
| Huish Church Fund | 557 | 1,250 | - | 1,807 | |
| Wider Huish Area Fund (formerly Bridge Fund) | 4,761 | - | - | 4,761 | |
| Otterton Fund | - | 2,500 | - | 2,500 | |
| 7,818 | 6,250 | (2,500) | 11,568 | ||
| Analysis of net assets between funds | |||||
| Fund balances at 31 March 2020 are represented | Unrestricted Funds £ by: |
Restricted Funds £ |
Endowment Funds £ |
Total 2020 £ |
|
| Fixed assets | - | - | 678,238 | 678,238 | |
| Net current assets | 37,723 | 11,568 | 15,175 | 64,466 | |
| 37,723 | 11,568 | 693,413 | 742,704 |
9 Trustees' remuneration and expenses
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.
10 Expenditure on charitable activities - grants
Unrestricted funds
| Local Health and wellbeing Dame Hannah Rogers Trust North Devon Cancer Care North Devon Hospice Health & Local Food for Families |
Individuals Institutions Total 2021 Total 2020 £ £ £ £ - 800 800 800 - 500 500 500 - - - 1,000 - - - 250 - 1,300 1,300 2,550 |
|---|---|
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
10 Expenditure on charitable activities - grants (continued)
| Unrestricted funds (continued) Local (continued) History and the arts Beer Horticultural Society Budleigh Salterton Literary Festival Fairlynch Museum & Arts Centre Parish councils Bicton Parish Recreation rooms Budleigh Salterton Relief in Need Vicars Christmas Fund - East Budleigh & Otterton Vicars Christmas Fund - Newton Poppleford Newton Poppleford & Harpford PC St Mary Magdalene Church, Torrington All Saints, East Budleigh PCC St Lukes, Newton Poppleford PCC Young people Mill Water School Woodbury Salterton Primary School Woodbury Primary School Littleham Primary School St Peters Primary School St Christophers School Beer Primary School The Amber Foundation Budleigh Community Youth Project Exeter Deaf Academy Exmouth Sea Cadet Corps Maytree Pre-School Other Lions Club of Budleigh Salterton J T Cockram - Christmas Trees Budleigh Salterton Carnival Exmouth Gig Club Knowle Village Hall Petrockstowe Baxter Hall Trinity Sailing Foundation Total Local |
Individuals Institutions Total 2021 Total 2020 £ £ £ £ - - - 50 - - - 200 - - - 500 - - - 750 - 700 700 - - 2,000 2,000 - - 600 600 - - 800 800 - - 500 500 - - - - 250 - - - 800 - - - 800 - 4,600 4,600 1,850 - 5,250 5,250 - - 500 500 - - 895 895 - - 1,100 1,100 - - 1,450 1,450 - - 2,000 2,000 - - 1,250 1,250 - - - - 250 - - - 1,000 - - - 1,000 - - - 500 - - - 500 - 12,445 12,445 3,250 - 100 100 100 - 280 280 330 - - - 250 - - - 350 - - - 400 - - - 1,000 - - - 1,000 - 380 380 3,430 - 18,725 18,725 11,830 |
|---|---|
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Lord Clinton's Charitable Trust
Notes to the Accounts (continued)
Year ended 31 March 2021
10 Expenditure on charitable activities - grants (continued)
| Unrestricted funds (continued) National and International Health and wellbeing Cancer Research UK Child Bereavement UK British Armed Forces The Royal British Legion Poppy Appeal Young people Farms for City Children NSPCC Total National and International Total Unrestricted funds |
Individuals Institutions Total 2021 Total 2020 £ £ £ £ - - - 50 - - - 500 - - - 550 - 300 300 300 - 300 300 300 - - - 500 - - - 300 - - - 800 - 300 300 1,650 - 19,025 19,025 13,480 |
|---|---|
Restricted funds
During the year, the charity did not make any grants out of the restricted funds (2020: Kingfisher fund £2,500).
Endowment funds
No grants were made out of endowment funds in either the current or comparative year.
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