Reglstered number: 02171496 Charlty number: 803661 CLAN TRUST LIMITED (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
CLAN TRUST LIMITED {A Company Llmlted by Guarantee) CONTENTS RtrenGe and Admlnistratlve Details of the Company¥ It8 Trustees and Advisers Chalm)an's Statement Trustees. Report Independent Examlner's Report Statement of Flnancial Activitles Balance Sheet 9-10 Notes to the Flnancial Statgm9nts
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 2022 Trusteès J A Alston R C Alston. Chair S M Oldfield RJ Hirst T F Papworlh A M Ritchie H J Raker B T B Turner Company reg18tered numbeT 021714 Charity règl8t•Yèd number 803661 RegisterÈd offlGg Brown & Co The Atrium Sl George's Street Norwich Norfolk NR2 4TA Company 8ecretary R H C Hughes Accountant8 Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwch NR3 IRB Bankers Barclays Bank PIC 5-7 Red Lion Street Norwch NR13QH Solicitor8 Bitketls Kingfisher House 1 Gilders Way Notwtch NR31U8 stockbroker8 Barratl & 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 2022 The chaimian presents his statement for the year. Afler my tirsl year as Chaimian, I feel honoured and privileged lo be leading the Clan Trust. It's a pleasure lo )rk with our team of Tr¢Jstees, partners and beneficiaries. The Clan Trust continues lo provide donations for broad spectrum of charities. vdunleer groups and individuals across agricultural education, research and care for Ihe elderly, enabling them to physically deliver help ere needed. In this financial year Iwo examples of thi5 a the ongoing donation lo the Priscilla Bacon Hospice Appeal for palliative care and funding the Food and Farmlng Discovery Trust through Ihe RNAA to deliver a schLX)Is education offering across Norfolk. During the year the Trustees have started a strategic review lo reassess the priorities lor the charity gring forward which include asset utlisalion, donations and fund raising opportunib'es. The Trustees and l are proud ol what the Clan Trust has achieved in recent years, particularly YANA. To conlinue to move fotward, il 15 Important that the charity works lo provide more support in a Challenging economic climate alongside an increased public profile to promote donations lo and from the charity. Work is ollgoing and we aim lo complele this review in the coming year, The prwrty portfolio is led by James Alston and Ben Turner th a review underway explor(ng the optlons available lo maximize the vaSue of the farm yard al Witton. We expect this strategy lo compleled shortly folloM*d by a fomialisalion of all planning consents. Our investment wrtfolio has performed 11 having ridden the volalilily of the previous year and conllnues lo outperform. Stephen Oldfield and I maintain oversight on all liquid investments via Barrall & Cooke wlh a view lo a conservative strategy over the longer term. This is evidenced by our move to increase cash reserves towards the end of the year as risk factors increase. The Clan Trust was fortunate enough to receive a subslanlial bequest which is in the process of being added into the investment portfolio. This was the first bequest Into the charity for some time and was unexpected. We are grateful for the bequealherfs generosity and will ensure that the lunds are invested and distributed efficiently by the TTUSt. Donations continue to show a good spread of beneliciaries and I would Ilke lo thank Alison Ritchie and Richard Hirsl for their hard work. The Trustees reel that V•t can broad8n our reach and we aim lo increase the number of donab'ons wherever possible. Lastly, I would like to thank all the Trustees for their commitment and work Ihroughotrt the year. We continually review the skill sets of Trustees and feel that have a strong team. We plan lo appoint a new Trustee each year for the next bmo years lo add further skill sets and enable succession planning. I must also must thank Rob ughes and Victoria English for their longstanding roles as secretary and adminislralive support respectively, togelhei they provide great service and the corwrale memory which is highly valuae. I look forward lo artother good year for the Clan Trust. R C Alston Chairman Dale.. 12 September 2022 Page 2
CLAN TRUST LIMITED {A Company Limited by Guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together wth the linancial statements of the C¢xnpany for the 1 April 2021 10 31 March 2022. The Annual Report sefves the purposes ol both a Tfuslees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements ol the charilable company comply wlh the current slalulory requirements, the requirement8 of the charitable company's goveming document and the provisioris of the Statement ol Recommended Praelice ISORP) applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 leflective 1 January 2019). Since the company qualifies as vnall under section 382 of the Companies Act 20. the Strategic Report required of medium and large companies under the Companies Act 20C6 Islralegic ReFQrt and Directors, Report) Regulations 2013 has en omilled. Obl6ctlve8 and actlvlties a. Poll¢l&3 and obJeetÉves The objects of the company are that of. promotion and assistance in charitable work and. advancement of edLKation in agncullure and hottculture. The trustees apply the charity's funds towards these objects by the maing of gtants toward5 educational. agricultural and other charitable inlru¢tions in Norfolk and neighbouring counties. b. How our grant programmo dellver•d public benefit The Trustees have referred lo the guidanee containing the Charlly Commissions General Guidan and Public Benefit vthen reviewing names and objectives and in considering grant making. In particular, the Trustees have considered how grant making wll contribute lo the aims and objectives they have sel. Benefieiaiies of the Charity are students al various educatsonal institutions as well as, ullimalely, the industry of agri¢ullure and horticulture in Norfolk and ils neighl)wiing Counties. The Trust also supports care lor the elderly and infirrn in that region. During the year the Trust has conlinued to SUPFW)rt key agriculttsral education ilh clear and obvious bènefits lo the CoLtnties. In particular support has been provided lo the University of East Anglia Scholarship programmes as well as Norfolk Schdais al Harper Adams Universily College wlh the provision of Scholarships. The Trust also continues lo make legacy payments to the Priscilla Bacon Hospice and the Royal Norfolk Agricultural Association in ils running of the Royal Norfolk Show and support of the Food and Farming Discovery Trust. The Trust continues to supp(xt rural mentsl health charities as requested. Achlevements and perfonnancè Key performance indicators Performance of investments and rental rel¢Jrns are considered lo be the key Performan Indicators of the charity. Page 3
CLAN TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achlevements and performance Icontlnued) b. Revlèw of a¢tlvltie8 During the year. donations of £34.050 were made in line th the charitable objecls12021.' £68.3001. Invostment pollcy and performancg The company owns Witton Hall collages and a lolal 01 492,256 acres of land al Witton, Honing and Edinglhorpe, all of which are let. The investment property valued by Bro & Co al 31 Marth 2022 10 reflect the carrying value of investment pri)perty. As at 31 March 2022 the value of £6.160,000 has been reflected in the balan sheet In addition, the trust holds investments in listed 5ecurib.es which are managed by Barrall & Cooke. Financlal revlew a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company ha5 adequate reSoUS lo continue in operational existen for the foreseeabte future. For this reasor¢, they continue to adopt the going concern basis in PTeparing the financial slatemenls. Further details regarding the adoption of the going cOnM bass can be found in the accounting policies. b. Reserves pollcy Unreslricled reseNe8 amounted to £7.630,640 al 31 March 202212021.. £5,784.8791. The Charity maintains sufficient liquidity, through a combination of cash al bank and cash held as part of its inve31menl portfolio, to cover envisaged annual adminislralion and profewonal Costs lil has no employees) pr(¥)erty insurance, repaiis and asset mainlenatsce (including planning mallersl donabons that have been commilled not paid (such as the Priscilla Bacon Lodge) donations th* are repealing in nature lsuth as Norfolk Young Farmers ancl Counlrysidersl Free Reserves, held via both cash al bank and as cash In the investment portfolio, after adjuslmenl for donalions commilled and held in creditors falling due within one year for the Pris14a Bacon Lodge at the year- end were £130,48912021 £14.0851. Any surpluses eated beyond this quIrement during the year are invested for the purF)0ges of increasing income to meet specific donatFons or lo enable relating to the charity's fulfilmenl of ils primary oty'eclives. At year erKI the total reserves were £7.6m {2021 £5.7ml- DUng the prior year the enllre reslricled reserves, %thich all rolale lo the YANA prqecl, were donated lo the naw stand-alone YANA Chailty (reg no 11904431 such that the closing reslricled reserves were therefore £nil {2021 £nill. Page 4
CLAN TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Surplus The result for the year ended 31 March 2022. before revaluations, was a suplus of £161,45812021'. deliclt of £183,364). Net gains on investments lotslled £113,497 (2021 £226,966) and the revaluab'on ol fixed assets was £1,570,806 12021.. Nil). The delicil before revaluations in the prtor year was caus1 by the donation ol the reslricled YANA fund balance lo a separate. newly established Ihird party charity. d. Flnanclal r18k management oblectives and policies The trustees have adopted a medium risk strategy of investment seekn.ng lo provide sufficient Income to further the grant making Capabilities of the ch2Tlty whilst maintaining capital value. Structure. governance and management . Company h18tory Under a deed of merger dated 31 March 1997, the company acquired assets wlh a net book value at that dale of £891,(EO from the Clan Trust, a charity wlh similar objectives established on 1 March 1968 by the late Rob Alston. On 28 June 1990 the company was granted charitable status by the Ctr>arity Commission. HMRC ha8 also ¢onfim)ed the charitable status of the company, thus reSieving the company of the li8bility to eorwralion tax on Suluse9 of income ovei expenditure, including investment Income, applied for charitable purpose& The company Is limited by guarantee and does not have shale capital. The members are liable lo conlriiKrte a sum not exceeding £1 each lo the Gompany's assets in the event of the company being wound up. b. Methods of appointment or gloction of Trustees The management of the company is the responsbility of the Trustees are elect&J and ccw)led urKler the terms of the Memorandum of Associalion.The trustees who serviced throughout the year are recorded in the Legal and Adminislralive Inlormalion on paga 1. In accordance with ihe Articles of Association the council must be made up of at least three members, with no maximum. The trustees are conlenl ¥Mth the cuirent size of the board. New members are elected to the board al General Meellngs of the company members, being either retiring members of the board or nominees lo the board. One third of the members ol the board retire al each Annual General Meeting of the company, and are eligible for re-election. Where there is a need lo recruit new Iruslee5, suggestions are sought from all existing Iruslees. bearing in mind any skills gap that has been identified. Training is provided lo new trustees as appropriale. Organlsatlonal structure and declslon-maklng polic189 The Iru*ees hokd regular meetings to administer the affaits of the company. In preparing this reFX)tl, the trustees have taken advantage of Ihe small CA)mpanies exemptions provided by section 415A of the Companies Act 20(. Page 5
CLAN TRUST LIMITED IA Company Limitod by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement of Trustees. re5ponslbilitie8 The Twstees Ivtho are also the directors ol the company for the purpose5 of company lawl are responslble for preparing the Trustees, Report and the financial slalemenls in accordance wlh applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpIed Accounting Praclicel. Company Saw requires the Tfuslees lo prepare finanual slalemenls for each financial . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a Irije and fair view of Ihe state of affairs of the company and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these linancial slalements. the Trustees are required lo.. selecl suitable accounting policies and then apply them cOnstentIy.' observe the meth(xJs and principles ol the Charities SORP {FRS 1021", make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounlbng Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial slalements on the going concern baS unless il is inappropriate to presume that the company wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufflcient lo show and explain the company's transactions and disclose wlh reasonable accuracy al any time the finan31 position of the company and enabte them lo ensure that the financial statements comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevenbon and detection of fraud and other irregularib'es. Approved by order of the members ol the ttsrd of Twstees and signed on their behalf by.. R C Alston Chair Oale.. 12 September 2022 Page 6
CLAN TRUST LIMITED IA Company Limited by Guarantee) INDEPENDENT EXAiVIINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Independent Examiner's Reportto the Trustees of Clan Trust Limited {'the company'l I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2022, Responsibilities and Basis of Report As the Trustees of the company land ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'}, Having satisfied myself that the accounts of the company are not required lo be audited under Parl 16 of the 2006 AGI and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 Df the Charities Act 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515)(bl of the 2011 Act. Independent Examiner's Statement I have completed my examinalion. I confirm that no matters have come to my attention in connection wtlh the examination giving me cause lo 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 Slalement of Recommended Practi for accounting and reporting by charities lapplicable lo charities preparing Ihoir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no con¢ems and have come across no other matters in connection th the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the aceounts lo be reached. This report is made solely lo the wmpany's Trustees, as a body, in accordance with Parl 4 of the Charities (Accounts and RepDrtsl Regulations 2008. My work has been undertaken so that I might slate to the company's Trustees those mallers l am required to slal& lo them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permilled by law, I do not a¢cept or assume responsibility lo anyone other than the Company and the company's Trustees as a body. for my work or for this report. Signed". LJ Dated.. 14 September 2022 steven Rudd FCA Larking Gowen LLP, Chartered Accountants, King Street House, 15 Upper King Street, NR3 1 RB Page 7
CLAN TRUST LIMITED IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Investments 115,810 107,755 115,810 107,755 24,682 97, 761 Total income 223,565 223,565 122,443 Expenditure on: charitale activities 62,107 62,107 305,807 Total expenditure 62,107 62,107 305,807 Net IncomÈllexpendlture} before net gains on Investments Nel gains on investments Net movement In funds before other recognised gains 161,458 113,497 161,458 113,497 (183,364) 226,966 274,955 274,955 43,602 other recognlsed galns: Gains on revglualion of fixed 8ssets 1,570,806 1,570,806 Net movement in funds 1,845,761 1,845,761 43.602 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 5.784,B79 1,845,761 5,784.879 1,845,761 5, 741,277 43,602 Total funds earrled fotward 7,630,640 7,630,640 5, T84, 879 The Slalement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 1110 21 form part of these financial slalemenls. Page 8
CLAN TRUST LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER." 02171496 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Not Flxed assets Investments Investment property 10 1,340,151 6,160,000 1,211,324 4.559.470 7,500,151 5. 770, 794 Current assets Debtors Cash al bank and in hand 11 14,027 192.262 13.239 132,510 206,289 145, 749 Creditors.. amounts falling due within one year 12 {50,8001 (87, 664) Net current assets 155,489 64.085 Total assets less ¢urrènt liabilities 7,655,640 5,834,879 Creditors.. amounts falllng due after more than one year 13 125.0001 {50, Oth9) Total net assets 7,630,640 5, 784, 8T9 Charlty funds Restricted funds Unreslricled funds 7,630,640 5. 784, 879 Total funds 7,630,640 5. 784,879 Page 9
CLAN TRUST LIMITED IA Company Limited by Guarant¢el REGISTERED NUMBER: 02171496 BALANCE SHEET ICONTINUEDI AS AT 31 NIARCH 2022 The company was enlilled to exemption from audit under section 477 of the Companies Act 20C6. The memters have not required the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 20CE. The Trustees acknOedge their respc¥)sibililies for complying wlh the reqltirements of the Acl respect to a¢counting records and preparation of financial statements. The finartryal statements have been prepared in accordance with the provisions applicable lo enlilies subject lo the small companies regimo. The Ilnancial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. R C Alston Chair Dale.. 12 September 2022 The notes on pages 1110 21 fomi part of these linancial $lalemenls. Page 10
CLAN TRUST LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles 1.1 Basis of preparation of flnanclal statements The financial slalemenls have been prepared in accordance wth Ihe Charlties SORP IFRS 1021 Accounting and Reporting by Charities-. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companie3 Act 20. Clan Trust Limited meet5 th• dafinltion of a public benefit enllty under FRS 102. Assets and liabilities are inllially recognised al historical cost or transaction value unless olhewse slated 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 Ihe Tustees named on page 1. In the event of the company being V+ound up. the liability in respect of the guarantee is limited lo £1 per member of the company. 1.3 Income All income is recognised once the company has entillemenl lo the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimale wlh sufficient accuracy the amount reiVable. Evidence of enlitlemenl lo a legacy exists when the Company has suflicienl evidence that a gift has been left lo them Ithrixjgh knoedge of the existence of a valid will and the death ol the benefaclorl and the executor is satisfied that the property in question wll not be required lo salisly claims in the estate. Relp1 of a legacy musl be recognised Mthen it is probable that it will be received and the fair value of the amount receivable, which will generally be the èxpected Gash amount lo be distributed lo the company, can be reliably measured. Income lax recoverabte in relation lo donats.ons received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Income lax recoverable in relation to investmenl income is recognised al the time the investment income is re•vable. 1.4 Expendlture Expenditure is recognSsed once there is a legal or conslruclive obligation to l¥ansfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in Illement and the amount ol the obligation can be mea8ured reliably. Expenditure is classifred by activity. The c(Isls of each activity are made up of the lolal ol direct c0818 and shared costs, induding support costs involved in undertaking each activity. Direct CO819 allribulable lo a singl8 activity are alloealed directly to that aclivily. Shared costs which contribute to more than one activity and wpw)rt eosls which are not attributable to a s¢ngle activity are apportioned between those activities on a basis ¢onsislent wlh the use of resources. Central staff costs are allocated on the baws of lime spent, and depreciation charges allocated on the porb'on of the asset's use. Page 11
CLAN TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting pollcles {conllnuedl 1.4 Expenditure l¢ontlnuedl Expendilure on charitable activities is incurred on direGlly undertaking the activities which further the company's objecliveg, as well as any a&8ocialed SUPF)Ort costs. Grants payable are charged in the year when the offer is made exeepl in those cases there the offer is conditional, such grants b"ng recognised as expenditure when the conditions attaching are fulfilled. Grants offered sU-eCt to conditions vthich have not been met al the year end are noted as a commitmenL bul not acGru&Y as expenditure. 1.5 Investments Fixed asset investments are a forrn of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value al the Balance Sheet dale. unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as,GainlL0Sses} on investments, in the Statement of Financial Activities. 1.6 Interest recelvable Interest on funds held on deFX)Sit is induded when receivable and the amount can be measured reliably by the company.. this is nomally uwn notification of the interest paid or payable by the institution th whom the funds are depted. 1.7 Investment property Investment property valuations are updated based upon professional advice provided lo the Trustees by Brown & Co - Property and Busine55 Consullanls LLP. 1.8 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade dIoUnt offered. Prepaymenls ale valued al the amount wepaid nel of any Irade dIOUnt8 due. 1.9 Cash at bank and In hand Cash at bank and in hand indudes cash and ghort-lerm highly liquid Investments with a short maturity ol three months or less from the dale of acquisition or openlng of the depos11 or similar account. Page 12
CLAN TRUST LIMITED IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Aecountlng pollcles (conllnuedl 1.10 Liabllltles and prov181on8 Liabilities are recognised when there 15 an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in selllement. and Ihe amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the company anlicipale5 11 wll pay to settle the debt or the amount il has iecelved as advanced payments for Ihe goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based Dn the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The umnding of the discount is recognised in the Stalemenl ol Financial Activities as a finance cost. 1.11 Financial instrumènts The Company only has financial assets and fsnancral liabilities of a kind that qualify as basi financial inslrLJmenls. Bas¢ financial instruments are initially recognised al transaction value 2nd subsequently measured al their settlement value wth Ihe exception of bank loans which are subsequently measured at amortised cost using the effective interest methLXJ_ 1.12 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Truslees in furtherance ol the general objectives of the company and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions impDsed by donors or which have been raised by the company for particular purposes. The cost8 of raising and administering such funds are charged against the specific tund. The aim and use of each restricted fund is set out in the notes lo the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Income from donatlon$ Unrèstflctsd Restricted funds funds 2022 2022 Total funds 2022 Donations Legaaes 500 115,310 500 115,310 Total 2022 115.810 115,810 Page 13
CLAN TRUST LIMITED IA Cornpany Limtted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&qR ENDED 31 MARCH 2022 Income from donatlon8 Icontinuedl Restricted funds 2021 Total funds 2021 Donations 24.682 24,682 Investment income Unrestricted funds 2022 Total funds 2022 Rent receivable Listed investments 77.431 30.324 77,431 30,324 107,755 107,755 Unr8slricled funds 2021 Total funds 2021 Rent CeiVable Listed investments 77. 145 20.599 17 77, 145 20,599 17 Other investments 97,761 97,761 Page 14
CLAN TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of donation8 Grants to Institutions 2022 Total funds 2022 Donations 34,050 34,050 Grants lo Institutions 2021 Total funds 2021 Oonalions 242, 980 242,980 Page 15
CLAN TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Analysi8 of donations Aylsham and District Care Trust Age Concern Agrilood Charities Partnership Art for Pleasure Asthma Relief Astro Braln Tumor Fund Aylsham Agricultural Show Brib"sh Red Cross Centre 81 C N Dunne, funding towards PhD "Women in Agriculture" Research Eat Farm Now East Anglia Children Hospices Ferbianc Harper Adams University Develtspmenl Trust Hear for Norfolk Heritage House Caring Group Ltd Livability Ludham Village Hall Motor Neurone Disease Muscular Dystrophy NARS Norfolk Community Foundation Nuffield Farming Scholarships Trust Norfolk Young Farmers Countrysiders North Norfolk Community Transwrt Oliver Scoll. _ Worshipful Farmers Leadership Development Course Rolhamsled Research Peter Mason - Worshipful Company ol Fam)eTS' Course Royal Norfolk Show RNAA RABI Royal Mar5ton H(Ispilal Stepping Stones Suffolk Aqricultural Association 500 1,000 150 200 5,150 700 700 1,250 1,250 2,000 300 1,000 3,000 4,050 2,900 7,000 soo 300 300 2.0¢)0 30, 000 500 17501 3,000 1,000 7,750 5.000 3,000 300 1,000 Subtotal 39.500 56,550 Page 16
CLAN TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of donations Icontlnuedl The Greatest Agricultural Show The Country Trust The Matthew Project The Norfolk H05pice The Papillon Projecl The Salvation Army University of East Anglia Waveney Stardust Trust West Norfolk Befriending Wood Dalling Church YANA Creditor adjustment 3,500 4,250 2.000 250 500 2.000 1,000 300 116,0001 Total donatlons 34,050 68.300 These grants were made out lo Individuals rather than inslilulions. In the prior year. donation expenditure included a Iransler of the YANA reslricled fund, and its assets, to a nY established third pafty charity. This was a restricted donation of £174.680. Analysls of expenditure on charltable actlvltles Summary by fund type Unrè8trlctgd funds 2022 Total lunds 2022 Other costs Donations 28.057 34.050 28.057 34,050 Total 2022 82.107 62.107 Page 17
CLAN TRUST LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expendlture on charltsblè activities l¢ontlnuedl Sufnmary by fund lype Icontlnuedl Unreslricled funds 2021 Restricted funds 2021 Tolal funds 2021 Other costs Donations 29,026 68.300 33,801 174.680 62,827 242,980 97.326 208,481 305,807 Dlrect cos1$ 2022 2021 Sundry YANA Insurance Residential costs Management fee Governance costs 3,727 3,635 33,801 6,816 6. 764 1,520 13,121 6,687 698 8.541 8.404 28,057 65, 657 Governance cost8 2022 2021 Professional fees Independent examinerfs fee 5,254 3,150 10,121 13.121 Page 18
CLAN TRUST LIMITED IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Trustè¢s' rèmuneration and expen$e¥ During the year, no Trustee$ received any remuneTalion or other benefits (2021- £NIL). During the year ended 31 March 2022, Squarespac8 subscription expenses tolalling £120 were reimbursed lo 1 Trustee (2027 - £NILI Investment property Freehold Inyestmgnt property Valuation Al 1 April 2021 Additions Surplus on revaluation 4,559,470 29,724 1,570.806 Al 31 March 2022 6,160,000 The 2022 valuations were made by Brown & Co, followtng a valuatton on 31 March 2022, on an open market value for existing use basis. 10. Flxed asset investments Listèd Investments Cost or valuation Al 1 April 2021 Additions Disposals Revaluations 1,211.324 188,262 1172,9321 113,497 At 31 March 2022 1.340,151 Net book value At 31 March 2022 1,340.151 Al 31 March 2021 1,211,324 Page 19
CLAN TRUST LIMITED {A Company Limited by Guaranlee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Flxed a88et Investments Icontlnued) 2022 2021 Inveslments at market value comprise: Listed investments 1,340,151 1,27 1,324 2022 2021 Materlal Investments M&G Charifund Accumulalion Units 249,103 221,239 11. Debtors 2022 2021 Other debtors Prepayments and accrued income 892 13,135 13.239 14,027 13,239 12. Crodltor8: Amounts falling dug wlthln one year 2022 2021 Other laxalion and social security other creditors Accruals and deferred income 312 47,650 3.150 72.350 9.002 50,800 81,664 2022 Deferred Incomg Deferred in¢ome at 1 April 2020 Resources deferred during the year Amounts released from previous years 850 850 18501 Deferred Income at 31 March 2021 850 Page 20
CLAN TRUST LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Creditors: Amounts falllng due after more than one yoar 2022 2021 Other creditors 25.000 50,000 25.000 In 2019, the charity committed to fund the Priscilla Bacon Appeal. pledging lo dOale a lolal of £205.000. During the year end&J 31 March 2020 £105.(M)O of the donalion was paid. 1c includ&1 £80.000 for the construction of a mu&c room and a further £25,000. The remaining £50,000 15 split between £25,000 inslalmenls payable for the financial years 202212023 and 202312024. The inslalmenl of £25,000 due in the financial year 2023124 has been included in creditors due after one year. 14. Summary offund8 Summary offundB- current year Balance at 31 March 2022 Balance at 1 Apill 2021 Galnsl {Lossesl Income Expenditure General funds 5,784,879 223.$65 {62.1071 1,684,303 7.630,640 Sumfnary offunds- prloryear Balance al 31 March 2021 Balance al 7 Aprrf 2020 Gain (Losses) Income Expendrture General funds 5.571,516 169,761 97,761 24, 682 (97,326J (208,467) 212,928 14,038 5. 784, 879 Restricted fuThls 5, 741,277 122,443 (305,807) 226,966 5, 784, 879 16. Related party transactions During the year ended 31 March 2022, the Trust made a grant payments of £1,000 12021,. £500110 Ferblanc, H J Raker is a director of Ferblanc, and £5,000 {2021." £4.0001 lo the Royal Norfolk Agricultural Association IRNAA), R C Alston is a director of RNAA. Page 21