Lord Clinton's Charitable Trust Annual Report Year ended 31 March 2025 Registered Charity Number: 268061 ## **Lord Clinton's Charitable Trust** ## **Contents** ## **Year ended 31 March 2025** ## **Page** |1 - 3|Trustees' Report| |---|---| |4|Independent Examiner's Statement| |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 2025** The trustees present their Annual Report and the financial statements for the year ended 31 March 2025. 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 2025, the trustees made 36 separate grants to good causes. Individual grants ranged from £100 to £5,000 and the total donated was £38,711. ## **Financial review** During the year, the charity received income of £23,587 from its portfolio of stock market investments. The attached financial statements show that the charity’s investments increased in value to £884,492. With the rise in investment values, the trustees are satisfied that the current state of the charity’s finances is sound. The charity received £2,798 income from donations. 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 was vested in the trust settlor, the 22nd Baron Clinton during his life.There have been no recent changes in trustees and no changes to the trustees are expected in the next financial year. All of the trustees are experienced in their roles. There are no employees of the charity. page 1 ## **Lord Clinton's Charitable Trust** ## **Trustees' Report (continued)** ## **Year ended 31 March 2025** ## **Reserves policy** The trustees continually monitor the level of unrestricted income funds, which are the free reserves of the charity. The charity had £51,621 of free reserves at 31 March 2025. The trustees are satisfied 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 Rt Hon Lord Clinton| |---|---| ||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| |**Investment managers**|Sarasin & Partners LLP| ||Juxon House| ||100 St Paul's Churchyard| ||London EC4M 8BU| |**Solicitors**|Forsters LLP| ||22 Baker Street| ||London W1U 3BW| page 2 Lord Clinton's Charitable Trust Trustees. Report {continued) Year endod 31 March 2025 Statement of trustees. responslbllltles The tnjstees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United lQ'ngdom Accounting Standards (United Kingdom Generally A¢cepted Accounting Praclice)- The law applicable to Char￿e$ 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 charty 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 polioies and then apply them consistenUy', b} observe the methods and principles in the applicable Charities SORP., I make judgements and estimates Ihal are reasonable and prudent., dl slate whether applicable aecounts'ng standards have been followed, subject to any material departures that musl be disclosed and explained in the financial statements. el prepare the financial statements on the going concem basis unless it is inappropriate to presume thal 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 appli¢able 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 irregularib'es. Approved by the board of trustees on 1911112025 and signed on their behalf by.. The Rt Hon Lord Clinton Trustee MrJCVa Tiustee YOB page 3 **Lord Clinton's Charitable Trust** ## **Independent Examiner's Report to the Trustees** ## **Year ended 31 March 2025** 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 2025, 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: page 4 ## **Lord Clinton's Charitable Trust** ## **Statement of Financial Activities** ## **Year ended 31 March 2025** ||**Note**|**Unrestricted**|**Restricted **|**Endowment**|**Total**|Total| |---|---|---|---|---|---|---| |||**Funds**|**Funds**|**Funds**|**Funds**|Funds| ||||||**2025**|2024| |||**£**|**£**|**£**|**£**|£| |**Income and endowments**||||||| |Donations and legacies|3|**2,798**|**-**|**-**|**2,798**|-| |Investment income|3|**23,587**|**-**|**-**|**23,587**|24,608| |Management fee rebate|5|**443**|**-**|**-**|**443**|69| |Interest on late repayment of||**-**|**-**|**-**|**-**|15| |gift aid refund||||||| |**Total income**||**26,828**|**-**|**-**|**26,828**|24,692| |**Expenditure**||||||| |_Expenditure on charitable activities_||||||| |Grants payable in furtherance||||||| |of the charity's objects|10|**38,541**|**170**|**-**|**38,711**|11,531| |**Total expenditure**||**38,541**|**170**|**-**|**38,711**|11,531| |Net gains on investments|5|**-**|**-**|**15,747**|**15,747**|52,569| |**Net (expenditure)/income and**||||||| |**movement in funds**||**(11,713)**|**(170)**|**15,747**|**3,864**|65,730| |_Reconciliation of funds:_||||||| |Total funds brought forward||**63,334**|**15,611**|**823,112**|**902,057**|836,327| |**Total funds carried forward**||**51,621**|**15,441**|**838,859**|**905,921**|902,057| |||||||| The notes on pages 7 to 14 form part of these accounts. page 5 Lord Cllnton's Charftable Trust 8alance Sheet Year onded 31 March 2025 Note 2025 2024 Flxed assets Investments 884.492 843,994 Total flxed assets 884,492 843,994 Current assets Debtors Cash at bank and in hand 21.429 58,063 Total current assels 21,429 58,063 Net assets 905,921 902,057 The funds of the charity Endowment funds Reslricled funds Unrestricted funds 838,859 15.441 51,621 823.112 15,611 63.334 Total charity fuTrd$ 905.921 902,057 Approved by the board of trustees on 1911112025 and were signed on their behalf by.. The Rl Hon Lord Clinton Trustee MrJCV fuslee ley OBE page 6 ## **Lord Clinton's Charitable Trust** ## **Notes to the Accounts** ## **Year ended 31 March 2025** ## **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 2025** ## **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
_Donations and legacies_
Donations received from 22nd Baron Clinton's service|**2025**
**£**
**22,672**
**915**
**23,587**
**2,798**|2024
£
22,074
2,534
24,608
-| |---|---|---| page 8 ## **Lord Clinton's Charitable Trust** ## **Notes to the Accounts (continued)** ## **Year ended 31 March 2025** ## **4 Statement of prior year financial activity (for the year ended 31 March 2024)** |**Income and endowments**
Donations and legacies
Investment income
Management fee rebate
**Total income**
**Expenditure**
_Expenditure on charitable activities_
**Total expenditure**
Net gains on investments
**Net income and**
**movement in funds**
_Reconciliation of funds:_
Total funds brought forward
**Total funds carried forward**
Grants payable in furtherance of the
charity's objects
Interest on late repayment of gift aid
refund|**Unrestricted**
**Restricted Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**-**
**-**
**-**
**-**
**24,608**
**-**
**-**
**24,608**
**69**
**-**
**-**
**69**
**15**
**-**
**-**
**15**
**24,692**
**-**
**-**
**24,692**
**11,531**
**-**
**-**
**11,531**
**11,531**
**-**
**-**
**11,531**
**-**
**-**
**52,569**
**52,569**
**13,161**
**-**
**52,569**
**65,730**
**50,173**
**15,611**
**770,543**
**836,327**
**63,334**
**15,611**
**823,112**
**902,057**| |---|---| page 9 ## **Lord Clinton's Charitable Trust** ## **Notes to the Accounts (continued)** ## **Year ended 31 March 2025** ## **5 Fixed asset investments** |UK investments listed on a recognised stock exchange
-
Sarasin Global Higher Dividend (Sterling Hedged) - X Inc
-
Sarasin Thematic Global Equity (Sterling Hedged) - X Inc
-
Sarasin Climate Active Endowments Fund - A Inc
172,000
Sarasin Income & Reserves Fund - A Inc
553,000
Sarasin Endowments Fund - A Inc
Cash held as part of investment portfolio
**Total investments at 31 March 2025**
**Listed**
**Cash**
Reconciliation
**Investments**
**at Broker**
**£**
**£**
Market value at 1 April 2024
**816,888**
**27,106**
Disposal
**(374,423)**
**374,423**
Additions to investments at cost
**398,191**
**(398,191)**
Equalisation
**-**
**-**
Transfer from income account
**24,308**
Management fee rebate
**-**
**443**
Net (loss)/gain on revaluation at
31 March 2025
**15,747**
**-**
**Market value at 31 March 2025**
**856,403**
**28,089**|**2025**
**£**
**-**
**-**
**-**
**165,705**
**690,697**
**856,402**
**28,090**
**884,492**
**2025**
**Total**
**£**
**843,994**
**-**
**-**
**-**
**24,308**
**443**
**15,747**
**884,492**|2024
£
46,722
50,310
62,800
144,116
512,940
816,888
27,106
843,994
2024
Total
£
767,605
-
-
-
23,751
69
52,569
843,994| |---|---|---| 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 2025** ## **6 Funds** ## _Endowment funds_ The expendable endowment funds resulted from a capital settlement of £14,000 by the 22nd Baron 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 2024**
**31 March 2025**
**£**
**£**
**£**
**£**
**4,500**
**-**
**-**
**4,500**
**170**
**-**
**(170)**
**-**
**3,441**
**-**
**-**
**3,441**
**7,500**
**-**
**-**
**7,500**
**15,611**
**-**
**(170)**
**15,441**| |---|---| 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** |Fixed assets
Net current assets
Fund balances at 31 March 2025 are
represented by:|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**2025**
**£**
**£**
**£**
**£**
**-**
**-**
**884,492**
**884,492**
**51,621**
**15,441**
**(45,633)**
**21,429**
**51,621**
**15,441**
**838,859**
**905,921**| |---|---| page 11 **Lord Clinton's Charitable Trust** ## **Notes to the Accounts (continued)** ## **Year ended 31 March 2025** ## **8 Comparative funds note - year ended 31 March 2024** ## **Restricted funds** |Kingfisher Fund
Huish Church Fund
Wider Huish Area Fund (formerly Bridge Fund)
Otterton Fund
**Analysis of net assets between funds**
Fixed assets
Net current assets
Fund balances at 31 March 2024 are
represented by:|**Balance at**
**Income Expenditure**
**Balance at**
**1 April 2023**
**31 March 2024**
**£**
**£**
**£**
**£**
**4,500**
**-**
**-**
**4,500**
**170**
**-**
**-**
**170**
**3,441**
**-**
**-**
**3,441**
**7,500**
**-**
**-**
**7,500**
**15,611**
**-**
**-**
**15,611**
**Unrestricted**
**Restricted Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
**£**
**-**
**-**
**843,994**
**843,994**
**63,334**
**15,611**
**(20,882)**
**58,063**
**63,334**
**15,611**
**823,112**
**902,057**| |---|---| ## **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. There are no related party transactions requiring disclosure. ## **10 Expenditure on charitable activities - grants** |Unrestricted funds
**Local**
_Health and wellbeing_
Dame Hannah Rogers Trust
Devon Air Ambulance
North Devon Cancer Care
Hospiscare|**Non-charity**
**Charity**
**Total 2025**
Total 2024
**£**
**£**
**£**
£
**-**
**800**
**800**
800
**-**
**6,000**
**6,000**
37
**-**
**500**
**500**
500
**-**
**1,000**
**1,000**
1,000
**-**
**8,300**
**8,300**
2,337| |---|---| page 12 **Lord Clinton's Charitable Trust** ## **Notes to the Accounts (continued)** ## **Year ended 31 March 2025** ## **10 Expenditure on charitable activities - grants (continued)** |Unrestricted funds (continued)
**Local (continued)**
_Local Community_
Open Door, Exmouth
The O6
Seachange
Sidmouth Science Festival
High Bickington Academy
Budleigh Salterton Literary Festival
Budleigh Music Festival
Action East Devon
DYS Space
East Devon Riding for the Disabled
Exmouth Smallbore Rifle & Pistol Club
RAMM Development Trust
The Friends of St Mary Magdelene Church
Chittlehampton Village Hall
DCC (Woodbury C of E Primary School)
Drakes School PTFA
Newton Poppleford Community Larder
Otter Valley Association
The Clinton Hall
_Churches and Cathedrals_
Vicars Christmas Fund - East Budleigh & Otterton
Vicars Christmas Fund - Newton Poppleford
All Saints Church Merton PCC
Littleham Exmouth PCC
Beer PCC
Dean & Chapter of Exeter Cathedral
Exeter Cathedral - Sponsor J Lee
Huish PCC
Peterborough Cathedral Chapter (AFU)
St Marys Church, Aylesbeare
_Other_
Lions Club of Budleigh Salterton
Horwood Christmas Trees
**Total Local**|**Non-Charity**
**Charity**
**Total 2025**
Total 2024
**£**
**£**
**£**
£
**-**
**500**
**500**
500
**-**
**-**
**-**
500
**-**
**-**
**-**
1,000
**-**
**250**
**250**
250
**-**
**-**
**-**
500
**-**
**-**
**-**
500
**-**
**-**
**-**
500
**-**
**1,000**
**1,000**
-
**-**
**1,000**
**1,000**
-
**-**
**1,080**
**1,080**
-
**1,000**
**-**
**1,000**
-
**-**
**500**
**500**
-
**500**
**-**
**500**
-
**-**
**1,000**
**1,000**
-
**500**
**-**
**500**
-
**-**
**1,000**
**1,000**
-
**250**
**-**
**250**
-
**-**
**1,625**
**1,625**
-
**-**
**1,290**
**1,290**
-
**2,250**
**9,245**
**11,495**
3,750
**1,000**
**-**
**1,000**
1,000
**1,000**
**-**
**1,000**
1,000
**-**
**1,000**
**1,000**
750
**-**
**1,000**
**1,000**
750
**-**
**-**
**-**
1,000
**-**
**5,000**
**5,000**
-
**-**
**500**
**500**
-
**-**
**1,879**
**1,879**
-
**-**
**1,000**
**1,000**
-
**-**
**500**
**500**
-
**2,000**
**10,879**
**12,879**
4,500
**-**
**100**
**100**
100
**367**
**-**
**367**
444
**367**
**100**
**467**
544
**4,617**
**28,524**
**33,141**
11,131| |---|---| page 13 **Lord Clinton's Charitable Trust** ## **Notes to the Accounts (continued)** ## **Year ended 31 March 2025** ## **10 Expenditure on charitable activities - grants (continued)** |Unrestricted funds (continued)
**National and International**
_British Armed Forces_
The Royal British Legion
Royal Marines Charity
_Health and wellbeing_
Cancer research
Shelterbox
**Total National and International**
**Total Unrestricted funds**
Restricted funds|**Non-Charity**
**Charity**
**Total 2025**
Total 2024
**£**
**£**
**£**
£
**-**
**300**
**300**
300
**-**
**4,000**
**4,000**
-
**-**
**4,300**
**4,300**
300
**-**
**100**
**100**
100
**-**
**1,000**
**1,000**
-
**-**
**1,100**
**1,100**
100
**-**
**5,400**
**5,400**
**400**
**4,617**
**33,924**
**38,541**
11,531| |---|---| During the year, a grant of £170 to Huish Church Fund was made out of restricted funds. In the comparative year, no grants were made out of restricted funds. ## Endowment funds No grants were made out of endowment funds in either the current or comparative year. page 14