Charity Registration No. 1147567
Company Registration No. 03418392 (England and Wales)
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr B R Wright
Ms H Weaver
Secretary
Mr B R Wright
Charity number
1147567
Company number
03418392
Registered office
Lynwood House
Crofton Road
Orpington
Kent
BR6 8QE
Accountants
Baxter & Co
Lynwood House
Crofton Road
Orpington
Kent
BR6 8QE
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The trustees present their report and financial statements for the year ended 31 August 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's governing document, the Companies Act 2006 and “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 2015)”

Incorporation

The company was incorporated on 12 August 1997 (Company Number 03418392).

 

Status

The company is a charitable body (Charity Number 1147567) registered with the Charity Commission from 1 June 2012 and is a company limited by guarantee. It is governed by its Memorandum & Articles of Association.

 

Objectives and activities

The principal activity of the charity is to undertake any charitable activity or to apply its monies for the benefits of any charity.

 

In setting the charity's objectives, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The trustees are satisfied that the charity's activities have been for the public benefit.

Financial review

Net incoming resources for the year were £3,084 (2022: £5,980). Investment income of £3,084 (2022: £21) is included in this figure.

 

The balance sheet on page 5 shows that the charity had net funds of £208,546 (2022: £211,782) at the year end.

The trustees' policy on reserve levels is as follows:

 

a) Any remaining balance is treated as an unrestricted fund.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Going Concern
As described in the accounting policies, the accounts have been prepared on a going concern basis which assumes that the charitable company can continue to operate. The charitable company's ability to continue operating is dependent upon the continued support of the trustees. The directors are of the opinion that it is reasonable to assume that this support will continue.
Structure, governance and management

The trust is a company limited by guarantee and governed by its governing document.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr B R Wright
Ms H Weaver

The trustees are appointed by the members and training for new trustees is available if required.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

Day to day management of the charity is delegated to B R Wright who reports regularly to the trustees. The trustees are responsible for taking all strategic and investment decisions and for monitoring the implementation thereof.

The trustees' report was approved by the Board of Trustees.

Mr B R Wright
Trustee
Dated: 5 February 2024
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE CLEAR LIGHT TRUST FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Clear Light Trust for the year ended 31 August 2023, set out on pages to 9 from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com

It is your duty to ensure that The Clear Light Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Clear Light Trust. You consider that The Clear Light Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of The Clear Light Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Baxter & Co
5 February 2024
Chartered Certified Accountants
Lynwood House
Crofton Road
Orpington
Kent
BR6 8QE
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
2
-
5,959
Investments
3
3,084
21
Total income
3,084
5,980
Charitable activities
4
6,320
10,973
Net expenditure and movement in funds
(3,236)
(4,993)
Reconciliation of funds:
Fund balances at 1 September 2022
211,782
216,775
Fund balances at 31 August 2023
208,546
211,782

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
209,836
213,066
Creditors: amounts falling due within one year
10
1,290
1,284
Net current assets
208,546
211,782
The funds of the trust
Unrestricted funds
208,546
211,782
208,546
211,782

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 5 February 2024
Mr B R Wright
Trustee
Company registration number 03418392 (England and Wales)
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
1
Accounting policies
Charity information

The Clear Light Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Lynwood House, Crofton Road, Orpington, Kent, BR6 8QE.

1.1
Accounting convention

The accounts have been prepared in accordance with the trust's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4
Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5
Expenditure

All expenditure (including irrecoverable vat) is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Donations and legacies
Unrestricted
Total
funds
2023
2022
£
£
Donations and gifts
-
0
5,959
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
3,084
21
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
4
Charitable activities
2023
2022
£
£
Grant funding of activities (see note 5)
3,080
3,481
Share of support costs (see note 6)
1,931
6,189
Share of governance costs (see note 6)
1,309
1,303
6,320
10,973
5
Grants payable
2023
2022
£
£
Donations
3,080
3,481
3,080
3,481
6
Support costs
Support costs
Governance costs
2023
2022
Basis of allocation
£
£
£
£

Bank charges

101
-
101
97

Usage

Administrative costs

140
-
140
4

Usage

Rates

1,547
-
1,547
3,174

Usage

Computer running costs

143
-
143
429

Usage

Training costs

 

-
-
-
2,485

Usage

Accountancy fee

-
1,309
1,309
1,303
Usage
1,931
1,309
3,240
7,492
Analysed between
Charitable activities
1,931
1,309
3,240
7,492

Governance costs includes payments to the accountants of £1,303 (2022: £1,303).

7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
THE CLEAR LIGHT TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
8
Employees
There were no employees during the year.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,290
1,284

All creditors relate to unrestricted funds.

11
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2022
Incoming resources
Resources expended
At 31 August 2023
£
£
£
£
General funds
211,782
3,084
(6,320)
208,546
Previous year:
At 1 September 2021
Incoming resources
Resources expended
At 31 August 2022
£
£
£
£
General funds
216,775
5,980
(10,973)
211,782
12
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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