# **THE STOCKWELL/CLIFFE CHARITABLE TRUST** 

# **REPORT AND UNAUDITED FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2024** 

**Charity no: 1195153** 



**The Stockwell/Cliffe Charitable Trust** 

## **Report of the Trustees For the year ended 31 December 2024** 

The trustees present their report and unaudited accounts for the year ended 31 December 2024. 

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 January 2019. 

## **Objectives and activities** 

The objects of the charity, as set out in the Trust Deed, include but are not limited to provide funding to charities for: 

- The advancement of education. 

- The relief of sickness and the advancement of health. 

- The relief of those in need by reason of youth, age, ill health, disability, financial hardship, or other disadvantages. 

The trustees meet these objectives through grant giving with priority given to those causes that are geographically close to the Charity’s base in Buckinghamshire. 

Causes may apply via the Charity’s website www.stockwellcliffetrust.org.uk for grants of up to £5,000.  The Charity does not usually accept requests for grants from the same organisation more than once every two years. 

We support a few carefully selected local, regional, and national disability, education, and healthcare charities. We have been keen to establish some local partnerships with charities that fulfil our criteria. We are particularly looking to support smaller charities which have a high pence-in-the-pound ratio and so do not spend a lot of money on administration. 

We like charities which promote health and wellbeing through advice and practical help. We particularly like charities which support people and carers with terminal and chronic health conditions. 

Grants are made to charitable organisations and when awarding grants, the trustees give due regard to the Charity Commission guidance on public benefit. 

## **Achievements and performance** 

Grants of between £1,000 and £5,000 were awarded to 68 charities. Total grants paid were £120,000. 

A list of recipients can be seen on the website. 

## **Financial Review** 

The financial position of the charity is set out on pages 4 and 5. 

The charity’s principal funding sources are income from donations and a managed investment portfolio. 

The policy of the trustees is to hold £5,000 in cash reserves which they consider to be sufficient to meet any unforeseen events. The balance of net income is distributed by way of grants. 

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**The Stockwell/Cliffe Charitable Trust** 

## **Report of the Trustees (continued) For the year ended 31 December 2024** 

## **Structure, governance and management** 

The charity is unincorporated and governed by a Trust Deed dated 3 July 2021. 

New trustees are appointed by approval of existing trustees. 

All trustees give their time freely and no trustee received any remuneration or reimbursement of expenses in the year. 

## **Reference and administrative details** 

Name of Charity The Stockwell/Cliffe Charitable Trust Registered in England and Wales no 1195153 Principal Operating Address 5 St Agnes Gate Wendover Buckinghamshire HP22 6DP Charity Trustees Nicola Cliffe (Chairperson) Roger Cliffe (Treasurer) Susan Stockwell Joanne Malcher (Secretary) Alison Hall Investment Managers Charles Stanley Wealth Management Awford House 43-45 Rectory Grove Southend-on-Sea SS9 2HA Independent Examiner Nicola Anderson FCIE 189 Baldwins Lane Croxley Green Rickmansworth Hertfordshire WD3 3LL Bankers National Westminster Bank plc 

Approved by the trustees on 24 September 2025 and signed on their behalf by 

**Nicola Cliffe** - Chairperson 

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**The Stockwell/Cliffe Charitable Trust** 

## **Independent Examiner’s Report For the year ended 31 December 2024** 

I report to the trustees on my examination of the accounts of The Stockwell/Cliffe Charitable Trust (charity no: 1195153) for the year ended 31 December 2024 which are set out on pages 4 to 9. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust, 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 Charity’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** 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Full member of the Association of Charity Independent Examiners, which is one of the listed bodies. 

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 the Charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records 

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. 

## **Nicola Anderson FCIE Charity Accountant and Independent Examiner** 

189 Baldwins Lane Croxley Green Rickmansworth Hertfordshire WD3 3LL 

Dated:   29 September 2025 

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**The Stockwell/Cliffe Charitable Trust** 

## **Statement of Financial Activities For the year ended 31 December 2024** 

|||**2024**|**2023**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Income from:**||||
|Grants - Trusts and Foundations|**2**|20,000|20,000|
|Donations - Individuals||480,097|20,000|
|Investment income||65,123|50,013|
|**Total Incoming Resources**||**565,220**|**90,013**|
|**Expenditure on:**||||
|Grants Awarded||(120,000)|(72,100)|
|Investment Manager fees||(6,468)|(5,239)|
|Fundraising costs||(480)|-|
|Independent Examiner||||
|Independent Examination||(650)|(600)|
|Other services||(350)|(200)|
|Administration Costs||(328)|(322)|
|**Total Expenditure**||**(128,276)**|**(78,461)**|
|**Net gains or (losses) on investments**|**3**|**(22,658)**|**9,977**|
|**Net Income for the year**||**414,286**|**21,529**|
|Funds brought forward||949,268|927,739|
|**Funds carried forward**||**1,363,554**|**949,268**|



All funds are unrestricted 

The notes on pages 7 to 9 for part of these accounts 

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**The Stockwell/Cliffe Charitable Trust** 

## **Balance Sheet As at 31 December 2024** 


**----- Start of picture text -----**<br>
2024 2023<br>Note £ £ £ £<br>Fixed Asset Investments 3 1,335,767 911,854<br>Current Assets<br>Debtors 5,764 687<br>Cash at bank 24,792 38,800<br>30,556 39,487<br>Creditors: amounts due within 12<br>months 4 (2,769) (2,073)<br>Net Current Assets 27,787 37,414<br>Net Assets 1,363,554 949,268<br>Funds of the charity:<br>Unrestricted General Funds 1,363,554 949,268<br>1,363,554 949,268<br>**----- End of picture text -----**<br>


All funds are unrestricted. 

The notes on pages 7 to 9 form part of these financial statements 

The financial statements on pages 4 to 9 were approved by the trustees on 24 September 2025 and signed on their behalf by 

**Nicola Cliffe** – Chairperson 

**Roger Cliffe** - Treasurer 

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**The Stockwell/Cliffe Charitable Trust** 

## **Statement of Cash Flows For the year ended 31 December 2024** 

||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|**Cashflows from operating activities**|||
|**Net income(expenditure) as reported in the period (per**|||
|**statement of financial activities**|414,286|21,529|
|**Adjustments for:**|||
|(Gains)/Losses on investments|22,658|(9,977)|
|Proceeds from sale of investments|3,429|3,132|
|Dividends and interest from investments|(65,123)|(50,013)|
|Investment Manager fees|6,468|5,239|
|(Increase)/decrease in debtors|(5,077)|(47)|
|(Decrease)/increase in creditors|696|(513)|
|**Net Cash provided by (used in) operating activities**|**377,337**|**(30,650)**|
|**Cash flows from investing activities**|||
|Purchase of investments|(450,000)|-|
|Investment Income|65,123|50,013|
|Investment Manager fees|(6,468)|(5,239)|
|**Net Cash provided by (used in) investing activities**|**(391,345)**|**44,774**|
|**Change in cash and cash equivalents in reporting period**|**(14,008)**|**14,124**|
|Cash and cash equivalents at beginning of period|38,800|24,676|
|Cash and cash equivalents at end of period|**24,792**|**38,800**|
|**Analysed as follows:**|||
|Cash at bank|24,792|38,800|
||**24,792**|**38,800**|



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**The Stockwell/Cliffe Charitable Trust** 

**Notes to the Accounts For the year ended 31 December 2024** 

## **1 Statement of Accounting Policies** 

## **Basis of Accounting** 

The financial statements have been prepared under the historical cost convention, modified by the revaluation of investments, and in accordance with the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). 

The charity constitutes a public benefit entity as defined by FRS102 

## **Going Concern** 

The Trustees have reviewed the income and expenditure requirements for the charity and are satisfied that the funds and cash reserves are adequate to meet ongoing expenses for at least 12 months from the approval of these financial statements and therefore the Trustees believe that it is appropriate to prepare the financial statements on a going concern basis. 

## **Income** 

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Investment income comprises of dividends and other distributions from investment portfolios and is recognised once notification has been received from investment managers. 

Grants awarded are accounted for on receipt or when grant conditions have been met, whichever is earlier. 

Donations are accounted for when the trustees can attribute a value to the donation and have reason to believe that the amounts are receivable. 

## **Expenditure** 

Grants payable are recognised once approved for payment by the Trustees. 

Other expenditure is recognised when a liability is incurred. Irrecoverable VAT is charged against the expenditure heading for which it was incurred 

## **Investments** 

Investments are initially recognised at cost and subsequently carried at mid-market valuation. Realised and unrealised gains and losses are credited or debited to the Statement of Financial Activities in the year in which they arise. Portfolio cash held for reinvestment is included in the value of investments. 

## **Funds** 

Unrestricted funds are available to the trustees to apply at their discretion within the stated objects of the charity. 

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**The Stockwell/Cliffe Charitable Trust** 

## **Notes to the Accounts (continued) For the year ended 31 December 2024** 

## **2. Grants Received** 

|**2.**|**Grants Received**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||The Jordan Foundation|20,000|20,000|
|||**20,000**|**20,000**|
|**3.**|**Investments**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Market Value at 1 January 2024|911,854|905,009|
||Capital Introduced|450,000|-|
||Income Reinvested|2,543|2,170|
||Management fees|(5,972)|(5,302)|
||Movement in Unrealised Gains/(Losses)|(22,658)|9,977|
||**Market Value at 31 December 2024**|**1,335,767**|**911,854**|
||**Historic Cost**|**1,438,955**|**992,868**|



The value of the portfolio analysed by the investment holdings is as follows: 

||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Fixed Interest|747,854<br>|377,313|
|UK Equities|179,390|168,785|
|Overseas Equities|98,006|98,420|
|Alternatives|214,979|176,057|
|Mixed Investments|90,441|91,279|
|Cash held for reinvestment|4,997|-|
||**1,335,767**|**911,854**|



The following holdings comprise more than 5% of the value of the year end portfolio: 

||**£**|
|---|---|
|Morgan Stanley Global Fixed Income|100,536|
|Blackrock Fund Managers Continental Europe Fund|98,006|
|Schroder Investment Fund|93,640|
|Royal London Asset Management Funds|92,120|
|Ninety One Fund Diversified|90,440|
|Wellington Management Funds High Yield Bond|89,496|
|AXA Fixed Interest Investment ICVC|75,849|



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**The Stockwell/Cliffe Charitable Trust** 

## **Notes to the Accounts (continued) For the year ended 31 December 2024** 

|**4.**|**Creditors: Amounts due within 12 months**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||Investment Managers’ fees|1,769|1,273|
||Independent Examiner’s fees|1,000|800|
|||**2,769**|**2,073**|



## **5. Key management, trustee remuneration and expenses and related party transactions** 

The charity had no salaried employees during the year (2023: none) and the Trustees are considered key management personnel. 

None of the Trustees received any remuneration during the year (2023: none) or received reimbursement for any expenses (2023: none). 

One trustee (2023: 1) donated £480,000 to the charity in the year (2023: £20,000). No restrictions or unusual conditions were placed on these donations. 

## **6. Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

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