THE CLARK FOUNDATION FOR LEGAL EDUCATION Accounts For The Year Ended 31 March 2025 Reglstered Scottlsh Charlty No. SCO18520
THE CLARK FOUNDATION FOR LEGAL EDUCATION Coi)tents Page Reporl of the Trustees Independent Examiner's Report SlalemÈnl of Financial Aclivilies (Including Income and Expenditure Account) Balance Sheef Statement of Cashflows Notes lo the Accounts 9-13
THE CLARK FOUNDATION FOR LEGAL EDUCATION Report of the Trustees For the year ended 31 March 2025 The trustees present their annual reporl and accounls of Ihe cliarily for the year ended 31 March 2025. The accounts have been prepared In accordance wllh Ihe accounting policies sel out in note I lo the accounts and comply with the charily's Irust deed, the Charilies and Truslee Investment (Scolland) Act 2005, the Charities Accounts (Scolland) Regulations 2006 (as amended) and Accountlng and Reporting by Charities.. Slatemerkl of Recommended Pracllce appllcable to charities preparing Ihelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of ITeland effective 1 January 2019. Objectives and actlvltlos The purpose of the Foundation is (1) to promote or advance the legal or the professional or the business education 01 training of {a) persons praclising law or involved (or intending to practice law or be so involved) In the admlnistralion of law in Scolland or elsewhere in the United Kingdom whether as solicitors or advocates or in any other capaclly and (b) persons sludying or leaching law at universities or other institutions of higher eduGalion based in Scotland or anywhere else in the world and (2) to promote good citizenship and civic responsibilily and for that purpose to advance the active understandlng of the law by the general public (including primary and secondary students at school and other learning inslilutions in Scotland). The trustees may award grants or scholarships to suitable candidates, sponsor the publication of books, journals. presentations and podcasts, hold or sponsor conferences, provide equipment for study and research, endow the maintenance of chairs or lectureships of law. inslilute and endow prizes and awards and generally undertake or promote such activities as shall further the purposes of the Foundatioii. Grant makin oIiG The Clark Foundation for Legal Education invites appllcations annually by the end of March in each year for Grants and Scholarships frofft (a) persons piactising law in Scotland whether as solicitors or advocates., Ib) unlversily professors and lecturers in law al Scotlish Universities and (c) persons studying at Sootlish Universities or other Inslilulions of hlgher educalion based in Scolland, and thereby Gonlributing to Ihe development of the Scotllsh Legal System through enabling suitable appllcanls.. 1 To undertake (a) courses of study in Scots law or comparative legal systems or the law of the European Union or forelgn languages or buslness management or (b) the writlng of legal textbooks., or 2 To undertake research in any one or more aspects of Scots law andlor ils relatlonship with other legal systems or the institutions of the European Union; or 3 Altend internatlonal studenl competitions and Conferences. The grant and amount of any award, and the perlod for whlch it Is to run, is within the disGretion of the Iru51ees. Following a strategic revlew, the IrLSStees have declded th8t, in addllion to the annual grant maklng process, the trust may make discrelionary ad hoc awards to invited applicanls. This is oU1th the annual process and allows Ihe trustees lo be more proactive in determining which proposals to support. Achlevements and performance The trust continues to award grants In order lo contribute lo the development of the Scotlish legal syslem. During the financial year nel grants totalllng £67,978.00 (2024. £32,547.97) were awarded, During the year a total of 23 {2024., 19) grants were awarded to Indlvlduals pursuing legal studles mostly at post graduate level and inslllullons Io SLipporl legal education. Page 1
THE CLARK FOUNDATION FOR LEGAL EDUCATION Report of the Triistees For the year ended 31 March 2025 Flnancial revlew Performance review for Ihe ear The operations for the financial year ended 31 March 2025 resulted in net movement in funds of £(11,992.65} {2024: £140,557.80 net movement) as sel out in the Statement of Financial Activities on page 6. All assets are held for these charitable purposes and the net assets of £2,597,424.17 at 31 March 2025 {2024; £2,609,4rf6.72) are adequate lo fulfil the chaiily's obligations. The trust's work is entirely reliant on income and investment returns from its share portfolio. Realised and unrealised galns for Ihe period amounted lo £30.838.23 (2024- £128,799.84 overall gains)- The Irustees are satisfled wllh the peiformance of the trust Investment portfolio over the perlod, on a total relurn basls the porlfolio value returned 4°h (2024: 8.50/0) against the 6.3% {2024 12.9¥o) rise in the composite benchmark Index. The composite benchmark index Is a bespoke benchmark made up of the following components . 3.otsh BofA Merrill Lynch 5-15 Year Gilts Index, 2.0 /0 BofA Merrill Lynch 1-10 Years Index Linked Gilts Index, 5.00/0 BofA Merrill Lynch Sleiling Corporate Bond Index, 35.OYD MSCI United Kingdom Equily Index, 40.0 /0 MSCI World Index (ex UK), 2.5 /0 MSCI UK IMI Liquid Real Estate, 10.0 % IWI Alternatives Composite and 2.5 /0 BofE Base Rale (-0,5 % ). The Peer Group Benchmark, which compares portfolios managed with a similar rlsk profil8, returned 2.1¥o over the same 12 month period. Reserves olic The trustees malntain a sufficient level of unreslricled reserves as detailed in note 16, of £2,597,424.17 as at 31 March 2025 (2024 £2,609,416.72), lo maintain the grants awarded in the event of a significant reduction in income. Inveslment ollc The investment aim adopted by the Iruslees is lo maxlmise the overall Income of Ihe trust whllst altempllng to achieve a reasonable degree uf capilal growlh. Inveslmenls are made on a m8dlumlhigh risk basis. Risk mana ement The truslees have assessed the risks lo which Ihe trust Is exposed and are satisfied that systems are in place to mitigate those rlsks. The most significant areas of uncerlainty are the level of Investment return and overall performance over time of the mix of assets In the portfolio in volallle markets. These areas are regularly reviewed by both the investment managers and secretaries and Ireasiirers, reporting lo the trustees. Future lans The Iruslees shall conlinue lo promote and advance the legal and business education and training of Scots lawyers and students of Scots law and thereby conlribule to the development of the Scottish legal system. structure, governance and management Constitution The Irusl is a registered scoltlsh charily, number SC018520, and Is consllluled under a trust deed. The trust funds are held in accordance wlth Mlss Jean Clark's Deed of Trust dated 5 September 1991 and Supplementary Deeds dated 24 August 2010, 12 June 2014, 3 January 2021 and 23 December 2024. Charitable status The Irusl is a Registered Scoltish Charity. The Iruslees must ensure the circumstances and operations of the Irusl continue lo meet the charity tesl and the Iriislees are required lo comply with their slatutory duly to suppty information lo the Scollish Charlly Regulator, the Office of the Scottish Charlty Regulator. Page 2
THE CLARK FOUNDATION FOR LEGAL EDUCATION Report of the Trustees For the year ended 31 MarGh 2025 structure¥ governance and management (¢ontd) Trustees Miss Jean Clark's Deod of Trust dated 5 Se lember 1991 a oinled the Dwi illal Iruslees. The Iruslees were.. eferred to as the Lay Trustees and The President for the lime being of The Law Society of Scotland lor his or her nominee) and The Dean of The Faculty of Advocates (or his or her nominee), refeired to as the Ex Qfficio Tiustees. The Lay Trustees are permitted to appoint additional trustees whether as lay trustees or ex officio trustees and this prerogative is resetved solely to the lay trustees for so long as there shall be a lay trustee in office failing which the ex officio truslégs ghsll b8 éntitled to eX8rcise the power ol appointment for the purpose of #sgurning an additional lay trustee(s) only. There shall al all tlmes be not less than three or more than six trustees. In the evenl of an ex officio trustee appoinling a norninee, such nominee shall hold office for a period of three years or until his or her appointment is recalled, but may be re-appointed for a further peTiod of office. On acceptance of appoinlmenl as a trustee, new trustees are fully briefed by the adminislralors on the aims and operation of the trust. As part of this induction, each trustee is provided with a copy of the trust deed and other essential background information. Or anisalion To assist the truslees in (xrrylng out the objects of the trust a Legal Education Advisory Committee Gonsisling of the following represenlalives has been appointed. This Committee provides giading of and Gomments as to the merits of each application. The Legal Education Advisory Cornmittee durin Represenlalive of Faculty of Advocates - Representalives of Facul of Scottish University Law Faculties- Glasgow- and Dundee - Professo Representative of Law Society ot Scotland - Representalive of Youn Scotti¢h La ers- Honorary Appointment- the financial year comprised-. (stood down June 2024) Reference and admlnlstrative details Charit number: SC018520 PrinGi al address cjo Lindsays Caledonian Exchange 19a Canning Street Edinburgh EH3 8HE Ti usleè ex offiGio nominee of Dean of the Facully of Advocateslchair ex officio nominee Law Society of Scottand) 24} Page 3
THE CLARK FOUNDATION FOR LEGAL EDUGATION Rèport of tlie TrLlStees For tlie yeai. ended 31 March 2025 Trusleo.s (,'oiild Adminlslralors and soliGilors Lindsays Galedonian Exchange 19a Canning Street Edinburgh EH3 8HE Investment mana ers Ralhbones incorporaling Invostec 10 George Street Edinburgh EH2 2PF Inde endent examiner steven Smillie CA Chiene + Tait LLP (Trading a5 CT) Chartered Accountants and Independent Examlners 81 Dublln Street Edinburgh EH3 6NL Statemeiit of trustees, responslblllties The Irustees are responslble for preparlng the Trustees, Report and the accounts In accordance with applicab18 law and Unlled Kingdom Accounting Siandards Iunlled Klngdom G8nerally Accepted Accountlng Practice). Law applicable to charllSes in Scotland requires the trustees to prepare accounts for each financial year which gives a true and falr vlew of the charity's linanclal activitles durlng the year and of its financial PDsltion al Ilie end of the year. In preparing Ihe accountg the trustees Èhould follow best pracllce and: select sultable accounting policies and then apptry them conslstently; observe the methods and principles in the Charities Sialement of Recommended Practice. make judgements and estimates Ihal are asOnable and prudent., slate whether applicable accounting standards have been followed subject to any materlal deparlures disclosed and explalned In Ihe accounts; and prepare the accounts on the going concern basts unless11 Is Inapproprlate lo presume thal the Foundation will continue In operallon. Trustees are responslble for keeping proper accounting records, which disck)se with reasonable accuracy al any Ilme the linancial position of the Foundallon and enable Ihem to ensure that the aGcounlS, which they are responslble for preparing, compty with th6 Ch8rllles and Trustee Inveslment (Scotland) Act 2005 and the Chailties Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Foundation's constllutlon. Truslees are also responsible for safegiiarding the assets of Ihe Foundation and henGe taking reasonable steps for the prevenlion and delecllon of Iraud and otheT irregularities. The truslees are responslble for the malntenance and inlegilly of Ihe charlly and financial information included Dn the charlly's webslte. Leglslalion in Ihe United Klngdom goveinlng the preparatlon and dlssemlnallon of Ilnanclal sialemenls may dilfer from leglslalion In other jurisdlcllons. The foregolng Repoil and the Accounts annexed was approved by the Irustees and slgned on Ihelr behalf by: 2r Date Page 4
THE CLARK FOUNDATION FOR LEGAL EDUCATION Indopendent Examln8r's Report to the Trlistees of the Clark Foundatloii for Legal Educatlon Forthe year elided 31 March 2025 I report on the accounls of thg charily for the year ended 31 March 2025 whlch are sel out on pages 6 to 13. Thls report Is made to Ihe Irustees, as a body, In accordance wllh Ihe terms of my engagement. My work has been underlaken to enable me lo report my oplnlon as sel out below and lor no other purpose. To the fullest extent permllted bylaw. I do not accept or assume responsibllSly to anyoiie other than the Charlly and the Iruslees, as a body, for my work or for thls repoTI. Respectlve responslbllltles of trustees aiid Independent examiner The charlly's trustees are responslble for Ihe preparalioii of tlie accounls in acGordance with the lerms of Ilie Charlties and Trusiee Inveslment (Scolland) Act 2005 Ithe Acl) and Ihe Charlties Accounts (Scotland) Regulations 2006 (as ainended) (the Regulalions). The charity trustees consider Ihal the audil requlrement of Regulalion 10(1){a) to Ic) of the Regulations does not apply. It is my responsibilily to examine Ihe accoiints as required under sectlon 4411)(c) of the Acl and to stale whelher parllcular malters have come to my attention. Basls of Independent oxamlner's statement My examination is cafrled out in accordance with RegLilation 11 of the Regulations. An examlnallon Includes a review of the accounting records kept by the Charity and a comparison of Ihe accounis presented wllh those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such malleis. The procedures undeTlaken do not provide all Ihe evidence that would be required in an audit, and consequently I do not express an audll oplnlon on the vlew glven by the accounts. Indepgndent examlner's Statemont In Ihe course of my ex8mlnallon, no matter has come10 rny attenllon.. 1. which glves me reasonable cause lo belleve Ihat in any material respect the requirements.. lo keep accounllng records In accordance wilh Section 44(1)(a) of the Acl and Regulatlon 4 of the Regulations, and lo prepaie accounls which accord wllh Ihe accounting records and comply with Regulation 8 of Ihe Regulations have not been mel,. or 2. lo which. in my oplnion, atlenllon should be drawn in order to enable a proper understanding of Ihe accoiiiits lo be reached. Cliietie + T(Ilt LLP Tradlng a8 CT) Chartered Accountants and Indepeiident Examiners 61 Diiblin Street Edinburgh EH3 6NL 17 November 2025 Pago 5
THE GLARK FOUNDATION FOR LEGAL EDUCATION statement of Fiilanclal actlvltlos Ilncliidli)g Incoinè and Expendlture Accoiintl For the year ended 31 Marcli 2025 Notes Capllal Funds Revenue FLinds Total Funds Total Funds 2025 2024 Income and ondowinents froin: Gharilable aclivilies Investments 8.00 8.00 85,099.30 8.00 87.417.74 85,099.30 Total 8.00 85.099.30 85,107.30 87,425.74 Expenditure on: Raising funds Charilable a¢livllles (13.667.04) (13,667.04) (11,818.72) {17,060.54) {97,190.50> (114,271.04) <63,849.06> Total 30,747.68 97,190.50 127,938.08 75,667.78 Net lexpenditurelllncome before investinent gainslllosses} {30,739.5B) (12,091.20) (42,830.78) 11,757.96 other recognlsed galns Nel galnsl(losses) on Iiiveslmenls 14 30,838.23 30,838.23 128,799.84 Net movement in funds 98.65 (12,091.20) (11,992.551 140,557.80 Reconciliatlon of funds: Total funds brought forward 2,477.487.02 131.929.70 2,609,416.72 2.468.858.92 Total funds carried fOard 2,477,585.67 119,838.50 2,597,424.q7 2,609,4d6.72 All funds are unreslrlcled All the resulls rela18 lo conlinuing aclivilies The noles on pages g 10 13 form parl of Ihese accounts. Page 6
THE CLARK FOUNDATION FOR LEGAL EDUCATION Balaiice Slieet As at 31 March 2025 Total Funds 2024 Noles Revoiiue Flind8 Total Fund8 2026 Capllal Funds Fixed a5sels: Investments al maTkel value 2,568,006.00 2,568,006.00 2,600,436. Currentaygets: Debtors Cash gt bank and In hand 13 12 47.00 9,507.90 (85,874.17) 116.052.40 9,554.90 30.178.23 10.215.15 30.170.77 Tolal cuirent a8s81s 65,827.17 125,560.30 39,733.13 40,385.92 Currellt Ilabllltles: Creditors: amounts falllng duo wllhln one year 14 (4.593.161 (3,883.40) 18,478.581 (27.228.40) Net ¢iirrent a88&t8 90,420.33) 121,676.90 31,256.57 13,157.52 Tolal agsets less current liablliues 2,477.585.67 121,676.90 2,599,262.57 2,613,593.52 Credilors: amoui)Is falllng due afler more than one year 14 11,838.40) {1,838.40) {4.176.80) Total net assets 2 477,585.67 119,838.50 2,597.424.17 2,609.416.72 The funds ol the charlty: Unreslricled funds 2,477.585.87 11g,838.50 2,597,424.17 2.609.416.72 Total chaylty funds 2,477,505.67 119,838.50 2 697,424.17 2,609,416.72 Approv8d by (he Iruslees and slgned on Ihelr behalf by,. Trusie¢ Date Thé) noles on Pdges 9 to 13 lorm pari of these accounts. Page 7
THE CLARK FOUNDATION FOR LEGAL EDUCATION statement of Cash Flows For tlie year eiidod 31 March 2025 Revenu6 Funds Total Funds 2025 Total Funds 2024 Capital Fiinds Cash flows from opttratlng actlvlties.. Nel Cash used in operaling aclivllles 15 {27,624,42) (120,735.651 (148,360.07) (107,410.05) Casli flows from Investing aGtlvltles". Dividends and inleresl from Inveslmenls Proceeds from sale of inveslmenl8 Purchase of inveslmenls 85.099.30 85,099.30 87,417.74 376,536.28 345,986.17 1313,268.OJ) {337,694.33) 376,536.28 (313,268.051 11 Net cash provided by Invesllng a¢llvltes 63,26EI.23 85,099.30 148,367.53 95,709.58 Change In cash and cash aqulvalenls in the year Cash and cash equivalents brought fotward 35,643.81 (35,636.351 (121,517.98) 151,688.75 7.46 30.170.77 (11,700.47) 41.871.24 Cash and oash equlvalenls cairied fotward 12 85,874.17 116,052.40 30,178.23 30,170.77 Analysis of change5 in net debt At l April 2024 Cashflows other non.cash At 34 March clianges 2025 Cash and cash eqiiivalents Cash 30,170.77 7.46 30,178.23 The noles on pages 910 13 form part of these ac¢ounls. Page B
THE CLARK FOUNDATION FOR LEGAL EDUCATION Noles lo Ili¢ A¢ooiinls FctT Ilio yoar onded JI Mar¢li 2026 4 A¢counllng pollclos Pauls of prepgrallon Tlie Account¥ have been piepared tynder Ihe Iilslorlcgl cosl convenllon I1h Ilenis recognlsed al cost or Iransacllon v3lue unless olherwlsa slaled In Iha relevant i)oles lo Ihese accoun1&. Tlie accaunls Iiave been piepaied In accordanco wllh Ihe Sl¥lBmenl ol Ro¢on)mended Pracll¢e.' Aecounllng and Reportlng by ChaiI119s propailng Ihelr aceounls in accordance %¥llh Iho Flnoncl¥tl Reporflnp Slandard oppllcable In Ilie UK and Republlc ol Ireland IFRS 1021 (Second edlllon- OcloboT 2019), Ihè Ch8rllles 8nd Truste& Inve3lmenl (Scollandl Acl 2005 and Ilie Cliaillles Accounts (Scollandl Reoulallons 2Q06 {a5 amended). ThB l¥usl conslilules a publlc benerrt onlily os dèftned by FRS 102. The Iruslee8 conslder that Ihere afo no maleilal unceflalnlles about the Irusl's ablllly lo conllnue as a golng con¢em. Thè most slgnific8nl aTeas of llncerfaliily Ihal affect Ihe c8rrylng value ol aÈselg beld by Ihe Iwsl are th& level of Inv8slmeJbl rglv¥n and Ihe performance of Inveslmgnl matkols. Funds slru¢ture The (oundallon has a slngle ullréslrlcled fund. UnTeslficled Income funds comprlse Ihose funds iiihl¢h th8 Irtsslees are Ice8 lo use loi ally purpose In furthoranc8 ofiiia cliarllable obJBcls. Unreslrteled lunds illGlud@ d8$lgll8led lunds where Ihe IruGle8s, al Ihelr diserellon, havB crealed a lullrf lor a speclliG purpos0. Thls ullre51ilcled lund Is bloken down IiilD Iwo separ8le eoThponenls, Capllal Funds and Rov8aU8 Funds. Capll81 Funds repres8nl the ortalnal èxpendable endoi'imenl Irom Mlss Jean Claik and auomenled by royalties r8¢9ived fiom Ihe sale of books. Rovenue Fiinds tepiesenl Ihe Inveslmenl Incotne genefaled by Ihe Iiusl portlollo and also don3llons ¥nd leuaclBs tecelved. Tlie Iiuslees have dlscrellon lo apply bolh C8pllal and R8venue Funils In frthrance ol the cliarllable obJecis of Ihe Irusl. Further fund del811$ are dlsclosed In Note 18. In¢om8 r8cognlllon All Income b reco9nlsed onca Ihe charlly has 4nllllemenl lo the Income.11 1$ probabte that Ihe Income i'illl be recelved and IhB amounl ol In¢om& recelvable can bE mea8ured r811ably. Donall¢Jns. are recognlsBd wheii Ihe Iiusl has b88ll nolltfad In wrffillng of both the amount and s6lllemenl dalo. In Ihg gv8nl Ihal a donallon Is sublecl lo condlilons Ihal requlre a level ol perfomiance before Ihe charlly Is enl(Iled lo Ilie (unds. tho Incotno Is defeitBd not recognlsed unill ollhBr Ihose condlllons ai8 fully mel, or Ihe luifilmgnl DI Ihose Gondillons Is wholly Yillhln Iho control ol the charlly and 1115 PTobabl8 Ihal Ihose condlllons wlll be fulfllled In Ihe r8porllng perlod. Inle(esl on funds held on depo$ll Is Included when recelvable and th8 amount cÈn bè measured rÉllably by Ihe ch8rily,' Ihls Is noimally upon nolificallDn ul Ihe Inlefesl pald or payablo by the bank. Divldends gre r8cognlsed oiice Ihe divldend has been declaied and nollflcglton has beBn cocelved ol the dlvidend due. Thls Is normally upon notificallo by oui Inveslmenl advisor. ExJ)andltvro recounltlon Llabllllles ale iecognlsed as expendllure as soon a5 ther813 a legal orcon51rucllve obllgallon Comnillllng Ihe cliacily lo Ihal &xpendllure.11 Is probablB that sellleffl8nlvAII be requlred and th8 amounl of Ihè obllgallon Can be measured rèllably. All expendllvre Is accounied lor on aj) accruals bas15. All expenses Includino SUPPOEI costs and govemarlce ¢osts 8r8 alloGaled or 8pporflone lo Ihe appllG3ble expendiluie h88dlllgs. Granls payable ar8 paymenls made lo Ihlrd partiès In Iha furtherance ol Ihe ch8rllablè oblecls ol the Irusl. In lh8 tasa of an uncondlllonal giant offer Ihls Ig acEd once Ihe reclplenl has baen nolllled of Ihe gignl aliiard. The nollflcallon glves the reclpl8nl a rtrasonable expeclallon Ihal they ivlll rectr0 Iho one-ye8r or mulll-year grant. Giants 8waids that are sublecl lo Ihè reclplenl fulfilllng pgrformancg condlllons are only a¢crued Yihen lh8 f¢clplenl has been nollned of Iliè uranl and any rernalnliig unfulnlled condlllon allachlng lo Ihal grant Is oulGlde ol Ihe conl(ol ol Ihe lisie0$. provlsloii lor o mulll-year grant Is rocogn13ed 81 Ils PTBsenl valu8 wh819 selllpmenl Is maleilal, Co8t8 of ralslng fund Costs ol ralslng lunds Includg Inveslmenl m8nagèmenl cosls. Charllable ?ctlvl(los Gosls of ¢horflable acllvlllos In¢lud9 gi8n18 made, support cost$ and governance Cosls. Goveinance cos1$ ¢onslsls ol fees ol Indopondenl exarnlners and leoal agenls. Legal agenls lees 8re split belvieen support cos18- 75% Bnd governAnce cosls. 25bh. Iriecovevable VAT Irroroverabla VAT Is cliarged agalnsl1118 expendllure headlng lorwlilch11 ivas Incurfed. Pag8 0
THE CLARK fouNDATION FOR LEGAL EDUCATION Nolos lo Ihg Accoiinls FOT tlits ytrar èiidu(131 Mar¢h 2026 Flxod Hs981 Inve$linoiit$ Inveslm8nls 8re a lorin ol baslc fln8n¢lBI Inslrumonl Dftd yre Inlllolly iocognlGed Al Ihelr Iransacllon valuo #nil 5ubsequenlty Iiieftsurgd al Ihelr v81ue as al the b8lenro 5heel dalo uslng Ihe ¢loslng quotod Imarkel prlce. Th@ slalomenl of Ilnancial acllvillas Intludos Ihe nel aalns and losses arlsln9 on ievuluallon and dlsp05015 Ihroughoul Ihe yoar. The Iwil do8s nol a¢qulro pul opllons. deilvHllvos or olhef complex flnoncllll Instsumenl8. The maln I¢Nm of Iln8ncla] ilsk laced by thè charlly Is that of vol?Illly in eqully maikBls and InveslmBnl markftls duE lo ivlder economl coiidilions, Iho allllLKIg of Invè$lor8 lo Inveslffl8nl Ilsk, and chatYJos In saiillment Co01n5g equlll85 viilNn partlcular 80Glors oi sub seclorg. R8Mllsed aaln8 aiid lossos All galns and 105sos are laken lo Ihg Slalemenl ol Flnanclal Aclfvrtl88 a5 Ihey arlse. ReaNsed oalns alld10ss0s inveslmenls aro calculated as Ilie ¢Jlffeien¢p bel%¥8en sales grocee(15 antl Ihelr op8lltn9 carrylng value or Ih¥lr purchase value il a4uiFEd sbSeqU811o Ihe f1151 day ol Ihe fin2nclal year. Unr82lls8d galns 8nd IDsse$ 8rÈ calculaled as Ihe dlllereiice belvieBn Ili# IAlr value al Ihe year End and Ilielr cairylng value. Reallsed 8niF utwg01168d Inveslmenl galn8 aiKI losses aitr oombln¢d In Ihg Sl#l¢menl of Flnan¢l31 Acllvlllos. Flllan¢ial Inslriimtrnls Th8 compaAy only has Ilnanclal #ssèls and financlal IlabSlllles ol a klnd Ihal quallfy as baslc financlBI Inslfunipnls. Basje fy)anGIo1 Inslruinenls gre InlU&lly recognlsed al Iran¥acllDn value diid siibsequenlly nieasured al Ihelr selllemenl valu8. Debiors Debtors are recognlsèd 01 the selllamonl 8mounl due afiÈr any dlscounl offÈr8d. Piepaymenls are volued al the amounl prep21d aller18klng account ol any thscounls due. CredltOT$ Ccedltors and provlslons are iecoonlsed wheie the Irusl has a presenl obllgatlon rosthllng from a p#$[ ovenl Ihal w]11 probably res1 In thè Iransfer ol funds lo a Ililrd p&rty and Ilie amounl due 10 8ollle the tsbllgallon ¢an be mo8sur8d or esllmaled rellably. Cfcrfilofs and provlslons ore norm81yrecognL%Éd at Iholr selllernenl amaunl after 81oYthio loi any dlscounls due. 2 Rolalod parly Iran5aGllon$ oiid Iru5tO0S' èXP0118&8 81111 rernuneratrorb Th8 IruslF.8S 311 glvp freety Ih8lr IIMB and experllso I'iilhoul ally form ol remunerauon orolh8r benefil In cash or lnd12024- 11111. Diiilny Ihp yp.ar neiiYa5 hold lo wlilch Iho Tiuslecs 9119nd8d the lol#l cosl ol lh8 dlnn@r was £484.34 {2024. £365.701- Th8 Tiusl88s, nevi 2 01 th8 appM¢an18. and Yllhdrow lft>m Ib8 dls¢u8$1ons r¢g8rdtho lh8 ayigid o on page 3. Ivilll Ly man(i Jr em'n Rie 3 Employee costs Thg tru51 had no employees durfnu Ihe yeaf12024- nll). and consequenlly Ihe tolal 8lalf co31s and employee benefits lor the repoJllng perl¢d ro nl P024'. nlll. No 8mployee recelvod employee benefits ol mor8 Ih8n E60.000 durlng 1110 y08r (2024: nifi. 4 Iiicom• Irom ¢haTll¥blg actlvlllfrs CaFillal R8vemu• Tolal 2025 Capllal Revenu& Tolal 2024 Roy8111oB Iiom 84100 ol book d.00 8.00 6 Investment Tol41 2025 Total 2024 Cftpllal Rgvoi?u Copltal RoVon Inv881rnonl Income: LSK Inletest UK unll Injsl Inlere91 UK [dends UK uiill liusl divldonds PropBrty Income dlslrlbvllons OvorÈgas dlvldonds overseas Inl8res1 Bank Inlgra¥l 4,013.48 6.260.16 34.385.83 111,339_49 3,3G5.20 D.847.09 .460.00 1,314.37 4,613.45 6.260.18 34,385.08 1B.339.49 3.3BS.2U .847.og 5.460.90 1.314.37 4,8SI.74 7.600.71 38,742.07 16.840.13 3,095.Oa 10,01QS.21 4,44B.90 1.340.28 4.837.74 7.6011.71 30.742.07 16.840.13 3,Q95.02 10.1518.21 4,44(5.90 1340.26 83,695.65 83,595.155 88,429.87 8B,429.87 loss.. Income lax nol rocovorablo add,. aixfued Income due al year end 1055.. prevlous yea¢6 aGGruÈd Incoma 9.423.90 7,020.16 11fi.099.30 0.423.9 .920.15 85,099.30 7,920.1fj B.932.28 7,417.71 7,920.15 0.932.2LI 07,417.74 Poge 10
THE CLARK FOUNDATION FOR LEGAL EDUCATION Notes lo fliè Accouiils For lh& yeaT gndeil 31 MaTclI 2025 6 Co8t of Tolslng fiinds Capllal Reveriuo Total 2025 Capllal Revenue Total 2024 Inv851fflenl manauamenl f88S 13 667.04 13 0567.04 11810.72 11810.72 7 Cost of cli8rllabl@ 8Ctlvlllos Capllal Revènuo Tolal 2026 Capllal Rev81111& Tolttl 2024 Granls Support cos1$ Govern8n¢è costs 67,&78.00 23,992.50 5.220.00 97 190.60 67,978.00 36,017.SO 11.276.54 114 271,04 32,547.97 14,455.19 4.137.00 51.140.18 32.J47.97 22,330.19 8.970.90 63 849.06 11,026.00 6,055.54 17,080.64 7,B75.00 4.113J.90 12 708.gu io B Gr4nl8 award8d 2026 2024 Slngle and mulli year avièrd5 10 23 IndSvlduals12024'. 191 Awords lo Ind>vlduals caiicelled or repald Law SDclely- Lavi Scol Foundgllon Mlnl Trlqls Inlllallve 58,140.00 37,351.00 18.303.001 2,500.00 1,000.00 32,548.QU 9.030.00 67.976.00 9 Support costs. CRpltal Revgnue Total 2025 CapltHI Rbvenue Total 2024 Legal Fees Ilnc VAT) Mlscelloneous expenses 11.025.00 f1.025.00 12.967.50 23.992.60 22,050.00 12,961.50 35,017.50 7.1175.00 7.875.00 6.580.19 14,455.19 16.750.00 8,580.19 22.330.19 11.026.00 7.875.00 10 Governgnco cosls Cap5tal Revenuo Total 2025 Capllal Revenu Total 2024 Leg81 fees Ilnc VAT) IndepBndAnE examlnalloii fee Ilnc VATI Mlscellan80US 8xpenses 3,675.00 1.545.00 B35.54 6.055.54 3,675.00 1.545.00 7,350.00 3.090.00 835.54 11,276.54 2.62S.00 1.512.00 696.90 4.833.90 2.625.00 1.512.00 5,250.00 3.024.00 696.90 8.970.90 6 220.00 4.137.00 Paue11
THE CLARK FOUNDATION FOR LEGAL EDUCATION Notes lo th8 Ac¢oiJnls For tlia yè&r 6iid¢d 31 Marcli 2026 14 Invoslmenls Cttpllal Roveiiu Total 2025 Capltal Roveiiue Total 2024 Morkel value 8131103124 Addillons 01 cog1 Dispos81s Re8118ed Ilossès)Igali)s on dl$posals Unreallsed g8lnsl(lossesl on revaluallon Maikol value al 31103125 2,800.436.00 313,26B.05 {376.536.281 16,601.17 14.237.08 2,66B.006.00 2,600.436.00 2.479,928.00 313.268.05 337.694.33 (376,636.211> 134 Jf.0116.171 16,601.17 14,26fj.921 14.237.06 133.06rf.76 2,668,OOG.00 2 600.430.00 2,479,928.00 337,694.33 (345,086.171 {4.264.921 133.064.76 2,600.436.00 Rep¥Èsenled by.. Flx8d Inleresl securllles Eqully based setiirfllès 149.575.00 2.418,431.00 2,568.006.00 218.337.00 2,384.099.00 2 600 438.00 Hlslorfc cost of Inve8lm6nls 2,043,922,00 2,046.079.00 The slgnlfieanee ol Itnanclal Insliumettls lo Ihe oogolng financial suslainablllly of Ihg Irusl Is consldered In the financlal ravl8vi and Inveslffl8nl poll¢y and performance $e¢llons of Ihe Tiuslegs, Annual Reporl. Ttie Iruslees Iiave appolnlftd Rallibones lo ni8n8oe Ihe Irusl Inv8sltn8nl portfolio and manag8 the underlylno r15Ks &550rlaled %.Alli lh8 portlollo. For an Inve8lMenl portrollD, Ilsk Is generally vleiyed as Ilie Ilkely volBllllly ol Ihe c8pllg1 valuo based Iho hlstorfs volallllly exhlblled by the onsllluenl assels. Ralhbollys do not apply Iho slalisllGg1 measures of rtsk callbrallon Ihey feel 51iong5y Ihal Ihese mode15 are ¢onsld&rably less rallabla In Ilin¢s of hlgh m3ikel volallllly and Iheie Is MD 5ubslilule lor eXP9Tlen¢e arml common sense. Thete Is no such Ihlng as 8 iisk-rree Inveslmenl- evgn cash Is svble¢l lo Ili& elfe¢ls ol Infiallon. Dlveisificallon and activa lacllcal asset ?Ilocalion are Ilierelore RalhbonES tnaln laols for reduclllg risk allhough1118 8pp¥o8ch Is carriBd Ihrough lo seclor and slock exposure as well. Wh15sl not Irom doY4nlurns Iii markels. Ihls approach has added protecllon lo cllent portlollos lhOUl uglng (he rnor8 9501grl¢ and expenslve pottfollo Insurance lechnlquos Ihal lafg81y proved1fj8ff8Gllve during th8 fflaikel lurffloll 9xperlenc8d ITr 2008109. Whllsl Ralhbones do not bell8v8 Iih Telyirjg on quanillalive tools such as'black boxes" lor measuilng portlolio rlsk, Ihey have a nvmber of IntBrnal cheeks Ineluitlnu a centrally sull8blllly monlloFlng syslem, overseen by an Indepeiidenl 16am. Thtt aulomal6d syslÉm monllors Ihe porifollo on a Yiepkly basls lo check IhaE11 Is belrtg Invesle.d In accordance wllh Ihe undeFlylnu objgclivos and risk ¢apa¢lly. and also Ihal Ihe composllion of lh8 Inveslmenls reflecls 1118 house VIBW. In addlllon,11 conslders aieas 5UGh a5 ovBr8118ssel allocBllon, portfollo con¢enliallon aiid poslllonlng rela1[ lo any ranges agreed. Seeklng lo genergle relurns abgve thè Interest avallable on Gash villl Inevllably Involv8 laklng a degree of rlsk. There VAII be 8 chanco Ihal o pori(ollo may suffer a fall In value. albell hlslory suggasls Ihal Ihls should be l8mporary for 8 long 161ffl investor. Olher rlsks should also bè bornB In mind. MDSI nol8bly Ihe probl8m wllh belllg loo caullous. Over111118 Inflallon can erode the real valuts of assais11 lThsufflclenl 18lurns are ueneraled. A5 8 UK based cliarlly wllh slgillng Ilabllllles Ihe podfollo ha5 al%vay5 bB8n predomln8rslly Inv8sled In sleillftg assels. A modest dBgree of Inleinallonal exposu lias been malnlalned lo piovlde addlllonal dlversincallon and lo galn exposufe lo altracllve Inveslfflenl opportunllles not avall8bl@ In Iho UK. In addlllott, OV81S8as market$ lend lo uen8ral8 a IoiY8r Inci>me yleld Ihan Ihe UK markal and Ihlg, ¢omblngd w¢lh Ihe polenllal asseVIIAblllly mlsmalch Ihftl may have arlsen from a more slgnilfcanl non-8leitlng exposurg, has lod lo a more modest Inleinallonal eqully exposure Ihan mlghl olliawAse Iiave been1118 c050. In ie¢8nl years Ihe allocallon lo overseas equllles ha$ InrAeaseil as Ihe Trustees have sought lo generate relvrns from bolh Incomtr end ¢8pllal {a'lol81 reluin" focus) falhor Ihan malnlalnlng moro olan Income bl8$ as iyas Ihe Case hlslorlcally. The fixed Snleresl eomponenl ol th8 Potifollu Is relallv8ly mod85t al approxlm3l¥ly 9.8%, In vlpvi ol Ihe long lerm nature D(Ihe portfollo and the ubleollvg lo g¥oiv both Incomo and capllal ov8r IhB longei leim the portfollo ts 6ubslanllally Invbs18d In fjqulllas. Th9 prlmary means of mllluallng1118 rlg18ull iisk 04 the fixed Inlor8s1 $8¢urill8g wllhln th8 portfollo Is Ihioitgh dlversll]callon. The nxed Inlerasl 8lloGallon Is Ihrouyh both dlieclty held UK governmeiil bonds I'gllls.) ond ¢ollecllve Inveslmenl VBhldes. oach of whlch Ilsell Is very woll dIversIe In terms of Ihp underlying ijelaull rlsk. Llquldlly rlsk has been more prevalenl 81nce Ihe flnanclal cr1515 posl Ilie Lehman 8rolhers collaps8. Many Inveglors founLI duilng Ihls Ilme Ihèl Ihere i'ierè reslricllon5 01 lock up5. ploced on funds Ihey had prevlously b8118ved Yiould be freely tradable. The prlmary reÈson lor Ilils hoiY8vef wos Ihal Ihe underlylng asselB In iyhlch these funds were Invested viere Iliemselvos oulle Illlquld such 88 dlrecl property and hedge funds wllh lengthy reit8mplloi) per(od$. There 8r8 no such Inveslmgnls vAlhln lh8 Portlollo. There are lour properly fund Iiolillng8 hoviover Ihesa are (ully ouoled Inveslnienls and CAn he freely traded In the maikel In 1110 same iyay as olhei quoted secuiilles. All of Iho porilollo's rllrecl Inve6lnien15 ar8 Ilsled on Ihe London Slock Exchange on£5 ale bolh hlghfy Ilquld and Ireely l(ad8blg. All dlrocl stocks held ale In 1116 FTSE 350 Index ol Ihg largesl compgnles In Ihe UK, Ivllli Ihe Inalorlly ol Ih858 aclually Y1h1n the FTSE 100. All ol Ihe eolloellvp Invoslmanls held wllhln Ihe portlollo Invesl In very Ilquld und8rlylng s8curllles anif all 818 8111)gr quDlpd enlllles (and are Iher8forg Iradabl? In Ihe same way 85 Iho dlreclly h81d shar8sI or oller ellher dally Ilquldlly al nel assel vglue. Tho po¥flollo Is viell dlver8ifiBd Yllh no Indlvldual Inv851menl preSentIng more Ih8n 5% of Iho portlollo- Ihls 18 a US eqtilly lund ivlilch curreally Bc¢ounls lor 5.6°h ol Ihe portlollo aiid wlilch Ilsell16 well dlversifjed wllh ovor 50 underlylng dlieol eqully htsldlng8. Tl)o portlollo Is not Iminune Ifom shDrt IBrm volallllly and 81.An9s of spnllmenl In Ihe eqully markel. hoviever Ihls vmuld b8 gxpe¢led lo lJon Ilself out over Ihè longer lerm. Poge 12
IHE CLARI( FOUNDATION FOR LEGAL EDUCATION Note5 lo Ilio Accoijnls For tlio year 31 Marcli 2025 12 Bank bAlan¢es Capllal R8vènu6 Tol412025 Capllal Rovènu Total 2024 RalhbonÈs Llndsays 7,301.6 8.526.44 107.fJ25.96 118 062.40 lJf.828.12 14.350.11 30,170.23 4,3Jf8.80 125.876.88 121 fJ17.98 10,919.02 140,76V.73 51.6815.75 15.277.92 14 892.85 30,170.77 85 874,47 13 Llebtors Capllal Revenue Total 2025 Caplthl Revenu& Total 2024 A¢¢iu8d Income Sundry Debtor- Llndsays Royallles due 9,423.gO 4.00 9.423.90 4.00 47.00 9.664.90 7.920.15 2,256.00 7,920.15 2.256.00 3g.00 10.215.15 47.QO 47.00 39.00 39.00 9.450Y.90 10 178.15 14 Crodltors Capllal Ravonuo Total 2025 Capllal Rèvenue Total 2024 Credllois under one year.. CT Managemenl 18e Granls payablo 1.545.00 3.048.18 1,545.00 3,090.00 3,048.16 2.338.4D 0,476.56 1.470.00 1,470.00 2,940.00 2.328.40 3,083.40 24.28B.40 25,758.40 24.288.40 27.228.40 4.593.16 1.470.00 Credllors over one year.. Gr8nls payable 1.838.40 1,838.40 4,176.80 4.176.80 4,593.16 0,721.80 10,314.98 1.470.00 29,935.20 31405.20 S Reconelllatloii of net expendlluie to cash Ilow from tspÉrallng actlvltlas Capllal R8vpnug Tolal 2026 Capllal Reveniie Tolal 2024 Nel rnovemenl in Iu41ds (Galnslllosses on Inveslmenls Dlvldends Inleresl Irotn Inveslmenls Decreaselllncreasel In deblors {Decrea$elllncrease In credllors Nel cash usgd In operallng acllvilies gtl.65 130,838.23) 112,091.20) 111.992.551 104.280.22 130.838.23) (128,799.84) 185.099.301 185,099.30} 668.26 660.25 24.213.JSO 21,090.24 120.735,65 148.360.07 36,277.58 140.557.80 (128,799.841 187.417.741 187.417.741 11,243.871 11.251.117) 30,618.40 30 498.40 83.002.43 107,4110.05 13 {IJ.00) 3 123.16 27,624.42 18.001 120.00 24.407.62 46 Analysls ol charllable funds Caplt41 R&vtrnii6 Total 2026 C&pllal Rgvgnu8 Total 2024 Bttlonce al 31 Mafch 2024 Income Expendllur8 Galnslllo&8esl on Inveslmenls Balanca al 31 March 2025 2,477,487.02 131.929,7U 2,60g.416.72 2.373,206.80 95.652.12 2,46B,135B.92 8.00 85,099.30 85,107.30 11.00 87,417.74 87,425.74 {30,747.5B} 197.190.501 {127.938.08} {24,527.62I {51.140.161 175.667.781 30.838.23 30,838.23 1211.799.84 128.799.84 2,477.585.67 119 838.50 2,597,424.17 2,477 487.02 131929.70 2.609,416.72 Iq Pou613