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← The Shuttlewood Clarke Foundation

2022-03-31-accounts

THE SHUTTLEWOOD CLARKE FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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

1

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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 2022 the Foundation had three trustees. The Foundation has the provision to extend the number of trustees to a maximum of eight. To this end the trustees 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.

Of the board members at 31[st] March, two 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.

The trustees meet and/or confer regularly when they review the activities, investments and policies of the Foundation.

The day to day running and management of the Foundation is delegated to the Principal Manager and the senior management team. Spending limits apply; 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 2022 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.

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. An annual meeting is held with the Foundation’s insurance broker to review all policies; the Principal Manager liaises with the broker as deemed necessary throughout the year.

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.

2

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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 considered on a regular basis. 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 during the previous financial year. During the year under review activities resumed early on, albeit with reduced participants compared to pre pandemic times. It appeared to the trustees that concerns about Covid were still impacting at the year end.

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:

3

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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 25000, variously using the tea rooms, browsing the charity shops, accessing the information hub, attending organised wellbeing and support sessions (a relatively modest number), visiting the model railway and using the pathways.

• 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. Prior to the Covid pandemic, organised groups were able to visit on a monthly basis when the railway was operated to its fullest extent and a talk given; these sessions have not resumed. Visitors are, as previously, able to see the railway during normal opening times when there may be limited operation depending on volunteer availability.

4

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Ulverscroft Manor

5

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

• Other Activities

During the year other activities included: a craft club, a design and create group, a men’s social group, and tai chi all taking place once a month; Nordic Walking and singing for fun and wellbeing taking place weekly; gentle yoga, coping with and recovering from anxiety and depression at varying intervals. The trustees are satisfied with the outcomes.

Outside Space

• Pathways

6

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

SCF Development

7

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Financial Review

There was a surplus on the unrestricted funds of £110,395.

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 5.5%; the actual return was 9.84%. This evaluates to £420,597, represented by realised gains £183,872, market value increase £115,326 and income received £121,399 (the market value adjustment is made on the Endowment Funds column of the Statement of Financial Activities). The portfolio has a market value of £4,522,582(2021 £4,274,680).

The greatest risk to the Foundation is a long term downturn in investment performance; ultimately restructuring would be necessary. Performance is monitored monthly, comprehensive reports being provided by W.H Ireland Investment Managers.

The 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 investment portfolio provides the bulk of the income. 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.

The other principal sources of funding were donations £17,550 (2021 £26,480) and fundraising £42,778 (2021 £15,578). The shops component for the year to 31[st] March 2022 was £38,842 (2021 £8,204).

8

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

• Restricted Funds

The total received in the year was £1,245, total spending was £15,101 (including a transfer between funds of £2,491). Additional information can be found at Note 3 of the Notes to the Financial Statements.

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 £11,448; steps are being taken to deal with this situation.

M S Booth

Chair of Trustees

30 January 2023

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 Clark Foundation (the ‘charity’) for the year ended 31 March 2022 which comprise Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

11

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

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. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 set out on page 9, the trustees are responsible for the preparation of the 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.

13

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

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

Turner & Smith Statutory Auditor Westgate House Royland road Loughborough Leicestershire LE11 2EH

26 January 2023

Turner & smith is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

14

THE SHUTTLEWOOD CLARKE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Note
INCOME FROM:
Donations and legacies
Donations received
Income from charitable activities
Provision of educational resources
Letting of property for educational/
therapeutic purposes
Other trading activities
Fundraising
Hire of rooms
Rent received
SCT Access Fees
Investments
Investment income
2
SCT Administration Fees
Other
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 lettings
Other
Total expenditure
Net 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 2022
12		 Unrestricted
Funds
£
17,550
156
0
42,778
263
7,196
6,115
121,399
1,531
13,980
4,455
6,870
222,293
4,977
25,096
179,344
83,429
1,265
4,150
298,261
(75,968)
2,491
(73,477)
183,872
110,395
54,741
165,136		 Restricted
Funds
£
1,245
0
0
0
0
0
0
0
0
0
0
0
0
1,245
0
0
12,610
0
0
0
12,610
(11,365)
(2,491)
(13,856)
0
(13,856)
45,117
31,261		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
115,326
115,326
6,466,491
6,581,817		 Total Funds
2021/22
£
18,795
156
0
42,778
263
7,196
6,115
121,399
1,531
13,980
4,455
6,870
0
223,538
4,977
25,096
191,954
83,429
1,265
4,150
310,871
(87,333)
0
(87,333)
299,198
211,865
6,566,349
6,778,214		 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)
0
(64,543)
893,259
828,716
5,737,633
6,566,349

All income and expenditure derives from continuing activities.

15

THE SHUTTLEWOOD CLARKE FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2022

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/LIABILITIES
NET ASSETS
CHARITY FUNDS
Endowment funds
Restricted funds
Unrestricted funds
TOTAL CHARITY FUNDS
12		 3,804
41,040
4,522,582
9,253
4,576,679
57,887		 2022
£
2,259,421
1
2,259,422
4,518,792
6,778,214
6,581,817
31,261
165,136
6,778,214		 5,034
42,103
4,274,680
22,998		 2021
£
2,264,681
1
2,264,682






4,301,667
4,344,815
43,148
6,566,349
6,466,491
45,117
54,741
6,566,349

The financial statements on pages 14 to 22 were approved by the Trustees on 30 January 2023 and signed on their behalf by:

M Booth

M Freckelton

THE SHUTTLEWOOD CLARKE FOUNDATION

16

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

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 (decrease)/increase in cash in the year
Cash at 1 April
Cash at 31 March		 2022
£
-144,917
121,399
-25,096
500
-16,927
183,872
-132,575
131,173
-13,744
22,998
9,254		 2021
£
-96,070
92,183
-25,182
15600
-1,118
149,725
-155,967
75,241
-20,829
43,827
22,998

THE SHUTTLEWOOD CLARKE FOUNDATION

17

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies

The significant 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 charity constitutes a public benefit entity as defined by FRS 102. 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 Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Accounting Practice.

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.

b) Donations and income

Donations are brought into account as and when they are received by the Foundation. Income subject to VAT is stated net.

c) Investment income and rental income

i) Bank interest is included in the income and expenditure account on an accruals basis. ii) Dividends are included in the income and expenditure account when they are received.

d) Expenditure

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. Amounts are stated net of VAT.

e) Grants

Grants made by the Foundation are charged to the income and expenditure account when the payment becomes due.

f) Fixed Assets

Tangible fixed assets, being for the Charity’s own use, are stated at cost in accordance with 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.

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

THE SHUTTLEWOOD CLARKE FOUNDATION

18

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies (cont/d)

g) Investments

Investments are stated in the balance sheet at market value and their cost is shown in the notes to the 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.

h) Fund Accounting

Unrestricted Funds - these are funds which can be used in accordance with the Shuttlewood Clarke Foundation’s charitable objectives at the discretion of the Trustees.

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.

j) Grants

Grants received relate to direct expenditure and are credited against the relevant revenue expenditure in the period the expenditure is incurred.

k) Pension

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.

2. Income from Investments

3. Income from Shuttlewood Clarke Trading Loan
Income from 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)		 2022
£
-
121,399
121,399
2022
£
72,332
(1,714)
101,938
6,788
12,610
~~191,954~~		 2021
£
829
91,354
92,183
2021
£
84,382
(44,401)
84,135
13
2,446
~~126,575~~

THE SHUTTLEWOOD CLARKE FOUNDATION

19

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

3. Analysis of Resources Used (cont/d)

Analysis of Resources Used (cont/d)
Governance Costs:
Administration staff costs
Redundancy costs
Office and premises costs
Insurances
Professional fees		 2022
£
41,514
-
10,103
24,775
7,037
83,429		 2021
£
37,054
7,969
9,498
20,515
5,469
80,505

4. Income Less Expenditure

Net resources expended are shown after charging the following:-

Depreciation of fixed assets
(Profit)/Loss on disposal of fixed assets
Staff Costs
Auditors Remuneration
- Audit
- Other Services		 2022
£
21,516
171
117,176
5,031
1,856		 2021
£
36,060
(3)
130,414

4,500
3,955

Pension Policies

Amount outstanding to the pension policies of certain employees at 31 March 2022 was £NIL (2021 : £NIL).

5. Staff costs and employee benefits

The average number of employees throughout the period was:-

Charitable activities
Administration and fundraising
Their total remuneration was:-
Wages and Salaries
Social Security
Defined Contribution Pension Costs
Redundancy costs		 2022
No
7
2
9
2022
£
113,937
2,176
1,063
117,176		 2021
No
9
2
11
2021
£
118,454
1,965
2,026
7,969
130,414

No employees 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 £39155 (2021: £33826) The Trust considers its key management personnel to be Fiona Wilkinson (appointed October 2021), Louise Moore (resigned August 2021), Kathleen Wass.

THE SHUTTLEWOOD CLARKE FOUNDATION

20

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

6. Trustees

The trustees neither received nor waived any remuneration during the year (2021: £NIL).

The trustees did not have any expenses reimbursed during the year (2021 - £NIL).

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

7. Tangible Fixed Assets (All for the Charity’s use)

COST
At 1 April 2021
Additions
Disposals
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for period
Disposals
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 1 April 2021		 Fixtures
Motor
Fittings &
Vehicles
Equipment
Grange
Manor
Other
Total
£
£
£
£
£
£
62,263
376,401
936,651
712,514
460,853
2,548,682
16,927
16,927
Freehold Property
62,263
393,328
936,651
712,514
460,853
2,565,609
8,936
8,936
62,263
384,392
936,651
712,514
460,853
2,556,673
60,096
223,905
0
0
0
284,001
2,166
19,350
0
0
0
21,516
62,262
243,255
0
0
0
305,517
8,265
8,265
62,262
234,990
0
0
0
297,252
1
149,402
936,651
712,514
460,853
2,259,421
2,167
152,496
936,651
712,514
460,853
2,264,681

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

8. Fixed Assets 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 2022 was £11,448 and the capital and reserves at the balance sheet date amounted to a deficit of £29,468.

9. Debtors
Trade debtors
Amount owed by group undertaking
Prepayments and accrued income
VAT
Employment allowance debtor		 2022
£
2,662
26,573
6,452
5,353
0
41,040		 2021
£
3,242
24,255
8,013
3,298
3,295
42,103

21

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

10. Current Assets Investments

% of
Total
Market
Market
Cost
Value
Cost
Value
cost
£
£
£
£
W H Ireland Bank
0.6%
23,690
23,690
14,568
14,568
23,690
23,690
14,568
14,568
Large Investments
AstraZeneca
0.0%
0
0
116,101
163,057
Aviva
0.0%
0
0
108,603
122,460
Bayer AG
2.7%
110,562
77,639
110,562
68,009
Black Rock Continental European
2.8%
118,034
119,096
0
0
Diageo
0.0%
0
0
110,988
149,475
Findlay Park American Fund
0.0%
0
0
111,835
141,557
Hicl Infrastructure
2.6%
106,150
117,480
0
0
JP Morgan US Equity Income Fund
3.1%
128,605
154,968
110,137
114,278
Jupiter Japan Income Fund
2.5%
105,389
109,667
105,389
115,878
Lloyds Banking Group
4.9%
204,065
110,591
217,091
106,350
Montanaro UK Income Fund
2.8%
116,854
121,355
125,271
128,668
Morgan Stanley Asia Opportunity
2.6%
109,751
78,149
0
0
North American Inc.
3.3%
138,521
160,866
128,524
128,500
Royal London Global Equity
3.7%
153,329
168,016
0
0
Royal Dutch Shell
2.7%
111,268
142,324
161,134
130,496
Sarasin Global Higher Dividend Fund
3.5%
147,059
175,689
130,963
138,592
Vodafone Group
4.4%
184,859
104,866
193,662
116,054
Other Investments
UK
37.4%
1,556,164
1,672,681
1,362,918
1,443,548
Overseas
20.3%
841,931
1,185,505
915,910
1,193,190
100.0%
4,132,541
4,498,892
4,009,088
4,260,112
TOTAL
4,156,231
4,522,582
4,023,656
4,274,680
Whitbread
Investment
2022
2021		 % of
Total
Market
Market
Cost
Value
Cost
Value
cost
£
£
£
£
W H Ireland Bank
0.6%
23,690
23,690
14,568
14,568
23,690
23,690
14,568
14,568
Large Investments
AstraZeneca
0.0%
0
0
116,101
163,057
Aviva
0.0%
0
0
108,603
122,460
Bayer AG
2.7%
110,562
77,639
110,562
68,009
Black Rock Continental European
2.8%
118,034
119,096
0
0
Diageo
0.0%
0
0
110,988
149,475
Findlay Park American Fund
0.0%
0
0
111,835
141,557
Hicl Infrastructure
2.6%
106,150
117,480
0
0
JP Morgan US Equity Income Fund
3.1%
128,605
154,968
110,137
114,278
Jupiter Japan Income Fund
2.5%
105,389
109,667
105,389
115,878
Lloyds Banking Group
4.9%
204,065
110,591
217,091
106,350
Montanaro UK Income Fund
2.8%
116,854
121,355
125,271
128,668
Morgan Stanley Asia Opportunity
2.6%
109,751
78,149
0
0
North American Inc.
3.3%
138,521
160,866
128,524
128,500
Royal London Global Equity
3.7%
153,329
168,016
0
0
Royal Dutch Shell
2.7%
111,268
142,324
161,134
130,496
Sarasin Global Higher Dividend Fund
3.5%
147,059
175,689
130,963
138,592
Vodafone Group
4.4%
184,859
104,866
193,662
116,054
Other Investments
UK
37.4%
1,556,164
1,672,681
1,362,918
1,443,548
Overseas
20.3%
841,931
1,185,505
915,910
1,193,190
100.0%
4,132,541
4,498,892
4,009,088
4,260,112
TOTAL
4,156,231
4,522,582
4,023,656
4,274,680
Whitbread
Investment
2022
2021		 % of
Total
Market
Market
Cost
Value
Cost
Value
cost
£
£
£
£
W H Ireland Bank
0.6%
23,690
23,690
14,568
14,568
23,690
23,690
14,568
14,568
Large Investments
AstraZeneca
0.0%
0
0
116,101
163,057
Aviva
0.0%
0
0
108,603
122,460
Bayer AG
2.7%
110,562
77,639
110,562
68,009
Black Rock Continental European
2.8%
118,034
119,096
0
0
Diageo
0.0%
0
0
110,988
149,475
Findlay Park American Fund
0.0%
0
0
111,835
141,557
Hicl Infrastructure
2.6%
106,150
117,480
0
0
JP Morgan US Equity Income Fund
3.1%
128,605
154,968
110,137
114,278
Jupiter Japan Income Fund
2.5%
105,389
109,667
105,389
115,878
Lloyds Banking Group
4.9%
204,065
110,591
217,091
106,350
Montanaro UK Income Fund
2.8%
116,854
121,355
125,271
128,668
Morgan Stanley Asia Opportunity
2.6%
109,751
78,149
0
0
North American Inc.
3.3%
138,521
160,866
128,524
128,500
Royal London Global Equity
3.7%
153,329
168,016
0
0
Royal Dutch Shell
2.7%
111,268
142,324
161,134
130,496
Sarasin Global Higher Dividend Fund
3.5%
147,059
175,689
130,963
138,592
Vodafone Group
4.4%
184,859
104,866
193,662
116,054
Other Investments
UK
37.4%
1,556,164
1,672,681
1,362,918
1,443,548
Overseas
20.3%
841,931
1,185,505
915,910
1,193,190
100.0%
4,132,541
4,498,892
4,009,088
4,260,112
TOTAL
4,156,231
4,522,582
4,023,656
4,274,680
Whitbread
Investment
2022
2021
23,690
23,690
14,568
14,568
0.0%
0
0
116,101
163,057
0.0%
0
0
108,603
122,460
2.7%
110,562
77,639
110,562
68,009
2.8%
118,034
119,096
0
0
0.0%
0
0
110,988
149,475
0.0%
0
0
111,835
141,557
2.6%
106,150
117,480
0
0
3.1%
128,605
154,968
110,137
114,278
2.5%
105,389
109,667
105,389
115,878
4.9%
204,065
110,591
217,091
106,350
2.8%
116,854
121,355
125,271
128,668
2.6%
109,751
78,149
0
0
3.3%
138,521
160,866
128,524
128,500
3.7%
153,329
168,016
0
0
2.7%
111,268
142,324
161,134
130,496
3.5%
147,059
175,689
130,963
138,592
4.4%
184,859
104,866
193,662
116,054
37.4%
1,556,164
1,672,681
1,362,918
1,443,548
20.3%
841,931
1,185,505
915,910
1,193,190
100.0%
4,132,541
4,498,892
4,009,088
4,260,112
4,156,231
4,522,582
4,023,656
4,274,680

Overseas investments includes unitised funds investing in overseas securities.

Listed investments
Cash equivalents on deposit		 2022
£
4,498,892
23,690
4,522,582		 2021
£
4,260,112
14,568
4,274,680

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

THE SHUTTLEWOOD CLARKE FOUNDATION

22

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

11. Creditors : amounts falling due within one year
Trade creditors
Accruals and deferred income		 2022
£
22,292
35,595
57,887		 2021
£
12,468
30,680
43,148

12. Analysis of net assets between funds

Fixed Assets
Investments
Net Current Assets
TOTAL NET ASSETS		 Endowment
Unrestricted
Restricted
2022
2021
Funds
Funds
£
£
2,259,421
2,259,421
2,264,681
4,322,396
168,910
31,261
4,522,583
4,274,681
-3,774
-3,774
26,987
6,581,817
165,136
31,261
6,778,230
6,566,349

Unrestricted funds includes a designated fund to be used for the maintenance and development of therapeutic and educational work. The balance available at the year end was £5,386.

The restricted fund balance of £31,261 comprises £12,345 for Changing Landscapes, £3,245 for Support Services, £138 for Ulverscroft Activity Centre and £15,533 educational work.

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

Net income / (expenditure) for year / period
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		 2022
2021
£
£
211,865
828,716
-121,399
-92,183
25,096
25,182
21,516
36,060
-299,198
-893,259
171
-3
1,230
948
1,063
-10,295
14,739
8,764
-144,917
-96,070

14. Commitments

Capital

Contracts placed but not executed by 31 March 2022 totalled £NIL (2021 : £NIL).

Investments

Contracts placed but not provided for by 31 March 2022 totalled £NIL (2021 : £NIL).