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2021-03-31-accounts

THE SHUTTLEWOOD CLARKE FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Charity No: 803525

THE SHUTTLEWOOD CLARKE FOUNDATION

LEGAL AND ADMINISTRATIVE DETAILS

CONSTITUTION The Shuttlewood Clarke Foundation is a Charitable Settlement
governed by a Trust Deed dated 15 May 1990 and is registered under
the Charities Act 1993, Charity Registration Number 803525.
ADDRESS Ulverscroft Grange
Ulverscroft
MARKFIELD
Leicestershire
LE67 9QB
TRUSTEES M Booth (Chair of Trustees) - appointed as a Trustee 19 May 2006
M Freckelton - appointed by the Trust Deed 15 May 1990
A May - appointed as a Trustee September 2012
S Gill - appointed as a Trustee September 2012, resigned 19 July 2021
PRINCIPAL MANAGER F Wilkinson
PRINCIPAL BANKERS Barclays Bank PLC
2 Bishop Meadow Road
LOUGHBOROUGH
Leicestershire
LE11 0RB
SOLICITORS Moss, Solicitors
80-81 Wood Gate
LOUGHBOROUGH
Leicestershire
LE11 2XE
AUDITORS Turner & Smith
Westgate House
Royland Road
LOUGHBOROUGH
Leicestershire
LE11 2EH
INVESTMENT ADVISERS W H Ireland Limited
11 Ravine Road
Canford Cliffs
POOLE
BH13 7HS

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Structure, Governance and Management

Reference and administrative information can be found on the preceding page.

The Shuttlewood Clarke Foundation was founded in 1989 by Mr David Clarke and its Trust Deed was signed on 15 May 1990. On the 31[st] March 2021 the Foundation had four Trustees; one has subsequently resigned. The Foundation has the provision to extend the number of Trustees to a maximum of eight. To this end the Trustees adopted a revised appointment strategy at their meeting on 3rd October 2014 and are continuing to actively look to recruit new members with the appropriate interest in the Foundation and skill sets to enhance the current team. Potential Trustees are given a comprehensive insight into all of the Foundation’s activities; the roles of the members of the management team are explained; financial matters including accounts are considered; attention is drawn to appropriate information on the Charity Commission website with a recommendation that it is read and understood.

The Trustees normally meet four times a year and additionally if required, when they review the activities, investments and policies of the Foundation and develop and agree the current and ongoing strategy of the organisation. Of the board members at 31[st] March, three were also volunteers in a variety of capacities for the Foundation; all are encouraged to take regular active interest in all aspects of the Foundation’s day to day activities. Presentations are made at the Trustees’ meetings by the Principal Manager and not more than twice a year by representatives of the investment manager responsible for the Foundation’s investment portfolio.

For the year under review, face to face meetings of all of the trustees were constrained by the Covid pandemic. Recourse was the use of electronic communication.

The day to day running and management of the Foundation is delegated to the Principal Manager and the senior management team. A spending limit is in place, the effect of which is that proposed spending in excess of the limit must be agreed by the Trustees. Remuneration for new key personnel is determined by the Trustees; all salaries at the review date are determined by the Trustees having regard to proposals submitted by the Principal Manager. The senior management team at 31[st] March 2021 was made up of the Principal Manager and Support Services Manager.

The Foundation owns the single issued share in Shuttlewood Clarke Trading Ltd. This company provides catering within the Grange premises.

2

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Risk Management, Insurance and Safeguarding

The Principal Manager has responsibility for the Foundation’s risk assessments and induction policy packs.

These are reviewed as required throughout the year. The Foundation carries insurance cover that includes an indemnity policy covering the liability of the Trustees to third parties and the Principal Manager liaises regularly with the Charity’s insurance advisers to ensure that any change in circumstance or operational procedure is adequately covered.

The Foundation follows the Charity Commission guidelines for safeguarding. All personnel (staff, volunteers and service providers) are required to undergo training; occasional service providers are supervised by persons who themselves have been trained.

Aims, Objectives and Activities

The core objectives of the Foundation as stated in the trust deed dated 15 May 1990 are:

The funds are to be applied for such charitable purposes as the trustees shall from time to time determine (and in particular but without derogation to the generality of the foregoing the relief of need, hardship, suffering or distress in the case of elderly and young persons).

The provision and delivery of the activities that achieve these aims are generally reviewed on an annual basis. In addition, particular areas of activity are discussed at the regular Trustees’ meetings. The Foundation continued to refer to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning its future activities. In particular, the Trustees considered how planned activities will contribute to the aims and objectives they have set.

Impact of the Covid Pandemic

The pandemic had a significant impact on the Foundation’s activities. The Manor house property was closed throughout the financial year. Some wellbeing activities continued in the Activity Centre located in the Manor grounds, to the extent allowed by the Covid regulations. ‘Zoom’ has been used to deliver various wellbeing sessions. No school visits were possible. The Grange property opened between the beginning of July and the end of October, with limited activities.

As a result of an inability to operate normally, and having regard to projected income figures, a number of redundancies were made in July 2020.

3

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

How our activities deliver public benefit

The purpose of the wide range of activities provided is to enhance the lives of our beneficiaries through improved social interaction, recreation, advice, support and educational opportunities.

The Foundation’s main activities, beneficiaries and aims are detailed as follows:

Achievements and Performance

Ulverscroft Grange Community Support and Wellbeing Centre

Open to the public at large, visitor numbers to the Grange Community Support and Wellbeing Centre were estimated to be 30,000 – 35,000 for the year ended 31[st] March 2020, variously using the tea rooms, browsing the charity shops, attending organised wellbeing and support sessions, visiting the model railway and using the pathways. In the year to 31[st] March 2021, the visitor numbers were at most one third of the 2020 figure as a result of being closed for eight months.

The objectives of The Community Support and Wellbeing Centre are to provide a meeting place where both mental and physical wellbeing can be improved through social interaction, recreation, access to the information hub and activities (more information is given in subsequent paragraphs). Access is available to all; no time constraints are imposed within the tea rooms. There is a network of paths extending to the Manor. This wonderful, unique environment provides repeated opportunities for elderly people and those suffering from illness and/or disabilities to relax in a safe, supportive and therapeutic location. Many visitors have made repeat visits and have used the introduction afforded by the Grange to benefit from the Foundation’s numerous other charitable services. Outcomes are assessed by having regard to visitor numbers and feedback; the Trustees are satisfied with the outcomes in the circumstances.

• Model Railway

The railway was inherited by the Foundation from its founder. It is maintained by a group of volunteer enthusiasts. The model has educational and therapeutic value. Organised groups are able to visit on a monthly basis when the railway is operated to its fullest extent and a talk is given. Visitors are able to see the railway during normal opening times when there may be limited operation depending on volunteer availability. The railway room was closed throughout the financial year.

4

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Ulverscroft Manor

Foundation Support Services

The Foundation’s support services provide a wide range of activities, support and guidance to those with mental and physical illnesses or disabilities.

5

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

pulmonary fibrosis, young onset dementia. Outcomes are assessed by having regard to consistency of visits by individuals and feedback.

• Other Activities

Outside Space

• Yurt

The yurt has not been used during the current year due to the closure of the Manor site.

• Pathways

The objectives of the pathways at both the Grange and the Manor are to enable visitors to enjoy the space and benefit from exercise. Those at the Manor have many information boards relating to the trees, and are an essential component for the school visits. The pathways at the Manor have for the most part been put in place by volunteers who also maintain them. The Foundation’s electric buggies provide a very beneficial service to the Foundation’s less mobile visitors at both the Grange and Manor. In the current year, only the paths at the Grange have been open from the beginning of July to the end of October. The electric buggies have not been used.

6

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

SCF Development

grounds; nor has it been possible to hold events for volunteers and retired volunteers.

7

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

• Future Plans

We hope to be able to increase and improve the facilities and range of activities at the Grange although restrictions on available space and parking will require consideration. At the Manor, the arrangements for visiting groups will continue as previously described. The Activity Centre provides us with an excellent space giving the potential to introduce new services and improve the existing ones.

Unrestricted funds

There was a surplus on the unrestricted funds of £81,989.

Investment income and gains, or total return, are vital to the ability of the Foundation to operate. For the year under review the target return was 4.5%; the actual return was 29.2%. This evaluates to £985,442, represented by realised gains £149,725, market value increase £743,534 and income received £92,183 (the market value adjustment is made on the Endowment Funds column of the Statement of Financial Activities). The portfolio value has made a remarkable recovery since 31[st] March 2020, having a market value of £4,274,680 (2020 £3,375,179).

The greatest risk to the Foundation is a long term downturn in investment performance; ultimately restructuring would be necessary. Performance is monitored monthly; in normal times a representative from W.H Ireland Investment Managers attends Trustees’ meetings not more than twice a year.

The Shuttlewood Clarke Foundation’s policy on reserves aims to maintain the value of the total fund in line with or above inflation and as the economic situation allows, to further increase these funds in order to finance the development of the Foundation’s work. The Foundation’s two country houses and grounds remain an essential component of future plans and current activities. It remains imperative that these properties, machinery and all internal and external fixtures and fittings are maintained to a high standard and comply with all relevant legislation to ensure the Foundation’s long-term future. For this reason long term growth of the total fund is necessary.

The following ethical investment policy is operated:

All of the Foundation’s investments are covered by its ethical investment policy which states that the Trustees seek to avoid investment in undertakings whose activities are evidently against the public well-being or are such that investment in them would be likely to lower the reputation of the Foundation with the public at large. The Trustees recognise that some undertakings (e.g. banks and insurance companies) have a substantial spread of investments, information about which cannot be obtained. The Trustees will not refrain from investing in such undertakings simply because of a lack of knowledge of their investments.

8

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The other principal sources of funding were donations £26,480 (2020 £55,150) and fundraising £15,578 (2020 £68,665). The shops component for the year to 31[st] March 2021 was £8,204 (2020 £60,335).

Restricted Funds

The total received in the year was £9,913, total spending was £6,720 (including a transfer between funds of £4,274). Additional information can be found at Note 3 of the Notes to the Financial Statements.

Total Funds

The analysis of total funds can be found at Note 12 of the Notes to the Financial Statements.

Capital Commitments

There were no capital commitments.

Shuttlewood Clarke Trading Ltd

As previously stated, this wholly owned trading subsidiary provides catering services within the Grange property, for which a monthly access fee is paid to the Foundation. Any remaining profits are gifted to the Foundation. There was a loss for the year of £2,375.

M S Booth

Chair of Trustees

08 March 2022

9

THE SHUTTLEWOOD CLARKE FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the 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 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

10

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

Opinion

We have audited the financial statements of The Shuttlewood Clarke Foundation for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

11

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

12

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilitiesfor-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Turner & Smith Loughborough Statutory Auditor 08 March 2022

THE SHUTTLEWOOD CLARKE FOUNDATION 13

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

INCOME FROM:
Note
Donations and legacies
Donations received
Income from charitable activities
Provision of educational resources
Other trading activities
Fundraising
Hire of rooms
Rent received
SCT Access Fees
Investments
Investment income
2
SCT Administration Fees
Other incoming resources
Renewable heat incentive
Other
Charges for services
Landscape grant
Total income
EXPENDITURE ON:
Raising funds
Fundraising
Investment Management Fees
Charitable activities
Charitable activities
3
Governance Costs
3
Rechargeable costs
Costs re letting of space etc
Other
Total expenditure
Net income/(expenditure)
4
Transfers between funds
Net movement in funds after
transfers
Net gains/(losses) on investment
assets
1g
Net movement in funds after
gains and losses
Total funds brought forward
Total funds carried forward
at 31 March 2021
12		 Unrestricted
Funds
£
26,480
-
15,578
30
6,784
3,591
92,183
602
11,164
3,231
1,267
7,025
167,935
2,154
25,182
124,129
80,505
3,011
4,964
239,945
(72,010)
4,274
(67,736)
149,725
81,989
(27,248)
54,741		 Restricted
Funds
£
9,913
-
-
-
-
-
-
-
-
-
-
-
9,913
-
-
2,446
-
-
-
2,446
7,467
(4,274)
3,193
-
3,193
41,924
45,117		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
743,534
743,534
5,722,957
6,466,491		 Total
Funds
2020/21
£
36,393
-
15,578
30
6,784
3,591
92,183
602
11,164
3,231
1,267
7,025
177,848
2,154
25,182
126,575
80,505
3,011
4,964
242,391
(64,543)
-
(64,543)
893,259
828,716
5,737,633
6,566,349		 Total
Funds
2019/20
£
81,791
1,473
68,665
9,069
6,601
14,706
133,211
3,258
15,779
9,083
9,839
0
353,475
4,466
15,223
324,368
74,506
2,504
17,820
438,887
(85,412)
-
(85,412)
(554,541)
(639,953)
6,377,586
5,737,633

All income and expenditure derives from continuing activities.

14

THE SHUTTLEWOOD CLARKE FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2021

Note
FIXED ASSETS
Tangible fixed assets
7
Investments
8
CURRENT ASSETS
Stock
Debtors
9
Investments
10
Cash at bank and in hand
CURRENT LIABILITIES
Creditors : amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
Restricted funds
Unrestricted Fund
TOTAL CHARITY FUNDS
12		 5,034
42,103
4,274,680
22,998
4,344,815
43,148		 2021
£

2,264,681
1
2,264,682
4,301,667
6,566,349
6,466,491
45,117
54,741
6,566,349		 2020
£
2,315,220
1
2,315,221
5,982
31,808
3,375,179
43,827
3,456,796
34,384
3,422,412
5,737,633
5,722,957
41,924
(27,248)
5,737,633

The financial statements on pages 13 to 23 were approved by the Trustees on 08 March 2022 and signed on their behalf by:-

M Booth

M Freckelton

15

THE SHUTTLEWOOD CLARKE FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Note
Cashflow from operating activities
13
Cash flow from investing activities
Dividends and interest from investments
Investment management fees
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Realised gains
Net investment (purchases)/disposal
Net increase/(decrease) in cash in the year
Cash at 1 April
Cash at 31 March		 2021
£
(96,070)
92,183
(25,182)
15,600
(1,118)
149,725
(155,967)
75,241
(20,829)
43,827
22,998		 2020
£
(173,702)
133,211
(15,223)
-
(11,799)
106,579
(8,118)
204,650
30,948
12,879
43,827

16

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.

a) Basis of Accounting

The financial statements are prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.

The charity has taken advantage under the SORP and not prepared consolidated group accounts. The financial statements therefore refer to the parent undertaking only.

All expenditure on support costs and administration is included on an accruals basis and is allocated on a practical basis as the costs are incurred.

f) Fixed Assets

Tangible fixed assets, being for the Charity’s own use, are stated at cost in accordance with the provisions of the Charities Statement of Recommended Practice.

No depreciation is provided on freehold property as any charge would be immaterial. The property is maintained to ensure the value does not diminish over time and maintenance costs are charged to the income and expenditure account in the year incurred.

17

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies (cont’d)

Depreciation has been provided to write off the cost of other tangible fixed assets over their expected useful lives using the following rates:-

Assets Basis Motor Vehicles 25% per annum straight line Fixtures, Fittings & Equipment 5% - 20% per annum straight line

Investments are stated in the balance sheet at market value and their cost is shown in the notes to the financial statements. Listed investments are included in current assets as due to their nature they are not held for the long-term.

Unrealised gains and losses are accounted for annually upon revaluation of investments and are shown in the statement of financial activities as endowment funds. This figure represents the difference between the current and previous year’s unrealised gain/loss figures for the Foundation’s investment portfolio.

Realised gains and losses are included within the unrestricted fund.

Restricted Funds - these are funds received for undertaking an activity specified by the donor.

Endowment Funds - these are funds where the assets are held permanently by the Charity in the form of investments and fixed assets.

i) Stock

Stock represents consumable goods purchased not yet utilised in the Charity’s operations and is valued at cost.

Contributions to the defined contribution personal pension policies of certain employees are charged against income as they become payable in accordance with the rules of the pension policies.

18

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2. Income from Investments

3. Shuttlewood Clarke Trading loan
WH Ireland
Analysis of Resources Used
Charitable Activities:
Staff costs
Job retention scheme grant
Property and services costs
Catering and visitors transport
Property and services costs (restricted)
Governance Costs:
Administration staff costs
Redundancy costs
Office and premises costs
Insurances
Professional fees		 2021
£
829
91,354
92,183
2021
£
84,382
(44,401)
84,135
13
2,446
126,575
37,054
7,969
9,498
20,515
5,469
80,505		 2020
£
283
132,928
133,211
2020
£
153,310
-
145,302
17,938
7,818
324,368
36,494
-
11,319
18,790
7,903
74,506

4. Income Less Expenditure

Net resources expended are shown after charging the following:-

2021 2020
£ £
Depreciation of fixed assets 36,060 44,699
(Profit)/Loss on disposal of fixed assets (3) 294
Staff Costs 130,414 192,716
Auditors Remuneration - Audit 4,500 2,500
- Other Services 3,955 809

Pension Policies

Amount outstanding to the pension policies of certain employees at 31 March 2021 was £NIL (2020 : £NIL).

19

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

5. Staff costs and employee benefits

The average number of employees throughout the period was:-

Charitable activities
Administration and fundraising
heir total remuneration was:-
Wages and salaries
Social Security
Defined Contribution Pension Costs
Redundancy costs		 2021
No
9
2
11
2021
£
118,454
1,965
2,026
7,969
130,414		 2020
No
13
2
15
2020
£
183,053
7,287
2,376
-
192,716

Their total remuneration was:-

No employee received total employee benefits (excluding employer pension costs) of more than £60,000 in this year or the previous year.

The total amount of employee benefits received by key management personnel is £33,826 (2020: £42,845). The Trust considers its key management personnel to be Kathleen Wass and Louise Moore.

6. Trustees

The Trustees neither received nor waived any remuneration during the year (2020 : £NIL).

The Trustees did not have any expenses reimbursed during the year (2020 : £NIL).

No fees were paid to the firms of Trustees for goods or services.

20

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7. Tangible Fixed Assets

(All for the Charity’s use)

COST
At 1 April 2020
Additions
Disposals
At 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for period
Disposals
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 1 April 2020		 Motor
Vehicles
£
82,804
-
82,804
20,541
62,263
55,385
10,811
66,196
6,100
60,096
2,167
27,419		 Fixtures
Fittings &
Equipment
£
385,629
1,118
386,747
10,346
376,401
207,846
25,249
233,095
9,190
223,905
152,496
177,783		 Freehold Property
Grange
£
Manor
£
Other
£
936,651
712,514
460,853
-
-
-
936,651
712,514
460,853
-
-
-
936,651
712,514
460,853
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
936,651
712,514
460,853
936,651
712,514
460,853		 Total
£
2,578,451
1,118
2,579,569
30,887
2,548,682
263,231
36,060
299,291
15,290
284,001
2,264,681
2,315,220

Freehold Property Other includes at cost £56,000 for Dunster Road and £404,853 for the Education Centre.

8. Fixed Asset Investments

The charity owns the whole of the issued ordinary share capital of Shuttlewood Clarke Trading Limited, a company registered in England (No. 07859823). The subsidiary is used for non-primary purpose trading activities. The company’s loss for the year ended 31 March 2021 was £2,375 and the capital and reserves at the balance sheet date amounted to a deficit of £18,020.

9. Debtors

Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
HMRC Paye/Nic
VAT		 2021
£
3,242
24,255
8,013
3,295
3,298
42,103		 2020
£
7,253
10,000
7,525
-
7,030
31,808

21

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10. Current Asset Investments
% of
Total
Investment
W H Ireland Bank
0.3
0.3
Large Investments
Alphabet Inc
AstraZeneca
Aviva
Bayer AG
2.9
2.7
2.7
Diageo
2.8
Findlay Park American Fund
2.8
GlaxoSmithKline
Ibstock
JP Morgan US Equity Inc. Fund
2.7
Jupiter Japan Income Fund
2.6
Lloyds Banking Group
5.4
Montanaro UK Income Fund
3.1
North American Inc.
3.2
Reckitt Benckiser Group
Royal Dutch Shell
4.0
Sarasin Global Higher Div. Fund
3.2
Vodafone Group
4.8
Whitbread
Other Investments
UK
34.0
Overseas
22.8
100.0
TOTAL
100.0		 2021
Cost
£
Market
Value
£
14,568
14,568
14,568
14,568
-
-
116,101
108,603
110,562
163,057
122,460
68,009
110,988
149,475
111,835
141,557
-
-
-
-
110,137
114,278
105,389
115,878
217,091
106,350
125,271
128,668
128,524
128,500
-
-
161,134
130,496
130,963
138,592
193,662
116,054
-
-
1,362,918
1,443,548
915,910
1,193,190
4,009,088
4,260,112
4,023,656
4,274,680		 2020
Cost
£
Market
Value
£
30,601
30,601
30,601
30,601
119,317
109,643
114,533
-
110,562
170,586
-
69,247
-
-
-
-
122,004
132,603
108,748
76,000
-
-
-
-
217,091
80,000
99,994
79,177
-
-
97,679
95,325
102,502
66,249
-
-
193,662
99,440
109,308
74,811
1,380,180
1,119,133
1,061,508
1,172,364
3,837,088
3,344,578
3,867,689
3,375,179		 2020
Cost
£
Market
Value
£
30,601
30,601
30,601
30,601
119,317
109,643
114,533
-
110,562
170,586
-
69,247
-
-
-
-
122,004
132,603
108,748
76,000
-
-
-
-
217,091
80,000
99,994
79,177
-
-
97,679
95,325
102,502
66,249
-
-
193,662
99,440
109,308
74,811
1,380,180
1,119,133
1,061,508
1,172,364
3,837,088
3,344,578
3,867,689
3,375,179
30,601
109,643
170,586
-
69,247
-
-
132,603
76,000
-
-
80,000
79,177
-
95,325
66,249
-
99,440
74,811
1,119,133
1,172,364
3,344,578
3,375,179

Overseas investments include unitised funds investing in overseas securities.

Listed investments
Cash equivalents on deposit		 2021
£
4,260,112
14,568
4,274,680		 2020
£
3,344,578
30,601
3,375,179

The fair value if listed investments is determined by reference to the quoted price for identical assets in An active market at the balance sheet date.

22

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11. Creditors : amounts falling due within one year

Trade creditors
Accruals and deferred income
Amount owed to group undertaking		 2021
£
12,468
30,680
-
43,148		 2020
£
14,034
19,764
586
34,384

12. Analysis of net assets between funds

Fixed Assets
Investments
Net Current Assets
Total Net Assets		 Endowment
£
2,264,681
4,201,810
-
6,466,491		 Unrestricted
Funds
£
-
54,741
-
54,741		 Restricted
Funds
£
-
21,425
23,692
45,117		 2021
£
2,264,681
4,277,976
23,692
6,566,349		 2020
£
2,315,220
3,375,180
47,233
5,737,633

Unrestricted funds includes a designated fund to be used for the maintenance and development of therapeutic and educational work. The balance outstanding at the year-end was £6,586.

The restricted fund balance of £45,117 comprises £14,835 for Changing Landscapes, £8,250 for Support Services, £3,734 for Ulverscroft Activity Centre and £18,298 for educational work.

23

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for year
Interest and dividends received
Investment management fees
Depreciation and impairment of tangible fixed assets
(Gains) / losses on investments
(Profit) / loss on disposal of tangible fixed assets
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2021
£
828,716
(92,183)
25,182
36,060
(893,259)
(3)
948
(10,295)
8,764
(96,070)		 2020
£
(639,953)
(133,211)
15,223
44,699
554,541
294
(3,612)
(7,894)
(3,789)
(173702)

14. Commitments

Capital

Contracts placed but not executed by 31 March 2021 totalled £NIL (2020 : £NIL).

Investments

Contracts placed but not provided for by 31 March 2021 totalled £NIL (2020 : £NIL).