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2023-12-31-accounts

Charity registration number: 1177471

Clifford Chambers Relief In Need Charities CIO

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Clifford Chambers Relief In Need Charities CIO

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 5
Statement of Trustees' Responsibilities 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 19

Clifford Chambers Relief In Need Charities CIO

Reference and Administrative Details

Trustees

Charity Registration Number

John Gray Reverend Patrick Taylor Antonia Morris Paula Wright Ann Simons Tom Price Jonathan Tribe Victoria Cryan 1177471

Principal Office

Independent Examiner

Taymar Campden Road Clifford Chambers CV37 8JA

Fruition Advisory LLP 29 Wood Street Stratford-Upon-Avon Warwickshire CV37 6JG

Page 1

Clifford Chambers Relief In Need Charities CIO

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.

Objectives and activities

Objects and aims

The Trustees shall first defray out of the income of the Charity all the proper costs, charges and expenses of administration and management of the Charities.

The Trustees shall apply the income of the Charity in relieving either generally or individually persons resident in the area of the Ancient Parish of Clifford Chambers who are in condition of need, hardship or distress by making grants of money, or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons.

The Trustees may pay for items, services or facilities by way of donations or subscriptions to institutions or organisations which provide or undertake in the return of items, services or facilities for such persons.

Public benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Clifford Chambers Relief In Need Charities CIO

Trustees' Report (continued)

Achievements and performance

During the financial year 2023 we appointed a chairman who has not been appointed as a Trustee to ensure the smooth running of the Charities Board meetings and to drive forward initiatives and policy decisions, to allow the Trustees to concentrate on their areas of responsibilities within the charity of education & welfare grants, administration, finance and accounts and the Almshouses and Commercial property.

Investment Income

The endowment received from investments in the year will be deemed to be the value available to distribute for grants applied, for Education and welfare. It is recognised that the ability to spend the endowment will be subject to the demand from grants applied for during the year. It is recognised by the Trustees that the value of endowment received during the year is to be available for Education and Welfare and to also cover any administration costs incurred. The expenditure on grants should not exceed the investment income received in any year unless there is surplus carried forward from previous years. There is no requirement to spend all the investment income received in the financial year, it has been agreed that any surplus can be carried forward to be utilised in future years on grants.

Grants

During the year there were no exceptional items of expenditure incurred. The grants paid out to Education were £102.7k, Welfare £49.2k were approved by the Trustees and administration costs incurred of £8.3k were in-line with expectations. Total grants and admin expenditure was £160.3k in-line with dividends received from investments of £169.2k resulting in a surplus of £8.9k.

Almhouses & Commercial Property

Almhouses (numbers 17, 49 and 50 Clifford Chambers) were fully occupied during the year. The Charities have a policy of continual improvement to its properties to ensure that residents enjoy the best standards of modern living achievable within in an elderly housing stock.

Rental Cottage (number 22 Clifford Chambers), the cottage was rented out at a commercial rent all year.

For the last three years extensive programme of works have been carried out on the three Almhouses held by the Charity and the one Commercial Property to improve and maintain the condition and living conditions of the housing stock. The cost incurred since January 2021 to 31st December 2023 was £64.1k.

The Trustees did not feel it was appropriate to increase the rent on any of the properties during this period until they were satisfied that all the works had been completed. In August 2023 rent increases were applied to The Almhouses of 7% and the Commercial property of 11%. It was agreed that the price increase should not be back dated for the previous three years.

The income collected during the year from Almhouses, and the Commercial residence was £21.8k net of management fees. Other income of £2.1k was received from rent of land and securities.

The reserves held as of 31st December 2023 were £20,801 an improvement of £6,838 compared to 31st December 2022. The surplus in future years of income over expenditure on the properties will enable the reserves to grow the sinking fund to safeguard against any unforeseen or exceptional expenditure.

Page 3

Clifford Chambers Relief In Need Charities CIO

Trustees' Report (continued)

It is recommended by The Almhouse Association, to hold reserves to cover the cost of short-, midand long-term maintenance and improvement.

Investments

The impact of the Ukraine war, pressure from high inflation and increased interest rates led to a drop in investment values during the financial year of 2022 of £761k. For the financial year ending 31st December 2023 there was considerable movement back to pre-2022 levels, with the closing value of investments being £5.9m up £529k.

The investment report from CCLA investments quotes that following several difficult months earlier in the year, the final quarter of 2023 brought a marked improvement in sentiment. The change in fortunes stemmed from investors' growing confidence that, after nearly two years of monetary policy tightening in the shape of rising official interest rates, relief was in sight and rates had not only peaked but would begin to decline before too long. For investors, a substantial element of 'good news' in the shape of an expected downturn in interest rates has recently been priced into asset markets. There is thus the potential for this positive sentiment to be reversed, should policy makers succeed in persuading markets that the relatively cautious approach they have been articulating is indeed likely to be executed which has led to the improvement in asset value at the end of the year.

Full year dividends received in 2023 from CCLA investments remained consistent with previous years, with a slight increase to £169.2k up £2k.

Financial review

It is the policy of the Charity to have all dividends which are paid quarterly to be paid into the current bank account to ensure there is sufficient funds available to pay Education and Welfare grants applied for during the year.

Policy on reserves

It is the policy of the Charity to maintain free reserves equivalent to at least six months operating expenditure (costs of generating funds and governance costs).

Structure, governance and management

Nature of governing document

This Charity is regulated by a scheme of the Charity Commissioners of 12 November 1969, as varied by a scheme of the Commissioners of 16 January 1973, and supplemental orders dated 10 December 1975 and 21 July 1982.

Page 4

Clifford Chambers Relief In Need Charities CIO

Trustees' Report (continued)

Recruitment and appointment of trustees

The Trust Deed states the body of Trustees shall consist, when complete, of 7 competent Trustees being two ex-officio Trustees, one nominative Trustee and four co-optative Trustees.

At the Trustee meeting of 27th October 2014, it was resolved to increase the number of Co-optative trustees from 4 to 5, therefore increasing the number of trustees to 8.

The ex-officio Trustees are The Rector of the Ecclesiastical Parish of St. Helen, Clifford Chambers and The Chairman of the Parish Council of Clifford Chambers.

The Nominative Trustee is appointed by the Parish Council of Clifford Chambers for a period of four years.

Co-optative Trustees shall be persons residing or carrying on business in or near the Parish of Clifford Chambers, appointed for a period of five years by a resolution of the Trustees passed at a special meeting of which 21 days’ notice has been given. They may be appointed not more than one month before the term of an existing Co-optative Trustee expires with effect from the date of expiry, but so that the latter may not vote on the matter.

Organisational structure

The Charity consists of the following:

• The Charity of Thomas Jackson, founded by will and codicil proved at London on 20 November 1649 (exclusive of the Charity called Jacksons Educational Foundation).

• The share of the Charity of Reverend John Loggins applicable for the poor of the Ancient Parish of Clifford Chambers which is regulated by a Scheme of the Commissioners of 5 March 1889. The administrative details of the Charity can be found on page 1.

Financial instruments

Objectives and policies

The principal risk faced by the charity lies in the performance of investments. The trustees consider this risk to be mitigated by maintaining a diverse investment portfolio. The trustees do not consider there to be any significant risks associated with the operation of the charity.

Thanks

Thanks must be extended to our hardworking clerk and trustees for all of their efforts over a busy year.

The annual report was approved by the trustees of the charity on 9 September 2024 and signed on its behalfby:

......................................... Paula Wright Trustee

Page 5

Clifford Chambers Relief In Need Charities CIO

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 9 September 2024 and signed on its behalf by:

......................................... Paula Wright Trustee

Page 6

Clifford Chambers Relief In Need Charities CIO

Independent Examiner's Report to the trustees of Clifford Chambers Relief In Need Charities CIO

I report to the trustees on my examination of the accounts of Clifford Chambers Relief In Need Charities CIO for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of Clifford Chambers Relief In Need Charities CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Clifford Chambers Relief In Need Charities CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Clifford Chambers Relief In Need Charities CIO as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

......................................

Michelle Vincent Association of Certified Chartered Accountants

Fruition Advisory LLP 29 Wood Street Stratford-Upon-Avon Warwickshire CV37 6JG

9 September 2024

Page 7

Clifford Chambers Relief In Need Charities CIO

Statement of Financial Activities for the Year Ended 31 December 2023

Note
Income and Endowments from:
Investment income
2
Expenditure on:
Charitable activities
3
Other expenditure
4
Total Expenditure
Gains/losses on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
Note
Income and Endowments from:
Investment income
2
Expenditure on:
Charitable activities
Other expenditure
4
Total Expenditure
Gains/losses on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
Unrestricted
£
195,706
(152,008)
(27,973)
(179,981)
-
15,725
232,401
248,126
Unrestricted
£
196,229
(170,165)
(40,707)
(210,872)
-
(14,643)
247,044
232,401
Endowment
£
-
-
-
-
529,156
529,156
6,342,978
6,872,134
Endowment
£
-
-
-
-
(761,231)
(761,231)
7,104,209
6,342,978
Total
2023
£
195,706
(152,008)
(27,973)
(179,981)
529,156
544,881
6,575,379
7,120,260
Total
2022
£
196,229
(170,165)
(40,707)
(210,872)
(761,231)
(775,874)
7,351,253
6,575,379

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 10 to 19 form an integral part of these financial statements. Page 8

Clifford Chambers Relief In Need Charities CIO

(Registration number: 1177471) Balance Sheet as at 31 December 2023

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net current assets
Net assets
Funds of the charity:
Endowment
Unrestricted income funds
Unrestricted
Total funds
11
2023
£
600,000
6,456,642
7,056,642
65,058
(1,440)
63,618
7,120,260
6,872,134
248,126
7,120,260
2022
£
600,000
5,927,486
6,527,486
49,329
(1,436)
47,893
6,575,379
6,342,978
232,401
6,575,379

The financial statements on pages 8 to 19 were approved by the trustees, and authorised for issue on 9 September 2024 and signed on their behalf by:

.........................................

Paula Wright Trustee

The notes on pages 10 to 19 form an integral part of these financial statements. Page 9

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019 - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Clifford Chambers Relief In Need Charities CIO meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Page 10

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Almshouses are shown at their current estimated valuation and are not depreciated.

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Page 11

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Designated funds:

(i) Cyclical maintenance fund: This is a reserve fund for the purpose of providing for those items of ordinary maintenance and repair of the almshouses belonging to the Charity that recur at infrequent intervals.

(ii) Extraordinary repair fund: This is a reserve fund for the extraordinary repair, improvement or rebuilding of the almhouses belonging to the Charity.

2 Investment income

Unrestricted

Income from dividends;
Dividends receivable from
other listed investments
Income from rents
Designated
£
-
26,444
26,444
General
£
169,262
-
169,262
Total
2023
£
169,262
26,444
195,706
Total
2022
£
167,567
28,662
196,229

3 Expenditure on charitable activities

Unrestricted

Grant funding of activities General
£
152,008
Total
2023
£
152,008
Total
2022
£
170,165

Page 12

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4 Other expenditure

Unrestricted

Legal fees
Other resources expended
Examination of the financial
statements
Designated
£
2,483
17,770
-
20,253
General
£
-
6,275
1,445
7,720
Total
2023
£
2,483
24,045
1,445
27,973
Total
2022
£
2,397
35,586
2,724
40,707

5 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

6 Independent examiner's remuneration

2023 2022
£ £
Examination of the financial statements 1,445 2,724

Page 13

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7 Taxation

The charity is a registered charity and is therefore exempt from taxation.

8 Tangible fixed assets

8
Tangible fixed assets
Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Fixed assets relate to three almhouses situated in Clifford Chambers.
9
Fixed asset investments
Investment properties
Other investments
Land and
buildings
£
600,000
Total
£
600,000
600,000
-
600,000
600,000
2022
£
220,000
5,707,486
600,000
-
600,000
600,000
2023
£
220,000
6,236,642
6,456,642
5,927,486

Page 14

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Investment properties

Cost or Valuation
At 1 January 2023
Provision
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Investment
properties
£
220,000
-
220,000
220,000

The investment property was transferred to the CIO on it's formation on 31/01/2021 at a value of £220,000. This is considered by the Trustees to be the fair value. The Trustees intend to next formally value the property in 2024.

There has been no valuation of investment property by an independent valuer.

Other investments

Cost or Valuation
At 1 January 2023
Revaluation
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Listed
investments
£
5,387,486
529,156
5,916,642
5,916,642
5,387,486
Unlisted
investments
£
320,000
-
320,000
320,000
320,000
Total
£
5,707,486
529,156
6,236,642
6,236,642
5,707,486

Fixed asset listed investments relate to investments held with CCLA and unlisted investments relate to farm land.

Page 15

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10 Creditors: amounts falling due within one year

Accruals

2023
£
1,440
2022
£
1,436

Page 16

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11 Funds

Unrestricted funds
General:
Unrestricted income fund
Designated:
Property maintenance fund
Total unrestricted funds
Endowment funds
Endowment funds
Total funds
Balance at 1
January 2023
£
218,438
13,963
232,401
6,342,978
6,575,379
Incoming
resources
£
169,262
26,444
195,706
-
195,706
Resources
expended
£
(159,728)
(20,253)
(179,981)
-
(179,981)
Other
recognised
gains/(losses)
£
-
-
-
529,156
529,156
Balance at 31
December
2023
£
227,972
20,154
248,126
6,872,134
7,120,260

Page 17

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Unrestricted funds
General:
Unrestricted income fund
Designated:
Property maintenance fund
Total unrestricted funds
Endowment funds
Endowment funds
Total funds
Balance at 1
January 2022
£
231,231
15,813
247,044
7,104,209
7,351,253
Incoming
resources
£
167,567
28,662
196,229
-
196,229
Resources
expended
£
(180,360)
(30,512)
(210,872)
-
(210,872)
Other
recognised
gains/(losses)
£
-
-
-
(761,231)
(761,231)
Balance at 31
December
2022
£
218,438
13,963
232,401
6,342,978
6,575,379

Page 18

Clifford Chambers Relief In Need Charities CIO

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Unrestricted
General
£
Designated
£
-
-
184,509
-
44,257
20,801
(1,440)
-
227,326
20,801
Endowment
funds
£
600,000
6,272,133
-
-
6,872,133
Total funds
£
600,000
6,456,642
65,058
(1,440)
7,120,260

13 Related party transactions

There were no related party transactions in the year.

Page 19

Issuer

Fruition Accountancy

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Document fingerprint a7b119d0eb256348241c124e0f1b1209

Parties involved with this document

Document processed

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Thu, 19th Sep 2024 14:58:03 BST Wed, 25th Sep 2024 16:01:40 BST

Mrs Paula Wright - Signer (35e68b6cb42263b881de84f3998c2fdf) Michelle Vincent - Signer (7dfd7bd5cd62f3758b9eba303510d889)

Audit history log

Date

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Envelope generated with fingerprint 6916d820ef4c1f633eb204e6fc00c6e035.176.231.177 Document generated with fingerprint a7b119d0eb256348241c124e0f1b1209.35.176.231.177 Document generated with fingerprint c1bf114b3dcfc840214deef8dff56986.35.176.231.177 Mrs Paula Wright has been assigned to this envelope.35.176.231.177 Michelle Vincent has been assigned to this envelope.35.176.231.177 Envelope generated Sent the envelope to Mrs Paula Wright for signing Document emailed to party email18.133.171.58 Mrs Paula Wright viewed the envelope86.170.202.156 Mrs Paula Wright signed the envelope86.170.202.156 Sent the envelope to Michelle Vincent for signing86.170.202.156 Document emailed to party email18.130.185.86 Mrs Paula Wright viewed the envelope86.170.202.156 Michelle Vincent viewed the envelope89.251.115.36 Michelle Vincent signed the envelope89.251.115.36 This envelope has been signed by all parties89.251.115.36 Michelle Vincent viewed the envelope89.251.115.36