Registered number: 02171496 Charity number: 803661
CLAN TRUST LIMITED (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Chairman's Statement | 2 |
| Trustees' Report | 3 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 - 10 |
| Notes to the Financial Statements | 11 - 21 |
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | J A Alston |
|---|---|
| R C Alston, Vice Chair | |
| S M Oldfield | |
| R J Hirst | |
| T F Papworth, Chair | |
| A M Ritchie | |
| H J Raker | |
| B T B Turner | |
| Company registered number 02171496 Charity registered number 803661 Registered office Brown & Co The Atrium St George's Street Norwich Norfolk NR2 4TA Company secretary R H C Hughes Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB Bankers Barclays Bank Plc 5-7 Red Lion Street Norwich NR1 3QH Solicitors Birketts Kingfisher House 1 Gilders Way Norwich NR3 1UB Stockbrokers Barratt & Cooke 5-6 Opie Street Norwich NR1 3DW |
Page 1
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
The chairman presents his statement for the year.
I made the decision to break with tradition and serve a 4th year as Chairman due to the Covid 19 pandemic last year, also hoping to finalise some of the projects that had started during my tenure but not finished. I am now pleased to report that the YANA project is a stand-alone charity in its own right and the planning permission at Old Hall Farm, Witton has been secured.
It has been a real honour to be Chairman of this fantastic charity that does so much good in and around Norfolk and I have been privileged to see the charity through so many significant milestones. The Clan Trust turning 50, YANA reaching its 10th birthday and sadly the passing of the unforgettable Willy Donald.
This year has seen a continuation of lockdown measures and the roll out of the vaccine which has slowed the infection rate albeit new variants keep emerging to keep everybody on their toes. The furlough scheme has undoubtedly helped some businesses and staff but not all, we are now seeing a significant rise in unemployment which will ultimately put pressure on charities already under pressure from homelessness and the rise in food banks.
Alison and Richard have worked well together in filtering the requests received by the charity and our membership of the agri-foods charity partnership helps to ensure we are not double funding a cause and charitable money is concentrated where it is needed most.
I am pleased to report that some building work has commenced at Old Hall Farm, Witton to secure the planning permission. James has put a lot of time and effort into getting papers signing and the ball is moving in the right direction at last.
Covid 19 has increased the awareness of mental health in agriculture and YANA has been busy with an increase in calls on their helpline. The mental health first aid courses have restarted with covid secure facilities and there are now more than 100 trained volunteers of the YANA army. As YANA is now a separate charity this will be the last report needed for our accounts.
The Clan Trust stocks and share portfolio had weathered the pandemic storm very well under the guidance of Rob and Stephen with help from William at Barrett and Cooke.
The takeover of Easton college by Norwich City college has completed but the pandemic stopped all activity on site, and I fear we will lose the agricultural courses and study in the future if there isn't any improvement in the quality of teaching. Conversely Harper Adams is growing in strength, and I am pleased that Poppy Bunting from Norfolk gained the Clan Trust Bursary.
The Norfolk Young Farmers and Countrysiders membership organisations have had a difficult year through Covid, three members of staff were reduced to two and now there are none but with the support of the RNAA the hope is they will relaunch in September.
Once again, I would like to thank Rob Hughes and Victoria for all their help and support in keeping the administration of the trust in order and ask the existing trustees to consider appointing another trustee with an educational background.
Finally, I need to record this historic moment when the Chairman of Clan Trust set up by Rob Alston in 1968 is passed onto another Rob Alston of Carlton Forehoe from the same Scottish family and hope that he enjoys the role as much as I have.
T F Papworth Chairman Date:
Page 2
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the company for the 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the company are that of;
-
promotion and assistance in charitable work and,
-
advancement of education in agriculture and horticulture.
The trustees apply the charity's funds towards these objects by the maing of grants towards educational, agricultural and other charitable intructions in Norfolk and neighbouring counties.
b. How our grant programme delivered public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing aims and objectives and in considering grant making. In particular, the trustees have considered how grant making will contribute to the aims and objectives they have set.
The beneficiaries of the charity are students at the educational institutions, and ultimately agriculture and horticulture in Norfolk and neighbouring counties.
During the year, the trust has continued to support key agricultural education establishments in the county. In particular, support has been provided to Easton College, with the provision of student and transport bursaries.
The trust makes considerable donations to the Norfolk Federation of Young Farmers to support the continuing development and countrysiders at all levels. The trust supports mental health charities including YANA on a regular and ongoing basis.
Achievements and performance
a. Key performance indicators
Performance of investments and rental returns are considered to be the key performance indicators of the charity.
Page 3
CLAN TRUST LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
b. Review of activities
During the year, donations of £68,300 were made in line with the charitable objects (2020: £60,028).
c. Investment policy and performance
The company owns Witton Hall cottages and a total of 492,256 acres of land at Witton, Honing and Edingthorpe, all of which are let. The investment property was valued by the trustees at 31 March 2015 to reflect the carrying value of investment property. As at 31 March 2021 the value of £4,554,208 has been reflected in the balance sheet.
In addition, the trust holds investments in listed securities which are managed by Barratt & Cooke.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Unrestricted reserves amounted to £5,784,879 at 31 March 2021 (2020: £5,571,516). Restricted reserves relating to the YANA project were donated to a separate third party charity, and the closing balance of restricted funds was therefore £nil (2020: £169,761).
The Charity maintains sufficient liquidity, through a combination of cash at bank and cash held as part of its investment portfolio, to cover envisaged annual
-
administration and professional costs (it has no employees)
-
property insurance, repairs and asset maintenance (including planning matters)
-
donations that have been committed not paid (such as the Priscilla Bacon Lodge)
-
donations that have are repeating in nature (such as Norfolk Young Farmers and Countrysiders)
Free Reserves, held via both cash at bank and as cash in the investment portfolio, after adjustment for donations committed and held in creditors falling due within one year for the Priscilla Bacon Lodge at the yearend were £14,085 (2020 £12,171).
Any surpluses created beyond this requirement during the year are invested for the purposes of increasing income to meet specific donations or to enable relating to the charity's fulfilment of its primary objectives.
At year end the total reserves were £5.7m (2020 £5.7m). During the year the entire restricted reserves, which all relate to the YANA project, were donated to the new stand-alone YANA Charity (reg no 1190443) such that the closing restricted reserves were therefore £nil (2020 £170k).
Page 4
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
c. Surplus
The result for the year ended 31 March 2021, before revaluations, was a deficit of £183,364 (2020: surplus of £49,059). Net gains on investments totalled £224,534 (2019: loss of £156,171). The deficit before revaluations was caused by the donation of the restricted YANA fund balance to a separate, newly established third party charity.
d. Financial risk management objectives and policies
The trustees have adopted a medium risk strategy of investment seeking to provide sufficient income to further the grant making capabilities of the charity whilst maintaining capital value.
Structure, governance and management
a. Company history
Under a deed of merger dated 31 March 1997, the company acquired assets with a net book value at that date of £891,060 from the Clan Trust, a charity with similar objectives established on 1 March 1968 by the late Rob Alston.
On 28 June 1990 the company was granted charitable status by the Charity Commission.
HMRC has also confirmed the charitable status of the company, thus relieving the company of the liability to corporation tax on surpluses of income over expenditure, including investment income, applied for charitable purposes.
The company is limited by guarantee and does not have share capital. The members are liable to contribute a sum not exceeding £1 each to the company's assets in the event of the company being wound up.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.The trustees who serviced throughout the year are recorded in the Legal and Administrative Information on page 1.
In accordance with the Articles of Association the council must be made up of at least three members, with no maximum. The trustees are content with the current size of the board. New members are elected to the board at General Meetings of the company members, being either retiring members of the board or nominees to the board. One third of the members of the board retire at each Annual General Meeting of the company, and are eligible for re-election. Where there is a need to recruit new trustees, suggestions are sought from all existing trustees, bearing in mind any skills gap that has been identified.
Training is provided to new trustees as appropriate.
c. Organisational structure and decision-making policies
The trustees hold regular meetings to administer the affairs of the company.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Page 5
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (continued)
d. Information on fundraising practices
The charity raises funds directly from the public using its own staff (no fundraising agencies are used). The charity does not subscribe to a fundraising code at present. The trustees are not aware of any failures, during the year ended 31 March 2021 (2020: none), by the charity of any person acting on its behalf, to comply with its fundraising standards, nor did they receive any complaints about fundraising activity. Fundraising staff have been provided with training on how to protect vulnerable people and other members of the public from behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent and places undue pressure on a person to give money or other property.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
T F Papworth Chair Date:
Page 6
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of Clan Trust Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 16 December 2021 Steven Rudd FCA
Larking Gowen LLP, Chartered Accountants, King Street House, 15 Upper King Street, NR3 1RB
Page 7
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ - 97,761 97,761 97,326 97,326 435 212,928 213,363 5,571,516 213,363 5,784,879 |
Restricted funds 2021 £ 24,682 - 24,682 208,481 208,481 (183,799) 14,038 (169,761) 169,761 (169,761) - |
Total funds 2021 £ 24,682 97,761 122,443 305,807 305,807 (183,364) 226,966 43,602 5,741,277 43,602 5,784,879 |
Total funds 2020 £ 128,399 98,555 226,954 177,895 177,895 49,059 (156,171) (107,112) 5,848,389 (107,112) 5,741,277 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 21 form part of these financial statements.
Page 8
CLAN TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02171496
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Investments 10 Investment property 9 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
13,239 132,510 145,749 (81,664) |
2021 £ 1,211,324 4,559,470 5,770,794 64,085 5,834,879 (50,000) 5,784,879 - 5,784,879 5,784,879 |
35,575 214,317 249,892 (64,052) |
2020 £ 1,076,229 4,554,208 5,630,437 185,840 5,816,277 (75,000) 5,741,277 169,761 5,571,516 5,741,277 |
|---|---|---|---|---|
Page 9
CLAN TRUST LIMITED IA Company Limlfed by Guara#tee) REGISTERED NUMBER: 02171496 BALANCE SHEET IcowfiNUED) AS AT 31 MARCH 2021 The company was enlilled lo exempliDn from audit under section 477 of the Companies Act 2006. The members have not requlred the company to oblaln an audit ft)r the year in question in gccordance wlh seBtion 476 Df Companlgs Act 2006. Th8 Trustees acknowledge thèir rèsponsibili15es for ¢omplylng wlth the requiremanls of the Act with respect lo a¢countlng records and prep2rBlion Df Inandal slatemènls. The financial statements have been prapared In accordance wlth the provlslons appllGable to enlllies subject to tho srnall companleg reglm&. The fi lements wero approved and authorised for Issue by the Trusl8es and signed on their behalf by.. orth Chalr Dale.. The notes on pages 1110 21 form part of these flnancial stalemgnts. P8g&10
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Clan Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Company status
The company is a company limited by guarantee, incorporated in England and Wales. The members of the company are the Tustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 11
(A Company Limited by Guarantee)
CLAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.10 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 12
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations
3.
| Unrestricted funds 2021 Restricted funds 2021 £ £ Donations - 24,682 Unrestricted funds 2020 Restricted funds 2020 £ £ Donations 1,200 127,199 Investment income Unrestricted funds 2021 £ Rent receivable 77,145 Listed investments 20,599 Other investments 17 97,761 |
Total funds 2021 £ 24,682 |
|---|---|
| Total funds 2020 £ 128,399 |
|
| Total funds 2021 £ 77,145 20,599 17 |
|
| 97,761 |
Page 13
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Investment income (continued)
| Rent receivable Listed investments Other investments Analysis of donations Donations Donations |
Unrestricted funds 2020 £ 68,700 29,781 74 98,555 Grants to Institutions 2021 £ 242,980 Grants to Institutions 2020 £ 60,028 |
Total funds 2020 £ 68,700 29,781 74 |
|---|---|---|
| 98,555 | ||
| Total funds 2021 £ 242,980 |
||
| Total funds 2020 £ 60,028 |
4. Analysis of donations
Page 14
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Analysis of donations A G A Lane - Worshipful Farmers Leadership Development Course Age Concern Agrifood Charities Partnership Amanda Hartley - The Little Story Telling Company Art for Pleasure Asthma Relief Astro Brain Tumor Fund Aylsham Agricultural Show Centre 81 C N Dunne - funding towards PhD "Women in Agriculture" Research Deafblind UK Drayton Community Infant School Eat Farm Now Eliza Emmett - Soil & Water Training Ferblanc Felmingham Church Harper Adams University Development Trust Hear for Norfolk Heritage House Caring Group Ltd LEAF Le Paradis Memorial Appeal Livability Ludham Village Hall 100 Drawings Exhibition MND Association NARS Norfolk Community Foundation Norfolk Deaf Association Norfolk Hospice Norfolk Young Farmers Countrysiders North Norfolk Community Transport Oliver Scott - Worshipful Farmers Leadership Development Course Pensthorpe Conservation Trust RABI Subtotal* |
2021 £ - 500 5,150 - - 700 500 - 1,000 2,500 - - 500 - 500 - 3,000 2,900 1,000 - - - 1,800 - - 500 5,000 - - 30,000 - - - - 55,550 |
2020 £ 750 1,000 4,000 900 250 700 - 500 - - 500 300 - 1,000 - 500 - - - 500 500 500 200 278 1,500 - 5,000 2,000 400 15,000 2,500 750 1,000 3,000 |
|---|---|---|
| 43,528 |
Page 15
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Analysis of donations (continued)
| Royal Norfolk Agricultural Association Stepping Stones Suffolk Agricultural Association The Greatest Agricultural Show The Matthew Project The Norfolk Hospice The Papillon Project The Salvation Army Thornage Hall University of East Anglia Vision Norfolk Waveney Stardust Trust West Norfolk Befriending West Norfolk Deaf Association Wood Dalling Church Total donations |
- 1,000 - 500 500 1,500 2,000 250 - 5,000 - - 1,000 - 1,000 68,300 |
4,000 - 1,000 - - - - - 5,000 5,000 500 500 - 500 - |
|---|---|---|
| 60,028 |
- These grants were made out to individuals rather than institutions.
in addition to the above, donation expenditure includes the transfer of the YANA restricted fund, and its assets, to a newly established third party charity. This has been treated as a restricted donation of £174,680.
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Other costs 29,026 Donations 68,300 Total 2021 97,326 |
YANA 2021 £ 33,801 174,680 208,481 |
Total funds 2021 £ 62,827 242,980 |
|---|---|---|
| 305,807 |
Page 16
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 5. Analysis of expenditure on charitable activities (continued) Summary by fund type (continued) Unrestricted funds 2020 £ Other costs 55,488 Donations 60,028 115,516 6. Direct costs Sundry YANA Insurance Residential costs Management fee Governance costs 7. Governance costs Professional fees Independent examiner's fee |
Restricted funds 2020 £ 62,379 - 62,379 2021 £ 3,635 33,801 6,816 6,764 1,520 13,121 65,657 2021 £ 4,859 3,000 7,859 |
Total funds 2020 £ 117,867 60,028 |
|---|---|---|
| 177,895 | ||
| 2020 £ 488 62,379 7,006 20,860 1,792 16,457 |
||
| 108,982 2020 £ 13,455 3,002 |
||
| 16,457 |
Page 17
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Investment property
| Valuation At 1 April 2020 Additions At 31 March 2021 |
Freehold investment property £ 4,554,208 5,262 |
|---|---|
| 4,559,470 |
The 2021 valuations were made by the Trustees, following a formal valuation performed by Brown & Co on 31 March 2015, on an open market value for existing use basis.
10. Fixed asset investments
| Cost or valuation At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Listed investments £ 1,076,229 40,905 (132,776) 226,966 |
|---|---|
| 1,211,324 | |
| 1,211,324 | |
| 1,076,229 |
Page 18
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Investments at market value comprise: Listed investments Material investments M&G Charifund Accumulation Units 11. Debtors Prepayments and accrued income Tax recoverable 12. Creditors: Amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income Deferred Income Deferred income at 1 April 2020 Resources deferred during the year Amounts released from previous years Deferred income at 31 March 2021 |
2021 £ 1,211,324 2021 £ 221,239 2021 £ 13,239 - 13,239 2021 £ 312 72,350 9,002 81,664 |
2020 £ 1,076,229 2020 £ 163,759 2020 £ 33,239 2,336 35,575 2020 £ - 55,050 9,002 64,052 2021 £ 850 850 (850) 850 |
|---|---|---|
Page 19
CLAN TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Creditors: Amounts falling due after more than one year
| Other creditors | 2021 £ 50,000 50,000 |
2020 £ 75,000 |
|---|---|---|
| 75,000 |
In 2019, the charity committed to fund the Priscilla Bacon Appeal, pledging to donate a total of £205,000.
During the year ended 31 March 2020 £105,000 of the donation was paid, which included £80,000 for the construction of a music room and a further £25,000.
Amounts falling due in more than one year include the remaining £50,000 split between two £25,000 installments payable for the financial years 2022/2023 and 2023/2024 in equal installments. The installments of £25,000 each due in the financial years 2020/2021 and 2021/22 have been included in creditors due within one year.
14. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
General funds Restricted funds |
Balance at 1 April 2020 £ 5,571,516 169,761 5,741,277 Income £ 99,755 127,199 226,954 |
Income £ 97,761 24,682 122,443 Expenditure £ (115,516) (62,379) (177,895) |
Expenditure £ (97,326) (208,481) (305,807) Transfers in/out £ 5,400 (5,400) - |
Gains/ (Losses) £ 212,928 14,038 226,966 Gains/ (Losses) £ (159,294) 3,123 (156,171) |
Balance at 31 March 2021 £ 5,784,879 - |
|---|---|---|---|---|---|---|
| 5,784,879 | ||||||
| Balance at 31 March 2020 £ 5,571,516 169,761 |
||||||
| Summary of funds - prior year | ||||||
| General funds Restricted funds |
Balance at 1 April 2019 £ 5,741,171 107,218 5,848,389 |
|||||
| 5,741,277 |
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(A Company Limited by Guarantee)
CLAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 1,211,324 Investment property 4,559,470 Current assets 145,749 Creditors due within one year (81,664) Creditors due in more than one year (50,000) Total 5,784,879 |
Total funds 2021 £ 1,211,324 4,559,470 145,749 (81,664) (50,000) 5,784,879 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2020 £ 1,005,137 4,554,208 151,223 (64,052) (75,000) 5,571,516 |
Restricted funds 2020 £ 71,092 - 98,669 - - 169,761 |
Total funds 2020 £ 1,076,229 4,554,208 249,892 (64,052) (75,000) 5,741,277 |
|---|---|---|---|
16. Related party transactions
During the year ended 31 March 2020, the Trust made a grant of £4,000 to the Royal Norfolk Agricultural Association (RNAA). R A Alston is a director of RNAA. There were no such donations in the year ended 31 March 2021.
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