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2023-04-05-accounts

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

Charity number: 702980

THE CLARKE CHARITABLE SETTLEMENT

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Examiner's Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 15

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023

Trustees Sally Ann Hayward
Mary Elizabeth MacGregor
Jane Louise Gerard-Pearse
Simon William Clarke
Charity registered
number
702980
Principal office
Longmoor Point
Wood Street
Great Yarmouth
Norfolk
NR29 5DF
Accountants
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
National Westminster Bank PLC
Burton-On-Trent
Staffordshire
DE14 1JG
Solicitors
Smyth Barkham
1 Mitre Court Buildings
Inner Temple
London
EC4Y 7BS
Stockbrokers
Close Brothers Asset Management
10 Exchange Square
Primrose Street
London
EC2A 2BY

Page 1

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report and the financial statements of a charity for the year ended 5 April 2023. the financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Financial Reporting Standard 102 and the provision of a trust deed dated 2nd April 1990.

Structure, governance, and management

The Clarke Charitable Settlement is an unincorporated Trust, constituted under a trust deed dated 2 April 1990 and is a registered charity, number 702980.

As a settlor, Lady Clarke, has now died, the statutory power of appointment applies to the settlement and is exercisable by the continuing Trustees.

Any powers or authorities of the Trustees may be exercised by a majority of Trustees.

All matters of policy and management are determined by the Trustees who meet at such times as circumstances require.

The Trustees consider on a regular basis what steps need to be taken to ensure they are adequately trained for their roles within the Trust. Briefings are provided when necessary and training on specific issues will be arranged where required.

Risk management

The Trustees have considered the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and have reviewed those risks, established systems, and procedures to manage those risks. The main risk to the Trust is investment performance. The Trustees are advised on investment matters by the Trust’s stockbrokers, Close Brothers Asset Management.

Objectives and activities

The Trustees have the power to advance capital to UK charities and for UK charitable purposes and pay or apply income to such charities or for such charitable objects as they think fit. However, the Trustees are requested to prefer the following charitable objects:-

The Trustees confirmed that they have referred to the guidance in the Charity Commissions general guidance on public benefit when reviewing the Trust’s aims and objectives as detailed above, and in planning future activities and setting the ground making policy for the year.

The Trustees have compiled with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.

The aims of the Trust are to provide grants to help the preferred charitable objects.

Page 2

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Achievements and performance

There are no specific objectives set from year to year. The Trustees review the applications made when they are received and decide whether to make grants and donations in accordance with the preferred charitable objects. This was achieved in the year.

Financial review

The Trust is reliant on the income from its investments. The incoming resources of the Trust for the year ended 5th April 2023 amounted to £65,946 (2022 - £66,259). An amount of £83,937 (2022 - £76,941) was distributed by way of charitable grants and administration expenses absorbed were £22,916 (2022 - £24,091). There were net outgoing resources for the year of £40,907 (2022 - £34,773).

On the advice of the Trust’s stockbrokers, a number of the Trust’s investments were sold during the year and the proceeds reinvested. These sales realised a net profit of £109,420 (2022 – £18,730).

Investment policy

There are no restrictions on the Trust’s power to invest. The investment strategy is set by the Trustees within an overall policy which states that the fund is to be invested in low and medium risk investments. The strategy is reviewed with the stockbrokers.

During the year, additions costing £485,365 (2022 - £329,940) and disposals of £425,396 (2022 - £314,394) were actioned in the investment fund. This, alongside the movement in the value of the investment portfolio, resulted in a fall of £260,897 in the value of investments held, (2022 – increase of £264,719). At 5 April 2023, the total value of the Trust’s investments was £2,866,767 (2022 - £3,127,664).

Reserves policy

Closing funds at the yearend were £3,223,177 (2022: £3,475,530), all of which are unrestricted. Excluding fixed assets which are held for the longer term, the Trust has free reserves of £61,692 (2022 - £53,147), which are available for grants payable and support costs of the Trust.

It is the policy of the Trustees to maintain sufficient funds in reserves to meet the future anticipated demands on the Trust’s resources. Applications for donations and grants continue to increase and since the yearend the Trustees have provided support by the way of significant grants to a number of new charitable causes. The Trustees are committed to continue to support certain charities by the way of grants going forward over a number of years. Having regard to the likely levels of incoming resources and direct charitable expenditure, the Trustees are satisfied that the funds available at 5 April 2023 are adequate to maintain the Charity’s operations.

Plans for the future

The Trustees aim to continue to provide grants to help the preferred charitable objects.

Page 3

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023

The Trustees are responsible for preparing the 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 and Wales required the 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 these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Financial Reporting Standard 102 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation on other jurisdictions.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mary MacGregor Chair of Trustees

Date: 26 January 2024

Page 4

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CLARKE CHARITABLE SETTLEMENT ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.

Page 5

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated: 29 January 2024

M Hewett FCA DChA

PETERS ELWORTHY & MOORE Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA

Page 6

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note
INCOME FROM:
Investments
2
TOTAL INCOME
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
TOTAL EXPENDITURE
NET EXPENDITURE BEFORE NET (LOSSES)/GAINS
ON INVESTMENTS
Net (losses)/gains on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2023
£
65,946
65,946
17,454
89,399
106,853
(40,907)
(211,447)
(252,354)
3,475,530
(252,354)
3,223,176		 Total
funds
2023
£
65,946
65,946
17,454
89,399
106,853
(40,907)
(211,447)
(252,354)
3,475,530
(252,354)
3,223,176		 Total
funds
2022
£
66,259
66,259
19,154
81,878
101,032
(34,773)
267,903
233,130
3,242,400
233,130
3,475,530

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 15 form part of these financial statements.

Page 7

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

BALANCE SHEET AS AT 5 APRIL 2023

Note
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
Unrestricted funds
TOTAL FUNDS		 77,042
77,042
(15,350)		 2023
£
294,719
2,866,766
3,161,485
61,692
3,223,177
-
3,223,177
3,223,177		 63,067
63,067
(9,920)		 2022
£
294,719
3,127,664
3,422,383
53,147
3,475,530
-
3,475,530
3,475,530

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mary Elizabeth MacGregor Chair of Trustees

Date: 26 January 2024

The notes on pages 9 to 15 form part of these financial statements.

Page 8

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Clarke Charitable Settlement meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

There were no significant estimates or judgements made by management in preparing these financial statements except the valuation of investments as calculated by Close Brothers Asset Management.

1.2 GOING CONCERN

There are no material uncertainties related to events or conditions that may cast significant doubt upon the Trust’s ability to continue as a going concern.

1.3 INCOME

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 EXPENDITURE

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.

Charitable expenditure comprises expenditure directly relating to the objects of the Trust. Costs are allocated between grants payable and the related support costs. Governance costs relate to the general running of the Trust and reporting responsibilities.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 9

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.4 EXPENDITURE (CONTINUED)

Grants payable are charged in the year when the offer is made 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 accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

St Mary's Church Hall and land, Dunstall, are included at cost. The Trustees have not adopted a policy of annual revaluations for the future.

No depreciation is provided on the Church Hall. It is the policy of the Trustees to maintain the Hall in a continual state of repair. The useful economic life of this asset is therefore so long and residual values so high that the Trustees estimate that the depreciation charge would not be material. The Trustees intend to carry out annual impairment reviews.

1.7 INVESTMENTS

Listed investments are stated at closing middle market price as at 5 April 2022. All movements in value are shown in the Statement of Financial Activities. Income from listed investments is recognised when due, together with any associated recoverable income tax or tax credit.

Realised and unrealised gains and losses are shown separately in the appropriate section of the Statement of Financial Activities.

1.8 CASH AT BANK AND IN HAND

Cash at bank and 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.

1.9 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

1.10 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Page 10

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

2. INVESTMENT INCOME

Unrestricted
funds
2023
£
UK equities
39,173
UK gilts
8,726
Overseas securities
17,806
Interest receivable
241
65,946
TOTAL 2022
66,259		 Total
funds
2023
£
39,173
8,726
17,806
241
65,946
66,259		 Total
funds
2022
£
35,919
9,105
21,231
4
66,259

3. INVESTMENT MANAGEMENT COSTS

Unrestricted
funds
2023
£
Investment management fees
17,454
TOTAL 2022
19,154
ANALYSIS OF EXPENDITURE BY ACTIVITIES
Grant
funding of
activities
2023
Support
costs
2023
£
£
Charitable activities
83,937
5,462
TOTAL 2022
76,941
4,937		 Total
funds
2023
£
17,454
19,154
Total
funds
2023
£
89,399
81,878		 Total
funds
2022
£
19,154
Total
funds
2022
£
81,878
Charitable activities
TOTAL 2022

4. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Page 11

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Independent Examination fee (governance costs)
Accountancy fees
Bank charges		 Total
funds
2023
£
1,980
3,450
32
5,462		 Total
funds
2022
£
1,800
3,120
17
4,937

5. TRUSTEES' REMUNERATION AND EXPENSES

The Trust considers its key management personnel to be the Trustees. All Trustees give their time and expertise freely, without any form of remuneration or benefit in kind (2022: £Nil).

During the year, there were no reimbursements to Trustees for expenses paid on the Trust's behalf (2022: £3,000).

6. EMPLOYEES

The Charity had no employees during the year (2022: None), other than the Trustees, who receive no remuneration.

Page 12

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

7. ANALYSIS OF GRANTS

Asthma Relief
Blind Veterans UK
Brunswick Youth and Community Centre
Christian Aid
Citizen UK
DEC Ukraine
Fishing for Heroes
Foundation Derbyshire
Friends of SWM
Go Beyond
Harraston Ltd
Heartwize
Holland Sports Club
Macmillan Cancer Support
Marie Curie
Midland Air Ambulance
MIND
Nancy Oldfield Trust
Prince's Trust
Prostate Cancer UK
Refuge
Salvation Army
SANE
Simon Clarke - Pond restoration
The Wheelyboat Trust
Women in Sport
Women's Aid Federation
Women's Trust
You Are Not Alone		 2023
£
-
-
10,000
500
5,000
-
15,000
20,000
-
10,000
-
2,937
-
-
-
2,000
4,000
-
5,000
-
1,000
-
-
-
-
1,000
4,500
3,000
-
83,937		 2022
£
1,000
1,000
5,000
1,000
-
20,000
-
-
1,000
-
15,000
2,941
4,500
1,000
1,000
-
-
3,000
5,000
1,000
-
1,000
1,000
3,000
5,000
-
-
-
4,500
76,941

Page 13

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

8. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 6 April 2022
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
At 5 April 2022		 Freehold
property
£
294,719
294,719
294,719
294,719

On 24 February 2010, the trustees granted a lease of 100 years on St Mary's Church Hall, Dunstall for a rent of £1 per annum to The Lichfield Diocesan Trust and the incumbent and churchwardens of the parish of Dunstall St Mary.

Under the terms of the lease, the trustees are to renovate the Church Hall in accordance with agreed plans. The Hall is to be used to further the religious and other charitable work of the Church of England. The uses include the granting of temporary licenses to third parties for private and community based activities to raise funds for the Church.

9. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 6 April 2022
Additions
Disposals (proceeds £534,815)
Revaluations
AT 5 APRIL 2023		 Listed
investments
£
3,127,664
485,365
(425,396
(320,867
2,866,766

Page 14

DocuSign Envelope ID: 0614B525-890A-4E86-A9B7-5B982E0E5389

THE CLARKE CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals		 2023
£
4,920
10,430
15,350		 2022
£
-
9,920
9,920

11. RELATED PARTY TRANSACTIONS

There were no related party transactions in the current or prior year.

Page 15