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← The Shuttlewood Clarke Foundation

2023-03-31-accounts

THE SHUTTLEWOOD CLARKE FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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
B Martin – appointed as a Trustee 15 March 2023
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[st] MARCH 2023

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 2023 the Foundation had four trustees, one having been appointed on 15[th] March. 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, three were also volunteers in a variety of capacities; 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 2023 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.

3

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

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

At the end pf the previous financial year the impact of the covid pandemic was still being felt. During the current year all but one of the Foundations activities have fully recovered, the exception being school visits.

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 26000, variously using the tea rooms, browsing the charity shops, accessing the information hub, attending organised wellbeing and support sessions, visiting the model railway and using the pathways.

4

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

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 information and support including activities (more information is given in subsequent paragraphs). There is a network of paths extending to the Manor. This wonderful, unique environment provides repeated opportunities for people of all ages to benefit in numerous ways. 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 results.

The ‘Grow with Us’ gardening project links young people and adults with learning difficulties and/or physical disabilities with members of the wider community who have an interest in allotment style gardening; it operates throughout the year. Four organisations have taken part in the scheme during the year. Outcomes are assessed by having regard to take up and feedback; the trustees are satisfied with the results.

Opportunities are provided to those with learning difficulties to assist in the charity shops and tea room.

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.

5

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

Ulverscroft Manor

There are two principal venues for indoor activities, the main house and the Activity Centre.

6

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

Outside Space

There was a modest amount of use during the year.

7

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

An area of woodland has been made available to an independent Forest School business. This is considered to be a good way to enable children to benefit from outdoors activity.

SCF Development

• Fundraising The Foundation runs three charity shops based at Ulverscroft Grange. There is an additional sales table based at Ulverscroft Manor. The gross income for the year was £64,474 (2022 £40,406) . The shops component, being the Foundation’s principal fundraising activity was £59,948 (2022 £38,842) . Operations are conducted mainly by volunteers with some staff oversight; a part time manager was appointed in December. Sundry fund raising activities produced £3,055 (2022 £2,372).

8

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

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.

Financial Review

There was a deficit on the unrestricted funds of £199,089.

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 0.14% This evaluates to £6,434, represented by realised gains £25,534, market value decrease £155,996 and income received £136,896 (the market value adjustment is made on the Endowment Funds column of the Statement of Financial Activities). The portfolio has a market value of £4,266,789 (2022 £4,522,582).

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.

9

THE SHUTTLEWOOD CLARKE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] MARCH 2023

The other principal sources of funding were donations £54,844(2022 £17,550) and fundraising £67,529 (2022 £42,778). The shops component for the year to 31[st] March 2023 was £59,948 (2022 £38,842).

The total received in the year was £9,565, total spending was £18,161 (including a transfer between funds of £6,448). 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.

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 £26,775; steps are being taken to deal with this situation.

M S Booth Chair of Trustees

29 January 2024

10

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.

11

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

Opinion

We have audited the financial statements of Shuttlewood Clarke Foundation (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and 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 charitable company 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 charitable company'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.

12

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. Our opinion on the financial statements does not cover the other information and 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 11, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

13

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 the Act and relevant regulations made or having effect thereunder.

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-ofthe-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

14

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE SHUTTLEWOOD CLARKE FOUNDATION

Use of our report

This report is made solely to the charitable company’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 charitable company’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 charitable company and the charitable company’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

29 January 2024

Turner & Smith is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

15

THE SHUTTLEWOOD CLARKE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

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 2023
12		 Unrestricted
Funds
£
54,844
423
67,529
2,184
5,693
11,376
136,896
1,744
15,684
9,079
10,233
315,685
10,445
24,428
255,985
88,181
1,316
10,405
390,760
(75,075)
6,448
(68,627)
25,534
(43,093)
165,136
122,043		 Restricted
Funds
£
9,565
0
0
0
0
0
0
0
0
0
0
0
0
9,565
11,713
11,713
(2,148)
(6,448)
(8,596)
(8,596)
31,261
22,665		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(155,996)
(155,996)
6,581,817
6,425,821		 Total Funds
2022/23
£
64,409
423
0
67,529
2,184
5,693
11,376
136,896
1,744
15,684
9,079
10,233
0
325,250
10,445
24,428
267,698
88,181
1,316
10,405
402,473
(77,223)
0
(77,223)
(130,462)
(207,685)
6,778,214
6,570,529		 Total Funds
2021/22
£
18,795
156
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

All income and expenditure derives from continuing activities.

THE SHUTTLEWOOD CLARKE FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2023

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		 7,517
62,001
4,266,789
25,221
4,361,528
50,137		 2023
£
2,259,136
1
2,259,137
4,311,391
6,570,528
6,425,821
22,665
122,043
6,570,529		 3,804
41,040
4,522,582
9,253		 2022
£
2,259,421
1
2,259,422






4,518,792
4,576,679
57,887
6,778,214
6,581,817
31,261
165,136
6,778,214

THE SHUTTLEWOOD CLARKE FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

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		 2023
£
-199,907
136,896
-24,428
0
-21,923
25,534
99,795
215,874
15,967
9,253
25,220		 2022
£
-144,917
121,399
-25,096
500
-16,927
183,872
-132,575
131,173
-13,744
22,998
9,254

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (cont/d)

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

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

2. Income from Investments

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)		 2023
£
136,896
136,896
2023
£
106,377
-
132,447
17,161
11,713
267,698		 2022
£
121,399
121,399
2022
£
72,332
(1,714)
101,938
6,788
12,610
191,954

3. Analysis of Resources Used

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

3. Analysis of Resources Used (cont/d)

Analysis of Resources Used (cont/d)
Governance Costs:
Administration staff costs
Office and premises costs
Insurances
Professional fees		 2023
£
50,940
9,222
22,788
5,231
88,181		 2022
£
41,514
10,103

24,775
7,037
83,429

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		 2023
£
22,108
100
165,568
5,231
1,400		 2022
£
21,516
171
117,176
5,031
1,856

Pension Policies

Amount outstanding to the pension policies of certain employees at 31 March 2023 was £NIL (2022 : £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		 2023
No
10
3
13
2023
£
159,265
3,898
2,405
165,568		 2022
No
7
2
9
2022
£
113,937
2,176
1,063
117,176

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 £49,867 (2022: £39,155) The Trust considers its key management personnel to be Fiona Wilkinson and Kathleen Wass.

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6. Trustees

The trustees neither received nor waived any remuneration during the year (2022: £NIL).

The trustees did not have any expenses reimbursed during the year (2022 : £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 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for period
Disposals
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 1 April 2022		 Fixtures
Motor
Fittings &
Vehicles
Equipment
Grange
Manor
Other
Total
£
£
£
£
£
£
62,263
404,175
935,342
694,040
460,853
2,556,673
21,923
21,923
Freehold Property
62,263
426,098
935,342
694,040
460,853
2,578,596
4,710
4,710
62,263
421,388
935,342
694,040
460,853
2,573,886
62,262
234,990
0
0
0
297,252
22,108
0
0
0
22,108
62,262
257,098
0
0
0
319,360
4,610
4,610
62,262
252,488
0
0
0
314,750
1
168,900
935,342
694,040
460,853
2,259,136
1
169,185
935,342
694,040
460,853
2,259,421

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 2023 was £26,775 and the capital and reserves at the balance sheet date amounted to a deficit of £56,244.

9. Debtors
Trade debtors
Amount owed by group undertaking
Prepayments and accrued income
VAT		 2023
£
8,038
40,053
8,740
5,170
62,001		 2022
£
2,662
26,573
6,452
5,353
41,040

THE SHUTTLEWOOD CLARKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10. Current Assets Investments

% of
Total
cost
W H Ireland Bank
0.5%
Large Investments
Bayer AG
2.7%
Black Rock Continental European
2.8%
Hicl Infrastructure
2.6%
Ibstock
2.5%
JP Morgan US Equity Income Fund
2.9%
Jupiter Japan Income Fund
2.6%
Lloyds Banking Group
4.3%
Montanaro UK Income Fund
3.3%
Morgan Stanley Asia Opportunity
0.0%
North American Inc.
3.2%
Royal London Global Equity
3.8%
Royal Dutch Shell
0.0%
Sarasin Global Higher Dividend Fund
3.7%
Vodafone Group
4.8%
VT Gravis UK Infrastructure
2.6%
Other Investments
UK
36.8%
Overseas
21.0%
100.0%
TOTAL
Investment		 % of
Total
cost
W H Ireland Bank
0.5%
Large Investments
Bayer AG
2.7%
Black Rock Continental European
2.8%
Hicl Infrastructure
2.6%
Ibstock
2.5%
JP Morgan US Equity Income Fund
2.9%
Jupiter Japan Income Fund
2.6%
Lloyds Banking Group
4.3%
Montanaro UK Income Fund
3.3%
Morgan Stanley Asia Opportunity
0.0%
North American Inc.
3.2%
Royal London Global Equity
3.8%
Royal Dutch Shell
0.0%
Sarasin Global Higher Dividend Fund
3.7%
Vodafone Group
4.8%
VT Gravis UK Infrastructure
2.6%
Other Investments
UK
36.8%
Overseas
21.0%
100.0%
TOTAL
Investment		 Market
Market
Cost
Value
Cost
Value
£
£
£
£
18,572
18,572
23,690
23,690
2023
2022
18,572
18,572
23,690
23,690
2.7%
2.8%
2.6%
2.5%
2.9%
2.6%
4.3%
3.3%
0.0%
3.2%
3.8%
0.0%
3.7%
4.8%
2.6%
36.8%
21.0%		 110,562
76,312
110,562
77,639
112,713
118,700
118,034
119,096
103,587
100,750
106,150
117,480
102,252
86,250
0
0
116,399
133,903
128,605
154,968
105,389
109,976
105,389
109,667
173,673
95,360
204,065
110,591
131,850
119,985
116,854
121,355
0
0
109,751
78,149
129,595
140,500
138,521
160,866
153,329
170,440
153,329
168,016
0
0
111,268
142,324
151,691
176,772
147,059
175,689
194,028
81,710
184,859
104,866
106,693
103,568
0
0
1,494,216
1,558,077
1,556,164
1,672,681
851,887
1,175,914
841,931
1,185,505
100.0% 4,037,864
4,248,217
4,132,541
4,498,892
4,056,436
4,266,789
4,156,231
4,522,582

Overseas investments includes unitised funds investing in overseas securities.

Listed investments
Cash equivalents on deposit		 2023
£
4,248,217
18,572
4,266,789		 2022
£
4,498,892
23,690
4,522,582

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11. Creditors : amounts falling due within one year
Trade creditors
Accruals and deferred income		 2023
£
17,995
32,142
50,137		 2022
£
22,292
35,595
57,887

12. Analysis of net assets between funds

Fixed Assets
Investments
Net Current Assets
TOTAL NET ASSETS		 Endowment Unrestricted
Restricted
2023
2022
Funds
Funds
£
£
2,259,136
2,259,136
2,259,421
4,166,727
77,398
22,665
4,266,790
4,522,583
44,602
44,602
-3,774
6,425,821
122,043
22,665
6,570,528
6,778,230

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 £3,119.

The restricted fund balance of £22,665 comprises £9,854for the Changing Landscapes scheme, £5,014 for support s £7,258 for educational work and £539 for a gazebo.

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		 2023
2022
£
£
-207,685
211,865
-136,896
-121,399
24,428
25,096
22,108
21,516
130,462
-299,198
100
171
-3,713
1,230
-20,961
1,063
-7,750
14,739
-199,907
-144,917

14. Commitments

Capital

Contracts placed but not executed by 31 March 2023 totalled £NIL (2022 : £NIL).

Investments

Contracts placed but not provided for by 31 March 2023 totalled £NIL (2022 : £NIL).