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.
page 1
## **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|
page 2
## **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:
- a) select suitable accounting policies and then apply them consistently;
- b) observe the methods and principles in the applicable Charities SORP;
- 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
page 3
## **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:
- (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.
Neil Hitchings FCA Francis Clark LLP Chartered Accountants Centenary House Peninsula Park, Rydon Lane Exeter EX2 7XE
Date: 06 July 2021
page 4
## **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.
page 7
**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|
|---|---|---|
page 8
## **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**|
|---|---|
page 9
## **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**|
page 11
**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|
|---|---|
page 12
**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|
|---|---|
page 13
**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.
page 14